MAY 27//GOLD CLOSED UP $4.95 TO $1853.95//SILVER UP 10 CENTS TO $22.07//PLATINUM UP $8.00 TO $957.15//PALLADIUM UP $52.00 TO $2062.15//GOLD STANDING FOR MAY FINISHES AT 20 TONNES//SILVER OZ STANDING FINISHES AT 28.120 MILLION OZ//COVID UPDATES//CHINESE ECONOMY UPDATE: SCHISM BETWEEN THE TWO CHINESE LEADERS//VACCINE INJURY REPORT/VACCINE IMPACT//UKRAINE VS RUSSIA: WASHINGTON POST FINALLY GETS THE STORY CORRECT: MORALE WITHIN THE UKRAINIAN ARMY VERY BAD AND THE WAR IS NOT GOING WELL FOR THEM//USA SEIZES IRANIAN VESSEL AND IRAN SEIZES TWO GREEK OIL VESSELS//SWAMP STORIES FOR YOU TONIGHT THROUGH KING REPORT//

May 27, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

May 27, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1853.95 UP $4.95 

SILVER: $22.07 UP  $.10

ACCESS MARKET: GOLD $1853.20

SILVER: $22.11

Bitcoin morning price:  $28,914 DOWN 543

Bitcoin: afternoon price: $28,458 DOWN 999

Platinum price: closing UP $8.00 to $957.15

Palladium price; closing UP $52.00  at $2062.15

END

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 EXCHANGE: COMEX EXCHANGE: COMEX

JPMorgan issued  11/19


NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT 19  NOTICE(S) FOR 1900 OZ  (0.05909  TONNES)

total notices so far:  6466 contracts for 646600 oz (20.111 tonnes)

SILVER NOTICES: 

25 NOTICE(S) FILED 125,000   OZ/

total number of notices filed so far this month  5632  :  for 28,166,000  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 $4.95

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 10 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 ROSE BY A GOOD SIZED  522 CONTRACTS TO 146,803   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE GOOD GAIN IN OI WAS ACCOMPLISHED WITH OUR   $0.08 GAIN  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.08) AND  ALSO UNSUCCESSFUL IN KNOCKING OFF ANY SILVER LONGS AS THEY REMAIN FIRM IN THEIR BELIEF OF A SILVER FAILURE AS WE HAD A STRONG NET GAIN OF 923 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 28,120,000 MILLION OZ/ //  V)    GOOD SIZED COMEX OI GAIN/

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : -1

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 19 days, total 20,827,  contracts:  104.135 million oz  OR 5.473 MILLION OZ PER DAY. (1096CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 104.135 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: 104.135 MILLION OZ//INCREASING AGAIN

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 522 WITH OUR  $0.08 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A FAIR  SIZED EFP ISSUANCE  CONTRACTS: 400 CONTRACTS ISSUED FOR JULY 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 110,000  OZ QUEUE. JUMP //NEW STANDING 28.120 MILLION OZ//  .. WE HAD A STRONG SIZED GAIN OF 922 OI CONTRACTS ON THE TWO EXCHANGES FOR 4.610 MILLION  OZ WITH THE GAIN IN PRICE. 

 WE HAD 25  NOTICE FILED TODAY FOR  125,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A FAIR SIZED 2753 CONTRACTS  TO 523,307 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:  –310 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/THURSDAY / 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 THURSDAY’S TRADING

WE HAD A SMALL SIZED LOSS OF 1503  OI CONTRACTS 4,674 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED  1250 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 523,307

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1503, WITH 2753 CONTRACTS DECREASED AT THE COMEX AND 1250 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 (1250) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2753,): TOTAL LOSS IN THE TWO EXCHANGES 1503 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 :

77,833 CONTRACTS OR 7,783,300 OR 242.09  TONNES 19 TRADING DAY(S) AND THUS AVERAGING: 4096 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 19 TRADING DAY(S) IN  TONNES: 242.09 TONNES

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

THUS EFP TRANSFERS REPRESENTS  242.09/3550 x 100% TONNES  6.82% 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:  242,09 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, ROSE BY A GOOD SIZED 522 CONTRACT OI TO 146,804 AND CLOSER TO  OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 400 CONTRACTS

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

MAY 400  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF  522 CONTRACTS AND ADD TO THE 400 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 922   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 4.610 MILLION OZ

OCCURRED WITH OUR GAIN IN PRICE OF  $0.08 .

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)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 7.13 PTS OR 0.23%   //Hang Sang CLOSED UP 581.16 PTS OR 2.89%    /The Nikkei closed UP 176.84 OR 0.66%          //Australia’s all ordinaires CLOSED UP  1.01%   /Chinese yuan (ONSHORE) closed UP 6,7056    /Oil UP TO 113.57dollars per barrel for WTI and UP TO 117.16 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7056 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7240: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER/

a)NORTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2753 CONTRACTS TO 523,307 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 FAIR  COMEX DECREASE OCCURRED DESPITE OUR  GAIN OF $2,10 IN GOLD PRICING THURSDAY’S COMEX TRADING. WE ALSO HAD A SMALL SIZED EFP (1250 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 JUNE..  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 1250 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :1250 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1250 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A  SMALL SIZED  TOTAL OF 1503 CONTRACTS IN THAT 1250 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI LOSS OF 2753  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 SMALL SIZED LOSS  OF 4.674 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAY (20.11 TONNES)

WE HAD 310 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 1503 CONTRACTS OR 150300  OZ OR 4.674 TONNES

Estimated gold volume 147,688/// poor

Confirmed volume yesterday:221,926 contracts  fair

INITIAL STANDINGS FOR MAY ’22 COMEX GOLD //MAY 27

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oznil oz
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today19  notice(s)
1900 OZ
0.0599 TONNES
No of oz to be served (notices)0 contracts 00 oz
0.00 TONNES
Total monthly oz gold served (contracts) so far this month 6466
64600
20.111TONNES
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

0 customer withdrawals:

total withdrawal: nil  oz

ADJUSTMENTS:  0 

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an  oi of 19 contracts having LOST 16 contracts

We had 16 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 30,127 contracts down to 37,092 contracts//June standing will be very strong 

July has a GAIN OF 429 OI to stand at 1695

August has a gain of 26,121 contracts up to 421,917 contracts

We had 19 notice(s) filed today for  1900 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 19 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 (6466) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY 19  CONTRACTS ) minus the number of notices served upon today  19 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 (6466) x 100 oz+   (19)  OI for the front month minus the number of notices served upon today (19} 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:  20.111 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:  2,130,325.976 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: 15,991.648.0 OZ (REG GOLD- PLEDGED GOLD)  

END

MAY 2022 CONTRACT MONTH//SILVER//MAY 27

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory604,551.640  oz
Brinks
JPMorgan
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,219,304.600 oz
Malca
No of oz served today (contracts)25CONTRACT(S)125,000  OZ)
No of oz to be served (notices)0 contracts (0 oz)
Total monthly oz silver served (contracts)5632 contracts 28,160,000 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 Malca:  1,219.304.600 oz

total deposit:  1,219,304.600    oz

JPMorgan has a total silver weight: 174.032 million oz/336.359 million =51.72% of comex 

 Comex withdrawals: 2

i) Out of Brinks  99,663.640 oz

ii) Out of JPMorgan:  504,888.000 oz 

total withdrawal  604,551.640      oz

4 adjustments:  dealer  to customer:

a) Brinks:  459,966.580 oz

b) Int. Delaware:  155,035.105 oz

c) JPMorgan:  3,380,556.640 oz

d) Malca:  551,742.632 iz  

the silver comex is in stress!

TOTAL REGISTERED SILVER: 75.474 MILLION OZ

TOTAL REG + ELIG. 336.359 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY OI: 25 HAVING LOST 61 CONTRACTS.  WE HAD 83 NOTICES FILED ON YESTERDAY

SO WE GAINED 22   CONTRACTS OR A QUEUE JUMP OF 110,000 OZ

JUNE HAD A LOSS  OF 21  TO STAND AT 1558

JULY HAD A LOSS OF 904 CONTRACTS DOWN TO 109,486 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 25 for 125,000 oz

Comex volumes: 39,807// est. volume today//   poor

Comex volume: confirmed yesterday: 33,463 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 5632 x 5,000 oz = 28,160,000 oz 

to which we add the difference between the open interest for the front month of MAY(25) and the number of notices served upon today 25  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY./2022 contract month: 5632 (notices served so far) x 5000 oz + OI for front month of MAY (25)  – number of notices served upon today (25) x 5000 oz of silver standing for the MAY contract month equates 28,160,000 oz. .

We GAINED 22 contracts or AN ADDITIONAL 110,000 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 27/WITH GOLD UP $4.95//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

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 27/WITH SILVER UP 10 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.071 MILLION OZ///

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

2. Lawrie Williams//Pam and Russ Martens/

END

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

end 

4.OTHER GOLD/SILVER COMMENTARIES

Bill is interviewed by Andrew Maguire at Live from the Vault.

Attachments area

Preview YouTube video Ep 75: Live From The Vault – Why The Western Economy Can’t Survive. Feat. Bill Holter

Ep 75: Live From The Vault – Why The Western Economy Can’t Survive. Feat. Bill Holter

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 FRIDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.7056

OFFSHORE YUAN: 6.7240

HANG SANG CLOSED  UP 581.16 PTS OR 2.89% 

2. Nikkei closed UP 176.84 OR 0.66%

3. Europe stocks  ALL CLOSED  ALL GREEEN

USA dollar INDEX  DOWN TO  101.83/Euro FALLS TO 1.0708

3b Japan 10 YR bond yield: FALLS TO. +.225/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 126.92/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

3g Oil UP for WTI and UP 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 3.47

3j Gold at $1857.85 silver at: 22.28  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN   0.41      roubles/dollar; ROUBLE AT 65.67

3m oil into the 114 dollar handle for WTI and  117 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 126.92DESTROYING 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 0.9588– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0268well 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: 2.725 DOWN 3  BASIS PTS

USA 30 YR BOND YIELD: 2.952 DOWN 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 16.39

Futures Rise As Dip Buyers Emerge To Cap Best Week Since Mid-March

FRIDAY, MAY 27, 2022 – 07:54 AM

Unless stocks crater today, and the S&P tumbles by 4.3%, the streak of seven consecutive weekly declines in the S&P is about to end…

… as US stock futures rose again on Friday, their third consecutive gain, setting up the underlying indexes for the first strong weekly finish since late March on signs consumers remain resilient despite inflationary pressures, as upbeat earnings from Alibaba and Baidu eased some fears on the economic impact of China’s Covid lockdowns, and as investors (mostly retail) have staged a cautious return to the market hoping that the selloff earlier this month left valuations at bargain levels. Nasdaq 100 contracts rose 0.5% by 7:15 a.m. in New York, while S&P 500 futures were up 0.4%. Still, even after the recent rout, upside may be limited as the S&P 500’s 12-month fwd P/E ratio is now near its 10-year average.

Among notable moves in premarket trading, Gap Inc. shares sank as much as 17% as analysts after analysts said that the retailer’s guidance cut was worse than expected, prompting brokers to lower their targets and downgrade the stock given a worsening macroeconomic environment could trigger further bad news. China’s Uber, Didi Chuxing, jumped after a Bloomberg News report that state-owned automaker China FAW Group is considering acquiring a significant stake in the ride-hailing company. Zscaler Inc. rose after the security software company reported results above expectations.  Here are some other notable premarket movers:

  • Gap (GPS US) shares dropped as much as 17% in US premarket trading with analysts saying that the retailer’s guidance cut was more than expected, prompting brokers to lower their targets and downgrade the stock given a worsening macroeconomic environment could trigger further bad news.
  • Costco (COST US) shares dropped 2.1% in US after-hours trading on Thursday. While Costco’s margins disappointed analysts, brokers were generally positive on how the wholesale retailer is navigating an environment with rising inflation by controlling expenses.
  • Zscaler (ZS US) shares rose 2% in extended trading on Thursday, after the security software company reported third- quarter results that beat expectations and raised its full-year forecast. Analysts lauded strength in multi-product deals.
  • Marvell Technology (MRVL US) shares climbed 3.4% in US postmarket trading after results. Analysts highlighted that the semiconductor maker is seeing strength across key markets, in particular across data center and carrier infrastructure.
  • 23andMe Holding Co. (ME US) dropped 8.3% in postmarket trading Thursday. It is in a “tough spot,” Citi says in note after the consumer genetics firm gave a fiscal 2023 revenue forecast that missed expectations.
  • Workday (WDAY US) shares fell 9% in extended trading on Thursday, after the software company reported adjusted first-quarter earnings that missed expectations. Analysts noted that software deals were pushed out of the quarter and cut their price targets as they factored in the increased global uncertainty.

The latest round of retail earnings have restored some confidence in consumer demand, lifting appetite for risk assets, while speculation is growing that the Federal Reserve will pause its rate hikes later this year as inflation shows signs of peaking. Still, Citigroup strategists on Friday cut their recommendation on US stocks to neutral on the risk of a recession, joining an increasing number of banks in warning of a growth slowdown.

The path for the Federal Reserve to successfully bring inflation down while keeping the rate of economic growth above zero is narrow, according to Mark Haefele, chief investment officer at UBS Global Wealth Management. “If Fed policymakers underestimate the strength of the US economy, we face an extended period of above-target inflation. If they overestimate it, we face a recession. And we can’t know with great conviction which path we’re on,” he wrote in a note.

Global stock funds saw their biggest inflows in 10 weeks, led by US stocks, according to EPFR data, as cheaper valuations lured buyers after a steep selloff on recession fears. The selloff made valuations attractive and enticed investors back into a market still shadowed by worries about inflation and higher interest rates, China’s downbeat economic outlook and the war in Ukraine.

