SEPTEMBER 20//GOLD UP $10.00 TO $1763.30//SILVER DOWN 17 CENTS TO $22.22// HUGE ADVANCE IN GOLD STANDING AT 9.054 TONNES//SILVER OZ STANDING: 28,140,000 OZ//EVERGRANDE COLLAPSE CAUSES BOURSES AROUND THE WORLD TO CRASH BADLY//COVID COMMENTARIES//VACCINE UPDATES//IVERMECTIN UPDATES//LETTERS FILED WITH THE INTERNATIONAL CRIMINAL COURT AT THE HAGUE RE THE WAR CRIMES AGAINST HUMANITY//LETTERS FILED LUC MONTAGNIER , DR RICHARD FLEMING AND ONE OTHER PERSON//GAS PRICES RISE AGAIN IN UK AND EUROPE SETTING OFF MAJOR PROBLEMS FOR MANY INDUSTRIES INCLUDING THE POULTRY INDUSTRY IN THE UK//SWAMP STORIES FOR YOU TONIGHT//

 

GOLD:$1763.30 UP $10.00   The quote is London spot price

Silver:$22.22 DOWN 17  CENTS  London spot price ( cash market)

 
 
4:30 closing price
 
Gold $1764.50
 
silver:  22.27
 
 
 
end
Trading today;
from James McShirley
 
As farcical as it may be gold went up 0.99%, and just 4 ticks shy of the cartel’s mythical 1% rule, on news of the Evergrande China contagion. Hoo boy are they gonna need a LOT of CTRL-P to tame this economic meltdown monster. Cascading defaults, daisy chain reactions, and all the usual economic TEOTWAKI descriptions apply. You know it’s bad when the PPT allows the Dow to drop over 800 points. (and falling). Next up: miracle 3:30p rally? If not the PPT is serious this time about bringing equity PE’s down from infinity, to mere triple digit. In spite of the state of torpor with the metals look for new CME margin hikes on gold and silver. You can’t have a precious metal going sharply nowhere acting, well, normal.

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

 

 

PLATINUM  $913.75 DOWN  $27.85

PALLADIUM: $1887.70 down $125.75/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 369/376

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,749.400000000 USD
INTENT DATE: 09/17/2021 DELIVERY DATE: 09/21/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
099 H DB AG 319
118 C MACQUARIE FUT 1
435 H SCOTIA CAPITAL 3
657 C MORGAN STANLEY 11 2
657 H MORGAN STANLEY 1
661 C JP MORGAN 369
737 C ADVANTAGE 2
905 C ADM 44
____________________________________________________________________________________________

TOTAL: 376 376
MONTH TO DATE: 2,782

 

issued:  0

Goldman Sachs stopped: 0

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT. CONTRACT: 376 NOTICE(S) FOR 37,600 OZ  (1.1695 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  2782 FOR 278200 OZ  (8.653 TONNES)

 

SILVER//sept CONTRACT

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

total number of notices filed so far this month 5301  :  for 26,505,000  oz

 

BITCOIN MORNING QUOTE  $43,600 DOWN 3822  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$43,944  DOWN 3436 DOLLARS. 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $10.00 AND NO PHYSICAL TO BE FOUND ANYWHERE:

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:  A DEPOSIT OF 1,74 TONNES OG GOLD INTO 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  1001.66 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 45 CENTS

NO CHANGES  IN SILVER INVENTORY AT 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: 

 

544.624  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 164,95 UP 1.18 OR 0.72%

XXXXXXXXXXXXX

SLV closing price NYSE 20.59 DOWN $.15 OR 0.720%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI ROSE BY A STRONG SIZED 1002 CONTRACTS TO 145,249, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR  $0.45 LOSS IN SILVER PRICING AT THE COMEX  ON FRIDAY.

OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,()IT FELL BY $0.45

BUT THEY WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A VERY STRONG GAIN OF 1,201 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 STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  SMALL INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 27.64 MILLION OZ FOLLOWED BY A 15,000 OZ  EFP JUMP TO LONDON //NEW STANDING 28.140 MILLION OZ  / v) STRONG SIZED 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 + 91
 

 

 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
SEPTEMBER
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
 
11,050 CONTACTS  for 13 days, total 11,050 contracts or 55.250 million oz…average per day:  850 contracts or 4.250 million oz per day.

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

SEPT:  55.250 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 STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1104 CONTRACTS DESPITE OUR 45 CENT LOSS SILVER PRICING AT THE COMEX ///FRIDAYHE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 2187 CONTRACTS( 0 CONTRACTS ISSUED FOR SEPT AND CONTRACTS ISSUED FOR DECEMBER) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS
 
TODAY WE HAD A HUGE SIZED GAIN OF 3198 OI CONTRACTS ON THE TWO EXCHANGE/THE DOMINANT FEATURE TODAY:/HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  ( WITH OUR $0.45 LOSS AND WE HAVE A SMALL INITIAL SILVER OZ STANDING FOR SEPTEMBER27.640 MILLION OZ FOLLOWED TODAY BY AN EFP JUMP TO LONDON.  OF 15,000 OZ TODAY//NEW STANDING 28.140 MILLION OZ//
 

WE HAD 6 NOTICES FILED TODAY FOR 30,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 1104  CONTRACTS TO 504,089 _ ,,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:  + 8  CONTRACTS.

THE SMALL SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $5.60///COMEX GOLD TRADING/FRIDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS THE TOTAL GAIN ON OUR TWO EXCHANGES TOTALLED 1,201 CONTRACTS. WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 3.586 TONNES, FOLLOWED BY TODAY’S 30,500 OZ QUEUE JUMP //NEW STANDING 9.054 TONNES// 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $5.60 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 1201  OI CONTRACTS (3.736 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2305 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 2305  ALL OTHER MONTHS ZERO//TOTAL: 2305 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 504,089. 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 1201  CONTRACTS: 1104 CONTRACTS DECREASED AT THE COMEX AND 2305 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 1201 CONTRACTS OR 3.736 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2305) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (1104 OI): TOTAL GAIN IN THE TWO EXCHANGES: 1,193 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 30,500 OZ QUEUE JUMP//NEW STANDING 9.0544 TONNES / 3) ZERO LONG LIQUIDATION, /// ;4)SMALL SIZED COMEX OI LOSS 5) FAIR 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 : 30,637, CONTRACTS OR 3,063,700 oz OR 95.29 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 2356 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 95.29 TONNES

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

THUS EFP TRANSFERS REPRESENTS  95.29/3550 x 100% TONNES  2.68% 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          95.29 TONNES INITIAL ISSUANCE ( 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 STRONG SIZED 1002 CONTRACTS TO 145,249 AND CLOSER TO  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 2187 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 2187  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  2187 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 1002 CONTRACTS AND ADD TO THE 2187 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF 3198 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 15.945 MILLION  OZ, OCCURRED WITH OUR $0.45 LOSS IN PRICE. 

 

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Peter Schiff, Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

 
 
 

3. ASIAN AFFAIRS

i)MONDAY MORNING/SUNDAY  NIGHT: 

SHANGHAI CLOSED HOLIDAY   //Hang Sang CLOSED DOWN 821.62 PTS OR 3.30%      /The Nikkei closed UP 176,71 PTS OR 0.56%   //Australia’s all ordinaires CLOSED DOWN 2.10%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4661  /Oil UP TO 70.69 dollars per barrel for WTI and 73.89 for Brent. Stocks in Europe OPENED ALL RED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4661. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4840/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 1104 CONTRACTS TO 504,089 MOVING FURTHER FROM  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL COMEX DECREASE OCCURRED WITH OUR  LOSS OF $5.60 IN GOLD PRICING FRIDAY’SCOMEX TRADING.WE ALSO HAD A FAIR EFP ISSUANCE (2305 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2305 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  2305 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2305  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 1201 TOTAL CONTRACTS IN THAT 2305 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED COMEX OI OF 1104 CONTRACTS.WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR SEPT   (9.0544),

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

SEPT: 9.0544 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 $5.60).,BUT THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 3.7356 TONNES.ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR SEPT. (9.0545 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL 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 + 8 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET GAIN ON THE TWO EXCHANGES :: 1201 CONTRACTS OR 120100 OZ OR 3.736 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:  504,089 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 50.40 MILLION OZ/32,150 OZ PER TONNE =  15.67 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1567/2200 OR 71.25% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY  82,885 contracts//    / volume//awful////comex is broken

CONFIRMED COMEX VOL. FOR YESTERDAY: 198,413 contracts//poor

 

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

 

SEPT 20

/2021

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

 

Deposits to the Customer Inventory, in oz
 
 
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
376  notice(s)
37,600 OZ
 
1.1695 TONNES
No of oz to be served (notices)
129 contracts
12,900 oz
 
0.401 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
2782 notices
278,200 OZ
8.653 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 0 oz
 
 
 
We had 0  customer withdrawals.
 
 
 
 
 
 
 
 
 
total customer withdrawals nil    oz
     
 
 
 
 
 
 
 
 
 

We had 1  kilobar transactions 1 out of  1 transactions)

ADJUSTMENTS 01//  dealer to customer

Brinks:  30,575.601 oz  (851 kilobars)

 

 
 
 
the front month of September has an open interest of 505 for a LOSS of 548 contracts. We had 853 notices served on FRIDAY.  Thus we gained 305 contracts or an additional 30,500 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 GAINED 684 CONTRACTS UP TO 37,517
NOVEMBER GAINED 143 CONTRACTS TO STAND AT 225
.
DEC LOST 2548  TO STAND AT 405,730
 

We had 376 notice(s) filed today for 37,600  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 376  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 369 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 (2782) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT: 505 CONTRACTS ) minus the number of notices served upon today  376 x 100 oz per contract equals 291,100 OZ OR 9.054 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 (2782) x 100 oz+(505)  OI for the front month minus the number of notices served upon today (376} x 100 oz} which equals 291,100 oz standing OR 9.054 TONNES in this  active delivery month of SEPTEMBER.

We GAINED 305 contracts or an additional 30,500 oz will not stand for delivery over on this side of the pond.

TOTAL COMEX GOLD STANDING:  9.0544 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

298,568.054, oz  JPM  9.28 TONNES

1,177,555.732 oz pledged June 12/2020 Brinks/36.50 TONNES

160,865.707, oz Pledged August 21/regular account 4.164 tonnes JPMORGAN

41,127.478 oz International Delaware:  1.27 tonnes

18,615.429 Loomis:  0.5790 tonnes

total pledged gold:  2,405,269.444oz                                     74.81 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 495.17 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 9.0544 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  18,294,380,571 oz or 569.03 tonnes
 
 
 
total weight of pledged: 2,405,269.444   oz                                     74.81 tonnes
 
 
 
registered gold that can be used to settle upon: 15,889,111.0 (494.21 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes15,889,111.0 (494.21 tonnes)   
 
 
total eligible gold: 15,818,694.100 oz   (492.02 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  34,113,073.671 oz or 1,061.05 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  934.71 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 20/2021

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
 
240,115.018  oz
 
CNT
Delaware
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
nil
 OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
6
 
CONTRACT(S)
 
30,000  OZ)
 
No of oz to be served (notices)
327 contracts
 1,635,000oz)
Total monthly oz silver served (contracts)  5301 contracts

 

26,505,000 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  0 deposits into customer account (ELIGIBLE ACCOUNT)

 

 
 
 

JPMorgan now has 186.501 million oz  silver inventory or 51.23% of all official comex silver. (186.501 million/360.011 million

total customer deposits today nil   oz

we had 3 withdrawals

i) out of CNT:  9,591.358 oz

ii) Out of BRINKS:  223,572.860 oz

iii) Out of Delaware: 6960.800 oz

 

 

total withdrawal  240,125.018        oz

 

adjustments:0     
 
 

Total dealer(registered) silver: 104.883 million oz

total registered and eligible silver:  360.041 million oz

a net.0.240 million oz  leaves  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
For Sept. we have an open interest of 333 for a LOSS of 6 contracts.  We had 3 notices served on Friday, so we LOST 3 contracts or 15,000 additional oz will NOT stand for delivery at the comex in this very active delivery month of September.
 
 
 

OCTOBER LOST 33 CONTRACTS TO STAND AT 1785

NOVEMBER GAINED 29 TO STAND AT 421  

DEC GAINED 1103 CONTRACTS DOWN TO 127,102

 
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  5301 x 5,000 oz = 26,505,000 oz to which we add the difference between the open interest for the front month of SEPT (333) 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: 5301 (notices served so far) x 5000 oz + OI for front month of SEPT(33)  – number of notices served upon today (6) x 5000 oz of silver standing for the SEPTEMBER contract month .equals 28,140,000 oz. ..

We LOST 3 contracts or AN ADDITIONAL 15,000 oz will not stand on this side of the pond 

 

 

TODAY’S ESTIMATED SILVER VOLUME  28,233 CONTRACTS // volume poor///

 

FOR YESTERDAY 68,271 contracts  ,CONFIRMED VOLUME/ poor

 

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% (SEPT20/2021)

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   (SEPT20)/2021 )

 

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

NAV $18.45 TRADING 17.89//NEGATIVE  3.04

 

END

 

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

SEPT 20/WITH GOLD UP $10.00 TODAY;A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES FOF GOLD INTO THE GLD/////INVENTORY RESTS AT 1001.66 TONNES/

SEPT 17/WITH GOLD DOWN $5.60 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD////INVENTORY RESTS AT 999.21 TONNES/

SEPT 15/WITH GOLD DOWN $11.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1000.21 TONNES

SEPT 14/WITH GOLD UP $12,90 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.04 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1000.21 TONNES

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.

 
 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

SEPT 20 / GLD INVENTORY 1001,66 tonnes

 

LAST;  1314 TRADING DAYS:   +76.85 TONNES HAVE BEEN ADDED THE GLD

 

LAST 984 TRADING DAYS// +  252.27. 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 20/WITH SILVER DOWN 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.624 MILLION OZ/

SEPT 17/WITH SILVER DOWN 45 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.624 MILLION OZ//

SEPT 15/WITH SILVER DOWN 9 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.624 MILLION OZ/

SEPT 14/WITH SILVER UP 13 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.11 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 544.624 MILLION OZ

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 545.735 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..

 
 

SLV INVENTORY RESTS TONIGHT AT

SEPT 17/2021      544.624 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

Gold and Silver Both Drain from Comex Inventory

September 18, 2021  by SchiffGold

Gold and silver have both significantly drained from the Comex inventory since August 1.

This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock data at the Comex to show the physical movement of metal into and out of Comex vaults.

Registered = Ready for Delivery,

Eligible = Warrant assigned but can be made available for delivery

Current Trends

Over 1 million ounces of gold left the Comex vaults since August 1. This continues the current trend that has been in place since March 2021 of metal draining from the Comex.

Figure: 1 Recent Monthly Stock Change

The same has occurred with silver. While July and August saw some inventory added, the drainage began again in September.

Specifically, Registered (silver available for delivery) declined by 5.5M ounces. Registered may have increased by 3.7M since Sept. 1, but that is really people taking ownership of the bars and leaving them at the Comex.

Figure: 2 Recent Monthly Stock Change

The table below summarizes the movement activity over several time periods.

Gold

  • In the last month, the Comex lost 1m ounces of gold which is 33% of the total over the last 12 months. This means the trend is accelerating.
    • The latest week saw a slowdown of only 31k ounces, so it will be interesting to see if this picks back up.

Silver

  • In the last week, silver saw a whopping 1.2M ounces leave Comex vaults and nearly 3.8M leave Registered.
    • Both these figures represent about 10% of the total over the last 52 weeks.
    • As Figure 2 above shows, the drainage of silver was strong from Feb to June. The recent activity may demonstrate the drainage trend has continued in the face of falling prices.

Figure: 3 Stock Change Summary

The next table shows the activity by bank/Holder. It shows where the large supply came from in 2020 (see charts below) and also where the drainage has been coming from recently.

Gold

  • Over the last month, every vault except one (Delaware) has seen gold supply drain or stay flat.
    • Even Manfra saw 112k ounces drained and they are the only vault in positive territory over the last 12 months

Silver

  • The activity in silver has been more complex with some vaults adding and others losing.
    • JP Morgan and Manfra lost 1.6M ounces in the last week alone where Delaware added 400k
    • JP Morgan has lost almost 3M ounces in the last month which represents 1.5% of their massive war chest of silver

Figure: 4 Stock Change Detail

Historical Perspective

Zooming out and looking at the inventory for gold and silver since 2016 shows the impact that COVID had on the Comex vaults. Gold had almost nothing in the Registered category before JP Morgan and Brinks added their London inventory with nearly 20m ounces. Prior to COVID, this meant that almost no gold was available to move from Registered into Eligible. That changed quickly but since the start of 2021 available inventory has been declining. It remains well above pre-COVIDevels though.

Figure: 5 Historical Eligible and Registered

Silver also saw an increase in Registered around March 2020, but this has been draining much more steadily back to Pre-COVID levels. Interestingly the ratio of Registered to Eligible is the lowest it has been since COVID started and even sits below 2019 levels.

Figure: 6 Historical Eligible and Registered

Available supply for potential demand

Many critics point to the massive open interest compared to available inventory at the Comex. As can be seen in the chart below, the ratio of open interest to available stock has fallen from over 8 to 2.76. This value is up slightly from the 2.5 seen in August, but it still gives the Comex plenty of supply to meet physical demand for over 1/3 of total open interest (the vast majority of contracts will never stand for delivery).

Figure: 7 Open Interest/Stock Ratio

Coverage in silver is not nearly as strong with 6.9 open interest ounces to each available physical supply of registered. This was as low as 6.75 in July, so has been creeping up in recent weeks.

Figure: 8 Open Interest/Stock Ratio

What it Means for Gold and Silver

While the monthly delivery of contracts certainly represents physical demand. Tracking the activity in the Comex vaults shows the actual movement of metal. In a true crisis, it’s very possible the vaults at the Comex could be drained rather quickly.

Data Source: https://www.cmegroup.com/

Data Updated: Nightly around 11 PM Eastern

Last Updated: Sep 17, 2021

Gold and Silver interactive charts and graphs can always be found on the Exploring Finance dashboard: h ttps://exploringfinance.shinyapps.io/goldsilver/

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates. Interested in learning how to buy gold and buy silverCall 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

 

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

Kyrgyzstan is now blocked from London trading over missing bars owed to various players.

(zerohedge)

Kyrgyzstan blocked from London gold trading over missing bars

 

 

 Section: Daily Dispatches

 

By Joe Wallace
The Wall Street Journal
Friday, September 17, 2021

The organization that oversees London’s gold trading blocked metal mined in Kyrgyzstan from entering the city’s market, dealing a blow to the central Asian nation’s bullion-dependent economy.

The London Bullion Market Association said Friday it had suspended Kyrgyzaltyn OJSC, Kyrgyzstan’s state-owned gold producer, from its list of acceptable refiners.

The list sets standards in London’s gold market, one of the world’s biggest, and is regarded as an international benchmark. Traders and officials have said the move will likely restrict Kyrgyzaltyn from selling bars in other gold hubs including Switzerland and New York.

The LBMA’s move was prompted by accusations from a London unit of trading firm StoneX Group Inc. that the Kyrgyz refiner had failed to deliver a half metric ton of gold bars. It further accused the refiner of trying to divert about $29 million owed to a unit of Canada’s Centerra Gold Inc. for the bars. …

… For the remainder of the report:

https://www.wsj.com/articles/kyrgyzstan-blocked-from-london-gold-trading-over-missing-bars-11631912730

END

New Orleans is back to normal so join GATA at the great conference there next month

 

 

 Section: Daily Dispatches

 

By Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference
Wednesday, September 15, 2021

With this year’s New Orleans Investment Conference just around the corner — Tuesday through Friday, October 19-22 — the timing couldn’t be better for a metals rally.

If you’re a serious investor, you need to attend this blockbuster, in-person event.

I know that Hurricane Ida made headlines around the world and New Orleans was hit hard. But the city is merely in cleanup mode now, with power restored virtually everywhere in the city. Our host hotel, the Hilton Riverside, as well as the rest of downtown and the French Quarter, are now fully back in normal operation

And on the virus front, infection rates are dropping quickly and we’ll be operating under a mask mandate only for our conference functions. (There are added restrictions within the city for those who aren’t vaccinated, so make sure you’re aware of them if you fall in that category.)

The bottom line is that New Orleans 2021 is happening, and it’s going to be an extraordinarily valuable event.

Consider our speaker roster, one of the best you’ll ever see:

Dr. Ron Paul, James Grant, Jim Rickards, Danielle DiMartino Booth, Jim Iuorio, Doug Casey, Rick Rule, Peter Schiff, Dave Collum, Grant Williams, Dominic Frisby, Tavi Costa, Lawrence Lepard, George Gammon, Brent Johnson, Peter Boockvar, Mark Skousen, The Real Estate Guys (Robert Helms and Russell Gray), Adrian Day, Gwen Preston, Adam Taggart and dozens more — including yours truly — are going to present their best investment ideas to you.

Time is short though, and our room block is filling up quickly, so I urge you to click here —

http://https//neworleansconference.com/wp-content/uploads/2021/08/NOIC2021_Powell.html

— to get all the details and reserve your place while you still can.

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
2 Poydras St., New Orleans, Louisiana
Tuesday-Friday, October 19-22, 2021

https://neworleansconference.com/wp-content/uploads/2021/08/NOIC2021_Powell.html

END 

OTHER PHYSICAL STORIES//COMMODITIES/SHIPPING

 

URANIUM

 
CRYPTOCURRENCIES/

China’s War Against Crypto Is Officially Ramping Up (Again)

 
 
FRIDAY, SEP 17, 2021 – 07:20 PM

Stop us if you’ve heard this one before: China’s war against crypto is officially ramping up.

The state has intensified its aggressive pursuit of crypto miners, some of whom have tried to “disguise themselves as data researchers and storage facilities to stay in business” according to a Bloomberg report.

In several Chinese provinces, inspections of companies have “intensified”, with an eye toward targeting illegal mining at places like colleges, research instiutions and data centers, according to the report. 

One reason China is taking such drastic steps is that there is concern over the country’s power supplies heading into the upcoming winter.

Crypto mining has already slowed in China, which was formerly the dominant mining country in the world. The country had a 46% share of the global hash rate as recently as April, Bloomberg notes. 

But as the country cracked down on crypto earlier this year, so did its global hash rate. Some miners wound up leaving the country while others took their chances in staying and trying to skirt the government’s regulation.

One miner in China told Bloomberg that his operations “remain intact” because he “regularly switches to new facilities to house his equipment” which is made up of “no more than 100 machines at one location”. 

Hebei province has asked companies for a self-compliance check to ensure they are not mining by September 30. 

China has said that crypto mining would “seriously affect economic and social development and directly threaten national security.” The statement says it would “disrupt” financial order.

