SEPTEMBER 22/GOLD UP $0.55 TO $1778.05//SILVER UP 30 CENTS TO $22.91//GOLD STANDING AT THE COMEX INCREASES TO 9.3779 TONNES/SILVER REMAINS CONSTANT AT 28.335 MILLION OZ//FOMC : CLUELESS POWELL MAY TAPER EARLIER THAN EXPECTED ON INFLATION FEARS//COVID UPDATES/VACCINE UPDATES: PROJECT VERITAS REVEALS BADLY FLAWED VACCINES// OTHER STUDIES REVEAL INCREASED RISK OF CANCERS BECAUSE OF TELOMERASE INHIBITION//STORY ON THE RELEASE OF THE WUHAN VIRUS//EVERGRANDE SLIGHT REPRIEVE//KYLE BASS ON REAL REASON XI WILL ALLOW EVERGRANDE TO FAIL//LA PALMA VOLCANO CONTINUES TO ERUPT: DANGER AS THE LAVA HITS THE WATER AND ALSO DANGER IF PARTS OF THE ISLAND BREAK OFF AND FALL INTO THE OCEAN//SWAMP STORIES FOR YOU TONIGHT/?

 

GOLD:$1778.05 UP $0.55   The quote is London spot price

Silver:$22.91 UP 30  CENTS  London spot price ( cash market)

 
 
4:30 closing price
 
Gold $1768.00
 
silver:  22.70
 
 
 
end
 

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

 

 

PLATINUM  $998.70 UP  $40.55

PALLADIUM: $2020.70 UP 111.55/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  64/66

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,776.000000000 USD
INTENT DATE: 09/21/2021 DELIVERY DATE: 09/23/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
099 H DB AG 66
657 C MORGAN STANLEY 1
661 C JP MORGAN 64
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 66 66
MONTH TO DATE: 2,859

 

issued:  0

Goldman Sachs stopped: 0

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT. CONTRACT: 66 NOTICE(S) FOR 6600 OZ  (0.2052 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  2859 FOR 285,900 OZ  (8.8926 TONNES)

 

SILVER//sept CONTRACT

1 NOTICE(S) FILED TODAY FOR  5,000   OZ/

total number of notices filed so far this month 5377  :  for 26,885,000  oz

 

BITCOIN MORNING QUOTE  $42,084 DOWN 142  DOLLARS 

 

BITCOIN AFTERNOON QUOTE.:$43,330 UP 2350 DOLLARS. 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $0.55 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGE IN GOLD INVENTORY AT THE GLD:  

 

 

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

 

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

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

THIS IS A MASSIVE FRAUD!!

GLD  1000.79 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 30 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: 

 

547.217  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 165,42 down .62 OR 0.37%

XXXXXXXXXXXXX

SLV closing price NYSE 20.99 UP $.15 OR 0.72%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 

Let us have a look at the data for today

SILVER COMEX OI ROSE BY A TINY SIZED 304 CONTRACTS CONTRACTS TO 145,537, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR  STRONG  $0.39 GAIN IN SILVER PRICING AT THE COMEX  ON TUESDAY.

OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.39)

AND THEY WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS AS WE HAD A GOOD GAIN OF 811 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 GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A  SMALL INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 27.64 MILLION OZ FOLLOWED BY A 5,000 OZ  E.F.P/ JUMP TO LONDON  //NEW STANDING 28.355 MILLION OZ  / v) TINY 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 + 36
 

 

 
 
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS
 
 
SEPTEMBER
 
ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
 
11,698 CONTACTS  for 15 days, total 11,698 contracts or 58.490 million oz…average per day:  779 contracts or 3,899 million oz per day.

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

SEPT:  58.490 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 TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 304 CONTRACTS DESPITE  OUR STRONG 39 CENT GAIN SILVER PRICING AT THE COMEX ///TUESDAYTE CME NOTIFIED US THAT WE HAD HA GOOD SIZED EFP ISSUANCE OF 507 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 GOOD SIZED GAIN OF 811 OI CONTRACTS ON THE TWO EXCHANGE/THE DOMINANT FEATURE TODAY:/HUGE BANKER SHORTCOVERING AS THEY GET OUT OF DODGE/  ( WITH OUR $0.39 GAIN AND WE HAVE A SMALL INITIAL SILVER OZ STANDING FOR SEPTEMBER 27.640 MILLION OZ FOLLOWED TODAY BY A QUEUE JUMP TO LONDON  OF 5,000 OZ TODAY//NEW STANDING 28.355 MILLION OZ//
 

WE HAD 1 NOTICES FILED TODAY FOR 5,000 OZ

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 4278  CONTRACTS TO 492,765 _ ,,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:  + 314  CONTRACTS.

THE GOOD SIZED DECREASE IN COMEX OI CAME DESPITE OUR GAIN IN PRICE OF $14.20///COMEX GOLD TRADING/TUESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE MAY HAVE HAD SOME LONG LIQUIDATION BUT AS THE TOTAL LOSS ON OUR TWO EXCHANGES TOTALLED 2593 CONTRACTS, YOU COULD ONLY CONCLUDE THAT THE MAJORITY OF THE COMEX LOSS WAS DUE TO  BANKER SHORT COVERING!. WE ALSO HAD A GOOD INITIAL STANDING IN GOLD TONNAGE FOR SEPT AT 3.586 TONNES, FOLLOWED BY TODAY’S 400 OZ QUEUE JUMP //NEW STANDING 9.3779 TONNES// 
 
 
 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $14.20 WITH RESPECT TO TUESDAY’S TRADING

 

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

WE HAD A SMALL SIZED LOSS OF 2907  OI CONTRACTS (9.041 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1685 CONTRACTS:

CONTRACT  AND JULY:  0; AUGUST: 0 & DEC 1685  ALL OTHER MONTHS ZERO//TOTAL: 1685 The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 492,765. 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 STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2593  CONTRACTS: 4278 CONTRACTS DECREASED AT THE COMEX AND 1685 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 2593 CONTRACTS OR 8.065 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1685) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI (4278 OI): TOTAL LOSS IN THE TWO EXCHANGES: 2593 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 400 OZ QUEUE JUMP//NEW STANDING 9.3779 TONNES / 3) MAYBE SOME LONG LIQUIDATION, /// ;4)GOOD SIZED COMEX OI LOSS 5)SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL

 

SPREADING OPERATIONS(/NOW SWITCHING TO GOLD)

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

 

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:
HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF SEPT HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT, FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

SEPTEMBER

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 33,078, CONTRACTS OR 3,307,800 oz OR 102.88 TONNES (15 TRADING DAY(S) AND THUS AVERAGING: 2205 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 TRADING DAY(S) IN  TONNES: 102.88 TONNES

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

THUS EFP TRANSFERS REPRESENTS  102.88/3550 x 100% TONNES  3.2% 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          102.88 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 SMALL SIZED 304 CONTRACTS TO 145,537 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 507 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 507  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  507 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 304 CONTRACTS AND ADD TO THE 507 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A GOOD SIZED GAIN OF 811 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

 

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.055 MILLION  OZ, OCCURRED WITH OUR $0.39 GAIN 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)TUESDAY MORNING/MONDAY  NIGHT: 

SHANGHAI CLOSED UP 14.82 PTS OIR .40%   //Hang Sang CLOSED/The Nikkei closed DOWN 200.31 PTS OR 0.67%   //Australia’s all ordinaires CLOSED UP 0.41%

/Chinese yuan (ONSHORE) closed UP TO 6.4671  /Oil DOWN TO 71.63 dollars per barrel for WTI and UP TO 75.22 for Brent. Stocks in Europe OPENED ALL GREEN   //  ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4671. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4820: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 4378 CONTRACTS TO 492,765 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 COMEX DECREASE OCCURRED DESPITE OUR GAIN OF $14.20 IN GOLD PRICING TUESDAY’SCOMEX TRADING.WE ALSO HAD A SMALL EFP ISSUANCE (756 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. LOOKS LIKE OUR BANKERS ARE FINALLY BAILING OUT!!

 

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

 

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   0

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE  ACTIVE DELIVERY MONTH OF SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1685 EFP CONTRACTS WERE ISSUED:  ;: ,  JULY 0 & AUGUST:  & DEC.  1685 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1685  CONTRACTS 

 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 2593  TOTAL CONTRACTS IN THAT 1685 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A GOOD SIZED COMEX OI OF 4278 CONTRACTS.WE HAVE A GOOD AMOUNT OF GOLD TONNAGE STANDING FOR SEPT   (9.3779),

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

SEPT: 9.3779 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $14.20).,BUT THEY WERE  SUCCESSFUL IN FLEECING SOME LONGS AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 8.065 TONNES WITH ALL OF THE LOSS BANKER SHORT COVERING.ACCOMPANYING OUR GOOD GOLD TONNAGE STANDING FOR SEPT. (9.3779 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 + 314 CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

 

NET LOSS ON THE TWO EXCHANGES :: 2593 CONTRACTS OR 259,300 OZ OR 8.065 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:  492,765 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.27 MILLION OZ/32,150 OZ PER TONNE =  15.32 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1532/2200 OR 69.65% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY  115,126 contracts//    / volume//awful/ worst ever////comex is broken

CONFIRMED COMEX VOL. FOR YESTERDAY: 159,454 contracts//poor/

 

 

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

 

SEPT 22

/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
66  notice(s)
6600 OZ
 
0.2052 TONNES
No of oz to be served (notices)
156 contracts
15,600 oz
 
0.4852 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
2859 notices
285900 OZ
8.8926 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 2//  dealer to customer

i) Brinks 3279.402

 

 
 
 
 
the front month of September has an open interest of 222 for a LOSS of 7 contracts. We had 11 notices served on TUESDAY.  Thus we gained 4 contracts or an additional 400 oz will stand for delivery in this non active delivery month of September for gold as they negated a fiat bonus for not accepting an EFP.
 
 
 
 
OCTOBER LOST 5029 CONTRACTS UP TO 31,392
NOVEMBER GAINED 241 CONTRACTS TO STAND AT 341
.
DEC LOST 302  TO STAND AT 399,502
 

We had 66 notice(s) filed today for 6600  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 66  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 64 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 (2859) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT: 222 CONTRACTS ) minus the number of notices served upon today  66 x 100 oz per contract equals 301,500 OZ OR 9.3779 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 (2859) x 100 oz+(222)  OI for the front month minus the number of notices served upon today (66} x 100 oz} which equals 301,500 oz standing OR 9.3779 TONNES in this  active delivery month of SEPTEMBER.

We GAINED 4 contracts or an additional 400 oz will not stand for delivery over on this side of the pond.

TOTAL COMEX GOLD STANDING:  9.3779 TONNES

 
 

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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 493.01 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS 9.3779 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 

total registered or dealer  18,255,837.642 oz or 567.83 tonnes
 
 
 
total weight of pledged: 2,405,269.444   oz                                     74.81 tonnes
 
 
 
registered gold that can be used to settle upon: 15,850,568.0 (493.01 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes15,850,568.0 (493.01 tonnes)   
 
 
total eligible gold: 15,857,237.028 oz   (493.22 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  34,113,074.671 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 22/2021

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
 
899,242.160  oz
Brinks
HSBC
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
580,339.858
 OZ
Manfra
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
1
 
CONTRACT(S)
 
5,000  OZ)
 
No of oz to be served (notices)
294 contracts
 1,470,000oz)
Total monthly oz silver served (contracts)  5377 contracts

 

26,885,000 oz)

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

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposits into customer account (ELIGIBLE ACCOUNT)

i) into Delaware:  2009.300 oz

ii) Into Manfra:  578,330.558 oz

 
 
 

JPMorgan now has 186.501 million oz  silver inventory or 51.23% of all official comex silver. (186.501 million/359.040 million

total customer deposits today 580,339.858   oz

we had 3 withdrawals

i) out of Brinks:  3695.230 oz

ii) Out of HSBC:  894,517.330 oz

iii) Out of Delaware:1029.600 oz

 

 

total withdrawal  899,242.160        oz

 

adjustments:  zero
 
 
 

Total dealer(registered) silver: 101.923 million oz

total registered and eligible silver:  359.040 million oz

a net   0.32 million oz  leaves  the comex silver vaults.

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For Sept. we have an open interest of 295 for a LOSS of 76 contracts.  We had 75 notices served on Tuesday, so we LOST 1 contract or 5,000 additional oz will stand for delivery at the comex in this very active delivery month of September.
 
 
 

OCTOBER LOST 144 CONTRACTS TO STAND AT 1617

NOVEMBER GAINED 95 TO STAND AT 543  

DEC GAINED 246 CONTRACTS UP TO 127,032

 
NO. OF NOTICES FILED: 1  FOR 5,000 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  5377 x 5,000 oz = 26,885,000 oz to which we add the difference between the open interest for the front month of SEPT (295) and the number of notices served upon today 1 x (5000 oz) equals the number of ounces standing.

Thus the SEPT standings for silver for the SEPT./2021 contract month: 5377 (notices served so far) x 5000 oz + OI for front month of SEPT(295)  – number of notices served upon today (1) x 5000 oz of silver standing for the SEPTEMBER contract month .equals 28,355,000 oz. ..

We LOST 1 contract or AN ADDITIONAL 5,000 oz will NOT  stand on this side of the pond 

 

 

TODAY’S ESTIMATED SILVER VOLUME  37,497 CONTRACTS // volume poor///

 

FOR YESTERDAY 42,769 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% (SEPT21/2021)

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   (SEPT21)/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 22/WITH GOLD UP $.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1000.79 TONNES

SEPT 21/WITH GOLD UP $14.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1000.79 TONNES

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 1000.79 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 22 / GLD INVENTORY 1001,79 tonnes

 

LAST;  1316 TRADING DAYS:   +76.85 TONNES HAVE BEEN ADDED THE GLD

 

LAST 986 TRADING DAYS// +  252.27. TONNES HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

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Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them!)

SEPT 22/WITH SILVER UP 30 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/

INVENTORY RESTS AT 547.217 MILLION OZ/./

SEPT 21/WITH SILVER UP 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV..//INVENTORY RESTS AT 544.624 MILLION OZ.

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 22/2021      547.217 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES

PETER SCHIFF

Gold-Silver Ratio Opening Up Again

 
WEDNESDAY, SEP 22, 2021 – 11:25 AM

Via SchiffGold.com,

The gold-silver ratio has ballooned again, indicating that silver is once again a bargain buy.

During a gold bull market, silver typically outperforms gold. We saw this during the big runup in the price of both metals through the early months of the pandemic. In the third quarter of last year, silver charted its best quarter since 2010, finishing up 27.62% through the three months ending Sept. 30. Going back further, silver spiked 106.6% off its March 2020 low.

Prior to the pandemic, the gold-to-silver ratio was well above 80-1. In February 2020, it stood at 88-1. The ratio climbed to nearly 93:1 in the summer of 2019. As silver and gold rallied last year, the big increase in the price of silver pushed the gold-silver ratio back below 70-1.

In recent months, silver and gold have both faced significant pressure as markets anticipate the Federal Reserve will begin to tighten monetary policy. Silver has faced stronger selling pressure than gold, and the silver-gold ratio has reopened, running at 78-1 today.

In practice, this means it takes 78 ounces of silver to buy one ounce of gold. To put that into perspective, the average in the modern era has been between 40:1 and 50:1.

So, what does the gold-silver ratio tell us?

In simple terms, it signals that from a historical perspective, silver is underpriced compared to gold.

Here’s the historical perspective.

Geologists estimate that there are approximately 19 ounces of silver for every ounce of gold in the earth’s crust, with a ratio of approximately 11.2 ounces of silver to each ounce of gold that has ever been mined. Interestingly, the silver-gold ratio in ancient Egypt was 1:1.

