JULY 21: GOLD FINALLY HAS A GOOD DAY UP $11.40 TO $1714.45//SILVER UP 5 CENTS TO $18.81//PLATINUM UP $11.50 TO $874.95//PALLADIUM UP $21.45 TO $1889.15//COVID UPDATES// MACAU SET TO RELAX RESTRICTIONS ON COVID LOCKDOWNS//BIDEN NOW HAS COVID 19 AFTER BEING VACCINATED 4 TIMES// VACCINE IMPACT//DR PAUL ALEXANDER//ECB RAISES RATES BY 50 BASIS POINTS AND THAT PROPELS THE PRECIOUS METALS//ECB PLAN TO BUY ONLY ITALIAN BONDS GETS MIXED REVIEWS//CHINA USES TANKS TO STOP CITIZENS FROM WITHDRAWING THEIR MONEY//NORDSTREAM 1 BEGINS ITS NATURAL GAS DISTRIBUTION TO EUROPE AT ITS ANNOUNCED 40% CAPACITY//RUSSIA PLANS TO ANNEX TERRITORIES WON IN ITS WAR WITH UKRAINE//AT & T CRASHES AS USERS NOT PAYING THEIR BILLS//SWAMP STORIES FOR YOU TONIGHT//

by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1714.45 UP $11.40 

SILVER: $18.81 UP 5 CENTS 

ACCESS MARKET: 

GOLD $1718.50

SILVER: $18.85

Bitcoin morning price:  $22,736 DOWN 971

Bitcoin: afternoon price: $23,074. DOWN 633 

Platinum price: closing UP $11.50 to $874.95

Palladium price; closing UP $21.05  at $1889.15

END

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 EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JULY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,699.500000000 USD
INTENT DATE: 07/20/2022 DELIVERY DATE: 07/22/2022
FIRM ORG FIRM NAME ISSUED STOPPED


661 C JP MORGAN 13
880 C CITIGROUP 1
905 C ADM 12


TOTAL: 13 13
MONTH TO DATE: 9,227

no. of contracts issued by JPMorgan:  13/13 

_____________________________________________________________________________________

NUMBER OF NOTICES FILED FOR JULY CONTRACT:  13 NOTICES FOR 1300 OZ //0.0404 TONNES

total notices so far: 9227 contracts for 922,700 oz (28.699 tonnes) 

SILVER NOTICES:  

85 NOTICES FILED FOR 425,000 OZ/

 

total number of notices filed so far this month  3358 :  for 16,790,000  oz



END

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

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

GLD

WITH GOLD UP $11.40 

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

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

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19

TONNES FROM THE GLD///

INVENTORY RESTS AT 1005.87 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 5 CENTS

AT THE SLV// ://HUGE CHANGES IN SILVER INVENTORY AT THE SLV//:A WITHDRAWAL OF 7.101 MILLION OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 500.484 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY  A HUGE SIZED 1058  CONTRACTS TO 146,305   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE HUGE GAIN IN OI WAS ACCOMPLISHED WITH OUR TINY  $0.02 LOSS  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.02) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY COMMERCIAL SILVER LONGS//BUT MAINLY WE HAD ADDITIONAL SPECULATOR ADDITIONS AS WE HAD A STRONG GAIN OF 1444 CONTRACTS ON OUR TWO EXCHANGES.

WE  MUST HAVE HAD: 
I) HUGE SPECULATOR SHORT ADDITIONS /. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A POOR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 15.220 MILLION OZ FOLLOWED BY TODAY’S 975,000 OZ QUEUE JUMP  / //  V)    HUGE 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  : + 14

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 14 days, total 11,907  contracts:  59.535 million oz  OR 4.253 MILLION OZ PER DAY. (861 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 59.535 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 : 59.535 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1058 DESPITE OUR  $0.02 LOSS IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A FAIR  SIZED EFP ISSUANCE  CONTRACTS: 400 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 12,500 OZ  //  .. WE HAD A VERY STRONG SIZED GAIN OF 1458 OI CONTRACTS ON THE TWO EXCHANGES FOR 7.290 MILLION  OZ WITH THE LOSS IN PRICE..

 WE HAD 85  NOTICES FILED TODAY FOR  425,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A STRONG SIZED 3869 CONTRACTS  TO 528,655 AND CLOSER TO 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: -192 CONTRACTS.

.

THE FAIR SIZED  INCREASE  IN COMEX OI CAME DESPITE OUR FALL IN PRICE OF $8.80//COMEX GOLD TRADING/WEDNESDAY / 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 12,500 OZ 

YET ALL OF..THIS HAPPENED WITH OUR STRONG FALL IN PRICE OF   $8.80 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A VERY STRONG SIZED GAIN OF 10,324  OI CONTRACTS 32.11 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED  6455  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 528,847

IN ESSENCE WE HAVE A VERY STRONG  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,516 CONTRACTS  WITH 4061 CONTRACTS INCREASED AT THE COMEX AND 6455 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 10,516 CONTRACTS OR 32.709 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6455) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (3,869): TOTAL GAIN IN THE TWO EXCHANGES  10,324 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 12,500 OZ QUEUE JUMP   3) ZERO LONG LIQUIDATION//CONSIDERABLE SPECULATOR SHORT ADDITIONS/ //.,4)   FAIR SIZED COMEX OPEN INTEREST GAIN 5) STRONG 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 :

88,283 CONTRACTS OR 8,828,200 OZ OR 274.59  TONNES 14 TRADING DAY(S) AND THUS AVERAGING: 6305 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14  TRADING DAY(S) IN  TONNES: 274.59 TONNES

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

THUS EFP TRANSFERS REPRESENTS  274.59/3550 x 100% TONNES  7.74% 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: 274.59 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 STRONG SIZED 1058 CONTRACT OI TO 146,305 AND FURTHER FROM  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 400 CONTRACTS

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

SEPT 400  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:400 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 400  CONTRACTS AND ADD TO THE 400 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF 1458   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 7.290 MILLION OZ

OCCURRED DESPITE OUR SMALL DROP IN PRICE OF  $0.02

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)THURSDAY MORNING// WEDNESDAY  NIGHT

 SHANGHAI CLOSED DOWN 32.72 PTS OR 0.99%   //Hang Sang CLOSED DOWN 315.59 OR 1.51%    /The Nikkei closed UP 122/74 OR % 0.44.          //Australia’s all ordinaires CLOSED UP 0.62%   /Chinese yuan (ONSHORE) closed DOWN AT 6.7708    /Oil DOWN TO 95.97 dollars per barrel for WTI and SHANGHAI CLOSED DOWN 32.72 PTS OR 0.99%   //Hang Sang CLOSED DOWN 315.59 OR 1.51%    /The Nikkei closed UP 122/74 OR % 0.44.          //Australia’s all ordinaires CLOSED UP 0.62%   /Chinese yuan (ONSHORE) closed DOWN AT 6.7708    /Oil DOWN TO 95.97 dollars per barrel for WTI and UP TO 102.24 for Brent. Stocks in Europe OPENED  ALL MIXED        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7708 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7846: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

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 ROSE BY A FAIR SIZED 3,869 CONTRACTS TO 528,655 AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS STRONG  COMEX INCREASE OCCURRED DESPITE OUR FALL OF $8.80  IN GOLD PRICING  WEDNESDAY’S COMEX TRADING. WE ALSO HAD A  STRONG SIZED EFP (6455 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 6455 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 AUG :6455 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6455 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 VERY STRONG SIZED SIZED  TOTAL OF 10,324  CONTRACTS IN THAT 6455 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI GAIN OF 3869  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR  FALL IN PRICE OF GOLD $8.80.   

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING JULY   (29.101),

 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 29.101 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $8.80) BUT WERE UNSUCCESSFUL IN KNOCKING OFF SOME  SPECULATOR LONGS/COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS////  WE HAVE  REGISTERED A VERY STRONG SIZED GAIN  OF 32.11 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR JULY (29.101 TONNES)

WE HAD -192  CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 10,324 CONTRACTS OR  1,032,400  OZ OR 32.11 TONNES

Estimated gold volume 287,441/// fair/

final gold volumes/yesterday  229,808 / poor

INITIAL STANDINGS FOR JULY ’22 COMEX GOLD //JULY 21

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz247,184.259oz
Brinks
JPMorgan
Malca
Manfra
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oz10,439.996 oz
Brinks
No of oz served (contracts) today13  notice(s)
1300 OZ
0.0404 TONNES
No of oz to be served (notices)129 contracts 
12900 oz
0.4012 TONNES
Total monthly oz gold served (contracts) so far this month9227 notices
922,700 OZ
28.689 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

total dealer deposit  0

No dealer withdrawals

Customer deposits: 1 

i) Into Brinks  10,439.996 oz

total deposits: 10,439.996 oz

4 customer withdrawals:

i)Out of Brinks  32.151 oz (one kilobar)

ii)Out of Manfra:  53,286.898 oz

iii) Out of JPMorgan: 177,789.710 oz

iv) Out of Malca  16,075.500 oz (500 kilobars)

total withdrawal: 247,184.259   oz (7.6 tonnes)

ADJUSTMENTS:0 dealer to customer

Manfra: 24,576.778 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an  oi of 142 contracts having LOST 1607 contracts . We had

1732 notices filed on Wednesday so we GAINED a strong 125  contracts or an additional 12,500 oz will stand in this non active

delivery month of July.

August has a LOSS OF 8053 contracts down to 216,492 contracts

Sept. gained 29 contracts to 2779 contracts.

We had 13 notice(s) filed today for  1300 oz FOR THE July 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 13 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and  13 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 (9227) x 100 oz , to which we add the difference between the open interest for the front month of  (JULY 142  CONTRACTS ) minus the number of notices served upon today 13 x 100 oz per contract equals 935,600 OZ  OR 29.101 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 (9227) x 100 oz+   (142)  OI for the front month minus the number of notices served upon today (13} x 100 oz} which equals 935,600 oz standing OR 29.101 TONNES in this   active delivery month of JULY.

TOTAL COMEX GOLD STANDING:  29.101 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:  31,570,627.446 OZ 

TOTAL REGISTERED GOLD: 15,981,719.548  OZ

TOTAL OF ALL ELIGIBLE GOLD: 15,888,807.894 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 13,538,186.0 OZ (REG GOLD- PLEDGED GOLD) 421 tonnes 

END

SILVER/COMEX/JULY 21

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,579,769.080  oz
CNT
Delaware
JPMorgan
Loomis
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,158,871.160 oz
JPM
Loomis
No of oz served today (contracts)85 CONTRACT(S)
425,000  OZ)
No of oz to be served (notices)166 contracts 
(830,000 oz)
Total monthly oz silver served (contracts)3358 contracts
 16,790,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results


i)  0 dealer deposit

total dealer deposits:  0    oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have 2 deposits into the customer account

i) Into JPMorgan 554,544.400oz

ii)Into Loomis: 604,326.760 oz

total deposit:  1,158,871.168   oz

JPMorgan has a total silver weight: 177.063 million oz/341.926 million =51.79% of comex 

 Comex withdrawals:4

i) Out of Loomis 599,978.590

ii) Out of CNT:  605,887.490 oz

iii) Out of JPMorgan; 370,964.000oz

iv) Out of Delaware: 2939.000 ooz

total withdrawal  1,579,769.080        oz

 adjustments: 1/dealer to customer

JPMorgan: 312,407.190 oz

customer to Dealer: HSBC:  10,246.040 o

the silver comex is in stress!

TOTAL REGISTERED SILVER: 60.868 MILLION OZ

TOTAL REG + ELIG. 341.926 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF JULY OI: 251 CONTRACTS HAVING GAINED 73 CONTRACTS.  WE HAD 122 NOTICES FILED

ON TUESDAY, SO WE GAINED 195 CONTRACTS OR AN ADDITIONAL  975,000 OZ WILL STAND FOR METAL AT THE COMEX.

AUGUST GAINED 26 CONTRACTS TO STAND AT 1023

SEPTEMBER HAD A GAIN OF 546 CONTRACTS UP TO 117,848

 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 85 for  425,000 oz

Comex volumes:55,290// est. volume today//  poor

Comex volume: confirmed yesterday: 45,384 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 3358 x 5,000 oz = 16 790,000 oz 

to which we add the difference between the open interest for the front month of JULY(251) and the number of notices served upon today 85  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JULY./2022 contract month: 3358 (notices served so far) x 5000 oz + OI for front month of JULY (251)  – number of notices served upon today (85) x 5000 oz of silver standing for the JULY contract month equates 17,620,000 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 21/WITH GOLD UP $11.40: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.19 TONNES FROM THE GLD/////INVENTORY RESTS AT 1005.87 TONNES

JULY 20/WITH GOLD DOWN $8.80: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1009.06 TONNES

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

GLD INVENTORY: 1005.87 TONNES

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

JULY 21/WITH SILVER UP 5 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 7.101 MILLION OZ FROM THE SLV//..INVENTORY RESTS AT 500.484 MILLION OZ/

JULY 20/WITH SILVER DOWN 2 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 8.253 MILLION OZ FORM THE SLV/INVENTORY RESTS AT 507.585 MILLION OZ//

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 MILLION 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 WITHDRAWAL 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.

CLOSING INVENTORY 500.484 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

END

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

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

New Orleans conference is back in a big way, so join GATA there

Submitted by admin on Wed, 2022-07-20 21:47Section: Daily Dispatches

GATA will be participating in the conference and will receive a generous commission if you register to attend by using the link at the bottom of this dispatch.

* * *

By Brien Lundin
Editor, Gold Newsletter
CEO, New Orleans Investment Conference
Wednesday, July 20, 2022

As a serious investor, you’re well aware of the unique challenges presented by today’s markets.

— Central banks — led by the Federal Reserve — intent to fight off rising inflation with rate hikes.

—  The markets responding with massive selloffs, sending a clear message to the Fed to lay off.

— Inflation remaining at 1970s levels, and the U.S. economy hurtling toward recession. …

— … while the Fed itself is running head-long into today’s towering debt loads, the insurmountable obstacle blocking their rate-hike campaign.

With all this and more going on, many investors are caught like deer in the headlights, unsure of which way to turn.

But a few others are quietly confident, taking comfort in one unassailable fact:

The New Orleans Conference will be back in full force Wednesday through Saturday, October 12-15.

And this is why I’m writing you now: We’ve opened registration for this year’s New Orleans Investment Conference, and it may be the most eagerly awaited event in our 48-year history.

There are a number of reasons for the excitement.

First, we’ll finally be “back” after a three-year absence due to the Covid pandemic.

Yes, we hosted our first in-person event last year, but many of our exhibiting companies and friends from around the world weren’t able to travel and join us. Still, it was an extraordinary gathering, seeping with intellectual energy from our attendees and value from our elite speakers.

Now that everyone will be able to join us, we’re going to blow the doors off with this year’s New Orleans Conference.

Our phones have been ringing and our email inboxes bursting with inquiries from across the globe.

This event is not to be missed!

Second, the fundamentals and technicals are lined up perfectly for the precious metals, commodity, and mining stock opportunities that the New Orleans Conference is renowned for offering.

— Inflation has surged to 1970s levels, and real rates are more negative than at any time since the 1940s.

— The Fed is dead-set on the most aggressive monetary tightening in decades, with enormous repercussions now being felt in every investment sector.

— But with an enormous federal debt today — three times its level in 2008 — the Fed is powerless to fight inflation.

— The next big development comes when the Fed is forced to retreat from its rate hikes.

— When the Fed wavers, specific investment sectors are going to explode higher.

What does it all mean?

It means you’re now facing tremendous risks and opportunities — and you have to be prepared for what’s coming.

Third, we have lined up an extraordinary roster of speakers, drawing heavily on the wildly popular experts from last year, with many more still to come.

Consider who has told us they’re coming to talk to you so far:

James Grant. Jim Rickards. George Gammon. Danielle DiMartino Booth. Tavi Costa. Peter Boockvar. Jim Iuorio. Dave Collum. Lawrence Lepard. Doug Casey. Jon Najarian and Marc LoPresti. Dominic Frisby. Adam Taggart. Bob Prechter. Adrian Day. Mark Skousen. Mary Anne and Pam Aden. Steven Hochberg. The Real Estate Guys. Brent Cook. Thom Calandra. Chris Powell. Dana Samuelson. Gary Alexander. Albert Lu. Mike Larson. Nick Hodge. Lobo Tiggre. Omar Ayales.

…and, of course, yours truly.

Again, there’s much more to come — we’re still in the midst of planning this year’s event, and I’ve got some big surprises in store.

But even at this early date, one thing seems certain: New Orleans 2022 is going to be a blockbuster!

I urge you to secure your place for New Orleans 2022.

I don’t remember an investment event as eagerly awaited as this one.

Everything — the years spent mired in the pandemic, the macro-economic setup, the geopolitical uncertainty, the teetering stock markets, soaring inflation, a looming generational commodities bull market, and the Fed’s upcoming retreat on monetary tightening — make New Orleans 2022 a must-attend event.

I fully expect our entire hotel room block to sell out this year, so you’ll have to act soon to make sure you’ll get in.

By registering now, you’ll not only save up to $400 from the full registration fee — you’ll also guarantee your place.

Just click here:

https://neworleansconference.com/wp-content/uploads/2022/07/NOIC_2022_powellgata.html

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 12-15, 2022
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana

https://neworleansconference.com/wp-content/uploads/2022/07/NOIC_2022_powellgata.html

END

JPMorgan gold trader spoofed so fast he was urged to put ice on his fingers

Submitted by admin on Wed, 2022-07-20 16:51Section: Daily Dispatches

PMorgan Trader Spoofed So Fast Colleagues Urged Ice on Fingers

By Eddie Spence
Bloomberg News
Tuesday, July 19, 2022

Gregg Smith clicked his computer mouse so rapidly to place and cancel bogus gold and silver orders for Bear Stearns Cos. and later JPMorgan Chase & Co. that his colleagues would joke that he needed to put ice on his fingers to cool them down afterward, or that he must be double-jointed.

That’s how his former protege, Christian Trunz, described for jurors how he watched Smith use so-called “spoof” trades — large orders intended to manipulate prices that were quickly canceled. Trunz, 37, said he learned how to spoof from Smith and others after joining Bear Stearns out of college in 2007, shortly before the bank was acquired by JPMorgan.

To place and cancel the orders fast required a “rapid succession of clicking on a mouse,” and Smith, the desk’s top trader, was particularly good at it, Trunz told a federal jury in Chicago on Tuesday. That clicking was easy for everyone on the desk to hear, according to Trunz, who sat next to Smith for years and said he often pulled his chair alongside his mentor’s computer screen to watch him trade.

Trunz is the third former trader to testify at the fraud and racketeering trial of Smith and two senior employees at JPMorgan’s precious-metals desk: Managing Director Michael Nowak and hedge-fund salesman Jeffrey Ruffo. They’re accused of systematically cheating to help themselves and their top clients for years. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-07-19/jpmorgan-trader-spoofed-so-fast-colleagues-urged-ice-on-fingers

* * *

JPMorgan Gold Trader Says Boss Coached Him to Lie About Spoofing

By Eddie Spence
Bloomberg News
Wednesday, July 20, 2022

A former JPMorgan Chase & Co. precious-metals trader said his boss coached him to lie to compliance officials about price-manipulating orders and later counseled him against pleading guilty as prosecutors were preparing criminal charges against top executives on the trading desk.

Christian Trunz, who spent more than a decade at JPMorgan, told a Chicago jury that so-called spoof orders he had placed and quickly canceled for palladium had sparked a four-month probe by bank officials. Trunz said Michael Nowak, the managing director who ran the precious-metals business, advised him to mislead investigators about his intent to execute the trades.

“Mike made it clear to me that this was something that could get me fired,” Trunz, 37, said today, even though the bogus orders were a trading strategy used by everyone on the desk and a method he had learned after joining the precious-metals team out of college. “I wanted to keep my job,” he said, so he decided to lie to bank investigators.

Before Trunz was to meet with compliance officials, he said Nowak urged him to say “every order you put into the market you intended to trade.” But that wasn’t true, Trunz said, because he and others at JPMorgan routinely placed large orders in gold and silver that they never intended to execute to push prices up or down. “These trades were the exact trading pattern we had used for years.”

Trunz, who pleaded guilty in 2019 to spoofing conspiracy and is cooperating with prosecutors, is the third former trader to testify at the fraud and racketeering trial of Nowak; Gregg Smith, JPMorgan’s top gold trader; and hedge-fund salesman Jeffrey Ruffo. They are accused of systematically manipulating precious-metals markets with spoof orders to help themselves and big hedge-fund clients for years. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-07-20/jpmorgan-gold-trader-says-boss-coached-him-to-lie-about-spoofing

4. OTHER GOLD/SILVER COMMENTARIES

JPMorgan Gold-Spoofer Admits “It Was Open Strategy On The Desk”

THURSDAY, JUL 21, 2022 – 01:05 PM

Having already paid over $1 billion in fines (in 2020) for ‘spoofing’ markets, JPMorgan is once again making the wrong kind of headlines as more details of the bank’s manipulations come to light in the trial of three senior precious metals traders.

“This was an open strategy on the desk,” said former JPMorgan precious metals trader Christian Trunz, who has pleaded guilty to spoofing charges and is cooperating with prosecutors.

“It wasn’t hidden.”

As Bloomberg reports, Trunz, who pleaded guilty in 2019 to spoofing conspiracy and is cooperating with prosecutors, is the third former JPM trader to testify at the fraud and racketeering trial of Gregg Smith and two other senior employees at JPMorgan’s precious-metals desk: Managing Director Michael Nowak and hedge-fund salesman Jeffrey Ruffo. They’re accused of systematically cheating to help themselves and their top clients for years.

“We all traded that way,” Trunz said.

“We utilized that strategy on the desk to make money for ourselves and for our clients.”

The goal of spoofing was to trick the rival computers into buying or selling to benefit JPMorgan’s position, by using a large volume of bogus orders to create the false market impression, he said.

“Those trades were deceptive,” Trunz said of the thousands of spoof orders the desk placed over the years.

“They were used to bring out a reaction from those algorithms to get what we needed done.”

During his testimony Tuesday and Wednesday, Trunz described several examples of his spoofing trades, and explained how they mimicked those by Smith, Nowak and others on the precious-metals desk at JPMorgan.

“We fully believed this was a battle” between the bank and the so-called algos, Trunz said.

