AUGUST 19//GOLD CLOSED DOWN $8.00 TO $1749.30//SILVER WAS DOWN $.38 TO $1916//PLATINUM WAS DOWN $20.25 TO $897.10//PALLADIUM WAS DOWN $30.15 TO $2127.50//VENEZUELA TO STOP OIL SHIPMENTS TO EUROPE AS THEY VACATE THE OIL FOR DEBT SWAP//GERMANY’S LARGEST REFINER SLASHES OUTPUT OF NATURAL GAS//LABOUR REVOLT IN LONDON AT THE TUBE DUE TO HIGH COST OF LIVING//HIGH ENERGY COSTS//EU NOW POSTS A RECORD NATURAL GAS PRICE AS GAZPROM DOES ANOTHER 3 DAY MAINTENANCE //COVID UPDATES//VACCINE IMPACT//DR PAUL ALEXANDER//SWAMP STORIES FOR YOU TONIGHT///

by harveyorgan · in Uncategorized · Leave a comment·Edit

 Uncategorized · Leave a comment·Edit

GOLD;  $1749.75 DOWN $8.00

SILVER: $19.16 DOWN 38 CENTS 

ACCESS MARKET: 

GOLD $1747.20

SILVER: $19.06

Bitcoin morning price:  $21,424 DOWN 1980

Bitcoin: afternoon price: $21.425. DOWN 1981

Platinum price closing DOWN $20.25 AT$897.10 

Palladium price; closing DOWN $30.15  at $2127.65

END

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 EXCHANGE: COMEX 

EXCHANGE: COMEX
CONTRACT: AUGUST 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,755.300000000 USD
INTENT DATE: 08/18/2022 DELIVERY DATE: 08/22/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 334 3
072 H GOLDMAN 10
104 C MIZUHO 3
118 C MACQUARIE FUT 3
132 C SG AMERICAS 157
167 C MAREX 2
190 H BMO CAPITAL 4
323 H HSBC 1
435 H SCOTIA CAPITAL 8
624 H BOFA SECURITIES 79
661 C JP MORGAN 157
661 H JP MORGAN 1
685 C RJ OBRIEN 10
737 C ADVANTAGE 1
800 C MAREX SPEC 4
878 C PHILLIP CAPITAL 1
880 C CITIGROUP 91 3
880 H CITIGROUP 8


TOTAL: 440 440
MONTH TO DATE: 33,113

JPMorgan stopped:   157/440

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

440 NOTICES FOR 44,00000 OZ //1.3685 TONNES

total notices so far: 33,113 contracts for 3,311,300 oz (102.993 tonnes) 

SILVER NOTICES:  7 NOTICES FILED FOR 35,000 OZ/

 

total number of notices filed so far this month  943 :  for 4,715,000  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 $8.00 

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 6.718 TONNES FROM THE GLD.

INVENTORY RESTS AT 985.83 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 1.798 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 483.684 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY  A GOOD SIZED 437  CONTRACTS TO 143,806.   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE GOOD GAIN IN OI WAS ACCOMPLISHED DESPITE OUR  $0.27 LOSS  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.27) BUT WERE  UNSUCCESSFUL IN KNOCKING OFF ANY SPEC SILVER LONGS AS WE HAD A STRONG GAIN OF 655 CONTRACTS ON OUR TWO EXCHANGES. HOWEVER WE HAD A SOME LIQUIDATION OF SPECULATOR SHORTS.

WE  MUST HAVE HAD: 
I) SOME SPECULATOR SHORT LIQUIDATIONS//CONTINUED 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)   GOOD SIZED COMEX OI GAIN/(//SOME SPEC LIQUIDATION)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -93

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 15 days, total 6775  contracts:  33.875 million oz  OR 2.258 MILLION OZ PER DAY. (452 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 33.875 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: 33.875 MILLION OZ (A LOT LESS THAN NORMAL//THE CROOKS ARE SCARED TO ISSUE MORE EFP’S)

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 437 DESPITE OUR  $0.27 LOSS IN SILVER PRICING AT THE COMEX// THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE  CONTRACTS: 125 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: /SOME BANKER ADDITIONS AND SOME 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 STRONG SIZED GAIN OF 655 OI CONTRACTS ON THE TWO EXCHANGES FOR 3.275 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 7  NOTICE(S) FILED TODAY FOR  35,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A SMALL SIZED 516 CONTRACTS  TO 456,855 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:+25   CONTRACTS.

.

THE SMALL SIZED  INCREASE  IN COMEX OI CAME DESPITE OUR FALL IN PRICE OF $5.75//COMEX GOLD TRADING/THURSDAY / WE MUST HAVE  HAD  ADDITIONAL SPECULATOR SHORT SHORT COVERINGS ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND SOME SPECULATOR SHORT COVERINGS//CONTINUED 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 STRONG 4900 OZ QUEUE JUMP //NEW STANDING 104.1804 TONNES

YET ALL OF..THIS HAPPENED WITH OUR FALL IN PRICE OF   $5.75 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A GOOD SIZED GAIN OF 4393  OI CONTRACTS 13.664 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3877  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 456,856

IN ESSENCE WE HAVE A GOOD  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4393 CONTRACTS  WITH 516 CONTRACTS  INCREASED AT THE COMEX AND 3877 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 4393 CONTRACTS OR 13.664 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3877) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (437): TOTAL GAIN IN THE TWO EXCHANGES 4393 CONTRACTS. WE NO DOUBT HAD 1) SOME SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS//  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR AUGUST. AT 99.272 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 4900 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 :

37,234 CONTRACTS OR 3,723,400 OZ OR 115.81  TONNES 15 TRADING DAY(S) AND THUS AVERAGING: 2482 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15  TRADING DAY(S) IN  TONNES: 115.81 TONNES

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

THUS EFP TRANSFERS REPRESENTS  103.97/3550 x 100% TONNES  2.92% 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: 115.81 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, ROSE BY A GOOD SIZED 427 CONTRACT OI TO 143,806 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 125 CONTRACTS

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

SEPT 125  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 125 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 437  CONTRACTS AND ADD TO THE 125 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 562   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 2.810 MILLION OZ

OCCURRED DESPITE OUR FALL IN PRICE OF  $0.27

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

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

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

end

5. Other gold commentaries

6. Commodity commentaries//

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED DOWN 19.47 PTS OR 0.59%   //Hang Sang CLOSED UP 9.12 OR 0.05%    /The Nikkei closed DOWN 11.81 OR % 0.04.          //Australia’s all ordinaires CLOSED UP 0.01%   /Chinese yuan (ONSHORE) closed DOWN AT 6.8181//OFFSHORE CHINESE YUAN DOWN 6.8395//    /Oil DOWN TO 88.41  dollars per barrel for WTI and BRENT AT 94.47//    / Stocks in Europe OPENED MOSTLY RED.        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 510 CONTRACTS TO 456,855 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 FALL OF $5.75  IN GOLD PRICING  THURSDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (3877 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 3877 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :3877 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  3877 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 4393  CONTRACTS IN THAT 3877 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL  SIZED  COMEX OI GAIN OF 516  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR FALL IN PRICE OF GOLD $ 5.75.  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   (104.1804),

 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:104.1804 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $5.75) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A GOOD SIZED TOTAL GAIN ON OUR TWO EXCHANGES //   COMMERCIAL LONGS ADDED TO THE POSITIONS, AND SPECULATOR SHORTS CONTINUED TO ADD TO THEIR POSITIONS//////  WE HAVE  REGISTERED A GOOD SIZED GAIN  OF 13.664 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (104.1804 TONNES)

WE HAD + 25  CONTRACTS ADDED TO COMEX TRADES. THESE WERE ADDED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 4393 CONTRACTS OR 439300  OZ OR 13.664 TONNES

Estimated gold volume 135,004///  extremely poor/

final gold volumes/yesterday  130,177/extremely poor

INITIAL STANDINGS FOR AUGUST ’22 COMEX GOLD //AUGUST 19

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz155,624.053  oz

Brinks
Manfra





includes 2750 kilobars
Brinks
Deposit to the Dealer Inventory in oz32,215.302 OZ 
Brinks
1000 kilobars
Deposits to the Customer Inventory, in oz48,826.033 oz
Loomis
No of oz served (contracts) today440   notice(s)
4400 OZ
1.3685 TONNES
No of oz to be served (notices)381 contracts 
38,100 oz
1.185 TONNES
Total monthly oz gold served (contracts) so far this month33,113 notices
3,311,300 OZ
102.995 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

i) Into Brinks:  32,215.302 oz (1000 kilobars)

total dealer deposit:  32,215.302 oz

No dealer withdrawals

Customer deposits: 1

i)Into Loomis: 48,826.033 oz

total deposits 48,826.033 oz

2 customer withdrawals:

i) Out of Manfra  67,208.870 oz

ii) Out of Brinks: 88,415.183 oz (2750 kilobars)

ii) Out of Brinks 22,673,738 oz

total:  155,624.053 oz

total in tonnes: 4.84 tonnes

Adjustments: dealer to customer //4

Brinks:  6,390.149oz

HSBC:  44,206.108 oz

Manfra: 6409.609 oz

JPmorgan: 10,721.326 

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an  oi of 821 contracts having LOST  105 contracts .

We had 154 notices served upon yesterday so we gained a strong 49 contracts or an additional 4,900 oz will stand for delivery in this very active month of August. 

Sept. gained 23 contracts to 3627 contracts.

October gained 13 5 contracts up to 39,967 

We had 440 notice(s) filed today for 44,000 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 440 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 157 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 (33,113) x 100 oz , to which we add the difference between the open interest for the front month of  (AUGUST 821 CONTRACTS ) minus the number of notices served upon today 440 x 100 oz per contract equals 3,349,400 OZ  OR 104.1804 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 (33,113) x 100 oz+   (821)  OI for the front month minus the number of notices served upon today (440} x 100 oz} which equals 3,349,400 oz standing OR 104.1804 TONNES in this active delivery month of August.

TOTAL COMEX GOLD STANDING:  104.1804 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:  2,320,942.458 oz   72.19 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  28,573,370.159 OZ  

TOTAL REGISTERED GOLD: 14,373,370.159  OZ (447,07 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,199,827.057 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 12,052,94280 OZ (REG GOLD- PLEDGED GOLD) 374.89 tonnes//rapidly declining 

END

SILVER/COMEX/AUGUST 19

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory728,828/138 oz
CNT

JPMorgan
 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory988.41 oz
cnt
 
No of oz served today (contracts)CONTRACT(S)
35,000   OZ)
No of oz to be served (notices)50 contracts 
(250,000 oz)
Total monthly oz silver served (contracts)943 contracts
 4,715,000 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 CNT:  988.41 oz

total deposit:  988.41   oz

JPMorgan has a total silver weight: 172.521 million oz/331.997 million =51.97% of comex 

 Comex withdrawals: 2

i) Out of CNT 99,458.63 oz

ii) Out of JPMorgan: 629,369.500  oz

total: 728,828.138   oz

 adjustments:  0  

the silver comex is in stress!

TOTAL REGISTERED SILVER: 55.478 MILLION OZ

TOTAL REG + ELIG. 331.997 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF AUGUST OI: 57 CONTRACTS HAVING LOST 6 CONTRACTS.  WE HAD 13 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 1286 CONTRACTS DOWN TO 53,891

OCTOBER GAINED 8 CONTRACTS TO STAND AT 120

 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 7 for  35,000 oz

Comex volumes:61,561// est. volume today//   fair

Comex volume: confirmed yesterday: 54,769 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  943 x 5,000 oz = 4,715,000 oz 

to which we add the difference between the open interest for the front month of AUGUST(57) and the number of notices served upon today 7  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 943 (notices served so far) x 5000 oz + OI for front month of AUGUST (57)  – number of notices served upon today (7) x 5000 oz of silver standing for the AUGUST contract month equates 4,965,000 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 19/WITH GOLD DOWN $8.00 : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 985.83 TONNES

AUGUST 18/WITH GOLD DOWN $5.25: GIGANTIC CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.78 TONNES FROM THE GLD////INVENTORY RESTS AT 985.83 TONNES

AUGUST 17/WITH GOLD DOWN $12.00: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 992.20 TONNES

AUGUST 16/WITH GOLD DOWN $7.85: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 993.94 TONNES

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: 985.83 TONNES

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

AUGUST 19/WITH SILVER DOWN 38 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE GLD: A WITHDRAWAL OF 1.798 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 483.684 MILLION OZ.

AUGUST 18/WITH SILVER DOWN 27 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 369,000 OZ INTO THE SLV////INVENTORY RESTS AT 485.482 MILLION OZ//

AUGUST 17/WITH SILVER DOWN 32 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.106 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 485.113 MILLION OZ//

AUGUST 16/WITH SILVER DOWN 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 486.219 MILLION OZ/

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 483.684 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

end

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

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

Your weekend reading material and today’s topic is really good

(Alasdair Macleod/GATA)

Alasdair Macleod: The world is splitting in two and Putin has the winning hand

Submitted by admin on Thu, 2022-08-18 20:51Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, August 18, 2022

While we are being distracted by Ukraine, President Putin has advanced his geopolitical goals materially. Aided and abetted by President Xi, Putin is taking the Asian continent into his control. That mission is well on its way to being achieved. He now awaits the winter months to finally force the EU to reject America’s hegemony. Only then, will the western end of the Eurasian continent be truly free of American interference.

This article explains how he is achieving his strategic goals. It examines the geopolitics of the Asian landmass and the nations tied to it, which are commercially and financially turning their backs on the US-led western alliance.

