JUNE 3//GOLD CLOSED DOWN $19.75 TO $$1847.60//SILVER CLOSED DOWN $.34 TO $21.89//PLATINUM CLOSED DOWN $12.05 TO $1013.50//PALLADIUM CLOSED DOWN $65.70 TO $$1984.30//PAYROLL NUMBERS DOWN A BIT//COVID UPDATES//VACCINE IMPACT//RUSSIA VS UKRAINE WAR: RUSSIA NOW OCCUPIES 20% OF UKRAINE/TURKISH PPI RISES BY AN ASTONISHING 132%//USA ISM SERVICES PLUMMETS BADLY//SWAMP STORIES FOR YOU TONIGHT//

June 3 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1847.60 DOWN $19.75 

SILVER: $21.89 DOWN  $.34

ACCESS MARKET: GOLD $1850.50

SILVER: $21.94

Bitcoin morning price:  $29,768 DOWN291

Bitcoin: afternoon price: $29,548  down 511

Platinum price: closing DOWN $12.05 to $1013.50

Palladium price; closing DOWN $65.70  at $1984.80

END

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 EXCHANGE: COMEX EXCHANGE: COMEX

JPMorgan issued 

EXCHANGE: COMEX
CONTRACT: JUNE 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,866.500000000 USD
INTENT DATE: 06/02/2022 DELIVERY DATE: 06/06/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 80
118 H MACQUARIE FUT 116
323 C HSBC 162
323 H HSBC 552
332 H STANDARD CHARTE 74
363 H WELLS FARGO SEC 114
435 H SCOTIA CAPITAL 64
624 H BOFA SECURITIES 203
657 C MORGAN STANLEY 3
661 C JP MORGAN 4000 2386
686 C STONEX FINANCIA 26
690 C ABN AMRO 29
700 C UBS 103
709 H BARCLAYS 66
732 C RBC CAP MARKETS 11
800 C MAREX SPEC 6 15
880 C CITIGROUP 34
905 C ADM 42


TOTAL: 4,043 4,043
MONTH TO DATE: 14,705

EXCHANGE: COMEX
CONTRACT: MAY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,865.100000000 USD
INTENT DATE: 05/24/2022 DELIVERY DATE: 05/26/2022
FIRM ORG FIRM NAME ISSUED STOPPED


661 C JP MORGAN 2
737 C ADVANTAGE 1
905 C ADM 1


TOTAL: 2 2
MONTH TO DATE: 6,431

NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT 4043  NOTICE(S) FOR 404,300 Oz//12.575  TONNES)

total notices so far: 14,705 contracts for 1,470,500 oz (45.738 tonnes)

SILVER NOTICES: 

17 NOTICE(S) FILED 85,000   OZ/

total number of notices filed so far this month  1475  :  for 7,375,000  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 $19.75

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

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

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

A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD/

INVENTORY RESTS AT 1066.04 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $.34 CENTS

AT THE SLV// A BIG CHANGE IN SILVER INVENTORY AT THE SLV://NO CHANGES IN SILVER IVWENTORY AT THE SLV.: A WITHDRAWAL OF 0.246 MILLION OZ FROMTHE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 553.626 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A TINY SIZED  197 CONTRACTS TO 146,737   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE TINY GAIN IN OI WAS ACCOMPLISHED DESPITE OUR VERY STRONG   $0.57 GAIN  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.57) BUT  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 OF1245 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 FOLLOWED BY TODAY’S QUEUE JUMP OF 21 CONTRACTS OR 105,000 OZ//NEW STANDING:  7,960,000 / //  V)    TINY 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  : -8

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

TOTAL CONTACTS for 3 days, total 4211,  contracts:  21.055 million oz  OR 7.015 MILLION OZ PER DAY. (1403CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 7.015 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//

JUNE: 7.015 MILLION OZ

RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF  97 DESPITE OUR STRONG  $0.57 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 1140 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 FOLLOWED BY TODAY’S 105,000 QUEUE JUMP//NEW STANDING:7,960 //  .. WE HAD A STRONG SIZED GAIN OF 1245 OI CONTRACTS ON THE TWO EXCHANGES FOR 6.225 MILLION  OZ WITH THE GAIN IN PRICE. 

 WE HAD 17  NOTICES FILED TODAY FOR  85,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A GOOD SIZED 5466 CONTRACTS  TO 511,320 AND CLOSER TO NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: – 204 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  GAIN IN COMEX OI CAME WITH OUR STRONG GAIN IN PRICE OF $22.50//COMEX GOLD TRADING/THURSDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR FAIR 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 69.26 TONNES ON FIRST DAY NOTICE /FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP//NEW STANDING:  69.063 TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $22.50 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 7486  OI CONTRACTS 23.28 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  2020 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 511,320

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7486, WITH 5466 CONTRACTS INCREASED AT THE COMEX AND 2020 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF7486 CONTRACTS OR 23.28 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2020) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (5466,): TOTAL GAIN IN THE TWO EXCHANGES 7486 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE. AT 69.26 TONNES FOLLOWED BY TODAY’S QUEUE  JUMP OF 0 OZ//NEW STANDING:69.063 TONNES /  3) ZERO LONG LIQUIDATION//CONSIDERABLE SPECULATOR SHORT COVERING //.,4) GOOD SIZED COMEX  OI. GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

JUNE

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

12,307 CONTRACTS OR 1,230,700 OZ OR 38.278  TONNES 3 TRADING DAY(S) AND THUS AVERAGING: 4102 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 38.278 TONNES

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

THUS EFP TRANSFERS REPRESENTS  38.278/3550 x 100% TONNES  1.07% 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// 

JUNE: 38.278 TONNES

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 JUNE. 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 (JULY), 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 TINY SIZED 97 CONTRACT OI TO 146,737 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 1140 CONTRACTS

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

JULY 1140  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 97 CONTRACTS AND ADD TO THE 1140 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 1237   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE  GAIN  ON THE TWO EXCHANGES 6.185 MILLION OZ

OCCURRED WITH OUR GAIN IN PRICE OF  $0.57 .

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

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 13.30 PTS OR 0,42%   //Hang Sang CLOSED DOWN 212.81 PTS OR 1.00%    /The Nikkei closed UP 347.69 OR 1.27%          //Australia’s all ordinaires CLOSED UP .97%%   /Chinese yuan (ONSHORE) closed UP 6,60    /Oil UP TO 112.24dollars per barrel for WTI and UP TO 113.30 for Brent. Stocks in Europe OPENED  MOSTLY GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.660 OFFSHORE YUAN CLOSEDUP ON THE DOLLAR AT 6.639: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER/

a)NORTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 5466 CONTRACTS TO 511,320 AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX INCREASE OCCURRED WITH OUR GAIN OF $22.50 IN GOLD PRICING THURSDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (2020 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 2020 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :2020 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2020 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED  TOTAL OF 7486 CONTRACTS IN THAT 2020 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED  COMEX OI GAIN OF 5566  CONTRACTS..AND  THIS STRONG  GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR SOLID  GAIN IN PRICE OF GOLD $22.50.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (69.063),

 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: 69.063 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $22.50) AND WERE UNSUCCESSFUL IN KNOCKING OFF SOME SPECULATOR LONGS/COMMERCIAL LONGS AS WELL AS SPECULATOR SHORTS////  WE HAVE  REGISTERED A STRONG SIZED GAIN  OF 23.28 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (69.063 TONNES)

WE HAD 204 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 7486 CONTRACTS OR 758600  OZ OR 23.28 TONNES

Estimated gold volume 110,220/// poor

final gold volumes/yesterday  134,599   poor

INITIAL STANDINGS FOR JUNE ’22 COMEX GOLD //JUNE 3

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz450.11 oz
Brinks
14 kilobars
Deposit to the Dealer Inventory in oznilOZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today4043  notice(s)
404,300 OZ
12.575 TONNES
No of oz to be served (notices)7499 contracts
 749900 oz
23.32 TONNES
Total monthly oz gold served (contracts) so far this month14,705 notices
1470,500 OZ
45.738 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

1 customer withdrawals:

i) Out of Brinks: 450.11 o (14 kilobars)

total withdrawal: 450,11  oz

ADJUSTMENTS:  4//all dealer to customer

i)  dealer to customer: Brinks  2074.321 oz

ii)HSBC: 578.455 oz

iii) JPMorgan: 303.910 oz

iv) Manfra: 2806.891 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an  oi of 11,542 contracts having LOST 1854 contracts

We had 1854 notices filed on THURSDAY so we GAINED 0  contracts

July has a GAIN OF 3 OI to stand at 2128

August has a GAIN of 5694 contracts UP to 434,414 contracts

We had 4043 notice(s) filed today for  404,300 oz FOR THE JUNE 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  4000 notices were issued from their client or customer account. The total of all issuance by all participants equate to 4043 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and  2386 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 (14,705) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE 11,542  CONTRACTS ) minus the number of notices served upon today  4043 x 100 oz per contract equals 2,220400 OZ  OR 69.063 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 (14,705) x 100 oz+   (11,542)  OI for the front month minus the number of notices served upon today (4043} x 100 oz} which equals 2,220,400 oz standing OR 69.063 TONNES in this   active delivery month of JUNE.

TOTAL COMEX GOLD STANDING:  69.063 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:  2,210,073.763 oz                             

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  35,027,533.463 OZ 

TOTAL ELIGIBLE GOLD: 17,023,653.974  OZ

TOTAL OF ALL REGISTERED GOLD: 18,003,879.519 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,793226.0 OZ (REG GOLD- PLEDGED GOLD)  

END

JUNE 2022 CONTRACT MONTH//SILVER//JUNE 3

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory306,739.330  oz
CNT
Delaware
Manfra
HSBC
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory600,674.508 oz
CNT
Delaware
No of oz served today (contracts)217CONTRACT(S)
85,000  OZ)
No of oz to be served (notices)117 contracts
 (585,000 oz)
Total monthly oz silver served (contracts)1475 contracts 
7,375,000 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

ii) Into CNT:  599,734.320 oz

i) Into Delaware: 940.248 oz

total deposit:  600,674.508    oz

JPMorgan has a total silver weight: 171.637 million oz/336.605 million =50.98% of comex 

 Comex withdrawals: 4

i) Out of CNT 134,569.100 oz

ii) Out of Delaware 30,453.350 oz

iii) Out of HSBC 136,824.880 oz

iv) Out of Manfra: 4893.120 oz

total withdrawal  306,739.330       oz

1 adjustments:  dealer to customer/HSBC  5277.230 oz 

the silver comex is in stress!

TOTAL REGISTERED SILVER: 72,453 MILLION OZ

TOTAL REG + ELIG. 336.605 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE OI: 134 HAVING GAINED 4 CONTRACTS. 

WE HAD 17 NOTICES FILED ON THURSDAY SO WE GAINED 21 CONTRACTS OR AN ADDITIONAL 105,000 OZ WILL STAND IN THIS NON ACTIVE

DELIVERY MONTH OF JUNE

JULY HAD A LOSS OF 1324 CONTRACTS DOWN TO 104,614 CONTRACTS.

AUGUST GAINED 440 CONTRACTS TO STAND AT 459

SEPTEMBER HAD A GAIN OF 866 CONTRACTS UP TO 27,202 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 17 for 85,000 oz

Comex volumes:39,220// est. volume today//   poor

Comex volume: confirmed yesterday: 40,937 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 1475 x 5,000 oz = 7,375,000 oz 

to which we add the difference between the open interest for the front month of JUNE(134) and the number of notices served upon today 17  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE./2022 contract month: 1475 (notices served so far) x 5000 oz + OI for front month of JUNE (134)  – number of notices served upon today (17) x 5000 oz of silver standing for the JUNE contract month equates 7,960,000 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:

JUNE 3/WITH GOLD DOWN $19.75//A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FROM THE GLD//INVENTORY RESTS AT 1066.04 TONNES

JUNE 2/WITH GOLD UP $22.50: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.64 TONNES FROM THE GLD//INVENTORY RESTS AT 1067.20 TONNES

JUNE 1/WITH GOLD UP $1$ HUGE CHANGES IN GOLD INVENTORY AT THE GLD: AWITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 1068.36 TONNES

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: 1066.04 TONNES

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

JUNE 3/WITH SILVER DOWN $.34: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITTHDRAWAL OF 246,000 OZ FORM THE SLV//INVENTORY RESTS AT 553.626 MILLION OZ..

JUNE 2/WITH SILVER UP 57 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.261 MILLION OZ FORM THE SLV.//INVENTORY RESTS T 553.872 MILLION OZ

JUNE 1/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 2.538 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 556.133 MILLION OZ//

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 563.626 MILLION OZ/

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Peter Schiff: Why Shouldn’t You Give Up On Gold And Silver?

THURSDAY, JUN 02, 2022 – 07:00 PM

Via SchiffGold.com,

A lot of investors wonder about the lack of movement in gold and silver, especially given rampant inflation. Why haven’t we seen a big rally in precious metals as many expected? Why shouldn’t you just give up on gold and silver?

Peter Schiff answers these questions in this video.

You bought gold and silver betting on inflation. You bet right. But you haven’t seen a big move up in metals – at least not yet.

All the people who said there was no inflation to worry about – they were wrong. Yet it’s very frustrating that even though we were right, we’re not getting rewarded for being right in the price of our gold and silver that should be much higher.”

