MAY 10/ANOTHER GOLD/SILVER BASHING: GOLD DOWN $16.90 TO $1842.40//SILVER DOWN ANOTHER 40 CENTS TO $21.48//PLATINUM UP $4.40 TO $972.90//PALLADIUM UP $28.90 TO $2076.95//GOLD STANDING FOR MAY RISES BY A HUGE QUEUE JUMP OF 28,900 OZ: NEW STANDING 9.1259 TONNES//SILVER OZ STANDING REDUCES BY A SMALL EFP JUMP TO LONDON OF 5,000 OZ: NEW STANDING 28,125,000 OZ//COVID UPDATES: SHOCKING INCREASE IN RARE CHILDREN’S HEPATITIS (JAPAN AND TORONTO CANADA) ALL DUE TO PFIZER AND MODERNA CHILDREN’S VACCINE//COVID: CHINA//TESLA SHUTS DOWN DUE TO LACK OF PARTS//COVID AND VACCINE USA: FAUCI AND COLLINS RECEIVED A SECRET $350 MILLION FROM THE MULTINATIONALS//IRELAND’S ELECTION BRINGS SINN FEIN PARTY TO POWER AND THEY WILL WANT TO UNIFY THE COUNTRY//

May 10, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1842.40 down $16.90

SILVER: $21.48 DOWN  $.40

ACCESS MARKET: GOLD $1839.30

SILVER: $21.28

Bitcoin morning price:  $31,627 UP 781

Bitcoin: afternoon price: $31.424 UP 578

Platinum price: closing UP $4.40 to $972.90

Palladium price; closing UP $28.95  at $2076.95

END

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 EXCHANGE: COMEX

comex notices 0/0



NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT 0  NOTICE(S) FOR 0 OZ  (0.0  TONNES)

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

SILVER NOTICES: 

242 NOTICE(S) FILED 1,210,000   OZ/

total number of notices filed so far this month  3862  :  for 19,310,000  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 $16.90

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 6.10 TONNES FROM THE GLD

INVENTORY RESTS AT 1075.90 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 40 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 ROSE BY A GOOD SIZED  560 CONTRACTS TO 141,747   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE GAIN IN OI WAS ACCOMPLISHED DESPITE OUR STRONG $0.50 LOSS  IN SILVER PRICING AT THE COMEX ON MONDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.50) BUT WERE UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS  AS  WE HAD A VERY STRONG GAIN OF 2187 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 5,000 OZ E.F.P JUMP TO LONDON //NEW STANDING 28.125 MILLION OZ/ //  V)    GOOD SIZED COMEX OI GAIN/

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : 20

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 6 days, total 8768,  contracts:  43.840 million oz  OR 7.306 MILLION OZ PER DAY. (1461CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 43.840 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: 43.830 MILLION OZ//INCREASING AGAIN

RESULT: WE HAD A GOOD  SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 560 DESPITE OUR STRONG  $0.50 LOSS IN SILVER PRICING AT THE COMEX// MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 1627 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 5,000  OZ E.F.P JUMP TO LONDON//NEW STANDING 28.125 MILLION OZ//  .. WE HAD A VERY STRONG SIZED GAIN OF 2187 OI CONTRACTS ON THE TWO EXCHANGES FOR 10.935 MILLION  OZ DESPITE THE STRONG LOSS IN PRICE. 

 WE HAD 242  NOTICE FILED TODAY FOR  1,210,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 1531 CONTRACTS  TO 553,131 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:  –4121 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  FAIR SIZED DECREASE IN COMEX OI CAME WITH OUR STRONG LOSS IN PRICE OF $24.05//COMEX GOLD TRADING/MONDAY /.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 28,900 OZ//NEW STANDING 9.1259 TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF   $24.05 WITH RESPECT TO FRIDAY’S TRADING????

WE HAD A FAIR SIZED GAIN OF 3116  OI CONTRACTS (9.69 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED  4687 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 553,131.

IN ESSENCE WE HAVE A  STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3116, WITH 1531 CONTRACTS DECREASED AT THE COMEX AND 4687 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 3116 CONTRACTS OR 9.69 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4687) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (1531,): TOTAL GAIN IN THE TWO EXCHANGES  3116 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 28,900 OZ//NEW STANDING 9.1289 ///  3) ZERO LONG LIQUIDATION //.,4) FAIR SIZED COMEX  OI. LOSS 5) GOOD 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 :

20,935 CONTRACTS OR 2,093,500 OR 65.11  TONNES 6 TRADING DAY(S) AND THUS AVERAGING: 3489 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 65.11 TONNES

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

THUS EFP TRANSFERS REPRESENTS  65.11/3550 x 100% TONNES  1.83% 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:  65.11 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, ROSE BY A GOOD SIZED 560 CONTRACT OI TO 141,747 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 1627 CONTRACTS

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

MAY 1627  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 GAIN OF 560 CONTRACTS AND ADD TO THE 1627 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A VERY STRONG SIZED GAIN OF2187 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 10.935 MILLION OZ

OCCURRED DESPITE OUR LOSS IN PRICE OF  $0.50 .

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)TUESDAY MORNING// MONDAY  NIGHT

SHANGHAI CLOSED UP 31.70 PTS OR 1.06%   //Hang Sang CLOSED DOWN 368.27 PTS OR 1.84%    /The Nikkei closed DOWN 152.24 OR 0.58%          //Australia’s all ordinaires CLOSED DOWN 0.99%   /Chinese yuan (ONSHORE) closed up 6,7245    /Oil DOWN TO 101.42 dollars per barrel for WTI and down TO 104.85 for Brent. Stocks in Europe OPENED  ALL green       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7245 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7487: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER//

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 FAIR SIZED 21531 CONTRACTS TO 553,131  AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX DECREASE OCCURRED DESPITE OUR  LOSS OF $24.05 IN GOLD PRICING MONDAY’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 GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED  TOTAL OF 3116 CONTRACTS IN THAT 4687 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI LOSS OF 1531  CONTRACTS..AND  THIS LOSS OCCURRED WITH  OUR LOSS IN PRICE OF GOLD $24.05

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (9.1259),

 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: 9.1259 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $24.05) BUT  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS// AS WE HAVE  REGISTERED A FAIR SIZED GAIN  OF 9.67 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAY (9.1259 TONNES)

WE HAD 4121 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3116 CONTRACTS OR 311,600 OZ OR 9.69 TONNES

Estimated gold volume today: 335,792/// good

Confirmed volume yesterday:295,347 contracts  good

INITIAL STANDINGS FOR MAY ’22 COMEX GOLD //MAY 10

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz5893.20 oz
Manfra
Brinks
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today0  notice(s)0 OZ
0 TONNES
No of oz to be served (notices)1022 contracts 102,200 oz3.1788 TONNES
Total monthly oz gold served (contracts) so far this month1912 notices
191,200 OZ
5.974 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 deposits

2 customer withdrawals:

i) Out of Brinks:  200.02 oz

ii) Out of Manfra 5693.19 oz

total withdrawal: 5893.20 oz

ADJUSTMENTS:   1  Manfra//dealer to customer 38,497.701 oz

2. Brinks: dealer to customer:  8862.591 oz  

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an  oi of 1022 contracts having GAINED 286 contracts

We had 3 notices filed on Monday, so we gained 289 contracts or  AN ADDITIONAL 28900 oz will stand for delivery in this non active delivery month of May.

June saw a loss of 31,450 contracts down to 350,976  contracts 

July has a gain of 4 OI to stand at 157

August has a gain of 28,567 contracts up to 147,144 contracts

We had 0 notice(s) filed today for  0 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 0 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and   0 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 1022  CONTRACTS ) minus the number of notices served upon today  0 x 100 oz per contract equals 293,400 OZ  OR 9.1259 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+   (1022)  OI for the front month minus the number of notices served upon today (0} x 100 oz} which equals 293,400 oz standing OR 9.1259 TONNES in this NON   active delivery month of MAY.

TOTAL COMEX GOLD STANDING:  9.1259 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:  36,037,873.935 OZ 

TOTAL ELIGIBLE GOLD: 18,195,207.086  OZ

TOTAL OF ALL REGISTERED GOLD: 17,842,686.869 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,901,060.0 OZ (REG GOLD- PLEDGED GOLD)  

END

MAY 2022 CONTRACT MONTH//SILVER//MAY 10

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,189,136.690  oz
Brinks
CNT
Manfra
JPMorgan
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventorynil oz
No of oz served today (contracts)242CONTRACT(S)
1,210,000  OZ)
No of oz to be served (notices)1763 contracts 
(8,815,000 oz)
Total monthly oz silver served (contracts)3862 contracts
 19,310,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 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 1 deposits into the customer account

ii) Into CNT:  1,185,586.310 oz

total deposit:  1,185,586.310    oz

JPMorgan has a total silver weight: 177.173 million oz/336.933 million =52.56% of comex 

 Comex withdrawals: 3

i) Out of JPMorgan  587,800.400 oz

ii) Out of CNT::  3973.400 oz

iii) Out of Manfra: 373,393.400 oz

iv) Out of Brinks 223,969.490 o

total withdrawal 1,189,136.690    oz

2 adjustments: 

customer to dealer HSBC  1189,050.100 oz

dealer to customer /JPMorgan 726,199.500 oz  

the silver comex is in stress!

TOTAL REGISTERED SILVER: 81.530 MILLION OZ

TOTAL REG + ELIG. 336.933 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY OI: 2005 HAVING LOST 1 CONTRACT.  WE HAD 0 NOTICES FILED ON MONDAY

SO WE LOST 1  CONTRACTS OR AN EFP JUMP OF 5,000

JUNE HAD A LOSS OF 90 TO STAND AT 1491

JULY HAD A GAIN OF 568 CONTRACTS UP TO 115,209 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 242 for 1,210,000 oz

Comex volumes: 69,984// est. volume today//   good

Comex volume: confirmed yesterday: 85,841 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 3862 x 5,000 oz = 19,310,000 oz 

to which we add the difference between the open interest for the front month of MAY(2005) and the number of notices served upon today 262  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY./2021 contract month: 3862 (notices served so far) x 5000 oz + OI for front month of MAY (2005)  – number of notices served upon today (262) x 5000 oz of silver standing for the MAY contract month equates 28,125,000 oz. .

We LOST 1 contract or AN ADDITIONAL 5,000 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 10//WITH GOLD DOWN $16.90: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 6.10 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 1075.90 TONNES

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 WITHDRAWAL 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: 1075.90 TONNES

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

MAY 10.//WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.977 MILLION OZ//

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

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

PAM AND RUSS MARTENS

-END-

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

Lebanon has most of its gold in the Federal Bank of NY.  Good luck to them if they want their physical bars back

(Ronan Manly/Bullionstar/GATA)

Ronan Manly: Lack of audits undermines Lebanon’s claim to be Middle East gold heavyweight

Submitted by admin on Mon, 2022-05-09 17:06Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Monday, May 9, 2022

With claimed gold reserves of 286 tonnes, Lebanon’s central bank — Banque du Liban — trumpets itself as being one of the Middle East’s largest sovereign gold holders. In fact, on a regional basis, only the claimed gold reserves of Saudi Arabia are larger.

Indeed, Banque du Liban governor Riad Salameh made this very claim as recently as April 8 to Egypt’s Middle East News Agency, saying that Lebanon has the second largest gold reserves across the Middle East and North Africa

However, what Salameh didn’t mention in his interview is that the portion of Lebanon’s gold claimed to be held in Beirut has not been audited for at least 30 years or even longer, nor did he clarify anything about the remainder of Lebanon’s gold which is said (by a media narrative) to be held in the  of that veritable and ever trustworthy privately-owned institution, the Federal Reserve Bank of New York.

In fact, given the choice, it’s difficult to say which is worse — not being able to prove a claim that you have hundreds of tonnes of gold stored domestically, or not being able to prove if the other hundreds of tonnes of gold you claim were entrusted to the New York Fed are actually still there. But unfortunately for the citizens of Lebanon, the Lebanese central bank ticks both boxes.

But that’s just the beginning, because the situation on the ground is even murkier. …

… For the remainder of the analysis:

https://www.bullionstar.com/blogs/ronan-manly/lack-of-audits-undermine-lebanons-claim-to-be-middle-east-gold-heavyweight/

end

Chris Powell puts Bloomberg’s Dillian in his proper place.  Dillian is confused by gold’s “strange behaviour”

Chris Powell/Dillian/Bloomberg

Gold’s ‘strange behavior’ explained once more for Bloomberg News

Submitted by admin on Mon, 2022-05-09 09:18Section: Daily Dispatches

Monday, May 9, 2022

Jared Dillian
c/o Bloomberg News, New York

Dear Mr. Dillian:

This is in response to your commentary today at Bloomberg about gold’s “strange behavior”:

https://www.bloomberg.com/opinion/articles/2022-05-09/personal-finance-gold-s-strange-behavior-shows-it-s-no-haven

You write that “lots of smart and very rational people believe that the price of gold is manipulated.” But it’s more than that. People believe this not so much because they are “smart and very rational” as because it has been extensively documented, as by my organization, the Gold Anti-Trust Action Committee Inc.GATA long has detailed the U.S. government and allied government policy of constantly intervening, largely surreptitiously, against the monetary metal’s price through various mechanisms, primarily involving the futures markets and derivatives. An extensive summary of the price suppression and its objectives can be found here:


https://gata.org/node/20925

Mainstream financial news organizations, including Bloomberg, assist this policy by refusing to acknowledge and report the documentation and to question government agencies about the intervention, no matter how obvious the intervention becomes.

For example, please note that the U.S. Commodity Futures Trading Commission refuses to answer whether it has jurisdiction over manipulative futures trading undertaken by or at the behest of the U.S. government or whether such trading is authorized by the Gold Reserve Act of 1934 as amended since then. The CFTC has refused to answer this question not only for my organization but also for a member of Congress, U.S. Rep. Alex Mooney, R-West Virginia.

Refusing to answer it for you and Bloomberg, an international news agency, might be more of a problem.

Additionally, CME Group, operator of the major U.S. futures exchanges, maintains, in plain sight, a special mechanism for official but surreptitious manipulation of all its futures markets, its Central Bank Incentive Program. 

I know that pursuing such matters might pose risks for market analysts like yourself. But it would be public service on behalf of free and transparent markets, limited and accountable government, and fairness among nations, as well as fairness to ordinary investors.

Of course I’d be glad to provide more information.

Thanks for your consideration.

With good wishes.

