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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: AUGUST 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,795.600000000 USD
INTENT DATE: 08/10/2022 DELIVERY DATE: 08/12/2022
FIRM ORG FIRM NAME ISSUED STOPPED

072 C GOLDMAN 2
072 H GOLDMAN 5
104 C MIZUHO 2
132 C SG AMERICAS 4
167 C MAREX 2
624 H BOFA SECURITIES 9
661 C JP MORGAN 15
800 C MAREX SPEC 3
880 C CITIGROUP 40
880 H CITIGROUP 4

TOTAL: 43 43
MONTH TO DATE: 28,675

JPMorgan stopped: 15/43

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:

43 NOTICES FOR 4300 OZ //0.1337 TONNES

total notices so far: 28,632 contracts for 2,863,200 oz (89.057 tonnes)

SILVER NOTICES:

18 NOTICES FILED FOR 90,000 OZ/

total number of notices filed so far this month 825 : for 4,125,000 oz

END

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

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

GLD

WITH GOLD DOWN $5.95

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

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

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD.

INVENTORY RESTS AT 997.42 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $0.46 CENTS

AT THE SLV// ://A SMALL CHANGE IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 920,000 OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 485.067 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A STRONG SIZED 2200 CONTRACTS TO 143,625 AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE SMALL GAIN IN OI WAS ACCOMPLISHED WITH OUR $0.26 GAIN IN SILVER PRICING AT THE COMEX ON WEDNESDAY. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.26) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY COMMERCIAL SILVER LONGS//. HOWEVER WE CONTINUE TO HAVE SOME SPECULATOR LIQUIDATIONS AS WE HAD A GIGANTIC GAIN OF 2350 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 STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A FAIR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.855 MILLION OZ FOLLOWED BY TODAY’S 90,000 OZ QUEUE JUMP / // V) HUGE SIZED COMEX OI GAIN/(SPEC LIQUIDATION)

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: +272

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 9 days, total 5936 contracts: 29.680 million oz OR 3.297 MILLION OZ PER DAY. (659 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 29.680 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: 29.680 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2532 WITH OUR $0.26 GAIN IN SILVER PRICING AT THE COMEX// WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE CONTRACTS: 150 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 90,000 OZ QUEUE JUMP // .. WE HAD A GIGANTIC SIZED GAIN OF 2350 OI CONTRACTS ON THE TWO EXCHANGES FOR 11.75 MILLION OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

WE HAD 18 NOTICE(S) FILED TODAY FOR 90,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2457 CONTRACTS TO 455,997 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: — 198CONTRACTS.

THE FAIR SIZED INCREASE IN COMEX OI CAME WITH OUR RISE IN PRICE OF $2.45//COMEX GOLD TRADING/WEDNESDAY / 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//FAIR 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 98.367 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 32200 OZ//NEW STANDING 99.783 TONNES

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $2.45 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A GOOD SIZED GAIN OF 3520 OI CONTRACTS 10.94 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1063 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 455,997

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3520 CONTRACTS WITH 2457 CONTRACTS INCREASED AT THE COMEX AND 1063 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 3718 CONTRACTS OR 11.564 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1063) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2457): TOTAL GAIN IN THE TWO EXCHANGES 3520 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERINGS//GOOD BANKER ADDITIONS// ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR AUGUST. AT 99.272 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 32,200 oz. 3) ZERO/ LONG LIQUIDATION//// //.,4) FAIR SIZED COMEX OPEN INTEREST GAIN 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 :

19,521 CONTRACTS OR 1,952,100 OZ OR 60.718 TONNES 9 TRADING DAY(S) AND THUS AVERAGING: 2169 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 9 TRADING DAY(S) IN TONNES: 60.718 TONNES

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

THUS EFP TRANSFERS REPRESENTS 60.718/3550 x 100% TONNES 1.71% 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: 60.718 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 2532 CONTRACT OI TO 143,353 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 150 CONTRACTS

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

SEPT 150 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 150 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 2532 CONTRACTS AND ADD TO THE 150 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF 2682 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 13.411 MILLION OZ

OCCURRED WITH OUR RISE IN PRICE OF $0.26

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

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

end

5. Other gold commentaries

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY NIGHT

SHANGHAI CLOSED UP 51.65 PTS OR 1.60% //Hang Sang CLOSED UP 471.59 OR 2.40% /The Nikkei closed DOWN 180.63 OR % 0.65. //Australia’s all ordinaires CLOSED UP 1.20% /Chinese yuan (ONSHORE) closed UP AT 6.7392//OFFSHORE CHINESE YUAN UP 6.7364// /Oil UP TO 92.70 dollars per barrel for WTI and BRENT AT 97.92// / Stocks in Europe OPENED ALL MIXED. ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2457 CONTRACTS TO 455,997 AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541 OI(SET JAN 16/2020)} AND PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS COMEX INCREASE OCCURRED WITH OUR RISE OF $2.45 IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A SMALL SIZED EFP (1063 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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1063 EFP CONTRACTS WERE ISSUED: ;: , . 0 DEC :1063 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1963 CONTRACTS

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED SIZED TOTAL OF 3520 CONTRACTS IN THAT 1063 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED COMEX OI GAIN OF 2457 CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR RISE IN PRICE OF GOLD $ 2.45. 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 (99.783),

HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

DEC 2021: 112.217 TONNES

NOV. 8.074 TONNES

OCT. 57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE: 72.289 TONNES

MAY 5.77 TONNES

APRIL 95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022 17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:99.783 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $2.45) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY SPECULATOR LONGS // COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO COVER TO THEIR POSITIONS////// WE HAVE REGISTERED A FAIR SIZED GAIN OF 11.564 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR GOLD TONNAGE STANDING FOR AUGUST (99.783 TONNES)…

WE HAD –198 CONTRACTS ADDED TO COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3520 CONTRACTS OR 352000 OZ OR 10.94 TONNES

Estimated gold volume 116,810/// poor/

final gold volumes/yesterday 172,247/ poor

INITIAL STANDINGS FOR AUGUST ’22 COMEX GOLD //AUGUST 11

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil oz
Withdrawals from Customer* Inventory in oz*	288,768.72 oz Brinks HSBC Manfra 1 kilobar Brinks 3000 kilobars Manfra.
Deposit to the Dealer* Inventory in oz*	nil OZ
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	43 notice(s) 4300 OZ 0.1227 TONNES
No of oz to be served (notices)	3406 contracts 340,600 oz 10.594 TONNES
Total monthly oz gold served (contracts) so far this month	28,675 notices 2,867,500 OZ 89.191 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	xxx oz

total dealer deposit 0

total dealer deposit: nil oz

No dealer withdrawals

Customer deposits: 0

total deposits: nil oz

3 customer withdrawals:

i) out of Brinks: 32.151 oz one kilobars

ii) Out of HSBC ; 160,164.621 oz ()

iii) Out of Manfra; 96,453.000 oz (3000 kilobars)

total: 388,768.72 oz

total in tonnes: 8.98 tonnes

Adjustments: dealer to customer //2

Brinks 67,038.382 oz

and

Manfra: 67,004.640 oz

1 adjustment customer to dealer JPMorgan:

63,935.132 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an oi of 3449 contracts having GAINED 140 contracts .

We had 182 notices served upon yesterday so we gained 322 contracts or an additional 32200 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. GAINED 164 contracts to 2817 contracts.

October LOST 107 contracts DOWN to 39,070

We had 43 notice(s) filed today for 4300 oz FOR THE AUGUST 2022 CONTRACT MONTH.

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 43 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 43 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 (28,675) x 100 oz , to which we add the difference between the open interest for the front month of (AUGUST 3449 CONTRACTS ) minus the number of notices served upon today 43 x 100 oz per contract equals 3,208,1 OZ OR 99.785 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 (28,675) x 100 oz+ (3449) OI for the front month minus the number of notices served upon today (43} x 100 oz} which equals 3,208,100 oz standing OR 99.783 TONNES in this active delivery month of August.

TOTAL COMEX GOLD STANDING: 99.783 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: 2,318,414,091 oz 72.11 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 29,089,084.029 OZ

TOTAL REGISTERED GOLD: 14,480,279.429 OZ (450,39 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,608,894.600 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 12,161,865.0 OZ (REG GOLD- PLEDGED GOLD) 378.28 tonnes//rapidly declining

END

SILVER/COMEX/AUGUST 11

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	619,929.831 oz CNT Delaware
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	18 CONTRACT(S) 90,000 OZ)
No of oz to be served (notices)	105 contracts (525,000 oz)
Total monthly oz silver served (contracts)	825 contracts 4,125,000 oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

And now for the wild silver comex results

i) 0 dealer deposit

total dealer deposits: 0 oz

i) We had 0 dealer withdrawal

total dealer withdrawals: oz

We have 0 deposits into the customer account

total deposit: nil oz

JPMorgan has a total silver weight: 174.582 million oz/333.436 million =52.36% of comex

Comex withdrawals: 2

i) out of CNT: 599,793.494 oz

ii) Out of Delaware: 20,136.337 oz

total: 619,929.831 oz

adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 55.259 MILLION OZ

TOTAL REG + ELIG. 333.436 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF AUGUST OI: 123 CONTRACTS HAVING GAINED 2 CONTRACTS. WE HAD 16 NOTICES FILED ON WEDNESDAY

SO WE GAINED 18 CONTRACTS OR AN ADDITIONAL 90,000 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 511 CONTRACTS DOWN TO 72,511

OCTOBER GAINED ANOTHER 15 CONTRACTS TO STAND AT 115

CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 18 for 90,000 oz

Comex volumes:70,434// est. volume today// good

Comex volume: confirmed yesterday: 82,205 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 825 x 5,000 oz = 4,125,000 oz

to which we add the difference between the open interest for the front month of AUGUST(123) and the number of notices served upon today 18 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the AUGUST./2022 contract month: 825 (notices served so far) x 5000 oz + OI for front month of AUGUST (123) – number of notices served upon today (18) x 5000 oz of silver standing for the AUGUST contract month equates 4,650,000 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 11/WITH GOLD DOWN $5.95: HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 997.42 TONNES

AUGUST 10//WITH GOLD UP $2.45: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 996.16 TONNES

AUGUST 9/WITH GOLD UP $6.70: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 996.16 TONNES.

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

GLD INVENTORY: 997.42 TONNES

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

AUGUST 11/WITH SILVER DOWN 46 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920, 000 OZ FORM THE SLV.//INVENTORY RESTS AT 485.067 MILLION OZ//

AUGUST 10/WITH SILVER UP 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 485.159 MILLION OZ//

AUGUST 9/WITH SILVER DOWN 25 CENTS TODAY: TWO CHANGES IN SILVER INVENTORY AT THE SLV: FIRST: A DEPOSIT OF 461,000 OZ INTO THE SLV AND THEN A WITHDRAWAL OF 1.014 MILLION OZ..//INVENTORY RESTS AT 485.159 MILLION OZ//

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//

CLOSING INVENTORY 485.067 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Will The Fed Stay In The Ring With Inflation? Or Is The Tough Talk Just Hot Air?

THURSDAY, AUG 11, 2022 – 03:45 PM

Authored by Michael Maharrey via SchiffGold.com,

Cooling Consumer Price Index data did not cool the hot rhetoric coming from some Federal Reserve members. The question is whether this is a bunch of hot air or do these central bankers actually have the fortitude to move forward with rate hikes in the face of a sinking economy?

The stock market rallied on news that the CPI came in at 0% month-on-month. The year-on-year CPI remains extremely elevated at 8.5%, but that was lower than expected. And while core CPI did rise 0.3% month-on-month, even that was slightly below expectations. This led most market analysts to believe that the Fed would probably slow its roll on interest rate hikes, and some were even speculating the Fed will start cutting rates early next year.

Rate hikes have drug the stock market down, along with the overall economy. GDP has contracted for two straight quarters, meaning that outside of the Orwellian spin world created by the White House, the US economy is already in a recession. The housing bubble has popped and the air is coming out faster every day. Real incomes continue to drop. Productivity tanked. Americans are making ends meet with credit cards. Peter Schiff argues that the recession is here and it’s only going to get worse.

We’re going to get a third negative quarter. We’re going to get a fourth negative quarter. We’re going to be seeing contracting GDP for years. This recession is just getting started.”

The Fed playbook in this scenario is rate cuts. But rising prices back the Fed into a corner. The central bank can either keep raising rates and shrinking its balance sheet, risking a complete economic crash, or it can follow the playbook and go back to loose monetary policy in order to stimulate the economy.

So far, the pundit class at both the Fed and the Biden administration have been able to spin their way out of worrying about the economy by pointing at the “strong” labor market. But in truth, it’s not that strong.

Most people, myself included, thought the Fed would use the cooling CPI data as an excuse to pivot. But two Fed members poured cold water on that idea.

Minneapolis Federal Reserve Bank President Neel Kashkari said the Fed remains “far, far away from declaring victory” on inflation. He went on to say he hasn’t seen anything that changes the trajectory of the Fed’s inflation fight. Kaskari remained adamant that the central bank needs raise rates to 3.9% by the end of the year and to 4.4% by the end of 2023. He even insisted he won’t be deterred by a recession.

Chicago Fed President Charles Evans also said the Fed still needs to get rates to 4% by the end of 2023. But Evens left a lot more wiggle room than Kashkari, saying, “If things get better more quickly, we can not raise rates quite as much as I’ve just indicated … I think we’re well-positioned now for a couple of different turns of the data over the next few months.”

Is This Real Talk?

Jerome Powell and other members of the Federal Reserve have talked tough for months. But is this real talk? Or is it just posturing to maintain their credibility? To ask the question another way, will they stay in the fight when the punches start flying?

