AUGUST 5/GOLD CLOSED DOWN $14.25 TO $1775.50 AFTER A PHONY JOBS REPORT//SILVER CLOSED DOWN 28 CENTS TO $19.86//PLATINUM UNCHANGED AT $931.30//PALLADIUM UP $50.80 TO $2129.25//BIDEN ADMINISTRATION AT IT AGAIN FALSIFYING A MEGA 500,000 +JOB GAIN//THE REAL STORY BEHIND THE ESTABLISHMENT REPORT AND THE HOUSEHOLD SURVEY REPORT ON THE JOB CREATION//COVID UPDATES/VACCINE INJURY REPORT//DR PAUL ALEXANDER//VACCINE IMPACT//COMMENTARY BY JAN N. (KOOS JANSEN) ON HOW TURKEY IS FALSIFYING THEIR FOREIGN EXCHANGE/GOLD RESERVES//

by harveyorgan · in Uncategorized · Leave a comment·Edit

in Uncategorized · Leave a comment·Edit

GOLD;  $1775.50 DOWN $14.25

SILVER: $19.88 DOWN 28 CENTS 

ACCESS MARKET: 

GOLD $1775.35

SILVER: $19.90

Bitcoin morning price:  $23,269 UP 803 

Bitcoin: afternoon price: $22,912. up 446

Platinum price: closing UP $0 to $931.30 

Palladium price; closing UP $50.80  at $2129.25

END

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 EXCHANGE: COMEX 

  EXCHANGE: COMEX

CONTRACT: AUGUST 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,788.500000000 USD
INTENT DATE: 08/04/2022 DELIVERY DATE: 08/08/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 87
072 H GOLDMAN 230
104 C MIZUHO 69
118 C MACQUARIE FUT 29
132 C SG AMERICAS 118
167 C MAREX 58
190 H BMO CAPITAL 57
323 H HSBC 1650
624 H BOFA SECURITIES 172
661 C JP MORGAN 623
661 H JP MORGAN 13
685 C RJ OBRIEN 1
686 C STONEX FINANCIA 3
690 C ABN AMRO 8
732 C RBC CAP MARKETS 2
800 C MAREX SPEC 6 26
880 C CITIGROUP 90 30
880 H CITIGROUP 206
905 C ADM 14


TOTAL: 1,746 1,746
MONTH TO DATE: 27,752

JPMorgan stopped 636/1746

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

1746 NOTICES FOR 174600 OZ //5.430 TONNES

total notices so far: 27,752 contracts for 2,775,200 oz (86.320 tonnes) 

SILVER NOTICES:  

8 NOTICES FILED FOR 40,000 OZ/

 

total number of notices filed so far this month  790 :  for 3,950,000  oz



END

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

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

GLD

WITH GOLD DOWN $14.25 

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//

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A SMALL WITHDRAWAL OF 0.33 TONNES OF GOLD FROM THE GLD

INVENTORY RESTS AT 1000.32 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 28 CENTS

AT THE SLV// ://HUGE CHANGES IN SILVER INVENTORY AT THE SLV//:A WITHDRAWAL OF 0.922 MILLION OZ FROM THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 485.712 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY  A HUGE SIZED 2256  CONTRACTS TO 137,747   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE  STRONG GAIN IN OI WAS ACCOMPLISHED WITH OUR  $0.21 GAIN  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.21) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY COMMERCIAL SILVER LONGS//. HOWEVER  WE HAD SOME  SPECULATOR LIQUIDATIONS AS WE HAD A STRONG GAIN OF 2529 CONTRACTS ON OUR TWO EXCHANGES.

WE  MUST HAVE HAD: 
I) HUGE SPECULATOR SHORT LIQUIDATIONS//HUGE BANKER OI COMEX ADDITIONS /. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A FAIR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.855 MILLION OZ FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP   / //  V)    STRONG SIZED COMEX OI GAIN/(SPEC LIQUIDATION)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -28

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

TOTAL CONTACTS for 5 days, total 2751  contracts:  13.755 million oz  OR 2.71 MILLION OZ PER DAY. (550 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 13.755 MILLION OZ

.

LAST 16 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 

AUGUST: 13.755 MILLION OZ

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2256 WITH OUR  $0.21 GAIN IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A  SMALL SIZED EFP ISSUANCE  CONTRACTS: 245 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 GOOD INITIAL SILVER OZ STANDING FOR AUGUST. OF 3.855 MILLION  OZ FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP  //  .. WE HAD A HUGE SIZED GAIN OF 2501 OI CONTRACTS ON THE TWO EXCHANGES FOR 12.505 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 8  NOTICES FILED TODAY FOR  40,000 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 FAIR SIZED 2179 CONTRACTS  TO 461,339 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE WILL PROBABLY SEE THE COMEX OI FALL TO AROUND 380,000 AS OUR SPECS GET ANNIHILATED.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -355 CONTRACTS.

.

THE FAIR SIZED  INCREASE  IN COMEX OI CAME WITH OUR RISE IN PRICE OF $29.00//COMEX GOLD TRADING/THURSDAY / WE MUST HAVE  HAD  ADDITIONAL SPECULATOR SHORT SHORT COVERINGS ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND HUGE SPECULATOR SHORT COVERINGS//HUGE ADDITIONS TO OUR BANKER LONGS!! THE COMEX WILL BLOW UP AS THE SPECS CANNOT DELIVER GOLD TO OUR BANKER LONGS.

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR AUGUST AT 97.02 TONNES ON FIRST DAY NOTICE 

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF   $29.00 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 7784  OI CONTRACTS 24.21 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED  5605  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 461,339

IN ESSENCE WE HAVE A STRONG  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7784 CONTRACTS  WITH 2179 CONTRACTS INCREASED AT THE COMEX AND 5605 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 8139 CONTRACTS OR 25.315 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5605) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2179): TOTAL GAIN IN THE TWO EXCHANGES  7784 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 FOLLOWED BY TODAY’S QUEUE JUMP OF 5900 oz.    3) ZERO LONG LIQUIDATION//// //.,4)   FAIR SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

AUGUST

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

12,491 CONTRACTS OR 1,249,100 OZ OR 38,852  TONNES 5 TRADING DAY(S) AND THUS AVERAGING: 2498 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5  TRADING DAY(S) IN  TONNES: 38.852 TONNES

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

THUS EFP TRANSFERS REPRESENTS  38.852/3550 x 100% TONNES  1.09% 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

AUGUST: 38.852 TONNES

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW NON ACTIVE FRONT MONTH OF SEPT. 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 ACTIVE DELIVERY MONTH OF AUGUST HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF SEPT., FOR SILVER:

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

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A HUGE SIZED 2256 CONTRACT OI TO 137,719 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 245 CONTRACTS

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

SEPT 245  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 245 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 2256  CONTRACTS AND ADD TO THE 245 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF 2501   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 12.505 MILLION OZ

OCCURRED WITH OUR  RISE IN PRICE OF  $0.21

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 UP 37.99 PTS OR 1.19%   //Hang Seng CLOSED UP 27.90 OR 0.04%    /The Nikkei closed UP 243.07 OR % 0.87.          //Australia’s all ordinaires CLOSED UP 0.59%   /Chinese yuan (ONSHORE) closed UP AT 6.7519//OFFSHORE CHINESE YUAN UP 6.7507//    /Oil DOWN TO 88.29 dollars per barrel for WTI and BRENT AT 93.76// SHANGHAI CLOSED UP 37.99 PTS OR 1.19%   //Hang Sang CLOSED UP 27.90 OR 0.04%    /The Nikkei closed UP 243.67 OR % 0.87.          //Australia’s all ordinaries CLOSED UP 0.59%   / Stocks in Europe OPENED MOSTLY RED.        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 FAIR SIZED 2179 CONTRACTS TO 461,339 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 FAIR  COMEX INCREASE OCCURRED DESPITE OUR STRONG RISE OF $29.00  IN GOLD PRICING  THURSDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (5605 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 MASSIVELY SHORT  AND NOW THEY ARE DESPERATELY TRYING TO COVER THEIR FOLLY.

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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 5605 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :5605 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  5605 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 8139  CONTRACTS IN THAT5605 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI GAIN OF 2534  CONTRACTS..AND  THIS SMALLISH GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR HUGE RISE IN PRICE OF GOLD $ 29.00. . WE  ARE NOW 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  WILL NOT END WELL FOR OUR SPECS.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING AUGUST   (97.02),

 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:97.02 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $29.00) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS // COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO COVER TO THEIR POSITIONS//////  WE HAVE  REGISTERED A STRONG SIZED GAIN  OF 7784 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (97.02 TONNES)

WE HAD -355  CONTRACTS SUBTRACTED TO COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 7784 CONTRACTS OR  778,400  OZ OR 24.21 TONNES

Estimated gold volume 170,446/// poor/

final gold volumes/yesterday  169,237 / poor

INITIAL STANDINGS FOR AUGUST ’22 COMEX GOLD //AUGUST 5

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz139,455.451oz

Brinks

Manfra






Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oz37,809.576 oz
Brinks
DELAWARE
No of oz served (contracts) today1746   notice(s)
174,600 OZ
1.5695 TONNES
No of oz to be served (notices)3435 contracts 
343,500 oz
10.71 TONNES
Total monthly oz gold served (contracts) so far this month27,752 notices
2,775,200 OZ
86.320 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

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 2

i) Into Brinks: 35,494.704 oz  (1104 KILOBARS)

ii) Into Delaware  2314.872 oz (720 kilobars)

total deposits: 37,809.576 oz

2 customer withdrawals:

i) out of Brinks: 66,093.381 oz

ii) Out of manfra;  73,362.070 oz

total:  139,455.407 oz

total in tonnes:4.33 tonnes

Adjustments: dealer to customer 

Brinks  84,495.557 oz

JPmorgan:  24,588.795 oz

Loomis: 5,883.633 oz

Malca  166,863.690 oz

Manfra  15,629.307 oz

customer to dealer: hsbc  69,186.686 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an  oi of 5188 contracts having LOST  444 contracts .

We had 503 notices served upon yesterday so we gained 59 contracts or an additional 5900 oz will stand for delivery in this very active month of August. 

From this point on, we will now add to the amount of gold standing at the comex until the end of the month.

Sept. lost 582 contracts to 3028 contracts.

October GAINED 56 contracts UP to 40,363 

We had 1746 notice(s) filed today for 174,600 oz FOR THE AUGUST 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 1742 contract(s) of which 13   notices were stopped (received) by  j.P. Morgan dealer and  623 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 (27,752) x 100 oz , to which we add the difference between the open interest for the front month of  (AUGUST 5188  CONTRACTS ) minus the number of notices served upon today 1746 x 100 oz per contract equals 3,119,400 OZ  OR 97.02 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 (27,752) x 100 oz+   (5188)  OI for the front month minus the number of notices served upon today (1746} x 100 oz} which equals 3,119,400 oz standing OR 97.02 TONNES in this   active delivery month of August.

TOTAL COMEX GOLD STANDING:  97.020 TONNES  (A HUGE STANDING FOR AUGUST (   ACTIVE) DELIVERY MONTH)

SOMEBODY IS AFTER A HUGE AMOUNT OF GOLD.  THE EFPS ARE NOW BEING USED TO TAKE GOLD FROM THE COMEX.  THUS THE AMOUNT OF GOLD STANDING FOR AUGUST WILL RISE EXPONENTIALLY.

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:  2,357,015.501 oz   73,31 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  29,494,362.222 OZ  

TOTAL REGISTERED GOLD: 14,756,707.533  OZ (458,99 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,857,654.689 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 12,399,692.0 OZ (REG GOLD- PLEDGED GOLD) 385.68 tonnes//rapidly declining 

END

SILVER/COMEX/AUGUST 5

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory107,731.021  oz


CNT
Delaware’
JPMorgan

Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,430,055.934 oz

Delaware
JPMorgan
Loomis
No of oz served today (contracts)CONTRACT(S)
40,000  OZ)
No of oz to be served (notices)96 contracts 
(480,000 oz)
Total monthly oz silver served (contracts)790 contracts
 3,950,000 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  3  deposits into the customer account

i) Into Delaware  245,731.624 oz

ii) Into JPMorgan  585,312.500 oz

iii) Into Loomis: 599,011.800 oz

total deposit:  1,430,055.934   oz

JPMorgan has a total silver weight: 175.185 million oz/335.061 million =52.23% of comex 

 Comex withdrawals: 3

i) out of CNT:  99,588.321 oz

ii) Out of Delaware  3151.700 oz

iii) out of JPMorgan: 4991.00 oz

total: 107,731.021   oz

 adjustments: 3/

of which 2 are dealer to customer:

Brinks:  5149.280 oz

Delaware: 59,815.140 oz

and one customer to dealer: jPMorgan:  133,641.825 oz

Yesterday: nothing appreciable left the comex

the silver comex is in stress!

TOTAL REGISTERED SILVER: 55.520 MILLION OZ

TOTAL REG + ELIG. 333.738 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF AUGUST OI: 104 CONTRACTS HAVING LOST 52 CONTRACTS.  WE HAD 54 NOTICES FILED ON THURSDAY

SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ OF SILVER WILL STAND FOR DELIVERY.  THE AMOUNT STANDING

WILL NOW INCREASE ON A DAILY BASIS AS BANKERS SCOUR THE PLANET FOR BADLY NEEDED SILVER.

SEPTEMBER HAD A LOSS OF 1548 CONTRACTS DOWN TO 94,106

OCTOBER GAINED ANOTHER 2 CONTRACTS TO STAND AT 13

 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 8 for  40,000 oz

Comex volumes:71,936// est. volume today//   good

Comex volume: confirmed yesterday: 58,180 contracts (  fair )

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 790 x 5,000 oz = 3,950,000 oz 

to which we add the difference between the open interest for the front month of AUGUST(104) and the number of notices served upon today 8  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 790 (notices served so far) x 5000 oz + OI for front month of AUGUST (104)  – number of notices served upon today (8) x 5000 oz of silver standing for the AUGUST contract month equates 4,430,000 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:

AUGUST 5/WITH GOLD DOWN $14.25: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .33 TONNES FROM THE GLD////INVENTORY RESTS AT 1000.32 TONNES

AUGUST 4 WITH GOLD UP $29.00 : BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.32 TONNES FROM THE GLD///INVENTORY REST AT 1000.65 TONNES

AUGUST 2/WITH GOLD UP $3.70; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.90 TONNES FROM THE GLD//INVENTORY RESTS AT 1002.97 TONNES//

AUGUST 1/WITH GOLD UP $5.75: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .58 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1005.87 TONNES

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: 1000.32 TONNES

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

AUGUST 5/WITH SILVER DOWN 28 CENTS:BIG CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 922,000 OZ FROM THE SLV//INVENTORY RESTS AT 485.712 MILLION OZ//

AUGUST 4  WITH SILVER UP 21 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 527,000 OZ FROM THE SLV////INVENTORY RESTS AT 486.634 MILLION OZ

AUGUST 2/WITH SILVER DOWN 21 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.504 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 487.161 MILLION OZ//

AUGUST 1/WITH SILVER UP 17 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE GLD: NO CHANGES IN SILVER INVENTORY AT THE SLV////INVENTORY RESTS AT 483.657 MILLION OZ//

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 485.712 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

end

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

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

Alasdair Macleod: Is bank credit friend or foe?

Submitted by admin on Thu, 2022-08-04 11:48Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, August 4, 2022

Advocates of sound money place much of the blame for inflation on bank credit. Do away with the creation of bank credit, they say, and the destructive cycle of boom and bust will be cured. But is this solution practical, and is it the real inflation problem?

It may be an inconvenient fact, but commodity prices prove to be far more volatile under a fiat currency regime than they ever where under sound money and fluctuations in bank credit.

Understanding bank credit possesses a new urgency, given that this cycle of its expansion appears to be ending and the fiat world is heading for a periodic credit contraction. This article details how bank credit is created, how it has evolved and its role in fostering economic progress. We look at the alternative of banks of deposit, their history, and their practicality as a replacement for banking as we know it today.

We must be clear that there is a difference between cycles of bank credit, which so long as they are moderate can be tolerated, and state-induced inflation of the currency, which can be expected to lead to a permanent loss of a fiat currency’s purchasing power. In this context, are proposals to do away with bank credit taking a sledgehammer to crack the wrong nut?

On this subject, the Keynesian and Austrian economists disagree fundamentally. The conclusion of this article is that bank credit is economically beneficial, but it is state intervention in one form or another which has made it not just a driving force for economic progress, but unnecessarily destructive as well. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/bank-credit-friend-or-foe?gmrefcode=gata

END

New Orleans conference returns spectacularly in October so join GATA there

Submitted by admin on Thu, 2022-08-04 11:44Section: Daily Dispatches

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

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

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

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

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

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

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

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

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

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

There are a number of reasons for the excitement.