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

end

4.OTHER GOLD/SILVER COMMENTARIES

end

5.OTHER COMMODITIES //DIESEL

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 TUESDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.7245

OFFSHORE YUAN: 6.7487

HANG SANG CLOSED DOWN 368.27 PTS OR 1.84% 

2. Nikkei closed DOWN 152.24 OR 0.58%

3. Europe stocks  ALL CLOSED  ALL GREEN

USA dollar INDEX  UP TO  103.84/Euro FALLS TO 1.0565

3b Japan 10 YR bond yield: RISES TO. +.245/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 129.95/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 UP /JAPANESE Yen UP CHINESE YUAN:   DOWN -SHORE CLOSED  UP//  OFF- SHORE  UP

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 FALLS TO +1.044%/Italian 10 Yr bond yield FALLS to 3.06% /SPAIN 10 YR BOND YIELD FALLS TO 2.19%…

3i Greek 10 year bond yield FALLS TO 3.58

3j Gold at $1861.90 silver at: 21.93  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 101 dollar handle for WTI and  104 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 129.95 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 .9935– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0497well 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: 3.005 DOWN 7 BASIS PTS

USA 30 YR BOND YIELD: 3.140 DOWN 7 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 15.24

Futures Dead Cat Bounced As BTFDers Emerge On Turnaround Tuesday

TUESDAY, MAY 10, 2022 – 07:57 AM

The relentless rout that erased $3.4 trillion from the Nasdaq 100 in the past month paused on Turnaround Tuesday as battered tech valuations attracted scattered dip buyers, but nothing like the full-throttled BTFD buying parade observed in months gone by. Futures on the tech-heavy gauge advanced as much 1.4% as bargain hunters returned after the Nasdaq 100 slumped to the lowest since November 2020 on Monday, capping three days of major losses. S&P 500 futures were 0.7% higher to 4,016 after rising as much as 1.2% earlier but also after plunging to as low as 3,961.

After rising as high as 3.20% on Monday, 10-year Treasury yields dropped for a second day, sliding below 3.0% and providing further relief to technology shares. The dollar erased a loss and Treasuries edged higher, signaling the return of some haven demand amid nervousness over the path of Federal Reserve policy. European bonds rallied.

The Nasdaq’s 14-day relative-strength index (RSI) closed at 33 on Monday, getting closer to the level of 30, which to some analysts indicates a security is oversold and is poised to rise. Another sharp selloff “seems unlikely without an external trigger,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. “Nevertheless, as long as the problems persist, we do not expect a big recovery and have used the relief rally to move our equity exposure to neutral.”

Indeed, traders have been caught between stubbornly high inflation that erodes asset values and central-bank tightening that threatens to slow economic growth, or even push some nations into recession. Recent U.S. data suggesting the Federal Reserve will stay on an aggressive rate-hike path have sparked the latest bout of risk-off trades. Fresh outbreaks of Covid in China, and the nation’s stringent measures to control them, have worsened sentiment.

“For now, investors need to be prepared for continued volatility,” UBS Global Wealth CIO Solita Marcelli wrote in a note. She added “sentiment is bearish” but not capitulating.

In premarket trading, electric vehicle makers are up, with Tesla, Rivian and Lucid set to rebound after losing $188 billion in three days. AMC Entertainment is 6.4% higher after reporting better-than-expected quarterly results as hits like “Spider-Man: No Way Home” lured people back to movie theaters. Bank stocks edge higher in premarket trading amid a broader rebound for equity markets after Monday’s rout. S&P 500 futures are up about 0.8% this morning, while the U.S. 10-year yield retreats for a second day to sit at roughly 3%. In corporate news, BlackRock said it won’t support efforts by shareholders who try to micromanage companies on climate change. Meanwhile, Bitcoin rebounded back above $30,000 after briefly sinking below the closely watched level.

Here are some of the biggest U.S. movers today:

  • Most large cap U.S. technology and internet stocks rose in premarket trading, on course to recoup some of the heavy losses they suffered in a steep selloff over the last three sessions. Apple (AAPL US) is up 1.2%, Microsoft (MSFT US) +1.2% and Meta (FB US) +2.8%.
  • AMC Entertainment (AMC US) is up 3.8% in premarket trading after reporting better-than-expected quarterly results as hits like “Spider-Man: No Way Home” lured people back to movie theaters.
  • Electric vehicle makers Tesla (TSLA US), Rivian (RIVN US) and Lucid (LCID US) are rebounding after losing $188 billion in three days of heavy selling in technology and growth stocks.
  • Shockwave Medical (SWAV US) may move after it raised its revenue guidance for the full year, with analysts saying that the company’s performance was boosted by its coronary business. Shares rose 11% in extended trading on Monday.
  • Upstart Holdings (UPST US) shares plunge 48% in premarket trading after the cloud-based artificial intelligence lending platform cut full- year revenue guidance on macro uncertainties. Piper Sandler cut the stock to neutral.
  • Novavax (NVAX US) is down 21% premarket, with analysts saying that the biotech firm’s revenue for the first quarter missed expectations.
  • Plug Power (PLUG US) shares are 5.6% lower premarket after the fuel cell company reported net revenue for the first quarter that missed the average analyst estimate, with KeyBanc noting pressure on margins and higher costs.
  • Video game stocks may move after Sony’s earnings fell short of estimates amid supply constraints and component shortages. Watch shares in Activision Blizzard (ATVI US), Electronic Arts (EA US) and Take-Two Interactive (TTWO US).

U.S. stocks and particularly the Nasdaq 100 have been crushed this year (amid a tireless tirade from JPM’s Marko Kolanovic to buy each and every dip) as investors fret over recession risks from the Federal Reserve embarking on aggressive monetary tightening amid surging inflation. In the latest policy comments, Atlanta Fed President Raphael Bostic said he favors continuing to raise rates by half-point moves rather than anything larger. He said the odds for a 75-basis-point hike are low but added he’s taking nothing off the table.

European stocks trade well, with most cash indexes gaining over 1% to recover roughly half of Monday’s losses when the index slumped to its lowest level in two months. Euro Stoxx 50 rose as much as 1.75%, FTSE MIB outperforms slightly, FTSE 100 lags but still adds 1%. Construction, banks and autos lead broad-based Stoxx 600 sectoral gains. The Stoxx 600 energy sub-index edges lower, being one of the worst-performing sectors in a rising broader market for European stocks, as oil keeps falling. Shell declines as much as 1.5%, TotalEnergies SE -1.6%, Equinor -4.5%. Here are some of the biggest European movers today:

  • Luxury stocks such as Kering (+0.5%) and Watches of Switzerland (+4.2%) rebounded after the declines of the previous sessions, with investors hopeful that the Covid-19 situation in the key market of China may be slightly improving.
  • Hermes rises as much as +1.6%, LVMH +2.4%
  • Airbus gains as much as 3.7% in Paris trading after being raised to buy from hold at Societe Generale, with the broker highlighting the planned production ramp-up of the “highly profitable” A320 family.
  • Swedish Match rises as much as 28% after Philip Morris International said it’s in talks to buy the company. While a deal would make strategic sense, a counter-bid can’t be ruled out, analysts said.
  • Centrica climbs as much as 6.5%, the most since Feb. 25, after the company guided adjusted earnings per share to be at the top end of the consensus range.
  • Euroapi soars as much as 9.5% after the Sanofi spinoff is initiated with a buy recommendation and EU20 price target at Deutsche Bank, which sees “good value” and an attractive business.
  • E-commerce stocks rise in Europe, with many outperforming the benchmark Stoxx 600 Index, buoyed by dip buyers returning to growth and technology shares that have been battered this year.
  • Zalando up as much as 4.9%, Home24 +12%, Moonpig +3.6%

Earlier in the session, Asian stocks extended their decline to a seventh day as the specter of rapid credit tightening in the U.S. and protracted lockdowns in Chinese cities prompted some investors around the region to reduce holdings of riskier assets.  The MSCI Asia Pacific Index fell as much as 2.1% to its lowest level since July 2020, weighed down tech shares after a three-day selloff in the Nasdaq 100. Hong Kong’s Hang Seng Index ended 1.8% lower as the market reopened after a holiday, though benchmarks in mainland China rebounded from early-trading lows on hopes for easier monetary conditions.

  • MSCI Asia Pacific Index down 0.7%
  • Japan’s Topix index down 0.9%; Nikkei 225 down 0.6%
  • Hong Kong’s Hang Seng Index down 1.8%; Hang Seng China Enterprises down 2.2%; Shanghai Composite up 1.1%; CSI 300 up 1.1%
  • Taiwan’s Taiex index up 0.1%
  • South Korea’s Kospi index down 0.5%; Kospi 200 down 0.5%
  • Australia’s S&P/ASX 200 down 1%; New Zealand’s S&P/NZX 50 down 1.3%
  • India’s S&P BSE Sensex Index down 0.2%; NSE Nifty 50 down 0.4%

“There’s nowhere to escape so it’s pretty tough,” said Yuya Fukue, a trader at Rheos Capital Works. “Economic data appears to be deteriorating of late, though that has seemed to have gone little noticed while the markets were so focused on the Fed’s policy. It feels as if the game is changing.” Among Chinese tech giants, Alibaba tumbled 4.8% in Hong Kong, while Tencent dropped 2.3%. Regional declines were broad, with investors dumping even this year’s star energy shares as oil prices eased.  Singapore’s Straits Times Index and Australia’s S&P/ASX 200 both dropped about 1%. The Philippine benchmark ended 0.6% lower, recovering after skidding more than 3%, after Ferdinand Marcos Jr. won a landslide victory in the country’s presidential election. Mainland Chinese shares closed higher after the People’s Bank of China repeated a pledge to proactively address mounting economic pressure and highlighted a drop in deposit rates, which could spur banks to lower the cost of borrowing for the first time in months. “The market was a bit oversold. In addition, PBOC is also mentioning a drop in deposit rates, raising expectations of more room for banks to increase lending,” said Aw Hsi Lien, a strategist at Tokai Tokyo Research.

India’s benchmark equity index slipped to a two-month low amid a weaker trend in Asia as surging oil prices and inflationary pressures weighed on investor sentiment. The S&P BSE Sensex fell 0.2% to 54,364.85 in Mumbai, after swinging between gains and losses several times during the session. The NSE Nifty 50 Index slipped 0.4% to 16,240.05. This is the third consecutive session of declines for the key indexes.  Sixteen of the 19 sector sub-indexes compiled by BSE Ltd. dropped, led by metal stocks. Reliance Industries Ltd. slipped 1.7% to a seven-week low and was the biggest drag on the Sensex, which saw 18 out of its 30 member-stocks trading lower.   In earnings, among the 27 Nifty 50 companies that have announced results so far, 10 have missed estimates while 17 either exceeded or met forecasts. 

In FX, the Bloomberg Dollar Spot Index fell 0.1% after climbing to a two-year high on Monday, and the greenback was steady or weaker against all of its Group-of-10 peers. The euro consolidated and the region’s yields fell as Italian bonds led an advance. The pound was steady against both the dollar and euro while gilts outperformed peers. Domestic focus is on the Queen’s speech laying out the government’s agenda for the next parliamentary session and Brexit risks after reports the U.K. is preparing to scrap parts of the Northern Ireland protocol. U.K. retail sales are falling on an annual basis for the first time since the start of last year as the cost of living crisis crushes consumer confidence and puts the brakes on spending. Scandinavian currencies led gains among G-10 pairs after both currencies fell to the weakest level in around two years versus the dollar on Monday. The Australian and New Zealand dollars also bounced off two-year lows as stock indexes trimmed an intraday decline. Aussie’s gains were tempered as iron ore fell for a third day to bring the three-day slide to about 15%. The yen edged lower as Treasury yields recovered from a sharp overnight drop. Bonds pared earlier gain after the 10-year debt sale. Bank of Japan Executive Director Shinichi Uchida says that widening the central bank’s yield target band would be equivalent to a rate hike and wouldn’t be favorable for Japan’s economy

In rates, Treasuries rose in early U.S. trading with belly leading gains and the curve flattening modestly after Monday’s bull-steepening. Yields are richer by ~4bp across in belly of the curve, steepening 5s30s spread by ~3bp as long-end yields lag; 10-year trading just around 3%, richer by ~3bp on the day, trailing gilts by ~7bp in the sector. Core European rates outperform led by gilts while stocks and U.S. futures recover a portion of Monday’s steep losses. Bunds bull-flatten, while peripheral spreads tightened to Germany with short-dated BTPs outperforming. Treasury auction cycle begins with 3-year note sale, and several Fed speakers are slated. U.S. new-issue auction cycle consists of $45b 3-year note, followed by 10- and 30-year sales Wednesday and Thursday. WI 3-year yield ~2.800% is higher than auction stops since 2018 and ~6bp cheaper than last month’s, which stopped through by 0.1bp. Three-month dollar Libor +0.13bp at 1.39986%

In commodities, crude futures are choppy, WTI dips back into the red having stalled near $104. The outlook for crude remains clouded after the European Union softened some proposed sanctions on Russia. In cryptocurrencies, Bitcoin traded near $31,300 after earlier sliding below $30,000. Spot gold rises ~$9 near $1,863/oz. Much of the base metals complex trades poorly. LME copper outperforms, holding in the green but off best levels after a test of $9,400/MT.

Bitcoin reclaimed the $31K handle, but is yet to make a concerted move higher.

Looking ahead, we get the April NFIB Small Business Optimism print (93.2, Exp. 92.9), Chinese M2, Speeches from Fed’s Williams, Waller, Bostic, Barkin, Kashkari, Mester, ECB’s de Guindos & BoE’s Saunders, Supply from the US. Earnings from Norwegian Cruise Line & Warner Music. Biden speaks on soaring inflation at 11am EDT. Biden will also meet with Italian Prime Minister Draghi at the White House, and the UK state opening of Parliament is taking place, where the government outlines its legislative programme for the year ahead. Of course, the big event is tomorrow morning when the US CPI print comes.