Beginning in October, the government plans on implementing tools to monitor and follow computing activities to ensure that mining isn’t taking place.

 
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 6.4661 

 

//OFFSHORE YUAN 6.4840  /shanghai bourse CLOSED 

 

HANG SANG CLOSED DOWN 821.62 PTS OR 3.30 %

2. Nikkei closed  HOLIDAY

 

3. Europe stocks  ALL MIXED

 

USA dollar INDEX DOWN TO  93.38/EuroRFALLS TO 1.1703

3b Japan 10 YR bond yield: FALLS TO. +.050/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.53/ 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:: 70.57 and Brent: 73.96

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.319%/Italian 10 Yr bond yield FALLS to 0.70% /SPAIN 10 YR BOND YIELD DOWN TO 0.33%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.02: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.79

3k Gold at $1755.70 silver at: 22.31   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 6/100 in roubles/dollar) 72.56

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 109.53 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 .9307 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0896 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 0.319%

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 1.329% early this morning. Thirty year rate at 1.861%

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

6.  TURKISH LIRA:  UP  TO 8.67..  VERY DEADLY

Futures Slide, Europe Tumbles As Evergrande Contagion Shockwave Goes Global

 
MONDAY, SEP 20, 2021 – 07:46 AM

In retrospect, China, Japan, South Korea and Taiwan picked a great day to take a holiday, which as we noted last night hammered Hong Kong stocks more than 3%, slamming the Hong Kong property sector and sending Evergrande – which is expected to default within hours to a bank loan due Monday while crucial interest payment deadline on its offshore bonds looms on Thursday – to its lowest market cap ever (it closed down 10.2% just off the worst levels of the day) before the rout spread to European bourses and US equity futures as Evergrande’s escalating liquidity – and now solvency – crisis spread beyond the sector.

At 24,099 points, Hong Kong’s broader Hang Seng index has closed at its lowest level since October 2020.

“Evergrande is just the tip of the iceberg,” said Louis Tse, managing director at Wealthy Securities, a Hong Kong-based brokerage. Chinese developers were under substantial repayment pressure on dollar-denominated bonds, he added, while markets had become nervous that Beijing would push listed real estate groups to cut the costs of housing in mainland China and Hong Kong.

“That affects the banks as well — if you have lower property prices what happens to their mortgages?” Tse said. “It has a chain effect.”

And with Hong Kong becoming the temporary epicenter for the Evergrande meltdown (before it shifts back to China), contagion which had long been absent, finally spilled over across the globe, hitting not only stocks but also FX and commodities, with angst over this week’s FOMC meeting where some still think the central bank will announce tapering (spoiler alert: it won’t), only deepened on Monday, sending U.S. futures falling more than 1.3% as low as 4,356.25 touching the lowest level since Aug. 19 and far below the 50DMA which has proven to be a remarkable support zone, while European equities were 2% lower and hitting a two-month low. Treasuries gained along with the dollar before Wednesday’s Fed meeting, where policy makers are expected to start laying the groundwork for paring stimulus. Cryptos crumbled, with Bitcoin plunging to $44,000.

The early drop which sent the VIX to 26, its highest reading since May 12, was especially ominous because, as Mohamed El-Erian said, “after three straight weeks of losses, today’s trading session will be a notable test for the “buy-the-dip”/”there is no alternative”/FOMO narrative that has impressively powered stocks through prior headwinds.” Meanwhile, while we wait to see the dip buyers, the benchmark S&P 500 is on track to snap a seven-month gaining streak.

Economically sensitive industrials Boeing Co and Caterpillar Inc slipped 1.7% and 1.9%, respectively. Banking stocks including Morgan Stanley, JPMorgan Chase & Co and Bank of America Corp fell between 1.8% and 2.7% in premarket trading, tracking U.S. Treasury yields. A slate of U.S.-listed Chinese stocks including Weibo Corp, Bilibili Inc, Vipshop Holdings Ltd and Pinduoduo Inc shed between 3.4% and 5.4% amid a widening regulatory crackdown in China. Needless to say, it is a busy morning in the premarket on Monday, and here are some of the biggest movers today:

  • Freeport McMoRan (FCX US), Cleveland-Cliffs (CLF US), Alcoa (AA US) and U.S. Steel (X US) down 3%-4% premarket, following the path of global peers as iron-ore and metals prices sink
  • Cryptocurrency-exposed stocks sink premarket and in Europe after Bitcoin slipped as it hit a key line of resistance
  • Tesla (TSLA US) shares down 2% amid a broad equity selloff. Also hurt by a report that the U.S.’s top crash investigator urged the company to address safety concerns before expanding its cars’ self-driving features
  • Chinese stocks listed in the U.S. slump in Monday premarket trading as growing investor angst about China’s real estate crackdown rippled through markets on Monday
  • SmileDirect (SDC US) up 16% premarket amid continued touts for the retail-trader favorite, while Meta Materials slips.
  • Among other so-called meme stocks: IronNet -7.5%, Offerpad -6.7%, Vinco Ventures -2.7%, AMC -5.5%
  • Teradata (TDC US) shares attractive ahead of a likely inflection for its “underappreciated” cloud business, Morgan Stanley writes in note upgrading to overweight
  • Wynn Resorts (WYNN US) and Las Vegas Sands (LVS US) slide 2% premarket after their share price targets were lowered at Morgan Stanley, which pushes back its projection of Macau market recovery to mid-2022 from 4Q21 given coronavirus-related concerns in China
  • Verastem Oncology (VSTM US) soars 33% premarket after it announced Sunday that a study data in low-grade serous ovarian cancer showed encouraging response rates and progression-free survival

It wasn’t just Evergrande: Wall Street’s main indexes have been hurt this month by fears of potentially higher corporate tax rates denting earnings and have shrugged off signs inflation might have peaked. As such, while eagerly waiting to see what Beijing’s response will be to the Evergrande contagion, all eyes will also be on the Fed’s policy meeting on Wednesday, where the central bank is expected to lay the groundwork for a tapering, although the consensus is for an actual announcement to be delayed until the November or December meetings.

“Anything pointing to a November tapering decision may support the U.S. dollar further and perhaps extend the latest setback in equities,” said Charalambos Pissouros, head of research at JFD Group. “Market participants may also be eager to find out whether this could also result in earlier rate hikes.”

Aside from Evergrande and the prospect of reduced Fed stimulus, financial markets also face risks from uncertainty over the outlook for President Joe Biden’s $4 trillion economic agenda as well as the need to raise or suspend the U.S. debt ceiling. Investors were already fretting over a slowing global recovery from the pandemic and inflation stoked by commodity prices. On Sunday, Janet Yellen said the U.S. government wrote a WSJ oped in which she said the US will run out of money to pay its bills sometime in October without action on the debt ceiling, warning of “economic catastrophe” unless lawmakers take the necessary steps.

“The edges of the bullish narrative cover are being pulled and the darker underlying reality is coming to the fore,” said Sebastien Galy, a senior macro strategist at Nordea Investment Funds SA. “It is taking the market more time to price in these shocks than I had expected, and the market is far more realistic as the buy-on-dip mentality fades with the fear of inflation.”

European markets were also pounded following the rout in Asian equities earlier. The Stoxx Europe 600 index dropped as much as 2%, on track for the biggest decline since July. Raw materials led the broad-based retreat as iron ore extended a slump below $100 a ton and base metals declined after China stepped up restrictions on industrial activity. Germany’s DAX underperformed as a rebalancing takes effect. The FTSE 100 fares marginally better, declining ~1.6%. Losses spanned all Stoxx 600 sectors with miners, autos and bank the hardest hit. Here are some of the biggest European movers today:

  • Lufthansa shares rise as much as 5.1% after the airline announced plans to raise EU2.14b to pay back part of a government bailout received during the pandemic.
  • Bawag shares gain as much as 5%, touching a record high, after increasing its targets and raising its dividend payout ratio for FY22.
  • AstraZeneca shares increase as much as 3.3%, the most since April 30, after the pharmaceutical group released positive results from trials of its Enhertu breast cancer drug.
  • European mining stocks hit the lowest level since February, hit by falling iron ore and base metal prices along with downgrades for heavyweight sector names.
  • Prudential shares tumble as much as 8.3% after announcing a share placing which Panmure Gordon said came on the worst day possible, coinciding with a selloff in Asian peers.
  • AP Moller-Maersk shares decline as much as 4.4% after Berenberg writes that the risk of container rates peaking and triggering an outsized share price decline “is paramount.”
  • Holcim and HeidelbergCement shares slide after they were downgraded at JPMorgan on ESG-related concerns for the building-materials sector and soaring energy costs in Europe.

Earlier in the session, Asian stocks were mauled led by a selloff in Hong Kong amid concerns over a Beijing squeeze on real estate companies and contagion from China Evergrande’s debt crisis.  The MSCI Asia Pacific Index slipped as much as 1.3%, with China Evergrande Group and other real estate stocks leading the decliners. Hong Kong shares were the hardest hit, sending the Hang Seng tumbling as much as 4.2% amid the biggest selloff in property stocks in more than a year as traders tracked the risk of contagion from the debt crisis at developer China Evergrande.

Markets in China, Japan, Taiwan and South Korea were closed for holidays. Deepening concerns over Evergrande’s debt woes, along with China’s ongoing corporate crackdowns, have rattled markets. Traders also mentioned that President Xi Jinping’s drive to create “common prosperity” may spill over into the property market.

“We are seeing fears of contagion effect from China Evergrande playing out,” said Jun Rong Yeap, a market strategist at IG Asia. “With China closed today, the limited avenue is bringing the risk-off movement to be focused on the H.K. market, which may aggravate the selloff.” The MSCI Asia Pacific Index’s decline extended its 1.6% loss last week. The gauge is up just 0.7% for the year, compared with an 18% climb in the S&P 500 Index.

Shares in Ping An, China’s biggest insurer, fell as much as 8.4 per cent on Monday, after closing down 5 per cent on Friday as it was forced to disclose that it held no exposure to Evergrande debt or equity. Ping An has Rmb63.1bn ($9.8bn) of exposure to the country’s real estate stocks across its Rmb3.8tn of insurance funds.

Metal prices also fell on Monday as concerns grew about the impact on commodity demand of a pullback in the Chinese property market. The property sector accounts for about 20% of the country’s copper consumption and 10 per cent of its nickel demand, according to analysts at Liberum. Copper prices fell by 3% to $9,074 a tonne, while nickel fell by 2% in morning trading on the London Metal Exchange.

Meanwhile, emerging-market stocks headed for their biggest drop in a month, while Russia’s ruble and South Africa’s rand led developing-nation currency declines.

In rates, Treasuries hold gains in early U.S. session following a bout of flight-to-quality that lifted futures during Asia session (with cash market closed for Japan holiday). The 10-year yield dropped 3.4bps to ~1.3277%, with yields richer by 3bp-4bp in long-end of the curve as bunds and gilts lagging slightly; 2s10s flatter by 2.8bp, 5s30s by 1.2bp after breaching 102bp for first time in a year. This week’s events include 20-year auction Tuesday and FOMC policy announcement Wednesday. Bund, Treasury and gilt curves bull flatten. Bund and gilts richen 3-3.5bps across the back end, outperforming USTs by a half basis point or so. Peripheral spreads and swap spreads widen out with the belly of the Italian curve lagging peers.

In FX, the dollar surged with commodity currencies such as the Australian dollar and Norwegian krone plunging as a rout in iron ore and risks from China Evergrande Group’s debt crisis hurt sentiment. Haven FX is well bid with JPY and CHF at the top of the G-10 scoreboard. AUD and NOK are the worst performers with the broad commodity complex trading poorly. RUB and TRY are among the weakest in EM FX.

In commodities, crude futures are in the red as WTI drops 1.75%, snapping below $71 while Brent drops over $1 to trade near $74.30. Ferrous metals were under sharp pressure in Asian hours; base metals are deep in the red with LME copper down as much as 2.8%, LME nickel drops as much as 3.1%. Iron ore prices reached a record this year but slumped 20 per cent last week — their worst weekly performance since the 2008 financial crisis — after markets digested the impact of government curbs on steel production. On Monday, iron ore futures in Singapore fell as much as 11.5 per cent to below $100 a tonne for the first time in more than a year.

“There are fears . . . that the crisis could spill over to other companies in the sector and might directly affect the building and completion of houses,” analysts at Commerzbank said. “The construction sector is one of the biggest consumers of base metals such as copper and aluminium, as well as of steel.”

Spot gold rises off Asia’s lows, trading little changed near $1,755/oz. Crypto cratered with bitcoin trading around $44k.

Luckily, there is little on the calendar today – besides the sheer chaos gripping markets – with just the September NAHB housing market index on deck in the US; We als ohave the Federal election in Canada.

Market Snapshot

  • S&P 500 futures down 1.1% to 4,371.00
  • STOXX Europe 600 down 1.7% to 453.85
  • MXAP down 1.0% to 201.31
  • MXAPJ down 1.6% to 639.88
  • Nikkei up 0.6% to 30,500.05
  • Topix up 0.5% to 2,100.17
  • Hang Seng Index down 3.3% to 24,099.14
  • Shanghai Composite up 0.2% to 3,613.97
  • Sensex down 0.5% to 58,746.01
  • Australia S&P/ASX 200 down 2.1% to 7,248.17
  • Kospi up 0.3% to 3,140.51
  • Brent Futures down 1.3% to $74.37/bbl
  • Gold spot up 0.0% to $1,754.52
  • U.S. Dollar Index up 0.18% to 93.36
  • German 10Y yield rose 12.5 bps to -0.315%
  • Euro down 0.1% to $1.1711

Top Overnight News from Bloomberg

  • Growing investor angst about China’s real estate crackdown rippled through markets on Monday, adding pressure on Xi Jinping’s government to prevent financial contagion from destabilizing the world’s second-largest economy
  • A big week for global markets is off to a shocking start, with risk assets slumping in Asian trading
  • Emmanuel Macron is making it clear that French fury isn’t ebbing after Australia canceled a $66 billion submarine order in favor of a new defense pact with the U.S. and Britain.
  • The deepening chaos in Europe’s energy markets risks undermining the region’s recovery and complicating policy for officials desperately trying to put the worst economic crisis in a generation behind them

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks were spooked at the start of the week amid Evergrande contagion concerns and a continued slump in commodities, while the weakness also followed on from last Friday’s losses on Wall Street and with risk appetite dampened by the key holiday closures, as well the upcoming busy schedule of central bank updates including policy meetings from the FOMC, BoE and BoJ. The ASX 200 (-2.1%) was pressured by underperformance in mining names amid ongoing woes in underlying commodity prices that recently saw a more than 20% weekly decline in iron ore prices for its worst week since the GFC, which dragged prices beneath the USD 100/ton for the first time in 14 months. Conversely, M&A newsflow spurred the stocks at the other end of the spectrum with ALE Property Group boosted after Charter Hall consortium proposed to acquire a 50% stake in the Co. and AusNet Services also saw double-digit percentage gains after it received a AUD 9.8bln takeover proposal from a Brookfield Asset Management affiliate. The Hang Seng (-3.3%) plunged as focus remained on Evergrande which declined by another 17% on default fears, with the concerns not helped by reports that executives redeemed some company investment products in advance earlier this year and are facing severe punishment for securing early redemptions, while banks were also said to be unwilling to provide debt insurance concerning Evergrande and the Co. reportedly began repaying investors in its wealth management products with discounted real estate. The Evergrande woes pressured other real estate names in Hong Kong and resulted in contagion effects for property-exposed insurers, with the mood also dampened following the “patriots only” election in Hong Kong where less than 5.0k electorates voted to choose members of the 1,500-strong Election Committee in which only 1 democracy-leaning candidate won a seat among the candidates which were vetted as loyal to Beijing. The absence of Stock Connect trade further added to the lack of demand as mainland China was closed for the mid-Autumn festival, alongside the holiday closures in Japan, South Korea and Taiwan.

Top Asian News

  • Luxury Stocks Plunge on China as Uncertainty Hits Sentiment
  • Evergrande Dollar Bonds Slide Further Ahead of Interest Deadline
  • Chinese Property Developer Sinic Halts Trading After Sinking 87%
  • Thailand to Raise Public Debt Cap to 70% to Fund Covid Recovery

Equities in Europe have extended on the losses seen at the cash open (Euro Stoxx 50 -2.0%; Stoxx 600 -1.8%) as the risk aversion from APAC seeped into the region and intensified, with liquidity overnight also low on account of major market closures including Mainland China (and Stock Connect), Japan and South Korea. China’s Evergrande was again the focus overnight as shares plumbed the depths amid the ongoing default woes, with contagion also hitting peers in illiquid trade. The mood could also be dampened by woes surrounding the US debt limit, with Treasury Secretary Yellen warning that the Treasury Department’s cash balance will decline to an insufficient level and the government will not be able to pay its bills sometime in October, whilst US Democrat Senator Manchin reportedly thinks that Congress should take a strategic pause until next year before voting on President Biden’s USD 3.5tln spending plan. Add to that the newsflow surrounding fears of UK energy suppliers’ collapse alongside the geopolitical row between Australia and France, which expands out to the UK, the US and China. Long-story-short, there is not much in terms of good news, with participants also look ahead to Flash PMIs and a raft of Central Bank meetings, including the FOMC, BoE and BoJ. US equity futures have also succumbed to the risk aversion, with the NQ (-1.2%) feeling some modest cushioning from lower yields vs the ES (-1.4%), RTY (-1.9%) and YM (-1.6%). The NQ has fallen under its 50 DMA (around 15,170) whilst the RTY slipped under its 200 DMA (2,200). Back in Europe, bourses see broad-based losses. The expansion of the German bourse also came into effect, but the DAX 40 (-2.0%) nonetheless conforms to losses across the region. The CAC 40 (-2.3%) narrowly underperforms the region amid losses across several heavy-weight. Sectors in Europe are all in the red by hold a defensive bias. Basic Resources underperform, with the European basic materials stock index falling 5% to hit its lowest since February 4th. Healthcare is cushioned by AstraZeneca’s (+3.2%) rise amid a couple of positive drug updates: Imfinzi plus chemotherapy tripled patient survival at three in extensive-stage small-cell lung cancer. Separately, Enhertu reduced the risk of disease progression or death by 72% vs trastuzumab emtansine (T-DM1) in patients with HER2-positive metastatic breast cancer. Meanwhile, UK energy suppliers see tailwinds from the defensive nature of the sector, offsetting some concerns surround the collapse of UK energy providers amid the rise of gas prices, with sources via The Telegraph also suggesting the UK price cap is to remain in place to protect consumers. Elsewhere, Deutsche Lufthansa (+2.8%) took a 180 on earlier losses that stemmed from a capital raise. There wasn’t anything in terms of news to induce the upside, although last week there were reports of a potential sale or IPO of its MRO unit, whilst commentary from the Co. was also constructive.

Top European News

  • Energy Firm Green Warns It May Not Survive Winter: Power Update
  • Luxury Stocks Plunge on China as Uncertainty Hits Sentiment
  • Lufthansa to Raise $2.5 Billion to Repay State Bailout Funds
  • Croatia’s Oil Company INA Mulls Max. HRK2b Bond Sale

In FX, the Dollar has extended its marked recovery from post-US CPI (and NFP) lows to register fresh peaks almost across the board, and with the latest legs up prompted by broad risk aversion rather than bullish fundamentals as such following a somewhat mixed Michigan sentiment survey last Friday. To recap, the index breached 93.000 ahead of the weekend amidst weakness in stock markets on a number of factors including Quad Witching, but the more recent deterioration in sentiment has emanated from steeper declines in crude and other commodities alongside further depreciation in Evergrande’s share price against the backdrop of ongoing concerns about Delta contagion and in thin, illiquid trading conditions due to holidays in mainland China, Japan, South Korea and Taiwan. The DXY recently topped 93.400 before fading, but remains firm ahead of the NAHB housing index and data before this week’s FOMC. However, the Yen is actually outperforming having rebounded from just under 110.00, while the Franc has pared some declines from sub-0.9300 and Gold is trying to find a base around Usd 1750/oz as Treasury yields ease back and the curve reverts to flattening mode.

  • NOK/GBP – Brent’s reversal towards Usd 74/brl compared to Usd 76+ at one stage on September 15 has eroded more Norges Bank rate hike premium from the Norwegian Crown, while Sterling is also recoiling as a cyclical currency after displaying relative resilience on hawkish BoE vibes of late. Eur/Nok is now hovering around 10.2600 and Cable is striving to contain losses having run into resistance circa 1.3750 and losing support at 1.3700.
  • AUD/CAD/SEK – No respite for the Aussie from an exit plan and route out of lockdown in Melbourne, Victoria, as iron or prices are crushed again and Aud/Usd retreats through 0.7250 awaiting the latest set of RBA minutes, and the Loonie has been undermined by further WTI retracement alongside a degree of political uncertainty given signs that Canada’s election will go right down to the wire, with Usd/Cad just above 1.2800. Elsewhere, risk-off positioning is weighing on the Swedish Krona towards the bottom of an equidistant range around 10.2000 against the Euro on the eve of the Riksbank policy meeting even though the tone might turn more hawkish following much stronger than forecast inflation data in August.
  • EUR/NZD – The Euro is embroiled in another tussle, but this time the task is to keep its head over 1.1700 vs the Greenback as it trips stops said to be sitting at 1.1704 (August 20 low), and at this stage decent option expiry interest between 1.1720-30 (1.1 bn) could be capping Eur/Usd rather than exerting any magnetic influence. Similarly, the Kiwi is facing a battle to retain 0.7000+ status as NZ’s services PMI joined the manufacturing index in sub-50.0 territory to counter better news on the COVID-19 front as Auckland’s alert level moves down to level 3 from Tuesday.
  • EM – Widespread underperformance vs the Usd on all the factors listed above, though also jitters ahead of a host of Central Bank convenes post-Fed.

In commodities, WTI and Brent front-month futures continue to drift lower, and the complex conforms to the risk-off mood across the market alongside some supply-side developments over the weekend. Firstly, the Iraqi oil minister suggested that OPEC+ is working to maintain a price of USD 70/bbl for Q1 next year and will likely keep the oil deal unchanged during the next meeting in October if prices remain stable. Note – sources via Energy Intel in July suggested a potential pause in the deal amid a lower demand forecast in H1 2022 at the time. Further, the Iranian Foreign Ministry said the nation might hold talks on restoring the 2015 nuclear deal on the sidelines of the United Nations General Assembly next week. That being said, Iran recently reaffirmed the same stance it had during the prior talks earlier this year. WTI Oct has declined back under USD 71.00/bbl (vs high USD 72.08/bbl) whilst Brent Nov moves closer towards USD 74/bbl (vs high USD 75.40/bbl). In terms of bank commentary and amid the ongoing gas crunch, Goldman Sachs noted that tight global gas supplies could create a meaningful bullish catalyst for oil this winter – larger than the downside risk from another COVID wave. The analysts added that a 900k BPD demand uplift from potentially colder winter could lead USD 5/bbl increase on its Q4 2021 USD 80/bbl Brent forecast. It’s also worth noting that Chinese Premier Li reiterated that the government would continue its efforts to stabilize commodity prices through a variety of measures. This would be viable for base metals and crude, given that those were the main driving forces in the recent PPI metrics. Base metals have also been hit, with LME copper moving ever closer to USD 9,000/t, having hit a current intraday low of USD 9,053/t. Dalian iron ore prices also saw a slump overnight, with traders citing the ongoing steel curbs dampening demand. Spot gold and silver continue to consolidate following last week’s hefty losses ahead of a risk-packed week.

