JUNE 27//GOLD CLOSED DOWN $4.90 TO $1823.40//SILVER IS DOWN 4 CENTS TO $21.13//PLATINUM DOWN $2.20 TO $909.30//PALLADIUM UP $37.45 TO $1879.00//COVID UPDATES//VACCINE UPDATES/DR. PAUL ALEXANDER//RUSSIA VS UKRAINE VS NATO UPDATES//MAJOR UKRAINE CITY IN LUHANSK FALLS TO RUSSIA//ONE SWAMP REPORT//

harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1823.40 DOWN $4.90 

SILVER: $21.13 DOWN 4 CENTS

ACCESS MARKET: GOLD $1823.30

SILVER: $21.15

Bitcoin morning price:  $21,414 UP 200

Bitcoin: afternoon price: $20.725  DOWN 489  

Platinum price: closing DOWN $2.20 to $909.30

Palladium price; closing UP $37.45  at $1879.50

END

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 EXCHANGE: COMEX EXCHANGE:EXCHANGE:  

 EXCHANGE: COMEX

no. of contracts issued by JPMorgan:  0/9 

_____________________________________________________________________________________ 

NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT 9  NOTICE(S) FOR 900 Oz//0.02799  TONNES)

total notices so far: 23,925 contracts for 2,392,500 oz (74.416 tonnes)

SILVER NOTICES: 

10 NOTICE(S) FILED 50,000   OZ/

total number of notices filed so far this month  1830 :  for 9,150,000  oz



END

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

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

GLD

WITH GOLD DOWN  $4.90 

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//

BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD//

INVENTORY RESTS AT 1061.04 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 4 CENTS

AT THE SLV// ://BIG CHANGES IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 3.127 MILLION OZ INTO THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 542.000 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A SMALL SIZED 535 CONTRACTS TO 142,090   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG GAIN IN OI WAS ACCOMPLISHED WITH OUR  $0.10 GAIN IN SILVER PRICING AT THE COMEX ON FRIDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.10) AND WERE UNSUCCESSFUL IN KNOCKING OFF SOME SILVER LONGS//BUT MAINLY WE HAD ADDITIONAL SPECULATOR ADDITIONS.  

WE  MUST HAVE HAD: 
I) HUGE SPECULATOR SHORT ADDITIONS /. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 7.635 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 20 CONTRACTS OR 100,000 OZ//NEW STANDING:  9,325,000 / //  V)    STRONG 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  : –3849

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 18 days, total 14,270,  contracts:  71.350 million oz  OR 3.963 MILLION OZ PER DAY. (793 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 71.350 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: 75.350 MILLION OZ

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF  535 WITH OUR  $0.10 GAIN IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 1380 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 100,000 QUEUE JUMP //NEW STANDING: 9,325,000 OZ //  .. WE HAD A VERY STRONG SIZED GAIN OF 1915 OI CONTRACTS ON THE TWO EXCHANGES FOR 9.575 MILLION  OZ WITH THE GAIN IN PRICE. 

 WE HAD 10  NOTICES FILED TODAY FOR  50,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A STRONG SIZED 4715 CONTRACTS  TO 496,958 AND FURTHER 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: -5618 CONTRACTS.

.

THE  STRONG LOSS IN COMEX OI CAME WITH OUR SMALL RISE IN PRICE OF $0.45//COMEX GOLD TRADING/FRIDAY / WE MUST HAVE  HAD  SOME SPECULATOR SHORT COVERING ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   //AND SOME SPECULATOR SHORT COVERING 

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.26 TONNES ON FIRST DAY NOTICE /FOLLOWED BY TODAY’S  2500 OZ E.F.P. JUMP TO LONDON //NEW STANDING:  74.715TONNES

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $0.45 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A FAIR SIZED LOSS OF 2111  OI CONTRACTS 6.566 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  2604 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 496,958

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2111, WITH 4715 CONTRACTS DECREASED AT THE COMEX AND 2604 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 2111 CONTRACTS OR 6.566TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2604) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI (4715,): TOTAL LOSS IN THE TWO EXCHANGES 2111 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERING AND SOME ADDITION TO SPECULATOR SHORTS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE. AT 69.26 TONNES FOLLOWED BY TODAY’S E.F.P  JUMP  OF 2500 OZ//NEW STANDING: 74.715 TONNES /  3) SOME LONG LIQUIDATION//SOME SPECULATOR SHORT COVERING//SOME SPECULATOR SHORT ADDITIONS //.,4) GOOD SIZED COMEX OI LOSS 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

JUNE

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

64,642 CONTRACTS OR 6,464,200 OZ OR 201.06  TONNES 18 TRADING DAY(S) AND THUS AVERAGING: 3591 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN  18  TRADING DAY(S) IN  TONNES: 201.06 TONNES

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

THUS EFP TRANSFERS REPRESENTS  201.06/3550 x 100% TONNES  5.66% 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: 201.06 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  FAIR SIZED 535 CONTRACT OI TO 142,090 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 1380 CONTRACTS

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

JULY 1380  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 4354 CONTRACTS AND ADD TO THE 1380 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 1915   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 9.575 MILLION OZ

OCCURRED WITH OUR RISE IN PRICE OF  $0.10 .

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

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)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED UP 29.44 PTS OR 0.88%   //Hang Sang CLOSED UP 510.46 PTS OR 2.39%    /The Nikkei closed UP 379.30 OR 1.43%          //Australia’s all ordinaires CLOSED UP 1.94%   /Chinese yuan (ONSHORE) closed UP 6.6893    /Oil UP TO 108.11 dollars per barrel for WTI and UP TO 113.60 for Brent. Stocks in Europe OPENED  MOSTLY GREEN        //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6893 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6857: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER  

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 4715 CONTRACTS TO 496,958 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 GAIN OF $0.45  IN GOLD PRICING  FRIDAY’S COMEX TRADING. WE ALSO HAD A GOOD SIZED EFP (4052 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 ADDED TO THEIR SHORT POSITIONS

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE  ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2604 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :2604 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2604 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED  TOTAL OF 2111  CONTRACTS IN THAT 2604 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED  COMEX OI LOSS OF 4715  CONTRACTS..AND  THIS  LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR RISE IN PRICE OF GOLD $0.45.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING JUNE   (74.715),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

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: 74.715 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $0.45) AND WERE UNSUCCESSFUL IN KNOCKING OFF  SPECULATOR LONGS/COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS////  WE HAVE  REGISTERED A FAIR SIZED LOSS  OF 2111 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (74.715 TONNES)

WE HAD 5618 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 2111 CONTRACTS OR  211100  OZ OR 6.566 TONNES

Estimated gold volume 145,711/// poor/

final gold volumes/yesterday  150,407  /poor

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

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz244,930.254 oz
Brinks
HSBC
Int. Delaware
JPMorgan
Malca
Manfra
includes15 kilobars
Deposit to the Dealer Inventory in oznilOZ 
Deposits to the Customer Inventory, in oz109,474.151 oz
HSBC
(3405 kilobars)
No of oz served (contracts) today9  notice(s)
900 OZ
0.02799 TONNES
No of oz to be served (notices)96 contracts 9600 oz
0.2986 TONNES
Total monthly oz gold served (contracts) so far this month23,925 notices
2,392,500 OZ
74.416 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

1 customer deposit

i) Into HSBC: 109,474.155 oz 3405 kilobars

total deposits: 109,474.155oz

6 customer withdrawals:

i)Out of HSBC  160,384.619 oz

ii) Out of Brinks: 1692.65 oz

iii) Out of Manfra:  7606.114 oz

iv) Out of Int. Delaware 482.264oz (15 kilobars)

v) JPMorgan: 72,530.156 oz

vi Out of Malca: 2234.450 oz

total withdrawal: 244,930.254  oz

ADJUSTMENTS:2//dealer to customer

Loomis:  32,215.302

Brinks 31,829.490 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an  oi of 105 contracts having lost 133 contracts

We had 108 notices filed on FRIDAY so we LOST 25   contracts or an additional 2500 oz wil NOTl   stand for gold in this very active month of June as they were EFP’d to London 

July has a GAIN OF 30 OI to stand at 1406

August has a LOSS of 5506 contracts UP to 406,679 contracts

We had 9 notice(s) filed today for  NIL 900 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 9 contract(s) of which 12  notices were stopped (received) by j.P. Morgan dealer and  0 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 (23,925) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE 105  CONTRACTS ) minus the number of notices served upon today 9 x 100 oz per contract equals 2,402,100 OZ  OR 74.715 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 (23,925) x 100 oz+   (105)  OI for the front month minus the number of notices served upon today (9} x 100 oz} which equals 2,404,600 oz standing OR 74.715 TONNES in this   active delivery month of JUNE.

TOTAL COMEX GOLD STANDING:  74.715 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:  2,419,784.828 oz   75.26 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  33,183,194,729 OZ 

TOTAL ELIGIBLE GOLD: 15,971,174.800  OZ

TOTAL OF ALL REGISTERED GOLD: 17,212,019.929OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 14,792,235.0 OZ (REG GOLD- PLEDGED GOLD)  

END

SILVER/COMEX/JUNE 27

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory54,995.058  oz
CNT
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,177,291.440 oz
No of oz served today (contracts)10CONTRACT(S)
50,000  OZ)
No of oz to be served (notices)35 contracts (175,000 oz)
Total monthly oz silver served (contracts)1830 contracts 9,150,000 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)  0 dealer deposit

total dealer deposits:  nil    oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 1 deposit into the customer account

i) Into CNT  1,177,291.440 oz

total deposit:  1177,291.440    oz

JPMorgan has a total silver weight: 169.419 million oz/334.934 million =50.58% of comex 

 Comex withdrawals: 1

CNT 54,995.058 oz 

total withdrawal  54,995.058         oz

 adjustments: 1

dealer to customer

HSBC:  741m295.680 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 70.110 MILLION OZ

TOTAL REG + ELIG. 334.934 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JUNE OI: 45 HAVING GAINED 18 CONTRACTS. 

WE HAD 2 NOTICES FILED ON THURSDAY SO WE GAINED 20 CONTRACTS OR AN ADDITIONAL 100,000 OZ WILL  STAND IN THIS NON ACTIVE

DELIVERY MONTH OF JUNE

JULY HAD A LOSS OF 6423 CONTRACTS DOWN TO 21,985 CONTRACTS.

AUGUST GAINED 40 CONTRACTS TO STAND AT 1266

SEPTEMBER HAD A GAIN OF 6295 CONTRACTS UP TO 100,199 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 10 for  50,000 oz

Comex volumes:79,503// est. volume today//   STRONG

Comex volume: confirmed yesterday: 105,165 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 1830 x 5,000 oz = 9,150,000 oz 

to which we add the difference between the open interest for the front month of JUNE(45) and the number of notices served upon today 10  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE./2022 contract month: 1830 (notices served so far) x 5000 oz + OI for front month of JUNE (45)  – number of notices served upon today (10) x 5000 oz of silver standing for the JUNE contract month equates 9,325,000 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 27/WITH GOLD DOWN $4.90 CENTS TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD///INVENTORY RESTS AT 1061.04 TONNES 

JUNE 24/WITH GOLD UP 45 CENTS TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 8.70 TONNES FROM THE GLD//INVENTORY RESTS AT 1063.07 TONNES

JUNE 23/WITH GOLD DOWN $8.60:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD//INVENTORY RESTS AT 1071.77 TONNES

JUNE 22/WITH GOLD UP 15 CENTS:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1073.80 TONNES

JUNE 21/WITH GOLD DOWN $2.00: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1075.54 TONES

JUNE 17/WITH GOLD DOWN $11.25: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.60 TONNES INTO THE GLD.///INVENTORY RESTS AT 1075.54 TONNES

JUNE 16/WITH GOLD UP $28.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1063.74 TONNES

JUNE 15/WITH GOLD UP $6.50/BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.65 TONNES FROM THE GLD////INVENTORY RESTS AT 1063.74 TONNES

JUNE 14/WITH GOLD DOWN $18.80/NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

JUNE 13/WITH GOLD DOWN $41.55: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1065.39 TONNES

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//

GLD INVENTORY: 1061.04 TONNES

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

JUNE 27/WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.000 MILLION OZ

JUNE 24/WITH SILVER UP 10 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.137 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 542.000 MILLION OZ

JUNE 23/WITH SILVER DOWN 41 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SL: A WITHDRAWAL OF 2.029 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 545.137 MILLION OZ//

JUNE 22/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.166 MILLION OZ.

JUNE 21/WITH SILVER UP 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.506 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 547.166 MILLION OZ//

JUNE 17/WITH SILVER DOWN 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 739,000 OZ FROM THE SLV./:INVENTORY RESTS AT 543.660 MILLION OZ/

JUNE 16/WITH SILVER UP 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ

JUNE 15/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ

JUNE 14/WITH SILVER DOWN 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

JUNE 13/WITH SILVER DOWN 62 CENTS  TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.399 MILLION OZ//

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//

CLOSING INVENTORY 542.000 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

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

LAWRIE WILLIAMS: Volatility continues in gold and equities post big rate hike

The markets have now had time to digest the ramifications of the Fed’s big 75 basis point interest rate hike at last week’s FOMC meeting. To our minds the response has been somewhat illogical. If anything, equities have generally traded stronger, while gold has fallen back, although not particularly significantly in percentage terms.

The trend towards stronger equities at least in part results from the widespread belief that the Fed will reverse its more hawkish approach ahead of the midterm elections and return to some form of Quantitative Easing in order to try and prevent a U.S. recession. Consequently the odds of another 75 basis points rate increase at the July FOMC meeting have fallen right back, and the likelihood of a similar sized rate hike in September has sharply diminished also.

While much of the commentary below specifically relates to U.S. markets, it is these which tend to set the global gold price. Central banks elsewhere tend to follow the Fed’s lead so what happens in the U.S. has worldwide ramifications too.

U.S. economic policy all comes down to the Fed recognising that a high level of inflation is here to stay for the next few months at least and that there is little it can do to slow it down given that the principal drivers are totally outside its control. High, and rising, energy and food prices are being driven by external factors like the Russia/Ukraine war, Russian sanctions and the Chinese lockdowns and there is nothing the Fed can do to slow these down. Its only influence would be on the margins, so the central bank’s logic may be to try and re-stimulate the U.S. economy regardless of the inflationary impact of so doing.

One other parameter over which the Fed has responsibility is the employment, or unemployment, level. The latest four week data on this, which was released yesterday, suggests that employment levels may have peaked in the light of the latest inflation figures, despite an actual small fall in the overall total last week. Anecdotal evidence certainly suggests unemployment may well actually be starting to rise again. We await next month’s figures with interest. These will constitute another factor the Fed will need to take into account when it considers again its future interest rate policy.

Meanwhile other global central banks seem to be reporting equally gloomy figures as the inflation malaise continues worldwide. The Eurozone’s biggest economies – Germany, France and Italy – are all coming up with data which some commentators feel puts the whole Euro currency structure at risk yet again, and UK inflation levels are already at over 9%. The Government here is in disarray and has just lost two significant by-elections, the fall-out from which has to put Prime Minister Boris Johnson’s future increasingly at risk. A full scale General Election is still 2 years away, but there’s no guarantee that Johnson will still be party leader by then.

Is the U.S. heading for recession? In his latest statement Fed chair Powell at least admitted that a recession is indeed possible, despite the Fed’s attempts to ward one off. Indeed it may technically already be in one, and if not is awful close. While the equity and bitcoin markets obviously feel that a full-scale recession may be less likely – hence their tentative mild recoveries – we’re not so sure.

Consensus seems to be swinging towards only a 50 basis point interest rate rise at the July FOMC meeting, in itself a level which might have precipitated an equities slump only a week or so ago. Currently, though, after the 75 basis point rise in June, this seems to be being seen as a bullish factor. But if the July CPI announcement does not show any signs of inflation coming back down, we think another 75 basis point rise would be highly likely again.

We are indeed living in ‘interesting times’ both economically and geopolitically. Should all the doubts these factors raise continue, then inflation will remain elevated and volatility in equity, bitcoin and gold prices will remain. As we have done in the past, we still feel the case for gold and gold stocks remains far more positive than that for equities and bitcoin and that a global recession is almost inevitable. Maybe we are a voice crying in the wilderness, but what will be, will be. Gold investors hold the faith. Hopefully it will help protect you, at least in part, for what may lie ahead.

25 Jun 2022

END

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

USA and allies will ban imports of Russian gold which is a very stupid move

(Associated Press/GATA)

U.S. and allies will ban import of Russian gold

Submitted by admin on Sun, 2022-06-26 09:22Section: Daily Dispatches

By Zeke Miller and Darlene Superville
Associated Press
Sunday, June 26, 2022

ELMAU, Germany — President Joe Biden today praised the continued unity of the global alliance confronting Russia, as he and other heads of the Group of Seven leading economies strategized on sustaining the pressure in their effort to isolate Moscow over its months-long invasion of Ukraine.

Biden and his counterparts were meeting to discuss how to secure energy supplies and tackle inflation, aiming to keep fallout from the war from splintering the global coalition working to punish Moscow. They were set to announce new bans on imports of Russian gold, the latest in a series of sanctions the club of democracies hopes will further isolate Russia economically over its invasion of Ukraine. …

Gold in recent years has been the top Russian export after energy — reaching almost $19 billion or about 5% of global gold exports in 2020, according to the White House.

Of Russian gold exports, 90% was consigned to G-7 countries. More than 90% of those exports, or nearly $17 billion, was exported to the UK. The United States imported less than $200 million in gold from Russia in 2019, and under $1 million in 2020 and 2021. …

… For the remainder of the report:

https://apnews.com/article/russia-ukraine-g-7-summit-inflation-biden-moscow-8ec2d58070215ec8393b25e4109eac97

END

The ban on imports from Russia is largely symbolic.