Market Snapshot

  • S&P 500 futures up 1.1% to 4,031.75
  • STOXX Europe 600 up 1.2% to 422.32
  • MXAP down 0.8% to 159.98
  • MXAPJ down 0.8% to 523.71
  • Nikkei down 0.6% to 26,167.10
  • Topix down 0.9% to 1,862.38
  • Hang Seng Index down 1.8% to 19,633.69
  • Shanghai Composite up 1.1% to 3,035.84
  • Sensex up 0.4% to 54,674.30
  • Australia S&P/ASX 200 down 1.0% to 7,051.16
  • Kospi down 0.5% to 2,596.56
  • German 10Y yield little changed at 1.07%
  • Euro little changed at $1.0564
  • Brent Futures up 0.8% to $106.83/bbl
  • Gold spot up 0.5% to $1,862.69
  • U.S. Dollar Index little changed at 103.65

Top Overnight News from Bloomberg

  • The EU is considering the issuance of joint debt to finance Ukraine’s long-term reconstruction, which may end up costing hundreds of billions of euros, according to an EU official familiar with the plan
  • China’s provinces are set to sell a historic amount of new special bonds by the end of June as part of an infrastructure investment push intended to rescue an economy stymied by Covid outbreaks and lockdowns
  • Hungarian Prime Minister Viktor Orban’s talks with the head of the EU about proposed sanctions on Russian oil imports made progress, but failed to reach a breakthrough, according to both sides
  • Investor confidence in Germany’s pandemic rebound improved, but remained deeply negative as the war in Ukraine darkens the outlook for Europe’s largest economy. The ZEW institute’s gauge of expectations rose to -34.3 in May from -41 the previous month, defying expectations for a third straight deterioration. An index of current conditions worsened
  • Saudi Arabia’s oil minister warned that spare capacity is decreasing in all sectors of the energy market, as prices of products from crude to diesel and natural gas trade at or near multi-year highs in the wake of Russia’s invasion of Ukraine

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks were mostly negative after the resumed sell-off on Wall St where the S&P 500 slipped beneath the 4,000 level for the first time since March 2021. ASX 200 briefly gave up the 7,000 status with notable underperformance in the energy and mining-related sectors. Nikkei 225 slumped from the open although moved off its lows as participants digested stronger than expected Household Spending data and after BoJ’s Uchida dismissed the prospects of a tweak to the BoJ’s 50bps yield target band. Hang Seng and Shanghai Comp both initially joined in on the selling with heavy losses in the tech sector contributing to the underperformance in Hong Kong on return from the extended weekend, although the downside in the mainland was later reversed after the recent policy support efforts by China’s MIIT and CBIRC.

Top Asian News

  • China Tech Stocks Slide as Growth Woes, Global Rout Grip Traders
  • Investor’s Guide to the 2022 Philippine Presidential Election
  • ArcelorMittal Evaluating Bidding for ACC, Ambuja: ET Now
  • Philippine Stocks Fall as Traders Weigh Marcos Win, Global Rout

European equities feel some reprieve following the prior session’s selloff; Euro Stoxx 50 +1.2%. Relatively broad-based gains are seen across the majors with some mild underperformance in the FTSE 100. Sectors show some of the more defensive sectors at the bottom of the bunch – alongside energy – whilst Construction, Autos, Banks, and Industrial Goods reside as the current winners. US equity futures are firmer across the board, ES +1.0%, with the NQ narrowly outpacing peers after underperforming yesterday.

Top European News

  • Russian Gas Flows to Europe Remain Steady on Key Links
  • Highest Inflation in Three Decades Boosts Czech Rate Hike Case
  • BPER Banca Soars After Earnings Beat, With Fees as Highlight
  • Russia’s Economy Facing Worst Contraction Since 1994

FX

  • The Dollar retains a firm underlying bid ahead of another slew of Fed speakers; risk sentiment remains fluid and fragile.
  • The Swiss Franc has hit a fresh 2022 peak vs the Greenback; USD/JPY is consolidating around 130.00.
  • EUR/USD was unfazed by mixed German ZEW data but later lost ground under 1.0550.
  • Cable rotates either side of 1.2350 awaiting Brexit/N. Ireland news, further political fallout and more comments from BoE hawk Saunders.
  • Crude and commodity FX have gleaned a degree of traction from partial recoveries or stabilisation in underlying prices.
  • CBRT and regulator have asked banks to undertake FX transactions with corporate clients between 10:00-16:00, when the market is liquid, via Reuters citing bankers.

Fixed Income

  • Core benchmarks bounce further after a brief breather early on, with little in way of fresh fundamentals behind the upside.
  • Initial highs were faded pre-UK/German issuance; once this cleared, Bunds and Gilts lifted to 152.50+ and 119.00+ peaks.
  • Stateside, USTs are bolstered but far from best, with the curve re-flattening into today’s 3yr sale and yet more Fed speak.

Commodities

  • Crude futures have come under renewed pressure in recent trade after seeing some gains in the European morning.
  •  
  • The initial downside coincided with the mixed Germany ZEW reports alongside the downbeat commentary from Hungary regarding an imminent oil ban; albeit, benchmarks are off overnight USD 100.44/bbl and USD 103.19/bbl respective lows.
  • Saudi Energy Minister says it is “mind-boggling” why focus is on high oil prices and not on gasoline, diesel or others. World needs to wake up to an existing reality that it is running out of energy capacity at all levels, via Reuters.
  • UAE Energy Minister says oil prices could double or triple in “chaotic” market.
  • US officials reportedly asked Brazil’s Petrobras in March to boost output, but it the oil Co. said it could not, according to Reuters sources.
  • China’s Shenghong Petrochemical has started a trial operation at its (320k BPD) greenfield refining complex in east China, according to Reuters sources.
  • Germany is said to be shifting away from plans for a strategic national coal reserve, according sources cited by Reuters.
  • Spot gold holds onto mild gains as DXY pulled back from the fresh YTD highs set yesterday.
  • LME futures post mild gains following yesterday’s downside with the market still looking somewhat fragile.

DB’s Jim Reid concludes the overnight wrap

It’s school photo day today. After discussing it with my kids last night I said to them that I’d dig out my old school photos so they could see me at school. Without hesitation and with a straight face Maisie said, “Are they in black and white Daddy?”. I was half amused and half depressed.

Markets are pretty black at the moment with little white on show. Actually the only bright colour is a sea of red. Indeed after a rocky few weeks in markets, there’s been a further rout over the last 24 hours as investor jitters about the global growth outlook have continued to escalate. There has been some respite in Asia but markets remain very shaky. There wasn’t really a single catalyst to yesterday’s steep declines, but ultimately there’s been a growing scepticism in markets as to whether the Fed and other central banks will actually be able to achieve a soft landing without a recession as they seek to bring down inflation. One interesting development though was that rates rallied as the equity slump intensified, rather than both selling off as has been the norm in recent weeks.

Although the day lacked a single catalyst, the bond market moves seem to turn around the same time as Atlanta Fed President Bostic spoke. He picked up where Chair Powell left things after last week’s press conference. Bostic signaled that +50bp hikes were part of his core view, placing low odds on anything larger, stating +50bp hikes were “already a pretty aggressive move.” Like other Fed speakers, he signaled a desire to get policy to neutral and then assess. While he isn’t a voter this year, his voice does carry weight at the hawkish end of the committee so the price action likely reflected the market believing that a consensus continues to build for 50bps, and not 75bps, even among the hawks.

Sovereign bonds were actually seeing a strong sell-off before his comments but rallied fairly fiercely from around the same time. 10yr Treasury yields hit an intraday high of 3.20% during the European morning (+7.5bps on the day) but ended up closing -9.3bps lower at 3.03%, showing that wide intraday ranges and volatility continue to grip the market. With the Fed continuing to put a perceived ceiling on the near-term pace of hikes, 2yr yields rallied -13.7bps on the day with the curve steepening another +5.3bps. The amount of Fed hikes priced in by the December meeting down by -15.5bps. As I type, 10yr US yields are fairly flat in Asia.

The move echoed in Europe, where 10yr bunds rallied -3.5bps to 1.09%. The broader risk-off move meant that there was a further widening in spreads yesterday, with the gap between Italian 10yr BTPs over bunds widening by +4.9bps to 205bps, which is the widest they’ve been since May 2020. And that widening was seen on the credit side as well, where iTraxx Main moved above 100bps for the first time since April 2020 in trading, before falling back somewhat to settle at 98bps (+1.4bps).

Against this backdrop, the S&P 500 fell by a sizeable -3.20% that takes the index to its lowest level in over a year. That comes on the backs of 5 consecutive weekly losses, which is already the longest run in over a decade, and given the performance yesterday it would take a strong comeback over the remaining four days this week to avoid that run extending to 6 weeks. See my Chart of the Day yesterday (link here) for more on how rare it has been to see an 11 year run without a 5 successive weekly decline.

Energy was the worst performing US sector, falling an astonishing -8.30%, in its worst one-day performance since June 2020, after the fall in oil (more below). The sector is still by far the best performing S&P sector YTD, up +36.79%, with every other sector in the red. Despite the rate rally, it was a bad day for mega-cap and other growth tech stocks. Indeed, the NASDAQ fell a further -4.29% to its lowest level since November 2020, whilst the FANG+ index of 10 megacap tech stocks fell an even larger -5.48%. For reference, that now takes the FANG+ index’s decline since its all-time high in November to a massive -38.22%. Even a high quality component like Amazon is now down -35.75% since March 29th and is pretty much back to pre-covid levels. Over the other side of the pond, Europe saw some sizeable declines as well, with the STOXX 600 down -2.90% to leave the index not far away from its recent lows in early March.

With the Fed set to continue their hiking cycle, just as the ECB are still pondering on when to even start hikes and China’s growth prospects are fading, the US dollar has continued to benefit. Yesterday, the Japanese Yen (+0.21% vs USD) was the top-performing G10 currency, in line with its traditional status as a safe haven, but Bitcoin continued to lose ground, falling to its lowest level since July last year, after falling to $31,562. It briefly fell below 30k this morning. It’s been interesting that Bitcoin is not getting much mention with all the inflationary issues seen in recent months. It seems to be suffering from a higher dollar, higher real yields and a tech related sell-off.

Markets continue to fall in Asia but US futures are up. Hang Seng (-3.06%) is the largest underperformer, but is paring its losses after falling more than -4% as the market returned after a holiday with the Chinese listed tech firms among the worst hit. Elsewhere, the Nikkei (-0.93%) and Kospi (-0.95%) are down. Meanwhile, mainland Chinese stocks are trading in positive territory with the Shanghai Composite (+0.17%) and CSI (+0.15%) somewhat recovering from opening losses. Looking ahead, S&P 500 (+0.56%), NASDAQ 100 (+0.92%) and DAX (+0.25%) futures are moving higher.

Early morning data showed that Japan’s household spending declined -2.3% y/y in March, its first drop in three months albeit the fall was less than -3.3% estimated by Bloomberg and followed +1.1% growth in February.

Back to inflation and one potentially problematic indicator came from the New York Fed’s latest consumer survey, which found that median inflation expectations for 3 years ahead rose to +3.9%, which is the highest since December, and up from +3.5% back in January. It’s still not as high as the +4.2% readings back in September and October, but will obviously be unwelcome news to the Fed whose path to a soft landing is in part reliant on inflation expectations remaining well anchored around target.

Turning to the situation in Ukraine, a key risk event yesterday had been Russia’s Victory Day parade, where it was speculated that President Putin would move towards a general mobilisation. However, in reality it finished with surprisingly little news, and whilst not showing a path towards de-escalation, didn’t move to escalate things further. Separately, it was reported by Bloomberg that the EU would soften its proposed sanctions package on Russian oil exports, with an article saying that they would drop the proposal to ban EU-owned vessels transporting Russian oil to third countries. The sanctions package has already come under criticism from some member states, and the article said that Hungary and Slovakia had been offered a longer time period lasting until end-2024 to comply with the proposals to ban Russian oil imports, with Hungary in particular saying more talks were needed to support oil-related sanctions. So with no further escalation and a softening in sanctions, oil prices fell back significantly amidst weak risk appetite more generally. Brent crude was down -5.74%, whilst WTI fell -6.09%, which follows 2 consecutive weekly gains for both. This morning oil prices are again lower with Brent and WTI futures -1.74% and -1.68% lower respectively.

To the day ahead now, and central bank speakers include the Fed’s Williams, Barkin, Waller, Kashkari and Mester, along with ECB Vice President de Guindos and Bundesbank President Nagel. Data releases include Italy’s industrial production for March and Germany’s ZEW survey for May. Finally on the political side, President Biden will meet with Italian Prime Minister Draghi at the White House, and the UK state opening of Parliament is taking place, where the government outlines its legislative programme for the year ahead.

3. ASIAN AFFAIRS

i)TUESDAY MORNING// MONDAY  NIGHT

SHANGHAI CLOSED UP 31.70 PTS OR 1.06%   //Hang Sang CLOSED DOWN 368.27 PTS OR 1.84%    /The Nikkei closed DOWN 152.24 OR 0.58%          //Australia’s all ordinaires CLOSED DOWN 0.99%   /Chinese yuan (ONSHORE) closed up 6,7245    /Oil DOWN TO 101.42 dollars per barrel for WTI and down TO 104.85 for Brent. Stocks in Europe OPENED  ALL green       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7245 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7487: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER//

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

END

3B  JAPAN

Now it is Japan’s turn to report more suspected cases of unexplained and rare acute hepatitis in children.  My guess is that all the children were vaccinated.

The spike protein attacks the liver

(Fredly/EpochTimes)

Japan Reports More Suspected Cases Of Unexplained Acute Hepatitis In Children

MONDAY, MAY 09, 2022 – 07:10 PM

Authored by Aldgra Fredly via The Epoch Times (emphasis ours),

At least seven possible cases of acute hepatitis—inflammation of the liver—in children have been identified in Japan, the Health Ministry said Friday, but the cause of the cases is yet unknown.A file image of a woman with a pushchair walking with children at a park in Tokyo. (Yoshikazu Tsuno/AFP via Getty Images)

The first case was reported on April 25, followed by the second on April 28. Four more possible cases were reported on May 6, the ministry said in a statement (pdf). The patients are all under the age of 16.

One of them tested positive for COVID-19, and another Adenovirus Type 1, the ministry said according to The Japan Times, without mentioning whether these were two separate people or one person who caught both viruses.

It stated that the seven recorded cases comprised children admitted to hospitals between October, 1. 2021 and May, 6. 2022, with some having already been discharged. None of the patients received a liver transplant.

The World Health Organization (WHO) told news outlets on May 3 that there were at least 228 probable cases of hepatitis worldwide in at least 20 countries, including Denmark, the United States, the United Kingdom, Italy, and France.

WHO stated on April 23 that the cases involved children aged one month to 16 years old, many of whom developed gastrointestinal symptoms, including abdominal pain, diarrhea, and vomiting preceding presentation with severe hepatitis and jaundice (yellowing skin and eyes).

The common viruses that cause acute viral hepatitis (hepatitis viruses A, B, C, D, and E) have not been detected in any of these cases. International travel or links to other countries based on the currently available information have not been identified as factors,” it said.

