MAY 31/GOLD DOWN $15.10 TO $$1844.85//SILVER DOWN 41 CENTS TO $21.66/PLATINUM UP $14.50 TO $971.65/PALLADIUM DOWN $59.60 TO $2002.55//COVID UPDATES//VACCINE IMPACT//UKRAINE//RUSSIAN WAR//UPDATES//EUROPEAN INFLATION SOARS TO RECORD HEIGHTS//IRAN THREATENS MORE RETALIATION OF SEIZING OIL VESSELS BELONGING TO GREECE//ANOTHER HIT ON IRAN’S SECRET TARGETS//SWAMP STORIES FOR YOU TONIGHT//

May 31, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1844.85.95 DOWN $15.10 

SILVER: $21.66 DOWN  $.41

ACCESS MARKET: GOLD $1838.25

SILVER: $21.55

Bitcoin morning price:  $31,691 UP 3233

Bitcoin: afternoon price: $31,691 up 3233

Platinum price: closing UP $14.50 to $971.65

Palladium price; closing DOWN $59.60  at $2002.55

END

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 EXCHANGE: COMEX EXCHANGE: COMEX

JPMorgan issued  11/19


NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT 4085  NOTICE(S) FOR 408500 OZ  (12.706  TONNES)

total notices so far:  4085 contracts for 408500 oz (12.706 tonnes)

SILVER NOTICES: 

1404 NOTICE(S) FILED 7,020,000   OZ/

total number of notices filed so far this month  1404  :  for 7,020,000  oz



END

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

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

GLD

WITH GOLD DOWN $15.10

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

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

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

NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 1069.81 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $.41 CENTS

AT THE SLV// A BIG CHANGE IN SILVER INVENTORY AT THE SLV://NO CHANGES IN SILVER IVWENTORY AT 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  566 CONTRACTS TO 147,369   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE GOOD GAIN IN OI WAS ACCOMPLISHED WITH OUR   $0.10 GAIN  IN SILVER PRICING AT THE COMEX ON FRIDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.10) 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 OF1866 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 7.635 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  : -221

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 20 days, total 21,127,  contracts:  105.635 million oz  OR 5.28 MILLION OZ PER DAY. (1056CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 105.635 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: 105.635 MILLION OZ//

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 566 WITH OUR  $0.10 GAIN IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL  SIZED EFP ISSUANCE  CONTRACTS: 300 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 JUNE. OF 7.635 MILLION  OZ //  .. WE HAD A STRONG SIZED GAIN OF 866 OI CONTRACTS ON THE TWO EXCHANGES FOR 2.897 MILLION  OZ WITH THE GAIN IN PRICE. 

 WE HAD 1404  NOTICE FILED TODAY FOR  7,020,000 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 3584 CONTRACTS  TO 519,728 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: – 2415 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  FAIR SIZED LOSS IN COMEX OI CAME DESPITE OUR  GAIN IN PRICE OF $4.95//COMEX GOLD TRADING/FRIDAY / 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 JUNE AT 69.65 TONNES ON FIRST DAY NOTICE /

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $4.95 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A SMALL SIZED LOSS OF 1863  OI CONTRACTS 5.797 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  1721 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 519,723

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1863, WITH 3584 CONTRACTS DECREASED AT THE COMEX AND 1721 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF1863 CONTRACTS OR 5.797 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1721) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (1169,): TOTAL LOSS IN THE TWO EXCHANGES 1863 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE. AT 69.65 TONNES /  3) ZERO LONG LIQUIDATION//CONSIDERABLE SPECULATOR SHORT COVERING //.,4) SMALL SIZED COMEX  OI. LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

MAY

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

79,554 CONTRACTS OR 7,955,400 OR 247.44  TONNES 20 TRADING DAY(S) AND THUS AVERAGING: 3977 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: 247.44 TONNES

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

THUS EFP TRANSFERS REPRESENTS  247.44/3550 x 100% TONNES  6.95% 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:  247,44 TONNES FINAL// 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 566 CONTRACT OI TO 147,369 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 300 CONTRACTS

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

MAY 300  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  787 CONTRACTS AND ADD TO THE 300 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 866   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 2.897 MILLION OZ

OCCURRED WITH OUR GAIN IN PRICE OF  $0.10 .

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

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

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

end

5. Other gold commentaries

end

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)TUESDAY MORNING// MONDAY  NIGHT

SHANGHAI CLOSED UP 37.17 PTS OR 1,19%   //Hang Sang CLOSED UP 291.27 PTS OR 1.38%    /The Nikkei closed DOWN 89.63 OR 0.33%          //Australia’s all ordinaires CLOSED DOWN .90%%   /Chinese yuan (ONSHORE) closed DOWN 6,6621    /Oil UP TO 118.25dollars per barrel for WTI and UP TO 119.20 for Brent. Stocks in Europe OPENED  ALL RED       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6621 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6737: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER/

a)NORTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 3584 CONTRACTS TO 519,723 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 SMALL  COMEX DECREASE OCCURRED DESPITE OUR  GAIN OF $4.95 IN GOLD PRICING FRIDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (1721 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1721 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :1721 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1721 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 1853 CONTRACTS IN THAT 1721 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED  COMEX OI LOSS OF 3584  CONTRACTS..AND YET  THIS  LOSS ON OUR TWO EXCHANGES HAPPENED WITH  OUR  GAIN IN PRICE OF GOLD $4.95.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (69.26),

 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 FINAL

JUNE: 69.26 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $4.95) BUT WERE SUCCESSFUL IN KNOCKING OFF SOME SPECULATOR LONGS/COMMERCIAL LONGS AS WELL AS SPECULATOR SHORTS////  WE HAVE  REGISTERED A SMALL SIZED GAIN  OF 1.716 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (69.65 TONNES)

WE HAD 2415 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 1863 CONTRACTS OR 186300  OZ OR 5.797 TONNES

Estimated gold volume 192,947/// poor

Confirmed volume yesterday:159,080 contracts  poor

INITIAL STANDINGS FOR JUNE ’22 COMEX GOLD //MAY 31

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz391,024.837 oz
Brinks
HSBC
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today4085  notice(s)
408,500 OZ
12.706 TONNES
No of oz to be served (notices)18,183 contracts
 1,818,300 oz
56.55 TONNES
Total monthly oz gold served (contracts) so far this month4085 notices
408,500 OZ
12.706
TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

dealer deposits  0

total dealer deposit  0   oz//

No dealer withdrawals

0 customer deposits

total deposits: nil oz

2 customer withdrawals:

i) Out of Brinks:  294,983.130 oz

ii) Out of HSBC:  96,041.707 oz

total withdrawal: 391,024.837  oz

ADJUSTMENTS:  2

i) Customer to dealer:  JPMorgan 14,090.875 oz

ii) dealer to customer: Malca  109,474.155 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an  oi of 22,268 contracts having LOST 14,824 contracts

Thus by definition, the initial amount of gold standing for June is as follows:

22,268 notices x 5000 oz per notice = 2,226,800 oz or 69.26 tonnes

July has a GAIN OF 139 OI to stand at 1834

August has a gain of 11,079 contracts up to 432,996 contracts

We had 4085 notice(s) filed today for  408,500 oz FOR THE JUNE 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  500 notices were issued from their client or customer account. The total of all issuance by all participants equate to 4085 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and  1840 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 JUNE /2021. contract month, 

we take the total number of notices filed so far for the month (4085) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE 22,268  CONTRACTS ) minus the number of notices served upon today  4085 x 100 oz per contract equals 2,239,400 OZ  OR 69.26 TONNES the number of TONNES standing in this  active month of JUNE. 

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

No of notices filed so far (4085) x 100 oz+   (22,268)  OI for the front month minus the number of notices served upon today (4085} x 100 oz} which equals 2,239,400 oz standing OR 69.65 TONNES in this   active delivery month of JUNE.

TOTAL COMEX GOLD STANDING:  69.26 TONNES  (A STRONG STANDING FOR A JUNE (  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:  35,189,516.459 OZ 

TOTAL ELIGIBLE GOLD: 17,102,829.623  OZ

TOTAL OF ALL REGISTERED GOLD: 18,026,686.836 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,991.648.0 OZ (REG GOLD- PLEDGED GOLD)  

END

JUNE 2022 CONTRACT MONTH//SILVER//MAY 31

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,550,052.583  oz
Brinks
CNT
Manfra
JPMorgan
Deposits to the Dealer InventorynilOZ
Deposits to the Customer Inventory2,368,690.600 oz
HSBC
Malca
No of oz served today (contracts)1404CONTRACT(S)
7,020,000  OZ)
No of oz to be served (notices)123 contracts (615,000 oz)
Total monthly oz silver served (contracts)1404 contracts 7,020,000, 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 2 deposits into the customer account

i) Into Malca:  1,172,945.700 oz

ii) Into HSBC:  1,195,724.900 oz

total deposit:  2.368,670.600    oz

JPMorgan has a total silver weight: 177,446 million oz/337.177 million =52.62% of comex 

 Comex withdrawals: 4

i) Out of Brinks  519,227.100 oz

ii) Out of JPMorgan:  585,777.700 oz

iii0 Out of CNT  15,205,600 oz

iv) Out of Manfra 428,842.183 

total withdrawal  1,550,052,583      oz

6 adjustments:  dealer  to customer:

a)Manfra  269,119.161 iz

b)CNT  693,954.586 oz

c) Delaware 536,917.928 oz

d) HSBC: 810,828.120 o

e) JPMorgan 94,034.100 o

f) Loomis: 4717.170 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 72,533 MILLION OZ

TOTAL REG + ELIG. 337,177 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE OI: 1527 HAVING LOST 31 CONTRACTS. 

THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER STANDING IN THIS NON ACTIVE DELIVERY MONTH OF JUNE IS AS FOLLOWS;

1527 NOTICES X  5000 OZ PER NOTICE =  7,635,000 OZ

JULY HAD A LOSS OF 822 CONTRACTS DOWN TO 108,664 CONTRACTS.

SEPTEMBER HAD A GAIN OF 1371 CONTRACTS UP TO 23,709 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1404 for 7,020,000 oz

Comex volumes:69,576// est. volume today//   poor

Comex volume: confirmed yesterday: 41,900 contracts ( poor )

To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 1404 x 5,000 oz = 7,020,000 oz 

to which we add the difference between the open interest for the front month of JUNE(1527) and the number of notices served upon today 1404  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE./2022 contract month: 1404 (notices served so far) x 5000 oz + OI for front month of JUNE (1527)  – number of notices served upon today (1404) x 5000 oz of silver standing for the JUNE contract month equates 7,635,000 oz. .

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 31/WITH GOLD DOWN $15.10: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1069.81 TONNES

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 31/WITH SILVER DOWN $.41 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST S AT 558.071 MILLION OZ//

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

German inflation hits a record 8.7% with food and energy price rises

(London’s Financial Times/GATA)

German inflation rises to record 8.7% as food and energy prices jump

Submitted by admin on Mon, 2022-05-30 10:41Section: Daily Dispatches

By Martin Arnold
Financial Times, London
Monday, May 30, 2022

German inflation rose by more than expected to a new record of 8.7% in May, driven by soaring energy and food prices, increasing pressure on the European Central Bank to raise interest rates faster than planned.

The annual increase in the harmonised index of consumer prices in Germany was up from 7.8% in the previous month and higher than the 8% expected by economists, according to a Reuters poll.

The federal statistical agency said the biggest drivers were a 38.3% rise in energy prices and an 11.1% jump in food prices — both up sharply from the previous month. …

… For the remainder of the report:

https://www.ft.com/content/971e3722-81ce-47ec-9382-aa59920454fd

END

Tennessee Governor signs full repeal of sales taxes on gold and silver

(MMnews/GATA)

Tennessee governor signs full repeal of sales taxes on gold and silver

Submitted by admin on Mon, 2022-05-30 11:35Section: Daily Dispatches

From Money Metals News Service
Eagle, Idaho
Sunday, May 29, 2022

NASHVILLE, Tennessee — With Gov. Bill Lee’s signature on Friday, Tennessee has officially become the 42nd state to remove sales taxes from constitutional sound money — gold and silver.

Tennessee’s House Bill 1874 and Senate Bill 1857, introduced by Rep. Bud Hulsey and Sen. Frank Niceley, passed both chambers of the Tennessee legislature overwhelmingly last month and took effect immediately upon the governor’s signature at the start of Memorial Day weekend.

Substantial grassroots support tipped the balance. During the Senate floor vote, Sen. Janice Bowling commented, “I just want to thank the senator for bringing forward this bill along with half of the state of Tennessee that contacted all of us!”

The victory puts a capstone on long-running efforts by the Sound Money Defense League, Money Metals Exchange, Campaign for Liberty, and grassroots activists and coin dealers in Tennessee. Tennessee investors, savers, and small businesses can now acquire gold, silver, platinum, and palladium bullion and coins without being slapped with taxes as high as 10%, depending on the purchaser’s location. …

… For the remainder of the report:

https://www.moneymetals.com/news/2022/05/29/tennessee-governor-signs-full-repeal-of-sales-taxes-on-gold-and-silver-002535

END

Mining journalist David Bond passes away

(GATA)

Mining journalist, gold and silver advocate David Bond passes

Submitted by admin on Mon, 2022-05-30 11:56Section: Daily Dispatches

11:55a Monday, May 30, 2022

Dear Friend of GATA and Gold:

We should have taken note of the passing of monetary metals advocate and mining journalism David Bond of Wallace, Idaho, whose work often was publicized by GATA, but did not become aware of it until we went looking for him today.

His work was appreciated and he will be remembered for it.

A news obituary from the Coeur d’Alene Press from February 2020 can be found here:

https://cdapress.com/news/2020/feb/18/a-remarkable-character/

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

end

Federal Reserve is now carrying $330 billion in unrealized losses on its assets

(Reuters/GATA) 

Federal Reserve carrying $330 billion in unrealized losses on its assets

Submitted by admin on Mon, 2022-05-30 12:07Section: Daily Dispatches

By Howard Schneider
Reuters
Friday, May 27, 2022

WASHINGTON — The U.S. Federal Reserve is carrying $330 billion in unrealized losses on its holdings of U.S. Treasury and mortgage-backed securities as of the end of March, according to newly released financial statements showing the impact of rising interest rates on the market value of the Fed’s balance sheet.

The central bank’s holdings of nearly $9 trillion in assets still allowed the Fed to remit $32.2 billion to the U.S. Treasury in the first quarter of 2022, according to the documents.

But the losses on the Fed’s investments, an $8.5 trillion portfolio that surged higher through asset purchases designed to keep financial markets stable through the pandemic, pose a potentially tough political problem for the central bank.

Bill Nelson, chief economist at the Bank Policy Institute, said that adjusting for the appreciation in its assets the Fed had seen through the end of last year, the unrealized losses were an even larger $458 billion.

Criticized for continuing to buy assets even as the economy was well on the way to healing from the pandemic, it is now trying to reverse course and shrink its holdings, particularly of mortgage backed securities. …

… For the remainder of the report:

https://www.reuters.com/markets/us/fed-carrying-330b-unrealized-losses-its-asset-according-q1-financial-statement-2022-05-27/

END

4.OTHER GOLD/SILVER COMMENTARIES

end

5.OTHER COMMODITIES //PALM OIL+ OTHERS

END

END

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.6621

OFFSHORE YUAN: 6.6737

HANG SANG CLOSED  UP 291.27 PTS OR 1.38% 

2. Nikkei closed DOWN 89.63% OR .93%

3. Europe stocks  ALL CLOSED  ALL RED

USA dollar INDEX  UP TO  101.93/Euro FALLS TO 1.0698

3b Japan 10 YR bond yield: RISES TO. +.233/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 128.11/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

3g Oil 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 RISES TO 3.54

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 UP  8.00      roubles/dollar; ROUBLE AT 61.46

3m oil into the 118 dollar handle for WTI and  119 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 128.11DESTROYING 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 0.9604– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0276well 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: 2.812 UP 6  BASIS PTS

USA 30 YR BOND YIELD: 3.014 UP 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 16.40

Futures Slide, Yields Jump And Oil Surges As Inflation Fears Return Ahead Of Biden-Powell Meeting

TUESDAY, MAY 31, 2022 – 07:51 AM

After posting solid gains on Monday when cash markets were closed in the US for Memorial Day, boosted by optimism that China’s  covid lockdowns are effectively over, and briefly topping 4,200 – after sliding into a bear market below 3,855 just over a week earlier – on Tuesday US equity futures fell as oil’s surge following a partial ban on crude imports from Russia added to concerns over the pace of monetary tightening, exacerbated by the latest data out of Europe which found that inflation had hit a record 8.1% in May.  As of 7:15am ET, S&P futures were down 0.4% while Nasdaq futures rose 0.1% erasing earlier losses. European bourses appeared likely to snap four days of gains, easing back from a one-month high while Treasury yields climbed sharply across the curve, joining Monday’s selloff in German bunds and European bonds. The dollar advanced and bitcoin continued its solid rebound, trading just south of $32,000. Traders will be on the lookout for any surprise announcement out of the White House after 1:15pm when Joe Biden holds an Oval Office meeting with Fed Chair Jerome Powell and Janet Yellen.