In 1792, the gold/silver price ratio was fixed by law in the United States at 15:1. France mandated a ratio of 15.5:1 in 1803. Faced with the challenges of a bi-metallic monetary system with fixed exchange rates and the aftermath of a worldwide financial crisis, the US Congress passed the Coinage Act of 1873. Following the lead of other Western nations, including England, Portugal, Canada, and Germany, this act formally demonetized silver and established a gold standard for the United States.

With silver playing a smaller role as a monetary metal, the silver-gold ratio gradually spread. The modern average over the last century has been in the 40-1 to 50-1 range.

Commodities analyst Jason Hamlin said in an article published by Seeking Alpha“The gold-silver ratio has been one of the most reliable technical ‘buy’ indicators for silver, whenever the ratio climbs above 80.”

We’re right at that doorstep.

Silver is much more volatile than gold due to its industrial role, but at its core, it is still a monetary metal and it tends to track relatively consistently with gold over time. When gold goes up, it almost always takes silver with it, and as already noted, silver typically outperforms gold in these bull runs.

The expectation is the Fed will begin tapering its quantitative easing program in the near future and this has created significant headwinds for gold and silver. But as Peter Schiff has noted, a slight slowdown in asset purchases does not equal a “tight” monetary policy. Furthermore, Peter thinks any tapering will be short-lived and the Fed will ultimately expand QE.

It knows the only foundation this bubble economy has is the Fed’s easy money policies. And I don’t think they have any actual plans to taper. And even if they just kind of feign the process by beginning it, they’ll never complete it because soon after they start the taper, again, if they even ever start, they’re going to have to reverse the process. Because ultimately, the Fed Fed is going to expand the QE program and start to buy a lot more government Treasuries and mortgage-backed securities in the future than it’s doing right now.”

This is bullish for both silver and gold.

Silver has hit an all-time high of $49 per ounce twice – in January 1980 and then again in April 2011. If you adjust that $49 high for inflation, you’re looking at a price of around $150 per ounce. In other words, silver has a long way to run up. As one analyst put it, “With the long-term downside potential of silver very low versus its current valuation, the risk/reward is one of the best investments on the planet.”

 

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

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Gold and silver

LAWRIE WILLIAMS: India still showing v. strong gold demand

Swiss gold exports always provide an excellent pointer to the demand situation in key Asian markets in particular. The country’s four major gold refineries specialise in converting larger gold bars, doré bullion from mines and gold scrap into the high purity and sizes most in demand in the consumer marketplace. The Swiss precious metals refineries have a strong history of producing this high tenor gold and in some years their output amounts to an equivalent of over 50% of global new mined gold supply – in other words they are hugely significant in terms of overall global gold supply destination analysis.

For August, Switzerland exported 117.9 tonnes of re- refined gold with well over half (70.8 tonnes) destined for India. The second highest recipient was China and Hong Kong combined which received 20.3 tonnes. Altogether Asian and Middle Eastern nations received 98.4 tonnes, or 83.5% of Swiss gold exports in August serving to emphasise the overall demand destinations of gold bullion from Western nations to Eastern ones where it is mostly held in stronger hands and thus less prone to being put back into the global gold supply mix.

Swiss gold exports August 2021. Chart courtesy of goldchartsrus.com

The importance of the high gold export levels to India should not be under-estimated. August tends to be a strong month for Indian gold imports anyway as dealers stock up ahead of the Wedding and Festival seasons. However this year August gold exports from Switzerland to India were almost 250% higher than in August 2020 when the country was in the throes of a COVID-19 outbreak. In contrast Swiss gold exports to China and Hong Kong, although doubling from a year earlier, remained at a low level and were substantially lower by around 6 tonnes than they were in July – a fall of around 23%.

China and India are the world’s two largest gold consumers, with China having overtaken India in first place almost 10 years ago. However, if Swiss gold export figures so far this year are anything to go by the positions could reverse again which may signify that China has not been recovering from the coronavirus pandemic as fast as government-issued statistics might suggest. Certainly India will hold the position as the world’s largest gold importer, as China produces a substantial amount of gold internally, and exports none of this. That gives it a strong headstart over India in terms of overall consumption. The two countries combined are still likely in combination to consume an amount of gold equivalent to 60-70% of global new mined supply.

Outside of Asia and the Middle East the major recipients of the Swiss gold were Germany, the UK and the U.S. The latter two nations have also been major suppliers of gold to Switzerland, while Germany, in particular, has been recognised as an important gold demand destination given the high consumer price inflation levels being recorded globally, coupled with long term memories of the hyper-inflation which gripped the country in the 1920s . This makes the population perhaps more sensitive to rising inflation than in most other advanced nations.

Swiss gold imports in August tended to come from the major gold trading nations – the U.S. which supplied the bulk (28%), Hong Kong and the UAE, which will have largely been stock adjustments and recycled gold, together with smaller amounts mostly from the World’s major gold producing countries, which will also have accounted for an important part of the supply from the U.S. as the world’s 4th largest gold producer. France supplied some 1.8 tonnes of gold coins for remelting and re-refining.

22 Sep 2021

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

Money masters self dealing?  Nah!! it cannot be!

(JPCortez)

JP Cortez: Are America’s money masters engaged in self-dealing?

 

 

 Section: Daily Dispatches

 

By JP Cortez
Money Metals Exchange, Eagle, Idaho
Tuesday, September 21, 2021

America’s central bankers are tasked with impartial oversight over aspects of the American economy. But could these individuals be making decisions on interest rates and bailout operations based on what is best for their own personal investment portfolios?

After some embarrassing revelations regarding the trading activities of two senior officials, Federal Reserve Chairman Jerome Powell abruptly ordered a comprehensive examination last week into internal compliance with an ethics rule directing Fed employees to avoid “actual and apparent conflicts of interest.”

According to the Fed’s official code of conduct, Fed officials are “prohibited from participating personally and substantially in an official capacity in any particular matter in which, to the employee’s knowledge, the employee has a financial interest if the particular matter will have a direct and predictable effect on that interest.”

Documents revealed that Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren made several trades of individual stocks, in some cases worth $1 million or more, in markets where Fed actions have impacted financial performance. …

… For the remainder of the commentary:

https://www.moneymetals.com/news/2021/09/21/the-fed-corruption-self-dealing-002375

end

Craig Hemke: An ode to Meat Loaf (and the Fed)

 

 

 Section: Daily Dispatches

 

2:45p ET Tuesday, September 21, 2021

Dear Friend of GATA and Gold:

Gold’s short-term direction, the TF Metals Report’s Craig Hemke writes today, depends on what the Federal Reserve says tomorrow about “tapering” its bond purchases. Hemke argues that the Fed can’t get out of the bond market without launching interest rates and government debt payments, so he expects more temporizing. 

Hemke’s analysis is headlined “An Ode to Meat Loaf” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/An-Ode-to-Meat-Loaf-Craig-Hemke-September-21-2021

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

III) OTHER PHYSICAL STORIES/COMMODITIES/PHYSICAL SHORTAGES //CRYPTOCURRENCIES

 

COFFEE

end

 
CRYPTOCURRENCIES/
Cryptos crash as the SEC and OCC warn of reckoning!!
(zerohedge)

Crypto Crashes As SEC/OCC Warn Of ‘Reckoning’, Question “Long-Term Viability” Of Private Forms Of Money

 
TUESDAY, SEP 21, 2021 – 05:08 PM

Crypto was hit by a double whammy from The SEC and OCC today…

Like a wolf in sheep’s clothing, SEC chief Gary Gensler led many crypto industry types to believe that he would be “a friend” to the nascent industry, largely because he once taught a class on the subject at MIT.

Instead, using the logic that extensive regulation is necessary to spur “widespread adoption” (note: there are more Coinbase accounts than Charles Schwab accounts now), Gansler has insisted that all exchanges be registered with, and regulated by, his agency, or “a lot of people are going to get hurt”.

Speaking during a live interview Tuesday with the Washington Post, Gensler made another comment that was immediately twisted by headline writers in a way that sent prices of bitcoin and Ethereum sliding once again. Gensler said he doesn’t see “long-term viability” for most crypto.

“I don’t think there’s long-term viability for five or six thousand private forms of money,” Gensler said in a virtual event hosted by the Washington Post.

“So in the meantime I think it’s worthwhile to have an investor-protection regime placed around this.”

Speaking to WaPo’s David Ignatius, Gensler doubled down on his “Wild West” analogy for cryptocurrencies like stablecoins, which he compared to gambling chips.

“Stablecoins are almost acting like poker chips at the casino right now,” said Gensler.

“We’ve got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables.”

While we are not exactly shocked that ‘the establishment’ should question “private forms of money” – that are not under their total control – the fact that Gary Gensler was heralded as ‘educated and friendly’ towards crypto is clearly wrong now that political pressure from Yellen et al. is in play.

It wasn’t just Gensler though, as Michael Hsu, the acting chief of the Office of the Comptroller of the Currency, argued Tuesday that cryptocurrencies and decentralized finance may be evolving into threats to the financial system in much the same way certain derivatives brought it near collapse more than a decade ago.

“Crypto/DeFi today is on a path that looks similar to CDS in the early 2000’s,” Hsu told the Blockchain Association in a webcast.

“Fortunately, this group has the power to change paths and avoid a crisis.”

As Bloomberg reports, OCC had previously been run by a former Coinbase executive, Brian P. Brooks, who led a pro-crypto charge to establish policies more welcoming to the industry and to provide some of the firms banking charters. When he was installed at the OCC by Treasury Secretary Janet Yellen, Hsu put its crypto-friendly policies on hold and has been among regulators calling for a new, unified approach across agencies.

Hsu went even further in his broad denigration of the crypto world:

“Crypto/DeFi solutions to problems in the real economy are rare,” Hsu said, adding that a reckoning could be on the way in which the “hardcore believers in the technology” give way to mainstream users who aren’t as eager to forgive the riskiness of the products.

Those people will “dominate and drive reactions,” which he suggested could mean more danger of panics that unravel crypto investments and threaten firms that run into trouble.

As all this regulatory pressure hit, Coindesk reported that Coinbase is said to be working on a pitch to federal regulators on how to oversee the crypto industry.

Having gone on an anti-SEC tirade over their ‘Lend’ program – only to quickly fold on the entire product – we wish CEO Brian Armstrong luck as the exchange plans to publicly roll out this proposal in the coming days, according to sources familiar with the regulatory discussions.

Details of the proposal were not available at press time, but among other matters the company intends to argue what should and should not be defined as a security within the US.

With all this hitting, it’s no surprise FUD has driven cryptos lower with Bitcoin and Ethereum testing down towards their 100-day moving-averages…

But, on a more hopeful note, CoinTelegraph notes that the Crypto Fear & Greed Index indicates that the cryptocurrency market is experiencing a period of investor fear with a three-month low score of 27 out of 100 – a shift towards extreme fear signals BTC may be undervalued.

Reddit user u/_DEDSEC_ adapted the common trading mantra ‘buy the rumour, sell the news’ and commented that traders should “buy the fear, sell the greed.”

Arguably, it would seem Ray Dalio’s view of the end of crypto – crushed before it can become too successful – is the gameplan of the establishment for now.

Well I think regulation, I think at the end of the day if it’s really successful, they’ll kill it. And they’ll try to kill it and I think they will kill it because they have ways of killing it but that doesn’t mean it doesn’t have, you know, a place, a value and so on,” Dalio said.

Can a decentralized platform utilized by sovereign individuals defeat the hegemon?

 
end
 

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

i) Chinese yuan vs usa dollar/CLOSED UP AT 6.4671 

 

//OFFSHORE YUAN 6.4820  /shanghai bourse CLOSED UP 14.82 PTS OR .40% 

 

HANG SANG CLOSED 

 

2. Nikkei closed  UP 200.31 PTS OR 0.67%

 

3. Europe stocks  ALL GREEN

 

USA dollar INDEX DOWN TO  93.23/Euro RISES TO 1.1731

3b Japan 10 YR bond yield: FALLS TO. +.035/ !!!!(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:: 71.63 and Brent: 75.22

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.320%/Italian 10 Yr bond yield FALLS to 0.67% /SPAIN 10 YR BOND YIELD DOWN TO 0.31%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.99: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.74

3k Gold at $1774.75 silver at: 22.77   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 23/100 in roubles/dollar) 72.86

3m oil into the 71 dollar handle for WTI and  75 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 109.39 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 .9224 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0821 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 0.322%

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 1.330% early this morning. Thirty year rate at 1.854%

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

6.  TURKISH LIRA:  UP  TO 8.66..  VERY DEADLY

Futures Bounce On Evergrande Reprieve With Fed Looming

 

 
WEDNESDAY, SEP 22, 2021 – 08:05 AM

Despite today’s looming hawkish FOMC meeting in which Powell is widely expected to unveil that tapering is set to begin as soon as November and where the Fed’s dot plot may signal one rate hike in 2022, futures climbed as investor concerns over China’s Evergrande eased after the property developer negotiated a domestic bond payment deal. Commodities rallied while the dollar was steady.

Contracts on the S&P 500 and Nasdaq 100 flipped from losses to gains as China’s central bank boosted liquidity when it injected a gross 120BN in yuan, the most since January…

… and investors mulled a vaguely-worded statement from the troubled developer about an interest payment.  S&P 500 E-minis were up 23.0 points, or 0.53%, at 7:30 a.m. ET. Dow E-minis were up 199 points, or 0.60%, and Nasdaq 100 E-minis were up 44.00 points, or 0.29%.

Among individual stocks, Fedex fell 5.8% after the delivery company cut its profit outlook on higher costs and stalled growth in shipments. Morgan Stanley says it sees the company’s 1Q issues getting “tougher from here.” Commodity-linked oil and metal stocks led gains in premarket trade, while a slight rise in Treasury yields supported major banks. However, most sectors were nursing steep losses in recent sessions. Here are some of the biggest U.S. movers:

  • Adobe (ADBE US) down 3.1% after 3Q update disappointed the high expectations of investors, though the broader picture still looks solid, Morgan Stanley said in a note
  • Freeport McMoRan (FCX US), Cleveland- Cliffs (CLF US), Alcoa (AA US) and U.S. Steel (X US) up 2%-3% premarket, following the path of global peers as iron ore prices in China rallied
  • Aethlon Medical (AEMD US) and Exela Technologies (XELAU US) advance along with other retail traders’ favorites in the U.S. premarket session. Aethlon jumps 21%; Exela up 8.3%
  • Other so-called meme stocks also rise: ContextLogic +1%; Clover Health +0.9%; Naked Brand +0.9%; AMC +0.5%
  • ReWalk Robotics slumps 18% in U.S. premarket trading, a day after nearly doubling in value
  • Stitch Fix (SFIX US) rises 15.7% in light volume after the personal styling company’s 4Q profit and sales blew past analysts’ expectations
  • Hyatt Hotels (H US) seen opening lower after the company launches a seven-million-share stock offering
  • Summit Therapeutics (SMMT US) shares fell as much as 17% in Tuesday extended trading after it said the FDA doesn’t agree with the change to the primary endpoint that has been implemented in the ongoing Phase III Ri-CoDIFy studies when combining the studies
  • Marin Software (MRIN US) surged more than 75% Tuesday postmarket after signing a new revenue-sharing agreement with Google to develop its enterprise technology platforms and software products

The S&P 500 had fallen for 10 of the past 12 sessions since hitting a record high, as fears of an Evergrande default exacerbated seasonally weak trends and saw investors pull out of stocks trading at lofty valuations. The Nasdaq fell the least among its peers in recent sessions, as investors pivoted back into big technology names that had proven resilient through the pandemic.

Focus now turns to the Fed’s decision, due at 2 p.m. ET where officials are expected to signal a start to scaling down monthly bond purchases (see our preview here).  The Fed meeting comes after a period of market volatility stoked by Evergrande’s woes. China’s wider property-sector curbs are also feeding into concerns about a slowdown in the economic recovery from the pandemic.

“Chair Jerome Powell could hint at the tapering approaching shortly,” said Sébastien Barbé, a strategist at Credit Agricole CIB. “However, given the current uncertainty factors (China property market, Covid, pace of global slowdown), the Fed should remain cautious when it comes to withdrawing liquidity support.”

