AUGUST 8//GOLD/SILVER REBOUND NICELY AFTER THE PHONY JOBS REPORT ISSUED ON FRIDAY: GOLD CLOSED UP $13.55 TO $1789.05//SILVER CLOSED UP 83 CENTS TO $20.71//PLATINUM CLOSED UP $11.90 TO $943.20//PALLADIUM UP $117.70 TO $2246.99//COVID UPDATES: VACCINE INJURY REPORT//VACCINE IMPACT//DR PAUL ALEXANDER//HEAT WAVE CONTINUES IN EUROPE WITH ELECTRICITY RATES IN UK AND GERMANY SKYROCKETING//75,000 BRITS VOW NOT TO PAY POWER BILLS DUE TO HUGE INCREASES IN PRICE//PRODUCTION OF RICE FALTERS AMID HEAT WAVE//MILK ALSO IN SHORTAGES//CHINA VS TAIWAN, SITUATION ESCALATES!!/CEASE FIRE BETWEEN ISRAEL AND PALESTINIANS HOLDS//SWAMP STORIES FOR YOU TONIGHT//

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GOLD;  $1789,05 UP $13.55

SILVER: $20.71 UP 83 CENTS 

ACCESS MARKET: 

GOLD $1789.20

SILVER: $20.67

Bitcoin morning price:  $24,089 UP 1177 

Bitcoin: afternoon price: $23,944. up 1032

Platinum price: closing UP $11.90 to $943.20 

Palladium price; closing UP $117.70  at $2246.90

END

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 EXCHANGE: COMEX 

  EXCHANGE: COMEX

CONTRACT: AUGUST 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,772.900000000 USD
INTENT DATE: 08/05/2022 DELIVERY DATE: 08/09/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 12
072 H GOLDMAN 31
104 C MIZUHO 10
118 C MACQUARIE FUT 5
132 C SG AMERICAS 16
167 C MAREX 8
190 H BMO CAPITAL 8
555 H BNP PARIBAS SEC 150
624 H BOFA SECURITIES 49
661 C JP MORGAN 83
661 H JP MORGAN 1
685 C RJ OBRIEN 4
690 C ABN AMRO 10 1
800 C MAREX SPEC 26 3
880 C CITIGROUP 70 3
880 H CITIGROUP 28
905 C ADM 2


TOTAL: 260 260
MONTH TO DATE: 28,012

JPMorgan stopped:   84/260

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

260 NOTICES FOR 26000 OZ //0.8087 TONNES

total notices so far: 28,012 contracts for 2,801,200 oz (87.129 tonnes) 

SILVER NOTICES:  

1 NOTICES FILED FOR 5,000 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 UP $13.55 

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 1.16 TONNES OF GOLD FROM THE GLD

INVENTORY RESTS AT 999.16 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $0.83 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 1946  CONTRACTS TO 139,665   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE  STRONG GAIN IN OI WAS ACCOMPLISHED DESPITE OUR  $0.28 LOSS  IN SILVER PRICING AT THE COMEX ON FRIDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.28) BUT 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 0 OZ QUEUE JUMP   / //  V)    STRONG SIZED COMEX OI GAIN/(SPEC LIQUIDATION)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -14

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 6 days, total 3066  contracts:  15.330 million oz  OR 2.55 MILLION OZ PER DAY. (511 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 15.330 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: 15.330 MILLION OZ

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1946 WITH OUR  $0.28 LOSS IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A  SMALL SIZED EFP ISSUANCE  CONTRACTS: 315 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 2275 OI CONTRACTS ON THE TWO EXCHANGES FOR 11.375 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 1  NOTICE(S) FILED TODAY FOR  5,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A STRONG SIZED 7m256 CONTRACTS  TO 454,081 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: -374 CONTRACTS.

.

THE STRONG SIZED  DECREASE  IN COMEX OI CAME WITH OUR FALL IN PRICE OF $14.25//COMEX GOLD TRADING/FRIDAY / 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 98.090 TONNES ON FIRST DAY NOTICE 

YET ALL OF..THIS HAPPENED WITH OUR FALL IN PRICE OF   $14.25 WITH RESPECT TO FRIDAY’S TRADING

WE HAD A GOOD SIZED LOSS OF 4312  OI CONTRACTS 13.41 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  2946  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 454,081

IN ESSENCE WE HAVE A GOOD  SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4,312 CONTRACTS  WITH 7258 CONTRACTS DECREASED AT THE COMEX AND 2946 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 3938 CONTRACTS OR 12.248 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2946) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (7258): TOTAL LOSS IN THE TWO EXCHANGES  4312 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 34,200 oz.    3) ZERO LONG LIQUIDATION//// //.,4)   STRONG SIZED COMEX OPEN INTEREST LOSS 5) FAIR 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 :

15,437 CONTRACTS OR 1,543,700 OZ OR 48.01  TONNES 6 TRADING DAY(S) AND THUS AVERAGING: 2572 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6  TRADING DAY(S) IN  TONNES: 48.01 TONNES

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

THUS EFP TRANSFERS REPRESENTS  48.01/3550 x 100% TONNES  1.35% 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: 48.01 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 1946 CONTRACT OI TO 137,719 AND CLOSER TO  OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 315 CONTRACTS

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

SEPT 315  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 1946  CONTRACTS AND ADD TO THE 315 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF 2261   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 11.305 MILLION OZ

OCCURRED DESPITE OUR  FALL IN PRICE OF  $0.28

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)MONDAY MORNING// SUNDAY  NIGHT

 SHANGHAI CLOSED UP 9.91 PTS OR 0.31%   //Hang Sang CLOSED DOWN 156.17 OR 0.77%    /The Nikkei closed UP 73.37 OR % 0.26.          //Australia’s all ordinaires CLOSED UP 0.13%   /Chinese yuan (ONSHORE) closed DOWN AT 6.602//OFFSHORE CHINESE YUAN DOWN 6.7647//    /Oil DOWN TO 87.76 dollars per barrel for WTI and BRENT AT 93.42// SHANGHAI CLOSED UP 9.91 PTS OR 0.31%   //Hang Sang CLOSED DOWN 156.17 OR 0.77%    /The Nikkei closed UP 73.37 OR % 0.26.          //Australia’s all ordinaries CLOSED UP 0.13%   / Stocks in Europe OPENED ALL GREEN.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY A STRONG SIZED 7258 CONTRACTS TO 454,081 AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS STRONG  COMEX DECREASE OCCURRED WITH OUR STRONG FALL OF $14.25  IN GOLD PRICING  SUNDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (2946 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2946 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :2946 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2946 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED SIZED  TOTAL OF 3938  CONTRACTS IN THAT 2946 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED  COMEX OI LOSS OF 3938  CONTRACTS..AND  THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH  OUR FALL IN PRICE OF GOLD $ 14.25. . 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   (98.09),

 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:98.090 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $14.25) AND WERE SUCCESSFUL IN KNOCKING OFF SOME  SPECULATOR LONGS // COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO COVER TO THEIR POSITIONS//////  WE HAVE  REGISTERED A GOOD SIZED GAIN  OF 13.41 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (98.090 TONNES)

WE HAD -374  CONTRACTS SUBTRACTED TO COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 4312 CONTRACTS OR  431,200  OZ OR 13.41 TONNES

Estimated gold volume 103,806/// poor/

final gold volumes/yesterday  182,364/ poor

INITIAL STANDINGS FOR AUGUST ’22 COMEX GOLD //AUGUST 8

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz53,985.671oz

Brinks

Manfra





Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oz15,625.390 oz
Brinks
No of oz served (contracts) today260   notice(s)
26000 OZ
0.8087 TONNES
No of oz to be served (notices)3524 contracts 
352,400 oz
10.96 TONNES
Total monthly oz gold served (contracts) so far this month28,012 notices
2,801,200 OZ
87.129 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: 1

i) Into Brinks: 15,625.39 oz

total deposits: 15,625,390 oz

2 customer withdrawals:

i) out of Brinks: 32,241,967 oz

ii) Out of Manfra;  21,944.609 oz

total:  53,985.671 oz

total in tonnes: 1.67 tonnes

Adjustments: dealer to customer //4

Brinks  1639.70 oz

Int Delaware:  25,270.680 oz

JPM: 39,183.798 oz

Manfra  113M860.142 oz

IN TONNES 5.59 TONNES ADJUSTED

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an  oi of 3784 contracts having LOST  1404 contracts .

We had 1746 notices served upon yesterday so we gained 342 contracts or an additional 34,200 oz will stand for delivery in this very active month of August. 

.As promised, 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 111 contracts to 2917 contracts.

October LOST 61 contracts DOWN to 40,302 

We had 260 notice(s) filed today for 26,000 oz FOR THE AUGUST 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  1 notices were issued from their client or customer account. The total of all issuance by all participants equate to 260 contract(s) of which 1   notices were stopped (received) by  j.P. Morgan dealer and  83 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 (28,012) x 100 oz , to which we add the difference between the open interest for the front month of  (AUGUST 3784  CONTRACTS ) minus the number of notices served upon today 260 x 100 oz per contract equals 3,153,600 OZ  OR 98.090 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 (28,012) x 100 oz+   (3784)  OI for the front month minus the number of notices served upon today (260} x 100 oz} which equals 3,153,600 oz standing OR 98.090 TONNES in this active delivery month of August.

TOTAL COMEX GOLD STANDING:  98.090 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:  29,556801.942 OZ  

TOTAL REGISTERED GOLD: 14,556,753.212  OZ (452,77 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,999,249.730 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 12,199,738.0 OZ (REG GOLD- PLEDGED GOLD) 379.46 tonnes//rapidly declining 

END

SILVER/COMEX/AUGUST 8

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory271,369.104  oz


CNT


MANFRA
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory75,253.750 oz

Delaware
No of oz served today (contracts)CONTRACT(S)
5,000  OZ)
No of oz to be served (notices)95 contracts 
(475,000 oz)
Total monthly oz silver served (contracts)791 contracts
 3,955,000 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  1  deposits into the customer account

i) Into Delaware  75,253.750 OZ

total deposit:  75,253.75   oz

JPMorgan has a total silver weight: 175.185 million oz/334.865 million =52.69% of comex 

 Comex withdrawals: 2

i) out of CNT:  130,157.334 oz

ii) Out of Delaware  141,211,770 oz

total: 271,369.104   oz

 adjustments: 1/ dealer to customer  299,849.670 CNT

the silver comex is in stress!

TOTAL REGISTERED SILVER: 55.259 MILLION OZ

TOTAL REG + ELIG. 334.865 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF AUGUST OI: 96 CONTRACTS HAVING LOST 8 CONTRACTS.  WE HAD 8 NOTICES FILED ON FRIDAY

SO WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ OF SILVER WILL STAND FOR DELIVERY.  THE AMOUNT STANDING

WILL NOW INCREASE//(OR REMAIN CONSTANT) ON A DAILY BASIS AS BANKERS SCOUR THE PLANET FOR BADLY NEEDED SILVER.

SEPTEMBER HAD A LOSS OF 4349 CONTRACTS DOWN TO 89,757

OCTOBER GAINED ANOTHER 34 CONTRACTS TO STAND AT 47

 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 for  5,000 oz

Comex volumes:75,816// est. volume today//   good

Comex volume: confirmed yesterday: 76,179 contracts (  good)

To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 791 x 5,000 oz = 3,955,000 oz 

to which we add the difference between the open interest for the front month of AUGUST(96) and the number of notices served upon today 1  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 791 (notices served so far) x 5000 oz + OI for front month of AUGUST (96)  – number of notices served upon today (1) 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 8/WITH GOLD UP $13.55: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES FORM THE GLD//INVENTORY RESTS AT 999.16 TONNES

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: 999.16 TONNES

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

AUGUST 8/WITH SILVER UP 83 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 485.712 MILLION OZ//

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

LAWRIE WILLIAMS: Chinese gold demand picking up nicely despite lockdowns

Chinese gold consumption in July, as represented by withdrawals from the Shanghai Gold Exchange (SGE) appeared to be picking up strongly compared with a year earlier. The latest figures put the potential annual figure back on track for a decent increase over that for 2021 assuming the improved levels hold up for the remainder of the year. Whether they will be sufficient to regain the 2,000 tonne annual total, last seen pre-Covid in 2019, remains to be seen, but probably unlikely. However an annual total of around 1,900 tonnes – an increase of around 9% on last year’s total withdrawals figure, looks to be possible.

Chinese consumption so far this year has been limited by the country’s zero-Covid policies, which have led to huge total lockdowns in major conurbations, including Shanghai, and most recently in Wuhan again. These have severely limited demand in these key urban centres which have been the seat of much of the Chinese demand being the most important earnings locations.

*Months incorporating Golden Week holidays when SGE closed for a week

Looking at published gold export data from those countries which release this information, it is a little difficult to reconcile the apparent growth in Chinese consumption suggested by the latest SGE figures. However we have to assume China’s own gold production remains the world’s highest for now, while Russia, probably the world’s No. 2 producer, may be struggling to find a friendly recipient for its gold given Western sanctions. China is not part of the sanctions regime and shares a border with Russia, so would be a likely taker, particularly if offered at a discounted price and neither country tends to be particularly forthcoming about mutual trade statistics when it suits them to be obscure. China is also probably the key importer now of Russian oil and gas, so extending this to gold would be a natural progression.

From the overall global gold demand perspective, gold demand also appears to be picking up nicely in the world’s other major national gold consuming nation – India. Here the latest gold export statistics from Switzerland, usually a great indicator of global directional gold flows, puts India back on top as the No.1 recipient of Swiss gold exports by far. It is way ahead of China and Hong Kong combined, although as stated above this could well be because of enhanced gold flows to the Middle Kingdom across the border from the Russian Federation.

08 Aug 2022

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

No evidence yet of the Fed selling off the bonds and securities it holds

(Robert Lambourne/GATA)

Robert Lambourne: Fed isn’t tightening even close to the rate it announced

Submitted by admin on Sat, 2022-08-06 14:06Section: Daily Dispatches

By Robert Lambourne
Saturday, August 6, 2022

So far this month the daily cash reports from the U.S. Treasury are demonstrating reasonably consistent cash outflows and debt buildup. There is a huge amount of noise in daily cash movements, but the gross debt is close to $30.6 trillion versus a statutory debt limit of $31.38 trillion, compared to an amount of $28.43 trillion on October 1, 2021. So there is not too much headroom with the debt and it looks like the time is near when efforts will be made to obfuscate the real position.

Resetting the debt limit has become something of a charade, with neither political party wanting to be blamed for the federal government’s being unable to pay its bills, but negotiations will need to be well underway before too long.

An interesting point that gets lost in the general noise is that the Federal Reserve has now contributed more than $100 billion to the government in the current fiscal year, which is meant mainly to reflect the Fed’s earnings on the assets it holds as part of its “quantitative easing” program. Essentially this means that the federal government is paying no interest on the debt owned by the Fed.

The extent of “quantitative tightening” reported by the Fed yesterday is still far below the Fed’s initial claim that it would be running off $60 billion of government debt per month and $35 billion of mortgage debt. The Fed’s assets appear to have peaked in the weekly reports on March 23 at $9,012 billion and yesterday’s report was $8,924 billion. The Fed’s holdings of mortgage securities was $2,718 billion and of federal Treasury securities was $5,719 billion as of August 3.

This compares to mortgage securities debt of $2,739 billion and Treasury securities of $5,759 billion as of March 23.

So in 19 weeks the Fed has reduced its holdings of government debt by $40 billion and of mortgage securities by $21 billion — nothing like the speed promised.

In the five weeks since June 29 there has been a reduction of $44 billion in the Fed’s holdings of government securities, from $5,763 billion, and an increase of $9 billion in its holdings of mortgage securities, from $2,709 billion. Again, it looks like there is no real evidence of QT being used in recent weeks at anything like the pace that was suggested. It still seems highly unlikely that QT can be used at anything like the rate forecast, but the next few weeks will reveal more.

That QT is already behind the forecasts recently offered by Fed Chairman Jerome Powell, and that federal government debt is seemingly still increasing reinforces the view that current dollar prices of gold and silver are totally detached from reality.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA on anything involving big numbers.

* * *

Join GATA here:

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

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

END

Craig Hemke is the guest of Andrew Maguire

(Craig Hemke/Andrew Maguire)

Avoid futures, accumulate physical, TF Metals Report’s Hemke tells ‘Live from the Vault’

Submitted by admin on Fri, 2022-08-05 22:57Section: Daily Dispatches

11p ET Friday, August 5, 2022

Dear Friend of GATA and Gold:

TF Metals Report publisher Craig Hemke is London metals trader Andrew Maguire’s guest this week on Kinesis Money’s “Live from the Vault” program, urging gold and silver investors to avoid the futures market and stick to steady accumulation of physical metal.

The futures markets are rigged by the bullion banks, Hemke notes, but he adds that he has never seen the metals markets as bullish as they are now, since the banks are longer than they have ever been and the speculators shorter.

Maguire’s interview with Hemke is 56 minutes long and can be viewed at YouTube here:

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

END

For your interest..

Maduro is using Queen Elizabeth’s letters in fight over Venezuelan gold

Submitted by admin on Fri, 2022-08-05 15:10Section: Daily Dispatches

So just have the queen send Maduro another letter, this one urging him to drop dead.

* * *

By Samy Adghirni, Fabiola Zerpa, and Jeremy Hodges
Bloomberg News
Friday, August 5, 2022

Venezuela’s government has produced letters apparently signed by Queen Elizabeth II to bolster its claim to more than $1 billion of gold stored in the Bank of England. 

The diplomatic correspondence is evidence that the UK recognized Nicolas Maduro as Venezuela’s president, said Calixto Ortega, the head of Venezuela’s central bank.

This undermines a ruling by a judge in London last month that denied Maduro’s administration control of the bullion, Ortega said Thursday in a rare interview. The UK’s issuance of visas to Maduro’s officials also strengthens the government’s case, Ortega added.

Opposition figure Juan Guaido is also trying to claim control of the gold in the long-running legal battle, after the UK recognized him as Venezuela’s president in 2019. The Maduro government has said it will appeal the most recent court ruling. 

“Three letters signed by the Queen make for an official position,” Ortega said in Paris, while returning to Caracas from London, where he discussed the issue with his lawyers. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-08-04/queen-s-letters-to-maduro-produced-in-fight-over-venezuelan-gold

END

4. OTHER GOLD/SILVER COMMENTARIES

end

5.OTHER COMMODITIES: RICE//GRAINS/DIESEL

“Situation Is Really Precarious”: World’s Largest Rice Exporter Faces Output Decline Amid Heatwave

SATURDAY, AUG 06, 2022 – 04:00 PM

The effects of elevated food prices have rippled worldwide and forced governments to impose price controls and trade restrictions. Price increases are due to supply constraints driven by several variables, including high energy prices, geopolitics, and weather. Ukraine restarted maritime transport of crops to the rest of the world, forcing grain prices to slip, though the food crisis is far from over. 

We pointed out in April that the next challenge for the global food supply could be a plunge in rice production (read: here). Fast forward months later, and our suspicions appear to be right as India, the world’s largest rice exporter, has seen planting areas of the crop decline by 13% due to heatwaves and drought. 

India accounts for 40% of the global rice trade, and a decline in production will complicate India’s domestic inflation fight. It could result in export restrictions, leading to few supplies for the rest of the world. 

In the last two weeks, prices in India have soared more than 10% in top growing states such as West Bengal, Odisha, and Chhattisgarh due to lack of rainfall and crop output concerns, Mukesh Jain, a director at Sponge Enterprises Pvt., a rice trader, told Bloomberg. He expects export prices to reach $400 a ton by next month from $365 this week. 

Rice feeds half of humanity and is vital for political and economic stability across Asia. Supply disruptions due to potential trade restrictions by India could create shortages and rising prices elsewhere. 

There’s still hope crop output could recover as the monsoon season is expected to produce normal rainfall through September. However, some farmers sounded the alarm output is expected to drop significantly. 

Farmer Rajesh Kumar Singh operates a small farm with seven acres in Uttar Pradesh planted on only half the land because of the lack of rain in June and July. “The situation is really precarious,” he said.

Himanshu, a professor at Jawaharlal Nehru University, who goes by only one name, said rice prices would continue to rise because of adverse weather conditions that would help boost overall inflation. 

The question remains if a further rise in food prices would derail India’s inflation fight. 

“Lower area of rice sowing amidst increased demand of imports from Bangladesh and other Middle Eastern countries have pushed up rice prices of different varieties to as much as 30% since June,” said Deutsche Bank Economist Kaushik Das. “This poses challenges for the food inflation outlook.”

The Reserve Bank of India is set to hike interest rates Friday to subdue the hottest inflation in a decade.

The next food price shock could be from India, though it’s difficult to estimate the exact level of production loss. 

Global food prices are still well above 2011 levels when Arab Spring resulted in revolutions across the Middle East. Signs of inflation riots have already materialized in several emerging market countries, including bankrupt Sir Lanka

All eyes are on India’s rice production, which is set for harvest in mid-September through October. 

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 MONDAY morning 7:30 AM

ONSHORE YUAN: CLOSED DOWN 6.7602

OFFSHORE YUAN: 6.7647

HANG SENG CLOSED DOWN 156.17 PTS OR  0.77%

2. Nikkei closed UP 73.37 OR 0.26%

3. Europe stocks   CLOSED ALL GREEN 

USA dollar INDEX  DOWN TO  106.32/Euro RISES TO 1.0187

3b Japan 10 YR bond yield: FALLS TO. +.169/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 134.83/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +0.9020%/Italian 10 Yr bond yield FALLS to 3.02% /SPAIN 10 YR BOND YIELD RISES TO 2.00%…

3i Greek 10 year bond yield RISES TO 3.08//

3j Gold at $1782.75 silver at: 20.25  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND 21/100        roubles/dollar; ROUBLE AT 60.36

3m oil into the 87 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 134.83DESTROYING 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 0.9576– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9757well 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: 2.805  DOWN 4  BASIS PTS

USA 30 YR BOND YIELD: 3.040  DOWN 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.96

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Storm Higher To Start The Week As “Most Hated Rally” Steamrolls Bears

MONDAY, AUG 08, 2022 – 08:03 AM

US equity futures rose to start the week as the “most hated meltup” continued just as we said it would over the weekend as stubborn bears are forced to cover and start chasing higher out of FOMO, while Treasury yields fell while investors assessed the path of monetary policy ahead of this week’s critical CPI data. Nasdaq 100 futures rose 0.7% while S&P 500 futures gained 0.5% by 7:30 a.m. in New York after the underlying benchmarks dropped on Friday following news that US job growth soared beyond expectations. Meanwhile, the yield on the 10-year Treasury dropped to 2.79% after soaring at the end of last week, while the dollar dipped and bitcoin jumped above $24K.