But there are reasons why gold and silver haven’t rallied yet, as Peter lays out in the video. And he is certain they will rally, once the markets catch on to what’s really going on.

First, Peter reminds us that inflation isn’t new. It has been with us for more than a decade. When the Federal Reserve responded to the 2008 financial crisis with quantitative easing — that was inflation. But due to the way those early rounds of QE entered the economy, it primarily showed up in asset prices, not consumer prices.

A lot of asset prices went up, and when that happened, a lot of Americans who owned those assets felt richer. Therefore, they weren’t upset that the cost of living was also going up because their wealth was going up a lot faster, at least on paper.”

And of course, all along the government was understating the amount the cost of living was going up through a rigged CPI formula.

The policy response to COVID-19 kicked inflation into high gear. At the onset of the lockdowns, the Fed launched QE infinity.

While we cranked up the printing presses like never before, we basically ordered people to stop working. We told them to go home, and not produce goods and services, but just cash government checks. We wanted to replace the lost incomes with a printing press. So, people weren’t earning money anymore, but the Federal Reserve was printing money so people could buy things they were no longer producing.”

Peter called this the perfect storm of inflation.

But the question remains — why hasn’t the price of gold and silver responded to all of this inflation?

At times, it feels like the price of everything is going is going up – is going way up – except gold and silver, which doesn’t make sense, Gold and silver should be particularly sensitive not only to today’s inflation, but tomorrow’s inflation.”

By its very nature, the price of gold can discount the price of all the future inflation.

And that leads us to the first problem.

Even though we have a lot of inflation today, investors still think we won’t have inflation tomorrow.”

So, why aren’t investors worried about future inflation?

Because the Federal Reserve is promising to solve the problem. The conventional wisdom is that you don’t need to buy gold and silver to hedge against future inflation because there won’t be any. The Fed is on the job. Powell & Company will make it go away. They have the tools to get inflation back to 2%.

Rather than fearing inflation, they’re fearing the fight against inflation. Because how is the Fed going to fight inflation? It’s going to jack up interest rates. It’s going to have a tight monetary policy. In fact, it’s even going to start shrinking the balance sheet. It’s going to start taking money out of circulation — quantitative tightening. It’s going to reverse all of that inflation. It’s going to suck up that liquidity. And that is what is scaring investors out of buying gold and silver. They still have confidence in the Federal Reserve.”

Peter said that confidence is going to be lost.

He goes on to remind us of all the things the Fed has gotten wrong in the past – from “there is no problem in the housing market” in 2006 and 2007, to “inflation is transitory.” Now, Jerome Powell is saying it can slay inflation. And he’s confident he can do it because the economy is strong. The entire Fed policy is predicated on a strong economy.

Peter said, “That is completely wrong.” In fact, we may well already be in a recession.

I think that when the Fed ultimately has to admit – again – that it was wrong on the US economy and it overestimated the strength of the economy just like it underestimated inflation the Fed is going to lose its credibility.”

And when the Fed turns its attention to a tanking economy, inflation is going to get worse. Government deficits will explode again. The central bank will have to print even more money to monetize the debt. The balance sheet will explode.

And the cost of living is going to keep going up.

All of that inflation that started out in financial assets has now permanently migrated into consumer goods. … So, this is not a temporary situation. This is permanent. Inflation is going to get much, much worse. But the economy is going to get weaker. It’s stagflation.”

When the markets come to terms with this reality, everybody will come rushing into gold and silver.

In the meantime, it’s important not to give up on the gold and silver you already own. Furthermore, this is an opportunity to buy gold and buy silver while most investors remain clueless about what’s actually going on.

2. Lawrie Williams//Pam and Russ Martens/

LAWRIE WILLIAMS: China back as No. 1 importer of Swiss gold but at low level.

The Swiss Customs Administration has now released its gold import and export figures for April, and after a hiatus China is back as the leading importing nation, but at much lower level than it has tended to be in the past. That other usual contender for the No. 1 Swiss gold import position, India’s imports only came in at around half those for China in the April figures, so it is fair to say that gold bullion flows via Switzerland from West to East are still hugely curtailed. A country-by-country bar chart showing the principal recipients of the Swiss re-refined and exported gold bullion is set out below:

Indeed total gold flows in and out of Switzerland in April were much lower than average. Total gold imports only amounted to 83 tonnes and exports to 70.4 tonnes. In a normal month the totals in both directions probably average over 100 tonnes and, for example in March imports came to 181 tonnes and exports to 147 tonnes. For April just over 50% of the Swiss gold flowed to the Middle East and Asia. In some other months these directional flows have totalled 80% or more.

There were some major anomalies in the import sources for the Swiss gold confirming considerable turmoil in the global gold markets. The largest volume came from the United Arab Emirates, certainly not known as a gold producer, but very much at the centre of the Middle Eastern gold trade. It provided around a quarter of the gold flowing into the Swiss refineries at 20.6 tonnes during April which suggests a huge running down of built-up gold inventories and perhaps a degree of profit-taking around the peak in the gold price occurring in early April when the gold price topped out at over $1,980. If so that represented some pretty smart trading timing!

Hog Kong too provided an above average volume of gold to the Swiss refineries, presumably for similar reasons to the UAE supplies, although only 4.4 tonnes, but still a high volume for a nation which has no domestic gold production.

As usual, though, most of the balance of the Swiss refinery gold supplies came directly from mines in countries with no domestic gold refining capacity in the form of impure doré bullion, as well as gold scrap primarily from wealthier countries. Interestingly all 2.1 tonnes of gold from France appears to have been in the form of gold coins for remelting. The Swiss refineries tend to specialize in re-refining gold into the usually higher tenor product and smaller sized bars and wafers most in demand on international markets, particularly in the Far East. They process an amount equivalent to up to around half of the world’s new mined gold some months so provide an excellent window on the directions and volumes of global gold flows.

03 Jun 2022

END

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

Your weekend reading material

(Alasdair Macleod/GATA)

Alasdair Macleod: Recession, prices, and the crackup boom

Submitted by admin on Thu, 2022-06-02 13:17Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, June 2, 2022

Initiated by monetarists, the debate between an outlook for inflation versus recession intensifies. We appear to be moving on from the stagflation story into outright fears of the consequences of monetary tightening and of interest rate overkill.

In common with statisticians in other jurisdictions, Britain’s Office for Budget Responsibility is still effectively saying that inflation of prices is transient, though the prospect of a return toward the 2% target has been deferred until 2024. Chancellor Sunak blithely accepts these figures to justify a one-off hit on oil producers, when, surely, with his financial expertise he must know the situation is likely to be very different from the OBR’s forecasts.

This article clarifies why an entirely different outcome is virtually certain. To explain why, the reasonings of monetarists and neo-Keynesians are discussed and the errors in their understanding of the causes of inflation is exposed.

Finally, we can see in plainer sight the evolving risk leading towards a systemic fiat currency crisis encompassing banks, central banks, and fiat currencies themselves. It involves understanding that inflation is not rising prices but a diminishing purchasing power for currency and bank deposits, and that the changes in the quantity of currency and credit discussed by monetarists are not the most important issue.

In a world awash with currency and bank deposits the real concern is the increasing desire of economic actors to reduce these balances in favour of an increase in their ownership of physical assets and goods. As the crisis unfolds, we can expect increasing numbers of the public to attempt to reduce their cash and bank deposits with catastrophic consequences for their currencies’ purchasing power.

That being so, we appear to be on a fast track towards a final crackup boom whereby the public attempts to reduce their holdings of currency and bank deposits, evidenced by selected non-financial asset and basic consumer items prices beginning to rise rapidly. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/recession-prices-and-the-crack-up-boom?gmrefcode=gata

END

For your interest..

New ‘In Gold We Trust’ report shows why gold should be way up, not why it isn’t

Submitted by admin on Thu, 2022-06-02 11:13Section: Daily Dispatches

11:18a ET Thursday, June 2, 2022

Dear Friend of GATA and Gold:

The new annual “In Gold We Trust” report from financial house Incrementum’s Ronald-Peter Stoferle and Mark J. Valek has been published, containing a zillion reasons why gold should be going way up in price but not much if anything about why it hasn’t gotten there. For that information you’re probably still stuck with GATA. (As the White Queen told Alice: “Jam tomorrow and jam yesterday, but never jam today.”) 

The report may be most interesting for the transcript of a long discussion among the report’s authors and GoldMoney research director Alasdair Macleod, who at least remarks that central banks are “sitting on the price of gold … because it’s a rival in this fiat paradigm.” Macleod, whose commentaries are often cited by GATA, believes that central banks eventually will be compelled to avert destruction of their currencies by returning them to some form of gold backing.

Incrementum’s new “In Gold We Trust” report is titled “Stagflation 2.0” and can be downloaded here:  

https://www.incrementum.li/en/ingoldwetrust-report/

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

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 FRIDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.660

OFFSHORE YUAN: 6.6390

HANG SANG CLOSED  DOWN 212.81 PTS OR 1.00% 

2. Nikkei closed UP 347,69% OR 1.27%

3. Europe stocks  ALL CLOSED  MOSTLY RED

USA dollar INDEX  UP TO  102.21/Euro FALLS TO 1.0731

3b Japan 10 YR bond yield: FALLS TO. +.229/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 130.15/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:   UP -SHORE CLOSED  DOWN//  OFF- SHORE UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +1.258%/Italian 10 Yr bond yield RISES to 3.34% /SPAIN 10 YR BOND YIELD FALLS TO 2.40%…

3i Greek 10 year bond yield RISES TO 3.70

3j Gold at $1866.50 silver at: 22.44  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  0.12      roubles/dollar; ROUBLE AT 61.52

3m oil into the 116 dollar handle for WTI and  117 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 130.15DESTROYING 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 0.9606– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0305well 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: 2.920 UP 1  BASIS PTS

USA 30 YR BOND YIELD: 3.087 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 16.51

Futures Dump Ahead Of Payrolls Despite Musk’s “Super Bad Feeling”

FRIDAY, JUN 03, 2022 – 07:57 AM

Tech stocks led US index futures slumped on the last day of the week, after a report about looming job cuts at Tesla deepened concerns about economic growth, and confirming what we wrote a week ago in “We Could See A Million Layoffs Or More” – Here Comes The Job Market Shock.  Futures were lower as dismal trading volumes accentuating every sell order, and further reduced by UK holidays marking the Queen’s Jubilee. And speaking of the job market, in less than an hour we get the May payrolls print, where Wall Street consensus expects the a +320k number vs. +428k in April, although the whisper number is currently lower than survey at +301k, and as we noted last night, the odds of a negative print are non-trivial. Of course, should we get a subzero print, watch stocks explode higher as the Fed’s tightening plans are for all intents and purposes crushed. The Bloomberg dollar index steadied after overnight losses, Treasury yields held at around 2.91%, bitcoin resumed its slide and gold rose.

Anyway, back to markets, where S&P futures dropped 0.7%, down 30 points to 4,145 and Nasdaq 100 futures fell 1.1% trading at session lows…

… with Tesla, one of the biggest members of the tech-heavy index with a 4% weight, sliding 5% in premarket trading after Elon Musk said he had a “super bad feeling” about the economy and the electric carmaker needed to cut staff by about 10% and pause hiring. Other electric-vehicle stocks dropped in New York premarket trading following the Tesla report, with Nikola Corp. and Rivian Automotive Inc. lower. Elsewhere, Lululemon Athletica Inc. climbed after the athletic-wear retailer’s results surpassed analyst’s expectations and software company Okta Inc. rallied after its earnings.

“It’s very prudent by Tesla to reduce the staff,” Peter Garnry, head of equity strategy at Saxo Bank A/S, said on Bloomberg Television. “This market is not rewarding high revenue growth at all costs. You’re being rewarded from improvement in return on investor capital and free cash flow generation.” Here are other notable premarket movers:

  • Okta (OKTA US) shares are up 16% in premarket trading after the software company reported first-quarter results ahead of expectations and raised its full-year forecast. Piper Sandler notes revenue acceleration and strength across key growth metrics, adding that it has increased “confidence in the story going forward.” BMO highlights “impressive” revenue that beat estimates.
  • StoneCo (STNE US) soars 20% in premarket trading after its quarterly revenue more than doubled, but analysts expect the rally could be short-lived amid concerns about higher interest rates.
  • RH (RH US) shares slipped 0.3% after the home-furnishing retailer warned of further slowdown in demand since Russia’s invasion of Ukraine and cited expectations for challenges for “several quarters” ahead.
  • CrowdStrike (CRWD US) drops 2.5% after the security software company reported first-quarter results that were seen as mixed.
  • PagSeguro (PAGS US) jumped after Brazilian fintech peer StoneCo reported quarterly adjusted net income that topped analysts’ expectations.
  • Asana (ASAN US) dropped after the software company forecast an adjusted loss per share for the second quarter of 38c to 39c.

Investors remain on edge as some fear the pace of US monetary tightening could throw the world’s largest economy into a recession. Friday’s May labor report is likely to show the smallest gain in jobs since April 2021 alongside a down shift in average hourly earnings growth, Bloomberg Economics said.