Meanwhile, confirming what Ray Dalio said that the taper will just bring more QE, Governing Council member Madis Muller said the  European Central Bank may boost its regular asset purchases once the pandemic-era emergency stimulus comes to an end.

“Dovish signals could unwind some of the greenback’s gains while offering relief to stock markets,” Han Tan, chief market analyst at Exinity Group, wrote in emailed comments. A “hawkish shift would jolt markets, potentially pushing Treasury yields and the dollar past the upper bound of recent ranges, while gold and equities would sell off hunting down the next levels of support.”

China avoided a major selloff as trading resumed following a holiday, after the country’s central bank boosted its injection of short-term cash into the financial system. MSCI’s Asia-Pacific index declined for a third day, dragged lower by Japan.

Stocks were also higher in Europe. Basic resources – which bounced from a seven month low – and energy were among the leading gainers in the Stoxx Europe 600 index as commodity prices steadied after Beijing moved to contain fears of a spiraling debt crisis. Entain Plc rose more than 7%, extending Tuesday’s gain as it confirmed it received a takeover proposal from DraftKings Inc. Peer Flutter Entertainment Plc climbed after settling a legal dispute.  Here are some of the biggest European movers today:

  • Entain shares jump as much as 11% after DraftKings Inc. offered to acquire the U.K. gambling company for about $22.4 billion.
  • Vivendi rises as much as 3.1% in Paris, after Tuesday’s spinoff of Universal Music Group.
  • Legrand climbs as much as 2.1% after Exane BNP Paribas upgrades to outperform and raises PT to a Street-high of EU135.
  • Orpea shares falls as much as 2.9%, after delivering 1H results that Jefferies (buy) says were a “touch” below consensus.
  • Bechtle slides as much as 5.1% after Metzler downgrades to hold from buy, saying persistent supply chain problems seem to be weighing on growth.
  • Sopra Steria drops as much as 4.1% after Stifel initiates coverage with a sell, citing caution on company’s M&A strategy

Despite the Evergrande announcement, Asian stocks headed for their longest losing streak in more than a month amid continued China-related concerns, with traders also eying policy decisions from major central banks. The MSCI Asia Pacific Index dropped as much as 0.7% in its third day of declines, with TSMC and Keyence the biggest drags. China’s CSI 300 tumbled as much as 1.9% as the local market reopened following a two-day holiday. However, the gauge came off lows after an Evergrande unit said it will make a bond interest payment and as China’s central bank boosted liquidity.  Taiwan’s equity benchmark led losses in Asia on Wednesday, dragged by TSMC after a two-day holiday, while markets in Hong Kong and South Korea were closed. Key stock gauges in Australia, Indonesia and Vietnam rose

“A liquidity injection from the People’s Bank of China accompanied the Evergrande announcement, which only served to bolster sentiment further,” according to DailyFX’s Thomas Westwater and Daniel Dubrovsky. “For now, it appears that market-wide contagion risk linked to a potential Evergrande collapse is off the table.”

Japanese equities fell for a second day amid global concern over China’s real-estate sector, as the Bank of Japan held its key stimulus tools in place while flagging pressures on the economy. Electronics makers were the biggest drag on the Topix, which declined 1%. Daikin and Fanuc were the largest contributors to a 0.7% loss in the Nikkei 225. The BOJ had been expected to maintain its policy levers ahead of next week’s key ruling party election. Traders are keenly awaiting the Federal Reserve’s decision due later for clues on the U.S. central banks plan for tapering stimulus. “Markets for some time have been convinced that the BOJ has reached the end of the line on normalization and will remain in a holding pattern on policy until at least April 2023 when Governor Kuroda is scheduled to leave,” UOB economist Alvin Liew wrote in a note. “Attention for the BOJ will now likely shift to dealing with the long-term climate change issues.”

In the despotic lockdown regime that is Australia, the S&P/ASX 200 index rose 0.3% to close at 7,296.90, reversing an early decline in a rally led by mining and energy stocks. Banks closed lower for the fourth day in a row. Champion Iron was among the top performers after it was upgraded at Citi. IAG was among the worst performers after an earthquake caused damage to buildings in Melbourne. In New Zealand, the S&P/NZX 50 index rose 0.3% to 13,215.80

In FX, commodity currencies rallied as concerns about China Evergrande Group’s debt troubles eased as China’s central bank boosted liquidity and investors reviewed a statement from the troubled developer about an interest payment. Overnight implied volatility on the pound climbed to the highest since March ahead of Bank of England’s meeting on Thursday. The British pound weakened after Business Secretary Kwasi Kwarteng warnedthat people should prepare for longer-term high energy prices amid a natural-gas shortage that sent power costs soaring. Several U.K. power firms have stopped taking in new clients as small energy suppliers struggle to meet their previous commitments to sell supplies at lower prices.

Overnight volatility in the euro rises above 10% for the first time since July ahead of the Federal Reserve’s monetary policy decision announcement. The Aussie jumped as much as 0.5% as iron-ore prices rebounded. Spot surged through option-related selling at 0.7240 before topping out near 0.7265 strikes expiring Wednesday, according to Asia- based FX traders.  Elsewhere, the yen weakened and commodity-linked currencies such as the Australian dollar pushed higher.

In rates, the dollar weakened against most of its Group-of-10 peers. Treasury futures were under modest pressure in early U.S. trading, leaving yields cheaper by ~1.5bp from belly to long-end of the curve. The 10-year yield was at ~1.336% steepening the 2s10s curve by ~1bp as the front-end was little changed. Improved risk appetite weighed; with stock futures have recovering much of Tuesday’s losses as Evergrande concerns subside. Focal point for Wednesday’s session is FOMC rate decision at 2pm ET.   FOMC is expected to suggest it will start scaling back asset purchases later this year, while its quarterly summary of economic projections reveals policy makers’ expectations for the fed funds target in coming years in the dot-plot update; eurodollar positions have emerged recently that anticipate a hawkish shift

Bitcoin dropped briefly below $40,000 for the first time since August amid rising criticism from regulators, before rallying as the mood in global markets improved.

In commodities, Iron ore halted its collapse and metals steadied. Oil advanced for a second day. Bitcoin slid below $40,000 for the first time since early August before rebounding back above $42,000.  

To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September.

Market Snapshot

  • S&P 500 futures up 0.4% to 4,362.25
  • STOXX Europe 600 up 0.5% to 461.19
  • MXAP down 0.7% to 199.29
  • MXAPJ down 0.4% to 638.39
  • Nikkei down 0.7% to 29,639.40
  • Topix down 1.0% to 2,043.55
  • Hang Seng Index up 0.5% to 24,221.54
  • Shanghai Composite up 0.4% to 3,628.49
  • Sensex little changed at 59,046.84
  • Australia S&P/ASX 200 up 0.3% to 7,296.94
  • Kospi up 0.3% to 3,140.51
  • Brent Futures up 1.5% to $75.47/bbl
  • Gold spot up 0.0% to $1,775.15
  • U.S. Dollar Index little changed at 93.26
  • German 10Y yield rose 0.6 bps to -0.319%
  • Euro little changed at $1.1725

Top Overnight News from Bloomberg

  • What would it take to knock the U.S. recovery off course and send Federal Reserve policy makers back to the drawing board? Not much — and there are plenty of candidates to deliver the blow
  • The European Central Bank will discuss boosting its regular asset purchases once the pandemic-era emergency stimulus comes to an end, but any such increase is uncertain, Governing Council member Madis Muller said
  • Investors seeking hints about how Beijing plans to deal with China Evergrande Group’s debt crisis are training their cross hairs on the central bank’s liquidity management

A quick look at global markets courtesy of Newsquawk

Asian equity markets traded mixed as caution lingered ahead of upcoming risk events including the FOMC, with participants also digesting the latest Evergrande developments and China’s return to the market from the Mid-Autumn Festival. ASX 200 (+0.3%) was positive with the index led higher by the energy sector after a rebound in oil prices and as tech also outperformed, but with gains capped by weakness in the largest-weighted financials sector including Westpac which was forced to scrap the sale of its Pacific businesses after failing to secure regulatory approval. Nikkei 225 (-0.7%) was subdued amid the lack of fireworks from the BoJ announcement to keep policy settings unchanged and ahead of the upcoming holiday closure with the index only briefly supported by favourable currency outflows. Shanghai Comp. (+0.4%) was initially pressured on return from the long-weekend and with Hong Kong markets closed, but pared losses with risk appetite supported by news that Evergrande’s main unit Hengda Real Estate will make coupon payments due tomorrow, although other sources noted this is referring to the onshore bond payments valued around USD 36mln and that there was no mention of the offshore bond payments valued at USD 83.5mln which are also due tomorrow. Meanwhile, the PBoC facilitated liquidity through a CNY 120bln injection and provided no surprises in keeping its 1-year and 5-year Loan Prime Rates unchanged for the 17th consecutive month at 3.85% and 4.65%, respectively. Finally, 10yr JGBs were flat amid the absence of any major surprises from the BoJ policy announcement and following the choppy trade in T-notes which were briefly pressured in a knee-jerk reaction to the news that Evergrande’s unit will satisfy its coupon obligations tomorrow, but then faded most of the losses as cautiousness prevailed.

Top Asian News

  • Gold Steady as Traders Await Outcome of Fed Policy Meeting
  • Evergrande Filing on Yuan Bond Interest Leaves Analysts Guessing
  • Singapore Category E COE Price Rises to Highest Since April 2014
  • Asian Stocks Fall for Third Day as Focus Turns to Central Banks

European equities (Stoxx 600 +0.5%) trade on a firmer footing in the wake of an encouraging APAC handover. Focus overnight was on the return of Chinese participants from the Mid-Autumn Festival and news that Evergrande’s main unit, Hengda Real Estate will make coupon payments due tomorrow; however, we await indication as to whether they will meet Thursday’s offshore payment deadline as well. Furthermore, the PBoC facilitated liquidity through a CNY 120bln injection whilst keeping its 1-year and 5-year Loan Prime Rates unchanged (as expected). Note, despite gaining yesterday and today, thus far, the Stoxx 600 is still lower to the tune of 0.7% on the week. Stateside, futures are also trading on a firmer footing ahead of today’s FOMC policy announcement, at which, market participants will be eyeing any clues for when the taper will begin and digesting the latest dot plot forecasts. Furthermore, the US House voted to pass the bill to fund the government through to December 3rd and suspend the debt limit to end-2022, although this will likely be blocked by Senate Republicans. Back to Europe, sectors are mostly firmer with outperformance in Basic Resources and Oil & Gas amid upside in the metals and energy complex. Elsewhere, Travel & Leisure is faring well amid further upside in Entain (+6.1%) with the Co. noting it rejected an earlier approach from DraftKings at GBP 25/shr with the new offer standing at GBP 28/shr. Additionally for the sector, Flutter Entertainment (+4.1%) are trading higher after settling the legal dispute between the Co. and Commonwealth of Kentucky. Elsewhere, in terms of deal flow, Iliad announced that it is to acquire UPC Poland for around USD 1.8bln.

Top European News

  • Energy Cost Spike Gets on EU Ministers’ Green Deal Agenda
  • Travel Startup HomeToGo Gains in Frankfurt Debut After SPAC Deal
  • London Stock Exchange to Shut Down CurveGlobal Exchange
  • EU Banks Expected to Add Capital for Climate Risk, EBA Says

In FX, trade remains volatile as this week’s deluge of global Central Bank policy meetings continues to unfold amidst fluctuations in broad risk sentiment from relatively pronounced aversion at various stages to a measured and cautious pick-up in appetite more recently. Hence, the tide is currently turning in favour of activity, cyclical and commodity currencies, albeit tentatively in the run up to the Fed, with the Kiwi and Aussie trying to regroup on the 0.7000 handle and 0.7350 axis against their US counterpart, and the latter also striving to shrug off negative domestic impulses like a further decline below zero in Westpac’s leading index and an earthquake near Melbourne. Next up for Nzd/Usd and Aud/Usd, beyond the FOMC, trade data and preliminary PMIs respectively.

  • DXY/CHF/EUR/CAD – Notwithstanding the overall improvement in market tone noted above, or another major change in mood and direction, the Dollar index appears to have found a base just ahead of 93.000 and ceiling a similar distance away from 93.500, as it meanders inside those extremes awaiting US existing home sales that are scheduled for release before the main Fed events (policy statement, SEP and post-meeting press conference from chair Powell). Indeed, the Franc, Euro and Loonie have all recoiled into tighter bands vs the Greenback, between 0.9250-26, 1.1739-17 and 1.2831-1.2770, but with the former still retaining an underlying bid more evident in the Eur/Chf cross that is consolidating under 1.0850 and will undoubtedly be acknowledged by the SNB tomorrow. Meanwhile, Eur/Usd has hardly reacted to latest ECB commentary from Muller underpinning that the APP is likely to be boosted once the PEPP envelope is closed, though Usd/Cad is eyeing a firm rebound in oil prices in conjunction with hefty option expiry interest at the 1.2750 strike (1.8 bn) that may prevent the headline pair from revisiting w-t-d lows not far beneath the half round number.
  • GBP/JPY – The major laggards, as Sterling slips slightly further beneath 1.3650 against the Buck to a fresh weekly low and Eur/Gbp rebounds from circa 0.8574 to top 0.8600 on FOMC day and T-1 to super BoE Thursday. Elsewhere, the Yen has lost momentum after peaking around 109.12 and still not garnering sufficient impetus to test 109.00 via an unchanged BoJ in terms of all policy settings and guidance, as Governor Kuroda trotted out the no hesitation to loosen the reins if required line for the umpteenth time. However, Usd/Jpy is holding around 109.61 and some distance from 1.1 bn option expiries rolling off between 109.85-110.00 at the NY cut.
  • SCANDI/EM – Brent’s revival to Usd 75.50+/brl from sub-Usd 73.50 only yesterday has given the Nok another fillip pending confirmation of a Norges Bank hike tomorrow, while the Zar has regained some poise with the aid of firmer than forecast SA headline and core CPI alongside a degree of retracement following Wednesday’s breakdown of talks on a pay deal for engineering workers that prompted the union to call a strike from early October. Similarly, the Cnh and Cny by default have regrouped amidst reports that the CCP is finalising details to restructure Evergrande into 3 separate entities under a plan that will see the Chinese Government take control.

In commodities, WTI and Brent are firmer this morning though once again fresh newsflow for the complex has been relatively slim and largely consisting of gas-related commentary; as such, the benchmarks are taking their cue from the broader risk tone (see equity section). The improvement in sentiment today has brought WTI and Brent back in proximity to being unchanged on the week so far as a whole; however, the complex will be dictated directly by the EIA weekly inventory first and then indirectly, but perhaps more pertinently, by today’s FOMC. On the weekly inventories, last nights private release was a larger than expected draw for the headline and distillate components, though the Cushing draw was beneath expectations; for today, consensus is a headline draw pf 2.44mln. Moving to metals where the return of China has seen a resurgence for base metals with LME copper posting upside of nearly 3.0%, for instance. Albeit there is no fresh newsflow for the complex as such, so it remains to be seen how lasting this resurgence will be. Finally, spot gold and silver are firmer but with the magnitude once again favouring silver over the yellow metal.