Despite the jawboning, the Fed’s actions have been pretty meek. After insisting inflation was “transitory” for months, the Fed has only raised rates to 2.5% despite CPI hitting 9.1% in June. Powell and Company are still way behind the inflation curve. Real rates remain deeply negative and will continue to do so even if they hit Kashkari’s end-of-the-year goal. Meanwhile, the Fed hasn’t even managed to meet its modest balance sheet reduction goals over the first two months of quantitative tightening.

This indicates to me that the Fed isn’t as serious about fighting inflation as they want you to believe. If they really believed inflation was a serious problem, they would have been much more aggressive much faster.

Why was the Fed so slow to respond, and why so tepid in its response?

There is an ugly reality looming ahead, and Powell, Kashkari, Evans and the whole lot of them have to know this. They can’t keep raising rates without a major economic crash.

The Fed and the US government built this economy on printed money, stimulus checks and debt. It looks like taking away the easy money punch bowl has already popped the bubble. We haven’t even felt the impacts of the July rate hike. It will only make the rip in the bubble bigger, letting the air out even faster. It’s only a matter of time before the entire house of cards economy collapses.

In fact, they’re almost certainly already beyond the point of no return.

After every round of easy money since the 80s, the peak interest rate during the recovery has fallen. In other words, the tipping point for the economy has come at a lower and lower maximum interest rate.

The Fed has already driven rates beyond where history would indicate the economy will get shaky. And as I’ve already shown, the economy is in fact shaky.

The Fed managed to drive rates to 2.5% more than a decade after the Great Recession. It didn’t end well. The economy got shaky, the stock market crashed, and the Fed quickly ended the tightening cycle. In fact, it went right back to loose monetary policy. (Not that 2.5% interest rates are particularly tight.) As you’ll recall, in 2019, the Fed cut rates three times and had already gone back to QE – even before the pandemic.

So, what makes anybody think the Fed can push rates to 3 or 3.5% today with even more debt in the economy?

It can’t.

So, the question is – will the Fed soldier on in the inflation fight despite a deep recession?

And it will be a deep recession. This notion we’re about to have a little short downturn in the same wishful thinking category as transitory inflation.

Schiff thinks the tough talk from the Fed is nothing but hot air.

At some point, the economy is going to be so weak that FOMC members are not going to be able to pretend that it’s strong. They’re not going to be able to shrug off all the evidence of a severe recession. And we are going to get the pivot.”

Schiff went on to say the Fed will keep up the pretense and bluff as long as they can. But ultimately, they’ll show their cards and make that pivot back to loose money.

If they don’t there is no guarantee the recession won’t spiral into a deep depression. And that still might not slay the inflation dragon.

For now, the Fed members aren’t showing any cracks in their resolve. But with the Fed, things shift with the wind. You’ll recall that a few months ago a 75 basis point rate hike “wasn’t on the table.” A week later, the Fed delivered a 75 basis point hike.

So, it would be wise not to put too much stock in what Fed people say today. The tune may well change tomorrow.

end

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

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

This is big!! Now let us see if they go up the ladder to get the big boys like Jamie Dimon

Bloomberg News/GATA

Two of three JPMorgan gold traders convicted of market rigging via ‘spoofing’

Submitted by admin on Wed, 2022-08-10 19:11Section: Daily Dispatches

By Joe Deaux
Bloomberg News
Wednesday, August 10, 2022

The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader were convicted in Chicago on charges they manipulated markets for years, handing the US government a win in its long crackdown on bogus “spoofing” orders.

Michael Nowak and Gregg Smith were found guilty today by a federal jury after a three-week trial and more than eight days of deliberations.

Prosecutors presented evidence that included detailed trading records, chat logs and testimony by former co-workers who “pulled back the curtain” on how Nowak and Smith moved precious-metals prices up and down for profit from 2008 to 2016.

A salesman on the bank’s precious-metals desk, Jeffrey Ruffo, was acquitted of charges he participated in the conspiracy. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-08-10/jpmorgan-precious-metals-traders-found-guilty-in-spoofing-trial

END

JPMorgan Precious-Metal Traders Found Guilty Of Spoofing, Had ‘Power To Manipulate The Global Price Of Gold’

THURSDAY, AUG 11, 2022 – 11:25 AM

After a three-week trial and more than eight days of deliberations, Michael Nowak and Gregg Smith were found guilty Wednesday by a federal jury, convicted in Chicago on charges they manipulated markets for years.

A third defendant, Jeffrey Ruffo, who was a salesman on the bank’s precious-metals desk, was acquitted of charges he participated in the conspiracy.

“It’s something that’s been on the minds of many people that were involved in the precious-metals markets in that point in time, and I would say this verdict closes a chapter,” said Phil Streible, the chief market strategist at Blue Line Futures.

“This kind of thing had been going on for at least 15 years or more with people waiting for justice, and I never thought it would ever get closed.”

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

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

“It wasn’t hidden.”

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

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

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

As Bloomberg reports, the case was the biggest yet in a crackdown by the US Justice Department.

Nowak, the managing director in charge of the desk, and Smith, its top trader, were convicted of fraud, spoofing, market manipulation.

The government alleged the precious-metals business at JPMorgan was run as a criminal enterprise, though the jury acquitted all three men of a separate racketeering charge.

“They had the power to move the market, the power to manipulate the worldwide price of gold,” prosecutor Avi Perry said during closing arguments.

US District Court Judge Edmond Chang said Nowak and Smith will be sentenced next year.

Each faces decades in prison, though it may be far less. Two Deutsche Bank AG traders convicted of spoofing in 2020 were each sentenced to a year in prison.

With Wednesday’s verdict, the Justice Department has secured convictions of 10 former traders at Wall Street financial institutions, including JPMorgan, Merrill Lynch & Co., Deutsche Bank AG, The Bank of Nova Scotia, and Morgan Stanley, Assistant Attorney General Kenneth A. Polite Jr. said in a statement.

“Today’s conviction demonstrates that no matter how complex or long-running a scheme is, the FBI is committed to bringing those involved in crimes like this to justice,” Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division said in a statement.

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

end

4. OTHER GOLD/SILVER COMMENTARIES

end

5.OTHER COMMODITIES: EGGS

Eggs up 47% as foods costs spiral out of control

(Michael Snyder)

The Price Of Eggs Is Up 47% As Food Costs In The US Spiral Out Of Control

BY TYLER DURDEN

THURSDAY, AUG 11, 2022 – 10:25 AM

Authored by Michael Snyder via The Economic Collapse blog,

Now they are trying to convince us that dramatically higher prices are good news. Are you kidding me? Our standard of living is being systematically destroyed, and more Americans are falling out of the middle class with each passing day. The government just announced that in July the consumer price index was 8.5 percent higher than it was the previous July. Of course many have challenged the value of the inflation numbers that the government is giving us because the way inflation is calculated has been changed many times over the years. As John Williams of shadowstats.com has pointed out, if the rate of inflation was still calculated the way that it was back in 1980 it would be far higher than anything that we experienced during the Jimmy Carter era of the 1970s. You can spin that any way that you want, but it is still a raging national crisis.

Yes, energy prices in the U.S. have fallen a bit, and many Americans are very thankful for that.

This reprieve won’t last indefinitely, and so don’t celebrate too much.

Meanwhile, food costs continue to spiral out of control…

“The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979,” BLS said.

Some grocery store items have seen prices rise even faster, though.

“The food at home index rose 13.1 percent over the last 12 months, the largest 12-month increase since the period ending March 1979,” BLS said. “The index for other food at home rose 15.8 percent and the index for cereals and bakery products increased 15.0 percent over the year. The remaining major grocery store food groups posted increases ranging from 9.3 percent (fruits and vegetables) to 14.9 percent (dairy and related products).”

Those numbers are absolutely abysmal.

I am sure that you have noticed that prices are going up when you visit the grocery store. Personally, I still remember the days when I could fill up an entire shopping cart full of food for just 25 dollars.

What will 25 dollars get you today?

In the old days, eggs were always a fairly inexpensive option, but the government is telling us that the price of eggs has risen 47 percent over the past year…

Inflation is wreaking havoc on breakfast, with egg prices at grocery stores soaring a whopping 47% in July over last year, according to retail analytics firm Information Resources Inc.

47 percent!

That is nuts.

Of course the bird flu pandemic that has killed tens of millions of our chickens is the primary reason for that price spike.

As I detailed a few days ago, a number of major problems have combined to create a “perfect storm” for global food production. The war in Ukraine, skyrocketing fertilizer prices and extremely bizarre weather patterns are just some of the reasons why global food supplies are getting tighter and tighter.

So the truth is that food inflation is not going away any time soon.

In fact, I expect global food prices to be substantially higher in 2023 because food production all over the planet will be way below expectations in the months ahead.

We could handle rising prices if our paychecks were going up just as fast.

Needless to say, that isn’t happening. As Zero Hedge has pointed out, real average weekly earnings are “now down 16 straight months as inflation eats away at any wage gains”.

So even the highly manipulated numbers that the government is giving us show that our standard of living has been falling for 16 months in a row.

Ouch.

In the months ahead, I expect this trend to accelerate. It is being projected that heating costs are going to greatly accelerate all over the western world, and that is certainly not going to help matters.

This will be particularly true over in Europe. Becoming so dependent on Russian natural gas was a very foolish thing to do, and now the war in Ukraine has changed everything.

For example, over in the UK it is being projected that absurdly high heating bills will push a significant proportion of the population into financial hardship this winter. The following comes from CNN…

Nearly one third of households in the United Kingdom will face poverty this winter after paying energy bills that are set to soar again in January, campaigners say.

About 10.5 million households will be in fuel poverty for the first three months of next year, according to estimates from the End Fuel Poverty Coalition (EFPC) published on Tuesday — meaning that their income after paying for energy will fall below the poverty line.

The UK is supposed to be one of the wealthiest nations on the entire planet.

But thanks to the war in Ukraine, household energy bills are about to soar to absolutely unprecedented heights…

The predictions are based on new estimates from research firm Cornwall Insight, also published Tuesday, which show that the average household energy bill is expected to hit £3,582 ($4,335) a year from October, and £4,266 ($5,163) from January — equating to about £355 ($430) a month.

If the war in Ukraine is causing this much pain, what will happen to global energy markets when Iran and Israel go to war?

And what will happen when the United States goes to war with China?

I keep trying to sound the alarm, because it is just a matter of time until those conflicts also erupt.

Meanwhile, food production all over the planet will continue to be ravaged by drought, floods, crippling fertilizer costs and persistent global supply chain problems.

Our leaders told us that inflation would just be “transitory”, but that turned out to be totally false.

Now they are telling us that next year will be better.

You can believe that if you want.

But right now global food production is being hit by major crisis after major crisis, and as a result food prices are likely to continue their upward spiral for quite some time to come.

* * *

It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon.

end

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 THURSDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.7392

OFFSHORE YUAN: 6.7364

HANG SENG CLOSED UP 471.59 PTS OR 2.40%

2. Nikkei closed DOWN 180.63 OR 0.65%

3. Europe stocks CLOSED ALL MIXED

USA dollar INDEX DOWN TO 104.84/Euro RISES TO 1.0336

3b Japan 10 YR bond yield: FALLS TO. +.184/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 132.41/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +0.904%/Italian 10 Yr bond yield FALLS to 2.96% /SPAIN 10 YR BOND YIELD FALLS TO 1.99%…

3i Greek 10 year bond yield RISES TO 3.18//

3j Gold at $1794.35 silver at: 20.56 7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 6/100 roubles/dollar; ROUBLE AT 60.65

3m oil into the 92 dollar handle for WTI and 97 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 132.41DESTROYING 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 0.9407– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9724well 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: 2.777 UP 0 BASIS PTS

USA 30 YR BOND YIELD: 3.047 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.96

Overnight: Newsquawk and Zero hedge:

FIRST, ZEROHEDGE

Futures Storm Higher As Nasdaq Bull Markets Sparks FOMO Chase

THURSDAY, AUG 11, 2022 – 07:55 AM

US equity futures extended their post-CPI miss gains (for reasons laid out last night by Goldman’s trading desk which sees $13 billion in non-fundamental demand every day and a new round of FOMO by lagging hedge funds), rising 0.4% on Thursday morning…

…. while tech stock futures were also higher changed after the Nasdaq 100 advanced 20% from its June lows, entering a new bull market, with Wednesday’s softer-than-expected inflation print bolstering hopes of less aggressive Fed tightening. Contracts on the Nasdaq 100 were 0.4% higher by 7:15 a.m. in New York after the underlying gauge soared 2.8% on Wednesday to the highest level since May 4.

A dollar index slipped, adding to retreat a day earlier that was the biggest since the onset of the pandemic. Short-term Treasury yields held a drop on investors’ scaled-back expectations of how aggressively the Fed will have to tighten monetary policy; bitcoin rose to the mid $24,000s.

In premarket trading, Disney jumped after beating estimates and saying it’s raising the price of its flagship Disney+ streaming service by 38%. Analysts were optimistic about the performance of the company’s Parks business as travel rebounds. Meanwhile, shares in Bumble Inc. fell ~7% after the dating app company lowered its full-year revenue guidance. Given the stock’s recent outperformance, analysts noted that expectations were high going into the firm’s 2Q report and attributed the tepid forecast to a shift in product timing, which increases execution risk in 4Q. Other notable movers include:

Morgan Stanley (MS US) cut its PC shipment estimates for the year after noting that demand for consumer personal computers is weakening and PC channel inventories are moving higher. The brokerage, however, maintained its recommendations on Dell and HPQ.
Matterport (MTTR US) advances ~15% in US premarket trading Thursday after the software company boosted its revenue guidance for the year. Second-half growth outlook is “better-than-feared,” Piper Sandler says.
Traeger (COOK US) analysts reduced their price targets on the stock, with Baird downgrading the grill maker to neutral after it cut its revenue guidance for the full-year. Brokers said that catalysts for the stock in the immediate future were in short supply.
First Solar (FSLR US) raised to overweight at KeyBanc as it refreshes its views on US renewables stocks, including PT raises for Enphase Energy and NextEra.
Marathon Digital (MARA US) and Riot Blockchain lead cryptocurrency-exposed stocks higher in premarket trading with Bitcoin climbing to a near two-month high after softer-than- expected inflation data fueled rallies across digital tokens.
Sonos (SONO US) drops 20% in premarket trading after the audio-products maker cut its full-year guidance for revenue and adjusted Ebitda, citing a challenging macroeconomic backdrop, with the strong dollar and inflation pressuring consumer sentiment. The company also said Chief Financial Officer Brittany Bagley is stepping down to pursue another opportunity.