(Bloomberg)

Ban on gold imports from Russia seen as ‘largely symbolic’

Submitted by admin on Mon, 2022-06-27 00:22Section: Daily Dispatches

By Ranjeetha Pakiam
Bloomberg News
Sunday, June 26, 2022

The plan by some Group of Seven nations to ban new gold imports from Russia is “largely symbolic” as flows have already been restricted by sanctions, according to analysts. 

The U.S., U.K., Japan, and Canada plan to announce the ban during the G-7 summit that started Sunday in Germany

While the U.K. government said in a statement over the weekend that “this measure will have global reach, shutting the commodity out of formal international markets,” analysts played down the potential impacts as the London Bullion Market Association, which sets standards for that market, removed Russian gold refiners from its accredited list in March. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-06-27/ban-on-new-gold-imports-from-russia-seen-as-largely-symbolic

END

Robert Lambourne is bang on on his calculations of BIS gold swaps. No word on whether the bank imposes sanctions on Russia

(Robert Lambourne)

BIS annual report confirms GATA analysis of gold interventions, avoids Russia issue

Submitted by admin on Sun, 2022-06-26 23:28Section: Daily Dispatches

8a Monday, June 27, 2022

Dear Friend of GATA and Gold:

In his latest report on the gold market interventions of the Bank for International Settlements, appended here, GATA consultant Robert Lambourne is far too modest. For the bank’s annual report, published Sunday, confirms the accuracy of Lambourne’s years of doing monthly calculations of the bank’s gold market interventions — its involvement in gold swaps, about which the bank has been almost completely secret.

The BIS does not candidly provide its level of gold swaps in its monthly reports. The swaps can be calculated from the bank’s monthly reports only by deduction from other data in the reports, which Lambourne studiously undertakes to do. He appears to be the only non-governmental analyst of the bank’s gold market interventions

Five years ago GATA asked the BIS what it does in the gold market, for whom, and why, and whether Lambourne’s monthly calculations of the bank’s gold swap positions were accurate. The bank responded to the inquiry but refused to answer it:

https://www.gata.org/node/17793

Now, with the bank’s annual report yesterday, Lambourne’s calculations and methodology have been vindicated.

During its more than two decades exposing and litigating against gold market manipulation GATA has compiled overwhelming documentation of Western central banking’s policy and mechanisms of controlling the gold price, usually surreptitiously and deceptively, cheating investors and rigging markets throughout the world:

https://gata.org/node/20925

But Lambourne’s work on the BIS’ monthly reports is always the most contemporaneous proof of central bank interventions. His work provides information available only from GATA — information suppressed by the Financial Times, Wall Street Journal, Bloomberg News, and all other mainstream financial news organizations that purport to cover the gold market but more often conceal what is really happening there.

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

* * *

By Robert Lambourne
Monday, June 27, 2022

The 2021-22 annual report of the Bank for International Settlements was published Sunday —

— and affirms in passing that the bank’s level of gold swaps as of March 31 was 358 tonnes, very close to the estimate of March 31 swaps that was calculated by GATA and reported two weeks ago: about 360 tonnes:

https://www.gata.org/node/21994

The bank’s swaps total appears on Page 179 of the annual report, which is Page 182 of the PDF copy linked above.

The bank’s confirmation of GATA’s calculation for the March gold swaps provides confidence that GATA’s monthly estimates of the swaps, which long have been calculated by GATA from the bank’s monthly statements — not provided candidly and directly by the bank itself — are generally accurate.

At the moment it seems that a downward trend is in place as the swaps have been declining for months.

The annual report also confirms that the BIS has sold none of its own gold, which remains at 102 tonnes. The report shows that the largest contributor to the bank’s comprehensive Income in 2021-22 of 918 million International Monetary Fund Special Drawing Rights resulted from the gain on those 102 tonnes, due to the increase in the gold price over the year. This gain on gold contributed SDR 682 million or 74% of the bank’s total income. 

Given gold’s continuing importance to the bank’s annual financial results, the information provided about the bank’s dealings in gold is inadequate, since 358 tonnes of swapped gold involve a huge amount of money and the bank provides no explanation for the swaps.. 

The annual report also discloses the level of earmarked gold held via the BIS. This is gold in allocated accounts and comprises specific gold bars deposited with the BIS on a custody basis. The report says the BIS holds 378 tonnes of earmarked gold on behalf of other central banks. This compares to 390 tonnes held a year earlier. As the BIS does not have its own gold vaults, it can be safely assumed that this gold is deposited in earmarked accounts at major central banks in gold trading centers, like New York.

The report has a surprising lack of information on the approach of the BIS toward the Russian central bank. This seems ironic insofar as the report was published on a day when several Western countries announced that importing Russian gold was to be banned. 

There is no official statement from the BIS confirming whether the bank has imposed its own sanctions against the Russian central bank. On Page 129 of the annual report the BIS confirms that the Russian central bank remains a member. Ordinary accountability in an annual report might call for clarifying the BIS’ relationship with Russia’s central bank.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

END

BIS urges a decisive wave of interest rate increases to  halt inflation

(Reuters) 

BIS urges decisive wave of interest rate increases to halt inflation

Submitted by admin on Sun, 2022-06-26 09:31Section: Daily Dispatches

By Mac Jones
Reuters
Sunday, June 26, 2022

LONDON — The central bank umbrella body, the Bank for International Settlements, has called for interest rates to be raised “quickly and decisively” to prevent the surge in inflation turning into something even more problematic.

The Swiss-based BIS has held its annual meeting in recent days, where top central bankers met to discuss their current difficulties and one of the most turbulent starts to a year ever for global financial markets.

Surging energy and food prices mean inflation in many places is now its hottest in decades. But the usual remedy of ramping up interest rates is raising the spectre of recession, and even of the dreaded 1970s-style “stagflation,” where rising prices are coupled with low or negative economic growth.

“The key for central banks is to act quickly and decisively before inflation becomes entrenched,” Agustín Carstens, BIS general manager, said as part of the body’s post-meeting annual report published today. …

… For the remainder of the report:

https://www.reuters.com/markets/europe/global-markets-bis-report-pix-2022-06-26/

END

Several countries have set up renminbi liquidity arrangements with China’s central bank

(Reuters)

China’s central bank, BIS set up renminbi liquidity arrangement

Submitted by admin on Sat, 2022-06-25 22:31Section: Daily Dispatches

By Brenda Goh
Reuters
Saturday, July 25, 2022

https://www.reuters.com/markets/currencies/chinas-central-bank-bis-set-up-renminbi-liquidity-arrangement-2022-06-25/

SHANGHAI — China’s central bank said today it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement that will provide support to participating central banks in times of market fluctuations.

The People’s Bank of China said the arrangement’s first participants, in addition to the PBOC, would include Bank Indonesia, the Central Bank of Malaysia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore, and the Central Bank of Chile.

Each participant will contribute a minimum of 15 billion yuan ($2.2 billion) or the U.S. dollar equivalent, it said. 

The BIS said in a separate statement that the funds could be contributed either in yuan or U.S. dollars, and that they would be placed with the BIS, creating a reserve pool.

END

4. OTHER GOLD STORIES

Biden, G-7 Will Ban Russian Gold Imports

SUNDAY, JUN 26, 2022 – 09:56 AM

Having sparked hyperinflation in European gas prices and record energy costs around the globe with their poorly conceived and implemented Russian energy sanctions which have backfired spectacularly, allowing Moscow to reap record energy export profits and China and India to buy oil far below spot prices while leaving US motorists paying record prices at the pump, on Sunday the Biden admin alongside the G-7 announced that they will ban Russian gold imports to “further impose financial costs on Moscow for its invasion of Ukraine.”

The import ban will apply to gold leaving Russia for G-7 countries for the first time, and will be codified by the US Treasury Department on Tuesday.

“The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine,” Biden tweeted on Sunday, the first day of a G7 meeting in Germany; a formal announcement is expected later on during the summit.

“Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia” he added.

While Western sanctions to punish Russia have largely closed European and US markets to gold from the world’s second-biggest bullion miner, the G-7 pledge would mark a total severance between Russia and the world’s top two trading centers, London and New York, largely a purely symbolic escalation.

“What this does is formalize what the gold industry has already done anyway,” said Adrian Ash, head of research at brokerage BullionVault.

As a reminder, back in March the LBMA, or London Bullion Market Association, removed Russian gold refineries from its accredited list. As a result, shipments between Russia and London have collapsed to almost zero since the invasion of Ukraine.

Furthermore, an executive order signed by Biden on April 15 explicitly prohibits U.S. persons from engaging in gold-related transactions involving Russia’s central bank, the country’s National Wealth Fund or its finance ministry.

While refineries in theory could still import Russian gold directly, most of have sworn off doing so. The association for Swiss refiners, which dominate the industry, denied that its members bought gold from Russia after trade data indicated the nation’s bullion had entered the country.

The official talking point here, encapsulated by the pro-Biden outlet, The Hill, is that “while it does not bring in as much money as energy, gold is a major source of revenue for the Russian economy. Restricting exports to G7 economies will cause more financial strain to Russia as it wages the war in.”

That, of course, is incorrect: the biggest buyers of gold in recent years have not been G7 countries (United States, France, Canada, Germany, Japan, the United Kingdom and Italy), many of whom naively sold much if not all their gold in the recent past and have refused or simply don’t have the funds to restock; instead purchases have all been by developing nation central banks (like India and Turkey, and of course China which however has a habit of only revealing its true gold inventory every decade or so) who have been quietly preparing to do what Russia is doing by dedollarizing and instead allocating capital into a counterparty-free asset.

As for Russia, its central bank has been an aggressive buyer of gold, not seller, and if anything Biden’s decision will only make the gold market the latest to follow the example of oil and bifurcate: cheaper for Russian-friends and much more expensive for Russian enemies.

Still, the Hill is right in that the U.S. and its allies have been searching for more and creative ways to punish Russia for the Ukraine war that recently entered its fifth month. And whereas Biden has announced waves of penalties coordinated with allies that range from sanctions on Russian officials and oligarchs to export controls to sanctions on major Russian banks, so far the Russian ruble, which Biden gladly mocked back in February as “rubble”, has since risen to a seven-year high against the euro.

Meanwhile, Europeans are also limited in what they can do because of their dependence on Russian energy imports. European countries have vowed to phase out Russian oil but have not taken steps like the U.S. to do so immediately because they simply can’t. And the ironic think is that while European should be buying more gold to protect the purchasing power of their currencies ahead of the mass printing tsunami that is coming when the next recession begins, they are now voluntarily barring themselves from doing so.

As for “punishing” Russia, here is a chart of the US vs Russian current account balance: guess who is at a record surplus and who is at a record deficit.

Biden administration officials also teased new announcements to squeeze Russia ahead of Biden’s trip to Europe and it’s possible there will be more announcements beyond the plan to ban Russian gold imports. We expect all of them to backfire, especially if Biden decides to also target other Russian metals exports. As a reminder, unlike gold, flows of other metals from Russia such as copper, nickel and palladium have continued uninterrupted as Russia is simply irreplaceable in those supply chains and the commodities industry grapples with managing a long-held relationship with a major supplier of the world’s raw materials.

As for the price of gold, what happens when the second biggest gold mining nation in the world and a major source of supply is cut off from the western market…

… even if it is still allowed to transact freely with the “rest of the world” which accounts for roughly 80% of the population, and will most likely simply boost sales to China and the Middle East, both of whom will be happy to continue purchasing Russian gold? We’ll find out in a few hours.

end

5.OTHER COMMODITIES

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 MONDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.6893

OFFSHORE YUAN: 6.6857

HANG SANG CLOSED  UP 510.46  PTS OR 2.39% 

2. Nikkei closed UP 379.30% OR 1.43%

3. Europe stocks  ALL CLOSED  MOSTLY GREEN 

USA dollar INDEX  DOWN TO  103.81/Euro RISES TO 1.0576

3b Japan 10 YR bond yield: RISES TO. +.241/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 135.33/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 ABOVE the important 120 barrier this morning

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

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

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. EIGHTY 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 UP TO +1.54%/Italian 10 Yr bond yield RISES to 3.65% /SPAIN 10 YR BOND YIELD FALLS TO 2.65%…

3i Greek 10 year bond yield RISES TO 3.85//

3j Gold at $1835.00 silver at: 21/45  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  1/4        roubles/dollar; ROUBLE AT 53.19

3m oil into the 108 dollar handle for WTI and  113 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 135.33DESTROYING 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 0.9594– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0146well 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: 3.168 UP 4  BASIS PTS

USA 30 YR BOND YIELD: 3.269  UP 4 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 16.72

Futures, Global Markets Rally, Bonds Slide As Traders Turn More Bullish

MONDAY, JUN 27, 2022 – 08:06 AM

Following the best week for stocks in one month, global stocks extended gains on Monday on continued easing of fears for a hawkish Fed; US futures rose, with the Nasdaq 100 advancing 0.5% as by tech giants Amazon, Apple and Microsoft all rose in premarket trading. Tech shares also boosted indexes in Europe and Asia. Treasuries slipped, pushing the rate on the US 10-year note to 3.17%. Yields have retreated from June highs on growth worries, but whether that marks the end of the Treasury bear market is a live debate. The dollar fluctuated while oil and bitcoin rose.

In the US premarket, major US technology and internet stocks were higher, poised to extend gains. The tech-heavy Nasdaq 100 closed up 7.5% last week, its best week since March. Among notable movers: Apple +0.6%, Microsoft +0.6%, Amazon.com +1%, Meta +0.8%, Nvidia +1.6% in premarket trading. Other notable premarket movers include:

  • JD.com (JD US) is among the top performers in US-listed Chinese stocks, rising 5% in premarket trading, after tech investor Prosus disposed of its stake in JD.com for about $3.67 billion.
  • Coinbase (COIN US) shares fall 4% in premarket trading as the stock was downgraded to sell from neutral, with a joint Street-low price target of $45 at Goldman Sachs, which cited the “continued downdraft” in crypto prices and drop in industry activity levels.
  • Robinhood (HOOD US) shares rise 3.9% in premarket trading as Goldman Sachs analyst William Nance raised the recommendation on the stock to neutral from sell
  • Epizyme (EPZM US) jumps 64% to $1.56 in US premarket trading after Ipsen announced the acquisition of the US biotech firm for $1.45/share in cash plus a contingent value right of $1/share.
  • Selective Insurance Group (SIGI US) shares may be in focus after Morgan Stanley initiated an overweight rating on the stock, citing a favorable business model that will help the company’s margin to outperform peers.
  • Keep an eye on WEC Energy Group (WEC US) as KeyBanc Capital Markets raised the recommendation on the stock to overweight from sector weight, citing “valuation dislocations” triggered by the recent industry volatility.

As Goldman traders speculated over the weekend, Friday’s massive Russell rebalance may have helped flush out any leftover liquidation trades, while the upcoming month- and quarter-end portfolio rebalancing by pensions could boost stocks by as much as 7% this week according to JPM’s Marko Kolanovic. Further boosting bullish sentiment – if only temporarily – one of Wall Street’s biggest bears sees the rally in US stocks extending, prior to the selloff recommencing. Morgan Stanley’s Michael Wilson say the S&P 500 Index may climb another 5% to 7%, before resuming losses.

Meanwhile, investors are also parsing incoming data to work out if the highest inflation in a generation is close to topping out as that will give the Fed latitude to ease up on sharp interest-rate hikes, something the market last week aggressively repriced. A more troubling scenario is of lasting price pressures and tighter policy even as the global economy falters.

“There’s a feeling that things aren’t as bad as we thought they were going to be,” Carol Pepper, founder of Pepper International, said on Bloomberg Radio. She added “there’s a hope that perhaps we’ve oversold, perhaps there’s not going to be a recession.”

Traders are also monitoring a summit of the Group of Seven leaders, who plan to commit to indefinite support for Ukraine in its defense against Russia’s invasion. The G-7 in addition is weighing a price cap on Russian oil. As reported yesterday, the US, UK, Japan and Canada also plan to announce a ban on new gold imports from Russia during the G-7 summit. Prices for the precious metal naturally rose.

European equities trade off session highs as an earlier rally in Asian tech stocks buoys sentiment. Miners, tech and autos are the strongest performing sectors in Europe. Euro Stoxx 50 rallies 1%. DAX outperforms peers, adding 1.2%, FTSE MIB lags, dropping 0.2%.  Among notable European stock moves, Prosus NV soared on plans to sell more of its $134 billion stake in Chinese internet giant Tencent Holdings Ltd. to finance a buyback program. Mediobanca SpA fell after the death of Italian entrepreneur Leonardo Del Vecchio, the single largest investor in the bank.  Here are some of the biggest European movers today:

  • Prosus shares surge as much as 17% in Amsterdam after the tech investor said it will sell down its holding in Tencent to finance an open-ended share buyback program, which could help close the gap between the firm’s market value and the value of the Tencent stake, according to analysts.
  • Mining stocks lead gains in the Stoxx 600 Index on Monday as iron ore and base metals recover ground amid signs of improvement in China’s economy. Rio Tinto shares rise as much as 4.4%, Anglo American +4.6%, Glencore +4.2%
  • Nordex shares jump as much as 12% after the firm announced a EU139.2m cash injection from Acciona in a bid to increase liquidity and strengthen its balance sheet to shield itself against the risks of short term headwinds in the industry.
  • Kion shares rise as much as 7.7% after Morgan Stanley upgraded the stock to overweight from underweight, saying that the structural case for warehouse and forklift companies remains intact even amid a de-rating for the stocks.
  • Lundbeck soars as much as 15% after the Danish pharmaceutical company reported positive data in a clinical study of agitation in patients with Alzheimer’s dementia.
  • Ocado shares fall as much as 3.1% after the stock was cut to neutral from outperform and PT slashed to 960p from 1,600p at Credit Suisse, with the broker saying new disclosures from the online grocer indicate that its prior assumptions were “too optimistic.”
  • Ipsen shares drop as much as 5.1% after the pharmaceutical company announced the acquisition of US biotech Epizyme for $1.45/share in cash plus a contingent value right of $1/share. Analyst had mixed reactions to the deal.
  • Mediobanca shares fall as much as 4.4% in Milan after news that Italian entrepreneur Leonardo Del Vecchio, the single largest investor in the bank with a stake of about 19.4%, has died.
  • Wise shares drop as much as 5.3% after the money transfer firm said its CEO is facing a probe by UK regulators.
  • Tecnicas Reunidas shares tumble as much as 17% after the company said it began arbitrage to recover excess costs in a dispute with the Sonatrach-Neptune Energy consortium over a contract for the Touat Gaz Plant in Algeria.