As noted last night, Brent oil rose to above $124 a barrel after the European Union agreed to pursue a partial embargo on Russian oil in response to the invasion of Ukraine, exacerbating inflation concerns; crude also got a boost from China easing coronavirus restrictions, helping demand.

With the price of oil soaring, energy stocks also jumped in premarket trading; Exxon gained as much as 1.5% while Chevron rose as much as 1.4%, Marathon Oil +2.9%, Coterra Energy +3.7%; smaller stocks like Camber Energy +8.8% and Imperial Petroleum rose 15%, leading advance. US-listed Chinese stocks jumped, on track to wipe out their monthly losses, as easing in lockdown measures in major cities and better-than-expected economic data gave investors reasons to cheer. Shares of e-commerce giant Alibaba Group Holding Ltd. were up 4.4% in premarket trading. Among other large-cap Chinese internet stocks, JD.com Inc. advanced 6.7% and Baidu Inc. gained 7%. Cryptocurrency stocks also rose in premarket trading as Bitcoin trades above $31,500, with investors and strategists saying the digital currency is showing signs of bottoming out. Bitcoin, the largest cryptocurrency, advanced 1.2% as of 4:30 a.m. in New York. Crypto stocks that were rising in premarket trading include: Riot Blockchain +9%, Marathon Digital +8.1%, Bit Digital +6.1%, MicroStrategy +9.4%, Ebang +3.4%, Coinbase +5.3%, Silvergate Capital +5.2%.

“It’s very hard to have conviction at the moment,” Mike Bell, global market strategist at JPMorgan Asset Management, said in an interview with Bloomberg Television. “We think it makes sense to be neutral on stocks and pretty neutral on bonds actually.” The possibility that Russia could retaliate to the EU move on oil by disrupting gas flows “would make me be careful about being overweight risk assets at the moment,” he said.

U.S. stocks are set for a slightly positive return in May despite a dramatic month in markets, which saw seven trading days in which the S&P 500 Index posted a move bigger than 2%. Global stocks are also on track to end the month with modest gains amid skepticism about whether the market is near a trough and as volatility stays elevated. Fears that central bank rate hikes will induce a recession, stubbornly high inflation and uncertainty around how China will boost its flailing economy are keeping investors watchful. On the other hand, attractive valuations, coupled with hopes that inflation may be peaking has made investors buy up stocks.

In Europe, Stoxx 600 Index was set to snap four days of gains, retreating from a one-month high, with technology stocks among the heaviest decliners. The UK’s FTSE 100 outperforms, adding 0.4%, CAC 40 lags, dropping 0.6%. Travel, real estate and construction are the worst-performing sectors. Among individual stock moves in Europe, Deutsche Bank AG slipped after the lender and its asset management unit had their Frankfurt offices raided by police. Credit Suisse Group AG dropped after a Reuters report that the bank is weighing options to strengthen its capital. Unilever Plc jumped as activist investor Nelson Peltz joined its board. Royal DSM NV soared after agreeing to form a fragrances giant by combining with Firmenich.

Asian stocks rose Tuesday, helped by a rally in Chinese shares after Shanghai further eased virus curbs and the nation’s factory activity showed signs of improvement.  The MSCI Asia Pacific Index climbed as much as 0.5% Tuesday, on track for the first monthly advance this year, even as investors sold US Treasuries on renewed inflation concerns. Chinese stocks capped their longest winning streak since June.

“Asia has seen the worst earnings revision of any region in the world,” David Wong, senior investment strategist for equities at AllianceBernstein, told Bloomberg Television. “When the news is really bleak, that is when one wants to establish a position in Chinese equities,” he said. “It is very clear that the policy support is on its way.” Tech and communication services shares were among the biggest sectoral gainers on Tuesday.  Asia stocks are on track to eke out a gain of less than a percentage point in May as the easing of China’s lockdowns improves the growth outlook for the region. Still, the impact of aggressive monetary-policy tightening on US growth and higher energy and food costs globally are weighing on sentiment in the equity market as traders struggle to assess the earnings fallout.

Japanese stocks dropped after data showed the nation’s factory output dropped in April for the first time in three months as China’s Covid-related lockdowns further disrupted supply chains.  Benchmark gauges were also lower as 22 Japanese companies were set to be deleted from MSCI global standard indexes at Tuesday’s close. The Topix Index fell 0.5% to 1,912.67 on Tuesday, while the Nikkei declined 0.3% to 27,279.80. Nippon Telegraph & Telephone Corp. contributed the most to the Topix’s drop, as the telecom-services provider slumped 2%. Among the 2,171 companies in the index, shares in 1,369 fell, 720 rose and 82 were unchanged. “Until after the FOMC in June, stocks will continue to sway,” said Shingo Ide, chief equity strategist at NLI Research Institute, said referring to the US Federal Reserve.  

India’s benchmark equities index clocked its biggest monthly decline since February, as a surge in crude oil prices raised prospects of tighter central bank action to keep a lid on inflation. The S&P BSE Sensex slipped 0.6% to 55,566.41 in Mumbai, taking its monthly decline to 2.6%. The NSE Nifty 50 Index dropped 0.5% on Tuesday. Mortgage lender Housing Development Finance Corp. fell 2.6% and was the biggest drag on the Sensex, which had 16 of the 30 member stocks trading lower.  Of the 19 sectoral indexes compiled by BSE Ltd., 10 declined, led by a measure of power companies.    The price of Brent crude, a major import for India, climbed for a ninth consecutive session to trade around $124 a barrel. “The primary focus in the coming weeks will be on central banks’ policy measures to stabilize inflation,” Mitul Shah, head of research at Reliance Securities Ltd. wrote in a note. “Changes in oil prices and amendments to import and export duties might play a role in assessing the market’s trajectory.”

Similarly, in Australia the S&P/ASX 200 index fell 1% to close at 7,211.20, with all sectors ending the session lower. The benchmark dropped 3% in May, notching its largest monthly decline since January. Suncorp was among the worst performers Tuesday after it was downgraded at Morgan Stanley. De Grey Mining rose after an update on its Mallina Gold Project. In New Zealand, the S&P/NZX 50 index rose 1.5% to 11,308.34.

With rate hikes in full swing in the US and the UK, the ECB is preparing to lift borrowing costs for the first time in more than a decade to combat the 19-member currency bloc’s unprecedented price spike. In the US, Federal Reserve Governor Christopher Waller said he wants to keep raising interest rates in half-percentage point steps until inflation is easing back toward the central bank’s goal.

In rates, Treasuries are off worst levels of the day although yields remain cheaper by 5bp-7bp across the curve as opening gap higher holds. 10-year TSY yields around 2.815%, cheaper by 7.7bp on the day, while intermediate-led losses widen 2s7s30s fly by ~4.5bp; bund yields around 2bp cheaper vs Monday close, following hot euro- zone inflation prints. European bonds also pressure Treasuries lower after euro-zone inflation accelerated to a fresh all-time high and ECB hike premium was added across front-end. Italian bond yields rose by up to 6bps after data showed that euro-zone consumer prices jumped 8.1% from a year earlier in May, exceeding the 7.8% median estimate in a Bloomberg survey. Comments from Fed’s Waller on Monday — backing half-point hike at several meetings —  saw Treasury yields reset higher from the reopen, following US Memorial Day holiday.Front-end weakness reflects Fed hike premium returning in US swaps, with around 188bp of hikes now priced in for December FOMC vs 182bp at Friday’s close.

In FX, the Bloomberg Dollar Spot Index rose 0.2% as the greenback outperformed all Group-of-10 peers apart from the Norwegian krone, though the gauge is still set for its first monthly fall in three. The euro erased Monday’s gain after data showed that euro-zone consumer prices jumped 8.1% from a year earlier in May, exceeding the 7.8% median estimate in a Bloomberg survey. Norway’s krone rallied after the central bank said it will reduce its daily foreign currency purchases on behalf of the government to the equivalent of 1.5 billion kroner ($160 million) next month. Norway has been benefiting from stronger revenue from oil and gas production as the war in Ukraine contributed to higher petroleum prices. Sterling slipped against the broadly stronger dollar. UK business confidence rose for the first time in three months in May, with more companies planning to increase prices. Cable may see its first month of gains since December. The yen fell as Treasury yields surged. Japanese government bonds also took a hit from selling in US bonds while a two-year note auction went smoothly. Australian and New Zealand bonds extended an opening fall as cash Treasuries dropped on return from a long weekend. Dollar strength weighed on the Aussie and kiwi.

In commodities, Brent rises 2% to trade around $124 after European Union leaders agreed to pursue a partial ban on Russian oil. Spot gold falls roughly $4 to trade at $1,852/oz. Base metals are mixed; LME nickel falls 1.7% while LME zinc gains 0.9%.

Looking at the day ahead, the data highlights will include the flash CPI reading for May from the Euro Area, as well as the country readings from France and Italy. On top of that, we’ll get German unemployment for May, UK mortgage approvals for April, and Canada’s Q1 GDP. Over in the US, there’s then the FHFA house price index for March, the Conference Board’s consumer confidence indicator for May, the MNI Chicago PMI for May and the Dallas Fed’s manufacturing activity for May. Otherwise, central bank speakers include the ECB’s Villeroy, Visco and Makhlouf.

Market Snapshot

  • S&P 500 futures little changed at 4,159.50
  • STOXX Europe 600 little changed at 446.27
  • MXAP up 0.5% to 169.92
  • MXAPJ up 0.9% to 559.23
  • Nikkei down 0.3% to 27,279.80
  • Topix down 0.5% to 1,912.67
  • Hang Seng Index up 1.4% to 21,415.20
  • Shanghai Composite up 1.2% to 3,186.43
  • Sensex little changed at 55,914.64
  • Australia S&P/ASX 200 down 1.0% to 7,211.17
  • Kospi up 0.6% to 2,685.90
  • German 10Y yield little changed at 1.05%
  • Euro down 0.3% to $1.0743
  • Brent Futures up 1.6% to $123.60/bbl
  • Gold spot up 0.1% to $1,856.27
  • U.S. Dollar Index little changed at 101.63

Top Overnight News from Bloomberg

  • ECB Governing Council member Francois Villeroy de Galhau said the latest acceleration in inflation warrants a “gradual but resolute” normalization of monetary policy
  • The ECB’s interest- rate hiking must proceed in an “orderly” way to avoid threatening the integrity of the euro zone, Governing Council member Ignazio Visco said
  • German joblessness dropped the least in more than a year, pointing to labor-market vulnerabilities as the war in Ukraine and surging inflation weigh on Europe’s largest economy
  • China’s factories still struggled in May, but the slower pace of contraction suggests that the worst of the current economic fallout may be coming to an end as the country starts to ease up on its tough lockdowns
  • A debt crisis in China’s property industry has sparked a record wave of defaults and dragged more developer bonds down to distressed levels

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks were mixed as most indices lacked firm direction amid month-end and mixed data. ASX 200 was subdued by tech underperformance and after a deluge of data releases. Nikkei 225 traded rangebound with the index restricted after Industrial Production data missed forecasts. Hang Seng and Shanghai Comp were initially indecisive following the Chinese PMI data which printed above estimates but remained at a contraction, although risk appetite gradually picked amid further support measures and improved COVID situation in China.

Top Asian News

  • China’s Cabinet issued a series of policies to stabilise the economy, according to a Cabinet document cited by Reuters. China is to accelerate the issuance of local government special bonds and add new types of infrastructure and energy projects to the project pool eligible for fundraising, while it is to step up VAT credit rebates, boost fiscal spending and will guide actual lending rates lower.
  • China reported 97 new COVID-19 cases on May 30th which was the first time infections were below 100 since March 2nd, according to Bloomberg.
  • Shanghai official said the city is moving into a normalised epidemic control phase and looks to resume normal life. The official added that malls and shops will be able to reopen with capacity capped at 75% although the reopening of high-density venues such as gyms will be slower, while all workers in low-risk areas should be able to return to work from June 1st, according to Reuters.
  • Hong Kong Chief Executive Lam said they will likely begin the third stage of easing COVID-19 restrictions in late June, according to Bloomberg.
  • RBNZ Deputy Governor Hawkesby said the central bank needs to keep decreasing stimulus and tighten conditions beyond the neutral of 2.0%.

European bourses are mixed, Euro Stoxx 50 -0.8%, with sentiment cautious after a mixed APAC handover and in wake of hot EZ CPI before Powell’s meeting with Biden. Note, the FTSE 100 and AEX are bucking the trend given their exposure to Unilever after Trian Fund Management confirmed a 1.5% stake. US futures are pressured, ES -0.6%, succumbing to the broader risk moves after relatively steady initial trade as sentiment remains cautious with multiple factors in play. IATA Chief says that demand is very strong and traffic will likely return to 2019 levels nearer to 2023 than 2024. Question does remain regarding the impact of inflation on disposable incomes and travel demand. Higher oil prices will result in higher ticket prices; rule of thumb is a 10% change in ticket prices can impact demand by 1%.

Top European News

  • Senior Tory MPs said UK PM Johnson is likely to face a no-confidence vote as leader of the Conservative Party if they lose two parliamentary by-elections next month, according to FT.
  • Pressure is increasing for the ECB to hike rates after German CPI rose to its highest in half a century, according to The Times.
  • ECB’s Visco Insists on ‘Orderly’ Rate-Hike Pace to Avoid Stress
  • UK Mortgage Approvals Fall to 65,974 in April Vs. Est. 70,500
  • UK Could Reopen Top Gas Storage to Endure Energy Crisis
  • BNP Paribas Aims to Hire 7,000 People in France in 2022
  • Russia’s Biggest Lender Sberbank Targeted in EU Sanctions Plan

FX

  • Buck bounces into month end as US Treasury yields rebound amidst rally in crude prices and hawkish Fed commentary, DXY towards top of firmer 101.800-410 range.
  • Kiwi undermined by downbeat NBNZ business survey findings and recession warning from RBNZ; NZD/USD hovering just above 0.6500 and AUD/NZD back over 1.1000.
  • Euro fades from Fib resistance irrespective of Eurozone inflation exceeding consensus, EUR/USD down through 1.0750 vs circa 1.0787 at best on Monday.
  • Yen hampered by mixed Japanese data and UST retreat, but back above 128.00 and retracement level (128.27 Fib retracement).
  • Aussie limits losses alongside recovering Yuan after better than feared Chinese PMIs and economic stability policies from the Cabinet, AUD/USD stays within sight of 0.7200, USD/CNH reverses from 6.6900+ and USD/CNY from just shy of 6.6750.
  • Petro currencies cushioned by oil gains after EU embargo on some Russian exports; USD/CAD beneath 1.2700, EUR/NOK probes 10.1000 with added impetus as Norges Bank plans to trim daily FX purchases in June.

Fixed Income

  • Bonds succumb to more downside pressure as oil soars, inflation data exceeds consensus and Central Bank hawks get more aggressive.
  • Bunds only just hold above 152.00, Gilts lose 117.00+ status and 10 year T-note retreats through 120-00 ahead of cash re-open from 3-day holiday weekend.
  • Bobl supply snapped up at final sale of current 5 year batch and end of month Italian offerings relatively well received, albeit at much higher gross yields.
  • BoJ maintains bond-buying operations for June at May levels.

Commodities

  • WTI and Brent are bid as China’s COVID situation remains fluid, but with incremental improvements, alongside EU leaders reaching a watered-down Russian sanctions package.
  • Currently, the benchmarks are holding comfortably above USD 119/bbl and in proximity to the top-end of the sessions range.
  • Reminder, given the US market holiday there was no settlement on Monday.
  • IEA’s Birol says oil market could get tight in the summer and sees bottlenecks with diesel, gasoline, and kerosene, especially in Europe.
  • Spot gold is modestly pressured but yet to stray much from the USD 1850/oz mark while base metals are mixed as sentiment slips.

Central Banks

  • ECB’s Visco says rate hikes will need to be gradual given uncertainties, recent widening in the IT/GE spread shows the need to strengthen public finances and lower debt. Need to ensure tha t normalisation does not lead to unwarranted fragmentation in the Eurozone.
  • ECB’s Villeroy says the May inflation numbers confirm expectations for an increase and need for progressive monetary normalisation. Speaking in relation to the French inflation data.