“We may see a little bit more stability here because we have repriced the stocks so much already,” Anastasia Amoroso, iCapital chief investment strategist, said on Bloomberg Television. “In the next three to six months it’s still going to be a constrained market environment.”

Meanwhile, China-US tensions are once again being played out after direct comments from Secretary of State Antony Blinken aimed at Chinese President Xi Jinping. And in a fresh challenge to Beijing, the US and Taiwan are planning to announce negotiations to deepen economic ties.

And elseshwere, as the Russins war in Ukraine approaches 100 days, the US may announce a new package of aid for Kyiv as soon as next week that would include long-range rocket systems and other advanced weapons. Boris Johnson urged further military support for Ukraine, including sending it more offensive weapons such as Multiple Launch Rocket Systems that can strike targets from much further away. Russia’s efforts to avoid its first foreign default in a century are back in focus on Friday, when investors are supposed to receive about $100 million in interest on Russian debt.

Turning back to markets, consumer and technology sectors led gains in Europe’s Stoxx 600 which rose 0.9%, and was headed for its best weekly advance since mid-March, while utilities and energy shared lagged after the UK government announced windfall tax plans on oil and gas companies on Thursday. BP Plc said it will look again at its plans in the country. Here are some of the more notable movers in Europe:

  • Cantargia gains as much as 23%, the largest intraday rise since December, after releasing three research updates late Thursday. The interim readout for the company’s nadunolimab (CAN04), used in combination with gemcitabine and nab-paclitaxel as a first line treatment of PDAC, a type of pancreatic cancer, was the most interesting of the data releases, according Kempen.
  • FirstGroup shares jump as much as 9.8%, extending the gains from yesterday’s confirmation that the public transport operator received an unsolicited takeover approach from I Squared.
  • Richemont shares rise as much as 8.3%, heading for their best weekly advance since November, pushing the Swiss Market Index higher as dip buyers returned more broadly this week.
  • European miners advance for a third day, outperforming all other sectors on the Stoxx 600 on Friday as iron ore futures climb and metals posted broad gains.
  • Hapag-Lloyd falls as much as 7.1% after Citi cut the recommendation to neutral from buy due to valuation versus peers. In note on European shipping, broker says it expects the supply and demand dynamics to remain favorable in the near term.
  • Rieter Holding falls as much as 5.4% as Baader Helvea downgrades its recommendation to reduce from add after the manufacturer of chemical fiber systems said that it’s seeing a challenging first half.

Earlier in the session, Asian stocks also advanced as upbeat earnings from Alibaba and Baidu eased some fears on the economic impact of China’s Covid lockdowns and fueled risk-on sentiment. The MSCI Asia Pacific Index rose 1.6%, poised for its first gain in four sessions, led by consumer discretionary and technology shares. Most markets in the region were up, led by Hong Kong.  Alibaba and Baidu both delivered better-than-expected quarterly sales growth, providing investors with some relief after Tencent’s recent lackluster report and amid concerns over China’s virus measure and regulatory crackdowns. The Hang Seng Tech Index, which tracks the nation’s tech giants listed in Hong Kong, surged 3.8%. Asian equities have gained about 0.7% this week, set for a back-to-back weekly advance as dip buyers emerged. The regional MSCI benchmark is still down about 14% this year amid ongoing market concerns over global inflation and higher US interest rates, China’s economic outlook and the war in Ukraine.

“The risk of a bull trap cannot be dismissed,” Vishnu Varathan, the head of economics and strategy at Mizuho Bank, wrote in a note. “Bear markets are famous for the pockets of relief rallies,” and increasing strains on liquidity in the coming quarters “may not pass without pain.”

Japan’s stocks likewise advanced as the nation prepared to reopen to foreign tourists and China’s tech shares jumped.    The Topix rose 0.5% to 1,887.30 as of the 3pm close in Tokyo, while the Nikkei 225 advanced 0.7% to 26,781.68. Tokyo Electron Ltd. contributed the most to the Topix’s gain, increasing 3.2%. Out of 2,171 shares in the index, 1,480 rose and 615 fell, while 76 were unchanged

In Australia, the S&P/ASX 200 index rose 1.1% to close at 7,182.70, the highest level since May 6, led by energy and consumer discretionary shares. Woodside Energy Group was among the biggest gainers as US crude and gasoline stockpiles showed signs of continuing decline ahead of the summer driving season. Appen was the top decliner after saying that Telus revoked its indicative proposal for a takeover. In New Zealand, the S&P/NZX 50 index fell 0.3% to 11,065.15

In FX, the Bloomberg Dollar Spot Index slumped as the dollar was steady to weaker against all of its Group-of-10 peers. Treasuries were steady across the curve. The euro inched up to touch a fresh one- month high of 1.0765 before paring. The bund yield curve bull- flattened slightly, drawing the 10-year yield away from 1%. Risk- sensitive Antipodean and Scandinavian currencies led gains. The Australian dollar climbed as a decent retail sales print brightened the outlook and a drop in the greenback triggered buy-stops. Benchmark bonds slipped. Australian retail sales rose 0.9% m/m in April vs estimate +1% and prior +1.6%. The pound ticked higher, touching its highest level in a month against the dollar, while gilts advanced. Chancellor of the Exchequer Rishi Sunak said that his package of support for the UK economy will have a “minimal” impact on inflation. The yen advanced for a second day as lower Treasury yields weighed on the dollar. Japanese bonds rise after being sold off on Thursday

In rates, Treasuries were steady, following gains in European markets where bull-flattening was observed across bunds and gilts. Yields were richer by 1bp-3bp across the curve, the 10-year yield dropped by ~2bp to 2.72%, underperforming bunds by 1.5bp, gilts by ~3bp. IG dollar issuance slate still blank in what has so far been the slowest week of the year for new deals; next week’s calendar is expected to total $25b- $30b. Focal points for US session include several economic data releases including April personal income/spending with PCE deflator. Sifma recommended 2pm close of trading for dollar-denominated fixed income ahead of US holiday weekend.   

In commodities, WTI drifts 0.7% higher to trade below $115. Spot gold rises roughly $7 to trade at $1,858/oz. Most base metals are in the green; LME nickel rises 6.6%, outperforming peers.

Looking to the day ahead, and data releases include US personal income and personal spending for April, as well as the preliminary wholesale inventories for that month, and the final University of Michigan consumer sentiment index for May. In the Euro Area, there’s also the M3 money supply for April. Otherwise, central bank speakers include ECB Chief Economist Lane.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,068.25
  • STOXX Europe 600 up 0.7% to 440.64
  • MXAP up 1.6% to 165.89
  • MXAPJ up 2.1% to 542.44
  • Nikkei up 0.7% to 26,781.68
  • Topix up 0.5% to 1,887.30
  • Hang Seng Index up 2.9% to 20,697.36
  • Shanghai Composite up 0.2% to 3,130.24
  • Sensex up 1.2% to 54,919.92
  • Australia S&P/ASX 200 up 1.1% to 7,182.71
  • Kospi up 1.0% to 2,638.05
  • German 10Y yield little changed at 0.99%
  • Euro up 0.1% to $1.0737
  • Brent Futures up 0.4% to $117.91/bbl
  • Gold spot up 0.5% to $1,859.48
  • U.S. Dollar Index down 0.16% to 101.67

Top Overnight News from Bloomberg

  • The path for Russia to keep sidestepping its first foreign default in a century is turning more onerous as another coupon comes due on the warring nation’s debt. Investors are supposed to receive about $100 million of interest on Russian foreign debt in their accounts by Friday, payments President Vladimir Putin’s government says it has already made
  • China’s oil trading giant Unipec has significantly increased the number of hired tankers to ship a key crude from eastern Russia
  • A central bank legal proposal envisages Russian eurobond issuers placing “substitute” bonds in order to ensure debt payments come through to local investors, Interfax reported
  • The US and Taiwan are planning to announce negotiations to deepen economic ties, people familiar with the matter said, in a fresh challenge to Beijing, which has cautioned Washington on its relationship with the island.
  • Profits at Chinese industrial firms shrank last month for the first time in two years as Covid outbreaks and lockdowns disrupted factory production, transport logistics and sales
  • “The process of increasing interest rates should be gradual,” ECB Governing Council member Pablo Hernandez de Cos comments in op- ed in Expansion. “The aim is to avoid abrupt movements, which could be particularly damaging in a context of high uncertainty such as the current one”
  • The RBA is poised for its first review in a generation as new Treasurer Jim Chalmers makes good on a pledge to ensure the nation’s monetary and fiscal regimes are fit for purpose
  • The UK signed its first trade agreement with a US state, amid warnings that Prime Minister Boris Johnson’s stance on Brexit is hindering progress on a broader deal with Joe Biden’s administration

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks took impetus from the risk-on mood on Wall St where all major indices were lifted amid month-end flows and encouraging retailer earnings.  ASX 200 was led higher by outperformance in the commodity and resources industries, while consumer stocks were mixed after Retail Sales printed in line with expectations, albeit at a slowdown from the prior month. Nikkei 225 traded positively but with upside capped by a mixed currency and weakness in energy and power names after increases in international prices and with the government looking to address the tight energy market. Hang Seng and Shanghai Comp were firmer with notable outperformance in Hong Kong amid a euphoric tech sector after earnings from Alibaba and Baidu topped estimates which also inspired the NASDAQ Golden Dragon China Index during the prior US session, while advances in the mainland were moderated by the contraction in April Industrial Profits and after Premier Li’s unpublished comments from Wednesday’s emergency meeting came to light in which he warned of dire consequences for the economy.

Top Asian News

  • China’s State Council will seek specific implementation rules by May 31st regarding necessary measures at all levels of government and will dispatch inspection teams to all 31 provinces, municipalities and autonomous regions to oversee the rollout amid an urgent need for national economic mobilisation, according to SGH Macro Advisors.
  • US is seeking to hold economic discussions with Taiwan in the latest test with China, while supply chains and agriculture are said to be among the topics, according to Bloomberg. Furthermore, reports noted that bilateral economic talks will be announced in the upcoming weeks.
  • Evergrande (3333 HK) is reportedly considering repaying offshore bondholders in instalments, according to Reuters sources; discussing giving the option of converting part of debt into equity of property management and EV units.
  • China’s Health Official says some areas along the Jilin border report local infections without a clear source, close attention should be paid to the risk of importing the virus; COVID infections show a trend of gradual spread from border to inland areas, via Reuters

European bourses are firmer, Euro Stoxx 50 +0.9%, drawing impetus from APAC strength into month-end with catalysts thin thus far. Stateside, futures are supported across the board with familiar themes in play pre-PCE Price Index for insight into the ‘peak’ inflation narrative; ES +0.3%. Note, the FTSE 100 Unch. is the mornings underperformer amid pressure in energy names after Chancellor Sunak’s windfall tax announcement on Thursday. DiDi (DIDI) has reportedly drawn interest from FAW Group, regarding a stake purchase, according to Bloomberg. +7.5% in the pre-market

Top European News

  • UK Oil Windfall Tax Prompts BP to Review Investment Plans; UK Energy Stocks Extend Windfall Declines as Retailers Gain
  • Richemont Leads Swiss Stocks Higher as Dip Buyers Return
  • Hapag-Lloyd Drops; Cut to Neutral at Citi on Valuation
  • Big Dividend Payers May Be Next After UK Windfall Tax on Energy

FX

  • Greenback grinds higher ahead of PCE inflation metrics with month end rebalancing flows providing impetus, DXY bounces from fresh WTD base just under 101.500 to 101.800.
  • Kiwi and Aussie propped by bounce in commodities and Loonie protected by further gains in crude; NZD/USD tests Fib retracement at 0.7129, AUD/USD eyes 0.7150 and USD/CAD probes 1.2750.
  • Big option expiries in the mix and potentially supportive for the Dollar into long US holiday weekend, +1bln rolling off at NY cut not far from spot in EUR/USD, USD/JPY, AUD/USD and USD/CAD.
  • Rand firmer as Gold touches Usd 1860/oz after 200 DMA breach, USD/ZAR below 15.7000.

Fixed Income

  • Debt futures on a firmer footing ahead of US PCE price metrics, but some way below weekly peaks.
  • Bunds sub-154.00, Gilts under 119.00 and 10 year T-note below 121-00.
  • Curves a tad flatter following hot reception for 7 year US issuance.

Commodities

  • Crude benchmarks are underpinned, but off best levels, by broader sentiment and initial USD weakness going into a long US weekend with Memorial Day touted as the driving seasons commencement.
  • WTI July and Brent August, at best, were in proximity to USD 115/bbl vs troughs of USD 113.61/bbl and USD 113.77/bbl respectively.
  • US Treasury is reportedly expected to renew Chevron’s (CVX) license to operate in Venezuela as soon as Friday, according to Reuters citing sources.
  • China’s State Planner has approved a coal mine in the Shanxi area to bolster annual output to 12mln tonnes per annum from 8mln; investment of CNY 5.35bln, via Reuters.
  • Spot gold is steady and holding onto the bulk of overnight upside after breaching the 21-DMA at USD 1850.80/oz; USD 1860.19/oz peak, thus far.

US Event Calendar

  • 08:30: April Advance Goods Trade Balance, est. -$114.8b, prior -$125.3b, revised -$127.1b
  • 08:30: April Retail Inventories MoM, est. 2.0%, prior 2.0%
    • April Wholesale Inventories MoM, est. 2.0%, prior 2.3%
  • 08:30: April Personal Income, est. 0.5%, prior 0.5%; April Personal Spending, est. 0.8%, prior 1.1%
  • 08:30: April PCE Deflator MoM, est. 0.2%, prior 0.9%; PCE Deflator YoY, est. 6.2%, prior 6.6%
    • April PCE Core Deflator MoM, est. 0.3%, prior 0.3%; PCE Core Deflator YoY, est. 4.9%, prior 5.2%
    • April Real Personal Spending, est. 0.7%, prior 0.2%
  • 10:00: May U. of Mich. Current Conditions, est. 63.6, prior 63.6; Expectations, est. 56.3, prior 56.3; Sentiment, est. 59.1, prior 59.1
  • 10:00: May U. of Mich. 1 Yr Inflation, est. 5.4%, prior 5.4%; 5-10 Yr Inflation, prior 3.0%

DB’s Jim Reid concludes the overnight wrap

A reminder that it’s your last chance to answer our latest monthly survey, 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.

