JUNE 10//INFLATION IN THE USA RIPS HIGHER BY 8.8% Y/Y AND .1%M/M AND THAT FUELS GOLD HIGHER BY $21.40 TO $1871.85//SILVER ALSO HIGHER BY 13 CENTS TO $21.93//PLATINUM NOW $1.15 TO $977.75//PALLADIUM DOWN $4.20 TO$1928.45//COVID UPDATES//EUROPEAN INTEREST RATES BLOW UP AGAIN TODAY//VACCINE INJURY REPORT//VACCIME IMPACT//UKRAIN PORT OPENING TALKS FAIL AGAIN//ERDOGAN, OF TURKEY THREATENS WAR WITH GREECE//MAJOR USA STORIES ON THE HUGE CPI REPORT//SWAMP STORIES FOR YOU TONIGHT//

JUNE 10 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1871.85 UP $21.40 

SILVER: $21.93 UP $.13

ACCESS MARKET: GOLD $1871.00

SILVER: $21.88

Bitcoin morning price:  $29941 DOWN 168

Bitcoin: afternoon price: $28977  DOWN 1032  

GOLD;  $1847.60 

Platinum price: closing DOWN $1.15 to $977.75

Palladium price; closing DOWN $4.20  at $1928.45

END

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 EXCHANGE: COMEX EXCHANGE:EXCHANGE: 

COMEX

no. of contracts issued by JPMorgan: 22/28

EXCHANGE: COMEX
CONTRACT: JUNE 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,848.800000000 USD
INTENT DATE: 06/09/2022 DELIVERY DATE: 06/13/2022
FIRM ORG FIRM NAME ISSUED STOPPED


323 C HSBC 1
323 H HSBC 3
363 H WELLS FARGO SEC 1
624 H BOFA SECURITIES 1
657 C MORGAN STANLEY 1
657 H MORGAN STANLEY 16
661 C JP MORGAN 22
800 C MAREX SPEC 11


TOTAL: 28 28
MONTH TO DATE: 21,853

NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT 28  NOTICE(S) FOR 2800 Oz//0.08709  TONNES)

total notices so far: 21,853 contracts for 2,185,300 oz (67.9720 tonnes)

SILVER NOTICES: 

15 NOTICE(S) FILED 75,000   OZ/

total number of notices filed so far this month  1588  :  for 7,940,000  oz



END

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

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

GLD

WITH GOLD UP $21.40

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

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

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

NO CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES INTO THE GLD//

INVENTORY RESTS AT 1065.39 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 13 CENTS

AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV://A WITHDRAWAL OF 830,000 OZ FROM THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 544.399 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A GIGANTIC SIZED  4751 CONTRACTS TO 151,743   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND  THE HUGE GAIN IN OI WAS ACCOMPLISHED DESPITE OUR STRONG $0.27 LOSS  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.27) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY SILVER LONGS AS THEY REMAIN FIRM IN THEIR BELIEF OF A SILVER FAILURE AS WE HAD A VERY STRONG GAIN OF 5549 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 SMALL 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 16 CONTRACTS OR 80,000 OZ//NEW STANDING:  8,340,000 / //  V)    GIGANTIC 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  : -548

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 8 days, total 5,761,  contracts:  28.805 million oz  OR 3.600 MILLION OZ PER DAY. (720 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 28.805 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: 28.805 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF  4751 DESPITE OUR STRONG  $0.27 LOSS IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL  SIZED EFP ISSUANCE  CONTRACTS: 250 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 80,000 QUEUE JUMP //NEW STANDING: 8,340,000 OZ //  .. WE HAD A VERY STRONG SIZED GAIN OF 5001 OI CONTRACTS ON THE TWO EXCHANGES FOR 25.005 MILLION  OZ WITH THE LOSS IN PRICE. 

 WE HAD 15  NOTICES FILED TODAY FOR  75,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A FAIR SIZED 2602 CONTRACTS  TO 494,698 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: -156 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  LOSS IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $3.50//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  7,000 OZ QUEUE JUMP//NEW STANDING:  73.290 TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF   $3.50 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A FAIR SIZED GAIN OF 1668  OI CONTRACTS 5.188 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED  1824 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 494,698

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1668, WITH 2602 CONTRACTS DECREASED AT THE COMEX AND 4270 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 1662 CONTRACTS OR 5.188TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4270) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2602,): TOTAL GAIN IN THE TWO EXCHANGES 1824 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 7,000 OZ//NEW STANDING: 73.290 TONNES /  3) ZERO LONG LIQUIDATION//CONSIDERABLE SPECULATOR SHORT COVERING //.,4) FAIR SIZED COMEX  OI. LOSS 5) GOOD 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 :

29,993 CONTRACTS OR 2,999,300 OZ OR 93.29  TONNES 8 TRADING DAY(S) AND THUS AVERAGING: 3749 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES: 93.29 TONNES

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

THUS EFP TRANSFERS REPRESENTS  92.29/3550 x 100% TONNES  2.62% 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: 93.29 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 GIGANTIC SIZED 4751 CONTRACT OI TO 151,743 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 250 CONTRACTS

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

JULY 250  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 4751 CONTRACTS AND ADD TO THE 250 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 5001   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 25.001 MILLION OZ

OCCURRED DESPITE OUR LOSS IN PRICE OF  $0.27 .

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 48.88PTS OR 1.42%   //Hang Sang CLOSED DOWN 62.87 PTS OR 0.29%    /The Nikkei closed DOWN 472.24 OR 1.49%          //Australia’s all ordinaires CLOSED DOWN 1.32%   /Chinese yuan (ONSHORE) closed DOWN 6.6950    /Oil UP TO  122.39dollars per barrel for WTI and UP TO 123.44 for Brent. Stocks in Europe OPENED  ALL RED       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6950 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7054: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER/

SHANGHAI CLOSED DOWN 24.84 PT

a)NORTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2602 CONTRACTS TO 494,698 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX DECREASE OCCURRED WITH OUR LOSS OF $3.50 IN GOLD PRICING THURSDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (1756 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4270 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :4270 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4270 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED  TOTAL OF 1668  CONTRACTS IN THAT 4270 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI LOSS OF 2602  CONTRACTS..AND  THIS  GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR LOSS IN PRICE OF GOLD $3.50.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (73.290),

 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: 73.290 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL 3.50) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS/COMMERCIAL LONGS AS WELL AS SPECULATOR SHORTS////  WE HAVE  REGISTERED A FAIR SIZED GAIN  OF 5.673 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (73.290 TONNES)

WE HAD 156 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 1668 CONTRACTS OR 166,800  OZ OR 5.188 TONNES

Estimated gold volume 257,664/// good

final gold volumes/yesterday  142,324  poor

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

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz174,572.855 oz
Manfra
HSBC
JPM
Brinks
22  kilobars
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today28  notice(s)
2800 OZ
0.08709 TONNES
No of oz to be served (notices)1710 contracts 171,000 oz
5.3188 TONNES
Total monthly oz gold served (contracts) so far this month21,853 notices
2,185,300 OZ
67.9720 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

total dealer deposit  0

No dealer withdrawals

0 customer deposits

total deposits: nil oz

4 customer withdrawals:

i) Out of Brinks: 128.601 oz  4 kilobars 

ii) Out of JPMorgan:  161,058.910 oz 

iii) Out of Manfra: 2891.891 oz

iv) Out of HSBC:  578.453 oz (18 kilobars)

total withdrawal: 164,572.855  oz

ADJUSTMENTS: 1

Brinks:  19,979.790 oz dealer to customer  

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an  oi of 1738 contracts having LOST 1775 contracts

We had 1845 notices filed on THURSDAY so we GAINED A 70  contracts or an additional 7000 oz will stand for gold in this very active month of June

July has a LOSS OF 162 OI to stand at 2140

August has a LOSS of 3205 contracts DOWN to 416,494 contracts

We had 28 notice(s) filed today for  2800 oz FOR THE JUNE 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 28 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and  22 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 (21,853) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE 1758  CONTRACTS ) minus the number of notices served upon today 28 x 100 oz per contract equals 2,356,300 OZ  OR 73.290 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 (21,853) x 100 oz+   (1758)  OI for the front month minus the number of notices served upon today (28} x 100 oz} which equals 2,356,300 oz standing OR 73.290 TONNES in this   active delivery month of JUNE.

TOTAL COMEX GOLD STANDING:  73.290 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:  2,331,163.529 oz   72.5 tonnes                          

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  34,552,806.365 OZ 

TOTAL ELIGIBLE GOLD: 16,608,755.822  OZ

TOTAL OF ALL REGISTERED GOLD: 17,944,050.543 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,612,887.0 OZ (REG GOLD- PLEDGED GOLD)  

END

JUNE 2022 CONTRACT MONTH//SILVER//JUNE 10

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory154.347.772  oz
Brinks
Delaware
Manfra
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory566,832.900 oz
JPMorgan
No of oz served today (contracts)15CONTRACT(S)
75,000  OZ)
No of oz to be served (notices)65 contracts 
(325,000 oz)
Total monthly oz silver served (contracts)1603 contracts 8,015,000, oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results


i) zero dealer deposits  

total dealer deposits:  0     oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposits into the customer account

i) Into JPMorgan: 566,832.900 oz

total deposit:  566,832.900    oz

JPMorgan has a total silver weight: 171.492 million oz/337.601 million =50.77% of comex 

 Comex withdrawals: 3

i) Out of Brinks  23,809.900 oz

ii) Out of Delaware:  1018.343 oz

iii) Out of Manfra:  129,519.529 oz

total withdrawal  129,519.529       oz

0 adjustments: 

the silver comex is in stress!

TOTAL REGISTERED SILVER: 72.748 MILLION OZ

TOTAL REG + ELIG. 337.601 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE OI: 80 HAVING LOST 7 CONTRACTS. 

WE HAD 23 NOTICES FILED ON THURSDAY SO WE GAINED 16 CONTRACTS OR AN ADDITIONAL 800,000 OZ WILL  STAND IN THIS NON ACTIVE

DELIVERY MONTH OF JUNE

JULY HAD A LOSS OF 4204 CONTRACTS DOWN TO 81,577 CONTRACTS.

AUGUST LOST 2 CONTRACTS TO STAND AT 972

SEPTEMBER HAD A GAIN OF 8126 CONTRACTS UP TO 53,500 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 23 for  115,000 oz

Comex volumes:91,239// est. volume today//   strong

Comex volume: confirmed yesterday: 86,243 contracts ( strong )

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 1603 x 5,000 oz = 8,015,000 oz 

to which we add the difference between the open interest for the front month of JUNE(80) and the number of notices served upon today 15  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE./2022 contract month: 1603 (notices served so far) x 5000 oz + OI for front month of JUNE (8-)  – number of notices served upon today (15) x 5000 oz of silver standing for the JUNE contract month equates 8,340,000 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 10/WITH GOLD UP $21.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 9/WITH GOLD DOWN $3.50: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.32 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1065.39 TONNES

JUNE 8/WITH GOLD UP $4.75: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 7/WITH GOLD UP $7.45: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 6/WITH GOLD DOWN $5.85: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1066.04 TONNES

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

GLD INVENTORY: 1065.39 TONNES

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

JUNE 10.WITH SILVER UP 13 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 830,000 Z FROM THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 9/WITH SILVER DOWN 27 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 923,000 OZ INTO THE SLV////INVENTORY RESTS AT 545.229 MILLION OZ

JUNE 8/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 544.306 MILLION OZ//

JUNE 7/WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.306 MILLION OZ/

JUNE 6/WITH SILVER UP 20 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 6.459 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 547.167 MILLION OZ//

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//

INVENTORY TONIGHT RESTS AT 544.399 MILLION OZ/

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

We Are Hurtling Toward Stagflation

FRIDAY, JUN 10, 2022 – 08:53 AM

Authored by Michael Maharrey via SchiffGold.com,

There are a number of signals that the US economy is getting weaker even as inflation gets stronger.

In other words, we are hurtling toward stagflation.

Target announced plans to cancel orders from suppliers and slash prices to clear out amassed inventory. Why? Because consumers aren’t buying their stuff – particularly hardline goods such as clothing and home goods.

Why have revenues at Target and other retailers plunged, even while retail sales numbers have remained strong? In a nutshell, consumers are paying more and getting less.

Some people have concluded that there is a silver lining in this. If Target plans to cut prices to move inventory, that means inflation should come down. That’s the wrong read. These price cuts will only be temporary. In the future, Target won’t carry as much inventory. That means once they blow out this inventory, what’s left will be much more expensive.

Meanwhile, in order to make up for lost revenue on clothing and housewares, Target will likely have to raise prices on the thing it is selling – food.

And at some point, Target will have to begin cutting jobs.

Another storm that’s brewing is the impact of declining inventories on GDP. Inventory builds pump up GDP in the here and now. Inventory declines will suppress GDP moving forward. In fact, the Atlanta Fed just downgraded its Q2 GDP estimate to 0.9%. That would mean a 0.7% contraction in GDP through the first half of the year. This undercuts the Federal Reserve narrative that it can fight inflation because “the economy is strong.”

American consumers are straining under rising prices. To make ends meet, they are turning to credit cards and depleting savingsConsumer debt has risen to record levels, while the savings rate has plunged to the lowest level since 2008.

These numbers prove that everything Joe Biden said last week about a strong economy and US consumers being in great shape was wrong. Consumers are in desperate straits. They are tapped out. Whatever savings they managed to accumulate during the pandemic when the government stuffed their pockets with stimulus money is gone. Now they’re maxing out their credit cards. And what are they buying? They’re only buying the necessities – food, energy, shelter. There is no money left for discretionary spending. This house of cards economy is on the verge of a collapse.

The trade deficit further reveals just how hollowed out the US economy has become. While the $87 billion trade deficit was lower than projected, it was still an extremely high number and on a year-on-year basis, it set another record. This indicates just how completely unbalanced the US economy has become. Decades of artificially low interest rates have incentivized speculation and consumption, and disincentivized savings – the key to capital accumulation. As a result, there has not been enough investment in plants and equipment.

All of this data points to one thing – inflation is putting a massive drag on the economy. And there is no sign that inflation is about to abate.

Government officials, central bankers and talking heads on CNBC can talk about a “strong economy” until they are blue in the face. The data says otherwise. It’s screaming stagflation.

Even the mainstream is starting to worry. The AP recently ran an article headlined “Worry About Stagflation, a Flashback to ’70s, Begins to Grow.” And the World Bank also issued a warning.

The world economy is again in danger. This time, it is facing high inflation and slow growth at the same time. … It’s a phenomenon — stagflation — that the world has not seen since the 1970s.”

2. Lawrie Williams//Pam and Russ Martens/Jim Rickards

LAWRIE WILLIAMS: World Top 20 Gold Producing Countries 2021 and Gold Outlook

Now is the time of year that the world’s major analytical assessors release their respective takes on what has been happening in terms of global gold production over the past year, and what is likely to happen in the year ahead. As can be seen from the table below, gleaned from the 2022 Gold Focus report from one of the world’s leading precious metals consultancy groups, London-based Metals Focus, global gold output has risen over the past year, albeit at a relatively subdued rate, despite talk of peak gold which does not yet appear to be with us, but is close!

In some respects, gold production figures for the past couple of years will have been slightly anomalous in any case because of the differing impacts of the Covid pandemic- related curtailments at many operations. These have been more severely implemented in some countries than in others and will probably have impacted 2020 output volumes more severely than for 2021. Closer examination of the 100-page plus Gold Focus report will indeed show that new mined gold production is estimated to have fallen a little in 2020, and the 2021 amount produced is only close to that of 2019 (if marginally lower) although the consultancy is forecasting a 1.7% increase in the current year. In other words global new mined gold production is virtually flat at the moment despite higher average price levels.

What is apparent from the table though is that China’s position as the world’s top gold producer appears to be under strong threat from Russia, and perhaps also from Australia. We had thought that this might yet be three of four years away, but at the current rate of decline of Chinese gold output that could well happen as soon as the current year, although the sanctions regime as a result of the Russia/Ukraine war could impact Russian gold mine output if key equipment and consumables imports are interrupted as a result.

However, the sharp decline in Chinese gold output last year was largely due to safety-related mine shutdowns in Shandong province. It appears that many of these curtailed operations are now producing again, so we may well see a pick-up in Chinese gold production this year accordingly which should put off any further closure of the national global gold production gap by another year or so.

It is apparent, though, that China, Russia and Australia are way ahead of any other country in terms of national gold production, with Canada coming up strong, but still well behind. It is notable that South Africa, which dominated global gold production for most of the 20th Century, has now fallen to only 10th place according to the latest Metals Focus estimates, and no longer even boasts Africa’s largest gold mines – the DRC’s Kibali and Mali’s Loulo-Gounkoto properties have assumed that position. Interestingly it has been Randgold Resources with effective South African roots, now part of Barrick Gold, which was largely responsible for bringing both these operations into being. There are also other larger African gold mining operations in terms of 2021 gold output elsewhere in Mali, Ghana, Tanzania and Burkina Faso before we get to South Africa’s largest producing gold mine. How the mighty have fallen.

As to the global production and price outlook, Metals Focus is predicting a fairly conservative average gold price of only $1,830 for the current year which can’t be far off the average year to date and is well below the Russia/Ukraine war-boosted averages for March, April and May. The Metals Focus analysts are particularly worried that central banks’ restrictive policy moves may result in severe economic slowdowns, but with inflation staying stubbornly high, which coincides with our view. The resulting loss of disposable incomes could fuel a downward spiral for economies leading first to stagflation, which may already be with us, and then to recession.

In truth the recent volatility in the markets, which is affecting all of precious metals, equities and bitcoin adversely for the most part, makes outlook predictions almost impossible. And, of course, if the Russia/Ukraine war escalates, as some observers fear is inevitable, all price bets are off – particularly for gold. Such escalation could involve Russian military moves against other European sovereign nations or, heaven forbid, the employment of chemical, biological or even nuclear weapons as has been threatened by Russia.

The coming week’s FOMC meeting will thus only scratch the surface of some of the worries facing the international community. We think the Fed’s likely moves and ensuing commentary will hit equities and possibly bitcoin and have a mixed effect on the gold price depending on whether higher rates are seen as positive, or negative, for the dollar. Either is possible. We think the potential vulnerabilities for equities and bitcoin exceed those for gold in particular, but in the current economic environment anything is possible. Hold tight – stormy times ahead!

-END-

Grandich Interview

Videos

image.jpeg

47:12

Ep 77: Live From The Vault – Time’s up for the dollar! Gold …

YouTube · Kinesis Money

47 minutes, 12 seconds

8 hours ago

I especially enjoyed connecting with Andy again. It was pure joy, reminiscing about GATA and whatever happened to “Tokyo Rose”, who calls us a bunch of names (and worse), claiming there was no manipulation. He’s long gone, while Andy, Bill, and Chris are still worthy commentators.

END

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

For your interest  (silver)

Ted Butler: Investors have eyes wide shut about silver

Submitted by admin on Thu, 2022-06-09 19:59Section: Daily Dispatches

By Ted Butler
SilverSeek.com
Thursday, June 9, 2022

Paul Krugman, the economist whose work you either love or hate, had a compelling editorial this week in the New York Times titled, “From the Big Short to the Big Scam,” in which he compared the real estate bubble of 2006 and subsequent crash to cryptocurrencies today. 

Because the article was behind a subscription paywall, I’ll not link it here, and my purpose today is not to agree or disagree with Krugman’s connection of the real estate bubble/bust to crypto’s but to bring out a most astute observation he made

Krugman made the compelling case that what enabled a relative handful of market participants to recognize and act upon the extreme mispricing of real estate into the 2006 bubble peak and sell short subprime mortgage derivatives contracts was the belief among the majority of market participants that real estate would not collapse. 