US Event Calendar

  • 09:00: 1Q House Price Purchase Index QoQ, prior 3.3%
  • 09:00: March S&P/Case-Shiller US HPI YoY, prior 19.80%
  • 09:00: March S&P/CS 20 City MoM SA, est. 1.90%, prior 2.39%
  • 09:00: March S&P CS Composite-20 YoY, est. 19.80%, prior 20.20%
  • 09:00: March FHFA House Price Index MoM, est. 2.0%, prior 2.1%
  • 09:45: May MNI Chicago PMI, est. 55.0, prior 56.4
  • 10:00: May Conf. Board Expectations, prior 77.2
  • 10:00: May Conf. Board Present Situation, prior 152.6
  • 10:00: May Conf. Board Consumer Confidenc, est. 103.8, prior 107.3
  • 10:30: May Dallas Fed Manf. Activity, est. 1.5, prior 1.1

DB’s Jim Reid concludes the overnight wrap

Yesterday we published our May market participant survey with 560 filling in across the globe. The highlights were that property was seen as the best inflation hedge with crypto only winning favour with 1%. 61% think a recession will be necessary to rein in inflation but less think the Fed will be brave enough to take us there. A majority think the ECB will have to throw in a 50bps hike at some point in this cycle but only around a quarter think the Fed will do a 75bps hike. Only a quarter think equities have now bottomed over a horizon of the next 3-6 months but responders have reduced their view of bubbles in the market from the last time we asked. Finally inflation expectations continue to edge up. See the link here for lots of interesting observations and thanks again for your continued support.

It may have been a quieter session over the last 24 hours with the US on holiday, but inflation concerns were put firmly back on the agenda thanks to another upside surprise in German inflation, as well as a further rise in oil prices that sent Brent Crude back above $120/bbl (it was as low as $102 three weeks ago). That led to a fresh selloff in sovereign bonds, as well as growing speculation about more hawkish central banks, which marks a shift in the dominant narrative over the last couple of weeks, when growing fears of a recession had led to a rally in sovereign bonds, not least since there were growing doubts about the extent to which central banks would be able to take policy into restrictive territory, if at all.

In reality though, that German inflation print for May provided significant ammunition to the hawkish side of the argument, with the EU-harmonised reading coming in above every estimate on Bloomberg at +8.7% (vs. +8.1% expected). For reference, that leaves German CPI at its highest level since the 1950s (using the numbers for West Germany before reunification), and that holds even if you use the national definition of CPI, which rose to a slightly lower +7.9% (vs. +7.6% expected). It was a similar story from Spain earlier in the day, which reported inflation on the EU-harmonised measure at +8.5% (vs. +8.3% expected). Speaking to our German economist Stefan Schneider he thinks temporary energy tax reductions should reduce the annual rate to below 7% in June but it’s likely that it’ll be back above 7% by September when this and other charges roll-off, and then only modestly fall into year-end. That’s a long period of high inflation where second round effect and wage pressures can build.

With upside surprises from both Germany and Spain yesterday, that’ll heighten interest in this morning’s flash CPI print for the entire Euro Area, not least since the next ECB meeting is just 9 days away. Indeed, those bumper inflation readings have only added to expectations that the ECB will follow the Fed in moving by a larger-than-usual 50bps rather than 25bps once they start hiking. Overnight index swaps reacted accordingly, and are now pricing in a +33bps move higher in rates by the July meeting, which is the highest to date and leaves it just a few basis points away from being closer to 50bps than 25bps. On top of that, the amount of hikes priced in for the year as a whole rose to 114bps, which again is the highest to date.

Ahead of that meeting, there were some further comments from policymakers, with the ECB’s Chief Economist Lane saying in an interview that “increases of 25 basis points in the July and September meetings are a benchmark pace.” Interestingly he didn’t rule out the possibility of a 50bp move, saying that “The discussion will be had”, but also said that their “current assessment … calls for a gradual approach to normalisation.”

Against that backdrop, there was a significant selloff in European sovereign bonds, with yields on 10yr bunds (+9.4bps), OATs (+8.5bps) and BTPs (+9.9bps) all moving higher. The prospect of tighter policy meant those rises in yields were more pronounced at the front end of the curve, with 2yr German yields up +10.9bps to 0.43%, which is a level unseen in over a decade. The only major exception to that pattern were Swedish government bonds, where 10yr yields were down -6.2bps after the country’s economy contracted by a larger-than-expected -0.8% in Q1, which was above the -0.4% contraction in the flash estimate from April.

Whilst Treasury markets were closed for the US Memorial Day holiday, Fed funds futures provided a sense that the direction of travel was similar in the US to Europe, since the implied fed funds rate by the December FOMC meeting ticked up +7bps. Furthermore, we also had a speech from Fed Governor Waller, who commented that he was in favour of “tightening policy by another 50 basis points for several meetings”, and said that he was “not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2% target”. Up to now, there’s been a pretty strong signal from Fed Chair Powell and others that 50bps were likely at the next two meetings (in June and July), but in September there’s been speculation they might begin to slow down to a 25bp pace, with futures currently pricing in something in between the two at present. In Asia, US sovereign yields are playing catch-up after reopening with 2yr through to 10yr yields 8-11bps higher across the curve.

The main other story yesterday was a significant rise in oil prices, with Brent Crude up +1.97% on the day to close at $121.15/bbl, whilst WTI rose +1.82% to $117.17/bbl. That marks an 8th consecutive daily increase in Brent Crude prices, and leaves it at its highest closing level in over two months, and will not be welcome news for policymakers already grappling with higher energy prices. Part of that increase has come amidst the easing of Covid restrictions in China, but the prospect of an EU embargo on Russian oil has also played a role.

Indeed, following an extraordinary European Council summit, EU leaders agreed late last night, a political deal to impose a partial ban on most Russian oil imports. Under a compromise plan, the 27-nation bloc has decided to cut 90% of oil imports from Russia by the end of 2022 with EU leaders agreeing to exempt Hungary from Russian oil embargo. The embargo will cover seaborne oil and partially exempt pipeline oil thus providing an important concession to the landlocked nation. Following this, oil prices are building on yesterday’s gains with Brent and WTI up just under 1.5% as I type.

Asian equity markets are mostly treading water this morning but with China higher. The Nikkei (+0.13%), Hang Seng (+0.24%) and Kospi (+0.11%) are slightly higher with the Shanghai Composite (+0.75%) and CSI (+0.98%) leading gains after China’s official factory activity contracted at a slower pace. The official manufacturing PMI advanced to 49.6 in May (vs 49.0 expected) from 47.4, as COVID-19 curbs in major manufacturing hubs were eased. This is still three months below 50 now. In line with the weakness in the factory sector, services sector activity remained soft, but did bounce. The non-manufacturing PMI came in at 47.8 in May, up from 41.9 in April.

US equities were closed for the holiday yesterday, but in spite of the prospect of faster rate hikes being back on the table, futures still managed to put in a decent performance, with those on the S&P 500 up over +0.5% around the time of the European close. That’s dipped to +0.2% as I type though. European indices made gains, with the STOXX 600 up +0.59% thanks to an outperformance among the more cyclical sectors, and the index built on its +2.98% advance last week. Those gains were seen across the continent, with the DAX (+0.79%), the CAC 40 (+0.72%) and the FTSE 100 (+0.19%) all moving higher on the day.

Finally, there wasn’t much other data yesterday, although the European Commission’s economic sentiment indicator for the Euro Area stabilised in May having fallen in all but one month since October. The measure came in at 105.0 (vs. 104.9 expected), up from a revised 104.9 in April.

To the day ahead now, and the data highlights will include the flash CPI reading for May from the Euro Area, as well as the country readings from France and Italy. On top of that, we’ll get German unemployment for May, UK mortgage approvals for April, and Canada’s Q1 GDP. Over in the US, there’s then the FHFA house price index for March, the Conference Board’s consumer confidence indicator for May, the MNI Chicago PMI for May and the Dallas Fed’s manufacturing activity for May. Otherwise, central bank speakers include the ECB’s Villeroy, Visco and Makhlouf.

3. ASIAN AFFAIRS

i)TUESDAY MORNING// MONDAY NIGHT 

SHANGHAI CLOSED UP 37.17 PTS OR 1,19%   //Hang Sang CLOSED UP 291.27 PTS OR 1.38%    /The Nikkei closed DOWN 89.63 OR 0.33%          //Australia’s all ordinaires CLOSED DOWN .90%%   /Chinese yuan (ONSHORE) closed DOWN 6,6621    /Oil UP TO 118.25dollars per barrel for WTI and UP TO 119.20 for Brent. Stocks in Europe OPENED  ALL RED       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6621 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6737: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER/

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/

3B  JAPAN

end

3c CHINA

END

END

4/EUROPEAN AFFAIRS//UK AFFAIRS/

European inflation soars to record highs

(zerohedge)

European Inflation Soars To Record High, Pressures ECB

TUESDAY, MAY 31, 2022 – 08:27 AM

Following Germany’s post-Weimar record high inflation print, the European Union’s consumer price inflation data this morning surged to a record high at +8.1% YoY (notably hotter than the +7.8% YoY expected).

Source: Bloomberg

The inflation impulses are broad based across all the major European nations…

Source: Bloomberg

The surge in European inflation is dominated by energy prices rising, and food costs…

Source: Bloomberg

Finally, we note that the recently agreed EU import ban on a major portion of Russian oil, meanwhile, risks further stoking pressure on prices.

The report comes just 10 days before a crucial ECB meeting where officials are set to announce the conclusion of large-scale asset purchases and confirm plans to raise interest rates in July for the first time in more than a decade.

“Inflation is an enormous economic risk,” German Finance Minister Christian Lindner told a news conference in Berlin.

“We must fight it so that no economic crisis results and a spiral takes hold in which inflation feeds off itself.”

President Christine Lagarde indicated last week that quarter-point increases are likely at meetings in July and September.

As Bloomberg reports, Chief economist Philip Lanebacked that timeline on Monday, calling moves of that size a “benchmark pace” in exiting stimulus, which also includes large-scale bond-buying.

Some officials have floated the idea of hiking by a half-point for the first time in the ECB’s history — mirroring the latest Federal Reserve decision. Dutch Governing Council member Klaas Knot has said inflation numbers for May and June will determine whether such a step is warranted.

Get back to work Mrs. Lagarde!

end

EU set to block seaborne Russian oil deliveries. Pipelines are spared

(zerohedge)

EU To Block Seaborne Russian Oil Deliveries, Not Pipeline, To Satisfy Hungary

SUNDAY, MAY 29, 2022 – 02:00 PM

Last week EU leaders held what was deemed an “awkward” summit, as one diplomat attendee put it, given the don’t mention the Russian oil ban elephant in the room. 

Given Prime Minister Viktor Orban’s Hungarian government recently likened a Russian oil ban to dropping a nuclear bomb on its economy (and with some smaller EU countries quietly agreeing with that assessment), there seems a growing consensus – at least behind the scenes – that a total embargo is completely unrealistic and untenable, especially amid steadily ratcheting energy prices.

But the European Commission seems to have quickly changed its tune while facing certain ‘hard realities’, as many predicted, coming off a mere month ago when its head Ursula von der Leyen said, “This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.” Now just weeks later, on Saturday the European Commission hinted it will move toward a ban only on seaborne deliveries, but not pipeline supplies as part of its “phased approach”.

Bloomberg on Saturday cited EU officials privy to the ongoing discussions who pinpointed that this allows a broader ban without significantly impacting Hungary’s primary supply, which is transferred through the massive Druzhba pipeline, which is also the world’s world’s longest oil pipeline.

Industry publications point out that in the month prior to the Russian invasion of Ukraine, some 750,000 b/d of Russian crude flowed through the Druzhba to various refineries in Europe.

Bloomberg writes of the impending modified oil ban that “The proposal would give extra time to Hungary, which has antagonistic the deal, to discover a technical resolution that satisfies its power wishes. It might additionally cope with the worries of different landlocked nations, together with Slovakia and the Czech Republic.”

And further, “Bulgaria would get a transition duration till June or December 2024 and Croatia may get an exemption for imports of vacuum fuel oil. The fee additionally proposed proscribing re-exports of Russian oil provided by way of pipeline to different member states or 3rd nations.”

Hungary’s strong resistance is not the only factor driving a compromised “ban” – as Von der Leyen described in an interview days ago with MSNBC that she fears Russia’s Vladimir Putin “might be able to take the oil that he does not sell to the EU to the world market, where the prices will increase, and sell it for more – and that would fill his war chests.” For example China has reportedly stepped up purchases for its strategic reserves, with India also said to be salivating over more imports.

Von der Leyen said further, “Over time what we do is get rid of the overall dependency of the Russian fossil fuels, all three of them, and never to go back again… If there’s anything Putin has achieved it is that he lost his best client and Europe will never come back, and he pushed us – and that’s good – into the direction of renewable energy.”

As for Hungary and “time” – we highly doubt the Orban government will ever come on board, but likely there could be a status quo situation of more and more exemptions and an ever obstinate Budapest unwilling to make the “sacrifice” that other EU capitals like Berlin and Rome have called for.

end

Greece alerts its tankers in the Gulf after Iran threatens even more retaliation seizures

(zerohedge)

Greece Alerts Its Tankers In Gulf After Iran Threatens More ‘Retaliation’ Seizures

MONDAY, MAY 30, 2022 – 11:45 AM

The government of Greece has issued an alert warning all Greek ships currently sailing in Persian Gulf waters to adapt and remain aware of heightened threats against them following last week’s seizure of two Greek oil tankers by Iran’s military. Maritime tanker monitors suggest at least a dozen Greek tankers are currently in waters near Iran.

The alert told vessels to immediately “adapt to the unacceptable situation and reality created by the Iranian government’s tactic,” according government spokesman Ioannis Oikonomou at a Monday press briefing in Athens, per Bloomberg reporting.

Tasnim news agency over the weekend threatened that 17 other Greek-flagged tankers in the Persian Gulf risk seizure by the Islamic Republic as further retaliation for the US stealing Iranian oil in the Mediterranean when a Russian-flag tanker carrying Iranian crude was recently seized off Greece

“The vessels were seized a day after Athens assisted the United States in seizing an Iranian oil tanker over alleged sanctions violations,” RFERL reported. And Politico noted:

Nour News, a website close to Iran’s Supreme National Security Council, had warned earlier on Friday that Tehran planned to take “punitive action” over Greece assisting the U.S.

Iran struck an apparent act of ‘revenge’ last Friday. Greece’s foreign ministry confirmed that the Greek-flagged Delta Poseidon was boarded by Iranian militants via helicopter, later identified in international reports as IRGC operatives. The ministry had called the act “piracy” and a “violent taking over of two Greek-flagged ships.” At least two Greek citizens were detained in that first boarding.

“A similar incident was reported on another Greek-flagged ship, carrying seven Greek citizens, off the Iranian coast,” the ministry had described of the second ship, identified as Prudent Warrior, which is operated by the Greek company Polembros Shipping.

The Delta Poseidon had been about 22 nautical miles off Iran’s coast in international waters when it was boarded. Elite commandos of the IRGC Navy closely monitor traffic through the narrow but vital Strait of Hormuz passageway, sometimes leading to confrontations also with the US military.

France is among leading Western countries condemning the Iranian action, while of course not acknowledging the US seizure of Iranian oil in the first place. “We call on Iran to immediately release the crew and ships,” a French government statement said, also warning that Tehran must halt its interference of maritime traffic near its waters.

Iran appears poised for a potential return to a scenario akin to the 2019 summer of ‘tanker wars‘ – which was kicked off after Iran seized a British-flagged tanker in the Strait of Hormuz on July 4th of that year, in retaliation for the US/UK-ordered detention of Iran’s ‘Grace 1’ off Gibraltar.

END

GERMANY

German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing

TUESDAY, MAY 31, 2022 – 10:34 AM

German federal police raided Deutsche Bank AG and its asset management arm, DWS Group, in Frankfurt, Germany. DWS has faced accusations of greenwashing ever since the firm’s former head of sustainability said it overstated how much capital was allocated to sustainable investing last August. 

Bloomberg reports the Tuesday morning raid on Germany’s largest lender and DWS is directly related to greenwashing, though precisely what federal police are investigating and who the probe is focused around is unknown. 

DWS’ former chief sustainability officer, Desiree Fixler, went public last year about how the firm exaggerated its use of sustainable investing criteria to manage its assets. DWS has since denied the claims, and the U.S. Securities and Exchange Commission (SEC) and German financial regulator, BaFin, have been investigating the asset management arm. 

DWS shares fell as much as 4.6% on the news. Deutsche Bank owns an 80% stake, and its shares slumped a little more than 2%. 

Fixler has said DWS misrepresented its ESG investing in its 2020 annual report, in which it claimed to have over half of its $900bln assets invested in ESG. 