US Event Calendar

  • 10am: Aug. Existing Home Sales MoM, est. -1.7%, prior 2.0%
  • 2pm: Sept. FOMC Rate Decision (Lower Boun, est. 0%, prior 0%

DB’s Jim Reid concludes the overnight wrap

All eyes firmly on China this morning as it reopens following a 2-day holiday. As expected the indices there have opened lower but the scale of the declines are being softened by the PBoC increasing its short term cash injections into the economy. They’ve added a net CNY 90bn into the system. On Evergrande, we’ve also seen some positive headlines as the property developers’ main unit Hengda Real Estate Group has said that it will make coupon payment for an onshore bond tomorrow. However, the exchange filing said that the interest payment “has been resolved via negotiations with bondholders off the clearing house”. This is all a bit vague and doesn’t mention the dollar bond at this stage. Meanwhile, Bloomberg has reported that Chinese authorities have begun to lay the groundwork for a potential restructuring that could be one of the country’s biggest, assembling accounting and legal experts to examine the finances of the group. All this follows news from Bloomberg yesterday that Evergrande missed interest payments that had been due on Monday to at least two banks. In terms of markets the CSI (-1.11%), Shanghai Comp (-0.29%) and Shenzhen Comp (-0.53%) are all lower but have pared back deeper losses from the open.

We did a flash poll in the CoTD yesterday (link here) and after over 700 responses in a couple of hours we found only 8% who we thought Evergrande would still be impacting financial markets significantly in a month’s time. 24% thought it would be slightly impacting. The other 68% thought limited or no impact. So the world is relatively relaxed about contagion risk for now. The bigger risk might be the knock on impact of weaker Chinese growth. So that’s one to watch even if you’re sanguine on the systemic threat. Craig Nicol in my credit team did a good note yesterday (link here) looking at the contagion risk to the broader HY market. I thought he summed it up nicely as to why we all need to care one way or another in saying that “Evergrande is the largest corporate, in the largest sector, of the second largest economy in the world”. For context AT&T is the largest corporate borrower in the US market and VW the largest in Europe.

Turning back to other Asian markets now and the Nikkei (-0.65%) is down but the Hang Seng (+0.51%) and Asx (+0.58%) are up. South Korean markets continue to remain closed for a holiday. Elsewhere, yields on 10y USTs are trading flattish while futures on the S&P 500 are up +0.10% and those on the Stoxx 50 are up +0.21%. Crude oil prices are also up c.+1% this morning. In other news, the Bank of Japan policy announcement overnight was a non-event as the central bank maintained its yield curve target while keeping the policy rate and asset purchases plan unchanged. The central bank also unveiled more details of its green lending program and said that it would immediately start accepting applications and would begin making the loans in December.

The relatively calm Asian session follows a stabilisation in markets yesterday following their rout on Monday as investors looked forward to the outcome of the Fed’s meeting later today. That said, it was hardly a resounding performance, with the S&P 500 unable to hold on to its intraday gains and ending just worse than unchanged after the -1.70% decline the previous day as investors remained vigilant as to the array of risks that continue to pile up on the horizon.

One of these is in US politics and legislators seem no closer to resolving the various issues surrounding a potential government shutdown at the end of the month, along with a potential debt ceiling crisis in October, which is another flashing alert on the dashboard for investors that’s further contributing to weaker sentiment right now.

Looking ahead now, today’s main highlight will be the latest Federal Reserve decision along with Chair Powell’s subsequent press conference, with the policy decision out at 19:00 London time. Markets have been on edge for any clues about when the Fed might begin to taper asset purchases, but concern about tapering actually being announced at this meeting has dissipated over recent weeks, particularly after the most recent nonfarm payrolls in August came in at just +235k, and the monthly CPI print also came in beneath consensus expectations for the first time since November. In terms of what to expect, our US economists write in their preview (link here) that they see the statement adopting Chair Powell’s language that a reduction in the pace of asset purchases is appropriate “this year”, so long as the economy remains on track. They see Powell maintaining optionality about the exact timing of that announcement, but they think that the message will effectively be that the bar to pushing the announcement beyond November is relatively high in the absence of any material downside surprises. This meeting also sees the release of the FOMC’s latest economic projections and the dot plot, where 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.

Back to yesterday, and as mentioned US equity markets fell for a second straight day after being unable to hold on to earlier gains, with the S&P 500 slightly lower (-0.08%). High-growth industries outperformed with biotech (+0.38%) and semiconductors (+0.18%) leading the NASDAQ (+0.22%) slightly higher, however the Dow Jones (-0.15%) also struggled. Europe saw a much stronger performance though as much of the US decline came after Europe had closed. The STOXX 600 gained +1.00% to erase most of Monday’s losses, with almost every sector in the index ending the day in positive territory.

With risk sentiment improving for much of the day yesterday, US Treasuries sold off slightly and by the close of trade yields on 10yr Treasuries were up +1.2bps to 1.3226%, thanks to a +1.8bps increase in real yields. However, sovereign bonds in Europe told a different story as yields on 10yr bunds (-0.3bps), OATs (-0.3bps) and BTPs (-1.9bps) moved lower. Other safe havens including gold (+0.59%) and silver (+1.02%) also benefited, but this wasn’t reflected across commodities more broadly, with Bloomberg’s Commodity Spot Index (-0.30%) losing ground for a 4th consecutive session.

Democratic Party leaders plan to vote on the Senate-approved $500bn bipartisan infrastructure bill next Monday, even with no resolution to the $3.5tr budget reconciliation measure that encompasses the remainder of the Biden Administration’s economic agenda. Democrats continue to work on the reconciliation measure but have turned their attention to the debt ceiling and government funding bills. Congress has fewer than two weeks before the current budget expires – on Oct 1 – to fund the government and raise the debt ceiling. Republicans yesterday noted that the Democrats could raise the ceiling on their own through the reconciliation process, with many saying that they would not be offering their support to any funding bill. Democrats continue to push for a bipartisan bill to raise the debt ceiling, pointing to their votes during the Trump administration. If Democrats are forced to tie the debt ceiling and funding bills to budget reconciliation, it could limit how much of the $3.5 trillion bill survives the last minute negotiations between progressives and moderates. More to come over the next 10 days.

Staying on the US, there was an important announcement in President Biden’s speech at the UN General Assembly, as he said that he would work with Congress to double US funding to poorer nations to deal with climate change. That comes as UK Prime Minister Johnson (with the UK hosting the COP26 summit in less than 6 weeks’ time) has been lobbying other world leaders to find the $100bn per year that developed economies pledged by 2020 to support developing countries as they reduce their emissions and deal with climate change.

In Germany, there are just 4 days to go now until the federal election, and a Forsa poll out yesterday showed a slight narrowing in the race, with the centre-left SPD remaining on 25%, but the CDU/CSU gained a point on last week to 22%, which puts them within the +/- 2.5 point margin of error. That narrowing has been seen in Politico’s Poll of Polls as well, with the race having tightened from a 5-point SPD lead over the CDU/CSU last week to a 3-point one now.

Turning to the pandemic, Johnson & Johnson reported that their booster shot given 8 weeks after the first offered 100% protection against severe disease, 94% protection against symptomatic Covid in the US, and 75% against symptomatic Covid globally. Speaking of boosters, Bloomberg reported that the FDA was expected to decide as soon as today on a recommendation for Pfizer’s booster vaccine. That follows an FDA advisory panel rejecting a booster for all adults last Friday, restricting the recommendation to those over-65 and other high-risk categories. Staying with the US and vaccines, President Biden announced that the US was ordering 500mn doses of the Pfizer vaccine to be exported to the rest of the world.

On the data front, there were some strong US housing releases for August, with housing starts up by an annualised 1.615m (vs. 1.55m expected), and building permits up by 1.728m (vs. 1.6m expected). Separately, the OECD released their Interim Economic Outlook, which saw them upgrade their inflation expectations for the G20 this year to +3.7% (up +0.2ppts from May) and for 2022 to +3.9% (up +0.5ppts from May). Their global growth forecast saw little change at +5.7% in 2021 (down a tenth) and +4.5% for 2022 (up a tenth).

To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September.

end

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/MONDAY  NIGHT: 

SHANGHAI CLOSED UP 14.82 PTS OIR .40%   //Hang Sang CLOSED/The Nikkei closed DOWN 200.31 PTS OR 0.67%   //Australia’s all ordinaires CLOSED UP 0.41%

/Chinese yuan (ONSHORE) closed UP TO 6.4671  /Oil DOWN TO 71.63 dollars per barrel for WTI and UP TO 75.22 for Brent. Stocks in Europe OPENED ALL GREEN   /ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4671. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4820/ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%/

 

3 a./NORTH KOREA/ SOUTH KOREA

/NORTH KOREA//SOUTH KOREA

 

 
end

b) REPORT ON JAPAN

JAPAN/COVID/

 
 
 

3 C CHINA

CHINA/EVERGRANDE

This is important! Kyle Bass, the foremost authority on China etc strongly believes that Xi wants the Evergrande blowup to help lower housing prices in his country.

(zerohedge)

Kyle Bass: President Xi Wants Evergrande Blowup To Help Lower Housing Prices

 
TUESDAY, SEP 21, 2021 – 07:45 PM

Shortly before two Evergrande creditors confirmed to Bloomberg (under the guise of anonymity) that the Chinese developer-giant had missed bond payments due Monday, Hayman Capital founder Kyle Bass returned to CNBC for an interview Tuesday morning for a telephone discussion with CNBC’s Joe Kernen to discuss the toxic Chinese economy and its unsustainable debt pile.

Bass, one of the most vocal China hawks on Wall Street, has said it’s important to understand what, exactly, President Xi is looking for. According to Bass, China is “experiencing similar problems that we are in the US” when it comes to housing prices.

Xi has been managing a broad-based crackdown on the Chinese economy all summer. Now, it’s time to confront the issue

Now, China is entering this period of weakness with over $50 trillion worth of credit in their system, with their annual GDP at around $15 trillion.

Compared with China, the US had GDP of $17 trillion with another $12 trillion off-balance-sheet when Lehman collapsed. China is at 3.6x ahead of its “Lehman moment”, while the US was only about 1.7x.

What’s more, China is still a relative newcomer to the capital markets business, Bass said. China adopted a western-style financial system in 2001 after they joined the WTO.

Around the same time, Beijing’s population-control policies started to really bite, as China saw its birth rate dwindle.

There are now 1.3 births per woman in China and you need to be at 2.1 to actually just sustain your population, Bass said. So for many working-age Chinese males, population dynamics are at a critical level and the reason being is the Chinese men can’t afford houses so they’re all living with their parents and the fact that Evergrande went on a credit binge and built all of the housing and Chinese property took off because their central bank continued to print so much money. Now, it’s trying to rein in property prices and he’s trying to do it as quickly as possible because China’s on an unsustainable path lower.

“Right now,” Bass says, everyone who believes China’s going to grow at 6% a year ad infinitum “is just dead wrong,” but if we just divorce ourselves from any value judgments about China and think about the the future of the plan of the globe – if we always think about the Chinese consumer and we all at one point wanted to move forward in a symbiotic way where we sell things to China, and their consumers buy things from us.

It’s nice to think about, but this unfortunately just isn’t how China works. Investors must realize that they’re not investing  “in a real market.”

Bass added: “You still have an economy with a closed capital account they have one-way capital flows dollars in. Now, imagine if dollars start heading out.”

Watch most of the interview below:

END

CHINA/EVERGRANDE MISSES DEBT PAYMENT

Evergrande gets a little reprieve with borrowed central bank money to help only China’s bond holder.  Off shore creditors remain in limbo

(zerohedge))

Offshore Creditors Remain In Limbo As Evergrande Agrees To Pay Thursday’s Interest On Local Bonds Only

 
 
TUESDAY, SEP 21, 2021 – 09:33 PM

Update (1015ET): US futures are giving back their kneejerk gains as the penny starts to drop that this is not the euphoric ‘all clear’ after all.

As we detailed below – and traders are starting to realize – Beijing may have just found a brilliant solution to the Evergrande problem, effectively rescuing the company and averting a systemic crisis all at the same time:

  • it will pay local bondholders and soft nationalize/bailout Evergrande,

  • but will avoid allegations of backsliding on tightening/deleveraging promises and improving “common prosperity” by stuffing foreign creditors.

And that is not what the market wants to hear…

Chinese stocks are fading back too (after reopening from the holiday)…

The question is – will Beijing use this as a strawman to judge the impact of such a restructuring strategy? And what will be the impact on the foreign dollar bond market after this?

We suspect Larry Fink wishes he had listened to George Soros now.

end

Chanos Warns Evergrande Crisis Could Be Worse Than Lehman For China

 
WEDNESDAY, SEP 22, 2021 – 01:43 PM

One of the world’s most well-known short-sellers, Jim Chanos, told FT the Evergrande crisis is just a symptom of the property-driven growth model coming to an end and could be “far worse” than a “Lehman-type” blowup for China. 

“There’s lots of Evergrandes out there in China — Evergrande just happens to be one of the biggest,” Chanos said. 

“But all the developers look like this. The whole Chinese property market is on stilts.” 

Chanos could be right. After all, on Monday, Chinese realtor Sinic Holdings crashed 87% in Hong Kong on fears of a slowdown in the Chinese real estate sector.

Evergrande is the world’s most indebted developer, with at least $300 billion in debt outstanding. In recent months, a liquidation panic of the company’s bonds sent its 2023 bonds from 90 cents on the dollar in June to 26 cents present day. In recent weeks, the collapse has spooked markets, including global equities, credit, FX, and commodities.

Fears of Evergrande’s unraveling seemed imminent earlier this week after two anxiety-filled days during which China was on holiday and traders hammered Hong Kong trader property stocks in the anticipation the company would default on its yuan bond. However, Evergrande’s onshore unit unveiled vaguely worded plans to pay the interest due Thursday while leaving the fate of an $83.5 million offshore bond coupon payment in limbo.

Unlike Lehman, which caused an international implosion of the financial system, most of Evergrande’s $300 billion in liabilities are held with creditors and businesses in mainland China. So worldwide contagion might not happen this time around but could certainly inflict severe pain for the world’s second-largest economy. 

Chanos said the consequences of default by Evergrande could unleash a credit crisis in the country:

“In many ways, you don’t have to worry that it’s a Lehman-type situation, but in many others, it’s far worse because it’s symptomatic of the whole economic model and the debt that’s behind the economic model.” 

He added:

 “If you try to deflate this bubble, it is fraught with risks. I don’t think they’re contagion risks.”

Evergrande could be transformed into a zombie company where it defaults on its interest payments but is given extended time to repay or restructured. One would assume Communist Party won’t allow the company to implode ahead of a closed-door Communist Party’s Central Committee in November. 

In the meantime, the communists will have to figure out “new growth drivers or downshift somewhat semi-permanently into a lower level of growth,” he said. 

“Has the Chinese Communist party grappled with the implications of that? That remains to be seen,” he added.

Lower and slower growth is something President Xi Jinping and his ruling party cannot have and perhaps is why People’s Bank of China has come to the rescue this week in the biggest one-day injection since February

Chanos’ New York-based hedge fund Kynikos Associates has doubled its exposure to China in its global short fund to more than 10% this year, with short positions in HSBC and Standard Chartered, “due to their heavy loan exposure to Greater China.” 

… and let’s not forget, no matter how the Evergrande drama plays out, China’s housing market is in trouble

END

From Robert to us!!

: Wuhan Scientists Planned To Release ‘Chimeric Covid Spike Proteins’ Into Bat Populations Using ‘Skin-Penetrating Nanoparticles’ | ZeroHedge

 

 
Can anyone explain why Daszak and Fauci are still walking around free? They should be arrested and charged with crimes against humanity.
The pain and suffering being caused to people being vaccinated with side effects and the deaths vaccinated or not, is terrible. We are seeing friends and family suffering and dying robbed of life way too early. Who calculates the cost as families are affected?

 

Never mind the irreparable harm now present in global economies where complete supply chains will have to be rethought and rebuilt. The question is at what cost.
Meanwhile in countries like Canada, we have seen a useless meaningless election for the sake of ego and political expediency at a cost of over $600MM produce the same result that existed before with no gain. A total waste of money which the government does not have which will be borne by all Canadians in the future. Could the government not ran on a position of giving every Canadian a $1 million to stimulate the economy? It would have done much more and why not have Canadians spend; the average citizen is more capable than the fools we have in politics these days.