Stocks surged after the July CPI reading showed US inflation decelerated in July by more than expected, printing at 8.5% in July, down from the 9.1% June print that was the largest in four decades, a development that could take some pressure off the Federal Reserve in deciding on more rate hikes. However, Fed officials were quick to stress more rate increases are coming to counter price pressures and signaled investors should rethink expectations of cuts next year to shore up economic growth. Still, the news was enough to help the duration-heavy and deflation-propelled Nasdaq index reclaim nearly $2.8 trillion from its June 16 low, with Apple, Amazon.com and Microsoft leading the rally. Tech stocks have been rebounding as bond yields pulled back amid expectations that Fed rate hikes may push the US economy into recession. Lower bond yields particularly support growth stocks like tech, which are valued on future profits.

“Despite the Fed’s unwavering rhetoric, this release has given investors hope that the pace of rate rises in the US will slow and that the fabled soft landing may be less elusive than feared,” said Lewis Grant, head of global equities at Federated Hermes.

“From now onwards, the Fed should start worrying about growth risks much more than inflation,” said Ashish Marwah, chief investment officer of ADS Investment Solutions Ltd. While he sees no case for a large rate hike moving forward, Marwah said a smaller increase at the next meeting would give the Fed “time to pause and evaluate what the underlying inflation trend is.”

European stocks trimmed earlier gains as losses in the healthcare sector outweighed optimism that signs of a peak in US inflation would spark a dovish tilt in Federal Reserve policy. The Stoxx 600 Index was less than 0.1% higher by 10:33 a.m. in London after surging yesterday to its highest in two months. Healthcare stocks including Sanofi, GSK Plc and Haleon Plc were major drags on the benchmark amid concern over litigation related to Zantac, a once-popular antacid that has drawn a flurry of US personal-injury lawsuits alleging it causes cancer. Energy as well as travel and leisure stocks were among the sectors moving higher. FTSE MIB outperforms, adding 0.4%, DAX lags, dropping 0.1%. Energy, insurance and banks are the strongest-performing sectors. Here are the biggest European movers:

Coca-Cola HBC shares advance as much as 6%, the most since March 29, after the company reported 1H sales and Ebit that beat estimates and reinstated its guidance for the year.
Kahoot! jumps as much as 22%, the most since August 2021, after the Norwegian game-based learning platform firm reported a rise in 2Q earnings.
Russia’s equity benchmark climbed as the price of natural gas in Europe rose and investors worldwide turned more optimistic after signs of cooling US inflation.
Stroeer surges as much as 17%, the most since November 2020, after the online advertising and billboards company reported 2Q results which Citi says were “strong.”
Zurich Insurance gains as much as 2.4% with analysts saying the Swiss insurer’s quarterly results were strong, as expected.
Network International jumps as much as 19%, the most since November 2020, after the payments firm’s 1H results met expectations and it announced a new buyback.
Sanofi, GSK and Haleon extend their declines amid mounting concerns about litigations around recalled heartburn drug Zantac.
Valneva falls as much as 3.9% after the French biotechnology company lowered its guidance following setbacks for its Covid-19 vaccine.

Earlier in the session, Asian stocks gained as cooler-than-expected US inflation data spurred bets that the Federal Reserve will temper the pace of its interest-rate increases. The MSCI Asia ex-Japan Index rose as much as 1.8%, the most in three weeks, lifted by technology shares amid falling Treasury yields. Tech-heavy markets including Taiwan and South Korea led gains in the region. Benchmarks in China also advanced, while Japan’s market was closed for a holiday on Thursday. US inflation decelerated in July by more than expected, spurring a rally in shares overnight as investors bet on a potential pivot by the Fed on monetary tightening. The positive sentiment carried through to the Asian session, while traders continued to monitor Covid lockdowns in some Chinese cities.

“Inflation has been expected to peak over the summer for some time, so it was reassuring for markets that there are clear signs that this looks to be happening,” said Oliver Blackbourn, multi-asset fund manager at Janus Henderson Investors. “Any dovishness is seen as positive by the stock market, particularly for the highest valued companies.” Still, ongoing US-China tensions have kept some investors on edge, with President Joe Biden being “cautious” about the future of tariffs on more than $300 billion in goods from the US rival. Japan was closed for a holiday.

Indian stocks tracked regional peers higher after softer-than-expected US inflation print raised expectations that the Federal Reserve will raise interest rates at a slower pace. The S&P BSE Sensex climbed 0.9% to 59,332.60 to its highest level in four months in Mumbai. The NSE Nifty 50 Index added 0.7%. Of the 30 member stocks on the Sensex, 20 rose and 10 fell. Housing Development Finance Corp rose 2.4% to its highest level in four months and was among the biggest boosts to the gauge. Fourteen of 19 sectoral sub-indexes compiled by BSE Ltd. advanced, led by a measure of lenders. “The lower than expected US CPI numbers have catalyzed a rally in global markets on the hope that the US Fed may go slow on rate hikes,” Deepak Jasani, head of retail research at HDFC Securities Ltd., wrote in a note. The prospect of faster monetary tightening by the Fed had stoked fears of capital outflows from riskier emerging market assets like India. In earnings, of the 44 Nifty companies that have announced quarterly results so far, an equal number have missed and exceeded analyst estimates. Apollo Hospitals is scheduled to announce results later in the day.

In FX, the dollar slipped while NOK and GBP are the weakest performers in G-10 FX, EUR and DKK outperform.

In rates, treasuries advanced despite better risk appetite with the yield curve extending Wednesday’s CPI-inspired bull-steepening, following gains led by front-end during London session; 2-year yields richer by ~3.5bp, off session low. 10- to 30-year yields (also off lows) are little changed, steepening 2s10s and 5s30s spreads by ~2bp and ~3bp on the day; US 10-year sector outperforms bunds by ~3bp, gilts by ~5bp. The Treasury auction cycle concludes with $21b 30-year bond sale at 1pm ET; Wednesday’s 10-year note auction stopped 0.6bp below the WI yield at the bidding deadline. WI 30-year yield around 3.03% is ~9bp richer than last month’s result, which stopped 1.8bp through. Bunds and gilts erase post-CPI gains, catching up to USTs reversal on Wednesday as hawkish comments from Fed policy makers stymied prospects of a pivot. Peripheral spreads tighten to Germany.

In commodities, WTI crude climbs 0.5% to around $92; gold down about $2 to below $1,790. Most base metals trade in the green; LME nickel rises 2.7%, outperforming peers. LME zinc lags, dropping 0.6%.

It’s a fairly quiet day ahead on the calendar now, but data releases include the US PPI reading for July, as well as the weekly initial jobless claims.

Market Snapshot

S&P 500 futures up 0.1% to 4,216.25
STOXX Europe 600 little changed at 440.16
MXAP up 1.1% to 162.09
MXAPJ up 1.7% to 529.79
Nikkei down 0.6% to 27,819.33
Topix down 0.2% to 1,933.65
Hang Seng Index up 2.4% to 20,082.43
Shanghai Composite up 1.6% to 3,281.67
Sensex up 0.9% to 59,317.34
Australia S&P/ASX 200 up 1.1% to 7,070.95
Kospi up 1.7% to 2,523.78
German 10Y yield little changed at 0.91%
Euro up 0.2% to $1.0323
Brent Futures little changed at $97.39/bbl
Gold spot down 0.3% to $1,786.27
U.S. Dollar Index down 0.15% to 105.03

Top Overnight News from Bloomberg

‘Worst Likely Over’ for EM Asia Currencies as Fed Hike Bets Ease
Oil Steadies as Traders Count Down to OPEC, IEA Market Outlooks
Fed Leaders, Unswayed by Softer CPI, See Rate Hikes Into 2023
Kim Jong Un Was ‘Seriously Ill’ in North Korea Covid Surge
Market Surge After CPI Data Has Skeptics Issuing a Warning
Football Fanatic Builds $1 Billion Bet Against Game’s Mega Rich
Pelosi Says US Can’t Let China Establish ‘New Normal’ on Taiwan
Hedge Funds Face SEC Push to Share More on Their Strategies
JPMorgan Gold Traders Found Guilty After Long Spoofing Trial
Trump Deposition Day: Invoking the Fifth in Showdown With AG
Driller W&T Opens Internal Probe After Whistle-Blower Letter
Chicago Mayor Says City Revenue Unhurt by Corporate Exits
Trump 2016 Staff Can Talk About What They Saw on Campaign
Snowballing US Rent Crisis Spares No City or Income Bracket
CVS Is Said to Have Been Mystery Bidder for One Medical
‘Crying CEO’ Says He Loves His Employees, Even Those He Laid Off
Bolton Was Target of Murder Plot in US Iranian Guard Case
Disney Tops Profit Views, Raises Ad-Free Streaming Price 38%
Ping An Sees HSBC Overstating the Challenges of a Spinoff
Blackstone to Buy Bulk Purchaser CoreTrust From HCA Subsidiary
Apple Ramps Up Its In-House Podcasting Efforts With Studio Deal
Cut-to-Bone Positioning Set the Stage for Stocks’ Big Bounce

More detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks took impetus from their global counterparts after softer-than-expected US CPI data spurred a dovish reaction across asset classes and unwound some of the hawkish Fed market pricing. ASX 200 reclaimed the 7,000 level with the tech and mining-related sectors leading the gains in the index, while financials are also positive as participants digest earnings results and updates from AMP and QBE Insurance. KOSPI strengthened despite the increase in COVID cases to a 4-month high and the recent devastating floods in Seoul, with strength in index heavyweight Samsung Electronics after it introduced its latest line-up of foldable smartphones and other key products. Hang Seng and Shanghai Comp were higher with Hong Kong lifted by tech and property stocks, although advances in the mainland were initially contained following a jump in COVID infections and with the Biden administration said to have currently set aside the option of scrapping some China tariffs or investigating adding more.

Top Asian News

China Pledges to Cut Mining Deaths After Spate of Accidents
LNG WRAP: Asia Price Rally Prompts Chinese Buyer to Sell Cargo
‘Worst Likely Over’ for EM Asia Currencies as Fed Hike Bets Ease
Hang Seng Index Rises 2.4%; Alibaba Leads Advance
Ether at Two-Month Peak on Signs of Success in Key Software Test
Philippine Stocks Surge 3.2% as Central Bank Seen Less Hawkish

European bourses are little changed overall after a modestly firmer open failed to gain much traction with newsflow limited, Euro Stoxx 50 +0.1%. Stateside, performance is very similar though futures are faring incrementally better, ES +0.2% and the NQ +0.4% remains the relative outperformer. China vehicle sales (Jan-Jul): -2% YY (prev. +19.3%), via Industry Association. New energy vehicles sales (Jan-Jul): +120% YY.

Top European News

UK Real Estate Firms Warn of Price Falls as Borrowing Costs Rise
Russia Aircraft Destroyed, Ukraine Says: Photo
Ceconomy Drops; Fighting ‘Perfect Storm,’ Baader Helvea Says
Ether at Two- Month Peak on Signs of Success in Key Software Test
IEA Sees Russian Oil Output Down 20% When EU Ban Takes Effect
Deutsche Telekom Raises 2022 Outlook on US Customer Growth

DXY is back on a softer footing following an overnight session of consolidation from yesterday’s CPI-induced losses.
G10s are firmer vs the USD to varying degrees, with the EUR, AUD, and NZD leading the gains.
GBP and CAD are the relative laggards while haven FX reside towards the middle of the G10 table.

Fixed Income

Core benchmarks under modest pressure but remain above the post-CPI trough with action quiet amid a limited schedule and Japanese holiday.
USTs essentially unchanged, initial incremental upward bias dissipated and we now look to PPI, Fed’s Daly & 30yr supply.
Yield curve continues to re-steepen, though lies in yesterday’s pronounced ranged while BTP-Bund remains steady at 210bp.

Commodities

WTI and Brent front-month futures are extending yesterday’s climb Brent Oct’ extending gains above USD 98/bbl.
Spot gold trades flat around USD 1,789/oz after briefly topping USD 1,800/oz yesterday post-CPI.
LME copper has gained a firmer footing above USD 8,000/t amid the softer Dollar, with LME nickel the current outperformer.
IEA OMR: Raises 2022 estimate for oil demand growth by 380k BPD to 2.21mln BPD due to more gas-to-oil switching; demand growth is expected to slow to 40k BPD in Q4 2022; declines in Russian supply is more limited than previously forecast.
Czech pipeline operator Mero exports oil flows to the nation to resume “soon”; expects flows via Druzhba to restart “tomorrow or the day after”, via Reuters.

US Event Calendar

08:30: Aug. Initial Jobless Claims, est. 264,000, prior 260,000
- July Continuing Claims, est. 1.42m, prior 1.42m
08:30: July PPI Final Demand MoM, est. 0.2%, prior 1.1%; PPI Final Demand YoY, est. 10.4%, prior 11.3%
- July PPI Ex Food, Energy, Trade MoM, est. 0.4%, prior 0.3%; YoY, est. 5.9%, prior 6.4%
- July PPI Ex Food and Energy MoM, est. 0.4%, prior 0.4%; YoY, est. 7.7%, prior 8.2%

DB’s Jim Reid concludes the overnight wrap

After much build-up and anticipation, I am now a married man. It was without a doubt the best day of my life being surrounded by family and friends, and thank you for the many kind words I received. Married life so far has been blissful, but I appreciate when you’re not at work and eating out on a daily basis then the usual pressures of life may not apply. Let’s hope this honeymoon spirit and the benefit of the doubt is still around in a few months’ time.