His term to describe the widespread belief at the time that real estate prices would continue to climb was the “incredulity factor,” and, to use Krugman’s own words, therein was the problem, namely:

“… the sheer scale of the mispricing that the skeptics claimed to see. Even though there was clear evidence that housing prices were out of line, it was hard to believe they were that far out of line — that $6 trillion in real estate wealth would evaporate, that investors in mortgage-backed securities would lose around $1 trillion. It just didn’t seem plausible that markets, and the conventional wisdom saying that markets were OK, could be that wrong. But they were.”

If you get a chance to read the entire article, I’ll leave it up to you to decide if Krugman made the case between the real estate boom/bust of 2006 and crypto’s today. Instead, the lightbulb that went off in my head when reading his piece concerned — what else? — silver. …

… For the remainder of the analysis:

https://silverseek.com/article/eyes-wide-shut

Eyes Wide Shut

June 09, 2022

Profile picture for user Ted Butler

Ted Butler

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Paul Krugman, the economist whose work you either love or hate, had a compelling editorial this week in the NY Times, titled, “From the Big Short to the Big Scam”, in which he compared the real estate bubble of 2006 and subsequent crash to cryptocurrencies today. Because the article was behind a subscription paywall, I’ll not link it here, and my purpose today is not to agree nor disagree with Krugman’s connection of the real estate bubble/bust to crypto’s, but to bring out a most astute observation he made.

Krugman made the compelling case that what enabled a relative handful of market participants to recognize and act upon the extreme mispricing of real estate into the 2006 bubble peak and sell short subprime mortgage derivatives contracts was the belief among the majority of market participants that real estate would not collapse. His term to describe the widespread belief at the time that real estate prices would continue to climb was the “incredulity factor” and to use Krugman’s own words, therein was the problem, namely, –

“…the sheer scale of the mispricing that the skeptics claimed to see. Even though there was clear evidence that housing prices were out of line, it was hard to believe they were that far out of line – that $6 trillion in real estate wealth would evaporate, that investors in mortgage-backed securities would lose around $1 trillion. It just didn’t seem plausible that markets, and the conventional wisdom saying that markets were OK, could be that wrong. But they were.”

If you get a chance to read the entire article, I’ll leave it up to you to decide if Krugman made the case between the real estate boom/bust of 2006 and crypto’s today. Instead, the lightbulb that went off in my head when reading his piece concerned – what else – silver. I was particularly taken with Krugman’s use of the term “incredulity factor” to describe what blinded the majority’s opinion about real estate back then and crypto’s today was the broad and innate belief that then-current market prices couldn’t be that far off from whatever levels they were trading at – when the history of markets strongly suggests that yes, indeed, there are times when markets can be extremely mispriced.

While it’s true that Krugman was using two examples of markets that were or were perceived to be extremely over-priced, that doesn’t automatically exclude the presence of the incredulity factor in an extremely underpriced asset like silver. Simply put, silver’s extremely low price over the past few decades has told, in no uncertain terms, the vast majority of the world’s investors to just move along – that there is nothing to see here. It would defy credulity for the majority not to think that the persistent low price of silver wasn’t due to ample or oversupplied market fundamentals. That’s just normal collective investor behavior.

But even a slightly more in-depth look at silver would result in the realization that the actual supply/demand fundamentals in silver are nowhere near as negative as the low price would suggest. An even deeper review would raise more substantive questions concerning why, of all commodities, silver is still more than half of its non-inflation adjusted price highs of both 42 and 11 years ago. Adjusted for inflation, silver’s low price is downright shocking.

A reasonable person, when presented with silver’s extreme undervaluation compared to its actual fundamentals would conclude something is wrong – but, according to the incredulity factor (referenced by Krugman) therein lies the problem, namely, the vast majority of reasonable people are not even looking, due to the deeply-imbedded collective sense that current market prices can’t be that far off from where they should be. I’ve been asked more times than I could possibly recall why someone big hasn’t bought silver (apart from JPMorgan). The answer is elementary – because the persistent low price has signaled it’s not worth the time to investigate.

Complicating the issue in silver is that the reason most eyes and minds are closed when it comes to questioning the possibility that the persistent low price is that far off from where it should be, is that the answer is particularly hard to accept. After living and breathing the intricacies of silver for close to 40 years, there’s not the slightest doubt in my mind that the low price is a result of an ongoing manipulation by certain large traders on the COMEX, as I’ve tried to document all along. I’ve come to accept most will never go that deep, but broad acceptance of my take is not required.

If any market is extremely mispriced, as I contend that silver is to the downside, then it’s only a matter of time before the mispricing must come to an end. Just like housing’s extreme overvaluation was rectified starting in 2006, so too will silver’s extreme undervaluation be rectified ahead. The really important point here is that just like only a relative handful of market participants profited greatly from the housing bust by going against the majority who didn’t comprehend the extent of the inevitable housing collapse, a similar circumstance is likely to be experienced in silver – with a special twist.

Those that profited mightily in the housing bust did so by dealing in highly-esoteric and complex mortgage derivatives securities way beyond the capacity of the regular investor to understand or have access to. To truly profit from the housing/mortgage bust one would have had to deal in derivatives contracts well-beyond the reach of the average man in the street. In contrast, the beauty of capturing the coming radical upward adjustment in the price of silver is about as easy as falling off a log. In fact, there are almost too many really simple and good ways of buying silver to mention – no need to have to resort to anything complicated or esoteric. A bigger plus factor and advantage would be hard to find.

As was vividly portrayed in the movie and book, “The Big Short”, before real estate prices began their descent after 2006 and derivatives bets against housing began to pay off, many holders of the short derivatives bets were pressed up against the wall, struggling to maintain their short bets and having to meet increasing margin calls to hold on to the positions. I know many silver investors, after so many years of waiting for the actual fundamentals to kick in and bring about the inevitable higher prices to come, must hold similar feelings as faced by the margined holders of what turned out to be the spectacularly profitable results of those that bet on a housing collapse.

But here’s the real beauty of buying and holding silver, as opposed to betting against housing in 2006 – there is no margin or leverage required. Sure, there are opportunities galore for those who choose to “up the ante” by going on margin and deploying leverage when buying silver, but that is not required by those looking to take advantage of what I feel is the single best investment opportunity available. In fact, knowing the stresses associated with borrowing and utilizing leverage to most people, I strongly advise against buying silver on anything but a cash on the barrel basis. Silver is going to explode in price to such an extreme extent that leverage is not required. All that is required is an open mind and eyes.

Ted Butler

June 9, 2022

end

4.OTHER GOLD/SILVER COMMENTARIES

Gold Price Could Be Heading for Another Rally Due to Global Economic Slowdown – Bloomberg

Inbox

douglas cundey7:08 AM (34 minutes ago)
to Chris, William, Bill, me

https://www.bloomberg.com/news/articles/2022-06-06/gold-s-haven-appeal-burnished-by-drumbeat-of-growth-warnings#xj4y7vzkg

Gold’s Haven Appeal Burnished by Drumbeat of Growth Warnings

Bullion may have another rally this year as stagflation looms Global economic slowdown paves the way for flight to safety

Ranjeetha PakiamJune 7, 2022, 1:46 PM EDT

June 6, 2022, 6:27 PM EDT

Gold may be heading for another rally, with warnings over a global economic slowdown paving the way for a fresh push toward $2,000 an ounce.

A potent mix of decades-high inflation, geopolitical turmoil and growing talk of recession should be bullish for the traditional haven, according to speakers interviewed ahead of a precious metals conference in Singapore this week.

end

5.OTHER COMMODITIES //LITHIUM

German plant may shut down its huge lithium plant over a new EU rule

Paraskova/OilPrice.com

Major Lithium Producer Could Shut German Plant Over EU Rule

FRIDAY, JUN 10, 2022 – 03:30 AM

Authored by Tsvetana Paraskova via OilPrice.com,

Lithium producer Albemarle could be forced to close its plant in Germany if the European Union classifies the key mineral lithium as a hazardous substance that would change the way lithium is processed and stored, the company’s chief financial officer has told Reuters.

The European Commission is currently reviewing and assessing a proposal from the European Chemicals Agency (ECHA) to classify lithium carbonate, lithium chloride, and lithium hydroxide as substances hazardous to human health. An EU committee is meeting early next month to discuss the proposal, while a final decision on the issue is expected toward the end of this year or early next year.

If the EU decides to include the lithium chemicals in the hazardous category, it would deal a blow to its own goals of becoming self-sufficient in batteries this decade and significantly raise the share of electric vehicles on the roads.

The decision would change the way lithium producers and processors work and will add costs to their operations.

In Albemarle’s case, the company “would no longer be able to import our primary feedstock, lithium chloride, putting the entire (Langelsheim) facility in jeopardy of closure,” CEO Scott Tozier told Reuters in an emailed statement.

Albemarle processes lithium products at its Langelsheim factory in Germany, which employs around 550 people.

Albemarle would sustain a financial blow if it had to shut down the German plant.

“With sales of approximately $500 million annually, the economic impact to Albemarle from the potential closure would be significant,” the company’s CEO told Reuters.

The EU is set to meet 69 percent and 89 percent of its growing demand for batteries by 2025 and 2030, respectively, the European Commission said earlier this year. The EU expects to be capable of producing batteries for up to 11 million cars per year, it added.

END

Avocado

Avocado prices hit fresh record highs all due to supply side factors

(zerohedge)

Avocado Prices Hit Fresh Record High Amid “Supply-Side Factors”

FRIDAY, JUN 10, 2022 – 05:45 AM

The great avocado price squeeze began earlier this year and has since sent prices to record highs. Surely anyone who has been to the supermarket, ordered groceries online, or even added an extra topping of avocados on a burrito bowl at Chipotle has been shocked by prices. 

Since the start of the year, the price of a 20-pound box of avocados from the state of Michoacan, Mexico (the central hub of Mexican avocado production), has risen from $20 to now $50, a mind-numbing 150% jump in the first five months of the year. 

Prices for this time of year are the highest, dating back 24 years of data via Bloomberg. A seasonal price peak tends to be in late July, so there could be more upside in prices into summer. 

The reason for such a dramatic rise in prices was explained by Pamela Diaz Loubet, a Mexico City-based economist at BNP Paribas, who told Bloomberg, “Avocado prices have been exacerbated by supply-side factors such as the increase in fertilizer prices.” 

Our past reportings have detailed some of the events that have led to soaring prices, including the temporary suspension of all imports of Mexican avocados in early February, production declines, and the cost of soaring fertilizer, diesel, and freight have all led to rising prices. 

Now comes the point at what price will demand destruction emerge. It will be tough for millennials to give up avocado and toast.

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 DOWN 6.6950

OFFSHORE YUAN: 6.7054

HANG SANG CLOSED  DOWN 422.24 PTS OR 1.49% 

2. Nikkei closed DOWN 422.24% OR 1.49%

3. Europe stocks  ALL CLOSED  ALL RED

USA dollar INDEX  UP TO  103.58/Euro RISES TO 1.0581

3b Japan 10 YR bond yield: RISES TO. +.247/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 133.84/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +1.395%/Italian 10 Yr bond yield RISES to 3.71% /SPAIN 10 YR BOND YIELD RISES TO 2.64%…ALL BLOWING UP!!

3i Greek 10 year bond yield RISES TO 4.265//BLOWING UP

3j Gold at $1834.35 silver at: 21.35  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  1.30      roubles/dollar; ROUBLE AT 58.11

3m oil into the 122 dollar handle for WTI and  123 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 133.87DESTROYING 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 0.9831– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0403well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.038 DOWN 1  BASIS PTS

USA 30 YR BOND YIELD: 3.150 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.08

Futures Brace To Spike Higher (Or Lower) Depending On Today’s CPI Number

FRIDAY, JUN 10, 2022 – 07:51 AM

After a furious late-day selloff on Thursday as markets digested the probability of another red hot inflation number, S&P Futures traded in a narrow range on Friday ahead of the crucial May CPI Print which will dictate the path of Federal Reserve policy (it means the difference between a 25bps and 50bps Sept rate hike… or 0bps), and which is expected to come in 8.3% Y/Y and 0.7% M/M for headline and 5.9% Y/Y and 0.5% M/M for core. S&P 500 contracts fluctuated between modest gains and losses, while Nasdaq 100 futures rose about 0.4% as of 7:30 a.m. ET. The dollar rose slightly, although it has been trading largely flat throughout the session. The yield on the 10-year Treasury is unchanged at 3.04%, while the 2-year Treasury yield rose about 3.4 basis points to 2.8455%. Gold and bitcoin fell. Oil rose.

In premarket trading, DocuSign slumped 25% after the e-signature company earnings missed expectations and cut its full-year billings outlook. Netflix and Roblox declined after Goldman Sachs analysts cut their recommendations on the stocks to sell from neutral amid macroeconomic concerns. Bank stocks are lower in pre-market trading Friday as investors await the release of key inflation data later this morning. In corporate news, Credit Suisse shares hovered near the lowest in at least three decades after State Street Corp. denied that it is interested in taking over the Swiss lender. Here are some other notable premarket movers:

  • Stitch Fix (SFIX US) slides 14% in premarket trading as analysts cut their price targets on the online styling platform operator after the company reported earnings that missed estimates and confirmed plans to cut 15% of its salaried workforce.
  • Advanced Micro Devices (AMD US) shares rose 1.2% in premarket trading after the chipmaker hosted an analyst event where it outlined long-term financial targets, Xilinx synergies and its plans to take more market share from peers.
  • Chinese stocks in US bounce back in premarket trading, a day after the group posted its biggest one-day drop since May. Alibaba (BABA US) rises 3.8% as investors assess whether Beijing’s easing in regulatory crackdown on internet firms supports speculation that Ant’s IPO may be revived.

Investors will be closely watching the US inflation reading. An upside surprise would be a setback for both the Fed and markets, raising doubts about how well rates are working to subdue prices rising at a clip of more than 8%.

Policymakers “are looking for ‘clear and convincing evidence’ that inflation in the US is going to start falling back from its eye-watering level,” Nick Chatters, investment manager at Aegon Asset Management, wrote in a note. “Wishful thinking?”

“In an environment where most major developed market central banks are taking aggressive action to bring inflation down, risk assets are likely to remain volatile and struggle to sustain rallies,” said UBS Global Wealth Management CIO Mark Haefele in a note. “This dynamic should persist until there is clear indication that inflation is trending lower, which may not occur until well into the second half of the year.”

Meanwhile, Bank of America strategists said investors are putting billions of dollars into cash and stock funds as they seek protection from surging inflation, citing EPFR Global data. US equities were the primary beneficiaries of inflows with about $13 billion, while bond fund outflows resumed, the data showed.

While US rates were also rangebound, Euro-area peripheral spreads continued blowing out as the ECB left a wide room for interpretation on what their anti-fragmentation policy might be while they begin to raise rates. 10y BTP/Bund widens ~6bps to 222bps, short end lags. Bund, Treasury and gilt curves all bull flatten while Greek bond yields hit the highest level since early 2019.

The bond turmoil depressed European markets which saw the stoxx 600 slump 1.5% to session lows, with Italy’s FTSE MIB underperforming regional peers in a weak session for European equities. Euro Stoxx 50 slumps as much as 1.7%. FTSE 100  outperforms but remains down ~1.3%. Real estate, banks and insurance are the worst performing sectors. Italian stocks underperformed as the country’s bonds slid, banks plunged: the FTSE MIB was the worst-performing index among major European countries Friday, with banks dropping the most as Italian bonds slide, following the ECB meeting on Thursday. FTSE MIB -3.5% vs a decline of 1.4% at the Stoxx Europe 600 Index. BPER -11%, BAMI -6.9%, Unicredit -6.7%, Intesa -6.5%.

Here are the biggest European movers:

  • Just Eat Takeaway.com shares rise as much as 9.1% after a Bloomberg report that its US unit Grubhub is attracting preliminary interest from private equity firms including Apollo.
  • Scandic shares rise as much as 13% after the Swedish hotel group flagged “very strong earnings development” during the second quarter on a “greatly improved” hotel market.
  • SAS shares surge as much as 46% after the Danish government reiterated its support for the ailing Scandinavian airline, forgiving and converting its debt and increasing its ownership share.
  • Aryzta shares advance as much as 4.2% after Kepler Cheuvreux upgraded the Swiss baker to hold from reduce, citing “credible” new financial targets and improved balance sheet.
  • Ericsson shares fall as much as 4.6% after the Swedish telecommunications manufacturer said the US SEC will open an investigation into the company’s handling of a 2019 corruption scandal.
  • Shipping stocks drop again, with Maersk down as much as 5.8% and Hapag-Lloyd as much as 7.2% lower, amid ongoing concerns about demand and the normalization of freight rates.
  • Swisscom shares slump as much as 4.6% after UBS cut the telecommunication company to a sell recommendation from neutral, citing “a number of headwinds.”
  • Credit Suisse shares fall as much as 6% on Friday, extending yesterday’s 5.6% slump after State Street said it is not pursuing any acquisition of the Swiss lender.
  • Ageas shares fall as much as 2.5% as ING initiates coverage on the insurer with a hold recommendation, saying that while the potential is there, the “timing is not right.”

Earlier in the session, Asian stocks dropped, giving up gains for the week, as chipmakers slid amid renewed concerns about inflation and Covid lockdowns in Shanghai. The MSCI Asia Pacific Index declined as much as 1.2%, with tech and financials sectors the biggest drags. Most major benchmarks in the region were down, with gauges in Japan, South Korea, Australia, India, the Philippines and Indonesia each falling more than 1%.  The region’s semiconductor heavyweights, TSMC and Samsung Electronics, were the largest contributors to the Asian stock benchmark’s decline. China’s tech shares reversed early losses as investors bet the worst of Beijing’s crackdown on the sector may be over even as the nation’s regulator denied a Bloomberg News report that it started early-stage discussions on reviving the initial public offering of Ant Group.

Asian shares also slumped after the European Central Bank opened the door to a half-point interest-rate hike in the fall. In addition, sentiment was fragile as investors monitored virus flare-ups in China.  Read: Covid Flares Again in Shanghai, Putting Areas Back in Lockdown “We are seeing a reversal in several developments that had helped markets rebound in the past weeks,” said Heo Pil-Seok, chief executive officer at Midas International Asset Management in Seoul. “With China possibly entering lockdowns again and the ECB moving to raise interest rates, all of these are pouring cold water on markets which believed fear about inflation had eased.” Asia’s equities benchmark is on course for its first weekly loss in four weeks, paring a rebound from a two-year low hit in May

Australian stocks tumbled, with the S&P/ASX 200 index falling 1.3% to 6,932.00, its lowest level since Jan. 27. The gauge notched  its biggest weekly loss since April 2020, down 4.2%. Global growth concerns and the RBA’s larger-than-expected rate hike weighed on investor sentiment. All sectors dropped Friday, with real estate and consumer discretionary shares leading declines. In New Zealand, the S&P/NZX 50 index fell 0.7% to 11,136.28.

In FX, the Bloomberg Dollar Spot Index was steady after rising to the highest in three weeks in the previous session. NZD and AUD are the strongest performers in G-10 FX, CAD and GBP underperform. USD/JPY drifts back up toward a 134-handle. Economists see US consumer costs rising 8.3% year-on-year in May when data is released later Friday.  Investors are taking profits on dollar-long bets, said Patrick Bennett, strategist at Canadian Imperial Bank of Commerce in Hong Kong. “Dollar gains have dominated recently, there appears to be some squaring into US CPI”.

