SEPTEMBER 13/GOLD UP $1.20 TO $1792.60/SILVER DOWN 12 CENTS TO $23.75//GOLD STANDING INCREASES TO 3.738 TONNES/SILVER INCREASES TO27.535 MILLION OZ//COVID UPDATES/VACCINE COMMENTAIRES/IVERMECTIN UPDATES://ENGLAND OUTLAWS VACCINE PASSPORTS//3 COUNTRIES HAVE STOPPED VACCINES//MASK MANDATES: GERMANY, PORTUGAL AND DENMARK//NEW STUDY FINDS YOUNG BOYS AT GREATER RISK OF HEART ATTACKS AFTER TWO VACCINATIONS THAN YOUNG GIRLS: MUST BE THAT TESTOSTERONE INFLUENCES THE SPIKE PROTEIN IN A HARMFUL WAY//PANEL OF USA SCIENTISTS NOW STATE THAT THERE IS NO NEED FOR THE BOOSTER SHOT!! (ACTUALLY NO NEED FOR ANY VACCINE SHOT!!//NOW CITIZENS OF TURKEY PROTEST THE VACCINE PASSPORT//FAUCI CANNOT GIVE AN EXPLANATION AS TO WHY ONE’S ANTIBODIES FORMED AFTER COVID ATTACK IS WORSE THAN VACCINE//MICHIGAN HEALTH CARE SYSTEM SAYS THE SAME THING!//USA DEFICIT FOR 11 MONTHS AT 2.7 TRILLION DOLLARS//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1792.60 UP $1.20   The quote is London spot price

Silver:$23.75 DOWN 12  CENTS  London spot price ( cash market)

 
 
 
 

Closing access prices:  London spot

i)Gold : $1793.50 LONDON SPOT  4:30 pm

ii)SILVER:  $23.74

//LONDON SPOT  4:30 pm

Random Thoughts

Robert H for us to ponder!
 


> If you ever feel that life is pointless or that your life is going around  in circles, just remember it took twenty years and four presidents and trillions of dollars to replace the Taliban with the Taliban. And this is called leadership!
 
end

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

 

 

PLATINUM  $965.60 UP  $7.50

PALLADIUM: $2089.95  down $44.35   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 0/0

issued:  0

Goldman Sachs stopped: 0

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT. CONTRACT: 0 NOTICE(S) FOR 0 OZ  (0.0000 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  1053 FOR 105,300 OZ  (3.2752 TONNES)

 

SILVER//sept CONTRACT

6 NOTICE(S) FILED TODAY FOR  30,000   OZ/

total number of notices filed so far this month 5217  :  for 26,085,000  oz

 

BITCOIN MORNING QUOTE  $44,764 DOWN 965  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$44,860  DOWN 871  DOLLARS 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $1.70 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD: 

 

 

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

 

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

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

THIS IS A MASSIVE FRAUD!!

GLD  998.17 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 12 CENTS

A HUGE CHANGE  IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.13 MILLION OZ FROM 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: 

 

545.735  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 167,72 UP  0.54 OR 0.32%

XXXXXXXXXXXXX

SLV closing price NYSE 22.01 UP $.01 OR 0.02%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI ROSE BY A GOOD SIZED 458 CONTRACTS TO 140,057, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR  $0.26 LOSS IN SILVER PRICING AT THE COMEX  ON FRIDAY.

OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT LOSS BY $0.26)

BUT THEY WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A STRONG GAIN OF 668 CONTRACTS ON OUR TWO EXCHANGES.WE  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 A 5,000 OZ  QUEUE JUMP //NEW STANDING 27.540 MILLION OZ  / v) SMALL COMEX OI GAIN,
 
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:
 
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS – 335
 

 

 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
SEPTEMBER
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
 
3987 CONTACTS  for 8 days, total 3987 contracts or 19.935 million oz…average per day:  498 contracts or 2.49 million oz per day.

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

SEPT:  19.935 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 GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 458 DESPITE OUR 26 CENT LOSS SILVER PRICING AT THE COMEX ///FRIDAYTHE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 210 CONTRACTS( 0 CONTRACTS ISSUED FOR SEPT AND 125 CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.
 
TODAY WE HAD A STRONG SIZED GAIN OF 1003 OI CONTRACTS ON THE TWO EXCHANGE/THE DOMINANT FEATURE TODAY:/HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  WITH OUR $0.26 LOSSAND WE HAVE A  SMALL INITIAL SILVER OZ STANDING FOR SEPTEMBER 27.640 MILLION OZ FOLLOWED TODAY BY A  QUEUE JUMP.  OF 5,000 OZ TODAY//NEW STANDING 27.540 MILLION OZ//
 

WE HAD  6 NOTICES FILED TODAY FOR 30,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 981  CONTRACTS TO 503,195 _ ,,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:  – 449  CONTRACTS.

THE SMALL SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $7.40///COMEX GOLD TRADING/FRIDAY. AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALLED 284 CONTRACTS. WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 3.586 TONNES, FOLLOWED BY TODAY’S NIL OZ QUEUE JUMP //NEW STANDING 3.7380 TONNES// 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $7.40 WITH RESPECT TO FRIDAY’S TRADING

 

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

WE HAD A SMALL SIZED GAIN OF 284  OI CONTRACTS (2.279 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1265 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 908  ALL OTHER MONTHS ZERO//TOTAL: 1265 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 503,195. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A  SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 284  CONTRACTS: 981CONTRACTS DECREASED AT THE COMEX AND 1265 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 733 CONTRACTS OR 2.279 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1265) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (981 OI): TOTAL GAIN IN THE TWO EXCHANGES: 284 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 0 OZ QUEUE JUMP//NEW STANDING 3.7356 TONNES / 3) ZERO LONG LIQUIDATION, /// ;4)SMALL 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 : 12,686, CONTRACTS OR 1,268,600 oz OR 39.45 TONNES (8 TRADING DAY(S) AND THUS AVERAGING: 1585 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES: 39.45 TONNES

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

THUS EFP TRANSFERS REPRESENTS  39.45/3550 x 100% TONNES  1.11% 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          39.45 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, ROSE BY A GOOD 458 CONTRACTS TO 140,392 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  4 1/2 YEARS AGO.  

EFP ISSUANCE 210 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 210  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  210 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 458 CONTRACTS AND ADD TO THE 210 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 668 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.340 MILLION  OZ, OCCURRED WDESPITE OUR $0.26 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

)MONDAY MORNING/SUNDAY  NIGHT: 

SHANGHAI CLOSED UP 12.26  PTS  OR 0.33%   //Hang Sang CLOSED down 392.10 PTS OR 1.50%      /The Nikkei closed UP 65.53 PTS OR 0.22%   //Australia’s all ordinaires CLOSED UP 0.26%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4572  /Oil UP TO 70.34 dollars per barrel for WTI and 73.25 for Brent. Stocks in Europe OPENED ALL GREEN   /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4572. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4519/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

/

 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 981 CONTRACTS TO 503,195 MOVING CLOSER TO FROM TO  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL COMEX DECREASE OCCURRED WITH OUR LOSS OF $7.40 IN GOLD PRICING FRIDAY’S COMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (1265 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 1265 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  1265 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1265  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 284 TOTAL CONTRACTS IN THAT 1265 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED COMEX OI OF 981 CONTRACTS.WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR SEPT   (3.738),

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

SEPT: 3.738 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 $7.40).,AND THEY WERE  UNSUCCESSFUL IN FLEECING SOME LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 0.883 TONNES.ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR SEPT. (3.738 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 – 449 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 733 CONTRACTS OR 73,300 OZ OR 2.279 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:  503,644 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.36 MILLION OZ/32,150 OZ PER TONNE =  15.66 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1566/2200 OR 71.20% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY  118,156 contracts//    / volume//dreadful////

CONFIRMED COMEX VOL. FOR YESTERDAY: 143,912 contracts//poor

 

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

 

SEPT 13

/2021

 
INITIAL STANDINGS FOR SEPT COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
29,932.578 OZ
HSBC
Malca
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit to the Dealer Inventory in oz
nil
OZ
 
 
 
 
 
 

 

Deposits to the Customer Inventory, in oz
 
 
 
 
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
0  notice(s)
000 OZ
 
0.00622 TONNES
No of oz to be served (notices)
149 contracts
14,900 oz
 
0.4634 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
1053 notices
105,300 OZ
3.2752 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 2  customer withdrawals.
i) Out of HSBC:  22,891.512 i
ii) Out of Malca: 6944.616 oz
 
 
 
 
 
 
 
total customer withdrawals 29,932.578    oz
     
 
 
 
 
 
 
 
 
 

We had 3  kilobar transactions 3 out of  3 transactions)

ADJUSTMENTS 1//  dealer to customer

Manfra: 25,752.95  801 kilobars

 

 
 
 
the front month of September has an open interest of 149 for a LOSS of 2 contracts. We had 2 notices served on Thursday.  Thus we gained 0 contracts or an additional NIL 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 1047 CONTRACTS UP TO 37,203
NOVEMBER LOST 1 CONTRACTS TO STAND AT 33
.
DEC LOST 1543  TO STAND AT 410,625
 

We had 0 notice(s) filed today for 0  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 19  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 (1053) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT: 149 CONTRACTS ) minus the number of notices served upon today  0 x 100 oz per contract equals 120,200 OZ OR 3.738 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 (1053) x 100 oz+( 149)  OI for the front month minus the number of notices served upon today (0} x 100 oz} which equals 120,200 oz standing OR 3.738 TONNES in this  active delivery month of SEPTEMBER.

We GAINED 0 contracts or an additional 000 oz will not stand for delivery over on this side of the pond.

TOTAL COMEX GOLD STANDING:  3.7356 TONNES

 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

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

284,899.652 PLEDGED  MANFRA 8.8615 TONNES

298,468.054, oz  JPM  9.28 TONNES

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

133,981/351, oz Pledged August 21/regular account 4.164 tonnes JPMORGAN

54,250.898 oz International Delaware:  1.68 tonnes

169,535.980 oz Malca  5.28 TONNES

18,615.429 Loomis:  0.5790 tonnes

total pledged gold:  2,413,017.527oz                                     75.054 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 494.92TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 3.738 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  18,324,956.172 oz or 569.98 tonnes
 
 
 
total weight of pledged: 2,413,017.527 oz or 7.054 tonnes
 
 
registered gold that can be used to settle upon: 15,911,939.0 (494.92 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes15,911,939.0 (494.92 tonnes)   
 
 
total eligible gold: 15,789,634.03 oz   (491.12 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  34,144,590.202 oz or 1,062.04 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  935.70 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 13/2021

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
 
583,638.321  oz
 
CNT
JPM
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
89,537.480
 OZ
 
CNT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
6
 
CONTRACT(S)
 
30,000  OZ)
 
No of oz to be served (notices)
291 contracts
 1,480,000oz)
Total monthly oz silver served (contracts)  5217 contracts

 

26,085,000 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 CNT:  89,537.480 oz

 

 
 
 

JPMorgan now has 186.501 million oz  silver inventory or 51.23% of all official comex silver. (186.501 million/361.018 million

total customer deposits today 89,537.480   oz

we had 2 withdrawals

i) out of CNT:  89,482.241 oz

 

iii) out of  JPM; 494,156.080 oz

 

 

total withdrawal 583,638.321        oz

 

adjustments: 1 dealer to customer
 
Manfra:  600,070.600 oz 
 
 
 

Total dealer(registered) silver: 105.686 million oz

total registered and eligible silver:  361.572 million oz

a net.0.490 million oz  leaves  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For Sept. we have an open interest of 297 for a loss of 36 contracts.  We had 37 notices served on Friday, so we T 16 contracts or 80,000 additional oz will  stand for delivery at the comex in this very active delivery month of September.
 
 
 

OCTOBER GAINED 3 CONTRACTS TO STAND AT 2160

NOVEMBER LOST 1 TO STAND AT  101

DEC GAINED 251 CONTRACTS DOWN TO 122,869

 
NO. OF NOTICES FILED: 6  FOR 30,000 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  5217 x 5,000 oz = 26,085,000 oz to which we add the difference between the open interest for the front month of SEPT (297) and the number of notices served upon today 6 x (5000 oz) equals the number of ounces standing.

Thus the SEPT standings for silver for the SEPT./2021 contract month: 5217 (notices served so far) x 5000 oz + OI for front month of SEPT(297)  – number of notices served upon today (6) x 5000 oz of silver standing for the SEPTEMBER contract month .equals 27,535,000 oz. ..

We gained 1 contract or 5,000 oz will  stand on this side of the pond 

 

 

TODAY’S ESTIMATED SILVER VOLUME  47,619 CONTRACTS // volume dreadful///

 

FOR YESTERDAY  40,195  ,CONFIRMED VOLUME/ /awful

 

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% (SEPT13/2021)

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   (SEPT13)/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!

SEPTEMBER 13//WITH GOLD UP $1.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 998.17 TONNES

SEPTEMBER 10//WITH GOLD DOWN $7.40//A SMALL CHANGES IN GOLD INVENTORY AT THE GLD”: A WITHDRAWAL OF .35 TONNES FROM THE GLD//INVENTORY RESTS AT 998.17

SEPT 9/WITH GOLD UP $7.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 998.52 TONNES/

SEPT 8/WITH GOLD DOWN $4.90 TODAY: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 TONNES/

 
 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

SEPT 13 / GLD INVENTORY 998.17 tonnes

 

LAST;  1129 TRADING DAYS:   +73.36 TONNES HAVE BEEN ADDED THE GLD

 

LAST 979 TRADING DAYS// +  248.78. 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 13/WITH SILVER DOWN 12 CENTS; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.131MILLION OZ FORM THE SLV////INVENTORY RESTS AT 5475.735 MILLION OZ/

SEPT 10 WITH SILVER DOWN 26 CENTS; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.866 MILLION OZ..

SEPT 9/ WITH SILVER UP 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.866 MILLION OZ//

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

SEPT 13/2021      545.735 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES

Peter Schiff

Peter Schiff: Inflation Will Win This Fight In A Knockout!

 
MONDAY, SEP 13, 2021 – 01:16 PM

Via SchiffGold.com,

A lot of investors are disappointed in gold. After all, many buy gold because of inflation. Even with rapidly rising prices, the yellow metal hasn’t delivered as you might expect.

During his virtual speech for the Money Show, Peter Schiff explains exactly what is going on.

He said in the end, gold will be vindicated because inflation will win in a knockout.

It’s not that we predicted inflation that never materialized. We’ve seen rising prices that rival the 1970s.  But, instead of being a beneficiary of inflation, gold has been a casualty of rising prices.

Why is that and how much longer will that paradox continue?

As Peter explains, a lot of it has to do with expectations. Most investors believe the Fed will make monetary policy adjustments to fight inflation. They think the Fed will taper asset purchases and cut interest rates sooner than expected. This, of course, is negative for gold. So, every time inflation comes in hot, investors sell gold expecting the Fed to fight.

But as Peter put it, the Fed is in a monetary straight jacket. Yes, it faces an inflation problem. But any meaningful moves to fight inflation will pull the props out from under this bubble economy.

All the Fed has been able to do is talk.

For now, the markets listen. But as Peter explains, the Fed’s story is getting thinner.

There is an end game and as Peter explains, it isn’t a happy ending for the economy. Inflation will win in a knockout punch.

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

 

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

 

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

Data giant, Palantir who does huge work for the government must know something as the company buys huge amounts of gold bars

(Ronan Manly)

Ronan Manly: Can corporate treasurers afford to ignore Palantir’s gambit on gold?

 

 

 Section: Daily Dispatches

 

12:40p ET Friday, September 10, 2021

Dear Friend of GATA and Gold:

Having just announced purchase of $50 million in gold bars, data-analysis giant Palantir might know something, Bullion Star researcher Ronan Manly writes today, especially since the company does a lot of business for the U.S. government.

Manly’s commentary is headlined “Can Corporate Treasurers Afford to Ignore Palantir’s Gambit on Gold?” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/can-corporate-treasurers-afford-to-ignore-palantirs-gambit-on-gold/

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

end

For your interest…

Dawson City, heart of the Yukon gold rush, still has stories to tell

 

 

 Section: Daily Dispatches

 

The lucky few who attended GATA’s Gold Rush 21 conference in Dawson City in 2005 and endorsed the Dawson Declaration may especially appreciate this wonderful journalism about a recent visit to the town.

* * *

125 Years After Gold Was Discovered in the Yukon, We Ventured up to Dawson City. Here’s What It Looks Like Now

By Brendan Kiley
Seattle Times
Saturday, September 10, 2021

DAWSON CITY, Yukon Territory, Canada — The first tourists to Dawson City arrived in July of 1898, a few weeks before the boomtown’s second birthday.

Mrs. Mary E. Hitchcock (widow of a U.S. Navy officer) and Miss Edith Van Buren (niece of the former U.S. president) swept into the new gold-mining settlement, 170 miles south of the Arctic Circle, with opulent cargo: a zither, a parrot, canaries, a portable bowling alley, crates of fancy foods (pâté, truffles, olives), a movie projector, an exhaustive wardrobe (silks, furs, starched collars, sombreros), two Great Danes, and a 2,800 square-foot marquee tent for their lodgings.

Their arrival was strange — and strangely appropriate.

Dawson had been hastily founded in 1896 after a party of four prospectors (a Tagish and Tlingit woman named Shaaw Tláa, her brother, her nephew and her white husband George Carmack) discovered a promising amount of gold at nearby Rabbit Creek, filled an empty shotgun shell with the stuff and registered their claim, telling people as they went. Soon, swarms of hopefuls poured up and into the Yukon — over mountain passes, through rapids, across glaciers, with sometimes-fatal results — to get in on the action.

Much of that action involved mining the miners, selling goods and entertainments to the insta-rich and aspiring insta-rich: roulette, exotic-dance revues, Champagne, porcelain chamber pots, Persian carpets, mahogany furniture. The summer Hitchcock and Van Buren showed up, Dawson’s population was pushing 40,000. They were just two more spectacles in a bizarre kaleidoscope. …

… For the remainder of the report:

https://www.seattletimes.com/life/travel/125-years-after-gold-was-discovered-in-the-yukon-we-ventured-up-to-dawson-city-heres-what-it-looks-like-now/

end

The Bank of International Settlements has gold swaps still in the stratosphere.  They only went down slightly in August.

(Robert Lambourne/GATA)

Robert Lambourne: BIS gold swaps fell slightly in August but remain high

 

 

 Section: Daily Dispatches

 

By Robert Lambourne
Sunday, September 12, 2021

The recently released August statement of account of the Bank for International Settlements –

https://www.bis.org/banking/balsheet/statofacc210831.pdf

— contains information suggesting a decrease of about 38 tonnes in the bank’s gold swaps in August, from 502 tonnes to 464 tonnes. 

This compares to the record high estimated at 552 tonnes as of February 25 this year.

Once again it is clear that the BIS remains an active trader of significant volumes of gold swaps on a regular basis. So far there seems to be no definitive sign from its monthly reports that the BIS is reducing its exposure to gold swaps, which might be the case if the Basel 3 financial regulations were making the bank nervous about its exposure to the swaps.

Recently the secretary general of the Basel Committee on Banking Supervision has been warning of the need to implement Basel III standards across the world promptly. 

See: https://www.bis.org/speeches/sp210908.htm

Similar comments also have been reported recently on the BIS internet site by other senior executives of the bank.

The BIS rarely comments publicly on its gold banking activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published July 29, 2010, coinciding with publication of the bank’s 2009/10 annual report.

The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were all carried out with commercial banks and so did not involve other central banks. Hence it is likely that the recent level of gold swaps is the highest use of them by the BIS for at least 20 years. It also seems highly likely that the swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.

The swap transactions potentially create a mismatch at the BIS, which conceivably ends up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.

The gold banking activities of the BIS have been a regular part of the services it offers to central banks since the formation of the BIS 90 years ago. The first annual report of the BIS explains these activities in some detail:

http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf

The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks at gold trading hubs doesn’t appear to have ever been as large a part of the BIS’ gold banking business as it has been in recent years. For example, excluding the estimated 102 tonnes of gold held by the BIS for its own account, the volume of gold deposits in gold sight accounts held at major central banks for the BIS was 891 tonnes at August 31, of which 464 tonnes or 52% was supplied by gold swaps from commercial banks

At March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in gold sight accounts at major central banks in the name of the BIS, of which 346 tonnes or 20% was sourced from gold swaps from commercial banks. 

As can readily be seen the BIS now operates a much smaller gold banking business and the role of gold swaps in this smaller business is far greater. 

If the BIS was adopting the level of disclosures made by publicly held companies, such as commercial banks, then some explanation of these changes probably would have been required by the accounting regulators. One imagines that this irony is not lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.

A review of Table B below highlights recent BIS activity with gold swaps, and despite the recent declines, the latest positions estimated from the BIS statements remain large.

To put this into context, this volume of gold swaps is within a 10% difference from the 504.8 tonnes of gold held by the European Central Bank. Only 10 countries report greater holdings of gold than the ECB.

No explanation for this continuing high level of swaps has been published by the BIS. Indeed, no comment on the bank’s use of gold swaps has been offered since 2010. 

This gold is supplied by bullion banks via the swaps to the BIS. The gold is then deposited in BIS gold sight accounts (unallocated gold accounts) at major central banks such as the Federal Reserve.

The BIS’ use of gold swaps and derivatives has been extensive over the last 12 months, with the average level reported during that period still being the highest since August 2018 as highlighted in Table B below.

By contrast, in May 2019 the BIS was exposed to only 78 tonnes in swaps.

As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the annual reports for at least 10 years prior to the year ended March 2010.

The February 2021 estimate of the bank’s gold swaps (552 tonnes) is higher than any level of swaps reported by the BIS at its March year-end since March 2010. The swaps reported at March 2021 is the highest year-end level reported as is clear from Table A.

—–

Table A — Swaps reported in BIS annual reports

March 2010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes

—–

The table below reports the estimated swap levels since August 2018. It can be seen that the BIS is actively involved in trading gold swaps and other gold derivatives with changes from month to month reported in excess of 100 tonnes in this period.

—–

Table B – Swaps estimated by GATA from BIS monthly statements of account

Month ….. Swaps
& year … in tonnes

Aug-21 …./464
Jul-21 …. /502
Jun-21 …./471
May-21 …./517
Apr-21 …. /472
Mar-21…. /490±
Feb-21 …../552
Jan-21 …. /523
Dec-20 …. /545
Nov-20 …. /520
Oct-20 …. /519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 …. / 412
Apr-20 …. / 328
Mar-20 …. / 326*
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 ….. / 95
Jun-19 …. / 126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov-18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370

± The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.

* The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.

GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.

—–

As noted already, the BIS in recent times has refused to explain its activities in the gold market, nor for whom the bank is acting:

http://www.gata.org/node/17793

Despite this reticence the BIS is almost certainly acting on behalf of central banks in taking out these swaps, as they are the BIS’ owners and control its Board of Directors.

This refusal to explain prompts some observers to believe that the BIS acts as an agent for central banks intervening surreptitiously in the gold and currency markets, providing those central banks with access to gold as well as protection from exposure of their interventions.

