GOLD TRADED UP $2.10 TODAY TO $1849.00//SILVER TRADED UP 8 CENTS TO $21.97//PLATINUM TRADED UP $4.00 TO $953.20//PALLADIUM TRADED UP $11.95 TO $2010.25//COVID UPDATES//CHINA UPDATES//EUROPE WANTS TO CRIMINALIZE EUROPEANS TO TRY AND AVOID SANCTIONS ON DEALING WITH RUSSIA//RUSSIAN CENTRAL BANK LOWERS INTEREST RATE TO 11% AS ROUBLE FALLS//GOLD PRICE IN ROUBLES FALLS//APPLE STILL NOT PRODUCING ENOUGH PHONES/RUSSIA OFFERING OCCUPIED TERRORITES RUSSIAN CITIZENSHIP/USA GDP FALLS IN Q1 TO 1.5% PENDING HOME SALES ALSO FALTERS//SWAMP STORIES FOR YOU TONIGHT//

May 26, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

May 26, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1849.00 UP $2.10 

SILVER: $21.97 UP  $.08

ACCESS MARKET: GOLD $1850.30

SILVER: $22.02

Bitcoin morning price:  $29,020 DOWN 685

Bitcoin: afternoon price: $29,457 DOWN 248

Platinum price: closing UP $4.00 to $949.20

Palladium price; closing UP $11.95  at $2010.25

END

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

 EXCHANGE: COMEX EXCHANGE: COMEX

JPMorgan issued  11/16

CONTRACT: MAY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,846.200000000 USD
INTENT DATE: 05/25/2022 DELIVERY DATE: 05/27/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 16
661 C JP MORGAN 11
737 C ADVANTAGE 3
905 C ADM 2


TOTAL: 16 16
MONTH TO DATE: 6,447


NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT 16  NOTICE(S) FOR 1600 OZ  (0.00497  TONNES)

total notices so far:  6447 contracts for 644700 oz (20.052 tonnes)

SILVER NOTICES: 

83 NOTICE(S) FILED 415,000   OZ/

total number of notices filed so far this month  5607  :  for 28,035,000  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 UP $2.10

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 HUGE DEPOSIT OF 1.74 TONNES INTO THE GLD

INVENTORY RESTS AT 1069.81 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 8 CENTS

AT THE SLV// A BIG CHANGE IN SILVER INVENTORY AT THE SLV://A HUGE CHANGE IN SILVER INVENTORY

AT THE SLV.: A WITHDRAWAL OF 3.515 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 558.071 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A SMALL SIZED  175 CONTRACTS TO 146,276   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE SMALL LOSS IN OI WAS ACCOMPLISHED DESPITE OUR   $0.20 GAIN  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.20) BUT  ALSO UNSUCCESSFUL IN KNOCKING OFF ANY SILVER LONGS AS THEY REMAIN FIRM IN THEIR BELIEF OF A SILVER FAILURE AS WE HAD A NET GAIN OF 0 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 305,000 OZ QUEUE JUMP   //NEW STANDING 28,050,000 MILLION OZ/ //  V)    SMALL SIZED COMEX OI LOSS/

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : + 5

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 18 days, total 20,427,  contracts:  102.135 million oz  OR 5.666 MILLION OZ PER DAY. (1134CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 102.135 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: 102.135 MILLION OZ//INCREASING AGAIN

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 175 DESPITE OUR  $0.20 GAIN IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL  SIZED EFP ISSUANCE  CONTRACTS: 180 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 0  OZ QUEUE. JUMP //NEW STANDING 28.050 MILLION OZ//  .. WE HAD A 0 SIZED GAIN OF 5 OI CONTRACTS ON THE TWO EXCHANGES FOR 0.15 MILLION  OZ DESPITE THE GAIN IN PRICE. 

 WE HAD 83  NOTICE FILED TODAY FOR  415,000 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 STRONG SIZED 4038 CONTRACTS  TO 526,060 AND FURTHER FROM 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:  –1881 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  FAIR SIZED LOSS IN COMEX OI CAME DESPITE OUR  GAIN IN PRICE OF $2.70//COMEX GOLD TRADING/WEDNESDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR GIGANTIC SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   //JUST SPECULATOR SHORT COVERING FROM OUR STUPID SPECULATORS.

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 0 OZ//NEW STANDING 20.111 TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $2.70 WITH RESPECT TO WEDNEDAY’S TRADING

WE HAD A FAIR SIZED LOSS OF 2853  OI CONTRACTS (8,811 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED  1205 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 526,060

IN ESSENCE WE HAVE A  FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2853, WITH 4053 CONTRACTS DECREASED AT THE COMEX AND 1205 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF2853 CONTRACTS OR 8.811 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1205) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (4038,): TOTAL LOSS IN THE TWO EXCHANGES  2853 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY. AT 5.353 TONNES FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 0 OZ//NEW STANDING 20.11 ///  3) ZERO LONG LIQUIDATION//CONSIDERABLE SPECULATOR SHORT COVERING //.,4) FAIR SIZED COMEX  OI. LOSS 5) SMALL 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 :

76,583 CONTRACTS OR 7,658,300 OR 238.20  TONNES 18 TRADING DAY(S) AND THUS AVERAGING: 4255 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 238.20 TONNES

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

THUS EFP TRANSFERS REPRESENTS  238.20/3550 x 100% TONNES  6.70% 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:  238,20 TONNES INITIAL// INCREASING AGAIN

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

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

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY, FOR SILVER:

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

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A SMALL SIZED 175 CONTRACT OI TO 146.281 AND FURTHER FORM  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 180 CONTRACTS

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

MAY 180  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF  175 CONTRACTS AND ADD TO THE 180 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A MINISCULE SIZED GAIN OF5  OR .150 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 0 MILLION OZ

OCCURRED DESPITE OUR GAIN IN PRICE OF  $0.20 .

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

end

end

5. Other gold commentaries

end

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 15.65 PTS OR 0.50%   //Hang Sang CLOSED UP 55.07 PTS OR 0.27%    /The Nikkei closed DOWN 72.96 OR 0.27%          //Australia’s all ordinaires CLOSED DOWN 0.71%   /Chinese yuan (ONSHORE) closed DOWN 6,7360    /Oil DOWN TO 111.01dollars per barrel for WTI and UP TO 114.41 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.73604 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7604: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER/

a)NORTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 4038 CONTRACTS TO 526,060 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS STRONG  COMEX DECREASE OCCURRED DESPITE OUR  GAIN OF $2,70 IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A SMALL SIZED EFP (1205 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT NOW SEEMS THAT THE COMMERCIALS HAVE GOADED THE SPECS TO GO SHORT BIG TIME AND THEY ARE CAUGHT. THE COMMERCIALS WILL SLAUGHTER THESE GUYS WHEN THEY THINK THE TIME IS RIGHT

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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1205 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :1205 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1205 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A  FAIR SIZED  TOTAL OF 2853 CONTRACTS IN THAT 1205 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED  COMEX OI LOSS OF 4038  CONTRACTS..AND YET  THIS STRONG LOSS ON OUR TWO EXCHANGES HAPPENED WITH  OUR  GAIN IN PRICE OF GOLD $2.70.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (20.11),

 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: 20.11 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $2.70) BUT WERE SUCCESSFUL IN KNOCKING OFF SOME SPECULATOR LONGS/COMMERCIAL LONGS AS WELL AS SPECULATOR SHORTS////  WE HAVE  REGISTERED A FAIR SIZED LOSS  OF 8.8811 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAY (20.11 TONNES)

WE HAD 1881 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 2853 CONTRACTS OR 285300  OZ OR 8,811 TONNES

Estimated gold volume 204,595/// fair

Confirmed volume yesterday:288,065 contracts  good

INITIAL STANDINGS FOR MAY ’22 COMEX GOLD //MAY 26

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz15,951.297 oz
Int Delaware
JPMorgan
Manfra
400 kilobars
Deposit to the Dealer Inventory in oznil
OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today16  notice(s)1600 OZ
0.00497 TONNES
No of oz to be served (notices)19 contracts 1900 oz
0.5909 TONNES
Total monthly oz gold served (contracts) so far this month6447 notices
644,700 OZ
20.052 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  0   oz//

No dealer withdrawals

0 customer deposits

total deposits: nil oz

3 customer withdrawals:

i) Out of JPMorgan:  4822.650 oz (150 kilobars)

ii) Out of Int.Delaware: 8037.750 oz (250 kilobars)

iii) Out of Manfra: 2930.147 0z

total withdrawal: 15,951.297  oz

ADJUSTMENTS:   

) Brinks dealer to customer 12,178.3057

and Manfra  1,450.337 0z

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an  oi of 35 contracts having LOST ONLY 2 contracts

We had 2 notices filed YESTERDAY, so we gained 0 contracts or  AN ADDITIONAL NIL oz will stand for delivery in this non active delivery month of May.

June saw a loss of 51,247 contracts down to 67,219 contracts 

July has a GAIN OF 167 OI to stand at 1266

August has a gain of 45,844 contracts up to 395,796 contracts

We had 16 notice(s) filed today for  1600 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 16 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and  11 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 (6447) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY 35  CONTRACTS ) minus the number of notices served upon today  16 x 100 oz per contract equals 6,666,000 OZ  OR 20.11 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 (6447) x 100 oz+   (35)  OI for the front month minus the number of notices served upon today (16} x 100 oz} which equals 646,600 oz standing OR 20.111 TONNES in this NON  active delivery month of MAY.

TOTAL COMEX GOLD STANDING:  20.11 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

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  2,060,078.634 oz                             

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  35,520,541.296 OZ 

TOTAL ELIGIBLE GOLD: 17,398,567.733  OZ

TOTAL OF ALL REGISTERED GOLD: 18,121,973.563 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 16,061.895.0 OZ (REG GOLD- PLEDGED GOLD)  

END

MAY 2022 CONTRACT MONTH//SILVER//MAY 26

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,688270.9  oz
Brinks
CNT
Delaware
JPMorgan
Deposits to the Dealer Inventorynil
OZ
Deposits to the Customer Inventory464,667.700 oz
CNT
No of oz served today (contracts)83CONTRACT(S)415,000  OZ)
No of oz to be served (notices)3 contracts (15,000 oz)
Total monthly oz silver served (contracts)5607 contracts 28,035,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month


i) zero dealer deposits  
And now for the wild silver comex results

total dealer deposits:  0     oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposits into the customer account

i) Into CNTL  464.667.700 oz

total deposit:  464,667.700    oz

JPMorgan has a total silver weight: 174.533 million oz/335.786 million =52.08% of comex 

 Comex withdrawals: 4

i) Out of Brinks  566,802.770 oz

ii) Out of CNT: 99,891.200 . oz 

iii) Out of Delaware 1863.500 oz

iv) Out of JPMorgan:  1021.572 oz 

total withdrawal  1,688,270.900      oz

1 adjustments: customer to dealer HSBc:  9852.980 oz  

the silver comex is in stress!

TOTAL REGISTERED SILVER: 80.021 MILLION OZ

TOTAL REG + ELIG. 335/746 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY OI: 86 HAVING GAINED 3 CONTRACTS.  WE HAD 58 NOTICES FILED ON YESTERDAY

SO WE GAINED 61   CONTRACTS OR A QUEUE JUMP OF 305,000 OZ

JUNE HAD A GAIN OF 11 TO STAND AT 1579

JULY HAD A LOSS OF 1750 CONTRACTS UDOWN TO 110,390 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 83 for 415,000 oz

Comex volumes: 30,638// est. volume today//   poor

Comex volume: confirmed yesterday: 36,229 contracts ( poor )

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 5607 x 5,000 oz = 28,035,000 oz 

to which we add the difference between the open interest for the front month of MAY(86) and the number of notices served upon today 83  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY./2022 contract month: 5607 (notices served so far) x 5000 oz + OI for front month of MAY (86)  – number of notices served upon today (83) x 5000 oz of silver standing for the MAY contract month equates 28,050,000 oz. .

We GAINED 61 contracts or AN ADDITIONAL 305,000 OZ will 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 26/WITH GOLD UP $2.10/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1069.81 TONNES

MAY 25/WITH GOLD UP @$2.70: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.89./INVENTORY RESTS AT 1068.07 TONNES

MAY 20/WITH GOLD UP $7.75: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.97 TONNES INTO THE GLD/INVENTORY RESTS  AT 1056.18 TONNES

MAY 19/WITH GOLD UP $24.20; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.21 TONNES//

MAY 18/WITH GOLD DOWN $2.55//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.07 TONNES FROM THE GLD///INVENTORY RESTS AT 1049.21 TONNES

MAY 17/WITH GOLD UP $5.40:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD////INVENTORY RESTS AT 1053.28 TONNES

MAY 16/WITH GOLD UP $5.40: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.93 TONNES FROM THE GLD///INVENTORY RESTS AT 1055.89 TONNES

MAY 13/ WITH GOLD DOWN $16.25//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.8 TONNES FROM THE GLD.//INVENTORY RESTS AT 1060.82 TONNES

MAY 12/WITH GOLD DOWN $26.50: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.99 TONNES FROM THE GLD////INVENTORY RESTS AT 1066.62 TONNES

MAY 11/WITH GOLD UP $9.85//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.25 TONNES FROM THE GLD/////INVENTORY RESTS AT 1068.65 TONNES

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

GLD INVENTORY: 1069/81 TONNES

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

MAY 26/WITH SILVER UP 8 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.515 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 558.071 MILLION OZ

MAY 25/WITH SILVER UP 20 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .922 MILLION OZ FROM THE SLV/ //INVENTORY RESTS AT 561.486 MILLION OZ//

MAY 20.WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WIHDRAWAL OF .785 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 19/WITH SILVER UP 34 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 565.085 MILLION OZ//

MAY 18/WITH SILVER UP $0.04 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL  1.892 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 17/WITH SILVER UP $.22 TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.508 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 565.085 MILLION OZ//

MAY 16/WITH SILVER UP $.52 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.546 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.593 MILLION OZ//

MAY 13/WITH SILVER UP 31 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 570.439 MILLION OZ/

MAY 12/WITH SILVER DOWN 88 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 570.439 MILLION OZ//

May 11/WITH SILVER UP 8 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.487 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 570.439 MILLION OZ//

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

INVENTORY TONIGHT RESTS AT 558.071 MILLION OZ/

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Peter Schiff: It’s Not Putin, Or The Pandemic…It’s The Fed!

THURSDAY, MAY 26, 2022 – 01:00 PM

Via SchiffGold.com,

There is all kinds of spin out there when it comes to inflation. Peter Schiff recently appeared on News Nation to talk about the economy. He explained that the spin misses the mark. The real source of inflation isn’t the pandemic or Putin. It’s the Federal Reserve.

Peter said he thinks the Q1 GDP contraction will turn out to be the first quarter of this new recession.

This is going to be a very deep recession. It’s going to last for a long time. And it could be the worst recession anyone has experienced.”

Peter said inflation will make this recession particularly problematic.

Inflation is high and it’s going higher. So, you’re going to have the combination of a very weak economy in recession and high inflation getting worse. And inflation is going to complicate the severity of the recession and make it that much more difficult for average Americans to endure it.”

The host mentioned that Treasury Secretary Janet Yellen recently conceded that the economy will likely face more shocks and challenges in the future.

But she continues to insist the economy is strong overall. Peter said Yellen has a very poor understanding of the economy.

She had a poor understanding as Fed chairman, and before that, she had a poor understanding when she was a member of the FMOC. She was clueless about the financial crisis that was looming right around the horizon. And of course, she was jumping on the bandwagon more recently of inflation being ‘transitory’ when it clearly was not. So, she doesn’t really know very much about the economy. She’s just there to talk up the economy no matter how bad it looks. She’s going to put positive spin on it. But it’s a disaster.”

Peter pointed out the record trade deficit for April and reiterated the economy is a disaster.

The host pushed back a bit, saying there are some signs that the economy is OK. He pointed out that airlines have never been busier. Hotels are booked for the summer. That would seem to indicate consumers think things have the potential to be OK.

Peter conceded that some people still have hope. But it’s a false hope.

The Fed is printing a lot of money and the value of that money is going down. It’s going to crash eventually. It’s not about the consumer. It’s about the producer. And I just said we have the worst trade deficit in our history because our economy is not productive. What we’re doing is printing a lot of money and we’re spending that money to buy things that are made in other countries. So, it’s the rest of the world that’s being productive, not America. We’re being profligate. We’re just spending the money that the Federal Reserve prints out of thin air. But that’s inflation. That’s the source of the inflation. It’s not Putin. It’s not the pandemic. It’s the Federal Reserve. It’s the US government running record budget deficits being monetized by a Federal Reserve that’s printing all this money. The money is losing value. Prices are going up. The government is being dishonest about how much because the CPI grossly understates the degree a which prices are rising. Prices are rising at more than double the rate the government claims.”