In rates, the Treasuries curve has extended Thursday’s flattening move ahead of today’s CPI print, with 10Y yield trading roughly unchanged from yesterday at 3.04%, and 2s10s, 5s30s near session lows in early US trading following a wider flattening move seen across German curve as markets continue to digest Thursday’s ECB policy announcement. Into front-end Treasuries underperformance, 2- and 3-year yields reach year-to-date highs. US yields are cheaper by up to 3.5bp across front-end of the curve while 7-year out to long-end are richer by up to 2bp with 20- year sector outperforming — 2s10s, 5s30s spreads flatter by 4.3bp and 2.2bp at ~18bp and ~7bp respectively. IG dollar issuance slate empty so far; Thursday session was quiet and Friday also expected to be subdued with CPI data release. In Europe, the German 2s10s, 5s30s curve are both flatter by over 5bp while bunds outperform Treasuries by ~1.5bp over early European session.

In commodities, oil rose after erasing an earlier loss triggered in part by new restrictions in Shanghai. Chinese President Xi Jinping called on his government to adhere “unwaveringly” to its Covid Zero policy, while at the same time striking a balance with the needs of the economy. WTI rose 0.3% to trade near $121.80. Most base metals trade in the red; LME nickel falls 1.5%, underperforming peers. Spot gold falls roughly $5 to trade near $1,842/oz. 

Bitcoin is softer on the session, though only modestly so, and as such remains in recent ranges which continue to pivot USD 30k.

Looking at the day ahead now, economic data slate includes May CPI (8:30am), June University of Michigan sentiment (10am) and May monthly budget statement (2pm). Central bank speakerss include the ECB’s Holzmann and Nagel.

Market Wrap

  • S&P 500 futures up 0.2% to 4,022.75
  • STOXX Europe 600 down 1.3% to 428.90
  • MXAP down 0.9% to 166.71
  • MXAPJ down 0.8% to 551.64
  • Nikkei down 1.5% to 27,824.29
  • Topix down 1.3% to 1,943.09
  • Hang Seng Index down 0.3% to 21,806.18
  • Shanghai Composite up 1.4% to 3,284.83
  • Sensex down 1.8% to 54,330.71
  • Australia S&P/ASX 200 down 1.3% to 6,931.98
  • Kospi down 1.1% to 2,595.87
  • Brent Futures little changed at $122.99/bbl
  • German 10Y yield little changed at 1.40%
  • Euro little changed at $1.0618
  • Gold spot down 0.1% to $1,846.06
  • U.S. Dollar Index little changed at 103.24

Top Overnight News from Bloomberg

  • Shanghai will briefly lock down most of the city this weekend for mass testing as Covid-19 cases continue to emerge, causing more disruption and triggering a renewed run on groceries days after exiting a grueling two-month shutdown.
  • Investors are putting billions of dollars into cash and stock funds as they seek protection from surging inflation.
  • A selloff in Europe’s weakest bond markets is showing no signs of easing, piling pressure on the European Central Bank to make clearer how it plans to keep diverging borrowing costs contained.
  • Public confidence in the Bank of England is at an all-time low, with Britons expecting above-target inflation to persist for years

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly negative after the glum mood rolled over from global counterparts with a hawkish ECB meeting and fresh COVID restrictions in Beijing stoking growth slowdown concerns. ASX 200 was dragged lower by the energy and mining-related sectors after recent declines in underlying commodity prices and with participants taking risk off the table ahead of the extended weekend in Australia. Nikkei 225 retreated beneath the 28k level amid the broad risk aversion and as the domestic currency found some reprieve from its weakening trend. Hang Seng and Shanghai Comp. were both initially subdued after weak earnings and Ant Group’s denial regarding plans to relaunch its mammoth IPO, while participants also digested the mixed inflation data from China and the latest COVID restrictions in Beijing, although the mainland then spent the session recouping lost ground.

Top Asian News

  • South Korean Transport Ministry held a meeting with the trucker union leadership on Friday and is holding a working-level meeting with the union, while it added that about 7,500 unionised truck drivers were expected to strike today. It was also reported that striking South Korean truckers halted and turned around non-union truckers from trying to enter the Ulsan petrochemical complex and the movement of containers through South Korea’s Ulsan port was totally suspended amid the trucker strike, according to Reuters.
  • Beijing City reports 21 (prev. 3) cases during the 15 hours to 3pm on June 10th, according to an official, via Reuters.
  • Japan Officials Fire Warning on Forex With Yen Near 1998 Low
  • Top Toyota Supplier Denso Mulls $3 Billion Chip Unit Spinoff
  • China’s Moderating Inflation Leaves Room for More Easing
  • Covid Lab Leak Theory Needs More Inquiry, WHO Advisers Say

The mood across European equities remains downbeat as the region plays catch-up to yesterday’s Wall Street tumble; Euro Stoxx 50 -1.6%. European cash bourses trade lower across the board with the Dutch AEX and UK’s FTSE 100 slightly more cushioned. Sectors in Europe are all lower but largely hold a defensive bias; EZ Periphery banks continue to lag post-ECB while Luxury slips on China/COVID updates. US equity futures trade with modest gains with the ES -0.2% just about holding onto the 4,000 handle. TSMC (2330 TW) – May (TWD): Sales 185.7bln, +65% YY, +7.6% MM. January-May Sales 849.3bln, +44.9% YY.
Tesla (TSLA) CEO Musk says the next FSD beta version will be coming out in two weeks. Amazon (AMZN) is planning to pull out of the USD 7.7bln race for IPL cricket rights, according to Bloomberg.

Top European News

  • On the ECB decision, one dovish member said “impression is everybody lost”, described the EGB and EUR downside as “..not what you want”; conversely, a hawk described the meeting as having gone very well. Additionally, re. QT, a dovish member does not believe this will happen any time soon, according to FT.
  • UK employers hired staff at the slowest pace since early 2021, according to a survey by REC cited by Reuters which showed the measure declined for a sixth consecutive month to 59.2 from 59.8 M/M but remained in expansion territory above the 50 benchmark level.
  • Former UK Brexit Minister Frost has warned that PM Johnson must deliver a “new Conservative vision for Britain” or risk being removed from his position by the autumn, according to the Telegraph.

FX

  • DXY recovers from overnight lows of 103.04 heading into the US CPI release.
  • Antipodeans stand as the current G10 outperformers with NZD leading the charge, with the AUD/NZD cross subsequently paring back recent ground and falling under 1.1100.
  • CAD is under some pressure pre-jobs data; USD/CAD today sees its 100 DMA at 1.2700, 21 DMA at 1.2722, and 50 DMA at 1.2723.
  • EUR and GBP are now under pressure as the dollar recovers from early losses.
  • The Yen attempts to claw back some ground after the BoJ, MoF, and FSA expressed concern in a joint release.

Fixed Income

  • BTP-Bund spread continues to widen, out to 234bp thus far, though, offset amid incremental Bund upside via Holzmann.
  • Hawk Holzmann took perhaps an incrementally more ‘dovish’ line than usual re. September’s hike increment, alluding to a non-standard increment move.
  • USTs are essentially unchanged at 117.30+ pre-CPI though the yield curve continues to flatten in-line with EGBs and after well received long-end issuance.

Commodities

  • WTI and Brent futures are choppy with relatively modest intraday gains following yesterday’s China-induced weakness.
  • WTI Jul’ resides just under USD 122/bbl (vs low 120.09/bbl), whilst Brent Aug’ trades around USD 123.50/bbl (vs low 121.60/bbl).
  • Kuwait set July KEC crude OSP for Asia at Oman/Dubai +USD 6.15/bbl vs prev. premium of USD 4.35/bbl in June, according to Reuters.
  • A minimum of four north-Asian refiners are facing crude oil supply cuts from Saudi in July, according to Reuters sources.
  • Peruvian communities said they are ready to end the 51-day shutdown at MMG’s (1208 HK) Las Bambas mine and allow the copper mine to restart, while the mine will not begin construction of the Chalcobambas pit during a 30-day truce and the Peru government will lift the state of emergency in the Las Bambas mine area, according to Reuters.
  • Metals markets are relatively tentative and uneventful; spot gold trades on either side of its 21 DMA (1,844/oz), while base metals similarly hold a mild downside bias.

US Event Calendar

  • 8:30am: US CPI MoM, May, est. 0.7%, prior 0.3%; YoY, May, est. 8.3%, prior 8.3%
  • 8:30am: US CPI Ex Food and Energy MoM, May, est. 0.5%, prior 0.6%; YoY, May, est. 5.9%, prior 6.2%
  • 2pm: US Monthly Budget Statement, May, est. -$136.5b, prior -$132.0b

DB’s Jim Reid concludes the overnight wrap

I’ll be another year older on Sunday which is a sobering thought. In addition, yesterday marked 10 years since I proposed to my wife up the top of a mountain. I wasn’t 100% sure I was doing the right thing at the time but am certain of it now! She was 100% certain it was the happiest day of her life back then, but now she’s not so sure. Anyway, we shall be celebrating both tomorrow night in a rare evening out alone.

It’s been another dramatic 24 hours in markets as the ECB kicked off an incredibly busy week ahead of macro events, including US CPI today, by laying the groundwork for a sustained campaign of rate hikes starting next month. Our European economists’ full ECB wrap, and all new updated rates call, is available here.

The immediate headlines of their decision were much as expected, with a confirmation that net asset purchases would conclude at the end of the month, and that their conditions for rates liftoff had been satisfied. But looking forward, not only did they confirm their intent to hike by 25bps in July, they formally opened the door to a 50bps increase at the subsequent meeting in September, saying that the “a larger increment will be appropriate at the September meeting” if the inflation outlook “persists or deteriorates”. It seems by “persists”, all that need to happen is for their staff inflation forecast for 2024 to at least remain at 2.1%, the level it got upgraded to yesterday. Core CPI was projected to be at +2.3% that year, a bigger move than expected.

More broadly, the ECB’s statement and President Lagarde’s press conference struck a hawkish tone, and the first paragraph of the statement openly acknowledged the inflation challenge and the need to return it back to target. And when it came to a potential tool to deal with fragmentation in bond markets, Lagarde said that they would “deploy either existing or new instruments that will be made available.”

In light of the decision, our European economists have added to their existing view of a 50bp hike in Q3 and now expect a second 50bp hike in Q4. So their new baseline is for a 25bp move in July, then two consecutive 50bp moves in September and October, and then a 25bp move in December that puts the deposit rate back up to 1% by year-end. The team still thinks the terminal deposit rate will be 2%, reached in the middle of next year, but the path there will be quicker given inflationary pressures and hawkish tone from the ECB.

When it came to the market reaction, investors interpreted the ECB’s decision in a hawkish light, with a fresh selloff in sovereign bonds taking yields up to multi-year highs yet again. Those on 10yr bunds were up by +7.4bps to a post-2014 high of 1.42%, with those on OATs (+10.3bps) and BTPs (+22.2bps) also hitting their highest in years. Meanwhile, the decision also coincided with a serious widening in peripheral spreads, with both the Italian and the Spanish 10yr yield spread over bunds widening to 2-year highs of 216bps and 118bps respectively. That widening in spreads was seen on the credit side too, with iTraxx Crossover up 15.9bps to 471bps, and closing back in on its post-Covid closing high of 488bps.

Importantly, our European economists connected the peripheral spread widening to an apparent lack of progress on anti-fragmentation tools, with President Lagarde apparently leaning on using PEPP flexibility to support implementation in the interim. They believe a tool is inevitable, but will require market stress first so that policymakers can pass off the tool as “proportionate” to make it more legally durable. That proportionality is harder to prove in advance. So this feels like a slow-motion crisis building for Italy but one that will have a solution with limited stress. An odd state of affairs.

Back to markets, and the hawkish rhetoric from the ECB proved similarly bad news for European equities, with the STOXX 600 (-1.36%) losing ground for a third consecutive session. US equities saw an even heftier decline, with the S&P 500 down -2.38%. The Index opened down following the ECB, and slid lower still in the last hour or so of New York trading. Every sector was lower in a broad-based decline, with all but three sectors down by more than 2%.

Alongside the ECB, risk appetite was further dampened by an unexpectedly large jump in the US weekly initial jobless claims, with the number for the week through June 4 coming in at 229k (vs. 206k expected), which is also their highest level since January, as well as the largest week-on-week jump in claims since last July. One week doesn’t make a trend but this series has been a bit more volatile of late which will increase its relevance in the weeks ahead.

Given the ECB’s move yesterday, investors in turn reassessed the likelihood that other central banks were set to move in a more hawkish direction. In fact there was a significant milestone yesterday, since Fed funds futures moved to price in their most aggressive profile of rate hikes for 2022 so far, with the implied rate by the December meeting now at 2.92%, which surpasses the previous record of 2.88% in early May. That was seen for other central banks too, with the rate implied by the December meetings for the Bank of England also at its highest to date.

Those moves led to a further rise in bond yields elsewhere, with 10yr US Treasuries up 2.0bps to a one-month high of 3.04%. Real yields led the bulk of the move higher, and the 5yr real yield almost breached positive territory, before ending the day at -0.04%. Meanwhile 10yr gilt yields (+7.6bps) hit a post-2014 high of 2.32%.

Speaking of Treasuries, there’s another focal point today in the form of the US CPI reading for May, which is the last major piece of data the FOMC will get before their next decision on Wednesday. Our US economists expect that the monthly headline print will accelerate again to +0.7% (from +0.3% in April), which will keep the year-on-year measure at +8.3%. That’s because of re-accelerating gas prices along with solid food inflation, and they expect the monthly core reading to fall back to +0.5% (vs. +0.6% expected), which will push the year-on-year rise in core down to +5.8%. Given the FOMC are now in their blackout period ahead we won’t be able to get their reaction, but it’s been 9 months since we last saw the monthly CPI print come in beneath the Bloomberg consensus, and it would now be a massive surprise at this point if the Fed did anything other than a second consecutive 50bps hike next week. So most of the action from this report will come in the form of September onwards Fed pricing. A potential portent of today’s print, yesterday the Atlanta Fed wage growth tracker ticked higher to 6.1% in May, its highest reading since the series began publication back in 1983.

Overnight markets have stabilised a bit with Chinese equities higher after relatively subdued inflation. PPI climbed 6.4% (vs 8% last month), in-line with estimates but the lowest print since March 2021, with CPI up 2.1%, a tenth lower than expectations and in-line with last month. This has seemingly encouraged markets to believe China can continue to ease policy offsetting the news over the last 24 hours that Shanghai is going to lockdown 7 districts at the weekend for mass testing after six community infections were found. The lockdown may only be for the period of testing but the risk is clearly that more cases are found. Chinese equities are around half a percent higher with tech stocks out-performing as regulatory concerns are easing. Elsewhere the Nikkei is catching down with US markets and is around -1.5% lower as we type. US futures are slightly higher and 10yr treasury yields are up another basis point with 2yr yields up a couple.

To the day ahead now, and the highlight will be the aforementioned US CPI reading for May. Other data releases include the University of Michigan’s preliminary consumer sentiment index for June, as well as Italian industrial production for April. Finally, central bank speakers include the ECB’s Holzmann and Nagel.

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY NIGHT 

SHANGHAI CLOSED UP 48.88PTS OR 1.42%   //Hang Sang CLOSED DOWN 62.87 PTS OR 0.29%    /The Nikkei closed DOWN 472.24 OR 1.49%          //Australia’s all ordinaires CLOSED DOWN 1.32%   /Chinese yuan (ONSHORE) closed DOWN 6.6950    /Oil UP TO  122.39dollars per barrel for WTI and UP TO 123.44 for Brent. Stocks in Europe OPENED  ALL RED       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6950 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7054: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER/

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/SOUTH KOREA/

3B  JAPAN

end

3c CHINA

Foreign investors dumping the yuan and fleeing China

(zerohedge/Robert H)

Foreign Investors Dumping the Yuan and Fleeing China

Inbox

Robert Hryniak10:59 AM (1 minute ago)
to

Getting out of the way is smarter than being crushed.

Foreign Investors Dumping the Yuan and Fleeing China

A clerk counts stacks of Chinese yuan and U.S. dollars at a bank in Shanghai, China, on July 22, 2005. (China Photos/Getty Images)

Commentary

China’s COVID-19 lockdowns and rate cuts are driving down the yuan and exacerbating foreign capital outflow.

“Uncertainty is really the keyword, because there’s no view, no outlook about how long this could last, and what will be next after Shanghai,” Massimo Bagnasco, vice president of the European Union Chamber of Commerce in China, told Bloomberg on May 17.

In March, Hong Kong investors sold off a record $24.2 billion worth of yuan-denominated debt. The exodus from Chinese investments is fueled by fears over China’s diminishing growth prospects, decreasing bond yield, and higher rates on U.S. investments.

At the same time that the United States and other Western nations are raising interest rates to combat inflation, China’s central bank is considering cutting rates to stimulate the economy. In April, the central bank decreased the reserve requirements from 9 percent to 8 percent in a bid to increase the money supply.

Investors are exchanging their money from yuan into dollars, which is driving up the dollar while pushing down the yuan. Over the past four weeks, the yuan spot rate has lost more than 6 percent against the dollar. UBS analysts expect the yuan to depreciate further, breaking the level of 7 to the U.S. dollar. Barclays similarly downgraded its yuan forecast to 6.9 but said the yuan could hit 7 if the lockdowns and supply chain disruptions continue.

MOST READ

Investors had already begun moving money out of China by 2021 because of ongoing COVID lockdowns, supply chain issues, and Chinese leader Xi Jinping’s crackdowns on numerous business sectors, including tech and education. These issues accompanied an ongoing debt crisis with high-profile companies, such as Evergrande, teetering on the brink of insolvency, as well as a general cooling of the real estate industry, which is usually a significant driver of the overall economy.

Since the beginning of this year, the Ukraine war and potential sanctions on China spooked many investors and prompted them to abandon their yuan-denominated assets. The repeated cuts of the GDP growth projections by major banks and financial institutions have exacerbated capital outflow.

On May 18, Goldman Sachs slashed its China GDP growth forecast to 4 percent. Even the slightly more bullish Economist Intelligence Unit forecast of 4.4 percent to 4.7 percent is well below Beijing’s target of 5.5 percent.

Epoch Times Photo
<img class=”size-large wp-image-4479075″ src=”https://img.theepochtimes.com/assets/uploads/2022/05/1.tagreuters.com2022binary_LYNXNPEI4J031-FILEDIMAGE-1200×800.jpg” alt=”Epoch Times Photo” width=”640″ height=”427″ /> An empty road is seen in Shanghai Central Business District (CBD) during a lockdown, amid the COVID-19 pandemic, in Shanghai, China, on April 16, 2022. (Aly Song/Reuters)

In April, Chinese stocks (.SSEC) lost 6 percent in value, and their weightings in emerging markets portfolios have dropped from their peak in late 2020 of 38.3 percent to 29 percent in April. Foreign investors divested $6.2 billion of Chinese government bonds in April, marking three straight months of sell-offs, the longest sell-off since 2015. Becky Liu, head of China macro strategy at Standard Chartered Bank Plc, hypothesized that a sharp decline in the yuan is also fueling the sales.

Despite the obvious problems in the Chinese economy, some investment bankers are still bullish. In April, Jean-Charles Sambor, head of emerging market debt at BNP Paribas Asset Management, said that in spite of rate increases in the United States and rate cuts in China, China’s bonds still offered a higher return when adjusted for inflation.

Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management, was less optimistic about China’s outlook, saying that continued rate hikes in the United States could increase the outflow of capital.

Although both the Chinese currency and the economy are apparently weakening, the International Monetary Fund (IMF) announced on May 14 that it would increase the weighting of the yuan in the basket of currencies called the special drawing rights (SDR). The yuan’s weighting went from 10.92 percent to 12.28 percent. This has been the first review since the currency was added to the basket in 2016. The dollar weighting was also increased from 41.73 percent to 43.38 percent, while the weighting of the euro, Japanese yen, and British pound declined.