In Indonesia, a mysterious form of hepatitis has been linked to the deaths of three children ages two, eight, and 11, The Jakarta Post reported on May 3. The Health Ministry said the children developed diarrhea and jaundice, adding that the case was still under investigation.

The U.S. Centers for Disease Control and Prevention (CDC) said Friday that it was investigating more than 10 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 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.

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. UK officials 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.”

Jack Phillips contributed to this report.

3c CHINA

COVID/SHANGHAI/LOCKDOWNS

Tesla reportedly halts its Shanghai production again due to supply issues

(zerohedge)

Tesla Reportedly Halts Shanghai Production Again, This Time Due To “Issues With Supplies”

MONDAY, MAY 09, 2022 – 11:10 PM

No sooner did it seem Tesla got back up and running in Shanghai than its plant is apparently halting production yet again, according to an exclusive from Reuters late Monday night. The halt is due to “issues with supplies,” according to the report.

It comes just three weeks after the plant resumed production after shutting down due to Covid lockdowns. The plant was closed for a total of 22 days, Reuters noted. 

Shanghai is in its sixth week of lockdowns, the report notes, and as of now it is “unclear when the supply issues can be resolved and when Tesla can resume production”.

Wire harness maker Aptiv is one supplier who is currently facing issues due to “infections found among its employees”. 

Tesla had just started to eye resuming double shifts at its plant, we noted last Friday. The plant was making plans to “resume double shifts” at its Shanghai factory as soon as mid-May after starting back up in mid April. 

Upon the April restart, workers were living on site to reduce Covid risk. Workers returned to work under this system were working 12 hour shifts, six days a week, we wrote. 

Management had been “canvassing the willingness of staff to leave their residential compounds” and “looking at daily door-to-door shuttle buses that would allow some workers to return home after their shift rather than sleep at the factory”. 

We’re guessing that plans for the double shifts have likely been shelved for the time being…

We also wrote on Friday that the plant had “remained challenged” by parts shortages, pushing back waits for new Model 3 Teslas to 20 to 24 weeks, instead of their normal wait time of 4 to 6 weeks. 

Recall, back on April 19, we wrote that Shanghai had re-opened. Additionally, we noted days ago that Elon Musk was eerily quiet about China’s lockdowns, after in 2020, Musk slammed stay-at-home orders in the U.S., labeling them “fascist”. Musk called shelter-in-place orders “forcibly imprisoning people in their homes against all their constitutional rights,” CNBC reported at the time.

END

CHINA//

4/EUROPEAN AFFAIRS//UK AFFAIRS/EU

IRELAND

With the election of Sinn Fein, Ireland is now one step closer to a unified Ireland

(zerohedge)

United Ireland On The Horizon? Sinn Féin Takes Control For First Time

TUESDAY, MAY 10, 2022 – 02:45 AM

For the first time since the first election of the Northern Ireland Assembly in 1998, the Irish nationalist party Sinn Féin has won more seats than any other party after the vote held on May 5.

Sinn Féin aims to reunify Northern Ireland with the Republic of Ireland and is now close to installing party vice-president Michelle O’Neill as first minister.

As Statista’s Martin Armstrong shows in the infographic belowSinn Féin were just the fourth most-popular party in 1998, taking 18 seats compared to the winning Ulster Unionist Party’s 28. Having established itself as the second largest party in the years since, 2022 represents the first time it has gained control of the most seats, and the first time a nationalist party has won since Northern Ireland was founded in 1921.

Infographic: United Ireland on the Horizon? Sinn Féin Takes Control For First Time | Statista

You will find more infographics at Statista

So does this mean we are now a significant step closer to a united Ireland?

O’Neill avoided focusing on this issue during campaigning, instead choosing to prioritize the cost of living crisis. Before we see what her focus is while in office though, the parties have to form an Executive – something which the opposition unionist party the DUP has indicated it may not do with a nationalist first minister such as O’Neill. If no government is formed within six months, new elections will have to take place.

What this election does signify however, is a shift towards nationalist politics in Northern Ireland.

END

EU/UKRAINE

Now its Europe’s turn to launder money through the Ukraine.  They plan on issuing $15 billion in short term financing needs

(zerohedge)

European Commission Plans New EU Debt Issuance To Cover Ukraine’s Short-Term €15BN Financing Needs

TUESDAY, MAY 10, 2022 – 05:45 AM

The World Bank recently estimated that Russia’s ongoing bombardment of the country, which has lately appeared to focus on degrading the country’s rail and power infrastructure, has caused at least at least $60 billion in damage.

That “does not include the growing economic costs to Ukraine’s economy,” World Bank president David Malpass said weeks ago. Ukrainian President Volodymyr Zelensky had also at the time told a World Bank ministerial conference his country needs some $7 billion per month just to make up for the destruction, “And we will need hundreds of billions of dollars to rebuild all of this later.” And that doesn’t include what’s needed simply to keep state services afloat.Outside European Parliament 

Zelensky followed those comments by this month attempting to put a figure to the total that Ukraine needs, citing a ballpark $600 billion to rebuild. “I’m sure after victory we will do everything quite fast, and Ukraine will be more beautiful than before,” he remarked a week ago during a virtual appearance before The Wall Street Journal’s CEO Council Summit in London.

And then there’s much more short-term and immediately urgent matters of keeping up with public wages, pensions, and things like funding public facilities which receive the internally displaced, now estimated at over 7 million people.

Washington has been first out of the gate in pledging massive relief – to the tune of up to one third of the estimated €15 billion (or over $15.8 billion) needed just to cover Ukraine’s short-term financing needs over the next three months, according to a fresh IMF estimate.

Politico details in its latest reporting:

The United States has pledged to provide a third of that sum, which would leave €10 billion uncovered. The Commission briefed EU ambassadors Friday on a plan to bridge that gap, which would entail the Commission issuing debt on the back of guarantees provided by EU countries. That’s similar to the so-called SURE program used during the pandemic to raise funds for the short-term unemployed, the diplomats said.

At the time, the Commission asked €25 billion in guarantees to raise €100 billion.

One diplomat made the following observation to the publication: “Whenever there’s a problem with money, [the Commission] says SURE!”

Whether it’s the massive and unprecedented billions in military and humanitarian aid for Ukraine that Washington has already approved, or the €15 billion debt relief the EU is now mulling, the elephant in the room (and among mainstream media talking points that seems to have been forgotten) remains: whatever happened to what was for years widely understood as an assumed fact – the notorious corruption of Ukraine’s political class?

And now billions upon billions is set to flow through its coffers from the West. Add to this that in a time of war (as the recent examples of Afghanistan and Iraq have proven), huge sums of money and “aid” have a habit of going unaccountable and disappearing. 

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

/UKRAINE/USA/RUSSIA

Pentagon to give the Ukraine high precision laser guided rockets.  That should annoy Russia again

(zerohedge)

Pentagon To Give Ukraine High-Precision Laser-Guided Rockets

MONDAY, MAY 09, 2022 – 06:50 PM

On Monday The Washington Post is reporting that for the first time the Pentagon will provide Ukrainian forces “high-precision laser-guided weapons” as part of the recently approved mammoth arms package amid Russia’s invasion.

As expected, defense contractors will continue seeing a windfall of profits: “The Pentagon is expanding delivery of commercially available weapons and military equipment to Ukraine, detailing on Friday its $136 million in purchases of aerial drones, laser-guided rockets, binoculars and other items set for shipment soon.”File image: Defence & Security Monitor

The WaPo details further that “The weapons and equipment, to be purchased from U.S. companies, represent a separate category of military assistance than the vast quantities of armaments that the United States already has provided Ukraine from existing Pentagon stocks.”

Pentagon undersecretary for acquisition and sustainment Bill LaPlante has vowed to utilize “all available tools to support Ukraine’s armed forces in the face of Russian aggression.”

This is but the latest in the ramped-up continuing saga of it’s not a proxy war simply because we insist it’s not a proxy war… Many Western military analysts have pointed to the game-changing nature of US weapons and intelligence-sharing on the Ukraine battlefield, saying it’s greatly slowed and even stalled the Russian advance, also in the east, where Russian forces have focused their current objective on taking the Donbas.

According to further details of a system called the “advanced precision kill weapon system”:

This round includes $22.6 million worth of 70mm rockets — known as the advanced precision kill weapon system — that can be fired from helicopters

the advanced precision kill system, for instance, works by converting low-cost ammunition into guided weapons. U.S. forces have used it to supplement the firepower inherent to a variety of aircraft, including helicopters and fighter jets.

Below: what was reported as of last week, part of the massive US weapons pipeline to Kiev. Infograph: Breaking Defense

Last month Defense Secretary Lloyd Austin bluntly admitted of US policy aims in Ukraine: “we want to see Russia weakened to the degree it cannot do the kinds of things that it has done in invading Ukraine.” He also sought to stress before the American public during an interview that the US is not fighting a “proxy war”. However, there’s clearly a contradiction in these two statements, especially given Biden administration actions in the form of unprecedented military assistance

end

 /UKRAINE//USA/RUSSIA

Now the anxious Democrats are rushing to advance $40 billion to Ukraine and this is after the 33 billion dollar request.

How much of this is being laundered back to the uSA

(zerohedge)

Dems Ditch COVID Funds To Rush $40 Billion To Ukraine

MONDAY, MAY 09, 2022 – 10:30 PM

Congressional Democrats are rushing forward to whip up $39.8 billion in additional Ukraine aid, after agreeing to drop a a proposal for additional COVID-19 related funding they planned to combine.

The package, which tops President Joe Biden’s $33 billion request in April, could receive a House vote as soon as Tuesday, with Senate Democrats indicating that they are prepared to move swiftly according to Reuters.

Biden on April 28 asked Congress for $33 billion to support Ukraine, including more than $20 billion in military assistance. That proposal was a dramatic escalation of U.S. funding for the war with Russia. read more

The new proposal includes an additional $3.4 billion for military aid and $3.4 billion in humanitarian aid, the sources said. -Reuters

While emergency aid for Ukraine has had bipartisan support for weeks, disputes over domestic funds for pandemic relief, or whether stiffer immigration controls should be included, have delayed the process.

“We cannot allow our shipments of assistance to stop while we await further congressional action,” read a statement from President Biden, who called on lawmakers to expedite the funding so he could sign it within the next few days.

The urgency comes after Secretary of State Antony Blinken and Defense Secretary Lloyd Austin sent a letter to House Speaker Nancy Pelosi and top House Republican Kevin McCarthy begging for the funds, which they said would run out in two weeks.

“We need your help” wrote Austin and Blinken, who said there was ‘only’ $100 million left from a presidential authorization of weapons (which required no congressional approval).

“We expect to exhaust that authority no later than May 19, 2022,” the letter continues.

Senate Republican Leader Mitch McConnell told reporters he was pleased the Ukraine assistance was decoupled from COVID-19 aid. He had advocated for a “clean” Ukraine bill repeatedly in speeches in the Senate. -Reuters

Some Democrats, such as #2 Senator Dick Durban, weren’t happy with the decision.

“It would have been so much better for us to protect the United States as well as worked to protect Ukraine,” said Durban, adding that separating Ukraine aid from COVID-19 aid “doesn’t help. Putting those two together would have been a positive.”

Biden owned stripping the COVID relief from the bill, saying on Monday that he was advised it would slow down action “on the urgently needed Ukrainian aid.”

END

UKRAINE/ODESSA/RUSSIA

Odessa is now under attack from the Russians

(zerohedge)

Ukraine Says Russia Has Unleashed Hypersonic Missiles On Odessa 

TUESDAY, MAY 10, 2022 – 02:29 PM

With Mariupol having been taken by Russian forces, (with the exception the Azovstal iron and steel works plant where a few hundred Azov fighters are still under siege), Russian missiles began pounding Odesa in the overnight and early Tuesday morning hours.

“Buildings in the southern Ukrainian port city of Odessa lay in ruins as firefighters battled blazes into the early hours on Tuesday, a day after Russian forces pounded the port with missiles and President Vladimir Putin led defiant celebrations marking the Soviet’s victory over Nazi Germany in World War II,” Reuters observed. 

Ukraine’s armed forces subsequently announced that a volley of seven missiles hit a shopping center and depot, killing at least one and injuring five.

Since March local Ukrainian officials have expressed fear that Russia may try a naval landing at the major southern port city on the Black Sea. But now well over two months into the invasion, it seems Odesa in now the crosshairs – a city that’s home to Ukraine’s navy, and which has so far largely escaped direct heavy attack.

Odesa officials are now claiming that Russia launched hypersonic missiles on the city. “Ukraine alleged at least some of the munitions used dated back to the Soviet era, making them unreliable in targeting,” the latest Associated Press reporting begins, and adds:

“But the Center for Defense Strategies, a Ukrainian think tank tracking the war, said Moscow used some precision weapons against Odesa: Kinzhal, or “Dagger,” hypersonic air-to-surface missiles.

US and Ukrainian officials alleged back in mid-March that Russian forces had already deployed hypersonics on a limited basis. President Biden had also at the time said “it’s almost impossible to stop it. There’s a reason they’re using it.”

And according to CNN, “the UK defense ministry has previously said the Kinzhal missile is really just an air-launched version of the Iskander short-range ballistic missile (SRBM), which Russia has used repeatedly in its war on Ukraine.” The missile’s advantage is that it’s too fast for any defense systems to intercept.

However, as for this latest accusation in Odesa, it’s as yet unverified that hypersonics were fired on the port city. Additionally the Russian side has yet to respond to the allegation and is not expected to as the invasion now focused on Ukraine’s east and south continues to unfold.

UKRAINE/RUSSIA EU GAS

EU Gas Futures Jump As Ukraine’s Grid Operator To Halt Russian Flows At Key Entry Point

TUESDAY, MAY 10, 2022 – 01:53 PM

Benchmark European natural gas futures jumped as much as 8% Tuesday after it was reported natgas flows into Ukraine at one key entry point from Russia would be halted. There are only two entry points, which means all natgas would be diverted to the second entry point. 

Ukraine’s Gas Transmission System Operator said it would no longer accept Russian gas transit via Sokhranivka beginning at 0700 local time on Wednesday. Mainly because it “repeatedly informed Gazprom about threats of transit due to the actions of the Russian-controlled occupation forces and demanded an end to interference in the operation of the facilities, but these appeals were ignored.” 

Ukraine has a sprawling network of natgas transmission pipelines from Russia that feed into Europe. As of Tuesday, Bloomberg data showed that 27% of natgas was routed through Sokhranivka, and the rest went through Sudzha. This means that all natgas into Ukraine (from Russia) will transit Sudzha after 0701 local time tomorrow morning. 