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

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

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

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

This event is not to be missed!

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

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

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

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

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

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

What does it all mean?

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

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

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

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

…and, of course, yours truly.

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

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

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

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

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

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

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

Just click here:

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

END

Switzerland adopts EU sanctions on Russian gold

Submitted by admin on Thu, 2022-08-04 09:37Section: Daily Dispatches

From the Swiss Broadcasting Corp., Bern
Wednesday, August 3, 2022

Switzerland, a major global hub for gold, has followed the European Union in banning imports of Russian gold as part of new sanctions due to the war in Ukraine.

“The new measures primarily concern a ban on buying, importing, or transporting gold and gold products from Russia. Services in connection with these goods are also prohibited,” the economics ministry wrote on Wednesday.

The decision is in line with the ban on Russian gold made by the EU on July 21, the ministry said, and implements “the most urgent measures in terms of time and substance” taken by Brussels. Until now only exports of gold from Switzerland to Russia had been banned.

The potential impact of the new sanctions on Swiss refineries is unclear. Following the invasion of Ukraine in February, imports from Russia have been largely avoided for ethical reasons. Moreover, since March 7 trade of bullion produced by Russian refineries has not been possible in Switzerland, due to a decision by the leading London Bullion Market Association. …

… For the remainder of the report:

https://www.swissinfo.ch/eng/switzerland-takes-over-eu-sanctions-on-russian-gold/47801116

END

4. OTHER GOLD/SILVER COMMENTARIES

This is a very important commentary which we brought to your attention yesterday. Jan N. describes how the market misinterprets the amount of gold actually

held clear by Turkey.  Erdogan uses swaps and it is highly likely that they are down to less than 300 tonnes. Also it has been reported that their net foreign exchanges reserves

are negative

(Jan N. //(Koos Jansen)//Gainsville coins)

In Desperate Need Of FX, Turkish Central Bank Sends Gold To London

FRIDAY, AUG 05, 2022 – 03:30 AM

By Jan Nieuwenhuijs of Gainesville Coins

After having repatriated 104 tonnes from the Bank of England (BOE) in 2018, the Central Bank of Turkey (CBRT) has been sending gold back to London in 2020 and 2021. Amid economic turmoil that’s weakening the Turkish lira, CBRT is likely using its gold at BOE as collateral for foreign exchange (FX) loans. Turkey’s situation is reminiscent of Venezuela several years ago.

Computing Turkey’s net gold reserves is complicated, because since 2011 CBRT and the Turkish Treasury have launched several schemes to borrow gold, which all show up on the central bank’s balance sheet. Simplified, what I have done is take the tonnage “owned by the central bank” in CBRT’s annual report—this excludes gold submitted by banks for reserve requirements and the Treasury’s gold—and subtracted outstanding Turkish lira for gold swaps*.

The World Gold Council (WGC) computes Turkish net gold reserves differently. My estimate for Turkey’s net gold reserves on December 31, 2021, is 354 tonnes, roughly 300 tonnes less than what the IMF reports, while the WGC discloses 394 tonnes. A more detailed discussion on this topic can be found in the Appendix.

*A swap in this article refers to a spot sale (for example, selling gold for dollars) that is unwound by a forward transaction (buying gold with dollars) for a slightly higher price reflecting an interest rate. A swap can also be viewed as a collateralized loan (borrowing dollars with gold as collateral).

Sending Back Repatriated Gold

In 2017 and 2018 CBRT repatriated all its gold from the Federal Reserve Bank of New York (FRBNY) and the Bank for International Settlements (BIS), and all but 6 tonnes from BOE, according to its annual reports. All the repatriated gold was moved into the vaults of Borsa Istanbul. CBRT is highly influenced by Turkish President Erdogan, who has strained ties with the West. The central bank prefers to store gold on its own soil, preventing rivals from having leverage in disputes.

Yet in 2020 CBRT began shipping gold back from Turkey to London, which is one of the most liquid gold markets globally. At the end of 2021 CBRT was holding 78 tonnes at the BOE. Possibly, it wants to hold gold in London for an emergency sale. More likely the gold is being swapped for FX to defend the lira or make international payments.

Turkey’s economy is in dire straits. Consumer price inflation is at 80% and the Turkish lira has lost 90% of its value versus the U.S. dollar in less than 14 years. The currency crisis is eating into Turkey’s FX reserves.

Parallels With Venezuela

The similarities between Turkey and Venezuela are striking, first and foremost because both countries’ economic policy is irrational. In 2011, socialist Hugo Chavez, then President of Venezuela, ordered 85% of the central bank’s gold reserves to be repatriated in an act of economic nationalism. Two years later, due to ruinous monetary policy, inflation reached 40% and the Venezuelan bolivar began its steep descent. In need for FX the Venezuelan central bank (BCV) signed a swap agreement, using its gold that was still in London, with Citibank in 2015. “The value of the gold will continue to appear on the Central Bank’s balance sheet,” it was reported at the time.  

In 2016, I reported that BCV was shipping its gold to Switzerland in need for more FX. Financial conditions didn’t improve in Venezuela led by socialists, and in 2017 BCV allowed a swap to lapse. The gold collateral was lost. By then Venezuela had already reached hyperinflation.

In the following years Venezuela continued to sell monetary gold abroad to pay for the imports of basic goods. In addition, current President Maduro makes money off smuggling conflict gold. How much monetary gold BCV has left is any one’s guess.

In turn, President Erdogan doesn’t believe in raising interest rates to stop the lira from plummeting in value. He thinks higher interest rates will fuel inflation, instead of the other way around. On the first of January of this year, it took 13 Turkish liras to buy 1 U.S. dollar; at the time of writing, it takes 18 liras. This will not end well if Erdogan continues to control CBRT and assumes inflation will magically disappear by itself.

Conclusion

There is intense pressure on CBRT’s international reserves—gold, FX, and SDRs. My estimate for CBRT’s net gold holdings is at most 354 tonnes (end 2021) but can be significantly lower if some of it has been swapped for FX in London. In case all CBRT’s gold at BOE is on swap, 78 tonnes must be deducted from the total (354 – 78 = 276). When Turkey can’t unwind the swap by buying back their gold, the collateral is lost.

I didn’t manage to find off balance sheet data that reveals how much gold CRBT has swapped out. I did find a quote in an LBMA special on the Turkish gold market published in August 2021. From the LBMA:

After Turkish foreign exchange reserves dropped to a multi-decade low over the summer, some gold holdings are believed to have been mobilized to support the lira and/or repay international debt.

It could be this quote refers to gold for FX swaps by CBRT in London.

According to this website by two Turkish economists, CBRT’s net international reserves were negative in 2021, when taking into account all (on and off balance sheet) FX liabilities. More recently Reuters reported Turkey’s net international reserves are negative. If true—I haven’t been able to calculate CBRT’s net FX reserves myself—this means that Turkey won’t be able to pay its international debt obligations, even it sells all its gold and SDRs. Only an emergency loan by the IMF or a miracle can save it.

Appendix

The following explains how I have computed Turkey’s net gold reserves.

Starting in 2011, CBRT allowed commercial banks to fulfill their lira reserve requirements partly in gold. The aim was to attract physical gold from “under-the-mattress” into the financial system, which banks would use for reserve requirements (RR), freeing up lira liquidity. Gold QE, if you will. The scheme was modestly successful, because most of the gold submitted for RR by banks was borrowed in London. This facility is called the Reserve Option Mechanism (ROM).

In 2018, the Turkish Treasury began issuing gold bonds. The gold borrowed is transferred to CBRT’s balance sheet, and thus increases CBRT’s gross gold reserves and gold liabilities to the Treasury. Issuing of gold bonds has intensified, as measured by CBRT’s gold liabilities to the Treasury. See the chart below.

In 2019, CBRT set up a lira for gold swap market. Turkish commercial banks can swap gold for liras at their central bank, which incentivizes banks to attract physical gold from investors. CBRT simply prints liras to pay for the swaps. Off balance sheet swap data by CBRT published here allowed me to compute the total amount of gold swaps outstanding (buy side, quotation and auction method).

As mentioned earlier, my starting point in calculating CBRT’s net gold reserves has been the tonnage “owned by the central bank” in the annual reports. Cross checks confirm this amount excludes gold in the ROM facility and the Treasury’s gold on CBRT balance sheet. Subsequently, I have subtracted the total amount of gold swaps outstanding from the total. The result is my estimate for Turkey’s net gold reserves.

For those interested, here is a paper by the World Gold Council on how they measure Turkey’s net gold reserves.

end

5.OTHER COMMODITIES: WHEAT//GRAINS/DIESEL

COMMODITIES IN GENERAL/

END

6.CRYPTOCURRENCIES

end

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 6.7519

OFFSHORE YUAN: 6.7504

HANG SENG CLOSED UP 27.90 PTS OR  0.46%

2. Nikkei closed UP 243.67 OR 0.87%

3. Europe stocks   CLOSED MOSTLY RED 

USA dollar INDEX  UP TO  105726/Euro FALLS TO 1.0235

3b Japan 10 YR bond yield: FALLS TO. +.169/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 133.09/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN:   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 +0.819%/Italian 10 Yr bond yield RISES to 3.05% /SPAIN 10 YR BOND YIELD FALLS TO 1.89%…

3i Greek 10 year bond yield FALLS TO 2.95//

3j Gold at $1787.50 silver at: 20.11  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND 19/100        roubles/dollar; ROUBLE AT 60.53

3m oil into the 88 dollar handle for WTI and  93 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 133.09DESTROYING 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 0.9557– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9782well 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: 2.694  UP 2  BASIS PTS

USA 30 YR BOND YIELD: 2.969  UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.97

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Flat Ahead Of Much-Anticipated Jobs Report

FRIDAY, AUG 05, 2022 – 07:39 AM

Markets are muted this morning with US equity futures paring back modest gains, ahead of the much-anticipated US jobs report later Friday. S&P 500, Nasdaq 100 and Dow Jones futures are little changed as sentiment gets hit after China imposed sanctions against Pelosi and would halt military talks with the US over Pelosi trip, while European stocks slipped after a stronger Asian session. The Nasdaq has stopped just short of a 20% rebound from its June low that would meet the technical definition of a bull market. The dollar and Treasuries were steady. Oil and gold slipped and Bitcoin recouped much of yesterday’s losses.

In premarket trading, US-listed Chinese stocks slipped after China said it would cancel climate and military talks with US, as part of a countermeasure package following House Speaker Nancy Pelosi’s trip to Taiwan. Among Chinese internet stocks lower were Alibaba -3.3% as investors continue to digest earnings; Nio -1%, Baidu -0.8%, Pinduoduo -2%, JD.com -1.9%, NetEase -1.8%, Li Auto -1.5%, XPeng -1.8%, Bilibili -1.6%. Here are some of the biggest U.S. premarket movers today:

  • Warner BrosDiscovery (WBD US) shares slump 11% in premarket trading after the media company reported a net loss and sales for the second quarter that missed the average analyst estimate. The recently merged media giant recorded about $4 billion in charges related to the deal, including amortization and restructuring expenses, wiping out profits.
  • Virgin Galactic (SPCE US) shares tumbled 13% in premarket trading after the space tourism company announced another delay to the launch of their commercial service, pushing it back to the second quarter of 2023.
  • Amgen (AMGN US) delivered a solid set of results and the biotech giant’s acquisition of autoimmune disease drug maker Chemocentryx looks to make sense, analysts say.
  • Kellogg (K US) raised to neutral from underweight at Piper Sandler with the broker saying a “way-too-early” sum-of-the-parts assessment of the cereal giant ahead of its planned split suggests it is fairly valued.
  • Block (SQ US) shares fall 6.5% in premarket trading after gross payment volume for the second quarter missed the average analyst estimate. Analysts noted signs of slowdown in the Cash App business in July.
  • Yelp (YELP US) boosted its full-year outlook on the back of better-than-expected 2Q sales, adjusted Ebitda and margin, prompting Evercore ISI and Baird to raise price targets. Analysts say the online review company’s new products are bearing fruit, with demand from advertisers still robust despite macro risks.
  • DoorDash (DASH US) shares jumped 13% in premarket trading, after the food delivery company reported stronger-than-expected second-quarter results. Analysts were optimistic about the “stickiness” of the company’s product and noted that demand seems to be holding up despite inflationary and macro pressures.
  • Cloudflare (NET US) shares soared as much as 23% in US premarket trading as analysts hiked their targets on the software company, highlighting that the firm was able to keep growing in a tough macroeconomic environment. Cloudflare also boosted its revenue guidance for the full year.
  • Cryptocurrency-exposed stocks are gaining in premarket trading after Bitcoin rose as much as 4% to trade above $23,000. On Thursday, BlackRock partnered with Coinbase to make it easier for institutional investors to manage and trade Bitcoin.
  • Doximity’s (DOCS US) guidance cut will provide fuel to bears on the online healthcare platform, analysts say. Shares in the firm fell 14% in after-hours trading on Thursday following its results.
  • Twilio (TWLO US) shares drop 7.9% in US premarket trading after the software firm’s guidance and margins disappointed, with questions over the latter metric ongoing, analysts say.
  • Ventas (VTR US) reported strong revenue growth in its second-quarter earnings, as expense pressure weighs on third-quarter guidance. Analysts retain a positive long-term outlook on the stock, as an aging population drives demand for Ventas’ senior housing portfolio. .

A global equity index is set for a third weekly advance and near a two-month peak in a recovery from bear-market lows, helped by resilient US company profits. The durability of the bounce remains in doubt as central banks around the world speed up rate hikes, and the inversion between two-year and 10-year yields remains near the deepest since 2000, harkening imminent recession.

The stock rally is being fed by speculation that runaway inflation may have peaked and the Fed can temper interest-rate increases. With US payrolls Friday data a closely-monitored Fed indicator, an above-expectation reading could provoke a negative reaction by traders because it would be seen as emboldening the US central bank to press on with outsized hikes.

“The equity market in the last month has managed to turn both hawkish and dovish data into a reason for cheer, which obviously is rather self-serving and unsustainable in the medium term,” said James Athey, investment director at Abrdn. “I would continue to be a seller of equity strength given my view that the path for the economy most certainly remains down.” 

Looking at today’s main event, the July payrolls report at 8:30am ET is expected by economists to show job creation slowed from past year’s pace to 250k, with crowd- sourced whisper number currently 225k; unemployment rate expected to remain at 3.6%. Goldman goes even farther and predicts that a negative print would lead to a powerful stock rally: according to Goldman flow trader John Flood “we are firmly in a BAD is GOOD and vice versa tape right now.” He adds that whereas Goldman estimates a +225k headline print (vs +372 prior and +250k consensus). In this context:

  • The market “will get hit hard (-200bps) on a print north of 372k (>prior reading) as sooner than expected “fed pivot” convos will quickly be shelved.”
  • On the other hand, “a relatively inline print (150k – 300k) mkt wont react to as traders will sit on hands and wait for CPI.”
  • Finally, “if jobs are lost and we get a negative print, tape will rally 100+bps as FOMO/COVER chase will (remain) on w/ early 2023 rate cut discussions gaining more momentum.”

In Europe, the Stoxx 50 index fell 0.3%. DAX is flat but outperforms peers, CAC 40 lags, dropping 0.4%. Media, energy and consumer products are the worst-performing sectors. Here are the top European movers:

  • WPP shares fall as much as 7.3%, the most since May, despite the advertising agency raising full-year sales guidance. While the company surpassed consensus estimates on organic revenue growth in the first half, Goldman Sachs says the magnitude of the beat is smaller than peers.
  • London Stock Exchange shares rise as much as 2% to an almost four-month high, after the financial information company reported interim results and announced a £750m share buyback.
  • Hargreaves Lansdown shares gain as much as 5.7%, the most since March, as its reported pretax for the full year fell below analysts estimates.
  • Vestas Wind Systems rises as much as 5.5% after US Democratic senators agreed on a revised version of an ambitious tax and climate bill.
  • Pets at Home shares gain as much as 4% to the highest intraday since April 6, after the UK retailer reported 1Q like-for-like sales growth of 6%, beating RBC’s estimate of 3%.
  • Rheinmetall shares fall as much as 6.9% after the defense and auto manufacturer published 2Q earnings and confirmed its lowered FY sales outlook reported last week.
  • Deutsche Post rises as much as 6.5%, the most in more than four months, after the company reported Ebit in the second quarter that beat analysts estimates and confirmed its 2022 guidance.
  • Bpost shares rise as much as 9.2% to the highest level since Jan. 26 after what KBC says were a “very good set of result.”
  • Pirelli gains as much as 6.4%, the most intraday since March 9, after the tiremaker reported 2Q results ahead of expectations and raised its guidance for revenue and net cash generation, with Oddo BHF noting the new outlook should reassure.

