GOLD CLOSED DOWN $16.45 TO $1782.85//SILVER IS DOWN 38 CENTS TO $20.35//PLATINUM IS DOWN $23.40 TO $938.25/PALLADIUM IS DOWN $72.60 TO $2154.80//COVID UPDATES//ANDREW MAGUIRE GOLD TRADING REPORT: A MUST VIEW//COURT REPORT ON THE CRIMINAL CONVICTION OF JPMORGAN TRADERS//COVID REPORT: DR PAUL ALEXANDER//VACCINE INJURY REPORT//VACCINE IMPACT//USA DATA REPORTS: RENT INCREASES ACROSS THE USA IS BECOMING A MAJOR PROBLEM//HOMEBUILDER CONFIDENCE PLUMMETS!!SWAMP STORIES FOR YOU TONIGHT//

 Uncategorized · Leave a comment·Edit

GOLD;  $1782.85.30 DOWN $16.45

SILVER: $20.35 DOWN 38 CENTS 

ACCESS MARKET: 

GOLD $1779.50

SILVER: $20.31

Bitcoin morning price:  $24,225 UP 59

Bitcoin: afternoon price: $24,070. DOWN 155

Platinum price closing DOWN $23.40 AT$938.25 

Palladium price; closing DOWN $72.60  at $2154.80

END

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 EXCHANGE: COMEX 

EXCHANGE: COMEX
CONTRACT: AUGUST 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,798.600000000 USD
INTENT DATE: 08/12/2022 DELIVERY DATE: 08/16/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 333 10
072 H GOLDMAN 27
104 C MIZUHO 7
118 C MACQUARIE FUT 60
132 C SG AMERICAS 81
167 C MAREX 6
190 H BMO CAPITAL 6
323 H HSBC 1
624 H BOFA SECURITIES 58
657 C MORGAN STANLEY 14
661 C JP MORGAN 140
661 H JP MORGAN 2
685 C RJ OBRIEN 9
686 C STONEX FINANCIA 1
690 C ABN AMRO 5
737 C ADVANTAGE 6 4
800 C MAREX SPEC 30 11
880 C CITIGROUP 25 3
880 H CITIGROUP 24
905 C ADM 19


TOTAL: 441 441
MONTH TO DATE: 32,466

JPMorgan stopped:   140/441

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

441 NOTICES FOR 44,100 OZ //1.3716 TONNES

total notices so far: 32,466 contracts for 3,24,6600 oz (100.982 tonnes) 

SILVER NOTICES:  

0 NOTICES FILED FOR 0 OZ/

 

total number of notices filed so far this month  827 :  for 4,135,000  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 $16.45 

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 1.45 TONNES FROM THE GLD.

INVENTORY RESTS AT 995.97 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $0.38 CENTS

AT THE SLV// ://A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 1.152 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 486.219 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY  A GOOD SIZED 641  CONTRACTS TO 148,006   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE  HUMONGOUS GAIN IN OI WAS ACCOMPLISHED DESPITE OUR  $0.46 LOSS  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.46) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY COMMERCIAL SILVER LONGS//. HOWEVER  WE CONTINUE TO HAVE SOME  SPECULATOR LIQUIDATIONS AS WE HAD A GIGANTIC GAIN OF 5557 CONTRACTS ON OUR TWO EXCHANGES.

WE  MUST HAVE HAD: 
I) HUGE SPECULATOR SHORT LIQUIDATIONS//HUGE BANKER OI COMEX ADDITIONS /. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A FAIR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.855 MILLION OZ FOLLOWED BY TODAY’S 35,000 OZ QUEUE JUMP   / //  V)    FAIR SIZED COMEX OI LOSS/(//HUGE SPEC LIQUIDATION)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -22

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 11 days, total 6286  contracts:  31.430 million oz  OR 2.857 MILLION OZ PER DAY. (623 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 31.43 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 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 31.43 MILLION OZ (A LOT LESS THAN NORMAL//THE CROOKS ARE SCARED TO ISSUE MORE EFP’S)

RESULT: WE HAD A GOOD SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 604 DESPITE OUR  $0.34 GAIN IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE  CONTRACTS: 300 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 AND SPEC SHORT  LIQUIDATIONS /// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR AUGUST. OF 3.855 MILLION  OZ FOLLOWED BY TODAY’S 35,000 OZ QUEUE JUMP  //  .. WE HAD A SMALL SIZED LOSS OF 341 OI CONTRACTS ON THE TWO EXCHANGES FOR 1.705 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 0  NOTICE(S) FILED TODAY FOR  0 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 SMALL SIZED 951 CONTRACTS  TO 458,923 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: — 272  CONTRACTS.

.

THE SMALL SIZED  INCREASE  IN COMEX OI CAME WITH OUR RISE IN PRICE OF $7.65//COMEX GOLD TRADING/FRIDAY / WE MUST HAVE  HAD  ADDITIONAL SPECULATOR SHORT SHORT COVERINGS ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND STRONG SPECULATOR SHORT COVERINGS//STRONG 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 11,400 OZ//NEW STANDING 103.390 TONNES

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF   $7.65 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A GOOD SIZED GAIN OF 3812  OI CONTRACTS 11.852 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2861  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 458,933

IN ESSENCE WE HAVE A GOOD  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3812 CONTRACTS  WITH 951 CONTRACTS  INCREASED AT THE COMEX AND 2861 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 4084 CONTRACTS OR 112.702 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2861) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (951): TOTAL GAIN IN THE TWO EXCHANGES 3812 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 11,400 oz.    3) ZERO/ LONG LIQUIDATION//// //.,4)   SMALL 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 :

26,206 CONTRACTS OR 2,620,600 OZ OR 81.51  TONNES 11 TRADING DAY(S) AND THUS AVERAGING: 2382 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11  TRADING DAY(S) IN  TONNES: 81.51 TONNES

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

THUS EFP TRANSFERS REPRESENTS  81.51/3550 x 100% TONNES  2.29% 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: 81.51 TONNES (DRAMATICALLY FALLING AGAIN)

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, FELL BY A GOOD SIZED 641 CONTRACT OI TO 148,006 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 300 CONTRACTS

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

SEPT 300  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 300 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 604  CONTRACTS AND ADD TO THE 50 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL SIZED LOSS OF 341   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 1.705 MILLION OZ

OCCURRED DESPITE OUR RISE IN PRICE OF  $0.34

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

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

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

end

5. Other gold commentaries

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 0.80 PTS OR 0.02%   //Hang Sang CLOSED DOWN 134.76 OR 0.67%    /The Nikkei closed UP 324.80 OR % 1.14.          //Australia’s all ordinaires CLOSED UP 0.48%   /Chinese yuan (ONSHORE) closed DOWN AT 6.7701//OFFSHORE CHINESE YUAN DOWN 6.7842//    /Oil DOWN TO 87.62 dollars per barrel for WTI and BRENT AT 93.18//    / Stocks in Europe OPENED ALL MIXED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER  

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A SMALL SIZED 951 CONTRACTS TO 458,923 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 DESPITE OUR RISE OF $7.65  IN GOLD PRICING  FRIDAY’S COMEX TRADING. WE ALSO HAD A GOOD SIZED EFP (3822 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT NOW SEEMS THAT THE COMMERCIALS HAVE GOADED THE SPECS TO GO MASSIVELY SHORT  AND NOW THEY ARE DESPERATELY TRYING TO COVER THEIR FOLLY.

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF AUGUST..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2861 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :2861 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2861 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 3812  CONTRACTS IN THAT 2861 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED  COMEX OI GAIN OF 3812  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR RISE IN PRICE OF GOLD $ 7.65.  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   (103.390),

 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:103.390 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $7.65) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS // COMMERCIAL LONGS BUT SPECULATOR SHORTS CONTINUED TO COVER TO THEIR POSITIONS//////  WE HAVE  REGISTERED A GOOD SIZED GAIN  OF 11.852 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (103.390 TONNES)

WE HAD –272  CONTRACTS ADDED TO COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3812 CONTRACTS OR 381,200  OZ OR 11.852 TONNES

Estimated gold volume 134,871/// poor/

final gold volumes/yesterday  127,304/ poor

INITIAL STANDINGS FOR AUGUST ’22 COMEX GOLD //AUGUST 15

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz315,983.595 oz

Brinks
JPMorgan
Malca  519 kilobars
Manfra





Deposit to the Dealer Inventory in oz32,118.849 OZ 
999 kilobars
Deposits to the Customer Inventory, in oz32.151 oz
Brinks

1 kilobar
No of oz served (contracts) today441   notice(s)
44,100 OZ
10.4199 TONNES
No of oz to be served (notices)776 contracts 
77,600 oz
2.417 TONNES
Total monthly oz gold served (contracts) so far this month32,466 notices
3,246,600 OZ
99.611 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

total dealer deposit  1

Into Brinks 32,118.849  oz 999 kilobars

total dealer deposit:  32118.849 oz

No dealer withdrawals

Customer deposits: 1

i) Into Brinks 32.151 oz (1 kilobars)

total deposits:32.151 oz

3 customer withdrawals:

i) out of HSBC  20,445.673 oz

ii) Out of JPM: 17,509.972 oz 

iii) Out of Malca: 166,863.690 oz (519 kilobars)

iv) Out of Manfra  111,164.240 oz

ii) Out of JPM ; 20,183.213oz 

total:  315,983.595 oz

total in tonnes: 9.82 tonnes

Adjustments: dealer to customer //2

Malca 204.23 oz

Brinks 96.453 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an  oi of 1217 contracts having LOST  3236 contracts .

We had 3350 notices served upon yesterday so we gained a STRONG 114 contracts or an additional 11,400 oz will stand for delivery in this very active month of August. 

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

Sept. LOST 101 contracts to 3627 contracts.

October LOST 163 contracts DOWN to 38,767 

We had 441 notice(s) filed today for 44,100 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 441 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and  140 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 (32,466) x 100 oz , to which we add the difference between the open interest for the front month of  (AUGUST 1217 CONTRACTS ) minus the number of notices served upon today 441 x 100 oz per contract equals 3,324,200 OZ  OR 103.390 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 (32,466) x 100 oz+   (1217)  OI for the front month minus the number of notices served upon today (441} x 100 oz} which equals 3,324,200 oz standing OR 103.042 TONNES in this active delivery month of August.

TOTAL COMEX GOLD STANDING:  103.390 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:  29,000,953,997 OZ  

TOTAL REGISTERED GOLD: 14,511,706.272  OZ (451,37 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,889,227.725 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 12,193,292.0 OZ (REG GOLD- PLEDGED GOLD) 379.26 tonnes//rapidly declining 

END

SILVER/COMEX/AUGUST 15

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory763,184.978 oz
CNT
Delaware
JPMorgan
 




Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory211,181.774 oz
Delaware
 
No of oz served today (contracts)CONTRACT(S)
nil  OZ)
No of oz to be served (notices)117 contracts 
(585,000 oz)
Total monthly oz silver served (contracts)827 contracts
 4,135,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results


i)  0 dealer deposit

total dealer deposits:  0    oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have  1  deposits into the customer account

i) Into Delaware  211,181.774 oz

total deposit:  211,181.774   oz

JPMorgan has a total silver weight: 173.985 million oz/332.856 million =52.26% of comex 

 Comex withdrawals: 3

i) out of CNT  164,525.588 oz

ii) Out of Delaware 2000.00 oz

iii) Out of JPMorgan: 596,659.3900 oz

total: 763,184.978   oz

 adjustments:  0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 55.234 MILLION OZ

TOTAL REG + ELIG. 332.856 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF AUGUST OI: 117 CONTRACTS HAVING GAINED 5 CONTRACTS.  WE HAD 2 NOTICES FILED ON THURSDAY

SO WE GAINED 7 CONTRACTS OR AN ADDITIONAL 35,000 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 2647 CONTRACTS DOWN TO 66,022

OCTOBER GAINED  7 CONTRACTS TO STAND AT 97

 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for  NIL oz

Comex volumes:60,079// est. volume today//   good

Comex volume: confirmed yesterday: 53,206 contracts ( fair)

To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 827 x 5,000 oz = 4,135,000 oz 

to which we add the difference between the open interest for the front month of AUGUST(117) and the number of notices served upon today 0  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 827 (notices served so far) x 5000 oz + OI for front month of AUGUST (117)  – number of notices served upon today (0) x 5000 oz of silver standing for the AUGUST contract month equates 4,720,000 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 15/WITH GOLD DOWN $16.45: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD////INVENTORY RESTS AT 995.97 TONNES

AUGUST 12/WITH GOLD UP $7.65: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 995.97 TONNES

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: 995.97 TONNES

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

AUGUST 15/WITH SILVER DOWN 38 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.152 MILLION OZ INTO THE SLV/ INVENTORY RESTS AT 486.219 MILLION OZ//

AUGUST 12/WITH SILVER UP 34 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 485.067 MILLION OZ//

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 486.219 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

end

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

LAWRIE WILLIAMS: Gold breaches $1,800 but falls back yet again

Depending on how one analyses them, the latest U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) figures, which were announced on Wednesday and Thursday, were either encouraging, if one looked at the year-on-year headline comparisons, or non-committal to continuing disturbing if one looked at the core figures. Headline y-o-y CPI came down to 8.5% in July, the same as in May, but well below the shock 9.1% recorded in June. Likewise the PPI also fell by 0.5% in July compared with June, but worryingly, if one strips out the volatile fuel and food elements the underlying core trend was flat to positive and with the possibility that there could yet be further strain on food and energy prices. With no end yet in sight to the Ukraine war we look likely to see higher than acceptable inflation levels for some time to come yet. Certainly the Fed’s target level of 2% inflation seems far, far away.

However, the levelling down of the headline figure did prompt the equity markets to generate some enthusiasm with the general opinion that the Fed may yet consequently tend to be rather less aggressive in its interest rate raising programme. Thus equity prices, which had already received a boost from the previous week’s well above expectation employment figures, continued on an upwards path.

We would offer a word or two of caution here for equity investors. Inflation certainly has not yet gone away as can be seen from the continuing high core inflation figures. Indeed core inflation may still be on the up. There is some continuing evidence, though, that energy prices are coming down – for example the latest oil price quote is US$90.21/barrel, down from well over $100 only just over a week ago, but oil prices can fluctuate and the reduction may not last, given continuing global supply uncertainties around Russian oil exports due to the Ukraine war.

The rise in equity prices was largely because of the feeling in the U.S. that the lower headline inflation levels may cause the Fed to be less aggressive in its interest rate raising programme at next month’s FOMC meeting. While the CME’s Fedwatch Tool participants just about agree, they currently only put the odds at 56.5:43.5 for a 50 basis point increase rather than a 75 basis point one – hardly a huge vote of confidence for a lower rate rise. However the FOMC meeting is five weeks away yet and there will be another CPI and PPI data announcement before then, so there is plenty of time for expectations to change and be re- assessed.

As for gold and silver prices, both advanced well following the inflation data announcements and the market expectations of a less aggressive Fed. The gold price ended the week above $1,800 again, after failing to hold that level a couple of times in intra-day price movement during the week. Silver did even better in percentage terms ending the week at $20.87, up almost 3% on the day. The Gold:Silver Ratio came out at a respectable 86.44 after spending recent time in the 90s. However these higher prices were not sustained in Asian and early European trade this morning and came down quite sharply so far. It will be interesting to see what U.S. markets make of the situation when they trade as they remain the principal global price drivers.

We do have faith in the gold price in particular moving forward between now and the year-end and we feel that a $1,900, or even a $2,000, price is yet achievable. The silver price does tend to follow gold upwards, often in a more exaggerated manner, although its upwards path could yet be slightly hindered by its principal demand areas nowadays being in the industrial sector and these could suffer if a serious recession strikes. Much of the world seems to be in one already and the U.S. is in denial, although is already in a technical recession as defined by two successive quarters of shrinking GDP.

15 Aug 2022

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

Nine in 10 Bank of England staffers get bonuses as inflation soars

Submitted by admin on Sun, 2022-08-14 19:12Section: Daily Dispatches

By Laura Onita
The Telegraph, London
Sunday, August 14, 2022

Nine in 10 employees at the Bank of England were handed bonuses last year even as inflation soared beyond its 2% target.

A total of 4,263 workers, accounting for about 90% of its workforce, received a bonus last year, disclosures show. The highest payouts were between L15,000 and L20,000, with 34 members of staff getting rewards in this range.

More than 300 employees received a bonus between L10,000 and L15,000 and 1,733 were awarded between L5,000 and L10,000. In total, the central bank spent L23 million on variable compensation last year.

The disclosures are likely to heighten scrutiny of the central bank and leave it open to accusations of rewarding failure. Inflation has soared to a 40-year high over the last year, crossing the Bank’s 2% target in May 2021 and hitting 9.4% in June. 

July’s data, due on Wednesday, is expected to show price rises accelerated to 9.8% and Threadneedle Street expects inflation to peak above 13% later this year. …

… For the remainder of the report:

https://www.telegraph.co.uk/business/2022/08/14/nine-10-bank-england-staff-handed-bonuses-inflation-soars/

end

A good read.

(Bloomberg/GATA)

How the U.S. toppled the world’s most powerful gold trader

Submitted by admin on Sun, 2022-08-14 11:22Section: Daily Dispatches

Except that the world’s most powerful gold traders are really the U.S Treasury Department, the Federal Reserve, and the Bank for International Settlements, for which JPMorgan Chase long has been executing trades.

* * *

How the U.S. Toppled the World’s Most Powerful Gold Trader

Eddie Spence, Joe Deaux, and Tom Schoenberg
Bloomberg News
via Yahoo News, Sunnyvale, California
Sunday, August 14, 2022

In December 2018 a man in his early 30s was intercepted on arrival at the Fort Lauderdale airport and taken to a room where two FBI agents sat waiting.

The target was scared and already on high alert — one of his associates had recently admitted to crimes he knew he had also committed. Christian Trunz wasn’t a terrorist or a drug trafficker but a mid-level trader of precious metals returning from his honeymoon.

Crucially, he was also a longstanding employee of JPMorgan Chase & Co., the biggest bullion bank.

The FBI’s airport ambush described by Trunz was a crucial step in the pursuit by U.S. prosecutors of JPMorgan’s precious metals desk, leading up to last week’s climax — the conviction on 13 counts of the man who was once the most powerful figure in the gold market, the desk’s former global head, Michael Nowak.