In premarket trading, stocks tied to renewable energy, such as Tesla, rose after the Senate passed a key bill that Democrats called the largest investment in fighting climate change ever made in the country. Meanwhile, cryptocurrency-exposed companies like Coinbase Global Inc. and Riot Blockchain Inc. climbed as Bitcoin breached $24,000. Bank stocks are also higher in premarket trading as the broader equity market rises. In corporate news, Avalara is being acquired by Vista Equity Partners for $93.50 a share in a deal that values the tax software maker at roughly $8.4 billion. Meanwhile, Robinhood is set to pay $9.9 million to resolve lawsuits over crashes on its trading platform in 2020.

“The sentiment will mostly depend on this week’s inflation data,” said Ipek Ozkardeskaya, senior analyst at Swissquote. “If US inflation starts easing, the Fed could rethink about smaller rate hikes, which could give another positive swing to the stocks.”

Friday’s “stellar” jobs data eased fears of a recession while increasing the chances that the Federal Reserve will be more aggressive in its fight to tame inflation. Over the weekend, San Fran Fed President Mary Daly said the central bank is “far from done yet” in bringing down prices and suggested a 50 basis-point rate increase isn’t the only option on the table for the next meeting.

The Friday payrolls data surprise “was large enough to re-ignite the inflation debate and renew focus on US CPI prints,” said Peter McCallum, a strategist at Mizuho. “Indeed, a very unexpected move lower in US CPI is needed for the market to stop thinking about the Fed having to do more. And with more tightening, the probability of a hard landing rises.”

Meanwhile, as Bloomberg notes, the S&P 500 climbed more than 6% over the past four weeks, approaching the level of two standard deviations for data going back 30 years.

That’s unusual in the absence of a clearly event-driven market such as during the global financial crisis or the start of the Covid-19 pandemic. However, The advance in equities could face another test from a likely contraction in corporate margins next year as costs remain high, according to strategists at Morgan Stanley and Goldman Sachs.

“We think it’s premature to sound the all-clear simply because inflation has peaked,” Morgan Stanley strategists led by Michael Wilson said. “The next leg lower may have to wait until September” as the negative effects of falling inflation on company profits become more reflected in earnings.

Looking at the week’s key data, the closely watched CPI is seen rising 0.2% in July from a month earlier, which would be the smallest advance since the start of 2021. However, the so-called core measure, which strips out energy and food, probably climbed a concerning 0.5%, based on the median estimate in a Bloomberg survey of economists.

European stocks tracked US futures higher, with the Euro Stoxx 50 is up 0.5%. IBEX outperforms peers, adding 0.6%, FTSE MIB is flat but underperforms peers. Real estate, tech and financial services are the strongest-performing sectors.

Earlier in the session, Asian stocks edged lower as concerns about more aggressive interest-rate hikes by the Federal Reserve and fresh Covid lockdowns on the Chinese resort island of Hainan weighed on sentiment. The MSCI Asia Pacific Index dropped as much as 0.5% before paring, with losses in technology and consumer discretionary shares offsetting gains in materials firms. Hong Kong stocks led declines around the region, even as the government cut the hotel quarantine for inbound travelers to three days from seven. A better-than-expected July jobs report in the US fueled expectations of faster Fed monetary tightening, with investors monitoring this week’s inflation data for further clues. Meanwhile, the lockdowns in China’s Hainan province have stranded tens of thousands of tourists, dealing a blow to its duty-free retail industry.

Asian equities capped their third-straight weekly gain last Friday as the region shrugged off rising geopolitical risks in the Taiwan Strait. Investors also continue to assess the ongoing corporate-earnings season. “We believe markets have discounted a fair bit of the earnings cuts to come, partly driven by the tech inventory de-stocking cycle in the coming months,” said Soo Hai Lim, head of Asia ex-China equities, at Barings. “Improving fundamentals, more attractive valuations and relatively looser monetary conditions in Asia can help deliver relative equity outperformance for the region in the coming months.”

Japanese stocks reversed earlier losses with the Nikkei 225 Index closing at its highest since March 29, as investors assessed a slew of earnings reports from local firms. The Topix Index rose 0.2% to 1,951.41 as of market close Tokyo time, while the Nikkei advanced 0.3% to 28,249.24. Suzuki Motor Corp. was among the top performers on the Nikkei, jumping more than 10% after an earnings beat. Bandai Namco also advanced after its outlook was raised.   Daiichi Sankyo Co. contributed the most to the Topix Index gain, increasing 5.2%. Out of 2,170 shares in the index, 1,033 rose and 1,030 fell, while 107 were unchanged. “Today’s Japan stocks are moving over micro factors such as the earnings results,” said Hiroshi Matsumoto, a senior client portfolio manager at Pictet Asset Management. “Some Japanese companies are reporting good results.”

India’s equity index climbed to its highest level in nearly four months, boosted by gains in HDFC Bank and Reliance Industries.   The S&P BSE Sensex rose 0.8% to close at 58,853.07 in Mumbai, after falling by as much as 0.2% at the start of the session. The NSE Nifty 50 Index gained 0.7%. Of the 30 members on the Sensex, 20 rose and 10 fell. All but one of 19 sectoral indexes compiled by BSE Ltd. advanced, led by a gauge of capital goods companies. The market is shut on Tuesday for a local holiday.  HDFC Bank advanced to its highest level since April 13 as the Economic Times newspaper reported that the private sector lender raised $300 million in deposits from expat Indians, quoting unnamed people familiar with the matter.  Reliance Industries climbed most in a week as the oil-to-retail conglomerate said it will begin investing across the green-energy value chain. State Bank of India dropped after its quarterly report showed net income below analysts’ estimates.

Bloomberg dollar spot index flat after paring earlier decline. JPY and EUR are the weakest performers in G-10 FX, AUD and NZD outperform.

In rates, Treasuries held gains amassed during European session, led by bigger gains across core European bonds and unwinding a portion of Friday’s jobs-report selloff. US long-end yields richer by ~4bp, flattening 2s10s by ~2bp, 5s30s by less than 1bp; 10-year around 2.79% trails comparable bunds and gilts by 2bp-3bp. Treasuries 2s10s curve inversion deepens to as much as 42.3bps, the lowest since 2000. No US data or Fed speakers are slated for Monday; refunding auctions begin Tuesday, July CPI scheduled for Wednesday.short-end yields underperform bunds by about 4 bps. Peripheral spreads widen to Germany with 10y BTP/Bund adding ~7bps to 212.8bps after Italy’s outlook was cut to negative by Moody’s on political risk.

In commodities, WTI trades within Friday’s range, falling 0.3% to around $88. Base metals are mixed; LME nickel falls 2.4% while LME lead gains 1.9%. Spot gold is little changed at $1,775/oz. 

In crypto, noted upside for the space amid thin newsflow elsewhere, with Bitcoin surpassing USD 24k at best and thus marginally eclipsing last week’s USD 23.9k peak.

It’s a quiet start to the week in econ data with nothing scheduled on the economic slate and no Fed speakers either; refunding auctions begin Tuesday, July CPI scheduled for Wednesday.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,157.75
  • STOXX Europe 600 up 0.6% to 438.13
  • MXAP down 0.1% to 160.53
  • MXAPJ down 0.4% to 524.35
  • Nikkei up 0.3% to 28,249.24
  • Topix up 0.2% to 1,951.41
  • Hang Seng Index down 0.8% to 20,045.77
  • Shanghai Composite up 0.3% to 3,236.93
  • Sensex up 0.8% to 58,862.37
  • Australia S&P/ASX 200 little changed at 7,020.62
  • Kospi little changed at 2,493.10
  • German 10Y yield little changed at 0.89%
  • Euro little changed at $1.0187
  • Gold spot down 0.1% to $1,773.21
  • U.S. Dollar Index down 0.11% to 106.50

Top Overnight News from Bloomberg

  • China Extends Military Exercises Near Taiwan With New Drill
  • Ships Resume Taiwan Routes Even as China Continues to Drill
  • Oil Endures Choppy Start to Week With Demand Concern to the Fore
  • Senate Passes Democrats’ Landmark Tax, Climate, Drugs Bill
  • Yen Shorts Crumble as 2022’s Hottest FX Trade Comes to an End
  • ‘Most Vulnerable’ Emerging Markets Now Face Euro Recession Risk
  • Jack Dorsey Tweets ‘End the CCP’ After China Covid Report
  • Carlyle CEO Resigns in Sudden Reversal of Generational Shift
  • SoftBank Reports Record $23.4 Billion Loss as Holdings Fall
  • India Seeks To Oust China Firms From Sub-$150 Phone Market
  • Five States Risk Undoing Legitimacy of 2024 Election
  • CVS Health Is Mulling a Bid for Signify Health, WSJ Reports
  • Winners and Losers in Democrats’ Signature Tax and Energy Bill
  • NYC Mayor Greets New Bus of Migrants Sent by Texas Governor
  • Daly Says Fed Is ‘Far From Done Yet’ on Bringing Inflation Down
  • Buffett’s Berkshire Pounces on Market Slump to Scoop Up Equities
  • Bitcoin Believers Are Back to Watching Stocks After Crypto Crash

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks traded mixed with price action choppy as participants reflected on the encouraging Chinese trade data and post-NFP hawkish pricing of Fed rate hike expectations, with sentiment also clouded by geopolitical risks related to China’s military drills near Taiwan and renewed shelling of Ukraine’s Zaporizhzhia nuclear plant. ASX 200 traded indecisively around the 7,000 level as weakness in the consumer-related sectors was offset by a strong mining industry, with OZ Minerals the biggest gainer after it rejected an indicative proposal from BHP. Nikkei 225 pared opening losses although the upside was capped amid the ongoing deluge of earnings including SoftBank which is scheduled to announce its results later today and with a cabinet reshuffle set for later this week. Hang Seng and Shanghai Comp were varied with the mainland indecisive as mostly stronger than expected Chinese trade data, including a record surplus in July, was counterbalanced by COVID woes after Sanya in the Hainan province was placed on lockdown which has trapped tens of thousands of tourists.

Top Asian News

  • Chinese authorities locked down the southern coastal city of Sanya during the weekend after a highly infectious Omicron strain was detected in the Hainan province, according to FT.
  • China’s aviation regulator shortened the suspension time for inbound flights on routes found to have COVID-19 cases in which flights on a route with an identified COVID case will be suspended for a week if 4% of passengers test positive and will be suspended for two weeks if 8% of passengers test positive, according to Reuters.
  • Hong Kong Chief Executive John Lee announced that the hotel quarantine will be reduced to 3 days from 7, with arrivals to be subject to a 3 + 4 format in which the 4 days will be home monitoring.
  • Japanese PM Kishida said he will reshuffle the cabinet in the week ahead to address issues including COVID-19, inflation and Taiwan affairs, according to Reuters.

European bourses are firmer across the board after shrugging off mixed APAC trade, Euro Stoxx 50 +0.8%. Similar directional performance in US futures, though magnitudes are more contained amid limited newsflow with little scheduled ahead, ES +0.3%. Sectors are firmer with no overall theme emerging though Tech, Real Estate and Utilities are among the best performers.

Top European News

  • UK Tory party leadership frontrunner Truss is under pressure to promise more to poor households facing a cost of living crisis this autumn after she expressed her preference to reduce taxes over ‘handouts’, according to FT.
  • UK government plan to cut as many as 91k civil servant jobs over 3 years will require deep cuts to public services and cost at least GBP 1bln in redundancy payments, according to a Whitehall review cited by FT.
  • UK government is to conduct a review of the foreign takeover of the National Grid’s gas transmission business amid increased concerns regarding energy security, according to FT.
  • Italy’s centrist Azione party is to abandon the centre-left alliance with the Democratic Party just days after agreeing to an alliance to join forces in an effort to prevent a right-wing landslide, according to Bloomberg.
  • Moody’s has cut its outlook on Italy to Negative from Stable, affirms BAA3 rating; risks to credit profile have been accumulating more recently due to the economic impact of Russia/Ukraine and domestic politics. Under baseline scenario, Italian debt to continue declining in 2022.

FX

  • The USD index has pulled back further from Friday’s post-NFP 106.93 before seeing a bounce at its 10 DMA (106.25).
  • Non-Dollar G10s are gaining momentum against peers, and vs the Buck; AUD holds the top spot.
  • EUR/USD and GBP/USD trimmed earlier upside to trade back under 1.0200 and 1.2100.
  • The Yen is the current G10 laggard amid broader risk and as the FOMC-BOJ pricing once again widens.

Fixed Income

  • Core debt modestly firmer, experiencing some respite from Friday’s post-NFP pressure amid pronounced Fed repricing and yield upside.
  • Albeit, in the context of recent session the circa. 70 tick upside in Bunds is limited.
  • BTPs pressured as Moody’s cuts their outlook for Italy while further political developments seemingly strengthen the chances of the right.

Commodities

  • WTI and Brent front-month futures saw upside momentum fade alongside a Dollar-rebound off lows.
  • Spot gold is trading sideways around USD 1,775/oz amid a lack of drivers.
  • Overnight, Chinese base metal futures opened firmer with added impetus from the Chinese trade data, whilst LME contracts trade somewhat mixed.
  • Tesla (TSLA) has reportedly signed a contract worth circa. USD 5bln to purchase battery materials from nickel processing companies in Indonesia, via Reuters citing CNBC Indonesia.
  • Russian oil product exports from Black Sea port of Tuapse planned at 1.443mln in Aug (vs 1.388mln in July), according to traders cited by Reuters.
  • China is poised to begin another round of tax inspections on independent refiners, according to Reuters sources. Inspections are to last months, commencing later this month.

US Event Calendar

  • Nothing major scheduled

DB’s Jim Reid concludes the overnight wrap

August has been fascinating so far with US recession talk pushed back with a string of better than expected data last week. The US economy simply cannot be deemed to be in a recession in a month when +528k jobs have just been added as payrolls showed on Friday.

This still feels to me like a classic (albeit compressed), old fashioned boom bust cycle. The Fed has been aggressively behind the curve with monetary policy amazingly loose versus history. The Fed have tightened a bit but monetary policy operates with a lag and monetary policy was and is still very loose. Remember we’ve only been hiking since March and real Fed Funds are still c.-7%. I still think recession by around the middle of 2023 is a slam dunk and that risk assets will go well below their June 2022 lows when we’re in it but I’m still not convinced the official recession happens over the next few months. As a related aside, the 2s10s yield curve first inverted at the end of March. A recession always eventually follows this in the US but the shortest gap between that and a recession is c.9 months over the last 70 years of data covering 10 recessions. The fact that the yield curve is getting more inverted just cements the likely recessionary signal from the yield curve but it always takes time. Ultimately I think a recession will be a lagged response to the necessary tighter policy put in place since March and the hikes still to come.

If payrolls was a bit of a shock, next up will be US CPI on Wednesday which we will review below. Staying with US inflation we will also see PPI on Thursday and the inflation expectations in the University of Michigan consumer survey on Friday. Staying with prices China (CPI, PPI) and Japan (PPI) get in on the act on Wednesday too. A monthly dump of UK data including GDP will be out Friday and will attract attention after the BoE’s forecast of a 5 quarter upcoming recession last week. Elsewhere US earnings are 85% complete so the newsflow will slow down on this front. The full day by day week ahead is at the end but we’ll focus most attention on US CPI here today.

Our economists expect the headline YoY rate to finally dip after energy prices have fallen of late. They are looking for 8.8% (from 9.1%) with consensus a tenth lower. Core however is expected to increase two tenths to 6.1% YoY. If we see such an outcome it’ll be interesting if the market cheers what could be the start of a decline from the peak in the headline rate or remains concerned that core continues to edge up. Core should be more important to the Fed but the market has been known to take the dovish interpretation to events of late, payrolls notwithstanding.

On US PPI on Thursday, most of our economist’s attention will be on the healthcare component as this feeds directly into core PCE, the Fed preferred measure. So far the wedge between core CPI and PCE has been biased in CPI’s favour (i.e. higher) as CPI has a big bias to rents vs healthcare for PCE. Last month healthcare surged after 4 soft months. Our economists have detailed why they think it will continue to be strong in this note (Link here).

Across the Atlantic, this week’s UK GDP print is expected to be -0.2% QoQ, the first quarterly contraction since Q1 of 2021. The June figure is expected to contract by -1.2% MoM. Elsewhere earnings season is winding down after 423 S&P 500 and 403 Stoxx 600 companies have now reported. Our equity strategists have reviewed global earnings so far here, noting that while beats are roughly at the historical average in the US, they’re exceeding it elsewhere. Yet, bar energy stocks, consensus estimates for Q3 have been declining across regions. Looking at the line up for this week, notable reporters include Disney (Wednesday), Porsche (today), Deutsche Telekom, RWE, Orsted and Siemens (Thursday).

Asian equity markets are mostly on the softer side as we start the week. As I type, the Hang Seng (-0.73%) is lagging despite Hong Kong’s move to cut mandatory hotel quarantine from seven days to three. Additionally, the Kospi (-0.10%) is also trading lower in early trade whilst Chinese stocks are mixed with the Shanghai Composite (+0.19%) higher and the CSI (-0.33%) lower. Elsewhere, the Nikkei (+0.25%) is holding on to its gains this morning.

Moving ahead, US stock futures point to a slightly negative opening with contracts on the S&P 500 (-0.16%) and NASDAQ 100 (-0.11%) dipping in overnight trading.

Early morning data showed that Japan recorded its first current account deficit (-132.4 billion yen) in five months in June (v/s -706.2 billion yen expected) and reversing a +128.4 billion yen surplus in the preceding month as surging imports eclipsed exports.

Over the weekend, data revealed that China’s export growth unexpectedly picked up (+18.0% y/y) in July, the fastest pace this year, against a +17.9% increase in June and beating market expectations of a +14.1% gain, thereby offering an encouraging boost to the economy as its struggles to recover from a Covid-induced slump.

In overnight news, the US Senate approved a $739 billion climate and healthcare spending package ahead of crucial midterm elections in November. When signed into law, the bill, formally known as the Inflation Reduction Act, would allocate $369bn for climate action – the largest investment in US history. At the same time, it would increase corporate taxes and lower healthcare costs as part of the package.

Reviewing last week now and it was a pretty volatile start to August on the back of Pelosi’s visit to Taiwan, the better than expected ISM prints, hawkish Fed speak, and finally the monster payrolls report on Friday which finally got the message through that the narrative of a dovish Fed pivot the week before was exceptionally premature.

Quickly recapping Friday’s data, nonfarm payrolls came in at +528k – more than double the final estimate of +260k with a further boost from the upwardly revised June reading of +398k (vs +372k previously). It was also the highest reading since February’s +714k. The July payrolls gains also ensured that the US has now recovered the 22m of job losses in the aftermath of covid outbreak. Other indicators reinforced the risks to inflation – unemployment was down to 3.5% (3.6% previously) and average hourly earnings surprised to the upside at 0.5% or 5.2% YoY (vs consensus of 0.3% and 4.9%, respectively). Slight softness came from a -0.1ppt drop in the participation rate (62.1% vs 62.2% estimates) but this was mostly in the young and not the prime-age cohort which makes it less worrying. Upward beats in employment indices also came from ISM indices earlier in the week, with headline gauges for both beating economists’ estimates as well.

The payrolls beat led to the US 2yr and 10yr jumping by +18.3bps and +13.9bps on Friday bringing the total weekly yield gains to +34.1bps and +17.8bps, respectively. These gyrations also inverted the 2s10s further, with the slope touching a low of around -43bps intraday, before finishing the day at -40.3bps, a -4.0bps move, -16bps on the week and to the most inverted since 2000.

Fed futures now price in +69bps at the September meeting, so a roughly 76% probability of another +75bps hike in September (up from Thursday’s +59bps, 36%). There’s still along way to go before the next FOMC though with another set of payrolls and two CPI prints before the next meeting.

For the S&P 500 it was a week with a few ups and downs (including -1% immediately after payrolls) but ultimately the market rose +0.36% (Friday -0.16%). Higher yields on Friday also drove divergences between benchmarks, with the Nasdaq (-0.50%) struggling a bit but still +2.50% on the week amid decent earnings results. For small caps, though, better economic data than feared overpowered the effect of rates, sending the Russell 2000 up by +0.81% on Friday and +1.94% on the week.

Oil moved higher after payrolls (WTI +0.53% and Brent +0.85%), but were still down a significant -9.74% and -13.72% on the week.

In Europe, sovereign bonds were also hammered after the payrolls report although the steady march higher started early in the morning and continued until the end of the session. Unlike in the US, however, the curves mainly steepened, with 10yr bund yields +15.2bps (+21bps on the week) edging ahead of the 2yr ones +13.5bps (+19bps on week).

Friday also saw yields sell-off further in the UK, with the 2yr yield (+11.1bps) slightly less extreme than the 10yr (+16.0bps). But in part thanks to the BoE, the UK’s front end gained +25.5bps on the week relative to +28bps on the 10yr. The periphery was quiet last week with 10yr Italian spreads declining -6.5bps on Friday and -13.6bps on the week. The market has been more relaxed after the far-right populists (riding high in the polls) suggested they won’t abandon EU budget rules if they win the elections.