Earlier in the session, Asian stocks rose, boosted by a rally in Taiwan and gains in the region’s technology shares.  The MSCI Asia Pacific Index climbed as much as 0.9%, with TSMC and Sony among the biggest contributors to its advance. Tech was also the best-performing sector on the gauge, followed by materials. Taiwan’s equity benchmark was the biggest gainer in the region, jumping 2.3%. Semiconductor and shipping stocks climbed, helping the Taiwan Stock Exchange Weighted Index recoup all the losses fueled by US House Speaker Nancy Pelosi’s visit to the island earlier this week. That’s even as China likely fired missiles over Taiwan for the first time during its biggest military drills around the island in decades.

Investors will continue to assess the ongoing corporate-earnings season and the Fed’s monetary-tightening path. US payrolls data on Friday is the next key data point for global markets; Cleveland Federal Reserve Bank President Loretta Mester reiterated Thursday the US central bank’s determination to quell inflation.  “A recession with the rising inflation rates is not going to be a constructive environment for the stock market. So I still regard this as a bear-market rally,” Jeffrey Halley, senior market analyst at Oanda Asia Pacific, said in an interview with Bloomberg TV.  Stock gauges in Japan and South Korea also rose, helped by positive earnings reports. China’s Alibaba Group Holding Ltd. posted better results than many investors feared, avoiding a sharp sales contraction. Still, the stock slumped in Hong Kong after rallying for two days ahead of the earnings report.

Australia’s S&P/ASX 200 rose 0.6% to close at 7,015.60, driven by mining and health shares. The benchmark climbed for a third consecutive week, up 1%. Lithium stocks extended their rally on Friday as industry executives said they were inundated by bankers and brokers at the Diggers & Dealers Mining Forum this week, talking up deals to secure some of the estimated $42 billion worth of investment needed for metal producers to meet their goals. Meanwhile, Australia’s central bank lifted its inflation and wage growth forecasts while predicting unemployment will remain under 4% through mid-2024, underscoring the need for even tighter monetary policy. In New Zealand, the S&P/NZX 50 index fell 0.1% to 11,728.47.

In FX, the Bloomberg Dollar Spot Index rose 0.1% in quiet trading, snapping a two-day decline. CHF and NZD are the strongest performers in G-10 FX, SEK and AUD underperform. The euro eased as much as 0.3% to 1.0219, weighed by weaker European share prices, while the yen slipped as traders unwound a recent streak of bullish bets on the currency

In rates, the Treasury yield curve was barely changed, with two-year yields rising 1.9 basis points higher to 3.06%. In Thursday’s US trading session two- and 10-year yields ended down 2 basis points while the 2s10s spread remained about 37.6bps in inversion. US yields are cheaper by as much as 2bp across front-end of the curve with spreads broadly within 1bp of Thursday’s closing levels; 10-year yields around 2.70%, cheaper by 1bp on the day and outperforming bunds and gilts by ~2bp each. European bonds eased, with the two-year German Schatz yield rising 2 basis points to 0.36%, while the 10-year Bund yield rose 3.1 basis points to 0.83%. Gilt curve bull-flattens with 2s10s widening 2.5bps after BOE’s Huw Pill cautioned against assuming a 50-bps hike in September. Short-end bunds decline, with the yield on the 2-year up about 2 bps.

WTI trades within Thursday’s range at around $88. Spot gold falls roughly $4 to trade at ~$1,787/oz. Most base metals trade in the green; LME nickel rises 1.8%, outperforming peers. LME lead lags, dropping 0.1%.

In today’s docket of economic data, the payrolls report in the US will be in the spotlight with June consumer credit out later in the day. In Europe, we will get June industrial production for Germany, France and Italy and Q2 private sector payrolls, wages and June trade balance for France. In central banks, speakers will include Fed’s Barkin and BoE’s Pill.

Market Snapshot

  • S&P 500 futures little changed at 4,154.00
  • STOXX Europe 600 down 0.2% to 438.32
  • MXAP up 0.8% to 161.72
  • MXAPJ up 0.9% to 527.30
  • Nikkei up 0.9% to 28,175.87
  • Topix up 0.9% to 1,947.17
  • Hang Seng Index up 0.1% to 20,201.94
  • Shanghai Composite up 1.2% to 3,227.03
  • Sensex up 0.2% to 58,442.88
  • Australia S&P/ASX 200 up 0.6% to 7,015.56
  • Kospi up 0.7% to 2,490.80
  • German 10Y yield little changed at 0.82%
  • Euro down 0.2% to $1.0227
  • Gold spot down 0.2% to $1,787.20
  • U.S. Dollar Index up 0.24% to 105.95

Top Overnight News from Bloomberg

  • Stocks in Europe and US equity futures struggled for direction as investors brace for the monthly US jobs report that’s likely to enliven the recession debate. The dollar rebounded from two days of declines.
  • China announced it would halt cooperation with the US in a number of areas following US House Speaker Nancy Pelosi’s trip to the US, including working-level talks on climate change and defense.
  • Bond giant Pacific Investment Management Co. saw outside clients pull money for a second straight quarter amid a global bond selloff.
  • Investors have resumed shunning global stocks in favor of bonds, according to Bank of America Corp. strategists, who say the time is right to step back from US equities after the strong rally in July.
  • German power prices rose to a record as utilities are increasingly reducing electricity output in western Europe because of the hot weather.

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks traded mostly positive but with gains capped amid geopolitical and growth slowdown concerns, while markets also await the upcoming US NFP jobs report. ASX 200 was lifted by strength in mining stocks after gains in underlying metal prices although the energy sector lagged due to the recent oil pressure. Nikkei 225 surpassed 28k after stronger-than-expected Household Spending and firmer wage growth. Hang Seng and Shanghai Comp lacked firm direction with Hong Kong stocks indecisive after Alibaba failed to replicate the strength in its ADRs post-earnings and with sentiment clouded by geopolitical risks

Top Asian News

  • Hong Kong to Announce Hotel Quarantine Cut as Soon as Monday
  • Japan’s Kishida to Reshuffle Cabinet as Soon as Aug. 10: NHK
  • Seazen Says It’s Wired Funds for $200m Dollar Bond Due Aug. 8
  • Indonesia’s GDP Surprise May Not Be Enough to Sway BI to Hike
  • SpaceX Rocket Launches South Korea’s First Mission to the Moon
  • Copper and Zinc Push Higher on Tightening Supply Backdrops

European bourses are under modest pressure in wake of China taking countermeasures against “Pelosi’s invasion of Taiwan”, Euro Stoxx 50 -0.4%. However, as we await the key US Labour Market print (newsquawkperformance is fairly contained overall preview available) before next week’s CPI. Currently US futures are lower by circa. 0.1% in narrow ranges amid thin summer conditions and a limited European schedule.

Top European News

  • German Power Climbs to Record as Plants Start to Buckle in Heat
  • UK House Prices Fall for First Time in a Year as Crisis Bites
  • Solvency II Plans Open Door to UK Insurance Buyback Bonanza
  • Italian Industry Output Slumps as Election Uncertainty Mounts
  • Vestas Surges as US Tax and Climate Bill Passes Major Hurdle
  • WPP Shares Drop After Outlook Upgrade Fails to Live up to Peers

FX

  • DXY trades on a firmer footing and tested 106.00 as China announced sanctions against House Speaker Pelosi; CNH saw some weakness.
  • EUR and GBP are posting mild losses vs the Buck, but the EUR sees slightly more of a downside bias vs the GBP
  • Activity currencies hold a mild downside against the Buck, with more pronounced losses seen as reports of Chinese sanctions against Pelosi dented sentiment.
  • Haven FX have climbed up the G10 ranks following the deterioration in sentiment.

Fixed Income

  • Pre-BoE core consolidation has dissipated and the flattening bias is back in play, albeit, only incrementally so with NFP ahead.
  • Bunds are towards the mid point of a relatively contained 60 tick range which is capped by nearby support/resistance.
  • OATs are in-fitting directionally but at the lower-end of ranges ahead of Fitch’s review of France; currently, AA Negative

Commodities

  • Crude benchmarks are under pressure amid the mentioned countermeasures taken by China and also as Taiwan reports no/limited ships/aircraft impact from China drills
  • WTI and Brent lower by circa. USD 0.20/bbl and towards the bottom-end of the session’s parameters.
  • China’s market regulator recently carried out investigations in Shanxi, Inner Mongolia and Shaanxi, 3 major coal-producing provinces, to further supervise and regulate thermal coal prices. 18 coal companies were suspected of bidding up coal prices, accord.
  • Spot gold is softer and incrementally losing its allure as the USD picks up while remain mixed

US Event Calendar

  • 08:30: July Change in Nonfarm Payrolls, est. 250,000, prior 372,000
    • Change in Private Payrolls, est. 230,000, prior 381,000
    • Change in Manufact. Payrolls, est. 20,000, prior 29,000
    • July Unemployment Rate, est. 3.6%, prior 3.6%
    • Underemployment Rate, prior 6.7%
    • Labor Force Participation Rate, est. 62.2%, prior 62.2%
    • Average Hourly Earnings MoM, est. 0.3%, prior 0.3%; Average Hourly Earnings YoY, est. 4.9%, prior 5.1%
    • July Average Weekly Hours All Emplo, est. 34.5, prior 34.5
  • 15:00: June Consumer Credit, est. $27b, prior $22.3b

DB’s Jim Reid concludes the overnight wrap

Welcome to another payrolls Friday which after a week of better US data on balance, probably isn’t set up with the market as worried as it could have been. There will be some concerns that continuing claims picked up last week (as released yesterday) but it’s fair to say the market is probably going into today’s print less worried about it than it was at the start of the week.

Yesterday was in truth the dullest day of the month so far after three action packed days even with a well flagged 50bps hike, but with a five quarter recession call, from the BoE being the obvious highlight.

US yields did rally across the curve but the moves were much smaller than we’ve seen earlier this week. The 2yr (-2.2bps) eased a touch more than the 10yr (-1.7bps). This came alongside hawkish comments from Cleveland Fed’s President Mester who stuck with her preference for rates to get above 4%, but now potentially preferring to frontload the hikes relative to her view in June’s summary of economic projections. The next edition is due at the September FOMC.

It was a mixed-bag day for the S&P 500 (-0.08%). Energy (-3.60%) continued to be the worst performing sector amid gloom in oil, with WTI losing -2.78% and trading below $90 per barrel and Brent (-3.25%) also down, but it was among 3 other sectors to finish the day lower including staples (-0.79%) and healthcare (-0.49%), while discretionary (+0.54%) and IT (+0.42%) drove the index higher as earnings took over given the lack of a significant macro driver.

Earnings also largely pulled the Nasdaq (+0.41%) ahead of other benchmarks as well, as the Dow Jones declined by -0.26%. Alibaba’s (+1.88%) revenue beat and a fairly optimistic take on consumer trends earlier in the session helped. Other notable movements on the day included Coinbase (+10%), which surged after news it is to partner with BlackRock to improve Bitcoin trading for institutions. But with 423 members of the S&P 500 now reported earnings for this season, the results-driven stories may fade in the coming days.

As mentioned at the top there was some disappointment from the claims numbers in the US which impacted sentiment a touch. While initial claims came in line with the median Bloomberg estimate of 260k, the upside surprise in continuing claims (1416k vs 1385k expected) were notable and remember that our US economists have pointed out that this series is a better gauge when it comes to forecasting imminent recessions. This fly in the job’s market soup comes after several Fed speakers have highlighted the continued tightness in the labour market this week, and with the ISM employment gauges surprising on the upside. So this puts today’s payrolls report solidly top of mind for markets from both a growth and monetary policy perspective. Our US economists expect a 250k print, down from 372k in June but enough to tip the unemployment rate lower to 3.5% from 3.6%. Consensus is also at 250k.

Some softness in yields and risk assets also started around the time of the BoE’s meeting yesterday that brought a fairly gloomy set of economic projections along with the widely expected +50bps hike, the largest since 1995, and a potential roadmap for active QT. Our UK economists review the meeting here and point to three key takeaways – inflation risks outweighed growth concerns, there is less reliance on medium-run projections and fairly unconstrained forward guidance. Our economics team continue to see +50bps in September and +25bps in November, marking a peak of 2.5% for the Bank Rate.

Briefly diving into the forecasts that dominated the headlines, the projections showed expectations of a prolonged contraction starting Q4 this year, with a -2.2% GDP decrease between then and Q2-24. So five quarters of recession predicted. What on earth would happen if the Fed predicted that? Inflation expectations also got a notable uptick of +200bps, and is now projected to peak at 13% in Q4 this year. While that was quite a mix for investors to digest, as our UK economists point out the Bank explicitly underscored it would assign less weight to more uncertain projections these days. That also further emphasises the importance of the next prime minister’s (results on September 5th) fiscal policy. 2s10s briefly inverted for the first time since 2019 as markets got on board with the recession story. The 2yr dropped by roughly -20bps from session’s highs at one point before closing only marginally lower (-0.5bps). The long end declined a bit more, with the 10y closing at -2.4bps, and the 2s10s finishing the day at 10bps, down -1.9bps. Nevertheless, breakevens surged by +6.2bps and the pound saw a U-turn from a nearly -1% loss in the aftermath of the meeting, recovering nearly to the level it held in early European trading.

The rest of major European bond markets also saw a rally for yields but more catching up to the late previous night US rally than anything else, with those for Bunds (-7.2bps), OATs (-8.6bps) and BTPs (-8.2bps) all lower. Falling yields supported equities in the region, as the STOXX 600 (+0.18%) was propelled by materials (+1.22%), helped by Glencore’s results, IT (+1.07%) and discretionary (+0.96%) stocks. Energy (-1.34%) and real estate (-1.18%) were the main outliers on the downside and 66% of index’s members finished the day higher.

Over in Asia, stock markets are trading higher this morning as markets appear to be unfazed by China’s military drills around Taiwan. As I type, the Kospi (+0.81%) is leading gains in early trade with the Nikkei (+0.71%) not far behind. Elsewhere, the Shanghai Composite (+0.28%) and the CSI (+0.37%) are also in positive territory whilst the Hang Seng (+0.06%) is swinging between gains and losses. Meanwhile, oil futures are slightly higher and reversing earlier losses as we go to print.

Looking ahead, equity futures in the US point to further gains with contracts on the S&P 500 (+0.24%), and the NASDAQ 100 (+0.30%) higher.

Early morning data showed that Japan’s household spending (+3.5% y/y) increased for the first time in four months in June (v/s +1.5% expected) and compared to a -0.5% decline in May. Separate data showed that real wages in Japan (-0.4% y/y) slipped for the third straight month in June (v/s -1.3% expected) as consumer prices advanced faster than nominal wages (+2.2% y/y, +1.9% consensus) which recorded its strongest growth in four years.

Elsewhere, the Reserve Bank of Australia (RBA) in its monetary statement this morning upgraded its inflation and wage growth forecasts while predicting the nation’s unemployment rate would fall further by the end of this year. The central bank in its statement revealed that it sees headline inflation reaching 7.75% by the end of 2022 and assumes the key interest rate will reach 3% by December from 1.85% at present and then “decline a little” by end-2024. Additionally, it estimates the jobless rate will reach 3.25% from the 3.75% forecasted earlier in May.

In today’s docket of economic data, the payrolls report in the US will be in the spotlight with June consumer credit out later in the day. In Europe, we will get June industrial production for Germany, France and Italy and Q2 private sector payrolls, wages and June trade balance for France. In central banks, speakers will include Fed’s Barkin and BoE’s Pill.

END

AND NOW NEWSQUAWK

Modest/fleeting risk-off amid China countermeasures pre-NFP – Newsquawk US Market Open

Newsquawk Logo

FRIDAY, AUG 05, 2022 – 06:54 AM

  • European bourses are under modest pressure in wake of China taking countermeasures against “Pelosi’s invasion of Taiwan”, Euro Stoxx 50 -0.4%.
  • However, performance is fairly contained overall as we await the key US Labour Market print (newsquawk preview available) before next week’s CPI.
  • DXY is firmer on the China update with activity currencies pressured and havens deriving modest upside.
  • Core debt is relatively steady with a modest flattening bias back in play; OATs in focus ahead of Fitch’s review
  • Crude benchmarks are under pressure amid the mentioned countermeasures taken by China and also as Taiwan reports no/limited ships/aircraft impact from China drills
  • Looking ahead, highlights include US & Canadian Labour Market Reports; BoE’s Pill & Fed’s Barkin.