Watched with a mix of fascination and horror by precious metals traders around the world, the case has shone a light on how JPMorgan’s traders — including Nowak and the bank’s long-time lead gold trader Gregg Smith — for years allegedly manipulated markets by placing bogus orders designed to wrongfoot other market participants, principally algorithmic traders whose high-speed activity became a major source of frustration.

Nowak has become one of the most senior bankers to be convicted in the United States since the financial crisis and faces the prospect of decades in prison, although it could be far less. …

… For the remainder of the report:

https://finance.yahoo.com/news/us-toppled-world-most-powerful-123040880.html

END

A must view

(Andrew Maguire/Kinesis)

Spoofing trial indicated that JPMorgan traded gold for central banks, Maguire says

Submitted by admin on Fri, 2022-08-12 22:23Section: Daily Dispatches

10:28p ET Friday, August 12, 2022

Dear Friend of GATA and Gold:

Evidence in the trial of the former JPMorgan traders convicted of gold market manipulation this week indicated that the bank long has been trading the monetary metal for central banks and the Bank for International Settlements, London metals trader Andrew Maguire says in this week’s “Live from the Vault” program from Kinesis Money.

Maguire cites Bloomberg News reporting about the “spoofing” trial, highlighted in a GATA Dispatch on July 31 — https://gata.org/node/22108 — which said: “Another set of important clients” of JPMorgan “were central banks, which trade gold for their reserves and are among the biggest players in the bullion market. At least 10 central banks held their metal in vaults run by JPMorgan in 2010, according to documents disclosed in court.”

Maguire construes this to mean that the “spoofing” of which the Morgan traders were convicted probably was coordinated with knowledge of central bank trading plans.

Noting GATA consultant Robert Lambourne’s reporting on the rapid decline in the gold swap positions held by the BIS —https://gata.org/node/22127 — Maguire adds that the bank, the gold broker for major central banks, is bringing itself into compliance with the recent “Basel III” rules restricting “unallocated” or “paper” gold positions, positions not fully backed by gold itself or equally strong collateral. These positions, creating a vast, imaginary supply of gold, backstopped by central banks, long have been the primary mechanisms of gold price suppression

Maguire sees central banks transitioning steadily from short to long gold and estimates that the BIS itself will have extricated itself from gold liabilities and be profiting from higher gold prices by the end of the year.

Maguire’s comments on “Live from the Vault” come in a 43-minute interview with Shane Morand of Kinesis Money that can be seen at YouTube here:

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

END 

4. OTHER GOLD/SILVER COMMENTARIES

Ep.86 Live from the Vault

The BIS, the Bullion Banks & the Basel III price reset!

In this week’s Live from the Vault, Andrew Maguire exposes the race major world banks are in to discreetly exit decades of accrued, loaned-out short bets against gold and silver, as Basel III reforms bring the precious metals market closer to an inflection point.

With the recent JP Morgan spoofing scandal adding empirical weight to Andrew’s insider reports, the London whistleblower drills even deeper into the industrial scale of market manipulation across elitist players.

Get the App

end

5.OTHER COMMODITIES: EGGS

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 MONDAY morning 7:30 AM

ONSHORE YUAN: CLOSED DOWN 6.7701

OFFSHORE YUAN: 6.7847

HANG SENG CLOSED DOWN 134.76 PTS OR  0.67%

2. Nikkei closed UP 324.80 OR 1.14%

3. Europe stocks   CLOSED ALL MIXED 

USA dollar INDEX  UP TO  106.12/Euro FALLS TO 1.0199

3b Japan 10 YR bond yield: FALLS TO. +.185/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 133.12/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +0.947%/Italian 10 Yr bond yield FALLS to 3.04% /SPAIN 10 YR BOND YIELD FALLS TO 1.99%…

3i Greek 10 year bond yield RISES TO 3.21//

3j Gold at $1774.75 silver at: 20.23  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 1  AND 0/100        roubles/dollar; ROUBLE AT 61.61

3m oil into the 87 dollar handle for WTI and  93 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 133.32DESTROYING 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 0.9456– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9643well 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: 2.829  DOWN 2  BASIS PTS

USA 30 YR BOND YIELD: 3.108  DOWN  1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 17.96

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Global economy looks wounded

(zerohedge)

Futures Slide, Oil Tumbles After Dismal Chinese Data

MONDAY, AUG 15, 2022 – 07:51 AM

US equity futures stocks were mixed and commodities from oil to iron ore tumbled as the latest round of terrible data from China further clouded the outlook for the global economy, an unexpected rate cut from the PBOC notwithstanding. Contracts on both the S&P 500 and Nasdaq 100 were lower by about 0.5% follows gains last week that sent the tech-heavy index up 22% from June to the highest since April, suggesting a four-week stocks rally – the longest since November 2020 – may stall at least until the $13Bn in daily buying from systematic funds and buybacks kicks in.

Europe’s equity benchmark advanced about 0.2%, as corporate news buoyed healthcare stocks while miners and carmakers declined. Asian stocks added less than 0.1% and emerging-market stocks dropped. The dollar jumped as the Euro and yuan tumbled, crude oil plunged, the downside accelerating after Iran’s foreign minister said that a “basis exists for signing an agreement “in the very near future” to revive the 2015 nuclear deal. After hitting $25K, a bout of aggressive shorting and dollar strength sent bitcoin back to $24K.

In premarket trading on Monday, tech giants including Apple Inc. and Amazon.com declined, alongside the broader tech sector as growth fears reemerged. US-listed Chinese electric-vehicle makers slid in premarket trading Monday after Li Auto (LI US) forecast revenue for the third quarter that fell short of analysts’ estimates.

  • Cisco Systems (CSCO US) traded 0.6% lower after Citi says the company is losing market share as supply chain issues hurt the network gear maker more than its peers.
  • Lufax (LU US) shares rose as much as 3.5% amid a report that the Chinese fintech firm is planning to file for a listing in Hong Kong as soon as the second half of the year.
  • PlayAGS (AGS US) shares gained 7.5% to $8.08 after the company said it got a non-binding indication of interest valued at $10 a share in cash.
  • UNITY Biotechnology (UBX US) shares rose 15% after Citigroup analyst Yigal Nochomovitz (buy) said the data for UBX1325 in in patients with diabetic macular edema were better than expected.
  • Illinois Tool Works (ITW US) was downgraded to sell from hold at Deutsche Bank, which struggles to sees the equipment manufacturer’s valuation as justified.

Equity markets in recent weeks have been propelled higher by signs of slowing price pressures, which stirred hopes of a shift by the Fed to less aggressive rate hikes. But China’s faltering economy shows many hurdles still lie ahead for a near-13% rebound in global stocks from June bear-market lows. Sentiment took a hit after Chinese retail sales, industrial output and investment all slowed and missed economist estimates in July. An unexpected cut to the nation’s interest rates is unlikely to turn things around as a worsening property slump and coronavirus lockdowns continue to weigh on the economy.

“Bad data from China also weighs on recession worries for the rest of the world,” said Ipek Ozkardeskaya, a senior analyst at Swissquote. “It’s too early to uncork the champagne, and call the end of the market selloff,” especially as the Fed continues to warn that inflation is still high, she said.

Equities have been rallying as data pointed to softer US inflation, bolstering bets of a pivot by Federal Reserve policy makers before the economy dives into a significant recession. While there is a thin calender of Fed speakers before the conference in Jackson Hole later this month, investors will be assessing minutes from the last Federal Open Market Committee meeting that are due on Wednesday.

In the ongoing feud between Wall Street permabulls and bears, Morgan Stanley’s Michael Wilson reiterated his weekly mantra that the sharp rally since June is just a pause in the bear market, predicting that share prices will be pulled down in the second half of the year as profits weaken, interest rates keep rising and the economy slows. On the other side, strategists at JPMorgan also unleashed their weekly dose of unicorns and rainbows, saying the rally could continue.

European stocks softened since a stronger open, with energy and basic resources weighing on market. Health care, construction and chemicals are the strongest-performing sectors.  The risk of a euro-area recession has reached the highest level since November 2020, according to economists polled by Bloomberg.  Here are some of the biggest European movers today:

  • HelloFresh shares jump as much as 10%, the most since May, after the meal-kit maker confirmed results published in a preliminary report on July 20 and reiterated its full-year outlook
  • Encavis rises as much as 5.4% after the renewable energy company confirmed preliminary 2Q results and a guidance raise for FY22, which were originally reported earlier this month
  • RS Group climbs as much as 7.1% after The Times noted “growing speculation” that the company is preparing to bolster its defenses in the event of a takeover approach
  • Henkel gains as much as 1.5% after the firm posted a 1H beat and guidance raise, which Jefferies says was due to the company’s strong pricing and a managed impact on volume
  • Nordex swings between gains and losses after mixed results. While the company confirmed its FY22 guidance, the top- line was weaker-than-expected amid higher costs, analysts said
  • Phoenix Group drops as much as 1.2%, reversing initial gains, after reporting interim results that Citi said contained few surprises
  • GSK and Haleon fall, extending recent losses amid concerns over possible litigation risks related to antacid drug Zantac. Morgan Stanley says “considerable uncertainty” surrounds the litigation
  • Treatt tumbles as much as 34% after cutting FY estimates. Peel Hunt said the update was disappointing in the short-term, and cut its price target on the stock to a Street low

Earlier in the session, Asian equities eked out gains with Japanese stocks giving a boost, while investors weighed China’s unexpected policy rate cut against disappointing economic data. The MSCI Asia Pacific Index was up less than 0.1% erasing the bulk of its 0.6% rise driven by health care and tech shares. Japan’s Nikkei 225 led gains in the region, with the benchmark turning positive for the year helped by a weaker yen and continued stimulus by Bank of Japan. China stocks turned lower after retail sales, industrial output and investment all missed estimates, erasing a gain caused by the country’s central bank lowering the rate on its one-year policy loans. The undershoot in data highlighted the growing toll of the nation’s Covid restrictions, casting a pall over the market’s outlook. Hong Kong shares were the worst performers in Asia.  “The cuts by themselves may not be material enough to stimulate the economy given monetary policy is increasingly loosing its teeth in China – but on the margin – I feel this is positive for Chinese stocks,” said Chetan Seth, Asia Pacific equity strategist at Nomura Holdings.

The MSCI Asia gauge is trading close to a two-month high after capping its fourth weekly advance, with further gains dependent on the ongoing earnings season and whether global appetite can further improve. Still, China’s economic slowdown, worsened by virus curbs and a property crisis, and the Fed’s tightening trajectory continue to be bugbears for investors.  Thai stocks rose even after data showed the domestic economy grew at a slower pace than economists estimated last quarter. India and South Korea were closed for holidays on Monday.

In Australia, the S&P/ASX 200 index rose 0.5% to close at 7,064.30, with materials and real estate stocks contributing the most to its move. Core Lithium was the top performer after an update on its exploration activities in the Northern Territory. Beach Energy was the biggest decliner after its FY underlying profit missed estimates.  In New Zealand, the S&P/NZX 50 index rose 0.5% to 11,789.03

In FX, the Bloomberg Dollar Spot Index jumped about 0.5%, gaining for a second day as the currency climbed against all of its Group-of-10 peers except the yen amid demand for havens. Euro falls to week’s low versus USD, the Chinese yuan also slumped after the latest terrible economic data. Australian and New Zealand dollars slid after China’s central bank unexpectedly cut a key policy interest rate for the first time since January as it ramped up support for an economy struggling to recover from Covid lockdowns and a property downturn. Separately, China’s retail sales for July undershot estimates, as did industrial production.  The yuan slumped and China’s benchmark 10-year China bond yield slid to the lowest since May 2020. Iron ore, copper and other metals declined. The yen held up against the dollar in thin summer trading, with traders waiting to see if US yields can vault higher on the back of aggressive Federal Reserve rate hikes. Japanese government bonds were mixed.

In rates, Treasuries were narrowly mixed with the curve slightly flatter; gains led by 20-year sector where yields are richer by around ~1bp on the day. Bunds, gilts both outperform vs Treasuries amid thin liquidity with Assumption Day holiday observed in many parts of Europe. 10-year TSY yields were around 2.83%, slightly richer and underperforming bunds and gilts in the sector by ~3bp; curves slightly flatter although spreads broadly remain within 1bp of Friday’s close. Italian bonds twist flattened, while bunds advanced and the German curve bull flattened. Treasury moves were small and the curve twist flattened slightly. IG dollar issuance slate empty so far; this week’s Treasury coupon auctions include 20-year new issue Wednesday and 30-year TIPS reopening Thursday. The latest CFTC positioning data shows hedge funds were aggressive net sellers of 10-year note contracts over the week.

In commodities, WTI drifts 3.5% lower to trade around $88. Spot gold falls roughly $20 to trade near $1,782/oz. Spot silver loses 2% near $20. Most base metals trade in the red; LME nickel falls 4.6%, underperforming peers.

US economic data slate includes August Empire manufacturing (8:30am), NAHB housing market index (10am) and June TIC flows (4pm); industrial production, retail sales and FOMC meeting minutes are ahead this week

Market Snapshot

  • S&P 500 futures down 0.4% to 4,263.25
  • STOXX Europe 600 up 0.3% to 442.36
  • German 10Y yield little changed at 0.96%
  • MXAP up 0.1% to 163.32
  • MXAPJ down 0.3% to 529.88
  • Nikkei up 1.1% to 28,871.78
  • Topix up 0.6% to 1,984.96
  • Hang Seng Index down 0.7% to 20,040.86
  • Shanghai Composite little changed at 3,276.09
  • Sensex up 0.2% to 59,462.78
  • Australia S&P/ASX 200 up 0.5% to 7,064.34
  • Kospi up 0.2% to 2,527.94
  • Euro down 0.3% to $1.0229
  • Gold spot down 0.9% to $1,786.91
  • U.S. Dollar Index up 0.32% to 105.97

Top Overnight News from Bloomberg

  • Fund managers are warning the market is turning complacent over the outlook for inflation in Europe, where the prospect of recession has stoked the appeal of sheltering in bonds
  • Hedge funds have turned bearish on the dollar for the first time in a year in a wager the US currency’s best days may be over
  • Russian President Vladimir Putin offered to expand relations with North Korea, reaching out to his neighbor as the Kremlin scours the globe for weapons for its war in Ukraine
  • The Rhine River’s water level continued to decline, hitting a new threshold as a climate crisis exacerbates Europe’s energy-supply crunch

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks were mixed with markets focused on China, as the PBoC’s surprise 10bps rate cuts to its 1-year MLF rate and 7-day Reverse Repo was overshadowed by the latest activity data from China in which both Industrial Production and Retail Sales fell short of market expectations. ASX 200 was positive with upside led by tech and miners amid a busy schedule of earnings this week and with Bluescope Steel firmly higher after its FY net more than doubled. Nikkei 225 outperformed and was unfazed by the Japanese GDP data for Q2 which printed weaker-than-expected but returned to expansion territory. Hang Seng and Shanghai Comp swung between gains and losses with early support after the PBoC delivered surprise 10bps rate cuts for the 1-year MLF and 7-day Reverse Repo rates, although Chinese stocks then slipped back into the red after disappointing Chinese activity data

Top Asian News

  • PBoC injected CNY 400bln vs CNY 600bln maturing via 1-year MLF with the rate cut by 10bps to 2.75% (exp. 2.85%), while it conducted CNY 2bln of 7-day reverse repos with the rate cut by 10bps to 2.10%.
  • China’s local COVID-19 cases topped 2,000 on Friday despite the recent tighter restrictions and lockdowns, according to Bloomberg.
  • Shanghai extended the weekly COVID-19 testing requirement until end-September, although it was also reported that Shanghai announced primary schools, middle schools, kindergartens and nurseries will be permitted to reopen on September 1st, according to a statement cited by Reuters.
  • China’s stats bureau said China’s economy continued a recovery trend in July but the foundation for a recovery is not solid and said the momentum of China’s economic recovery slowed in July, while it added that the economy remains resilient despite facing difficulties and they expect China’s economy to continue to recover, according to Reuters.
  • “Rivers in multiple provinces, regions across China have dried up due to persistently high temperature and far below average amount of rainfall, posing threat to drinking water resources and agriculture productions”, according to Global Times.
  • China’s Sichuan province order industrial plants to shut down between Aug 15-20th to ensure residential power supply, according to a document cited by Reuters.

Major bourses in Europe kicked off the session with modest broad-based gains before trimming gains amid a cautious tone. US equity futures have been subdued since the resumption of trade following the gains on Wall Street on Friday, and with retailers such as Walmart set to round off the Q2 earnings season whilst FOMC minutes are due on Wednesday. Regional sectors are now mixed (vs mostly positive at the open), with the theme more of a defensive one as Healthcare, Personal Goods, Food & Beverages, and Utilities among the top performers German gas levy set at 2.419cents/kWh, via Trading Hub Europe. Additionally, German Finance Ministry spokesperson said there is no response yet from the EU commission on the proposed VAT exemption for gas levy. Panasonic (6752 JT) is to boost its EV battery output for Tesla (TSLA) by 10%, according to Nikkei.

Top European News

  • BoE Governor Bailey told Chancellor Zahawi that he would be “open to a review” of the Bank’s mandate, following Liz Truss’s criticism of its approach to inflation, according to The Telegraph.
  • Reuters poll showed 30 out of 51 economists expect the BoE to hike rates by 50bps to 2.25% next month and the remaining 21 economists expect a 25bps increase.
  • UK Treasury plans a government-backed lending scheme for suppliers which would reduce energy bills for households by an extra GBP 400 this winter, according to The Times.
  • Two of the biggest UK energy suppliers are calling for a special fund that would allow the industry to freeze customers’ bills for two years and spread the cost of the gas-price crisis over a decade or more, according to The Times. It was also reported that UK energy suppliers called for the UK government to scrap levies and charges on bills, according to FT.
  • SAS Shares Jump as Apollo Provides $700 Million Loan to Airline
  • Russia Opens Trading to Some Foreign Investors
  • Turkey Budget Remains in Deficit on Increased Spending in July

FX

  • Dollar back in favour as safe haven with Yuan down on disappointing Chinese data and unexpected PBoC easing, DXY up to 106.340 from 105.540 low, USD/CNH tops 6.7850 and USD/CNY through 6.7700 from 6.7410 midpoint fix.
  • Yen holds up better than others irrespective of sub-forecast Japanese GDP, USD/JPY mostly sub-133.50.
  • High beta and commodity currencies hit hardest, while Euro, Franc and Sterling also retreat vs Greenback
  • NZD/USD sub-0.6400, AUD/USD under 0.7050, USD/CAD over 1.2900, EUR/USD below 1.0200, USD/CHF 0.9460 and Cable close to 1.2050.
  • Norwegian Crown undermined by slide in Brent to extent that wider trade surplus shrugged off, but Turkish Lira unable to benefit from cheaper oil as budget deficit blows out, EUR/NOK nearer 9.9000 than 9.9800, UDY/TRY nearer 18.0000 than 17.9000.