“Investors remain nervous, trying to collect more information about earnings prospects on one side and economic data on the other,” said Cedric Ozazman, head of investment solutions at Mirabaud & Cie SA in Geneva. “The jobs report will be crucial as any bad news will reignite speculation about a pause in the Fed monetary tightening cycle during the last quarter of the year.” Of course, that means that “any bad economic news might be actually good for risky assets, as they will probably remove some pressure on interest rates,” Ozazman said.

On the other hand, Fed Vice Chair Lael Brainard said it was hard to see a case for a September pause in rate hikes and that increases of 50 basis points in June and July seemed reasonable.

In Europe, gains for real-estate and consumer companies outweighed declines in the cars and banking sectors, with the Stoxx Europe 600 Index rising 0.1%, erasing earlier gains. Here are the most notable European movers today:

  • Rheinmetall gains as much as 3.9% after Warburg raised its rating on the stock to buy, noting comments by CEO indicating stronger-than-anticipated mid-term revenue potential, with peer Leonardo rising as much as 3.6%.
  • Ringkjoebing Landbobank, or Rilba, rise as much as 8.4%. after the Danish lender boosted its FY pretax profit guidance. Handelsbanken notes a “positive development” in lending.
  • Leonteq shares jump as much as 18% after the Swiss technology and service provider announced it expects to generate significant revenue growth on the back of strong net trading results.
  • Avance Gas and BW LPG gain as Fearnley Securities calls the sector a “long-term value play,” increasing their target prices for the LPG firms it covers despite a strong year-to-date share rally.
  • Lotos shares gain as much as 7.9% after Orlen offered a premium of about 9% with its all-stock deal to buy Lotos in a planned merger of Polish state-controlled refiners.
  • PGS rise as much as 23% as Kepler Cheuvreux resumes coverage of the shares with a buy recommendation, seeing a more supportive macroeconomic environment and better liquidity.
  • Aperam rises while Acerinox falls as Morgan Stanley says in a note that potentially combining their businesses would bring top-line and cost synergies via improved pricing power.
  • Faurecia falls as much as 6.6% after the French automotive part maker launches EU705m rights issue as part of refinancing of Hella acquisition.

Asian stocks rose, poised for a third straight week of gains as investors awaited US non-farm payrolls for clues on the trajectory of interest rates. The MSCI Asia Pacific Index advanced as much as 0.7%, led by energy and material firms, with BHP Group and Reliance Industries among the biggest contributors. Gauges in Japan and Australia were the region’s best performers, while markets in China, Hong Kong and Taiwan were shut for a holiday. Investors are turning their attention to Friday’s data on non-farm payrolls following the release of weak private payrolls figures overnight. This comes as Federal Reserve Vice Chair Lael Brainard said expectations for half-percentage-point increases in interest rates this month and next were reasonable.

“The wide underperformance in job gains took the spotlight and the hopes that the Fed may take on a more cautious and gradual approach in tightening toward the latter part of the year may lead to some unwinding of hawkish expectations,” Jun Rong Yeap, a market strategist at IG Asia, wrote in a note. Asia’s benchmark index has climbed more than 7% from a trough in mid-May as the reopening of Shanghai supports stocks in China and Hong Kong. Still, the outlook for the region remains uncertain amid prospects of aggressive US monetary tightening, soaring inflation and China’s ongoing Covid-Zero stance.

Japanese stocks gain ahead of US labor report and as OPEC+ agreed to increase its oil production rates. Markets are closed in Hong Kong and China.  The Topix index rose 0.4% to 1,933.14 as of market close in Tokyo, while the Nikkei 225 advanced 1.3% to 27,761.57. Sony Group Corp. contributed the most to the Topix Index gain, increasing 1.9%. Out of 2,170 shares in the index, 1,135 rose and 940 fell, while 95 were unchanged. “Inflation concerns are receding as labor market tensions are seen to be weakening from the US economic indicators and Beige Book,” said Nobuhiko Kuramochi, a market strategist at Mizuho Securities

Australian stocks rebounded, with the S&P/ASX 200 index rising 0.9% to close at 7,238.80, recouping Thursday’s 0.8% loss in a rally led by miners. Champion Iron gained on higher iron ore prices. Healius was the worst performer after flagging more difficult conditions in 2H. In New Zealand, the S&P/NZX 50 index rose 0.6% to 11,417.34. The gauge added 3.2% since Monday, posting its best week since Feb.

In FX, a Bloomberg dollar gauge steadied after yesterday’s loss and the euro traded around $1.0750. A day after pricing in a 50 basis-point rate hike by the ECB by the end of the year, traders are now betting that the move will happen by October itself. Australia’s swap spreads widened to the most in almost six years on speculation that the Reserve Bank will become more hawkish next week.

In rates, Treasuries are mostly unchanged across the curve with losses led by front-end, flattening spreads with 2s10s and 5s30s both tighter by over 1bp. 10-year TSY yields around 2.92%, flat on the day; bunds lag by additional 2bp in the sector. European bonds drifted at the open after yields rose to multi-year highs Thursday. US IG dollar issuance slate empty so far; four borrowers priced $3BNBThursday, pushing weekly volume up to $30b and high end of $25b to $30b forecast. Bloomberg notes that there has been some speculation that a jumbo Oracle deal (around $20BN) could come as early as next week which may see some rate lock selling flows weigh over Friday’s session.

In commodities, oil headed for a sixth weekly advance after a keenly anticipated OPEC+ meeting delivered only a modest increase in output that failed to assuage concerns over a widening supply deficit. Gas traders are rushing to secure LNG tankers ahead of winter with ship rates surging as sanctions on Russia reshape global energy flows, according to FT. NHC notes of a disturbance producing tropical-storm-force winds; with a new Tropical Storm warning issued for Florida, Cuba, and North-western Bahamas; additional strengthening possible late Saturday and Sunday. Spot gold is steady and comfortably above USD 1,850/oz pre-NFP, whilst base metals futures see the closure of Chinese and UK exchanges amid domestic holidays.

To the day ahead, where nonfarm payrolls will be the main event. We expect headline nonfarm payrolls to (+325k forecast vs. +428k previously) to slightly outperform private sector hiring (+300k vs. +406k). If our forecast is close to the mark, it should have the effect of lowering the unemployment rate by a tenth to 3.5%. With respect to other details of the report, average hourly earnings (+0.3% vs. +0.3%) will likely be a key focus for Fed policymakers. US ISM and PMI services readings are due, along with PMI composites. Service and composite PMIs are also due across Europe along with industrial production for France.

Market Snapshot

  • S&P 500 futures down 0.6% to 4,148.00
  • STOXX Europe 600 up 0.2%
  • MXAP up 0.4% to 168.75
  • MXAPJ up 0.4% to 555.45
  • Nikkei up 1.3% to 27,761.57
  • Topix up 0.4% to 1,933.14
  • Hang Seng Index down 1.0% to 21,082.13
  • Shanghai Composite up 0.4% to 3,195.46
  • Sensex up 0.6% to 56,166.51
  • Australia S&P/ASX 200 up 0.9% to 7,238.75
  • Kospi up 0.4% to 2,670.65
  • German 10Y yield up 1bp to 1.25%
  • Euro up 0.1% to $1.0761
  • Brent futures down 0.5% to $117.03/bbl
  • Gold spot down 0.1% to $1,866.02
  • U.S. Dollar Index down 0.1% to 101.69

Top Overnight News from Bloomberg

  • Turkey is planning to restrict purchases by domestic investors of new lira bonds sold by multinational lenders, the latest effort to curb short selling of the local currency by limiting the supply of liquidity in the offshore market
  • Turkey’s inflation soared in May to the fastest since 1998 as it came under more pressure from the rising cost of food and energy, while ultra- loose monetary policy contributed to currency weakness
  • New Australian Prime Minister Anthony Albanese has made a submission to the country’s labor watchdog, proposing to lift minimum wages by more than the inflation rate in a bid to fulfill one of his key election promises
  • The Japanese government will maintain its 2013 joint policy statement with the Bank of Japan and basically stick with the current macro economic policy, Prime Minister Fumio Kishida says Friday
  • The yen is likely to come under more pressure as Japanese life insurers slash the proportion of the dollar-denominated investments they hedge to the lowest in more than a decade. The companies hedged just 43.3% of the 42.8 trillion yen ($330 billion) of their dollar assets at the end of March, down from 45.8% six months earlier. The figure was as high as 62.8% in September 2016

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks took impetus from the gains in the US but with advances capped in holiday-thinned conditions. ASX 200 was led higher by tech with the sector inspired following the outperformance of the Nasdaq stateside and with mining-related stocks underpinned by the recent gains across commodity prices. Nikkei 225 benefitted from recent currency weakness and with index heavyweight Fast Retailing among the biggest gainers after a double-digit percentage jump in its same-store sales. KOSPI is firmer but lagged behind regional counterparts after CPI data climbed to its highest in nearly 14 years and added to the pressure for the BoK to continue with its hiking cycle

Top Asian News

  • Deputy USTR Bianchi said all options are on the table regarding tariff decisions on Chinese imports and that the USTR is seeking strategic realignment with China and a tariff structure that makes sense, while she added the USTR is to focus the China trade relationship on US concerns about Chinese non-market practices and economic coercion, according to Reuters.
  • South Korean Finance Ministry said they are taking the inflation situation very seriously, while the BoK noted that demand-side inflation pressure is likely to build and that inflation is to be above 5% in June and July, according to Reuters.
  • India Cumulative Monsoon Rainfall 35% Below Normal as of June 3
  • India Reports Biggest Jump in Covid Cases in Almost Three Months
  • Toshiba Director Opposes Board Nominees From Elliott, Farallon
  • Meituan 1Q Beat Raises Optimism on Stock, Business: Street Wrap

European cash bourses are trimming the Wall Street-induced gains seen at the open (Euro Stoxx 50 +0.2%; Stoxx 600 +0.2%) – with volumes also low as British and Chinese traders observe domestic holidays. European sectors are mostly higher with the breadth of the market narrow. US equity futures post modest losses across the contracts, with the NQ (-0.7%) straddling behind peers, ES -0.4%. The modest downside coincided with Reuters reports that Tesla (-3.7% pre-market) CEO Musk, via an email, said they need to make roughly a 10% staff reduction and he has a “super bad feeling about the economy”.

Top European News

  • SAS Woes Mount With Reports on Risks From Chinese Debt, Strikes
  • Allianz Takes $430 Million Profit Hit in Retreat from Russia
  • Aperam Says in Talks With Acerinox on Potential Combination
  • Yara Takes Next Step on Path to Clean Ammonia Unit IPO
  • Eurozone May Composite PMI 54.8 vs Flash Reading 54.9
  • CRH to Buy Barrette Outdoor Living of US for $1.9 Billion

FX

  • Greenback cagey and rangy pre-NFP with DXY holding between 102.000-101.500.
  • Euro eyes more decent option expiry interest around 1.0750 – 1.1bln rolling off between 1.0755-45 to be precise.
  • Yen relying on Fib retracement (130.17) for support as Treasury yields remain firm and risk sentiment buoyed, USD/JPY towards upper end of 130.08-129.69 range.
  • Sterling somewhat sidelined as UK gears up for Jubilee Day festivities, Cable contained within 1.2589-69 confines, EUR/GBP tight around 0.8550.
  • Lira extends losses as acceleration in Turkish PPI outweighs sub-forecast, but still firmer CPI, USD/TRY tops 16.5100.
  • Yuan breaches more technical resistance levels as correction continues, USD/CNH sub-6.6200 at one stage overnight.
  • Russian Foreign Ministry does not plan to conduct market forex operations this year as per its early decision to temporarily suspend budget rules, according to Reuters

Fixed Income

  • Debt on the defensive after a few dead cat bounces ahead of US jobs data.
  • Bunds unable to defend 150.00 or 1.25% in cash, Treasuries more contained and curve flat awaiting NFP amidst a busy pm docket.
  • T-note just under par between 118-30/24 parameters.

Commodities

  • Bitcoin is little changed on the session, holding above USD 30k, in-fitting with the broader contained tone as we await the afternoon’s US data docket following particularly thin APAC and European sessions owing to CWTI and Brent futures have been waning off best levels following the overnight consolidation seen in the aftermath of the OPEC+ confab.
  • Gas traders are rushing to secure LNG tankers ahead of winter with ship rates surging as sanctions on Russia reshape global energy flows, according to FT.
  • NHC notes of a disturbance producing tropical-storm-force winds; with a new Tropical Storm warning issued for Florida, Cuba, and North-western Bahamas; additional strengthening possible late Saturday and Sunday.
  • Norway’s Industri Energy Labour Union says 573 members at oil/gas platforms would go on strike on June 12th, if wage negotiations fail; such action would impact nine installations; would not initially impact output, via Reuters.
  • Spot gold is steady and comfortably above USD 1,850/oz pre-NFP, whilst base metals futures see the closure of Chinese and UK exchanges amid domestic holidays.hina and UK market holidays, respectively.