One possibility is that the swaps provide a mechanism for bullion banks to return gold originally lent to them by central banks to cover possible shortfalls of gold. Some commentators on the gold market have suggested that a portion of the gold held by exchange-traded funds and managed by bullion banks is sourced directly from central banks.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

end

OTHER PHYSICAL STORIES//COMMODITIES/SHIPPING

Shipping costs are escalating rapidly and thus goods must rise in price as well

(Greg Miller)

“Absolutely Incredible”: It Costs 68 New Ferraris To Rent A 12-Year-Old Container Ship For Just Three Months

 
MONDAY, SEP 13, 2021 – 03:30 AM

By Greg Miller of FreightWaves

You can buy a brand-new Ferrari starting at $250,000. To rent a 12-year-old container ship for a mere three months, it could cost you a lot more than that: as much as 68 new Ferraris. Euroseas confirmed this week that it chartered its 2009-built, 4,250-twenty-foot equivalent unit container ship Synergy Oakland for 60-85 days at a gross rate of $195,000-$202,000 per day starting in the second half of October.

This is the highest time-charter rate ever achieved by any vessel in our fleet and one of the highest rates ever achieved in our industry,” said Euroseas CEO Aristides Pittas.

The Synergy Oakland rate “is absolutely incredible,” said Charles Mercier, senior container market analyst at Alphaliner, in an interview with American Shipper on Friday.

“We have never seen a classic Panamax getting so much, although it is only a short-term commitment,” he said. (A classic Panamax is a container ship with capacity of 4,000-5,000 TEUs.)

High-water mark for short-term rates

The Synergy Oakland rate is at the all-time high in the short-term market, matching the rate on a six-month charter of a larger 8,500-TEU ship in July. A report in late July of a $300,000-per-day charter turned out to be a special transaction with complex terms and is not comparable.

According to U.K.-based data provider VesselsValue, the Synergy Oakland has a secondhand value of $71.17 million. The charter rate for the Synergy Oakland is so high that the ship will earn up to a quarter of its resale value in just three months — the equivalent of a building owner paying off the entire mortgage with rent income from a single year.

Two other recent deals are even more extreme in relation to resale value. Alphaliner reported that CU Lines has chartered the 2005-built, 2,751-TEU Northern Vivacity for six months at $155,000 per day and the 2,492-TEU Groton for five to six months at $135,000 per day.

VesselsValue puts the current value of the Northern Vivacity at $34.61 million, meaning that this 16-year-old ship will earn 80% of its resale value in a half-year period.

The Groton is worth $30.52 million, according to VesselsValue. Its upcoming charter will cover 67%-80% of the 19-year-old ship’s value.

Charterers of such ships “are of course going to pay a fortune in hire,” said Mercier. “But at the same time, they are making a lot of money on the cargo side — the rates on the cargo side are incredible and continue to rise — so that even while they are paying astronomical charter rates, they are still going to make a substantial profit.”

Different dynamics in long-term market

What happens in the short-term charter market hinges on spot freight rates. As long as spot rates stay as stratospheric as they are now, expect more headlines on $200,000-per-day charters. The dynamic is different in the long-term, multiyear market. Rates are historically elevated but much lower than short-term rates; for example, a ship the size of the Synergy Oakland would earn $50,000 per day for three years.

As the container shipping frenzy has intensified in recent months, long-term charter rates have risen and durations have lengthened to three years, then four, then five.

But this week, Alphaliner reported signs of potential stabilization of both pricing and duration in the long-term market.

A 4,500-TEU ship was taken for three years at $49,750 per day, below recent charters in the low $50,000s; three-year deals in the 2,700- to 2,900-TEU segment have steadied at $35,000 per day; and a 1,740-TEU ship was reportedly chartered for one-and-a-half years in the low $30,000s per day — a rate that previously required charterers to accept a three-year term.

“Recently, we have seen some reluctance by charterers to embark on four- and five-year deals for certain ship types and the periods are not increasing anymore. We have seen a bit more periods of three years and even only 24 months,” said Mercier.

“But there are conflicting signals and we have to be careful because we don’t know whether this is the beginning of a peak or just a plateau. The market has already been so full of surprises. The big reason why charter rates might potentially start leveling off is because if they keep rising at such a pace, more and more liner companies will be willing to buy ships rather than charter them.”

What happens when freight rates fall?

If charterers are signing ship leases that run through 2025 or 2026 for $30,000-$50,000 per day and freight rates collapse starting in 2023 or 2024, what would happen to all these high-priced charter contracts? Previously, in the years since the financial crisis, several charterers have either renegotiated leases or broken them.

Mercier warned, “It has happened in the past so it could very well happen again in the future that there will be a complete mismatch between super-expensive time-charter commitments on one hand and a falling freight-rate market on the other, with the liner shipping companies bleeding money and having no option but to renegotiate their charter agreements.”

Constantin Baack, CEO of MPC Container Ships (Oslo: MPCC), was asked about this risk on the company’s latest earnings call.

“There is not a legal path to renegotiate contracts,” said Baack. “The contracts are contracts and are firm. Having said that, obviously there have been times in the past, post-financial crisis, when renegotiation of contracts took place.

“But looking at the counterparties at the moment … these guys are significantly deleveraging their balance sheets, so I would argue the whole industry is in much better shape than post-financial crisis.”

end

Top UPS Exec Warns Supply Chain Disarray Will Leave Permanent Scar

 
MONDAY, SEP 13, 2021 – 05:02 PM

UPS, one of the world’s largest delivery companies, expects global supply chain woes to carry into 2022. The disruption to the complex web of airports, seaports, and land ports, cargo freight and container shipping lines, and trucking companies that move goods worldwide remains strained and is expected to leave a permanent scar on globalization. 

Scott Price, president of UPS International, told FT that multinational retailers and manufacturers are regionalizing their supply chains:

“A lot of companies are coming to us saying ‘where is the best place to put manufacturing and assembly?'” he said. “There’s an understanding that reliance on stretched supply chains puts you at risk.”

Price, who manages the company’s international businesses, said the pandemic downturn of the travel industry had made it challenging for companies moving large amounts of cargo in the belly of passenger aircraft.

He forecasted recovery in the air travel industry may take until 2025. 

Price expects multinational companies to reshuffle their factories in Asia to North or South America to shrink supply chain footprints. 

“One of the reasons it [supply chain regionalization] accelerated is companies were surprised how little optionality existed during this period,” he said. 

Shipping prices for the Atlanta-based logistics company said annual price increase for customers would be about 2.8%, well below the 10-year average. 

In a separate interview, Price told AFP News that:

“I half-jokingly tell people’ Order your Christmas presents now because otherwise on Christmas day, there may just be a picture of something that’s not coming until February or March.'”

A few weeks ago, UPS’ competitor DHL made a similar warning about congested transpacific shipping lanes. 

“We do not expect freight rates to stabilize in the near term,” according to Karsten Michaelis, head of ocean freight at DHL Global Forwarding Asia Pacific.

“The combination of a year of disruption, lack of containers, port congestions and a shortage of vessels in the right positions is creating a situation where cargo demand far exceeds available capacity.”

Last Friday, new data from ports of Los Angeles and Long Beach, California, showed vessel congestion was at a record high. 

The latest word from top shippers on the frontlines is that supply chains disruptions are not waning anytime soon and have pressured producer prices higher. The Labor Department’s August Consumer Price Index print will be released on Tuesday is expected to remain elevated. 

URANIUM

Uranium Stocks Explode As WallStreetBets Goes Nuclear

 
MONDAY, SEP 13, 2021 – 03:54 PM

In the past few weeks, when laying out the core elements behind the increasingly bullish uranium thesis, we made the following observations:

  • The buying frenzy in physical uranium unleashed by the Sprott Physical Uranium Trust would become self-fulfilling, as the rising price of uranium would lead to a higher price in uranium-linked stocks, leading to more buying by producers seeking to lock in lower prices as well as more inflows into stocks and ETFs such as the Sprott Trust itself, which in turn would lead to more inflows and even more buying (the last was confirmed late on Friday when Sprott massively upsized its physical uranium buying program by $1BN to $1.3BN).
  • Accelerating ETF inflows would lead to greater investor awareness of the underlying core thesis, leading to even more inflows, even more buying and so on. Indeed the latest snapshot of the URNM ETF shows 8 consecutive days of inflows, including the biggest one-day inflows on record.

  • Taro Kano, Japan’s administrative reform minister and leading contender to replace prime minister Suga, said Japan needs to restart its mothballed nuclear power plants, in order to realize its goal of achieving carbon neutrality by 2050. Such a reversal from the former nuclear skeptic would mark a sea-change in the nuclear industry and lead to a surge in uranium demand in the coming years which producers would seek to lock in asap.

We left off by saying that more upside is assured especially if the upward momentum is picked up by the reddit daytrading army.” Little did we know that that’s precisely what would happen just days later…

So fast forward to today, when Bloomberg has caught up writing that “Uranium stocks surged to their highest levels in a decade amid a buying frenzy by Sprott Physical Uranium Trust that’s seen it amass millions of pounds of the commodity used to power nuclear reactors.”

The story is familiar to regular readers: while uranium producers have been rising since last year – which is when we first turned bullish on the sector one year ago – due to Covid-19 related supply disruptions and demand for the commodity from nuclear reactors, the rally only gathered substantial momentum in the past month as the Sprott fund started purchases that propelled the heavy metal to an almost seven-year high.

“It is not a secret that investors’ newfound interest in uranium, predominantly through Sprott’s physical uranium trust, is the driving force behind its resurgence,” Morgan Stanley strategists Marius van Straaten and Susan Bateswrote in a note.

It certainly isn’t a secret for our readers, as we have been covering this move in details for the past two weeks, but judging by today’s price moves it clearly was a secret to most: 

Cameco, the world’s second-largest uranium producer, surged as much as 8.5% in Toronto, reaching its highest since March 2011. Other uranium-linked stocks including Denison Mines Corp. also neared their 2011 levels, while NexGen Energy Ltd. hit a record on Monday.

In an attempt to taper investor euphoria, Morgan Stanley said that moving forward, investors are likely to focus on the sustainability of such a rally as the supply and demand fundamentals of the commodity haven’t changed since Sprott started buying. “While coal and natural gas prices are driven up by actual market tightness, uranium’s underlying supply-demand fundamentals haven’t meaningfully changed over the last few months to warrant this price surge,” the Morgan Stanley  analysts wrote.

Well, actually… no: Morgan Stanley is dead wrong in their assumption that fundamentals will now be a factor for the simple reason that we were also correct in predicting the imminent arrival of the raddit daytrading crowd. 

Indeed, as we read in a separate piece today from the WSJ, according to which “shares of uranium mining companies surged as retail traders from Reddit’s WallStreetBets forum focused their energies on the rallying radioactive metal.”

Indeed, they did, just as we said they would:

Companies tied to uranium in Australia and the U.K. powered higher Monday, while U.S.-listed companies rose in premarket trading.

Sydney-listed uranium miners Peninsula Energy Ltd., Energy Resources of Australia Ltd. and Bannerman Energy Ltd. all closed more than 25% higher. U.K.-listed miner Aura Energy Ltd. jumped more than 35% and Yellow Cake PLC, a company that acts as an exchange-traded fund for uranium, rose 13%.

Meanwhile, our long-term favorite stock, Cameco, has now become the most-discussed company on WallStreetBets, beating such tech giants as Apple, Tesla and Alibaba according to SwaggyStocks, a website that we first profiled months ago as the best tracker of popular symbols in the forum.

According to the WSJ, recent posts on WallStreetBets – who may or may not have read our extensive coverage here – have put forward bullish arguments in favor of uranium prices and related mining stocks, complete with the forum’s typical mix of memes and humor. One post on the site last week pondered whether there was “A GME Like Opportunity In Uranium?” (which oddly enough references us).

The WallStreetBets activity follows a sharp price rise for the physical metal used largely to fuel nuclear power plants. New York-traded uranium futures have surged over 30% so far this quarter to $42.40 a pound, which as detailed extensively last week, have been the direct result of the Sprott Physical Uranium Trust, which – let’s not mince our words – is hoping to create a Hunt Brothers’ like squeeze in uranium.

The fund, which trades on the Toronto Stock Exchange, has amassed almost 25 million pounds of the metal since it was first launched in July and bought 850,000 pounds on one day alone last week, according to Sprott. The total mined supply of uranium was roughly 120 million pounds in 2019, according to the World Nuclear Association.

Investors are also betting that demand for the metal will rise amid a global shift toward less carbon-intensive sources of energy. Governments including the U.S. and China have pushed for a role for nuclear power in global efforts to mitigate climate change, helping to broaden the appeal of uranium among investors, said Mr. Liebenberg.

“The uranium market is quite niche and small but the interest I have seen from generalist investors has been much broader than I used to see in the past,” said Mr. Liebenberg.

A page on Reddit called UraniumSqueeze has attracted more than 13,000 members since it was created in February. It describes itself as “dedicated to all the investors and traders passionate about the uranium market.”

And with the Biden admin hoping to make coal power extinct by 2030, expect much more upside not only thanks to fundamentals which make nuclear power the only game in town, but now that the apes are pushing the entire sector higher.

END

 
CRYPTOCURRENCIES/
Cryptocurrencies are causing money transfer companies hundreds of millions in fees
(zerohedge)
 

“Bitcoin Really Does Fix This”: El Salvador’s Adoption Of Bitcoin Will Cost Money Transfer Companies Hundreds Of Millions In Fees

 
SUNDAY, SEP 12, 2021 – 06:00 PM

If you’re from El Salvador living and working elsewhere in the world, Bitcoin wallet adoption in the country fixes an age-old problem that clunky money-transfer companies like Western Union used to have to solve: getting money back home. 

According to CNBC, about 70% of the Salvadoran population receives remittance payments that could now be transferred using Bitcoin. 

Jaime García of Saskatchewan, who left El Salvador after his house was bombed by rebels, told CNBC: “In this day and age, it is wild that I had to go to a physical Western Union office, give them actual cash, and then hand them another $25 on top of that, before they would send my money over.”

“And then, of course, it takes three days for it to actually arrive in El Salvador,” he continued.

Then, back in El Salvador, collecting also becomes a problem: “They have to take a bus to go to a physical location to pick it up, and there are gangs that hang out around those offices. They know what people are going there for, and they basically rob them.”

Last year, more than $6 billion, or about 23% of the country’s GDP, was sent back home from the 2.5 million who have fled El Salvador. “60% of that cash comes via remittance companies and 38% through banking institutions,” CNBC reported, citing official data.

The shift in how payments are made could wind up costing money transfer companies up to a billion dollars, Mario Gomez Lozada estimated. Lozada was born and raised in El Salvador, has previously worked as a banker with Merrill Lynch and Credit Suisse and now works running a derivates exchange for crypto assets.

Lozada said: “It will be interesting to see the impact on remittances in a few months and see what percentage of it uses the bitcoin network rails. My guess is most people initially will cash bitcoin into U.S. dollars, as this is what they are used to, but we should see a gradual adoption of bitcoin as the main means of transaction and pricing. I see a future where consumer items like milk and bread are priced in bitcoin directly and people might even start holding bitcoin.”

Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC: “Remittances are one area where the status quo in our legacy financial system is terrible, with extraordinarily high fees leveled at populations that can ill afford them.”

He continued: “It won’t be overnight; 100% of remittances aren’t going to move to the Chivo app tomorrow. These things take time, and people naturally worry about trying new things with money. But the current fee levels of charge for remittances are going to prove unsustainable.”

Alex Gladstein, chief strategy officer for the Human Rights Foundation, said: “Wherever you are now, you can send bitcoin to anyone with a Chivo wallet in El Salvador, and in minutes, they have the value and then they can go to one of the ATMs and take it out in cash without a fee. That’s drop-dead stunning. It’s an incredible humanitarian improvement.”

Hougan concluded: “It’s a worn-out Twitter saying, but bitcoin really does fix this.”

end
 

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

i) Chinese yuan vs usa dollar/CLOSED DOWN AT 6.4572 

 

//OFFSHORE YUAN 6.4516  /shanghai bourse CLOSED UP 12.26 PTS OR 0.33% 

HANG SANG CLOSED DOWN 392.10 PTS OR 1.50 %

2. Nikkei closed UP 392.10 PTS OR 1.50% 

 

3. Europe stocks  ALL GREEN

 

USA dollar INDEX UP TO  92.87/Euro FALLS TO 1.1777

3b Japan 10 YR bond yield: RISES TO. +.046/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.07/ 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:: 70.34 and Brent: 73.25

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

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

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

3h Oil 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 FALLS TO -.336%/Italian 10 Yr bond yield FALLS to 0.70% /SPAIN 10 YR BOND YIELD UP TO 0.33%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.04: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.78

3k Gold at $1789.70 silver at: 23.65   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 20/100 in roubles/dollar) 72.99

3m oil into the 70 dollar handle for WTI and  73 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.07 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 .9237 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0879 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.336%

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 1.327% early this morning. Thirty year rate at 1.912%

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

6.  TURKISH LIRA:  UP  TO 8.45..  VERY DEADLY

Futures Bounce After 5-Days Of Declines Ahead Of Tomorrow’s Critical CPI

 
MONDAY, SEP 13, 2021 – 07:53 AM

World stocks ground higher with US futures and European stocks all in the green after a slow start of the week in Asia, amid concerns over accelerating inflation as well as tax and regulatory pressures on the world’s biggest companies. After five straight day of declines in US stocks, as concerns over the delta variant and tapering of the stimulus cooled risk appetite, and which led Wall Street indexes to lose between 1.6% to 2.2% last week as a surge in August producer prices and a sharp drop in jobless claims spurred fears the Federal Reserve could start unwinding stimulus as soon November, futures on major U.S. equity indexes all rose on Monday as traders await tomorrow’s CPI data. S&P 500 E-minis were up 23.50 points, or 0.53% at 730 am ET, Dow E-minis were up 200 points, or 0.58%, while Nasdaq 100 E-minis were up 78.25 points, or 0.51%. Industrial metals rose, with aluminum reaching $3,000 a ton in London for the first time in 13 years amid supply disruptions.

The session started on the back foot with Chinese stocks coming under fresh pressure from new government regulations on major technology firms after the FT reported that Beijing seeks to break up Alipay, sending the Hang Seng Index tumbling after a sharp rebound on Friday. U.S.-listed Chinese stocks, including Alibaba Group Holding , fell in premarket trading. Also in premarket trading, AMC led gains in the U.S. premarket session, rising 1.9%. Chinese technology shares tumbled after a report that officials are seeking to break up Ant Group Co.’s Alipay. Meanwhile, Europe’s Stoxx 600 Index advanced 0.4%, led by gains in energy companies. Apple Inc rose 0.9% in premarket trading ahead of tomorrow’s latest iPhone reveal after a mixed court ruling in Epic Games’ antitrust case against the iPhone maker knocked nearly $90 billion off its market value on Friday. Here are some of the other big premarket movers today:

  • Chinese stocks listed in the U.S. slip following the latest crackdown on the sector; the stocks slumped in Asia trading after a report that the Chinese government intends to break up Ant Group’s Alipay business. Alibaba (BABA) shares down 2.1%, NetEase (NTES) -2.3%, Pinduoduo (PDD) -1.7%, Baidu (BIDU) down 1.6%.
  • Aterian (ATER) and Support.com (SPRT) among the retail- trader favorites rising in U.S. premarket trading. Aterian, a consumer-product tech platform company, up 11% amid touts and discussion of the stock on Reddit and StockTwits.
  • Farmmi (FAMI) shares fall 33% in U.S. premarket trading after the Chinese agricultural products distributor said it plans a share offering.
  • Apple (AAPL) shares up 0.9%. The group could see billions wiped off its profit by forcing a major change to the way it generates money from its App Store, analysts say. The stock lost almost $85 billion in market value during the previous session.

The dollar rose and Treasury yields dropped of ahead of tomorrow’s critical inflation data that traders will use to assess expectations about the timing of stimulus withdrawal and interest-rate hikes. A report on Tuesday may show consumer prices in the U.S. moderated in August. A report on Tuesday may show consumer prices in the U.S. moderated in August.

“[The CPI] number will be the main highlight of the week as we approach a second half of September that will be full of politics,” DB’s Jim Reid wrote in a note on Monday, citing the upcoming German election and U.S. debt-ceiling deadline.

In its preview of tomorrow’s August CPI, Reid writes that “it will be a very important statistic ahead of the Federal Reserve’s policy decision next week. The Fed are now on media blackout ahead of this. However the impact of the number is debatable the Fed seem fixated with employment, especially payrolls, at the moment and it will take a lot of convincing that any high number tomorrow will be anything other than driven by transitory factors. For the record, headline CPI was at +5.4% year on year in June and July, which are the highest rates of price growth since the financial crisis. Core was at 4.3% last month – two-tenth down from the prior month’s highest reading since 1991. That said, our economists are expecting a slowdown in the month-on-month reading in August, and their forecasts for CPI of +0.4% and core CPI of +0.2% in August would be the slowest in six months. This would bring the YoY rates down to 5.3% and 4.1% respectively. The consensus has core at 4.2%.”

With oil prices rising to one-week high on US supply concerns, energy stocks rose while major Wall Street banks tracked mild gains in U.S. Treasury yields. Buying into sectors such as energy, financials and industrials, which are expected to benefit from an economic recovery this year, has put the S&P 500 on a seven-month winning streak this year. But rising infections of the Delta COVID-19 variant and staggered vaccination rates have dampened hopes of an economic recovery in recent weeks.

Also on the radar is the Biden government’s corporate tax hike plan. U.S. House Democrats are expected to propose raising corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations and investors, according to two people familiar with the matter.

Meanwhile, banks continue to flag caution, with a Deutsche Bank survey found Wall Street respondents expect a 5-10% equity market correction by year-end, with COVID and inflation seen as the main risks. BNP Paribas, while expecting the S&P 500 to stay unchanged by end-2021, highlighted risks from “higher yields and taxes, at a time when earnings momentum has slowed from excellent to good”.

In Europe, energy companies fueled gains in the Stoxx Europe 600 gauge, which traded up 0.8% at session highs. All European bourses were in the green, as risk sentiment turned constructive shrugging off a mixed Asian handover. Germany’s DAX and Italy’s FTSE MIB outperformed, raising as much as 0.8%. Oil & gas, utilities and construction are the strongest sectors with retail and travel names in the red. Industrial metals were on the up with ongoing supply disruptions, as aluminum hit $3,000 a ton in London for the first time in 13 years. A market gauge of euro zone inflation expectations rose to its highest since mid-2015 on Monday in a further sign that investor perceptions over the direction of future inflation is shifting. Here are some of the biggest European movers today:

  • Utilities stocks outperform, with the Stoxx 600 Utilities index up as much as 1.4%, with Morgan Stanley saying the U.K. expanding its next renewables auction is a positive for the sector.
  • Deutsche Bank shares climb as much as 2.4% after the lender was upgraded to neutral from underperform at Mediobanca, which says that improvements in its operations outside the investment bank will limit the downside for the stock.
  • Zooplus shares jump as much as 8.8% after private equity group Hellman & Friedman raised its takeover bid for the online pet products retailer, following the confirmation of a rival suitor for the company last week.
  • Valneva shares drop as much as 45% after the U.K. government said it’s cancelling its supply contract for Covid-19 vaccines. Portzamparc says the decision is “obviously a blow” for Valneva.
  • AB Foods shares decline as much as 4% after analysts noted softer Primark sales in 4Q, hurt by the impact of the delta variant along with the so-called pingdemic.
  • S4 Capital shares drop as much as 6.2% after reporting a 1H pretax loss of GBP19.4m as Morgan Stanley (overweight) says the stock may need a “pause” following its strong recent run
  • Svenska Cellulosa shares fall as much as 6.1% as Nordic forestry companies decline after downgrades from Danske Bank. Holmen shares decline as much as 5.7% alongside UPM (-3.8%) and Stora Enso (-3.7%) on the news

Sentiment was more subdued earlier in the session, with MSCI’s index of Asia-Pacific shares outside Japan lost 1.2%. The latest source of worry is a Financial Times report that Beijing is aiming to break up Alipay, the payments app owned by Jack Ma’s Ant Group. The report, which pushed the Chinese blue-chip index 0.5% lower, shows there may be no let-up in the regulatory clobbering Chinese firms have received this year. It follows a Friday court ruling on Apple that hit the iPhone maker’s shares, while more reports emerged at the weekend that U.S. Democrats are mulling proposals to increase taxes on corporations and the wealthy. “We will see more of the state finding ways to extract funding from those it deems most capable of providing it,” said Tom O’Hara, portfolio manager at Janus Henderson.