Finally, European stocks dipped as the STOXX 600 closed -0.76% on Friday, and -0.59% for the week. Financials (+0.16%) and energy (+0.54%) were the sole outperformers sector-wise on Friday after the robust payrolls.

END

AND NOW NEWSQUAWK

European/US equity futures and fixed firmer as the DXY eases, no Tier 1 events ahead – Newsquawk US Market Open

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MONDAY, AUG 08, 2022 – 06:35 AM

  • European bourses are firmer across the board after shrugging off mixed APAC trade, Euro Stoxx 50 +0.8%.
  • Similar directional performance in US futures, though magnitudes are more contained amid limited newsflow with little scheduled ahead, ES +0.3%.
  • APAC trade was torn between strong Chinese trade data and hawkish Fed repricing post-NFP
  • DXY has pulled back from Friday’s peaks to the modest benefit of peers while core Fixed experience similar respite.
  • WTI and Brent front-month futures saw upside momentum fade alongside a marginal Dollar-rebound off lows.
  • No Tier 1 events are scheduled.

As of 11:10BST/06:10ET

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LOOKING AHEAD

  • No Tier 1 events scheduled.
  • Click here for the Week Ahead preview

GEOPOLITICS

TAIWAN

  • Chinese Foreign Minister Wang said China’s actions toward Taiwan are just, appropriate and legal with the actions aimed at safeguarding China’s sovereignty and territorial integrity, while he added that Taiwan is not part of the US and is China’s territory, according to Reuters.
  • China confirmed it will extend military drills around Taiwan for Monday, according to Bloomberg.
  • China’s military will conduct “regular” drills from now on at the eastern side of the median line of the Taiwan Strait, according to Reuters citing Chinese state television.
  • Taiwan’s Premier Su said China ‘arrogantly’ used military actions to disrupt regional peace and stability, while he added that they appeal to the Chinese government not to flex its military muscles everywhere and hamper regional peace, according to Reuters.
  • Taiwan’s Defence Ministry said it detected 66 Chinese aircraft conducting activities in the Taiwan Strait as of 5pm local time on Sunday. It was also reported that Taiwan said Chinese aircraft and warships practised attacking Taiwan on Saturday in retaliation for US House Speaker Pelosi’s recent visit, according to Reuters.
  • Taiwan’s transport ministry said transit flights gradually resumed on Sunday near China’s military drill zones 1-6 and said they will continue to direct flights and ships away from China military zone No. 7 off Taiwan’s eastern coast until Monday morning, according to Reuters.
  • US Secretary of State Blinken said China’s actions on Taiwan were moving away from a practice of resolving issues peacefully to coercion and towards using force, while he said the change to the status quo that has prevailed is coming from China and not the US. Blinken also said that the US seeks to work closely with Philippines President Marcos and reaffirmed that an attack on the Philippines in the South China Sea would invoke the defence treaty, according to Reuters.
  • White House said China’s activity around the Taiwan Strait is a significant escalation in China’s efforts to change the status quo, while it added that the actions are ‘provocative, irresponsible and raise the risk of miscalculation’, according to Reuters.
  • China’s Embassy in Australia said it hopes that Australia will treat relations with China seriously and be prudent on Taiwan-related issues, while it hopes Australia will avoid being led by others and avoid creating new trouble for China-Australia ties, according to Reuters.
  • Taiwanese Defence Ministry says Chinese aircrafts and ships never entered Taiwan’s territorial waters, via Reuters.

RUSSIA-UKRAINE

  • Russia’s Kremlin said there is currently no basis for talks between the Russian and Ukrainian presidents, via Reuters.
  • Ukrainian President Zelensky said there can be no talks with Ukraine or its international partners if Russia proceeds with referendums in occupied areas of Ukraine. Zelensky also held a call with European Council President Michel in which he urged for a stronger international response to Russian ‘nuclear terror’ after the new shelling of the Zaporizhzhia nuclear power plant, according to Reuters.
  • Ukrainian state nuclear power company said a worker was wounded at the Zaporizhzhia nuclear power plant due to new shelling by Russian forces on Saturday, according to Reuters.
  • UK military intelligence said on Saturday that Russia is almost certainly massing forces in southern Ukraine in anticipation of a counteroffensive by Ukraine or in preparation for a possible assault with convoys of tanks, trucks and artillery continuing to move away from Donbas toward the southwest. UK military intelligence added that Russia’s war is about to enter a new phase and the most fighting is shifting to a nearly 350km front stretching from near Zaporizhzhia to Kherson.
  • IAEA chief Grossi said he is extremely concerned about the shelling at the Zaporizhzhia nuclear power plant which ‘underlines the very real risk of a nuclear disaster’, according to a statement cited by Reuters.
  • UN Secretary-General Guterres said the risk of a nuclear confrontation is back after decades, while he added that any attack on a nuclear plant is a ‘suicidal thing’, according to Reuters.
  • A foreign-flagged ship arrived in the Ukrainian port to be loaded with grain for the first time since the start of the war, according to the Ukrainian Infrastructure Minister via Facebook.
  • The west is increasingly alarmed regarding deepening ties between Turkish President Erdogan and Russian President Putin, while officials have raised the prospect of punitive retaliation if Turkey helps Russia avoid sanctions, according to FT.

OTHER

  • Iran’s Foreign Minister said nuclear weapons have no place in Tehran’s doctrine and said the IAEA should distance itself from ‘non-constructive political issues’ and solve remaining safeguard issues with Iran technically. Iran’s Foreign Minister also stated that the success of the Vienna nuclear talks depends on Washington’s flexibility and urged for a ‘realistic response’ from the US to Tehran’s proposals to revive the nuclear agreement, according to Reuters citing state media.
  • There were mixed messages from Iran nuclear talks in Vienna as Russia’s envoy to Iranian nuclear talks Ulyanov expressed optimism regarding talks in which he said that they are moving in the right direction and the number of unresolved issues is minimal, while US envoy Malley was quoted as voicing disappointment, according to Iran International.
  • Israeli’s Defence Ministry said three mortar bombs hit the Israeli-Gaza border crossing which caused damage but there were no reports of casualties. It was later reported that a Gaza truce would take effect on Sunday evening although the ceasefire was broken minutes after, according to Reuters and AFP News Agency.

EUROPEAN TRADE

EQUITIES

  • European bourses are firmer across the board after shrugging off mixed APAC trade, Euro Stoxx 50 +0.8%.
  • Similar directional performance in US futures, though magnitudes are more contained amid limited newsflow with little scheduled ahead, ES +0.3%.
  • Sectors are firmer with no overall theme emerging though Tech, Real Estate and Utilities are among the best performers.
  • Click here for more detail.

FX

  • The USD index has pulled back further from Friday’s post-NFP 106.93 before seeing a bounce at its 10 DMA (106.25).
  • Non-Dollar G10s are gaining momentum against peers, and vs the Buck; AUD holds the top spot.
  • EUR/USD and GBP/USD trimmed earlier upside to trade back under 1.0200 and 1.2100.
  • The Yen is the current G10 laggard amid broader risk and as the FOMC-BOJ pricing once again widens.
  • Click here for more detail.

Notable FX Expiries, NY Cut:

  • AUD/USD: 0.6910 (913M), 0.7000 (975M).
  • USD/CAD: 1.2800-10 (340M), 1.2950 (1.07BLN)
  • Click here for more detail.

FIXED INCOME

  • Core debt modestly firmer, experiencing some respite from Friday’s post-NFP pressure amid pronounced Fed repricing and yield upside.
  • Albeit, in the context of recent session the circa. 70 tick upside in Bunds is limited.
  • BTPs pressured as Moody’s cuts their outlook for Italy while further political developments seemingly strengthen the chances of the right.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent front-month futures saw upside momentum fade alongside a Dollar-rebound off lows.
  • Spot gold is trading sideways around USD 1,775/oz amid a lack of drivers.
  • Overnight, Chinese base metal futures opened firmer with added impetus from the Chinese trade data, whilst LME contracts trade somewhat mixed.
  • Tesla (TSLA) has reportedly signed a contract worth circa. USD 5bln to purchase battery materials from nickel processing companies in Indonesia, via Reuters citing CNBC Indonesia.
  • Russian oil product exports from Black Sea port of Tuapse planned at 1.443mln in Aug (vs 1.388mln in July), according to traders cited by Reuters.
  • China is poised to begin another round of tax inspections on independent refiners, according to Reuters sources. Inspections are to last months, commencing later this month.
  • Click here for more detail.

NOTABLE HEADLINES

  • UK Tory party leadership frontrunner Truss is under pressure to promise more to poor households facing a cost of living crisis this autumn after she expressed her preference to reduce taxes over ‘handouts’, according to FT.
  • UK government plan to cut as many as 91k civil servant jobs over 3 years will require deep cuts to public services and cost at least GBP 1bln in redundancy payments, according to a Whitehall review cited by FT.
  • UK government is to conduct a review of the foreign takeover of the National Grid’s gas transmission business amid increased concerns regarding energy security, according to FT.
  • Italy’s centrist Azione party is to abandon the centre-left alliance with the Democratic Party just days after agreeing to an alliance to join forces in an effort to prevent a right-wing landslide, according to Bloomberg.
  • Moody’s has cut its outlook on Italy to Negative from Stable, affirms BAA3 rating; risks to credit profile have been accumulating more recently due to the economic impact of Russia/Ukraine and domestic politics. Under baseline scenario, Italian debt to continue declining in 2022.

NOTABLE DATA:

  • EU Sentix Index (Aug) -25.2 vs. Exp. -24.7 (Prev. -26.4); “… A recession in the Eurozone is still very likely.”

NOTABLE US HEADLINES

  • Fed’s Bowman (voter) said the Fed should consider more 75bps rate hikes at coming meetings in order to bring high inflation back down to the central bank’s target and that she will let the data guide her on how big rate hikes need to be at coming policy meetings, according to Reuters.
  • Fed’s Daly (2024 voter) said the “Fed is far from done yet” on lowering inflation and that they need to leave their minds open, while she suggested that a 50bps hike is not the only option on the table, according to Bloomberg.
  • US Senate voted to pass the USD 430bln climate change, tax and drug pricing bill with the bill sent to the House. US President Biden stated shortly after that the House should pass the bill ASAP and that he looks forward to signing it, while House Speaker Pelosi said the House will return and move swiftly to send the bill to President Biden’s desk, according to Reuters.
  • White House said it is in active talks with top Democrat lawmakers on how to push the bill to ban assault weapons through the Senate, according to Reuters.
  • Elon Musk tweeted that if Twitter (TWTR) simply provides their method of sampling of 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms.

CRYPTO

  • Noted upside for the space amid thin newsflow elsewhere, with Bitcoin surpassing USD 24k at best and thus marginally eclipsing last week’s USD 23.9k peak.

APAC TRADE

  • APAC stocks traded mixed with price action choppy as participants reflected on the encouraging Chinese trade data and post-NFP hawkish pricing of Fed rate hike expectations, with sentiment also clouded by geopolitical risks related to China’s military drills near Taiwan and renewed shelling of Ukraine’s Zaporizhzhia nuclear plant.
  • ASX 200 traded indecisively around the 7,000 level as weakness in the consumer-related sectors was offset by a strong mining industry, with OZ Minerals the biggest gainer after it rejected an indicative proposal from BHP.
  • Nikkei 225 pared opening losses although the upside was capped amid the ongoing deluge of earnings including SoftBank which is scheduled to announce its results later today and with a cabinet reshuffle set for later this week.
  • Hang Seng and Shanghai Comp were varied with the mainland indecisive as mostly stronger than expected Chinese trade data, including a record surplus in July, was counterbalanced by COVID woes after Sanya in the Hainan province was placed on lockdown which has trapped tens of thousands of tourists.

NOTABLE APAC HEADLINES

  • Chinese authorities locked down the southern coastal city of Sanya during the weekend after a highly infectious Omicron strain was detected in the Hainan province, according to FT.
  • China’s aviation regulator shortened the suspension time for inbound flights on routes found to have COVID-19 cases in which flights on a route with an identified COVID case will be suspended for a week if 4% of passengers test positive and will be suspended for two weeks if 8% of passengers test positive, according to Reuters.
  • Hong Kong Chief Executive John Lee announced that the hotel quarantine will be reduced to 3 days from 7, with arrivals to be subject to a 3 + 4 format in which the 4 days will be home monitoring.
  • Japanese PM Kishida said he will reshuffle the cabinet in the week ahead to address issues including COVID-19, inflation and Taiwan affairs, according to Reuters.

DATA RECAP

  • Chinese Trade Balance (USD) (Jul) 101.26B vs. Exp. 90.0B (Prev. 97.94B)
  • Chinese Exports YY (USD) (Jul) 18.0% vs. Exp. 15.0% (Prev. 17.9%); Imports YY (USD) (Jul) 2.3% vs. Exp. 3.7% (Prev. 1.0%)
  • Chinese Trade Balance (CNY) (Jul) 682.7B vs. Exp. 600.0B (Prev. 650.1B)
  • Chinese Exports YY (CNY) (Jul) 23.9% vs. Exp. 19.6% (Prev. 22.0%); Imports YY (CNY) (Jul) 7.4% vs. Exp. 5.7% (Prev. 4.8%)
  • New Zealand 1yr Inflation Expectations (Q3) 4.9% (Prev. 4.9%); 2yr Inflation Expectations (Q3) 3.1% (Prev. 3.3%)

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED UP 9.91 PTS OR 0.31%   //Hang Sang CLOSED DOWN 156.17 OR 0.77%    /The Nikkei closed UP 73.37 OR % 0.26.          //Australia’s all ordinaires CLOSED UP 0.13%   /Chinese yuan (ONSHORE) closed DOWN AT 6.602//OFFSHORE CHINESE YUAN DOWN 6.7647//    /Oil DOWN TO 87.76 dollars per barrel for WTI and BRENT AT 93.42// SHANGHAI CLOSED UP 9.91 PTS OR 0.31%   //Hang Sang CLOSED DOWN 156.17 OR 0.77%    /The Nikkei closed UP 73.37 OR % 0.26.          //Australia’s all ordinaries CLOSED UP 0.13%   / Stocks in Europe OPENED ALL GREEN.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

3c CHINA

CHINA//TAIWAN

This does not look good

(zerohedge)

20 Total Chinese & Taiwan Warships In ‘Close Quarters’ Standoff In Strait As Drills Wind Down

SUNDAY, AUG 07, 2022 – 11:00 AM

Reuters has described a high-seas “cat and mouse” between Chinese and Taiwan warships which are shadowing each other at a moment China is scheduled to end its military drills surrounding the self-ruled island. The four days of unprecedented drills was slammed by Taipei as simulating an invasion, and saw the People’s Liberation Army (PLA) soon after Nancy Pelosi’s departure fire eleven ballistic missiles near Taiwan – some of which reportedly flew over the island.

About 10 warships each from China and Taiwan sailed at close quarters in the Taiwan Strait, with some Chinese vessels crossing the median line, an unofficial buffer separating the two sides, according to a person with knowledge of the matter,” Reuters observes of Sunday tensions.

Despite these main drills which occurred in six zones off Taiwan’s coast now coming to a close, Chinese military pressure looks to continue for weeks longer, likely through to the end of the month of August.

China announced a whole new series of military drills near Taiwan, though not as close in proximity to the island as last week’s. China’s Maritime Safety Administration said in a statement that the new PLA drills will kick off in five zones of the Yellow Sea from Aug. 5 to 15The Washington Post details

China’s Ministry of Defense did not announce the purpose of the expanded exercises, which come as the visit frayed U.S.-China relations, but they come as Beijing is putting on its greatest show of force around Taiwan since the last cross-strait crisis of 1995 to 1996 — in what it calls a warning to “provocateurs” who challenge Beijing’s claims over Taiwan, the self-governing democracy of 23 million.

The Post further reports the simultaneous drills would take place in four zones of the Bohai Sea for a full month, which start Aug.8.

According to a weekend report in The Guardian:

Taipei said it observed “multiple” Chinese planes and ships operating in the Taiwan Strait, believing them to be simulating an attack on the self-ruled democracy’s main island.

Over the past days of the PLA drills there have been some close-call incidents involving Chinese drone incursions, which have been warned off by Taiwan’s military firing flares, particularly over the Kinmen and Matsu islands.

Despite the mainstay of PLA drills closest to Taiwan now appearing to be over, the threat of miscalculation and a serious shooting incident sparking broader conflict remains high, especially given the USS Ronald Reagan carrier strike group is still in the region, with the White House recently saying it would stay near Taiwan waters longer than planned.

END

China Extends Taiwan Drills Past Sunday Deadline, Says Training Under “Real War Conditions”

MONDAY, AUG 08, 2022 – 08:30 AM

China’s military drills in six zones surrounding Taiwan were scheduled to wind down and end on Sunday, but on Monday Beijing announced it is extending the threatening military drills which Taipei officials have slammed as a “blockade” and simulation for future invasion. The drills were originally set for four days, but have now been extended into this new week.

Not only have the drills launched in the wake of the last Tuesday into Wednesday visit to the self-ruled island of US House Speaker Nancy Pelosi disrupted surrounding air traffic and shipping lanes key to global trade, but they’ve upped tensions with Washington, given the USS Ronald Reagan carrier strike group was ordered to stay in waters near Taiwan for longer than planned.

The People’s Liberation Army (PLA) Eastern Theatre Command confirmed Monday that it is “continuing joint training under real war conditions, focused on organizing joint anti-submarine warfare and naval strikes.”

This follows, as we detailed Sunday, on the heels of a “close quarters” standoff wherein ten warships each from the Chinese and Taiwan sides closely shadowed each other the Taiwan Strait. A total of 66 PLA aircraft and 14 warships were observed conducting exercises aimed at Taiwan into Sunday evening, with the aircraft repeatedly violating Taiwan’s Air Defense Identification Zone (ADIZ).

In announcing its military on a high state of alert and confirming it sent additional ships through the strait, Taiwan’s defense ministry again said China is “simulating attacks on the island of Taiwan and our ships at sea.”

Further, according to the AP on Monday, “The exercises would include anti-submarine drills, apparently targeting U.S. support for Taiwan in the event of a potential Chinese invasion, according to social media posts from the eastern leadership of China’s ruling Communist Party’s military arm, the People’s Liberation Army.”

“The military has said the exercises involving missile strikes, warplanes and ship movements crossing the midline of the Taiwan Strait dividing the sides were a response to U.S. House Speaker Nancy Pelosi’s visit to the self-ruled island last week,” the report details. 

Meanwhile, at a moment it appears that China’s ongoing military squeeze is set to (at least for the foreseeable future) hold the democratic-run island ‘hostage’ – also threatening vital trade – the pressure on Washington to act more firmly in support of Taipei is growing

The latest Taiwan defense ministry statement said of the drills“Their intention is to deal a blow to our morale and threaten regional security.” Alarmingly the statement also underscored the adverse effect on international air traffic in the region. 

Echoing the point of view of Taiwan officials and some regional allies, a Vietnam-based regional security analyst named Duan Dang was cited in FT as saying, “If the US doesn’t do something militarily to push back China in Taiwan Strait and re-establish a credible red line, it will be very bad! Frankly, no one in the region is going to believe in US commitments anymore.”

4/EUROPEAN AFFAIRS//UK AFFAIRS/

GERMANY

German electricity prices hit record highs as the heatwave curbs power generation

(zerohedge)

German Electricity Prices Hit Record High As Heatwave Curbs Power Generation

SATURDAY, AUG 06, 2022 – 07:35 AM

Above-average temperatures throughout Germany are pushing power prices to new records as utilities reduce electricity output in western Europe amid the worst energy crisis in decades. 

National forecaster Deutscher Wetterdienst predicted a heatwave would persist through mid-August. Weather models show max temperatures will jump to mid-July levels of nearly 95 degrees Fahrenheit by Aug. 14, then slide to the low/mid 70s shortly after. 

A confluence of factors is pushing German electricity prices to new records. First are the rising costs of imported nuclear power from France and Switzerland. Utilities in both countries report nuclear generation output has been reduced in recent weeks for various reasons, some of which are related to the heat (read: here). Domestically, Germany’s Uniper SE, the country’s largest utility, warned lower river Rhine levels made it more challenging to receive coal shipments via barges to fuel coal-fired power plants. 

Reduced power generation is creating tighter European power markets that have sent German electricity prices for next year to a new record high of 413 euros per megawatt-hour on the European Energy Exchange on Friday. 

Extreme heat and a reduction in power generation come as Europe suffers the worst energy crunch in decades thanks to Western sanctions against Russia, which has reduced the Nord Stream 1 pipeline capacity of natural gas to the continent to only 20%. This has forced some German utilities to switch over NatGas-fired generation to coal and diesel and heating oil generation — causing another crisis this week: Austrian oil and gas firm OMV AG halted crude product deliveries from storage facilities in Germany amid a “run” on supplies.

A consequence of the energy crisis will only mean electricity bills are set to rise even further. 

Customers of Germany’s EnBW will see an average of 31.1% increase in electricity bills from Oct. 1 due to utilities pushing along soaring energy costs to end users, Reuters said. 

Rising energy prices have helped push inflation in Europe’s largest economy to 8.5% in July. Chancellor Olaf Scholz has laid out a plan to support low-income households burdened by high power prices. 

… and it’s not even winter yet as some believe the power crisis in Germany and across the continent will intensify due to the lack of energy supplies. 

end

UK

Saturday: water restrictions in the UK go into effect

(zerohedge)

UK Water Restrictions Go Into Effect As Heatwave Persists

SATURDAY, AUG 06, 2022 – 08:45 AM

Britain has recorded one of its hottest and driest summers on record. Rivers and reservoirs are drying up as towns in the southern part of the country imposed the first hosepipe ban on Friday.

The country’s record heat in July — above 104 Fahrenheit (40 degrees Celsius) — melted airport runways, buckled train tracks, and shuttered transportation networks, as London’s fire brigade said it had one of the busiest days since World War II. The heat dome resulted in dozens of building structure fires and wildfires. 