I look at geopolitics from President Putin of Russia’s viewpoint, since he is the only national leader who seems to have a clear grasp of his long-term objectives. His active strategy conforms closely with Halford Mackinder’s predictive analysis of nearly 120 years ago. Mackinder is regarded by many experts as the founder of geopolitics.

Putin is determined to remove the American threat to his Western borders by squeezing the EU to that end. But he is also building political relationships based on control of global fossil-fuel supplies — a pathway opened for him by American and European obsessions over climate change. In partnership with China, the consolidation of his power over the Eurasian landmass has progressed rapidly in recent weeks.

For the Western Alliance, financially and economically his timing is particularly awkward, coinciding with the end of a 40-year period of declining interest rates, rising consumer price inflation, and a deepening recession driven by contracting bank credit. 

It is the continuation of a financial war by other means, and it looks like Putin has an unbeatable hand. He is on course to push our fragile fiat currency based financial system over the edge. …

… For the remainder of the analysis:

https://www.goldmoney.com/research

END

Will the LBMA expel JPMorganChase from membership because of Nowak’s conviction?

(Ronan Manly)

Ronan Manly: Will LBMA expel JPMorganChase because of Nowak’s conviction?

Submitted by admin on Thu, 2022-08-18 20:46Section: Daily Dispatches

8:45p ET Thursday, August 18, 2022

Dear Friend of GATA and Gold:

Despite the market-rigging conviction of the chief of its monetary metals trading desk, Michael Nowak, JPMorganChase is still at the center of the world gold business generally and the London Bullion Market Association particularly, Bullion Star’s gold researcher, Ronan Manly, writes today.

Nowak was on the LBMA Board of Directors when he was indicted, Manly notes, and he wonders — or at least pretends to wonder — if the association now will expel JPMorganChase from membership.

Manly’s analysis is headlined “JP Morgan Gold Trading Boss and Former LBMA Board Member Found Guilty by U.S. Jury” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/jp-morgan-gold-trading-boss-former-lbma-board-member-found-guilty-by-us-jury/

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

4. OTHER GOLD/SILVER COMMENTARIES

-END-

5.OTHER COMMODITIES: USA/COTTON

end

COMMODITIES IN GENERAL/COAL

The use of coal is back and at higher prices

(Hagan/EpochTimes)

Across The World Coal Power Is Back

FRIDAY, AUG 19, 2022 – 05:00 AM

Authored by Chadwick Hagan via The Epoch Times (emphasis ours),A bucket-wheel dumping soil and sand removed from another area of the mine in Newcastle, Australia, the world’s largest coal exporting port, on Nov. 5, 2021. (Saeed Khan/AFP via Getty Images)

In the United States, coal consumption hit an all-time high in 2013, and soon after most every Wall Street bank and liberal activist declared coal as dead.

Still, coal energy was the dominant form of energy in the United States until 2016, and this year global coal consumption is set to reach 2013’s record levels.

In February of this year, Central Appalachian coal production hit a two-year high. Now the price of coal is rising to record levels in the United States and across the world.

Sounds like a tremendous amount of activity for an industry that has been declared dead.

What gives?

First off, let’s be honest, fossil fuels still account for much of America’s energy. According to the EIA’s Monthly Energy Review: “Fossil fuels—petroleum, natural gas, and coal—accounted for 79 percent of the 97 quadrillion British thermal units (quads) of primary energy consumption in the United States during 2021. About 21 percent of U.S. primary energy consumption in 2021 came from fuel sources other than fossil fuels, such as renewables and nuclear.”

In other words, fossil fuels made up nearly 80 percent of all energy produced in America in 2021.

Carbon Emissions Curbs Take a Backseat

Earlier this month CNBC reported on the continued coal consumption and price increases happening in domestic and global markets, stating: “coal prices are soaring and global coal consumption is expected to return to record levels reached almost 10 years ago as the global energy supply crunch continues. While investors in coal stocks are having a field day thanks to high coal prices, curbs on carbon emissions are taking a backseat as markets and governments scramble to stock up on traditional energy supply amid bottlenecks caused by the Ukraine war.”

At the moment there are a number of issues at play, ranging from the need to ramp up domestic supply for domestic energy security, to a years-long slowdown in domestic and international production, and now lingering supply issues from the Russian-Ukrainian war.

The ripple effect is being felt worldwide. International coal prices are also skyrocketing.

Mining and metals expert Pete O’Connor from Australian investment bank Shaw & Partners recently commented on the tight coal market and price increases seen across the globe, stating: “And supply [of coal] is tight. Why? Because nobody’s building capacity and markets will remain tight given the weather and Covid. So that market will stay higher for longer, probably well into the 2023 calendar year.”Alliant Energy’s coal plant in Sheboygan, Wisconsin, on the shore of Lake Michigan, on July 4, 2022. (Timothy Gardner/Reuters)

Additionally, the IAE reported in a recent coal market report: “After coal and power shortages led to high coal prices in October 2021, the Chinese government gave orders to boost domestic production, which reduced the need for imports. In the first six months of 2022, China’s coal production increased by 11%. At the same time, we estimate that its coal demand declined by 3%. As a result, coal imports fell by 18% year-on-year to 115 Mt. For the full year, we expect China’s coal imports to decline by 18%, or 45 Mt. India also started 2022 with reduced imports, but government measures to prevent coal shortages will likely increase import volumes in the second half. Overall, we expect India’s coal imports to increase slightly compared with 2021.”

IAE continued: “Indonesia, the world’s largest exporter of thermal coal, is also the most flexible. In 2021, it increased its exports by 27 Mt to 434 Mt, exporting more than twice as much as Australia (199 Mt). The United States, a swing supplier in the Atlantic market, increased exports by 12 Mt to 36 Mt.”

That’s right. U.S. coal exports increased by three times.

Costliest Coal Contract

Perhaps the most important coal market news came last month in late July when Bloomberg reported on a coal trade that could be one of the most expensive coal trades ever recorded in Japan. The deal was between Glencore and Nippon Steel, and the coal was sold at $375 per ton.

As Bloomberg reported: “Nippon Steel Corp. agreed on an annual supply deal through March with Glencore for power plant coal at $375 per ton, according to people with knowledge of the deal, who asked not to be identified because the information is private. The agreement is three times more expensive than similar deals done last year, and is likely one of the costliest coal contracts ever signed by a Japanese company.”Wind turbines spin near the coal-fired Mehrum Power Station on Feb.14, 2022 in Mehrum, Germany. (Sean Gallup/Getty Images)

The bottom line remains, thermal coal is back in demand and that’s not changing for a while. Yes coal is dirty but it is reliable. In fact many believe that there is a moral obligation to produce coal, the moral obligation being that we should mine for coal so others can have access to reliable power and energy.

Radical activists who wax poetically about environmental destruction from fossil fuels are also obsessively determined on destroying industries that brought us into our era of hyper technology and industrialization. They are obsessively determined to destroy jobs instead of supporting energy security and carbon capture research and development.

After all, shouldn’t we look to utilize carbon capture in abandoned coal mines? Should we not find a way to filter flue gas from coal-burning power plants instead of flipping off the switch?

What is the point of destroying the coal mining industry, and taking thousands of jobs with it, if you are still supporting industries that cause harm to the environment?

These radicals—in my opinion—opportunistically fail to see the destruction caused by the manufacturing of renewables, which includes toxicity from lithium-ion batteries, wind turbines killing thousands and thousands of birds, and solar panel fields taking huge swaths of land for energy that only provides power during sunny days.

If there is a middle ground to be found here it will be using profits from fossil fuels to pay for the research and development of less harmful forms of energy.

I can tell you from an investment banking standpoint and from an economic analyst standpoint, that developing new energy is not cheap. It will take billions of dollars in investment, and those billions are going to come from the billions and billions of dollars fossil fuel providers make in profits during boom years.

Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times or Zero Hedge

END

6.CRYPTOCURRENCIES

Cryptos falling badly today.

(Market Ear)

The bitcoin puke is back

image.png

BY THE MARKET EAR

FRIDAY, AUG 19, 2022 – 7:43

The Market Ear Picture

See TME’s daily newsletter email below. For the 24/7 market intelligence feed and thematic trading emails, sign up for ZH premium here.

BTC – the dog is back

The constant underperformer is back to puking. We have to admit we thought BTC would actually catch up to some of the equities squeeze momentum, but that was obviously wrong. The classical NASDAQ vs BTC gap is getting huge. Second chart shows the liquidation. There are absolutely zero institutions that want/need this type of volatility…and this remains as bitcoin’s biggest problem (chart 3).

Source: Refinitiv

Source: Coinalyze

Source: JPM

BTC – when you try to catch up…

…and what you are chasing reverses lower as well. The BTC vs ETH gap remains very wide…

Source: Refinitiv

Bitcoin – the huge trend stays intact

Bitcoin reversed right on the huge trend line and the 100 day moving average. The puke today has the BTC falling below the short term positive trend line. This is not what the bulls needed….

Source: Refinitiv

BTC vols are back

BTC volatility is moving sharply higher as investors are once again reminded about how unstable this asset really is, at least from a trading point of view. First chart shows the 1 and 2 month implied vols. Second chart shows the 1 month implied vs realized vol.

Source: Genesisvolatility

Source: Genesisvolatility

BTC – back below the “long long” term moving average

BTC is once again below the 200 week moving average. Caching falling knives anyone?

Source: Refinitiv

BTC skewed

BTC skew is moving again as puts become the preferred choice and are getting relatively more bid in terms of volatility. Chart shows the 1 week, 1 and 2 month skew.

Source: Genesisvolatility

BTC – you know where you won’t mine it

Chart showing BTC vs German 1 year baseload electricity prices (hitting another new record as of writing). The picture is similar in France and other countries.

Source: Refinitiv

BTC is a rate sensitive play

US 10 year (inverted) vs BTC needs little commenting.

Source: Refinitiv

VIX and bitcoin

We have not seen sharp moves lower in bitcoin without VIX participating. Our latest long VIX logic outlined in our thematic email earlier this week (premium subs only here) is very much intact. BTC is still a good indicator of the aggregate psychology of the masses…

Source: Refinitiv

end

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.8181

OFFSHORE YUAN: 6.8395

HANG SENG CLOSED UP 9.12 PTS OR  0.05%

2. Nikkei closed DOWN 11/80 OR 0.04%

3. Europe stocks   CLOSED MOSTLY RED 

USA dollar INDEX  UP TO  107.94/Euro FALLS TO 1.0047

3b Japan 10 YR bond yield: RISES TO. +.198/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 136.99/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN:   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 DOWN TO +1.221%/Italian 10 Yr bond yield FALLS to 3.50% /SPAIN 10 YR BOND YIELD RISES TO 2.38%…

3i Greek 10 year bond yield RISES TO 3.68//

3j Gold at $1752.55 silver at: 19.28  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND 87/100        roubles/dollar; ROUBLE AT 58.67//

3m oil into the 88 dollar handle for WTI and  94 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 136.99DESTROYING 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 0.9567– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9615well 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: 2.994  UP 6  BASIS PTS

USA 30 YR BOND YIELD: 3.188 UP 5 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 18,11

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Plunge, Yields Roar Higher As Bear-Market Rally Slams Brick Wall On $2.1 Trillion Op-Ex

FRIDAY, AUG 19, 2022 – 08:02 AM

The combination of plunging bitcoin prices, the (latest) bursting of the meme bubble courtesy of Ryan Cohen’s historic pump and dump, rising Fed warnings that another 75bps rate hike is coming amid fears next week’s Jackson Hole meeting will be a hawkano, rising oil prices and TSY yields at the highest level in a month, and mix it all in on a day when there is absolutely no liquidity (one day after the lowest volume of the year) as $2.1 trillion in options expire

… and you get a perfect storm that has sent futures tumbling 40 points or 0.93%, but another confirmation that BofA’s Michael Hartnett is the best strategist on Wall Street (while his peers are nothing more than broken records).

Nasdaq 100 futures slumped 1.2% by 7.30 a.m. in New York as the yield on the 10-year Treasury climbed about 5 basis points to 2.95%, the highest level in one month amid divergent signals from Fed officials over the size of the next interest-rate hike.

The tech-heavy index is set to end the week lower after four weeks of gains; the Nasdaq 100 underperformed this week in the face of rising bond yields as higher rates weigh on the present value of future profits, hurting growth stocks with the highest valuations. The dollar headed for the biggest weekly rally since June 2021 and bitcoin plunged by $2,000 overnight, crashing below $21,500.

In premarket trading, Bed Bath & Beyond shares crashed 45%, after plunging more than 20% during the regular session, after top investor Ryan Cohen pulled the biggest pump and dump in history. Cryptocurrency-exposed stocks like Coinbase and Riot Blockchain also slid amid a broad selloff across digital tokens.  Coinbase (COIN US) fell 7%, Marathon Digital (MARA US) -11%, Riot Blockchain (RIOT US) -9%. Here are other notable premarket movers:

  • Applied Materials (AMAT US) rose as much as 1.4%, with analysts positive on the chip equipment maker’s results, saying it saw a strong performance amid a tough macroeconomic backdrop, though some brokers nudged down their price targets.
  • Morgan Stanley analysts cut their price target on Meta Platforms (META US), saying the social media giant’s shift toward Reels and declining user-engagement rates pose a risk to its revenue growth. The stock was down 1.7%.
  • Bill.com (BILL US) surged 21% after fiscal 4Q results from the infrastructure software firm that analysts said were “perfect” alongside guidance that “blew away” expectations.
  • StoneCo (STNE US) dropped 9% after the Brazilian payments firm reported adjusted net for the second quarter that missed the average analyst estimate.