The Frankfurt public prosecutors’ office said the investigation had been “triggered by reports in the international and national media that the asset manager DWS, when marketing so-called ‘green financial products’ had sold these financial products as ‘greener’ or ‘more sustainable’ than they actually were.”

“After examination, sufficient factual evidence has emerged that, contrary to the statements made in the sales prospectuses of DWS funds, ESG factors . . . were not taken into account at all in a large number of investments,” the prosecutors’ office said, calling this “prospectus fraud”.

Since Fixler left the firm and publicly voiced concern about DWS’ ESG investing, DWS changed its ESG criteria and said it only had $123 billion “ESG assets” for 2021, a 75% decline from a year earlier when it said half of its assets were “ESG integrated.”

The latest raid comes one month after the Deutsche Bank was raided in Frankfurt over suspected money laundering — certainly not a good look for the bank. 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE/RUSSIA

Zelensky signals Donbass could fall soon

(zerohedge)

Zelensky Signals Donbas Could Soon Fall: “Indescribably Difficult” Russian Onslaught

SUNDAY, MAY 29, 2022 – 09:55 AM

In a Saturday night speech Ukrainian President Volodymyr Zelensky gave his most dire assessment to date of the status of Ukraine forces in the eastern Donbas region, where for over at least the last two months Russia has concentrated its forces, following the Feb.24 invasion of the country. Saturday marked the 95th day of the conflict.

He described conditions there as “indescribably difficult” in what marks a notably pessimistic shift and negative tone for the Ukrainian leader, strongly suggesting the fall of Donbas – or at least whole regions such as Luhansk – could be imminent. He identified several intense ongoing battles in places with a large Russian force presence, including Severodonetsk, Lysychansk, Bakhmut and Popasna. Sievierodonets in particular is scene of fierce up-close street battles.

“But our defense holds on,” Zelensky sought to assure the public. “It’s indescribably difficult there. And I am grateful to all those who withstand this onslaught of the occupiers.”

As the AP describes of some instances of “close-quarter combat”:

Ukrainian regional officials reported that Russian forces were “storming” Sievierodonetsk after trying unsuccessfully to encircle the city. The fighting knocked out power and cellphone service, and a humanitarian relief center could not operate because of the danger, the mayor said.

Zelensky in the address also denounced what he called “absolutely senseless, openly barbaric strikes at the Sumy region,” which left at least one person dead and seven wounded and two in critical condition, saying further mortars struck close to a kindergarten.

“These are the enemies chosen by the Russian Federation,” he added. With this, he again called on the West and world leaders to official label Russia as a “terrorist state” – something US has thus far resisted doing, even after Biden previously described Russia’s actions as “genocide”. 

“This is fair and reflects the daily reality that the occupiers have created in Ukraine and are eager to bring further to Europe. And this must be legally enshrined,” he said.

The Biden administration has meanwhile signaled the US is getting ready to ship long-range rocket systems to Ukrainian forces, a major first marking a significant escalation. But given what appears to be Russia’s steady progress over Donbas, it’s likely too-little too-late to turn the tide for the Ukrainians in the East.

Just prior to these latest remarks, on Friday night, the Ukrainian leader vowed he would resist any territorial concessions for the sake of a negotiated peace – as a small handful of Western officials have called for – instead saying that Donbas will be “Ukrainian again”.

“We are protecting our land in the way that our current defense resources allow,” he had said according to a presidential office transcript. “We are doing everything to increase them. And we will increase them.” However, all of this appears to be preparing the public and his Western backers to brace for bad news in the days and weeks ahead. As we noted Friday, even The Washington Post has changed its narrative, suggesting for the first time that things are looking worse for Ukraine’s military than previously thought.

END

Russian forces capture most of the last major holdout city in Luhansk

(zerohedge)

‘Mariupol Repeat’: Russian Forces Capture Most Of Last Major Holdout City In Luhansk

TUESDAY, MAY 31, 2022 – 04:40 PM

Russian forces have reportedly seized most of Severodnetsk city in eastern Ukraine, which represents the last Ukrainian stronghold and major city of the Luhansk region. Less than 24 hours ago, multiple international outlets reported Russian forces had gained half the city.

On Tuesday Western media outlets reported intense street by street fighting and warned of a ‘Mariupol repeat’ – strongly suggesting Russian forces are about to imminently capture the city. “The city is still in Ukrainian hands, and it’s putting up a fight… (but) evacuations are not possible due to the fighting,” head of the city council, Oleksandr Stryuk, announced.

But on a strategic level, Severodnetsk is even more important that Mariupol. Sky News reports, referencing Russian President Vladimir Putin, “If his forces capture Severodonetsk, it would give Moscow control of the whole of Luhansk – and would be his biggest victory in the invasion so far.”

Sky News details Tuesday based on local sources:

Yesterday, Russian forces were at the eastern edge of Severodonetsk – and had taken a power station and a hotel. Overnight, they have slowly moved in towards the center of the city.

Small Ukrainian units which were holding up the Russian advance have had to pull back, with reports suggesting they are moving to the west of the Siverskyi Donets river, towards the city of Lysychansk.

Giving an update from a pocket of resistance that has held back the broader Russian offensive in the Donbas, Serhiy Hayday, the Luhansk governor, told Ukrainian state television there were around 15,000 civilians left in Severodonetsk.

By all accounts, Russian troops have now penetrated deep into the city. Over the weekend Ukraine’s President Volodymyr Zelensky admitted for the first time that the situation of his forces on Donbas remained “very difficult”.

He described last night in an update during his daily address that 90% of Severodonetsk’s houses had been damaged. “More than two-thirds of the city’s housing stock has been completely destroyed,” he said. “There is no mobile connection. Constant shelling.”

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1531680419212664836&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmilitary%2Fmariupol-repeat-russian-forces-capture-most-last-major-luhansk-holdout-city&sessionId=3b3ac06c11386e691ad13066b01f432c117437dc&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

On the Russian side, Foreign Minister Sergei Lavrov told French television that for Moscow it reamains an “absolute priority… to push the Ukrainian army and the Ukrainian battalions out” of Donetsk and Luhansk.

Plumes of orange smoke have been seen above the city, following a reported Russian strike on a chemical plant:

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1531689704030093312&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmilitary%2Fmariupol-repeat-russian-forces-capture-most-last-major-luhansk-holdout-city&sessionId=3b3ac06c11386e691ad13066b01f432c117437dc&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

This also after Western pundits and officials have slowly begun to realize that Russia’s advance in the east is steadily gaining, in contrast to some prior reports and broader narratives suggesting the Ukrainians were winning there.

end

IRAN/ISRAEL

Another attack on a research unit inside Iran with Israel the most likely instigator.

(Porter/Libertarian Institute)

Iranian Military Base Attacked With Drones ‘Launched From Inside Iran’

MONDAY, MAY 30, 2022 – 10:40 PM

Authored by Will Porter via The Libertarian Institute,

An apparent drone attack targeting Iran’s Parchin military complex earlier this week was launched from within the country, The New York Times reported, suggesting the deadly incident followed a “pattern” of previous strikes carried out by Israeli operatives.

Blasts erupted at a research unit at the sensitive military site last Wednesday, killing a young engineer and injuring one other person, according to the Times, which cited three Iranians and one US official familiar with the incident. The sources said the attack involved multiple quadcopter suicide drones, but did not specify their make.

While Iranian officials initially said the explosions were the result of an “industrial accident,” the government later suggested the site was attacked, also identifying the slain engineer as Ehsan Ghadbeigi, who it deemed a “martyr.”

Given the short range of quadcopter drones and Parchin’s significant distance from Iran’s borders, Iranian sources told the Times that the assault must have been launched from within the country, not far from the complex.

No actor has claimed responsibility for the blasts, and Tehran has yet to publicly cast blame, though the Times noted that “the attack fit a pattern of past Israeli strikes,” including an assault in February in which six quadcopter drones detonated near a factory in the city of Kermanshah.

Weeks later, Iran’s Islamic Revolutionary Guard Corps (IRGC) retaliated with a missile salvo into Iraqi Kurdistan, claiming to target a site used by Israeli intelligence agents planning attacks on Iran.

The strikes on Parchin came just days after an IRGC officer was assassinated by gunmen in the Iranian capital. According to the TimesIsraeli officials told US counterparts they were behind the killing, but Tel Aviv did not publicly confirm involvement, in line with its typical policy. 

In addition to the drone bombings and other assassinations targeting Iranian scientists in the past, a string of mysterious explosions have also rocked Iranian nuclear infrastructure in recent years, such as one high-profile incident in April 2021 at the Natanz site, a major uranium enrichment facility.

Israel has been a top suspect in each case given its history of operations inside Iran, and Tehran has explicitly blamed the country for a number of the incidents.

end

UKRAINE/RUSSIA/USA

USA will not send Ukraine long range rockets that can reach Russia

(DeCamp/Antiwar.com)

US Will Not Send Ukraine Long-Range Rockets That Can Reach Russia, Biden Says

TUESDAY, MAY 31, 2022 – 07:37 AM

Authored by Dave DeCamp via AntiWar.com,

President Biden on Monday told reporters that the US will not send Ukraine rocket systems that can strike targets inside Russian territory. “We’re not going to send to Ukraine rocket systems that strike into Russia,” Biden told reporters.

Biden’s comments came after several media outlets reported that the administration was leaning towards providing Ukraine with Multiple Launch Rocket Systems (MLRS), which Ukrainian officials have been requesting for months.

A White House official later clarified Biden’s comments and said sending the MLRS is still on the table, but that it wouldn’t have long-range capabilities. “MLRS is under consideration, but nothing is on the table with long-range strike capabilities,” the official said.

If equipped with long-range munitions, the MLRS can reach targets up to 190 miles away. But the US could potentially send Kyiv the MLRS with shorter-range rockets that can reach between 20-45 miles, which would still be the longest range weapons given to Ukraine.

The shells fired by the M777 Howitzers the US has been shipping to Ukraine can hit targets about 15 miles away.

After the reports came out that the US was considering giving Ukraine long-range rockets, Russian officials warned strongly against the move. Russian Foreign Minister Sergey Lavrov said it would be a “serious step towards unacceptable escalation.”

Former Russian President Dmitry Medvedev, who currently serves as the deputy head of Russia’s Security Council, welcomed Biden’s decision not to give Ukraine weapons that can hit Russia, calling it “rational”.

The US is expected to announce a new weapons package for Ukraine soon that will be taken from the new $40 billion aid package Biden recently signed into law.

RUSSIA/UKRAINE//

MoA – Ukraine Bits: Russian Artillery – Counter Attacks – New Missile Systems

Inbox

Robert Hryniak9:49 AM (5 minutes ago)
to

A very realistic take on the Ukrainian fiasco. For all intents and purpose the conflict never could have been won by the Ukraine nor was this this the intent. Not withstanding the globalized grand standing of Zelensky, who will soon worry about his lies encountering reality as even the streets of Kiev are now seeing demonstrations against the conflict and the lies of mythical victories. And it will end in a tragedy for the Ukraine and many of the hands that have to its’ demise and loss of potential.
Previously, i have told you that Ukraine and the “last” Ukrainian was expendable in a proxy conflict designed to bring forth the “Great Reset” by causing America and NATO to engage directly with Russia first and then China to usher Klaus’s delusional dream of communism. Everything daily you are seeing is the playbook of this crowd. Own nothing and be happy is their cry. They forget to to tell you that you may have to starve along the way to this utopia.
Europe is and will learn there are consequences to rash decision making and blaming Russia will soon find shallow ears amongst the public. Frankly, outside of certain delusional actors, Europeans do not give a shit about about the Ukraine. And in fact, certain countries have already started to send back Ukrainian refugees. No doubt countries like Poland will see their youth will enjoy the influx of young Ukrainian women and not have much time for the balance; no one wants more welfare hands. And yes, there will be more Ukrainian dishwashers while Poles move on to Germany for higher pay. Such is reality of a flood of refugees.
Globally, this ignited conflict has set the world on a course not planned nor foreseen by the failed ideology and delusional inept actors trying to perform roles they are totally unqualified for, leading economies headlong into disaster. Just look  at the crowd in DC. From a lack of baby formula to a lack of bread to diesel fuel shortages, to violence. And yes this will worsen as the pain dial increases based on decisions and actions already taken.
So, is it any wonderment that daily, the number of people seeking refugee from this insanity grows and upheavals escalate as economies weak to start, falter and fall. Buckle up because events will soon accelerate as actions start to collide with realities not seen.

https://www.moonofalabama.org/2022/05/ukraine-arty.html#more

end

Reality of war is awful

Inbox

Robert Hryniak8:24 AM (14 minutes ago)
to

“We have to move – We will die!” 
5/29/22 By WarNews 24/7

The second part of the confrontation between the British and American special forces with Spetsnaz in Eastern Ukraine has been published. In the 7-minute video, the Russians locate the group that dropped an anti-tank “Matador” on the BTR-80.

A battle ensued in the forest with British and American forces then falling into a Russian ambush. Mine seriously injures a member of their team.

The dialogues that follow are shocking.

The leader of the group is 30-year-old Ben Grant, son of the British MP Toris, Ellen Grant. Grant served for 5 years as a Paratrooper in the Marine Corps.

According to Grant, this is a joint operation of American and British special forces. The operation lasted 15 hours and was supported by 14 other Ukrainian soldiers.

Grant claims that about eight Russian soldiers were reportedly killed in the attack. The losses of the British and Americans are unknown. However, according to information, the audiovisual material lasts 40 minutes in total. The rest has not been made public.

“The Russians spotted us with drones – I have never experienced anything like this in my life” 
“My 15-member unit, consisting of British and American volunteers and two Ukrainian translators, was preparing for an attack on a Russian target near Kharkov when we were ambushed.

I think they must have spotted us in advance with drones and set up their lines; so as we went on shots were fired as you can see.

“Dean was at the end of my group when he went to his knees; we shot, we lowered our heads and we shot them. I was terrified but he pushed me to complete my most important goal, which at that time was to get him and my team out of danger.

“What was so frightening was to restrain myself so much trying to carry someone when I could not lift my weapon, while there are attack helicopters from above and tanks flying into the woods. It was unreal – I have never experienced anything like this in my life. “

“We have to move now or we will die!” 
Ben Grant is heard in the video shouting: “We have to move now or we will die!” as he and his companions dragged Dean Arthur to safety in the forest north of Kharkov.

In the dramatic scenes, Grant and his unit take care of Arthur’s leg and tell him, “You have to try to walk or we’ll die, man.”

He said the mine – believed to be remote-controlled – exploded near Arthur , “opening half his leg”, adding: 
“I try to give first aid in the middle of the battle while there are Russians shooting at us and around us it is so difficult.”

Another soldier, Edwin Saez, 22, is trying to heal Dean’s leg wound as Grant’s unit responds to fire.

Many times the British team tries to hide and Arthur screams in pain, but Grant motivates him by saying: “Come on Dean, come on, they will shoot us, come on”.

With the bullets passing over their heads, the British-American team lies on a stretcher to assess Arthur’s injury, cutting off his uniform to see the wound.

Grant tells Arthur :

“Are you okay bro?” It is OK. Din… bravo, bravo… we have to leave, come on, I can not leave you. Grab his helmet – someone to help! Helmet! Helmet! You have to try to walk or we will die, man. “

Arthur: I was very lucky – Many did not return 
Arthur, 42, of Staffordshire Stoke-on-Trent, said: ” All I can remember is that we attacked. We beat their positions with an RPG. A few seconds later I was on the ground.

“One of the children came to me.” It was excruciating pain, with incoming fire, artillery, I remember the guys grabbing me saying, “Go, go.” We met a doctor, he helped me, he gave me morphine.

“I don’t remember much. I remember being put on a stretcher for the last kilometer. They took me out, man, they took me out. 
“I was really lucky at the end of the day. “So many men did not return that day.”