As of 1700 local time Friday, Hampshire and the Isle of Wight residents will be placed under emergency water restrictions called “temporary use ban.” If residents water their gardens, yards, and/or clean their vehicles, they could face a stiff penalty of up to $1,200 (£1,000). A similar ban will go into effect for residents in Kent and Sussex from Aug. 12.

“Months of sparse rainfall, combined with record-breaking temperatures in July, have left rivers at exceptionally low levels, depleted reservoirs and dried-out soils,” British newspaper The Independent wrote. 

London dodged the water restrictions for now as its large reservoirs are at “very comfortable levels,” Barnaby Dobson, a research associate on the Community Water Management for a Liveable London project at Imperial College London, told Bloomberg.

However, water reservoirs in London could slump as the metro area faces levels of drought not seen in a decade. 

Dobson said rationing is a measure of last resort and would come after hosepipe bans. He said water utilities are very wary of implementing water rationings because it would trigger consumer backlash. 

Utilities have other options such as tapping emergency aquifers — rock formations that hold groundwater — or old reservoirs that are no longer in use but still have some water in them. They could also convince the UK’s Environment Agency to let them take more water out of the river to avoid any kind of rationing — although that risks resource depletion and other environmental concerns, Dobson said.

“Part of our current issue with low water levels leading to measures like hosepipe bans is that we still think of this as a wet country, treating water as an infinite resource,” Christine Colvin, advocacy and engagement director at The Rivers Trust, said. 

Private water company Southern Water warned: “We know that we’ve had the driest July in the southeast since 1891, the temperatures have been really high, people have been using more water.” 

Across Europe, this season, drought and dried rivers have emerged in countries like Germany, which has caused economic disruption

end

UK

Many Brits  (75,000) vow to stop paying power bills amid the inflation storm

(zerohedge)

“Revolution Has Begun”: 75,000 Brits To Stop Paying Power Bills Amid Inflation Storm

SUNDAY, AUG 07, 2022 – 07:35 AM

The resistance is growing as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again. 

“75,000 people have pledged to strike on October 1st! If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all,” tweeted “Don’t Pay UK,” an anonymous group spearheading the effort to have more than one million Brits boycott paying their power bill by Oct. 1. 

The strike comes as an inflation storm of high energy prices has obliterated household incomes. Brits are the most miserable in three decades as inflation is expected to hit 13%. And while Bank of England (BoE) Governor Andrew Bailey hiked interest rates the most in 27 years to tame inflation, risks are mounting of a recession. 

On Oct. 1, the average household will pay almost £300 a month for power, the BoE warned. Couple surging power costs with negative real wage growth, and it becomes apparent households are being squeezed. This excludes soaring prices for shelter, food, and petrol at the pump — this trend is unsustainable and could result in social instabilities

British news outlet Glasgow Live said the strike is similar to the “action in the late 1980s and ’90s to fight against the poll tax brought in by PM Margaret Thatcher. In protest, 17 million people refused to pay.” 

UK financial journalist and broadcaster Martin Lewis said this about the strike:

“I think I can categorise it more accurately now, the big movement that I am seeing is an increase of growth in people calling for a non-payment of energy bills, mass non-payment. Effectively a consumer strike on energy bills and getting rid of the legitimacy of paying that.

“We are getting close to a Poll Tax moment on energy bills coming into October and we need the Government to get a handle on that, because once it starts becoming socially acceptable not to pay energy bills people will stop paying energy bills and you’re not going to cut everyone off.”

Meanwhile, Ofgem (UK energy regulator) Chief Executive Jonathan Brearley told BBC Radio 4’s Today on Saturday that people shouldn’t join the strike for two reasons.

“First of all, it will drive up costs for everyone across the board. And secondly, if you are facing difficulty in paying your bill, the best thing you can do is get in touch with your energy company.”

He added: ‘I would not encourage anyone to withhold their paying their bill because that just damages things further and it will impact them personally.’

Last week, the UK government slammed the movement, calling it “highly irresponsible.” 

“This is highly irresponsible messaging, which ultimately will only push up prices for everyone else and affect personal credit ratings,” a government spokesperson was quoted by The Independent.

Don’t Pay UK believes 6.3 million UK households will be pushed into power bill poverty this winter, with millions more feeling the stress of out-of-control inflation. 

People on Twitter responded to the moment by saying, “the Revolution has begun” and “a bit of civil unrest on its way onto our streets & rightly so.” 

Perhaps the movement’s involvement will be an excellent proxy for the growing discontent festering among Brits that could result in civil unrest this winter as millions will struggle with keeping the lights on, the furnace hot, and putting food on the table.

end

UK

Electricity thefts hit record levels in the UK as cost of living crisis worsens

(Chris Summers/EpochTimes)

Electricity Thefts Hit Record Levels In UK As Cost-Of-Living Crisis Worsens

MONDAY, AUG 08, 2022 – 03:30 AM

Authored by Chris Summers via The Epoch Times,

A record number of people stole electricity in England and Wales last year, according to new figures released by the Home Office.

Police forces received 3,600 reports of “dishonest use of electricity” in the 12 months to March 2022, an increase of 13 percent on the previous year and the highest level since records began in 2013.

It comes after a protest website launched recently urging people not to pay their electricity bills from October.

The average annual UK gas and electricity bill rose from £1,400 in October 2021 to £2,000, after the government removed a price cap, which limited how much suppliers could charge customers.

Another hefty rise is expected in October 2022.

It was originally predicted average energy bills could reach £2,800 in the autumn but the latest forecast is £3,358.

Rishi Sunak Promises to Scrap VAT on Fuel Bills

Last month former Chancellor Rishi Sunak, who is battling Foreign Secretary Liz Truss to become the new leader of the Conservative Party, promised to scrap VAT on domestic fuel bills next year if he becomes prime minister.

He said: “With the price cap expected to rise above £3,000 in October, I will move immediately to scrap VAT on everyone’s domestic energy bills for the next year, saving the average household £160.”

Truss has not spelled out any concrete measures on the cost of living crisis but said this week: “As Prime Minister, I’d use an emergency Budget to kickstart my plan to get our economy growing and offer immediate help to people struggling with their bills.”

Peter Smith, the director of policy and advocacy at the National Energy Action campaign group, said: “This is not only illegal but dangerous too, and it’s horrifying if the crisis is forcing households to try this to keep the lights on. And this is happening now, before winter and the cold weather hits.”

Almost a third—1,100—of the thefts occurred between January and March, double the number recorded over the previous two winters.

Smith said: “More support is desperately needed to close this gap and help the most vulnerable keep themselves warm and safe this winter.”

Electricity theft is usually carried out by tampering with the supply or bypassing a meter, and it is extremely hazardous.

The maximum punishment in law is five years in prison but in 57 percent of cases last year no suspect was identified and only seven percent resulted in someone being charged or summonsed.

A spokesman for the Office of Gas and Electricity Markets said: “Under no circumstances should consumers attempt to connect electricity meters themselves.”

A government spokesman told PA it was providing £37 billion to help households with the cost of living and added: “We are committed to cracking down on crime, including the criminal theft of electricity, which causes serious injury to people and damage to property.”

end

FRANCE

France union official warns of a milk shortage

(zerohedge)

French Farmers’ Union Official Warns Of Milk Shortage

MONDAY, AUG 08, 2022 – 06:55 AM

The president of the largest farmers’ union in France has warned that a shortage of feedstock caused by severe drought may lead to a milk shortage.

I think that in the coming months, we will have a shortage of milk in France. To make milk, you need fodder, mainly alfalfa and corn, which have grown little this year,” said Yannick Fialip, president of the economic commission of the FNSEA and a breeder (translated).

So we risk running out of milk this fall and winter,” he told France Info.

According to Fialip, during normal seasons animals are typically grazing in the meadows this time of year. Thanks to severe drought, however, “It is necessary to bring fodder stored this spring, which was intended to feed the animals in winter, which is used from July and August.”

“This severe drought brings together two conditions: a significant lack of rain and very high temperatures which had a “hair-drying” effect on the plants which dried out many plants, especially all that is fodder. We had to harvest very early, especially corn.” -Yannick Fialip

He also noted that the state does provide a “calamity fund” which helps breeders to buy fodder by splitting the cost, and which many breeders have tapped with success.

That said, Fialip also notes that the price of milk paid to breeders in France is 20% lower vs. other European countries, and he’s calling for a measure to “better renumerate our breeders, which would allow them to have better cash flow and ensure the sustainability of the sector,” because “there is a big risk that some breeders will decide to decapitalize their livestock in the face of this situation.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

ISRAEL

Cease fire announced for 5 pm est Sunday

(zerohedge)

15 Dead As Israel Pounds Gaza, Military Prepares For “Week Of Fighting”

SATURDAY, AUG 06, 2022 – 01:00 PM

Since the start of Friday’s fresh Israeli airstrikes in Gaza, ostensibly toward decapitating the leadership of the Islamic Jihad following the Monday night arrest of its senior commander Bassem Saadi, the death toll has continued to rise, with Gaza’s health ministry saying 15 Palestinians have been killed in the attacks so far.

As we previously detailed, the Israeli strikes were ‘pre-emptive’ in that they were not a response to initial rocket fire from Gaza, as is the usual case, but were launched with a declared intent to degrade the militant group Islamic Jihad’s capabilities after days of security incidents along the border with Gaza. Israeli air strike on a building in Gaza City, on August 6, 2022. Image: Jerusalem Post/Flash90

Since then, an Israeli official has said some 300 rockets and mortars have been launched from the strip as the two sides are once again on the brink of full-scale war, according to BBC. The last time Israel hit Gaza with what were at the time limited strikes targeting Hamas was mid-July, just after President Biden departed Tel Aviv to travel to Jeddah on his Mideast tour. Importantly, it’s the biggest flare-up since the 11-day conflict in May 2021 wherein over 200 Palestinians and a dozen Israelis were killed.

But what the Israeli Defense Forces (IDF) announced as the ‘Operation Breaking Dawn’ offensive is expected to last at least a week. The military is preparing for “a week of fighting,” the IDF said Saturday. By day two of the operation, the IDF cited some 200 rockets launched from Gaza, with at least 30 having landed in Gaza, falling far short of targets in Southern Israeli. The IDF said 130 crossed into Israel with 60 intercepted by the Iron Dome, and the rest reportedly landing in open areas.

Israeli media in a mid-evening update (local time) indicated that some 400 rockets have been fired from Gaza since Friday afternoon, strongly suggesting that Hamas has also joined fighting alongside Islamic Jihad.

In a Saturday morning press briefing the IDF said it’s already taken out Islamic Jihad commanders and degraded military sites

In the opening round of Israeli strikes, the military killed one of PIJ’s senior commanders, Tayseer Jabari, whom officials said was planning to attack Israeli civilians near the border. Jabari replaced Baha Abu al-Ata as the group’s commander in northern Gaza after the latter was killed in an Israeli strike in 2019.

In a briefing to reporters Saturday morning, military spokesperson Ran Kochav said the IDF had struck some 40 Islamic Jihad targets in the Gaza Strip, including six weapon manufacturing workshops, two weapons storage sites, six observation posts and five rocket-launching positions.

Israeli forces have also announced the arrests of 19 members of Palestinian Islamic Jihad (PIJ) in recent raids across the West Bank.

Inbound rocket emergency alert sirens have been sounding in Jewish settlements and towns across southern Israel, while for the first time Saturday sirens have been reported in central Israel, most notably in Tel Aviv.

“Initial reports say at least one incoming projectile is intercepted by the Iron Dome air defense system,” Times of Israel writes. “There are no immediate reports of casualties or damage in the latest wave of rocket attacks.”

Meanwhile, The UN Special rapporteur for the occupied territories, Francesca Albanese condemned the Israeli airstrikes as “illegal and immoral” in a Saturday statement. She emphasized the pre-emptive nature of the Israeli aggression, saying, “I condemn Israel’s airstrikes in Gaza to allegedly ‘deter’ Islamic Jihad’s possible retaliation for its leader’s arrest.”

This as BBC reports“A five-year-old child, two women and several PIJ fighters – including leader Tayseer Jabari – are among the dead.”

END

Ceasefire Holds In Gaza After 44 Killed In 3-Day Israeli Bombardment

MONDAY, AUG 08, 2022 – 09:45 AM

Following the major flare-up in fighting between Israel and Palestinian Islamic Jihad (PIJ), which saw Israel launch days of airstrikes on Gaza starting Friday, a delicate ceasefire appears to be holding Monday.

“An Egypt-brokered ceasefire between Israel and Palestinian factions came into effect at 11:30pm local time (8:30pm GMT) on Sunday,” Middle East Eye reports. “Israel’s assault on Gaza, which began on Friday, has left 44 Palestinians dead, including 15 children, and injured hundreds more.”

On the Israeli side, three civilians have been reported injured by shrapnel from rockets fired from the Gaza Strip, after hundreds were launched by PIJ and Hamas through the weekend.

“Twelve hours in, the ceasefire appeared to holding, as residents of the besieged Palestinian enclave began to clear rubble and continued to mourn the dead,” Middle East Eye continues.

The Israel Defense Forces (IDF) said that over 350 rockets were launched from the strip within merely the first two days of the conflict. Israel’s response, dubbed ‘Operation Breaking Dawn’, reportedly took out at least two top Islamic Jihad commanders. 

By the time Sunday’s ceasefire took effect, the IDF updated its tally to a whopping 1,100+ rockets fired by PIJ over the prior three days. Many of these fell short, landing in Gaza itself, but others were intercepted by the Iron Dome defense system. Central Israel came under threat along with southern towns, causing emergency alarms to blare in Tel Aviv through much of the weekend.

Like with past Israeli air assaults on the densely populated Gaza Strip, the past 48 hours have seen widespread reports of the deaths of small children as well as women. Additionally some 300 Gazans have been reported wounded, while the IDF is stressing that it takes great care to avoid civilian casualties as it attacks the small strip of land that includes some 2.3 million Palestinians living there.

But according to the Times of Israel, Israeli leaders are blaming the deaths of some of the children on Islamic Jihad itself, saying that at least one large explosion was caused by their own rockets misfiring

Prime Minister Yair Lapid’s international spokesperson, Keren Hajioff, releases an English-language video statement stressing that an explosion that killed several Gazans tonight, including children, was caused by a rocket fired by the Palestinian Islamic Jihad terror group that misfired and landed inside the Strip.

“Tonight, Islamic Jihad terrorists fired a rocket towards Israel which fell short inside Gaza, hitting a Palestinian home in the Jabaliya neighborhood and tragically killing at least four children,” she says. “There is video documenting the entire thing. There was no Israeli activity in the Gaza Strip, in that area or at that time.”

In a somewhat unprecedented bit of public relations, Israel’s military has published multiple videos which it says demonstrates the extreme care the IDF is taking to avoid hitting Palestinian civilians. The official IDF twitter account, for example, has of late placed great emphasis on this…

The Palestinian side is contesting this version of events, stressing it remains the Israeli aggression that is killing civilians.

Meanwhile in Washington Senate Foreign Relations Committee chairman Bob Menendez issued a statement of firm US support for Israel in the Operation Breaking Dawn mission to degrade and destroy Islamic Jihad.

“Israel has every right to self-defense from Iranian-backed terrorists committed to annihilating the State of Israel, including Palestinian Islamic Jihad (PIJ). They must immediately stop their indiscriminate rocket attacks into Israel,” Menendez said.

end

TURKEY/RUSSIA

Despite Turkey being a somewhat friendly nation to Russia, it has agreed to pay for Russian gas by buying roubles.

Thus they must use the gold/roubles/gas format.ie.it must first roubles so that they can purchase gold and then buy gas based on those roubles.

(Geiger/OilPrice.com)

Turkey Agrees To Pay For Russian Gas With Rubles

SUNDAY, AUG 07, 2022 – 08:10 AM

Authored by Julianne Geiger via OilPrice.com,

Turkey’s President Tayyip Erdogan and Russia’s President Vladimir Putin agreed on Friday to bolster cooperation after a four-hour meeting, a joint statement from the two nations has revealed as cited by Reuters.

As part of the deal, which would increase cooperation in the transportation, agriculture, finance, and construction industries and present a seemingly united front against “terrorist organizations” in Syria,  Turkey agreed to change how it pays Russia for natural gas. Under the new agreement, Turkey has agreed to pay Russia partially in rubles, Deputy Prime Minister Alexander Novak said after the meeting.

Russian President Vladimir Putin announced months ago that unfriendly nations would be required to pay for Russian energy through a rubles account to insulate Russia from the effects of Western sanctions.

While Russia would not consider Turkey an unfriendly nation, Turkey’s payment in rubles for Russia’s natural gas would protect those payments from sanctions, and could smooth things over with Moscow, who might otherwise frown on Turkey’s activities in Syria.

Last month, Turkey also helped broker a deal to ship grain between Russia and Ukraine, further strengthening ties between Russia and Turkey.

Turkey opposes the Kurdistan Workers’ Party (PKK) and its affiliate, YPG—long considered by Turkey, the United States, and the EU to be a terrorist group—which has waged an insurgency for decades against the Turkish government in support of Kurdish minorities in Turkey. Russia has strong ties with Syrian President Bashar al-Assad, who controls most of the airspace in northern Syria.

Erdogan, facing an election next year, is in a complicated situation, with Turkey experiencing skyrocketing annual inflation of nearly 80%.

This economic crisis would no doubt intensify without Russian gas supplies.

Turkey imports nearly half of the gas it uses from Russia. 

end

RUSSIA/USA/SYRIA

An accident is going to happen sooner or later

DeCamp/Antiwar.com

Russia Strikes US-Backed Fighters In Syria Near American Base

MONDAY, AUG 08, 2022 – 01:05 PM

Authored by Dave De Camp via AntiWar.com,

Russia announced on Friday that it conducted an airstrike against a group of US-backed militants in Syria near al-Tanf, a US military base located in the south of the country.

Russia said it targeted Liwa Shuhada al-Qaryatayn (ShQ), a group that has fought against the government of Syrian President Bashar al-Assad. Moscow said the Russian Aerospace Forces “identified and destroyed” a group of ShQ militants.

“This terrorist group is based in the Al-Tanf zone, supplied and trained by instructors from the US Army Special Operations Forces,” the Russian Defense Ministry said. “Operating from the desert, the Liwa Shuhada al-Qaryatayn militants carried out acts of sabotage against the civilian population and civilian infrastructure in Syria.”

The Pentagon confirmed that the strikes took place in comments to Newsweek, but didn’t provide any details. US Central Command told Newsweek that “CENTCOM is aware of the strike, but does not have information to provide to you on this.”

The US was said to cut off support for ShQ in 2017. In 2018, the group was said to be relocating from the southern area near al-Tanf to northern Syria.

The strikes mark the second time that Russia has targeted US-backed fighters near al-Tanf. Back in June, Russia targeted Maghawir al-Thawra, formerly known as the New Syrian Army. Russia notified the US before launching the strikes on Maghawir al-Thawra, which targeted buildings the group was using at al-Tanf.

The notification came through a deconfliction line that the two powers have been operating for years to reduce the chance of a miscalculation in Syria. 

US officials told CNN in June that they didn’t believe Russia’s reasoning for the initial strike and that Moscow was instead trying to “send a message” that it can conduct such an operation without retaliation. Either way, these incidents highlight the danger of the US military presence in Syria, where it maintains an occupation force of about 1,000 troops.

UKRAINE/RUSSIA

Ukraine sells the weaponry on the open market and this money is laundered mack to the USA

(zerohedge)

CBS Censors Own Documentary After Ukraine Outraged: ‘30% Of US Weapons Gone Missing’

MONDAY, AUG 08, 2022 – 04:25 PM

CBS has censored its own documentary investigative reporting after an avalanche of pushback from supporters of Ukraine and its military. The segment highlighted that tons of weaponry shipped from the United States to the country’s military has gone missing, and sounded the alarm as billions in dollars more have been pledged by the Biden administration.

“CBS partially retracted a documentary in which it said that shipments of weapons to Ukraine from the US had been going missing,” Insider reports Monday. “CBS tweeted on Monday that it had removed a a video promoting the documentary that included a months-old quote saying most aid was not making it to Ukraine’s front lines.” Below is the deleted tweet, with the offending line of “30% of it [US-supplied arms and munitions] reaches its final destination.”

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=1556483850104197120&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Fcbs-censors-own-documentary-after-ukraine-outraged-30-us-weapons-gone-missing&sessionId=5544250b26b34b843ed7d0f4389de98781bd9135&siteScreenName=zerohedge&theme=light&widgetsVersion=b7df0f50e1ec1%3A1659558317797&width=550px

The segment, titled “Arming Ukraine” was published days ago, and follows on the heels of Pentagon and US intelligence officials issuing similar warnings that there are few mechanisms in place to legitimately track the arms flowing into the country. One admin official even described in April that, “we have fidelity for a short time, but when it enters the fog of war, we have almost zero. It drops into a big black hole, and you have almost no sense of it at all after a short period of time.”

The fresh CBS reporting added to these concerns, quoting the the head of a Lithuania-based organization supplying the Ukrainian military, Jonas Ohman, who said bluntly:

“All of this stuff goes across the border, and then something happens, kind of like 30% of it reaches its final destination.”

Ohman stressed that actually getting the weapons to the designated Ukrainian army units involves having to navigate an array of “power lords, oligarchs [and] political players.” This also as there have been persistent reports that some weapons end up on the black market, or might possibly be moved outside Ukraine.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D&frame=false&hideCard=false&hideThread=true&id=1556481931482726400&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Fcbs-censors-own-documentary-after-ukraine-outraged-30-us-weapons-gone-missing&sessionId=5544250b26b34b843ed7d0f4389de98781bd9135&siteScreenName=zerohedge&theme=light&widgetsVersion=b7df0f50e1ec1%3A1659558317797&width=550px

A senior crisis adviser with Amnesty International also told CBS in the documentary, “What is really worrying is that some countries that are sending weapons do not seem to think that it is their responsibility to put in place a very robust oversight mechanism.”