US event calendar

  • 08:30: May Change in Private Payrolls, est. 302,000, prior 406,000
    • May Change in Nonfarm Payrolls, est. 320,000, prior 428,000
    • May Unemployment Rate, est. 3.5%, prior 3.6%
    • May Labor Force Participation Rate, est. 62.3%, prior 62.2%
    • May Average Hourly Earnings MoM, est. 0.4%, prior 0.3%; YoY, est. 5.2%, prior 5.5%;
    • May Average Weekly Hours All Emplo, est. 34.6, prior 34.6
  • 09:45: May S&P Global US Composite PMI, est. 53.8, prior 53.8
  • 09:45: May S&P Global US Services PMI, est. 53.5, prior 53.5
  • 10:00: May ISM Services Index, est. 56.5, prior 57.1

DB’s Jim Reid concludes the overnight wrap

Yesterday’s US employment data painted a mixed picture ahead of today’s official employment situation report. OPEC+ agreed to increase production targets but oil prices still managed to climb. Vice Chair Brainard and President Mester provided guidance ahead of the Fed’s blackout period, reinforcing expectations for the near-term path of policy. Sovereign bond markets were quiescent in ahead of jobs data today, which created fertile ground for equity markets to rally.

After a steady news leak about expanded production, OPEC+ agreed to increase production to +648k b/day, above the recent +400k b/day. Nevertheless, brent crude futures gained +1.14% over the session, as it was not clear whether all members had the capacity to increase production to the putative headline figures, if the totals merely represented production brought forward in time, or if the market expected larger increases after the week of rumors. After the production increase, the New York Times reported that President Biden plans to visit the crown prince in Saudi Arabia after much speculation.

Fed Vice Chair Brainard provided lucid guidance in the waning days before the Fed’s June communication blackout. She first put a pin on the intermeeting period by endorsing +50bp hikes for June and July, in a robust show of Committee consensus. As we mentioned yesterday, what the Fed will do in September is the next ‘live’ policy decision; Brainard weighed in, downplaying the chance of a pause given the current data outlook, instead dimensioning the decision between 25bp or 50bp hikes depending on the pace of inflation in the interregnum. President Mester later took things a step further, noting the pace of rate hikes could be accelerated if inflation readings merited, and that rates would probably need to get above neutral. Further, for those looking for evidence of a Fed put, Brainard noted that financial conditions are not yet at a concerning level.

On the other side of the Fed’s mandate, ADP employment payrolls surprised to the downside, adding just +128k jobs versus expectations of +300k while the prior month was also revised lower. Small businesses, construction, and leisure hospitality sectors were sources of weakness. The series does not always have a strong signal for the nonfarm payrolls out later in the week, so it’s not clear if the miss is noise or signal of a labor market naturally slowing as ADP payrolls are now above their pre-pandemic levels.

Initial and continuing jobless claims, meanwhile, reinforced data elsewhere this week that shows the labor market is currently very robust. Initial jobless claims slowed to +200k, below expectations of +210k, while continuing claims hit their lowest level since 1969. Elsewhere in data, Eurozone PPI printed at +1.2% versus +2.0% expectations.

European sovereign yields underperformed, with 2yr bunds selling off +7.6bps ahead of next week’s ECB meeting, while 10yr yields gained +5.0bps. 10yr BTP spreads widened another +4.6bps to +206bps above bund equivalents. Treasury yields were much more subdued, with 10yr yields barely budging (+0.2bps). 10yr Treasury yields are about +1bp higher this morning. The relative calm in sovereign yields helped drive equity indices higher on both sides of the Atlantic. The STOXX 600 gained +0.57% while the Dax (+1.01%) and CAC (+1.27%) outperformed. US stocks performed even better, with the S&P 500 climbing +1.84% with every sector but energy in the green, and a solid shift from cyclical sectors. The small cap Russell 200 climbed +2.31% while the tech-heavy NASDAQ gained +2.69%. The S&P 500 is now +0.45% on the holiday shortened week, as it looks to make it back-to-back weekly gains for the first time in two months.

Asian equity markets are trading higher this morning amid thin holiday trading riding a strong Wall Street close . The Nikkei (+1.14%), Kospi (+0.38%) are in positive territory while markets in mainland China, Hong Kong are closed for a holiday.

Outside of Asia, US stock futures are fluctuating with contracts on the S&P 500 (+0.04%) and NASDAQ 100 (+0.07%) are little changed.

To the day ahead, where nonfarm payrolls will be the main event. We expect headline nonfarm payrolls to (+325k forecast vs. +428k previously) to slightly outperform private sector hiring (+300k vs. +406k). If our forecast is close to the mark, it should have the effect of lowering the unemployment rate by a tenth to 3.5%. With respect to other details of the report, average hourly earnings (+0.3% vs. +0.3%) will likely be a key focus for Fed policymakers. US ISM and PMI services readings are due, along with PMI composites. Service and composite PMIs are also due across Europe along with industrial production for France.

end

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY NIGHT 

SHANGHAI CLOSED UP 13.30 PTS OR 0,42%   //Hang Sang CLOSED DOWN 212.81 PTS OR 1.00%    /The Nikkei closed UP 347.69 OR 1.27%          //Australia’s all ordinaires CLOSED UP .97%%   /Chinese yuan (ONSHORE) closed UP 6,60    /Oil UP TO 112.24dollars per barrel for WTI and UP TO 113.30 for Brent. Stocks in Europe OPENED  MOSTLY GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.660 OFFSHORE YUAN CLOSEDUP ON THE DOLLAR AT 6.639: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER/

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/

3B  JAPAN

end

3c CHINA

4/EUROPEAN AFFAIRS//UK AFFAIRS/

Europe’s ban of Russian energy will only cause trouble on the inflation front down the road

(zerohedge)

Europe’s Ban On Russian Energy Will Only Trigger More Inflation Pain In The West

FRIDAY, JUN 03, 2022 – 02:45 AM

Europe’s extreme dependency on Russian energy products from oil to natural gas is made clear recently from the manner in which they have approached sanctions – with incrementalism, slowly sinking back into the bushes.

The latest agreement among member nations on export bans targeting Russia is largely oil focused, not natural gas focused, with the union demanding an immediate 70% decrease in Russian oil transferred BY SHIP. Oil transferred by pipeline will continue to flow into the EU for now. The ban is intended to expand to 90% of all shipborne Russian oil by the end of this year. Natural gas imports from Russia will also continue.

While some European nations are more dependent on Russian energy than others, overall 40% of the EU’s needs are supplied by the country’s industry. It is not surprising that they are seeking an incremental approach to sanctions, they simply would not be able to survive another winter if they were to go cold turkey and block Russian imports completely. Of course, this does not mean that Russia has to operate on Europe’s timetable.

Russia is already reducing exports of natural gas to multiple EU countries, with Denmark, Netherlands and Germany being the latest to see losses. The EU’s ban was oil and ship focused because they cannot find an alternative source for natural gas that would resolve shortages if they banned everything. Germany in particular would be destroyed by the loss of natural gas supplies from Russia with its 42% dependency.

The solutions offered by governments and in the mainstream media neglect certain realities. Namely, they claim that output can be increased or diverted to Europe to fill the gap. Joe Biden has suggested that the US is a “net exporter” of oil (this advantage has swiftly declined since he entered the White House according to the IEA) and that the US could help alleviate European demand. The IEA and OPEC members like Saudi Arabia have offered to increase market availability and output of oil if Russian exports are hit with sanctions.

The problem is that increased production is a fantasy stifled by the realities of labor shortages, increased drilling costs due to inflation and shortages in raw materials caused by supply chain disruptions. There is little chance that production capacity will ever be able to match EU demands, according to experts in the drilling industry.

So what does this mean?

It means that in order for Europe to fulfill its energy needs while banning its primary import source, the union will have to leach existing supplies from the global market. In other words, supplies will be greatly reduced in the West and prices are about to spike exponentially in order to feed the EU.

Despite all of this economic bluster, Russia has shown considerable resilience to sanctions on oil as both China and India have increased purchases in tandem with Europe’s bans. The wider implication of this being that Europe and the West will be facing reduced global oil supplies and paying a premium while countries like China and India will be enjoying increased supplies and lower prices from Russia. The East grows stronger while the West gets weaker

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

As Invasion Enters 100th Day, Russia Now Holds 20% Of Ukraine: Zelensky

FRIDAY, JUN 03, 2022 – 08:25 AM

As the Russian invasion has entered its 100th day, Ukrainian President Volodymyr Zelensky has confirmed that Russian forces are now in control of 20% of Ukraine’s territory.

As of today, about 20% of our territory is under the control of the occupiers, almost 125 thousand square kilometers. This is much larger than the area of all the Benelux countries combined,” he said in a virtual address before Luxembourg lawmakers.

“All combat-ready Russian military formations are involved in this aggression,” he told MPs, describing that the front line extends for over 1,000km (or 621 miles).

This as it now appears Russia is poised to also seize the key city of Severodonetsk in the Donbas amid continuing fierce street-to-street fighting. If subdued, this would put the Russian army in control over all of Luhansk province.

The BBC has meanwhile cited UK defense officials who say most of the city is currently in Russian control and that Kremlin forces are making “steady local gains, enabled by a heavy concentration of artillery.”

Despite Zelensky and his Western backers lately admitting a steady Russian advance, the Ukrainian leader issued a high Russia death toll in the address to Luxembourg MPs, claiming that more than 30,000 Russian troops have died. 

“That’s greater than the death toll of the Soviet Union in 10 years of war in Afghanistan, greater than Russia’s death toll in two Chechen wars,” according to Zelensky, who did not divulge Ukrainian losses. International correspondents have not been able to verify these Ukrainian claims, which also have been advanced by some Western pundits.

Interestingly, he further called Ukraine a “de facto part of the European Union” – while requesting the urgent ramping up of more weapons and military aid.

As for Severodonetsk, the easternmost city which is still barely under Ukrainian control at this point, Zelensky said Ukrainian forces will continue to mount counter-attacks “pushing back the enemy on some streets and taking several prisoners.” He also described that attempts at evacuating the some 15,000 civilians that still remain are “extremely dangerous”. He said Ukrainian forces had experienced “some success” in battles in Severodonetsk, but overall painted a bleak picture.

end

Pressure Mounts On Pentagon Over Lack Of Oversight For Ukraine Weapons

FRIDAY, JUN 03, 2022 – 01:25 PM

Authored by Dave DeCamp via AntiWar.com,

Some members of Congress are putting pressure on the Pentagon over the lack of oversight for the billions in US weapons that are being pumped into UkrainePolitico reported Thursday that there are lawmakers who have warned the Biden administration that the overwhelming congressional support for Ukraine aid could wane if the issue is not addressed.

Sen. Rand Paul (R-KY) tried to add a provision to the $40 billion Ukraine aid that would create a new inspector general for oversight, but his effort failed. The measure passed in a vote of 86-11, with only Republicans voting no, mostly because of the lack of accountability for how the funds will be spent.

Sen. Elizabeth Warren (D-MA) has also called for oversight of the aid being sent to Ukraine. “The US government is sending billions in humanitarian, economic, and military assistance to help the Ukrainian people overcome Putin’s brutal war, and the American people expect strong oversight by Congress and full accounting from the Department of Defense,” she said.

Demonstrating the severe lack of oversight, CNN reported in April that the US has “almost zero” ability to track the weapons it is sending once they enter Ukraine. One source briefed on US intelligence described it as dropping the arms into a “big black hole.”

The head of Interpol sounded the alarm on Wednesday over the number of weapons that are pouring into Ukraine, warning that they will end up in the hands of criminals.

“The high availability of weapons during the current conflict will result in the proliferation in illicit arms in the post-conflict phase,” said Interpol Secretary-General Juergen Stock. “Even weapons that are used by the military, heavy weapons, will be available on the criminal market.”

Responding to the criticism of the lack of oversight, Pentagon spokesman Lt. Col. Anton Semelroth appeared to blame the issue on Russia. “Risk of diversion is one of many considerations that we routinely assess when evaluating any potential arms transfer,” Semelroth said. “In this case, risk would be considerably minimized by the full withdrawal from Ukraine by Russian forces.”

TURKEY/ECONOMY

With Turkish PPI Hitting A Shocking 132%, Erdogan Goes After Short-Sellers As Hyperinflation Craters The Lira

FRIDAY, JUN 03, 2022 – 10:45 AM

It’s just another day in the life of that lovable, laughable economic farce known as Erdoganomics (yes, it’s even more laughable and idiotic than MMT, if one can believe that), where cutting interest rates in the middle of hyperinflation is supposed to fix everything. Unfortunately, it doesn’t work like that, and the latest CPI and PPI data out of Turkey today confirmed as much.

Turkey’s inflation soared in May to the fastest since 1998 as the continued surge in food and energy was not helped by the country’s ultra-loose monetary policy. Consumer prices rose an annual 73.5%, up from 70% in April, according to data released by the state statistics agency Friday whose head will either quit or be fired soon. The median forecast in a Bloomberg survey of 20 economists was 74.7%. There was a silver lining in the core index which strips out the impact of items such as food and energy (which nobody needs right) and which rose “only” 56%. Meanwhile producer prices rose by a mindblowing 132% – yes PPI exploded more than double from a year ago.

The chart showing Turkey’s descent into hyperinflation is shown below.

The biggest drivers of the latest surge in inflation were food and energy, exacerbated by the global rally in commodities and the Russian invasion of Ukraine. Turkey is a major importer of oil.

Turkish inflation has been in double digits for much of the past half-decade as authorities prioritized economic growth and exports, while ignoring inflation and in fact, cutting rates to encourage it. President Erdogan has long advocated the theory that high interest rates cause inflation rather than curb it, much to the terror of any foreign investors left in the banana republic, pressuring the central bank to keep borrowing costs low in the face of risks to the lira and prices.

