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EXCHANGE: COMEX

DLV615-T CME CLEARING
BUSINESS DATE: 06/16/2022 DAILY DELIVERY NOTICES RUN DATE: 06/16/2022
PRODUCT GROUP: METALS RUN TIME: 20:34:48
EXCHANGE: COMEX
CONTRACT: JUNE 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,845.700000000 USD
INTENT DATE: 06/16/2022 DELIVERY DATE: 06/21/2022
FIRM ORG FIRM NAME ISSUED STOPPED

363 H WELLS FARGO SEC 20
657 C MORGAN STANLEY 3
661 C JP MORGAN 44 26
800 C MAREX SPEC 5
905 C ADM 4
972 C IRONBEAM INC 2

TOTAL: 52 52
MONTH TO DATE: 23,741

no. of contracts issued by JPMorgan: 317/560

_____________________________________________________________________________________

NUMBER OF NOTICES FILED TODAY FOR JULY CONTRACT 560 NOTICE(S) FOR 56,000 Oz//1.7418 TONNES)

total notices so far: 7482 contracts for 748,200 oz (23/272 tonnes)

SILVER NOTICES:

13 NOTICE(S) FILED 65,000 OZ/

total number of notices filed so far this month 3151 : for 15,755,000 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 $.35

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//

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.22

TONNES FROM THE GLD///

INVENTORY RESTS AT 1009.06 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 14 CENTS

AT THE SLV// ://NO CHANGES IN SILVER INVENTORY AT THE SLV//:

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 515.838 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A ROSE BY A TINY SIZED 4 CONTRACTS TO 146,713 AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE TINY GAIN IN OI WAS ACCOMPLISHED DESPITE OUR STRONG $0.25 GAIN IN SILVER PRICING AT THE COMEX ON MONDAY. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.25) BUT WERE SUCCESSFUL IN KNOCKING OFF SOME COMMERCIAL SILVER LONGS//BUT MAINLY WE HAD ADDITIONAL SPECULATOR ADDITIONS AS WE HAD A FAIR GAIN OF 301 CONTRACTS ON OUR TWO EXCHANGES.

WE MUST HAVE HAD:
I) HUGE SPECULATOR SHORT ADDITIONS /. II) WE ALSO HAD SOME REDDIT RAPTOR BUYING//. iii) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A POOR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 15.220 MILLION OZ FOLLOWED BY TODAY’S 40,000 OZ QUEUE JUMP / // V) TINY SIZED COMEX OI GAIN

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

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS : -16

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

TOTAL CONTACTS for 12 days, total 11,322 contracts: 56.610 million oz OR 4.717 MILLION OZ PER DAY. (944 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 56.610 MILLION OZ

LAST 15 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: 94.470 MILLION OZ

JULY : 56.610 MILLION OZ

RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4 DESPITE OUR STRONG $0.25 GAIN IN SILVER PRICING AT THE COMEX// MONDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE CONTRACTS: 411 CONTRACTS ISSUED FOR SEPT 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 POOR INITIAL SILVER OZ STANDING FOR JUNE. OF 15.22 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 40,000 OZ // .. WE HAD A FAIR SIZED GAIN OF 415 OI CONTRACTS ON THE TWO EXCHANGES FOR 2.075 MILLION OZ DESPITE THE GAIN IN PRICE..

WE HAD 13 NOTICES FILED TODAY FOR 65,000 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 VERY STRONG SIZED 14,329 CONTRACTS TO 532,845 AND FURTHER FROM THE 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: -1090 CONTRACTS.

THE STRONG SIZED DECREASE IN COMEX OI CAME WITH OUR FALL IN PRICE OF $7.55//COMEX GOLD TRADING/MONDAY / WE MUST HAVE HAD ADDITIONAL SPECULATOR SHORT ADDITION ACCOMPANYING OUR HUMONGOUS SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION //AND SOME SPECULATOR SHORT ADDITIONS

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JULY AT 2.914 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 25,000 OZ

YET ALL OF..THIS HAPPENED WITH OUR FALL IN PRICE OF $7.55 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A FAIR SIZED GAIN OF 3003 OI CONTRACTS 9.340 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A HUMONGOUS SIZED 17,329 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 531,752

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3003 CONTRACTS WITH 14,329 CONTRACTS DECREASED AT THE COMEX AND 17,329 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3003 CONTRACTS OR 9.34 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A HUMONGOUS SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (17,329) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (14,329,): TOTAL GAIN IN THE TWO EXCHANGES 3,003 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT ADDITIONS ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JULY. AT 2.914 TONNES FOLLOWED BY TODAY’S 25000 OZ QUEUE JUMP 3) ZERO LONG LIQUIDATION//CONSIDERABLE SPECULATOR SHORT ADDITIONS/ //.,4) VERY STRONG SIZED COMEX OPEN INTEREST LOSS 5) HUMONGOUS ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

JULY

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

78,133 CONTRACTS OR 7,813,300 OZ OR 243.02 TONNES 12 TRADING DAY(S) AND THUS AVERAGING: 6511 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 12 TRADING DAY(S) IN TONNES: 243.02 TONNES

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

THUS EFP TRANSFERS REPRESENTS 243.02/3550 x 100% TONNES 6.04% 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: 238.13 TONNES FINAL

JULY: 243.02 TONNES (HUGE INCREASE FROM JUNE//WILL CLOSE IN ON THE RECORD EFP ISSUANCE IN MARCH 22)

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 JUNE HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JULY, FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JULY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A TINY SIZED 4 CONTRACT OI TO 146,697 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 411 CONTRACTS

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

SEPT 411 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:411 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 4 CONTRACTS AND ADD TO THE 411 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A FAIR SIZED GAIN OF 415 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 2.075 MILLION OZ

OCCURRED DESPITE OUR RISE IN PRICE OF $0.25

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

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)TUESDAY MORNING// MONDAY NIGHT

SHANGHAI CLOSED UP 1.33 PTS OR 0.04% //Hang Sang CLOSED DOWN 185.12 OR 0.89% /The Nikkei closed UP 173.21 OR % 0.65. //Australia’s all ordinaires CLOSED DOWN 0.51% /Chinese yuan (ONSHORE) closed UP AT 6.7412 /Oil UP TO 100.26 dollars per barrel for WTI and UP TO 104.61 for Brent. Stocks in Europe OPENED ALL MIXED // ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7412 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7422: /ONSHORE YUAN TRADING ABOVE 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 VERY STRONG SIZED 14,329 CONTRACTS TO 531,752 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 STRONG COMEX DECREASE OCCURRED WITH OUR FALL OF $7.55 IN GOLD PRICING MONDAY’S COMEX TRADING. WE ALSO HAD A HUGE SIZED EFP (17,058 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 IN THE NON ACTIVE DELIVERY MONTH OF JULY.. THE CME REPORTS THAT THE BANKERS ISSUED A HUMONGOUS SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 17,329 EFP CONTRACTS WERE ISSUED: ;: , . 0 AUG :17,329 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 17,329 CONTRACTS

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED SIZED TOTAL OF 3,003 CONTRACTS IN THAT 17,329 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A VERY STRONG SIZED COMEX OI LOSS OF 14,329 CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR FALL IN PRICE OF GOLD $7.55.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING JULY (23.480),

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: 74.933 TONNES FINAL

JULY 23.480 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT FELL $7.55) BUT WERE UNSUCCESSFUL IN KNOCKING OFF SOME SPECULATOR LONGS/COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS//// WE HAVE REGISTERED A FAIR SIZED GAIN OF 11.888 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR GOLD TONNAGE STANDING FOR JULY (23.480 TONNES)…

WE HAD -1090 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3,003 CONTRACTS OR 300,300 OZ OR 9.34 TONNES

Estimated gold volume 154,172/// poor/

final gold volumes/yesterday 203,349 / poor

INITIAL STANDINGS FOR JULY ’22 COMEX GOLD //JULY 19

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil oz
Withdrawals from Customer* Inventory in oz*	240,762.240 oz HSBC JPMorgan Manfra
Deposit to the Dealer* Inventory in oz*	nil OZ
Deposits to the Customer* Inventory, in oz*	26,731.160 Brinks
No of oz served (contracts) today	560 notice(s) 55,600 OZ 1.7418 TONNES
No of oz to be served (notices)	67 contracts 6700 oz 0.2083 TONNES
Total monthly oz gold served (contracts) so far this month	7482 notices 748,200 OZ 23.272 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	xxx oz

total dealer deposit 0

No dealer withdrawals

Customer deposits: 1

i) Into Brinks 26,731.160 oz

total deposits: 26,731.160 oz

3 customer withdrawals:

i)Out of HSBC 50,005.045 oz

ii)Out of Manfra: 30,299.921 oz

iii) Out of JPMorgan: 160,457.274 oz

total withdrawal: 240,762.240 oz

ADJUSTMENTS:0 dealer to customer

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 627 contracts having LOST 235 contracts . We had

485 notices filed on Monday so we gained a WHOPPING 250 contracts or an additional 25,000 oz will stand in this non active

delivery month of July.

August has a LOSS OF 18,521 contracts down to 236,095 contracts

Sept. gained 45 contracts to 2744 contracts.

We had 560 notice(s) filed today for 56,000 oz FOR THE July 2022 CONTRACT MONTH.

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 20 notices were issued from their client or customer account. The total of all issuance by all participants equate to 560 contract(s) of which notices were stopped (received) by j.P. Morgan dealer and 317 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 JULY /2022. contract month,

we take the total number of notices filed so far for the month (7482) x 100 oz , to which we add the difference between the open interest for the front month of (JULY 627 CONTRACTS ) minus the number of notices served upon today 560 x 100 oz per contract equals 754,900 OZ OR 23.480 TONNES the number of TONNES standing in this active month of July.

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

No of notices filed so far (7482) x 100 oz+ (627) OI for the front month minus the number of notices served upon today (560} x 100 oz} which equals 754,900 oz standing OR 23.480 TONNES in this active delivery month of JULY.

TOTAL COMEX GOLD STANDING: 23.480 TONNES (A FAIR STANDING FOR A JULY ( NON ACTIVE) DELIVERY MONTH)

SOMEBODY IS AFTER A HUGE AMOUNT OF GOLD

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: 2,443,533.842 oz 76.00 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 31,6872,971.177 OZ

TOTAL REGISTERED GOLD: 15,998.217 OZ

TOTAL OF ALL ELIBIBLE GOLD: 15,684,158.955 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 13,454657.0 OZ (REG GOLD- PLEDGED GOLD) 421 tonnes

END

SILVER/COMEX/JULY 19

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	761,093.165 oz CNT Delaware JPMorgan
Deposits to the Dealer* Inventory*	nilOZ
Deposits to the Customer Inventory	1,366,589.530 OZ BRINKS Delaware JPMorgan
No of oz served today (contracts)	13CONTRACT(S)65,000 OZ)
No of oz to be served (notices)	157 contracts (785,000 oz)
Total monthly oz silver served (contracts)	3151 contracts 15,755,000 oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL 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: 0 oz

i) We had 0 dealer withdrawal

total dealer withdrawals: oz

We have 3 deposits into the customer account

i) Into Brinks 602,026.800 oz

ii) Into Delaware 199.488 oz

iii) Into JPMorgan: 565,074.300 oz

total deposit: 1,366,589.200 oz

JPMorgan has a total silver weight: 176.839 million oz/342.432 million =51.64% of comex

Comex withdrawals:3

i) Out of CNT: 158.104.468 oz

ii) out of Delaware 951.500 oz

iii) Out of JPMorgan: 602,026.800

total withdrawal 761,093.165 oz

adjustments: 1/dealer to customer CNT

300,347.530 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 61.752 MILLION OZ

TOTAL REG + ELIG. 342.432 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JULY OI: 170 CONTRACTS HAVING LOST68 CONTRACTS. WE HAD 76 NOTICES FILED

ON MONDAY, SO WE GAINED 8 CONTRACTS OR AN ADDITIONAL 40,000 OZ WILL STAND FOR METAL AT THE COMEX.

AUGUST GAINED 11 CONTRACTS TO STAND AT 1110

SEPTEMBER HAD A LOSS OF 805 CONTRACTS DOWN TO 118,644 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 13 for 65,000 oz

Comex volumes:37,262// est. volume today// poor

Comex volume: confirmed yesterday: 47,419 contracts ( poor )

To calculate the number of silver ounces that will stand for delivery in JULY we take the total number of notices filed for the month so far at 3151 x 5,000 oz = 15 755,000 oz

to which we add the difference between the open interest for the front month of JULY(170) and the number of notices served upon today 13 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JULY./2022 contract month: 3151 (notices served so far) x 5000 oz + OI for front month of JULY (170) – number of notices served upon today (13) x 5000 oz of silver standing for the JULY contract month equates 16,540,000 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:

JULY 19/WITH GOLD DOWN $.35 :BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.22 TONNES FROM THE GLD//INVENTORY RESTS AT 1009.06 TONNES

JULY 18/WITH GOLD UP $7.55: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD////INVENTORY RESTS AT 1014.28 TONNES

JULY 15/WITH GOLD DOWN $3.75:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.90 TONNES FROM THE GLD///INVENTORY RESTS AT 1016.89 TONNES//

JULY 14/WITH GOLD DOWN $28.75: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FORM THE GLD//INVENTORY RESTS AT 1019.79 TONNES

JULY 13/WITH GOLD UP $10.55:HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.74 TONNES FROMTHE GLD//INVENTORY RESTS AT 1021.53TONNES

JULY 12/WITH GOLD DOWN $9.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESS AT 1023.27 TONNES

JULY 11/WITH GOLD DOWN $4.45: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWL OF 1.16 TONNES FROM THE GLD./INVENTORY RESTS AT 1023.27 TONNES

JULY 7/WITH GOLD UP $1.35: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.61 TONNES FORM THE GLD///INVENTORY REST AT 1024.43 TONNES

JULY 6/WITH GOLD DOWN $26.70: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 9.86 TONNES FROM THE GLD//INVENTORY REST AT 1032.04 TONNES

JULY 5/WITH GOLD DOWN $36.55//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 8.41 TONNES FROM THE GLD///INVENTORY RESTS AT 1041.90 TONNES

JULY 1/WITH GOLD DOWN $5.40: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.32 TONNES//INVENTORY RESTS AT 1050.31 TONNES

JUNE 30/WITH GOLD DOWN $9.20: big CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 1052.63 TONNES//

JUNE 28/WITH GOLD DOWN $3.05//BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.64 TONNES FROM THE GLD///INVENTORY RESTS AT 1056.40 TONNES

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

GLD INVENTORY: 1009.06 TONNES

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

JULY 19/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 515.838 MILLION OZ//

JULY 18/WITH SILVER UP 25 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 4.995 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 515.838 MILLION OZ.

JULY 15/WITH SILVER UP 31 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 3.226 MILLLION OZ FORM THE SLV//INVENTORY RESTS AT 510.443 MILLIONOZ//

JULY 14/WITH SILVER DOWN 88 CENTS TODAY; BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 830,000 OZ FROM THE SLV// //INVENTORY RESTS AT 513.671 MILLION OZ

JULY 13/WITH SILVER UP 24 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SV//INVENTORY RESTS AT 514.501 MILLION OZ.

JULY 12/WITH SILVER DOWN 16 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A IWTHDRAWAL OF 3.228 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 514.501 MILLION OZ//

JULY 11/WITH SILVER DOWN 17 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 5.533 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 517.729 MILLION OZ

JULY 7/WITH SILVER UP 3 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.889 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 523.262 MILLION OZ/

JULY 6/WITH SILVER UP ONE CENT: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 12.558 MILLION OZ FORM THE SLV///INVENTORY RESTS AT 528.151 MILLION OZ

JULY 5/WITH SILVER DOWN 55 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 540.709MILLION OZ//

JULY 1/WITH SILVER DOWN 61 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 553,000 OZ//INVENTORY RESTS AT 540.709 MILLION OZ//

JUNE 30/WITH SILVER DOWN 41 CENTS : SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 738,000 OZ FROM THE SLV//INVENTORY RESTS AT 541.262 MILLION OZ//

JUNE 28/WITH SILVER DOWN 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.00 MILLION OZ..

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

CLOSING INVENTORY 515.838 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

END

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

The Martens:

There Are Three Separate Cases in Federal Court Accusing JPMorgan Chase of a Culture of Fraud

By Pam Martens and Russ Martens: July 19, 2022

JPMorgan Chase is the largest federally-insured bank in the United States. It is also one of the largest trading houses on Wall Street. That’s the Faustian bargain the Clinton administration entered into with Wall Street when it repealed the Glass-Steagall Act in 1999.

According to data from the FDIC, as of June 30 of last year, JPMorgan Chase Bank N.A. had 4,925 branches in 44 U.S. states holding $2.01 trillion in deposits. Many of those deposits belong to mom and pop savers who have no idea that the bank has admitted to five criminal felony counts since 2014 and has a rap sheet that is the envy of the Gambino crime family. (Apparently, a federal judge in New York overseeing a current JPMorgan case is just as naïve about the bank’s criminal history. More on that shortly.)

The bulk of Americans also do not know that neither federal regulators nor Congress nor the Board of Directors of JPMorgan Chase have demanded that the Chairman and CEO of JPMorgan Chase, Jamie Dimon, who has sat at the helm of the bank throughout this crime spree, be sacked. Dimon’s tenure has been propped up by a public relations machine and an obsequious mainstream media. (See here and here.)

Corruption of this magnitude can’t be swept under the rug forever, however. Today, three cases are playing out simultaneously in federal courts. Observed together, which no member of mainstream media is currently doing, they paint an undeniable picture of a bank which, as Senator Bernie Sanders would say, has adopted fraud as a profitable business model.