Officials with the Ukrainian government promptly accused the mainstream US network of playing into “Russian propaganda”.

Along with a widespread social media backlash from Kiev’s supporters and pundits, this was apparently enough for CBS to announce it is “updating” the segment, with some of the offending lines now dropped…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1556435109938593792&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Fcbs-censors-own-documentary-after-ukraine-outraged-30-us-weapons-gone-missing&sessionId=5544250b26b34b843ed7d0f4389de98781bd9135&siteScreenName=zerohedge&theme=light&widgetsVersion=b7df0f50e1ec1%3A1659558317797&width=550px

The Ukrainian government further put out a dubious claim that “all received equipment is accounted for” – this despite months of Pentagon officials warning that this isn’t the case.

Unsurprisingly, Ukraine’s Minister of Foreign Affairs, Dmytro Kuleba, has demanded that CBS News conduct an internal investigation to get to the bottom of things.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1556621180282540033&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Fcbs-censors-own-documentary-after-ukraine-outraged-30-us-weapons-gone-missing&sessionId=5544250b26b34b843ed7d0f4389de98781bd9135&siteScreenName=zerohedge&theme=light&widgetsVersion=b7df0f50e1ec1%3A1659558317797&width=550px

There’s of late been growing scrutiny placed on the Ukrainian side, after Russia and Putin have long been the main focus of Western mainstream media reporting. It appears that efforts to “police” western MSM reports to deflect any possible criticism of Kiev whatsoever during the war is now ramping up.

Awful if true

Inbox

Robert Hryniak11:55 AM (4 hours ago)
to

By Clandestine 
Aug 4

NEW BIOLOGICAL UPDATE FROM RUSSIA

New briefing from Chief of Radiation, Chemical and Biological Defence Forces, General Igor Kirillov, on military biological activities of the United States in the territory of Ukraine.

The Russian MIL have been studying biological samples from surrendered Ukrainian soldiers, and what they have been finding is beyond disturbing. Approximately 20% of them carrying West Nile pathogens, which were being studied “by the Pentagon as part of the Ukrainian UP-4 and UP-8 projects”. Suggesting that Ukrainian soldiers are being subject to involuntary biological experimentation and exposure to biological weapons (think Nuremberg).

In addition to carrying pathogens, nearly all of the surrendered Ukrainian soldiers carried traces of a wide variety of narcotics and opioids, including Meth and Codeine.

Russia were sure to remind us of the Nazi’s usage of methamphetamines in WW2. I covered this 2 weeks ago, when the left-wing media tried to spin this reality as some sort of X-men mutant conspiracy theory. No, they are just Nazis, and historically, Nazis use drugs. Particularly as an advantage in war.

Clandestine’s Newsletter

Ukraine Adopts Historic Nazi Tactic of Supplying Methamphetamines to Military Forces

The imbeciles at the Daily Beast, falsely claim Russia are losing the war and falsely claim they are blaming it on genetically modified “mutant-troops” as a result of the US biolabs in Ukraine. Before reading the article, understand that this is straight up nonsense from the Daily Beast and the left-wing media, and the only reason I’m reporting on it is …

Russia goes on to cite that this methamphetamine Ukraine are using, Pervitin, was also used by US soldiers during Vietnam and Korea. It’s designed to reduce the psycho-emotional burdens of war.

However, an intended side effect is excessive aggression, which Russia alleges is one of the main factors for the Nationalist Ukrainian forces displaying “extreme cruelty” to civilians and the shelling of their own people in Donbas. Ukraine are using mind-numbing agents on their forces to make them more susceptible to carrying out heinous acts.

Next, we find perhaps the most explosive slide to date, in which Russia FINALLY comes out and DIRECTLY accuses the US of being responsible for the creation and release of Covid-19. What I have been saying from the beginning, is that this allllll leads to C-19, which will be the nail in the coffin and the red-pill that wakes up the world.

The backlash the US are facing from Russia and the rest of Eastern world, is directly because the world found out THE UNITED STATES CREATED COVID. Specifically the “DNC/Liberal Globalists”, as the Russians allege. Not Trump.

Russia clarifies they have record of over 16,000 biological samples, including blood and serum samples, transported from Ukraine to the US, Georgia, European countries.

The US claimed that all of these biological samples would be used “exclusively for peaceful purposes”, but we can see that they were not.

Russia then pointed to US Congressman Jason Crow of the House Intelligence Committee, warned Americans about the dangers of giving their DNA to private companies (Think 23&Me) for testing because:

“…there is a possibility that test results will be sold to third parties… and the information obtained could be used to develop biological weapons targeting specific groups… or individuals.”

Sounds exactly like what Russia have been alleging all along. That the US have been producing biological weapons to ethnically cleanse certain individuals of select genome sequences. Idk about you all, but ethnic cleansing with biological weapons doesn’t sound very “Democratic”, but maybe that’s just me.

Russia says this activity gives reasonable cause to question US military biologists in the emergence and spread of the COVID-19 pathogen. Russia cites:

“In May 2022, Jeffrey Sachs – a leading expert in the respected medical journal The Lancet and professor at Columbia University, the leading academic institution for global biosecurity, told a conference in Spain that ‘..the coronavirus was artificially created and is very likely to have been created using American advances in biotechnology…’.”

Take that in for a moment. Yup. Russia just accused the United States of creating and releasing Covid-19. But wait, there’s more.

Russia confirms the unnatural behavior of C19 proves that this virus was not only man-made, but being constantly worked on and “artificially fueled” via the introduction of different variants to different regions.

Myself and many others have been leaning towards the idea that Wuhan was not the only “origin” of the C19 outbreak. It was released at multiple labs around the world, with different specially engineered variants, designed to target the people of the region with genome specific C19 virus.

The DNC Globalists were using Ukraine as the home base for production of the virus, then shipping the genome specific viruses to labs around the world, to be released to ensure the virus infected the entire world…

According to our experts, this is evidenced by the uncharacteristic variability of the genovariants that cause different peaks in the incidence of coronaviruses, significant differences in lethality and contagiousness, uneven geographical distribution, and the unpredictable nature of the epidemic process as a whole. It appears that despite efforts to contain and isolate the disease, the pandemic is being artificially fuelled by the introduction of new variants of the virus in a particular region.

Russia goes on to directly accuse the US Agency of International Development, (USAID), of involvement of the creation of the new Covid variants. Citing that they have been studying coronavirus since 2009 (Obama), and that one of the main contractors for the project is the infamous Biden biolab company, Metabiota, the main source of biological malfeasance in Ukraine.

The implementation of the COVID-19 scenario and USAID’s emergency wind-down of the Predict programme in 2019 suggest the deliberate nature of the pandemic and US involvement in its emergence.

Russia believes not only did the US create and release C19, but they did so with deliberate intentions.

And just when you thought it couldn’t get any worse… it gets worse.

In the third slide, Russia highlight the activities of Labyrinth Ukraine. Particularly their vaccination of Ukrainian soldiers, and collecting biological samples from them so they can develop genome specific biological weapons. Citing one of the main contractors affiliated with Labyrinth is, once again, Biden’s Metabiota.

Russia also notes that Labyrinth Global Health have been studying CORONAVIRUSES AND MONKEYPOX.

Thus we see a clear trend: infectious disease agents that reach the Pentagon’s zone of interest are subsequently pandemic, with US pharmaceutical companies and their patrons, the leaders of the US Democratic Party, as the beneficiaries.

HOLY %HIT… Russia just said the DNC and US big pharma are intentionally causing pandemics to win elections…

Giving serious legitimacy to Anons overall thesis about C19 and 2020, and giving legitimacy to my thesis that Monkeypox is the next bioweapon released intentionally by the Deep State to attempt to steal the 2022 election with mass mail-in voting. 
Clandestine’s Newsletter

Globalists Initiate Monkeypox Fear Campaign to Push for Mail-In Voting

It appears myself, and the majority of the community, were correct to foresee the DNC/Globalist plan to introduce Monkeypox as the next “emergency” to instill fear in the sheep and justify mass mail-in voting, so they can utilize their voter fraud network, as per “2,000 Mules…

In conclusion, Russia have now DIRECTLY accused the DNC Globalists of:

-creating and releasing new variants of Coronaviruses, and now Monkeypox, intentionally, for the purposes of political control and world domination.

-using non-consensual experimentation on citizens of the world to create genome specific biological weapons for ethnic cleansing.

-creation and usage of narcotics, such as methamphetamines, on Ukrainian forces to dehumanize them in order to carry out heinous crimes against humanity on civilians in Ukraine.

Russia just confirmed my overall narrative; that the war in Ukraine is backlash for the Deep State’s creation and usage of C19. We are already in WW3 and C19 was the first weapon fired.

The fact that Russia have now come out and openly called this spade a spade… suggests we are approaching the finish line. Russia claims final dossier will be complete in “Autumn”.

Folks… it’s happening.

-Clandestine

https://t.me/mod_russia_en/3117

END

6. GLOBAL ISSUES AND COVID COMMENTARIES

.

CDC Claims Link Between Heart Inflammation And COVID-19 Vaccines Wasn’t Known For Most Of 2021

FRIDAY, AUG 05, 2022 – 08:20 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Centers for Disease Control and Prevention (CDC) has claimed that there was no known association between heart inflammation and COVID-19 vaccines as late as October 2021.Dr. Rochelle Walensky, director of the Centers for Disease Control and Prevention, speaks in Washington on June 16, 2022. (Joe Raedle/Getty Images)

CDC officials made the claim, which is false, in response to a Freedom of Information Act request for reports from a CDC team that is focused on analyzing the risk of post-vaccination myocarditis and pericarditis, two forms of heart inflammation. Both began detected at higher-than-expected rates after COVID-19 vaccination in the spring of 2021.

The team focuses on studying data from the Vaccine Adverse Event Reporting System (VAERS), a passive surveillance system co-run by the CDC and the U.S. Food and Drug Administration.

The date range for the search was April 2, 2021, to Oct. 2, 2021.

“The National Center for Emerging Zoonotic Infectious Diseases performed a search of our records that failed to reveal any documents pertaining to your request,” Roger Andoh, a CDC records officer, told The Epoch Times. The center is part of the CDC.

No abstractions or reports were available because “an association between myocarditis and mRNA COVID-19 vaccination was not known at that time,” Andoh added.

Both the Pfizer and Moderna COVID-19 vaccines are built on messenger RNA (mRNA) technology.

Earliest Myocarditis Reports

Reports of heart inflammation after COVID-19 vaccination were first made public in April 2021 by the U.S. military, which detected the issue along with Israeli authorities well before the CDC.

While Dr. Rochelle Walensky, the CDC’s director, said that month that the agency had looked for a safety signal in its data and found none, by the end of June CDC researchers were saying that the available data “suggest an association with immunization,” and in August described (pdf) the issue as a “harm” from vaccination.

The claim that the link wasn’t known “is provably false,” Barbara Loe Fisher, co-founder and president of the National Vaccine Information Center, told The Epoch Times via email. “Either the right hand does not know what the left hand is doing at CDC, or federal health officials are disseminating misinformation about what they knew about myocarditis following mRNA COVID vaccines and when they knew it.”

Sen. Ron Johnson (R-Wis.) said that the FOIA response “raises even more questions about the agency’s honesty, transparency, and use, or lack thereof, of its safety surveillance systems, such as VAERS, to detect COVID-19 vaccine adverse events.”

“I have sent two letters to the CDC about the agency’s inability to find records demonstrating its use of the vaccine surveillance systems. To date, the CDC has failed to respond to my letters,” he added.A nurse prepares the Pfizer COVID-19 vaccine in Southfield, Mich., on Nov. 5, 2021. (Jeff Kowalsky/AFP via Getty Images)

‘Correction’

Apparently CDC needs to make a correction!” a spokeswoman for the agency told The Epoch Times in an email.

The agency is acknowledging that by June 2021, data began to indicate a link between the mRNA COVID-19 vaccines and heart inflammation, outlined that month in two presentations made to government vaccine advisory panels.

Read more here…

END

Doctors Criticize Fauci For Saying COVID Vaccines Induce ‘Only Temporary’ Menstrual Irregularities

SATURDAY, AUG 06, 2022 – 03:30 PM

Authored by Enrico Trigoso via The Epoch Times (emphasis ours),

Dr. Anthony Fauci’s recent comments on menstrual irregularities met with serious rebuttal from gynecologists, who say COVID-19 vaccines should not have been injected into pregnant women without adequate safety testing.

Well, the menstrual thing is something that seems to be quite transient and temporary, that’s one of the points,” Fauci said in an appearance on Fox News on July 25, upon being asked about the effect of vaccines on menstrual cycles.

“We need to study it more,” Fauci added.

National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci testifies during a Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies hearing, on Capitol Hill in Washington on May 17, 2022. (Shawn Thew/Pool/AFP via Getty Images)

Fauci is the director of the National Institute of Allergy and Infectious Diseases (NIAID) and has been a frontman for COVID vaccine information in the United States.

Dr. Christiane Northrup MD, a former fellow in the American College of Obstetricians and Gynecologists, remarked to The Epoch Times on Fauci’s comments: “Unfortunately the menstrual problems we are seeing are far from transient and temporary. Many women have been bleeding daily or having heavy, irregular, painful periods for an entire year. And some of these are well past menopause. Something is way off here. ”

Dr. James Thorp is an extensively published 69-year-old physician MD board-certified in obstetrics and gynecology, as well as maternal-fetal medicine, who has been practicing obstetrics for over 42 years.

The significant and dramatic changes in menstrual patterns occurring after COVID-19 vaccines should not be marginalized. It is indicative of major adverse effects on women of reproductive age. The stakeholders claimed that the vaccine would remain at the injection site in the deltoid muscle. This was misinformation. The lipid nanoparticles (LNP’s) are now known to be distributed throughout the entire body and to be concentrated in the ovaries, according to at least two studies. Schadlich and colleagues demonstrated concentration of the LNP’s in ovaries of different mouse species and Wistar rats, in vivo, in vitro and by sophisticated microscopic imaging in 2012,” he told The Epoch Times.

A lipid nanoparticle is an extremely small particle, a fat-soluble membrane that is the cargo of the messenger RNA.

Pfizer’s Internal Documents

Pfizer’s internal documents, obtained via the Freedom of Information Act, show a 118-fold increase in the concentration of LNPs from the time of injection to 48 hours.

“The LNP’s are known to include toxic substances including polyethylene glycol and pseudo-uridinated mRNA. The limited number of ovum in the ovaries (about 1 million) are exposed to potentially toxic substances and could potentially have catastrophic effects on human reproduction,” Thorp said.  

The stakeholders claimed that the pseudo-uridinated mRNA could not be reverse transcribed into the human DNA. This was misinformation,” he added, referring to a Swedish study published in February 2022 that concluded that Pfizer’s COVID-19 vaccine is able to enter human liver cells and is converted into DNA.

Thorp and former Pfizer VP Michael Yeadon believe that the medical industrial complex had unequivocal evidence on the vaccine’s danger in pregnant women.

This is proven not only by VAERS but also by Pfizer’s own internal document ‘Pfizer 5.3.6 post-marketing experience” Thorp said.

Within the first 90 days of trials, there were 1,223 deaths, multiple severe adverse effects, and a 45 percent complication rate in pregnancy cases (274) that occurred in vaccinated mothers (124).

The 2012 study, mentioned by Thorp earlier, says that after testing with different mouse species and Wistar rats, “a high local accumulation of nanoparticles, nanocapsules and nanoemulsions in specific locations of the ovaries was found in all animals.”

Yeadon believes that the pharmaceutical industry “definitely knew,” since 2012, that the lipid nanoparticles would accumulate in the ovaries of women that took the vaccines.

“No one in the industry or in leading media could claim ‘they didn’t know about these risks to successful pregnancy,’” Yeadon told The Epoch Times in April.

Read more here…

Dr Paul Alexander..

WINNING!! Federal judge grants COVID-19 vaccine mandate exemption to thousands of service members; District Court Judge Matthew McFarland, appointed to the court by former President Trump in 2018

A federal judge in Cincinnati has expanded a temporary exemption to a Department of Defense COVID-19 vaccine mandate to cover thousands of service members in the U.S. Air Force and Space Force

Dr. Paul AlexanderAug 6

It applies to all active-duty, active reserve, reserve, national guard, inductees and appointees of the Air Force and Space Force who are seeking a religious exemption to the vaccine mandate, the documents state.

The order stems from a class-action lawsuit filed in February by 18 active-duty and reservist personnel stationed across the country, including at Wright-Patterson Air Force Base.

SOURCE

end

Fauci, Francis Collins, Birx & other intensely malevolent wicked people conspired with lockdown lunacy to topple a sitting POTUS & ‘hollowed’ out USA from within; Xi Jinping, WHO, Bourla & Bancel too!

With a fraud flawed PCR test, over-cycled & over-sensitive & 97% false positive, along with cowardly pusillanimous lilliputian medical doctors & academic scientists, these beasts killed our kids!

Dr. Paul Alexander
Aug 7

China, do not forget CCP China! If it is shown that China played a role in this COVID virus and caused deaths of Americans, we hold them to account fully! An Act of war!

We must never ever forget China and do all we could to get these beasts into a courtroom and put them under oaths separately and clean them out financially if it is shown they were reckless and dangerous and caused loss of life! If shown with proper legal inquiry, we jail them all! Deep time! Strip all their monies!

The four Horsemen of the Apocalypse, Francis Collins the lead Horseman, Fauci the water carrier Horseman, Bourla (Pfizer CEO) and Bancel (Moderna CEO) round off the four. These four must sit in orange jumpsuits shackled one day to defend each and every action in COVID response and the fraud vaccine development and if it is shown they caused loss of life, just one, we imprison them all!

end

Research papers showing devastating impact of COVID gene injection on innate immune system and neurotoxicity; keep for your libraries; a lead researcher is MIT’s Dr. Stephanie Seneff; brilliant!

Dr. Paul Alexander
Aug 7

1)https://pubmed.ncbi.nlm.nih.gov/35436552/
Innate immune suppression by SARS-CoV-2 mRNA vaccinations: The role of
G-quadruplexes, exosomes, and MicroRNAs

2)Seneff, S.; Nigh, G. Worse than the disease? Reviewing some possible
unintended consequences of the mRNA vaccines against COVID-19. IJVTPR
2021; 2(1): 38-79.
https://ijvtpr.com/index.php/IJVTPR/article/view/23

3)Amyloidogenesis of SARS-CoV-2 Spike Protein
This demonstrates prion-like capabilities of the spike protein:
Nydström, S.; Hammarström, P. Amyloidogenesis of SARS-CoV2 spike
protein. J Am Chem Soc 2022; 144: 8945-8950. doi: 10.1021/jacs.2c03925.

This shows upregulation of alpha synuclein and increased risk to
Parkinson’s disease:

4)SARS-CoV-2 Proteins Interact with Alpha Synuclein and Induce Lewy Body-like Pathology In Vitro

Wu, Z.; Zhang, X.; Huang, Z., Ma, K. SARS-CoV-2 proteins interact with
alpha synuclein and induce Lewy body-like pathology in vitro. Int J Mol
Sci 2022; 23: 3394. doi: 10.3390/ijms23063394

This is an important paper showing that the spike protein activates toll
like receptor 4, which leads to a strong inflammatory response.

5)SARS-CoV-2 spike protein interacts with and activates TLR41

end

VACCINE INJURY

A very important read:

(McGregor/EpochTimes)

Controversial Drug Remdesivir Plays Key Role in COVID-Related Hospital Deaths: Dr. Ardis

By Matt McGregor

August 7, 2022Updated: August 8, 2022

The antiviral medication remdesivir has played a controversial role in the COVID-19 treatment protocols used by hospitals that many families allege resulted in the death of their loved ones.

Among the drug’s potential side effects is acute kidney failure, which many physicians argue is the source of the same symptom reported by the medical establishment to have been caused by COVID-19.

Dr. Bryan Ardis, CEO of Ardis Labs and host of The Dr. Ardis Show, said he watched his own father-in-law die in a hospital in February 2020 after being taken through the same hard-wired, standard-of-care protocols he would eventually witness playing out in the lives of others.

“It was the most traumatic thing I’d ever experienced in my whole life,” Ardis told The Epoch Times.

Among the multiple problems with his treatment, Ardis said, his father-in-law had been erroneously diagnosed with having the flu and given an antibiotic called vancomycin, which, like remdesivir, is known to cause acute kidney failure.

“Not only did he not have the flu, but the doctor also treated him with a horrifically toxic, last-resort antibiotic that doesn’t treat the flu,” he said.

When he asked the doctor why he had his father-in-law on the antibiotic that was causing his kidneys to fail, Ardis said the doctor told him that it was hospital protocol.

‘It Wasn’t From the Virus’

For Ardis, it became a foreshadowing of what was to come with the listed COVID symptoms in fact being caused by the drugs used to treat COVID, he alleged.

“In March 2020, every medical doctor started saying they had never seen a respiratory virus move from the lungs to attack the kidneys, which then causes acute kidney failure,” Ardis said.

But the kidney failure wasn’t from the virus, Ardis said.

Initially, Ardis said he thought they were using vancomycin because the stories in the news matched his own experience. However, he later found that the antiviral drug remdesivir, which itself is reported to cause acute kidney failure, was being used through emergency-use authorization to treat COVID before it was later approved by the Food and Drug Administration in October 2020.

Least Effective and Deadly: Study

Ardis’s research brought him to COVID protocols set by Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), who had deemed remdesivir as “safe and effective” based on an experimental trial in Africa during an Ebola outbreak.

In the study found in the New England Journal of Medicine, a safety board found remdesivir to be “the least effective and the deadliest drug in this trial,” before it was suspended, Ardis explained.

“Fifty-three percent of people they gave that drug to died,” Ardis said.

Ardis said he considered whether Fauci had been given bad advice.

“I go to the end of the study and … imagine my shock when I saw that it was actually funded by Fauci’s department at NIAID,” Ardis said. “He would have been given a monthly review of everything coming out of that Ebola trial. The safety board would have let him know it was the least effective and deadliest drug in the trial.”