With the central bank terrified to raise rates and anger the country’s authoritarian ruler after ending last year with 500 basis points of cumulative easing, it has instead promoted policies aimed at widening the use of the local currency and making available long-term investment loans. The approach has left Turkey with the world’s deepest negative rates when adjusted for inflation.

It’s also why the lira is again the worst performer in emerging markets this year against the dollar: after plunging in 2021, the Turkey’s lira is on track for its longest weekly losing streak since December as worries over soaring inflation amid ultra-loose monetary policy and risk-off global sentiment piles pressure on the currency. 

The currency was down 0.3%, extending this week’s drop to 1.7%. It’s on track for its seventh week of declines, the longest losing run since the week ending Dec. 17. According to Bloomberg, the lira has now erased more than 85% of the gains it made during the rally stoked after government’s introduction in late December of FX-indexed deposit accounts aimed at offering local investors an alternative to investing in foreign currency amid the surge in inflation. 

The good news, inasmuch as hyperinflation can be spun as ‘good’ is that the country’s benchmark Borsa Istanbul 100 stock index is headed for its best weekly performance since Jan. 7 as it surged to new record levels with local investors seeking assets to hedge against hyperinflation.

Meanwhile, instead of doing the right thing and pushing the economy into a recession while hiking rates sharply higher, Erdogan continues to drain Turkey’s FX reserves which are rapidly approaching zero (and in some cases are below it)…

…  while directly targeting lira short sellers again, as happens every time the currency craters lower. According to Bloomberg, Turkey is planning to restrict purchases by domestic investors of new lira bonds sold by multinational lenders, the latest effort to curb short selling of the local currency by limiting the supply of liquidity in the offshore market.

The central bank has made verbal warnings to local lenders to refrain from marketing such securities, known as supranational bonds, to their customers, Bloomberg sources note, who add that authorities are planning further to tighten control of the purchases. The goal is to increase the cost of speculating against the lira by making less local currency available outside Turkey.

As a result, the overnight forward-implied yield on the lira is already around 100% and the cost of borrowing in the offshore market may rise further if the latest measure proceeds. Such unsustainable spikes in the funding rates usually precede dramatic plunges in the lira, which many expect to trade below 20 vs the USD in the coming months.

The new policy is a variation of an approach used repeatedly by authorities to get in the way of the lira’s depreciation since a currency crisis in August 2018. In March, Turkey’s banking regulator warned local lenders not to provide lira liquidity to firms looking to speculate against it in the offshore market.

Such restrictions cause dislocations in the market and may provide temporary relief for the lira but without addressing the reasons for its chronic weakness. Under pressure from ultra-loose monetary policy and the fastest inflation in two decades, the Turkish currency has lost nearly 20% against the dollar this year, the biggest decline among its peers in emerging markets.

The latest step would take aim at lira-denominated debt issued by the likes of the International Finance Corp., the World Bank Group’s arm for the private sector, and the European Bank for Reconstruction and Development. Just this year, the London-based bank known as EBRD alone sold more than two dozen issues of lira debt, raising the equivalent of more than $500 million.

The supranational securities have been popular among local investors because they offer better returns with higher credit ratings than comparable domestic notes.

The urgency for more measures to defend the lira is rising after its depreciation accelerated in recent weeks. Fringe measures including a new deposit program that protects savers from the currency’s volatility bought some time by ensuring a period of stability following a crash in December. But the efforts, alongside unannounced interventions in the foreign-exchange markets by the Turkish central bank and state-owned lenders, have failed to stem the lira’s recent volatility, as investors focused on hyperinflation.

“It’s a continuation of what we’ve seen before of trying to provide the lira with support using measures which are unlikely to prove sufficient — instead of raising interest rates in response to rapidly rising inflation,” said Piotr Matys, an analyst at InTouch Capital Markets Ltd.

With neither Erdogan nor anyone else inTurkey, willing to make sacrifices and stabilize prices, the currency, or the economy, the lira will be the first modern FX major currency to crater and lose all its value under the unbearable weight of hyperinflation.

Is this how the conflict widens?

Inbox

Robert Hryniak10:28 AM (50 minutes ago)
to

NATO generals will manage German IRIS-T in Ukraine. The German IRIS-T air defense systems, which are being prepared for shipment to Ukraine, will be integrated with NATO systems. The German IRIS-T air defense systems sent to Ukraine pose a very serious threat. This is due not only to the fact that we are talking about relatively new systems that Russia has not encountered before, but to the fact that these air defense systems can be integrated with NATO air defense systems, which, taking into account NATO AWACS aircraft regularly in the sky, allows effectively detect aircraft, helicopters and missiles. 

When your add to  this the hunter/killer drones with Hellfire missiles being sent, ask yourself where the RED LINES are? You need US or NATO trained technicians likely a 100 or so to maintain the drones and who will fly them, from where? Because it is unlikely that they will be piloted from the Ukraine.is this the true test of a NO fly zone over the Ukraine?

 At some point, people will figure out the Ukrainians are mere actors to be sacrificed as proxies in a real fight between the Collective West against Russia for the moment. Soon to be broader with a conflict breaking out this summer in the Middle East and one fast coming in Asia. Perhaps Orwell was correct about his take on continuous war as the means of daily routine. However, it is not clear that the public of the COLLECTIVE WEST  is on board and it is more than clear people have been awaken by COVID, the jabs and now the MONKEY POX or as the street lingo goes MONEY POX. The public may not be so silent about this. 
And you wonder why Russia is fielding 8-10 SARMAT missiles with their multiple warheads a month? They will have 50 in the field by fall. And while it is curious to hear about all so called secret AI based laser technology that track and destroy such systems that come in at MACH 27; one does question the result against incoming warheads that can take defensive maneuvers and have  secondary targets. To think that anyone has appetite for such a game is simple madness while there are so many issues facing the planet and society. Because in such a game you can be sure no one will come out of this game as expected. And that is reality. 

Cheers

Robert

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

GLOBAL ISSUES/SUPPLY CHAINS

IMF calls for governments around the world to subsidize food and energy

(zerohedge)

Universal Basic Income? IMF Calls For Governments To Subsidize Food And Energy

THURSDAY, JUN 02, 2022 – 10:40 PM

Inflationary and stagflationary crisis events open up a lot of doors and create a lot of convenient opportunities for globalists obsessed with the ideology of total centralization. A key aspect of the “Shared Economy” agenda put forward by the WEF is the concept of UBI (Universal Basic Income). If the government becomes the primary pillar of the economy and the primary source of necessities for a large portion of the population, then this makes public defiance of government mandates much less likely.

When the government becomes our nursemaid, how many people will be willing to bite the hand that feeds them?

UBI gives political elites incredible power in exchange for nothing more than currency, paper or digital, created from thin air. This is why it is concerning that so many global organizations have become aggressively vocal about government subsidies of necessities the past couple of years.

International Monetary Fund head Kristalina Georgieva recently made statements calling for governments to be more active in subsidizing food and energy costs to their citizens in the wake of the inflationary crisis. Such subsidies would of course be the beginning stage of an inevitable push for UBI.

We saw some of the effects of UBI in a limited way during the covid lockdowns, which resulted in over $6 trillion in stimulus measures in a single year and helicopter money being funneled directly into the US economy. This momentary UBI led to mass labor shortages across the country. The temporary jump in retail demand has now faltered, but it did result in increased supply chain woes and added to the already existing inflation problems. Overall, covid stimulus policies have been a disaster for the US.

Another reason for the IMF to co-opt the discussion on solutions is to also divert blame for the problem. It is the very central banking policies that the IMF promoted for years that led directly to the inflation crisis we are dealing with today. Georgieva continues to promote the lie that the Russian invasion of Ukraine is a main factor causing global inflation, even though inflation was hitting 40 years highs in the US well before the war ever started, and has been a constant weakness within Europe and other parts of the world for years.

While sanctions on Russian oil and gas will certainly add to instability in the future, it was central banking policy that created the bulk of this disaster in the first place.

The latest statement from the IMF may also reveal the expectations of globalists on the inflation front going forward. With multiple institutions from the WEF, World Bank, the UN, the IMF and the BIS all predicting worldwide food shortages this year, it’s clear that inflation is going to get far worse. Georgieva’s recommendations for subsidies on food and energy should act as a warning signal; the IMF would not be suggesting UBI-like measures unless they thought the economic crisis would be dangerous enough to compel the public to demand government monetary intervention on such a comprehensive scale. It might not seem like it, but a large number of people are fully aware that stimulus measures and government spending only lead to higher prices. They would have to be extremely desperate to ask for more of the same while hoping for different results.

Anyone still not prepared for a bottleneck in the supply chain and even higher costs needs to take the threat seriously. The globalists are telling you what is about to happen, and if you hope to remain free, UBI is not an option.

end

VACCINE MANDATE

Vaccine Impact



Michael Every//

Michael Every on the day’s most important topics

Rabobank: So Much Today Is So Stupid

FRIDAY, JUN 03, 2022 – 10:06 AM

By Michael every of Rabobank

Today can be summarised with one word – ‘payrolls’. Indeed, short is best. Also given so much today is so stupid it does not deserve a detailed response, I am using emoticons as commentary:

()

The Fed’s Brainard and Mester were hawkish and the market is pricing more than 175bp of hikes:

(﹏<)

Goldman warned of an “unprecedented, complex, dynamic environment”; BlackRock added inflation will stay high for years due to supply chain snarls:

<(  )>

OPEC+ reshuffled the same old cards, and energy prices closed the session higher:

()

The US floated a profits tax on energy firms, disincentivising any new domestic energy supply:

(」><)

Yet US stocks rallied and the US dollar sold off (on bad data and, perhaps, Fed swaps?):

 ¯\_ ()_/¯

The White House is reportedly shaking up its economic team:

٩()۶

If so, Treasury Secretary Yellen, whose CNN interview saying she got inflation wrong because she couldn’t have known about supply-side shocks was a shocker, will be de-emphasised:

(ω(。。 )

Secretary of Commerce Raimondo and Director of the National Economic Council Deese will be elevated – Deese authored this week’s Wall Street Journal op-ed that said, “Over to you, Fed.”

()

Importantly, China continues to come out of lock-down… as community infections return again a day after opening up:

ε(´סּסּ`)з

Indeed, ‘Once lauded for predictability, uncertainty haunts the Chinese economy – Policy U-turns and a heavy-handed, unpredictable coronavirus control strategy are fraying nerves’:

\(°Ω°)/

So, markets will be looking at payrolls today like this:

(-(-_-(-_(-_(-_-)_-)-_-)_-)_-)-)

But still seem minded to react to data and events in ways that make many feel like this:

¯\(°_o)/¯

Meanwhile, President Biden is going to Saudi Arabia, and is upgrading defense ties with the UAE:

 ل͜ ▀̿̿Ĺ̯̿̿▀̿ ̿Ɵ͆ل͜Ɵ͆ 

As ‘China Warns New Zealand Against Squandering Trade Ties: Beijing envoy says economic relationships shouldn’t be taken for granted’ after this week’s Kiwi shift closer to the US:

()

The US says it may ban goods from China’s Xinjiang as soon as 21 June:

├┬┴┬┴┬┴┬┴┤

The EU is rapidly upgrading its economic ties with Taiwan, as is the US:

(づ。‿‿)

Yet ‘Beijing urges US to cut military ties with Taiwan’ after Secretary of Defence Austin said he would make available ‘defence articles and services’ to defend against ‘the Chinese threat’:

︻╦╤─

In short, most developments are deeply:

ʕ·͡ᴥ·ʔ

Yet markets somehow still expect this to happen:

    [̲̅$̲̅(̲̅ιοο̲̅)̲̅$̲̅]

O)

Or this:

( •͡˘ _•͡˘)ð

                 ð

                 ð

        O)

So, I mostly feel like this:

┻━┻ (`Д´) ┻━┻

But now, until payrolls, it’s time to:

(._.)

Happy Friday!     

()

end

7. OIL ISSUES//ELECTRICITY ISSUES/USA

Biden Admin Considering Proposal To Tax Oil, Gas Windfall Profits

FRIDAY, JUN 03, 2022 – 09:25 AM

Authored by Bryan Jung via The Epoch Times,

The Biden administration is considering a proposal to tax oil and gas windfall profits to provide a gas subsidy for American consumers struggling with high energy prices, said Bharat Ramamurti, deputy director of the National Economic Council at a panel sponsored by the Roosevelt Institute think tank on June 2.

The news follows a similar move in the U.K. by Chancellor Rishi Sunak on May 26, to impose a 25 percent windfall tax on North Sea energy producers to provide a 15 billion pound ($18.9 billion) energy fund subsidy for Britons paying for soaring fuel costs.

The White House has been examining proposals from Congress that would hike taxes on energy producers in order to provide a subsidy or tax rebate to households.

“We are very much open to any proposal that would provide relief to consumers at the pump,” said Ramamurti.

“There are a variety of interesting proposals and design choices on a windfall profits tax. We’ve looked carefully at each of them and are engaging in conversations with Congress about design.”

The proposal, backed by 15 Democrats in the Senate and the House, would impose a new quarterly tax on American oil companies for crude produced domestically or imported from abroad.