Fixed Income

  • Bonds bounce strongly from early lows amidst China-related risk aversion and holiday-thinned turnover.
  • Bunds top 156.00 from just above round number below, Gilts reach 116.66 from 115.94 and T-note nearer 119-16 top than 119-04+ bottom.
  • UK STIRs contracts underperform as poll predicts another 50bp BoE hike before reversion to 25bp and then pause.

Commodities

  • Crude markets have been selling off since the start of European trade alongside constructive developments on the Iranian Nuclear deal front.
  • The firmer Dollar has hit the metals market – spot gold back under USD 1,800/oz, LME copper has been extending on losses back under USD 8,000/t.
  • Saudi Aramco’s CEO said they are working to increase production from multiple energy sources and they will invest in the reliable energy and petrochemicals that the world needs, while he added that global oil demand is healthy in which he expects the recovery in oil demand to continue for the rest of the decade and said that global spare capacity is under 2mln bpd and declining fast. Saudi Aramco’s CEO also stated that Saudi oil production capacity increase will come gradually with a limited increase in 2024 and in 2025 they should go to 12.3mln bpd, as well as noted that they are confident in their ability to ramp up to 12mln bpd whenever there is a call from the government or Energy Ministry, according to Reuters.
  • Ukrainian state gas transit operator said Gazprom booked transit capacity of 41.82mcm for August 15th (prev. 40.81mcm on August 14th), according to Reuters.
  • Iran set September Iranian light crude prices to Asia at Oman/Dubai + USD 9.50/bbl, according to the National Iranian Oil Company.
  • The damaged pipeline at the Louisiana port has been repaired, according to a port spokesman cited by Reuters.
  • Germany’s top network regulator warned that Germany must cut gas use by 20% to avoid winter rationing, according to FT.

US Event Calendar

  • 08:30: Aug. Empire Manufacturing, est. 5.0, prior 11.1
  • 10:00: Aug. NAHB Housing Market Index, est. 55, prior 55
  • 16:00: June Total Net TIC Flows, prior $182.5b; June Net Foreign Security Purchases, prior $155.3b

DB’s Henry Allen concludes the overnight wrap

Whilst the global economy looks to be heading towards a very difficult winter ahead, for markets the summer rally has shown few signs of abating. Indeed, the MSCI World Index has now advanced for 4 weeks running for the first time this calendar year, and the S&P 500 has recovered by a significant +16.5% in less than two months.

That run of gains has been turbocharged over the last couple of weeks by a number of good news stories that have fed into a narrative about whether we might have seen “peak inflation” now, raising hopes that central banks might not need to be as aggressive as feared about raising rates. We’ve raised questions about whether this optimism can hold, not least given Fed officials themselves are discussing a much more hawkish path for rates than what markets are pricing in, but for now there’s been little sign of a reversal, even as an increasing number of recessionary signals like the 2s10s Treasury curve have been flashing with growing alarm.

Overnight in Asia however, we’ve seen a slight loss of momentum after Chinese economic data for July came in weaker than expected. Industrial production was up by +3.8% on a year-on-year basis (vs. +4.3% expected), whilst retail sales were up +2.7% year-on-year (vs. +4.9% expected). In turn, that’s prompted the central bank to cut their one-year policy loan rate by -10bps to 2.75%, and yields on 10yr Chinese government debt are down -6.3bps this morning to 2.68%. Equity markets have also lost momentum, with the Shanghai Comp (-0.06%) and the CSI 300 (-0.07%) seeing modest declines, unlike elsewhere in Asia, where the Nikkei (+1.15%) and the Kospi (+0.16%) have both advanced this morning. In fact, that advance for the Nikkei puts it at a 7-month high, and back in positive territory on a YTD basis.

Looking forward now, the week ahead is a quieter one on the market calendar as we await the traditional late summer gathering of central bankers at Jackson Hole next week. However, we do have a few events to watch out for, including the expected signing by President Biden of the Inflation Reduction Act, which passed the House of Representatives on Friday by a margin of 220-207 following its earlier tie-breaking path through the Senate. The legislation includes funds for clean energy provisions, a 15% minimum tax for corporations with more than $1bn in revenue, and a 1% excise tax on stock buybacks. It also offers a political win for the Biden administration ahead of the mid-term elections in early November, and if you look at FiveThirtyEight’s average then President Biden’s approval rating is now running at its highest in a couple of months now, at 40.3%.

On the central bank side, we don’t have much in the way of decisions or speakers over the week ahead, which will mean this Wednesday’s release of the FOMC minutes from July will take on added importance. That meeting saw the Fed hike rates by 75bps again, following up their similar move in June, but investors interpreted the meeting in a dovish light as they latched onto comments that the Fed would move away from 75bp moves “at some point”. However, officials then moved to push back on that dovish interpretation, and by the close on Friday futures were almost evenly split between whether the Fed would hike by 75bps for a third time or whether they’ll step down to a 50bps pace. Our US economists write that these minutes could well provide some clues about how officials are likely to determine whether a downshift in the pace of rate hikes is warranted, and these signals from the minutes and other Fedspeak will become more important as the Fed moves towards greater data dependency when making decisions.

Staying on the US, the week ahead will also see an increasing amount of hard data for July come out. What we’ve had so far from the jobs report and the CPI has been very positive for markets, with investors growing more hopeful about a soft landing after more than half a million jobs were added and inflation came in beneath expectations. But in terms of what’s still ahead, we’ve got retail sales on Wednesday, where our economists expect that headlines sales should be boosted by the rebound in unit motor vehicle sales last month, as well as industrial production, housing starts and building permits on Tuesday. Also keep an eye out for the weekly initial jobless claims on Thursday, which have been on a fairly consistent path higher over recent months. Furthermore, our US economists have previously found that an 11.5% rise in the 4-week moving average of continuing claims relative to the minimum over the past year provides the most accurate recession signal. So a further move higher this week would only add to the recessionary signals we’ve seen like the 2s10s curve that’s been moving deeper into inversion territory over recent weeks.

On the inflation front, the week ahead will also bring us a number of countries’ CPI releases. One of them will be the UK, where our economist expects headline CPI to have risen to 9.8% in July, which would be its fastest pace in four decades. Meanwhile in Japan, our economist expects that core inflation excluding fresh food should rise to +2.4%, the highest since late-2014. Finally in Canada, the consensus expects that CPI will fall back from its multi-decade high of +8.1% in June to +7.6% in July, echoing what we saw in the US where year-on-year inflation has now begun to fall back from its June peak.

When it comes to earnings, this week will see the current season continue to wind down, with 455 of the S&P 500 having already reported results by now. However, we’ll still get a number of US retailers including Walmart (Tuesday) and Target (Wednesday). Both have cut their profit forecasts over the last couple of months, so it’ll be interesting to see what their earnings have to tell us about the strength of the US consumer right now.

Recapping last week now, it was yet another positive one for risk assets, with the S&P 500 (+3.26%) gaining for a 4th week running for the first time since November. It was a similar pattern across the major global indices, with the STOXX 600 (+1.18%) and the Nikkei (+1.32%) both moving higher as well. Small-cap stocks were a particular beneficiary, with the Russell 2000 seeing a +4.93% advance, but the moves were fairly broad-based, and the S&P 500 now stands “only” -10.20% lower on a YTD basis.

A key driver behind that optimism were the weaker-than-expected US CPI and PPI inflation readings last week. That led to a growing belief that the Fed might not hike by 75bps again at their next meeting in September, with the hike priced in by futures coming down from 69.0bps to 62.2bps by the end of the week. However, at the same time we saw the rate priced in by end-2023 move higher again as Fed officials struck a more hawkish tone on the future policy path than markets were already pricing, sending the December-2023 implied rate up from 3.08% to 3.20%. In turn, that sent government bond yields higher, with those on the 10yr Treasury up by +0.4bps to 2.83%, whilst those on 10yr bunds rose +3.2bps to 0.99%.

Finally, a major area of continuing concern was the European energy situation. Natural gas futures rose by +4.99% over the week to €206 per megawatt-hour, having been trading around €80 as recently as early June. Power prices for next year have also continued to make significant gains, with French power for 2023 up +14.64% on the week to €617 per megawatt-hour, which also marked its 9th consecutive weekly rise. German power was also up by +13.16% to a record €460 per megawatt-hour.

END

AND NOW NEWSQUAWK

Crude curtailed amid Iranian nuclear developments, DXY bid and Yuan soft – Newsquawk US Market Open

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MONDAY, AUG 15, 2022 – 06:46 AM

  • Major bourses in Europe kicked off the session with modest broad-based gains before trimming gains amid a cautious tone; stateside performance more subdued
  • Crude benchmarks under pronounced pressure amid constructive Iranian nuclear deal updates; Iran to update before end of session
  • DXY has been picking up to the detriment of peers across the board as the tone turns more cautions, Antipodeans lag amid poor China data
  • Yuan hit on data and unexpected PBoC action
  • Rhine river down to 32cm at Kaub with similar issues reported in China and the Sichuan province to shut industry to ensure power supply
  • Looking ahead, highlights include US NY Fed Manufacturing, Speech from Fed’s Waller.

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

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As of 11:15BST/06:15ET

LOOKING AHEAD

  • US NY Fed Manufacturing, Speech from Fed’s Waller.
  • Click here for the Week Ahead preview.

GEOPOLITICS

RUSSIA-UKRAINE

  • Russian Defence Ministry said their forces have taken full control of Pisky village in Ukraine’s Donetsk region and have destroyed an ammo depo and HIMARS rocket system near Kramatorsk, according to Interfax. However, the Ukrainian military later stated that fierce fighting continues at Pisky village.
  • Russian Foreign Ministry warned that the possible seizure of Russian assets by the US in favour of Ukraine will complete the destruction of Russia-US relations, while it was reported late on Friday that Russia told the US that diplomatic relations would be badly damaged and could even be broken off if Russia is declared a state sponsor of terrorism, according to TASS.
  • US Secretary of State Blinken said that they are concerned about reports of British, Swedish and Croatian nationals being charged by illegitimate authorities in Eastern Ukraine, while he also said that Russia and its proxies have an obligation to respect international humanitarian law including the rights and protections afforded to prisoners of war.
  • Several major Wall Street banks have begun offering facilitating trades in Russian debt after guidelines from the Treasury last month that allowed US holders to wind down their positions, according to Reuters
  • “Russian forces have suggested a ceasefire around the embattled Zaporizhzhya nuclear power plant in southern Ukraine”, according to dpa.

CHINA-TAIWAN

  • A delegation of US lawmakers led by Democratic Senator Markey arrived in Taiwan on Sunday and are said to have sought to reaffirm US support for Taiwan, as well as encourage stability and peace across the Taiwan Strait.
  • China’s PLA Eastern Theater Command is likely to conduct strong and powerful military operations in the waters and airspaces around Taiwan as a countermeasure to the latest US lawmakers’ visit to Taiwan, according to Global Times.
  • Taiwan said 13 Chinese air force planes crossed the Taiwan Strait median line on Saturday and 11 PLA aircraft crossed the median line or entered Taiwan’s air defence identification zone on Sunday, according to Reuters.

IRAN

  • Iran says we have to let go on some nuclear demand to gain others; Iran to inform the EU of its response to a nuclear deal text tonight, via Bloomberg; says there is a plan B if talks fail, response will be made by midnight tonight, via Reuters. Further nuclear talks will be needed if the US refuses to show flexibility. Deal can be concluded if the US agrees to three remaining issues. Newsflow which saw a pronounced extension of pressure in crude, WTI Sep’22 and Brent Oct’22 to fresh session lows circa. USD 3/bbl below the morning’s initial pricing.
  • Iranian Foreign Minister says “We exchange messages with Washington on three issues, and we have informed them of our readiness for compromise”, via Al Jazeera and a failure to revive the deal would not be the end of the world, via Reuters/Al Jazeera.
  • Prior to this, an Iranian Foreign Ministry spokesperson says significant progress was made in the last round of talks held in Vienna. Consultations over the EU draft are ongoing. Ground is prepared for an agreement, provided Iran’s red lines are met, via Tehran Times. An update which sent crude to fresh session lows in an immediate reaction

For reference, earlier in the session reports included:

  • Tehran Times journalist tweets “My hearings: Through a Qatari mediation, Iran has accepted the EU proposal, and an agreement will soon be signed.”.
  • Russia’s chief negotiator in Iranian nuclear talks Ulyanov said an agreement may be reached as early as next week but added that “If amendments, objections appear it is difficult to project further developments now. We have to wait for the beginning of next week”, according to TASS.
  • The terms of the EU’s Iranian Nuclear deal draft “make it sound like the Biden administration is prepared to make greater concessions”, according to Politico.

OTHER

  • Israel was reported to have conducted an attack on targets in the vicinity of Syria’s port city of Tartous. Furthermore, explosions were heard and Syrian air defences confronted the “hostile targets” over Tartous, while the Syrian military said three military men were killed and three others were injured following the attack, according to Reuters.
  • Author Salman Rushdie was stabbed several times on Friday at a conference near Buffalo New York and was rushed to hospital, while a Hezbollah official said the group does not know anything about the attack and VICE World News separately reported that the suspect had been in contact with Iran’s Revolutionary Guard.
  • EU called for Serbia and Kosovo abandon their war rhetoric as the EU and NATO prepare to hold crisis talks with the rivals this week in an effort to avoid fresh conflict in the Balkans, according to FT.
  • Russian President Putin told North Korean leader Kim in a letter that Russia and North Korea will expand bilateral ties, according to KCNA.

EUROPEAN TRADE

EQUITIES

  • Major bourses in Europe kicked off the session with modest broad-based gains before trimming gains amid a cautious tone.
  • US equity futures have been subdued since the resumption of trade following the gains on Wall Street on Friday, and with retailers such as Walmart set to round off the Q2 earnings season whilst FOMC minutes are due on Wednesday.
  • Regional sectors are now mixed (vs mostly positive at the open), with the theme more of a defensive one as Healthcare, Personal Goods, Food & Beverages, and Utilities among the top performers
  • German gas levy set at 2.419cents/kWh, via Trading Hub Europe. Additionally, German Finance Ministry spokesperson said there is no response yet from the EU commission on the proposed VAT exemption for gas levy.
  • Panasonic (6752 JT) is to boost its EV battery output for Tesla (TSLA) by 10%, according to Nikkei.
  • Click here for more detail.

FX

  • Dollar back in favour as safe haven with Yuan down on disappointing Chinese data and unexpected PBoC easing, DXY up to 106.340 from 105.540 low, USD/CNH tops 6.7850 and USD/CNY through 6.7700 from 6.7410 midpoint fix.
  • Yen holds up better than others irrespective of sub-forecast Japanese GDP, USD/JPY mostly sub-133.50.
  • High beta and commodity currencies hit hardest, while EuroFranc and Sterling also retreat vs Greenback
  • NZD/USD sub-0.6400, AUD/USD under 0.7050, USD/CAD over 1.2900, EUR/USD below 1.0200, USD/CHF 0.9460 and Cable close to 1.2050.
  • Norwegian Crown undermined by slide in Brent to extent that wider trade surplus shrugged off, but Turkish Lira unable to benefit from cheaper oil as budget deficit blows out, EUR/NOK nearer 9.9000 than 9.9800, UDY/TRY nearer 18.0000 than 17.9000.
  • Click herefor more detail.

Notable FX Expiries, NY Cut:

  • Click here for more detail.

FIXED INCOME

  • Bonds bounce strongly from early lows amidst China-related risk aversion and holiday-thinned turnover.
  • Bunds top 156.00 from just above round number below, Gilts reach 116.66 from 115.94 and T-note nearer 119-16 top than 119-04+ bottom.
  • UK STIRs contracts underperform as poll predicts another 50bp BoE hike before reversion to 25bp and then pause.
  • Click here for more detail.

COMMODITIES

  • Crude markets have been selling off since the start of European trade alongside constructive developments on the Iranian Nuclear deal front.
  • The firmer Dollar has hit the metals market – spot gold back under USD 1,800/oz, LME copper has been extending on losses back under USD 8,000/t.
  • Saudi Aramco’s CEO said they are working to increase production from multiple energy sources and they will invest in the reliable energy and petrochemicals that the world needs, while he added that global oil demand is healthy in which he expects the recovery in oil demand to continue for the rest of the decade and said that global spare capacity is under 2mln bpd and declining fast. Saudi Aramco’s CEO also stated that Saudi oil production capacity increase will come gradually with a limited increase in 2024 and in 2025 they should go to 12.3mln bpd, as well as noted that they are confident in their ability to ramp up to 12mln bpd whenever there is a call from the government or Energy Ministry, according to Reuters.
  • Ukrainian state gas transit operator said Gazprom booked transit capacity of 41.82mcm for August 15th (prev. 40.81mcm on August 14th), according to Reuters.
  • Iran set September Iranian light crude prices to Asia at Oman/Dubai + USD 9.50/bbl, according to the National Iranian Oil Company.
  • The damaged pipeline at the Louisiana port has been repaired, according to a port spokesman cited by Reuters.
  • Germany’s top network regulator warned that Germany must cut gas use by 20% to avoid winter rationing, according to FT.
  • Click here for more detail.

NOTABLE HEADLINES

  • BoE Governor Bailey told Chancellor Zahawi that he would be “open to a review” of the Bank’s mandate, following Liz Truss’s criticism of its approach to inflation, according to The Telegraph.
  • Reuters poll showed 30 out of 51 economists expect the BoE to hike rates by 50bps to 2.25% next month and the remaining 21 economists expect a 25bps increase.
  • UK Treasury plans a government-backed lending scheme for suppliers which would reduce energy bills for households by an extra GBP 400 this winter, according to The Times.
  • Two of the biggest UK energy suppliers are calling for a special fund that would allow the industry to freeze customers’ bills for two years and spread the cost of the gas-price crisis over a decade or more, according to The Times. It was also reported that UK energy suppliers called for the UK government to scrap levies and charges on bills, according to FT.