As of 11:25BST/06:25ET

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

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

LOOKING AHEAD

  • US & Canadian Labour Market Reports; BoE’s Pill & Fed’s Barkin.
  • Click here for the Week Ahead preview

GEOPOLITICS

RUSSIA-UKRAINE

  • Ukraine is calling for the Black Sea grain deal to extend to other products, according to FT; subsequently, Russian Kremlin says a solution to the problems, in reference to Turkey’s proposed extension of a grain deal to metals, can only be attained if it is linked to the removal of restrictions on Russian metal producers, via Reuters.

TAIWAN

  • Chinese Foreign Ministry says it will sanction US House Speaker Pelosi over her visit to Taiwan; adding that, Pelosi’s Taiwan visit seriously interfered with China’s internal affairs and trampled on the One-China principle.
  • Chinese Foreign Ministry says it will take more counter-measures over House Speaker Pelosi’s trip to Taiwan. China announces eight measures, click here for details.
  • Taiwanese Transportation Ministry says no ships altered plans to enter or leave ports on Thursday and there is little impact on airport traffic following Chinese military drills, via Reuters.
  • US House Speaker Pelosi said they had positive meetings in Taiwan about security and governance and that they said from the start that representation is not about changing the status quo, while she added that China will not isolate Taiwan by preventing them from travelling there, according to Reuters.
  • White House’s Kirby said the US urges China not to overreact and to bring down tensions, while the US is watching China’s exercises near Japan ‘very, very closely’. Kirby also said the US condemns China launching missiles near Taiwan and expects China to continue to react in the coming days, while he added the US is prepared and that Beijing’s actions are a significant escalation in its attempt to change the status quo.
  • Taiwan’s Premier said the “evil neighbour” next door is showing off her power at our door and that China is arbitrarily destroying the world’s most frequently used waterway with military drills, while Taiwan’s Premier added that China’s actions are being condemned by the world.
  • Taiwan’s Defence Ministry said multiple Chinese navy ships and air force aircraft crossed the Taiwan Strait median line on Friday morning, while it added China’s actions are provocative and that the military principle is ‘no escalation, no triggering of incident’, according to Reuters.
  • Around 20 Chinese military aircraft briefly cross the Taiwan median line on Friday morning, according to a Taiwan source via Reuters.
  • White House summoned the Chinese ambassador yesterday to condemn the nation for escalating actions against Taiwan following the visit by House Speaker Pelosi, according to the Washington Post,

OTHER

  • North Korea tested explosive devices and began digging new tunnels at its Punggye-ri nuclear test site, which “paves the way for additional nuclear tests” according to Nikkei citing a UN draft report.
  • “There has been no discussion in Vienna between IAEA and Iran this week. And that none planned at this point”, according to WSJ’s Norman citing sources.

EUROPEAN TRADE

EQUITIES

  • European bourses are under modest pressure in wake of China taking countermeasures against “Pelosi’s invasion of Taiwan”, Euro Stoxx 50 -0.4%.
  • However, performance is fairly contained overall as we await the key US Labour Market print (newsquawk preview available) before next week’s CPI.
  • Currently, US futures lower by circa. 0.1% in narrow ranges amid thin summer conditions and a limited European schedule.
  • Click here for more detail.

FX

  • DXY trades on a firmer footing and tested 106.00 as China announced sanctions against House Speaker Pelosi; CNH saw some weakness.
  • EUR and GBP are posting mild losses vs the Buck, but the EUR sees slightly more of a downside bias vs the GBP.
  • Activity currencies hold a mild downside against the Buck, with more pronounced losses seen as reports of Chinese sanctions against Pelosi dented sentiment.
  • Haven FX have climbed up the G10 ranks following the deterioration in sentiment.
  • Click here for more detail.

Notable FX Expiries, NY Cut:

  • EUR/USD: 1.0100 (871M), 1.0200 (2.06B), 1.0300-05 (1.74B)
  • USD/JPY: 132.25 (822M), 132.50 (505M), 133.25-30 (822M), 134.00 (2.08B), 135.00 (1.09B)
  • Click here for more detail.

FIXED INCOME

  • Pre-BoE core consolidation has dissipated and the flattening bias is back in play, albeit, only incrementally so with NFP ahead.
  • Bunds are towards the mid point of a relatively contained 60 tick range which is capped by nearby support/resistance.
  • OATs are in-fitting directionally but at the lower-end of ranges ahead of Fitch’s review of France; currently, AA Negative.
  • Click here for more detail.

COMMODITIES

  • Crude benchmarks are under pressure amid the mentioned countermeasures taken by China and also as Taiwan reports no/limited ships/aircraft impact from China drills
  • WTI and Brent lower by circa. USD 0.20/bbl and towards the bottom-end of the session’s parameters.
  • China’s market regulator recently carried out investigations in Shanxi, Inner Mongolia and Shaanxi, 3 major coal-producing provinces, to further supervise and regulate thermal coal prices. 18 coal companies were suspected of bidding up coal prices, accord.
  • Spot gold is softer and incrementally losing its allure as the USD picks up while base metals remain mixed.
  • Click here for more detail.

NOTABLE HEADLINES

  • BoE Chief Economist Pill says the MPC is targeting the more persistent elements of inflation, BoE is aiming to be flexible and should not assume that September will be a 50bps hike. If inflation returns to 2%, nominal rates will be broadly at that level, via BBG TV.

NOTABLE US HEADLINES

  • US Senator Sinema agreed to move forward on Senate tax and climate bill in which she agreed to remove the carried interest tax provision, protect manufacturing and boost the clean energy economy in the Senate’s budget reconciliation legislation. Furthermore, Senate Majority Leader Schumer said the final version of the reconciliation bill will be published on Saturday and that the agreement preserves major components of the inflation reduction act.
  • Click here for the US Early Morning note.

CRYPTO

  • Bitcoin is firmer and once again back above the USD 23k mark in what has been a fairly choppy week within narrow ranges of less than USD 2k thus far.

APAC TRADE

  • APAC stocks traded mostly positive but with gains capped amid geopolitical and growth slowdown concerns, while markets also await the upcoming US NFP jobs report.
  • ASX 200 was lifted by strength in mining stocks after gains in underlying metal prices although the energy sector lagged due to the recent oil pressure.
  • Nikkei 225 surpassed 28k after stronger-than-expected Household Spending and firmer wage growth.
  • Hang Seng and Shanghai Comp lacked firm direction with Hong Kong stocks indecisive after Alibaba failed to replicate the strength in its ADRs post-earnings and with sentiment clouded by geopolitical risks.

NOTABLE APAC HEADLINES

  • Chinese Premier Li said China can ‘live with’ slightly lower growth if inflation remains below 3.5%, according to SCMP
  • ASEAN Foreign Ministers’ communique stated that they underscored the importance of maintaining unity and centrality, while they reaffirmed shared commitment to maintaining and promoting peace, security and stability in the region. They also reiterated their commitment to keeping markets open for trade and investment, as well as refraining from imposing unnecessary non-tariff measures to ensure supply chain connectivity.
  • RBA Statement on Monetary Policy stated that they are ready to do what is necessary to bring inflation back to the 2%-3% band and the board expects to take further steps to normalise policy but is not on a pre-set path. RBA added that inflation pressures are broadly based and that rate increases have been required to create a more sustainable balance of demand and supply. Furthermore, it sees GDP growth of 3.25% at end-2022, 1.75% at end-2023 and 1.75% at end-2024, while it forecasts CPI inflation of 7.75% at end-2022, 4.25% at end-2023 and 3.00% at end-2024.
  • RBI hiked the Repurchase Rate by 50bps to 5.40% (exp. hike of 25bps-50bps) and Governor Das stated that a further calibrated withdrawal is warranted to keep inflation expectations anchored. Das also stated that domestic economic activity is showing signs of broadening and that India is expected to be among the fastest growing economies this year with strong and resilient fundamentals but also stated that the domestic economy has been impacted by the global economic situation and that financial markets are uneasy, while he added that CPI inflation has eased from its surge in April but remains uncomfortably high.

DATA RECAP

  • Japanese All Household Spending MM (Jun) 1.5% vs. Exp. 0.2% (Prev. -1.9%); YY (Jun) 3.5% vs. Exp. 1.5% (Prev. -0.5%)
  • Japanese Labour Cash Earnings YY (Jun) 2.2% (Prev. 1.0%)

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 37.99 PTS OR 1.19%   //Hang Sang CLOSED UP 27.90 OR 0.04%    /The Nikkei closed UP 243.07 OR % 0.87.          //Australia’s all ordinaires CLOSED UP 0.59%   /Chinese yuan (ONSHORE) closed UP AT 6.7519//OFFSHORE CHINESE YUAN UP 6.7507//    /Oil DOWN TO 88.29 dollars per barrel for WTI and BRENT AT 93.76// SHANGHAI CLOSED UP 37.99 PTS OR 1.19%   //Hang Sang CLOSED UP 27.90 OR 0.04%    /The Nikkei closed UP 243.67 OR % 0.87.          //Australia’s all ordinaries CLOSED UP 0.59%   / Stocks in Europe OPENED MOSTLY RED.        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

END

CHINA/COVID

4/EUROPEAN AFFAIRS//UK AFFAIRS/

EU

Europe’s heat wave has emboldened our climate cult to do further damage.

a good read!

(zerohedge)

The Climate Cult Is Eager To Take Advantage Of Europe’s Energy Crisis

FRIDAY, AUG 05, 2022 – 02:45 AM

The climate cult never sleeps, and when they see nations in crisis they are always quick to try to exploit the situation by misrepresenting the root problem.  

A heat wave is currently hitting Europe along with wild fires and the mainstream media is beating the global warming drum hard.  This is nothing new; every time the weather gets hot they cry “climate change!”  Every time the weather is extra cold they once again cry “climate change!”  The evidence?  What about the “record heat” in parts of UK, Spain and Portugal?  This is surely proof that the weather is being ruined by that terrible menace known as man-made carbon?

Of course, what they don’t tell you is that the official record for weather and temperatures used by climate scientists only goes back about 140 years (it started in the 1880s).  So, millions upon millions of years of Earth weather, and they only count 140 years of it to determine “record temps?”  They tend to ignore ice core and tree ring data from centuries ago that indicate much hotter warming periods in our planet’s history (none of which were caused by man-made carbon emissions).  In comparison, today’s temperatures are rather tame.

The Earth’s overall temperatures have only risen by 1° Celsius in the past century; this was actually the peak and currently temps have evened out to an increase of 0.8°C.  This is the great climate doomsday we are all supposed to be terrified of.  This is the looming threat we are supposed to sacrifice all fossil fuel based energy production for – Less than a single degree of heat.  

It’s important to put the frantic climate change narrative into concrete perspective because the vast majority of climate science is paid for by governments and special interest organizations like the UN, the World Economic Forum and many other globalist groups with an agenda in mind.  On average, these governments and institutions spend around $632 billion per year on climate research funding and climate policy initiatives (which they call “meager”).  Their goal is to increase this cash flow to $4 trillion by the year 2030.  The incentives to jump on the man-made climate change train are MASSIVE; there is almost no monetary incentive for scientists that want to study other potential causes for climate events. 

The notion of the stalwart and incorruptible scientist that seeks objective truth rather than cash and notoriety is long dead.  Honest scientists are few and far between these days (especially in the medical and climate science fields), and perhaps it has always been that way.  The “experts” cannot be blindly trusted because they are just as susceptible to bias and corruption as anyone else.  

Climate change hysteria is a nothing burger, but it is being actively promoted by the media to obscure very real threats that the public faces in the near term.  One of those threats  is energy shortages, and climate regulations have put a stranglehold on many nations and their ability to adapt.  The EU is now implementing carbon policies that call for a 55% reduction of emissions by 2030.  Meaning, no new fossil fuel sources are supposed to be utilized.  Only reductions are allowed.    

Climate scientists and global elitists claim that climate change is the paramount issue of the century and must be dealt with immediately and by any means necessary.  They haven’t presented a single shred of hard evidence to support this assertion, but they dictate the policies of most western governments so they don’t really need to.  They just initiate restrictions without public input.  

In reality, perhaps the greatest threat since WWII is about to land like a hydrogen bomb in the laps of the European public.  Panic is beginning to take shape as Russia cuts natural gas supplies to the EU down to 20% of their original capacity and alternative sources simply do not exist on a scale that can take up the slack.  A large portion of oil exports have also been shut down, and European governments are NOT informing the citizenry of the true gravity of the situation. 

At current energy import rates, at least 40% of Europe will not be able to heat their homes in the winter.    EU plans to replace Russian energy sources in the near term have also been deemed “wildly optimistic.”  In other words, the EU public is screwed, and many of them still don’t realize it yet because the government won’t admit it.  A disaster of epic proportions is about to strike and this isn’t even counting the enormous price hikes that are coming for the other 60% of people that will still have gas supplies available.  

But the climate cult is not letting this visceral reality get in their way.  To them, the crisis is an opportunity.  A new narrative is rising among intergovernmental bodies, the media and among climate activists; they say this impending disaster is actually “good for Europe” in the long run, because it forces citizens to accept energy reduction policies and carbon controls which climate scientists and globalists have been demanding for years.  Inflation in prices means shrinking demand and cuts in the supply chain mean resources are quashed even if demand remains high.  Energy is being suffocated slowly leaving room for a “Green New Deal” of sorts.   

So, it’s good for the globalists and their agenda, but not really good for anyone else that has to live through harsh winter months with no heat and limited electricity. 

If the current trend continues without a dramatic change in the way Europe throttles fossil fuel energy, then there is the very real potential for mass deaths this winter.  This is not hyperbole, this is a mathematical certainty.  The continued push for even more climate restrictions at this time is making the situation much worse.  

There is no impending threat due to climate change, but there is an impending threat due to energy shortages.  Europeans need to ask themselves – Why are their governments setting them up for calamity over a non-existent climate bogeyman?  Without increased fossil fuel energy from numerous sources including coal and oil the EU is on the path to a historic tragedy this winter.      

end

SWITZERLAND/CREDIT SUISSE

This shows how Europe is imploding: Credit Suisse is now set to slash thousands of jobs.

(zerohedge)

Credit Suisse Set To Slash Thousands Of Jobs Despite Handing Out Hundreds Of Millions To Retain Top Talent

FRIDAY, AUG 05, 2022 – 06:55 AM

Just days after it was reported that Credit Suisse was handing out hundreds of millions to retain talent, the firm is now reportedly mulling mass layoffs, with “thousands of roles globally” at risk of being cut. 

The bank is looking to cut its overall cost base by $1 billion, Bloomberg reported this week. This could include an “aggressive plan” to reduce its headcount of more than 51,000 workers. 

The bank is “examining inefficiencies in the bank’s middle and back office in addition to the efforts to reshape its investment bank,” the report says, and is expected to finalize plans for the cuts over the next two quarters. 

Several thousand roles could be cut over a number of years, according to people familiar with the matter.  

The bank told Bloomberg: “We have said we will update on progress on our comprehensive strategy review when we announce our third quarter earnings; any reporting on potential outcomes before then is entirely speculative.”

It is expected to be the biggest round of cuts since former chief executive officer Tidjane Thiam cut about 6,000 positions in 2016 after the firm posted unexpected losses on some trading positions. 

Ulrich Koerner was appointed to lead the bank last week. He formerly was UBS’s chief operating officer during period where the bank slashed 15,000 workers after the 2008 financial crisis, so it’s safe to say he has experience in making such drastic cuts. 

This news comes just days after it was reported that the firm had handed out more than $300 million in a single month to retain some of its top bankers. 

END

SPAIN

Spain bans air conditioning dropping below 80 degrees F.  If caught massive fines

(zerohedge)

Spain Bans A/C Dropping Below 80°F, Threatens Massive Fines

FRIDAY, AUG 05, 2022 – 04:15 AM

Citing “a real risk of a natural gas shortage during the coming winter,” the Spanish government has decreed that all shops, department stores, cinemas, hotels and public buildings cannot have air conditioning set below 27 degrees Celsius (just below 81 degrees Fahrenheit) in the summer, heating above 19 degrees in the winter (66 degrees Fahrenheit).

Additionally, the lights in shop windows must be turned off at 10 pm, and access doors to the premises must close automatically to ensure air does not get out.

Businesses have been given seven days to adjust to the news measures, which will be in force until November 2023.

Ominously, EuroNews reports that the action is “extended as a recommendation to Spanish households,” meaning it could one day become mandatory similar to hosepipe bans and be enforced by fines.

As Summit News reportsSpaniards responded by complaining that working indoors in 27°C would be too hot.

“Right now, perhaps suggested by the heat wave we are experiencing, I would say that with 27 degrees we will be very hot,” said Andrea Castillo, a worker at Castellón university.

“Perhaps we could work at 25 degrees, but not at 27.”