Russian energy company Gazprom said it received notification from Ukraine that all gas transiting via Sokhranivka will be halted. It said the transition would be seamless and won’t affect flow. 

On the news, European natgas prices traded as high as 98.48 euros per megawatt-hour. 

Across the Atlantic, US natgas futures rose 3.7% to $7.281/mmbtu. 

This news follows much debate among the European Union’s 27 countries to enforce a complete ban on Russian crude and refined fuels imports. There have been fears that declining natgas flows into Europe could exacerbate an energy crisis that may spark a recession in Germany

As suggested above, will Ukrainian President Volodymyr Zelenskyy force Ukraine into the EU and NATO via Russian natgas?

end 

Robert H comments on the above commentary from zerohedge

EU Gas Futures Jump As Ukraine Set To Halt Russian Flows At Key Entry Point | ZeroHedge

Inbox

Robert Hryniak4:59 PM (2 minutes ago)
to

Who dreams this nonsense up? This a child’s mind game of checkers. And a nightmare for British and European pensioners who are caught in the vise of stagflation being deliberately caused. When did these folks choose to become casualties of stupidity, thievery and delusion? 

The Ukraine can try to entice the EU to save the sorry rump of a thieving regime butit will come with a cost that the EU will not pay. The EU is not on one page and all that Zelensky stunt move proves is that he and those backing him are unreliable, when it comes to EU interests. A blackmailer is always a crook no matter how you color. And for this, the Biden crowd wants to use debt money to keep such a losing group in power to whose benefit? Because it is not for Ukrainian people nor the citizens of the EU nor Americans. So to whose benefit? Because to think that Americans will accept body bags for a boots on the ground confrontation is a illusion that will end poorly. In the Ukraine, loses for the Ukrainians is greater than all of NATO has experienced in its’ recent capers. To attempt to rush in to save Zelensky will cost 10’s of thousands of dead troops and countless citizens and to what end?

The western financial system is dying quickly thanks to an inept delusion neocon crowd hellbent of self destruction while itching to fight modern war with a peer that is at least an equal. To think that China is not watching closely and preparing its own surprises is a mistake. And ask yourself what recent war has actually been won? And is any place really better off after western adventures? In places like Cambodia and Laos Americans are still disliked for what they did and one cannot say that the trillions spent on Afghanistan or Iraq or Libya created anything of value. And when the Brit’s honorably wanted to stay in Afghanistan to make something of the blood spilled and money sunk, America and the EU ran away. Death and Terror still stalks the people of Afghanistan while the world moves on, without a care or a tear. 

Common sense is sorely needed before delusion becomes tomorrow’s reality. 



https://www.zerohedge.com/commodities/eu-gas-futures-jump-ukraines-grid-operator-halt-flows-key-entry-point

END

Ukraine at it

Inbox

Robert Hryniak3:41 PM (4 minutes ago)
to

Kiev cites ‘force majeure’ in Lugansk to halt third of gas flow to Europe, while Gazprom says there have been no issues that would justify the halt.

Russian gas conglomerate Gazprom has received no confirmation of force majeure or any obstacles to continued transit of gas through a junction in Lugansk, the company said on Tuesday, after Ukraine’s operator OGTSU announced it would halt further deliveries starting May 11, due to the presence of “Russian occupiers.”

https://t.me/EurasianChoice/13335


Since Gazprom does not acknowledge issues, this typifies Ukrainian mentality of holding Europe hostage, to advance regime agenda. And this type of regime deserves money and weapons? To think that any sane person wants to fight on behalf of maintaining such regime begs the question of why?

Without western aid the Ukrainians are more likely to rip the likes of Zelensky and his enablers apart with their bare hands. This suggests real caution in supporting such regimes and history suggests it always ends badly not just for the regime and citizens but also the donors. I doubt the delusional crowd understands the phrase “yankee go home” and i really hope we do not have to witness carnage prior to this being a reality. Because NATO going in to the Ukraine, will learn quickly that the people do not like foreign invaders much like the foreign mercenary soldiers are finding out the hard way. 

All this mess will likely hype gas prices up by 1/3 going into the fall and then who will pay those people unable to find elastic wallets? And this will affect folks on pensions in Europe and Britain very badly. 

Cheers

Robert

Update

Inbox

Robert Hryniak9:36 AM (20 minutes ago)
to

5/10/22 
By WarNews24/7

Odessa has been shaking for two hours now, with Russia launching heavy bombardments. Moscow is now hitting the Ukrainian positions very hard. 
The Russian Air Force leveled an entire building block in Odessa by launching at least three Kh-47M2 Kinzhal supersonic missiles as well as a Kalibr cruise missile.

According to Ukrainian sources, five buildings have collapsed! A second wave of bombing followed shortly before.

According to the Southern Operations Command, the Russians launched an attack with 3 Kinzhal supersonic missiles, targeting tourist infrastructure buildings and destroying 5 buildings. The Russian Air Force has launched at least five Kalibr cruises.

The Riviera shopping center collapsed. The Russians say it was turned into a Western weapons depot. At the same time, the Russians hit a second hotel that had been converted into a mercenary base near the village of Zatoka in Odessa. 
Russia has intensified its raids on Odessa, and that should be a concern for Kyiv.

Trumpet for Odessa with special reference to B. Putin – “Moral degradation of the West – Praises the traitors & mocks the memory of the victims!

The defense of the Ukrainians broke in Avdiivka 
Since 2015, the Ukrainians have created a fortified area along the Avdiivka-Krasnogorovka-Maryinka line, which is comparable to (and according to some sources exceeds) the fortified area of Mariupol. On Avdiivka’s side, Ukrainian forces attacked the town of Yasinovataya.

A few hours ago, the Russians reported that the Ukrainian defense had broken in the Avdiivka area and that Russian and allied forces were advancing towards the city.

This became possible after weeks of pounding by Russian artillery. 
According to some reports, the advanced defensive positions of the Ukrainian forces have literally been crushed. Ukrainian troops have suffered the heaviest casualties in Avdiivka since the start of the Russian military operation.

The Ukrainian defenses to the east and southeast of Avdiivka split, which made it possible to repel enemy forces to the west and occupy many of its lines.

After this small victory for the Russians, the Ukrainians are forced to move the first line of defense several kilometers away from Donetsk and Yasinovataya in the following days.

The Ukrainians lost 40-50 soldiers in a failed counterattack alone. Watch videos from the battles in the area at source.

Russian Ministry of Defense: 400 Ukrainian soldiers killed 
For another 24 hours, the Russian Ministry of Defense announced the great losses for the Ukrainians.

“The Ukrainian army continues to suffer heavy losses in manpower and military equipment,” the Russian Defense Ministry said in a statement. 
Today, 400 Ukrainian soldiers lost their lives and 48 units of military equipment were destroyed.

Artillery units of the Russian Armed Forces hit 318 areas of concentration of human resources and equipment of the Ukrainian army.

Earlier, the Russian Air Force, using high-precision weapons, destroyed eight ammunition depots of the Ukrainian Armed Forces in one day.

The Ministry of Defense of the Russian Federation announced the destruction of several more military installations of the Armed Forces of Ukraine.

It is noted that four strongholds as well as eight depots of Ukrainian ammunition in the areas of Konstantinovka, Antonovka, Elizavetovka, Dolyna and Lysichansk were destroyed. In addition, the Armed Forces of the Russian Federation destroyed two air defense radar stations.

Numerous videos and photos at Source: 
https://warnews247.gr/ektakto-katerrefsan-ktiria-stin-odisso-baraz-kh-47m2-kinzhal-kai-kalibr-espase-i-oukraniki-amyna-stin-avdiivka-400-nekroi/

.

end

RUSSIA/OIL PRODUCTION

Higher oil production means more physical gold flowing to Russia

(Geiger/oilPrice.com)

Russia’s Crude Production Up In May

TUESDAY, MAY 10, 2022 – 08:10 AM

By Julianne Geiger of OilPrice.com

Russia’s crude oil production is on the rise so far in May, Deputy Prime Minister Alexander Novak told TASS news agency on Monday.

Russia’s crude oil production slipped by half a million bpd in March, by a full million bpd in April, with many analysts stating concern that those barrels may never return to the market. April’s OPEC+ production quota was set at 10.436 million bpd.

But according to Novak, the picture isn’t quite so bleak, with Russian crude oil production now stabilizing despite sanctions.

“Looking at the figures of early May, they are better than in April. The situation is stable, the output increased in comparison to April. We are counting on partial recovery of data in May and that it will be better,” Novak told TASS, without quantifying the increased production figures.

According to Interfax, Russia’s crude oil production slipped to 10.05 million bpd in April, a decline of about 4% year over year, but for the first few days in May, this had edged up 2% over April figures, to an average of 10.28 million bpd.

But even that increase is a far cry from Russia’s May output quota set by the OPEC+ group, which is 10.549 million barrels per day.

In April, Russia’s economy ministry had estimated that it could shed some 17% of its pre-war oil production this year—an estimation that is widely shared, if not conservative, in the industry.

The fear of Russia’s “lost” oil production is, in part, what triggered the United States and other IEA members to agree to release millions of barrels of crude oil from emergency stockpiles to stabilize the market. And while crude oil prices were trading down on Monday, Brent was still trading at more than $106 per barrel, with WTI still over $103 per barrel.

Meanwhile, Saudi Arabia lowered its June official selling price differentials for crude oil to China–largely seen as a bellwether for oil prices.

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

Dr Paul Alexander:  cases of COVID rises again in South Africa….. this is due to the high vaccinated population exhibiting non neutralizing antibody production.  If non vaccinated, you produce neutralizing antibodies:

South Africa cases on the rise; graph shows the huge problem of what the non-sterilizing vaccine is doing (non-neutralizing antibodies) i)higher peaks ii) rapid/faster curves ii) not back to baselineSo South Africa is having a surge in cases…let us see if the hospitalization and death curve will follow but we are seeing that infections and deaths are now unlocked; not good…Dr. Paul AlexanderMay 9LikeCommentShare

end

GLOBAL ISSUES

VACCINE IMPACT

Recorded Cases of Heart Disease Among Under 40 Years Old Explodes 20,000% After COVID-19 Vaccines Roll Out

May 9, 2022 2:55 pm

A new study out of Israel published in the journal Nature reports that there has been a dramatic increase in emergency cardiovascular events among the under-40 population in Israel during the COVID-19 vaccine roll outs. They analyzed data collected by Israel’s National Emergency Medical Services between 2019 and 2021. They found that there was an over 25 percent increase in emergency calls about cardiac arrest and acute coronary syndrome—an umbrella term used for coronary problems associated with sudden-onset reduced blood flow to the heart, according to the Mayo Clinic– for young adults, ages 16 to 39 years old, compared to the same time period in both 2019 and 2020. Furthermore, the researchers discovered that this increase in emergency heart issues was associated with COVID-19 vaccination but not with COVID-19 infections. I decided to pull the data for all forms of “carditis” following COVID-19 vaccines from VAERS for this age group. For the 17 months since the COVID-19 vaccines were authorized, young people under the age of 40 have filed 6,711 cases reporting some type of “carditis,” resulting in 36 deaths, 261 permanent disabilities, and 656 life threatening events. By comparison, I ran the exact same search for the previous 30 years before the COVID-19 vaccines were given authorization, and during that time there were 713 cases of carditis reported for those under 40. That’s a 19,832% increase of cases of carditis reported for this age group following COVID-19 vaccines! If someone like myself can easily pull these statistics out of VAERS to corroborate what the Israeli study was observing, you can be sure our Government health agencies can also. They are committing crimes against humanity by allowing these killer COVID-19 shots to continue, as they lie to the American public. This past weekend, FDA chief Dr. Robert Califf appeared on CNN and had the nerve to tell the American people that the #1 cause of death in the United States right now is “online misinformation,” like the kind of information I am supplying to the public with this article, using the U.S. Government’s own data. This man needs to face a federal grand jury on charges of mass murder, convicted, and publicly hung.

Read More…


China Lockdowns in Shanghai and Beijing Continue as Economy Self-Destructs

May 9, 2022 6:32 pm

China continued its killer lockdowns in Shanghai and Beijing this weekend as more people are being moved into COVID quarantine camps, and unemployment is now skyrocketing as their economy is self-destructing. This is going to put more pressure on the global supply chains that are already stressed and breaking down.

Read More…

END

Michael Every//

Michael Every on the day’s most important topics

Rabo: Little Cause For Celebration And No Appetite For A Relief Rally

TUESDAY, MAY 10, 2022 – 09:50 AM

By Stefan Koopman, Senior Macro Strategist of Rabobank

For weeks’ on end, officials and analysts were on edge on what kind of deterministic event could happen on May 9. In the end Putin said the one thing only few expected, which was hardly anything at all. Certainly, his Victory Day speech included the usual sabre-rattling, and the address was such that political scientist Mearsheimer or other ‘offensive realists’ could have written it, but it seemed as if Putin is increasingly wary of the disparity between his glorified nationalism and the ugly deliverables of a real war. For all the rhetoric and the justifications of the ‘righteous battle for Russia’, the speech was devoid of a formal declaration of war, suggestions of a general mobilisation, or other concrete steps to further intensify the battle in the Donbas, let alone any nuclear threats directed towards Ukraine or NATO-members.

The parade was supposed to include a flyover of military jets and helicopters, but this was eventually cancelled because of ‘weather conditions’. Well, if Russian pilots can’t fly in these partly cloudy but friendly skies, no wonder they’re having so much trouble achieving air dominance in Ukraine…

Even as investors’ absolute worst fears weren’t coming true, there was little cause for celebration and no appetite for a relief rally. The war continues and concerns about the global production cycle being battered by high inflation, rising interest rates and stuttering supply chains are not letting up. Stocks, bonds, cyclical currencies and commodities were all down meaningfully on Monday, effectively only volatility was on the rise. Some recovery is taking place this morning, but as volatility remains elevated these periods of tranquillity tend to be short-lived. 

There too was little cause for celebration on Europe Day, which is being held in commemoration of the Schuman Declaration. In 1950, Schuman proposed the creation of a European pool for coal and steel to foster the economic recovery out of WW2, to mitigate the risk of shortages of these key commodities and, crucially, to create unity and prevent future wars between European nation states (i.e., France and Germany). It is now 2022, and we are still being confronted with the same issues: the recovery out of the pandemic is stumbling, the supply of key commodities is at risk, Europe is far from united, and, crucially, European institutions haven’t been able to prevent Putin’s war. 