Traders have also turned cautious toward risk assets ahead of the Fed’s annual symposium next week in Jackson Hole. Beyond that, inflation and employment figures will also be closely monitored before the central bank’s highly anticipated interest-rate decision in September. Additionally, on Thursday two Fed voting members – St. Louis’s James Bullard and Kansas City’s Esther George – emphasized that the US central bank will continue to raise interest rates until inflation eased back to its 2% target although their views diverged on how big the Fed’s September move should be.

This is notable since traders had continued piling into stocks and bonds, completely ignoring the Fed’s repeated jawboning and dismissing the risk of a more aggressive Fed as they expect it to ease the pace of rate hikes while inflation pulls back from its peak, according to Bank of America strategists. US stocks saw $9.2 billion of inflows in the week through Aug. 17 BofA’s Michael Hartnett wrote in a note.

“The Fed would, in order to get inflation down to the 2% target, have to crush the economy,” said Ann-Katrin Petersen, a senior investment strategist at BlackRock Investment Institute. In order to bolster growth, the Fed will at some point “accept to live with inflation. This dovish pivot is not likely in the very near term, in contrast to what markets seem to be expecting right now, but this dovish pivot may come in 2023,” she told Bloomberg Television.

In Europe, the Stoxx 50 fell 0.8%. FTSE 100 outperforms, dropping 0.2%, Travel, real estate and autos are the worst-performing sectors. Italy’s FTSE MIB lags, dropping 1.4%.  after a right-wing coalition led by Brothers of Italy party was seen reaching 49.8% level in voting intentions for Italy’s lower house of parliament for September election, according to a Tecne poll on August 18. Center-left bloc at 30%; Five Star Movement at 10.2%; Centrist coalition at 4.8%; Other parties at 5.2%. Here are some of the biggest European movers today:

  • Just Eat Takeaway shares soar as much as 38% in Amsterdam trading, the most ever, after the food delivery firm agreed to sell its 33% stake in iFood for as much as EU1.8b
  • Holmen rises as much as 5.3% on 2Q earnings that beat consensus on adjusted operating profit, net sales and operating profit. The report was strong, but expected, Jefferies writes
  • Kingspan gains as much as 8.6% after 1H results from the Irish insulation supplier that Goodbody says were ahead of expectations
  • U-blox surges as much as 16% after the Swiss semiconductor company lifted FY revenue and Ebit outlooks that it previously raised in May, citing a record- high order book
  • Mobilezone rises as much as 5.3%, the most intraday since March, as analysts note the Swiss firm’s robust 1H earnings and confirmation of guidance in the face of powerful FX headwinds
  • Joules plunges as much as 41% after the UK apparel retailer forecast an FY adjusted pretax loss significantly bigger than market views. Liberum cut its rating on the stock to hold from buy
  • Bachem drops as much as 3.9% after Baader published a note saying the company’s first-half results due on Aug. 25 may be a trigger for a downward revision to consensus
  • Oponeo.pl falls as much as 12% after the Polish distributor of tires, tools and bikes reported a 70% y/y drop in 2Q net income due to higher costs and lower sales of tires
  • Hypoport declines as much as 12% after Metzler downgrades to sell on a slowdown in growth for its Europace unit and as the company’s insurance application “fails to convince” at this stage

Earlier in the session, Asian stocks headed for their first weekly drop in five, as renewed concerns about growth in China — the region’s biggest economy — damped investor sentiment.   The MSCI Asia Pacific Index retreated as much as 0.7%, set for a decline of more than 1% this week. Meanwhile, a gauge of China stocks listed in Hong Kong posted its worst week in August, losing 2%. Shares in South Korea and India were among the region’s worst performers Friday. Concerns about China’s growth resurfaced as the country planned more fiscal stimulus over a gloomy outlook and as banks were expected to lower borrowing costs next week. Goldman Sachs, Nomura and Citi further cut their growth estimates for China’s gross domestic product earlier this week as a power supply crunch adds more uncertainty to the outlook.

“Regulatory issues and sluggish economic recovery are behind the weak performance of stocks in Hong Kong as many of the stocks listed there are related to the real estate sector and regulations,” said Kim Kyung Hwan, a China equity strategist at Hana Financial Investment in Seoul. “There are lingering concerns that China’s economic fundamentals may take an L-shaped recovery and the government’s intervention in the property crisis may be delayed,” he added. 

Improved appetite for haven assets was also reflected in the dollar, which rose to the highest in nearly a month following a Bloomberg News report that China’s President Xi Jinping and Russia’s leader Vladimir Putin will attend the G-20 summit in Indonesia later this year.  All but two sectoral indexes declined in Asia’s key benchmark, with health care and financials the biggest losers. Samsung Electronics and NetEase were among the biggest drags on the measure, with the latter tumbling on profit-taking following earnings results.  Caution also prevailed with next week expected to be the busiest period for quarterly earnings announcements from MSCI Asia Pacific Index members. Chinese tech giants Meituan and JD.com Inc. are among the more than 300 companies set to release results

In FX, the Bloomberg Dollar Spot Index advanced for a third day and the greenback strengthened against all of its Group-of-10 peers. The pound fell to a one-month low while the euro was steady against the dollar. UK retail sales volumes unexpectedly rose 0.3% last month, but the cost of those sales increased more rapidly by 1.3%. UK consumer confidence fell to a record low as concerns about a recession increased and soaring inflation tightened a squeeze on household finances. GfK said its gauge of confidence declined 3 points to minus 44 in August. The New Zealand dollar was weighed by comments from RBNZ Governor Adrian Orr that the central bank would “retain optionality” over the pace of future rate increases. The yen is headed for its biggest weekly decline in two months as hawkish comments from Fed officials spurred bets for another outsized rate hike. Options traders are finally betting on a rise in the dollar-yen currency pair after staying bearish for two months, as they await cues from the next week’s Jackson Hole symposium by the Federal Reserve.

In rates, Treasuries held losses into early US session, leaving yields cheaper by up to 6bp across front-end of the curve, following wider gilt-led selloff after stronger-than-forecast UK retail sales figures in July. US yields cheaper by 6bp to 3.5bp across the curve with front- end led losses flattening 2s10s, 5s30s by around 1bp each; 10- year yields around 2.95%, trading 8.5bp and 7bp richer in the sector vs. gilts and bunds. Bunds and Italian bonds declined for a fourth day, the longest streak since June and July respectively, as 125bps of ECB hikes were briefly priced by year-end, or two half-point increases.  Money markets ramped up ECB tightening wagers following hawkish Fed talk and stronger-than-forecast UK retail sales figures in July.  Peripheral spreads widen to Germany with 10y BTP/Bund adding 2.3bps to 224.3bps.

WTI trades within Thursday’s range, falling 1.4% to trade around $89. Spot gold falls roughly $4 to trade around $1,754/oz. Spot silver loses 1.4% around $19. Most base metals trade in the red; LME tin falls 1.2%, underperforming peers. LME nickel outperforms, adding 0.8%.

Luckily, there is nothing on today’s calendar. Central bank speakers include Richmond Fed President Barkin, and earnings releases include Deere & Company.

Market Snapshot

  • S&P 500 futures down 0.9% to 4,250.00
  • STOXX Europe 600 down 0.6% to 437.98
  • MXAP down 0.6% to 161.10
  • MXAPJ down 0.5% to 524.13
  • Nikkei little changed at 28,930.33
  • Topix up 0.2% to 1,994.52
  • Hang Seng Index little changed at 19,773.03
  • Shanghai Composite down 0.6% to 3,258.08
  • Sensex down 1.3% to 59,517.87
  • Australia S&P/ASX 200 little changed at 7,114.46
  • Kospi down 0.6% to 2,492.69
  • German 10Y yield little changed at 1.18%
  • Euro little changed at $1.0084
  • Gold spot down 0.3% to $1,752.91
  • U.S. Dollar Index up 0.19% to 107.69

Top Overnight News from Bloomberg

  • China’s efforts to stomp out a lucrative carry trade by banks in the nation’s bond market and divert cash to the real economy is meeting with limited success. The spread between the 10-year yield and the overnight borrowing rate remained around 140 basis points, even though the latter rose for four straight days amid the central bank’s cash withdrawals. That means banks can still make a profit by funding from each other in the interbank market and purchasing government bonds
  • A larger-than-forecast £4.9 billion ($5.8 billion) UK budget deficit in July took the total for 2022-23 so far to £55 billion pounds — £3 billion more than officials forecast in March
  • Investors continued piling into stocks and bonds, dismissing the risk of a more aggressive Federal Reserve as they expect it to ease the pace of rate hikes while inflation pulls back from its peak, according to Bank of America Corp. strategists. Global equity funds attracted $7.9 billion in the week through Aug. 17, strategists led by Michael Hartnett wrote in a note, citing EPFR Global data
  • The right-wing coalition led by Giorgia Meloni’s Brothers of Italy party neared a landmark level of support, registering 49.8% of voter approval for Italy’s Sept. 25 election, in a survey by the Tecne research institute

A more detailed look at global markets courtesy of Newsquawk

APAC stocks lacked firm direction despite the mild tailwinds from the US where sentiment was somewhat underpinned by mostly encouraging data. ASX 200 just about kept afloat amid outperformance in energy on recent oil price gains although the upside was limited by weakness in financials and amid another influx of earnings results. Nikkei 225 returned to flat territory beneath the 29k level after early momentum petered out. Hang Seng and Shanghai Comp were indecisive amid a lack of macro drivers and with newsflow dominated by earnings, while markets await a cut to the benchmark lending rates early next week.

Top Asian News

  • Indonesia May Impose Nickel Export Tax in 2022, Jokowi Says
  • H.K. Home Prices Could Fall 10% After HSBC, StanChart Hike Rates
  • Hong Kong Monetary Authority Deputy CEO Edmond Lau Resigns
  • Moody’s Reviews Huarong AMC’s Ratings for Downgrade
  • Some Country Garden, CIFI USD Notes Set for Record Weekly Gains
  • Modi to Be Challenged by Local Leaders in 2024 India Elections

European bourses are under modest pressure, Euro Stoxx 50 -0.6%, in a session of limited newsflow with focus on continuing hawkish price action. Stateside, given the hawkish action, NQ -1.0% is the incremental underperformer ahead of commentary from 2024 voter Barkin. China’s CPCA forecast shows August passenger car sales lifting MM to 1.88mln (prev. 1.77mln), latest COVID outbreak is expected to have a relatively limited impact on the auto market. Deere & Co (DE) Q2 2022 (USD): EPS 6.16 (exp. 6.69), Revenue 14.1bln (exp. 12.78bln); FY view Net 7.0-7.2bln (prev. 7.0-7.4bln, exp. 7.1bln).

Top European News

  • Gas Heading for Another Weekly Rise Intensifies Europe’s Pain
  • Germany’s Drive to Replace Russian Gas Can’t Rely on Canada
  • Germany Risks a Factory Exodus as Energy Prices Bite Hard
  • Food Banks for Pets Show UK Inflation Reaching Cats and Dogs
  • Londoners Wake to Transit Headaches as Strike Hobbles City

FX

  • Dollar continues to reign as risk sentiment sours again and yields ratchet higher, DXY up to 107.930 and close to mid-July high just shy of 108.000
  • Euro remains relatively resistant amidst further EGB retracement and strong Eurozone inflation data, EUR/USD sub-1.0100, but above 1.0050.
  • No retail therapy for Sterling as wider UK economic worries weigh on the Pound, Cable under 1.1900 and EUR/GBP eyeing 0.8500.
  • NZ trade data fails to give Kiwi a lift as deficit remains wide, NZD/USD hovering above 0.6200.
  • Yen shrugs off Japanese CPI as UST-JGB spreads widen further, USD/JPY touches 136.76 before waning.
  • Loonie and Nokkie undermined by softer oil prices as former awaits Canadian retail sales for independent impetus, USD/CAD 1.2950+, EUR/NOK around 9.8500
  • Yuan retreats as Moody’s joins list of those downgrading forecasts for Chinese growth this year, USD/CNY over 6.8100 and USD/CNH almost 6.8300 overnight.

Fixed Income

  • Only dead cat bounces in debt as hawkish Central Bank and hot inflation vibes persist.
  • Bunds through trendline support to 152.61 and 10 year yield above 1.15% Fib resistance.
  • Gilts probing 113.00 vs 113.45 at best and T-note towards base of 118-11/118-29+ range .

Commodities

  • Under broad pressure given USD strength with crude curtailed as it awaits another JCPOA response; benchmarks lower by circa. USD 1.50/bbl, vs USD 7/bbl ranges for the week.
  • Spot gold clipped by the USD, though only by just over USD 5/oz compared to weekly parameters of over USD 50/oz; broader metals in-fitting in limited newsflow.
  • China’s daily coal output +19.4% YY, between August 1st and 17th, via the Energy Administration.

US Event Calendar

  • Nothing major scheduled

DB’s Tim Wessel concludes the overnight wrap

Filling in again from Stateside much like the rumored involvement of yank Elon Musk in the English product Manchester United. The metaphor does not have much life beyond that, however. Despite what you may have heard, I am not a billionaire nor do I have any designs on going to space, while on the product side, the EMR has a chance of success this year.

Taking the developments by time zones. In Europe, yields crept slightly higher on the now familiar formula of tighter expected ECB policy and concerns about energy pricing. On the former, in a Reuters interview, the ECB’s Schnabel said that “The concerns we had in July have not been alleviated… I do not think this outlook has changed fundamentally.” She also said that “I would not exclude that, in the short run, inflation is going to increase further”. The ECB’s Kazaks also echoed this, saying that “we will continue to increase interest rates” so as to prevent inflation becoming entrenched. Markets continue to fully price in another 50bp move at the next meeting in September, with 52bps currently priced in, so some probability of an even larger hike. On the energy front, price pressures continue to get worse, where natural gas futures closed at a record high of €241 per megawatt-hour, with year-ahead German power registering a fresh record of their own, closing at €540 per megawatt-hour. In line with what we’ve covered, Germany is offering fiscal support to alleviate price pressures, as German Chancellor Scholz announced a temporary VAT cut on natural gas from 19% to 7%, which will apply for 18 months from October 1. It’s worth plugging our team’s latest gas supply monitor again, link here to stay on top of the latest.