I did have tickets available for tomorrow night’s Champions League final but there is a big 36 hole golf tournament at my club so I decided that at my age you never know when your body will fail next so playing sport now pips watching it live. So I’ll be playing golf all day, trying to rescue my marriage for an hour when I get home, and then blaring out the final on the TV at home with a couple of glasses of wine for good measure. I can’t honestly think of a better day. However I may come last and Liverpool may lose so let’s see what happens!

The market comeback this week is on a par with some of Madrid’s remarkable ones this year and indeed it’s been another strong performance over the last 24 hours, with better-than-expected outlooks from US retailers helping to bolster sentiment, coupled with growing hopes that the Fed won’t take policy much into restrictive territory, if at all. Those developments helped the S&P 500 to post a +1.99% advance yesterday, bringing its gains for the week to +4.01%, and means we should finally be on the verge of ending a run of 7 consecutive weekly losses. Obviously it’s not impossible things could end up in negative territory given recent volatility, and it was only last week the index posted a one-day decline of more than -4%, but it would still take a massive slump today to get an 8th consecutive week in the red for only the third time since the Great Depression.

That advance grew stronger as the day went on, with S&P futures having actually been negative when we went to press yesterday. But sentiment was aided by a number of positive earnings developments, with Macy’s (+19.31%) boosting its adjusted EPS guidance before the US open, whilst the discount retailers Dollar Tree (+21.87%) and Dollar General (+13.72%) both surged as well thanks to decent reports of their own. That helped consumer discretionary (+4.78%) to be the top performing sector in the S&P, and in fact Dollar Tree was the top performing company in the entire index. Cyclicals were the outperformers, but defensives also shared in the advance that saw around 90% of the index’s members move higher on the day.

As well as that news on the retail side, risk appetite has been further supported by growing speculation that the Fed won’t be as aggressive in hiking rates as had been speculated just a few weeks ago. I’m not sure I agree with that conclusion but if you look at the futures-implied rate by the December 2022 meeting of 2.64%, that is some way down from its peak of 2.88% back on May 3rd, and in fact means that markets have now taken out just shy of one 25bp hike from the rate implied by year end, which makes a change from that pretty consistent move higher we’ve seen over recent months.

Yesterday also brought fresh signs that this re-pricing is beginning to filter its way through to the real economy, with data from Freddie Mac showing that the average rate for a 30-year mortgage fell to 5.10% last week, down from 5.25% the week before. For reference that’s the biggest weekly decline since April 2020, and comes on the back of recent housing data that’s underwhelmed against the backdrop of higher rates. There was another report fitting that pattern yesterday too, with pending home sales for April dropping by a larger than expected -3.9% (vs. -2.1% expected). But as with the retail outlooks, the more timely data was much more positive, with the weekly initial jobless claims falling to 210k (vs. 215k expected) in the week ending May 21, whilst the Kansas City Fed’s manufacturing index for May came in at 23 (vs. 15 expected).

Treasuries swung back and forth against this backdrop, but ultimately the more bullish outlook led to a small steepening in the curve, with the 2yr yield down -1.6bps as 10yr yields were essentially flat at 2.75%. In a change from recent weeks, breakevens marched higher despite the little changed headline, with the 10yr breakeven up +7.0bps to come off its two-month low the previous day. But to be fair, that came amidst a big surge in oil prices after US data showed gasoline stockpiles fell to their lowest seasonal level since 2014, with Brent Crude (+2.96%) up to a 2-month high of $117.40/bbl, whilst WTI (+3.41%) rose to $114.09/bbl.

European markets followed a pretty similar pattern to the US, with the STOXX 600 advancing +0.78% on the day. However, utilities (-1.12%) were the worst-performing after the UK government moved to impose a temporary windfall tax on oil and gas firms’ profits at a rate of 25%. That came as part of a wider package of measures to help with the cost of living, adding up to £15bn in total. They included a one-off payment of £650 to 8mn households in receipt of state benefits, with separate payments of £300 to pensioner households and £150 to those receiving disability benefits. There was also a doubling in the energy bills discount from £200 to £400, whilst the requirement to pay it back over five years has been removed as well. See Sanjay Raja’s blog on it here and where he also compares the measures to similar ones seen in the big 4 EuroArea economies.

With more fiscal spending in the pipeline, UK gilts underperformed their counterparts elsewhere in Europe, with 10yr yields ending the day up +5.9bps. Those on bunds (+4.6bps) and OATs (+3.2bps) also rose too, but the broader risk-on tone led to a tightening in peripheral spreads, with the gap between 10yr BTPs over bunds falling -10.4bps yesterday to 189bps. There was a similar pattern on the credit side, with iTraxx crossover coming down -23.9bps to 439bps, which was its biggest daily decline in nearly 2 months.

Asian equity markets are joining in the rally this morning with the Hang Seng rising +2.93% as Chinese listed tech stocks are witnessing big gains after Alibaba (+12.21%) posted better than expected Q4 earnings yesterday. Mainland Chinese stocks are also trading higher with the Shanghai Composite (+0.52%) and CSI (+0.63%) up. Elsewhere, the Nikkei (+0.63%) and Kospi (+0.89%) are also in the green. Outside of Asia, futures contracts on the S&P 500 (-0.11%) and NASDAQ 100 (-0.14%) are seeing mild losses.

Data released earlier showed that Tokyo’s core CPI rose +1.9% y/y in May versus +2.0% expected. Core core was +0.9% y/y as expected with nothing here at the moment to change the BoJ’s stance. Elsewhere, China’s industrial profits (-8.5% y/y) shrank at the fastest pace in two years in April, swinging from a +12.2% gain in March.

On the geopolitical front, we heard from US Secretary of State Blinken yesterday, who gave a significant speech on the Biden Administration’s China policy. Blinken zoomed out to give a view of the forest from the trees, noting that the Russia-Ukraine conflict was not as strategically important as America’s relationship with China over the long-run. He offered a three pillar strategy for managing the relationship with China that involved investing in US competitiveness, aligning strategy with allies to enhance effectiveness, and to compete with China across economic, military, and technological frontiers. He noted the countries’ two different political systems need not impair connection between its peoples, or inhibit dialogue.

Staying on the US-China front but switching gears, a bi-partisan group of US senators sent a letter to President Biden urging him to keep tariffs on China, to improve the US’s negotiating position in future deals, pouring cold water on the prospects for tariff relief to provide a temporary salve to raging price pressures.

To the day ahead, and data releases include US personal income and personal spending for April, as well as the preliminary wholesale inventories for that month, and the final University of Michigan consumer sentiment index for May. In the Euro Area, there’s also the M3 money supply for April. Otherwise, central bank speakers include ECB Chief Economist Lane.

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY NIGHT 

SHANGHAI CLOSED UP 7.13 PTS OR 0.23%   //Hang Sang CLOSED UP 581.16 PTS OR 2.89%    /The Nikkei closed UP 176.84 OR 0.66%          //Australia’s all ordinaires CLOSED UP  1.01%   /Chinese yuan (ONSHORE) closed UP 6,7056    /Oil UP TO 113.57dollars per barrel for WTI and UP TO 117.16 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7056 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7240: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER/

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/

3B  JAPAN

end

3c CHINA

/ECONOMY

We are now witnessing an open feud between Xi and Li over Xi’s COVID response and that is paralyzing China

(zerohedge)

China Paralyzed As Feud Erupts Between Xi And Li Over Covid Response

THURSDAY, MAY 26, 2022 – 11:00 PM

For the past several months there had been rumors that a quiet feud had erupted within Beijing’s top echelons, the result of disagreement within the communist party whether Xi Jinping’s “zero covid” policy was the proper solution for the country of 1.4 billion and which two and a half years ago unleashed the coronavirus plague on the world. Well, now it’s official because as Bloomberg reported this morning, China finds itself gripped by “discord” at the very top level, with president Xi and premier Li on opposite sides of the the “zero covid” ring.

As Bloomberg notes, shortly after Premier Li Keqiang held the previously discussed “rare” video call with thousands of Chinese officials across the nation to warn of an even worse economic crisis than two years ago, and calling on them to better balance Covid controls and economic growth, those same government officials charged with implementing policy at the ground level found themselves stumped and unsure whether they should still listen to: supreme leader Xi – who continues to emphasize the need for officials to push for zero Covid-19 cases – or Li, who continuously urges them to bolster the economy and hit preordained growth targets.

This apparent dilemma has led to paralysis within a nation normally hailed for speedy implementation of orders from above, Bloomberg reports, citing eight unnamed senior local government officials.

While analysts saw Li’s impromptu meeting as an attempt to strengthen consensus on the urgency to revive the economy, four senior officials said it did little to change their view that controlling the Covid outbreak still took priority: “One said that from a personal career perspective, a cadre’s hard work means nothing if they fail to contain an outbreak, while the upside for kicking off economic projects was limited.”

For a glaring example of just how deep the schism within China’s core runs, one should look at who did not attend Li’s mammoth meeting – which brought together cadres right down to the county level, featuring officials from nearly all government departments including propaganda, environment, and utilities, according to notices on county-level government websites – the top-ranking Communist Party official for many cities was absent because they had to focus on ensuring Covid control, said a BBG source, adding that it signaled that pandemic work still trumped the economy. Attendance for party heads wasn’t mandatory.

Which is bad news for Li who is tasked with restoring the economy… without actually being allowed to do anything:

“He is being put in the impossible position of trying to rescue the economy without being able to adjust the one policy — zero-Covid — that is causing the most economic damage,” McArver said, referring to Li.

For Li, who will depart the post of China’s second in command next March, the stakes couldn’t be higher: the Chinese Communist Party prepares to hold a twice-a-decade leadership conclave later this year, where Xi is expected to win a landmark third term, yet where rumor also has it some of his challengers are sharpening their knives if covid is still uncontained and if the economy remains a complete mess. The top party ranks will also be reshuffled, clearing the way for other cadres to move up the ladder if they can avoid any missteps, particularly in handling Covid outbreaks.  

The paralysis is reflected in market sentiment. On Wednesday, the benchmark CSI 300 Index remained flat after sliding as much as 1.1% while shares in Hong Kong declined as investors have lost hope that – besides constant jawboning – China will be unable to implement a major stimulus.

Which is a problem because as Li warned on Wednesday, when he delivered his starkest warnings about the economy’s weak performance, Beijing is facing another economic crisis with “difficulties in some aspects, to a certain extent, are greater than when the epidemic hit us severely in 2020.” He said China must avoid a contraction in the second quarter, adding that the nation would pay a huge price with a long road to recovery if the economy can’t keep expanding at a certain rate.

It is unclear if Xi had heard the message.

Meanwhile, as reported earlier this month, the latest official data also showed a contraction in industrial output for the first time since 2020 and a jump in the surveyed jobless rate to 6.1% in April, close to a record. High-frequency data for May showed the economy remained in a deep slump, according to Bloomberg’s aggregate index of eight indicators.

Xi hasn’t directly addressed the depths of China’s economic struggle in recent weeks, though his more generic comments have received prominent treatment in state-run newspapers. “China’s resolve to open up at a high standard will not change and the door of China will open still wider to the world,” Xi said at a recent trade council anniversary meeting, in a typical comment.

Li, by contrast, has emerged as a more candid figure. At the same trade council event in Beijing earlier this month Joerg Wuttke, president of the European Union Chamber of Commerce in China, said the premier “woke up” when some delegates shared their frustrations over China’s Covid policy.

“Li came over afterward and asked us how we were doing and how was business,” Wuttke said, adding that he was surprised by the move. “It was a very positive gesture. His actual crossing the street, showing up and saying ‘let’s chat’ was impressive.”

Meanwhile, as it scrambles to address these two contradictory mandates, China prepares to unleash the latest bubble: according to Bloomberg, bank managers at several state-owned lenders have been told they will be held accountable for failing to meet loan issuance targets. They have struggled to implement orders to introduce more liquidity, as companies that meet requirements are reluctant to borrow given the uncertain outlook of economy, according to banking business heads and executives.

In other words, with little actual loan demand, China has no other option than to flood markets with said loans, which will then promptly find their way into speculative activity – such as equities and housing, both of which will soon be on the receiving end of trillions more in liquidity. In fact, as we noted last night, it appears that China’s housing bubble is already making a comeback.

END

Initially the yuan fell against the dollar but has since risen:

(zerohedge)

Yuan, Dollar Divergence Heralds More Losses Ahead

THURSDAY, MAY 26, 2022 – 08:20 PM

by George Lei, Bloomberg Markets Live Commentator and analyst

The Chinese yuan is on track for the first weekly slide in more than two months, despite a much lower dollar and good news on the trade front. That’s a tell-tale sign of how pessimistic market sentiment is and may only reinforce expectations that yuan’s downtrend is here to stay.

The Chinese currency has lost 1% so far this week in offshore trading and 0.7% onshore. While the drop itself doesn’t seem very remarkable, the context is key: the yuan couldn’t hold on to its Monday rally amid news of possible US tariff removals. It also failed to benefit from a 1.3% weekly decline in the dollar index.

The last time a weaker greenback couldn’t help at all was in March: the dollar index lost 0.9% in the week ending March 18, while the onshore yuan dropped 0.34% and its offshore counterpart declined 0.14%. Since then, the Chinese currency has weakened more than 5.5%. Only the Turkish lira, Argentine peso and Hungarian forint lost more among 24 emerging-market peers tracked by Bloomberg.