The Madrid Hotel Association told the newspaper that the “exaggerated and improvised” rules may harm tourism.

And to make matter worse – and even more draconian – the Spanish government will reportedly issue huge fines for non-compliance with energy restrictions prompted by the ongoing energy crisis in Europe.

The penalties will range from up to €60,000 for minor offenses, to a maximum of €600,000 for serious violations, Spanish newspaper El Mundo reported on Tuesday.

“We cannot afford to lose even a single kilowatt hour,” explained Spain’s Third Vice-President Teresa Ribera.

These actions come after The EU introduced a gas rationing plan last month that would see most nations voluntarily reduce their energy consumption by 15% by March next year, prompting Germany’s largest residential landlord to impose energy rationing.

But, hey, at least Europeans can all wave their Ukrainian flags – perhaps as cooling fans – while melting down.

END

UK

Expect widespread civil unrest in the UK over huge cost of living costs

(Watson/SummitNews)

“Widespread Civil Unrest” Looming In UK Over Cost-Of-Living Crisis

FRIDAY, AUG 05, 2022 – 05:00 AM

Authored by Paul Joseph Watson via Summit News,

The chance of “widespread civil unrest” occurring in the UK as a result of people being unable to afford to pay their bills due to the cost of living crisis is “inevitable,” according to one campaigner.

With energy prices set to soar even higher in October as a result of the sanctions on Russia, many Brits have resolved to refuse to pay their bills as part of a growing backlash some are comparing to the poll tax riots.

London was hit with violent riots back in 1990 in response to the government’s efforts to introduce the poll tax, and the new levy was eventually scrapped after a coalition of interest groups amongst both the working class and the middle class combined to defeat it.

A similar movement under the umbrella of the Don’t Pay organization is now urging people to cancel their direct debits in October if energy prices continue to rise.

Average energy bills in the UK for dual fuel are expected to rise to £3,615 by January 2023, an increase of 283 per cent on March levels.

“Millions of us won’t be able to afford food and bills this winter,” asserts the Don’t Pay manifesto. “We cannot afford to let that happen. We demand a reduction of bills to an affordable level. We will cancel our direct debits from October 1st if we are ignored.”

However, others have warned that a mass refusal to pay bills will only result in energy prices soaring even higher because more companies will leave the market, allowing fewer corporations to create pricing monopolies.

Inflation is also set to hit 15 per cent next year as the whirlwind of economically devastating lockdowns and Europe’s support for the ‘current thing’ – prolonging the war in Ukraine – hits people hard.

Meanwhile, energy giant BP just announced its biggest quarterly profit for 14 years.

Campaigner Tom Scott said he isn’t calling for riots, but that they are almost certain to happen if things don’t change.

“There was a major riot in London [in 1990],” Scott told the Telegraph.

“That’s not something I would like to see, but I think it’s almost inevitable that unless the Government does take much more effective action to help people, there will be widespread civil unrest.”

A new poll also found that a slim majority of Brits – 51 per cent – thinks there will be cost of living riots later this year.

Meanwhile, the UK government continues to give the red carpet treatment, free accommodation, food and money to record numbers of illegal migrants with iPhones arriving on boats from France.

end

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

ISRAEL

Israel launches a pre emptive airstrike on GAZA

(zerohedge)

Israel Launches “Pre-emptive” Airstrikes On Gaza, Vowing To Wipe Out Islamic Jihad

FRIDAY, AUG 05, 2022 – 03:45 PM

Overnight, Israel declared an “emergency” on its southern border with the Gaza Strip, citing fresh tensions and unrest facilitated by the Palestinian Islamic Jihad. Israeli settlements and agricultural towns near the border have reportedly suffered disruptions and states of alerts over a series of cross-border security incidents following Israeli Defense Forces (IDF) arresting Bassem Saadi Monday night – the leader of Islamic Jihad.

The elderly commander “was seen being dragged by forces and was slightly bitten by a military dog during his arrest,” regional reports detailed. “Despite his old age, he was not brought to the hospital,” Saadi’s family said, after receiving a blow to the head. Following this, tensions soared along the border amid days of protests.

Israel is now vowing to take out Islamic Jihad, commencing with fresh air strikes on Gaza Friday. Defense Minister Benny Gantz toured the the IDF’s Southern Command on Friday morning where he threatened more action to come: “To our enemies, and specifically to the leadership of Hamas and the Palestinian Islamic Jihad, I would like to emphasize: your time is up. The threat [on this region] will be removed one way or another.”

The IDF says it’s dealt with four straight days of Islamic Jihad incursions, after it’s members vowed to avenge Saadi’s brutal arrest and detention. The Israeli military has now declared a “special situation” and an initial reported strike Friday afternoon is expected to continue with further attacks on the strip.

“According to Palestinian reports, the attacks are in the Rimal neighborhood in Gaza, in a tower known as the Palestine Tower,” Haaretz reports. “There are reports of smoke coming out of the compound. It is not immediately clear what Israel is targeting.”

While during major flare-ups of fighting in Gaza, Hamas and Islamic Jihad typically coordinate on repelling major Israeli incursions, the IDF has thus far focused its denunciations on the latter group – which is smaller and less influential than Hamas, but many say more radical.

The IDF is calling the fresh operation “Operation Dawn” – but it’s as yet unclear how long it will last, which will likely depend on how far things escalate. In the late afternoon hours Israel announced its strikes have taken out at least one important Islamic Jihad commander:

“The IDF struck targets in the northern Gaza Strip, killing a top Islamic Jihad operative on Friday, saying it has begun Operation Breaking Dawn against the Palestinian Islamic Jihad,” The Jerusalem Post reports.

“Several targets in the northern Gaza Strip were hit, with reports of casualties and residents of the Gaza envelope were asked to remain close to shelters should there be any rocket fire.”

Some Israeli pundits and journalists have acknowledged it as a “pre-emptive” attack

Typically major Israeli strikes on Gaza are announced following some level of rocket fire from the strip, but in this scenario it does look as if Israel is preemptively launching a significant operation, hoping to cut off rocket fire before it starts.

Israeli communities in the south have been placed on alert amid the risk of inbound rocket fire from Gaza: “The IDF has alerted residents up to 80km from the Gaza Strip, including Tel Aviv, that there is a risk of rocket fire,” the Post noted.

end

END

END

end

END

6. GLOBAL ISSUES AND COVID COMMENTARIES

.

California Announces Fifth Case Of Pediatric Monkeypox In US

Monkey pox is now spreading among our children due to its high contagious spread.  It starts in the guy community but skin to skin contact is causing the spreading.

Monkeypox originates due to the vaccine killing off our immune systems.

(Pearson/EpochTimes)

THURSDAY, AUG 04, 2022 – 08:20 PM

Authored by Caden Pearson via The Epoch Times (emphasis ours),

A fifth child is presumed to have monkeypox in the United States since the country’s first two pediatric cases were reported in July.

California health officials announced the latest presumptive pediatric monkeypox case in a Long Beach child on Tuesday, four days after Indiana health officials confirmed that two children in that state also tested positive.

Last month, another California toddler tested positive for monkeypox as well as an infant resident of a foreign country who was passing through Washington D.C., bringing the total U.S. pediatric cases to five.

The Long Beach Department of Health and Human Services (DHHS) is carrying out a contact tracing investigation and told The Epoch Times it had no further information about those efforts since Tuesday.

Preliminary test results indicate that the child has tested positive for orthopoxvirus,” the Long Beach DHHS said in a statement. “Additional testing will be performed at the Centers for Disease Control (CDC) to confirm monkeypox.”

The child was symptomatic and is now recovered, according to the Californian department, which said, in light of the pediatric diagnosis, that monkeypox can also be spread by “holding and feeding.”

“This is a reminder that everyone, regardless of age or sexual orientation, can get monkeypox if they come into contact with the virus,” Long Beach DHHS said.

[ZH: CDC Director Rochelle Walensky was a little more specific last week – the children were reportedly “gay community adjacent.”]:

Pediatric Cases in Indiana

The new pediatric case in California comes days after the Indiana Department of Health (IDOH) reported two pediatric cases among its total of 45 new cases confirmed between June 18 and July 28.

IDOH said it won’t release additional information about the cases due to patient privacy.

“Like many other states, Indiana has seen an increase in monkeypox cases over the past month,” State Health Commissioner Dr. Kris Box said in a statement.

Monkeypox does not easily spread through brief casual contact, but it’s important to remember that anyone can be affected if they are a close contact of a positive case.

She encouraged residents who think they’ve been exposed or who develop symptoms to contact a healthcare provider.

In guidance, the CDC has said that children with exposure to people with monkeypox may be eligible for post-exposure prophylaxis (PEP) with vaccination, immune globulin, or antiviral medication.

PEP is commonly known for its use as an emergency antiviral medication to prevent HIV infection and is taken largely by gay and bisexual men. However, the first-line treatment for children is the antiviral Tecovirimat, commonly used for smallpox.

Household Spread

In the 2022 outbreak, monkeypox has primarily been spreading through the sexual activity of gay and bisexual men but it is not typically considered by health officials to be a sexually transmitted disease.

The CDC and World Health Organization (WHO) have said the virus can also spread through contaminated bedding and clothing.

With the fifth child now contracting monkeypox, presumably within a household, Long Beach DHHS has named other household items that could spread the virus, such as cups, towels, and utensils.

For this reason, the department has said that people with monkeypox should avoid contact with household members and follow the CDC’s guidance for limiting transmission in the home.

“With children, people are advised to minimize the number of caregivers and limit interaction between siblings, including sharing toys, clothing, linens and bedding. It is also important for the infected person to limit interactions with pets in the home,” Long Beach DHHS said.

The CDC has provided extensive guidance on household infection control to inform people with monkeypox around how to isolate, including not engaging in “sexual activity that involves direct physical contact.”

Much like with COVID-19, people with monkeypox should isolate away from other household members, and clean shared spaces appropriately until such as time when any “rash has fully resolved, the scabs have fallen off, and a fresh layer of intact skin has formed.”

Spread Beyond LGBT Community

The rise to five pediatric cases comes after a senior WHO official warned that monkeypox would likely spread beyond the LGBT population.

Dr. Catherine Smallwood, a senior emergency officer at the WHO, told CNBC in July that “we should not expect” monkeypox to remain only within the demographic of “men who have sex with men.”

Experts and health officials are still coming to grips with monkeypox’s evolution from an endemic disease limited mostly to Africa, where it is spread by animals, to the current vector of the 2022 outbreak, which is spread primarily via the sexual activity of gay and bisexual men, according to a major peer-reviewed study.

Dr. Anthony Fauci, the White House’s medical adviser and director of the National Institute of Allergy and Infectious Diseases, said health officials needed to come to a better scientific understanding of the current monkeypox outbreak.

He also said swift interventions and outreach to the LGBT community, which is most at risk from the virus, was “absolutely” needed to combat the virus.

Monkeypox case numbers in the United States are currently over 5,800 since the first case emerged in May. Last month, the WHO declared the monkeypox outbreak a public health “emergency.”

DeSantis Criticizes ‘Emergency’ Declarations

California, Illinois, and New York have declared states of emergency in response to the outbreak.

Florida Gov. Ron DeSantis, whose state has the fifth highest number of monkeypox cases as of Aug. 4, has said he will not follow suit.

The Republican governor accused other elected officials of driving a scare campaign.

“Do not listen to their nonsense … I’m so sick of politicians, and we saw this with COVID, trying to sew fear into the population,” he told reporters on Wednesday.

He added: “We’re not going to go back to like Fauci in the 80s where he was trying to tell families they were all going to catch AIDs watching TV together.”

DeSantis said that Florida’s response to monkeypox won’t include a “fear” campaign to “rile people up and try to act like people can’t live their lives as they’ve been normally doing.”

“You see some of these states declaring states of emergency. They’re gong to abuse those emergency powers to try to restrict your freedom. I guarantee you that’s what will happen. We saw it with COVID,” he added.

end

Quadruple-Vaxxed German Health Minister Tests Positive For COVID

FRIDAY, AUG 05, 2022 – 09:30 AM

Authored by Paul Joseph Watson via Summit News,

German Health Minister Karl Lauterbach, who is quadruple vaxxed and a strong proponent of face masks, has tested positive for COVID-19.

The German Health Ministry said in a statement that Lauterbach is displaying mild symptoms and is currently working from self-isolation at home.

“Lauterbach, 59 and a Social Democrat member, has received four doses of the COVID vaccine,” reports Deutsche Welle.

100 per cent safe and effective!

The ministry responded by asserting that Lauterbach being infected “shows that with the highly contagious omicron variant, infection cannot be completely ruled out, even with extreme caution.”

Or in other words, the vaccine is completely useless at stopping the spread of the virus, which has now weakened to become less troublesome than the common cold, but get your booster anyway because Pfizer has profit margins to reach.

Now we await the obligatory statement from Lauterbach reacting to his COVID diagnosis by thanking the efficacy of the vaccine.

As we previously highlighted, despite winter being months away, Germany has already announced it will re-introduce COVID restrictions anyway.

Negative COVID tests will be required to enter hospitals or care homes and face masks, despite there being zero evidence that they work, will be compulsory on on long-distance trains and airplanes.

Last year, we highlighted how the editor-in-chief of Germany’s top newspaper Bild apologized for the news outlet’s fear-driven coverage of COVID, specifically to children who were told “that they were going to murder their grandma.”

*  *  *

Dr Paul Alexander..

The ‘UNVACCINATED’ were the smart ones! This healthcare worker gets it FINALLY!!

Dr. Paul AlexanderAug 4

Alan Roberts @TheMFingCOO“They were the smart ones” July 31st 202210,081 Retweets23,016 Likesend Open in browserEvery nation shown, have explosions in deaths post COVID gene injection 1st & 2nd booster; it appears that there is a serious DOSE response & the more shots, greater severity response; Africa NO? Why?Look at the timing, seems boosting emerged in early 2022 & with each rounds of bosting, deaths increase but not Africa…Africa said no to the vaccine and seems to have WON! & no boosting, no deaths!Dr. Paul AlexanderAug 4Horowitz wrote a nice piece I wanted to showcase:SOURCEHorowitz: Almost every single COVID death in Australian state was vaccinated
end 

Vaccine Impact

76,789 Deaths 6,089,773 Injuries Reported in U.S. and European Databases Following COVID-19 VaccinesAugust 4, 2022 5:12 pmThe European Medicines Agency (EMA) database of adverse drug reactions is now reporting 46,999 deaths and 4,731,833 injuries following COVID-19 vaccines. In the United States, the Vaccine Adverse Events Recording System (VAERS) is now reporting 29,790 deaths and 1,357,940 injuries following COVID-19 vaccines. A 2011 report by Harvard Pilgrim Health Care, Inc. for the U.S. Department of Health and Human Services (HHS) stated that less than 1% of all adverse events following vaccines are ever reported to VAERS. There have now been more deaths and vaccine side effects reported during the past 20 months to VAERS following COVID-19 vaccines than there have been for the entire previous 30 years for all FDA-approved vaccines before the Emergency Use Authorization of the COVID-19 shots in December of 2020. Here are some faces to place on these cold, deadly statistics to show how people’s lives are being destroyed by the vaccines, while the pharma-funded corporate media continues to hide their vaccination status, and one has to find it usually on the person’s social media accounts where they usually brag about getting a COVID-19 shot while ridiculing those who refuse them. They’re dead now, while those who refused the shots cannot die by being injected by them. They just have to endure the ridicule and scorn from the pro-vaccine crowd, which is quickly dwindling.Read More…
Sophia Media, LLC
201 Hunters Crossing Blvd.
Suite 10 – 149
Bastrop, TX 78602


GLOBAL COMMENTARIES/SUPPLY ISSUES

end

GLOBE//CLIMATE CHANGE AGENDA///AGRICULTURAL WAR//UN/W.E.F//CANADA

.Trudeau, farmers clash on plan to cut Canada fertilizer emissions (NYSEARCA:DBA) | Seeking Alpha

Inbox

Robert Hryniak5:52 PM (1 hour ago)
to

When food prices really start to rise and scarcity hits next year you can blame this fool.

https://seekingalpha.com/news/3861999-trudeau-farmers-clash-on-plan-to-cut-fertilizer-emissions

END

VACCINE INJURY/

“Covid” deaths hit new record in hyper-vaccinated Australia – NaturalNews.com

Inbox

Robert Hryniak9:13 AM (0 minutes ago)
to

Awful …..

https://www.naturalnews.com/2022-08-04-covid-deaths-new-record-hyper-vaccinated-australia.html

MICHAEL EVERY

“It Only Hurts When I Laugh”

FRIDAY, AUG 05, 2022 – 08:21 AM

By Michael Every of Rabobank

It only hurts when I laugh

Minister: Good morning. I’m sorry to have kept you waiting, but I’m afraid my walk has become rather sillier recently, and so it takes me rather longer to get to work. Now then, what was it again?