Wuhan Scientists Planned To Release ‘Chimeric Covid Spike Proteins’ Into Bat Populations Using ‘Skin-Penetrating Nanoparticles’

 
 
WEDNESDAY, SEP 22, 2021 – 07:00 AM

18 months before the pandemic, scientists in Wuhan, China submitted a proposal to release enhanced airborne coronaviruses into the wild in an effort to inoculate them against diseases that could have otherwise jumped to humans, according to The Telegraph, citing leaked grant proposals from 2018.

New documents show that just 18 months before the first Covid-19 cases appeared, researchers had submitted plans to release skin-penetrating nanoparticles containing “novel chimeric spike proteins” of bat coronaviruses into cave bats in Yunnan, China.

They also planned to create chimeric viruses, genetically enhanced to infect humans more easily, and requested $14million from the Defense Advanced Research Projects Agency (Darpa) to fund the work.

The bid was submitted by zoologist Peter Daszak of US-based EcoHealth Alliance, who was hoping to use genetic engineering to cobble “human-specific cleavage sites” onto bat Covid ‘which would make it easier for the virus to enter human cells’ – a method which would coincidentally answer a longstanding question among the scientific community as to how SARS-CoV-2 evolved to become so infectious to humans.

Daszak’s proposal also included plans to commingle high-risk natural coronaviruses strains with more infectious, yet less deadly versions. His ‘bat team’ of researchers included Dr. Shi Zhengli from the Wuhan Institute of Virology, as well as US researchers from the University of North Carolina and the US Geological Survey National Wildlife Health Center.

Darpa refused the contract – saying “It is clear that the proposed project led by Peter Daszak could have put local communities at risk,” while warning that Daszak hadn’t fully considered the dangers involved in enhancing the virus via gain-of-function research, or by releasing a vaccine into the air.

Grant documents show that the team also had some concerns about the vaccine programme and said they would “conduct educational outreach … so that there is a public understanding of what we are doing and why we are doing it, particularly because of the practice of bat-consumption in the region”.

Angus Dalgleish, Professor of Oncology at St Georges, University of London, who struggled to get work published showing that the Wuhan Institute of Virology (WIV) had been carrying out “gain of function” work for years before the pandemic, said the research may have gone ahead even without the funding.

This is clearly a gain of function, engineering the cleavage site and polishing the new viruses to enhance human cell infectibility in more than one cell line,” he said. –Telegraph

As the Telegraph aptly notes (and you’ll never hear from Maddow, Lemon or Hayes), Daszak is the same guy behind a letter published in The Lancet last year which ruled out the lab leak hypothesis, and temporarily stifled debate on the origins of Covid-19.

“For more than a year I tried repeatedly to ask questions of Peter Daszak with no response,” said Viscount Ridley, who has co-authored an upcoming book on the origin of Covid-19, and has repeatedly implored the House of Lords to dig deeper into the origins of the pandemic. “Now it turns out he had authored this vital piece of information about virus work in Wuhan but refused to share it with the world. I am furious. So should the world be,” he added.

“Peter Daszak and the EcoHealth Alliance (EHA) proposed injecting deadly chimeric bat coronaviruses collected by the Wuhan Institute of Virology into humanised and ‘batified’ mice, and much, much more.”

The documents, released by an international consortium of scientists known as ‘Drastic Research,’ were authenticated by a former Trump administration official. According to the group, “The actual DEFUSE Proposal Documents will be published in due course.”

 

“Given that we find in this proposal a discussion of the planned introduction of human-specific cleavage sites, a review by the wider scientific community of the plausibility of artificial insertion is warranted,” Drastic said in a statement.

Enhanced MERS?

One anonymous World Health Organization (WHO) scientist told The Telegraph that Daszak’s grant proposal shockingly proposed plans to enhance the more deadly MERS (Middle-East Respiratory Syndrome).

“The scary part is they were making infectious chimeric Mers viruses,” said the source, adding “These viruses have a fatality rate over 30 per cent, which is at least an order of magnitude more deadly than Sars-CoV-2.”

If one of their receptor replacements made Mers spread similarly, while maintaining its lethality, this pandemic would be nearly apocalyptic.

Just remember, the initial cover story started with ‘bat soup.’

END

4/EUROPEAN AFFAIRS

FRANCE/USA/AUSTRALIA
 
end
 
EUROPE/VACCINE/USA
 
The EU states that Europeans vaccinated with AZ should be able to enter the USA
We will see…
(Duschamps/EpocgTimes)

Europeans Vaccinated With AstraZeneca Should Be Able To Enter US, Says EU

 
WEDNESDAY, SEP 22, 2021 – 05:00 AM

Authored by Lorenz Duschamps via The Epoch Times,

People who have received two doses of AstraZeneca’s COVID-19 vaccine should be able to travel to the United States once restrictions are eased, even though the vaccine hasn’t been approved yet by U.S. regulators, the European Commission (EC) said on Tuesday.

“From our point of view, obviously it would make sense for people who have been vaccinated with AstraZeneca to be able to travel,” Eric Mamer, a spokesperson for the EC, said during a press briefing.

“We believe the AstraZeneca vaccine is safe,” Mamer added, although he also noted that the final decision remains with American authorities.

The Biden administration confirmed on Sept. 20 that it will ease travel restrictions on COVID-19-vaccinated foreign visitors from November. It hasn’t been confirmed yet which vaccines will be accepted under the new requirement, or whether vaccines that haven’t been approved by the Food and Drug Administration (FDA) could be accepted.

The FDA has so far authorized COVID-19 vaccines produced by Pfizer/BioNTech, Moderna, and Johnson & Johnson, but is still reviewing the AstraZeneca shot.

Thierry Breton, the European Union (EU) commissioner for the internal market, told AFP that he had a conversation on the matter with White House COVID-19 coordinator Jeff Zients, who “sounded positive and optimistic,” though Zients also noted that “for the other vaccines, for AstraZeneca in particular, their health agency would decide.”

EU commissioner for internal market and consumer protection, industry, research, and energy Thierry Breton speaks during a press conference following a college meeting to introduce draft legislation on a common EU COVID-19 vaccination certificate at the EU headquarters in Brussels, Belgium, on March 17, 2021. (John Thys/Pool via Reuters)

In the United States, the Centers for Disease Control and Prevention (CDC) makes the final decision on which COVID-19 vaccines will be authorized for use in the country.

AstraZeneca’s COVID-19 vaccine, developed in the United Kingdom by Oxford University, is approved for use in 27 EU countries, where about 70 million shots have been administered cumulatively, according to public data.

UK Prime Minister Boris Johnson said that he is “delighted” the Biden administration reinstating transatlantic travel so fully vaccinated British nationals are able to visit the United States once again.

“It’s a fantastic boost for business and trade, and great that family and friends on both sides of the pond can be reunited once again,” Johnson said.

British Prime Minister Boris Johnson walks outside United Nations headquarters during the 76th Session of the U.N. General Assembly, in New York, on Sept. 20, 2021. (David ‘Dee’ Delgado/Reuters)

About 18 months ago, the Trump administration announced that the United States would restrict flights from China, much of Europe, the UK, Brazil, and other countries in the nascent phase of the COVID-19 pandemic. COVID-19 is the disease caused by the CCP (Chinese Communist Party) virus.

Those restrictions were intact when Biden took office in January 2021, and the White House announced in July that it would maintain the restrictions due to the Delta variant.

For months, airlines and airline groups have been pushing the Biden administration to rescind the restrictions, as European and UK officials have eased entry rules for U.S. travelers

 

end

UK/Natural Gas

UK Power suppliers halt adding new customers as its energy crisis worsens

(zerohedge)

UK Power Suppliers Halt Adding New Customers As Energy Crisis Worsens

 
WEDNESDAY, SEP 22, 2021 – 04:15 AM

There’s a growing risk that a bankruptcy wave of power providers is nearing as several small firms stopped accepting new customers Tuesday amid a worsening energy crisis, according to Bloomberg.  

Ampower, Green, Igloo, NEO, and Utilita Energy posted notices on their websites earlier today that they weren’t accepting new customers. This comes as several weaker rivals have already gone bankrupt as natural gas and power prices surge to record levels, leaving power suppliers who sold energy at lower prices underwater. 

We noted Monday, out of the 55 or so power suppliers, only six to ten will be left standing after the smoke clears. So far, five have gone bust since the start of August, which coincides with surging wholesale costs of natural gas and electricity. 

“A lot of the smaller ones are probably going to go,” said Niall Trimble, managing director of consultant Energy Contract Co. “If you were planning to buy gas for 50 pence and it’s 150 pence, that’s a hell of a blow to your finances.”

Bloomberg Intelligence’s Patricio Alvarez said low inventories in Europe ahead of the winter season are primarily the triggers for U.K.’s energy crisis. Here’s more: 

Low gas inventories in Europe, ebbing pipeline imports and strong Asian demand driving liquefied natural gas (LNG) cargo diversions form a constructive backdrop for regional wholesale gas prices into heating season. Tapering domestic output, competitive global LNG markets and increased gas burn for power generation amid carbon-price volatility may keep balances tight in 2022 as a post-pandemic recovery unfolds. A mild winter could ease prices from record highs, while piped supplies could improve from higher Norway volume and the potential startup of Russia’s Nord Stream 2 by year-end.

So to Alvarez’s point above, natural gas markets will be tight across the U.K. this winter and will support higher prices. This may cause a tidal wave of corporate failures and economic disruption with industries that are heavily reliant on natural gas and byproducts (we’ve already mentioned slaughterhouses and the food industry being affected). 

Back to the bust of smaller power firms, Igloo’s CEO, Matt Clemow, wrote on the company’s website that “like some of our competitors, we have decided to pause sales activity for now.” He said, “with unprecedented wholesale prices, we have taken this decision to allow our teams to focus on those customers we already supply.”

According to Bloomberg, the government’s cap of power prices for consumers “means it’s not profitable for larger companies to come to the rescue.” 

U.K. Business Secretary Kwasi Kwarteng told Parliament Monday that the U.K. won’t bail out power suppliers. But that was conflicting with U.K. Prime Minister Boris Johnson’s statement to reporters saying the government would do everything in its power to prevent a bankruptcy wave. 

On Monday, the retail arm of Centrica Plc added 350,000 domestic customers and 500 businesses after it took over failed supplier People’s Energy.

END

FRANCE/USA

France still furious with Australia submarine deal as he confronts the clueless Biden

(zerohedge)

Macron To Confront Biden In Phone Call – Demands ‘Clarification’ On Australia Sub Deal

 
WEDNESDAY, SEP 22, 2021 – 11:05 AM

Since last week’s “shock” announcement of the AUKUS defense technology sharing pact between Australia, the US and UK – France has been venting its anger and frustration to the world – but has perhaps become even more incensed over what can be described as the collective shrug coming out of Washington and Canberra in return

President Emmanuel Macron is set to take his complaints directly to the White House after France was cut out of its some $66 billion contract with Australia to deliver submarines, as a phone call with President Joe Biden is set to take place Wednesday. “A conversation between President Macron and Biden is scheduled for today,” French cabinet spokesman Gabriel Attal confirmed.

Via AFP

“The leaders intend to discuss under what conditions Australia’s decision on the submarines was made,” the cabinet spokesman added.

The US will now be providing its Aussie ally with nuclear-powered submarines in the coming years, allowing Australia to be among the handful of nations globally to possess them, which has angered China.

In recent days French officials haven’t held back in their fiery rhetoric, calling the deal which they were not informed of until it broke in the press last Thursday a “stab in the back”. France’s foreign minister Jean-Yves Le Drian decried the backroom dealing nature of the whole thing as full of “duplicity, disdain and lies.”

More broadly France has complained it’s been deeply cooperative with allies in the Indo-Pacific region and now feels cut off from strategic planning and coordination. It has also threatened to go so far as to cut EU trade negotiations with Australia short. 

At the start of the week Macron’s office said:

“We want explanations,” Attal said, adding that the US had to answer for “what looks a lot like a major breach of trust.”

This after Paris recalled its ambassadors to Washington and Canberra, in what was probably a first in history, given US-France relations had never sunk this low, even after during the Bush administration Paris rejected the US rationale for war in Iraq.

LaPalma volcano eruptions worsens: 6,000 people evacuated as lava nears the sea.

La Palma volcano: 6,000 people evacuated as lava nears sea – YouTube

 

 
end
Events: at 3:40 pm est

Is there a Mega Tsunami coming now? I ask a Geologist live on site. Volcano eruption La Palma – YouTube

 
 
 
 
 
 
 
 
 
 
Attachments area
 
Preview YouTube video Is there a Mega Tsunami coming now? I ask a Geologist live on site. Volcano eruption La Palma

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

Fiery speech by Iran’s new leader.

(zerohedge)

New Iran Leader Gives Fiery UN Speech: Sanctions Are “New Means Of War” By “US Hegemon”

 
TUESDAY, SEP 21, 2021 – 11:45 PM

For the first time newly installed Iranian President Ebrahim Raisi addressed the UN General Assembly meeting on Tuesday afternoon, hours after Biden spoke wherein the US president said the White House still wants a full return to the JCPOA nuclear deal “if Iran does the same”. Raisi addressed the UN body via remote feed, given sanctions on him could make the trip into New York difficult.

Raisi, who has long been described as more hardline than his predecessor Rouhani, wasn’t so conciliatory in his tone. He took the occasion to lash at the foreign policies of both Trump and Biden, saying “The world doesn’t care about ‘America First’ or ‘America is Back.”

He blasted and mocked the “US hegemonic system” as having “failed miserably” while calling continued US-led sanctions initially imposed by former President Trump “crimes against humanity during the coronavirus pandemic.” He further took the opportunity to declare the failure of the US in Afghanistan.

President Raisi addressing the UNGA via video feed.

“One clear message was sent to the world: the United States’ hegemonic system has no credibility, whether inside or outside the country,” Raisi said. He added forcefully that “not only the hegemonist and the idea of hegemony, but also the project of imposing Westernized identity, have failed miserably.”

“Sanctions are the U.S.’ new way of war with the nations of the world,” he said.

Invoking the recent botched pullout and evacuation from Afghanistan, he further lambasted America’s “blood spilling and instability, and ultimately defeat and escape” abroad. He underscored US policy has been a failure across Asia.

Today, the US does not get to exit Iraq and Afghanistan but is expelled,” he added. 

However, as Al Jazeera relates of the accusatory speech, he agreed that resumption of nuclear talks is vital:

Iran wants a resumption of nuclear talks with world powers to lead to the removal of US sanctions, Iranian President Ebrahim Raisi told the annual UNGA in a pre-recorded address.

Biden had earlier in the day while addressing the UNGA said that “The United States remains committed to preventing Iran from gaining a nuclear weapon.”

But he also held out hope for the Vienna process, saying “The United States remains committed to preventing Iran from gaining a nuclear weapon. We are working with the P5+1 to engage Iran diplomatically and seek a return to the JCPOA. We are prepared to return to full compliance if Iran does the same.”

end

6.Global Issues

CORONAVIRUS UPDATE

this is very important: from my son 

Yet another deleterious effect of the vax – elimination of CD-8 cells, causing infections and cancer

 
 
 
It’s really coming together in terms of understanding the genotoxicity of the mRNA creating the spike protein. Some very good science here that I’ve been following for a few months. For a while it was a mystery why vaccinated people were getting reactivation of viral diseases they had before like Herpes. Now the mechanism is understood. Now we can add yet another layer of horrors to what this thing does to people:

 

– cytotoxic
– neurotoxic
– autoimmune disease
– senescence activation
– and now, genotoxic and teratogenic (cancer causing).

 

 
BTW, genotoxicity was explicitly NOT studied by Pfizer (and presumably Moderna) – it’s right in their documents that they never looked at it. Meanwhile hundreds of millions of zombies parrot that the vax is “safe and effective” and believe that companies like Pfizer – one of the most corrupt companies of our time – can be trusted.
 