Let’s start with the case known as U.S. v. Smith playing out in the federal District Court for the Northern District of Illinois in Chicago. (Case number 1:19-cr-00669.) Federal prosecutors from the Justice Department have charged multiple traders on the precious metals desk of JPMorgan Chase with turning the trading desk into a racketeering enterprise from 2008 to 2016. For the first time that veterans on Wall Street can remember, the Justice Department is the using the RICO statute, typically reserved for members of organized crime, to charge JPMorgan’s traders. (The bank settled its own charges in September 2020 and paid $920 million in fines – a mere pittance in terms of the profits that were likely made on these “tens of thousands” of trades over a period of eight years.)

Making the situation extremely dicey for both the indicted traders and the bank’s reputation, federal prosecutors have called to testify two former precious metals traders on that desk who have pleaded guilty to related charges and are cooperating with prosecutors. (A third cooperating witness is expected to testify.) One of those cooperating witnesses, John Edmonds, told jurors that “Our job was to do whatever it takes to make money” and “Everyone at the time did it on the desk and it worked.” When asked why he didn’t report the conduct to the compliance officers at the bank, Edmonds responded that “I would have been fired.” This certainly suggests that he felt fraud was not just a standard practice at the bank but was an enshrined profit- making strategy.

Another cooperating witness, Corey Flaum, told jurors that the practice of manipulating precious metal prices (spoofing) was done out in the open and was “common practice.”

While the indicted traders’ trial is playing out in Chicago, a trader on the precious metals desk who was not indicted for wrongdoing, Donald Turnbull, has brought charges against JPMorgan Chase in federal court in the Southern District of New York. Turnbull alleges that the bank trumped up false charges against him as a pretext to terminate him when it was actually terminating him for cooperating with the Department of Justice’s investigation. Turnbull states in the lawsuit that the indicted traders received better benefits when they were released from employment than he did. Despite a seriously-ill wife, Turnbull alleges in the lawsuit that JPMorgan Chase cancelled his health insurance, did not pay him severance, and took away his unvested stock awards.

Despite the unprecedented crime history of this bank, the Judge overseeing this case, John Koeltl, has been pretty much giving lawyers from Big Law firm, Morgan Lewis, who are representing JPMorgan Chase, everything they ask for.

For example, Judge Koeltl dismissed Turnbull’s first amended complaint on a motion to dismiss by Morgan Lewis on the basis that he found it “implausible” that the bank would retaliate against Turnbull for cooperating with the Justice Department when the bank itself was cooperating with the Justice Department.

Either the Judge is feigning naivete, engaging in willful blindness, or is actually ignorant of how JPMorgan actually “cooperates” with investigators and prosecutors. For example, JPMorgan Chase was smacked with two felony counts by the Justice Department in 2014 for its role in Bernie Madoff’s Ponzi scheme. The bank told its regulators in the U.K. that it believed Madoff was running a Ponzi scheme but failed to “cooperate” as it was required to under law by reporting its concerns to U.S. prosecutors and also failed to report red flags about Madoff’s money laundering to the Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Treasury.

Then there was the 300-page report from the Senate’s Permanent Subcommittee on Investigations on how JPMorgan Chase had used more than $100 billion of depositors’ money to gamble in derivatives in London and lose $6.2 billion. The Chair of that Subcommittee at the time, Senator Carl Levin, wrote that the bank “piled on risk, hid losses, disregarded risk limits, manipulated risk models, dodged oversight, and misinformed the public.”

If Senator Carl Levin were alive today, he would certainly not find it “implausible” that JPMorgan would retaliate against an employee cooperating with a criminal investigation. In fact, it was Senator Levin who introduced evidence in a hearing in 2014 showing that JPMorgan Chase had rushed to hire a person who had bragged on his resume that he knew how to game electric markets.

Turnbull now has a second amended complaint pending before Judge Koeltl’s court. Bizarrely, JPMorgan’s lawyers from Morgan Lewis asked Koeltl to redact paragraphs 67 through 70 of that complaint because the bank claims that those paragraphs contain information that is subject to attorney-client privilege from an interview it conducted with Turnbull. But what actually happened was that the bank asked Turnbull to come and sit for an interview and explain what he knew about trading on the precious metals desk. He brought his own attorney. How that gives JPMorgan an attorney-client privilege with Turnbull should have raised red flags with a federal judge. It didn’t. The request was granted and paragraphs 67 through 70 are now a big, blacked out blob.

And in a perfect segue way, along comes the federal lawsuit brought by Shaquala Williams against JPMorgan Chase, also in the Southern District of New York under Judge Jed Rakoff. Williams tells the court in her complaint that JPMorgan Chase did not fulfill its promise under a deferred prosecution agreement to cooperate with the Justice Department – something that Judge Koeltl in the Turnbull case finds “implausible” to believe.

Williams is a financial crimes compliance professional with more than a decade of experience at multiple global banks. Part of Williams’ role at JPMorgan Chase was to make sure that the bank was in compliance with a non-prosecution agreement the bank had signed with the Justice Department in 2016.

The Justice Department had charged in 2016 that JPMorgan’s Asia subsidiary had engaged in quid pro quo agreements with Chinese officials to obtain investment- banking business and had falsified internal documents to cover up the activities. The quid pro quo agreements resulted in the bank putting the children of high Chinese government officials on its payroll in order to further its business interests in China.

In exchange for avoiding prosecution, the Justice Department required JPMorgan to create compliance controls around third-party payments. Williams alleges, among numerous other serious charges, that the so-called third- party payment controls were a sham and that when she blew the whistle to her superiors at the bank, the bank retaliated against her by firing her in October 2019.

The case is Shaquala Williams v JPMorgan Chase, Case Number 1:21-cv-09326, which was filed last November. Very conveniently, Morgan Lewis is representing JPMorgan Chase in this case as well as in the Turnbull case.

END

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

This is a good read. I have printed it out for you at the bottom of this section

(Ted Butler)

Ted Butler: After epic selloffs, epic rises ahead for gold and silver

Submitted by admin on Mon, 2022-07-18 19:06Section: Daily Dispatches

7p ET Monday, July 18, 2022

Dear Friend of GATA and Gild (and Silver):

Silver market analyst Ted Butler explains tonight why he thinks that the “epic” smashdown of gold and silver prices in recent months has been engineered to allow the bullion banks to jettison their short positions for good, clearing the way for epic price increases. His analysis is headlined “Epic Silver Selloffs” and it’s posted at GoldSeek’s companion site, SilverSeek, here:

https://silverseek.com/article/epic-silver-selloffs

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

END

Spoofing the gold market was common at Bear Stearns before they were taken over by JPMorgan.

(Spence/Bloomberg/GATA)

Spoofing gold market was common at Bear Stearns, former trader testifies

Submitted by admin on Mon, 2022-07-18 19:17Section: Daily Dispatches

By Eddie Spence
Bloomberg News
Monday, July 18, 2022

At Bear Stearns Cos., before the bank was acquired by JPMorgan Chase & Co. in 2008, manipulating the gold futures market with bogus spoof orders was “common practice,” especially for its top trader, Gregg Smith, a former colleague told jurors in Chicago.

“It was pretty widespread” on the precious-metals trading desk, said Corey Flaum, a gold and silver trader who was later fired for spoofing and reached a criminal plea agreement to cooperate with prosecutors.

“It was done out in the open,” Flaum said today. “Nobody ever said boo about doing it. No one ever said it was legal or illegal. It was common practice.”

Smith, who became JPMorgan’s top gold trader after the merger, is on trial with two others on the desk: Jeffrey Ruffo, a salesman who handled orders by the bank’s biggest hedge fund clients, and Michael Nowak, the longtime head of the JPMorgan precious-metals business. They are accused of operating a criminal enterprise by manipulating prices from 2008 to 2016. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-07-18/spoofing-gold-common-practice-at-bear-stearns-ex-trader-says

end

For your interest…

(Ronan Manly/GATA)

Monetary reform, gold remonetization addressed as Bullion Star interviews fund manager Sean Fieler

Submitted by admin on Mon, 2022-07-18 20:15Section: Daily Dispatches

8:14p ET Monday, July 18, 2022

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly today interviews fund manager and gold and sound-money advocate Sean Fieler about the prospects for monetary reform in the United States, including the remonetization of gold and auditing the Federal Reserve and making it more accountable to limited government and democracy.

A big part of the discussion involves gold market manipulation and GATA’s efforts to expose it.

The interview is 35 minutes long and can be seen at YouTube here:

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

end

4. OTHER GOLD/SILVER COMMENTARIES

TED BUTLER

https://silverseek.com/article/epic-silver-selloffs

Epic Silver Selloffs

I would certainly classify the current selloff in silver as being epic and I’m reminded of other past selloffs as being historic in nature. I lived (as a broker) through perhaps the most epic silver selloff of all, the price decline of early 1980, when the Hunt Brothers-inspired run to $50, quickly collapsed as trading rules were changed, leading to “Silver Thursday” when all of Wall Street was rocked by fears of cascading margin calls leading to widespread fears of default by leading brokerages. And who could forget the more-recent collapse from the same near-$50 price high in April 2011, a selloff that lasted, effectively, for close to a decade.

As memorable and historic as those silver selloffs were, what comes to my mind is the comparison of the current selloff with two other epic silver selloffs; the one that occurred into the end of 2008, in which the price of silver fell from a high of $21 in March to under $9 by December and the one that occurred in March 2020, when within a month, prices fell from over $18 to under $12.

On an encouraging note to current investors suffering the pain of the freefall in silver (and gold) prices, I would point out that silver prices ran up five-fold within little more than three years following the price lows into December 2008 and rose by two and half times within six months of the 2020 price low. Based upon everything that I look at, I fully expect similar, if not greater, price performance ahead.

The reason I chose the epic silver selloffs into the end of 2008 and in March 2020, was because of the JPMorgan connection. Having discovered that JPM had replaced Bear Stearns as the big COMEX silver and gold short seller following the release of the August 2008 Bank Participation report and correspondence from the CFTC, it was easy to trace JPMorgan’s role in the 2008 epic price decline, namely, it had whittled down a 40,000 contract (200 million oz) COMEX short position in March 2008 to 20,0000 contracts (100 million oz) by December. In the March 2020 silver selloff, JPMorgan completely eliminated its 20,000-contract short position, never to return to the short side of COMEX gold and silver to this day.

When JPMorgan bought back and eliminated its COMEX silver and gold short positions in the 2020 epic price selloff, it had, effectively, double crossed the other large COMEX commercial short sellers and set these other commercials up for what turned out to be large losses for the first time ever; losses that exceeded $15 billion at the price highs of early March this year. As I recently wrote, the default in the LME nickel market due to the large concentrated short seller served as a wakeup call for the large COMEX gold and silver short sellers and they put into practice a plan to undo their large concentrated short positions – once and for all time (I believe).

The only way for the large concentrated short sellers in COMEX silver and gold (and related markets) to buy back and close out their short positions was to orchestrate and rig a selloff that would induce selling and short selling from the non-commercial traders, largely, the managed money traders. The selloff had to be epic in nature to get the sufficient amount of managed money selling required to permit the concentrated commercial short sellers to buy back the requisite number of short contracts. As any silver and gold investor would testify, the depth and pain of the current selloff would certainly qualify for being termed epic.

With the benefit of hindsight (you know, the quality that enables everyone to be all-knowing), I can see how the current epic selloff was the perfect and only solution to a problem that has plagued silver for more than 4 decades, namely, the existence of a concentrated short position objectively measuring more extreme than in any other commodity. How else could the big shorts cover their manipulative short positions except on an epic price decline? If they tried to buy back their concentrated short positions on higher prices, as would typically occur in free markets (that would mark the first time that would occur in COMEX gold and silver), prices would have soared to levels hard to contemplate because they would be so dramatic.

Short covering on higher prices (Izzy’s full pants down premise) would have not only been catastrophic for the big concentrated shorts, it would have also been a disaster for the regulators. That’s because the CFTC, Justice Department and CME Group have bent over backwards in trying not to make the connection between the concentrated short position in COMEX silver and the ongoing manipulation. A price explosion powered by concentrated short covering would have openly revealed to all the incompetence and malfeasance of the regulators. It was much better for all – except innocent investors and mining companies – for the collusive COMEX commercials to have bought back short positions on an orchestrated price smash than for the concentrated short position to be resolved on the free-market short covering of higher prices.

However, the important point is that the concentrated short position appears to have been finally resolved, or nearly so. By my calculations, the concentrated short position held by the largest commercials is now, essentially, lower than it has ever been in COMEX silver and gold. This includes the size of the concentrated short position when prices bottomed in late 2008 and in March 2020. While the pain has been great these past few months, I believe the prospective gains to come will be much greater. This is not something I speak of loosely.

No one would deny that I have focused on the concentrated short position in COMEX silver (and gold) to the point of enough already. So detailed and well-presented were my allegations about the concentrated short position in COMEX silver, that the CFTC had to publicly address and deny my concerns over the past 20 years on numerous occasions, including two lengthy 15-page public letters in 2004 and 2008. Then there’s also the formal investigation of a silver manipulation by the CFTC’s Enforcement Division in the fall of 2008, based upon the revelations I uncovered in the Bank Participation report of August 2008. I can’t recall the CFTC ever publicly responding to claims of manipulation in silver or gold for anyone other than me.

The remarkable thing is that given the opportunity to refute my claims of silver being manipulated by concentrated short selling again, by way of correspondence from my congressman last year, the CFTC instead chose to agree to forward my concerns to its Enforcement and Market Oversight Divisions, without offering the slightest disagreement with my allegations for the first time since……well, forever.

Since it did not disagree that the concentrated short position shouldn’t be brushed aside as it had done in the past, it’s not unreasonable to conclude the Commission was looking for an easy way to deal with the issue. Standing by while the big COMEX commercial shorts rigged an epic selloff in silver and gold seems to me to be right up the Commission’s alley. Again, this was much preferable to it than the alternative of the fireworks of an upside price explosion brought about by concentrated short covering to the upside, most likely accompanied with big damage to the banks which were heavily short.

Make no mistake, the amount of short covering by the big concentrated commercial shorts in COMEX silver and gold has been nothing less than epic and should, ultimately, have nearly the same price effect as would covering to the upside, if (and this is the big “if”) the former big concentrated shorts refrain from adding their recently covered shorts on the next rally. This is something I have continually beaten to death over the decades and even though it has yet to occur, remains just as true today as ever.

Not adding back the same shorts just covered makes more sense now than ever before. Not only is the concentrated short position of the big silver and gold COMEX commercials now the lowest I can ever recall, overall conditions in the physical markets make it highly unlikely there will be a better time for the former big commercial shorts to stand aside than currently. Yes, there have been too many times in the past when the big shorts re-shorted on higher prices, contradicting my expectations that they wouldn’t – but the setup for them standing aside and not adding shorts was never as good as it is now (from their perspective).

The perfect (and only) solution I wrote of recently is not just perfect for the big concentrated commercial shorts who have reduced their remaining silver and gold short positions to manageable levels (by hedging in the options or the OTC market), it’s also the perfect solution for the regulators (the CFTC, DOJ and CME Group). By allowing the big commercial shorts to rig the current epic price smash, buying back more short positions than ever before, the regulators are now, effectively, off the hook on the concentrated short position they should have dealt with decades ago.

Should silver and gold prices explode soon (as I expect), due to the refusal of the former big commercial concentrated shorts to aggressively add back new short positions on the next rally, it would seem impossible for the regulators to move against the former big shorts. There are certainly no legitimate regulatory grounds for the CFTC to order the former big concentrated commercial shorts to extend the ongoing manipulation by re-shorting the next rally – that would be ridiculous.

That’s what makes it ideal, not only for the big former concentrated shorts to stand aside on the next rally, but for the regulators as well. Let’s face it, so few observers are aware of the effect of the concentrated short position on silver and gold prices for the past couple of decades, that there will be even fewer who recognize when prices explode the impact of the big former shorts not doing what they did for 40 years.

While it’s clear to me that the level of concentrated short covering to this point has been unprecedented and as much as it seems to be over, we will only know for sure after prices rise and the big former shorts don’t re-short, not before. I’m confident silver (and gold) bought at current prices will be much higher in the not-too-distant future, but I also know the power of the collusive COMEX commercial crooks, as well as the willingness of the regulators to look the other way. All I can say for sure is to avoid margin if there exists the possibility of losing positions should prices fall even more.

Ted Butler

July 18, 2022

www.butlerresearch.com

END

5.OTHER COMMODITIES:

END

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

Looks like Scaramucci’s Skybridge capital might be in trouble due to redemptions in one of its crypto funds.

(zerohedge)

Scaramucci’s SkyBridge Capital Suspends Redemptions In One Of Its Crypto Funds

MONDAY, JUL 18, 2022 – 10:15 PM

Voyager, 3 Arrows Capital, Celsius… is Skybridge Next?

Anthony Scaramucci’s Skybridge Capital suspended redemptions in one of its funds after sharp declines in stocks and cryptocurrencies, Bloomberg reported.

The Legion Strategies fund suspended redemptions because private companies, which are harder to sell, now make up about 20% of the portfolio, one of the people said. The fund is one of Skybridge’s smaller offerings, which farms out most of its roughly $230 million of assets to hedge fund managers. According to Bloomberg FTX, the crypto exchange co-founded by billionaire Sam Bankman-Fried, is among the fund’s private investments.

The Legion Strategies fund gained exposure to digital assets through other funds managed by Skybridge, including vehicles focused on Bitcoin, Ethereum and Algorand, according to a regulatory filing. As of Feb. 28, almost a quarter of Legion’s net assets were invested in such fund.

Scaramucci – who returned to money management after spending all of 11 days in the White House as the Trump administration’s communications director when he was angling for a nod from Trump to sell his firm to China’s now defunct HNA (the sale ultimately fell through) – made a big push into crypto, a move that helped Skybridge’s performance last year and has crushed it this year when an index of the 100 largest digital assets has tumbled 56% in 2022.