NOTABLE DATA

  • UK Rightmove House Prices MM (Aug) -1.3% (Prev. 0.4%), Rightmove said the dip was broadly in line with the summer price trends of the past decade and would probably recover. (Newswires)

NOTABLE US HEADLINES

  • Wells Fargo (WFC) is planning to reduce its vast mortgage empire which is the largest amongst US banks, according to Bloomberg.

APAC TRADE

  • APAC stocks were mixed with markets focused on China, as the PBoC’s surprise 10bps rate cuts to its 1-year MLF rate and 7-day Reverse Repo was overshadowed by the latest activity data from China in which both Industrial Production and Retail Sales fell short of market expectations.
  • ASX 200 was positive with upside led by tech and miners amid a busy schedule of earnings this week and with Bluescope Steel firmly higher after its FY net more than doubled.
  • Nikkei 225 outperformed and was unfazed by the Japanese GDP data for Q2 which printed weaker-than-expected but returned to expansion territory.
  • Hang Seng and Shanghai Comp swung between gains and losses with early support after the PBoC delivered surprise 10bps rate cuts for the 1-year MLF and 7-day Reverse Repo rates, although Chinese stocks then slipped back into the red after disappointing Chinese activity data

NOTABLE APAC HEADLINES

  • PBoC injected CNY 400bln vs CNY 600bln maturing via 1-year MLF with the rate cut by 10bps to 2.75% (exp. 2.85%), while it conducted CNY 2bln of 7-day reverse repos with the rate cut by 10bps to 2.10%.
  • China’s local COVID-19 cases topped 2,000 on Friday despite the recent tighter restrictions and lockdowns, according to Bloomberg.
  • Shanghai extended the weekly COVID-19 testing requirement until end-September, although it was also reported that Shanghai announced primary schools, middle schools, kindergartens and nurseries will be permitted to reopen on September 1st, according to a statement cited by Reuters.
  • China’s stats bureau said China’s economy continued a recovery trend in July but the foundation for a recovery is not solid and said the momentum of China’s economic recovery slowed in July, while it added that the economy remains resilient despite facing difficulties and they expect China’s economy to continue to recover, according to Reuters.
  • “Rivers in multiple provinces, regions across China have dried up due to persistently high temperature and far below average amount of rainfall, posing threat to drinking water resources and agriculture productions”, according to Global Times.
  • China’s Sichuan province order industrial plants to shut down between Aug 15-20th to ensure residential power supply, according to a document cited by Reuters.

DATA RECAP

  • Chinese Industrial Output YY (Jul) 3.8% vs. Exp. 4.6% (Prev. 3.9%)
  • Chinese Retail Sales YY (Jul) 2.7% vs. Exp. 5.0% (Prev. 3.1%)
  • Chinese Urban Investment (YTD)YY (Jul) 5.7% vs. Exp. 6.2% (Prev. 6.1%)
  • Chinese House Prices YY (Jul) -0.9% (Prev. -0.5%)
  • Japanese GDP QQ (Q2) 0.5% vs. Exp. 0.6% (Prev. -0.1%); QQ Annualised (Q2) 2.2% vs. Exp. 2.5% (Prev. -0.5%

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 0.80 PTS OR 0.02%   //Hang Sang CLOSED DOWN 134.76 OR 0.67%    /The Nikkei closed UP 324.80 OR % 1.14.          //Australia’s all ordinaires CLOSED UP 0.48%   /Chinese yuan (ONSHORE) closed DOWN AT 6.7701//OFFSHORE CHINESE YUAN DOWN 6.7842//    /Oil DOWN TO 87.62 dollars per barrel for WTI and BRENT AT 93.18//    / Stocks in Europe OPENED ALL MIXED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

end

3c CHINA

CHINA//

China unexpectedly cuts rates on terrible economic data.  This confirms its slowdown and thus the globe’s slowdown as yields plunge worldwide.

(zerohedge)

China Unexpectedly Cuts Rates As Terrible Econ Data Confirms “Alarming” Slowdown, Yields Plunge

SUNDAY, AUG 14, 2022 – 10:58 PM

Has Beijing finally realized it will need to step in aggressively if it wants to avoid an economic collapse?

Moments ago, and just days after the release of China’s dismal woeful new credit data, the National Bureau of Statistics reported the July data dump which was just awful. Among the latest monthly data:

  • Industrial production rose 3.8% from a year ago, lower than June’s 3.9% and missing economists’ forecast of a 4.3% increase
  • Retail sales grew at a 2.7% annual pace, also lower than June’s 3.1%, and badly missing the consensus estimate of 5.0%
  • Fixed-asset investment gained 5.7% in the first seven months of the year, which however was also below the June YTD number of 6.1%, and also missed the 6.2% projected by economists
  • The silver lining is that just as in the US, the worse the economy founders, the lower the jobless rate which in July fell to 5.4% from 5.5%

“July’s economic data is very alarming,” said Raymond Yeung, Greater China economist at Australia & New Zealand Banking Group Ltd. “The Covid Zero policy continues to hit the service sector and dampen household consumption.”

It’s not just Covid Zero: the “alarming” collapse in China’s economy was strongly hinted last Friday when Beijing reported that July credit growth, in the form of total social financing and RMB loans, came in well below the already-low market expectations.

According to Goldman, the detailed breakdown of the July loan data pointed to weaker credit demand: household and corporate loans both slowed in July from June, and interbank rates declined to very low levels in recent weeks. Smaller government bond net issuance also contributed to the lower TSF. That said, local government officials are working on preparing the pipeline for additional infrastructure investment projects, and the July Politburo meeting pointed to likely additional local government special bond issuance beyond this year’s budget in the next few months.

However, Beijing appears to finally realize that at a time when China’s housing is crashing (with residential property sales plunging 28.6% in July, it’s no surprise the WSJ last week wrote that “The Bursting Chinese Housing Bubble Compounds Beijing’s Economic Woes“), it will have to do something at the national level, as the latest credit figures clearly raise the risks of a liquidity trap where monetary easing is failing to spur lending in the economy.

As such, moments before the latest horrific data dump, China’s central bank unexpectedly cut its key interest rates in a feeble attempt to prop up the failing economy weighed by Covid lockdowns and a deepening property downturn.

The PBOC cut the rate on its one-year policy loans by 10 basis points to 2.75% and the seven-day reverse repo rate to 2% from 2.1%, surprising China watchers with all 20 economists polled forecasting the rate on the one-year medium-term lending facility would be left unchanged. Expect all other key reference rates to follow a similar 10bps rate cut in the coming days.

While the rate cut was small, “it’s more of a signaling effect” showing authorities are prepared to act, said Zhang Zhiwei, chief economist at Pinpoint Asset Management Ltd. “In terms of the size of this action, it’s quite limited. In order to turn around the market expectation and break the downward spiral, they need to do a lot more.

And they will… eventually.

And with China once again dovishly diverging aggressively from the rest of the Developed world which is hiking at every opportunity, it’s no surprise that as the PBOC confirms the economy is rapidly slowing, that Chinese bond yields slumped after the rate cuts: China’s 10-year government bond yield slid five basis points to 2.675%, the lowest level since May 2020, while the offshore yuan extended losses, falling 0.3% to 6.7607 per dollar. Stocks were also volatile in the morning session, with the benchmark CSI 300 Index was little changed after rising as much as 0.7% following the PBOC’s rate cuts.

Beijing’s commitment to Covid Zero – which has emerged as a convenient smokescreen for Xi Jinping who can blame all of China’s ills on his own failed response to the Wu Flu – has made it impossible to sustain any hard-won economic progress, as the threat of repeated restrictions and re-openings continues to loom. As Bloomberg notes, August saw a surge in cases in the resort island of Hainan, where authorities have locked down holidaymakers, suspended flights and shut businesses to contain infections.

Yet even today, the PBOC decided to confound China watchers, as the central bank withdrew liquidity from the banking system (by issuing 400 billion yuan of MLF funds, only partially rolling over the 600 billion yuan of loans maturing this week) at the same time as it cut rates.

“The dominating downside risk for growth and weak credit data prompted the PBOC to lower the policy rates,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank. The cut widens the divergence between the PBOC’s easing stance and other major central banks that are tightening monetary policy to curb soaring inflation. That’s raising risks for the yuan as capital outflow pressures increase. It also comes a surprise as the PBOC recently warned against the risk of rising inflation, even though domestic demand still remains soft, keeping overall price pressures in check for now.

The rate reduction underscores the severity of growth challenges. China’s top leaders vowed last month to achieve “the best outcome” possible for economic growth this year while sticking to a strict Covid Zero policy, and downplayedthe official target of around 5.5% growth. Economists polled by Bloomberg forecast the economy to expand only 3.8% this year.

CHINA

Another indicator that the boom is over: rolex and designer handbags crash in price in China

(zerohedge)

“Boom Time Over”: Rolex Prices Crash In China

FRIDAY, AUG 12, 2022 – 10:40 PM

China’s second-hand luxury goods market crashed in the last two months amid economic turmoil that has curbed discretionary spending among wealthy folks. 

Financial Times said prices for some of the most popular brands of luxury watches and designer handbags (such as Rolex watches and Hermès bags) on secondary markets have plunged between 20% to 50% since Shanghai imposed strict Covid lockdowns earlier this year. 

China’s deflating property bubble and President Xi Jinping’s controversial zero-Covid policy in Shanghai and dozens of other regions have sent the economy into a tailspin, denting consumer sentiment. 

With China’s economy decelerating, Watcheco, an industry portal for used luxury watches, said the price of second-hand Rolex Submariners has crashed by 46% since March. Luxury bag shops in Shanghai and Hangzhou have slashed the prices of Hermès Birkin bags by 20% over the same period. 

FT noted luxury goods resellers and pawnshops report business owners who accumulated large inventories of luxury goods, expecting boom times, are now liquidating those items to raise cash to pay down debt and fund operations. This is just more evidence of the terminal phase of the so-called ‘bullwhip’ effect

“The boom time is over: We are entering a correction period that could last for a long time,” James Wang, a seller of second-hand luxury watches in the eastern city of Nanjing, warned. 

Wang said in just the last month, he bought six Patek Philippe and 29 Rolex Submariner watches from distressed shop owners, compared with no Patek Philippes and five Rolex Submariners in 1Q22. 

“Patek Philippe says you never actually own its watch, but merely look after it for the next generation,” he said. “That’s not the case in a business crisis.”

Shaun Rein at China Market Research, a Shanghai-based consultancy, said there is “very weak consumer confidence … probably the weakest I’ve seen in my 25 years in China.” 

Both official and independent data show that China’s economy deteriorated further in July and is set for more turmoil in the months ahead as the real estate sector downturn intensifies. 

The Rolex bubble in China on the second-hand market for Submariners jumped 240% in the six months leading up to Shanghai’s lockdown earlier this year — now prices are reversing. 

Besides China, second-hand luxury watch prices are cooling worldwide, as we noted in June: Investors’ Clock Out’ Of Rolex Bull Market As Demand Cools

4/EUROPEAN AFFAIRS//UK AFFAIRS/

GERMANY

German officials announce draconian energy regulations. Mass protests and riots continue

(zerohedge)

German Officials Warn Of Draconian Energy Regulations, “Extremists” Fueling “Mass Protests And Riots”

MONDAY, AUG 15, 2022 – 05:45 AM

As queries for “firewood” have exploded on Google in Germany, and Deutsche Bank predicting that “wood will be used for heating purposes where possible,” German officials are now warning of extreme energy rationing measures, along with the potential for “extremists” to fuel national unrest over the deteriorating situation.

For starters, German Economy Minister and Vice Chancellor Robert Habeck – who previously called on residents to cut back on heating, visits to the sauna, and showers – announced on Friday that public buildings across the country won’t be allowed to set heating above 19 degrees Celsius (66.2F) this fall. Exceptions will be made for hospitals and ‘social facilities.’

In an interview with Suddeutsche Zeitung, one of the country’s largest daily newspapers, Habeck said that the new regulations would be part of the Energy Security Act – adding to previously announced bans on heating private pools.

In addition, buildings and monuments will not longer be lit at night, and there will be curbs on illuminated advertising – while “more savings are also needed in the work environment,” he added.

Habeck’s announcement comes just days after the head of Germany’s grid regulator, Klaus Mueller, said that German families would need to cut 20% of their normal energy consumption in order to avoid gas shortages by December.

“If we don’t save a lot and get extra fuel, we will have a problem,” he told Welt am Sonntag in an interview last week.

The situation has been brewing, as the bloc’s reliance on Russian energy comes into conflict with sanctions over Russia’s war in Ukraine – causing prices to skyrocket amid a decrease in Russian natural gas supplies to Europe.

Meanwhile, German officials are preparing for civil unrest.

In an interview with ZDF, Stephan Kramer – who heads the domestic intelligence service in the German state of Thuringia – warned that ‘legitimate’ protests over the energy crisis could be ‘hijacked by extremists’ (and definitely not just enraged average citizens).

Kramer said that officials were bracing for protests over “gas shortages, energy problems, supply difficulties, possible recession, unemployment, but also the growing poverty right up to the middle class,” adding that “extremists” which include “lateral thinkers” who rallied against pandemic lockdowns, and ‘right-wing activists’ who have been stirring the post over social media, could be at the heart of them.

“We’re likely to be confronted with mass protests and riots,” he continued. “We’re dealing with a highly emotionalized, aggressive, future-pessimistic mood in society, whose trust in the state, its institutions and political actors is fraught with massive doubts.”

“This highly emotional and explosive mood could easily escalate,” the security chief continued, adding that the Covid-19 clashes would “probably feel more like a children’s birthday party” by comparison.

Kramer offers a warning to would-be participants: “think carefully about which protests and demonstrations you join, or better stay away from them altogether, so as not to support the enemies of democracy.

END

GERMANY

This is very problematic for the German economy

(zerohedge)

Shocking Footage Reveals Rhine’s Dried Up Riverbeds As Water Levels Continue To Fall

MONDAY, AUG 15, 2022 – 12:40 PM

Water levels on Germany’s Rhine River continued to decline Monday, hitting a new threshold as an extended period of dry weather exacerbated Europe’s energy-supply crunch. Falling water levels have also revealed shocking photos of partially dried riverbeds that would make the Rhine impassible at certain points, according to Euronews

“The current water levels on the Middle and Lower Rhine are currently at an exceptionally low level for this time of year,” the Rhine Waterways and Shipping Authority (WSA), said in a statement. “They are the result of the lack of precipitation in recent weeks and months.”

Levels at Kaub, a narrow and shallow point of the river west of Frankfurt, Germany, fell to 30 centimeters (11.8 inches) on Monday and could hold those levels through Thursday.

The Rhine is one of Europe’s most important inland waterways for the transport of fuel and other industrial goods. Many shippers find it uneconomical to operate barges past Kaub when water levels drop below 40 centimeters (15.7 inches).

As of Monday, it wasn’t clear how the drop to 30 centimeters at Kaub would affect river traffic. We noted last week at least one German shipper said barge operations would be halted — and this would impact the flow of industrial goods, especially coal used for power generation. 

Last week, we pointed out the top companies exposed to falling water levels that would disrupt barge traffic, implying they would have to resort to trucks or rail to transport goods. 

Not all barge traffic has been halted, and some shippers have dramatically reduced cargo sizes on vessels to improve draft to navigate shallow parts of the river — this has caused barge transport prices to skyrocket. 

It’s distressing enough to see data on the Rhine’s water levels dropping, but actually seeing footage is reveals just how much impact it’s going to have on transport networks for Germany to move around commodities and goods. 

Kaub’s reading is just 6 centimeters (2.4 inches) from 2018’s record low of 25 centimeters (9.9 inches), which then caused the waterway to close and unleashed an economic downturn in the EU’s largest economy. The same is likely to happen and possibly be much worse as a persisting energy crisis amplifies the downturn. 

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

RUSSIA/USA

END

RUSSIA/UKRAINE/

6. GLOBAL ISSUES AND COVID COMMENTARIES

Hitting the mainstream media

Toronto Sun:

LILLEY: Court records show Trudeau brought in vaccine mandates for travel purely based on politics

Author of the article:

Brian Lilley

Publishing date:

Aug 10, 2022  •  2 days ago  •  3 minute read  •   229 Comments

Canada's Prime Minister Justin Trudeau makes an announcement on Bowen Island in British Columbia, Canada, July 19, 2022.Canada’s Prime Minister Justin Trudeau makes an announcement on Bowen Island in British Columbia, Canada, July 19, 2022. PHOTO BY JENNIFER GAUTHIER /REUTERS

Article content

We’ve known from the beginning that Justin Trudeau’s COVID policies were too often about political science rather than medical science. Now, thanks to a lawsuit challenging his demand that anyone travelling by air be vaccinated, we have the proof.

Article content

That lawsuit has made public documents, first reported by Rupa Subramanya, which show health officials were scrambling to find any justification for vaccine mandates for travel before they came into effect. The documents also show that the lead doctor who approved the use of COVID-19 vaccines was not consulted on whether such mandates would be effective.

The Trudeau government had been publicly opposed to any kind of vaccine mandate for months before their change of stance in August 2021. Trudeau himself had described such policies as “extreme measures that could have real divisive impacts on community and country” and had said this is not how Canada operates in interviews.

Then just before the election call on August 15, the Liberals announced a vaccine mandate for federal workers and anyone who wanted to get on a plane or train to cross the country.

Article content

“This is the best way to end the pandemic,” Trudeau’s intergovernmental affairs minister and political fixer Dominic LeBlanc said at the time.

Yet when asked directly under cross examination if anyone from the prime minister’s office, the health minister’s office or the transport minister’s office had sought her advice on the mandates, Dr. Celia Lourenco, the woman who authorized the vaccines for use in Canada said no.

Bureaucrats asked for proof and got none

It’s not the only shocking piece of testimony to come out of the lawsuit.

Aaron McCrorie, the Associate Assistant Deputy Minister, Safety and Security at Transport Canada, was emailing people at Health Canada in October 2021, just weeks before the travel mandate took effect, looking for anything to support the policy.

Article content

“To the extent that updated data exist or that there is clearer evidence of the safety benefit of vaccination on the users or other stakeholders of the transportation system, it would be helpful to assist Transport Canada supporting its measures,” McCrorie wrote.

