MAY 9//BLOODBATH

May 9, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1859.30 down $24.05

SILVER: $21.88 DOWN  $.50

ACCESS MARKET: GOLD $1853.85

SILVER: $21.77

Bitcoin morning price:  $32,980 DOWN 2929

Bitcoin: afternoon price: $30.846 DOWN 5063

Platinum price: closing down $16.95 to $968.50

Palladium price; closing down 139.70  at $2048.00

END

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 EXCHANGE: COMEX

comex notices:3/3

EXCHANGE: COMEX

CONTRACT: MAY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,881.200000000 USD
INTENT DATE: 05/06/2022 DELIVERY DATE: 05/10/2022
FIRM ORG FIRM NAME ISSUED STOPPED


661 C JP MORGAN 3
737 C ADVANTAGE 3


TOTAL: 3 3
MONTH TO DATE: 1,912



NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT 3  NOTICE(S) FOR 300 OZ  (0.00933  TONNES)

total notices so far:  1912 contracts for 191,200. oz (5.9471 tonnes)

SILVER NOTICES: 

0 NOTICE(S) FILED NIL   OZ/

total number of notices filed so far this month  3620  :  for 18,100,000  oz



END

Russia is a major supplier of silver to London while Mexico supplies the COMEX

With the sanctions, London has no way to obtain silver other than compete with NY.

GLD

WITH GOLD DOWN $24.05

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//

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.98 TONNESE FROM THE GLD

INVENTORY RESTS AT 1084.98 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 50 CENTS

 CENTS

AT THE SLV// A SMALL CHANGE IN SILVER INVENTORY AT THE SLV://A WITHDRAWAL OF .9300 MILLION OZ INTO THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 575.977 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A SMALL SIZED  403 CONTRACTS TO 141,187   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE GAIN IN OI WAS ACCOMPLISHED DESPITE OUR TINY  $0.06 LOSS  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.06) AND WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS  AS  WE HAD A SMALL GAIN OF 428 CONTRACTS ON OUR TWO EXCHANGES.

WE  MUST HAVE HAD: 
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 30.170 MILLION OZ FOLLOWED BY TODAY’S 470,000 OZ E.F.P JUMP TO LONDON //NEW STANDING 28.130 MILLION OZ/ //  V)    SMALL SIZED COMEX OI LOSS/

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : -6

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS  MAY. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAY: 

TOTAL CONTACTS for 5days, total 7141,  contracts:  35.705 million oz  OR 7.142 MILLION OZ PER DAY. (1428CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 36.705 MILLION OZ

.

LAST 11 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ 

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH: 207.430  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE AND WE ARE STILL GOING STRONG THIS MONTH.

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 35.705 MILLION OZ//INCREASING AGAIN

RESULT: WE HAD A SMALL  SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 403 WITH OUR TINY  $0.06 LOSS IN SILVER PRICING AT THE COMEX// FRIDAY., TODAY.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 825 CONTRACTS ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS    THE DOMINANT FEATURE TODAY: /HUGE BANKER SHORT COVERING AS THEY GET OUT OF DODGE//// WE HAVE A HUGE INITIAL SILVER OZ STANDING FOR MAY. OF 30.170 MILLION  OZ  FOLLOWED BY TODAY;S 470,000  OZ E.F.P JUMP TO LONDON//NEW STANDING 28.130 MILLION OZ//  .. WE HAD A SMALL SIZED LOSS OF 428 OI CONTRACTS ON THE TWO EXCHANGES FOR 2.14 MILLION  OZ DESPITE THE SMALL GAIN IN PRICE. 

 WE HAD 0  NOTICE FILED TODAY FOR  NIL OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY AN UNBELIEVABLE SIZED LOSS 0f 19,111 CONTRACTS  TO 554,662 AND CLOSER TO 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:  –322 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  MAMMOTH SIZED DECREASE IN COMEX OI CAME DESPITE OUR STRONG  GAIN IN PRICE OF $7.95//COMEX GOLD TRADING/FRIDAY /.AS IN SILVER WE MUST  HAD  HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR MAY AT 5.353 TONNES ON FIRST DAY NOTICE /FOLLOWED BY TODAY”S QUEUE JUMP OF 70,500 OZ//NEW STANDING 8.227 TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $7.95 WITH RESPECT TO FRIDAY’S TRADING????

WE HAD A STRONG SIZED LOSS OF 16,924  OI CONTRACTS (52.64 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  2187 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 554,662.

IN ESSENCE WE HAVE A  HUMONGOUS SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 16.924, WITH 19,111 CONTRACTS DECREASED AT THE COMEX AND 2187 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 16,924 CONTRACTS OR 52.64 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2187) ACCOMPANYING THE MAMMOTH SIZED LOSS IN COMEX OI (19,111,): TOTAL LOSS IN THE TWO EXCHANGES  16,924 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY. AT 5.353 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 70500 OZ//NEW STANDING 8.229 ///  3) HUGE LONG LIQUIDATION??? OR TAS OPERATION??? //.,4) MAMMOTH SIZED COMEX  OI. LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

MAY

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY :

16248 CONTRACTS OR 1,624,800 OR 50.54  TONNES 5 TRADING DAY(S) AND THUS AVERAGING: 3250 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES: 50.54 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2021, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  50.54/3550 x 100% TONNES  1.43% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN).. 

MARCH:.   276.50 TONNES (STRONG AGAIN/

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          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE// 

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH:  409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  50.54 TONNES INITIAL//SLIGHTLY INCREASING AGAIN

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 MAY.WE ARE NOW INTO THE SPREADING OPERATION OF SILVER

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 APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY, FOR SILVER:

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 (MAR), 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.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, fell BY A SMALL SIZED 403 CONTRACT OI TO 141,187 AND CLOSER 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  5 YEARS AGO.  

EFP ISSUANCE 825 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

MAY 825  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 397 CONTRACTS AND ADD TO THE 825 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL SIZED GAIN OF 422 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 2.11 MILLION OZ

OCCURRED DESPITE OUR LOSS IN PRICE OF  $0.6 IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

4. Chris Powell of GATA provides to us very important physical commentaries

end

5. Other gold commentaries

end

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED UP 2.58 PTS OR 0.09%   //Hang Sang CLOSED    /The Nikkei closed DOWN 684.22 OR 2.53%          //Australia’s all ordinaires CLOSED DOWN 1.47%   /Chinese yuan (ONSHORE) closed DOWN 6,7281    /Oil DOWN TO 07.26 dollars per barrel for WTI and UP TO 109.82 for Brent. Stocks in Europe OPENED  ALL RED       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7281 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7699: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

a)NORTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

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

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GIGANTIC SIZED 19,111 CONTRACTS TO 554,662  AND 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 $7.95 IN GOLD PRICING FRIDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (2187 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE   ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED A  FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2187 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :2187 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2187 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 HUGE SIZED  TOTAL OF 16,924 CONTRACTS IN THAT 2187 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GIGANTIC SIZED  COMEX OI LOSS OF 19,111  CONTRACTS..AND  THIS  LOSS OCCURRED DESPITE OUR  GAIN IN PRICE OF GOLD $7.95

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (7.589),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 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 ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 7.589 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $7.95) BUT  WERE  SUCCESSFUL IN FLEECING QUITE A FEW LONGS//OR WE HAD ANOTHER OF THOSE TAS MOVES// AS WE HAVE  REGISTERED A GIGANTIC SIZED LOSS  OF 52.64 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAY (7.589 TONNES)

WE HAD 322 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 16,924 CONTRACTS OR 1,692,400 OZ OR 52.64 TONNES

Estimated gold volume today: 229,406/// fair

Confirmed volume yesterday:249,526contracts  fair

INITIAL STANDINGS FOR MAY ’22 COMEX GOLD //MAY 9

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz485.502 oz
Manfra
JPM includes
12 kilobars
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today3  notice(s)
300 OZ
0.00933 TONNES
No of oz to be served (notices)733 contracts 73,300 oz
2.2799 TONNES
Total monthly oz gold served (contracts) so far this month1912 notices
191,200 OZ
5.947 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

For today:

dealer deposits  0

total dealer deposit  nil   oz//

No dealer withdrawals

0 customer deposit

2 customer withdrawals:

i) Out of JPMorgan:  385.812 oz (12 kilobars)

ii) Out of Manfra 99.60 oz

total withdrawal: 485.502 oz

ADJUSTMENTS:   1  JPM//dealer to customer 96.454 oz  3 kilobars 

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an  oi of 736 contracts having LOST 220 contracts

We had 425 notices filed on Friday, so we gained 205 contracts or  AN ADDITIONAL 20,500 oz will stand for delivery in this non active delivery month of May.

June saw a loss of 32,434 contracts down to 382,426  contracts (makes no sense)

July has a loss of 6 OI to stand at 153

August has a gain of 17,474 contracts up to 118,577 contracts

We had 3 notice(s) filed today for  300 oz FOR THE MAY 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 3 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and   3 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the MAY /2021. contract month, 

we take the total number of notices filed so far for the month (1912) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY 736  CONTRACTS ) minus the number of notices served upon today  3 x 100 oz per contract equals 264,500 OZ  OR 8.227 TONNES the number of TONNES standing in this non  active month of MAY. 

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

No of notices filed so far (1912) x 100 oz+   (736)  OI for the front month minus the number of notices served upon today (3} x 100 oz} which equals 264,500 oz standing OR 8.227 TONNES in this NON   active delivery month of MAY.

TOTAL COMEX GOLD STANDING:  8.227 TONNES  (A STRONG STANDING FOR A MAY ( NON ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

263,958.054, oz  JPM No 2  7.58 TONNES

1,063,208.634 oz pledged  Brinks/27,96 TONNES

Delaware: 193.721 oz

International Delaware::  11,188.542 o

Loomis: 32,840.423 oz

total pledged gold:  1,941,626.135 oz                             (1115,92 TONNES)

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  36,043,787.165 OZ (

TOTAL ELIGIBLE GOLD: 18,232,567.378  OZ

TOTAL OF ALL REGISTERED GOLD: 17,811,219.787 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,869,593.0 OZ (REG GOLD- PLEDGED GOLD)  

END

MAY 2022 CONTRACT MONTH//SILVER//MAY 9

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory620,999.540  oz
JPMorgan
CNT
Manfra
Deposits to the Dealer Inventorynil
OZ
Deposits to the Customer Inventory2339,330.200 oz
HSBC
JPMorgan
No of oz served today (contracts)0CONTRACT(S)NIL  OZ)
No of oz to be served (notices)2006 contracts
 (10,030,000 oz)
Total monthly oz silver served (contracts)3620 contracts
 18,100,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results

we had 0 deposit into the dealer

total dealer deposits:  nil     oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 2 deposits into the customer account

ii) Into JPMorgan: 1,150,280.100 oz

iii) Into HSBC:  1,189,050.100 oz

total deposit:  2,339,330.200    oz

JPMorgan has a total silver weight: 177.761 million oz/336.936 million =52.74% of comex 

 Comex withdrawals: 3

i) Out of JPMorgan  586,762.520 oz

ii) Out of CNT::  29,167.640 oz

iii) Out of Manfra: 5069.400 oz

total withdrawal 620,999.540    oz

0 adjustments:   

the silver comex is in stress!

TOTAL REGISTERED SILVER: 81.067 MILLION OZ

TOTAL REG + ELIG. 336.936 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY OI: 2006 HAVING LOST 876 CONTRACTS.  WE HAD 782 NOTICES FILED ON FRIDAY

SO WE LOST 94  CONTRACTS OR AN EFP JUMP OF 470,000

JUNE HAD A LOSS OF 90 TO STAND AT 1581

JULY HAD A GAIN OF 262 CONTRACTS UP TO 114,641 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz

Comex volumes: 55,814// est. volume today//   fair

Comex volume: confirmed yesterday: 77,177 contracts (  good )

To calculate the number of silver ounces that will stand for delivery in MAY we take the total number of notices filed for the month so far at 3620 x 5,000 oz = 18,100,000 oz 

to which we add the difference between the open interest for the front month of MAY(2006) and the number of notices served upon today 0  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY./2021 contract month: 3620 (notices served so far) x 5000 oz + OI for front month of MAY (2006)  – number of notices served upon today (0) x 5000 oz of silver standing for the MAY contract month equates 28,130,000 oz. .

We LOST 94 contracts or AN ADDITIONAL 470,000 will NOT stand for delivery at the comex 

the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

END

GLD AND SLV INVENTORY LEVELS:

MAY 9/WITH GOLD DOWN $24.05: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.98 TONNES FROM THE GLD..//INVENTORY RESTS AT 1082.00 TONNES

MAY 6/WITH GOLD UP $7.95: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WIOTHDRAWAL OF 4.06 TONNES FROM THE GLD////INVENTORY RESTS AT 1084.98 TONNES

MAY 5/WITH GOLD UP $6.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1089.04 TONNES

MAY 4//WITH GOLD UP 70 CENTS TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19 \TONNES FROM THE GLD//INVENTORY RESTS AT 1089.04 TONNES

MAY 3/WITH GOLD UP $6.05: A BIG CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWL OF 2.32 TONNES//INVENTORY RESTS AT 1092.23

MAY 2/WITH GOLD DOWN $46.20: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES FROM THE GLD///INVENTORY RESTS AT 1094.55 TONNES

APRIL 29/WITH GOLD UP $20.05/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1095,72 TONNES

APRIL 28/WITH GOLD UP $2.35: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.77 TONNES FROM THE GLD //INVENTORY RESTS AT 1095.72 TONNES

APRIL 27/WITH GOLD DOWN $15.30//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1099.49 TONNES

APRIL 26/WITH GOLD UP $7.60//HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.9 TONNES INTO THE GLD./INVENTORY RESTS AT 1101.23 TONNES

APRIL 25/WITH GOLD DOWN $36.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1104.13 TONNES 

APRIL 22/WITH GOLD DOWN $13.50: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD.//INVENTORY RESTS AT 1104.13 TONNES

APRIL 21/WITH GOLD DOWN $6.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1106.74 TONNES

APRIL 20/WITH GOLD DOWN $3.05: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT IF 6.36 TONNES INTO THE GLD..//INVENTORY RESTS AT 1106.74 TONNES

APRIL 19//WITH GOLD DOWN $26.90//A SMALL CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .87 TONNES INTO THE GLD//INVENTORY RESTS AT 1100.36 TONNES

APRIL 18/WITH GOLD UP $11.20: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.93 TONNES FROM THE GLD..//INVENTORY RESTS AT 1099.44 TONNES

APRIL 14/WITH GOLD DOWN $8.90: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A  DEPOSIT OF 11.32 TONNES INTO THE GLD..//INVENTORY RESTS AT 1104.42 TONNES

APRIL 13/WITH GOLD UP $8.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1093.10 TONNES

APRIL 12/WITH GOLD UP $26.95: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.61 TONNES INTO THE GLD///INVENTORY REST AT 1093.10 TONNES

APRIL 11/WITH GOLD UP $3.40 //A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD.//INVENTORY RESTS AT 1090.49 TONNES

APRIL 8/WITH GOLD UP $7.70: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES INTO THE GLD//INVENTORY RESTS AT 1088.75 TONNES

APRIL 7/WITH GOLD UP $13.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1087.30 TONNES

APRIL 6/WITH GOLD DOWN $4.10: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.68 TONNES FROM THE GLD..//INVENTORY RESTS AT 1087.30 TONNES

APRIL 5/WITH GOLD DOWN $5.70: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD//INVENTORY RESTS AT 1089.98 TONNES

GLD INVENTORY: 1082.00 TONNES

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

MAY 9/WITH SILVER DOWN 50 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ

MAY 6/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 5/WITH SILVER UP 6 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .93 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

MAY 4/WITH SILVER DOWN 27 CENTS TODAY: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .851 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 576.900 MILLION OZ

MAY 3/WITH SILVER UP 4 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF.877 MILLION OZ INTO THE SLV.

MAY 2/WITH SILVER DOWN 47 CENTS: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 554,000 OZ FROM THE SLV.//INVENTORY RESTS AT 575.171 MILLION OZ//

APRIL 29//WITH SILVER DOWN 12  CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.725 MILLION OZ/

APRIL 28/WITH SILVER DOWN 23 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.308 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 575.725 MILLION OZ//

APRIL 27/WITH SILVER DOWN 4 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.385 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 578.033 MILLION OZ

APRIL 26/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 579.418 MILLION OZ

APRIL 25/WITH SILVER DOWN 69 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.031 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 579.418 MILLION OZ//

APRIL 22/WITH SILVER DOWN 34 CENTS : STRANGE!! A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WHOPPING DEPOSIT OF 3.508 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 581.449 MILLION OZ//

APRIL 21/WITH SILVER UP 57 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 577.941 MILLION OZ

APRIL 20/WITH SILVER DOWN 15 CENTS : A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.955 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 577.941 MILLION OZ///

APRIL 19/WITH SILVER DOWN 62 CENTS: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .461 MILLION OZ FROM THE SLV INVENTORY…//INVENTORY RESTS AT 574.986 MILLION OZ

APRIL 18/WITH SILVER UP 38 CENTS: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.771 MILLION OZ INTO THE SLV./INVENTORY RESTS AT 575.447 MILLION OZ//

APRIL 14/WITH SILVER DOWN 25 CENTS : A MONSTROUS CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.355 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 569.676 MILLION OZ//

APRIL 13/WITH SILVER UP 27 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 565.521 MILLION OZ

APRIL 12/WITH SILVER UP 66 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 565.521 MILLION OZ//

APRIL 11/WITH SILVER UP 13 CENTS: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 831,000 OZ FORM THE SLV////INVENTORY RESTS AT 565.521 MILLION OZ

APRIL 8/WITH SILVER  UP 11 CENTS :NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 566.352 MILLION OZ//

APRIL 7/WITH SILVER UP 27 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 566.352 MILLION OZ//

APRIL 6/WITH SILVER DOWN 9 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 566.352 MILLION OZ

APRIL 5/WITH SILVER DOWN 16 CENTS : A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.386 MILLION OZ INTO THE SLV..//INVENTORY RESETS AT 566.352 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Peter Schiff: The Fed Has Already Lost The Inflation Fight

MONDAY, MAY 09, 2022 – 09:40 AM

Via SchiffGold.com,

Last week, the Fed raised interest rates by 0.5%. It was the biggest rate increase since the year 2000. But it was hardly aggressive in light of the current bout of inflation. Not only that, Jerome Powell took a future 75 basis point hike off the table. In his podcast, Peter Schiff argued that no matter what the Fed does, it has already lost the inflation fight.