“This was the first time when machines were interacting with humans on a trading platform. It was man versus machine.”

Smith spoofed almost every day, Nowak did so about once a week, and Ruffo, while not a trader, would sit next to Smith and encourage him to spoof the market to execute client orders at the best possible prices, Trunz said.

It wasn’t unusual to hear Ruffo urge Smith to “keep clicking, keep going,” with a spoof trade, Trunz said.

Trunz went on to explain that his boss coached him to lie to compliance officials about price-manipulating orders and later counseled him against pleading guilty as prosecutors were preparing criminal charges.

“Mike [Michael Nowak] made it clear to me that this was something that could get me fired,” Trunz, 37, said Wednesday, even though the bogus orders were a trading strategy used by everyone on the desk and a method he’d learned after joining the precious-metals team out of college.

“I wanted to keep my job,” he said, so he decided to lie to bank investigators.

Before Trunz was to meet with compliance officials, he said Nowak urged him to say “every order you put into the market you intended to trade.”

But that wasn’t true, Trunz said, because he and others at JPMorgan routinely placed large orders in gold and silver that they never intended to execute to push prices up or down. “These trades were the exact trading pattern we’d used for years.”

Trunz said he confided in Nowak, who encouraged him to hold fast.

“You’re not going to turn around and plead now, are you?” Nowak said, according to Trunz.

“We all have our reasons for trading the way we did,” Nowak told him. But Trunz told jurors that wasn’t true. Everyone on the desk had the same reason for spoofing, because it was part of their strategy to move prices in the direction they wanted, he said.

As Bloomberg points outNowak was once the most powerful person in the gold market. He ran the trading desk for a bank with some of the biggest hedge-fund clients and often dominated order flow in precious-metals futures.

Meanwhile,  the woman who was overseeing JPM’s global commodity business when some of this wrongdoing was ongoing all this went down wasn’t hardy mentioned even once during any of the proceedings.

end

Steve Brown:

Ukraine Gold Revisited (again)

Leave a reply

Schiffgold posted an article about the Ukraine’s central bank gold here:
Link: https://schiffgold.com/key-gold-news/ukraine-sells-billions-in-gold-to-raise-cash-to-buy-goods/

..where the Ukraine claims to have sold far more gold than its central bank allegedly possessed. That gold anomaly allows us to revisit my article of (nearly) three years ago, about the Ukraine and the gold carry trade:

Originally posted on Strategika51 and then The Duran site, the article made the rounds, picked up by GATA, Silver Doctors, and even Zero Hedge. To date and despite a couple of errors, the article is still a rare write-up on the opaque and arcane mechanism of the gold carry trade, a most important financial tool for all major sovereigns — and many minor — especially where weapons sales are concerned.

First and foremost, the LBMA gold cartel still rules, rigs, and games the gold market in the west every trading day, and the gold cartel has been sending an important message. That message relates to much more than a falling gold price in the face of rising Fed fund rates; the cartel’s message is that the cartel is in full control of the US gold market during this time of major conflict. Yes, it’s a message delivered by falling US gold spot prices even if gold prices have been risen outside the US, due to the euro and other currencies weakening vs the USD.

As for the Ukraine’s gold, the western gold cartel will fully support the Ukraine in any dodgy deal considered beneficial to the western globalist hegemonic cause. In other words, “selling Ukraine gold” may simply mean that the bulk of Ukraine gold is now vaulted in London or New York (where most of Ukraine’s hard gold has been since 2015 anyway) used as collateral for a $12Bn US loan. If we look at the figures and consider volatility, $1.6Bn in hard gold is about 13% collateral to the overall $12Bn US “loan”.

As written about in the article, the gold cartel doesn’t care if the Ukraine defaults on the $$. Billions are created every day by the Fed on a QE/MMT whim and song via a micro-second key press from the Fed “Desk”, relating to debt that the Fed secures for itself as it prints the dollars. And long-term, the Ukraine’s hard gold will be far more valuable than the dollar when/if the dollar declines in future. Think of hard gold as a form of insurance for sovereigns, in that way.

Also, the ‘loaned’ $12Bn in funds loaned against the gold may in part trace back to Ukraine oligarch “investments” in Wall Street shares of Honeywell, LMT, GD, Raytheon etc etc, and the billions are not necessarily used to allow “our (Ukraine) importers .. to buy necessary goods for the country.” Bottom line is that all Central Bankers lie. Especially when their central banks are beset with a war and threatened with eminent collapse.

What surprises me is that Schiff knows all this stuff, but Schiff avoids the nitty gritty detail on the gold cartel and the carry trade. I’m pretty sure Schiff fails to detail how the gold cartel (LBMA-BIS-CME-IMF-Fed/ESF-LME) operates, because focusing on how the western gold market is rigged and manipulated would be detrimental to his gold sales business.

The elephant in the room of course is that the Ukraine claims to have sold all of its gold reserves! That might not be true, if in fact the Ukraine used the gold as collateral against a loan, instead of an outright sale. But if it is true that the Ukraine has sold all of its gold reserves? Well that’s tantamount to unconditional surrender right there.

Steve Brown

END

5.OTHER COMMODITIES: 

END 

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.7708

OFFSHORE YUAN: 6.7846

HANG SANG CLOSED DOWN 315.59 PTS OR  1.51%

2. Nikkei closed UP 122.74 OR 0.44%

3. Europe stocks   CLOSED MOSTLY RED 

USA dollar INDEX  UP TO  107,04/Euro FALLS TO 1.0183

3b Japan 10 YR bond yield: FALLS TO. +.232/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 138.72/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 DOWN /JAPANESE Yen DOWN CHINESE YUAN:   DOWN -//  OFF- SHORE DOWN

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund 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 RISES TO 3.61//

3j Gold at $1684.70 silver at: 18.35  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 2  AND 0/100        roubles/dollar; ROUBLE AT 56.98

3m oil into the 95 dollar handle for WTI and  102 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 138.72DESTROYING 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 0.9702– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9886well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.051  UP 2  BASIS PTS

USA 30 YR BOND YIELD: 3.140  UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.67

Overnight:  Newsquawk and Zero hedge:

ZEROHEDGE

Futures Fade Ahead Of ECB Decision During “Extremely Eventful Day” For Europe

THURSDAY, JUL 21, 2022 – 07:42 AM

US equity futures edged slightly lower on Thursday but rebounded off session lows, as China’s worsening property crisis, political chaos in Italy where Mario Draghi rasigned as PM, and Russia’s plans to annex occupied Ukrainian territory all damped global sentiment, which however was offset by news that flows via the Nord Stream 1 pipeline had resumed and oil prices tumbled on fading US gasoline demand and a ramp up in Libyan output. Yes, as Bloomberg succinctly puts it, it has been an “eventful day” for Europe,  that includes the resignation of Italian Prime Minister Mario Draghi, an ECB rate decision and the restart of Russian gas flows via the Nord Stream pipeline.

Investors were also waiting for American unemployment claims to gauge their potential impact on Federal Reserve policy tightening and for earnings from companies including AT&T, Philip Morris and Snap. A European Central Bank meeting that’s expected to result in its first rate-hike in more than a decade is also among a flurry of concerns for traders.

S&P 500 contracts were down just 0.1% and those on the Nasdaq 100 little changed as of 715am in New York. The tech-heavy Nasdaq 100 index had gained for a second day on Wednesday, rising to the highest level since June. The Stoxx Europe 600 Index and the euro recouped losses following the resignation of Italy’s Prime Minister Mario Draghi. Treasury yields rose, pushing the 10-year benchmark above 3% and the dollar was flat. Bitcoin slumped after Tesla announced it had sold 75% of its holdings.

In premarket trading, Tesla gained 1.7% after reporting second-quarter results that exceeded analyst expectations. The electric carmaker’s announcement that it had sold most of its bitcoin holdings triggered a selloff in the token and crypto stocks such as Coinbase. Peer Norwegian Cruise Line fell 6.4%. United Airlines slumped 11% after the carrier curbed flying for the rest of this year and lowered growth plans for 2023. Here are some other notable premarket movers:

  • Alcoa Corp. (AA US) shares rise as much as 5.5% in US premarket trading after the aluminum producer reported 2Q adjusted Ebitda that topped the average analyst estimate and announced an additional $500 million authorization for future stock repurchases.
  • United Airlines (UAL US) shares fall 6.4% in US premarket trading after the company reported adjusted earnings per share for the second quarter that missed the average analyst estimate.
  • Carnival (CCL US) drops about 11% in US premarket trading after launching a $1 billion share offering in one of the year’s largest US equity raises to date, as part of a plan to help address its 2023 debt maturities.
  • Cryptocurrency- exposed stocks are lower in premarket trading as Bitcoin extends declines after Tesla disclosed that it sold the majority of its holdings of the token during the second quarter.
  • Marathon Digital (MARA US) -5%, MicroStrategy (MSTR US) -4%, Coinbase (COIN US) -4.5%, Riot Blockchain (RIOT US) -4.1%
  • Las Vegas Sands (LVS US) shares rise 3.8% in premarket trading after the casino and resort company reported revenue for the second quarter that beat the average analyst estimate.
  • Qualtrics (XM US) shares slide 4.4% in US postmarket trading after reporting second-quarter results and paring its revenue forecast for the full year. Analysts trimmed price targets on the stock to reflect a more difficult macroeconomic backdrop, while remaining positive on the longer- term prospects
  • Keep an eye on Apple (AAPL US) as Morgan Stanley says that the company’s pivot to a subscription-like model creates a clear path to a market capitalization of more than $3 trillion.

“Markets are nervously awaiting the outcome of the July ECB and Fed meetings knowing all too well that these central banks are more than willing to renege on the signals about likely policy moves that they have provided previously,” said Aviral Utkarsh, a multi-asset strategist at NN Investment Partners.

In any case, risk sentiment remains fragile as investors debate whether equities have reached a trough after this year’s selloff amid the war in Ukraine, a slowdown in China and the prospect of a US recession. The resumption of gas exports to Europe through Nord Stream is set to provide some relief for the continent that’s racing to store the fuel before the winter.  

Here are some ley Nord Stream 1 news:

  • Nord Stream said gas delivery has resumed on Thursday morning, according to DPA. It was also reported that Nord Stream 1 gas pipeline nominations were at 29.3mln kWh/h from 06:00CET, according to the operator. Deliveries are reportedly around pre-maintenance levels of circa 40%
  • Nord Stream data shows that gas flows are back to 40% capacity (pre-maintenance amount), according to Bloomberg.
  • NEL and OPAL gas grids, connected to Nord Stream 1, show prelim. physical flows into Germany of 9.9mln KWH/H and 12.5mln KWH/H for 05:00-06:00BST.
  • Head of German network regulator said gas nominations for Nord Stream 1 for today are still at 30% capacity and this is binding for the next 2 hours, while more changes over the day would be unusual, according to Reuters; German grid has signalled that Nord Stream gas flows have increased in the second hour.
  • German Energy Regulator Bundesnetzagentur says real gas flows are above nominations re. Nord Stream 1, pre-maintenance level of 40% capacity could be surpassed today.
  • Nord Stream 1 flows are at 29.3mln KWM/H at 07:00-08:00BST, according to the operator; at 29.3mln KWM/H at 08:00-09:00BST, according to the operator; at 29.3mln KWM/H at 09:00-10:00BST, according to the operator.

Meanwhile, US President Joe Biden said he expects to speak to Chinese leader Xi Jinping “within the next 10 days” as Washington considers lifting some tariffs on Chinese imports.

Markets are also assessing earnings to gauge how companies are managing amid the highest inflation in generations and escalating borrowing costs. Many stocks “are still in very distinct downtrends so you can see a rally off maybe an oversold level but really if you are not starting to recover and break into a better uptrend it really remains to be seen if this can continue,” said Cameron Dawson, NewEdge Wealth chief investment officer. “So it’s more a relief at this point and not necessarily a trend change.”

Geopolitics are adding to investors’ skittishness. Russian President Vladimir Putin has warned that unless a spat over sanctioned parts of the Nord Stream pipeline is resolved, flows will be tightly curbed, and some European countries are telling residents to conserve gas.

In Europe, losses for energy, mining and travel stocks outweighed gains in the media and tech industries, pulling the Stoxx Europe 600 Index down 0.2%. Nokia jumped 7.7%, the most in a year, as the Finnish company reported better-than-expected earnings strong demand for its 5G networks from phone carriers. Here are the other notable premarket movers:

  • Sartorius AG preferred shares rise as much as 8.9% after the company issued its latest quarterly earnings and reaffirmed its guidance in a sign of strength, according to analysts.
  • ASM International shares rise as much as 9.8% in Amsterdam as Jefferies says that the company’s quarterly update delivered “blowout” orders and strong guidance.
  • Publicis shares gain as much as 5.6% after reporting strong 1H earnings that notably outperformed consensus estimates.
  • Diploma shares jump as much as 5.8% after giving an update for 3Q that analysts described as “strong,” while reiterating annual guidance which was raised in April.
  • Italian stocks extended their drop after Prime Minister Mario Draghi resigned, raising the prospect of snap elections. Poste Italiane slides as much as 8.9%, UniCredit -8.5%, Intesa Sanpaolo -7.4%
  • SAP shares drop as much as 4.4% after the software company cut its full-year operating profit outlook, citing costs related to exiting Russia and a decline in license revenue.
  • HelloFresh stock drops as much as 13% and is on track to post its biggest back-to-back decline on record after reducing full-year adjusted Ebitda guidance, which missed the midpoint of consensus estimates.
  • Boliden shares slide as much as 5.5% to underperform the broader mining sector on Thursday, after the company posted 2Q results that analysts said highlighted the impact of higher costs.

Italy’s political turmoil ramped up the pressure on the ECB just before it unveils its new crisis management tool to shield the most vulnerable eurozone members from market speculation. Thursday’s monetary policy decision will end an era of negative rates that helped the region’s economies navigate the global financial crisis, the sovereign debt meltdown and then the 2020 pandemic. If the ECB’s tool is successful in leveling the playing field for countries with higher borrowing costs, and Russia keeps up gas exports, prospects for European markets are “very, very good,” said Andrew Sheets, Morgan Stanley’s chief cross asset strategist.

“The worst scenario would be gas cut off and a weak fragmentation tool from the ECB, because then I think you can see the market hit from both the growth side and the sovereign risk side,” Sheets said in an interview.

Earlier in the session, Asian stocks edged lower as investors assessed lingering risks of an economic downturn while monitoring central bank decisions in Japan and Europe. The MSCI Asia Pacific Index dropped as much as 0.5%, putting it on pace for its first decline in four sessions. Financials were the biggest drag on the gauge, while technology stocks rallied. Shares in Hong Kong and China fell. China’s stock benchmark index extends losses in the last hour of trade, wiping out its gains for the week. CSI 300 Energy Index down 3.5%, the worst performer among sub- gauges; CSI 300 Utilities Index down 3.1%. Tianqi Lithium -6.8% and China Shenhua Energy -5.6% are among the biggest losers on the benchmark CSI 300.

Japanese stocks edged higher after the Bank of Japan kept its monetary policy unchanged — as expected — despite more aggressive tightening being undertaken by its global counterparts. The European Central Bank is projected to raise interest rates for the first time since 2011 in a decision due later Thursday. Despite ongoing concerns about an economic slowdown in China and a US recession, some risk-on sentiment returned to Asian markets this week. The regional equity benchmark is still on track for a weekly gain of more than 2% on the back of optimism on US earnings and a weaker dollar. “Everybody’s waiting for earnings disappointments which haven’t necessarily appeared — there’s a lot of cash on the sidelines,” Sean Darby, chief global equity strategist at Jefferies, said in a Bloomberg TV interview. “The market’s begun to become much more attuned to the fact that actually the Fed can engineer a soft landing.”

In FX, the euro slid after Draghi announced his resignation, erasing earlier gains of as much as 0.5% after Nord Stream AG said flows through Russia’s biggest pipeline to Europe restarted, and was also buoyed by speculation the European Central Bank may consider a rate hike that’s double the planned quarter-point increase at Thursday’s meeting. The Japanese yen fluctuated on the initial rate decision by the Bank of Japan, before weakening marginally after Bank of Japan Governor Haruhiko Kuroda emphasized his commitment to policy easing.

In rates, Italian bonds slumped on news that the coalition was on the brink of collapse on Thursday, with that decline extending after Draghi’s official resignation. Benchmark Italian 10-year yields rose as much as 22 basis points to 3.61%. The spread over equivalent German bonds, a common gauge of risk, rose to 233 basis points.

Treasuries were re slightly cheaper across the curve, with wider losses across gilts weighing ahead of the European Central Bank policy decision at 8:15 a.m. ET. US yields cheaper by up to 1.5bp across intermediates with 10- year yields around 3.05%; gilts lag by 2bp on the sector and Italian bonds by 12bp. Focus is on the sharp underperformance of Italian bonds, which is causing spreads to widen versus bunds amid the prospect of a snap election after Mario Draghi resigned. In the US, supply continues with 10-year TIPS auction, following Wednesday’s strong 20-year bond sale.   

In commodities, oil was back below $100 a barrel as growing stockpiles of crude and gasoline tempered fears of a tight market. WTI drifted 4.4% lower to trade near $95.50. Brent falls 4.2% near $102.41. Base metals are mixed; LME zinc falls 2.1% while LME aluminum gains 0%. Spot gold falls roughly $13 to trade near $1,683/oz. Spot silver loses 2% near $18. Bitcoin dropped below $23,000.

To the day ahead now, and the main highlight will be the aforementioned ECB meeting and President Lagarde’s subsequent press conference. Other central bank speakers include BoE Chief economist Pill. Data releases include the US weekly initial jobless claims. Finally, earnings releases include Danaher, AT&T, Philip Morris International, Union Pacific and Blackstone.

Market Snapshot

  • S&P 500 futures down 0.2% to 3,952.75
  • STOXX Europe 600 down 0.3% to 421.33
  • MXAP down 0.1% to 158.36
  • MXAPJ little changed at 520.13
  • Nikkei up 0.4% to 27,803.00
  • Topix up 0.2% to 1,950.59
  • Hang Seng Index down 1.5% to 20,574.63
  • Shanghai Composite down 1.0% to 3,272.00
  • Sensex up 0.3% to 55,537.07
  • Australia S&P/ASX 200 up 0.5% to 6,794.28
  • Kospi up 0.9% to 2,409.16
  • German 10Y yield little changed at 1.31%
  • Euro up 0.1% to $1.0194
  • Brent Futures down 2.7% to $104.08/bbl
  • Gold spot down 0.5% to $1,687.94
  • U.S. Dollar Index little changed at 107.05

Top Overnight News from Bloomberg

  • The Kremlin is in a dash to hold referendums in Ukrainian territories occupied by its troops to give grounds for President Vladimir Putin to absorb them into Russia as early as September, according to people familiar with the strategy.
  • Prime Minister Mario Draghi offered his resignation to Italy’s president, in a move that will raise the prospect of snap elections as soon as early October
  • Russia began sending natural gas to Europe through the Nord Stream pipeline system after a pause, bringing relief to a continent whose economy is starting to wobble under the strain of reduced supplies.
  • Bank of Japan Governor Haruhiko Kuroda emphasized his determination to stick with rock-bottom interest rates even if it means a weaker yen after the bank’s latest price forecasts left the door open to continued speculation over policy change.
  • China’s credit market is now showing stress on an almost daily basis, as a worsening property crisis shatters assumptions about safe borrowers and even Chinese investors turn against troubled debtors
  • The European Central Bank is about to raise interest rates for the first time in 11 years, joining peers around the world in confronting a historic spike in inflation after months of standing on the sidelines.

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks traded cautiously following the mixed performance of global counterparts and amid risk events. ASX 200 lacked firm direction as outperformance in tech was offset by weakness in energy and the mining-related sectors despite an increase in quarterly production by several key oil and gold producers. Nikkei 225 eked marginal gains after the BoJ maintained its ultra-easy policy setting but with upside capped given the worsening COVID situation in Japan. Hang Seng and Shanghai Comp. were subdued amid increasing tensions related to a planned visit to Taiwan by US House Speaker Pelosi which spurred warnings from China’s mouthpiece that suggested the mainland’s reaction to such a visit would be unprecedented and involve a shocking military response.

Top Asian News

  • US President Biden said the military does not think it is a good idea to travel to Taiwan now when questioned about a potential trip by House Speaker Pelosi, while he expects to speak with Chinese President Xi in the next 10 days, according to Reuters.
  • US Commerce Secretary Raimondo warned of a deep recession if the US were to be cut off from Taiwan chip manufacturing, according to CNBC.
  • China’s ambassador to the US Qin said the China-Russia relationship is not an alliance and that the US is blurring the One China policy, while he added the US is bolstering links to Taiwan by sending officials.
  • China Global Times’ Hu Xijin tweeted earlier that it is certain the mainland’s response to US House Speaker Pelosi’s visit to Taiwan will be unprecedented and will involve a shocking military response.
  • Asian Development Bank lowered Developing Asia growth forecast for 2022 to 4.6% from 5.2% and lowered 2023 growth forecast to 5.2% from 5.3%, while it cut its China 2022 growth forecast to 4.0% from 5.0%, according to Reuters.

European bourses gave up initial upside as Draghi resigns, Euro Stoxx 50 +0.1% however, current performance is more mixed with Nord Stream 1 flowing and earnings factoring. Stateside, futures are directionally in-fitting but with magnitudes more contained thus far awaiting earnings developments. Qatar Airways has ordered 25 Boeing (BA) 737 Max 10 jets.

