JULY 29//FIRST DAY NOTICE FOR GOLD AND SILVER: GOLD STANDING FOR DELIVERY FOR AUGUST: A WHOPPING 99.2 TONNES WITH SILVER AT 3.3 MILLION OZ//GOLD CLOSED UP $12.50 TO $1765.00 WITHSTANDING FOR THE FIRST TIME LBMA OPTIONS EXPIRY MANIPULATION//SILVER UP 30 CENTS TO $20.21//PLATINUM UP $8.85 TO $899.10//PALLADIUM UP $35.20 TO $35.10//COVID UPDATES//VACCINE IMPACT/DR PAUL ALEXANDER: COVID LOCKDOWNS RETURN TO WUHAN//SWAMP STORIES FOR YOU TONIGHT//

by harveyorgan · in Uncategorized · Leave a comment·Edit

in Uncategorized · Leave a comment·Edit

GOLD;  $1765.00 UP $12.50 

SILVER: $20.21 UP 30 CENTS 

ACCESS MARKET: 

GOLD $1766.50

SILVER: $20.36

Bitcoin morning price:  $23,833 UP 6

Bitcoin: afternoon price: $23,874. UP 47  

Platinum price: closing UP $8.85 to $899.10

Palladium price; closing up $35.90  at $2130.1-

END

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 EXCHANGE: COMEX 

EXCHANGE: COMEX
CONTRACT: AUGUST 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,750.300000000 USD
INTENT DATE: 07/28/2022 DELIVERY DATE: 08/01/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 390 810
072 H GOLDMAN 2086
104 C MIZUHO 626
118 C MACQUARIE FUT 266
132 C SG AMERICAS 40 4
167 C MAREX 546
190 H BMO CAPITAL 1620
323 C HSBC 910
357 C WEDBUSH 11
363 H WELLS FARGO SEC 508
365 C ED&F MAN CAPITA 6
365 H ED&F MAN CAPITA 1
523 C INTERACTIVE BRO 5
624 H BOFA SECURITIES 1962
657 C MORGAN STANLEY 6240
661 C JP MORGAN 2036 5787
661 H JP MORGAN 117
685 C RJ OBRIEN 18
686 C STONEX FINANCIA 1 58
686 H STONEX FINANCIA 81
690 C ABN AMRO 21 205

DLV615-T CME CLEARING
BUSINESS DATE: 07/28/2022 DAILY DELIVERY NOTICES RUN DATE: 07/28/2022
PRODUCT GROUP: METALS RUN TIME: 20:41:57
709 C BARCLAYS 3912
732 C RBC CAP MARKETS 2765 13
737 C ADVANTAGE 1
800 C MAREX SPEC 43
880 C CITIGROUP 502
880 H CITIGROUP 1876
905 C ADM 11 190


TOTAL: 16,834 16,834
MONTH TO DATE: 16,834

JPMorgan stopped 5787/16,834

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

16,834 NOTICES FOR 1,683400 OZ //52.360 TONNES

total notices so far: 16,834 contracts for 1,683,400 oz (52.360 tonnes) 

SILVER NOTICES:  

669 NOTICES FILED FOR 3,345,000 OZ/

 

total number of notices filed so far this month  669 :  for 3,345,000  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 $12,50 

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

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

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

NO CHANGE IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 1005.29 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 30 CENTS

AT THE SLV// ://HUGE CHANGES IN SILVER INVENTORY AT THE SLV//:A WITHDRAWAL OF 0.461 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 483.118 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY  A GIGANTIC SIZED 4490  CONTRACTS TO 143,598   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE  HUGE LOSS IN OI WAS ACCOMPLISHED DESPITE OUR HUGE   $1.24 GAIN  IN SILVER PRICING AT THE COMEX ON THDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $1.24) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY COMMERCIAL SILVER LONGS// WE HAD HUGE  SPECULATOR LIQUIDATIONS AS WE HAD A HUGE LOSS OF 3238 CONTRACTS ON OUR TWO EXCHANGES.

WE  MUST HAVE HAD: 
I) HUGE SPECULATOR SHORT LIQUIDATIONS//HUGE BANKER OI COMEX GAIN /. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A FAIR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.855 MILLION OZ   / //  V)    GIGANTIC SIZED COMEX OI LOSS/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: +53

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 20 days, total 17,422  contracts:  87.110 million oz  OR 4.05 MILLION OZ PER DAY. (871 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 87.110 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 : 87.110 MILLION OZ 

RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4490 DESPITE OUR  $1.24 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE  SIZED EFP ISSUANCE  CONTRACTS: 1305 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  ADDITIONS ////// HUGE SPECULATOR SHORT LIQUIDATION// WE HAVE A POOR INITIAL SILVER OZ STANDING FOR AUGUST. OF 3.855 MILLION  OZ  //  .. WE HAD A HUGE SIZED LOSS OF 3185 OI CONTRACTS ON THE TWO EXCHANGES FOR 15.93 MILLION  OZ AS..THE SPECS WERE SENT TO THE SLAUGHTER HOUSE.

 WE HAD 669  NOTICES FILED TODAY FOR  3,345,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A GOOD SIZED 3,193 CONTRACTS  TO 485,668 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -799 CONTRACTS.

.

THE GOOD SIZED  INCREASE  IN COMEX OI CAME DESPITE OUR HUGE RISE IN PRICE OF $31.25//COMEX GOLD TRADING/THURSDAY / WE MUST HAVE  HAD  ADDITIONAL SPECULATOR SHORT SHORT COVERINGS ACCOMPANYING OUR GOOD SIZED EXCHANGE FOR PHYSICAL ISSUANCE.//WE HAD OUR CONCLUSION OF SPREADER LIQUIDATION WHICH TOOK CARE OF MUCH OF THE COMEX OI.. WE HAD ZERO LONG LIQUIDATION    //AND HUGE SPECULATOR SHORT COVERINGS//HUGE ADDITIONS TO OUR BANKER LONGS!! THE COMEX IS ONE BIG FARCE

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR AUGUST AT 99.272 TONNES ON FIRST DAY NOTICE 

YET ALL OF..THIS HAPPENED WITH OUR HUGE RISE IN PRICE OF   $31.25 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 7986  OI CONTRACTS 24.840 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED  4743  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 4865,668

IN ESSENCE WE HAVE A STRONG  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7986 CONTRACTS  WITH 3193 CONTRACTS INCREASED AT THE COMEX AND 4743 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 8735 CONTRACTS OR 27.169 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4743) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (3,193): TOTAL GAIN IN THE TWO EXCHANGES  7986 CONTRACTS. WE NO DOUBT HAD 1) HUGE SPECULATOR SHORT COVERINGS//STRONG BANKER ADDITIONS//  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR AUGUST. AT 99.272 TONNES    3) ZERO LONG LIQUIDATION AND THE CONCLUSION OF SPREADER LIQUIDATION///// //.,4)   GOOD SIZED COMEX OPEN INTEREST GAIN 5) GOOD 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 AUGUST :

121,665 CONTRACTS OR 12166,500 OZ OR 378,43  TONNES 20 TRADING DAY(S) AND THUS AVERAGING: 6083 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20  TRADING DAY(S) IN  TONNES: 378.43 TONNES

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

THUS EFP TRANSFERS REPRESENTS  378.43/3550 x 100% TONNES  10.67% 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: 378.43 TONNES FINAL

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, FELL BY A GIGANTIC SIZED 4490 CONTRACT OI TO 143,598 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 1305 CONTRACTS

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

SEPT 1305  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1305 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 4490  CONTRACTS AND ADD TO THE 1305 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED LOSS OF 3185   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 15.93 MILLION OZ

OCCURRED DESPITE OUR  RISE IN PRICE OF  $1.24

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)FRIDAY MORNING// THURSDAY  NIGHT

 SHANGHAI CLOSED DOWN 29.34 PTS OR 0.89%   //Hang Sang CLOSED DOWN 466.17 OR 2.26%    /The Nikkei closed UP 13.84 OR % 0.05.          //Australia’s all ordinaires CLOSED UP 0.81%   /Chinese yuan (ONSHORE) closed UP AT 6.7355//OFFSHORE CHINESE YUAN UP 6.7343//    /Oil DOWN TO 98.77 dollars per barrel for WTI and BRENT AT 103.98// SHANGHAI CLOSED DOWN 29.34 PTS OR 0.89%   //Hang Sang CLOSED DOWN 466.17 OR 2.26%    /The Nikkei closed DOWN 13.84 OR % 0.05.          //Australia’s all ordinaries CLOSED UP 0.81%   / Stocks in Europe OPENED  ALL GREEN.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER 

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A GOOD SIZED 3193 CONTRACTS TO 485,668 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 GOOD  COMEX INCREASE OCCURRED DESPITE OUR HUGE RISE OF $31.25  IN GOLD PRICING  THURSDAY’S COMEX TRADING. WE ALSO HAD A GOOD SIZED EFP (4743 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 AUGUST..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 4743 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :4743 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  4743 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED SIZED  TOTAL OF 7986  CONTRACTS IN THAT 4743 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED  COMEX OI GAIN OF 3193  CONTRACTS..AND  THIS  GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR HUGE SIZED  GAIN IN PRICE OF GOLD $ 31.25. TODAY, WITNESSED THE CONCLUSION OF SPREADER LIQUIDATION. WE  ALSO ARE WITNESSING THE SPECULATORS WHO HAVE BEEN MASSIVELY SHORT TRYING DESPERATELY TO COVER WHILE THE BANKERS WHO ARE LONG CONTINUE TO ADD TO THEIR PURCHASES. THIS IS AN ABSOLUTE FARCE.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING AUGUST   (99.228),

 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 29.987 TONNES FINAL

AUGUST:99.228 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $31.25) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AND COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO COVER TO THEIR POSITIONS//////  WE HAVE  REGISTERED A STRONG SIZED GAIN  OF 27.169 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (99.228 TONNES)

WE HAD -799  CONTRACTS ADDED TO COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 7986 CONTRACTS OR  798600  OZ OR 24.84 TONNES

Estimated gold volume 140,374/// poor/

final gold volumes/yesterday  253,702 / fair

INITIAL STANDINGS FOR AUGUST ’22 COMEX GOLD //JULY 29

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz302,674.161oz
Brinks
JPMorgan
HSBC
Manfra
Malca
Int. Delaware



3300 kilobars
(HSBC)
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil oz
No of oz served (contracts) today16,834   notice(s)
1,683,400 OZ
52.360 TONNES
No of oz to be served (notices)15,068 contracts 
1,506,800 oz
46.86 TONNES
Total monthly oz gold served (contracts) so far this month16,834 notices
1,683,400 OZ
52.360 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: 0 

total deposits: 0 oz

6 customer withdrawals:

i) out of Brinks:  227.712 oz 

ii) out of JPMorgan:  165,385.911 oz 

iv)out of Manfra:  1,791,431  oz  

v) Out of Malca: 17,569.647 oz

total withdrawals: 302,674.161 oz (9.4 tonnes)

ADJUSTMENTS: dealer to customer/Malca

16,498.670

and manfra:  14,892.276 oz

customer to dealer: Manfra  383.812 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an  oi of 31,916 contracts having LOST  11,812 contracts .

Thus by definition, the initial amount of gold that will stand for this active month of August is as follows:

31,902notices x  100 oz per notice =  3,190,200 oz or 99.228 tonnes

Sept. gained 71 contracts to 3902 contracts.

October gained 5429 contracts up to 39,117 

We had 16,834 notice(s) filed today for 1,683,400 oz FOR THE AUGUST 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  2036 notices were issued from their client or customer account. The total of all issuance by all participants equate to 16,834 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and  5787 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 AUGUST /2022. contract month, 

we take the total number of notices filed so far for the month (16,834) x 100 oz , to which we add the difference between the open interest for the front month of  (AUGUST 31,902  CONTRACTS ) minus the number of notices served upon today 16,834 x 100 oz per contract equals 3,190,200 OZ  OR 99.228 TONNES the number of TONNES standing in this  active month of AUGUST. 

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

No of notices filed so far (16,834) x 100 oz+   (31,902)  OI for the front month minus the number of notices served upon today (16.834} x 100 oz} which equals 3,190,200 oz standing OR 99.228 TONNES in this   active delivery month of August.

TOTAL COMEX GOLD STANDING:  99.228 TONNES  (A HUGE STANDING FOR AUGUST (   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:  2,360,873,921 oz   73.43 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  30,332,431.006 OZ  

TOTAL REGISTERED GOLD: 15,404,287.310  OZ (479.14 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,928,143.296 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 13,004,341.0 OZ (REG GOLD- PLEDGED GOLD) 404.6 tonnes 

END

SILVER/COMEX/JULY 29

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory738,530.160  oz

Brinks
HSBC
JPMorgan
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory901,274.480 oz
Delaware
JPMorgan
No of oz served today (contracts)669 CONTRACT(S)
3,345,000  OZ)
No of oz to be served (notices)102 contracts 
(510,000 oz)
Total monthly oz silver served (contracts)669 contracts
 3,345,,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 0 deposits into the customer account

total deposit:  nil   oz

JPMorgan has a total silver weight: 174.508 million oz/336.758 million =51.81% of comex 

 Comex withdrawals:3

i) Out of JPM:  594,745.300 oz

ii) Out of Loomis: 342,868.510 oz

iii) Out of Manfra: 60,568.800 oz

total: 998,182.610 oz

 adjustments: 1//dealer to customer

JPMorgan: 269,943.06 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 55.452 MILLION OZ

TOTAL REG + ELIG. 336.758 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR JUNE

silver open interest data:

FRONT MONTH OF AUGUST OI: 771 CONTRACTS HAVING LOST 58 CONTRACTS. 

THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER STANDING IN THIS NON ACTIVE DELIVERY MONTH OF AUGUST IS AS FOLLOWS:

771 NOTICES X 5,000 OZ PER NOTICE =  3,855,000

SEPTEMBER HAD A LOSS OF 5423 CONTRACTS DOWN TO 109,563

 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 669 for  3,345,000 oz

Comex volumes:62,618// est. volume today//   fair

Comex volume: confirmed yesterday: 92,999 contracts ( very good )

To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 669 x 5,000 oz = 3,345,000 oz 

to which we add the difference between the open interest for the front month of AUGUST(771) and the number of notices served upon today 669  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 669 (notices served so far) x 5000 oz + OI for front month of AUGUST (771)  – number of notices served upon today (669) x 5000 oz of silver standing for the AUGUST contract month equates 3,855,000 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 29//WITH GOLD UP $12.50; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1005.29 TONNES

JULY 28/WITH GOLD UP $31.25; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1005.29 TONNES

JULY 27.//WITH GOLD UP $1.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1005.29 TONNES

JULY 26/WITH GOLD DOWN $1.60: NO CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .58 TONNES FROM THE GLD////INVENTORY RESTS AT 1005.29 TONNES

JULY 25/WITH GOLD DOWN $7.85: NO CHANGES IN GOLD INVENTORY AT THE GLD: ////INVENTORY RESTS AT 1005.87 TONNES

JULY 22/WITH GOLD UP $17.45: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1005.87 TONNES

JULY 21/WITH GOLD UP $11.40: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.101 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 FROM THE 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 WITHDRAWAL 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: 1005.29 TONNES

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

JULY 29/WITH SILVER UP 30 CENTS TODAY: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 461,000 OZ FROM THE SLV..//INVENTORY RESTS AT 483.657 MILLION OZ/

JULY 28/WITH SILVER UP $1.24 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 484.118 MILLION OZ/

JULY 27/.WITH SILVER UP 4 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL 11.479 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 484.118MILLION OZ//

JULY 26/WITH SILVER UP 16 CENTS: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.504 MILLION OZ FROM THE SLV//: //INVENTORY RESTS AT 495.597 MILLION OZ//

JULY 25/WITH SILVER DOWN 24 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.383 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 499.101 MILLION OZ//

JULY 22/WITH SILVER DOWN 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 500.484 MILLION OZ//

JULY 21/WITH SILVER UP 5 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.19 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 500.484MILLION 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 483.657 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

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

Your weekend reading material

(courtesy Alasdair Macleod)

Alasdair Macleod: Challenges for the new prime minister

Submitted by admin on Thu, 2022-07-28 11:34Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 28, 2022

Britain’s next prime minister must address two overriding problems: London is at the centre of an evolving financial and currency crisis brought forward by a change in interest rate trends; and the reality of emerging Asian superpowers must be accommodated instead of attacked.

This article starts by examining the economic challenges the next prime minister faces domestically. Are the two candidates equipped with a strategy to improve the nation’s economic prospects, and why can we expect them to succeed where others have failed?

It is unlikely that either candidate is aware that there has been a fundamental shift in the direction of interest rates, the consequences of which are undermining debt mountains everywhere. The problem is particularly acute for the euro system. As well as for other major currencies, London operates as the clearing centre for transactions between the Eurozone’s commercial banks. If the euro system fails, London’s survival as a financial centre could be jeopardised.

The other major challenge is geopolitical. Being tied into America’s five-eyes intelligence network, coupled with policies to remove fossil fuels as sources of energy Britain is condemned to falling behind the Asian superpowers, and sacrificing trading relationships with which her true interests must surely lie. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/challenges-for-the-new-prime-minister

END

An excellent commentary from Chris Powell of GATA concerning how gold mined in West Africa is now being used to increase wealth of its citizens

by staying in their country.

(Chris Powell/GATA)

Gold yet may awaken the rich countries insisting on being poor

Submitted by admin on Fri, 2022-07-29 00:15Section: Daily Dispatches

12:27a ET Friday, July 29, 2022

Dear Friend of GATA and Gold:

You may recall that your secretary/treasurer long has lamented “the rich countries insisting on being poor,” the still-developing countries with large gold resources and even large gold production that nevertheless have declined to incorporate the metal into their monetary systems but instead have remained the slaves of the developed world and its more sophisticated — and exploitive — monetary systems.

Almost miraculously, some Nigerians have just set out to do something about it comprehensively.– to build what they call a “gold value chain” in the gold treasure house of west Africa — really, a gold economy in which metal mined locally is turned into not just jewelry locally but also local savings of wealth through a digitized system of gold ownership in which metal credits can be converted to gold coins and bars at local banks.

The enterprise, called Sanu, a west African word for gold, has been started by Kian Smith Trade & Co. Ltd. in Lagos, which operates a gold refinery and other businesses. Sanu has created an internet application that allows the purchase of small amounts of gold and silver that can be redeemed for metal in LBMA-certified products at bank branches not only in Nigeria but also London and Dubai. All metal purchases via Sanu are made on a fully allocated basis — no fractional-reserve gold banking here, as in London and New York.

Sabu’s objective is to help the people of west Africa invest and save in their region’s own natural wealth and protect themselves with a local form of money against the notorious inflation of developing-country currencies.

Will African governments facilitate this or permit it to be successful for long, insofar as demand for gold is sure to reduce demand for African government currencies? That is a critical question, but African governments recently have shown some recognition of gold’s enduring monetary properties and the strength gold can bring to their currencies. Ghana lately has been acquiring domestically produced gold for its central bank reserves, and Zimbabwe has just begun experimenting with gold coinage redeemable at its central bank.

A crucial insight about Sanu’s objective was offered this week in an interview with the Lagos newspaper This Day by the executive vice chairman of the Kian Smith refinery, Nere Emiko:

We really believe that we have the product that gives gold to the people. Everywhere we’ve gone in the last few years people keep asking: ‘This gold you say you are refining, that you’re selling — where is it?’ The same thing is actually happening for Burkina Faso, which is No. 2 in west Africa after Ghana for gold production. Believe it or not, but most people in Burkina Faso have never seen gold. Yet Burkina Faso has several airstrips dedicated to daily evacuation of gold.

So a lot of what you find happening in our region is there are wealth and mineral resources that we are producing but can’t access, and this is a way of now giving Nigerians, west Africans, and anyone in Africa the opportunity to access gold.

Apart from jewelry, it is almost impossible to access gold refined to international standards in our local currencies. We have done all the work now to give the people access to gold in the small retail quantities they want, empowering women and giving gold to the people.

What happens when the people of gold-producing developing countries start seeing the metal they mine functioning as savings and money in their daily lives, an alternative not only to their local currencies but also to their current inflation hedge, the U.S. dollar?

They may become independent and sovereign in a very practical sense — a danger to the imperial powers of the West. But then those imperial powers, already tied up with the war in Ukraine, can’t invade everybody.