Skybridge runs a larger fund-of-funds, the Multi-Adviser Hedge Fund Portfolios, which managed about $2 billion as of March 31, according to a separate filing. That fund fell about 5.5% for the year through March 31.

Redemptions for that fund are made through a tender offer by Skybridge. The firm told clients it will buy back 10% of the fund’s shares at the end of September, the next time investors are allowed to pull money, one of the people said.

It’s not the first time the Mooch has faced a run on his fund: in April 2020, Reuters reported that investors in SkyBridge Capital asked for hundreds of millions of dollars back after the fund suffered a 23% loss in March when investments made by its debt-focused hedge fund managers soured. Scaramucci wrote in a letter to clients that he was “embarrassed” by the loss.

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED UP 6.7412

OFFSHORE YUAN: 6.7435

HANG SANG CLOSED DOWN 185.12 PTS OR 0.89%

2. Nikkei closed UP 173.21 OR 0.65%

3. Europe stocks CLOSED ALL MIXED

USA dollar INDEX DOWN TO 106.36/Euro RISES TO 1.0253

3b Japan 10 YR bond yield: RISES TO. +.232/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 137.44/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 UP 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 DOWN TO +1.147%/Italian 10 Yr bond yield FALLS to 3.34% /SPAIN 10 YR BOND YIELD FALLS TO 2.30%…

3i Greek 10 year bond yield FALLS TO 3.43//

3j Gold at $1712.85 silver at: 18.80 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 1 AND 40/100 roubles/dollar; ROUBLE AT 54.93

3m oil into the 100 dollar handle for WTI and 104 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 137.44DESTROYING 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 0.9677– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9922well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 2.982 UP 2 BASIS PTS

USA 30 YR BOND YIELD: 3.155 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.58

EUR bid and EGBs dented on ECB source reports; IBM -5.0% pre-mkt – Newsquawk US Market Open

TUESDAY, JUL 19, 2022 – 06:43 AM

European bourses are under modest pressure continuing with the downbeat APAC handover, with pressure from AAPL, ECB sources and IBM impacting.
US futures are modestly firmer, with key earnings including NFLX ahead; IBM -5% in pre-market
EUR bid and EGBs dented on Reuters/BBG sources that a 25bp or 50bp rate hike will be discussed at Thursday’s ECB
DXY pressured as such and peers taking advantage, antipodeans lead the way
Crude benchmarks are pressured and continuing to consolidate, spot gold lifted amid the USD pullback with base metals somewhat mixed
Punchy rhetoric from China re. US House Speaker Pelosi’s visit to Taiwan in August
Looking ahead, highlights include a Speech from BoE’s Bailey. Earnings from JNJ, Lockheed & Netflix.

As of 11:10BST/06:10ET

For the full report and more content like this check out Newsquawk.

Try a 14 day trial with Newsquawk and hear breaking trading news as it happens.

LOOKING AHEAD

Speech from BoE’s Bailey. Earnings from JNJ, Lockheed & Netflix.

GEOPOLITICS

US Treasury Secretary Yellen said economic integration has been weaponised by Russia to great effect and that all responsible countries must unite in opposition to Russia’s war in Ukraine. Yellen also stated that the US will impose harsh consequences on countries that abuse or break the international economic order, while she is heartened by conversations with Korean counterparts on a proposed cap on Russian oil prices, according to Reuters.
Ukrainian state gas system said there is no immediate evidence of any disruption to Russia’s gas transit to Europe, according to Reuters.

CENTRAL BANKS

ECB policymakers are to discuss a rate hike worth 25bp or 50bp at Thursday’s meeting, according to Reuters sources; hone in on a deal to make new bond purchases conditional on next-gen EU targets and fiscal rules. Some wanted the ESM involved, but this option has now likely been discarded.
ECB may consider increasing rates on Thursday by 50bp, via Bloomberg citing sources; due to the worsening inflation situation. Source stressed that it is unclear if there will be sufficient support for a 50bp hike.
RBA July Meeting Minutes stated that the Board remains committed to doing what is necessary to ensure inflation returns to the target over time and members agreed further steps would need to be taken to normalise monetary conditions in the months ahead, while it noted that two options for the size of the Cash Rate increase were considered which were raising the cash rate target by 25bps or by 50bps.
- RBA Deputy Governor Bullock said wages are starting to rise a little more, while she added that they need to get rates up to some sort of neutral and that neutral is a fair bit higher than where they currently are.
- HKMA intervenes; buys HKD 6.28bln from market as the HKD hits weak end of trading range.

EUROPEAN TRADE

EQUITIES

European bourses are under modest pressure continuing with the downbeat APAC handover, with pressure from AAPL, ECB sources and IBM impacting.
US futures are modestly firmer having already reacted to the AAPL developments, though IBM (-5.0% in pre-market) is impacting.
International Business Machines Corp (IBM) Q2 2022 (USD): Adj. EPS 2.31 (exp. 2.27), Revenue 15.5bln (exp. 15.19bln)
Within Europe, sectors are predominantly in the red though Healthcare and Banking names are proving more resilient.
French gov’t intends to buy the 15.9% remaining EDF (EDF FP) shares and bonds, offering EUR 12.0/shr (12th July close EUR 10.23/shr); represents an overall value of circa. EUR 9.7bln. Buyout will be followed by a delisting.
Truist Financial Corp (TFC) Q2 2022 (USD): Adj EPS 1.20 (exp. 1.16), Revenue 5.7bln (exp. 5.65bln), PR Newswire.
Click here for more detail.

FX

Antipodean Dollars take advantage of their US rival’s deeper reversal with the Aussie also acknowledging RBA minutes and rhetoric flagging further hikes, NZD/USD breaches 0.6200 and AUD/USD extends above 0.6850 to within a whisker of 0.6900.
Euro boosted by sources suggesting ECB might raise rates by 50bp rather than the 25bp signalled for this week, EUR/USD through 1.0200 again and probes 1.0250.
Franc rebounds amidst broad Buck retreat and in wake of Swiss trade data showing wider surplus, USD/CHF tests 0.9700 vs high close to 0.9800.
Pound peers over 1.2000 vs Greenback again, but labours after mixed UK jobs and wage metrics.
Yen firmer through 138.00, but could be hampered by option expiries at the round number (2.72 bn) and key Fib resistance (at 137.52).
Loonie lags as WTI sags, USD/CAD straddles 1.2950 after dip below 1.2900 on Monday.
Click here for more detail.

Notable FX Expiries, NY Cut:

EUR/USD: 1.0100 (562M), 1.0150-55 (1.31BN), 1.0200-05 (892M)
USD/JPY: 136.00 (1.3BN), 138.00 (2.72BN), 138.50-55 (939M), 138.75 (555M), 139.25 (537M), 140.00 (1.53BN)
Click here for more detail.

FIXED INCOME

EZ debt rattled by hawkish ECB source report with spill-over to German Bobl auction.
Bunds recoil from 152.60 to 151.00 before paring some declines.
Gilts hold in after mixed UK labour data and decent DMO 2039 sale with the 10 year benchmark between 115.76-03 parameters vs 115.01 prior Liffe close.
10 year T-note towards bottom of 118-05/118-15+ range ahead of US housing starts and building permits.
Click here for more detail.

COMMODITIES

Crude benchmarks are pressured and continuing to consolidate with fresh developments relatively light for the complex explicitly.
White House Adviser Deese expects gasoline prices will continue to fall this month, according to MSNBC.
TC Energy issued a force majeure for oil deliveries on Keystone Pipeline after a third-party power outage in South Dakota, while TC Energy said the Keystone Pipeline is operating at reduced rates with no timeline available for the restoration of full-service, according to Reuters.
Saudi Foreign Minister says does not see a lack of oil in the market, there is a lack of refining capacity; adds, Russia is a integral part of OPEC+, via Reuters.
EU is set to backlist CEO of Russia’s zinc and copper giant UMMC, according to a draft document via Reuters.
Spot gold is marginally firmer and comfortably above USD 1700/oz as the USD pulls-back while base metals are more mixed after recent upside in copper, for instance.
Click here for more detail.

NOTABLE HEADLINES

UK government won a vote of confidence in the House of Commons (as expected) after five hours of debate with the vote count at 349 vs. 238, according to Sky News
UK Chancellor Zahawi said they can and will get inflation back under control, while he added that they must deliver sound public finances and help households with inflation, not push up demand further. Zahawi stated that he will reform Solvency II rules to give insurers more flexibility to invest in infrastructure and aims to repeal hundreds of EU financial regulations and replace them with a UK version, according to Reuters.

NOTABLE EUROPEAN DATA:

UK ILO Unemployment Rate (May) 3.8% vs. Exp. 3.9% (Prev. 3.8%); Claimant Count Unemployment Change (Jun) -20k (Prev. -19.7k, Rev. -34.7k); Employment Change (May) 296k vs. Exp. 170k (Prev. 177k)
UK Average Week Earnings 3M YY (May) 6.2% vs. Exp. 6.7% (Prev. 6.8%); Ex-Bonus (May) 4.3% vs. Exp. 4.3% (Prev. 4.2%)
EU HICP Final YY (Jun) 8.6% vs. Exp. 8.6% (Prev. 8.6%).

NOTABLE US HEADLINES

US President Biden could declare a climate emergency as soon as this week as he seeks to salvage his environmental agenda, according to the Washington Post.
China’s Foreign Minster, re. reports that China invited European leaders to meet President Xi in November, says this report is fake news, via Reuters.
US House Speaker Pelosi is to visit Taiwan with a delegation next month, according to FT.
China’s Foreign Ministry, on the scheduled visit of US House Speaker Pelosi to Taiwan in August, says this would seriously undermine China’s sovereignty and territorial integrity; if the US insists on the visit then China will take strong measures to safeguard sovereignty and territorial integrity.
“Pelosi’s Taiwan visit is a blatant provocation which will surely be met with a forceful response from China, including unprecedented military pressure. She is creating a dangerous moment, placing us on the brink of war. Nobody can guarantee there will be no mishaps.”, via Global Times

CRYPTO

Bitcoin remains firmer on the session and have marginally eclipsed Monday’s USD 22.75k best to a USD 22.95k high thus far.

APAC TRADE

EQUITIES

APAC stocks mostly fell after reports of Apple slowing its hiring and European energy woes stoked growth fears.
ASX 200 was lacklustre amid weakness in tech and with miners choppy after a mixed quarterly update from BHP.
Nikkei 225 outperformed as it played catch up to the prior day’s gains on return from the extended weekend.
Hang Seng and Shanghai Comp. were pressured amid earnings updates and the COVID situation in China, but with the losses in the mainland stemmed after reports that China is considering a mortgage grace period.
KKR does not plan to lead a bid for Toshiba (6502 JT); could still partake as an equity partner in a deal; waiting for more clarity for Japanese government and Co. management, according to Reuters sources
.
DB’s Jim Reid concludes the overnight wrapWell yesterday was the third hottest day on record here in the UK with today likely to be the hottest. My wife can’t sleep with even the quietest fan on in our bedroom and I can’t sleep without one. Anyone that can solve this riddle for us without resorting to separate bedrooms please let me know. Although she might be happy with this solution. I’m too afraid to offer it up in case it’s accepted. I’ve actually slept with ice cubes on my back over the last couple of nights. Now there’s an image for you all!Just when it looked like the market ice age was showing signs of thawing on hopes for less aggressive central banks and decent early week results, US sentiment turned late in the day following reports that tech giant Apple would be slowing hiring and spending next year, raising the stakes on the tech earnings out this week. So while European equities managed to post a strong gain, US stocks ended the day in the red (S&P 500 -0.84%). Meanwhile, easing fears of a more aggressive Fed hiking path helped Brent crude oil prices (+5.05%) rebound and the 2s10s Treasury curve (+1.8bps) steepen from its recent lows last week, with Brent crude oil prices (-0.41%) only down slightly overnight at $105.83/bbl.As the back-and-forth in sentiment yesterday showed, there are still plenty of obstacles for investors to navigate over the coming days. Not just recession risk but also the ongoing threat of a Russian gas shut-off at the end of the week. Yesterday saw Reuters report that Gazprom had declared force majeure on gas supplies to at least one major customer, with a letter saying that they couldn’t fulfil their supply obligations due to “extraordinary” circumstances. So a concerning sign amidst concerns that issues with the gas flow will go beyond the scheduled maintenance period on the Nord Stream pipeline. Separately, Germany’s Uniper, which is Europe’s largest buyer of Russian gas, applied to extend their €2bn credit line from the state-owned bank KfW, and Bloomberg also reported that a draft EU document warned that a Russian gas cutoff could cut EU GDP by 1.5% in a worst-case scenario, with even an average winter seeing a decline in EU-wide GDP between 0.6% and 1%. To be fair there have been more aggressive forecasts than this.In spite of the bad news there, European assets still put in a strong performance yesterday, with the STOXX 600 gaining +0.93% as the more cyclical sectors and energy led the way. That positive sentiment was also reflected in sovereign bond markets, where yields on 10yr bunds (+8.2bps) saw their largest daily increase in over a week, and the spread of Italian 10yr yields over bunds (-6.5bps) saw their largest daily decline in over a month as investors await the details of an anti-fragmentation tool from the ECB this week.While there was initial optimism in the US, it eventually soured and left the S&P 500 -0.84% lower at the close. The day started with more positive earnings than we had from financials last week, with Goldman Sachs (+2.51%) and Bank of America (+0.03%) posting better than expected results after last week’s lackluster showing from financials. They traded as much as +6% and +3.5% higher at the open, respectively, before fading later in the day.Tech stocks were a microcosm of the broader index performance on the day. The NASDAQ was as much as +1.5% higher while the FANG+ was more than +3% higher on the early morning optimism, only to turn following news that Apple would be slowing hiring and spending in 2023, stoking fears about the broader macro outlook. The NASDAQ and FANG+ eventually closed -0.81% and +0.06%, respectively. Netflix reports tonight so all eyes on that after two spectacularly bad earnings day equity performance so far this year. In the S&P 500, cyclical stocks still managed to outperform defensives; energy was the clear outperformer, up +1.96%, while discretionary and materials, up +0.22% each, were the only other sectors in the green, and heath care led declines (-2.15%).Treasury yields still managed to climb, and the curve managed to steepen as mentioned, though 10yr yields came off their intraday highs of +10.2bps to finish +7.0bps higher at 2.99%, and this morning they’ve shed a further -2.0bps to come down to 2.97%. With the Fed widely expected to raise rates by 75bps again next week, the latest round of housing data provided further evidence that their tightening cycle is beginning to have a significant impact, with the NAHB housing market index plummeting to 55 in July (vs. 65 expected). That’s the worst reading for the index since the initial wave of the Covid pandemic in May 2020, and if you exclude the pandemic plunge, you’ve got to go back to early 2015 for the last time that sentiment was worse. Furthermore, the 12-point decline relative to July was the largest one-month drop since the series began, with the exception of April 2020 as the world went into lockdowns, so a faster monthly drop even relative to what we saw during the GFC.Markets in Asia are struggling this morning following that overnight sell-off on Wall Street, with major indices trading in negative territory including the Hang Seng (-1.11%), CSI (-0.70%), Shanghai Composite (-0.30%) and the Kospi (-0.23%). The main exception to that is the Nikkei (+0.71%), which is catching up from yesterday’s holiday. As well as the more negative newsflow from the US, China also reported 699 Covid cases on Monday, which is the highest daily number since May 22. Separately, yields on 10yr Australian government bonds are up +7.0bps after minutes from the RBA’s recent meeting revealed that the board saw current interest rates as being “well below” the neutral rate, indicating that further rate hikes will be needed to return inflation to the target over time. Looking forward, there are signs that the selloff has stabilised for now, with S&P 500 futures (+0.12%) pointing slightly higherIn terms of the Tory leadership race we are now down to four candidates after Tom Tugendhat was eliminated from contention yesterday. The next rounds of voting are today and tomorrow, by which point there’ll be just two candidates that’ll be voted on by the wider party membership over the coming weeks before a new leader/PM is announced in early September. The government also won a vote of confidence in the House of Commons yesterday, by 349 votes to 238.To the day ahead now, and data releases include UK employment data for June, US housing starts and building permits for June, and the final CPI reading for June from the Euro Area. Central bank speakers include BoE Governor Bailey and the ECB’s Makhlouf. Earnings releases include Johnson & Johnson, Lockheed Martin and Netflix. And in politics, there’s another ballot of UK Conservative MPs as they select their next leader and the country’s next Prime Minister.

i)TUESDAY MORNING// MONDAY NIGHT

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

3c CHINA

CHINA

4/EUROPEAN AFFAIRS//UK AFFAIRS/

GAZPROM//RUSSIA//GERMANY/EU//update

In an update Gazprom has declared force majeure with at least 3 purchasers stating that they will halt gas flows and this halt will be indefinite.

We will know everything on July 22, this Friday.

(zerohedge)

Gazprom Declares Force Majeure, Will Halt Gas Flows To Germany Indefinitely

MONDAY, JUL 18, 2022 – 08:51 AM

Already days before the July 22 European “Doomsday” when the scheduled Russian 10-day maintenance of the crucial Nord Stream pipeline to Germany is slated to end – but which was thrown into deep doubt given Gazprom recently said it can no longer guarantee its “good functioning” due to crucial turbines being previously held up in Canada related to sanctions – the Russian energy giant has declared Force Majeure to one major European customer.

Simply put, Gazprom declared extraordinary and extreme circumstances to void itself from all contractual obligations to this customer, thus the gas will stop flowing indefinitely, as Reuters reports in a breaking development Monday, “Russian gas export monopoly Gazprom has declared force majeure on gas supplies to Europe to at least one major customer starting June 14, according to the letter seen by Reuters.” The letter is dated July 14. “It said the force majeure measure, a clause invoked when a business is hit by something beyond its control, was effective from deliveries starting from June 14,” writes Reuters.