US Event Calendar

  • 10am: Sept. NAHB Housing Market Index, est. 74, prior 75

DB’s Jim Reid concludes the overnight wrap

It’s a confusion world when equity markets are generally within a couple of percent or so of their record highs whilst we’re seeing the biggest dollar Asian high yield company Evergrande, with $300bn of liabilities, on the brink with no-one really aware of how the work-out will be managed and whether they’ll be contagion. Meanwhile the news wires are full of stories suggesting that this could be a winter of energy blackouts across parts of the world. Having been born in the 1970s I have vivid early memories of our house being stocked full of candles to help out when the numerous power cuts of that period came through. Let’s hope we don’t get a repeat, albeit for different reasons. There are also talks about food shortages in the next few weeks due to the gas situation. C02 is used in a lot of food production in various forms and serious shortages are emerging. So a messy picture of uncertainty and that’s without talking about covid.

On Evergrande, an index of Chinese HY dropped to its lowest level since 2012 on Friday as fears spread locally. To be fair I’ve been worried about the over leveraged Chinese property sector for years without anything much happening so it’s hard to know whether this is finally the big one or not. It’s certainly the biggest test and it’s all down to how much leeway the banks give the company and how much the authorities step in to manage the fall-out. The two are probably linked. There is a domestic bank loan repayment today (with a 24 hour grace period) which is unlikely to be made and a domestic and a dollar bond coupon payment due on Thursday. So things are coming to a head this week even if today and tomorrow are public holidays in China.

Even with the holiday, sentiment is being marred this morning by a Reuters report suggesting that China will target big property developers next in its crackdown over monopolistic behaviours. Interesting timing given the concerns over Evergrande. A combination of this and the escalating Evergrande crisis has sent the Hang Seng Properties Index down as much as -6.64% overnight and to a level which if sustained would be its lowest close since June 2012. Meanwhile, Ping An Insurance, China’s largest insurer by market value and the one most exposed to the real estate sector, is down -7.60% in Hong Kong and Chinese high yield dollar bonds also continue to be under pressure. The broader Hang Seng index is down -3.87%, the Asx -2.21%, while India’s Nifty is -0.41%. The Kospi is up +0.33% though. Japanese and Chinese markets are closed for a holiday. Futures on the S&P 500 are down -0.83% while those on the Stoxx 50 are down a larger -1.23%. In fx, the US dollar index is up +0.15%. So a likely tough start to the week. Will we finally get the correction that’s increasingly become a consensus view?

These stories will continue to reverberate but there’s a lot of other things going on this week with three G7 central bank meetings and two G7 general elections (has that ever happened before?) but the conclusion of the Fed meeting (Wednesday) and German Federal election (Sunday) are the highlights. We also have the Bank of Japan (Wednesday) and Bank of England (Thursday) meetings, alongside the equivalent for a number of EM central banks, including in Turkey, South Africa and Brazil. Elsewhere Canada’s general election takes place today. Data will take a slight back seat but the September flash PMIs (Thursday) will shed further light on the state of the global economy.

The most important event this week will be the Fed’s decision on Wednesday, and this meeting is also significant as we’ll get the FOMC’s latest economic projections (SEP) and the dot plot too. In terms of what to expect, our US economists write in their preview (link here) that they expect the statement to adopt Chair Powell’s language that a reduction in the pace of asset purchases is appropriate “this year” as long as the economy remains on track. Although they see Powell maintaining optionality about the exact timing of that announcement, their view is that the effective message will be that in the absence of any material downside surprises, the bar to pushing the announcement beyond November is relatively high. For the dot plot, they expect there’ll be an upward drift in the dots that raises the number of rate hikes in 2023 to 3, followed by another 3 increases in 2024.

It’s difficult for monetary policy to operate in isolation and the fiscal path may become a little clearer or muddier this week with events in Congress in full swing. In short without a continuing resolution or the Democrats passing through their FY 2022 reconciliation package, the federal government will go into a partial shutdown on October 1st. The Dems plan to hold a vote on the $1.2trn bi-partisan infrastructure package (already passed by the Senate in August) on September 27 and simultaneously hold a vote on a short-term continuing resolution (CR) to fund the government through the October 1 deadline for the start of the new fiscal year. House majority leader Hoyer implied that one of the two planned votes would include legislation to address the debt ceiling, which will most likely need to be dealt with by the second half of October in order to avoid the possibility of a technical default. So a pretty complex picture and one full of brinkmanship on both sides. Senate Minority Leader McConnell has vowed not to vote to suspend the debt ceiling but may accept a short-term one which may force the Democrats to raise the debt ceiling through a party-line vote via their FY 2022 reconciliation package. However, the progressive wing of the Democrat Party in the House might vote against the bi-partisan package if it is not firmly tied to the more expansive reconciliation bill. So a couple of weeks of high intrigue in Washington.

Back to the week ahead and you can preview our economists’ views on the BoJ and BoE meetings here and here. Neither are expected to do too much with the BoE a little more interesting in terms of forward guidance in terms of possible tightening needed next year.

Today’s curiosity will be the Canadian election. Incumbent Prime Minister Justin Trudeau called an early election seeking to regain the majority in the Canadian House of Commons that his party lost in the 2019 election. However, since he did, the polls have narrowed substantially, with CBC News’ polling average putting Trudeau’s Liberals on 31.5%, just narrowly ahead of the opposition Conservatives on 31.0%. According to their model, the Liberals have only a 17% chance of regaining a majority, with the most likely outcome (given a 57% probability) that they’re still the largest party but falling short of the 170 seats needed.

The other main election in focus will be Germany’s, which has important implications for not just domestic but also EU policy. That’s not taking place until Sunday but we’re heading into the last full week of the campaign, with the candidates from the Bundestag parties set to take part in a final TV debate on Thursday. The polls have actually been remarkably stable over the last couple of weeks, having gone through some big shifts over recent months, and Politico’s Poll of Polls puts the centre-left SPD in the lead with 26%, ahead of Chancellor Merkel’s CDU/CSU bloc on 21%, and the Greens trailing on 16%.

Elsewhere on the political scene, there’s an important Quad Summit taking place at the White House on Friday, featuring President Biden along with the Prime Ministers of Australia, India and Japan. The statement from the White House said that the leaders would focus “on deepening our ties and advancing practical cooperation on areas such as combatting COVID-19, addressing the climate crisis, partnering on emerging technologies and cyberspace, and promoting a free and open Indo-Pacific.” That summit follows the announcement this week of a new security partnership between the US, UK and Australia, named AUKUS, which will see Australia obtain a nuclear-powered submarine fleet. On Friday night the implications of this reverberated with France recalling It’s ambassadors from the US and Australia over the Australian cancellation of a submarine contract with the French that was associated with this deal.

Finally on the data front, this Thursday will see the release of the flash PMIs for September, which will offer an indication of how the global economy has fared towards the end of Q3. Back in August, the composite PMIs showed a deterioration from their July levels across the key economies, including the Euro Area, US, UK and Japan, so it’ll be interesting to see if that deceleration in growth momentum continues. Alongside those, the Ifo’s business climate indicator from Germany will be released on Friday.

Back to last week and global equity markets slid for a second consecutive week for the first time since the Spring. The S&P 500 fell -0.57% last week, with a -0.91% decline on Friday leading to the index’s first back-to-back weekly loss since mid-May. The losses were primarily led by growth and technology stocks as the NASDAQ declined -0.47% on the week, while cyclicals such as banks (+1.12%) and energy (+3.20) stocks outperformed. Notably the S&P 500 closed below its 50 day moving average on Friday for the first time since mid-June and only the second time since early-March. European equities similarly fell back, as the STOXX 600 ended the week -0.96% lower after Friday’s -0.88% loss. As with the S&P, the European index traded under its trailing 50 day average – for the first time since mid-July.

Global sovereign bonds continued selling off as yields rose for a fourth straight week. Rising real yields and the expected tapering of central bank purchases weighed on the asset class. US 10yr Treasury yields ended the week up +2.1bps, as Friday’s +2.4bp rise overrode the rest of the week. The rise in yields came after the preliminary University of Michigan survey showed respondents’ inflation expectations in a year rose slightly to 4.7% (4.7% expected), which was 0.1pp higher than last month. 5-10yr expectations remained stable but elevated at 2.9%. Overall the sentiment reading of 71.0 (72.0 expected) was 0.7pts higher than last month but still under expectations. This was the third worst reading in a decade, with only last month and April 2020 having been lower. Buying conditions for household durables, homes and motor vehicles were their worst since 1980 due to complaints of high prices as demand shocks and supply chain issues persist.

Bond yields in Europe moved even higher across much of the continent. Yields on 10yr bunds rose +5.0bps, rising for a fourth straight week to reach its highest levels since early-July. Ahead of this week’s Bank of England meeting, yields on the short end of the curve rose to post-pandemic highs as 2yr and 5yr gilt yields increased +5.6bps and +8.6bps respectively. The short end move came despite Friday’s UK retail data for August unexpectedly falling by -0.9% (vs. +0.8%) and July’s numbers being revised down to -2.8% (from -2.5%). While the recent data may blunt some near-term hawkishness, the market continues to look ahead to rising U.K. rates.

Rounding out the data releases, the final Euro Area CPI reading for August came in unchanged from the preliminary +3.0% y/y and +0.4% m/m. The year-over-year figure increased from +2.2% in July, with clothing costs as the primary driver of the rise.

end

3A/ASIAN AFFAIRS

i)MONDAY MORNING/SUNDAY  NIGHT: 

SHANGHAI CLOSED HOLIDAY   //Hang Sang CLOSED DOWN 821.62 PTS OR 3.30%      /The Nikkei closed UP 176,71 PTS OR 0.56%   //Australia’s all ordinaires CLOSED DOWN 2.10%

/Chinese yuan (ONSHORE) closed DOWN TO 6.4661  /Oil UP TO 70.69 dollars per barrel for WTI and 73.89 for Brent. Stocks in Europe OPENED ALL RED   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4661. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4840/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//SOUTH KOREA

 

 
end

b) REPORT ON JAPAN

JAPAN/COVID/

 
 
 

3 C CHINA

CHINA/TRADING

Evergrande default creates contagion across the globe.

(zerohedge)

Hong Kong Stocks Crash, Futures Slide As Markets Finally Freak Out About Evergrande Default Contagion

 
SUNDAY, SEP 19, 2021 – 11:31 PM

Well, as we warned, the Evergrande contagion has finally arrived and with China closed for holiday traders are getting out while they can and where they can, and on Monday morning in Asia that means Hong Kong, where Evergrande – which is about to default – has crashed by another 13% this morning and is on track to close at its lowest market cap ever (to be expected ahead of a bankruptcy that will wipe out the equity)…

… and with Evergrande property development peers such as New World Development & Sun Kung Kai Properties both down over 8%, and Sunac China and CK Asset plunging over 7%, the Hang Seng property index has crashed more than 6%, its biggest drop since 2020 to the lowest level since 2016…

… and the broader Hang Seng index is down 3.5% in early trading, to the lowest level since November 2020.

And with traders on edge about the rapidly spreading contagion (as we described earlier) even sectors supposedly immune to China’s property woes, such as the Hang Seng Tech Index are plunging, sliding as much as 2.7%.

And speaking of Evergrande’s imminent default, we noted earlier that while the company is scheduled to pay $83.5 million of interest on Sept. 23 for its offshore March 2022 bond, and then has another $47.5 million interest payment due on Sept. 29 for March 2024, the day of reckoning may come as soon as Tuesday: that’s because Evergrande is scheduled to pay interest on bank loans Monday, with a one-day grace period. In other words, should it fail to arrange an extension, it could be in technical default as soon as Tuesday(for a much more detailed analysis of next steps please see “This Is How Contagion From Evergrande’s Default Will Spread To The Rest Of The World“.) Spoiler alert: a default is coming because Chinese authorities have already told major lenders not to expect repayment.

Incidentally, as Bloomberg’s Mark Cranfield notes, Hong Kong stocks can’t blame low liquidity for the meltdown as “trading volumes on the Hang Seng and H shares indexes are running well above the 10-day average on Monday as both drop by ~4%.”

There’s more: junk-rated Chinese dollar bonds slid by as much as 2 cents, according to credit traders, pushing their yield to just shy of 15%, the highest since 2011.

Other sectors are also getting hammered, such as Ping An Insurance, China’s largest insurer by market value, which plunged 7.3% in Hong Kong.

“Investors may be concerned about highly-geared names and don’t care about valuation nowadays,” said Philip Tse, head of Hong Kong & China Property Research at Bocom International Holdings Co Ltd. “There will be further downside” unless the government gives a clear signal on Evergrande or eases up on its clampdown on the real estate sector, Tse said.

Meanwhile, pouring gasoline on the fire, Goldman’s China anlyst Hui Shan published a note (available for professional subs in the usual place) on Sunday in which it discussed the rising risks from the property market, writing that even without the Evergrande debacle “housing activity fell sharply in July and weakened further in August” largely in response to China’s structural reforms in the property sector (such as the “3 Red Lines”). At the same time, “concerns over Evergrande are rising and signs of financing difficulties spreading to other developers are emerging.”

In the note, Goldman also estimates the potential impact of the coming property market crash on Chinese growth under different scenarios, which can be described as bad, worse, and terrible, with the bank expecting a GDP hit anywhere from just over 1% to as much as 4.0%. Needless to say, such an outcome would be devastating not only for China but for the world.

Looking ahead, Goldman notes that while for now, its baseline remains that any potential default or restructuring of Evergrande would be carefully managed by the government with limited contagion effect in both financial and property markets “this would require a clear message from the government soon to shore up confidence and to stop the spillover effect, the absence of which we think poses notable downside risk to growth in Q4 and next year.”

In short, as we explained previously, it all depends on Beijing whether the current selloff accelerates, or if we see a furious surge as Beijing directly or indirectly injects another cool trillion or 10.

Meanwhile, as Bloomberg’s bloggers write echoing what we said yesterday while traders may have been hoping there would be some clarity on the road ahead for the company, given it has bond payments due this week, “the complexity of the case may be the reason for a lack of communication from the authorities. That compounds the uncertainty for investors, and with China on holiday, the momentum for lower Hong Kong stocks are picking up pace.”

So while contagion is clearly hammering Hong Kong in lieu of the shuttered China, it is also spreading to Australia where the Aussie dollar is  mining stocks have slumped as iron ore prices continue to collapse, with the industry group falling 4%. Among the biggest movers, Champion Iron fell as much as 12.5% in early trade Monday, continuing a four-day losing streak while Fortescue Metals dipped as much as 7%, falling to the lowest price since July last year.

Contagion has also moved beyond merely stocks, with US equity futures trading as low as 4380..

… and is starting to impact both commodities, with Iron Ore tumbling more than 10% on fears a Chinese property crisis will lead to collapsed demand for steel, as well as FX, with the dismal mood lifting USD/HKD to the highest for September, and while USD/CNH is firmer, but for now, that is in line with broad dollar strength. Should EUR/CNH start trending higher, Bloomberg notes, “that would be a signal traders have become anxious about the health of the yuan amid the equities slump.”

Incidentally, it is hardly a secret that the bigger the market crash, the more likely Beijing is to do something to bail out the market and tens of millions of very angry Chinese investors who may soon show Nancy Pelosi what an insurrection really looks like. But should the silence out of Beijing persist, it’s only a matter of time before the “anxiety” hits levels not seen since Sept 2008 as an outcome most traders thought impossible becomes inevitable.

END

CHINA/ANOTHER PROPERTY COMPANY IMPLODES

And Another: Shanghai-Based Property Developer Crashes 87% In Minutes Before It Is Halted

 
MONDAY, SEP 20, 2021 – 10:09 AM

It’s not just Evergrande that is about to keel over. Overnight, one of its smaller peers, Shanghai-based Sinic Holdings Group which focuses on the development of residential and commercial properties in China, was halted trading after it shares cratered in a freak 87% plunge on Monday afternoon. The plunge slashed the market value to just under $230 million, which is laughable for a listed developer in the city.

There was no reason for the selloff – an officer at the firm’s Hong Kong office said there’s no one to attend to media inquires which is probably not a good sign – which was attributed to the general panic resulting from Evergrande’s imminent default, nor did the company give a reason for the trading halt in Hong Kong.

One thing was clear: selling volumes were off the chart, and as Bloomberg observes, the sudden selloff in the last two hours leading up to the suspension was accompanied by a surge in trading volume that was about 14 times its average in the past year. The liquidation may have been a margin call on a core shareholder who was forced to hit any bid, but we probably won’t know for a few days. 

Unlike Evergrande, Sinic is not faced with an imminent default, but it does have a 9.5% $246 million bond due on Oct. 18 and Fitch Ratings revised its outlook to negative last week.

“It’s the same story as everywhere else — investors are concerned about the liquidity,” said Philip Tse, director and head of Hong Kong and China property research at Bocom International Holdings Co Ltd. “I think there are most likely some margin calls on some of the major shareholders” by looking at Sinic’s stock price pattern this afternoon.  

The crash came as Hong Kong’s property gauge plunged the most since May 2020 amid growing investor angst about China’s real estate crackdown and worries that Beijing may tighten grip on the city’s property sector in its “Common Prosperity” campaign. As discussed extensively last night, risk-off sentiment in financial markets exploded on Monday, with contagion from Evergrande spooking global markets, and as Chinese junk bond yields have soared to the highest level since 2011.

More ominously, even China’s CDS are starting to move sharply wider.

END

The Ultimate Contagion: China Sovereign Risk Is Starting To Blow Out

 
MONDAY, SEP 20, 2021 – 10:15 AM

“Something historic will happen this week” was how we started to explain the process by which the collapse of Evergrande could spread contagiously across the world this week.

One glance at global markets this morning suggests, at a minimum, that risk is being de-grossed across everything from European utilities to cryptos to US materials stocks.

However, the biggest – and ultimate-est – contagion is that of China’s sovereign risk itself… and that is starting to blow out…

This sudden surge in default risk on China’s sovereign debt is very significant in the context of China’s constant reassurance to the rest of the world that it is solid-as-a-rock (just as Larry fink, but don’t ask George Soros). However, we do note that China CDS spiked to around 90bps in March 2020 (as the COVID crisis hit) and around 150bps in early 2016 (accelerating after China devalued the yuan in late 2015).

The question is, of course, where will this stop this time? How much ‘risk’ is China willing to take with its sovereign risk?

END
 
Kyle bass:
 
 

@Jkylebass

Another Chinese property developer collapsed this afternoon in Hong Kong (dropping a massive 87%) before it was halted. Shanghai based developer Sinic…racing #Evergrande to the bottom. Get ready for a banking crisis in #HK AND #China
 
end

Six Evergrande Execs Face ‘Severe Punishment’ Over Early Redemptions For Themselves

 
MONDAY, SEP 20, 2021 – 12:10 PM

Six senior Evergrande executives are facing “severe punishment” for securing early redemptions for themselves on investment products which the imploding Chinese real estate giant told retail investors they couldn’t repay on time.

According to the Financial Times, over 40 group executives had personally invested in its investment products – with six of them securing early redemptions. All six will return the money.

“All funds redeemed by the managers must be returned and severe penalties will be imposed,” said the company, which has offered to repay investors with discounted apartments and parking lots.

Shares in the Hong Kong-listed Evergrande fell as much as 18.9% on Monday, sending shockwaves throughout international markets over ‘broader concerns about the health of China’s real estate sector.’ At present, over 500 of Evergrande’s 800+ projects across China are halted – with at least several hundred thousand units which have been presold yet not delivered. To complete construction, the company needs at least 100 billion yuan (US$15bn).

Evergrande’s sign at an urban redevelopment site in Shenzhen (via Caixin)

What’s more, Evergrande relies heavily on commercial paper to pay suppliers and construction partners – paying one company, Jiangsu Nantong Sanjian Construction Group, just 8% cash and the rest in commercial paper. At the beginning, commercial paper borrowings consisted of six-month notes yielding an annualized 15-16%. Now, most carry interest north of 20% – with holders unloading at discounts as high as 55% to raise cash.

As of the end of June, Evergrande had total assets of 2.38 trillion yuan (US$355bn) and liabilities of 1.97 trillion yuan – of which 571.7 billion yuan (US$88.4bn) is interest-bearing. The company was able to decrease approximately 145 billion yuan of interest-bearing debt since the end of 2020 by deferring payables to suppliers. Meanwhile, the company has massive off-balance sheet debt of unknown size, according to privately held Chinese news outlet Caixin.

On Monday, Caixin wrote in an article titled: “How Evergrande Could Turn Into ‘China’s Lehman Brothers’“:

A bankruptcy would amount to a financial tsunami, or as some analysts put it, “China’s Lehman Brothers.” The venerable American investment bank’s 2008 collapse helped trigger a global financial crisis.

Certainly Evergrande, one of China’s three biggest developers, has a giant footprint in China.

Its liabilities are equivalent to about 2% of China’s GDP. It has more than 200,000 employees, who themselves and many of their families have invested billions of yuan in the company’s WMPs. The company has more than 800 projects under construction, more than half of them halted due to its cash crunch. There are thousands of upstream and downstream companies that rely on Evergrande for business, creating more than 3.8 million jobs every year.

    …

A potential default by Evergrande could spread to markets outside China as it has huge, high-interest offshore bonds. Some of its offshore bonds carry interest rates as high as 15%, a person close to the Hong Kong capital market said. UBS estimates that $19 billion of Evergrande’s liabilities are made up of outstanding offshore bonds. -Caixin

As the company’s situation continues to deteriorate, the big question is whether or not a reluctant Beijing will step in for a rescue. According to the report, several state-owned enterprises including Shenzhen Talents Housing Group Co. Ltd. and Shenzhen Investment Ltd. – both of which are controlled by the Shenzhen state-owned Assets Supervision and Administration Commission (SASAC), have been in discussions with Evergrande over its Shenzhen projects, however no deal has been reached according to people close to the talks.

In May, the company offered certain homebuyers 30% to 40% discounts on properties if they paid entirely in cash, company staffers told Caixin.