Top European News

  • Italian PM Draghi has tendered his resignation, according to a statement; President Mattarella has asked Draghi to carry on as a caretaker government.; subsequently, Italian President Mattarella will receive the upper and lower house parliamentary speakers this afternoon, according to a statement.
  • Italy’s Worsening Political Crisis Adds to Bond, Stock Selloff
  • Hungary Unveils Steep Household Energy Cost Hike in Orban U-turn
  • Russia Resumes Nord Stream Gas Flow, Bringing Respite for Europe
  • Dutch Pension Fund Switch to Steepen Dutch, German 10s30s: ABN

Central Banks

  • BoJ kept its policy settings unchanged, as expected, with rates at -0.10% and QQE with yield curve control maintained to target 10yr JGB yields at around 0%. BoJ reiterated it will offer to buy 10yr JGBs at 0.25% every business day unless it is highly likely that no bids will be submitted and repeated its guidance on policy bias that it will take additional easing steps without hesitation as needed with an eye on the pandemic’s impact on the economy, as well as kept forward guidance for short- and long-term rates to remain at present or lower levels. Furthermore, it stated that it must be vigilant to financial and currency market moves and their impact on Japan’s economy and prices, while it lowered Real GDP growth forecast for the current fiscal year to 2.4% from 2.9%, but raised the Real GDP view for the two years after and increased CPI projections through to FY24.
  • BoJ Governor Kuroda says rapid JPY weakening is a negative for the economy; inflation expectations substantial increasing over near-term, gradually mid/long-term; core unlikely to reach 2.0% currently. BoJ Governor Kuroda says no intention to raise interest rates under Yield Curve Control. Won’t hesitate to ease monetary policy further if necessary; risks to the economy are skewed to the downside for the time being but will be balanced thereafter

FX

  • Yen slides as BoJ and Governor Kuroda retain ultra easy policy and guidance, with latter adding no intention to tweak YCT range, USD/JPY back up near 139.00 from 138.00 low.
  • Buck bounces broadly amidst renewed risk aversion with DXY back on 107.000 handle.
  • Euro looking towards ECB for support after resignation of Italian PM nullifies partial return of Nord Stream gas flows, EUR/USD sub-1.0200.
  • Kiwi reverses course in wake of NZ trade data revealing slowdown in exports and rise in imports to drag balance into deficit from surplus, NZD/USD loses 0.6200+ status.
  • Aussie gleans some encouragement from NAB business conditions over confidence and rebound in AUD/NZD cross, AUD/USD off 0.6900+ peak, but holding above 0.6850.
  • Loonie and Nokkie undermined by latest retreat in crude prices, USD/CAD over 1.2900 and EUR/NOK hovering around 10.1800.

Fixed Income

  • Bonds off lows and braced for a busy pm agenda headlined by the ECB and the 25bp or 50bp hike verdict.
  • Bunds back above 151.00 between 150.59-152.02 bounds, Gilts around 114.78 within a 115.11-114.59 range and 10 year T-note at 117-23+ vs 117-31+ peak and 117-18 trough.
  • BTPs circa 200 ticks adrift awaiting Italian political developments after second resignation tender by PM Draghi.

Commodities

  • WTI and Brent are under pronounced pressure amid multiple potential drivers as Nord Stream 1 resumes and Libya’s oil output continues to climb, currently posting losses in excess of USD 4.00/bbl.
  • Libya’s oil output has recovered to above 700k BPD.
  • Spot gold continues to drift after surrendering the USD 1700/oz mark amid renewed USD upside while base metals are mostly tempered amid a sullied risk tone.

US Event Calendar

  • 08:30: July Initial Jobless Claims, est. 240,000, prior 244,000; Continuing Claims, est. 1.34m, prior 1.33m
  • 08:30: July Philadelphia Fed Business Outl, est. 0.8, prior -3.3
  • 10:00: June Leading Index, est. -0.6%, prior -0.4%

DB’s Jim Reid concludes the overnight wrap

Today is my last day at work ahead of the wedding. Tomorrow we’ll be travelling back to our home county of Essex, and Saturday is the big day. There are many things I’m looking forward to, including having all our friends and family with us and obviously marrying the love of my life. Another plus is that we should never have to spend as much money on a single day ever again. There are some who’ve implied that marriage is a rather big risk to be playing at my age. But since I couldn’t be happier, I think the only risk would be doing anything else.

Whilst the wedding excitement is building up, markets are also getting excited as today is widely expected to bring the first ECB rate hike in over a decade. And unusually for a major central bank decision, there’s serious doubt about what’s going to happen. On the one hand, the ECB telegraphed explicitly at their last meeting that they would be commencing the hiking cycle with a 25bps hike today. But on the other hand, numerous press reports this week have cited ECB sources suggesting that a 50bp move is on the table as they grapple with the fastest inflation since the single currency’s formation, which was running at +8.6% in June. Market pricing is split as well, with overnight index swaps currently pricing in 35.8bps worth of hikes today, so almost equidistant between 25 and 50. And reflecting that uncertainty, EURUSD implied overnight volatility is at its highest level this morning since the height of the initial wave of the Covid pandemic in March 2020. So we’ve got a big day ahead of us.

The base case from our own European economists is that we’re still set for a 25bps move, and that a deviation by the ECB from their previous guidance could still impose a cost on the credibility of future communications. But the tone is likely to be hawkish regardless of whether they end up going for 25bps or 50bps (link here). The other thing to look out for today will be the details of an anti-fragmentation tool, which our economists are also expecting today. It’s possible that the more dovish Governing Council members concede on a 50bps hike in order to get concessions from the hawks on a stronger anti-fragmentation tool.

The importance of an anti-fragmentation tool came into focus yesterday amidst significant political turmoil in Italy, where the Draghi government is on the verge of collapse after three parties (the League, Forza Italia and the Five Star Movement) failed to back him in a Senate confidence vote. Bear in mind that Draghi had said that he was willing to continue, but wanted his original coalition to commit to reforms. So the latest moves raise the prospect that Draghi could resign again after his attempt last week was rejected by the President, which in turn brings the possibility of early elections into view. Even ahead of the confidence vote, Italian assets had suffered yesterday, with the FTSE MIB down -1.60%, just as the spread of Italian 10yr yields over bunds widened by +8.3bps to of 213bps.

That pessimistic tone in Italy yesterday was echoed across the continent, and the broader STOXX 600 fell -0.21%. But other equity markets were less affected by the volatility in Europe, and in the US the S&P 500 eventually managed to end the day up by +0.59% to reach a fresh one-month high. Tech stocks led that rally, with the NASDAQ up +1.58% and the FANG+ index up +2.22% following the news after the previous day’s close that the decline in Netflix subscribers wasn’t as bad as some had feared. And after the close, we heard from mega-cap Tesla as well, who beat analysts’ earnings estimates and traded just over +1% higher in after-hours trading. CEO Elon Musk expressed some optimism about supply chain issues that have long beleaguered automakers, including falling commodity prices.

For sovereign bonds it was also a day of swings, with Treasuries making gains before moving back into negative territory, and the 10yr yield ended the day up +0.6bps at 3.03%, though the 2s10s curved managed a modest +2.0bp steepening, taking it up to -20.5bps. This morning in Asia however, 10yr yields -1.1bps have reversed those gains and are trading at 3.02% again. Over in Europe, the greater risk-off tone led to a better performance outside of southern Europe, and yields on 10yr bunds (-2.0bps), OATs (-1.5bps) and gilts (-4.0bps) all moved lower on the day.

Staying on Europe, there was some further optimism on the energy side that the Nord Stream pipeline wouldn’t be completely closed in the coming days after the maintenance period ends today. One source of optimism was that grid data showed that gas orders had been made for deliveries today, albeit it’s worth noting that isn’t in itself a guarantee of the fuel being shipped. Natural gas futures themselves remained beneath their recent peaks earlier in the month, closing at €155 per megawatt-hour yesterday after only seeing a modest +0.38% rise on the previous day. So an important one to watch out for today alongside the ECB.

Overnight in Asia, equity markets are struggling this morning amidst the more downbeat newsflow, and a number of major indices including the Hang Seng (-1.37%), the Shanghai Composite (-0.42%) and the CSI (-0.46%) have all lost ground. That comes amidst concern about the growing number of Covid-19 cases in China, with yesterday saw 826 cases reported, which was down from 935 on Tuesday, but that itself was the highest number since May 21. That said, the Nikkei (+0.14%) has managed to eke out a modest gain after recovering from earlier losses, which follows the Bank of Japan’s decision to maintain its ultra-loose monetary policy. They decided to maintain their -0.1% policy rate, as well as the 0.25% yield cap on 10yr JGBs, and in their quarterly projections they raised their core CPI forecasts for fiscal year 2022 to 2.3% (vs. 1.9% previously). Nevertheless, their upgraded forecasts for FY 2023 and FY 2024 were still beneath 2%, at 1.4% and 1.3% respectively. Looking ahead, DM stock futures are seeing that negative tone continuing, with those on the S&P 500 (-0.20%), the NASDAQ 100 (-0.29%) and the DAX (-0.36%) all losing ground.

Elsewhere overnight, President Biden said that he expects to speak with China’s President Xi “within the next ten days”. There’s plenty to potentially discuss, and from an inflation standpoint it’ll be interesting to see if there’s any moves towards tariff reduction by Biden.

Here in the UK, the race to be the next Conservative leader and Prime Minister is now down to a run-off between former Chancellor Rishi Sunak and Foreign Secretary Liz Truss. The two will face a vote of Conservative Party grassroots members over the summer, with the winner to be announced on September 5. That follows the final ballot of MPs yesterday, in which Sunak came first with 137 votes, followed by Truss on 113, with trade minister Penny Mordaunt eliminated with 105. However, Sunak’s lead among MPs doesn’t mean he’s the favourite to win, with a YouGov poll of Conservative members finding that Truss would beat Sunak by 54%-35%.

Also in the UK, data yesterday showed that CPI inflation rose to a 40-year high of +9.4% in June (vs. +9.3% expected), although core inflation fell back a tenth as expected to +5.8%. That comes amidst growing expectations that the BoE will hike by 50bps at their next meeting for the first time since they gained operational independence in 1997. Over in Canada, CPI also rose to +8.1% in June, although this was beneath the +8.4% reading expecting.

To the day ahead now, and the main highlight will be the aforementioned ECB meeting and President Lagarde’s subsequent press conference. Other central bank speakers include BoE Chief economist Pill. Data releases include the US weekly initial jobless claims. Finally, earnings releases include Danaher, AT&T, Philip Morris International, Union Pacific and Blackstone.

END

NEWSQUAWK

BTPs & EUR dented on Draghi with ECB ahead; Nord Stream 1 resumes – Newsquawk US Market Open

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THURSDAY, JUL 21, 2022 – 06:44 AM

  • European bourses gave up initial upside as Draghi resigns; however, current performance is more mixed with Nord Stream 1 flowing and earnings factoring
  • Stateside, futures are directionally in-fitting but with magnitudes more contained thus far awaiting earnings developments.
  • DXY has benefitted from JPY downside amid the BoJ while the EUR slipped on Draghi and awaits the ECB.
  • Core debt is off lows and somewhat choppy while BTPs slump over 200 ticks
  • Commodities are dented with Nord Stream 1 flowing, USD strength and Libya output increasing; spot gold falls further from USD 1.7k/oz
  • Looking ahead, highlights include US IJC, Policy Announcements from the ECB, CBRT & SARB, Speech from ECB’s Lagarde, Earnings from AT&T

As of 11:10BST/06:10ET

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LOOKING AHEAD

  • US IJC, Policy Announcement from ECB, CBRT & SARB, Speech from ECB’s Lagarde, Supply from Spain, France & UK, Earnings from AT&T, Phillip Morris, Roche & Nokia.

GEOPOLITICS

NORD STREAM 1

  • Nord Stream said gas delivery has resumed on Thursday morning, according to DPA. It was also reported that Nord Stream 1 gas pipeline nominations were at 29.3mln kWh/h from 06:00CET, according to the operator. Deliveries are reportedly around pre-maintenance levels of circa 40%
  • Nord Stream data shows that gas flows are back to 40% capacity (pre-maintenance amount), according to Bloomberg.
  • NEL and OPAL gas grids, connected to Nord Stream 1, show prelim. physical flows into Germany of 9.9mln KWH/H and 12.5mln KWH/H for 05:00-06:00BST.
  • Head of German network regulator said gas nominations for Nord Stream 1 for today are still at 30% capacity and this is binding for the next 2 hours, while more changes over the day would be unusual, according to Reuters; German grid has signalled that Nord Stream gas flows have increased in the second hour.
  • German Energy Regulator Bundesnetzagentur says real gas flows are above nominations re. Nord Stream 1, pre-maintenance level of 40% capacity could be surpassed today.
  • Nord Stream 1 flows are at 29.3mln KWM/H at 07:00-08:00BST, according to the operator; at 29.3mln KWM/H at 08:00-09:00BST, according to the operator; at 29.3mln KWM/H at 09:00-10:00BST, according to the operator.

RUSSIA-UKRAINE

  • US is to send further weapons to Ukraine with an announcement coming this week.
  • US Deputy Treasury Secretary said the EU wants an insurance ban by December regarding Russian oil so the goal is to be in a position where a global price cap can be joined with the ban taking effect, according to Reuters.
  • Russia is reportedly planning annexation votes in Ukrainian region by September 15th, according to Bloomberg.
  • Russian Foreign Ministry spokeswoman says there has not been any contact with the US on peace with Ukraine, via Reuters.

CENTRAL BANKS

  • BoJ kept its policy settings unchanged, as expected, with rates at -0.10% and QQE with yield curve control maintained to target 10yr JGB yields at around 0%. BoJ reiterated it will offer to buy 10yr JGBs at 0.25% every business day unless it is highly likely that no bids will be submitted and repeated its guidance on policy bias that it will take additional easing steps without hesitation as needed with an eye on the pandemic’s impact on the economy, as well as kept forward guidance for short- and long-term rates to remain at present or lower levels. Furthermore, it stated that it must be vigilant to financial and currency market moves and their impact on Japan’s economy and prices, while it lowered Real GDP growth forecast for the current fiscal year to 2.4% from 2.9%, but raised the Real GDP view for the two years after and increased CPI projections through to FY24.
  • BoJ Governor Kuroda says rapid JPY weakening is a negative for the economy; inflation expectations substantial increasing over near-term, gradually mid/long-term; core unlikely to reach 2.0% currently. BoJ Governor Kuroda says no intention to raise interest rates under Yield Curve Control. Won’t hesitate to ease monetary policy further if necessary; risks to the economy are skewed to the downside for the time being but will be balanced thereafter

EUROPEAN TRADE

EQUITIES

  • European bourses gave up initial upside as Draghi resigns, Euro Stoxx 50 +0.1% however, current performance is more mixed with Nord Stream 1 flowing and earnings factoring.
  • Stateside, futures are directionally in-fitting but with magnitudes more contained thus far awaiting earnings developments.
  • Qatar Airways has ordered 25 Boeing (BA) 737 Max 10 jets.
  • Click here for more detail.

FX

  • Yen slides as BoJ and Governor Kuroda retain ultra easy policy and guidance, with latter adding no intention to tweak YCT range, USD/JPY back up near 139.00 from 138.00 low.
  • Buck bounces broadly amidst renewed risk aversion with DXY back on 107.000 handle.
  • Euro looking towards ECB for support after resignation of Italian PM nullifies partial return of Nord Stream gas flows, EUR/USD sub-1.0200.
  • Kiwi reverses course in wake of NZ trade data revealing slowdown in exports and rise in imports to drag balance into deficit from surplus, NZD/USD loses 0.6200+ status.
  • Aussie gleans some encouragement from NAB business conditions over confidence and rebound in AUD/NZD cross, AUD/USD off 0.6900+ peak, but holding above 0.6850.
  • Loonie and Nokkie undermined by latest retreat in crude prices, USD/CAD over 1.2900 and EUR/NOK hovering around 10.1800.
  • Click here for more detail.

Notable FX Expiries, NY Cut:

  • EUR/USD: 1.0000 (1.21BN), 1.0200-10 (1.84BN), 1.0250 (228M), 1.0300 (405M)
  • Click here for more detail.

FIXED INCOME

  • Bonds off lows and braced for a busy pm agenda headlined by the ECB and the 25bp or 50bp hike verdict.
  • Bunds back above 151.00 between 150.59-152.02 bounds, Gilts around 114.78 within a 115.11-114.59 range and 10 year T-note at 117-23+ vs 117-31+ peak and 117-18 trough.
  • BTPs circa 200 ticks adrift awaiting Italian political developments after second resignation tender by PM Draghi.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent are under pronounced pressure amid multiple potential drivers as Nord Stream 1 resumes and Libya’s oil output continues to climb, currently posting losses in excess of USD 4.00/bbl.
  • Libya’s oil output has recovered to above 700k BPD.
  • Spot gold continues to drift after surrendering the USD 1700/oz mark amid renewed USD upside while base metals are mostly tempered amid a sullied risk tone.
  • Click here for more detail.

NOTABLE EUROPEAN HEADLINES

  • Italian PM Draghi has tendered his resignation, according to a statement; President Mattarella has asked Draghi to carry on as a caretaker government.; subsequently, Italian President Mattarella will receive the upper and lower house parliamentary speakers this afternoon, according to a statement. Click here for detail on the possible next steps.

NOTABLE US HEADLINES

  • US officials are reorganising the HHS to boost the pandemic response, according to Washington Post.
  • Microsoft (MSFT) is to slow hiring in some groups and is eliminating open jobs, according to Bloomberg.

CRYPTO

  • Bitcoin remains under pressure after yesterday’s TSLA related update; though, it remains over USD 2k away from the USD 20k mark.

APAC TRADE

  • APAC stocks traded cautiously following the mixed performance of global counterparts and amid risk events.
  • ASX 200 lacked firm direction as outperformance in tech was offset by weakness in energy and the mining-related sectors despite an increase in quarterly production by several key oil and gold producers.
  • Nikkei 225 eked marginal gains after the BoJ maintained its ultra-easy policy setting but with upside capped given the worsening COVID situation in Japan.
  • Hang Seng and Shanghai Comp. were subdued amid increasing tensions related to a planned visit to Taiwan by US House Speaker Pelosi which spurred warnings from China’s mouthpiece that suggested the mainland’s reaction to such a visit would be unprecedented and involve a shocking military response.

NOTABLE APAC HEADLINES

  • US President Biden said the military does not think it is a good idea to travel to Taiwan now when questioned about a potential trip by House Speaker Pelosi, while he expects to speak with Chinese President Xi in the next 10 days, according to Reuters.
  • US Commerce Secretary Raimondo warned of a deep recession if the US were to be cut off from Taiwan chip manufacturing, according to CNBC.
  • China’s ambassador to the US Qin said the China-Russia relationship is not an alliance and that the US is blurring the One China policy, while he added the US is bolstering links to Taiwan by sending officials.
  • China Global Times’ Hu Xijin tweeted earlier that it is certain the mainland’s response to US House Speaker Pelosi’s visit to Taiwan will be unprecedented and will involve a shocking military response.
  • Asian Development Bank lowered Developing Asia growth forecast for 2022 to 4.6% from 5.2% and lowered 2023 growth forecast to 5.2% from 5.3%, while it cut its China 2022 growth forecast to 4.0% from 5.0%, according to Reuters.

DATA RECAP

  • Australian NAB Business Confidence (Q2) 5 (Prev. 14, Rev. 15); Conditions (Q2) 20 (Prev. 9, Rev. 11)
  • New Zealand Trade Balance (Jun) -701M (Prev. 263.0M, Rev. 195M)
  • New Zealand Exports (Jun) 6.42B (Prev. 6.95B, Rev. 6.87B); Imports (Jun) 7.12B (Prev. 6.69B, Rev. 6.68B)
  • Japanese Trade Balance Total Yen (Jun) -1383.8B vs. Exp. -1509.7B (Prev. -2385.8B)
  • Japanese Exports YY (Jun) 19.4% vs. Exp. 17.5% (Prev. 15.8%); Imports YY (Jun) 46.1% vs. Exp. 45.7% (Prev. 48.9%)

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 32.72 PTS OR 0.99%   //Hang Sang CLOSED DOWN 315.59 OR 1.51%    /The Nikkei closed UP 122/74 OR % 0.44.          //Australia’s all ordinaires CLOSED UP 0.62%   /Chinese yuan (ONSHORE) closed DOWN AT 6.7708    /Oil DOWN TO 95.97 dollars per barrel for WTI and SHANGHAI CLOSED DOWN 32.72 PTS OR 0.99%   //Hang Sang CLOSED DOWN 315.59 OR 1.51%    /The Nikkei closed UP 122/74 OR % 0.44.          //Australia’s all ordinaires CLOSED UP 0.62%   /Chinese yuan (ONSHORE) closed DOWN AT 6.7708    /Oil DOWN TO 95.97 dollars per barrel for WTI and UP TO 102.24 for Brent. Stocks in Europe OPENED  ALL MIXED        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7708 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7846: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

3c CHINA

CHINA//COVID

The lockdown at Macau is set to ease this weekend if the virus conditions will allow

(zerohedge)

Macau To Ease Lockdown Saturday If Virus Conditions Allow

WEDNESDAY, JUL 20, 2022 – 10:40 PM

The world’s largest gambling hub, Macau, will reopen businesses as soon as this weekend “if the current pandemic situation remains stable or improves,” reported Macau Business

Macau authorities revealed lockdowns would ease on July 23 and end on July 30, with essential and non-essential businesses allowed to resume limited operations. All casinos and non-essential businesses were shuttered on July 11 after the autonomous region on the south coast of China reported a flare-up in COVID-19 infections. 

“The reduction in daily reported cases allowed for the advancement of a new consolidation period and the relaxation of some restrictions. We hope we can quickly regain normal life,” Secretary for Social Affairs and Culture Elsie Ao Ieong U said in a press conference on Wednesday.

There was no mention of when casinos would reopen via the Macau Business report. However, sources with direct knowledge of reopening plans told Reuters that casinos “will reopen on Saturday.” 

Macau adopted China’s disastrous COVID Zero strategy of lockdowns and mass testing — one way to crush the economy. The quick, partial reopening appears to be a move by the local government to protect the casino industry since many jobs in the city are directly or indirectly dependent on gaming resorts. 

The government still recommends that residents stay home and avoid crowded areas for “necessary reasons,” such as work or grocery shopping when restrictions ease Saturday. 

News the gambling hub will reopen sent shares of Macau casino stocks listed in the US higher premarket. Wynn Resorts climbed 2.5%, and Las Vegas Sands rose nearly 2%. 

end

CHINA/DEPOSITORS

Special thanks to Doug C for sending this to us:

douglas cundey8:32 AM (0 minutes ago)
to Chris, William, Bill, me

https://www.firstpost.com/world/tiananmen-square-2-0-china-deploys-tanks-to-prevent-people-from-withdrawing-money-from-crisis-hit-banks-10938001.html

Tiananmen Square 2.0? China deploys tanks to prevent people from withdrawing money from crisis-hit banks

As per reports, tanks were rolled out to protect the banks and prevent locals from reaching them. This comes in the wake of an announcement by the Henan branch of the Bank of China that the savings of depositors in their branch are ‘investment products’ and cannot be withdrawn

4/EUROPEAN AFFAIRS//UK AFFAIRS/

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

Nordstream 1 resumes natural gas deliveries to Europe at roughly 40% capacity

(zerohedge)

Russia Resumes Nord Stream Natural Gas Deliveries To Europe

THURSDAY, JUL 21, 2022 – 07:33 AM

After more than a week of maintenance, Russia resumed sending natural gas to Europe through the Nord Stream pipeline system, dispelling investors’ fears of a “Doomsday” scenario.