Elsewhere, Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes.

Earlier in the session, Asian stocks advanced after battered technology shares rebounded as easing recession fears underpinned investor sentiment.  The MSCI Asia Pacific Index rose as much as 2.1%, its biggest intraday gain this month, as chip and internet companies including TSMC and Alibaba climbed. Tech-heavy markets such as Taiwan and South Korea extended gains made Friday, while an index of Asian tech stocks rallied for a second straight session after dropping to the lowest since September 2020.  Asian equities are bouncing back from a two-year low, as US Treasury yields retreat. Almost all markets in the region rose, with Hong Kong’s Hang Seng Index leading gains and China’s benchmark coming closer to a bull market as Shanghai’s leader declared victory in defending the financial hub against Covid.

A Chinese tech index in Hong Kong advanced 4.7%. Still, the rally in technology shares may be short-lived, as global demand for consumer electronics remains fragile.  “Korea and Taiwan have high leverage to tech products, and we’ve seen a lot of that come under pressure so the end demand has slowed down,” Ray Sharma-Ong, investment director at Abrdn Asia, said in an interview with Bloomberg TV. “We expect continued outflows post this relief rally.”

Japanese equities climbed as the latest comments from Federal Reserve officials buoyed sentiment on the economy and a reading on US inflation expectations eased.  The Topix Index rose 1.1% to 1,887.42 as of market close Tokyo time, while the Nikkei advanced 1.4% to 26,871.27. Sony Group Corp. contributed the most to the Topix’s gain, increasing 2.3%. Out of 2,170 shares in the index, 1,490 rose and 568 fell, while 112 were unchanged.

Australia’s S&P/ASX 200 index rose 1.9% to close at 6,706, the benchmark’s biggest daily gain since Jan. 28, as investors in Asia assessed whether inflation is bottoming and recession can be averted. The index’s biggest gains were seen in the financial, energy and tech sectors. In New Zealand, the S&P/NZX 50 index closed 1.7% higher at 10,997.92, the benchmark’s best day since March 1

Emerging-market stocks climbed to the highest in more than a week as China’s recovery from its virus-induced slump propels the Asian nation’s equities toward a bull market. Technology stocks led emerging-market equity gains, with China’s economy showing some improvement in June amid a further easing of pandemic curbs in Shanghai. Chinese shares look to be the best home for fresh money in Asia amid a tough investment environment, according to abrdn plc’s regional chairman Hugh Young. China plans to extend the yuan’s trading hours as it seeks to increase global investor participation in onshore currency trading as part of its internationalization push.

In FX, the Bloomberg dollar spot index fell 0.2% as the greenback weakened against all of its Group-of-10 peers apart from the Australian dollar.  AUD and CHF are the weakest performers in G-10 FX, SEK and GBP outperform. The volatility term structures for the Group-of-4 currencies focus on the upcoming central bank meetings as there is little demand for long gamma in the front-end. The euro advanced, nearing $1.06 and European bonds fell broadly, with the exeption of Greece and Sweden, as focus turns to ECB President Christine Lagarde’s speech. Sterling rose for a second day, supported by a rally in global stocks that is limiting demand for the dollar. Gilts extended their slide across the curve, while money markets raised BOE tightening bets as haven- buying was unwound amid equity advances.

In rates, Treasuries are weaker amid a selloff in core European rates, which extended losses after EU’s sale of EU2.5b four-year bonds. US yields are cheaper by nearly 4bp at long end, steepening 2s10s by ~2.4bp, 5s30s by ~1bp on the day; 10-year is up 3.6bp at ~3.17% with bunds and gilts lagging by additional 8bp and 5bp in the sector.  As Bloomberg notes, the broad risk-asset rally puts added cheapening pressure on Treasury yields with S&P 500 futures and Estoxx50 rising led by big gains for Asia stocks. Two coupon auctions slated for Monday may also weigh: Monday’s auctions include $46b 2- year at 11:30am ET and $47b 5-year notes at 1pm. The WI 2-year yield near 3.07% (vs 2.519% last month) is above auction stops since 2007; WI 5Y near 3.22% (vs 2.736% in May) exceeds results since 2008. IG dollar issuance expectations for the week are around $15b, although remain highly dependent on market conditions. The long- end of the curve may benefit this week from anticipated month- end demand; Bloomberg Indices estimated a 0.07yr Treasury index duration extension for July 1, slightly below 12-month average. In Europe, Gilts underperform Treasuries and bunds, cheaper by about 5-6bps at the long end.

In commodities, industrial metals rebounded, while oil rose. Copper steadied and most other base metals rebounded after their worst week in a year as China’s economy showed signs of recovering and Goldman Sachs said global supplies were still constrained. Oil fluctuated near $107 a barrel in New York as investors monitored developments from the gathering of Group of Seven leaders; G7 leaders met to decide on a Russian oil price cap ahead of Iranian nuclear talks and on the week of the OPEC+ meeting. French CGT unions will participate in strikes at LNG terminals and gas storage facilities this week; strike in the energy sector on June 28th. Most base metals trade in the green; LME tin rises 6.8%, outperforming peers. LME zinc lags, dropping 0.9%. Spot gold maintains gains, adding ~$13 to trade near $1,840/oz. as some G-7 nations plan to announce ban on new gold imports from Russia

Looking at today’s US calendar, we get the May durable goods orders, capital goods orders, pending home sales, and June Dallas Fed manufacturing index.

Market Snapshot

  • S&P 500 futures up 0.7% to 3,944.50
  • STOXX Europe 600 up 1.2% to 417.68
  • MXAP up 1.6% to 161.83
  • MXAPJ up 1.8% to 538.51
  • Nikkei up 1.4% to 26,871.27
  • Topix up 1.1% to 1,887.42
  • Hang Seng Index up 2.4% to 22,229.52
  • Shanghai Composite up 0.9% to 3,379.19
  • Sensex up 1.2% to 53,368.36
  • Australia S&P/ASX 200 up 1.9% to 6,705.95
  • Kospi up 1.5% to 2,401.92
  • Brent Futures up 0.2% to $113.31/bbl
  • Gold spot up 0.7% to $1,840.40
  • U.S. Dollar Index down 0.29% to 103.88
  • German 10Y yield little changed at 1.49%
  • Euro up 0.3% to $1.0580

Top Overnight News from Bloomberg

  • ECB policy makers gather on a Portuguese hillside on Monday with the sinking feeling that their rush to tackle the inflation shock they failed to forecast risks both a recession and echoes of the euro area’s sovereign debt crisis
  • It was while sitting apparently alone in a London hotel basement that Christine Lagarde engineered a fix to the euro zone’s most alarming debt turmoil since the pandemic struck
  • The ECB is pushing back its policy decisions and the timing of the subsequent press conferences by 30 minutes as of July
  • The US, UK, Japan and Canada plan to announce a ban on new gold imports from Russia during a summit of Group of Seven leaders that’s getting underway Sunday. Prices of the precious metal climbed Monday
  • President Joe Biden rebooted his effort to counter China’s flagship trade-and- infrastructure initiative after an earlier campaign faltered, enlisting the support of Group of Seven leaders at their summit in Germany
  • China’s economy showed some improvement in June as Covid restrictions were gradually eased, although the recovery remains muted
  • China plans to extend the yuan’s trading hours as it seeks to increase global investor participation in onshore currency trading as part of its internationalization push
  • Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors
  • The world economy risks entering a new era of high inflation which central banks need to keep in check, the Bank for International Settlements said
  • Signs of distress flashing in bond markets suggest the world’s poorest nations are set to see a wave of debt restructurings. But a growing cohort of investors say that’s a buying opportunity

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks were higher across the board as the region took impetus from last Friday’s firm gains on Wall St heading closer into month-end. ASX 200 enjoyed broad gains across its sectors although gold miners lagged as Evolution Mining shares dropped by more than 20% due to a cut in its FY output guidance. Nikkei 225 was lifted after the BoJ’s Summary of Opinions reiterated that they must maintain easy policy and with Tepco among the biggest gainers on tight electricity supply amid the hot weather. Hang Seng and Shanghai Comp. conformed to the upbeat mood as Hong Kong benefitted from a rampant tech sector and with the mainland encouraged by further easing of restrictions in Shanghai and Beijing, while the PBoC also upped its liquidity efforts with a CNY 100bln injection.

Top Asian News

  • Beijing will permit schools to resume in-class teaching as soon as Monday, ending one of the last major curbs in the capital, according to Bloomberg.
  • Shanghai is to gradually resume dining-in at restaurants from June 29th, according to an official cited by Reuters.
  • PBoC injected CNY 100bln via 7-day reverse repos with the rate at 2.10% for a CNY 90bln net injection, according to Reuters.
  • China requested that banks make preparations for longer trading hours for the CNY, with trading in the onshore CNY potentially to extend until 03:00 local time the following day (20:00BST/15:00CDT), according to Bloomberg.
  • BoJ Summary of Opinions from the June meeting stated the BoJ must maintain easy policy and keep a close eye out on the market and FX impact on the economy and prices. It also noted the number of goods seeing prices rise is increasing due to higher raw material costs and a weak yen but it is appropriate to keep easy policy as inflation is not driven by a positive economic cycle. Furthermore, it said maintaining ultra-easy policy is effective in sustaining a rise in wages and that a sharp fall in Yen would hurt the economy and heighten uncertainty.
  • Japanese government issued power shortage warnings for Tuesday, for a second straight day, according to Reuters.
  • Japan has proposed removing reference to the goal of 50% zero-emission vehicles by 2030; wants less concrete target, according to a draft cited by Reuters.
  • BoJ’s holding of JGBs has reportedly topped 50% of its total, according to Nikkei.

European bourses are kicking off the week on the front-foot as global equities see tailwinds from Wall Street’s bounce on Friday. Sectors in Europe are mostly positive – but Utilities and Insurance are subdued, with the overall picture being a cyclical one. Stateside, US equity futures track sentiment higher – with the NQ the current outperformer vs the ES, YM, and RTY.

Top European News

  • ECB says as of the July meeting, the policy decisions will be released at 14:15CET and presser at 14:45CET, according to Reuters.
  • ECB’s Pivot Toward Rate Hikes Feeds Fears of New Bond Crisis; ECB to Announce Rate Decisions 30 Minutes Later From July
  • EU Confronts Low Gas Storage Risk in Test of Unity on Russia
  • Gas Jumps as Europe Struggles to Fill Russian Gap
  • UK’s Battered Economy Is Sliding Toward a Breaking Point

FX

  • Greenback continues to gravitate as risk sentiment improves, but could get a month end boost given models indicating broad rebalancing requirement – DXY pivots 104.000 within 104.120-103.790 range just shy of last week’s low.
  • Yen benefits from all round fix buying ahead of final trading day of June and Q2 on Thursday – Usd/Jpy not far from 134.50 at one stage overnight alongside declined in Yen crosses.
  • Pound perks up as IMM spec accounts trim short positions again and Euro tests technical resistance ahead of 1.0600 vs Buck amidst firmer rebound in EGB yields – Cable probes 1.2300 at best, Eur/Usd touches 21 DMA at 1.0591.
  • Aussie lags on Aud/Nzd headwinds, but Loonie pares losses in tandem with oil – Aud/Usd sub-0.6950, cross under 1.1000, Nzd/Usd hovering over 0.6300 and Usd/Cad back below 1.2900.
  • Yuan underpinned by net PBoC liquidity injection and easing of Covid restrictions in China – Usd/Cnh and Usd/Cny both beneath 6.6900.
  • Lira knee jerks higher after Turkey cuts credit to firms with more than Try 15 mn FX cash assets – Usd/Try down to 16.1040 or so before rebound towards 16.8900.

Fixed Income

  • Debt futures unwind more recovery gains with EGBs leading the way.
  • Bunds retreat towards 146.50 vs 149.00 at one stage last Friday.
  • Gilts closer to 113.00 than 114.00 and 10 year T-note near the base of 116-31/117-13 overnight range.
  • US durable goods data ahead and a double dose of issuance comprising Usd 46 bn 2 year and Usd 47 bn 5 year auctions.

Commodities

  • WTI and Brent futures consolidate with modest intraday losses as G7 leaders meet to decide on a Russian oil price cap ahead of Iranian nuclear talks and on the week of the OPEC+ meeting.
  • French CGT unions will participate in strikes at LNG terminals and gas storage facilities this week; strike in the energy sector on June 28th.
  • Spot gold piggy-backs off the softer Dollar – with the yellow metal currently eyeing its 21 DMA (1,841.60/oz) and 200 DMA (1,845.20/oz) to the upside
  • Base metals are largely rebounding following the recent rout – also aided by the Buck.

US Event Calendar

  • 08:30: May Durable Goods Orders, est. 0.2%, prior 0.5%; -Less Transportation, est. 0.3%, prior 0.4%
  • 08:30: May Cap Goods Orders Nondef Ex Air, est. 0.1%, prior 0.4%
  • 08:30: May Cap Goods Ship Nondef Ex Air, est. 0.2%, prior 0.8%
  • 10:00: May Pending Home Sales YoY, prior -11.5%
  • 10:00: May Pending Home Sales (MoM), est. -3.9%, prior -3.9%
  • 10:30: June Dallas Fed Manf. Activity, est. -6.5, prior -7.3

DB’s Jim Reid concludes the overnight wrap

This morning we are launching our monthly survey which hopefully comes at an opportune time to assess what you all think about recession risk, whether the next big move in markets will be up or down, whether the BoJ will be able to hold the line on YCC, whether your market view includes the risk of Russian gas being cut off from Europe, and whether you think negative rates will be seen again in the next decade after the ECB likely moves away from it by September. There are a couple of other repeat questions to answer. It should take 2-3 minutes, is all anonymous, with answers likely Thursday morning. The link is here and all help gratefully received.

A reminder that my chart book was out last week with lots of charts on one of the worst H1s in history, recession risks and lots more. See here for more.

Without having a blockbuster event to look forward to this week there are plenty of things to keep us occupied in what are highly uncertain times. Perhaps the ECB’s Forum on Central Banking in Sintra will be the key event to watch, with a policy panel on Wednesday which will bring together Chair Powell, President Lagarde and Governor Bailey together the likely highlight.

Staying in Europe, all eyes will be on the June CPI numbers released for Germany (Wednesday), France (Thursday) and Italy and the Eurozone on Friday. Consensus expectations don’t suggest we’re yet at peak headline inflation with CPI expected to pick up a few tenths YoY this week. With commodity prices fading sharply in June the hope is that we will be near the top soon. In fact, our US economists put out an inflationary chart book last week that suggested that the peak will be in September (9.1% headline and 6.3% core).

The problem is that even if headline dips because of energy, core won’t necessarily fall as quickly with wages and second round effects in full force. We had a small indicator of that last week as our economists also pointed out that the recent acceleration in US hospital workers’ wage growth from around 2.5% to almost 5% should serve to add an additional 50bps to core PCE inflation next year (link here). On Thursday, we’ll get the latest reading of the US core PCE deflator within the personal income and spending data. Core PCE is the Fed’s preferred inflation measure so this and the healthcare news is important.

Staying with US data, we have a fair amount to look forward to with the all important ISM on Friday (53.2 expected vs 56.1 last month). We’ll also see the Chicago PMI on Thursday and regional Fed’s manufacturing indices throughout the week. Durable goods orders (today) and wholesale and retail inventories (tomorrow) will be key to assessing inventory pressures flagged by several firms in recent weeks as well as corporate behaviour amid some easing in supply-chain backlogs.

How the consumer is faring under rising rates and stubborn inflation will be another key theme, with the Conference Board’s June consumer confidence index out tomorrow (99.9 expected vs 106.4 last month). Elsewhere, China’s industrial data and PMIs (Thursday), as well as key economic indicators from Japan, will be in focus.

Even though we at the very back end of Q2 earnings, this week will see some bellwether consumer spending companies such as Nike (Monday), H&M and General Mills (Wednesday) report. Other corporates releasing results will include Prosus (Monday), Micron and Walgreens Boots Alliance (Thursday).

Overnight in Asia, equity markets are continuing last week’s rally with the Hang Seng (+2.72%) leading gains thanks to a strong performance in Chinese tech firms. The Kospi (+2.08%), Nikkei (+1.04%), Shanghai Composite (+0.89%) and CSI (+1.24%) are all also up.

Outside of Asia, DM equity futures point to further gains with contracts on the S&P 500 (+0.19%), NASDAQ 100 (+0.44%) and DAX (+0.79%) moving higher. Bitcoin is above $21,000 after falling to as low as $17,600 last week for the first time since December 2020, while 10yr US yields are up around +2.5bps.

Earlier today, data released showed that China’s industrial profits (-6.5% y/y) contracted at a slower pace in May following a big fall of -8.5% in April as companies resumed their activity in major manufacturing hubs amid easing Covid restrictions.