Sanu’s internet site explains its operation:

https://www.sanucoin.com/

Recent Nigerian television news interviews about it can be viewed at YouTube here:

Something similar should be attempted in Central and South America, other gold-producing regions full of rich countries insisting on being poor.

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

END

4. OTHER GOLD/SILVER COMMENTARIES

JPMorgan’s gold ‘boss’ led group plot to spoof prices, jury told

Bloomberg News | July 28, 2022 | 1:43 pm Intelligence USA Gold

JPMorgan not leaving physical commodities: report

Michael Nowak was “the boss” of a plot at JPMorgan Chase & Co. to manipulate gold and silver prices and worked with the top trader and salesman on the bank’s precious metals desk to “spoof” markets with bogus buy and sell orders, a federal prosecutor told jurors in Chicago.

“For years, executives at one of the world’s largest banks conspired to manipulate the markets for precious metals,” Matthew Sullivan, an attorney in the US Department of Justice, said Thursday during closing arguments in the trial of Nowak, Gregg Smith and Jeffrey Ruffo. “All three worked together toward the same goal: earning profits for the precious-metals desk by spoofing.”

Prosecutors are wrapping up the biggest criminal case by the US in its crackdown on market manipulation following the global financial crisis. Nowak and Smith are charged with racketeering conspiracy as well as conspiring to commit price manipulation, wire fraud, commodities fraud and spoofing from 2008 to 2016. Ruffo is charged with racketeering and conspiracy. They face years in prison if convicted.

Over the past three weeks, government witnesses described how Nowak, who ran the desk, and Smith, its chief gold trader, routinely placed huge buy and sell orders they never intended to execute. It was part of their strategy to push prices in the direction that would profit the bank, said two former JPMorgan traders who agreed to cooperate after pleading guilty. Ruffo encouraged the practice to benefit his hedge fund clients, they said.

JPMorgan, one of the most influential banks in the precious-metals market, already has paid $920 million to settle Justice Department spoofing allegations against it.

‘Power and influence’

“The defendants had power and influence, and together they abused their positions and rigged the precious metals markets for their own gain,” Sullivan said. “They did it by spoofing, which put simply is a lie to make money by tricking other people in the market.”

Defense lawyers are scheduled to make their case to jurors later Thursday and on Friday, after which the case will go to the jury. Over the course of the trial, they’ve argued that all the alleged spoof orders were legitimate. They say there are other explanations for entering large orders to buy and sell futures contracts at the same time on behalf of clients or to provide market pricing, not to fool rivals with bogus spoof trades.

Sullivan described Nowak as “the boss” of the operation as managing director of the precious-metals business, overseeing JPMorgan’s trading and vaults around the world. The prosecutor cited several examples of Nowak’s trading records showing he placed big buy or sell orders that were quickly canceled after he executed smaller orders on the opposite side of the market.

Two junior members of the JPMorgan team, Christian Trunz and John Edmonds, testified for the government that this pattern was part of a trading strategy they learned from Nowak and Smith and was a routine way they all operated for years.

“Mr. Trunz and Mr. Edmonds gave you an insider’s account of the criminal activity that took place while they worked side by side with the defendants on the desk, watching and learning from them,” Sullivan told the jury. “They described what they saw and what they heard on the desk.”

Nowak lied to regulators about his trading because he knew his spoofing was wrong, and encouraged Trunz to do the same by not cooperating with prosecutors after Edmonds had agreed to plead guilty, Sullivan said.

“The heat was on,” Sullivan said. “The conspiracy’s secrets were now in the open.”

Trunz had described an encounter with Nowak, who he considered a close friend and mentor, in which the executive “pressured Mr. Trunz” to stick with the false narrative that all their orders were placed with the intent to trade, Sullivan said. Nowak told him, “You’re not going to turn around and plea now, are you?” according to Trunz, who said he interpreted that as a directive to lie.

The government also presented trading records for Smith, who was relied upon to handle most of the big buy and sell orders from JPMorgan clients Ruffo dealt with, including Moore Capital Management and Tudor Capital Corp. Trunz had described Smith as an expert spoofer, and that Ruffo encouraged him to use the tactic to keep his clients happy.

“They did this to get better prices for Jeff Ruffo’s big hedge fund clients,” Sullivan said. “Better prices meant more money for the desk and for themselves.”

The case is US v. Smith et al, 19-cr-00669, US District Court, Northern District of Illinois (Chicago)

end

Andrew Maguire from the vault:

https://kinesis.money/live-from-the-vault/

end

5.OTHER COMMODITIES: WHEAT

END 

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED UP 6.7355

OFFSHORE YUAN: 6.7343

HANG SENG CLOSED DOWN 466.17 PTS OR  2.26%

2. Nikkei closed DOWN 13.84 OR 0.05%

3. Europe stocks   CLOSED ALL GREEN 

USA dollar INDEX  DOWN TO  105,76/Euro RISES TO 1.0225

3b Japan 10 YR bond yield: FALLS TO. +.181/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 133.36/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

3g Oil 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 +0.8855%/Italian 10 Yr bond yield RISES to 3.24% /SPAIN 10 YR BOND YIELD FALLS TO 2.01%…

3i Greek 10 year bond yield RISES TO 3.007//

3j Gold at $1760.60 silver at: 20.00  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 1  AND 33/100        roubles/dollar; ROUBLE AT 62.14

3m oil into the 98 dollar handle for WTI and  103 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 133.36DESTROYING 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 0.9534– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9746well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 2.695  UP 2  BASIS PTS

USA 30 YR BOND YIELD: 3.052  UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.84

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Surge Propelled By Stellar Tech, Energy Earnings

FRIDAY, JUL 29, 2022 – 08:16 AM

US and European stock were set for their best month since November 2020 following blowout earnings from the likes of Amazon and Apple last night, and record profits from energy giants Exxon and Chevron this morning, boosted by expectations of shallower Federal Reserve monetary tightening now that the US is technically in a recession. S&P futures rose 0.6% following yesterday’s meltup while Nasdaq 100 futures rose more than 1% after US stocks hit a seven-week high Thursday, as record underinvested hedge funds are forced to chase the move higher now that most downside catalysts (peak inflation, hawkish Fed, earnings disappointment) have been eliminated. The dollar was flat, and 10Y yields rose slightly to 2.70% after plunging as low as 2.65% yesterday after the Q2 GDP print confirmed news of the unofficial US recession.

In premarket trading, Amazon soared as much as 13% in premarket trading on Friday, after the e-commerce giant reported better-than-expected 2Q results and gave an upbeat forecast. Apple rose 2.8% after the iPhone maker reported third-quarter revenue that was stronger than expected. US energy giants Exxon and Chevron both rose sharply higher in premarket trading after reporting record profits for Q2. here are some other notable premarket movers:

  • Roku (ROKU US) tumbles 26% after the video-streaming platform company issued a 3Q revenue forecast and reported 2Q results that were weaker than expected, citing a slowdown in TV advertising spending.
  • Intel (INTC US) slumps 9.4% after the chip manufacturer reported lower-than-expected 2Q earnings and cut its full-year forecasts
  • US-listed Chinese stocks fall in premarket trading, following Asian peers lower, amid a lack of new stimulus policies from China’s top leadership.
  • Avantor Inc. (AVTR US) analysts pointed to several factors weighing on the life sciences firm’s results, including its exposure to the European market, forex and Covid. Avantor’s shares slid 11% in US postmarket trading on Thursday.
  • Dexcom Inc. (DXCM US) shares slumped as much as 18% in premarket trading, with analysts pointing to disappointing US growth and a delay to the US launch of the medical device maker’s G7 glucose- monitoring system used by people with diabetes. Analysts said the reaction was overdone and a buying opportunity given the growth outlook.
  • Edwards Life (EW US) down after posting second- quarter results below analyst expectations, as hospital staff shortages and FX headwinds weigh on the medical technology company’s growth.

Global shares are set for a second weekly advance, paring this year’s rout. The risk is that the recent bout of optimism eventually gets a reality check if inflation stays stubbornly elevated, leaving interest rates higher than investors would like amid an economic downturn.

“At some point, the Fed will pivot policy and that should be better for risk markets, but in the meantime, they’re so bent on quelling inflation that we prefer not to buy the dip here,” Thomas Taw, head of APAC iShares Investment Strategy at BlackRock Inc., said on Bloomberg Radio.

Elsewhere, a call between US President Joe Biden and China’s Xi Jinping underlined bilateral tension even as the leaders sought an in-person meeting.

European stocks also rallied into the month-end after positive earnings buoyed sentiment. The Euro Stoxx 600 rose 0.9%, with Italy’s. FTSE MIB outperforms peers, adding 1.6%, FTSE 100 lags, adding 0.6%. Construction, retailers and consumer products are the strongest performing sectors. The banking sector outperformed after a slate of better-than-expected results from Banco Bilbao Vizcaya Argentaria SA, Standard Chartered Plc and BNP Paribas SA. Hermes International rose about 6% after joining LVMH and Kering SA in posting strong results, showing the luxury consumer is resilient so far to high inflation and worries over a potential economic downturn. Here are some other notable European movers:

  • NatWest shares surge as much as 9.5% after the UK lender reported second-quarter earnings that beat estimates, also announcing a special dividend with analysts seeing consensus upgrades ahead.
  • Allfunds jumps as much as 14%, most since May, after reporting adjusted Ebitda ahead of Morgan Stanley’s expectations and providing a “reassuring outlook.”
  • Zalando rises as much as 8.7% alongside other European ecommerce stocks following blowout results from US giant Amazon, which sent its shares surging in premarket trading.
  • Hermes climbs as much as 9.6% to an almost 6-month high after the maker of Kelly handbags reported what Bernstein called a “very strong” beat, with 2Q sales almost 9% ahead.
  • L’Oreal jumps as much as 5.2% after it reported 2Q like-for-like sales that beat estimates, with Jefferies calling the performance “another quarter of gravity- defying growth.”
  • Fluidra gains as much as 12%, the most intraday since October 2020, despite a guidance cut as analysts remain optimistic on longer-term prospects.
  • Kion rises as much as 9.6%, the most since March, bouncing after a post-results decline in the prior session. UBS said it’s positive on the forklift maker’s outlook.
  • Signify slumps as much as 11% after reporting 2Q Ebita below consensus and flagging margin headwinds, which Citi expects will lead to low-single-digit downgrades to full-year estimates.
  • AstraZeneca slides as much as 3.1% on its latest earnings, which exceeded estimates. Analysts say the beat, however, was fueled by one-time items.
  • EssilorLuxottica dips as much as 5.1% after the eyewear firm reported interim results. Jefferies noted the “understandably circumspect” tone of the company’s near-term outlook.
  • Fresenius Medical Care declines as much as 5.7%, extending Thursday’s 14% fall, as the market continued to digest the guidance downgrade. JPMorgan cut its price target by more than 50%.
  • AMS-Osram shares fall as much as 9.7% after its new guidance consensus estimates, with the chipmaker saying production volumes were hit by increasingly unfavorable end markets.

Euro-zone GDP rose by more than three times the amount economists expected, putting it on a firmer footing as surging inflation and a possible Russian energy cutoff threaten to tip it into a recession. On the other hand, inflation in the region soared to another all-time high, supporting calls for the European Central Bank to follow up its first interest-rate hike since 2011 with another big move.

The tone was more somber in Asia, hampered by a tumble in Chinese tech shares that dragged Hong Kong toward a correction of more than 10% from a June high. Asian stocks slumped as losses in Chinese equities offset gains in the rest of the region, after the nation’s Politburo refrained from announcing new stimulus. The MSCI Asia Pacific Index swung between small gains and losses on Friday. Alibaba and Tencent were among the biggest drags, countering gains in heavyweights including TSMC and Reliance Industries. The Hang Seng Index entered a technical correction, while a gauge of Hong Kong’s tech shares tumbled close to 5%. Sentiment was damped by Chinese leaders’ downbeat assessment of growth and the lack of new measures to boost the economy from a highly anticipated Politburo meeting. Shares of Alibaba tumbled after a report said that Jack Ma was planning to give up control of his fintech unit Ant Group, ahead of the tech giant’s earnings report next week.

“We were kind of looking for more policy” from the Chinese government before the National Party Congress later this year, Thomas Taw, head of APAC iShares Investment Strategy at BlackRock Inc., said on Bloomberg Radio. “I think the offshore, foreign sentiment towards China is very, very bearish at the moment.” Investors are also monitoring the latest corporate results while keeping an eye on the property crisis and Covid situation in China. Major overseas earnings before the Asian open were a mixed bag, with strong reports from Apple and Amazon while Intel disappointed. The key Asian stock gauge is still on track for its biggest monthly gain so far in 2022. While stocks in Hong Kong and mainland China are set for a monthly loss, the region’s other markets such as India, Japan and South Korea are poised for their best months of the year.

Japanese stocks dipped in afternoon trading as the yen resumed strengthening against the dollar. The Topix fell 0.4% to close at 1,940.31, while the Nikkei was down 0.1% to 27,801.64. Still the Nikkei closed July with a 5.3% gain, its best month since November 2020. The yen rose 0.9% to around 133 per dollar, pushing its three-day advance to 2.8%. Yen Advances to Level That Threatens This Year’s Big FX Short Keyence Corp. contributed the most to the Topix decline, decreasing 2.8% after it missed earnings expectations. Out of 2,170 shares in the index, 601 rose and 1,469 fell, while 100 were unchanged.

In FX, the Bloomberg dollar spot index falls 0.3%. GBP and CAD are the weakest performers in G-10 FX, JPY continues to outperform, trading at 133.11/USD.  

In fixed income, Treasuries were cheaper across the curve with losses led by the long-end, where yields are higher by around 4bp. Wider losses seen across bunds and gilts, weighing on Treasuries as ECB rate-hike premium is added in after a mix of CPI and GDP data out of Eurozone. US 10-year yields around 2.70%, cheaper by 2bp on the day and outperforming bunds and gilts by 3.5bp and 4.5bp in the sector; long-end led losses steepens 2s10s, 5s30s spreads each by around 2bp on the day. IG issuance slate empty so far; four names priced $5.1b Thursday, paying 15bp in concessions on order books that were 3 times oversubscribed. 

WTI trades within Thursday’s range, adding 2.1% to trade around $98. Spot gold rises roughly $8 to trade close to $1,765/oz. Most base metals trade in the green; LME zinc rises 3.9%, outperforming peers.

Looking to the day ahead, data includes the employment cost index, PCE, income, and spending data in the US, Tokyo CPI, consumer confidence, jobless rate, retail sales, industrial production, and starts in Japan, CPI and GDP in France, GDP in Germany, and GDP in Canada. It’s another full slate of earnings which will include Sony, Exxon, Procter & Gamble, Chevron, AbbVie, AstraZeneca, Colgate-Palmolive, BNP Paribas, Eni, Intesa Sanpaolo, LyondellBasell, Engie, BBVA, NatWest, and Citrix.

Market Snapshot

S&P 500 futures up 0.7% to 4,103.00

Gold spot up 0.4% to $1,763.27

U.S. Dollar Index down 0.36% to 105.97

Top Overnight News from Bloomberg

  • Euro-zone inflation climbed to another all-time high, supporting calls for the European Central Bank to follow up its first interest-rate hike since 2011 with another big move
  • The euro-zone economy expanded by more than three times the amount economists expected, putting it on a firmer footing as surging inflation and a possible Russian energy cutoff threaten to tip it into a recession
  • Stocks in Europe and the US are set for their biggest monthly advance since November 2020 on positive earnings and expectations of shallower Federal Reserve monetary tightening
  • China’s top leadership is committing to ample liquidity as the nation contends with a slowdown. So far, a lot of that cash is sitting in the financial system instead of being transmitted to the real economy
  • Biden, Xi Plan In-Person Meet as Taiwan Tensions Intensify
  • Amazon, Apple Poised to Add $230 Billion After Resilient Results
  • Citigroup Drops Some Clients to Boost Trading Returns
  • Credit Suisse Woes Spread to Singapore With $800 Million Trial
  • Bitcoin and Ether Are on Track for Their Best Month Since 2021
  • Russia Is Wiring Dollars to Turkey for $20 Billion Nuclear Plant
  • Alibaba Slumps as Traders Assess Earnings Risk, Ant Report
  • BofA Says Too Soon for Bull Rally as Investors Pile Into Stocks
  • Singapore, New York Tie for Highest First Half Rental Growth
  • Morgan Stanley Hires Shen as Head of China Onshore Equities
  • Alito Mocks Foreign Leaders Who Attacked His Abortion Opinion

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed despite the positive lead from Wall Street, with Chinese markets lagging. ASX 200 was lifted by gold names amid the recent rise in the precious metal. Nikkei 225 saw mild gains throughout the session but eventually fell into the red amid notable JPY strength, whilst Nissan shares fell over 4% at one point after earnings. KOSPI was propelled by its Telecom sector, with Financials and Industrials also aiding. Hang Seng slipped over 2% with Alibaba shedding 6% after WSJ reported that Jack Ma intends to relinquish control of Ant Group. Headlines pointed out the Hang Seng index has fallen 10% from its June peak. Shanghai Comp held a negative bias as traders reacted to the Biden-Xi call, which included no rollback of Trump-era tariffs. Selling thereafter resumed following downbeat commentary from China’s MOFCOM, suggesting the outlook for H2 trade growth is not optimistic.

Top Asian News

  • China’s Commerce Ministry said China’s foreign trade faces higher risks; the outlook for China’s H2 trade growth is not optimistic, via Bloomberg. MOFCOM said they will study targeted measures for foreign trade, and will step up support for export credit insurance in H2 and expand imports actively and ensure domestic commodity supply, via Reuters.
  • China’s Commerce Ministry official said foundation for consumption recovery is not solid yet, more efforts needed to boost consumption, via Reuters.
  • Japanese government decided to tap JPY 257bln in budget reserves to help with rising oil and broader inflation, according to the MoF.
  • PBoC injected CNY 2bln via 7-day reverse repos with the maintained rate of 2.10% for a net drain of CNY 1bln and for a weekly drain of CNY 12bln
  • PBoC set USD/CNY mid-point at 6.7437 vs exp. 6.7414 (prev. 6.7411)
  • Japan’s Finance Minister Suzuki provides no comment on day-to-day FX moves, closely watching moves with a sense of urgency while working with the BoJ; Japan’s MOF said it did not intervene in FX in the June 29th to July 27th period.

European bourses are firmer across the board, Euro Stoxx 50 +0.9%, and are set to post their best monthly performance since Nov’20. Stateside, the NQ continues to outperform, +1.2%, amid after-market earnings from AMZN and AAPL; US PCE Price Index ahead.

Top European News

  • Germany Stagnates as Rest of Europe Beats Estimates: GDP Update
  • UK June Mortgage Approvals Fall to 24-Month Low of 63.7k
  • Ukraine Latest: Lavrov in No Rush to Respond to Blinken Request
  • Amundi Defies Gloom Among Managers With $1.8-Billion Inflows
  • Biden, Xi Plan In-Person Meet as Taiwan Tensions Intensify

FX

  • Yen recovery momentum gathers pace and extends beyond Dollar pairing to JPY crosses, USD/JPY slides over 2 big figures to test 132.50, EUR/JPY down to 137.56 from 137.32.
  • DXY loses grip of 106.000 post-negative US GDP print and looking for support from PCE, ECI and/or Chicago PMI.
  • Euro fades again irrespective of some encouraging Eurozone data and option expiry interest may be capping, EUR/USD tops out just over 1.0250 yet again and circa 3bln rolling off between 1.2045-50.
  • Rand underpinned by Gold gains and Lira holds above 18.0000 as Turkish trade deficit narrows and Russia transfers funds for a nuclear facility.
  • Sterling fades amidst mixed BoE consumer credit and housing metrics, Cable sub-1.2150 vs 1.2245 at best and EUR/GBP probing 0.8400 vs low around 0.8346 yesterday.

Fixed Income

  • Marked debt retracement following run of even more pronounced recovery gains.
  • Bunds fade just shy of 158.00 again and retreat to 156.21, Gilts reverse around 100 ticks from 118.36 and T-note to 120-21+ from 121-08 at best.
  • Stronger than expected Eurozone data also in the mix along with buoyant risk sentiment and firm oil.
  • Bonds braced for busy pm agenda comprising US PCE, ECI and Chicago PMI.