Markets were also in a buoyant mood while I was away, and that trend has continued over the last 24 hours thanks to a much lower-than-expected US CPI print. That helped to bolster hopes that the Fed wouldn’t need to tighten policy as aggressively as many had feared, though Fed officials threw some cold water on the optimism later in the session which tempered the rally in yields, at least. And whilst some of the CPI details weren’t as flattering as the headline stats (more on which below), this positive reaction was evident across multiple asset classes as investors received a downside inflation surprise of the sort we haven’t seen in a long time, with monthly headline CPI actually seeing -0.02% deflation on the month. That’s the first time that prices have fallen on a monthly basis since May 2020, and the reading also came in two-tenths beneath the +0.2% expected by the economists’ consensus on Bloomberg, which is the first time in more than five years that inflation has come in beneath the consensus by that big an amount.

That unexpected drop in prices was largely driven by a sharp monthly fall in energy prices (-4.6%), which experienced their largest decline since April 2020. Indeed, gasoline specifically was down by -7.7% over the month against the backdrop of a serious decline in oil prices since their recent peaks. In turn, that sent the year-on-year CPI reading down to +8.5%, having been at a four-decade high of +9.1% in June. Furthermore, sentiment was bolstered by the fact that core inflation also surprised to the downside, at +0.3% on the month (vs. +0.5% expected), which meant the year-on-year figure remained at +5.9%.

The market reaction to this was incredibly favourable, as the release led investors to reduce the chances that the Fed would hike by 75bps again at their next meeting in September. Indeed, the hike that futures are pricing in for September came down from +68.2bps to +62.5bps, exactly halfway between a +50bp and a +75bp hike, as live as a meeting as you’ll get. That’s still slightly above where it’d been prior to last week’s much stronger-than-expected jobs report that raised expectations of another 75bps move. In turn that sent Treasury yields lower, with the 2yr yield down more than -20bps following the print, but gave back some of that rally after subsequent Fedspeak (more below). 10yr yields also initially moved lower, falling more than -13bps from immediately before the print, only to end the day +2.0bps higher at 2.78%, so we had a decent amount of curve steepening on the day as well as the last batch of data pointed away from stagflationary fears.

But even as markets have been celebrating the prospect of a less aggressive Fed, it’s worth remembering that we’re still nowhere near out of the woods yet, and annual inflation of +8.5% is still way above what we’ve been used to experiencing over recent decades. In addition, some of the more granular details from the CPI release were much less positive than the immediate headlines. For instance, the Cleveland Fed’s trimmed-mean CPI measure that removes the biggest outliers in either direction was still running at +0.45% on a monthly basis, and on a year-on-year basis it actually ticked up slightly to +7.0%. So it’s clear there are still broad-based price pressures across the economy, in spite of the decline in energy last month. Elsewhere, the Atlanta Fed produce a “flexible” and “sticky” CPI, which separates the CPI components into ones that change prices regularly and ones that don’t. That showed the flexible CPI reading down by -1.0% on the month, but the sticky CPI reading was up by +0.4%, which means that sticky CPI is now running at +5.8% on an annual basis, or in other words its fastest pace since 1991. So there’s still a long way to go here, and remember that Chair Powell himself said in June that the Fed wanted “compelling evidence” that inflation was heading downwards consistent with returning to target, which is going to take a lot more than just one reading.

For markets however, the narrative that we might have seen “peak inflation” was nevertheless dominant, and equities had a buoyant reaction yesterday, with the S&P 500 surging +2.13% to close at a 3-month high for the first time since early January. The more cyclical sectors led the way whilst the megacap tech stocks were a particular beneficiary, with the FANG+ index gaining +3.67% on the day. The VIX index of volatility even closed beneath 20 points for the first time since early April. It was much the same story in Europe too, even if it was a bit more subdued, and the STOXX 600 (+0.89%) closed at its highest level in just over two months as well.

When it came to the Fed themselves, we did actually hear from a few speakers yesterday. Chicago Fed President Evans, who is an FOMC voter in 2023, said that inflation was still “unacceptably high” and said that he expected “we will be increasing rates the rest of this year and into next year to make sure inflation gets back to our 2% objective”. Furthermore, his forecast for core CPI is at 2.5%, which is some way beneath our own economists’ projections, and even then he saw the Fed funds rate range at 3.75%-4% by end-2023. Later in the session, President Kashkari took it a step further, saying he expected a 4.4% fed funds rate by the end of next year, and was resolute that the Fed would not waver in bringing inflation back to its 2% target. So both are projecting rates some way above the 3.11% that Fed funds futures are pricing in for December 2023, which just speaks to the divergence between the Fed’s stated intentions in their most recent dot plot and the cuts that markets are pricing in for the latter part of next year. Then overnight, we heard from San Francisco Fed President Daly, who warned in an FT interview that it was too early to “declare victory” over inflation.

Away from the Fed, we had a mixed bag of news on the European energy situation yesterday. On the one hand, we heard that Slovakia was now receiving Russian oil via the Druzhba pipeline, which had been suspended previously. At the same time though, European natural gas futures rose by +6.86% to €205 per megawatt-hour, which is their highest level since early March, and German power prices for 2023 rose a further +4.84% to €427 per megawatt-hour. European sovereign bonds were more affected by the US inflation news however, with yields on 10yr bunds (-3.2bps), OATs (-2.0bps) and BTPs (-6.0bps) all moving lower.

Overnight in Asia, equity markets are also surging this morning following a strong session on Wall Street overnight. Risk appetite has been evident across the region, with the Hang Seng (+1.74%), the CSI (+1.39%), the Shanghai Composite (+1.18%) and the Kospi (+1.32%) all moving higher, whilst markets in Japan are closed for a holiday. That optimism is also set to extend into the European and US sessions, with futures contracts on the S&P 500 (+0.30%), NASDAQ 100 (+0.43%) and DAX (+0.39%) all pointing towards further gains today as well. Separately, the People’s Bank of China said in its latest quarterly monetary policy report that consumer prices in China will probably remain in a reasonable range and will likely reach its 3% target for full-year inflation . At the same time, the central bank stressed that it will continue to maintain plenty of liquidity in the system so as to provide stronger support to the real economy.

It’s a fairly quiet day ahead on the calendar now, but data releases include the US PPI reading for July, as well as the weekly initial jobless claims.

AND NOW NEWSQUAWK

Comparatively contained performance with catalysts limited; US PPI, Daly & 30yr due – Newsquawk US Market Open

THURSDAY, AUG 11, 2022 – 06:29 AM

European bourses are little changed overall after a modestly firmer open failed to gain much traction with newsflow limited, Euro Stoxx 50 +0.1%.
Stateside, performance is very similar though futures are faring incrementally better, ES +0.2% and the NQ +0.4% remains the relative outperformer.
DXY is back on a softer footing, below 105.00, with peers firmer though magnitudes vary
Core benchmarks are under modest pressure but remain above the post-CPI trough with action quiet amid a limited schedule and Japanese holiday.
Crude is extending on Wednesday’s performance while spot gold is little change though base metals outperform.
Fed’s Daly: too early to declare victory on inflation, 50bp is her September baseline
Looking ahead, highlights include US IJC & PPI, OPEC MOMR, Banxico Policy Announcement, Speech from Fed’s Daly, Supply from the US.

As of 11:05BST/06:05ET

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

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LOOKING AHEAD

US IJC & PPI, OPEC MOMR, Banxico Policy Announcement, Speech from Fed’s Daly, Supply from the US.
Click here for the Week Ahead preview.

GEOPOLITICS

North Korean leader Kim’s sister said leader Kim recovered from suspected COVID-19 and had experienced a high fever, while she added that the COVID outbreak resulted from enemies in South Korea who sent anti-North leaflets. Furthermore, she said South Korea continues to commit crimes against humanity by sending anti-North leaflets and that strong retaliation must be taken to respond to South Korea’s crimes with its puppet regime an unchangeable main enemy, according to KCNA.
South Korea expressed regret over North Korea’s groundless claim over the COVID outbreak and threats, according to Yonhap.
US President Biden’s administration is rethinking potential tariff moves after China’s response to Pelosi’s Taiwan trip and set aside the option of scrapping some tariffs on China or investigating adding more, for now, while President Biden has not yet made a decision on tariffs, according to sources cited by Reuters.
Taiwan’s Foreign Ministry responded to China’s recent white paper on Taiwan and stated that Taiwan firmly rejects ‘one country, two systems’ and said that only Taiwan’s people can decide its future, according to Reuters.
US House Speaker Pelosi said they will not allow China to isolate Taiwan.
As of Thursday afternoon, “no more than 10” Chinese and Taiwanese navy ships continued to stay close to the Taiwanese Strait median line, according to Reuters sources.
Taiwan’s President says at this moment the threat of Chinese military action has not decreased, via Reuters.

EUROPEAN TRADE

EQUITIES

European bourses are little changed overall after a modestly firmer open failed to gain much traction with newsflow limited, Euro Stoxx 50 +0.1%.
Stateside, performance is very similar though futures are faring incrementally better, ES +0.2% and the NQ +0.4% remains the relative outperformer.
China vehicle sales (Jan-Jul): -2% YY (prev. +19.3%), via Industry Association. New energy vehicles sales (Jan-Jul): +120% YY.
Click here for more detail.

FX

DXY is back on a softer footing following an overnight session of consolidation from yesterday’s CPI-induced losses.
G10s are firmer vs the USD to varying degrees, with the EUR, AUD, and NZD leading the gains.
GBP and CAD are the relative laggards while haven FX reside towards the middle of the G10 table.
Click herefor more detail.

Notable FX Expiries, NY Cut:

Click here for more detail.

FIXED INCOME

Core benchmarks under modest pressure but remain above the post-CPI trough with action quiet amid a limited schedule and Japanese holiday.
USTs essentially unchanged, initial incremental upward bias dissipated and we now look to PPI, Fed’s Daly & 30yr supply.
Yield curve continues to re-steepen, though lies in yesterday’s pronounced ranged while BTP-Bund remains steady at 210bp.
Click here for more detail.

COMMODITIES

WTI and Brent front-month futures are extending yesterday’s climb Brent Oct’ extending gains above USD 98/bbl.
Spot gold trades flat around USD 1,789/oz after briefly topping USD 1,800/oz yesterday post-CPI.
LME copper has gained a firmer footing above USD 8,000/t amid the softer Dollar, with LME nickel the current outperformer.
IEA OMR: Raises 2022 estimate for oil demand growth by 380k BPD to 2.21mln BPD due to more gas-to-oil switching; demand growth is expected to slow to 40k BPD in Q4 2022; declines in Russian supply is more limited than previously forecast.
Czech pipeline operator Mero exports oil flows to the nation to resume “soon”; expects flows via Druzhba to restart “tomorrow or the day after”, via Reuters.
Click here for more detail.

NOTABLE HEADLINES

NBH keeps its one-week deposit rate at 10.75%; as expected.

NOTABLE DATA

UK RICS Housing Survey (Jul) 63 vs. Exp. 60.0 (Prev. 65.0)

NOTABLE US HEADLINES

Fed’s Daly said (2024 voter) it is too early to declare victory on inflation fight and pointed to price increases remaining far too high but signalled initial support for smaller rate hikes, while she noted that a 50bps hike in September is her baseline and maintained that rates should increase to just under 3.5% by year-end, according to FT.
US House Speaker Pelosi said the House will pass the inflation reduction act on Friday, according to Reuters.
US Treasury Secretary Yellen told the IRS Commissioner that additional IRS resources from Inflation Reduction Act should not be used to increase audits on taxpayers making below USD 400k and said that contrary to misinformation by critics, households earning 400k and below will not see an increase in the chances that they are audited, according to Reuters.

APAC TRADE

APAC stocks took impetus from their global counterparts after softer-than-expected US CPI data spurred a dovish reaction across asset classes and unwound some of the hawkish Fed market pricing.
ASX 200 reclaimed the 7,000 level with the tech and mining-related sectors leading the gains in the index, while financials are also positive as participants digest earnings results and updates from AMP and QBE Insurance.
KOSPI strengthened despite the increase in COVID cases to a 4-month high and the recent devastating floods in Seoul, with strength in index heavyweight Samsung Electronics after it introduced its latest line-up of foldable smartphones and other key products.
Hang Seng and Shanghai Comp were higher with Hong Kong lifted by tech and property stocks, although advances in the mainland were initially contained following a jump in COVID infections and with the Biden administration said to have currently set aside the option of scrapping some China tariffs or investigating adding more.

NOTABLE APAC HEADLINES

China reported 700 (prev. 444) new coronavirus cases in the mainland for August 10th and 1,466 (prev. 650) new asymptomatic cases, while China’s Sanya city reported 1,254 (prev. 410) new COVID cases on August 10th and China’s city of Yiwu imposed a city-wide lockdown for three days due to COVID, according to Reuters.

DATA RECAP

Singapore GDP QQ (Q2 F) -0.2% vs. Exp. 0.0% (Prev. 0.7%); YY (Q2 F) 4.4% vs. Exp. 4.8% (Prev. 3.7%)

i)THURSDAY MORNING// WEDNESDAY NIGHT

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

Japan’s government resigns in its entirety | BusinessToday

Inbox

Here is a major incident that will affect the global markets. For years i have written that the real global currency alert will come from Japan. Japan is like the EU, no one wants or buys their debt except the Central Bank, much like is happening in the EU. Japan is now effectively rudderless in a world where changes are occurring daily that affect currency markets and global trade.