The IMF decision was taken based on gains in value that the yuan has made over the past six years. However, the yuan remains an unwanted currency by investors and central banks, accounting for only 2.79 percent of global foreign currency reserves.

In response to the increased weighting in the SDR, the Chinese central bank pledged to further open its financial markets and to improve disclosure. This comes just days after Chinese authorities stopped reporting some trades by foreigners. Since May 11, China Foreign Exchange Trade System, the main bond trading platform for foreign investors, has stopped reporting on liquidations. This action may have been taken to prevent them from having to recognize that there has been a major sell-off as investors lose faith in the yuan.

In addition to the currency dropping and foreign investors steering away from China government bonds, the American and European Union chambers of commerce report that their members are pausing their China investments. Supply chain disruptions and the threat of lockdowns were the main reasons cited. While Shanghai is getting the most press coverage, at least 32 cities were still locked down as of May 13.

The lockdowns have caused numerous disruptions with wide reaching consequences. Factories have lost production days. Labor shortages and disruptions in logistics and supply chains have also occurred. Additionally, the lockdowns have shut down ports, stopped road traffic in some places, and prevented foreign employees from entering the country or visiting their China offices.

Michael Hart, president of the American Chamber of Commerce in China, told Bloomberg on May 17, that although he does not expect an immediate exodus of foreign companies, he expects China investment to decrease over the coming years.

The EU Chamber of Commerce reported on May 16 that many of its members have stopped investing in China and are considering exiting the country. The German Chamber of Commerce reported that a survey of 460 members revealed that 30 percent of their foreign employees are planning to leave because of the lockdowns.

President of the EU Chamber of Commerce Joerg Wuttke said that the higher interest rates in the United States would cause capital to flow out of China. Consequently, Beijing is expected to tighten capital outflow controls to avoid further depreciation of the yuan. In a draconian move to prevent cash from leaving the country, Beijing announced a ban on May 13 that prohibits citizens from non-essential travel outside of the country.

Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times.

4/EUROPEAN AFFAIRS//UK AFFAIRS/

EUROPE

Fragmentation continues with bond yields from Greece, Italy, Spain and Portugal blow out much higher. To me the experiment using the Euro has failed.  Who in their right frame of mind would want to buy

Greek or Italy bonds denominated in a currency which really has no value.

(zerohedge)

EU ‘Fragmentation’ Accelerates As Markets Test Lagarde’s ‘Whatever It Takes’ Moment

FRIDAY, JUN 10, 2022 – 08:06 AM

ECB president Christine Lagarde went full hawktard yesterday with her promise to end bond-buying and hike rates (all in the face of staglfationary threats as The ECB cut growth and raised inflation outlooks).

However, she did offer some ‘silver lining’ in her comments on ‘fragmentation’ in European bond markets, promising that they had some ‘tools’ to solve that problem in a vague Draghi-esque “Whatever it takes” moment.

This morning, the market is calling her bluff…

European bond yields are blowing out with PIIGS notably decoupling with Italian bond yields at their highest since 2014…

Greek 10Y Yields are at their highest level since 2018…

More problematically, the yield spreads for peripheral European nations have been clubbed like a baby seal with Italy, Spain, and Portugal all getting hammered higher…

At the same time, European stock markets are tumbling with Italian equities hit hardest…

And finally, Italian ‘redenomination risk’ – roughly translated as the chance that Italy leaves the Euro – has accelerated notably to non-negligible levels…

So what happens next? Will Christine fold?

“Italian bonds will have to sell some more to get the ECB to do something about it,” said Rishi Mishra, an analyst at Futures First.

UK

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

RUSSIA//UKRAINE//EUROPE/UK/USA

Ukraine safe passage grain talks fail and thus expect still higher food prices

(Shedlock/Mishtalk)

Ukraine Safe-Passage Grain-Talks Fail, Expect Still Higher Food Prices Globally

FRIDAY, JUN 10, 2022 – 06:30 AM

Authored by Mike Shedlock via MishTalk.com,

Talks between Turkey and Russia aimed at providing safe passage for Ukraine’s harvest ended in failure…

Wheat futures courtesy of Trading Economics

Talks End in Failure

Turkey attempted to mediate safe passage in the Black Sea for Ukraine’s grain harvest, but objected to the Black Sea proposal in a statement on Tuesday before the talks in Turkey.

A significant portion of the world’s food supply is on the line, but Ukraine Nixes a Potential Deal

“We cannot rule out Russia’s plans to use such a corridor to attack Odessa and southern Ukraine. That is why effective security guarantees are needed to restore shipping,” the Ukrainian Foreign Ministry said.

The stakes of a possible deal are enormous, with a significant portion of the world’s food supply on the line. Russia’s invasion left around 20 million metric tons of grain and seeds stranded in Ukrainian territory seized by Russia or cut off from the Black Sea ports through which it is normally exported. Russia’s bombing of roads, bridges and other infrastructure, along with a blockade of Ukraine’s ports, have added to the obstacles to getting grain out of the country, Ukrainian officials and farmers say.

“We emphasize that decisions must be made with the participation of all parties involved. We will reject any agreements that do not take into account the interests of Ukraine,” the Ukrainian Foreign Ministry said Tuesday.

No Alternate Routes 

Ukraine objected to an alternative plan to ship the grain through Belarus, because it has been a Russian ally in the invasion.

And the EU sanctions Belarus. 

Lack of Grain Exports Driving Global Hunger to Famine Levels

The UN reports Lack of Grain Exports Driving Global Hunger to Famine Levels

David Beasley, Executive Director of the World Food Programme stated: “When a nation that is the breadbasket of the world becomes a nation with the longest bread line of the world, we know we have a problem.” 

With Ukraine and the Russian Federation together exporting 30 per cent of the cereals and 67 per cent of sunflower oil in the world, he underscored that “what happens to one affects us all”.  

The lack of fertilizer and record‑low inventories in cooking oils and grains have already started to unravel decades of global economic progress, she said. While the Russian Federation and Ukraine used to provide nearly a third of the world’s wheat exports and are top‑five global exporters of corn, she noted all Ukrainian ports remain closed. The international community must coordinate a global response and eschew a “to each their own mentality”, she emphasized.

Antony J. Blinken, Secretary of State of the United States, recalling WFP and FAO estimates that people affected by food insecurity due to conflict would increase to an estimated 161 million in 2022, noted that the Russian Federation’s war in Ukraine could add another 40 million people to that total.

Blockages 

Who’s blocking, Russia or Ukraine? 

Egypt in Dire Need

US Wheat Prospects Grim

Brutal US Conditions

A Modest Proposal

Food Shortages From Excessive Intervention

What About Corn?

Expect Higher Prices 

With exports down, plantings down, and fertilizer costs soaring, expect higher food prices at the grocery store this summer.

Restaurants Add Temporary Fees to Your Food Bill to Offset Macroeconomic Pressure

Meanwhile, please note Restaurants Add Temporary Fees to Your Food Bill to Offset Macroeconomic Pressure

Fee Examples

  • Romano’s Macaroni Grill added a “temporary $2 fee to offset macroeconomic pressures”.
  • Saltie Girl added a “kitchen appreciation fee”
  • Ally Restaurants adds a “wellness fee” of 3% and is considering upping that fee to 5%
  • Other stores are adding supply chain surcharges, non-cash adjustments, and fuel surcharges.

What About Verizon?

Don’t forget Verizon’s $2.20 Economic Adjustment Charge on its wireless plans.

Rent, Food, Energy

Rent, food, and energy make up 52.7% of the CPI. Other than crush demand for oil, the Fed cannot do anything about them.

Q: How Far Behind the Curve is the BLS and Fed on Rent Inflation?

A: Very. See the link for details.

end

Ukraine admits heavy casaulty rate and appeals for more weapons from the west

(zerohedge)

Ukraine Belatedly Admits ‘Heavy Casualty Rate’ In Appeal For More Weapons From West

FRIDAY, JUN 10, 2022 – 09:40 AM

Ukraine’s government has thus far kept its military death toll a tightly guarded secret, now four months into the conflict, even as heavy international scrutiny has focused on Russian losses amid prior widespread speculation and assertions that Russia was “losing”. 

However, there’s been a noticeable shift in Western media and among the national security pundit class over the past weeks as Russian forces begin to solidify hold over nearly all the Donbas, and as the final Luhansk holdout city of Severodonetsk’s fall looks imminent.

With this backdrop, Mykhaylo Podolyak – a senior advisor to Ukrainian President Volodymyr Zelensky – admitted Thursday that Ukraine is losing between 100 and 200 troops per day amid the Russian onslaught. The figure is significantly revised upward compared to President Zelensky only last week offering a loss estimate of between 60 and 100 troops each day.

After seeking to hide or downplay information which could give the appearance of sever Ukrainian losses and battlefield setbacks, it seems taking daily average casualties public is geared toward getting more arms from the West

“The Russian forces have thrown pretty much everything non-nuclear at the front and that includes heavy artillery, multiple rocket launch systems and aviation,” Podolyak told BBC, and further:

He repeated Ukraine’s appeal for more weapons from the West, saying that the “complete lack of parity” between the Russian and Ukrainian armies was the reason for Ukraine’s heavy casualty rate.

“Our demands for artillery are not just some kind of whim… but an objective need when it comes to the situation on the battlefield,” he said. He specified that Ukraine’s military needs 150 to 300 rocket launch systems to match Russia, which is far and above what the West has supplied thus far.

At the same time, Podolyak said that his government’s position is that peace talks with Russian representatives are not possible until the Kremlin gives back territory it’s seized since the Feb.24 invasion began.

Separately, but right on message, Ukraine’s deputy head of military intelligence has said Ukraine is “losing against Russia on the frontlines and is now almost solely reliant on weapons from the west to keep Russia at bay,” as cited in The Guardian.

“This is an artillery war now,” said deputy head of military intelligence Vadym Skibitsky. He said in terms of ongoing frontline fighting which he dubbed “where the future would be decided,” the reality is “we are losing in terms of artillery.”

“Everything now depends on what [the west] gives us,” he told The Guardian. “Ukraine has one artillery piece to 10 to 15 Russian artillery pieces. Our western partners have given us about 10% of what they have.” In appealing for Kiev’s Western backers to send more, particularly the United States, even after billions spent on military aid, he stressed that the military is fast running out of munitions:

“We have almost used up all of our [artillery] ammunition and are now using 155-calibre Nato standard shells,” he said of the ammunition that is fired from artillery pieces.

“Europe is also delivering lower-calibre shells but as Europe runs out, the amount is getting smaller.”

“If they succeed in the Donbas, they could use these territories to launch another attack on Odesa, [the city of] Zaporizhzhia [and] Dnipro,” said Skibitsky of still Ukrainian controlled cities but which remain in striking distance of Russian-occupied areas.. “Their aim is the whole of Ukraine and more.”

He said further that Russia’s weapons supplies can far outlast what Ukraine currently has – up to at least a year before Russia would have to manufacture more or else mobilize the population to ramp up production, according to his description of the situation to The Guardian. But given these admissions, and that the reality now slowly dawning on the West that Russia’s military won’t be able to be dislodged from the east, but with Kiev still resistant to the idea of a negotiated settlement, what’s the endgame here?

TURKEY/GREECE

The madman Erdogan is at it again, threatening Greece over arming the Aegean islands. Israel originally discovered oil/gas in its territorial waters and this find spread to southern Cyprus waters. Turkey subordinates hold the north and have no claim to the discovery.  Erdogan is after this find and the reason he is screaming

(zerohedge) 

Erdogan Threatens Greece Over ‘Militarizing’ Aegean Islands: “Come To Your Senses”

FRIDAY, JUN 10, 2022 – 06:55 AM

Turkish President Recep Tayyip Erdogan on Thursday accused Greece of militarizing its islands in the Aegean Sea with an eye toward threatening Turkey, in but the latest salvo in a series of tit-for-tat accusations between the two NATO members. Erdogan urged immediate demilitarization of the islands, stressing Turkey will never relinquish its “rights” in the Aegean Sea, statements which come weeks after he condemned Greek Prime Minister Kyriakos Mitsotakis for lobbying the White House to block impending US F-16 sales to Ankara.

The fresh words also came on the final day of Turkey’s multi-national “Efes-2022” military drill, centered on the coastal city of Izmir. “We invite Greece to stop arming the islands that have non-military status and to act in accordance with international agreements,” Erdogan said. “I’m not joking, I’m speaking seriously. This nation is determined.”

“I warn Greece to avoid dreams, acts and statements that will result in regret. Come to your senses,” he said in a televised speech related to the drills. “Turkey will not renounce its rights in the Aegean and will not back down from using rights that are established by international agreements when it comes to arming islands,” he added.Efes-2022 Turkish-led military drill on the Aegean coast, June 9. Image: Anadolu Agency

Erdogan further vowed that Turkey would continue its controversial hydrocarbons exploration of the region, which Greece, Cyprus, and some EU countries like France have condemned as violating Greek and Cypriot territorial waters. Erdogan claimed that Greece is violating the1923 Treaty of Lausanne and the 1947 Paris Treaty. He declared that Greece was previously given the islands on condition that they’d remain demilitarized. 

“The agreements are there but Greece is violating them. It’s arming them. If Greece does not stop this violation, the sovereignty of the islands will be brought up for discussion,” he said. “It’s that clear. You will abide by the agreements.” In questioning the “sovereignty of the islands,” Erdogan appeared to suggest Turkish military intervention is on the table, also given he uttered the veiled threat on the occasion of major Turkish-led military exercises.

Greece responded by saying Turkey has long deliberately misinterpreted and misrepresented the content of the historic treaties, and further that Ankara’s standing threat of war justifies that Greece take steps to defend itself. As The Associated Press reports:

In Athens, Greek government spokesman Giannis Oikonomou said Greece was dealing with Turkish “provocations” with “calm and determination.”

“It is clear to everyone that our country has upgraded its geostrategic and geopolitical footprint as well as its deterrent capacity to be able at any time to defend its national sovereignty and sovereign rights,” he said.

Erdogan also in the Thursday speech took the opportunity to address Western allies, telling them to stay out of the way of “legitimate” security operations – in reference to planned anti-Kurdish military action by Turkey in the south, on the other side of the Syrian border.

“We will never allow the establishment of terror corridors along our country’s borders, and we will definitely complete the missing parts of our security zone,” the Turkish leader said in reference to the outlawed Kurdistan Workers’ Party, or PKK, and its Syrian extension the YPG.

Erdogan continued: “We hope that none of our real allies and friends will oppose our legitimate security concerns.” However, Europe and the US have consistently stook against him on Syrian cross-border operations. Washington has repeatedly told Ankara that US forces backing Syrian Kurdish groups could come under threat in Turkish operations, warning against any new push inside Syrian territory. At the same time Turkey has held a steady line blocking Finland and Sweden’s ascension into NATO.

ISRAEL/SYRIA//IRAN

Israel strikes again at Iranian assets next  to the airport.

Syria Halts Flights As Latest Israeli Airstrikes Hit Damascus International Airport

FRIDAY, JUN 10, 2022 – 02:45 PM

Not for the first time, Syria has been forced to halt all flights from its largest commercial international airport following fresh Israeli airstrikes. 

“Syria on Friday halted flights to and from Damascus International Airport, the transport ministry said, after Israeli airstrikes damaged a runway, according to sources,” the AFP reports.

Syrian officials said the temporary “suspension of incoming and outgoing flights through Damascus International Airport” was due to “technical disruptions” – however airport sources acknowledged that an early morning Israeli attack had “affected” the airport.

“We had to postpone all flights for at least 48 hours and some flights have been rerouted through Aleppo airport,” the airport source told AFP.

Israel media sources are saying that a broader Israeli strike at dawn on Syria’s south aimed to disrupt ‘Iranian assets’ embedded with Syria’s military.

“A war monitor said the Israeli strikes targeted warehouses used by Iranian militias in the vicinity of the Damascus International Airport, citing sources that said three sites were damaged,” Israel’s Haaretz newspaper reports.

Further, the pro-opposition Syrian Observatory for Human Rights claimed that some members of the Iranian militias present in the vicinity of the airstrikes were wounded. Regional gulf sources claimed that ‘Iranian weapons shipments’ were struck, but no details or confirmation have been made available.

This week, and following a prior Israeli strike on Syria, the Russia joined Syria’s air force in a rare joint patrol and exercise:

The ministry said two Russian SU-35 fighter jets and six Syrian MiG-23 and MiG-29 aircraft simulated facing “hostile” warplanes and drones. Syrian pilots dealt with them with cover and support from the Russian warplanes, it said.

“All illusive targets were monitored and completely destroyed while aerial targets were hit at night for the first time,” the Syrian Defense Ministry said in a statement. It also released a video of the warplanes that it said took part in the drill.

While Russia has in the past years of war provided Damascus with S-300 missile systems, it has typically not engaged Israel – but has in the last month stepped up warnings against Israeli overreaching in its purported ‘anti-Iranian’ operations over Syria.

END

ISRAEL

New Legislation Will Join Missile Defense Of Israel & Gulf States Against Iran

Tyler Durden's Photo

BY TYLER DURDEN

FRIDAY, JUN 10, 2022 – 03:45 PM

Authored by Kyle Anzalone & Will Porter via The Libertarian Institute,

Lawmakers with the bipartisan Abraham Accords Caucus have introduced a bill in the House and Senate that will require the Pentagon to coordinate missile defense upgrades for Israel and several newfound Arab allies, pointing to potential “attacks from Iran.”

Unveiled on Thursday, the Deterring Enemy Forces and Enabling National Defenses (DEFEND) Act would instruct the secretary of defense to “develop an acquisition approach” to improve anti-air weapons for a number of Middle Eastern states, among them Israel, Iraq, Jordan, Egypt and the six-member Gulf Cooperation Council.

The legislation will aim to “implement an integrated and missile defense capability to protect the people, infrastructure and territory of such countries from cruise and ballistic missiles, manned and unmanned aerial systems and rocket attacks from Iran and groups linked to Iran.”

If passed, Defense Secretary Lloyd Austin will be required to submit a report to Congress within 180 days on the current defense capabilities of the states in question and how they could be improved. 

Announced by Republican Senator Joni Ernst, the bill marks the first piece of legislation brought by the Abraham Accords Caucus, a bipartisan bloc within the House and Senate created to “build on the success” of a series of agreements struck between Israel and Arab nations starting in 2020. The senator claimed the law would help to contain Iranian proxy groups, which she said were targeting innocent civilians and “pose a persistent threat to our homeland.”

Though Ernst acknowledged most Americans are fed up with decades of armed intervention in the Middle East, she argued that “radical Islamic terror” continues to menace the United States, saying terrorism “can only be deterred and denied if American allies and partners in the Middle East step up and take on the threat posed by Iran.”

According to Democratic Senator Jacky Rosen, the bill has the endorsement of several pro-Israel groups and hawkish think tanks, including the Anti-Defamation League, AIPAC, the American Jewish Committee, CUFI Action, the Foundation for Defense of Democracies (FDD), the American Jewish Congress, the Atlantic Council and the Jewish Institute for National Security of America (JINSA).

In backing the legislation, the neoconservative-leaning FDD said Washington should “continue to initiate, develop and enhance military to military relationships between the US, Israel and other US allies and partners in the region” as an “extension” of the Abraham Accords.

Kicked off with a US-brokered normalization deal between Israel and the United Arab Emirates in 2020, the Accords have since been joined by Bahrain, Egypt, Morocco and Sudan, each agreeing to establish diplomatic and economic ties with Tel Aviv after decades of enmity.