Commodities

  • WTI Sep’22 and Brent Oct’22 are posting gains in excess of 2.0% on the session but remain capped by USD 100/bbl and 105/bbl respectively.
  • Dutch TTF Sep’22 has pulled back to modestly below the EUR 200/mWh mark, but remains bid after several sessions of pronounced price action.
  • Spot gold is relatively contained and resides just above the unchanged mark but continues to be dictated by the USD with the JPY-induced pressure lifting the yellow metal briefly overnight.
  • Saudi Energy Minister and Russian Deputy PM Novak met in Riyadh and discussion cooperation between the two nations, according to Twitter, via Reuters.

Biden-Xi Call

  • Senior US admin official said US President Biden and China’s President Xi discussed face-to-face meeting and directed teams to follow up; did not discuss any potential lifting of US tariffs on Chinese products.
  • White House said presidents Biden and Xi discussed a range of issues important to bilateral relationship and other regional/global issues.
  • Senior US admin official said Biden and Xi had a ‘direct and honest’ discussion on Taiwan. They discussed areas of cooperation including climate change, health security and counter-narcotics. Biden brought up the long-standing concerns on human rights. Macroeconomic coordination between China and US is of great importance. Biden explained to Xi his core concerns about China’s economic practices.
  • China President Xi told US President Biden that the US should abide by the One China principle, and act in line with its words, according to State Media. On the Taiwan issue, Xi told Biden that ‘those who play with fire will get burned’. Xi told Biden that China fiercely opposes Taiwan independence and the interference of external forces
  • US President Biden told China President Xi that the US stance on One China policy remains unchanged, according to China’s Global Times.

Central Banks

  • BoJ Summary of Opinions (Jul meeting): achieving the price stability target in a stable manner is difficult given developments in the output gap and inflation expectations. The recent resurgence of COVID-19 is extremely rapid, and it is necessary to examine how this will affect financial positions, mainly of small and medium-sized firms. The Bank needs to closely monitor the impact that the recent increase in its Japanese government bond (JGB) purchases to contain upward pressure on interest rates has on the functioning of the JGB market.
  • ECB’s de Guindos says EUR depreciation has been one of the factors behind high inflation, main factor that guides decisions is the evolution of inflation.
  • HKMA buys around HKD 9.656bln from the market to defend the peg.

US Event Calendar

  • 08:30: 2Q Employment Cost Index, est. 1.2%, prior 1.4%
  • 08:30: June Personal Income, est. 0.5%, prior 0.5%
    • June Personal Spending, est. 0.9%, prior 0.2%
    • June Real Personal Spending, est. 0%, prior -0.4%
    • June PCE Deflator MoM, est. 0.9%, prior 0.6%; PCE Deflator YoY, est. 6.8%, prior 6.3%
    • June PCE Core Deflator MoM, est. 0.5%, prior 0.3%; Core Deflator YoY, est. 4.7%, prior 4.7%
  • 09:45: July MNI Chicago PMI, est. 55.0, prior 56.0
  • 10:00: July U. of Mich. Sentiment, est. 51.1, prior 51.1;
    • Expectations, est. 47.5, prior 47.3
    • Current Conditions, est. 57.1, prior 57.1
    • 1 Yr Inflation, est. 5.2%, prior 5.2%; 5-10 Yr Inflation, est. 2.8%, prior 2.8%

DB’s Jim Reid concludes the overnight wrap

Morning from sunny Frankfurt. Today we wave goodbye to July which after the worst first half returns since 1788 in treasuries and 1962 for the S&P 500, is set to launch us into a very strong start to H2. A reminder that in a chart of the day I did back in June, it showed that the worst 5 H1s for equities all saw a big H2 rebound. However there are five long months to go before we can relax.

The key questions from the last 24 hours were 1) Did the Fed pivot on Wednesday? And 2) Is the US in a recession? Treasury markets continued to think the answer to both was yes, which boosted risk sentiment by further capping how far the market thinks the Fed can go. Meanwhile, Presidents Biden and Xi held a phone call, the markets continued to digest the Inflation Reduction Act, the US did see it’s second successive quarter of negative growth, German CPI beat expectations and Amazon and Apple impressed the market with earnings after the bell.

The main macro driver continued to be the interpretation of the July FOMC. Specifically, that the Chair said at some point in the future it may be appropriate to slow the pace of tightening and that he and the Committee paid heed to slowing activity data (more below). The current interpretation being that factors other than inflation were seeping into the Fed’s reaction function. Global yields rallied hard yesterday. 2yr yields were -13.6bps lower at 2.86% while 10yr Treasuries were -10.9bps lower at 2.68%, their lowest since early April. Notably, real yields drove the decline, falling -13.1bps (-26.2bps lower over the last two days, their largest two-day decline since the invasion in early March), suggesting easier expected policy without an impact on inflation, with breakevens up a modest +2.1bps. This is a market believing the Fed will be forced into a pivot, and that slowing activity figures will soon translate into lower inflation. This morning in Asia, yields on 10yr USTs (-1.80 bps) are extending their decline, trading at 2.66% as I type.

Europe outpaced the US with 2yr bunds -18.7bps lower at 0.22%, their lowest since mid-May. 10yr bunds were -11.8bps lower and OATs fell -13.4bps. 10yr BTPs outperformed on the perceived shift in policy tone, down -14.9bps.

Regular readers will know we are skeptical things will work out as the market is increasingly pricing in. Real policy rates remain deeply in negative territory despite the Fed believing they are at neutral. Furthermore, policy works on long and variable lags, not only is 5 months (the amount of time until the market is pricing cuts) a very short amount of time for today’s tightening to bring inflation back from 9%, but the very reaction we’re witnessing in markets means financial conditions have actually eased since the June FOMC meeting. So the Fed has instituted back-to-back 75bp hikes and financial conditions haven’t gotten any tighter. DB research has been putting out a number of pieces addressing this of late. Matt Luzzetti and Peter Hooper put out a piece yesterday showing that the Fed is historically more cautious about cutting rates when core PCE is above 4% (see here), while Tim Wessel on my team showed that markets overestimate how large those cuts will be ahead of time when inflation is that high (see here). However, one needs to be wary of summer seasonals, where August is usually the strongest month of the year, when deciding whether to fight the move now or wait until September.

Adding to the yield rally justification, advanced US GDP came in at -0.9% in 2Q, that is in negative territory for a second straight quarter. This has driven much hand-wringing about whether or not the US is currently in a recession. We won’t know for a while if the NBER officially calls this a recession, as the growth data will undergo plenty of revisions before we have a final number. Further, the NBER actually doesn’t use GDP as one of their indicators for defining recessions, funnily enough, instead amalgamating personal income, payrolls, real PCE, retail sales, household survey employment, and industrial production (which eventually wind up looking a whole lot like GDP). Some of those underlying figures still look quite strong even if the headline GDP figure is not. In the end, whether or not the NBER decides in the future that we are in recession today is almost beside the point: markets will continue to trade based on their perception of the Fed’s responsiveness to slowing activity weighed against runaway inflation.

On that note, the overwhelming perception over the last two days is that slowing activity, will become increasingly more important for policy going forward. This drove risk assets higher for a second straight day across the Atlantic. The S&P 500 increased +1.21% with all but one sector higher, while the NASDAQ was up +1.08%, bringing them +11.06% and +14.24% higher since terminal rates first fell from above 4% in mid-June. In Europe, the STOXX 600 climbed +1.09%, while the DAX and CAC increased +0.88% and +1.30%, respectively.

On the earnings front, Mastercard said that card spending and use of its payments infrastructure have picked up in a big way amidst runaway inflation, pushing the company’s revenue forecast for the year higher. Hard to see how inflation slows if consumers are spending like that.

After the close Apple and Amazon reported earnings on the stronger side of what we’ve seen for mega-caps so far, with both releases containing optimism around supply chains and consumer spending. Apple’s revenues and earnings figures beat street estimates, despite supply chain disruptions from China covid lockdowns, on the back of stronger-than-expected iPhone and iPad sales, with shares rising around +3% after hours. Amazon shares rose more than +12% in after hours trading after beating revenue estimates and revising forecasts higher. While hiring appears to be slowing, Amazon also looks to be unwinding storage capacity, again another sign that supply chain pressures may be easing, while cutting costs.

We got more international data on the great slower activity versus high inflation dichotomy, with German CPI increasing +0.9% MoM versus expectations of +0.6%, bringing YoY to +7.5% versus +7.4% expectations. The EU harmonised measures also beat expectations, climbing +0.8% MoM versus +0.4% expectations while YoY ticked up to +8.5% versus +8.1% expectations.

Asian equity markets are mixed this morning with the Hang Seng (-2.19%) sharply lower and with the Shanghai Composite (-0.71%) and CSI (-1.02%) also slipping on rising expectations of China’s economic growth outlook remaining subdued in H2 after yesterday’s high-level Communist Party meeting omitted its full-year GDP growth target and will instead strive to achieve the best results for the economy this year. Elsewhere, the Nikkei (+0.46%) and the Kospi (+0.43%) are trading in positive territory and more matching western markets.

Talking of which, stock futures in the US are pointing to a strong start with contracts on the S&P 500 (+0.57%) and NASDAQ 100 (+1.21%) both higher on the positive earnings from Amazon and Apple.

Early morning data showed that Japan’s industrial output jumped +8.9% m/m in June (v/s +4.2% expected) posting the biggest one-month gain in nine years as disruptions due to China’s COVID-19 curbs eased. It followed a -7.5% drop last month. But retail sales (-1.4% m/m) unexpectedly contracted in June (v/s +0.2% expected) after an upwardly revised +0.7% increase in May. Separately, July Tokyo CPI advanced to +2.5% y/y in July (v/s +2.4% expected, +2.3% in June) on the back of a hike in utility prices. Meanwhile, labour market conditions in the nation remained relatively healthy as the jobless rate stayed at 2.6% in June (v/s 2.5% market consensus) albeit the job-to-applicants ratio improved to 1.27 in June (v/s 1.25 expected) from 1.24 in May.

Elsewhere, Presidents Biden and Xi had a two-hour phone call. The call covered foreign policy issues surrounding Taiwan and Ukraine. The two leaders reportedly covered areas of mutual cooperation, as well, including using their economic might to prevent a global recession and tasking aides to follow up on climate and healthy security issues. Aides have been tasked with setting up a face to face meeting which seems an impressive development even with the tensions there obviously are between the two sides.

To the day ahead, data includes the employment cost index, PCE, income, and spending data in the US, Tokyo CPI, consumer confidence, jobless rate, retail sales, industrial production, and starts in Japan, CPI and GDP in France, GDP in Germany, and GDP in Canada. It’s another full slate of earnings which will include Sony, Exxon, Procter & Gamble, Chevron, AbbVie, AstraZeneca, Colgate-Palmolive, BNP Paribas, Eni, Intesa Sanpaolo, LyondellBasell, Engie, BBVA, NatWest, and Citrix.

END

AND NOW NEWSQUAWK

NQ continues to outperform post AAPL & AMZN, while JPY dictates FX – Newsquawk US Market Open

Newsquawk Logo

FRIDAY, JUL 29, 2022 – 06:49 AM

  • European bourses are firmer across the board, Euro Stoxx 50 +0.9%, and are set to post their best monthly performance since Nov’20.
  • NQ continues to outperform, +1.2%, amid after-market earnings from AMZN and AAPL
  • DXY attempts to recoup from JPY-induced pressure after USD/JPY dropped to 132.50; EUR fades despite hot-CPI and strong GDP data
  • Crude is bid while TTF relinquishes EUR 200 mark; Saudi-Russia talks and Lavrov looking into a call with US’ Blinken
  • Marked pull-back in core debt but still notably bid for the week as a whole with a busy afternoon docket ahead
  • US President Biden and China’s President Xi discussed face-to-face meeting and directed teams to follow up; did not discuss any potential lifting of US tariffs on Chinese products.
  • Looking ahead, highlights include US Jun PCE, US Chicago PMI, and Canadian GDP. Earnings from Exxon Mobil, Phillips 66, AbbVie, and more.

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

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As of 11:20BST/06:20ET

LOOKING AHEAD

  • US Jun PCE, US Chicago PMI, Canadian GDP.
  • Earnings from Exxon Mobil, Phillips 66, AbbVie, and more.
  • Click here for the Week Ahead preview

GEOPOLITICS

BIDEN-XI CALL

  • Senior US admin official said US President Biden and China’s President Xi discussed face-to-face meeting and directed teams to follow up; did not discuss any potential lifting of US tariffs on Chinese products.
  • White House said presidents Biden and Xi discussed a range of issues important to bilateral relationship and other regional/global issues.
  • Senior US admin official said Biden and Xi had a ‘direct and honest’ discussion on Taiwan. They discussed areas of cooperation including climate change, health security and counter-narcotics. Biden brought up the long-standing concerns on human rights. Macroeconomic coordination between China and US is of great importance. Biden explained to Xi his core concerns about China’s economic practices.
  • China President Xi told US President Biden that the US should abide by the One China principle, and act in line with its words, according to State Media. On the Taiwan issue, Xi told Biden that ‘those who play with fire will get burned’. Xi told Biden that China fiercely opposes Taiwan independence and the interference of external forces
  • US President Biden told China President Xi that the US stance on One China policy remains unchanged, according to China’s Global Times.

RUSSIA-UKRAINE

  • Russian Kremlin, when asked on the West pushing Ukraine to negotiate says it does not see the possibility for talks.
  • Russian Foreign Minister Lavrov says will soon propose a date for a call with US Secretary of State Blinken; interested in Blinken’s proposals regarding the export of Russian grain.
  • US State Department said Russia has acknowledged the request for Blinken-Lavrov call but said there is no update on when they will speak, and added the US continues to expect that Blinken-Lavrov will have an opportunity to speak in the coming days.
  • Russia is reportedly transferring USDs to Turkey for a USD 20bln nuclear facility, according to Bloomberg.

EUROPEAN TRADE

CENTRAL BANKS

  • BoJ Summary of Opinions (Jul meeting): achieving the price stability target in a stable manner is difficult given developments in the output gap and inflation expectations. The recent resurgence of COVID-19 is extremely rapid, and it is necessary to examine how this will affect financial positions, mainly of small and medium-sized firms. The Bank needs to closely monitor the impact that the recent increase in its Japanese government bond (JGB) purchases to contain upward pressure on interest rates has on the functioning of the JGB market.
  • ECB’s de Guindos says EUR depreciation has been one of the factors behind high inflation, main factor that guides decisions is the evolution of inflation.
  • HKMA buys around HKD 9.656bln from the market to defend the peg.

EQUITIES

  • European bourses are firmer across the board, Euro Stoxx 50 +0.9%, and are set to post their best monthly performance since Nov’20.
  • Stateside, the NQ continues to outperform, +1.2%, amid after-market earnings from AMZN and AAPL; US PCE Price Index ahead.
  • Amazon.com Inc (AMZN) Q2 2022 (USD): GAAP EPS -0.20 (exp. 0.13), Revenue 121.2bln (exp. 119.09bln). CFO said they saw a demand increase during the quarter and the Co. had a very strong June; When asked about Walmart (WMT) profit warnings, said the Co. does not notice a step down in June Pre-market +12.0% (Click here for the full release)
  • Apple Inc (AAPL) Q3 2022 (USD): EPS 1.20 (exp. 1.16), Revenue 82.96bln (exp. 82.81bln). iPad: 7.22bln (exp. 6.94bln). iPhone: 40.67bln (exp. 38.33bln). Mac: 7.38bln (exp. 8.7bln). Expect 6% hit from FX in current Q.CFO not providing revenue guidance in conference call; expects services revenue to grow but decelerate from June quarter and sees a tax rate of 16% in the quarter. Pre-market +2.5% (Click here for the full release)
  • Chevron Corp (CVX) Q2 2022 (USD): adj. EPS 5.82 (exp. 5.10), Revenue 65.372bln (exp. 59.29bln)
  • Intel Corp (INTC) Q2 2022 (USD): Adj. EPS 0.29 (exp. 0.70/0.52 GAAP), Revenue 15.3bln (exp. 17.92bln); Sees FY 2022 Revenue View: 65-68bln (exp. 74.34bln; prev. 76bln). Shares fell 8.3%
  • Tesla (TSLA) CEO Musk said inflation may be trending lower, says more Tesla commodity prices are trending down than up, via Twitter.
  • Click here for more detail.

FX

  • Yen recovery momentum gathers pace and extends beyond Dollar pairing to JPY crosses, USD/JPY slides over 2 big figures to test 132.50, EUR/JPY down to 137.56 from 137.32.
  • DXY loses grip of 106.000 post-negative US GDP print and looking for support from PCE, ECI and/or Chicago PMI.
  • Euro fades again irrespective of some encouraging Eurozone data and option expiry interest may be capping, EUR/USD tops out just over 1.0250 yet again and circa 3bln rolling off between 1.2045-50.
  • Rand underpinned by Gold gains and Lira holds above 18.0000 as Turkish trade deficit narrows and Russia transfers funds for a nuclear facility.
  • Sterling fades amidst mixed BoE consumer credit and housing metrics, Cable sub-1.2150 vs 1.2245 at best and EUR/GBP probing 0.8400 vs low around 0.8346 yesterday.
  • Click here for more detail.

Notable FX Expiries, NY Cut:

  • EUR/USD: 1.0050 (1.11BN), 1.0125 (658M), 1.0200 (824M), 1.0205 (838M), 1.0245 (1.28BN), 1.0250 (1.80BN), 1.0300-05 (1.30BN)
  • GBP/USD: 1.1700 (486M), 1.2100 (1.0BN)
  • Click here for more detail.

FIXED INCOME

  • Marked debt retracement following run of even more pronounced recovery gains.
  • Bunds fade just shy of 158.00 again and retreat to 156.21, Gilts reverse around 100 ticks from 118.36 and T-note to 120-21+ from 121-08 at best.
  • Stronger than expected Eurozone data also in the mix along with buoyant risk sentiment and firm oil.
  • Bonds braced for busy pm agenda comprising US PCE, ECI and Chicago PMI.
  • Click here for more detail.

COMMODITIES

  • WTI Sep’22 and Brent Oct’22 are posting gains in excess of 2.0% on the session but remain capped by USD 100/bbl and 105/bbl respectively.
  • Dutch TTF Sep’22 has pulled back to modestly below the EUR 200/mWh mark, but remains bid after several sessions of pronounced price action.
  • Spot gold is relatively contained and resides just above the unchanged mark but continues to be dictated by the USD with the JPY-induced pressure lifting the yellow metal briefly overnight.
  • Saudi Energy Minister and Russian Deputy PM Novak met in Riyadh and discussion cooperation between the two nations, according to Twitter, via Reuters.
  • Click here for more detail.

DATA RECAP:

  • EU HICP Flash YY (Jul) 8.9% vs. Exp. 8.6% (Prev. 8.6%); X F&E Flash YY (Jul) 5.0% vs. Exp. 4.7% (Prev. 4.6%); X Food, Energy, Alcohol & Tobacco Flash YY (Jul) 4.0% vs. Exp. 3.8% (Prev. 3.7%)
  • EU GDP Flash Prelim QQ (Q2) 0.7% vs. Exp. 0.2% (Prev. 0.6%); YY (Q2) 4.0% vs. Exp. 3.4% (Prev. 5.4%)
  • German Unemployment Change SA (Jul) 48k vs. Exp. 15.0k (Prev. 133.0k, Rev. 132k); Unemployment Rate SA (Jul) 5.4% vs. Exp. 5.4% (Prev. 5.3%)

NOTABLE US HEADLINES

  • US President Biden said, after the GDP data, Fed Chair Powell and many significant banking personnel say we are not in a recession.
  • US Treasury Secretary Yellen said US economy remains resilient in the face of headwinds; US economy is now at full employment. She added that there are some signs that inflation is likely to come down in the days ahead.
  • Billionaire investor Bill Ackman said he thinks inflation will begin to come down soon, via Twitter.
  • Biden admin is reportedly planning to offer updated COVID booster shots in September, according to NYT
  • Click here for the US Early Morning note.