Japan’s government resigns in its entirety

end

3c CHINA

CHINA//USA/TAIWAN

White House Rethinking China Tariff Strategy In Wake Of Taiwan Turmoil

THURSDAY, AUG 11, 2022 – 09:25 AM

In the wake of China’s military drills around Taiwan that followed House Speaker Nancy Pelosi’s visit to the island, the Biden administration is rethinking its plans to modify tariffs on Chinese goods, according to a Reuters report that cites “sources familiar with the deliberations.”

Biden has been eyeing reduced tariffs as a means of countering U.S. price inflation that remains near 40-year highs. At the same time, the administration has been considering the imposition of new tariffs. Now, however, both kinds of adjustments are getting a new look as the White House is wary of signaling either weakness or escalation in the face of Chinese saber-rattling.

“After Speaker Pelosi’s visit to Taiwan, it’s particularly complicated. So the president is weighing his options,” Commerce Secretary Gina Raimondo told Bloomberg TV. “He is very cautious. He wants to make sure that we don’t do anything which would hurt American labor and American workers.”

On Thursday, China announced it had “successfully completed various tasks and effectively tested the integrated combat capabilities of the troops.” The announcement seemingly signals the end of various war drills in the vicinity of Taiwan, which included mock sea and air assaults as well as ballistic missile launches that traversed airspace above Taiwan’s capital.

“The Trump administration had approved tariff exclusions for more than 2,200 import categories, including many critical industrial components and chemicals, but those expired as Biden took office in January 2021. U.S. Trade Representative Katherine Tai has reinstated only 352 of them. Industry groups and more than 140 U.S. lawmakers have urged her to vastly increase the numbers,” reports Reuters.

The foot-dragging on further tariff relief is due in part to China’s apparent disinterest in reciprocating. China has also failed to live up to commitments, under a 2019 trade deal, to increase its purchases of various American products and services. China has blamed Covid-19 economic disruptions.

Pelosi’s controversial trip to Taiwan — which China claims as its territory — has reinforced Beijing’s intransigence. “The visit has undermined the political foundation of the China-US relations and will inevitably cause major disruption to the exchanges and cooperation between the two sides,” Chinese embassy spokesman Liu Pengyu told Reuters.

The Trump tariffs are the subject of a lawsuit filed by scores of U.S. companies who’ve asserted the levies are overly broad and were improperly implemented. If the Biden administration can’t defend the Trump tariff regime, it could be compelled to evaluate tens of thousands of public comments about it, or reimburse the plaintiffs for tariffs they’ve paid so far.

Tariffs are taxes on imported goods, and are paid by importers. They effectively raise the prices paid by both consumers and manufacturers who buy products and raw materials that are subject to tariffs. By raising the cost of imports, tariffs enable domestic producers of the tariff-targeted product to raise their own prices too.

Tariffs thus serve as a way of enriching selected domestic industries at a cost that’s imposed on their customers. To the extent those higher prices leave consumers with less money to spend on other goods and services, tariffs also exact a broader toll on the economy.

Biden’s interest in pandering to labor unions also figures in his slow-walking his tariff-relief decision. Milton Friedman had something to say about that:

“The benefits of a tariff are visible. Union workers can see they are ‘protected.’ The harm which a tariff does is invisible. It’s spread widely.”

end

4/EUROPEAN AFFAIRS//UK AFFAIRS/

The UK is facing a terrible cost of living crisis as power bills are now expected to top over $5,000 per year.

(zerohedge)

“A Tragedy:” Brits Face Worsening Cost-Of-Living Crisis As Power Bills Expected To Top $5,000

THURSDAY, AUG 11, 2022 – 02:45 AM

As power bills are expected to jump to record highs this winter, UK households will struggle with a worsening cost-of-living crisis.

A new report via energy market intelligence firm Cornwall Insight Ltd. said the power bill price cap is set to rise to £4,266 ($5,168) per year in 1Q23, pilling even more financial pressures on consumers trying to survive the worst inflation storm in decades.

Cornwall Insight’s forecast comes as the price cap would breach the £4,000 for the first time, though the good news is energy costs in 2H23 should ease. Cornwall expects the price cap to remain over £3,700 through next year.

“While our price cap forecasts have been steadily rising since the Summer 2022 cap was set in April, an increase of over £650 in the January predictions comes as a fresh shock,” said Craig Lowrey, principal consultant at Cornwall Insight.

“The cost-of-living crisis was already top of the news agenda as more and more people face fuel poverty, this will only compound the concerns,” Lowrey added.

UK’s cost-of-living crisis was described by Nigel Wilson, the chief executive of asset management company Legal & General Group Plc, in a CNBC interview on Wednesday morning. He said high energy inflation is “a tragedy for many people.”

People are “finding life really difficult with energy prices going up, food prices going up, and a horrible background for many people as they struggle to pay their bills,” Wilson said.

End Fuel Poverty Coalition warned rising power prices could result in 9.2 million UK households (28.4%) being thrown into fuel poverty by Oct. 1, adding the figure could increase to 10.5 million (32.6%) by January.

“A tsunami of fuel poverty will hit the country this winter and these latest estimates further demonstrate that the level of support already promised by the government is just a drop in the ocean,” said Simon Francis, co-ordinator of the End Fuel Poverty Coalition.

The pain of soaring energy inflation has led to a massive movement of nearly 100,000 people who have pledged not to pay their electricity bill this winter. We reported last weekend that “Don’t Pay UK,” a strike encouraging people to cancel power bill payments, was gaining moment as the anonymous group hopes to have more than a million Brits boycott paying their power bill by fall.

On top of high inflation and households experiencing the most misery in three decades, the Bank of England warned last week that the UK is expected to enter a recession. All of this is setting the stage for what could be protests in the streets.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

RUSSIA/USA

END

RUSSIA/UKRAINE/

UKRAINE/RUSSIA

6. GLOBAL ISSUES AND COVID COMMENTARIES

Fauci booed by crowds even in Seattle

(zerohedge)

Fauci Booed By Crowds While Throwing First Pitch At Seattle Mariners Game

THURSDAY, AUG 11, 2022 – 06:55 AM

Anthony Fauci has few friends, even in Seattle. Keep in mind, Seattle is one of the major strongholds of leftist covid hysteria in the US and ground zero for lockdowns in Washington State which lasted well over a year. Most of the country dropped mandates and lockdowns after a few months when it became clear that covid was not a threat to 99.7% or more of the population according to dozens of peer reviewed studies. But Washington State kept them going, primarily because of the fear mongering of government officials like Fauci. The fact that Fauci was booed by large crowds in the middle of Seattle is surprising. However, this shows that resistance to the mandates and anger over the disinformation surrounding covid is far more widespread than the media would have us believe.

Fauci agreed to throw the first pitch at the Seattle Mariners T-Mobile Stadium this week, probably because he thought he would be safe within the confines of the far-left city. He was wrong:

Fauci has generated considerable animosity within the US for his consistent exaggerations of the covid viral threat and his lies about his involvement in covid gain-of-function research at the Level 4 virology lab in Wuhan, China, the epicenter of the initial outbreak. The NIH has now admitted they were not truthful about their original claims that no such experimentation occurred and Fauci has been exposed.

END

Dr Paul Alexander..

Alexander Red Pill News (ARPN)(evening roll-out) August 10th 2022

I am sharing media reports throughout the day that I consider to be interesting and important for you to know; at times & IMO, I will give a 2 sentence summary of my thoughts on the story

Dr. Paul AlexanderAug 10

PRIORITY 1 NEWS (breaking, urgent must knows):

1)Watch: Dan Bongino Doesn’t Hold Back, Calls Trump Raid ‘Third World Bullshit’ Live on Fox News

2)‘Seems Political’: Andrew Cuomo, Andrew Yang React to FBI Raid on Trump’s Home

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

Subscribe now

3)Trump says he refused to answer New York attorney general’s questions in probe of his business

4)Exclusive: An Informer Told the FBI What Docs Trump Was Hiding, and Where

5)EXCLUSIVE: Locked and loaded: Palm Beach police have received intelligence warning that armed pro-Trump protesters are planning to descend on Mar-a-Lago following FBI raid

6)HUGE DEVELOPMENT: Report Shows FBI “Had Personal Stake” in Mar-a-Lago Raid – Agents Were After Spygate Documents Trump Was Holding That Likely Indicted FBI

7)The Day America Changed: Israel National News Contributor Labels FBI’s Raid on President Trump’s Mar-a-Lago “Kristallnacht” – VDH Says US No Longer a Democracy

8)More Info: Corrupt Nancy Pelosi Went to Taiwan Risking WWIII — Met with Chip Maker in Unreported Meeting — Increased Her Family Wealth

9)Official Report Shows 67% of Recent COVID Deaths in San Diego, California are Fully Vaccinated and Boosted Individuals (VIDEO)

10)Ron DeSantis Campaign Goes on Offense: ‘Freedom Is Here to Stay’

11)Steve Bannon tells Alex Jones ‘deep state’ is planning to assassinate Trump and FBI planted evidence

12)Early data shows monkeypox disproportionately affecting Black men

13)12-Year-Old Clayton Middle Schooler Dies Following Youth Football Practice Due to “Severe Medical Emergency”

14)Pelosi and Schumer Have Very Different Reactions to FBI Raid on Mar-A-Lago

15)Judge Reportedly Behind Mar-a-Lago Raid Warrant Is Former Jeffrey Epstein Lawyer, Obama Donor

16)Tom Fitton Judicial Watch AND HIS VIEW ON THE Trump raid.

17)Vaccine Industry Insider Peter Hotez Helped Fund Wuhan Gain-of-Function Study

18)Kids under-10 to be offered polio jab as paralysed patient linked to suspected outbreak

19)

PRIORITY 2 NEWS (important to be aware of):

1)GOP Rep. Banks Says Trump ‘Fired Up’ After FBI Raid, ‘Made Up His Mind’ on 2024

2)Trump thinks FBI may have planted stuff in his home: FBI searched Melania’s wardrobe, spent hours in Trump’s private office during Mar-a-Lago raid

3)GOP rallies around Trump following FBI search of his estate

4)Consumer prices rose 8.5% in July

5)Gingrich: Mar-a-Lago Raid ‘Desperation of a National Machine’ on the Edge of Being Defeated, Eliminated

6)Joe Biden Boasts ‘Zero Inflation’ in July but Cost of Food and Rent Still Rising

PRIORITY 3 NEWS:

1)Canadian pilot fighting vaccine mandates says he has spent ‘hours’ listening to jab-injury stories

2)Around 1 million children in London offered polio boosters after virus is detected in sewage

3)Dr. Fauci Jokes That He Made Covid in His Kitchen (VIDEO)

4)REPORT: FBI Confidential Human Source Told FBI What Documents Trump Stored at Mar-a-Lago and Where to Search…. Related to Spygate?

Emerging research & evidence pieces:

1)Dozens in China Infected With New ‘Langya’ Virus Carried by Shrews

2)A Zoonotic Henipavirus in Febrile Patients in China

end

Open in browser

Funeral business e.g. Service Corporation International is going gang busters! I wonder why? Deaths are way down due to COVID (peaked in 2021); so why this huge growth? sshh, it’s the vaccine, stupid!

Could the rise is deaths & the gains in the funeral industry be tied to the deaths due to the COVID gene injection? I say yes! I say argue otherwise, show me your evidence! It’s the vaccine, stupid!

Dr. Paul AlexanderAug 10

These companies are even more bullish than ever, even projecting huge growth in coffin sales, plots, cremations, the whole thing. I wonder why?

Truth be told is they did nothing unusual, they created nothing unusual, nothing unusual happened to the US except COVID…but importantly, in spite of plunging deaths due to COVID etc., we did see exploding deaths post vaccine and we see how this has translated into huge profits for the funeral industry. Yes, we know that many died due to the lockdowns and delayed medical treatment etc. But it is the deaths due to the vaccine that is very worrisome and devastating yet some sectors of the society have thrived! They could say it’s due to an aging population aka demographic tailwind, and try to suggest a host of reasons but we think it is something else! They can speculate that the pull-forward impact will diminish in 2022 and 2023 and I say no, it will pick up due to the vaccine’s deadly effects. It’s the vaccine, stupid!

end

Trump trapped them, he baited them, he set a trap, he won! They just don’t get it yet! Clandestine. If it is shown that they abused power to do what they did, the FBI etc. will have hell to pay.

Again, no law enforcement must ever be threatened, no police, not even FBI etc., I will not stand for that, many great people in ranks, but it is clear now, the alphabets are corrupted at the top!

Dr. Paul AlexanderAug 11

Listening to Turley tonight, Trump was always in compliance and within law. What they did on surface now had no basis. Over reach and abuse. They must now come clean and show us why they had to do what they did. Silence will not cut it. My reading thus far says they had no basis, except that ‘they could do it’. Americans will punish the democrats et al. at the polls for this royally. Even if repubs involved **cough cough Bitch McConnell, oh my bad, I meant Mitch McConnell **cough cough. It’s my arthritis in the hand always seeming to act up when I am excited.

It Was a Trap

SOURCE

Alright, now that we have waited just about 48 hours to let the details surface about the FBI raid on Mar-a-Lago, let’s analyze the situation from 40,000 feet.

Let’s look at the facts as of now. The FBI raided Mar-a-Lago, looking for alleged classified documents, while Donald Trump was not present. The FBI reportedly did not find the alleged “classified” documents they were looking for, but they did take 15 boxes of documents from Trump’s home. The FBI did not reveal the reasonable cause to Trump’s legal team, Trump must sue for the right to see that apparently.