In other overnight news, Russia has defaulted on its foreign-currency sovereign debt ($100 million) for the first time in more than 100 years, after the grace period for the payment deadline expired on Sunday.

Recapping last week now, markets grew increasingly concerned about a recession as the week went on, thanks to weak economic data, hawkish central bank rhetoric, and the threat of a Russian gas cut-off in Europe. That led to a significant rally in sovereign bonds as investors sought out safe havens and cast doubt on whether central banks could keep hiking into a downturn. Indeed, yields on 10yr bunds came down by -21.9bps over the week as a whole (+1.0bps Friday), which is their 3rd biggest weekly decline in the last decade. Yields on 10yr Treasuries also saw a similar, albeit less marked decline, with yields down -9.6bps (+4.3bps Friday).

That decline in yields came in spite of continued hawkish central bank commentary, and on Friday we saw San Francisco Fed President Daly say that a 75bps hike in July was “where I’m starting”, thus joining a growing number of officials who’ve openly backed a 75bps move again. Bear in mind if the Fed did move by 75bps in July, that would mean the hiking cycle since March would now be at 225bps, which matches the entire hiking cycle we saw in 3 years between 2015 and 2018. Nevertheless, when it came to monetary policy expectations, the growing fears of a recession led investors to take out the probability of more aggressive tightening, with the fed funds rate priced in by December’s meeting down by -16.0bps over the week (-5.0bps Friday). And looking at the entire profile of meetings ahead, futures are now expecting the peak Federal funds rate to come as soon as March 2023, before pricing in cuts after that.

With investors expecting somewhat more dovish central banks, global equities rallied strongly last week as they recovered from their worst weekly performance since the pandemic began. The S&P 500 gained +6.45% on the week, and its Friday advance of +3.06% was the best daily performance for the index since May 2020. Europe’s STOXX 600 put in a weaker +2.40% advance (+2.62% Friday), but matters weren’t helped by German equities, with the DAX losing -0.06% (+1.59% Friday) as concerns grew about a potential cut-off in Russian gas. That’s sent natural gas futures in Europe to a 3-month high, with last week seeing a further +9.14% gain (-3.63% Friday).

Lastly, after the poor mid-week data including the flash PMIs for June, Friday’s releases did bring some modest respite. First, the final reading of the University of Michigan’s long-term inflation expectations was revised down to 3.1% (vs. 3.3% previously). The unexpected jump in that measure before the Fed’s meeting was said to be a factor in their move to 75bps, as they’re very concerned about the prospect that longer-term inflation expectations could become unanchored, making inflation much harder to control. Furthermore, new home sales for the US in May rose to an annualised rate of 696k (vs. 590k expected), whilst the previous month also saw upward revisions. To be fair though, it wasn’t all positive on Friday, and Germany’s Ifo business climate indicator fell to 92.3 in June (vs. 92.8 expected), which marks an end to two successive monthly increases in April and May.

MONDAY /SUNDAY NIGHT

SHANGHAI CLOSED UP 29.44 PTS OR 0.88%   //Hang Sang CLOSED UP 510.46 PTS OR 2.39%    /The Nikkei closed UP 379.30 OR 1.43%          //Australia’s all ordinaires CLOSED UP 1.94%   /Chinese yuan (ONSHORE) closed UP 6.6893    /Oil UP TO 108.11 dollars per barrel for WTI and UP TO 113.60 for Brent. Stocks in Europe OPENED  MOSTLY GREEN        //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6893 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6857: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER  

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA/SOUTH KOREA/

3B  JAPAN

3c CHINA

CHINA/THE WEST

G7 unveils a $600 billion global infrastructure plan to counter China’s Belt and Road initiative

(zerohedge)

G7 Unveils $600 Billion Global Infrastructure Plan To Counter China’s ‘Belt And Road’

MONDAY, JUN 27, 2022 – 08:06 AM

President Biden and G7 leaders pledged $600bln to a new global infrastructure project for emerging market economies to counter the Chinese regime’s Belt and Road initiative

G-7 leaders from the US, Canada, Germany, Italy, Japan, and the European Union gathered at a summit in Bavaria, Germany, on Sunday and unveiled the Partnership for Global Infrastructure and Investment (PGII) that will “will deliver game-changing projects to close the infrastructure gap in developing countriesstrengthen the global economy and supply chains, and advance U.S. national security,” a White House press release read. 

During the summit, Biden said the U.S. would deploy $200bln in grants, federal funds, and private investment over five years for lower- and middle-income nations to boost infrastructure. 

“I want to be clear. This isn’t aid or charity. It’s an investment that will deliver returns for everyone,” Biden said. He added that it would allow countries to “see the concrete benefits of partnering with democracies.”

Europe pledged $316bln over the next five years for PGII, while Japan committed $65bln. 

It’ll boost all of our economies, and it’s a chance for us to share our positive vision for the future and let communities around the world see for themselves the concrete benefits of partnering with democracies,” the president said. 

China’s Belt and Road Initiative scheme was launched in 2013 and is the centerpiece of Chinese President Xi Jinping’s foreign. Also known as the “21st Century Maritime Silk Road,” China’s infrastructure initiative has projects in more than 100 countries in an attempt to resurrect ancient trade routes from Asia to Europe. 

Since its launch, Western officials have accused Beijing of pursuing debt-trap diplomacy by providing countries with financing to build infrastructure that benefits China more than the countries themselves. 

4/EUROPEAN AFFAIRS//UK AFFAIRS/

SPAIN/NORTH AFRICA

Deadly as 18 are head and 76 injured as 1000s of African migrant  storm Spanish exclave of Mellita

(zerohedge)

Watch: 18 Dead, 76 Injured As 1000s Of African Migrants Storm Spanish Exclave of Melilla

SATURDAY, JUN 25, 2022 – 08:45 AM

Eighteen African migrants are dead and 76 injured after a mass storming of the Spanish exclave of Melilla in North Africa.

A Spanish government spokesperson said about 2,000 migrants attempted to cross, and 133 managed to breach the border of the Spanish territory, according to Associated Press. Those who made it through proceeded to a local migrant center where Spanish authorities are evaluating their cases. 

Surrounded by Morocco, Melilla is a five-square-mile territory on the eastern side of a rocky peninsula on the Mediterranean Sea. Both Melilla and Ceuta—a similarly-situated Spanish territory—have been subjected to periodic border-storming over the years.

The two autonomous Spanish territories present migrants with the only land borders between Africa and the European Union, making them appealing targets for those who would otherwise have to attempt a Mediterranean crossing.The 5-square-mile Spanish exclave of Melilla borders Morocco (map via identitejuive.com)

“A large group of sub-Saharans [Africans]…broke through the access gate of the Barrio Chino border checkpoint and entered Melilla by jumping over the roof of the checkpoint,” local Spanish government authorities said in a statement. All of them were reportedly adult men; the stampede began at 6:40 am local time.  

The rest of the horde was repelled by the efforts of Spanish Civil Guard police and Moroccan security forces working both sides of the border fence. According to Moroccan authorities, the casualties occurred when migrants attempted to scale the iron fence.Riot police cordon off an area after African migrants breached the border (AP Photo/Javier Bernardo) 

In what Al Jazeera characterized as a “violent, two-hour skirmish,” 49 members of the Spanish Civil Guard police were also injured. Spanish Prime Minister Pedro Sanchez said “human trafficking militias” had orchestrated “a well-organized, violent assault.”

A Moroccan human rights organization suggested to Reuters that the mass border-breaching attempt was prompted by Morocco’s “intense crackdown” on migrants and, specifically, an effort to clear migrant camps in a nearby forest on the day before. Migrants sprint across Spanish soil after scaling the border fence surrounding Melilla (AP Photo/Javier Bernardo) 

In a March onslaught, Spanish police weren’t nearly as successful: close to 1,000 migrants breached the border in a stamped said to number more than 3,500.  

Though it wasn’t the case in this instance, the Moroccan government has previously weaponized its land border with Spain. As Associated Press reports: 

Morocco loosened its controls around Ceuta last year, allowing thousands of migrants to cross into Spain. The move was viewed as retaliation for Spain’s decision to allow the leader of Western Sahara’s pro-independence movement to be treated for COVID-19 at a Spanish hospital.

Strained by tensions over the status of Western Sahara, Spanish-Moroccan relations warmed in March when Spain endorsed Morocco’s plan to give more autonomy to the region. In 2020, the Trump administration recognized Morocco’s claim to sovereignty over Western Sahara as part of a quid pro quo for Morocco’s normalization of relations with Israel.   

As U.S.-led economic warfare compounds the persistent worldwide effects of Covid-regime impoverishment, we can expect scenes like these to become increasingly common along other frontiers…

Though Zero Hedge isn’t able to verify them, footage purporting to show the migrant onslaught has circulated widely on social media

END 

EU

Not good! The EU renews the digital COVID pass despite 99% negative public feedback

(Kogon/Brownstone)

EU Renews Digital COVID Pass Despite 99% Negative Public Feedback

SATURDAY, JUN 25, 2022 – 08:10 AM

Authored by Robert Kogon via The Brownstone Institute,

Acting on a proposal of the European Commission, the European Parliament, as expected, voted yesterday to renew the EU Digital Covid Certificate for another year. The vote was 453 for, 119 against and 19 abstentions.

The certificate regulation had been scheduled to expire on June 30. Earlier this month, a delegation from the parliament had already reached a “political agreement” with the Commission on renewing the certificate, thus making yesterday’s vote virtually a foregone conclusion.

The certificate regulation was originally adopted in June of last year, ostensibly to facilitate “safe travel” between EU member states. But the EU digital certificate quickly evolved into the model and sometimes infrastructure for the domestic “health” or Covid passes that would serve to restrict access to many other areas of social life over the following year.

The EU has opted to extend the covid certificate despite the overwhelmingly negative results of a public consultation on the subject that was launched by the European Commission under the heading of “Have Your Say” and that was open to the public from February 3 to April 8. The consultation elicited over 385,000 responses – almost all of which appear to be opposed to renewal!

In a letter to the European Ombudsman that the French member of the parliament Virginie Joron posted on her Twitter feed, Joron writes:

I read hundreds of responses at random with my team. I did not find any in favor of extending the QR code [i.e. the digital certificate]. Based on this large survey, it seems obvious that virtually all the responses were negative.

The overwhelmingly negative tendency of the responses was indeed evident from the outset. The first full page of responses, all of them dating from February 4, is available here. They are, of course, in the varieties of languages of the European Union: French, German, Italian, and also one in English.

To provide readers an idea of the tenor, here is a translation of just the first line or two of the first several responses (starting from the bottom of the page):

I am completely opposed to the establishment of this certificate given what is currently happening with the EU’s disastrous handling of Covid…

I want this cst [probably a reference to Belgium’s “Covid Safe Ticket”] or vaccine passport simply to be eliminated…

There are claims made in the draft document that are not scientifically supported. For example, it is claimed that the Covid certificate represents effective protection against the spread of the virus – what data can support this claim?…

Hello, I am shocked and disgusted by the freedom-killing decisions taken in the EU … as regards this “European certificate” …

The covid certificate or green pass SHOULD BE ABOLISHED immediately as discriminatory and unconstitutional and not supported by any scientific data, because it is exclusively based on PUNITIVE measures for citizens…

I am opposed to the extension of the green pass, which serves no purpose other than creating discrimination…

I never want to be subjected to a discriminatory certificate again…

And, finally, the English-language entry:

The digital Covid certificate should end immediately. There is so much data that supports the fact that digital passports have zero positive impact on transmission rates and in fact in the most vaccinated and highly regulated countries, there [sic.] covid rates are insane…

And so on and so forth through 385,191 responses.

The renewal of the Digital Covid Certificate does not mean that it will be immediately applied, but that the infrastructure will remain in place and that it can be applied if and when member states see fit to do so.

The current rules for holding a valid EU Digital Covid Certificate do not only, needless to say, discriminate against the unvaccinated, but also against natural immunity, which is treated as more ephemeral than vaccine-induced immunity.

Proof of completed primary vaccination makes a certificate valid for 270 days; proof of having received a booster dose confers unlimited validity for the moment. On the other hand, proof of “recovery” – with a positive PCR test being the only accepted proof – only confers 180 days of validity.

end

LITHUANIA/RUSSIA

Lithuania Hit By Cyberattack As Russian Hackers Warn More Coming Until Kaliningrad ‘Blockade’ Lifted

MONDAY, JUN 27, 2022 – 09:53 AM

On Monday a major DDOS attack has targeted Lithuania’s national network infrastructure, more than a week after EU sanctions took effect for Kaliningrad, and neighboring Lithuania took the dramatic step of banning land transport of goods, including transport of steel and ferrous metals to the Russian exclave.

The group now claiming responsibility for the cyberattack, called “Killnet”, has expressly stated it’s in retaliation for the Kaliningrad ‘blockade’. “Lithuanian state and private institutions were hit by a denial-of-service cyber attack on Monday, the Baltic country’s National Cyber Security Centre said in a statement released by the defense ministry,” Reuters reports.

The National Cyber Security Center further warned the country to expect more: “It is very likely that attacks of similar or greater intensity will continue in the coming days, especially in the transportation, energy and financial sectors.” It added, “Secure networks used by state institutions were among those affected.”

It is as yet unclear whether the “Killnet” group is directly affiliated with the Russian state or intelligence agencies. The group has stated that “cyber attacks will continue against Lithuania until it cancels its block on the transit of goods to Kaliningrad.”

Moscow and its allies have lately escalated their threats and rhetoric concerning the crisis. Belarussian president and close Putin ally Alexander Lukashenko has gone so far as to say that NATO member Lithuania’s actions are “akin to a declaration of war”.

It appears that two days ago Killnet published an early warning, telling Lithuania to unblock Russian goods, while issuing an ultimatum.

Meanwhile, Kremlin officials have continued to condemn the “unprecedented” EU move against Kaliningrad, saying it’s in contravention of historic treaties and norms. Nikolai Patrushev, secretary of the Russian Security Council, recently traveled to Kaliningrad and where he slammed Lithuania and the EU’s actions as “unprecedented political, informational and economic pressure from the West”:

At the suggestion of Western countries, in violation of the norms and principles of international law, of the transit through its territory to the Kaliningrad region of a large group of goods. This example shows that one cannot trust not only the oral statements of the West, but also written ones. Russia will certainly react to such hostile actions. Appropriate measures are being worked out in an interdepartmental format and will be taken in the near future. Their consequences will have a serious negative impact on the population of Lithuania.

Likely this will only bolster US and NATO cyber security assistance and defense measures to Vilnius. Even prior to the Russian invasion of Ukraine, there were reports the US has beefing up the cyber defenses of regional allies.

END

UK

UK economy is getting crushed! but according to Boris Johnson it is worth paying for the freedom in Ukraine

(zerohedge)

UK Economy Getting Crushed A Price “Worth Paying” For Freedom In Ukraine: Johnson

MONDAY, JUN 27, 2022 – 12:26 PM

“In the UK, the price level for goods other than energy and food has risen by 8 per cent over the past two years,” FT writes of soaring prices at a moment of the West’s no holds barred push to ‘punish’ Russia over the Ukraine invasion. Inflation in the county has hit a new 40-year high of 9.1% as of last week,.

To nobody’s shock or surprise, and in a message that echoes previous statements from Biden, British Prime Minister Boris Johnson has said while attending the G7 summit in Germany it’s a price “worth paying”

“In terms of staying the course, imagine if you didn’t,” the prime minister said in comments made to BBC. He stressed that if Putin should get away with achieving “violent acquisition of huge chunks” of another country, then “the lessons for that would be absolutely chilling in all of the countries of the former Soviet Union.”

And that’s when he emphasized that even if there’s “long-term instability” in Western and global economies, it’s ‘worth it’, as The Guardian recounts of his words:

Boris Johnson has argued that continued international support for Ukraine is a price worth paying, saying that to let Russia prevail would be “absolutely chilling” for nearby countries and usher in a period of global anxiety…

“In terms of the economic effects, that would mean long-term instability, and anxiety across the world.”

Overall, the prime minister argued, “the price of freedom is worth paying”. He said: “Just remember, it took the democracies in the middle of the last century a long time to recognize that they had to resist tyranny and aggression. It was very expensive.”

While Johnson tries to play the part of throwback ‘Cold Warrior’, the UK Misery Index is the worst it’s been in 30 years:

Johnson further stressed in the BBC comments that what’s needed is “strategic endurance”, but that as the war drags on he expects “the economic impacts on the UK will start to abate.” He likened this to the type of post-WWII stability and economic growth that occurred after the defeat of the axis powers. His perspective hinges on the words:

“I think that sometimes the price of freedom is worth paying.”

This as G7 leaders apparently swapped jokes about the government private jets that brought them to Bavaria…

And some “shirtless Putin” banter while citizens are being told to shut up and “make sacrifices”…

On the other side of the Atlantic, Biden and the Democrats have appeared to agree with this kind of citizens must “sacrifice” at the pump and grocery store in order to “punish” Putin and save Ukraine, consequences at home be damned.

Meanwhile, in but the latest non-attempt at “bringing down inflation”, Biden at the G7 summit has issued a proclamation on increasing duties tied to Russia, Bloomberg reports:

U.S. INCREASES RATES OF DUTY TO 35% ON CERTAIN RUSSIAN PRODUCTS NOT ALREADY PROHIBITED -WHITE HOUSE PROCLAMATION

So it seems the strategy for now is – more “sacrifice” among working class Western populations, with Putin and his military still not blunted or deterred even in the slightest in Ukraine.