Adding to concerns is the continued acceleration in inflation, with Japan reporting wholesale prices at 13-year highs last month. That comes on top of data showing factory gate inflation at more than decade-highs in the United States and China, pressuring firms to pass on price rises to consumers.

“The market has been looking through inflation levels, assuming they are transitory and that interest rates won’t go up much but the conundrum is that wherever we look, we see inflation, whether on supermarket shelves or at the petrol pump,” O’Hara added. “We will probably see more inflation and interest rate rises than people think.”

Investors will pay attention to upcoming Chinese data on retail sales and industrial output which could show a further slowdown in the world’s second-biggest economy.

In rates, Treasury 10-year yields fell two basis points to 1.32% following Friday’s four basis points rise, cementing their third weekly gain last week, the longest streak since mid-March and tension will likely build before the Sept. 21-22 U.S. Federal Reserve meeting. The curve was flatter, even as crude oil’s advance to a six-week high boosts energy shares in European and U.S. equity benchmarks. The 30-year Treasury yield is back below its 50-DMA with Fed slated to purchase long-end sectors in Monday’s purchase operation. Yields from the 5-year are lower with 30-year leading, down more than 2bp at 1.912%, inside Friday’s range; 5s30s yield curve breached 110bp, touching lowest level since Aug. 27, extending the flattening move unleashed by strong demand for Thursday’s 30-year bond auction. With no major economic data slated and potentially consequential August CPI data ahead Tuesday, Fed’s daily purchase operation in 22.5- to 30-year sector will be a focal point. Gilts are 1-1.5bps richer across the curve with a modest flattening bias.

In FX, the Bloomberg Dollar Spot Index gained 0.1% as the dollar advanced against most of its G-10 peers ahead of U.S. inflation data on Tuesday, which may add to the case for the Federal Reserve to start slowing its asset purchases this year and as Goldman said over the weekend, a taper is now virtually certain to being in November and end in July as per a trial balloon leaked to the WSJ. Adding to this, Philadelphia Fed President Patrick Harker told Nikkei in an interview that he is supportive of moving toward a tapering process “sooner rather than later. ”

Elsewhere, The euro fell to more than a two-week low of $1.1775 before paring some losses; Bunds were little changed, the pound dipped against the dollar, with U.K. inflation and jobs data coming up this week which may help shape the tone BOE policy makers take at their policy meeting next week. Net leveraged futures and options positions on the British currency flipped short for the first time since December, according to the latest data from the Commodity Futures Trading Commission. Australia’s dollar was little changed after earlier falling to the lowest in almost two weeks. Australia’s yield curve steepened following Treasury moves on Friday.

In commodities, oil jumped mocking China’s SPR release, and rose to one-week highs above $73 a barrel due to shuttered output in the United States, the world’s biggest producer, following damage from Hurricane Ida. Economic growth worries, however, have been seeping into the market, with producers’ group OPEC expected to cut its forecasts for 2022 oil demand. Spot gold gave back small gains to trade flat near $1,788/oz. Base metals are mixed. LME aluminum briefly hits $3,000/MT for the first time in 13 years; the rest of the complex is in the red with LME nickel off as much as 3%. 

With little on today’s calendar, investors will pay attention to upcoming Chinese data on retail sales and industrial output which could show a further slowdown in the world’s second-biggest economy. U.S. consumer prices, due on Wednesday, are also seen easing a touch, albeit to a still-high 4.2%, while the spread of the Delta COVID variant may have softened retail sales.

Market Snapshot

  • S&P 500 futures up 0.5% to 4,479.50
  • STOXX Europe 600 up 0.5% to 468.66
  • MXAP down 0.5% to 205.57
  • MXAPJ down 0.7% to 662.56
  • Nikkei up 0.2% to 30,447.37
  • Topix up 0.3% to 2,097.71
  • Hang Seng Index down 1.5% to 25,813.81
  • Shanghai Composite up 0.3% to 3,715.37
  • Sensex little changed at 58,255.03
  • Australia S&P/ASX 200 up 0.3% to 7,425.21
  • Kospi little changed at 3,127.86
  • Brent Futures up 0.8% to $73.52/bbl
  • Gold spot up 0.1% to $1,790.15
  • U.S. Dollar Index up 0.2% to 92.783
  • German 10Y yield rose 1 bps to -0.330%
  • Euro down 0.2% to $1.1787

Top Overnight News from Bloomberg

  • House Democrats have drafted a package of tax increases that falls short of President Joe Biden’s ambition, an acknowledgment of how politically precarious the White House’s $3.5 trillion economic agenda is for party moderates
  • Boris Johnson will unveil the U.K.’s new approach in tackling Covid this week, preparing the country for a mass booster vaccination program and potential shots for teenagers — but scrapping plans for mandatory vaccine certificates in England
  • Chinese technology shares fell once again Monday on the latest moves from Beijing to reshape online businesses
  • Chinese data this week will show the damage done from a widespread Covid outbreak last month that partially shut the world’s third-busiest container port and sent parts of the country back into lockdown. Growth in industrial production, retail sales and investment likely weakened in August. Purchasing managers’ surveys and other high frequency indicators already foreshadowed a sharp drop in spending after tough new virus restrictions were introduced to contain cases
  • Two weeks before Germany goes to the polls in a watershed election, center-left front-runner Olaf Scholz fended off attacks over his track record as finance minister to consolidate his position as the most likely successor to Chancellor Angela Merkel

A more detailed look courtesy of Newsquawk

Asia-Pac stocks began the week cautiously following last week’s five-day losing streak on Wall Street and ongoing regulatory tightening by Beijing, with participants also digesting the latest missile launches by North Korea over the weekend. US equity futures overnight posted mild gains which later faded. The ASX 200 (+0.3%) eked marginal gains amid continued strength in the commodity-related sectors following recent upside in oil and base metals, but with advances capped by underperformance in tech and the current virus situation. Nikkei 225 (+0.2%) lacked firm direction amid a choppy currency and with autos pressured after US House Democrats proposed increasing EV tax credits to as much as USD 12.5k per vehicle for union-made zero-emission models assembled in the US – which would essentially penalize non-union made EVs such as Toyota and Tesla. The KOSPI (+0.1%) was negative after North Korea test-fired new long-range missiles which allegedly hit targets 1,500km away. The Hang Seng (-1.5%) and Shanghai Comp. (+0.3%) were varied with Hong Kong weighed heavily by losses in real estate and tech after China’s industry ministry told technology companies including Tencent and Alibaba to stop blocking each other’s website links from their platform, with the latter also pressured by news that Beijing wants to break up Ant Group’s Alipay and create a separate app for its loan business. There were also hefty declines for SOHO China which fell nearly 40% after Blackstone abandoned its USD 3bln takeover of the property developer, while the mainland showed some resilience with the Shanghai bourse cushioned despite the US weighing a trade probe in a bid to pressure China and the disruptions in Shanghai due to an approaching typhoon. Finally, 10yr JGBs were flat amid the cautiousness in the region and recent treasury selling in the US, while demand was also sapped by the lack of BoJ purchases in the market today.

Top Asian News

  • HNA Secures Strategic Investors for Hainan Air, Airport Business
  • Sydney Airport’s $17.4 Billion Bid Shows Long-Term Allure
  • Evergrande Offers New Wealth Product Payment Plan Under Pressure
  • Nissan Offers Rare Dollar Bond Tied to Libor Replacement

Bourses in Europe have adopted a more constructive risk bias (Euro Stoxx 50 +0.6%; Stoxx 600 +0.5%) following the mixed trade/indecision seen in APAC, with news flow also exceptionally light in early European hours. US equity futures have piggy-backed on the mild gains seen across Europe, with the calendar today especially light ahead of US CPI tomorrow – whilst the NQ (+0.3%) narrowly lags vs the more cyclically exposed RTY (+0.8%) and YM (+0.5%) and ES (+0.5%). Back to Europe, sectors are mostly higher with clear outperformance in Oil & Gas following the advances in crude overnight and during early European hours, whilst Retail and Travel & Leisure reside as the laggards – with easyJet (-13%) plumbing the depts after the Ryanair (+1.3%) CEO said easyJet would essentially have to merge with WizzAir to survive – a bid that easyJet rejected according to sources last week. Elsewhere, Autos were bolstered at the cash open with Daimler (+1.2%) and BMW (+1.2%) spearheading the gains following reports the Co. intends to limit the supply of premium models shipped even when the chip shortage eases in a bid to secure the ‘hefty’ price increases attained during COVID-19. In terms of individual movers, Valneva (-35%) slumped over 40% at the open after the UK Government terminated its COVID-19 vaccine supply agreement with the Co., alleging that the Co. is in breach of its obligations under the agreement.

Top European News

  • Energy Crunch Deepens as U.S. Warns Europe Isn’t Doing Enough
  • Hungary Raises 2021 FX Borrowing Cap on Potential EU Fund Delay
  • CVC to Buy $8 Billion Asset Manager Glendower in Strategy Shift
  • Brevan Howard Forms Digital Assets Unit in Crypto Investing Push

In FX, the Dollar index has rebounded from overnight lows to post a marginal new peak beyond last week’s apex, at 92.880 amidst broad gains, but not all round as high beta and commodity counterparts resist the Greenback’s advances on a combination of upbeat risk sentiment and firm underlying prices. However, the Buck is deriving momentum from the latest Fed official advocating a slowdown in the pace of QE sooner rather than later, as Harker believes that inflation might be long lasting rather than transitory, and presumably is not overly concerned by the fact that the last BLS report did not meet consensus on the headline front. Meanwhile, the DXY is also underpinned ahead of US inflation data on Tuesday following firmer than forecast PPI last Friday.

  • CHF/EUR/JPY – All softer vs the Dollar, and the Franc back below 0.9200 irrespective of a dip in weekly Swiss sight deposits at domestic banks after more verbal SNB intervention from Zurbruegg who reiterated that negative rates are still needed to prevent the Chf from rising, while adding that it would appreciate markedly and economic growth would slow if the Bank was to hike now. Meanwhile, the Euro has lost grip of the 1.1800 handle amidst reports of stop-selling and the Yen has slipped under 110.00 again regardless of an encouraging improvement in Japan’s Q3 business survey index.
  • AUD/NZD/CAD – As noted earlier, the so called activity and petro currencies are outperforming or managing to outpace the Greenback on specific supportive factors, with the Aussie also benefiting from repositioning off a net short base as CFTC data as at September 7 showed the most oversold levels in 3 years. Aud/Usd is hovering near the top of a 0.7368-36 range, with Nzd/Usd mostly above 0.7100 even though NZ PM Ardern announced that Auckland’s lockdown will be extended for a week and move to alert level 3 on September 22nd due to the ongoing occurrence of ‘mystery’ COVID-19 cases, while the rest of the country will stay on alert level 2 until the same date. Elsewhere, the Loonie is keeping afloat of 1.2700 in advance of Canadian manufacturing sales tomorrow and last Friday’s solid jobs update against the backdrop of a rebound in WTI from circa Usd 69.50/brl to just 4 cents shy of Usd 70.50 at best.
  • GBP – Sterling is somewhat betwixt and between due to its cyclical characteristics, but having stopped short of 1.3850 and reversing through the 200 DMA (around 1.3826), Cable saw a few sell orders triggered at 1.3800, but managed to contain losses to only a 2-3 pips, while the Pound remains elevated against the Euro as the cross sits beneath 0.8550 and hardly reacts to comments from ECB’s Schnabel on the subject of inflation. In short, she thinks inflation will noticeably decrease as soon as next year, but if it sustainably reaches the 2% target unexpectedly soon, the Bank will act equally quickly and resolutely.
  • SCANDI/EM – No sign of Norwegian election jitters whatsoever, as Eur/Nok trades south of 10.2000 with fuel coming from Brent’s revival to top Usd 73.50/brl, while Eur/Huf is also lower following the NBH’s decision to offer extra Euro liquidity via a 2 week FX swap tender on Wednesday. Conversely, the Try is being hampered by the higher cost of oil, considerably weaker than expected Turkish ip and a wider than anticipated current account deficit.

In commodities, WTI and Brent front month futures are choppy but ultimately on a firmer footing, with the former back holding ground above USD 70/bbl and the latter around USD 73.50/bbl. There have been several developments over the weekend on both the supply and demand sides of the equation. Demand continues to be threatened by the Delta variant, with the Chinese city of Putian placed under lockdown to contain the Delta variant COVID-19 outbreak and New Zealand’s Auckland extending its lockdown for a week. That being said, the UK will announce they are dropping plans that would have required COVID-19 vaccine passports for entry to nightclubs, cinemas and sports venues, whilst the UK health minister is looking to end PCR tests for travel as soon as possible. Meanwhile, on the supply side, US Gulf of Mexico production is slowly coming back online. However, traders must be cognisant of Tropical Storm Nicholas – which is expected to strengthen to a tropical storm later today and resides on the west Gulf Coast. Elsewhere, there have been some developments in Iranian talks whereby Tehran will permit IAEA monitoring and resume JCPOA talks – however, Iran has not budged from its earlier stance regarding nuclear negotiations. In terms of banking commentary, BofA said a cold winter could lead to USD 100/bbl oil sooner than expected. Turning to precious metals, spot gold and silver trade with modest losses with news flow also light. Citi projects a lower trading band for gold, around the USD 1,700/oz, albeit with low conviction; dovish surprise at the September FOMC meeting could allow a break higher towards USD 1,900/oz. Over to base metals, copper gave up earlier gains but remains caged, with LME metals now all posting losses. There were also reports earlier in the session that the Yunnan province in China ordered green aluminium producers to hold monthly output for September-December at levels no higher than August, according to a document and have ordered the cement industry to reduce September production by over 80% from August levels – with iron and aluminium part of the cement manufacturing process.

US Event Calendar

  • 2pm: Aug. Monthly Budget Statement, est. -$175b, prior -$200b

DB’s Jim Reid concludes the overnight wrap

Well Britain has been in a state of shock this weekend after Emma Raducanu became the first ever qualifier to win a tennis major at the US Open. My wife and I have been carefully tracking her progress in recent months as she went to my wife’s school in Kent – albeit 29 years apart. My wife’s sporting claim to fame from the same school was that she did a gymnastics routine at half time at the then called Milk Cup Final at Wembley in the mid-1980s. Sadly that didn’t earn the $2.5m that Raducanu picked up on Saturday.

I suspect the financial market shock equivalent of Radacanu winning the US Open would be US CPI at 15% YoY tomorrow. That number will be the main highlight of the week as we approach a second half of September that will be full of politics with the German election, the US debt ceiling deadline approaching fast, and with the US infrastructure bill (maybe) coming towards a climax.

Previewing tomorrow’s August US CPI and it will be a very important statistic ahead of the Federal Reserve’s policy decision next week. The Fed are now on media blackout ahead of this. However the impact of the number is debatable the Fed seem fixated with employment, especially payrolls, at the moment and it will take a lot of convincing that any high number tomorrow will be anything other than driven by transitory factors. For the record, headline CPI was at +5.4% year on year in June and July, which are the highest rates of price growth since the financial crisis. Core was at 4.3% last month – two-tenth down from the prior month’s highest reading since 1991. That said, our economists are expecting a slowdown in the month-on-month reading in August, and their forecasts for CPI of +0.4% and core CPI of +0.2% in August would be the slowest in six months. This would bring the YoY rates down to 5.3% and 4.1% respectively. The consensus has core at 4.2%.

According to our economists new cars are likely to present a bit of a curveball to both inflation (up) and activity readings (down) in the near-term given the continued chip shortages. GM announced it was pausing production at most of its domestic assembly plants after Labour Day for this reason. This may impact claims just as unemployment benefits expire and encourage people back to work.

In terms of other US data, Wednesday’s industrial production and Thursday’s retail sales reports will be of note. The former is more likely to be impacted next month by the auto shutdowns. However the latter will be hit now by the lack of available new cars at the moment. The University of Michigan’s preliminary consumer sentiment index for September on Friday will also be of interest, given the measure fell to its lowest level in almost a decade in August. Elsewhere on Wednesday, there’ll be fresh data from China for August on retail sales and industrial production, which will also be closely followed by investors amidst fears of a slowing economy there. The day by day calendar for the week ahead is at the end.

On the political side, we would expect more details on the Democrats’ priorities for their $3.5trn reconciliation bill this week. There is a Wednesday deadline for the various committees to complete their legislative work on the bill. However deadlines have come and gone on this in recent months. Overnight, Bloomberg has reported that to improve the chances of the package passing, the House Democrats are set to propose raising the top corporate tax rate to 26.5% among other measures. This is less than the 28% that the Biden administration has sought. Further, the top rate on capital gains would rise from 20% to 25%, instead of the 39.6% Biden proposed that would have been equal to a new top rate on regular income. Democrats are also proposing a 3% surtax on individuals with adjusted gross income in excess of $5 million and to treat cryptocurrency the same as other financial instruments, raising an estimated $16 billion. Lastly, a document circulating among members of both parties cites preliminary estimates that the new proposals would raise $2.9 trillion in revenue when combined with $700 billion in revenue and cost savings from Medicare drug price changes.

Saying with politics there are just two weeks from yesterday until the German federal election, which will have big implications for both domestic and European policy. Last night the chancellor candidates debated again on TV, and a snap poll for ARD television showed that a striking 41% thought that the SPD’s Scholz was the most convincing performer. This compares to 27% for Laschet and 25% for the Greens candidate Baerbock. Prior to this, the INSA poll on Sunday showed that the SPD had extended their lead over the Conservatives. The poll put the SPD on 26%, up +1pp from a week ago and at their highest rating since June 2017.The conservatives were unchanged at 20% and the Greens were down +1pp at 15%.

Asian markets have started the week on a softer note as a report from the Financial Times said that China is seeking to break up Ant Group Co.’s Alipay and create a separate app for its loan business. Under the plan, Ant will turn over user data underpinning its lending decisions to a new credit scoring joint venture, which will be partly state-owned. Further, a statement from China’s Ministry of Human Resources and Social Security said that China’s Major platform operators must review the working conditions of gig economy workers that rely on their platforms to ensure their income rights and safety. These measures mark the latest salvo in the ongoing Chinese regulatory crackdown and are weighing on the broader market. The Nikkei (-0.26%), CSI (-0.44%), ShenZhen Comp (-0.26%), Hang Seng (-1.98%) and Kospi (-0.20%) are all losing ground. Elsewhere, yields on 10y USTs are down -1.1bps and futures on the S&P 500 are up +0.17%. In terms of overnight data releases, Japan’s August PPI printed at 0.0% mom (vs. +0.3% mom expected).

Turning to the pandemic, Scott Gottlieb, a board member of the Pfizer Inc. and the former head of the US FDA, said Covid-19 vaccines for kids could arrive as soon as Halloween this year. Pfizer has said it will have data on Covid-19 vaccines for children by the end of Sept., and the FDA will take “weeks, not months,” to evaluate the data and make a decision. The data will be for kids aged 5 to 11 years. Meanwhile, here in the UK, Health Minister Sajid Javid said that PM Johnson will announce the next steps on Tuesday for managing Covid over the autumn and winter with Booster vaccines also on the agenda. The announcement is likely to include plans to abandon proof of vaccinations to enter certain venues, and may soon drop mandatory testing for returning travelers as part of a further easing of coronavirus restrictions.

Recapping last week now and global equity markets lost some momentum as risk sentiment dropped amidst high valuation worries and ongoing concerns that the delta variant could slow down economic growth. The S&P 500 fell every day of the holiday-shortened week to end -1.69% lower (-0.77% Friday), and it’s five-day losing streak is the longest run since February. Cyclicals and smaller cap stocks particularly struggled as the Russell 2000 declined -2.81%, its largest weekly loss since July. European equities similarly fell back, despite a dovish ECB meeting, as the STOXX 600 ended the week -1.18% lower after Friday’s -0.26% loss.

Even with the steady risk off, bond yields rose. US 10yr Treasury yields ended the week up +1.9bps, most of that coming after Friday’s +4.4bp rise. The overall week’s move was driven by rising inflation expectations (+5.3bps), which overcame dropping real rates (-3.2bps). Increasing inflation expectations got a boost from Friday’s PPI print which showed prices for final demand rose +0.7% m/m (+0.6% expected) and +8.3% y/y (+8.2% expected), while core PPI rose +0.6% m/m and 6.7% y/y. Although not far off consensus, the report reinforces the issues that rising labour costs and supply chain bottlenecks have caused for suppliers and we will see how this translates to consumers in this week’s US CPI report.

Bond yields in Europe moved higher across much of the continent even with the ECB meeting being slightly more dovish prompting a counter trend rally on Thursday. Overall, yields on 10yr bunds rose +3.1bps, rising for a third straight week for the first time since April, whilst 10yr OATs and Gilts rose +1.7bps and +4.1bps respectively. With investors seeking havens, the US dollar index rose +0.59% last week, after having declined in each of the two previous weeks.

end

3A/ASIAN AFFAIRS

i)MONDAY MORNING/SUNDAY  NIGHT: 

SHANGHAI CLOSED UP 12.26  PTS  OR 0.33%   //Hang Sang CLOSED down 392.10 PTS OR 1.50%      /The Nikkei closed UP 65.53 PTS OR 0.22%   //Australia’s all ordinaires CLOSED UP 0.26%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4572  /Oil UP TO 70.34 dollars per barrel for WTI and 73.25 for Brent. Stocks in Europe OPENED ALL GREEN   /ONSHORE YUAN CLOSED  DOWN AGAINST THE DOLLAR AT 6.4572. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4519/ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA

North Korea reportedly test firs a new long range cruise missile

(zerohedge)

North Korea Reportedly Test-Fires New Long-Range Cruise Missile

 
SUNDAY, SEP 12, 2021 – 05:35 PM

South Korea’s Yonhap News Agency is reporting that North Korea’s state-owned media KCNA said that North Korea said it has successfully test-fired a “new type long-range” cruise missile on September 11 and 12.

“The efficiency and practicality of the weapon system operation was confirmed to be excellent,” state news agency KCNA said in a statement

The missiles flew 1,500km (930 miles) traveling for 7,580 seconds before hitting their targets and falling into the country’s territorial waters, KCNA said.

The development of the missiles provides “strategic significance of possessing another effective deterrence means for more reliably guaranteeing the security of our state and strongly containing the military maneuvers of the hostile forces,” KCNA said.

This is not the first such test-fire during Biden’s term.