APAC TRADE

  • APAC stocks traded mixed despite the positive lead from Wall Street, with Chinese markets lagging.
  • ASX 200 was lifted by gold names amid the recent rise in the precious metal.
  • Nikkei 225 saw mild gains throughout the session but eventually fell into the red amid notable JPY strength, whilst Nissan shares fell over 4% at one point after earnings.
  • KOSPI was propelled by its Telecom sector, with Financials and Industrials also aiding.
  • Hang Seng slipped over 2% with Alibaba shedding 6% after WSJ reported that Jack Ma intends to relinquish control of Ant Group. Headlines pointed out the Hang Seng index has fallen 10% from its June peak.
  • Shanghai Comp held a negative bias as traders reacted to the Biden-Xi call, which included no rollback of Trump-era tariffs. Selling thereafter resumed following downbeat commentary from China’s MOFCOM, suggesting the outlook for H2 trade growth is not optimistic.

NOTABLE APAC HEADLINES

  • China’s Commerce Ministry said China’s foreign trade faces higher risks; the outlook for China’s H2 trade growth is not optimistic, via Bloomberg. MOFCOM said they will study targeted measures for foreign trade, and will step up support for export credit insurance in H2 and expand imports actively and ensure domestic commodity supply, via Reuters.
  • China’s Commerce Ministry official said foundation for consumption recovery is not solid yet, more efforts needed to boost consumption, via Reuters.
  • Japanese government decided to tap JPY 257bln in budget reserves to help with rising oil and broader inflation, according to the MoF.
  • PBoC injected CNY 2bln via 7-day reverse repos with the maintained rate of 2.10% for a net drain of CNY 1bln and for a weekly drain of CNY 12bln
  • PBoC set USD/CNY mid-point at 6.7437 vs exp. 6.7414 (prev. 6.7411)
  • Japan’s Finance Minister Suzuki provides no comment on day-to-day FX moves, closely watching moves with a sense of urgency while working with the BoJ; Japan’s MOF said it did not intervene in FX in the June 29th to July 27th period.

DATA RECAP

  • Japanese CPI, Overall Tokyo (Jul) 2.5% (Prev. 2.3%); Ex fresh food YY (Jul) 2.3% vs. Exp. 2.2% (Prev. 2.1%)
  • Japanese Retail Sales YY (Jun) 1.5% vs. Exp. 2.8% (Prev. 3.6%, Rev. 3.7%)
  • Japanese Industrial O/P Prelim MM SA (Jun) 8.9% vs. Exp. 3.7% (Prev. -7.5%)
  • Japanese IP Forecast 1 Mth Ahead (Jul) 3.8% (Prev. 12.0%); 2 Mth Ahead (Aug) 6.0% (Prev. 2.5%)
  • Japanese Unemployment Rate (Jun) 2.6% vs. Exp. 2.5% (Prev. 2.6%); Jobs/Applicants Ratio (Jun) 1.27 vs. Exp. 1.25 (Prev. 1.24)
  • Korea (Republic of) Industrial Output Growth (Jun) 1.9% vs. Exp. -0.4% (Prev. 0.1%, Rev. 0.2%); YY (Jun) 1.4% vs. Exp. 2.0% (Prev. 7.3%, Rev. 7.4%)
  • Korea (Republic of) Service Sector Output Gr (Jun) -0.3% (Prev. 1.1%, Rev. 1.0%)
  • Australian PPI YY (Q2) 5.6% (Prev. 4.9%); QQ (Q2) 1.4% (Prev. 1.6%)

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED DOWN 29.34 PTS OR 0.89%   //Hang Sang CLOSED DOWN 466.17 OR 2.26%    /The Nikkei closed UP 13.84 OR % 0.05.          //Australia’s all ordinaires CLOSED UP 0.81%   /Chinese yuan (ONSHORE) closed UP AT 6.7355//OFFSHORE CHINESE YUAN UP 6.7343//    /Oil DOWN TO 98.77 dollars per barrel for WTI and BRENT AT 103.98// SHANGHAI CLOSED DOWN 29.34 PTS OR 0.89%   //Hang Sang CLOSED DOWN 466.17 OR 2.26%    /The Nikkei closed DOWN 13.84 OR % 0.05.          //Australia’s all ordinaries CLOSED UP 0.81%   / Stocks in Europe OPENED  ALL GREEN.        ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

3c CHINA

CHINA

Xi chaired his all important Politburo meeting yesterday.

Analyst Wei discusses the main points

(zerohedge/Wei)

President Xi Chaired The July Politburo Meeting Today: Here’s What Happened

THURSDAY, JUL 28, 2022 – 08:50 PM

President Xi chaired the July Politburo meeting today which set the tone for the broad policy stance in 2H of this year.

The statement following the meeting reiterated the “Dynamic Zero Covid” policy stance and focused on implementing the already announced policy measures. On property, the statement restated “housing is for living in, not for speculation” (which was mentioned in the April Politburo meeting), and highlighted that local governments should take responsibilities in “guaranteeing the delivery of homes“, consistent with China Banking and Insurance Regulatory Commission (CBIRC)’s recent statement.

Courtesy of Goldman China analyst Maggie Wei, here are the main points:

1. President Xi chaired the July Politburo meeting today. The statement was mostly a reiteration of implementing the already announced measures, though on the fiscal front, today’s statement hinted at additional local government bond issuance quota. Specifically on fiscal policy, the statement stated it will make the full use of local government special bond (LGSB) proceeds and the limit on outstanding LGSB this year, which could imply at most another RMB 1.5 trillion LGSB issuance quota available for use this year (according to the MOF, the actual outstanding LGSB amount is RMB 20.4 trillion, assuming the annual quota will be fulfilled by year-end, and the limit on the overall LGSB outstanding this year is RMB 21.8 trillion). On monetary policy, Politburo reiterated that liquidity conditions should be reasonably ample, credit support should be stepped up, and policymakers would make the best use of the newly announced credit quota for policy banks and infrastructure investment fund. In recent State Council meetings, policymakers announced an additional RMB800bn policy bank loan quota, and another RMB300bn credit support by policy banks to facilitate infrastructure investment.

2. The July Politburo meeting statement toned down the nationwide full-year economic growth target by requiring “large and capable” provinces (likely referring to coastal provinces which are less hit by Covid lockdowns,) to work hard on achieving full-year economic targets, which stood in contrast to the statement of “working hard to achieve full-year targets” in the April meeting.

3. Today’s statement restated that policymakers would stick to the “Dynamic Zero Covid” policy stance, and highlighted “political considerations” behind this decision. However, policymakers also required to ensure smooth operations of key functions of the society, while working on tracking new variant of Covid and development of Covid treatment. This may imply potential adjustments to the Dynamic Zero Covid policy implementation similar to what we saw in late June as the Covid situation evolves.

4. The discussion around property is not new. The July Politburo meeting emphasized “housing is for living in, not for speculation“, which was mentioned in the April Politburo meeting as well, and added that local governments should take responsibilities in “guaranteeing the delivery of homes“, consistent with CBIRC’s recent statements. Relatedly, an FT article on July 28 reported a potential RMB 200bn program by the PBOC to help facilitate property completions. Regulators and local governments are focusing on continuing construction of pre-sold projects while keeping the broad policy on housing unchanged.

5. In response to the rural bank event in Henan, today’s statement required policymakers to ensure financial stability and properly handle risks from rural banks (Media report suggests policymakers would use 320bn LGSB quota to replenish capital for small and medium-sized banks). On platform company regulation, the statement echoed the positive tone from the April meeting and urged policymakers to complete regulation on platform companies and facilitate a batch of sample investment projects with “green light”. Politburo also discussed securing the supply of food and energy, stabilizing prices, supporting employment of college graduates and working hard on improving people’s livelihood, which are reiteration of recent policy communications.

6. In general, the July Politburo meeting suggests that the “Dynamic Zero Covid” policy stance is here to stay, and while full-year economic targets appear challenging on a nationwide basis. Policymakers would maintain their supportive stance, in particular continue to push for infrastructure investment to support the overall economy. The lack of mentioning of a potential property fund, which was widely discussed over media in recent days might appear disappointing to investors, but there is still a chance that PBOC and relevant government institutions would follow up and announce concrete supportive measures to the property sector in the next few days/weeks.

end

CHINA/COVID

China is at it again: they lockdown Wuhan even though only 4 people were detected with COVID

(zerohedge)

Here We Go Again: Wuhan Locks Down 1 Million People After Detecting Four COVID Cases

THURSDAY, JUL 28, 2022 – 08:10 PM

In yet another prime example of throwing the baby, the bottle, the bonnet, and literally everything else that’s within reach, out with the bathwater, Wuhan has decided to lock down a district of almost 1 million people after discovering just “four asymptomatic Covid cases”.

And to think, Wuhan’s tourism industry was just starting to recover…

But seriously, China’s stringent zero-Covid policy has once again caused the country to enforce draconian lockdowns in Wuhan’s Jiangxia district, where more than 970,000 people live. China called it three days of “temporary control measures,” according to CNN

The province shut down bars, cinemas internet cafes, small clinics, agricultural product marketplaces, restaurant, dining and large gatherings, the report says. It also shuttered events “from performances to conferences,” including all places of worship. Tutoring institutions and tourist attractions also were forced to lock down. 

Public transport in the province has also been suspended and residents have been told not to leave. There have been “four high risk neighborhoods” identified within the province, with four other neighborhoods posing a “medium” risk. 

China is aiming to “further reduce the flow of people, lower the risk of cross-infection and achieve dynamic zero-Covid in the shortest time possible,” a government statement says. The four cases were found during regular testing drives and then through contact tracing of those individuals. 

The lockdowns which China once again re-implemented toward the beginning of this year caused shockwaves for many companies doing business in the country, not the least of which was Tesla, and further exacerbated supply chain bottlenecks – many of which have been in place for almost 3 years now. 

Recall, back in April, Zero Hedge contributor Quoth the Raven asked whether or nothing something was “rotten” in the state of Shanghai’s latest lockdowns. “The actions China has taken to implement this round of lockdowns have been dystopian and Orwellian, to say the least,” he wrote at the beginning of April. 

“There are a innumerable amount of disturbing things about the dystopian way this alleged outbreak is being handled, but none more pressing is the question of why it is being handled the way it is,” he continued. “Why continue the country’s completely irrational and inane “Covid Zero” policy at this point?”

END

4/EUROPEAN AFFAIRS//UK AFFAIRS/

/

GERMANY

German cities turn off hot water and cut lighting at government buildings

(zerohedge)

German Cities Turn Off Hot Water And Cut Lighting At Government Buildings

FRIDAY, JUL 29, 2022 – 05:45 AM

German authorities are scrambling ahead for what could be a hellacious winter of natural gas shortages and skyrocketing prices by announcing new energy-saving measures in cities across the country, reported The Guardian.  

Hanover in northwest Germany turned off hot water in showers and bathrooms at public buildings and leisure areas this week. Municipal buildings in the city will be heated to only 20C (68F) between Oct. 1 – Mar. 31. The use of portable air conditioners and heating fans will be prohibited. 

“The situation is unpredictable,” Hanover Mayor Belit Onay said. “Every kilowatt hour counts, and protecting critical infrastructure has to be a priority.”

In Berlin, the German capital, hundreds of monuments and municipal buildings went dark to reduce electricity consumption. 

And in Munich, in Germany’s south, outdoor spotlights illuminating municipal buildings were turned off as well as hot water to the buildings to save electricity.

The move to reduce energy consumption comes as EU countries earlier this week agreed on a 15% demand cut through next winter as the probabilities of reaching the 80% NatGas storage filling target dwindle as Russian state-owned energy producer Gazprom PJSC’s Nord Stream 1 capacity to Europe was slashed to just 20%

For months, Germany has asked residents to take fewer showers to conserve power.

And the cuts to hot water and lighting might not be enough. 

According to Bloomberg energy expert Javier Blas, with “Nord Stream 1 flowing at just 20% of capacity from July 27, Germany will NOT have enough natural gas to make it throughout the whole winter **unless big demand reductions are implemented**. Berlin will need to activate stage 3 of its gas emergency program.”

Germany appears to be preparing for the possible worst-case energy crunch scenario come winter. It is time for Europe’s largest economy to fire up coal-fired power plants and extend operations of nuclear power plants if they survive this coming winter. 

Germans should familiarize themselves with an ax because it’ll be wood many households will use this winter to heat their homes.

END

UK

Union boss threatens a UK general strike in response to Liz Truss’s crackdown on industrial action

(Zhang/EpochTimes)

Union Boss Threatens UK General Strike In Response To Crackdown On Industrial Action

FRIDAY, JUL 29, 2022 – 03:30 AM

Authored by Alexander Zhang via The Epoch Times,

A union boss has called for a general strike if Britain’s next prime minister brings in legislation to crack down on industrial action that affect the country’s vital national infrastructure.

Foreign Secretary Liz Truss has pledged to ensure “militant action” from trade unions can no longer paralyse the economy if she wins the Conservative leadership contest and becomes prime minister.

Mick Lynch, general secretary of the Rail, Maritime and Transport (RMT) union, said the changes proposed by Truss will “make it virtually impossible to have effective trade unionism” and would “effectively outlaw collective action.”

“Coordinated and synchronised industrial action” would be needed if the legislation is brought in, he told the newspaper on July 27.

A general strike, which can only be called by the Trades Union Congress (TUC), is when a “substantial proportion” of workers in multiple sectors refuse to work until their demands, usually around pay and working conditions, are met.

‘Militant Unions’

Rail passengers suffered fresh travel chaos on July 27 after some members of the RMT and the Transport Salaried Staffs’ Association (TSSA) walked out on strike, crippling services across the country.

Truss said that it was “completely wrong” that passengers are “being held ransom by militant unions.”

She said if she becomes the prime minister, she would introduce legislation within 30 days to require a minimum level of service on vital national infrastructure.

Conservative party leadership contender Liz Truss at Here East studios in Stratford, east London, on July 15, 2022. (Victoria Jones/PA Media)

Tailored minimum thresholds, including staffing levels, would be determined with each industry.

The minimum threshold for voting in favour of strike action will be raised from 40 percent to 50 percent, and the minimum notice period for strike action would be raised from two weeks to four weeks, Truss said.

A cooling-off period would be implemented so that unions can no longer strike as many times as they like in the six-month period after a ballot, and members would no longer receive tax-free payments from trade unions on the days they are on strike.

Truss said “tough and decisive” actions are needed to “limit trade unions’ ability to paralyse our economy” and “cripple the vital services that hard-working people rely on.”

Labour In-Fighting

Meanwhile, the rail strike also triggered in-fighting within the ranks of the main opposition Labour Party.

The party’s shadow transport minister Sam Tarry was sacked on July 27 after he defied Labour leader Sir Keir’s ban on frontbenchers joining the picket lines.

A Labour spokesperson said: “The Labour Party will always stand up for working people fighting for better pay, terms and conditions at work. This isn’t about appearing on a picket line.”

“As a government-in-waiting, any breach of collective responsibility is taken extremely seriously and for these reasons Sam Tarry has been removed from the frontbench,” said the spokesperson.

The sacking was met with fury by trade unions and the left wing of the Labour Party.

Former Labour shadow minister John McDonnell described it as a “severe mistake.”

Gary Smith, general secretary of the GMB union, said it was a “huge own goal” for Labour to “turn a Tory transport crisis into a Labour story.”

END

UK

Energy chiefs fear 40% of Britons could fall into fuel poverty in ‘truly horrific winter’ | Energy industry | The Guardian

Inbox

Robert Hryniak9:26 AM (25 minutes ago)
to

Brace for a terrible fall as realities sink in. Whether one should have or not relied on Russia as much as has occurred it is a reality. A reality that becomes a very expensive divorce with consequences for all parties.

https://www.theguardian.com/business/2022/apr/19/energy-chiefs-fear-40-of-britons-could-fall-into-fuel-poverty-in-truly-horrific-winterend

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

EU/RUSSIA

end

6. GLOBAL ISSUES AND COVID COMMENTARIES

This will become a death wish to many: reformulated booster shots in September

(zerohedge)

Biden Admin To Unveil Reformulated Booster Shots In September

THURSDAY, JUL 28, 2022 – 10:50 PM

The Biden administration is aiming for a mid-September rollout for reformulated Pfizer and Moderna COVID-19 booster shots, after both companies promised they would be able to deliver doses by then, according to the New York Times, citing people familiar with the deliberations.

The new versions are expected to perform better against then now-dominant (yet far more mild than Delta) BA.5 Omicron subvariant, though the Times notes that data on the reformulated shots is still preliminary.

As such, federal officials have decided not to expand eligibility for the next round of existing boosters this summer – which have only been approved for Americans over 50, or those over the age of 12 who have immune deficiencies.

Dr Fauci, interestingly enough, apparently didn’t get his way, as the Times reports that he was pushing for more of the current vaccine to go into arms before the reformulated version is ready.

In internal deliberations, some senior health officials argued that eligibility for a second booster should be broadened before the reformulated version is ready because coronavirus infections are on the rise again. Dr. Anthony S. Fauci, the president’s chief medical adviser, and Dr. Ashish K. Jha, the White House pandemic response coordinator, both advocated that position. -NYT

“I think there should be flexibility and permissiveness in at least allowing” a second booster for younger Americans, Fauci told the Times earlier this month.

Another alternative under discussion was offering the shots only to a subset of younger, at-risk individuals – such as pregnant women (who don’t have periods to disrupt!).

The FDA and the CDC, however, said the government should concentrate on a fall campaign for the reformulated doses, as long as they were ready for ‘prime time’ (disregarding the typical decade of so development and safety testing for most vaccinations, of course). Both Pfizer and Moderna said millions of doses would be ready by mid-September, so regulators made the call to wait for those shots.

All adults are expected to be eligible for the updated boosters, while Children could be eligible as well according to insiders.

According to the Biden administration, anyone who is eligible for shots now should just get them as opposed to waiting for the fall – despite its reduced efficacy against Omicron vs. the original strains it was developed for.

The Times notes that “Deaths from Covid-19 are still heavily concentrated among older age groups, while hospitalizations remain well below the peak of the Omicron wave last winter.

One concern was assuring that people did not get a booster now followed by another with the updated formulation too soon after. Officials worried that, especially for young men, two boosters in close succession might elevate the risk of a rare heart-related side effect, myocarditis, that has been linked to both Pfizer’s and Moderna’s vaccines.

For other reasons, immunologists warn against receiving booster shots in short intervals. -NYT

“You can’t get a vaccine shot Aug. 1 and get another vaccine shot Sept. 15 and expect the second shot to do anything,” said La Jolla Institute of Immunology virologist, Shane Crotty. “You’ve got so much antibody around, if you get another dose, it won’t do anything.”

“The antibodies stop that next dose from working” if the next dose is administered too early, he continued.

It will be interesting to see how many people actually get booster shots, given that federal officials are already concerned over the ‘public’s patience with additional shots,’ according to the Times, which notes that the number of people getting the jab has been dropping more with each new one offered – to the point where fewer than 30% of eligible Americans have elected to receive a second booster, which would be their fourth total shot.

To accomplish the rollout, the Department of Health and Human Services made an advance purchase of 105 million doses of Pfizer’s reformulated offering for $3.2 billion, with a possible fall deployment in mind. A similar agreement with Moderna is expected soon.

end//

Shameful! Ron Paul demands answers after the  NIH admist to redacting COVID 19 origin emails.  According to the NIH this was done to “prevent misinformation”

(zerohedge)

Rand Paul Demands Answers After NIH Admits Redacting COVID-19 Origins Emails ‘To Prevent Misinformation’

THURSDAY, JUL 28, 2022 – 07:30 PM

Senator Rand Paul (R-KY) is demanding answers from the National Institutes of Health (NIH), after he says the agency “has repeatedly disregarded its responsibilities under FOIA (Freedom of Information Act) and the American people’s right to agency records,” according to a Wednesday letter from Paul to NIH Acting Director Lawrence A. Tabak.

“For almost two years, public interest groups and media organizations have been forced to engage in protracted litigation to obtain documents related to NIH’s involvement in COVID-19,” adding “The records NIH has produced have been heavily redacted.”

This suggests NIH is censoring the information it releases to the public about the origins of the pandemic.

Paul cites an article by journalist and former Chuck Grassley investigator Paul D. Thacker, which notes an egregious admission by the NIH in Court that the agency “is withholding portions of emails between employees because they “could be used out of context and serve to amplify the already prevalent misinformation regarding the origins of the coronavirus pandemic.””