CANADA//EUROPE/UKRAINE-RUSSIA WAR

Canadian special forces operating in Ukraine, New York Times reports | Edmonton Journal

Inbox

Robert Hryniak1:21 PM (0 minutes ago)
to

So much for non active deployment of NATO forces. Who declared war? Two thirds of the Polish troops in Ukraine are dead. That is fact, so how does one explain this or does anyone care? How many other NATO country troops will die in vain for a conflict lost? Street noise 160,000 dead or MIA while quietly behind the curtain intel agencies suggest the number is in excess of 200,000 Ukrainians. Remember America only lost 60,000 during Vietnam, with a population much larger than the Ukraine and that tore America apart.
All the Ukraine has to throw in a new offensive push is Reservists, criminals and anyone they can find on the streets, cafes etc. to likely die in the meat grinder of artillery. How completely useless and for whose benefit?
In time, NATO will be forced out of the Ukraine and Zelensky will be fed to dogs, if he does not run away with his minions. Ukrainians will not react humanly to what has been done and will seek revenge. Do not forget all opposition to the Western NEOCON puppet has been squashed supposedly for the greater good. One does wonder whose good is that? Because it certainly is not that of the Ukrainian people residing in the Ukraine. One might imagine that those folks who are laundering 65% of the arms shipments as free booty will sooner or later find the gravy train stalled and face the wrath of those weapons in European cities unleashed by gangs currently acquiring them.
At some point in the future, Ukraine will be a new nation under a new banner and how that evolves will be interesting to watch. One might imagine that contrary to current Western desires, Ukraine will turn eastwards to Eurasia and the new sovereign nation order being created. There is little love for the West in the Ukraine these days, and there will be even less tomorrow. And those Ukrainians desiring Europe and other countries have left reducing the population by about 5 million to 39 million.
There is a growing parade of country participants who do not want the old order and are appalled at what they see.  Whether the likes of Klaus at the WEF or Soros understand, they have committed Europe to disintegrate into nation states. Whatever comes of Europe, it will not be what it is today. It is not difficult to imagine that so called existent countries may not face breakups as this new order is sought out of chaos yet to come. This maddened seeking of war to escape the burden of debt which cannot be repaid will not succeed, as Europe has stripped itself of the ability to have a ground war so nukes are viable choice of self destruction as there can be no winners. Not withstanding those cheerleaders eager to test out their new weapon systems in hopes of seeing success. They too will, if it comes to it, see the flash of death, as desired suicide come forth.
Whilst this childish war rhetoric spews, nations are abandoning the sinking ship of fools who parade musical chairs on the sinking ship not realizing that they are being isolated by a new alliances that do not need them to grow and prosper. At the same time, waning dollar hegemony is locked in a defensive struggle of a rearguard retreat while trying to control the illusion of normal to a slumbering public.
Sadly, the broom is sweeping yesterday’s normal into the dustbin of memory making way for new horizons and realities to come forth. Whether we are ready to accept them or not as everything will be over turned to find new equilibrium.

https://ottawacitizen.com/news/national/defence-watch/canadian-special-forces-operating-in-ukraine-new-york-times-reports

Ukraine War Blows Up EU’s Superpower Delusion – GreatGameIndia

Inbox

Robert Hryniak9:51 AM (3 hours ago)
to

The European illusion of grandeur is finished. Germany is dying a slow economic death and 1/4 of all the companies in Europe are considering leaving.
New levels of economic activity will shatter the unity and financial myth of the Euro. As i have said before the biggest winners will be the UK and America as these companies depart to survive. What happens to those left wallowing with immigration issues ignored and now breaking out remains a mystery but be sure safe travels and living conditions will deteriorate rapidly.
Europe faces a decade or more of real grief and no doubt will see war somewhere on the horizon as conditions internal push for war as a distraction from realities. How they deal with vast Groups of immigrants through this is questionable as strife is likely to be more internal than external.

EU/NATO//TOM LUONGO

A good read

Tom Luongo

Luongo: The End Of The European Colonial Powers & The Tyranny Of Physics

MONDAY, JUN 27, 2022 – 02:00 AM

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog.

I sat down last weekend for a long chat with Alexander Mercouris of The Duran and Crypto Rich to discuss the rapidly evolving situation in Europe. Long time readers know that I’ve been handicapping the collapse of the European Union for years.

That idea isn’t based on my personal antipathy for Eurotrash commies and eugenicists, though it is quite large. In fact, the deeper we go into 2022 the more that antipathy rises to near unquenchable levels. The sheer arrogance and stupidity of Europe’s leadership is nothing short of breathtaking.

Today we are looking at a situation where an entire continent’s leadership is in the process of committing ritualistic suicide and yet is obsessed with portraying these self-inflicted wounds to the world as Russian President Vladimir Putin’s fault.

A common trait among all malignant narcissists is the inability to take any responsibility for their own actions, seeking to always shift blame onto someone else. You see this behavior in children. And it only manifests itself in adulthood because the parents refused to put any boundaries on the child or inflict any consequences on them.

Look at Europe’s leaders today and to a person, man or woman, there is not one shred of self-reflection or contrition. The problem is just as endemic here amongst the Davos-affiliated American leadership. Fungal President Joe Biden keep yammering on about the “Putin Price Hike” or blaming oil companies for not being patriotic enough to keep gas and diesel prices affordable for nearly every American.

But it was just a few weeks ago where these same people were telling us that we had to endure slightly higher prices at the pump to starve Russia and defend Ukraine.

Biden and his party apparatchiks simply can’t give this idea up as we’re now just over four months to the mid-term elections.

I already told you what the real cost at the pump is all about, RINs, renewable offset blending credits, which are strangling small refiners.

But in Europe the real story is beyond comprehension. It can be summed up in the following meme:

And yet if you listen to Europe’s leadership what are they talking about? Expanding NATO to include Finland and Sweden. Backing Lithuania’s disastrous blockade of overland goods into Kaliningrad, in clear violation of that country’s treaty with Russia. The EU parliament and the leaders of France, Germany, and Italy all backing Ukraine’s invitation into the bloc.

These are all to which Russia will correctly respond with shifting its exports East rather than West and put paid Putin’s words from his speech at SPIEF 2022 last week.

“The European Union has lost its political sovereignty, and its bureaucratic elites are dancing to someone else’s tune, doing everything they are told from on high and hurting their own people, economies, and businesses.”

The whole speech is worth your time and the best highlight reel is this Twitter thread, not for what it implies for crypto, as the author implies, but for humanity in general. Debt is a slave’s system. It’s not real wealth, only the pretense of wealth.

The big takeaway is exactly what I’ve been talking about on this blog for years: The end of sovereign debt as the basis for global reserves. The world will move, quickly, towards a commodity-backed monetary standard, where some form of discipline will be enforced on governments, who are torching their credibility by the day, because of reality.

Real wealth is in things which sustain your life.

Eventually physics and the limitations of time catch up with every central planner and their grand dreams of global domination. The tyranny they decry isn’t racism, a lack of tolerance or even tribalism, it is simply math and the physics of energy production.

That is Putin’s big crime, reminding everyone of this basic fact.

The narcissists who try to blame him for their woes will never admit they were wrong. They would rather continue manipulating events to steer the world towards the unthinkable blaming him and us for not bowing to their wisdom.

Listen to them carefully and all you will hear is, “It’s not my fault!”

But it is.

end

SWITZERLAND/CREDIT SUISSE

special thanks to Doug C for sending this to us:

Credit Suisse Convicted in Historic Money-Laundering Case (SWX:CSGN) – Bloomberg

Inbox

douglas cundey12:57 PM (10 minutes ago)

https://www.bloomberg.com/news/articles/2022-06-27/credit-suisse-convicted-of-failing-to-prevent-money-laundering?srnd=premium#xj4y7vzkg

Credit Suisse Hit With Historic Money Laundering Conviction

Top Swiss criminal court rules in landmark suit against lender Ex-relationship manager also convicted of money laundering

Hugo MillerJune 27, 2022, 9:33 AM EDT

Cocaine. Stashes of cash. A down-on-his-luck Bulgarian wrestler. For days during the February trial, the lurid details captivated Swiss finance as Credit Suisse Group AG faced charges that it had failed to prevent a drug trafficker from laundering millions. 

On Monday, the verdict was in: guilty — a historic judgment for the bank in the first ever criminal conviction of a major Swiss lender in the country’s history. The ruling, in which a former relationship manager at the bank was also convicted on money laundering charges, was handed down by Switzerland’s top criminal court on Monday afternoon.

.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

UKRAINE/RUSSIA/

The major eastern city of Severondonetsk is now completely under Russian occupation

(zerohedge)

Ukrainian City Of Severodonetsk Now ‘Completely Under Russian Occupation’: Mayor

SUNDAY, JUN 26, 2022 – 07:35 AM

The mayor of Severodonetsk on Saturday announced that Russian forces now occupy the entirety of the city, after on Friday the remaining Ukrainian troops attempting to mount a defense against the superior and better-armed Russians were ordered to withdraw by their own military command.

“The city is now under the full occupation of Russia. They are trying to establish their own order, as far as I know they have appointed some kind of commandant,” Mayor Oleksandr Stryuk said in a national television broadcast.

As the last major Ukrainian stronghold of Luhansk province, its fall and forced Ukrainian treat now puts Luhansk firmly in the control of Russia, a key strategic victory for Moscow, which suggests all of Donbas will soon be next.

A Ukrainian military commander for Ukraine’s eastern region, Serhiy Hayday, told CNN the decision was made to evacuate “because the number of dead in unfortified territories may grow every day.”

“Currently, there is no possibility to leave the city, people can try to leave only in the direction of the occupied territory. We will facilitate the evacuation, but so far there is no such opportunity,” a separate top Ukrainian commander, Oleksandr Striuk, said.

At the same time, a pro-Russian commander with the Lugansk People’s Republic declared that his forces have “taken full control of the Azot plant industrial zone” – where hundreds of Ukrainian civilians had been holed up for weeks, with nowhere to go amid the chaos of fighting outside. The Russian side has said it “evacuated” some 800 civilians from the chemical plant.

But the Ukraine side challenged this narrative as propaganda. The aforementioned Striuk described that “Civilians are leaving the territory of the Azot plant, they [the Russians] shoot propaganda videos with them. People spent almost 3 months in basements, shelters. At the moment, they need physical and psychological help.”

Fighting has now intensified in Severodonetsk’s nearby “twin city” of Lysychansk. “The people’s militia of the Lugansk People’s Republic and the Russian army have entered the city of Lysychansk,” a pro-separatist militia statement said, describing “street by street fighting” there.

As for Severodonetsk and its buildings, Ukraine officials have stressed the city has been “nearly turned to rubble” before they abandoned it to the Russians. It had a pre-war population of over 100,000 and it’s believed there could be 10,000 or more civilians still there

Besieged Lysychansk is likely to suffer a similar fate as Severodonetsk, also with at least an estimated 8,000 to15,00 civilians still there. Some European media sources have suggested that the Russian-speaking population does not want to leave, even as Ukrainian officials urge them to do so.

With both cities, Russian forces systematically destroyed key bridges in the area while issuing ultimatums to holdout Ukrainian fighters:

“You have two options,” a commander of the pro-Russian separatists battling to take the city warned Ukraine’s defenders. “Surrender or die.”

Still, each major Ukrainian army exit is dubbed by its leadership a withdraw to more fortified positions, and not as defeat. Kiev, meanwhile, has continued to desperately urge NATO countries to send more weapons and ammunition, as they are facing vastly better supplied Russian artillery units.

end

UKRAINE/RUSSIA/

Prof. John Mearshelmer predicted exactly what would happen with Ukraine and Russia in 2014.

a good read

(zerohedge)

John Mearsheimer’s Ukraine Crystal Ball

SUNDAY, JUN 26, 2022 – 10:00 PM

A new talk by Professor John J. Mearsheimer has recently been made public, wherein the famous author and political science theorist details the causes and consequences of the Ukraine war. Mearsheimer became more well-known, and “controversial” in establishment circles, after it emerged that he clearly predicted going back to 2014 the war which kicked off in Feb. 2022.

He had said in a 2014 University of Chicago lecture“The West is leading Ukraine down the primrose path and the end result is Ukraine is going to get wrecked.” This tragedy for the Ukrainian people is playing out now, with little hope that now totally defunct Russia-Ukraine ceasefire talks will halt the fighting. Other than efforts of France’s Macron, attempts at basic diplomacy and direct communications are all but dead.

As the lecture intro describes: Prof. Mearsheimer focused on both the origins of the war in Ukraine and some of its most important consequences. He argues that the crisis is largely the result of the West’s efforts to turn Ukraine into a Western bulwark on Russia’s border. Russian leaders viewed that outcome as an existential threat that had to be thwarted.

While Vladimir Putin is certainly responsible for invading Ukraine and for Russia’s conduct in the war, Prof. Mearsheimer states that he does not believe he is an expansionist bent on creating a greater Russia.

Regarding the war’s consequences, the greatest danger is that the war will go on for months if not years, and that either NATO will get directly involved in the fighting or nuclear weapons will be used — or both. Furthermore, enormous damage has already been inflicted on Ukraine. A prolonged war is likely to wreak even more devastation on Ukraine.

Mearsheimer calls the war an “unmitigated disaster” and with “no end in sight” – for which he lays chief blame on the West. Lately student groups at the University of Chicago, as well as some pundits within the mainstream media, have sought to censor his views and “cancel” him  – despite that he’s been on record and consistent in his predictions and views for years.

WATCH the full new Mearsheimer talk below:

Prof. John J. Mearsheimer is the R. Wendell Harrison Distinguished Service Professor in the Political Science Department at the University of Chicago.

end

A non starter..

G7 Set To Impose “Price Caps” On Russian Oil; Unclear What This Actually Does

MONDAY, JUN 27, 2022 – 10:25 AM

In the latest bizarro move by western nations meant to hurt Russia, but will blow back and help Putin get even richer while impoverishing western motorists with even higher gas prices, G7 leaders meeting at a Bavarian Alp summit, plan to impose a “price cap” on Russian oil as the group works to curb Moscow’s ability to finance its war in Ukraine, the FT reported. The latest sanction follows news that the same G7 will also impose an import ban on Russian gold, which western nations already can’t buy, and which will only push even more physical gold into the willing hands of India and China while pushing global prices higher.

Talks were set to continue on Monday, having begun on Sunday in the luxury resort of Schloss Elmau, where leaders want to enlist a range of countries beyond the G7 to put a ceiling on the price paid for Russian oil.

It isn’t exactly clear just what such a cap would achieve since western nations have already “agreed” to ban Russian oil imports some time in 2023 (or maybe that was 2024… or 2025), but according to the FT, leaders hope a cap will limit the benefits of the soaring price of crude to the Kremlin. Of course, that won’t work since non-G7 member states will pay Moscow anything it wants to be paid and as such the price cap will only demonstrate to the world just how meaningless G7 “unity” is in world where the two largest nations – India and China – side with Russia.

The idea of an oil price cap comes as the high price of crude means Russia’s revenues from oil exports have surged declined despite western restrictions on Russian oil imports. Concern is also mounting that attempts to ban ships carrying Russian oil from accessing western insurance markets this year could drive global oil prices to unprecedented levels. The International Energy Agency warns it could contribute to the shutdown of more than a quarter of Russia’s pre-invasion production.

Under the price-capping scheme, Europe would limit the availability of shipping and insurance services that enable the worldwide transport of Russian oil, mandating that the services would only be available if the price ceiling was observed by the importer. A similar restriction on the availability of US financial services could give the scheme added impact.

Obviously, this naive proposal has had the full backing of the Biden admin and recent comments by German officials suggested Berlin was also coming around to the idea. Officials said that Mario Draghi, Italy’s prime minister, told fellow G7 leaders that energy price caps were needed because “we must reduce the amount of money going to Russia and get rid of one of the main causes of inflation”.

While it is understandable that Europe is angry that its actions have helped Russia claim a record current account surplus, even as the US current account deficit hits an all time high…

… it is not at all understandable how a self-imposed “price cap” by European nations – who have already made buying of Russian oil effectively illegal – and which needs to be implemented by all nations in the world and won’t be with China and India holding out, will achieve anything.

In any case, the FT reports that on Monday, the caps will be debated by a broader group when the leaders of Germany, the US, UK, France, Italy, Japan and Canada are joined by “partner” countries invited to the summit. These include India, which has become a big buyer of discounted Russian oil since the invasion of Ukraine, as well as Argentina, South Africa, Senegal and Indonesia.

Charles Michel, president of the European Council, said the EU was ready to decide with its partners on a price cap but stressed the need for a “clear vision” and awareness of possible knock-on effects. “We want to make sure the goal is to target Russia and not to make our life more difficult and more complex.”

A senior German official told the FT that “intensive discussions” were under way on how a cap would be implemented and work alongside western and Japanese sanctions. “The issues we have to solve are not trivial, but we’re on the right track towards coming to an agreement,” the official added.

Where it gets confusing is that the EU in May agreed to a phased-in ban on seaborne Russian oil shipments while temporarily allowing crude deliveries via pipeline to continue. The US has already banned Russian oil imports and the UK plans to phase them out by the end of this year. So in effect the US has banned Russian oil, and its push for “price caps” is just to warn those nations which are still overly reliant on Russian to not overpay! One couldn’t make this up!

Meanwhile, unfazed by the Bavarian clownshow, Russia could cut oil supplies sharply in response to any attempt to impose a price cap energy executives warned, or make further cuts to gas exports to Europe.

So let’s get this straight: Europe threatens to cut imports from Russia further, and pretend to pay less, but only if Russia doesn’t cut exports to Europe even more first.

Realizing perhaps that the facade of Europe’s “united front” has become a very expensive joke to most European populations, UK prime minister Boris Johnson reiterated the need to maintain consensus, warning of “fatigue” among “populations and politicians”. And just to make sure there is even more fatigue, in “a mark of solidarity”, Ukraine’s comedian actor president Volodymyr Zelenskyy was invited to join the G7 summit by video link on Monday.