For Ardis, the study, which predated Fauci’s “safe and effective” estimate, showed that Fauci was not being truthful, Ardis alleged.

Fauci then asked the federal government to buy all the experimental reserves of remdesivir from the California-based pharmaceutical company called Gilead, Ardis said.

Further research didn’t improve his medical opinion of remdesivir, Ardis said, leaving him to conclude that the kidney failure doctors were reporting to be caused by the virus was in fact caused by remdesivir.

“Doctors had no idea they were being set up to use a drug that had such toxic effects and was proven to be ineffective and very dangerous,” Ardis said.

Support Behind Remdesivir

Though NIAID didn’t respond to The Epoch Times’ request for comment, Fauci told reporters in 2020 during a White House press briefing that the data “shows that remdesivir has a clear cut significant, positive effect in diminishing the time to recovery. This is really quite important.”

A final 2020 report from the National Institute of Health said that remdesivir was “effective against viruses in the coronavirus family.”

The NIH said in its report that remdesivir accelerated recovery for hospitalized patients with severe COVID-19.

“Our findings show that remdesivir is a beneficial treatment for patients with COVID-19,” says study author Dr. John Beigel of NIAID in the report. “It may also help to conserve scarce health care resources, such as ventilators, during this pandemic.”

Physicians such as Dr. Arnold Weg reported to NBC News in 2020 that remdesivir helped him recover from COVID, and that from this personal experience, “I feel very strongly that it should be used.”

Dr. Aneesh Mehta at Emory University Hospital in Atlanta told NBC News in the 2020 report on remdesivir that “remdesivir will get many of our patients home to their families more rapidly and with less side effects.”

As public support for remdesivir grew, Ardis continued to give his second opinion, sharing what he believed to be the truth about remdesivir, COVID protocols, alternative treatments, and the then-imminent vaccines.

It was Ardis’s information that helped people who reported equally traumatic experiences with hospital protocols, such as Kristi Schmadl and Greta Crawford.

remdesivir
An ampule of Gilead Sciences COVID-19 antiviral remdesivir is pictured at the University Hospital Eppendorf in Hamburg, Germany, on April 8, 2020. (Ulrich Perrey/Pool via Reuters)

‘Enough Sedatives to Put Down a Horse’

Schmadl told The Epoch Times that she believes it was remdesivir that caused her mother’s death in a hospital, based on medical records that show a worsening of kidney levels with each dose.

In addition to not feeding her mother and giving her “enough sedatives to put down a horse,” Schmadl said hospital staff attempted to label her mother as Do Not Resuscitate (DNR).

“We had one doctor tell us that if we didn’t put a DNR on her, he would,” she said.

Schmadl’s mother, who had only one kidney, was allegedly given vancomycin, fentanyl, precedex, and other drugs to which Schmadl said she and her family never consented.

“They called us on Aug. 15 to tell us our mother had ‘expired,’” Schmadl said. “That’s the word they used.”

Epoch Times Photo
Kristi Schmadl’s mother, Joyce Farr. (Courtesy of Kristi Schmadl)

Schmadl connected with Crawford, who herself was being treated with remdesivir in a hospital when she demanded that hospital staff cease treatment, remove her IV, and let her leave.

“My husband wheeled me out,” Crawford told The Epoch Times. “I was still on oxygen and weak.”

Crawford said she’s the only person she knows of who was still allowed a family member to be inside with her for 12 hours a day, as hospital COVID protocols usually require that the patient be isolated from their families.

While in the hospital, Crawford said a nurse “pressured her” and her family to get vaccinated while being treated with remdesivir.

“After my first dose, I noticed my hands and feet swell,” Crawford said. “At the time, I didn’t know that it was my kidneys shutting down.”

When she asked her doctor what was going on, Crawford said he stared at the floor and mumbled, “COVID’s strange” before walking out.

“I’ve never seen a doctor act like that,” Crawford said.

Crawford had COVID for two weeks before she entered the hospital, and for that time she had not experienced the symptoms she experienced when given remdesivir, she said.

“My white blood cell count shot up, I got a blood clot in my leg, I would have vomiting—all of these symptoms I had not experienced at home,” she said.

After her husband took her home, Crawford said she spent two months on the couch healing.

“I had so much fluid in my lungs, and then I went through a detox process with different supplements and vitamins to try to get all of this stuff out of me,” Crawford said.

It was during this time that she began doing what many vaccine promoters were warning against at the time: She did her own research.

Hospital Alternatives

She followed Ardis’s podcasts, met Schmadl, and launched the website protocolkills.com to inform people “of the dangers of remdesivir, hospital protocols, and the true intended purpose of their use.”

Through her website, Crawford has gathered 170 stories of people whose loved ones died in hospitals throughout the United States, and offers alternatives to hospitals.

“It’s been a labor of love, because I don’t want people to suffer like I suffered,” she said.

Crawford works with families to get people out of hospitals with a hospital hostage hotline and provides education for those who want to know what red flags to look for when dealing with hospitals.

“It’s obvious what they’re doing now,” she said. “They need to be held accountable.”

For Crawford, hospitals have become “the new concentration camps.”

“But instead of dragging people in on trains, people are walking in willingly because they think they are going to get help, but they’re being murdered,” Crawford said.

We hope you enjoy our coverage! As you are visiting us today, we’d like to ask you one question —  How much do you think news media outlets actually impact your life? 

…Probably more than you realize.

Life is full of decision-making. Even a bit of misinformation can lead to bad decisions and cause serious impacts. That’s why our team digs deep and reports truthfully to deliver reliable, complete, and accurate information that you need to make the right choices.

Unlike many other news outlets, The Epoch Times is not influenced by any government, corporation, or political party. We do not follow a predetermined narrative, inflame emotional tensions on issues, engage in sensationalism, or present only one side of the story.

We are funded by readers like you and our goal as an independent media outlet is to let YOU make up your mind on issues, no matter how heated.

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END

Watch “Alberta MLA Shane Getson Pfizer Vaccine Injury Story” on YouTube

Inbox

Milan SabioncelloSun, Aug 7, 6:51 PM (12 hours ago)
to me

end

COVID-19 Vaccines Hinder the Immune System, Lead to More Severe Illness: Dr. Robert Malone

Inbox

Milan SabioncelloSun, Aug 7, 6:11 PM (13 hours ago)
to me, organm999

COVID-19 Vaccines Hinder the Immune System, Lead to More Severe Illness: Dr. Robert Malone

https://www.theepochtimes.com/covid-19-vaccines-hinder-the-immune-system-lead-to-more-severe-illness-dr-robert-malone_4627115.html

END

Alberta sees spike in deaths with unknown causes in 2021 | CTV News

Inbox

Milan SabioncelloSun, Aug 7, 6:42 PM (12 hours ago)
to me, organm999

Alberta sees spike in deaths with unknown causes in 2021 | CTV News

https://calgary.ctvnews.ca/deaths-with-unknown-causes-now-alberta-s-top-killer-province-1.5975536

Vaccine Impact//

US Declares Monkeypox Public Health Emergency – Big Pharma Ready for Windfall Profits, Again

August 5, 2022 3:55 pm

If there is one thing that the COVID-19 “Public Health Emergency” did with extreme efficiency, it was the fact that $TRILLIONS of emergency funds were redirected out of the U.S. Economy to Big Pharma, creating literally hundreds of new billionaires, and increasing the wealth of existing billionaires to record new highs in revenue. These billionaires and bankers knew full well that their ponzi-scheme economy based on debt could no longer be sustained, and so they created a worldwide “plandemic” which redefined upper respiratory diseases formerly named “influenza viruses” and used fear and massive testing where they could control the results, to implement a unified worldwide approach to bring in massive profits, before the financial system collapsed. By declaring a “Public Health Emergency” they could control health regulatory agencies such as the FDA and CDC to forego their normal approval processes, and rush to market novel new drugs and vaccines that would never have otherwise made it to market. From a business standpoint, it was a brilliant plan, and it worked so effectively, that I do believe they now plan on perpetuating endless “Public Health Emergencies” so the bankers can create more money to send their way, at least until they can eliminate cash and implement their Central Bank Digital Currencies which has the goal of making every citizen of every country slaves to the medical dictators. So it should come as no surprise that a “new pandemic” has now been granted “Public Health Emergency” in the U.S., even though the alleged “virus,” the monkeypox virus, has only infected a few thousand people, and is so far only spread among men having sex with other men. And like COVID-19 which was predicted and planned for months before the first cases were allegedly detected in Wuhan, China, by running pandemic simulations, so too monkeypox had a potential pandemic simulated in March of 2021 hosted by the Nuclear Threat Initiative with the Munich Security Conference to “conduct a tabletop exercise on reducing high-consequence biological threats.” They even published a schedule and timeline on just how this new “pandemic” was going to unfold, and so far we are right on schedule. So what comes next?

Read More…

Supply Chain Problems Will Persist Because The System Is Being Sabotaged
august 5, 2022
4:03 pm
Krugman is perhaps the worst and most arrogant economist/propagandist in the US, and though he belatedly acknowledged the inflation and supply chain threat after arguing for the past two years that it was “transitory,” he now claims that the traditionally accepted indicators of recession “don’t matter” anymore and that there is no downturn. How many times can this guy be proven ignorant and still keep his job? It’s this kind of disinformation that keeps the public in the dark on what is about to happen. Maybe it’s because of stupidity and ego, or maybe it’s a deliberate attempt to keep the population docile (I say it is deliberate), but in either case the American people are being put in great danger when it comes to the false narrative on inflation and the supply chain. The longer they are led to believe the disaster will simply go away on its own, the less time they have to prepare. The bottom line is this: Things are only going to get worse from here on. Maybe slowly, or maybe quickly depending on a handful of factors.
Read More…
end

UK Medicine Regulator Confirms COVID-19 Vaccines are 7,402% Deadlier than all other Vaccines Combined
August 6, 2022 12:40 pm

The UK Medicine Regulator has confirmed that over a period of nineteen months the Covid-19 Vaccines have caused at least 5.5x as many deaths as all other available vaccines combined in the past 21 years. This means, that when compared side by side, the Covid-19 injections are a shocking 7,402% more deadly than every other vaccine available in the UK.Read More…Father of 7-Year-Old with Myocarditis Records Pharmacist Admit Parents Are Not Warned of this COVID Vaccine Side Effect: “We might scare the parents, and they don’t get their child vaccinated”
August 6, 2022 3:32 pm
A recording of a phone call between an irate father and a pharmacist who injected his 7-year-old son with a COVID-19 vaccine after his wife brought him to the pharmacy behind his back, and is now allegedly in the hospital due to myocarditis, has been circulating in the alternative media today. The father and his family apparently live in New Zealand, while his work originates in New York, and what is remarkable about the call is that the father asks the pharmacist if parents are warned about the risks to myocarditis and heart disease before giving the COVID-19 shots to children, and the pharmacist replies: “We might scare the parents, and they don’t want to get their child vaccinated.”
Read More…

GLOBAL COMMENTARIES/SUPPLY ISSUES

Attack on farmers / eventual famine?

Inbox

Neil AlhoSun, Aug 7, 1:55 PM (17 hours ago)
to bcc: me

Neil

end

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

END

VACCINE INJURY/

MICHAEL EVERY

There Is A Giant Illusion For The Majority Of Market Commentators Choosing Not To See It

MONDAY, AUG 08, 2022 – 09:04 AM

By Michael Every of Rabobank

Holy Illusions

Hands up how many of you had 528K down as your US payrolls guess? Nobody, because the Bloomberg survey low was 50K and the high 325K. While there are question marks over these data given Covid –nearly 3m people weren’t/couldn’t work due to it– and the “birth/death” model, the household survey saw jobs +179K; backwards payroll revisions were +28K; total employment was back to pre-pandemic levels, albeit with reallocation away from sectors such as leisure and hospitality (-1,214K) towards others, such as transport (+745K); the participation rate edged down to 62.1%, so the jobless rate fell to 3.5%, but even using pre-Covid participation rates unemployment would have been 5.4%, down from 5.5%; and average hourly earnings rose much faster than expected at 0.5% m-o-m, 5.2% y-o-y (and 6.0% annualized).

If it’s an illusion, and look at full-time vs. part-time and multiple jobs as a clue

… it still convinced Larry Summers to warn that if US CPI falls back this week, the Fed must not pivot, and Krugman to add it’d be “no justification for a pivot toward easier money.” Indeed, it now seems the Fed may go another 75bps in September, and Bowman implies afterwards as well perhaps, and the Wall Street Journal underlines, “Witness the small army of Fed officials who have fanned out to warn markets that the Chairman didn’t mean what he supposedly wasn’t saying last week.” In short, the illusion of a Fed dovish pivot is dispelled, with 2-year Treasury yields up 16bp to 3.23% Friday, and 10s up 14bp to 2.83%. More to come: or record yield curve inversion.

Add a Fed pivot to “transitory” inflation on the list of illusions fading for the same underlying reason: the global system is crumbling. They join EU energy, economic, and foreign policy, as the German regulator calls for 20% cuts in household gas usage, and the West’s ‘Great Illusion’ that war just can’t happen (to it) in the modern world.

On which, Ukraine just got another $1bn in US arms as a new phase of the war looms around Kherson: a counter-attack appears imminent. However, don’t be under the illusion that the US can keep up that pace of arms supply – and its stocks can’t be replaced quickly once depleted. The same is true for Russia, and in terms of men, but their media says North Korea might strike a deal to send 100,000 soldiers to fight in Ukraine in exchange for food and energy(!) If so, the war escalates further, and the EU energy outlook darkens further. NATO member Turkey on Friday also struck a deal with Russia to deepen economic ties: that is a terribly muddied picture for the EU and US as they try to isolate Moscow. However, illusions abound on all sides: Russia just released a video aimed at attracting people to move there due to its ‘hospitality, vodka, and an economy that can withstand thousands of sanctions’.

Elsewhere, Reuters warns Chinese military exercises around Taiwan could disrupt key shipping lanes, and Taipei states they “simulate an attack” on its main island, drawing condemnation from the G7, but Russian support. China has now halted: communication with US military theatre leaders; defence meetings; maritime security dialogue; and co-operation over illegal migration, criminal justice, transnational crime, narcotics, and the climate – the US says this “punishes the world.” The White House is now leaning on Congress to delay the bipartisan Taiwan Policy Act of 2022, which designates it a major non-NATO ally, provides $4.5bn in military aid, upgrades its international status, and allows the imposition of sanctions, including SWIFT bans, on major Chinese financial institutions. As the Carnegie Endowment think-tank notes, “The US and China are seriously talking past each other…That disconnect will lead to a very unstable new baseline.”

Linking back to today’s title, Friday saw the release of ‘Holy Illusions’, a report from a key think-tank backing UK PM candidate Truss. It argues, “Just as in the 1970s, the country faces many interconnected, serious but superficially very different problems.” True.

Controversially, it diagnoses that “The most significant underlying economic problem… is the malign consequences of low to negative interest rates over a prolonged period.”  Artificially low rates, it says, have “gradually prevented the normal mechanisms of a market economy from working properly… there has been a greater and greater search for yield on riskier and riskier assets, with everything that follows upon that, notably, market instability, huge asset price inflation, and inequality. The lack of rewards to enterprise and the ease with which fundamentally unproductive “zombie” companies can be maintained have made it difficult to generate those normal improvement mechanisms of a market economy which drive productivity and growth.” It’s hard to disagree with that Austrian and Marxist assessment.

The report then says other UK problems are manifold: “Implausible energy policies”; over-regulation, antipathy to risk; “Unsustainable” welfare; a shrinking labour force; a declining birth-rate (an issue in all major economies, except one); “Education systems that don’t educate”; and, it claims, high immigration. It warns that if current UK growth rates continue –and this was presumably before the BOE’s latest awful assessment– then by 2035 the likes of Poland will “overtake” the UK: will they then import British plumbers?

It unsurprisingly argues Brexit is not an issue, even if it means short-term costs (and clearly more immigration is not on the cards). It says the UK isn’t willing or able to do anything with the “full democracy” Brexit grants it, as “Our governing class seems to have forgotten how to govern, how to guide a state, and how to set a goal and direction of travel.”

Then –perhaps contradicting itself for some readers– it argues, “Given this set of daunting problems… there really ought to be strong political movements… to analyse and begin to deal with them. That is not the case. Instead we see the reverse – a refusal to get to grips with the problems or even to acknowledge them. It is easier to ignore the most pressing economic and societal issues of the day, pretend they don’t exist, or claim they will be solved automatically as normal conditions return. We are, it seems, studiously pretending to be asleep.” Again, no arguments here. To show it is not like the others, it dares to ask, “What is to be done? – and it tells us government must:

Convince the public that change is needed. The public must come to feel that we have taken a wrong path and to react against it.” They are already there! Just as we have mortgage strikes in China, we may see energy strikes in the UK; and some warn of a looming ‘winter of discontent. (And don’t think Putin doesn’t see this too, and won’t act accordingly.)

Show the electorate an alternative,” which is “to increase the productive capacity of our economy (because without that other problems simply cannot be solved)”. They are with you! But here comes the rub. What does that mean on energy? Silence. Moreover, the government must “persuade the public… that collectivist, socialist solutions are incapable of achieving that.”

But how do you get the private sector to invest productively when other governments will? See ‘how the US gave away a breakthrough battery technology to China’, because the inventor “talked to almost all major investment banks; none of them [wanted to] invest in batteries,” as they “wanted a return on their investments faster than the batteries would turn a profit.” Will higher rates, lower taxes, and deregulation force banks to make loans to productive rather than “fictitious capital”? Austrians say yes: Marxists say not, and with the better track record; and they add that even productive loans will just be made abroad, where it is cheaper to invest.

That gaping theoretical/policy hole is more evident when we are then told the government must “persuade the public that this alternative route is actually possible; that [it] has a plan to get the country onto it; that continuing on the current path will simply make the inevitable correction measures more painful; and that failure to take such measures will mean a materially worse outcome. [It must] make this alternative politically feasible and hence potentially attractive.”

–But what alternative?!–

Its conclusion avoids the answer in saying that: “A successful nation state needs market economics to create prosperity, and requires solidarity and a clear sense of identity to sustain itself. A reform programme must be similarly broad-based. It should reject the artificial polarity between the “market”  –“right wing” economics and economic globalisation– and “society” –“left wing” statism and solidarity– but recognise instead that running a successful country involves elements of both.”

It just doesn’t say how beyond rates, taxes, and fostering ‘national unity’: yet the latter alone was *wrongly* presumed by Smith and Ricardo to stop capitalists investing abroad at all, which we just edit out of our textbooks! If only we could edit it out of our financial flows so easily.

Ironically, the report also says, ”the political difficulty is that governments and politicians have not for many years set out the reality of how economies work and how prosperity is created. Levels of understanding are low.” Yes, they are: if it was as simple as ‘getting the state out of the way’, China would not be an economic superpower and Afghanistan might be.

Yet the underlying message that we been ‘getting GDP wrong’, and we can’t get it right by only focusing on GDP is arguably very valid, as is the criticism of relying on low rates policy. We *do* need a higher common purpose, and higher rates, and others are saying similar things: here is an example arguing, “Without that, any aspiring state is just a gated community for the working wealthy, much like the ones for old retirees in South Florida.” It’s just that we need *more* than that structurally to boot, and ‘Holy Illusions’ still seems to cling to its own in avoiding that conclusion.

It *could* be seen as backing a neo-Hamiltonian free market behind high tariff barriers, with industrial policy, which was how the US (and China) developed. Yet that mercantilist model is also an illusion for the UK and others not large enough for economies of scale and a modern army, especially as large rivals *are* state-backed and have one; and as high debt levels logically require MMT and higher interest rates, if just to pay for that military. The flurry of legislation coming out of the US is not a million miles away from some of those ideas and developments.

But if we need ‘Hamilton’ in blocs, the UK still just rejected being a member of one. Does that mean it will end up in a new Holy Anglosphere? Some say that’s no illusion, other that it is. Regardless, the above still implies global national-security/commodity/supply-chain/tech/values fragmentation ahead; and higher interest rates; and lower asset prices; and more productive, higher-wage investment – as we had already projected as a 2030 scenario. Unless that’s just my own holy illusion.

What isn’t is that if you don’t keep track of these seemingly-esoteric developments, you won’t be in a position to call where rates are going – which is why nobody in markets called three (or four?) back-to-back 75bps Fed hikes this year. That was “not how the political economy works”. But the political economy had changed. To paraphrase Keynes, “When the facts change, I change my forecast. What do you do?”

That is what you should be focused on: not the illusion of the relevance/positivity of Chinese July trade data released Sunday, which showed exports up 18% y-o-y and imports only 2.3%, for a staggering trade surplus of $101.3bn. Does anyone think this $1.2 trillion annualised figure is good news for anyone: not China (where it means no demand); not globally (where it means no local supply). There is a giant illusion for the majority of market commentators choosing not to see it.

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

end

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

ARGENTINA:

end

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

Euro/USA 1.0187 UP  0.0016 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 134.83   DOWN 0.005 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2096 UP   0.0043

 Last night Shanghai COMPOSITE CLOSED UP 9.91 POINTS UP 0.31%

 Hang Sang CLOSED DOWN 27.90 PTS OR 0.04% 

AUSTRALIA CLOSED UP 0.13%    // EUROPEAN BOURSES  ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN 

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

/SHANGHAI CLOSED UP 9.91 PTS UP 0.31% 

Australia BOURSE CLOSED UP 0.13% 

(Nikkei (Japan) CLOSED UP 73.37 OR 0.26%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1781,75

silver:$20.22

USA dollar index early MONDAY morning: 106.32  DOWN 18  CENT(S) from FRIDAY’s close.