All told, the yield move was rather modest, with 10yr bunds +1.9bps higher, outpacing increases in OATs (+1.7bps) and BTPs (+0.4bps), which helped support risk assets on the day. For their part, equities also posted a modest gain, as the STOXX 600 climbed +0.39%, the DAX gained +0.52%, and the CAC increased +0.45%.

In the US, it was another day of mixed, but supportive data on balance. Initial jobless claims fell to 250k (vs. 264k expected). Continuing claims, which our US econ team has identified as one of the best leading indicators for recessionary risk, also came in below expectations at 1437k (vs. 1455k). Reminder, our team has found that when the rolling 4-week average of continuing claims increases around 11% above the last year’s nadir, near-term recession risk increases. That warning level would be around 1456k, still some ways above the 4-week average of 1413k. Indeed, one need go back to the first week of April to find any individual print, let alone moving average, that has breached 1456k, and that was as claims were still falling, only to hit their lows in late May. Elsewhere in data, the Philadelphia Fed Business Outlook surprised to the upside at 6.2, versus expectations of -5.0 and a prior print of -12.3. On the downside, housing activity continued to be strangled by Fed tightening, with existing home sales falling to a 4.81m pace (vs. 4.86m expectations), their lowest since the summer of 2020’s stilted homebuying season.

There was a suite of Fed officials on the tape yesterday. Across speakers, they still sounded a resolute tone around current inflationary ills, but offered different prescriptions for the path of policy going forward. On one end, San Francisco Fed President Daly expressed support for a 50bp hike to the fed funds target range at the September FOMC, with policy rates getting “a little” above 3% by then end of this year, reserving the right to go higher if the data call for that. St. Louis Fed President Bullard played the customary foil, preferring to hike rates 75bps in September, getting policy closer to 4% by year-end. Bullard noted that the Fed “shouldn’t drag out process of raising rates”. Splitting the difference, Kansas City President George noted it was too early to declare victory over inflation, so the case for continued hikes remained strong, even if the Committee had to be mindful of what the lagged impact of tightening may look like, echoing the July meeting minutes. Finally, Minneapolis President Kashkari was ambivalent about the prospects of a soft landing, saying he didn’t know if the Fed could bring inflation back to target without a recession given he couldn’t count on supply side expansion, particularly in the labor market. Like other speakers, he re-emphasized breaking inflation’s back was urgent.

In short, nothing explicitly new from Fed speakers, so it holds that Chair Powell’s Jackson Hole remarks next Friday, August 26, (confirmed by the Fed yesterday), along with the inflation and employment data before the September FOMC are the key events for policy over the near-term.

Yields on 2yr Treasuries fell -8.8bps, while increased +2.7bps, while 10yr yields were -1.5bps lower, driving the 2s10s yield curve to its steepest level in more than two weeks at -32bps. Like their European counterparts, US equities were similarly subdued, with the S&P 500 gaining +0.23%. Energy shares climbed +2.53%, following a +3.14% increase in Brent crude oil, but otherwise sector dispersion was rather narrow between Tech gaining +0.49% and Real Estate lagging at -0.75%.

On the war in Ukraine, talks with President Zelenskiy, UN Secretary General Guterres, and Turkish President Erdogan were staged in Lviv. Following the meeting, Turkey is set to evaluate the talks with President Putin, cementing Turkeys status as the key interlocutor between Ukraine and Russia. Reports from the meeting suggested diplomatic progress seemed possible, and our team took it as a positive that both sides appeared to be open to indirect communication, though much work remains.

Asian stock markets are mixed this morning following a quiet US session. The Nikkei (+0.10%) and the Hang Seng (+0.46%) are trading in positive territory while the Shanghai Composite (-0.28%), the CSI (-0.27%) and the Kospi (-0.10%) are trading lower. US equity futures are likewise sleepy, with the S&P 500 (-0.08%) and NASDAQ (-0.08%) flitting around zero.

Japan’s headline inflation rose +2.6% y/y in July, in line with market expectations and against a +2.4% rise in June, edging past the Bank of Japan’s 2% inflation goal for a fourth straight month. The increase in core CPI (+2.4% y/y from +2.2% in June) was the sharpest in about seven and half years.

To the day ahead now, and data releases include UK retail sales and German PPI for July. Central bank speakers include Richmond Fed President Barkin, and earnings releases include Deere & Company.

END

AND NOW NEWSQUAWK

Further hawkish price action in relatively limited newsflow, Fed’s Barkin due – Newsquawk US Market Open

Newsquawk Logo

FRIDAY, AUG 19, 2022 – 06:45 AM

  • European bourses are under modest pressure, Euro Stoxx 50 -0.6%, in a session of limited newsflow with focus on continuing hawkish price action.
  • Stateside, given the hawkish action, NQ -1.0% is the incremental underperformer ahead of commentary from 2024 voter Barkin.
  • Commodities are under broad pressure given USD strength with crude curtailed as it awaits another JCPOA response.
  • Dollar continues to reign as risk sentiment sours again and yields ratchet higher and steeper.
  • Looking ahead, highlights include commentary from Fed’s Barkin.

As of 11:15BST/06:15ET

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

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

LOOKING AHEAD

  • Speech from Fed’s Barkin.
  • Click here for the Week Ahead preview.

GEOPOLITICS

RUSSIA-UKRAINE

  • US President Biden’s administration is readying about USD 800mln in additional security aid for Ukraine with an announcement as early as Friday, according to Reuters sources.
  • Ukraine’s Energoatom says Russian forces are planning to switch off functioning power blocks at the Zaprozhzia power plant and disconnect them from the Ukrainian grid, via Reuters.
  • Turkish President Erdogan says he will discuss the Zaprozhzia power plant with Russian President Putin following talks with Ukraine President Zelenskiy in Lviv. Zelenskiy requested that Russia removes all mines near the power plant.

OTHER

  • North Korean leader Kim’s sister said North Korea will never deal with South Korea’s “audacious initiative” offer and North Korea stated it will not respond to South Korea’s proposals, according to Yonhap citing state media.
  • South Korean Presidential office expressed regret over North Korea’s vow to continue nuclear development, while the Unification Minister also expressed regret over North Korea’s ‘very disrespectful’ criticism against President Yoon, according to Reuters.
  • WSJ’s Norman, on the Iranian nuclear deal, says “A reasonable assumption, if unconfirmed, that the US will respond to Iranian concerns/issues today via EU.”.

EUROPEAN TRADE

EQUITIES

  • European bourses are under modest pressure, Euro Stoxx 50 -0.6%, in a session of limited newsflow with focus on continuing hawkish price action.
  • Stateside, given the hawkish action, NQ -1.0% is the incremental underperformer ahead of commentary from 2024 voter Barkin.
  • China’s CPCA forecast shows August passenger car sales lifting MM to 1.88mln (prev. 1.77mln), latest COVID outbreak is expected to have a relatively limited impact on the auto market.
  • Deere & Co (DE) Q2 2022 (USD): EPS 6.16 (exp. 6.69), Revenue 14.1bln (exp. 12.78bln); FY view Net 7.0-7.2bln (prev. 7.0-7.4bln, exp. 7.1bln).
  • Click here for more detail.

FX

  • Dollar continues to reign as risk sentiment sours again and yields ratchet higher, DXY up to 107.930 and close to mid-July high just shy of 108.000
  • Euro remains relatively resistant amidst further EGB retracement and strong Eurozone inflation data, EUR/USD sub-1.0100, but above 1.0050.
  • No retail therapy for Sterling as wider UK economic worries weigh on the Pound, Cable under 1.1900 and EUR/GBP eyeing 0.8500.
  • NZ trade data fails to give Kiwi a lift as deficit remains wide, NZD/USD hovering above 0.6200.
  • Yen shrugs off Japanese CPI as UST-JGB spreads widen further, USD/JPY touches 136.76 before waning.
  • Loonie and Nokkie undermined by softer oil prices as former awaits Canadian retail sales for independent impetus, USD/CAD 1.2950+, EUR/NOK around 9.8500
  • Yuan retreats as Moody’s joins list of those downgrading forecasts for Chinese growth this year, USD/CNY over 6.8100 and USD/CNH almost 6.8300 overnight.
  • Click herefor more detail.

Notable FX Expiries, NY Cut:

  • Click here for more detail.

FIXED INCOME

  • Only dead cat bounces in debt as hawkish Central Bank and hot inflation vibes persist.
  • Bunds through trendline support to 152.61 and 10 year yield above 1.15% Fib resistance.
  • Gilts probing 113.00 vs 113.45 at best and T-note towards base of 118-11/118-29+ range .
  • Click here for more detail.

COMMODITIES

  • Under broad pressure given USD strength with crude curtailed as it awaits another JCPOA response; benchmarks lower by circa. USD 1.50/bbl, vs USD 7/bbl ranges for the week.
  • Spot gold clipped by the USD, though only by just over USD 5/oz compared to weekly parameters of over USD 50/oz; broader metals in-fitting in limited newsflow.
  • China’s daily coal output +19.4% YY, between August 1st and 17th, via the Energy Administration.
  • Click here for more detail.

NOTABLE HEADLINES

  • German Finance Ministry said the German economic outlook is gloomy and clouded by energy price rises and supply chain issues, according to Reuters.
  • Rhine water level at the Kaub crossing point forecast to hit ~148cm on August 23rd.

DATA RECAP

  • UK Retail Sales MM (Jul) 0.3% vs. Exp. -0.2% (Prev. -0.1%, Rev. -0.2%); YY (Jul) -3.4% vs. Exp. -3.3% (Prev. -5.8%, Rev. -6.1%)
  • UK Retail Sales Ex-Fuel MM (Jul) 0.4% vs. Exp. -0.2% (Prev. 0.4%); YY (Jul) -3.0% vs. Exp. -3.1% (Prev. -5.9%)
  • UK GfK Consumer Confidence (Aug) -44 vs. Exp. -42.0 (Prev. -41.0)
  • German Producer Prices MM (Jul) 5.3% vs. Exp. 0.6% (Prev. 0.6%); YY (Jul) 37.2% vs. Exp. 32.0% (Prev. 32.7%)

NOTABLE US HEADLINES

  • Apple (AAPL) disclosed serious security vulnerabilities for iPhones, iPads and Macs, which could potentially allow attackers to take complete control of devices, according to Sky News.
  • Click here for the US Early Morning Note.

APAC TRADE

  • APAC stocks lacked firm direction despite the mild tailwinds from the US where sentiment was somewhat underpinned by mostly encouraging data.
  • ASX 200 just about kept afloat amid outperformance in energy on recent oil price gains although the upside was limited by weakness in financials and amid another influx of earnings results.
  • Nikkei 225 returned to flat territory beneath the 29k level after early momentum petered out.
  • Hang Seng and Shanghai Comp were indecisive amid a lack of macro drivers and with newsflow dominated by earnings, while markets await a cut to the benchmark lending rates early next week.

NOTABLE APAC HEADLINES

  • China’s cyberspace regulator said it made progress on rule of law in cyberspace and that the digital economy now faces challenges but it will boost digital development and enhance competitiveness.
    • Indonesian President Widodo said Chinese President Xi and Russian President Putin will attend the G20 summit in Indonesia, according to Bloomberg.
    • Moody’s cuts China’s 2022 GDP forecasts to 3.5% (prev. 4.5%).

DATA RECAP

  • Japanese National CPI YY (Jul) 2.6% vs Exp. 2.6% (Prev. 2.4%)
  • Japanese National CPI Ex. Fresh Food YY (Jul) 2.4% vs Exp. 2.4% (Prev. 2.2%)
  • Japanese National CPI Ex. Fresh Food & Energy YY (Jul) 1.2% vs Exp. 1.1% (Prev. 1.0%)

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED DOWN 19.47 PTS OR 0.59%   //Hang Sang CLOSED UP 9.12 OR 0.05%    /The Nikkei closed DOWN 11.81 OR % 0.04.          //Australia’s all ordinaires CLOSED UP 0.01%   /Chinese yuan (ONSHORE) closed DOWN AT 6.8181//OFFSHORE CHINESE YUAN DOWN 6.8395//    /Oil DOWN TO 88.41  dollars per barrel for WTI and BRENT AT 94.47//    / Stocks in Europe OPENED MOSTLY RED.        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//

END

CHINA/POWER CRISIS

end

4/EUROPEAN AFFAIRS//UK AFFAIRS/

EUROPE/DROUGHT

The drought and high energy costs are driving the European economy to disaster

(Irina Slav/OilPrice.com)

Drought Is Driving European Energy Markets Toward Disaster

THURSDAY, AUG 18, 2022 – 09:30 PM

By Irina Slav of OilPrice.com

Energy markets and nature seem to have it in for Europe. Record-breaking gas prices, rising coal prices, and droughts that interfere with electricity generation in some key markets have combined to push electricity contracts in the EU to record highs as uncertainty about the coming winter deepens.

Reuters reported earlier this week that a number of power forward contracts traded in the EU hit highs because of what increasingly looks like a perfect energy storm, affecting every energy source in one way or another.

“A number of factors are adding up: The market is uncertain about whether (French utility) EDF will increase nuclear availability enough for winter, which explains the price differences between the two countries [France and Germany],” Rystad Energy analyst Fabian Ronningen told Reuters.