Evergrande, which denied bankruptcy rumors last week, has hired financial advisers to explore “all feasible solutions” to solve their liquidity issues – and has warned that there’s no guarantee they’ll be able to meet their obligations despite repeatedly signaling that it will unload equity and assets.

Last week pissed off Evergrande investors were joined by unpaid suppliers – who stormed the company’s Shenzhen headquarters and took management ‘hostage‘ by not allowing them to leave.

I have with me Nanchang’s top Evergrande representative surnamed Chen,” said WeChat user Yang Qiwen, referring to the city in Jiangxi province in south-eastern China, in a post accompanied by a photo of a man lying on the floor.

He can’t leave the office. There are more than 300 of us (investors) stopping him,” Yang added on one of at least three WeChat groups discussing the company’s dire straits.

 

Photos posted by a WeChat user who claims to have held hostage Nanchang’s top Evergrande representative.PHOTOS: WECHAT GROUPS

According to senior company executive Du Liang, Evergrande had used at least Rmb40bn (US$6.2bn) from the sales of wealth management products to fund construction projects across the country. Meanwhile, the company owes retail investors, creditors and suppliers an estimated $300 billion.

As the Times notes, “Evergrande’s attempts to calm investor anger highlight the many challenges its debt crisis poses for the Chinese government, which is reluctant to bail out the company even though its collapse could have wide-ranging consequences.

 

Police with riot shields guarded the entrance of Evergrande’s headquarters building (via Caixin)

The bait before the switch

One senior Evergrande executive said he personally invested 1.5 million yuan (US$232,000) and encouraged his subordinates to invest 1.5 million yuan into a crowdfunding product issued to executives called “Chaoshoubao,” which translates to “super return treasure.” In 2017, the company sought financing from state-owned China Citic Bank in Shenzhen – which required that company executives personally invest.

The company promised 25% annual interest payments and redemption of principal and interest within two years.

Citic Bank eventually agreed to provide 40 billion yuan (US$6.1bn) of acquisition funds. When Chaoshoubao was due for redemption in 2019, the company asked employees to agree to a one-year extension, with one investor claiming they received an annualized return of 4% to 5% in the last four years, far below the promised 25% return.

What’s worse, Evergrande repaid current executives and employees to the tune of 2 billion yuan, but shafted former employees to the tune of 200 million yuan.

Mixed incentives

Making the Evergrande house of cards even more unstable – the company sold wealth management products to its construction partners – requiring them to simply buy WMPs whenever Evergrande needed to pay them, according to a former employee.

“If the construction companies are owed 1 million or 2 million yuan, we would ask them to buy 100,000–200,000 yuan of WMPs, or about 10% of their receivables,” said the former employee, who added that while it wasn’t mandatory for construction companies to buy WMPs, they would frequently do so in the spirit of cooperation and good relations. Evergrande property owners were also buying the investment products.

Now, around 40 billion yuan (US$1.16bn) are due.

“It is difficult for Evergrande to make all of the repayments at once at this moment,” according to Evergrande wealth division general manager, Du Liang.

Evergrande initially proposed to impose lengthy repayment delays, with investments of 100,000 yuan and above to be repaid in five years. After heated protests by investors, the company tweaked its plan last week, offering three options. Investors can accept cash installments, purchase Evergrande’s properties in any city at a discount, or waive investors’ payables on residential units they have purchased.
Some investors opposed the “property for debt” option, as many projects of Evergrande have been halted and there is a risk of unfinished projects in the future.
The proposals are insincere,” a petition signed by some Guangdong investors said. “It’s like buying nonperforming assets with a premium.” The petition urged the government to freeze Evergrande’s accounts and assets and demanded cash repayment of all principal and interest. -Caixin

While larger suppliers may be able to survive an Evergrande default, small and medium-sized suppliers holding large amounts of overdue Evergrande notes are in a precarious position.

Shedding assets, not land

As Caixin further notes, Evergrande has been shedding assets to raise cash – however its largest holdings are its land reserves. As of June 30, the company had 778 land reserve projects with a planned 214 million square meters of total planned floor space, and an original value of 456.8 billion yuan (US$70bn). The company also has 146 urban redevelopment projects – which they’ve spoken to ‘every possible buyer in the market’ to unload, according to the report.

Yet, no deals have been reached – with several real estate developers raising concerns over complex creditors’ rights that make the projects difficult to dispose of.

Meanwhile, the company has been reluctant to sell at a loss.

“In China, land reserves are the most valuable assets,” said Du, the wealth management GM in a recent speech, adding “This is Evergrande’s biggest asset and last resort.”

“For example, for a land parcel, Evergrande’s acquisition cost is 1 billion yuan, and the land itself is worth 2 billion yuan, but the buyer may only offer 300 million yuan,” he continued. “If we sold at a loss, we would have no capital to revive.”

That said, even if Evergrande can quickly unload housing units, it wouldn’t be enough to cover their debts. One banker with billions of yuan in exposure to the company told Caixin that there’s a 99.99% chance they won’t be able to cover interest due in the third quarter.

Hidden debts and lawsuits

As Caixin explains, “In the early stage of projects, developers need to invest a lot of money, which could significantly increase the debt on the balance sheet. Companies often place these debts off their balance sheet through a variety of means. After the pre-sale of the project, or even after the cash flow of the project turns positive, these debts would be consolidated into the balance sheet in the form of equity transfer, according to a property industry insider.”

For example, 40 billion yuan of acquisition funds Evergrande obtained from China Citic Bank were invested in multiple projects. Among them, 10.7 billion yuan was used by Shenzhen Liangyang Industrial Co. Ltd. to acquire Shenzhen Duoji Investment Co. Ltd. As Evergrande doesn’t have an equity relationship with the two companies, this item was not required to be consolidated into Evergrande’s financial statement. Evergrande used leveraged funds to acquire equities in 10 projects, and none of them were included in its financial statement, the prospectus of its Chaoshoubao shows.

Evergrande has sold equity in subsidiaries to strategic investors and promised to buy back the stakes if certain milestones can’t be reached in the future. Such equity sales are actually a form of borrowing, too. In March, Evergrande sold a stake in its online home and car sales platform Fangchebao for HK$16.4 billion ($2.1 billion) in advance of a planned U.S. share sale by the unit. If the online sales unit doesn’t complete an initial public offering on Nasdaq or any other stock exchange within 12 months after the completion of the stake sale, the unit is required to repurchase the shares at a 15% premium.

Other hidden debts include unpaid payments to acquire equities – sparking dozens of lawsuits from small property companies who are demanding cancellation of their equity sales agreements due to failure to perform. The plaintiffs are Evergrande’s partners in local development projects – who were usually paid 30% up front, but then shafted on the rest even after projects were completed, according to the complaints. One lawyer for the plaintiffs told Caixin that Evergrande’s project subsidiaries don’t want to cause friction with local partners, but they have no money to pay because proceeds from the projects have been funneled directly to the parent company.

Since April, 49 Evergrande wholly owned subsidiaries have been sued, according to Tianyancha, a database of publicly available corporate information.

As Caixin notes, “Evergrande’s extremely high debt ratio, high financing cost and repeated delays in payments to suppliers, partners and local government show that its liquidity has always been tight, but on the other hand, the fact that it has survived years under this model indicates that it has always been able to generate money, a veteran investor said,” adding “Now everyone is watching whether it can dodge the bullet once again.”

END

China’s largest insurer Ping An hammered as contagion spreads to this group as well

(zerohedge)

Asia’s Largest Insurer Hammered As Investors Sell First, Don’t Bother To Ask Questions

 
MONDAY, SEP 20, 2021 – 03:28 PM

Few were surprised to see that the crash in Evergrande dragged down property names (one among then, Sinic Holdings, crashed 87% in minutes and was halted), banks exposed to the property developer (according to report there are over 120), with the contagion spreading to commodities directly linked to China’s property sector (such as Iron Ore which plunged 10%), as well as FX of commodity-heavy countries, one ominous decline was that of Asia Pacific’s largest insurer, Ping An (whose name literally and unironically means “safe and well”), which dropped 3%, following a 5% drop on Friday, and hitting a four year low on concerns about its property exposure.

The selling took place even though the company issued a statement Friday saying that its insurance funds have “zero exposure” to Evergrande and other real estate companies “that the market has been paying attention to.” Real estate accounts for about 4.9% of Ping An Insurance’s investments, versus an average 3.2% for peers, according to Bloomberg Intelligence.

“For real estate enterprises that the market has been paying attention to, PA insurance funds have zero exposure, neither equity or debt, including China Evergrande,” Ping An said in a statement as it rushed to reassure investors.

While it may have no exposure, Ping An does have RMB63.1bn or $9.8bn in exposure to Chinese real estate stocks across its RMB3.8TN ($590BN) of insurance funds, and took a $3.2BN hit in the first half of the year after the default of another developer, China Fortune Land Development. The insurer is also head of the creditor committee for China Fortune Land, which specialises in industrial parks in Hebei province and suffered from delayed local government payments. One of its restructuring advisers, Admiralty Harbour Capital, was hired by Evergrande this week.

At a time when any Evergrande counterparties or even rumored counterparties are immediately deemed radioactive, Ping An’s plight demonstrates how acute and widespread the selloff could become in China if Beijing fails to intervene.

“I expect a lot of financial institutions could be hit by the worries” about Evergrande, said Zhou Chuanyi, a Singapore-based analyst at Lucror Analytics. “As long as a financial institution has exposure to developers, Evergrande should take quite a significant share of that.”

Yet as the market waits for some response official response, hopeful that Beijing will step in, we discussed earlier that China’s policymakers have instead sought to crack down on excessive leverage across its vast real estate sector over the past years, which makes up more than a quarter of the economy, imposing a firm threshold known as the “3 Red lines” which developers must adhere to, and which has meant most developers are limit to % or 5% debt growth at best. 

For now it remains unclear how far the contagion will spread, although if Beijing stubbornly refuses to intervene, expect much more pain as capital markets seek to force Beijing’s hand by make it unpalatable for the CCP to suffer even more selling which could spark social unrest.

“The price action across several asset classes in Asia today is horrendous due to rising fears over Evergrande and a few other issues, but it could be an overreaction due to all of the market closures,” said Brian Quartarolo, portfolio manager at Pilgrim Partners Asia.

As discussed earlier, Xi faces a tricky balancing act as he tries to reduce property-sector leverage and make housing more affordable without doing too much short-term damage to the financial system and economy. Mounting concerns that he’ll miscalculate are spreading ever-further beyond China-focused property developers and their suppliers.

“It’s what the Chinese would describe as trying to get off a tiger,” said United First Partners research Justin Tang, best summarizing Beijing’s lose-lose dilemma.

4/EUROPEAN AFFAIRS

UK
 
UK’s high gas prices is causing poultry slaughterhouses major problems and this may cause higher chicken prices
(zerohedge)

UK Gas Crisis Stuns Poultry Slaughterhouses, May Trigger Higher Chicken Prices

 
SATURDAY, SEP 18, 2021 – 07:35 AM

Soaring natural gas prices across the UK have disrupted companies from operating. The latest is slaughterhouses that use carbon dioxide, a byproduct of fertilizer derived from natural gas. 

Richard Griffiths, chief executive officer of the British Poultry Council, told Bloomberg surging natural gas prices is a massive blow for poultry companies, which frequently use a byproduct of fertilizer production — carbon dioxide — to incapacitate birds at slaughterhouses.

CO2 supplies are incredibly tight, Griffiths said, adding that any further shortages could create massive headwinds for the industry and hinder chicken production. Already, weekly chicken output has dropped 5-10%, and Christmas turkey production could drop by a fifth. 

The unintended consequences of natural gas shortages are the effects on the food industry and how it may result in rising meat prices if slaughterhouse output continues to decline. 

On Thursday, we outlined how CF Industries Holdings’ fertilizer plants, one in Billingham and another in Ince, suspended operations “due to high natural gas prices.” 

“I would expect it to be having impacts very quickly,” Griffiths said by phone. “At the moment, we’ve got all the Brexit effects, including labor shortages, all the Covid add-ons. And now, we’re seeing these supply-chain problems emerge at a time when we really don’t need it.” 

Energy inflation could be a company’s worse nightmare in the UK — prices for the fuel have already doubled this year, while power costs are on a record-breaking run thanks to the lack of renewable energy output

More companies could be impacted by soaring natural gas prices and elevated electricity prices. This problem isn’t likely to fade anytime soon as gas inventories remain low ahead of the winter season. 

All of this is feeding into inflation across the continent. European Central Bank President Christine Lagarde recently said energy markets are a significant driver in higher inflation. To solve this, Germany has to certify Russia’s Nord Stream 2 to begin receiving shipments – but as we recently noted, that could take months and may suggest European inventories won’t be resupplied in time for winter. 

end
 
EUROPE/NATURAL GAS PRICES
Europe’s soaring natural gas prices will persits for weeks to come warns the IEA
(zerohedge)
 

Europe’s Soaring Natural Gas Prices To Persist For “Weeks To Come,” IEA Warns

 
SATURDAY, SEP 18, 2021 – 09:55 AM

IEA Executive Director Fatih Birol delivered some unwelcoming news for commercial and residential natural gas buyers during an interview on Bloomberg TV Friday morning. He said European natural gas prices might push higher in the coming weeks as the heating season begins. 

“We may still see gas prices a bit high for the next days and weeks to come,” Birol said in the interview. The “most important factor here will be in the short term — how the winter conditions will be.”

He said if the European winter season is “harsh.” This would suggest natgas prices may remain elevated and or even accelerate higher. So far, European gas prices have more than tripled this year. 

Birol said, “very strong demand” due to the economic rebound has been a driver in higher natgas prices. There’s also the issue of declining flows from Russia, which have failed to replenish European stockpiles ahead of the heating season.

Natural gas supplies are below average for this time of year. 

For Central Europe, maximum average temperatures have already slipped from around 80F in mid-August to about 70F. By the end of the month, maximum high temps are slated to drop between the 55F to 60F range. This means the heating season is beginning. 

Another way to quantify increasing heating demand in Central Europe is through heating degree days, which measure the energy needed to heat a building. The index rises when daily average temperatures are below 65F.

Uncertainty looms over the replenishment of European natgas supplies as colder weather has arrived. Russia’s Nord Stream 2 pipeline to Germany could be Europe’s saving grace, but regulators could take months to certify before taking shipments. 

If European leaders don’t get ahold of hyperinflating energy prices, there will be a growing discontent of people and businesses leaders who will exert political pressure.

Combine soaring energy prices with rising food prices, and it’s going to be a troubling fall/winter season for working-poor folks who’ve had their wage gains stripped by inflationary forces. 

end

UK/Natural Gas

UK Energy suppliers request emergency support from government:

(zerohedge)

UK Energy Suppliers Request Emergency Support From Government To Weather Energy Crisis

 
MONDAY, SEP 20, 2021 – 08:41 AM

Kwasi Kwarteng, UK business and energy secretary, will hold talks with energy suppliers Monday about a possible onslaughter of smaller providers going bust in the weeks ahead due to record wholesale costs of natural gas and electricity, according to FT

Sources told FT that the UK’s largest energy suppliers asked the government for an emergency support package over the weekend to survive the energy crisis. The intervention calls for creating a “bad bank” to absorb unprofitable customers as smaller providers fail. Large suppliers are expected to receive millions of new customers from bankrupt rivals, which could become a financial burden. 

Kwarteng is reviewing the bad bank proposal and other contingency plans. “We need a lot of contingency plans in place,” said one of the sources. 

Benchmark UK natural gas prices had more than tripled this year even before the cold season due to low supplies from Russia. Norway’s Equinor, one of Europe’s largest gas suppliers, said elevated natural gas prices could persist well into 2022. 

Sources said the formation of a bad bank to shift unprofitable customers from failed suppliers “could get the industry through the current period of crisis.” 

“By parking the problem in a bad bank, it would make it easier to sort out the immediate crisis and then take stock longer term. It would allow the government to handle several suppliers going bust at the same time,” the source continued. 

Another option would be the government underwriting debt for top suppliers that incur losses by acquiring new customers.

And the last option could be the nationalization of suppliers where the government is on the hook for losses. 

On Sunday, Boris Johnson, the prime minister, said the energy crisis was “temporary,” adding that his government will “support the struggling sector and keep the public supplied.” 

“I want to give a general reassurance that the problems we’re seeing are temporary,” Johnson told reporters. “They are caused by the resurgence of the global economy as Covid starts to retreat in parts of the world,” he said. 

“On the current supply-chain squeeze, it is fundamentally caused by the global economy coming to life again: the guy ropes are pinging off Gulliver and it’s standing up, and it’s going to take a while, as it were, for the circulation to adjust,” he said, denying the issues could take months to resolve. “I think market forces will be very, very swift in sorting it out, and we’re going to do whatever we can to help,” he added.

Five suppliers have already gone bust since the start of August as surging wholesale prices have left companies insufficiently hedged. Out of the 55 suppliers, only six to ten could be left after the smoke clears. 

Millions of Britons brace for natural gas and electricity inflation, soaring food prices, and possibly electricity shortages this winter. The broader implications could cripple the eurozone economy. 

UK//VACCINE
Almost a quarter of all Covid patients in England are being treated for something else! However do not read anything into it as the tests are faulty.
(Watson/SummitNews)

Almost A Quarter Of COVID Patients In England Are Being Treated For Something Else

 
SATURDAY, SEP 18, 2021 – 09:20 AM

Authored by Paul Joseph Watson via Summit News,

Almost a quarter of people in hospitals in England who are being counted as ‘COVID patients’ are actually being treated for other illnesses, according to a new report.

“Health service statistics show there were 6,146 NHS beds taken up by people who were Covid positive on September 14th, the latest date data is available for,” reports the Daily Mail.

“But just 4,721 patients (77%) were primarily being treated for the virus, with the remaining 1,425 receiving care for other illnesses or injuries. They could include patients who’ve had a fall or even new mothers who tested positive after giving birth.”

In the Midlands area meanwhile, a full third of patients supposedly being treated for COVID were actually in hospital for different reasons.

The report also acknowledges that as many of half of patients who enter hospital only test positive for COVID after being admitted for an unrelated illness.

The difference between the ‘official’ figure and the real one is important because the UK government has said it won’t hesitate to re-enforce mask mandates, vaccine passports and a new lockdown this winter if hospitalizations continue to rise.

As we previously highlighted, despite the fact that the vaccine was supposed to prevent hospitalizations, many of the same experts who lobbied for the previous lockdowns are claiming that numbers are on a trajectory that will mandate new lockdown restrictions.

Just 24 hours after health secretary Sajid Javid asserted that they had been completely scrapped, the government reversed its position, saying that vaccine passports will in fact form a “first-line defence” against a winter wave of coronavirus.

Back in December, the same government told the public that there was no plan whatsoever to introduce vaccine passports even as they were paying private corporations to build the system.

end

 
GERMANY/LOCKDOWNS
Facebook at it again as it deletes German anti lockdown groups. New censorship rules go into effect.
(zerohedge)

Facebook Deletes German Anti-Lockdown Groups As New Censorship Rules Go Into Effect

 
SATURDAY, SEP 18, 2021 – 11:00 AM

This week, Facebook announced a new enforcement policy that seeks to deplatform groups who coordinate online and spread misinformation, hate speech, and incite violence.  

The new “coordinated social harm” policy was immediately used against 150 pages and groups connected to Germany’s Querdenken (Lateral Thinking) movement, which has routinely fueled resistance to government health restrictions and vaccines through anti-lockdown protests.

Facebook’s head of security policy Nathaniel Gleicher wrote in a blog update Thursday that his team has been “expanding our network disruption efforts so we can address threats that come from groups of authentic accounts coordinating on our platform to cause social harm.” 

Gleicher said: “Today, we’re sharing our enforcement against a network of accounts, Pages and Groups operated by individuals associated with the Querdenken movement in Germany.” 

“We removed a network of Facebook and Instagram accounts, Pages and Groups for engaging in coordinated efforts to repeatedly violate our Community Standards, including posting harmful health misinformation, hate speech and incitement to violence. We also blocked their domains from being shared on our platform. This network was operated by individuals associated with the Querdenken movement in Germany, which is linked to off-platform violence and other social harms,” he said. 

Gleicher said the new policy allows Facebook to act against the “core network” of a group that commits widespread violations. He said individuals associated with the Querdenken movement regularly violated the platform’s terms of service by spreading health misinformation, inciting violence, bullying, and harassment. 

Thursday’s action moves Facebook into a more aggressive role as the judge of the “new normal” in a post-COVID world. They’re the deciders of right and wrong and won’t let people with opposing views use their platform. 

We have previously discussed Facebook’s move to align itself with pro-Biden media. It was found that the Biden Administration has routinely flagged anti-vaxx material to be censored by the social media company.

When it comes to politicians, celebrities, and other high-profile users of the platform (but not Trump), they’re given special treatment in what appears to be a two-tier digital society where only leftist points of view can be expressed while everyone is deplatformed. 

 
 
end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Syria/Lebanon/Israel

Syria suffers a nationwide blackout as a gas pipeline was bombed.

(zerohedge)

Nationwide Blackout Hits Syria After Gas Pipeline Bombed

 
SATURDAY, SEP 18, 2021 – 08:45 AM

A blackout has reportedly plunged all of Syria into darkness Friday into Saturday, with Syria’s state-run SANA announcing the nationwide power outage is due to an attack on a gas site and pipeline in southern Damascus. 

Into the overnight hours, electricity reportedly returned to much of the capital of Damascus, while the Minister of Electricity Ghassan al-Zamil vowed to restore the rest of the country’s power in a matter of “hours” as technicians are on the scene.

 

Illustrative image: gas pipeline bombing from earlier in the war, Reuters file.

The timing of the event suggests possible Israeli covert sabotage, given the blackout began just as the second batch of fuel trucks was crossing into Lebanon from Syria. Earlier in the day reports emerged that an Iranian tanker began offloading fuel at Syria’s Baniyas port

It was part of Hezbollah’s promise to get Iranian fuel into Lebanon amid the country’s energy crisis, which has seen its own severe blackouts hit major cities and towns over much of the past month.

There’s also the possibility of an attack on Syria’s infrastructure by remnant anti-Assad insurgent groups, also as there’s again in recent weeks been renewed fierce fighting centered on the southern Syria city of Deraa.

According to a popular Syria blogger and commentator, “Sources in southern Damascus reported hearing an explosion seconds before the blackout. All of this happened as the second batch of tankers carrying Iranian fuel was crossing into Lebanon.”

Speculating on the question of a possible external sabotage operation that caused the blackout, given the deeply suspicious timing, geopolitical commentator and Syria watcher Aaron Maté said, “Just as it helps Hezbollah bring desperately needed fuel into Lebanon, Syria suffers a sabotage attack that leads to complete blackout.”