He followed up again days later saying, “need something fairly soon.” The only response he received, according to the court record, a set of talking points on the general benefits of vaccination.

It’s not like the federal government wasn’t looking at studies to try and find a link between vaccination rates and travel, it’s just that the data didn’t back up their policy.

Dr. Lisa Waddell, an epidemiologist at the Public Health Agency of Canada was one of the witnesses. She’s also author of a study for PHAC which showed little transmission on airplanes.

END

supposedly he has had 4 shots and now he gets COVID

(Stieber/EpochTimes)

Pfizer CEO Albert Bourla Tests Positive For COVID-19

MONDAY, AUG 15, 2022 – 01:05 PM

Authored by Zachary Stieber via The Epoch Times,

Pfizer’s CEO has tested positive for COVID-19, he announced on Aug. 15.

“I would like to let you know that I have tested positive for #COVID19,” CEO Albert Bourla wrote on Twitter.

Bourla 60, says he has received four doses of his company’s COVID-19 vaccine, which has proven increasingly ineffective against infection from the virus that causes COVID-19 and severe illness once a person contracts the virus.

Bourla reported experiencing mild symptoms. He did not identify any of the symptoms. He said he’s “feeling well.”

“We have come so far in our efforts to battle this disease that I am confident I will have a speedy recovery. I am incredibly grateful for the tireless efforts of my Pfizer colleagues who worked to make vaccines and treatments available for me and people around the world,” Bourla said.

The CEO is isolating and has begun taking a course of Paxlovid, Pfizer’s COVID-19 pill.

U.S. drug regulators granted emergency authorization for Paxlovid in December 2021 for people aged 12 and older who test positive for COVID-19 and are deemed high-risk for progression to a severe case.

Regulators have since curbed or revoked similar clearances for many other drugs, such as Regeneron’s monoclonal antibodies, citing data that indicate the treatments aren’t as effective, or aren’t effective at all, against newer virus variants.

Paxlovid has become the most-distributed COVID-19 treatment in the nation, and was administered to President Joe Biden after the president recently tested positive for COVID-19.

Biden, who has also received four doses of Pfizer’s shot, experienced a rebound of symptoms after testing negative, which is common for Paxlovid recipients.

Previously Promoted 100 Percent Efficacy

Bourla is among the officials who have previously promoted the COVID-19 vaccines as being 100 percent effective against infection.

In April 2021, for instance, he shared the results from a study that was said to show Pfizer’s vaccine was 100 percent effective in preventing COVID-19 cases in South Africa.

All COVID-19 vaccines, though, have been shown to be less effective against both infection and severe illness as newer virus variants have emerged.

Against Omicron, which became dominant in the United States and many other countries in late 2021, the vaccines provide little shielding against infection, and decreased protection against severe cases.

Emerging data indicate that Omicron subvariants are even better at evading vaccine-based protection.

Pfizer and Moderna are among the companies working on Omicron-specific booster shots. Those could be rolled out in the United States as soon as September. 

Dr Paul Alexander..

Deborah Birx: two timing duplicitous crooked technocrat, & with Anthony Fauci, two of the greatest con fraud artists, they lied to us & mislead a POTUS, causing thousands to die with lockdown lunacy

These two beasts, with Francis Collins, & Bancel of Moderna & Bourla of Pfizer should be investigated & hauled in front of a legal proper public hearing, financially penalized if shown wrong, & JAILED

Dr. Paul AlexanderAug 12

Remember this? This beast lied to us openly, she knew she was lying and now tells us she lied. She feels there is no accountability!

Image

and this:

‘No hospitalisations and no deaths’: All three US vaccines ‘highly efficacious’, Fauci says

‘No hospitalisations and no deaths’: All three US vaccines ‘highly efficacious’, Fauci says

end

Open in browser
It was always a LIE! CDC’s new guidance says time to stop all quarantine etc. Why? Because the CDC & NIH etc. can’t go much longer; public is informed; it was all a lie, every single aspect of COVID

Lockdowns to jabs! Do not forget the CDC and FDA’s (CBER & VRBPAC) own internal document showing the side effects of the COVID injection…do not forget this and I guess you were never told of these
.Dr. Paul Alexander

Aug 12It’s over folks, the question now is we must begin strong investigations and jailing of all who profited and all who caused the deaths of innocent healthy people needlessly by their policies.The COVID injection was always a fraud, day 1. Never needed and deadly. Never a novel virus, we had exposure to whatever this was. This was never a pandemic.

end

Alexander Red Pill News (ARPN) August 12th 2022 (12 pm noon release)

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 12

PRIORITY 1 NEWS (breaking, urgent must knows):

1)CDC Covid Guideline Update Finally Allows “Individuals” To Make Their Own Decisions

2)IRS Training Included Armed Agents Carrying Out Simulated Assault on Suburban Home

3)America’s tribes are ready for war; After Mar-a-Lago, the middle ground has been plundered

4)Christopher Wray Slams ‘Deplorable’ Threats; Allowed Left to Harass Supreme Court

5)Polio detected in New York City sewage suggesting local circulation of virus, health officials say

6)Joe Biden’s Best Week Ever

7)Nolte: Republican Support for Trump Hits Record High After Fascist FBI Raid

8)Chris Wallace: Calling Mar-a-Lago FBI Raid ‘Gestapo’ Tactic ‘Out of Touch with the Reality’

9)Donald Trump Mocks Claim He Had Classified Documents on Nuclear Weapons at Mar-a-Lago

10)Awful! Ex-CIA Director Hayden and MSNBC Contributor Michael Beschloss Troll for Execution of President Trump After Nuclear Documents Hoax Report

11)Moderna CEO Stéphane Bancel Compares COVID Shot to iPhone, Saying People Will Receive New Version Each Year

12)Trump Lawyer: President Trump and Family in New York Watched FBI Raid on Mar-a-Lago via CCTV

13)Sen. Ron Johnson Calls on FBI-DOJ Employees to Come Forward with More Information on FBI Mar-a-Lago Raid

14)It’s Over: CDC Says People Exposed To COVID No Longer Need To Quarantine

PRIORITY 2 NEWS (important to be aware of):

1)Watch: Fox News Contributors Get Into Shouting Match Over FBI’s Treatment of Trump Versus Hillary Clinton

2)Was this judged ‘Clintoned’? What was he doing, what did he know? Arkansas Judge Found Dead, Suspected Cause of Death Is Accidental Drowning

3)Alex Marlow: Actions Conservatives Should Take Instead of Complaining

4)Author Salman Rushdie Stabbed at Appearance in New York

5)Former FBI Deputy Asst. Director: We May Have Highest Level of Government Penetrated by Chinese Agents… The Revolution Is Here – Communist Revolution (VIDEO)

PRIORITY 3 NEWS:

1)A Short History of the Corrupt FBI

2)More Home Deals Are Falling Through

3)W.H.O. Calls for an End to Persecution of Monkeys amid Monkeypox Outbreak

4)Anne Heche “Not Expected to Survive” After Crashing Into Los Angeles Home

Emerging research & evidence pieces:

1)Evidence of human-to-dog transmission of monkeypox virus

end

Alexander Amalgamated Red Pill News (AARPN) August 14 th 2022 (noon release)

Dr. Paul AlexanderAug 14

PRIORITY 1 NEWS (breaking, urgent must knows):

1)WHO to Rename Monkeypox to Avoid Discrimination and Stigmatization

2)Parents Tased and Arrested Outside Arizona Elementary School That Went On Lockdown Over Armed Male Trying to Enter Building

3)Rep. Marjorie Taylor Greene Files Articles of Impeachment Against Attorney General Merrick Garland

4)New Poll: Harriet Hageman Leads Liz Cheney in Wyoming Congressional Race

5)Man crashes burning vehicle into US Capitol barricade, begins firing gun, shoots himself: report

6)Trump sent cryptic message to Merrick Garland before warrant was unsealed: ‘The country is on fire. What can I do to reduce the heat?’

7)False flag? May well be but Armed Trump supporters protest outside FBI office in Phoenix following Mar-a-Lago raid: reports

8)The assault on Salman Rushdie: “An attack on freedom of expression”

9)China unleashes newest attack submarine off Taiwan coast

10)U.S. Lawmakers Land in Taiwan amid Rising China Tensions

11)Trump and Pompeo ‘Next’ for ‘Divine Revenge’ After Attack on ‘Apostate’ Rushdie: Iranian Media

12)W.H.O. Seeks Public Help in Quest to Rename ‘Discriminatory and Stigmatising’ Monkeypox Virus

13)CDC Quietly Removes Statement that Says “mRNA and the Spike Protein Do Not Last Long in the Body” from Their Website

PRIORITY 2 NEWS (important to be aware of):

1)DC Mayor Makes Second Request with Pentagon for Assistance with Migrants

2)CDC: Likely Several Hundred Polio Cases In New York

3)Trump Lawyer Told Justice Dept. That Classified Material Had Been Returned

4)‘Snip Snip Hooray’: Vasectomies Among the Young and Child-Free May Be Rising

5) EVERYBODY PANICKED’; ‘Terrorist’ sprays bullets at packed bus leaving at least seven wounded including two critical in Jerusalem

Vaccine Impact

142 New Cases of COVID-19 Vaccine Injuries in Babies Added to VAERS as CDC Now States “Unvaccinated People Have Same Guidance as Vaccinated”

August 12, 2022 7:05 pm

Another 142 new cases of COVID-19 vaccine injuries to babies and toddlers between the ages of 6 months and 4 years old were added to the U.S. Government run VAERS (Vaccine Adverse Events Reported System) database today, bringing the total number of cases filed for this age group to 829 since the shots were authorized by the FDA a few weeks ago in June. Brain and heart injuries, hallucinations, anaphylactic shock, seizures, skin rashes, gastrointestinal injuries, hemorrhaging, and other serious conditions continue to be listed as side effects to these toxic shots being injected into babies and toddlers. As we have been reporting frequently for the past few weeks, many pro-vaccine and pro-pharma doctors and scientists are coming forward to sound the alarm on just how horrible these COVID-19 “vaccines” are, and the death and carnage that has followed. A video has surfaced in the alternative media featuring an Israeli Professor, Dr. Zvika Granot, Ph.D., who is on the Faculty of Medicine at The Hebrew University of Jerusalem. He heads up the Granot Lab as the “Principal Investigator,” focusing on “neutrophils” and cancer research. He is also a member of “The Public Emergency Council For The Covid19 Crisis in Israel,” which is where this video apparently originated. Dr. Granot states: “We have already seen many distortions of science, lies and half-truths during the COVID crisis. More than once we have seen aggressive policies based on hopes that lack a scientific basis presented to the public as scientific facts. We have seen how economic and political entities presented distorted science and silence many scientists who think differently. Approving vaccination for babies and toddlers by the FDA in the USA and by the Ministry of Health in Israel, breaks all records of the theater of the absurd and raises deep doubts about the conduct of the regulators in the USA and Israel.” The truly tragic thing about this corruption with the FDA and the CDC, is that yesterday the CDC finally backtracked on many of their COVID-19 measures that are recommended, stating that the focus should now be on “individual decisions,” and that “unvaccinated people now have the same guidance as vaccinated people.” People need to be tried, convicted, and executed over this.

Read More…

end

The Polio Scam Makes a Comeback to Scare More Parents into Vaccinating Their Children – Vaccines NEVER Eradicated Polio: Vaccines CAUSE Polio

August 14, 2022 6:01 pm

More and more people in the general public are waking up to the fact that the entire rationale used to vaccinate people is based on dogma, and not science, as many are now questioning those who control the vaccine agenda worldwide for perhaps the first time, with the result of many people choosing to not participate in this religious-like cult anymore. This can currently be seen by the very low number of parents choosing to give the deadly COVID-19 “vaccines” to their young children. For example, in an article published in the Philadelphia Inquirer a few weeks ago, they reported: “Only 4% of children under 5 in Pennsylvania have received a dose of the COVID-19 vaccine.” The Globalists have already publicly published their plans for the next big “plandemic” which is currently in operation now and revolves around the “monkeypox outbreak” among gay men. But within the past couple of weeks the corporate media has ramped up another scare tactic that seems to be targeted at children, by stating that polio is making a comeback, based on alleged detections of the “polio virus” in sewage and water treatment systems. This “polio virus” has allegedly been detected in London and New York City. The Associated Press reported a few days ago that children ages 1-9 in London are now eligible for booster doses of a polio vaccine. But here’s the truth that is either not mentioned or buried in the details of the reports: these alleged “polio viruses” originate from individuals, mostly children, who have been vaccinated with the “live” oral polio vaccine (OPV), which has been banned for decades now in the wealthier nations because it is a well-known fact that these vaccines “shed” causing the infectious agent to pass through stools and urine and infect sewage and water treatment systems. Rather than ban these highly toxic and dangerous vaccines, however, they have been continued to be distributed to poorer countries in Africa and Asia (particularly Afghanistan and Pakistan.) The history of the polio vaccine and the corruption behind it is a topic we have covered for over a decade now on Health Impact News. We have been attacked and censored on the topic, stating that: 1. the polio vaccine never eradicated “polio” as they simply renamed the symptoms associated with “polio” to make it look like polio disappeared, and 2, the only people being infected with a “polio virus” today are those who were vaccinated for it with the live, oral polio vaccine. This was called a “conspiracy theory” for years by the corporate media, but the truth became so obvious that in 2019, months before the “COVID Pandemic” arrived, the corporate media finally admitted that the only cases of polio worldwide were caused by the polio vaccine. NPR even did an entire show on it. Just as there has been throughout the COVID-19 scam, honest doctors came forward over the years to expose the corruption in the polio vaccination campaigns, stating clearly that the polio vaccines were the problem, not the solution, but they were censored and even silenced. But we have preserved their work for the past 11 years, and in this article I am going to present you with all the information you need to know about polio, the Polio Scam, and the polio vaccine.

Read More…


Why is Medicare paying $40 instead of $1.50 per Covid-19 Vaccine Dose?

August 14, 2022 7:44 pm

Why is Medicare paying $40 instead of $1.50 per Covid-19 dose? Because Chiquita Brooks-LaSure approved it. She is the head of Medicare & Medicaid Services, a one trillion dollar agency. Chiquita’s budget is bigger than the Pentagon’s. The U.S. spends half of what the rest of the world does on military operations. According to her federal agency’s website, the Centers for Medicare & Medicaid Services is paying $40 per Covid-19 dose. India, however, is paying three dollars for a dose made by one of its country’s drugmakers. Indonesia is releasing its own Covid-19 vaccine next month at $1.50 a dose. It was developed at Baylor University (Waco, TX) and Texas Children’s Hospital (Houston, TX).

Read More…

GLOBAL COMMENTARIES/SUPPLY ISSUES

Global economy looks weak: we are witnessing mass tech layoffs

(zerohedge)

War & World Economy Spark Mass Tech Layoffs

MONDAY, AUG 15, 2022 – 06:55 AM

According to insider information, Snapchat parent company Snap plans to lay off a number of its employees due to a less than promising business outlook as The Verge reports.

But, as Statista’s Florian Zandt notes, while the scope of layoffs is not yet clear, this announcement makes the corporation another one in a long line of tech firms and startups countering rising inflation and a domestic development bordering on a recession by reducing their workforce.

As Zandt shows in the cart below, based on data from Layoffs.fyi, mass layoffs in the tech sector didn’t start until the second quarter of 2022.

Infographic: War & World Economy Spark Mass Tech Layoffs | Statista

You will find more infographics at Statista

Between April and July, 170 startups and tech-oriented companies incorporated in the United States laid off employees compared to just 20 in the first quarter. Online used car retailer Carvana, for example, reduced its workforce by 2,500 employees in May, while the staff cuts among more notable examples in this timeframe like Netflix or PayPal were comparably minor. The former let go 450 or around four percent of its employees during the second quarter of 2022, while PayPal terminated contracts for 83 of its workers.

This past month saw social media giants TikTok and Twitter laying off several employees. While the former is owned by Chinese tech firm Bytedance, it stores the data of its non-Chinese users in the U.S. and can be considered a fringe case in terms of being incorporated in the United States. In the case of Twitter, increasing pressure due to the potential takeover by Tesla CEO Elon Musk was one of the suspected reasons for these layoffs. One of Musk’s most ambitious rivals, the Amazon-backed electric vehicle manufacturer Rivian, also cut 840 of its staff in July due to the world having “dramatically changed”.

Another industry plagued by fraud, increased hacker attacks and a drastic loss in value for many cryptocurrencies over the past months is the fintech sector. For example, between April and August, industry darlings like neobroker Robinhood, NFT marketplace OpenSea and cryptocurrency exchange Coinbase all had to let go between 20 percent and one third of their workforce due to effects at least in part attributable to the so-called “crypto winter”.

end 

VACCINE INJURY/

You were telling this all along

Inbox

Milan SabioncelloSat, Aug 13, 4:13 PM (18 hours ago)
to me

https://www.theepochtimes.com/new-science-shows-vaccines-help-omicron-spread-peer-reviewed-study_4645812

 

END

MEDSCAPE editor: 43-Year-Old Medical Doctor, Author and Editor Dies Suddenly After Seizure…why? what do you think?

His wife has no idea what may have killed him…do you think vaccine? Word is he vaccinated his 1 year old child…why? this is horrible, sad, so many things…what will it take for them to realize?

Dr. Paul AlexanderAug 13

SOURCE

end

2022 Supreme Court Decisions: EPA, Abortion and More – The New York Times

Inbox

Robert Hryniak12:19 PM (1 hour ago)
to

Covid in the Workplace

In National Federation of Independent Business v. Department of Labor, the court found that the Biden administration’s vaccine-or-testing mandate for large employers was not lawful.

How long before this thinking comes to other countries? 1 in every 482 Vaccinated People died within 1 Month of Covid-19 Vaccination in England according to the UK Government – The Expose

end

Inbox

Robert Hryniak12:47 PM (38 minutes ago)
to

end

MICHAEL EVERY

Michael Every with today’s major stories

Michael Every…

“It’s Time To Fasten Our Seat Belts”

MONDAY, AUG 15, 2022 – 09:57 AM

By Michael Every of Rabobank

“It’s time for all of us to fasten our seat belts”

It’s hard to disagree with the above sentiment from multiple angles. What else is there to do about the ongoing shift from developed to emerging market norms in the West?