In March, Kim Jong Un test-fired two short-range ballistic missiles, prompting U.S. Indo-Pacific Command spokesperson Capt. Mike Kafka to warn at the time:

“This activity highlights the threat that North Korea’s illicit weapons program poses to its neighbors and the international community.”

But one still wonders at the timing of such a provocation.

Kim would not fire anything without Beijing’s blessing, so is this Xi piling on more pressure on Biden as Washington faces turmoil in almost every foreign policy endeavor.

Last week, North Korea staged its first military-style parade since Joe Biden became U.S. president, with Kim presiding over an event where displays of his state’s weaponry were scaled down from previous exhibitions. There were no ballistic missiles, which are faster and harder to intercept than cruise missiles, on show.

Also interesting, given the timing, Australia’s Defense Minister Peter Dutton and Foreign Minister Marise Payne are in Seoul to meet with their South Korean counterparts, as the two countries mark the 60th anniversary of official relations.

end

b) REPORT ON JAPAN

JAPAN/COVID/

 

END
 
 

3 C CHINA

CHINA/

Evergrande collapse would have profound consequences for China.  I have reported to you on many occasions that a failure of this type will be systemic

(zerohedge)

Evergrande’s collapse would have ‘profound consequences’ for China’s economy

Robert to me:
 
 
 

This should be a wake up call, China is deck of cards built on debt in the midst of the greatest reduction in demand seen in a very long time. Supply chain issues often cause huge inventory imbalances and the “factory” always takes the biggest hit.  For a long time the factory to the world has been China. 

So imagine what happens when the bills cannot be paid because cash flow dries up in a country that has been covering up its’ asset valuations with fancy accounting that is not transparent. Should we really think that state businesses who were propped up with false valuations are real or that empty cities really are true balance sheet items as the wind and pigeons dwell inside buildings ? You judge whether this is a mirage

Evergrande’s collapse would have ‘profound consequences’ for China’s economy

China Evergrande Centre is seen in the Wan Chai district of Hong Kong on August 6, 2021.
China Evergrande Centre is seen in the Wan Chai district of Hong Kong on August 6, 2021. © Isaac Lawrence, AFP

Investors are bracing for the increasing risk that Chinese real estate colossus Evergrande will collapse under the weight of more than $300 billion of debt. But experts say the Chinese Communist Party will have no choice but to save a company that is so emblematic of its economic growth model – and whose collapse would send shockwaves across the global economy.

 

Western financial institutions think Evergrande has a bleak future, if it has one at all.

JP Morgan made a whopping cut to its stock price target for the business on Friday, to 2.80 Hong Kong dollars from $HK7.20.

This came after ratings agency Fitch downgraded the firm’s foreign currency credit rating from triple C plus to double C on Wednesday, saying that a form of default “looks probable”. Ratings agency Moody’s lowered Evergrande’s credit rating in the third time in three months – on the grounds that its creditors faced “weak recovery prospects” if the company defaulted.

 

Evergrande is the world’s most indebted real estate developer; $300 billion is roughly equivalent to the entire public debt of Portugal. Unsurprisingly, senior executives admitted in August that they might be unable to meet all of their financial obligations.

‘Debt-dependent growth model’

This poses a serious problem for the Chinese Communist Party, as Evergrande is a longstanding symbol of the country’s very economically productive urbanisation.

Also, Evergrande’s business model is representative of “China’s highly debt-dependent growth model”, Jean-François Dufour, head of French, China-focused consulting firm DCA Chine-Analyse, told FRANCE 24.

The company was founded in 1996, in the midst of the Communist Party’s Herculean endeavour of moving hundreds of millions of Chinese people from the countryside to the cities, creating a “very strong growth of the Chinese real estate sector”, Frédéric Rollin, an investment strategy adviser at the multinational firm Pictet Asset Management, told FRANCE 24.

Evergrande was the main beneficiary of this boom. It pursued a very aggressive growth strategy and was dependent on banks’ goodwill as it accumulated a proliferating portfolio of real estate projects at a rapid clip.

This expansion continued over the decades, as shown by Evergrande raising $722 million in its IPO on the Hong Kong Stock Exchange in 2009. The firm now controls 778 real estate projects in 223 Chinese cities, directly employing nearly 200,000 people. Evergrande has claimed that it has indirectly created more than three million jobs.

Huge debt pile

But at the beginning of the 2010s, in the wake of that blockbuster IPO, Evergrande stretched its tentacles into an array of other sectors. The company was in a “race against time to diversify its activities, much more so than other Chinese real estate groups”, Dufour said. The Communist Party had “made other sectors national priorities”, he continued.

Consequently, Evergrande acquired stakes in video streaming companies, health insurers, milk farmers and pig-breeding co-operatives. It also bought Guangzhou FC, a football club in the Guangdong region where it is based, and built amusement parks. Evergrande’s latest diversification project was an attempt in 2019 to start manufacturing electric cars – despite a lack of any experience in this field.

Evergrande got its fingers into so many pies because it wanted a presence in “a sufficient number of priority sectors so that the state would be more inclined to support it financially when the weight of its debt became too heavy to bear”, Dufour explained.

The debt is very heavy indeed. Evergrande is due to pay $15 billion to creditors by the end of 2021; but, as of late June, it had only $13 billion to its name. At the same time, the banks have become much more reluctant to lend it money. “It’s become more complicated because of the restrictive monetary policy the government is currently pursuing,” Rollin said.

Economic contagion risk

Evergrande has entered a downward spiral in which the banks no longer want to give it the funds to finish its real estate projects, depriving the company of new properties to sell and therefore of fresh funds to repay creditors and reassure the banks.

“In a normal market economy, Evergrande would have gone bankrupt a long time ago,” Dufour said. But the Chinese model of capitalism has long encouraged the model of private debt.

“The rule was that as long as a company looked like it was moving forward – with plenty of projects in the pipeline – the banks gave it credit on the understanding that the strength of Chinese economic growth would always deliver profits,” he continued.

This way of thinking meant that “in 2020, Chinese companies’ debt represented 160 percent of GDP, compared to just 85 percent in the US and 115 percent in the eurozone”, Rollin pointed out.

Companies like Evergrande find themselves in a tricky situation now that Beijing has pushed heavily indebted countries to deleverage over the past year.

But the Communist Party also faces a dilemma, as it needs to prevent Evergrande from going under, to avoid the “profound consequences it would have for the Chinese economy”, Dufour said.

If Evergrande went bankrupt, “at least one bank would go under”, Dufour continued. “That may well push other banks to be more reluctant to end to highly leveraged countries – and that would herald the end of China’s debt-fuelled growth model.”

The real estate behemoth’s collapse would sent shockwaves far beyond China. As the Financial Times noted: “Evergrande counts big international companies among its investors, including Allianz, Ashmore and BlackRock. A default is likely to have spillover effects on global markets, where many investors have historically anticipated Chinese government support at times of distress.”

Given Evergrande’s importance to the Chinese economy, “it’s highly probable that the state will sort out a debt restructuring programme for it”, Rollin said. In other words, Beijing will force creditors’ hands while organising the sale of Evergrande’s non-core assets.

“This will likely mean putting the company under the state’s control while it finds a buyer; an approach the Chinese government has adopted before,” Dufour said.

But cleaning up a mess as big as a $300 billion debt pile will not happen overnight.

This article was translated from the original in French.

end

CHINA//USA/TAIWAN

China Threatens Drastic Action If Taiwan Changes Name Of D.C. Office: ‘We’ll Fly PLA Jets Directly Over Island’

 
MONDAY, SEP 13, 2021 – 01:30 PM

Chinese state media has lashed out at the Biden administration over reports the US is “seriously considering” allowing the Taiwanese government to rename its representative office in Washington to include the word “Taiwan”.

Currently Taipei’s representative office in the United States formally goes by the name “Taipei Economic and Cultural Representative Office” – however, there’s a current proposal to change it to “Taiwan Representative Office” in direct defiance of the mainland’s claims of sovereignty over the island.

Though an official reaction out of Beijing wasn’t forthcoming, the typically outspoken editor of state-run English publication Global Times voiced what top communist party officials are surely thinking, warning of “full scale” sanctions and stepped up military patrols directly over Taiwan aimed at keeping Taiwan in check should the renaming happen.

Nameplate of the Taipei Economic and Cultural Representative Office in the US, via Liberty Times

Hu Xijin wrote that “If this happens, diplomatically, China will at least recall its ambassador to the US.” Such a scenario would dramatically worsen already deeply strained US-China relations and comes just days after a reportedly contentious phone call between Presidents Joe Biden and Xi Jinping on Friday.

The GT Editor warned further that if the renaming goes through China will take bold action on the economic front as well, following years-long efforts to isolate Taiwan diplomatically:

Economically, it will shift from “preferential policies” for Taiwan to full-scale sanctions. Militarily, the PLA fighter jets will surely fly over the island, and start to patrol Taiwan.

Already for much of the past year Chinese PLA jet and bomber formations have routinely breached Taiwan’s Air Defense Identification zone, in what’s become a near weekly exercise. Typically Taiwan scrambles jets to mirror and chase off the Chinese formations.

But the scenario of Chinese fighters “flying over” the island – as opposed to merely breaching remote claimed air boundaries – would mark a huge escalation that could spark war should Taiwan choose to respond directly with anti-air fire. A Monday Global Times editorial is essentially vowing as much (i.e.: serious military escalation over Taiwan)…

The new GT op-ed makes the following threats:

Sending PLA fighter jets over the island of Taiwan is a step we must take. The move will pose a fundamental warning to the Taiwan authorities and bring about reconstruction of the situation across the Taiwan Straits. It will be a clear declaration of China’s sovereignty over Taiwan island, and create unprecedented conditions for us to further implement this sovereignty.

The “airspace” over the Taiwan island belongs to the airspace of China. The so-called middle line of the Taiwan Straits has never been recognized by the Chinese mainland. Therefore, there is sufficient legal basis for the PLA fighter jets to fly over the island.

It’s not the first time there’s been a move to rename Taipei’s diplomatic offices abroad in an attempt to assert national sovereignty; however, China has in the past successfully pressured host countries to force Taiwan’s missions to drop the word “Taiwan”. 

As Kyodo News recalls

It competes as “Chinese Taipei” at the Olympic Games and also uses that name to participate in the World Trade Organization — an arrangement designed to overcome China’s objections to any international recognition of its sovereignty.

According to the Financial Times, between 2017 and 2019, seven of Taipei’s missions in countries without diplomatic recognition, including Nigeria, Jordan and Ecuador, had “Taiwan” or “Republic of China” forcibly removed from their names by their host countries under pressure from Beijing.

And yet for the first time the US is “seriously considering” allowing it, which means if the trigger is pulled the US administration would stand behind it, no matter the pressure. The question remains whether the White House will wish to see this escalation unfold, including the perhaps unpredictable Chinese response, over what would largely remain a deeply “symbolic” assertion of sovereignty flying in the face of Beijing’s claims. 

China has without doubt long considered Taiwan and US efforts to recognize and back it a “red line” issue, declaring it won’t hesitate to act militarily if the issue of “independence” is openly provoked from Washington.

 

4/EUROPEAN AFFAIRS

EU/VACCINE
Ina stunning reversal England drops its vaccine passport plan
(EpochTimesO)

In Surprising Reversal, England Drops Vaccine Passport Plan

 
SUNDAY, SEP 12, 2021 – 12:15 PM

Authored by Lily Zhou via The Epoch Times (emphasis ours),

 

Health Secretary Sajid Javid during a visit to the Bournemouth Vaccination Centre, in Bournemouth, Dorset, United Kingdom, on Aug. 4, 2021. (Steve Parsons/PA)

The plan to mandate CCP (Chinese Communist Party) virus vaccine passports for nightclubs and crowded events in England will not go ahead, UK Health Secretary Sajid Javid said on Sunday.

It comes after British lawmakers across the political spectrum voiced strong opposition to the plans this week.

Speaking on the BBC’s “The Andrew Marr Show” on Sunday, the health secretary said he “never liked the idea” of forcing people to show their papers in everyday activities, but the government was right to look at the evidence.

What I can say is that we’ve looked at it properly and whilst we should keep it in reserve as a potential option, I’m pleased to say that we will not be going ahead with plans for vaccine passports,” Javid said.

The health secretary added that the government shouldn’t be doing things for the sake of it or because others are doing them.

“So many countries, at the time they implemented it, was to try and boost their vaccination rates and you can understand why they might have done that,” he said.

Javid said that England has so far been “very successful” with its vaccination rates, with 55 percent of 16- to 17- year-olds having had their first doses only a month after the jabs were offered to this age group.

Shortly before his announcement on the BBC, the health secretary said the government hadn’t made a final decision on domestic vaccine passport in a separate interview with Sky News. He also said that he wants to get rid of PCR tests for international travel “as soon as [he] possibly can.”

Also on Sunday, the UK government said Prime Minister Boris Johnson is expected to repeal some powers from the Coronavirus Act, so that the government will no longer have the powers to shut down the economy, apply restrictions to events and gatherings, disrupt education, extend time limits for urgent warrants, or detain infectious people.

A number of European countries have introduced CCP virus status passports for settings including large events and restaurants.

The Scottish Parliament voted 68 votes to 55 on Thursday to support the implementation of CCP virus vaccine passports in Scotland’s nightclubs and other crowded venues.

A negative test for COVID-19 will not be accepted at this stage. The Scottish government said it was to boost vaccine uptake and to prevent limited PCR lab capacity from being overwhelmed by clubbers. The now-scrapped vaccine passport plan for England also wouldn’t have accepted negative test results.

According to official figures, CCP virus vaccination take-up rates across the UK’s four nations have been broadly similar.

As of Sept. 9, nearly 90 percent of the UK population aged over 16 have received the first dose of a CCP virus vaccine, and over 80 percent have received both doses, the government said.

end
 
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 
 

SAUDI ARABIA/USA

FBI declassifies 9/11 memo after Biden’s executive order. It confirms Saudi complicity in the attack

(zerohedge)

FBI Declassifies 9/11 Memo After Biden Executive Order: “Puts To Bed Any Doubts About Saudi Complicity”

 
 
SUNDAY, SEP 12, 2021 – 11:00 AM

Following President Biden’s recently signed executive order for the declassification of many of the remaining documents relating to the Saudi role in the 9/11 attacks, the Justice Dept. on Saturday night released its first one – a heavily redacted 16-page report from April 2016.

While not yet considered a smoking gun in terms of proving high level Saudi foreknowledge and complicity, it does contain new information on a Saudi student in California at the time, Omar al-Bayoumi, who is shown to have aided two of the 9/11 hijackers while enjoying close ties with Saudi diplomats. The memo ultimately shines more light on what appears Saudi intelligence continuing contact with some of the hijackers leading up to the 9/11 attacks.

 

Saudi Embassy in D.C., via AP.

Bayoumi like other persons of interest investigated by the FBI had connections to the Saudi consulate in Los Angeles, and an associate of his maintained “anecdotes of personal interactions with Consular leadership,” when questioned by the FBI.

The now declassified memo reveals that Bayoumi assisted closely in general logistics for two of the hijackers, including travel assistance, lodging and financing, as well as translation help while they were in the country. It says he was in “almost daily contact” with the hijackers. It closely aligns with prior 2017 documents from a Los Angeles court which pointed to Bayoumi being a Saudi undercover operative.

The new memo cites an FBI source who said Bayoumi held “very high status” at the Saudi consulate in LA – even higher than many of the Saudi persons in charge” of the diplomatic mission – again strongly suggesting he was an intelligence agent running a covert op on US soil.

And more, according to The Hill:

The report said that a month before the hijackers arrived, Bayoumi checked into a hotel in Culver City, Calif., along with a man whose phone numbers were connected to a spiritual adviser to a Bin Laden lieutenant. Those two men reportedly had associations with the Saudi Consulate in Los Angeles.

Further as The Hill summarizes of the newly released memo, “FBI agents… discussed their examination of phone records that seemed to link some of the subjects of the probe to an associate of Osama bin Laden or other individuals who ultimately became detainees at Guantanamo Bay.”

Above: Omar al Bayoumi. 9/11 investigators have long asked “What was Omar al-Bayoumi doing in San Diego? Why did he befriend the 9/11 Pentagon hijackers?”

The newly released memo also discusses Fahad al-Thumairy, an official at the Saudi consulate known to have provided logistical support to the two hijackers.

The FBI found that Thumairy was in contact with al-Qaeda terror cells and that officials at the consulate held “extremist beliefs”.

In the wake of Saturday night’s document release, more of which are expected to come out over the next six months the group “9/11 Families United” issued a statement saying it “puts to bed any doubts about Saudi complicity in the attacks.”

“With this first release of documents, 20 years of Saudi Arabia counting on the US government to cover up its role in 9/11 comes to an end,” a spokesman for the 9/11 families said.

“Twenty years ago today they murdered our loved ones and inflicted immeasurable pain and suffering on our lives,” said Terry Strada of 9/11 Families United, whose husband, Tom, was killed in the World Trade Center on 9/11.

“Now the Saudis’ secrets are exposed and it is well past time for the Kingdom to own up to its officials’ roles in murdering thousands on American soil.”

end
IRAN/USA AFGHANISTAN
Biden’s brilliant move to leave military equipment in Afghanistan; it has now been spotted in Iran
(MiddleEastEye)

US Military Equipment Left Behind In Afghanistan Spotted In Iran: Report

 
MONDAY, SEP 13, 2021 – 09:24 AM

By MiddleEastEye

US military equipment, including armored vehicles worth hundreds of thousands of dollars each, have reportedly been spotted in Iran following the US withdrawal from Afghanistan, several social media accounts have reported.

Kian Sharifi, a BBC journalist focused on Iranian politics and social media, tweeted on Wednesday several photographs of Humvees and other military vehicles on a highway connecting the central city of Semnan to the city of Garmsar, southeast of the capital Tehran. Sharifi said the photos came from an Iranian Telegram channel, which speculated the vehicles were either sold by the Taliban to Iran, or were taken from Afghan soldiers fleeing the country after the group took over most of the country, including the capital, Kabul, last month.

According to the Russian outlet Sputnik’s Persian language service, Iran allegedly bought armoured US-supplied ground vehicles, unmanned aerial vehicles (UAVs), and helicopters belonging to the Afghan army.

The Russian news outlet cited unnamed “news sources”, and added that the equipment was purchased for a quarter of the amount they are worth and that Tehran was probably moving the equipment to research centres for reverse engineering.

The Pentagon declined to comment on the reports, however, Army Major Rob Lodewick, a Pentagon spokesman, said that while a large amount of US equipment provided to the Afghan security forces “are likely to now be in Taliban hands”, the equipment was “intended to fight a low-tech insurgency.”

“It is not the type of equipment that will be of great strategic use to any force, and does not represent a significant threat to US forces or the militaries of neighbouring countries,” Lodewick told Middle East Eye.

Between 2002 and 2017, the US gave the Afghan military an estimated $28bn in weaponry, including guns, rockets, night-vision goggles and even small drones for intelligence-gathering, as well as 208 aircraft, Amwaj media reported.

When US forces were evacuating Afghanistan, they are reported to have destroyed some of their remaining weapons and equipment as they would likely end up in the hands of the Taliban, Al Jazeera reported.

A source told Reuters that, according to a recent US intelligence assessment, the Taliban are believed to control more than 2,000 armoured vehicles, including US Humvees, and up to 40 aircraft – potentially including Black Hawk helicopters, scout attack helicopters, and military drones.

Saudi Arabia‘s former intelligence chief, Prince Turki al-Faisal, said earlier this week that he feared American weapons could now fall into the hands of armed groups such as al-Qaeda.

Iran-Taliban relations

Bismillah Mohammadi, defence minister for the now-collapsed Afghan government, tweeted an image of the equipment circulating on social media, and referred to Iran as “a bad neighbour”. Iran, which shares a 900km border with Afghanistan, has not yet officially commented on the reports. The Islamic Republic has reportedly been anxious about the ongoing situation in Afghanistan.

Iran’s relationship with the Taliban stretches back decades and has alternated between hostility and alliance. Though the Taliban only emerged in 1994, its predecessors had enduring links with Afghanistan’s neighbour to the west as well.

Several months ago, as a precautionary measure, Tehran initiated diplomatic contact with the Taliban in an attempt to get it to halt its military campaign against government forces and avoid dragging the country into a civil war. 

Tehran has also seen an influx of Afghans fleeing to Iran in the aftermath of the Taliban takeover.

Following a request from the Taliban, Iran began to resume fuel exports to Afghanistan last month.

13,996111
TURKEY/COVID
Protests galore in Turkey against COVID 19 vaccine passports.
DuChamps/EpochTimes)

Thousands Protest In Turkey Against COVID-19 Vaccine Passports

 
MONDAY, SEP 13, 2021 – 02:00 AM

Authored by Lorenz Duchamps via The Epoch Times,

Thousands of people gathered in the Maltepe district of Istanbul in Turkey on Saturday to protest against COVID-19-related restrictions, including vaccine mandates, saying the restrictions infringe on their rights.

Nearly 3,000 people attended the rally, which was permitted by the governor’s office and started at 2 p.m. local time, Turkish news agency Diken reported.

Demonstrators organized the protest in the wake of new measures that passed government and will go into effect starting Sept. 13—requiring proof of vaccination or a negative COVID-19 test for all users of intercity planes, buses, and trains, as well as for those attending large events such as concerts or theater performances.

According to videos and photos of the rally, a large crowd of people listened to speakers while holding placards that read: “The Turkish people will not become vaccine guinea pigs,” “Freedom is not free. We are ready to pay for it,” “My body, my decision,” and “The health ministry is not a vaccine marketing office.”

A woman holds a placard reading, “Freedom is not free. We are ready to pay for it,” during a protest against official COVID-19-related mandates including vaccinations, tests, and masks, in Istanbul, Turkey, on Sept. 11, 2021. (Murad Sezer/Reuters)

Representatives of 14 political parties were present for the rally, Diken reported. Participants in the demonstration, which was dubbed “The Great Awakening,” chanted slogans such as “big resignation” and “down with the murderers.”

A woman holds a placard reading, “My body, my decision,” during a protest against official COVID-19-related mandates including vaccinations, tests, and masks, in Istanbul, Turkey, on Sept. 11, 2021. (Murad Sezer/Reuters)

“This pandemic is just going on with even more restrictions on our freedoms and there’s no end to it,” said Erdem Boz, a 40-year-old software developer. “Masks, vaccines, PCR tests might all become mandatory. We’re here to voice our discontent with this.”

“We’re against all these mandates,” said Aynur Buyruk Bilen, a member of the so-called Plandemic Resistance Movement.

“I think that the vaccines aren’t complete and that it’s an experimental liquid,” he added.

Starting on Sept. 13, all unvaccinated school employees are required to take a PCR test twice per week. Masks and social distancing are required in public.

Turkish Health Minister Fahrettin Koca said on Twitter on the day of the protest that vaccines are “the ultimate solution” and that mandating such rules is “essential.”

Turkish Health Minister Fahrettin Koca holds a press conference in Ankara, Turkey, on March 16, 2020. (Adem Altan/AFP via Getty Images)

According to data collected by the Turkish Health Ministry, more than 51 million people in Turkey have received their first doses of the COVID-19 vaccine under the country’s national program. Nearly 40 million people are fully inoculated as part of the program that started in January.