“This is on top of the regular power shortages caused primarily by US sanctions & the 10-year dirty war,” Maté added. 

 

END

 
 

6.Global Issues

CORONAVIRUS UPDATE

From MS to us all:

Important: Luc Montagnier, Dr Richard Fleming and one other individual submit sworn affidavits to the International Criminal Court at the Haig alleging Governments complicit in genocide and crimes against humanity.

Sworn Affidavit from Nobel Prize Recipient Luc A. Montagnier Submitted to the International Criminal Court Alleging Governments Complicit in Genocide and Crimes Against Humanity

 
 
 
 
 
 
 
Sworn Affidavit from Nobel Prize Recipient Luc A. Montagnier Submitted to the International Criminal Court Alleging Governments Complicit in Genocide and Crimes Against Humanity

 

https://humansarefree.com/2021/08/sworn-affidavit-for-crimes-against-humanity.html

 
 
end

From M.S. to me:

Thousands flood Facebook with vaccination horror stories.

Unexpected and heartbreaking: Thousands flood ABC affiliate’s Facebook page with vaccination horror stories – World Tribune: U.S. Politics and Culture, Geopolitics, East Asia Intelligence, China, Geostrategy, Military, National security, Corporate Watch, Media Watch, North Korea, Iran, Columnists: Dennis Prager, Michelle Malkin, John Metzler, Jeffrey Kuhner, John McNabb, Joe Schaeffer, Bill Juneau, Alexander Maistrovoy, Donald Kirk

 
 
 
 
Unexpected and heartbreaking: Thousands flood ABC affiliate’s Facebook page with vaccination horror stories – World Tribune: U.S. Politics and Culture, Geopolitics, East Asia Intelligence, China, Geostrategy, Military, National security, Corporate Watch, Media Watch, North Korea, Iran, Columnists: Dennis Prager, Michelle Malkin, John Metzler, Jeffrey Kuhner, John McNabb, Joe Schaeffer, Bill Juneau, Alexander Maistrovoy, Donald Kirk

 

https://www.worldtribune.com/unexpected-and-heartbreaking-thousands-flood-abc-affiliates-facebook-page-with-vaccination-horror-stories/

 
 
end
 
 
This came out in a FDA conference call:  5 vaccine deaths /one life saved from the vaccine
From my son Stephen:
 

FDA conference calls

 

 
 

end

This is a must view:  Funeral director outlines what really is going on for the past 20 months

 
 
 
 
I think you are referring to this: https://www.bitchute.com/video/GLHKeSYpfBIo/
 
end
 
A must view: open letter to Hancock demanding answers on alleged mass murder in care homes through the use of midazolam
 
Special thanks to M>S>  for sending this to us:
 

Questions asked

 
 
 
https://theexpose.uk/2021/08/17/lawyers-send-open-letter-to-uk-gov-hancock-whitty-vallance-demanding-answers-on-alleged-mass-murder-in-care-homes-through-the-use-of-midazolam/

 

 
end

USA: Federal Health Employees Blow the Whistle. Coming Soon…

 
 

Starting tomorrow, Project Veritas is launching a series of videos exposing USA government health agencies and pharmaceutical companies – showing what they really think about the Covid injections.

Project Veritas is an American non-profit journalism enterprise which investigates and exposes corruption, dishonesty, self-dealing, waste, fraud, and other misconduct in both public and private institutions to achieve a more ethical and transparent society. To help Project Veritas beat the censorship and share the truth, we’ll be following their ‘Shocking COVID Vaccine Series’.

“They can ban us, but they can’t ban millions pursuing the truth.” – Project Veritas.

Taster
Project Veritas: “Why are you choosing to blow the whistle?”
#CovidVaxExposed

end

Robert H

important….

This will be a broadside blow to Fauci

 
 
 
Why does America not bring this man to account ? He is the new monster running on the loose with no accountability.
Of course Biden will do nothing. Yet the world suffers for his actions and people cope with the fallout.
And you wonder why confidence in government if waning?

 

https://youtu.be/nFoAczoHbV0

 
end
 
Lew Rockwell/Whitney
A great review!!
 
 

The Conspiracy Theorists Were Right; It IS a “Poison-Death Shot”

 

“I’ll do one more mind experiment with you: If everyone on the planet were to get Covid and not get treated, the death-rate globally would be less than half a percent. I’m not advocating for that, because 35 million people would die. However, if we follow the advice of some of the global leaders– like Bill Gates who said last year said “7 billion people need to be vaccinated”– then the death-rate will be over 2 billion people! SO, WAKE UP! THIS IS WORLD WAR 3! We are seeing a level of malevolence that we haven’t seen in the history of humanity!” Dr. Vladimir Zelenko, Author of The Zelenko “Early Treatment” Protocol that saved thousands of Covid-19 patients. (“Zelenko schools the Rabbinic Court”, Rumble; start at 11:45 minutes)

Did the regulators at the FDA know that all previous coronavirus vaccines had failed in animal trials and that the vaccinated animals became either severely ill or died?

Yes, they did.

Did they know that previous coronavirus vaccines had a tendency to “enhance the infection” and “make the disease worse”?

Yes.

Did Dr Anthony Fauci know that coronavirus vaccines had repeatedly failed and increased the severity of the infection?

Yes, he did. (See here: Fauci on ADE)

Did the drug companies conduct any animal trials prior to the FDA’s approval that would have convinced a reasonable person that the vaccines were safe to use on humans?

No, they didn’t.

Did they complete long-term clinical trials to establish whether the vaccines were safe?

No, there were no long-term clinical trials.

Did they conduct any biodistribution studies that showed where the substance in the injection goes in the body?

They did, but the data was not made available to the public.

Do the contents of the vaccine largely collect in various organs and in the lining of the vascular system?

Yes, they do.

Do large amounts of the substance accumulate in the ovaries?

Yes.

Will this effect female fertility and a woman’s ability to safely bring a baby to term?

The drug companies are currently researching this. The results are unknown.

Does the vaccine enter the bloodstream and collect in the lining of the blood vessels forcing the cells to produce the spike protein?

Yes.

Is the spike protein a “biologically active” pathogen?

It is.

Does the spike protein cause blood clots and leaky blood vessels in a large percentage of the people that are vaccinated?

It does, although the blood clots are mostly microscopic and appear in the capillaries. Only a small percentage of vaccinees get strokes or suffer cardiac arrest.

Should people be made aware of these possible bad outcomes before they agree to get vaccinated? (“Informed consent”)

Yes.

Did the FDA know that Pfizer had “identified vaccine-associated enhanced disease, including vaccine-associated enhanced respiratory disease, as an important potential risk”?

Yes, they did, but they did not demand that Pfizer fix the problem. Here’s more:

“The FDA noted that Pfizer, “identified vaccine-associated enhanced disease, including vaccine-associated enhanced respiratory disease, as an important potential risk”. The EMA similarly acknowledged that “vaccine associated enhanced respiratory disease” was “an important potential risk… that may be specific to vaccination for COVID- 19”.

Why neither regulator sought to exclude such dangers prior to emergency use authorization is an open
question that all doctors and patients are entitled to ask. Why medical regulators failed to investigate the
finding that large vaccine particles cross blood vessel walls, entering the bloodstream and posing risks of blood clotting and leaky vessels is yet another open question again.” (“Open Letter to the EMA and European Parliament”, Doctors for Covid Ethics)

Did the drug companies vaccinate the people in the placebo group after the clinical trials in order to conceal the difference in the long-term health outcomes between the two groups?

That is the conclusion a rational person would make.

So, they nuked the trials?

Yes.

Did the FDA largely shrug-off its regulatory duties and abandon its normal standards and protocols because

a– It wanted to rush the Covid vaccines into service as rapidly as possible?
b– It knew the Covid-19 vaccine would never meet long-term safety standards?

We don’t know yet, but the adverse events report strongly suggests that the Covid-19 vaccine is hands-down the most dangerous vaccine in history.

Is the FDA rushing the “boosters” without proper testing?.

Yes, it is. Here’s a clip from author Alex Berenson’s latest at Substack:

“Pfizer basically hasn’t bothered to test the booster AT ALL in the people actually at risk – it conducted a single “Phase 1” trial that covered 12 people over 65. The main Phase 2/3 booster trial (beware efforts to cover multiple “phases” of drug research at once, you want it bad you get it bad) included no one over 55.

No one.

As in NONE.” (“Are you kidding me, Pfizer, volume 1 gazillion”, Alex Berenson, Substack)

Have the boosters been modified or improved to meet the changes in Delta variant?

No.

Is there any additional risk in taking a booster-shot after already taking two experimental gene-based vaccines in less than a year?

Considerable risk. Here’s more from the Doctors for Covid Ethics:

“Given that booster shots repeatedly boost the immune response to the spike protein, they will progressively boost self-to-self immune attack, including boosting complement-mediated damage to vessel walls.

Clinically speaking, the greater the vessel leakage and clotting that subsequently occurs, the more likely that organs supplied by the affected blood flow will sustain damage. From stroke to heart attack to brain vein thrombosis, the symptoms can range from death to headaches, nausea and vomiting, all of which heavily populate adverse reactions to COVID-19 vaccines.

As well as damage from leakage and clotting alone, it is additionally possible that the vaccine itself may leak into surrounding organs and tissues. Should this take place, the cells of those organs will themselves begin to produce spike protein, and will come under attack in the same way as the vessel walls. Damage to major organs such as the lungs, ovaries, placenta and heart can be expected ensue, with increasing severity and frequency as booster shots are rolled out.” (“Open Letter to the EMA and European Parliament“, Doctors for Covid Ethics)

So, it’s the double-whammy. On the one hand, the booster will perform largely like the original vaccine, penetrating cells and forcing them to produce spike protein which, in turn, generates blood clots and leaky blood vessels. And, on the other, the newly-produced S proteins trigger a damaging immune response in which the complement system attacks and destroys the cells that line the inside of the blood vessels. Every additional booster will intensify this process weakening the vascular system and increasing the clotting. If the Doctors are correct in their analysis, then we could see a sharp uptick in all-cause mortality in the heavily-vaccinated countries in less than a year. Cardiac arrests are already rising.

Here’s another question that’s worth mulling over: Was there any reason for the regulators at the FDA to think that these problems would not arise following the launching of the vaccine campaign?

No. They should have known there would be problems as soon as they saw that the vaccine did not stay in the shoulder as it was supposed to. The vaccine wasn’t supposed to enter the bloodstream and spread across the body leaving billions of spike proteins in its wake. (The spike protein is a cytotoxin, a cell killer. It is not an appropriate antigen for stimulating an immune response. It is a potentially-lethal pathogen that poses a threat to one’s health even if it is separated from the virus.) Nor was the vaccine supposed to trigger Antibody-Dependent Enhancement (ADE) which is the condition we hinted at above when referring to “vaccine-associated enhanced disease”. Here’s a brief explanation:

“ADE has proven to be a serious challenge with coronavirus vaccines, and this is the primary reason many have failed in early in-vitro or animal trials. For example, rhesus macaques who were vaccinated with the Spike protein of the SARS-CoV virus demonstrated severe acute lung injury when challenged with SARS-CoV, while monkeys who were not vaccinated did not. Similarly, mice who were immunized with one of four different SARS-CoV vaccines showed histopathological changes in the lungs with eosinophil infiltration after being challenged with SARS-CoV virus. This did not occur in the controls that had not been vaccinated. A similar problem occurred in the development of a vaccine for FIPV, which is a feline coronavirus.” (“Is the Coronavirus Vaccine a Ticking-Time Bomb?”, Science with Dr. Doug)

Is this what we are seeing right now? In all the countries that launched mass-vaccination campaigns early (Israel, Iceland, Scotland, Gibraltar and UK) cases, hospitalizations and deaths are rising faster in the vaccinated portion of the population than the unvaccinated. Why?

Are they really experiencing a fourth or fifth wave or have the vaccines generated “inactivity-enhancing” antibodies that make the disease worse? This 2-minute video helps to clarify what’s going on:

Vaccines are made to a specific variant. And when that variant mutates, the vaccine no longer recognizes it. It’s like you are seeing a completely new virus. And, because that is so, you actually get more severe symptoms when you are vaccinated against one variant and it mutates and then your body sees the other variant. The science shows, that if you get vaccinated in multiple years (for the flu), you are more likely to get severe disease, you are more likely to get viral replication, and you are more likely to be hospitalized…. We are seeing the same thing in Covid with the Delta variant. So we are actually mandating that people get a vaccine when they can actually get more sick when they are exposed to the virus...In fact, this week, a paper came out that showed that–with the Delta variant– when you are vaccinated your body is supposed to make antibodies that neutralize the virus, but they were supposed to neutralize the old variant. When they see this new variant, the antibodies take the virus and help it infect the cells.” (“Expert testimony on mandatory vaccinations”, Dr Christina Parks PhD., Rumble, start at minute 5:05)

Repeat: “If you get vaccinated in multiple years, you are more likely to get severe disease, you are more likely to get viral replication, and you are more likely to be hospitalized…. With the Delta variant– when you are vaccinated …. the antibodies take the virus and help it infect the cells.”

This is ADE, and this is probably why hospitalizations and deaths are rising among the vaccinated in Israel, UK and the rest. True, the Delta variant is less lethal than the Wuhan virus but, unfortunately, that rule does not apply to those who have been vaccinated and whose antibodies promote the uptake of the virus into their cells. This increases the viral replication function that increases the severity of the disease. In short, people are getting sicker because they were vaccinated. Here’s another short video that helps to explain:

“…The vaccine-induced antibodies will stand up against the virus. and once a virus is under pressure; it changes, it becomes a variant, and the variant cannot be stopped by vaccine-induced antibodies. Vaccine-induced antibodies. also shut down your innate immune system… so variants can come straight through and infect those that are vaccinated. That is viral immune escape, and that means that the vaccinated are defenseless against variants. This is no longer a pandemic of Covid-19. It is a pandemic of variants…

And there is something called recombination, and recombination means a vaccinated host can be infected by more than one variant at a time. …If a vaccinated host is co-infected by more than one variant, the variants will mix DNA, and change and camouflage and produce a super variant. And if a super variants are produced, nothing can stop them. And already they are saying that the latest variant to come out is vaccine resistant. And this is just the beginning. Dr Geert Vanden Bosche warns that if we do not immediately stop mass vaccination campaigns around the world, the world will experience an international catastrophe of mass mortality. I didn’t say that, he did. The vaccinated are a threat to us all.” (“Viral Immune Escape Explained”, Dr. Michael McDowell, Rumble)

It’s not the variant that intensifies the disease, it’s the fact that the vaccine targets one narrow endpoint, the spike protein, that gradually adapts to survive. As the virus progressively learns to avoid the vaccine, vaccine-induced immunity wanes. Natural immunity produces broad, robust immunity to the whole virus not merely one part of it. It is strong and enduring.

So how will the vaccinated fight new forms of the virus, after all, the vaccine is not a medicine that overpowers a particular pathogen. It is a subtle (genetic) reprogramming of the immune system that forces one’s cells to produce a particular version of the spike protein. Boosters that stimulate production of the same protein will have only modest impact. In short, boosters are still fighting the last war.

Also, as we mentioned above, coronavirus vaccines tend to create antibodies that “enhance infectivity” when they encounter adapted forms of the virus. That means that millions of inoculated people will now face forms of the virus for which they have almost no protection and for which their compromised immune systems can only provide limited help. Here’s more from the article above:

“Right now, the fatality rate of the virus is estimated to be approximately 0.26%, and this number seems to be dropping as the virus is naturally attenuating itself through the population. It would be a great shame to vaccinate the entire population against a virus with this low of a fatality rate, especially considering the considerable risk presented by ADE. I believe t his risk of developing ADE in a vaccinated individual will be much greater than 0.26%, and, therefore, the vaccine stands to make the problem worse, not better. It would be the biggest blunder of the century to see the fatality rate of this virus increase in the years to come because of our sloppy, haphazard, rushed efforts to develop a vaccine with such a low threshold of safety testing and the prospect of ADE lurking in the shadows.” (“Is the Coronavirus Vaccine a Ticking-Time Bomb?”, Science with Dr. Doug)

“Blunder”, he says?

It wasn’t a blunder. It was deliberate. The Covid-19 vaccine was supposed to fail like all the coronavirus vaccines before it. That’s the point. That’s why the drug companies skipped the animal testing and long-term safety trials. That’s why the FDA rushed it through the regulatory process and suppressed the other life-saving medications, and silenced all critics of the policy, and pushed for universal vaccination regardless of the risks of blood clotting, cardiac arrest, stroke and death. And that’s why the world is on the threshold of an “international catastrophe of mass mortality.” It’s because that’s how the strategy was planned from the very beginning.

The vaccine isn’t supposed to work, it’s supposed to make things worse. And it has! It’s increased the susceptibility of millions of people to severe illness and death. That’s what it’s done. It’s a stealth weapon in an entirely new kind of war; a war aimed at restructuring the global order and establishing absolute social control. Those are the real objectives. It has nothing to do pandemics or viral contagion. It’s about power and politics. That’s all.

Reprinted with permission from The Unz Review.

end

From my son Mark:

 

Not a single death in over 7000 patients with early HCQ / IVM treatment

 
 
 
 
 
 
This is pretty amazing. Especially considering the high rate of death when patients are put on Remdesevir plus ventilator.
 
Meanwhile not a single doctor in Canada is treating patients this way. At least not publicly.
 
image.png
end

Liars!! The vaccine is not safe for anyone especially for children

(zerohedge)

Pfizer Says Vaccine Is Safe & Effective For Children As Young As 5

 
MONDAY, SEP 20, 2021 – 07:33 AM

Opening the door to FDA approval of vaccinations for children between the ages of 5 and 11, Pfizer and BioNTech announced Monday morning that their COVID jab has been found to be just as safe and effective for grade-school children as it is for adults. The findings come from a large-scale trial offering some of the first insight into how well the jab works for young kids.

With the new school year starting, pressure to vaccinate children has been intensifying, especially now that an FDA advisory panel recommended last week that booster jabs should be limited to the immuno-compromised, as well as those age 65 and older.

Pfizer’s CEO celebrated the news via tweet:

In the stage 2/3 trial with 2,268 participants, patients who received the vaccine received two shots of a 10 microgram dose (one-third the adult shot) produced antibody levels comparable to those seen in a trial of 16-to-25-year-olds who got the adult dose, the companies said. Side effects were similar to the trials for the 16-25 age cohort.

Pfizer plans to submit the data to the FDA for emergency use authorization soon, though it’s not exactly clear when. Meanwhile, the company will still be collecting “near-term” submission data needed to file for full FDA approval for the age cohort.

Participants’ immune responses were measured by looking at neutralizing antibody levels in their blood and comparing those levels to a control group of 16- to 25-year-olds who were given a two-dose regimen with the larger 30-microgram dose. Pfizer said the levels compared well with older people, who received the larger dose, demonstrating a “strong immune response in this cohort of children one month after the second dose.”

“Further, the COVID-19 vaccine was well tolerated, with side effects generally comparable to those observed in participants 16 to 25 years of age,” the company said.

Notably, a Pfizer spokesperson confirmed that were no instances of myocarditis – a rare type of heart inflammation that has been linked with mRNA vaccines – in any of the younger patients.

Right now in the US, the Pfizer jab is fully approved for people above the age of 16, and emergency authorized for those aged 12 and over. Pfizer now believes it will have data for children as young as six months “as soon as the fourth quarter.”

While on doctor commented that Pfizer is once again doing “science by press release”, but the data are still “favorable”.

Another Twitter user noted that the vaccines “will still need to be approved and if the CDC/FDA disagree w/Pfizer then we have quite the conundrum.”

While the data doesn’t break down the number of confirmed cases among the placebo or the dosed group, it does show that antibody levels are similar in child with only a fraction of the adult dose.

Read the full release below:

NEW YORK AND MAINZ, Germany–(BUSINESS WIRE)– Pfizer Inc. (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) today announced results from a Phase 2/3 trial showing a favorable safety profile and robust neutralizing antibody responses in children 5 to 11 years of age using a two-dose regimen of 10 µg administered 21 days apart, a smaller dose than the 30 µg dose used for people 12 and older. The antibody responses in the participants given 10 µg doses were comparable to those recorded in a previous Pfizer-BioNTech study in people 16 to 25 years of age immunized with 30 µg doses. The 10 µg dose was carefully selected as the preferred dose for safety, tolerability and immunogenicity in children 5 to 11 years of age. These are the first results from a pivotal trial of a COVID-19 vaccine in this age group.

“Over the past nine months, hundreds of millions of people ages 12 and older from around the world have received our COVID-19 vaccine. We are eager to extend the protection afforded by the vaccine to this younger population, subject to regulatory authorization, especially as we track the spread of the Delta variant and the substantial threat it poses to children,” said Albert Bourla, Chairman and Chief Executive Officer, Pfizer. “Since July, pediatric cases of COVID-19 have risen by about 240 percent in the U.S. – underscoring the public health need for vaccination. These trial results provide a strong foundation for seeking authorization of our vaccine for children 5 to 11 years old, and we plan to submit them to the FDA and other regulators with urgency.”

“We are pleased to be able to submit data to regulatory authorities for this group of school-aged children before the start of the winter season,” said Dr. Ugur Sahin, CEO and co-founder of BioNTech. “The safety profile and immunogenicity data in children aged 5 to 11 years vaccinated at a lower dose are consistent with those we have observed with our vaccine in other older populations at a higher dose.”

The data summarized from this Phase 2/3 study, which is enrolling children 6 months to 11 years of age, was for 2,268participants who were 5 to 11 years of age and received a 10 µg dose level in a two-dose regimen. In the trial, the SARS-CoV-2–neutralizing antibody geometric mean titer (GMT) was 1,197.6 (95% confidence interval [CI, 1106.1, 1296.6]), demonstrating strong immune response in this cohort of children one month after the second dose. This compares well (was non-inferior) to the GMT of 1146.5 (95% CI: 1045.5, 1257.2) from participants ages 16 to 25 years old, used as the control group for this analysis and who were administered a two-dose regimen of 30 µg. Further, the COVID-19 vaccine was well tolerated, with side effects generally comparable to those observed in participants 16 to 25 years of age.

Pfizer and BioNTech plan to share these data with the U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA) and other regulators as soon as possible. For the United States, the companies expect to include the data in a near-term submission for Emergency Use Authorization (EUA) as they continue to accumulate the safety and efficacy data required to file for full FDA approval in this age group. A request to the EMA to update the EU Conditional Marketing Authorization is also planned. Topline readouts for the other two age cohorts from the trial – children 2-5 years of age and children 6 months to 2 years of age – are expected as soon as the fourth quarter of this year.