  • In society, a famous writer is violently attacked… to shrugs rather than hugs from large parts of literary society; and Twitter –always happy to deplatform people at the drop of a hat– allows follow-on gloating and death threats to other authors.
  • In politics, was the FBI raid on former President Trump’s home an attack against an opponent to prevent him running in 2024, or does it show that nuclear secrets and lists of spies were left out like take-out menus? Or neither? Or both? Whether the information the FBI found was classified or not, the DOJ says it is about whether Trump should have had possession of it at all. Yet Hillary Clinton’s possession (and destruction) of thousands of similar emails was not deemed criminal, despite carelessness, due to a lack of ‘intent’: will the DOJ show Trump (or his family?) intended to share top-secret information? The smell of banana (skins) is strong in this republic from many sources.
  • In economics, the US may be polarized and hyper-politicised, but can still pass legislation to try to shift industrial supply chains home, and just has. The likely next UK prime minister backs more tax cuts and flag-waving. That said, she also supports the Bank of England (BOE) targeting nominal GDP, not CPI, and pushing Covid debt way down the maturity curve to free up fiscal space. Of course, it is the latter the market objects to. True, the idea won’t work without industrial policy or high tariffs: but even that combo would arguably be rejected by a ‘rational’ Establishment that makes money from the failing status quo: which is very emerging market when you think about it.  

Meanwhile, the leader of the British opposition backs a cap on energy bills at around £2,000 per household rather than allowing them to rise past £5,000, approaching 2.5 months of average UK take-home pay, as one study suggests two thirds of the UK, 18m households, will be in fuel poverty. Obviously, such bills are an economic disaster. Yet so is the government subsidising energy, keeping demand up in the face of low supply, and hoping energy will magically get cheaper.

What would be good is industrial policy, backed by the BOE, to build more diverse sources of energy supply of all kinds. Just like they don’t in inflation-constrained emerging markets, who instead focus on flag-waving, tax cuts, attacking political opponents, or making money from political office.

And don’t think these problems stop in the Anglosphere. Gaze at the wholesale cost of electricity in France and despair. Germany’s falling water levels are not just stopping normal Rhine trade flows, disrupting supply chains, but are exposing “Hungersteine,” or ‘hunger stones’. These messages carved into the rock hundreds of years ago warn, “Wenn du mich seehst, dann weine” – “If you see me, weep.” I know how they feel on many fronts.

Developed market central banks now face the kind of awful choice emerging markets face all the time: keep hiking rates, and cause great pain (but win Western approval); or don’t keep hiking rates, and cause different great pain (and lose Western approval). Friday’s US Michigan consumer sentiment survey saw inflation expectations pick up once again in contrast to the carefully-massaged “transitory!” message recent data have showed: 5-10 year CPI expectations rose to 3.0% from 2.9% vs. an expected 2.8%, while the mean expectation rose from 3.4% to 4.0%. But let’s see what central banks do now they are on the spot: back in 2008 they opted to cut rates and bail out the rich (and abandon the middle-class and poor), in complete contrast to what they always told emerging markets to do in a crisis.

Also fasten your seatbelt over geopolitics. That was the advice of former Australian Prime Minister Rudd in a Wall Street Journal op-ed worrying about US-China relations, and comes from a politician who speaks fluent Putonghua, and has always tried to accentuate the positive on that global front. The Economist front page this week is even blunter, as is Foreign Affairs.

All three media came before a further plane-load of US congressmen and a Senator arrived in Taiwan unannounced to meet the president, just ahead of the US release of plans for deeper trade relations with Taiwan later this week, and as the US navy sails through the Strait of Taiwan again. Is that backdrop really politically conducive to a politically productive Biden-Xi meeting in Asia now apparently set? And what will be said at it if it happens?

Elsewhere, Europe and the US continue to negotiate with Iran over the terms of the nuclear deal, with neither able to join the dots back to the attack on a certain writer. Russia –which is deepening ties with North Korea and Iran (whom the West wants to get closer to again)– warns that if it is designated as a being a state sponsor of terrorism it will mean the complete end of diplomatic relations with the US.

OK, enough for a Monday, and especially an August Monday. But do keep that seatbelt on.

end

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

Oil Plunges, Sending Energy Stocks Sharply Lower: Here’s What Driving The Selloff

MONDAY, AUG 15, 2022 – 10:59 AM

Oil is tumbling, with Brent sliding as much as $7 from Friday highs, to a low of $93 while WTI puked by as much as $5, briefly dropping below $87 to the lowest level since January and wiping out the entire post-Ukraine invasion gain (which means any gas price inflation now is entirely the doing of Biden and not Putin).

What’s driving oil lower? Three things:

  • First, as reported last night, China’s economic slowdown deepened in July with the latest set of economic numbers simply terrible, forcing the PBOC to unexpectedly cut rates, and dragging markets lower (although how a Chinese slowdown is news to anyone is unclear).China’s economic slowdown deepened in July due to a worsening property slump and continued coronavirus lockdowns, with an unexpected cut in interest rates unlikely to turn things around while those twin drags remain.
  • Second, the on again, off again Iran deal appears to be back on again – at least until it isn’t – after the country said it will inform the European Union of its official position on a draft text to revive the 2015 nuclear accord by Monday night, signaling it may be nearer an agreement with the US over a deal that could restore its oil exports to global markets.
  • Third, the catastrophic Empire State Mfg Index print today, which saw its 2nd biggest drop on record to multi-year lows, and printed far below the lowest estimate, rekindled fears that a hard-landing recession for the US is still in the cards.

Going back to China, the world’s top oil importer showed signs of renewed weakness as China’s refiners process less crude and apparent consumption sinks in a headwind for global prices. Refineries handled the least oil on a daily basis last month since March 2020 as a swath of plants shut for maintenance, according to official data on Monday. At the same time, apparent oil demand fell 9.7% in July, compared with a 5.6% drop in June. China refined 53.21 million tons of crude in July, the least since April, the National Bureau of Statistics data showed.

Meanwhile there has been stability on the supply side as Russia has defied expectations of a collapse in oil production following its invasion of Ukraine. But Moscow will have to redouble its efforts to find new buyers if it’s to keep output from shrinking in the coming months. After plunging in the immediate aftermath of its offensive in February, Russian production has rebounded over the past three months as domestic refining boomed and Asian customers stepped in to take shipments shunned by Western buyers. Yet a looming EU ban on most Russian crude, as well as a gathering economic slowdown, will strike a blow to the country’s producers.

To that point, Germany’s Schwedt oil refinery has started processing US crude blended with Russian Urals, according to a person familiar with the matter. After several months of recovery, in the first weeks of August average daily oil and condensate production in Russia fell by 3% m/m to 1.428m tons, Kommersant reported, citing unidentified people familiar with data.

Paradoxically, even as oil prices continue to slide, demand for spot (here and now) continues to rise and hint at ongoing shortages in the present even if markets are increasingly convinced that the future will be far uglier. As a result, the energy sector has gotten clobbered and while most sectors are in the red, energy is by far the worst performer today.

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 MONDAY morning 7:30 AM

Euro/USA 1.0199 DOWN  0.0039 /EUROPE BOURSES //ALL MIXED 

USA/ YEN 133.32   UP 0.133 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2088 DOWN   0.0002

 Last night Shanghai COMPOSITE CLOSED DOWN 0.08 POINTS DOWN .02%

 Hang Sang CLOSED DOWN 134.76 PTS OR 0.67% 

AUSTRALIA CLOSED UP 0.49%    // EUROPEAN BOURSES  ALL MIXED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL MIXED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 134.76 PTS OR  0.67% 

/SHANGHAI CLOSED DOWN 0.80 PTS  OR .02% 

Australia BOURSE CLOSED UP 0.49% 

(Nikkei (Japan) CLOSED UP 324.80 OR 1.14%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1774.70

silver:$20.30

USA dollar index early MONDAY morning: 106.12  UP 61  CENT(S) from FRIDAY’s close.

 MONDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.903% DOWN 9  in basis point(s) yield

JAPANESE BOND YIELD: +0.175% DOWN 1     AND 5/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.00%// DOWN 9   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.97  DOWN 8   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +0.902% 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0186  DOWN  .0051   or 51 basis points

USA/Japan: 133.01 UP 0.091  OR YEN UP 9  basis points/

Great Britain/USA 1.2092  DOWN  0.0008 OR 8 BASIS POINTS

Canadian dollar DOWN .01431 OR 143 BASIS pts  to 1.2899

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.7735  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.7920

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

the 10 yr Japanese bond yield  at +0.174

Your closing 10 yr US bond yield DOWN 7  IN basis points from FRIDAY at  2.779% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.013 DOWN 4  in basis points 

Your closing USA dollar index, 106.14 UP 63 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 MONDAY: 12:00 PM

London: CLOSED UP 6.63 PTS OR  0.09%

German Dax :  CLOSED UP 14.82  POINTS OR 0.11%

Paris CAC CLOSED  UP 12.89PTS OR 0.20% 

Spain IBEX CLOSED UP 29.00 OR 0.35%

Italian MIB: CLOSED UP 112.55 PTS OR  0.49%

WTI Oil price 88.25  12: EST

Brent Oil:  93.85 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  61.39  DOWN 0  AND 78/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +0.902

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0164 DOWN .0074     OR  74 BASIS POINTS

British Pound: 1.2059 DOWN .0032  or  32 basis pts

USA dollar vs Japanese Yen: 133.30  UP 0.119//YEN DOWN 12 BASIS PTS

USA dollar vs Canadian dollar: 1.2902 UP 0.0147 (CDN dollar DOWN 147   basis pts)

West Texas intermediate oil: 89.32

Brent OIL:  94.02

USA 10 yr bond yield: 2.790 DOWN 6 points

USA 30 yr bond yield: 3.100  DOWN 2  pts

USA DOLLAR VS TURKISH LIRA: 17.96

USA DOLLAR VS RUSSIA//// ROUBLE:  61.22  DOWN 0 AND   62/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 151,39 PTS OR 0.45 % 

NASDAQ 100 UP 101.31 PTS OR 0.75%

VOLATILITY INDEX: 19.98 UP 0.45 PTS (2.20)%

GLD: $165,71 DOWN $2,15 OR 1.28%

SLV/ $18.68 DOWN 49 CENTS OR 2.68%

end)

USA trading day in Graph Form

Bonds & Stocks Soar After Dismal Data Dump

MONDAY, AUG 15, 2022 – 04:00 PM

After some weakness overnight – after ugly China data (but a PBOC rate-cut) – stocks were met with the now new normal buying-panic of YOLOing at the cash open and never looked back – despite a bloodbath in Empire Manufacturing Sentiment and Homebuilder Confidence. Nasdaq was the day’s winner, Small Caps lagged (but ended green on the day)…

Call volumes continue to rise as retail chased ahead of OpEx…

Source: Bloomberg

Energy stocks puked at the open and lifted back but was the only sector to end the day red…

Source: Bloomberg

Bonds were also bid on the day with the belly outperforming (and the long-end managing modest gains on the day, -1.5bps)…

Source: Bloomberg

The dollar index retraced all of its post-CPI losses…

Source: Bloomberg

Bitcoin ended barely changed on the day after a pump and dump…

Source: Bloomberg

Oil tumbled today with WTI back below $90…

Gold broke below the $1800 level as the dollar rallied…

Finally, all the terrible macro news is great news for easing expectations which have surged in the last two days with yet another rate-cut priced in for next year…

Source: Bloomberg

How much longer can Powell and his pals put up with this level of decoupling from their expectations…

Source: Bloomberg

Not much longer we suspect.

I) / EARLY MORNING TRADING//

US Stock Bears Refuse to Budge Even as Rally Continues

MONDAY, AUG 15, 2022 – 11:41 AM

By Cormac Mullen, Bloomberg markets live reporter and commentator

The US equity rally may be confounding bears, but they ain’t for turning.

Net-short non-commercial positions in S&P 500 futures — a gauge of bearish bets on the US stock benchmark — grew again last week and remain at the highest since June 2020.

The data is to Tuesday, so just before the S&P 500 hit a closely-watched milestone on Friday, retracing half the losses from its steep decline this year, a move which some see as a bullish signal for the recovery.

A slew of positive economic data helped US shares to a fourth straight weekly gain, even as hawkish Federal Reserve commentary filled the air about the potential for even higher interest rates.

That will give bulls confidence. But question marks remain about the risks of a US recession and until they are answered, there’s every chance the bears will hold their ground.

ii) USA DATA//

More indication that the uSA economy is faltering: NYFed manufacturing unexpectedly plummets in the 2nd biggest drop on record

(zerohedge)

Recession Back On: NY Fed Manufacturing Unexpectedly Craters In 2nd Biggest Drop On Record

MONDAY, AUG 15, 2022 – 08:51 AM

So much for any optimism that the US economy can avoid a hard landing.

One (business) day after the UMich survey hinted that economic optimism is set to jump amid collapsing inflation expectations, moments ago the New York Fed’s Empire State Manufacturing Survey unexpectedly cratered from 11.1 to -31.3, slicking through consensus expectations for a 5.0 print like a hot knife through butter, and suffering the 2nd biggest monthly drop on record.

The big miss of the month’s first regional manufacturing survey was driven by a decline across all indicators, but especially by a sharp drop in the forward looking New Orders which tanked to -29.6 from +6.2, while the shipments index plummeted nearly fifty points to -24.1, indicating a sharp decline in both orders and shipments, and strongly hinting that a hard-landing recession is inevitable and that, for all the posturing, a Fed rate cut is imminent after all.

Some more details:

  • Manufacturing activity declined significantly in New York State, according to the August survey. The general business conditions index plunged forty-two points to -31.3, the second largest monthly decline in the index on record, and among the lowest levels in the survey’s history.
    • Twelve percent of respondents reported that conditions had improved over the month, and forty-four percent reported that conditions had worsened.
  • The new orders index dropped thirty-six points to -29.6, and the shipments index plummeted nearly fifty points to -24.1, indicating a sharp decline in both orders and shipments.
  • The unfilled orders index fell to -12.7, indicating that unfilled orders shrank for a third consecutive month.
  • The delivery times index declined to around zero, indicating that delivery times held steady, the first month they have not lengthened in nearly two years.
  • The inventories index fell to 6.4, signaling that inventories increased marginally.

Mocking the relentless data fudging by the politicized BLS, the report showed that the index of employees moved down eleven points to 7.4, pointing to a small increase in employment, and the average workweek index fell to -13.1, indicating a decline in hours worked. The prices paid index fell nine points to 55.5, its lowest level in over a year, indicating a deceleration in input price increases. The prices received index was little changed at 32.7.

Looking ahead, the index for future business conditions came in at 2.1, suggesting that firms were not optimistic about the six-month outlook. The indexes for future new orders and shipments were positive, but remained at low levels. On the other side, employment is expected to pick up – which makes zero sense considering expectations of plunging inflation –  and delivery times are expected to decline over the next six months. Only modest increases in capital spending and technology spending are planned for the months ahead, which of course means, much more stock buybacks.

IIB) USA COVID/VACCINE MANDATES

iii)a.  USA economic stories

Rent is becoming a huge crisis in the USA

(zerohedge)

Rent Is Becoming A Crisis In The U.S.

FRIDAY, AUG 12, 2022 – 05:40 PM

The growing rental crisis in the U.S. has shown no signs of stopping.

That was the topic of a new Bloomberg report this week that highlighted the stories of numerous Americans struggling to meet their rental obligations. 

The cost of rent in the U.S. is moving higher at the highest pace in three decades, the report notes, blowing past a median of $2,000 per month for the first time ever. Rents are now above where they were prior to the pandemic in most major cities.

Areas just outside cities, which saw a large influx of new renters during the pandemic, have seen their rents rise disproportionately higher. People returning to large cities, post-pandemic, have also not helped prices cool off.

Additionally, rising interest rates have now deterred some would-be buyers, who are now becoming renters. Tight inventory continues to lead to bidding wars, even in the rental market, the report says. 

Kate Reynolds, principal policy associate at the Washington-based Urban Institute, said: “It’s pretty much the perfect storm for renters right now. Those renters and their landlords don’t have a place to turn if they’re unable to pay the rent.”

At the same time, renters are trying to cope with the affects of inflation nearly everywhere else in their lives. 

Bloomberg notes that people of color and those with lower incomes are most disproportiately affected by the rise in rents:

In the US, about 58% of households headed by Black adults rent their homes, along with nearly 52% of Latino-led households, according to a Pew Research Center analysis of census data. In comparison, about a quarter of households led by non-Hispanic White adults, and a little under 40% of Asian-led households, are rentals. Some 54% of renters earn less than $50,000, and the annual median household income among renters is about $42,500, below the national median of $67,500, according to Zillow.

Single family rents were up by a record 14% in May from the year prior this year. In some cities, like Miami and and Orlando, rents skyrocketed 40% and 25%, respectively. Las Vegas rents were up 16.7% in May from the year prior. 

Cities like Atlanta have also seen rents rise 14.8% from a year prior. People moving from the West or the Northeast to the South have also boosted rents. 

Duluth, Georgia resident Karla Kelley said: “We’re getting a lot of people from the Northeast or from the West Coast. To them, these rents are not huge.”

40% of all households that are not current on their rent say they are likely to be evicted or foreclosed within the next two months. This represents about 5.4 million households, according to the report. 

And as we have documented on this site many times over, people are now turning to debt to try and cover their costs – including their housing costs. Credit card balances were up $46 billion in Q2 of this year and 30% of Americans have admitted to using credit cards or loans to meet “spending needs in the prior week”. This number was up from 23% in early January.  

END

Homebuilder Confidence Plummets For 8th Consecutive Month, Worst Slump Since 2007 Crash

MONDAY, AUG 15, 2022 – 10:28 AM

The headline NAHB market index fell in June from 55 to 49, the eighth straight month of declines marking the worst stretch since the housing market collapsed in 2007, marking the first time since May 2020 that the index fell below the key break-even measure of 50. The reading was not only below consensus of an unchanged 55 print, but was worse than the most pessimistic estimate in the Bloomberg survey of economists.

All sub-indices tumbled back to levels last seen during the depth of the COVID crash and, excluding that, the lowest level since 2014, as ongoing supply chain problems and high home prices continued to exacerbate housing affordability challenges. Current sales conditions dropped seven points to 57, sales expectations in the next six months declined two points to 47 and traffic of prospective buyers fell five points to 32. The group’s gauge of prospective buyer traffic fell five points to 48, the lowest since June 2020. The measure of present sales also declined to a two-year low, and sales expectations for the next six months dropped to the lowest since May 2020.