In an 18-page declaration to the court, NIH FOIA Officer Gorka Garcia-Malene detailed how the NIH redacts documents in compliance with the law. In the case of Exempt 6 privacy concerns, Garcia-Malene declared:

Exemption 6 mandates the withholding of information that if disclosed “would constitute a clearly unwarranted invasion of personal privacy.” 5 U.S.C. § 552(b)(6). Exemption 6 was applied here due to the heightened public scrutiny with anything remotely related to COVID-19.

Mr. Garcia-Malene also claimed that information had be redacted “because of the amount of misinformation surrounding the pandemic and its origins.” Seriously, the NIH is now arguing in court that because there is so much misinformation about how the pandemic began, they can’t release facts that might clear up misinformation about how the pandemic began.

The NIH was responding to a case brought by US nonprofit Right to Know, after the NIH deleted coronavirus sequences that Chinese researchers added to the NIH’s Sequence Read Archive. As Thacker notes, “These datasets involved key studies that virologists were using at the time to promote the now discredited theory that the COVID-19 virus may have passed from pangolins to humans.

In the case at hand, the NIH attempted (and succeeded) at sealing the name of a Chinese researcher which had already been made public.

More via Disinformation Chronicle:

Last week, the NIH filed a motion in a Virginia court to seal portions of documents that reference the Chinese researcher and an NIH official in a lawsuit filed against the agency for redacting and covering up records that might explain how the pandemic began.

“[T]he individuals have a substantial privacy interest in avoiding harassment or media scrutiny that would likely follow disclosure,” wrote a lawyer for the NIH to the judge. “Sealing is therefore necessary to protect this information from any further public dissemination.”

But what is actually being protected? The American public’s right to access public information that may reveal what kicked off the pandemic, or the purported privacy rights of a scientist who lives thousands of miles away in China? This legal ploy further highlights the NIH’s aggressive, haphazard approach to redacting documents and hiding information that might explain how the pandemic started.

Last summer Buzzfeed released an investigation of the NIH’s Anthony Fauci and reported that the documents the agency released were “just a portion of what was requested, and they are filled with redactions, making them an incomplete record of the time period and Fauci’s correspondence.” Meanwhile, the Intercept reported in February that the NIH continues to withhold critical documents that could shed light on how the epidemic began, noting that the agency sent them 292 pages of fully redacted records.

Among these pages, the NIH fully redacted the 2020 COVID-19 research plan put together by Anthony Fauci.

A week after The Intercept story, The Chief Records Officer for the U.S. Government sent the NIH a letter asking them to investigate allegations that agency personnel are shredding documents related to grant-making decisions and funding for research in China.

Kangpeng Xiao’s name became public in December 2020, when the nonprofit U.S. Right to Know published a report on revisions to coronavirus sequences that Chinese researchers had added to the NIH’s Sequence Read Archive. These datasets involved key studies that virologists were using at the time to promote the now discredited theory that the COVID-19 virus may have passed from pangolins to humans.

“These revisions are odd because they occurred after publication, and without any rationale, explanation or validation,” wrote Sainath Suryanarayanan, in the December 2020 report for U.S. Right to Know. The nonprofit based their report on NIH documents they received from a FOIA request.

According to these documents, several Chinese scientists asked the NIH to alter coronavirus sequences stored on the NIH database, with many of these requests coming from Kangpeng Xiao with the South China Agricultural University. In one case, Xiao asked NIH official Rick Lapoint in March 2020 to delete some coronavirus sequences.

A few months later, Xiao published a prominent paper on May 7, 2020, in the journal Nature that argued a coronavirus discovered in pangolins was closely related to COVID-19. But as U.S. Right to Know discovered, Xiao’s request to delete coronavirus sequences from the NIH’s Sequence Read Archive (SRA) was just one of many changes.

Xiao et al. made numerous changes to their SRA data, including the deletion of two datasets on March 10, the addition of a new dataset on June 19, a November 8 replacement of data first released on October 30, and a further data change on November 13 — two days after Nature added an Editor’s “note of concern” about the study.

Eventually, Nature’s “note of concern” attached to Xiao’s 2020 study changed to a very lengthy correction in late 2021 that explained that data “were mislabelled and attributed incorrectly.” That correction also thanked Alina Chan of Harvard and the Broad Institute “for bringing the errors to our attention.” Chan later tweeted that Nature refused to publish her analysis of the viruses and merely folded her study into their correction.

NIH coronavirus database becomes national news

This U.S. Right to Know report was largely ignored, but last summer, coronavirus sequences at the NIH SRA became national news when Jesse Bloom, a virologist at the Fred Hutchinson Cancer Center, published a preprint on NIH sequences that Chinese researchers had deleted. As Bloom explained in an email to NIH leadership at the time, “[T]his can be a good opportunity for the NIH to take the lead by using its remarkable data archives to make progress in resolving some of the important questions about the virus’s origins.”

The NIH would not disclose to reporters the names of Chinese researchers who requested sequence deletions, but the New York Times later identified one of the scientists as Ben Hu at Wuhan University.

Empower Oversight referenced Kangpeng Xiao’s identity in federal court recently on July 11, when the nonprofit charged that the NIH was improperly redacting documents when responding to their FOIA requests. In one case, the NIH had provided Empower Oversight with an October 12, 2021, email from Jesse Bloom to the NIH discussing a scientist’s request to delete NIH SRA sequences. Citing Exemption 6, which covers privacy concerns, the NIH redacted both the names of the requestor and the NIH official that Bloom cited in his email

Read the rest from Thacker here

Paul has demanded the NIH answer the following questions:

end

Dr Paul Alexander..

THIS IS BIG

Health Care Workers Settle COVID Shot Mandate for $10.3 Million

25,000 USD per person

Dr. Byram W. BridleJul 29

FOR IMMEDIATE RELEASE: July 29, 2022

PRESS RELEASE

Media@LC.org ■ Office: 407-875-1776■ Cell: 407-462-9715 ■ LC.org

Health Care Workers Settle COVID Shot Mandate for $10.3 Million

CHICAGO, IL – Today, Liberty Counsel settled the nation’s first classwide lawsuit for health care workers over a COVID shot mandate, for more than $10.3 million. The class action settlement against NorthShore University HealthSystem is on behalf of more than 500 current and former health care workers who were unlawfully discriminated against and denied religious exemptions from the COVID shot mandate. The agreed upon settlement was filed today in the federal Northern District Court of Illinois.

As a result of the settlement, NorthShore will pay $10,337,500 to compensate these health care employees who were victims of religious discrimination, and who were punished for their religious beliefs against taking an injection associated with aborted fetal cells.

This is a historic, first-of-its-kind class action settlement against a private employer who unlawfully denied hundreds of religious exemption requests to COVID-19 shots.

The settlement must be approved by the federal District Court. Employees of NorthShore who were denied religious exemptions will receive notice of the settlement, and will have an opportunity to comment, object, request to opt out, or submit a claim form for payment out of the settlement fund, all in accordance with deadlines that will be set by the court.

As part of the settlement agreement, NorthShore will also change its unlawful “no religious accommodations” policy to make it consistent with the law, and to provide religious accommodations in every position across its numerous facilities. No position in any NorthShore facility will be considered off limits to unvaccinated employees with approved religious exemptions.

In addition, employees who were terminated because of their religious refusal of the COVID shots will be eligible for rehire if they apply within 90 days of final settlement approval by the court, and they will retain their previous seniority level. 

The amount of individual payments from the settlement fund will depend on how many valid and timely claim forms are submitted during the claims process. If the settlement is approved by the court and all or nearly all of the affected employees file valid and timely claims, it is estimated that employees who were terminated or resigned because of their religious refusal of a COVID shot will receive approximately $25,000 each, and employees to were forced to accept a COVID shot against their religious beliefs to keep their jobs will receive approximately $3,000 each.

The 13 health care workers who are lead plaintiffs in the lawsuit will receive an additional approximate payment of $20,000 each for their important role in bringing this lawsuit and representing the class of NorthShore health care workers.

Liberty Counsel will receive 20 percent of the settlement sum, which equals $2,061,500, as payment for the significant attorney’s fees and costs it has required to undertake to sue NorthShore and hold it accountable for its actions. This amount is far less than the typical 33 percent usually requested by attorneys in class action litigation.

In October 2021, Liberty Counsel sent a demand letter to NorthShore on behalf of numerous health care workers who had sincere religious objections to NorthShore’s “Mandatory COVID-19 Vaccination Policy.” If NorthShore had agreed then to follow the law and grant religious exemptions, the matter would have been quickly resolved and it would have cost it nothing. But, when NorthShore refused to follow the law, and instead denied all religious exemption and accommodation requests for employees working in its facilities, Liberty Counsel filed a class action lawsuit, along with a motion for a temporary restraining order and injunction.

Liberty Counsel Vice President of Legal Affairs and Chief Litigation Counsel Horatio G. Mihet said, “We are very pleased with the historic, $10 million settlement achieved in our class action lawsuit against NorthShore University HealthSystem. The drastic policy change and substantial monetary relief required by the settlement will bring a strong measure of justice to NorthShore’s employees who were callously forced to choose between their conscience and their jobs. This settlement should also serve as a strong warning to employers across the nation that they cannot refuse to accommodate those with sincere religious objections to forced vaccination mandates.”

Mat Staver, Founder and Chairman of Liberty Counsel said: “This classwide settlement providing compensation and the opportunity to return to work is the first of its kind in the nation involving COVID shot mandates. This settlement should be a wake-up call to every employer that did not accommodate or exempt employees who opposed the COVID shots for religious reasons. Let this case be a warning to employers that violated Title VII. It is especially significant and gratifying that this first classwide COVID settlement protects health care workers. Health care workers are heroes who daily give their lives to protect and treat their patients. They are needed now more than ever.”

The original source of this report can be found

 here.


end

GLOBAL COMMENTARIES/SUPPLY ISSUES

Global air travel is witnessing logjams on a continual basis as it disrupts countless summer travel plans

(Hisle/EpochTimes)

Global Air Travel Logjam Stumps Airlines, Disrupts Countless Summer Travel Plans

THURSDAY, JUL 28, 2022 – 11:10 PM

By Janice Hisle, of Epoch Times

Summertime is supposed to be joyful for travelers heading to vacation destinations—and airlines, too, because that’s when they typically rake in cash by the barrel.

But 2022 has ushered in a summer of discontent for passengers and airlines worldwide, as airlines’ plans for rebounding from the COVID-19 pandemic travel slump have hit one logjam after another.

Across the globe, especially in Europe, there’s a new epidemic: canceled, overbooked, and delayed flights—and airport storage areas overflowing with lost and misdirected baggage. These once-rare annoyances of air travel are now more commonplace; travelers who took smooth operations for granted now expect snafus—a new mindset that has changed the way they plan trips.

To prevent issues, savvy travelers are increasingly entrusting delivery services like FedEx or UPS to transport luggage to their destinations. Some are putting GPS-enabled devices into their luggage, such as Apple’s AirTag or the Tile tracker. And people traveling in groups are sprinkling a few pieces of clothing per person into each checked bag instead of risking having someone lose an entire vacation wardrobe.Airport information screens are showing “ON TIME” less frequently this summer. (Stock photo/Matthew Smith/Unsplash)

For now, if an air traveler manages to have a leisurely getaway and hassle-free experience, they might feel like they’ve won the lottery. Chances for bad experiences have increased, a trend likely to continue as the summer progresses, says Jay Ratliff, an aviation expert with more than three decades of experience.

“Travel used to be something we enjoyed. But it’s turned into something we endure,” he said. One day last week, Ratliff’s email was brimming with more than 800 new messages, many of them from fed-up airline customers turning to him for help—or to vent.

“I’ve never seen it this bad, industry-wide,” said Ratliff.

“There are a lot of things contributing to this mess that we’re in, but it comes down to the airlines trying to operate too many flights, and they simply didn’t have enough employees to pull it off,” Ratliff said, noting the situation is “10 times worse in Europe.”

Ratliff said that the percentage of flight delays serves as a barometer for how bad the problems are. During average years, he would see single-digit percentages of delayed flights for many airlines across the globe. But one day last week, 54 percent of British Airways flights were behind schedule, for example. He rattles off other recent jaw-dropping statistics at major hubs: In Brussels, Belgium, up to 72 percent of flights were late, and in Frankfurt, Germany, 68 percent of flights were delayed.

In many cases, flight delays cause missed connections. When those passengers seek rebooking, the airlines often cannot find seats for them because flights are filled. That can leave passengers stranded at unintended destinations for hours, or even days.

Ratliff said that several airports have been “begging airlines to stop selling tickets because terminals are filling up” with travelers waiting for rebooked flights.

Adding to the mess: rental cars are scarce, another COVID-created problem. When pandemic was raging, few people were renting cars. That prompted rental companies to sell portions of their fleets. They also halted plans to buy replacements. Now that travelers are back, rental agencies are having problems securing new vehicles, which are selling at inflated prices. So when people try to get a rental car at the last minute, either because they failed to plan or were stranded by flight disruptions, they often rely on Uber or Lyft, or they may roam the airport for a prolonged period.Lufthansa was forced to cancel flights affecting about 130,000 passengers because of a worker strike set for July 27, 2022. (Kai Pfaffenbach/File Photo, 2020/Reuters)

This week, Europe’s woes worsened. German-based Lufthansa airlines announced it was canceling “almost all flights to and from Frankfurt and Munich.” The cancellations took effect July 27 because a union representing ground workers was waging a single-day walkout to demand higher pay. In a statement, the airline said the impact was “massive;” cancellations affected more than 130,000 passengers.

Ratliff, who worked in management for Northwest Airlines from 1981-2001, explained how the COVID-19 pandemic set the stage for the current crisis. Airlines were forced to cut their workforces through layoffs and early retirements. Those measures were necessary to stay afloat when demand for air travel slowed to a trickle during the pandemic’s worst surges in 2020-21. “What business can survive with 95 percent of their customers no longer knocking on the door?” he asked.

Airline executives reasoned that travel demand would eventually come roaring back—and when it did, they’d hire replacements for the former employees. But it wasn’t that simple. “They found they weren’t able to hire as fast as they thought they could,” Ratliff said. Background screenings and training for new workers can be time-consuming, too.

As a result, many airlines and airports remain understaffed in many job categories, ranging from pilots to baggage handlers to ticketing agents and customer service reps.Suitcases are seen uncollected at Heathrow’s Terminal Three baggage reclaim, west of London, on July 8, 2022. (Paul Ellis/AFP via Getty Images)

Anticipating a staffing shortfall, airlines cut back flights during summer, when they would typically add flights. Those cutbacks surely made airline executives wince, Ratliff said. “They want as many of those ‘silver revenue tubes’ flying as they can during the summer,” he said, “because that’s the time when they make their money.”

However, Ratliff said that even the curtailed flight schedules “assumed a perfect scenario” from May-June this year. During the Memorial Day weekend travel rush, it became clear that those ideal projections were unrealistic; systems disintegrated if bad weather rolled in or if a handful of employees called in sick, sometimes suffering from COVID-19. Such unpredictable events are capable of touching off a domino effect of airport problems. That was true even in the pre-pandemic era. But this summer, the airport house-of-cards is so precarious, a major thunderstorm could cause “a coast-to-coast cascading problem” that might persist for weeks, Ratliff said.

Still, U.S. airlines are faring better than European ones. Airlines in Europe are having more trouble adjusting because demand for travel in those nations continued to lag while U.S. travel demand gradually picked up. During that ramp-up period, especially in the past year or so, U.S.-based airlines “learned some things,” Ratliff said; executives could see that they would need to curtail flights because they lacked the personnel to keep pace.

Meanwhile, Europe faced a 77-percent drop in international traffic—or more—“and then, all of a sudden, here they come,” travelers flocking to Europe to fulfill long-delayed travel itineraries, Ratliff said.

Europe’s air-travel landscape is “a crazy, crazy mess,” Ratliff said, blaming it on flight schedules that were even more “aggressive” than many American air carriers’ schedules.

“This is a self-inflicted airline problem,” Ratliff said. “They rolled out this summer schedule thinking they could operate more flights than they were able to do.

They miscalculated. And who’s paying for it? The poor passengers.”

Travelers who expected to follow a nice, curved arc from their point of origin to their destination instead ended up bouncing along a zigzag path. In the worst single travel nightmare that Ratliff had heard of, a family started its journey with seven boarding passes—and ended up with 96 of them.KLM, a Dutch airline, recently suffered a baggage system malfunction. This 2020 file photo was taken in Amsterdam. (Piroschka van de Wouw/Reuters)

A synopsis of that family’s odyssey: After leaving Washington’s Dulles Airport, the group ended up missing flights, then being rebooked in multiple international hubs. “And, of course, their bags—did they keep up?” Ratliff asked. “Ha, not a chance!”

Additional problems with flights and baggage seem to grab headlines every few days. Last week, a baggage-system malfunction at Amsterdam Airport Schiphol caused KLM (Royal Dutch Airlines) in the Netherlands to take an unusual step. On July 20, the airline could not process luggage for most of the day, the airline said in a statement. As a result, “thousands of suitcases” were left behind while their owners traveled to other places. The next day, July 21, KLM refused to accept checked bags for passengers traveling between European cities. The goal was to “free up as much space as possible” on that day’s flights so that left-behind baggage could be transported.

In the U.S., there is a shortage of baggage handlers partly because of uncompetitive wages, Ratliff said. In some places, those jobs pay about $16 an hour, he said, “and you could go work at McDonald’s in that same airport for $20 an hour—so why would you want to go out and work in all kinds of weather when you can be inside and make more money?”

Many travelers are putting tracking devices on their luggage—but that doesn’t always help. Even if the tracker reveals the bag’s location, some passengers are reporting that airlines are telling them to travel to distant cities to retrieve their bags.

Existing methods for reuniting lost bags with their rightful owners are being stretched to their limits by the current crisis—which affected Joanne Prater and her family in ways they never anticipated. Prater, who is Scottish and lives in the United States, says her 50-day quest to recover a checked bag has made her painfully aware of the inconvenience, stress, and emotional impact that people can experience over checked items that go missing.

Longing to visit her family in Scotland, Prater scored a deal for half-price airfare: $500 per person, including checked bags. She, her husband, and their three sons drove from their Cincinnati-area home to Chicago. On June 6, they boarded an Aer Lingus flight and were bound for Dublin, Ireland, and Glasgow, Scotland. But when the family arrived at their destination, one bag belonging to her two youngest sons, ages 12 and 8, was missing.

As a result, the boys had only “the clothes on their backs,” Prater said. Worse yet, the bag contained a varsity jacket that holds special meaning for the family, along with team jerseys that the boys wanted to show off to their relatives. “How do you explain to your children that their favorite clothes are missing?” Prater said. After it became clear that the boys’ bag wouldn’t materialize anytime soon, the family purchased several outfits for them, paying the U.S. equivalent of about $500.

Prater repeatedly called the airline, sometimes stuck on hold for 45 minutes, only to have the call disconnected or to be in touch with a representative with whom she had communication difficulties. She finally resorted to returning to the Glasgow airport during her vacation, hoping that in-person contact would prove more fruitful than phone calls or electronic messages.

At the airport, an Aer Lingus employee did seem sympathetic to her concerns. To Prater’s surprise, the employee escorted her into a corridor that was outside public view. There, a sight took Prater’s breath away: the hallway was lined with hundreds of pieces of luggage and other lost articles, such as strollers, car seats, and golf clubs.

“People save all their lives for a dream vacation to come to my country, Scotland, where golf was invented, only to have their golf clubs lost? I mean, men collect clubs, and they’re expensive; you’re not bringing Fisher-Price clubs to Scotland to play golf,” Prater said. “It was just gut-wrenching to me. I’m standing there thinking about all of these poor families without their strollers, without their car seats, without their clothing.”

Despite repeated attempts to find the missing suitcase,  the Praters returned home to the United States without it.  Prater continued her attempts to file various complaints with the airline, to no avail.

Prater said she feels a kinship with other people who have formed groups on social media to vent their frustrations and to try to help each other locate their lost belongings. As of July 26, there was still no sign of the Praters’ bag, which was last seen in Dublin in early June, Prater said she was told.

When The Epoch Times asked Aer Lingus for comment on Prater’s situation, the airline responded via email: “We understand the concern and frustrations felt by our customers whose baggage has been delayed and the impact this has had on their travel plans. Regrettably, our airline is being impacted by widespread disruption and resource challenges.” The airline also said it is taking steps to resolve the issues, including enlisting help from third-party companies to return items to their owners.