Pfizer and BioNTech plan to submit data from the full Phase 3 trial for scientific peer-reviewed publication.

end

GLOBAL ISSUES/COUNTRY
 
CANARY ISLANDS//VOLCANO ERUPTION
 

‘Could Last Weeks’ – 5,000 Evacuated As Canary Islands Volcano Eruption Worsens

 
MONDAY, SEP 20, 2021 – 02:07 PM

The Canary Islands’ first volcanic eruption since the 1970s has resulted in the evacuation of 5,000 people and more than 100 destroyed building structures.

The Volcanological Institute of the Canary Islands (Involcan) said lava flows from a sparsely populated area of La Palma are moving at 2,300 feet per hour. 

Here are stunning pictures of the lava flow. 

“The lava is moving towards the coast, and the damage will be material. According to experts, there are about 17-20 million cubic meters of lava,” regional president Angel Victor Torres told Cadena Ser radio.

Volcanologist Vicente Soler of Spain’s Higher Council said, “the material appears to be very fluid; the lava flows will reach the sea sooner or later.”

The lava flows are protruding out of two fissures of Cumbre Vieja, which belongs to a series of volcanoes that last had a major eruption in 1971 for several weeks. Experts said the current eruption could last for weeks or even months. 

After thousands of small earthquakes were reported, La Palma had been on high alert for more than a week. Then on Sunday, another swarm of small earthquakes shook part of the island before the eruption

By Monday morning, Spain’s Civil Guard said more than 5,000 people had been evacuated. There’s the possibility up to 10,000 residents, and some tourist will need to be evacuated if conditions worsened. 

So far, there have been no visibility problems with surrounding airspace, and planes are operating normally across the island chain. Local airline Binter canceled flights earlier but resumed service later on Monday. 

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

Rabobank: Suddenly Every Geopolitical Shock Is Rising To The Surface

 
MONDAY, SEP 20, 2021 – 09:15 AM

By Michael Every of Rabobank

To be Frank, you are being herberts

I spent the weekend mulling over energy, monopoly, trade, supply chains, fundamentalism, geopolitics, betrayal, and war. Coincidentally, I also watched the new Dune, which was pretty, but like watching sand dry. (The 1984 Spice Diver fan-edit better reflects more of the epic novel.)

The second major geopolitical shock in weeks, AUKUS (where Australia is now talking about leasing nuclear subs in order to get them ASAP), has seen France recall its ambassadors to the US and Australia and cancel a summit with the Swiss president, after the latter opted for US F-35s over French fighter jets. There are even suggestions about France leaving NATO ‘s integrated command (again), and France says EU trade talks with Australia are now “unthinkable”. In short, the Franks are being herberts, say some observers.

This is partly due to Macron wanting to show voters he is still Le Kwitzatz-haderach in next year’s presidential election. However, it is also a reaction to dashed French hopes for ‘middle powers’ to band together in our Great Power world. And what is the rest of the EU to do if even the mighty French can be so discarded? Listen to geostrategists, and it’s now time to choose sides, with consequences – or to go it alone in a dog-eat-dog world in which Europe is out-scaled and outflanked and outgunned from both West and East. “The sleeper must awaken” either way.

The UK may have re-found a role back in old stomping grounds, but that does not help it with soaring gas prices (or Europe for that matter). With two UK fertilizer plants shut, CO2 shortfalls may mean looming meat shortages on top of other food items already not on shelves; and higher energy bills; and higher taxes; and Xmas presents not likely to arrive. Additionally, the government is not recognising vaccinations from most other countries except the EU and US, opening a Pandora’s Box. We also see PM BoJo flagging the return of Imperial measures, as in the US, despite the phenomenal cost involved if this were to be done properly. Which reminds me of another political sci-fi epic, ‘Brazil’, and the line: “They’ve gone metric again without telling us!” 

The New York Post claims AOC’s “Tax the Rich” Met-Gala dress was produced by a designer who owes $100,000 in back taxes and whose “Ex-staffers blasted the operation as a sweatshop that relied on legions of unpaid interns working full-time jobs.” That, as House Speaker Pelosi says capitalism “has not served our economy as well as it should. You cannot have a system where the success of some springs from the exploitation of the workers and springs from the exploitation of the environment and the rest, and we have to correct that.” Whether very-wealthy Pelosi is an agent of change or embodies that lack of service is a matter of vigorous social media debate. The ongoing dance over the debt ceiling also continues as normal in DC. Worse, the Senate parliamentarian has reportedly ruled immigration policy cannot be included in reconciliation for the $3.5trn social spending bill, which may see progressive opposition to its progress on the passage, as well as that of the bipartisan infrastructure bill. In other words, even as the US economy loses momentum, the fiscal side is perhaps not going to be stepping up.

‘Baron’ Vladimir, Putin not Harkonnen, saw his United Russia party retain its parliamentary majority helped by: tactics like the video of someone hiding behind a flag literally stuffing votes into a ballot box; a crackdown on the opposition; and YouTube helping to take down opposition videos showing how to best vote tactically. YouTube does like taking things down, doesn’t it?

Meanwhile, on what markets hope is another planet entirely, but isn’t, China has told Wall Street it stands behind its tech crackdown; and Evergrande is giving discounted property to pay off creditors, a throwback to the last days of the USSR. Thursday may see outright default on debt payments, and while the financial impact is likely to be limited, the real economy impact is far less likely to be.

Notably, the universe of Dune is set in 10,191, and is vastly more advanced than our own, but it is not capitalist, but feudal. Frank Herbert really was a visionary, sadly. As Bloomberg underlines today, “The Global Housing Market is Broken, and It’s Dividing Entire Countries”. This late-to-the-party view presumes decades of deliberate asset-price, not wage-price inflation was a bug and not a feature.

The parallels between Dune’s feuding feudal institutions and ours are also clear. ‘Spice’ was oil (laced with LSD) in 1965 when the book was published, but nowadays may be cobalt or lithium, or chilled meats or garden sheds, given strained logistics. The Landsraad is the UN General Assembly, which kicks off this week. CHOAM is OPEC+. The Spacing Guild are our oligopoly of global shippers. The Bene Gesserit sisterhood’s secret machinations to guide governments and create a super-being they can control are the WEF. Human-computer mentats are traders and economists. But where is the parallel to the real power of today – central banks?

On which, Fed-member stock-trading news, which triggered an ethics investigation, has been eclipsed by reports Fed Chair Powell held $1.3 – 2.5m of muni bonds purchased pre-Covid –“a small portion of his total reported assets”– which were part of the asset pool the Fed bought in 2020. Do we recall in 2009 the New York Fed’s Friedman resigned due to a stock-purhcase scandal, or that in 2017 Lacker resigned over leaks to funds of the Fed’s internal deliberations made in 2012? So are there serious issues at the Fed? Is there sand in ‘Dune’? On which note, is this part of a nefarious plan to see Brainard at the Fed instead of Powell, or just coincidence?

Of course, market mentats don’t care as long as the spice of QE is flowing: “It is by QE alone I set markets in motion. It is by the juice of CBs that trades acquire speed, the reputation acquires stains, the stains become a warning. It is by QE alone I set markets in motion.” So will the Fed keep staining things? On Wednesday we find out what they have to say about QE tapering: please see Philip Marey’s Fed note here. Markets will then understand where real power lies in the universe: which is the Fed. Until the Fed finds out where the real power lies – which is politicians, who are themselves controlled by, and yet can force control of, supply-chain monopolies. Which follow national security, for those powerful enough to force them to change. And we are back to AUKUS.

Dune is an instruction manual of intersecting power balances. However, it is almost impossible to film properly. More so when the sequels see the son of the baby-faced ‘hero’ who starts a jihad that kills billions fuse himself with a sand-worm to become a dictator for 3,500 years, entertained by an endless procession of clones of Duncan “Aquaman” Idaho, which must get pretty tedious given how he is portrayed in the latest movie version. What every screen adaptation of Dune also fails to adequately convey are the underlying messages: 1) Look after the planet; 2) Do not trust A.I. (“Thou shalt not make a machine in the likeness of a man’s mind.”); and 3) Do not trust political leaders, no matter how charismatic. Very libertarian for a feudal system.

And now back to the mantra: “It is by QE alone I set markets in motion. It is by the juice of CBs that trades acquire speed, the reputation acquires stains, the stains become a warning. It is by QE alone I set markets in motion.”

7. OIL ISSUES

 

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////COVID/VACCINES

Anti lockdown protesters in Australia break police lines as clashes erupt

(zerohedge)

Anti-Lockdown Protesters In Australia “Break Police Line” As Clashes Erupt

 
SATURDAY, SEP 18, 2021 – 12:04 PM

Throughout the pandemic, Australia’s government has chosen to enact stringent restrictions to combat COVID-19. After the sixth lockdown since the pandemic began, anti-lockdown protesters in Melbourne have had enough with draconian virus measures and voiced their opposition in the streets on Saturday. 

Their right to protest freely was quickly deemed illegal as a massive brawl between demonstrators and police broke out. More than 200 people in Melbourne were arrested at illegal anti-lockdown rallies, according to Reuters

A rally in the Melbourne suburb of Richmond turned violent when police attempted to shut it down. Protesters broke through the police line in an epic fashion. 

Other clashes were captured on film. 

An aerial view of another group of protesters in Melbourne resisted police orders. 

On the ground, there was a massive police presence. RT News said local reports indicate around 2,000 officers were called in. 

The illegal demonstrations took place as the metro area endures its sixth lockdown since the pandemic began, with the broader state of Victoria reported over 500 infections today.

Victoria Police Commander Mark Galliott told local media that these protesters came out “not to protest freedoms, but simply to take on and have a fight with the police.” 

One of the causalities of the pandemic has been freedom of expression as the right to assemble has been banned in the guise of stopping the spread. 

By criminalizing peaceful protest and enforcing the authorities to intervene, the government of Australia is making the situation worse where it would entice even more freedom-loving people into the streets to protest tyranny. 

 

END

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

Euro/USA 1.17081 DOWN .0012 /EUROPE BOURSES /ALL RED

USA/ YEN 109.53  DOWN  0.233 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3673  DOWN   0.0002  

 

USA/CAN 1.2843  UP .01162  (  CDN DOLLAR DOWN 116 BASIS PTS )

 

Early MONDAY morning in Europe, the Euro IS DOWN BY 12 basis points, trading now ABOVE the important 1.08 level FALLING to 1.17081 Last night Shanghai COMPOSITE CLOSED HOLIDAY 

 

//Hang Sang CLOSED DOWN 821.62 PTS OR 3.30%

 

/AUSTRALIA CLOSED DOWN 2,16% // EUROPEAN BOURSES OPENED ALL RED 

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL RED

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED DOWN 821,62    PTS OR 3.30% 

 

/SHANGHAI CLOSED HOLIDAY 

 

Australia BOURSE CLOSED DOWN  2,01%

Nikkei (Japan) CLOSED UP 176,71 pts or 0.58%

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1757.50

silver:$22.36-

Early MONDAY morning USA 10 year bond yr: 1.329% !!! DOWN 4 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 1.861 DOWN 4  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 93.38 UP 18  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: 0.24%  DOWN 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.050% DOWN 0/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.34%//  DOWN 2  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.72  DOWN 0   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 38 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.32% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.00% 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 1.1727  UP    0.0007 or 7 basis points

USA/Japan: 109.47  DOWN .293 OR YEN UP 20  basis points/

Great Britain/USA 1.3655 DOWN 0018// DOWN 18   BASIS POINTS)

Canadian dollar DOWN 94 basis points to 1.2827

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN).. 6.4659 

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.4827

TURKISH LIRA:  8.44  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.050%

Your closing 10 yr US bond yield DOWN 4 IN basis points from FRIDAY at 1.321 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.855 DOWN 5 in basis points on the day

Your closing USA dollar index, 93.26 UP 7  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 34.98 PTS OR 0.87% 

 

German Dax :  CLOSED DOWN 358.11 PTS OR 2.31% 

 

Paris CAC CLOSED DOWN 114.38  PTS OR  01.74% 

 

Spain IBEX CLOSED  DOWN 105.50  PTS OR  1.20%

Italian MIB: CLOSED DOWN 661.30 PTS OR 2.57% 

 

WTI Oil price; 70.90 12:00  PM  EST

Brent Oil: 74.19 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.59  THE CROSS HIGHER BY 0.64 RUBLES/DOLLAR (RUBLE LOWER BY 64 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.32 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OIL PRICE 4:30 PM : 69.38//

BRENT :  74.25

USA 10 YR BOND YIELD: … 1.310.. DOWN 6 basis points…

USA 30 YR BOND YIELD: 1.850  DOWN 6  basis points..

EURO/USA 1.1729 UP 0.0007   ( 7 BASIS POINTS)

USA/JAPANESE YEN:109.38 DOWN .343 ( YEN UP 34 BASIS POINTS/..

USA DOLLAR INDEX: 93.24 UP 4  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3660 DOWN .0014  

the Turkish lira close: 8.67  DOWN 2 BASIS PTS

the Russian rouble 73.46  DOWN   .58 Roubles against the uSA dollar. (DOWN 58 BASIS POINTS)

Canadian dollar:  1.2813 DOWN 75 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.32%

The Dow closed DOWN 641.41 POINTS OR 1.78%

NASDAQ closed DOWN 321,29 POINTS OR 2.10%

VOLATILITY INDEX:  25.71 CLOSED UP 4.90

LIBOR 3 MONTH DURATION: 0.124

%//libor dropping like a stone

USA trading day in Graph Form

“Well, That Escalated Quickly…”

 
MONDAY, SEP 20, 2021 – 04:01 PM

Well, that escalated quickly…

US equities suffered their worst day since October (but was saved by a decent late-day ramp off the S&P 100DMA and Dow support). S&P was the least bad on the day followed by the Dow and the Nasdaq, with Small Caps the biggest loser…

The Dow, S&P, and Small Caps were ramped back to practically unchanged from the US cash open…

After being down almost 1000 points, the Dow bounced hard off the July lows…

As Deutsche’s Jim Reid noted:

“To be fair I’ve been worried about the over leveraged Chinese property sector for years without anything much happening so it’s hard to know whether this is finally the big one or not.”

With the opening crash driving the second biggest selling wave in history

Source: Bloomberg

Who coulda seen that coming? Well plenty of things were flashing red

1) the post options expiration “gamma unclench” and “vol expansion window” allows for movement in US Equities (SPX and QQQ $Gamma were both +90%ile just two weeks back, now Dealer Gamma in negative territory vs spot for both)

Source: SpotGamma

2) a US Equities Vol market which has been pricing outright “crash” metrics for months (SPX Skew, Put Skew, iVol vs rVol, Term Structure all upper 95-99%iles),

Source: Bloomberg

3) significant de-risking flow potential from “negative convexity” vol-sensitives (what was +99%ile SPX- and QQQ- options $Delta just ~two weeks ago, 90%ile historical CTA Trend net exposure in DM Equities and 87%ile Vol Control fund US Equities exposure)

4) this week’s FOMC event-risk (higher Fed dot plot will signal faster tightening trajectory for ’23 & ‘24) and Debt Ceiling fears (the T-Bill curve’s kink is becoming increasingly extreme and USA sovereign risk is on the rise)…

Source: Bloomberg

5) a poor weekly seasonal slice for global Equities ahead (Sep17-Sep24 median chg ~-0.4% SPX, -0.9% HSCEI, DAX & Eurostoxx, -1.4% for Russell, with clear “Defensives / Duration over Cyclicals” historical sector performance tilts)…

6) a macro scare catalyst to-boot (China real estate “contagion” off Evergrande – mainland closed for holiday, but HSI Real Estate and Financials smashed overnight, while USDCNH moving towards 6.50 with client “Evergrande default” hedges in topside there)…

Source: Bloomberg

And the ultimate risk for Beijing is blowing out…

Source: Bloomberg

and 7) A drawdown is overdue (S&P was down 5% from the highs today, the first time since October)…

Source: Bloomberg

There were a few other divergences…

HY debt has also not been as exuberant in the last few months as The Fed unwound its corporate bond book…

Source: Bloomberg

Dow Transports divergence from Dow Industrials is triggering ‘Dow Theorist’ warnings signals…

Source: Bloomberg

And breadth has stunk…

Source: Bloomberg

99% of S&P members were lower today – the worst level since June 2020’s collapse…

Source: Bloomberg

The Nasdaq closed back below its 50DMA…

S&P broke below its 100DMA…

…and then late-day buying panic rescued it…

Small Caps crashed back below the 200DMA (and closed below it)…

All US equity sectors were in the red today with Energy the hardest hit along with financials. Utes were the least bad horse in the glue factory…

Source: Bloomberg

VIX spiked up near 28 intraday today…

Cryptos were clubbed like a baby seal…

Source: Bloomberg

Bitcoin puked down to the spike lows from Sept 7th and the El Salvador malarkey…

Source: Bloomberg

Still not everything was dumped today.

Bonds were bid across the curve (Asia was closed), with the long-end of yields down around 6bps…

Source: Bloomberg

On Friday, we pointed out that yields had hit a previous resistance…and sure enough, yields plunged…

Source: Bloomberg

The dollar was also bid, safe-haven/liquidity flows, and held at the pre-Jackson-Hole levels…

Source: Bloomberg

Commodities were mixed today with PMs bid and growth-related assets (copper and crude) dumped…

Source: Bloomberg

Finally, you have nothing to fear but fear itself…

Source: Bloomberg

MORNING TRADING

end

ii)  USA///INFLATION WATCH//SUPPLY ISSUES

Now booze must be rationed due to crippled supply chain

EpochTimes

 

Pennsylvania Rations Alcohol Due To Crippled Supply-Chain

 
SUNDAY, SEP 19, 2021 – 10:00 PM

Authored by Beth Brelje via The Epoch Times,

shortage of certain alcohol brands is leaving some drinkers in low spirits; the Pennsylvania Liquor Control Board (PLCB) announced this week it would begin rationing a list of popular liquor labels.

Due to sustained supply chain disruptions and product shortages, purchase limits of two bottles, per customer, per day were applied to certain items beginning Friday, Sept. 17, and will remain in effect for the foreseeable future.

The two-bottle limit applies to all consumers and liquor license holders such as bars and restaurants, and includes 43 well-known labels including Hennessy Cognac, Don Julio 1942 Tequila, Jack Daniel’s Whiskey, Moët & Chandon Impérial Champagne, and Buffalo Trace Kentucky Straight Bourbon.

The rationing was not a surprise to Shawn McCall, general manager at Room 33 Speakeasy in Erie, Pa. The speakeasy has had trouble getting some brands for the last three or four months.

“I haven’t been able to get Bulleit Bourbon for a month. Jack Daniel’s was out for a while but it’s back in now,” McCall told The Epoch Times in a phone interview. “People know there is a shortage, so bar owners are overstocking. That is why they put a limit on it.”

In Pennsylvania, wine and spirits are sold at state-operated stores where both consumers and liquor license holders shop. The state stores buy directly from producers so they have a first look at supply.

“We are aware of product shortages in other states,” PLCB Press Secretary Shawn Kelly told The Epoch Times in an email.

“While the current supply challenges are not unique to Pennsylvania and are impacting markets across the U.S., the PLCB has experienced product shortfalls before, and we regularly impose bottle limits on products for which we know demand will exceed supply in order to distribute the product as fairly as possible. These bottle limits are preventative measures to fairly distribute product and minimize out-of-stock situations, which will vary by location.”

Chuck Moran, executive director of the Pennsylvania Licensed Beverage & Tavern Association, says the rationing adds to a growing list of challenges for small businesses.

“Before the pandemic I believe there were problems making kegs, having to do with steel tariffs,” Moran told The Epoch Times in a phone interview.

“We’ve dealt with shortages before. But now it seems to be one thing after another. We went through this with chicken wings, ketchup packets, plastic cups, and there is still a recovery effort going on from COVID. Businesses were having a hard time finding employees. The combination is really hampering recovery for small business.”

Moran hopes that when Pennsylvania’s legislators return to session Monday, they have a plan to help small businesses.

Glass Shortage and More

There are several reasons for the shortage. All producers who spoke with The Epoch Times pointed to increased consumer demand as one reason.

“Many of our brands, including Buffalo Trace Bourbon, have been on allocation for a few years due to demand outstripping supply of aged whiskey,” Amy Preske, spokeswoman for the Kentucky-based Sazerac Company told The Epoch Times in an email. “On average, the whiskeys we sell today were made seven to eight years ago (2013/14) and we underestimated today’s consumer demand.”

Buffalo Trace Distillery is in the midst of a $1.2 billion expansion, including more barrel warehouses, construction of an additional still, additional fermenters, and expanding its dry house operation. But it will still be a few years before bourbon supply catches up with demand. This shortage is related to any glass shortage or worker shortage in the supply chain, Preske said.

Barrels of bourbon are seen inside of a closed storage building as they age at the Bardstown Bourbon Company in Bardstown, Kentucky on April 11, 2019. (Andrew Caballero-Reynolds / AFP via Getty Images)

But Svend Jansen at Jack Daniel’s Distillers headquartered in Louisville, Kentucky, says those issues did impact its operation.

“We are managing through the impact of global supply chain disruptions, including glass supply and challenging cost headwinds. With the rebound and recovery of our markets and channels, coupled with strong consumer demand for our brands, we are currently managing through glass supply constraints,” Svend told The Epoch Times in an email. “We have deployed a number of risk mitigation strategies and are working actively with our suppliers and distributor partners to optimize our supply chain to meet the consumer demand. While we expect these disruptions to persist throughout the fiscal year, we believe that the impact will become less significant in the second half of the year.”

A global glass shortage is affecting large and small companies. Adam Flatt, co-owner of Franklin Hill Vineyards in Bangor Pa., and Social Still, makers of Sasquatch Vanilla Maple Bourbon in Bethlehem Pa., says the cost of bottles has gone up and it’s tough to buy them at any price.

“Two years ago, I paid $1.47 for a glass bottle, now I pay $2.50 a bottle,” Flatt told The Epoch Times in a phone interview.

“The supply chain is broken for sure for us small guys, and now suppliers are not warehousing as much as they used to.”

In January, he ordered 6,000 bottles for October. The supplier has changed the delivery to no sooner than January, but his orders have been pushed back so many times he is not confident about getting bottles by then. Flatt has changed bottle designs, suppliers and still struggles to get bottles. And there is more.

“There are labor shortages. For a while, nothing could be shipped to you. The bottle company was on quarantine and people were not allowed to work. Now demand is back, even better than before,” Flatt said.

“But everything seems more challenging. Like pricing, a dollar more a bottle. Sometimes you think, ‘I’ll pay a little more to fix a problem,’ but money can’t fix some of these problems.”

Every part of the supply chain has problems, says Pat Shorb, president at  Holla Spirits, a York, Pa. vodka producer.