Mr. Pudey: Well sir, I have a silly walk and I’d like to obtain a government grant to help me develop it.

Minister: I see. May I see your silly walk?

Mr. Pudey: Yes, certainly, yes.

(He gets up and does a few steps, lifting the bottom part of his left leg sharply at every alternate pace. He stops.)

Minister: That’s it, is it?

Mr. Pudey: Yes, that’s it, yes.

Minister: It’s not particularly silly, is it? I mean, the right leg isn’t silly at all, and the left leg merely does a forward aerial half turn every alternate step.

Mr. Pudey: Yes, but I think that with government backing I could make it very silly.

—————–

It’s another payrolls Friday. This time, can a weak print provide more ‘pivot-fuel’ for a market already so drunk on it that it won’t heed the Fed saying “WRONG!” over and over – as they just did yet again yesterday? Conversely, will a strong payrolls number sober the market up? We have to wait for the usual silly game of guessing a silly number and the sillier market reaction.

Meanwhile, government ministries are busily pushing out silly policies. Picking an example would be like shooting fish in a barrel, but closing down nuclear power plants in an energy crisis is very high on the list.

Central banks are pursuing silly monetary policy in the eyes of markets, where yield curves continue to invert and bond yields fall (even at the short end!) even as official interest rates rise. For example, as the Bank of England hiked rates 50bps to 1.75%, the most in 27 years, 2-year gilt yields fells from 1.91% to 1.84%, with future hikes being priced out and cuts being priced in, while the 10-year yield slipped 3bps to 1.88%. GBP fell against its peers.

The silliness also extends right across the commercial worldWarner Brothers just made a $70m ‘Batgirl’ film so bad they are opting to can it rather than put it up in any format on any streaming platform – which really says something given the pile of drivel on most of them. They also say they are going to drop the ‘spend, spend, spend’ streaming model though, which is actually very sensible.

Why is this silliness happening? Not from any love of comedy. In a recent interview, ex-Python John Cleese –still no dead parrot at 82– underlined the specific truism that, “In Hollywood, nobody knows anything… but they all laugh as if they do.” Relatedly, he recalls that back in the 60’s, almost all of the top BBC executives tried to cancel his legendary comedy show after just a few episodes because they didn’t get it. More broadly, he stressed such managers (rather than those with experience of doing or creating) are now in charge all over the place.

Indeed, in his experience, 90% of people in most professions don’t know what they are doing. Worse, 90% of those who don’t know what they are doing don’t know that they don’t know what they are doing, “which makes them the most dangerous and destructive”. And inadvertently funny – because if you don’t laugh then you cry.

One would like to think there are exceptions for surgeons, pilots, etc., but Cleese suggests this is not the case. He said that in a lifetime of deliberately asking people of different backgrounds to honestly tell him how many of their industry participants actually know what they are doing, the highest share he has ever been given was 15%(!) He didn’t say which industry that was for.

Are politicians, economists, or central bankers exceptions? Don’t make me laugh! Next British PM Liz Truss wants to put the BOE under review (like the RBA already is), perhaps threatening their independence, on allusions to Japan’s ultra-low rates policy – as if somehow that is applicable to a UK with traditional current-account deficits, rather than surpluses. Presumably slashing taxes and red tape needs to be matched by slashing rates, and growth will magically take care of itself. Let’s see how GBP magically takes care of itself if that comes to pass.

Of course, the BOE have made themselves few friends with their honesty about the staggering scale of the economic downturn and inflation upturn ahead – which they utterly failed to see coming. As Stefan Koopman notes in his review of the ‘Nightmare on Threadneedle Street’, the Bank just warned of the longest recession since the GFC, with a five-quarter downturn and cumulative GDP growth of -1.7% in the next three years. It also forecasts UK inflation to hit the highest in 42 years ahead at over 13%, and to still be around 10% a year from now. Worse, there will be a leap in unemployment from 3.7% to 6.3%, and the largest decline in real household income growth on record. Underlying this grim set of forecasts is a dark view on the UK’s structural rate of growth; a consequence of subpar investment and weak productivity growth, which makes the economy highly sensitive to shocks.

By contrast, the Fed says there is no US recession ahead, even as the US yield curve screams there will be one –what a good one-liner that is– and the White House and Paul Krugman dispute what recession actually means, taking us into more surreal comedy.

The ECB says the same about recession, even as EU wholesale electricity prices rise to industry-crushing levels, and Russia makes clear “sanctions and non-compliance with current contractual obligations on the part of Siemens make it impossible” to restart normal NordStream 1 gas flows again: resulting runs on diesel and heating oil are already being reported in Germany. Pure black comedy.

The RBA argues that while there is only a “narrow path” to avoid recession, GDP growth will remain strong, the labour market is red hot, inflation will peak soon and come down by itself, unemployment will hardly rise at all, and the wobbling housing market won’t be hit by higher rates because some households have large buffers. Yes, they are called households without mortgages. How one can argue that stops people with large mortgages from being pressured requires very silly random econometric walks. Presumably today’s Statement on Monetary Policy will have more such gems.

The PBOC aren’t saying anything much, as 1,666 Chinese property developers had missed commercial paper payments at least three times in the last six months as of June, up from 135 in January, and talk is still of when the mega-bailout happens, the cost of which will end up on its balance sheet. Recall when everyone solemnly said this was all about Evergrande, and was “contained”, and/or that the US had debt and asset-bubble problems, but China didn’t? It was ironic, and you didn’t get it at the time.

There are now lots of sensible financial media pointing to a deep ‘lack of Truss’ in central banks. Rightly so. However, they still aren’t getting the punchline about where this all goes next – it surely isn’t back to ‘2%-CPI targeting independence’. As such, many people with silly skill sets will need to learn to walk new walks.

And don’t delude yourself that current markets are any kind of exception from Cleese’s 10% ratio. After all:

  • Financial conditions continue to ease even as base rates rise, and the more they ease, the more rates will have to rise. US mortgage rates are now back to around 5% when they were recently at 6%, putting more juice back into the system. Is that another 100bps the Fed has to go?
  • Despite Saudi Arabia raising oil prices for Asia steeply, US WTI prices just tested below $90. Is it US demand destruction, or claims that its gasoline usage is now lower than in 2020 under lockdown that is most questionable?
  • A wider basket of commodities are also far off their recent highs even as there has been only marginal improvement in most fundamental supply-demand, and none in related geopolitics. That would make sense if the Fed’s aggressive rate actions were pushing commodity-backed ‘new world orders’ off the stage, as I have argued they will have to try to do – but financial conditions are easing, not tightening. Then again, ‘Copper Worth Nearly Half a Billion Dollars Goes Missing in Qinhuangdao, China’ says Bloomberg, pointing to why the idea of holding raw commodities over the greenback as a ‘safe haven/reserve’ leaves others laughing longest.
  • Yet stocks are trying to snigger at central-bank actions and/or looming recessions, “because markets”. And, as a colleague related to me this week, perhaps because so many funds are so far in the red that they have nothing to lose in going all in on leveraged longs, hoping hopium acts like helium. Actually, all it will do is make their voices sound high, squeaky, and silly.
  • Even the US market mega straight man is getting into crypto just as everyone else sees what a silly joke it was all along and new regulation looms.

Cleese also stressed something else important: the 10% rule does not apply to comedy, because you cannot fake being funnyYou either are or you aren’t. Neither can you repress a laugh when something is funny, even when it ‘shouldn’t’ be. That’s why the role of the fool as truth-teller in medieval courts was so important, and why authoritarians are renowned for their lack of a sense of humor – the levelling nature of comedy is always deeply iconoclastic and revealing.  

Markets used to have that function. However, now *they* are the dangerously destructive bad comedy.

On that note, I will leave you to wait for US payrolls and all its related silliness – Happy Friday!

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

end

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

ARGENTINA:

This is a change! New Minister of Economy Massa pledges to stop printing money

(zerohedge)

Argentina Vows Not To Go Full Weimar, Will Stop Printing Money Amid 60% Inflation

THURSDAY, AUG 04, 2022 – 09:20 PM

Hours after Argentina’s new Minister of Economy Sergio Massa was sworn into office, he pledged to stop printing money in an attempt to halt a spiraling currency crisis which has seen inflation hit 60% – and has been projected to reach 90% by the end of this year.

According to the Buenos Aires Times, Massa’s economic roadmap also focuses on boosting exports, reducing the country’s fiscal deficit, and refilling the central bank’s severely depleted reserves.

Protests have erupted across the country over the last several months, as citizens are demanding that their center-left government reinstate various subsidies, and reconsider cutting more – such as the country’s notorious welfare program, which has grown to 22 million Argentinians receiving assistance amid a 43% unemployment rate.

The country’s deteriorating economic picture has left it cut off from international capital markets as the Fernández administration has relied on printing money to cover its chronic fiscal debt.

As the Epoch Times noted earlier in the week, the country’s state funded programs extend to nearly every aspect of the economy, from wages to utilities, education, and health care.

Argentina already spends an estimated 800 million pesos per day—a sum of more than US$6 million—on state benefit programs.

Concurrently, inflation in the South American nation hit 58 percent in May and soared above 60 percent in July. By comparison, national inflation was just over 14 percent in 2015.

Harry Lorenzo, chief finance officer of Income Based Research, told The Epoch Times the spending habits of Argentina’s government are at the root of the escalating problem.

“The Argentine government has been grappling with a collapsing economy for some time now. The main reason for this is the government’s unsustainable spending, which has been funded in part by generous welfare programs,” Lorenzo explained.

While the Peso’s official spot price has weakened to over 130/USD…

The grey market ‘blue dollar’ for US dollars is trading dramatically weaker at around 300/USD…

via bluedollar.net

Magic doesn’t exist,” Massa exclaimed to reporters in Buenos Aires. “We have to confront inflation with determination.”

The government will finance its budget by reducing its deficit or via private lending. The country is considering four loan offers by three international banks and a sovereign wealth fund, he said, without providing a figure of the potential deal.

Although light on specifics, Massa committed to meeting the government’s primary deficit target this year, a key pillar of its US$44 billion program with the International Monetary Fund. Massa said he spoke to IMF staff Wednesday to discuss the program’s future. An IMF spokesperson said in a statement that its staff spoke to Massa about implementing the program. -Buenos Aires Times

Meanwhile, and perhaps related to Massa’s swearing-in, crypto exchange Binance has partnered with Mastercard to launch a ‘cryptocurrency power card’ for customers in Argentina. It will be used to spend digital currency on everyday items, according to a press release.

The Latin American country will be the first to see this product available on its territory. At the time of writing, Binance claims the product is currently in beta; it will become “widely available” for all users in Argentina over the coming weeks.

The Binance Card is issued by Credencial Payment, the press release revealed. Every user in the country will be available for the product as long as they have completed the exchange Know Your Customer (KYC) process and presented a valid national ID. –Bitcoinist

According to Mastercard Latin America EVP Walter Pimenta, “Our work with digital currencies builds on our strong foundation to enable choice and peace of mind when people shop and pay. Together with our partners, Mastercard has been leading the payments industry in enabling entry to this exciting new world, helping bring millions of additional users into crypto and other digital assets in a safe and trusted manner.”

end

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

Euro/USA 1.0235 DOWN  0.0013 /EUROPE BOURSES //MOSTLY RED 

USA/ YEN 133.09   UP 0.478 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2140 DOWN   0.0017

 Last night Shanghai COMPOSITE CLOSED UP 37.99 POINTS UP  1.19%

 Hang Sang CLOSED UP 27.90 PTS OR 0.04% 

AUSTRALIA CLOSED UP 0.59%    // EUROPEAN BOURSES  MOSTLY RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES MOSTLY RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 27.90 PTS OR  0.04% 

/SHANGHAI CLOSED UP 37.99 PTS UP 1.19% 

Australia BOURSE CLOSED UP 0.59% 

(Nikkei (Japan) CLOSED UP 243.67 OR 0.87%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1787,25

silver:$20.09

USA dollar index early FRIDAY morning: 105.76  UP 20  CENT(S) from THURSDAY’s close.

 FRIDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.95% UP 13  in basis point(s) yield

JAPANESE BOND YIELD: +0.162% DOWN 0     AND 6/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.04%// UP 15   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.02  UP 4   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +0.9520% 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0154  DOWN  .0094   or 94 basis points

USA/Japan: 135.38 UP 2.777  OR YEN DOWN 278  basis points/

Great Britain/USA 1.2044  DOWN  0.01139 OR  114 BASIS POINTS

Canadian dollar DOWN .0076 OR 76 BASIS pts  to 1.2945

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.7625  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.7675

TURKISH LIRA:  17.95  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.162

Your closing 10 yr US bond yield UP 18  IN basis points from THURSDAY at  2.859% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.091 UP 14  in basis points 

Your closing USA dollar index, 106.71 DOWN 114   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 9.14 PTS OR  0.12%

German Dax :  CLOSED DOWN 96.27  POINTS OR 0.70%

Paris CAC CLOSED DOWN 49.47 PTS OR 0.76% 

Spain IBEX CLOSED UP 1.60 OR 0.02%

Italian MIB: CLOSED DOWN 81.15 PTS OR  0.36%

WTI Oil price 90.08  12: EST

Brent Oil:  95.67  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  60.39  UP 0  AND 4/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.9520

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0181 DOWN .0067     OR  67 BASIS POINTS

British Pound: 1.2069 DOWN .0088  or  88 basis pts

USA dollar vs Japanese Yen: 134.57  UP 2.345//YEN DOWN 235 BASIS PTS

USA dollar vs Canadian dollar: 1.2930 UP 0.0061 (CDN dollar DOWN 61  basis pts)

West Texas intermediate oil: 88.26

Brent OIL:  94.21

USA 10 yr bond yield: 2.827 UP 15 points

USA 30 yr bond yield: 3.061  UP 10  pts

USA DOLLAR VS TURKISH LIRA: 17.93

USA DOLLAR VS RUSSIA//// ROUBLE:  60.58   DOWN 0 AND   23/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 76.65 PTS OR 0.23 % 

NASDAQ 100 DOWN 103.35 PTS OR 0.78%

VOLATILITY INDEX: 20.92 DOWN 0.52 PTS (2.43)%

GLD: $167.17 DOWN $1.88 OR 1.62%

SLV/ $18.33 DOWN 31 CENTS OR 1.66%

end)

USA trading day in Graph Form

Job Gains & Powell’s Pains Demolish Dovish-Dreams, Spark Market Turmoil This Week

FRIDAY, AUG 05, 2022 – 04:02 PM

With a ‘malarkey’ of Fed Speakers all singing from the same hymn sheet – no pivot, we’re battling inflation, don’t expect rate-cuts next year – this morning’s 6-standard-deviation beat in payrolls really stole the jam out of the exuberant donut the market had been hoping for as ‘good news’ was definitely ‘bad news’ from hoping for a dovish Fed to return imminently. The Hawkmen (and women and cisgender types) were back this week…

Rate-hike expectations soared this week (interesting subsequent rate-cut expectations also rose)…

Source: Bloomberg

With the odds of a 75bps hike in September spiking to 80% (from 25% earlier in the week), and the market is also pricing in positive odds of a hike for Dec and Feb…

Source: Bloomberg

Interestingly, today saw the market start pricing in a risk of an inter-meeting rate-hike (August Fed Funds futs saw heavy volume and an additionally 6bps of hiiking priced in). Bear in mind this contract expires shortly after the Fed’s J-Hole meeting…

Source: Bloomberg

All of which sent bonds, stocks (except Nasdaq), crypto, crude, and the gold lower on the week as the dollar soared.

The Nasdaq outperformed this week but The Dow could not get back to even…

Quite a roller-coaster today though with Nasdaq underperforming and Small Caps leading. The plunge on payrolls was immediately met at the cash open with a wall of buying which briefly lifted The Dow and S&P into the green but the algos ran out of steam then. A late day panic bid lifted The Dow green but Nasdaq and S&P ended the day red…

All the US Majors closed back above their 100DMAs this week…

This week’s violent surge higher was driven by the biggest weekly short-squeeze since Jan 2021 – that was a 15.2% squeeze of the ‘most shorted’ stocks from Monday’s gap down open to Friday close at the highs of the week!