Photos and INTENSE videos at Source: 
https://warnews247.gr/enedra-spetsnaz-se-vretanous-amerikanous-akolouthoun-epta-lepta-kolasis-sygklonistikoi-dialogoi-en-meso-kataigismo-pyron/

end

Today’s update 

Inbox

Robert HryniakSun, May 29, 6:59 PM (13 hours ago)
to

May 29, 2022  ·  at 2:48 pm EST/EDT

Military expert Boris Rozhin with a brief summary of the results of the operation to denazify and demilitarize Ukraine as of 21.20 May 29, 2022, specially for the Voenkor Kotenok Z @voenkorKotenok channel :
1.
Svetlodarsk.
Fighting in the area of ​​​​Novoluganskoye and at the Uglegorsk TPP.
Fighting is going on in the Klinovoe area. The liberated settlements switched to the republican supply.
2.
Artemovsk.
Fighting in the Pilipchatino area, which is located in a semi-encirclement.
The section of the road between Artemovsk and Soledar is also under fire from Russian artillery. Artillery and rocket strikes continue to be carried out on the positions of the Armed Forces of Ukraine in the city area.
3.
Soledar.
Fighting at Stryapovka and Novaya Kamenka.
There are battles near Belogorovka, Nagorny and Berestovoye.
The Soledar-Lysichansk highway is subjected to heavy fire impact. Losses of the APU when using this route are growing. The enemy uses up to two BTGs to try to push our troops back to Lipovoe and Vasilievka.
4.
Golden.
A little less than half of Kamyshevakha has been cleared. Fighting is going on near the western outskirts of Toshkovka and in Ustinovka. Attempts by the Armed Forces of Ukraine to return part of the positions in Toshkovka were not successful.
Fighting continues in Zolote. The enemy is still holding the cut.
5.
Severodonetsk.
Fighting in the city, where our troops entered after taking the Mir Hotel area and the bus station. The enemy never received an order to retreat from the city. Fights – in residential areas, the industrial zone will obviously be left for later.
The group’s communications in Severodonetsk are disrupted, and normal communication with Lisichansk is associated with losses.
There are fights in the area of ​​Voronovo, Borovskoye and Metelkino. Lisichansk is not yet stormed.
6.
Avdiivka.
The slow advance north of Avdiivka and the fighting in the industrial area continue.
There are also battles near Krasnogorovka, Novoselka-2, as well as on the southern outskirts of New York. A rapid pace of advancement is not expected here, since, in fact, echeloned fortified areas are being hacked.
7.
Red Estuary.
After occupying Krasny Liman, the RF Armed Forces are clearing the adjacent forests north of the Seversky Donets.
The positions of the Armed Forces of Ukraine are being processed north of Slavyansk and in the Raygorodok area. The enemy notes preparations for a strike by the RF Armed Forces on Seversk in order to cut off the only road along which the Severodonetsk grouping can fully retreat if it decides to leave Lisichansk and Severodonetsk in an organized manner. Seversk is actively preparing for defense.
8.
Raisins.
Positional battles in the area of ​​Kamyshevakhi, Dolgenkiy, Kurulka.
Fighting is going on in the Bogorodichny area in order to capture Svyatogorsk in order to encircle or force the APU group holding Svetogorsk to retreat.
The enemy expects an early resumption of the offensive of the Izyum grouping on Slavyansk or Barvenkovo. The grouping of the Armed Forces of Ukraine was reinforced by forces withdrawn from the Kharkov direction and transferred from Dnepropetrovsk.
9.
Kharkiv.
Positional battles on the line Cossack Lopan-Liptsy-Ternovoe-Rubezhnoye. Attempts by the Armed Forces of Ukraine to advance in this direction ended in heavy losses (especially in the Ternovoye area), after which the hostilities again took on a positional character. The plans of the Armed Forces of Ukraine to push the Russian troops to the border failed, limiting themselves to the occupation of several villages on the outskirts of Kharkov and north of Chuguev. The Armed Forces of the Russian Federation are clearly not planning active offensive actions near Kharkov at this stage, limiting themselves to holding down actions.
10.
Kherson.
The attack attempt of the Armed Forces of Ukraine in the Davydov Brod area ended in much the same way as the attack attempt in the Gulyai-Pole area – the strike group came under artillery and aviation fire and suffered heavy losses. The fighting took on a positional character. Nevertheless, the enemy clearly plans to continue probing the possibility of advancing northwest of Kherson from Krivoy Rog and Nikopol, where armored vehicles and artillery are being accumulated. We can expect an intensification of hostilities in this area in the coming weeks.
11.
Odessa, Nikolaev, Maryinka, Ugledar, Gulyaipole, Velyka Novoselovka – no changes.

@voenkorKotenok
83.3Kviews
edited
14:25

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

Steve Organ9:13 AM (36 minutes ago)
to me

Big Pharma Boss Caught FAKING His COVID Vaccination Status; Injected Himself With Salt Water Instead… Now Facing Criminal Charges

2 days ago10.7kViews

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While the WHO and our political leaders want us to trust in the COVID vaccines and push for legal measures to force it upon us, it seems even Big Pharma executives don’t even trust the safety of the vax.

Police have charged Jose Maria Fernandez Sousa-Faro, the president of European pharmaceutical behemoth PharmaMar, with being falsely vaccinated against COVID-19. Dr. Sousa-Faro is embroiled in a European controversy involving individuals, many of whom are well-known figures, being added to the National Immunization Registry in exchange for large sums of money.

According to police sources and El Periodico de Espana, Sousa-Faro arranged to be injected with a saline solution instead of a COVID-19 vaccination and spent hundreds of euros to have his name added to Spain’s immunization register.

Dr. Sousa-Faro is one of almost 2,200 celebrities and European elites who have been erroneously vaccinated against Covid, according to a list compiled by National Police.

Jose Maria Fernandez Sousa-Faro, president of European pharmaceuticals giant PharmaMar, has been charged by police with being falsely vaccinated against Covid-19. Dr. Sousa-Faro has been caught up in a scandal in Europe involving people being added to the National Immunization Registry in exchange for large sums of money, with many of them familiar faces and household names.

Police allege that Sousa-Faro arranged to be injected with a saline solution instead of a Covid-19 vaccination and paid thousands of dollars to have his name added to Spain’s immunization register, as confirmed by police sources and reported by El Periodico de Espana.

Dr. Sousa-Faro is among more than 2,200 celebrities and European elites on the list drawn up by National Police of those falsely vaccinated against Covid.

According to El Mundo, Spanish police carried out the investigation called Operation Jenner which uncovered the vast network of celebrities and elites who have paid money to have their names fraudulently entered on the National Immunization Register, despite refusing to be vaccinated.

Euro Weekly News report: The leader of the network was nursing assistant at the La Paz University Hospital, where he is accused of charging more than €200,000 euros for fraudulently registering 2,200 people as vaccinated in the National Registry against Covid-19. He has been arrested and is currently in custody.

Among those accused are Bruno González Cabrera, a defender who played for Betis, Getafe, Levante and Valladolid. Fabio Díez Steinaker in beach volleyball, runner-up in Europe and fifth in the Sydney Olympic Games. The former Valencian boxer and wrestler José Luis Zapater, alias Titín, who starred in more than a thousand fights.

The famous people invesitaged so far includes: José María Fernández Sousa-Faro, President of PharmaMar, Trinitario Casanova, one of the richest men in Spain, Kidd Keo, trap singer in English and Spanish, Anier, rap singer, Jarfaiter, rap singer, Veronica Echegui, actress, Bruno Gonzalez Cabrera, soccer player, Fabio Díez Steinaker, former beach volleyball Olympian, José Luis Zapater, alias Titín, former boxer, Camilo Esquivel, recognized and prestigious doctor.

According to the police who are investigating the 2,200 false Covid-19 vaccination certificates, the fee was dependent on your social standing. The more important you were, the higher the price.

BIG PHARMACOVID-19 VACCINEVACCINE HESITANCYVACCINE SAFETY

end

Dr Paul Alexander…

Boettler et al: HEPATITIS post COVID shot: “highly activated T cells accumulate and are evenly distributed in the different areas of the liver with liver inflammation following SARS-CoV-2 vaccination”

An important hepatitis flag signal study we wish to keep you informed of for your decision-making

Dr. Paul AlexanderMay 30

“Conclusions: COVID-19 vaccination can elicit a distinct T cell-dominant immune-mediated hepatitis with a unique patho-mechanism associated with vaccination-induced antigen-specific tissue-resident immunity requiring systemic immunosuppression.

Lay summary: Liver inflammation is observed during SARS-CoV-2 infection but can also occur in some individuals after vaccination and shares some typical features with autoimmune liver disease. In this report, we show that highly activated T cells accumulate and are evenly distributed in the different areas of the liver in a patient with liver inflammation following SARS-CoV-2 vaccination. Moreover, within the population of these liver-infiltrating T cells, we observed an enrichment of T cells that are reactive to SARS-CoV-2, suggesting that these vaccine-induced cells can contribute to liver inflammation in this context.”

SOURCE:

Boettler et al.: SARS-CoV-2 vaccination can elicit a CD8 T-cell dominant hepatitis

END

Byram Bridle – vaccinologist reviews biodistribution study

Inbox

Neil Alho4:07 PM (6 minutes ago)
to bcc: me

This is long/technical document that discusses the biodistribution of the C0ViD injections.

The original statement from officials was that the mRNA (shot) would stay localized in the muscle tissue near the injection site then some would make its way to the draining lymph nodes where the immune response would be initiated.

Dr Bridle inspects Pfizer’s pre-clincial biodistribution study (submitted to the Japanese health regulatory agency) and discovers that the shot wasn’t localized to the injection site at all, but becomes a systemic distribution – spreads throughout the whole body. The implications of this are quite concerning from a health perspective for those who have received the shot.

https://viralimmunologist.substack.com/p/a-moratorium-on-mrna-vaccines-is?s=r

I really like his (St Augustine’s) quote at the end… truth is like a lion, you don’t need to defend it; Let it loose and it will defend itself...

Neil

END

GLOBAL ISSUES/SUPPLY CHAINS

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

VACCINE IMPACT/

44,821 Dead 4,351,483 Injured Following COVID-19 Vaccines in European Database of Adverse Reactions

May 28, 2022 4:57 pm

The European (EEA and non-EEA countries) database of suspected drug reaction reports is EudraVigilance, verified by the European Medicines Agency (EMA), and they are now reporting 44,821 fatalities, and 4,351,483 injuries following injections of five experimental COVID-19 shots. From the total of injuries recorded, almost half of them (1,972,105) are serious injuries. Here are some faces and names to put on these cold, hard statistics, as these “vaccines” continue to destroy people’s lives.

Read More…

California to Pass Law Preventing Doctors from Prescribing Ivermectin as Fully Vaccinated Gov. Newsom “Tests Positive” for COVID to Push Pfizer Drug Paxlovid

May 29, 2022 4:52 pm

California Governor Gavin Newsom reportedly tested positive for COVID yesterday (May 28, 2022), 10 days after receiving his second booster COVID vaccine. Given the fact that PCR tests are meaningless when it comes to detecting “viruses,” one has to wonder what kind of media event is behind this announcement. We probably do not have to look far to find an answer, as the California State Legislature is about to pass AB-2098 which will make it illegal for doctors in California to prescribe any drugs for COVID that are not approved by the FDA and CDC, such as ivermectin and hydroxychloroquine. It was reported that Newsom is taking Pfizer’s new Paxlovid anti-viral drug. Paxlovid has been criticized for actually causing symptoms of COVID, and during its trials it was only given to those not vaccinated against COVID, whereas almost everyone taking it today has already been vaccinated, such as Newsom. If AB-2098 is passed in California, many doctors who currently prescribe natural treatments such as Vitamin C, or the older drugs that have shown a near 100% cure rate for the symptoms associated with COVID, will face losing their license to practice. I expect Gov. Newsom to have a full “recovery” with credit given to the new Pfizer wonder drug. This is similar to what happened in October of 2020, when it was announced that then President Donald Trump had tested positive for COVID with “mild symptoms,” and that he was taking new COVID drugs, including remdesivir, which caused the stocks in these drugs to skyrocket overnight. As I have written many times in the past, it does not matter what political party one belongs to, as no politician can hold a major political office in the United States without serving the Pharmaceutical Cartel. Democrats and Republicans alike are pro-pharma, pro-drugs, and pro-vaccines.

Read More…

Russia Develops New Test to Detect “MonkeyPox Virus” Then Creates the Vaccine for MonkeyPox in Less Than 30 Days

May 30, 2022 1:20 pm

Back in August of 2020, Russia shocked the world by announcing that they had developed the world’s first vaccine for the “new” coronavirus, seemingly taking delight in the fact that they beat the Americans to the market. It was named “Sputnik V,” reminding the Americans that they were the first ones to launch a rocket into space during the Cold War era in the space program race with the U.S. back in the 1960s. It was also apparently a mock on Trump’s “Operation Warp Speed” which was still months away from producing their first COVID-19 vaccine. Giving further signs now that the “monkeypox virus” is the new plandemic that is going to be rolled out to the world to instill fear and sell vaccines, Russia announced this month (May, 2022) that they have developed a new test to allegedly detect the monkeypox virus, and then shortly after that they announced a new gene-based smallpox vaccine that had allegedly been developed in less than 30 days which will also reportedly work against monkeypox. In addition to this “new” smallpox vaccine, a drug company of an existing smallpox vaccine in Russia just announced that they can produce up to 10 million doses or more per year.

Read More…


Michael Every//

Michael Every on the day’s most important topics

Rabo: I Love It When Biden’s “Plan For Fighting Inflation” Comes Together… I Just Don’t Know What It Is

BY TYLER DURDEN

TUESDAY, MAY 31, 2022 – 09:54 AM

By Michael Every of Rabobank

The Wall Street Journal is now running an op-ed by one Joseph R. Biden, Jr. titled ‘Joe Biden: My Plan for Fighting Inflation. The sub-headline is, “I won’t meddle with the Fed, but I will tackle high prices while guiding the economy’s transition to stable and steady growth.” In short, he will: 1) let the Fed raise rates as needed; 2) reduce costs for families by boosting the productive capacity of the US economy; and 3) lower Federal budget deficits. I love it when a plan comes together. I am just not sure what the plan is.

  • President Biden will meet Fed Chair Powell today for the first time since November to “discuss the state of the American and global economy.” Will the meeting back what Waller said yesterday: several more 50bp rate hikes past “neutral” territory of 2.50%, so 200bp from here?
  • On “productive capacity”, does this involve on-, near-, or friend-shoring supply chains, industrial policy, a massive step up in US involvement in (maritime) logistics, and/or capital controls? If not, it’s not much of a plan for inflation.
  • Tighter fiscal policy is going to be very unpopular into the mid-term and presidential elections, and runs counter to current attempts to resuscitate parts of ‘Build Back Better’.

In short, it looks to be higher rates or nothing. Yet on all fronts above the bond market is long and wrong pricing for a Fed pivot, and the FX market short and caught if seeing a weaker dollar. The early post-Memorial Day trading seems to concur, with Treasury yields up around 10-11bps and DXY up too. More so as Brent sits at nearly $122 and WTI at $118, thumbing their noses at ‘high prices cure high prices’ without the Fed having to stop them and the commodity barter trade emerging outside the US dollar system.

The EU is claiming its plan came together as it finally bans seaborne Russian oil, with a temporary exemption for pipeline oil, stopping 2/3 of that flow. Will that hit Russia? Unless the EU is going to stop using oil –which is not the case– it means supply-chain reshuffling as (discounted) Russian oil goes off somewhere else, and the pricier oil they had been buying heads to the EU at higher logistical cost. So that could hurt Russia – and the EU. Indeed, what is the broader EU inflation plan as Spanish (8.7% y-o-y) and German (7.9% y-o-y) CPI soars, the latter to a 60-year high, despite energy subsidies? Boost productive capacity in a mercantilist net exporter seen trade deficits due to higher import prices? Tighter fiscal policy that inflames populism?

Again, we are back to rates – yet the ECB is making clear Fed 50s are European 25s, and how many hikes could Europe’s periphery take at all before things crack? Traditionally, QE would solve all, but that may no longer be the option it once was. In which case,… [fill in plan here, ECB].

Yesterday saw a big market call on EM-like downside risks to GBP that echoes one I’ve been making for some time more broadly: not the truly EM-like behavior of PM Johnson, but that alongside structural, not cyclical, supply-side commodity shocks, and resulting high inflation, if DM use too much fiscal and monetary stimulus (i.e., QE) to compensate —while running trade deficits— they can see their currencies collapse like EM. We aren’t there yet, but we could be if we magic up trillions “because markets” in the face of a physical shortage of the imported building blocks of a modern economy. That is how most EM operate 24/7. Post-2008, DM thought the rules were different for them. Maybe they no longer are. Ask Japan for details.

The real risk may then be the current market bull case – that in September the Fed throws in the towel and pivots back to rate cuts and more QE. If that happens as supply-chain issues and commodity squeezes linger (on geopolitical purpose: “Russia should cut oil output by 30% to get better price, Lukoil’s Fedun says”), we have a true mess.

Yes, the dollar would initially tumble – but almost everyone else would also then slash rates and do QE too (or 6), in which case it would bounce. Even so, commodity barter trade would likely soar along with commodity prices. Maybe bond yields would be lower: yet they, and the FX they are denominated in, wouldn’t buy you as much of anything you actually need.

This may sound like ‘Bretton Woods 3’, but such a ‘system’ implies collapse and chaos. Does that mean it won’t happen? No. But it also means the odds are higher that the alterative *has* to – more aggressive US policy action, across dimensions, to keep the current Eurodollar system together in some form.