Clandestine’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Most importantly, Eric Trump was present on the property and facilitated the situation. He reported that the Mar-a-Lago staff did NOT turn off security cameras, despite instructions from FBI. So for those who are concerned about the FBI planting anything, Trump had that base covered. And for those who are concerned they will “plant evidence” back at FBI HQ, thats not how that works, they have to take photos and document everything at the scene. They won’t be able to successfully plant anything while under surveillance. Eric event went so far as to say that they have already “captured FBI acting improperly”.

https://www.newsweek.com/eric-trump-says-mar-lago-security-cameras-captured-fbi-acting-improperly-during-raid-1732672?amp=1

At first, this event enraged the overwhelming majority of the Trump base. But after the facts unfolded and the media narratives were established, we can see this event has not only caused ZERO net damage to Trump, its benefitting him immensely.

This blatant Gestapo-like act of fascism by the Biden DOJ/FBI, has done nothing but prove Trump’s entire overarching narrative since the beginning; that the Deep State exist and the DNC are deranged totalitarian psychopaths who will abuse government by any means necessary to achieve their nefarious agenda. That there’s a two-tiered “Justice” system. Just look at how the FBI slapped Hillary on the wrist for her egregious handling of classified material that threatened NATSEC; as compared to the alleged mystery documents that the Biden admin didn’t care about until America First candidates started sweeping primaries.

This raid was so outrageous and so unprecedented, that conservatives, liberals, and centrists alike, have all expressed malcontent for the actions of the Biden DOJ/FBI. Former DNC Presidential candidate, Andrew Yang, and disgraced former DNC New York Governor, Andrew Cuomo, spoke out about this madness. Even left-wing MSM, they are admitting this raid has established a dangerous new precedent. This is a colossal normie-waking red pill. Trump looks like the victim/martyr.

This event has lit a fire under an already highly motivated Trump base, and mobilized the conservative media in a way that I have never seen before. It’s also establishing justifiable grounds to take corrective action against the DOJ/FBI. It’s also establishing a precedent that former Presidents and political opponents are fair game. It’s opening the door to accomplish our end goals.

Given the impending indictment of Hunter Biden, and the escalating allegations from Russia against the DNC of Bioterrorism via the creation of C19 in Ukraine; this is not just a victory, it’s a MASSIVE one.

What negative happened to Trump?

-Nothing.

What negative happened to the enemy?

-They are losing court of public opinion.

-They have terrible optics heading into the midterms.

-They just went full fascist dictatorship in front of all the normies and weaponized law enforcement to carry out political operations.

-They did all this and didn’t even find what they were looking for.

The boomerang already happened. Trump suffered no losses, he knew they were coming, the media narrative and the optics are PERFECT, and the “war-like posture” from the DNC Globalists will cause for an equal and opposite reaction from Trump and America First GOP when they assume power after the midterms.

This move has opened the doorway to accelerated political warfare. The gloves are off. Trump doesn’t have to worry as much about optics moving forward, because the enemy crossed the Rubicon.

As each day passes, we drift closer and closer to the precipice. The crazier things seem to appear, the closer we are to the finish line.

SOURCE

end

Vaccine Impact

Is the Untested and Dangerous Monkeypox Vaccine About to get an EUA to Avoid Legal Liability for Deaths and Injuries?

August 10, 2022 2:13 pm

We saw throughout the COVID Plandemic that the pharmaceutical industry took advantage of “Public Health Emergency” designations to get the FDA to issue EUAs (emergency use authorization) to get new, untested vaccines into the market as soon as possible without proper testing, and more importantly for the pharmaceutical companies, no legal liabilities. With the W.H.O. and the U.S. Government now declaring monkeypox to be a “Public Health Emergency,” could the same thing happen with new vaccines and drugs for monkeypox? The problem in issuing the existing smallpox/monkeypox vaccine an EUA, is that it was already approved by the FDA, even though it has not been tested in the public much beyond the initial trials conducted by the drug company. According to Dr. Meryl Nass, that may not stop them from figuring out a way to get the FDA to issue them an EUA to avoid legal liability: “Although I don’t have the full story yet, I am warning you that the moneypox vaccine Jynneos is a huge scam, in every way, including the supposed shortage. I will disclose more about that soon. But since it is actually licensed, the moneypox vaccine (like other licensed drugs and vaccines) has liability attached to it. You can currently sue government program planners, the doctor who recommended it, the manufacturer, etc. if anything goes wrong. To forestall that, some crook came up with the idea of splitting the doses, under the guise of a fake shortage, which provides an excuse to make the lower dose an EUA–in other words, turning it into a product for which you cannot sue anyone if something goes wrong. Pretty clever, eh? Licensed products are not supposed to receive EUAs unless they are used for something different than what they were licensed for. Splitting the dose does not change the fact it is licensed for monkeypox and being used for moneypox. Here is another possible but diabolical reason to split (dilute) the dose: it potentially allows the federal government access to the vials–so the vials won’t go straight from the manufacturer to the wholesaler but instead go somewhere else to be diluted. And what is in the diluent?”

Nurse Shortages in Canada Lead to ER Closures – Whistleblower Nurse in Washington Describes Vaccine Injuries from Employment Mandate

August 10, 2022 8:10 pm

The Counter Signal is reporting that there is a nationwide shortage of nurses in Canada that have led to multiple hospitals being forced to shut down their emergency departments. A nurse whistleblower from the State of Washington has come forward to tell her story about how she complied with COVID-19 vaccine mandates, and is now suffering, and how she has seen children brought into the hospital also suffering with COVID-19 vaccine injuries. She suffered from heart disease after the first shot, and had her doctor write her a medical exemption for the second vaccine. She lost her job in spite of the exemption, so she “regrettably” took the second dose to get her job back and now apparently has a damaged heart. She states: “I’m no longer living in fear of the repercussions about speaking the truth about this vaccine. Now I am seeing children that are getting vaccinated coming in to the hospital having multiple reactions to it. I’m tired of being silent.”

Northern Mexico Runs Out Of Water, May Impact Beer Production

WEDNESDAY, AUG 10, 2022 – 10:00 PM

Extreme drought in northern Mexico has sparked a water crisis. President Andres Manuel Lopez Obrador addressed the beer industry in the region to shift production elsewhere because of sustainability factors, reported Bloomberg.

The water crisis is particularly critical in Monterrey, one of Mexico’s most important economic hubs and home to some of the largest beermakers in the world, such as Heineken NV.

Some neighborhoods in Monterrey have been without water for nearly three months, and Heineken’s facility has suffered as waterways dry up. Residents have protested commercial districts due to their oversized demand for local water.

Lopez Obrador said the government would support a transition of the beer industry from the northern part of the country to the south or southeast, where water supplies are more abundant.

“This is not to say we won’t produce any more beer, it’s to say that we won’t produce beer in the north — that’s over,” the president said Monday at a daily press conference. “If they want to keep producing beer, increasing production, then all the support for the south or southeast.”

Lopez Obrador said Constellation Brands is the perfect example of how his administration directed the brewer to halt the construction of a beer plant in the border city of Mexicali because of water shortages. He said the company had planned a new brewery in the southeastern state of Veracruz, though local news outlet El Financiero said construction permits are still pending.

Constellation is a top brewer in Mexico and has a portfolio that includes Corona Extra, Corona Light, Modelo Especial, Modelo Negra, and Pacifico, among others.

The water crisis in Monterrey is so severe that Heineken offered 20% of its water rights to the drought-stricken town and even offered to donate a well to support the municipality. Lopez Obrador called on beermaking companies to assist cities with water shortages.

There have yet to be significant reports of beer production disruptions. It’s essential to note Mexico is responsible for 76% of all the beer imported by the US last year, according to Commerce Department figures cited by the Beer Institute. If production upsets emerge, American beer drinkers could be in for a surprise of soaring prices, tight supplies, and an even worst-case scenario: A beer shortage.

“You can’t give permits in places where there’s no water,” said the president. “So, we’re going to intervene and that’s what the state is for.”

Besides Heineken and Constellation, Grupo Modelo, owned by Ab InBev, is another larger brewer in the northern part of the country.

While Lopez Obrador has only encouraged beermakers to shift production south, what could come next are water restrictions that would limit production and could create a beer shortage in the US.

end

Sanofi and GSK plummet after Zantac lawsuit concerns wipe out $40 billion in value

(zerohedge)

Sanofi, GSK Plummet After Zantac Lawsuit Concerns Wipe Out $40 Billion In Value

THURSDAY, AUG 11, 2022 – 08:54 AM

Shares in Sanofi, GSK, and Haleon have lost a combined $40 billion in market cap since Tuesday’s close, amid a flurry of US personal-injury lawsuits claiming that Zantac – a once-popular antacid – causes cancer.

Sanofi marked a two-day decline of 20%, the steepest drop ever over that timeframe, according to Bloomberg, while GSK dropped as much as 12% in London – at one point falling to its worst one-day retreat since February 1998, before trading slightly higher. Haleon, a recent GSK spinoff, slumped 13%.

“There is considerable uncertainty at this stage surrounding the potential total financial impact of the Zantac litigation,” wrote Morgan Stanley, which estimates that damages could reach $10.5 billion to $45 billion based on similar litigation settlements in the past.

GSK declined to comment on stock moves and ongoing lawsuits around Zantac, while Haleon said it’s not a party of the litigation proceedings and that it has never marketed the drug in any form in the US, either as Haleon or as GSK Consumer Healthcare. Sanofi didn’t immediately respond to requests for comment. -Bloomberg

Sanofi, GSK and several generic drugmakers have been accused in several lawsuits for failing to adequately warn users that the over-the-counter drug had health risks.

On Thursday, Deutsche Bank analyst Emmanuel Papadakis warned that an upcoming Illinois case on August 22, and some key court trials in early 2023, will likely negatively affect shares in both GSK and Sanofi.

Zantac was yanked from store shelves in 2019 after the US FDA said that when the drug is exposed to heat for as little as five days, it appears to produce unacceptably high levels of a chemical that can cause cancer.

UBS’s Laura Sutcliffe downgraded Sanofi from buy to neutral, warning that investors are avoiding Sanofi until there is further clarity, adding that litigation scheduled for early 2023 may become an “overhang” for shares.

Sanofi has previously downplayed the risks of the litigation, with executives saying on an earnings call last month that there’s no reliable evidence that Zantac causes cancer and that plaintiffs won’t be able to prove their claims. -Bloomberg

Haleon was dragged into the fray due to certain indemnification obligations to both Pfizer and GSK, “which may include liabilities related to OTC Zantac,” leading Credit Suisse analysts to note that their involvement in the Zantac litigation would be limited.

end

VACCINE INJURY/

MICHAEL EVERY

One Bank Warns U.S. Econ Data Make Little Sense, “Until You Recall Midterm Elections Are Coming Up”

THURSDAY, AUG 11, 2022 – 11:05 AM

By Michael Every of Rabobank

A stonking US CPI number

You could hear the champagne corks fly wherever you were yesterday. After all, there was “zero US inflation” in July, as some put it.

And that came after zero US recession, as some also put it, despite two consecutive quarters of negative GDP growth. And after a red-hot labour market report. And EIA energy data showing gasoline usage apparently well below 2020 levels despite all this non-recession and jobs boom, and even as refineries are working at incredibly high capacity levels, diesel stocks are low, and exports are also down. These are all numbers/claims worthy of champagne. Yet they make little sense taken together.

Until you recall US midterm elections are coming up. Then you wonder if it is just coincidence, bad/Covid number-crunching, or ‘convenient’ in a way we pretend DM data can’t be, because otherwise we would be EM, and we don’t like to imagine we could be, because: we have higher incomes – as millions struggle to put bread on the table or keep the lights on; ‘regulations’; ‘rule of law’; absolutely no corruption; a completely unbiased media only interested in the truth; no politicised judges or civil servants; no business sectors close to politicians; no politicians with tenuous grasps of reality; no back-stage lobbyists; no interest groups; no powerful shady forces; no issues over electoral legitimacy. None of that applies to us!

(As they used to say back in the Soviet bloc, “We pretend to work, they pretend to pay us.” Nowadays, it’s perhaps, “They pretend it’s real data, we pretend to trade it.”)

Of course inflation was actually up 8.5% y-o-y, even if it was flat m-o-m, which was better than expected, and on a m-o-m and y-o-y core basis too. It may actually have peaked for now.

However, food prices soared; shelter (or rather OER) too; and only falling energy kept inflation “zero” in the month. Moreover, there seems little chance US inflation goes back to 2% anytime soon. In particular, the Strategic Petroleum Reserve (SPR), whose barrels are now all round the world, temporarily depressing prices, needs to be refilled. More broadly, whisper it, but the structure of the global economy now is not the same as in 2019! (Europe faces recession and inflation; and even the PBOC’s quarterly inflation report yesterday warned of structural inflation risks.) Worse, nobody but Wall Street wants to go back to 2019 anyway. Nobody wants a return to low nominal pay, low demand, and low inflation.

True, nobody wants low (or negative) real pay, low demand, and high inflation either.

But those are our two choices – and only one of them offers central banks the change of retaining even a shred of their tattered credibility. (And, arguably, perhaps of the West retaining DM status.)

Regardless, the market decided “TRANSITORY!” and “FED PIVOT!” (and “rich people in EM live very well!”) were the buzzwords of the day, despite every smart voice I know having already expected a weaker than expected CPI print. What was priced in is now even more priced in.

And yet there is still no guarantee it will be delivered. The very best the Fed may do is go ‘just’ 50bps not 75bps in September – but unless oil prices can keep falling like they just have (“Empty the SPR completely!”), we are surely still far from said pivot.

Indeed, two Fed members came out after CPI to underline what all of them were saying before it – that they are not going to change direction; that they are going to keep hiking; that they are not impressed by just one positive number. (Where headline inflation is 8.5% and core 5.9%.)