EDF has had to significantly reduce the capacity utilization rate of its nuclear power plants because droughts in France have reduced water availability for cooling the reactors. But the drought came on top of earlier problems: reactor corrosion that prompted the utility to close some of them earlier this year, effectively reducing the supply of electricity available for sale on the domestic or regional market.

Meanwhile, in Germany, wind output is low, and so is the water level of the Rhine—a key transport route for things like coal, for example. Germany’s economy is quite dependent on this crucial shipping corridor, but when the water level is critically low, shippers simply cannot load the usual volume of cargo, meaning that coal and other commodities are reaching their destinations in smaller mounts and more slowly.

The drought is also affecting hydropower output, adding to worries about future supply. Because of the drought, Norway, which generates more than two-thirds of its electricity from hydropower, announced it would curb electricity exports, threatening supply for other European countries at the worst possible time. In the UK, there’s talk about blackouts.

Meanwhile, Gazprom’s gas flows to Europe remain much lower than usual, with the Russian state major warning this week that gas prices on the spot European market could top $4,000 per 1,000 cubic meters. Recently, spot prices broke the $2,500 barrier.

“European spot gas prices have reached $2,500 (per 1,000 cubic meters). According to conservative estimates, if such a tendency persists, prices will exceed $4,000 per 1,000 cubic meters this winter,” Gazprom said.

The European Union has been quick in switching from Russian gas to U.S. LNG amid the Ukraine crisis, but speed has not been enough: U.S. LNG export capacity is not limitless, and producers also have other clients, in Asia. As the winter season approaches, Asian buyers have become more willing to pay hefty premiums for any LNG, which has intensified competition for a limited number of LNG tankers.

No wonder, then, that electricity prices in some parts of Europe have hit records. Even less wonder that industries are beginning to buckle, per a recent Bloomberg report. The report noted that Germany’s year-ahead electricity contract rose to more than 530 euros per MWh earlier this week, which constituted a 500-percent increase over the past 12 months. No industry can absorb such a price shock unscathed, and German industry didn’t.

Germany had to pay the equivalent of more than $15 billion to bail out one of its biggest gas utilities, Uniper, earlier this year. Chemicals giant BASF warned that a gas shortage could wreak havoc on the industry. Aluminum and zinc smelters are closing, and so are fertilizer plants, all because of record gas and electricity prices.

Relief is not in sight unless one considers the filling up of gas storage caverns in Europe a form of relief. The EC had set a target of 80 percent for storage fill rates by October 1. Member-states are on track to hit this target ahead of schedule, but this has come at a cost: the EU’s gas bill this year is ten times higher than it normally is, at over $51 billion.

What’s more, storage alone will not be enough to keep European economies going through the winter months. The EU will need more gas as regular supply. Besides the U.S., there are few other places it can get it. It could be why the head of the German energy regulator warned the EU’s biggest economy would need to reduce gas consumption by a fifth to avoid shortages and rationing in the winter.

“The longer these price rises go up, the more this will be felt across the economy,” Daniel Kral, senior economist at Oxford Economics, told Bloomberg this week. “The magnitude of the increase and magnitude of the crisis isn’t comparable to anything in the past few decades.”

It is unfortunate that Europe is experiencing one unprecedented crisis after another. And it could yet get worse as the oil embargo against Russia kicks in at the end of the year.

Analysts have warned that this could lead to higher prices for oil. This will, in turn, add to upward electricity price pressure due to the switch from gas to oil some utilities in Europe have implemented to shield themselves from prohibitive gas prices.

END

EUROPE/VENEZUELA

Venezuela stops oil shipments to Europe. It needs refined oil as the oil for debt swap will not help this struggling nation

(zerohedge)

Venezuela Stops Oil Shipments To Europe As Alternatives To Russian Energy Dry Up

FRIDAY, AUG 19, 2022 – 03:00 AM

The writing is on the wall for Europe in terms of this coming winter – It’s going to get ugly.  With natural gas imports from Russia cut by 80% through Nord Stream 1 along with the majority of oil shipments, the EU is going to be scrambling for whatever fuel sources they can find to supply electricity and heating through the coming winter.  Two sources that were originally suggested as alternatives were Iran and Venezuela.

Increased Iranian oil and gas exports to the west are highly dependent on the tentative nuclear deal, but as Goldman Sachs recently suggested, such a deal is unlikely anytime soon as deadlines on proposals have not been met and the Israeli government calls for negotiators to ‘walk away.’ 

Venezuela had restarted shipments to Europe after 2 years of US sanctions under a deal that allows them to trade oil for debt relief.  However, the country’s government has now suspended those shipments, saying it is no longer interested in oil-for-debt deals and instead wants refined fuels from Italian and Spanish producers in exchange for crude.

This might seem like a backwards exchange but Venezuela’s own refineries are struggling to remain in operation because of lack of investment and lack of repairs.  Refined fuels would help them to get back on their feet in terms of energy and industry.  Some of Venezuela’s own heavy oil operations require imported diluents in order to continue.  The EU says it currently has no plans to lift restrictions on the oil-for-debt arrangement, which means Europe has now lost yet another energy source.

Sanctions on Venezuela along with declining investments have strangled their oil industry, with overall production dropping by 38% this July compared to a year ago.  Joe Biden’s initial moves to reopen talks with Maduro triggered inflated hopes that Venezuelan oil would flow once again and offset tight global markets and rising prices.  Europe in particular will soon be desperate for energy alternatives, which will probably result in a scouring of markets this autumn to meet bare minimum requirements for heating.

If this occurs and no regular sources of energy can be found to fill the void left by Russian sanctions, prices will rise precipitously in the EU.  Not only that, but with European countries buying up energy supplies wherever they can find them, available sources will also shrink for every other nation including the US.  Get ready for oil and energy prices to spike once again as winter’s chill returns.  

end

GERMANY//

Germany’s largest refinery slashes output because of the low water levels of the Rhine River

(zerohedge)

Germany’s Largest Refinery Slashes Output Due To Rhine’s Low Water Levels

FRIDAY, AUG 19, 2022 – 06:00 AM

The current water levels on the Rhine River, a major inland infrastructure transit artery across Germany, are exceptionally low and have made certain parts of the river impassible by barge. Falling waters have already disrupted the flow of commodities and are exacerbating Europe’s energy-supply crunch.

The alarming lack of water is contributing to a possible oil supply shock at Germany’s largest oil-processing complex located on the banks of the Rhine, which is operated by Shell Plc. 

“Due to the low Rhine water level, we have reduced the capacity of Shell Energy and Chemicals Park Rhineland. The situation regarding supply is challenging but carefully managed,” the company said in an e-mailed statement to Reuters

Shell didn’t reveal how much output it cut at the refining facility, which makes fuels, heating oil, and petrochemicals. However, data shows that the refinery can process upwards of 17 million tons of crude oil per year, or approximately 345,000 barrels a day. 

The refinery and chemicals plant is located on the Lower Rhine and outside Cologne. It’s downstream from the highly monitored Kaub chokepoint that is at 35 centimeters (13.8 inches) — water levels below 40 centimeters (15.7 inches) indicate shippers find it uneconomical to operate barges past the point to Upper Rhine. 

Shell’s production cut underscores the severity of dropping water levels on the waterway, amplifying an energy crisis due to Europe’s sanctions on Russia. 

We outlined last month how falling water levels on the Rhine would make things worse for the largest economy in Europe. Supplies of crude products are running low across the country. Austrian oil and gas firm OMV AG warned two weeks ago that Germany saw a run on diesel and heating fuels

There is some good news. Rhine water levels are set to increase to 67 centimeters (26.4 inches) by Aug. 22, according to German government data. Also, a fleet of crude tankers carrying diesel is headed to Europe. 

end

UK

labour revolt hits the London tube//transportation grinds to a halt

(zerohedge)

Labor Action Hits London Tube As UK Transportation Network Grinds To Halt

FRIDAY, AUG 19, 2022 – 12:32 PM

Londoners face new travel chaos on Friday as a strike by rail workers paralyzes the British capital’s transit network.

Another industrial action is slated for Saturday, expected to bring even more disruptions through the weekend.

Transportation workers are striking over pay increases to offset out-of-control energy prices and soaring food inflation — misery among households is the worst it has been in decades. 

AP News reported London Underground workers are striking across the metro area, leaving a majority of Tube lines suspended with limited operations. 

Around 10,000 Rail, Maritime, and Transport union (RMT) workers are taking part in the industrial action on Friday — over pay issues not keeping up with inflation. 

Transportation disruptions are expected in southwest London and parts of Surrey on Friday. Then on Saturday, bus drivers who are members of Unite will stage a strike of their own, affecting sixty-three routes — creating even more travel pains.

RMT general secretary Mick Lynch apologized to commuters for the strike but said it was necessary to defend the union’s members:

“We’re very sorry that people are inconvenienced. I mean, we’re inconveniencing people that are in the same boat as us. We’re ordinary men and women that want to do our jobs and provide a service, but when you’re being cut to pieces by an employer, and by the Government, you’ve got to make a stand.

“So we’re making that stand on behalf of our members, but many other workers in Britain are suffering some very similar things and you’re going to see a wave of this type of action. We can’t stand by and watch our conditions be chopped up. Otherwise, it’ll just be a race to the bottom for all British workers.

“If we’re not showing them that we’re being serious, they will just chop up members terms and conditions and their pensions. If we’re not invited to negotiations, what other means can we have to influence those negotiations?

“So we’ve got to show them that we’re deadly serious about the future of the services across all of Transport for London (TfL), but also across our members’ conditions, because we don’t know what they’re discussing.

“It’s like being locked out of a process that we should rightly be at the table, and that’s not acceptable to any of the unions, or London Underground or TfL. And it’s got to be resolved.”

Meanwhile, Liz Truss, a right-wing politician of the Conservative Party, who is currently a favorite to become Britain’s next prime minister, tweeted, “As Prime Minister, I will not let our country be held to ransom by militant trade unionists.” 

Many Londoners complained about “selfish” unions inflicting pain on others trying to get to work or travel across the city. 

The industrial action comes amid a souring macroeconomic backdrop that sent inflation to a four-decade high last month to 10.1%. Consumer confidence plunged to a record low in August as household misery worsened. 

Another strike could develop this winter, though much different than transportation union workers walking off the job. Tens of thousands are joining a movement not to pay their energy bills starting on October 1

end

EU NATURAL GAS

EU natural gas soars again to record highs as Gazprom announces a new halt to flows

(zerohedge)

EU NatGas Soars To Record High As Gazprom Announces New Halt To Flows

FRIDAY, AUG 19, 2022 – 12:11 PM

European natural gas prices closed at new record highs today… and that was before news of a new gas flow halt by Gazprom was announced.

The Russia gas producer said in a statement that it will halt gas flows via Nord Stream on Aug. 31 for 3 days as the single functioning gas turbine at Portovaya’s compressor station requires planned maintenance.

“It is necessary to carry out maintenance every 1,000 hours” of operation, Gazprom said in a statement.

On a side-note, in a now-deleted tweet, Siemens Energy appeared to troll Gazprom over the ‘famous turbine’:

Siemens has just tweeted to explain:

We’ve deleted our tweet about the turbine, which triggered a controversial discussion. We understood that tonality & topic of the tweet were considered inappropriate. This was never our intention and we apologize. We condemned the war in Ukraine from day one & continue to do so.”

One has to wonder at the timing of the sudden maintenance decision right after this tweet.

On an oil barrel equivalent basis, EU Nattie uis now trading at triple the US equivalent (which is also at its highest since 2008)

Upon work completion and absence of technical malfunctions of the turbine, gas flows will be restored to 33mcm/day.

As a reminder, flows are already at just 40% of capacity…

Finally, we note that this decision comes after news that Putin will attend the G-20 meeting (much to Washington’s chagrin)… flex much?

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

RUSSIA//G20

You have to admit that  Putin has the inner strength to attend the G20 summit meeting in Indonesia.  The uSA is demanding to exclude the Russian leader

(zerohedge)

Putin Will Attend G20 Summit In Indonesia, Despite US Demands To Exclude Russian Leader

THURSDAY, AUG 18, 2022 – 09:20 PM

The western world is about to stop waging some bizarro war against Vladimir Putin that has sparked loathed energy hyperinflation across most of Europe, and is about to embrace the Russian leader, behind closed doors of course, even if it means a terribly vexxed Zelenskyy and US deep state.

Why? Because “pariah” Vladimir Putin is about to re-emerge on the G20 scene again, this time courtesy of Indonesian President Joko Widodo, who today said that both Putin and China’s president Xi both plan to attend the G20 summit in the resort island of Bali later this year.

“Xi Jinping will come. President Putin has also told me he will come,” Jokowi, as the president is known, said in an interview with Bloomberg News Editor-in-Chief John Micklethwait on Thursday. It was the first time the leader of the world’s fourth-most populous nation confirmed both of them were planning to show up at the November summit, according to Bloomberg.

Needless to say, the presence of Xi and Putin at the meeting will set up a showdown with the deep state handlers who control Joe Biden’s teleprompter and other, less senile “western” leaders, all of whom are set to meet in person for the first time since Russia’s invasion of Ukraine. The attack has left the G-20 divided over whether to place sanctions on Russia, because while a handful of G-20 countries are relatively self reliant, most are desperate for Russia’s commodity exports, whose lack has sent European energy prices to… well, just look for yourselves.

Putin and Jokowi discussed preparations for the G-20 summit in Bali in a phone call Thursday, the Kremlin said in a statement that didn’t mention whether the Russian leader will attend. Putin’s attendance will also likely bring him face to face with Volodymyr Zelenskiy for the first time since Russia’s invasion because for some odd reason the Ukrainian president – who also doubles as a Vogue model – is also slated to be in Bali.