As part of efforts to raise the economic pressure on Russia, Britain, Canada, Japan and the US announced moves to ban imports of Russian gold. “We need to starve the Putin regime of its funding,” said Johnson, clearly unaware that anything the West doesn’t buy, Asia will buy twice as much of at a 25% discount.

As for why this price cap idiocy is Dead on Arrival Germany’s Scholz stressed that the concept will need widespread buy-in around the world…  which it will never get! It would also require the EU to amend its ban on insuring Russian crude shipments — introduced with the ban on seaborne oil imports — which would need the buy-in of all 27 member states, which is also unlikely to happen with Hungary the perpetual hold out.

end

IRAN

Iran’s food consumption plummets as prices soar

(OilPrice.com)

Iranian Food Consumption Plummets As Prices Soar

MONDAY, JUN 27, 2022 – 02:05 PM

Via OilPrice.com,

  • Food prices are continuing to climb across the globe.
  • Iran has seen its consumption of fruits and vegetables collapse by as much as 30%.
  • Food supplies could be disrupted in Iranian hospitals and government facilities in the coming weeks.

Iranians are consuming fewer fruits and vegetables as skyrocketing prices shake the country’s food security.

Ismail Moradian, the vice-president of the Fruit and Vegetable Sellers Association, told the ILNA news agency on June 22 that consumption has decreased by between 25 and 30 percent because of price rises and the implementation of the economic policies of President Ebrahim Raisi’s government.

“Many people are confused and do not know which basic products to spend their money on,” Moradian said.

Moradian’s comments come days after a member of the board of the Beef Production and Distribution Union said that beef sales had dropped 20 percent in recent weeks, while the head of the Food Industry Federation said sales of overall food industry products in the country had fallen by half and the chairman of the Dairy Products Industry Association, noting an 80 percent increase in dairy prices last month, said household consumption in his sector had decreased by 20 percent in recent months.

Extreme inflation in Iran has sparked street protests and rattled public institutions such as hospitals, prisons, and child-care centers, which are facing possible food shortages. The Statistics Center of Iran said the inflation rate in June hit 52.5 percent.

Last week, the Tehran-based Etemad newspaper reported that the impending problem of food security could hit in “the coming weeks” and that “food supplies will be disrupted not only in hospitals, but also in other government facilities such as barracks, prisons, nursing homes, and even student dormitories.”

GLOBAL ISSUES AND COVID COMMENTARIES

https://jdrucker.substack.com/p/conspiracy-theory-confirmed-covid

Finally we have  Main Stream Media reporting that vaccines increase risk of infection.  This is according to the New England Journal of Medicine

(JD Rucker)

Conspiracy Theory” Confirmed: Covid Jabs INCREASE Risk of Infection According to New England Journal of Medicine

This isn’t new information to those who have been paying close attention, but the fact that it’s finally getting acknowledged by a highly respected medical journal is a breakthrough.

JD Rucker

Jun 21

9532

Several recent studies have indicated the Covid-19 vaccines actually increase the risk of contracting the disease over time, but these studies have been ignored or even debunked by corporate media and Big Pharma for months. Now, they’ll have to contend with a new study published in the highly respected New England Journal of Medicine.

This study was huge in scale, sifting through data collected from over 100,000 people infected by the Omicron variant. It lends credibility to the statistical significance of the findings, which are absolutely startling. Here are the key points:

  • Those who have been “fully vaccinated” with two shots from Moderna or Pfizer are more likely to contract Covid-19 than those who have not been vaccinated at all
  • Booster shots offer protection approximately equal to natural immunity, but the benefits wane after 2-5 months
  • Natural immunity lasts for at least 300-days, which is the length of the study; it likely lasts much longer

This jibes with the current narrative coming from Big Pharma and their minions in government and corporate media that the jabs are supposed to mitigate the effects. But even that claim has been called into question as recent studies indicate the vaccinated may be dying even more than the unvaccinated. According to The Exposé:

The Government of Canada has confirmed that the vaccinated population account for 4 in every 5 Covid-19 deaths to have occurred across the country since the middle of February 2022, and 70% of those deaths have been among the triple vaccinated population.

Despite the scope of the study and the credibility of the source, it will not receive any attention from corporate media. It is imperative that our readers get the word out because this is an absolute narrative-buster for Big Pharma. Now more than ever, we must alert the people of the truth because we are on the verge of seeing millions of children under the age of five-years-old injected.

The good news is we’ve seen more vaccinated people becoming receptive to the truth. That’s anecdotal, based on what I’m seeing online and the correspondence I receive, but I believe there are more people who are becoming skeptical of governments’ unhinged push for universal vaccinations. If we can share more news that will keep them from getting boosted, and more importantly keep them from jabbing their children, then it’s a worthwhile effort.

If this is, as I believe, part of a nefarious plan to control people and enact the globalist elites’ depopulation agenda, then it behooves us to prevent as many people as possible from getting boosted. The science seems to indicate more shots mean more damage, so limiting exposure is important. We’re going to need allies if things continue down this road. The fewer booster-addicted Americans, the better.

Here are the details regarding the news study published in the New England Journal of Medicine in an article by Marina Zhang from our premium news partners at The Epoch Times:

Vaccination Increases Risk of COVID-19, But Infection Without Vaccination Gives Immunity: Study

Having two doses of a COVID-19 vaccine has been linked with negative protection against the disease, scientists say, while a previous infection without vaccination offers around 50 percent immunity, according to a study analyzing the Omicron wave in Qatar.

The study, published in the New England Journal of Medicine on June 15, examined the Omicron wave in Qatar that occurred from around December 2021 to February 2022, comparing vaccination rates and immunity among more than 100,000 Omicron infected and non-infected individuals.

The authors of the study found that those who had a prior infection but no vaccination had a 46.1 and 50 percent immunity against the two subvariants of the Omicron variant, even at an interval of more than 300 days since the previous infection.

However, individuals who received two doses of the Pfizer and Moderna vaccine but had no previous infection, were found with negative immunity against both BA.1 and BA.2 Omicron subvariants, indicating an increased risk of contracting COVID-19 than an average person.

Over six months after getting two doses of the Pfizer vaccine, immunity against any Omicron infection dropped to -3.4 percent. But for two doses of the Moderna vaccine, immunity against any Omicron infection dropped to -10.3 percent after more than six months since the last injection.

Though the authors reported that three doses of the Pfizer vaccine increased immunity to over 50 percent, this was measured just over 40 days after the third vaccination, which is a very short interval. In comparison, natural immunity persisted at around 50 percent when measured over 300 days after the previous infection, while immunity levels fell to negative figures 270 days after the second dose of vaccine.

These figures indicate a risk of waning immunity for the third vaccine dose as time progresses.

The findings are supported by another recent study from Israel that also found natural immunity waned significantly more slowly compared to artificial, or vaccinated, immunity. The study found that both natural and artificial immunity waned over time.

Individuals that were previously infected but not vaccinated had half the risks of reinfection as compared to those that were vaccinated with two doses but not infected.

“Natural immunity wins again,” Dr. Martin Adel Makary, a public policy researcher at Johns Hopkins University, wrote on Twitter, referring to the Israeli study.

“Among persons who had been previously infected with SARS-CoV-2, protection against reinfection decreased as the time increased,” the authors concluded, “however, this protection was higher” than protection conferred in the same time interval through two doses of the vaccine.

Enrico Trigoso contributed to this report.

END

Dr Paul Alexander..


Open in browser
Trudeau:
it is these two statements that gives us the fire inside to wage a battle against this insanity;
this Prime Minister forced these ineffective deadly COVID injections on our police & military

Today, many of our police & military in Canada walk around vaccine injured, they just do not know it yet, it is coming, sadly, due to him & his inept specious public health PHAC & HC officialsDr. Paul AlexanderJun 26Every lockdown, school closure, mask mandate, every single COVID policy failed in Canada, federally and provincially and at a city level, under the threats of the most inept, illogical, incompetent, moronic, craven, irrational, specious, non-sensical, unsound and idiotic public health officials at PHAC and Health Canada, and at the provincial level with Doug Ford’s Science Table. What a complete bunch of egg heads, just purely inane and vacuous ding dong people who preen as if they are knowledgeable on anything they have said for 2 years, especially those idiots Juni, Fisman, Boddash (not sure how to spell his name but a pure idiot in epidemiology), Williams and Kieran. I notcie many of them are running scared and resigning.Preserve all documents, we will be coming back to each and everyone of you for legal proceedings.I will stop there. Did I miss any adjectives to tell you what I think of the ass h**es in the public health agencies in Canada? Did I? I feel so hurt for our precious police at all levels, and our military for there will be deaths to come due to being forced to take the injections and this Prime Minister should feel ashamed for doing this to healthy people when he took 4 shots and masked and all and he still got infected. It is so funny yet we have to cry about this. He should be ashamed about the risks he has incurred on our nurses who will pay a price in time to come. All the federal employees who bought into the scam and took the injection. I am so sorry.

END

As we have been pointing out, vaccinations are causing the outbreak of rare diseases.

This time it is the spread of meningococcal infections among homosexual males.

(Philips/EpochTimes)

CDC Investigating “Large, Ongoing” Outbreak Of Rare Disease In Florida

SATURDAY, JUN 25, 2022 – 10:30 PM

Authored by Jack Phillips via The Epoch Times,

The U.S. Centers for Disease Control and Prevention (CDC) is investigating a “large, ongoing outbreak” of a rare disease in Florida.

In a press release, the CDC said Wednesday that meningococcal spread among homosexual males, including those with HIV, in the Florida outbreak.

“Getting vaccinated against meningococcal disease is the best way to prevent this serious illness, which can quickly become deadly,” said Jose R. Romero, the head of the CDC’s immunization and respiratory disease division, in the release. 

“Because of the outbreak in Florida,” he added, ”and the number of Pride events being held across the state in coming weeks, it’s important” that homosexual men get the vaccine.

At least 24 cases and 6 deaths among homosexual males have been reported so far, according to the agency.

“People can find a meningococcal vaccine by contacting their doctor’s office, pharmacy, community health center, or local health department,” the news release said.

“Insurance providers should pay for meningococcal vaccination for those whom it is recommended for during an outbreak. In Florida, anyone can get a MenACWY vaccine at no cost at any county health department during the outbreak.”

The Florida Department of Health first issued an alert about an outbreak in Leon County several months ago.

Despite treatment, 10–15 in 100 people die of the disease, the agency says. Up to 20 percent of survivors may have long-term disabilities such as loss of limbs, deafness, brain damage, and problems with the central nervous system.

Read more here…

end

Unvaccinated children have high natural immunity to COVID, says Israeli study

Inbox

Check out this article on World Israel News: https://worldisraelnews.com/unvaccinated-children-have-high-natural-immunity-to-covid-says-israeli-study/

GLOBAL ISSUES/SUPPLY CHAINS

The link between soaring food prices and political instability is discussed

(zerohedge)

The Link Between Soaring Food Prices & Political Instability

FRIDAY, JUN 24, 2022 – 11:20 PM

The Russian war in Ukraine has had immediate repercussions for global food markets given the countries’ role as major exporters of essential agricultural products, such as wheat, sunflower oil, barley and corn, while also affecting perishable foods like fruits and vegetables.

As shown in FAO data, the price of basic food products has surged since the invasion of Ukraine after already having followed an upward trend since 2020 over the course of the Covid-19 pandemic.

Infographic: The Link Between Soaring Food Prices and Political Instability | Statista

You will find more infographics at Statista

As Statista’s Katharina Buchholz notes, in the past, similar surges in the price of food have led to unrest, mostly in developing countries, and even coincided with the Arab Spring in 2011, when populations in North Africa and the Middle East cornered by oppressive regimes and feeling the additional squeeze on their livelihoods due to high prices rose up and toppled several regional regimes. The current level of food prices is even surpassing the peaks observed in 2011 and 2008, when food and other prices rose dramatically, causing unrest in several African countries as well as in Bangladesh, Haiti, Indonesia and Yemen. The onset of the global financial crisis put an end to the price surge that year.

In the current situation, Human Rights Watch has warned that food crisis could hit North Africa and the Middle East again, as several countries in the region are major importers of Russian or Ukrainian food products

According to Cornell University economics professor Chris Barrett, the potential for unrest is again heightened.

As of early June, food prices had already fueled protests all over the world, including in Asia, Africa, the Middle East, Latin America and Europe.

Vaccine Impact

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Vaccine Impact

Official Government Data Record 74,783 Deaths and 5,830,235 Injuries Following COVID-19 Vaccines in the U.S. and EuropeJune 25, 2022 7:12 pmThe European Medicines Agency (EMA) database of adverse drug reactions is now reporting 45,752 deaths and 4,522,307 injuries following COVID-19 vaccines, while the United States’ vaccine adverse events recording system (VAERS) is now reporting 29,031 deaths and 1,307,928 injuries following COVID-19 vaccines. We know that as huge as these numbers are which are official government statistics, that they only represent a very small fraction of the total number of deaths and injuries suffered by those who chose to receive COVID-19 vaccines during the past 18 months. Last year, Dr. Jessica Rose did a comprehensive analysis to determine the “under-reported factor” in VAERS, and came up with 41X, meaning that the recorded data for adverse reactions to COVID-19 vaccines in VAERS had to be multiplied by 41 to get more accurate numbers. However, now that more time has elapsed since this study was performed, many feel that 41X is significantly too low, and should be closer to 100X, which is the number that was previously used based on a 2011 report by Harvard Pilgrim Health Care, Inc. for the U.S. Department of Health and Human Services (HHS). So if we take the publicly available data from VAERS and the European EMA and multiply by 100, these would be the true numbers of adverse events following COVID-19 vaccines: 7,478,300 deaths and 583,023,500 injuries in Europe and the U.S. Is there any evidence available to corroborate these kinds of numbers of people who died and were injured from the COVID-19 vaccines? Oh yes, there most certainly is! Former Blackrock Fund Manager Edward Dowd was one of the first to sound the alarm about the massive increase in payouts for life insurance and health insurance benefits in February of this year (2022), as insurance companies began reporting on their earnings from 2021, the year the COVID-19 vaccines were rolled out. We also published an article about a week ago from Margaret Menge reporting that a 163% increase in death benefits was paid out for group life insurance policies by the 5th largest life insurance company in the U.S. in 2021. This is creating tremendous shortages of human resources in the economy as the entire financial system is heading towards a collapse. When will the masses wake up to the fact that their governments and Big Pharma have an agenda, a very evil agenda, to reduce the world’s population which is now a year and half old? And when they finally do wake up, will it be too late? Will they be sitting in a FEMA camp somewhere hoping that the government is going to give them enough food to stay alive?Read More…MonkeyPox Vaccine Has HIGHER Rates of Heart Disease Side Effects than COVID Vaccines and the CDC Wants to Inject them Into Your ChildrenJune 26, 2022 5:37 pmNow that all age groups for children starting with babies 6 months old have been approved to be injected with the deadly COVID-19 vaccines, the CDC announced last week that they also want to start injecting children with a monkeypox vaccine. These are untested vaccines, and the rate of heart disease as a side effect, such as myocarditis, is even higher than the COVID-19 experimental vaccines. Here is what the CDC currently states regarding the rate of myocarditis and pericarditis after COVID-19 vaccination: “Over 350 million mRNA vaccines were given during the study period and CDC scientists found that rates of myocarditis were highest following the second dose of an mRNA vaccine among males in the following age groups: 12–15 years (70.7 cases per one million doses of Pfizer-BioNTech) 16–17 years (105.9 cases per one million doses of Pfizer-BioNTech) 18–24 years (52.4 cases and 56.3 cases per million doses of Pfizer-BioNTech and Moderna, respectively)” Of course, the CDC is lying, and we have shown this using their own data from the Vaccine Adverse Events Reporting System (VAERS) which reveals much higher rates of heart disease among young people than they are claiming. The two current vaccines approved for smallpox/monkeypox, however, have even higher rates of myocarditis. The CDC admits that the ACAM2000 smallpox vaccine has a rate of 5.7 cases of myocarditis per 1,000 doses administered. That’s 5,700 cases of myocarditis per one million doses! The monkeypox vaccine they want to inject into children, Jynneos, according to the CDC’s Dr. Brent Petersen, has zero cases of myocarditis. But according to Dr. Meryl Nass, he is lying (is anyone surprised?) Dr. Nass pulled the 200-page FDA licensure review of the Jynneos smallpox-monkeypox vaccine which documents two studies, and she found that these 2 studies of Jynneos found that 11% in one and 18% of recipients in the other had developed elevated levels of cardiac enzymes (troponin). This implies heart muscle damage of some kind. It was not studied further, and the reviewers admitted they did not know whether myocarditis was caused by the Jynneos vaccine, or not, and that they would need to perform future surveillance to find out. Just taking the lower of the two numbers, 11%, would produce 110,000 cases of heart disease per one million doses! We are well into the Globalists’ population control by means of vaccines now, and America’s children are in extreme danger from ignorant parents who still believe in vaccines.Read More…

VACCINE INJURY/

MICHAEL EVERY

Michael Every with today’s major topics

Red vs Blue, ‘Black’ vs Green, All vs All, Green vs Red

MONDAY, JUN 27, 2022 – 10:45 AM

By Michael Every of Rabobank

We’ve just seen huge market volatility. This week promises more given it’s month and quarter end with key positioning, portfolio reallocation, and short squeezes all in play. On top of that, the news continues to underline the central thesis: that the ‘one size fits all/one world for all’ neoliberal/liberal/’new normal’ system is collapsing.