Though the new bill is largely concerned with Iran, some countries slated to receive increased US military assistance have been accused of backing jihadist militant groups in the past, chief among them Saudi Arabia. Few of the 10 states named in the law could qualify as democracies, moreover, putting it at odds with President Joe Biden’s frequent lip service to the importance of ‘democratic values.’

END

6//GLOBAL COVID ISSUES/VACCINE MANDATE

University study finds higher risk of psychiatric diagnoses among COVID 19.  It is due to the prions the enter the brain from the spike protein

(Athrappuly/EpochTimes)

University Study Finds Higher Risk Of Psychiatric Diagnoses Among COVID-19 Patients

THURSDAY, JUN 09, 2022 – 10:20 PM

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

A recent study published by Oregon State University discovered that COVID-19 infected individuals have a higher chance of developing psychiatric disorders within about four months of contracting the virus.A recent study found an increased risk for a psychiatric diagnosis, especially anxiety disorders, after a COVID-19 infection. (Shutterstock)

For the study, published in World Psychiatry on May 7, researchers used data from the National COVID Cohort Collaborative (N3C). They matched 46,610 patients infected with COVID-19, which can trigger a respiratory tract infection (RTI), with control patients diagnosed with a different RTI.

This allowed researchers to specifically look into how COVID-19 affected the mental health of infected individuals. No patients with any history of mental illness prior to 21 days after a COVID-19 diagnosis were included in the study. Those with a medical record extending a year prior to their COVID-19 diagnosis were also excluded.

Researchers looked at the rate of psychiatric diagnoses in the 46,610 COVID-19 patients for two time periods—the early post-acute phase between 21 and 120 days from the infection and the late post-acute phase between 121 and 365 days from the infection.

The study discovered that COVID-19 patients had a 3.8 percent rate of developing a psychiatric disorder in the early post-acute phase when compared to just 3 percent for other respiratory tract infections. This amounted to a nearly 25 percent higher risk for COVID-19 patients.

However, the researchers did not find such a “significant difference in risk” when they compared COVID-19 late post‐acute phase patients with individuals with other respiratory tract infections.

When researchers looked at anxiety disorders, they found the incidence proportion of a new‐onset anxiety disorder diagnosis was “significantly higher” for COVID-19 patients when compared to RTI patients. For mood disorders, such significant differences were not observed.

“For people that have had COVID, if you’re feeling anxiety, if you’re seeing some changes in how you’re going through life from a psychiatric standpoint, it’s totally appropriate for you to seek some help,” Lauren Chan, co-author of the study, said according to a June 6 news release by Eurekalert.

“And if you’re a care provider, you need to be on the proactive side and start to screen for those psychiatric conditions and then follow up with those patients.”

Chan stressed that not every COVID-19 infected individual is going to have such psychiatric problems. In the context of the health care infrastructure of the United States, an increase in the number of COVID-19 patients seeking psychiatric care could add more strain on the system, she warned.

Multiple other studies have also suggested that a segment of COVID-19 patients might end up facing psychological issues.

Research published in April 2021 found that 34 percent of the 236,379 COVID-19 survivors included in the study developed neurological and mental disorders in the six months after becoming infected, according to WebMD.

Anxiety was the most commonly found disorder, with 17 percent of subjects reporting it. This was followed by mood disorders at 14 percent, substance abuse disorders at 7 percent, and insomnia at 5 percent.

When it came to neurological problems, 0.6 percent reported brain hemorrhage, 2.1 percent reported ischemic strokes, and 0.7 percent reported dementia. Among patients diagnosed as seriously ill with COVID-19, these rates jumped. Of the patients admitted to the intensive care unit, 7 percent experienced a stroke while 2 percent were diagnosed with dementia.

In another study published on Feb. 16 at BMJ, researchers analyzed records of nearly 153,848 COVID-19 patients in the Veterans Health Administration (VHS) system, comparing them with individuals who had not contracted the virus.

Those who got infected were found to be 35 percent more likely to be diagnosed with anxiety following the infection than uninfected people, 38 percent were more likely to be diagnosed with adjustment and stress disorders, 39 percent were more likely to be diagnosed with depression, and 41 percent were more likely to be diagnosed with sleep disorders.

There appears to be a clear excess of mental health diagnoses in the months after Covid,” Paul Harrison, a professor of psychiatry at the University of Oxford who was not involved in the study, told The New York Times.

However, only 4.4 to 5.6 percent of individuals in the study were diagnosed with anxiety, depression, adjustment, and stress disorders.

“It’s not an epidemic of anxiety and depression, fortunately,” Harrison added. “But it’s not trivial.”

end

The crooked WHO is now finally admitting that the COVID leak theory is a possibility. The true answer is that the leak is 100%

(zerohedge)

World Health Organization Finally Admits COVID Lab-Leak Theory Is A Possibility

FRIDAY, JUN 10, 2022 – 02:45 AM

For two years, governmental and global medical institutions like the CDC and WHO along with conmen like Anthony Fauci have been referring to the argument that Covid-19 leaked from the virology lab in Wuhan, China (the only Level 4 lab in Asia) as a “conspiracy theory.” 

For two years, the mainstream media and Big Tech social media platforms have called for outright censorship of anyone trying to discuss the evidence. 

The WHO has been an avid protector of the Chinese government and dismissed any assertions they they were involved in development of covid related viruses through gain of function research. 

Now, suddenly, the WHO is willing to give the theory a serious look and admits there are several important pieces still missing from the origin puzzle.

It’s hard to say why this sharp change of attitude has occurred, but it is now very difficult to deny the facts.

Evidence has been mounting for some time that the virus was at the very least coaxed into existence through mutation processes if not outright engineered.  Covid-19 is a 96% match to a virus sample collected and held at the Wuhan lab for several years.  This same virus strain does not naturally exist anywhere near Wuhan, only in the lab, and the 4% discrepancy could be explained by gain of function research. 

Such research is now a confirmed FACT, and was funded by Anthony Fauci, the NIH, NIAID and related institutions for years.    

The only “evidence” to support the wet market theory of covid’s origin comes from the Chinese government, which has a vested interest in lying about the situation and still has yet to release any accurate data on covid deaths within the country.  The claim was essentially debunked by Chinese researchers when multiple cases of early infections were discovered among people who had no contact with the market in Wuhan.   Extensive evidence now supports the lab leak theory, an argument made by the alternative media during the entire course of the pandemic and one which we were constantly attacked for. 

Will the WHO ever actually admit that the most likely scenario for the covid outbreak is a lab leak from the massive Level 4 virology lab in Wuhan which specializes in covid gain of function research? 

No, they won’t. 

But, they will now try to act as if they are entertaining the idea because if they do not they will lose all credibility in the process.  Many researchers argue that it’s already too late for that. 

The mainstream media continues to perpetuate numerous falsehoods surrounding covid and has built a complex narrative of assumptions and misdirections to deny reality.  As time passes, more and more of the original narrative falls apart. 

The “fact checking” machine is being exposed as a propaganda machine, and people who defend REAL science, real logic and real data can take heart that as the truth is exposed any institution that perpetuated the lies will also be exposed in the long run.  

end

end

Paul Alexander…


Open in browser
Portugal, what a COVID hot mess! most vaccinated nation (well, Israel etc.) but near 90% vaxxed (graph A), an omicron wave that is not letting go (graph B) & not getting back to baseline (see India).and Graph, C shows escalating deaths (death curve) post the case wave; yet look at Graph D being South Africa, see one of the least vaxxed nations, yet smothered OMICRON 5th wave; why?Dr. Paul AlexanderJun 10For South Africa (Graph D), we see 5 waves, each getting higher in terms of peaks, waves getting more rapid in terms of duration between waves, and waves not getting back to baseline yet the 5th wave seems to be benefitting from…what? natural exposure immunity in the unvaccinated? maybe innate immune system being ‘trained’ in the unvaccinated??? Again, look at India, massive use of early treatment and chemoprophylaxis and what do we see? India has managed in the Delta and omicron sub-variants quite well even though there are new reports of India increasing its vaccination, yet not with the mRNA gene platform (Graph E).Graph AGraph BGraph CGraph DGraph ELikeCommentShareYou’re a free subscriber to Alexander COVID News evidence-based medicine convoy mandate. For the full experience, become a paid subscriber.endDr. Mike Yeadon, PhD, former Pfizer VICE PRESIDENT, talks with Dr. Paul Elias Alexander, PhD, on the lies, the devastating COVID lockdown response for 2 years & the harmful COVID Vaccines (e.g. mRNA)Dr. Yeadon and Dr. Alexander discuss the failed COVID policies and the catastrophic vaccines and the harms that could come; we focus on why children MUST not be injected with these vaccinesDr. Paul AlexanderJun 10SOURCE:Dr. Mike Yeadon, former Pfizer VP talks with Dr. Paul Elias Alexander on the devastating COVID lockdown response and harmful COVID Vaccines

e

This is a must see.  A member of Parliament has been removed because she refused to say whether she has been vaccinated or not

She is from Saskatchewan. She cannot fly to Ottawa, nor can she take the train.  She drove to Ottawa and it took her 3 days to get to

Parliament.  She did this 4 times since April.

Now they refused to accept her exemption and now she has been thrown out.

Sask MP Press Conference

Inbox

Milan Sabioncello11:18 PM (32 minutes ago)
to me

end

GLOBAL ISSUES/SUPPLY CHAINS

END

VACCINE INJURY

https://justthenews.com/politics-policy/coronavirus/covid-vaccines-appear-cause-abnormally-huge-blood-clots

 

COVID vaccines appear to cause abnormally long blood clots, says pathologist

Some blood clots found in people who received a COVID-19 vaccine were reportedly a couple of feet long.

11:43 / 45:03

By Natalia Mittelstadt

Updated: June 10, 2022 – 12:28am

Unusually long blood clots are being found in people who received COVID-19 vaccines, according to Dr. Ryan Cole of Cole Diagnostics in Boise, Idaho.

Cole’s laboratory receives tissue samples from morticians across the country. He reports that they are finding long blood clots — including several that are inches-long and even a couple that are a foot long — in corpses that contained the COVID vaccine.

Liberty Counsel, a religious freedom legal advocacy nonprofit currently representing military members seeking vaccine mandate exemptions, recently interviewed Cole. His lab “is able to determine the difference between a spike protein caused by the virus and a spike protein caused by the COVID shots, which are demonstrably different and much more pronounced and serious,” according to the organization.

Cole told Greg Hunter on USAWatchdog earlier this month that a Stanford University study found that, unlike a COVID infection, which leaves the body in a week or two, the vaccine causes the spike protein to remain in the body longer.

“[T]hose who had a natural infection cleared the virus within that first week or two — their body had the ability to clear it,” Cole said.

“But when you put the synthetic sequence in, the body is not clearing it,” he explained. “It’s persistently making spike protein. And that sequence is persisting, and then it’s damaging the organs chronically over time, it’s damaging the immune cells chronically over time, it’s causing clots … chronically over time.”

With mRNA vaccines, the spike protein can stay “up to 8 weeks postvaccination in some cases,” according to the study.

Cole’s lab is “seeing mushy organs, we’re seeing incredibly inflamed organs,” he said. “We know the spike protein cause all the … bad outcomes that the virus did in 2020. And a lot of comorbid individuals, we know that spike protein is causing inflammation in the lung, the brain, the liver, the kidneys, the heart — it’s causing the same damage that the virus was causing.”

However, “in the body, the shots are persisting and making more spike protein than if you had a natural infection,” he added.

Cole also cited studies by South African doctor Resia Pretorius, who found that the COVID “spike protein alone causes the proteins in our blood to clump,” he said. “That spike protein is thrombogenic — it causes clots, and it causes a lot of clots.”

Morticians usually “put a dissolving fluid in to break up clots so they can get their embalming fluid in,” Cole said in a March interview with Steve Kirsch. “And they were getting back pressure on the system, saying, ‘What in the world is going on?’

They ended up “pulling out, you know, 6-inch clots, 12-inch clots, 2-3-foot-long clots,” he said. “Because you know from the hip down into the leg, you have a long vein called the saphenous vein. And so they were pulling long clots out of your longer veins. And … they hadn’t seen anything like this previously.”

An embalmer who has worked in her field for 11 years told Kirsch in February that she saw these unusual clots in 93% of the last 30 people she embalmed in Carrollton, Mo.

Cole has met other pathologists at conferences who are also seeing the clots he’s finding but “can’t say anything,” or else they’ll “get fired because they’re stuck at academic institutions, they’re stuck in big systems,” he told Hunter. “And the problem is, if you’re not independent, you can’t speak out. And even if you are independent like I am and speak out, then you get attacked by the American Board of Pathology. 

“But we have all these large organizations and institutions in cahoots together with a narrative attacking anybody that speaks against their giant money machine while they’re harming humanity, and this is the tragedy in all of this. Doctors are seeing it. Pathologists are seeing it. Too many people are silent, and silence is compliance. It’s time for people to be courageous.”

Last summer, a mother in Utah, Cherie Romney, said in a Fox News interview that her then-17-year-old son and husband were hospitalized with blood clots after receiving the COVID vaccines. Her son was a high school basketball player and experienced severe symptoms less than a day after receiving the Pfizer vaccine. He ended up having two clots in his brain and one in his neck.

After receiving the Moderna vaccine, Romney’s husband was hospitalized “with over 100 blood clots in his lungs,” which led to a quarter of his lungs being removed, she said.

Pfizer and Moderna didn’t immediately respond to requests for comment Thursday evening.

Last month, the U.S. Food and Drug Administration announced that it began limiting the use of Johnson & Johnson’s Janssen Pharmaceuticals COVID-19 vaccine over concerns associated with blood clots.

Vaccine Impact

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Vaccine Impact


Doctors “Baffled” by Sudden Increase in “Sudden Adult Death Syndrome” despite Government Data Linking Increased Deaths to COVID-19 VaccinesJune 9, 2022 3:32 pmFor over a decade now we have reported here at Health Impact News that “Sudden Infant Death Syndrome” (SIDS) is really just a way to conceal infant deaths due to vaccination. Neil Miller, a medical research journalist and the Director of the Thinktwice Global Vaccine Institute, wrote in 2014 that while there are 130 official ways for an infant to die according to official categories of death, sanctioned by the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO) as published in the International Classification of Diseases (ICD), vaccines are not one of them: “There are 130 official ways for an infant to die. These official categories of death, sanctioned by the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO), are published in the International Classification of Diseases (ICD). When a baby dies, coroners must choose from among these 130 categories. The official causes of death listed in the ICD include nearly every imaginable — and tragic — possibility. However, there is NO category for infant deaths caused by vaccines. This is odd because the federal government is aware that vaccines permanently disable and kill some babies — the very reason Congress established a “death and disability” tax on childhood vaccines more than 25 years ago when the National Childhood Vaccine Injury Act of 1986 (Public Law 99-660) created the National Vaccine Injury Compensation Program (VICP).” Today, a little over a year after the emergency use authorizations of the COVID-19 vaccines, news headlines in the pharma-funded corporate media are stating that doctors are “baffled” by rising cases of what they term “Sudden Adult Death Syndrome” (SADS). As they have done for many years now with infants, in refusing to even consider the fact that babies do die after receiving vaccines, so too today they are refusing to even consider the possibility that young, healthy adults are dying after receiving COVID-19 vaccines. A quick search in the U.S. Government’s Vaccine Adverse Events Reporting System (VAERS) on deaths recorded following vaccination, will clearly show the correlation between FDA-approved vaccines for the past 30+ years, where the vast majority of deaths were among infants below the age of 6 months, in contrast to reported deaths following COVID-19 vaccines, where deaths among adults in the working class (ages 18 to 59) now exceed infant deaths for the past 30+ years, during the last 18 months. The experimental COVID-19 vaccines have not even been authorized yet for infants, but they are scheduled to be authorized within days now, as the Biden Administration has already ordered 10 million doses to be distributed to all states to start injecting children under the age of 5. What are these horrible statistics going to look like in the months ahead as these tiny, fragile little human beings are injected with these toxic COVID-19 shots??Read More…Monkeypox is Following the COVID Playbook Step by StepJune 9, 2022 4:45 pmMonkeypox is back in the headlines as of yesterday, back to work after a short break. It burst onto the front pages, with concomitant BIG RED NUMBERS and daily case updates a couple of weeks ago, and then went quiet. The press pretty much stopped talking about it. …until they started again. Yesterday it was reported that the UK Health Security Agency (UKHSA) has “upgraded” monkeypox to a “notifiable disease”, meaning any positive test must be immediately reported to the government agency. Ever one for subtlety, the Telegraph’s front page reports this as “monkeypox upgraded to same level as leprosy and the plague” Across the pond, the US CDC has made the curiously synchronised decision to increase their travel alert on Monkeypox to level 2, which recommends people “practice enhanced precautions”. Let’s be clear here – the “monkeypox outbreak” is a joke. Anybody actually taking any of this seriously after the last two years of Covid hysteria needs a major reality check. At this point you should be assuming any disease “outbreak” is a hoax until proven otherwise. Really proven, not “trust me, I’m an expert” proven.Read More…


Michael Every//

Michael Every on the day’s most important topics

Rabobank: There Are Just Two Solutions To This Inflation Shock – One Is Extremely Painful, The Other One Is Worse

FRIDAY, JUN 10, 2022 – 10:31 AM

By Michael Every of Rabobank

Fiddle Didi in Shangri-LaLaLand

Apologies, but this is going to be an inflated Daily today: hopefully it still adds value rather than subtracting it.

Today has the BOE’s inflation attitudes survey (“I don’t like it”), but the market’s primary focus is going to be US CPI. As should have been expected from recent comments on the topic from the White House showing they don’t understand how inflation works, and from Larry Summers showing how a part of it (OER) does, the whisper is upside of the consensus 0.7% m-o-m, 8.3% y-o-y headline and 0.5% m-o-m, 5.9% y-o-y core. Real average weekly earnings are thus seen -3.4% y-o-y, a trend the OECD is also picking up on as an “I don’t like it”. Then we get US Michigan consumer sentiment for June, where the expectation is for a slight decline to 62.9 from 63.3, with expectations seen up from 55.2 to 55.3. With US gas prices over $5?! In terms of inflation expectations, the 1-year ahead figure is expected unchanged at 5.3%. There is no forecast for the 5-10-year figure, which has remained well-anchored around 3% so far.

So, perhaps a further unwelcome market surprise after one stemming from the ECB yesterday? See here for more post-meeting comment, but in short it was the usual “a camel is a horse designed by a committee” aesthetic. While the BOC went 50bps (and its Governor warned “Some Canadians who took out mortgages in 2020 and 2021 could see monthly payments jump by 45% in 2025-6 as rates rise.”), the Fed went 50bps, and even the RBA went 50bps (when *this* is what the economy looks like), the ECB only promised to deliver 25bps next month: you wait for the delivery, as with many goods nowadays. It may go 50bps in September after everyone has had fun on the beach for a few weeks, if it’s still absolutely necessary at that point. There was also little detail on the vaunted support mechanism for Eurozone peripheral yields.

The consequences are that the market is going to test the ECB again: German 10 year yields went up from 1.35% to 1.43%; Italian 10s from 3.36% to 3.60%. “Lo spread” is back(?) When the ECB acts, we will find out how much EUR doesn’t like what Italian bonds then do – which will push inflation higher. Especially with US gas flows interrupted, which will be the case for at least three weeks; and the geopolitical spat with Algeria looks more serious than many took it at first glance – apart from gas flows, all commercial contacts with Spain have now been frozen.