The letter invoked “extraordinary” circumstances outside the company’s control, Reuters continues, citing a source saying the customer in question is Germany via the Nord Stream 1 pipeline.

And Bloomberg is also confirming:

GAZPROM SENT FORCE MAJEURE NOTICE TO AT LEAST 3 BUYERS
GAZPROM FORCE MAJEURE NOTICE APPLIES TO FLOWS FROM JUNE 14
UNIPER SAYS IT HAS RECEIVED LETTER FROM GAZPROM EXPORT IN WHICH COMPANY RETROACTIVELY CLAIMS FORCE MAJEURE FOR PAST AND CURRENT SHORTFALLS IN GAS DELIVERIES
UNIPER: WE CONSIDER THIS TO BE UNJUSTIFIED AND HAVE FORMALLY REJECTED FORCE MAJEURE CLAIM

As we’ve been detailing, German authorities have of late taken unprecedented steps in anticipation of an enduring Russian gas halt, essentially dimming the lights across the country – which has included everything from limiting hot water, to shutting down swimming pools, to quite literally dimming city street lights as it entered “alarm” stage over dwindling supply.

And as demonstrated in the Monday morning oil price spike (below: WTI crude futures for September), the bid for oil will remain strong the longer the force majeure holds, given utility companies and the manufacturing sector are likely to seek transition to oil from gas…

It seems this letter declaring its legal release from supply obligations going back to June 14 is in preparation for definitive action on July 22, namely that the pipeline’s operations are likely to remain suspended past the scheduled reboot/supply back online designated date.

In an analysis from earlier this month (available to pro subscribers), UBS economists laid out a detailed vision of what they see happening if Russia halts gas deliveries to Europe: It would reduce corporate earnings by more than 15%. The market selloff would exceed 20% in the Stoxx 600 and the euro would drop to 90 cents. The rush for safe assets would drive benchmark German bund yields to 0%, they wrote.

“We stress that these projections should be seen as rough approximations and by no means as a worse-case scenario,” wrote Arend Kapteyn, chief economist at UBS.
“We could easily conceive economic disruptions that lead to more negative growth outcomes.”

To be sure, markets are already pricing in some of the damage beginning with the euro which starting this month traded at a fresh two-decade low and touched parity with the dollar, something it hasn’t done since 2002.

Meanwhile the Paris-based International Energy Agency (IEA) is still even amid this “red alert crisis” for Europe bizarrely focused on responding to the emergency in a way “consistent with the EU’s climate ambitions”… this as Germany and other European populations are about to clearly enter an extremely difficult winter, to put it mildly.

From a fresh IEA report: After many months of warning signs, Russia’s latest moves to squeeze natural gas flows are a red alert for the EU – a snippet of which is below…

* * *

The world is experiencing the first truly global energy crisis in history. And as the International Energy Agency has been warning for many months, the situation is especially perilous in Europe, which is at the epicentre of the energy market turmoil. I’m particularly concerned about the months ahead.

The gas crisis in Europe has been building for a while, and Russia’s role in it has been clear from the beginning. In September 2021 – five months before Russia’s invasion of Ukraine – the IEA pointed out that Russia was preventing a significant amount of gas from reaching Europe. We raised the alarm further in January, highlighting how Russia’s large and unjustified reductions in supplies to Europe were creating “artificial tightness in markets” and driving up prices at exactly the same time as tensions were rising over Ukraine.

After Russia invaded Ukraine on 24 February, nobody in Europe or elsewhere could be under any illusions about the risks around Russian energy supplies. Just a week after the invasion started, the IEA released our 10-Point Plan to Reduce the European Union’s Reliance on Russian Natural Gas, setting out the practical actions Europe could take. It stressed the need to maximise gas supplies from other sources; accelerate the deployment of solar and wind; make the most of existing low emissions energy sources, such as renewables and nuclear; ramp up energy efficiency measures in homes and businesses; and take steps to save energy by turning down the thermostat.

Read more of the full IEA report here

Developing…

end

then this:

European Stocks Soar On Report That Russia Will Restart Nord Stream 1 On Thursday

TUESDAY, JUL 19, 2022 – 11:23 AM

European stocks are soaring, with German industrials leading the charge, and European NatGas prices are sliding, after Reuters reports, citing two people familiar with the export plans, that Russian gas flows via the Nord Stream 1 pipeline are seen restarting on time on Thursday after the completion of scheduled maintenance.

The pipeline was expected to resume operation on time, but at less than its capacity of some 160 million cubic meters per day

The reaction in NatGas is modest for now – perhaps due to the constrained capacity…

Germany’s DAX is outperforming…

Led by Industrials…

There is no official confirmation.

Developing…

ECB

Lagarde on Thursday will not raise rates by 50 basis points as that would cause Italian bond yields to skyrocket sending the country into a deep recession.

(zerohedge)

Euro Surges On Report ECB Looking “Closely” At 50bps Rate Hike As Lagarde Rushes To Complete “Italian Bond Purchase” Mechanism

TUESDAY, JUL 19, 2022 – 09:09 AM

One month after the Fed leaked a last minute 75bps rate cut via the WSJ during the central bank’s “quiet period” and which proved accurate when the Fed followed through with its biggest rate hike since 1994, earlier today European traders enjoyed a similar drill when first Reuters and then Bloomberg reported a “people familiar with the situation” story that on the same day Russia is expected to resume gas flows via Nord Stream 1 (but won’t), the European Central Bank is considering raising interest rates on Thursday by 50bps, or double the quarter-point it outlined just last month because of the worsening inflation backdrop, as the ECB lifts off from its record low -0.50% deposit rate.

While unlikely, as such a move would represent a credibility-crushing deviation from guidance that the majority of Governing Council members have stuck to since it was laid out at the June 9 policy meeting, the market certainly was freaked out by this trial balloon which most likely was intended to push the Euro higher, and sure enough it achieved its goal: the EURUSD surged 1.1%, or about 100pips, rising above 1.02 after plumbing below parity late last week.

Of course, if the ECB disappoints and hikes “only” 25bps on Thursday, expect the entire move to reverse lower. And if there is no gas flowing in the NS1 pipeline on that day, we expect the EURUSD to hit a fresh two decade low.

Meanwhile, money markets see a 40% probability of a half-point hike this week compared with 20% odds on Monday. Still, as shown below, as of this moment the only fully-priced in 50bps rate hike is in September as the ECB proceeds to “renormalize” rates to 1.25% by March 2023.

Of course, that will never happen since Europe will be dragged into a painful recession long before then but let markets have their ridiculous forecasts.

In a June 28 speech, ECB President Christine Lagarde left space to go beyond 25 basis points, just days before data showed euro-zone inflation surged more than expected to a new all-time high of 8.6% – more than four times the 2% target.

“There are clearly conditions in which gradualism would not be appropriate,” she said. “If, for example, we were to see higher inflation threatening to de-anchor inflation expectations, or signs of a more permanent loss of economic potential that limits resource availability, we would need to withdraw accommodation more promptly to stamp out the risk of a self-fulfilling spiral.”

What is unclear is how sending Europe into a recession will alleviate the ongoing variable Russian supply shock. Sure, collapsing your entire heavy industry will crush all demand for Russian commodities going forward but it will also, well… collapse your entire heavy industry and spark a depression the likes of which Europe has never seen before!

That said, the majority of economists predict the ECB will hike by 25 basis points this week, with just four of 53 in a Bloomberg survey predicting a half-point increase.

“We do not rule out a 50 basis point rate hike at this week’s meeting,” Matthew Ryan, Head of Market Strategy at Ebury, said before the latest deliberations were reported. “We have already seen most major central banks deliver bumper rate increases in recent weeks in an attempt to control rampant price growth — there is even talk that the FOMC may consider a one percentage point move later this month.”

There is, of course, another reason why the ECB finds itself in an unprecedented dilemma: yes, the ECB can hike 25bps, or even 50bps and why not 1%, but in doing so it will send Italian bonds plunging, spark a renewed round of fragmentation fears and eventually lead to the collapse of the eurozone which the ECB has been fighting tooth and nail to preserve for the past 12 years when it became clear that the common currency is a doomed concept.

It’s why just a few hours after the 50bps story hit, Bloomberg followed up with a second report that Christine Lagarde “is redoubling efforts to forge agreement on a still-incomplete new crisis tool” a tool which has some ridiculous technical name but which we call the “Italian Bond Purchase Mechanism.”

Citing “people familiar with the matter”, Bloomberg said that two days before Thursday’s decision, policy makers still have work to do to reach a deal on a measure that can stem market speculation on weaker euro-zone members.

Why? Because by pushing through with such a “anti-fragmentation tool” the ECB admits defeat, as one can’t be “tightening” at the same time as one is reversing on QT which is what incremental purchases of Italian bonds represents, unless of course one is an idiot and somehow buys into the ECB’s garbage argument that one can pursue tightening even as one injects liquidity into the weakest European link .

According to Bloomberg, alongside lingering legal concerns, outstanding issues include conditions countries benefiting from ECB bond purchases would need to meet. They may include sound fiscal policy, with some officials insisting on involving the European Commission, the European Stability Mechanism or both to avoid being the only judge, they said.

Money markets are placing 40% odds on a half-point rate hike this week but have trimmed wagers on outcomes beyond, pricing 97 basis points of tightening by September after earlier baking in a one-percentage-point increase. The euro rose 1.2% against the dollar, climbing to $1.0269, the highest since July 6.

The lack of agreement on the so-called Transmission Protection Mechanism, to use its working title, may leave Lagarde with only a fudged outcome to unveil for now, which however would be fitting for a central bank which has so far only come out with fabricated and grotesquely absurd “whatever it takes” solutions to problems. That could come with the prospect of a more drawn-out process of decision-making to fully complete the creation of a credible measure.

The risk of such a result is that it could invite another bout of financial-market speculation on the ECB’s determination to defend the integrity of the euro, which recently slipped to parity with the dollar for the first time in two decades.

It would also invite another round of rate cuts by the ECB which would then finds itself not only at square one, but most likely with even more negative rates and with an even bigger QE when all is said and done.

* * *

Finally, what all this means for the Euro, here is Bloomberg’s Mark Cranfield explaining why the rally will end after the ECB’s decision:

EUR/USD has enjoyed a respite after slipping below parity last week, but that will come to an end with this week’s ECB meeting. The fragile political situation in Italy along with the high risk of recession as Europe grapples with an energy crisis means the ECB is likely to underwhelm euro bulls.

Gazprom’s declaration of force majeure on several European natural-gas buyers, could signal it intends to keep supplies capped, which would deepen the crisis. Meanwhile, a halt of Russian gas supplies to the EU could reduce its GDP by as much as 1.5% if the next winter is cold, and the region fails to take preventive measures to save energy, according to new estimates from the bloc.

The EU will call on member states to immediately cut gas usage, an FT report says.

It was less than two months ago that Christine Lagarde’s plan to exit negative interest-rate policy by the end of 3Q was seen by some ECB members as not aggressive enough. Yet, the headwinds facing Europe have accelerated since then, which could mean the rate hiking window closes very quickly. All of this suggests interest-rate differentials will continue to favor the dollar and weigh on the euro

end

EU/ALBANIA/NORTH MACEDONIA

EU opens membership talks with Albania and North Macedonia

(zerohedge)

EU Opens Membership Talks With Albania & North Macedonia After Fast-Tracking Ukraine Candidacy

TUESDAY, JUL 19, 2022 – 09:45 AM

President of the European Commission Ursula von der Leyen announced the opening of accession talks for the tiny Western Balkan countries of Albania and North Macedonia on Tuesday, calling the move a “historic moment”.

“This is what your citizens have been waiting for so long and have been working for so hard, and this is what they deserve,” von der Leyen said in Brussels while issuing congratulations to the prime ministers of Albania and North Macedonia Edi Rama and Dimitar Kovachevski.

“This historic moment is your success. The result of your hard work,” she tweeted in another message, saying the EU Commission has supported the two countries’ efforts and will “continue to do so”.

The bloc’s 27 members agreed to open the formal accession talks on the heels of North Macedonia recently healing a long, fierce dispute with its EU neighbor Bulgaria, which had in turn had long blocked progress on EU talks. The issues centered on linguistic, cultural and interpretations of national identities.

Among other things, Bulgarian had charged North Macedonia with “hate speech” for refusing to officially acknowledge its minority Bulgarian population or that the country’s language has Bulgarian roots. The recent compromise reached has been denounced and rejected by nationalists on both sides.

North Macedonia’s path toward this moment has been a very long one, given it was issued ‘candidate status’ for EU membership nearly 20 years ago. Albania was awarded candidacy in 2014.

US state-funded RFERL observes, “The strategic importance of the Western Balkans to the EU has increased since Russia invaded Ukraine on February 24, with fears over Moscow’s influence in the region.”

Ukraine’s government is also closely watching the small Balkan countries’ progress. Just as with Ukraine, Albania has been widely viewed as historically wrought with deep-rooted and systemic corruption. According to a January 2022 study:

Albania has fallen down the list of the world’s most corrupt countries, coming in at 110 out of 180. This marks a decline of 27 places since 2016, and six places since 2020, according to Transparency International’s Corruption Perception Index for 2021.
It scored just 35 points out of a possible 100, placing it in the same league as Bosnia and Herzegovina, Malawi, Mongolia, and Thailand. Regionally it was surpassed by North Macedonia, Serbia, Turkey and Kosovo.
The world average was a score of 43 out of 100, putting Albania a full eight points below average. In Europe, the average score was 66 out of 100, meaning Albania was almost 50% below, falling far behind its European counterparts.

Though Ukraine last month was formally issued EU candidate status alongside Moldova, having been fast-tracked amid an outpouring of support in wake of the Russian invasion, many analysts have predicted it could take years if not possibly decades to actually enter into membership.

ITALY

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

TURKEY/FINLAND/SWEDEN/NATO

Belligerent Erdogan warns both Finland and Sweden that he can freeze their entry into NATO at any time

(zerohedge)

Erdogan Warns Turkey Can ‘Freeze’ Finland, Sweden NATO Bids At Any Time

TUESDAY, JUL 19, 2022 – 02:45 AM

Turkish President Recep Tayyip Erdogan has again put Western allies on notice, saying Turkey is still ready and willing to “freeze” Sweden and Finland’s membership bid into NATO if the two countries fail to take the required steps to meet Ankara’s security demands.

While last month Turkey lifted its objection to the two countries joining the alliance, after blocking the initial application process over charges they support outlawed Kurdish “terrorist” groups, Erdogan’s interpretation of the trilateral deal stipulating Turkey’s requirements for both countries is that it can be rescinded at any time, apparently.

Erdogan said Monday in televised remarks following a cabinet meeting, “I would like to remind once again that if these countries do not take the necessary steps to fulfill our conditions, we will freeze the (accession) process.” He emphasized, “Our stance on this issue is very clear. The rest is up to them.”

This suggests that perhaps already Helsinki and Stockholm aren’t moving fast enough on their agreement to “crack down on PKK activities” and extradite individuals “wanted” by Turkey.

Given that the entirety of the NATO accession process can take at the very least multiple months if not stretching into years – and given all 30 member states must approve – Turkey seems willing to keep up its pressure and leverage over the West and the two Nordic countries in particular in order to extract what it wants. Erdogan is not only holding Turkey’s veto power over NATO, but is interpreting it as indefinite.

The Associated Press cites Erdogan’s words as saying Sweden in particular is already of to a bad start on fulfilling its agreements with Turkey:

Erdogan said that Sweden in particular was not “projecting a good image,” but didn’t elaborate. There was no immediate reaction from Sweden and Finland to Erdogan’s comments.
Turkey accuses the two countries of being too lenient toward groups it considers to be national security threats. Turkey’s justice minister said earlier this month that the government had renewed requests for the extradition of terror suspects wanted by his country.

In late June at the NATO Madrid conference when Erdogan had an apparent ‘change of mind’ following Sweden and Finland agreeing (at least on paper) to Turkey’s list of security demands, the Biden administration statement called Turkey’s switch “powerful shot in the arm” among allies. However, given Erdogan’s latest comments – and known history of being the wayward alliance member “playing” allies in order to get his way – Brussels and Washington could be in for a long, drawn-out headache as they’ve previously expressed a desire to fast-track Sweden and Finland.

end

RUSSIA/UKRAINE

Russia military given formal order to target Ukraine’s long range weapons from the USA

(zerohedge)

Russian Military Given Formal Order To Target Ukraine’s Long-Range Weapons From US

TUESDAY, JUL 19, 2022 – 10:28 AM

Russia’s defense ministry has issued a formal order for Russian troops to target Ukraine’s long-range weapons and artillery supplied by the West, specifically the High Mobility Artillery Rocket System (HIMARS) provided by the United States.

In Defense Minister Sergey Shoigu publishing the order on Monday, the Kremlin is sending one of the most provocative messages to Washington thus far in the war, signaling the two powers continue stumbling toward direct confrontation.

“Army General Sergey Shoigu… instructed the commander to use surgical strikes and crush the enemy’s long-range missile and artillery means,” the Russian Defense Ministry said according to TASS.

HIMARS have allowed Ukrainian forces to target far beyond the Russian front lines, against things like command centers or supply lines, for the first time after five months of war. At this point an estimated at least eight of the systems are in Ukrainian hands with a total dozen expected within weeks.

Kiev officials have called the rockets, which have a reach of about 50 miles, a “game-changer” – but have still pressured the US to send longer-range versions. The Pentagon is capable of outfitting the HIMARS to reach longer ranges, but the administration has been reluctant on fears it could unnecessarily provoke Russia into wider escalation.