New daily cases in Turkey average around 23,000, prompting a warning from Koca earlier this month, saying that right now the pandemic is only “for the unvaccinated.”

6.Global Issues

CORONAVIRUS UPDATE

I highlighted this to you on several occasions.  I also alerted you to a Spanish study which showed that teenage boys are suffering heart problems far greater than girls and are hospitalized far greater. It seems that testosterone is playing a big part here.

(Watson/SummitNews)

Study Finds Teenage Boys Six Times More Likely To Suffer Heart Problems From Vaccine Than Be Hospitalized by COVID

 
SATURDAY, SEP 11, 2021 – 08:10 AM

Authored by Paul Joseph Watson via Summit News,

Research conducted by the University of California has found that teenage boys are six times more likely to suffer from heart problems caused by the COVID-19 vaccine than to be hospitalized as a result of COVID-19 itself.

Wow.

“A team led by Dr Tracy Hoeg at the University of California investigated the rate of cardiac myocarditis – heart inflammation – and chest pain in children aged 12-17 following their second dose of the vaccine,” reports the Telegraph.

“They then compared this with the likelihood of children needing hospital treatment owing to Covid-19, at times of low, moderate and high rates of hospitalisation.”

Researchers found that the risk of heart complications for boys aged 12-15 following the vaccine was 162.2 per million, which was the highest out of all the groups they looked at.

Source

This compares to the risk of a healthy boy being hospitalized as a result of a COVID infection, which is around 26.7 per million, meaning the risk they face from the vaccine is 6.1 times higher.

Source

Even during high risk rates of COVID, such as in January this year, the threat posed by the vaccine is 4.3 times higher, while during low risk rates, the risk of teenage boys suffering a “cardiac adverse event” from the vaccine is a whopping 22.8 times higher.

The research data was based on a study of adverse reactions suffered by teens between January and June this year.

In a sane world, such data should represent the nail in the coffin for the argument that teenagers and children should be mandated to take the coronavirus vaccine, but it obviously won’t.

In the UK, the government is pushing to vaccinate 12-15-year-olds, even without parental consent, despite the Joint Committee on Vaccination and Immunisation (JCVI) advising against it.

Meanwhile, in America, Los Angeles County school officials voted unanimously to mandate COVID shots for all children over 12 despite angry objections from parents.

 END

Israel

Israel, the highest double vaccinated country in the world is getting quite scared on the huge number of delta cases entering the country.  They are now going to conduct “genetic scanning” for all inbound air passengers trying to determine if they have the virus. Maybe they should stop all vaccinations like Germany and let nature take its course

(zerohedge)

 

Israel To Conduct COVID “Genetic Scanning” For All Inbound Air Passengers

 
MONDAY, SEP 13, 2021 – 04:15 AM

The world’s most “ultra-vaxxed nation” Israel is continuing to struggle to keep its coronavirus infections down, despite enacting some of the most stringent rules and requirements on its population, including rolling out one of the earliest versions of a vaccine passport to visit public venues, which has to be “updated” each six months or so based on a booster shot timeline. 

Now Israel will go so far as to conduct “genetic scanning” for travelers arriving in the country. It’s considered a huge and experimental high tech step in screening inbound passengers for coronavirus infections at Ben Gurion International Airport in Tel Aviv.

 

Image via Reuters

Prime Minister Naftali Bennett made the announcement at a meeting of his cabinet on Sunday, confirming plans to eventually deploy it at Ben Gurion. “We are working on a scanning system for everyone who comes into Israel,” Bennett said. The statements were reportedly not intended to be made public, but were leaked to local Israeli media.

“Israel will thus become the radar for the virus,” he added. However, no further details on how the ‘genetic scanning’ will work were given, nor whether there might be an opt-out mechanism. Thus a Covid passport, which Israel calls its “green pass” – may be linked to an eventual regimen of forced genetic testing at international travel points.

The technology, which will no doubt be hugely controversial given privacy concerns, is being discussed as part of Israeli efforts to keep further Covid variants from entering the country, as The Times of Israel describes:

Bennett expressed support for Social Equality Minister Meirav Cohen, who had warned that “the next variant will come to Israel through Ben Gurion,” saying the proposed genetic testing would help prevent that from happening.

Conventionally since the start of the pandemic airports have often monitored passengers’ temperatures with a quick and simple thermometer scan of their foreheads, but Israeli health officials are now seeking a method which might given greater certitude over whether someone has the virus or not, and especially whether they are carrying a variant.

 

Tel Aviv’s Ben Gurion Airport, file image

Again though it remains unclear precisely how the genetic scanning will work, it brings up the question over just what genetic data/DNA will be preserved on each individual. The initiative suggests that for any foreign traveler entering Israel, they will have to agree to hand over their personal genetic data to potentially be stored by the Israeli government for all time. 

end

Dr Zelenko, nominated for the Nobel Prize for medicine has given a grave warning to Israel

(Highwire)

A DOCTOR’S GRAVE WARNING FOR ISRAEL | The HighWire

 

end

Denmark has removed all remaining Covid 19 restrictions and stopped vaccinating.

The RAGEX on Twitter: “🇩🇰Denmark lifts ALL REMAINING Covid-19 restrictions Denmark has declared it no longer considers coronavirus a “socially critical” disease and on Friday became the first EU country to lift all its Covid curbs after 548 days. #Denmark https://t.co/HwNn1eJj1X” / Twitter

Inbox
 
 
Now we have 3 countries going against lockdowns and vaccines.. Germany, Portugal and Denmark while France doubles down https://mobile.twitter.com/theragex/status/
 
END
Fauci has no firm answer as to why Americans who have recovered from COVID 19 and has perfect antibodies should get vaccinated and get poorer quality of antibodies.
 

Fauci: No ‘Firm Answer’ on Why Americans Who Recovered From COVID-19 Should Get Vaccinated

 
 
 
Really? Why does anyone believe this guy? Better still why is he still employed?

 

As we watch the vaccine passports and lockdowns come into vogue as government mantra, we should pay attention to what the Central Banks are trying to do. That is simply that they are working to introduce Digital Currency. If they accomplish this they will eliminate normal currency and use Digital currency to control their citizens. The Covid move was the fear mechanism to cause public obedience to usher in digital identity and digital currency.

Should this occur, banks will become incidental as governments will no longer need or use the banks to sell debt. Rather they will simply print money and tell you to accept it, and send it directly to you in your digital account. Be disobedient, and you will lose your digital identity. Sound familiar? It is why you will be asked or told to do frequent vaccine shots as part of the conditioning to foster acceptance of control.

Part of the reason the big tech crowd pushed Biden is that they have been promised a role in digital payments. Have you noticed that Twitter now has a bank? Yes this is happening.
As i have written many a time the lowering of interest rates back in 2014 to zero and the negative rates created the debt trap that has captured Europe, that has also allows Klaus at the WEF  to push the so called “great reset”. They need the world to go along with digital currency before they collapse under the weight of their debt. Should they fail to cause the rest of the world to go along, they will have a day of reckoning that will be ugly. As it is both Russia and China have told them to pound sand. If America says no, their day of reckoning will arrive with a loud bang, instead of a whimper.  And we will see Europe splinter into pieces as the ECB will be no more. Early signs are already suggesting Germany will not play in the plan. And without Germany the Euro is history.

Some day, history may write that the final nail in the EU, was completion of Nord stream 2 giving Germany gas independence and an ability to extend hegemony upon other European nations with gas as a hammer. One should realize that the 5 year contract that the Ukraine has has diminishing gas flows and ends in 4 years making them irrelevant. And countries like Poland have tied into expensive LNG gas from America making them now less competitive to Germany. And should a colder climate require more gas one might consider that German homes and factories will be served first. Behind the curtain, the drawing of a German led Euro is gaining strength and it will not be inclusive of current members. Pay attention to the countries leaving Covid land hysteria.

https://www.theepochtimes.com/mkt_breakingnews/fauci-no-firm-answer-on-why-americans-who-recovered-from-covid-19-should-get-vaccinated_3992591.html

 
end
 
You do not need boosters and you should have never taken the vaccine in the first place
(zerohedge)

Panel Of Scientists Determines Most People Don’t Need Boosters; Moderna Plummets

 
MONDAY, SEP 13, 2021 – 09:57 AM

As a growing chorus of scientists and activists question the Biden Administration’s push to roll out booster jabs to Americans as quickly as possible, more research has just been released suggesting booster jabs simply aren’t necessary for most people – especially those who have already been vaccinated once.

The finding comes via a report citing the opinions of an all-star panel of scientists from around the world published via the Lancet. Governments would be better served to focus on immunizing the unvaccinated and to wait for more data on which boosters. What’s more, it’s not yet clear what doses would be most effective according to the authors, a group that includes two prominent US FDA
experts.

Shares of Moderna, Pfizer and BioNTech traded lower on the news given that boosters were their key to an annual “cash cow” business.

The scientists’ assessment was based on a wide range of real-world observational studies as well as data from clinical trials before the vaccines were approved. “None of the studies has provided credible evidence of substantially declining protection against severe disease,” the authors wrote.

The FDA scientists involved were Marion Gruber, who leads the FDA’s Office of Vaccines Research and Review, and her deputy Philip Krause. Both recently announced their plans to step down later this year. Now it’s pretty clear that they’re perhaps doing so to oppose the booster jab rollout.

What’s more, boosters could lead to even more harmful side effects in the population, a phenomenon which isn’t well understood, even as cases of heart inflammation have increasingly been tied to mRNA vaccines.

end

 

FDA Leaders, Other Scientists Say Most People Don’t Need Vaccine Boosters

 
September 13, 2021 Updated: September 13, 2021
biggersmaller 

An international group of vaccine experts, including officials from the Food and Drug Administration (FDA) and World Health Organization (WHO), said that there is no evidence to suggest that the general population needs COVID-19 vaccine booster shots.

The authors warned that if booster shots are introduced too soon, they may cause more side effects in the general population, including myocarditis or Guillain-Barre syndrome. Should that occur, the researchers said, it would create even more problems with vaccine acceptance in the general population.

The paper was published Monday in The Lancet medical journal and was co-authored by Marion Gruber and Phil Krause, two top FDA officials in charge of regulating and approving vaccines. Both Gruber and Krause are slated to depart the FDA in the coming weeks, the agency confirmed about two weeks ago.

The Lancet paper’s authors said that available COVID-19 vaccines are able to offer strong protection against severe COVID-19 cases and symptoms. They noted that protection against symptomatic infection from the Delta variant has dropped.

But, they added that “current evidence does not … appear to show a need for boosting in the general population, in which efficacy against severe disease remains high.”

“Even if boosting were eventually shown to decrease the medium-term risk of serious disease, current vaccine supplies could save more lives if used in previously unvaccinated populations,” the authors added.

Booster shots could lead to more harmful side effects in the general population, which is a poorly understood phenomenon, they cautioned.

“There could be risks if boosters are widely introduced too soon, or too frequently, especially with vaccines that can have immune-mediated side-effects (such as myocarditis, which is more common after the second dose of some mRNA vaccines, or Guillain-Barre syndrome, which has been associated with adenovirus-vectored COVID-19 vaccines ),” the study said.

If “unnecessary boosting causes significant adverse reactions,” such as the aforementioned side-effects, the authors said, “there could be implications for vaccine acceptance that go beyond COVID-19 vaccines.”

In recent days, the WHO has urged wealthier nations not to embark on producing, distributing, or mandating booster doses of COVID-19 vaccines. WHO Director-General Tedros Adhanom Ghebreyesus last week urged these countries, including the United States, to halt developing booster shots until the end of 2021.

“I will not stay silent when companies and countries that control the global supply of vaccines think the world’s poor should be satisfied with leftovers,” he told a news conference on Sept. 8. “Because manufacturers have prioritized or been legally obliged to fulfill bilateral deals with rich countries willing to pay top dollar, low-income countries have been deprived of the tools to protect their people.”

Meanwhile, both Gruber, the head of the Office of Vaccines Research and Review, and Krause have not issued statements why they are departing the FDA.

According to a memo that was sent by FDA Center for Biologics Evaluation and Research head Peter Marks in August, Gruber is leaving on Oct. 31. Krause is leaving sometime in November, the memo said. In the meantime, Marks will serve as the head of the Office of Vaccines Research and Review.

COVID-19 is the illness caused by the CCP (Chinese Communist Party) virus.

The Epoch Times has contacted the FDA for comment.

Jack Phillips 
Jack Phillips
SENIOR REPORTER
Jack Phillips is a reporter at The Epoch Times based in New York.
 
 
END

There will be not enough lampposts with rope for all of these criminals

(Watson/Summitnews)

Hot Mic Catches Israeli Health Minister Admitting Vaccine Passports Are About Coercion

 
MONDAY, SEP 13, 2021 – 11:10 AM

Authored by Paul Joseph Watson via Summit News,

Unaware that he was on a hot mic and being broadcast live on a TV station, Israeli health minister Nitzan Horowitz admitted that vaccine passports were primarily about coercing skeptical people to get the vaccine.

“Imposing “green pass” rules on certain venues is needed only to pressure members of the public to get vaccinated, and not for medical reasons, Israeli Health Minister Nitzan Horowitz said on Sunday, ahead of the weekly Cabinet meeting,” reports Jewish News Syndicate.

Unaware that his words were being broadcast live to the nation on Channel 12, Horowitz told Interior Minister Ayelet Shaked that not only should the green pass be removed as a requirement to dine at outdoor restaurants, but also, “For swimming pools, too, not just in restaurants.”

“Epidemiologically, it’s true,” said Horowitz, adding, “The thing is, I’m telling you, our problem is people who don’t get vaccinated. We need [to influence] them a bit; otherwise, we won’t get out of this [pandemic situation].”

The health minister went on to acknowledge that the system wasn’t even being enforced in most venues.

“There is a kind of universality to the ‘green pass’ system, other than at malls, where I think it should be imposed, [because] now it’s clear that it applies nowhere,” he said.

Israel was once lauded for its successful vaccine rollout and the speed with which it introduced vaccine passports.

The green pass was heralded as an “early vision of how we leave lockdown.” However, the country recently reported its highest ever number of daily COVID cases, with nearly 11,000 infections being recorded.

Although the early threat that the unvaccinated would be banned from entering numerous public venues convinced many younger people to get the vaccine, once it rolled out, the ‘green pass’ system was rarely even enforced and was subsequently scrapped at the end of May.

But once cases started rising again later that summer, Israel’s vaccine passport system was reintroduced and expanded.

Meanwhile, Sweden, which never imposed a hard lockdown, recently banned travelers arriving from Israel from entering the country.

END

England Drops Vaccine Passport Plan
 
 

How hospitals are intentionally bullshitting people on Covid numbers

From my son:
 
 
 
Caught on camera. These people are so brainwashed that they will say and do anything to get more people to get injected.

 

When you see statistics like “80% of Covid hospitalized are unvaccinated” – it is total garbage. And the most brainwashed people are the doctors themselves. These ignorant fools are convincing pregnant women to take the injection and are injecting their kids, and have not done a shred of research on what is in it.

Citizen Free Press (@CitizenFreePres) Tweeted:
Senior doctors discuss inflating COVID numbers by counting recovered patients as active COVID patients.

“We need to be more scary to the public. If you don’t get vaccinated, you know you’re going to die.”

https://t.co/KVDIbUq9ZV
https://twitter.com/CitizenFreePres/status/1437105028494503936?s=20

end
 
 
Robert to us on the graphene oxide. For you information, licorice contains huge amounts of glutathione and i take a little piece of it every day.
(Robert)

Worth looking into

 

 
 
You maybe familiar EMF effects on human DNA.
It is also becoming more widely known that graphene oxide is in all the vaccines amongst other things. Graphene in your bloodstream is not particularly healthy and can be reduced or eliminated through the use of products like NAC or other such glutathione stimulation production in the body. The older you are, the less glutathione your body produces. However there is information that the spike proteins delivered by the graphene are excited by EMF effects. And this would be likely be increased by any device capable of 5G reception. No doubt since graphene oxide is a excellent delivery vehicle, it will be used in other vaccines in the future, adding to potential concern. It is the same reason behind certain people being affected by proximity to hydro lines over others.
It has been commonly accepted for a long time, that blood cells clump together with such EMF exposure because they lose their negative charge resulting in decreased oxygen supply to the body. Reduced oxygen supply in the body likely results in negative health effects. It is why people exercise to increase oxygen supply amongst other things. And no 2 people are alike in their reaction as each person’s DNA is unique to them. There is a whole field of science in understanding and mapping people individually this way.
And whether one chooses to take a vaccine or not it may be useful to consider using products like the Neutralizer made by Aulterra to prevent or lessen the distortion of individual energy patterns.
Perhaps, someone will study the effects EMF on groups of people vaccinated and not, in collective settings because humans transmit energy fields to each other. This is a science on its’ own that is fascinating in how people interact with one another. Regrettably, it is not a area that has been well funded in recent years.

 

Cheers
Robert

END

What does the view tells us ?

 
 
 
 
They say a picture is worth many words. One can not help but ponder what the narrative is all about, in truth. We live in a busy world where misinformation daily seems more like what one should expect over fact. I find it annoying to hear the shill of radio and TV  announcers who fancy themselves as educated to be giving advice to get the shot. It seems entertainment has taken on new direction and a new role in furthering agendas.  How about the simple facts and truth and letting us make up our own minds of what we want to do? It is a fact that there is no long term study on the impact of these vaccines to determine a qualified certain opinion. Instead we are asked to accept what we are being told. Frankly, it serves no purpose, because without validation we are asked to make potential life choices as to personal health to maintain a job or career without evidence. And yes, it is a choice people make based on what i can only describe as misinformation. And that is fine, as long as a choice exists, without repercussions. Heck, i smoked for years before giving it up and that was my choice. Why, is this vaccine choice so different to a women’s choice of having a child or not? It is her body and her desire to be a mother and not all women want to be mothers. Is this bad? Perhaps a woman wants to be a man or pursue a career at the expense of family, can or should we fault her? No it is her choice. This really is no different; we all choose and experience the consequences of choice. And no, it is not about the protection of others, there are many things one can take to protect those around yourself without a vaccination, including oneself. We should be able to accept the notion of do no harm to others and hope that they feel the same.




Do you remember these ads?  And today a doctor would tell you cigarettes are bad for you. And people still smoke, which is their choice.

As we see countries like England say no to vaccine passports and others like Germany and Denmark and others say no to vaccinations it makes us wonder about the divide occurring in countries like Australia which seems to have gone full tyrannical on its’ citizens to the point of disallowing them to leave the country. This effectively makes their citizens prisoners in their own country. Australia will break up as that is the choice that tyranny provides, with its’ consequences for all parties domestic and foreign.
It appears that we in many nations now will be making choices about what kind of country or state we wish to spend time and employ capital. And the world will be divided by the tyranny of forced vaccinations and freedom restrictions impacting both people and capital movements unlike anything we have seen in modern history since WWII, when conflict sent all kinds of citizenry and capital into flight.
2022 is shaping up to be one heck of turbulent year throughout the world. The longer term implications of change will resonate for at least a decade before there is a sign of stability again. And yesterday is gone, never to return.  And whatever one’s choice, the question is, whether are we ready for the changes that will come? Because these changes are in motion and coming whether we want them or not and if we are in denial, they will sweep us into turbulent waters in a time of great social and economic upheaval.
Carpe DIem!

Cheers
Robert
END
Please read this!!

Health Impact News

 
 
 
 
Unbelievable!
Who wants this for their children?

https://healthimpactnews.com/
 

END 
https://youtu.be/SzwyTxXRs5M

NOVIO’S ELECTRICAL DEVICE ZAPS A COVID-19 VACCINE INTO THE BODY

Can a handheld gadget usher in a new era of vaccines?

It took a global pandemic to accomplish one of the most significant advances in the history of vaccinology: widespread, commercial deployment of vaccines derived from nucleic acids. As of this writing, hundreds of millions of people have been vaccinated against SARS-CoV-2, the virus that causes COVID-19. And most of those shots have been the Pfizer–BioNTech and Moderna offerings, which are both of a type known as an mRNA (messenger RNA) vaccine.

Conceived decades ago but released to the public for the first time during the pandemic, mRNA vaccines so far are living up to their promise. Both the Pfizer and Moderna vaccines have proven to be about 95 percent effective against the novel coronavirus. In addition, this kind of vaccine can be tweaked with relative ease to target new variants of a virus, and its production does not rely on items that can be difficult to produce quickly in enormous quantities. And yet, a couple of drawbacks of mRNA vaccines have also been widely noted over the past six months: They depend on deep-freeze supply chains and storage, and they can produce significant side effects such as fever, chills, and muscle aches.

So hopes remain high for another kind of nucleic-acid vaccine, one that makes use of DNA rather than mRNA. DNA-based vaccines have most of the advantages of mRNA vaccines, yet they produce no significant side effects—and, crucially, they don’t need to be refrigerated. These attributes could make these vaccines a boon to rural and low-resource regions. “If we really have to vaccinate 7 billion people, we might just need every possible technology,” says Margaret Liu, chairman of the board of the International Society for Vaccines.

Inovio’s device uses a technique called electroporation to sneak a DNA vaccine into cells. Kate Broderick, Inovio’s senior vice president of R&D, has been working on this technique for years, but the pandemic provided both motivation and funding to accelerate development. Spencer Lowell

DNA vaccines come with a major challenge, however. When administered with an ordinary hypodermic needle, they’ve conferred only weak immunity, at best, in many human studies. But if a small, ambitious Pennsylvania company backed by the U.S. Department of Defense succeeds in its clinical trials, DNA vaccines—enabled by a new delivery technology—could soon join the fight against COVID-19, and a host of other viral illnesses.

The company, Inovio Pharmaceuticals, is using a technique known as electroporation, in which an electrical pulse applied to the skin briefly opens channels in cells to allow the vaccine to enter. After a standard vaccine injection, Inovio’s electroporation device, which looks like an electric toothbrush, is held against the skin. At the press of a button, a weak electric field pulses into the arm, opening channels into the cells. The tool gives DNA vaccines the boost they need to work in humans—or so the company says. It’s an engineering solution to a biological problem.

 

With its overseas warfighters in mind, the U.S. Department of Defense (DOD) has backed Inovio’s approach with a US $71 million contract to scale up the manufacturing of its electroporation device, and an undisclosed sum to cover phase 2 and 3 studies of the company’s COVID-19 vaccine. And the Bill and Melinda Gates Foundation gave the company $5 million as part of an effort to increase equitable access to COVID-19 vaccines.

Inovio is now finishing phase 2 studies that are testing the vaccine’s safety and efficacy on relatively small groups in the United States and China, and those results are imminent. In the meantime, the company has ramped up manufacturing with a plan to supply hundreds of millions of COVID-19 vaccine doses to the global population, should the vaccine prove successful.

But here’s the rub: The electroporation tool is essential to Inovio’s vaccine, but it also adds a layer of complication. It’s both an enabler and a handicap. Inovio must manufacture not only the vaccine but also the device and its disposable tips. Any vaccination site planning to administer Inovio’s vaccine will need not only the device but also people who know how to use it. The public will have to develop trust in a new apparatus. And all of this will have to happen during a pandemic and a frenzied vaccine rollout characterized by rampant misinformation and, in some quarters, an unwillingness to be vaccinated.

Given that backdrop, the idea of complicating mass vaccinations with an electric device has drawn skepticism. “This is not standard methodology for giving vaccines,” notes John Moore, an immunologist at Weill Cornell Medicine, in New York City. The technique might work, but “how practical it is is another question entirely,” he says.