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

New York Fed Stuns with New Report: At Year End Its Trading Desk Owned 38 Percent of All 10-30 Year U.S. Treasuries

Pam and Russ Martens….

New York Fed Stuns with New Report: At Year End Its Trading Desk Owned 38 Percent of All 10-30 Year U.S. Treasuries

New York Fed's SOMA Share of U.S. 
Treasury Market

By Pam Martens and Russ Martens: May 26, 2022

On Tuesday, the New York Fed’s trading desk released its annual report showing what it was up to in 2021. The New York Fed is the only one of the Federal Reserve’s 12 regional Fed banks to have a trading desk operation with speed dials to Wall Street’s trading houses, so we’re always interested in reading the “official” version of what’s been happening there.

The report is a deeply sanitized version of the facts on the ground. (For example, there is nothing in the report to indicate that the New York Fed has established a second trading floor near the futures exchange in Chicago.)

However, there is one paragraph in the newly-released report that took our breath away. It reveals that the New York Fed’s trading operation (officially called the System Open Market Account or SOMA) currently owns 38 percent of all outstanding U.S. Treasury Securities with 10 to 30 years remaining until maturity. (See the last two paragraphs on page 33 of the report.)

There are multiple reasons that this detail takes our breath away. First of all, the U.S. Treasury market is massive – at $22.6 trillion as of year-end 2021. That any one entity controls a big chunk of the market is deeply concerning. (The same report showed that the New York Fed’s trading desk owned 25 percent of all maturities of outstanding Treasury debt.)

The New York Fed’s trading desk owning 38 percent of the 10-30 year Treasuries is also deeply alarming because it is that maturity range that has a dramatic impact on the interest rate of the 30-year fixed-rate residential mortgage, the most popular mortgage among first-time homebuyers historically. It means that the New York Fed’s gobbling up of these 10-year U.S. Treasury Notes and 30-year U.S. Treasury Bonds, to the tune of 38 percent of the market, has created artificial demand for these instruments that would not otherwise exist. That, in turn, means that mortgage rates have been artificially held lower – much lower – than they would otherwise have been.

Even more alarming, it means that the recent announcements by the Fed that it will be reducing its purchases of Treasury securities and shrinking its balance sheet by reducing the amount of principal payments that are rolled over into new Treasury securities, is going to have a dramatic impact on residential mortgage rates.

The chart below shows how the 30-year fixed rate mortgage has risen since the Fed made its first announcement of QE tapering on November 3, 2021 and subsequent tapering announcements. The 30-year fixed rate mortgage has spiked from an average of 3 percent to 5.25 percent as of May 19 of this year – an increase of 75 percent. The dramatic spike in the rate over a period of just seven months has priced many first-time home buyers out of the market.

30-Year Fixed 
Rate Mortgage Rates, November 3, 2021 to May 19, 2022

The Fed calls its purchases of Treasuries and other debt instruments “Quantitative Easing” or QE. The Fed embarked on three rounds of QE between 2008 and 2012 in an effort to stimulate the economy and get it back on a sound footing after Wall Street crashed the economy with its derivatives and subprime debt bombs in 2008.

When the repo market blew up in the fall of 2019, the New York Fed cranked up its QE operations again and ramped them up further when the pandemic hit in 2020. In June of 2020, the Fed began purchasing a total of $120 billion in debt securities each month, a larger amount than during the 2008 financial crisis.

The Fed’s balance sheet has grown from $924 billion on December 26, 2007 – prior to the financial crash of 2008 – to $8.99 trillion as of last Wednesday.

-END-

END

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

end 

4.OTHER GOLD/SILVER COMMENTARIES

end

5.OTHER COMMODITIES //PALM OIL+ OTHERS

END

END

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.7360

OFFSHORE YUAN: 6.7604

HANG SANG CLOSED  DOWN 55.07 PTS OR 0.27% 

2. Nikkei closed DOWN 72.96 OR 0.27%

3. Europe stocks  ALL CLOSED  ALL GREEEN

USA dollar INDEX  DOWN TO  102.06/Euro FALLS TO 1.0647

3b Japan 10 YR bond yield: RISES TO. +.229/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 127.09/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +0.859%/Italian 10 Yr bond yield FALLS to 2.75% /SPAIN 10 YR BOND YIELD FALLS TO 1.90%…

3i Greek 10 year bond yield FALLS TO 3.53

3j Gold at $1843.40 silver at: 21.81  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN   4.66      roubles/dollar; ROUBLE AT 63.37

3m oil into the 111 dollar handle for WTI and  114 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 127.90DESTROYING 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 0.620– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.027well 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: 2.734 DOWN 1  BASIS PTS

USA 30 YR BOND YIELD: 2.980 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 16.42

S&P Futures Jump Above 4,000 As Fed Fears Fade

THURSDAY, MAY 26, 2022 – 07:50 AM

After yesterday’s post-FOMC ramp which sent stocks higher after the Fed’s Minutes were less hawkish than feared and also hinted at a timeline for the Fed’s upcoming pause (and easing), US index futures initially swung between gains and losses on Thursday as investors weighed the “good news” from the Fed against downbeat remarks on the Chinese economy from premier Li who warned that China would struggle to post a positive GDP print this quarter coupled with Apple’s conservative outlook. Eventually, however, bullish sentiment prevailed and even with Tech stocks underperforming following yesterday’s disappointing earnings from Nvidia, e-mini futures rose to session highs as of 715am, and traded up 0.6% above 4,000 for the first time since May 18, while Nasdaq 100 futures were up 0.2% after earlier dropping as much as 0.8%. The tech-heavy index is down 27% this year. Treasury yields and the dollar slipped. Fed policy makers indicated their aggressive set of moves could leave them with flexibility to shift gears later if needed.

Investors took some comfort from the Fed minutes that didn’t show an even more aggressive path being mapped to tackle elevated prices, though central banks remain steadfast in their resolve to douse inflation. Still, volatility has spiked as the risk of a US recession, the impact from China’s lockdowns and the war in Ukraine simmer.

While the Fed minutes “provided investors with a temporary relief, today’s mixed price action on stocks mostly shows that major bearish leverages linger,” said Pierre Veyret, a technical analyst at ActivTrades in London. “The war in eastern Europe and concerns about the Chinese economy still add stress to market sentiment,” he wrote in a report. “Investors will want to see evidence of improvements regarding the pressure coming from rising prices.”

“We expect key market drivers to continue to be centered around inflation and how central banks react; global growth concerns and how China gets to grip with its zero-Covid policy; and the geopolitical conflict between Russia and Ukraine,” said Fraser Lundie, head of fixed income for public markets at Federated Hermes Limited. “Positive news flow on any of these market drivers could sharply improve risk sentiment; however, there is a broad range of scenarios that could play out in the meantime.”

In premarket trading, shares in Apple dropped 1.4% after a report said that the tech giant is planning to keep iPhone production flat in 2022, disappointing expectations for a ~10% increase. The company also said it was raising salaries in the US by 10% or more as it faces a tight labor market and unionization efforts. In other premarket moves, Nvidia dropped 5.3% as the biggest US chipmaker by market value gave a disappointing sales forecast. Software company Snowflake slumped 14%, while meme stock GameStop Corp. fell 2.9%. Among gainers, Twitter Inc. jumped 5.2% after billionaire Elon Musk dropped plans to partially fund his purchase of the company with a margin loan tied to his Tesla stake and increased the size of the deal’s equity component to $33.5 billion. Other notable premarket movers include:

  • Shares of Alibaba and Baidu rise following results, sending other US-listed Chinese stocks higher in US premarket trading. Alibaba shares shot up as much as 4.5% after reporting fourth- quarter revenue and earnings that beat analyst expectations.
  • Lululemon’s (LULU US) stock gains 2.4% in premarket trading as Morgan Stanley raised its recommendation to overweight, suggesting that the business can be more resilient through headwinds than what the market is expecting.
  • Macy’s (M US) shares gain 15% in premarket trading after Co. increases its adjusted earnings per share guidance for the full fiscal year
  • Williams-Sonoma (WSM US) shares jumped as much as 9.6% in premarket trading after 1Q sales beat estimates. The retailer was helped by its exposure to more affluent customers, but analysts cautioned that it may be difficult to maintain the sales momentum amid macroeconomic challenges.
  • Nutanix (NTNX US) shares shed about a third of their value in US premarket trading as analysts slashed their price targets on the cloud platform provider after its forecast disappointed.
  • US airline stocks rise in premarket trading on Thursday, after Southwest and JetBlue provided upbeat outlooks for the second-quarter. LUV up 1.5% premarket, after raising its second-quarter operating revenue growth forecast. JBLU up 2% after saying it expects second-quarter revenue at or above high end of previous guidance.
  • Cryptocurrency-tied stocks fall in premarket trading as Bitcoin snaps two days of gains. Coinbase -2.6%; Marathon Digital -2.3%; Riot Blockchain -1.2%. Bitcoin drops 1.9% at 6:11 am in New York, trading at $29,209.88.

It’s time to buy the dip in stocks after a steep global selloff in equity markets, according to Citi strategists. Meanwhile, Fidelity International Chief Executive Officer Anne Richards said the risk of a recession has increased and markets are likely to remain volatile, the latest dire warning on the outlook at the World Economic Forum.

“If inflation gets tame enough over summer, there may not be continued raising of rates,” Carol Pepper, Pepper International chief executive officer, said on Bloomberg TV, adding that investors should look to buy tech stocks after the selloff. “Stagflation, I just don’t think that’s going to happen anymore. I think we are going to be in a situation where inflation will start tapering down and then we will start going into a more normalized market.”

In Europe, the Stoxx Europe 600 Index rose 0.3%, pare some of their earlier gains but remain in the green, led by gains for retail, consumer and energy stocks. IBEX outperforms, adding 0.6%, FTSE MIB is flat but underperforms peers. Retailers, energy and consumer products are the strongest-performing sectors, with energy shares outperforming for the second day as oil climbed amid data that showed a further decrease in US crude and gasoline stockpiles. Here are the most notable European movers:

  • Auto Trader rises as much as 3.5% after its full-year results beat consensus expectations on both top- and bottom-lines.
  • Galp climbs as much as 4.1% as RBC upgrades to outperform, saying the stock might catch up with the rest of the sector after “materially” underperforming peers in recent years.
  • Rightmove rises as much as 1.5% after Shore upgrades to hold from sell, saying the stock has reached an “appropriate” level following a 27% decline this year.
  • FirstGroup soars as much as 16% after the bus and train operator said it received a takeover approach from I Squared Capital Advisors and is currently evaluating the offer.
  • United Utilities declines as much as 8.9% as company reports a fall in adjusted pretax profit. Jefferies says full-year guidance implies a materially-below consensus adjusted net income view.
  • Johnson Matthey falls as much as 7.5% after the company reported results and said it expects operating performance in the current fiscal year to be in the lower half of the consensus range.
  • BT drops as much as 5.7% after the telecom operator said the UK will review French telecom tycoon Patrick Drahi’s increased stake in the company under the National Security and Investment Act.
  • JD Sports drops as much as 12% as the departure of Peter Cowgill as executive chairman is disappointing, according to Shore Capital.

Earlier in the session, Asian stocks were mixed as traders assessed China’s emergency meeting on the economy and Federal Reserve minutes that struck a less hawkish note than markets had expected.  The MSCI Asia Pacific Index was little changed after fluctuating between gains and losses of about 0.6% as technology stocks slid. South Korean stocks dipped after the central bank raised interest rates by 25 basis points as expected. Chinese shares eked out a small advance after a nationwide emergency meeting on Wednesday offered little in terms of additional stimulus. The benchmark CSI 300 Index headed for a weekly drop of more than 2%, despite authorities’ vows to support an economy hit by Covid-19 lockdowns. Investors took some comfort from Fed minutes in which policy makers indicated their aggressive set of moves could leave them with flexibility to shift gears later if needed. Still, Asia’s benchmark headed for a weekly loss amid concerns over China’s lockdowns and the possibility of a US recession.

“The coming months are ripe for a re-pricing of assets across the board with a further shake-down in risk assets as term and credit premia start to feature prominently,” Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a research note. 

Japanese stocks closed mixed after minutes from the Federal Reserve’s latest policy meeting reassured investors while Premier Li Keqiang made downbeat comments on China’s economy. The Topix rose 0.1% to close at 1,877.58, while the Nikkei declined 0.3% to 26,604.84. Toyota Motor Corp. contributed the most to the Topix gain, increasing 1.9%. Out of 2,171 shares in the index, 1,171 rose and 898 fell, while 102 were unchanged.

In Australia, the S&P/ASX 200 index fell 0.7% to close at 7,105.90 as all sectors tumbled except for technology. Miners contributed the most to the benchmark’s decline. Whitehaven slumped after peer New Hope cut its coal output targets. Appen soared after confirming a takeover approach from Telus and said it’s in talks to improve the terms of the proposal. Appen shares were placed in a trading halt later in the session. In New Zealand, the S&P/NZX 50 index fell 0.6% to 11,102.84.

India’s key stock indexes snapped three sessions of decline to post their first advance this week on recovery in banking and metals shares. The S&P BSE Sensex rose 0.9% to 54,252.53 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure. Both benchmarks posted their biggest single-day gain since May 20 as monthly derivative contracts expired today. All but one of the 19 sector sub-indexes compiled by BSE Ltd. gained.  HDFC Bank and ICICI Bank provided the biggest boosts to the two indexes, rising 3% and 2.2%, respectively. Of the 30 shares in the Sensex, 24 rose and 6 fell. As the quarterly earnings season winds up, among the 45 Nifty companies that have so far reported results, 18 have trailed estimates and 27 met or exceeded expectations. Aluminum firm Hindalco Industries is scheduled to post its numbers later today.

In FX, the Bloomberg Dollar fell 0.3%, edging back toward the lowest level since April 26 touched Tuesday. The yen jumped to an intraday high after the head of the Bank of Japan said policymakers could manage an exit from their decades-long monetary policy, and that U.S. rate rises would not necessarily keep the yen weak. Commodity currencies including the Australian dollar fell as China’s Premier Li Keqiang offered a bleak outlook on domestic growth. The Chinese economy is in some respects faring worse than in 2020 when the pandemic started, he said.

Central banks were busy overnight:

  • Russia’s central bank delivered its third interest-rate reduction in just over a month and said borrowing costs can fall further still, as it looks to stem a rally in the ruble and unwinds the financial defenses in place since the invasion of Ukraine.
  • The Bank of Korea raised its key interest rate on Thursday as newly installed Governor Rhee Chang-yong demonstrated his intention to tackle inflation at his first policy meeting since taking the helm. New Zealand’s central bank has also shown its commitment this week to combat surging prices.

In rates, Treasuries bull-steepen amid similar price action in bunds and many other European markets and gains for US equity index futures. Yields richer by ~3bp across front-end of the curve, steepening 2s10 by ~2bp, 5s30s by ~3bp; 10-year yields rose 2bps to 2.76%, keeps pace with bund while outperforming gilts. 2- and 5-year yields reached lowest levels in more than a month, remain below 50-DMAs. US auction cycle concludes with 7-year note sale, while economic data includes 1Q GDP revision. Bund, Treasury and gilt curves all bull-steepen. Peripheral spreads tighten to Germany with 10y BTP/Bund narrowing 5.1bps to 194.6bps.

The US weekly auction calendar ends with a $42BN 7-year auction today which follows 2- and 5-year sales that produced mixed demand metrics, however both have richened from auction levels. WI 7-year yield at ~2.735% is ~17bp richer than April’s, which tailed by 1.7bp. IG dollar issuance slate includes Bank of Nova Scotia 3Y covered SOFR; issuance so far this week remains short of $20b forecast, is expected to remain subdued until after US Memorial Day.

In commodities,  WTI trades within Wednesday’s range, adding 0.6% to around $111. Spot gold falls roughly $7 to trade around $1,846/oz. Cryptocurrencies decline, Bitcoin drops 2.5% to below $29,000. 

Looking at the day ahead now, and data releases from the US include the second estimate of Q1 GDP, the weekly initial jobless claims, pending home sales for April, and the Kansas City Fed’s manufacturing index for May. Meanwhile in Italy, there’s the consumer confidence index for May. From central banks, we’ll hear from Fed Vice Chair Brainard, the ECB’s Centeno and de Cos, and also get decisions from the Central Bank of Russia and the Central Bank of Turkey. Finally, earnings releases include Costco and Royal Bank of Canada.