Russian military leaders, while themselves claiming to have taken out at least one of the systems in recent days, have charged that Ukraine has used its long-range weapons to attack residential areas of Donbas:

Last week, an advisor to Ukrainian President Volodymyr Zelensky said that Ukrainian forces had used HIMARS to launch 30 strikes against Russian targets. Ukraine said the HIMARS were used to destroy two ammunition depots deep inside Russian-occupied areas of Ukraine, while Russia said the strikes hit civilian infrastructure.
The Russian Defense Ministry said that Ukraine has used long-range weapons “to shell the residential areas of Donbas and continue the intentional incineration of wheat fields and grain storage facilities.” As Ukraine has been using the Western-provided arms, Russia has stepped up missile attacks across Ukraine.

Also likely behind the Kremlin’s rationale for stepping up targeting against the HIMARS and other long-range munitions is the potential for missiles reaching deeper into Russian territory. On Saturday, for example, a Ukrainian intelligence official openly declared the military should begin striking at Russian facilities inside Crimea, going so far as naming the HIMARS as capable of that.

As we detailed previously, in return the deputy chair of Russia’s security council and former president Dmitry Medvedev warned the following day that any attacks on Crimea would mean “doomsday” for Ukrainian leadership.

“Should anything of the kind happen, they will be faced with a doomsday, very quick and tough, immediately. There will be no avoiding it. But they keep on provoking the general situation by such statements,” Medvedev said.

end

GAZPROM/RUSSIA/IRAN

Gazprom and Iran sign tentative deal amid Russia threatening Europe with gas supply

(zerohedge)

Gazprom, Iran Sign Tentative $40BN Energy Deal As Russia Threatens Europe Gas Supply

TUESDAY, JUL 19, 2022 – 12:00 PM

Russian state energy giant Gazprom has signed a major deal with Iran worth billions at a moment President Putin is in Tehran to meet with President Ebrahim Raisi and Turkish President Recep Tayyip Erdogan. The agreement comes also at a tense moment that Gazprom has said it cannot guarantee gas supplies to Europe, and as the IMF is warning European governments and populations to begin rationing gas usage for a coming supply “emergency”.

Additionally, there are far-reaching US-led sanctions in place on both countries. And yet President Vladimir Putin confidently arrived in the Iranian capital Tuesday in his second foreign trip abroad since the Ukraine war began. One regional report concludes of the optics: “The company [Gazprom] has declared force majeure [in Europe], which enables it to cut supplies during extreme conditions. This means even as Gazprom is at the center of controversy in Europe, it is making deals in Iran.”

Though as yet unconfirmed, The Jerusalem Post and other outlets are noting estimates suggesting the multi-year deal could eventually be worth some $40 billion. “The National Iranian Oil Company (NIOC) and Russian state-controlled energy giant Gazprom have signed a memorandum of understanding worth around $40 billion, according to the Iranian Oil Ministry’s news service, SHANA,” Reuters is also reporting.

“This MoU [Memorandum of Understanding] will be the largest foreign investment in the history of Iran’s oil industry, as it will lead to an investment of several tens of billions of dollars of Russian investment in Iran’s oil and gas fields,” Iran’s Tansim news agency said. And further:

Iran’s pro-government Tasnim news said that the CEO of Iran’s National Oil Company had told reporters that there would be a signing ceremony of an MOU with Gazprom and images on Tuesday showed the lead-up to the ceremony.

The reports identified that Gazprom will assist the NIOC in developing the offshore gas fields of the Kish and North Pars regions, in addition to six oil fields. Liquefied natural gas (LNG) projects and construction of gas-export pipelines are included under the development plans.

And just as Putin is posing alongside Erdogan and Raisi, the IMF is warning Europe:

Governments must… plan to share supplies in an emergency across the EU, act decisively to encourage energy savings while protecting vulnerable households, and prepare smart gas rationing programs.

On the question of whether the crucial Nord Stream 1 natural gas pipeline to Germany will come back online by July 22 – when scheduled maintenance is slated to end but remains anything put certain – a Tuesday Reuters report injected some rare fresh optimism…

Reuters’ “sources, speaking on condition of anonymity because of the sensitivity of the issue, told Reuters the pipeline was expected to resume operation on time, but at less than its capacity of some 160 million cubic metres (mcm) per day.”

But as we earlier noted, there is no official confirmation and this is just following Gazprom declaring force majeure retroactively… and the whereabouts of the turbine (initially held up by sanctions in Canada) that is at the center of the debacle remains unknown. Initial reaction in NatGas was modest – perhaps due to the constrained capacity.

It should also be noted that the leader of NATO’s second largest military in the alliance, Erdogan, will without doubt cause some consternation among Western allies given he’s right there shoulder to shoulder with Putin in Iran even as Europe is set to possibly enter its worst energy crisis in recent history.

High on the agenda for the three leaders is Syria, with heavy discussions expected to center on the prior Astana peace accords which go back to 2019 and seek to uphold security and a status quo ‘counter terror’ arrangement in northern Syria.

end

6. GLOBAL ISSUES AND COVID COMMENTARIES

Amazing, the left government of Germany to re impose mask mandate in September despite the new COVID wave losing momentum

(Watson/SummitNews)

Germany To Re-Impose Mask Mandate In September Despite COVID Wave Already “Losing Momentum”

TUESDAY, JUL 19, 2022 – 02:00 AM

Authored by Paul Joseph Watson via Summit News,

Germany is set to re-impose its mask mandate in September despite the summer COVID wave already “losing momentum,” indicating such rules are being made permanent.

Justice Minister Marco Buschmann announced that Germans would have to mask up this autumn when indoors and that the rules would be in place throughout the winter.

Ludicrously, such measures are being finalized months in advance when nobody even knows what the COVID situation will be later in the year.

Buschmann also acknowledged that the summer COVID wave in the country is already “losing momentum,” but Germans will be forced to wear face coverings anyway.

The measures will be sent to parliament in September, where they are likely to be voted into law.

“The effectiveness of masks for individuals indoors is undisputed,” said Buschmann.
“That’s why a form of mask requirement indoors will certainly play a role in our concept.”

On the contrary, mask rules are being re-imposed across the western world despite no evidence that they are effective in stopping COVID.

The UK government’s own investigation found that the evidence for the efficacy of face masks stopping the spread of COVID-19 in schools is “not conclusive.”

We previously reported on the comments of UK government SAGE adviser Dr Colin Axon, who dismissed masks as “comfort blankets” that do virtually nothing, noting that the COVID-19 virus particle is up to 5,000 times smaller than the holes in the mask.

“The small sizes are not easily understood but an imperfect analogy would be to imagine marbles fired at builders’ scaffolding, some might hit a pole and rebound, but obviously most will fly through,” Axon said.

A study in Denmark involving 6,000 participants also found that “there was no statistically significant difference between those who wore masks and those who did not when it came to being infected by Covid-19,” the Spectator reported.

A study conducted in Germany also found that the reading ability of children has plummeted compared to pre-COVID times thanks to lockdown policies that led to the closure of schools.

Adults wearing masks has led to serious cognitive development disorders in children.

Speech therapist Jaclyn Theek said that mask wearing during the pandemic has caused a 364% increase in patient referrals of babies and toddlers.

* * *

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end

Dr Paul Alexander

Transgender woman who impregnated 2 inmates removed from N.J.’s female prison; do you know why? because the transgender woman involved is a hard a*s MAN! This was a man placed in a women’s prison

No, it is not a transgender woman! It is a man! Now why would they put a transgender man in a women prison? Are these people so stupid? that stupid? is this textbook INSANITY?

Dr. Paul AlexanderJul 19

I tread lightly.

Unless I am mistaken, this transgender ‘woman’ is a man! With a penis unless he slung it off already in surgery. Forgive me as I am not up to steam on how this is being handled. No doubt his preference, as you may chose to do with your willie what you want. But if you retained the willie, then you are a man and who in their right mind would place you, a man, no matter what you call yourself, in a women’s prison?

Substack Alexander COVID News evidence-based medicine is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Subscribe now

SOURCE:

Transgender woman who impregnated 2 inmates removed from N.J.’s female prison

“A transgender inmate who impregnated two women while incarcerated at Edna Mahan Correctional Facility for Women has been moved to a new facility, according to the Department of Corrections.”

“Last year, two Edna Mahan prisoners filed a class-action lawsuit seeking to immediately remove “any and all male pre-operative transgender inmates,” alleging that some had harassed them and engaged in sexual contact with other women.”

DUH! You think?

https://www.nj.com/news/2022/04/two-women-at-nj-prison-are-pregnant-after-consensual-sex-between-inmates-doc-says.html

Trans woman moved from women only prison after impregnating 2 inmates complains new facility is ‘hell’

GLOBAL COMMENTARIES/SUPPLY ISSUES

Scores Of Fuel Ships Stranded Off Mexico As Pemex Debt Mounts

TUESDAY, JUL 19, 2022 – 12:50 PM

By Julianne Geiger of OilPrice.com

An estimated 60-plus vessels carrying imported gasoline, diesel and fuel are stranded off the coast of Mexico due to storage bottlenecks, Bloomberg reports.

Unable to unload due to a backlog reminiscent of the height of the COVID pandemic when Mexico declared force majeure, fuel importers are paying some $40,000 a day per vessel in the waiting line, while Mexican state-run Pemex struggles in the red.

According to Bloomberg, the vessels stuck in this holding pattern presently contain approximately 60% of Mexico’s monthly fuel demand. At the same time, oil exports by Mexico’s state-run Pemex continue to plummet.

As Mexico attempts to reduce its dependence on foreign energy sources, Pemex is shifting toward refining, which is negatively impacting the company’s balance sheet, according to BNAmericas.

On July 11th, Moody’s Investors Services downgraded Pemex after investigating its refining-related finances.

Moody’s cut Pemex’s credit rating to B1 from Ba3, representing a downgrade of four notches and reflecting a higher risk of default.

The debt picture is dire. This year, Pemex has a looming debt payment of $5.1 billion. Next year, another $7.5 billion comes due, and nearly $9 billion in 2024.

“Pemex will have substantial negative free cash flow in the next 12-18 months, driven by insufficient operating cash generation to pay interest expenses, taxes, and capital spending,” said Moody’s.

This level of risk limits Pemex’s access to the capital markets.

While Pemex is looking to increase its refining capacity to be able to meet domestic demand by the end of next year, the plan comes at a high cost.

According to Moody’s this requires, among other things, the construction of a new refinery that can process 340,000 bpd. That refinery, however, could end up costing more than double the initial $8 billion estimate due to hefty cost overruns. Additionally, new reports indicate that the refinery may not achieve the 340,000 bpd capacity until years later than originally anticipated.

GLOBE//CLIMATE CHANGE AGENDA//CANADA

VACCINE INJURY/

COVID patients find dangerous advice and pills online : Shots – Health News : NPR

Inbox

Hmmm ? Narrative control
https://www.npr.org/sections/health-shots/2022/07/19/1111794832/doubting-mainstream-medicine-covid-patients-find-dangerous-advice-and-pills-onli

Vaccine Impact

Panic in Europe: Russia Stops Gas Flow on “Force Majeure” as Biden Admin Temporarily Prevents Rail Strike

July 18, 2022 2:58 pm

In two major headline stories today on Monday, July 18th, there was some bad news for Germany and Europe, but some potentially good news for the U.S. This is not a good time to be dependent on public utilities if you live in Europe, especially Germany, as Russian natural gas supplier Gazprom reportedly declared a force majeure today on the Nord Stream 1 pipeline into Europe, stating that “extraordinary” circumstances outside its control would not allow them to reopen it. Meanwhile in the U.S., disaster was averted today, at least for now, as it was announced that the Biden Admin has set up an emergency “National Mediation Board” and signed an executive order that prevents any work stoppage for 60 days. Any “good” news for the short-term is temporary, of course, as the planned collapse of the world’s financial system is now inevitable. Charles Hugh Smith reminded us all of the Economics 101 lesson in a recent blog post at of two minds.com that when your society is built on debt that cannot be paid back, there is only one solution: DEFAULT. Gazprom won’t be the first force majeure or bankruptcy that we will be reading about in the news in the days ahead….

LA County Chief Medical Officer Exposes Bogus COVID Hype with Health Department Bureaucrat Politician

July 18, 2022 6:07 pm

In a sign that perhaps even the pro-pharma pro-vaccine medical professionals are starting to get tired of the constant COVID hype and are beginning to speak out against health politicians who are appointed bureaucrats and never elected by the people to their public office, LA County Chief Medical Officer Dr. Brad Spellberg went public recently to humiliate Los Angeles County Public Health Director Barbara Ferrer’s announcement that COVID-19 cases were on the rise and new face mask mandates were needed soon.

MICHAEL EVERY

Michael Every on the day’s most important topics

And now Michael Every…(DE GROOT)

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

end

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

PANAMA

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

Euro/USA 1.0253 UP 0.01072 /EUROPE BOURSES //ALL MIXED

USA/ YEN 137.44 DOWN 0.823 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.20175 UP 0.0065

Last night Shanghai COMPOSITE CLOSED UP 1.33 POINTS UP 0.04%

Hang Sang CLOSED DOWN 185.12 PTS OR 0.89%

AUSTRALIA CLOSED DOWN 0.51% // EUROPEAN BOURSES ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 548.46 PTS OR 2.70%

/SHANGHAI CLOSED UP 1.33 PTS UP 0.04%

Australia BOURSE CLOSED DOWN 0.51%

(Nikkei (Japan) CLOSED UP 173.21 OR 0.65%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1714.50

silver:$18.83

USA dollar index early TUESDAY morning: 106.36 DOWN 0.82 CENT(S) from MONDAY’s close.

TUESDAY MORNING NUMBERS ENDS

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And now your closing TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.39% UP 3 in basis point(s) yield

JAPANESE BOND YIELD: +0.239% UP 1 AND 6/10 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.48%// UP 4 in basis points yield

ITALIAN 10 YR BOND YIELD 3.43 UP 5 points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +1.276%

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.0236 UP 0.00 or 96 ba89sis points

USA/Japan: 137.87 DOWN 0.387 OR YEN UP 39 basis points/

Great Britain/USA 1.2022 UP 0.0073 OR 73 BASIS POINTS

Canadian dollar UP .0095 OR 78 BASIS pts to 1.2888

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED ..UP 6.7443

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 6.7472

TURKISH LIRA: 17.56 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 4 IN basis points from MONDAY at 3.00% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.161 UP 3 in basis points

Your closing USA dollar index, 106.46 DOWN 77 CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 70.92 PTS OR 0.98%

German Dax : CLOSED UP 351.29 POINTS OR 2.71%

Paris CAC CLOSED UP 112/53 PTS OR 1/85%

Spain IBEX CLOSED UP 164.50 OR 2.07%

Italian MIB: CLOSED UP 520.33PTS OR 2.43%

WTI Oil price 101.97 12: EST

Brent Oil: 105.89 12:00 EST

USA /RUSSIAN /// RUBLE RISES TO: 55.42 UP 0 AND 91/100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.276

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0229 UP .0082 OR 82 BASIS POINTS

British Pound: 1.1997 UP .0048 or 48 basis pts

USA dollar vs Japanese Yen: 138.20 DOWN 0.066//YEN UP 7 BASIS PTS

USA dollar vs Canadian dollar: 1.2873 DOWN 0.01063 (CDN dollar UP 106 basis pts)

West Texas intermediate oil: 104.05

Brent OIL: 107.28

USA 10 yr bond yield: 3.010 up 5 points

USA 30 yr bond yield: 3.168 up 3 pts

USA DOLLAR VS TURKISH LIRA: 17.55

USA DOLLAR VS RUSSIA//// ROUBLE: 55.45 UP 0 & 90/100 ROUBLES

DOW JONES INDUSTRIAL AVERAGE: UP 754.44 PTS OR 2.43 %

NASDAQ 100 UP 371.92 PTS OR 3.13%

VOLATILITY INDEX: 24.50 DOWN 0.80 PTS (3.16)%

GLD: 159.166 UP 0.38 PTS OR 0.24%

SLV/ 17.22 UP 07 CENTS OR 0.41%

end)

USA trading day in Graph Form

Bitcoin, Brent, & Big-Tech Bid As Putin-Promises Trumped Piss-Poor Permits

TUESDAY, JUL 19, 2022 – 03:16 PM

Europe led US stocks higher after Reuters reported that NS1 will reopen gas glows as planned on Thursday. Germany and Italy led the way…

Source: Bloomberg

US stocks shrugged off ugly housing data that showed single-family home starts and permits crash and exploded higher after the NS1 headlines amid a massive short-squeeze. Small Caps were the day’s biggest gainers followed closely by Big-Tech (Nasdaq was up over 3% today!!)…

“Most Shorted” stocks soared over 6% off their opening lows…

Source: Bloomberg

All the US majors broke back above the key technical 50DMA level…

Short-term rates shifted hawkishly today but next year’s rate-cut expectations also increased…

Source: Bloomberg

Treasury yields rose today with the short-end underperforming (2Y +5bps, 30Y +1bps) with the 10Y Yield back above 3.00%. The entire curve is up around 10bps on the week…

Source: Bloomberg

The dollar slipped lower for the 3rd straight day, back near two-week lows…

Source: Bloomberg

Cryptos surged today with Bitcoin back above $23,500 – six-week highs…

Source: Bloomberg

And Ethereum topped $1600…

Source: Bloomberg

Gold ended basically unchanged, managing to hold above $1700…

US and EU NatGas prices slipped modestly lower on the day after the NS1 headlines…

Source: Bloomberg

WTI closed back above $100…

Finally, the good news continues with gas prices now at their lowest in just over a month (back below $4.50)…

Source: Bloomberg

Bear in mind though that for the week ending March 28, the week before President Joe Biden announced that the government would release a million barrels of oil per day from emergency stockpiles, gasoline prices were $4.231, according to weekly EIA data – 25.9 cents less than prices at the pump today.

BUT, given WTI’s move, we suspect this slump in pump prices could be over (and the mini-bounce in Biden’s approval ratings dies in darkness).