END
 
wow!! whistleblowers goes public on the garbage vaccine and all of its deleterious effects on the body.
(Project Veritas)
 

Censored: HHS Whistleblower Goes Public With Secret Recording Part 1 : Project Veritas

 
 
 
 
 
Censored: HHS Whistleblower Goes Public With Secret Recording Part 1 : Project Veritas

 

https://freeworldnews.tv/watch?id=6149eb99d1261b02648ae5cb

end

More Than Half Of US Companies To Impose Vaccine Mandates, New Survey Finds

 
 
WEDNESDAY, SEP 22, 2021 – 01:20 PM

Authored by Steve Watson via Summit News,

A survey conducted by risk management and advisory company Willis Towers Watson has found that more than half of U.S. companies expect to impose COVID vaccine mandates on their employees by the end of the year.

The survey of 1000 companies, employing close to 10 million people, found that 52 percent of employers are planning some form of vaccine mandate for workers.

The figure would be a massive increase on the 21 percent of employers who currently have mandates in place.

The survey also found that almost one-third of employers say they are planning to make full vaccination a requirement to enter the workplace building.

further 21 percent said could make vaccination a requirement for any new hires, the literal enacting of a ‘no jab, no job’ policy.

The survey also noted that 59 percent of employers are already tracking workers’ vaccination status, with a further 19 percent planning to do so by the end of the year.

Of those already tracking vaccination status, 62 percent require workers to submit proof of vaccination.

The survey also found that “Eight in 10 respondents (80%) require employees to wear masks indoors at any location. Another 13% are planning or considering doing so.”

Willis Towers Watson’s population health leader Dr Jeff Levin-Sherz commented that “We expect even more employers to institute vaccine mandates in the wake of FDA approval of the Pfizer vaccine.”

“We have reached a point in the pandemic where employers that have worked hard to make it easy for employees to get vaccinated are also considering approaches to make it more difficult for employees to remain unvaccinated,” Levin-Scherz added.

As we noted last week, a 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.

The latest findings, however, highlight that the government doesn’t even need to be involved for vaccine mandates to become the norm.

It remains to be seen whether resistance will form among private sector workers, as it has among first responders and the military.

 
GLOBAL ISSUES/CANADA/ELECTION
 
 
 
END
 
Michael Every on the most important stories of the day.
Michael Every…

Rabobank: Socialism For The Rich And Socialism For The Poor Is The Reality For Us And For Markets

 
WEDNESDAY, SEP 22, 2021 – 09:45 AM

By Michael Every of Rabobank

Socialism for the rich / Socialism for the poor

US President Biden just spoke at the UN General Assembly, promised no Cold War, and offered nothing but international cooperation: French President Macron deliberately wasn’t there to hear it. China’s Xi Jinping stated all disputes should be handled with “dialogue and cooperation”, and pledged to stop funding offshore coal projects. That’s as nuclear subs and threatened nuclear strikes are the week’s other global stories. When do shoes get bashed on desks, and by whom?

This is all as the Wall Street Journal’s Lingling Wei argues “Xi Jinping aims to rein in Chinese capitalism, hew to Mao’s socialist vision”, echoing what I have been argued –again– in “Profound or profund revolution?”, which explains the ideological roots of the new policy of ‘common prosperity’. Except Lingling has key quotes from people ‘in the room’, where all the elephants are for markets. Here are just some of the highlights:

“The Chinese President is not just trying to rein in a few big tech and other companies and show who is boss in China. He is trying to roll back China’s decades-long evolution toward Western-style capitalism and put the country on a different path entirely, a close examination of Mr. Xi’s writings and his discussions with party officials, and interviews with people involved in policy making, show.

In Mr. Xi’s opinion, private capital now has been allowed to run amok, menacing the party’s legitimacy, officials familiar with his priorities say. The Wall Street Journal examination shows he is trying forcefully to get China back to the vision of Mao Zedong, who saw capitalism as a transitory phase on the road to socialism.

Mr. Xi isn’t planning to eradicate market forces, the Journal examination indicates. But he appears to want a state in which the party does more to steer flows of money, sets tighter parameters for entrepreneurs and investors and their ability to make profits, and exercises even more control over the economy than now. In essence, this suggests that he aims to rewrite the rules of business in what could someday be the world’s biggest economy….the government would have a level of control that would allow it to steer the economy and industry along a path of its choosing, and channel private resources into strengthening state power….”Supervision over foreign capital will be strengthened,” said a person familiar with the thinking at China’s top markets regulator.””

Yet I doubt even *that* is clear enough for The Street to understand. Portfolio managers who have been confronted with the above evidence are saying: “I missed the chance to sell last week but we are lower now, so I will stay long.”; “This is a buying opportunity.”; and “It’s behind us, time to buy.”

None have read a word of Marx, even after being shown it provides a guide to what happens next, and they don’t plan to. All they need do is not underperform the market and fail conventionally, “because whocouldanooed?” We will no doubt also have US-based billionaires and funds, like a hypothetical ‘Day Rallio’ or ‘Whitepebble’, telling us to go longer Chinese assets, or extolling the virtues of this system. And there are things to extollsocialism for the poor at least aims to help those who are left behind, and recognizes unregulated markets end up in monopoly or oligopoly and exploitation. Yet that is not what they are selling, but high returns, when China is making clear returns will be low, and only in some sectors at all.

If you want a *logical* argument to go long Chinese assets, surely first one needs to have a view on the efficacy of a state-controlled economic model, in the same way one should believe in the tech of a start-up bringing an app to market? Then one needs to accept that it means the equivalent of the low-return-but-safe equivalent of what used to be government bond yields before the failure of free-market capitalism meant we have to pay governments to let us hold their debt. Even that overlooks the longer-run FX down-side risks and the whole Cold War backdrop.

Meanwhile, the great joke is that this debate –where there is any– is taking place against the backdrop of the upcoming Fed policy decision. Markets are on tenterhooks to find out if the FOMC will flag a timetable for the partial removal of the $120bn in QE liquidity it provides to the markets every month, while talking about inequality. In other words, socialism for the rich. The removal of that would be truly revolutionary in the eyes of many, as we are about to undergo another dot-plot Rorschach test.  .

Meanwhile, economist Ann Pettifor on central banks points out what will happen when the internal contradictions of our system finally become too great for it to bear:

Fifty years ago, a US president closed the gold window, ended capital controls, and launched a new era of globalized finance. The “Nixon Shock” reshaped the international monetary system overnight, and then gradually changed the status of central bankers. Instead of acting as servants of the domestic economy, monetary policymakers have become masters of the globalized and financialized world economy…Central bankers’ status and constitutional role is therefore primarily a democratic question, not an economic or technical one.”

Does this point to higher yields or lower yields ahead?

The apparatchiks are already in place in places (and winter palaces), it seems, as “SEC’s Gensler likens stablecoins to ‘poker chips’ amid call for tougher crypto regulation”. Gensler is quoted as saying: “History tells us that private forms of money don’t last long,” noting the US experimented with private money in the “wildcat banking era” from the 1830s to the 1860s, which “all had a lot of cost, a lot of problems.” Perhaps time to check if you are holding any NFTs of kulaks?

(And meanwhile, Zoom’s $15bn bid for Five9 is under review; the US says it is likely to keep Huawei on its blacklist; and the State Department is reported to be massively expanding its footprint on China, with dozens of new officers in DC and at global embassies to monitor it at all times. No Cold War. All cooperation.)

More and more, I am told that what I am talking of here is ‘too much’ for individual market participants to take in or deal with. They want to look at lines on screens; chase spot and ticks; play ‘The Price is Right’, and clock off at 5pm; do the same old deals; or put up stickers saying: “Workers of the world, unite!” or “Don’t tread on me”. We all like to look at the smallest changes in 10-year US bond yields all the time – yet heaven forfend if we have to think about what the world will look like in 10 years’ time!

Regardless, socialism for the rich and –or vs– socialism for the poor is the underlying reality for us and for markets. It may be awkward, or complicated, or involve more thinking than usual about how to trade it properly, but it remains true. On which note, allow me to conclude with an old joke about clashing political ideologies:

“Under capitalism, man exploits his fellow man. Under communism, everything is reversed!”

7. OIL ISSUES

 

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND//COVID/VACCINES

NEW ZEALAND

Today ridiculous, gang members busted in New Zealand for moving Kentucky Fried Chicken from a lower level of scrutiny to a higher one

This world is totally nuts!

(zerohedge)

Police Bust Gang Members With Car Trunk “Full Of KFC” Takeout Breaching ‘Strict Lockdown’

 
 
TUESDAY, SEP 21, 2021 – 09:45 PM

Like it’s much bigger Pacific neighbor Australia, New Zealand has recently seen a return to imposition of the some of the strictest pandemic lockdown measures on the planet. Australia, for example, has seen instances of police harassing and arresting people at quiet public parks, or even searching packages to ensure citizens’ “quota” of allowable alcohol is not being violated while in quarantine. 

Seemingly endless absurd stories of brazen government overreach are coming out of the two countries under lockdown, even with relatively low infection numbers compared to more hard-hit countries like the United States. The latest out of New Zealand suggests that even gang members and criminals are now turning to things like “smuggling” fast food and taking risks to merely enjoy simple freedoms, according to CNN:

Two alleged gang associates found with a car trunk “full of KFC” takeout were arrested as they tried to enter New Zealand’s largest city on Sunday in breach of strict coronavirus lockdown rules, according to police.

 

New Zealand Police actually released this photo of the “crime”

It happened in the large metropolitan city of Auckland, which is currently under what the government is calling ‘Alert Level 4’ lockdown, which is the most far-reaching in the country. It requires residents to stay at home most of the time, with all ‘non essential’ services closed including bars, restaurants, gyms and even food takeout services. Essentially people can’t even order food to go.

After nearly five weeks of Auckland in the strictest lockdown possible, New Zealand’s prime minister Jacinda Ardern has announced the restrictions are about to be lifted. Much of the rest of the country is at Level 2 – which means things like restaurants have remained open.

Hence the absurdity of “gang members” now focusing their criminal enterprise on smuggling restaurant food from Level 2 areas into Level 4 zones to make some quick cash, apparently. More details of the offense are in CNN as follows:

Police were patrolling back roads near the outskirts of Auckland when they noticed a suspicious looking vehicle, a New Zealand Police spokesperson said in a statement Monday.

Upon seeing the officers, the vehicle did a U-turn and sped off before eventually pulling over, the statement said. When the car was searched, police found a large quantity of KFC, more than NZ$100,000 ($70,000) in cash, and “empty ounce bags.”

And here was the offense that exposed the criminal conspiracy: “Police photos show at least three buckets of chicken, about 10 cups of coleslaw, a large package of fries, and four large bags containing other KFC items.”

It’s not The Onion, but police were literally photographing a “crime scene” of buckets of Colonel Sanders’ finger lickin’ good extra crispy. This is the dystopian Black Mirror style bizarro world that NZ “health authorities” have erected and appear to even be boasting about – police are cracking down on alleged gang members and criminals driving back roads at night to make “illegal” chicken deliveries to deprived citizens in lockdown.

The two men, which press reports identified as a 23 and 30-year-old, face multiple charges under the country’s “Covid-19 Public Health Response Act” including up to six months in jail and a fine equivalent to almost $3,000.

According to the BBC, police in Auckland recently arrested a man seen in a social media video leaving the quarantined city to purchase large quantities of McDonald’s meals just outside the lockdown zone. BCC noted of this latest KFC incident that is part of a trend of people with cravings increasingly making “risky late night food runs” despite facing prosecution under Covid laws.

end
Military and police firing on unarmed protesters in Melbourne
(zerohedge)

Military and police firing on unarmed protesters in Melbourne

 
 
 
 
Just rubber bullets for now but things are getting pretty crazy down under.

 

 
Will likely be happening here if trends continue.
 
Check out the videos on this page.
 

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

Euro/USA 1.1731 UP .0008 /EUROPE BOURSES /ALL GREEN

USA/ YEN 109.63  UP  0.377 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3636  DOWN   0.0021  

 

USA/CAN 1.2798  DOWN .0017  (  CDN DOLLAR UP 17 BASIS PTS )

 

Early WEDNESDAY morning in Europe, the Euro IS UP BY 8 basis points, trading now ABOVE the important 1.08 level RISING to 1.1731 Last night Shanghai COMPOSITE CLOSED UP 6.87 POINTS OR .17% 

 

//Hang Sang CLOSED 

 

/AUSTRALIA CLOSED UP 0.41% // EUROPEAN BOURSES OPENED ALL GREEN

 

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL GREEN

 

2/ CHINESE BOURSES / :Hang SANG  CLOSED 

 

/SHANGHAI CLOSED UP 14.82 POINTS OR .40% 

 

Australia BOURSE CLOSED UP  0.41%

Nikkei (Japan) CLOSED DOWN 200.31 pts or 0.67%

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1773.10

silver:$22.70-

Early WEDENESDAY morning USA 10 year bond yr: 1.330% !!! UP 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.854 DOWN 1  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 93.23 UP 2  CENT(S) from TUESDAY’s close.

This ends early morning numbers WEDNESSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.21%  DOWN 3  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.036% DOWN 4/10   BASIS POINT from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.31%//  DOWN 1  in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.66  DOWN 3   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 35 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 1.02% AND NOW ABOVE   THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  WEDNESDAY

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

Euro/USA 1.1736  down    0.0013 or 13 basis points

USA/Japan: 109.61  UP .451 OR YEN DOWN 45  basis points/

Great Britain/USA 1.3661 DOWN 0004// DOWN 4   BASIS POINTS)

Canadian dollar UP  81 basis points to 1.2733

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4623 

 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.4581

TURKISH LIRA:  8.64  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.036%

Your closing 10 yr US bond yield DOWN 1 IN basis points from TUESDAY at 1.319 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.844 DOWN 1 in basis points on the day

Your closing USA dollar index, 93.13 DOWN 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 WEDNESDAY: 12:00 PM

London: CLOSED UP 102.39 PTS OR 1.47% 

 

German Dax :  CLOSED UP 158.21 PTS OR 1.03% 

 

Paris CAC CLOSED UP 84.27  PTS OR  1.29% 

 

Spain IBEX CLOSED  UP 52.40  PTS OR  0.69%

Italian MIB: CLOSED UP 364.10 PTS OR 1.44% 

 

WTI Oil price; 70.45 12:00  PM  EST

Brent Oil: 74.20 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.63  THE CROSS LOWER BY 0.46 RUBLES/DOLLAR (RUBLE HIGHER BY 46 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 : 71.98//

BRENT :  75.90

USA 10 YR BOND YIELD: … 1.314.. DOWN 1 basis points…

USA 30 YR BOND YIELD: 1.824  DOWN 3  basis points..

EURO/USA 1.1695 DOWN 0.0030   ( 30 BASIS POINTS)

USA/JAPANESE YEN:109.80 UP .643 ( YEN DOWN 64 BASIS POINTS/..

USA DOLLAR INDEX: 93.44  UP 23  cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1.3619 DOWN .0037  

the Turkish lira close: 8.66  DOWN 3 BASIS PTS

the Russian rouble 72,97  UP .12  Roubles against the uSA dollar. (UP 12 BASIS POINTS)

Canadian dollar:  1.2765 UP 52 BASIS pts

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

The Dow closed UP 338.48 POINTS OR 1.00%

NASDAQ closed UP 148.74 POINTS OR 0.88%

VOLATILITY INDEX:  21.09 CLOSED DOWN 3,27

LIBOR 3 MONTH DURATION: 0.125

%//libor dropping like a stone

USA trading day in Graph Form

Taper Tantrum 2.0?