Market Snapshot

  • S&P 500 futures little changed at 3,974.25
  • STOXX Europe 600 up 0.2% to 435.16
  • MXAP little changed at 163.17
  • MXAPJ down 0.3% to 529.83
  • Nikkei down 0.3% to 26,604.84
  • Topix little changed at 1,877.58
  • Hang Seng Index down 0.3% to 20,116.20
  • Shanghai Composite up 0.5% to 3,123.11
  • Sensex up 0.4% to 53,975.57
  • Australia S&P/ASX 200 down 0.7% to 7,105.88
  • Kospi down 0.2% to 2,612.45
  • German 10Y yield little changed at 0.90%
  • Euro little changed at $1.0679
  • Brent Futures up 0.5% to $114.55/bbl
  • Gold spot down 0.3% to $1,847.94
  • U.S. Dollar Index little changed at 102.11

Top Overnight News from Bloomberg

  • Federal Reserve officials agreed at their gathering this month that they need to raise interest rates in half-point steps at their next two meetings, continuing an aggressive set of moves that would leave them with flexibility to shift gears later if needed.
  • Russia’s central bank delivered its third interest-rate reduction in just over a month and said borrowing costs can fall further still, halting a rally in the ruble as it unwinds the financial defenses in place since the invasion of Ukraine.
  • China’s trade-weighted yuan fell below 100 for the first time in seven months as Premier Li Keqiang’s bearish comments added to concerns that the economy may miss its growth target by a wide margin this year.
  • Bank of Japan Governor Haruhiko Kuroda said interest rate increases by the Federal Reserve won’t necessarily cause the yen to weaken, saying various factors affect the currency market.

A more detailed breakdown of global markets courtesy of Newsquawk

Asia-Pac stocks were indecisive as risk appetite waned despite the positive handover from Wall St where the major indices extended on gains post-FOMC minutes after the risk event passed and contained no hawkish surprises. ASX 200 failed to hold on to opening gains as weakness in mining names, consumer stocks and defensives overshadowed the advances in tech and financials, while capex data was mixed with the headline private capital expenditure at a surprise contraction for Q1. Nikkei 225 faded early gains but downside was stemmed with Japan set to reopen to tourists on June 6th. Hang Seng and Shanghai Comp were mixed with early pressure after Premier Li warned the economy was worse in some aspects than in 2020 when the pandemic began, although he stated that China will unveil detailed implementation rules for a pro-growth policy package before the end of the month, while the PBoC issued a notice to promote credit lending to small firms and the MoF announced cash subsidies to Chinese airlines.

Top Asian News

  • PBoC issued a notice to promote credit lending to small firms and is to boost financial institutions’ confidence to lend to small firms, according to Reuters.
  • BoK raised its base rate by 25bps to 1.75%, as expected, via unanimous decision. BoK raised its 2022 inflation forecast to 4.5% from 3.1% and raised its 2023 forecast to 2.9% from 2.0%, while it sees GDP growth of 2.7% this year and 2.4% next year. BoK said consumer price inflation is to remain high in the 5% range for some time and sees it as warranted to conduct monetary policy with more focus on inflation, according to Reuters.
  • Morgan Stanley has lowered China’s 2022 GDP estimate to 3.2% from 4.2%.
  • CSPC Drops After Earnings, Covid Impact to Weigh: Street Wrap
  • China Builder Greenland’s Near-Term Bonds Set for Record Drops
  • Debt Is Top Priority for Diokno as New Philippine Finance Chief

European bourses are firmer across the board, Euro Stoxx 50 +0.7%, but remain within initial ranges in what has been a relatively contained session with much of northern-Europe away. Stateside, US futures are relatively contained, ES +0.2%, with newsflow thin and on familiar themes following yesterday’s minutes and before PCE on Friday.  Apple (AAPL) is reportedly planning on having a 220mln (exp. ~240mln) iPhone production target for 2022, via Bloomberg. -1.4% in  the pre-market. Baidu Inc (BIDU) Q1 2022 (CNY): non-GAAP EPS 11.22 (exp. 5.39), Revenue 28.4bln (exp. 27.82bln). +4.5% in the pre-market. UK CMA is assessing whether Google’s (GOOG) practises in parts of advertisement technology may distort competition.

Top European News

  • UK Chancellor Sunak’s package today is likely to top GBP 30bln, according to sources via The Times; Chancellor will confirm that the package will be funded in part by windfall tax on oil & gas firms likely to come into effect in the autumn. Subsequently, UK Gov’t sources are downplaying the idea that the overall support package is worth GBP 30bln, via Times’ Swinford; told it is a very big intervention.
  • UK car production declined 11.3% Y/Y to 60,554 units in April, according to the SMMT.
  • British Bus Firm FirstGroup Gets Takeover Bid from I Squared
  • Citi Strategists Say Buy the Dip in Stocks on ‘Healthy’ Returns
  • The Reasons to Worry Just Keep Piling Up for Davos Executives
  • UK Unveils Plan to Boost Aviation Industry, Passenger Rights
  • Pakistan Mulls Gas Import Deal With Countries Including Russia

FX

  • Dollar drifts post FOMC minutes that reaffirm guidance for 50bp hikes in June and July, but nothing more aggressive, DXY slips into lower range around 102.00 vs 102.450 midweek peak.
  • Yen outperforms after BoJ Governor Kuroda outlines exit strategy via a combination of tightening and balance sheet reduction, when the time comes; USD/JPY closer to 126.50 than 127.50 where 1.13bln option expiries start and end at 127.60.
  • Rest of G10, bar Swedish Crown rangebound ahead of US data, with Loonie looking for independent direction via Canadian retail sales, USD/CAD inside 1.2850-00; Cable surpassing 1.2600 following reports that the cost of living package from UK Chancellor Sunak could top GBP 30bln.
  • Lira hits new YTD low before CBRT and Rouble weaker following top end of range 300bp cut from CBR.
  • Yuan halts retreat from recovery peaks ahead of key technical level, 6.7800 for USD/CNH.

Fixed Income

  • Debt wanes after early rebound on Ascension Day lifted Bunds beyond technical resistance levels to 154.74 vs 153.57 low.
  • Gilts fall from grace between 119.17-118.19 parameters amidst concerns that a large UK cost of living support package could leave funding shortfall.
  • US Treasuries remain firm, but off peaks for the 10 year T-note at 120-31 ahead of GDP, IJC, Pending Home Sales and 7 year supply.

Commodities

  • Crude benchmarks inch higher in relatively quiet newsflow as familiar themes dominate; though reports that EU officials are considering splitting the oil embargo has drawn attention.
  • Currently WTI and Brent lie in proximity to USD 111/bbl and USD 115/bbl respectively; within USD 1.50/bbl ranges.
  • Russian Deputy PM Novak expects 2022 oil output 480-500mln/T (prev. 524mln/T YY), via Ria.
  • Spot gold is similarly contained around the USD 1850/oz mark, though its parameters are modestly more pronounced at circa. USD 13/oz

Central Banks

  • CBR (May, Emergency Meeting): Key Rate 11.00% (exp. ~11.00/12.00%, prev. 14.00%); holds open the prospect of further reductions at upcoming meetings.
  • BoJ’s Kuroda says, when exiting easy policy, they will likely combine rate hike and balance sheet reduction through specific means, timing to be dependent on developments at that point; FOMC rate hike may not necessarily result in a weaker JPY or outflows of funds from Japan if it affects US stock prices, via Reuters.

US Event Calendar

  • 08:30: 1Q PCE Core QoQ, est. 5.2%, prior 5.2%
  • 08:30: 1Q Personal Consumption, est. 2.8%, prior 2.7%
  • 08:30: May Continuing Claims, est. 1.31m, prior 1.32m
  • 08:30: 1Q GDP Price Index, est. 8.0%, prior 8.0%
  • 08:30: May Initial Jobless Claims, est. 215,000, prior 218,000
  • 08:30: 1Q GDP Annualized QoQ, est. -1.3%, prior -1.4%
  • 10:00: April Pending Home Sales YoY, est. -8.0%, prior -8.9%
  • 10:00: April Pending Home Sales (MoM), est. -2.0%, prior -1.2%
  • 11:00: May Kansas City Fed Manf. Activity, est. 18, prior 25

DB’s Jim Reid concludes the overnight wrap

A reminder that our latest monthly survey is now live, where we try to ask questions that aren’t easy to derive from market pricing. This time we ask if you think the Fed would be willing to push the economy into recession in order to get inflation back to target. We also ask whether you think there are still bubbles in markets and whether equities have bottomed out yet. And there’s another on which is the best asset class to hedge against inflation. The more people that fill it in the more useful so all help from readers is very welcome. The link is here.

For markets it’s been a relatively quiet session over the last 24 hours compared to the recent bout of cross-asset volatility. The main event was the release of the May FOMC minutes, which had the potential to upend that calm given the amount of policy parameters currently being debated by the Fed. But in reality they came and went without much fanfare, and failed to inject much life into afternoon markets or the debate around the near-term path of policy. As far as what they did say, they confirmed the line from the meeting itself that the FOMC is ready to move the policy to a neutral position to fight the current inflationary scourge, with agreement that 50bp hikes were appropriate at the next couple of meetings. That rapid move to neutral would leave the Fed well-positioned to judge the outlook and appropriate next steps for policy by the end of the year, and markets were relieved by the lack of further hawkishness, with the S&P 500 extending its modest gains following the release to end the day up +0.95%.

As the Chair said at the meeting, and has been echoed by other Fed officials since, the minutes noted that the hawkish shift in Fed communications have already had a noticeable effect on financial conditions, with Fed staff pointing out that “conditions had tightened by historically large amounts since the beginning of the year.” Meanwhile on QT, which the Fed outlined their plans for at the May meeting, the minutes expressed some trepidation about market liquidity and potential “unanticipated effects on financial market conditions” as a result, but did not offer potential remedies.

With the minutes not living up to hawkish fears alongside growing concerns about a potential recession, investors continued to dial back the likelihood of more aggressive tightening, with Fed funds futures moving the rate priced in by the December meeting to 2.64%, which is the lowest in nearly a month and down from its peak of 2.88% on May 3. So we’ve taken out nearly a full 25bp hike by now, which is the biggest reversal in monetary policy expectations this year since Russia’s invasion of Ukraine began. That decline came ahead of the minutes and also saw markets pare back the chances of two consecutive +50bp hikes, with the amount of hikes priced over the next two meetings falling under 100bps for only the second time since the May FOMC. Yields on 10yr Treasuries held fairly steady, only coming down -0.5bps to 2.745%.

Ahead of the Fed minutes, markets had already been on track to record a steady performance, and the S&P 500 (+0.95%) extended its existing gains in the US afternoon. That now brings the index’s gains for the week as a whole to +1.98%, so leaving it on track to end a run of 7 consecutive weekly declines, assuming it can hold onto that over the next 48 hours, and futures this morning are only down -0.13%. That said, we’ve seen plenty of volatility in recent weeks, and after 3 days so far this is the first week in over two months where the S&P hasn’t seen a fall of more than -1% in a single session, so let’s see what today and tomorrow bring. In terms of the specific moves yesterday, it was a fairly broad advance, but consumer discretionary stocks (+2.78%) and other cyclical industries led the way, with defensives instead seeing a much more muted performance. Tech stocks outperformed, and the NASDAQ (+1.51%) came off its 18-month low, as did the FANG+ index (+1.99%).

Over in Europe, equities also recorded a decent advance, with the STOXX 600 gaining +0.63%, whilst bonds continued to rally as well, with yields on 10yr bunds (-1.5bps) OATs (-1.5bps) and BTPs (-2.7bps) all moving lower. These gains for sovereign bonds have come as investors have grown increasingly relaxed about inflation in recent weeks, with the 10yr German breakeven falling a further -4.2bps to 2.23% yesterday, its lowest level since early March and down from a peak of 2.98% at the start of May. Bear in mind that the speed of the decline in the German 10yr breakeven over the last 3-4 weeks has been faster than that seen during the initial wave of the Covid pandemic, so a big shift in inflation expectations for the decade ahead in a short space of time that’s reversed the bulk of the move higher following Russia’s invasion of Ukraine. Nor is that simply concentrated over the next few years, since the 5y5y forward inflation swaps for the Euro Area looking at inflation over the five years starting in five years’ time has come down from aa peak of 2.49% earlier this month to 2.07% by the close last night, so almost back to the ECB’s target. To be fair there’s been a similar move lower in US breakevens too, and this morning the 10yr US breakeven is down to a 3-month low of 2.56%.

That decline in inflation expectations has come as investors have ratcheted up their expectations about future ECB tightening. Yesterday, the amount of tightening priced in by the July meeting ticked up a further +0.2bps to 32.7bps, its highest to date, and implying some chance that they’ll move by more than just 25bps. We heard from a number of additional speakers too over the last 24 hours, including Vice President de Guindos who said in a Bloomberg interview that the schedule for rate hikes outlined by President Lagarde was “very sensible”, and that the question of larger hikes would “depend on the outlook”.

Overnight in Asia, equities are fluctuating this morning after China’s Premier Li Keqiang struck a downbeat note on the economy yesterday. Indeed, he said that the difficulties facing the Chinese economy “to a certain extent are greater than when the epidemic hit us severely in 2020”. As a reminder, our own economist’s forecasts for GDP growth this year are at +3.3%, which if realised would be the slowest in 46 years apart from 2020 when Covid first took off. Against that backdrop, there’s been a fairly muted performance, and whilst the Shanghai Composite (+0.65%) and the CSI 300 (+0.60%) have pared back initial losses to move higher on the day, the Hang Seng (-0.13%) has lost ground and the Nikkei (+0.07%) is only just in positive territory. We’ve also seen the Kospi (-0.08%) give up its initial gains overnight after the Bank of Korea moved to hike interest rates once again, with a 25bp rise in their policy rate to 1.75%, in line with expectations. That came as they raised their inflation forecasts, now expecting CPI this year at 4.5%, up from 3.1% previously. At the same time they also slashed their growth forecast to 2.7%, down from 3.0% previously.

There wasn’t much in the way of data yesterday, though we did get the preliminary reading for US durable goods orders in April. They grew by +0.4% (vs. +0.6% expected), although the previous month was revised down to +0.6% (vs. +1.1% previously). Core capital goods orders were also up +0.3% (vs. +0.5% expected).

To the day ahead now, and data releases from the US include the second estimate of Q1 GDP, the weekly initial jobless claims, pending home sales for April, and the Kansas City Fed’s manufacturing index for May. Meanwhile in Italy, there’s the consumer confidence index for May. From central banks, we’ll hear from Fed Vice Chair Brainard, the ECB’s Centeno and de Cos, and also get decisions from the Central Bank of Russia and the Central Bank of Turkey. Finally, earnings releases include Costco and Royal Bank of Canada.

 

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY NIGHT 

SHANGHAI CLOSED UP 15.65 PTS OR 0.50%   //Hang Sang CLOSED UP 55.07 PTS OR 0.27%    /The Nikkei closed DOWN 72.96 OR 0.27%          //Australia’s all ordinaires CLOSED DOWN 0.71%   /Chinese yuan (ONSHORE) closed DOWN 6,7360    /Oil DOWN TO 111.01dollars per barrel for WTI and UP TO 114.41 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.73604 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7604: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER/

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/

3B  JAPAN

end

3c CHINA

/ECONOMY

China builds the world’s first artificial intelligence powered drone carrier for maritime operations

(zerohedge)

China Builds World’s First AI-Powered Drone Carrier For Maritime Operations 

WEDNESDAY, MAY 25, 2022 – 11:20 PM

The latest observation of how China aims to use artificial intelligence to conquer the Pacific is the launching of the world’s first autonomous drone carrier. 

According to the South China Morning Post, the intelligent, unmanned 88-meter drone carrier named Zhu Hai Yun will bring revolutionary changes to ocean surveillance, deploying a swarm of aerial, sea, and or submersible drones. 

The Zhu Hai Yun is powered by an artificial intelligence system called the Intelligent Mobile Ocean Stereo Observing System (IMOSOS). The vessel can navigate autonomously in open water and or be controlled remotely while releasing various types of drones. 

“The intelligent, unmanned ship is a beautiful, new ‘marine species’ that will bring revolutionary changes for ocean observation,” Chen Dake, director of the laboratory responsible for the ship, was quoted as saying by the Science and Technology Daily in 2021 when the shipbuilding began. 

The ship was built by Guangzhou of the Huangpu Wenchong Shipyard, a subsidiary of China’s top shipbuilding company, the China State Shipbuilding Corporation. Sea trials will happen in the second half of the year. 

Aside from these civilian uses, the drone carrier could be used for military operations. 

Suppose the autonomous drone carrier is transferred to the People’s Liberation Army Navy (PLAN). In that case, it could be used as a surveillance craft to patrol the country’s militarized islands in the South China Sea.

China’s primary strategy is to defeat the US by expanding its artificial intelligence military capabilities. So this could be the beginning of the world’s second-largest superpower building out a fleet of intelligent drone carriers to patrol highly contested waters. 