The revenue would be syphoned off to consumers below a certain income in the form of a tax rebate that would amount to a few hundred dollars per year, but the bill does not appear so far to have support in Congress.

 The bill is being sponsored by Sen. Elizabeth Warren (D-Mass.), who announced on MSNBC in March, “I’m co-sponsoring … a bill on windfall profits tax. We get it, supply and demand, prices go up, but profit margins should not go up, that’s just oil companies gouging.

“Big oil companies are making higher profits off Putin’s war,” tweeted Warren.

U.S. Sen. Elizabeth Warren (D-Mass.) speaks during a hearing on Capitol Hill in Washington on Sept. 28, 2021. (Alex Wong/Getty Images)

 The “windfall tax on oil would guarantee $200 oil,” responded Dan Rosenblum, a financial analyst at Sharkbiotech.com, in a tweet, explaining that a tax on gas producer profits would cause U.S. fuel prices to skyrocket.

Ramamurti admitted that there would be a potential impact on supply if a windfall tax on producers was imposed, but he said he did not see this as an “insurmountable hurdle.”

“One thing you want to be aware of when you are looking at those types of proposals is how is it going to affect supply as well,” said Ramamurti.

“I don’t think that’s an insurmountable hurdle, but it is an important question at a time when there’s clearly a supply issue.”

His comments came just a day after he told reporters that the administration’s plan to combat inflation included shrinking the Federal budget deficit, by raising taxes on high-income individuals and major corporations.

“What the president has done and made clear is that we are dedicated to doing everything we can to stop and push back on that Russian aggression, but it’s going to cause pain for American consumers in the short term, and gas prices are one unfortunate example,” Ramamurti told local media.

High energy prices due to the war in Ukraine, declining U.S. energy supplies, and supply chain logjams have pushed oil producer revenue to record highs this year.

Exxon Mobil, the largest U.S. oil producer, earned $5.48 billion in the first quarter and said that it would triple its expected stock buybacks through 2023 to $30 billion.

The Biden administration has blamed energy producers for not investing in further output and for not passing on more of their earnings to consumers, despite White House policies that have discouraged investment in energy production and supply.

President Joe Biden is under intense pressure from his party to ease gas prices before the midterm elections in November, as the approval ratings for the Democrat-controlled Congress continue to sink in the polls.

U.S. President Joe Biden at the Eisenhower Executive Office Building in Washington on June 1, 2022. (Kevin Dietsch/Getty Images)

U.S. consumer price growth slowed down in April after gas prices dipped below the March record high, while consumer prices were up 8.3 percent in April from the year prior, according to the Labor Department.

As a cyclical industry, taxing windfall energy profits during a good cycle is likely to discourage investment in energy production.

The U.S. energy sector has been the worst-performing part of the market over the past decade, despite major increases in total output.

An energy producer tax could be a two-way street for energy market investors, especially if producers reduced through-the-cycle investment in the United States, which may lead to sustained higher global oil and natural gas prices.

There was similar criticism of the proposed U.K. tax on energy producers, “We understand the worry for millions of people about how high energy costs are challenging their household budgets—and the need for support to help make ends meet,” said a Shell spokesperson, “but at the same time, we must sustain investment in securing supplies of oil and gas the U.K. needs today, while allocating future spend for the low-carbon energies we want to build for the future.”

The national average for a gallon of gasoline in the United States hit $4.715 on June 2 up from $4.671 the day before, according to AAA.

Brent Crude was at nearly $118 and West Texas Intermediate crude stood at $117 at the end of trading on June 2.

8 EMERGING MARKET& AUSTRALIA ISSUES

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

Pakistan:

my goodness just look at what is going on in Pakistan:  40,000 factories are at risk of closing due to fuel crisis

(zerohedge)

40,000 Factories At Risk Of Closing In Pakistan’s Commercial Capital Amid Fuel Crisis 

THURSDAY, JUN 02, 2022 – 08:00 PM

Pakistan faces potential economic collapse as inflation jumps and widespread civil unrest could be nearing. The latest sign the South Asian country is spiraling into the abyss is rising electricity costs that threaten to close tens of thousands of businesses.

Bloomberg reports that as many as 40,000 factories in Karachi, the country’s commercial capital, are being slapped with high power costs that make operating near impossible. 

Rising power costs are so severe that nine business groups in Karachi told the government that an immediate plan needs to be formulated to lower power costs or face economic disaster. 

Any shuttering of factories and mass layoffs could trigger social unrest in the commercial capital, home to more than 16 million people.

Discontent among businesses and households is already soaring with an official inflation rate of over 13.37% (double the official CPI to get a more accurate picture of true price inflation), the 2nd fastest-rising rate in Asia. 

On top of high power costs, Karachi’s power utility — K-Electric Ltd. — warned customers of widespread power cuts for the first time in over a decade if power generation continues to struggle because of high fuel costs and supply shortages. 

“These current conditions are severely hindering KE’s ability to procure fuel, causing a permanent curtailment of power generation” that translates to as much as 10 hours of planned blackouts for some parts of the city, said Sadia Dada, a spokesperson for K-Electric. 

Pakistan is also a nuclear power — political elites may stoke a conflict with neighboring India to distract public anger from domestic financial pain. 

END

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

Euro/USA 1.0731 DOWN 0.0031 /EUROPE BOURSES //MOSTLY RED

USA/ YEN 130.151   UP 0.218 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2561 DOWN   0.0018

 Last night Shanghai COMPOSITE CLOSED UP 13.30 POINTS UP 0.42%

 Hang Sang CLOSED  DOWN 212.81 PTS OR 1.00%

AUSTRALIA CLOSED UP 0.97%    // EUROPEAN BOURSES MOSTLY RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES MOSTLY RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 212.81 PTS OR 1.00%   

/SHANGHAI CLOSED UP 13.330 PTS UP 0.42% 

Australia BOURSE CLOSED UP  0.97% 

(Nikkei (Japan) CLOSED  UP 347,69 OR 1.27%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1863.85

silver:$22.35

USA dollar index early FRIDAY morning: 101.94  UP 11  CENT(S) from THURSDAY’s close.

 FRIDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.47%  UP 6  in basis point(s) yield

JAPANESE BOND YIELD: +0.229% DOWN 1     AND 7/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.42%// UP 5   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.40  UP 10   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.266.%

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0721 DOWN  30    or 30 basis points

USA/Japan: 130.78 UP .846  OR YEN DOWN  85  basis points/

Great Britain/USA 1.2510 DOWN 0.0067 OR 67  BASIS POINTS

Canadian dollar DOWN .0005 OR 5 BASIS pts  to 1.2576

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.6603  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.6517

TURKISH LIRA:  16.56  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.229

Your closing 10 yr US bond yield UP 4  IN basis points from THURSDAY at  2.950% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.109 UP 4 in basis points 

Your closing USA dollar index, 102.13 UP 30   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 74.71 PTS OR 0.98%

German Dax :  CLOSED DOWN 32.89  POINTS OR 0.23%

Paris CAC CLOSED DOWN 23.53 PTS OR 0.36% 

Spain IBEX CLOSED DOWN 29.30 OR 0.29%

Italian MIB: CLOSED DOWN 278,60 PTS OR  1.14%

WTI Oil price 119.13   12: EST

Brent Oil:  119.80   12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  60.52  UP 1 & 1/8        RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.2666

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0721 DOWN   .0038   OR  DOWN 38 BASIS POINTS

British Pound: 1.2497 DOWN .0080  or  80 basis pts

USA dollar vs Japanese Yen: 130.85 UP .917//YEN down 92 BASIS PTS

USA dollar vs Canadian dollar: 1.2586 UP 0015 (CDN dollar DOWN 15 basis pts)

West Texas intermediate oil: 120.25

Brent OIL:  121.16

USA 10 yr bond yield: 2.955 UP 4 points

USA 30 yr bond yield: 3.111  UP 4  pts

USA DOLLAR VS TURKISH LIRA: 16,44

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  60.95 DOWN  .70/ ROUBLES (ROUBLE  UP .7  ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: DOWN 349.37 PTS OR 1.05%

NASDAQ 100 DOWN 334.86 PTS OR 2.67%

VOLATILITY INDEX: 25.39 UP 0.67 PTS (2.70%

GLD: 172.58 DOWN 1.77 PTS OR 1.02%

SLV/ 20.23 DOWN .36 PTS OR 1.75%

end)

USA trading day in Graph Form

Oil Pops, Stocks Drop As Hawks & ‘Hurricanes’ Killed The Dead-Cat-Bounce

FRIDAY, JUN 03, 2022 – 04:00 PM

Jamie Dimon downshifted his economic outlook from “clouds on the horizon” to an imminent hurricane”, Goldman President John Waldron confirmed Dimon’s anxiety noting that “the shocks to the system are unprecedented,” and finally, Elon Musk warned he has a “super bad feeling” about the economy.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1532805954311528450&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Foil-pops-stocks-drop-hawks-hurricanes-killed-dead-cat-bounce&sessionId=cac2c87c7b06a2945586ae0939e23e7eb01a2a32&siteScreenName=zerohedge&theme=light&widgetsVersion=b45a03c79d4c1%3A1654150928467&width=550px

Apparently confirming the ‘hurricane’, the number of news articles mentioning “hiring freeze” has recently jumped to a level not seen since the first few months of the pandemic in 2020.

Source: Bloomberg

And so, despite a beat in the headline payrolls print today, other jobs data disappointed and just added to a week of ugliness for US economic growth expectations…

Source: Bloomberg

But, as we noted earlier, the cavalcade of FedSpeak this week definitely put the hawkish narrative back on the table, as even Bostic admitted he was talking out of his arse about a September ‘pause’ and Mester piled on. That drove Fed rate-hike expectations significantly higher…

Source: Bloomberg

And until today’s “good” news in the jobs data, stocks were loving the “bad” news from US data. But all that went to shit today as jobs beat and another bear market rally bit the dust…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1532770467194490881&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Foil-pops-stocks-drop-hawks-hurricanes-killed-dead-cat-bounce&sessionId=cac2c87c7b06a2945586ae0939e23e7eb01a2a32&siteScreenName=zerohedge&theme=light&widgetsVersion=b45a03c79d4c1%3A1654150928467&width=550px

Futures were already sliding but as the ‘good’ data hit, the selling accelerated hard. Nasdaq was clubbed like a baby seal today, down over 2.5%. Small Caps and The Dow were the best of a bad bunch on the day…

Sending all the majors into the red for the week (the S&P was actually the week’s biggest loser while Small Caps were the prettiest horse in the glue factory)…

Industrials and Energy stocks were the only sectors that managed gains on the week. Healthcare and Financials were the biggest losers…

Source: Bloomberg

“Most Shorted” stocks ended the week lower as the Weds/Thurs squeeze quickly ran out of ammo…

Source: Bloomberg

Treasuries were also lower (in price) this week, with the belly underperforming on the holiday-shortened week (5Y +23bps, 30Y +15bps)…

Source: Bloomberg

The Dollar ended the week higher, bouncing of support at unchanged today…

Source: Bloomberg

Bitcoin roundtripped on the week, ending back below $30,000…

Source: Bloomberg

Gold whipsawed down then up and back down again to end the week unchanged at around $1850…

Copper had a big week, surging up to 6-week highs as China re-opened…

Oil prices exploded higher this week as OPEC+ didn’t break up as so many hoped and production increases don’t cover Russia’s shortfall, tightening supply in the face of China demand re-igniting as lockdowns are lifted…

That pushed WTI up to $119 – its highest since the post-Putin peak…

Finally, retail gas price are at their highest ever… and judging by wholesale gasoline prices, things are set to get considerably worse…

Source: Bloomberg

And nothing is helping Biden’s approval rating…

Source: Bloomberg

Time for some blaming and shaming?

I) / EARLY MORNING TRADING/FOMC/PAYROLLS

May Payrolls Drop To 13 Month Low But Come In Hotter Than Expected

FRIDAY, JUN 03, 2022 – 08:36 AM

Heading into today’s key payrolls print, we had a feeling that contrary to Wall Street’s generally cheerful expectations, the jobs number would be bad based on dismal real-time indicators (as described in “We Could See A Million Layoffs Or More” – Here Comes The Job Market Shock), and the latest Goldman macro data, and we… were off, because moments ago the BLS reported that in May the US added 390K jobs, which was a drop from last month’s upward revised 436K and the lowest since April 2021, but was well above the 320K expected (and once again made a mockery of the recent dismal ADP prints, which suggests that there was another political component here in the BLS data where someone likely made a phone call or two).

The change in total nonfarm payroll employment for March was revised down by 30,000, from +428,000 to +398,000, and the change for April was revised up by 8,000, from +428,000 to +436,000. With these revisions, employment in March and April combined is 22,000 lower than previously reported.

Breaking down the jobs, we see that in May, lower-paying 175K service jobs were added, down notably from 273K a month earlier, while higher-paying service jobs were unchanged at 99K; manufacturing jobs collapsed to 18K from 61K, offset by a surge in minind and logging jobs to 41K. 57K government jobs rounded out the picture.

The unemployment rate was unchanged at 3.6%, and missed expectations of a drop to 3.5%, which would have been the lowest print since the covid crisis.