The stock market collapsed on Thursday after digesting the rate hike. That more than erased the rally last Wednesday in the immediate aftermath of the FOMC meeting.

Peter said he thinks the recent Fed actions don’t matter. The markets are going down for reasons other than a 50 or 75 basis point rate hike.

Either hike is inadequate for the task at hand. It doesn’t matter. It’s too little, too late. Fifty, 75, 100 — the Fed is not in a position to raise interest rates anywhere near enough to slow down inflation. But any attempt to raise interest rates, even slightly, will prick the bubble, which it’s already done, and the air is coming out. So, the Fed will succeed in killing the economy, but it will not kill inflation.

Peter said there were so many debacles in the stock market last Thursday that it was hard to even focus on specifics, but he noted Etsy was down 16.8% and eBay was down 11.7%. Both of these companies sell products online.

Obviously, they don’t sell food. They don’t sell gasoline. And so when people are spending so much money on basic necessities, they don’t have money left over to buy somebody’s used clothes on eBay or whatever they sell on Etsy.”

Shopify is also feeling the pinch for the same reason.

Peter said there is nothing to hang your hat on if you’re looking for a bottom.

The technical picture is bleak and the fundamental picture is even bleaker.”

He said there is no reason to think we are anywhere near the bottom unless the Fed does an about-face. Of course, that is a possibility.

But as long as the Fed is going to pretend that it’s going to fight inflation, the market is going to keep going down.”

At this point, it appears the markets still believe that the Fed is going to do what it claims it’s going to do – keep hiking and beat back inflation. But Peter said what the Fed claims it’s going to do is impossible.

Especially given what it’s saying it’s going to do, which is maybe raise interest rates up to 2.5 or 3 percent. Even if they do that, it is wholly inadequate to bring down an inflation rate that officially is 8 or 9 percent, but unofficially, in reality, is probably closer to twice that level. There is no way the Fed is going to be able to succeed. But what it is succeeding in doing by pretending it can fight inflation is crashing the stock market.

Meanwhile, productivity just saw its sharpest drop since 1947.

The April jobs numbers hit expectations, but the labor force participation rate unexpectedly dropped. The Fed and others point to the strong labor market as a sign the economy is strong. But it’s important to remember that labor data is a lagging indicator. Once layoffs start, the economy is already in deep trouble.

Peter said he thinks that there is already more than enough evidence to conclude that we’re already in a recession. We had a negative GDP in Q1. If GDP contracts again in Q2, that will mean we are in a recession, and that we were in a recession in Q1.

Think back to 2008. In retrospect, we know the Great Recession started in December of 2007. But in early 2008, all of the pundits were insisting we weren’t in a recession and everything was going to be OK.

If I’m right, and we’re already in a recession now, this recession is going to be worse than that one. In fact, this may not be the worst recession since the Great Depression. This will be the worst recession including the Great Depression because it will be accompanied by very high inflation.”

2.LAWRIE WILLIAMS//,//Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, James  RICKARDS/

PAM AND RUSS MARTENS

Pam and Russ Martens: These stock patterns are impossible without manipulation SEC ignores

Submitted by admin on Mon, 2022-05-09 11:29Section: Daily Dispatches

Despite their longstanding heroic work, even the Martenses haven’t yet realized that market manipulation conducted by or at the behest of the U.S. government is fully authorized by the Gold Reserve Act of 1934 as amended since then. The law gives market-rigging power to the U.S. Treasury Department’s Exchange Stabilization Fund, which can use the New York Fed or any investment house as its broker.

* * *

By Pam Martens and Russ Martens
Wall Street on Parade
Monday, May 9, 2022

Beginning in November 2008, the Federal Reserve was allowed by Congress to manipulate the U.S. bond market through purchases of bonds with money it creates at the flick of an electronic button. The Fed calls this “quantitative easing” or QE. 

Beginning on September 17, 2019 — when overnight lending rates on repo (repo means repurchase agreements between financial institutions) touched 10% instead of the 2.5% that the Fed wanted the market to be at — the Fed began providing repo loans at “administered rates.” It did that by jumping into the repo market with both feet, proceeding to make trillions of dollars in cumulative loans to trading houses on Wall Street, at interest rates as low as 0.10% by the spring of 2020.

During 2020 the Fed also artificially propped up money market mutual funds, commercial paper, exchange-traded funds, and the corporate bond market with emergency lending facilities it created. The Fed did not need a vote in Congress to create those bailout programs. It needed only the permission of Steve Mnuchin, Donald Trump’s wily treasury secretary.  

Wall Street On Parade has been witnessing a new pattern in the stock market for several months now where the market plunges at the open and then shortly thereafter, on no major news, turns on a dime and spikes higher. 

This suggests one of two things to us: 1) either the New York Fed is manipulating stock trading out of its second office close to the futures markets in Chicago; or 2) big money at Wall Street trading houses and/or hedge funds is doing it. Either way, the Securities and Exchange Commission and the Justice Department have not nipped this activity in the bud. …

… For the remainder of the analysis:

-END-

-END-

3. Chris Powell of GATA provides to us very important physical commentaries

see Andrew/s video below.

Russia’s discounts on energy purchased with gold are draining exchanges, Maguire says

Submitted by admin on Sat, 2022-05-07 23:23Section: Daily Dispatches

11:33p ET Saturday, May 7, 2022

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, in his weekly interview with Shane Morand for Kinesis Money, says gold and silver prices on the London and New York exchanges no longer represent the markets for the bulk of trading of those metals, which now is happening outside the exchanges and involves large premiums.

By offering large discounts on prices for energy and other commodities purchased with gold, Maguire says, Russia is absorbing so much physical gold that the official London market is effectively restricting daily sales of real metal to just a few tonnes.

Maguire’s interview is 33 minutes long and can be viewed at YouTube here:

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

end

When buying gold and silver, consider the dealers who support GATA

Submitted by admin on Sun, 2022-05-08 21:51Section: Daily Dispatches

9:52p ET Sunday, May 8, 2022

Dear Friend of GATA and Gold:

Being the only forms of money without counterparty risk, at least when held directly by their owners, gold and silver are often seen as the foundation of a sound investment portfolio. 

This principle was put into graphic format by the U.S. economist John Exter, who served as the Federal Reserve Bank of New York’s vice president in charge of international banking and precious metals operations, as well as a member of the Federal Reserve’s Board of Governors, long before suppressing the gold price became the Fed’s primary objective.

In Exter’s inverted pyramid of financial asset risk, gold is the ultimate asset, with all other assets posing greater risk to their owners:

But you can do more than protect yourself when you buy gold and the other monetary metal, silver. You can also help GATA fight the price suppression we long have been exposing, documenting, and sometimes litigating against:

https://gata.org/node/20925

That is you can buy metal from dealers who support GATA and have been recommended by our supporters over the years.

A list of those dealers is included with every GATA Dispatch and is posted at GATA’s internet site here:

https://gata.org/node/173

So please give them a chance to meet your investment needs.

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

end

4.OTHER GOLD/SILVER COMMENTARIES

Andrew M’s new video from yesterday

Inbox

Chris PowellSat, May 7, 4:42 PM (2 days ago)
to me

—–

CHRIS POWELL, Secretary/Treasurer

Gold Anti-Trust Action Committee Inc.

7 Villa Louisa Road

Manchester, Connecticut 06043-7541

USA

Office: 860-646-7383

Mobile: 860-305-4013

Attachments area

Preview YouTube video Ep 72: Live From the Vault – LBMA Price ‘Fix’ Rocks the Gold Market

Ep 72: Live From the Vault – LBMA Price ‘Fix’ Rocks the Gold Market

end

5.OTHER COMMODITIES //DIESEL

Diesel price is skyrocketing price

(FreightWaves)

The World Is “Crying Out For Diesel”; Product Tankers Could Win Big

SUNDAY, MAY 08, 2022 – 05:30 PM

By Greg Miller of Freight Waves,

Retail gasoline prices in the U.S. are up 45% year on year. Diesel used by American truckers is up 75% and just hit an all-time high. But this is not just an American problem. Pain at the pump is global. And so-called product tankers — ships designed to transport cargoes such as diesel, gasoline and jet fuel — are in prime position to profit.

Fuel flows globally to where it earns the highest return. Case in point: As U.S. diesel prices have skyrocketed, American exports of diesel have surged, because demand in other countries is higher.

U.S distillate fuel exports hit 1.74 million barrels per day (b/d) in early April, nearing record levels, according to preliminary data from the Energy Information Administration (EIA). Total U.S. exports of all refined products in April rose 28% year on year.

‘Outright panic buying of diesel’

“There has been outright panic-buying of diesel,” said Anthony Gurnee, CEO of product-tanker owner Ardmore Shipping, during a conference call on Wednesday.

Ardmore specializes in MR tankers, a vessel class with capacity ranging from 25,000-54,999 deadweight tons (DWT). Clarksons Platou Securities said that modern-built MRs were earning $49,800 per day in the spot market as of Friday. That’s more than quadruple the average rate for full-year 2021. Clarksons puts the breakeven rate for such vessels at $18,000 per day.

“The world is really crying out for diesel and that’s causing refinery margins to spike,” said Lois Zabrocky, CEO of International Seaways, during a conference call on Wednesday.

INSW’s product tanker fleet primarily consists of MRs and LR1s (55,000-79,999 DWT). Modern LR1s are earning $50,400 per day in the spot market, according to Clarksons, which puts the breakeven rate for such ships at $19,000 per day. Current LR1 rates are almost quadruple their full-year 2021 average.

Larger LR2s (80,000-119,00 DWT) that handle high-volume, long-haul runs are showing even steeper gains. Rates for modern LR2s jumped 21% on Friday to $58,600 per day, said Clarksons.

War exacerbates diesel shortages

The worldwide diesel market is “extremely tight” and the Russia-Ukraine war “has exacerbated the global diesel shortage,” said James Doyle, head of corporate development at Scorpio Tankers, during a conference call on April 28.

Before the invasion, he said, Russia exported about 1 million b/d of diesel to Europe. That volume has plummeted. “But the diesel shortage in Europe is not new,” he added. “And the shortage extends beyond Europe to Latin America and Africa, which have similar diesel deficits.

“For our MRs, the highest rate increases were for our vessels going from the U.S. Gulf to Latin America, which has less to do with Russia and Ukraine and more to do with increasing demand,” Doyle pointed out.

“We expect the market to tighten further with increased competition for distillate molecules as jet fuel demand returns. This is also having an impact on gasoline. With refineries running in max distillate mode, we are not building significant gasoline inventories ahead of peak driving season. As demand grows and inventories remain low, product tankers will need to be the conduit for filling the global supply-demand imbalance.”

Commodity specialist Argus made the same point on gasoline. “The lack of spare capacity is causing alarm heading into the peak summer driving season,” Argus warned on Thursday. “The situation is compounded by even higher middle-distillate margins, which have boosted supply of diesel over gasoline.”

Inventories drawn through COVID era

Usually, rates for tankers that carry crude oil and rates for tankers that carry petroleum products trend roughly in tandem. And if one outperforms the other, it’s usually crude. This year, product tankers are dramatically outperforming crude tankers; larger crude tankers are still below breakeven

Both crude and product tankers saw rates collapse during the COVID era. Oil production outstripped demand amid lockdowns. The world’s inventories filled with cheap crude and products bought at the trough.

Ever since, those inventories have been drawn down instead of using tankers to import new supply (because new supply is much more expensive than the petroleum still in storage bought at the trough).

Due to this practice, stockpiles were already historically low months before Russia invaded Ukraine. In November 2021, Alphatanker published a report called “Welcome to the great diesel squeeze,” which warned: “It’s now apparent that global gasoil and diesel markets are tightening at an alarming pace with supply shortfalls now hitting key consumer markets worldwide.”

Then Russia invaded Ukraine. “This event immediately laid bare … the risks of severely depleted inventories,” said Evercore ISI analyst Jon Chappell.

Product tankers vs. crude tankers

Asked why this has boosted product tanker rates so much more than crude tanker rates — given that crude inventories are also historically low — Chappell responded, “Usually the two groups are highly correlated, and usually crude leads and outperforms by measure of magnitude. But we are far from normal times.

“Crude tankers are doing really well in regions directly impacted by Russia’s invasion of Ukraine — the Black Sea, Baltic and the Med — owing to the higher insurance costs and risks of entering those markets. But overall, the crude markets have been balancing new longer trade routes with the inability of OPEC to meet quotas, Russia [being] offline, and China lockdowns. The market is better than it probably should be based on those latter factors, but the low inventories and longer ton-miles [voyage distances] are offsetting some of the macro headwinds.

“Product tankers are benefiting from localized diesel shortages, high refinery margins … and massive trading arbs [arbitrages] that allow traders to pay much higher freight costs and still make a ton on the arb. Inventories are far too low globally and prices will likely remain elevated, forcing more trading in unusual trade lanes, tightening capacity and lifting that market well before and well above crude.

“Eventually crude tankers will catch up, I think, if supply of crude can meet higher refinery demand. But right now, it’s a unique product story. And talking with my oil analyst, it’s hard to see how these diesel shortages ease or the strong tanker markets end,” said Chappell.

Earnings recap

Among the universe of listed shipowners, Clarksons Platou Securities said that “product tankers are sailing up as the winning sector year to date.” Rates are surging on “exploding refining margins,” said Clarksons. It maintained that “the products sector looks primed to gain further.”

Through Thursday’s close, the stocks of Scorpio Tankers and Ardmore Shipping were up 106% and 114% year to date, respectively. Shares of International Seaways — which owns both crude and product tankers — were up 50% year to date.

Listed product tanker owners have just reported more losses for the first quarter. The rate upswing won’t be fully felt until the current quarter.

Ardmore Shipping reported a net loss of $7 million for Q1 2022 versus a net loss of $8.5 million in Q1 2021. The adjusted loss of 4 cents per share beat consensus expectations for a loss of 8 cents.

Ardmore has 50% of its Q2 2022 available MR spot days booked at $25,500 per day. That compares to rates of $16,513 per day in Q1 2022.

International Seaways reported a net loss of $13 million for Q1 2022 compared to a net loss of $13.4 million in the same period last year. The adjusted loss of 29 cents per share was slightly better than Wall Street expectations for a loss of 30 cents.

The company has 41% of its available Q2 2022 MR spot days booked at an average of $24,500 per day. That compares to $14,030 per day in the first quarter.

Scorpio Tankers reported a net loss of $84.4 million for Q1 2022 compared to a net loss of $62.4 million in Q1 2021. The adjusted loss per share of 27 cents came in much better than the consensus forecast for a loss of 58 cents.

Scorpio has 42% of its available Q2 2022 spot MR days booked at $30,000 per day. Its MR fleet earned an average of $16,305 per day in the first quarter.

END.

end

COMMODITIES IN GENERAL//

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.7281

OFFSHORE YUAN: 6.7699

HANG SANG CLOSED 

2. Nikkei closed DOWN 684.22 OR 2.53%

3. Europe stocks  ALL CLOSED  ALL RED

USA dollar INDEX  UP TO  103.84/Euro RISES TO 1.0539

3b Japan 10 YR bond yield: RISES TO. +.243/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 131.09/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN:   DOWN -SHORE CLOSED DOWN//  OFF- SHORE  DOWN

3f 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.

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +1.175%/Italian 10 Yr bond yield RISES to 3.22% /SPAIN 10 YR BOND YIELD RISES TO 2.29%…

3i Greek 10 year bond yield RISES TO 3.66

3j Gold at $1860.00 silver at: 21.75  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN  0      roubles/dollar; ROUBLE AT 69.24

3m oil into the 107 dollar handle for WTI and  109 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 131.09 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 .9924– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0460well 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.

USA 10 YR BOND YIELD: 3.175 UP 5 BASIS PTS

USA 30 YR BOND YIELD: 3.284 UP 6 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 15.03

Bloodbath: Futures, Yuan Tumble as 10Y Yields Soar On Global Stagflation Fears

MONDAY, MAY 09, 2022 – 07:50 AM

It’s a bloodbath.

With Bank of America conveniently reminding us over the weekend that markets never bottom on a Friday, and that Mondays tend to be the worst day of the week for markets…

… that’s exactly what is playing out today as risk assets are puking across the globe, with S&P 500 futures crashing, the Chinese yuan tumbling amid a growing slowdown in China, and the US 10-year Treasury yield climbing as high as 3.2% as risk parity funds are getting monkeyhammered… again.

A slide in US stock futures set up Wall Street’s main indexes to extend weeks of declines on concerns of a recession amid monetary tightening and surging inflation. Contracts on the S&P 500 fell 2.1% as of 7:15 a.m. in New York, trading at session lows, as the MSCI gauge of world stocks extended its retreat from a November peak to 16% as a wave of risk aversion continues to sweep through global markets after Friday’s U.S. jobs data left little room for a change of course in the Fed’s rate-increase and quantitative-tightening plans. Sentiment took a further knock over the weekend as Chinese Premier Li Keqiang warned the nation’s employment situation had turned grave because of Covid restrictions. The greenback extended a two-year high, rising on Monday against all of its major peers. Oil declined more than 2.5% as concern over slowing demand in Asia outweighed a Group-of-Seven pledge to ban Russian oil. Most Treasuries fell, with the five-year rate briefly jumping to the highest since 2008.

Nasdaq 100 futures slipped 2.5%, putting the tech-heavy index on course to extend its six-week streak of declines, with major tech stocks again down in premarket trading after Apple and Amazon.com closed lower for six straight weeks as the Federal Reserve tightens policies to fight inflation amid a spate of disappointing earnings and weak forecasts. The tech sector also remains pressured by rising bond yields and concerns over an economic slowdown. Apple fell as much as 2.6% premarket, after closing down to record its longest declining streak since November 2018. Amazon was 2.7% lower premarket, after closing at its lowest level in more than 2 years. Microsoft -2.5%, Alphabet -2.7%, Meta Platforms -2.6%, Netflix -2.5% and Nvidia -3% premarket.

  • In other notable premarket moves, Rivian Automotive tumbled as much as 9.6% after a media report that Ford was selling 8 million shares in the electric-pickup maker at a discount.