With each crisis, these European institutions therefore seek to strengthen their authority and to broaden their scope, a process that political scientists describe as failing forward. At yesterday’s closing of the Conference on the Future of Europe, French President Emmanuel Macron proposed to create a “European Political Community”. This would be a new tier of political affiliation that could provide a faster but looser way of bringing Ukraine and countries such as Moldova and Georgia into the European fold than the lengthy process needed for full membership of the European Union.

He also called on other member states to support the creation of a new constitutional convention that will discuss treaty change. If it was up to Macron, options such as granting the European Parliament the power to initiate legislation, increasing the EU’s decisiveness with more widespread use of qualified majority voting and introducing explicit treaty commitments on matters on climate, social justice and full employment should be on the table. Such treaty changes do however require an unanimous vote, and even as the momentum is towards more integration with pro-EU leadership in Germany, France Italy and Spain, many other national governments will express their hesitations. 

Day ahead

The data calendar is sparsely filled today. The ZEW-index will be published at 11:00 AM CET. The figure that provides a gauge of Germany’s economic (mis-)fortunes in the months ahead is expected to fall to -43.5 from -41; a consensus view that is for the most part informed by the recent decline of the DAX. The US April NFIB-index will see the light of day an hour later – and here a decline to 92.9 from an already weak reading of 93.2 is expected. In March, a combination of soaring cost pressures and falling sales expectations induced the worst economic outlook on record; there haven’t been much signs of improvements since.

If you then can’t wait to hear more about ‘bonfires of red tape’ from a government which has actually done more than any other in recent history to impose it on businesses and households, you should definitely tune in for today’s Queen’s Speech. The speech will be delivered by Prince Charles after Queen Elizabeth II had to pull out due to health issues, but is actually written by the government to introduce its legislative agenda for the new parliamentary session. In an effort to convince ministers, backbenchers and the electorate in both the Red Wall and in the Tory shires that this time he really is serious with his plans for improvement, prime minister Johnson pledges to finally deliver on the promises of Brexit.

It remains astonishing that the Johnson government rushed through the exit from the EU without having articulated a long-term and coherent strategy on how to grow the economy going forward. Instead the economic sanctions Britain imposed on itself, in conjunction with the relentless and resources-consuming uncertainty about its relationship with its largest trading partner, have already started to reduce the country’s trade intensity and contributed to the UK missing out on last year’s boom in the international trade of goods.

Of course, the government will try to hammer home the message that the plans announced today will make an incredible difference in letting the British economy flourish, will promote levelling up and will ease the cost-of-living squeeze by amending, replacing or repealing retained EU law that is seen as unfit for the British economy. Investors have, however, heard this all before and in general there is a wide gap between what is being promised and what is being delivered.

Finally, there has been some speculation that the government may use the Speech to convey some new threats that it will override parts of the Northern Ireland protocol, in particular those articles that include the movement of goods, customs, VAT and excise, electricity and state aid. This issue has again shot to the top of the agenda after Sinn Fein’s victory in the Assembly elections, with the DUP refusing to re-enter the power-sharing agreement until the UK government takes decisive action on the protocol. Official talks between Foreign Secretary Truss and EC VP Šefčovič are set to resume on Thursday.

7. OIL ISSUES

end

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 TUESDAY morning 7:30 AM

Euro/USA 1.0565 UP .0005 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 129L95   DOWN 0.430 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2354 UP   0.0018

 Last night Shanghai COMPOSITE CLOSED UP 31.70 POINTS UP 1.06%

 Hang Sang CLOSED  DOWN 368.27 PTS OR 1.84%

AUSTRALIA CLOSED DOWN  0.99%    // EUROPEAN BOURSES ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN  

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 368.27 PTS OR 1.84%   

/SHANGHAI CLOSED UP 2.58 PTS UP 0.09% 

Australia BOURSE CLOSED DOWN 0.99% 

(Nikkei (Japan) CLOSED  DOWN 152.24 OR 0.58%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1863.40

silver:$21.96

USA dollar index early TUESDAY morning: 103.65  DOWN 4  CENT(S) from MONDAY’s close.

THIS ENDS TUESDAY MORNING NUMBERS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.16%  DOWN 8  in basis point(s) yield

JAPANESE BOND YIELD: +0.243% UP 0    AND 1/2   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.11%// DOWN 13   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.02  DOWN 12   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.% DOWN 9 IN BASIS POINTS ON THE DAY//

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY  

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

Euro/USA 1.0535  DOWN 0.0026    or 26 basis points

USA/Japan: 130.29 DOWN .089 OR YEN UP 9  basis points/

Great Britain/USA 1.2302 DOWN 34  BASIS POINTS

Canadian dollar UP .0008 OR 8 BASIS pts DOWN to 1.3017

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.6346  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.6597

TURKISH LIRA:  15.25  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.245

Your closing 10 yr US bond yield DOWN 13  IN basis points from MONDAY at  2.95% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 3.069 DOWN 14 in basis points 

Your closing USA dollar index, 103.91 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 TUESDAY: 12:00 PM

London: CLOSED UP 26.64 PTS OR 0.37%

German Dax :  CLOSED UP 154.07  POINTS OR 1.15%

Paris CAC CLOSED UP 30.89 PTS OR 0.51% 

Spain IBEX CLOSED  UP 0 OR 0%

Italian MIB: CLOSED UP 237.22 PTS OR  1.04%

WTI Oil price 101.23   12: EST

Brent Oil:  103.91 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  69.04   DOWN 0/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.00

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0535 DOWN  .0028   OR DOWN 28 BASIS POINTS

British Pound: 1.2319 DOWN .0014  or  14 basis pts

USA dollar vs Japanese Yen: 130.39 UP ..0070//YEN DOWN 7 BASIS PTS

USA dollar vs Canadian dollar: 1.3020 UP .0009 (CDN dollar DOWN 9 basis pts)

West Texas intermediate oil: 100.00

Brent OIL:  102.52

USA 10 yr bond yield: 2.981 DOWN 10 points

USA 30 yr bond yield: 3.109  DOWN 10  pts

USA DOLLAR VS TURKISH LIRA: 15.25

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  70.10 UP  .60 ROUBLES (ROUBLE DOWN .6  ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: DOWN 85.55 PTS OR 0.27%

NASDAQ 100 UP 158.13 PTS OR 1.30%

VOLATILITY INDEX: 33.24 DOWN 1.51 PTS (4.52%)

GLD: 171.42 DOWN1.46 PTS OR 0.84%

SLV/ 19.55 DOWN .49 PTS OR 2.45%

end)

USA trading day in Graph Form

FedSpeak Saves Stocks Ahead Of CPI Scare, Bond Yields Tumble

TUESDAY, MAY 10, 2022 – 04:00 PM

A FedSpeak-Fest today offered just enough hope that a ‘pivot’ is possible as Williams said “50bps-hikes are base-case, not sure if need to raise rates above neutral,” Barkin optimistically echoed that “it will take time to get inflation down, need not create deep recession,” Bostic reaffirmed “strong and steady” hiking at 50bps per meeting, and Waller proclaimed that “this was not a shock-and-awe Volcker moment.”

All of which seemed far-removed from the “we’ll hike rates to eternity and beyond to crush inflation” mantra that had been top of mind into last week’s FOMC meeting.

The fact is that STIRs are starting to unwind some of its extreme hawkish expectations

Source: Bloomberg

And at the same time, history rhymes as financial conditions have tightened significantly – now at the same level where Powell flip-flopped back to dovish in 2018…

Source: Bloomberg

Of course, tomorrow’s CPI print will – one way or the other – change all of this.

It was a chaotic day in US stocks for sure with an overnight relief rally after yesterday’s pain quickly giving way after the US cash markets opened. Then the bounce back on Waller’s comments, and then the now ubiquitous fade into the close…

S&P’s 4,000 level was in play all day…

VIX tested up to yesterday’s close into the European close and then was dumped as it feels like some hedges were unwound into the Waller pump…

Treasuries were mixed with the long-end bid while the short-end saw yields rise very modestly (20Y -6bps, 2Y +2bps). 2s and 30s are now both down 12bps on the week with the belly outperforming…

Source: Bloomberg

10Y yields closed back below 3.00%…

Source: Bloomberg

The Dollar Index trod water for the second day, managing very small gains after last week’s roller coaster…

Source: Bloomberg

Bitcoin found support at $30,000 last night and closed back above $31,000 today (after trading above $32k intraday)…

Source: Bloomberg

As TerraUSD recovered most of its dollar peg…

Gold was dumped again, back below $1850…

Copper’s relative underperformance of gold suggests perhaps we have seen the cycle peak in 10Y Yields…

Source: Bloomberg

US NatGas prices spiked after reports that Ukraine was shutting off one of the pipelines for Russian gas into Europe…

Oil prices slipped lower (ahead of tonight’s API inventory data) with WTI back below $100 as growth fears dominated…

Finally, US Retail gasoline prices surged to a new record high today – well above Biden’s cunning SPR unleash plan levels – but apparently it’s still Putin’s fault?

Source: Bloomberg

But don’t worry America, White House spokesperson Jen Psaki explained that “gasoline prices should come down as oil prices fall,” and added that they are “closely monitoring the situation.” Phew!

END

I) /AFTERNOON TRADING/

.

II)USA data

IIB) USA COVID/VACCINE MANDATES

Interesting:  COVID cases explode after the White House media dinner where the fully vaccinated and boosted elite participated in a super spreader event

(zerohedge)

COVID Cases Explode After White House Media Dinner Becomes Superspreader Event

MONDAY, MAY 09, 2022 – 08:50 PM

Cases of Covid-19 among attendees to the White House correspondents’ dinner two weekends ago continue to mount, as the fully vaccinated and boosted ‘elites’ who condescended to non-compliant Americans participated in a superspreader event.

As The Hill notes, “High-profile cases following the dinner include ABC reporter Jonathan Karl, Secretary of State Antony Blinken, and reporters from The Washington Post, Voice of America and other outlets.”

There is no exact count, and it is not clear which dinner attendees contracted the virus at the dinner itself or at one of the many parties last weekend surrounding it.  

But the string of reported cases does emphasize the point that even as the country seeks to move on from the virus, large indoor gatherings do carry some risk.  

The cases have also played into an ongoing debate, with some arguing that the current era of COVID-19 allows vaccinated and boosted people to decide to attend large gatherings even if it means a small risk, while others are more cautious, pointing to the downstream effects on other people of increased transmission. The Hill

No – it’s not a debate over whether large gatherings are a good idea since the dominant strain of Covid is only slightly more deadly than the common cold and the vast majority of people will make it through Covid-19 without issue. The point is that those who refused to play the lockdown game were chastised by the very people at this superspreader event.

I’m yet another [White House Correspondents’ Association] weekend casualty,” tweeted Puck News correspondent Julia Ioffe. “I knew I was taking a risk and, well, here we are!”

WaPo journalist Jada Yuan tweeted that she had tested positive, then felt obligated to condescend over how people should conduct themselves to avoid her mistake.

“Hindsight and all that, but wear a mask or leave or tell your employer you can’t go if you’re in a situation where you feel uncomfortable,” she tweeted, adding “Those consequences are usually better than the ones you’ll face if you get sick.”

According to White House Correspondents’ Association President Steven Portnoy, “We worked hard to publicize our protocols and encouraged those eligible to get booster shots in the weeks leading up to the dinner,” adding “Our event implemented protocols that went beyond any guidance or regulation issued by the CDC or the DC health department. We wish anyone who may not be feeling well a speedy recovery.”

end

This should explain the actions of Fauci and Collins:  secret $350 million in payments by big Pharma over the years

(EpochTimes)

Nonprofit Watchdog Uncovers $350 Million In Secret Payments To Fauci, Collins, Others At NIH

MONDAY, MAY 09, 2022 – 11:30 PM

Authored by Mark Tapscott via The Epoch Times,

An estimated $350 million in undisclosed royalties were paid to the National Institutes of Health (NIH) and hundreds of its scientists, including the agency’s recently departed director, Dr. Francis Collins, and Dr. Anthony Fauci, according to a nonprofit government watchdog.

“We estimate that up to $350 million in royalties from third parties were paid to NIH scientists during the fiscal years between 2010 and 2020,” Open the Books CEO Adam Andrzejewski told reporters in a telephone news conference on May 9.

“We draw that conclusion because, in the first five years, there has been $134 million that we have been able to quantify of top-line numbers that flowed from third-party payers, meaning pharmaceutical companies or other payers, to NIH scientists.”

The first five years, from 2010 to 2014, constitute 40 percent of the total, he said.

“We now know that there are 1,675 scientists that received payments during that period, at least one payment. In fiscal year 2014, for instance, $36 million was paid out and that is on average $21,100 per scientist,” Andrzejewski said.

We also find that during this period, leadership at NIH was involved in receiving third-party payments. For instance, Francis Collins, the immediate past director of NIH, received 14 payments. Dr. Anthony Fauci received 23 payments and his deputy, Clifford Lane, received eight payments.”

Collins resigned as NIH director in December 2021 after 12 years of leading the world’s largest public health agency. Fauci is the longtime head of NIH’s National Institute for Allergies and Infectious Diseases (NIAID), as well as chief medical adviser to President Joe Biden. Lane is the deputy director of NIAID, under Fauci.

NIH Director Dr. Francis Collins holds up a model of the coronavirus as he testifies before a Senate Appropriations Subcommittee looking into the budget estimates for the National Institute of Health (NIH) and the state of medical research, on Capitol Hill on May 26, 2021. (Sarah Silbiger/Pool via AP)

The top five NIH employees measured in terms of the number of royalty payments that they received while on the government payroll, according to a fact sheet published by Open the Books, include Robert Gallo, National Cancer Institute, 271 payments; Ira Pastan, National Cancer Institute, 250 payments; Mikulas Popovic, National Cancer Institute, 191 payments; Flossie Wong-Staal, National Cancer Institute, 190 payments; and Mangalasseril Sarngadharan, National Cancer Institute, 188 payments.

Only Pastan continues to be employed by NIH, according to Open the Books.

“When an NIH employee makes a discovery in their official capacity, the NIH owns the rights to any resulting patent. These patents are then licensed for commercial use to companies that could use them to bring products to market,” the fact sheet reads.

“Employees are listed as inventors on the patents and receive a share of the royalties obtained through any licensing, or ‘technology transfer,’ of their inventions. Essentially, taxpayer money funding NIH research benefits researchers employed by NIH because they are listed as patent inventors and therefore receive royalty payments from licensees.

An NIH spokesman didn’t respond by press time to a request for comment.

Andrzejewski told reporters that the Associated Press reported extensively on the NIH royalty payments in 2005, including specific details about who got how much from which payers for what work, that the agency is denying to Open the Books in 2022.