This logically implies rates are going to have to rise until commodities crack. Given demand for them is largely inelastic, that scenario is incredibly ugly. Yes, on the other side we get much lower inflation. Just not yet, Mr. Market. Or at least that’s the big picture global view. Individual national data, and curves, will try to tell their own stories until they can’t.

Meanwhile, many EM are already in dire straits. Sri Lanka is in chaos. Even nuclear-armed Pakistan is warning it faces economic collapse if it doesn’t get $36bn in FX financing ahead. Do we have a plan for that on the table in the form of Fed Swaps –for US allies– when Biden and Powell meet? Don’t hold your breath, EM: do hold on to your dollars for now; and your food supplies; and your oil, which was already looking at the best run of monthly gains in a decade.

And what is China’s plan? As it partially reopens Shanghai, pushing commodity prices higher, it can claim zero-Covid works.… until it flares up again, as it has everywhere else. Then rinse and repeat, literally, given its manufacturing PMI for May was 49.6 and services 47.8, which was better than expected. Then again, Bloomberg says ‘Chinese Banks Overflow With Cash That Nobody Wants to Borrow’, which is hardly positive,… and yet totally expected.

Geopolitically, China’s grand Pacific Island plan was also locked down, with the regional summit yesterday rejecting it after Australian (and US?) lobbying, and that devastating letter from the President of Micronesia. China also just threatened Israel it will downgrade relations with it if the Jerusalem Post doesn’t remove a recent interview with Taiwan’s foreign minister from its website: talk about ‘Face’. Binary geopolitical competition is now off the drawing board and onto the world map. Large firms can no longer ignore this, even if large asset-managers evidently can.

Please put your A-team to work on a plan for this kind of ‘not new normal’ global backdrop: “I pity the fool” who doesn’t.

end

7. OIL ISSUES//ELECTRICITY ISSUES/USA

Brent Tops $122 After EU Agrees On “Partial” Ban Of Russian Oil

MONDAY, MAY 30, 2022 – 06:36 PM

After days of leaks, late on Sunday Bloomberg confirmed that European Union leaders agreed to pursue a partial ban on Russian oil, setting the stage the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine…

… with some member states reportedly already pushing for a seventh EU sanctions package… although considering that Russian oil exports have hit record highs ever since the Ukraine war erupted, one wonders if this round of “sanctions” will be just as worthless as all the previous ones.

The sanctions – as previewed last week – would ban the purchase of crude oil and petroleum products from Russia delivered to member states by sea but include a temporary exemption for pipeline crude (at the insistence of Hungary and German), European Council President Charles Michel said late Monday during a summit in Brussels.

“This immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine,” Michel said in a tweet. “Maximum pressure on Russia to end the war.”

Of course, that’s just propaganda for the idiot masses: as we have shown previously, it is thanks to Europe’s laughable “sanctions”, that Russian oil revenues have soared by 50%, hitting a record high, and sending Russia’s current account to all time highs.

Officials and diplomats still have to agree on the technical details and the sanctions must be formally adopted by all 27 nations. As we reported previously, Hungary, which will continue to receive Russian oil via pipeline, had been blocking an embargo for the past month as it sought assurances its energy supplies wouldn’t be disrupted.

Of course, if one actually reads the fine print, the latest round of “sanctions” is even more laughable then the previous ones: the European Commission has proposed to ban crude oil six months from inaction, while refined petroleum products would be halted in eight months, which of course is ridiculous as the Ukraine war will be long over by then. Meanwhile, showing just how turn Europe actually remains, shipments of oil through the giant Druzhba pipeline to central Europe will be spared until a technical solution is found that satisfies the energy needs of Hungary and other landlocked nations.

Seaborne supplies account for about two-thirds of Russian oil imports, and once in place, the measure would cost Putin up to $10 billion a year in lost export revenue, according to Bloomberg calculations. That’s because the ban would force Russia to sell its crude at a discount to Asia, where it’s already changing hands at about $34 a barrel cheaper than the price of Brent futures. Of course, while Russia will quickly compensate for that discount once the price of spot Brent rises by – say – $10, it will be Europeans who end up with exploding gas bills.

The latest “sanctions” package also proposes another softball ban on insurance related to shipping oil to third countries… which is also absolutely toothless as it won’t take effect until six months after the adoption of the measures, from the previously proposed three-month transition. That adds to a longer list of concessions since the proposal was originally put forward by the EU’s executive arm in May, all meant to appease German while appearing to act tough on Russia.  

It gets even funnier: some countries will also have a longer transition for the seaborne oil ban. For Bulgaria, a transition period until June or December 2024 is envisioned, while Croatia could get an exemption for imports of vacuum gas oil, which is used to make products including gasoline and butane.

The EU’s efforts to limit price spikes and Russia’s ability to divert its oil exports in the event of a European embargo had already been watered down in earlier negotiation rounds after a plan to ban tankers from transporting oil to third countries was abandoned.
A plan to ban Russians from purchasing real estate in the EU was dropped from the deal, according to a person familiar with the negotiations. Haggling over the terms of the EU’s oil embargo also led other member states to seek exemptions.

Meanwhile, as Europe’s revels in the laughable pomp of yet another toothless round of sanctions, Russia – the wolrld’s 2nd largest exporter of oil (and perhaps 1st if Saudis are having a bad month), shipped about 720,000 barrels a day of crude to European refineries through its main pipeline to the region last year. That compares with seaborne volumes of 1.57 million barrels a day from its Baltic, Black Sea and Arctic ports.

According to Bloomberg, some of the other measures in the proposed EU sanctions package include:

  • Cutting three more Russian banks off the SWIFT international payments system, including Russia’s largest lender Sberbank.
  • Banning the ability to provide consulting services to Russian companies and trade in a number of chemicals.
  • Sanctioning Alina Kabaeva, a former Olympic gymnast who is “closely associated” with Putin, according to an EU document; and Patriarch Kirill, who heads the Russian Orthodox Church and has been a vocal supporter of the Russian president and the war in Ukraine. Hungary, however, is opposed to sanctioning Kirill, the people said.
  • Sanctioning dozens of military personnel, including those deemed responsible for reported war crimes in Bucha, as well as companies providing equipment, supplies and services to the Russian armed forces.

In any case, between Europe’s surprising ability to agree on something, even if it is yet another symbolic and theatrical round of “sanctions”, and China effectively “defeating” covid over the past week…

… which has resulted in the end of lockdown measures in Shanghai and Beijing, Brent topped $122 and WTI was trading above $117.

One can only imagine where oil would be trading if Biden hadn’t taken the political decision to drain the US Strategic Petroleum Reserve just so dems had even a glimmer of a chance come November…

end

IRAN/GREECE

8 EMERGING MARKET& AUSTRALIA ISSUES

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

END

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

Euro/USA 1.0698 DOWN 0.0074 /EUROPE BOURSES //ALL RED

USA/ YEN 128.11   UP 0.327 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2583 DOWN   0.0062

 Last night Shanghai COMPOSITE CLOSED UP 37.17 POINTS UP 1.19%

 Hang Sang CLOSED  UP 291.27 PTS OR 1.38%

AUSTRALIA CLOSED DOWN 0.90%    // EUROPEAN BOURSES ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL  RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 291.27 PTS OR 1.38%   

/SHANGHAI CLOSED UP 37.37 PTS UP 1.19% 

Australia BOURSE CLOSED DOWN  0.90% 

(Nikkei (Japan) CLOSED  UP 89,63 OR 0.73%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1849.00

silver:$1.70

USA dollar index early TUESDAY morning: 101.93  UP 26  CENT(S) from FRIDAY’s close.

 TUESDAY MORNING NUMBERS ENDS

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And now your closing TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.26%  UP 19  in basis point(s) yield

JAPANESE BOND YIELD: +0.232% UP 1    AND 0/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.24%// UP 19   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.13  UP 23   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.12.%

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY  

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

Euro/USA 1.0726 DOWN 49    or 49 basis points

USA/Japan: 125.61 UP 0.0827  OR YEN DOWN  83  basis points/

Great Britain/USA 1.2578 DOWN 0.0047 OR 47  BASIS POINTS

Canadian dollar UP .0001 OR 1 BASIS pts  to 1.2655

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.6720  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.6803

TURKISH LIRA:  16.40  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.232

Your closing 10 yr US bond yield UP 12  IN basis points from FRIDAY at  2.866% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.073 UP 10 in basis points 

Your closing USA dollar index, 101.85 UP 54   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 5.77 PTS OR 0.08%

German Dax :  CLOSED DOWN 104,38  POINTS OR 1.38%

Paris CAC CLOSED DOWN 104.38 PTS OR 1.59% 

Spain IBEX CLOSED DOWN 93.90 OR 1.05%

Italian MIB: CLOSED DOWN 314.69 PTS OR  3.27%

WTI Oil price 116.67   12: EST

Brent Oil:  117.95   12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  61.54  DOWN 5 &        RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.12

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0735 DOWN   .0038   OR  DOWN 38 BASIS POINTS

British Pound: 1.2606 down .0039  or  39 basis pts

USA dollar vs Japanese Yen: 128.71 up .925//YEN down 93 BASIS PTS

USA dollar vs Canadian dollar: 1.2646 down .0010 (CDN dollar UP 10 basis pts)

West Texas intermediate oil: 115.48

Brent OIL:  110.36

USA 10 yr bond yield: 2.853 up 10 points

USA 30 yr bond yield: 3.063  up 9  pts

USA DOLLAR VS TURKISH LIRA: 16,41

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  61.50 UP  4.5/ ROUBLES (ROUBLE up 4.5  ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: DOWN 220.99 PTS OR 0.67%

NASDAQ 100 DOWN 39.32 PTS OR 0.31%

VOLATILITY INDEX: 26.15 DOWN 0.41 PTS (1.44%)

GLD: 171.14 DOWN 1.71 PTS OR 0.99%

SLV/ 19.84 DOWN .52 PTS OR 2.55%

end)

USA trading day in Graph Form

Stocks Go Nowhere In May, USD Sinks Amid Worst Macro-Meltdown Since Lehman

TUESDAY, MAY 31, 2022 – 04:01 PM

Tl;dr: May… 30Y Bond unch-ish, S&P unch-ish, Gold unch-ish, Oil way-up, Crypto way-down, USD down, US Macro data total collapse…

Source: Bloomberg

To put that in context, outside of the April 2020 crash (where the government basically shut down the entire economy), May 2020’s collapse in US Macro Surprise data was the worst since Oct 2008 (the immediate aftermath of the Lehman crisis and freezing of all capital markets).

The S&P, Dow, and Russell 2000 were basically unchanged on the month, thanks to the ramp of the last few days) but Nasdaq ended the month red (4th red month of last 5 for Nasdaq)…

Today was choppy with stocks erasing yesterday’s futures gains, then bouncing back, but Small Caps swinging from +1% to -1%. Everything pushed lower in the last few minutes leaving all the majors red on the day (from Friday’s cash close)…

The ‘most shorted’ stock squeeze stalled today…

Source: Bloomberg

Energy stocks handily outperformed on the month and despite the recent ramp, Consumer Discretionary stocks suffered the most…

Source: Bloomberg

The ramp of the last few days has been led by mega-cap tech (AMZN +5% today!), which has managed to scramble back to ‘even’ on the month…

Source: Bloomberg

The last week has seen bonds go no where while stocks soared…

Source: Bloomberg

Bonds were mixed in May with most of the curve lower in yield (led by a 16bps compression in 2Y) but the long-end underperforming (30Y +6bps) thanks to today’s weakness…

Source: Bloomberg

The 30Y Yield kept finding support at 3.00% this month…

Source: Bloomberg

May saw the dollar suffer its worst month since May 2021…

Source: Bloomberg

Another ugly month for crypto, but the rebound of the last few days makes things appear a little better as bitcoin was the prettiest horse in the glue factory…

Source: Bloomberg

Bitcoin managed to get back aboved $32k today (and Ethereum topped $2,000)…

Source: Bloomberg

The decoupling between Big-Tech and Bitcoin is being unwound in the last few days as crypto catches up…

Source: Bloomberg

Commodities were mixed with oil prices soaring (hit today on the back of Russia/OPEC+ headlines), copper weaker and precious metals down for the month…

Source: Bloomberg

WTI ended the month above $115 ($10 a barrel above Biden’s SPR release plan levels)…

NatGas puked today but ended notably higher on the month amid European LNG demand and price convergence…

Gold was down on the month despite dollar weakness, closing back below $1900 and below pre-Putin levels…

And finally, away from ‘market’-talk per se, this could be a real problem…

Famine is coming… and with it social unrest!

I) / EARLY AFERNOON TRADING/

II)USA data

Caser-Shiller Home Prices Soared By Record In March, But…

TUESDAY, MAY 31, 2022 – 09:05 AM

With home sales slumping across the nation (while mean home prices are surging relative to median, signaling higher-end homes dominating the sales), this morning’s Case-Shiller (newly minted S&P Global) home price index data exploded higher. The latest data is from March and shows the 20-City Composite surging 2.42% MoM (more than the 1.93% expected) and surging by a record 21.17% YoY (more than the +20% expected)

Source: Bloomberg

BUT… as a reminder, the Case-Shiller data is lagged and smoothed, so things likely got a lot more ‘complicated’ since this March data as mortgage rates spiked and mortgage applications collapsed…

Source: Bloomberg

“Those of us who have been anticipating a deceleration in the growth rate of U.S. home prices will have to wait at least a month longer,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in statement.

 “For both National and 20-City Composites, March’s reading was the highest year-over-year price change in more than 35 years of data, with the 10-City growth rate at the 99th percentile of its own history.”

“Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer. Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call.”

Tampa, Phoenix, Miami reported highest year-over-year gains among 20 cities surveyed.

Yes, you read that right, Tampa prices are up 34.8% YoY…

Maybe it is time for Mr.Powell to get back to work after all.

end

Conference Board Confidence Dips, Labor Market ‘Weakest’ In A Year

TUESDAY, MAY 31, 2022 – 10:08 AM

Following an ‘odd’ stabilization in April (given the collapse of most other sentiment signals), analysts expected The Conference Board’s consumer confidence measure to deteriorate notably in May… but it barely budged…

The headline Conference Board confidence print dropped from 107.3 to 106.4 (better than the plunge to 103.5 expected)

Source: Bloomberg

Conf Board:

“The decline in the Present Situation Index was driven solely by a perceived softening in labor market conditions.”

Expectations picked up modestly while current conditions dipped as the labor market tightened to its weakest since May 2021…

Source: Bloomberg

Meanwhile, purchasing intentions for cars, homes, major appliances, and more all cooled – likely a reflection of rising interest rates and consumers pivoting from big-ticket items to spending on services. Vacation plans have also softened due to rising prices.

Survey respondents’ outlook for business is dramatically worse with optimism tumbling and pessimism soaring…

Source: Bloomberg

Inflation expectations 1-year-ahead dipped modestly but remain near record highs…

Source: Bloomberg

Finally, who exactly is The Conference Board interviewing? Because it’s not the same people who UMich are surveying…

Source: Bloomberg

Indeed, as The Conference Board notes, inflation remains top of mind for consumers, with their inflation expectations in May virtually unchanged from April’s elevated levels. Looking ahead, expect surging prices and additional interest rate hikes to pose continued downside risks to consumer spending this year.”

end

IIB) USA COVID/VACCINE MANDATES

END.

iii)a.  USA economic stories

Massive Fire Breaks Out At Poultry Farm That Supplies Eggs To Major Supermarkets

TUESDAY, MAY 31, 2022 – 02:00 PM

A poultry farm in Howard Lake, Minnesota, that supplies the nation’s largest supermarkets with three million eggs per day experienced a devastating fire over the weekend. 

Forsman Farms spokesperson Jon Austin told local media outlet KARE that estimates aren’t firm yet, but anywhere between “tens of thousands of chickens were killed, up to a couple hundreds of thousands.” The spokesperson continued and said chickens in adjacent barns were affected by smoke inhalation. 

Video posted on YouTube by Eddie Olson shows massive flames lighting up the night sky on Saturday. 

“It’s a lot of chickens. It’s a hit to the egg market, it’s people’s jobs, it’s a local community. So any time anything big like that happens, it’s not good,” Olson said.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NlbnNpdGl2ZV9tZWRpYV9pbnRlcnN0aXRpYWxfMTM5NjMiOnsiYnVja2V0IjoiaW50ZXJzdGl0aWFsIiwidmVyc2lvbiI6bnVsbH0sInRmd190d2VldF9yZXN1bHRfbWlncmF0aW9uXzEzOTc5Ijp7ImJ1Y2tldCI6InR3ZWV0X3Jlc3VsdCIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1531097786997002240&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fcommodities%2Fmassive-fire-strikes-huge-poultry-farm-supplies-eggs-major-supermarkets&sessionId=0cac8e2aaa5cd0bfc255fa8b71b6abb1e1906e29&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

It’s unclear exactly how the fire started though impacts could be felt at supermarkets. This year alone, retail egg prices have soared 41% because of the deadly bird flu wreaking havoc on the country’s egg-laying hen flock. 