  • Cryptocurrency-exposed shares decline as Bitcoin is falling toward levels last seen in July 2021, part of a wider retreat in digital tokens. Riot Blockchain (RIOT US) -6.1%, Marathon Digital (MARA US) -6.3%, MicroStrategy (MSTR US) -4.8%.
  • Uber (UBER US) shares down 4% in U.S. premarket trading as CEO Dara Khosrowshahi says company has made progress in terms of profitability but the goal posts have changed and now it’s about free cash flow and getting there fast, CNBC reports, citing an email to staff on May 8.
  • Faraday Future (FFIE US) shares rose 9.3% in premarket trading on Monday after the Special Committee completed its previously announced review.
  • Rivian (RIVN US) falls as much as 9.6% in U.S. premarket trading as a post-IPO lockup on the stock expires, while CNBC reported Ford and another investor are looking to sell shares in the electric-pickup maker at a discount..
  • Prestige Consumer Healthcare (PBH US) upgraded to outperform from perform at Oppenheimer, which says the over-the- counter medications maker looks attractively valued after a recent pullback in its shares and .
  • Zanite (ZNTE US) shares climb 13% in U.S. premarket after its shareholders approved the business combination with Embraer’s urban air mobility subsidiary.
  • Southwest Gas (SWX US) shares could be active management after activist investor Carl Icahn reached a deal with the utility owner at the weekend to oust its CEO and name up to four directors to its board.

The S&P 500 capped its fifth week of declines on Friday, its longest losing streak since June 2011, as initial optimism following the Federal Reserve’s meeting faded. Growth-linked and technology stocks continue to be under pressure with the yield on U.S. five-year Treasury notes hitting the highest level since September 2008 as investors fear higher yields will threaten future earnings growth.

Not helping matters is the continued surge in benchmark 10Y yields which rose to 3.20% this morning and are just a few basis points away from taking out their November 2018 highs of 3.24%.

The Nasdaq 100 Index is down 22% this year, one of the worst performers among global gauges, despite a brief relief rally last week as Fed Chair Jerome Powell quelled fears of a 75-basis point rate hike.

“Lots of Fed watchers, both professional and amateur, have opined that Powell is delusional because the only way to bring inflation down is to cause a recession,” Ed Yardeni, president of Yardeni Research Inc., wrote in a note. “Of course, this crowd remains very bearish on both bonds and stocks.”

Strict lockdowns in China to curb the coronavirus have also been weighing on investor appetite. Chinese Premier Li Keqiang warned over the weekend of a “complicated and grave” employment situation as Beijing and Shanghai tightened curbs in the country’s most important cities. Goldman Sachs Group Inc. strategists, including David Kostin, said the outlook for U.S. stocks isn’t particularly bright, even if an outright recession is avoided.

The short-term outlook for stocks “is still messy and there may be more downside as markets worry about a significant economic slowdown or ‘hard landing’ and aggressive interest-rate hikes,” Diana Mousina, senior economist at AMP Investments, wrote in a note.

In Europe, the Stoxx 600 fell 2.1% with with miners, travel and real estate the worst-performing sectors. 524 Stoxx 600 members were down, and just 59 up. Here are some of the biggest European movers today:

  • BBVA shares rise as much as 2.3% as Deutsche Bank upgrades the stock to buy from hold, noting that the Spanish lender’s performance remains robust in most units.
  • EuroAPI gains as much as 7.5% as JPMorgan initiates coverage with an overweight rating, calling the Sanofi spinoff  a “transformation story with significant upside”
  • Ideagen surges as much as 47% after the software company agrees to be acquired by funds managed by Hg Pooled Management for 350p/share in cash.
  • NCC Group shares rise as much as 1.6% to outperform a falling tech sector after the company says sales in 2H will be substantially higher than 1H.
  • Solutions 30 shares rise as much as 4.1% after BNP Paribas Exane resumes coverage with an outperform rating, citing new profitable growth cycle and a potential buyout.
  • Miners’ shares underperform the broader equity gauge in Europe as iron ore and copper decline after weak Chinese property data and a jobs warning from Premier Li Keqiang.
  • Rio Tinto falls as much as 4.5%, Anglo American -4.2%, Glencore -5.4%, ArcelorMittal -5%, SSAB -6%
  • Crypto-exposed shares decline as Bitcoin falls toward levels last seen in July 2021, part of a wider retreat in digital tokens
  • Argo Blockchain -12%, Safello -6.8%, Northern Data -9.4% and On-Line Blockchain -10%
  • Grifols falls as much as 9%, giving back all of Friday’s gains that were fueled by 1Q earnings from the Spanish maker of pharmaceutical products.
  • Rightmove drops as much as 7.2% after the company said its chief executive officer Peter Brooks-Johnson will step down in 2023.

In the latest Russia-related developments, the G7 most-industrialized countries pledged to ban the import of Russian oil. The European Union is working on a similar plan but Hungary remains a holdout and the bloc’s talks are set to continue.

Earlier in the session, Asian stocks headed for a sixth day of declines as investors shunned risk assets fretting over the economic fallout from China’s lockdowns, rising global inflation and higher U.S. interest rates. The MSCI Asia Pacific Index slid as much as 1.8% in a broad rout that saw all major country benchmarks in the red, led by Indonesia. Materials and industrials were the worst-performing index groups, while tech names like TSMC and Sony were among the biggest drags in terms of individual stocks. A stronger dollar added to woes for Asian investors, who have already seen rising input costs and supply chain disruptions eating into company profits. The MSCI Asia gauge is down more than 17% this year and at its lowest levels since July 2020. Traders are keenly awaiting the U.S. consumer inflation data due Wednesday, given its implications for the Federal Reserve’s policy. “We are not getting any reprieve” as markets are possibly pricing peak Fed hawkishness and uncertainty from China’s lockdowns and the Russia-Ukraine war, Stefanie Holtze-Jen, Asia-Pacific chief investment officer at Deutsche Bank International Private Bank. told Bloomberg Television. Indonesia’s equity benchmark plunged 4.4% as the market reopened after a week-long holiday. Japan’s Nikkei 225 lost more than 2.5% as Prime Minister Fumio Kishida joined other G-7 leaders to impose a ban on crude over the Kremlin’s invasion of Ukraine. Chinese stocks edged lower — though faring better than the Asian benchmark index — after Premier Li Keqiang warned of a grave employment situation over the weekend amid shutdowns in Beijing and Shanghai. Hong Kong was closed for a holiday, as was the Philippines where a presidential election is under way.

In rates, the Treasuries curve continued to aggressively steepen with front-end yields richer on the day while long-end cheapens by up to 7bp and global stocks falling after Chinese Premier Li’s jobs warning. Treasuries curve steeper with 2s10s, 5s30s spreads wider by ~10bp and ~6bp on the day; on outright basis 2-year yields are richer by 4bp while 10s are at 3.18%, cheaper by 5.5bp but outperforming gilts ~by 2.5bp U.S. session has few scheduled events, although this week’s Treasury auctions and expected busy issuance slate could keep yields moving higher. Dollar issuance slate empty; some desks are expecting a busy week with as much as $40b in new deals coming if market conditions allow. Three-month dollar Libor -0.33bp at 1.39857%.

In FX, the big mover was the China yuan, whose selloff accelerated after breaking 6.7 per dollar for the first time since 2020, as Chinese exports grew at their slowest pace in nearly two years and amid the absence of support from state banks. The USDCNY rose as much as 1% to 6.7321, the highest since November 2020; USD/CNH jumps 0.9% to 6.7763.

Export growth in April slowed to 3.9% in dollar terms from a year earlier, compared to an increase in March of 14.7%. That’s the weakest pace since June 2020 but faster than the median estimate of a 2.7% gain in a Bloomberg survey of economists
Despite demand from some exporters, it was not enough to stop yuan from weakening, according to three traders who requested anonymity discussing confidential matters. The lack of notable dollar selling from state-owned banks also weighs on sentiment, they added.

Elsewhere in FX, Australia’s currency fell below 70 U.S. cents for the first time since January, and India’s rupee hit a record low against the dollar, with the central bank said to be intervening to defend the currency. The dollar rose against all of its Group-of-10 peers, with the Bloomberg Dollar Spot Index trading at its highest level in two years. China’s export growth in April in dollar terms slowed to 3.9% from a year earlier, compared to an increase in March of 14.7%, customs data showed Monday. That’s the weakest pace since June 2020 but faster than the median estimate of a 2.7% gain in a Bloomberg survey of economists. The Japanese yen fell to a fresh 20-year low against the dollar; USD/JPY rose as much as 0.6% to 131.35.

Bitcoin came under noted pressure over the weekend and has continued to decline during the European session, dropping to a low just above the USD 33k mark.

In commodities, oil fell, surrendering half of last week’s gains. Crude is being buffeted by the demand hit from China’s outbreak and supply risks linked to Russia’s war in Ukraine. WTI trades within Friday’s range, falling 1.1% to around $108. Spot gold falls roughly $18 to trade above $1,865/oz. Most base metals are in the red with much of the complex down over 2% on LME.

Looking at today’s calendar we get US March wholesale trade sales. Simon property group, BioNTech, Infineon, Palantir, AMC are among the companies reporting earnings.

Market Snapshot

  • S&P 500 futures down 1.4% to 4,061.75
  • MXAP down 1.7% to 161.32
  • MXAPJ down 1.4% to 529.60
  • Nikkei down 2.5% to 26,319.34
  • Topix down 2.0% to 1,878.39
  • Hang Seng Index down 3.8% to 20,001.96
  • Shanghai Composite little changed at 3,004.14
  • Sensex down 0.8% to 54,395.62
  • Australia S&P/ASX 200 down 1.2% to 7,120.65
  • Kospi down 1.3% to 2,610.81
  • STOXX Europe 600 down 1.3% to 424.33
  • German 10Y yield little changed at 1.14%
  • Euro down 0.4% to $1.0512
  • Brent Futures down 0.8% to $111.50/bbl
  • Gold spot down 0.8% to $1,869.61
  • U.S. Dollar Index up 0.35% to 104.03

Top Overnight News from Bloomberg

  • Russian President Vladimir Putin justified his faltering 10-week- old invasion of Ukraine as a battle comparable to the fight against Nazi Germany
  • Leaders of the Group of Seven most industrialized countries pledged to ban the import of Russian oil in response to President Vladimir Putin’s war in Ukraine
  • Hungary continued to block a European Union proposal that would ban Russian oil imports, holding up the bloc’s entire package of sanctions meant to target President Vladimir Putin over his war in Ukraine, according to people familiar with the talks
  • Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns in China weigh on demand, countering uncertainty around Russia’s supplies as the Ukraine war drags on
  • Chinese Premier Li Keqiang warned of a “complicated and grave” employment situation as Beijing and Shanghai tightened curbs on residents in a bid to contain Covid outbreaks in the country’s most important cities
  • Bill Gates said interest rates are likely to rise enough to cause a global economic slowdown, triggered by Russia’s invasion of Ukraine and fallout from the Covid-19 pandemic
  • The European Central Bank should start raising borrowing costs in July to prevent inflation expectations becoming de- anchored, said Governing Council member Olli Rehn.

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks declined amid recent upside in yields and as participants digested a slowdown in Chinese trade data. ASX 200 was dragged lower amid underperformance in the real estate and tech sectors. Nikkei 225 underperformed with a weaker currency and higher than expected wages doing little to offset the losses. Shanghai Comp was indecisive with initial pressure seen after reports of tighter COVID controls in China’s two largest cities and as Hong Kong remained closed for holiday, while the latest Chinese trade data was mostly better than expected but showed a significant slowdown in Exports amid the ongoing COVID-19 woes and curbs.

Top Asian News

  • China’s Imports From Russia Hit Record on Energy Price Rises
  • BP to Buy Stake in $36 Billion Hydrogen Hub, Australian Says
  • Miners Fall With Iron Ore and Metals on China Property Fears
  • Thailand Sees Foreign Arrivals Jumping to 1m a Month

European bourses are lower across the board, Euro Stoxx 50 -1.4%, in a continuation of the APAC handover amid multiple fundamental narratives. Stateside, US futures are similarly hindered, ES -1.7%, with the NQ marginally lagging given yield upside; Fed speak remains in focus and inflation metrics are due for the region and China later in the week. European sectors feature Tech underperforming given yields and following Infineon earnings in-spite of them raising guidance again, defensive names are the relative outperformers.

Top European News

  • European Gas Drops as Russia Tries to Calm Clients Over Payments
  • BBVA Gains as Deutsche Bank Upgrades on Robust Performance
  • Siemens Breakup Would Reap $60 Billion in Value: Bernstein
  • Cost of Default Hedges in Europe Tops Level Last Seen in 2020

FX

  • Buck continues bull run on combination of risk, further upside in Treasury yields and curve steepening plus other positive factors. DXY extends beyond 104.000 to test or take out multiple technical, key and psychological levels.
  • Aussie and Kiwi underperform as high beta and commodity currencies, AUD/USD probes 0.7000 and NZD/USD hovers around 0.6350.
  • Franc and Yen suffering more adverse consequences of carry; USD/CHF approached 0.9950 and USD/JPY climbs to new YTD high of circa. 131.35.
  • Pound politically challenged after UK local elections and Sinn Fein success at Northern Ireland assembly, Cable under 1.2300 and closer to June 2020 base at 1.2252.
  • Euro soft awaiting further talks on Russian oil embargo and following worse than forecast Eurozone Sentix index, EUR/USD in low 1.0500 area and briefly under.
  • Loonie undermined by pullback in crude ahead of Canadian building permits, USD/CAD hits 1.2950 before paring back a bit.
  • Yuan slides after mixed Chinese trade data and tighter COVID restrictions in two largest cities, USD/CNY settles above 6.7200 and USD/CNH over chart resistance towards 6.7800.

Fixed income

  • Bonds whippy and multi-directional with Bunds holding above par within 151.37-150.75 range, but Gilts and 10 year T-note mostly softer between 117.64-14 and 117-27/11 parameters.
  • BTPs also weak awaiting mid-month Italian auction details.
  • UST curve steeper before Quarterly Refunding and CPI data.
  • UK debt eyeing a speech from one hawkish BoE dissenter as Saunders is scheduled later.

Commodities

  • WTI and Brent are pressured amid broader risk sentiment though Russian President Putin’s Victory Day speech was relatively uneventful.
  • Currently, the benchmarks are lower by around USD 2.00/bbl; familiar catalysts incl. China-COVID, EU Russian oil import embargo, remain in focus among other drivers.
  • Saudi Arabia lowered June Arab light oil prices to Asia to a premium of USD 4.40/bbl vs Oman/Dubai from a premium of USD 9.35/bbl, while it lowered the price to Europe to a premium of USD 2.10/bbl vs ICE brent from a premium of USD 4.60/bbl and kept the price premium to the US at USD 5.65/bbl vs ASCI, according to Reuters.
  • Saudi Energy Minister says the difference between crude prices and fuel mobility prices is around 60% due to refining capacity, via Reuters.
  • Russian Deputy PM Novak says Russian oil output was up in early May vs April; situation with Russian oil has stabilised, via Ria; considering expanding capacity of oil-exporting ports.
  • Spot gold is hindered amid USD and yield dynamics, moving further away from the 100DMA

DB’s Jim Reid concludes the overnight wrap

Last week was another tough one for risk parity or 60/40 type strategies as equities and bonds fell around the world. The S&P 500 was actually one of the outperformers and ‘only’ fell -0.21% but this still made it the fifth successive weekly decline – the worse run since 2011. Meanwhile 10yr US yields were up +19.9bps, most of it after the Fed. The relatively small move in US equities masked huge volatility though and losses in both assets intensified as the dust settled after the “dovish” Fed where they effectively ruled out 75bps hikes in the foreseeable future. I spent some time over the weekend (whilst twiddling my thumbs at a 5 year old’s birthday party) trying to work out whether markets would have been calmer or even worse had the Fed kept 75bps firmly on the table. How did I conclude this epic debate with myself? Well I ended up having no idea. Sticking to 50bps increments over the next couple of meetings provides a level of perceived control and shows no panic whilst 75bps suggests a level of panic but if inflation is as sticky as we expect it to be, it might ultimately be the best thing to do medium term. Regardless of this debate, it’s fairly obvious that the “Fed Put” is going to be difficult to rely on for this cycle.

We won’t have to wait too long for the next blockbuster event to help shape the debate as US CPI on Wednesday takes center stage this week with PPI the following day. There are lots of Fed speakers too to put some nuance to last week’s FOMC announcement. Outside of this geopolitics will be key. Today marks the annual “Victory Day” in Russia where there will be a parade and a speech from Putin. It’s anyone’s guess what tone the President will take in this landmark speech but it could shape the next phase of the war. Staying with geopolitics, Finland may decide whether to apply for NATO membership this week and Sweden is due to publish its security policy assessment before Friday.

We will also get a pulse check on economic sentiment in May from the ZEW survey for the Eurozone and Germany (tomorrow) and, for the US, the University of Michigan survey on Friday. China inflation data on Wednesday will be interesting. In an otherwise quiet week for economic data, the UK will be an exception with a data-packed Thursday. It will be a slow week for corporate earnings too now as the bulk of US/European companies have reported and we will instead focus on Japan’s corporate giants. As well as Fed speakers there are a number of ECB equivalents, with all comments pertaining to a possible July hike watched out for.

In terms of US CPI midweek, DB’s US economists are expecting a +7.9% reading, down from the four-decade-high 8.5% print in March, not least due to base effects. From here it should all be about the pace of the declines as things like the extreme YoY prices in used cars roll out of the data. However on the other side it is important to see how prolonged the rise in rents are. Remember that rents make up a third of the CPI basket and 40% of core. Used cars only make up a few percentage points. A reminder that the day by day calendar of events is at the end as usual.

Just a few words on earnings with around 90% and 75% having reported in the US and Europe. According to our equity strategist Binky Chadha (report link here), the season has been pretty strong, especially in Europe which benefits from a better sector mix (eg Energy and Materials concentration and limited Tech which held the US back). One consistent theme in both regions is that margins remained strong suggesting that firms are for now still able to pass on inflationary pressures. On the macro front this makes it harder for the rate of inflation to fall sharply as price rises are being embedded into the economies for now. It won’t last forever as excess savings/liquidity will be run down but seems to be holding for now.

Asian stock markets opened sharply lower this morning following the broadly negative cues from Wall Street on Friday along with the ongoing impact of China’s Covid lockdown policies. The Nikkei (-2.08%) is leading losses across the region with the Kospi (-0.96%) also trading in negative territory. Mainland Chinese stocks are showing a mixed performance with the Shanghai Composite (+0.08%) marginally higher while the CSI (-0.65%) is moving lower after the release of China’s trade data. China’s exports grew +3.9% y/y in April, exceeding market estimates of a +2.7% increase but slowing from a +14.7% growth recorded in the preceding month. Meanwhile, the nation’s trade surplus increased less than expected to +$51.12bn in April (v/s +$53.45bn Bloomberg estimates). It followed a surplus of +$47.38bn in March. Elsewhere, markets in Hong Kong are closed today for a holiday. Outside of Asia, equity futures in the US point to further losses with contracts on the S&P 500 (-0.97%) and NASDAQ 100 (-0.79%) in the red. 10-yr USTs are around +1bps higher at 3.136% as I type with the 2s10s +2bps higher and above +40bps again.