Showing just how inconsequential the Biden White House has become in global affairs, Putin’s presence will take place even though Biden had called for Russia to be removed from the G-20and US officials had earlier been pressuring Indonesia to exclude Putin from the Bali summit.

It’s almost as if when it comes to the world deciding between Putin’s nat gas exports and the deep state’s wishes, the world chooses the former. To make that point, Indonesia’s leader explained that as the new global axis lines are drawn, Asia stands with China and Russia.

“The rivalry of the big countries is indeed worrying,” Jokowi, 61, said in the interview. “What we want is for this region is to be stable, peaceful, so that we can build economic growth. And I think not only Indonesia: Asian countries also want the same thing.”

“Indonesia wants to be friends with everyone,” he said. “We don’t have problems with any country. Each country will have their own approach. Each leader has their own approach. But what’s needed by Indonesia is investment, technology that will change our society.”

Jokes aside, however, as Bear Traps report author Larry McDonald notes, we are likely just months away from quietly shelving western sanctions on Russia

END.

END

RUSSIA/(/UKRAINE)

Putin Warns Macron “Large-Scale Catastrophe” Looms At Ukraine Nuclear Plant | ZeroHedge

Inbox

Robert Hryniak12:11 PM (9 minutes ago)
to

Rumor is that nuclear artillery shells have been provided to the Ukraine to be used in shelling this facility. Assuming this is true and such event occurs there is one slight problem. Russians have set up adjacent defensive systems around the facility to target incoming artillery shells and rockets. Evidence is out there this morning indicating that indeed defensive measures are in place as seen by video of defensive rockets.
The question is what happens if a artillery shell is tossed and intercepted by defensive weapons and the resultant explosion is evident. What happens? We should be wary of where this can lead.

https://www.zerohedge.com/geopolitical/putin-warns-macron-large-scale-catastrophe-looms-ukraine-nuclear-plant

END

6. GLOBAL ISSUES AND COVID COMMENTARIES

Dr Paul Alexander..

Open in browserDr. Geert Vanden Bossche and Dr. Paul Elias Alexander discuss the COVID vaccines, the monkeypox vaccine, innate immunity in children and why COVID vaccines must not be given to children
.COVID, mRNA vaccines, and monkeypox vaccines, innate immunity and why children should not get the non-neutralizing antigen-specific (high-specificity) COVID vaccines that drives infection in vaccinee
Dr. Paul AlexanderAug 18

SOURCE:https://rumble.com/v1gd0bj-covid-and-monkeypox-vaccines-innate-immunity-and-why-children-shouldnt-get-.htmlendNew York Times (NYT): The C.D.C. Isn’t Publishing Large Portions of Covid Data It Collects; The agency has withheld critical data on boosters, hospitalizations &, until recently, wastewater analyses.Do not forget this earlier NYT report and it began the left’s shock that NYT would turn
Dr. Paul AlexanderAug 19
SOURCE 1SOURCE 2
The U.S. Centers for Disease Control and Prevention has only published a fraction of the data it collected about the COVID-19 pandemic, The New York Times reported, citing several people familiar with the data.The CDC published information about the effectiveness of boosters for people under 65 two weeks ago but didn’t provide data about people 18-49 years old, the age group least likely to benefit from boosters because they’re already well protected by the first two shots, The Times said.
end

Wow! What a kick in the gonads by Markowicz of the New York Post: “Too little, too late: Disband the CDC now”; read this, the CDC said what we said over one year now “CDC’s COVID-19 prevention

recommendations no longer differentiate based on a person’s vaccination status because breakthrough infections occur.” And it’s admitted that “persons who have had COVID-19 but are not vaccinated have
Dr. Paul AlexanderAug 17
some degree of protection against severe illness from their previous infection.”The CDC is now saying this? Let me get back on my chair for I fell out of it! Cities across the country fired teachers, firefighters, health care staffers, police officers, sanitation workers and so many others because they refused to get vaccinated. Many of these people had worked through the early days of the pandemic — and contracted COVID many times over — while we baked banana bread and patted ourselves on the back for ordering from Uber Eats. Now the CDC acknowledges this was the wrong thing to do. Whoopsie!’Substack Alexander COVID News evidence-based medicine is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Subscribe now

This CDC with it’s pseudo-scientific nonsense garbage MMWR reports, devastated us societally with the failed lockdowns and school closures. The MMWR reports were always fraud. They told me at HHS that the CDC 6 foot rule was ‘made up’. No science. I heard it from Redfield himself! I have told you before, every single aspect of the pandemic was a fake and fraud, all of it! The COVID gene injections topped the fraud off, as I said, we jail many, many of these people. We allow them to put on a show as to how they arrived at their conclusions, then we jail them!
SOURCE:

Too little, too late: Disband the CDC now
Dissolve the Centers for Disease Control and Prevention.Last week, the CDC released updated COVID-19 guidance. The agency now believes we should be taking an individual approach to mitigating our COVID risk. In layman’s terms, we are all Florida 2020 now.The new guidance suggests ending “test to stay” so kids exposed to someone with COVID-19 can remain in school. Of course, this was only related to known exposure. People are exposed to COVID all the time, but only children who were aware of that exposure were punished. Kids lost so much throughout the pandemic because of terrible, irrational CDC guidance like this.The fresh guidance also says people without symptoms no longer need to be routinely tested.And the CDC permits us to come within six feet of each other again
. Finally! Husbands, tell your wives it’s on!But most important, the agency has finally faced some truths about the vaccine that it should have long ago. “CDC’s COVID-19 prevention recommendations no longer differentiate based on a person’s vaccination status because breakthrough infections occur.” And it’s admitted that “persons who have had COVID-19 but are not vaccinated have some degree of protection against severe illness from their previous infection.”Cities across the country fired teachers, firefighters, health care staffers, police officers, sanitation workers and so many others because they refused to get vaccinated. Many of these people had worked through the early days of the pandemic — and contracted COVID many times over — while we baked banana bread and patted ourselves on the back for ordering from Uber Eats. Now the CDC acknowledges this was the wrong thing to do. Whoopsie!The new guidance is all fine and good, sane even, but it’s August 2022 and fully absurd that the CDC is only 
now recognizing that people aren’t staying six feet apart and that a previous COVID-19 infection offers a layer of protection similar to the vaccine.When COVID first hit our shores, we naturally looked to the CDC for direction. The agency may have previously offered its thoughts on how we should cook our burgers (well-done) and whether we should eat sushi (no), yet it was primarily in the background wagging its fingers at us while we ordered our steak medium-rare (another no-no).But with COVID, its word became policy. In what should go down as one of the most disgusting moments in public health, the CDC allowed, with direction from the Biden White House, Randi Weingarten, American Federation of Teachers chief, to craft school-opening policies that forced classrooms across the country to remain closed in winter 2021.No one has been fired for this dereliction of duty. No one has even been openly chastised for allowing a special interest group to control our health care policy. This alone is why the CDC must go.And then there are the errors. “Well, it was a pandemic, and obviously mistakes would be made” only makes sense if those mistakes are quickly acknowledged and corrected. That hasn’t happened with the CDC.

Vaccine Impact/

Vaccine Impact


The Marketing of “Mental Health” – People who Admit to Having “Mental Health Issues” now Considered HeroesAugust 18, 2022 4:22 pmSociety is now celebrating people who say they have mental health issues. Athletes who “come forward” with their confessions are heroes. So let me be clear. “Mental health issues” is a PRODUCT. It’s being sold like SUVs, cereal, beer, skin care lotions. And just to give you an idea of how successful the sales campaign is, here is a staggering quote from NAMI, the National Alliance on Mental Illness, about a large survey of college students: “The researchers also found that students are more willing to use university mental health services…By 2015, nearly 20 percent of those surveyed said they used these services…Moreover, nearly 75 percent said they would consider using university mental health services…” These services are a gateway, a funnel into the diagnosis of a mental disorder…and then the prescription of drugs. The drugs are the bottom line, the moneymaker. The drugs CAUSE very real mental problems. There is no doubt that some of the people confessing their mental health issues these days are really talking about the effects of the drugs; but they don’t know it.
Read More…

GLOBAL COMMENTARIES/SUPPLY ISSUES

end

Vaccine injury

Ongoing MASS DIE-OFF In England & Wales: 7K+ Dying Per Month In Excess Of 5 Yr Average

Inbox

Robert Hryniak2:15 PM (19 minutes ago)
to

end

MICHAEL EVERY

Michael Every with today’s major stories

Michael Every…

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

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 FRIDAY morning 7:30 AM

Euro/USA 1.0047 DOWN  0.0042 /EUROPE BOURSES //MOSTLY RED 

USA/ YEN 136.99   UP 1.187 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.1829 DOWN   0.0099

 Last night Shanghai COMPOSITE CLOSED DOWN 19.47 POINTS OR .59%

 Hang Sang CLOSED UP 9.12 PTS OR 0.05% 

AUSTRALIA CLOSED UP 0.01%    // EUROPEAN BOURSES  MOSTLY RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES MOSTLY RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 9.12 PTS OR  0.05% 

/SHANGHAI CLOSED DOWN 19.47 PTS  OR 0.59% 

Australia BOURSE CLOSED UP 0.01% 

(Nikkei (Japan) CLOSED DOWN 11.81 OR 0.04%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1751.00

silver:$19.23

USA dollar index early FRIDAY morning: 107.94 UP 52  CENT(S) from THURSDAY’s close.

 FRIDAY  MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.28% UP 12  in basis point(s) yield

JAPANESE BOND YIELD: +0.216% UP 2    AND 8/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.37%// UP 12   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.22  DOWN 11   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS

GERMAN 10 YR BOND YIELD: RISES TO +1.225% 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0038 DOWN  .0051   or 51 basis points

USA/Japan: 136.91 UP 1.105  OR YEN DOWN 16  basis points/

Great Britain/USA 1.1813  DOWN .01171 OR 42 BASIS POINTS

Canadian dollar DOWN .0049 OR 49 BASIS pts  to 1.2996

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.8170 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.8368

TURKISH LIRA:  18.10  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.216

Your closing 10 yr US bond yield UP 10  IN basis points from THURSDAY at  2.978% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.215 UP 7  in basis points 

Your closing USA dollar index, 108.06 UP 64 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 FRIDAY: 12:00 PM

London: CLOSED UP  8.52 PTS OR  0.11%

German Dax :  CLOSED DOWN 132.89 POINTS OR 1.12%

Paris CAC CLOSED  DOWN 61.57 PTS OR 0.94% 

Spain IBEX CLOSED DOWN 97.20 OR 1.09%

Italian MIB: CLOSED DOWN 451.13 PTS OR  1.96%

WTI Oil price 91.87  12: EST

Brent Oil:  97.52 12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  59.10  UP 0  AND 43/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.225

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0037 DOWN .0052     OR  52 BASIS POINTS

British Pound: 1.1819 DOWN .01107  or  111 basis pts

USA dollar vs Japanese Yen: 136.84  UP 1.038//YEN DOWN 104 BASIS PTS

USA dollar vs Canadian dollar: 1.2991 UP 0.0044  (CDN dollar, DOWN  344 basis pts)

West Texas intermediate oil: 90.32

Brent OIL:  96.08

USA 10 yr bond yield: 2.981 UP 10 points

USA 30 yr bond yield: 3.228  UP 8  pts

USA DOLLAR VS TURKISH LIRA: 18.10

USA DOLLAR VS RUSSIA//// ROUBLE:  59,10  UP 1 AND   43/100 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: DOWN 292.30 PTS OR 0.86 % 

NASDAQ 100 DOWN 263.09 PTS OR 1.95%

VOLATILITY INDEX: 20.57 DOWN 1.01 PTS (5.16)%

GLD: $162.72 DOWN $1.20 OR 0.73%

SLV/ $17.55 DOWN 49 CENTS OR 2.72%

end)

USA trading day in Graph Form

Fed Hawks Hammered Stocks, Bonds, Bullion, & Bitcoin This Week As J-Hole Looms

FRIDAY, AUG 19, 2022 – 04:01 PM

Comments from Richmond Fed president Barkin today summed a week of hawkish prompts from the central bank that a pivot ain’t coming soon and there’s more pain to come (for the economy and the market):

“The Fed must curb inflation even if this causes a recession,” adding that The Fed “needs to raise rates into restrictive territory.”

All of which sent rate-cut expectations plunging on the week while rate-hike expectations remained high…

Source: Bloomberg

“The Fed would, in order to get inflation down to the 2% target, have to crush the economy,”  said Ann-Katrin Petersen, a senior investment strategist at BlackRock Investment Institute.

In order to bolster growth, the Fed will at some  point “accept to live with inflation. This dovish pivot is not likely in  the very near term, in contrast to what markets seem to be expecting  right now, but this dovish pivot may come in 2023,” she told Bloomberg.

The hawkish nudge finally hit the YOLO/MOMO crowd sending stocks reeling today after a big options expiration. Nasdaq and Small Caps were clubbed like a baby seal today (down over 2%) and all the US Majors ended the week lower (with The Dow the prettiest horse in the glue factory this time as growthy tech was hammered with rising rates)…

Dow, Nasdaq, and S&P all reversed at their 200DMAs this week…

The S&P reverted back down to its 50% Fib retracement level…

Source: Bloomberg

And DO NOT forget our post suggesting cover on the back of Mike Hartnett’s top call

Source: Bloomberg

Energy stocks went from worst to almost first on the week after a big puke at the Monday open. Staples were the leaders while Materials the laggards….

Source: Bloomberg

Before we leave stock-land, there’s this utter shitshow…

Did the YOLO-ers just shoot their final wad?