Following a brief rebound from May 13 to 24, the offshore yuan is sliding once again and is now poised to revisit 6.80 support. A breach may open up path toward year-to-date low at 6.8380, last seen on May 13, when the dollar index found its recent top. Further losses could send the currency toward 6.90, a level last seen in August 2020.

The discord between China’s top leaders over whether to prioritize Covid control or economic growth is paralyzing the implementation of policy responses, according to eight senior local government officials and financial bureaucrats. It may also amplify the negative sentiment toward broader Chinese assets and weigh heavily on the yuan, independent of what the dollar does.

On Thursday, China’s trade-weighted yuan fell below 100 for the first time in seven month, according to a Bloomberg replica of the CFETS RMB index that tracks the exchange rate against 24 peers. Fidelity International and Credit Agricole CIB both predicted more downside for the trade-weighted gauge, with the dollar-yuan pair possibly testing 7 level in the coming months.

“China and the US are moving in different directions and I don’t see PBOC stand in the way of depreciation,” said David Loevinger, Los Angeles-based managing director at TCW Group Inc. and a former China specialist at the US Treasury. He said the big selloff is over and the next 6- to 12-month view is a gradually weaker yuan.

END

4/EUROPEAN AFFAIRS//UK AFFAIRS/

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE/RUSSIA//WASHINGTON POST

This is stunning:  the Washington Post now admits what we have been telling you throughout that Ukraine is experiencing collapsing morale issues on the front lines and are losing

(zerohedge)

In Stunning Shift, WaPo Admits Catastrophic-Conditions, Collapsing-Morale Of Ukraine Front-Line Forces

FRIDAY, MAY 27, 2022 – 07:24 AM

With Russia’s war in Ukraine now in its fourth month, mainstream media consumers have been treated to seemingly endless headlines and analysis of Russia’s extensive military losses. At the same time Ukrainian forces have tended to be lionized and their battlefield prowess romanticized, with essentially zero public information so far being given which details up-to-date Ukrainian force casualties, set-backs, and equipment losses.

But for the first time The Washington Post is out with a surprisingly dire and negative assessment of how US-backed and equipped Ukrainian forces are actually fairing. Gone is the rosy idealizing lens through which each and every encounter with the Russians is typically portrayed. WaPo correspondent and author of the new report Sudarsan Raghavan underscores of the true situation that “Ukrainian leaders project an image of military invulnerability against Russia. But commanders offer a more realistic portrait of the war, where outgunned volunteers describe being abandoned by their military brass and facing certain death at the front.”

As many careful and less idealistic observers suspected the whole time, a steady stream of both wartime propaganda and one-sided social media feeds where it seems the only tanks being blown up are Russian ones has served to present a very skewed portrayal of the battlefield to the Western public. While it’s perhaps easier to get sucked into this pro-Ukraine bias based on the innumerable so-called open source intelligence self-anointed ‘experts’ on Twitter, this is less so if one wades into Telegram, where a flood of uncensored videos from both sides gives a truer picture, as the fresh report seems to also suggest.

The Washington Post report belatedly admits the avalanche of propaganda based in a pro-Kiev, pro-West narrative from the outset: “Videos of assaults on Russian tanks or positions are posted daily on social media. Artists are creating patriotic posters, billboards and T-shirts. The postal service even released stamps commemorating the sinking of a Russian warship in the Black Sea.”

The report then pivots to the reality of an undertrained, poorly commanded and equipped, rag-tag force of mostly volunteers in the East who find themselves increasingly surrounded by the numerically superior Russian military which has penetrated almost the entire Donbas region. “Ukraine, like Russia, has provided scant information about deaths, injuries or losses of military equipment. But after three months of war, this company of 120 men is down to 54 because of deaths, injuries and desertions,” the report reads as it follows one particular battalion.

The report’s sources speak out despite threat of being court-martialed amid a heavily controlled information flow:

“War breaks people down,” said Serhiy Haidai, head of the regional war administration in Luhansk province, acknowledging many volunteers were not properly trained because Ukrainian authorities did not expect Russia to invade. But he maintained that all soldiers are taken care of: “They have enough medical supplies and food. The only thing is there are people that aren’t ready to fight.”

The report references a video widely circulating online this week wherein a group the size of a platoon declares they simply can’t fight for lack of weaponry, ammunition, food and proper command support:

“We are being sent to certain death,” said a volunteer, reading from a prepared script, adding that a similar video was filmed by members of the 115th Brigade 1st Battalion. “We are not alone like this, we are many.”

Ukraine’s military rebutted the volunteers’ claims in their own video posted online, saying the “deserters” had everything they needed to fight: “They thought they came for a vacation,” one service member said. “That’s why they left their positions.”

In the wake of the video, the Ukrainian troops featured are being accused of ‘desertion’:

Additional videos have surfaced that are similar: units complain even of being left to fight in already impossible conditions with WWI and WWII-era rifles, which can do little up against Russia’s far superior firepower.

The stunning WaPo report further documents volunteer groups of men who were previously oil well technicians, salesmen, or other ordinary jobs like farmers being sent to front line positions in the south and east – even though they thought they were first bound to simple security posts in much less intense environs like Lviv. 

“We shot 30 bullets and then they said, ‘You can’t get more; too expensive,’” one volunteer described. And more: “When we were coming here, we were told that we were going to be in the third line on defense,” Lapko said. “Instead, we came to the zero line, the front line. We didn’t know where we were going.”

The situation has gotten more dire as even water is in short supply amid the most intense Russian push to surround Ukrainian positions in the Donbas to date:

And in recent weeks, he said, the situation has gotten much worse. When their supply chains were cut off for two days by the bombardment, the men were forced to make do with a potato a day.

They spend most days and nights in trenches dug into the forest on the edges of Toshkivka or inside the basements of abandoned houses. “They have no water, nothing there,” Lapko said. “Only water that I bring them every other day.”

Meanwhile the very noticeable shifting rhetoric issued from prominent officials and pundits of late has strongly suggested not all is well for Ukraine’s military…

The WaPo further includes the following devastating testimony and assessment:

“Many got shell shock. I don’t know how to count them,” Lapko said.

The casualties here are largely kept secret to protect morale among troops and the general public.

“On Ukrainian TV we see that there are no losses,” Lapko said. “There’s no truth.”

Many of the casualties suffered by the above referenced volunteer unit were due to lack of logistics available to transport the wounded to hospitals behind the front lines. The report emphasizes that the entirety of the catastrophic conditions of frontline forces has led to officers and enlisted increasingly refusing to follow orders from higher command.

With this fresh and unexpected Washington Post report, the mainstream seems to now belatedly be admitting what only weeks ago could get a person banned from Twitter…

“Lapko and his men have grown increasingly frustrated and disillusioned with their superiors. His request for the awards has not been approved,” the report finds. “His battalion commander demanded that he send 20 of his soldiers to another front line, which meant that he couldn’t rotate his men out from Toshkivka. He refused the order.”

END

RUSSIA/UKRAINE//

Russia ready to help solve global food crisis as long as they eliminate the sanctions

(zerohedge)

Russia Ready To Help Solve Global Food Crisis, On One Condition

THURSDAY, MAY 26, 2022 – 10:00 PM

Italy says it’s working to intervene diplomatically with Russia to allow Ukrainian ports to open amid a growing global wheat and food supply crisis, given some 30% of the world’s wheat comes from war-ravaged Ukraine and Russia. 

This culminated in a Thursday phone call between Prime Minister Mario Draghi and Russian President Vladimir Putin, wherein the Italian leader is believed to have pressed Putin to order his military to unblock Black Sea ports.

A statement from the Kremlin following the call said “Vladimir Putin emphasizes that the Russian Federation is ready to make a significant contribution to overcoming the food crisis through the export of grain and fertilizer, subject to the lifting of politically motivated restrictions by the West.”

Putin’s office confirmed he spoke about “steps taken to ensure the safety of navigation, including the daily opening of humanitarian corridors for the exit of civilian ships from the ports of the Azov and the Black Sea, which is impeded by the Ukrainian side.”

Draghi’s office in turn described that “the call was dedicated to developments in Ukraine and efforts to find a common solution to the ongoing food crisis, as well as the severe repercussions for the world’s poorest countries.”

The United States and leaders of several European countries have blamed Russia for increasing world hunger and ratcheting food prices and lack of supply, which is impacting already struggling and poor countries the hardest. However, Putin said the accusations are “unfounded” – following Russian officials earlier blaming Ukraine’s military for deploying thousands of sea mines around its ports.

As Bloomberg reviews, “Russian Deputy Foreign Minister Andrey Rudenko said this week the government in Kyiv is to blame for the halt to grain exports from Ukraine because it mined its ports. Ukraine denies that, says it is Moscow that is preventing ships from docking and accuses it of stealing grain stores from occupied regions.” Further, “A White House spokesperson said Russia’s actions were increasing world hunger.”

Late yesterday, the Russian government – after being accused of using the food supply as blackmail and a bargaining chip – announced its military will open up protected sea corridors for international shipping to pass through from seven Ukrainian ports that have thus far been militarized and blockaded.

It’s yet to be confirmed the degree to which this has happened, and likely most shipping companies and vessels would still deem the situation and ports near frontline fighting areas to be unsafe, given also the presence of mines.

Russia has meanwhile stressed that its military is engaged in extensive and complex demining operations of mines placed by Ukrainian forces, making international shipping dangerous and impossible in some areas off Ukraine’s coast. 

NATO in a message earlier 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.

END

US General Floats Military Options to Help Export Ukrainian Grain

FRIDAY, MAY 27, 2022 – 08:45 AM

Authored by Dave DeCamp via AntiWar.com,

The US general nominated to be the next commander of NATO suggested in a Senate hearing on Thursday that he may offer military options to facilitate grain exports from Ukraine and help break Russia’s blockade of Ukraine’s southern coast.

When asked what NATO could do about Russia’s blockade, Gen. Christopher Cavoli, who currently serves as the commander of US Army Forces in Europe and Africa, said if he’s confirmed, he would “provide the military options required by our civilian leaders.”

“Clearly the way we would approach that would have to be a whole of government approach, which may or may not include a military component,” he added.

It’s not clear from Cavoli’s answer if he means the options would include the US confronting Russian warships or if the military would just be involved in assisting with alternate ways to ship grain. He went on to mention efforts being made to ship more Ukrainian grain by rail to ports in western Europe.

While Washington is blaming the global grain shortages on Russia’s blockade, there are factors, including US sanctions and the fact that Ukraine has mined its ports. Russia announced Thursday that it cleared mines around Mariupol and that the Azov Sea port is now open to civil vessels.

Earlier in the hearing, Cavoli recognized that US sanctions are exacerbating the global grain shortages. “The grain shortages that we’re experiencing from both Russia and Ukrainian production being unable to come out of the countries in large volumes or being sanctioned and not being sold are being felt on the African continent,” he said.

Meanwhile, according to an updated Thursday summary in Newsquawk:

White House said there are no talks about relaxing sanctions on Russia for grain exports, according to Reuters. Most recently, Russian Defense Ministry announces the opening of safe passages to the Black Sea from today, according to Sky News Arabia.

President Biden has admitted that the sanctions campaign he is leading will cause food shortages. “With regard to food shortage, yes … it’s going to be real,” Biden said in March. “The price of these sanctions is not just imposed upon Russia, it’s imposed upon an awful lot of countries as well, including European countries and our country as well.”

ISRAEL/USA/IRAN

A leak from the uSA tells that it was Israel that knocked up that IRGC colonel.  This IRGC Colonel was responsible for a new unit 840 which was going after civilians in the West and Israel.  Israel eliminated him as a warning to stop 

(zerohedge)

Israel Informs US It Killed Iranian IRGC Colonel, Officials Infuriated Over Media Leak

THURSDAY, MAY 26, 2022 – 08:00 PM

Israeli defense and intelligence officials have owned up to the brazen assassination of a senior Iranian Islamic Revolutionary Guard Corps (IRGC) officer, which took place in Tehran on Sunday. A pair of unidentified gunmen drove up to IRGC Col. Hassan Sayyad Khodaei as he sat in his car outside his home. The Quds Force colonel was shot five times, and his death was quickly blamed on Israeli intelligence given prior similar killings.

The NY Times days later reported that “The Israelis told the Americans the killing was meant as a warning to Iran to halt the operations of a covert group within the Quds Force known as Unit 840, according to the intelligence official, who spoke on the condition of anonymity to discuss classified information.”Banner of the slain IRGC colonel in Tehran after his killing, via AP.

It described, “Unit 840 is tasked with abductions and assassinations of foreigners around the world, including Israeli civilians and officials, according to Israeli government, military and intelligence officials.” Col. Khadaei was reportedly the deputy head of the covert unit.

The Israelis didn’t comment for the story, however the Times stressed “But according to an intelligence official briefed on the communications, Israel has informed American officials that it was behind the killing.”

The Israeli government is now said to be infuriated by the leak and are calling for an internal US intelligence investigation. Knesset member Ram Ben Barak, who heads the Foreign Affairs and Defense Committee, said “It mainly harms trust.” 

“We have very many close relationships and a lot of cooperation between us, which all depend on trust, and when it is violated in some way then it damages future cooperation,” he said in an Israeli radio interview Thursday. “I hope the Americans investigate the leak and figure out where it came from and why it occurred.”

There’s currently speculation that the assassination was intended to highlight Iranian covert efforts to kill Israeli officials and civilians, something which Tehran has rejected. The timing, some pundits have said, was meant to further disrupt the stalled nuclear talks between Tehran and world powers in Vienna. A separate follow-up Thursday report in The Wall Street Journal suggests the slain Quds Force colonel was part of Iranian efforts to take out an Israeli diplomat, however this cannot be confirmed.