In other economic news, real wages in Japan shrank -0.2% y/y in March, its first decline since December but compared to market estimates of a -0.6% drop. Meanwhile, the nominal cash earnings increased +1.2% y/y in March as against the same rate in February and compared to market expectations of a +0.9% gain.

Overnight, G7 nations committed to ban or phase out imports of Russian oil with the US unveiling sanctions against Gazprombank executives and other businesses as part of a new package of sanctions designed to further punish Moscow for its war in Ukraine.

A quick rewind to last week now. A few major central bank decisions injected yet more cross-asset volatility into markets. First, the Fed hiked rates by +50bps for the first time in two decades, announced the beginning of its balance sheet rundown, and seemingly ruled out hikes of larger magnitude in the near-term. Then, the BoE hiked Bank Rate by +25bps, coupled with 3 dissenting opinions who favoured a larger hike, and 2 members who wanted to signal no more hikes were forthcoming. They’re also starting to consider gilt sales, and released a forecast that show UK growth tipping negative next year. Adding the to mix, the RBA hiked their policy benchmark +25bps as well.

All told, 10yr Treasuries gained +17.9bps (+2.1bps Friday) concentrated all in real yields which climbed +27.7bps (+5.3bps) as the market appeared to start coming around to our view that the Fed has much more tightening to do. 10yr bunds were +17.3bps (+6.4bps Friday) higher, while Gilts picked up +6.5bps (+0.7bps Friday). Italian spreads widened all week to bunds, with 10yr BTPs increasing +36.2bps (+9.7bps Friday), to reach a spread of 200bps over bunds, their widest since June 2020. Money markets closed the week pricing year-end policy rates of 2.83% for the Fed, 0.33% for the ECB, and 2.16% for the UK. That marked a decline in the UK, so the 2s10s gilts curve climbed +14.7bps (+4.5bps Friday). Not to be outdone, the 2s10s Treasury curve also steepened with the aggressive back end sell off, climbing +17.7bps (+3.2bps Friday).

The S&P 500 managed its fifth weekly loss in a row for the first time since 2011, falling -0.21% (-0.57% Friday), after a particularly wild ride following the FOMC. Tech and mega cap shares fared even worse given the selloff in duration, with the Nasdaq falling -1.54% (-1.40% Friday) and the FANG+ down -2.21% (-2.02% Friday). The Vix closed the week above 30 at 30.19 given the renewed volatility. European shares fared worse (partly catch up to a weak US close the previous week), as the Stoxx 600 fell -4.55% over the week (-1.91% Friday), with the DAX moving -2.73% (-1.36% Friday) lower, and the CAC falling -4.06% (-1.57% Friday).

EU President Von der Leyen’s proposed gradual ban of Russian oil imports drove brent futures +3.55% higher over the week (+1.34% Friday) to $112.39/bbl. This morning, oil prices maintained their upward trajectory with Brent futures +0.16% higher as I go to press.

Finally, on data Friday, the American economy added +428k jobs to nonfarm payrolls in April, a little ahead of consensus forecasts, while the unemployment rate remained stable at +3.6%. Average hourly earnings decelerated slightly to +0.3% on a month-over-month basis.

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED UP 2.58 PTS OR 0.09%   //Hang Sang CLOSED    /The Nikkei closed DOWN 684.22 OR 2.53%          //Australia’s all ordinaires CLOSED DOWN 1.47%   /Chinese yuan (ONSHORE) closed DOWN 6,7281    /Oil DOWN TO 07.26 dollars per barrel for WTI and UP TO 109.82 for Brent. Stocks in Europe OPENED  ALL RED       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7281 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7699: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

END

3B  JAPAN

3c CHINA

COVID/SHANGHAI/LOCKDOWNS

What is going on in Shanghai? 

(zerohedge)

Shanghai Tightens COVID Lockdown Despite Decline In Cases

MONDAY, MAY 09, 2022 – 10:00 AM

Following President Xi’s promise last week that the CCP would double down on its stringent lockdown policies, while also pledging to stamp out any dissent by locals who have grown frustrated with the government’s insistence on enforcing its lockdown policies no matter how many people die of non-COVID illnesses, or how many suffer from shortages of food, medicine and other necessities in an economy where even disposable diapers are considered a frivolous luxury.

Now, just as Shanghai was hoping that lockdown measures would be eased as the number of new cases has fallen sharply, authorities have decided to instead tighten those measures.

According to the AP, notices issued in several districts said residents were ordered to stay home and have been barred from receiving nonessential deliveries as part of a “quiet period” lasting at least until Wednesday. The tightened measures could be extended depending on the results of mass testing, the notices said.

“Thank you for your understanding and cooperation. Together we can lift the lockdown at an early date,” said one notice issued in the city’s Huangpu district that was later shared online.

Shanghai on Monday reported 3,947 cases over the prior 24 hours, almost all of them asymptomatic, along with 11 deaths. Authorities have been gradually lifted isolation rules on the city’s 25 million residents, but the new orders appear to be returning to conditions at the early stage of the outbreak.

Two Shanghai residents reached through social media by CNN said they’d had no prior notice of the new restrictions, which could last as long as a week, according to them.

One viral video that has spread widely on Twitter shows Chinese COVID police coming to arrest an individual who claims they were mistakenly targeted for quarantine after somebody else on their floor tested positive.

A couple of particularly troubling quotes from the officer in the video were transcribed courtesy of CNN:

  • “From now on, people who live on the same floor (as Covid cases) must be transported (into quarantine),” a police officer says in the video.
  • “It’s not that you can do whatever you want — unless you’re in America. This is China,” another police officer says sternly, waving a bottle of disinfectant in his hand. “Stop asking me why. There is no why. We have to obey our country’s regulations and epidemic control policies.”

Meanwhile, a video of one local Shanghai resident lecturing police for allegedly blocking a fire escape has also gone viral (notice how the lecturer’s face is conveniently covered for their safety).

Still, many locals are despairing as they worry about where food will come from.

On top of all this, locals are complaining about price inflation as the CCP swears it will get price pressures under control. One market professional in Shanghai’s western Pudong district said quality of life has declined sharply even as prices surge.

Shanghai Tightens COVID Lockdown Despite Decline In Cases

MONDAY, MAY 09, 2022 – 10:00 AM

Following President Xi’s promise last week that the CCP would double down on its stringent lockdown policies, while also pledging to stamp out any dissent by locals who have grown frustrated with the government’s insistence on enforcing its lockdown policies no matter how many people die of non-COVID illnesses, or how many suffer from shortages of food, medicine and other necessities in an economy where even disposable diapers are considered a frivolous luxury.

Now, just as Shanghai was hoping that lockdown measures would be eased as the number of new cases has fallen sharply, authorities have decided to instead tighten those measures.

According to the AP, notices issued in several districts said residents were ordered to stay home and have been barred from receiving nonessential deliveries as part of a “quiet period” lasting at least until Wednesday. The tightened measures could be extended depending on the results of mass testing, the notices said.

“Thank you for your understanding and cooperation. Together we can lift the lockdown at an early date,” said one notice issued in the city’s Huangpu district that was later shared online.

Shanghai on Monday reported 3,947 cases over the prior 24 hours, almost all of them asymptomatic, along with 11 deaths. Authorities have been gradually lifted isolation rules on the city’s 25 million residents, but the new orders appear to be returning to conditions at the early stage of the outbreak.

Two Shanghai residents reached through social media by CNN said they’d had no prior notice of the new restrictions, which could last as long as a week, according to them.

One viral video that has spread widely on Twitter shows Chinese COVID police coming to arrest an individual who claims they were mistakenly targeted for quarantine after somebody else on their floor tested positive.

A couple of particularly troubling quotes from the officer in the video were transcribed courtesy of CNN:

  • “From now on, people who live on the same floor (as Covid cases) must be transported (into quarantine),” a police officer says in the video.
  • “It’s not that you can do whatever you want — unless you’re in America. This is China,” another police officer says sternly, waving a bottle of disinfectant in his hand. “Stop asking me why. There is no why. We have to obey our country’s regulations and epidemic control policies.”

Meanwhile, a video of one local Shanghai resident lecturing police for allegedly blocking a fire escape has also gone viral (notice how the lecturer’s face is conveniently covered for their safety).

Still, many locals are despairing as they worry about where food will come from.

On top of all this, locals are complaining about price inflation as the CCP swears it will get price pressures under control. One market professional in Shanghai’s western Pudong district said quality of life has declined sharply even as prices surge.

CHINA//LOCKDOWNS/APPLE

Just look at what happened inside an Apple China factory!!

((zerohedge)

All Hell Breaks Out At Apple China Factory As Workers Clash With Guards Over Lockdowns

FRIDAY, MAY 06, 2022 – 08:00 PM

Chaos broke out at Apple’s MacBook factory in China after hundreds of employees clashed with authorities and jumped isolation barriers following weeks of intense lockdowns, reported Bloomberg, citing local media sources. 

Radio Free Asia (RFA) China posted a video early Friday morning showing an uprising of hundreds of workers who were angered with the continuous “closed-loop production” (which means they were kept on-site and quarantined to keep production humming) at the MacBook factory in Shanghai, owned by Taiwan’s Quanta Computer Inc. The incident reportedly occurred Thursday evening. 

“[Suspected of dissatisfaction with “closed-loop production” epidemic prevention is too strict] [Quanta’s Shanghai plant was shocked to hear that employees “rioted”] Shanghai Dafeng Electronics, a subsidiary of Shanghai Quanta, which has just partially resumed work, experienced an employee “riot” on the evening of Thursday (5th).

“As seen in the video, hundreds of young employees did not obey the command, jumped over the gate and ran away, and rushed out of the blockade to clash with the guards. It is reported that employees are dissatisfied with the epidemic prevention and control and want to go out to buy civilian materials,” RFA China tweeted. 

Taiwanese media outlet UDN said the riots occurred after Quanta “prevented employees who had returned to work from returning to the dormitory area during off-duty hours, causing employees to panic and worry about returning to a strict state of isolation and control. Therefore, the group rushed into the dormitory area to cause riots, mainly because of dissatisfaction with the strict epidemic control.” 

Quanta is Apple’s top Macbook factory and has conducted closed-loop production at the factory for the last month to keep workers from getting infected. Bloomberg noted that the discontent was resolved Friday morning, and the factory returned to normal operations. In its latest earnings report, Apple warned that supply constraints would cost the company $4 billion to $8 billion in the current quarter. 

Shanghai has enforced a zero-COVID strategy (supported by China’s Politburo) across Shanghai, locking down nearly 25 million people for more than a month. Reuters reports the city’s epidemic prevention and control situation is “improving.” Some companies opted for closed-loop production to keep factories open. This helped restart 70% of production in the manufacturing hub, while 90% of 660 top industrial companies have resumed output.

“But it’s unclear how long the closed loops can be sustained, given the resources required to feed and house thousands of workers at a time. The system also requires that workers avoid contact with anyone outside the loop, including family members,” Bloomberg explained. 

The situation at Quanta on Thursday night shows workers are getting frustrated with strict controls and could lead to more uprisings at other factories

END

CHINA//

For sure:  China has financial nuclear bombs if the West levies Russian style sanctions so warns Beijing

(zerohedge)

China Has ‘Financial Nuclear Bombs’ If West Levies Russia-Style Sanctions, Beijing Warns

FRIDAY, MAY 06, 2022 – 10:00 PM

Multiple analysts at Chinese state-linked think tanks and banks have weighed in on the Biden administration’s recent threats to punish the world’s second-largest economy over China’s refusal to condemn Russia’s war in Ukraine, and amid US charges that it could be helping Moscow evade sanctions, or even quietly resupplying Putin’s military machine (charges which at this point have remained without evidence).

“It is necessary to speed up the construction and external connection of the cross-border yuan clearing system CIPS … [But] the primary choice is to continue to strengthen cooperation with Swift,” Wang Yongli, a former vice-president with the Bank of China and a former board member for Swift, was cited as saying in a fresh South China Morning Post report this week.

However, China is taking note and studying its own preparedness and future options in the wake of the US drastic measure of freezing Russia’s central bank assets overseas. On this, Yongli underscored to the SCMP that “The huge foreign exchange reserves are hard-won, and they are China’s ‘financial nuclear bombs’ with a powerful deterrent effect. It must be used properly rather than arbitrarily, and cannot be easily slashed.”

Officials in Beijing are putting counterparts in Washington on notice – pointing out that “China is no Russia” given China’s immensely larger role in nearly every facet of the global economy. They’ve also said that any potential Taiwan reunification scenario with the mainland would not be like Russia-Ukraine, and yet it’s understood well due to the current crisis and the West’s anti-Russia sanctions constitute a “textbook warning for China”:

“The expansive economic sanctions that US-led Western countries have imposed on Russia can be seen as a textbook warning for China – on how far [the sanctions] can go,” said He Weiwen, former economic and commercial counsellor at the Chinese consulates in New York and San Francisco.

The SCMP report lists a number of short and long-term strategies being mulled in a crisis scenario with the West, predicated on geopolitical factors like a showdown over Taiwan.

For example, “China has been stepping up efforts to diversify its foreign exchange reserve assets in the past two decades, according to data from the State Administration Of Foreign Exchange.” The report recommends, “One countermeasure China can take is to expand its economic and financial opening up to the outside world, and encourage foreign investors to hold more Chinese assets, according to Chinese government advisers.”

Below are some key sections from the analysis outlining various possible scenarios

Unintended Consequences

“China and the US have a stake in each other, so for the US, China is totally different from Russia. The political calculations will inevitably be restrained by economic conditions.”

Lu Xiang, a senior fellow with the Chinese Academy of Social Sciences (CASS), also said that if the same sanctions were levied against China, they would have unintended consequences for the nation or global bloc imposing them.

“The effects of any sanctions are mutual,” Lu said. “We have assets in the US and Europe, and so do they in China.”

“Some US sanctions will inevitably remain in place, and perhaps more will come, but the unfolding of the sanctions will follow its original pace,” according to Shi Yinhong, an international relations professor at Renmin University and an adviser to the State Council, the country’s cabinet.

“A sharp and sudden escalation is quite unlikely,” Shi said.

Playing with Ambiguity

“The United States is now playing with ambiguity,” a Beijing-based foreign diplomat was quoted as saying. “China also wants to know, clearly, under what specific circumstances it would be sanctioned.”

Accordingly, the Chinese government, along with state-owned banks and enterprises that have business relations with Russia, have been adopting a very prudent approach since the war began, according to Professor Shi with Renmin University.

Such a Western attitude [towards Russian aggression] has probably been fully anticipated by China, so to protect Chinese assets, I think so far, China has been acting very cautiously,” Shi said.

Slashing Reserves?

According to the report, “There has been talk inside China of slashing its huge holding of reserves, but experts say this is not feasible, as a sudden change in the volume could have catastrophic consequences in global markets.”

Wang Yongli explained, “…Of course, this does not rule out China increasing its purchase of gold or other strategic materials, or adjusting the currency and country composition of foreign exchange reserves, to further reduce its US dollar reserves, but we avoid this as much as possible to use it as a means of confrontation with the US.”

Read the rest of the SCMP report here.

END

I guess this is what you would expect if you shut down two major cities

(zerohedge)

Chinese Yuan Plummets As Exports Slide, Premier Warns Of “Complicated And Grave” Jobs Situation

MONDAY, MAY 09, 2022 – 02:46 PM

More than a month ago, we wrote why with the yen at risk of an “Explosive” downward spiral – which has since been confirmed – we explained why China may soon devalue the yuan, and a few weeks later when this latest prediction was again promptly confirmed, we wrote “Whispers Of Yuan Devaluation After Biggest Weekly Plunge Since 2015.”

Fast forward to Monday, when China’s Onshore yuan’s selloff has accelerated to levels which until recently most “experts” FX strategists (with a few exceptions) said were impossible, and after breaking 6.7 per dollar for the first time since 2020 the yuan tumbled as low as 6.7766, as Chinese exports grew at their slowest pace in nearly two years and amid the absence of support from state banks. In the onshore market, the USDCNY rose as much as 1% to 6.7321, the highest since November 2020.

Export growth in April slowed to 3.9% in dollar terms from a year earlier, compared to an increase in March of 14.7%, while imports were flat Y/Y. That’s the weakest pace since June 2020 but faster than the median estimate of a 2.7% gain in a Bloomberg survey of economists.

Despite demand from some exporters, it was not enough to stop yuan from weakening, according to three traders who spoke to Bloomberg; they also added that the lack of notable dollar selling from state-owned banks also weighed on sentiment.

That said, Beijing appears to be a bit unhappy with the latest sprint lower in the yuan, and on Monday the PBOC set the yuan’s reference rate at 6.6899 per dollar, stronger versus the median estimate of 6.6938 in a Bloomberg survey with traders and analysts. This marked the fifth straight session that the yuan fixing was set at stronger-than-expected levels.

“Investors continue to re-appraise the prospects for China’s economy and asset markets,” strategists including Chris Turner at ING Bank wrote in a note. “With industrial metals taking another leg lower, it still seems too early to call the low in the yuan.”

Meanwhile, the CFETS RMB Index, the official index of yuan versus trading partner currencies, fell 0.8% to 102.39 last week, lowest since January 14: “Considering the recent sharp decline in the CFETS RMB Index, China’s central bank is expected to step up efforts to further stabilize market expectations if necessary in the foreseeable future, including verbal guidance, state-owned banks’ dollar selloff and a few consecutive lower-than-expected USD/CNY fixings,” Qi Gao, strategist at Scotiabank, wrote in a note.

Finally, adding to the weakness, over the weekend, China’s outgoing Premier Li Keqiang warned of a “complicated and grave” employment situation as Beijing and Shanghai tightened curbs on residents in a bid to contain Covid outbreaks in the country’s most important cities, sparking renewed fears of a Chinese hard landing, one which is self-induced.

Li instructed all government departments and regions to prioritize measures aimed at helping businesses retain jobs and weather the current difficulties, according to a late Saturday statement, which cited the premier’s comments in a nationwide teleconference on employment.

“Stabilizing employment matters to people’s livelihoods, it is also a key support for the economy to operate within a reasonable range,” Li said, urging businesses to resume production with Covid-fighting measures in place, while reiterating the government’s policy to promote the healthy development of internet platform companies to support employment.

The premier’s warning on employment came after the nation’s surveyed jobless rate climbed to 5.8% in March, the highest since May 2020.

Bloomberg adds that high-frequency indicators tracking jobs suggest a further deterioration in the labor market in April.