Meanwhile, the US Navy has piloted drone ships in the Pacific, though only equipped for anti-submarine warfare

END

APPLE/CHINA

Apple’ iphone production to remain flat as supply chain woes wount

(zerohedge)

Apple’s iPhone Production To Remain Flat As Supply Chain Woes Mount 

THURSDAY, MAY 26, 2022 – 06:55 AM

Apple shares are lower premarket following a new report that iPhone production will be flat this year, according to Bloomberg, citing people familiar with its projections. 

Market forecasts, including ones from IDC Research and Bloomberg Intelligence analysts, had predicted total production figures for the year at around 240 million units. However, sources say output could be 8.3% lower, at about 220 million. 

One of the world’s biggest companies, Apple, isn’t immune to the continuing effects of supply chain disturbances stoked by China’s zero COVID policy, disrupting factories in the Shanghai area since late March. Last month, the tech behemoth warned it would recognize a $4 billion to $8 billion range hit in the current quarter because of the disruptions. 

Nikkei Asia reported Wednesday that at least one of Apple’s new iPhone 14 models could experience delays in mass production because of the disorder in Shanghai. 

A supply chain analyst with the Taiwan Institute for Economic Research, Chiu Shih-fang, told Nikkei: “China has not yet returned to normal” despite strict zero-COVID policies easing in the greater Shanghai area. The analyst noted, “It would take at least one to two more months for the supply chain to recover.”

Here’s a glimpse into Apple’s supply chain. 

Apple’s overreliance on Shanghai factories for the final assembly of its iPhones shows tremendous weakness in its supply chains to mitigate disruptions (and inability to shift production elsewhere). 

It’s just not Apple. The overall smartphone industry is in turbulent times. Strategy Analytics expects global smartphone shipments to decline 2% in 2022, and TrendForce downgraded the full-year production forecast earlier this month. 

Apple shares have been hammered into a bear market since the end of March. As of 0630ET, premarket trading is down 1.5%. 

On the demand side, Apple is betting its more affluent customer base will fuel new sales, according to the people. They added there’s less competition in the global smartphone market now that some Western governments have banned rival Huawei Technologies Co. and other Chinese phone makers.  

Apple also faces high inflation in a low-growth economy. It released a statement Wednesday about increasing wages for workers by 10%. Today’s news of the possibility of lower production of its top-selling product could cut into margins. 

end

4/EUROPEAN AFFAIRS//UK AFFAIRS/

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Inflation easing in Russia as controls keep the rouble strong:

Reuters/special thanks to Doug C for sending this to us;

https://www.reuters.com/markets/europe/russian-central-bank-slashes-rates-flags-more-cuts-2022-05-26/

Russian central bank slashes key rate, sees room to cut further

ReutersMay 26, 20226:31 AM EDTLast Updated an hour ago

A Russian state flag flies over the Central Bank headquarters in Moscow

May 26 (Reuters) – Russia’s central bank slashed its key interest rate to 11% on Thursday and said it saw room for more cuts this year, as inflation slows from more than 20-year highs and the economy heads towards a contraction.

It announced the move at an extraordinary meeting after two previous 300 basis-point cuts to 14% following a late-February emergency rate hike to 20% triggered by Russia’s move to send tens of thousands of troops into Ukraine on Feb. 24.

The central bank, said it “holds open the prospect of key rate reduction at its upcoming meetings.”

Governor Elvira Nabiullina said the bank had prevented an inflationary spiral and protected financial stability, but she warned that the economy was entering a period of structural transformation and banks needed additional capital support.

Inflation expectations are falling, she told a banking conference in Moscow, helping to significantly lower inflationary risks.

Meanwhile the rouble’s recent appreciation to multi-year highs has had a significant, if temporary, disinflationary impact, she said.

The rouble has been supported this year by capital controls that Russia imposed in late February to cap financial stability risks and defend itself against sweeping western sanctions.

“Thanks to these factors, inflation is falling faster than we expected,” she said. “This allows us to lower the key rate today without creating new pro-inflationary risks.”

RISKS ARE EASING

The central bank said external conditions for the Russian economy are still challenging but financial stability risks have somewhat decreased, opening room for easing of some capital control measures.

The rouble’s performance has “given policymakers room to reverse emergency measures introduced since February,” Capital Economics analysts said in a note.

“We suspect that the CBR won’t continue this pace of easing… A further easing of capital controls and additional rate cuts seem likely,” they said.

The rouble slumped on the day, extending intraday losses as Nabiullina spoke, sliding to 63.41 against the dollar, down 6.9% on the day .

The central bank could cut its key rate further by 50-100 basis points at the next rate-setting meeting scheduled for June 10, said Dmitry Polevoy, head of investment at LockoInvest.

Nabiullina did not mention the bank’s 2022 inflation forecast, which previously stood at 18-23%, but said inflation would slow to 5-7% in 2023 before reaching its 4% target in 2024.

Inflation, which slowed to 17.51% as of May 20 from 17.69% a week earlier amid a decline in consumer activity, is hovering near its highest since early 2002.

High inflation dents living standards and has been one of the key concerns among Russians for years.

On Wednesday, President Vladimir Putin ordered 10% rises in pensions and the minimum wage to cushion Russians from inflation. read more

He denied the country’s economic problems were all linked to what he calls its “special military operation” in Ukraine, which has prompted the West to impose unprecedented sanctions against Russian banks, companies, business leaders and figures close to the Kremlin.

end

As the Russian central bank lowers its rate to 11%, the rouble slides from its 4 year high.  It will not be long until the rouble regains its strength as more countries use the rouble for oil /gas and then spend their gold to get it.

(zerohedge)

Ruble Slides From 4-Year-High On Russian Rate-Cut

THURSDAY, MAY 26, 2022 – 08:25 AM

Having soared to multi-year highs against the dollar and euro in the last month, the Ruble is sliding overnight following a larger-than-expected 300bps rate-cut by The Bank of Russia (CBR).

Economists were expecting a 200bps cut and so the bigger than expected cut has sparked a 12% decline in the Ruble against the dollar for now…

The Ruble had more than doubled its buying power relative to other fiat currencies since early March as CBR’s Elvira Nabiullina masterfully stalled the freefall and engineered its recovery with capital controls and forced dollar sales, helped further by Putin’s Rubles-for-Gas scheme.

After 900bps of easing since April, Nabiullina said she still sees room for further rate cuts at meetings ahead.

“The coming quarters won’t be easy,” Nabiullina said at a banking industry conference, according to Tass.

“While the economy is adapting it will be hard for companies and citizens.”

The quicker-than-expected ebbing of Russia’s inflation rate provided some added confidence in CBR’s decision, and as the chart above shows, with the latest rate cut, it’s now reversed almost all the emergency monetary tightening after the invasion of Ukraine three months ago.

However, as Bloomberg reports, investors were skeptical about how much policy makers can do to keep the gains from resuming because the ruble’s exchange rate is now almost entirely determined by the trade balance.

“I do not think that the decision of the central bank will help to weaken the ruble in the absence of a carry trade,” said Dmitry Kosmodemiyanskiy, an asset manager at Otkritie.

“Everyone sees the trade balance and only a madman would play against it.”

Following President Biden’s dismissal of the currency as “Rubble”, President Putin has touted the ruble’s strength as a sign that the country has survived the unprecedented sanctions imposed by the US and its allies to punish Moscow for its invasion of Ukraine.

 END

RUSSIA/UKRAINE/GREECE/OIL

Now Greece is becoming a hub for Russian oil”

(Kimani/OilPrice.com)

Russia’s Oil Export Loophole Runs Through Greece

THURSDAY, MAY 26, 2022 – 05:00 AM

By Alex Kimani of OilPrice.com

Last month, we reported that India had doubled down on Russian oil after the west slapped a chain of sanctions on Moscow. India has never been a big buyer of Russian crude despite needing to import 80% of its needs. In a typical year, India imports just 2-5% of its crude from Russia, roughly the same proportion as the United States did before it announced a 100% ban on Russian energy commodities.  Indeed, India imported only 12 million barrels of Russian crude in 2021, with the majority of its oil coming from Iraq, Saudi Arabia, the United Arab Emirates, and Nigeria.

But reports emerged of a “significant uptick” in Russian oil deliveries bound for India. Matt Smith, the lead oil analyst at Kpler, told CNBC that since the beginning of March, five cargoes of Russian oil, or about 6 million barrels, have been loaded and are bound for India. In other words, India imported half as much crude from Russia in one month as it did in an entire year.

China, on the other hand, had seen crude imports from Russia in the first two months of the year actually declined 9.1% to 1.57 mb/d largely due to a government crackdown on private Chinese refiners known as teapots. But with years of experience shipping banned Iranian oil using various cloaking methods, China is expected to remain one of Russia’s biggest oil customers.

Well, it appears that Russia won’t be lacking new buyers of its deeply discounted Urals any time soon.

Refinitiv Eikon via Reuters has just reported that Greece has emerged as a new hub for Russian oil via ship-to-ship (STS) loadings. According to the report, April shipments of Russian fuel oil with Greece as a destination clocked in at nearly a million tonnes, about double March levels, and are expected to reach new highs in May.

Russia has been increasing fuel exports to Greece, with shipments set to jump to about 2.5 million barrels, according to data from oil analytics firm Vortexa.

Trading Russian crude and oil products remain legal for now because EU members cannot seem to agree on the methodology of a complete ban.

Weathering tough sanctions

For all the tough talk about abandoning Russian energy commodities, Russia is still managing to sell a good amount of its oil and gas, thanks to the fact that some of the world’s biggest commodity traders have little compunction against financing Putin’s war machine.

According to ship tracking and port data, Switzerland’s VitolGlencore, and Gunvor as well as Singapore’s Trafigura, have all continued to lift large volumes of Russian crude and products, including diesel.

Vitol has pledged to stop buying Russian crude by the end of this year, but that’s still a long way from today. Trafigura said it would stop buying crude from Russia’s state-run Rosneft by May 15th, but is free to buy cargoes of Russian crude from other suppliers. Glencore has said it wouldn’t enter any “new” trading business with Russia. But the reality is that while the G7 has committed to banning or phasing out Russian oil imports, and while the U.S., Canada, the UK, and Australia have imposed outright bans, the EU is still unable to move forward, with Hungary holding a ban hostage. Meanwhile, India and China are making up for much of the losses for Russia.

A lot of the blame falls on Switzerland. The lion’s share of Russian raw materials is traded via Switzerland and its nearly 1,000 commodity firms.

Switzerland is an important global financial hub with a thriving commodities sector, despite the fact that it is far from all the global trade routes and has no access to the sea, no former colonial territories, and no significant raw materials of its own. 

Oliver Classen, media officer at the Swiss NGO Public Eye, says that “this sector accounts for a much larger part of the GDP in Switzerland than tourism or the machinery industry”. According to a 2018 Swiss government report, commodity trading volume is nearly $1 trillion ($903.8 billion).

END

RUSSIA/UKRAINE//

Putin authorizes fast tracked Russian citizenship for occupied Ukrainian territories

(zerohedge)

Putin Authorizes ‘Fast-Tracked’ Russian Citizenship For Occupied Ukrainian Territories

THURSDAY, MAY 26, 2022 – 02:45 AM

In the biggest indicator thus far in the over three-month long war in Ukraine that Russia intends to likely fully annex territory in the East and South, Russian President Vladimir Putin on Wednesday signed a decree which allows residents of Russian-occupied Kherson and Zaporizhzhia to gain fast-tracked Russian citizenship.

Already the same policy is currently in effect for the breakaway eastern republics of Donetsk and Luhansk, the latter which is now reported to be almost completely in Russian forces’ control, as final battles with Ukrainian fighters are centered in the Luhansk cities of Sievierodonetsk and Lysychansk.

Since 2019 an estimated 200,000 people in the two far eastern regions have gained Russian passports through the policy, which is now being extended to the Russian-controlled southern cities.

“Citizens of Ukraine, the Donetsk People’s Republic (DNR), or the Luhansk People’s Republic (LNR), permanently residing in the territory of the DNR, LNR, the Zaporizhzhia region of Ukraine or the Kherson region of Ukraine, have the right to apply for citizenship of the Russian Federation in a simplified manner,” the decree reads.

Ukraine was swift to condemn the move as a violation of its sovereignty and of international law and norms. Its foreign ministry said, “The illegal issuing of passports… is a flagrant violation of Ukraine’s sovereignty and territorial integrity, as well as norms and principles of international humanitarian law.”

Meanwhile also on Wednesday Ukrainian President Volodymyr Zelensky slammed the door on the idea of making territorial concessions for the sake of ending the war.

“It’s possible if Russia shows at least something. When I say at least something, I mean pulling back troops to where they were before Feb. 24,” which marked the start of the invasion. He even said on Tuesday that Russia must hand back Crimea as well. He put the ball in Moscow’s court, saying it must “shift from the bloody war to diplomacy” if it hopes for the war to end.

Meanwhile, concerning its standoff with Washington and the West on the question of making sovereign debt payments with the ruble, the Bank of Russia according to Bloomberg “moved up its next interest-rate meeting by more than two weeks to Thursday as currency controls and high commodity prices have fueled the ruble’s surge against the dollar.”

Per the report it’s expected that “Moscow may make foreign debt payments in local currency after the US Treasury Department let a waiver expire, pushing Russia closer to a default.”

end

END.

RUSSIAN/UKRAINE

The Ukrainian front is dissolving quickly

Inbox

Robert Hryniak4:06 PM (10 minutes ago)
to

A week ago, i said the Russians were stepping up the assault intensity and now it steps up again indicating that they are far from all in, as the pain level grows. The fool Zelensky has instructed that no retreat can occur until tomorrow night ( FRIDAY) putting at risk over 20,000 Ukrainians in risk of being caught in a cauldron …as it is their central command believes 5000 will have to be sacrificed in any retreat and another 5000 are beyond evacuation being trapped already and should be abandoned as lost. What kind of military does this? And they wonder why moral is bad? How this gets explained to separate loved ones is beyond imagination. When in a no lose situation surrender is better than simple needless and pointless death. There is growing talk of a looming military coup in the Ukraine to hold Zelensky and others accountable for pointless killing of soldiers for ego. If this happens in coming times foreign troops will find themselves more than unwelcome and will be attacked by Ukrainians. This Ukrainian fiasco will engulf many parties when it blows up as it is only  time now. Even Kissinger gets it when he spoke of peace over certain defeat at Davos. Think Klaus can stomach that one? Fiasco is not a good thing to own and this one s coming fast. 

THIS morning, reports started filtering in of huge forces of the Russian Aerospace Forces passing over Lugansk towards the front, and powerful explosions thundered everywhere. The correspondent of “Russian Spring” rusvesna.su from the capital of the LPR reports that he sees this for the first time, a lot of combat aircraft and helicopters swept over the city in several waves. Of course we do not know yet the what, why and where of this, excepting the Russian MoD report of this morning tells the story of the increased pace.

Take a look at the numbers:

💥High-precision air-based missiles have hit 48 areas of AFU manpower and military equipment concentration, 2 artillery batteries, and 2 ammunition depots near Nikolaevka and Berestovoe in Donetsk People’s Republic during the day.

▫️1 Ukrainian electronic reconnaissance centre near Dneprovskoe, Nikolaev Region, has been destroyed, including 11 servicemen from the combat unit, as well as 15 foreign engineering specialists who arrived with security guards. ( GUESSING THIS IS NATO FORCES ) 

▫️In addition, 1 Osa-AKM anti-aircraft missile system launcher has been destroyed near Nikolaevka in Donetsk People’s Republic, and 1 radar of the Ukrainian S-300 anti-aircraft missile system near Chuhuev in Kharkov region.

✈️💥Operational-tactical and army aviation have hit 49 areas of AFU manpower and military equipment concentration, 2 mortar crews, as well as 1 depot of missile and artillery weapons and ammunition.

▫️The attacks have resulted in the elimination of more than 350 nationalists and up to 96 armoured and motor vehicles.

💥Russian air defence means have shot down 1 Ukrainian Mi-24 helicopter over Husarovka, Kharkov Region. 1 Ukrainian Air Force military transport aircraft delivering ammunition and weapons has been also shot down in mid-air near Kremidovka, Odessa Region.

▫️In addition, 13 Ukrainian unmanned aerial vehicles have been shot down near Zelenyi Gai in Kherson Region, Bolshie and Malye Prokhody, Gavrilovka, Veseloe in Kharkov Region, and Epifanovka and Kirovsk in Lugansk People’s Republic, including 2 Soviet-made Tu-143 Reis jets near Melovatka in Lugansk People’s Republic.