Prater said she isn’t holding out much hope that the lost bag can be found, yet she still isn’t giving up because, “at this point, it’s about accountability.” It angers her that airlines seem to have offered flights and baggage services that they were ill-equipped to provide. “I’m probably never going to check a bag again because of this experience,” she said.

Ratliff, the aviation expert, said he doesn’t see the airline crisis abating quickly. He predicts issues could persist into mid-2023. In his view, “If the airlines have packed airplanes now, treating passengers the way they’re treating them, there’s not really an incentive for them to change how they’re doing things.”

Troubleshooting Tips for Travelers

Jay Ratliff, an aviation expert, provides these tips for avoiding airline-related hassles:

  • Make your reservations as far in advance as possible, which also protects you from fare increases.
  • Catch the first flight in the morning. “There is no more important flight of the day for an airline than that first flight of the day,” he said because airlines know that if that flight goes out on time, it’s more likely that the rest of that day’s flights will follow suit. “And,” Ratliff said, “it’s going to be the cleanest airplane because no one has been flying in it yet.”
  • Put a copy of your itinerary into your bag before you close it, increasing the chances that an airline employee will be able to return your bag to you if it is lost.
  • Consider purchasing a tracking device such as Apple’s AirTag or a Tile.
  • Take a photograph of your bag as you’re checking in to aid in locating it.
  • Make sure you never put essential items such as medication or car keys into a checked bag.
  • Allow extra time at the airport, reducing the chance you’ll miss your flight and face a nightmare rebooking it. “Let’s not play the game of ‘let’s see how close we can cut it,’” he said.
  • If you have an important event such as a cruise ship departure or a wedding to attend at your destination, build a “buffer” into your travel plans.
  • If your flight is delayed or canceled, use social media to contact airlines because they likely have more people working on social media than they do working the phones, Ratliff said. Be succinct in sharing what’s going on and what you need.
  • If all else fails and you have a horrible experience with your flight or luggage, fill out an airline complaint form with the U.S. Department of Transportation (DOT). “That completely changes the tone of the conversation,” Ratliff said. “The airlines can ignore us (individual passengers), but they can’t ignore the DOT.”

end

GLOBE//CLIMATE CHANGE AGENDA//

xx

VACCINE INJURY/

Vaccine Impact

Los Angeles Public Health Director Barbara Ferrer Backs Down Indoor Mask Mandates As Multiple Cities Refused EnforcementJuly 28, 2022 9:48 pmEarlier this month we reported that LA County Chief Medical Officer Dr. Brad Spellberg went public to humiliate Los Angeles County Public Health Director Barbara Ferrer’s announcement that COVID-19 cases were on the rise and new face mask mandates were needed soon. “In a sign that perhaps even the pro-pharma pro-vaccine medical professionals are starting to get tired of the constant COVID hype and are beginning to speak out against health politicians who are appointed bureaucrats and never elected by the people to their public office, LA County Chief Medical Officer Dr. Brad Spellberg went public recently to humiliate Los Angeles County Public Health Director Barbara Ferrer’s announcement that COVID-19 cases were on the rise and new face mask mandates were needed soon.” Apparently the public put more stock into what Dr. Spellberg was saying as opposed to what the public health politicians wanted people to believe, and Los Angeles County Public Health Director Barbara Ferrer backed down on the mask mandates today (for now), as several cities stated they would not enforce it.
Read More…

Read More…

MICHAEL EVERY

Michael Every  on the day’s most important topics

And now Michael Every…(MAREY)

Rabobank: Biden’s Bizarre Damage Control Tour Culminated With CEOs Talling Him Economy Is Ok

FRIDAY, JUL 29, 2022 – 10:15 AM

By Philip Marey, senior strategist at Rabobank

Tell us we’re OK

After a temporary step back, the S&P500 shrugged off the bad GDP report and resumed its upward trajectory yesterday. Meanwhile, the 10 year US treasury yield moved sideways after a steep decline upon publication of the report. At the same time, EUR/USD drifted upward.

Yesterday, the BEA confirmed that the US economy has had two consecutive quarters of negative GDP growth, which means a ‘technical recession’ in the first half of this year. After -1.6% growth in the first quarter, the advance estimate for the second quarter is -0.9%. While the contraction of GDP in Q1 was largely caused by net exports (more than 3 ppt contributed), inventories contributed more than 2 ppt to the GDP decline in Q2.  However, while personal consumption and business investment grew at a decent pace in Q1, personal consumption slowed down considerably in Q2, business investment came to a standstill, and residential investment saw a steep decline. In other words, domestic demand showed a major slowdown in Q2.

This suggests that underlying momentum in the economy is fading and it is only a matter of time before businesses slow down hiring. At the moment, they are still hiring at a high pace to keep up with excess demand for goods and services, but if this comes down, we are going to see a slowdown in employment growth as well. Eventually, when employment growth turns negative and the unemployment rate rises, the NBER will declare an official recession. For a more detailed analysis, including implications for the Fed, we refer to our report Technical recession.

Before and after the GDP release, the White House spin doctors were working overtime to convince the voters that this is not a recession. Treasury Secretary Janet Yellen told us that “the economy’s deceleration would help the US settle into a more steady state of growth.” Does she mean a negative growth rate? The damage control measures culminated in a bizarre press conference where President Biden asked selected captains of industry to tell him that the US economy was strong.

This morning, a series of European GDP reports were published. Our European economist Maartje Wijffelaars provided the following comments. France GDP grew with 0.5% q/q in Q2. This was a bit better than consensus 0.2% q/q and our own forecast of 0.3% q/q. The growth figure was driven by net exports: exports grew, while imports declined. Export growth merely stemmed from increased services exports, while goods exports contracted. Domestic demand (excluding inventories) was flat, with a contraction in private consumption and positive investment growth. The contribution of changes in inventories was slightly positive (+0.1pp). Meanwhile, production of both goods and services went up, while production in construction contracted. Especially the services sector posted upbeat figures, with accommodation and food services leading the way (+6.7% q/q versus -2.1% q/q in Q1). Production of food products and production of energy contracted.

With GDP growth of 1.1% q/q in Q2, Spain posted a much larger growth figure than expected. Growth was driven by large gains in private consumption (+3.2% q/q) and fixed investment (2.8%). The latter was driven by construction investment, whereas machinery and equipment investments contracted. The former likely at least partly results from government subsidies to make buildings more energy efficient. Furthermore, the positive GDP surprise partly results from a larger than expected boost in activity in recreation sectors and a recovery in production and sales after heavy transport strikes end Q1. Going forward, we remain of the view that the economy will substantially slow down and enter contractionary territory over the course of 22H2, when a boost coming from the tourism sector fades and ultra low consumer confidence and historically high inflation (10.5% in July) squeeze household expenditures.

In Germany, GDP growth slowed down quarter-on-quarter to 0.0% in Q2 from 0.8% in Q1 (upward revision from 0.2%). German Q2 GDP was supported by private and public consumption, while net foreign demand made a negative contribution. Destatis blames the pandemic, interruptions in supply chains and the war in Ukraine. Going forward the outlook for Germany is rather bleak, with both the manufacturing and services PMI in negative territory in July and the energy crisis significantly clouding its industry outlook. We forecast the German economy to enter a recession in the second half of this year.

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

Why The US Is Desperate For A Russian Oil Price Cap

FRIDAY, JUL 29, 2022 – 03:25 PM

By Tsvetana Paraskova of OilPrice.com

  • International oil prices are set to spike later this year when the EU ban on providing insurance for the transportation of Russian oil takes effect.
  • In order to stop pricing spiking, the United States is attempting to get major oil importers to endorse a plan to cap the price of Russian oil.
  • While China and India may be tempted to agree to an oil price cap, Russia could retaliate by stopping the export of oil.

The United States is looking to convince major oil importers, including Russia’s key buyers these days, China and India, to endorse a plan to cap the price of Russian oil they are buying.  The U.S. and other major developed Western economies are wary of letting international crude oil prices spike later this year when the EU ban on providing insurance and financing for seaborne transportation of Russian oil takes effect in December.   

Russia will be effectively shut out of more than 90% of the global oil shipment insurance market as most of the ports do not allow tankers to dock unless they have full insurance coverage, including insurance from the UK-based International Group of P&I Clubs, which handles 95% of the global tanker insurance market and consists mostly of UK, U.S., and European insurers.

This would severely cripple the flow of Russian oil globally, potentially leading to record-high oil prices, which the Biden Administration simply cannot afford to have right now, especially after boasting just a few days ago that “Gas prices are declining at one of the fastest rates we have seen in over a decade – we’re not letting up on our work to lower costs even further.” 

In addition, soaring fuel prices would further stoke already four-decade high inflation and further complicate the Fed’s efforts to tame that inflation with aggressive key interest rate hikes.  

So, the G7 group of leading industrialized nations, led by the U.S., is considering waiving the ban on insurance and all services enabling transportation of Russian oil if that oil is bought at or below a certain price, yet to be decided.  

The Biden Administration and U.S. Treasury Secretary Janet Yellen have been pushing for weeks to have as many oil buyers as possible agree to a price cap plan. The alternative – choking off a large part of Russian exports by denying altogether maritime transportation services – would send oil prices to never-seen highs, tanking the global economy with enormous fuel and energy costs and sending rampant inflation even higher. 

The U.S. Administration is holding talks on a possible price cap with major oil importers, including China and India, officials have told the Financial Times

China and India have stepped up purchases of heavily discounted Russian oil in recent months, while European buyers are retreating and winding down imports ahead of the EU embargo on imports of Russian seaborne crude and refined products set to kick in at the end of this year. 

“Russian production is going to fall when the services ban fully kicks in, unless we use the price cap to allow exports to continue,” an official close to the talks told FT, adding, “It is the one way of preventing a significant rise in prices.” 

The U.S. Administration believes that the insurance ban on Russian oil exports could severely cripple Moscow’s supply to the market, pushing up oil prices. Russian crude and products exports are too big as a share of the global oil market to not have access to tankers and insurance, U.S. officials tell FT. 

Therefore, the U.S. is trying to rally major oil importers around the idea that they would pay less for Russian oil under a price cap mechanism, while at the same time looking not to stifle 7-8% of the daily global oil and product flows. 

Cutting off most of Russia’s exports via the insurance ban without exemptions with a price cap would result in soaring oil prices which will negate any efforts to cut Putin’s revenues from oil, U.S. officials argue.  

“We want to keep it being sold somewhere in the global economy to hold down global oil prices generally, but we want to ensure that Russia doesn’t make undue profit from those sales,” Treasury Secretary Yellen told NPR last week.   

“And a price cap is the answer we’ve come up with to serve both of those objectives.” 

While negotiations are ongoing, an agreement is still a way away. 

“We’re trying to perfect the mechanism of how that would actually look and how it would work. We’re not at a point where we have an agreement,” Amos Hochstein, the special U.S. presidential coordinator for international energy affairs, told Yahoo Finance this weekend.   

“We have an agreement in principle with the major economies of the G7, but not an actual agreement,” Hochstein added. 

The implementation of a price cap would be a challenging undertaking and would ideally need China and India on board to have a real impact. The two large Asian importers could be inclined to entertain the idea of a price cap as this would reduce their energy import bills, a senior G7 official told Reuters this week.

Russian Retaliation?

Some analysts warn that a price cap would not only be difficult to implement, but it could also prompt Russia to retaliate by stopping the export of oil. 

Last week, Russian Deputy Prime Minister Alexander Novak said that Russia would not supply oil to the global markets if the price cap being discussed was set at a level below Russia’s cost of production.

U.S. Treasury Secretary Yellen has repeatedly said that the price cap would not be set below Russia’s cost of production. 

But last Friday, Russia issued a not-so-veiled warning to the countries considering joining a price cap mechanism. 

Russia’s Central Bank Governor Elvira Nabiullina told Russian reporters on Friday that “as far as I understand, we will not supply oil to countries that will have imposed a price cap.” 

Russia will redirect its crude and refined products exports to those countries that “are ready to cooperate with us,” Nabiullina added.    

END

  

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

PANAMA

SRI LANKA

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

Euro/USA 1.0225 UP  0.0033 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 133.36   DOWN 1.045 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2174 UP   0.0002

 Last night Shanghai COMPOSITE CLOSED DOWN 29.34 POINTS DOWN  0.89%

 Hang Sang CLOSED DOWN 466.17 PTS OR 2.26% 

AUSTRALIA CLOSED UP 0.81%    // EUROPEAN BOURSES  ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 466.17 PTS OR  2.26% 

/SHANGHAI CLOSED DOWN 29.34 PTS UP 0.89% 

Australia BOURSE CLOSED UP 0.81% 

(Nikkei (Japan) CLOSED UP 13.84 OR 0.05%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1760.80

silver:$20.11

USA dollar index early FRIDAY morning: 105.76  DOWN 47  CENT(S) from THURSDAY’s close.

 FRIDAY  MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.84% DOWN 7  in basis point(s) yield

JAPANESE BOND YIELD: +0.175% DOWN 2     AND 0/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.93%// DOWN 7   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.12  DOWN 15   points in basis points yield ./

GERMAN 10 YR BOND YIELD: FALLS TO +0.8125% 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0202  UP  .0009   or 9 basis points

USA/Japan: 133.34 DOWN 1.065  OR YEN UP 107  basis points/

Great Britain/USA 1.2176  UP  0.0005 OR  5 BASIS POINTS

Canadian dollar UP .0005 OR 5 BASIS pts  to 1.2804

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.7442  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 6.7500

TURKISH LIRA:  17.92  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.175

Your closing 10 yr US bond yield DOWN 4  IN basis points from THURSDAY at  2.642% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   2.981 DOWN 6 in basis points 

Your closing USA dollar index, 106.10 DOWN 25   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 82.82 PTS OR  1.13%

German Dax :  CLOSED UP 197.17  POINTS OR 1.48%

Paris CAC CLOSED UP 113.65PTS OR 1.79% 

Spain IBEX CLOSED UP 79.20 OR 0.98%

Italian MIB: CLOSED UP 460.358PTS OR  2.10%

WTI Oil price 100.56  12: EST

Brent Oil:  105.24  12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  61.76  UP 0  AND 94/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.8125

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0214 UP .0022     OR  22 BASIS POINTS

British Pound: 1.2168 DOWN .0005  or  5 basis pts

USA dollar vs Japanese Yen: 133.43  DOWN 0.974//YEN UP 97 BASIS PTS

USA dollar vs Canadian dollar: 1.2808 UP 0.0001 (CDN dollar DOWN 1  basis pts)

West Texas intermediate oil: 98.62

Brent OIL:  103.78

USA 10 yr bond yield: 2.663 DOWN 2 points

USA 30 yr bond yield: 3.009  DOWN 3  pts

USA DOLLAR VS TURKISH LIRA: 17.92

USA DOLLAR VS RUSSIA//// ROUBLE:  61.62   DOWN 0 AND   80/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 3215,50 PTS OR 0.97 % 

NASDAQ 100 UP 230.10 PTS OR 1.81%

VOLATILITY INDEX: 21.57 DOWN 0.26 PTS (3.40)%

GLD: 164.10 UP 0.46 PTS OR 0.28%

SLV/ 18.70 UP 27 CENTS OR 1.47%

end)

USA trading day in Graph Form

‘Powell-Pivot’ Hope Sends Stocks To Best Month Since April 2020, Crypto & Credit Soar

FRIDAY, JUL 29, 2022 – 04:01 PM

The ‘most hated’ rally ever was sparked by a belief in ‘peak inflation’, and desperate faith that Powell will ‘pivot’ from his hawkish course sooner rather than later – reigniting a ‘bad news is great news’ trading mantra once again. Powell and his pals went full ‘Leeroy Jenkins’ on global macro traders having been browbeaten by the Biden admin into easing up (or appearing to)…

July saw The Fed’s rate-hike trajectory curtailed and the market priced in a dramatic rate-cutting cycle starting in Q1 2023…

Source: Bloomberg

This sent stocks, bonds, and crypto (and financial conditions) all soaring on the month.

The rally in everything has ‘eased’ financial conditions again – almost exactly the same amplitude of easing we have seen 4 other times during this tightening cycle. We have pointed this cyclical shift before with lower highs (tighter peaks to each easing sub-cycle) and lower lows (tighter tights)…suggesting perhaps The Fed is well aware that tightenig aggressively in one big batch will crush the market (and the economy), so perhaps a ‘gently does it’ approach is more palatable… and judging by the emplitude of this ‘easing sub-cycle’, we could be facing another tightening leg down…

Source: Bloomberg

As Nomura’s Charlie McElligott notes:

“The trick here is this next few weeks window, where the resumption of Fed-speak could begin to lean back into the market’s impulse EASING of FCI following the Fed meeting and Powell’s comments.”

Nasdaq was the biggest gainer (longest duration) in the US Majors, with its best monthly gain since April 2020 (S&P’s best month since Nov 2020)…

On the week, stocks dumped and pumped early in the week and then exploded higher after the FOMC statement and Powell’s presser. Nasdaq is up almost 5% from right before the FOMC statement…

The rip in stocks should not be a total shock, as we noted right after Powell’s presser:

it is quite likely that we will now see unprecedented chasing by funds and even L/Os into a ramping market, at least until such time as Powell realizes what he has done and trapdoors stocks again, sending the S&P to new 2022 lows next time, at which point the real “ugly bear” recession can begin, and setting the Fed on course to not just rate cuts but negative rates and trillions more in QE.”

Goldman’s Chris Hussey sees three potential ways investors may be looking at markets and the data today – and any of these three have the potential to be sustained beyond July.

1. Recovery now. The economy may be eroding but markets just seem to be pricing in the future sooner and faster than ever before. Perhaps stocks are already looking through the economic downturn ahead of us and pricing in the recovery to come — a recovery that might be aided by an eventual Fed funds cutting cycle as soon as 2023.

2. Behind us. We learned this week that real 2Q22 GDP growth declined by almost 1%. This comes on the back of a 1.5% decline in GDP growth in 1Q22. Traditionally, a recession has been defined by (or at least taken place alongside) consecutive quarters of negative real GDP growth. So by that precedent, the recession may have already occurred. Some may consider it to be silly to fear something you already went through. Time to move on and buy stocks.

3. Never happened. If the first half of 2022 was a recession, then I have no idea what I was so worried about. Alongside this ‘recession’ we also experienced one of the lowest unemployment rates in US history and EPS for the S&P 500 is on pace to have grown ~10%. Full employment and double digit EPS growth should make for a better environment for stocks than the 20% ytd decline we experienced going into July.

And on the ‘things-can’t-get-any-worse’ front, after a period that included 2 Covid spikes, a Russia-Ukraine conflict, and a notable growth slowdown alongside a spike in inflation, the fundamental outlook from here may indeed be on pace to only get better.

But – he adds – to be sure, a couple of bad days of trading and a few words from the Fed may reverse the gains we’ve seen in July and shift market sentiment on a dime — as we’ve seen at times earlier this year.

But for now, you also can’t fault the market for trying to look beyond the ‘here & now’ to a better future.

Thanks to last night’s earnings-driven surge, Amazon was up a stunning 27% in July – its best month since Oct 2009 (note that it merely filled the gap from Q1 earnings)

Credit markets soared in July, with HYG (US HY Bond ETF) having its best month since Oct 2011. Notably HYG found support near the 2020 crash lows before The Fed stepped in…

Source: Bloomberg

Credit spreads compressed dramatically in July

Source: Bloomberg

However, Goldman’s Lofti Karoui warns spreads have come “too far too soon” – fade the rally and recommend using it as opportunity to cut risk and rotate further up in quality.

Treasuries were aggressively bid this month with the belly the massive outperformer (7Y -40bps)…

Source: Bloomberg

For context, July saw the 2nd best combined US bond and stock monthly return since March 2000 (April 2020 was the best). Globally, bond and stock market value has risen a stunning $7 trillion in the last two weeks.

Source: Bloomberg

Cryptos exploded higher after mid-month dovish narrative shift with Ethereum soaring over 70% and Bitcoin up around 28% in July – its best month since Jan 2021…

Source: Bloomberg

Ethereum is back at around $1700, notably outperforming Bitcoin in this latest ramp (which managed to get back to $24,000)….