“Most Shorted’ Stocks tumbled hard this week as it appears the squeeze ammo has run out…

Source: Bloomberg

US Treasury Yields surged this week with the belly underperforming dramatically…

Source: Bloomberg

10Y spiked up to 3.00% – erasing all the price gains from the ECB/US-weak-data bond rally…

Source: Bloomberg

US 30Y yields rose back above China 30Y yields which dropped to 6 year lows: Traders might be betting that lower mortgage rates – led by expected cuts in loan prime rates – will push banks to buy more longer-dated bonds, wrote Qin Han, an analyst at Guotai Junan Securities in a note.

Source: Bloomberg

The hawkish speak sent the dollar soaring with Bloomberg’s Dollar Index up a stunning 2% on the week – its biggest weekly spike since April 2020. Notice that the dollar broke back above the FOMC day selloff highs…

Source: Bloomberg

Cryptos were monkeyhammered lower as the week progressed with ETH and BTC down around 12%…

Source: Bloomberg

EU NatGas soared to a new record high (and US Natgas closed at its highest since 2008)

Source: Bloomberg

Gold tumbled back below $1800 this week as the hawkish hammering spread to commods…

And oil ended the week lower – despite some choppy trading – with WTI holding around $90…

Finally, we note that we’ve seen these kind of bounces before…

Source: Bloomberg

…and it didn’t end well.

I) / EARLY AFTERNOON TRADING//

Stocks Extend Losses, Yields Spike After “Recession” Comments From Fed’s Barkin

FRIDAY, AUG 19, 2022 – 11:19 AM

Federal Reserve Bank of Richmond President Thomas Barkin says “getting inflation under control is going to be necessary to set up what we have the potential to do in the economy.”

Barkin warned that “The Fed must curb inflation even if this causes a recession,” adding that The Fed “needs to raise rates into restrictive territory.”

“I’ve convinced myself that not getting inflation under control is inconsistent with a thriving economy”

Barkin further added that “I’ve been supportive of front-loading.”

The Richmond Fed president’s comments echoe’d ECB’s Schnabel’s words of warning that “even if we entered a recession, it’s quite unlikely that inflationary pressures will abate by themselves,” Schnabel said.

“The growth slowdown is then probably not sufficient to dampen inflation.”

It appears the world’s central bankers are rapidly realizing that a recession is needed to tamp down inflation… and in fact even that may not do the trick – this is a supply issue, not a demand issue.

Translation: we need a depression to ‘fight’ Putin!

This prompted further weakness in stocks with Nasdaq down 2%…

And yields spiking higher with 10Y inching closer to 3.00%…

…erasing all the price gains from the ECB/US-weak-data bond rally.

Is the scene being set for Powell to steal the jam out of the ‘Fed Pivot’ bulls’ donut next week in J-Hole?

ii) USA DATA//

Private Mortgage Lender Bust Begins As Loan Applications Crash

FRIDAY, AUG 19, 2022 – 03:00 PM

The US mortgage industry could be on the cusp of a bust cycle as the Federal Reserve’s most aggressive interest rate hikes in decades have sent mortgage loan application volume crashing. 

The 30-year fixed mortgage rate jumped from 3.27% at the start of the year to as high as 6% in mid-June, sparking what we’ve been warning readers about is an affordability crisis where demand for homes has evaporated

Plunging demand for homes can be seen in the pace of mortgage application volumes, falling to levels not seen since the lows of the Dot-Com bubble implosion of 2000. 

This means that the rate shock has abruptly curbed the pipeline of new loans and refinancings for mortgage companies — where the poorly capitalized ones will fail first. 

Bloomberg noted there would be “no systemic meltdown” as banks have a much less reduced exposure to mortgages post-GFC. However, that doesn’t mean there won’t be fireworks as private lenders begin to lay off workers and, in some cases, fail. 

The “nonbanks” or independent lenders “are poorly capitalized,” said Nancy Wallace, chair of the real estate group at Berkeley Haas, the business school at the University of California, Berkeley. She said when mortgage applications “tank,” many of these lenders will be in “trouble.” 

At least this time, there are more nonbank lenders in the mortgage industry than pre-GFC. LendingPatterns said two-thirds of the top 20 lenders were nonbank, compared with about a third in 2004. Inside Mortgage Finance said banks have reduced their market share from about half in 2016 to a third. 

The epicenter of the implosion will be independent lenders, such as First Guaranty, who recently filed for bankruptcy after it held onto loans it made that quickly dropped in value earlier this year while trying to package them up to sell to investors.

Court papers revealed lending volume dropped when mortgage rates spiked earlier this year. The company said it could no longer bundle new loans as its pipeline dried up. First Guaranty owes Flagstar Bank and Customers Bank approximately $418 million. It also cut hundreds of employees. 

Another independent lender, LoanDepot, laid off 4,800 jobs in July as its pipeline of mortgage volume dried up. 

LoanDepot CEO Frank Martell released a statement in July: 

“After two years of record-breaking volumes, the market has contracted sharply and abruptly in 2022 … We are taking decisive action to meet this challenge head-on.”

LoanDepot’s equity has crashed more than 75% since going public in February 2021. The question remains if the lender will follow the path of First Guaranty. 

Long Island-based Sprout Mortgage is another private lender that fired its employees last month and announced it was closing up shop. 

Many private lenders can no longer find enough new loans to bundle or get new credit lines to continue operating, and unlike banks, these shops have very limited mobility when it comes to tapping emergency financing lines. 

“Part of the reason these companies are distressed is because the loans can’t go to the GSEs for funding.

“The options for funding are more limited which is especially painful when financial conditions are tightening,” said David Goodson, head of securitized credit at Voya Investment Management. 

Lenders usually try to make loans worth 102 cents on the dollar to cover upfront costs, though some are taking substantial losses and can’t sell them for around 85 cents. 

It appears the Fed-induced rate shock is the culprit behind the implosion of the private lenders. We assume more failures are ahead. 

iii)USA economic commentaries

On line retailer laying off 870 workers or 5% of its workforce.

The economy is definitely collapsing

(zerohedge)

Wayfair Is Laying Off About 5% Of Its Workforce

FRIDAY, AUG 19, 2022 – 09:00 AM

More layoffs are here, even in the face of the latest super-duper jobs number that we swear doesn’t include people taking on their 2nd or 3rd jobs just to make ends meet and catch up with inflation. 

Wayfair has just become the latest in a long line of companies to pare back its workforce, announcing this morning that it was going to cutting its labor by about 5%. 

In a Form 8-K filed on Friday morning, the online retailer discussed the layoffs, amidst other cost cutting measures. Wayfair “announced a workforce reduction involving approximately 870 employees in connection with its previously announced plans to manage operating expenses and realign investment priorities.”

The filing continued: “This reduction represents approximately 5% of our global workforce and approximately 10% of our corporate team. Concurrently, the Company is in the process of making substantial reductions in its third party labor costs.

The company said it was going to take “between approximately $30 million and $40 million of costs” in Q3 2022 as a result of the layoffs. 

These layoffs come a year after reports that Amazon was planning with a premium service that lets customers opt to have furniture or appliances assembled as soon they arrive at their homes.

Recall, we wrote a piece just days ago helping our readers visualize all of the latest major layoffs at U.S. corporations. We noted that in June 2022, Insight Global found that 78% of American workers fear they will lose their job in the next recession. Additionally, 56% said they aren’t financially prepared, and 54% said they would take a pay cut to avoid being laid off.

In this infographic, Visual Capitalist’s Marcus Lu visualizes major layoffs announced in 2022 by publicly-traded U.S. corporations.

Note: Due to gaps in reporting, as well as the very large number of U.S. corporations, this list may not be comprehensive.

An Emerging Trend

Layoffs have surged considerably since April of this year. See the table below for high-profile instances of mass layoffs.

Layoffs are expected to continue throughout the rest of this year, as metrics like consumer sentiment enter a decline. Rising interest rates, which make it more expensive for businesses to borrow money, are also having a negative impact on growth.

In fact just a few days ago, trading platform Robinhood announced it was letting go 23% of its staff. After accounting for its previous layoffs in April (9% of the workforce), it’s fair to estimate that this latest round will impact nearly 800 people.

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

END

end

SWAMP STORIES

FBI Raid Targeted Docs Trump Collected To “Exonerate” Himself From Russiagate Hoax; Report

FRIDAY, AUG 19, 2022 – 01:45 PM

Authored by Steve Watson via Summit News,

A report in Newsweek citing U.S. intelligence officials has claimed that one of the main purposes of the FBI’s raid on Mar-a-Lago was to find documents that President Trump had collected and intended to use as proof to put to bed once and for all the Russian collusion conspiracy theory.

The report states that Trump intended to “weaponise” the documents as part of his campaign for 2024.

The article notes that “The sought-after documents deal with a variety of intelligence matters of interest to the former president, the officials suggest—including material that Trump apparently thought would exonerate him of any claims of Russian collusion in 2016 or any other election-related charges.”

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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&frame=false&hideCard=false&hideThread=false&id=1559952990353510400&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Freport-fbi-raid-targeted-docs-trump-collected-exonerate-himself-russiagate-hoax&sessionId=2261f48aba05f094c3cec27f13dbfc6b537652a8&siteScreenName=zerohedge&theme=light&widgetsVersion=31f0cdc1eaa0f%3A1660602114609&width=550px

The piece also quotes a former Trump official who states that “Trump was particularly interested in matters related to the Russia hoax and the wrong-doings of the deep state.”

“I think he felt, and I agree, that these are facts that the American people need to know,” the anonymous former aide added.

This development comes as a Florida federal magistrate is scheduled to hold a hearing on whether or not to unseal the probable cause affidavit for the raid.

Commenting on the ongoing matter, Senator Rand Paul stated that “the burden is on the FBI to justify this raid.”

In a Fox News appearance, Paul said “This is extraordinary. This is also the same FBI that used a foreign intelligence warrant to snoop on and spy on the Trump campaign to investigate them for over two years. So I think the burden really is on the FBI. They’ve been wrong in the past. They’ve broken the law in using these foreign intelligence warrants. Now they used a domestic warrant, but I do think they need to release the justification for this, because this is extraordinary.”

The Senator further urged “We should not lose sight of the fact this has never, ever happened before for good reason, because we need to have confidence in the FBI. We need to have confidence in our intelligence agencies that they’re there to protect us and not to go after people for political purposes. So the burden is on them to prove that this is not a politically motivated witch hunt.”

Paul hit out at FBI director Christopher Wray, asserting that he “thinks it’s fine to use FISA or foreign intelligence warrants on Americans, and a lot of people think that’s true. I don’t, but this is part of the abuse. But this is part of the same people who are still running the FBI. They have a different understanding, maybe, of what they think the FBI can and cannot do and how it should be used on Americans, but I’m going to require proof that there was actually some sort of probable cause of a crime, and I’m suspicious that there was not.”

Watch:

King report

The King Report August 18th, 2022 Issue 6826Independent View of the News
  China Plans More Fiscal Stimulus as Economy’s Outlook DarkensLocal governments could sell more than $200 billion of bondsGoldman Sachs, Nomura have cut their GDP forecasts sharply
China’s state media said local governments could sell more than $229 billion of bonds to fund infrastructure investment and plug budget gaps, a further move by Beijing to shore up an economy hit by worsening coronavirus outbreaks and a property slump…    Economists are turning even more bearish, with Goldman Sachs Group Inc lowering its projection for gross domestic product growth to 3% from 3.3% while Nomura Holdings Inc slashed its forecast to 2.8% from 3.3%. That’s below the 3.8% consensus in a Bloomberg survey of economists and far away from the government’s original target of around 5.5% set for the year…
https://www.business-standard.com/article/international/china-plans-more-fiscal-stimulus-as-outlook-darkens-with-rising-cases-122081800298_1.html 

Chinas Covid Cases at a Three-Month High as Even Fish Get TestsChina’s Covid cases surged to a three-month high, driven by a worsening outbreak in the tropical Hainan province that has become the country’s biggest since Shanghai was shut down in the spring…
https://www.bloomberg.com/news/articles/2022-08-18/china-s-covid-cases-hit-three-month-high-due-to-hainan-outbreak#xj4y7vzkg SF Fed Pres Mary (“I don’t feel the pain of inflation anymore
.”) Daly on CNN before NYSE openToo early to declare victory on inflationFood, healthcare costs still rising, rents are highCore services inflation still rising, there’s a lot of work to do on inflationFavors raising Fed Funds rates to a little above 3% by yearendThe Fed might have to go higher on rate hikes, depending on dataSees 50 or 75 bp rate hike in SeptemberUS has a strong labor market but inflation is too highSlower growth will push back against inflationMarkets lack understanding, but consumers understand rates will not fall right after they riseDon’t want to overdo policy and find we’ve tightened more than necessary How come Fed officials keep saying ‘they don’t want to overdo tightening, but they NEVER say, ‘they don’t want to be too easy’? 
Fed staff sees bond portfolio income turning negative in coming monthsThe development potentially signals that the stream of tens of billions of dollars from income earned from its bond portfolio that it has been sending annually to the U.S. Treasury may slow as the Fed shrinks its balance sheet… 
https://t.co/5DXxbLBttm 
WSJ’s Fed guy @NickTimiraos: Wall Street’s rally suggests investors think inflation will be transitory.But the more that markets rally, the harder it is for the Fed to keep financial conditions tight. “You need to keep financial conditions tight. That’s the whole point of this.”… Wall Street Bets the Fed Is Bluffing in High-Stakes Inflation Game –
WSJ
https://www.wsj.com/articles/in-high-stakes-inflation-game-wall-street-bets-the-fed-is-bluffing-11660830685

 ESUs commenced a decline as soon as Asian markets opened on Thursday.  They hit a bottom of 4258.00 at the European open.  They methodically rallied to 4288.00 at 6:04 ET.  After a 10-handle retreat, ESUs surged to a daily high of 4292.75 at 8:07 ET.  ESUs then sank to 4264.00 at 10:00 ET. The usual suspects then aggressively bought ESUs and stocks.  ESUs hit 4290.00 at 11:51 ET.  Beaucoup traders, long beaucoup SPY August calls wanted to push ESUs higher to squeeze those that were short August calls.  Alas, when the noon hour arrived, ESUs and stocks sank. ESUs hit a bottom of 4267.50 at 12:45 ET.  It was time to manipulate stuff higher to squeeze August SPY calls – despite THREE Fed presidents’ hawkish comments!
 Fed’s Bullard Leans Toward Favoring 0.75-Percentage-Point September Rate RiseSt. Louis Fed leader says he isn’t ready to say inflation surge has peaked 
   “We should continue to move expeditiously to a level of the policy rate that will put significant downward pressure on inflation” and “I don’t really see why you want to drag out interest rate increases into next year,” Mr. Bullard said in a Wall Street Journal interview…
https://www.wsj.com/articles/feds-bullard-leans-toward-favoring-0-75-percentage-point-september-rate-rise-11660842768 

More from Bullard: Fed has a long way to go before reining in inflation; the Fed can reduce inflation over an 18-month period. KC Fed President Ester George: The case for raising rates remains strong; the pace will be a matter of debate.  Falling production makes the Fed’s task on inflation more difficult. 