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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&frame=false&hideCard=false&hideThread=false&id=1549474961131290625&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbitcoin-brent-big-tech-bid-putin-promises-trumped-piss-poor-permits&sessionId=b1db84431561006e3b367bd39aa37e5da4ffef59&siteScreenName=zerohedge&theme=light&widgetsVersion=6da0b7085cc99%3A1658260301864&width=550px

I) / EARLY MORNING TRADING//

end

ii) USA DATA//

US Builders Abandon Single-Family Home Starts/Permits In June, Anticipating ‘Renter Nation’ Renaissance

As Families In June Brace For Rate Shock

TUESDAY, JUL 19, 2022 – 08:40 AM

With homebuilder sentiment collapsing at its fastest rate on record in July (ex-COVID lockdowns), one could be forgiven for thinking these same homebuilders would have been slowing building starts and permit applications in June, but analysts expected improvement in June from May’s ugliness.

Both Starts and Permits dropped in June (-2.0% MoM and -0.6% MoM respectively), with starts below expectations (+2.0% exp but May revised up to -11.9% from -14.4%)) and permits above expectations (-2.7% exp)…

Source: Bloomberg

This is the third straight monthly decline in Permits (forward-looking).

Having surged up to the highest levels since 2006, Housing Starts and Permits (SAAR) have plunged as mortgage rates surged and affordability collapses. Starts and Permits SAAR are at their lowest since Oct 2021…

Source: Bloomberg

The headline permits print was saw by ‘renter nation’ demands as single family housing permits dropped -8.0% SAAR to just 967K, lowest since June 2020, but Multi-fam permits jumped 13.1%, to 666K SAAR, highest since December 2021

The same pattern was seen in starts.

Single Family starts tumble 8.1% to 982K SAAR, lowest since June 2020, but, like permits, Multi-Family starts jump 15.0% to 568K, highest since April

Finally, judging by the homebuilder sentiment (for July), permits are set to fall considerably further…

Source: Bloomberg

And that means less housing starts… and ongoing inventory issues (so demand is plunging, but supply is plunging even faster). That’s quite a box you have got yourself into Mr.Powell.

END

IIB) USA COVID/VACCINE MANDATES

end

iii)a. USA economic stories

California’s farmland is rapidly turning to dust amid the heat wave and water crisis

(zerohedge)

California’s Farmland Rapidly Turns To Dust Amid Water Crisis

MONDAY, JUL 18, 2022 – 06:55 PM

As much of the Western US suffers from a historic drought, all eyes have shifted to Californian farmers as hundreds of thousands of acres become fallow in a state responsible for a tremendous amount of US food production.

Unprecedented cuts to water supplies are jeopardizing the future of growing for many farmers. Drought conditions are worsening, making it harder for farmers to irrigate crops.

As fields dry up and farm production drops, Josue Medellin-Azuara, an associate professor at the University of California Merced, told Bloomberg that 800,000 acres of farmland could be unworked this year, more than double the acreage last year.

Medellin-Azuara said the figure is preliminary as satellite imaging of California cropland continues to be examined. He anticipates official estimates by the end of this month or early August.

Just like that, multi-year, multi-decade investments in farm production have been wiped out over new water restrictions. Much of the fallow land is in California’s Central Valley, which produces more than half of the fruits, vegetables, and nuts grown in the US.

Farmers that remain in operation are seeing sharp reductions in surface water rights due to low snowmelt and dwindling storage from last year.

“What’s really concerning is for the first time we are fallowing at least 250,000 acres in the Sacramento Valley … those are the most senior water rights holders,” Karen Ross, secretary of the California Department of Food and Agriculture, said in an interview.

Medellin-Azuara said the new water restrictions are a complicated issue:

Last year, some California farmers were stunned to find their so-called senior water rights restricted. Water laws in the state are governed by a complex system that dates back to the Gold Rush era. Senior rights holders — which include companies, growers and cities with claims that were acquired before 1914, and landowners whose property borders a river — are the last to see their supplies curtailed. -Bloomberg

California’s most productive agricultural region is turning into dust, which should concern every American.

As a reminder, California produces a quarter of the nation’s food — shrinking crop output is more alarming news that reveals food inflation is becoming structural and won’t abate anytime soon.

end

3b/INFLATION COMMENTARIES/LOG JAMS ETC

We have highlighted California’s new Bill: AB5 which wants truckers not as independent contractors but as employees.

This will act dramatically to the cost of goods.

(Hawes/Freightwaves)

Hundreds Of California Truckers Block Oakland Terminal Access To Protest AB5

TUESDAY, JUL 19, 2022 – 10:05 AM

By Clarissa Hawes of FreightWaves

After a slow showing early Monday morning, an estimated 400 owner-operators managed to shut down truck traffic at all three terminals at the Port of Oakland on Monday to protest California’s controversial independent contractor law, AB5.

By Monday afternoon, the SSA, TraPac and Everport terminals announced there would be no night shift hours as the protesting owner-operators were only allowing around two company trucks per hour into the terminal gates throughout the day. On average, 250 trucks an hour would flow through the terminals on a typical work day.

Matt Schrap, CEO of the Harbor Trucking Association, who was in Oakland on Monday, lauded the demonstration.

“It was very impressive to see the power of social media on display at the Port of Oakland today,” Schrap told FreightWaves. “We watched the protests grow organically in a matter of a few days and brought together hundreds of individuals who feel they are being disproportionately impacted by this law.”

He said clarification is needed about how AB5 will be enforced and how to ensure owner-operators comply with the law. AB5 seeks to limit the use of independent contractors and largely classify them as employee drivers.

The HTA is a coalition of intermodal carriers serving the three major California ports, including Los Angeles/Long Beach and Oakland.

Oakland protestors, who own their own rigs and currently choose which loads they want to take, don’t want to work as company drivers as many would be forced to do under AB5.

Ongoing legal challenges prevented AB5 from going into effect in January 2020. The law stems from the California Supreme Court’s decision against Dynamex Operations West Inc., a package and document delivery company. The court found that Dynamex had misclassified its delivery drivers as independent contractors rather than employees and that all California-based companies that use independent contractors must follow the “ABC test,” a three-pronged test to determine whether a worker is an employee.

The B prong defines an independent contractor as a worker who is engaged in “work that is outside the usual course of the hiring entity’s business.” That is problematic for motor carriers utilizing independent owner-operators to move freight.

Oakland protest gains momentum

By 8 a.m. PST Monday, the port drivers had successfully blocked the east and west gates at the SSA terminal in Oakland. While the terminal opened a back gate briefly to let company trucks in, owner-operators successfully blocked that access, too, forcing some company drivers to turn around and leave port property and try again Tuesday. Protestors gathered on foot to block company trucks from entering the terminals.

Kimberly Sulsar-Campos, vice president of Oakland-based Iraheta Bros. Trucking, said some owner-operators want to protest again on Tuesday. While the initial protest was planned for three days, nearly 200 port drivers decided on one day at a meeting near the port on Friday.

Sulsar-Campos said there’s been no official announcement that the AB5 protest will continue for two more days.

Iraheta Bros. was founded by a group of owner-operators who wanted to start their own trucking company, she said. The drayage company now has 20 owner-operators who oppose AB5 and want a choice about how to run their businesses.

“We have owner-operators who want to be able to choose when they want to work and don’t want to be company drivers and be told by a company when they will work and decide how much they will be paid,” Sulsar-Campos told FreightWaves.

Some California truckers who move containers in and out of the marine terminals at the ports of Los Angeles and Long Beach participated in a work stoppage Wednesday to protest AB5 and urged the Oakland drivers to stage their own protest as well.

AB5 is a ‘dream killer’

Rafael Quintero, owner of one of the oldest drayage companies that serve the Port of Oakland, attended the protest to support his 10 owner-operators. He called AB5 “an American dream killer” for thousands of minority drivers who immigrated to the U.S. with the dream of owning their own businesses.

He started out as an owner-operator in 1979 and built his company to nearly 80 drivers before scaling back to 10 over the past few years.

“Many port drivers come from poverty like I did and came to America to get away from being controlled by the government,” Quintero told FreightWaves. “These owner-operators are able to provide for their families and put aside money with the dream of eventually owning their own companies just like I did.”

Some protesters in Oakland held signs that said, “The 70,000+ owner-operators choose freedom over fear” and “Don’t let AB5 take our freedom.”

Joe Rajkovacz, director of governmental affairs for the Western States Trucking Association, said his members are concerned about AB5’s impact. He said WSTA members seeking legal advice have received mixed messages from attorneys about how to comply with AB5 if the law stays on the books.

“One of our members was told to break the company into a brokerage and have their three owner-operators form S corporations,” Rajkovacz told FreightWaves.

When the company owners followed the attorney’s advice about AB5, he said the WSTA member was hit with a $180,000 tax bill because one of their owner-operators had received Pandemic Unemployment Assistance because of COVID-19 when work in the construction industry largely shut down.

“This triggered an Employment Development Department [EDD] audit,” Rajkovacz said. “We need clarification before this happens to other trucking company owners trying to comply with AB5.”

Trucks entering the Port of Oakland Monday were largely driven by company drivers from California’s Central Valley. Most owner-operators were in their rigs or personal vehicles, while others stayed home and didn’t pull containers from the port to show solidarity with those protesting AB5.

Larry Dhaliwal, owner of Sacramento-based LDT Transport, attended the protest to support his 30 owner-operators.

“They want to be free to work when they want to and not be forced to become company drivers,” Dhaliwal told FreightWaves.

Some protesters were disappointed that more owner-operators didn’t arrive before the longshoremen showed up to work at the Port of Oakland Monday.

Prior to the demonstration, some dockworkers had said they wouldn’t cross the protest line if the port truckers successfully blocked access to all of the terminal gates.

“It’s really hard to organize a protest for owner-operators,” an owner-operator, who didn’t want to be named, told FreightWaves. “Everybody has their own ideas about how we should deal with AB5.”

Robert Bernardo, director of communications for the Port of Oakland, said port officials are closely monitoring the situation. However, he disputed estimates by those on the front line Monday that the number of protesters was between 300 and 400 owner-operators. Bernardo put the number at 100 to 130 truckers.

“There is some traffic congestion at both TraPac and SSA terminals, so we are working closely with our maritime stakeholders to ensure a safe and continued flow of commerce,” Bernardo said via email to FreightWaves.

FreightWaves attended the Port of Oakland Truck Work Group meeting Monday where the truckers’ protest over AB5 was discussed.

At the meeting, Bill Aboudi, who owns Oakland-based AB Trucking, urged a port official in attendance not to downplay the disruption and economic effects the protest was having on the terminals’ business operations at the port.

The in-gates at the terminals were largely empty Monday, whereas on a normal day he said drayage trucks would be lined up for miles waiting for their turn.

Downplaying the impact will upset the owner-operators more, Aboudi said, citing examples of how the Port of Oakland has responded to protests in the past.

“Just be open and honest with us about the impact,” he said.

SWAMP STORIES

END

King report

Monday’s report

Carlson: Biden’s Mental Decline Is No Longer Possible to Deny (Transcript of Friday night show)
How did he manage to get through the campaign? Well, it turned out, we learned later, his staff supervised by Dr. Jill, his wife, was giving him pills before every public appearance, checking the time and at a certain hour, giving him a dose of something… (Biggest story in decades, MSM will ignore)
    We’re not making that up. We’ve spoken directly to someone who was there and saw it happen multiple times. Now, before taking the medication, this person said, Biden was “like a small child. You couldn’t communicate with him.” He changed completely because he was on drugs, and he clearly still is on drugs. No one is pushing to know what those drugs are. We should know. But the point is, Joe Biden’s dementia was perfectly obvious to everyone around him more than three years ago….
https://www.breitbart.com/clips/2022/07/16/carlson-bidens-mental-decline-is-no-longer-possible-to-deny/

ESUs and stocks soared on Friday because it was July expiration and a summer Friday; pus Fed Presidents Bostic (Atlanta) and Daly (SF) spewed dovish comments about coming rate hikes.

Bostic Says Inflation IS Too High, Fed Needs to Lower It – 8:41 ET (Ensuing are all BBG headlines)
Bostic: US Labor Markets Are Extremely Tight
Fed’s Bostic Says Trying to ‘Get Out of the Business’ of Looking Too Far Ahead on Policy, Given Number of Surprises on Inflation, Other Data (The sole reason for your Fed existence is to look ahead)

Bostic Signals He Doesn’t Favor 100 Basis-Point July Fed Hike – “Moving too dramatically will undermine a lot of the other things working well… We want it to be orderly…” – BBG 9:19 ET
https://ca.finance.yahoo.com/news/fed-bostic-signals-doesn-t-131959960.html

St. Louis Fed President Bullard tried to mitigate Thursday’s narrative that the Fed has gone squishy on rate hikes by asserting that ‘it makes little difference if the Fed hikes rates by 100bps or 175bps on July 27. We can adapt the remainder of the year accordingly.’

Bullard: US Labor Markets Are Very Strong – BBG 9:05 ET
Bullard: I Expect Good Labor Market Reports in 2H – BBG 9:07 ET
Bullard: US GDP Numbers May Not Accurately Reflect Economy – BBG 9:09 ET
Bullard: Gross Domestic Income May Better Reflect 1Q Economy – BBG 9:10 ET
Bullard: I’m Skeptical That US Will Slide into Recession – BBG 9:11 ET
Bullard: Core PCE Inflation Probably Hasn’t Peaked at This Point – BBG 9:12 ET
Bullard: We May Have to Hit 3.75%-4% Fed Rate by End of 2022 – BBG 9:15 ET
Bullard: We Can Do More Now or Spread Out over Meetings – BBG 9:15 ET
Bullard: Open to Debate Tactics of Rate Rise – BBG 9:16 ET
Bullard: Fed Today Has Lot More Credibility Than Volcker Fed – BBG 9:25
Fed’s Bullard Favors Raising Rates to 3.75% to 4% Range in 2022 – BBG 9:31 ET
Bullard: I Take Yield-Curve Inversion Seriously as a Signal – BBG 9:57 ET
Bullard: I Think This Time Is Different on Yield Curve – BBG 9:57 ET

Bullard definitively destroyed his credibility by stating that the current Fed has, and Greenspan had more credibility that the Volker Fed’! This is preposterous and an egregious lie! Whatever credibility the Fed possessed over the past 40 years was due SOLELY to Volcker! Easy Al Greenspan and subsequent Fed CEOs have reduced Fed credibility back to pre-Volcker levels.

Bullard: “We have much more credibility than Volcker had, and we are taking the appropriate actions to bring inflation under control… Now, in ’94, Greenspan had more credibility than Volcker and did not have that much inflation in the U.S. economy. However, inflation really wasn’t all the way down to 2% at that time. He moved very aggressively in 1994, 300 basis points in about a year, and managed to cement inflation expectations at 2%, and really established an implicit 2% inflation target for the U.S…
    I think we’re going to have to move more than, probably, 300 basis points, in total. But because we have more credibility, a lot of this has already been reflected in market pricing and continues to be reflected in market pricing, and this is helping us to bring inflation under control…
https://asia.nikkei.com/Editor-s-Picks/Interview/St.-Louis-Fed-president-favors-75-basis-point-rate-hike

SF Fed president Mary Daly: Inflation Is Too High, Fed Is Working to Bring It Down – BBG 10:43 ET
I am not concerned about the Fed ‘over-cooking things’ – BBG 10:45 ET
Daly: Fed Talking about Raising Rate to Something in 3% Range – BBG 10:53 ET
Higher Fed Rates Will Cool the Housing Market – BBG 10:54 ET

US June Industrial Production unexpectedly declined 0.2% m/m (+0.1% exp) because manufacturing production declined 0.5%. Durables production sank 1.0%; ex-autos production fell 0.5%. Motor vehicles production tumbled 2.9% (Too early to blame retooling for 2023 models?).

US June Retail Sales +1.0% m/m, 0.9% exp; Ex-Autos 1.0%, 0.7% exp, ex-Autos & Gas 0.7%, 0.1% exp.
June Retail Sales Table 2: https://cms.zerohedge.com/s3/files/inline-images/image%20-%202022-07-15T053745.655.png

U.S. retail sales climb 1% in June — but higher prices a big reason why
After adjusting for a 1.3% increase in inflation in June, real retail sales appear to have fallen slightly last month…  https://www.iqstock.news/n/economic-report-retail-sales-climb-june-higher-prices-big-reason-4216408/

The University of Michigan’s Preliminary July Sentiment increased to 51.1 from 50 (50 exp) because Current Conditions jumped to 57.1 from 53.8 (probably of gas price decline). 53.7 was consensus.  Expectations fell to 47.3 from 47.5 (47 exp), the lowest reading since May 1980.

The Atlanta Fed GDPNow Index declined to -1.52% from -1.24% for Q2 because “real gross private domestic investment growth decreased from 1.9 percent and -13.7 percent, respectively, to 1.5 percent and -13.8 percent, respectively.”  https://www.atlantafed.org/cqer/research/gdpnow

ESUs traded sideways with moderately higher gains during Asian trading. The sank into the European open; but hit the daily bottom of 3780.25 at 3:06 ET. ESUs then rallied back into the range that appeared during Asian trading.

After turning negative at 8:38 ET, ESUs commenced the conditioned rally for the NYSE open. The rally persisted until 11:19 ET. ESUs and stocks then traded sideways in listless action until someone forced ESUs modestly higher five minutes before the NYSE close.

USUs traded lower when Asia opened; but rallied modestly into positive territory within two hours. USUs then traded in an extremely tight range until they surge into the European open. USUs peaked at 3:06 ET, at the same time ESUs bottomed. Obviously, someone performed offensive asset allocation.

USUs hit a daily low of 139 18/32 at 9:20 ET. They soared to 140 21/32 at 10:44 ET. After a modest retreat, USUs rallied until 12:15 ET. They then eased lower until they rallied at 15:45 ET.