Source: Bloomberg

Treasury yields all ended the week higher with the short-end underperforming dramatically as hawkish reality was priced back in…

Source: Bloomberg

That meant the yield curve flattened (inverting even more significantly) on the week, with 2s30s at its most inverted since Oct 2000…

Source: Bloomberg

The dollar ended the week higher, spiking notably today on the jobs print before fading back a little, seems like it stalled at the gap on FOMC day…

Source: Bloomberg

Cryptos were modestly lower on the week with bitcoin and thereum losing around 3-4% after a massive gain last month…

Source: Bloomberg

Gold ended the week modestly higher but fell back below $1800 after the jobs print…

Crude was clubbed like a baby seal, crashing 10% and trading back to Putin invasion levels…

Finally, given this week’s hawkish shift in the STIRs market, either stocks have to fall a long way back to reality or The Fed is about to embark on the greatest flip-flop in history…

Source: Bloomberg

Simply put, all that jawboning this week by Fed Presidents galore did nothing to damped financial conditions that are easier than when The Fed started hiking and nothing at all too dampen the desperate FOMO sentiment of retail panic-buyer piling back into big-tech.

END

I) / EARLY MORNING TRADING//JULY PAYROLLS

cooking the books!!

July Payrolls Smash Expectations Soaring To 528K, Wages Come In Red Hot As Unemployment Rate Drops

FRIDAY, AUG 05, 2022 – 08:35 AM

We are now well and truly in bizarro world.

In a time when the US is in a technical recession, and when tech companies are mass laying off thousands of people, moments ago the BLS reported that in July the US added a whopping 528K jobs, more than double the 250K expected, up solidly from last month’s upward revised 398K (up from 372K) and the highest since February’s 714K!

Just how ridiculous was the last monthly cooking of the books by the BLS? So ridiculous that the reported number was a 6 sigma beat to expectations:

One caveat: for the 4th month in a row, the household survey came in far worse than the Establishment survey, and showed a far more modest gain in July employment, at just 179,000 jobs created – notably fewer than the payroll report, but a lot stronger than the 315,000 drop for June.

Reading between the lines, there was 471,000 new private payroll jobs added, more than double the 230k estimates. Not surprisingly, the bulk of new jobs came from the service sector.

But not only did July blow away expectations, but both previous months were revised higher: the change in total nonfarm payroll employment for May was revised up by 2,000, from +384,000 to +386,000, and the change for June was revised up by 26,000, from +372,000 to +398,000. With these revisions, employment in May and June combined is 28,000 higher than previously reported.

The unemployment rate also declined, sliding to 3.5%, from 3.6%, and below the 3.6% estimate as the number of unemployed persons edged down to 5.7 million. These measures have returned to their levels in February 2020, prior to the coronavirus pandemic.

Among the major worker groups, the unemployment rates for adult women (3.1 percent) and Whites (3.1 percent) declined in July. The jobless rates for adult men (3.2 percent), teenagers (11.5 percent), Blacks (6.0 percent), Asians (2.6 percent), and Hispanics (3.9 percent) showed little change over the month.

The participation rate declined again from 62.2% to 62.1%, as the number of people in the job market — either working or looking for work — declined again last month. What the Fed really wants is to see people flocking back in, driving up the unemployment rate and easing pressure on wages. Instead what we are seeing is people leaving the job market and employers fighting to grab those that remain, luring them with higher wages.

It wasn’t just payrolls that smashed expectations however, as wages also came in red hot: July Average Hourly Earnings rose 5.2% Y/Y, smashing expectations of 4.9% and increased 0.5% M/M; also beating estimates of 0.3%.

Additionally, the Average workweek was 34.6 hours the fifth month in a row, beating expectations of a decline to 34.5. In manufacturing, the average workweek for all employees held at 40.4 hours, and overtime increased by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained unchanged at 34.0 hours.

That said, once again there was a stark divergence between the Establishment (+528K) and the Household Survey (+179K). In fact, as shown below, according to the Household survey there has been no jobs growth since March, while according to the Establishment survey the US has added 700K jobs!

Commenting on the report, Bloomberg Intelligence Chief Rates Strategist Ira Jersey, said “It’s hard to see how the yield curve doesn’t invert further as market will have to re-evaluate the Fed’s reaction to a labor market being as strong as it is. Regardless of a 50 vs. 75 in September, we think the market has to increase the terminal rate more than is priced, up to over 4% at least.”

Bloomberg commentator Ven Ram echoed the sentiment, writing that “this is a phenomenally strong jobs report, way stronger than forecast and more than the average payrolls expansion for the year through June. This will increase chatter for a 75-bp move from the Fed, and the reaction should be along those lines.”

Needless to say, and as we previewed, this jobs number which came in well above all sellside expectations, will surely boost expectations for a 75 basis point rate hike at the Fed’s September meeting, because as Bloomberg notes, “this is not at all what the Fed wanted to see. The job market if anything is getting even hotter, not cooling.” The only thing that could reverse the narrative is if next week’s CPI print comes in far below expectations.

end

‘Great News’ Jobs Reports Sparks Selloff In Bonds, Stocks, & Gold

FRIDAY, AUG 05, 2022 – 08:47 AM

The massive beat in the payrolls print has removed any hopes of a Fed Pivot and sent rate-hike expectations soaring…

With the odds of a 75bps hike in September now topping 70% once again…

All of which stole the jam out of the market’s bullish donut with stocks plunging…

Bond yields spiking with the short-end getting battered (2Y +16bps)…

The yield curve is flattening aggressively – 2s10s now at its most inverted since Aug 2000…

And gold tumbling…

But the dollar is bid…

Is Mr. Powell re-writing his J-Hole speech already? And all those hawkish Fed Speakers this week are suddenly being listened to…

end

The truth!!

Something Snaps In The Job Market: Multiple Jobholders Hit All Time High As Unexplained 1.8 Million Jobs Gap Emerges

FRIDAY, AUG 05, 2022 – 10:25 AM

Something very odd emerges for the second month in a row when looking at the July payrolls report.

Recall last month we showed that a stark divergence had opened between the Household and Establishment surveys that make up the monthly jobs report, and since March the former was sliding while the latter was rising every single month. In addition to that, full-time jobs were plunging while multiple jobholders soared near all time highs.

Guess what: at a time when the Biden admin is now being accused of fabricating energy numbers to push oil prices lower, the jarring divergences and inconsistencies in the jobs report just hit escape velocity.

Consider the following: on one hand, the closely followed establishment survey came in red hot, and not only did it soar despite the US entering a technical recession last week, it printed at a 5 month high of 528K, a six-sigm beat to consensus expectations of 250K…

… and with wages also coming in hotter than expected, rising 0.5% M/M or 5.2% Y/Y, it was enough for many to conclude that calls of a recession are premature because, after all, you can’t enter a recession when jobs are rising by over 500K.

True… but a problem emerges for the second month in a row when looking at third-party data which tracks the number of new employees laid off as well as new layoff events, both of which have soared since May yet which have unexpectedly not been reflected in BLS data.

But even if one ignores outside data sources, a more pressing question emerges when looking at the BLS’s own far more detailed, if less closely watched, Household survey. Here, unlike the Establishment Survey, the June jobs change was a far smaller 179K increase, following last month’s 315K drop.

And since the Household survey also feeds other closely watched ratios, such as the labor force participation rate, it explains why despite the apparent “surge” in June jobs, the LFP declined for the second month in a row and is now back to levels last seen in 2021.

So what’s going on here?

Well, those who read our article from last month will know what’s coming next. Those who haven’t, will be surprised to learn that something appears to have snapped a few months ago, around March, when the Establishment Survey kept on rising unperturbed, while the Household Survey hit some unexplained brick wall, and hasn’t moved at all.

In fact, since March, the Establishment Survey shows a gain of 1.680 million jobs while the Household Survey shows an employment loss of 168K!

But wait, there’s more, because digging in even deeper, we find that this drop in Household Survey employment is the result of both full-time and part-time jobs. In fact, as shown below, since March, the US has lost 141K full-time employees and 78K part-time employees.

This trend has persisted into June, when according to the BLS, the US labor force saw a 71K drop in full-time workers offset by a 384K gain in far lower paying part-timers (source). The offset? Multiple jobholders, or people who have more than one job.

As shown below, while  the number of total employees (per the Household Survey) has stagnated, the number of multiple jobholders has been growing steadily, hitting a new post-covid high in June of 7,541 million.

The increase for June? 92K, which stands in stark contrast to the sharp drop in full-time job holders. But even more notable is that since June, the US has lost 141K full-time jobs, 78K part-time jobs, while adding a whopping 263K multiple jobholders.

And even more remarkable: the number of multiple jobholders whose primary and secondary jobs are both full-time just hit a record high! Hardly the sign of a strong job market, one where people can afford to quit jobs at will.

So what’s going on here? The simple answer: Fewer people working, but more people working more than one job, a rotation which picked up in earnest some time in March and which has only been captured by the Household survey.

And since the Establishment survey is far slower to pick up on the nuances in employment composition, while the Household Survey has gone nowhere since March, the BLS data engineers have been busy goalseeking the Establishment Survey (perhaps with the occasional nudge from the White House especially now that the economy is in a technical recession) to make it appear as if the economy is growing strongly, when in reality all they are doing is applying the same erroneous seasonal adjustment factor that gave such a wrong perspective of the labor market in the aftermath of the covid pandemic (until it was all adjusted away a year ago). In other words, while the labor market is already cracking, it will take the BLS several months of veering away from reality before the government bureaucrats accept and admit what is truly taking place.

We expect that “realization” to take place just after the midterms, because the last thing the Biden administration can afford is admit the labor market is crashing in addition to the continued surge in inflation.

ii) USA DATA//

Wall Street Reacts To Today’s “Phenomenally Strong” Jobs Report

FRIDAY, AUG 05, 2022 – 09:10 AM

We already know how the markets have responded to this morning’s “good news” in the jobs data – rate-hike expectations soaring, bonds, stocks, and bullion crushed as the dollar spikes.

The market is now pricing in 70% odds of a 75bps hike in September (up from 25% at the start of the week) and over a notably7 more aggressive tightening cycle than was expected a week ago…

Now we hear from Wall Street’s best and brightest:

Omair Sharif, founder of Inflation Insights LLC, says 75 basis points next month from the Fed is now “the base case.”

Randall Kroszner, a former governor at the Fed and now an economics professor at the University of Chicago Booth School of Business, speaks on Bloomberg Television:

“I think it’s really clear that they are on a path to continue to raise those rates. Certainly 75 basis points will be on the table for the for the next meeting. The thing is not only the strength of the labor market, but it is also the significant increase in wages higher than expected upward revisions.”

Bloomberg’s Ven Ram:

This is a phenomenally strong jobs report, way stronger than forecast and more than the average payrolls expansion for the year through June. This will increase chatter for a 75-bp move from the Fed, and the reaction should be along those lines

Neil Dutta, head of US economic research at Renaissance Macro Research LLC, warns we may be in for a hard landing now:

“This jobs report is consistent with an inflationary boom. The Fed has a lot more work to do and in an odd way, that the Fed needs to get more aggressive in pushing up rates, makes the hard-landing scenario more likely.”

Bruce Richards, chairman and CEO of Marathon Asset Management — a $24 billion global credit manager — thinks the Fed should be more aggressive: 

“Tight labor conditions continue, growth in employment is hugely impressive, which will undoubtedly require the Fed to tighten financial conditions more than markets have assumed.”

Eric Theoret, global macro strategist at Manulife Investment Management:

“For the Fed, this report confirms the need to continue tightening and also endorses much of this week’s Fedspeak that sought to jawbone rate expectations. For markets, the report may pose a challenge for rate-sensitive equities like tech which had recently been leading in terms of sector performance.”

Mark Cabana, head of US rates strategy at BofA Global Research, says the report is truly strong and suggests more work has to be done by the Fed:

“It means a 75bp rate hike in September is very much in play. The market is saying if the Fed is truly data-dependent and if other data is similarly strong, the Fed needs to go faster.”

BI’s Currency Strategist Audrey Childe-Freeman sees today’s print as a “win-win for the dollar”:

“This is a dollar bullish report. As the market seems to focus more on recession fears, the indisputable strength in the US employment report suggests there’s still room in the US (despite the lags in the labor market) and this is a green light for Fed hawks.

“This confirms the overwhelming yield-driven dollar bull case, and if Fed hawkishness triggers renewed risk-off, the dollar should also benefit via safe-haven flows.”

John Bradyat RJ O’Brien says:

“The market is going to price in a more aggressive Fed, only raising the odds of a hard landing somewhere down the road.”

Florian Ielpo, head of macro research at Lombard Odier Asset Management, says:

“so much for the macro slowdown: This data point is clearly indicative of how tense is the job market these days. This means wages progressing and this also means the Fed is far from having done its tightening cycle.”

“Markets need to prepare for an hawkish Fed and an hawkish ECB alike: 4% in the US and 2% in Europe are no longer fantasies and the economy has so far barely reacted to the tightening. Time for central banks to act tough, time for markets to brace for tighter monetary conditions.”

Matt Maley, chief market strategist at Miller Tabak + Co.:

“The employment report means that the Fed can keep tightening to the degree they’ve been saying in their ‘Fed speak’ this week. The market has been pricing in a more dovish Fed in the near future. This report tells us that this is going to be very unlikely.”

And finally Academy Securities’ Peter Tchir notes that The Fed will not be able to ignore that wage pressure.

Weekly hours worked got to 34.6 and were revised higher last month, which tends to be another positive.

The Household survey “only” shows 179k jobs and still shows job losses last month.

The divergence continues to grow between the Establishment and the Household (as well as JOLTs data and Unemployment Insurance Claims).

Unemployment rate ticked lower, to 3.5%, though that was more driven by labor force participation dropping to 62.1% than the jobs created in the Household Survey.

I’m sure somewhere in the details, there might be some things to nitpick, but the report, especially the Establishment report puts the Fed firmly back in the hawkish camp.

Why the report is so much better than any estimate and seems inconsistent, to some degree with other jobs data, is a question to be asked.

end

Consumer Credit Surged In June, 2nd Largest Monthly Increase Ever

FRIDAY, AUG 05, 2022 – 03:09 PM

Last month we began to see the first signs of the consumer cracking as credit numbers slowed drastically after months of spend-heavy consumption amid tumbling real wages.

One month late and June data, released today by The Fed, show that consumer credit rebounded dramatically with an additional $40.154 billion piled on (well above the expectation of a $27 billion rise). That is the second largest monthly spike in consumer credit in history.

Non-revolving debt – funds less discretionary items such as cars and college education – surged by a record $25.35 billion in June…

Revolving consumer debt (i.e. credit card usage) rebounded in June with an increase of $14.799 billion

Bottom line: The renewed reliance on revolving debt to maintain lifestyles in June (when gas prices were soaring to record highs) suggests the consumer is anything but ‘happy’ (as sentiment surveys make very obvious). What’s worse is that (despite today’s anomalous surge in payrolls), surging initial jobless claims from a new wave of corporate layoffs combined with soaring inflation – all at a time when most marginal credit cards are maxed out – will make the pain across US consumers unbearable, as it will come just as most households are tapped out and no longer have dry powder on their credit card for discretionary purchases.

Savings are tapped out and credit cards are maxed out!

In short, the recession which unofficially started in Q1 and worsened in Q2, is about to get much worse in Q3 (as the Composite PMI suggested this week) when the key support pillar of the US economy, consumer spending which accounts for 70% of GDP, goes into reverse now that maxed out credit cards have to finally be repaid.

IIB) USA COVID/VACCINE MANDATES

iii)a.  USA economic stories

iii b) USA/North American logjams/supply issues

SWAMP STORIES

Sinema Signs Off On Reconciliation Bill After Dems Agree To Protect Private Equity Billionaires

THURSDAY, AUG 04, 2022 – 09:54 PM

Arizona Senator Kyrsten Sinema – the lone Democrat holdout on the Biden administration’s revamped reconciliation bill – has finally signed off on it, after Democrats agreed to preserve the so-called carried interest loophole that allows investment managers (like her former bosses) to shield the majority of their income from higher taxes.

In fact, Sinema told donors at a Wednesday night fundraiser that it makes ‘no sense’ to squeeze the private-equity industry that will finance various projects for the roughly $1 trillion infrastructure and $280 billion semiconductor bills that were signed into law earlier, according to the Wall Street Journal, citing a lobbyist who attended.

“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation,” Sinema said in a statement, adding that she would move forward with the legislation following a review by the Senate’s parliamentarian – who will rule on whether elements such as domestic content requirements for cars eligible for EV tax credits, caps on insulin, and other provisions, meet strict budget rules.

That said, she promises to someday crack down on the carried interest loophole she so vehemently fought for.

“Following this effort, I look forward to working with Senator Warner to enact carried interest tax reforms, protecting investments in America’s economy and encouraging continued growth while closing the most egregious loopholes that some abuse to avoid paying taxes,” she said, the Journal reports.