Around 0700-0800 local time, Russian NatGas flowed through the biggest pipeline into Europe at roughly 40% capacity, the same level before flows were curtailed to zero for ten days of planned maintenance. 

“We are in the process of resuming gas transportation. It will take several hours to reach the declared volumes,” Nord Stream 1 said.

Dutch front-month futures, the European benchmark, sank on this bearish development, dropping as much as 6.5% to 145 euros a megawatt-hour and trading around 146 euros at 0700 ET. 

“The resumption this morning of flows along Nord Stream is likely to lead to a collective sigh of relief from not just the European gas market, but from the wider economy,” Tom Marzec-Manser, head of gas analytics at ICIS in London, told Bloomberg

Marzec-Manser said physical flows entering Germany are bearish for NatGas, even if the pipeline operates at reduced capacity. 

The resumption of flows comes as Europe prepares for the worst energy crisis in decades. Budget Commissioner Johannes Hahn doesn’t expect the pipeline to return to full capacity.

Klaus Mueller, head of German regulator BNetzA, tweeted earlier and confirmed NatGas flows “can today reach the pre-maintenance level of approx. 40% utilization (approx. 700 GWh/d),” but he poured cold water on the belief that 60% utilization would return anytime soon.

Earlier this week, there were reports that Russian NatGas supplier Gazprom “declared force majeure on gas supplies to Europe to at least one major customer starting June 14,” according to the letter seen by Reuters. “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,” Reuters noted. 

There was even talk from Russian President Vladimir Putin on Tuesday, who said Nord Stream’s capacity could be reduced unless a critical pipeline turbine undergoing repairs in Canada is returned to Russia soon. Putin added delays in receiving the turbine could lead to pipeline capacity being slashed to 20% by the end of the month. 

Ahead of the resumption, we penned a note titled “What The Reopening Of Nord Stream 1 Means For Europe,” detailing research from Deutsche Bank’s Jim Reid and Goldman energy analyst Samantha Dart on any changes after the pipeline reopening — their thoughts: more uncertainty. 

Meanwhile, Kremlin spokesman Dmitry Peskov told reporters during a conference call today that Russia “categorically rejects” the accusations reducing NatGas flows to Europe is politically motivated. 

Tim Partridge, head of energy trading at DB Group Europe, wrote in a note to clients that he disagrees.

“Sending flows, but at capped levels, runs in Russia’s favor … It allows the Kremlin to continue to use the pipeline as a way of increasing volatility, while still reaping immense profits on inflated energy prices.” 

There have been increasing concerns Europe might not survive the winter without Russian gas. This was echoed by Muller on Sunday. The resumption is a promising sign and will allow countries like German to continue injecting NatGas into depleted storage facilities for the winter. However, reduced rates could suggest supplies will be very tight. 

end

ITALY

Draghi resigns as Premier and a fall election is at hand.  Italy is now into a new political crisis. The Euro falls, bond yields rise and stocks slide

(zerohedge)

Draghi Resigns As Premier, Plunging Italy Into New Political Crisis; Euro, Bonds, Stocks Slide

THURSDAY, JUL 21, 2022 – 07:01 AM

Mario Draghi resigned as Italy’s prime minister, an inevitable outcome after the former Goldman banker and ECB head failed to round up enough support for vote of confidence on Wednesday, ending a national unity government formed to tackle unpopular reforms, plunging Italy into turmoil and putting it on course for snap elections as soon as early Sept 18 (according to Rai TV), in the process sparking a new political crisis for Europe at a time of already acute economic challenges.

In a statement, President Sergio Mattarella’s office on Thursday said that Draghi would remain in charge of current affairs.Italian prime minister Mario Draghi, right, meets the country’s president Sergio Mattarella in Rome on Thursday

Mattarella, who accepted the resignation just hours before the ECB will announce Europe’s first rate hike in 11 years, will meet Thursday afternoon with the speakers of both houses of parliament to agree on the next steps, which will likely include an emergency vote after the summer. The ballot may take place on Oct. 2. Fall elections are unprecedented in Italy, a time when parliament is usually preparing the annual budget.

Draghi’s national unity coalition, established early last year in the depths of the Covid-19 crisis, unravelled on Wednesday after a rancorous parliamentary debate. His exit comes as the eurozone’s third-largest economy faces mounting challenges including slowing growth, inflation and higher borrowing costs.

“After yesterday’s debate I have drawn my conclusions,” Draghi said during a brief appearance at the lower house of parliament before his meeting with the president.

In the parliamentary debate on Wednesday, Draghi accused some members of his cross-party coalition of attempting to subvert his reform agenda and demanded that they recommit to it. But two centre-right parties – Matteo Salvini’s League and Silvio Berlusconi’s Forza Italia – together with the populist Five Star Movement led by Giuseppe Conte boycotted the vote of confidence in his leadership.

Foreign minister Luigi Di Maio, who led a walkout from Five Star last month in protest at Conte’s sniping at Draghi’s policies, called the government’s collapse “a black page for Italy”.

“We played with the future of Italians,” Di Maio wrote on Twitter after Wednesday’s developments. “The effects of this tragic choice will remain in history.”

Italy’s inflation rate hit 8 per cent in June, its highest level since 1986, according to the statistical agency. Faltering on a tight schedule of promised reforms would also jeopardise Rome’s ability to receive the next tranches of its €200bn in funds from the EU’s Covid recovery programme.

Draghi had agreed an ambitious schedule of reforms with the EU with a plan to enhance competition and cut red tape to make Italy more attractive to investment, and to guarantee the sustainability of its heavy public debt, now at about 150 per cent of gross domestic product.

Investor reaction was clear, with the yield on the Italy’s 10-year note jumping as much as 21 basis points to 3.6%, its highest since June. The spread over equivalent German bonds, a common gauge of risk, rose to 233 basis points, reflecting a widening of 0.22 percentage points in just two days.

The turmoil in Italy’s bond markets comes as the ECB is expected to raise interest rates in the eurozone on Thursday for the first time since 2011, and announce new policies to limit the divergence between the borrowing costs of the bloc’s strongest and weakest economies, including Italy.

Draghi’s exit will also be a setback to the western alliance against Russia’s invasion of Ukraine. The Italian leader has taken an uncompromising stand towards Moscow and was a key architect of the tough sanctions against Russian president Vladimir Putin.

A FTSE gauge of Italian stocks slid more than 2% in morning dealings, taking its losses over the past two days to almost 4%, but it has since recovered much of the losses. The country’s largest banks, which are major holders of Italian debt, led the declines, with Intesa Sanpaolo and UniCredit each down about 5 per cent.

The euro fell; the common currency retreated from earlier gains in choppy trade as investors wait for the European Central Bank to raise interest rates for the first time in more than a decade. Draghi’s resignation triggered a retreat in the single currency, as the 10-year Italian bond yield surged, widening the spread with German bonds; selling accelerated after a report that Russia is planning to hold referendums to annex occupied Ukranian regions. EUR/USD fell as low as 1.0171 in European trade, retreating from an intraday high of 1.0231 hit earlier in the day after Nord Stream AG said flows through Russia’s biggest pipeline to Europe restarted Thursday after a 10-day maintenance period.

end

ECB

Despite the upcoming election in Italy, Lagarde has guts as she hikes 50 basis points.  She unveils Italy specific QE which is totally nuts

(zerohedge)

ECB Launches “Lift Off” After 11 Years: Hikes 50bps As It Also Unveils italy-Specific QE

THURSDAY, JUL 21, 2022 – 08:25 AM

In keeping with media leaks, the ECB did a carbon copy of what the Fed did, and crushed its forward guidance credibility opting to hike 50bps instead, which was to be expected considering Europe’s record inflation. In any case, after almost exactly 11 years, the ECB just hiked rates for the first time since July 2011.

Looking ahead, the ECB  said that “further normalisation of interest rates will be appropriate” adding that “the frontloading today of the exit from negative interest rates allows the Governing Council to make a transition to a meeting-by-meeting approach to interest rate decisions.” In any case, “the Governing Council’s future policy rate path will continue to be data-dependent and will help to deliver on its 2% inflation target over the medium term. In the context of its policy normalisation, the Governing Council will evaluate options for remunerating excess liquidity holdings.”

Perhaps more importantly, the ECB unveiled the much anticipated Transmissions Protection Mechanism (TPI), although as expected, there was not much information provided as the ECB knows the bond market will immediately test any ECB-set thresholds, to wit:

The Governing Council assessed that the establishment of the TPI is necessary to support the effective transmission of monetary policy. In particular, as the Governing Council continues normalising monetary policy, the TPI will ensure that the monetary policy stance is transmitted smoothly across all euro area countries. The singleness of the Governing Council’s monetary policy is a precondition for the ECB to be able to deliver on its price stability mandate.

The TPI will be an addition to the Governing Council’s toolkit and can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area. The scale of TPI purchases depends on the severity of the risks facing policy transmission. Purchases are not restricted ex ante. By safeguarding the transmission mechanism, the TPI will allow the Governing Council to more effectively deliver on its price stability mandate.

In any event, the flexibility in reinvestments of redemptions coming due in the pandemic emergency purchase programme (PEPP) portfolio remains the first line of defence to counter risks to the transmission mechanism related to the pandemic.

The details of the TPI are described in a separate press release to be published at 15:45 CET.

The full press release from the ECB is below:

Monetary policy decisions

Today, in line with the Governing Council’s strong commitment to its price stability mandate, the Governing Council took further key steps to make sure inflation returns to its 2% target over the medium term. The Governing Council decided to raise the three key ECB interest rates by 50 basis points and approved the Transmission Protection Instrument (TPI).

The Governing Council judged that it is appropriate to take a larger first step on its policy rate normalisation path than signalled at its previous meeting. This decision is based on the Governing Council’s updated assessment of inflation risks and the reinforced support provided by the TPI for the effective transmission of monetary policy. It will support the return of inflation to the Governing Council’s medium-term target by strengthening the anchoring of inflation expectations and by ensuring that demand conditions adjust to deliver its inflation target in the medium term.

At the Governing Council’s upcoming meetings, further normalisation of interest rates will be appropriate. The frontloading today of the exit from negative interest rates allows the Governing Council to make a transition to a meeting-by-meeting approach to interest rate decisions. The Governing Council’s future policy rate path will continue to be data-dependent and will help to deliver on its 2% inflation target over the medium term. In the context of its policy normalisation, the Governing Council will evaluate options for remunerating excess liquidity holdings.

The Governing Council assessed that the establishment of the TPI is necessary to support the effective transmission of monetary policy. In particular, as the Governing Council continues normalising monetary policy, the TPI will ensure that the monetary policy stance is transmitted smoothly across all euro area countries. The singleness of the Governing Council’s monetary policy is a precondition for the ECB to be able to deliver on its price stability mandate.

The TPI will be an addition to the Governing Council’s toolkit and can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area. The scale of TPI purchases depends on the severity of the risks facing policy transmission. Purchases are not restricted ex ante. By safeguarding the transmission mechanism, the TPI will allow the Governing Council to more effectively deliver on its price stability mandate.

In any event, the flexibility in reinvestments of redemptions coming due in the pandemic emergency purchase programme (PEPP) portfolio remains the first line of defence to counter risks to the transmission mechanism related to the pandemic.

The details of the TPI are described in a separate press release to be published at 15:45 CET.

Key ECB interest rates
The Governing Council decided to raise the three key ECB interest rates by 50 basis points. Accordingly, the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 0.50%, 0.75% and 0.00% respectively, with effect from 27 July 2022.

At the Governing Council’s upcoming meetings, further normalisation of interest rates will be appropriate. The frontloading today of the exit from negative interest rates allows the Governing Council to make a transition to a meeting-by-meeting approach to interest rate decisions. The Governing Council’s future policy rate path will continue to be data-dependent and will help to deliver on its 2% inflation target over the medium term.

Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)
The Governing Council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates and, in any case, for as long as necessary to maintain ample liquidity conditions and an appropriate monetary policy stance.

As concerns the PEPP, the Governing Council intends to reinvest the principal payments from maturing securities purchased under the programme until at least the end of 2024. In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance.

Redemptions coming due in the PEPP portfolio are being reinvested flexibly, with a view to countering risks to the transmission mechanism related to the pandemic.

Refinancing operations
The Governing Council will continue to monitor bank funding conditions and ensure that the maturing of operations under the third series of targeted longer-term refinancing operations (TLTRO III) does not hamper the smooth transmission of its monetary policy. The Governing Council will also regularly assess how targeted lending operations are contributing to its monetary policy stance.

***

The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises at its 2% target over the medium term. The Governing Council’s new TPI will safeguard the smooth transmission of its monetary policy stance throughout the euro area.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today

end.

Euro Tumbles, Spreads Blow Out As Market Realizes ECB’s TPI Is Just Another Useless Word Salad

THURSDAY, JUL 21, 2022 – 09:50 AM

Initially, both European bonds and the EURUSD moved higher after the ECB unveiled a higher than expected 50bps rate hike (although the same as leaked, so the ECB effectively destroyed any remaining credibility its forward guidance may have had). However, barely had the EURUSD hit session highs when the doubts started to spread, starting with Lagarde confirmation during the ECB presser that the central bank’s prior guidance for a September rate move no longer applies, and as we showed earlier, the market immediately started pricing in a much lower rate hike in two months as it priced in a much more rapid onset of the recession thanks to the ECB tightening conditions more than expected just as the economy contracts.

It only went downhill from there – quite literally in the case of the euro – with the common currency tumbling from session highs to session lows, taking out the pre-ECB level to the downside…

… while the infamous “lo spread” (between Italian and German yields) blew out to session highs…

… for one simple reason: the market realized that the ECB’s newly unveiled Transmission Protection Instrument (TPI) – because Italy specific QE sounds a little gauche – is just another OMT-like word salad, which is meant to scare markets and never to be actually implemented practically. Here’s why:

First, as Lagarde explained, the ECB alone will decide where to deploy this “crisis tool” and that all eur-area members are eligible for the TPI.

Here is what she said: “obviously the Governing Council is going to conduct a thorough assessment of the situation in the affected countries. And the decision to begin TPI purchases, as I said, will be in the entire discretion of the Governing Council.”

She added that “TPI is a program that is designed to address a specific risk that all euro-area countries can face” and “now clearly, to assess whether you have unwarranted disorderly market dynamics, the Governing Council will take into account, multiple indicators to determine the warranted versus unwarranted.”

While it is great that every European country is viewed as a potential crisis by the ECB, what is troubling is that the decision on access will be made by the Governing Council. There is still no detail on how that decision will be made, but it seems then ECB is taking a lot of discretion on how and where it will help close bond spreads. Even Bloomberg writes that “for the central bank this seems like a very dangerous path to be on. If the GC disagrees on a country’s fiscal stance or on some other politically controlled factor then it is risking becoming a very politicized organization.” For a vivid example of this just ask Sylvio Berlusconi who lost his job in 2011 after the ECB decided to not buy Italian bonds, sending their yields through the roof.

Second, and more important however, is Lagarde’s disclosure of the four specific eligibility criteria for TPI as she claims that “the ECB determines in its own discretion, not hostage to anyone.” The conditions are the following:

  1. Compliance with EU fiscal framework, borrowing from the European Commission
  2. Absence of severe macroeconomic imbalances, again borrowing from the Commission
  3. Fiscal sustainability, taking into account European Commission analysis and others such as IMF
  4. Sound policies that are in line with the country’s commitment to the recover fund plans

There is a problem with this: since the TPI is meant to rescue Italy, if these conditions are closely adhered to, it will make TPI usage in the case of Italy impossibly, or as some sarcastically pointed out, Italy will surely be in “compliance” after the elections in Sept/Oct:

Bottom line: yes, the ECB surprised with a bigger than expected rate hike, but realizing that the TPI is just another meaningless, unusable word salad, the market has sent the euro tumbling and Italian yields blowing out so wide, that the TPI may have to be used before the end of the day at this rate. Or as we put it…

END

HOLLAND

The Dutch government correctly is accused of following globalist policies and these policies will lead to food shortages

(EpochTimes)

Dutch Government Accused Of Following Globalist Policies Which Will Lead To Food Shortages

THURSDAY, JUL 21, 2022 – 02:00 AM

Authored by Masooma Haq, Joshua Philipp, and Roman Balmakov via The Epoch Times,

Those familiar with the most recent farmer protests in the Netherlands are saying that the Dutch government’s climate nitrogen-reduction policies targeting farmers, actually have a nefarious goal. Dutch farmers see it as an effort to seize their land and experts say these climate policies are a part of a global agenda to control the means of food production, that if allowed to play out will end in a global food crisis.

Michael Yon, a journalist who has covered numerous major events and who is currently in the Netherlands covering the farmer protests, told The Epoch Times that the Dutch government is not alone in targeting their farmers, many other countries’ farmers are also experiencing the same threat.

“The dark cult of Devos [World Economic Forum] is trying to destroy these farmers, and obviously, this has major security consequences, not just for the Netherlands, but for all of Europe and the world,” Yon said during a recent interview with Epoch TV’s Crossroads program. “They’re trying to put these farmers out of business and trying to confiscate their land.”

Hundreds of Dutch farmers and many truckers are trying to bring attention to the government’s proposed policies which if implemented would effectively handicap the farmers and many would be financially ruined. In an effort to capture the public’s attention, the Dutch farmers are blocking roads and infrastructure that distribute their goods, leaving Netherlands’ store shelves empty.

As a journalist, Michael Yon has covered numerous major events. He is currently in the Netherlands covering the farmer protests. (Screenshot via The Epoch Times)

“Many people are not tracking, many are and tend to be highly supportive of the farmers, but many are just going about their daily lives just like Americans and Canadians and others do,” Yon said.

“They need to get that wake-up call, like listen, you are going to get hit sooner or later; would you rather have your shelves empty now for just a really short time, or be under the thumb of the beast [World Economic Forum] forever,” he said.

‘Number Six in Food Exports’

Compared to the United States, the Netherlands is a fraction of the size, but rivals U.S. food production, sitting at number six in food exports. The Dutch farmers are some of the most knowledgeable and most efficient in the world, Yon said.

“These are the best farmers in the world. They are worth more than their farms because you can take them and make great farms anywhere with the knowledge in their hands,” he added.

Many countries including the NetherlandsCanadaGermany, and Sri Lanka are following a similar agenda to reduce nitrogen in the environment by at least 30 percent. Many other countries’ farmers, including the United States, cannot find enough chemical nitrogen fertilizer to grow their crops.

If the government implements their nitrogen reduction policies, the Dutch farmers say most of them will lose their farms and their livelihoods, as well as create massive food insecurity for their country and the world.

Epoch TV’s Facts Matter host Roman Balmakov covered the farmer protests in the Netherlands, July 2022. (The Epoch Times)

The Dutch farmers are protesting because they have no other way to try to save their farms and food production in the Netherlands, Reindert a 30-year-old dairy farmer told Epoch TV’s Facts Matter host Roman Balmakov.

If the government wins this conflict, his farm would have to kill off about half of its cows, to reduce nitrogen, said Reindert which would make their business financially unsustainable.

Ultimately, “They just want to remove the farmers from the land,” Reindert said.

Reindert, a 30-year-old dairy farmer, took part in the Netherlands farmer protest, July 2022. (The Epoch Times)

The larger group of farmers that Balmakov spoke to said the country’s media outlets are taking the side of the government and painting their protest in a bad light and falsely saying the farmers are poisoning the land. The Dutch farmers urged Americans to support their protest and Dutch goods.

Globalist Agenda

Meanwhile, Thierry Baudet, a Dutch parliamentary leader in the opposition party the Forum for Democracy, said that the Dutch government is following a globalist agenda and agreed their goals are evil.

Baudet believes the current Dutch administration wants to end the Netherlands’ means of food production and sovereignty, to make the people fully depend on the government.

“The people governing this country are following the script written by the EU to realize what they call a great reset. They want to make us more dependent on international supply chains,” Baudet said during a recent interview with Epoch TV’s Facts Matter program.

The EU’s Natura 2000 guidelines, which stipulate that the Netherlands needs to reduce nitrogen in their environment is outdated and needs to be terminated, Baudet added.

Thierry Baudet, Dutch parliamentary leader in the opposition party Forum for Democracy. (The Epoch Times)

The guidelines, say that “certain areas in Europe were picked for the preservation of certain forms of vegetation, and as it happens, the Netherlands was picked to protect moss and clover,” said Baudet.

“The real agenda behind that [Natura 2000] is that they want to have a stick to beat the farmers with and it’s not just to facilitate the continuous immigration,” but the broader and “spiritual” agenda is to end the farmers’ connection to their land and traditions, said Baudet.

“The real point here is the great reset, mass migration, transnational governance, and that’s why people have to become atomized, they have to lose their connection to the land, and that’s why they’re hitting on the farmers,” he said.

Dutch News Media

The Netherlands’ news media, which is loyal to the ruling political party, is maligning the farmers by saying that they are poisoning the land with nitrates and ammonia, Yon said.

Yon likened the demonization of Dutch farmers and the government’s land grab effort to what happened under many totalitarian regimes, including China, Cambodia, and Russia.

Joshua Philipp, an investigative reporter and host of Epoch TV’s “Crossroads” program, said he has found an undeniable large-scale trend toward seizing control of food production around the globe.

“I will say absolutely now definitively that this is an agenda. This is not a natural crisis,” Phillip told his Crossroads audience in a recent episode.

A recognized expert on unrestricted warfare, asymmetrical hybrid warfare, and expert on Chinese Communist Party subversion, Philipp said his research on the nitrogen reduction policies and chemical fertilizer trends in the majority of countries around the world will lead to food shortages, like what happened in Sri Lanka recently.