Neither the skeptics nor tough questions from regulators have deterred Inovio. Nor has the fact that, despite more than a decade of research and development in other disease areas, the company has yet to bring a DNA vaccine to market. These are hardly normal times. The coronavirus has propelled many other novel technologies, medicines, and vaccines into the mainstream, and in the process has created massive business success stories. Inovio is betting that its technology will make it into that elite group of pandemic-era winners.


Cheers
Robert
END
and today’s articles from G.G

Covid articles. You better read the first article • High Death Rate Among Vaccinated Brings Vaccine Dystopia Into View (Hirschhorn) . It could there is graphene oxide in the vaccines!!! Gijs

Inbox

Gijsbert Groenewegen

9:57 AM (5 minutes ago)

   

to Gijsbert

• High Death Rate Among Vaccinated Brings Vaccine Dystopia Into View (Hirschhorn) 

• Singapore 80% Double-Vaxxed But Life Is Not Returning To Normal (ABC.au) 

• Laboratories in US Can’t Find COVID-19 in One of 1,500 Positive Tests (Xander) 

• Grotesque Conflicts Of Interest On NIH Ivermectin Non-Recommendation (TSN) 

• Damnit, Not Again (Denninger) 

• One In Five Americans Say Employer Requires Vaccination (ZH) 

• Unvaxxed Kentucky Health Care Workers Force Hospital to Fire Them (GP) 

• Spectrum Health Workers Can Use Natural Immunity As Vaccine Mandate Exemption 

• Jobs Without Jabs Australia (Sky) 

• England Vaccine Passport Plans Ditched (BBC)

Into View

JoelSHirschhorn September 8, 2021

31 Comments

Note that views expressed in this opinion article are the writer’s personal views and not necessarily those of TrialSite. This article is currently FREE to read and SHARE without paying.

Joel S. Hirschhorn

A new report with detailed data from Public Health England provides some startling numbers.

For the period of February 1 through August 2 there were COVID Delta variant cases for 47,000 people who had received 2 vaccine doses, and for 151,054 people who were unvaccinated.

In the first group of vaccinated people, there were a total of 402 deaths.  In the second much larger group with more than three times unvaccinated people, there were just 253 deaths.

In other words, of the total COVID deaths 61 percent were in fully vaccinated people.

To get the death rate you divide the number of deaths by the total number of infection cases.

That gives a death rate of .86 percent among the vaccinated and .17 percent among the unvaccinated.

That is an amazing difference.  The death rate among vaccinated was just over five times greater than that for the unvaccinated.

Five times greater!  In other words, unvaccinated people who got infected were enormously safer from death.  Proving that COVID vaccines are not safe.

Medical science

How can we explain this huge difference in terms of medical science?

It should also be noted that it was determined that the measured viral load in both groups was the same.

So, why are vaccinated people dying more frequently than the unvaccinated? Here are some plausible explanations.

First, there is something very dangerous and unsafe in the COVID vaccines associated with spike proteins that are causing people to die at a higher rate.  For example, as discussed elsewhere, all current vaccines have been associated with serious blood problems, notably both large and microscopic blood clots.  Many people have died from brain bleeds and strokes, for example.  There are also many, many other types of adverse side effects causing a host of medical problems.

Two famous virologists warned against using the current vaccines because they are fundamentally unsafe and could be killing people.  They envisioned a vaccine dystopia and loudly proclaimed that the mass vaccination program should be halted.  Instead, they advocated the use of treatments using generic medicines like ivermectin, as detailed in Pandemic Blunder.

Second, it is reasonable to believe that most unvaccinated people have acquired natural immunity from some prior COVID infection.  And that natural immunity is far more protective than the artificial or vaccine immunity obtained from jabs.  Their natural immunity translates to fewer deaths.  Yet the US like many other countries does not give credit for natural immunity on a par with vaccine immunity when it comes to COVID passports and mandates. Though a few nations do the right thing by honestly following the science.

Third, vaccinated people are susceptible to breakthrough infections, which means that they are not protected against infection after they have been originally infected.  Phony and dangerous COVID vaccines do not destroy the virus, nor prevent transmitting it to others.  Some breakthrough infections are lethal.

Conclusions

The death rate found in the UK for vaccinated people translates to about 1,300 deaths for vaccinated Americans.  Indeed, an August report revealed that new CDC data indicated 1,507 people of those fully vaccinated died.  It seems like these figures are only for breakthrough infection deaths, because the CDC VAERS database indicates more than 6,000 vaccine deaths (through August 27) that are reported as vaccine adverse effects.  [But nearly 14,000 deaths apparently when non-US data are included.]

A higher death rate from COVID for vaccinated people in the US might be related to a generally unhealthier population with more serious health conditions.

Just days ago, it was reported that West Virginia saw a 25% increase in deaths of people that are fully vaccinated over the last eight weeks. At the same time, it was reported that in Massachusetts 144 people fully vaccinated also died from COVID, an 80 percent increase from several weeks earlier, and that new total translates to about 4,800 for the whole nation. In New Jersey, there was a 16 percent increase in breakthrough deaths recently.  In Ireland, 18 percent of COVID deaths were in fully vaccinated people.

The new data from England involving very large numbers of people should be headline news.  But the biased and dishonest big media suppress this kind of critical data.  Why?  Clearly, if vaccinated people die at a much higher rate than unvaccinated people, then why should people be enthusiastic about being vaccinated for initial shots or later booster ones?  They should not.  This is especially true for the millions of people who have natural immunity.

The data from England show that people need to question CDC data because CDC has converted some vaccinated deaths to unvaccinated ones.  Hospitals are often not testing vaccinated people for COVID, so breakthrough cases that can result in deaths go unreported.  People should question the safety of all the COVID vaccines even if they get fully approved by FDA.

In a sane world with truthful media so many deaths of vaccinated people from COVID and direct vaccine impacts would be headline news and cast great doubt on COVID vaccine safety and effectiveness.  Denial is abundant.  But in truth we are on the edge of history.  Meaning that the forecasts about a vaccine dystopia by a number of highly respected medical scientists is beginning to be documented by new data.  And also, by the mainstream media coverage of famous people from the entertainment, sports and political realms who have died from COVID breakthrough infections and direct vaccine impacts.

Insanity is promoting more vaccine jabs even as the evidence accumulates that all the vaccines are both unsafe and ineffective.  Fauci and the drug companies cannot stop themselves. They will keep the vaccine money train moving.  Eventually, more people will stop believing that vaccines save enough lives to justify all the vaccine deaths.  In a perverse way, the vaccine mandates and passports may just push the ugly reality into view as vaccine deaths worsen.

Dr. Joel S. Hirschhorn, author of Pandemic Blunder and many articles on the pandemic, worked on health issues for decades.  As a full professor at the University of Wisconsin, Madison, he directed a medical research program between the colleges of engineering and medicine.  As a senior official at the Congressional Office of Technology Assessment and the National Governors Association, he directed major studies on health-related subjects; he testified at over 50 U.S. Senate and House hearings and authored hundreds of articles and op-ed articles in major newspapers.  He has served as an executive volunteer at a major hospital for more than 10 years.  He is a member of the Association of American Physicians and Surgeons and America’s Frontline Doctors.

 

Gijsbert Groenewegen

Silverarrowpartners

+1.646.247.1000 

end

Bill Blain on the COVID vaccines. I agree with Blain in most issues except the need for boosters

(Bill Blain)

Meanwhile, Back In The Real World…

 
MONDAY, SEP 13, 2021 – 10:32 AM

Authored by Bill Blain via MorningPorridge.com,

The market is worrying about the potential of an October crash, but what might trigger it? Two suspects: a resurgent Coronavirus and/or a global supply chain cardiac triggering stagflation?

Meanwhile, back in the real world, after a sticky week for stocks over the last five sessions of tumbles, what’s the outlook this week? A bounce back, or further doom and gloom about recession, deflation or inflation, tapers and supply chains? Listening and reading to the headlines there are increasing number of market talking heads pontificating about imminent market collapse, and how overvalued the market is… But with the weight of money still overhanging this market, any dip would quickly prove a buying opportunity – In the absence of anything else.

October would be my pick for a market wobble. Might the trigger be something Coronavirus related? I suspect it might be.

And you thought Covid was beaten?

Here in Blighty, Boris has determined we don’t need vaccine passports, so full steam ahead. Great news, but Boris is not a lucky man. His record at guessing red when it comes up black is fortunately matched by a surefooted ability to about-face on a sixpence. I’m betting Boris telling us its beaten means we could be losing… but hey-ho!

Elsewhere the outlook on Covid remains cautious, and that is causing all kinds of friction. I’m hearing a serious loss of political confidence in Australia and Kiwi. In the US rising Delta Cases and the onset of colder weather triggered some blunt words from President Biden. Yet, telling ‘mericans to get jabbed is a bull/red-rag thang! The societal risks are rising – insisting on vaccines for Federal Workers, no matter how sensible a policy, is like pouring nitro on an already incensed part of the American electorate.

On the other side of that equation, I was listening to a UK nurse on the radio explaining why she’s refused to be vaccinated, and how unfair it is on her that hospital policy means she’s being withdrawn from roles that involve direct patient contact. I’m kind of glad she’s been pulled off the wards – I would not want to be treated by a medical staff who think wearing tin-foil headgear will protect patients. (No doubt some Covid conspiracist will tell me the interview was deliberate BBC “false-flag” propaganda..)

The reality is 16% of US covid deaths today are fully vaccinated cases, up from 8% in June – suggesting vaccine protection is waning. The recent Israeli infection spike is a warning of what may come – vaccine protection declined from 70% to 16% over a 4-6 month time frame! Boosters are needed.

The problem is – we just don’t know what the virus does next… New variants are popping up all the time, and one of them might just turn around the game against us by being more virulent, deadly and overcoming the current vaccines. Just imagine what a new series of new-variant lockdowns could do the global trade this autumn.

According to a recent US survey, the original Covid would have had a natural R number of 2.5, meaning that if you vaccinated 60% of the population, it would have disappeared. We are too late for that. The Alpha variant is more infectious with a current R number of around 3.8, while the more infectious Delta is 5.2. As multiple variants appear the chances of wiping Covid out have become successively smaller.

I read Pfizer is putting together a programme to support giving young children the jab. Children – generally – don’t get very ill on Covid, but they do act as reservoir, and babies may even be an incubation vector for the virus to adapt. Scary.

Global Supply Chains are the second potential source of market weakness.

I was reading Mo The Tash (The ever-interesting Mohamed El-Erian) in the FT: Supply chain issues add to Stagflationary windsStagflation on the back of a renewed/ongoing covid recession, soaring supply chain inflation, real world inflation being imported from the inflated financial asset sector, and rising rates on the back of taper (or recalibration as Lagarde calls it), is my biggest strategic concern for the coming years.

One aspect El-Erian focused on was California’s Long Beach – which is absolutely blocked with unloaded shipping, highlighting the weakness in the US’s ports infrastructure. Today’s cover pic is a snapshot from Shipfinder – the app I use to identify shipping about to crush us under-keel while yacht-racing in the English Channel – and sure enough it shows dozens of freighters anchored off. That’s a major blockage in the arteries of the just-in-time global economy. Global trade probably needs a stent, or even a bypass!  

The good news the pretty new Ever Ace, the largest ever Container ship, carrying 23,992 containers, docked in Felixstow in the UK yesterday – yep, a sistership of the ill-fated but smaller Ever Given (blocked Suez) – means there might finally be some garden furniture on the way!

And also from China is news is Ant Group’s Ali-Pay will be broken up with its fin-tech data algos melded into a new state owned credit-scoring, payments and lending business. (It’s been described as a joint-venture, but I guess we all know what that means in China.) Alibaba’s stock took another beasting this morning as a result, dragging Asia lower.

END
Michael Every on the most important stories of the day.
Michael Every…
 

Rabo: Markets Are Confused And Unhappy. Alpha Or Delta? Inflation Or Deflation

 
MONDAY, SEP 13, 2021 – 11:49 AM

By Michael Every of Rabobank

Friday saw markets abuzz following a call between US President Biden China’s Xi Jinping. A call! That means free trade! That means good for markets!….right? No, it doesn’t. The US read out stressed the call occurred out of American frustration that lower level contacts had failed to achieve any traction, and no concessions were made, even if there quite probably was a “C’mon man, can’t we cooperate on green and disagree on everything else?” To which the answer was likely still ‘no’: because who controls green raw materials and green industrial value chains is a zero-sum game. More importantly, however, the US made clear that the primary goal was to ‘to ensure competition does not veer into conflict’. In other words, not so much about the desire for the absence of trade war as the absence of war. Is that now considered bullish?

So, a call; and then to arms anyway. Because within hours it was reported the US is considering a new 301 trade investigation against China and the subsidies it offers its SOEs. Of course, if this were to occur it would be hard to prove, would take months, and even then wouldn’t resolve US trade imbalances, just reallocate them (e.g., moving exports away from China to Vietnam or India.) However, that is:

  1. the (bi)polar (world) opposite of what the market was buzzing about;

  2. that would be seen as a US geostrategic win in the eyes of hawks in DC; and

  3. it would obviously have a huge impact on FX markets at the very least, more so with Bloomberg already talking about “fissures” in the China growth story ahead of key data this week and ongoing bankruptcy fears at Evergrande, and how they are acting as a drag on EM FX, if not on CNY. (“Because markets know their place.” On which note, China just announced it is to split AliPay off from the rest of the firm and hand it over to a state-controlled entity.)

Moreover, the US is reportedly also considering renaming Taipei’s trade mission to DC to include the word “Taiwan”, as is the EU, both infuriating Beijing. The Global Times warns if this happens then recalling China’s ambassador to the US –as happened with Lithuania alongside an export boycott– is likely “the lowest diplomatic reaction.” Indeed, it stresses this would, in its eyes, mean the US dropping its One China Policy, and would prompt Beijing into imposing economic sanctions on Taiwan while placing “the island’s airspace into the patrol area of the PLA”. It concludes: “It seems that sooner or later, the Taiwan Straits will be plunged into a storm that will change the situation there drastically.”

Meanwhile, the solemn anniversary of 9/11 in the US coincided with: the Taliban starting to Tali-ban Western things; the internal division and decline of the West flagged in both Chinese and Western media (with Western social media both for and against); the Al Qaeda leader reappearing to stir the Middle East pot; a slimmed-down Kim Jong-Un of North Korea launching a new long-range missile for his nukes; Iran making only token CCTV concessions on its nuclear program; the US pulling its advanced missile defenses out of Saudi Arabia; and Ukraine’s president warning of Russian invasion as Moscow moves closer to union with Minsk and undertakes another massive joint military exercise. I am sure markets and Western social media will focus on “The Kim Jong-Un diet”, but the rest gets stuck in their throat.

On the international front, supply chain news is also worrying. Backlogs at LA port are at new record highs, and while we may have hit a new peak in prices –unless geopolitics gets messy– shippers are locking these prices in alongside various attempts at industry consolidation. The line is being drawn that this is a new shipping normal that we need to adjust to rather than a boom-and-bust cycle – or at least that is what the Too Big To Sail oligopoly is trying to achieve, as too-big-to-fail neoliberalism has managed to achieve in all other sectors. At least until government gets involved, which history strongly suggests it will.

On a related note, Matt Stoller in “Counterfeit Capitalism: Why a Monopolized Economy Leads to Inflation and Shortages” underlines the US has built both inflation and shortages into its system by deliberate monopoly and oligopoly choices that cannot cope with any of the stresses currently being experienced. He refers to the inadvertent collapse that kicks in along supply chains when, for example, US trucking firms, now unable to ship in spare parts, find all truck repairs are dependent on one key part…that need to be *trucked* in from Mexico. And when the trucks fail, everything else fails. ‘Resilient’ this is not. Yes, monetary and fiscal policy both matter hugely, as does the location of production vis-à-vis labour power: but if almost every industry is structurally hamstrung by growing layers of monopoly and oligopoly, then EM-style inflation and shortages are here to stay, he argues; unless the presidential executive order working against them achieves something major, which will likely take years at best.  

On the fiscal front, the US Democrats are reportedly now prepared to offer much lower tax increases than previously flagged in their $3.5 trillion fiscal stimulus bill. The top corporate tax rate would now rise from 21% to 26.5%, not 28%, and capital gains from 20% to 25%, not 39.6%. The important thing here is that if the tax take is to be lower, then the spending side will have to match if it is to be covered. Hence we already don’t have a $3.5 trillion package, but something moving in the direction of what Senator Manchin has been talking about – if even that can pass. At least that might take the edge off shipping inflation: after all, “Consumer demand must ease to end supply chain crisis,” says a Maersk executive.

On the monetary front, this is ironic timing for the Fed to be tapering, doubly so given even Bloomberg and the Financial Times are grasping that –guess what?– Covid has not been beaten by the vaccines. Indeed, considering we know vaccine effectiveness wanes after six months, the US and EU will both be heading into winter virus season with that biological headwind in front of them: does the market really want to rule out new lockdowns ahead? Nonetheless, the market chatter is that we could QE tapering flagged ahead for a start date before the end of the year. And for those who feel they can avoid all of this mess with a monetary side-step, the US is also reportedly closer to moving against stable coins, as yet another anti–crypto sabre is rattled.

Bringing all of these stories together, markets are confused and unhappy. Alpha or Delta? Inflation or deflation? And “geopolitics” every which way. As such, US stocks went down on Friday, and by a non-negligible amount, while US Treasury yields went up, not down, and crypto isn’t going down even as regulators say they are going to take it down. Expect more such confusion until markets understand what is actually happening on Covid (as if we don’t know), on fiscal policy (yes/no?), then on QE (no/yes?), on supply chains (no?), and on crypto (no-no?).   

As I keep repeating, it’s all about political calls at this point – just not Friday’s Biden-Xi call; and hopefully not about the call to arms.

END

7. OIL ISSUES

NordStream 2 completed

(zerohedge)

Nord Stream 2 Pipeline Fully Completed – Russia Celebrates ‘Failure’ Of US Efforts To Stop It

BY TYLER DURDEN
SATURDAY, SEP 11, 2021 – 08:45 AM

Russia’s state-controlled gas giant Gazprom has announced on Friday it has completed construction on the Nord Stream 2 Russia-to-Germany gas pipeline that the United States has long warred against through sanctions leveled by the Trump and Biden administrations. 

“Chairman of the Management Committee Alexei Miller said that this morning at 8.45 Moscow time (05:45 GMT) construction of the Nord Stream 2 gas pipeline was fully completed,” Gazprom announced on its social media accounts Friday.

 

Workers on the laybarge Fortuna in German waters in the Baltic Sea celebrate completion, via Reuters.

Russia hawks in Washington have lately put the blame on Joe Biden for softening the US stance on Nord Stream, after he dropped sanctions on the German company overseeing its side of the project, citing a desire to avoid harming positive relations with Berlin. In exchange Germany vowed to not allow Russia to use NS-2 as a “political weapon”

Ukrainian President Volodymyr Zelenskyy and his backers in Washington have accused Russia of pursuing the project in order to punish Kiev by cutting it out of essential natural gas transit fees that would normally be collected through its territory.

It seems that since the project started in 2016, Russia became ever more determined as US sanctions seeking to halt the project grew – at one point even outfitting Gazprom ships to become pipe-laying vessels after a European company bowed out. 

Earlier this week Russian Foreign Minister Sergey Lavrov declared efforts by the US to stop construction through political pressure and sanctions an utter failure. He said “there is still a full-frontal attack, in spite of everything, on Nord Stream 2,” even though “everyone knows the Americans have realized [it will be completed].”

The Russian Foreign Ministry earlier in the summer warned Washington that Russia “has implemented, and will continue to implement, its economic projects regardless of any sanctions.”

The 1,200 kilometer (or about 745 miles) underwater pipeline parallels the route of Nord Stream 1, and though now deemed complete, gas has yet to begin flowing through it at this point. A report in Bloomberg indicated gas is likely to start flowing as early as next month.

end

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////COVID/VACCINES

 

END

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

Euro/USA 1.1777 DOWN .0032 /EUROPE BOURSES /ALL GREEN

USA/ YEN 110.07  UP  0.194 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3821  UP   0.0013  

 

USA/CAN 1.2684  UP .0006  (  CDN DOLLAR DOWN 6 BASIS PTS )

 

Early MONDAY morning in Europe, the Euro IS DOWN BY 32 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1777 Last night Shanghai COMPOSITE CLOSED UP 12.26 PTS OR 0.33%

 

//Hang Sang CLOSED DOWN 392.10 PTS OR 1.50%

 

/AUSTRALIA CLOSED UP 0.26% // EUROPEAN BOURSES OPENED ALL GREEN 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL GREEN  

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 392.10    PTS OR 1.50% 

 

/SHANGHAI CLOSED UP 12.26  PTS OR 0.33%

 

Australia BOURSE CLOSED UP  0.26%

Nikkei (Japan) CLOSED UP 65.53 pts or 0.22% 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1790.10

silver:$23.64-

Early MONDAY morning USA 10 year bond yr: 1.327% !!! DOWN 2 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.912 DOWN 2  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 92.87 UP 26  CENT(S) from FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.23%  UP 3  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.046% UP 6/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.33%//  UP 2  in basis points yield from yesterday.

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

the Italian 10 yr bond yield is trading 36 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.330% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.02% 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  MONDAY

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

Euro/USA 1.1810  UP    0.0002 or 02 basis points

USA/Japan: 109.96  UP .076 OR YEN DOWN 8  basis points/

Great Britain/USA 1.3845 UP .0036 UP 36   BASIS POINTS)

Canadian dollar UP 40 basis points to 1.2644

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4518 

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.4415

TURKISH LIRA:  8.44  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.040%

Your closing 10 yr US bond yield DOWN 2 IN basis points from FRIDAY at 1.318 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.908 DOWN 3 in basis points on the day

Your closing USA dollar index, 92.60 UP 1  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 71.32 PTS OR 1.01% 

 

German Dax :  CLOSED UP 12.87 PTS OR 0.38% 

 

Paris CAC CLOSED UP 15.83  PTS OR  0.24% 

 

Spain IBEX CLOSED  DOWN 38.10  PTS OR  0.43%

Italian MIB: CLOSED UP 32.94 PTS OR 0.13% 

 

WTI Oil price; 69.22 12:00  PM  EST

Brent Oil: 72.47 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.85  THE CROSS LOWER BY 0.37 RUBLES/DOLLAR (RUBLE HIGHER BY 27 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.360 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 70.62//

BRENT :  73.61

USA 10 YR BOND YIELD: … 1.323.. DOWN 2 basis points…

USA 30 YR BOND YIELD: 1.905  DOWN 3  basis points..

EURO/USA 1.1808 down 0.0005   ( 1 BASIS POINTS)

USA/JAPANESE YEN:110.01 up .125 ( YEN down 13 BASIS POINTS/..