Since January, the outbreak has spread to 32 states, killing more than 37 million chickens and turkeys. Of that, 29 million egg-laying hens have died, or about 10% of the U.S.’ total flock of 300 million. Bloomberg recently reported the bird flu is “shaping up to be the worst outbreak of its kind.”

The blaze at the commercial egg farm in Minnesota comes as dozens of food processing facilities across Canada and the U.S. have experienced mystery fires and explosions over the past year, helping to strain the North American food supply chain.

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

END

iv)swamp stories

King report (and associated swamp stories)

The King Report May 31 2022 Issue 6770Independent View of the News
Biden on Memorial Day: “Democracy is not perfect. It’s never been good, perfect.  But it’s worth fighting for.” (US is a constitutional republic, but c’mon man!) https://twitter.com/Breaking911/status/1531333101883998208
 
German Inflation Hits Fresh Record, Piling Pressure on ECBFood and energy costs send consumer prices up 8.7%. est. 8.1% (y/y)Data follow overshoot in Spain, which say new all-time high (8.5% y/y)Negotiated wages in Germany fell by 1.8% in real terms in the first quarter, and even though workers in the iron and steel industry are pushing for gains of more than 8%, they’re unlikely to secure gains that fully offset the rising cost of living….
https://www.bloomberg.com/news/articles/2022-05-30/german-inflation-hits-fresh-record-piling-pressure-on-ecb
 
German Inflation Hits 60-Year-High, ‘Worse to Come’, Says Allianz
“Consumers will have to reckon with further increases in prices because many inputs are still scarce and wholesale prices are still increasing dramatically,”…
https://www.zerohedge.com/markets/german-inflation-hits-60-year-high-worse-come-says-allianz
 
Brent Crude Hits $120 as China Eases Curbs, EU Eyes Russia BanKey Chinese city will ease lockdown as manufacturers restartOver the weekend, Shanghai authorities said businesses in the financial hub could start to reopen without having to apply for approval from Wednesday.  In the capital Beijing, major shopping centers, libraries, museums, theatres and gyms were allowed to reopen on Sunday. Limits on the number of people will remain in place across districts that have seen no community COVID cases for seven consecutive days…
https://news.yahoo.com/oil-prices-brent-crude-china-covid-curbs-091627016.html
 
Fed’s Waller Back Half-Point Rate Hikes at ‘Several’ Meetings
Federal Reserve Governor Christopher Waller said… “I support tightening policy by another 50 basis points for several meetings… I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2% target,” he told an event hosted by the Institute for Monetary and Financial Stability…  https://www.bnnbloomberg.ca/fed-s-waller-backs-half-point-rate-hikes-at-several-meetings-1.1772400
 
Biden to meet Jerome Powell – Tuesday (13:15 ET) to discuss the… American and global economy… https://www.reuters.com/world/us/biden-meet-jerome-powell-white-house-statement-2022-05-30/
Germany has not sent promised large arms to Ukraine, leaked documents show https://t.co/CoKbSxjfas
 
Biden rejects Ukraine long-range rocket request as Russia advances (Biden family kompromat?)
“We are not going to send to Ukraine rocket systems that can strike into Russia,” the president said after arriving back at the White House from Delaware… https://t.co/CnI9IuIH1G
 
Russia has gained the upper hand in eastern Ukraine.  The MSM has changed its disproportionately pro-Ukraine war analysis.  Biden has rejected Ukraine’s request for long-range rockets.  Tone change!
 
Ukrainian volunteer fighters in the east feel abandoned
Ukrainian leaders have projected and nurtured a public image of military invulnerability…. “Our command takes no responsibility,” Lapko said. “They only take credit for our achievements. They give us no support.”… 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.”…
https://www.washingtonpost.com/world/2022/05/26/ukraine-frontline-russia-military-severodonetsk/
 
@ggreenwald: Western media all but refused to acknowledge Russian advances for the first 3 months of this war, bombarding everyone with a relentless narrative about feisty Ukrainians kicking their ass.  Now reality is emerging, as it eventually does with war, the propaganda slowly eroding:
 
Russian Wins in Eastern Ukraine Spark Debate Over Course of War
Russian troops are making steady progress in Ukraine’s east on the back of more-concentrated artillery and air power, now controlling almost all of the Luhansk region and threatening to encircle thousands of Ukraine’s most experienced troops ($54B+ of US funding circling the drain; how much skimmed?)
https://www.bloomberg.com/news/articles/2022-05-27/russian-wins-in-eastern-ukraine-spark-debate-over-course-of-war
 
@KyivIndependent: Putin claims Russia ready to renew peace talksrepeats demand for sanctions relief.   Russian dictator Putin held a phone call with French President Macron and German Chancellor Olaf Scholz on May 28.  Putin claimed that “the Russian side is open to renewing dialogue with Kyiv” and repeated his demand that the West should lift sanctions to “increase food and fertilized exports.”
 
China’s Li Gives Dire Growth Warning in Unpublished Remarks
Chinese Premier Li Keqiang warned of dire consequences if officials don’t move decisively to prevent the economy from sliding further, saying a contraction in the second quarter must be avoided…
   Li told attendees that economic growth risks slipping out of a reasonable range… He said China will pay a huge price with a long road to recovery if the economy can’t keep expanding at a certain rate. That means growth must be positive in the second quarter, he said…
https://www.bloomberg.com/news/articles/2022-05-26/china-s-premier-gives-dire-growth-warning-in-unpublished-remarks
 
ABEA_News: People’s incomes rose 0.4% in April; spending grew 0.9%. Both figures are in current dollarshttps://t.co/SylhsQoe2P
 
US Household Savings declined to 4.4%, the lowest level since the Crisis of 2008. https://t.co/G4OXomewhR
 
Americans are saving less, a potentially troublesome sign for the US economy https://t.co/6KZELNsnc1
 
April PCE Deflator 0.2% m/m as expected, 6.3% y/y (6.2% exp); Core PCE Deflator 0.3% m/m as expected, 4.9% y/y as expected
 
US April Wholesale Inventories +2.1% m/m (2% exp); March revised to 2.7% from 2.3%; April Retail Inventories 0.7% m/m (2% exp); March revised to 3% from 2%.
https://www.census.gov/econ/indicators/advance_report.pdf?CID=CBSM+EI
 
Inventory overload: Target, Walmart and Best Buy to start offering deeper discounts
https://www.fox19.com/2022/05/27/inventory-overload-target-walmart-best-buy-start-offering-deeper-discounts/
Marty Makary MD, MPH @MartyMakary: Brilliant re-analysis of the data the CDC used justify school masking. This new elegant study, using a larger population & longer study period, found that school masking was NOT associated with pediatric case rateshttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=4118566
   The article states that CDC’s MMWR journal rejected publishing this re-analysis. Most likely because it exposed the CDCs salami-slicing of data & use of science as political propaganda.
 
@nytimes: Children’s learning loss in the pandemic isn’t just in reading and math. It’s also in social and emotional skills. In a New York Times survey of 362 school counselors across the U.S., they said students are behind in abilities to learn, cope and relatehttps://nyti.ms/3GseQcw
 
Updated Johns Hopkins Study on Lockdowns Debunks the Fact Checkers
Lockdowns across the world did not affect Covid-19 mortality at all… However, lockdowns during the initial phase of the COVID-19 pandemic have had devastating effects. They have contributed to reducing economic activity, raising unemployment, reducing schooling, causing political unrest, contributing to domestic violence, loss of life quality, and the undermining of liberal democracy…
https://brownstone.org/articles/updated-johns-hopkins-study-on-lockdowns-debunks-the-fact-checkers/
 
Joe Biden whispers ‘I’m your commander-in-chief’ to Naval Academy grads https://trib.al/yS8eP98
 
@rising_serpent: I was appointed to the Naval Academy in 1965” says Biden while speaking to Naval Academy graduates. The problem is (as usual) this never happened and he once again confabulated a lie.
Joe graduated from Univ of Delaware in 1965, making this impossible.  https://t.co/sQL1nvGYjm
 
Biden Falsely Claims Jan. 6 Rioters ‘Killed Two Police Officers’ in Speech at Alma Mater http://dlvr.it/SRGFSs
 
Biden repeats false claim about trips to Iraq and Afghanistan, this time to graduating midshipmen
NSC says correct number of Biden trips to Iraq and Afghanistan is 21, not the 40 he claimed
https://t.co/TjccWFhhZH
 
@HowieCarrShow: No evidence that we can find that Biden ever visited Sandy Hook Elementary School as he claimed last night.  https://twitter.com/HowieCarrShow/status/1529478560272064513
 
Biden set a presidential lie record this weekend because the MSM has allowed him to lie for decades.
 
The Big Guy had another moment.  https://twitter.com/DanScavino/status/1530579472189112320
 
@DrewHLive: President Biden looks absolutely CLUELESS as residents of Uvalde boo and chant “DO SOMETHING” as he leaves Catholic Mass in Uvalde Texas.  Other reports are reporting he responded with “we will”.  The secret service told the group of people standing by the church that President Biden will come greet them, once the booing and shouts to do something began, they instantly kept him away.
https://twitter.com/DrewHLive/status/1530985714099298304
 
Biden’s Baby Formula Disaster Is Just the Tip of The Iceberg
Four companies share 90% of the baby formula market because of government regulations and programs that limit competition. We have 17.5% import tariffs on baby formula, and we limit choice through welfare contracts that give producers a massive market share in states where they are the preferred vendor… The Left are loathe to lift burdens on manufacturing to increase competition and consumer choice. They’re also not interested in addressing the impact of welfare monopolies…  https://dailycaller.com/2022/05/28/opinion-joe-biden-baby-formula-supply-chain-basile/?s=02
 
The FT: Did a major financial institution kinda maybe slightly default in March 2020?
Saudi Arabia’s decision to provoke an oil price war sent crude and stock prices tumbling on March 8. That week alone, clearers demanded $55bn of variation margin from banks
https://www.ft.com/content/216866e7-cecb-4650-aea5-b9dedc7d7c7c
 
WSJ Fed Watcher @NickTimiraos: There’s been a surprising amount of market chatter this week about a possible Fed pause in September. This speculation—not unlike the chatter about 75 bps moves a few weeks ago—could be getting ahead of itself for several reasons. 1) There’s a *lot* of data between now and Sept.  2) The Fed chair had this refrain last week:  “What we need to see is inflation coming down in a clear and convincing way, and we’re going to keep pushing until we see that.” He used that “clear and convincing” phrase three times.  3) The inflation data has stopped getting worse (Aug/Sept 2021 say hi), but “clear and convincing” improvement?… But to cite the chair: “This is not a time for tremendously nuanced readings of inflation.”
 
Fed carrying $330B in unrealized losses on its assets according to Q1 financial statement
A potentially tough political problem for the central bank… Bill Nelson, chief economist at the Bank Policy Institute, said that adjusting for the appreciation in its assets the Fed had seen through the end of last year, the unrealized losses were an even larger $458 billion…  https://t.co/X5APUJU3WL
 
Why Elon Musk welcomes a US recession: ‘Bankruptcies need to happen’
It has been raining money on fools for too long… Some bankruptcies need to happen. Also, all the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard… Companies that are inherently negative cash flow (ie value destroyers) need to die, so that they stop consuming resources.”… https://nypost.com/2022/05/27/elon-musk-welcomes-recession-bankruptcies-need-to-happen/
 
Travel Hell: 3,300 Flights Canceled So Far Over Memorial Day Weekend (Worker absenteeism?)
Delta Airlines blamed bad weather and “air traffic control actions” for Friday’s cancellations…
https://foxmetronews.com/news/travel-hell-3300-flights-canceled-so-far-over-memorial-day-weekend/
 
Delta Air Lines to cut 100 daily flights over the summer (“vendor staffing” among issues)
https://www.foxbusiness.com/lifestyle/delta-cut-100-daily-flights-summer-2022
 
@GraysonRoze: The S&P 500 has rallied more than +9% off last week’s intraday lows after a -20.93% decline. That feels great!… But don’t forget that by the same token, every big crash starts with a smaller one. Example: study 2008-09  https://twitter.com/GraysonRoze/status/1530288275579056128
 
@bespokeinvest: This is the first time in SPY’s history that it was up from the open to the close on every trading day during the week and 4 of those moves were 1% or more.
 
Today – The usual suspects want to push stuff higher to game May performance.  Upward manipulators now have control of the equity market, and they will try to embellish their very ugly May report cards.
 
Ironically, the stock market’s robust rally last week takes the pressure off Powell and the Fed to amend it rate hike schedule or its QT commencement on Wednesday
 
Over the past few decades, each time the stock market hit a major bottom, CPI increased in the ensuing months.  If claims the US bear market in stocks is over are correct, CPI could move higher in coming months.  With real interest rates far more negative now that at major equity bottoms, inflation could soar.  ESMs are +0.25 at 20:10 ET; WTI Oil is +.63 on the EU’s ban of seafaring Russian oil.
 
Expected Economic Data: March FHFA House Price Index 2.0% m/m; S&P CoreLogic 20-city home prices 1.9% m/m, 19.7% y/y; May Chicago PMI 54.5; May Conference Board Consumer Confidence 103.9; May Dallas Fed Mfg Activity 1.5
 
S&P 500 Index 50-day MA: 4277; 100-day MA: 4357; 150-day MA: 4460; 200-day MA: 4457
DJIA 50-day MA: 33,630; 100-day MA: 34,100; 150-day MA: 34,659; 200-day MA: 34,720
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 5023.97 triggers a buy signal
WeeklyTrender and MACD are negative – a close above 4359.32 triggers a buy signal
Daily: Trender and MACD are positive – a close below 3900 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4071.63riggers a sell signal
 
@curiouswavefn: (Brilliant US scientist, modern computer, game theory, Manhattan Project) Von Neumann had an interesting style of dealing with people, parts of which are worth emulating.
   “He never argued with people who said anything emotional or politically convinced. He did not believe that public argument changed such people’s views… But he asked probing questions…
https://twitter.com/curiouswavefn/status/1529991209174700033
 
John von Neumann: “The main reason for the failure of mathematics in economics is that economic problems are “often stated in such vague terms as to make mathematical treatment a priori hopeless because it is quite uncertain what the problems really areThere is no point in using exact methods when there is not clarity in the concepts and issues to which they are to be applied.”
 
First Person Pleads Guilty to Voter Fraud and Conspiracy on June 2nd… Featured in 2000 Mules
There are others implicated in the conspiracy, but there is no word yet on whether they will also plead guilty to the charges. The evidence is overwhelming…
https://djhjmedia.com/steven/vindication-first-person-pleads-guilty-to-voter-fraud-and-conspiracy-on-june-2nd-featured-in-2000-mules/
 
Nancy Pelosi’s drunk husband Paul was five miles from his Napa home when he blew a stop sign while crossing highway at 10:22pm and crashed his new Porsche into Jeep, arrest report reveals
The collision was at 10.26pm; Pelosi was arrested at 11.44pm and booked the next day at 4.33am…
https://www.dailymail.co.uk/news/article-10867923/Paul-Pelosi-hit-driver-driving-drunk-Porsche-arrest-report-reveals.html
 
US Department of Transportation: In 2020, 11,654 people died in alcohol-impaired driving traffic deaths… https://www.nhtsa.gov/risky-driving/drunk-driving
 
Given the alcohol-related homicides beyond DUI, alcohol induced health issues, and the myriad social maladies that alcohol abuse produces, what would occur if the US try banned alcohol drink sales?
 
WSJ: Drug overdose deaths reached a record high in 2021, with more than 100,000 people lost to the continuing epidemic, fueled by the potent synthetic opioid fentanyl…
https://www.wsj.com/articles/what-is-fentanyl-why-so-dangerous-opioid-drug-11653677587
 
US law prohibits the use of fentanyl and other harmful substances.  Logic du jour dictates that Congress should enact more laws that ban illegal drug use.  Perhaps instate double secret probation on offenders?
 