Looking at the three-month moving averages for regional HMI scores, the Northeast fell nine points to 56, the Midwest dropped three points to 49, the South fell seven points to 63 and the West posted an 11-point decline to 51.

“Ongoing growth in construction costs and high mortgage rates continue to weaken market sentiment for single-family home builders,” said NAHB Chairman Jerry Konter, a home builder and developer from Savannah, Ga. “And in a troubling sign that consumers are now sitting on the sidelines due to higher housing costs, the August buyer traffic number in our builder survey was 32, the lowest level since April 2014 with the exception of the spring of 2020 when the pandemic first hit.”

“Tighter monetary policy from the Federal Reserve and persistently elevated construction costs have brought on a housing recession,” said NAHB Chief Economist Robert Dietz. “The total volume of single-family starts will post a decline in 2022, the first such decrease since 2011. However, as signs grow that the rate of inflation is near peaking, long-term interest rates have stabilized, which will provide some stability for the demand-side of the market in the coming months.”

Roughly one-in-five (19%) home builders in the HMI survey reported reducing prices in the past month to increase sales or limit cancellations. The median price reduction was 5% for those reporting using such incentives. Meanwhile, 69% of builders reported higher interest rates as the reason behind falling housing demand, the top impact cited in the survey.

Despite the ongoing collapse, homebuilder sentiment has a long way to go to catch down to homebuyer sentiment…

There are signs that affordability may be improving. About one in five builders in the survey reported reducing prices in the past month to increase sales or limit cancellations. And while mortgage rates are still nearly double what they were a year ago, they’ve come down in recent weeks.

“As signs grow that the rate of inflation is near peaking, long-term interest rates have stabilized, which will provide some stability for the demand-side of the market in the coming months,” Dietz said.

END

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

SWAMP STORIES

NATION is on fire! Being pushed to brink by Biden administration’s lawlessness & repubs are ball-less! “Armed Trump supporters protest outside FBI office in Phoenix following Mar-a-Lago raid: reports”

Now we get reports of armed TRUMP people outside FBI office? This is not right! This is going bad and we need to scale this back and stop this insanity! EUNUCH repubs must help restore law & order!

Dr. Paul AlexanderAug 14

FBI rank and file who raided Trump must resign and help begin fixing this, flush out the sick bastards at the FBI’s top. Give us the information, leak it out! Come forward! Get in touch with people like Ron Johnson who is a fighter and will help give you protection! Help fix America! We do not need violence nor want it on our law enforcement. Ever!

We need leadership here to tamp this down and fix the nation now!

SOURCE:

Armed Trump supporters protest outside FBI office in Phoenix following Mar-a-Lago raid: reports

end

BREAKING: FBI Agents Involved in Trump Raid are Under Criminal Investigation by Durham For Abusing Their Power in Trump-Russia Probe; “Developing: Sources say the FBI agents and officials who were

involved in the raid on former President Trump’s home work in same Counterintelligence Division of the FBI that investigated Trump in the Russiagate hoax and are actively under criminal investigation

Dr. Paul AlexanderAug 14

Was this an effort to find and take documents that implicated FBI in Russia hoax? Nothing to do with any national security or nuclear issues???? Boy, this is taking on turns so fast I cannot keep up. I hope not! Again, I argue the FBI has good rank and file as does our police and law enforcement. I do know some at the top are rotten to the core and must be fired and investigated. But I will not go against all of them. No. We must not attack our law enforcement! This is what the left, who really hates and despises them, want you to do! Do not sweat for their fever!

“Developing: Sources say the FBI agents and officials who were involved in the raid on former President Trump’s home work in the same Counterintelligence Division of the FBI that investigated Trump in the Russiagate hoax and are actively under criminal investigation by Special Counsel John Durham for potentially abusing their power investigating Trump in the Russian fraud and therefore have a potential conflict of interest and should have been RECUSED from participating in this supposed “espionage” investigation at Mar-a-Lago” Sperry said in a social media post on Saturday.”

‘It appears the FBI raided Mar-a-Lago to seize documents that likely implicated the FBI – and now they’re claiming the records were related to nuclear weapons to justify the raid.’

SOURCE

King report

The King Report August 15 2022 Issue 6822Independent View of the News
  Fed’s Daly is open to 75 bps hike in Sept, sees no ‘hump’ in rate path – “I still think 50 basis points is the case, but I am open to 75 should the data evolve differently,”… http://reut.rs/3C4qSbN
 
China’s SMIC Warns of ‘Rapid Freeze’ as Smartphone Demand Skids – BloombergCo-CEO says clients in some sectors abruptly halting ordersInvestors are nervous about the depth of the current downturn  https://t.co/2aBMSHgqjj 
Fed’s Barkin says rate increases need to continue until inflation holds at 2%
Barkin said he wants to see inflation running around 2% “for a period of time.” The current level is far from that goal… https://t.co/BIdcJfMdUl
 
@SquawkStreet: @RichmondFed ‘s Thomas Barkin: We’re on the brink of moving real rates into positive territory and we need to sustain it there, and we need to follow through on some of the expectations that are out there.  https://t.co/tgw56Wd46u
 
@michaeljburry: Net consumer credit balances are rising at record rates as consumers choose violence rather than cut back on spending in the face of inflation. Remember the savings glut problem? No more. COVID helicopter cash taught people to spend again, and it’s addictive. Winter coming. https://t.co/vaKJwoMCOG
 
Disney CEO says price hikes may hit Disney World, Disneyland again https://t.co/F5BjNKzbEz
 
Peloton cutting 700+ jobs, hiking prices – Fox News
 
@JavierBlas: Jeff Currie from Goldman Sachs: “Today, commodity markets appear to hold irrational expectations, as prices and inventories fall together, demand beats expectations and supply disappoints.”
 
Democrat (House Ways & Means Chair) promises more taxes if the party stays in power: report
Rep. Richard Neal said Democrats will look to raise corporate and individual tax rates next year https://www.foxnews.com/politics/democrat-promises-more-taxes-party-stays-power
 
Google execs threaten workers with layoffs: ‘There will be blood on the streets’ https://t.co/Gpx9Ma0Xty
 
Dem Rep. Kathy Manning (D-NC) scooped up thousands in chip company stock one day before voting to pass CHIPS Act  https://t.co/3a5FuKAh7E
 
The usual suspects, totally eschewing Fed officials’ warnings, poured into ESUs and stocks, particularly trading sardines, on Friday.  The first leg of the rally began at 3:23 ET; it ended at 4:40 ET.  ESUs and stocks then traded sideways, with wild gyrations after the NYSE open, until then an intractable rally commenced at 11:16 ET and persisted, with only one minor respite, until the close.
 
There was determined, nonstop buying of US equities for almost five straight hours on Friday!
 
Positive aspects of previous session
Another Friday afternoon equity rally ahead of expiry week
Fangs and trading sardines on buying for the expected expiry week manipulation
Bonds rallied 24/32
 
Negative aspects of previous session
Powell has unleashed another bout of unbridled speculation in stocks
Traders again are ignoring Fed officials’ warnings because of Powell’s historic gaffe
The Fed will eventually have to shock & awe rapaciously speculative equity buyers
 
Ambiguous aspects of previous session
Will US economic stats continue to be cooked until the November Midterm Elections?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4260.13
Previous session High/Low4280.47; 4219.78
 
Leaked files expose how U.S. pediatricians accuse their own professional body of pushing ‘harmful’ drugs on trans teens – Critics say the academy has bowed to pressure from ‘young activist doctors’  https://t.co/BQf2JgylSa
 
Twitter reintroduces so-called ‘misinformation rules’ ahead of midterm elections https://t.co/Nt4LAMOIUj
 
The White House privately demanded Twitter ban me months before the company did so
Federal officials targeted me specifically; when they met with Twitter in April 2021, “they really wanted to know about Alex Berenson” – I obtained the message and other documents related to Twitter’s censorship of me as part of my lawsuit against Twitter over my August 2021 ban…
https://alexberenson.substack.com/p/the-white-house-privately-demanded
 
Hunter Biden met with dad immediately after Romanian business meetings https://trib.al/WZQJjKM
 
@S_Mikhailovich: Disinflation of the last 40 yrs has relied on radical globalization & unfettered access to cheap money, cheap Russian commodities & cheap Chinese labor… those trends has now reversed.
 
Today – This is expiry week for August options.  VIX August options expire on Wednesday; but Tuesday is the last trading day for August VIX options.  Retailers report results on Tuesday and Wednesday.
 
Since 2020, when there have been strong rallies into expiry week and guppies have been gluttonous buyers of stocks and options, expiry week starts strong but declines in latter days on guppy liquidation.
 
Expected economic data: Aug Empire Mfg 5.0; Aug NAHB Housing Market Index 55
 
S&P 500 Index 50-day MA: 3953; 100-day MA: 4108; 150-day MA: 4215; 200-day MA: 4329
DJIA 50-day MA: 31,757; 100-day MA: 32,658; 150-day MA: 33,273; 200-day MA: 33,905
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4849.55 triggers a buy signal
WeeklyTrender and MACD are positive – a close below 3810.39 triggers a sell signal
DailyTrender and MACD are positive – a close below 4108.16 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4222.27 triggers a buy signal
 
If Team Obama-Biden ‘gets’ Trump, in 2024 the USA gets DeSantis, a GOP House filled with revenge-crazed firebrands, and a super-majority GOP Senate that had to be non-RINOs to get elected.  If Team Obama-Biden does not get Trump, you get the above, with DJT in the White House.  This is a win-win unless by getting Trump the Deep State gets even more totalitarian and rigs 2024.  No matter the outcome, the DoJ, FBI, MSM, and Deep State will be further sullied.  Reform is on the way!
 
Paul Sperry: FBI agents who raided Trump under criminal investigation by John Durham
Sources say the FBI agents and officials who were involved in the raid on former President Trump’s home work in the same Counter Intelligence Division of the FBI that investigated Trump in the Russiagate hoax and are actively under criminal investigation by Special Counsel John Durham for potentially abusing their power investigating Trump in the Russian fraud and therefore have a potential conflict of interest and should have been RECUSED from participating in this supposed “espionage” investigation at Mar-a-Lago…Court records reveal that one of the FBI agents who signed the Mar-a-Lago search warrant also has been assigned to “the investigation of criminal activity in and around the U.S. Capitol on January 6, 2001.”…
     Sources say Hillary Clinton operatives have been secretly working with Archives officials and the Justice Department for several months and are behind the push for the investigation of Trump as “revenge” for Clinton being investigated for mishandling classified materials in her Emailgate scandal. The Clinton machine has been agitating for this since January,” said one source familiar with the matter.   https://gettr.com/user/paulsperry
 
@Rasmussen_Poll: Donald J. Trump v Hillary R. Clinton, et al may have now become a lot tougher case to win for plaintiff Trump – who declassified key evidence of corruption by Clinton  when he was The President of the United States – and then just had that evidence confiscated by – The Swamp
https://twitter.com/Rasmussen_Poll/status/1558161515575926784/photo/2
 
FBI seizes privileged Trump records during raid; DOJ opposes request for independent review
The FBI seized boxes containing records covered by attorney-client privilege and potentially executive privilege during its raid of Trump’s Mar-a-Lago home… https://t.co/jR3OaECNyJ
 
@julie_kelly2: DOJ subpoenas security video so Trump can’t release it. The mafia has more integrity.
 
Trump calls for seized documents to be returned to Mar-a-Lago https://trib.al/iI4Vjfv
 
Sean Davis notes that Garland is engaged in a massive fishing expedition.  Most importantly, the judge did not release the affidavit that was the predicate for the warrant! WHY?
 
FBI Raid Warrant Demanded Seizure of Literally Any Record Trump Ever Saw During 4-Year Presidential Term – All physical documents and records… Any government and/or Presidential Records created between January 20, 2017, and January 20, 2021.”…
    The affidavit allegedly asserting probable cause has not been made available to the public by the DOJ or the federal court that sealed it…  Garland also claimed the search was conducted with a narrow scope….Where possible, it is standard practice to seek less intrusive means as an alternative to a search, and to narrowly scope any search that is undertaken.”… https://thefederalist.com/2022/08/12/breaking-fbi-raid-warrant-demanded-seizure-of-literally-any-record-trump-ever-saw-during-4-year-presidential-term/
 
Warrant and Property Receipt from Mar-a-Lago Raid
Receipts for property include a “Grant of Clemency” for Roger Stone, information regarding President Macron of France, as well as “various classified/TS/SCI documents.” Many binders of photos were seized, along with “Miscellaneous Secret Documents” and “Miscellaneous Top Secret Documents.” 
   The reason for the search warrant was not made public, and the probable cause is not noted as part of the documents… https://humanevents.com/2022/08/12/exclusive-warrant-and-property-receipt-from-mar-a-lago-raid/
https://www.scribd.com/document/586754620/EXCLUSIVE-Warrant-and-Property-Receipt-from-Mar-a-Lago-Raid#from_embed
 
@TomFitton: Court unseals warrant. @JudicialWatch continues to seek underlying affidavit. DOJ has until Monday to explain to court its position on the release of this material.
 
@Cernovich: Trump warrant shows why deep state lied about nuclear secrets. This thing was a disgrace. A raid for Trump’s handwritten notes? WTF.
 
Former Gorsuch Law Clerk Blows a Hole Through Legal Argument for FBI’s Mar-a-Lago Ransackin – All former Presidents get a federally funded office. Office of the Former President. With staff. And security clearances. And Secret Service protection. And secure facilities (SCIFs) for classified recordsEven if Trump had classified records, they were protected. Period
    Again, the classification statutes/regulations *do not apply* to the President of the United StatesHe has the inherent constitutional power, as commander-in-chief, to classify and declassify anything he wants, in any manner he wants. The Supreme Court reaffirmed this in 1987. https://t.co/bANCEhBTT1
— ???? Mike Davis ???? (@mrddmia)…
https://townhall.com/tipsheet/mattvespa/2022/08/12/former-gorsuch-law-clerk-blows-a-hole-through-legal-argument-for-fbis-mar-a-lago-n2611655
 
Trump describes process of how he declassified documents found at Mar-a-Lago
Former president’s office says there was standing order that classified memos automatically declassified if moved to residence…  The president’s defense is rooted in the legal principal that the president and vice president are the ultimate declassifying authority of the U.S. government and through executive orders most recently issued in 2003 by George W. Bush and Barack Obama in 2009 that specifically exempt the president and vice president from having to follow the stringent declassification procedures every other federal agency and official must follow… https://t.co/fDA9EwpZIF
 
Alan Dershowitz appearing on Hannity said Trump’s declassification voids the search warrant.
 
Legal eagles are asking if Garland sought an OLC opinion before filing for the warrant.  Probably not!
 
@barnes_law: The Trump Warrant violated the overbreadth doctrine of the 4th Amendment requirement of particularity. The judge clearly rubber stamped the warrant request, DOJ clearly failed their ethical obligations, and the FBI patently violated Trump’s Constitutional rights. Illegal seizure.
 
@nytimes: The search warrant for Donald Trump’s residence cited three criminal laws, all from the Espionage Act, which covers the unlawful retention of defense-related information
 
Politico’s @meridithmcgraw: Per the FBI search warrant, receipt signed by Trump attorney Bobb, property to be seized includes, “All physical documents and records constituting evidence, contraband, fruits of crime or other items illegally possessed in violation of 18 U.S.C. § § 793, 2071, or 1519″
 
18 U.S. Code § 793 – Gathering, transmitting, or losing defense information
https://www.law.cornell.edu/uscode/text/18/793
 
18 U.S. Code § 2071 – Concealment, removal, or mutilation generally
https://www.law.cornell.edu/uscode/text/18/2071
 
18 U.S. Code § 1519 – Destruction, alteration, or falsification of records in Federal investigations and bankruptcy   https://www.law.cornell.edu/uscode/text/18/1519
 
While the regime media gleefully cites the Espionage Act, the three codes cited in the warrant all mention the destruction of or losing documents.  Add in the NYT’s reporter that published pictures of pieces of documents that were allegedly in a Mar-a-Lago toilet, and you have the FLIMSY predicate for the warrant, and the identity of the CHS.  There is a reason why the affidavit was not released.
 
@ClayTravis: Trump says everything seized by the FBI had already been declassified and could have been taken whenever they wanted it. https://twitter.com/ClayTravis/status/1558159739728674817/photo/1
(Trump asks what they going to do about the 33 million documents, many classified, that Obama took?)
https://twitter.com/ClayTravis/status/1558159739728674817/photo/2
 
Leftist mag Slate: Hillary Clinton and the Espionage Act – The email scandal reveals everything that’s wrong with the outdated legislation used to prosecute spies and whistleblowers. (Hillary was NOT prez!)
https://slate.com/news-and-politics/2016/07/the-hillary-clinton-email-scandal-shows-the-espionage-act-is-outdated.html
 
AG Edwin Meese CoS @marklevinshow: The 1917 Espionage Act cannot apply to a President.  Under Article II, first sentence of Section I, he is the executive branch. 2. He is free to do as he wishes with these documents, including deciding as president to remove them as he leaves office. I suspect former presidents have done so. Unless and until a subpoena is issued to search Obama’s various estates, we won’t know.  3. That said, this entire process is a subterfuge, as I’ve explained…
 
Trump asserts the “nuclear weapons issue is a hoaxjust like Russia, Russia, RussiaSame sleazy people involved…Planting information anyone?…”
https://www.dailymail.co.uk/news/article-11105857/The-nuclear-weapons-issue-hoax-Trump-slams-latest-report-classified-documents.html
 
Trump: What happened to the 30 million pages of documents taken from the White House by Barack Hussein Obama?  He refused to give them back!… Will they be breaking into Obama’s “mansion” in Martha’s Vineyard?  https://twitter.com/DineshDSouza/status/1557803391757205504/photo/1
     President Barack Hussein Obama kept 33 million pages of documents, much of them classified.
 
The odds that Obama has top secret documents, including nuclear documents, in the 33 million documents that he possessed is astronomical.  Did Obama personally pack or supervise the packing and shipment of 33 million documents?  Of course not!  The same goes for Trump.  Gov’t agencies do it!
 