USA DOLLAR INDEX: 92.65 up 14  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3836  UP .0027  

the Turkish lira close: 8.43  UP 3 BASIS PTS

the Russian rouble 72.69  UP   .49 Roubles against the uSA dollar. (UP 49 BASIS POINTS)

Canadian dollar:  1.2655 UP 28 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.360%

The Dow closed UP 261.91 POINTS OR 0.76%

NASDAQ closed DOWN 6.25 POINTS OR 0.04%

VOLATILITY INDEX:  19,81 CLOSED DOWN 1.14

LIBOR 3 MONTH DURATION: 0.116

%//libor dropping like a stone

USA trading day in Graph Form

Last-Minute Panic-Bid Saves Stocks From Longest Losing Streak In 19 Months

 
MONDAY, SEP 13, 2021 – 04:01 PM

Thanks to late-day panic-bid, the S&P 500 avoided a sixth straight day of losses – which would have been the worst losing streak since Feb 2020 as the COVID crash was starting to accelerate…

The Dow and Small Caps outperformed while Nasdaq was the biggest loser today.

Did the buyback tsunami get unleashed this afternoon to try and save stocks?

But the actual drawdown is de minimus to say the least!

Source: Bloomberg

In fact, as Bloomberg’s Eddie van der Walt points out, in the past year, there have been 10 cumulative declines bigger than the present one, only for the index to bounce back to a record high. In October last year, the S&P 500 fell more than 7.5% over 14 sessions, only to set a new record six days later.

But, Dow Theory is flashing red this time, as Trannies tumble divergently from Industrials…

Source: Bloomberg

As RIA notes, “The general idea is that both averages, over time, should move in tandem, given that the transportation average represents companies responsible for the movement of goods across the country. For that reason, it should serve as a leading indicator.” Many question the value of the theory today due to the tremendous technological progress. However,  the fact of the matter is we still consume goods that must be shipped.

The Dow bounced off its 100DMA…

Defensives and Cyclicals both opened significantly higher only to be dumped together for the rest of the day…

Source: Bloomberg

Treasury yields were lower on the day with the long-end outperforming (30Y -3bps)…

Source: Bloomberg

10Y Yields pushed back down to post-payrolls close levels…

Source: Bloomberg

But while bond yields were lower, anxiety over the debt ceiling debacle are accelerating…

Source: Bloomberg

The dollar chopped around managing to hold modest gains today…

Source: Bloomberg

The big news in crypto-land was the ‘fake’ pres release that Walmart was partnering with Litecoin which briefly sent cryptos soaring (LTC was up almost 35% at its peak) only for those gains to evaporate as reality struck…

Source: Bloomberg

Bitcoin has had a chaotic last 24 hours after Korean crypto exchange regulatory news (and the WMT headlines) drove swings…

Source: Bloomberg

Gold managed modest gains today, briefly topping $1800 before fading back…

WTI rallied back above $70 (within a tick of $71 intraday)…

Overall, the Bloomberg Commodity Spot Index rallied a fresh 10-year high…

Source: Bloomberg

Finally, if there was ever any doubt, the market’s biggest risk is in the contraction of liquidity which stocks have been more sensitive to over the last decade rather than economic and earnings growth.

And don’t forget September’s seasonality…

Will the opex-bounce save us?

Will it be different this time?

It better be…

end

MORNING TRADING

 

USA/COMMODITY PROBLEMS//INFLATION WATCH

Important: 3M warns that inflation is here to stay and not transitory.

This is a must read.

(zerohedge)

3M Warns Inflation Is Here To Stay, Sees Auto Production Tumbling More Than Expected

 
MONDAY, SEP 13, 2021 – 08:40 AM

As we warned last weekprofit warnings are coming thick and fast from American companies as they come to grips with Delta-fearmongered-demand weakness and COVID-scare-driven supply-chain chaos that is anything but transitory.

The latest warning comes from massive multi-national conglomerate 3M.

Speaking at a Morgan Stanley conference this morning, 3M CFO Monish Patowala warned that the outlook is much more like the worst-case scenarios than any overly-optimistic view that markets appear to be imbibing… (headlines via Bloomberg)

  • *3M SEES AUTO ’21 PRODUCTION -6% ON CHIP SHORTAGE VS -3% EARLIER

  • *3M EPS IMPACT DUE TO INFLATION, SUPPLY CHAIN DISRUPTIONS: CFO

  • *3M CFO SAYS AUTO CHIP SHORTAGE DISRUPTIONS TO CONTINUE IN 2022

  • *3M CFO SEES 2021 EPS IMPACT ON `HIGH END’ OF 65-80 CENT RANGE

  • *3M CFO: COST OF RAW MATERIALS IS BIGGEST SUPPLY CHAIN CHALLENGE

Excerpted transcript:

All of us are experiencing the semiconductor shortages. I would say to automotive and electronics, but you starting to see it impacting a lot of Industries, the outbreak of the Delta variant continues to impact the world as well as hurricane idea as also put more stress now on already stress supply chains, causing a lot of inflation, as well as material availability across issues across the globe… you’re seeing a lot of OEM the shutting down manufacturing because the lack of semiconductor chips.

Auto which was expected to see down -3% for the second half of the year or bills is now going to be down 6%, for the second half electronics is getting impacted, so consumer electronics, TVs are all getting impacted by the chip shortage, but also TV is we are seeing that factories of being shot down because of the cost of the delta variant in many parts of the world, so that’s going to put more pressure, on basically what was already going to be a negative year-over-year company’s going to make it worse. When I move over to healthcare, you’re seeing uneven recovery in healthcare so in certain places, you’re saying procedures remaining as they were and certain cases, you are seeing procedure starting to come down. We see right now that that North American elected procedures would be approximately 90% of pre-pandemic levels. Going into the third quarter, we have thought we would be closer to the 92% to the 95%, but we are going to be at the lower end and even lower depending on where it goes.

Moving over to raw materials. Again, I think the inflation is unprecedented. We are seeing inflation in the same areas I talked about earlier jobs, raw material, labor and logistics, raw materials again you go down to polypropylene, talk about resins, that inflation remains.

I would say inflation, when you think about raw material and logistics, both are very high. For us, inflation again comes from multiple different. So luckily, we don’t have one commodity that has all the inflation, but right now we are seeing broad-based inflation. So, we’ve seen inflation in the resins work, we’ve seen it with poly propylene, ethylene, wood, pulp. You’re seeing inflation in all those areas. We are also seeing labor inflation. You’re seeing labor inflation, whether it’s outsource manufacturing goods, plus in some cases even in our own factories. We’re seeing some labor inflation.

And logistics, the port congestion is so hard. So there I would say that is sometimes even the lack of availability of carriers to take the product that’s hurting us. So I would say, cost is number one, availability is number two, but we have quite confident that we will work through this and we are blessed and to have customers who still rely us, not rely on us for helping us solve their problems, at the same time, making sure that we fulfill our brand promise that we have, which is delivering on time with good quality and helping customers solve their problems.

I think inflation is way outstripping anything that we thought.

Future will depend on when inflation starts tempering down and, my belief – and I may be wrong – is until we see demand and supply parity somewhere, we can continue to see inflation in raw material, and in logistics. And I think port congestion, as well as port shutdowns.

…in just talking to our OEMs, talking to multiple other people in the industry, we believe that this is going to go into 2022. I don’t think it’s a 2021 issue.

I think until you see the available chips go up and a steady supply of those chips, you’re going to have all the OEMs have to go through ups and downs to keep the factories running. So our belief is, this is a 2022 issue.

The question is – will Jay Powell give 3M a quick call and tell them to stop fretting about the anything-but-transitory inflation they are suffering from? Or should we believe 3M’s CFO – a person with real skin in the game – when it comes to the state of the real world?

As we warned last week, expect many more companies to “unexpectedly” guide much lower for Q3 and Q4, if not pull guidance completely, now that even the NY Fed suspended its GDP Nowcast as the wheels are again coming off the US economy, with all of Biden’s trillions in stimmies spent long ago, and just in time for the Fed’s taper.

 

end

IMPORTANT USA//VACCINE

Trouble in NY hospitals as they are forced to stop delivering babies after maternity nurses resign over vaccine passports//forced injections for employment.

(zerohedge)

END

Bird Brain Biden not done yet: he is to announce more pandemic measures today

(zerohedge)

‘We’re Not Done Yet’: Biden To Announce More Pandemic Measures

 
SUNDAY, SEP 12, 2021 – 04:00 PM

US Surgeon General Dr. Vivek ‘masks don’t work… wait just kidding‘ Murthy on Sunday defended the Biden administration’s new Covid vaccine mandates – calling them an “appropriate legal measure” to keep people safe.

Murthy, a known flip-floper, also “challenged the notion that Biden’s new policies reflect a flip-flop from the idea that vaccination should not be mandated,” saying that they were simply responding to a situation ‘that’s changed due to the Delta variant,’ according to Politico.

“From the beginning, the president and all of us said ‘we’ve got to use every lever we have to fight this pandemic,” said Murthy.

Of course, given that Biden and Fauci are on record opposing vaccine mandates – Murthy’s word salad is simply a lie.

Murthy also said there’s more to come

We’re not done yet,” said Murthy, adding that while vaccines are the ‘backbone’ of the government’s multi-pronged effort, “we know that there are other mitigation measures,” including masking, testing and social distancing.

“How quickly we get to a level where cases are low and stay low really depends on what we do collectively – not just the government – but each of us, as private citizens and what universities and schools and businesses do. If we work quickly to get people vaccinated, then we will get there faster,” he continued, adding “one of the things we cannot afford to do is allow the Covid-19 experience to turn us against each other. Our enemy is the virus, it is not each other,” (a line he repeated on ABC).

We somehow missed Murthy’s condemnation of liberals wishing death on unvaccinated Americans.

Speaking on CNN, Murthy then said that President Biden will announce new steps to slow the spread of Covid-19 before the UN General Assembly meets – though he didn’t elaborate on what those may be.

“The president will be making announcements ahead of the UN General Assembly about additional measures that we’re taking to help vaccinate the world,” said Murthy.

There will be more actions that we continue to work on, especially in the global front,” he added.

“We also know this virus transcends borders … That’s why, even as we execute this plan at home, we need to continue fighting the virus overseas, continue to be the arsenal of vaccines.”

END

Terrific case:  California medical ethics professor with natural immunity sues the University over Vaxx mandate

(J. turley)

California Medical Ethics Prof With Natural Immunity Sues University Over Vaxx Mandate

 
SUNDAY, SEP 12, 2021 – 05:30 PM

Authored by Jonathan Turley,

We recently discussed the lawsuit filed by a George Mason University professor who refused to get the Covid vaccine upon the recommendation of his doctors and due to his natural antibodies after recovering from the virus. GMU later relented and gave him an exception. However, now a University of California professor has sued on the same ground. Aaron Kheriaty, professor of psychiatry and human behavior at the University of California at Irvine, is the latest effort to force review of the issue of natural antibodies as a protection from Covid.

Kheriaty is suing the Board of Regents and the University president due to his antibodies from a case of Covid-19 in July 2020. He told SBG “[i]f my immunity is as good, indeed, very likely better, than that conferred by the vaccine, there doesn’t seem to be any rational basis for discriminating against my form of immunity and requiring me to get a different form of immunity.”

What is most interesting about the case is that Kheriaty serves as director of UCI’s Medical Ethics Program and is a member of the UC Office of the President Critical Care Bioethics Working Group. Kheriaty has complained that it is now verboten to even raise natural antibodies despite studies showing that they may be even more effective than vaccines.  A study (often cited by the CDC) suggests the opposite.

Kheriaty cited studies showing that recovery yields considerable protection, including a study from researchers at the La Jolla Institute for Immunology found that that the immune systems of those who recovered from COVID-19 had durable memories of the virus up to eight months after infection.  He goes into detail on such studies. Thus, this is not some screed against vaccines but a science based challenge.

There has been an obvious aversion of the CDC and the Biden Administration in addressing the natural antibody issue. Most media have held that same line and there has been little discussion of such objections.

The challenge for Kheriaty is whether a court will find that taking the vaccine as someone with natural antibodies has not been found to be dangerous or harmful. As a result, it may conclude that it is simply too difficult for employers to establish natural antibodies and their specific level of protection. However, the same difficulty is present by vaccinated individuals who will likely have differing levels of protection over time.

Past challenges to mandates have included the natural antibody issues.  Recently, in a challenge to Indiana University’s mandate, the U.S. Court of Appeals for the Seventh Circuit rejected a motion for a preliminary injunction. The Court noted that there is not “a fundamental right ingrained in the American legal tradition” to refuse a vaccine. Challenges have also bee rejected to policies at Houston Methodist Hospital and Los Angeles Unified School District.

This case however presents the natural antibody case in its strongest and most direct terms. The odds are in favor of the university but it could be a case with potential for the Supreme Court.

Here is the complaint: Kheriaty Complaint

end

Today 12 USA F22 pilots walk off the jobs due to forced Vaccine injection

(ForbiddenKnowledgetvc.net)

12 F22 Pilots Walk Off the Job – Forbidden Knowledge TV

 
 
 
 
This is what happens when there is no patriotic leadership

 

https://forbiddenknowledgetv.net/12-f22-pilots-walk-off-the-job/

END

Michigan Health Care System Says Workers With Natural Immunity Don’t Need Vaccine

 
MONDAY, SEP 13, 2021 – 12:10 PM

Late last month, we first reported on a groundbreaking new study that appeared to “end the debate” on the subject of natural vs. vaccine-induced immunity. The study found that, when it comes to preventing serious infection with the delta variant, natural infection with a prior strain of COVID was as much as 13x more effective at preventing future infection than being fully vaccinated.

Though the research was initially ignored by the American medical establishment, on Friday, Dr. Anthony Fauci was asked during an interview with CNN how he would explain this to somebody who had been previously infected and is now reluctant to get the vaccine.

Dr. Fauci’s response: “I don’t have a really firm answer for you on that.”

Well, if he doesn’t have a good justification, then he’s going to have to find one soon. Because as the Biden Administration ups the pressure on employers to force their workers to choose between their jobs and the vaccine, Spectrum Health, an extensive hospital system in Western Michigan, has just declared that prior employees (including nurses, doctors, etc.) won’t be required to get the vaccine if they have already been infected.

The decision, which was made by the hospital system’s medical exemption committee, was first reported by the Detroit News. Individuals with a positive PCR or antigen test plus a positive antibody test from within the past thre emonths can claim the exemption.

Spectrum Health will grant temporary exemptions from its employee vaccine mandate to individuals who can prove they have naturally acquired immunity to COVID-19.

The west Michigan hospital system, which is in the process of merging with Southfield-based Beaumont Health, will grant an exemption to those who have a positive PCR or antigen test for COVID-19 plus a positive antibody test from within the past three months, the health system said in a statement Thursday.

The exemption, the first for a major health system in Michigan, was developed “as new research has emerged” on natural immunity.

“While we still recommend vaccination for people with prior COVID-19 infection, according to this new research, there is increasing evidence that natural infection affords protection from COVID-19 reinfection and severe symptoms for a period of time,” the statement said. “Current studies are not clear on how long natural immunity protects from reinfection.”

The policy is subject to change if “future evidence” reveals anything new about the efficacy of natural vs. vaccine-induced protection.

The policy could be updated if future evidence shows naturally acquired protection is waning or longer lasting, or if there is a validated antibody test result showing immunity, the statement said.

Spectrum announced in late July that it would require the COVID-19 vaccine within eight weeks of the Food and Drug Administration approving a vaccine, but noted it would consider some exemptions.

Those exemptions include religious exemptions and medical exemptions determined by a medical exemption committee. The hospital system’s medial exemption committee recommended the health system allow for a temporary exemption for naturally acquired immunity based on available research, the statement said.

Other nearby health systems are sticking with the federal government’s recommended mandate. They include Detroit-based Henry Ford Health System, Beaumont Health and Trinity Heath Michigan.

The CDC has said it’s “uncommon” for those infected with COVID to become reinfected within 90 days. But nobody really knows for sure. “Experts don’t know for sure how long this protection lasts, and the risk of severe illness and death from COVID-19 far outweighs any benefits of natural immunity,” the CDC says.

What they don’t want you to realize is the same is true for the vaccines.

iii) Important USA Economic Stories

end

III) USA ECONOMIC DATA

Dems scramble to slim down the Biden tax hikes

(zerohedge)

Dems Scramble To Slim Down Biden Tax Hikes

 
MONDAY, SEP 13, 2021 – 07:02 AM

Now that Sen. Joe Manchin has officially come out against President Biden’s $3.5 trillion spending package, the Democrats are being forced to rethink their budget plans – starting with the ‘income’ side, since President Biden has promised to offset additional spending with tax hikes. And so, just hours after Manchin confirmed his opposition to the budget in a series of interviews, Bloomberg reports that the Dems have drafted a new package of tax increases that falls well short of Biden’s ambitious targets.

The new proposal would raise the top corporate rate from 21% to 26.5%, less than the 28% Biden had sought, people familiar with the matter said Sunday night. Meanwhile, the top rate on capital gains would rise from 20% to 25%, instead of the 39.6% Biden had originally proposed, per Bloomberg.

The new set of “business minded” tax increases is estimated to raise more than $2 trillion, which still might not be low enough to appeal to moderate Democrats like Manchin.

Still, the plan was criticized by conservatives, a preview of the fight ahead as the House Ways and Means Committee prepares to meet Tuesday to debate the tax portion of the economic package.

Americans for Tax Reform, a conservative group that fights for lower taxes, said the proposed tax hikes would lead to an immediate increase in consumer utility bills and make the US less competitive on the world stage.

“Democrats want to take the current rate of 21% and raise it to 26.5%, higher than communist China’s 25% and higher than the developed world average of 23.5%. This does not even include state corporate income taxes, which average another 4 – 5% nationwide,” the group said.

The tax increases described in the document, which is circulating among lawmakers of both parties, would raise $2.9 trillion in revenue when combined with $700 billion in revenue and cost savings from Medicare drug price changes. To fully pay for the president’s plan, the proposal factors in $600 billion from the estimated economic growth effects of the spending increase.

What’s more, the proposal would raise an estimated $16 billion by limiting deductions for executive compensation and $96 billion by higher taxes on tobacco and nicotine products, including e-cigarettes.

Despite pushback from the crypto community, Dems are still planning to include cryptocurrency in general tax rules allowing for cryptocurrencies to be treated the same as other financial instruments and to prevent taxpayer abuse of the rules.

Other new taxes in the new plan include: a proposal to cut in half the $24,000 estate and gift tax exemption for married filers on Dec. 31, 2021, four years earlier than set in the tax cuts passed under former President Donald Trump.

Notably absent from the document is any discussion of lifting the $10,000 cap on the state and local tax deduction, raising questions about the fate of that costly proposal.

The Ways and Means proposal “meets two core goals the President laid out at the beginning of this process – it does not raise taxes on Americans earning under $400K and it repeals the core elements of the Trump tax giveaways for the wealthy and corporations that have done nothing to strengthen our country’s economic health,” White House spokesman Andrew Bates said in a statement.

While the numbers are still subject to change before the proposal is officially released, such scaled-back plans would amount to an acknowledgment that even higher rates would have a tough time getting through Congress after some moderate Democrats expressed objections.

With thin majorities in both chambers, Democrats can afford just three defections in the House and none in the Senate as they try to use a process called “reconciliation” to get their budget passed.

end

My goodness: we may hit 3 trillion deficit for the year

(zerohedge)

US Budget Deficit Hits $2.7 Trillion With One Month Left In Fiscal 2021

 
MONDAY, SEP 13, 2021 – 02:26 PM

Another month, another $171 billion spent by the US government which it doesn’t have.

At 2pm, the Treasury released its latest Monthly Treasury Statement which showed that in August – one month before the end of the fiscal year –  the US budget deficit was a relatively tame, by recent standards, $170.6 billion, which was slightly better than the $173 billion consensus estimate, and a decline compared to the $200.1 billion a year ago.

The deficit was the result of a 3.7% increase in spending to $439 billion from $423.2 billion a year ago…

… offset by a 20.2% jump in receipts, which came in at $268.4 billion compared to just $223.2 billion a year ago (of this amount, the Treasury received $10.4 billion last month in deposits from the Fed). Despite the improvement in receipts, total spending was still more than 60% higher than revenues in the month of August, a trend which we don’t see changing any time soon.

The continued spending spree was primarily due to continued welfare benefits, with Income Security amounting to $93 billion, second only to social security at $95BN, and followed by the usual suspects of Health ($71BN), National Defense ($52BN), Interest on the debt ($42 billion) and other spending far in the rearview mirror.

On a year to date basis, 11 months into the fiscal year, the US deficit rose to $2.711 trillion, a modest improvement to the $3 trillion deficit reported in the first 11 months of fiscal 2020 as YTD receipts are up 17.7% (from a much smaller base of course), compared to a 4% increase in outlays. Extending this to the start of the covid pandemic in March 2020, the US government deficit for the past 17 months is a stunning $5.1 trillion.

While debate rages over what the final number of the upcoming “epic” stimulus will be, we anticipate a number around $2.5 trillion, meaning that we are currently in the eye of the hurricane when it comes to spending and deficits, and in the next few months we will see another major surge in spending. But while there is still confusion as to the final shape of the upcoming “epic stimulus” which could be as large as 20% of US GDP…

… one thing is certain: the US will never again be able to fund itself using taxation alone, which now barely covers just 50% of the total US budget deficit.

iv) Swamp commentaries/

“F**k Joe Biden” Chants Heard Across US College Football Stadiums

 
SUNDAY, SEP 12, 2021 – 08:00 PM

Having garnered the most votes of any presidential candidate ever in November, Americans appear to be losing faith in President Biden’s ability to ‘build back better’.

From the embarrassment of his chaotic Afghanistan withdrawal to increasing concerns over his tyrannical plans to ‘control’ the pandemic; and from soaring violent crime to anything-but-transitory food inflation, Americans (both young and old) are seemingly suddenly unafraid to express their dissatisfaction, as from coast to coast, college football stadiums on Saturday were packed with fans chanting “F**k Joe Biden.” 

The president’s approval rating has been in a downward spiral since Gallup first reported signs of a meaningful decline in support was observed in July.

A CNN poll released Friday shows 69% of Americans say things are going wrong in the US. 

Stadiums are one place where crowds of people cannot be censored, unlike social media platforms that will shadow ban or de-platform users for speaking their minds. 

Not exactly what Democrats were expecting ahead of the midterms

 

END

Why should we expect anything less?

(zerohedge)

California Republicans Shocked To Discover They’ve ‘Already Voted’ In Recall Election

 
MONDAY, SEP 13, 2021 – 12:50 PM

Residents of San Fernando Valley, California were shocked after showing up to vote in the state’s gubernatorial recall election, only to be told by polling station workers that they had already voted.

88-year-old Estelle Bender, a Republican, said she wasn’t the only person who was told incorrectly that they had already voted.

“The man next to me was arguing the same thing,” said Bender, who was given a provisional ballot that she filled out and then “left really angry.”

I’d still like to know how I voted,” Bender told KTLA.

In response to the reports, the Los Angeles County Registrar-Recorder said “The voters who experienced this issue were offered and provided a provisional ballot – the failsafe option to ensure no one is turned away from voting. Provisional ballots are regular ballots and once the eligibility of the voter is verified, they are processed and counted.” 

This is just the latest in a string of odd happening surrounding the California recall election between Gov. Gavin Newsom (D) and top Republican contender, Larry Elder. As Twitter user @libsoftiktok notes:

Let’s not forget about the California ballots with holes in the envelope – revealing one’s vote from the outside.

And remember this guy? 

31

.