 MONDAY  MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.91% DOWN 4  in basis point(s) yield

JAPANESE BOND YIELD: +0.166% UP 0     AND 6/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.99%// DOWN 5   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.03  UP 1   points in basis points yield ./

GERMAN 10 YR BOND YIELD: FALLS TO +0.898% 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0209  UP  .0037   or 37 basis points

USA/Japan: 134.67 DOWN 1.67  OR YEN DOWN 167  basis points/

Great Britain/USA 1.2095  UP  0.0047 OR  47 BASIS POINTS

Canadian dollar UP .0049 OR 76 BASIS pts  to 1.2863

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.7508  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. 6.7515

TURKISH LIRA:  17.96  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.168

Your closing 10 yr US bond yield DOWN 6  IN basis points from FRIDAY at  2.779% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.077 DOWN 6  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 MONDAY: 12:00 PM

London: CLOSED UP 42.63 PTS OR  0.57%

German Dax :  CLOSED UP 113.76  POINTS OR 0.84%

Paris CAC CLOSED UP 52.09 PTS OR 0.80% 

Spain IBEX CLOSED UP 104.50 OR 1.28%

Italian MIB: CLOSED UP 141.06 PTS OR  0.62%

WTI Oil price 90.15  12: EST

Brent Oil:  95.687 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  60.65  UP 0  AND 17/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.898

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0191 UP .0019     OR  19 BASIS POINTS

British Pound: 1.2077 UP .0025  or  25 basis pts

USA dollar vs Japanese Yen: 134.99  UP 0.158//YEN DOWN 16 BASIS PTS

USA dollar vs Canadian dollar: 1.2862 DOWN 0.0050 (CDN dollar UP 50  basis pts)

West Texas intermediate oil: 90.69

Brent OIL:  96.42

USA 10 yr bond yield: 2.766 DOWN 7 points

USA 30 yr bond yield: 2.988  DOWN 8  pts

USA DOLLAR VS TURKISH LIRA: 17.95

USA DOLLAR VS RUSSIA//// ROUBLE:  60.76   DOWN 0 AND   18/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 29.07 PTS OR 0.09 % 

NASDAQ 100 DOWN 48.53 PTS OR 0.39%

VOLATILITY INDEX: 21.40 UP 0.25 PTS (1.18)%

GLD: $166.69 UP $1.42 OR 0.86%

SLV/ $19.03 UP 70 CENTS OR 3.82%

end)

USA trading day in Graph Form

Markets In A World Of Pain As Most-Shorteds Squeeze Higher While TSY Curves Invert To Grotesque Levels

MONDAY, AUG 08, 2022 – 04:08 PM

It was a wasted day in the market, one where stocks ground higher overnight and hit session highs just after the open, before a concerted wave of VWAP selling pushed stocks back to flat for the day…

… with tech shares hit the hardest as buybacks appeared to be oddly missing today…

… while Nvidia’s unexpected earnings preannouncement and guidance cut which sent the stock 6.30% lower, its biggest one day drop since early June did not help…

… as staples, industrial and banks also dropped while energy, homebuilders and small caps traded solidly in the green…

With another red hot (but far cooler than in recent months) CPI looming, bonds were anything but jittery as yields slumped all day led by the back end…

… and with the 2Y roughly unchanged, the 2s10s curve inverted to a mindblowing, grotesque 46bps, the biggest inversion since the year 2000, and set to blow that out of the water in the next few days as longer yields continue to sink:

No wonder hedge funds managers remain extremely bearish – the bond market is screaming not just recession but maybe even depression.

According to Bloomberg, unable to find traction in stocks, hedge funds have shifted to bonds and are engaged in various bets on more flattening in futures, namely 10-year versus ultra bonds and 2-year contracts against ultra 10-years, while mortgage portfolios managed by mutual funds have done it with 2s and 10s in cash Treasuries. Real money too has engaged in assorted bets the inversion will grow.   Flatteners got the green light once again Friday after a huge beat on the July non-farm payroll report. The spread between 2s10s set lows of -44 bps Friday. That level has been surpassed today with an inversion to ~-45 bps.   The next level to target is -50 bps, which is the size of the inversion last set in August 2000 based on a weekly chart.

The paradox of course, is that even as hedge funds turn increasingly more bearish in bond land, their stock shorts are getting blown out of the water on the back of the previously discussed buyback/CTA/retail bid, which today resulted in the 9th consecutive rise in Goldman’s most shorted tech name basket (BBG ticker SCBMSIT), matching the longest such stretch on record.

The market-wide short squeezes also meant that retail investors have woken from their hibernation slumber and are once again raging and sparking short squeezes, such as those seen today in BBBY, AMC and Gamestop, all of which are sharply higher on the back of powerful squeeze-driven rallies.

What is odd is that the squeeze-driven meltup comes at a time when the market is resetting its expectations of near-term rate cuts by the Fed (we doubt this will last long, especially after a miss in the next CPI report and a long-overdue collapse in the August payrolls) with STIR traders now pricing in just 5bps of rate cuts in Q1 2023 down sharply from a full rate cut as recently as two weeks ago…

… however, far from winning the hawkish argument, the Fed’s day of capitulation is merely being extended, and as Charlie McElligott writes today, “the nuanced dynamic which remains clear is this: the market continues to believe that the longer the FOMC stays on this course to a higher terminal rate and runs “restrictive for longer,” that it will later then lead to higher odds of a harder slowdown thereafter” which is why the next important calendar phase, or EDH3-EDZ3 i.e., Mar23-Dec23, actually sits at its most inverted level yet, implying ~64bps of Fed cuts thereafter—aka “more hiking / more restrictive now, bigger cutting / easing later!

These growing odds that the Fed will have to pivot eventually may be behind today’s rally in oil prices…

… as well as the jump in cryptos to multi-week highs.

Meanwhile positioning – as we have covered all weekend long – continues to trade extremely, extremely short as hedge funds hope and pray that the inevitable flush that will trigger the Fed’s rate cuts comes before the relentless meltup forces them to cover their shorts!

As Nomura notes, the bearish masses were so grossly underpositioned for a rally after anticipating an earnings wipeout and “cleanse lower” which did not materialize, perversely thanks to the magnitude of just how low those “negative revisions” expectations were—and accordingly, the pain-trade has been “higher”

So with this idea that 1) prices are beginning to contract, that 2) inflation expectations are softening thereafter, and that 3) current labor strength and 4) consumer balance sheet allows for 5) “more rope” to digest this forward state of accumulated / lagged “tightening into restriction”, Nomura’s McElligott says that it all then puts us much close to the actual slowdown and “dovish Fed pivot” that will then merit the aforementioned “even larger easing” thereafter.

And as all this happens, the relentless buying from systematics keeps lifting the overall tide: similar to Goldman, Nomura estimates that CTA Trend have bought +$60.1B of Global Equities futures in aggregate over the past 1m period on almost entirely “short covering” flows, and now showing an aggregate “Net Long” across the 13 Global equity futures futs positions since the peak of the last large “bear market rally” into start of June—including nascent “+19% Long” signals across all 3 US Equities positions

Finally, adding to the bears’ pain, “Positive Delta” flows are also ripping stocks higher and further leaning into implied Volatility, which has added a ton of Gamma to Dealers who had been “Short,” but are now instead in “Long Gamma vs Spot” territory for all 3 US Equities indices, further insulating the market’s range from large price swings (“Long Gamma” = sell highs, buy lows = MM’s and Dealers as liquidity “MAKERS,” not TAKERS)

END

I) / EARLY MORNING TRADING//

ii) USA DATA//

IIB) USA COVID/VACCINE MANDATES

iii)a.  USA economic stories

Here Are The Winners And Losers In The ‘Inflation Reduction Act’

MONDAY, AUG 08, 2022 – 10:39 AM

As Democrats pat themselves on the back after the Senate finally passed their massive tax, climate, and healthcare bill – the “Inflation Reduction Act” which Senate Majority Leader Chuck Schumer called “one of the most significant pieces of legislation passed in a decade,” Bloomberg has compiled a list of winners and losers.

WINNERS:

The Wealthy

Alec Monopoly

Not only did none of the billions in tax increases Democrats threatened high-earners with last year make it into the final version of the bill, their plans to ‘tax the 1%’ turned out to be nothing more than a big virtue signal. 

Private equity fund managers

As we noted on Friday, the landmark bill only passed after AZ Sen. Kyrsten Sinema insisted on keeping the carried-interest loophole that allows investment managers (like her former bosses) to shield the majority of their income from higher taxes.

The private equity industry was able to gain an additional win shortly before the final passage of the bill when a handful of Democrats broke with their party to vote on a Republican amendment that created a carveout for private equity-owned companies in the corporate minimum tax. -Bloomberg

Speaking of…

Manchin and Sinema were big winners – after having held their party hostage for more than a year over this legislation, “The entire contents of the bill were essentially cherry-picked by Manchin and then tweaked to fit Sinema’s preferences,” according to the report.

The two were also able to score direct benefits for their states – with Manchin securing an agreement to permit the completion of the Equitrans Midstream Corp.’s Mountain Valley Pipeline, and Sinema – who was able to secure $4 billion in drought relief for western states.

The IRS And The Green agenda

The bill will give $80 billion to the IRS over the next 10 years to expand its audit capabilities, as well as a bevy of technology upgrades.

Meanwhile, electric carmakers got an extension of a popular $7,500 per vehicle customer tax credit for EVs, but will have to comply with strict battery and critical minerals sourcing requirements demanded by Sinema and Manchin – which could render the credits useless for years.

Solar and hydrogen companies, such as Sunrun and Plug Power, Inc. will also benefit from generous tax credits, while operators of nuclear reactors such as Southern Co., Constellation Energy Corp., Public Service Enterprise Group Inc. and Energy Harbor Corp. could benefit from a $30 billion production tax credit.

Medicare, Obamacare Enrolees

The final version of the bill caps seniors’ out-of-pocket prescription drug expenses to $2,000 per year, and enables Medicare to negotiate the prices on 10 medications four years from now. Th bill also kicks the can on a massive increase in Obamacare premiums that were set to happen in January for many middle income Americans, which will now happen in three years.

LOSERS:

Republicans who thought Manchin and Sinema wouldn’t cave on their promises to raise taxes during a recession.

The GOP was confident they had beaten back Biden’s tax and climate agenda and were stunned in late July when Schumer and Manchin announced a deal. While still the favorites to gain seats in the midterm elections, passage of the bill is a major setback for the GOP’s policy aims. It does, however, give them a new issue to campaign on in the fall campaigns. -Bloomberg

Other losers include tech companies – that will bear the brunt of two major tax increases in the bill; a 15% minimum tax on financial statement profits, and a new levy on stock buybacks which have allowed companies like Alphabet’s Google and Meta’s Facebook to minimize their tax burden over the years.

SALT – the ability to deduct state and local taxes, a $10,000 cap which coastal Democrats were hoping to repeal.

Bernie Sanders – who Bloomberg notes wanted $6 trillion in spending, making the $437 billion in new spending a far cry from success. Excluded from the bill is all proposals for new social programs, including tuition-free-college, child care, housing spending and an expanded-child monthly tax credit.

end

Now it is Nvidia’s turn as the preannounce terrible Q2 results and slash guidance. No doubt about it, the USA economy is crumbling

(zerohedge)

Nvidia Plunges After Preannouncing Terrible Q2 Results, Slashes Guidance, Blames “Macroeconomic Headwinds”

MONDAY, AUG 08, 2022 – 09:18 AM

Just as stocks were set to blast off right out of the gates as the “most hated rally” accelerates, moments ago investors got a cold shower after video chip giant Nvidia preannounced disappointing Q2 earnings more than 2 weeks early (originally scheduled for Aug 24), blaming the reverse bullwhip effect for taking $1.3 billion of charges “primarily for inventory” and slashing guidance due to “lower sell-in of Gaming products reflecting a reduction in channel partner sales likely due to macroeconomic headwinds” and “challenging market conditions that are expected to persist into the third quarter.” The only good news: the company isn’t trimming (or ending) its buybacks which will continue as scheduled.

Here are the details:

  • Prelim revenue $6.70 billion, far below the est $8.10, down 19% sequentially and up 3% from the prior year reflecting weaker than forecasted Gaming revenue
  • Prelim adjusted gross margin 46.1%
  • Prelim adjusted operating expenses $1.75 billion

Commentary and context:

  • Second quarter results are expected to include approximately $1.32 billion of charges, primarily for inventory and related reserves.
  • The only silver lining: buybacks will continue: “We plan to continue stock buybacks as we foresee strong cash generation and future growth.”
  • The shortfall relative to the May revenue outlook of $8.10 billion was primarily attributable to lower sell-in of Gaming products reflecting a reduction in channel partner sales likely due to macroeconomic headwinds. In addition to reducing sell-in, the company implemented pricing programs with channel partners to reflect challenging market conditions that are expected to persist into the third quarter.
  • Data Center revenue, though a record, was somewhat short of the company’s expectations, as it was impacted by supply chain disruptions.
  • The significant charges incurred in the quarter reflect previous long-term purchase commitments we made during a time of severe component shortages and our current expectation of ongoing macroeconomic uncertainty,” said Colette Kress, EVP and CFO of NVIDIA.
  • “Our gaming product sell-through projections declined significantly as the quarter progressed,” said Jensen Huang, founder and CEO of NVIDIA. “As we expect the macroeconomic conditions affecting sell-through to continue, we took actions with our Gaming partners to adjust channel prices and inventory.
  • There will be no call today, and instead NVIDIA will host its conference call on the previously scheduled time at Wednesday, Aug. 24, at 2 p.m. PT (5 p.m. ET).

Full release below (link):

NVIDIA (NASDAQ: NVDA) today announced selected preliminary financial results for the second quarter ended July 31, 2022.

Second quarter revenue is expected to be approximately $6.70 billion, down 19% sequentially and up 3% from the prior year, primarily reflecting weaker than forecasted Gaming revenue. Gaming revenue was $2.04 billion, down 44% sequentially and down 33% from the prior year. Data Center revenue was $3.81 billion, up 1% sequentially and up 61% from the prior year.

The shortfall relative to the May revenue outlook of $8.10 billion was primarily attributable to lower sell-in of Gaming products reflecting a reduction in channel partner sales likely due to macroeconomic headwinds. In addition to reducing sell-in, the company implemented pricing programs with channel partners to reflect challenging market conditions that are expected to persist into the third quarter.

Data Center revenue, though a record, was somewhat short of the company’s expectations, as it was impacted by supply chain disruptions.

Second quarter results are expected to include approximately $1.32 billion of charges, primarily for inventory and related reserves, based on revised expectations of future demand.

“Our gaming product sell-through projections declined significantly as the quarter progressed,” said Jensen Huang, founder and CEO of NVIDIA. “As we expect the macroeconomic conditions affecting sell-through to continue, we took actions with our Gaming partners to adjust channel prices and inventory.

“NVIDIA has excellent products and position driving large and growing markets. As we navigate these challenges, we remain focused on the once-in-a-generation opportunity to reinvent computing for the era of AI,” he said.

“The significant charges incurred in the quarter reflect previous long-term purchase commitments we made during a time of severe component shortages and our current expectation of ongoing macroeconomic uncertainty,” said Colette Kress, EVP and CFO of NVIDIA.

“We believe our long-term gross margin profile is intact. We have slowed operating expense growth, balancing investments for long-term growth while managing near-term profitability. We plan to continue stock buybacks as we foresee strong cash generation and future growth,” she said.

In kneejerk reaction, NVDA plunged more than 8%, hammering the broader semiconductor space and also dragging broader market futures modestly lower.

Finally, since we know everyone is concern, yes – Nancy Pelosi dodged the proverbial bullet by dumping all of her NVDA calls two weeks ago (at a loss).

iii b) USA/North American logjams/supply issues

SWAMP STORIES

Et. Tu? CNN Takes Aim At Hunter Biden, Airs Roger Waters Calling Joe ‘War Criminal’

MONDAY, AUG 08, 2022 – 01:30 PM

After doing everything in their power to help Joe Biden win the 2020 election – including the yellowest of journalism to downplay the NY Post‘s credible report on Hunter Biden’s evidence-filled laptop – CNN appears to have gone against their child-sniffing commander-in-chief.

During a Sunday segment of CNN‘s “Reliable Sources,” host Brian Stelter admitted that the Hunter Biden laptop story is not “just a right-wing media story,” and that it could impact Joe Biden’s chances for reelection in 2024.

“What about his son?” asked Stelter. “What about Hunter? Hunter under federal investigation, charges can be coming at any time, this is not just a right-wing media story. This is a real problem for the Bidens.” 

Breaking down Stelter’s epic flip-flop is Fox News contributor Joe Concha:

Meanwhile, CNN also aired an interview in which Pink Floyd’s Roger Waters calls Biden a “war criminal” who’s “fueling the fire” of Russia’s war with Ukraine.

He then questioned why the US does not “encourage” Ukraine’s President Volodymyr Zeleksny “to negotiate, obviating the need for this horrific, horrendous war that’s killing we don’t know how many Russians.”

When CNN’s Michael Smerconish pushed back, saying the 78-year-old rocker had “got it reversed” by “blaming the party that got invaded,” Waters replied: “Well, any war, when did it start?”

“You could say it started in 2008 – this war is basically about the action and reaction of NATO pushing right up to the Russian border, which they promised they wouldn’t do when [former Soviet leader Mikhail] Gorbachev negotiated the withdrawal of the USSR from the whole of Eastern Europe,” he said.

Waters shared a similar alternative view when Smerconish suggested China was “busy encircling Taiwan” with ongoing military drills in response to House Speaker Nancy Pelosi’s visit to the self-governed island.

“They’re not encircling Taiwan – Taiwan is part of China!” Waters said emphatically.

“And that’s been absolutely accepted by the whole of the international community since 1948 – and if you don’t know that, you’re not reading enough. Go and read about it!”

Waters went on to further back Beijing, saying, “The Chinese didn’t invade Iraq and kill a million people in 2003. In fact … who have the Chinese invaded and murdered, slaughtered?”

When Smerconish said “their own,” the rocker snapped, “Bollocks. That’s absolute bollocks. Complete nonsense — you should go away and read!”

Waters’ “This is Not a Drill” tour — which stops at Long Island’s UBS Arena this weekend and Madison Square Garden at the end of this month — also touches on the murder of George Floyd, abortion and gun control.

end

King report

The King Report, Monday, August 8, 2022
Independent View of the News
 Most pundits noticed the glaring discrepancy between NFP and the Household Survey in the July Employment Report.  But this stark anomaly is the minor story.  The Big Story:  The BLS cooked July NFP, changing the July seasonal adjustment from -67k in 2021 to + 287k in 2022, a +352k boost!
 
July 2021, NFP NSA (Not Seasonally Adjusted) is 146,452k.  It was LOWERED to 146,387k due to a seasonal adjustment of -65k.  Table B-1. https://www.bls.gov/news.release/empsit.t17.htm
 
July 2022 NFP NSA is 152,249k.  It was HIKED to 152,536k due to a seasonal adjustment of +287k.  July NFP NSA is +3.96% y/y; July NFP SA is +4.2% y/y!  In February, March, and April, NFP NSA was above NFP SA.  It has reversed thereafter.  The two metrics were equal or near equal in 2021.
 
The Birth/Death Model crafted 309k jobs vs. 224k for July 2021.  So, 85k NFP are guesstimate jobs!  85k + 352k = 437k phantom NFP for July! https://www.bls.gov/web/empsit/cesbdhst.htm
 
Though July NFP grew 528k (250k expected), the Household Survey shows Employed increased only 179k.  Since May, Household Survey jobs are DOWN 136k while NFP is +926k!
 
Private Payrolls +471k, 230k expected.  Government jobs +57k, 20k expected.  June government jobs were revised to 398k from 372k, 26k of the +28k revision to May and June NFP. 
 
@EPBResearch: The spread between the growth rate of the Establishment Survey & the Household Survey has averaged 0.1% over the last 15 years. Almost nothing.  Today the Establishment Survey is showing growth 1.3% higher than the Household Survey… Hmmm (Survey comparison at link)
https://twitter.com/EPBResearch/status/1555553648662515712/photo/1
 
ZH: 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
https://www.zerohedge.com/markets/july-payrolls-smash-expectations-soaring-528k-wages-come-red-hot
 
Fox’s @cvpayne: You have to ask @PressSec while you are at it ask why Black Americans are sinking in the midst of the jobs boom? July 39,000 out labor force, 68,000 fewer employed
    Household Survey: Full Time -71,000, Part Time +384,000, Multiple Jobs +92,000
 
Something Snaps in The Job Market: Multiple Jobholders Hit All Time High As Unexplained 1.8 Million Jobs Gap Emerges – 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
    Since March, the Establishment Survey shows a gain of 1.680 million jobs while the Household Survey shows an employment loss of 168K!… Household Survey employment is the result of both full-time and part-time jobs. In fact, as shown below, since Marchthe US has lost 141K full-time employees and 78K part-time employees… 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 sometime in March and which has only been captured by the Household survey…
    While the Household Survey has gone nowhere since March, the BLS data engineers have been busy goal seeking 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… https://www.zerohedge.com/markets/something-snaps-job-market-multiple-jobholders-hit-all-time-high-unexplained-18-million
 
The Labor Force Participation Rate declined 0.1 to 62.1% because the number of people in the job market declined again.  The Unemployment Rate fell 0.1 to 3.5%.  The Underemployment Rate (U6) remained at 6.7%.  The Civilian Labor Force Participation Rate was 63.4% in February 2020 and peaked at 67.3% in March 2020. (Link at chart) https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm?s=02
 
Not in the Labor Force increased 239k.  Part Time for Noneconomic reasons soared 501k!  Part Time for Economic Reasons – Slack work or business conditions jumped 301k.
https://www.bls.gov/news.release/empsit.a.htm
 
To repeat: The Labor Force Participation Rate is down 502bps over the past 22+ years!  Most of the decline occurred after the Crisis of 2008.  This strongly suggests that the US economy has still not recovered fully from the abuses that The Street and Easy Al/Bernanke perpetrated on Americans.
 
The US Employment-Population Ratio peaked at 64.7% on April 2000.  It is now 60.0, +0.1 from June.
 
The lingering privations from 2008 and globalism account for the rise of the unlikable DJT and the detest for Biden as well as Congress, the leadership of both parties, and key US institutions.
 