💥Missile troops and artillery have hit 62 command posts, 407 areas of AFU manpower and military equipment concentration, 47 artillery and mortar units at firing positions, as well as 3 ammunition depots.

▫️Units and military equipment of the Ukrainian Armed Forces’ 10th Mountain Assault Brigade, which arrived to reinforce the Ukrainian grouping in Donbass, have been destroyed during unloading near Pokrovsk railway station in Donetsk People’s Republic.

……………

Ukrainian General Staff says “The invaders are actively advancing in several directions at once.” — Specifically, the Russians are advancing simultaneously in Severodonetsk, Bakhmut, Avdeevsky, Novopavlovsk and Liman directions

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

READ THIS CAREFULLY GIVEN WHO HAS SAID THIS:

We also had a short explanation of why the perceived slow down in the Russian operation. The slowdown of Russia’s military operation in Ukraine is intentional with a view to evacuating the population and avoiding casualties among civilians, Russian Defense Minister Sergey Shoigu said.  Russia’s Armed Forces are creating humanitarian corridors and announcing ceasefires to ensure the safe evacuation of residents from encircled settlements, Russian Defense Minister Sergey Shoigu explained, despite this approach stalling the progress of the country’s forces.  “Of course, this slows down the pace of the offensive, but it is being done deliberately to avoid civilian casualties,” he explained at a meeting of the Collective Security Treaty Organization (CSTO) Council of Defense Ministers.

Russian Security Council Secretary Nikolai Patrushev spoke on the Ukraine specifically and geopolitics:

▪️All the goals set by the President of the Russian Federation during the special military operation will be achieved, it cannot be otherwise. Russia is not chasing deadlines in the course of a special military operation in Ukraine.

The ideal scenario for US-led NATO is an endlessly smoldering conflict in Ukraine.

▪️Nazism must either be eradicated by 100%, or it will raise its head in a few years, and in an even uglier form.

▪️Ukraine, if it had remained an independent country, and not controlled from outside, “would have long ago expelled all Nazi evil spirits from its land.”

▪️Moscow will be obliged to respond to the entry of Sweden and Finland into NATO, which is a direct security threat to Russia. Finland and Sweden will be accepted into NATO, despite the objections of Turkey and Croatia, “because Washington decided so.”

▪️The West is today obscuring Russia’s contribution to the preservation of other states in different historical periods with all its might.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

5/26/22 
By WarNews24/7 
(translated from Greek)

“Society is falling apart – We have a serious problem” 
Acknowledging defeat by V. Zelensky’s adviser, Arestovich, who spoke of a very difficult and dramatic situation in Donbass which will worsen further as the Army suffers heavy losses.

This is a 180 degree turn by V. λέelensky’s advisor as until a few days ago he was talking about a Ukrainian advance. Now he seems to be preparing the Ukrainian people for the worst.

Domino: Ukrainian forces withdraw amid fire – Toshkovka falls along with “chain” of areas – Dozens dead & captives

Consultant Zelensky: In a month we are done! 
“We are in a difficult situation now. And this situation will get worse, ” said Zelensky’s adviser, Arestovich.

And he added: “Big losses are possible.

We have a difficult month ahead of us. This is depression, which in some places can lead to panic and mutual accusations in society.

Unpleasant situation. Because now we have lost to the Russian army in terms of pace. The Russian side managed to gather reserves before us.

They do it very quickly: they used all possible forces and means of a centralized state.

And now we are lagging behind, which makes the situation on the front extremely difficult. “It makes it possible for the Russian army to return to the north of our country, it increases the pressure along the Kherson-Zaporizhia line, ” Arestovich said.

“Strong division in Ukrainian society” 
All this is happening against the background of “a very strong division in Ukrainian society, caused by the fatigue of the war, many claims between them.”

“People started attacking each other, with hysteria and accusations… And let’s imagine that the fall of Sheverodonetsk happens as our team is surrounded. What will start in our society? Arestovich asked rhetorically.

Ukrainian soldiers resign: “The situation is very bad – 7 to 1 ratio in favor of the Russians” – Serious morale problem…

Sieges, abandonment of settlements and heavy losses 
“In the meantime, the situation on the front will worsen. Possible sieges and abandonment of settlements and heavy losses…

We are in a very difficult month of depression, which sometimes leads to panic, mutual heavy accusations that some forces will try to transfer to the political front, ” Arestovic believes.

He predicted that “this phase will last a month and a half, until the western aid from Lend-Lease arrives”.

Meanwhile, another adviser, this time the head of Zelensky’s office, Mikhail Podolyak, accuses the European Union of “imposing the surrender of part of Ukrainian territory to Ukraine.” According to Podolyak, who was a member of the Ukrainian negotiating team in Belarus and Turkey, “today it is offered to Ukraine to give Russia the east and the south, so that hostilities stop and Europe returns to the comfort zone.” Podolyak added that this advice was heard from Kiev, but “preferred help with weapons.”

“The situation is very bad” 
As of the evening of May 25, Ukraine controls only 5% of the territory of the Luhansk region.

This was announced by the head of the “regional military administration” of Luhansk Sergei Gaidai.

“The situation in Donbas is very bad. The bombing does not stop. The Russians managed to set up their checkpoints on the Lisichansk-Bakhmut highway yesterday.

But today the road is not blocked and humanitarian supplies are delivered. There is no gas in the area, so the baking of the bread has stopped..(excerpts)

more photos and videos at Source: 
https://warnews247.gr/symvoulos-zelenski-pros-oukraniko-lao-etoimasteite-gia-ekkenoseis-echoume-megales-apoleies-i-katastasi-tha-cheiroterepsei-i-koinonia-diaspatai/

END

What’s eating Orban in Hungary?????

Inbox

Robert Hryniak4:34 PM (22 minutes ago)
to

Earlier today,  Zelensky’s regime is threatening to cut off the supply of oil which runs in the Southern Druzhba pipeline … so as to deprive Hungary of this resource to get Orban to toe the line on sanctions. 

I’m quite convinced that Hungarians are really on the point of mobilization. They’ll abandon the EU and push out from their Northern border to secure that pipeline, to link up with Russian and Belarusian forces. They will not be a sacrificial lamb, it is not of their character. 

Besides, Hungary has long eyed parts of Western UKraine just like Poland has. 

At some point, Hungary will have enough of Zelensky and his antics and thus he  will be a liability for his enablers.

As i keep warning this mess has all the ingredients to become a fiasco engulfing many parties with a bad smell.

end

RUSSIA/UKRAINE/

Russia top open sea corridors from Ukraine ports amid the wheat crisis.  It does however warn of Ukrainian mines

(zerohedge)

Russia To Open Sea Corridors From Ukraine Ports Amid Wheat Crisis, But Warns Of Ukrainian Mines

WEDNESDAY, MAY 25, 2022 – 09:20 PM

After being accused of using the food supply as blackmail and a bargaining chip, Russia said Wednesday its military will open up protected sea corridors for international shipping to pass through from seven Ukrainian ports that have thus far been blockaded.

According to a defense ministry statement reported by Bloomberg late in the day, “Humanitarian maritime corridors from ports on the Black Sea and Azov Sea, including Odesa, will operate from 8 a.m. to 7 p.m. daily.”

The announcement comes two days after the head of the United Nations World Food Program David Beasley ripped Moscow for what he dubbed a “declaration of war” on global food security. He’s been urging “political solution” to the crisis of blocked Black Sea ports, saying the war in ‘the world’s breadbasket’ threatens to unleash “famine, the destabilization of nations as well as mass migration by necessity.” Millions of people in 43 countries dependent on grain from the war-torn region are “knocking on famine’s door,” he said.

However, Russia has stressed that its military is engaged in extensive and complex demining operations due thousands of mines dotting Ukraine’s coast placed by Ukrainian forces, making international shipping dangerous and impossible. As reported in the independent Moscow Times:

The port of Mariupol has resumed normal operations, Russia’s Defense Ministry  announced Wednesday.

The Defense Ministry said Black Sea Fleet specialists cleared more than 12,000 mines from the seaport and its surrounding areas.

Some one-third of global wheat supplies originate from Ukraine and Russia, with the bulk of it passing through the Black Sea.

On Wednesday Russia said it remains ready and willing to work with the West to reach a solution, but that easing sanctions is a necessity:

“We have repeatedly stated on this point that a solution to the food problem requires a comprehensive approach, including the lifting of sanctions that have been imposed on Russian exports and financial transactions,” Russian Deputy Foreign Minister Andrei Rudenko was quoted as saying by Interfax.

But the statement called on Ukraine to cease deployment of sea mines, and to engage in immediate demining operations: “And it also requires the demining by the Ukrainian side of all ports where ships are anchored. Russia is ready to provide the necessary humanitarian passage, which it does every day,” Rudenko added.

He further warned against such plans that have been floated lately by Lithuania and the UK which involve foreign military naval escorts accompanying cargo ships. Interfax quoted him as saying such a scenarios would “seriously exacerbate the situation in the Black Sea.”

Also, addressing ongoing accusations that Russia is stealing Ukrainian grain and other food sources, he stressed to reporters: “We completely reject this. We don’t steal anything from anyone.”

Regarding mines, NATO in a message this month warned all commercial traffic in the Black Sea of the growing danger of drifting mines as spillover from the Russia-Ukraine war. “The latest statement of regional authorities, confirming another sighting of a mine, shows the threat of drifting mines in the Southwest part of the Black Sea still exists,” a May 13 NATO shipping advisory said.

“An additional stray mine was detected and deactivated on 06 of April 2022 in the Southwestern part of the Black Sea. National authorities stated that the searches for mine-like objects are ongoing. The threat of more drifting mines cannot be ruled out,” it warned.

end

EU/RUSSIA

EU proposes to make breaking Russian sanctions a crime so that they can confiscate assets

(Dave Decamp)

EU Proposes To Make Breaking Russia Sanctions A Crime

THURSDAY, MAY 26, 2022 – 12:20 PM

Authored by Dave DeCamp via AntiWar.com,

On Wednesday, the EU’s European Commission proposed to make breaking EU sanctions on Russia a crime, which would make it easier for the bloc to confiscate assets of people and companies that evade sanctions.

“Today’s proposals aim to ensure that the assets of individuals and entities that violate the restrictive measures can be effectively confiscated in the future,” the European Commission said in a statement.

Confiscating assets means they can be taken, sold, and used by the EU as opposed to freezing them, which only denies the targeted person access to their assets.

Breaking Russia sanctions is currently a crime in 12 EU nations. In 13 EU countries, it is either a criminal offense or an administrative offense, and two EU members only consider it an administrative offense.

Wednesday’s proposal would make evading Russia sanctions a serious criminal offense in all 27 EU countries. It would mean the EU could confiscate the assets of anyone who helped facilitate the skirting of sanctions, including lawyers and bankers.

Further, according to Reuters, “The new EU law, which has to be unanimously approved by all EU governments and get a majority in the European Parliament, would also penalize those who help break sanctions, like lawyers or bankers working with those who circumvent restrictions.”

The EU is also considering selling off the assets of already-sanctioned individuals, including Russian billionaires, to use the funds for Ukraine.

President Biden is looking for similar power, but the federal government seizing private property without due process is a clear violation of the Fourth Amendment.

END

ISRAEL/USA/RUSSIA/GERMANY

Israel Rejects US Request To Transfer Missiles To Ukraine

THURSDAY, MAY 26, 2022 – 04:40 PM

Israel has rejected as US request that it transfer advanced anti-tank missiles manufactured in Germany and based on Israeli technology to Ukraine’s forces, according to defense officials quoted in Axios.

The plan was to use Israel as a third party to “allow Berlin to supply Ukraine with anti-tank missiles produced in Germany with Israeli technology under an Israeli license,” the report indicates.

Israeli defense leaders reportedly informed undersecretary of defense for policy Colin Kahl in a recent meeting that Tel Aviv would only supply nonlethal military aid to Kiev. Kahl had specifically requested that Israel greenlight the transfer of “Spike” anti-tank missiles, which are made in an Israeli-owned factory in Germany.

Recently Israel only supplied a shipment of 2,000 helmets and 500 protective vests, which were not even designated for military use, but instead intended for emergency responders.

Tel Aviv has long sought to be careful about not angering Russia, given the two countries’ interests butt up against each other inside Syria, and relatedly Israel needs Russia’s help on the issue of Iranian influence and expansion in the region.

So far the Israelis are said to still be committed providing nonlethal military aid as they continue to come under pressure from Washington.

It was revealed starting early this month that US and Israeli officials held meetings at Ramstein Air Base in which the US side pressured the Israelis to step up their support to the Ukrainians. So far – at least in public anyway – the answer has been a resounding “no” even as Israel-Russia relations have been deteriorating of late.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1529749191311998977&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmilitary%2Fisrael-rejects-us-request-transfer-missiles-ukraine&sessionId=7297691b8b5a50df814dba7ca0518c4734a3105b&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

But likely Tel Aviv doesn’t want to see this relationship plummet further, and hopes for some level of cooperation in the region, particularly regarding the entrenchment of Iranian influence. Russia and Israel have a very delicate status quo understanding regarding military action in Syria, and upsetting this could have severe implications for Israeli security priorities.

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

The NHS just entitled their Monkeypox page making it much scarier than it really is:

(Off Guardian org)

The NHS Just Edited Their Monkeypox Page… To Make It Scarier

THURSDAY, MAY 26, 2022 – 03:30 AM

Via Off-Guardian.org,

A few days ago the UK’s National Health Service (NHS) edited their Monkeypox page to alter the narrative in a few key ways.

Firstly, they removed a paragraph from the “How do you get Monkeypox?” section.

Up until a few days ago, according to archived links, the Monkeypox page said this, regarding person-to-person tranmission [emphasis added]:

It’s very uncommon to get monkeypox from a person with the infection because it does not spread easily between people.

…this has now been totally removed.

Secondly, they’ve removed this paragraph, which was present up until at least November of 2021 (and maybe much more recently, there are no archives between November and May) [emphasis added]:

[Monkeypox] is usually a mild illness that will get better on its own without treatment. Some people can develop more serious symptoms, so patients with monkeypox in the UK are cared for in specialist hospitals.

The new “treatment” paragraph reads [again, emphasis added]…

Treatment for monkeypox aims to relieve symptoms. The illness is usually mild and most people recover in 2 to 4 weeks […] You may need to stay in a specialist hospital, so your symptoms can be treated and to prevent the infection spreading to other people.

So, they remove that it will “get better on its own”, and again reinforce the idea of spreading the disease despite this being described as “very uncommon” as recently as last week.

They even add a line about self-isolating, which was never mentioned before:

as monkeypox can spread if there is close contact, you will need to be isolated if you’re diagnosed with it.

Finally, they now include a warning you can get Monkeypox by eating undercooked meat, which will doubtless feed into the anti-meat narrative too (oh, wait, it already is).

To sum up, history is being re-written a little here.

Before, monkeypox “did not spread easily between people”. Now it does.

Before, monkeypox would “get better on its own without treatment”. Now it won’t.

It’s early days to say that Monkeypox is going to be the “new Covid”, and maybe this rollout will stall and be forgotten in a couple of weeks, but there’s no doubt they are taking some tips from the Covid playbook so far

end

GLOBAL ISSUES/SUPPLY CHAINS

end

VACCINE IMPACT

The Virus Hunter Dr. Stefan Lanka: Belief in “Viruses” is a ReligionMay 25, 2022 8:24 pmAs the COVID-19 plandemic unfolded in 2020, honest journalists not employed by the pharma-funded corporate media did real investigative research into this “new” deadly “virus,” and it was quickly discovered that this “virus” had never in fact been isolated and seen, and that the PCR tests used to “detect” it were meaningless. However, the fact is that no virus has ever been isolated and detected, and one scientist who has been blowing the whistle on this false belief in viruses, stating that belief in viruses is a “religion,” is German microbiologist Dr. Stefan Lanka. Dr. Lanka gained worldwide headlines in 2017 when he offered an award of 100,000 Euros to anyone who could prove the existence of the measles “virus.” The medical establishment tried to call him out on his statement to collect the award, but Dr. Lanka disputed their evidence, and the matter went into the German court system, where the German Federal Supreme Court confirmed that there was not enough evidence to prove the existence of the measles virus. Dr. Lanka’s assertion that viruses do not actually exist goes back decades before this event, however, back to the days when HIV research was being done. Dr. Lanka stated that there was no evidence of an HIV virus, and that it had never been isolated, but that they were simply using “circular reasoning” to “prove” its existence, and that their claim for an HIV virus was not based on science at all. I have found an interview of Dr. Lanka from 1996 by Huw Christie in London, discussing why Dr. Lanka states that the HIV virus has never been isolated and proven to exist. Dr. Lanka also explains how the PCR test used to “detect” the HIV “virus” is not accurate. In the next clip, I include a portion of an interview with the man who invented the PCR test, Dr. Kary Mullis, who won a Nobel Prize in Chemistry for his development of the PCR test, explain how Dr. Fauci, who was heavily involved in HIV research and trying to develop an mRNA vaccine, did not understand the science behind the PCR test, and had no problem going on camera and lying about it, refusing to debate Dr. Mullis and others who exposed his lies. Dr. Mullis died in August of 2019, a few months before the roll out of the COVID-19 plandemic. The last segment in this video is a 2020 interview of Dr. Lanka by filmmaker Rai Gbrym, explaining how the PCR test was being used to convince people that there was an actual COVID-19 virus, but that like HIV decades before, it has never been isolated.Read More…

Read More…


Michael Every//

Rabobank: If You Believe The Fed Will Pause Hiking Soon, Go Long Every Bond And Every Commodity You Can Find

THURSDAY, MAY 26, 2022 – 11:00 AM

By Michael Every of Rabobank

Seeing Things (John) Bullishly

The Fed minutes overnight were clear cut: as our Fed Whisperer Philip Marey puts it, “The minutes and Powell’s recent interviews support our view that the Fed is going to hike the economy into recession.” (here for more… incidentally, this has also been our view since the start of 2022).