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

PPI jumped a record 8.3% y/y (0.7% m/m, 0.6% expected) in August.  Core PPI increased 6.7% y/y (0.3% m/m, 0.6% expected).  PPI and Core PPI has increased for 9 consecutive months.  Ergo, ‘temporary’ in Fed speak is something longer than 9 months.

 

We regularly warn that the media tries to construct fundamental reasons for market movements that are the product of trading schemes or actions.  This occurred on Friday, when many in the media contributed the early equity rally to The Big Guy’s phone call with Xi. 

 

@WSJmarkets: Stocks were mixed in early trading as oil and metals prices rose on hopes of reduced geopolitical tensions https://t.co/Mtfr1jXZ7g

 

The media announced on Thursday afternoon that Biden would speak with Xi on Thursday night; the markets shrugged.  It knew nothing of substance would result from the call.  In fact, some media outlets reported that Xi slammed The Big Guy and the US in the call.  Why would stocks rally on this?  Did the media proffer a dubious equity rally rationale to enhance The Big Guy’s putrid approval situation?

 

Xi Warns Biden in Phone Call U.S. Policy is Straining Relations with China

The Chinese state media take on the conversation was that Xi told Biden that U.S. policy on China imposed “serious difficulties” on relations, but both sides agreed to maintain frequent contact and step-up communications, Reuters reported.  “China and the United States should … show strategic courage and insight, and political boldness, and push Sino-U.S. relations back to the right track of stable development as soon as possible,” state media said, citing Xi…The conversation also focused on pertinent issues such as economics, climate change and COVID-19, according to a senior U.S. official, Reuters reported.

https://www.newsweek.com/xi-warns-biden-phone-call-us-policy-straining-relations-china-1627725

 

Biden-Xi Phone Call Raises Key Question: Who Will Blink First

The White House is still reviewing its overall China policy, including how to proceed with roughly $300 billion in punitive duties facing Chinese imports. The review could be concluded and its outcomes unveiled in the near future, according a senior administration official…

    The Biden administration has rejected Beijing’s requests for concessions on unrelated issues when discussing climate, according to the U.S. official. Frustration in the White House grew after it became clear that Chinese counterparts were reading talking points and had no ability to maneuver on key topics, the official said… Xi gave no indication that China’s approach would change, saying that building good ties wasn’t a “multiple choice question” but a “mandatory question.”…

https://www.bloomberg.com/news/articles/2021-09-10/biden-xi-phone-call-raises-key-question-who-will-blink-first

BBG: Biden team weighs China trade probe in bid to pressure Beijing https://t.co/l7xQjfGc4b

 

ESUs and stocks bottomed at 11:53 ET.  The Noon Balloon appeared.  Once again, we have an early decline in the US and a Noon Balloon.  This pattern has recurred incessantly.  The Noon Balloon ended with 35 minutes.  Another down leg commenced 5 minutes later.  The usual rally for the final hour manipulation generated only a 5-handle gain from 14:30 until 15:00 ET.  The lack of zest for the final hour rally was an omen.  ESUs and stocks sank to new sessions lows.  The late decline accelerated as the final hour progressed.  The session lows appeared at the close.  Traders got trapped long on a Friday!

 

WSJ: Fed Officials Prepare for November Reduction in Bond Buying – Phasing out the Fed’s pandemic-era stimulus by the middle of 2022 could clear the path for an interest-rate increase

    Federal Reserve officials will seek to forge agreement at their coming meeting to begin scaling back their easy money policies in November…

https://www.wsj.com/articles/fed-officials-prepare-for-november-reduction-in-bond-buying-11631266200

 

Senate Democrats propose 2% tax on stock buybacks https://t.co/BabQr9ASy1

 

Visa U.S. Spending Momentum Index Falls in August – Reading Indicates Pause in Recovery

The U.S. Spending Momentum Index (SMI) was 109.6 in August (seasonally adjusted), down 2.9 points from July… above 100… signals that more consumers are still spending more than they did a year ago…

https://www.yahoo.com/now/visa-u-spending-momentum-index-140000206.html

 

Apple was ordered by a court to change the way it operates its lucrative App Store in a sweeping ruling from an antitrust case filed by Epic Games https://t.co/FNSppdmXEj

 

@CBSNews: Evacuation flights of Afghan refugees into the U.S. have been temporarily paused by CDC request after four diagnosed cases of measles among Afghans who recently arrived, Psaki says

https://twitter.com/CBSNews/status/1436407700993236997

3 in 4 Americans are angry about the way things are going in the country today

The CNN poll was conducted from Aug. 3 through Sept. 7…

https://www.marketwatch.com/story/3-in-4-americans-are-angry-about-the-way-things-are-going-in-the-country-today-11631295727

 

Someone very high up leaked a story to the NYT that would normally destroy an administration.

 

The NYT’s @evanhill: The final act of the U.S. war in Afghanistan was a drone strike in Kabul that killed 10 people. Our latest investigation shows how a man the military saw as an “imminent threat” and “ISIS facilitator” was actually an aid worker returning to his family:

     The military said it believed Zemari Ahmadi’s white Toyota Corolla, which it tracked by drone for eight hours that day, was packed with explosives. Security camera video we obtained showed him loading it with water containers for his home

    The decision to strike does not flow down the typical chain of command. Because of the chaos of the Kabul airport evacuation, an official told us, President Biden and the military have delegated the authority to approve airstrikes to lower-level commanders

    An MQ-9 Reaper drone fires one 20lb Hellfire missile at the car. The military says that the strike sets off large secondary explosions, suggesting the presence of a significant amount of explosives.  We gathered photos and videos of the scene taken by journalists, and @mattaikins visited the courtyard multiple times. We shared that evidence with three experts. All three agreed that the damage was consistent with a single Hellfire strike, and not large secondary explosions…

    Our reporting concludes that the U.S. military struck a car parked inside a multi-family home in Kabul without knowing who the driver was, what he did for a living or where he lived…

    Four days before Ahmadi was killed, his employer had applied for his family to receive refugee resettlement in the U.S. At the time of the strike, they were still awaiting approval…

https://twitter.com/evanhill/status/1436422176425578496

     Watch our full investigation here: https://www.nytimes.com/video/world/asia/100000007963596/us-drone-attack-kabul-investigation.html

 

@MacaesBruno: Unbelievable work by @nytimes. Consequences hard to estimate, but if this holds up, we need resignations at the highest level.  It wasn’t just the error. It was the cover-up

 

@ggreenwald: An entire family in Afghanistan was extinguished to prevent Joe Biden from having to endure a news cycle accusing him of weakness in the face of the attack at Kabul Airport, accompanied by lies from his Pentagon/CIA and his media about who was killed…

 

Now we know why Team Big Guy has NOT released the names of victims of the last 2 US drone attacks.  It is imperative to remember the reports that the US was tracking the suicide bomber that killed 13 US troops but someone very high up vetoed the requested drone attack!  Team Big Guy compounded a fatal mistake by overcompensating with a heinous blunder.  What if this had occurred under DJT?

 

The drone-strike calamity is a major reason that Biden proffered a blatantly unconstitutional vaccine mandate.  Team Obama-Big Guy desperately needed to change the news cycle.

 

@laralogan: URGENT: US/AFGHAN INTEL SOURCES SAY TALIBAN REMOVING ALL YOUNG BOYS FROM THEIR HOMES IN AFGHANISTAN’S PANSJIR VALLEY, 11/12 YEARS OLD – TAKING THEM AWAY AT GUNPOINT. IS US INTEL/NSA AWARE/WATCHING THIS WAR CRIME HAPPEN? ACC TO EYEWITNESS THIS IS RETRIBUTION FOR RESISTING.

 

@BreitbartNews: In a stunning decision, President Joe Biden will not address the nation on September 11th to mark the 20th anniversary of the terrorist attacks (The ensuing items evince the reason for this.)

 

@TrumpJew2: At 9/11 memorial event, Biden rants incoherently about boxing Trump, Florida, and Robert E. Lee (“Robert E. Lee had been in Afghanistan, we’d have won.  Anyway, I’m telling you too much…”  How is he POTUS?!?! 25th Amend now!) https://twitter.com/TrumpJew2/status/1436872460490706948

 

@bennyjohnson: Biden wonders off as Jill speaks at a DC school to push vaccinations…

https://twitter.com/bennyjohnson/status/1436339832360427520

 

@charliespiering: Joe Biden pulling down his mask to shout out at someone in the crowd at the 9/11 ceremony (NB: Obama’s expression! Embarrassing!)  https://twitter.com/charliespiering/status/1436688502398328838

 

@bennyjohnson: Maskless Biden approaches school child as everyone else around him wears a mask

https://twitter.com/bennyjohnson/status/1436344097409753130

 

@ABC: Former Pres. George W. Bush speaks to extremism both abroad and at home: “There is little cultural overlap between violent extremists abroad and violent extremists at home, but then there’s disdainful pluralism…they are children of the same foul spirit.” https://abcn.ws/3E9lfYr

 

@julie_kelly2: George Bush uses his platform today to join Biden regime and media in pretending the greatest threat to the country are imaginary “domestic violent extremists,” code for Trump and his supporters.  Shame on him.  It may or may not surprise you that George Bush issued no statement about the terror attack last month that killed 13 US servicemen and women.

 

@JackPosobiec: Disgraced fmr president George W Bush is using the 9/11 memorial to say Trump voters are the same as the radical jihadists who attacked 20 years ago.  This is who he is… How many American families lost their children bc of Bush’s lies? Let’s talk about the Bush body count.

 

@KurtSchlichter: Bush gave a speech on 9/11 today and all I heard was that guys like me – who went to war under him AND his father – were a terrorist threat to our country.  He’s trash and I’m done with him and his whole cabal.

 

@tomselliott: VP Harris: After 9/11, “Sheikh and Muslim Americans were targeted because of how they looked or how they worshipped.   https://twitter.com/tomselliott/status/1436709405093937157

 

N. Korea test-fires new long-range cruise missile (Rodney Dangerfield POTUS)

https://en.yna.co.kr/view/AEN20210913000200325

 

House Democrats Consider 26.5% Corporate Tax Rate (Dem Big donors rebel, elections coming)

Lawmakers are expected to propose a smaller capital-gains tax increase than Biden wants

https://www.wsj.com/articles/house-democrats-eye-26-5-corporate-tax-rate-11631484260

Liberal SCOTUS Justice Breyer, in 2015, stated that the federal government cannot mandate vaccines.

 

Five Tentative Thoughts About the OSHA Employer Vaccine Mandate

OSHA has traditionally regulated conduct in the workplace… But this regulation governs conduct outside the workplace…Congress did not delegate this authority…

    Remember, in NFIB v. Sebelius the “broccoli” horrible involved buying broccoli, not forcing people to eat broccoli. We were told the latter mandate would implicate the Due Process Clause. I would wager that forcing someone to eat a vegetable is less intrusive than forcing someone to receive a vaccine…

     I blogged about it in a now-prescient 2015 post. (I could have never fathomed that my work on Obamacare would become relevant in so many contexts.) Justice Breyer asked Attorney Michael Carvin whether the federal government could mandate inoculation against an epidemic. Mike Carvin answered no, based on Morrison (a case Breyer dissented in).

JUSTICE BREYER: I’m just picking on something. I’d like to just — if it turned out there was some terrible epidemic sweeping the United States, and we couldn’t say that more than 40 or 50 percent — I can make the number as high as I want — but the — the — you’d say the Federal Government doesn’t have the power to get people inoculated, to require them to be inoculated, because that’s just statistical.

MR. CARVIN: Well, in all candor, I think Morrison must have decided that issue, right? Because people who commit violence against –  JUSTICE BREYER: Is your answer to that yes or no?

MR. CARVIN: Oh, I’m sorry; my answer is no, they couldn’t do it, because Morrison –

JUSTICE BREYER: No, they could not do it.   MR. CARVIN: Yes.

JUSTICE BREYER: They cannot require people even if this disease is sweeping the country to be inoculated. The Federal Government has no power, and if there’s — okay, fine. Go ahead.

https://reason.com/volokh/2021/09/10/five-tentative-thoughts-about-the-osha-employer-vaccine-mandate/

 

Jon Turley: In the ultimate admission against interest, Klain (Biden’s CoS) admitted that the OSHA vaccine mandate was a mere “work around” limits imposed on the federal government. The problem is that the thing being “worked around” is the Constitution…

 

Admission Against Interest: White House Chief of Staff Admits Vaccine Mandate is a “Work Around” the Constitutional Objections – Courts will now be asked to ignore the admission and uphold a self-admitted evasion of constitutional protections… However, the real question is why the Administration would bring a case that is unnecessary to litigate a theory that is at best novel and untested. For a department known for its reluctance to bring such test cases to avoid negative precedent, the declaratory judgment says more about the political than legal priorities of the Administration…

https://jonathanturley.org/2021/09/10/admission-against-interest-white-house-chief-of-staff/

 

Members of Congress and their staff are exempt from Biden’s vaccine decree. – Newsweek

 

@SharylAttkisson: Did you know that on May 1, CDC stopped monitoring Covid-19 infections among the fully-vaccinated, as they became increasingly common?

 

Pfizer Demands Governments Gamble with State Assets to Secure Vaccine Deal – Pfizer…has asked some countries to put up sovereign assets, such as embassy buildings and military bases, as a guarantee against the cost of any future legal cases

https://science.thewire.in/health/pfizer-demands-governments-gamble-with-state-assets-to-secure-vaccine-deal/

 

GOP @RepThomasMassie: Check out @CDCgov’s evolving definition of “vaccination.” They’ve been busy at the Ministry of Truth:  https://twitter.com/RepThomasMassie/status/1435606845926871041

 

@tomselliott: Dr. Fauci on why Americans who’ve previously been infected should get vaccinated despite studies showing it’s unnecessary: “I don’t have a really firm answer for you on that.”

https://twitter.com/tomselliott/status/1436366439901024262

 

CNN medical ‘expert’ falsely claims Americans don’t have the right to freedom of movement

Dr. Leana Wen says “privileges associated with being an American” should be held hostage to people getting vaccinated.” https://thepostmillennial.com/watch-cnn-medical-expert-falsely-claims-americans-dont-have-the-right-to-freedom-of-movement

 

Biden’s Vaccine Fiat Forges a Fascist Pharma Corporate State – Mises Institute

Benito Mussolini said himself that “Fascism should more appropriately be called corporatism because it is a merger of state and corporate power.” In today’s political discourse, people abuse the word fascism and sometimes even cite this definition of corporatism while stretching it somewhat from the truth. However, the state requiring that businesses require the vaccine from one of three large corporations that were propped up by the state is undoubtedly the merger of state and corporate power that Mussolini dreamed of…

    Nullification is the Jeffersonian idea that the states of the American Union must judge the constitutionality of the acts of their agent, the federal government, since no impartial arbiter between them exists…  https://mises.org/power-market/bidens-vaccine-fiat-forges-fascist-pharma-corporate-state

 

Horowitz: What we expect from GOP governors and legislators in this crisis

This is it. This is why our founders created a layered approach to government — for this very nightmare scenario we are confronted with today. The question is whether the Republican governors and legislators will rise to the occasion… There has quite literally never been anything this tyrannical foisted upon us in our lifetime. The shots come with a tremendous amount of risk, particularly to those who already had the virus, which in parts of the country is already a majority of people. They haven’t even fully studied the effects on pregnant women, menstrual cycles, and myocarditis in young people, yet the mandate is preceding the science…

    At the same time, it is very likely that the mass vaccination with a leaky vaccine is causing a quasi-Marek’s disease enhancement syndrome, which can make the virus even worse, under what is known as the “imperfect vaccine hypothesis.” As PBS noted in a 2015 article on the leaky chicken vaccine, which causes vaccinated birds to transmit the virus to unvaccinated birds and kill them with higher viral loads, the Marek’s disease vaccine “has helped this chicken virus become uniquely virulent.” Sound similar to what we are experiencing today in Israel with a worse viral spread than ever before?…

    The governors in those states must immediately convene emergency sessions of the state legislatures and request that they pass a bill prohibiting the implementation of the federal mandate within the states…

    The governors would discover their executive powers and teach a civics lesson in Federalist #33. In that essay, written by none other than Alexander Hamilton, the chief proponent of federal power himself makes it clear that the Supremacy Clause of the Constitution only applies to lawful federal powers Madison predicted that a federal encroachment would easily be mitigated by state action, because “the means of opposition to it are powerful and at hand.”…

https://www.theblaze.com/op-ed/horowitz-what-we-expect-from-gop-governors-and-legislators-in-this-crisis

   

Joe Biden Fumes as Ron DeSantis Scores Another Victory – Biden also accused DeSantis, without naming him, of not promoting the vaccine, a contention that is absolutely false… 1st District Court of Appeals just granted the State of Florida’s request to reinstate the stay — meaning, the rule requiring ALL Florida school districts to protect parents’ rights to make choices about masking kids is BACK in effect!…  https://redstate.com/bonchie/2021/09/10/joe-biden-fumes-as-ron-desantis-scores-another-victory-n441074

 

Gov. Ron DeSantis Responds to Biden’s Vaccine Mandate with a Brutal Reality Check: There is No ‘One-Person Rule in this Country’ (The Big Guy keeps elevating DeSantis’s stature!)

    Here he comes from Washington D.C., instituting and unprecedented mandate,” he continued. “When even his own people in the past have acknowledged it is not constitutional. That’s not leadership… this guy doesn’t take responsibility for anything,” DeSantis said. “He is always trying to blame other people. Blame other states.”  “This is a guy who promised when he ran for president that he would shut down the virus,” he added. “If you look now, there is 300% more cases in this country today than a year ago when we had no vaccines at all his policies are not working, he is doubling down on things that are going to be very destructive for the livelihoods of many, many Americans,” he said. “And obviously, are going to be destructive to our constitutional system and the rule of law.”…

https://beckernews.com/gov-ron-desantis-responds-to-bidens-vaccine-mandate-with-a-brutal-reality-check-there-is-no-one-person-rule-in-this-country-41415/

 

@SharylAttkisson: According to the government study: mask mandates did not reduce deaths, patients hospitalized in either intensive care or regular hospital beds, or ventilator use. Mask mandates also did not reduce number of Covid-19 positive patients.  https://t.co/TshprTGcdO

 

@thehill: @VP Kamala Harris: “When people are able to make choices without government interference for themselves in terms of their well-being and the well-being of their family… we are a stronger society.” http://hill.cm/W2ZVXKG

    @JackPosobiec: Kamala throwing Biden right under the bus. Shade War is hot.

 

@JackPosobiec: State Dept is preparing for a potential Tony Blinken resignation following his Senate testimony on Tuesday, per DC official.  Not only did Blinken block evac flights, he dissolved the Crisis Response center at State months before the withdrawal.  He can’t escape that.

 

@GOPLeader: “No, I don’t think [vaccines] should be mandatory. I wouldn’t demand it be mandatory…”

Biden on December 4, 2020.  He lied.  https://twitter.com/GOPLeader/status/1436134804551045120

 

Alzheimer’s Foundation: Sleep Issues and Sundowning

People living with Alzheimer’s and other dementia may have problems sleeping or experience increased confusion, anxiety, agitation, pacing and disorientation beginning at dusk and continuing throughout the night (referred to as sundowning). Although the exact cause is unknown, these changes result from the disease’s impact on the brain…  https://www.alz.org/help-support/caregiving/stages-behaviors/sleep-issues-sundowning

 

@laralogan: One frustrating false narrative pushed re Afghanistan is there’s nothing we can do about mil equipment now in terrorist hands. NOT TRUE. Now we learn State agreed to hand over planes/helos w sensitive intel packages of Afghan pilots who escaped to Uzbek to these terrorists. WHY?

 

@LucasFoxNews: So, Navy fires offensive coordinator after losing to Air Force and starting season 0-2, meanwhile nobody has been fired over losing Afghanistan

 

According to a Cleveland Clinic study, melatonin may help prevent COVID-19 or aid in the treatment of COVID-19 due to its antioxidant and anti-inflammatory effects. Researchers found that melatonin reduced the likelihood of study participants getting COVID-19 by 28%. Among Black participants — a population disproportionately affected by the disease — infection likelihood was reduced by 52%.//

https://www.sharp.com/health-news/can-melatonin-help-prevent-covid-19.cfm

 

end

LET US CONCLUDE TODAY WITH THIS GREAT OFFERING COURTESY OF GREG HUNTER

INTERVIWING GENERAL MICHALE FLYNN

 
 
 
 

America Being Taken Over by Communists – General Michael Flynn 9.11.21

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

Retired Lieutenant General Michael Flynn, who was head of the Defense Intelligence Agency (DIA), thinks evil communists are out to destroy America and your freedom.  General Flynn explains, “Transitioning to all the noise that is bombarding the American psyche, it’s all intentional.  Don’t think this is all a bunch of haphazard things that are happening within our country.  The bigger 60,000 foot strategic view is that the country is being taken over by a very small minority of people that we call the Left, which are really a group of Marxists and communists who have decided over decades, and this is not just about Trump, have decided now is the time to do it . . . and they did.  They outmaneuvered the Republican establishment during this last November election. . . .Let’s talk about what’s coming out of Arizona.  Everybody knows this election was stolen.  No way in the world 80 million people voted for the administration occupying the White House—no way. . . .This is no longer a conspiracy theory about election fraud.  This is a conspiracy alright, but it is a conspiracy within a group of people that stole the U.S. Presidential Election and also stole parts of the down ballot votes, meaning the Senators and Congressmen.”

General Flynn says the election system must get fixed.  General Flynn warns, “The Arizona Legislature holds the future of our country because if they do not decertify, then these other states like Michigan, Pennsylvania, Wisconsin, Nevada and others . . .If they couldn’t do it, then why should we bother? . . . . If we do not resolve that issue, we cannot move forward with future elections in 2022 or 2024.  Those will be stolen just like the 2020 election.”

General Flynn says there is a giant psyop being run on the American people to take their eyes off of the 2020 election fraud.  General Flynn explains, “Absolutely, Covid . . .Afghanistan, the border situation, and we are not even talking about the border situation anymore because its fallen down in three or four priorities in terms of what people are able to concentrate on . . . . We are going to see President Biden come out to talk about . . . lockdowns . . . and vaccines, and it is all to change the narrative. . . .They are going to try to take away the narrative of what happened in the election.  What they really wanted and believed is the theft of the 2020 election was going to be dead by about March of 2021, and the country would move on.  The American people are not stupid.  We are not a bunch of chumps that Biden has called us.  There is a bunch of intelligent Americans that are tired of the lies spewing out of the White House and spewing out of the mainstream media.”

As the former Head of the DIA, General Flynn sees the psyop on America from a relatively small group of people.  General Flynn says, “They attempt to look bigger than they are, and they are able to do that through the media.  They are absolutely able to do that through the mainstream media.”

General Flynn also warns about a financial collapse in October triggered by a budget impasse and Nancy Pelosi.  He talks about China’s infiltration of America that has been going on for decades.  There is much more in the 44 minute interview.

Join Greg Hunter of USAWatchdog.com as he talks to America’s favorite patriot, retired Lieutenant General Michael Flynn, founder of AmericasFuture.net.

 

Retired Lieutenant General Michael Flynn is crisscrossing the country on the “Reawaken America Tour” and has the popular nonprofit site called AmericasFuture.net.

If you would like to support the tax deductible AmericasFuture.net, click here to make a donation.

This segment is sponsored by Discount Gold and Silver Trading. Ask for Melody Cedarstrom, the owner, at 1-800-375-4188.