A laborer pulls a cartload of imported rice at a wholesale market in Colombo, Sri Lanka, Sunday, June 26, 2022. Sri Lankans have endured months of shortages of food, fuel, and other necessities due to the country’s dwindling foreign exchange reserves and mounting debt, worsened by the pandemic and other longer-term troubles. (AP Photo/Eranga Jayawardena)

Phillip called Sri Lanka’s crop failures and food shortages, “the canary in the coal mine,” warning the world about what could end up happening if they don’t change the direction their governments are taking them in terms of nitrogen reduction standards and fertilizer use.

Baudet is not optimistic about the farmers’ impact on stopping this globalist agenda but said there is a chance if there is true solidarity amongst the farmers and they hold out for a few days or weeks and refuse to do any food distribution, then they might be able to wake up the Dutch public and hence change government policies.

“A radical agenda is being pushed, which is called the Sustainable Development Goals, which is all the climate hysteria of which scientifically [is] bonkers,” Baudet said.

The globalists (World Economic Forum) set 2030 as the year to meet their economic goals and take over, but Baudet said that citizens around the world have to work to make sure their agenda is not realized.

If you look at the large picture, “You see this trend towards bureaucratic dictatorship that is being imposed on all of us, and only if we unite and if we surpass all these differences that have divided us for so many years, and we fight this together, can we succeed, and we must do it,” said Baudet.

“It’s the single most existential fight in the history of civilization,” he added.

END

HOLLAND/GERMANY

This will certainly slow traffic up and down the Rhine river as barges must lower its weight

(zerohedge)

Rhine Water Levels Drop Below Critical Threshold That Could Halt Barge Traffic

THURSDAY, JUL 21, 2022 – 02:45 AM

Water levels on the River Rhine have steadily declined and fallen to emergency levels this week, indicating more headwinds for the German economy already careening towards recession.

One of the most vital waterways in Europe’s economic heartland is below a very important 78 centimeters (31 inches) threshold at a measuring station in Kaub, Germany. As of Wednesday, Kaub sits at 68 centimeters (27 inches) and is dropping fast, indicating that barge transport disruptions could be imminent. 

Riverlake, a vessel broker, already says barges hauling goods between Upper Rhine from Rotterdam have reduced weight to about a third of capacity to improve draft in shallow parts of the waterway, according to Bloomberg. For some context, barges on inland waterways haul about 5%-10% of German freight, with about 80% of that on the Rhine, including a third of domestic shipping of crude oil, natural gas, and coal, Berenberg economist Salomon Fiedler wrote Wednesday in a note to clients. 

Citing a report by the Kiel Institute, Fiedler said if Kaub sustains water levels below 78 centimeters for several weeks or longer, German industrial production will be “about 1% lower than in a month with no low-water days.” He said the following month would be an impact of 1.5%. 

The water crisis on the 800-mile (1,288-kilometer) river that runs from Switzerland to the North Sea is similar to the one in 2018. The previous crisis resulted in transport disruptions that hit industrial production. One noticeable difference is the economy today is sliding toward a recession as it contends with an energy crisis, high inflation, faltering economic growth, and supply chain bottlenecks — unlike anything ever seen before. 

Germany’s economy grew by a paltry 0.2% in the first quarter, just barely escaping a technical recession following a contraction in the prior quarter, while the inflation rate printed a mind-numbing 7.6% in June. Alarming signs of stagflation are developing, and hyperinflation of energy prices thanks to Europe’s sanctions on Russia is the leading cause of the economic turbulence. A recent flash purchasing managers’ index shows the rapid deceleration in Europe’s largest economy. 

“On the one hand, Germany is most likely sliding into a recession already. This would suggest that industrial production and the need for shipping would be lower anyway, reducing the sting of low water levels. 

“Supply chains were already under heavy stress and inventories depleted after two years of pandemic-related disruption. The ability of firms to absorb delays in transportation is probably more limited than normal,” Fiedler said.

Earlier this week, we first pointed out the emerging crisis in a note titled Germany’s Energy Crisis About To Get Even Worse As Rhine Water Levels Plummet.” The countdown has begun as Kaub’s water levels are below a threshold that, if sustained through mid-August, could reduce barge activity on the waterway and worsen the economic outlook. 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

RUSSIA/UKRAINE

Lavrov claims now that Russia’s war goals have now expanded after the West pumped more arims in the Ukraine

(zerohedge)

Russia Declares War Goals Have Expanded After West Pumped More Arms Into Ukraine

WEDNESDAY, JUL 20, 2022 – 06:00 PM

With the Donbas region now largely under control of Russian forces five months into the invasion… is Moscow setting its sights on the rest of Ukraine? It appears this could be the case, based on provocative Wednesday remarks by Russian foreign minister Sergey Lavrov, captured in a fresh FT report.

“Russia’s foreign minister said Moscow had expanded its war aims for its invasion of Ukraine, the strongest sign yet that it seeks to annex parts of the country currently under its control,” FT introduces, citing that:

Sergei Lavrov said on Wednesday that Russia’s goals were more ambitious than Moscow had declared at the start of the war in February, when it claimed its goal was to “liberate” the eastern Donbas border region. Moscow’s war aims now extend to the provinces of Kherson and Zaporizhzhia in southern Ukraine, which are mostly occupied by Russian forces, Lavrov said.

Source: EPA/Shutterstock

Lavrov also said a “number of other territories” are additionally included in the new war aims, though without naming them.

President Vladimir Putin and his top generals within the opening two months of the war made it clear that a central goal was to “liberate” the Donbas region, but speculation has since abounded over whether the Kremlin would keep going beyond this territory.

Some political analysts in the West – the University of Chicago’s John Mearsheimer foremost among them – have stated their belief that Moscow initially sought to limit operations to the East, in defense of the pro-Russian breakaway republics; however, Mearsheimer has argued that many variables have likely caused Putin to expand beyond these initial goals. Chief among the battlefield variables remains Washington and the West’s continually escalating involvement, especially in weapons shipments – including longer range missile systems.

Lavrov alluded to this in his Wednesday comments, “If the west continues to pump Ukraine full of weaponry out of impotent rage or a desire to exacerbate the situation [ . . .] then that means our geographical tasks will move even further from the current line,” he said.

The conditional, ‘warning message’ nature of his wording suggests that the Kremlin may not have extended the goal posts just yet. Lavrov referenced that the conflict is “an ongoing process” during the statements.

On Tuesday a White House statement condemned what it called Russia’s “annexation playbook” amid reports the Kremlin is installing pro-Russian officials and administrations in towns and cities now under its control. Russian media has also previewed potential “referendums” in these territories akin to Crimea in 2014.

And on Wednesday the Pentagon confirmed it is sending Ukraine four more High Mobility Artillery Rocket Systems (HIMARS) as part the next round of security assistance, according to the words of Defense Secretary Lloyd Austin.

Thus the ongoing proxy war looks to grow hotter in at least the near term before any possibility of compromise is taken seriously by either side. The Ukrainian government responded to Lavrov’s latest words by reasserting that it will not sit down with the Russians at the negotiating table. “Russians want blood, not talks,” FM Dmytro Kuleba said, and urged yet more sanctions, more pressure to ramp up on Moscow from the West.

end

The West will not like this;  Russia plans “annexation votes” for captured Ukraine territories

(zerohedge)

Russia Plans ‘Annexation Votes’ For Captured Ukraine Territories By Mid-September: Report

THURSDAY, JUL 21, 2022 – 10:07 AM

New reporting in Bloomberg alleges that President Vladimir Putin’s plan for captured territories in Ukraine is to absorb them into the Russian federation by staging referendums as early as September, citing “people familiar with the strategy”.

“Officials are preparing to organize votes in areas currently controlled by the Russian military and any others its troops are able to seize in coming weeks, three people said,” the report indicates. “The goal is to conduct referendums on joining Russia by Sept. 15, two of the people said, asking not to be identified because the issue is sensitive.”

The allegation that Russian plans to go on an annexation spree comes the day following spokesman for the National Security Council (NSC) John Kirby giving a White House news briefing which laid out that the Kremlin is organizing a “sham referendum” in areas of Ukraine under military occupation. He speculated this could come in September, mentioning further that this will involve imposing the ruble and pressuring or forcing Ukrainians to apply for Russian citizenship.

Kirby held up Crimea as the foremost example of what’s to come for territory in eastern Ukraine and elsewhere

“Russia is beginning to roll out a version of what you could call an annexation playbook very similar to the one we saw in 2014.”

The US administration now says that in addition to annexation plans targeting Donetsk and Luhansk – already home to pro-Russian breakaway republics since 2014 – Moscow is further eyeing Kherson and Zaporizhya.

“Already, Russia is installing illegitimate proxy officials in the areas of Ukraine that are under its control,” Kirby said.”Annexation by force will be a gross violation of the UN Charter and we will not allow it to go unchallenged or unpunished,” Kirby said.

In its Thursday reporting, Bloomberg provides what it says are details of the Kremlin plans for the annexation of Donbas:

The project is directed by Sergei Kiriyenko, the Kremlin’s first deputy chief of staff, according to the people, with attention focused on the Donetsk and Luhansk regions in Ukraine’s east as well as the southern territories of Kherson and Zaporizhzhia. Kiriyenko, who is under US and European Union sanctions, regularly visits occupied territories to oversee officials preparing for the referendums, they said.

The report suggests this would demonstrate both to the Russian domestic population and to the world definitive “progress” regarding the slow-grinding invasion, now five months in.

Russia for its part has rejected the White House characterization of it using “force” to bring populations under its suzerainty. Foreign ministry statements have cast any potential referendums on the horizon as a demonstration of the people’s free will to choose their political fate.

Looming in the background to these alleged annexation plans is the question of the Russian military’s scope for its invasion. Will it stop in the east or areas of the south it already controls? Have Putin’s goals expanded? A Wednesday report in FT says essentially yes.

“Russia’s foreign minister said Moscow had expanded its war aims for its invasion of Ukraine, the strongest sign yet that it seeks to annex parts of the country currently under its control,” FT wrote, and cited that:

Sergei Lavrov said on Wednesday that Russia’s goals were more ambitious than Moscow had declared at the start of the war in February, when it claimed its goal was to “liberate” the eastern Donbas border region. Moscow’s war aims now extend to the provinces of Kherson and Zaporizhzhia in southern Ukraine, which are mostly occupied by Russian forces, Lavrov said.

Lavrov also said a “number of other territories” are additionally included in the new war aims, though without naming them.

President Vladimir Putin and his top generals within the opening two months of the war made it clear that a central goal was to “liberate” the Donbas region, but speculation has since abounded over whether the Kremlin would keep going beyond this territory.

end

Russia/Ukraine/Chechens

This is reality not myth of hyperbole regiments

Inbox

Robert Hryniak11:25 AM (4 minutes ago)
to

There are 150,000 trained, equipped Chechens ready to go on day’s notice to fight in the Ukraine and elsewhere, if needed. This is addition to the 10,000 hardened Chechens doing much of the city street fighting in the Ukraine today. Kadyrov himself has personally visited his guys after the fighting for Mauripol. One would be mistaken to think they are reluctant fighters. These guys look for it and get off on it. 

One cannot help but see a sleep walking West into an expanding conflict outside of the Ukraine but one also is wary of what sleep walking into a meat grinder of artillery and trained regiments willing to die means for those forced to wake up from their slumber. 

Ramzan Kadyrov Forms a New Regiment

National units are a long tradition of the Russian Army.

Original link:

https://nvo.ng.ru/concepts/2022-07-14/5_1197_tradition.html

Article by Sergei Kozlov, a military historian and Soviet-Afghan War Veteran.

In relation to the Special Military Operation (SMO) in Ukraine, President of the Chechen Republic, Ramzan Kadyrov demonstrates a solid patriotic position. And he personally oversees the activities of the national Chechen units of the Russian National Guard (Rosgvardiya) operating in Ukraine.

These units, which are often called special forces, perform the corresponding tasks: cleaning occupied territories, protecting the rear and communication between the Russian Army and the People’s Militias of the DPR and LPR.

They Showed Themselves in Battle

These units include: OMON “Akhmat-Grozny”, the 249th Separate Special Motorized Battalion “South”, the 46th Separate Brigade of Operational Purpose of the Rosgvardiya, the 141st Special Motorized Regiment of the Rosgvardiya named after Akhmat-Khadzhi Kadyrov (formerly known as “North” Battalion) and the SOBR “Akhmat”.

OMON “Akhmat-Grozny” is by far the oldest structure that operated during the first and second Chechen campaigns. In total, there are about 30 thousand people in the units.

Since these are not army units, but units of the Russian National Guard, all of them (except for the 141st Special Motorized unit) are armed only with small arms and light equipment. The 141st Regiment has combat equipment on staff.

Participating in Mariupol and Volnovakha, in the battles for Severodonetsk and Lisichansk, Chechen armed formations demonstrated a high level of discipline, field training and the will to win, achieving significant results.

Special Upbringing of Men

Information about the fighting of Chechen units regularly reaches the residents of Chechnya and causes pride among young people. At the same time, attention should be paid to the upbringing of Chechen youth, which explains the patriotic impulse among conscripts. The boy is initially brought up there as a warrior, as a man.

I remember how in 1985, a batch of young recruits arrived in our detachment in Kandahar, and among them four guys from Chechnya. Many officers were wary of them. But I selected two of the newcomers to my group and never regretted it.

One was a gunner-operator in my vehicle, and the second was a squad commander, he later became my deputy.

Of course, there are national peculiarities that need to be taken into account in communication. These people will never respect the boss just because of the position they hold. You need to prove that you really deserve respect – and then you will not find more reliable and loyal subordinates! I succeeded. The newcomers did not study in the training regiment for Spetsnaz in Pechora, but were trained in ordinary infantry training schools. But in spirit they were special forces, and they fought excellently and fearlessly.

And this is not an exception, but rather the rule. Which was later confirmed by the soldiers of the Zapad (West) Battalion, which was formed in 2003 by the Main Intelligence Directorate of the General Staff (the 305th Separate Spetsnaz Detachment) and supervised by him. The battalion was commanded by Said-Magomed Kakiyev, Hero of Russia. A man of boundless courage and devotion. And the soldiers were a match for the commander. There was not a single former militant in the squad. Everyone fought against Dudayev’s regime from the very beginning.

A little later, the Vostok (East) Battalion was created under the command of Sulim Yamadayev. But in 2008, it was disbanded and the “North” and “South” Battalions were created. They became the basis for modern formations of the Rosgvardiya.

In August of the same 2008, Chechen units distinguished themselves during the operation to force Georgia to peace.

Historical Experience

The Russian Army has a wealth of experience in creating national, or, as previously said, native formations.

So, on August 23, 1914, at the beginning of the First World War, the Caucasian Native Cavalry Division was created. It was staffed by 90% Muslims – natives of the North Caucasus and Transcaucasia. According to the laws of the Russian Empire, these people were not subject to military service. But being volunteers, they enlisted in the ranks of national formations.

The division fought bravely on the Southwestern Front since November 1914, its merits are great. In 1916 alone, the division conducted 16 mounted attacks. In general, the entire division accounts for the number of prisoners, four times its composition.

There is an important nuance that should be paid attention to now. As the witnesses of those events write, there was a special moral and psychological atmosphere in the division, which largely determined the relationship between its officers and riders. An important feature of the highlander rider was a sense of self-esteem and a complete absence of servility and sycophancy. Above all, it was not ranks and titles that were valued, but personal bravery and loyalty. This is confirmed by my personal observations.

And one more interesting fact. At first, the Muslims of the division were awarded St. George’s Crosses for distinction in battle, where instead of St. George, the coat of arms of the Russian Empire was depicted so as not to infringe on the feelings of the faithful. But after a while, the mountaineers demanded to be given the same awards as Christians. After all, there was a picture of dzhigit George on a horse, and not a “chicken”, as they called the coat of arms.

Following the Traditions of the Ancestors

Thus, it can be argued that the Russian Army has a long tradition of creating national units in the North Caucasus. The competent national policy pursued by the Supreme Commander-in-Chief makes it possible to use this force more widely and effectively. After all, in mid-March 2022, according to Kadyrov, a thousand volunteers went to Ukraine. At the beginning of April, another thousand, in May 600 more volunteers left for the war.

The Spetsnaz training center established in Gudermes has been training not only special forces fighters, but also has been training volunteers for months. Moreover, volunteers who specially come from all over Russia to get trained and go to war. And they are fighting as part of national units.

So don’t be surprised when you see a soldier of absolutely Slavic appearance who proudly shouts: “Akhmat – power!”

Akhmat Regiment

Now the formation of new battalions is beginning in Chechnya. But not from volunteers from all over the country and not on the basis of the Russian National Guard, but exclusively from citizens of the republic and as part of the Ministry of Defense. In total, it is planned to create four battalions under the general name “Akhmat”. According to the staffing size, we can say that the Motorized Rifle Regiment “Akhmat” is being formed, which will include the battalions: “North-Akhmat”, “South-Akhmat”, “West-Akhmat” and “East-Akhmat”.

The composition of a modern motorized rifle battalion, depending on the state, may include management and headquarters, three motorized rifle companies on either BMPs or BTRs, a tank company, one or two artillery batteries, a mortar battery, an anti-air defense platoon, an anti-tank platoon, communications platoons, reconnaissance platoons, an engineering platoon and a logistics platoon.

In order for the units to become a real force, careful training of both individual soldiers and units as a whole is needed. According to Ramzan Kadyrov, the places of formation, smoothing and training of two battalions on the territory of the republic have already been determined, bases will be deployed in Khankala for two more.

“Together with the Chairman of the Parliament of the Chechen Republic, Magomed Daudov, I visited the inner-city village of Khankala to inspect a potential building that is to be converted to the needs of two battalions being formed. An approximate location has already been chosen for the first two groups,” Kadyrov said.

The Head of the republic instructed the members of the government to prepare design and estimate documentation, to bring the necessary communications and to asphalt the roadway leading to the territory of the facility.

For the education and training of the military, all amenities are provided, starting with comfortable living and staff quarters and ending with football, volleyball, tennis and sports grounds. There will be a parade ground and a shooting range, the entire surrounding area will be equipped.

Selection of Officers

An important success factor is the competent selection of officers.

It is assumed that for the new battalions they will try to select Chechen officers who are already serving in the ranks of the Russian Army. But they may also be officers of other nationalities. Just as many officers of the Cossack army served in the Native Division at the beginning of the last century.

Special work will be required with candidates for command positions. They are obliged to study the national characteristics of the Chechen people in order to understand their subordinates. To earn their trust and respect, an officer must show that he is better, more professional, stronger and braver than his subordinates. Only then will they follow him into fire and water. At the same time, the officer must know and respect national customs.

For example, mountain customs were strong in the regiments of the [First World War] Native Division: respect for elders, hospitality, etc. This left its mark on life and service in the division.

The guests in the units of the division were welcomed as at home in the Caucasus. The young officer showed respect to his older riders – especially at a rest area, during their break. Contrary to the charter, but according to mountain customs.

It seems to me that it is appropriate to send candidates for the positions of commanders to Chechnya, where they, communicating with the residents, would study local traditions. And as commanders, they could subsequently correctly apply their power to subordinates.

For example, in the Native Division of the 1914 model, newly accepted volunteers made a solemn promise to serve throughout the war. For misconduct, a volunteer could be dismissed from the service. In this case, he lost his shoulder straps in front of the formation, his offense was reported to his native village, benefits were collected from him, weapons and uniforms were taken away. Those dismissed in this way were permanently deprived of the right to hold any elected positions.

In a combat situation, the Native Division proved to be strong, distinguished by high discipline and did not have a single case of desertion before the February Revolution.

The use of such educational techniques will help to form and prepare a new combat-ready unit in a short time. Which is what I sincerely desire for their command, and personally to Ramzan Kadyrov.

6. GLOBAL ISSUES AND COVID COMMENTARIES

This is big:  The Gatestone institute is now pounding the table on Wuhan disinformation after both the WHO and the Lancet now believe that the origins of the virus is the Wuhan lab

a must read…

(Pete Hoekstra/Gatestone Institute)

The Wuhan ‘Disinformation’

WEDNESDAY, JUL 20, 2022 – 11:40 PM

Authored by Pete Hoekstra via The Gatestone Institute,

  • These are startling reversals by both organizations: the WHO and the Lancet Commission. They have consistently ridiculed and downplayed the possibility that the virus originated and escaped from a laboratory in Wuhan, China. Now, nearly three years after COVID-19 began devastating the world as we knew it, there is just this collective “Oops!”?
  • For two years the WHO, the Lancet and others have been stooges for the Chinese Communists. It is time to identify them all and hold them accountable for their grave errors. Their actions probably cost the lives of millions and have so far allowed China to escape accountability.
  • It seems that while covering for the Chinese Communists since the beginning of the pandemic, Sachs also decided to absolve them of accountability, and instead point the finger of responsibility at the U.S.
  • Sachs may have a point, but he is not the one in any position to deliver more messages. The U.S. Congress must thoroughly investigate the U.S. government’s role and cooperation with China in biotechnology research, including the coordination between U.S. labs and labs around the world engaged in further, reportedly even more dangerous types of research.
  • The Chinese government must be held to account for the Wuhan lab leak, the coverup, hoarding vital medical supplies, damage to the global economy, and most importantly, the deaths of more than 6.3 million people worldwide.

“My sources,” read the incoming email on January 24, 2020, “received reliable information according to which the situation related to corona virus infection is very serious and it’s hundreds the people who drop in the streets like flies both in Wuhan and in other 12 provinces.”

The message continued:

“The information given by Chinese government don’t represent the huge risk linked to new corona virus.

“My sources confirm the new corona virus escaped from National Bio-safety Laboratory, in Wuhan, which is BSL-4 lab, through a laboratory technician who went in touch with this new corona virus.

“My sources say Chinese Authorities are covering this ‘incident’ happened inside the laboratory. So, it’s extremely urgent to understand and to face the situation like a lethal threat for US National Security and the rest of the world.”

The message came from a reliable European intelligence source with whom I had worked after leaving Congress and who had shared information on multiple issues. Like all intelligence sources, his material always needed to be vetted and confirmed, and, as happens in the intelligence world, results sometimes vary.

Over the next two years, he sent hundreds of additional emails about the COVID pandemic. Some of the information was clearly out of the mainstream. The World Health Organization (WHO) and mainstream medical professionals made it very clear that the only accepted explanation for the source of the pandemic was via natural transmission from some wet market or lost bat.

There was little-to-no consideration given — in fact there was only outright dismissal and derision given — to the possibility that the virus might have been scientifically manipulated and released — or had escaped from — a laboratory.