Elsewhere, we saw what looked like a lighter-touch approach from regulators towards Ant Financial and Didi. However, as the Asia Nikkei notes, “Didi Global will trade on the NYSE for the last time on Friday, ending a wild 11-month ride on the prestigious US market while leaving investors in the lurch about its future direction.” Which sums up the whole Chinese market. Yes, some tech is up 50% from its low, but it’s still down over 60% from its high. Does anyone think this is a Damascene conversion back to ‘ra-ra-ra markets’?

Yet ra-ra-ra there is. Parts of Shanghai are back in lockdown despite the ‘victory’ over Covid and low official positive test numbers – might Chinese officials goal-seek Covid test results the same way they do “dodgy” GDP numbers? (And the same way the Fed just produced a dodgy Q1 household wealth number showing little negative impact?) Regardless of that Covid backdrop, ‘Hong Kong invites global financiers to two-day November summit in much-heralded bid to reclaim city’s spot in world finance’: so, “Come for the neoliberal financialization: Stay for the Marx-Lenin-Mao-Xi Jinping Thought!”  And stay in quarantine even longer if you catch Covid.

But back to inflation. In China we saw CPI and PPI data, with the former 2.1% y-o-y, unchanged vs. April, while PPI fell back to 6.4% y-o-y from 8.0% despite the commodity price spike being seen everywhere globally. Isn’t it amazing how producing far too much relative to local demand, subsidising coal (and other things), holding vast state stockpiles of many key goods, and being able to lean on producers (and statisticians) all helps keep inflation low?

Relatedly, please also look at ‘Corporations aren’t greedy enough: Economists are divorced from reality’)which does a better job of explaining US inflation to markets, the White House, and Congress than anything else you will read today. The summary is that political debate over inflation has settled into neoliberals blaming too much fiscal stimulus and progressives blaming Covid, Ukraine, and “corporate greed”. If the former are correct, we can no longer have real fiscal stimulus. No Build Back Better at all. If the latter are correct, there is nothing anyone, even the Fed, can do about inflation without (geo)political upheaval.

Importantly, another key factor is that the largest US firms are *not* growing alongside bumper profits because “shareholders prefer that companies return cash rather than invest… Economic theory assumes that companies are managed to maximise individual firm profits and, therefore, that they will invest to expand operations as long as expected returns exceed the cost of capital, and that they will compete with each other until profit margins approach zero. But economic theory has refused to grapple with the fact that maximising shareholder returns is not identical to maximising firm profits.”

Oligopolies and monopsonies mean firms can make more money by *not* expanding: This trend has led to an erosion of productive capacity and supply buffers, which has become painfully evident in recent years… The result is a bifurcated economy with high-margin “superstar” firms on one side and low-profit “commoditised” firms on the other. In an inflationary environment, this means that firms with large profit cushions… have the pricing power to maintain high margins. Firms without pricing power, like small-business restaurant franchisees, often have no profit cushions and must raise prices out of necessity.”

So, yes, we have echoes of a 70’s-style wage-price spiral: look at strikes across EU airports; I was told an HR manager at Ben Gurion airport in Israel needs to hire 30 workers, but only managed to get three; and The American Prospect asks ‘Will today’s unions invest big-time in the young workers now beginning to rebuild American labour? Or will they remain AWOL and ensure the movement’s continued decline?’

At the same time, we also have the threat of a “profit-price” spiral. The telling precedent is the tobacco industry: “Since [US] cigarette consumption began dropping in the Eighties, the basic model of tobacco companies has been to offset sales volume declines with price increases. This strategy works because tobacco companies face little competition due to industry concentration and regulations prohibiting advertising. Thus cigarette price inflation has averaged about 7% per year since 1997, while overall inflation during that time has been slightly above 2%.”

Raising rates will not deal with structural inflation: yet lowering rates will only exacerbate it for two reasons: first, because the state won’t invest *productively*, savers are penalised, and productive private investment is discouraged versus financialization and asset-price speculation; second, because the US is now in a geopolitical fix where others are trying to ‘tobacco’ it, and the only way to resist is to flush financialization out of commodities via high US rates/US dollar.

The article echoes an old view here: that the US needs supply-side reform, which is what cured 70’s inflation. However, it now needs an *inverse* 70’s reform that favors onshoring and industrial policy to increase supply. Yes, that is inflationary as a one-off shockYet the alternative is permanently higher inflation *and* loss of geopolitical power. At the same time,

“Also required is the recognition that fundamental assumptions of economic theory –and the ideological approaches they inspire– no longer match the realities of America’s financialised economy.”

Is this unrealistic? If so, it’s a stance echoed by people deeply versed with reality in D.C. No, not Congress! The people at the US-China Competition in Global Supply Chains Hearing telling them what they should be doing. Key quotes from the expert testimony heard included:

“China is responsible for over 1/3 of US imports of critical technology goods. However, US import dependence on China for these goods is even more pronounced when looking at specific critical tech industries and  interpreting trade statistics more carefully. The goal of US critical tech supply chain policies should be to ensure that for each segment of those supply chains there are at least three manufacturers domestically or in friendly countries that are able to meet 50% of current and forecast domestic demand.”

“It would be naïve to think that countries such as South Korea and Taiwan became semiconductor hubs solely because of government incentives, and that if those incentives were matched by other (Western) regions, the supply chain would “re-shore.” If end-customer industries, such as automotive, mobile, and ICT, are not incentivizing geographic diversification through strategic procurement decisions (being willing to pay more), not much will change.”

“The policy question is, what is better: a Chinese semiconductor ecosystem that is mostly self-reliant but several generations behind the global cutting-edge or one that continues to rely strongly on Western technology but is competing successfully in some markets?”

“PRC dominance in the rare earth industry is a matter of policy, not geography: Export controls, production quotas, state investment in basic research, nationalization of the industry, and most recently state consolidation into a vertically integrated mega-firm. The US government can help ameliorate supply chain vulnerabilities in rare earths by emulating Japan’s model of public-private funding for new mining and separation facilities that help overcome initial political and environmental risks.”

“Until about 1980, the US had at least balanced trade and was self-sufficient in a broad range of products and industries. Now, the US trade profile looks more like that of a developing country than the Arsenal of Democracy. The federal government needs an industrial policy instead of what has been, in effect, a deindustrialization policy.”

“It is important that we frame our R&D and innovation ecosystem as a critical supply chain input and a national asset. Yet this is an area that is the least protected and the most vulnerable to China’s predations. End-user entities within China’s research enterprise matter, and real national security concerns can arise from the open collaboration they enjoy with US institutions.”

Can one rely on the White House or Congress to act? The America COMPETES Act to spend $52bn on high-end semiconductor production just stalled between the House and Senate versions. Nonetheless, it will pass in time, and the industry *is* returning to the US.

Moreover, President Biden just tweeted, “One of the reasons prices have gone up is because a handful of companies who control the market have raised shipping prices by as much as 1,000%. It’s outrageous – and I’m calling on Congress to crack down on them.”  That is not what his own FMC investigation concluded, and comes as spot freight rates are declining (for now). So, the same clarity displayed in the president’s appearance on the Jimmy Kimmel show?

However, Congress just agreed to pass the Ocean Shipping Reform Act following the milder senate version. That sees the US re-regulate global maritime trade to its benefit, as we predicted last year, despite the industry saying “never gonna happen”. Watch this space as the implications become clear to markets.

Relatedly, given maritime commercial power underpins military power, Singapore’s annual defence-related Shangri-La Dialogue is kicking off today.

That is as Iran removed another 27 cameras from its nuclear facilities, prompting IAEA warnings; after Israel drilled for an air attack on Iran; PM Bennett made a surprise flying visit to the UAE despite his government being close to collapse; and the US Congress proposed an Arab-Israeli air-defence pact vs. Iran ahead of President Biden’s regional visit. Is this pre-February 24 all over again? Hopefully, and probably, not. Indeed, the Israelis are still trying to see the funny side of it, with Iran boasting it had successfully killed a Mossad agent named ‘Asa Flotz’, which in Hebrew is a derivate of ‘to fart’, suggesting somebody is playing a game with Tehran. (You get a lot of this regionally: remember Israel-trained shark attacks in Egypt back in 2010?) Regardless, markets would be foolish to dismiss the very fat tail risks involved as just a joke. Again.

Türkiye’s President Erdogan, running for a (probably) unconstitutional third term, also tweets, “We warn Greece once more to avoid dreams, statements and actions that will lead to regret, as it did a century ago, and to return to its senses. Türkiye will not relinquish its rights in the Aegean and will not refrain from using the powers granted to it by international agreements for the armament of the islands when necessary.”

Russia’s President Putin has shifted from talk from Nazis and NATO to boast that he is following the Peter the Great in ‘taking back our lands’, and the Russian Duma has proposed legislation to remove recognition of Lithuania’s exit from the USSR.

All that aside, the primary conversation in Singapore will be about China. The US sees Beijing’s recent muscular stumble in the Pacific has an opportunity to rebuild bridges there for once, rather than making its own very muscular stumbles. The US and Chinese military chiefs will meet in person at the event: let’s see if guard rails are put in place, or things go off the rails. Inauspiciously, the US Ambassador to China just said bilateral relations might be at the lowest level since 1972. Any further back in time and we are pre-Nixon and the paradigm that saw US firms flood into China in the first place. And it’s not only the US heading that way: yesterday saw The Global Times warn ‘China-EU economic ties on brink of an ideological confrontation trap’, insisting the EU sign the definitely-stalled EU-China CAI deal, and walk away from the US.

Meanwhile, Japanese PM Kishida is set to flag he is to boost national defence spending to 2% of GDP, making Japan the third largest military spender in the world in dollar terms (at least until JPY hits 200), as well as launching a new 20-nation strategy for maritime security in a “free and open Indo-Pacific.” Which will not involve China in any positive sense.

I know this is seems irrelevant to those focused on whether headline US CPI will be 0.7% or 0.8% today; but to not see the underlying links between geopolitics, national politics, supply chains, inflation, and where rates ultimately end up is to say ‘fiddle Didi’ in Shangri-LaLaLand. As many were happily still doing on 23 February.

Happy Friday.

 

end

7. OIL ISSUES//ELECTRICITY ISSUES/USA

8 EMERGING MARKET& AUSTRALIA ISSUES

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

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

Euro/USA 1.0581 DOWN 0.0038 /EUROPE BOURSES //ALL RED

USA/ YEN 133.87   DOWN 0.524 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2428 DOWN   0.0064

 Last night Shanghai COMPOSITE CLOSED UP 45.83 POINTS UP 1.42%

 Hang Sang CLOSED  DOWN 62.87 PTS OR 0.29%

AUSTRALIA CLOSED DOWN 1.32%    // EUROPEAN BOURSES ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 62.87 PTS OR 0.29%   

/SHANGHAI CLOSED DOWN 45.83 PTS UP 1.42% 

Australia BOURSE CLOSED DOWN  1.32% 

(Nikkei (Japan) CLOSED  DOWN 422.24 OR 1.49%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1839.60

silver:$21.50

USA dollar index early FRIDAY morning: 103582  UP 36  CENT(S) from THURSDAY’s close.

 FRIDAY MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.78%  UP 14  in basis point(s) yield

JAPANESE BOND YIELD: +0.257% UP 0     AND 4/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.76%// UP 14   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.84  UP 22   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.503%

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0519 DOWN  0.01006    or 100 basis points

USA/Japan: 134.13 DOWN 0.261  OR YEN UP  26  basis points/

Great Britain/USA 1.2319 DOWN 0.01730 OR 173  BASIS POINTS

Canadian dollar DOWN .0094 OR 94 BASIS pts  to 1.2797

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.7089  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.7309

TURKISH LIRA:  17.04  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.257

Your closing 10 yr US bond yield UP 11  IN basis points from THURSDAY at  3.145% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.224 UP 5 in basis points 

Your closing USA dollar index, 104.21 UP 99   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 160.28 PTS OR 2.14%

German Dax :  CLOSED DOWN 440.66  POINTS OR 3,10%

Paris CAC CLOSED DOWN 179.86 PTS OR 2.83% 

Spain IBEX CLOSED DOWN 320.80 OR 3.68%

Italian MIB: CLOSED DOWN 1202.65 PTS OR  5.04%

WTI Oil price 120.64   12: EST

Brent Oil:  121.93  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  56.85  UP  2.50        RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.503

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0520 DOWN   .0098   OR  DOWN 98 BASIS POINTS

British Pound: 1.2311 down .0180  or  180 basis pts

USA dollar vs Japanese Yen: 134.38 DOWN .016//YEN UP 2 BASIS PTS

USA dollar vs Canadian dollar: 1.2768 up 0062 (CDN dollar down 62 basis pts)

West Texas intermediate oil: 120.56

Brent OIL:  121.86

USA 10 yr bond yield: 3.159 up 12 points

USA 30 yr bond yield: 3.200  UP 3  pts

USA DOLLAR VS TURKISH LIRA: 17.15

USA DOLLAR VS RUSSIA//// ROUBLE:  56.80 UP  2.60/ ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 880.00 PTS OR 2.73%

NASDAQ 100 DOWN 436.96 PTS OR 3.56%

VOLATILITY INDEX: 27.93 UP 1.84 PTS (7.05)%

GLD: 174.57 UP 2.34 PTS OR 1.36%

SLV/ 20.19 UP .22 PTS OR 1.10%

end)

USA trading day in Graph Form

Soaring CPI Crushes ‘Peak Inflation’ Narrative, Sparks Global Market Turmoil

FRIDAY, JUN 10, 2022 – 04:00 PM

There have only been 2 months in the last two years where CPI has printed less than expected and CPI has risen for 14 straight months (Biden has been president for the last 16). Additionally, sentiment among Americans collapsed to a record low (UMICH) and inflation expectations surged (signaling Fed credibility is plunging), all of which sent the US Macro Surprise index down to its weakest since Aug 2019…

Source: Bloomberg

The reaction was violent… and everywhere.

First things first, STIRs exploded with year-end rate-hike expectations soaring by 30bps today alone! And at the same time, the subsequent rate-cut expectations have soared (as The Fed desperately digs America out of recession)…

Source: Bloomberg

The market is now pricing in 10 more rate-hikes by the end of 2022 and then 3 rate-cuts following it.

And it appears to be the latter that sparked a surge in gold to its highest in one month…

But sent everything else lower (in price) on the day: US & EU stocks puked, US & EU bond prices plunged US HY bond prices were battered, oil dropped, copper dropped, crypto dropped, banks and big tech were battered.

The US equity market was monkeyhammered in the last two days after early-week attempts at a short-squeeze. Nasdaq was the worst performer, down 5% on the week…

This was the S&P 500 and Nasdaq’s worst weekly loss since Jan 2021.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1535242718141722624&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsoaring-cpi-crushes-peak-inflation-narrative-sparks-global-turmoil&sessionId=5daf80e48aa333a05c345f8d1e1866ded3bbc83c&siteScreenName=zerohedge&theme=light&widgetsVersion=b45a03c79d4c1%3A1654150928467&width=550px

The S&P 500 is down 10 of the last 11 weeks – the worst stretch since the Great Depression…

Source: Bloomberg

Financials were clubbed like a baby seal on the week while Energy stocks tried to get back to even this afternoon but closed red but were the prettiest horse in the glue factory…

Source: Bloomberg

VIX spiked back above 28 this week but remains drastically decoupled from credit market risk which is exploding to new cycle highs…

Source: Bloomberg

The last time US HY bond prices were this low, The Fed stepped in to buy them in an unprecedented action

Source: Bloomberg

European stocks were no less hammered (not helped at all by The ECB) with Italy worst…

Source: Bloomberg

European bond markets were a bloodbath as ‘fragmentation’ fears were not assuaged by ECB’s Lagarde and peripheral sovereign spreads spiked…

Source: Bloomberg

Italian yields topped their 2018 highs (highest since 2014), German 10Y yields topped 1.50% for the first time since 2014 and 2Y Gilts spiked above 2.00% for the first time since 2008…

Source: Bloomberg

“Italeave” odds are soaring again…

Source: Bloomberg

Oh, and before we leave Europe. Remember this?

Well things aren’t going so great…

But hey at least you get ‘zero coupons’ to count while you wait

US Bond markets were a total shitshow with short-end yields spiking massively higher today. 2Y Yields rose 24bps while 30Y yields rose only 2bps…

Source: Bloomberg

On the week, it was even more of a bloodbath with 2Y Yields up a stunning 40bps and 30Y up just 10bps (‘just’)…

Source: Bloomberg

3s10s and 5s10s both inverted today as the yield curve flattened dramatically…

Source: Bloomberg

2Y Yields topped 3.00% for the first time since 2008…

Source: Bloomberg

Real yields pushed to their highest since April 2019. Is gold calling real yield’s bluff?

Source: Bloomberg

The dollar soared today, back up near the cycle highs…

Source: Bloomberg

Cryptos had another bad week but Bitcoin and Ethereum were ‘only down modestly’…

Source: Bloomberg

Bitcoin fell back below $30,000 but remains in its recent range…

Source: Bloomberg

Commodities were mixed with copper crapping out (growth concerns) while crude managed modest gains amid all that chaos…

Source: Bloomberg

WTI traded above $123 – well above Biden’s SPR release levels – back near post-Putin highs…

Gas prices hit a new record (nominal) high…

Source: Bloomberg

US NatGas (front-month fut) prices pushed above European NatGas (1Mo ahead) prices for the first time since July 2021…

Source: Bloomberg

And that sent President Biden’s approval rating to yet another new record low…

Source: Bloomberg

We can’t understand why…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3JlZnNyY19zZXNzaW9uIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJpbnRlcnN0aXRpYWwiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X3Jlc3VsdF9taWdyYXRpb25fMTM5NzkiOnsiYnVja2V0IjoidHdlZXRfcmVzdWx0IiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1535323355657687040&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsoaring-cpi-crushes-peak-inflation-narrative-sparks-global-turmoil&sessionId=5daf80e48aa333a05c345f8d1e1866ded3bbc83c&siteScreenName=zerohedge&theme=light&widgetsVersion=b45a03c79d4c1%3A1654150928467&width=550px

Finally, we note that stocks are not “cheap”… just average-valued…

Source: Bloomberg

So how much further will Powell let valuations go before he flip-flops? The frequency with which the Biden admin is ‘referring’ all inflation questions to The Fed suggests Powell is stuck on this path and will take the fall for all the damage.

I) / EARLY MORNING TRADING/

Stocks Tank & Yield Curve Inverts After Hotter-Than-Expected CPI Print

FRIDAY, JUN 10, 2022 – 09:04 AM

Well that’s not what the market wanted to see…

The hotter than expected CPI print has sparked turmoil in markets with the Treasury curve inverting once again (now its most inverted in over 2 months)…

With 30Y Yields still lower on the day as 2Y soars 14bps…

Stocks are accelerating their losses from yesterday. almost completely erasing the post-Bostic-Pause short-squeeze ramp…

Rate-hike expectations are soaring to their highest during this cycle with the market expecting Fed rates at 3.00% by year-end…

Notably, at the same time, subsequent rate-cut expectations (as the recession hits) are also soaring.

The dollar is spiking near one-month highs…

As Miller Tabak’s Matt Maley notes: “This stronger-than-expected inflation data pushes out the time frame for peak inflation and it gives the Fed the green light to continue with their aggressive tightening policy. I’d also note that the drop in the 10-year yield on this data and the flattening of the yield curve is a signal that markets are seeing stagflation as an even bigger problem.

end

A Shocked Wall Street Reacts To Today’s “Scary” CPI Print

FRIDAY, JUN 10, 2022 – 11:02 AM

It was a CPI report for the ages: with most already expecting a hotter than expected print (thanks to JPM), that’s precisely what they got and then some.