What We Know about Mass School Shootings—and Shooters—in the U.S.
There have been 13 such shootings at schools across the U.S, the first in Stockton, California, in 1989
    The majority of mass school shootings were carried out by a lone gunman, with just two… carried out by two… All mass shootings… carried out by men or boys. And the average age of those involved in carrying out the attacks was 18…most school shooters have a connection to the school they target…the mass shooting event is intended to be a final act…
    And school shooters tend to preempt their attacks by leaving posts, messages, or videos warning of their intent…most school shooters are motivated by a generalized anger… They often communicate their intent to do harm in advance as a final, desperate cry for help. The key to stopping these tragedies is for society to be alert to these warning signs and act on them immediately.
https://theconversation.com/what-we-know-about-mass-school-shootings-in-the-us-and-the-gunmen-who-carry-them-out-183812
 
Texas school shooting highlights pattern of disturbed youths, lack of security, timely intervention
Experts cite untreated mental illness, lack of behavioral intervention and lax school security as recurring failures in preventable school shootings.
https://justthenews.com/nation/crime/texas-shooters-disturbing-behavior-familiar-profile-mental-anguish
 
Uvalde (TX) mayor: Time to invest in America’s mental health, stop giving billions to countries that don’t like us   https://www.foxnews.com/media/uvalde-mayor-invest-americas-mental-health
 
McConnell instructed Sen. Cornyn (R-TX) to work with Dems on gun control laws.  People told Cornyn to enforce existing gun laws and prosecute Hunter Biden for his falsified firearm application.
https://twitter.com/Braveheart_USA/status/1531406146514345985
 
GOP Sen. John Cornyn slammed by parent of Parkland shooting victim after saying ‘finger pointing’ at police is ‘destructive, distracting, and unfair’
https://www.businessinsider.com/cornyn-slammed-for-saying-finger-pointing-at-police-is-destructive-2022-5
 
Polls are clear on what Americans want regarding gun laws.  Here is the most recent poll (May 25).
Requiring background checks on all gun sales: Eighty-eight percent strongly or somewhat support…
Creating a national database with info about each gun sale: 75% strongly or somewhat support…
Preventing sales of all firearms to people reported as dangerous to law enforcement by a mental health provider: Eighty-four percent strongly or somewhat support…
Making private gun sales and sales at gun shows subject to background checks: 81%… support… https://www.politico.com/f/?id=00000180-fe73-de59-a7ec-ff77a2360000
 
Most Americans want ‘assault weapons’ banned; but the definition of ‘assault weapons’ is uncertain.
 
@RNCResearch: Joe Biden suggests he wants to ban “high caliber” 9mm handguns.  “… A 9 mm bullet blows the lung out of the body… There’s simply no rational basis for it in terms of self-protection…the 2nd Amendment is not absolute.” https://twitter.com/RNCResearch/status/1531301347508862979
 
Biden slammed for claiming there’s ‘no rational basis’ for 9mm bullets: ‘We’re banning handguns now?’  Biden also repeated his claim that the Second Amendment is not ‘absolute’ on Memorial Day
https://www.foxnews.com/media/biden-9mm-bullets-second-amendment-banning-handguns
 
There are beaucoup articles on 9mm vs .40, .45, and 10mm rounds.  The expert consensus is the 9mm has less ‘stopping power’; but it is the most popular round/gun because it produces less recoil, which provides better accuracy & handling for neophytes, including criminals. https://www.pewpewtactical.com/9mm-vs-45-acp/
 
Daniel Eleveld: I’m a master gunsmith working at a military contractor… Most GSW deaths are from 9mm. However, more bullet wounds are found in each body killed by 9mm than by .40, .357, .45 or 10mm… 9mm has a higher magazine capacity… the most efficient round – 10mm…
https://www.quora.com/Carrying-a-9mm-is-popular-and-heavily-favored-but-doesn-t-a-45-have-more-stopping-power
 
The 9mm round has about a 34% chance of stopping an aggressor with just one shot. We can actually see that the .380 ACP is higher… https://www.tierthreetactical.com/9mm-vs-40-cal-which-handgun-caliber-has-the-best-stopping-power-2022/
 
Secondly, the SCOTUS has ruled on the ‘absoluteness’ of the 2nd Amendment.  Joe’s mendacious 9mm remarks reveals his true intent, which could hinder reasonable action on gun legislation.
 
@JonathanTurley: If President Biden is now going to move against 9mm handguns, he is likely to lose in court. Liberal cities like Chicago, D.C., and New York have already created precedent against gun control through ill-conceived legislation and litigation.
 
Turley: It is the Second Amendment, Not the “Gun Lobby” That Must Be Satisfied on Gun Control
In 2008, the Supreme Court handed down a landmark ruling in District of Columbia v. Heller, recognizing the Second Amendment as encompassing an individual right to bear arms…
    The AR-15 is the most popular gun in America… it is not the most powerful gun sold in terms of caliber… That is why laws to ban or curtail sales of the AR-15 run into constitutional barriers. Most recently, the U.S. Court of Appeals for the Ninth Circuit struck down a California ban on adults under 21 purchasing semi-automatic weapons like the AR-15
    There also are practical barriers, with an estimated 393 million guns in the United States and an estimated 72 million gun owners; three out of ten Americans say they have guns. Indeed, gun ownership rose during the pandemic… If the president truly wants a “common sense” response to this tragedy, it needs to be based on reality, not rhetoric. In the past, massacres have been weaponized for political purposes, with measures that are either clearly unconstitutional or largely ineffectual
https://jonathanturley.org/2022/05/27/it-is-the-second-amendment-not-the-gun-lobby-that-must-be-satisfied-on-gun-control/
 
@JonathanTurley: Biden just repeated his false statement about the 2nd Amendment again. (“The 2nd Amendment, from the day it was passed, limited the type of people who could own a gun and what type of weapon you could own. You couldn’t buy a cannon.”)  It does not seem to matter to the President that this is a false claim about the history of the Second Amendment. One could even call it disinformation.
 
Only Criminals Are Gonna Have Guns”: Joe Rogan Warns Against Confiscation https://t.co/2xMzEP8BXZ
 
@AnnCoulter: Why do you need a gun?  The police will protect you!
 
@TheBuffaloNews: Officials are investigating whether a retired federal agent had about 30 minutes advance notice of a white supremacist’s plans to murder Black people at a Buffalo supermarket.
    Authorities believe the former agent – believed to be from Texas – was one of at least six individuals who regularly communicated with accused gunman Payton Gendron in an online chat room where racist hatred was discussed, two officials said.
 
WaPo: Before massacre, Uvalde gunman frequently threatened teen girls online
Young people who met the alleged gunman online said he had threatened to kidnap, rape or kill. But they said their reports were ignored “I witnessed him harass girls and threaten them with sexual assault, like rape and kidnapping,” said the teen. “It was not like a single occurrence. It was frequent.”… https://www.texastribune.org/2022/05/28/uvalde-shooting-gunmen-teen-girls/
 
Female online gamer reported fellow player – now suspected to be Salvador Ramos – who threatened to ‘shoot up a school with an AR-15’ to the FBI just hours before Uvalde elementary school massacre (Authorities/institutions failed/were inept, so let’s repeal the 2nd Amendment!)
https://www.dailymail.co.uk/news/article-10856403/Dead-Daylight-player-threatened-shoot-school-AR-15-days-Texas-massacre.html
 
@FaceTheNation: Uvalde County Commissioner Ronald Garza tells @margbrennan he has “no idea” why the school district police officer assigned to Robb Elementary wasn’t there when the shooting began. “I’m like a lot of people. We’re still in the dark about that.” https://t.co/eUU58FWIBl
 
Texas cop says officers (reportedly 19 of them!) didn’t rush to find gunman because ‘they could have been shot’ then claims they DELIBERATELY locked inside classroom to save other students: Experts slam ‘disgusting’ decision that doctors say sealed the fate of injured kids
    The leading cause of death in gunshot wound victims is bleeding out which happens in 5 minutes
    At least two of the 19 kids died on their way to the hospital for treatment an hour after being shot 
https://www.dailymail.co.uk/news/article-10860747/Texas-cop-says-Uvalde-officers-retreated-gunman-shot.html
 
@tplohetski: The director of DPS confirms that no efforts were made to rescue children because an on-scene commander believed that authorities were addressing a barricaded suspect, not an active shooter. “A decision was made…that there was time…to wait for a tactical team.” (Took 1.5 days for this excuse)
 
@MarinaMedvin: Here’s the thing: the commander told the Uvalde officers not to go in. But they heard the gunshots, heard the kids screaming, knew this was an active shooter. Yet none of them went in. None saved these children. Because their commander…
 
NYT: Students in the room with the gunman called 911 many times…including a lengthy call during which some shooting and other sounds of the attack could be heard, according to Steven McCraw, director of the Texas Department of Public Safety.
https://www.nytimes.com/2022/05/27/us/texas-shooting-911-call-press-conference.html
 
Top Texas cop admits cops botched Uvalde school response: ‘Wrong decision, period’
The admission came as police revealed the first time that shooter marched in through an unlocked door that had been propped open by a teacher…
https://nypost.com/2022/05/27/texas-school-shooter-got-in-through-door-propped-open-by-teacher/
 
Uvalde school district police chief, Pete Arredondo, who ordered cops NOT to engage Texas gunman is a former 911 dispatcher with an unremarkable career who was elected to city council just days before massacre   https://www.dailymail.co.uk/news/article-10861919/Man-ordered-cops-NOT-tackle-Texas-gunman-former-911-dispatcher-elected-council.html
 
Border Patrol agents who killed gunman at Texas school became frustrated and acted on their own initiative after being told to wait by local police – NBC
 
Multiple intuitional failures occurred at Uvalde; but its far more expedient to bemoan guns than fix the multiple institutional failures as well as identify and remedy the root causes of the violence!
 
Baltimore police commissioner blames ‘total disregard for human life’ for rampant violence https://t.co/SFvamncRm2
 
Texas school shooter Salvador Ramos’ mom speaks out: ‘Forgive me, forgive my son’
He had his reasons for doing what he did. Please don’t judge him. I only want the innocent children who died to forgive me,” she said… https://nypost.com/2022/05/27/salvador-ramos-mom-asks-for-forgiveness/
 
@MrAndyNgo: Days after the Ulvade shooting by Salvador Ramos, 4 males in Donna, TX have been arrested for allegedly making plans to shoot up a school. 2 have been named as Barbarito Pantoja & Nathaniel Montelongo. They’re charged w/conspiracy to commit aggravated assault w/a deadly weapon.
 
ANOTHER Florida student is arrested on felony charges for posting pictures of himself online with what appeared to be a rifle and the caption: ‘Hey Siri, directions to the nearest school’
    This man intentionally instilled fear into our community as a sick joke, but be warned, this is no laughing matter,’ said Sheriff Chad Chronister… (Should 18-year-olds be allowed to vote?)
https://www.dailymail.co.uk/news/article-10869257/ANOTHER-Florida-student-arrested-posting-pictures-rifle-seeking-nearest-school.html
 
West Virginia woman with pistol shoots, kills man firing at graduation party: ‘Saved several lives’
https://t.co/fIhemOZPGj
 
Gunmen fired at least 40 rounds on the Near North Side (Chgo) — much of it was caught on video
https://cwbchicago.com/2022/05/gunmen-fired-at-least-40-rounds-on-the-near-north-side-and-much-of-it-was-caught-on-video.html
 
@stillgray: In 2020, four Democrats, Sens. Chris Murphy, Elizabeth Warren and Reps. Ilhan Omar and Ayanna Pressley pushed for legislation to remove police officers from schools and replace them with social workers.  It was called the “Counseling Not Criminalization” Act. https://t.co/UBByfra0gh
   
@JPDangerously: Since 2019 4598 kids have been shot in the US. Of those 43 were school shootings. I need to ask why the left isn’t upset about the 4555 kids that weren’t shot in school?…
 
Washington Post editor flamed for claiming the AR-15 rifle was ‘invented for’ the Nazis https://t.co/ROFm6IQujT
 
Keith Olbermann, journalists fall for Twitter hoax accusing Abbott rep of harassing Uvalde victim’s family (To reiterate, journalists increasingly report what they hoped happened, not reality.)
https://www.foxnews.com/media/olbermann-journalists-twitter-hoax-abbott-family
 
@NoahPollak: Friend who lives in Manhattan sends pic of this subway ad courtesy of the NYC Dept of Health. Heroin addiction — it’s empowering! (Ad: “Don’t be ashamed that you are using, be empowered that you are using safely.” NOT a Parody! Cultural rot and nihilism have consequences!)
https://twitter.com/NoahPollak/status/1529973485816012800
 
‘Serious Breach:’ Key senators demand update on 50 dangerous Afghans Biden let enter U.S.
Sens. Grassley, Portman and Inhofe say they fear vetting has not been fixed despite watchdog warning.
https://justthenews.com/government/security/serious-breach-key-senators-demand-update-50-dangerous-afghans-biden-let-enter
 
FBI records on search for fabled gold raise more questions
The report, by a geophysicist who performed microgravity testing at the site, hinted at an underground object with a mass of up to 9 tons and a density consistent with gold. The FBI used the consultant’s work to obtain a warrant to seize the gold — if there was any to be found.  The government has long claimed its dig was a bust. But a father-son pair of treasure hunters who spent years hunting for the fabled Civil War-era gold — and who led agents to the woodland site, hoping for a finder’s fee — suspect the FBI double-crossed them and made off with a cache that could be worth hundreds of millions of dollars
https://news.yahoo.com/fbi-records-search-fabled-gold-111858058.html?s=02
 
@polanskydj: I don’t wish to sound apocalyptic about this, but one has the sense that at present our society is simultaneously characterized by wildly disproportionate accountability for trivial transgressions and zero accountability for profound institutional failure.
 
Ex-senior DJT advisor Kellyanne Conway slams DJT alter ego, Jared Kushner, in her book: There was no subject he considered beyond his expertise. Criminal justice reform. Middle East peace. The southern and northern borders. Veterans and opioids. Big Tech and small business,” she wrote…
“He misread the Constitution in one crucial respect, thinking that all power not given to the federal government was reserved to him,” she added… https://conservativebrief.com/oprah-63280/
ReplyReply allForward 

 

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

Lunatics are Leading Us to Death – Gerald Celente

By Greg Hunter On May 28, 2022 In Politics228 Comments

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

Renowned trends researcher and publisher of “The Trends Journal,” Gerald Celente, boldly stated in March “World War III has Begun.”  Don’t expect that trend to change anytime soon.  Celente explains, “Hey, I’m the President of the United States, and I am going to send weapons of death to kill more people.  Am I an accessory to the crime?  Yes.  It’s not a proxy war with the United States and Russia, it’s at war. . . . We have maniacs in charge, and Biden just said we will defend Taiwan. . . . World War III began with the Ukraine war and the United States and NATO giving others what they need to go kill.  Now, they are heating it up with China.  Anybody with a brain bigger than a pea would say if we go to war with China and Russia, it’s the end of the world.  There will be nuclear destruction.  That’s anybody with a mind bigger than a pea.  The people in charge, they are lunatics, and they are not men. They have cajones smaller than a pea.  These are the people leading us to death.  These are insane people.  They are mentally ill, and they cover it with a good act playing a politician.”

Celente sees a big trend for Russia this year.  Celente predicts, “Russia is going to become one of our top trends for 2022.  It will have a self-sufficient economy. . . . Go back to Davos, and they want to control all.  Russia, because of what the United States, along with 30 other nations, have done to them with sanctions, is going to become a self-sustaining economy.  They are pulling out of globalization. . . . They have all the natural resources they need.  What’s happening to Russia, and what the world is forcing on them, is going to be a gem for Russia. . . . It’s going to be a fight about over what they can’t get against those who have it.”

The trend on inflation is not good, and Celente says it’s mostly happening because of the current leadership in the Biden/Obama Administration.  Celente says, “The whole society is collapsing in front of us.  We have freaks and fools ruining our lives. . . .  It’s not going to be stag-flation, it’s going to be drag-flation.  We are dragging down as inflation skyrockets.  We have maniacs in charge.  These are people that could not get a real job that are running or ruining our lives. . . . We are going to see a global disaster the likes of which we have never seen before.”

On gold and silver, Celente says, “Gold and silver, right now, the prices are soft.  They are going to go down again when interest rates go up because the dollar gets stronger. . . . When will gold and silver go up?  Now hear this, when the equity markets crash because that’s when the common person knows how bad it is, and that’s when they start freaking out. . . . When Wall Street crashes, the common people that look up to these clowns will know how bad it is, and that’s when you are going to see precious metals spike.”

In closing, Celente says, “Absolutely, America will be hit by nukes in the upcoming war with Russia. . . . We need peace, and there is no peace movement in America.  If we don’t stop it, it’s going to be hell on earth. . . . United we stand, divided we die.”

There is much more in the 43 min. interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the top trends researcher on the planet, Gerald Celente, publisher of The Trends Journal for 5.28.22.

(https://usawatchdog.com/lunatics-are-leading-us-to-death-gerald-celente/)

SEE YOU TOMORROW

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