Commodities rallied sharply on Friday due to Fed officials going squishy on rate hikes.

China Is Giving Off Strong Lehman Brothers Vibes – Xi keeps going missing, the economy is on the brink and people are getting restless… he did disappear from public view for nearly two weeks recently…
https://www.bloomberg.com/opinion/articles/2022-07-14/china-real-estate-mortgage-revolt-hints-at-lehman-like-crisis

@unusual_whales: The Pelosi’s have 20,000 shares in Nvidia… Yesterday, Nancy Pelosi came out in favor of finalizing the CHIPS Plus bill, a comprehensive semiconductor bill for $52 billion. https://twitter.com/unusual_whales/status/1547961410201669640

@PelosiTracker_: A $52 Billion dollar bill to incentivize chip manufacturers to invest and produce their chips in the USA…. US Chip manufacturing market share has eroded from 37% in 1990 to 12% in 2021.

Pelosi’s husband buys millions in computer-chip stocks before big subsidy vote https://trib.al/kCQkDmG
(PS- Jaime Lizárraga, a Nancy Pelosi staffer, is now an SEC commissioner. Qui bono?)

Citigroup shares surge on profit beat, core business strength
The Treasury and Trade Solutions (TTS) business, Citi’s crown jewel, posted a 33% jump in revenue to $3 billion on the back of higher net interest income and fee growth, the best performance in a decade, the bank said… https://www.reuters.com/business/finance/citigroup-profit-sinks-27-loan-loss-provisions-dealmaking-slump-2022-07-15/

Positive aspects of previous session
Stocks rallied sharply for July expiration on more dovish Fed official remarks
Bonds rallied sharply early, but rescinded half of the rally later
Citi soared 13.23% on manic short covering due to EPS of 2.19 with 1.70 expected

Negative aspects of previous session
Commodities rallied sharply; the dollar sank

Ambiguous aspects of previous session
Will the rally into expiration hinder the usual Monday rally/

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3847.99
Previous session High/Low: 3863.62; 3817.18

Though energy and food commodities are down sharply from early June peaks, wage hikes and other inflated costs will not recede as quickly.

@lisaabramowicz1: “The Fed will need to raise policy rates at least to 4% and probably beyond:” Citi economists… “A rapid rise in the Atlanta Fed Wage Tracker suggests Fed officials may be surprised by a strong employment cost index.”  https://twitter.com/lisaabramowicz1/status/1548057864815591425

Atlanta Fed Wage Tracker Growth – three month moving average of median wage growth, hourly data: Overall Unweighted +6.7% (highest in history back to 3/97) https://www.atlantafed.org/chcs/wage-growth-tracker

Rent is the largest CPI component (~33%) and about 40% of Core CPI. The BLS has rents up only 5.8% y/y in June. Even Tucker Carlson noted that this is a fraction of real rent inflation. So, the really big question is what will BLS due with rents in July?

Manhattan Rents Soar to New Record (+25% y/y) Amid Inflation Storm https://t.co/JLDXXIBavY

Dem says Manchin blocking energy, tax provisions in big bill …if it includes climate or energy provisions or higher taxes on the rich and corporations…  https://t.co/LBSSkEByjY

GOP Sen. @RandPaul: “Using a three-dose vaccine in 992 children between the ages of six months and five years, Pfizer found no statistically significant evidence of vaccine efficacy.” Nevertheless, the CDC went on to recommend 3 vaccines for children.    https://t.co/t0BVpFXt7x

Mike Pence has got some ‘splainin’ to do – Dr. Deborah Birx… admits she sabotaged the COVID policies of President Donald Trump. But even worse, she claims she did so with the tacit approval of then-V.P. Mike Pence, who was appointed as the point man for the federal government’s COVID efforts… https://www.americanthinker.com/blog/2022/07/mike_pence_has_got_some_splainin_to_do.html

@jeffreyatucker: Before posting my final review of D. Birx’s book, I offer you one more excerpt on how she doctored the weekly Covid reports to the states coming from the White House. You won’t believe this one. (“Fortunate, this sleight of hand worked…”) https://twitter.com/jeffreyatucker/status/1548125024107671552

@SKMorefield: Johns Hopkins’ Dr. Marty Makary to Tucker Carlson on medical professionals who buck the Covid narrative: “… they really can’t say anything … they know that their jobs are at risk …” “They feel like they’re watching a horror show and they can’t close their eyes.”
https://twitter.com/SKMorefield/status/1547739350946852869

The Big Guy tried to ingratiate himself with Palestinians by performing, for the umpteenth time, his ‘me too a victim’ schtick. In doing so, he insulted Great Britain, and probably Israel.

@RNCResearch: BIDEN in East Jerusalem: “…the background of my family is Irish American, and we have a long history not fundamentally unlike the Palestinian people, with Great Britain and their attitude toward Irish Catholics over the years for 400 years.”
https://twitter.com/RNCResearch/status/1547925421856940032

The BBC: Joe Biden: Unearthing the president’s unsung English roots   12 June 2021
President Biden has never spoken on record about his English heritage either.  In private, President Biden often discussed his Britishness, as well as his Irishness, a senior UK diplomat told the BBC of their time in Washington DC. Yet the lack of public acknowledgement has led some UK media outlets to suggest President Biden has been shying away from his English roots…
https://www.bbc.com/news/world-us-canada-57394351

Good Friday, Joe Biden – Is he contending that the “Palestinian people,” like the Irish, have first claim to the land, ignoring the consistent Jewish presence in Israel since — let’s be conservative — a few centuries before the unified Kingdom of Israel, around 1000 BC, or around 1600 years before the Muslims invaded?… The first mention of a modern “Palestinian people” did not appear until the early 20th century, an invention of the British mandate…  https://thefederalist.com/2022/07/15/good-friday-joe-biden/

@RNCResearch: Joe Biden says he swallowed his own saliva “wrong,” causing coughing fit.
https://twitter.com/RNCResearch/status/1547925661393727488

Biden fist bumps Saudi Prince MBS… I’m not going to meet with MBS,” Biden said last month. “I’m going to an international meeting, and he’s going to be part of it.” Biden separately shook hands with Saudi King Salman bin Abdulaziz, the crown prince’s father, on Friday… https://www.cnbc.com/2022/07/15/biden-fist-bumps-saudi-prince-mbs-after-jamal-khashoggi-killing.html

CNBC’s @PippaStevens13: “I’m doing all I can to increase supply for the United States of America, which I expect to happen. The Saudis share that urgency, and based on our discussions today I expect we’ll see further steps in the coming weeks,” says @POTUS (in presser after MBS meeting)

@charliespiering: Joe Biden says MBS responded to his comments on Khashoggi by denying he was personally responsible… Reporter asks if Joe Manchin is negotiating in good faith.  Biden: “I didn’t negotiate with Joe Manchin, I have no idea.” (The Big Guy then exited.)

Minutes after Biden’s short presser on Friday, Saudi Foreign Affairs Minister Al-Jubeir rebuked The Big Buy when he asserted, ‘the choice to increase oil production will not be based on hysteria or politics.’

Biden ends Saudi Arabia visit with no oil deal https://justthenews.com/politics-policy/biden-ends-saudi-arabia-visit-no-oil-deal

Saudi Arabia agrees to increase oil production levels, will help ‘stabilize markets,’ White House says – Saudi Arabia committed to increase oil production levels 50% above what was initially planned for July and August.   https://www.foxnews.com/politics/saudi-arabia-agrees-to-work-with-us-to-increase-oil-production-levels-will-help-stabilize-markets-white-ho

NY Post’s @mirandadevine: Saudi’s top diplomat refused to commit to boosting oil production, denied Biden pressed them on the issue, and said that “The problem of gasoline in the US is more a function of the lack of refining capacity in the US than a shortage of actual crude oil.”

Saudis Say Oil Decisions Are for OPEC+ as Biden Leaves Kingdom
https://www.bnnbloomberg.ca/saudis-say-oil-decisions-are-for-opec-as-biden-leaves-kingdom-1.1792764

Saudi crown prince says unrealistic energy policies will lead to higher inflation
The prince (MBS) said Saudi Arabia had announced raising its production capacity to 13 million barrels per day by 2027 from a nameplate capacity of 12 million now and “after that the Kingdom will not have any more capability to increase production”… (The Big Guy groveled to MBS for oogotz!)
https://www.reuters.com/world/middle-east/saudi-crown-prince-says-unrealistic-energy-policies-will-lead-inflation-2022-07-16/

NYT slams Joe: Biden’s Fraught Saudi Visit Garners Scathing Criticism and Modest Accords
Biden later told reporters Khashoggi’s murder was “outrageous” and said he had confronted the crown prince privately. “I raised it at the top of the meeting, making clear what I thought at the time and what I think of it now,”… He reported that Crown Prince Mohammed… denied culpability. “He basically said that he was not personally responsible for it,” Biden said. “I indicated that I thought he was.”
     Saudi officials contradicted his account. Adel al-Jubeir, the Saudi minister of state for foreign affairs, told reporters that he did not hear Biden tell the crown prince that he was responsible, describing instead a brief and less contentious exchange that focused on human rights without dwelling on the killing… His trip here was characterized by a sense of defensiveness, as he insisted it was not what it looked like… He said it was not about oil, and no such agreement was announced but the two privately reached an understanding that oil producing states would agree to increase output at an Aug. 3 meeting, according to American officials…  https://buffalonews.com/bidens-fraught-visit-with-saudi-prince-garners-scathing-criticism-modest-accords/article_bb44dbfd-1087-5be1-81ac-4b013a18b62d.html

Biden says Saudi minister who insisted he never raised Khashoggi murder with MBS is LYING and tells press to ‘talk about something that matters’ when asked if he regrets fist bump https://t.co/znrhmUbnbY

Saudi Arabia to Boost Oil Production Capacity to 13 Million Bpd in 2027        Oct 04, 2021
https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-To-Boost-Oil-Production-Capacity-To-13-Million-Bpd-in-2027.html

Saudi Arabia set for oil output capacity above 13 million barrels per day by 2027, minister says
May 16, 2022  https://www.reuters.com/world/middle-east/saudi-arabia-track-hit-oil-output-over-13-mln-bpd-by-2027-says-minister-2022-05-16/

We don’t know who is lying about Khashoggi; but Biden and the WH fibbed about KSA oil production.

PS – Saudi Arabia is arbing the oil market via purchasing discounted Russian oil for domestic consumption and exporting its own oil at higher prices!

Saudi Arabia doubles second-quarter Russian fuel oil imports for power generation
Kingdom burns Russian fuel to free up crude for exports… Russia… selling fuel at discounted prices…
https://www.reuters.com/business/energy/exclusive-saudi-arabia-doubles-q2-russian-fuel-oil-imports-power-generation-2022-07-14/

If the NY Times is bashing Joe for his discomfiting Saudi Arabia sojourn, will other elite media follow?

WH aides on Sunday tried to mitigate the disappointment of NO KSA oil production increase.

WH Economic Adviser Bernstein: There Is Room for Gulf (Oil) Producers to Increase Supply

US Envoy for Energy Security Hochstein: I Expect Gas Prices to Decline Further Towards $4 a Gallon

@StephenMoore: 62% of top Biden appointees have no business experience.  The average business experience of top Biden appointees is only 2.4 years. No wonder our economy is in rough shape.

@charliebilello: Why did the Fed buy MBS and keep rates at 0% month after month despite blatant evidence of a 2nd housing bubble forming over the last 2 years? No one will ask them that question.
    Mortgage payments are up 43.5% over the last year, making the average house unaffordable to the average American household. This hits demand and sales collapse, and then with a lag come the price declines. Same pattern that we saw during the last housing bubble.
https://twitter.com/charliebilello/status/1548307478869200897

G-20 meeting ends without full consensus; food security and inflation top agenda at Bali meeting https://t.co/iJ6sX39c80

Supermarkets, Restaurants Hire Security and Limit Hours to Combat Crime
Theft is a growing problem for U.S. retailers… major retailers have cited theft as a growing pressure on their businesses… New York-based Morton Williams Supermarkets is placing on shelves smaller quantities of items that often get stolen such as bacon, smoked salmon, and some ice cream…
https://www.msn.com/en-us/money/companies/supermarkets-restaurants-hire-security-and-limit-hours-to-combat-crime/ar-AAZFwNH

Today – For the past year or so, there has been an inordinate number of ‘down’ expirations due to traders of various classes getting too long expiring calls. On the ensuing Monday, stocks soared because the downward pressure from traders trying to liquidate calls expired. An estimated $1.9T notional value of July options expired on Friday.

Mondays tend to be rally days. Will the robust rally from Thursday morning through expiration Friday impair traders from generating the Monday after expiry rally?  The Fed will be no help or hindrance; it is in a blackout for the July 26-27 FOMC Meeting.  Expected earnings: BAC .75, GS 6.65, IBM 2.29

ESUs are +11.00 at 20:10 ET because perceived Fed conduit Nick Timiraos says the Fed will hike 75bps, not 100bps.  https://www.wsj.com/articles/fed-officials-preparing-to-lift-interest-rates-by-another-0-75-percentage-point-11658068201

S&P 500 Index 50-day MA: 3937; 100-day MA: 4156; 150-day MA: 4300; 200-day MA: 4365
DJIA 50-day MA: 31,697; 100-day MA: 32,879; 150-day MA: 33,744; 200-day MA: 34,144

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4803.89 triggers a buy signal
Weekly: Trender and MACD are negative – a close above 4113.15 triggers a buy signal
Daily: Trender and MACD are positive – a close below 3749.11 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 3782.40 triggers a sell signal

Hunter Biden laptop shows dozens of meetings with dad, business partners https://trib.al/da4Oxuj

How President Biden’s brother peddled influence; new docs, more shady deals
One company was evidently forced into bankruptcy after James Biden convinced the business to loan him $500,000 with the promise he would use his name to “open doors” and acquire massive sums of cash from Saudi Arabia and Qatar. Biden was subsequently unable to repay the loan…
https://www.bizpacreview.com/2022/07/15/how-president-bidens-brother-peddled-influence-new-docs-more-shady-deals-1261932/

Bombshells undercut the ‘Big Lie:’ 21 confirmed illegalities, irregularities from 2020 election
There are now nearly two dozen credible confirmations of wrongdoing, irregularities and illegalities that undercut the claims of bureaucrats, journalists, and Democrats that the November 2020 general election was flawless.  https://justthenews.com/politics-policy/elections/bombshells-belie-big-lie-21-confirmed-illegalities-irregularities-2020

“Joe Biden should not concede under any circumstances because I think this is gonna drag out and eventually I do believe he will win if we don’t give an inch.” – Hillary Clinton, August 24, 2020
https://www.dailywire.com/news/hillary-clinton-joe-biden-should-not-concede-under-any-circumstances

House Republicans blast Biden for colluding with Left wing groups on voting Exec. Order
The “Promoting Access to Voting” Act (Executive Order 14019)… instructed agencies to work on ways of expanding citizens’ opportunities to register to vote and participate in the political process and subsequently submit their strategic planning to the White House Domestic Policy Council…
    “Democrats took advantage of a once-in-a-lifetime pandemic to radically alter election administration in several key states, including by abruptly implementing all-mail voting in states without the necessary preparation, training, equipment, space, or personnel and by weakening election integrity measures,” the letter reads. The letter also states: “Despite the requirements of E.O. 14019 (the Promoting Access to Voting act) that agencies submit their voter registration plans to the Domestic Policy Council, a new report suggests that the Biden White House has stonewalled public transparency surrounding these plans … because of this secrecy, it is impossible to know whether these voter registration plans amount to a misuse of government resources to selectively target groups likely to vote for Democrat candidates.”… Biden’s latest executive order is nothing more than a power grab meant to misuse government resources for selective voter turn-out operations. The Constitution mandates that states, not Joe Biden, run our elections. Period.”…
https://justthenews.com/government/congress/exclusive-house-republicans-blast-biden-colluding-left-wing-groups-voting-exec

Judge questions FBI arrest tactics against Trump adviser Navarro
“It is curious…at a minimum why the government treated Mr. Navarro’s arrest in the way it did,” Mehta said at the session… “It is a federal crime, but it is not a violent crime… It is a surprise to me that self-surrender was not offered,” the judge said…
    “This is the first time in our nation’s 250-year history that a senior adviser to a president has been criminally charged for refusing to comply with a congressional subpoena,” Rowley said…
https://www.politico.com/news/2022/07/15/judge-questions-feds-tactics-in-navarro-arrest-00046085

Republicans wince as their Ukrainian-born colleague thrashes Zelenskyy
Spartz (R-Ind.), who has traveled to Ukraine a half-dozen times since the war began and spoken passionately about the conflict, shocked lawmakers in both parties recently with her intense criticisms of the country’s president, Volodymyr Zelenskyy, and his confidants… GOP national-security hawks also worry that the MAGA wing of their party, where there’s already resistance to supporting Ukraine, will point to Spartz’s comments as justification… Spartz is dredging up old dirt on Zelenskyy and his advisers… Spartz has pushed for better oversight of the U.S. weaponry flowing into Ukraine — an issue that has attracted bipartisan scrutiny… (How much of the US’s $60+B donation has been grifted?)
https://www.politico.com/news/2022/07/15/republicans-spartz-ukraine-zelenskyy-00045949

@ggreenwald: The US has been on an insane orgy of military spending since 9/11 at least… That’s because the real purpose isn’t to win wars or security. It’s this, as explained by Assange: “… The goal is to use Afghanistan to wash money out of the tax basis of the United States, out of the tax basis of European countries through Afghanistan and back into the hands of a trans-national security elite.”
https://twitter.com/ggreenwald/status/1547752702511263745

@Jillian22Betsy: Soros, “We have a Foundation in Ukraine and it happens to be one of our best foundations. I also want to mention that there is one person who was very deeply involved in Ukraine and that’s Biden…” https://twitter.com/Jillian22Betsy/status/1547773396267675654

Retired Justice Stephen Breyer joining Harvard law faculty https://trib.al/okb0JUO
(Was Breyer forced out as some pundits claims?)