That all officially changed in a stunning set of events within the last few days. First it was reported that WHO Director Tedros Adhanom Ghebreyesus believes COVID most likely leaked from the Wuhan laboratory. The WHO revised its earlier position, that a natural explanation was the most likely, to now saying that all options for the origins of COVID should be on the table.

In addition, Jeffrey Sachs, the lead of the Lancet COVID 19 Commission, has stated that he now is convinced that the pandemic started in the lab. These are startling reversals by both organizations: The WHO and the Lancet Commission. They have consistently ridiculed and downplayed the possibility that the virus originated and escaped from a laboratory in Wuhan, China. Now, nearly three years after COVID began devastating the world as we knew it, there is just this collective “Oops!”?

These two organizations had from the start been at the forefront of promoting — insisting on — the natural origin of the virus. As my source indicated in his correspondence, there were those who suspected in late 2019 and early 2020 that the virus had escaped from the Wuhan laboratory, that it was far more dangerous than the Chinese were telling the rest of the world, and that the Chinese were firmly trying to cover it up.

The key points made by my source on January 24, 2020, have proven to be totally accurate. With the recent admissions by Tedros and Sachs and the organizations they represent, the prevailing origin theory now rests on the Wuhan laboratory. The virus has proven to be more deadly than the Chinese have ever let on, and to this day, the Chinese Communist Party government has not cooperated with international organizations to contain the virus or determine its exact origins.

China has instead done the exact opposite. In the initial stages, it cleansed the Wuhan wet market, refused to allow outside investigators in, refused to share information with the international community, and as the virus developed, allowed people to flee Wuhan on flights to the outside world as the city itself was being locked down.

For two years the WHO, the Lancet and others have been stooges for the Chinese Communists. It is time to identify them all and hold them accountable for their grave errors. Their actions probably cost the lives of millions and have so far allowed China to escape accountability.

One would think that the WHO and the Lancet would be reserved in making any more statements and observations about COVID, but that is not what is happening. Sachs, his credibility now in tatters, has been making a new pronouncement: that the COVID virus was created with the aid of U.S. biotechnology.

It seems that while covering for the Chinese Communists since the beginning of the pandemic, Sachs also decided to absolve them of accountability, and instead point the finger of responsibility at the U.S.

Sachs may have a point, but he is not in any position to deliver more messages. The U.S. Congress must thoroughly investigate the U.S. government’s role and cooperation with China in biotechnology research, including the coordination between U.S. labs and labs around the world engaged in further, reportedly even more dangerous types of research.

If, as seems possible, U.S. research dollars and information might have found its way into places it never should have been, it is time for the American people to demand action. More than one million Americans have died, yet Congress has done somewhere between little and nothing to determine the origins of or accountability for the virus.

While Congress needs to examine what role, if any, the U.S. government had in the research leading to the deadly virus, America’s role is surely minor when compared to that of the government of the Chinese Communist Party. The Chinese government must be held to account for the Wuhan lab leak, the coverup, hoarding vital medical supplies, damage to the global economy, and most importantly, the deaths of more than 6.3 million people worldwide.

END

Too late!! Basketball star Wiggins now regrets getting the COVID 19 shot

(Phillips/EpochTimes)

NBA Champion Says He Regrets Getting COVID-19 Vaccine

WEDNESDAY, JUL 20, 2022 – 09:40 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Golden State Warriors forward and NBA Champion Andrew Wiggins suggested he regrets getting the COVID-19 vaccine during the 2021–2022 season, even though he won a championship.

I still wish I didn’t get it (the vaccinate), to be honest with you,” Wiggins, 27, told FanSided this week.Andrew Wiggins #22 of the Golden State Warriors poses for a portrait during the Golden State Warriors Media Day at Chase Center in San Francisco, Calif. on Sept. 27, 2021. (Ezra Shaw/Getty Images)

Wiggins said that the only way he would be able to play last season is if he got the shot due to San Francisco’s COVID-19 rules around vaccines. Throughout the season, he refused to get the shot and claimed a religious exemption before he was ultimately denied and had to receive the vaccine in October in order to play.

“I did it,” he said, referring to getting the shot. “And I was an All-Star this year and champion, so that was the good part, just not missing out on the year, the best year of my career,” Wiggins added, but he stated that he was forced to get the shot against his will.

“But for my body, I just don’t like putting all that stuff in my body, so I didn’t like that. … It wasn’t my choice. I didn’t like that it was either get this or don’t play,” Wiggins said.

Wiggins previously said he is the only member of his family that received the COVID-19 vaccine, saying that “it’s not really something we believe in.”

Other Players

Brooklyn Nets guard Kyrie Irving, because he wouldn’t take the vaccine, was denied the ability to play for his team during home games throughout much of the season. Several months ago, New York City Mayor Eric Adams rolled back the city’s vaccination requirement for athletes, allowing him to play.Brooklyn Nets guard Kyrie Irving (11) walks onto the court after a time-out during the second half against the Charlotte Hornets at Barclays Center. (Vincent Carchietta-USA TODAY Sports)

I can really say that I stood firm on what I believed in, what I wanted to do with my body,” Irving told ESPN earlier this year. “I think that should be not just an American right, I think that should be a human right.”

Irving added that “I was called so many different names. … It was part of a struggle of mine to look at the season, a game that I love—my job.”

I can’t even keep calling it a game, it’s my job—[for] that to be stripped away based on a mandate or something that was in place,” he said.Jonathan Isaac #1 of the Orlando Magic stands as others kneel before the start of a game between the Brooklyn Nets and the Orlando Magic on July 31, 2020. (Ashley Landis/Getty Images)

The Orlando Magic’s Jonathan Isaac, meanwhile, similarly declined the vaccine, remarking that “it felt forced.”

“Viewing it, it seemed forced,” Isaac said during an interview. “It seemed that there was so much pressure in doing it. I don’t see the wisdom in putting something into my body that’s not going to stop me from getting the virus or transmitting it. That is why I decided to be the only player on my team to not get vaccinated.”

END

This is absolute garbage. There is no way they can tell the difference between COVID and Influenza.  Same corona.  The reason for the infection rate being more severe this winter for Australia is the fact that all that vaccinated hurt their immunity.

(Zhu/EpochTimes)

Current Flu Season More Severe Than COVID: Australian State Premier

WEDNESDAY, JUL 20, 2022 – 07:00 PM

Authored by Rebecca Zhu via The Epoch Times,

New South Wales Premier Dominic Perrottet has called for a reduction in the seven-day isolation period adding that the winter influenza virus currently posed a bigger issue than COVID-19.

“In many cases at the moment, the current strand of influenza is more severe than the current strands of COVID,” the premier told 2GB radio.

He later added that the state was currently experiencing “one of the worst flu seasons we’ve ever had” and urged people to get a flu shot.

Perrottet also advocated for reducing the mandatory isolation period after a person tests positive for COVID-19, noting that health advice states COVID will remain for at least a “couple of years.”

“So in those circumstances, we need to look at isolation requirements in a way that puts downward still maintains downward pressure on our health system,” he said.

The premier said considerations for other competing health issues, educational outcomes, and opportunities to go to work also need to be balanced as the country moves to the next phase of the pandemic.

In response, Prime Minister Anthony Albanese said it was “not the time” to for the changing of the COVID-19 isolation period.

“Well, we had that discussion. And the advice that is there from the chief medical officer, Professor [Paul] Kelly, was that now is certainly not the time for that to be reconsidered,” Albanese told FiveAA radio.

Prime Minister Anthony Albanese (L) and NSW Premier Dominic Perrottet meet with emergency response leaders at the NSW Rural Fire Service headquarters in Homebush Bay in Sydney, Australia, on July 6, 2022. (James Brickwood-Pool/Getty Images)

Returned Pandemic Leave Payments

The comments come after the prime minister capitulated to reinstate pandemic leave payments that originally ended on June 30.

“I want to make sure that people aren’t left behind, that vulnerable people are looked after, and that no one is faced with the unenviable choice of not being able to isolate properly without losing an income and without being put in a situation that is very difficult,” Albanese told reporters on July 16.

Treasurer Jim Chalmers defended the extension of the program after the federal government previously ruled it out due to budget pressures.

He said the decision was made due to a change in health advice following a new wave of COVID-19 cases.

The payment scheme will be funded in a 50-50 split between state and federal governments.

There are also renewed calls for the return of mask mandates, however, the prime minister previously indicated that it would be up to the discretion of the states.

end

Dr Paul Alexander..

Met with close friend today, Canadian pediatrician, 35 years, teaches at major Canadian universities, private practice in Toronto; told me he recalls me telling about D-dimer & micro-thrombi post vax

Told me today, 2 months ago, post 3rd jab, major pulmonary problems, rushed to ER Toronto, could not find issue, then he told ER check D-dimer (he did not know about this test); found massive thrombi:  

Dr. Paul AlexanderJul 21

About 1 year ago just as the COVID injection was rolled out, and we were quickly seeing the data and the harms and early clotting signals, I told him what I knew then. We were talking on the phone and I really called to clue him in as to the bleeding and clotting and the risks. Back then it was due to the Astra Zeneca and J & J but as time went by we saw data that it was all 4 vaccines, including the mRNA, that was causing vaccine induced thrombotic thrombocytopenia, clots, bleeding, myocarditis, pericarditis etc.

He thanked me today and reminded me what I told him back then and he admitted he kind of then scoffed me off, for he said he was given what he felt back then, was good information from the College, and was a keener, he fell for the shot, did 3 shots fast, will not take a fourth for he admits he near died due to the shots, and he did not know about D-dimer that tests for blood clots, unusual blood clotting, imagine that!!! He heard about it from me.

Anyway, he was forced he explained by the hospitals he was connected to yet he was hearing of doctors who were getting fake vaccine cards and not taking it (in Ontario). He felt that the College was being honest and truthful to the doctors and he wanted to do his duty. He admitted he is a weak person and usually acquiesces and does not challenge and wanted to travel with is family etc. So he did not pursue the fake vaccine cards and decided to take the shots. He told me he was actually offered fake cards for his entire family, in Toronto, within the hospitals he has obligations at.

Anyway, when he met in serious distress, and rushed by ambulance to the ER, the ER and staff at the major hospital ER in Toronto were belligerent he said, they knew he was a senior doctor at University teaching and well known, but he said it was scary for he saw first hand that the key is pushing of this frightening mRNA injection. He told me still today the front line has no clue about the vaccine and what is happening to people post shot. He told me they were reluctant to check D-dimer and he insisted and they finally did…and when it came back massively elevated, they grew very concerned as did he. Normal should be 100-200 ng/ml I recall but do not quote me. His was 6,500 he told me so very elevated (now after intervention (heavy anti-coagulation, heavy blood thinning) it is down to 1,000 or so he told me so still risk of clots and stroke if the clots move), he is very concerned, and the issue is when elevated, it is indication of intravascular coagulation and thrombotic disease. Venous thromboembolism (VTE). Vaccine-induced prothrombotic immune thrombocytopenia (VIPIT).

He told me the hospitals and College of Physicians and Surgeons are not telling the doctors the truth and the doctors he said are not reading any of the science. They are following the government and the College that has no clue what it is doing or saying to the Canadian doctors, especially the Public Health Agency of Canada, he told me. Clueless. They have been threatened by the Trudeau government and the Province (Doug Ford).

He told me he will not be giving any shots to any kids, will refer them to SICK KIDS Toronto. He said they as doctors and even him, run the risk of being fined and losing their license by the College but he told me, fuck them at the College, he is now going to war, subversive from within to educate his colleagues on what the vaccine is really all about! He is now convinced the shots are deadly and can harm children. I gave him the vaccine explanations no doubt and more literature. He is grateful for me for being alive and I told him no, thank people like Charles Hoffe and Vanden Bossche and Yeadon who I am mentored by and stand on their shoulders. He said the key was the D-dimer and the aggressive intervention for the clots. Nobody he said at the ER was even thinking of this pathway.

He told me something I wish to share and for sure cannot name names or the hospitals. He asked the attending doctors in the ER as they knew each other somewhat, and he felt they would tell him the truth for he knew it was linked. He asked if they thought the clots are due to the vaccine. He said in unison, two of them said ‘no’. ‘No way’, they said. Then he said a female doctor at the ER for that shift, knew him and was privy to what had happened and came over and whispered in his ear ‘yes, due to the vaccine, and they are seeing many’. He said the way she had to come to him and tell him chilled him. And she hurried away.

I am advising anyone reading this who did take the jabs and know people who did. The micro-thrombi (micro clots in the body post shots) can kill you as it is often ‘silent’ and due to these COVID vaccines. Demand D-Dimer tests now post shots and some months down the line to ensure the levels decline. Get them repeated. No more boosters, it can kill you and definitely your children will face same risk.

McCullough et al. advises high-dose aspirin e.g. 325 mg for a period post shot even if feeling well. You make decisions best for you. The doctors are clueless in this and shilling vaccine. You may have clots and you do not know. Again, demand D-dimer test.

See FLCCC post vaccine protocol, note they say 81 mg aspirin per day, some argue 325 mg for 3 months post shot.

end

NATURAL IMMUNITY victory again! Chemaitelly et al.: “Duration of immune protection of SARS-CoV-2 natural infection against reinfection in Qatar”; so why take these injections that fail & are harmful?

Effectiveness of pre-Omicron primary infection against pre-Omicron reinfection was 85.5% (95% CI: 84.8-86.2%). Effectiveness peaked at 90.5% (95% CI: 88.4-92.3%) in the 7th month

Dr. Paul AlexanderJul 21

We know that the protection from the COVID vaccines wane rapidly and now we estimate in weeks, and in some groups they argue in one week. So why not allow your natural immunity to protect you? Why take a failed vaccine that has been shown to be harmful and which damages your immune system?

“Effectiveness of primary infection against severe, critical, or fatal COVID-19 reinfection was 97.3% (95% CI: 94.9- 98.6%), irrespective of the variant of primary infection or reinfection, and with no evidence for waning. Similar results were found in sub-group analyses for those ≥50 years of age…Protection against severe reinfection remains very strong, with no evidence for waning, irrespective of variant, for over 14 months after primary infection.”

END

Dr. Ryan Cole, a colleague scientist, pathologist states: toll-like receptor 4 is critical to keep cancers in check; vaccine suppresses this toll-like 4 receptor (see Fohse et al. below in stack)

Cole in doing his pathology examinations, advises that cancers are up 20 fold (20 x) in those who are vaccinated…he is seeing this on autopsy; when give shots, there is decrease in critical T-cells

Dr. Paul AlexanderJul 21

SOURCE 1:

The BNT162b2 mRNA vaccine against SARS-CoV-2 reprograms both adaptive and innate immune responses

We are seeing a decline post shot in CD8+ T-cell lymphocytes and this CD 8+ T-cell keeps all other viruses in check as well as cancers; children are at particular risk for the COVID vaccine can damage their innate immune response.

In HIV we see a decline in CD 4+ helper T-cells but in COVID post shot, we see a decline in CD 8+ killer T-cells

SOURCE 2:

KnutJob @KnuttJob@Sophie51403248 Here he is again . October 13th 202121 Retweets33 Likes

Substack Alexander COVID News evidence-based medicine

Föhse et al.; I remind there is evidence of vaccine-induced reprogramming of both innate and adaptive immune responses; “The BNT162b2 mRNA vaccine against SARS-CoV-2 reprograms both adaptive & innate”

SOURCE: Föhse et al.: The BNT162b2 mRNA vaccine against SARS-CoV-2 reprograms both adaptive and innate immune responses Researchers confirmed that BNT162b2 (Pfizer) vaccination of healthy individuals induced effective humoral and cellular immunity against several SARS-CoV-2 variants. “The BNT162b2 vaccine also modulated the production of inflammatory cyto…

Read more

Why BA.5 Is the King of Coronavirus Variants

Inbox

Robert Hryniak6:44 AM (48 minutes ago)
to

It was expected. It was predicted. And this variant, now recognized as one of the most infectious viruses known to man, is finally here. Yet how deadly is it, and what pressured the virus to mutate and spread like wildfire?

ACCESS NOW: https://articles.mercola.com/sites/articles/archive/2022/07/21/covid-ba5-variant.aspx?cid_medium=etaf&cid_source=etaf&cid=share

ABOUT DR. MERCOLA: Dr. Joseph Mercola is the founder of Mercola.com. An osteopathic physician, best-selling author and recipient of multiple awards in the field of natural health, his primary vision is to change the modern health paradigm by providing people with a valuable resource to help them take control of their health. His latest book “The Truth About COVID-19” was an instant best-seller and the #1 book sold on Amazon.

end

GLOBAL COMMENTARIES/SUPPLY ISSUES

GLOBE//CLIMATE CHANGE AGENDA//

  I guess this kills the green energy plot: global coal fired electricity generation surges to record highs

(John Kemp)

Global Coal-Fired Electricity Generation Surges To Record High

THURSDAY, JUL 21, 2022 – 05:00 AM

By John Kemp, senior market analyst

Global coal-fired electricity generators are producing more power than ever before in response to booming electricity demand after the pandemic and the surging price of gas following Russia’s invasion of Ukraine.

The world’s coal-fired generators produced a record 10,244 terawatt-hours (TWh) in 2021 surpassing the previous record of 10,098 TWh set in 2018 (“Statistical review of world energy”, BP, July 2022).

Coal-fuelled generation is on course to set an even higher record in 2022 as generators in Europe and Asia minimise the use of expensive gas following Russia’s invasion and U.S. and EU sanctions imposed in response.

By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have been replaced by newer and more efficient ones needing less fuel per kilowatt.

Global coal mine production was 8,173 million tonnes in 2021 compared with 8,180-8,256 million per year between 2012 and 2014.

But mine production is also likely to set a new record this year as the surging demand for coal-fuelled generation overtakes efficiency improvements.

Coal Resilience

Coal’s resurgence has confounded U.S. and EU policymakers who expected it to diminish as part of their plan for net zero emissions.

Between 2011 and 2021, generation from coal grew more slowly (1.2% per year)…

… than hydro (2.0%), gas (2.8%), wind (15.5%) and solar (31.7%).

As a result, coal’s share of total generation worldwide has declined 36.0% in 2021 from a recent peak of 40.8% in 2013.

But the enormous growth in electricity demand (2.5% per year) ensured there has been growing demand for all sources of generation.

Coal production and generation is set to continue rising through at least 2027 as the rising demand for electricity overwhelms efficiency improvements in combustion and the deployment of gas and renewables as alternatives.

Turbocharged

Rapid recovery after the pandemic has turbocharged these trends, boosting electricity demand and the dependence on coal-fired generation, and lifting coal consumption to a record high.

Russia’s invasion of Ukraine and the resulting reduction gas exports has stimulated demand even further as generators try to minimise consumption of expensive gas and countries try to indigenise their energy supplies.

In Europe, governments are encouraging coal-burning generators to remain in service for longer rather than closing in case gas flows from Russia cease in winter 2022/23.

Responding to shortages and security concerns, China and India are encouraging domestic miners to raise output to record levels to ensure adequate fuel stocks and cut their reliance on expensive imported coal and gas.

China’s coal production climbed to a record 2,192 million tonnes between January and June compared with 1,949 million in the same period a year earlier and 1,758 million before the pandemic in 2019.

India’s production climbed to a record 393 million tonnes between January and May compared with 349 million a year ago.

Fuel Shortage

Despite the rapid growth in domestic coal production in China and India, there is still a worldwide shortage of fuel, which has sent coal prices to their highest level in real terms for more than 50 years.

U.S. and EU sanctions have intensified upward pressure on prices by re-routing Russian coal to Asia and coal from Australia and Indonesia to Europe, resulting in longer and more expensive voyages.

Coal is the bulkiest and most expensive commodity to transport relative to its value so longer voyages have a direct and significant impact on the landed price paid by power producers.

Higher gas prices in Europe are pulling coal prices up in their wake as coal-fired generators scramble to secure fuel in order to be able to run their units for as many hours as possible.

Front-month futures prices for gas delivered in Northwest Europe have climbed to €157 per megawatt-hour from €41 at the same point in 2021 while coal prices have risen to €53 from €16.

If the northern hemisphere winter of 2022/23 is colder than normal, shortages of coal, gas and electricity are likely to become severe and are likely to force some form of energy rationing or allocation. The global coal shortage is part of a wider shortage of energy evident across the markets for crude, diesel, gas and electricity.

In each case, the shortage stems from the strong cyclical rebound from the pandemic and has been intensified by Russia’s invasion of Ukraine and sanctions imposed as a result.

Record prices are sending a strong signal to producers to increase output and to consumers to conserve as much fuel as possible.

Like crude and diesel, however, rebalancing the coal market will likely require a significant slowdown in the major economies to ease the immediate pressure on inventories and give production time to catch up with consumption.

end

VACCINE INJURY/

Vaccine Impact

Has NATO Now Taken Over Command of the U.S. Navy?

July 20, 2022 5:10 pm

Has a non-U.S. citizen, a military general from France, now taken over command of the U.S. Navy under NATO? French General Philippe Lavigne was appointed to the post of Supreme Allied Commander Transformation by the North Atlantic Council on May 28, 2021. The North Atlantic Council is the political organization that controls NATO, and its primary funding source comes from George Soros. Less than two months after the appointment of French General Philippe Lavigne to the post of Supreme Allied Commander Transformation by the North Atlantic Council, NATO annexed the largest naval base on U.S. soil, in Norfolk, Virginia, on July 15, 2021, bringing it completely under the control of NATO, even though the base is on U.S. soil. There was almost no media coverage of this event, but we covered this story in September last year with a story published at GlobalResearch.ca. Today (July 20, 2022) it was announced that the USS Harry S. Truman Carrier Strike Group was now also under NATO control. How many U.S. citizens are even aware that the U.S. Navy is now almost completely under the control of NATO, including our largest naval base in Norfolk, VA? Probably almost nobody. My father is a U.S. Navy veteran who was commissioned to Norfolk in the early 1960s, and it is my own birthplace, as I was born in the Navy hospital there. But not even he knew about this, until I told him. It is hard for me to even comprehend that my birthplace, while on U.S. soil, is no longer under U.S. control, but instead is under the command of a French General. I think it is time for the many veterans in this country, and the hundreds of thousands of service members who are now losing their jobs because they refuse to take a toxic vaccine that might kill them, to start banding together and possibly start forming local militia groups. It might be time for a military coup, because if something like this doesn’t happen soon, the U.S. military will just be a branch of NATO and the UN.