The long and the short of it is that the Fed are going to hike 50bps at the next two meetings in June and July, taking rates to 2.00%, and will then reassess if they need to keep going or not. If you are an optimist, you will believe they stop there, “because markets”, and then start cutting and do QE. In which case, go long every bond you can find, some say; and go long every commodity you can find, say others.

The Fed said it expected the imbalance between aggregate demand and supply to diminish over time due to rate hikes, an easing of supply bottlenecks, a further rise in labor participation, and the waning effects of pandemic-related fiscal policy. Some Fed voters also observed recent monthly data might suggest that overall price pressures may no longer be worsening. Their forecast for core Personal Consumption Expenditure (PCE) deflator additionally drops back sharply in 2023 and 2024, which sends a similar message.  

Then again, which central bank doesn’t use a hockey-stick forecast for growth and an inverse one for inflation? They are then wrong whenever anything slightly out of the ordinary happens, either accidentally (due to flawed methodology), or deliberately (called “setting market expectations”).  

Yet not everyone in the Fed was on board the 2% train. Far from it. The minutes show other meeting participants emphasized that price pressures remained elevated, that it was too early to be confident that inflation had peaked, and that they are still clearly minded to keep going into restrictive policy territory. They agreed risks to inflation were skewed to the upside due to supply bottlenecks and rising energy and commodity prices, both of which were exacerbated by the Russian invasion of Ukraine and COVID-related lockdowns in China. They mentioned nominal wage growth, high household savings, and the possibility that longer-term inflation expectations could become unanchored because of persistently high inflation.

On balance, as Philip notes: “All participants reaffirmed their strong commitment and determination to take the measures  necessary to restore price stability… In light of the continuing inflation risks, members judged that it would be appropriate for the post-meeting statement to note that the Committee is highly attentive to the upside risks to inflation.”

It’s really up to you if you think 2% is the ceiling or not. And yet it’s not up to you in any way – it’s up to supply chains, energy prices, commodity prices, Covid lockdowns, nominal wage growth –which could encourage more borrowing at negative real rates– and inflation expectations.

What is also worth a mention is the 2% level itself. There is an old historical phrase about the ‘natural’ rate of interest that some in the industry know, and which I have used many times before, dating back to the 19th century and Walter Bagehot, the founder of The Economist and spiritual father of parts of central banking, who infamously said: “John Bull can stand many things, but he cannot stand 2%.”

By this he meant that the investing public can put up with a lot, but once base rates drop lower than 2%, they won’t put up with it: why invest when returns are so low? And, for businesses, the signal sent when rates are so low is that expected returns are low too – so why bother making anything?

That is an indirect link to the long-standing monetary and economic theory that low/negative interest rates do not stimulate productive investment and GDP growth – they just pull forward future consumption and encourage asset bubbles. Everyone in economics from Marx to Mises was aware of this – our modern central bankers and almost everyone in markets fixated on them today are the exception.

You know – the same people who have ignored the simplified Taylor rule of base rates = nominal GDP growth since the Global Financial Crisis of 2008-09. The same people who also ignore “Bagehot’s Dictum”, that in times of financial crisis central banks should lend freely to solvent depository institutions, yet only against sound collateral and at interest rates high enough to dissuade those borrowers that are not genuinely in need. Nowadays, the dictum is to lend to anyone who can fog a mirror against pictures of monkeys wearing sunglasses at zero rates to push up asset prices so ‘we all get rich’ – or so they can retire and give $250,000 after-dinner speeches to the rich.

Is the Fed now willing to see asset bubbles burst as it gets more Volckerish or Bagehotian? As one internet wag put it this week, it’s remarkable how much tougher the Fed is on markets since they were told they weren’t allowed to trade stocks anymore.

So far it has to be said that it looks like they have crypto in their sights. Indeed, Brainard just said, “Private monies could threaten consumer protection and financial stability,” and speaks to Congress today about digital assets. What would Bagehot have said about creating your own money at home?

Are the Fed also looking at China(?) via higher rates and a stronger dollar policy? If so, they are not the only ones. The US SEC says “significant issues remain” over reaching a deal with China over auditing its US-listed firms, while the Chinese regulator says both sides are committed to doing so: which side to believe? The US review of $300bn in tariffs on Chinese goods that is required as the duties reach a four-year(!) anniversary will take months, says the US Trade Representative’s Peisch – which will be right before the US midterm elections. Peisch also says the Indo-Pacific Economic Framework (IPEF) launched Monday offers “incentives and opportunities” rather than market access in the form of lower tariffs; which, as I argue here, likely means de facto non-tariff barriers against China. And Secretary of State Blinken gives a speech on US China policy later in the day. Little new is expected, but little in terms of olive branches either.

That is as Premier Li Keqiang flags his economy is worse off in some ways than in 2020, and 100,000 civil servants dialed in to a state conference-call yesterday about the latest measures to try to get things moving: yet how many dialed in from homes they cannot leave? The Wall Street Journal flags a policy stand-off between Li and Xi over the latter’s zero-Covid policy. If true, that’s likely zero-sum, politically. As is President Zelenskiy, pushing for yet more Western measures against Russia, saying, “China is now taking the position that it’s normal to occupy the territory of other countries.” No CNY loans for you, Kyiv.

Circling back, the Fed minutes also flagged concerns over financial stability. Several meeting participants noted that monetary policy tightening could interact with vulnerabilities related to the liquidity of markets for Treasury securities and to the private sector’s intermediation capacity – which is as serious as it gets when you are talking about the foundation asset of the global economy. A couple of participants also pointed to increased risks linked to commodities, which had led to higher prices and volatility across a wide range of energy, agricultural, and metal products. In particular, they observed that the trading and risk management practices of some key participants in commodities markets were not fully visible to regulatory authorities. Expect a lot more (geopolitical) regulation of both markets ahead(?)

Does the above concern point to expectations for 2% or more than 2% Fed Funds? If the aim is to deal with commodities, the answer is more than 2%. On the Treasury front, it remains to be seen – but are we observing a lack of bidders so far? Hardly!

To conclude, it’s certainly possible to look at these Fed minutes bullishly. However, it is also necessary to look at them John Bullishly.

END

end

7. OIL ISSUES//ELECTRICITY ISSUES/USA

 

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 THURSDAY morning 7:30 AM

Euro/USA 1.0647 UP 0.0010 /EUROPE BOURSES //ALL GREEN

USA/ YEN 1.2709   DOWN 0.059 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2509 DOWN   0.0023

 Last night Shanghai COMPOSITE CLOSED UP 15.64 POINTS UP 0.50%

 Hang Sang CLOSED  DOWN 55.07 PTS OR 0.27%

AUSTRALIA CLOSED DOWN  0.71%    // EUROPEAN BOURSES ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL  GREEN 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 55.07 PTS OR 0.27%   

/SHANGHAI CLOSED UP 55.07 PTS UP 0.27% 

Australia BOURSE CLOSED DOWN .71% 

(Nikkei (Japan) CLOSED  DOWN 72.96 OR 0.27%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1845.35

silver:$21.84

USA dollar index early THURSDAY morning: 102.06  DOWN2  CENT(S) from WEDNESDAY’s close.

 THURSDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.10%  DOWN 0  in basis point(s) yield

JAPANESE BOND YIELD: +0.233% UP 3    AND 2/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.05%// DOWN 1   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.9  UP 10   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +0.9851.%

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0728 UP 41    or 41 basis points

USA/Japan: 127.34 UP 0187  OR YEN DOWN  19  basis points/

Great Britain/USA 1.2585 DOWN 0.0005 OR 45  BASIS POINTS

Canadian dollar DOWN .0037 OR 19 BASIS pts  to 1.2783

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.7384  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.7650

TURKISH LIRA:  16.31  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.233

Your closing 10 yr US bond yield UP 4  IN basis points from THURSDAY at  2.781% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.018 UP 5 in basis points 

Your closing USA dollar index, 101.87 DOWN21   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 THURSDAY: 12:00 PM

London: CLOSED UP 50;59 PTS OR 0.67%

German Dax :  CLOSED UP 244.26  POINTS OR 0.90%

Paris CAC CLOSED UP 56.20 PTS OR 1.74% 

Spain IBEX CLOSED UP 39.10 OR 1.59%

Italian MIB: CLOSED UP 314.80 PTS OR  1.30%

WTI Oil price 114.33   12: EST

Brent Oil:  117.07   12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  64.32  DOWN 5       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.9855

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0724 UP   .0031   OR  UP 31 BASIS POINTS

British Pound: 1.2598 UP .0012  or  12 basis pts

USA dollar vs Japanese Yen: 127.08 DOWN .069//YEN UP 7 BASIS PTS

USA dollar vs Canadian dollar: 1.2776 down .0043 (CDN dollar UP 43 basis pts)

West Texas intermediate oil: 113.87

Brent OIL:  117.38

USA 10 yr bond yield: 2.754 UP 1 points

USA 30 yr bond yield: 2.983  UP 2  pts

USA DOLLAR VS TURKISH LIRA: 16,36

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  65.26 UP  5 AND 95/100/ ROUBLES (ROUBLE dowN 5.95 ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: UP 516.91 PTS OR 1.60%

NASDAQ 100 UP 174.09 PTS OR 1.48%

VOLATILITY INDEX: 28.37 UP332.86 PTS (2.79%)

GLD: 172.76 DOWN 0.28 PTS OR 0.36%

SLV/ 20.81 DOWN 03 PTS OR 0.15%

end)

USA trading day in Graph Form

Massive Short-Squeeze Sends Stocks Soaring As Macro Massacre Continues

THURSDAY, MAY 26, 2022 – 04:01 PM

You can’t make this shit up… two more disappointing US Macro data points today (GDP and pending home sales) sent the US Macro Surprise Index to its weakest since Sept 2021…

Source: Bloomberg

That bad news is apparently being seen as good news by the market as rate-hike expectations slipped further

Source: Bloomberg

Is The Fed really going to fold that easily?

Which brings us to the equity ‘market’ today. After dropping 1% after yesterday’s close on the back of NVDA’s earnings, Nasdaq futures drifted sideways to slightly higher all the way into the cash open (apart from a modest dip after GDP), then went full-retard bid-fest. Nasdaaq went from -1% to +3.25% at its highs before some late-day selling/profit-taking wiped some of the lipstick off this pig. The Dow was the day’s laggard, “only” managing a 1.5% rally…

The S&P managed to scramble back above 4,000…

Just look at NVDA! Down over 10% after hours after missing the bottom-line and cutting guidance… only to end the day up 6%

A massive reversal in value (lower) relative to growth (higher) in the last two days has erased all the relative performance on the week

Source: Bloomberg

For some context with this rip, “Most Shorted” stocks are up 12% off Tuesday’s lows, seemingly stalling at key resistance for now…

Source: Bloomberg

Following yesterday’s relatively huge rally in HYG (HY Corporate credit), today saw more follow through…

Source: Bloomberg

Stocks and bonds have completely decoupled since the Minutes…

Source: Bloomberg

Treasury yields were mixed and marginal today with everything out to 10Y unchanged and 30Y yield sup only 1-2bps. On the week, 30Y is unch while 2Y is down 9bps…

Source: Bloomberg

The dollar reversed yesterday’s dead cat bounce gains…

Source: Bloomberg

Bitcoin dumped and pumped to end the day practically unchanged…

Source: Bloomberg

Oil prices soared higher today with WTI coming within a tick of $115…

Gold managed gains also, holding above $1850…

Finally, in case you’re wondering about these insane swings in the ‘most traded’ stock markets in the world, look no further than thew total evisceration of market liquidity…

Financial ‘stability’ turns to fragility as repositioning books of any size has become impossible.

I) / EARLY AFERNOON TRADING/

FOMC//RESULTS//

II)USA data

labour market signals weaken as jobless claims hold their 4 month highs

(zerohedge)

Labor Market Signals Weaken As Jobless Claims Hold Near 4-Month Highs

THURSDAY, MAY 26, 2022 – 08:38 AM

210,000 Americans signed up for jobless benefits for the first-time last week, that is a slight drop from the prior week but remains near 4-month highs. Continuing claims unexpectedly rose in the prior week, up from 1.315mm to 1.346mm Americans…

Source: Bloomberg

Finally, as BofA notes that this is one of those cases were – within limits – bad news is good news, as The Fed faces the hottest labor market in modern history, creating very high wage inflation. That can only be solved with a dramatic slowdown in job growth and a rise in the unemployment rate.

It is hard to pinpoint the level of claims consistent with flat unemployment rate, but BofA thinks it needs to get well above 300k.

The silver lining for The Fed – which really isn’t – is that labor market signals have started to show weakness in recent months (but nothing like as bad as the housing market’s signals)…

As BofA notes, the lower the unemployment rate gets, the harder it is for the Fed to stop inflation without triggering a recession. That would not only bad for the overall economy, but is particularly bad for less advantaged parts of the population.

END

USA first quarter contracted more than expected which raises odds of a recession

(zerohedge)

US Economy Contracted Even More Than Expected In Q1, Raising Odds Of Recession

THURSDAY, MAY 26, 2022 – 08:50 AM

 After the Atlanta Fed reported yesterday that it had cut its Q2 GDP nowcast to 1.8% from 2.4%, meaning that we are just 1.8% away from a full-blown technical recession after last month we learned that Q1 GDP unexpectedly tumbled deep in the red…

… few were too excited about today’s first revision of last month’s dismal GDP print, and yet while such revisions are usually ignored by the market – after all the latest data looks at what happened in the distant Q1 – we find that the US economy slowed even more than expected, with Q1 GDP contracting -1.5%, up from the -1.4% initially reported, and missing estimates of a modest bounce to -1.3%.

The incremental contraction in GDP reflected downward revisions to inventory investment and housing investment that were partly offset by an upward revision to consumer spending, which rose 3.1% annualized in 1Q after rising 2.5% prior quarter. Specifically, here is how the various components were affected:

  • Personal Consumption 2.09% of the bottom line GDP, up from +1.83% in the first estimate
  • Fixed Investment 1.18% of the bottom line print, down from 1.27%
  • Change in private inventories -1.09%, also down from -0.84% in the first estimate
  • Exports improved modestly, rising to -0.62% from -0.68% in the initial estimate
  • Imports however deteriorated to -2.61% from -2.53%, another deterioration
  • Government contribution was flat at -0.47%, from -0.48% in the first estimate:

Visually:

On the inflation front, the BEA calculated the GDP deflator at 8.1%, above the 8.0% expected, even as core PCE eased off a bit, from 5.2% in the original estimate to 5.1% currently, also below the 5.2% expected.

On the profit front, corporate profits from current production decreased 2.3% after increasing 0.7% at a quarterly rate in the fourth quarter.   Profits of domestic nonfinancial corporations decreased 1.1% after increasing 0.3%. Profits of domestic financial corporations decreased 5.2% after decreasing 0.2% and profits from the rest of the world decreased 3.2% after increasing 3.3 percent. In short, a disaster.

Bottom line: the contraction in Q1 – which nobody expected – was even worse, and now that Q2 indicators are suddenly slumping, keep a close eye on Atlanta Fed and other real-time indicators for clues as to whether the US will slide into a technical recession (2 negative GDP quarters in a row) as soon as this quarter, which incidentally would make sense for Biden: rip the band aid off and get it over with, while allowing the Fed to inject stimmies just in time for the midterms, rather than dragging this on and on for the foreseeable future.