Among the major worker groups, the unemployment rate for Asians declined to 2.4 percent in May. The jobless rates for adult men (3.4 percent), adult women (3.4 percent), teenagers (10.4 percent), Whites (3.2 percent), Blacks (6.2 percent), and Hispanics (4.3 percent) showed little or no change over the month.

Some more details on the composition of unemployed workers:

  • Among the unemployed, the number of permanent job losers remained at 1.4 million in May. The number of persons on temporary layoff was little changed at 810,000. Both measures are little different from their values in February 2020
  • The number of long-term unemployed (those jobless for 27 weeks or more) edged down to 1.4 million. This measure is 235,000 higher than in February 2020. The long-term unemployed accounted for 23.2 percent of all unemployed persons in May
  • The number of persons employed part time for economic reasons increased by 295,000 to 4.3 million in May, reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is little different from its February 2020 level. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.
  • The number of persons not in the labor force who currently want a job was little changed at 5.7 million in May. This measure remains above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job

The participation rate ticked up a notch, from 62.2% to 62.3%, in line with consensus estimates.

Red hot wage growth persisted, even if at an increase of 0.3% in May, and the same as last month, it missed expectations of 0.4%. Meanwhile, on an annual basis, average hourly earnings rose 5.2%, in line with expectations and down from 5.5% last month.

II)USA data

ISM Services Slumps To Weakest Since May 2020

FRIDAY, JUN 03, 2022 – 10:14 AM

After a disastrous collapse in US macro data in May (and despite a surprising – though small – rise in ISM Manufacturing survey), May’s ISM Services fell more than expected from 57.1 to 55.9 (lower than the 56.5 expected)…

Source: Bloomberg

The ISM Services Index has not been weaker than this since May 2020.

Under the hood, most sub-components are weaker (but jobs rebounded very modestly)…

Prices are up… for almost everything…

And everything’s in short supply…

Most respondents continue to complain about the supply chain disruptions and extended lead-times…

Is this just the kind of bad news the stock market has been looking for?

END

END

IIB) USA COVID/VACCINE MANDATES

END.

iii)a.  USA economic stories

end 

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

END

iv)swamp stories

King REPORT

The King Report June 3 2022 Issue 6773Independent View of the News
 Saudi Arabia ready to pump more oil if Russian output sinks under ban – FT
Riyadh aware that it must not ‘lose control’ of oil prices as energy sanctions hit Moscow
https://www.ft.com/content/cf18ce69-e46a-4802-9058-1340c5a2c94d
 
Oil Jumps After OPEC+ Agrees to Boost Output By 648K Barrels
Spare capacity has come into focus, with the gap between OPEC* production and quotas rising to a record 2 59mln BPD in April: 13 out of the 19 countries struggled to hit quotas, according to a survey cited by SSP Global. Meanwhile Saudi Aramco s CEO last month warned that the world is operating with less than 2% of spare oil capacity. This is arguably the most important supply factor…
https://www.zerohedge.com/commodities/opec-meeting-preview-are-we-going-get-unexpected-increase-oil-output
 
Oil sank on the FT report that Saudi Arabia MIGHT fill the oil output gap from a Russia oil ban.  After OPEC+ increased production QUOTAS by 648k, the stark reality that OPEC+, and Saudi Arabia in particularly, are running near production limits induced traders to buy oil.
 
RBN Energy: Crack spreads for diesel — and, more recently, for gasoline — have gone parabolic, giving refiners the strongest financial signal ever to produce more diesel and gasoline as we enter the summer travel season. More jet fuel too. The problem is, U.S. refineries already are running flat-out
https://rbnenergy.com/cracking-up-part-2-will-high-crack-spreads-be-enough-to-balance-refined-products-markets
 
Houston, we have a problem!  Oil production and US refinery production is in the Outer Limits.  The Big Guy’s historic US SPR depletion has been infective.  The WH is weighing a Twilight Zone solution.
 
White House Weighs Oil Profits Tax (Solve energy inflation with a measure that would cut production!)
Hike taxes on energy producers in order to provide a subsidy to consumers…
https://twitter.com/newsmax/status/1532437859658911744?t=g6QfPvGaMLbkTALc38H7oQ&s=09
 
A gas station in downtown LA is charging upwards of $8 a gallon for regular gashttps://t.co/TeLEP43MJb
 
Fed Vice Chair Lael Brainard says it’s ‘very hard to see the case’ for the Fed pausing rate hikes
“Right now, it’s very hard to see the case for a pause,” she told CNBC’s Sara Eisen during a live “Squawk on the Street” interview. “We’ve still got a lot of work to do to get inflation down to our 2% target.”…
https://www.cnbc.com/2022/06/02/fed-vice-chair-lael-brainard-says-its-hard-to-see-the-case-for-the-fed-pausing-rate-hikes-.html
 
US companies added just 128,000 jobs in May, lowest in two years: ADP (300k was consensus)
It marked the worst month for job creation since April 2020…”While hiring demand remains strong, labor supply shortages caused job gains to soften for both goods producers and services providers.”…
https://www.foxbusiness.com/economy/us-companies-added-jobs-may-lowest-two-years-adp
 
Stocks slip as Microsoft warns, ADP jobs falls short, gas hits record
“On June 2, 2022, Microsoft Corporation updated our guidance for the quarter ending June 30, 2022 due to unfavorable foreign exchange rate movement in the quarter through May”.  The tech-giant now expects to earn as much as $16.7B down from the initial goal of $16.8B.
https://www.foxbusiness.com/live-news/stocks-today-6-2-2022
 
US Q1 Nonfarm Productivity -7.3% (-7.5% exp), Unit Labor Costs +12.6% (11.6% exp)
April Factory Orders 0.3% m/m (0.7% exp), March revised to 1.8% from 2.2%, ex-Trans 2.2% from 2.5%; April Durables 0.5% m/m (0.4% exp), ex-Trans 0.4% (0.3% exp), Nondef ex-Air 0.4% as expected
 
David Rosenberg @EconguyRosie: Powell’s tunnel vision focused on JOLTS job openings… he is missing a really big story: ADP small biz jobs tanked 278k from February to May. The recession has arrived.
 
Dems Freak as Obamacare Premiums Set to Spike By 53% (for ~13 million Americans)
https://twitter.com/joelpollak/status/1532432400000507905?t=AYtWzFVbT5rQlUbh4p6xFQ&s=09
 
ESMs tumbled during early US trading on the plethora of bad news listed above.  But once again, after the early US equity tumble on negative fundamental news, someone rescued ESMs.  After hitting a low of 4072.25 (-26.75) at 10:27 ET, someone manipulated ESMs to 4124.50 at 11:18 ET.  Was this conditioned buying or was a very large, well-connected entity trying to change the negative narrative and psychology, once again?  Qui bono?
 
Fangs led the robust rebound rally.  The NY Fang+ Index hit +2.36% at 11:15 ET.  This is a sign that traders, fast money, and retail jamokes drove the rally.
 
After a modest retreat into the European close, ESMs and US stocks jumped to new session highs.  ESMs hit 4148.50 at 12:40 ET.  After an hour-long respite, ESMs and stocks rallied further and surged into the NYSE close.  Why would anyone aggressively force stuff higher when the fundamental evidence shows the US economy is slowing, inflation is intractable, and energy inflation could accelerate?
 
Yesterday, someone was determined to drive stocks higher and change the very negative narrative and psychology about the US economy.  Remember, the MSM reported that The Big Guy’s mission for June is to convince Americans that the US economy is better than they think!
 
Biden’s June agenda: convince Americans the economy is healthy (Heed Joe, not your checkbooks!)
Biden is planning a media blitz to lift his sagging opinion poll numbers before November’s congressional election, promoting his management of America’s recovery from the coronavirus pandemic and efforts to cool spiraling inflation  https://finance.yahoo.com/news/bidens-june-agenda-convince-americans-190320077.html
 
An alternative explanation for the market activity on Thursday morning: Traders and investors do NOT believe the Fed’s advertised rate hikes and QT will arrest inflation.  Evidence: stocks rallied from a tumble; commodities and precious metals soared; the dollar sank sharply; bonds declined modestly
 
The markets on Thursday screamed INFLATION and the Fed is well behind the inflation curve.
 
With inflation at a 40-year high, Cleveland Fed President Mester, who is perhaps the most hawkish Fed official, ludicrously stated, “If inflation were to continue to stay high, and expectations get unanchored, the Fed would have to really slam on the brakes.  We don’t want to be in that situation.”
 
BlackRock’s Larry Fink stooged for the Fed, his MBS partner (what else?), on Thursday, averring that the Fed does not possess the tools to arrest inflation because it’s fiscal policy that caused the inflation.  Larry also stated that US inflation will remain elevated for two years!
 
Fink Sees Elevated Inflation for Years Amid Supply Shocks
BlackRock CEO says Fed doesn’t have tools to fix supply snarls… The world’s largest asset manager, which oversaw about $9.6 trillion as of March 31, is navigating a world beset by surging inflation…
https://www.bloomberg.com/news/articles/2022-06-02/fink-sees-elevated-inflation-persisting-amid-supply-shocks
 
In trying to exonerate the Fed, Fink indicts the Fed for their years-long mendacious assertions that they ‘have the tools to halt inflation’ whenever they decide to do so.
 
@RNCResearch: “Is there one specific category [of high prices] where you think that’s where you can really make a difference?” Biden Commerce Secretary Gina Raimondo: “I wish”
https://twitter.com/TommyPigott/status/1532421382147035138?t=w-oyCdc_cLM47fZvoar77w&s=09
 
Some pundits have blamed the repeated aggressive buying after early US equity declines on retail traders.  Goldman refutes this by noting that retail equity call buying has tumbled 70% vs the past two years.
https://twitter.com/gurgavin/status/1532427657966669824
 
@stats_feed: Humans now only make up 38.5% of internet traffic. The other 61.5% is non-human (bots, hacking tools, etc).
 
Positive aspects of previous session
Another robust rally after an early US equity tumble
Trading sardines led the US rally
 
Negative aspects of previous session
ESMs and US stocks tumbled early due to a plethora of negative fundamental news
Gasoline hit another new high; WTI Oil rallied despite the OPEC+ production hike
 
Ambiguous aspects of previous session
Who keeps forcing US stocks higher after early tumbles on negative news?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4211.90
Previous session High/Low4177.51; 4074.37
 
@justin_hart: Unbelievable. Dr. Deborah Birx: “Sometimes, we use mandates because we don’t want to take the time to explain the science and the data and really have people really understand who should be using them and why.”  https://twitter.com/justin_hart/status/1532147357634113537
 
Fauci Openly Admits Biden Mask Mandate Is About Preserving “Authority”
“It’s more of a matter of principle of where the authority lies”
https://summit.news/2022/06/02/video-fauci-openly-admits-biden-mask-mandate-is-about-preserving-authority/
 
Newsweek: A classified U.S. report says Putin seems to have re-emerged after undergoing treatment in April for advanced cancer. The assessments also confirm that there was an assassination attempt on Putin’s life in March, the officials say.
 
US military hackers conducting offensive operations in support of Ukraine, says head of Cyber Command – In an exclusive interview with Sky News, General Paul Nakasone confirmed for the first time that the US had “conducted a series of operations” in response to Russia’s invasion of Ukraine.
https://news.sky.com/story/us-military-hackers-conducting-offensive-operations-in-support-of-ukraine-says-head-of-cyber-command-12625139
 
Joe Kent for WA-3 @joekent16jan19: Intel officials gloating about cyber & providing intel to kill Russian troops is inexcusable… these leaks are designed to provoke Russia & drive us closer to WW3.  What do we expect Russia to do? War is Biden’s endgame.
 
Biden sanctions Putin yachts on 99th day of Ukraine war — Hunter-linked oligarchs untouched https://trib.al/AOcga9m
 
@greg_price11: Reporter: Why didn’t you move quicker on the baby formula shortage?
Biden: “I don’t think anyone anticipated the impact of the shutdown of Abbott facility.”
Reporter: “Didn’t the CEOs just tell you they understood it would have a very big impact?”
Biden: They did but I didn’t. https://t.co/ei2e1N5mkY
 
White House in clean-up mode (again) after Biden tells baby-formula manufacturers he didn’t know there was a shortage until April   https://notthebee.com/article/white-house-in-clean-up-mode-again-after-biden-tells-baby-formula-manufacturers-that-he-didnt-know-there-was-a-shortage-until-april
 
Bloomberg @business: These 10 US states now have out-of-stock baby formula rates at 90% or greater: Georgia, Arizona, Mississippi, California, Nevada, Tennessee, Rhode Island, Louisiana, Florida, Washington   Explore the datahttps://trib.al/c2fA4iJ
 
Jeffrey Gundlach (@TruthGundlach: Excessive stimulus caused inflation.  An intelligent twelve-year-old was able to predict it.  Ms. Yellen, long serving Fed Chair…..yes, Fed Chair,…admitted today she was not.  On the inflation bright side, and it is a very bright side, Build Back Biden did not pass.
 
Gas average hits $4.72 – six months after DCCC thanked Biden for 2-cent decrease
DCCC notoriously tweeted chart showing gas dropped from $3.40 to $3.38 in November
https://www.foxbusiness.com/politics/gas-average-hits-dccc-thanked-biden?intcmp=tw_fbn
 
@EddyElfenbein: In March 1980, the P/E Ratio for the S&P 500 got as low at 6.43. Right now, it’s 19.29.
 