The growing Chinese gloom follows last week’s warning by top leaders against attempts to question the country’s Covid Zero strategy as newly released data for April showed the lockdown-dependent approach taking a heavy toll on the economy. The rolling out of even more intense restrictions over the weekend in Shanghai and Beijing adds further to the challenges facing policymakers seeking to shore up growth.

And since it is sticking with Covid Zero, China reported a new 4,384 Covid-19 cases for May 7. Shanghai, which has been under some form of lockdown for weeks, recorded 3,975 new infections, down from 4,000-plus daily infections earlier. Beijing logged 62 new cases as authorities in the capital scramble to contain a wider spread.  Both Shanghai and Beijing increased restrictions on their residents Sunday to achieve the Covid Zero goal, with authorities in the financial hub stepping up efforts to quarantine close contacts of people testing positive for the virus.

People living in the same building of confirmed cases now also risk being transported to designated quarantine facilities, according to local residents and widely circulated social media posts about the subject. Previously, only people living in the same apartment or the same floor of positive cases would likely be considered close contacts and put under central quarantine.

Both Shanghai and Beijing increased restrictions on their residents Sunday to achieve the Covid Zero goal, with authorities in the financial hub stepping up efforts to quarantine close contacts of people testing positive for the virus.

People living in the same building of confirmed cases now also risk being transported to designated quarantine facilities, according to local residents and widely circulated social media posts about the subject. Previously, only people living in the same apartment or the same floor of positive cases would likely be considered close contacts and put under central quarantine.

Top Shanghai officials including party secretary Li Qiang have vowed repeatedly to “win the war” against the outbreak and hit the goal of achieving zero community spread in the city of 25 million residents as soon as possible. Of the nearly 4,000 cases reported for Shanghai Saturday, 11 were still found outside quarantine areas.

In Beijing, authorities on Sunday required all residents in its eastern district of Chaoyang — home to embassies and offices of multinationals including Apple Inc. and Alibaba Group Holding Ltd. — to start working from home. This followed an order to shut down some businesses providing non-essential services such as gyms and movie theaters in the district to minimize infections.

And while China’s economy is set to continue slowing further, its monetary policy diverging from the US for the foreseeable future, the question everyone should be asking – as Albert Edwards first correctly hinted two weeks ago – is how long can US and Chinese policies diverge before something breaks?

4/EUROPEAN AFFAIRS//UK AFFAIRS/EU

SWEDEN/COVID/LOCKDOWNS

Take a look at Sweden’s pandemic deaths: the lowest in all of Europe as avoided strict lockdown

(zerohedge)

Sweden Pandemic Deaths Among Lowest In Europe — All While Avoiding Strict Lockdowns

MONDAY, MAY 09, 2022 – 02:45 AM

Sweden logged one of the lowest Covid-19 death rates in Europe, all while avoiding strict economy-killing lockdowns that led to economic chaos across the world, the Telegraph reports, citing new figures from the World Health Organization.

Sweden, which was criticised in the early stages of the pandemic for resisting a mandatory lockdown, had fewer deaths per capita than much of Europe.

In 2020 and 2021, the country had an average excess death rate of 56 per 100,000 – compared to 109 in the UK, 111 in Spain, 116 in Germany and 133 in Italy. -Telegraph

As the Telegraph delicately notes – “Experts said the difference demonstrated stringent lockdowns alone did not determine success when battling Covid-19.”

So what’s Sweden’s secret?

The Telegraph suggests that things such as lower obesity and better general health played a factor – which is certainly true.

“The lesson from Sweden is to invest in your population’s health and have less inequality,” said Prof Devi Sridhar, the chairman of global public health at the University of Edinburgh.

Meanwhile in the strictly locked-down UK, “there have been too many preventable deaths,” according to Dr Michael Head, a senior research fellow in global health at the University of Southampton. “By the end of the pandemic, it’s likely that the UK will probably end up mid-table on various metrics that measure pandemic performance, such as excess mortality,” he added.

In fact, some 68% of deaths during the pandemic came from just 10 countries, including the United States, Russia and India.

But Colin Angus, a modeller at the University of Sheffield who was not involved in the study, said the WHO’s methodology “looks entirely sensible”, adding that excess death estimates are critical to hold governments to account.

The figures were compiled by a panel made up of international experts who have been working on the data for months, using a combination of national and local information, as well as statistical models, to estimate totals where the data are incomplete. -Telegraph

Of course, we’ve known for a while that enough evidence exists to question the effectiveness of lockdowns.

Peer-Reviewed Study “Did Not Find Evidence” Lockdowns Were Effective In Stopping COVID Spread

Statistician: Lockdowns Don’t Work Because They Force People To Congregate In Fewer Places

Another Study Shows—Yet Again—That Lockdowns Don’t Work

Anti-Lockdown States Performed Better Than New York & California, Think Tank Finds

It Was The Lockdowns, Not The Pandemic That Created The Havoc

Now imagine policymakers ever admitting they were wrong as we suffer through an inflationary hangover.

GERMANY

Germany’s Top Banking Chief Warns Of Bankruptcy Tsunami Amid Stagflation Threats  

MONDAY, MAY 09, 2022 – 04:15 AM

A tsunami of bankruptcies could batter Europe’s largest manufacturing hub as stagflation risks mount due to the conflict in Ukraine and resulting Western sanctions on Russian fossil fuels.

“The energy supply in Germany is at risk, supply chains are breaking down, we have high inflation,” said Commerzbank Chief Executive Officer Manfred Knof, who German newspaper Handelsblatt recently quoted.

The threat of stagflation in Germany is elevated as soaring energy prices increase inflation and wreak havoc on businesses. Germany could experience a downturn if an embargo on Russian fossil fuels, such as natural gas, crude, and coal, is enforced. 

Bundesbank warned in late April that in a “severe crisis scenario, real GDP in the current year would fall by almost 2% compared to 2021,” and the “inflation rate would be significantly higher for a longer period of time” following an embargo. This economic environment is otherwise known as stagflation. 

Last week, EU officials discussed a potential fossil fuels embargo on Russia. The eurozone is searching for alternative suppliers of both crude oil and natgas to wean itself off Russian energy. A ban on Russian coal is scheduled to come into effect in August.

However, replacing one form of fossil fuel dependence with another has caused economic turmoil. It could deliver a devastating shock to German businesses. 

Knof explained that high commodity prices and snarled supply chains have impacted almost a third of Germany’s foreign trade. He warned:

“We shouldn’t delude ourselves: the number of insolvencies in our markets will probably increase and the risk provisions of the banks with it.” 

Confidence in Germany’s economy rapidly diminished as industrial production dropped more than expected in March. For the eurozone, inflation hit a record high of 7.5% for that month. 

An immediate embargo on imports from Russia would generate an economic shock that could quickly unravel Germany’s economy. Stefan Hartung, CEO of German engineering and technology giant Bosch, told CNBC Friday that a “big recession is in the making.” 

It could only be a matter of time before Germany revolts against Brussels’ decision to end Russian fossil fuel shipments to the eurozone because it must save itself from economic demise. 

END

EU/USA/WESTERN BANKS

Western banks are bracing for a $10 billion hit on their balance sheet over the Russian exit

(zerohedge)

Western Banks Brace For $10 Billion Hit Over Russia Exit

SUNDAY, MAY 08, 2022 – 04:55 PM

Western banks are bracing for a $10 billion collective hit as they prepare to shutter operations in Russia over the invasion of Ukraine – a move which mirrors several US lenders last month.

According to the Financial Times, international sanctions have “forced banks to consider turning their backs on a country that some lenders first entered more than a century ago.”

This week a string of European banks set aside billions of euros in provisions ahead of the closure of their Russian operations, following similar moves by US lenders last month. Western banks collectively have $86bn of exposure to Russia — with close to 40,000 staff — and are setting aside more than $10bn in expectation of losses on their ventures, according to Financial Times calculations. -FT

French lender Société Générale, which has operated in Russia for 150 years, has set aside €561mn for the first quarter, and expects to lose €3.1bn ($3.3bn) on the sale of its Rosbank subsidiary – which was founded by billionaire Vladimir Potanin. The bank has 3.1 million retail customers throughout Russia and €18bn ($19.3bn) of total exposure to the country. Around 12,000 people are employed by Rosbank.

Italy’s UniCredit has set aside €1.3bn ($1.37bn), and says that exiting Russia entirely could cost it €5.3bn ($5.6bn). The bank currently has 4,000 workers and 2 million customers in the country, where it has operated for 17 years.

“I’m sure you have noticed the speed of change in terms of . . . waves of sanctions,” said CEO Andrea Orcel.

Other European banks preparing to take a hit are French bank Crédit Agricole, Austria’s Raiffeisen, Swiss lender UBS, and Credit Suisse.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA//UKRAINE

Update

Inbox

Robert Hryniak11:14 AM (0 minutes ago)
to

In reading this you will understand the sheer panic of the Neocons and the WEF crowd as they realize that they have lost. No amount of new weapon systems or shipments will change the reality. The real tragic nature of this is that the Ukrainian populace is ready cannon  fodder while profiteers like Zelensky milk the gains of hegemony wars. And Russia will not give a excuse outside of the Ukraine, for now for vilification. So a false flag event should not be ruled out to deflect blame by this lot. Where common sense lies remains a mystery. 

All this nonsense talk of nuclear attacks is nothing but scare tactics to inflame the public and you can see how trotting out the poster Children of the WEF like Trudeau to support the Ukraine is a desperate attempt at getting public opinion. A visit by Jill Biden is a feeble attempt to show support from a President too feeble to be relied on to be seen in public. This really begs the question of who is in charge if anyone. All this from a thieving lying administration with a expired due date. Even at a everyday street level, people have figured this out and are not being fooled. People from stone masons to special forces get it. 

As for the EU, their days of grandeur are quite limited as they crash into realities by their own hand. Handing off industrial production to Britain and America as large scale industries fall in the face of fuel costs and availabilities that’s cannot be altered in the short term. People do not appreciate that you cannot change fuel to a refinery easily. Much of Europe is dependent on Russian blends as are the chemical industries. It is the chemical industries which will be the 1st to fail with that business going to booth Britain and America leading to a much lower standard of living in countries like Germany. And as this happens the whole of the EU starts to crumble. 

The Biden bunch screwed up Afghanistan royally and now have screwed up the Ukraine leading to a screwed up EU costing 100’s of billions. As mid terms approach one does wonder if an American populace revolts at the ballet box?

 
5/8/22 
WarNews 24/7 
Article writer: Vassilis Kapoulas

The Russian Army made the biggest “gift” it could give to Putin for tomorrow’s Victory Day: the capture of the city of Popasnaya. Evolution is crucial for the whole of Donbass.

The Russian Army, and to be more precise, the “Wagner” mercenary forces that fought for two months in Popasnaya, broke the entire northern defensive line of the Ukrainians.

WarNews247 reported on the upcoming development late last night.

Massacre in Donbass with 790 dead: Ukrainian defense breaks – Russians “trampled” Severodonetsk – Popasnaya falls

Now the Russians can make circular moves with the possibility of simultaneous attack in many directions.

This means that Kyiv is beginning to lose control of Donbass as Severodonetsk, which is already surrounded, with Russian forces entering the city, will fall.

At the same time, Ukrainian forces in Slavyansk-Kramatorsk are now in mortal danger.

We dare say that now the situation, taking into account other facts in the region, is irreversible for the Ukrainians who are fighting hard over time.

Popasnaya fell 
Earlier in the day, the Russians captured the town of Popasnaya in the Luhansk region.

In the morning, the ambassador of Lugansk to Russia (appointed yesterday), Rodion Miroshnik, said that the administration building of the city of Popasnaya had been placed under the control of the People’s Militia and allied forces.

In the afternoon, military sources reported that the city of Popasnaya came under the control of the Armed Forces of the Russian Federation and Lugansk.

“Clearing operations and demining are now taking place. “Ukrainian forces have withdrawn from both the southern suburbs and the north.”

Until last night, when the Russian forces exclusively informed WarNews247 in Greece, the Russian forces controlled 80% of the city.

Today, the Russian Army and allied forces entered the western part of the city and defeated the Ukrainian forces in its southern and northwestern suburbs, with the result that the Ukrainian defense collapsed.

The surviving soldiers left their positions and fled the city in a westerly direction, towards Bakhmut (renamed from Kyiv to Artyomovsk).

The Ukrainians lost an industrial and railway junction 
The Russians occupied Popasnaya, an important railway and industrial hub. 
The city is distinguished for its coal industry and rail transport of grain. 
The supply of Ukrainian forces to the wider region is now cut off.

They fought in the city for two months 
Russian and allied forces fought for two months in the city. Russian forces had entered the city since March 8!

In order to realize the magnitude of the victory for Moscow, fierce battles were fought on hills, with natural water barriers, fortifications, ditches, trenches, etc. 
One only has to see photos of the entry of Russian forces into these forts.

Severodonetsk – Battles in the city were also surrounded 
At the same time, Russian and allied forces surrounded the town of Severodonetsk, confirming yesterday’s WarNews247 report.

Earlier in the day, Oleksandr Stryuk, head of the Sheverodonetsk military administration, said:

“The city is almost surrounded by Russian and (separatist) troops of the Luhansk People’s Republic. They try to invade the city through nearby villages.

The fighting lasted for hours in a village just north of the city, Strick said.

“The Ukrainian army has so far repulsed these attacks, but the Russians have been pressing. The city is holding on, but one can feel that they are trying to get in. “

About 15,000 people remained in Severodonetsk, which had a population of about 100,000 before the war. Regional authorities have been urging people to leave the city for weeks.

Ukraine: “The news is disappointing” 
“The governor of the Luhansk region, Sergei Gaidai, said the news was” disappointing. “

Gaidai, calling the Russian troops “orcs”, said that they were encircling Sheverodonetsk:

“The news is disappointing. They (Russian troops and Luhansk forces) are attacking from different directions. “The fighting is already very close to the city.”

A few hours ago it became known that Russian and allied forces entered the city after heavy fighting on its outskirts.

Russia attacked the city from two directions, from the northeast and from the northwest. The city in 2014 was named (after the loss of control of Lugansk) by Kyiv “capital of the Lugansk region”.

Earlier, the Russians bombed ammunition depots and military equipment in the territory of the Severodonetsk Azot chemical industry.

In this factory, the Ukrainians tried to repeat that with Azovstal, to create a fortress. They started carrying weapons and food but did not succeed.

After several targeted Russian missile strikes, part of the plant’s infrastructure was destroyed.

Numerous photos and videos at source: 
https://warnews247.gr/ektakto-h-archi-tou-telous-gia-to-kievo-sto-ntonbas-espase-i-voreia-amyntiki-grammi-epese-to-frourio-tis-popasnagia/

RUSSIA /UKRAINE

RUSSIAN forces attempt storming operations of the Azovstal plant

(zerohedge)

Russian Forces Attempt “Storming Operations” On Azovstal Plant, Ukraine Says

MONDAY, MAY 09, 2022 – 10:40 AM

After widespread weekend reports confirming that all Ukrainian civilians who had been trapped inside Azovstal steel plant in Mariupol have been evacuated, leaving an estimated few hundred Ukrainian fighters who have vowed to ‘fight to the end’, it appears the final bloody showdown for the large besieged complex has begun.

Ukraine’s defense ministry says Russia has commenced “storming operations” against the plant aimed at wresting its last Ukrainian defenders from its cavernous underground confines.

“Defense Ministry spokesman Oleksandr Motuzyanyk gave no further details but said, without providing evidence, that there could be future attacks by Russian bombers,” Al Jazeera writes.

On prior reports that Russian forces had stormed the plant when civilians were still inside, the Kremlin vehemently denied the Ukrainian government claims.

On Sunday the last wave of some 300 civilians successfully evacuated based on a temporary ceasefire brokered with the help of the UN and Red Cross reached Ukrainian-controlled territory.

Ukraine’s President Zelensky at the same time called on the international community to pressure Russia into allowing the remaining trapped fighters to leave. “We took all civilians out of the Azovstal plant and are now preparing for the second stage of the evacuation mission to evacuate those who are wounded and medics,” Zelensky said. “Of course, we are working on evacuating our military, all the heroes who are defending Mariupol.”

But Russia says the militants that remain are part of the neo-Nazi Azov battalion, and has even alleged there are Western mercenaries among them. The defense ministry has also previously stated they have been issued multiple chances to surrender by laying down their arms and emerging.

An Azov spokesman, Captain Sviatoslav Palamar was cited over the weekend as saying “We will continue to fight as long as we are alive to repel the Russian occupiers,” and further: “We don’t have much time, we are coming under intense shelling.”

Reports of heavy Russian shelling on the steel plant have persisted, but as for whether or not Russian forces have begun storming it, this remains unconfirmed. So far the Russian strategy has appeared to be simply seal off the complex, allowing the trapped militants no exit, while waiting them out as they run low on food and ammo, struggling to survive.

.

.

end

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

Special thanks to G for sending this to us:

30% of USA pilots may have vaccine induced heart conditions

(The thinking conservative)

Cardiologist Estimates 30 Percent of U.S. Pilots May Have COVID Jab-Induced Heart Conditions

By

 THE THINKING CONSERVATIVE

 – 

May 3, 2022

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Are we on the precipice of a major uptick in serious heart problems among otherwise young, healthy Americans due to the mass-disseminated mRNA COVID shots? Observations from several medical experts, including a well-known Cardiologist, suggest that we are.

Some individuals who appear to be facing worrisome jab-related heart problems are commercial airline pilots. Advocacy groups also say these pilots are being forced to keep mum about their health issues – and that a far greater percentage of them are likely suffering than the U.S. Federal Aviation Administration (FAA) would like to admit.

“It’s Going to End in Catastrophe:” Airline Pilot Fears for Colleagues’ Safety, Says U.S. Pilots Are Unable to Talk About Jab-Related Health Problems

Joshua Yoder is an airline pilot and co-founder of the U.S. Freedom Flyers (USFF), an advocacy group formed to help transportation industry employees maintain their medical autonomy and oppose federal vax statutes.

As noted by the website American Greatness, Yoder recently disclosed in an interview with Vaccine Safety Research Foundation founder Steve Kirsch that the USFF has already received hundreds of reports of pilots experiencing chest pain and other adverse side effects of COVID shots while flying planes.

Of course, people experiencing chest pain caused by jab-related pericarditis or myocarditis (heart inflammation) is concerning enough. But to know that men and women are experiencing these issues while flying commercial aircrafts is deeply worrisome, Yoder says. Plus, many of these airline pilots are reluctant to speak out about their health problems because they fear losing their jobs.