“An Iranian Islamic Revolutionary Guard Corps officer shot and killed outside his Tehran home led the group’s efforts to assassinate opponents of Iran around the world, including recent failed plots to kill an Israeli diplomat, an American general and a French intellectual, according to people familiar with the matter,” WSJ writes citing anonymous sources.

President Ibrahim Raisi had vowed in a Monday speech revenge on Israel, after semi-official ISNA news agency claimed that the Guards uncovered and arrested spies backed by Israeli intelligence. The reports were not commented on by Israel. “The thugs and terrorist groups affiliated with global oppression and Zionism will face consequences for their actions,” Raisi had said.

The assassination is being widely viewed as the biggest foreign sponsored attack inside Iran since the killing of top nuclear scientist Mohsen Fakhrizadeh in 2020. Israel was widely acknowledged as behind that killing which also took place in a Tehran suburb.

end

UPDATE: New Documents Confirm Former Obama Officials Including John Kerry Were Meeting Secretly with Iranian Officials During Trump Administration

Inbox

Robert Hryniak12:33 PM (1 minute ago)
to

And some might call this treason.

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

JUST AWFUL!  The new WHO pandemic treaty is tied to a global digital passport and ID system

(Kheriaty/Human Flourishing)

The WHO’s Pandemic Treaty “Is Tied To A Global Digital Passport And ID System”

THURSDAY, MAY 26, 2022 – 11:40 PM

Commentary by Aaron Kheriaty via Human Flourishing,

We must oppose this to maintain national sovereignty and democratic norms…

A clever play on words from the man that many are hoping will preserve free speech on Twitter.

The WHO recently announced plans for an international pandemic treaty tied to a digital passport and digital ID system.

Meeting in December 2021 in a special session for only the second time since the WHO’s founding in 1948, the Health Assembly of the WHO adopted a single decision titled, “The World Together.”

The WHO plans to finalize the treaty by 2024. It will aim to shift governing authority now reserved to sovereign states to the WHO during a pandemic by legally binding member states to the WHO’s revised International Health Regulations.

In January of 2022 the United States submitted proposed amendments to the 2005 International Health Regulations, which bind all 194 U.N. member states, which the WHO director general accepted and forwarded to other member states. In contrast to amendments to our own constitution, these amendments will not require a two-thirds vote of our Senate, but a simple majority of the member states.

Most of the public is wholly unaware of these changes, which will impact the national sovereignty of member states.

The proposed amendments include, among others, the following. Among the changes the WHO will no longer need to consult with the state or attempt to obtain verification from the state where a reported event of concern (e.g., a new outbreak) is allegedly occurring before taking action on the basis of such reports (Article 9.1).

In addition to the authority to make the determination of a public health emergency of international concern under Article 12, the WHO will be granted additional powers to determine a public health emergency of regional concern, as well as a category referred to as an intermediate health alert.

The relevant state no longer needs to agree with the WHO Director General’s determination that an event constitutes a public health emergency of international concern. A new Emergency Committee will be constituted at the WHO, which the Director-General will consult in lieu of the state within whose territory the public health emergency of international concern has occurred, to declare the emergency over.

The amendments will also give “regional directors” within the WHO, rather than elected representatives of the relevant states, the legal authority to declare a Public Health Emergency of Regional Concern.

Also, when an event does not meet criteria for a public health emergency of international concern but the WHO Director-General determines it requires heightened awareness and a potential international public health response, he may determine at any time to issue an “intermediate public health alert” to states and consult the WHO’s Emergency Committee. The criteria for this category are simple fiat: “the Director-General has determined it requires heightened international awareness and a potential international public health response.”

Through these amendments, the WHO, with the support of the United States, appears to be responding to roadblocks that China erected in the early days of covid. This is a legitimate concern. But the net effect of the proposed amendments is a shift of power away from sovereign states, ours included, to unelected bureaucrats at the WHO. The thrust of every one of the changes is toward increased powers and centralized powers delegated to the WHO and away from member states.

Leslyn Lewis, a member of the Canadian parliament and lawyer with international experience, has warned that the treaty would also allow the WHO unilaterally to determine what constitutes a pandemic and declare when a pandemic is occurring. “We would end up with a one-size-fits-all approach for the entire world,” she cautioned. Under the proposed WHO plan, pandemics need not be limited to infectious diseases and could include, for example, a declared obesity crisis.

As part of this plan, the WHO has contracted German-based Deutsche Telekom subsidiary T-Systems to develop a global vaccine passport system, with plans to link every person on the planet to a QR code digital ID.

“Vaccination certificates that are tamper-proof and digitally verifiable build trust. WHO is therefore supporting member states in building national and regional trust networks and verification technology,” explained Garret Mehl, head of the WHO’s Department of Digital Health and Innovation.

“The WHO’s gateway service also serves as a bridge between regional systems. It can also be used as part of future vaccination campaigns and home-based records.”

This system will be universal, mandatory, trans-national, and operated by unelected bureaucrats in a captured NGO who already bungled the covid pandemic response.

END

DR PAUL ALEXANDER..

.Fwd: Portugal: maybe the world’s most vaccinated nation and they boasted about it; you are seeing what is very troublin

Portugal: maybe the world’s most vaccinated nation and they boasted about it; you are seeing what is very troubling, that in the new waves, it does not get to baseline downward side; China in trouble

No baseline so tremendous virus is hanging out there in the population, lots of infectious pressure, ripe for selection pressure due to non-sterilizing vaccine; we also see deaths increasing

Dr. Paul AlexanderMay 24

SOURCE:

Portugal has the highest COVID-19 vaccination rate in the world 

What is happening? Did the vaccine not work? The mRNA shots. Seems that the vaccinated are in fact getting infected, and getting severely ill. Remember, we have been saying, do not be fooled that the uncoupling of deaths from infection/cases meant it was over with Omicron. We thought it was. We thought OMI was a gift. But this pandemic will never end as long as these imperfect leaky vaccines continue (sub-optimal imperfect immune pressure/non-neutralizing Abs against elevated infectious pressure while in an ongoing pandemic) and IMO this is deliberate. These people cannot be that stupid. GVB has warned and IMO makes much sense that the mRNA induced vaccinal Abs are binding to the spike (the infectiousness of the virus) but not eliminating the virus. In fact the vaccinal Abs are potentially enhancing/facilitating infection in the vaccinated and we fear that a virulent/lethal variant could be selected for that would increase severe outcomes.

Portugal cases today:

China:

You see, what their lockdowns ZERO-COVID has done is it only delays the inevitable, it suffered people, damaged economies, and left the population vulnerable as it opens back up. You deny the population natural exposure immunity with long tight harsh lockdowns that have never ever worked anywhere in the world, and you denied them having enough baseline natural immunity to tamp down future exposure and waves. As long as infectious variants emerge and they will due the failed vaccine that is driving this each 2 months or so, places like Australia, New Zealand, China etc. are in trouble. Will be in and out of lockdowns.

The only step needed in February/March 2020 was to strongly and properly protect the vulnerable high-risk e.g. elderly, and allow the rest of society (low risk healthy well) to live largely reasonably normal lives. Nothing else, if sick, stay home. No lock down, no school closure, no shelter in place, no mask mandate was ever needed. Every single COVID policy failed globally! It in fact harmed and killed people instead. Not the virus.

END

GLOBAL ISSUES/SUPPLY CHAINS

VACCINE INJURY

PAUL ALEXANDER..

Vaccine injury (COVID) and risk of severe outcome post vaccine; FLCCC program that has been devised to mitigate the risk of severe outcome, especially blood clots post COVID mRNA vaccine

Marik, Kory etc.

Dr. Paul AlexanderMay 26

Management of Post-Vaccine Syndrome
Major public health authorities do not recognize post-COVID-vaccine injuries; and there is no specific ICD classification code for this disease. However, while no official definition exists, a temporal correlation between a patient receiving a COVID-19 vaccine and beginning or worsening of clinical manifestations is sufficient to diagnose as a COVID-19 vaccine-induced injury when the symptoms are unexplained by other concurrent causes.

Since there are no published reports detailing the management of vaccine-injured patients, our treatment approach is based on the postulated pathogenetic mechanism, clinical observation, and patient anecdotes. Treatment must be individualized according to each patient’s presenting symptoms and disease syndromes. It is likely that not all patients will respond equally to the same intervention; a particular intervention may be life saving for one patient and totally ineffective for another.

Early treatment is essential; it is likely that the response to treatment will be attenuated when treatment is delayed.

Program and with the input of your clinician (3 pages in order):

First line:

Second line:

Third line:

SOURCE:

Vaccine injury

end

Now we see airlines starting to be sued for the vaccinations

(EpochTimes)

It is coming

Inbox

Milan Sabioncello6:32 AM (1 hour ago)
to me

https://www.theepochtimes.com/18-major-airlines-faa-and-dot-to-be-sued-over-covid-vaccine-mandates_4484295.html

VACCINE IMPACT/

Cases of Brain Damage in Children Skyrocket Following COVID-19 Vaccines
May 26, 2022 7:07 pm

Weakened hearts, blood clots, and now you can add neurological brain damage to the list of side effects being reported in children following COVID-19 vaccinations. In at least one case, one poor child developed all three conditions. In a case study published earlier this month (May, 2022) in the Journal of Neuroimmunology, a 15-year-old girl developed encephalopathy, myocarditis, and thrombocytopenia simultaneously following the second dose of the Pfizer COVID-19 vaccine. Neurological issues are common side effects of all childhood vaccines, and are often grouped under the label of “autism.” There is a very clear correlation with increased vaccinations of children to rising rates of autism in the United States, even though the U.S. Government health agencies refuse to acknowledge any causal effect between the bloated childhood vaccine schedule and diagnoses of autism. It is no surprise, therefore, that we are seeing similar reports following the deadly COVID-19 vaccines. But how do reports of brain damage following COVID-19 vaccines compare to the rate of brain damage reported with all other vaccines administered for the previous 30 years before the roll-out of the COVID-19 experimental shots? To develop a baseline, I chose to search VAERS (Vaccine Adverse Events Reporting System) for all cases reporting “encephalopathy” following vaccination. “Encephalopathy” is a term for “any diffuse disease of the brain that alters brain function or structure.” This term alone does not represent all the cases of neurological damage to the brain that are reported in VAERS, but it does give us a point of reference to compare cases reported after COVID-19 shots as compared to all other FDA-approved vaccines for the previous 30+ years. And what I found was that there is a 2,000%+ increase in brain injuries being reported after COVID-19 shots.Read More…

 

Read More…


Michael Every//

Michael Every on the day’s most important topics

Tales Of The Very-Much-As-Expected

FRIDAY, MAY 27, 2022 – 10:18 AM

By Michael Every of Rabobank

Tales of the Very-Much-as-Expected

Once upon a time there was a popular UK show called ‘Tales of the Unexpected’, a pound-shop version of ‘The Twilight Zone’, but fun for all that. For most in markets, 2022 is proving to be a ‘tale of the unexpected’. For those who dwell in twilight zones, it’s sadly all very much as expected.

First, yesterday saw the previously-flagged fiscal package from the UK government worth a huge £15bn, giving households hundreds of pounds to offset soaring energy costs, and imposing a 25% windfall tax on energy firms. Doing so had been vociferously rejected for weeks, but the Australian election result cleared heads. As the Daily Mail put it, “In effect, what the Chancellor has announced is ‘helicopter money’ – cash handouts to ordinary citizens. Nothing else, it seems, could give the immediate help they need to get through this economic crisis.”

They are wrong, of course. Monetization is what everyone did during Covid. This time, taxes are being raised on the rich – so this is partial monetization and partial redistribution. The true-blue Mail is happy with that state action, which says a lot about where we are today: indeed, what are states there for if not this kind of thing? Yet while sensible policy, this is also inflationary. Unless energy supply increases, as demand now doesn’t fall, prices will increase.

On which note, the White House now says it supports opening more oil refineries – except that takes a long time to achieve, and more so when you have the prospect of windfall taxes and a dislike of fossil fuels. Oil is meanwhile back up to around $118 a barrel despite more releases from the US Strategic Petroleum Reserve (SPR). If China reopens, the US may have to refill the SPR at higher prices than it sold from it. ‘Sell low and buy high’ – there is a tale of the unexpected.  

Second, agri commodity markets took a dip on rumors Russia was allowing vessels laden with grain to leave the Black Sea from Ukrainian ports. President Putin stated he was not driving the global food crisis, and that he would be willing to drop his naval blockade,… if the West removes its economic sanctions. This isn’t food blackmail, honest, as Davos rightly called it, and which we had flagged as a key risk before the was even started.

The White House response is that this quid pro quo is not on the cards; the EU, which may finally get an oil embargo over the line in days, is proposing making breaking Russia sanctions a crime; and Ukraine is unlikely to play the good cop knowing if its food starts flowing again (some via Russian hands), world attention will shift elsewhere.

In short, our agri markets team view remains that any price dips look to be temporary rather than structural. Indeed, while fertilizer prices are way off their highs, it is because farmers are using less of it, which will mean lower crop yields. Bloomberg’s David Fickling asks, ‘Now Even Chicken is Getting Too Expensive?’. US egg prices are also about to leap 21% y-o-y due to bird flu, it is reported. It’s a good job we don’t farm monkeys.

Third, US Secretary of State Blinken gave a speech framing the White House’s approach to China. Blinken and you missed anything new, however. With the physical and vocal presence of a junior-high school teacher failing to intimidate a class of 10-year olds, he laid out a new plan the same as the old one, with rebranding of “invest, align, and compete”. Yet there was the usual mixed messaging of China being an authoritarian threat to the international order, but also an essential partner in solving global problems. There was incremental movement in implying US businesses should think of ‘values not prices’ – yet no action at all to enforce such hard choices.