“At that time, we knew there were 918 scientists, and each year, they were receiving approximately $9 million, on average with each scientist receiving $9,700. But today, the numbers are a lot larger with the United States still in a declared national health emergency. It’s quite obvious the stakes in health care are a lot larger,” Andrzejewski said.

He said the files Open the Books is receiving—300 pages of line-by-line data—are “heavily redacted.”

“These are not the files the AP received in 2005 where everything was disclosed—the scientist’s name, the name of the third-party payer, the amount of the royalty paid by the payer to the scientist,” Andrzejewski said. “Today, NIH is producing a heavily redacted database; we don’t know the payment amount to the scientist, and we don’t know the name of the third-party payer, all of that is being redacted.”

Federal officials are allowed to redact information from responses to FOIA requests if the release of the data would harm a firm’s commercial privilege.

The undisclosed royalty payments are inherent conflicts of interest, Andrzejewski said.

“We believe there is an unholy conflict of interest inherent at NIH,” he said. “Consider the fact that each year, NIH doles out $32 billion in grants to approximately 56,000 grantees. Now we know that over an 11-year period, there is going to be approximately $350 million flowing the other way from third-party payers, many of which receive NIH grants, and those payments are flowing back to NIH scientists and leadership.”

Fauci and Lane told AP that they agreed there was an appearance of a conflict of interest in getting the royalties, with Fauci saying that he contributed his royalties to charity. Lane didn’t do that, according to Andrzejewski.

The governing ethics financial disclosure form in the past defined the royalty payments as income recipients received from NIH, which meant the recipients weren’t required to list their payments on the form.

But Andrzejewski said NIH has refused to respond to his request for clarification on the disclosure issue.

“If they are not, none of these payments are receiving any scrutiny whatsoever and to the extent that a company making payments to either leadership or scientists, while also receiving grants … then that just on its face is a conflict of interest,” he said.

Open the Books is a Chicago-based nonprofit government watchdog that uses the federal and state freedom of information laws to obtain and then post on the internet trillions of dollars in spending at all levels of government.

The nonprofit filed a federal Freedom of Information Act (FOIA) suit seeking documentation of all payments by outside firms to NIH and/or current and former NIH employees.

NIH declined to respond to the FOIA, so Open the Books is taking the agency to court, suing it for noncompliance with the FOIA. Open the Books is represented in federal court in the case by another nonprofit government watchdog, Judicial Watch.

END

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

US Gasoline Prices Hit Record And Peak Driving Season Has Yet To Come

TUESDAY, MAY 10, 2022 – 10:10 AM

U.S. retail gasoline and diesel prices at the pump hit a new record, according to the American Automobile Association (AAA). Soaring fuel prices come three weeks before the summer driving season begins, a challenge for the Biden administration and Federal Reserve as they combat the highest inflation in four decades. 

Across the board, fuel prices are at record highs: AAA’s new data shows the average gasoline price at the pump hit $4.374 a gallon (as of Tuesday). The retail price of diesel fuel also hit a new record of $5.50.  

It turns out there’s no easy solution for the Biden administration to halt rising fuel prices, even though they instructed a massive one million barrels per day release of the SPR through the midterm elections. Still, markets are forward-looking and have continued to rise as it turns out the White House has instructed the SPR to begin refilling operations in 2023. 

The SPR was supposed to subdue fuel prices ahead of the driving season, but that seems unavoidable. Energy is a key driver in inflation that will continue to crush consumer confidence into the summer. 

While high gas prices hit consumers, expensive diesel has battered the industrial economy because it’s the lifeblood of the nation’s transportation system. 

“Diesel is in everything … the diesel price shock will be longer-lived because it will take time for systems to digest and pass through,” Mark Finley, a fellow at Rice University’s Baker Institute for Public Policy, told Bloomberg. 

Domestic demand remains elevated as gasoline and diesel inventories are some of the lowest in years or on record. East Coast diesel inventories recently hit a new record low. That has sent prices to a record high, with a $2 spread over gasoline prices. Diesel tends to be 50 cents to $1 above gas prices in normal times, though today’s spread reflects very tight supplies. 

On Tuesday, President Biden will deliver a speech to the American people about the spike in inflation that has pushed consumer prices to more than 8%. According to Reuters, he’s not expected to deliver new policies to quell inflation but rather blast Republicans for not having a plan to fight inflation. 

Food and gasoline prices have soared so much in the last year (well before Russia invaded Ukraine), then hyperinflated after the invasion, that consumers are rapidly adjusting their lifestyles. A Yahoo/Maru Public Opinion survey found that 66% of vehicle owners or households have made “significant changes to their driving patterns.” 

To deflect blame, the Biden administration has used every trick to scapegoat inflation. They routinely blame Russia but fail to express to the American people that inflation was already at four-decade highs before the invasion of Ukraine. In fact, inflation is derived from the massive expansion of the Federal Reserve’s balance sheet and the federal government helicopter dropping stimulus checks during the pandemic.

Democrats are in trouble come midterms as their inability to quell inflation gives Republicans an edge. The latest CNN poll conducted by SSRS shows that the economy is the top issue on voters’ minds. Half of all respondents said it was the most important issue (not abortion).

So who does the Biden admin blame this time for rising gas prices?

end

IIIB) USA ECONOMIC STORIES

New Mexico

Thousands under evacuation orders as wildfires rip through the state

(zerohedge)

Thousands Under Evacuation Orders, 300 Buildings Burned As Wildfires Rip Through New Mexico 

MONDAY, MAY 09, 2022 – 05:30 PM

Some of the largest US wildfires spread across the northeastern region of New Mexico, an area that is in dire straits as hundreds of thousands of acres have been scorched. 

The National Interagency Fire Center (NIFC) has identified six wildfires burning across the state. The fires have consumed more than 280k acres as of Monday morning. Out of the six, here are the three major ones: 

  • Hermits Peak (size 176k acres), 12 miles northwest of Las Vegas, New Mexico 
  • Cooks Peak (size 59k acres), located north of Ocate in Mora County
  • Cerro Pelado (size 37.5k acres), located 7 miles east of Jemez Springs in Sandoval County

AP says firefighters in New Mexico’s Rocky Mountain foothills struggle to combat the largest wildfire, the Hermits Peak fire, as more than 300 building structures have been burned northwest of Las Vegas, New Mexico. The fire is not contained and rapidly spreading, which forced local officials to place evacuation orders for thousands of people on the outskirts of Las Vegas. 

The third-largest fire, the Cerro Pelado fire, is burning near the federal government’s top nuclear research facility. Los Alamos National Laboratory officials are preparing for possible evacuations. The fire is about 3 miles from the lab. 

“If you don’t have to be at work, it’s time to prepare to telework,” lab director Thom Mason told employees. 

“Conditions can change quickly, it has been very dry, very windy, and we have to be respectful of that risk and ready for what comes next,” Mason said. 

Wildfires across the US West have been well above average this year as an unforgiving megadrought has transformed half of the country into a dust bowl. 

NIFC said 12 uncontained large fires had burned 322,309 acres in four states (New Mexico, Texas, Arizona, and Colorado). So far this year, 23,366 wildfires have burned 1,269,758 acres, across the US, well above a 10-year average for wildfires. Here’s the summer fire outlook for the US. 

May Fire Outlook

June Fire Outlook

July Fire Outlook

August Fire Outlook

Early spring fires could be an appetizer of what’s to come this summer, as much of the West is in a severe drought.

end 

iv)swamp stories

New DOJ Notes Reveal FBI Panic After Trump Tweeted He Knew He Was Being Spied On

TUESDAY, MAY 10, 2022 – 08:45 AM

Authored by Jeff Carlson and Hans Mahncke via The Epoch Times,

Newly released notes taken by high-level Department of Justice (DOJ) officials during a March 6, 2017, meeting with FBI leadership expose some of the lengths the FBI engaged in to cover up its spying on the 2016 campaign of President Donald Trump.

(L–R) Former FBI agent Peter Strzok; former FBI Director James Comey; and former FBI Deputy Director Andrew McCabe. (Getty Images/Illustration by Epoch Times)

The notes were released on May 8 by lawyers representing former Hillary Clinton campaign lawyer Michael Sussmann as part of an effort to clear him on charges of having lied to the FBI. The notes, in reality, appear to do little to exonerate Sussmann but do provide quite a bit of information on the FBI.

The meeting at which the notes were taken took place just two days after Trump’s March 4, 2017, tweet in which he accused former President Barack Obama of having wiretapped Trump Tower. Trump’s tweet panicked FBI leadership, who were unsure exactly how much Trump knew about their efforts to tie him up with Russia collusion allegations.

What the notes reveal is that in response to the tweet, they tried to cover their tracks.

By March 2017, FBI leadership already knew with near-certainty that the Trump–Russia collusion claims were a hoax. They knew that Clinton’s campaign had a plan to vilify Trump by portraying him as a puppet of Putin. The FBI also knew that not a single claim in the so-called Steele dossier—which was the primary source of allegations of Trump–Russia collusion—had checked out.

FBI agent Peter Strzok during testimony before Congress on July 12, 2018. Strzok oversaw both the FBI’s investigation into Hillary Clinton’s use of a private email server and the counterintelligence investigation into Donald Trump’s campaign. (Samira Bouaou/The Epoch Times)

In fact, at that point, the FBI had already spent three days interviewing Steele’s primary source, Igor Danchenko, who disavowed pretty much every claim in Steele’s dossier. The FBI also knew that the Alfa Bank story, which claimed that a Trump server was communicating with a Russian bank—information that had been brought to them by Sussmann—was bogus.

In short, the FBI knew that all the claims of Trump-Russia collusion had proven to be fake.

But things took a sudden and dramatic turn on March 4, 2017, when Trump said on Twitter that he knew that Obama had wiretapped Trump Tower, a very public claim of spying that set off alarm bells with both FBI and DOJ leadership. Trump’s tweet so alarmed these DOJ and FBI officials that the topic dominated a meeting two days later that included FBI Deputy Director Andrew McCabe and the acting U.S. attorney general, Dana Boente.

The problem for the FBI was this: They didn’t know how much Trump actually knew about their actions. Just a day earlier, on March 3, 2017, radio host Mark Levin had reported that the Obama administration had obtained Foreign Intelligence Surveillance Act (FISA) warrants that involved Trump and several of his campaign advisers. Levin also reported that Trump’s off-the-cuff joke in July 2016—“Russia, if you’re listening, I hope you’re able to find the 30,000 emails that are missing”—had become the basis for the Russia collusion accusations.

But as we now know, the FISA warrants weren’t the only thing that the FBI leadership was involved with. The FBI was actively spying on the Trump campaign and the incoming Trump administration’s transition communications, a fact that also was revealed in the new notes. The FBI had not only spied on Trump campaign adviser Carter Page, but also on another aide, George Papadopoulos, going so far as to lure him to London, where they tried to set him up in a clumsy but elaborate sting.

Carter Page, petroleum industry consultant and former foreign policy adviser to Donald Trump, in New York City on Aug. 21, 2020. (Brendon Fallon/The Epoch Times)

There were also the new fake accusations brought forward by Sussmann that Trump was tied to the use of a Russian Yota phone. And there was the matter of tech executive Rodney Joffe–a man with deep ties to the FBI–who had been using his access to non-public data to spy on Trump both at Trump Tower and at the White House.

In all likelihood, Trump probably only knew what Levin had reported the day before–that there was a FISA warrant on a campaign aide–but the FBI leadership didn’t know how much Trump knew and had to assume that he knew a lot more.

The discussion at the March 6 meeting was dominated by Trump’s tweet, with the FBI’s McCabe kicking things off by stating that the bureau was trying to determine what was behind Trump’s tweets.

Notes at the meeting were taken by three DOJ officials—Tashina Gauhar, Mary McCord, and Scott Schools. The notes were released because one of the notes appears to show that McCabe stated that Sussmann had represented clients when he took the Alfa Bank allegations to the FBI. Sussmann initially told the FBI that he didn’t represent anyone and was merely acting as a good samaritan. It’s that lie to the FBI by Sussmann that he has been charged with and Sussmann’s lawyers are hoping to sow doubt by introducing that single sentence that appears to say otherwise.

This claim by Sussmann’s lawyers, however, is, in essence, a side-show as the notes are double-hearsay evidence written six months after Sussmann told the FBI the exact opposite.

Michael Sussman (C) arrives for a court hearing at a federal courthouse in Washington on April 27, 2022. (Oliver Trey/The Epoch Times)

The real bombshells are in the many pages of notes that Sussmann doesn’t cite; those notes reveal the true extent of the FBI’s panic over Trump’s tweet. The first reaction from FBI leadership appears to have been to tell the acting attorney general, Boente, a sequence of lies about their investigation.

The notes reveal that the FBI repeatedly referred to Steele’s dossier as “Crown reporting,” suggesting the dossier represented some sort of official UK government intelligence, when it was mostly information made up by Steele and Danchenko–a fact the FBI already knew at the time.

The new notes also revealed that FBI agent Peter Strzok lied to his DOJ superiors about what triggered Alexander Downer, the Australian ambassador in London, to come forward to the FBI with information regarding his meeting with Papadopolous. It has always been the FBI’s official story that it was Downer who initiated the official Trump–Russia investigation, but that story is now undermined in the new notes, in which Strzok claims that it was Trump’s joke about Russia finding Clinton’s emails that had triggered Downer.

In truth, Downer had come forward before Trump had even made the joke.

The FBI also lied to the DOJ about the Carter Page FISA warrant, which they claimed was “fruitful,” when it actually had revealed nothing nefarious–something that the FBI was aware of by this time.

Trump Tower on 5th Avenue is seen in New York City, on April 10, 2018. (Reuters/Brendan McDermid/File Photo)

The FBI appears to have also tried to misrepresent and elevate the Alfa Bank allegations by claiming that the Trump Organization had sent a solicitation to Alfa Bank. Again, this was completely false. The FBI knew within days of Sussmann giving them the Alfa Bank data that it was useless and probably fake.

By Sept. 23, 2016, the FBI’s IT team had disproven the Alfa Bank allegations. But rather than admit that, the FBI actually tried to breathe new life into the Alfa allegations through its misrepresentations.

All of these exculpatory facts were not just hidden from interim DOJ officials at the March 6, 2017, meeting, FBI leadership twisted those facts to make them appear like there was a strong case against Trump when they knew there was no case at all.

But the March 6 meeting was only the beginning. Knowing that Trump might now be on to them, FBI leadership immediately increased their efforts to cover their own tracks by intensifying the focus on Trump.