“I’m afraid if we keep going down this path,” he said in his interview with Kirsch, “at some point, it’s going to end in catastrophe.”

“If passengers actually knew what was going on at the airlines and the FAA,” he adds, “they would be livid, and everyone would be jumping on a class action suit against all of them.”

Vaxxed Pilots Should Be “Medically Flagged,” Experts Warn, and Not Allowed to Fly If They Fail Heart Function Tests out of Fear of Suffering Medical Emergency, Losing Control of Aircraft Mid-Flight

In his interview, Yoder also shared what well-known Texan cardiologist Dr. Peter McCullough said to him in a prior conversation: “if every vaccinated pilot were to be screened, there would be somewhere around a 30 percent loss in manpower” due to new jab-related cardiac issues.

Dr. McCullough has certainly not been quiet about expressing his professional concerns over the COVID shots.  On December 15, 2021, he teamed up with other advocates – including pathologist Dr. Ryan Cole, Lt. Col Teresa Long, MD, Lt. Col. Peter Chambers, DO, and Robert Kennedy, Jr. – and sent a letter to the FAA outlining several recommendations based on safety issues with the COVID jabs that American pilots have been forced to receive.  Their recommendations included the following:

·         “Medically flagging all vaccinated pilots”

·         Medically de-certifying and grounding any and all pilots who fail heart health screening tests, including EKGs, D-dimer tests, troponin tests, and cardiac MRIs, or “who otherwise show symptoms indicative of possible blood-clotting issues or myocarditis,” including chest pain, shortness of breath, and decreased exercise tolerance

The letter also presents extensive data showing an alarming rise in heart inflammation and other cardiac problems among COVID-vaxxed individuals.

In their letter, Dr. McCullough and colleagues also contend that the FAA, by allowing newly jabbed pilots to fly without appropriate medical clearance following their vaccinations, is “putting both pilots and the general public at risk of death and/or serious injury.”

Gijsbert Groenewegen

Silverarrowpartners

+1.646.247.1000 

end

We knew this may happen:  FDA investigating reports of COVID relapses following use of Pfizer’s oral pill

(Stieber/EpochTimes)

FDA Investigating Reports Of COVID Relapses Following Use Of Pfizer’s Pill

Tyler Durden's Photo

BY TYLER DURDEN

SATURDAY, MAY 07, 2022 – 07:50 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Food and Drug Administration (FDA) is investigating reports of relapses among people who took Pfizer’s COVID-19 pill.

The FDA “is evaluating the reports of viral load rebound after completing paxlovid treatment and will share recommendations if appropriate,” an agency spokesperson told The Epoch Times in an email.

In a recent preprint case report, Veterans Affairs researchers reported that a 71-year-old male who took the pill, also known as nirmatrelvir, experienced a “rapid and progressive reduction” in the viral load of SARS-CoV-2, the virus that causes COVID-19.

But four days after completing the treatment course, there was a “surprising rebound of viral load and symptoms,” they reported.

The report “highlights the potential for recurrent, symptomatic SARS-CoV-2 replication after successful early treatment” with the pill, the researchers said.

A number of others have said they saw renewed symptoms after taking paxlovid.

In the FDA’s evaluation (pdf) of data on paxlovid, which the agency cleared on an emergency basis in 2021, the agency reported that in an ongoing phase 2/3 trial run by Pfizer, several participants “appeared to have a rebound” in viral load five to nine days after completing their treatment courses.

In light of the new reports, additional analyses of the paxlovid trial data were performed and showed that 1 to 2 percent of the patients had one or more positive COVID-19 tests after testing negative, or an increase in the amount of viral load, after completing the treatment, Dr. John Farley of the FDA said in an interview the agency published on May 4.

“This finding was observed in patients treated with the drug as well as patients who received placebo, so it is unclear at this point that this is related to drug treatment,” he said, adding that, at this time, the reports “do not change the conclusions from the paxlovid clinical trial which demonstrated a marked reduction in hospitalization and death.”

As part of the authorization agreement, the FDA said Pfizer must later submit information regarding “prolonged virologic shedding or rebound in clinical trials.”

Pfizer did not respond to a request for comment.

The company told Bloomberg that the rate of rebound in its trial was not higher among people who took paxlovid than in people who took a placebo.

“This suggests the observed increase in viral load is unlikely to be related to paxlovid,” the company said.

Dr. Clifford Lane, deputy director for clinical research at the National Institute of Allergy and Infectious Diseases, told the outlet that the agency will study the issue, calling it “a priority.”

Lane and the agency did not return queries.

The FDA authorized paxlovid for the treatment of mild to moderate COVID-19 in Americans 12 years or older. To get the pill, a person must test positive for COVID-19 and be deemed at high risk of progressing to severe disease.

end

This is not good:  CDC investigating 109 mysterious hepatitis cases in children including 5 deaths.  No doubt these children were all vaccinated and the spike protein

attacked the liver.

(Phillips/EpochTimes)

CDC Investigating 109 Mysterious Hepatitis Cases In Children, Including 5 Deaths

SATURDAY, MAY 07, 2022 – 03:10 PM

Authored by Jack Phillips via The Epoch Times,

The U.S. Centers for Disease Control and Prevention (CDC) is investigating more than 100 cases of a mysterious form of hepatitis in children, saying that five have died so far.

Dr. Jay Butler, the CDC’s deputy director of infectious diseases, said during a briefing said the agency is investigating 109 cases of acute hepatitis, or liver inflammation, in 24 U.S. states and Puerto Rico. The cause of the outbreak is not yet clear, he stressed, adding that about half of the children had adenovirus infections, although Butler said the CDC doesn’t know yet if adenovirus is the actual cause.

Approximately 90 percent of the children required hospitalization, Butler said. Five have died so far, and more have required liver transplants, he added in the briefing.

Last month, the CDC issued a nationwide alert after nine acute hepatitis cases were discovered among children in Georgia. Since then, a number of state agencies have reported cases and several deaths.

Several days ago, the CDC issued a report saying that it found no evidence that COVID-19 vaccines caused the outbreak of hepatitis among children. None of the initial children in Alabama, the agency said, received the vaccine.

Meanwhile, other countries have reported similar outbreaks of hepatitis among children. On Friday, the UK Health Security Agency reported that (pdf) the country’s case count had risen to 163, dating back to early January, adding that 11 children have received liver transplants so far.

“Adenovirus remains the most frequently detected potential pathogen. Amongst 163 UK cases, 126 have been tested for adenovirus of which 91 had adenovirus detected,” said the agency.

“Amongst cases the adenovirus has primarily been detected in blood.”

UK officials also ruled out the COVID-19 vaccine as a potential cause.

“There are fewer than five older case-patients recorded as having had a COVID-19 vaccination prior to hepatitis onset,” the report said, adding that most of the impacted children are too young to receive the shot.

“There is no evidence of a link between COVID-19 vaccination and the acute hepatic syndrome.”

Earlier this week, the World Health Organization (WHO) told news outlets that there were at least 228 probable cases of hepatitis worldwide in at least 20 countries. That statement came before the CDC’s latest announcement Friday.

Hepatitis is an inflammation of the liver that can be caused by a viral infection, alcohol, prescription drugs, over-the-counter medications acetaminophen, high doses of certain herbal supplements, toxins, and various medical conditions. Hepatitis viruses, which spread via bodily fluids, can also cause liver inflammation. The hepatitis A, hepatitis B, and hepatitis C viruses are also well known to target the liver.

Symptoms include abdominal pain—namely in the upper right part of the abdomen right below the ribs—dark-colored urine, light-colored stools, and jaundice, which is the yellowing of the skin and whites of the eyes.

GLOBAL ISSUES/GRAINS/UKRAINE

Because of the war, almost 25 million tonnes of grain are being blocked from export

(zerohedge)

Ukraine Grain Strain: Almost 25 Million Tonnes Blocked From Export

SUNDAY, MAY 08, 2022 – 08:45 AM

A massive backlog of grain shipments is piling up in Ukraine to the tune of nearly 25 million tonnes due to ‘infrastructure challenges’ and blocked ports in the Black Sea, including Mariupol, Reuters reports, citing a UN food agency official.’

Ukraine was the fourth-largest exporter of maize (corn) in the 2020/21 season, and the sixth-largest wheat exporter in the world, according to the International Grains Council.

It’s an almost grotesque situation we see at the moment in Ukraine with nearly 25 mln tonnes of grain that could be exported but that cannot leave the country simply because of lack of infrastructure, the blockade of the ports,” said FAO Deputy Director Josef Schmidhuber during a Geneva press briefing via Zoom.

According to Schmidhuber, the full silos could result in storage shortages for this year’s July and August harvests.

“Despite the war the harvest conditions don’t look that dire. That could really mean there’s not enough storage capacity in Ukraine, particularly if there’s no wheat corridor opening up for export from Ukraine.”

He alluded to destroyed grain storage as a result of the Russian invasion, without elaborating.

CNN, however, reports from ‘multiple sources’ that Russian forces have allegedly plundered farm equipment and hundreds of thousands of tonnes of grains from Ukraine, with the Ministry of Defense estimating on Thursday that 400,000 tonnes of grain had been stolen to date.

[And given the source(s), the usual ‘grain of salt’ disclaimer applies as to the extent and accuracy of claims.]

Oleg Nivievskyi at the Kyiv School of Economics told CNN the thefts of farm equipment, such as tractors and harvesters, by Russian forces have been absolutely devastating for Ukrainian farmers. 

“Even if these regions are liberated tomorrow, it will take time to restart the production cycle,” perhaps two to three years. Buying fertilizer and equipment and hiring workers would be tough for farmers who have been cleaned out by the Russians — because their grain is their working capital for the next season,” Nivievskyi said. 

Footage has been posted online of long Russian convoys of farm equipment on flat-bed trucks leaving Melitopol, a city in southeastern Ukraine. 

Olga Trofimtseva, former agriculture minister in Ukraine, said farm equipment thefts were also seen in Donetsk and Kharkiv. “Their equipment was simply stolen and pulled across the border — new tractors, harvesters,” she said. 

Prior to the invasion, there were 6 million tons of wheat and 15 million tons of corn ready for export. 

Farmers in top growing areas in the southern part of the country, such as Kherson and Zaporizhzhia, have halted sowing operations due to the lack of farm equipment, shortage of diesel, fertilizer, and seed as the disruptions caused by the conflict. 

CNN reported one instance where a large grain storage complex located in the eastern part of the country was bombed. 

Russia has also reportedly intensified strikes on infrastructure, destroying highways, bridges, rail hubs, ports, electrical power stations, and fuel facilities, in a bid to disrupt the West’s shipments of weapons to resupply the Ukrainian Armed Forces. 

The combination of thefts of tractors and grains, sowing disruptions, and blown-up ag facilities and infrastructure will severely impact food production in one of the world’s largest grain exporters

Ukraine’s deputy agriculture minister Taras Vysotskiy said Thursday the country only has enough stocks to feed its population. This means that Ukraine might not be able to export grains to other countries. Even if farmers were to plant, damage to highways, ports, and rail systems could make the flow of farm goods out of the country near impossible

The latest Food and Agriculture Organization of the United Nations report estimated a 20% decline in global wheat production this year due to the ongoing situation in Ukraine, where the Ministry of Agriculture recently warned a third of the country’s farmland is occupied or unsafe.

The worst of the global food crisis could still be ahead (well, at least the Rockefeller Foundations thinks so…) since the Northern Hemisphere planting season has only begun, and commodity traders will have a more accurate crop production estimate by summer, which may result in even higher food prices.

END

END

VACCINE IMPACT

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Vaccine Impact


Killer COVID Vaccines: 4,400% Increase in Deaths Compared to All FDA-Approved Vaccines for Previous 30 YearsMay 6, 2022 3:31 pmThe U.S. Government Vaccine Adverse Events Reporting System (VAERS) was updated today, and there have now been 1,255,355 cases of adverse reactions filed following COVID-19 vaccines since December of 2020, a 17-month time frame. This includes 27,758 deaths and 51,600 permanent disabilities. By way of contrast, for the previous 30 years before the COVID vaccines were rushed to market with EUAs (emergency use authorizations), there were 936,214 cases reported with 12,964 deaths and 23,838 permanent disabilities following all FDA-approved vaccines during a 360-month period. That’s a 4,434.22% increase in deaths following COVID-19 vaccines, compared to deaths following ALL FDA-approved vaccines for the previous 30 years. And yet, the CDC continues to refer to COVID-19 vaccines as “safe and effective.” “Effective” in what? The symptoms associated with “COVID-19” are easily treatable as many doctors have said since the beginning of the “pandemic” that they were healing COVID-19 patients with older drugs such as Ivermectin and hydroxychloroquine. The annual “flu virus” has all but disappeared since COVID-19 arrived, so this will go down as the biggest medical scam in the history of the human race. The CDC and FDA acknowledge that there are serious side effects with these vaccines, but they call them “rare,” a term that is really not defined. Yesterday, however, the FDA announced that they were only recommending the Janssen COVID-19 vaccine now in certain cases, due to the reports of blood clots following the vaccines.Read More…endThe Healing Oils for Heart Health: Do NOT Trust Your Government for Nutritional AdviceMay 8, 2022 4:55 pmAs more and more people in the United States are waking up to the fact that our federal health agencies, such as the FDA and CDC, are corrupt and serve the interests of Wall Street Billionaires and not the public, it is more important than ever to understand the corruption that also exists within the USDA (U.S. Department of Agriculture) and their years of bad nutritional advice that has demonized traditional, healthy fats and oils that have nourished populations for thousands of years, in favor of the newer “polyunsaturated” oils which are toxic, and dangerous to your health. These polyunsaturated “edible oils” have only been in the human food chain since the “expeller-pressed” technology was developed during and following World War II that allowed the U.S. to start producing highly toxic and refined “edible” oils from corn and soybeans, two crops heavily subsidized by taxpayers that allows the U.S. to dominate world edible oil supplies. It was in the 1970s that the “McGovern Report” put forward the nutritional dietary advice of a “low-fat” diet that harmed American’s health by condemning traditional fats and oils, but brought great profit to Wall Street investors as Americans switched over to hydrogenated toxic polyunsaturated oils derived from corn and soybeans. They used a theory of heart disease commonly referred to as the “lipid theory” of heart disease that stated certain kind of fats, saturated fats, led to higher levels of cholesterol, and therefore higher risks for heart disease. But even from the beginning and the origin of this theory what was stated in the McGovern Report, many scientists disagreed and called the theory bogus. Today, the lipid theory of heart disease has been thoroughly debunked by real science, and yet official government policy on nutrition continues to support it, for political and economic reasons, but NOT health reasons. To admit that they were wrong all these years on dietary oils, cholesterol, and heart disease, would be to admit that the $BILLIONS they earned during that time from popular cholesterol-lowering drugs, was earned fraudulently, and the biggest player in that industry was Pfizer, and their blockbuster drug Lipitor, the best-selling drug all-time before its patent ran out in 2011. So with Pfizer’s newest killer drug, the COVID-19 vaccine, injuring the hearts of many people with myocarditis and pericarditis, especially among the younger age groups, it is more important than ever to understand just which dietary oils are actually healthy for the heart, and which ones are not.Read More…

Michael Every

Michael Every on the day’s most important topics

7. OIL ISSUES

end

You simply cannot make this up!!!!

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND/ SOUTH AFRICA/BRAZIL/ARGENTINA/INDIA

END

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

Euro/USA 1.0539 UP .0008 /EUROPE BOURSES //ALL RED 

USA/ YEN 131.09   UP 0.587 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2377 UP   0.0025

 Last night Shanghai COMPOSITE CLOSED UP 2.58 POINTS UP 0.09%

 Hang Sang CLOSED 

AUSTRALIA CLOSED DOWN  1.47%    // EUROPEAN BOURSES ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED  

2/ CHINESE BOURSES / :Hang SANG CLOSED   

/SHANGHAI CLOSED UP 2.58 PTS UP 0.09% 

Australia BOURSE CLOSED DOWN 1.47% 

(Nikkei (Japan) CLOSED  DOWN 684.22 OR 2.53%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1859.00

silver:$21.80

USA dollar index early MONDAY morning: 103.84  UP 13  CENT(S) from FRIDAY’s close.

THIS ENDS MONDAY MORNING NUMBERS

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And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.24%  DOWN 2  in basis point(s) yield

JAPANESE BOND YIELD: +0.239% DOWN 1   AND 0   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.24%// UP 0   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.14  DOWN 1   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.09% UP 5 IN BASIS POINTS ON THE DAY//

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0533  UP 0.0003    or 3 basis points

USA/Japan: 130.15 DOWN .332 OR YEN UP 33  basis points/

Great Britain/USA 1.2309 DOWN 3  BASIS POINTS

Canadian dollar DOWN 0.01238 OR 124 BASIS pts DOWN to 1.2989

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.67309  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.76279

TURKISH LIRA:  15.10  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.239

Your closing 10 yr US bond yield DOWN 5  IN basis points from FRIDAY at  3.0777% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 3.21 DOWN 1 in basis points 

Your closing USA dollar index, 103.92 UP 23   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 FRIDAY: 12:00 PM

London: CLOSED DOWN 156/15 PTS OR 2.11%

German Dax :  CLOSED DOWN 266.57  POINTS OR 1.94%

Paris CAC CLOSED DOWN 152/84 PTS OR 2.44% 

Spain IBEX CLOSED  DOWN 164.90 PTS OR 1.98%

Italian MIB: CLOSED DOWN 602.71 PTS OR  2.57%

WTI Oil price 103.87   12: EST

Brent Oil:  106.38 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  69.04   DOWN 1/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.09

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0560 UP  .0029   OR UP 29 BASIS POINTS

British Pound: 1.2327 UP  .0014  or  14 basis pts

USA dollar vs Japanese Yen: 130.325 DOWN .159//YEN UP 16 BASIS PTS

USA dollar vs Canadian dollar: 1.30.325 UP .01493 (CDN dollar DOWN 149 basis pts)

West Texas intermediate oil: 102.34

Brent OIL:  105.04

USA 10 yr bond yield: 3.032 DOWN 9 points

USA 30 yr bond yield: 3.149  DOWN 7  pts

USA DOLLAR VS TURKISH LIRA: 15.09

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  69.40 UP  0 ROUBLES (ROUBLE DOWN 0  ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: DOWN 653.67 PTS OR 1.99%

NASDAQ 100 DOWN 505.81 PTS OR 3.98%

VOLATILITY INDEX: 34.75 UP 4.56 PTS (15.10%)

GLD: 172.84 DOWN 0.29 PTS OR 2.54%

SLV/ 20.03 DOWN .63 PTS OR 2.05%

end)

USA trading day in Graph Form

Bloodbath

MONDAY, MAY 09, 2022 – 04:00 PM

The Nasdaq is now down over 27% from its record highs – that’s a bigger drawdown than Small Caps…

Source: Bloomberg

Still, could be worse…

In the space of a few short months, equity market investors have gone from “greed” to “fear” to “I don’t f**king care anymore”…

Source: unknown (apologies)

As The Fed went full “Leeroy Jenkins”…

On the day, The Dow outperformed (but was red) while Nasdaq and Small Caps had the jam stolen from their donuts…

This is the worst 3-day loss for the majors since Sept 2020. Remember last Wednesday! – when stocks exploded higher after The Fed hiked and everyone proudly proclaimed the rate-hikes are priced-in and Powell was ‘dovish’-ish…

…well, how did that work out for ya?