What is Adam Schiff Hiding? – Schiff tucked an amendment into the National Defense Authorization Act that would prohibit any evidence collected in violation of the Posse Comitatus Act from being used in investigations. Why?
    Jeffrey Rosen had a secret on January 6, 2021.  The then-acting attorney general… had assembled a team of elite and highly skilled government agents at Quantico, a nexus point between the FBI and U.S. military, the weekend before Congress met to certify the results of the 2020 presidential election. At the same time, he was rejecting President Donald Trump’s last-minute appeals to investigate election fraud, Rosen was managing a hush-hush operation in advance of planned rallies and protests in Washington on January 6…
     But if the military engaged in any civilian law enforcement activity, including surveillance or intelligence collection, before or during January 6, it would represent an egregious violation of the military’s code of conduct and federal law. Under the Posse Comitatus Act, military personnel cannot be used as local cops or investigators…  https://amgreatness.com/2022/07/14/what-is-adam-schiff-hiding/

A year before Uvalde shooting, gunman had threatened women, carried around a dead cat and been nicknamed “school shooter”  https://www.texastribune.org/2022/07/17/uvalde-shooter-warnings-background/

Good Samaritan Stops Mass Shooting Inside Indiana Mall
At least three people were killed and two others were injured when an unidentified man opened fire inside the Greenwood Park Mall food court… “It appears that a Good Samaritan that was armed, observed the shooting in progress and engaged the shooter (reportedly killed),” the chief told reporters…
https://www.toddstarnes.com/crime/good-samaritan-kills-mass-shooter-inside-indiana-mall/

Gallup: Do you consider yourself a Republican, a Democrat or an independent? Including Indie leaners: Feb 2021: DEM 50% / GOP 41% (D+9); June 2022: GOP 46% / DEM 45% (R+1)
https://news.gallup.com/poll/15370/party-affiliation.aspx

END

TUESDAY JULY 19

The King Report July 7, 2022

Independent View of the News

Oil and gasoline soared on Monday on the reality that the Saudis did not pledge to increase production; but warned The Big Guy that they are near oil production capacity – and Russia is cutting gas supplies to Europe. Also, after dipping around the 4^th of July drive season, gasoline demand has rebounded.

@GasBuddyGuyDemand: According to GasBuddy data, weekly US gasoline demand rose 3.3% from the prior week and was 1.5% above the rolling four-week average. GasBuddy’s model finds retail demand was approx 9.45mbpd.   https://twitter.com/GasBuddyGuy/status/1548807520025821190

Russia’s Gazprom declares force majeure on some gas supplies to Europe
Dated July 14 and seen by Reuters on Monday, the legal force of the letter is to shield Gazprom from compensation payments for disrupted supplies, but risks escalating tensions between Russia and the West over the invasion of Ukraine that Moscow calls a “special military operation”…
    A trading source, asking not to be identified because of the sensitivity of the issue, said the letter concerned supplies through the Nord Stream 1 pipeline, a major supply route to Germany and beyond…
   The Nord Stream 1 pipeline is shut for annual maintenance, which is meant to be completed on July 21, but some of Gazprom’s European customers are nervous supplies will not resume…
https://www.reuters.com/business/energy/russias-gazprom-declares-force-majeure-gas-supplies-europe-2022-07-18/

@Paulomacro: “Germany’s strategy up to this point was to outsource their military to the US, their financial management to the EU, their energy supply to Russia, and their end market to China. This was the complete globalization of an economy… I think they’re in extreme trouble.” – Ken Moelis

Homebuilder sentiment plunges in July as buyers pull backBuilder sentiment dropped 12 points to 55, according to a monthly survey from the National Association of Home Builders. (65 was consensus, 67 in June)Largest single month drop in the survey’s 37-year history with the exception of April 2020.https://www.cnbc.com/2022/07/18/homebuilder-sentiment-takes-historic-plunge-in-july.html

ESUs traded modestly higher during early Asian trading. The rally intensified during late Asian trading and early European trading. ESUs and stocks peaked at 4:54 ET. They then traded sideways until a declined began at 8:10 ET. The rally for the NYSE open appeared. The rally ended at 9:55 ET. ESUs and stocks then rolled over and went inert. The action for the European close was unnaturally listless.

Traders got long early on Monday for the expected Monday rally and conditioned buying for earnings season. But the downward and listless action after the 4:54 ET peak suggests that there were few organic buyers in the market. At 11:40 ET, USUs were -1 16/32 and industrial commodities were up sharply. This suggests there was some offensive asset allocation in the markets. Fangs led the rally, which is an inculcated pattern for earnings season.

A modest rally after Europe closed ended with 25 minutes. ESUs and stocks rolled over and then tumbled on this:  Apple plans to slow hiring and spending growth next year in some divisions to cope with a potential economic downturn https://trib.al/ZH7XAmz

Apple injected a harsh reality of recession into a market that got euphoric because the Fed indicated that it would hike rates 75bps instead of 100bps next week. There will be more lessons in the harsh reality of recession consequences in the coming weeks and months.

ESUs and stocks bottomed at 15:03 ET. The last-hour upward manipulation was modest and ended near 15:24 ET. ESUs and stocks then tumbled until 15:50. Someone forced ESUs 17 handles higher by 16 ET.

Positive aspects of previous session
Stocks, particularly Fangs, rallied sharply for Monday and earnings season

Negative aspects of previous session
Bonds declined sharply but rallied after Europe closed
Apple injected economic reality in a delusional stock market
Industrial commodities rallied sharply, led by oil (Brent Crude +5.05%, WTI Oil +5.13%)

Ambiguous aspects of previous session
How many more companies will prepare for recession?
Have energy commodities bottomed?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3850.64
Previous session High/Low: 3902.44; 3818.63

Starbucks CEO Howard Schultz blames Dem-run cities for store closures
https://nypost.com/2022/07/18/starbucks-ceo-howard-schultz-blames-democrat-run-cities-for-store-closures/

@zerohedge: Don’t feel too bad looking at your P&L: Goldman, the world’s most powerful bank, lost another $660 million in Q2 trading stocks (after losing over a bill in Q4 and Q1)

Goldman Sachs is looking at reinstating year-end job cuts as economic outlook dims
https://www.cnbc.com/2022/07/18/goldman-sachs-is-looking-at-reinstating-year-end-job-cuts-as-economic-outlook-dims-.html

Fauci to retire by the end of Biden’s term: report
https://www.foxnews.com/politics/fauci-retire-end-bidens-term-report

Florida family drives into electric car problem: a replacement battery costs more than vehicle itself
Avery Siwinski is a 17-year-old whose parents spent $11,000 on a used Ford Focus Electric car, which is a 2014 model… A battery for the electric car costs $14,000, according to the news outlet…
https://www.msn.com/en-us/autos/news/florida-family-drives-into-electric-car-problem-a-replacement-battery-costs-more-than-vehicle-itself/ar-AAZGl89

@WallStreetSilv: Italy Debt to GDP ratio is over 150%. Its public debt stood at €2.8tn in May. Approximately 25% of all Eurozone debt is Italian. The only thing keeping Italy afloat is the ECB buying their debt. Italy would be 10x larger than the Greek debt crisis.
https://twitter.com/WallStreetSilv/status/1548850042257215488

IBM reported GAAP EPS of $1.61 (2.29 exp) & non-GAAP EPS of $2.31. The stock sank 3.3%.

Today – A negative fundamental thwarted trading schemes on Monday. This is a rare occurrence; but Apple is a core holding of institutions, hedge funds, ETFs, and traders. Many people thought Apple was a recession-proof holding or a safe-haven play. A key for today will be Apple.

Bulls hope that Apple’s announcement was a one-day negative that will be insouciantly dismissed, and a Turnaround Tuesday will appear. However, if a critical mass of investors and/or traders believe that Apple’s action is profoundly negative and other firms are likely to implement recession preparations, look out below! To reiterate: The Fed cannot help or hurt because it is in a blackout for its meeting next week.

Expected earnings: JNJ 2.56, LMT 4.66, HAS .94, HAL .45, NFLX 2.92, JBHT 2.34

Expected economic data: June Housing Starts 1.58m, Permits 1.65m

ESUs are +7.00; and USUs are -8/32 at 20:30 ET

S&P 500 Index 50-day MA: 3927; 100-day MA: 4151; 150-day MA: 4294; 200-day MA: 4362
DJIA 50-day MA: 31,637; 100-day MA: 32,854; 150-day MA: 33,713; 200-day MA: 34,127

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4803.89 triggers a buy signal
Weekly: Trender and MACD are negative – a close above 4113.15 triggers a buy signal
Daily: Trender and MACD are positive – a close below 3749.11 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 3904.04 triggers a buy signal

Stephen Colbert’s The Late Show staff who were arrested for ‘unlawful entry’ into the Capitol last month will NOT be prosecuted… (Duel justice system; liberal privilege)
https://www.dailymail.co.uk/news/article-11026159/The-Late-staff-not-prosecuted-going-Capitol.html

@ChadPergram:  Fox is told the Capitol Police are upset about the decision to drop the charges. But USCP say they “respect” the decision… Sources close to the Capitol Police tell Fox this undercuts law enforcement as they try to secure the Capitol complex after the riot.

@Cernovich: When you have absolute power, you don’t even need to pretend. Even as people face trial for walking into a building with open doors, DC Democrats free their own regime propagandists.

Fuming families rip Biden, say he did nothing to free US citizen ‘hostages’ in Saudi Arabia
There are at least four Americans jailed in or unable to leave Saudi Arabia, according to their families. The cases aren’t well-known because the families opted to work quietly with the US government ahead of Biden’s visit… https://nypost.com/2022/07/18/biden-leaves-us-citizen-hostages-in-saudi-arabia-infuriating-families/

That’s Enough – If it gets worse than this, Americans should have a real concern Biden might inadvertently start a war.
   Biden returned home from his meeting in Jeddah with the Saudi royals, having committed a near-endless string of gaffes… The reason they (KSA) aren’t producing more (oil) is that they don’t have the capacity. And they’ve said so. They told French Premier Emmanuel Macron that, and Macron relayed it to Biden within earshot of a microphone, meaning the entire world heard it. But Biden went anyway.
   Joe Biden has always been an embarrassment. The Democrat establishment, a whitened sepulcher of a political cabal whose time is past and whose bench is empty, took extraordinary, illegal steps to foist him on the American public and is now choking on him… They’re so afraid of Kamala Harris finishing off any claim they might have to national leadership that they won’t do the obvious thing and rid us of Biden. They know that, once Harris takes office, as it’s increasingly clear she’ll have to before this presidential term is up, there will be no more excuses, and the public will understand that Joe Biden isn’t the real disaster — the Democrats are…
https://spectator.org/thats-enough/

Lawsuit accuses DOJ of hiding records about bias in Hunter Biden and Durham probes
“The President appointed Nicholas McQuaid as Principal Deputy Assistant Attorney General in the Criminal Division,” according to PPT. “Just prior to the Administration taking power, a former colleague of McQuaid, with whom McQuaid jointly represented at least one client, was hired by Hunter Biden, who is reportedly ‘under investigation for possible tax and money laundering activities, with a potential counterintelligence component.'”…
https://justthenews.com/government/courts-law/lawsuit-accuses-doj-hiding-records-about-bias-hunter-biden-and-durham-probes

@JackPosobiec: Uvalde is right at the intersection of 2 of the heaviest human trafficking channels along the Texas border. The school was locked down 47 times between Feb ’22 and May ’22 due to police chasing traffickers, including one the day before the shooting.
https://twitter.com/JackPosobiec/status/1548830549166505985

@PaulSperry30: Biden open border policies contributed to Uvalde massacre: Robb Elementary teachers desensitized to intruder alert system, didn’t take seriously when shooter on campus b/c the alarm was triggered 50 times this year by border “bailouts”– human traffickers fleeing police

Memphis police thwart potential mass shooting at arena: Officials
A 28-year-old man distraught over a breakup with his girlfriend was arrested after police alleged he planned to shoot people leaving an event at an arena in downtown Memphis, Tennessee… https://abcnews.go.com/US/memphis-police-thwart-potential-mass-shooting-arena-officials/story

New York’s night of bloodshed: Two die and at least 12 more are injured in eleven separate shooting and stabbing incidents in just SIX hours after mayor Eric Adams vowed to ‘turn this crime thing around’
https://www.dailymail.co.uk/news/article-11024325/New-Yorks-night-bloodshed-Two-die-12-injured-eleven-separate-incidents.html

@CWBChicago: Less than 10 minutes after Chicago cops saw three men get out of a car and kill a man Saturday, other officers spotted the getaway vehicle and tried to pull it over. But a CPD supervisor ordered them to terminate the pursuit.

A biological male inmate who identifies as transgender has been removed from a New Jersey prison after impregnating two women inmates. The inmate is serving a 30-year sentence for manslaughter…
https://thepostmillennial.com/biological-male-transferred-to-youth-facility-after-impregnating-2-in-womens-prison

@ThomasSowell: One of the mysteries of the ages is why the political left has, for centuries, lavished so much attention on the well-being of criminals and paid so little attention to their victims.

@GallupNews: Just 11% of U.S. adults now say they have “a great deal” or “quite a lot” of confidence in television news and 16% in newspapers. http://on.gallup.com/3coVvxJ

Greg Hunter:

After the Interview:

See you TOMORROW

2 comments

GOLD CLOSED DOWN 435 TO $1711.85//SILVER WAS DOWN 14 CENTS TO $18.78 – altnews.org · July 20, 2022 - 5:05 am · Reply→

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

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JULY 20/GOLD CLOSED DOWN $8.80 TO $1703.05//SILVER WAS DOWN 2 CENTS TO $18.78//PLATINUM WAS DOWN $12.20 TO $863.05//PALLADIUM WAS DOWN $2.25 TO $1868.10//COVID UPDATES//VACCINE IMPACT/DR PAUL ALEXANDER INTERVIEWS DR GERRT VANDENBOSSCHE: A MUST VIEW//CHINA · July 20, 2022 - 9:12 pm · Reply→

[…] by harveyorgan · in Uncategorized · Leave a comment·Edit […]

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Robert Hryniak	3:22 PM (7 minutes ago)
to Harvey

JULY 19//GOLD CLOSED DOWN 435 TO $1711.85//SILVER WAS DOWN 14 CENTS TO $18.78//PLATINUM WAS UP $3.75 TO $875.85//PALLADIUM WAS UP 20 CENTS TO $1870.65//TED BUTLER A VERY IMPORTANT READ//COVID UPDATES/VACCINE IMPACT//DR PAUL ALEXANDER//UPDATES RE THE GAZPROM GAS SAGA//SWAMP STORIES FOR YOU TONIGHT//

DONATE

total notices so far: 7482 contracts for 748,200 oz (23/272 tonnes)

1/COMEX GOLD AND SILVER REPORT

3. ASIAN AFFAIRS

i)TUESDAY MORNING// MONDAY NIGHT

a)NORTH KOREA/SOUTH KOREA

b) REPORT ON JAPAN/

3 C CHINA

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues

7. OIL ISSUES

8 EMERGING MARKET ISSUES

Ted Butler: After epic selloffs, epic rises ahead for gold and silver

Spoofing gold market was common at Bear Stearns, former trader testifies

Monetary reform, gold remonetization addressed as Bullion Star interviews fund manager Sean Fieler

Epic Silver Selloffs

Scaramucci’s SkyBridge Capital Suspends Redemptions In One Of Its Crypto Funds

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

EUR bid and EGBs dented on ECB source reports; IBM -5.0% pre-mkt – Newsquawk US Market Open

LOOKING AHEAD

GEOPOLITICS

CENTRAL BANKS

EUROPEAN TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

CRYPTO

APAC TRADE

EQUITIES

i)TUESDAY MORNING// MONDAY NIGHT

3 a./NORTH KOREA/ SOUTH KOREA/

3B JAPAN

3c CHINA

4/EUROPEAN AFFAIRS//UK AFFAIRS/

Gazprom Declares Force Majeure, Will Halt Gas Flows To Germany Indefinitely

European Stocks Soar On Report That Russia Will Restart Nord Stream 1 On Thursday

Euro Surges On Report ECB Looking “Closely” At 50bps Rate Hike As Lagarde Rushes To Complete “Italian Bond Purchase” Mechanism

EU Opens Membership Talks With Albania & North Macedonia After Fast-Tracking Ukraine Candidacy

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

Erdogan Warns Turkey Can ‘Freeze’ Finland, Sweden NATO Bids At Any Time

Russian Military Given Formal Order To Target Ukraine’s Long-Range Weapons From US

Gazprom, Iran Sign Tentative $40BN Energy Deal As Russia Threatens Europe Gas Supply

6. GLOBAL ISSUES AND COVID COMMENTARIES

Germany To Re-Impose Mask Mandate In September Despite COVID Wave Already “Losing Momentum”

Transgender woman who impregnated 2 inmates removed from N.J.’s female prison; do you know why? because the transgender woman involved is a hard a*s MAN! This was a man placed in a women’s prison

No, it is not a transgender woman! It is a man! Now why would they put a transgender man in a women prison? Are these people so stupid? that stupid? is this textbook INSANITY?

Scores Of Fuel Ships Stranded Off Mexico As Pemex Debt Mounts

VACCINE INJURY/

COVID patients find dangerous advice and pills online : Shots – Health News : NPR

Vaccine Impact

Panic in Europe: Russia Stops Gas Flow on “Force Majeure” as Biden Admin Temporarily Prevents Rail Strike

July 18, 2022 2:58 pm

LA County Chief Medical Officer Exposes Bogus COVID Hype with Health Department Bureaucrat Politician

July 18, 2022 6:07 pm

MICHAEL EVERY