Source: Bloomberg

The dollar ended only marginally higher on the month after early gains were erased on the dovish hopes…

Source: Bloomberg

Commodities – broadly speaking – rollercoastered on the month like everything else. Weakness in the first half amid global growth fears were swamped by a rally in the second on – you guessed it – global growth scares… the difference was the narrative that recessions (yep we said the r word) are a buying opportunity because The Fed will cut rates sooner and unleash more QE etc. Silver actually made it back to unchanged on the month while copper and crude lagged (but were well off their mid-month lows)…

Source: Bloomberg

Oil prices have rebounded notably with WTI back above $100 today…

Gold traded (briefly) below $1700 during the month but has since rallied back above $1780…

One commodity was dramatically higher in July – US NatGas exploded higher to 14 year highs…

Which is not good news for President Biden (or anyone who drives a non-EV) as gas prices are about turn back up…

Source: Bloomberg

Finally, we hate to steal the jam out of the market’s donut but we have seen this pattern twice before in this rate-hiking cycle as ‘peak inflation’ or ‘Fed pivot’ hype sparked a short-squeeze decoupling between stocks (higher) and the market-implied expectations of The Fed…

Source: Bloomberg

The trouble for ‘bad news is good news’ dip-buyers is simple – it’s path-dependent! You have to cross the tightening cycle rubicon into recession before The Fed will step back in and save the world. How many of these dip-buyers have the stones to face that path?

Oh and one more thing, if everything’s so awesome in the labor market (as the Biden admin likes to keep reminding us when faced with any call about a recession), why are record numbers buying lottery tickets to escape the ugliness

Is this the new American Dream?

END

I) / EARLY AFTERNOON TRADING// AFTER FOMC

ii) USA DATA//

This is big; the Fed’s favourite inflation indicator jumps to a new 40 year high//savings rate plunges

(zerohedge)

Fed’s Favorite Inflation Indicator Jumps To New 40-Year High, Savings Rate Plunges

FRIDAY, JUL 29, 2022 – 08:39 AM

The Fed’s favorite inflation indicator – PCE Deflator – was expected to accelerate in June and both the headline and core increased significantly (+6.8% YoY and +4.8% YoY respectively) – both higher than expected. The headline print is the highest since 1982.

Source: Bloomberg

With both the headline and core inflation signals re-accelerating, it appears the ‘peak inflation’ narrative has busted once again.

The ‘inflation’ indicator has supported nominal personal spending (even as incomes fail to keep pace – with soaring revolving credit signaling Americans relying on credit cards to get by). Nominal spending rose 1.1% MoM (slightly better than expected) while incomes rose only 0.6% MoM…

Source: Bloomberg

On a nominal year-over-year basis, incomes grew at 5.7% while spending (again this is nominal) rose 8.4%…

Source: Bloomberg

Real personal spending managed a measly increase of 0.1% MoM in June, which leaves  real spending up just 1.6% YoY…

Source: Bloomberg

On the income side, both private and government wages saw growth slow in June .Private wages rose 11.2%, down from 11.9% in May and lowest since March 2021, while Government wages rose 4.8%, down from 5.4% and the lowest since Mar 2021

Finally, the savings rate tumbled to just 5.1% – the lowest since August 2009…

Source: Bloomberg

No, the fact that Americans are borrowing more and saving less is not an indication of confidence – it’s an indication of deep-seated stress – which helps explain the record low in consumer confidence.

end

The huge Chicago PMI unexpectedly plunges to a two year low

(zerohedge)

Chicago PMI Unexpectedly Plunges To 2-Year Lows

FRIDAY, JUL 29, 2022 – 09:53 AM

Against expectations of a modest decline, the Chicago PMI for July tumbled from 56.0 to 52.1 (well below the 55.0 expected) – the worst in 2 years…

Source: Bloomberg

Under the hood, only 2 components rose from last month:

  • Prices paid rose at a faster pace; signaling expansion
  • New orders fell at a faster pace; signaling contraction
  • Employment rose at a faster pace; signaling expansion
  • Inventories fell and the direction reversed; signaling contraction
  • Supplier deliveries rose at a slower pace; signaling expansion
  • Production fell and the direction reversed; signaling contraction
  • Order backlogs fell and the direction reversed; signaling contraction

That has a very stagflationary stench to it.

end

University of Michigan expectations rose//democrats confidence drops further

(zerohedge)

UMich Inflation Expectations Rose Intra-Month, Democrats’ Confidence Drops Further

FRIDAY, JUL 29, 2022 – 10:09 AM

While the headline sentiment index from UMich has tended to make all the headlines historically – since it hit record lows, flashing a big red “pants on fire” indicator for the administration’s insistence that we are not in recession, all eyes have refocused on the inflation expectations sub-component. The preliminary prints showed short- and medium-term inflation expectations slide notably – easing The Fed’s fears (as Powell pointed out this indicator specifically) – we note that the 5-10Y inflation expectation picked up from 2.8% to 2.9% intramonth, while the 1Y inflation expectation held its 5.2% (lower) print…

Source: Bloomberg

So with that out of the way, the final print for July’s UMich sentiment survey rose very modestly intra-month from 51.1 to 51.5 (from record low 50.0 in June), but expectations slipped further to its worst since April 1980…

Source: Bloomberg

Across political cohorts, Democrats’ sentiment weakened further in July while Republicans and Independents saw a modest uptick…

Source: Bloomberg

Buying Conditions improved modestly MOM but weakened intramonth, but still barely off record lows…

Source: Bloomberg

“Inflation continued to dominate consumers’ attention, and labor market expectations continued to soften,” Joanne Hsu, director of the survey, said in a statement.

Nearly half of respondents said inflation is weighing on their personal finances, which was exceeded only once before — in 1951. The year-ahead economic outlook dropped to the lowest level since 2009, Hsu said.

IB) USA COVID/VACCINE MANDATES

Los Angeles county now abandons plan to reimpose mask mandate as many cities refuse to enforce it

(zerohedge)

LA Abandons Plan To Reimpose Mask Mandate As Multiple Cities Refused Enforcement

THURSDAY, JUL 28, 2022 – 05:50 PM

Update (1750ET): In a somewhat surprising turn of events for the medical tyranny, Los Angeles County has abandoned its plan to reimpose indoor mask mandate as COVID cases and hospitalizations stabilize.

The county entered the “high” category two weeks ago when the average daily rate of COVID-related hospital admissions rose above 10 per 100,000 residents. As of last Thursday, the rate was 11.7 admissions per 100,000 residents.

Los Angeles Mayor Eric Garcetti said cases may have slowed, but he supports whatever health officials decide.

Public Health Director Barbara Ferrer made the announced during a livestreamed meeting.

*  *  *

As The Epoch Times’ Alice Sun detailed earlier,  ahead of tonight’s decision, officials from several cities said they will not enforce such a rule if it is implemented.

Officials of Long Beach, Pasadena, and El Segundo said July 26 they would not follow such an order after evaluating the hospitalization metrics and local COVID case rates.

“Hospitalizations among Long Beach residents remain stable, area hospitals have adequate capacity and fatalities remain low,” reads a statement by the City of Long Beach.

“The City of Long Beach will continue to align with the California Department of Public Health, which strongly urges, but does not require, masking in most circumstances.”

In the past seven days, the average number of daily new cases in Long Beach was 477 per 100,000 people with nearly 10 hospitalized. As the hospitalization rate remains stable, city officials said, local hospitals have an adequate capacity to serve more other patients.

Pasadena’s health officials said new infections in their city declined in the past 10 days and the number of hospitalizations did not increase during that time.

“Pasadena Public Health Department has determined that jurisdictional COVID-19 confirmed case rates have declined for about 10 days, and local hospitalization metrics have not continued to increase during that time, ” reads a statement by the Pasadena Public Health Department.

The El Segundo City Council voted July 26 to not enforce a mask mandate.

“My City Council colleagues and I strongly believe the decision to wear a mask should be the choice of the individual and should not be imposed by L.A. County,” El Segundo Mayor Drew Boyles said in a statement.

The Beverly Hills City Council led the march on Monday, being the first to vote not to enforce the potential mandate.

The LA County Department of Public Health Director Barbara Ferrer said Wednesday the county may “pause the implementation of universal masking” that was anticipated to begin Friday due to COVID case and hospitalization rates trending down.

The department is expected to make the decision on the mandate after the updated hospital admission rates are released on Thursday.

end

iii)a.  USA economic stories

No question about it: the FBI likely intentionally undermined a congressional probe on Hunter Biden according to Senator Ron Johnson

(Fang/EpochTimes)

FBI Likely Did ‘Intentionally Undermine’ A Congressional Probe On Hunter Biden: Senator

THURSDAY, JUL 28, 2022 – 10:30 PM

Authored by Frank Fang via The Epoch Times (emphasis ours),

Sen. Ron Johnson (R-Wis.) criticized the FBI on July 26, alleging that the bureau was “weaponized” against two U.S. senators when it arranged an intelligence briefing in August 2020.Hunter Biden walks to Marine One on the Ellipse outside the White House in Washington on May 22, 2021. (Brendan Smialowski/AFP via Getty Images)

Johnson’s criticism was based on new revelations that surfaced a day earlier, when Sen. Chuck Grassley (R-Iowa) divulged that certain FBI officials had a “scheme” to wrongly label “derogatory information” on Hunter Biden as disinformation, based on what his office learned from “highly credible whistleblowers.”

By inaccurately labeling verified evidence as disinformation, FBI officials halted investigative activities related to Hunter Biden in 2020.

If these recent whistleblower revelations are true, it would strongly suggest that the FBI’s August 6, 2020 briefing was indeed a targeted effort to intentionally undermine a Congressional investigation,” Johnson wrote in a letter (pdfobtained by Just the News. The letter was sent to Attorney General Merrick Garland, Director of National Intelligence Avril Haines, FBI Director Christopher Wray, and Justice Department Inspector General Michael Horowitz.Sen. Ron Johnson (R-Wis.) departs from the Senate Chambers in the U.S. Capitol in Washington on July 21, 2022. (Anna Moneymaker/Getty Images)

“If these whistleblower allegations are accurate, how can your agency, Director Wray, be capable of investigating the president’s son?” Johnson continued. “Unfortunately, the FBI can no longer be trusted to investigate Hunter Biden with integrity and the equal application of law.

2020 Briefing

Johnson and Grassley were probing the Biden family’s financial transactions when they were asked to attend an FBI briefing on Aug. 6, 2020. According to Johnson, the briefing was “completely unnecessary” and “completely irrelevant” to their probe.

However, the contents of the briefing were leaked to media outlets, prompting Johnson and Grassley to question the motivation behind the briefing.

In his letter, Johnson concluded that the 2020 briefing was “a set up to intentionally discredit our ongoing work into Hunter Biden’s extensive foreign financial entanglements,” pointing to an article published by The Washington Post on May 1, 2021.

Grassley also raised concerns about the same Washington Post article in his letter (pdf) to Garland in June 2021.

“The Washington Post article inaccurately linked Russian attempts to spread disinformation to my and Senator Johnson’s investigation into the extensive financial connections between the Biden family and individuals connected to the communist Chinese government’s military and intelligence services,” Grassley wrote.

Information relating to the [Aug. 6, 2020] briefing was also used by Democratic Senators last Congress to publicly malign us and our investigation for the purpose of slowing it down, painting it in a false public light, and undermining its integrity.”Senate Judiciary Ranking Member Chuck Grassley (R-Iowa) speaks at a hearing with the Senate Judiciary Committee in the Dirksen Senate Office Building in Washington on July 12, 2022. (Anna Moneymaker/Getty Images)

As such, Johnson said the FBI was “weaponized” against himself and Grassley, according to his letter.

The FBI being weaponized against two sitting chairmen of U.S. Senate committees with constitutional oversight responsibilities would be one of the greatest episodes of Executive Branch corruption in American history,” Johnson wrote.

Johnson, former chairman of the Senate Homeland Security and Governmental Affairs Committee, is now the ranking member on the Senate Permanent Subcommittee on Investigations. Grassley, who was once chairman of the Senate Finance Committee, is now the ranking member on the Senate Judiciary Committee.

On Sept. 23, 2020, about a month after the 2020 briefing, Grassley and Johnson released a report revealing that there was “potential criminal activity relating to transactions among and between Hunter Biden, his family, and his associates with Ukrainian, Russian, Kazakh, and Chinese nationals,” while Joe Biden was vice president during the Obama administration.

The two senators have continued their probe into Hunter Biden. In March, they presented bank records on the Senate floor showing CEFC China Energy, a now-defunct company, made payments to Hunter Biden.

Request

Johnson concluded his letter by saying that the FBI and the Office of the Director of National Intelligence haven’t responded to his request for information on “the purpose of, and who ordered” the 2020 briefing, despite his effort for nearly two years. He said the two agencies’ refusal to be transparent “is deeply concerning.”

The senator from Wisconsin suggested that the Office of the Inspector General could conduct an “objective review” or appoint a special counsel to address his concerns.

Johnson also reiterated his concerns over conflicts of interests, including how Nicholas McQuaid, the principal deputy assistant attorney general for the Justice Department’s criminal division, was a fellow partner in a law firm with an attorney who has represented Hunter Biden.

Currently, the U.S. attorney’s office in Delaware is investigating Hunter Biden for possible tax violations.

“Attorney General Garland, you have failed to provide Senator Grassley and me with assurances that any DOJ investigation into Hunter Biden’s potential criminal activity will be free of conflicts of interest,” Johnson wrote. “The American people should not have to tolerate your silence any longer.”

Department of Justice officials didn’t respond by press time to a request for comment.

end

iii b) USA/North American logjams/supply issues

Here we go again: record container ship traffic jams as backlogs continue to build

(Greg Miller/Freightwaves)

Here We Go Again: Record Container Ship Traffic Jam As Backlog Continues To Build

FRIDAY, JUL 29, 2022 – 08:06 AM

By Greg Miller of FreightWaves

If you only look at Los Angeles and Long Beach — the largest container import gateway in America — you’d think shipping congestion has drastically reduced. The number of ships waiting there has fallen to 26 from a high of 109 in January. But in fact, North American port congestion has just re-entered record territory. The offshore traffic jam is once again as bad as it’s ever been.

In January and February, when North American congestion previously peaked, there were just under 150 container vessels waiting off the coastlines. Two-thirds were in the Los Angeles/Long Beach queue. As of Thursday morning, there were 153, the majority off East and Gulf Coast ports. Whereas the earlier West Coast pileup was centralized, highly publicized and relatively easy to track, today’s ship queue is more widely disbursed and attracting less attention.

Ship queues bounce back

Port congestion had finally looked like it was easing in May and early June. Ship queues had fallen back to double digits. There were 92 vessels waiting offshore as of June 10, led by 25 off Savannah, Georgia, 20 off Los Angeles/Long Beach, 18 off New York/New Jersey and 14 off Houston.

Then things turned for the worse. The tally rose to 125 on July 8, 136 on July 13 and 140 on July 19.

With the count now rising to 153, the North American container ship queue has increased in size by 66% over the past seven weeks.

As of Thursday morning, ship-position data from MarineTraffic and the latest queue lists for California ports showed 43 container ships waiting off Savannah; 26 off Los Angeles/Long Beach; 24 off Houston; 18 off New York/New Jersey; 17 off Vancouver, British Columbia; 15 off Oakland, California; and 10 ships off other ports.

Of those, 59 ships – 38% of the total – were waiting off the West Coast, where queues have climbed off Vancouver and Oakland. There were 94 ships (62% of the total) off the East and Gulf Coast ports, with counts up in both Savannah and Houston.

Different terminals, different waiting time

U.K.-based data provider VesselsValue found large differences in the waiting times at the top 10 East Coast terminals, including major differences between terminals in the same port complex.

It cited four East Coast terminals with long wait times: the New York and Elizabeth APM terminals in the Port of New York/New Jersey and the Garden City and Savannah terminals in the Port of Savannah.

In contrast, VesselsValue data found relatively short wait times at the Maher and Port Newark terminals in New York/New Jersey; the Norfolk International and Virginia International Gateway terminals in Norfolk, Virginia; the Packer Avenue terminal in Philadelphia; and the Wando Welch terminal in Charleston, South Carolina.

Shift caused by port labor fears?

It may be no coincidence that East and Gulf Coast congestion ramped up starting in June. That was the month new annual contracts kicked in. It was also the last month before the West Coast labor contract with the ILWU longshoreman union expired.

Akhil Nair, vice president of carrier management at Seko Logistics, said during a briefing on July 20, “With all the early threats of the potential ILWU strike and labor constraints on the West Coast, there was an automatic shift during contract season for customers to actually require traditional West Coast shippers to request allocation on the East Coast as well. This was their contractual hedge that they put in place.

“This has resulted now in people probably having overcompensated. The congestion on the East Coast is a result of some of this shifting in the supply chain design and hedging for potential incidents or reliable or unpredictable activity on the West Coast.”

SWAMP STORIES

“Tipping Point”: DC Mayor Calls For National Guard To ‘Indefinitely’ Help With Bussed-In Migrants

THURSDAY, JUL 28, 2022 – 06:10 PM

With busloads of migrants arriving from Texas to the nation’s capital, DC has reportedly reached a “tipping point” after just 4,000 of them, causing Mayor Muriel Bowser to request that the DC National Guard be activated “indefinitely” to help with the situation, NBC4‘s Mark Segraves reports.

What’s more, she wants to use the DC Armory as a processing center.

Bowser’s request comes a week after Fox5 reported that the migrants were “overwhelming aid group” that are trying to help process the influx. 

Groups like the Migrant Solidarity Network are there to welcome the buses and assist the migrants in getting to their destinations but Barnard reports the groups are receiving little to no assistance from local and federal government.

Barnard says some of the migrants he spoke with are hoping to get to other destinations. Some are hoping to stay in D.C. and find works. Others are trying to get back to Texas.

In April, Texas Gov. Greg Abbott (R) announced that the Texas Division of Emergency Management (TDEM) would provide charter buses or flights to transport illegal immigrants released into the US by the feds, to D.C.

Abbott’s order came in response to the lifting of Title 42 by the Biden administration (which was subsequently blocked by a Louisiana judge, which the Biden admin has appealed) – a CDC order that was invoked in March 2020 under President Donald Trump to minimize the spread of COVID-19 by ensuring that only essential travel occurred at U.S. borders.

It directed that illegal immigrants could be quickly expelled back into Mexico as a pandemic precaution, rather than be processed under Title 8 immigration law, which is a much more protracted process inside the United States.

Meanwhile, two weeks ago House Democrats adopted an amendment giving Bowser authority over the city’s national guard.

As Trump adviser Stephen Miller said in response to the report, “The “tipping point” for the country was Biden opening our borders to *millions* of illegal aliens from every corner, and almost every county, on planet earth.”

King report

The King Report July 29, 2022 Issue 6811Independent View of the News
 @WSJ: The U.S. economy shrank at a 0.9% annual rate last quarter. That marks a second straight quarterly decline in GDP—a common definition of recession… Businesses trimmed their inventories, the housing market buckled under rising interest rates, and high inflation took steam out of consumer spending… https://www.wsj.com/articles/us-q2-gdp-growth-economy-11658981184
 
Since WWII (We did not check prior data), there has been an ‘official’ recession each & every time there were two consecutive quarters of negative GDP. https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States
 
Initial Jobless Claims rose 256k, an 8-month high; 250k was expected.  The prior week’s claims were revised to 261k from 251k.  Continuing Claims fell to 1.359m from 1.384m; 1.386m was consensus.
 
@DineshDSouza: Biden and the media don’t want the US to be in a recession. They don’t “identify” with recession, just as some biological males don’t “identify” as males. In the progressive universe, if you’ve don’t feel like it’s a recession, it’s not a recession. Psychology overrides reality!
 
“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.” – George Orwell
 
@WSJCentralBanks: Whether a recession is eventually declared, the message from the latest economic data is just as sobering: The recovery is effectively overhttps://t.co/ayy1W20mju
 
@SquawkCNBC: “I’m not going to say that we’re in a recession,” says @steveliesman. “… I have a problem given how strong the job market is.” https://t.co/FO0dPU0ChA
 
Anyone with a modicum of experience in finance or economics knows that unemployment tends to be a LAGGING indicator.  Yet, renowned experts don’t know this or ignore this for political reasons.
 