First, a quick recap:

  • Headline CPI prices surged by 1.0% (0.97% unrounded) mom in May, beating consensus expectations of a 0.7% increase.
  • Energy prices spiked 3.9% mom as gasoline prices reached record levels and food prices increases 1.2%.
  • Yoy headline CPI inflation made a new 40-year high of 8.6%.

A chart showing the annual increases in all segments shows that just two thing in the entire CPI basket are cheaper compared to a year ago: food at employee sites/schools and education and communication commodities. Meanwhile, fuel is up more than 75% Y/Y.

Core CPI also beat expectations, rising 0.6% (0.63% unrounded) mom versus consensus at 0.5%. The yoy rate dropped from 6.2% to 6.0%, because of base effects.

Headline inflation was largely driven by energy and food. Amid the soaring food costs, Chicken, Eggs, Milk, and Cupcakes all screamed higher. In fact, food contributed 0.16% of the 1% MoM CPI. The size of the box below represents each component’s contribution to food and the color of the box shows the MoM% change in price: eggs were up 5% in May!

The strength in core inflation was across the board:  core commodities rose 0.7% on the back of 1.0% and 1.8% increases in new and used car prices, respectively. Along with the sharp drop in auto sales last month, this suggests that the auto industry was hit by a fresh bout of supply shortages last month. Meanwhile apparel prices increased 0.7% and other goods were up 0.8%.

Core services were also very strong in May, increasing by 0.6%: the main drivers were 0.6% increases in OER and rental prices, and a 0.4% rise in medical care services. The reopening-related components showed continued large increases. Lodging was up 0.9% and recreation services increased 0.5%. Airfares spiked 12.6%, contributing nearly 11bp to the core.

In the last three months alone, airfares have risen 48%, although some if not much of this strength is likely to reverse in the coming months. (to confirm the broadbased nature of inflation, BofA’s economists recommend that investors keep an eye out for the Cleveland Fed’s release of trimmed-mean and median inflation at 11am today.)

What is even more striking about today’s report is that, as BofA’s Aditua Bhave writes, Stepping back, is the fact that there were almost no pockets of weakness in this report, and indeed Brean writes that “61% of the detailed CPI components are seeing price gains over the last year of 6% or more, down only slightly from April’s 63%.” The data are consistent with the increasingly popular view that inflation is no longer just a function of goods supply-chain disruptions. Inflation is also being driven by strong consumer demand because of a red hot labor market and strong wage inflation.

Accordingly, inflation has become embedded in the more cyclical service sectors (e.g., housing) as well. In fact, as shown below, while goods inflation dropped to “only” 1.7% in Y/Y terms, the lowest since last September, services inflation is the highest in over three decades, contributing to 3.0% of the 8.6% Y/Y headline print.

The next chart shows the problem for policy makers posed by diverging headline and core indexes: While the contribution from used cars and trucks is starting to dissipate, shelter continues to push higher – just as we said it would about one year ago – even though it’s only a matter of time before soaring rents and mortgages bring prices sharply lower. And speaking of shelter inflation, it surged 5.45% Y/Y in May, up from 5.14% in April and the highest since 1991. As for Rent Inflation, it jumped 5.22%Y/Y in May, up from 4.82% in April and the highest on record.

All other items in the core index taken together have at least stopped increasing on a year-over-year basis. But food and energy inflation continue pushing to new highs.

Below is a heatmap of CPI on a MoM basis…

… and YoY:

What happens next?

Well, the Fed has telegraphed 50bp rate hikes in June and July. Its next decision point is in September. BofA writes that although its base case remains a 25bp hike, today’s print increases the risk of another 50bp increase. Meanwhile, the market is pricing a more aggressive Fed response on the back of today’s print. FOMC OIS now reflects 155 bps rate hikes through the September FOMC, assigning some probability to a 75bps hike in July.

Goldman’s Jan Hatzius writes that he now expects the Fed to “hike the funds rate by 50 bps in September (vs. +25bp previously), in addition to +50bp moves in June and in July.”

The 2y30y curve flattened 15 bpswith the 5s30s briefly inverting, as the move higher in the front end was driven by inflation breakevens and rally at the back end concentrated in real rates. This curve move is consistent with a Fed needing to hike aggressively to cool inflation at the expense of longer term growth and is consistent with our baseline stagflation scenario.

Below we share several reactions from Wall Street strategists and economists, all of whom were more or less stunned by just how high “non-transitory” inflation is:

  • Goldman, Chief Economist Jan Hatzius: “In our view, the broad-based strength in core inflation tips the balance for the Fed to continue its 50bp-per-meeting pace of tightening through September. We continue to expect a terminal rate of 3.0-3.25%, which will now be reached in 1Q2023 under our forecast.”
  • Brean Economics: “There were no signs here” of deceleration. “Over the last three months, the core CPI has risen 6.3% at an annual rate, faster than its year-over-year increase of 6.0%. .. This report ought to be disturbing for Fed officials as they prepare for next week’s meeting. We estimate that 61% of the detailed CPI components are seeing price gains over the last year of 6% or more, down only slightly from April’s 63%.”
  • Schwab Chief Fixed-income strategist Kathy Jones: the hot CPI reading will “keep the Fed on track for more tightening” adding that one should “expect some curve flattening as the market discounts steeper pace of rate hikes.”
  • Bloomberg Intelligence, Chief US rates strategist Ira Jersey: “The strong bear flattening given the across-the-board CPI beat is unsurprising. We would expect some profit-taking at some point, but at least tactically a bear flattening may continue into the FOMC meeting next week. We still don’t think the Fed will seriously consider 75-bp hikes, but the market may price for the possibility, and given the strength of core CPI, we think there may be additional 50-bp hikes priced in beyond September. It’s possible the Fed tries to get into restrictive territory this year and will consider pausing after hiking toward 4% to let the ‘long and variable lags’ of monetary policy take effect.”
  • AXS Investments, CEO Greg Bassuk: the investor narrative going forward will be less about whether inflation has reached a peak and more about how long it’s going to be here with us. One of the lessons we’ve all learned over the past year is that any single data point has been shown to be vastly inconclusive. We’re going to be looking at Tuesday’s PPI numbers next week. Wednesday, we’ll get retail sales data and some more commentary from the FOMC. What we’re doing every week is really aggregating all of these elements that drive toward what we see in connection with this elevated price environment.”
  • Mohamed El-Erian: “Reaction to inflation report of the US bond market implies (a) a more aggressive Fed and (b) bigger economic slowdown.  Re distribution of macro outcomes, greater probability of the stagflation baseline, higher recession risk, and a thinner right rail of high growth/low inflation”
  • Miller Tabak, Matt Maley: “This stronger-than-expected inflation data pushes out the time frame for peak inflation and it gives the Fed the green light to continue with their aggressive tightening policy. I’d also note that the drop in the 10-year yield on this data and the flattening of the yield curve is a signal that markets are seeing stagflation as an even bigger problem.”
  • TD Securities, Priya Misra: “markets are moving closer to pricing in a 50 basis-point hike in September, which would be terrible for risk assets “since the Fed may not have the policy space to slow down the pace of hikes after neutral.”
  • MKM Partners, chief economist Michael Darda: “it might be a bit of a fool’s errand here to just assume that if crude oil prices back off, all of a sudden the magic wand is waived and the inflation problem simply goes away.”
  • Alpine Woods Capital Investors, portfolio manager Sarah Hunt: “A September pause is off the table. The ‘hope’ was a peak last month, but since oil, food prices and rents keep going higher it’s hard to say why that was the hope.”
  • National Retail Federation called on Biden to lift tariffs to ease price pressures: “While the Federal Reserve continues with its long-term strategy to stem inflation, we need the administration and Congress to move forward on steps to lower prices that can be taken immediately. Repealing tariffs is one of those steps and one of the most effective and meaningful.”

II)USA data

US Consumer Prices Reaccelerate In May, Highest Since 1981

FRIDAY, JUN 10, 2022 – 08:38 AM

Having briefly slowed its inexorable rise in April – offering reawakened hope for the ‘transitory’ or ‘peak’ inflation camp – consumer prices were expected to continue accelerated in May (as energy costs soared). Consumer prices rose by a far larger than expected 1.0% MoM (significantly higher than the +0.3% MoM in April and the +0.7% Exp). That sent the YoY CPI to +8.6% – a new cycle high…

Source: Bloomberg

Headline CPI pushed to its highest since 1981 and has now risen for 24 straight months.

Core CPI offered no respite as it soars 6.0% YoY (worse than the +5.9% YoY exp)

Source: Bloomberg

Breaking down the sources of the shift in May, energy costs dominated the rise (the energy index rose 34.6 percent over the last year, the largest 12-month increase since the period ending September 2005)…

Source: Bloomberg

The index for all items less food and energy rose 0.6 percent in May, the same increase as in April. While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks, and new vehicles. The indexes for medical care, household furnishings and operations, recreation, and apparel also increased in May.

The costs of putting a roof over your head is accelerating dramatically…

  • Shelter Inflation May 5.45%, up from 5.14% in April and the highest since 1991
  • Rent Inflation 5.22%, up from 4.82% in April and the highest on record

While the surge in goods costs is slowing, the costs of services are accelerating, no at their fastest pace sine 1991…

Source: Bloomberg

So, is this enough to force The Fed to falter? And will traders ‘buy the news’ anyway?

Finally, remember, always trust the officials…

This is bad news for the Fed, and definitely bad news for the White House.

END

University of Michigan sentiment collapses to record lows

(zerohedge)

UMich Sentiment Collapses To Record Low In June

FRIDAY, JUN 10, 2022 – 10:05 AM

In a stunning miss, University of Michigan Sentiment collapsed in preliminary June data, crashing from 58.4 to 50.2 (massively below the 58.1 expectations). The current conditions gauge sank to a record-low 55.4 from 63.3, while a measure of expectations decreased to 46.8 from 55.2.

Source: Bloomberg

That is the lowest reading ever for UMich.

“Throughout the survey, consumers signaled strong concerns that inflation will continue to erode their incomes, and the factors they cited are unlikely to abate soon,” Joanne Hsu, director of the survey, said in a statement.

“While consumer spending has remained robust so far, the broad deterioration of sentiment may lead them to cut back on spending and thereby slow down economic growth,” Hsu said.

Don’t worry though, ‘they’ are on it…

Consumers’ assessments of their personal financial situation worsened about 20%. Forty-six percent of consumers attributed their negative views to inflation, up from 38% in May; this share has only been exceeded once since 1981, during the Great Recession. Overall, gas prices weighed heavily on consumers, which was no surprise given the 65 cent increase in national gas prices from last month (AAA). Half of all consumers spontaneously mentioned gas during their interviews, compared with 30% in May and only 13% a year ago.

In addition, a majority of consumers spontaneously mentioned supply shortages for the ninth consecutive month. 

Inflation expectations are soaring again with medium-term outlooks spiking to +3.3% – the highest since the 2008 peak…

Source: Bloomberg

Buying Conditions have crashed to record lows…

Source: Bloomberg

“These expectations rose despite, leading into the Federal Reserve’s policy-setting meeting next week, a record high 88% of consumers expecting interest rates to increase during the next year,” Hsu said.

Inflation is exceeding wage growth, prompting many Americans to dip into savings and take on more debt. As high prices leave less income for discretionary purchases, the risk to the economy is a more pronounced slowdown in consumer spending.

All income cohorts are getting more pessimistic…

Source: Bloomberg

Mission Accomplished?

IIB) USA COVID/VACCINE MANDATES

Covid testing requirements, mask mandates for internation travel//dropped

(zerohedge)

Biden Admin Dropping COVID-Testing Requirements For International Travel

FRIDAY, JUN 10, 2022 – 10:14 AM

The Biden administration has finally dropped a Covid-19 testing requirement for travelers entering the country, the White House announced on Friday.

The rule, established during the Trump administration and later enhanced by Biden, required all inbound travelers – including US citizens – to show proof of negative Covid test before boarding flights headed for the US.

As CNBC notes, airlines and others in the travel industry have pushed Biden to drop testing for months, arguing that it was hurting their bottom line.

END.

iii)a.  USA economic stories

 

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

Always listen to Stanley Druckenmiller

(zerohedge)

Druckenmiller Warns Bear Market Has “Ways To Run” Amid 2023 Recession Threats 

FRIDAY, JUN 10, 2022 – 12:11 PM

Duquesne Family Office founder Stanley Druckenmiller was the last speaker at Thursday’s 2022 Sohn Investment Conference. The legendary investors had a conversation with John Collison, the co-found and president of Stripe. Druckenmiller warned of inflation, a continued bear market in stocks, and a recession in 2023. 

Collison begins the conversation by saying Druckenmiller predicted in the summer of 2021 that inflation would erupt this year. He asked the famed macro watcher: “What do you predict know?” 

Druckenmiller says inflation is much higher than expected and points out that the most shocking part is the Federal Reserve’s slow response to counter rising prices. He said the Fed’s bond-buying through early this year will prove costly as they’re well behind the curve: “Alot of assets were purchased during that period that I think a lot of people moving out the risk curve will lose money on.” 

He notes the bubble in the S&P500 has burst, adding valuations are becoming more attractive. Though Druckenmiller said, “It’s highly probable that the bear market has a way to run.” 

Collison asks whether the Fed can produce a soft or hard landing. Druckenmiller responds by saying the monetary wonks in Washington will have trouble creating a soft landing. “Betting on a short landing to me is a real long shot,” he said. 

Druckenmiller notes that once inflation breaches the 5% mark, it’s never come down without interest rates above CPI and a recession.

He then expands on the idea a recession is coming sometime in 2023 but is not entirely sure if it’s in the first or second half of the year. 

Collison’s next question asked if stock market turmoil signals trouble for the broader economy. Druckenmiller said the stock market is a discounting mechanism of what may happen six to 12 months out, adding homebuilders and the trucking industry face significant headwinds, and retail appears weak. He said the bond market is another signal he uses, though that market is distorted because of central bank manipulation. 

He added that if traders are heavily short in bear markets, “you can get your head ripped off” in short squeezes. He anticipates going back to the short equity position. 

Druckenmiller said the fixed-income market has become more challenging and doesn’t think he’ll be playing in that market, but has taken an interest in FX and wouldn’t be surprised if he had a short dollar position in six months. 

He notes Duquesne Family Office owns energy and other commodities that have been given a boost because of the Ukraine conflict. 
On crypto, he finds a strong correlation between Bitcoin and Nasdaq, adding he’s monitoring the space.  

Collison asked about the dramatic rise of retail trading on mobile apps. Druckenmiller responded by saying he worries about the many “bull market geniuses” that were surfing with a hurricane, giving them some nice waves, though like anything, nothing last forever. 

Druckenmiller said the Fed-induced bubble produced many overvalued stocks that quadrupled when the economy reopened after COVID, calling the period after stocks erupted one of the best-short selling periods he’s ever seen. 

Druckenmiller reiterated he has a bias toward growth stocks. 

When asked if growth and big tech companies are attractive in valuations, Druckenmiller said he’s still bearish on the world. 

The biggest takeaway from Druckenmiller’s conversation at Sohn yesterday is that if history is any guide to the future, the Fed’s aggressive monetary tightening could spark a hand landing, a bear market in stocks isn’t over, and a recession sometime next year. 

END

iv)swamp stories

Watch: Tucker Carlson Sounds Off On “Insulting” Show Trial & Real Dangers Leading To Actual ‘Insurrection’ 

FRIDAY, JUN 10, 2022 – 12:45 PM

Every major US news network with the exception of Fox carried full live coverage of Thursday night’s much-hyped and anticipated prime time Jan. 6 committee hearing.

“This is the only hour on an American news channel that will not be carrying their propaganda live. They are lying, and we are not going to help them do it,” Tucker Carlson introduced on his show during the very time period the hearing was airing on other networks. Carlson slammed the “show trial” and “deranged” spectacle filled with moral sermonizing intent on concealing what for the vast majority of Americans are much more alarming, pressing concerns

The primetime Fox host reminded his audience that what was in reality “mob violence” and “vandalism” – but not the deadly “insurrection” that MSNBC, CNN, and many Congressional leaders are attempting to present – resulted in only one person shot that day: a protester. Carlson said “not a single person in the crowd that day was found to be carrying a firearm.”

“Yet the other networks can’t be bothered to cover any of that tonight. Instead, they’ve interrupted their regularly scheduled programing to bring you yet another extended primetime harangue from Nancy Pelosi and Liz Cheney about Donald Trump and QAnon. The whole thing is insulting.”

He said according to the transcript

We hated seeing vandalism at the U.S. Capitol a year and a half ago, and we said so at the time, but we did not think it was an insurrection because it was not an insurrection. It was not even close to an insurrection. Not a single person in the crowd that day was found to be carrying a firearm – some insurrection. In fact, the only person who wound up shot to death was a protester.  

She was a 36-year-old military veteran called Ashli Babbitt. Babbitt was just over 5 feet tall. She was unarmed. She posed no conceivable threat to anyone, but Capitol Hill Police shot her in the neck and never explained why that was justified. Those are the facts of January 6, but since the very first hours, they have been distorted beyond recognition, relentlessly culminating with last night

However, Carlson pointed out that all of this seems an attempt to erect smoke and mirrors to distract from the real, immense day-to-day crises that Americans are facing under the Biden administration. Indeed the walls are closing in… on average Americans:

In the meantime, in the 18th months since January 6, gas prices have doubled. Drug ODs have reached their highest point ever. The US economy is now careening toward a devastating recession at best and scariest and least noted of all, this country has never in its history been closer to a nuclear war.”

While stressing he’s not defending the events of January 6, Carlson warned of what actually threatens to potentially destabilize the nation….

But, you know what will get you to insurrection? If you ignore the legitimate concerns of a population, if you brush them aside as if they don’t matter when gas goes to $5 and you say ‘buy an electric car’.”

“When cities become so filthy and so dangerous that you can’t live there, when the economy becomes so distorted that your own children have no hope of getting married and giving you grandchildren, when you don’t care at all about any of that and all you do is talk about yourself, nonstop – you might get an insurrection if you behave like that,” Carlson added.

Watch Tucker Carlson sound off in the full segment here

King REPORT

The King Report June 9, 2022 Issue 6777Independent View of the News
We erred in yesterday’s missive in writing that traders fear the BoE could be more hawkish than expected today.  It’s the ECB that is on the clock.
 
ECB Will Herald New Policy Era with Path to Fight Inflation
Officials led by Lagarde meet Wednesday-Thursday in Amsterdam
    The European Central Bank will begin a new era of monetary policy this week as officials… pivot to confront the threat of inflation running out of control… with prices rising at a record pace, President Christine Lagarde and her colleagues will end trillions of euros of asset purchases and cement a path to exiting eight years of negative interest rates… an end to sub-zero policy could materialize as soon as July…  https://www.bloomberg.com/news/articles/2022-06-07/ecb-will-herald-new-policy-era-with-rate-path-to-fight-inflation#xj4y7vzkg
 
China’s tech stocks jump, with the Hang Seng gauge rising as much as 4.3%, as Beijing approves new video games after its internet crackdown https://t.co/EymPOytzDZ
 
Elon Musk Twitter deal financing put on hold over threats: report – The SpaceX and Tesla CEO said Twitter has resisted requests to provide information on spam, fake accounts  https://t.co/IVIKkZxFhR
 
@charliebilello: How is US consumer spending holding up despite inflation outpacing wage gains for 13 straight months? 1) Americans are saving less: 4.4% savings rate at lowest levels since 2008.
2) Americans are borrowing more: 7.5% increase in credit over the past year is largest since 2011. https://t.co/ju40ZRsLLg
 
@EPBResearch: Housing demand is imploding with applications for new home purchases declining at a 39% annualized rate. You have to go back to April 2020 to find a sharper decline.
https://twitter.com/EPBResearch/status/1534497125530226689
 
ESMs did what they have been doing for months.  After tumbling into the NYSE open, someone forced ESMs from the daily low of 4128.25 at 9:31 ET to the daily high of 4160.00 at 9:52 ET.
 