Read More…


While he Stopped Short of Declaring a National Emergency, Biden will Bypass Congress to Push his Green Agenda

July 20, 2022 8:13 pm

President Joe Biden announced on Wednesday that his administration would take executive action to combat the apparent climate “emergency” in the coming weeks. While it was initially rumored that the president would declare a national emergency over the issue, he stopped short of this drastic step. Speaking at a shuttered coal power plant in Massachusetts, Biden declared that “since Congress is not acting as it should,” he would use his “executive powers to combat the climate crisis in the absence of executive action.” Biden explained that he would begin signing executive orders in the coming days to fund flood defense programs, give money to low-income families to cover heating costs, and establish massive offshore wind farms in the Gulf of Mexico. Biden’s decision to rule by decree on climate issues came after West Virginia Senator Joe Manchin, a Democrat, told party leadership last week that he would not support a raft of climate provisions in the Build Back Better Act, a $2 trillion funding bill that cannot pass an evenly-split Senate without his support. Manchin said that such a massive spending bill would “add fuel to the inflation fire.” Media reports on Tuesday suggested that Biden would declare a national emergency to broaden his powers to set climate policy, but the White House later said that such a step would not be taken. With the Senate deadlocked, Biden’s executive powers have been his only means of addressing climate issues during his time in office thus far. These orders have dramatically impacted the US economy. A slew of executive orders signed by Biden during his first week in power canceled the Keystone XL pipeline, signed the US back up to the Paris climate agreement, and halted all new oil and gas drilling permits on federal land. Republicans have blamed the US’ record high gas prices on these decrees, but Biden has shown no indication that he plans on reversing the orders, instead blaming rising energy costs on Russian President Vladimir Putin.

Read More

MICHAEL EVERY

Michael Every  on the day’s most important topics

And now Michael Every…(MAREY)

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

Oil Tumbles As Demand Falters, Supply Fears Ease

THURSDAY, JUL 21, 2022 – 08:03 AM

WTI Crude is back below $100 this morning, down almost 5%, after a perfect mini-storm of headlines hit energy bulls (in the short-term).

On the demand side there were drivers on both sides of the Atlantic.

Official US data on gasoline inventories showed significant demand destruction (building 3.5mm barrels despite a modest cut in refinery runs) – a particularly negative development in the middle of what’s known as summer driving season in the US.

“In aggregate,” wrote analysts at Sevens Report Research, “all of these data points continue to suggest high prices are resulting in demand destruction among consumers as inflation continues to pressure personal balance sheets.”

The resumption of natgas flows from Russia through Nord Stream 1 removes the potential demand overhang from utilities and end-users forced to transition from has to oil for their energy needs.

On the supply side, Libya’s National Oil Corporation said Wednesday that preparations were under way to export crude oil after the lifting of force majeure on terminals and oil fields.

Production in Libya now stands above 700,000 barrels a day, after restrictions on the country’s exports were lifted in recent days. Output is expected to return to 1.2 million barrels a day within seven to 10 days.

The reaction was swift to all this news…

After rallying for most of the first half of the year following Russia’s invasion of Ukraine, oil prices have been dragged lower in recent weeks by fears of recession, central bank tightening, and a broad move by investors away from commodities. Prices have swung sharply at times this week as volatility reigns over the market.

And today’s ECB actions are unlikely to help on the demand side.

end

Greece, Spain, Portugal/EU/Gas

(zerohedge)

Greece & Spain Quick To Reject ‘Unfair’ EU Proposal To Cut Gas Use

THURSDAY, JUL 21, 2022 – 12:25 PM

Greece, Spain, and Portugal are already among what’s looking to be an ever-growing list of EU member states who don’t agree with the European Commission’s proposed 15% cut in natural gas consumption across the bloc.

Greek spokesman Ioannis Oikonomou told a press briefing in Athens on Thursday that the government “has submitted proposals and we continue to maintain that this direction can provide solutions.” Regardless of the Russian supply squeeze and EC President Ursula von der Leyen charging that Putin is “weaponizing” Russian energy in an attempt to blackmail Europe – and to punish the EU over anti-Russian sanctions – Greek Energy Minister Kostas Skrekas stressed that common households and businesses would be the first to suffer across the country. He said Athens would not conform to such a directive.

Skrekas explained that “70% of the natural gas imported by Greece is used to generate electricity, which means that any cuts would hit households and businesses.” Other EU national leaders have lately expressed similar concerns.

The EU executive in publishing its drastic consumption slash proposal on Wednesday noted that initial cuts would be voluntary cuts; however, in an unprecedented movel the Commission has requested that in the scenario of an EU-wide alert “when there is a substantial risk of a severe gas shortage or an exceptionally high demand of gas occurs, which results in a significant deterioration of the gas supply situation” – that it possess the power to impose mandatory reductions

The government of Spain in particular has been out front in flatly rejecting that Brussels could exercise such power, even in an energy emergency. Spain’s Teresa Ribera, Minister for Ecological Transition, had this to say:

“Whatever happens, Spanish families will not suffer gas or electricity cuts in their homes and the government will defend the position of Spanish industry, which has paid a special price to guarantee the security of supply.”

Ribera stressed that Spain’s consumption has been within reasonable limits. “We want to help, but we also want to be respected,” she said.

She further stressed something previously echoed by Hungary’s Viktor Orban in relation to the supply crisis, saying “a disproportionate sacrifice cannot be imposed on us,” especially when “we have not been asked for an opinion”.

However, European Commission’s “Save Gas for a Safe Winter” communique stressed it would take collective effort, per the document: “The European Union faces the risk of further gas supply cuts from Russia, due to the Kremlin’s weaponisation of gas exports, with almost half of our Member States already affected by reduced deliveries. Taking action now can reduce both the risk and the costs for Europe in case of further or full disruption, strengthening European energy resilience.”

But Greece and Spain’s quick responses have highlighted what will be at center of the fight for the proposed 15% cut proposed over the next eight months (and theoretically to start next month): some member states already consuming less will no doubt reject shouldering the burden of larger countries like Germany and France.

Meanwhile Italy and Poland too have become the latest on Thursday to question the collective rationing measures on the table. “Italy, Poland and Hungary have raised concerns about the European Union’s proposal for the bloc to cut its natural gas consumption, adding to Spain and Portugal’s public opposition to the plan,” Bloomberg reports.

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 THURSDAY morning 7:30 AM

Euro/USA 1.0183 UP  0.0001 /EUROPE BOURSES //MOSTLY RED 

USA/ YEN 138.72   UP 0.304 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.1937 DOWN   0.0030

 Last night Shanghai COMPOSITE CLOSED DOWN 32.72 POINTS UP  0.99%

 Hang Sang CLOSED DOWN 315.59 PTS OR 1.51% 

AUSTRALIA CLOSED UP 0.62%    // EUROPEAN BOURSES MOSTLY RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES MOSTLY RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 315.59 PTS OR  1.51% 

/SHANGHAI CLOSED DOWN 32.72 PTS UP 0.99% 

Australia BOURSE CLOSED UP 0.62% 

(Nikkei (Japan) CLOSED UP 122.74 OR 0.44%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1681.65

silver:$18.29

USA dollar index early THURSDAY morning: 107.04  UP 0.08  CENT(S) from WEDNESDAY’s close.

 THURSDAY  MORNING NUMBERS ENDS

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And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.38%  DOWN 0  in basis point(s) yield

JAPANESE BOND YIELD: +0.233% DOWN 0     AND 5/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.46%// DOWN 2   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.56  UP 8   points in basis points yield ./

GERMAN 10 YR BOND YIELD: FALLS TO +1.219% 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0197 UP 16    or 16 basis points

USA/Japan: 138.02 DOWN 0.392  OR YEN UP  39  basis points/

Great Britain/USA 1.1961  DOWN  0.0007 OR 7  BASIS POINTS

Canadian dollar DOWN .0005 OR 5 BASIS pts  to 1.2892

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.7665  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.7782

TURKISH LIRA:  17.72  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.233

Your closing 10 yr US bond yield DOWN 8  IN basis points from WEDNESDAY at  2.954% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.102 DOWN 7 in basis points 

Your closing USA dollar index, 106.79 DOWN 16   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 THURSDAY: 12:00 PM

London: CLOSED DOWN 9.18 PTS OR  0.13%

German Dax :  CLOSED DOWN 71.95  POINTS OR 0.54%

Paris CAC CLOSED UP 0.01 PTS OR 0.00% 

Spain IBEX CLOSED DOWN 39.20 OR 0.49%

Italian MIB: CLOSED DOWN 207.58 PTS OR  0.97%

WTI Oil price 95.86   12: EST

Brent Oil:  104.05  12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  56.62  DOWN 1 AND 58/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.219

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0193 UP .0013     OR  13 BASIS POINTS

British Pound: 1.1969 UP .0002  or  2 basis pts

USA dollar vs Japanese Yen: 137.60  UP 0.812//YEN DOWN 81 BASIS PTS

USA dollar vs Canadian dollar: 1.2884 DOWN 0.0002 (CDN dollar UP 2  basis pts)

West Texas intermediate oil: 96.13

Brent OIL:  103.86

USA 10 yr bond yield: 2.906 DOWN 13 points

USA 30 yr bond yield: 3.074  DOWN 10  pts

USA DOLLAR VS TURKISH LIRA: 17.72

USA DOLLAR VS RUSSIA//// ROUBLE:  56.65   DOWN 1 &  5/8 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 160.93 PTS OR 0.51 % 

NASDAQ 100 UP 179.73 PTS OR 1.44%

VOLATILITY INDEX: 23.12 DOWN 0.76 PTS (3.18)%

GLD: 158.03 UP 2.23 PTS OR 1.41%

SLV/ 17.40 UP 21 CENTS OR 1.22%

end)

USA trading day in Graph Form

Bonds & Big-Tech Surge As Ugly Data Hammers Rate-Hike Hopes

THURSDAY, JUL 21, 2022 – 04:00 PM

ECB hiked rates (50bps) for the first time in 11 years and attempted a word-salad to explain their defragmentation ‘tool’ to save spreads from blowing out. In the US, there was more ugly data today with 8-month highs for initial jobless claims and Philly Fed plunging to COVID-lockdown lows (and AT&T admits Americans can’t afford to pay their phone bills?!)

This prompted a very dovish dive in rate-hike expectations

Source: Bloomberg

Additionally expectations for a rate-cut in Q1 are re-accelerating…

Source: Bloomberg

As Curvature’s Scott Skyrm notes, after the rally today, the market is only pricing a 15% chance of a 100 basis point tightening next week. Of course, 75 basis points is still fully priced-in.

Source: Bloomberg

The market expect fed funds to peak in February 2023 at 3.47% and then begin to decline after that, pricing a 25 basis point ease just a few months later.

Source: Bloomberg

US Treasuries were aggressively bid today after the ugly data with the belly of the curve dramatically outperforming (5Y -15bps, 30Y -8bps). Today’s rally erased all the week’s losses, pushing short-end yields lower on the week…

Source: Bloomberg

Today’s puke smashed 10Y yields back below 3.00% once again…

Source: Bloomberg

European bond spreads widened significantly (though did compress a little towards the close) despite The ECB

Source: Bloomberg

Put another way, this was the market’s reaction to The ECB’s new tool…

US bond yields began to recouple with stocks today…

Source: Bloomberg

Big-Tech led the charge higher in stocks though with Nasdaq up over 1% and Small Caps lagged but in the last 5 mins, everything melted up…

Two names that stood out in equity land were AT&T (crashing) and Tesla (not crashing)…

AT&T crashed by the most in 20 years after unpaid bills (yes the strong consumer can’t afford to pay its bills) contributed to the barrier cutting free cash flow forecasts…

TSLA spiked back above $800 after solid earnings last night…

US Cyclical stocks are up 5 straight days as defensives remains around flat…

Source: Bloomberg

The short-squeeze of the last few days appeared top run out of ammo today…

Source: Bloomberg

The dollar ended the day flat today, but a volatile day in the euro sparked some chaotic swings intraday…

Source: Bloomberg

Bitcoin ended marginally lower but managed to hold on to $23,000 (erasing the kneejerk losses after TSLA reported selling)…

Source: Bloomberg

Oil prices tumbled today as demand fears eased (ECB hike and gasoline inventories in the US) along with supply improving (Libya and Gazprom). This sent WTI back below $100…

Gold rebounded back above $1700 today

Finally, we note that silver – which tested down to $18 earlier in the week – remains significantly ‘cheap’ relative to gold here…

Source: Bloomberg

If the market is really starting to price in a return to a dovish Fed, then is silver a better bet than gold here?

I) / EARLY MORNING TRADING//

end

ii) USA DATA//

The USA economy is faltering badly: number of Americans filing initial unemployment claims soar!

(zerohedge)

The Number Of Americans Filing For First-Time Unemployment Claims Soared To 8-Month-Highs Last Week

THURSDAY, JUL 21, 2022 – 08:36 AM

Despite the ‘surprise’ gains in BLS payrolls data (and the disappointment in the establishment survey), the number of Americans filing for unemployment benefits for the first time surged to 251k last week – the highest since Nov 2021…

Source: Bloomberg

Continuing claims also rose to 1.384 million Americans, the highest since April 2022.

And judging by ISM employment data, the tightening of the labor market is only just beginning…

Source: Bloomberg

Presumably this is what Jay Powell wants… but Biden doesn’t!

-END-

Philadelphia Fed’s July factory activity index contracts for second straight month

July 21, 2022 at 8:56 a.m. ET

MarketWatch

Index falls 9 points to negative 12.3

The numbers: The Philadelphia Fed said Thursday its gauge of regional business activity dropped to negative 12.3 in July from negative 3.3 in the prior month.

Economists polled by the Wall Street Journal expected a 1.6 reading.

Any reading below zero indicates deteriorating conditions in the manufacturing sector. This is the second straight month in contraction territory.

Key details: The barometer on new orders dropped a sharp 12.4 points to negative 24.8 in July. The shipments index rose 4 points to 14.8.

The prices paid index fell 12 points to 52.2, its lowest reading since January.

The measure on six-month business outlook sank 11.8 points to negative 18.6. The future capital expenditures index fell 7 points to 4.4, its lowest reading since March 2013.

Big picture: U.S. manufacturing, the star performer of the pandemic, is suddenly struggling. Economists are concerned that layoffs and cutbacks in output are on the horizon.

The Philadelphia Fed index is one of several regional manufacturing gauges that offer timely reads of the manufacturing sector.

Last week, the similar Empire State survey released by the New York Fed showed manufacturing activity improved, with the business conditions index jumping 12.3 points to 11.1 in July.

The national ISM manufacturing index fell to 53% in June, the lowest reading since June 2020. It has been above the 50 breakeven level for 25 straight months. The July reading will be released early next month.

end

U.S. leading economic index pointing to recession around end of the year, Conference Board says

July 21, 2022 at 10:18 a.m. ET

MarketWatch

Leading economic index declines 0.8% in June, fourth straight monthly drop

The numbers: The leading economic index fell 0.8% in June, the U.S. Conference Board said Thursday.

Economists polled by The Wall Street Journal expected a 0.6% decline.

This is the fourth straight monthly decline.

The LEI is a weighted average of 10 indicators designed to show whether the economy is getting better or worse.

Key details: Consumer pessimism about the outlook drove the index down, along with falling stock prices, moderating labor market conditions and weak orders for manufacturers.

A measure of current economic conditions rose 0.2% in June for the second straight month.

The so-called lagging index rose 0.8%, matching the gain in May.

Big picture: The economy is clearly slowing down. Some economists think the best outcome would be a mild recession. Other economists point to the strong labor market and don’t think a recession is inevitable.

What the Conference Board said: “Amid high inflation and rapidly tightening monetary policy, The Conference Board expects economic growth will continue to cool throughout 2022. A U.S. recession around the end of this year and early next is now likely, said Ataman Ozyildirim, senior director of economic research at The Conference Board.

IIB) USA COVID/VACCINE MANDATES

end

iii)a.  USA economic stories

AT and T crashes as citizens cannot afford to pay their phone bills

(zerohedge)

The State Of The US Consumer: AT&T Crashes As Americans Can’t Afford To Pay Their Phone Bills

THURSDAY, JUL 21, 2022 – 10:19 AM

Shares of AT&T fell on Thursday after CEO John Stankey said that customers are starting to put off paying their phone bills – which resulted in the wireless carrier cutting this year’s forecast for free cash flow to $2 billion, Bloomberg reports.

Shares fell as much as 11% in early trading, the company’s largest slide since 2022 which erased the stock’s YTD gains.

A weakened consumer adds to pressure facing AT&T, which has already taken hits from deeply discounting new phones and capital outlay on network equipment. The company now expects 2022 free cash flow of $14 billion – with around $1 billion of the reduced amount tied to the “timing of customer collections.”

The news, which overshadowed second-quarter results that beat on profit and wireless subscriber growth, also hit peers Verizon and T-Mobile, sending shares lower.

The company added 813,000 regular monthly phone subscribers in the second quarter, exceeding the 554,000 average estimate of analysts surveyed by Bloomberg. Earnings, excluding some items, topped estimates at 65 cents a share, while analysts were looking for 62 cents. Revenue in the quarter met estimates at $29.6 billion.

Recent price increases and subscriber gains allowed the company to raise its forecast for full-year wireless service revenue growth to a range of 4.5% to 5%, up from at least 3% previously. Even so, those price hikes aren’t fully covering costs, Chief Executive Officer John Stankey told analysts on AT&T’s earnings call. -Bloomberg

“I’m not surprised to hear consumers are paying bills more slowly; they are already struggling with higher food and energy prices,” said Wolfe Research analyst Peter Supino. “I’m not worried so much for AT&T as I am for the broader consumer economy. You wonder if this is the canary in the coal mine.

The highest US inflation in four decades has been squeezing household budgets everywhere from the gas pump to the grocery aisle. That has soured people’s view of the economy and forced some to scale back entertainment and other discretionary spending. But wireless has long been considered an essential service, even for low-income Americans, and discounts on phones are still luring them to sign up with AT&T. -Bloomberg

And as a reminder, the so-called strong consumer is draining savings at an almost unprecedented pace, while relying on credit cards to cover the soaring cost of living.

Stankey warned that he expects higher bad debt and slower payments to continue, and that while customers are eventually paying their bills, they’re “less timely.”

END

“Twice-Boosted” President Biden Tested Positive For COVID-19

THURSDAY, JUL 21, 2022 – 10:26 AM

The White House is reporting that 79-year-old President Biden has tested positive for COVID-19 this morning.

Statement from Press Secretary Karine Jean-Pierre (emphasis and images ours)

This morning, President Biden tested positive for COVID-19. He is fully vaccinated and twice boosted and experiencing very mild symptoms.

He has begun taking Paxlovid.

Consistent with CDC guidelines, he will isolate at the White House and will continue to carry out all of his duties fully during that time. He has been in contact with members of the White House staff by phone this morning, and will participate in his planned meetings at the White House this morning via phone and Zoom from the residence.

Consistent with White House protocol for positive COVID cases, which goes above and beyond CDC guidance, he will continue to work in isolation until he tests negative. Once he tests negative, he will return to in-person work.

Out of an abundance of transparency, the White House will provide a daily update on the Presidents status as he continues to carry out the full duties of the office while in isolation.

Per standard protocol for any positive case at the White House, the White House Medical Unit will inform all close contacts of the President during the day today, including any Members of Congress and any members of the press who interacted with the President during yesterday’s travel.

The President’s last previous test for COVID was Tuesday, when he had a negative test result.

We are sure he will ‘say the line’…

We wonder what she’s thinking…

It’s been quite a month for the president: falls off bike, fist-bumps MbS, lies about cancer, gets COVID, and hits new record low approval rating

end.

3b/INFLATION COMMENTARIES/LOG JAMS ETC


USA not prepared for this:  extreme head is causing rails to buckle and thus threatening distribution

(zerohedge)

“US Not Prepared”: Extreme Heat Event Risks Damaging US’ Rail Network With Buckling Tracks

THURSDAY, JUL 21, 2022 – 11:05 AM

A large swath of the US, including at least two dozen states, are under heat advisories or warnings to end the week as a heat wave pushes east. There are concerns extreme heat could risk straining rail networks. 

Earlier this month, Amtrak service between New York and Philadelphia encountered delays due to “heat-related” speed restrictions. Those restrictions could return as temperatures in the Northeast are expected to print near triple-digit territory through the weekend. 

Brutal temperatures could buckle tracks and result in passenger and freight rail delays, similar to what’s happening in London as Network Rail told passengers earlier this week not to travel by train

Paul Chinowsky, a professor of civil engineering at the University of Colorado Boulder, told Bloomberg that “the US is not prepared” for extreme heat and damage it could inflict on rails. 

“While the rail system is incrementally being improved, there is significant work to do, and what is being done is not being done fast enough,” Chinowsky said. 

The weight and speed of passenger or freight trains are a deadly combination for railroads baking in the sweltering heat. The United States’ railways are mostly made of steel, and with higher temperatures, steel expands and softens. That’s especially true in the Northeast and Southwest, where tracks were not built to withstand or adjust to triple-digit temperatures given the more mild climates, said Chinowsky.

 “When it gets significantly hotter, like it is now, it gets soft, and you run a rail car over that, you get what are called sun kinks,” he said. “It’s essentially a deformation [and] the rails just buckle.”

“You can even think of it as a person standing on sand,” Chinowsky said. “When you run on sand, or you put something really heavy on sand, it pushes that sand away from you; the same thing is happening to the rail.”

In June, a train in Concord, California, derailed due to a curve that emerged in the track during an extreme heat event. 

massive heat dome lingering in the US could be troubling for the freight industry for the next five days. The latest figures show that 28% of US freight moves by rail. And if heat-related restrictions were implemented, it would cause even more bottlenecks for supply chains. 

Francesco Lanza Di Scalea, a professor of structural engineering at the University of California San Diego, calls for a ‘blood pressure-like monitor’ monitoring system on rail networks to track rail conditions in extreme weather events. 

end

We highlighted this situation to you last week: the new AB 5 rule which treats truckers as employees and not contractors….

Truckers are protesting this:

Trucker Protest Halts Cargo Flow At Port Of Oakland

THURSDAY, JUL 21, 2022 – 03:45 PM

Things grew more serious on the third consecutive day of protests at the Port of Oakland, as truckers opposed to a new California labor law blocked gates and triggered a total shutdown of operations on Wednesday. 