 
WEDNESDAY, SEP 22, 2021 – 04:00 PM

Stocks did what stocks do ahead of The Fed – drifted higher – and then markets all roared higher after The Fed statement (which was undoubtedly hawkish on both the taper and rate liftoff) but it was not until Powell said the taper would be over by mid-2022 that everything reversed (dollar higher; gold, bonds, and stocks lower). But by the close, gold was lower (well why not) and so were stocks while the dollar and bonds held post-FOMC gains…

On a volatility-basis, today was mini-taper-tantrummy, but stocks only cared that Evergrande was ‘saved’ (it wasn’t) and The Fed won’t stop the flow of free money until at least December…Small Caps liftathon all day as short-squeezers were in play

Stocks remain down on the week still however (although Small Caps managed to get green briefly)…

All sectors ended the day green with Energy leading but it was the Evergrande pump open that dominated…

Source: Bloomberg

Treasuries were mixed on the day with the short-end higher in yields (+2bps) and long-end lower (-1.5bps)…

Source: Bloomberg

Th 30Y Yield fell to its lowest since early August…

Source: Bloomberg

10Y Yields ended marginally lower but chopped around in the last few days range…

Source: Bloomberg

The yield curve flattened dramatically, with 5s30s back at its flattest since June 2020…

Source: Bloomberg

Rate-hike expectations rose modestly on the day – almost entirely pricing in a full rate-hike by the end of 2022 (9 of the 18 members now agree)…

Source: Bloomberg

Before we leave rates-land, it’s worth a look at the anxiety being priced into the short-dated T-Bill market – the market just ain’t buying what the Democrats are selling on any deal getting done

Source: Bloomberg

The dollar roller-coastered notably today – lunging down on the FOMC statement then spiking higher on Powell’s taper comments…

Source: Bloomberg

Bitcoin bounced today after two days of bloodbathery. The FOMC prompted and quick pump’n’dump up to $44k…

Source: Bloomberg

Evergrande dominated commodity-land overnight and then The fed dominated this afternoon…

Source: Bloomberg

Gold mirrored the dollar with an initial spike followed by a tumble…

Finally, why does everyone care so much about the Fed’s taper? Simple, stupid! It’s all that matters… it’s the only thing!!!

Source: Bloomberg

How long before the market demands ‘more’?

1

AFTERNOON TRADING//FOMC

FOMC Signals Taper “May Soon Be Warranted”, Dot-Plot Shows Rate-Hike In 2022

 
WEDNESDAY, SEP 22, 2021 – 02:05 PM

Heading into today’s pivotal FOMC statement, dot-plot update, and press conference, US equities were doing their usual “FOMC drift” higher

But, since the last FOMC Statement (July 28th)bonds are best, stocks are worst with the dollar modestly higher and gold modestly lower…

Source: Bloomberg

Of some note also is the fact that the picture is the same since Powell’s Jackson Hole speech (where he laid out plans for a tapering of the Fed’s asset purchases starting this year) – stocks down, bonds up…

Source: Bloomberg

Crypto has been on a wild ride during that time too, with Bitcoin dumping back to almost unchanged from the last FOMC statement…

Source: Bloomberg

Rate-hike expectations have chopped around but are modestly more hawkish now than at the last FOMC…

Source: Bloomberg

How did we get here?

h.t Viray Patel

And while all the ‘talk’ is about the taper (with questions about its start and its trajectory), it is unlikely The Fed will do anything but tip a hat to the idea today (providing the promised “advance notice” that tapering is coming, paving the way to announce the start of tapering at its November meeting, a move which was hinted in a recent trial balloon by the WSJ).

All eyes will be focused on the ‘dots’ as the market (noted above) is pricing in high odds of a rate-hike before the end of 2022 – very different from The Fed’s June view…

Source: Bloomberg

Specifically, for 2022, only two participants would have to add a hike for the median to show a half-hike and three for the median to show a full hike.

So, what did The Fed say?

Just as expected, The Fed signaled that “moderation in the pace of bond-buying may soon be warranted.”

Median inflation expectations have jumped

And the 18 Fed officials are evenly split on a rate hike next year, which hiked the median plot to a half-rate-hike by the end of 2022…

Interestingly, the median forecast of a 1% federal funds rate at the end of 2023, but only 1.8% at the end of 2024, suggests either some Fed policy makers are anticipating a pause in the rate hike cycle, or maybe they have in fact lowered their estimate for the so-called terminal rate — the end-point of the rate hike cycle.

So, is this the beginning of the end?

*  *  *

Full Redline below:

end

Stocks, Bonds, Bullion, & Bitcoin Jump As Dollar Dumps On Hawkish Fed

 
 
WEDNESDAY, SEP 22, 2021 – 02:21 PM

The kneejerk reaction to the most hawkish Fed statement since 2018 is ‘interesting’.

The dollar is dumped…

While stocks, bonds, bitcoin, and gold are all rallying…

Are markets pricing in the next QE already? Or is this a kneejerk over-reaction to the fact while rate-hikes are expected to start earlier, their trajectory is flatter than some expected out to 2024?

END

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

‘Team Transitory’ Loses Another One – OECD Warns Of Higher Inflation For Next Two Years

 
TUESDAY, SEP 21, 2021 – 08:25 PM

The Organization for Economic Co-operation and Development (OECD) released its quarterly report Tuesday and warned about increasing inflation risks for the next two years as the growth rate of the economic recovery has stalled.

“The economic impact of the Delta variant has so far been relatively mild in countries with high vaccination rates, but has lowered near-term momentum elsewhere and added to pressures on global supply chains and costs,” the Paris-based research body wrote, adding that “inflation has risen sharply in the United States, Canada, the United Kingdom, and some emerging-market economies, but remains relatively low in many other advanced economies, particularly in Europe and Asia.” 

The OECD expects price increases in 2021 and 2022 above its previously forecast for G20 countries. 

Laurence Boone, the OECD chief economist, said taming inflation would be a juggling act for policymakers. 

“The speed of the recovery has increased inflationary pressures, quickly pushing up prices to where we expected them to be before the pandemic,” the OECD said. “Policymakers in advanced economies should monitor these developments without delay.”

The OECD’s forecast expects G20 inflation at 3.7% in 2021 and 3.9% in 2022. It also expects US inflation pressures to subside next year but be well above 3%. 

“Inflation is expected to settle at a level above the average rates seen prior to the pandemic,” the OECD said. “This is welcome after many years of below-target inflation outcomes, but it also points to potential risks.” 

The revised outlook was released ahead of the Federal Reserve Chair Jerome Powell’s press conference today after the two-day meeting. Investors are eagerly awaiting the Fed’s decision to taper monetary policy. 

According to the OECD, global growth has lost momentum due to uneven economic growth – in return, this forced the research body to slash the global growth forecast for 2021 to 5.7% from 5.8%.

“Sizable uncertainty remains,” it said. “Faster progress in vaccine deployment or a sharper rundown of household savings would enhance demand and lower unemployment but also potentially push up near-term inflationary pressures.”

The question we have is if Powell’s “transitory” inflation narrative is falling apart at the seams, as US CEOs warned last week at the annual Morgan Stanley Laguna conference about “unprecedented” inflation becoming “structural.” 

DoubleLine Founder Jeffrey Gundlach told investors in a webcast last week that he doesn’t believe the history books will say inflation was transitory. 

The macro backdrop is starting to look like growth rates are decreasing, but inflation is either persistent or rising, an ominous sign of stagflation.

END

Record shattered again : now 73 container ships stuck waiting off the coast of California

(Greg Miller/Freightwaves)

Record Shattered (Again): 73 Container Ships Stuck Waiting Off California

 
WEDNESDAY, SEP 22, 2021 – 02:38 PM

By Greg Miller of FreightWaves,

The number of container ships at anchor or drifting in San Pedro Bay off the ports of Los Angeles and Long Beach has blown through all previous records.

The latest peak: There were an all-time-high 73 container ships in the queue in San Pedro Bay on Sunday, according to the Marine Exchange of Southern California (the tally inched back to 69 on Tuesday). Of the ships offshore Sunday, 36 were forced to drift because anchorages were full.

Theoretically, the numbers — already surreally high — could go even higher than this. While designated anchorages are limited, the space for ships to safely drift offshore is not.

“There’s lots of ocean for drifting — there’s no limit,” Capt. Kip Loutit, executive director of the Marine Exchange of Southern California, told American Shipper.

“Our usual VTS [Vessel Traffic Service] area is a 25-mile radius from Point Fermin by the entrance to Los Angeles, which gives a 50-mile diameter to drift ships. We could easily expand to a 40-mile radius, because we track them within that radius for air-quality reasons. That would give us an 80-mile diameter to drift ships,” said Loutit.

Limits on land

The Southern California gateway is acting like the narrow tube on a funnel: Ocean volumes pour in from Asia and can only flow out at a certain velocity due to terminal limitations as well as limitations of warehouses, trucking and rail beyond the terminal. When the flow into the top of the funnel is too great, as it is now, it creates an overflow in the form of ships at anchor or adrift. This offshore ship queue is equivalent to a massive floating warehouse for containerized imports whose size is only limited by liner shipping capacity and U.S. consumer demand.

How constrained is the flow? Port of Los Angeles Executive Director Gene Seroka said during a press conference on Wednesday that container dwell time in the terminal “has reached its peak since the surge began” and is now six days, worsening from 5.3 days last month. On-dock rail dwell time is 11.7 days, not far below the peak of 13.4. Street dwell time (outside the terminal) “is 8.5 days, nearing the all-time high” of 8.8 days, said Seroka. It has worsened from 8.3 days a month ago.

Marine Exchange data reveals the constraints of the Los Angeles/Long Beach port complex. Since congestion began, the total number of container ships either at anchor or at berth has risen and fallen — it was an all-time-high 100 on Sunday, more than five times pre-COVID levels. But one stat has remained remarkably consistent: The number of container ships at Los Angeles/Long Beach berths has remained in a tight band of around 27-31 per day — that is what the land side can handle, the tube of the metaphorical funnel. Throughout 2021, all ship arrivals over that threshold have overflowed into the anchorages and drift areas.

Chart: American Shipper based on data from Marine Exchange of Southern California. Data bi-monthly Jan 2019-Nov 2020; daily Dec 2020-present

More ships deployed in trans-Pacific

Meanwhile, at the wider open end at the top of the funnel — the drift area radius outside the port — a much higher number of ships is flooding into Southern California than ever before. Seroka noted that of the 84 ships his port handled in August, 11 were “extra loaders” — ships that are not part of a scheduled service. “And in addition to the extra loaders we’ve seen from incumbent carriers, there are no less than 10 newcomers [new services] to the trade,” he added. According to Alphaliner, deployed trans-Pacific capacity is up 30% year on year.

Asked by American Shipper whether ports or terminals could proactively stem inbound flows to provide more breathing room, Seroka replied: “Slowing down these ships is something we thought about in the early days of the surge, to try to give us a little bit more time in between to get ready for the next ships. But if you start looking at slowing down these ships, it’s going to back up the vessel supply chain even further and make schedules an even deeper concern for liner companies.” In other words, no.

Imports down year on year

The higher the number of ships waiting offshore, the bigger the queue and the longer it takes for a vessel to get a berth. On Tuesday, the average wait time to reach a berth in Los Angeles (30-day rolling average) rose to an all-time high of nine days.

That, in turn, delays imports. Back in August 2020, when import demand surged post-lockdowns, there were almost no ships at anchor off Southern California. This August, there was an average of 36 ships at anchor per day, according to Marine Exchange data. The port of Los Angeles handled 485,672 twenty-foot equivalent units of imports in August — down 5.9% year on year.

Chart: American Shipper based on data from Port of Los Angeles

As Seroka pointed out, on the last day of August, 26 ships were at anchor waiting for berths in Los Angeles. These ships had 205,000 TEUs of cargo on board, which was pushed into this month (just as delayed cargo from this month will be pushed into October).

Total throughput for the port was 954,377 TEUs in August, down 0.8% year on year due to the decline in imports and a 23% plunge in loaded exports, offset by a 17% surge in outbound empty containers.

The port expects volumes to pull back from August’s level over the next two months, to 930,000 TEUs in September and 950,000 TEUs in October. It expects full-year throughput of 10.8 million TEUs.

More blank sailings ahead

What could stem the tide of cargo arriving in Southern California and cap the size of the floating warehouse?

When congestion peaked earlier this year, in the first quarter, it led to a large number of “blanked” (canceled) sailings in the second quarter. Ships stuck at anchor in San Pedro Bay could not get back to Asia in time, forcing carriers to cancel voyages. Those cancellations helped pare California anchorage totals in May and early June.

Carriers are yet again blanking sailings as a result of escalating congestion in Southern California. But this time, the number of ships at anchor and drifting has much more room to run before the network reaches its limit.

Not only are there more services and extra loaders, but carriers also have an incentive to blank sailings in other markets instead and redeploy ships into the trans-Pacific, where they can earn more money by topping off rates with premium charges.

According to Lars Jensen, CEO of consultancy Vespucci Maritime, “If we continue to see extremely strong demand specifically on the trans-Pacific, carriers may elect to blank a few Asia-Europe sailings and instead temporarily let a few of those vessels make a trip across the Pacific before coming back to Asia and re-phasing into the Asia-Europe network.”

According to Alphaliner, ships are already being pulled from the Asia-Middle East and Asia-Red Sea lanes to make more money elsewhere. Alphaliner reported that up to 50% of Asia-Middle East services are now being blanked because vessels have been redeployed to trades like the trans-Pacific “where spot freight rates are at historic highs.”

USA ECONOMIC DATA

Existing-Home Sales Disappoint In August, Median Price Drops

 
WEDNESDAY, SEP 22, 2021 – 10:07 AM

After two straight monthly gains (better than expected and bucking the trend in new- and pending-home-sales), analysts expected existing home sales to tumble in August and they were right. Existing home sales fell 2.0% MoM in August – worse than the 1.7% drop expected (exaggerated by an upward revision in July).

This drop pushed the year-over-year change in existing home sales negative for the first time since June 2020

Source: Bloomberg

“Clearly the home sales are settling down but above pre-pandemic conditions,” Lawrence Yun, NAR’s chief economist, said on a call with reporters.

The SAAR dropped back, but remains just above pre-COVID levels…

Source: Bloomberg

Sales of million-dollar-plus homes are up 40% YoY…

…but the median sale price increase of 14.9% was lowest since January (and the median price actually dropped)…

Yun said Realtors are seeing “less intensive multiple offers” for available properties. In August, there were 3.8 offers on a typical home, down from 4.5 a month earlier.

All four regions in the U.S. posted sales declines last month, led by a 3% drop in the South which dominated sales as usual…

Finally, we remind readers that homebuyer sentiment and homebuilder sentiment could not possibly be more divergent…

Source: Bloomberg

Can Jay Powell afford to upset those homebuilders? What do homeowners know?

IMPORTANT USA//VACCINE

 

iii) Important USA Economic Stories

House Passes Debt-Limit, Government Spending Bill, Sends It To A Senate Showdown

 
TUESDAY, SEP 21, 2021 – 09:19 PM

As expected, in a surprisingly close, 220-211 vote, the Democratic-controlled House passed a bill that would suspend the U.S. debt ceiling into December 2022 and provide the government funding to operate past Sept, 30 if it passes the Senate which it most likely won’t because Senate Republicans, even RINOs such as Mitt Romney, have vowed to block it over the debt limit provision which Democrats purposefully included in the provision.

The political standoff raises the chances of twin fiscal disasters — a government shutdown and a default — that could have devastating consequences for Wall Street and the broader American economy.

It’s not yet clear what Democrats’ plan B would be if the effort to avert a shutdown and suspend the debt limit runs aground in the Senate, as it appears is on track to happen.

If Machin sides with Senate Republicans to block the stop-gap funding measure over the debt limit, there could still be enough time to strip the debt limit measure out and pass a stand-alone spending bill to avoid a shutdown. But the vote would take place perilously close to the shutdown deadline – the drop dead date is sometime in mid/late October – and would likely require cooperation on both sides to process a quick Senate vote. It also would leave the debt ceiling problem unresolved, setting up yet another flashpoint issue to be dealt with by Congress in the weeks to come.