Then, ESMs sank to 4135.00 at 10:16 ET.  Manipulators quickly forced ESMs to 4155.50 at 10:34 ET.  Selling resumed; ESMs sank to 4138.25 at 11:02 ET.  But someone has been determined to force ESMs higher for the Month of Joe.  So, ESMs were pushed to 4157.75 at 11:16 ET.
 
There were six large, wicked ESM swings in less than two hours!
 
The DJTA got slammed during early US trading, declining as much as 3%.  Investors dumped transport stocks because WTI Oil hit $122.06.  Gasoline rallied sharply, too.  Natural gas jumped as much as 3.5%.
 
ESMs and stocks were pushed higher for the 11:30 ET European close.  They peaked at 11:40 ET, with ESMs hitting 4158.75.  They then sank to 4147.75 at 11:44 ET.  at 12:20 ET, ESMs sank, hitting 4117.00 at 12:43 ET.  WIT Oil hit 123.18 at 13:11 ET.  Remember, oil peaked near $130 on March 7.  It then plunged to 102.58 due to The Big Guy’s record SPR depletion.  There is little that Joe or his handlers can do now to stop oil and gasoline from trucking higher.
 
USMs sank after a disappointing 10-year note auction: 3.03% vs 3.018% WI.
 
98 counterparties parked $2.14T at the Fed’s Reverse Repo facility.  The Fed is serious about inflation?
 
After a modest Noon Balloon, ESMs sank near 13:30 ET, falling to a new low of 4108.00 at 13:38 ET.  After the expected quick rebound, ESMs and stocks sank anew when the WH Press Sec said the WH expects Friday’s CPI number “to be elevated.”  ESMs bottomed at 4105.50 at 14:36 ET.
 
The pre-last hour rally for the expected late manipulation ended quickly, at 14:45 ET.  ESMs then sank to a new low of 4105.25 at 15:07 ET.  The late manipulation pushed ESMs to 4126.50 at 15:33 ET.  ESMs dropped to 4109.50 at 15:53 ET.  ESMs and stocks then traded sideways into the close.
 
U.S. SEC chief unveils plan to overhaul Wall Street stock trading
Would require trading firms to directly compete to execute trades from retail investors to boost competition… the new SEC rules would mandate market makers disclose more data around the fees these firms earn and the timing of trades for the benefit of investors…
https://www.reuters.com/markets/us/wall-street-regulator-spell-out-push-overhaul-stock-trading-sources-2022-06-08/
 
BBG’s @sjcasey: US natural gas prices just tanked after reports of an explosion at the Freeport LNG export terminal: (Halts exports of LNG)
 
Positive aspects of previous session
Yet another blatant ESM manipulation after an early US equity tumble
 
Negative aspects of previous session
The US stock market is being gamed
Bonds declined sharply
Energy commodities soared again; the DJTA got clobbered
 
Ambiguous aspects of previous session
Who is manipulating ESMs, and for whose benefit?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4127.70
Previous session High/Low4160.14; 4107.20
 
The NY Post’s @karol: A man was arrested outside of Brett Kavanaugh’s residence around 1:45am last night. The man had a gun and said he was there to kill Kavanaugh. He was taken into custody without incident.  I can confirm the man taken into custody outside of Brett Kavanaugh’s house last night is a 26-year-old white male with a California driver’s license. Previous address in Seattle.  The suspect is Nicholas John Roske of Simi Valley, California.
 
@ggreenwald: He was angry about the Court’s leaked ruling in Roe and the lack of gun control, and reportedly sought to kill Justice Kavanaugh in response.  It’s vital that we know which cable hosts he likes and which magazines he reads so we know who radicalized him and is to blame for this:
(In Rules for RadicalsRule 4: Make opponents live up to their own book of rules.)
 
Dem Rep. Hakeem Jeffries is blocking the House from voting on a bill that would provide police protection to Supreme Court Justices.
 
@SteveGuest: FLASHBACK: Democrat Senator Chuck Schumer threatened U.S. Supreme Court Justices Neil Gorsuch and Brett Kavanaugh. “You have released the whirlwind and you will pay the price! You won’t know what hit you if you go forward with these awful decisions!”
https://twitter.com/SteveGuest/status/1534546718724866051
 
RNCResearch: FLASHBACK to May 10: “Are you comfortable with protests that we saw outside the homes of Supreme Court justices over the weekend?”  CHUCK SCHUMER: “Yes”
https://twitter.com/RNCResearch/status/1534588292456497155
 
GOP Sen. @HawleyMO: I wonder if @chuckschumer is still proud of personally threatening Supreme Court Justices now that people with guns are showing up at their houses to kill them.
 
@SteveGuest: FLASHBACK: Biden Admin encouraged protests outside of Justices’ homes.
Former Press Sec Jen Psaki: “I know that there is an outrage … about protests that have been peaceful to date and we certainly continue to ENCOURAGE that outside of judges’ homes.”
https://twitter.com/SteveGuest/status/1534549172564762624
 
GOP @RepJeffDuncan: It’s a crime to protest outside of a Supreme Court Justice’s home, but Biden’s DOJ refused to enforce the law and Biden avoided condemning (and even encouraged) these protests.
 
@RuthSentUs yesterday afternoon: We’re protesting peacefully at his home again tonight.
 
GOP Sen @TomCottonAR: If AG Garland continues to allow leftists to unlawfully harass Justices at their homes, the next Congress should take matters into its own hands with impeachment.
 
GOP @repdarrellissa: Is anyone surprised that the dangerous rhetoric of this White House, Sen. Schumer and Democrat special interests could incite deadly violence against Supreme Court justices and their families?
 
GOP @RepHartzler: Senator Schumer told Justice Kavanaugh that he will “pay the price” for decisions Democrats don’t like. And he is leading the Senate? Reprehensible.
 
GOP Sen. @tedcruz: The Biden admin encouraged protests outside of justices’ homes.  Schumer threatened: “You have released the whirlwind & you will pay the price!”  Now a would-be assassin went to the home of a Supreme Court JusticeBiden and the Dems need to stop their irresponsible and incendiary rhetoric on Roe and condemn the violence coming from their supporters
 
Mitch McConnell Blasts Democrats’ ‘Unhinged, Reckless, Apocalyptic Rhetoric’ for Failed Assassination Attempt on Justice Kavanaugh   https://www.mediaite.com/politics/mitch-mcconnell-blasts-democrats-unhinged-reckless-apocalyptic-rhetoric-for-failed-assassination-attempt-on-justice-kavanaugh/
 
@MonicaCrowley: Serious death threats directed at Supreme Court Justices because of a despicable leak of a draft opinion – and yet we still don’t know the name of the leaker. For the Left, the ideological war trumps everything, including human life.
 
The Kavanaugh stalker called the police on himself and said he is suicidal.  He told the FBI that he intended to kill Kavanaugh and then himself to give his life meaning.  FBI report: https://s3.documentcloud.org/documents/22056069/roskenicholas.pdf
 
So Long as Dobbs Remains Undecided, The Lives of the Justices Are at Risk
The Dobbs 5 should immediately issue an unsigned per curiam order, with an opinion to follow, even over the Chief Justice’s objection… Why is there a delay? So Roberts can take yet another ill-fated attempt to pick off one or two votes? A real leader would have put aside his quixotical quest for balance. Every day that passes, as the Chief haggles over votes, a target remains on the backs of his colleagues…
https://reason.com/volokh/2022/06/08/so-long-as-dobbs-remains-undecided-the-lives-of-the-justices-are-at-risk/
 
No Democrat, including Biden, condemned the planned assassination; a WH statement did.
 
‘I don’t blame myself’: Merkel defends legacy on Russia and Ukraine
Former German Chancellor claims Ukraine might have faced a full-blown war with Russia sooner had she not intervened with controversial decisions…
    Merkel also said she had “at no time given in to illusions” that Germany’s Wandel durch Handel (change through trade) policy would really change Putin’s behavior. “I was not naive,” Merkel said, arguing that she repeatedly warned allies that Putin “wants to destroy the EU because he sees it as a precursor to NATO.” However, she provided no answer why, if she believed in Putin’s sinister intentions, she simultaneously championed a policy that made Germany increasingly dependent on Russian gas imports…  https://www.politico.eu/article/merkel-defends-legacy-russia-ukraine-interview/
 
@MrKovalenko: “I can only rely on my memory, if something turns out to be different, I can live with that,” she said in 2013 for @derspiegel. Of course, this lady who was grown in Soviet Eastern Germany & spent time in Soviet Donetsk city, won’t admit that she helped Putin.
 
MSNBC: “It appears as though the president did have a slight trip there” (Ascending Air Force One on trip to CA to appear on Jimmy Kimmel Live)  https://twitter.com/RNCResearch/status/1534568208581242880
 
@FoxNews: CNN media analyst on Kimmel interview: Biden needs ‘exposure’ that isn’t too ‘challenging for him’  https://twitter.com/FoxNews/status/1534570963932794881
 
Sen. Debbie Stabenow (D-MI): On the issue of gas prices, I drove my electric vehicle from Michigan to here last weekend and went by every gas station and it didn’t matter how high it was.”
https://twitter.com/greg_price11/status/1534205274529087488
 
Today – Traders will adjust to the ECB and Lagarde’s ensuing press conference before the NYSE open.  ESMs and stocks tumbled early in the US again; but the bottom did not appear after 14:30 ET and the late manipulation reversed during the final minutes.  This is a negative for bulls.
 
If the ECB is more hawkish than expected and stocks react negatively, the key thereafter will be the presence or absence of the force or forces that keep manipulating ESMs higher after a negative narrative and/or psychology appears.  Unless someone knows the US May CPI report early, there is no reason to carry significant trading positions into the CPI report release.  Ergo, the last hour of NYSE trading equities could be soft – unless stocks were substantially lower before then.  ESMs are +1.00 at 20:30 ET.
 
Expected economic data: Initial Jobless Claims 207k, Continuing Claims 1.305m; ECB Communique 7:45 ET, Lagarde Press Conference 8:30 ET
 
S&P 500 Index 50-day MA: 4224; 100-day MA: 4318; 150-day MA: 4439; 200-day MA: 4446
DJIA 50-day MA: 33,389; 100-day MA: 33,874; 150-day MA: 34,529; 200-day MA: 34,6541
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4987.97 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 3992.29 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4154.27 triggers a buy signal
 
San Francisco DA ousted over soft-on-crime policies, dealing blow to liberal justice agenda
Chesa Boudin was toppled by a campaign fueled by crime fatigue, funded by business groups and supported by ex- prosecutors – The recall… was certain to resonate far beyond the iconic liberal California cityslowing a progressive campaign nationwide to seek more leniency in prosecutions.
https://justthenews.com/politics-policy/elections/san-francisco-da-ousted-over-soft-crime-policies-dealing-blow-liberal
 
Progressive San Francisco DA recalled by voters in one of nation’s most liberal cities https://t.co/IVTHXvqygZ
 
@JonathanTurley: Boudin blamed “right-wing billionaires” for his defeat. It was an ironic criticism given his support from billionaire George Soros.
 
Pittsburgh restaurant closes amid ‘uncontrollable’ spike in violence https://t.co/ds2r4mTwxD
 
@DeAngelisCorey: Iowa House District 88 Republican Primary Election Results: Dustin Hite:* 43.0%,
Helena Hayes: 57.0% – Dustin Hite was the incumbent, chair of the House Education Committee, backed by the teachers union, and opposed a school choice bill. Helena Hayes supports school choice.
     Iowa House District 37 Republican Primary Election Results: Jon Thorup: * 29.8%, Barb Kniff McCulla: 70.2% – Jon Thorup was the incumbent and opposed a school choice bill. Barb Kniff McCulla supports school choice.
 
@TwoHeadedBoy98: This is a pretty big deal: Incumbent Dennis Bush has lost to challenger Zach Dieken (Iowa District 5 GOP Primary) who was endorsed by Gov. Reynolds over the one-term Bush because of the #VoucherBill. Bush had spoken out against the GOP plan.
 
@iowapolitics: Iowa House Republican incumbents who were against the GOP governor’s school choice proposal were primaried…and generally lost tonight. Sounds like the base has spoken.
 
@megbasham: According to the most comprehensive Department of Education study, roughly 10 percent of K-12 public school students experience sexual misconduct at the hands of a school employee. How much is the media writing about this?  https://t.co/MLmmtaMyj9
 
@libsoftiktok: A San Francisco middle school brought a drag queen to perform for students today https://twitter.com/NickiJizz/status/1534306290402484224/video/1
   The drag queen’s name is Nicole Jizzington or Jizz for short. You can’t make this up… He was so proud of himself that he “had them kids losing it”  https://twitter.com/libsoftiktok/status/1534329026575228930
    And… it’s gone! But not before I saved it :). Why isn’t @NickiJizz proud of her drag performance where she “had them kids [middle schoolers] losing it ?  Tweet deleted, blocked, protected tweets. Like clockwork. They always run when you shine a light on them.
 
Cannabis and the Violent Crime Surge – Op-ed in WSJ
Heavy marijuana use among youths is leading to more addiction and antisocial behavior.
https://www.wsj.com/articles/cannabis-and-the-violent-crime-surge-marijuana-pot-use-thc-shootings-psychosis-mental-11654540197
 
Polls show inflation is the top issue for voters, followed by crime.  ‘Election integrity’ is the fastest rising issue.  Recent elections show that education (children) is a huge issue, especially for women.
 
Former U.S. Congressman and Philadelphia Political Operative Pleads Guilty to Election Fraud Charges  https://www.justice.gov/usao-edpa/pr/former-us-congressman-and-philadelphia-political-operative-pleads-guilty-election-fraud
 
GOP Rep. @Jim_Jordan: New whistleblowers allege the FBI is “purging” conservatives at the Bureau.
One agent? A decorated war veteran who served in Iraq and Kuwait. The FBI had the audacity to question the whistleblower’s loyalty to the country!  (Also, the FBI is concealing info about Jan. 6!)
https://twitter.com/Jim_Jordan/status/1534364996116926465
 
@RepAndyBiggsAZ: Today, during an Oversight hearing, Democrats used an 11-year-old child who witnessed the Uvalde shooting as a political prop to advance their gun confiscation agenda.  They literally made her relive the trauma after she said she had PTSD from the experience. Despicable
https://twitter.com/RepAndyBiggsAZ/status/1534599927166271488
 
ABC: U.S. solar manufacturers are considering legal challenges after President Joe Biden declared a two-year pause on tariffs for solar imports from Southeast Asia
Biden also invoked the Defense Production Act on Monday as the White House moved to jumpstart solar installations that have been slowed or abandoned amid a Commerce Department inquiry into possible trade violations involving Chinese products…
    “By taking this unprecedented – and potentially illegal – action, (Biden) has opened the door wide for Chinese-funded special interests to defeat the fair application of U.S. trade law,” Rashid said…
    A Biden administration official, who asked not to be identified to discuss internal deliberations, said Biden’s decision was driven by White House climate adviser Gina McCarthy and climate envoy John Kerry, along with Energy Secretary Jennifer Granholm
https://abcnews.go.com/US/wireStory/us-solar-companies-weigh-challenge-biden-pause-tariffs-85243467
 
‘Five people presumed dead after military aircraft carrying nuclear material’ crashes in California
The crash happened near Glamis, 30 miles north of the Mexican border and 150 miles east of San Diego
https://www.dailymail.co.uk/news/article-10898177/Four-dead-one-missing-military-aircraft-carrying-nuclear-material-crashes-California.html
 
Migrant caravan organizer says Mexico has offered work visas as numbers surge
The organizers estimate there are 12,000 migrants in the caravan
    Caravan leader Luis Villigran told Fox News that Mexican officials have told him it will begin issuing 1,000 temporary work visas a day to the migrants in the caravan… While that would grant the migrants the ability to work in Mexico, it would also give them the ability to travel freely throughout the country — meaning that many of them will likely continue their journey to the U.S.-Mexico border and seek to gain entry to the U.S…  https://t.co/eV9TFCIZvx
 
Protestors appeared at Justice Kavanaugh’s home last night.  A squad of police protected the house; but NO protestors were arrested though they violated federal law.  Liberal privilege keeps making new highs.
https://twitter.com/ArtValley818_/status/1534682140473905152
 
@Julio_Rosas11: The pro-abortion group made their way over to Chief Justice Roberts’ home. Again, police were outside the house.  https://twitter.com/Julio_Rosas11/status/1534685393655943171
 
Once again, US laws are not being enforced.
 
Biden admin fights giving $230M settlement to victims of 2017 Texas church massacre https://trib.al/LBfHjTt

Greg Hunter

Russia Threatens West, Pfizer Bait & Switch Confirmed, Economic Slide Continues

By Greg Hunter On June 10, 2022 In Weekly News Wrap-Ups13 Comments

By Greg Hunter’s USAWatchdog.com (WNW 533 6.10.22) 

The mainstream media (MSM) is largely not reporting or, at least, underreporting the threats that Russia is making against the West, mainly the US and UK.  Russia is making threats to strike because NATO it is supplying rockets to Ukraine that can hit Russia.  If that happens, then Russia says it would strike targets such as “decision-making centers.”  Why is the MSM underreporting this huge turn of events?  Are they trying to hide the fact that this ridiculous Ukraine war is a very bad idea that might produce even more very negative consequences for America?  I guess if it gets bad enough, the propaganda press will say ‘nobody saw this coming.’  Please know warnings are being made and ignored by the propaganda press, and the White House is not being questioned about its stupid and dangerous strategy on Ukraine.

The week Pfizer’s CV19 vax called Comirnaty was “approved” by the FDA, USAWatchdog.com told you it was a fraud and a bait and switch from the very beginning.  Dr. Michael Yeadon told us “Pfizer never made Comirnaty for the U.S. market.”  Now, the CDC is running for cover and saying Pfizer’s experimental BioNTech COVID-19 vaccine changed its name to Comirnaty.  Spoiler Alert!  That does not make it approved!!  Pfizer, the FDA and CDC convinced millions of people that the experimental BioNTech COVID-19 vaccine was approved, safe and effective, when, in fact, it was and still is experimental.  Now, Pfizer says it will not make Comirnaty at all and will make a new mRNA type of CV19 vaccine.  GatewayPundit.com summed it all up with this quote from a top mRNA doctor: “Dr. Robert Malone – the inventor of mRNA technology – has said for months, if Pfizer doesn’t give out its ‘fully approved’ (Comirnaty) version, they keep the immunity, and that’s exactly what they’ve done.”  The bottom line is this rip-off vax enticed millions of CV19 vax hesitant people to get stuck with something that was experimental and not proven to be safe and effective.  The CV19 vax data that keeps rolling in shows it’s just the opposite.

The national average for gasoline is now more than twice the price it was when the Biden/Obama administration started in January 2021.  It’s $5.00 per gallon, and America is hurting and struggling with inflation in everything they touch and consume.  It’s not peaking anytime soon either.  All the big economic folks are saying a big recession is dead ahead.  Unemployment is tracking up, and housing is rolling over.  What’s the answer for consumers?  Data shows people are maxing out their credit cards to buy fuel and food until the whole thing blows up, and it is going to blow up.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.10.22.

(https://usawatchdog.com/russia-threatens-west-pfizer-bait-switch-confirmed-economic-slide-continues/)

After the Wrap-Up:    

World renowned lung doctor and Covid expert, Pierre Kory, will be the guest for the “Saturday Night Post.”  Dr. Kory has new treatment protocols for the millions of people suffering from vax illness and injury.

See you on MONDAY

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