END

US Pending Home Sales Plunge To Weakest Since 2014

THURSDAY, MAY 26, 2022 – 10:11 AM

After new- and existing-home sales tumbled, it should have been no surprise that pending home sales dropped in April. The 3.9% MoM decline was almost double the 2.1% drop expected and is the 6th straight monthly decline in sales (the longest losing streak since 2018)…

Source: Bloomberg

Pending home sales are now down 11.5% YoY – the biggest YoY drop outside of the great financial crisis (ex COVID lockdowns and the homeowner tax credit anomalies in 2010).

“Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings,” NAR’s chief economist Lawrence Yunsaid in a statement.

“Home prices in the meantime appear in no danger of any meaningful decline.”

Outside of the COVID lockdown drop, this is the weakest SAAR since 2014…

Source: Bloomberg

Contract signings fell in all regions but the Midwest.

None of this should be a surprise since soaring mortgage rates along with ever-increasing home prices has sent affordability crashing to 20 year lows…

Which helps explain the fact that unsold inventory of new houses spiked in a historic month-to-month leap of 34,000 houses, and by 127,000 houses from April last year, to 444,000 unsold houses, seasonally adjusted, the highest since May 2008.

Source: WolfStreet.com

Both, the month-to-month leap and the year-over-year leap were the largest leaps ever recorded, both in numbers of unsold houses and in percentages.

Supply of unsold new houses spiked in a historic month-to-month leap from an already high 6.9 months’ supply in March to a dizzying 9.0 months’ supply in April, having nearly doubled from a year ago:

Source: WolfStreet.com

How much pain is Powell willing to inflict? And when will Biden start complaining?

There is some good news this week though for homebuyers: US mortgage rates posted the biggest drop in more than two years, offering homebuyers a slight reprieve from this year’s massive surge in borrowing costs. The average for a 30-year loan declined to 5.10% from 5.25% last week, Freddie Mac said in a statement Thursday. That was the biggest decline since April 2020, but rates are still well above the 3.11% level at the end of last year.

END

IIB) USA COVID/VACCINE MANDATES

END.

iii)a.  USA economic stories

The big Obamacare temporary pandemic relief program is going to expire right before midterms

(zerohedge)

Obamacare ‘Time Bomb’ To Hit Right Before Midterms

WEDNESDAY, MAY 25, 2022 – 08:40 PM

Congressional Democrats have yet another thing to worry about going into this year’s midterm elections.

A temporary pandemic relief program aimed at lowering healthcare premiums under the Affordable Care Act (ACA), also known as Obamacare, is set to expire unless Democrats can revive a reconciliation bill that extends the financial assistance past the end of the year. And that means striking a deal with Sen. Joe Manchin (D-WV).

If they can’t, roughly 13 million Americans will be hit with steep price hikes amid crippling inflation, in what Insider describes as a “time-bomb.”

“There’s no denying that if they are not extended, then there could definitely be a political impact,” said healthcare policy analyst Charles Gaba.

Voters are set to receive notices about premium increases in late October, as they head to the ballot box for the November midterms. Others would find out during the ACA open enrollment period, which begins on November 1.

“If Congress lets the ACA premium help in the American Rescue Plan expire at the end of this year, middle-class people buying their own insurance would be hit hardest,” tweeted Larry Levitt, vice president for health policy at the Kaiser Family Foundation.

Levitt noted that “a middle-class couple of 50 year-olds making $75,000 would see their premium go up by $8,304 on average,” adding “And, if the insurer hikes the unsubsidized premium by 10% for inflation, that’s another $1,468.”

Gaba, the healthcare analyst, calculated potential premium hikes using different scenarios based on age, income, marital status and family size, and created two maps to illustrate how letting the ACA assistance lap would affect Americans by state:

In this scenario, a couple nearing retirement age in West Virginia would see their monthly premium soar $2,704 if  enhanced Obamacare subsidies expire, the sharpest increase in the US. Sen. Joe Manchin of West Virginia has been open to reviving pieces of Biden’s agenda without committing to any specific plans and Democrats can’t revive a bill without his support. He has been publicly noncommittal on renewing the program in a smaller package. -Insider

Americans who make just enough to lose access to government help would feel the brunt of the increases. “If you’re in that situation, you’d see all financial aid removed and your net cost would increase pretty dramatically,” said Gaba.

Those who make under 150% of the federal poverty level – $19,320 for singles and $39,750 for a family of four – would also end up paying more if the ACA assistance lapses.

As Insider notes, 20 Senate Democrats urged President Biden to include an extension of Obamacare subsidies a priority in his Build Back Better plan.

In other words – extending the assistance is a no-brainer for Democrats. The only question is whether Manchin will be on board. According to Politico, “Staffers for Manchin and Senate Majority Leader Chuck Schumer have spent the last couple weeks exchanging preliminary ideas for what the framework of a bill might look like,” adding that “the discussions have boosted hopes that an agreement remains in reach, though there is little expectation of a breakthrough before Memorial Day.”

END

Foreclosures start to sweep the land lead by Chicago and Cleveland

(Bynes/Courthouse news Service)

Foreclosure-Wave Sweeping US Crests In Chicago

THURSDAY, MAY 26, 2022 – 09:04 AM

By Dave Byrnes of Courthouse News Service

A report released in April by real estate data aggregator ATTOM has bestowed Chicago with a dubious honor. Amid a national surge in residential foreclosure rates, Chicagoans are currently losing their homes in greater numbers than in any other metro area in the country.

“A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67% from the previous quarter and up 188% from a year ago,” the report stated, with Chicago alone seeing over 3,000 foreclosures in the first three months of the year.

If you interpret the numbers as a per housing unit rate, Cleveland manages to pull ahead of Chicago with almost one in every 500 homes foreclosed since the start of 2022. But by the same metric, Illinois still leads the nation on a state level – close to one out of every 800 homes. California, as the country’s most populous state, wins out as the state with the highest raw numbers of foreclosed homes this year. More than 5,300 households in the Golden State had begun the foreclosure process as of April.

As shocking as this spike in home loss is, experts said it was predictable – the inevitable result of the end of the pandemic eviction moratorium. Enacted by Congress in March 2020 under former President Donald Trump and struck down in August 2021 by a supreme court ruling under current President Joe Biden, it was a national exercise in decommodified housing that staved off homelessness for an estimated 1.5 million Americans.

But now it’s over.

“In great part, this is the fault of the lifting of the moratorium,” said Ken Johnson, the dean of graduate studies at Florida Atlantic University’s College of Business. “It’s not 100% to blame, there’s always a natural rate of foreclosure, but it is a major factor.”

“It’s the moratorium lifting,” agreed professor Marie Reilly of Penn State University, who specializes in bankruptcy law. “During the moratorium people weren’t eligible for mortgage mitigation… now we’re seeing the market respond to that.”

While agreeing on the general cause of the foreclosure wave, the pair offered differing explanations as to the granular mechanisms driving it. Reilly suggested that it may be the result of the Federal Reserve interest rate, the rate at which the Federal Open Market Committee suggests commercial banks borrow and lend money to each other.

When the rate is low, consumers can get lower rates on credit cards, loans and adjustable-rate mortgages. But at the moment it’s rising, from around 0.25% in March 2020 to around 0.75% – 1% as of this May. The increasing figure reflects the 40-year high in inflation the U.S. is currently experiencing, and makes it hard for property owners without much capital to hold on to their unprofitable buildings. As the U.S. working class struggles to make ends meet, their economic hardship trickles up to the rest of society – including their landlords.

“The other thing that could be affecting [the foreclosure rate] is the Federal Reserve interest rate,” Reilly said. “It could be making it harder for landlords to hold on to non-rent-paying properties.”

As small landlords shed these properties, Reilly explained, larger development firms will often come in to buy them up on the cheap – sometimes with the blessings of municipalities looking to avoid the crime that comes with abandoned or vacant buildings. While large firms buying up property staves off that immediate concern, the result is usually an increase in rent or home ownership costs in the area, further driving out residents who cannot afford the rising prices. It’s the economic foundations of gentrification.

“Vacant properties are not good for anyone,” Reilly said. “And it’s not always easy to tell if its a resident who’s going to be dispossessed, or if it’s a remote investor who’s just abandoning the property.”

Johnson offered another view. He suggested that there simply weren’t enough homes, particularly affordable homes, in many areas of the country. The cancellation of the moratorium only exacerbated the problem.

“There is a huge inventory shortage,” Johnson said. “That’s the total number of [housing] units.”

Figures from the Pew Research Center corroborate this. There were an average of 1.5 million monthly active home listings in the U.S. in October 2016, while in January 2022 there only about 409,000. During the same time period the median cost of a home in the U.S. rose from a little over $300,000 to over $400,000. Renters fare little better, with the national average cost of rent rising by 18% since 2017, more so in metro areas. The rent market research site Apartment List estimated that the average apartment in Chicago alone was 11% more expensive in April 2022 compared to April 2021.

“There’s just not enough roofs to live under,” Johnson said.

This assertion is sometimes challenged by analysts on the left, who point out that as of 2020 there were some 16 million vacant homes in the U.S., compared to a homeless population that hovers around 550,000. But Johnson called this a red herring. If someone on the East Coast has their home foreclosed, he said, it wouldn’t much matter to them that there is a surplus of housing in a town on the West Coast.

Additionally, the number of homes affordable to people making less than 50% of area’s median income accounts for only about 35% of the nation’s housing stock, and state-subsidized public housing accounts for less than 1%. Some large metro areas such as Los Angeles and Chicago even have a history of destroying their public and affordable housing stock, such as when the Chicago Housing Authority infamously began tearing down the Cabrini-Green public housing project in 2000 under the direction of then-Mayor Richard M. Daley. All this means that even if many homes are technically available, they likely won’t be held at a price that a recent foreclosee can afford.

The cold comfort both experts offered is that the current foreclosure crisis is not as intense as that experienced by the nation during the 2008 Great Recession. Reilly called the 2008 crisis a “seize-up” of the market, one she said we’re “nowhere close” to.

Johnson said that while the current crisis stems from an under-supply of housing, the 2008 crisis was caused by the speculative bubble bursting on an over-supply of single-family housing.

“There may be places that are hit hard based on population changes, but… it’s a matter of under-supply vs. over-supply,” he said.

Neither expert had concrete ideas on how to solve the current crisis. Reilly urged anyone facing foreclosure to file for Chapter 13 bankruptcy, if they could, while Johnson suggested this wasn’t a problem that can be fully solved by market manipulation.

A 2020 collection of analyses by the UCLA Luskin School of Public Affairs vehemently agreed. It arrived at the conclusion that the only solution to the foreclosure and housing crisis was housing decommodification. It suggested a strategy that instead prioritized state and community-owned homes that were not subject to profit speculation.

“To have a roof over our heads is essential in human development, but this is threatened when housing is a way to make profits in communities whose market values increase and attract the attention of corporate investors,” one of the analyses in the collection argued.

Back in Chicago, the city government on Friday announced a much more capitalist-friendly initiative to combat its nation-leading foreclosure spike. Mayor Lori Lightfoot, along with Alderman Carlos Ramirez-Rosa – her frequent critic from the left – officially opened the Emmett Street Apartments in the city’s mixed-income Logan Square community. All of the 100 apartment units in the building will be made affordable to people making at or below 60% of the city’s area median income, while half will be reserved as public housing units.

“I am excited that after years of community organizing and struggle, we are finally cutting the ribbon on a beautiful building that will house 100 working families in the heart of Logan Square,” Ramirez-Rosa said in a prepared statement. 

However one thinks the housing crisis should be handled, there’s a catch to the whole situation. Despite the current foreclosure rate being the highest since the pandemic began, it is still lower than the average pre-pandemic foreclosure rate – only about half as many foreclosures were initiated in the first quarter of 2022 as were begun in the first quarter of 2020. ATTOM’s researchers predicted we would eventually see a return to “historically normal” foreclosure levels, perhaps as soon as the end of the year.

“It’s likely that we’ll continue to see significant month-over-month and year-over-year growth through the second quarter of 2022, but still won’t reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse,” the report states.

In other news, Wells Fargo CEO Charlie Scharf told the Washington Post earlier this week there was “no question” that the U.S. economy is headed for a dive.

iii b USA//inflation stories/log jams etc/GAS

Power bills are facing a summer of hell as power costs set to jump

(zerohedge)

Consumers Face Summer Of Hell As Power Bill Costs Set To Jump 

WEDNESDAY, MAY 25, 2022 – 08:00 PM

The last thing consumers want to hear is an increase in power costs this summer following the news last week of rising threats of rolling blackouts across half of the US. 

Tight supplies of natural gas, crude, and coal have pushed up residential electricity rates this year. A nationwide weather outlook for this summer forecasts extreme heat — all of this will force households to crank up their air conditions, resulting in oversized power demand that could stress national grids. 

Bloomberg cites new data from Barclays Plc that says monthly power bills could be 40% more than last year’s. The US Energy Information Administration expects retail residential electricity rates to increase the most since 2008. 

Data from the US Bureau of Labor Statistics shows Miami households spent 38% more on energy in April than a year ago. Power prices in the state have jumped due to the rising cost of natgas. 

“Our continued overreliance on gas only sets us up for these burdensome and unnecessary rate increases. 

“This business model is unsustainable, and it’s hurting people,” said Natalia Brown of Catalyst Miami, a nonprofit consumer advocacy group. 

Besides Miami, parts of Hawaii, Dallas, Minneapolis, Boston, Philadelphia, New York, and San Francisco recorded the highest increases in retail electricity costs last month. 

Barclays analyst Srinjoy Banerjee said the average residential power bills averaged $122 in April. He pointed out that power bills could raise another $49 due to natgas prices soaring over $8 per million British thermal units. 

Consumers can’t escape the inflation storm that only suggests a summer of hell is ahead. Gasoline and diesel prices are at a record, food prices are screaming higher, homes and cars are unaffordable, and real wage growth is negative. 

Banerjee said the inflation burden “disproportionately falls on lower-income groups.” 

In California, higher costs for electricity and less reliable electric grids mean consumers will pay on average 25% more this summer, according to Cisco DeVries, chief executive officer of OhmConnect Inc., which helps households save money by remotely adjusting thermostats. 

The cost of everything is rising and has pushed consumers to the brink. Many have maxed out credit cards and drained critical savings to survive this terrible economic backdrop of what appears to be stagflation which could quickly morph into a Federal Reserve-induced recession due to aggressive interest rate hikes. 

Then there’s the risk of rolling blackouts across the Great Lakes to the West Coast due to tight power supplies may not be able to satisfy demand amid a megadrought

Some Americans could get a nasty dose of high inflation and power blackouts, similar to life in Venezuela. 

END

USA BABY FORMULA/ENGLAND

USA allows 2 million baby formula cans in from the UK and then they allow Abbott to realse 300,000 cans in the uSA

(Ly/EpochTimes)

US Allows 2 Million Baby Formula Cans In From UK, Lets Abbott Release 300,000 Specialty Cans

THURSDAY, MAY 26, 2022 – 07:20 AM

Authored by Mimi Nguyen Ly via The Epoch Times (emphasis ours),

The U.S. Food and Drug Administration (FDA) announced on Tuesday it will allow about 2 million cans of baby formula from the United Kingdom into the country, and allow Abbott Laboratories to release about 300,000 cans of specialty formula, to help ease the ongoing nationwide shortage.

“We continue to do everything in our power as part of the all-of-government efforts to ensure there’s adequate infant formula available wherever and whenever parents and caregivers need it,” FDA Commissioner Robert Califf said in a statement. “Our recent steps will help further bolster supply of infant formula, including through the import of safe and nutritious products from overseas based on our increased flexibilities announced last week.

Importantly, we anticipate additional infant formula products may be safely and quickly imported into the U.S. in the near-term based on ongoing discussions with manufacturers and suppliers worldwide.”

The FDA announced it is “exercising enforcement discretion” to allow the importation of the 2 million cans from UK-based company Kendal Nutricare. The cans, which are under the company’s Kendamil brand, have no safety or nutrition concerns after an evaluation, and are expected to land on U.S. store shelves starting in June, the FDA said.

Kendal Nutricare currently has over 40,000 cans in stock for immediate dispatch, the agency said, adding that the U.S. Department of Health and Human Services is discussing options to get those cans into the country as soon as possible.

The FDA also announced it is letting Abbott release some 300,000 cans of its EleCare amino acid-based formula for babies and infants who urgently need it to survive, on a case-by-case basis.

The cans of specialty formula were previously produced at Abbott’s facility in Sturgis, Michigan, where other baby formula products that were recalled by Abbott on Feb. 17 were produced.

These products will undergo enhanced microbiological testing before release. Although some EleCare product was included in Abbott Nutrition’s infant formula recall, these EleCare products that will be released were in different lots, have never been released and have been maintained in storage under control by Abbott Nutrition,” the FDA noted.