And just to assure that the bill in its current format will not get the support of republicans, moments after the House vote, Senate Republican Leader Mitch McConnell and Republican Senator Richard Shelby introduced a new stopgap measure that keeps the U.S. government funded through Dec. 3 but does not suspend or increase the debt limit.  The Senate bill includes funding for disaster aid, assistance for Afghan allies and Israel’s Iron Dome missile defense system, a provision which was struck from the Democrats’ bill to obtain support of progressive democrats.

Earlier on Tuesday, House Majority Leader Steny Hoyer left the door open on what measures the House would take if the Senate is not able to pass what the House sends over before the government runs out of funding next week.

“We want to send it over to the Senate, and give the Senate an opportunity to consider it, figure out what they’re going to do and they may send it back to us, at which point in time we will have to make a determination, but we want to pass that bill,” he said.

Meanwhile, as reported earlier, the current standoff in Congress makes a government shutdown and a debt ceiling breach increasingly likely according to Goldman, which said in a note published overnight that while “a shutdown October 1 is not the base case, in our view, because there is a fair chance that Democrats will shift strategy before the deadline. However, the longer Congress remains on this course, the more likely a shutdown becomes.”

end

iv) Swamp commentaries/

Chaotic Scene in Oval Office as UK PM Boris Johnson Takes Questions While Biden’s Handlers Shout Down Reporters (VIDEO)

 
 
 
 
 
 
Sorry both of these guys are embarrassing.
This is not what leadership is about. Boris referring to Biden being a deity is just so wrong on many fronts.

https://www.thegatewaypundit.com/2021/09/chaotic-scene-oval-office-uk-pm-boris-johnson-takes-questions-bidens-handlers-shout-reporters-video/

end

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

US August Housing Starts increased 1.615m due to a surge in multi-family unit construction.  1.55m was consensus.  “Multifamily starts — which tend to be volatile and include apartment buildings and condominiums — increased 20.6% to 539,000. Single-family starts decreased for a second month to an annualized pace of 1.08 million units…”  Permits increase to 1.728m from 1.630m; 1.6m was expected.
https://www.bloomberg.com/news/articles/2021-09-21/u-s-housing-starts-rose-by-more-than-forecast-in-august

Here’s what’s included in the stopgap government funding bill the House plans to vote on…
There’s money to keep the government open, clean up after disasters and resettle Afghan refugees.

  • Government funding through 12/3
  • $28.6 billion for disaster aid
  • $6.3 billion to help resettle Afghan refugees
  • Language requiring a report from the Pentagon on equipment left behind in Afghanistan, which Republicans have been seeking
  • A suspension of the debt ceiling through December 2022.

https://www.politico.com/minutes/congress/09-21-2021/inside-the-cr/
 
Democrats yank $1B for Israeli missile defense from doomed shutdown and debt patch
The bill hit a snag with House progressives who were concerned about its assistance to the Iron Dome missile defense system.   ahttps://www.politico.com/news/2021/09/21/democrats-funding-shutdown-debt-limit-513407
 
GOP Rep @SteveScalise: Some House Democrats hate Israel so much that they’re refusing to pass their own spending bill if it includes funding for the Iron Dome—which protects our ally from terrorists.  This is how radical they’ve become.
 
Bloomberg Economics (@economics): U.S. employers aren’t just having a hard time attracting workers, they’re increasingly struggling to hold onto them.  
 
High Quits Rates, Poaching: U.S. Firms Are Plagued by Turnover
Another rising issue: no shows. David Allen, who runs Salt Lake City, Utah-based catering company… said six of his ten most recent hires have stopped showing up for shifts…  https://t.co/dy6Ahah4fK
 
Biden Plans Donation of 500 Million Pfizer Shots, Doubling Goal – BBG (The Big Guy owes PFE?)
 
Pfizer Assures That Vaccine Is Almost as Safe for Kids as COVID – Babylon Bee
Experts confirmed that even though there is a statistically 0% chance of kids dying from COVID, parents should still require kids to get the vaccine immediately, to make up for Pfizer’s financial loss from the FDA not approving booster shots right away…Pfizer is hoping they can get kids fully vaccinated before their Q3 sales numbers come out.
https://babylonbee.com/news/fda-assures-vaccine-is-almost-as-safe-for-kids-as-covid
 
Wuhan scientists planned to release coronaviruses into cave bats 18 months before outbreak
Wuhan scientists were planning to release enhanced airborne coronaviruses into Chinese bat populations to inoculate them against diseases that could jump to humans, leaked grant proposals dating from 2018 show.  New documents show that just 18 months before the first Covid-19 cases appeared, researchers had submitted plans to release skin-penetrating nanoparticles containing “novel chimeric spike proteins” of bat coronaviruses into cave bats in Yunnan, China.  They also planned to create chimeric viruses, genetically enhanced to infect humans more easily, and requested $14million from the Defense Advanced Research Projects Agency (Darpa) to fund the work (Bioweapon funding?)
    The proposal also included plans to mix high-risk natural coronavirus strains with more infectious but less dangerous varieties.  The bid was submitted by British zoologist Peter Daszak of EcoHealth Alliance, the US-based organisation, which has worked closely with the Wuhan Institute of Virology (WIV) researching bat coronaviruses…
https://news.yahoo.com/wuhan-scientists-planned-release-skin-145326380.html
 
@DeAngelisCorey: New CDC Study: “the portion of 5-11-year-olds who are classified as overweight or obese is now 45.7 percent, up from 36.2 percent before the pandemic.”
 
‘Staggering’: New Research Shows that Child Obesity Has Soared During Pandemic
https://www.the74million.org/staggering-new-research-shows-that-child-obesity-has-soared-during-pandemic/
 
After the close, FedEx reported Q1 Adjusted EPS of 4.37; 4.92 was expected. Revenue is 22.08B; 21.88B was expected.  FedEx cut its FY EPS estimate to 19.75-21 from 21.03 and cut 2022 FY EPS to 18.25-19.50 vs. 21.20 Street consensus.  FedEx: “Our results for the first quarter reflect higher operating costs we are incurring during this uncertain and challenging operating environment.”
 
Today – Traders will play for the usual rally into the release of a FOMC Communique.  If the FOMC indicates that a taper is nigh, there will be a decline.  ESZs and stocks are likely to stabilize quickly on buying by the forces that are keeping stocks buoyant and traders that hope Powell throws bulls a life raft.  We’d guess that Powell equivocates to keep stocks from declining.  If Powell is unexpectedly hawkish, a decline should develop.  If this transpires, will the forces that keep saving stocks appear and manipulate ESZs higher?  Will organic sellers overwhelm traders and manipulators?
 
The S&P 500 Index had an Inside Day (lower high, higher low) yesterday.  Traders will be sensitive to a breach of the Tuesday high (4394.87) or low (4347.96).  Tuesday’s action was a consolidation of Monday’s severe decline.  A breach of Tuesday’s low could instigate a test of Monday’s low.
 
ESUs are -15.00 at 20:25 ET on FedEx, Evergrande, and Tuesday’s late drop.  Expected econ data: Aug Existing Home Sales 5.88m, FOMC Communique 14:00 ET, Powell Press Conference 14:30 ET
 
S&P 500 Index 50-day MA: 4436; 100-day MA: 4330; 150-day MA: 4219; 200-day MA: 4110
DJIA 50-day MA: 35,008; 100-day MA: 34,670; 150-day MA: 34,03; 200-day MA: 33,206
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are positive – a close below 3950.21 triggers a sell signal
Weekly: Trender is positive; MACD is negative – a close below 4337.30 triggers a sell signal
DailyTrender and MACD are negative – a close above 4532.03 triggers a buy signal
Hourly: Trender is negative; MACD is positive – a close above 4394.66 triggers a buy signal
 
@Breaking911: Staff orders news media to leave The White House as UK Prime Minister Boris Johnson speaks mid-sentence   https://twitter.com/Breaking911/status/1440432388568281091
 
@edokeefe: IN THE OVAL OFFICE… Johnson called on another British reporter who asked Biden again about his reluctance to move on a US-UK trade deal and whether it had to do with his concerns about respecting the Irish protocols.  “They’re two separate issues,” Biden said. On the trade deal, “that’s continuing to be discussed.” On the protocols, “I would not at all like to see nor might I add, would many of my Republican colleagues like to see a change in the Irish accords.”
   As Johnson finished his own answer to the 3rd question about his reluctance, senior White House aides began shouting, seemingly cutting off the PM. We were then escorted from the Oval Office…
https://twitter.com/edokeefe/status/1440427399099793408
 
It is unconscionable, exceedingly insulting, and abjectly disrespectful for rank WH officials to abruptly interrupt a head of state in the Oval Office, even if to obfuscate a president’s impairment!
 
Perhaps after The Big Guy’s bumbling Teleprompter reading at the UN, Team Obama commanded The Big Guy’s handlers to stand ready to intervene at any instance if TBG looked unstable.
 
Clips from Biden’s embarrassing UN recitation: https://twitter.com/PapiTrumpo/status/1440438855371423753
 
Des Moines Register (@DMRegister): “This is a bad poll for Joe Biden, and it’s playing out in everything that he touches right now,” said pollster J. Ann Selzer. President Joe Biden’s job approval rating has plummeted to 31%. https://t.co/Heog3eSb3J (Selzer called Iowa in 2016 and 2020 within 1 point)
 
The MSM ignored a Politico report that offers proof that Hunter Biden’s PC emails are real, not a hoax.
 
POLITICO Playbook: Double trouble for Biden
A person who had independent access to Hunter Biden’s emails confirmed he did receive a 2015 email from a Ukrainian businessman thanking him for the chance to meet Joe Biden. The same goes for a 2017 email in which a proposed equity breakdown of a venture with Chinese energy executives includes the line, “10 held by H for the big guy?” (This person recalled seeing both emails but was not in a position to compare the leaked emails word-for-word to the originals.)  MORE: Emails released by a Swedish government agency also match emails in the leaked cache, and two people who corresponded with Hunter Biden confirmed emails from the cache were genuine…
https://www.politico.com/newsletters/playbook/2021/09/21/double-trouble-for-biden-494411
 
Politico confirmation of Hunter Biden laptop materials prompts criticism of earlier suppression of story  https://www.foxnews.com/media/politico-confirmation-hunter-biden-laptop-materials-prompts-criticism-media
 
Feds release migrants far from US-Mexico border in ‘catch and release’ system on ‘grander scale
ICE HQ using ‘fear and intimidation’ to make field offices release migrants deep into US, former official says – With destinations like Chicago, Denver, Minneapolis, New York City, Yakima, Wash., and Harrisburg, Pa., U.S. government-contracted planes transport migrants from the border and into the custody of Immigration and Customs Enforcement (ICE) field offices around the country. These migrants are often later released from these destinations…
https://www.foxnews.com/politics/ice-cbp-immigrants-release-southern-border
 
GOP Rep @laurenboebert: The Biden regime just extended America’s border closure with Canada to prevent the spread of COVID-19.  Meanwhile, our southern border is wide open and millions of illegal immigrants, many with COVID, are invading the country.
 
The Navy Seal that shot Bin Laden, Robert J. O’Neill @mchooyah: Navy SEALs are getting out of the military in very frightening numbers. Why do you think that is?
 
Sidelined? Hundreds of Navy SEALS told they won’t be deployed if they refuse COVID vaccine
https://justthenews.com/government/security/hundreds-navy-seals-face-being-blocked-deployment-refusing-covid-vaccine
 
@AnnCoulter citing David Cole: “This is why MAGAs continue to cling to Trump. He was always willing to be loud and proud about saying the right things…he just never followed through with actions …”
 
The anti-Trump bill: Democrats to introduce package that will make it harder for Presidents to bestow pardons, refuse to co-operate with investigators and SPEND money – Additionally, the bill would require presidents and candidates from major parties to provide 10 years of tax returns to the Federal Election Commission (FEC), strengthen Congress’ ability to enforce subpoenas and strengthen enforcement for Hatch Act violations… (Some bill provisions are blatantly unconstitutional!)
https://www.dailymail.co.uk/news/article-10013663/Democrats-introduce-package-limits-presidential-powers.html
 
US Constitution Article II, Section 2, Clause 1: The President shall be Commander in Chief of the Army and Navy of the United States, and of the Militia of the several States, when called into the actual Service of the United States; he may require the Opinion, in writing, of the principal Officer in each of the executive Departments, upon any Subject relating to the Duties of their respective Offices, and he shall have Power to grant Reprieves and Pardons for Offences against the United States, except in Cases of Impeachment.
    Congress cannot limit the effects of a presidential amnesty. Thus the act of July 12, 1870, making proof of loyalty necessary to recover property abandoned and sold by the government during the Civil War, notwithstanding any executive proclamation, pardon, amnesty, or other act of condonation or oblivion, was pronounced void…  https://constitution.congress.gov/browse/essay/artII-S2-C1-3-1-3/ALDE_00001134/
 
Government’s first duty is to protect the people, not run their lives.” — Ronald Reagan

end

Let us close out today with this offering courtesy of Greg Hunter interviewing John Rubino

Without Trust Markets Will Tank – John Rubino | Greg Hunter’s USAWatchdog

 

Without Trust Markets Will Tank – John Rubino

By Greg Hunter’s USAWatchdog.com 

It looks like we are on track for yet another global financial meltdown.  This time it is coming out of China in the form of a failed property development company called Evergrande.  It’s five times bigger than Lehman Brothers, whose failure cratered the global economy in 2008.  Will central banks, including the Fed, just let it all fail or will they print massive amounts of money trying to stop the fall?   If history is a guide, we should get ready for the most money creation ever.  In May, financial writer John Rubino said, “This is beyond the ability of any individual to fix.  We can’t save the system.” We sure can print a lot of money to try though.

Massive global money printing is what is coming, and it will come with huge consequences for all fiat currencies.  Rubino explains, “Stocks are tanking, cryptos are tanking, currencies of the world are getting volatile, politics are volatile and gold is going up while all this is happening, which it is supposed to do.  Gold is supposed to be the safe haven where you hide out when nothing else seems trustworthy. . . . That hasn’t been the case in prior bear markets.  When stocks tanked, they pulled down gold and silver. . . . It’s a good sign when markets start to behave rationally again.  When high risk assets don’t seem worth it anymore, capital flows into real assets that hold their value no matter what the government is doing to the currency.  That’s the way it’s supposed to work, and that is the way it is working. . . . Trust is probably the key word in this whole discussion.  Fiat only exists because we trust the people who are managing them to maintain their value.  You take the trust away and there is nothing there.  A fiat currency is not a real thing.  It doesn’t actually exist other than little pieces of paper that have no intrinsic value or computer code, which also has no intrinsic value.  So, you take away the trust that we had in the Fed, Treasury, Congress and the President to do the right thing, and be honest, when it comes to the financial markets, you take that away and there really isn’t anything there.  Nobody would want to hold a currency managed by people they can’t trust.  Pay attention to that because the less we trust the guys in charge, the less we trust the currency.  The less we trust the currency, the less we trust the financial markets and the less valuable these financial assets are.  So, it all ties together, and it all depends on that one word—Trust.”

What’s Rubino’s biggest fear?  Rubino warns, “My biggest fear is that we screw up our finances, we screw up geopolitics, and we get into a big war because we are close to that now.  The U.S., Russia and China are bumping up against each other, and we are like scorpions in a bottle on this little planet with all these high tech weapons. . . . My biggest fear is we take it well beyond the world of finance to no holds barred military action.  There’s no way to predict anything when you start doing something like that.  The worst case scenario is too horrible to even think about.”

Join Greg Hunter as he goes One-on-One with John Rubio, founder of the popular website DollarCollapse.com

Without Trust Markets Will Tank – John Rubino

 

After the Interview:

There is much free information on DollarCollapse.com.  If you want personalized contact with John Rubino and get his latest articles delivered directly to your inbox, you can sign up for his subscription service (also FREE) by clicking here.  Rubino tells me he does not sell his email list.

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

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