The S&P broke the key 4,000 level…

FANG Stocks are fucked! FB -48%, AMZN -42%, NFLX -75%, GOOGL -25%

Source: Bloomberg

Staples and Utes managed gains on the day as Energy stocks were the ugliest horse in the glue factory (tech and discretionary were not pretty either)…

Source: Bloomberg

‘Most Shorted” stocks were monkeyhammered lower today, having now erased almost all the post-COVID-lockdown-puke short-squeeze gains…

Source: Bloomberg

Unprofitable tech was twatted again today – now trading below pre-COVID levels…

Source: Bloomberg

SPACs puked to Aug 2020 lows…

Source: Bloomberg

Crypto markets crashed hard today, accelerating losses from the weekend with Bitcoin and Ethereum down around 15%…

Source: Bloomberg

With Bitcoin barfed back below $31k (and below The Dow) for the first time since July 2021…

Source: Bloomberg

As Luna voted to lend $1.5bn to maintain Terra’s dollar peg…

Bitcoin ‘proxy stocks’ were smashed lower today…

Source: Bloomberg

The USDollar chopped around all day and ended basically unchanged near 20-year highs…

Source: Bloomberg

Oil plunged as European officials softened threats of sanctions on Russia and China continued to threaten more lockdowns (even as cases slid)…

Gold also tumbled to its lowest close since mid-Feb…

But, while cryptos, commodities, stocks, were all clubbed like a baby seal, bonds were aggressively bid (after some weakness overnight).

The short-end massively outperformed today (2Y -14bps, 30Y -3bps), leaving 2s and 5s now significantly lower post-FOMC and 30Y notably higher…

Source: Bloomberg

Finally, it seems stocks are finally starting to “price in” the hawkishness that STIRs have been seeing for weeks…

Source: Bloomberg

The question is – will The Fed fold first or will stocks fall all the way before they both rocket higher as Powell bends the knee (again)?

END

I) /AFTERNOON TRADING/

Retail Is Puking: “This Is The 5th Biggest Sell Day On Record”

Tyler Durden's Photo

BY TYLER DURDEN

MONDAY, MAY 09, 2022 – 03:47 PM

In its latest note (available to zerohedge pro subscribers) discussing the ongoing market pukefest dynamics, Morgan Stanley’s Quantitative and Derivatives group (QDS) wrote that “institutional real money plus retail have been driving more of the sell pressure and are likely to continue to drive price action in the medium-term.” Echoing what we said last week, and a reversal of the pattern observed one month ago…

… Morgan Stanley cautioned that retail demand has begun to slip, and retail will likely be less supportive to the broader equity market going forward:

Retail demand has been weaker than expected relative to seasonal trends post-tax day, estimated retail P/L is deteriorating, and inflation is eating away at individuals’ disposable income.

The QDS conclusion: “Retail has been an important buyer of dips, and with the retail bid dissipating just a lack of buying is likely enough to create an air pocket in the medium-term.”

The reason why retail has chilled on risk assets and appears completely turned off by any trading, is because all of its P&L generated since January 2020, right before the covid crisis, is now gone.

It didn’t take long for Morgan Stanley to be proven right, and in an update pushed out on Monday afternoon, Morgan Stanley finds that retail is now out, estimating that “retail has now net sold $2.2bn today – that is the 5th biggest sell day on QDS records going back to 2016, with the 4th biggest sell day on Sep 4th 2020 at $2.3bn.”

Not surprisingly, most of the selling continues to be in Tech single-names – that alone make up more than half the total net sold – followed by Discretionary single-names, and partly offset by broad-based ETF demand of $400mm.

Of course, in keeping with accumulation, while retail is getting crushed, institutions are rolling in and according to MS calculations, as a % of total volume, retail participation is relatively low at 10.1% (14th 1y %ile) as institutions become very active here, with MS Trade Pressure showing $2.8bn (88th 1y %ile) of ES futures net bought.

In short, institutions have decided that this is indeed the bottom just as retail pukes and panic sells.

Much more from the MS QDS team in the full note available to professional subscribers in the usual place.

II)USA data

IIB) USA COVID/VACCINE MANDATES

More money being asked for COVID: to stop the winter wave:

(zerohedge)

White House Asks For Another $20 Billion In COVID Money To Stop Winter Wave

MONDAY, MAY 09, 2022 – 09:00 AM

Here we go again.

Just when the world (or rather, the US) was finally coming around to the notion that the COVID pandemic might be over, the White House has offered the latest reminder that this is simply not the case. As COVID cases surge in the US, White House COVID response coordinator Ashish Jha said Sunday morning that the Biden Administration will need to authorize another $20 billion+ in COVID spending to pay for the next round of shots needed to stop another brutal winter wave later this year.

Specifically, Jha called on Congress to approve $22.5 billion, a number that will help the federal government replenish its dwindling vaccine supply. If it doesn’t the US “is going to run out of treatments…we’re going to run out of testing.”

Fortunately, at-home tests are available at most pharmacies in the US these days.

This would imply that the FDA will approve a fourth shot for all Americans (not just the eligible elderly) by the time the winter rolls around, as the general population’s immunity begins to wane.

With enough resources to get more people vaccinated and more therapeutics in place, he said, “I do think we can get through this winter without a lot of suffering and death.”

Jha cited the Northeastern US, a region with among the highest vaccination rates, as an example of how vaccines can lower the rate of hospitalizations and deaths.

US COVID deaths in the US are slated to pass 1 million as soon as this week (although as we have explained, it’s unclear how many of these deaths were actually caused by COVID, as opposed to another co-occurring illness. It’s worth noting that the CDC recently revised its figures for COVID deaths among children).

end

iiia) USA inflation// commodity//SHIPPING commentaries//LOG JAMS//

USA gas prices soar as Europe and Asia scramble for LNG

(Kemp/Reuters)

US Gas Prices Soar As Europe And Asia Scramble For LNG

MONDAY, MAY 09, 2022 – 08:06 AM

By John Kemp, Senior Market Analyst at Reuters

U.S. gas prices have surged to the highest level in real terms since the financial crisis in 2008 as strong demand for LNG from buyers in Europe and Asia puts pressure on inventories. Front-month futures for gas delivered to Henry Hub in Louisiana are trading at almost $9 per million British thermal units, up from just over $3 at the same point last year and less than $3 in 2019.

Front-month futures have surged into a record backwardation of almost $4 above futures for delivery one-year from now, as traders anticipate inventories will remain under pressure through the rest of the year. 

Working gas stocks in underground storage are 335 billion cubic feet or 18% below the pre-pandemic five-year seasonal average for 2015-2019. 

Inventories have remained low despite a fairly mild winter, with population-weighted heating demand this winter in the Lower 48 states around 7% below the average.

Domestic gas production has recovered to its pre-pandemic peak, according to data from the U.S. Energy Information Administration. But exports especially in the form of LNG have risen sharply, which is keeping inventories low and putting upward pressure on prices.

In recent months, LNG exports have been equivalent to 10-12% of domestic dry gas production, up from around 4% in early 2019. Exports have become a big enough share of the market they have started to enforce a partial convergence with prices in Europe and Asia.

U.S. gas supplies have tightened as Europe and Asia scramble to buy LNG to refill their own depleted storage after last winter and amid fears about a disruption of gas supplies from Russia.

The rise in prices will enforce maximum fuel-switching among power generators from gas to coal to conserve fuel stocks this summer, with spot gas now uncompetitive against coal except for peak generation.

More importantly, high prices have started to encourage more gas-focused drilling, which should continue boosting output through the end of the year and into 2023.

The number of rigs targeting gas-rich rock formations has increased to 144, up from only 100 this time last year, according to field services company Baker Hughes.

As the U.S. gas industry becomes more export-focused, drilling rates, inventories and prices are all becoming more responsive to conditions in Europe and Asia.

end

Spring Wheat hits 14 yr highs

(zerohedge)

Spring Wheat Hits 14-Year High On World War 3 & Weather Woes

MONDAY, MAY 09, 2022 – 08:25 AM

A combination of delayed plantings in Northern U.S. Plains and Canada due to soggy weather, a dry spell in Western Europe, chaos in Ukraine, and severe weather in India, have disrupted global wheat markets, sending prices in Minneapolis to the highest levels since 2008. 

Spring wheat is used to make bagels, pizza crust, rolls, and croissants, among other specialty items, which touched a 14-year high on Monday morning at $12.31 a bushel due to delayed planting fears across the northern U.S. Plains and Canada because of abnormally wet conditions. 

Across the Atlantic, a three-week drought plagues western Europe and adds more uncertainty for wheat. Weather forecaster Meteo France expects France to be hit with “summer-like heat this week,” according to Bloomberg. 

Paris-based adviser Agritel suggests even though wheat crops have been in great shape. The latest dry spell could revise the crop ratings lower given the current weather outlook and weeks of drought. 

“The growing water deficit in France is causing concern amidst an already tense market,” Agritel said in a commodity note. 

Aside from Europe, India has considered halting wheat exports as a severe heatwave damaged crops. 

“The situation is clearly stretched in terms of availability on the international scene, despite the very promising harvest expected in Russia,” Agritel added. 

Then there’s Russia and Ukraine. Both are responsible for a quarter of global wheat exports and have been disrupted due to Moscow’s invasion of the Eastern Europe country. Ukraine, alone, accounts for 10% of global wheat exports. 

Weather and geopolitical issues suggest global wheat crop supplies could come under pressure as stockpiles worldwide dwindle. This may continue to place a bid under crop prices and result in high food prices. This is one situation that global central bankers can’t print their way out of. 

IIIB) USA ECONOMIC STORIES

iv)swamp stories

The King Report (including swamp stories)

The King Report May 9 2022 Issue 6755

There is a huge discrepancy in the April Employment Report: NFP (Establishment Survey) is +428k; but the Household Survey’s ‘Employed’ declined 353k, a whopping 781k job disparity!  ‘Unemployed’ declined 11k; Not in the Labor Force jumped 478k. https://www.bls.gov/news.release/empsit.a.htm
 
The US April Employment Report: NFP 428k (380k expected), two-month NFP revision -39k, Mfg 55k (35k exp.), Unemployment Rate unchanged at 3.6% (3.5% exp.), Wages 0.3% (0.4% exp), Workweek 34.6 hours (34.7 exp.), Labor Force Participation Rate -0.2 to 62.2% (62.5% exp.) on a 363k drop in the civilian labor force; but the civilian population increased 115k.
 
The BLS’s hokey Birth/Death Model crafted 309k jobs in April.  https://www.bls.gov/web/empsit/cesbd.htm
 
The BLS: Employment in leisure and hospitality increased by 78,000 in April… food services and drinking places (+44,000) and accommodation (+22,000)… Employment in transportation and warehousing rose by 52,000 in April…employment in professional and business services continued to trend up (+41,000)… Financial activities added 35,000 jobs… Health care employment rose by 34,000… Employment in retail trade increased by 29,000…  https://www.bls.gov/news.release/empsit.nr0.htm
 
The U.S. April jobs report is in. These are the sectors that added jobs—and the ones that lost them https://t.co/JyziduSjD5
 
Five minutes after the NYSE open, Nasdaq sank to a 52-week low. The US 30-year bond yield hit 3.21%.
 
USMs exhibited ESM-like volatility early on Friday.  They began declining when Europe opened.  The decline ended near 7:32 ET.  USMs then soared almost 1 point in an hour.  Then they tumbled to a session low (-1.5 points from high) after the release of the April Employment Report. 
 
When the NYSE opened, someone jerked USMs 1 5/16 points higher in 17 minutes.  ESMs traded in concert with bonds until an apparent offensive asset allocation appeared near 10:00 ET: ESMs rallied before the Employment Report release; plunged 90-handles after the release of the report; and a near-vertical rally commenced near 10:00 ET as bonds (USMs) commenced a sharp decline.
 
Minny Fed President and uber-dove Kashkari saved stocks by stating that he sees fewer rate hikes than the Street expects: “We cannot observe the neutral funds rate directly; we can only estimate it. My own estimate of the nominal neutral funds rate is 2.0 percent, and the range of estimates in the most recent SEP among FOMC participants is from 2.0 percent to 3.0 percent.
 
By 11:00 ET, ESMs had soared 77.50 from their low in one hour!  22 minutes later, ESMs added 13 more handles to their rally.  Then, in an apparent rush by Old World traders to liquidate for the weekend, ESMs sank 46 handles in 17 minutes.  Yes, Virginia, the integrity of the capital markets is under assault.
 
A choppy Noon Balloon materialized; it peaked at 13:01 ET.  By 14:38 ET, ESMs had tumbled 66.25.  It was time to manipulate stuff higher ahead of the weekend; ESMs jumped 26 handles in 2 minutes.  But that was it.  By 15:00 ET, ESMs had dropped 23 handles. 
 
Richmond Fed President Barkin said he would NOT rule out a 75bp rate hike.
 
USMs fell to the low for the day, -1 5/32 (3.214% at 15:17 ET) on Barkin’s comment.  The 10-year hit 3.127%.  ESMs inched lower, largely ignoring Barkin’s possible support for a 75bp rate hike.
 
At 15:28 ET, the late ESM manipulation commenced; in only 12 minutes, ESMs had jumped 49 handles.  After a short respite, ESMs jumped again, to +55 handles from the 15:28 low.  ESMs then sank 22 handles in 5 minutes.  ESMs inched higher during the final 5 minutes of NYSE trading.
 
Manipulators and reckless speculators have thoroughly perverted the ESM and equity markets!
 
U.S. retail investors bought heavily during Thursday’s big stock market drop
$2.6 billion worth of stocks and exchange traded funds…   http://reut.rs/37lfmf8
 
The Hang Seng Tech Index slid as much as 4.5% early Friday, declining for the fourth straight session https://t.co/iOxNkpE6Mu
 
European stock markets slump as recession fears rise    https://t.co/eGFSVEzyJ5
 
BoE faces its biggest inflation challenge since independence https://t.co/Z1n4FViHMi
From that moment on May 6, 1997, the BoE would be independent to set interest rates through its newly created Monetary Policy Committee. Now, 25 years later, the independence of the central bank has not been seriously questioned under five prime ministers and six chancellors of the exchequer…
 
Saudi Prince Reverses Course on Twitter for ‘New Friend’ Musk
“Great to connect with you my ‘new’ friend @elonmusk,” Alwaleed tweeted Thursday, shortly after a Securities and Exchange Commission filing showed he agreed to roll his entire $1.9 billion stake into a privatized Twitter…  https://www.msn.com/en-us/money/markets/saudi-prince-reverses-course-on-twitter-for-new-friend-musk/ar-AAWWX0y
 
Job interest in Twitter skyrocketed more than 250% since Elon Musk moved to take over. But current employees are nervous.   https://fortune.com/2022/05/05/elon-musk-twitter-job-interest/
 
Positive aspects of previous session
Fed uber-dove Kashkari’s verbal intervention sparked an explosive morning rally
The usual late ESM manipulation kept stocks from posting large losses and scaring retail investors
 
Negative aspects of previous session
Stocks and bonds tumbled early in US trading
The Fed is more concerned about saving stocks than arresting consumer-debilitating inflation
Nasdaq declined for the 5th straight week, the longest losing streak since 2012
The S&P 500 Index declined for the 5th straight week, the longest losing streak since 2011
PR giant advising corporate clients to stay silent on abortion rights
https://popular.info/p/pr-giant-advising-corporate-clients?s=w
 
The Triumph of Natural Immunity – Anew CDC study shows that around 75% of American children have already had covid. That means that they have strong natural immunity that protects them from covid infections as they get older. Despite this, the CDC, the FDA and other government agencies are pushing all of them to get vaccinated.  Why?…  https://brownstone.org/articles/the-triumph-of-natural-immunity/
 
@DrEliDavid: “You’re not going to get Covid if you have these vaccinations.” — Joe Biden, July 2021
 
Why is Team Biden-Obama pushing the US to a hotter war (proxy war now) with Russia by bragging that helped Ukraine: 1) kill Russian Generals, 2) attack Russia’s fleet flagship Moskva, and 3) shoot down a Russian aircraft filled with soldiers?
 
@AriFleischer: The U.S. needs to button its lips. Whether we did this or not, we should not be talking about it. I know the Administration needs victories, but some military activities that impose a price on Russia should never be discussed publicly. Unless we want to taunt Russia into war.
 
@GeorgeSzamuely: US officials boast about the number and rank of Russian military they are helping to kill. Then they accuse Russians of “nuclear saber-rattling.” “We’re not doing anything wrong!…
 
US Defense Department denies it provided intelligence on the locations of Russian generals on the battlefield so that Ukrainian forces could kill them  https://t.co/SJ5c5HLQ2l
 
Russian warship Admiral Makarov ‘on fire after being hit by Ukrainian missile’
https://www.independent.co.uk/news/world/europe/russia-ship-admiral-makarov-ukraine-war-b2073007.html
 
@michaelgwaltz: If true, another stunning blow for Putin’s navy…
 
@RALee85: The RSOTM Telegram channel run by Wagner private military contractors currently in Ukraine said that either “there will be a mobilization or we (Russia) will lose the war.” They think they need 600-800k people to defeat Ukraine.  https://twitter.com/RALee85/status/1522712443134357507
 
China wary of Russia-type sanctions, but Beijing’s ‘financial nuclear bombs’ are a powerful deterrent – The huge foreign exchange reserves… are China’s ‘financial nuclear bombs’… It must be used properly rather than arbitrarily, and cannot be easily slashed,” Wang Yongli said.
    “Of course, this does not rule out China increasing its purchase of gold or other strategic materials, or adjusting the currency and country composition of foreign exchange reserves, to further reduce its US dollar reserves, but we avoid this as much as possible to use it as a means of confrontation with the US.”
https://sg.news.yahoo.com/china-wary-russia-type-sanctions-120040603.html
 
Former Fed policymakers call for sharp U.S. rate hikes, warn of recession
Clarida, speaking Friday to a conference at Stanford University’s Hoover Institution, said the Fed will need to raise rates to “at least” 3.5% if not higher to bring inflation back down to its 2% goal
    Quarles… was even sharper-tongued this week. “We would have been better served to start getting on top of it in September,”… https://t.co/gNwQjFcLiw
 
WSJ’s @NickTimiraos: Larry Summers: The Fed is making a major analytical error.  Every time a Fed official speaks of raising rates above neutral and defines neutral as 2.5% because the Fed thinks inflation is going to be 2%, they are engaged in an extradentary exercise of assume-a-can-opener economics.
 