Indeed, the key message, again, was that the US does not want a Cold War with China,… as many other voices underline not only are they in one, but the risk is a slide towards something worse. This was a speech given against the backdrop of a Chinese diplomatic tour through Pacific islands to offer them security deals: look at the map here and spot a pattern? As China expert @BaldingsWorld puts it in his own blunt fashion, “China is preparing for war and the US is hoping to restart the Shanghai Four Seasons breakfast buffet for conferences. We aren’t even playing the same game at this point.” And there are darker claims out there on YouTube and Twitter (as is always the case).

Yet even in the bright lights of Congress, yesterday’s Senate Appropriations Committee hearing on the FY2023 Navy and Marine Corps budget heard the Secretary of the Navy stress, “Our national security depends on sea power”; Senator Shelby say the proposed budget does not appear enough due to inflation and the need to boost defence in a dangerous world – and that while the Navy is constrained in what budget it can present, the Congress is not; and Senator Graham argue it is incredibly dangerous, represents irresponsibility in terms of threats facing the nation, and that the US requires a bigger, not smaller Navy as, “Our enemies are going up and we are going down, which is a recipe for disaster.” That is obviously not the White House stance, but Congress can dispose much more than the president is proposing.

One can understand why Blinken wants to cool hot heads to avoid terrifying scenarios. Yet does such a placatory stance work, or makes things worse with a lag? Many voices point to Vegetius (“Si vis pacem para bellum”) and the undeniable fact that Western olive branches have failed to act as any kind of carrot (or stick) against both Russia and China for over a decade. Worse, the White House, which left Taiwan out of the newly-launched IPEF trade deal to appease China, is now talking about separately deepening economic ties with it bilaterally(!) According to reports from Bloomberg, the focus will be on enhanced cooperation and supply-chain resiliency –which seems a somewhat odd choice given the CLS analysis above– as well as agri products, although not a full free-trade deal. Beijing will be livid. And fat tail risks fatten further.

Focusing on the commercial side of this, Columbia Law School (CLS) discusses SEC guidance over potential legal claims US firms could face for allegedly misleading shareholders about the impact of risk events on their supply chains, looking at Covid-19, Russia-Ukraine, and the “next domino” of Taiwan. On the latter they conclude:

The implications for ocean-going trade is at once simple, and terrifying… a PRC invasion of Taiwan could result in a termination of all commercial shipping within 1,500 nautical miles… Issuers would not only lose access to the PRC, but also to ports and markets in Japan, the ROK, Vietnam, Thailand, and IndonesiaIt is also highly unlikely that insurers would underwrite any coverage for vessels transiting the Pacific, given the distinct possibility that either Taiwan or the PRC would misidentify a merchant vessel as a combatantThe same is likely true for air freight passing within missile range of the PRC or Taiwan borders.”

Furthermore, they add:

A final feature of a PRC-Taiwan conflict is the likely nationalization of PRC natural resources and manufacturing facilities owned by western companies, or controlled by US-PRC joint ventures.  The same is true for manufacturing facilities used by US issuers to source production from private PRC entities.  In the event of an invasion of Taiwan, the PRC is likely to seize these facilities, and issuers are unlikely to have any viable means to recover resulting losses.”

Imagine the impact on supply chains and financial markets! Some are laughing at Western stock-pickers who called China “uninvestable” just before some key stocks saw a huge rally. Good point:  but who laughs last laughs longest, as they say.

CLS also stresses that SEC’s ‘Pandemic Guidance and Sample Letter’ provides a valuable blueprint for US firms with such potential exposures in how to make them clear to investors: proactive disclosures of Taiwan-related risk (rather than “It won’t happen” stances); and mitigating potential litigation risk by reviewing all statements referencing supply chains, considering single points of failure and inventory, and monitoring developments in Asia. Which, I would suggest, best involves more than listening to Blinken, or indeed any one voice.

Fourth, Fed Vice-Chair Brainard just spoke to Congress about digital assets. Her view was clear: she wants to see robust action on a US Central Bank Digital Currency in the wake of the recent crypto market collapse – and because China is pushing ahead with its own. However, she sees this is something Congress needs to act on. She also wants a clear crypto “regulatory guardrail” to protect investors and financial stability, probably meaning no more of this please, or perhaps taxing it close to the same point. After all, we need to get people back in the labor force again chop-chop, rather than day-trading at home and making far more than minimum wage in some cases. (Until recently.)

In short, the same kind of ‘national security’ wave we got in the UK with its windfall taxation and helicopter money, which we see in regard to Ukraine and global food supplies, and that we heard from Congress over the size of the US Navy and the risks around it, is likely coming for crypto too.

At least Brainard implied she didn’t want to remove physical dollar deposits, which is much of the appeal of the currency around the world. (For good, and bad ‘Twilight Zone’, reasons.)

* * *

Take this all together and look ahead. What will be the market ‘tale of the unexpected’ for the second half of 2022 and 2023, and what will prove the ‘tale of the very-much-as-expected’?

Happy Friday.

end

7. OIL ISSUES//ELECTRICITY ISSUES/USA

Oil Spikes Near Post-Putin Highs, Gasoline’s At Record-Highs Ahead Of Driving Season

THURSDAY, MAY 26, 2022 – 05:20 PM

President Biden has a problem…

Having admitted in March that actions taken by the United States government “to inflict further pain on [Russia President Vladimir Putin]” would “cost us as well, in the United States,” it appears the American public is growing less and less enthralled at the ‘cost’ of ‘democracy’ in a country 5700 miles away.

The U.S. driving season is about to begin, and with gasoline prices already at all-time high levels, consumers are increasingly worried about the affordability of one of the most inelastic items every household has to buy.

President Biden’s cunning SPR plan has backfired with WTI prices now hitting $115, soaring back towards post-Putin highs as China lockdowns ease and more strategically based on the longer-term under-investment in the energy industry on the back of government regulations and the ESG virtue-signaling debacle…

As Bloomberg reports, the market is crying out for the kinds of crude oils that underpin the two main futures contracts.

Physical traders – especially in Europe – are paying huge premiums to get low-in-sulfur, low-in-density barrels to replace lost supply from Russia. That’s also evident in time-spreads. The most immediate oil futures contracts are now at big premiums to those a month later. It’s a sign, with the northern hemisphere driving season at hand, that traders view the market as tight. US crude futures for immediate delivery traded at about $2.90 a barrel above those for delivery a month later. Brent crude’s equivalent traded as high as $3.20 on Thursday, the highest since March.

To be sure, some of the moves in the futures market are also being driven by lack of participation. Volatility has pushed several traders to the sidelines over the past couple of months.

Volumes this week are also under pressure because of the US Memorial Day holiday weekend and the Queen’s Jubilee celebrations in the UK.

The U.S. driving season is about to begin, and gasoline prices are near all-time high levels… and that means wholesale gasoline prices, and thus pump prices are heading higher…

So far there has been no demand destruction, and the start of the summer driving season means demand will rise…

According to Patrick De Haan, head of petroleum analysis for fuel-savings app GasBuddy, we are likely to see “a 7 to 10% rise in gasoline demand today vs week ago as travelers start to hit the road for Memorial Day weekend. Under that would be soft, anything above 15% would be surprising.”

Notably, while much has been made of the rise in wages, the average American worker can now only buy 7 gallons of Regular gas per hour worked (less than half what he could buy in May 2020, and the lowest buying power since 2014)…

And seasonally, pump prices also set to rise further…

Americans seem to be increasingly viewing fighting Russia as not worth the cost Biden mentioned in his March 8 speech. Will many politicians in Washington, DC soon come around as well?

 

end

USA/RUSSIA/IRANIAN OIL/GREECE

USA seizes a Russian flagged tanker full of Iranian oil near Greece

(zerohedge)

US Seizes Russia-Flagged Tanker Full Of Iranian Oil Near Greece

FRIDAY, MAY 27, 2022 – 06:30 AM

Authored by Jason Ditz via AntiWar.com,

Fresh off of the US targeting a series of companies involved in an Iran-linked oil smuggling network, the US has now seized an oil tanker near Greece, taking the Iranian oil within to be sent to the US.

The oil was on a Russian-operated ship, which had been singled out for US targeting in February. It was then called the Pegas. The company renamed the ship the Lana and was Russian flagged. Greece had impounded the Pegas and its Russian crew last month over the invasion of Ukraine, but ultimately released it.The Russian-flagged oil tanker Pegas previously shown off Turkey, via Reuters

Neither the US nor Russia is commenting. Greece says the US informed them the oil was Iranian, and that the US hired a different ship to take the oil to America. Iran has summoned the Greek charges d’affaires and called the incident a “clear example of piracy.”

The US accused the tanker of loading 700,000 Bbls of oil from Iran in August 2021. The tanker mostly sent oil to China.

Earlier in the week The Maritime Executive detailed that “The story of a shadowy Russian oil tanker took a new turn… as the U.S. Department of Justice seized the oil aboard the vessel and according to reports is in the process of transferring the oil to the United States on a chartered tanker.”

The vessel was detained nearly seven weeks ago in Greece when authorities thought it was covered by the European Union sanctions on Russian assets, but later held for mechanical deficiencies while watchdog groups announced that it was actually smuggling sanctioned Iranian oil.”

The report continued: “The Aframax tanker arrived off Greece early in April with reports of a possible mechanical failure and indications that they were looking for assistance to make repairs to continue their voyage. When she anchored south of the Greek island of Evia the 115,520 dwt tanker was being identified as the Russian-flagged Pegas.” And the initial “assumption at the time was that it was laden with a Russian crude oil cargo,” according to the report.

The seizure of the tanker, and oil, comes amid tensions on the ongoing nuclear talks. Iran believes, and not unfairly, that the oil was just stolen from them, and the US position, while yet to be public, is that the oil is now theirs.

It’s not a great precedent, but generally Iran can’t do much about it, and the US is keen to have the oil.

end

IRAN/GREECE

Iran Seizes 2 Greek Tankers In Gulf As Retaliation For US Taking Oil

FRIDAY, MAY 27, 2022 – 12:36 PM

Iranian military operatives have seized two Greek oil tankers in the Persian Gulf on Friday. The Associated Press initially reported that the US Navy is “looking into” the reports. The tankers were boarded in international waters in the gulf, with the AP in follow-up saying that IRGC operatives now have control of the ships.

The IRGC has announced it is in possession of the seized vessels, with Bloomberg reporting, “The Guard’s announcement comes as tensions remain high between Iran and the West over stalled negotiations regarding its rapidly advancing nuclear program.” And more according to the AP:

The Guard issued a statement on its website, accusing the unnamed tankers of unspecified violations.

Greece’s Foreign Ministry said Iranian authorities “violently took over” the two ships in an “act of piracy.”

Industry monitor Lloyd’s List maritime intelligence describes that its “sources confirmed that in two seemingly similar operations the suezmaxes Delta Poseidon (IMO: 9468671) and Prudent Warrior (IMO: 9753545), both under Greek flag, were approached by Iranian helicopters on Friday afternoon.”

“They were both boarded by military personnel and later escorted by naval vessels from international traffic lanes to Iranian waters a few miles off the coast,” the report continues.

Earlier in the day Tehran threated “punitive measures” after the United States seized a Russian flagged tanker transporting Iranian oil off Greece.

Iranian sources stated following the tanker seizure in the Mediterranean, “The Islamic Republic has decided to take punitive measures against Greece after it seized an Iranian tanker and let the US government confiscate its crude oil, Nour News, affiliated to Iran’s Supreme National Security Council, reports.”

developing…

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 FRIDAY morning 7:30 AM

Euro/USA 1.0708 DOWN 0.0024 /EUROPE BOURSES //ALL GREEN

USA/ YEN 1.2692   DOWN 0.186 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2595 DOWN   0.0020

 Last night Shanghai COMPOSITE CLOSED UP 7.13 POINTS UP 0.23%

 Hang Sang CLOSED  UP 581.16 PTS OR 2.89%

AUSTRALIA CLOSED UP  1.01%    // EUROPEAN BOURSES ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL  GREEN 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 581.16 PTS OR 2.89%   

/SHANGHAI CLOSED UP 7.13 PTS UP 0.23% 

Australia BOURSE CLOSED UP  1.01% 

(Nikkei (Japan) CLOSED  UP 176,84 OR 0.46%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1858.60

silver:$22.30

USA dollar index early FRIDAY morning: 101.83  DOWN3  CENT(S) from THURSDAY’s close.

 FRIDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.07%  DOWN 3  in basis point(s) yield

JAPANESE BOND YIELD: +0.221% DOWN 2    AND 2/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.03%// DOWN 2   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.90  UP 0   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +0.9575.%

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0711 DOWN 22    or 22 basis points

USA/Japan: 127.11 UP 0.0070  OR YEN DOWN  7  basis points/

Great Britain/USA 1.2613 DOWN 0.0003 OR 3  BASIS POINTS

Canadian dollar UP .0031 OR 31 BASIS pts  to 1.2744

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.6995  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.7173

TURKISH LIRA:  16.23  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.221

Your closing 10 yr US bond yield DOWN 2  IN basis points from THURSDAY at  2.734% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   2.960 DOWN 3 in basis points 

Your closing USA dollar index, 101.84 DOWN2   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 25.58 PTS OR 0.34%

German Dax :  CLOSED UP 222.49  POINTS OR 1.56%

Paris CAC CLOSED UP 105.25 PTS OR 1.64% 

Spain IBEX CLOSED UP 26.80 OR 0.30%

Italian MIB: CLOSED UP 97.17 PTS OR  0.29%

WTI Oil price 113.72   12: EST

Brent Oil:  117.90   12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  66.23  DOWN 1 & 68/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.9585

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0729 DOWN   .0003   OR  DOWN 3 BASIS POINTS

British Pound: 1.2623 UP .0019  or  19 basis pts

USA dollar vs Japanese Yen: 127.04 DOWN .065//YEN UP 7 BASIS PTS

USA dollar vs Canadian dollar: 1.2721 down .0054 (CDN dollar UP 54 basis pts)

West Texas intermediate oil: 114.96

Brent OIL:  119.46

USA 10 yr bond yield: 2.743 DOWN 2 points

USA 30 yr bond yield: 2.971  DOWN 2  pts

USA DOLLAR VS TURKISH LIRA: 16,22

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  65.26 UP  1 AND 44/100/ ROUBLES (ROUBLE DOWN 1.44 ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: UP 576,23 PTS OR 1.17%

NASDAQ 100 UP 404.63 PTS OR 3.30%

VOLATILITY INDEX: 25.77 DOWN 1.73 PTS (6.29%)

GLD: 172.88 UP 0.12 PTS OR 0.07%

SLV/ 20.36 UP .05 PTS OR 0.25%

end)

USA trading day in Graph Form

Soaring Stocks Break 100-Year-Record Losing-Streak Amid Macro Meltdown

FRIDAY, MAY 27, 2022 – 04:00 PM

US Macro data has disappointed for 6 straight weeks with May set to see the biggest plunge in reported data relative to expectations since the collapse in April 2020 when the economy was effectively shuttered down by the government…

Source: Bloomberg

But it appears that bad news is good news once again (with ugly data, FedSpeak, and the Minutes all being interpreted as 2x 50bps hikes then pause in Sept… which just seems too easy) as after seven (or eight for The Dow) straight weeks lower for the Nasdaq and S&P, this week saw stocks ‘dead cat bounce’, soaring higher led by Nasdaq (the worst performer on the downside swing). Nasdaq is up 10% off last Friday’s lows, Small Caps and S&P +9% and Dow +8%…

Just look at today’s moves, Nasdaq +3%, S&P up over 2% all triggered at 0830ET when Core PCE came in as expected (and headline PCE was hotter than expected?!) and then extended gains on the terrible UMich print with inflation expectations hovering at 40 year highs…

Explained by the total and utter lack of liquidity in markets…

The ramp this week lifted all but the Nasdaq into the green for the month…

However, even after this week’s rally, the Tech sector within the S&P 500 is down almost 20% ytd. And the average stock in the FAAMG+T complex (mega-cap Tech) has lost about 23% of its value this year.

“Most Shorted” stocks exploded higher off Tuesday’s puke, up over 15% from those lows (this was the biggest short-squeeze week since the late March meltup)

Source: Bloomberg

FANG Stocks soared this week to a critical level…

Source: Bloomberg

…it appears they “turned the machines back on…”

While Consumer Discretionary has been the best performing sector in the S&P 500 and Tech the third best, Energy has been the second best performer this week – a beneficiary, perhaps, of improving sentiment around China. All sectors were green with Utes and Healthcare having big weeks too…

Source: Bloomberg

Since the FOMC Minutes, bonds and stocks have both been bid…

Source: Bloomberg

As it seems the market is now buying back into the belief that The Fed will fold like a cheap lawnchair way before it said it would. This week saw rate-hike expectations tumble and subsequent rate-cut expectations rise…

Source: Bloomberg

It seems stocks caught down to STIR pricing for rate-hikes and bounced along with dovish shift in rates…

Source: Bloomberg

Treasury yields are lower on the week with 30Y the laggard (managing to hold modestly lower) as the short-end tumbled…

Source: Bloomberg

30Y closed below 3.00%…

Source: Bloomberg

The dollar fell significantly for the second week in a row, closing at 6-week lows…

Source: Bloomberg

This is the biggest two-week drop in the dollar since June 2020

Cryptos had an ugly week (again) with Ethereum the biggest loser (and Bitcoin relatively outperforming)…

Source: Bloomberg

ETH/BTC slipped down to key support…

Source: Bloomberg

Perhaps most notable on the week was crypto’s decoupling from big-tech with correlation crashing…

Source: Bloomberg

Oil prices soared this week, nearing 11-week highs (post-Putin highs) and well above Biden-SPR levels with WTI back above $115…

And as oil soars so gas prices at the pump soar-erer even more…

Gold and Silver managed gains on the week back above $1850 and $22 respectively…

Finally, we note that financial conditions bounced higher this week after the FOMC Minutes, finding support at what has been historically a ‘tightness’ that has sparked Fed flip-flops in the past…

Source: Bloomberg

Will The Fed even hike again?

I) / EARLY AFERNOON TRADING/

II)USA data

US Savings Rate Crashes To Lowest Since Lehman, Fed’s Favorite Inflation Signal Near 40-Year Highs

FRIDAY, MAY 27, 2022 – 08:39 AM

Both income and spending were expected to rise in April (with Americans spending more than they earn once again – as we already have seen hints of from the record surge in credit card use)…

…And as expected spending soared (+0.9% MoM vs +0.8% exp) while incomes grew only modestly (+0.4% MoM vs +0.5% exp)…

Source: Bloomberg

This is the 7th straight month of rising incomes.

On the income side of the equation, Private workers wages rose 12.7% YoY, slowing from 14.0% YoY in March, while Government workers’ wages rose 5.6% YoY, down only modestly from 5.7% YoY in March

On a YoY basis, incomes bounced back into the green (+2.6% YoY) due to the low basis, but spending growth slowed to +9.2% YoY…

Source: Bloomberg

All of which means the savings rate collapsed to just 4.4%, its lowest level since Sept 2008 (Lehman!!)

Source: Bloomberg

Real personal spending picked up once again…

Source: Bloomberg

Finally, the most important aspect of today’s report is The Fed’s favorite inflation indicator – The PCE Deflator – which was expected to slow in April. The headline print came in hotter than expected at +6.3% YoY (vs +6.2% exp and below the prior +6.6% print). Core PCE came in at +4.9% as expected, slower than the +5.2% YoY in March…

Source: Bloomberg

PCE breaks down as follows: Food prices accelerated along with housing as gasoline ticked down modestly in April (which will only be temporary as gas prices have exploded higher in May)…

These levels of inflation are still at 40 year highs, so don’t get too excited by the second derivative.. and the rates market hasn’t budge on the print.

end

UMich Sentiment Tumbles Accelerates In May, Home-Buying Confidence Collapse

FRIDAY, MAY 27, 2022 – 10:09 AM

The final data for May’s University of Michigan Sentiment Survey was expected to confirm the dismal slide seen in the preliminary data but it got even worse. The headline print fell from 65.2 in April to 59.1 preliminary May to 58.4 final May – the lowest since August 2011. Bot the sub-indexes also weakened further during the month with current conditions falling to a 13-year low of 63.3, while future expectations dropped to 55.2.

Source: Bloomberg

Confidence slid across all political cohorts

Source: Bloomberg

Buying Conditions collapsed in May, especially for houses after the false dawn at the start of the year has been eviscerated by soaring home prices and mortgage rates…

Source: Bloomberg

And finally, consumers expect prices to rise 5.3% over the next year, holding close to a four-decade high. They expect prices will climb at an annual rate of 3% over the next five to 10 years.

Source: Bloomberg

Weak sentiment and still high inflation – not exactly helping The Fed fold here.

end

IIB) USA COVID/VACCINE MANDATES

END.

iii)a.  USA economic stories

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

Now witnessing a rash of parts thefts leaving freightliner trucks inoperable

(Adler/Freightwaves)

Rash Of Parts-Thefts Is Leaving Freightliner Trucks Inoperable

THURSDAY, MAY 26, 2022 – 05:00 PM

By Alan Adler of FreightWaves

A rash of thefts of semiconductor-loaded powertrain control modules from parked Freightliner and Western Star trucks is turning the tractors into oversize paperweights. Daimler Truck North America is going after the bad guys but has few leads.

The rip-offs of common powertrain control module 4 units relate to the ongoing shortage of microchips. Harvesting and reprogramming the modules allow them to work in other trucks, Daimler said.

“The theft of CPC modules is a crime that threatens the livelihood of customers and disrupts our dealers’ operations,” Paul Romanaggi, DTNA chief customer experience officer, said in a press release Monday.

A shortage of semiconductors is one of the major shortfalls limiting new truck production. It is a big reason why low-mileage used trucks have practically doubled in price over the past year. Fleets are holding on to their trucks beyond the typical trade-in cycle, reducing the availability of desirable used equipment.

Other truck manufacturers did not immediately respond to a FreightWaves query about possible similar thefts.

Chip thefts

In one theft in April, thieves stole modules from 24 trucks awaiting sale at an auction yard in Pennsylvania, Daimler said. A large number of other thefts have occurred at dealerships and customer terminals. Daimler said it is aware of about 175 thefts to date.

The list price for a CPC4l is about $1,400. Like the thefts of air bags and catalysts more common to passenger vehicles, the used CPCs can attract a lot more on the black market.

Experienced thieves can steal the module quickly, assuming they have access to the truck. And Daimler knows of smash-and-grab thefts that damage wire harnesses, dashes and windows.  

Vehicles cannot operate without a powertrain control module, which controls various engine and powertrain functions. Daimler would not disclose the number of programmable chips in a module. A Class 8 truck has about 17 chip sets controlling everything from power windows to safety systems. 

The chip shortage has led to red-tagging of trucks, built to near completion and parked while awaiting necessary semiconductors. Manufacturers shift chips around in production to finish as many trucks as they can for delivery to customers.

Going after bad guys committing the thefts

DTNA is undertaking anti-theft measures to prevent the problem from growing further by:

  • Asking customers and dealers to report stolen CPCs to both local law enforcement and DTNA at 1-800-FTL-HELP. 
  • Recommending all dealerships, customers and repair facilities cross reference vehicle identification numbers (VINs) from CPCs brought in for installation against the company’s database of CPCs to spot stolen or illicitly sold units.
  • Providing tracking capability through DTNA Service Systems to detect any stolen CPC that someone is attempting to install on a different VIN.
  • Recommending all fleets and customers password-protect their CPCs.

DTNA is working with local, state and federal law enforcement agencies to investigate and prosecute CPC theft. The company will consider civil actions for software infringement against those involved in CPC theft and mismanagement.

“Daimler Truck North America is committed to doing everything in its power to protect our customers and dealers from this crime, and will support prosecution of anyone found participating in these thefts,” Romanaggi said.

END

East coast diesel inventories tighter again

(Kingston/Freightwaves)

East Coast Diesel Inventories Tighter Again; Other Numbers Offer Buyers Hope

THURSDAY, MAY 26, 2022 – 06:20 PM

By John Kingston of FreightWaves.com

The trucking sector’s most important statistic in the weekly Energy Information Administration statistical report wasn’t a good one. But a lot of others were.

With so much focus on the diesel market on the East Coast, the level of inventories has been the key data point to determine whether any easing of the squeeze in supplies is in sight. 

The information in the weekly report was not positive for the trucking industry. Inventories of ultra low sulfur diesel in the region that the EIA calls PADD 1, which contains the key East Coast markets, declined to 19.375 million barrels from 20.4 million barrels a week before.

Comparisons of how low these figures are relative to historical figures are difficult in that ULSD has only been the standard diesel product for roughly 10 years. But the latest figures are some of the lowest of the past five to eight years.  

Last week’s figure was encouraging, because it marked the first time in several weeks that East Coast ULSD stocks had risen. It raised the possibility that inventories were headed up. And while the latest report is still more than the PADD 1 inventories of 19.19 million barrels from two weeks ago, the fact that stocks went down again was a surprise.

“I did not expect it,” Andrew Lebow of Commodity Research Group said of the decline.

“The problem is on resupply, and it looks like the only way we’re going to resupply is to ramp up refinery capacity and production.”

And that’s where most of the other news was positive from the perspective of diesel consumers. Among the statistics in the report that are hopeful for industries that use diesel:

  • U.S. refineries are cranking away. Total refinery utilization for the country was 93.2%. That’s the highest level since the end of 2019. On the East Coast, utilization was 97%, highest since June 2018. However, PADD 1 refinery capacity at that time was listed at about 1.2 million barrels per day. It’s now 818,000 b/d. East Coast refinery utilization is up almost 13 percentage points in just five weeks. 
  • The end result of all that refinery activity is that total distillate production in the U.S., including diesel, was 5.137 million b/d. That is the highest since January 2020, when the country’s refineries would have been making heating oil for the winter. Within that number, U.S. refineries produced 4.875 million b/d of ULSD, up from 4.69 million a week earlier. It was the highest number since August 2020.
  • Exports of all distillates rose to 1.124 million b/d from just over 1 million last week. However, that is still down from the range of 1.3 million to 1.5 million b/d it was running at a few weeks ago. Lebow noted that the arbitrage to export diesel to Europe is closed and what is moving offshore now would likely be deals completed when that window was open and traders could make that movement work. The recent high-water mark for distillate exports — they are not broken out in the weekly reports by specific distillate products — was 1.739 million b/d the week of April 8.

Despite the tighter East Coast diesel market, the reaction in the physical diesel market was relatively muted. According to benchmark administrator General Index, the spread between ULSD in the Gulf Coast and in New York Harbor narrowed for the third day in a row Wednesday, tightening to 17.73 cents a gallon from 21.5 cents a day earlier. It has moved in relatively steadily for the past seven trading days, dropping from the New York Harbor number holding a premium of 76 cents on May 16 to the latest number. 

The spread between the Gulf Coast and the East Coast is a good indicator of the tightness in PADD 1. Historically, the New York price is a few cents more than the Gulf Coast, but the recent squeeze drove it up to astronomical numbers that at the start of the month swung between about 50 cents and 65 cents. Watching the spread narrow, even in light of the tighter inventories reported by the EIA, suggests some level of easing in the East Coast inventory squeeze.