Red v Blue

Friday’s US Supreme Court overruling of Roe v Wade was a shock despite having been flagged in an unprecedented leak. It was leading news on Bloomberg and the Financial Times because it exposes US fault-lines. Overturning a near-50 year constitutional precedent means we have US inflation and monetary policy which echoes the 1980s, a pre-Roe status of 1973, and polarization that echoes the 1960s, 1930s, 1880s, 1860s, and 1830s.

The optimistic view is that the US can work this out politically, as the rest of the West has. USA Today stresses: ‘The Supreme Court has now given millions of citizens rather than nine justices the power to decide.’ Tellingly, last week the Court reaffirmed the Second Amendment right to bear (concealed) arms and saw the first gun control legislation in decades too.

The pessimistic take is things get worse. Justice Thomas — not the other five anti-Roe justices — floated roll-backs of other constitutional rights, as did the dissenting Court minority. Twitter has (unbanned) calls for violence, burning down the Court, or killing justices, following the recent arrest for attempted murder of a man targeting Justice Kavanaugh. Some politicians say they will defy the Court, that it has no legitimacy, or they will now pack it. Some media echo this, and claim civil war looms. It’s likely hyperbole, but this is what one expects in an ‘winner takes all’ emerging market, not a constitutional liberal democracy claiming to lead a global struggle vs. autocracy.

It is unlikely markets are going to treat Treasuries or the US dollar as EM assets on the basis of what happened on Friday. Yet the long-run market impact could be significant. Justice Thomas, in an interview with The Federalist, stressed the importance of the Supreme Court pressing ahead to roll back “the administrative state” and Federal agencies, who:

“…have the executive power, the enforcement power, they have administrative judges to adjudicate, so they have all three. And the question for us is, where do they fit in the constitutional structure?… If we simply defer to the agencies,… aren’t we doing precisely what happened when it came to the royal courts of the pre-Revolutionary era?… You’ve got this creation that sits over here outside the Constitution, or beyond the Constitution. How does it fit within our constitutional structure?”  

One wonders where the imperial Fed sits in this view.

We also risk a more polarized/balkanised US. Will population shifts from California and New York to Texas and Florida on economic grounds become two-way on culture? The DNC’s @DavidOAtkins points to fragmentation risks as, “…California is not going to follow Idaho’s rules. We’re just not. We don’t have to and our people deserve better. And if we have to Constitutionally protect basic social rights and set up our independent EPA because the GOP destroyed the federal govt, we will.”  Such splits can even hit firms. Kirkland & Ellis, which helped over-rule the challenge to the Second Amendment, told the two lawyers who did so for it to either end such defences or leave the firm. So, red and blue states, firms, products, and consumers?

Blue v Red

If Red v Blue is clear in US politics, so Blue v Red is in geopolitics. The US, Australia, Japan, New Zealand, and the UK just launched a Partners in the Blue Pacific scheme to counter China, and the G-7 a rival to China’s Belt and Road Initiative in its ‘Partnership for Global Infrastructure and Investment’. The US is promising $200bn in funding: *if* that is new money and *if* the rest match it we are talking about a serious global policy shift. Meanwhile, China warned a US spy-plane flying above international waters in the Taiwan Strait, which is seen as a dangerous escalation by both sides.

Belarus is being used as a base for more widespread Russian air attacks on Ukraine, including against Kyiv again, and Moscow says it will base nuclear weapons there aimed at Europe. Tensions also continue to mount near the critical Suwalki gap leading to Kaliningrad.

Ignoring that Iran plays for Team Red (as it just attempted to assassinate Israelis in Turkey) EU foreign policy chief Borrell is trying to resuscitate the Iran nuclear deal – just before US President Biden heads to the region to sign military agreements with states who don’t want it to happen. (Indeed, such anti-Iran regional co-ordination is already crystalizing.)

‘Black’ v Green

Meanwhile, Germany (and the EU) are forced to blink on green pledges: coal output is soaring; plans made for the risks of Nord Stream 1 closing, which could reportedly mean consumer gas prices doubling or tripling; it may appropriate parts of Nord Stream 2 to speed up new LNG pipelines; it and others, reportedly want to delay EU bans on the sale of new petrol and diesel cars from 2035 to 2040; it is pushing the G-7 to drop a pledge to stop financing fossil fuel projects; and French power firms are calling for immediate energy rationing.

Yet Europe won’t help Africa –which has fossil fuels and minerals for EVs– to develop its fertiliser capacity because of concerns over *EU* green targets; and the US is to proceed with production of biofuels despite the global food crisis.

The G-7 is also considering imposing a price cap on Russian oil by withholding its monopoly on shipping insurance on any global importer which refuses to adhere to it. That’s a very high risk game of geopolitical brinksmanship which will either see Russian energy income slashed, or will alienate the rest of the world and humiliate the West – and see even higher energy prices.

All v All

*Finally*, the West grasps it’s in an economic war: but it doesn’t see where all the fronts are. For example, G-7 gold trade with Russia is to be cut off by sanctions too. However, everyone else can still buy it and sell it on, like Russian oil. The G-7 needs to win global hearts and minds to win.

That means noticing the FT warning the food crisis is biting in Africa; that up to 345m people –4.4% of humanity– are at risk; that the Economist says ‘A Wave of Unrest is Coming’; and that Bloomberg predicts ‘Hunger and Blackouts are Just the Start of an Emerging Economy Crisis’. Indeed, Spain just saw an incursion into its enclave in Morocco in which 23 people died, Peru has joined Sri Lanka and Ecuador in economic chaos, and China has had to bail out Pakistan with a $2.3bn loan.

Yet the response so far is for the better off to subsidise their own food and energy, which forces the ultimate cost onto the world’s very poorest and makes things worse: California is talking about giving households $1,050; Spain is to spend another EUR9.5bn on tax breaks and commodity subsidies; and even middle-income Malaysia will spend $18bn this year on subsidies, almost 5% of its GDP(!) The risks of a global all v all are rising, as are internal red v blue pressures in many places.

Indeed, as the ECB struggles for its own “anti-fragmentation” strategy, the Dutch Prime Minister states it is up to Italy to deal with the problem itself via reforms, which will surely only make the ECB’s immediate task harder(?); the UK deeply-unpopular PM Johnson say he wants to stay in office until the mid-2030s(!), as Scotland would like to leave by 20:30, and Northern Ireland could potentially follow; and even in China, an ultra-hardliner Xi loyalist was also just appointed the new Minister of Public Security ahead of the expected schedule – surely not for no reason at all.

The answer must be for supply to increase: yes, it must be sustainable, but so must the current global population, or else politics, geopolitics, and markets can’t be. However, that new supply is itself going to break up the global system, as part of ‘sustainable’ means not relying on others in a pinch so we don’t end up here again. Relatedly, in her latest note ‘Time to Get Real’, geostrategist Dr Pippa Malmgren underlines, “Food is now a national security issue that warrants spending from the defence budget… It’s time to get real. That means a world where capital and talent get on their bikes and start making hard stuff.” Which is hard, and inflationary before it is deflationary.

Green v Red

Despite this mess, markets think the Fed is going to tighten less than feared just days ago. That was helped by Friday’s revisions to the final Michigan consumer sentiment survey: the headline fell to a 50-year low, but more ‘important’ was that longer-term inflation expectations dropped 0.2ppts to 3.1% y-o-y. Despite massive uncertainty from respondents, this was because a sub-set felt long-term inflation would be very low. Do they all work for the fixed income market or pension funds? Nobody on Main Street is thinking “deflation”!

As evidence, look at rents. According to CoreLogic, they just surged 41% y-o-y in Miami, 26% in Orlando, 18% in Phoenix, 17% in San Diego and LA, and 8% in New York, D.C., St Louis, Philadelphia, and Honolulu: that’s quite the ‘forecast err-OER’ in a series the BLS says is rising much more slowly.

Nonetheless, the Wall Street end-month/end-quarter/short-squeeze/’new normal’/Fed put crowd got their win last week, and they may get another this week too. They just didn’t notice that oil leaped on Friday day too, despite many speculative longs having been reversed, which rains on the deflation premise and yells ‘stagflation’ or ‘incession’. And ‘soaring global unrest’.

If the Fed can’t step up now, it never can. Indeed, the BIS just warned that leading economies risk tipping into a high inflation where rapid price increases are normal, dominate daily life, and are difficult to quell. It is openly calling for key rates to be raised “quickly and decisively” in H2 2022, even if “some pain will be inevitable,” because falling behind the curve risks far worse than that. Are the Fed going to ignore that call?

Bloomberg says that ‘Fed Chair Jerome Powell’s path to 2% inflation needs luck, or failing that, pain’. That overlooks the unlucky geopolitical backdrop it faces. If the *supply* side is not fixed, even if the Fed pivots, it will have to flip back, with no credibility, if inflation gets worse. They had better be hoping the G-7 plan works: or *help* the G-7 plan work, which might mean telling other people to help others globally. After all, the Director of the Institute for Financial Transparency correctly tweets, “Few realize Volcker’s high rate plan appears successful only because of luck. Had OPEC continued to raise prices, his plan would have been an abysmal failure.”

Zooming in, such a view suggests ‘red’ will win against ‘green’ even if this week sees the opposite. Indeed, 3% on the US 10-year Treasury once seemed a ‘new normal’ ceiling: if said new normal is falling apart, it now looks to be a floor.


END

7. OIL ISSUES//NATURAL GAS//ELECTRICITY ISSUES/USA//GLOBE

Biden Drains US Strategic Oil Reserve To Lowest Since 1986; UAE Warns Not To Expect Any Help From OPEC

MONDAY, JUN 27, 2022 – 01:45 PM

Continuing to do the same action and expecting different results is the Einsteinian definition of insanity… but that hasn’t stopped the Biden administration in the case of its attack of his oil/gas prices.

This morning, despite DOE’s servers being reportedly fried, they managed to report that the US released 6.9 million barrels of crude from its Strategic Petroleum Reserve (SPR) last week (~985,000 b/d).

As Bloomberg’s Javier Blas notes, the latest weekly release has pushed the SPR below the 500 million barrels mark for the first time since 1986…

And as the chart above shows, the plummeting SPR is not having the impact on prices that President Biden hoped (which explains why he is blaming everyone and everything else for the rise in gas prices – as it becomes clear it’s a refining capacity issue as much as anything else).

As is obvious in the spread between barrel-equivalents for products vs crude…

After last week’s discussions between The White House and energy executives, a number have spoken out to defend against the vitriolic attacks from Biden. However, Scott D. Sheffield, Chief Executive Officer of Pioneer Natural Resources, perhaps said it all best, concluding on the problems that the administration is going to face in dealing with a rapidly emptying SPR very soon…

Yeah, first of all, I think we’ve all seen the true behavior of the Biden administration when they came out — when he first came in office, they basically wanted to ban fracking, no federal leases and they’ve already shutdown gas infrastructure, moving gas across the Northeast down to the Gulf Coast. New York won’t take a pipeline, they’ve rejected several pipelines, they rather use fuel oil instead of natural gas in the state of New York.

So that’s been amazing to me and the rhetoric coming out of Secretary of Energy was go find another job in another industry versus the fossil fuel industry.

So all of a sudden, things are getting tight, gasoline is going up, we have a war in Ukraine and then the entire administration changes. But the rhetoric really hasn’t, you saw the argument between Mike Wirth and Biden.

So when I said we’re not going to add growth, he quoted me and used my name that some CEO basically said that they wouldn’t change your growth rate if oil was $200.

So in my opinion, relying on SPR and federal tax removing $0.18… those are band-aids. In my opinion, our inventory after six months SPR will be at the lowest in 40 years. So he is going to have to buy at a higher price and refill it in my opinion. And we’re going to be even shorter, and SPR will be half of what it was three years ago.

Separately, as Biden heads to the Middle East to ask for help with his ratings, Reuters is reporting that of a conversation caught between French President Macron US President Biden.

“I had a call with MbZ,” Macron was heard telling U.S. President Joe Biden on the sidelines of the G7 summit

“He told me two things. I’m at a maximum, maximum (production capacity). This is what he claims. And then he said Saudis can increase by 150 (thousands barrels per day). Maybe a little bit more but they don’t have huge capacities,” Macron said.

In other words, no matter how much Biden begs, the two top OPEC oil producers – Saudi Arabia and UAE – can barely increase oil production.

end

8 EMERGING MARKET& AUSTRALIA ISSUES

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

ZIMBABWE

Triple digit hike in interest rates to tame inflation. 

This country will experience hyperinflation again!

Special thanks to Doug C for sending this to us:

Zimbabwe Plans Triple-Digit Interest Rate Hike to Tame Inflation – BloombergInbox
https://www.bloomberg.com/news/articles/2022-06-25/zimbabwe-plans-triple-digit-interest-rate-hike-to-tame-inflation?srnd=premium#xj4y7vzkg


Zimbabwe Plans Triple-Digit Interest Rate Hike to Tame InflationMPC member says central bank’s inflation outlook is now 160% Zimbabwe lending rates are already the highest in the worldRay NdlovuJune 25, 2022, 11:08 AM EDTA makeshift market in Mbare, Zimbabwe.A makeshift market in Mbare, Zimbabwe.Photographer: Tafara Mugwara/Xinhua/Getty ImagesZimbabwe’s central bank plans to more than double the benchmark interest rate — already the highest in the world — to 190%, a member of its monetary policymaking committee said, as it seeks to put a brake on soaring inflation.Persistence Gwanyanya, from the bank’s MPC, said the intention was to achieve a positive real interest rate to discourage speculative borrowing that undermines the local currency. He spoke in a phone interview after official figures Saturday showed that annual inflation rose to 191.6% in June.

END

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

Euro/USA 1.0576 UP  0.0039 /EUROPE BOURSES //MOSTLY GREEN EXCEPT ITALY

USA/ YEN 135.33   UP .307 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2269 UP   0.0020

 Last night Shanghai COMPOSITE CLOSED UP 29.44 POINTS UP 0.88%

 Hang Sang CLOSED  UP 510.46 PTS OR 2.39%

AUSTRALIA CLOSED UP 1.94%    // EUROPEAN BOURSES MOSTLY GREEN EXCEPT ITALY

Trading from Europe and ASIA

I) EUROPEAN BOURSES MOSTLY GREEN EXCEPT ITALY

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 510.46 PTS OR 2.39%   

/SHANGHAI CLOSED UP 29.44 PTS UP 0.88% 

Australia BOURSE CLOSED UP  1.94% 

(Nikkei (Japan) CLOSED  UP 379.30 OR 1.43%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1835.35

silver:$21.45

USA dollar index early MONDAY morning: 103.81  DOWN 19  CENT(S) from FRIDAY’s close.

 MONDAY  MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.63%  UP12  in basis point(s) yield

JAPANESE BOND YIELD: +0.239% DOWN 12     AND 0/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.65%// UP 11   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.63  UP12   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.55%

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0551 UP  0.0032    or 32 basis points

USA/Japan: 135.11 UP 1.177  OR YEN UP  282  basis points/

Great Britain/USA 1.2291  UP  0.0031 OR 31  BASIS POINTS

Canadian dollar UP .0074 OR 74 BASIS pts  to 1.2916

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.6928  

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

TURKISH LIRA:  16.54  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.239

Your closing 10 yr US bond yield UP 6  IN basis points from FRIDAY at  3.185% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.315 UP 6 in basis points 

Your closing USA dollar index, 103.44 DOWN 52   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 MONDAY: 12:00 PM

London: CLOSED UP 62.26 PTS OR  0.56%

German Dax :  CLOSED UP 84.57  POINTS OR 0.64%

Paris CAC CLOSED DOWN 11.58 PTS OR 0.19% 

Spain IBEX CLOSED UP 15.30 OR 0.19%

Italian MIB: CLOSED DOWN 155.97 PTS OR  0.21%

WTI Oil price 109.31   12: EST

Brent Oil:  114.85  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  53.29  UP  10/100        RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.55

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0587 UP   .0049   OR  49 BASIS POINTS

British Pound: 1.2278 UP .0028  or  28 basis pts

USA dollar vs Japanese Yen: 135.45 UP 0.431//YEN DOWN 43 BASIS PTS

USA dollar vs Canadian dollar: 1.2879 UP 4 (CDN dollar DOWN 4 basis pts)

West Texas intermediate oil: 109.52

Brent OIL:  115.10

USA 10 yr bond yield: 3.198 UP 7 points

USA 30 yr bond yield: 3.309  UP 5  pts

USA DOLLAR VS TURKISH LIRA: 16.55

USA DOLLAR VS RUSSIA//// ROUBLE:  53.39   UP  0 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 61.10 PTS OR 0.19 % 

NASDAQ 100 DOWN 119.04 PTS OR 0.98%

VOLATILITY INDEX: 27.34 UP 0.11 PTS (0.40)%

GLD: 170.06 DOWN 0.20 PTS OR 0.12%

SLV/ 19.51 DOWN .02 PTS OR 0.10%

end)

USA trading day in Graph Form

‘Good News’ Sends Stocks & Bonds Lower; Oil & Gas Prices Soar

MONDAY, JUN 27, 2022 – 04:01 PM

And just like that the narrative flipped back from a ‘growth scare’ to ‘inflation fears’ as Pending Home Sales beat (but that was for May when mortgage rates down-ticked modestly before spiking in June)Durable Goods Orders beat (again this was for May and since then we have seen regional Fed sentiment indicators collapse in June)… all of which up-ticked the Macro Surprise Index by the most since April (admittedly off a very weak, low base)…

Source: Bloomberg

Don’t get too excited though as Dallas Fed’s Manufacturing Index for June was a bloodbath.