Centrist Sen. Joe Manchin (D., W.Va.) and Senate Majority Leader Chuck Schumer (D., N.Y.) announced a deal last week to raise $739 billion in new revenue and spend $433 billion on climate, energy and healthcare programs over 10 years, reviving a package they thought was dead. Now, Democrats are trying to keep the bill on its narrow track to passage this month through the 50-50 Senate.

Ms. Sinema had previously opposed raising taxes on the carried-interest income of private-equity managers, though she also helped craft many other elements of the bill during talks last year. A spokeswoman for Ms. Sinema had previously said the senator was studying the bill. -WSJ

And while the Biden administration has promised that the “Inflation Protection Act” won’t increase taxes on those making under $400,000, BofA (and many, many others) say fat chance.

The deal with Sinema also includes a new excise tax on stock buybacks that’s expected to raise more than the $14 billion that would have been raised if the carried-interest loophole had been eliminated.

The deal struck by Sinema, a pivotal Democratic vote in the Senate, would pare back a proposed 15% corporate minimum tax by creating an exemption for depreciation tax deductions. This change was urged by manufacturers.

The estimated $100 billion revenue hole created by this new exemption would be made up for with a new 1% excise tax on stock buybacks according to people familiar with the talks. 

The excise tax on companies when they buy back their own stock would raise roughly enough to cover the tax revenue that is forgone by nixing the carried interest provision and narrowing the corporate minimum tax. –Bloomberg

Sinema’s change of heart came after a lengthy discussion with Sen. Joe Manchin (D-WV), who along with Sinema had been holding up previous iterations of the Democrats’ massive reconciliation packages.

Below: Sinema’s statement, and one from Senate Majority Leader Chuck Schumer (D-NY).

The parliamentarian’s review has reportedly been underway and could drag into the weekend – after which Democrats will face an amendment process called a vote-a-rama, in which lawmakers can “offer and force votes on as many amendments as they can physically sustain in one sitting,” reads the Journal, which adds that these can last all night.

end

Hypocrite Trudeau Caught Maskless After Flying On Private Jet

FRIDAY, AUG 05, 2022 – 02:05 PM

Authored by Paul Joseph Watson via Summit News (emphasis ours),

Prime Minister Justin Trudeau, who ensured mask mandates remain in place on planes for Canadians, was caught on camera with his entire family disembarking from a private jet having not worn a mask.

Canada remains one of the increasingly diminishing number of western governments that demands face masks be worn on flights, with the United States ditching the rule nearly four months ago.

When a Florida judge struck down U.S. version of the law, Trudeau’s government moved to insist that masks would still be required on Canadian airlines and on flights that depart from or arrive in Canada.

However, that rule doesn’t seem to apply to Trudeau himself.

A video showing Trudeau and his family disembarking from a private jet after it arrived in Costa Rica shows none of those who were onboard wearing a face mask.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1555512110423150592&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fhypocrite-trudeau-caught-maskless-after-flying-private-jet&sessionId=45fa256ee2ae1bd88eec037d5a9edb8c8b75e1d6&siteScreenName=zerohedge&theme=light&widgetsVersion=b7df0f50e1ec1%3A1659558317797&width=550px

One of Trudeau’s daughters even sneezes twice as she is greeted on the tarmac, despite Trudeau insisting that Canadians who have the sniffles should self-isolate.

This isn’t the first time Trudeau’s hypocrisy has caught up with him.

During a photo op aboard an Okanagan, B.C. steam train last month, the Canadian leader “was conspicuously maskless as he shook hands” with other passengers.

Despite the fact that the heritage train was not bound by federal transport regulations, Trudeau still faced criticism for failing to uphold the standards he expects others to meet.

Yet again, it’s one rule for the elite and another rule for the plebs.

King report

The King Report for August 5, 2022 Issue 6816Independent View of the News
  Bank of England launches biggest interest rate hike in 27 years, predicts lengthy recessionThe sixth consecutive increase takes borrowing costs to 1.75% and marks the first half-point hike since the bank was made independent from the British government in 1997.The bank now expects headline inflation to peak at 13.3% in October and to remain at elevated levels throughout much of 2023, before falling to its 2% target in 2025.The MPC now projects that the U.K. will enter recession from the fourth quarter of 2022, and that the recession will last five quarters…  https://t.co/2ftONQAiBR Summer Gasoline Demand in US Drops Below Pandemic LevelsThe four-week average of US gasoline consumption — the best gauge for the country’s demand — is now more than 1 million barrels a day below pre-Covid seasonal norms, according to Energy Information Administration data… https://finance.yahoo.com/news/summer-gasoline-demand-us-drops-154329656.html US Initial Jobless Claims increased to an 8-month high of 260k (from 254k), which was expected. Walmart lays off corporate employees after slashing forecast – About 200 jobs have been cuthttps://www.cnbc.com/2022/08/03/walmart-lays-off-corporate-employees-after-slashing-forecast.html Costco sees a slowdown in U.S. sales growthhttps://finance.yahoo.com/video/costco-sees-slowdown-u-sales-142704007.html The US 2-10 yield spread inverted by as much as 39bps on Thursday. Pelosi to visit inter-Korean border area – AP https://t.co/WvjzHbhGIq Cleveland Fed President Mester remarksFed is committed to bring down inflation to 2% targetIt is “not unreasonable” for the Fed to hike rates by 75bps in September; it might be 50bpsRate hikes should continue this year and through mid-2023May favor front loading rate hikes depending on dataWhen I look at data, I see a strong labor marketSees Fed Funds above 4% through mid-year 2023Does NOT view yield curve as a good economic predictorBalance sheet size depends on the demand to reservesWant to get balance sheet down to $6.5-$7 trillionWe don’t know the balance sheet ultimate size; must wait and see (make it up as we go) As we thought, Thursday was a sleepy range-trading day.  ESUs traded in an 11-handle range from the Asian opening until they jumped higher at 5:30 ET.  ESUs hit the daily high of 4173.25 at 6:36 ET.  They then commenced a methodical decline until they hit the daily low of 4136.00 at 10:37 ET. ESUs and stocks then modulated with a slight upward bias until the last-hour manipulation appeared.  It ended quickly; ESUs and stocks then sank until 15:42 ET.  A modest rally into the close developed. Bonds and precious metals rallied sharply.  The dollar, oil, and gasoline declined sharply. Positive aspects of previous sessionFangs rallied again on guppy trader buying and more short covering from hedge fundsThe DJTA and Nasdaq rallied modestly Negative aspects of previous sessionThe DJIA declined modestly Ambiguous aspects of previous sessionThe dollar got hammered; bonds rallied sharply; the yield curve inverted more 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]: 4149.55Previous session High/Low4161.29; 4135.42 Senator Pat Toomey is again demanding transparency by the Federal Reserve after learning the central bank withheld documents he and other Republicans sought related to former Fed nominee Sarah Bloom Raskin during her confirmation fight… https://t.co/i3USOk32OH Goldman Sachs note to clients on Wednesday night: Fall. Shorts squeezed fairly violently today withour Most Short Basket (GSCBMSAL) popping +662bps… 6.3 out of every 10 options on the tape today are calls // this is a year to date high and approaching levels seen during retail option craze of 2021https://drive.google.com/file/d/1bDw_Xc5HOEYMcJAGx1LXWetXSF_OSF5i/view?s=02 Goldman Sachs warns stock market may not have hit bottom yet“Without clear signs of a positive shift in macro momentum, temporary re-risking could actually increase risks of another leg lower in the market rather than signal the end of the bear market,”…https://www.foxbusiness.com/markets/goldman-sachs-warns-stock-market-may-not-have-hit-bottom-yet The Fed Balance Sheet: -$15.384B; Treasuries -$16.343B; Reserve Balances at Fed Bank $3.342517 T US financial conditions back to their ‘easiest’ levels since before The Fed started hiking rates in March… driven by risky-asset reflexivity on the perception that “growth slowdown” will see Fed back-down from their ongoing “hawkish” rhetoric… McElligott notes that yesterday saw and  explosive resumption of “speculative FOMO” and “VIX Smash” themes which harkened back to the “peak market structure and sentiment mania instability” days of 2021 and Summer 2020https://www.zerohedge.com/markets/financial-conditions-are-now-easier-fed-started-hiking Today – Even if you knew July NFP before it was released, you could not know how the market would react.  Is good NFP bad news or good news – and vice versa?  Traders want to play for the summer Friday rally.  The July Employment Report is likely to generate feverish trader action.  But will an unexpected employment report induce institutions and large hedge funds to act?  ESUs are +3.50 at 20:15 ET. Expected econ data: July NFP 250k (Whisper # 230k), Mfg 20k, Rate 3.6%, Wages 0.3%, Workweek 34.5, Labor Force Participation Rate 62.2%; June Consumer Credit +$26.0B; Atl. Fed Pres Barkin 8 ET S&P 500 Index 50-day MA: 3938; 100-day MA: 4118; 150-day MA: 4237; 200-day MA: 4340DJIA 50-day MA: 31,694; 100-day MA: 32,713; 150-day MA: 33,406; 200-day MA: 33,980 S&P 500 Index – Trender trading model and MACD for key time framesMonthlyTrender and MACD are negative – a close above 4849.55 triggers a buy signalWeeklyTrender and MACD are positive – a close below 3718.11 triggers a sell signalDailyTrender and MACD are positive – a close below 4018.55 triggers a sell signalHourly: Trender is positive; MACD is negative – a close below 4118.75 triggers a sell signal Team Biden declared Monkeypox a national health emergency despite zero fatalities and 6700 cases. @washingtonpost: Sex is a major driver of the global monkeypox outbreak. But health officials and longtime HIV activists say calls for abstinence don’t work. (Social distancing?) https://wapo.st/3vA25by The Big Guy has tested positive for Covid for 6 straight days.  The WH will not allow The Big Guy’s physician to converse with the media.  Hmmm @MonicaCrowley: If President Trump sneezed, there was wall-to-wall coverage, demands for his full medical records, and endless questioning about his ability to do the job.  Ancient Biden has back-to-back symptomatic COVID and crickets. Florida Governor DeSantis on monkeypox: “You see some of these states declaring ‘States of Emergency.’ They’re going to abuse those emergency powers to restrict your freedom.” Biden’s Food Security Expert Has Starred in Chinese Communist Party Propaganda.https://thenationalpulse.com/2022/08/04/biden-nutrition-conference-co-chair-starred-in-chinese-communist-party-propaganda-film/ GOP Sen. Josh Hawley (@HawleyMO): Expanding NATO does not make America safer. That’s the bottom line. Our priorities now should be to defend against China abroad and our own border at home https://t.co/UApuSz4iGU The Senate approved Sweden and Finland for NATO membership.  Hawley was the lone no vote. @HawleyMO: The U.S. is currently not prepared to fend off Chinese military aggression in the Pacific. […] In the face of this stark reality, we must choose. We must do less in Europe (and elsewhere) in order to prioritize China and Asia. https://t.co/OXs9Mcd9fH Media credits Biden for al Qaeda leader’s death after attacking Trump for similar counterterror ops  https://justthenews.com/accountability/media/media-credits-biden-al-qaeda-leaders-death-after-attacking-trump-similar @SteveGuest: Under questioning from Sen. Ted Cruz, FBI Director Chris Wray admits the FBI Special Agent in Charge of the Detroit Field Office who oversaw the Whitmer kidnapping entrapment and “absolute debacle” is now in charge of the Washington, D.C. Office, overseeing the J6 investigation.https://twitter.com/SteveGuest/status/1555227992632213505 FBI alleges black identity extremist groups were acting as ‘instruments of the Russian government’https://centerforsecuritypolicy.org/fbi-alleges-black-identity-extremist-groups-were-acting-as-instruments-of-the-russian-government/ DeSantis suspends Soros-linked prosecutor over vow to ignore abortion, child sex-change laws“State Attorneys have a duty to prosecute crimes as defined in Florida law, not to pick and choose which laws to enforce based on his personal agenda,” DeSantis said in a press release. “It is my duty to hold Florida’s elected officials to the highest standards for the people of Florida.”…https://justthenews.com/government/desantis-announces-suspension-soros-linked-prosecutor-over-vow-ignore-child-sex-change Maricopa County, Arizona on Wednesday night said it would release the results from the election on TUESDAY by Thursday night.  Pinal County, Arizona did not have enough ballots for people to cast! The Pinal County Elections Director officially resigned on Thursday. @JonathanTurley: CNN columnist and MSNBC guest Dean Obeidallah; “At this point I LITERALLY view people who still support Donald Trump no different than the despicable, vile people who supported Bin Laden after 9/11.” Even in the age of rage, that is LITERALLY deranged… This type of extreme rhetoric only fuels the rage and deepens the rift in this country… Lollapalooza guard made bogus mass shooting threat so she could leave work early, prompting emergency terrorism investigation by FBI and Chicago police: prosecutorshttps://t.co/Z98g7eqSsf Dick Chaney in Liz Chaney campaign ad: “In our nation’s 246-year history, there has never been an individual who is a greater threat to our republic than Donald Trump…There is nothing more important [Liz] will ever do than lead the effort to make sure Donald Trump is never again near the Oval Office.” No Matter the Liberal Metric Chosen, the Bush/Cheney Administration Was Far Worse Than Trump.  I began writing about politics in 2005 as a reaction to the lawlessness, executive power transgressions and authoritarian Article II theories imposed by Bush/Cheney officials in the name of fighting terror. They claimed the right to violate Congressional statutes restricting how they could spy, detain, or even kill anyone, including American citizens, as long they justified it as helpful in the fight again terrorism…       Josh Marshall’s entire career is based on a well-documented claim that the Bush White House and Attorney General Alberto Gonzales fired U.S. Attorneys who were investigating their own associates, including those of Karl Rove. The Obama administration prosecuted more whistleblowers and sources under the 1917 Espionage Act — enacted by Woodrow Wilson to criminalize dissent from U.S. involvement in World War I — than all prior presidents combined    Both the Bush and Obama administrations then proceeded to expand their claims of unlimited executive power far beyond “merely” detaining U.S. citizens with no legal constraints to spying on them and even targeting them for assassination without a whiff of due process… Nov. 7, 2020  https://greenwald.substack.com/p/no-matter-the-liberal-metric-chosen @TimMeadsUSA: Republicans in DC underestimate how much of Trump’s popularity was due to the fact that he stood up to the GOP establishment and took them to the woodshed in 2015-2016. @grayzonewarlord: I’m reading this Kissinger biography and we’re up to the GOP convention in 1964. Eisenhower gave a speech and I want you to read this quote: “… We can demand that our judges dispense justice without fear or favor, ignoring special pleas for any of us, even where friends or family are involved.   We can encourage and offer assistance to the policeman and his family when he is injured in the line of duty.   And let us not be guilty of maudlin sympathy for the criminal, who roaming the streets with a switchblade knife and illegal firearm, seeking a helpless prey, suddenly becomes upon apprehension a poor, underprivileged person who counts upon the compassion of our society and the laxness or weaknesses of too many courts to forgive his offense…”    1964, y’all. This was American Carnage in 1964 and nothing has changed. Ike’s speech: https://www.nytimes.com/1964/07/15/archives/transcript-of-eisenhowers-speech-to-the-gop-convention.html

END

Greg Hunter: 

Dem Desperation, Dem Voter Fraud, Dem Depression

By Greg Hunter On August 5, 2022 In Weekly News Wrap-Ups19 Comments

By Greg Hunter’s USAWatchdog.com 

(WNW 541 8.5.22)

The Democrats in the White House look desperate with the actions they are taking because they do not make sense in a normal sane world.  The Biden/Obama Administration is declaring Monkeypox a huge heath problem when, in fact, it is only affecting a very small percent of the U.S. population.  It’s less than 7,000 people who are infected.  I guess the Biden Administration wants to release more funding for the next so-called pandemic, but the public is not buying it this time around.

The primaries have happened in many parts of the country, and we are still seeing voter fraud on a grand scale.  The Democrats have a terrible President with a terrible message and a sinking economy.  It all adds up to massive cheating because the Dems can’t find enough stupid people to vote for their own demise.  Without massive cheating, the Dems will be out of power come November.  Can they pull off the biggest cheat ever?  That is what it is going to take.

The Fed just raised interest rates another .75% and so did other countries such as the UK.  It raised interest rates and is projecting a severe recession.  It is also predicting 13% inflation by the end of this year.  The Fed is signaling it, too, will be raising rates more in the upcoming months to fight inflation even if it tanks the economy further.  The Dems already own the coming downturn, and many experts say this may turn into a Dem Depression.

There is much more news in the 37-minute presentation.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 8.5.22.

(https://usawatchdog.com/dem-desperation-dem-voter-fraud-dem-depression/)

After the Wrap-Up:

Biotech analyst Karen Kingston will be the guest for the Saturday Night Post.  Kingston says experimental vaccines are killing babies, and the mainstream media is covering it all

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