Min Fed President Kashkari: We need to get inflation down urgently.  Fed knows how to get inflation in check; the question is can we do that without a recession.  Labor supply potential is now more or less fixed; we must reduce demand. ESUs rallied to a new daily high of 4295.50 at 15:38 ET.  They then sank 13 handles by 15:59 ET.  Some manipulator pushed ESUs 8 handles higher on the close. USUs, which had been strong early, lost most of their rally by the NYSE close.  Positive aspects of previous session
Expiry-related rally/manipulation
 Negative aspects of previous session

Energy commodities rallied sharply on the latest Chinese stimulus scheme 
Ambiguous aspects of previous session


Is the expiry manipulation over? 
First Hour/Last Hour Action
 [S&P 500 Index]: 1st Hour from NYSE open:
 DownLast Hour: 
Up Pivot Point for S&P 500 Index
 [above/below indicates daily trend to traders]: 

4279.42Previous session High/Low4292.53; 4261.98 Two-thirds of UK families could be in fuel poverty by January, research findsEstimated 45m people will struggle to pay energy bills this winter with predicted rises in price cap

https://www.theguardian.com/society/2022/aug/17/two-thirds-of-uk-families-could-be-in-fuel-poverty-by-january-research-finds

 Portillo’s, a beloved Chicago restaurant chain, is looking outside Illinois for growth as population declines drive business elsewhere 
https://t.co/rZkOwfJO65
 Apple warns of security flaw for iPhones, iPads and Macs
 https://trib.al/4QHcYLZ
 The Fed Balance Sheet: -$29.376B (-0.3%) to $8.849762B; Notes & Bonds – $22.849B; MBS +$9.905B; Other Assets (Accrued Interest) -$15.606B 
https://www.federalreserve.gov/releases/h41/20220818

/Fed MBS holdings are $20B more now than when QT officially commenced on June 1!  (Blackrock?) The KC Fed’s Jackson Hole Conference is next week.  The Fed regularly uses the summit to announce or highlight policies.  As noted above, the US stock market’s summer rally has thwarted the Fed’s effort to tighten financial conditions to reduce demand. 
Fed’s Powell could use Jackson Hole to flesh out QT thinkingSimply put, no one knows what the impact of reducing the central bank’s balance sheet by $2 trillion will have on borrowing costs, financial conditions, and market functioning…
    
The Kansas City Fed’s Jackson Hole symposium on Aug. 25-27 

would be the perfect forum for Powell to offer jittery investors a bit more visibility or reassurance on QT…
https://www.reuters.com/markets/us/feds-powell-could-use-jackson-hole-flesh-out-qt-thinking-mcgeever-2022-08-12/ 
Ex-NY Fed President Dudley: 
Powell Will Face a Tough Audience in Jackson HoleThe chair of the Federal Reserve may have a hard time convincing markets that the central bank is serious about defeating inflation. 
But he’ll have to try… Powell must take care to disabuse markets of the notion that the Fed will soon be done tightening monetary policy…    Many see his warning as mere rhetoric, designed to keep inflation expectations down. They think that once the economy slows, unemployment rises and inflation falls, the Fed will start cutting interest rates long before the 2% target has been achieved… 

https://www.washingtonpost.com/business/powell-will-face-a-tough-audience-in-jackson-hole/2022/08/18/1c7e44fc-1eee-11ed-9ce6-68253bd31864_story.html 
Today 
is August options expiration and a summer Friday during peak vacation time.  A determined few can push stuff around.  Guppy traders and various other traders are loaded with August calls, especially SPY
August calls.  There was heavy volume in SPY August puts on Thursday. 
 SPY August Calls & Puts with the highest volumes.   SPY closed at 427.83. The game for today will center on SPY being manipulated above or below 425 and 430.  This has been the threshold for the past two sessions.  Will guppies’ long SPY calls put a top on SPY?  Will guppies look to liquidate in the afternoon while there is still some value and premium in August calls? Expected economic data: Richmond Fed Pres Barkin 9 ET; Deere is expected to report 6.65 EPS S&P 500 Index 50-day MA: 3965; 100-day MA: 4099; 150-day MA: 4204; 200-day MA: 4323DJIA 50-day MA: 31,833; 100-day MA: 32,631; 150-day MA: 33,215; 200-day MA: 33,870 S&P 500 Index – Trender trading model and MACD for key time framesMonthlyTrender and MACD are negative – a close above 4849.55 triggers a buy signalWeeklyTrender and MACD are positive – a close below 3810.39 triggers a sell signalDailyTrender and MACD are positive – a close below 4193.08 triggers a sell signal

Hourly: Trender and MACD are negative – a close above 4309.58 triggers a buy signal 
Old case over audio tapes in Bill Clinton’s sock drawer could impact Mar-a-Lago search disputeJudge ruled in 2012 that a president’s discretion to declare records “personal” is far-reaching and mostly unchallengeable…
 U.S. District Judge Amy Berman Jackson in Washington D.C. ultimately rejected Judicial Watch’s suit by concluding there was no provision in the Presidential Records Act to force the National Archives to seize records from a former president a president’s discretion on what are personal vs. official records is far-reaching and solely his, as is his ability to declassify or destroy records at will… The judge noted a president could destroy any record he wanted during his tenure and his only responsibility was to inform the Archives…    If the Archives wants to challenge a decision, that agency and the attorney general can initiate an enforcement mechanism under the law, but it is a civil procedure and has no criminal penalty, she noted.
https://justthenews.com/politics-policy/all-things-trump/old-case-over-audio-tapes-bill-clintons-sock-drawer-could-impact
 FBI Unit Leading Mar-a-Lago Probe Earlier Ran Discredited Trump-Russia InvestigationSources told RealClearInvestigations that Jay Bratt, the top counterintelligence official in Justice’s national security division, who happens to be a Democratic National Committee donor, has been coordinating the Mar-a-Lago investigation with Alan Kohler, who heads the FBI’s counterintelligence division… Kohler had worked at FBI headquarters under Priestap, specializing in countering Russian intelligence threats.    Before that, he worked in London as the FBI’s liaison with British intelligence and law enforcement. The sources say Kohler was close to Stefan Halper, an academic and longtime FBI contractor whom the bureau ran as an informant in a failed effort to suborn Trump campaign officials. He also worked closely with Stephen Somma, a lead case agent in the Crossfire Hurricane probe whom Horowitz said was “primarily responsible” for some of the worst misconduct in the FISA warrant abuse scandal. Somma is a counterintelligence investigator in the FBI’s New York field office, where he has been reassigned to the China desk…    
https://www.realclearinvestigations.com/articles/2022/08/18/fbi_unit_leading_mar-a-lago_probe_previously_led_russiagate_hoax_848582.html 

Judge orders release of redacted affidavit that led to the search of Trump’s Mar-a-LagoThe judge gave government prosecutors until Aug. 25 to share its proposed redactions
https://www.foxnews.com/politics/judge-orders-release-of-redacted-affidavit-that-led-to-the-search-of-trumps-mar-a-lago The DoJ asked that the Mar-a-Lago raid affidavit remain sealed because ‘the investigation is in its early stages.’ 
  You do NOT raid an ex-president’s home in the early stages of an investigationGrassley says new whistleblower info reveals ‘deeply rooted political infection’ within the FBI 
https://t.co/5hCNscsvJg 
The foul-mouthed comment Donald Trump made to Scott Morrison when Covid broke out – and ex-PM’s troubling encounter with Joe Biden… Mr Morrison (ex-Aussie PM) and those around him, paints a somewhat worrying picture of Mr Biden being directed by staff at another G7 meeting.    At another G7 meeting, the book stated, ‘Biden’s handlers kept him under wraps… limiting his contact with leader’.  ‘He was late to functions, often left early and was kept away from press conferences to avoid embarrassing slip-ups.‘…  
 https://www.dailymail.co.uk/news/article-11121855/Donald-Trump-told-Scott-Morrison-China-f-ked-world-Covid-Plagued-book-claims.html 
Joe Biden has now been in Delaware for 150 days and spent more time at his home away from the White House than Trump, Obama and Bush … he has still traveled home 49 times…https://t.co/B4wuwMHoN1 @mirandadevine: VIP No-fly zones are coming thick and fast. Joe Biden is going from his house in Wilmington, DE, to his house in Rehobeth Beach on Saturday for a third week of vacation until next Wednesday. Meanwhile Kamala Harris remains in Hawaii, where Barack Obama also happens to be
https://twitter.com/mirandadevine/status/1560365493508251650 
@TulsiGabbard: The greatest threat to our democracy is not Trump voters or parents protesting at school board meetings, but the permanent Washington elite which has weaponized the govt and teamed up with corporate media to intimidate and silence those who dare to disagree with them.
https://twitter.com/TulsiGabbard/status/1560220066678837248
 @mschlapp: The biggest problem for Liz Cheney is not her Trump hatred which she always harbored before 2020 it is her outlandish claim that there was no substantial voter fraud. Any Republican from a swing states swims in big city fraud. We learned in 2000. @ilpoliski: As @ChiPubSchools enrollment collapsed 18% over last decade, per student spending doubled from $14K to $28K (operating, capital, debt costs). $28K is the true taxpayer cost in 2022.  Expect near $30K in 2023. Via @Wirepoints  https://twitter.com/ilpoliski/status/1560271232322310144
 DeSantis Announces 20 People Charged with Voter Fraud, Praises Florida’s New Election Crimes Office  
https://flvoicenews.com/desantis-announces-20-people-charged-with-voter-fraud-praises-floridas-new-election-crimes-office/ 
Trump wanted to name Sidney Powell as special counsel to probe 2020 election: court papers https://trib.al/K8xKsft Two former 
(PA) judges must pay $200 million after sending kids to prison for bribe moneyChildren as young as 8 went to prison as part of the pair’s efforts
https://justthenews.com/government/courts-law/two-judges-must-pay-200-million-after-sending-kids-prison-bribe-money 
NYC man accused of threatening Fox News anchors avoids prosecution — twice https://t.co/9fLnA8IvGi

Greg Hunter 

Trump Raid Coverup, Cheney Blowout, Inflation Increasing

By Greg Hunter On August 19, 2022 In Weekly News Wrap-Ups7 Comments

By Greg Hunter’s USAWatchdog.com (WNW 543 8.19.22) 

It’s another phony investigation into everything Donald Trump to try to make up another fake crime.  They are so scared Trump will take control of America again the Dem Deep State globalists are doing everything possible to try to derail President Trump.  AG Merrick Garland does not want to even reveal the contents of the affidavit that allowed the FBI to ransack Trump’s personal Florida residence nearly 2 years after he moved out of the White House.  Why the secrecy?  They are simply making it all up as they go along—again.  Shame on the DOJ, and double shame on the FBI for trying to frame Trump–again.

Liz Cheney is a registered Republican that says she voted with President Trump 93% of the time.  I guess voting for Trump’s impeachment for yet another made up crime just does not count as disloyalty.  Trump had the last laugh by supporting Harriet Hageman in the GOP primary for the only House seat in Wyoming.  Hageman destroyed Cheney, and that marks the eighth House Republican who voted to impeach President Trump to be removed from office.  Cheney now says she is going to run for President in 2024—I know you are laughing, but it’s not a joke.  It’s more like an embarrassing delusion for Cheney, who is now worth more than $30 million.  That’s some strong savings with only a $174,000 a year Congressional job.

Enjoy the slightly lower gasoline prices while you can because all indications are inflation is coming back with a vengeance right along with some sort of market crash.  How can both happen?  It all hinges around the dollar remaining the world’s reserve currency.  If Saudi Arabia (SA) ends up joining the so-called BRIC countries, you can kiss the US dollar good bye.  That means SA will no longer sell its oil exclusively in dollars, and the dollar will tank because many will not need to have them to buy oil.  Is this why the Fed is hell-bent on raising rates and fighting inflation?  Is the Fed really just protecting the dollar?

There is much more in the 59-minute newscast.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 8.19.22.

After the Interview: 

Bill Holter of JSMineset.com is coming back on as time is short for a very big financial shakeup this year.  Holter will give us an update on the coming financial crash.

end

see you MONDAY 

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