Still that up-tick was enough to send rate-hike expectations hawkishly higher once again…

Source: Bloomberg

And stocks lower… With Nasdaq the biggest loser on the day, falling to levels right before Friday’s late-day meltup. The Dow and S&P also closed lower as Small Caps managed to hold on to gains)…

NOTE how choppy/illiquid trading was in futures overnight.

With ‘Most Shorted’ stocks squeezed up to pre-CPI levels but running out of ammo…

Source: Bloomberg

And bond yields higher… With the belly underperforming the wings (but the whole curve up 5-7bps)…

Source: Bloomberg

Credit markets were weaker today…

Source: Bloomberg

US junk is down about 5% so far this month, the worst since the 11.5% collapse of March 2020. Other than in the 1990 and 2008 recession years, credit losses of this magnitude are rare – you’d have to go back to 2002 to find a worse June.

The dollar ended practically unchanged on the day rallying back after the European close…

Source: Bloomberg

Bitcoin tumbled early on after comments from SEC’s Gensler (nothing of particular note but enough to trigger the algos in an illiquid market)…

Source: Bloomberg

Energy prices surge today amid ongoing gas supply restrictions, G-7’s oil price cap discussions and ahead of the OPEC meeting (which UAE suggested would not prompt any increased production of note). WTI topped $110…

And US NatGas recovered some of its Freeport LNG closure losses…

EU NatGas was flat today as US NatGas and WTI converged (on a oil barrel equivalent basis)…

Source: Bloomberg

Gold opened higher overnight but ended lower on the day…

Finally, we note traders appear to be rotating their hedges away from macro overlays (index hedges lifted – which would drive skew lower) into name by single-name idiosyncratic hedges (bidding puts vs calls – driving skew higher)…

And as SpotGamma notes, there has been a change in their Risk Reversal metric to -0.07, which is off from bullish readings of -0.05. This suggests that the flat skew position (which had bullish implications) is steepening (i.e. puts may be catching a bid).

 

I) / EARLY MORNING TRADING//

Stocks & Crypto Dive After SEC Gensler Comments

MONDAY, JUN 27, 2022 – 10:15 AM

After Friday’s late-day meltup, futures extended gains overnight but it all felt fragile and it appears SEC Chairman Gary Gensler’s comments on CNBC were just the catalyst that the algos needed to test lower:

“There’s a lot of risk in crypto but there’s also risk in classic securities markets. Difference is there’s no rules or disclosures in the former to protect from fraud and manipulation,” he said.

That appeared to trigger selling in stocks (after an abrupt turnaround from a panic bid at the open)…

And crypto dived with Bitcoin nearing $20,500…

Some have also suggested that crude triggered the dive in stocks and Gensler on crypto as WTI tumbled from $109 to $106 (before bouncing back)…

Did the market shift from ‘growth fears’ to ‘inflation anxiety’ again?

END

ii) USA DATA

USA durable goods orders unexpectedly jumped in May

(zerohedge)

US Durable Goods Orders Unexpectedly Jumped In May

MONDAY, JUN 27, 2022 – 08:35 AM

With PMIs sinking rapidly and macro surprise indices crashing, analysts remained optimistic of a continued rise (albeit a small 0.1% MoM) in US durable goods orders in preliminary May data. It turns out they were ‘under’-optimistic as durable goods orders surged 0.7% MoM (with a small downward revision from +0.5% to +0.4% MoM in April).

Source: Bloomberg

That is the 3rd straight monthly increase in orders and pushes them up 12.0% YoY.

Ex Transports, orders rose 0.7% MoM – beating expectations of +0.3%.

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose 0.5% after a 0.3% gain a month earlier.

Finally, Shipments soared by 0.8% MoM – 4 times the 0.2% MoM expected.

None of this data helps the current ‘growth scare dominates inflation fears’ narrative… as ‘good news’ is now ‘bad news’.

END

Dallas Fed Survey Plunges, “We’ll All Be Lucky To Have A Job With Two More Years Of This Disaster”

MONDAY, JUN 27, 2022 – 10:41 AM

After an unexpected rise in US durable goods orders (in May) and pending home sales (in May), the Dallas Fed’s Manufacturing Survey (in June) plunged to its lowest since May 2020.

Source: Bloomberg

The survey was expected to rise modestly from -7.3 to -6.5, but plunged to -17.7. New Orders crashed into negative territory and employment weakened significantly.

The comments from survey respondents are perhaps most enlightening of the reality facing many businesses in America: foreign dependence, cost inflation, over-regulation, and Biden energy policies…

  • As a country, we are not looking at the future and establishing relationships with emerging countries like we should to ease the dependency on Chinese products and services. This will hurt us in the long run.
  • Everything we buy and sell comes and  goes by truck, if we can get a truck at any price. Inflation will continue  until the country is self-sufficient in oil and gas. The current political  policy may not change until 2024. Therefore, inflation will be our consistent  companion for a while, then stagflation!
  • There is increased concern over  Mexican manufacturers gaining more business in the U.S. due to not having the  Section 232 tariffs.
  • We see the environment for the oil  industry becoming even worse than the previous months. Biden is promoting a  very caustic attitude toward the oil industry, which doesn’t help the country  in any way.

And finally, this Dallas Fed respondent’s comment on the Biden admin seems to sum how many in America feel today:

“We’ll all be lucky to have a job with two more years of this disaster.”

“You can’t ignore the economic fundamentals leading to a likely recession, and the administration [in Washington] is either stubborn or as paralyzed as a deer in headlights”

“Government overspending and transfer  programs have inflated the money supply while resulting in unchecked corruption  and waste. We will be paying that bill for generations, and what a colossal  waste of resources and missed opportunity.”

Worse still, ‘hope’ is evaporating rapidly as six-months ahead activity expectations crashed to near COVID-lockdown lowsaside from the COVID lockdown, ‘hope’ hasn’t been this weak since Lehman…

Source: Bloomberg

“Growth scare” back on…

end

IIB) USA COVID/VACCINE MANDATES

Another stupid move: don’t they read?

(zerohedge)

40,000 National Guard Troops Face Unemployment As Vaccine Deadline Imminent

SUNDAY, JUN 26, 2022 – 06:00 PM

Up to 40,000 Army National Guard troops – around 13% of the force – could be fired for not getting the mandated COVID-19 vaccine (which has limited efficacy against Omicron, doesn’t stop transmission, has been linked to elevated heart problems, and has been mandated for a healthy demographic that rarely dies of the disease).

Guard soldiers have until Thursday to get the jab, according to the Associated Press, which notes that between 20% and 30% of Guard soldiers in six states remain unvaccinated.

We’re going to give every soldier every opportunity to get vaccinated and continue their military career. Every soldier that is pending an exemption, we will continue to support them through their process,” Lt. Gen. Jon Jensen, director of the Army National Guard, told AP. “We’re not giving up on anybody until the separation paperwork is signed and completed. There’s still time.”

Last year, Defense Secretary Lloyd Austin ordered all service members to get the vaccine, with different branches maintaining different deadlines for the jab. The Army National Guard was given the maximum amount of time, largely because its roughly 330,000 soldiers are scattered throughout the country, including remote locations.

The Army Guard’s vaccine percentage is the lowest among the U.S. military — with all the active-duty Army, Navy, Air Force and Marine Corps at 97% or greater and the Air Guard at about 94%. The Army reported Friday that 90% of Army Reserve forces were partially or completely vaccinated.

The Pentagon has said that after June 30, Guard members won’t be paid by the federal government when they are activated on federal status, which includes their monthly drill weekends and their two-week annual training period. Guard troops mobilized on federal status and assigned to the southern border or on COVID-19 missions in various states also would have to be vaccinated or they would not be allowed to participate or be paid. -AP

Complicating matters is a rule that Guard soldiers deployed on state active duty may not require a vaccination, depending on state-level mandates. 

According to the report, at least seven governors have asked Austin to reconsider, or drop, the vaccine mandate for National Guard members – with some having filed or joined lawsuits to that end.

Austin, apparently following his own special brand of science, told them to pound sand, saying that Covid-19 “takes our service members out of the fight, temporarily or permanently, and jeopardizes our ability to meet mission requirements,” adding that troops will either need to get vaccinated or lose their Guard status.

“When you’re looking at, 40,000 soldiers that potentially are in that unvaccinated category, absolutely there’s readiness implications on that and concerns associated with that,” said Jenson, adding “That’s a significant chunk.” 

AP reports that around 85% of Army Guard soldiers are fully vaccinated, while 87% are at least partially vaccinated.

end

iii)a.  USA economic stories

6,500 US Flights Delayed Sunday Amid Continued Travel Chaos Ahead Of Fourth Of July Weekend

MONDAY, JUN 27, 2022 – 11:04 AM

While airlines and the Federal Aviation Administration (FAA) blame each other for soaring flight delays and cancellations that have made traveling across the country a living nightmare, flight disruptions show no signs of abating as the situation worsens ahead of the July Fourth holiday weekend when travel demand will increase. 

On Sunday, 6,700 flights were delayed, and nearly 900 were canceled across the US, according to data from FlightAware

Flight disruptions were particularly disruptive over the Juneteenth and Father’s Day weekend when tens of thousands of flights were delayed or canceled — forcing many to sleep in airports for more than 24 hours

On Friday, airline industry group Airlines for America, which represents the country’s largest airlines (American Airlines, Delta, United, Southwest, JetBlue and Alaska Airlines as well as shippers FedEx and UPS), blamed the FAA’s own understaffing is “crippling” East Coast air traffic.

United Airlines recently slashed flights from Newark Liberty International Airport, citing the airport’s construction and air traffic control problems. 

But it’s not just FAA staffing issues and infrastructure woes. Airlines have grappled with pilot shortages after travel demand jumped following the reopening of the economy post-COVID lockdowns. The industry is short 12,000 pilots, United’s CEO Scott Kirby recently pointed out. He warned: “there’s no quick fix.” 

To alleviate congestion, United, American Airlines, Southwest Airlines, Delta Air Lines, JetBlue Airways, Alaska Airlines, and Spirit Airlines have all reduced flights this summer. Some carriers are even pulling flights from smaller airports. 

The blame for this summer’s travel mess in the skies is across the board. Airlines are dealing with a historic pilot shortage, while the FAA doesn’t have enough staff amid a very robust demand period for travel despite soaring ticket prices. 

Internet searches for “why is my flight delayed” have spiked to a record high amid all the travel chaos. 

This means that flight disruptions won’t abate anytime soon, though Raymond James analyst Savanthi Syth believes it won’t be until later this year when demand simmers down and a significant pullback in 1H23.  end

Due to the Fed raising rates, they are paying 30% more on their national debt and yet inflation remains elevated

(Wall Street Journal)

special thanks to Doug C for sending this to us;

U.S. Paying More to Borrow as Fed Raises Rates, Inflation Stays Elevated – WSJ

Inbox

douglas cundeySat, Jun 25, 5:39 PM (19 hours ago)

https://www.wsj.com/articles/u-s-paying-more-to-borrow-as-fed-raises-rates-inflation-stays-elevated-11656165602

U.S. Paying More to Borrow as Fed Raises Rates, Inflation Stays Elevated

Interest costs on national debt are up 30% this fiscal year and could increase more

Amara OmeokweJune 25, 2022 10:00 am ET

Since March, the Federal Reserve has raised its benchmark federal-funds rate three times from near zero to a range between 1.5% and 1.75%.Photo: SARAH SILBIGER/REUTERS

Yields on U.S. Treasurys are rising as the Federal Reserve lifts interest rates to try to cool inflation, a development that could increase the federal government’s borrowing costs over time to levels higher than currently projected.

Government spending on net interest costs in the fiscal year that began last October totaled about $311 billion through May, a nearly 30% increase from the same period a year earlier, according to Treasury Department data. While the annual federal deficit has narrowed 79% this fiscal year, the higher borrowing costs are a rising government expenditure at a time when other federal spending is declining and tax revenue is increasing.

end

Who is Leading America? | Armstrong Economics

Inbox

Robert Hryniak10:25 AM (1 minute ago)
to

Who is running the show?

The travesty is that a country’s  highest office is rudderless with clear strings from behind the curtain. And that should scare everyone because whose real agenda is being played out for whose benefit? Because you can be sure it is not in the interest of the public. Why this is not seen as elder abuse is puzzling. Perhaps the public still sleeps but thinking nations with a freedom of choice are voting with their feet in taking actions and choosing not to play in the sandbox of illusion and drama that has become America.

What ever path America is on, is realized by an ever growing wave of nations who are abandoning the work and goodwill that has been built over decades. Similarity one is tasked to inquire what agenda is being played out by the G7 as it is quite clear they are on board with whatever the program is. It is why western hegemony is on a rapid decline globally as it is no longer a American condition. Europe faces challenges it has not seen before and is losing standing on all fronts. Soon the challenge of financial solvency will cast a shadow that will add to woes being inflicted. The winter of 22-23 will be difficult and a race to war by 2024 maybe a preferred path to the alternative confrontation of realities. Fully 25%of companies in Europe today want to leave. Does anyone give thought to what that means?
Apart from declining public support for a losing proposition of conflict in the Ukraine where 80% of the trained troops in the Donbas are dead or MIA ( more than 160,000) agendas are more suspect than righteous. And the whole narrative of Covid and lockdowns and sanctions are questionable as to real intentions and purpose.  And shortages of tampons and baby formula in a first world nation begs the question of definition. Should the financial centers move to Asia or elsewhere, in a decade or so; it will be because western leadership gave away the store and the keys, along with the inventory to retire into the footnotes of history.

There is a reason why in Canada only 29% of population believes mass media to point where in the future there will be no support from the public in any future crisis real or created leading to further erosion of public trust. The malaise of rot and smell is apparent in all G& countries where challenges to existing incumbents grows and likely will lead to mass change at the voting boxes or by public rage.

Whatever road comes into view will be a twisted one where directions and maps will likely be lacking in the haze of distrust and illusions meeting realities of a day when truth confronts lies. The real question for all of us is whether we have the heart to manage the challenges that will ensue or simply ride the waves.

SWAMP STORIES

Maxine Waters: will defy Supreme Court.  Women have the right to their bodies but not for vaccines!!

(Watson/SummitNews)

Maxine Waters: “To Hell With The Supreme Court! We Will Defy Them!”

SATURDAY, JUN 25, 2022 – 04:30 PM

Authored by Paul Joseph Watson via Summit News,

Congresswoman Maxine Waters responded to the landmark abortion ban by vowing, “To hell with the Supreme Court! We will defy them!

Waters made the comments shortly after it was announced that abortion is being sent back to the states, with Roe v Wade being overturned.

“They ain’t seen nothing yet, women are going to control their bodies no matter how they try to stop them,” insisted Waters.

To hell with the Supreme Court! We will defy them! Women will be able to control their bodies and if they think black women are intimidated, are afraid, they got another thought coming,” she added.

“Black women will be out in droves – we will be out by the thousands, we will be out by the millions, we’re going to make sure we fight for the right to control our own bodies,” asserted Waters.

As we highlighted earlier, Congresswoman Alexandria Ocasio-Cortez is spewing similar rhetoric, gathering outside the Supreme Court to shout that it is “illegitimate.”

Now watch as all the same people who accused Trump of “inciting” January 6 incite actual violence in the form of riots over the next few nights.

Far-left pro-abortion groups have already vowed to stage a “night of rage” in response to the ruling.

The Department of Homeland Security has also warned crisis pregnancy centers, Catholic churches, and pro-life institutions that they should brace for attacks, with several having already been targeted in recent weeks.

Buckle up for the next few nights, there might be a few “mostly peaceful” demonstrations ahead.

*  *  *

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END

“F**k Clarence Thomas!” Shouts Chicago Mayor Lori Lightfoot During Pride Parade

MONDAY, JUN 27, 2022 – 03:06 PM

“Lori Lightfoot… Lori Lightfoot… Lori Lightfoot…”

Chicago’s foul-mouthed Mayor took to the stage at this weekend’s Pride Parade, where she declared “fuck Clarence Thomas,” following Friday’s Supreme Court decision overturning Roe v. Wade.

“So we know what happened in the Supreme Court yesterday. If you read Clarence Thomas’ concurrence, he said —” she said, addressing someone in the crowd, adding “Thank you. Fuck Clarence Thomas!”

“He thinks that we are going to stand idly by while they take our rights, our right to marry, our right to have children, our right to live!” she continued.

Watch:

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Lightfoot’s outburst is the latest among leftists who are raging against the decision to send abortion laws back to the states.

On Friday, Rep. Maxine Waters (D-CA) took to the streets to declare: “To hell with the Supreme Court! We will defy them!”

“They ain’t seen nothing yet, women are going to control their bodies no matter how they try to stop them,” insisted Waters.

To hell with the Supreme Court! We will defy them! Women will be able to control their bodies and if they think black women are intimidated, are afraid, they got another thought coming,” she added.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1540387596215455745&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Ffk-clarence-thomas-shouts-chicago-mayor-lori-lightfoot-during-pride-parade&sessionId=43f6abc8166a6549ec9f346c8af30c6bf40a7f06&siteScreenName=zerohedge&theme=light&widgetsVersion=b45a03c79d4c1%3A1654150928467&width=550px

Meanwhile, as Summit News noted,  Congresswoman Alexandria Ocasio-Cortez spewed similar rhetoric last week, gathering outside the Supreme Court to shout that it is “illegitimate.”

Now watch as all the same people who accused Trump of “inciting” January 6 incite actual violence in the form of riots over the next few nights.

Far-left pro-abortion groups have already vowed to stage a “night of rage” in response to the ruling.

The Department of Homeland Security has also warned crisis pregnancy centers, Catholic churches, and pro-life institutions that they should brace for attacks, with several having already been targeted in recent weeks.

King Report

Greg Hunter: 

SEE YOU ON TUESDAY

One comment

  1. […] by Harvey Organ, Harvey Organ Blog: […]

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