Establishment Survey Highlights
Health care and social assistance +96.6k; Leisure and hospitality +96k, Professional and business services +89k, Retail +21.6, Government +57k. Mfg +30k   https://www.bls.gov/news.release/empsit.b.htm
 
July Average Hourly Earnings rose 0.5% m/m and 5.2% y/y.  0.3% m/m and 4.9% y/y were consensus.  Average Weekly Hours Worked increased 0.1 to 34.6 hours.  The strong wage gains put the odds of a 75bp rate hike in September as high as 72.5%.  Mr. Bond, tumbled as much as 3 3/32 points.  The 2-10 spread inverted as mush ad 41 bps.
 
CME Fed Watch tool: https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html
 
Biden touts stronger than expected jobs report: ‘America is back to work’
The White House had expected a disappointing report due to omicron.
https://abcnews.go.com/Politics/biden-touts-stronger-expected-jobs-report-america-back/story?id=82673260
 
The cooked July NFP won’t do any good for The Big Guy.  People vote their pocketbooks, not bogus government statistics.  You can ask both Bushes about this.  The BLS’s faux NFP does not improve Americans’ economic situations; but it could induce the Fed to hike rates more than expected.  This will impair the financial markets, which will soften economic growth.
 
Tech giant Oracle lays of hundreds of employees – WSJ
 
Dem Sen. Sinema (AZ) forced Schumer to keep ‘carried interest’ in the Inflation Reduction Act to garner her crucial vote.  To keep the bill ‘budget neutral’, a 1% tax on share repurchases was added.
 
@ChadPergram: Schumer on provisions to engage progressives: What excites me is an excise tax on stock buybacks which will bring in $74 billion…I hate stock buybacks… they’re despicable
 
Democrats halted Covid testing so Dem senators didn’t get sidelined for the Schumer-Manchin bill vote.
 
ESUs tumbled 58.25 on the release of the July Employment Report, hitting the daily low of 4103.75 at 8:56 ET.  The usual suspects then frantically bought ESUs, driving them to4153.25 at 10:13 ET.  They sank to 4112.00 at the European close on Old World liquidation for the weekend.
 
A midday thru early afternoon rally pushed ESUs to 4146.25 at 13:37 ET.  ESUs retreated and went inert.
 
The final-hour manipulation began at 15:10 ET.  ESUs rallied 12 handles into the NYSE close.
 
Fangs led the equity decline on Friday.  The ‘professionals’ that panicked to cover shorts and the guppy traders were chagrined.
 
Once speculative juices are emboldened, it takes strong Fed action or recession to halt the frenzy.  The unfathomably incompetent Powell should have known this.  Jerome was abjectly foolish, or he went political with his absurd neutral rate remark.  Now, as many Street pundits attest, the odds of harsher Fed rate hikes and a harder US economic landing have increased.
 
June Consumer Credit surged $40.154B, the 2nd largest in history; $27.0B was consensus.  Non-revolving debt jumped a record $25.35B.
 
@charliebilello: The average family health insurance premium in the US has more than tripled since the “affordable” care act was signed into law back in 2010. The biggest beneficiaries: health insurers.
United Health Group (the largest US insurer) is up 1,864% vs. a 350% gain for the S&P 500. https://t.co/SoFYKfkxCy
 
Positive aspects of previous session
ESUs and stock bounce after early tumble in the US – same old, same old
 
Negative aspects of previous session
Bonds got crushed; Fangs sank
Energy commodities rallied sharply even though the dollar soared
 
Ambiguous aspects of previous session
Is 75bps now the probable Fed rate hike in September?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: UpLast Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4134.69
Previous session High/Low4151.58; 4107.31
 
World’s top climate scientists told to ‘cover up’ the fact that the Earth’s temperature hasn’t risen for the last 15 years
    Leaked United Nations report reveals the world’s temperature hasn’t risen for the last 15 years
    Politicians have raised concerns about the final draft
    Fears that the findings will encourage deniers of man-made climate change
https://www.dailymail.co.uk/news/article-2425775/Climate-scientists-told-cover-fact-Earths-temperature-risen-15-years.html
 
Great Barrier Reef sees highest amount of coral cover in 36 years (Refutes decades of greenie angst)
https://www.fox19.com/2022/08/05/great-barrier-reef-sees-highest-amount-coral-cover-36-years/
 
Time running out for Great Barrier Reef: scientists   March 6, 2014 (‘The science’ is settled!)
Time is running out for Australia’s iconic Great Barrier Reef, with climate change set to wreck irreversible damage by 2030 unless immediate action is taken, marine scientists said Thursday…
https://phys.org/news/2014-03-great-barrier-reef-scientists.html
 
@AP: China halts dialogue with US on climate change, military issues, anti-drug work in retaliation for Pelosi’s Taiwan visit.
 
GOP @RepThomasMassie: The fact that virtually no one in Washington DC wants to investigate the origins of COVID-19 should tell you all you need to know about the origins of COVID-19.
 
GOP Sen. @RandPaul: Jeffrey Sachs, Lancet COVID19 commission chair believes there’s clear proof that NIH has been impeding a serious investigation of COVID19 origin & deflecting attention away from hypothesis that risky US-supported research may have led 2 millions of deaths
https://www.currentaffairs.org/2022/08/why-the-chair-of-the-lancets-covid-19-commission-thinks-the-us-government-is-preventing-a-real-investigation-into-the-pandemic
 
@CBSNews: The new CBS Reports documentary, “Arming Ukraine,” explores why much of the billions of dollars of military aid that the U.S. is sending to Ukraine doesn’t make it to the front lines: “Like 30% of it reaches its final destination.” (Why is the MSM turning on Zelensky?) https://cbsn.ws/3oV6hz5
 
Zelensky seeking ‘direct talks’ with China’s Xi Jinping to help end Russia’s invasion of UkraineIn this exclusive interview with the Post, Zelensky also says he hopes China and other countries will ‘unite’ to support Ukraine’s reconstructionhttps://www.scmp.com/week-asia/politics/article/3187580/volodymyr-zelensky-seeking-direct-talks-chinas-xi-jinping-help
 
The US Senate passed (51-50, Harris tiebreaker) the $740B climate/tax bill.  It now goes to the House.
 
What’s in Democrats’ big bill? Climate, health care, savings – The estimated $740 billion package is full of party priorities…  https://apnews.com/article/whats-in-senate-bill-4d5d4090a86b68dafc92030c3facff9d
 
GOP Sen. @SenTedCruz: The Manchin-Schumer bill will create 87,000 new IRS agents to target regular, everyday Americans.  STOP BIDEN’S SHADOW ARMY!
 
Sen. Ted Cruz on Dem plan for 87,000 more IRS agents: “Abolish the IRS. But at a minimum, we shouldn’t make the IRS larger than the Pentagon, the State Department, the FBI and the Border Patrol all combined…” (There are only 735 US billionaires per Forbes. 87k revenuers are for others!)
https://twitter.com/SteveGuest/status/1556256924752121856
 
CBS: IRS audits the poor at 5 times the rate of everyone else, analysis finds
https://www.cbsnews.com/news/irs-audit-eitc-five-times-as-likely-to-get-audited/
 
Numerous Dem politicians and their media acolytes scolded people concerned about IRS audits that they should just pay taxes and not cheat.  This absurd admonition fails to address the costs in time and money to honest, tax-paying US citizens for IRS audits.
 
@kerpen: Lois Lerner is retired with full pension and never suffered any consequences for weaponizing the IRS against conservatives.
 
GOP Sen. @MarshaBlackburn: Left’s “Inflation Reduction Act” is just a Trojan Horse for their socialist agenda – $370B for the Green New Deal, $64B for Obamacare, and $313B in taxes on small businesses.
 
Schumer hurriedly passed the climate/tax bill before the CBO could score the bill – for an obvious reason.
 
U.S. automakers say 70% of EV models would not qualify for tax credit under Senate bill
Concern about the proposal’s increasing requirements for vehicles’ batteries and critical-mineral contents to be sourced from the United States… https://t.co/sTetXJVBIW
 
Applying Occam’s Razor, the most likely explanation for the Dems’ political suicide bill is Dems know they will get hammered in November; so, they are enriching their constituents while they can.
 
New ABC/IPSOS poll: A strong majority (69%) feel the nation’s economy is getting worse, compared to just 12% who say it is getting better.  Nearly half of Democrats, and a majority of Republicans and independents, say the nation’s economy is getting worse, and two-thirds (64%) of those very enthusiastic about voting in November say the same… https://www.ipsos.com/en-us/news-polls/August-2022-ABC-news-poll
 
WSJ: Red States Are Winning the Post-Pandemic Economy – Workers and employers moved away from the coasts to middle of country and Florida, sparking swifter recoveries there
    Forty-six million people moved to a different ZIP Code in the year through February 2022. They are changing the geography of the American economy..https://t.co/0nH0K6LvOb
 
Los Angeles voters to decide if hotels will be forced to house the homeless despite safety concerns
If passed, the voucher program would require hotels to send information on their vacant rooms for the day by 2 PM daily…  https://t.co/CnoKI55jfa
 
Buffett’s Berkshire Hathaway reported a $43.76B loss in the second quarter as the value of the company’s investments plummeted, in what was a tumultuous quarter for the markets. https://t.co/2LXNQQHa2h
 
Barron’s: The Fed Is About to Ramp Up Balance-Sheet Shrinkage. It May Get Dicey.
The Fed is the largest single investor in the MBS market, and Wang says the central bank can try to minimize potential disruptions by postponing settlements… August is the last month when paydowns should exceed the redemption caps, as the cap for MBS runoff rises to $35 billion. Wang notes that the Fed estimates it receives about $25 billion a month in principal payments, meaning it should no longer have reinvestments to deal with, and that factor offsetting QT will cease.
    September and beyond is when Wang warns something is apt to break, not unlike what happened the last time the Fed embarked on QT, and chaos in the repo market prompted an early end to the program. It is also the time when Fed officials may decide whether to outright sell MBS… Solomon Tadesse, head of quantitative equities strategies North America at Société Générale , says markets still aren’t fully factoring in QT… in order to bring inflation back to 2%, the Fed needs to shrink its balance sheet by about $3.9 trillion—significantly more than what investors expect, Tadesse says. By his calculations, QT alone would amount to about 4.5 percentage points in additional rate hikes…
https://www.barrons.com/articles/fed-balance-sheet-quantitative-tightening-2022-51659731026
   
@OccupytheFeds: BlackRock CEO Larry Fink just sold $30.5M in $BLK. What does Larry know that everyone else doesn’t? Probably a lot since he and Fed Chair Powell are best of cronies
https://twitter.com/OccupytheFeds/status/1556085902404878336
 
Fed’s (Governor) Bowman: more 75 basis-point hikes should be on the table
My view is that similarly-sized increases should be on the table until we see inflation declining in a consistent, meaningful, and lasting way.”… https://t.co/HMaYNeiCQr
 
Fed Gov. Bowman on inflation peaking: “I have seen few, if any, concrete indications that support this expectation, and I will need to see unambiguous evidence of this decline before I incorporate an easing of inflation pressures into my outlook,” she said.  Moreover, Bowman said she sees “a significant risk of high inflation into next year for necessities including food, housing, fuel, and vehicles.”…
    “The larger threat to the strong labor market is excessive inflation… risking a prolonged period of economic weakness coupled with high inflation, like we experienced in the 1970s… we must fulfill our commitment to lowering inflation, and I will remain steadfastly focused on this task,” Bowman said.
https://www.cnbc.com/2022/08/06/fed-governor-bowman-sees-similarly-sized-rate-hikes-ahead-after-three-quarter-point-moves.html
 
(On “Face the Nation”) Daly Says Fed Is ‘Far from Done Yet’ on Bringing Inflation Down – BBG
    Suggests 50 basis points isn’t only option on the table
https://finance.yahoo.com/news/daly-says-fed-far-done-152637623.html
 
@rhemrajani9: Inflation has 𝗻𝗲𝘃𝗲𝗿 come down from above 5% without Fed funds rising above CPI” — which is 9% right now – Stanley Druckenmiller    https://twitter.com/rhemrajani9/status/1556368994143289345
 
Apple may delay iPhone 14 release due to China-Taiwan tensions that rose after Pelosi visit
https://insiderpaper.com/apple-may-delay-iphone-14-release-due-to-china-taiwan/
 
Today – If we know, and you now know that July NFP is fake by at least 372k (B/D + NFP NSA-SA), others will figure this out soon.  Afterall, the chicanery is right in the report, at the top of Table B-1.  If any economist, pundit, analyst, or soothsayer takes the time to peruse the report, it’s explicitly there!
 
July CPI is due on Wednesday.  It should be significantly lower due to the decline in energy.  However, given the way that the BLS cooked July NFP, there is no telling what the BLS will craft for CPI.
 
Instead of the usual Sunday night rally, ESUs hit -15.00 at 18:45 ET on Fed hawkish talk, the latest tax & spent bill, and possibly the Apple delay of iPhone 14.  Today looks to be a contest between traders buying stuff due to momentum and conditioned behavior vs several negative fundamentals.
 
S&P 500 Index 50-day MA: 39342; 100-day MA: 4118; 150-day MA: 4233; 200-day MA: 4338
DJIA 50-day MA: 31,711; 100-day MA: 32,712; 150-day MA: 33,382; 200-day MA: 33,967
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4849.55 triggers a buy signal
WeeklyTrender and MACD are positive – a close below 3735.11 triggers a sell signal
DailyTrender and MACD are positive – a close below 4020.00 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4168.55 triggers a buy signal
 
VP Joe Biden met with two Chinese energy execs in the West Wing – the FIFTEENTH meeting with businessmen tied to his son’s company – who days later sent Hunter a fawning email offering to fix his $102k luxury EV – Two executives for Chinese energy company Wanxiang secured a meeting with VP Joe Biden in the West Wing in July 2014, according to White House visitor logs
https://www.dailymail.co.uk/news/article-11084655/VP-Joe-Biden-met-two-Chinese-energy-execs-West-Wing.html
 
@Breaking911: PELOSI: “When I was a little girl, I was told at the beach if I dug a hole deep enough we would reach China. So, we’ve always felt a connection there.”
https://twitter.com/Breaking911/status/1556004457221177357
 
Pelosi slammed over… ‘connection’ with China: ‘We are truly led by imbeciles’ https://t.co/gBE33KEmQJ
 
DeSantis: “When the George Floyd riots were happening [public health experts] said…we don’t believe rioting is bad for covid. It’s so important that you have to do it. But if you’re protesting lockdowns…then you can’t do that. And that’s when I knew these people are a bunch of frauds.” https://t.co/2ls8NRgZ9T
 
@ggreenwald: What’s the liberal explanation for why Dick and Liz Cheney hate Trump?  Is it that this duo — once called Nazis — are actually noble patriots of integrity and law? Or is it that Trump campaigned on the most vocal denunciation of neocon foreign policy since Ron Paul – and won?
 
@ShuForCongress: The Bushes are finished in Texas and Florida.  The McCains are finished in Arizona.
The Cheneys are finished in Wyoming.  And they still don’t get it.”  (The Establishment is withering.)
 
@PamelaHensley22: Dick Cheney begged Trump to pardon Scooter Libby because Bush was too much of a coward to do it. Trump pardoned him and this is how Cheney repays him?
 
@libsoftiktok: NYC Dept of Health & Mental Hygiene warned today that “structural racism increases the risk of heat stress for black New Yorkers.” Our health experts… https://t.co/9m4kah2j1O
 
‘Mount Rushmore’ term is ‘offensive’ and should be ‘retired,’ ESPN’s Jalen Rose says
Indigenous people who were the first people here before Christopher Columbus,” Rose said in a video he tweeted. “That land was stolen from them when it was discovered that it contained gold…
https://www.foxnews.com/sports/mount-rushmore-term-offensive-retired-says-espns-jalen-rose
 
Entertainment Companies Start Dumping Woke Content as Viewership Tumbles
https://www.zerohedge.com/markets/entertainment-companies-start-dumping-woke-content-viewership-tumbles
 
NYC Mayor Adams outraged over ‘small part’ of border crisis impacting his sanctuary city, Texas AG – Mayor Adams is only feeling “a slight bit” of this border crisis, Ken Paxton argues
https://www.foxnews.com/politics/nyc-mayor-outraged-over-small-part-border-crisis-impacting-his-sanctuary-city-texas-ag
 
NPR blasts GOP governors for busing illegal immigrants to DC ‘with no plan for what’s next’
(Leftist NIMBY hypocrisy – How about all the sanctimonious bragging about ‘sanctuary cities’?)
https://www.foxnews.com/media/npr-blasts-gop-governors-busing-illegal-immigrants-dc-no-plan-whats-next
 
@charliekirk11: American Overdose Deaths from Illegal Drugs like Fentanyl in 2021—108,000. Worldwide Monkeypox Deaths in 2022—5.  Which one do you think The Biden Regime is prioritizing as a public health emergency?
 
After COVID lockdowns, Twitter outraged at report that officials won’t stop sex parties to prevent monkeypox https://t.co/ev0QdaDmkK
 
GOP @RepThomasMassie: Every society that existed before ours had mystics who peddled pseudoscience. They were called witch doctors and rain dancers. Today we call them public health experts and climate policy makers.
 
Reince Priebus reveals dinner Trump had with Chinese President Xi that sets him apart from Biden – I sat across the table from President Xi, and I was sitting next to President Trump… there were two topics that President Xi went on 30 minutes straight without stopping. Number one was the history of China and Japan, and number two was Taiwan. And President Xi went on and on and on about the strategic importance of Taiwan, making it clear they didn’t want us messing with Taiwan. President Trump, after dinner, said, “Excuse me, I have an emergency. I’ll be right back.” [He] [l]eft the dinner table, went down to a private room, authorized the launch of 59 cruise missiles into Syria, came back, sat down and said, “Oh, we just launched 59 cruise missiles into Syria. How’s the creme brulee?” That’s the difference between Joe Biden and Donald Trump.  https://t.co/xVGO2gvDvc


end

Greg Hunter interviewing Karen Kingston:

CV19 Vax Nothing Short of Horrific Experiment – Karen Kingston

By Greg Hunter On August 6, 2022 In Political Analysis23 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Karen Kingston is a biotech analyst and former Pfizer employee who has researched and written about many aspects of Covid 19 and the so-called vaccines.  Kinston has long said both covid and the vax were nothing more than bioweapons, and this past week in a first ever ‘Gain-of-Function’ Senate hearing, medical experts testifying agreed the CV19 virus was a bioweapon.   Kingston explains, “Specifically, they said the work that is done in ‘Gain-of-Function’ (CV19 and other deadly viruses being weaponized now) in the laboratory is strictly for war and the development of bioweapons.  These are military grade weapons.  Dr. Kevin Esvelt said, ‘”The problem is that we are so used to thinking of pandemics as a health and safety issue that we have missed the national security implications of identifying viruses that could be deliberately unleashed to kill millions of people. . . .’”

Kingston says the so-called “vaccines” treating CV19 are also “bioweapons,” and Big Pharma has been given a free hand with zero liability to have human experiments.  It’s all made possible by the “Emergency Use Authorization” (EUA) approved by Congress through the laws it passed.  Kingston contends, “The Food and Drug Consumer Protection Act requires a 10-year timeline for most drugs and vaccines, and a 15-year timeline for viral gene-based therapies, which is what theses (CV19 vaccines) are.  These were brought to market in 10 months, less than a year.  So, this is nothing short of a horrific experiment on the American people. . . . These mRNA injections created new markets for Big Pharma.  On top of that, this lipid nanoparticle technology is so dangerous, as is the mRNA, that it never would have gone through our consumer protection act laws, which are 10 to 15 years to bring the product to market.  So, they need to declare an emergency just like 9/11 where they overrode our privacy laws.  They needed to override our drug safety laws in order to bring these products forward. . . . They are a trillion dollar market every year. . . .  In order for them to sustain this for mRNA and lipid nanoparticle technology and that is combined, well, that market can’t survive or thrive under the current FDA laws.  They need everything constantly to be under ‘Emergency Use Authorization.’ . . . .They need to go straight to humans by simply saying this may work and it may be effective.”

Now, we know the CV19 injections are not effective with Dr. Fauci and President Biden getting a total of four so-called “vaccines” each, and both still recently getting Covid.  Even Dr. Deborah Brix, who was one of the top Doctors on the Covid response team in the White House, now says, ‘I knew these vaccines were not going to protect against infection.  And I think we overplayed the vaccines. . .’  After nearly 600 million doses of CV19 vax in America alone, Dr. Birx admits she never thought the Vax would work??   What gives?  Kingston says, “There are some things called non-prosecution agreements and plea bargaining when you are going to be brought in as an expert witness. . . . This would appear to be a plea-bargaining agreement from a legal perspective, I would say.  So, this is why she is coming forward, and likely she is having her sentence reduced for coming forward and telling the American public the truth about what happened.”

Kingston says the death totals and injury totals will be “significantly higher in the next five years,” because of the CV19 bioweapons being passed off as vaccines.  Kingston would not give a hard number.  Kingston also predicted, “I think the infertility number is going to be jaw-dropping because these injections were designed to target women’s ovaries.  They were also designed to target the male reproductive system, as well.  I think that is going to be very, very alarming.”

There is much more in the 50-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with biotech analyst Karen Kingston as she updates us about the bioweapon injections being forced on people, 8.06.22.

(https://usawatchdog.com/cv19-vax-nothing-short-of-horrific-experiment-karen-kingston/)

After the Interview:

Kingston’s new website is called KarenKingston.net.

Please help support the Truth Tellers.  If you want to donate to Kingston so she can continue informing the public, please click here.

To look as some of the data and documents Kingston shows to prove the CV19 vax is a bioweapon, click here.

If you want to make a snail mail donation to Karen Kingston, please do so at:

miFight Inc. 

960 Postal Way #307 

Vista, CA 92085

If you want to follow Karen Kingston, you can do so on LinkedIn.

END

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