Per The Associated Press

The protest that began Monday involves hundreds of independent big-rig truckers that have blocked the movement of cargo in and out of terminals at the port, which is one of the 10 busiest container ports in the country.

Port of Oakland Executive Director Danny Wan warned that a continued shutdown will “damage all the businesses operating at the ports” and encourage shippers to choose different ones. CNBC reports the protest is slated to extend through Friday. 

Truckers are protesting Assembly Bill 5 (AB5), a gig economy law that compels businesses to treat many more workers as employees rather than independent contractors. More than 70% of truckers who service America’s largest ports are independent contractors, according to the California Trucking Association (CTA). 

Though it’s beyond the comprehension of California’a authoritarian Democrats, plenty of people have weighed the advantages and disadvantages of being an independent contractor and choose to do it of their own free will. Among them are some 70,000 California truckers who own their own rigs, including non-California residents who will now be snared by AB5 when they operate in California.

In June, the Supreme Court denied the California Trucking Association’s petition for the court to hear the CTA’s argument that AB5 should be preempted by a federal law that bars states from regulating trucking companies’ services, routes and prices.

With the law now becoming operational, truckers say they’re bewildered about how to comply with it. Many say they’ll either have to shell out tens of thousands of dollars or just give up on the entrepreneurial life they’d chosen. 

In its petition to the Supreme Court, the CTA said AB5 would force companies who hire independent truckers to do so in accordance with the California Labor Code, reimburse drivers for any cost incurred in operating and maintaining vehicle, record drivers’ working hours, provide and manage drivers’ meal and rest periods, and pay worker’s comp and unemployment insurance.  

If they have to do all that, many companies will opt to absorb the trucking function entirely into their operation — buying trucks, hiring drivers and creating the infrastructure to manage fleets. Many once-entrepreneurial independent truckers will be forced to become employees, find a new line of work, or obtain their own operating authority and comply with all the many requirements of treating themselves as their own employees.  

A spokesman for the Harbor Trucking Association told Reuters the cost to do that could hit $20,000 a year. 

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When the Supreme Court denied the CTA’s petition, the group said

“Gasoline has been poured on the fire that is our ongoing supply chain crisis. In addition to the direct impact on California’s 70,000 owner-operators who have seven days to cease long-standing independent businesses, the impact of taking tens of thousands of truck drivers off the road will have devastating repercussions on an already fragile supply chain, increasing costs and worsening runaway inflation.”

It’s not just the truckers themselves who are going to be slammed by AB5. According to Reuters:

Business owner Josue Mendez, 29, said AB5 would devastate his port trucking firm, which relies on 10 independent drivers to move everything from medical equipment to almonds. “I can no longer hire them” and be in compliance with AB5, said Mendez.

Having exhausted its options in the courts, the CTA and independent truckers have turned to pressuring California Governor Gavin Newsom and the state legislature to amend or repeal AB5 — and they’re bringing that pressure by staging protests at ports that have already been under tremendous strain.

Last week, trucker protests targeted the ports in Los Angeles and Long BeachCalifornia ports handle some 40% of shipping containers entering the country. 

The showdown over AB5 comes at an inopportune time. According to the CTA’s Eric Sauer, “We’re in peak harvest season. We’re also in peak construction season. And this is the time for peak holiday imports coming into the ports.”

That means the truckers’ reaction to California’s overreaching law promises to affect all of us. Sad but true: People are leaving California in droves, yet none of us can fully escape the relentless destructiveness of its government. 

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SWAMP STORIES

Feds Eye Criminal Charges For Hunter Biden As Probe Reaches ‘Critical Stage’

WEDNESDAY, JUL 20, 2022 – 06:51 PM

The Department of Justice is weighing possible charges against Hunter Biden, after investigations into his business dealings and false statements involving his purchase of a gun have reached a ‘critical juncture,’ CNN (!?) reports.

Sources say that the probe has intensified in recent months ‘with discussions among Delaware-based prosecutors, investigators running the probe and officials at Justice Department headquarters.’

While no final decision has been made, the possibility of dropping charges on Hunter would put a longstanding guideline to avoid bringing politically sensitive cases close to an election.

Discussions recently have centered around possibly bringing charges that could include alleged tax violations and making a false statement in connection with Biden’s purchase of a firearm at a time he would have been prohibited from doing so because of his acknowledged struggles with drug addiction.

Adding to the pressure, Republicans in Congress have already announced that if they take over the House of Representatives after the midterm elections, they plan to launch new investigations and hold hearings to examine the conduct of Hunter Biden and others in the Biden family. -CNN

The debate over whether to bring the case this close to midterms has revolved around the fact that Joe Biden isn’t on the ballot

While the DOJ probe initially focused on Hunter Biden’s financial and business activities in foreign countries while his father was vice president, investigators had expanded the scope to include whether Hunter and associates violated money laundering, campaign finance, tax and foreign lobbying laws – and whether he broke federal firearm and other regulations, according to multiple sources.

These matters have been narrowed down to tax and gun-related charges – which means the Biden family will likely be shielded from scrutiny over improper business dealings which leveraged Joe Biden’s position of power – and which Joe Biden provably lied about discussing with Hunter.

So Hunter gets a pass on all this?

In March, CBS News‘ Catherine Herridge reported that two associates of the younger Biden testified before a grand jury last fall about a shady, now-bankrupt Chinese energy company linked to the infamous “10 for the big guy” from Hunter’s emails.

“Federal officials are looking at his foreign business dealings, including his ties to a Chinese energy company,” said “CBS Mornings” host Tony Dokoupil.

“The investigation began as a tax inquiry years ago and has expanded into a federal probe involving the FBI and IRS,” Herridge added. “A source familiar with the investigation now tells CBS News, two men who worked with Hunter Biden when his father was Vice President were called to the grand jury last fall.”

According to records reviewed by CBS along with congressional documents, the feds are looking at “multiple financial transactions involving an energy company called CEFC. Republicans accuse the business of being an arm of the Chinese government. In 2017, the year Joe Biden left the Vice Presidency, a $1 million retainer was signed with a Chinese energy company for Hunter Biden’s services as a lawyer.

His client, a CEFC official, Patrick Ho, was later convicted on international bribery and money laundering charges on unrelated work in Africa.”

For those who’ve been keeping up with our reporting since October 2020 when the Hunter Biden laptop story broke (and was immediately suppressed by the media), CEFC was the company that the Bidens allegedly accepted a $5 million interest-free loan that enraged their business partner, Tony Bobulinski – who flipped on the Bidens following a Senate report which revealed the $5 million ‘loan.’

According to the former Biden insider, he was introduced to Joe Biden by Hunter, and they had an hour-long meeting where they discussed the Biden’s business plans with the Chinese, with which he says Joe was “plainly familiar at least at a high level.”

Text messages from Bobulinski also reveal an effort to conceal Joe Biden’s involvement in Hunter’s business dealings, while Tony has also confirmed that the “Big guy” described in a leaked email is none other than Joe Biden himself.

 “You can imagine my shock when reading the report yesterday put out by the Senate committee.  The fact that you and HB were lying to Rob, James and I while accepting $5 MM from Cefc is infuriating,” wrote Bobulinski to Jim Biden. (Via the Daily Caller‘s Chuck Ross):

CEFC was paying Hunter $850,00 per year according to an email from Biden business associate James Gilliar to Bobulinksi – which is also the source of the “10 held by H for the big guy” email.

Emails obtained by the New York Post show that Hunter “pursued lucrative deals involving China’s largest private energy company — including one that he said would be “interesting for me and my family.”” according to the report.

You can read more on Hunter and the CEFC here. As an aside, but of course not coincidental we’re sure, the Clinton Foundation accepted a donation between $50,001 and $100,000 from CEFC.

end

But yes, let’s focus on Hunter’s tax evasion and gun issues.

END

King report

The King Report July 21, 2021 Issue 6805Independent View of the News
  Europe Rolls Out Plan to Conserve Gas Amid Fears Russia Will Tighten Taps – EU guidelines call on countries to cut gas consumption by 15%, reductions that could become mandatory in emergencies
https://t.co/nifpYuTWSw
 
Italian PM Draghi looks doomed after parties snub confidence vote
Italy’s government crumbled on Wednesday when three of Prime Minister Mario Draghi’s main coalition partners snubbed a confidence vote he had called to try to end divisions and renew their alliance.  Draghi won the vote in the upper house by 95 to 38 but with many dozens of senators absenting themselves, leaving his 18-month-old administration in tatters with an early election in September or October the most likely outcome…  https://t.co/islcaZjzVL
 
Mortgage demand drops to a 22-year low as higher interest rates and inflation crush homebuyers
Mortgage demand fell more than 6% last week compared with the previous week, hitting the lowest level since 2000, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications for a mortgage to purchase a home dropped 7% for the week and were 19% lower than the same week in 2021… https://www.cnbc.com/2022/07/20/mortgage-demand-drops-to-lowest-level-in-22-years.html
 
@NAR_Research: Total existing-home sales dipped 5.4% from May to a seasonally adjusted annual rate of 5.12 million in Junehttps://t.co/TCUZLxRl7Q  Year-over-year, sales fell 14.2% (5.97 million in June 2021).  https://twitter.com/NAR_Research/status/1549757015190372355?cxt=HHwWhoC8qevy64ErAAAA
    The median existing-home price for all housing types in June was $416,000, up 13.4% from June 2021 ($366,900), as prices increased in all regions. This marks 124 consecutive months of year-over-year increases, the longest-running streak on record.
https://twitter.com/NAR_Research/status/1549757837324296193?cxt=HHwWgoC92dii7IErAAAA
 
ESUs rallied during early Asian trading but sank until they hit the low of3922.25 at 8:24 ET.  Italy and the coming ECB decisions were the major negatives.  ESUs and stocks then staged the rally for the NYSE open.  This reversed into a decline on the poor US housing market data.
 
However, the usual suspects are playing the summer rally and the notion that the Fed will soon abort its rate hike cycle because that’s what the Fed has always done in the face of economic ebbing or a significant stock market decline or a European crisis.
 
However, as we keep harping, central banks have gotten away with historic promiscuity because inflation was tame for over 40 years.  Any material easing now will exacerbate inflation, which will sink the economy.  The Fed apparently realizes this dynamic: Take a recession or take an inflationary recession.
 
ESUs and stocks peaked at 12:12 ET.  They then sank until 113:57 ET.  ESUs lost 39 handles from the high.  However, the usual suspects are now on the long side and summer markets are thin.  So, the late ESU manipulation appeared.  Part of the late rally was conditioned buying for Fang results (Tesla).
 
Alas, there was no late upward manipulation; ESUs and stocks sank into the close.
 
USUs were listless during Asian trading but soared during European trading on Italy angst.  After peaking at 138 23/32 at 8:27 ET, USUs tumbled to 138 10/32 at 12:47 ET.  They then went inert for the day.
 
@RNCResearch: Biden climate adviser Gina McCarthy says Biden will “move forward with every power available to him” to get rid of fossil fuels (The SCOTUS has already ruled that the EPA cannot implement a green agenda.  They are likely to do the same for The Big Guy.) https://t.co/4mgqXhDdYZ
 
@IAPolls2022: NYT Poll: Just 1 percent of Americans think that Climate Change is the most important problem facing the country today https://t.co/aietvhncnj
 
Biden Will Reveal a Wind Turbine Plan for the Gulf of Mexico and the Atlantic Ocean – BBG
(Put a wind turbine farm near Obama’s Martha’s Vineyard mansion!)
 
Biden Takes Air Force One Up the Coast for a Quick Speech about The Dangers of Fossil Fuels, Climate Change https://t.co/N71jpK5UD3
 
Biden announces executive actions on ‘climate crisis,’ focuses on extreme heat and boosting offshore wind (No ‘climate emergency’ proclamation that was widely leaked) https://t.co/GdvtKzcswd
 
Biden, who has been in hiding since his disastrous Saudi sojourn surfaced on Wednesday to announce his long-expected EOs to circumvent Congress on climate change.  Not only were Joe’s green initiatives nothing burgers, but The Big Guy also had another woeful public appearance – and then the WH said The Big Guy was bolting to Delaware, the high-risk cancer state, for a long weekend! 
 
The Big Guy claims that he has cancer – from the oil pollution!  “That’s why I and so damn many other people I grew up with have cancer”  https://twitter.com/realJoelFischer/status/1549837889646862346
 
Biden stooges in the MSM quickly came to Biden’s defense, citing the skin cancer he had years ago.
 
WaPo’s @GlennKesslerWP: Check out Biden’s medical report. Before he became president, he’d had non-melanoma skin cancers removed. Has no one at @RNCResearch ever had this common procedure? 
    @seanmdav: Do you know how verb tenses work, or is it your contention that Biden got skin cancer from oil? Because what Biden claimed today is that he HAS cancer because there’s oil in Delaware.
 
Kessler, in his fervor to stooge for The Big Guy, inadvertently impugned The Big Guy and himself when he posted Biden’s skin cancer report that stated Joe got skin cancer from sun exposure during his youth.
https://twitter.com/GlennKesslerWP/status/1549834433561300995/photo/1
  
@redsteeze: This states his skin cancers were because of spent time in the son as a youth. Not because it was raining oil down on his mom’s car which was caused by climate change.
 
Fox’s @JacquiHeinrich: WH official tells me POTUS was referring to past removal of skin cancer in his remarks from Massachusetts. Biden mistakenly stated (present tense) that he has cancer.
 
@townhallcom: Biden in April: “I have asthma and 80% of the people who, in fact, we grew up with have asthma.” Biden today: “That’s why I and so damn many other people I grew up with have cancer.”
 
@SteveGuest: What’s with the Biden administration choosing dystopian backdrops for Joe Biden’s speeches?  It’s a little on the nose. https://t.co/e6ttbw7fES
 
Biden Approval Hits New Low Amid Public Discontent with Both Parties, Quinnipiac University (Left leaning) National Poll Finds – Americans give President Biden a negative 31 – 60 percent job approval rating… https://poll.qu.edu/poll-release?releaseid=3852
 
@LouDobbs: Why can’t the U.S. Semiconductor Industry get 50 billion in private financing for whatever they need to build plants in United States? Senate advances more than $50 billion bill to boost U.S. semiconductor production https://t.co/JXDuC84YgO
 
The Street preaches capitalism but practices socialism and fascism.
 
Positive aspects of previous session
The DJTA and Fangs rallied sharply
Stocks rallied sharply during early NYSE trading
 
Negative aspects of previous session
Bonds rescinded a large gain that occurred due to Italy angst
Stock declined smartly during the early afternoon
 
Ambiguous aspects of previous session
Is the rebound rally forming a top?
 
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]: 3952.02
Previous session High/Low3974.13; 3922.03
 
@P_McCulloughMD: Prior Omicron confers protection against new subvariants.  Very high protection in this study and many of the positives are false positives in travelers, so may be close to 100%.  Simply not a worry on getting serious infection N+1 instance. Now like the common cold mild brief https://t.co/4UJZ6f88QF
 
@CNBCJou: ECB (today): a double whammy. We will get a rate hike & details on the anti- fragmentation tool…. market is pricing in +35bps tomorrow. A +50bps hike would get them to zero…
    BUT: you can’t talk about rate hikes without addressing elephant in the room and that is what happens to periph spreads (Italy mainly!) The TRANSMISSION PROTECTION TOOL (TPT) therefore is key. But here are the questions: 1) CONDITIONALITY: picture scenario where Italy far right win TPT cannot be automatically triggered at specified spread levels if the catalyst is political upheaval =>some conditionality is necessary.  Consensus is there will be *light* conditionality incl adherence to Next Generation EU terms & eventually to EU fiscal rules (which are paused).  BUT: unlike OMT (which was never used), key is lighter conditionality otherwise the tool is a bit pointless.  (Remember OMT necessitates joining ESM program)…
    How can the ECB be hiking rates but also potentially buying bonds?!! Doesn’t add up. Hence comes
3) STERILISATION: this could be in form of short-term deposits paid at preferential rate (MRO) to ensure no impact on total reserves.  4) final question. Are spreads currently wide enough to trigger the anti- fragmentation tool?  Market will test the ECB… but the point is it has to be a discretionary tool ECB will lean on if they think transmission is being impaired once they get going with interest rate hikes.
https://twitter.com/CNBCJou/status/1549761498653888514?cxt=HHwWhMC83ef37YErAAAA
   
Tesla Q2 EPS $2.27 Adj. vs. $1.81 Est.; Q2 Revs. $16.93B vs. $17.10B Est. https://t.co/0OHkYKfFM0
Automotive gross margin came in at 27.9%, down from 32.9% last quarter…“As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet.” Overall, the company’s cash and cash equivalents increased by $847 million during the quarter.
 
@zerohedge on Tesla: Reg credits ($344MM)+ sale of bitcoin ($936M) = $1.280 billion
 
Today – ESUs and stocks ran out of Big Mo after the early US rally.  After a robust 4-day rally, stocks are overbought on a trading basis.  It’s time for stocks to retrench and build a meaningful base to launch another rally attempt.  ESUs hit -9.25 at 20:10 ET on Italy angst and ECB rate hike trepidation.
 
Tesla could be a factor.  TSLA soared to 751.99 (742.50 close) in after-hour trading on the headline EPS beat.  However, the stock sank to 736.18 on the lower revenue and margins as well as the Bitcoin sale.  When all hands are on deck during regular hours, it will be illuminating to see what Tesla does.
 
The ECB Communiqué is scheduled for an 8:15 ET release.  Lagarde’s press conference is 8:45 ET.  Trades will react and adjust to the ECB and Lagarde prior to the NYSE open.  There could be 2 or 3 wicked moves before the NYSE open.
 
The usual suspects will look to buy for the NYSE open unless the ECB is far more hawkish than expected.  Saner angels will let the lemmings eat and then make their moves.  The First-Hour Indicator could be a very good tool for today.  If the first hour high or low is breached, the direction of the breach should indicate the day’s major trend.
 
Expected earnings: TRV 1.98, T .62, DHI 4.47, DOW 2.14, AAL .77, MMC 1.86, FCX .59, PM 1.26, UNP 2.84, ALK 1.93, COF 5.11, SNA 3.94, DHR 2.36
 
Expected economic data: Initial Jobless Claims 240k, Continuing Claims 1.3m; June LEI -0.6%
 
S&P 500 Index 50-day MA: 3920; 100-day MA: 4145; 150-day MA: 4284; 200-day MA: 4358
DJIA 50-day MA: 31,593; 100-day MA: 32,827; 150-day MA: 33,661; 200-day MA: 34,105
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4803.89 triggers a buy signal
WeeklyTrender and MACD are negative – a close above 4113.15 triggers a buy signal
DailyTrender and MACD are positive – a close below 3805.19 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 3908.72 triggers a sell signal
 
CNN: Federal investigation of Hunter Biden reaches critical juncture, sources say
As the investigation has entered its final stages, prosecutors have narrowed their focus to tax and gun-related charges, the people say…Garland issued a memo in May to prosecutors reiterating the department’s stance on election year sensitivities
     In 2018, the last year of congressional midterm elections, prosecutors with the US attorney’s office in Manhattan charged two politically sensitive cases in August: one against Michael Cohen, Trump’s former personal attorney, and another against Chris Collins, then a Republican congressman…
https://www.cnn.com/2022/07/20/politics/hunter-biden-investigation-critical-juncture/index.html
 
@AFP: US Attorney General Merrick Garland said Wednesday amid calls by some Democrats for former president Donald Trump to be prosecuted for the Capitol riot that “no person is above the law”
 
@JudiciaryGOP: @Jim_Jordan & @ChuckGrassley demand information on Attorney General Garland’s firing of Trump-appointed immigration judgeshttps://t.co/t3tisVjAGl
 
@ClayTravis: The left-wing blue checks who argue players and coaches should share their political beliefs all the time are furious with Jim Harbaugh for sharing his opinion on abortion.
https://www.outkick.com/jim-harbaugh-abortion-pro-life-comments-twitter-reactions/
 
Bipartisan U.S. Senate group introduces bill intended to head off another Jan. 6 https://t.co/Jh02ilsTNR
 
Why is this bill needed if, as Dems, RINOs, Never Trumpers, and the MSM claim, VP Pence had NO authority to halt the Electoral College vote and certification?
 
Mystery solved: DOJ secretly thwarted release of Russia documents declassified by Trump
Department used last-minute privacy concerns to halt release, then ignored direct order from president to make memos public.
     Tom Fitton, the president of the watchdog group Judicial Watch, said the documents in the binder are likely to be responsive to current lawsuits his group has pending at the Justice Department and FBI for Russia probe documents and the 2021 memo from Meadows may make it easier to persuade a court to take action. He said he believes DOJ is “still trying to protect their own in terms of the corruption involving the targeting of Trump” during the Russia probe…
https://justthenews.com/accountability/russia-and-ukraine-scandals/mystery-solved-doj-secretly-thwarted-release-russia
 
Colbert crew’s behavior in Capitol complex caused Democrat staffer to call for emergency help
Capitol Police chief says “Colbert Nine” were warned “several times” before arrest, slams prosecutors’ decision not to press charges as “unfortunate.”…
https://justthenews.com/government/congress/colbert-crews-behavior-capitol-complex-caused-democrat-staffer-call-emergency
 
America First Legal launches ‘Woke Wagon’ database to reveal ties of Biden admin officials https://t.co/OsdqIHqBBs
 
Missouri shopper shoots, kills armed robber holding knife to clerk’s neck https://t.co/TSMELTU4qE
 
It’s time to rewatch “Death Wish” (1974) starring Charles Bronson.
 
@ChuckCallesto: Starbucks CEO Howard Schultz slams woke leaders for ‘abdicating their responsibility’ to fight crime causing his chain to shutter 16 profitable stores because of assaults on staff – with MORE closures to come...  https://twitter.com/ChuckCallesto/status/1549748833718079490?s=02
 
Schultz and Starbucks went big-time woke a few years ago.  They allowed anyone to use their restrooms.  The policy was disastrous as some homeless and drug dealers took refuge in various Starbucks.
 
Sen. Ted Cruz: “Gun control doesn’t work. … When you disarm law abiding citizens, the result is the criminals don’t follow the laws they have the guns and the law abiding citizens are unable to defend themselves.” https://t.co/A09CodTzta  (“We hold these truths to be self-evident…”)

 

Greg Hunter:interviewing 

See you TOMORROW

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