On March 5, 2017, the day following Trump’s tweet, former Director of National Intelligence James Clapper went on CNN and claimed that there was no “wiretap activity mounted against the President-elect at the time, or as a candidate, or against his campaign.”

While Clapper took a defensive stance, the FBI soon went on offense and the bureau’s efforts began almost immediately.

On March 15, 2017, FBI Director James Comey suddenly decided to brief the leaders of the Senate Judiciary Committee, Sens. Chuck Grassley (R-Iowa) and Dianne Feinstein (D-Calif.), about the Carter Page FISA application, which FBI leadership believed Trump had found out about. Comey would provide them with copies of the actual FISA warrant two days later. At this same time, Comey also began his briefing of the congressional Gang of Eight—the eight individuals within the U.S. Congress who are briefed on classified intelligence matters by the executive branch—regarding the Page FISA.

Former Director of National Intelligence James Clapper arrives on Capitol Hill to testify before the Senate Armed Services Committee on Jan. 5. (AP PHOTO/EVAN VUCCI)

On March 20, 2017, Clapper suddenly changed his narrative, shifting from denying the existence of any spying to denying any abuse of the FISA process.

Also on March 20, Comey publicly testified to Congress, revealing for the first time the existence of the FBI’s Crossfire Hurricane investigation into Trump and his campaign.

During his testimony, Comey inadvertently acknowledged that he had also intentionally withheld the required congressional Gang of Eight notification of the FBI’s counterintelligence investigation. Under questioning, Comey stated that he did so because of “the sensitivity of the matter.”

The combined efforts of Obama intelligence officials and the FBI would soon culminate in the appointment of special counsel Robert Mueller, which essentially tied up Trump for the next three years. And in doing so, they ensured that little or no progress was made in bringing the actual perpetrators of the Russia hoax to justice.

END

The King Report (including swamp stories)

The King Report May 10, 2022 Issue 6756Independent View of the News
Atlanta Fed President Bostic, an unabashed dove, verbally intervened about 45 minutes before the NYSE open.  Bostic said he sees no need to move faster than 50bps rate hikes and there will be ‘two, maybe 3’ 50bp rate hikes, then the Fed will assess what to do next.
 
Fed’s Bostic Says No Need to Move Faster Than Half-Point HikesBostic: 50 basis points ‘is already a pretty aggressive move’Atlanta Fed chief sees move to neutral range, then assessinghttps://www.bloomberg.com/news/articles/2022-05-09/fed-s-bostic-says-no-need-to-move-faster-than-half-point-hikes
 
Fed’s Bostic says can do “maybe two, maybe three’ half point hikes, then assess
“I think we can stay at this pace and this cadence and really see how the markets evolve … We are going to move a couple times, maybe two, maybe three times, see how the economy responds, see if inflation continues to move closer to our 2% target, then we can take a pause and see how things are going.”
https://www.reuters.com/business/feds-bostic-says-can-do-maybe-two-maybe-three-half-point-hikes-then-assess-2022-05-09/
@bespokeinvest: The Nasdaq 100 is now down 15% MoM and down 19.5% since 3/29.
 
The morning theme during US morning trading was economic ebbing: sell risk assets, buy bonds.
 
ESMs hit a nadir of 3997.50 (S&P 500 4003.17) at 11:33 ET.  Someone quickly juiced ESMs to change the negative psychology of a breach of the tres important 4000 support.  ESMs hit 4045.00 by 12:15 ET.
 
@bespokeinvest 12:36 ET: Home Depot, Lowe’s and Walmart are all up 1%+ on the day.
 
EU drops plans to ban shipping Russian crude in face of opposition – FT
https://www.ft.com/content/a8635f3b-1f3a-45f9-adfc-0b82e51533d1
 
By 13:00 ET, ESMs had sunk to 4008.75.  @bespokeinvest: 49% of Nasdaq Composite stocks are down 50%+ from 52-week highs as of 1 PM ET this afternoon.
 
Near 14:00 ET, Biden surfaced to announce free Internet access for the needy.  Interestingly, there was no rally into the presidential address, a rarity.  Biden risibly stated, “My top priority is fighting inflation.”
 
ESMs and stocks then traded sideways in a wide range from 12:45 ET until they broke to new lows near 14:30 ET.  At 14:32 ET, the S&P 500 Index hit 4001.43; a modest rebound quickly appeared.  ESMs and stocks then vacillated in a tight range until the last-hour manipulation commenced near 15:00 ET.
 
After a ~20-handle spike, ESMs vacillated in a tight range with a slight upward bias until they broke down at 15:20 ET.  The S&P 500 Index tumbled to 3975.48 at 15:52 ET.  Manipulators forced the S&P 500 Index 25 handles higher in 5 minutes to get the index to close above 4000.  With two minutes remaining in the session, sellers took control; the S&P 500 Index closed at 3991.24.
@elonmusk: Twitter obv has a strong left wing bias
 
Biden scraps Oval Office events for sets due to lack of teleprompter
The report said some of Biden’s allies and other Democrats have expressed concerns privately that the 79-year-old Biden may not be able to handle the rigors of a presidential campaign
   “Why did the White House build a literal game show set complete with fake windows for Joe Biden???” tweeted Abigail Marone, press secretary for Sen. Josh Hawley (R-Mo.). “So weird.”…
https://nypost.com/2022/05/05/biden-scraps-oval-office-events-for-sets-over-lack-of-teleprompter/
 
Harvard Gazette (2 years late): Remote learning likely widened racial, economic achievement gap
https://news.harvard.edu/gazette/story/2022/05/remote-learning-likely-widened-racial-economic-achievement-gap/
 
@drsimonegold: GoFundMe has shut down a campaign to raise money for an 8-year-old girl injured shortly after taking Pfizer’s COVID-19 shot. This is a new low for @GoFundMe.
 
China syndrome: Washington elites keep undercutting messaging about Beijing’s malign influence
FBI director’s recent warning that China is America’s gravest threat was negated days later by Biden DOJ, which ended a crucial Chinese counterintelligence program. (10% for The Big Guy works!)
     Washington’s efforts to suppress negative narratives about China most famously occurred during the 2020 election, when federal science and intel officials kept disputing the lethal COVID-19 virus could have come from a lab leak in China…
    Rep. Jeff Van Drew of New Jersey, who two years ago flipped from the Democratic Party to the GOP, told Just the News that the United States too often follows a policy of appeasement when it comes to Beijing and that dynamic needs to be disrupted soon. “We’re on our knees to China,” he said, recalling that “some of their staff and ambassadors said … ‘You are a weak, weak country.“…
https://justthenews.com/government/security/china-syndrome-washington-elites-keep-undercutting-narrative-beijings-malign
 
This Wall Street legend (Bob Farrell, Merrill’s ex-chief technical analyst) has lived through every bear market since the 1950s. He says the one coming could hit the S&P 500 with a 30% loss
   “Similar concentrations (uber-techs nowoccurred in 1970-72, when the ‘Nifty Fifty’ were dominant. And in 1998-2000, when big tech was dominant,” Farrell noted. “In each of these cases, there were 10-year down cycles [after the collapse] in the concentrated leaders.“…
https://www.marketwatch.com/story/this-wall-street-legend-has-lived-through-every-bear-market-since-the-1950s-he-says-the-one-coming-could-hit-the-s-p-500-with-a-30-loss-11652111307
 
FOMC Members Jobs Outside the Fed: Williams, Bullard, George, Daly, Evans, Bostic, Montgomery, Black: none; Harker, Brainard: academia, Barkin: McKinsey (0 practical experience) https://t.co/wZcsKULIhH
 
Biden to give remarks on inflation Tuesday, contrast plan with Republicans http://reut.rs/388yvl9
 
Today – Six Fed officials speak; April CPI is due tomorrow.  Traders will be cautious into the April CPI Report release.  After the release, barring a very ugly number, there should be a relief rally.
 
The S&P 500 Index low yesterday was 3975.48; the index closed at 3991.24.  A decisive breach of 4000 occurred.  A late upward manipulation tried to change the negative psychology and narrative.
 
The risk is high that the equity breakdown could inspire spirited organic selling today. The usual suspects will try to force the S&P 500 Index above 4000 to change the negative narrative and psychology.
 

The S&P 500 Index is in a terrible technical state; Nasdaq is worse.
 
ESMs are +8.00 at 20:00 ET.  Will some manipulate ESMs higher in the very thin overnight market?
 
Expected economic data: April NFIB Small Business Optimism 92.9; NY Fed Pres Williams 7:40 ET, Richmond Fed Pres Barkin 9:15 ET, Fed Gov Waller & Fed Pres Kashkari 13:00 ET, Cleveland Fed Pres Mester 15:00 ET; Atlanta Fed Pres Bostia 19:00 ET; The Big Guy reads his Teleprompter on inflation
(Advisor to 6 US presidents) Harald Malmgren @Halsrethink: Year ago Putin put out feelers for US-Russia dialogue on future of European security. BIDEN WH showed zero interest in “Helsinki 2”. Now, POTUS & Congress leaders all personally leading public attack on Russia, making this a US-Russia confrontation that Putin wanted all along.
 
Pro-choice group targeting churches has links to Revolutionary Communist Party
Rise Up 4 Abortion Rights coordinated Mother’s Day protests against Catholic churches
https://www.foxnews.com/politics/pro-choice-group-targeting-churches-links-revolutionary-communist-party?intcmp=tw_fnc
 
Now that polls show the GOP gaining support after the SCOTUS brief leak; and weekend polls have arrived, The Big Guy’s handlers are pivoting on protests at SCOTUS justices’ homes, disruptions at Catholic masses, vandalism at churches, and a possible firebombing at a pro-life office in Madison, WI.
 
Jen Psaki @PressSec: @POTUS strongly believes in the Constitutional right to protest. But that should never include violence, threats, or vandalism. Judges perform an incredibly important function in our society, and they must be able to do their jobs without concern for their personal safety.
 
GOP Sen. @HawleyMO: A little late, don’t you think – now that leftists are firebombing prolifers and threatening the safety of Supreme Court Justices and their familiesJoe Biden could have condemned this violence & harassment and instead encouraged it. He should be held responsible.
 
Hollywood lawyer paid off over $2M of Hunter Biden’s delinquent taxes (Why?)
Kevin Morris, whom Hunter Biden’s friends call his latest “sugar brother,” has also been funding the 52-year-old’s lifestyle in Los Angeles — including his rent and living expenses… https://t.co/U1L2l4Djqf
 
40 percent of America’s baby formula supplies are out of stock
https://www.nbcnews.com/business/consumer/baby-formula-shortage-recall-low-inventory-rcna27937
 
Daily Mail: Why is Joe Biden doing nothing to help desperate US babies? Parents and politicians slam president for failing to intervene in baby formula crisis as distressed dad says ‘never did I think I would have a problem finding food for my baby in America’ (US MSM trying to ignore this!)
https://www.dailymail.co.uk/news/article-10793859/Parents-politicians-slam-Biden-failing-intervene-baby-formula-crisis.html
 
@conservmillen: Women’s fear of being unable to get baby formula will affect the vote this fall far more than women’s fear of being unable to get an abortion.
 
Eighty-four percent demand voter ID, want ‘Zuckerbucks’ banned
https://www.washingtonexaminer.com/news/washington-secrets/most-84-demand-voter-id-want-zuckerbucks-banned
 
@DineshDSouza: True the Vote has the cell phone IDs of all the mules (used in 2020 Election). Law enforcement can easily identify them, arrest them and find out exactly who paid them and who on the Democratic Left organized this criminal election fraud cartel.
 
@charliekirk11: Why haven’t the any of the 2,000 mules who committed multiple crimes surrounding widespread ballot trafficking in the 2020 Election been arrested yet?
 
Videos of a few mules in action: https://twitter.com/nick_moseder/status/1523395927867678720
 
@rising_serpent: Isn’t it hysterical how the people who were completely fine with CDC using people’s cell phone data to track them during lockdowns are now losing their goddamn minds about folks in 2000 mules doing the exact same thing, except to track people committing actual federal crimes?
 
@DineshDSouza: I’m sorry to say Tucker Carlson and his team specifically instructed Catherine Engelbrecht of True the Vote NOT to mention the movie (2000 Mules).
 
WH Predicts Incoming ‘100 Million’ COVID Cases — Just in Time for Midterms http://dlvr.it/SQ2hJZ
 
@MZHemingway: If questioning the results of elections were a crime, pretty much the entire Democrat Party and the entire media complex would be in prison. For instance, incoming WH press secretary here:
    @K_JeanPierre, Apr 2, 2020: Reminder: Brian Kemp stole the gubernatorial election from Georgians and Stacey Abrams.  @K_JeanPierre Dec 17, 2016: Stolen emails, stolen drone, stolen election… welcome to the world of unpresidented Trump
 
@ggreenwald: Note that on Big Tech platforms, it’s fully permissible to argue that the 2000 presidential election was fraudulent and the results illegitimate. Same with the 2004 and 2016 elections, and the 2018 Georgia election. But you’ll be banned if you say this about the 2020 election.
 
Spygate Judge Tries to Protect Hillary Clinton in Latest Pre-Trial Rulings
The Obama-appointed judge presiding over the criminal case against former Hillary Clinton campaign attorney Michael Sussmann let politics trump the law when he declared in a weekend opinion he would not rule on whether the Clinton campaign and Democratic National Committee conspired with others to peddle the Russia collusion hoax…
https://thefederalist.com/2022/05/09/spygate-judge-tries-to-protect-hillary-clinton-in-latest-pre-trial-rulings/
 
@60Minutes: When asked for comment on this interview (DJT Def Sec Esper, another horrid DJT hire), the office of former President Donald Trump provided the following statement to 60 Minutes.
https://twitter.com/60Minutes/status/1523442122921156608
 
Ex-DNI @RichardGrenell: Mark Esper (DJT Def Sec) was one of the most duplicitous people I’ve met in politics.  He comfortably lies… He told me to my face multiple times that moving 10k troops out of Germany and putting some in Poland and other places was a good idea.  But then I would find out he was blocking or slowing the implementation of President Trump’s decision.  Esper was a weak kiss ass. Typical for Washington. Always telling us what he thought we wanted to hear. And then he would do the opposite.  Strong people stand by their beliefs and speak up. Esper was too weak to do it in person. Everyone knows someone like this. Imagine if Esper had followed Trump’s directive and moved 10k more troops to Poland. I bet Ukraine wishes Esper wasn’t so weak.
 
BLM co-founder Patrisse Cullors admits using $6M mansion for parties https://trib.al/wJ3QCze
 

Let us close today with this offering courtesy of Greg Hunter 

See you on WEDNESDAY

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