“If we were to order today, we would have issues getting bottles, caps, labels—many are experiencing problems with their glues, we can get them but they are delayed—it’s all down the board. It’s parts for equipment. It’s drivers, general freight at the ports, delays getting products out of warehouses and into stores,” Shorb told The Epoch Times in a phone interview.

“There’s not a person in the industry who is not feeling the constraints of the supply chain.”

Shorb says he has a supplier who needs 50 workers in his warehouse and can’t find the workers, even with a $3,000 sign-on bonus. It means products sit in the warehouse longer and the company makes adjustments.

“We’re forecasting better, working more in advance and in higher quantities, and hoping that the supply chain issue shakes itself out,” Shorb said, adding that Pennsylvania’s ration of major brands is an opportunity for consumers to embrace new brands.

“A majority of major spirit brands are foreign-owned. It’s a great opportunity for consumers to support your local or regional producers, to experiment. There are phenomenal local products of superior quality and consumers should try them.”

Products Rationed in Pennsylvania

Bars and consumers may buy no more than two bottles of any items on this list.

  • 1792 Chocolate Bourbon Ball Cream Liqueur 34 Proof 750 ML

  • Baker’s Straight Bourbon Small Batch 107 Proof 750 ML

  • Blanton’s Single Barrel Straight Bourbon 750 ML

  • Blood Oath Bourbon Trilogy 3 Pack Second Edition 99 Proof  2.25 L

  • Bond and Lillard Straight Bourbon 100 Proof 375 ML

  • Buffalo Trace Kentucky Straight Bourbon Whiskey 90 Proof 1 L

  • Buffalo Trace Straight Bourbon 90 Proof  750 ML

  • Buffalo Trace Straight Bourbon 90 Proof 1.75 L

  • Colonel E H Taylor Jr Straight Bourbon Small Batch Bottle in Bond 100 Proof 750 ML

  • Dom Pérignon Champagne Brut 750 ML

  • Don Julio 1942 Tequila Añejo 80 Proof  750 ML

  • Don Julio Tequila Blanco 80 Proof 750 ML

  • Eagle Rare Single Barrel Straight Bourbon 10 Year Old  750 ML

  • Elijah Craig Single Barrel Straight Bourbon 18 Year Old 90 Proof 750 ML

  • Hennessy Cognac VS 80 Proof 750 ML

  • Hennessy Cognac VS 80 Proof  1 L

  • Hennessy Cognac VS 80 Proof 200 ML

  • Hennessy Cognac VS 80 Proof 375 ML

  • Hennessy Cognac VS 80 Proof 50 ML

  • Hennessy Cognac VS 80 Proof 1.75 L

  • Jack Daniel’s Old No. 7 Black Label Tennessee Whiskey 80 Proof 1.75 L

  • Moët & Chandon Ice Impérial Champagne 750 ML

  • Moët & Chandon Ice Impérial Champagne Rose 750 ML

  • Moët & Chandon Impérial Champagne Brut 375 ML

  • Moët & Chandon Impérial Champagne Brut 750 ML

  • Moët & Chandon Impérial Champagne Brut 1.5 L

  • Moët & Chandon Impérial Champagne Brut 187 ML

  • Moët & Chandon Impérial Champagne Rosé 750 ML

  • Moët & Chandon Impérial Champagne Rosé 187 ML

  • Moët & Chandon Nectar Impérial Champagne  750 ML

  • Moët & Chandon Nectar Imperial Champagne Rosé  750 ML

  • Moët & Chandon Nectar Impérial Champagne Rosé 375 ML

  • Moët & Chandon Nectar Impérial Champagne Rosé 187 ML

  • Patrón Tequila Silver 80 Proof 750 ML

  • Russell’s Reserve 13 Year Old Straight Bourbon Barrel Proof 114 Proof 750 ML

  • Sazerac Straight Rye Whiskey 90 Proof 750 ML

  • Veuve Clicquot Champagne Rose 750 ML

  • Veuve Clicquot Yellow Label Champagne Brut 1.5 L

  • Veuve Clicquot Yellow Label Champagne Brut 750 ML

  • Veuve Clicquot Yellow Label Champagne Brut 750 ML

  • Veuve Clicquot Yellow Label Champagne Brut 375 ML

  • WB Saffell Straight Bourbon 107 Proof 375 ML

  • Weller Special Reserve Straight Bourbon 90 Proof 750 ML

end

USA ECONOMIC DATA

When they report August CPI, the transitory meme will suffer a blow as used car prices resume their surge

(zerohedge)

“Team Transitory” Suffers Blow As Used Car Prices Resume Surge

 
SUNDAY, SEP 19, 2021 – 11:00 AM

In the past month, a feud has broken out between the so-called “team transitory”, comprising mostly of pro-Fed, pro-Biden commentators, who urge the public to ignore the “transitory” hyperinflation that by now is painfully obvious to everyone (see today’s UMich report for the gruesome details), and not to blame either the Fed or the administration for the collapse in the dollar’s purchasing power. Then there are the realists who see a much more ominous trend in deglobalization – you know, the same trend that allowed inflation to decline along with interest rates since the early 1980s – and warn that even when the currently supply chain logjam ends some time in 2022, inflation will still be far higher than in the past few decades.

The latest CPI print was viewed as a victory for “team transitory” because some of the prices that had spiked during the pandemic eased, led by used cars, whose prices this year soared amid supply chain disruptions and a rebounding economy has been a major contributor to the jump in U.S. inflation.

This was enough for TT to declare victory and proclaim that it’s all downhill from there.

There is just one problem: real-time data is now showing that used car prices are once again on the rise after the summer slippage, confirming what we said moments after the CPI report was published this week.

The Manheim U.S. Used Vehicle Value Index, a measure of wholesale used cars, increased 3.6% in the first 15 days of September compared with the same period last month, and is again back near all time highs. That’s the first month-over-month rise in the index since May; in total the index has risen by more than 50% since the COVID lows in early 2020. 

The index jumped 24.9% from the same period a year ago through the middle of the month, indicating that not only has the drop in used car prices ended but that higher prices are coming, and with them more humiliation for team transitory, as the spike in the Mannheim index assures a sharp jump in the CPI print either next month or in November.

“The latest trends in the key indicators suggest wholesale used vehicle values will likely see further gains in the days ahead,” according to the Manheim report.

Wholesale used vehicle prices rose rather significantly in the first half of September compared to the first half of August,” Michelle Krebs, an executive analyst at Cox Automotive, told Bloomberg“Dealers appear to be stocking up on used vehicles, which have seen supply stabilize somewhat, to have something to sell because new vehicle inventory remains low.”

Elevated used car prices have primarily been due to snarled supply chains and a shortage of materials (such as semiconductors) for new car production, which pushed dealer inventories to all time lows…

… and forced consumers to buy on the secondary market.

“The main pressure continues to come from new car supply shortages. With the increase of delta variant, many manufacturers have significantly cut their production,” said Brian Benstock, general manager and vice president of Paragon Honda and Acura, a dealership in Woodside, Queens, in New York City. “A story about used cars cannot leave out the story about new cars.”

Incidentally new car prices are now also surging, and will likely continue to rise as carmakers have said production of new vehicles this fall will continue to be constrained by a chip shortage and the spread of Covid-19 in Southeast Asia. IHS Markit slashed its vehicle production forecast for this year by 6.2%, or 5.02 million vehicles, the biggest decrease to the outlook since the chip shortage emerged. In the latest sign of fallout, on Thursday, General Motors said Thursday it is cutting production at six North American assembly plants.

Finally, even ignoring used car prices, a more ominous increase is emerging in such core inflation as shelter costs and Owner Equivalent Rent.  Commenting on whether core inflation slowed or sped up in August, Bank of America economists said that the traditional measure of core CPI inflation rose just 0.1% mom in August, below the consensus (0.3%), BofA said the following:

  • The weakness was due to a bigger than expected reversal of the reopening spikes in a number of components.
  • Stripping the most volatile components of the CPI leaves a modest upward trend in “true” core inflation.

As BofA concludes, when it asks rhetorically “Is it time to break out the champagne” for team transitory, the bank responds “We don’t think so.”

end

Home builder confidence improves as housing demand remains strong

Sept. 20, 2021 at 10:07 a.m. ET

MarketWatch

The construction industry is showing signs of stability, despite ongoing challenges around the supply of building materials and labor

The numbers: Sentiment among home builders steadied after having fallen to the lowest level in over a year a month earlier, even as challenges for construction firms persist.

The National Association of Home Builders’ monthly confidence index increased one point to a reading of 76 in September, the trade group said Monday. The slight uptick comes following a three-month decline in optimism among home builders.

“The single-family building market has moved off the unsustainably hot pace of construction of last fall and has reached a still hot but more stable level of activity,” Robert Dietz, chief economist for the National Association of Home Builders, said in the report. “While building material challenges persist, the rate of cost growth has eased for some products, but the job openings rate in construction is trending higher.”

What happened: The index measuring traffic of prospective buyers notched the largest gain, with a two- point increase to a reading of 61. The gauge on current sales conditions rose one point to 82, while the measure of sales expectations over the next six months remained even at 81.

Over the past three months, builder sentiment has dropped by two points across the Northeast, the South and the West, but remained steady in the Midwest.

The big picture: As the report notes, one of the largest headwinds for the home-building sector will be affordability. Rising home prices and construction costs threaten to alienate potential buyers who may balk at spending so much on a home. Cheaper regions of the country, including the South and the Mountain West, continue to see growth, Dietz noted.

Policy changes on the part of the Federal Reserve could have an impact if they affect the cost of mortgage financing. An increase in interest rates could have an effect on Americans’ ability to afford to purchase a home at the margins, reducing the pool of potential buyers for home builders.

That said, the nation continues to face a significant shortage of housing supply, though, which gives builders a long runway to play with.

What they’re saying: “Home builders are selling virtually everything they build and are having to restrict sales due to ongoing supply shortages, which are making it difficult to know when they can complete a home. While spot prices for lumber have trended lower, the cost of lumber to build a home is still well above where it was prior to the pandemic and shortage of materials remain a major hurdle for builders around the country,” Sam Bullard, managing director and senior economist at Wells Fargo, wrote in a research note.

END

SUICIDE!!

In Legislative Hail Mary, Democrats Link Debt Ceiling To Spending Bill

 
MONDAY, SEP 20, 2021 – 04:19 PM

In a risky move inviting a showdown with Republican lawmakers, House Democrats are linking a suspension of the US debt ceiling to a must-pass spending bill required to keep the government operating past September.

If it works, the debt ceiling – which GOP leaders have balked at raising – would be suspended through December 2022.

If nothing is done, the federal government will shut down and default on payments as soon as next month – a prospect which already has anxiety through the roof as measured by the spread between Oct and Nov T-bill yields.

This week, the House of Representatives will pass legislation to fund the government through December of this year to avoid a needless government shutdown that would harm American families and our economic recovery before the September 30th deadline,” said House Speaker Nancy Pelosi (D-CA) and Senate Majority Leader Chuck Schumer (D-NY) in a joint statement. “The legislation to avoid a government shutdown will also include a suspension of the debt limit through December 2022.”

More via Bloomberg:

The majority party aims to pressure Republicans into backing down on their threat to vote against a debt ceiling increase by attaching it to the stopgap bill, which would keep the government open. The legislation includes money for hurricane and wildfire disaster aid, which could make the package more difficult for some Senate Republicans to vote against.

The federal debt ceiling came back into effect, at $28 trillion, in August and the Treasury Department has warned that without congressional action it may run out of extraordinary accounting measures to avoid a payment default as soon as “sometime” in October. 

Needless to say, it’s unclear what Democrats will do if their Hail Mary play linking spending and the debt-ceiling fails to pass the Senate, which will require at least 10 GOP votes to over come the 60-vote threshold for ending debate. We assume they would move to plan-B; passing it via reconciliation, however they’ve thus far declined to do so, and argue that raising the debt is the responsibility of both parties.

In response, Senate Minority Leader Mitch McConnell (R-KY) said: “Democrats control the whole government. They admit they are fully capable of addressing the debt limit alone. They just want bipartisan cover so they can pivot as fast as possible to ramming through an historically reckless taxing and spending spree on a pure party-line vote,” adding in a subsequent tweet: “Democrats do not get to ram through radical, far-left policies on party-line votes, brag about how they are transforming the country, but then demand bipartisan cover for racking up historic debt.”

“As I’ve said since July, they will need to address the debt limit themselves.”

Meanwhile, the percentage of S&P members in decline has reached levels not seen since June 2020, while 1Y US sovereign credit default swaps are have just gone vertical.

The market is not amused.

IMPORTANT USA//VACCINE

Almost 50% of all Americans disapprove of the Biden vaccine mandates

(Watson/SummitNews)

Almost Half Of Americans Disapprove Of Biden Vaccine Mandates, New Poll Finds

 
 
FRIDAY, SEP 17, 2021 – 07:40 PM

Authored by Steve Watson via Summit News,

Quinnipiac poll has found that almost half of Americans (48%) believe that Joe Biden’s vaccine mandates “go too far,” and that a slight majority are in opposition to it.

Quinnipiac noted that a “slight majority of Americans (51 – 48 percent) disapprove of President Biden’s plan to mandate COVID-19 vaccines for millions of Americans in the public and private sectors. Republicans disapprove 84 – 13 percent, independents disapprove 56 – 44 percent, and Democrats approve 89 – 10 percent.”

The survey found that 10 percent think the mandate does not go far enough, while 39 percent think it’s about right.

Obviously, however, this means that around half of Americans are fully on board with the mandates.

As we noted earlier this week, a OnePoll survey found that vaccinated Americans are far more likely to permanently sever relationships with friends over their opinion on the COVID-19 jab than those who haven’t been vaccinated.

America now faces that reckoning with Biden’s plan to impose federal vaccine mandates on every company that employs over 100 people.

As we previously reported, Police and firefighters are among the groups who are resisting, bringing lawsuits against the mandates.

There has also been significant resistance among military service members, who will be mandated to take the shots.

Republican attorneys general from 24 states, almost half the country, have threatened lawsuits against Biden if the mandate takes effect.

Earlier this week, Joe Biden’s Commerce Secretary claimed that “nobody is being forced” to get vaccinated, despite last week’s announcement that millions of Americans will be mandated to take the shot in order to go to work.

“We are not being forced,” Raimondo again claimed, stating “You can work from home, get tested on a weekly basis,” and adding “I think this is smart public policy and great leadership by the president.”

 end

Over half of those seeking Regeneron are fully vaccinated. Amazing!! No doubt that ADE is part of this.

Phillips/EpochTimes

DeSantis Office: Over Half Of Those Seeking Lifesaving COVID-19 Treatment In South Florida Fully Vaccinated

 
SATURDAY, SEP 18, 2021 – 03:30 PM

Authored by Jack Phillips via The Epoch Times,

A spokesperson for Florida Gov. Ron DeSantis’s office said that more than half of those who are seeking monoclonal antibody treatment in the south of Florida are “fully vaccinated” individuals amid supply issues.

“More than half the patients getting the monoclonal antibody treatment in south Florida are fully vaccinated,” DeSantis spokeswoman Christina Pushaw wrote in response to a comment on Twitter that suggested that only unvaccinated people are the reason why there is a significant demand for monoclonal antibodies.

Florida, she wrote hours earlier, “is above average in vaccination rate” and that “more than half of the patients in south Florida getting monoclonal antibody treatment are vaccinated and have breakthrough infections. Vaccinated or unvaccinated – Denying treatment to Covid patients is wrong.

Monoclonal antibodies are engineered immune system proteins that boost an immune response against an infection.

Earlier this week, the White House and Department of Health and Human Services (HHS) announced plans to control the U.S. monoclonal antibody supply due to distribution issues. According to HHS’s website in a Sept. 13 update, the agency “will determine the weekly amount of mAb products each state and territory receives based on COVID-19 case burden and [monoclonal antibody treatment] utilization.”

A spokesperson for HHS told CNN that Florida, Texas, Mississippi, Tennessee, Alabama, Georgia, and Louisiana are using 70 percent of the supply of the drug.

“Given this reality, we must work to ensure our supply of these life-saving therapies remains available for all states and territories, not just some,” the HHS spokesperson said, adding that a new system “will help maintain equitable distribution, both geographically and temporally, across the country … providing states and territories with consistent, fairly-distributed supply over the coming weeks.”

Before the change, states and hospitals could purchase the antibodies on their own without going through the federal government.

“More than 50 percent of the monoclonal antibodies that had been used in Florida were going to be reduced,” DeSantis said on Thursday, adding that “there’s going to be a huge disruption, and patients are going to suffer as a result of this.”

On Thursday, DeSantis’s office said the state would deal directly with GlaxoSmithKline, a maker of monoclonal antibody infusion treatments.

“The Biden administration and their allies in media have claimed that Florida is using too much monoclonal treatment because of a low vaccination rate,” Pushaw told The Epoch Times on Thursday, “and Biden has lashed out at Governor DeSantis for opposing the tyrannical federal vaccine mandate.”

end

Somebody should eliminate Fauci, our Dr Mengele

(zerohedge)

“The Story Is Not Over” – Fauci Rejects “The Science”, Says Covid Boosters Still Likely Despite FDA Rebuke

 
SUNDAY, SEP 19, 2021 – 03:40 PM

Following Friday’s FDA blow to Biden’s aggressive push to buy the Pfizer CEO a new yacht for covid booster shots, Anthony Fauci said booster shots for more of the US population remain a possibility soon, as additional data on the still-widening outbreak come in.

Fauci, who is still Joe Biden’s chief medical adviser and is somehow employed as director of the National Institute of Allergy and Infectious Diseases despite recent evidence that he funded Chinese gain-of-function virus research at Wuhan despite an explicit US ban and may have been indirectly responsible for the Covid pandemic, spoke two days after an advisory panel to the U.S. Food and Drug Administration smacked down Biden’s national rollout of boosters for all ages, approving them only for people 65 and older and those who are medically vulnerable. 

“The story is not over because more and more data is coming in and will be coming in,” Fauci said Sunday on ABC’s “This Week.”

Last month, Biden said a broad booster plan would begin on Monday, but the FDA’s vaccine advisory panel voted overwhelmingly against recommending booster shots for the general public and instead voted to recommend them to individuals who are aged 65 and older. During that meeting, a number of scientists expressed concern for booster-associated side-effects among younger people and children. As a result, the panel’s narrower recommendation was, as Bloomberg writes seen as rebuke to a president whose policy was seen as getting ahead of the science.

For what it’s worth, Fauci said he did not believe the panel “made a mistake.”

“The one thing people need to realize is data are coming in literally on a daily and weekly basis,” he said on CNN’s “State of the Union.” “They are going to continue to look at this literally in real-time.” In other words, Fauci is confident that with time, new “science” will come in to debunk the existing “science” which according to public commentary heard during the FDA indicated, the Pfizer vaccine kills more people than it saves.

Dr. James Hildreth, a voting member on the FDA expert panel, said that he has “a serious concern of myocarditis in young people.” Meanwhile, another expert, Dr. Melinda Wharton, said she “not feel comfortable” with recommending boosters to younger people due to the risk of myocarditis.

Fauci’s view was shared by the head of the U.S. National Institutes of Health, Francis Collins, who said he also believes COVID-19 vaccine booster doses will be expanded despite a panel of Food and Drug Administration (FDA) experts recommending against them for the general population.

In an interview on Sunday morning, Collins, whose agency does not oversee the FDA, said that the booster doses will be approved in the future.

“I think the big news is that they actually did approve the initiation of boosters, and remember they’re taking a snapshot of right now. We’re going to see what happens in the coming weeks,” Collins told “Fox News Sunday.” “It would surprise me if it does not become clear over the next few weeks, that administration of boosters may need to be enlarged.”

For the claim, Collins referenced studies and data published in Israel and the United States, which Pfizer also cited to make its arguments in favor of booster doses to the FDA.

“Based upon the data that we’ve already seen both in the U.S. and in Israel, it’s clear that waning of the effectiveness of those vaccines is a reality, and we need to respond to it,” Collins said, adding that he would be “surprised” if the boosters are not recommended for individuals younger than 65. However, he told the broadcaster that he isn’t sure if “absolutely everyone” will be recommended to get boosters.

“I’m a little troubled that people are complaining that the process isn’t working for them,” he said. “The process is to look at the data have the experts consider it, and then make their best judgment at that point, recognizing that the judgments may change.”

* * *

Separately, Fauci also said he expected vaccines for children younger than 12, who aren’t eligible yet, would be evaluated as early as October.

“Sometime in the next few weeks, as we get into October, we’ll be able to see the vaccines for children get enough data to be presented for safety and immunogenicity,” said Fauci.

The CDC authorized shots for children aged 12 and older earlier this year. Some school districts, including the one overseeing public schools in Los Angeles, have made it mandatory for children returning to class to get fully vaccinated. Pfizer CEO Albert Bourla last week said that the firm, which makes one of the most widely used COVID-19 vaccines in the world, will likely release clinical data on vaccines for 6-month-olds to 5-year-olds in October. COVID-19 vaccine data for children between the ages of 5 and 11 will come sooner, he said.

Federal government health officials have argued that younger children should get vaccinated due to the spread of the Delta variant of COVID-19.

“Currently, there are still trials ongoing and so the agency has to wait for the company to submit the data for those trials,” FDA vaccine regulator Peter Marks said Aug. 23. “We certainly want to make sure that we get it right.”

Fauci also said that requiring vaccines on airlines, a policy Fauci has said he personally supports, remains a possibility.

“Everything is on the table,” he said NBC’s “Meet the Press.” “We consider these things literally on a daily basis.”

iii) Important USA Economic Stories

Now crab meat sees skyrocketing prices

(zerohedge)

Restaurants Remove Crab From Menus Due To Skyrocketing Prices

 
FRIDAY, SEP 17, 2021 – 10:00 PM

Restaurants have suffered throughout the virus pandemic, and the shortage of everything doesn’t seem to be waning anytime soon. We told readers in June about a worsening crabmeat shortage that sent prices soaring. Heading into September, crabmeat prices soared to record highs forcing restaurants to either pass along the costs to consumers or remove crab products from menus. 

One of the top crab restaurants in Baltimore, Maryland, called Jimmy’s Famous Seafood, serves customers Maryland crab cakes, steamed crabs, crab soup, and other types of seafood. The restaurant ships crab cakes to customers all over the country and recently warned about “menu prices have recently increased due to the international crabmeat shortage which has decimated our industry.” 

Gail Furman is one of the owners of Max’s Taphouse in the Inner Harbor region of Baltimore. She told ABC News crabmeat prices are at “astronomical” levels that are forcing her to “remove crab products off our menus.” 

“Everyone knows about crab cakes and crab meat in Maryland. The price per pound has gone up from $21 a pound. Yesterday, it was $52 a pound, which is astronomical, so a lot of us have had to take crab products off our menus,” Furman said. “People just aren’t going to pay the prices we would need to charge to produce that product.”