On the CME commodity exchange, the futures price for June barrels of ULSD rose 9.56 cents a gallon to settle at $3.8644 a gallon, a gain of 2.54%. The June contract has only two more trading days before its final day, and it is showing signs of a mild squeeze, far from the enormous surge in front-month pricing when May barrels headed toward that contract’s close.

The 2.54% gain in ULSD contrasts with a 0.9% increase in the price of RBOB gasoline, an unfinished product used to make finished gasoline. West Texas Intermediate crude was up just 0.04%, while global crude benchmark Brent increased 0.54%.

END

iv)swamp stories

King report (and associated swamp stories)

The King Report May 27, 2022 Issue 6769Independent View of the News
 @GordonGChang: China’s leaders conducted an emergency videoconference for 100,000 officials yesterday on the economyhttps://t.co/ie16FymE0H  They are panicking because, I think, they know they cannot prevent a collapse. Bad decisions and horrible ideology are finally catching up to them.
 
US Q1 GDP: -1.5% (-1.3% consensus), Consumption 3.1% (2.8% exp), GDP Price Index 8.1% (8% exp), Core PCE 5.1% (5.2% exp).
 
US Corporate Profits Fall While Consumer Spending Revised Up
Pretax profits declined 2.3% in first quarter, GDP data showed
    US corporate profits fell in the first quarter by the most in almost two years as some companies struggled to offset surging costs, while the overall economy shrank in the period… https://t.co/1lpOLqigFO
 
US Initial Jobless Claims declined to 210k from 218k (215k exp); but Continuing Claims jumped to 1.346m from 1.315m (1.31m consensus).
 
US April Pending Homes Sales tumbled 3.9% m/m and 11.5% y/y; -2.1% m/m and -7.6% were expected.
 
@NAR_Research: Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do closings,” said NAR’s Lawrence Yun. “The latest contract signings mark six consecutive months of declines and are at the slowest pace in nearly a decade.”
 
Yesterday, US stocks surged on the notion that a possible recession is nigh; so, the Fed won’t be able to hike rates after June and July.  Long-time readers might recall that we have regularly mocked the inane notion of buying stocks ahead of a possible recession because the Fed will have to ease.
 
Nvidia epitomized the insane action on Thursday.  The stock plunged over 10% in after-hour trading on Wednesday due to its lower forward guidance on sales.  Ten minutes after the NYSE open, NVDA was positive; the plunge after the close on Wednesday was erased!  By 11:05 ET, Nvidia was +3.7% from its close on Wednesday!!!  NVDA’s low on Wednesday evening was 158.30; it hit 176.94 at 11:05 ET!
 
For the past 40 years, Traders, investors, analysts, and money managers have been conditioned into the linear thinking: soft economy, good for stocks because the Fed must ease.  However, inflation is now roaring, something that has not occurred for 42 years.  Any idiot central banker can produce more credit when inflation is benign and controllable.  But navigating inflation is a far different matter.
 
The alternative to rabid buying on a possible recession: We’ve noted often that when ugly US economic data has appeared, someone forces ESMs higher to change the negative narrative and psychology. 
 
Plus, commodities soared for the same reason as stocks on Thursday.  This does not help reduce inflation.
 
PS – The Fed will commence quantitative tightening (QT) on Wednesday, June 1.  Will the feckless Fed and hapless Powell halt the QT within a few months?
 
Bonds, the dollar, and gold did not buy the notion that the Fed will end QT and rate hikes in the next few months.  All declined on Thursday.
Were fears about asymptomatic Covid spread overblown? Infected people without symptoms are TWO-THIRDS less likely to pass virus on, study finds (Another lie from health officials!)
https://www.dailymail.co.uk/health/article-10856471/Experts-insist-Covid-infected-people-without-symptoms-TWO-THIRDS-likely-pass-virus-on.html
 
Rand Paul: It’s Not a Conspiracy Theory That WEF Wants a One World Government, It’s in Their Mission Statement https://www.realclearpolitics.com/video/2022/05/25/rand_paul_its_not_a_conspiracy_theory_that_wef_wants_a_one_world_government_its_in_their_mission_statement.html
 
US State Sec. Blinken: US Does Not Support Taiwan’s Independence
https://www.dailymail.co.uk/news/article-10857507/Antony-Blinken-says-does-NOT-support-Taiwan-independence.html
 
COST EPS 3.04 vs. 2.75 y/y, 3.02 exp; comparable sales including gas, currency +14.9% +11.5% exp.
Costco sank as much as 4.7% in after-hour trading because inventories jumped 26% y/y vs 19% in Q2.
 
Gap shares fall over 15% after retailer slashes profit guidance for the year
Gap now expects to earn between 30 cents and 60 cents per share, on an adjusted basis… down from a prior range of 1.85 and $2.05… analysts’ expectations for $1.34 per share… https://t.co/D1HWSy0yv5
 
The Fed Balance Sheet: -$31.617B; MBS -$26.77B  
 
How stupid and inept would the Fed look if it aborted its tightening cycle in a few months?  How devasting would it be for the Fed and the US economy if the Fed aborted its tightening cycle in a few months and inflation remained debilitating let alone increased?
 
Today – The day before Memorial Day Weekend has no pattern bias.  Absenteeism will increase as the session progresses; activity will be muted.  Traders will buy dips, emboldened by the cacophonous jabberwocky that the Fed will end its tightening cycle in two months.  ESMs are flat at 20:30 ET.
@CaliforniaPanda: What in the word is Joe Biden doing to this little girl??  Video is from today’s executive order for police reform signing at the White House. (If DJT did this, MSM would explode)
https://twitter.com/CaliforniaPanda/status/1529566132532826112
 
Lori Lightfoot’s Chicago: Man Points Gun at Fox Reporter During Live Broadcast (VIDEO)
https://www.thegatewaypundit.com/2022/05/chicago-man-points-gun-fox-reporter-live-broadcast-video/
 
Obama clobbered for linking Uvalde massacre to two-year mark of George Floyd’s murder https://t.co/sZGjSJuk5z
 
@CBSNews: FBI Director Wray says “lone actors” are the threat the FBI is most concerned about in the U.S. right now.  “The lone actor, I can’t emphasize enough…This really is the tip of the spear…for law enforcement as we head into these hot summer months,” @CBS_Herridge says.
https://twitter.com/CBSNews/status/1529597039780184068
 
ABC News (@ABC): For years, the rates of mental health struggles among teens have been on the rise in the U.S. By 2019, the number of children between the ages of 3 to 17 with a diagnosed mental or behavioral health condition rose to over 8 millionhttps://t.co/LQrFUc9ToP
 
@Cernovich: A majority of gun deaths are via suicide. There’s a reason they don’t separate this and lump it all together as “gun deaths.” Mental health crisis.
 
Uvalde Killer Shot His Gun Outside the School for 12 Minutes
Vic­tor Escalon, a re­gional di­rec­tor for the Texas De­partment of Pub­lic Safety, said he couldn’t say why no one stopped the now de­ceased gun­man, 18-year-old Sal­vador Ramos…
https://www.independentsentinel.com/uvalde-killer-shot-his-gun-outside-the-school-for-12-minutes/
 
@nytimes: The gunman who killed 19 children and two teachers at Robb Elementary was inside the school for roughly an hour before a tactical unit from the Border Patrol shot and killed him, according to the director of the Texas Department of Public Safetyhttps://t.co/Nl3dDhggah
 
Harrowing footage emerges of desperate parents being restrained by cops while school shooter was inside locked classroom with their kids for up to ONE HOUR while SWAT team searched for key
https://www.dailymail.co.uk/news/article-10857101/Texas-school-shooting-cops-restrained-parents-trying-save-kids.html
 
@meganmmenchaca: mom of two children at Uvalde was put in handcuffs after urging police and law enforcement to enter the school. Once freed from her cuffs, she jumped the school fence, ran inside and sprinted out with her kids. New from @WSJhttps://t.co/SYdgysw0gF
 
@BillFOXLA: Texas DPS now says that there was no school police officer who encountered or engaged the mass shooter at Robb Elementary School in Uvalde, TX. Shooter was not confronted before entry and it appears he walked into the school through an unlocked door, per DPS.
 
@ByronYork: Disastrous briefing by Texas Department of Public Safety about Uvalde school shooting. Spokesman would not even try to explain the one hour — one hour — that elapsed between time police arrived and when gunman was killed. Huge gap in storyhttps://t.co/s9d9CP5Uby
 
@johncardilloSocial media can instantly ID and ban people who question COVID vaccines, but doesn’t have the ability to flag a user who posts that they intend to shoot up a school.
 
@WhitlockJason: Our culture has moved such a negative direction in the last decade, I’m not sure first responders would run up in the World Trade Towers today. Cultural rot has consequences. When you make heroes of people who contribute nothing and demonize those who risk everything.
 
@ClayTravis: Honest question: we’ve had widely available guns in this country for hundreds of years. Why did mass school shootings only really start in the late 1990’s with Columbine? What changed to make this happen after 200 years where they mostly didn’t? I’m interested in opinions.
    My own hypothesis is that Columbine unleashed a massive amount of copycats. Mentally ill people, who might not have otherwise considered the idea, saw the Columbine killers become famous and sought to replicate their notoriety and “fame.”…
 
@BillFOXLA: One question that hasn’t been answered yet… Where does an 18-year-old unemployed high school dropout get the money to buy two AR style rifles w/ hundreds of rounds of ammo & magazines?
 
Tucker Carlson: Following Texas school shooting and Buffalo tragedy, leaders should ask this question – A person who is intent on committing violence is very hard to stop under any circumstances. An act of Congress isn’t going to do it, neither will gun control. There are more guns in this country than there are people. There always have been…  
    The only way to stop these killings is to figure out why American society is producing so many violent young men…  https://www.foxnews.com/opinion/tucker-texas-school-shooting-buffalo-mental-health?intcmp=tw_fnc
@ColumbiaBugle: Tucker is absolutely right, the dramatic increase in the use of antidepressants in this country is incredibly alarming and needs to be looked into more, even if that pisses off Big Pharma and their shills.  https://twitter.com/ColumbiaBugle/status/1529641088100737026?s=02
 
@phildstewart: (Reuters) – A Reuters/Ipsos poll released on Wednesday:
*  84% of respondents said they supported background checks for all firearms sales
* 72% support raising the age to buy a gun from 18 to 21
* 35% were confident U.S. lawmakers would strengthen gun laws this year
 
ACLJ Obtains New Memo in State Department Lawsuit Unveiling Unreported Obama-Era Officials’ Secret Meeting with Iran’s Zarif During Trump Administration
https://aclj.org/government-corruption/aclj-obtains-new-memo-in-state-department-lawsuit-unveiling-unreported-obama-era-officials-secret-meeting-with-irans-zarif-during-trump-administration
 
Justice Department Won’t Charge FBI Agents in Nassar Case Failures – Indianapolis-based FBI agents disregarded gymnasts’ allegations that the national team doctor sexually assaulted them
https://www.wsj.com/articles/justice-department-won-t-charge-fbi-agents-in-nassar-case-failures-11653602572
 
The Swamp protects its own.  Yet another reason that an increasing number of Americans are irate.

 

By Greg Hunter On May 27, 2022 In Weekly News Wrap-Ups20 Comments

Mysterious Vax Deaths?, Gun Control Diversion & Food Crisis

By Greg Hunter On May 27, 2022 In Weekly News Wrap-Ups18 Comments

By Greg Hunter’s USAWatchdog.com

(WNW 531 5.27.22)

Every week we are seeing what the legacy/mainstream media describe as “mysterious deaths” or “died suddenly.”  There is no other explanation ever given.  The latest is actor Ray Liotta who “suddenly” dies in his sleep.  As a reporter, the question is a simple why?  What is the cause of death?  Sometimes you get the family wanting “privacy.”  It’s almost a sort of “Stockholm Syndrome” where the victims protect their abusers.  In this case, is it the vax makers?  Does it have something to do with the global experiment of so-called CV19 vaccines?   Does simply asking the question mean you are an “anti-vaxer” or a “conspiracy theorist”?

The school shooting in Texas took the lives of almost two dozen people, mostly children.  The Democrats wasted no time in making gun control their new campaign rallying cry, and, thus, creating a huge diversion for all the problems they caused.  I guess they cannot talk about out of control inflation, record fuel prices, a failing housing market, sky high rising crime, a wide open southern border and the real possibility of nuclear war they are trying to start with Russia.  Hard to run on that.  Instead, they want to run on killing less people with guns while they fight to kill babies with unrestricted abortion up until the day of birth.  What a campaign platform!!!

There is no doubt a food crisis is coming with planting problems in the USA, a fertilizer shortage and war in Ukraine restricting the export of wheat.  Russia wants to make a deal to stop the food shortage in exchange for what it calls politically motivated restrictions by the West.  The response by NATO and the U.S. is to send more weapons and money to Ukraine to keep the war going.  Count on higher and higher food and fuel prices for as far as the eye can see.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 5.27.22.

(https://usawatchdog.com/mysterious-vax-deaths-gun-control-diversion-food-crisis)

After the Wrap-Up: 

Top trends researcher Gerald Celente, publisher of The Trends Journal, will be the guest for the Saturday Night Post.  Mr. Celente will tell us what trends he is seeing taking shape in the not-so-distant future.

SEE YOU ON TUESDAY

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2 comments

  1. Ron Lang · · Reply

    No Harvey, “WASHINGTON POST FINALLY GETS THE STORY CORRECT: MORALE WITHIN THE UKRAINIAN ARMY VERY BAD AND THE WAR IS NOT GOING WELL FOR THEM” is not correct. Russia failed at its goal of taking all Ukraine and retreated to the eastern region of Donbas which was expected. Russians are making incremental gains in that region at best. While there are isolated problems with moral, Ukrainians in general are in high spirits.

    Like

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