There is a geopolitical angle to this that I keep banging on about, and most market commentary keeps ignoring because they don’t understand or won’t talk about geopolitics. Higher Fed Funds would push commodities down, punishing Russia. And innocent bystanders too – who would then need to turn to Fed swaplines, with strings attached. Win-win. On top of that, Adam Tooze underlines in his latest missive that higher Fed Funds also places increased pressure on China, whose huge trade surpluses are perhaps being matched by massive outflows of foreign capital, a de facto financial decoupling. (Which is perhaps partly why the PBOC is saying what it is.) That money is going to go back into the West, or into ‘friend-shoring’. Quite the way to keep the dollar top dog vs. any new world order whipper-snappers. Win-win-win.

Yet even just on traditional economy/market metrics we can see why the Fed needs to show staying power. Indeed, we got a sniff of what will happen if it pivots when we saw: Bitcoin up; yields plunge; the dollar dip; oil jump at first, then sink, then end up even higher again; stocks up; and stonks fly.

Indeed, it was literally a stonking CPI number that screamed “SPECULATE, DON”T ACCUMULATE!”

And that is exactly what you want to hear in a high-inflation economy leading a geopolitical economic war, a hush-hush Cold War, and a nasty hot war, and needing to expensively prepare to prevent risks of others: note the flood of orders for military equipment coming into the US from all over the world, on top of its own needs, and the massive waiting time that is required. After all, which previous Great Power didn’t fare well by forcing precious resources into speculative frippery and spiv-ery rather than productive assets tied to technology, commodities, and its military?!

In short, are the Fed really going to pivot to help stonks and oil go up? Or are they going to lift rates higher, and stay higher, to try to repress inflation, and remain top dog globally, despite the collateral damage?

To be honest, this places me in a very uncomfortable position. I haven’t agreed with anything the Fed has said or done in so long that I can’t remember when I last did. Yet here I am actually believing them – even while acknowledging that they still don’t know what they are doing.

Maybe I just want to believe that when push comes to shove, at least some of our institutions are still fit for DM status because of the geopolitical implications if they aren’t. Yet I must share that some of the people in markets I hold in highest regard think soft data, a pivot, stonks-a-go-go, and a shift to EM status loom.

end

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

USA is correctly being accused of stealing over 80% of Syria’s oil output per day

(The Cradle)

US Accused Of Stealing Over 80% Of Syria’s Oil Output Per Day

THURSDAY, AUG 11, 2022 – 03:30 AM

Via The Cradle,

The Syrian Oil Ministry released a statement on 9 August accusing US forces occupying Syria of being responsible for the theft of most of the country’s oil.

“The amount of oil production during the first half of 2022 amounted to some 14.5 million barrels, with an average daily production of 80.3 thousand barrels, of which 14.2 thousand are delivered daily to refineries,” the oil ministry’s statement said.

The statement went on to say that “US occupation forces and their mercenaries,” referring to the US-backed Syrian Democratic Forces (SDF), “steal up to 66,000 barrels every single day from the fields occupied in the eastern region,” amounting to around 83 percent of Syria’s daily oil production.

According to the ministry’s data, the Syrian oil sector has incurred losses nearing “about 105 billion dollars since the beginning of the war until the middle of this year” as a result of the US oil theft campaign.

Additionally, the statement added that alongside the financial losses incurred by the oil sector were “losses of life, including 235 martyrs, 46 injured and 112 kidnapped.”

On 10 August, footage filmed by a Russian attack helicopter was released on social media, showing a convoy of trucks operated by the US military, smuggling stolen oil destined for Iraq, out of Raqqah. Recently, the US army, which currently occupies Syria, has been consistently looting the country’s oil and smuggling it into their bases in Iraq through the illegal Al-Waleed border crossing.

Russian media sources released purported footage of a convoy of foreign tanker trucks smuggling oil out of Syria…

Local sources in Syria’s Hasakah governorate reported on 6 August that the US army looted and smuggled dozens of oil tankers out of the country, making it the second stolen oil shipment by the US that week.

Nearly 200 tanker trucks filled with looted oil were smuggled out of Syria by US troops in July alone, as Washington has intensified its practice of stealing Syrian resources to sell abroad.

On 19 July, Russian President Vladimir Putin called on the US government to stop its consistent looting of Syria’s natural resources. The US military is also responsible for plundering the country’s wheat, exacerbating an acute food crisis that is plaguing Syria and the rest of West Asia.

end

OPEC Sets The Stage For Output Cuts, Sees Oil Market Tipping Into Surplus In Clash With IEA Forecast

THURSDAY, AUG 11, 2022 – 10:05 AM

Biden’s “hard-won”, post Saudi fist-bump OPEC output boost of 100K barrels may end up being not only the smallest on record, but also the shortest.

In its latest monthly report, OPEC revealed that it expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for rival supplies. The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million – according to Bloomberg, that’s about 570,000 barrels a day less than OPEC’s 13 members pumped in July.

The surprising revision, which comes at a time of unprecedented pressure by western nations in general and the US in particular on the non-Russian countries in OPEC+, conspicuously diverges from that of the International Energy Agency, which boosted its demand forecasts on Thursday as soaring natural gas prices compel companies and refiners to switch to using oil, in effect confirming what we said two days ago when we noted that Europe’s aggressive gas-oil switching amid US oil exports to Europe likely set the lows for US gasoline prices.

Specifically, in its own monthly report, the Paris-based IEA forecast that world oil consumption will increase by 2.1 million barrels a day this year, or about 2%, up 380,000 a day from the previous forecast. The extra demand that prompted the revision is “overwhelmingly concentrated” in the Middle East and Europe.

At the basis of the IEA’s upward demand revision is a surge in gas-to-oil switching. Bloomberg explains:

Natural gas prices have surged this year as Russia restricts gas flows to Europe, a move that is widely seen as retaliation for sanctions imposed over its invasion of Ukraine. The increase has prompted many industrial consumers, including refiners and power plants, to switch from gas to oil. Scorching temperatures have also spurred demand for air conditioning, particularly in the Middle East, where a significant amount of oil is burned during summer to generate electricity.

Always a political organization, however, OPEC’s outlook is likely meant to give further “explanation” for the minimal production increase it agreed on with its allies last week, if not set the stage for future production cuts?

OPEC+ “surprised” traders at the Aug. 3 meeting with plans to add just 100,000 barrels a day in September – the smallest increase in history – despite calls from US President Joe Biden to open the taps during a visit to group leader Saudi Arabia last month. The alliance explained the move by saying it had to deploy “severely limited” spare production capacity with “great caution.”

OPEC’s Vienna-based research department reduced forecasts for global oil demand this quarter by 720,000 barrels a day, and boosted projections for non-OPEC supply by 520,000 a day. It expects consumption to average 99.93 million barrels a day in the three-month period.

8 EMERGING MARKET& AUSTRALIA ISSUES & OTHER EMERGING NATIONS

end

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

Euro/USA 1.0336 UP 0.0038 /EUROPE BOURSES //ALL MIXED

USA/ YEN 132.41 DOWN 0.422 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2217 UP 0.0007

Last night Shanghai COMPOSITE CLOSED UP 51.65 POINTS UP 1.60%

Hang Sang CLOSED UP 471.59 PTS OR 2.40%

AUSTRALIA CLOSED UP 1.60% // EUROPEAN BOURSES ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 471.59 PTS OR 2.40%

/SHANGHAI CLOSED UP 51.65 PTS UP 1.60%

Australia BOURSE CLOSED UP 1.20%

(Nikkei (Japan) CLOSED DOWN 180.63 OR 0.65%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1793,00

silver:$20.56

USA dollar index early THURSDAY morning: 104.84 DOWN 25 CENT(S) from WEDNESDAY’s close.

THURSDAY MORNING NUMBERS ENDS

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And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.96% UP 6 in basis point(s) yield

JAPANESE BOND YIELD: +0.184% DOWN 0 AND 6/10 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.06%// UP 7 in basis points yield

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

GERMAN 10 YR BOND YIELD: RISES TO +0.973%

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.0337 UP .0038 or 38 basis points

USA/Japan: 132.67 DOWN 0.144 OR YEN UP 14 basis points/

Great Britain/USA 1.2224 UP 0.0012 OR 12 BASIS POINTS

Canadian dollar UP .0032 OR 32 BASIS pts to 1.2743

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The USA/Yuan, CNY: closed ON SHORE (CLOSED ..DOWN 6.7390

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 6.7372

TURKISH LIRA: 17.94 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.184

Your closing 10 yr US bond yield UP 5 IN basis points from WEDNESDAY at 2.835% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.117 UP 8 in basis points

Your closing USA dollar index, 104.85 DOWN .23 PTS ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 28.70 PTS OR 0.38%

German Dax : CLOSED DOWN 8.50 POINTS OR 0.06%

Paris CAC CLOSED DOWN 12.46 PTS OR 0.19%

Spain IBEX CLOSED UP 50.30 OR 0.60%

Italian MIB: CLOSED UP 52.58 PTS OR 0.36%

WTI Oil price 94.37 12: EST

Brent Oil: 99.81 12:00 EST

USA /RUSSIAN /// RUBLE FALLS TO: 60.67 UP 0 AND 5/100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.973

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0313 UP .0014 OR 14 BASIS POINTS

British Pound: 1.2186 DOWN .0025 or 25 basis pts

USA dollar vs Japanese Yen: 133.10 UP 0.286//YEN DOWN 29 BASIS PTS

USA dollar vs Canadian dollar: 1.2775 DOWN 0.00 (CDN dollar UP 0 basis pts)

West Texas intermediate oil: 93.76

Brent OIL: 99.37

USA 10 yr bond yield: 2.886 UP 11 points

USA 30 yr bond yield: 3.173 UP 13 pts

USA DOLLAR VS TURKISH LIRA: 17.94

USA DOLLAR VS RUSSIA//// ROUBLE: 60.63 UPN 0 AND 5/100 ROUBLES

DOW JONES INDUSTRIAL AVERAGE: UP 27.16 PTS OR 0.08 %

NASDAQ 100 UP 86,33 PTS OR 0.65%

VOLATILITY INDEX: 20.15 UP 0.41 PTS (2.08)%

GLD: $166.34 DOWN $0.44 OR 0.26%

SLV/ $18.67 DOWN 28 CENTS OR 1.48%

end)

USA trading day in Graph Form

Stocks Fumble As Bulls Fail To Hold Critical 50% Retracement

THURSDAY, AUG 11, 2022 – 04:04 PM

The first attempt by bulls and the S&P to cement the recent meltup as more than just a bear market rally and the start of a new secular rally higher, failed today when spoos failed to break above the critical 50% retracement level from the January all-time high to June “max panic” bear-market lows. While stocks did manage in early trading to break above the closely watched level of 4,220 which is the 50% Fib retracement – which matters as there has never been a bear market rally that closed above the 50% fib that subsequently went on to make new lows – the rally fizzled shortly after the open and spoos drifted lower all day, eventually closing below the critical support level.

The drift lower in risk coincided with a sharp rebound in TSY yields, which initially dumped to session lows just north of 2.70% after the latest inflationary good news when PPI M/M declined outright (but was still up 9.8% Y/Y, just in case the White House is still confused) but then drifted ever higher…

… alongside the move higher in commodities and especially oil…

… with crude prices rising after the market realized that demand destruction fears are unfounded (and potentially rigged by the DOE and/or Biden admin to push oil prices lower). Indeed, nationwide gas prices are now below $4 a gallon and that should provide substantial relief for what has been a lackluster summer driving season, indeed leading to a sharp recovery in gasoline demand. Meanwhile, as Oanda’s Edward Moya notes, “te economy is in too good shape for further crude demand destruction to occur and that should keep oil prices supported well above the $90 level.”

Incidentally, after yesterday’s big CPI miss, we got more of the same today when producer prices in July not only missed lofty estimates, but turned negative for the first time since early in the pandemic which of course isn’t much of a surprise given how far energy prices have dropped over the past month (and have already bounced on expectations of an easier Fed). The producer price index for final demand fell 0.5% from a month earlier and increased 9.8% from a year ago, both coming in much lower than their respective consensus estimates. As Oanda notes, “Inflationary pressures are clearly easing, but a lot of that decline is dependent if oil prices continue to grind lower. The risk of higher oil prices going into year end are elevated, so this moderation in inflationary pressures might not last.”

Sure enough, one place where inflation fears re-emerged was Treasuries, where the long-end of the curve underperformed on the day, leading losses after early block sales in bond and ultra-long contracts and then extending drop after 30-year bond auction tailed by over 1bp…

… and while most stocks turned red, strength in commodities helped push the energy sector solidly in the green.

As an aside, Goldman reminds us that real rates have struggled to move back into negative territory as the Fed continues to keep policy in restrictive territory….

…. and since multiple expansion has been highly correlated to moves in forward rates, Goldman notes that to justify a further rally we need to see either EPS revised up (unlikely) or real rates move back to negative territory.

The IEA is noting that global oil demand growth will continue as oil consumption will benefit from new demand as elevated natural gas supplies. The oil market still looks like it will be very tight over the next year even if it does dip into a surplus this quarter.

Elsewhere, gold prices slumped to session lows after briefly breaking out above $1800 yesterday, as investors realize they may have become too optimistic about a Fed pivot. That said, gold needs to see more data in the next couple of months to confirm that inflationary pressures are moderating. Looking ahead, Oanda warns that gold “looks a little vulnerable here and momentum selling could drag prices towards the $1780 level.”

Finally, looking at cryptos, ethereum is leading the charge higher in the cryptoverse as investor optimism grows for a successful merge into ETH 2.0. The world’s second largest cryptocurrency is nearing a pivotal update, now tentatively scheduled for Sept 15, that will tackle two big problems; being much more energy efficient and faster. ETH was last trading around $1,900 more than doubling from its June crash lows.

Bitcoin is also above the $24,000 level, but is clearly seeing massive resistance from the $25,000 level. It seems, it might take a while longer for Bitcoin to rally above the $25,000 level, but when it does it momentum could take it towards the $28,400 level initially.