She said: 

“Every supply chain that you look at is broken,” Furman said. “Because of the limited labor, because of the limited product out there, products and costs are dramatically increasing.”

Adding: 

“Chicken wings, pre-pandemic, they were roughly $45 to $50 for a case. Last week, they were $196 a case,” Furman said.

Another restaurant owner just south of Baltimore told local news WJZ that crabmeat prices continue to skyrocket, which has forced menu prices to edge higher. 

“It does hurt, and with COVID, we’re way behind in our sales and our break-even points,” said CindyLee Floyd, the owner of Floyd’s Crossroads Pub. 

She had to raise crab cake prices by $4, but that wasn’t enough to cover her costs.

“Over the weekend, we changed it to $6,” she said. “We’re not losing money. We’re just barely breaking even.”

Bill Sieling, executive director of the Chesapeake Bay Seafood Industries Association, told WJZ that soaring prices are due to “just the old law of supply and demand.” He said there’s no shortage of workers in the labor market and added a lack of mature crabs is the problem. 

“Right now, more people want to purchase crab and crab meat than there is crabs and crab meat,” said Sieling. 

Just north of Baltimore City in a suburban area called Cockeysville, Pappas Restaurant told local news WBALTV about the shortage of crabmeat. 

“It is in very short supply. The quantity is not there, the quality is not there, and they’re asking for enormous prices,” Pappas Restaurant Group CEO Steve Pappas said.

Pappas said he can no longer keep crab cake prices low due to soaring wholesale costs. He had to raise crab cake dishes by $3 and expects to go up even more. 

“If we raise the price the same amount that crab meat has gone up, it would be $60 a crab cake. Right now, it’s $25.99 for two sides and for one crab cake,” Pappas said.

Pappas said crabmeat costs between $50 to $60 a pound. He said he couldn’t get colossal blue crab and jumbo lump due to supply woes. 

“I think there is a shortage of workers, a shortage of transportation and just like many other industries right now, it’s hard to find products of any sort,” Pappas said.

Year-to-date, blue crab meat prices are at record highs. As per individual restaurant reports above, there’s reason to believe crabmeat prices per pound are currently between $50-$60.

By the pound, some websites are selling the meat for up to $121 per pound, shockingly high, consider prices were in the $19 to $30 range for the past half-decade. 

It’s not just blue crabs that have soared in price. According to Sea Food News, king crab prices are well above seasonal averages as the market is tight and demand remains robust. 

… and prices for Asian blue crabs are surging. 

For US importers, buying crabs overseas means paying record-high shipping rates and delays

Some on social media are pointing out the crabmeat crisis at Maryland restaurants. 

For crab processors, their costs have doubled since the pandemic and are being pushed to restaurants, who in return raise menu prices. 

The ripple effect of this all is crushing the low- and middle-classes the most as hyperinflationary food prices shows no signs of stopping. 

end

iv) Swamp commentaries/

“It’s Not The Same Thing”: Jen Psaki Asked Why Migrants Walking Across Border Don’t Have To Show Vaccine Proof

 
MONDAY, SEP 20, 2021 – 05:00 PM

After the earlier Biden-mandated vaccine requirement for federal workers and all armed forces branches, and with the city of D.C. itself now issuing a vaccine mandate for public school student athletes and child care center staffers, a big segment of the US public is questioning: where will it end? After all, even a potential future requirement to show proof of Covid vaccine to merely travel domestically on an airline is still “on the table” as an “option”

With these stringent and watchful federal, state and local regulations -including masking in some places – being increasingly imposed on American citizens, one might assume at minimum there are vaccine and Covid testing requirements in place for migrants who are now walking across the border, often setting up camps in crowded conditions on the US side of the border. But that would be to assume wrongly, given the following exchange between a Fox White House correspondent and Biden’s press secretary Jen Psaki…

Journalist Peter Doocy’s question centered on the even more obvious: if foreign travelers entering the US are required to show proof of a Covid vaccine, then why not such a minimal requirement in place for illegals trying to cross the US-Mexico border? 

“Is somebody asking the foreign nationals who are walking to Del Rio, Texas and who are setting up camps this side of the border for proof of vaccination or a negative Covid test?” he asked.

Doocy further pointed out that currently those crossing the border don’t even have to show a negative Covid test, apparently:

“First of all, I can re-address for you what steps we take …”

“So if somebody walks into the country, right across the river, does somebody ask to see their vaccination card?” Doocy asked.

“Well, let me explain to you again, Peter, how our process works,” the press secretary said.

Psaki said that as migrants come across the border, they are screened for symptoms of COVID-19 and quarantined if they are symptomatic.

Del Rio, TX migrant camp

And that’s where Psaki tried to dodge the question altogether, while also implying that no, there are no requirements in place at the border.

“They are not intending to stay here for a lengthy period of time,” she continued.

It’s not the same thing. These are individuals, as we’ve noted … we are expelling individuals based on Title 42 specifically because of COVID. Because we want to prevent a scenario where large numbers of people are gathering, posing a threat to the community and also to the migrants themselves.”

The Fox correspondent pointed to the hypocrisy and strange double-standard of requiring the vaccine for tens of millions of federal workers and others, and requiring essentially a ‘vaccine passport’ for foreigners flying in the country, but when a migrant walks across the border, this is somehow different.

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

Fed Chief Powell, other officials owned securities central bank bought during Covid pandemic
CNBC found Powell owned municipal bonds of the same type bought by the Fed during the Covid-19 pandemic in 2020…   (Could this kill Powell’s carefully plotted renomination?) https://www.cnbc.com/2021/09/17/fed-officials-owned-securities-it-was-buying-during-pandemic-raising-more-questions-about-conflicts.html

A Record $2 Trillion Options Just Traded; What It Means for Friday’s Massive Quad Witch OpEx
Some $1.5 trillion in SPX option expirations, as well as $1.4tln in options across underlyings expiring on Friday afternoon, including the 2nd largest expiration for single stocks outside of a January…
    This past Friday (Sept 10) represented the US listed option market’s first $2tln notional volume day…
    71% of total volumes have been in short-dated maturities, expiring within 2 weeks…
https://www.zerohedge.com/markets/record-2-trillion-options-traded-friday-what-it-means-fridays-massive-quad-witch-opex

China’s embattled developer Evergrande is on the brink of default. Here’s why it matters
Snowed under its crushing debt of $300 billion, Evergrande is so huge that the fallout from any failure could hurt not just China’s economy. Contagion could spread to markets beyond China…
https://www.cnbc.com/2021/09/17/china-developer-evergrande-debt-crisis-bond-default-and-investor-risks.html

Dr. Fauci Funded 60 Projects at the Wuhan Institute of Virology and All Were in Conjunction with the Chinese Military – Sharri Markson from Sky News is coming out with a book that’s a culmination of her efforts studying Anthony Fauci.  She notes the following on Sky News hours ago: I found out that he wrote a paper back in 2012 where he argued that gain of function research that’s genetically manipulating coronaviruses to make them even more dangerous and more transmissable, Fauci said that this was worth the risk of a pandemic.  And he even funded research, his agency funded coronavirus research at the Wuhan Institute of Virology, in conjunction with the Chinese military…
https://www.thegatewaypundit.com/2021/09/breaking-dr-fauci-funded-60-projects-wuhan-institute-virology-conjunction-chinese-military/?s=02

Coroner says couple who died in murder suicide counted as COVID deaths as some raise alarm that the national count is skewed.  https://t.co/KSgf6H6BHH

The FDA, by a 16-3 vote, vetoed approval of Team Obama-Biden’s cherished PFE Covid booster shots.
Because The Big Guy strenuously advocated for Pfizer booster shots, his credibility on them is shot.

@Dylan_Housman: FDA panel votes against approving a Pfizer booster dose for COVID-19, weeks after President Joe Biden promised all Americans would be able to get boosters beginning in late September.

MD @BrianLenzkes: NIH now recommends Vitamin C, D3 and Zinc for prevention and treatment of Covid-19.  The rest of us who have recommended it for the past 18 months don’t even want an apology.

MSNBC host Joy Reid admits she was ‘hesitant’ of COVID vaccine under Trump, pushes it under Biden – ‘Reid has entirely changed her tone, because it’s politically advantageous,’ Drew Holden wrote
https://www.foxnews.com/media/msnbc-joy-reid-vaccine

Drone flights BANNED over US-Mexico border where 10,000 Haitians have gathered
It came hours after Fox News released shocking footage showing thousands of migrants living in squalor under the bridge after crossing the US-Mexico border…  https://trib.al/tzwzFsZ

@martyrmade: “Fox News has been at the border for 7 months now. We’ve been using the drone the entire time. It’s never been an issue. All of a sudden, in the last 24 hrs, we start showing these images at this bridge & a TFR goes up. We can no longer fly.”

@ggreenwald: Even for the journalists who stopped pretending to care about what’s happening at the border now that Trump is gone, this seems at first glance like a pretty serious attack on the ability to report and everyone who cares about journalism should be demanding an explanation for it:

@BillFOXLA: I am absolutely stunned by what I’m witnessing right now. We are on a boat in the Rio Grande near the Del Rio international bridge and we are watching as masses of hundreds of migrants walk across the river from Mexico and stream into the US illegally. 
https://twitter.com/BillFOXLA/status/1439245698768285711    @BillFOXLAtweeted at 7:25 PM on Sat, Sep 18, 2021: As of 7:15pm Del Rio time, here is what the situation under the international bridge looks like, where close to 15,000 migrants have camped out after crossing illegally. Many of the migrants have constructed makeshift shelters from sticks and plants. @FoxNews https://t.co/i6tyPxSw25

How Biden quietly ended deportation flights to Haiti a week ago and sparked border surge https://trib.al/eSAfe0n

GOP Rep @laurenboebert: Is anyone asking the question as to why we have 14,000+ Haitians living under a bridge at the US-Mexican border? We don’t share a border with Haiti. Who is facilitating the transfer of these folks down to Del Rio? They geographically cannot walk!

@charliespiering on Friday: Joe Biden scheduled to leave at 12:20 p.m. today for a long weekend at the beach…No press briefing scheduled for Jen Psaki today as Biden leaves early for the beach.

Yellen, IRS Push Democrats to Require Banks to Report Taxpayers’ Annual Account Flows the Administration officials again asked Congress to require banks to report annual inflows and outflows from bank accounts with at least $600 or at least $600 worth of transactions, a proposal aimed at letting the IRS target its audits more effectively…
https://www.wsj.com/articles/yellen-irs-push-democrats-to-require-banks-to-report-annual-account-flows-11631727020

@zerohedge: Pelosi says capitalism hasn’t served US economy ‘as well as it should’.  Wait, “capitalism” can do even more than get you a net worth of $200 million on a $193,400 salary?

Collusion bombshell: DNC lawyers met with FBI on Russia allegations before surveillance warrant
Former FBI general counsel James Baker met during the 2016 season with at least one attorney from Perkins Coie, the Democratic National Committee’s private law firm… “This is a bombshell that unequivocally shows the real collusion was between the FBI and Donald Trump’s opposition — the DNC, Hillary and a Trump-hating British intel officer — to hijack the election, rather than some conspiracy between Putin and Trump,” a knowledgeable source told me…  https://t.co/HkJCXPtvvm

 

@JackPosobiec: Here is Jake Sullivan on CNN peddling the Alfa Bank hoax, a key portion of the Russiagate conspiracy theory.  He is now Biden’s national security advisor.
https://twitter.com/JackPosobiec/status/1438857754161160193
    Hillary aided and abetted a criminal conspiracy. And @JakeSullivan46 wrote the statement. Charge him.  https://twitter.com/JackPosobiec/status/1438859131587371014

Ex-DNI @RichardGrenell: @JakeSullivan46 must answer WHO was peddling this phony information. He says they were “very serious computer science experts, people who work closely with the United States government” Yikes. 

@ChuckRossDC: Franklin Foer (The Atlantic) acknowledges he is “Reporter-2” in the Sussmann indictment and he sent a preview of his infamous Alfa Bank story to Fusion GPS before it was published

Maskless San Francisco mayor breaks health order, seen partying with BLM co-founder at nightclub   https://www.foxnews.com/us/san-francisco-mayor-london-breed-mask-mandate-breaks-nightclub

Pentagon Confirms Botched Drone Strike Killed Innocent Civilians, Not ISIS-K
https://townhall.com/tipsheet/spencerbrown/2021/09/17/pentagon-briefing-botched-drone-strike-n2596079

LucasFoxNews: Gen. McKenzie, head of U.S. Central Command, to announce no ISIS-K fighters killed in U.S. drone strike in Kabul Aug 29. 10 civilians killed, including 7 children in Toyota. No disciplinary action expected, officials say. US military stands by intel leading to strike.

@SeanParnellUSA: How the hell does the Biden Administration “stand by intel” that killed multiple civilians & zero terrorists?!  Where did they source the intel? Who gave it to them? The Taliban?

@JackPosobiec: Ask Gen Henry at CENTCOM J2 specifically what ‘intel’ he had on Kabul strike.  Per DOD official, HUMINT and Geospatial had conflicting reports on ISIS threat but WH was putting pressure so Henry gave the recommendation anyway.  Henry is up for promotion and wanted that 2nd star.  J2 is Intel Director in military-speak.  Are you paying attention yet?

Is Nancy Pelosi pulling Gen. Mark Milley’s strings?: Devine
The general seemed to treat her as his commander-in-chiefPelosi, who was engaged in a blood feud with Trump that had sent her batty, manipulated and bullied Milley.  A transcript of a call with Pelosi two days after the Jan. 6 Capitol riot, obtained by the “Peril” authors, has her ranting at Milley about Trump’s access to nuclear weapons… https://nypost.com/2021/09/15/is-nancy-pelosi-pulling-gen-mark-milleys-strings-devine/

Mark Milley Exposes the Myth of American ‘Democracy’
Milley is, of course, the same man who has openly defended the merits of studying critical race theory in the military and, in general, seems far more preoccupied with preening for holier-than-thou wokesters than he does with ensuring the U.S. Armed Forces are adequately prepared to hunt down and kill America’s enemies in the most efficient way possible. In short, as National Review’s Dan McLaughlin tweeted: “To Mark Milley, the General Lee who has been dead for 151 years is a dire threat, but the General Li who commands the world’s largest army on behalf of a murderous tyranny is a chum.” That is damning almost beyond words.
   Milley’s direct attack on civilian control of the military is but the latest indication that our wokeist ruling class will take no prisoners in its systemic assault upon the very pillars of the American constitutional order…  https://www.newsweek.com/mark-milley-exposes-myth-american-democracy-opinion-1630048

@nytimes: Fewer than 100 right-wing demonstrators, sharply outnumbered by police and media, gathered at the Capitol on Saturday to denounce what they called the mistreatment of “political prisoners” who had stormed the building on Jan. 6. (While thousands pour over the southern border!)
https://www.nytimes.com/2021/09/18/us/politics/capitol-sept-18-rally.html?smtyp=cur&smid=tw-nytimes

@FordFischer on Saturday: Earlier at “Justice for J6” defendants rally: Police surround masked man reportedly armed with a firearm. He tells them where the gun is, and they pull out his badge. He’s undercover law enforcement. Without disarming or handcuffing him, police extract him from the event.
https://twitter.com/FordFischer/status/1439312268701863939

@Kaitain_US: From the “rally”.  Can these fedboys be more obvious?  https://twitter.com/Kaitain_US/status/1439278360744456193
    @SEEHomeImprove: Three are wearing identical sunglasses while another group of three is wearing the same model watch. It’s like they were all badly dressed by a film wardrobe department. Not to mention the gun in the guy’s pocket. Why not just display their badges on a neck lanyard?

@DineshDSouza: The FBI tried to cook up an insurrection this weekend so they could make arrests and commend themselves for their amazing work that would, at the very least, call for a nice increase in their budget. Unfortunately, hardly anyone showed up! Apparently fewer than 100 people attended the FBI entrapment rally billed as a protest on behalf of the January 6 defendants. The FBI showed up in force, as did the riot police and the media, but the ordinary citizens who were the real targets outsmarted them all by staying home

@julie_kelly2: You cannot possibly watch this farce go down today and continue to believe USCP, DC Metro, FBI and other agencies were not instrumental in stoking the events of January 6. Michigan Capitol protest was dress rehearsal. January 6 was opening night. Today is an encore.

@DrewHolden360: I hope the dozens of attendees from today’s Justice for J6 rally make it safely back to their desks at the FBI.

@EmeraldRobinson: How bad are things? Things are so bad that Nicki Minaj stood up against Democrat intimidation better than the entire GOP leadership.

“The Height of Hypocrisy”: Designer of AOC’s “Tax the Rich” Dress Owes Taxes in “Multiple States”  https://www.zerohedge.com/markets/height-hypocrisy-designer-aocs-tax-rich-dress-owes-taxes-multiple-states

Is It Puppeteers or Puppets in Control in Washington? – Gatestone Institute
On one hand they have a President in the White House whose actions are reducing America into some befuddled and diminished world power. On the other hand, our foes are trying to figure out, as are all Americans, who is actually in charge in Washington?
     Is it a shadow government of consultants, lobbyists, and Obama retreads? Or is it really a president who counts success as getting to the presidential helicopter unassisted? One can envision the intelligence chiefs of our sworn enemies being sternly lectured by their supreme leaders to get to the bottom of it because they can’t believe their good fortune that American leadership has fallen so far so fast. It must be a devious trap.  If only that were true…
    There are individuals in Washington who are wielding enormous power without worrying about what Joe Biden might think or do because whatever they decide, it is Biden who will take the fall. If true, it has the makings of a nightmare situation… And yet there is another scenario that is equally chilling. What if Biden is not the tool of those behind the throne?…
https://www.gatestoneinstitute.org/17748/is-it-puppeteers-or-puppets-in-control-in

Horrific moment policemen shove woman to the ground and pepper spray her face as she lay hurt on the road – as protest over lockdown erupted into violence on the streets of Melbourne
The woman, reportedly in her 70s, lay injured on the ground and shielded her face while being doused with pepper spray by two officers standing over her…
    ‘This country is turning to s**t very quickly…and it’s not because of the virus,’ host of The Primodcast posted. ‘It’s because of incompetent state governments and big pharmaceutical companies taking advantage of the situation to make a s*** tonne of money.’…
https://www.dailymail.co.uk/news/article-10005641/Policemen-douse-elderly-woman-pepper-spray-Melbournes-anti-lockdown-protests.html

Arizona Recently Processed 673,000 Voter Identities with the Social Security Administration – 58% Had NO MATCH FOUND   https://www.thegatewaypundit.com/2021/09/going-arizona-recently-processed-67300-voter-identities-social-security-administration-58-no-match-found/

Over the weekend we watched “In Old Chicago”, a film made in 1937 about the Chicago Fire and corruption that highlights Chicago voter fraud.  In one scene, a man was caught registering to vote five times under different names.  84 years ago, Hollywood knew Chicago was rife with vote fraud.

 

 

 

end

Let us close out Monday  with this offering courtesy of Greg Hunter interviewing Karen Kingston

(Greg Hunter)

A MUST VIEW…

CV19 Vaccines are Poison – Karen Kingston | Greg Hunter’s USAWatchdog

 

CV19 Vaccines are Poison – Karen Kingston

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

Karen Kingston is a top pharmaceutical analyst who has researched and written about many cutting edge drugs.  She has been ostracized and attacked by Big Pharma because she is speaking out about the great harm being done by the so-called CV19 vaccines.  Everything from heart failure, cancer and even ED are just some of the side effects of the vax injections.  More and more is coming out about how the “vaccines” are hurting and killing people.  Kingston, who has read and studied hundreds of pages of CV19 vaccine patents, says, “They are not vaccines.  They are only intended to poison, mutate, cause genetic mutations, and kill adults and children.   They contain advanced medical technologies called lipid nanoparticles that are made of hydrogel, which contains graphene oxide (poison to humans). . . . There are strong immunosuppressants, different types of chemotherapies that could suppress your immune system while being injected by something that is going to highjack your immune system . . . . and actually produce this disease causing genetic material that can cause cancers, inflammatory diseases, genetic disorders, infertility and etc.  That’s when I cried, not for myself or my family, but for God’s children basically.”

New research has come out this week from pathologist Dr. Ryan Cole, and he is seeing cancers in the fully vaccinated 20 times higher than normal.  Kingston is not surprised and says, “I believe that’s (20 fold increase of cancers) a very conservative estimate as far as the increase of cancers we are going to witness in people who are injected with these ‘Emergency Use Authorization’ injections.  What happened with the FDA is they violated their own laws. . . . They actually have to prove that they have done all the tests and prove there is minimal risk to humans.  That would be the pre-clinical testing or the animal testing, but they skipped the animal testing . . .”

Kingston says another bad side effect of the CV19 vaccinations is Erectile Dysfunction or ED, but it doesn’t stop there.  Kingston explains, “Erectile Dysfunction, I believe, is a very common side effect in men with these mRNA vaccines.  Why?  Because they cause the proliferation or production of spike protein.  What do these spike proteins do? . . . They cause blood clotting.  According to the FDA, this is called disseminated thrombolytic coagulation.  This is a fancy word for blood clots throughout your body and small blood clots.  So . . . if your capillaries have small blood clots in them, they will experience Erectile Dysfunction.  I believe a lot of men who have been vaccinated are probably experiencing this problem. . . . Some people are sick right now from the vaccines and may not even know it. . . . One of the first symptoms is chronic fatigue syndrome.  So, if you are exhausted and you are injected, it is probably a side effect from that injection.  This is why I brought up ED.  People are considering this to be a lifestyle condition.  So, whether it’s ED or exhaustion, they are not attributing it to the vaccine.”

Kingston says these side effects are only the beginning of increasing sickness caused by the vaccines.

Kingston would not speculate on how many people would die from the CV19 injections, but she did say many fully vaxed people will keep getting sicker.  Kingston talks about the unvaxed getting sick from the vaxed.  Kingston also talks about natural immunity and what it means.  Kingston tells pregnant women not only to not take the injections, but stay away from people who have been fully vaxed.

(What is written here is only a small portion of what is covered.  There is much more in the hour long interview.)

Join Greg Hunter as he goes One-on-One with pharmaceutical and medical device analyst Karen Kingston.  (9.18.21)

CV19 Vaccines are Poison – Karen Kingston

 

CV19 Vaccines are Poison – Karen Kingston | Greg Hunter’s USAWatchdog

 

After the Interview:

Kingston also says she believes that the new cancers and diseases are being created on purpose by Big Pharma.  This way they can invent new treatments and drugs for the new diseases being created by the CV19 injections.  Kingston says all the new diseases and cancers could mean a new $50 trillion windfall for Big Pharma.

If you want to follow Karen Kingston, you can do so in LinkedIn.

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

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