@RyanDetrick: Be aware, June is the worst month of the year for stocks during a midterm yearhttps://t.co/giTR8OGien
 
We often note that unusual equity movements on Thursday often presage surprises in the Fed’s H.4.1 Statement, which is released on Thursday evening.  Despite the Fed’s clamor that it would halt inflation, the Fed’s balance sheet expanded $769m as of June 1. https://www.federalreserve.gov/releases/h41/current/
 
Today – The entity or entities that have forced ESMs higher after negative fundamentals news and/or early US equity tumbles has returned.  Apply Newton’s 1st Law of Motion, the upward post-tumble action will persist until an equal or greater force overwhelms it – or the buying dissipates.  With Joe on a June crusade to convince the masses that their checkbooks are lying, this seems unlikely.
 
Unless a very large deviation appears, the May Employment Report will have only a transitory effect.  The die is cast for the Fed for the foreseeable future.  The usual suspects will ‘trade’ the number.
 
ESMs are +6.50 at 20:10 ET.
 
Expected Economic Data: May NFP 320k (Whisper # 309k), Mfg 39k, Rate 3.5%, Wages 0.4%, Workweek 34.6, Labor Force Participation Rate 62.3%; May S&P Global US Services PMI 53.5; May ISM Services Index 56.5; Fed VCEO Brainard discusses Community Reinvestment Act 10:30 ET
 
S&P 500 Index 50-day MA: 4256; 100-day MA: 4341; 150-day MA: 4452; 200-day MA: 4452
DJIA 50-day MA: 33,528; 100-day MA: 34,002; 150-day MA: 34,606; 200-day MA: 34,683
 
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 3972.73 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4104.86 triggers a sell signal
 
More leaks about Biden’s ineptness appeared yesterday.  MSM/Dem midterm angst is accelerating.
 
CNN: Beneath Biden’s struggle to break through is a deeper dysfunction among White House aides
There’s a divide between most of the White House staff and the inner circle who have been around Biden for longer (Jill?)… “He has to speak to very serious things,” explained one White House aide, “and you can’t do that getting ice cream.”
    Aides regularly talk about how little traction they’re getting from one-off Biden appearances or events and then… he’s often left looking like he’s in a reactive crouch on the issues that matter most to voters rather than setting the agenda… Biden himself, meanwhile, is staying barely visible, spending all of this week at the White House and his beach home in Delaware
     Outside of those consoler-in-chief moments, Biden and aides know they’re not doing much to make him empathetic… They’ll say he’s answering reporters’ questions whenever he’s asked, while nixing interview requests to avoid the hours of prep and possible clean-up
https://www.cnn.com/2022/06/02/politics/joe-biden-messaging-struggles/index.html
 
Will the real president of the United States please stand up?
Confusion as Biden repeatedly clashes with his own aides
    It’s been 112 days since President Biden had his last sit-down interview with the press.  It’s clear to everyone not working at 1600 Pennsylvania Avenue that Mr. Biden’s handlers are uncomfortable allowing the leader of the free world to speak freely, without their notes or reading the words they wrote in a teleprompter…  https://www.washingtontimes.com/news/2022/jun/1/will-the-real-president-of-the-united-states-pleas/
 
@mattdizwhitlock: a reporter asks if the White House COVID coordinator believes all schools “will and must be open this fall.”  And @PressSec prevents him from answering.
https://twitter.com/mattdizwhitlock/status/1532445405820100609
 
Joe Biden’s Serial Lies and Embellishments About His Biography Are Shamelessly Weird
https://townhall.com/tipsheet/guybenson/2022/06/02/joe-bidens-weirdest-lies-n2608069
 
Fact or Faction Regarding the Relationship between Cannabis Use and Violent Behavior
The findings from this review suggest that, on the basis of the current literature, frequent cannabis use is a potential risk factor for violence and aggression, particularly in individuals who may have a unique susceptibility for engaging in violent behavior… http://jaapl.org/content/early/2021/12/10/JAAPL.210034-21
 
@TMJ4Steve: Five people shot at Graceland Cemetery in Racine during funeral for Da’Shontay King, man shot by Racine Police on May 20.
 
In a national address last night, Biden advocated for red-flag laws, raising the age for rifle ownership to 18, a repeal of immunity for gun makers, plus bans on “assault weapons and high-capacity magazines.”  Joe did not define assault weapons.  Joe: “I want to be very clear: this is not about taking away anyone’s guns. It’s not about vilifying gun owners… The 2nd Amendment is not absolute…” 
 
@ChadPergram: Biden calls out the Senate in the gun debate. Says they need “10 Republicans” to help break a filibuster. Says some GOP senators don’t want to do anything. “If Congress fails, I believe a majority of the people won’t give up either.” Says people will make guns “central to their vote
 
I am convinced that a criminal who wants a firearm can get one through illegal, untraceable, unregistered sources, with or without gun control.”- Senator Joe Biden, 1985
https://twitter.com/Jim_Jordan/status/1532433258599829506?t=8k5OE5MKaovd7DFrh5fwqQ&s=09
 
@CWBChicago: Court records show the man being sought for shooting a Chicago police officer yesterday was charged with felony firearm possession in October 2020.  Cook County prosecutors dropped the case in FebruaryHe spent 14 months on electronic monitoring between his arrest and prosecutors’ decision to drop charges.  (What new Biden/Dem proposed law would’ve prevented this?)
 
Chicagoans, like us, must live daily with the crime and violence perpetrated mostly by juvenile and career criminals.  It is an insult to our intelligence to suggest that new gun laws will halt gun violence when exiting laws are blatantly and even celebratorily not enforced!
 
DailyCaller: Rep. Mondaire Jones (D-NY): “You will not stop us from passing [gun control]. If the filibuster obstructs us, we will abolish it. If the Supreme Court objects, we will expand it.”  What happened to “defending democracy”?  https://twitter.com/DailyCaller/status/1532421976052092943
 
Haunted Democrats fear gun control measures (overreach is the fear) could cost them in midterms
Polls show majorities of Americans support measures like expanded background checks and red flag laws that are currently the subject of discussions on Capitol Hill… (We have repeatedly noted this.)
https://thehill.com/news/administration/3508669-haunted-democrats-fear-gun-control-measures-could-cost-them-in-midterms/
 
@greg_price11: (Dem Rep NY) Jerry Nadler says he supports banning 18-year-olds form buying guns because their brains aren’t fully formed  https://twitter.com/greg_price11/status/1532459800004546560
 
@AnnCoulter: I’d be for raising the age to buy a gun to 21, if the age to vote is raised to 21.
 
@ColumbiaBugle: GOP Rep. @Jim_Jordan at House Judiciary Hearing on Gun Legislation: Democrats are always fixated on curtailing the rights of law-abiding citizens rather than trying to understand why this evil happens.  This bill is just another Democrat attack on the 2A.”
 
Governor Ron DeSantis (R-FL): “If every kid in America had a loving father in the home, we would have far, far fewer problems.”
 
Democrats and their MSM stooges cannot allow any analysis into the root causes of violence in the US because it would force an examination of US policies that facilitated the destruction of families, moral standards, employment opportunities/non-large business, work ethics, the education system, and law enforcement.  Anyone with a modicum of intellectual integrity knows what those policies are.
 
Liberal and Dem icon, Sen. Daniel Patrick Moynihan warned in 1965 about the destruction of US families (black and white), particularly blacks.  “At the heart of the deterioration of the fabric of Negro society is the deterioration of the Negro family.”  Moynihan voiced concern over accelerating white and black illegitimate birth and divorce rates.  “Nearly a quarter of urban Negro marriages are dissolved”…  Both white and Negro illegitimacy rates have been increasing, although from dramatically different bases. The white rate was 2 percent in 1940; it was 3.07 percent in 1963. In that period, the Negro rate went from 16.8 percent to 23.6 percent… (For 2020, it is 28.4% whites, 70.4% blacks per CDC) https://www.cdc.gov/nchs/data/nvsr/nvsr70/nvsr70-17.pdf
 
THE MOYNIHAN REPORT: THE NEGRO FAMILY, THE CASE FOR NATIONAL ACTION
https://www.blackpast.org/african-american-history/moynihan-report-1965/
 
Witnesses said Missouri police shot unarmed pregnant woman 5 times. Cops released this photo.
Video surveillance from body cameras showed Hale being told to drop the firearm and pointing it at the officers before the officers fired three shots…
https://breaking911.com/witnesses-said-missouri-police-shot-unarmed-pregnant-woman-5-times-cops-released-this-photo/
 
(NYC Assemblywoman) Rodneyse Bichotte Hermelyn @AMBichotte: We can’t even process one mass shooting before the next occurs.  Today’s atrocity in Tulsa happened on the 101st anniversary of the Tulsa Black Wall Street massacre. White Supremacy is clearly a factor. (The Tulsa shooter is a black man who targeted the black doctor who operated on his back.  What meds did the shooter use?)
 
Records show coordinated Arizona ballot collection scheme
An Arizona woman indicted in 2020 on accusations of illegally collecting ballots apparently ran a sophisticated operation using her status as a well-known Democratic operative in the border city of San Luis to persuade voters to let her gather and in some cases fill out their ballots, according to records obtained by The Associated Press…  https://apnews.com/article/arizona-presidential-elections-conspiracy-election-2020-government-and-politics-65a3f0f130905dd7151e5189e7242784?s=02
 
New election integrity fears: Georgia county ballot machines off by thousands when hand counted
The first-place candidate dropped to third place after the hand count
  The Democratic primary for a Georgia county has been called into question after a hand count revealed the voting machines were off by thousands of ballots The secretary of state’s office admitted late last month to making several programing mistakes in the ballot equipment that affected the final tally…
https://justthenews.com/politics-policy/elections/new-election-integrity-fears-georgia-county-ballot-machines-thousands
 
Gov. Ron DeSantis to Veto $35 Million Tampa Bay Rays Facility Amid Polarization of Shootings
https://www.outkick.com/exclusive-gov-ron-desantis-to-veto-35-million-tampa-bay-rays-facility-amid-polarization-of-shootings/
 
@LydiaNusbaum: Right out of the gate, Governor Ron DeSantis attacks President Biden for his school and economic policies at DeSantis’ press conference.  DESANTIS: “You want to know why your approval rating is in the toilet, try looking in the mirror for once.
 
DeSantis warned Floridians that he is preparing the state for a “Biden-induced recession.”
https://twitter.com/karol/status/1532474152984141824
 
DeSantis: Biden Admin Threatens Public School Lunch Funding over Gender Ideology Compliance – “It is appalling that the Biden Administration is threatening to withhold food from Florida public school children in order to advance a deranged political agenda – that Floridians have rejected,”  https://flvoicenews.com/desantis-biden-administration-makes-appalling-threats-to-school-lunch-money-so-schools-comply-with-gender-ideology/
 
DeSantis: “Biden is so frustrated that his approval ratings are in the toilet. He can’t understand it. He’s lashing out at his staff. He’s blaming other people. He’s blaming the media…even though he gets the most sycophantic media coverage that any president has ever gotten.”
https://twitter.com/kylamb8/status/1532506848481378307
 
DeSantis signed a bill yesterday the increases punishments for fentanyl trafficking.
 
Michael Avenatti sentenced to 4 years in prison for defrauding Stormy Daniels
https://www.foxnews.com/politics/michael-avenatti-sentenced-stormy-daniels
 
We are old enough to remember when the MSM hailed Avenatti as a presidential candidate because he incessantly inveighed against Trump.  Yes, Virginia, TDS was that severe and pervasive in the MSM.
 

Greg Hunter interviewing 

War, Death, Inflation all Rising

By Greg Hunter On June 3, 2022 In Weekly News Wrap-Ups28 Comments

By Greg Hunter’s USAWatchdog.com (WNW 532 6.3.22)

The USA is rushing to spend more money on weapons to send to Ukraine for more war. They are sending drones, hellfire missiles and $700 million more to kill Russians if the money ever even makes it there.  The USA is also cutting Russia off from the payment system and will force them into default.  What will Russia do to counter this dirty trick?  That is the big question, but big bankers like Jamie Dimon says JPMorgan Bank is bracing for a “hurricane.”  Is this announcement just a coincidence?

More “mysterious” deaths happened this past week where celebrities died, and there is no cause of death listed.  What is going on?  Why this sudden reporting flaw where it is not reported when someone like a 19-year-old star lacrosse player dies and everybody is mum on the cause? Could this be more death caused by the CV19 experimental injections they try to pass off as some sort of vaccine when it is a fact it does not stop Covid infections?  Are there going to be many more mysterious deaths in the future?  The answer to both questions, I think, is decidedly–yes.

There has been one record high price in fuel after another, and this week was no exception.  The record national average for regular gasoline is now $4.71 a gallon.  Will the record hold?  Not a chance, and this is very bad news for “We the People.”  With rising fuel prices and rising prices in general, the forecast is clearly more inflation, much more.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up for6.3.22.

(https://usawatchdog.com/war-death-inflation-all-rising/)

After the Wrap-Up:

Renowned pathologist Dr. Ryan Cole will be the guest for the Saturday Night Post.  He will bring forth more stunning information about the sickening and deadly effects of the CV19 so-called “vaccinations.”

See you Monday

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