I) / EARLY MORNING TRADING//

ii) USA DATA//

Initial Jobless Claims Surge To Highest Since November

THURSDAY, AUG 11, 2022 – 08:40 AM

The number of Americans filing for jobless benefits for the first time last week was 262k, notably higher than the 248k the prior week. That is the highest since Nov26 2021.

Source: Bloomberg

Notably, continuing claims are starting to pick up also and is now at its highest in over 4 months.

The states with the biggest increases were MA (+7,447), CA (+4,399) and NJ (786), while the biggest declines were in CT (-6,323), MI (-1,260) and GA (-823).

One could be forgiven for wondering just WTF is going on in the main payrolls data…

Source: Bloomberg

Still given the mainstream push to claim there is ‘no inflation’ after yesterday’s 0.0% MoM CPI print, who knows what the arbiters of what is acceptable speech will allow us to claims this time…

end

Producer Prices Dip In July, Remain Near Record Highs YoY

THURSDAY, AUG 11, 2022 – 08:37 AM

After 27 straight monthly increases, Producer Prices dropped in July (-0.5%), notably colder than the +0.2% expected – the biggest drop since April 2020. But on a YoY basis, PPI remains up a shocking 9.8%…

Source: Bloomberg

However, Core PPI rose 0.4% MoM, which means on a YoY basis core producer prices are up 7.6% (lower than June’s +8.2% but still near record highs).

Goods PPI fell 1.8%, dominated by a 9.0% drop in Energy.

Eighty percent of the July decline in the index for final demand goods is attributable to gasoline prices, which fell 16.7 percent.

The indexes for diesel fuel, gas fuels, oilseeds, iron and steel scrap, and grains also moved lower.

In contrast, prices for chicken eggs jumped 43.1 percent.

The indexes for industrial chemicals and for electric power also increased.

Conversely, the indexes for final demand foods and for final demand goods less foods and energy rose 1.0 percent and 0.2 percent, respectively.

The index for final demand services inched up 0.1 percent in July, the third consecutive increase.

Leading the July advance, margins for final demand trade services rose 0.3 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Prices for final demand transportation and warehousing services moved up 0.4 percent. Conversely, final demand services less trade, transportation, and warehousing decreased 0.1 percent.

Leading the July increase in prices for final demand services, margins for fuels and lubricants retailing rose 12.3 percent. The indexes for services related to securities brokerage and dealing (partial), hospital outpatient care, automobiles and automobile parts retailing, and transportation of passengers (partial) also moved higher. In contrast, prices for portfolio management declined 7.9 percent. The indexes for securities brokerage, dealing, and investment advice; food and alcohol retailing; and long-distance motor carrying also fell.

Somewhat confirming this drop, we note that secondary demand PPI is tumbling…

Source: Bloomberg

That is the biggest drop in intermediate demand PPI since Lehman…

As Stephanie Pomboy noted yesterday, while markets celebrating softer CPI as meaning less Fed rate hikes, they are missing a critical part of the story. What does it mean for margins?

For the 19th straight month, PPI has exceeded CPI, implying significant margin pressure on American businesses…

Source: Bloomberg

So judging by yesterday’s euphoria over CPI, will we now hear celebrations for the MoM deflation? And will we need a “Deflationary Reduction Bill”?

IIB) USA COVID/VACCINE MANDATES

iii)a. USA economic stories

end

iii b) USA/North American logjams/supply issues/

Grocery Inflation Hits Highest Level In 43 Years Despite Biden’s “Zero” Inflation Messaging

THURSDAY, AUG 11, 2022 – 04:20 PM

Authored by Tom Ozimek via The Epoch Times,

While the annual pace of inflation in the United States eased slightly in July, a deeper dive into the numbers reveals that some of the categories that hit everyday Americans especially hard in the pocketbook have soared, with the price of groceries jumping to the highest level since 1979.

The Bureau of Labor Statistics (BLS) reported on Aug. 10 that the headline pace of inflation, as reflected in the Consumer Price Index (CPI) ticked down from a recent peak of 9.1 percent in June to 8.5 percent in July.

The month-over-month CPI inflation figure came in at 0 percent, meaning the overall pace of price growth stayed flat between June and July, prompting President Joe Biden to take a victory lap saying that the “economy had zero percent inflation in the month of July.”

Republicans and some economists objected to the White House messaging on “zero” inflation by arguing that Biden was cherry picking the data by focusing on the 0 percent month-over-month pace of growth, while overlooking that the year-over-year rate of inflation—which tends to be the more commonly reported figure—remained at an eye-watering 8.5 percent.

“It’s a bogus math trick. This is the overall one-month index change. Overall that means that the big drop in fuel oil and gas (following previous massive monthly increases) swamped the huge increases everywhere else,” wrote Jeffrey Tucker, president of the Brownstone Institute think tank and columnist for The Epoch Times.

But while the annual 8.5 percent pace of inflation was, indeed, a slowdown from the prior month, several categories the BLS uses to calculate the price index soared, with one key gauge hitting a multi-decade high.

The food-at-home index, which represents food purchased in places like grocery stores for consumption at home, jumped by an annual 13.1 percent, which is the fastest pace since March 1979.

“Consumers are getting a break at the gas pump, but not at the grocery store,” Bankrate Chief Financial Analyst Greg McBride told The Epoch Times in an emailed statement. “Food prices, and especially costs for food at home, continue to soar, rising at the fastest pace in more than 43 years.”

Shoppers shop at a grocery store in Glenview, Ill., on July 4, 2022. (Nam Y. Huh/AP Photo)

In Monthly or Annual Terms, Food Inflation Soars

Some of the sharpest year-over-year jumps in food purchased for consumption at home include flour (+22.7 percent), chicken (+17.6 percent), milk (+15.6 percent), bread (+13.7 percent), and eggs (+38 percent).

And even though the overall month-over-month CPI index growth came in at 0.0 percent, the vast majority of food-at-home items that make up the index also saw month-over-month increases, including potatoes (+4.6 percent), coffee (+2.7 percent), peanut butter (+3.5 percent), chicken (+1.4 percent), and eggs (+4.3 percent).

The cost of shelter also rose in both annual and monthly terms, climbing 5.7 percent over the year and 0.6 percent over the month.

Experts say that the lagging nature of the shelter component of the price index means inflationary pressures are likely to stay high for at least several more months.

“Shelter costs are still rising at a knee-buckling pace, and accounted for 40 percent of the increase in the core CPI,” McBride said. “Change in rent prices, in particular, tend to lag increases in home prices so we can expect to see continued moves higher for months to come in what is the biggest component of the inflation index.”

The so-called “core” CPI inflation measure, which excludes food and energy and is viewed as a better gauge of underlying price pressures, remained unchanged in July at 5.9 percent in annual terms, and up 0.3 percent in monthly terms.

The fact that core CPI rose over the month suggests inflation could stick around for longer and maintain pressure on the Fed to keep hiking rates aggressively, despite stocks and other risk assets rallying following Wednesday’s relatively soft inflation print.

San Francisco Federal Reserve Bank President Mary Daly poses at the bank’s headquarters in San Francisco, on July 16, 2019. (Ann Saphir/Reuters)

‘Not Near Done Yet’

Commenting on Wednesday’s inflation print was San Francisco Fed President Mary Daly, who sought to temper market expectations that the Fed might soon pivot away from tighter monetary policies.

“There’s good news on the month-to-month data that consumers and business are getting some relief, but inflation remains far too high and not near our price stability goal,” Daly told the Financial Times, joining other Fed officials who made public statements pushing back against market optimism on fewer or smaller rate hikes going forward.

Daly addressed the uptick in the core price reading, led by a rise in services inflation, which she said showed little signs of easing.

“This is why we don’t want to declare victory on inflation coming down,” she told the outlet.

“We’re not near done yet.”

Minneapolis Federal Reserve Bank President Neel Kashkari said on Wednesday that he thinks the Fed will raise its benchmark rate another 1.5 percentage points this year and more in 2023, telling the Aspen Ideas Conference that the central bank is determined to crush inflation even if it causes a recession.

The Fed is “far, far away from declaring victory” on inflation, Kashkari told conference attendees, despite the “welcome” news in the CPI report that inflation may have cooled somewhat.

Kashkari acknowledged that the Fed’s sharp rate hikes might push the economy into a recession, but that’s a risk worth taking to get prices down, he said.

While the U.S. economy has contracted for two consecutive quarters and met the informal rule-of-thumb definition for a recession, the downturn hasn’t yet been formally declared as a recession by the committee of economists at the National Bureau of Economic Research, who serve as the official arbiters in recession calls.

SWAMP STORIES

Richard Olson: Deep State ‘Fall Guy’

Judge Orders DOJ To Respond To Requests To Unseal FBI’s Trump Warrant

WEDNESDAY, AUG 10, 2022 – 08:20 PM

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

The Justice Department has to respond to motions to unseal a warrant that triggered the FBI raid on former President Donald Trump’s Mar-a-Lago home, according to a magistrate judge who reportedly approved the search.

Judicial Watch and the Albany Times Union newspaper filed a motion to unseal the document earlier this week, which was granted by a judge in the case.

“On or before 5:00 p.m. Eastern time on August 15, 2022, the Government shall file a Response to the Motion to Unseal,” wrote Judge Bruce Reinhart on Wednesday afternoon, referring to the Department of Justice.

“The response may be filed ex parte and under seal as necessary to avoid disclosing matters already under seal. In that event, the Government shall file a redacted Response in the public record. If it chooses, the Government may file a consolidated Response to all Motions to Seal,” he wrote.

Neither the FBI nor Justice Department has issued public comments about the raid, which was first confirmed by Trump on Monday evening.

The FBI declined to comment when contacted by The Epoch Times, and the Justice Department has not responded to several requests for comment.

As for the White House, press secretary Karine Jean-Pierre said President Joe Biden was not aware of the raid before Trump’s announcement. Her claim was refuted by Trump on his social media platform, Truth Social.

“What I can tell you definitively and for sure, he was not aware of this,” Jean-Pierre said of Biden. “Nobody at the White House was. Nobody was given a heads up and we did not know about what happened yesterday.”

Requests

On Wednesday, the Times Union’s managing editor, Brendan J. Lyons, wrote to Reinhart to ask for the warrant to be unsealed.

“Given that the search warrant(s) have been executed, and the target of that search has full knowledge of what occurred, there is no impediment to any ongoing investigation from the disclosure of the search warrant order or the returns. As such, these records should be unsealed,” the letter to the Florida judge reads.

Judicial Watch asked for the warrant as part of an investigation into “the potential politicization of the Federal Bureau of Investigation and the U.S. Department of Justice and whether the FBI and the Justice Department are abusing their law enforcement powers to harass a likely future political opponent of President [Joe] Biden.”

“If the Court were to unseal the materials, Judicial Watch would obtain the materials, analyze them, and make them available to the public,” the letter said. “Unsealing the records therefore would further Judicial Watch’s mission of educating the public.”

It comes as Eric Trump, a son of the former president, told the Daily Mail that a Trump attorney at Mar-a-Lago, Christina Bobb, asked FBI agents Monday about seeing a warrant.

“They would not give her the search warrant,” he told the outlet, referring to Bobb. “So they showed it to her from about 10 feet away. They would not give her a copy of the search warrant.”

Top Republicans, meanwhile, demanded an investigation into the raid and argued that it was politically motivated to wound the GOP ahead of the 2022 midterms. Some have said the Justice Department immediately needs to release documents pertaining to the raid.

Garland Says He ‘Personally Approved’ Trump Search Warrant

THURSDAY, AUG 11, 2022 – 03:09 PM

Attorney General Merrick Garland revealed during a brief Thursday speech that he personally approved the search warrant at Mar-a-Lago, and that the DOJ has asked a federal court to unseal the document.

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“Just now, the Justice Department has filed a motion in the Southern District of Florida to unseal a search warrant and property receipt relating to a court approved search that the FBI conducted earlier this week,” Garland said.

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Trump allies have suggested that the warrant was politically motivated, while Trump himself said on Truth Social on Wednesday that the FBI may have planted evidence.

The search is connected to an investigation on whether Trump unlawfully retained presidential records – including classified materials, following his departure from office in January 2021.

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According to US Attorney Juan Antonio Gonzalez from the Southern District of Florida, “The public’s clear and powerful interest in understanding what occurred under these circumstances weighs heavily in favor of unsealing” the warrant.

Jay I. Bratt, the Justice Department’s chief for Counterintelligence and Export Control Section National Security Division, co-signed the document.

According to the four-page motion, a judge signed and approved of the search warrant on Aug. 5, the Friday before the search was executed. The Justice Department also seeks to reveal the property receipt listing the seized items and filed today with the court.

Shortly after the government’s filing, U.S. Magistrate Judge Bruce Reinhart set a speedy pace to determine whether Trump opposes unsealing. -Law & Crime

“On or before 3:00 p.m. Eastern time on August 12, 2022, the United States shall file a certificate of conferral advising whether former President Trump opposes the Government’s motion to unseal,” Reinhart wrote.

* * *

US Attorney General Merrick Garland will make a statement to the media at 2:30 pm ET on Thursday, following the FBI’s Monday raid on Mar-a-Lago.

Garland has found himself in the crosshairs of conservatives, who claim that the establishment has once again ‘weaponized’ the DOJ against Donald Trump.

Watch live:

Sen. Rand Paul and other conservatives have called for an investigation.

“And if it warrants it, there’s going to have to be a look at whether or not the attorney general has misused his office for political purposes. Have they gone after a political opponent? I mean, this is beyond the pale,” he told Fox News on Wednesady. “No one would have ever imagined before that we would be using or one political party would be using the FBI to attack their political opponents.”

King report

end

Greg Hunter

END

See you tomorrow

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