GDP y/y vs NFP y/y – GDP tends to lead NFP
 
What Do Payrolls Tell Us About the Timing of The Next Recession?
The median payroll 10 months before a recession is the same as the final month before a recession with little sign of a trend in the months between!   https://t.co/UdZRPehEyo
 
@charliebilello: After hitting a record low in April, a 4-week average of initial jobless claims… has increased by 79k (46%) to its highest level of the year. Tends to be leading indicator for the jobs market, recessionary odds continue to rise.  Charting via @ycharts https://t.co/zNsd7RzYA5
 
Advisor to 6 POTUS @Halsrethink: Commerce Dept BEA used unique annualized deflator of 8.86% to get real GDP Q2 -0.93% growth rate. But using BLS CPI-U index of 11.2%, headline growth number would be -3.18% !!!
 
@elerianm: Message is clear from the negative US GDP print (-0.9%) and unfavorable miss on jobless claims: The US economy is slowing at a significant rate. Add to that the 8.7% price change in today’s data and the bottom line is clear: Deepening stagflation and flashing red recession risk
 
Biden Treasury Secretary Yellen tried to divert attention from Biden’s Recession via climate change.
 
Yellen: Climate Change Is Impacting Financial Services (Pray tell how, Aunt Clara?)
US Agencies Must Do More to Track Climate-Change Impact: Yellen
 
Yellen then spent most of her morning trying to gaslight Americans about the US economy.There is no significant economic slowdown or employment loss.Job creation is continuing, household finances are robust & consumer spending is increasingThere are several indications that inflation will likely fall in the next daysMost economists & most Americans have a similar definition of recession; substantial job losses and mass layoffs, businesses shutting down, private sector activities slowing considerably…a broad-based weakening of our economy. That is not what we are seeing right now.”A price cap on Russian oil among ‘most powerful tools’ (to boost oil prices?) 
@Reuters: U.S. GDP contraction puts Yellen in tight spot as economic cheerleader https://t.co/Kcy1A5BOSJ
 
Biden says ‘no surprise’ economy ‘slowing down’ as economy enters technical recession
“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said in a statement Thursday. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.”…   https://t.co/J5jSAax8cT
 
Biden: “Both Chairman Powell and many of the, uh, um, significant banking personnel and economists say we’re not in recession…” https://twitter.com/townhallcom/status/1552703511661535233
    Fed Chairman Powell said he doesn’t think the US economy is currently in recession.  He said, ‘There are too many areas of economic where the economy is performing too well.’ I said too well, t-o-o, too well.” https://t.co/Bri2wUjnUO
 
CBS: Following new data showing the U.S. economy has shrunk for the second consecutive quarter, Pres. Biden points to other economic indicators, such as low unemployment and recent business investment. “That doesn’t sound like a recession to me,” he says (Joe then flees reporters). https://t.co/D0xs2RRnR6
 
‘That doesn’t sound like a recession to me’: Biden REFUSES to admit economic crisis and touts how HE is responsible for growth as he pushes Manchin deal that will lead to new spending and taxes on the rich – He dedicated most of his speech to the Senate reconciliation bill compromise that was announced Wednesday by Dem. Sen. Joe Manchin and Senate Majority Leader Chuck Schumer…
    On Wednesday after the Senate passed the CHIPS bill – which Senate Minority Leader Mitch McConnell threatened to hold hostage if Democrats attempted to pass a reconciliation package again – Manchin and Schumer announced the deal… (McConnell was double crossed; or was he in on it?)
https://www.dailymail.co.uk/news/article-11058675/Biden-REFUSES-admit-recession.html
 
@greg_price11: Mitch McConnell threatened to kill the CHIPS bill if Schumer and Manchin revived Biden’s Build Back Better reconciliation package.  CHIPs passed a few hours ago and Schumer and Manchin proceeded to revive reconciliation. What a master strategist that guy is!…
 
The NBER has no official claim on being the sole arbiter of recession.  Convention makes it the arbiter of recessions.  Furthermore, the NBER calls recessions well after the fact, taking up to a year to decide.
 
@RNCResearch: FLASHBACK: In 2000, Bill Clinton said “a recession is two quarters in a row of negative growth”  https://twitter.com/RNCResearch/status/1552714813515743236
  FLASHBACK to Nancy Pelosi in 2008: A recession “is two quarters of negative growth in a row.”
https://twitter.com/RNCResearch/status/1552748946094755840
 
@MattWolking: @JohnJHarwood has retweeted 3 tweets in the past 24 hours arguing that 2 quarters of shrinking GDP does not equal a recession. Here’s Harwood 3 years ago tweeting “recession = economy shrinks for two quarters.” https://t.co/QjDWsoQvU1
 
@crossbordercap: Fed claims ‘no recession’ but evidence from daily algorithm that tracks estimated GDP begs to differ. Nowcasting models seem to concur that economy sinkinghttps://t.co/IWZ4A8xkmO
 
Biden Helped by BofA’s CEO in Stressing Strength of US Economy (Big banks-Fed-US gov)
    Moynihan says consumers are spending, have ample savings (Crony capitalists of the world unite!)
    White House meeting with executives held amid recession fears
https://www.bnnbloomberg.ca/biden-helped-by-bofa-s-ceo-in-stressing-strength-of-us-economy-1.1798563
 
Biden adviser and ‘chief gaslighter’ Brian Deese denies recession: ‘Virtually nothing signals’ downturn https://www.foxnews.com/media/biden-adviser-chief-gaslighter-brian-deese-denies-recession-virtually-nothing-signals-downturn
 
@barronsonline: Sen. Joe Manchin, D-W.Va., is now supporting a bill that aims to close the carried interest loophole… https://www.barrons.com/articles/senate-bill-carried-interest-51658966982
 
@greg_price11: Only Democrats would, as inflation hits 40-year-highs, propose a massive tax increase on businesses (that will proceed to raise their prices) so they can fund $800 billion of new spending on green energy grift and call it the “Inflation Reduction Act.” (It’s 1984 in the USA!)  Democrats are gonna give $124 billion to the IRS to make it easier to audit you and call it the “Inflation Reduction Act.”
 
GOP Sen. Rick Scott targets Joe Manchin over ‘reckless spending’ bill, says Biden sent ‘America into a recession’ – ‘Democrats are destroying this country,’ Scott said
https://www.foxnews.com/politics/rick-scott-targets-reckless-spending-democrats-biden-sent-america-recession
 
@ClayTravis: Joe Manchin just ended his political career by supporting a massive tax increase with our country at a forty-year inflation high and a recession underway. Disastrous policy. Which West Virginia Republican will replace him in 2024? He has to retire now. Election won’t be close.
 
@BloombergAsia: Manchin said he resurrected negotiations on a tax, energy & climate bill… the core of Biden’s economic agenda… to target corporations that aren’t paying taxes https://t.co/OBXP0gZfUu
 
Manchin’s ‘Inflation Reduction Act’ One Giant, Misnamed Nothingburger, Goldman Finds: “It Will Change Fiscal Impulse by Less Than 0.1% Of GDP” https://t.co/V49SpxsREp
 
Yesterday, most stocks, commodities, and bonds rallied despite the technical US recession because Powell affirmed the popular notion that the Fed will soon end its tightening cycle and begin to ease.
 
In late June, we opined there would be a summer rally based on upward seasonal biases and the notion that the receding US economy would force the Fed to halt its rate hikes and ease.  This is now occurring.
 
Pelosi ‘Appears to Have Taken Advantage’ of Inside Information: Former Dallas Fed Chief Fisher
“I’m sorry to see that Paul Pelosi and Nancy Pelosi and others appear to have taken advantage of inside information.”… https://www.zerohedge.com/political/pelosi-appears-have-taken-advantage-inside-information-former-dallas-fed-chief-fisher
 
Euro Area Consumer Confidence – Consumer confidence in the Euro Area was confirmed at a record low of -27 in July of 2022, amid marked deteriorations in all four components. In the European Union, sentiment also hit an all-time low of -27.3, as both households’ assessment of their past financial situation and their outlook on their future financial situation fell to record lows and their intentions to make major purchases and expectations about the general economic situation fell to the lowest levels since April 2020… https://tradingeconomics.com/euro-area/consumer-confidence
 
Positive aspects of previous session
For a second straight day, Powell boosted all asset classed due to his dovish Q&A remarks
July performance gaming is under way
 
Negative aspects of previous session
The possibility of inflation staying elevated or increasing later has increased due to Powell
Bonds rallied ½ point; they are not exactly gaga over G. William Powell
 
Ambiguous aspects of previous session
Has Powell really changed course?  Watch to see if Fed officials walk back his comments.
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4048.12
Previous session High/Low4078.95; 3992.97
 
Plunging US Oil Inventories Imply Deeper Slowdown Will Be Needed https://t.co/REpzldURul
Total stocks, including the strategic petroleum reserve, have fallen in 80 of the last 108 weeks by a total of 438 million barrels since the start of July 2020, according to data from the U.S. Energy Information Administration (EIA).  As a result, combined stocks of crude and refined products are at their lowest for the time of year since prices spiked to record highs in 2008 and before that 2004… the extremely low level of inventories and their failure to rebuild implies a much deeper and longer economic slowdown will now be required to allow crude and especially fuel stocks to recover.  https://www.zerohedge.com/markets/plunging-us-oil-inventories-imply-deeper-slowdown-will-be-needed
 
US ‘stumbled into a mess’ as Pelosi’s potential Taiwan trip risks escalation, or Xi’s win if no-go: Hume – “[It’s] putting the U.S. in a position where if she goes, that we’re worried that there will be an escalation of some kind,” he said, citing remarks to that effect from top Biden ally Sen. Christopher Coons, D-Del…  https://t.co/wP7OwFxOdF
 
Joe Biden speaks with China’s Xi Jinping as tensions escalate https://t.co/KWf3vfUkQW
 
Xi criticizes US rivalry policy in candid talk with Biden, warns ‘play with fire will perish by it’ over Taiwan question – Biden reiterated… that the US does not support “Taiwan independence.” 
https://www.globaltimes.cn/page/202207/1271696.shtml
 
Xi warns against misperceiving China-U.S. ties, misreading China’s development
Chinese President Xi Jinping said on Thursday that to approach and define China-U.S. relations in terms of strategic competition and view China as the primary rival and the most serious long-term challenge would be misperceiving China-U.S. relations and misreading China’s development, and would mislead the people of the two countries and the international community… (Xi with a brazen lie!)
https://xhnewsapi.xinhuaxmt.com/share/news_pc?id=720160897728512&showType=3019&utdId=fb5b7744838c4a7dcaa4e4e2de509772&version=3.0.4
 
White House refuses to say if Biden pressed China’s Xi on COVID origins https://trib.al/vOjeDcM
 
North Korea ruler Kim Jong Un threatens to deploy nukes amid tensions with U.S., S. Korea
“Our armed forces are completely prepared to respond to any crisis, and our country’s nuclear war deterrent is also ready to mobilize its absolute power dutifully, exactly and swiftly in accordance with its mission,” Kim said…  https://t.co/wpQdz3pPxA
 
Mohamed El-Erian: Are Interest Rates at Neutral? Markets Certainly Hope So
Fed Chair Jerome Powell dangled the idea that the central bank has already done the bulk of what is needed to combat inflation. Let’s hope he’s right.
     Neutral is shorthand for the crucially important notion that the level of interest rates is consistent with monetary policy being neither contractionary nor expansionary… this is translated by markets into the view that the Fed now believes that it has already done the bulk of what is needed to tighten monetary policy to deal with what Powell himself described as inflation that remains “much too high”…
    Each of these moves (Risk rallies) serves to ease financial conditions… I have no precise estimate for neutral… I have a hunch, but am far from certain, that we are still below it…    https://www.washingtonpost.com/business/are-interest-rates-at-neutral-markets-certainly-hope-so/2022/07/27/569082c8-0e08-11ed-88e8-c58dc3dbaee2_story.html
 
@RyanDetrick: As of now, the S&P 500 is up 3.8% the day of the Fed hike (yesterday) and the following day (today). Going back to 1970 (Bloomberg data), this is the best two day rally ever after a hike.  Was the Fed hawkish? Dovish? Bottom line is the market seems to be comfortable with it.
 
Fed Balance Sheet: -$9.209B, MBS -$8.882B; Reserve Balances with Fed Banks: $ 3.256875 Trillion
https://www.federalreserve.gov/releases/h41/20220728/
 
Apple beats on revenue and profit, expects growth to accelerate despite ‘pockets of softness’EPS: $1.20 vs. $1.16 estimated, down 8% year-over-yearRevenue: $83 billion vs. $82.81 billion estimated, up 2% year-over-yearhttps://www.cnbc.com/2022/07/28/apple-aapl-earnings-q3-2022.html
 
Amazon stock soars nearly 12% after revenue beats expectationsRevenue: $121.2 billion versus $119.53 billion expectedEarnings per share: -$0.20 versus $0.52 expectedhttps://finance.yahoo.com/news/amazon-q2-earnings-2022-131434690.html
 
Intel Stock Falls After Chipmaker Badly Misses Second-Quarter Targets
29 cents a share on sales of $15.3 billion… expected Intel earnings of 69 cents… sales of $17.94 billion…
https://www.investors.com/news/technology/intel-stock-falls-after-chipmaker-badly-misses-q2-targets/
 
Ex-Intel NCO @grayzonewarlord: The markets aren’t technically disconnected from reality. They’re connected to the Fed, which is disconnected from reality.
 
Bottom line on GDP: US consumers and voters are the ultimate recession arbiter.  Biden’s historically dismal poll ratings on economic issues are all you need to know.  Team Biden’s intense gaslight operation on inflation failed miserably.  Why would it be different for the economy?
 
Today is the end of July and a summer Friday.  The usual suspects want to push stuff higher and will push stuff higher.  G. William Miller Powell has given the green light to speculate wildly in stuff.  Stocks are going to move higher until Fed officials try to walk back Powell’s dovishness or a slowing economy reduces corporate earnings.
 
The key charts to monitor in the coming months: bonds, the dollar, gold, and energy commodities.  When central banks and governments try to extend a dying economic cycle, inflation usually results.  Even though the US has experienced its higher inflation in at least 40 years, the strong dollar greatly mitigated US inflation.  The Fed talked tough for a year or so.  It reluctantly ACTED at the April and May FOMC Meetings.  The Fed got tough at the past two FOMC Meetings.
 
The Fed got away with verbal intervention for months because other central banks remained dovish.  If global inflationary pressure increase in coming months and the Fed has done nothing to disabuse the markets of the notion that it has gone squishy, the dollar will sink, which will exacerbate US inflation.
 
SPUs are +21.00 at 20:40 ET on Apple and Amazon’s results plus July performance gaming.
 
Expected earnings: AON 2.55, XOM 3.98, PG 1.23, PSX 5.93, CVX 4.97, CL .71, GWW 6.64, NWL .47
 
Expected economic data: Q2 Employment Cost Index 1.2%; June Personal Income 0.5% m/m, Spending 0.9%, PCE Deflator 0.9% m/m, PCE Core Deflator 0.5% m/m; July Chicago PMI 55; July UM Sentiment 51.1, Current Conditions 57.1, Expectations 47.5
 
S&P 500 Index 50-day MA: 3921; 100-day MA: 4123; 150-day MA: 4258; 200-day MA: 4347
DJIA 50-day MA: 31,593; 100-day MA: 32,726; 150-day MA: 33,522; 200-day MA: 34,033
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4813.43 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 3889.49 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 3995.16 triggers a sell signal
 
Joe Biden met with at least 14 of Hunter’s business associates while vice president
President Biden has repeatedly denied discussing business with his son
https://www.foxnews.com/politics/joe-biden-met-14-hunters-business-associates-vice-president
 
House Democrats push bill that would term limit Supreme Court justices
A similar Supreme Court term-limit bill has been introduced in the Senate (Now due Congress!)
https://www.foxnews.com/politics/house-democrats-bill-term-limit-supreme-court-justices
 
Luke Robinson, AKA #GingerGun, Was Only Protester Filmed with a Gun on Jan. 6, The FBI Later Removed Him from their Most Wanted List — Was Also Accused of Wearing an Earpiece
https://www.thegatewaypundit.com/2022/07/developing-phillip-anderson-aka-gingergun-protester-filmed-gun-jan-6-fbi-later-removed-wanted-list-now-believe-also-wearing-earpiece/
 
Married Americans Keep Voting Red – In 2020, marriage rates were the single sharpest dividing line between areas that voted for Trump and those that went to Biden.  February 9, 2021
https://www.aei.org/articles/married-americans-keep-voting-red/
 
The leftist agenda for children and schools has pushed more married Americans to the GOP.
 
Twitter resumes purge of scientists, critics of gender ideology after Musk pullout
Ivy League epidemiologist suspended again less than two weeks after reinstatement that followed legal threat. Twitter switches charge against genomics researcher from COVID misinformation to “abusive behavior” after he appeals.
https://justthenews.com/nation/free-speech/twitter-resumes-purge-scientists-critics-gender-ideology-after-musk-pullout
 
@grayzonewarlord: In Kissinger, author and historian Niall Ferguson points out that one major U.S. liability is a “history deficit” because our leaders don’t know history. This is a more important liability than the fiscal deficit, manpower deficit, and attention deficit.
 
Dozens of former Republican and Democratic officials announced a new national political third party to appeal to millions of voters they say are dismayed with what they see as America’s dysfunctional two-party system (The Loser Table in the high school cafeteria Party.) https://t.co/L0ssITLiaX
 
Bruce Springsteen’s manager defends steep ticket prices as high as $5,000 (Liberal privilege?)
https://www.dailymail.co.uk/news/article-11059475/Bruce-Springsteens-manager-DEFENDS-steep-ticket-prices-high-5-000.html
 
The State Department Once Rented a Townhouse Seized from Iran To Jeffrey Epstein — Then Sued Him for Subletting It – A weird and forgotten case from the 1990s shows how connected Jeffrey Epstein was to power. 7/14/19   https://www.buzzfeednews.com/article/rosiegray/jeffrey-epstein-state-department?s=02

 

Greg Hunter: Interviewing

“Died Unexpectedly” Propaganda, Russia is Winning, Biden Recession

By Greg Hunter On July 29, 2022 In Weekly News Wrap-Ups35 Comments

By Greg Hunter’s USAWatchdog.com (WNW 540 7.29.22)

“Died Unexpectedly” is fast becoming the new term to try and cover up all the deaths from the bioweapon “vaccines.”  Now, bloggers are keeping track of stories where deaths are unexplained, mysterious or simply died without any reason whatsoever each and every week.  This “died unexpectedly” phenomenon is being called a propaganda campaign by legacy media to cover up the alarming deaths that many think are coming from the vaxed, such as three perfectly healthy Canadian doctors who dropped dead one week after the hospital they worked at required a fourth CV19 injection. The hospital denied the shots had anything to do with the “unexpected deaths.”  No way they can keep this propaganda up as we are just getting started with the vax injection carnage.  According to one top UK Doctor, “Everybody who has an mRNA injection will die in 3 to 5 years even if they have had only one injection.”  Could Ivermectin be the drug that buys years of time when taken routinely?

Russia is turning up the heat in Ukraine and turning off the natural gas to Europe.  Fresh attacks are happing around Kyiv as the war grinds on and Ukraine’s army gets decimated.  Forget the propaganda where you are told Russia is losing.  It’s not.  Russia is winning.  Ukraine is having their tails handed to them.  Meanwhile, the gas is being cut back to 20% of capacity in the Nord Stream #1 pipeline by Russia.  They say it’s maintenance, but no matter what you call it, it’s killing off business in Germany and Europe, and it’s not even winter yet.  Europe has taken poison and is expecting Russia to die.  Can EU banks stay solvent if many cannot pay their loans back?

The Biden/Obama Administration is saying the USA is NOT in recession, but the facts say otherwise.  In economic textbooks, two quarters in a row of negative growth is a recession.  It was just reported that the second quarter has shown a -.9% downturn in GDP.  That spells RECESSION—period the end, and Biden owns it.  That did not stop the Fed from raising a key interest rate by .75% to fight inflation.  The Fed can either fight inflation and kill the economy or let interest rates remain low and kill the U.S. dollar.  It is that simple.  It looks like, for now, the dollar lives.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up for 7.29.22.

After the Interview:

Financial expert and publisher of “The Solari Report” Catherine Austin Fitts will be the guest for the “Saturday Night Post.”  The Solari Report 2021 Annual Wrap-Up is out, and it is basically setting the stage for the battle we face that is tyranny vs. freedom.  Fitts will also do a deep dive  on gold in preserving wealth in our digital money age.

See you MONDAY

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