Mohamed El-Erian (@elerianm): “I worry that the Federal Reserve has tried to be too nice to markets… You cannot come on TV and talk about all the uncertainties and then rule out a certain policy response… the market sees through it quite quickly.”  https://twitter.com/BloombergTV/status/1522587150746804224
 
After the close on Friday, hedge fund managers and Carolina Panthers owner David Tepper told CNBC that the Fed erred in taking 75bp rate hikes off the table.
 
Powell’s hope that a big influx of workers into the job market will reduce wage pressure is dimming rapidly – U.S. adults aren’t returning to the labor force in large numbers anymore, dimming the hope for a sharp reduction in wage pressure…  https://t.co/WvPdnaTVPR
 
@jimiuorio: The Fed did not “make a mistake”. They weighed their job security against the economic good of country and decided on their job security…this is not complicated at all…
 
Powell still doesn’t realize that cautious steps do not halt roaring inflation; and it’s better for the Fed to risk a recession to halt inflation than have inflation crush consumption and generate a recession.
 
That men do not learn very much from the lessons of history is the most important of all the lessons that history has to teach.” — Aldous Huxley
 
@SullyCNBC: Americans are loading up on credit card debt like never before.  Consumer credit outstanding ($52.43B) – most on cards – more than doubling. Oh, and interest rates are rising.
https://twitter.com/SullyCNBC/status/1522659484438614019
 
It’s the Worst Bond Market (-10% YTD) Since 1842. That’s the Good News.
The four-decade-long bull market in bonds is over, but that doesn’t mean you should dump them
    “The broad bond market has performed worse so far in 2022… than in any complete year since 1792 except one. That was all the way back in 1842, when a deep depression approached rock-bottom.”
https://www.wsj.com/articles/its-the-worst-bond-market-since-1842-thats-the-good-news-11651849380
 
Biden’s bread line crisis? Anatomy of the American baby formula shortage
The Biden Food and Drug Administration was alerted by a whistleblower last fall about potential contamination issues at the Abbott Nutrition baby formula factory in Michigan and failed for months to act aggressively.   “The FDA reacted far too slowly to this report,” DeLauro (Dem Rep) said… demanding an immediate investigation to an incident that has led to babies being sickened and dying and a belated recall that has emptied shelves of formula nationwide… By the first week of April, the shortages had soared to 31%, and last week the number stood at a stunning 40%… https://justthenews.com/government/white-house/bidens-bread-line-crisis-anatomy-american-baby-formula-shortage
 
G7 to phase out Russian oil, U.S. sanctions Gazprombank execs over Ukraine war https://t.co/8pqPDDwJAX
 
Politico: The U.S. will join Britain in banning… accounting, management consulting services to Russia…
 
@OSINT88: This evening men of all ages across Russia started to receive general mobilization notices from their local military command.   https://twitter.com/OSINT88/status/1523403272517976064
 
Today – ESMs are -44.00 and USMs are -4/32 at 20:10 ET.  Russia’s general military mobilization is a factor.  Putin is doubling down & betting his reign!  Stocks are hovering just above technical support.  If the equity rescue team does not appear today, things could get very ugly.  Do not try to catch a falling knife!  Three minutes after the NYSE close on Friday, ESMs were -14 handles from the NYSE close.  This strongly suggests that the late rally was the work of manipulators, and they were caught long ESMs.
 
Expected economic data: March Wholesale Inventories 2.3% m/m, Retail Inventories 1.8% m/m

@IAPolls2022: CNN Poll: Nov Midterms Enthusiasm – Before SCOTUS leak (April 28): R+11
Republicans 47%, Democrats 36%; AFTER SCOTUS leak (May 3-5): R+13, Republicans 56%, Democrats 43%; Republican Enthusiasm Advantage INCREASED by 2 points after SCOTUS leak   https://cnn.com/2022/05/06/pol
 
CNN poll conducted after SCOTUS leak shows GOP +7 in generic Congressional vote. CNN poll conducted right before leak showed GOP +1 in generic Congressional vote.  https://t.co/W8crh90Z7O
 
Protesters Have Shown Up Outside Homes of Supreme Court Justices (Roberts & Kavanaugh)
(Though illegal, no one was arrested!  Police threatened protestors with arrest; they left.)
https://townhall.com/tipsheet/rebeccadowns/2022/05/07/protesters-showing-up-at-homes-of-supreme-court-justices-n2606903?s=02
 
18 U.S. Code § 1507 – Picketing or parading
Whoever, with the intent of interfering with, obstructing, or impeding the administration of justice, or with the intent of influencing any judge, juror, witness, or court officer, in the discharge of his duty, pickets or parades in or near a building housing a court of the United States, or in or near a building or residence occupied or used by such judge, juror, witness, or court officer, or with such intent uses any sound-truck or similar device or resorts to any other demonstration in or near any such building or residence, shall be fined under this title or imprisoned not more than one year, or both….
https://www.law.cornell.edu/uscode/text/18/1507?msclkid=f0053cb6cee211ec8b755e14b874586c
 
@thebradfordfile: If those protesters were Trump supporters, they would already be in federal custody.
Equal justice is dead in America.
 
@JonathanTurley: Justice Kavanaugh’s neighbor is organizing the protest outside his home. Teacher Lacie Wooten-Holway declared “We’re about to get doomsday, so I’m not going to be civil to that man at all. https://msn.com/en-us/news/us/outside-kavanaugh-e2-80-99s-home-a-neighbor-rallies-for-abortion-rights/ar-AAX1pXc   It is the license of the age of rage.  (Will she be arrested for this?  Liberal license?)
 
@John_Kass: To stay silent about the left’s targeting of Supreme Court Justices at their homes–as President Joe Biden has done– is to encourage violence and mob rule. Once that succeeds, we are done as a republic.
 
@Doranimated: When Right-wing groups start mimicking these intimidation tactics… their actions will be decried by the media as an unprecedented violation of norms and a grave threat to “our democracy.”
 
Heritage Foundation president rips Biden for failing to ‘condemn’ violence against Supreme Court justices – Violence should be condemned against any member of the Supreme Court, says Roberts
https://www.foxnews.com/media/heritage-foundation-president-rips-biden-on-supreme-court-leak
 
Justice Samuel Alito has reportedly been moved to an undisclosed location for safety…
https://www.breitbart.com/politics/2022/05/07/justice-samuel-alito-moved-undisclosed-location/
 
Psaki won’t condemn abortion protests at justices’ homes or leak of draft ruling https://trib.al/d6EBsTD
 
@JCNSeverino (Fox’s) Doocy: “These activists posted a map with the home addresses of the Supreme Court justices. Is that the sort of thing this President wants?”  Psaki: “I think the President’s view is that there is a lot of passion.”  Disgusting that the White House is refusing to condemn this.
https://twitter.com/JCNSeverino/status/1522344086497370112
 
GOP Sen. @tedcruz: This is SICK. The Biden White House is openly urging rioters to target the Justices’ homes & threaten their families. Radical Dems want to “burn it all down,” and they are happy to employ violence against anyone who doesn’t comply.
 
@JonathanTurley: Today’s “nonposition” of the White House on the targeting of justices at their homes is one of the lowest moments in American politics. We have finally hit the bedrock of rage in American politics… If neither the President nor the left can muster the courage to condemn such conduct, we have reached a tragic but familiar point in our politics… There are good-faith objections to this draft opinion. There are also good-faith questions of whether Congress can truly codify Roe. Those are worthy debates. Doxxing and harassing justices should have no place in such debates.
 
Democrat Senator Chris Murphy denounces violent threats against Supreme Court Justices over abortion issue https://t.co/ZlrDTFhCUM
 
@RNCResearch: Democrat Rep. Ayanna Pressley insists the Supreme Court would be “obstruct[ing] the will of the people” if they let the American people decide what limits on abortion there should be in their states. (Not a parody!)  https://twitter.com/RNCResearch/status/1523329566512660486
 
If the Supreme Court Can Overturn Roe v. Wade, It Can Ban Interracial Marriage – Daily Beast
(Justice Thomas, who is black [MSM arduously ignores this], is married to a white woman!)
https://www.thedailybeast.com/if-the-supreme-court-can-overturn-roe-v-wade-it-can-ban-interracial-marriage
 
Clarence Thomas warns Supreme Court can’t be ‘bullied’
https://www.reuters.com/world/us/after-abortion-leak-justice-thomas-warns-supreme-court-cant-be-bullied-2022-05-06/
 
Official Co-Leading Biden Disinfo Board Worked for George Soros
Disinformation Governance Board leader Jennifer Daskal has at least three connections to Soros…
https://newsbusters.org/blogs/business/joseph-vazquez/2022/05/06/breaking-official-co-leading-biden-disinfo-board-worked
 
Oh, So That’s Why Biden’s Been Using That Fake White House Set
Politico: “…the White House has largely abandoned using the Oval Office for press events in part because it can’t be permanently equipped with a teleprompter; Biden aides prefer the fake White House stage built in the Old Executive Office Building next door for events…”…
https://townhall.com/tipsheet/spencerbrown/2022/05/06/biden-being-kept-out-of-oval-office-due-to-lack-of-teleprompter-n2606877
 
@RNCResearch: Biden tells a completely fake — and widely debunked — story about an Amtrak conductor (Joey Baby) for at least the 7th time. https://twitter.com/RNCResearch/status/1522664158130540544
 
@RNCResearch: BIDEN: “Even back in the old days when we had real segregationists — like [James] Eastland and [Strom] Thurmond and all those guys — at least we’d end up eating lunch together”
https://twitter.com/RNCResearch/status/1522658735272902656
 
Biden torched for reminiscing about ‘the old days’ of having lunch with ‘real segregationists’ in the Senate https://t.co/zlWXFbNZsr
 
@RNCResearch: BIDEN: “I’ve been in and out of Afghanistan, Iran, and Iraq, I mean Iraq, over 50 times, 48 times…” That’s not even close to true. (Where does habitual lying end and senility begin?)
https://twitter.com/RNCResearch/status/1522634776510930946
 
@edokeefe: Out in the White House Rose Garden, Biden begins his remarks commemorating Cinco de Mayo, a major Mexican holiday, by talking about… discrimination against the Irish. (MSM mum)
 
The night I met Hunter Biden: Mac Shop owner John Mac Isaac recounts fateful encounter in exclusive excerpt (Disgusting, disturbing, and offensive content)
https://nypost.com/2022/05/06/mac-shop-owner-john-mac-isaac-reveals-night-he-met-hunter-biden/
 
FBI pulls clearances of employees at Jan. 6 rally before Capitol riot
The FBI has quietly pulled the security clearances of some employees who attended protests before last year’s Capitol riot, The Post has learned. The decision is drawing pushback from Republicans in Congress who note the FBI staffers aren’t accused of a crime…
     The role of federal agents and informants in the riot has stoked conspiracy theories and the new revelations that active FBI employees attended the protest portion of the day’s events follows charges against former FBI employee Thomas Caldwell, who worked at the bureau from 2009 to 2010, last year. An FBI informant within the Proud Boys group reportedly texted his handler ahead of the riot…
    “The totality of the FBI’s actions as relayed to us present the appearance that the FBI may be retaliating against these employees for disfavored political speech,” Jordan wrote…
https://nypost.com/2022/05/06/fbi-pulls-clearances-of-employees-at-jan-6-rally-before-capitol-riot/
 
Congressman says watchdog found police entered his office for ‘criminal’ probe, not open door
“I exposed the Capitol Police leadership team for failing to do their damn job. And if they would have done their job, J6 would have never ever happened” – Nehls
https://justthenews.com/government/congress/gop-rep-says-upcoming-report-will-show-capitol-police-took-pics-his-office-jan
 
@realLizUSA: The average ballot trafficker made 38 TRIPS to drop boxes (Georgia). And it’s on tape!
https://twitter.com/realLizUSA/status/1522408945880555521
 
@JackPosobiec: The cameras were always on the drop boxes. Why didn’t the RNC do anything about this for 2 years? (The GOPe wanted Trump gone, too!)
 
GOP @RepMTG: Using geo tracking and video surveillance they got through FOIA request, True the Vote exposed massive ballot harvesting with absentee ballots. There needs to be an investigation…
 
Lawsuit filed against Biden, top officials for ‘colluding’ with Big Tech to censor speech on Hunter, COVID – Lawsuit filed against Psaki, Fauci, Mayorkas and other top Biden administration officials
    Missouri Attorney General Eric Schmitt and Louisiana Attorney General Jeff Landry filed the lawsuit Thursday… The suit accuses top ranking government officials of working with the giant social media companies Meta, Twitter and YouTube “under the guise of combating misinformation” in order to achieve greater censorship… https://t.co/ToZo7Myev5
 
Biden likely to avoid IRS audit that could’ve revealed if he made money from Hunter’s deals – because the Internal Revenue Service has rejected a whistleblower complaint that alleged he owes at least $127,000 in taxes, The Post has learned…  https://t.co/0w8vE8bN0j
 
Biden’s new press secretary Karine Jean-Pierre is blasted for scathing attack on ‘severely racist’ pro-Israel conference https://t.co/NBqHoQhcbg
@Heminator: Sanders is a former Biden advisor. MSNBC hired her in January and now she’s interviewing Jill Biden?  This isn’t journalism — it’s NBC doing partisan PR.
 
California’s drug cartel crisis fueling national fentanyl epidemic
DEA warns of increase in mass overdose events involving fentanyl
    The different cartel groups are classified as Transitional Criminal Organizations, according to the DEA.  “Mexican TCOs continue to control lucrative smuggling corridors, primarily across the SWB [southwest border] and maintain the greatest drug trafficking influence in the United States,” the report states…  https://www.foxnews.com/us/california-drug-cartel-crisis-fueling-national-fentanyl-epidemic
 
@DonaldJTrumpJr: I’m still trying to figure out the recent media outrage about my father possibly wanting to target Mexican drug cartel manufacturing facilities in Mexico…
 
Army Chief Admits Recruiting Difficulties Will Leave the Force Too Small  https://t.co/Z3NfAMU3sf
 
Psychotherapist @seerutkchawla: Be wary of overly emotional language or arguments framed to make you feel as though you’re morally impure if you disagree. These aren’t arguments, they’re manipulation.
    Being easily offended is a sign of weakness. A sign you lack the most basic fortitude to tolerate discomfort or difference.

 

Let us close today with this offering courtesy of Greg Hunter interviewing Jonathan Cahn

Warning Signs of America’s Destruction – Jonathan Cahn

By Greg Hunter On May 7, 2022 In Political Analysis145 Comments

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

Five-time, best-selling author and renowned Christian leader Jonathan Cahn says America is paralleling ancient Israel before it was destroyed by God.  Can we turn it around before it is too late?  According to Cahn’s new upcoming movie called “The Harbingers of Things to Come,” we can turn it around, but it’s going to take repentance, prayer, faith and God to do it.  Cahn explains, “The harbinger is revealing the Biblical template of national judgment that begins with a strike on the land.  It happened in ancient Israel.  It’s a wake-up call, calling the nation back.  The nation is then given a span of time, years, to come back to God.  It’s mercy.  The same harbingers or warning signs that happened in the last days of Israel have now happened or have all appeared in America.  So, the warning is now for us.  Ancient Israel did not turn back.  It actually got worse, and that is exactly what happened.  In America, the strike came on 9/11, and all the harbingers, nine harbingers, all appeared starting with 9/11.  They were warning America of judgment.  We have followed the course of ancient Israel. . . . One of the things that ancient Israel did was lifted up its children on the alters of Baal and Moloch, and they killed their children.  Israel killed thousands, and we killed millions.  Therefore, this puts us in danger of judgment.”

So, how long do we have before God’s judgment starts?  Cahn says, “19 years before judgment.  When did it happen for America?  It was 9.11.2001.  Could it be the 19th year would be when great shakings would start coming on the land?  What’s the year?  It pinpoints the year 2020.  2020 is the year that the shakings come on.  The plague comes on.  Cities are burning.  We are still dealing with Covid.  We have been shaken and locked up, and all these things to this day. . . . In Jeramiah, he said a plague would come on the land in Israel.  We have a plague, and on the 19th year, the plague came.  What’s the name of this plague?  They call it Covid and then the number 19.  When Jeramiah is talking about the plague and shaking, he is linking it to the sin of killing the nation’s children in ancient Israel.  When was the first case of Covid in America?  It was called patient zero, and it made headlines across America.  It made headlines, and there was a date next to the headline.  The date was January 22 (2020).  January 22 (1973) is the date the Supreme Court legalized the killing of children.”

Cahn says, “We’ve got to pray that this thing gets undone.  God says if you want to kill your children, there is going to be a price to pay.”

America is doing what Israel did in their last days.  We are embracing immorality.  We are punishing the people of God.  We are still killing our children, and we are doing everything they did, and then judgment came.  We can’t say we were not warned.  The only answer we have is from God.”

So, is the recent Supreme Court decision to limit abortion something that can help save America from Gods judgement?  Cahn says, “It’s definitely a step in the right direction, but who knows?  This is a gigantic step, but at the same time, it’s not going to end abortion.  Abortion is still going to happen in the major places where it happens like New York, which is the abortion capitol of the country.  It’s still going to happen in all these places where it is happening, but it’s going to make it harder to kill babies.  That means it’s going to save lives. . . . We are seeing pushback on abortion in many places. . . . There is a pushback, but there must be revival if we are going to be saved.  The other forces are still going full blast.  They are still training the children.  So, we have to pray as never before, we have to stand as never before and proclaim the Truth (of Jesus Christ) as never before.

Cahn contends the states that continue abortion will do far worse than states that end abortion.

(There is much more in the 46 min. interview.)

Join Greg Hunter as he goes One-on-One with best-selling book author Jonathan Cahn to talk about his upcoming movie “The Harbingers of Things to Come” for 5.7.22.

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After the Interview:https

://usawatchdog.com/warning-signs-of-americas-destruction-jonathan-cahn/

See you on TUESDAY

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