On Friday, ex-FBI official James Gagliano stated that the GSA packed up Trump’s documents.  So, there is no Mens Rea or criminal intent that is statutorily needed to convict someone of a crime.
@CBS_Herridge: If 18 USC 793 sounds familiar — revisit then FBI Director Comey’s 2016 statement about Clinton email probe into mishandling classified info where he said “intent” was key factor after emails above TOP SECRET or SAP (Special Access Program) were identifiedhttps://fbi.gov/news/press-rel
 
@mirandadevine: Lawyer Christina Robb says Trump’s people were watching on CCTV in New York as the FBI rifled through the former president’s study at Mar-a-Lago and breaking open his safe.
 
@jason_meister: The FBI that reviewed 650,000 of Hillary Clinton’s emails in 8 days took 270 man hours to grab 20 boxes from Mar-A-Lago.
 
@johncardillo: They want you to believe that Trump mishandled nuclear secrets and the WH wasn’t notified of that or the raid.
 
MSNBC’s Beschloss, Former CIA director Hayden ‘suggest’ Trump be executed for having nuclear documents   https://t.co/jy6EXRka9S
 
 
@LifeZette: Laura Ingraham Says A.G. Garland ‘Looks Like Guy Who Got a Lot of Wedgies in Sixth Grade’   https://t.co/PQYa3GUo35
 
Fox’s @jimmyfailla: Normally an FBI raid is for a VERY specific item located in a VERY specific place but in this case agents spent 9 hours looking around and didn’t find much of anything. Sounds like Liz Cheney’s dad told her Trump had weapons of mass destruction.
 
@StuDoesAmerica: Trump could have avoided the raid and any attention from law enforcement if he just left the documents at a computer repair shop
 
Josh Barnett for Congress (AZ-01) @BarnettforAZ: BREAKING: Elon Musk offers to purchase the FBI for $100 billion.  No word yet if the Clinton’s are willing to sell.
 
@KurtSchlichter: Anonymous sources inform the New York Times that FBI found video tapes of Donald Trump peeing on a nuclear weapon among Melania’s shoes.
 
What’s next?  The FBI deputizes Harrison Ford to search Mar-a-Lago for the Arc of the Covenant?
 
FBI Recovered Eleven Sets of Classified Documents in Trump Search, Inventory Shows
Trump allies claim the former president declassified the documents recovered from Mar-a-Lago
https://www.wsj.com/articles/fbi-recovered-eleven-sets-of-classified-documents-in-trump-search-inventory-shows-11660324501
 
Who at the DoJ or FBI leaked sensitive investigatory information to the WSJ, and why?
 
Newsweek blasted for incorrectly claiming Garland didn’t know about the FBI’s Trump raid
https://www.foxnews.com/media/newsweek-blasted-incorrectly-claiming-merrick-garland-didnt-know-about-fbis-trump-raid
 
Garland, Wray clam up on Trump search after information free-for-all on ongoing Jan. 6 probe
Republicans see a double standard even in how and when DOJ officials talk about ongoing probes…
https://justthenews.com/government/courts-law/garland-wray-clam-trump-search-after-information-free-all-ongoing-jan-6-probe
 
@MerissaHansen17: So, the same guy who “blew the whistle” on Trump for “stealing boxes” leading to the Mar-a-Lago raid (David Ferriero) was sued in 2015 for failing to preserve Hillary Clinton’s emails.
https://t.co/vUZZRyGfRs
 
@marklevinshow: It’s no accident or coincidence that the grand juries involved in Jan. 6 and the National Archives are under the control of the same United States attorney in Washington, D.C., Matthew Graves, who is an Obama-Biden leftist, as is his wife.
 
Special Agent Jeremy Linton, involved in Trump raid, was also involved in January 6th proceedings.  https://extremism.gwu.edu/sites/g/files/zaxdzs2191/f/Tommy%20Frederick%20Allan%20Affidavit%20in%20Support%20of%20Criminal%20Complaint.pdf
 
Some pundits believe the FBI’s Mar-a-Lago raid was over declassified Spygate documents.
 
CBS’s top investigative journalist @CBS_Herridge: Then President Trump issued this memorandum 1/19/2021 on declassification FBI Crossfire Hurricane records.  Circulated to AG, DNI, CIA. May now be relevant once full holdings from Monday search at Mar-a-Largo catalogued.   https://t.co/riiagd8ct6
 
FBI Sends ‘Clear Message’ To Trump, His Supporters: The Swamp Is Real, Rep. Davidson Says
The FBI raid on former President Donald Trump’s home at Mar-a-Lago is an escalation of an ongoing attack on anyone who dares to upset the political status quo in Washington, Rep. Warren Davidson (R-Ohio) says… I think for anyone who doubted that there was a swamp when Donald Trump was saying ‘drain the swamp,’ now I think there’s true believers. So it’s historic… No accountability for Hunter Biden, no action on that; no action on any number of things that they could have taken action on, like for example, targeting of Supreme Court justices,”…  https://t.co/GIhhNjgBgU
 
The FBI raid on Trump’s Mar-a-Lago home highlights the alarming double standard that gives Dems a pass – what about President Joe Biden’s wayward son Hunter?…  There’s a dangerously corrupt dual justice system in America today
https://nypost.com/2022/08/12/the-fbi-raid-on-trumps-home-highlights-dems-double-standard/amp/
 
@jason_meister: Hillary takes $145mm in bribes to the Clinton Foundation and Bill takes $500,000 speaking fee from Kremlin Bank to buy off her approval as the highest ranking US Diplomat for the sale of fissile yellowcake material to Russia, so our enemy can make WMD’s. I missed the FBI raid.
 
@ian_mckelvey: Here, Hillary Clinton orders a subordinate to remove classified markings from sensitive documents, thereby allowing them to be sent through non-secure channels. This is a clear violation of the law.  Did the @FBI raid her home?  https://twitter.com/ian_mckelvey/status/1558459324841738242
 
WSJ’s Kim Strassel: The Payback for Mar-a-Lago Will Be Brutal – What went around Monday will come around hard for the Democrats when Republicans control the Justice Department and FBI.
    Trump derangement syndrome has a curious way of scrambling coherent thought… a perceived political persecution of Mr. Trump could help him to a second term. And he would be even more unrestrained as the 47th president than he was as the 45th…“no one is above the law.” Let’s see how that holds when a future Republican Justice Department starts raiding the homes of Joe Biden, Hillary Clinton, Barack Obama, Eric Holder, James Comey and John Brennan.
    Payback could come even sooner. Democrats set a new low with their Ukrainian impeachment circus, and a GOP House next year might be up for a reprise.  Get ready for a few more select committeesperhaps excluding the minority party, as the Democrats effectively did with the Jan. 6 committee—to investigate Mr. Garland’s politicized department or Hunter Biden’s finances. Watch them subpoena sitting Democratic representatives, as the Jan. 6 committee did to Republicans. Reps. Adam Schiff, Ilhan Omar and Eric Swalwell may find themselves on the back bench with a new Republican majority eager to follow Mrs. Pelosi’s example and strip the opposing team’s members of committee assignments…
    Which is why the wholesale Democratic and media defense of this week’s events is so reckless. Both parties long understood that political restraint was less about civility than self-preservation. What goes around always comes around. What went around this week will come around hard.
https://www.wsj.com/articles/the-payback-for-mar-a-lago-will-be-brutal-trump-raid-fbi-justice-department-president-investigation-11660255311
 
Strassel believes the Mutually Assured Destruction doctrine that kept Republicans from impeaching and prosecuting Bill Clinton for giving China weapons, nuclear, and industry technology in lieu of campaign cash, Hillary’s sale of US uranium to Russia for donations to various Clinton pockets, Pelosi Capital Management, etc., is ending with the relentless prosecution and persecution of DJT.
 
Reports appeared over the weekend that validate the NYT’s (April 2, 2022) story that Team Biden wants Trump indicted and the pressure on Garland and Wray to ‘get Trump’ is intense.
https://www.nytimes.com/2022/04/02/us/politics/merrick-garland-biden-trump.html
 
The NYT, writing for its Amen Chorus, inadvertently proclaims there is a rogue Deep State.
 
The Poisoned Relationship Between Trump and the Keepers of U.S. Secrets
Mistrust within intelligence agencies that officials who gave him classified briefings occasionally erred on the side of withholding some sensitive details from him… https://www.nytimes.com/2022/08/11/us/politics/trump-fbi.html
    Ex-DNI @RichardGrenell: Not remotely true. @MarkMazzettiNYT made this up.  If it were true – which it is not – the @ODNIgov  would need to investigate who was purposefully making America less safe – a treasonous act. @TheJusticeDept too.  An actual reporter would be asking these questions.
 
Ex-Dem Pres Candidate and Rep. Tulsi Gabbard Friday night on Fox: The FBI’s raid on Donald Trump “has set our country on a dangerous new course and there’s no turning back.”
https://twitter.com/TPostMillennial/status/1558499660297392128
 
Mises Institute: The Attempt to Prosecute Donald Trump Is Unleashing More Than Our Political System Can Handle – the Biden administration have raised the political stakes to a level from which this country as we have known it may never return
    The editors of the NYT, CNN, David French and his fellow “Never Trumpers,” and most of Twitter really don’t care if Trump really committed a crime or not. They want him in jail for purely political reasons. These are the same people that insisted that the Hunter Biden laptop affair was nothing more than a “Russian disinformation” effort, and since it involves Hunter and his famous father, Joe, it is clear that there will be no effort by the FBI or Merrick Garland, or anyone else in the DOJ, to investigate beyond something cursory, enough to have the authorities claim “there is no there there.”…
https://mises.org/wire/attempt-prosecute-donald-trump-unleashing-more-our-political-system-can-handle
 
Liberal writer Matt Taibbi: Welcome to the Third World – We’ve reached the stage of American history where everything we see on the news must first be understood as political theater… the Biden administration just took the world’s most reputable police force and turned it into the American version of the Tonton Macoute on national television…
    The Justice Department just committed institutional suicide and moved the country many steps closer to once far-out eventualities like national revolt or martial law…
https://taibbi.substack.com/p/welcome-to-the-third-world
 
Ex-NYT writer: @AlexBerenson: 1/ If the stakes weren’t so high it would almost funny to watch the establishment destroy itself trying to take down Donald Trump. He has ruined the elite media, ruined it, they no longer even pretend at fairness; and now law enforcement seems to be falling into the same trap.  2/ He is the opposite of a subtle conman, he is loud and buffoonish and yet somehow gives his enemies – who are so sure in their righteousness – nothing but smoke, until they throw off the very rules they have pledged to follow, the norms they WANT to uphold
    But we should not fool ourselves about the consequences of the jihad against Trump and the never-ending “jail to the chief” efforts of America’s political elites. Sooner or later, other people will be in power, and since the elites have shown no restraint in pursuing Trump and his allies, one can be sure that no one else will show restraint, either. If the political classes have not yet turned the USA into a Third World country, they are well on their way to finishing the job.
 
Reminder: Joe Biden Senate Papers Still Hidden from Public https://www.breitbart.com/politics/2022/08/11/reminder-joe-biden-senate-papers-still-hidden-from-public/
 
Jacobins Garland and Wray excoriated people that criticized them and their minions.  Even worse – the venom-spewing Pelosi had the gall to lecture the GOP about criticizing the FBI and DoJ!
 
Trump supporter who called Capitol cops ‘weasels’ on Jan. 6 sentenced to prison
Glen Simon was sentenced to eight months in prison. He was accused of pushing a bike rack against a police line and screaming at cops “so long … that his voice became hoarse.”…
https://www.nbcnews.com/politics/justice-department/trump-supporter-called-capitol-cops-weasels-jan-6-sentenced-prison-rcna42865
    
@julie_kelly2: This is why I’ve said for months that DOJ will indict Trump and he’ll be convicted of any made up crime they allege.  “You’ve got to use your common sense and your own sense of who you are and how you’d like to conduct yourself as an American citizen before just blindly doing what a political figure says.”  That’s Beryl Howell, chief judge of DC District Court. She also oversees the grand juries handling Jan 6 cases from DC US Atty office.  A rigged, partisan, vengeful DC legal/judicial circle of hell with contempt for us.
    DC US Atty Matthew Graves is undefeated before DC juries in Jan 6 trials. Unanimous guilty verdicts on every single count in record time on even bogus charges like obstruction of an official proceeding. Think about what those same jurors will do to Trump… Every judge incl Trump judges have denied every change of venue motion even though they know these defendants have no shot at a fair trial.
     The political ramifications are bigger for Democrats if Trump isn’t indicted. Dems, J6 committee, DOJ and media have brought this to a point of no returnDem voters are rabid maniacs right now—if they don’t charge Trump with something, they’ll make Democrats pay in November.
   
@julie_kelly2: Turning to the Whitmer Trial, FBI agent handling one of the informants admitted a female FBI informant slept in the same hotel room and same bed as Barry Croft, the informant’s target. This was related to a training exercise in Wisconsin hosted by another FBI informant.  Under cross, FBI agent couldn’t say if that was against FBI policy handling informants. “Sometimes informants have to play along.” They also smoked pot together. FBI agent: “It’s an illegal activity. They can’t participate in that.”  At least 5 FBI informants surveilled Croft…
    Meanwhile FBI assets engaged in illicit conduct that violated FBI policy including sharing a bed with a target (!) and repeatedly getting high with them while recording stoned conversations.  Oh and Jan 6 warmup: 7/3/2020 mtg with FBI agent Mark and Adam Fox. Mark claims he was concerned Fox would “attack the Capitol.” Defense: “Was an attack on the Capitol of Michigan imminent?  FBI: “I was concerned about the things he was saying” Defense: “Did he ever assault the Capitol?” FBI: “No”  (Long thread on Fednapping Trial at link)   https://twitter.com/julie_kelly2/status/1558083754912088065
 
@nytimes: A man who was killed after trying to breach an FBI office in Ohio had been on the radar of federal authorities for months, officials said. (Once again…!)  https://nyti.ms/3bTueUq
 
If Schiffer was on the FBI’s radar for months and he was at the Capitol on 1/6, why wasn’t he arrested?
 
Elizabeth Warren’s Claim About Why People Don’t Vote for Her Is Raising Eyebrows
Warren said: “Everyone comes up to me and says, ‘I would vote for you, if you had a penis.’”… (What in the Sam hell is wrong with Massachusetts voters?)
https://townhall.com/tipsheet/rebeccadowns/2022/08/12/elizabeth-warrens-claims-about-her-electability-as-president-raises-eyebrows-n2611662
 
@jasonrantz: My congresswoman, Seattle Progressive Pramila Jayapal, thinks “inflation is like a theoretical word that economists use.”   https://twitter.com/jasonrantz/status/1558167773997436929
 
KAMALA HARRIS: “It is critical that we…partner to ensure that we are speaking the same language with the same motivation, inspired by the opportunity of it all, but then doing the work of updating how we have been talking and thinking about our exploration in space.”   https://t.co/oE7N3EeeeT
 
KAMALA HARRIS: “Equity as a concept says recognize that everyone has the same capacity, but in order for them to have equal opportunity to reach that capacity, well, we must pay attention to this issue of equity.” https://t.co/iwrdS6C5QJ (Who’s her new speech writer, a Norm Crosby protege?)
 
Bottom line: The USA is in its greatest political crisis since Reconstruction – and it MUST get worse before there is any chance for meaningful reform and remedy!

Greg Hunter interviewing Dr Theresa Long

“Hell No” to Any CV19 Vax – Lt. Col. Theresa Long MD

By Greg Hunter On August 13, 2022 In Political Analysis132 Comments

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

Lt. Col. Theresa Long is a Medical Doctor at Fort Rucker who is one of the U.S. Army’s top Flight Surgeons and an expert on public health.  Dr. Long makes sure military pilots are ready and able to fly America’s complicated and lethal aircraft.  Dr. Long has been a skeptic of the so-called Covid-19 experimental vaccines from the beginning.  After months of medical observation of the devastating effects of these injections, she’s come to a conclusion the top Army Brass does not like. When asked if she would recommend the CV19 vax to pilots she evaluates, Dr. Long, who is unvaxed, says, “If you think for a moment that the very same doctors, politicians or whoever that told you this was safe and effective, if you are waiting and holding your breath for them to come back and say, oops, we made a mistake, it’s dangerous and deadly, that’s never going to happen.”

And if an Army pilot walked into Dr. Long’s office and asked if the CV19 vax was safe?  What would she tell them?  Dr. Long says, “I would tell them, ‘Hell no, I don’t think it’s safe.’”

What is Dr Long seeing first hand after the CV19 injections?  Dr. Long says, “I have seen everything from strokes, to clots in the spleen and liver, cancers, testicular pain, infertility, miscarriages, menstrual irregularity, lung issues, thyroid disfunction, erratic heart rates . . . a lot of things that I don’t see in someone flying an aircraft. . . . You can see myocarditis and pericarditis weeks and months after vaccines.”

The U.S. Military is very familiar with the problems Lt. Col. Long has reported.  Dr. Long testified n a Senate hearing last November with doctors and medical researchers who treat CV19 vaccine injuries, along with patients who have experienced adverse events due to the CV19 vaccine.  Dr. Long also made a highly publicized affidavit against the Biden Administration’s vax mandates as a whistleblower under the Military Whistleblower Protection Act in September of 2021.  The military brass are well aware of who Dr. Long is and the many problems she is reporting with the so-called vaccines.

What are her superiors telling her?  Dr. Long says, “It’s always disheartening when people come to me and say privately, I completely agree with you.  I completely agree with you that we should stop these vaccinations, but publicly I will disown you.  That’s not being a leader.  It’s just  straight up cowardice when you know you are doing the wrong thing and you refuse to change.”

Dr. Long estimates there are “200,000 to 400,000 military members who are not vaccinated,” and the Pentagon and Defense Secretary Lloyd Austin have threatened to kick them all out of the service.  Are the military leaders this stupid, this compromised or simply committing treason?

Dr. Long’s plea to the military brass is, “Pray for wisdom and courage.”

There is much more in the 1-hour and 6-minute video.

Join Greg Hunter as he goes One on One with Lt. Col Theresa Long, Medical Doctor and Flight Surgeon at Fort Rucker, Alabama, who is putting her career and life on the line to protect soldiers from the CV19 vax and is blowing the whistle on the deadly and dangerous problems surrounding the forced injections of our military.

After the Interview: 

Lt. Col. Long is continuing her work at Fort Rucker as an MD, Flight Surgeon and an Aerospace Medicine Specialist to evaluate pilots for aviation duties.

If you would like to follow Lt. Col. Thresa Long MD on Twitter, click here.

end

see you tomorrow 

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