“Given the critical need of this product for some individuals, the FDA encourages parents and caregivers to consult with their health care providers to weigh the potential risk of bacterial infection with this product,” it added. “Parents and caregivers seeking access to these products should contact Abbott directly to request that a product be made available to them by calling 1-800-881-0876.”

The ongoing baby formula shortage in the United States was recently exacerbated after Abbott Laboratories, the biggest U.S. supplier of powder baby formula, in February recalled some products, including those under the brand Similac, and temporarily shuttered its manufacturing facility in Sturgis, Michigan, which was producing up to one-quarter of the country’s baby formula.

The recall came after reports of bacterial infections among four infants, two of whom died. The FDA, which launched an investigation into the matter following consumer complaints, cannot conclude whether the cases of infants that fell sick were directly related to the Abbott facility until its investigation is concluded, Califf previously said.

Production at the Sturgis facility is set to restart on June 4, Abbott said in a statement. The company said it would prioritize making EleCare and supplying it on or about June 20. It also the formula would be provided to children in need for free.

Prior to the Abbott recall, the baby formula shortage among multiple manufacturers was brought on by supply chain pressures linked to COVID-19 pandemic lockdowns.

Also on Tuesday, the Federal Trade Commission launched an inquiry into the ongoing shortage of baby formula in the country, calling for public input on the matter.

The Biden administration has sought to relieve the shortage by importing emergency supplies from Europe via Defense Department-contracted commercial aircraft under “Operation Fly Formula.” The first lots of formula arrived in Indianapolis, Indiana, from Germany on Sunday.

President Joe Biden has also invoked the Cold War-era Defense Production Act to help manufacturers obtain ingredients to produce more formula.

iv)swamp stories

Day 8 of Sussman trial.  Ex Clinton lawyers tells different stories to congress and the FBI as jury hears this

(Stieber/EpochTimes)

Sussman Trial Day 8: Ex-Clinton Lawyer Told Different Stories To Congress And FBI, Jury Hears

WEDNESDAY, MAY 25, 2022 – 07:40 PM

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

A lawyer representing Hillary Clinton’s campaign told members of Congress in 2017 that he took information about Donald Trump and Russia to the FBI on behalf of a client, even though he told the bureau previously that he was bringing the data on his own volition, jurors in federal court heard on May 25.

I think it’s most accurate to say it was done on behalf of my client,” Michael Sussmann, the lawyer, told the House Intelligence Committee on Dec. 18, 2017.

Portions of the transcript were read into the record as prosecutors with special counsel John Durham’s team wrapped up their case against Sussmann, who is on trial on the charge of lying to the FBI.

Sussmann texted James Baker, a bureau lawyer, in September 2016 asking for a meeting so he could share information, but claimed he was coming forward on his own accord, not as part of his representation of any clients.

Sussmann, with Perkins Coie, at the time was representing both the Clinton campaign and Rodney Joffe, a technology executive who has said he was promised a position in the government if Clinton won the 2016 election.

The parties colluded in gathering data and claiming that it showed a secret link between Trump and Russia’s Alfa Bank, prosecutors say. They hoped to sway the election in Clinton’s favor.

About 14 months after handing over the allegations to Baker—the FBI and the CIA both deemed the claims false—Sussmann sat before the House panel and told members that he received the Trump-Russia information from a client, whom he indicated was not the Clinton campaign. He also said he did not go to the FBI and CIA on his own volition but was directed by his client to go to the agencies and hand over the information.

“We had a conversation, as lawyers do with their clients, about client needs and objectives and the best course to take for a client. And so it may have been a decision that we came to together. I don’t want to imply that I was sort of directed to do something against my better judgment, or that we were in any sort of conflict, but this was—I think it’s most accurate to say it was done on behalf of my client,” Sussmann said before the panel.

Clinton campaign officials have testified that they did not approve of Sussmann going to the FBI. They hoped that media outlets would publish stories on the Trump-Alfa Bank claims, and feared going to the bureau would delay the articles.

Defense lawyers, meanwhile, called their first witnesses—several former Department of Justice employees, including former Associate Deputy Attorney General Tashina Gauhar.

According to notes Gauhar took at a March 6, 2017, meeting that involved top officials, there was an awareness that Sussmann brought the information for a client or clients.

Then-FBI Deputy Director Andrew McCabe said during the meeting that the Trump-Alfa Bank claims came from an “attorney” who “brought [them] to [the] FBI on behalf of his client,” with the last word possibly being “clients.”

Gauhar said on the stand she did not remember the meeting but said she recognized the notes as ones she took. When pointed to the part about McCabe, Gauhar said she didn’t recall that moment.

Another former DOJ official, Mary McCord, was questioned as the defense introduced her notes, which stated that an attorney brought the allegations to Baker and that the attorney did not “say who client was.”

Baker testified earlier in the trial that Sussmann told him when their meeting first started that he was not coming on behalf of any particular client, and that he was “very confident” of the recollection. He did not take notes of the meeting.

Baker also said he could only vaguely remember the 2017 meeting, for which he was listed as a participant, and did not remember anything that was said.

The King Report (including swamp stories)

U.S. intelligence document shows Russian naval blockade of Ukraine – WaPo
World leaders call the Kremlin’s actions a deliberate attack on the global food supply chain
    In recent days, world leaders have warned that Russia’s blockade poses one of the most dire threats to global stability since the war began. Ukraine is a global food basket…
https://www.washingtonpost.com/national-security/2022/05/24/naval-blockade-food-supply-ukraine-russia/
 
Gen (Ret) Ben Hodges @general_ben: This Russian blockade causes food shortages which will generate a new destabilizing refugee flow from Africa & Middle East to Europe. Not an accident.
 
ESMs rallied sharply during early Asian trading on Wednesday; but tumbled from 19:30 ET until 20:30 ET.  A strong rally into the Nikkei close then appeared.  After an hour retreat.  ESMs rallied back to session highs for the European open.  ESMs and stocks immediately sank.
Fed Minutes Show Urgency for Raising Rates to Tame High Inflation – Officials at this month’s meeting were in agreement on need for further half-point increases in June and July
https://www.wsj.com/articles/fed-minutes-show-growing-urgency-for-tighter-monetary-policy-11653501768
 
WSJ’s @NickTimiraos: Fed staff nudged up its inflation forecast to 4.3% in ’22 (vs 4% in March) and 2.5% in ’23 (vs 2.3%) due to: slower easing of supply constraints, higher import prices, a judgment that wage increases would push up prices of services more than anticipated
 
Some entities wanted to change the negative narrative and tone.  So, ESMs were manipulated 48.50 higher in 24 minutes.  While ESMs were being jerked around, USMs traded in an 11-tick range on the release but quickly settled into a 4-tick range until the range was extended by 4 ticks during the final hour.
 
When the final hour arrived, ESMs spurted higher.  They peaked at 15:13 ET (3997.75).  Traders that played for the Wednesday rally wanted to liquidate by the close.  ESMs fell 22 handles by 15:50 ET.
 
April Durable Goods Orders +0.4% m/m, 0.6% expected; ex-Trans 0.3%, 0.6% expected; non-Defense ex-Air 0.3%, 0.5% exp; Shipment 0.8%, 0.5% expected.  Some pundits claim the soft April Durables Goods data fomented the equity rally – ‘the Fed can’t hike anymore’.  If true, why did bonds decline? 

After the NYSE close on Wednesday: Nvidia stock falls (as much as 10.34%) on light guidance
    EPS: $1.36, adjusted, versus $1.29 expected
    Revenue: $8.29 billion versus $8.11 billion expected
Nvidia said revenue for the current quarter would be about $8.1 billion, coming in under analyst expectations of $8.54 billion… https://www.cnbc.com/2022/05/25/nvidia-nvda-earnings-q1-2023.html
 
King Report for Wednesday: Wednesday has been the only day of the week with a positive return for stocks in 2022.  Ergo, traders will play for a rally. 
 
Today – The Wednesday rally occurred, thin markets ahead of the Memorial Day Weekend loom.  Traders that played for the Wednesday rally (the only day of the week positive in 2022) liquidated during the final hour.  The markets will be even thinner due to the coming holiday weekend.  Ergo, 1) There is no telling what a determined few intend to do; and 2) a determined few can produce volatile action.
 
The S&P 500 Index topped out at 3999.33 on Wednesday.  Obviously, 4000 is resistance.  The low was 3025.03.  Our best guess is that ESMs and stocks will range trade, unless GDP is out of whack.
 
ESMs hit -9.25 & NQMs were -54.75 at 20:00 ET due to Nvidia.  At 20:14 ET, ESMs hit +12.75 and NQMs hit +36.00.  There was no news; someone decided to force stuff up.
 
Expected Economic Data: Q1 GDP -1.3%, Consumption 2.8%, GDP Price Index 8.0%, Core PCE 5.2%; Initial Jobless Claims 215k, Continuing Claims 1.31m; April Pending Home Sales -1% m/m, -8% y/y; KC Fed Mfg Activity 18; Fed VCEO Brainard noon ET
 
S&P 500 Index 50-day MA: 4288; 100-day MA: 4371; 150-day MA: 4466; 200-day MA: 4460
DJIA 50-day MA: 33,683; 100-day MA: 34,178; 150-day MA: 34,695; 200-day MA: 34,745
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 5023.97 triggers a buy signal
WeeklyTrender and MACD are negative – a close above 4366.82 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4095.51 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 3898.99 triggers a sell signal
 
Two simple actions regarding gun control would be to tighten/toughen background checks and to raise the legal age to at least 21.  However, the MSM and Dems pushed very hard for decades to lower the voting age to 18.  Their key argument was ‘if you can go off to war, you can vote’.  But in the military, under-21 types are under strict supervision.  If you are not mature and responsible enough to own guns, are you mature and responsible enough to vote?
 
‘There were at least 40 lawmen armed to the teeth, but didn’t do a darn thing till it was far too late’: Furious father of Texas school shooting victim, 10, slams cops for letting gunman rampage for 90 MINUTES after massacre began – He added: ‘But I can tell you those officers that arrived on the scene and put their lives in danger — they saved other kids. They kept him pinned down’
https://www.dailymail.co.uk/news/article-10855093/Furious-father-Texas-school-shooting-victim-slams-police-failing-stop-gunman-HOUR.html
 
@TPostMillennial: Joe Biden blames “the gun lobby” for the tragedy at a Texas school today where a 18-year-old psychopath killed 18 children.  https://twitter.com/TPostMillennial/status/1529264098621263872
 
@KevinTober94: Tucker Carlson on Biden’s speech: “The President of the United States, frail, confused, bitterly partisan, desecrating the memory of recently murdered children with tired talking points of the Democratic Party, dividing the country in a moment of deep pain rather than uniting.”
https://twitter.com/KevinTober94/status/1529264228825194496
 
Biden’s ‘grotesque’ exploitation of Texas school shooting ripped https://t.co/VCXF8vWHQR
 
@TPostMillennial: @ggreenwald slams the politicization of the tragic shooting in Texas, calling it “naked exploitation of the dead bodies before anything is known about the people involved.”
https://twitter.com/TPostMillennial/status/1529272137680269313
 
@abigailmarone: The President who campaigned on unifying & restoring the soul of our nation chose to exploit a moment of tragedy for partisanship. The whole country is mourning tonight.
 
@ArthurSchwartz: Hunter Biden lied on a Form 4473 to illegally purchase a gun, a felony punishable by up to 10 years in prison & a $250K fine. His girlfriend then dumped that gun in the trash next to a school. He wasn’t even arrestedWhy don’t we enforce existing laws before demanding new ones?
 
Schumer says no gun-control vote anytime soon: ‘Americans can cast their vote in November’
One possibility is that a “red flags” bill will move forward that would authorize and establish procedures for confiscating firearms from individuals who are determined to be a danger to themselves or others. Republican Sens. Lindsey Graham (S.C.) and Susan Collins (Maine) previously cosponsored such a bill introduced by Sen. Richard Blumenthal (D) of Connecticut…
https://justthenews.com/government/congress/schumer-says-no-gun-control-vote-anytime-soon-americans-can-cast-their-vote
 
On Tuesday night and early on Wednesday, the media teemed with reports that Schumer booked two gun control legislation votes on the Senate schedule.  Why did Chuckie change his mind? 
 
Democrats revive push for gun control legislation in wake of Texas massacre
Schumer begins process to hold vote on pair of bills but warns of Republican opposition
https://www.ft.com/content/a68b3c15-6c79-4d34-a4db-8cf054eb20e3
 
@amlivemon: At least 4 Dem senators cannot vote on it if they want to keep their seats… that is why.. .has nothing to do with GOP votes.
 
Schumer forced a vote on abortion even though he knew it was futile.  Yet he will not force a vote on new gun control measures – even though Dems control Congress and the WH.  First, the courts are clear on the limits of gun control.  Secondly, the cities with the strongest gun control laws are Chicago, New York, DC, and LA.  Everyone knows the laws are not working in these cities because existing laws are not enforced.  Dems know a vote for more gun laws would be futile and it would hurt them in the midterms.
 
@nytimes: Senator Chuck Schumer said he would pursue a compromise with Republicans on gun legislation that has languished for years, instead of forcing a quick “accountability vote” to get Republicans on the record against background check legislation.
 
GOP @SenRonJohnson: Today, I asked for unanimous consent for passage of the Luke and Alex School Safety Act. But @SenSchumer blocked this commonsense legislation in favor of his partisan agenda.  It’s a very sad day in the United States Senate.
https://twitter.com/SenRonJohnson/status/1529572720438034434
 
@ClayTravis: Steve Kerr, who last night demanded new gun laws to keep kids safe, protested to demand the removal of all armed police from schools two years go.
https://www.nbcbayarea.com/news/local/east-bay/steve-kerr-remove-police-from-oakland-school-grounds/2314596/
 
@jenvanlaar: Uvalde Mayor Don McLaughlin, whose staffers lost family members at Robb Elementary to Beto: “Sir, you’re out of line…please leave this auditorium. I can’t believe you’re a sick son-of-a-bitch who would come to a deal like this to make a political issue.”
https://redstate.com/carcand/2022/05/25/watch-beto-orourke-crashes-texas-gov-greg-abbotts-press-conference-on-uvalde-shooting-n569787
 
Texas school shooter Salvador Ramos once cut up his face with knives ‘just for fun,’ friends say https://trib.al/wohNaXG
 
Texas school shooter Salvador Ramos was bullied at school because of the clothes he wore and because his family was poor, former classmate says – ‘He barely came to school,’…Described by one pupil as an ’emo’, his lisp also made him a target, according to the Washington Post, with classmates claiming he endured gay slurs…The killer was a fan of the shooting and combat game Call of Duty…
    One neighbor told local news channel Newsy that he witnessed Ramos, who worked at a Wendy’s, arguing with his grandmother, claiming he was ‘angry that he did not graduate’…he had an ‘aggressive streak’ and would send inappropriate messages to female employees. They also branded him ‘quiet’ and ‘anti-social’… https://www.dailymail.co.uk/news/article-10851937/Texas-school-shooter-bullied-clothes-wore-family-poor.html
 
The same factors keep appearing: loner/ostracized, bullied, violent video games, troubled home life, and mental health issues, lack of intervention or attention from school and/or local officials to the situation.
 
Fox’s @ChadPergram: 1) At confirmation hrng, GOP AR Sen Cotton asks ATF Dir nominee Steve Dettelbach to define an assault weapon… Dettelbach: I did not define the term.  2) Cotton: So you’re running for public office and you called for a ban on assault weapons, but you don’t have a definition for assault weapons?  3) Dettelbach: That would be a difficult task to define assault weapons, because.. you don’t want it to be so narrow that it doesn’t offer the protections that are intended. And..you certainly don’t want to be so broad so that it infringes unnecessarily on the rights of citizens.
 
@Mast3rmo: I’m looking at the history of school shootings. Mind-blowing, kids brought guns to school until the 70s. Only 3 school mass shootings between 1903-1966. What happened? Didn’t take off until the 90s (social media, video games, family deterioration intensified, drug availability increased)
    School shootings simply didn’t happen with any frequency until 1993…
https://twitter.com/Mast3rmo/status/1529487203612631043
 
@PastorDScott: Black Americans are the only race where people who aren’t black think they know what we need or want or why we do what we do, more than we do. No other race… experiences this.
 
Sussmann billed the purchase of flash drives to Clinton campaign days before giving them to FBI
The prosecution rested its case on Wednesday and the defense called its witnesses.
https://justthenews.com/accountability/russia-and-ukraine-scandals/prosecution-wraps-eight-day-sussmann-trial-defense
 
@codeofvets: 22 VETERANS COMMIT SUICIDE EVERY DAY (No outrage, no coverage because there is no political benefit

By Greg Hunter On May 20, 2022 In Weekly News Wrap-Ups20 Comments interviewing 

SEE YOU TOMORROW

Advertisement

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: