AUGUST 24/GOLD UP $.50 TO $1748.50//SILVER DOWN 12 CENTS TO $19.03//PLATINUM DOWN $7.80 TO $877.30//PALLADIUM IS UP $45.90 TO $2035.20//COVID UPDATES//VACCINE INJURY REPORT//DR PAUL ALEXANDER//BELGIAN PM WARNS THAT THE ENERGY CRISIS IN EUROPE MAY LAST 5 WINTERS/USA PENDING HOME SALES DOWN BADLY LAST MONTH//TSUNAMI IS COMING IN THE USA AS 20 MILLION HOMEOWNERS ARE BEHIND IN THEIR ENERGY BILLS AND MAY BE SHUT OFF FROM POWER//BRANDON SMITH: A GOOD READ//SWAMP STORIES FOR YOU TONIGHT//

Uncategorized · Leave a comment·Edit

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GOLD;  $1748.50 UP $0.50

SILVER: $19.03 DOWN 12 CENTS 

ACCESS MARKET: 

GOLD $1752.10

SILVER: $19.13

Bitcoin morning price:  $21,425 DOWN 121

Bitcoin: afternoon price: $21,541. up 493

Platinum price closing DOWN $7.80 AT$877.30

Palladium price; closing UP $45/90  at $2035.20

END

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 EXCHANGE: COMEX 

EXCHANGE: COMEX
CONTRACT: AUGUST 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,746.800000000 USD
INTENT DATE: 08/23/2022 DELIVERY DATE: 08/25/2022
FIRM ORG FIRM NAME ISSUED STOPPED


365 H ED&F MAN CAPITA 1
661 C JP MORGAN 16
690 C ABN AMRO 11
905 C ADM 4


TOTAL: 16 16
MONTH TO DATE: 33,273

JPMorgan stopped:   16/16

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR AUGUST CONTRACT:  

16 NOTICES FOR 1600 OZ //0.0497 TONNES

total notices so far: 33,273 contracts for 3,327,300 oz (103.493 tonnes) 

SILVER NOTICES:  45 NOTICES FILED FOR 225,000 OZ/

 

total number of notices filed so far this month  1024 :  for 5,120,000  oz



END

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

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

GLD

WITH GOLD UP $0.50 

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 3.28 TONNES TONNES FROM THE GLD.

INVENTORY RESTS AT 984.38 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN $0.12

AT THE SLV// ://A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//: A WITHDRAWAL OF 4.424 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 475.066 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY  A SMALL SIZED 102  CONTRACTS TO 144,357.   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE SMALL GAIN IN OI WAS ACCOMPLISHED WITH OUR  $0.16 GAIN  IN SILVER PRICING AT THE COMEX ON TUESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.16) AND WERE  UNSUCCESSFUL IN KNOCKING OFF ANY SPEC SILVER LONGS AS WE HAD A STRONG GAIN OF 1500 CONTRACTS ON OUR TWO EXCHANGES.  WE HAD CONSIDERABLE LIQUIDATION OF SPECULATOR SHORTS.

WE  MUST HAVE HAD: 
I) CONSIDERABLE SPECULATOR SHORT LIQUIDATIONS//CONTINUED BANKER OI COMEX ADDITIONS /. II)  WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A FAIR INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.855 MILLION OZ FOLLOWED BY TODAY’S 220,000 OZ QUEUE JUMP   / //  V)   SMALL SIZED COMEX OI GAIN/(//CONSIDERABLE SPEC LIQUIDATION)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: -84

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 18 days, total 10,188  contracts:  50.940 million oz  OR 2.830 MILLION OZ PER DAY. (566 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 50.940  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: 50.940 MILLION OZ (A LOT LESS THAN NORMAL//THE CROOKS ARE SCARED TO ISSUE MORE EFP’S)

RESULT: WE HAD A SMALL SIZED INECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 104  WITH OUR  $0.16 GAIN IN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE  CONTRACTS: 1314 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 CONSIDERABLE SPEC SHORT  LIQUIDATIONS /// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR AUGUST. OF 3.855 MILLION  OZ FOLLOWED BY TODAY’S 220,000 OZ QUEUE JUMP  //  .. WE HAD A STRONG SIZED GAIN OF 1500 OI CONTRACTS ON THE TWO EXCHANGES FOR 7.500 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 45  NOTICE(S) FILED TODAY FOR  225,000 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 305 CONTRACTS  TO 457,762 AND FURTHER FROM 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:–199   CONTRACTS.

.

THE SMALL SIZED  INCREASE  IN COMEX OI CAME WITH OUR RISE IN PRICE OF $12.25//COMEX GOLD TRADING/TUESDAY / WE MUST HAVE  HAD  ADDITIONAL SPECULATOR SHORT SHORT COVERINGS ACCOMPANYING OUR STRONG SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND CONSIDERABLE 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  QUEUE JUMP OF 17,900 OZ //NEW STANDING 105.116 TONNES

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF   $12.25 WITH RESPECT TO TUESDAY’S TRADING

WE HAD A GOOD SIZED GAIN OF 3853  OI CONTRACTS 11.96 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3548  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 457,762

IN ESSENCE WE HAVE A GOOD  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3853 CONTRACTS  WITH 305 CONTRACTS  INCREASED AT THE COMEX AND 3548 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 3853 CONTRACTS OR 11.98 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3548) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (305): TOTAL GAIN IN THE TWO EXCHANGES 3853 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 17,900 oz.    3) ZERO/ LONG LIQUIDATION//// //.,4)   SMALL SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

AUGUST

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

49,329 CONTRACTS OR 4,932,900 OZ OR 153.43  TONNES 18 TRADING DAY(S) AND THUS AVERAGING: 2740 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18  TRADING DAY(S) IN  TONNES: 153.43 TONNES

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

THUS EFP TRANSFERS REPRESENTS  153.43/3550 x 100% TONNES  4.33% 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: 153.43 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 SMALL SIZED 102 CONTRACT OI TO 144,357 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 1314 CONTRACTS

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

SEPT 1314  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1314 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 102  CONTRACTS AND ADD TO THE 1314 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 1416   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 7.080 MILLION OZ

OCCURRED WITH OUR RISE IN PRICE OF  $0.16

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)WEDNESDAY MORNING// TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 61.02 PTS OR 1.86%   //Hang Sang CLOSED DOWN 234.51 OR 1.20%    /The Nikkei closed DOWN 139.28 OR % 0.49.          //Australia’s all ordinaries CLOSED UP 0.60%   /Chinese yuan (ONSHORE) closed DOWN AT 6.8678//OFFSHORE CHINESE YUAN DOWN 6.8827//    /Oil UP TO 94.81  dollars per barrel for WTI and BRENT AT 101.10//    / Stocks in Europe OPENED MOSTLY ALL MIXED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A SMALL SIZED 305 CONTRACTS TO 457,762 AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX INCREASE OCCURRED DESPITE OUR RISE OF $12.25  IN GOLD PRICING  TUESDAY’S COMEX TRADING. WE ALSO HAD A STRONG SIZED EFP (3548 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. IT NOW SEEMS THAT THE COMMERCIALS HAVE GOADED THE SPECS TO GO MASSIVELY SHORT  AND NOW THEY ARE DESPERATELY TRYING TO COVER THEIR FOLLY.

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

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 3548 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :3548 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  3548 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 3853  CONTRACTS IN THAT3548 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL  SIZED  COMEX OI GAIN OF 305  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH  OUR RISE IN PRICE OF GOLD $ 12.25.  WE  ARE NOW WITNESSING THE SPECULATORS WHO HAVE BEEN MASSIVELY SHORT TRYING DESPERATELY TO COVER WHILE THE BANKERS WHO ARE LONG CONTINUE TO ADD TO THEIR PURCHASES. THIS  WILL NOT END WELL FOR OUR SPECS.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING AUGUST   (105.116),

 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:105.116 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $12.25) AND 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 12.603 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR AUGUST (105.116 TONNES)

WE HAD -199  CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE ADDED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3853 CONTRACTS OR 385,300  OZ OR 11.98 TONNES

Estimated gold volume 112,061///  extremely poor/

final gold volumes/yesterday  153,266/extremely poor

INITIAL STANDINGS FOR AUGUST ’22 COMEX GOLD //AUGUST 24

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz6998.556  oz

JPMorgan
Brinks
Manfra

contains 797
kilobars/loomis




Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz99,079.347 oz
HSBC
Loomis
No of oz served (contracts) today16   notice(s)
1600  OZ
0.0497 TONNES
No of oz to be served (notices)522 contracts 
52,200 oz
1.6236 TONNES
Total monthly oz gold served (contracts) so far this month33,273 notices
3,327,300 OZ
103.493 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

total dealer deposit  0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 3

i)Into HSBC: 72,531.659 oz

ii) Into Loomis: 25,592.196 oz (796 kilobars)

iii) Into Brinks 955.492 oz

total deposits 99,079.347 oz

3 customer withdrawals:

i) Out of JPMorgan 5,594.234 oz

ii) Out of Brinks 448.790 oz

iii) Out of Manfra  955.492 oz

total:  6998.556  oz

total in tonnes:0.217 tonnes

Adjustments: dealer to customer //3

JPMorgan:  60,203.893 oz

Brinks 160,996.855 oz

iii) Delaware:  699.990 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an  oi of 538 contracts having GAINED 40 contracts .

We had 139 notices served upon yesterday so we GAINED 179 contracts or an additional 17,900 oz will stand for delivery in this very active month of August

Sept. lost 459 contracts to 3058 contracts.

October gained 379 contracts up to 40,425 

We had 16 notice(s) filed today for 1600 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 16 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 16 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 (33,257) x 100 oz , to which we add the difference between the open interest for the front month of  (AUGUST 538 CONTRACTS ) minus the number of notices served upon today 139 x 100 oz per contract equals 3,379,500 OZ  OR 105.116 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 (33,257) x 100 oz+   (538)  OI for the front month minus the number of notices served upon today (139} x 100 oz} which equals 3,379,500 oz standing OR 105.116 TONNES in this active delivery month of August.

TOTAL COMEX GOLD STANDING:  105.116 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:  28,593,673.843 OZ  

TOTAL REGISTERED GOLD: 14,154,032.797  OZ (440.24 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 14,439,641.046 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 11,833090. OZ (REG GOLD- PLEDGED GOLD) 368.05 tonnes//rapidly declining 

END

SILVER/COMEX/AUGUST 24

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory602,029.850 oz
CNT
JPMorgan

 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory661,873.002 oz
Brinks
Delaware

 
No of oz served today (contracts)45CONTRACT(S)
225,000   OZ)
No of oz to be served (notices)53 contracts 
(265,000 oz)
Total monthly oz silver served (contracts)1024 contracts
 5,120,000 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  2  deposits into the customer account

i) Into Brinks 51,003.630 oz

ii) Into Delaware: 610,869.372 oz 

total deposit:  661,873.002   oz

JPMorgan has a total silver weight: 171.371 million oz/331.952 million =51.61% of comex 

 Comex withdrawals: 2

i) Out of CNT:  20,227.050 oz

i) Out of JPMorgan:  581,802.800 oz

total: 602,029.850    oz

 adjustments:  4

i) Brinks 336,549.470 oz

ii) HSBC  158,626.500 oz

iii) JPMorgan  603,890.310 oz

iv) Manfra 1,698,259.381 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 52.015 MILLION OZ

TOTAL REG + ELIG. 331.952 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR AUGUST

silver open interest data:

FRONT MONTH OF AUGUST OI: 98 CONTRACTS HAVING GAINED 10 CONTRACTS.  WE HAD 34 NOTICES FILED ON MONDAY

SO WE GAINED 44 CONTRACTS OR AN ADDITIONAL 220,000 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 6009 CONTRACTS DOWN TO 40,483

OCTOBER GAINED 97 CONTRACTS TO STAND AT 294

 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 45 for  225,000 oz

Comex volumes:64,342// est. volume today//   fair

Comex volume: confirmed yesterday: 70,376 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  1024 x 5,000 oz = 5,120,000 oz 

to which we add the difference between the open interest for the front month of AUGUST(98) and the number of notices served upon today 45  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the AUGUST./2022 contract month: 1024 (notices served so far) x 5000 oz + OI for front month of AUGUST (98)  – number of notices served upon today (45) x 5000 oz of silver standing for the AUGUST contract month equates 5,385,000 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 24/WITH GOLD UP $.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.28 TONNES FROM THE GLD//INVENTORY RESTS AT 984.38 TONNES

AUGUST 23/WITH GOLD UP $12.25 TODAY; BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.83 TONNES INTO THE GLD///INVENTORY RESTS AT: 987.66

AUGUST 22/WITH GOLD DOWN $14.00: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 985.83 TONNES

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

GLD INVENTORY: 984.38 TONNES

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

AUGUST 24/WITH SILVER DOWN 12 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.424 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 475.066 MILLION OZ/

AUGUST 23/WITH SILVER UP 16 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.194 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 479.490 MILLION OZ//

AUGUST 22/WITH SILVER DOWN 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/ INVENTORY RESTS AT 483.684 MILLION OZ

AUGUST 19/WITH SILVER DOWN 38 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: 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//

CLOSING INVENTORY 475.066 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

The Numbers Don’t Lie; The Fed Won’t Win This Inflation Fight

WEDNESDAY, AUG 24, 2022 – 07:20 AM

Authored by Michael Maharrey via SchiffGold.com,

The central bankers at the Federal Reserve continue to talk tough about fighting inflation.

But is it a fight they can win?

The numbers say no.

After the CPI data cooled a bit in July, many observers expected the Fed to declare victory and begin pivoting away from tightening monetary policy. Instead, the central bankers doubled down on the tough talk. Minneapolis Federal Reserve Bank President Neel Kashkari said the Fed remains “far, far away from declaring victory” on inflation. He went on to say he hasn’t seen anything that changes the trajectory of the Fed’s inflation fight. Kaskari remained adamant that the central bank needs to raise rates to 3.9% by the end of the year and to 4.4% by the end of 2023. He even insisted he won’t be deterred by a recession.

The markets seem to have faith in the Fed’s ability to bring inflation down to 2% and keep it there for most of the next 30 years. Peter Schiff said they are “living in fantasy land.”

There is no way the Fed is going to even come close to achieving that for 30 years. They’re not even going to achieve it for three years. Yet, investors are still operating under the delusion that the Federal Reserve can do what it claims it’s going to do.

Peter is right.

For all the tough talk about stopping inflation, the Fed’s plan isn’t enough.

Pushing rates to 3 or 4 percent won’t tame 8.5% CPI.

If you look at all of the Fed tightening cycles since 1973, the central bank has never stopped tightening before the Fed funds rate was higher than the CPI.

It’s clear from the chart that the Fed has a lot of tightening to do before it brings the real rate positive. It’s also clear that 3 or 4 percent isn’t going to get the job done.

Analyzing interest rates based on the Taylor Rule leads us to the same conclusion.

Economist John Taylor came up with a formula that links the Federal Reserve’s benchmark interest rate to levels of inflation and economic growth. Based on the Taylor Rule, the Fed fund rate needs to be 9.69% assuming 2% real neutral rates.

Given the history and the model, it is difficult to fathom how exactly the Federal Reserve is going to tame inflation over the long term.

Keep in mind that the CPI is actually higher than the government numbers suggest. If we use the CPI formula from the 1970s, rates would need to be over 17% in order to slay inflation.

And while the 3 or 4 percent interest rate won’t stop the inflation freight train, it will pop the bubble economy that was built on easy money and debt. In fact, we’re already in a recession despite mainstream pleading to the contrary. This is why Peter Schiff says we are about to experience the worst of both worlds – high inflation and a recession.

I’m not going to give credit to the Federal Reserve for trying to put out a fire that it lit. And by the way, they’re not even putting enough water on it to put it out. The Fed should have raised interest rates a lot more than it already has. And it should be raising them a lot more. It’s gone much too slow. And not because the economy can handle it. It can’t. We’re already in a recession. They just want to ignore that. The recession is going to get worse if the Fed continues to raise interest rates. But it shouldn’t stop just because it’s going to put the economy into a depression or create a financial crisis. It has to do that. The only way to fight inflation is to remove all the inflation from the economy that the Fed put in there. So, they have to shrink their balance sheet. They have to let interest rates go way up. They have to force the government to slash government spending. But unfortunately, none of that is going to happen. This recession is going to get much worse, and Powell is going to pivot in defeat. He’s going to focus his attention on trying to stimulate the economy and let inflation run out of control.”

end

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

END

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

this is interesting: a loan company in India is now planning to offer big loans using gold.

Good luck if they hope to get their gold back

(Business Today/India/GATA)

Loan company plans big business monetizing gold in India

Submitted by admin on Tue, 2022-08-23 21:56Section: Daily Dispatches

Capri Loans Plans to Open 1,500 Gold Loan Branches Over 5 Years

By Teena Jain Kaushal
Business Today, Noida, India
Tuesday, August 23, 2022

Capri Loans, a non-banking financial company forcused on micro, small, and medium-sized enterprise credit and housing finance, plans to open 1,500 gold loan branches over the next five years in Tier 3 and 4 cities to target the unorganised sector. 

It aims to build a gold loan book size of R8,000 crore given the rise in credit needs among people.

The company commenced operations of its gold loan business on Tuesday with 108 branches. Capri Loans will provide loans up to 75% of the total pledged gold along with complimentary insurance equivalent to the pledged value of gold ornaments.  

“During and post Covid, credit need has increased for multiple reasons,” said Ravish Gupta, head of gold loan business for Capri Global Capital. 

“One of the reasons is that credit options have reduced. In India, huge amounts of gold are available in households — around 30,000 tonnes, according to a study. Instead of selling gold, people are unlocking the value by taking the loan. 

“For those who have a limited source of credit and do not have proper documentation and need cash on an emergency basis, a gold loan is one of the best methods for unlocking the value.” …

… For the remainder of the report:

https://www.businesstoday.in/personal-finance/story/capri-loans-plans-to-open-1500-gold-loan-branches-over-the-next-5-years-in-tier-3-4-and-5-cities-345367-2022-08-23

END

4. OTHER GOLD/SILVER COMMENTARIES

-END-

A very important read.

5.OTHER COMMODITIES: EUROPE/”  

end

COMMODITIES IN GENERAL/COAL

END

6.CRYPTOCURRENCIES

7. GOLD/ TRADING

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

ONSHORE YUAN: CLOSED DOWN 6.8678

OFFSHORE YUAN: 6.8827

HANG SENG CLOSED DOWN 234.81 PTS OR  1.20%

2. Nikkei closed DOWN 139.28 OR 0.49%

3. Europe stocks   CLOSED MOSTLY MIXED 

USA dollar INDEX  DOWN TO  108.86/Euro FALLS TO 0.9925

3b Japan 10 YR bond yield: RISES TO. +.220/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 136.83/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

3e Gold UP /JAPANESE Yen 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 UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +1.359%/Italian 10 Yr bond yield RISES to 3.687% /SPAIN 10 YR BOND YIELD RISES TO 2.56%…

3i Greek 10 year bond yield RISES TO 3.933//

3j Gold at $1743.85 silver at: 19.02  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND 4/100        roubles/dollar; ROUBLE AT 59.88//

3m oil into the 94 dollar handle for WTI and  101 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 136.83DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 9642– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9571well 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: 3.056  DOWN 0  BASIS PTS

USA 30 YR BOND YIELD: 3.265 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 18,16

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Flat After Hawkish Fed Comments, Dollar Ascent Resumes

WEDNESDAY, AUG 24, 2022 – 07:33 AM

The downbeat market mood continued for a fourth day, with US stock futures turning red and erasing earlier gains after a three-day drop saw the S&P 500 lose $1.4 trillion in market capitalization amid renewed concerns about a hawkish Fed and a potential J-Pow bomb during Friday’s J-Hole symposium (that said, with expectations so bearish, there is almost no way Powell can sound hawkish). S&P 500 futures dropped 0.1% at 7:00am ET after falling as much as 0.5%. Nasdaq 100 futures were also modestly red as the yield on the 10-year Treasury hit 3.05%. The US dollar reversed yesterday’s sharp drop and extended its recent surge as the EURUSD resumed its plunge trading ever farther from parity, and at 0.992 last. Oil meanwhile has continued its ascent, pushing Brent above $100, and leading to the first Diesel price increase at the Pump since mid-June.

“Globally we haven’t seen a deceleration like this that has been so synchronized in many decades,” Frances Stacy, director of strategy at Optimal Capital Advisors LLC, said on Bloomberg Television. “I don’t want to be directional” in picking trades, she added.

The latest data showed economic activity weakening from the US to Europe and Asia, underlining the dire dilemma the Fed faces in hiking interest rates to bring down high inflation without sparking a recession. Still, Minneapolis Fed President Neel Kashkari said inflation is very high and the central bank must act to bring it back down to 2% and it is “very clear” they need to tighten monetary policy. Kashkari also stated that half to two-thirds of US high inflation is driven by supply-side shocks and help is needed on the supply side to get inflation down, with the more help they get from the supply side, the less the Fed has to do and will be better able to avoid a hard landing. Furthermore, he said there is currently no trade-off between employment and inflation mandates and they can only relax on rate hikes when they see compelling evidence inflation is heading toward 2%.

In US pre-market trading, Nordstrom plunged as much as 14% and was set for its biggest drop in nine months, after an outlook cut prompted analyst worries that the need to clear inventory and discounting could hurt margins in the second half. Brokers said that the higher-end department store owner’s results have been more volatile than expected and show that the company is “not immune” to a difficult macroeconomic backdrop. Bed Bath & Beyond shares rose as much as 18% in premarket trading following a WSJ report that the home goods retailer told prospective lenders that it has selected a lender for a loan after a marketing by JPMorgan Chase. Other notable premarket movers:

  • Urban Outfitters (URBN US) delivered quarterly results that look broadly in line with other apparel retailers, with a slowdown in lower-end brands and pressure on margins from markdowns, analysts say.
  • Frontier GroupHoldings (ULCC US) is resumed with an overweight rating at Morgan Stanley, with broker saying that the company is “the quintessential ultra-low-cost carrier” and has attractive margins.
  • Starbox (STBX US) shares jump as much as 30% in US premarket trading, with the Malaysian digital payments firm set for another day of gains after soaring in Tuesday’s Nasdaq Stock Market debut.

Stock futures were rangebound in muted volumes, as traders assessed the fact that directors at two of the Fed’s 12 regional branches favored a 100 basis-point increase in the discount rate in July. One of them, Minneapolis President Neel Kashkari, said US inflation is very high and the central bank must act to bring it back under control. All eyes remain on Fed officials as they head to Jackson Hole, Wyoming, this week for an annual conference, where Chair Jerome Powell will have a chance to reset investor expectations when he speaks on the economic outlook at 10am on Friday.

“We’ve been getting mixed signals from the Fed, highlighting risks of over-tightening but also concerns over still elevated inflation,” Madison Faller, global strategist at JPMorgan Private Bank, told Bloomberg Television. “It’s going to take more than one reading, we are going to have to see inflation fall over several months before we can really get a sense of whether a Fed pivot is on the way.”

According to an analysis of 13F reports by Goldman, last quarter hedge funds ramped up bets on megacap US tech stocks and whittled down overall holdings to concentrate on favored names, with conviction growing to levels last seen before the pandemic. The funds boosted tech and consumer discretionary holdings, while cutting energy and materials wagers, a trade which once again backfired spectacularly as tech crashed and energy soared. Since then however, the story has changed as Nasdaq 100 valuations rose well above the average for the past decade as the index soared from its June lows. The gauge remains under pressure, however, as higher rates weigh on the present value of future profits, hurting growth sectors like tech.

In Europe, the Stoxx 600 index edged lower, heading for a fourth straight day of declines, with retailers under pressure after US peer Nordstrom trimmed its full-year outlook. Luxury-goods giant Richemont surged after selling a stake in its online business. European natural gas prices increased, with outages at plants in the US and Norway adding to supply curbs from Russia. Here are some of the biggest European movers today:

  • Richemont shares rise as much as 3.3% after the luxury retailer announced the sale of its YNAP stake to US online retailer Farfetch, which was up 9.4% in US premarket trading
  • Tenaris gains as much as 3.3%, extending Tuesday’s 8.8% jump, with Banca Akros upgrading the company to buy from accumulate noting its outlook remains positive
  • ASR Nederland shares jump as much as 4.1% after the insurer reported interim results. KBC says the company delivered solid results despite headwinds from Non-Life segment
  • Lookers shares gain as much as 8%. The motor vehicle dealer’s pretax profit beat last year’s “exceptional performance” and was “comfortably ahead” of expectations, Peel Hunt (buy) says
  • CTS Eventim shares gain as much as 4% after the ticket seller’s 2Q results, with Jefferies pointing to a significant beat driven by ticketing
  • Norwegian fish farming stocks drop, led by Mowi, Leroy and Austevoll after the trio reported their respective quarterly results, with DNB expecting cuts to Mowi consensus estimates
  • Vimian shares sink as much as 14% to a record low after the animal health company reported 2Q results that saw only slight organic growth and a lower Ebita margin
  • Sydbank shares slide as much as 6.1% after the Danish lender’s latest results included a miss on net income, while saying its 2022 net profit will likely be in upper end of the previously reported range
  • Agfa-Gevaert shares decline as much as 11%, the most intraday since May 2021, despite a 2Q revenue beat as ING questioned the quality of the earnings

Earlier in the session, Asian stocks headed for a fifth day of declines, weighed down by losses in China, with investors trimming risky bets as they await clarity on the Federal Reserve’s policy path at the Jackson Hole meeting. The MSCI Asia Pacific Index dropped as much as 0.7%, set for its longest losing streak in two months. The consumer discretionary sector was the biggest drag. China’s CSI 300 Index slumped 1.9%, the most among regional benchmarks, with electric-vehicle linked shares leading the declines after CATL reported weaker battery margins. Fed Minneapolis President Neel Kashkari said US inflation is very high and the central bank must act to bring it under control, in the latest run of hawkish remarks by US officials. That, coupled with weak US business activity data overnight, renewed concerns about global growth as central bankers gather for an annual symposium in Jackson Hole. 

“We could see more short-term pressure on equities, starting in the US. This could also spill over to Asia given that corporate earnings in APAC are relatively sensitive to the region’s export performance,” said Tai Hui, APAC chief global market strategist at JP Morgan Asset Management. “We expect market sentiment to remain cautious as we approach the Jackson Hole meeting.”   In addition to a flurry of earnings this week from the region’s heavyweights, investors are also closely watching the impact of a drought in China that has led to shutdown of factories. 

Japanese equities ended lower, erasing earlier gains, as investors assess the potential for further tightening by the Federal Reserve to fight inflation.  The Topix Index fell 0.2% to 1,967.18 as of market close Tokyo time, while the Nikkei declined 0.5% to 28,313.47. Sony Group Corp. contributed the most to the Topix Index decline, decreasing 1.4%. Out of 2,170 stocks in the index, 1,165 rose and 861 fell, while 144 were unchanged. “The key point to watch on the Jackson Hole is whether Powell will be hawkish, or a little less hawkish,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank.

India’s benchmark equities index closed slightly higher, after seesawing between gains and losses several times throughout the day, helped by an advance in lenders.  The S&P BSE Sensex rose 0.1% to close at 59,085.43 in Mumbai, after falling as much as 0.5% earlier in the session. The NSE Nifty 50 Index added 0.2%.   ICICI Bank Ltd. provided the biggest boost to the Sensex, which saw 16 of the 30 member stocks ending higher. Fourteen of 19 sectoral sub-indexes compiled by BSE Ltd. rose, led by a gauge of realty companies.  Investors will focus on Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday for a sense of how aggressive the US central bank will be in the face of weak economic trends.  “Market strategists blamed the three-day losing streak in U.S. stocks on a number of factors, including nerves ahead of Federal Reserve Chairman Jerome Powell’s speech on Friday, combined with a drumbeat of downbeat economic news, along with anxieties about rising Treasury yields and a stronger U.S. dollar,” Deepak Jasani, head of retail research at HDFC Securities Ltd., wrote in a note. 

In FX, the Bloomberg Dollar Spot Index was little changed and the greenback advanced against most of its Group-of-10 peers. Treasuries advanced, outperforming European peers, amid some paring of Fed rate hike bets. The euro traded in a narrow range around $0.950. Germany’s 10-year yield climbed to the highest since July 1 as money markets added to ECB rate-hike wagers before paring most of that rise. The pound slipped against the dollar and was steady versus the euro. Gilts underperformed with UK 2-, 5 and 30-year yields extending their advance to the highest since 2008, 2011 and 2014 respectively, before paring; the 10-year yield rose to the highest in two months.

In rates, Treasuries were mixed with 20-year sector outperforming, and broader market faring better than UK and euro-zone bond markets, where a full point of ECB hikes by October is priced in for the first time with energy seen adding to inflationary pressures. The 10Y TSY yield rose modestly to 3.05% after trading north of 3.00% all session. The New 2-year is ~1bp richer on the day with UK 2-year cheaper by ~15bp, German 2-year by ~6bp; 20-year Treasuries are richer by ~1bp outright and ~2bp on the 10s20s30s fly. The US Treasury auction cycle resumes with $45b 5-year at 1pm ET, concludes with $37b seven-year Thursday; Tuesday’s 2-year sale tailed by 1.4bp.

In commodities, WTI crude drifted above $94 a barrel, bolstered by shrinking US stockpiles and possible OPEC+ output cuts.

Bitcoin is incrementally softer but resides towards the mid-point of relatively contained parameters and remains comfortably above the USD 21k mark.

Looking at the day ahead now, and data releases from the US include the preliminary durable goods orders and core capital goods orders for July, along with pending home sales for that month too. Otherwise, earnings releases include Nvidia, Salesforce and Royal Bank of Canada.

Market Snapshot

  • S&P 500 futures little changed at 4,133.25
  • STOXX Europe 600 little changed at 431.26
  • MXAP down 0.5% to 157.88
  • MXAPJ down 0.6% to 512.64
  • Nikkei down 0.5% to 28,313.47
  • Topix down 0.2% to 1,967.18
  • Hang Seng Index down 1.2% to 19,268.74
  • Shanghai Composite down 1.9% to 3,215.20
  • Sensex little changed at 58,991.22
  • Australia S&P/ASX 200 up 0.5% to 6,998.12
  • Kospi up 0.5% to 2,447.45
  • German 10Y yield little changed at 1.32%
  • Euro down 0.2% to $0.9949
  • Gold spot up 0.1% to $1,750.10
  • U.S. Dollar Index little changed at 108.65

Top Overnight News from Bloomberg

  • Federal Reserve Bank of Minneapolis President Neel Kashkari said US inflation is very high and the central bank must act to bring it back under control
  • The head of macro and FICC research at Sweden’s biggest lender, SEB AB, has urged the Riksbank to stop selling off its own currency because it risks hurting the economy
  • The latest round of euro weakness has resulted in a series of bearish options structures for hedge funds and macro accounts. First stop for the common currency could be the $0.98 handle
  • The world’s largest pension fund said its equity investments based on environmental, social and governance criteria have outperformed as global stocks slump on concerns over inflation and monetary tightening
  • Oil rose for a second day as an industry report signaled another drawdown in US crude inventories, adding to a tightening supply outlook after Saudi Arabia flagged possible cuts to production
  • The UK imported no fuel from Russia for the first time on record in June as the government achieved its ambition to phase out all purchases of natural gas and oil in the wake of the invasion of Ukraine

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks were mixed and only partially shrugged off the lacklustre lead from global counterparts. ASX 200 reclaimed the 7,000 level and was led by the tech and commodity-related sectors although gains were capped amid another busy day of earnings releases. Nikkei 225 failed to sustain opening advances following reports that Japan is considering lowering the COVID employment subsidy. Hang Seng and Shanghai Comp declined with property names pressured by several bearish factors including weak developer earnings and a default warning by Guangzhou R&F Properties, while China is also reportedly probing real estate executives for possible law violations.

Top Asian News

  • China Securities Times noted that moderate CNY depreciation is positive for export competitiveness and that the widening US-China interest rate spread has a limited impact on CNY.
  • Hong Kong is considering a storm level 8 from 18:00 local time 11:00BST/06:00EDT which could result in a market closure on Thursday, according to Bloomberg.
  • Japanese PM Kishida announced to relax border rules on COVID and will waive tests for vaccinated passenger arrivals from September 7th, but added there was no decision yet on raising the number of daily arrivals, according to Reuters.

Cautious price action in European hours with fresh drivers limited and the docket sparse ahead of Jackson Hole commencing on Thursday (Powell Friday), Euro Stoxx 50 -0.1% Stateside, futures are in-fitting both directionally and in terms of magnitude, ES -0.1%. In Europe, the FTSE 100 is the marginal laggard with metals (ex-aluminium) under broad pressure as the USD gains momentum.

Top European News

  • Scottish Power CEO proposed to UK Business Secretary Kwarteng capping household energy bills at around GBP 2000/year which would need funding of over GBP 100bln over two years, according to FT citing sources.
  • ECB’s Rehn says the investigation phase for the digital EUR is expected to conclude in October 2023, will then determine whether to embark on actually building a digital EUR.
  • Ukraine Latest: US to Mark Kyiv’s Independence With New Arms
  • BNP Hires Zink Secher as Head of ESG Ratings Advisory for EMEA
  • Cineworld Short Seller Argonaut Says Shareholders to Get Nothing
  • Euro Traders Bet on Move Below $0.98 as Bold Wagers Also in Play

FX

  • DXY attempted to claw back some of Tuesday’s losses overnight but lost momentum at a current session peak of 108.81.
  • EUR is subdued as the bearish bias persists, GBP/USD is under similar mild pressure around (and marginally below) 1.1800.
  • Non US-dollars are all softer against the USD whilst havens JPY and CHF outperform.

Fixed Income

  • Initial pronounced EGB pressure briefly abated and brought benchmarks into positive territory; though, this failed to cement itself.
  • Gilts are leading the downside though are circa. 20 ticks off worst levels, complex cognisant of the upcoming Ofgem announcement and inflation/rate implications.
  • USTs are bucking the trend once more and are incrementally positive with 5yr issuance due and the curve incrementally steeper.

Commodities

  • WTI and Brent October futures have been grinding higher since the European entrance following an APAC session of consolidation.
  • Spot gold has been drifting higher after mounting the USD 1,750/oz mark.
  • Base metals are mixed with 3M LME copper lower but still north of USD 8,000/t, whilst aluminium outperforms.
  • US Private Inventory report (bbls): Crude -5.6mln (exp. -0.9mln), Cushing +0.7mln, Gasoline +0.3mln (exp. -1.5mln), Distillates +1.1mln (exp. +0.6mln).
  • Canada and Germany signed a hydrogen alliance deal to accelerate exports of Canadian hydrogen to Germany by 2025, according to Reuters.
  • Russia’s Sakhalin has scrapped a gas shipment to a buyer due to a payment issue, via Bloomberg.
  • Major oil traders and some producers have ceased direct sales of crude to India’s Nayara energy amid concerns regarding Russian sanctions, according to Reuters sources.
  • American Automobile Association says that US diesel pump prices have climbed for the first time since mid-June.
  • Indonesia extends the palm oil export levy waiver until October 31st, according to the Trade Minister.

US Event Calendar

  • 07:00: Aug. MBA Mortgage Applications, prior -2.3%
  • 08:30: July Durable Goods Orders, est. 0.8%, prior 2.0%; Durables-Less Transportation, est. 0.2%, prior 0.4%
    • July Cap Goods Orders Nondef Ex Air, est. 0.3%, prior 0.7%
    • July Cap Goods Ship Nondef Ex Air, est. 0.5%, prior 0.7%
  • 10:00: July Pending Home Sales (MoM), est. -2.6%, prior -8.6%; YoY, est. -21.4%, prior -19.8%

DB’s Tim Wessel concludes the overnight wrap

Despite the best efforts of data releases, US rates markets just do not want to fundamentally re-price the outlook until Chair Powell’s remarks this Friday at Jackson Hole (and, to an extent, the next round of employment and inflation data before the September FOMC). Our US economists have published a preview for his remarks (link here), with the one-line takeaway being they are looking for the Chair to fill in reaction function details. These being my last hours on the clock before the Chair’s remarks (as we here at EMR HQ navigate the summer holiday minefield that my inbox stuffed with automatic out-of-office replies suggest is ubiquitous across the financial sector) I can’t help but leave you, dear reader, with my final thoughts. The retracement of every rally following downside data surprises, along with the build up in short policy futures positions, suggests that the market is looking for a very hawkish tone from the Chair. That a priori expectations are for such hawkish messaging, the bar to clear for rates to selloff further is that much higher. It does not seem like the Chair can deliver the sort of shock necessary to drive a material re-pricing of policy, especially with inflation and employment data still due before the September FOMC, but time will tell. The case that a hawkish shock is to come is that the Chair most frequently has to speak publicly on behalf of the Committee, and this is his opportunity to slant his remarks towards his own personal bias. The Chair may well personally weigh the balance of risks toward worse inflation outcomes, but let’s see if his lean is strong enough to satiate the market’s appetite.

The latest example of rates markets retracing back to their starting point came yesterday, when PMIs, the Richmond Fed Manufacturing Index, and New Home Sales all missed to the downside in quick succession. In particular, the Services PMI (44.1 v 49.8 expected) fell to its lowest on record outside of the pandemic, with the survey showing weakness across new sales, new orders, and employment elements, along with abating price pressures. Nevertheless, respondents were optimistic about the path ahead, not making it any easier for market participants to disentangle signal from noise. Rounding out the other morning data, Manufacturing PMI fared better than Services, printing at 51.3 vs. 51.8 expected, still leaving the Composite at 45.0, its worst reading since February 2021. The Richmond Fed Manufacturing index was -8 vs. -2 expectations, while there were 511k new home sales in July vs. 575k expectations, another print on the downbeat for US housing markets.

Following the lackluster data, 2yr Treasury yields fell -11.8bps peak-to-trough, only, as intimated, to stage a retracement to end the day a mere -1.0bp lower. Similarly, 10yr Treasury yields were -9.3bps lower, peak-to-trough, but retraced with more vigor, nearly returning to intraday highs, ultimately closing +3.2bps higher at 3.05%. The S&P 500 followed a similar cadence, staging an initial bad-news-is-good-news rally following the data, increasing +0.53%, reverting to a narrow range just in the red the rest of the day, finishing down -0.22%. The NASDAQ danced to the same tune, but was even more reluctant to re-evaluate the outlook, closing perfectly flat, day-over-day. Futures are currently lower as we go to press, with the S&P 500 (-0.37%), NASDAQ 100 (-0.46%) and DAX (-0.65%) all in the red.

Most European assets were similarly subdued, with 10yr bunds (+1.2bps), OATs (+2.0bps), and BTPs (+1.8bps) trading near the prior day’s levels. The bund curve also twist steepened, with 2yr yields falling -3.8bps. Risk fared a touch worse; the STOXX 600 fell -0.42% and the DAX was -0.27% lower. Eurozone PMIs were a bit stronger than US counterparts, across Manufacturing (49.7 vs. 49.0), Services (50.2 vs. 50.5), and the Composite (49.2 vs. 49.0). Meanwhile, consumer confidence bounced back from record lows set in July, printing at -24.9 (vs. -28.0). Sentiment in Europe was boosted by a slight retrenchment in energy prices; German power fell -1.92%, the first daily decline in more than two weeks, while natural gas futures were -2.78% lower. The euro was able to temporarily break through parity versus the US dollar after the weak US data, but finished the day below the mark at $0.997.

Gilt yields increased more than other core sovereign bonds, with 2yr yields +9.8bps higher and 10yr benchmarks +6.1bps higher. UK Manufacturing PMI registered a poor 46.0 (vs. 51.0), though Services (52.5 vs. 51.6) and the Composite (50.9 vs. 51.0) fared better. However, the fear that UK inflation will continue to present a large problem is forcing gilts to underperform. On top of that, the threat of looming labour strife only intensifies the risks ahead. The FTSE 100 underperformed, falling -0.61%.

Following headlines from the Saudi energy minister yesterday, Brent crude oil rallied +3.39% closing above $100/bbl for the first time since late July. While progress on the Iranian nuclear deal still seemed positive, up to nine OPEC+ members confirmed they would support production cuts if Iranian supply came back online or if the global economy entered a recession, fueling the rally.

Overnight, Asian equity markets are again slipping into the red this morning amid growth fears. The Hang Seng (-1.49%) is leading losses with the Shanghai Composite (-1.38%), the CSI (-0.63%) and the Nikkei (-0.40%) all trading in negative territory. Elsewhere, the Kospi (+0.02%) is oscillating between gains and losses after opening higher.

Moving on to FX news, the Chinese Yuan (-0.42%) fell to its weakest level in almost two years against the US dollar, trading at 6.86 per dollar, as the PBOC looks to ease policy to support the economy while property sector troubles remain top of mind.

Minneapolis Fed President Kashkari in an overnight speech reiterated the need for more aggressive rate hikes to control inflation and sees another two full percentage points by the end of next year. Kashkari downplayed the two-sided risk of Fed tightening that has permeated recent discourse, noting that if inflation were at 4%, he would be willing to consider a more gradual path to avoid the risk of overdoing tightening. Alas, it is not.

To the day ahead now, and data releases from the US include the preliminary durable goods orders and core capital goods orders for July, along with pending home sales for that month too. Otherwise, earnings releases include Nvidia, Salesforce and Royal Bank of Canada.

END

AND NOW NEWSQUAWK

Cautious equity action with drivers limited, USD recoups & EGBs/USTs diverge – Newsquawk US Market Open

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WEDNESDAY, AUG 24, 2022 – 06:38 AM

  • Cautious price action in European hours with fresh drivers limited and the docket sparse ahead of Jackson Hole commencing on Thursday (Powell Friday), Euro Stoxx 50 -0.1%
  • Stateside, futures are in-fitting both directionally and in terms of magnitude, ES -0.1%.
  • DXY has recouped some of Tuesday’s pressure, but has failed to make much ground above 108.80; GBP lags while havens outperform
  • Initial pronounced EGB pressure briefly abated and brought benchmarks into positive territory; though, this failed to cement itself
  • Crude benchmarks continue to grind higher while spot gold is steady and base metals are mixed
  • Looking ahead, highlights include US Durable Goods, Ukraine Independence Day, Supply from the US.

As of 11:10BST/06:10ET

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

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LOOKING AHEAD

  • US Durable Goods, Ukraine Independence Day, Supply from the US.
  • Click here for the Week Ahead preview.

GEOPOLITICS

RUSSIA-UKRAINE

  • Zaporizhzhia regional administration head confirmed that Russian strikes hit the city of Zaporizhzhia in Ukraine, according to Twitter sources.
  • US is to announce USD 3bln arms package to Ukraine, according to AP.
  • Norway’s Defence Ministry said Norway and Britain joined forces to donate Black Hornet micro-drones to Ukraine, according to Reuters.
  • Ukrainian President Zelensky says they will recapture the eastern region of Donbass and Crimea, whatever the path will be. On how the war is seen ending, says: “we used to say peace, now we say victory”
  • Russian Defence Minister Shoigu says the “special operation” in Ukraine has slowed down to avoid civilian casualties, according to Tass.
  • US Deputy Secretary of Treasury says has seen “no evidence” of Indian companies circumventing sanctions on Russia, according to Business Standard citing PTI.

OTHER

  • US military said it conducted strikes in Syria targeting facilities used by groups affiliated with Iran’s IRGC, according to Reuters.
  • US officials expect to respond to Iran’s comments on a European draft proposal by Wednesday and anticipate another round of negotiations in Vienna to finalize the details of a potential deal will likely be needed, according to Washington Post.

EUROPEAN TRADE

EQUITIES

  • Cautious price action in European hours with fresh drivers limited and the docket sparse ahead of Jackson Hole commencing on Thursday (Powell Friday), Euro Stoxx 50 -0.1%
  • Stateside, futures are in-fitting both directionally and in terms of magnitude, ES -0.1%.
  • In Europe, the FTSE 100 is the marginal laggard with metals (ex-aluminium) under broad pressure as the USD gains momentum.
  • Click here for more detail.

FX

  • DXY attempted to claw back some of Tuesday’s losses overnight but lost momentum at a current session peak of 108.81.
  • EUR is subdued as the bearish bias persists, GBP/USD is under similar mild pressure around (and marginally below) 1.1800.
  • Non US-dollars are all softer against the USD whilst havens JPY and CHF outperform.
  • Click herefor more detail.

Notable FX Expiries, NY Cut:

  • Click here for more detail.

FIXED INCOME

  • Initial pronounced EGB pressure briefly abated and brought benchmarks into positive territory; though, this failed to cement itself.
  • Gilts are leading the downside though are circa. 20 ticks off worst levels, complex cognisant of the upcoming Ofgem announcement and inflation/rate implications.
  • USTs are bucking the trend once more and are incrementally positive with 5yr issuance due and the curve incrementally steeper.
  • Click here for more detail.

COMMODITIES

  • WTI and Brent October futures have been grinding higher since the European entrance following an APAC session of consolidation.
  • Spot gold has been drifting higher after mounting the USD 1,750/oz mark.
  • Base metals are mixed with 3M LME copper lower but still north of USD 8,000/t, whilst aluminium outperforms.
  • US Private Inventory report (bbls): Crude -5.6mln (exp. -0.9mln), Cushing +0.7mln, Gasoline +0.3mln (exp. -1.5mln), Distillates +1.1mln (exp. +0.6mln).
  • Canada and Germany signed a hydrogen alliance deal to accelerate exports of Canadian hydrogen to Germany by 2025, according to Reuters.
  • Russia’s Sakhalin has scrapped a gas shipment to a buyer due to a payment issue, via Bloomberg.
  • Major oil traders and some producers have ceased direct sales of crude to India’s Nayara energy amid concerns regarding Russian sanctions, according to Reuters sources.
  • American Automobile Association says that US diesel pump prices have climbed for the first time since mid-June.
  • Indonesia extends the palm oil export levy waiver until October 31st, according to the Trade Minister.
  • Click here for more detail.

NOTABLE HEADLINES

  • Scottish Power CEO proposed to UK Business Secretary Kwarteng capping household energy bills at around GBP 2000/year which would need funding of over GBP 100bln over two years, according to FT citing sources.
  • ECB’s Rehn says the investigation phase for the digital EUR is expected to conclude in October 2023, will then determine whether to embark on actually building a digital EUR.

NOTABLE US HEADLINES

  • Fed’s Kashkari (2023 voter) said inflation is very high and it is the Fed’s job to curb it, while he added that they need to get the underlying inflation trend back down to 2% and it is very clear they need to tighten monetary policy. Kashkari also stated that half to two-thirds of US high inflation is driven by supply-side shocks and help is needed on the supply side to get inflation down, with the more help they get from the supply side, the less the Fed has to do and will be better able to avoid a hard landing. Furthermore, he said there is currently no trade-off between employment and inflation mandates and they can only relax on rate hikes when they see compelling evidence inflation is heading toward 2%.
  • Click here for the US Early Morning Note.

CRYPTO

  • Bitcoin is incrementally softer but resides towards the mid-point of relatively contained parameters and remains comfortably above the USD 21k mark.

APAC TRADE

  • APAC stocks were mixed and only partially shrugged off the lacklustre lead from global counterparts.
  • ASX 200 reclaimed the 7,000 level and was led by the tech and commodity-related sectors although gains were capped amid another busy day of earnings releases.
  • Nikkei 225 failed to sustain opening advances following reports that Japan is considering lowering the COVID employment subsidy.
  • Hang Seng and Shanghai Comp declined with property names pressured by several bearish factors including weak developer earnings and a default warning by Guangzhou R&F Properties, while China is also reportedly probing real estate executives for possible law violations.

NOTABLE APAC HEADLINES

  • China Securities Times noted that moderate CNY depreciation is positive for export competitiveness and that the widening US-China interest rate spread has a limited impact on CNY.
  • Hong Kong is considering a storm level 8 from 18:00 local time 11:00BST/06:00EDT which could result in a market closure on Thursday, according to Bloomberg.
  • Japanese PM Kishida announced to relax border rules on COVID and will waive tests for vaccinated passenger arrivals from September 7th, but added there was no decision yet on raising the number of daily arrivals, according to Reuters.

i)WEDNESDAY MORNING// TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 61.02 PTS OR 1.86%   //Hang Sang CLOSED DOWN 234.51 OR 1.20%    /The Nikkei closed DOWN 139.28 OR % 0.49.          //Australia’s all ordinaires CLOSED UP 0.60%   /Chinese yuan (ONSHORE) closed DOWN AT 6.8678//OFFSHORE CHINESE YUAN DOWN 6.8827//    /Oil UP TO 94.81  dollars per barrel for WTI and BRENT AT 101.10//    / Stocks in Europe OPENED MOSTLY ALL MIXED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

A good article on the yen by Bruce Wilds.  He questions whether the yen is about to resume its path lower. The Chinese economy plays a major part in the yen strength.

(Bruce Wilds)

Is The Yen About To Resume Its Path Lower?

TUESDAY, AUG 23, 2022 – 08:05 PM

Authored by Bruce Wilds via Advancing Time blog,

Much of the recent strength in the yen can be explained in one word and that is China. While I have seen no other currency watchers espouse this theory, I continue to contend the yen has become a major conduit by which wealth is being transferred out of China. This tight relationship can be seen each time trouble surfaces in China’s economy. When this happens the yen rises in value as wealth exits China through business back-channels. 

Let’s be frank, most economic watchers think the Chinese economy is in big trouble, this makes it logical many people would want to get their wealth out of the country. This, however, is easier said than done. China has very strict rules related to taking money in and out of the country.

These rules regulate the actions of individuals attempting to move money out of China. We can assume, that most people moving large amounts of money would rather go under the radar and avoid running into problems with the Chinese government.

A few other factors feed into the recent bounce in the yen but do not be surprised if this recent strength rapidly fades.

One factor playing into the bounce is the decline in the yen’s value over the last several months may have been a bit overdone. Another could be related to the fact energy prices have come down reducing the cost of imports needed to fuel the economy. Still, we are again beginning to see the yen slip down towards its lows and should be repaired to see it again slip into new low territory. 

Japan’s basic problems still remain.

As stated in an earlier post, higher interest rates are toxic to the highly indebted nation. Also, unfavorable demographics will continue to haunt the small island nation. Simply put, the fundamentals for Japan are lousy. Much of the risk of who gets hurt in the case of a falling yen or a default has shifted from the private sector to the Japanese public since the BOJ has continued splurging on JGBs.

The Japanese Government Is Heavily In Debt

As Japan continues down this path it is only a matter of time before the credibility of the BOJ is lost and the yen plunges. To support their stock market the BOJ has even gone to buying stock. When investors in Japan’s government bonds begin to believe that inflation is about to return it would be logical for owners of  Japanese debt to rush out of the low-yielding securities and buy foreign bonds or equities.

Unlike many other leading economies, Japan has been battling deflation or falling prices for the best part of the past two decades. We may have reached the point where reality has now taken hold. This has been a long time coming. When Japan crumbles it will be felt across the world and add to doubts about the whole fiat currency system.  

END

In Stunning Post-Fukushima Shift, Japan Revisits Nuclear Power As Global Energy Turmoil Worsens

WEDNESDAY, AUG 24, 2022 – 09:05 AM

Following the Fukushima disaster in 2011, nuclear power fell out of favor in Japan. But with global energy markets in turmoil and electricity bills skyrocketing, Prime Minister Fumio Kishida is revisiting the debate over nuclear and perhaps the need to increase investments in next-generation power plants.

FT reported Kishida had announced plans to examine the construction of new plants that would break more than a decade of energy policy following the Fukushima disaster, which led to an effort to eliminate nuclear. 

More recently, however, the Russian invasion of Ukraine disrupted global energy markets has forced Tokyo to reconsider nuclear because most of its energy needs are imported, with at least 9% of LNG from Russia. 

Kishida said energy officials would draw up concrete plans for future nuclear power plant projects by the end of this year. He also instructed officials to consider extending the lifespan of existing reactors beyond the current maximum lifespan of six decades. 

Japan’s energy policy is coming out of a decade of paralysis. The prime minister announced the restart of some plants to ensure grid stability earlier this year. 

… and here’s where the ears of uranium bulls perk up:

“Nuclear power and renewables are essential to proceed with a green transformation,” Kishida said. “Russia’s invasion changed the global energy situation.”

Since December 2020, we have recommended Uranium stocks because nuclear will sooner or later be accepted as one of the most stable “clean energy” sources of power in the green energy push. Unlike solar, wind, and hydro, which the world is figuring out this year, these renewable power sources aren’t as stable as previously thought. Nuclear will be the big winner in the decades ahead to decarbonize grids worldwide. 

Shares of uranium stocks from Cameco Corp. to Denison Mines Corp. are rising in US premarket trading on the news. The Global X Uranium ETF (URA) jumped as much as 4.5% in premarket. 

There’s a reason why Asia is rapidly building nuclear power plants: because it’s the future of decarbonized power grids. 

Infographic: Asia's Going Nuclear | Statista

Here are the countries that are most reliant on nuclear power

Infographic: The Countries Reliant On Nuclear Power | Statista

Environmental Advocate Michael Shellenberger recently noted in a piece called “Nations Go Nuclear As Prices Spike & Renewables Fail” that nuclear is one of the “safest ways to make reliable power.” 

  

end

3c CHINA

CHINA/POWER CRISIS

end

4/EUROPEAN AFFAIRS//UK AFFAIRS/

EUROPE/RUSSIA/UKRAINE

EU’ Borrell makes a frank statement that Europeans must bear the consequences of the Ukraine war.  He states that Putin is winning.

‘Weary’ Europeans Must ‘Bear Consequences’ Of Ukraine War As Putin Will Eventually Blink: EU’s Borrell

WEDNESDAY, AUG 24, 2022 – 04:15 AM

EU high representative and foreign policy chief Josep Borrell gave a surprisingly blunt assessment of the Ukraine war and Europe’s precarious position in an AFP interview published Tuesday, admitting that Russian President Vladimir Putin is betting on fracturing a united EU response amid the current crisis situation of soaring prices and energy extreme uncertainty headed into a long winter. 

Borrell’s words seemed to come close to admitting that Putin’s tactic is working on some level, or at least will indeed chip away at European resolve in the short and long run, given he chose words like EU populations having to “endure” the deep economic pain and severe energy crunch. He cited the “weariness” of Europeans while calling on leadership as well as the common people to “bear the consequences” with continued resolve.

Borrell explained to AFP that Putin sees “the weariness of the Europeans and the reluctance of their citizens to bear the consequences of support for Ukraine.”

But Borrell suggested that Europe will not back down no matter the leverage Moscow might have, particularly when it comes to ‘weaponization of energy’ – and called on citizens to continue to shoulder the cost. Who will blink first? …appears to be the subtext here. He urged: 

“We will have to endure, spread the costs within the EU,” Borrell told AFP, warning that keeping the 27 member states together was a task to be carried out “day by day.”

And yet, as some like Hungary’s Viktor Orbán have consistently argued since near the start of the Feb.24 invasion, it is inevitable that some will be forced to bear the “costs” much more than others. Already this is being seen with initiatives out of Brussels like rationing gas consumption, which has further led to scenarios like German towns and even residences being mandated to switch off lights or resources for designated periods at night. “More cold showers” – many are also being told.

As we round the corner of fall and enter the more frigid months, we are likely to only see more headlines like thisGerman cities impose cold showers and turn off lights amid Russian gas crisis.

Alarmingly, the AFP in commenting on Borrell’s assessment goes so far as to suggest Europeans must endure the costs of going “all in” on punitive anti-Russia actions and sanctions even if facing the prospect of deep recessions. Per the report:

Next week, Borrell will host meetings of EU foreign and defense ministers in Prague, hoping to shore up what has so far been a remarkably united diplomatic front against Russia’s aggression.

The EU member states, most of which are also NATO allies, have agreed a series of sanctions packages targeting Putin’s inner circle and sectors of the economy, including key oil exports.

But now, energy prices and inflation are soaring and several members, including economic powerhouse Germany, face the prospect of deep recessions.

Of course, Borrell’s call for common citizens to essentially ‘grin and bear it’ – even as everything from energy sanctions to billions in Western weapons shipments to Kiev has only thus far led to a grinding stalemated situation on the battlefield – is nothing new. 

Meanwhile, across the Atlantic…

Biden administration officials, and the US president himself, alongside allies from the UK to Germany to Poland to Baltic allies have long ago said the same. It’s basically the same message every time: policy elites call for “sacrifice” …even as the self-generating crisis only hits the lower and middle classes. 

end

BELGIUM/EUROPE/ENERGY CRISIS

This is rather shocking:  the Belgian PM warns duration to the energy crisis:  “next 5 to 10 winters will be difficult” as the crisis worsens and does not improve

(zerohedge)

Belgian PM Warns “Next 5-10 Winters Will Be Difficult” As Energy Crisis Worsens

WEDNESDAY, AUG 24, 2022 – 05:45 AM

Belgian Prime Minister Alexander De Croo might have spilled the beans about the duration of Europe’s energy crisis. He told reporters Monday, “the next 5 to 10 winters will be difficult.” 

“The development of the situation is very difficult throughout Europe,” De Croo told Belgium broadcaster VRT. 

“In a number of sectors, it is really difficult to deal with those high energy prices. We are monitoring this closely, but we must be transparent: the coming months will be difficult, the coming winters will be difficult,” he said. 

The prime minister’s comments suggest replacing Russian natural gas imports could take years, exerting further economic doom on the region’s economy in the form of energy hyperinflation.

Europe faces a historic energy crisis exacerbated by Russia’s war in Ukraine (and Western sanctions that have backfired). The continent heavily relies on Russia for its energy needs, importing about 40% of NatGas. At just 20% capacity with risks of going to zero next month, Russian supplies via Gazprom’s Nord Stream 1 have sent NatGas and power prices to record highs this week. 

European NatGas prices soared to a record high of 277 euros per megawatt-hour on Monday, about 15 times the average summertime price. Leon Izbicki, a commodity analyst at Energy Aspects Ltd., told Bloomberg if NS1 flows come to a halt in September, prices could rise to 400 euros per megawatt-hour. 

Bloomberg’s commodities reporter Javier Blas tweeted a map of day-ahead electricity prices across Europe. He called the prices “eye-watering, with lots of countries setting record highs for today.” 

The shift from Russian NatGas supplies has backfired for the 19-nation eurozone. Germany, Europe’s largest economy, could be headed for a recession that will bring down the rest of the continent. 

De Croo said Belgium and the eurozone must “support each other in these difficult times.”

Europe’s dark winter could be a yearly occurrence throughout this decade if the prime minister is right. The widely optimistic idea that the bloc could replace all Russian Natgas imports this year was a farce, and now European households must pay exorbitantly high power costs, forcing millions into energy poverty

Even though Germany admitted that it was a terrible mistake to become so dependent on cheap Russian energy — like a drug — how long does it take for Berlin to go back to its dealer [Moscow] for resupplies and defect from the rest of Europe because it doesn’t want to freeze to death this winter nor crash its economy.

UK

Knife attacks in the uK increasing

(Summers/EpochTimes)

“This Needs To Stop” – After Dip During Pandemic, UK Knife Crime Is Soaring

WEDNESDAY, AUG 24, 2022 – 03:30 AM

Authored by Chris Summers via The Epoch Times,

Heavyweight boxing champion Tyson Fury has called for “higher sentencing” for knife crime offenders after his cousin was stabbed to death at the weekend, but is knife crime really getting worse, and would longer sentences work?

Rico Burton, 31, died in Manchester Royal Infirmary on Sunday after being stabbed in the early hours outside a pub in Altrincham. A teenager was also injured in the incident.

Fury wrote on his Instagram account, which has 5.7 million followers:

“My cousin was murdered last night, stabbed in the neck this is becoming ridiculous … idiots carry knives. This needs to stop. Asap, UK government needs to bring higher sentencing for knife crime.”

Burton’s death came only days after 87-year-old Tom O’Halloran was stabbed to death as he rode a mobility scooter beside a busy road in west London.

O’Halloran’s was the 58th homicide in London, the vast majority of which were caused by bladed weapons.

An undated photo of Thomas O’Halloran, 87, who was murdered on his mobility scooter in Greenford, west London, on Aug. 16, 2022 (Metropolitan Police)

Last week the Mayor of London, Sadiq Khan, blamed violent crime in the capital on long, hot, sunny days.

Khan told LBC: “I’m afraid this summer we are seeing what we feared, which is an increase in violent crime … there are longer daylight hours, school holidays, a heatwave and so forth. We are working with the police to suppress that violence.”

The College of Policing said between 2014 and 2020, the number of violent crimes involving knives in England and Wales rose year-on-year but in the year ending March 2021 the Office for National Statistics (ONS) said it fell from 49,000 to 41,000 and the number of knife-related hospital admissions fell by 41 percent to 4,091.

The former Chief Constable of Greater Manchester Police, Sir Peter Fahy, sought to blame violent crime on a backlog of court cases, which he said had led to offenders spending more time on bail and reoffending.

Is This the ‘New Normal’?

Fahy told Sky News on Monday:

“The fact is that we saw a big reduction in knife crime and violence in general during the pandemic and I think the police is still trying to work out what has happened since then. Have we seen a real increase in violent crime or are we just coming to a new normal?”

But he doubted longer sentences would accomplish much, adding:

“Often when you’re talking about a random offence like knife crime where somebody chooses suddenly to pull out a knife, and they stab someone in the artery causing them to die, really it’s not in their mind how long of a prison sentence [they are] going to get.”

Knife crime is not a new problem in Britain, and nor are demands for longer sentences for offenders.

File photo showing a fleeing suspect clutching a knife moments after stabbing a man at the Notting Hill Carnival in London, England, on Aug. 29, 2011. (Oli Scarff/Getty Images)

In 2006 John Reid, who was the home secretary in Tony Blair’s Labour government, proposed introducing mandatory jail sentences for anyone carrying knives, including a maximum of five years.

Reid was speaking in the wake of the murder of off-duty special constable Nisha Patel-Nasri in northwest London. Her husband Fadi—who pretended to be distraught but was secretly having an affair—was later jailed for life for hiring a hitman to kill her.

Mandatory jail sentences were never introduced by the Labour government but the sentencing guidelines in England and Wales for possession of a knife have increased, from two years in 2006 to four years today. There remains no minimum sentence and some offenders escape with just a fine or a caution.

In 2016 the Scottish government allowed judges to jail people for up to five years for possessing knives, but in 2018 the Aberdeen Press and Journal reported the maximum sentence had only been used once.

Last month Craig Robson, 29, was jailed for 10 months for possessing a knife in the Scottish town of Hawick. Robson, who had been stabbed a fortnight before, claimed he carried the knife for his own protection.

Between year 2011 and 2018 the number of offenders who received an immediate prison sentence in England and Wales for carrying an offensive weapon had risen from 23 percent to 38 percent, and it remained stable until it fell to 31 percent in the year ending 2021.

The Office for National Statistics said the decrease was likely owing to the pandemic-related lockdowns and their knock-on effect on the criminal justice system, which saw an increase in backlogs and therefore fewer cases being sentenced.

When judges sentence in murder cases they are also entitled to increase the minimum tariff based on aggravating factors, one of which would be that the offender was carrying a knife and had not just grabbed a weapon on the spur of the moment.

A National Police Chiefs’ Council spokesman said, in an email to The Epoch Times:

“Tackling knife crime, reducing violence, and removing weapons from the streets are top priorities for policing. Proactive policing, speaking to local communities, weapons sweeps, and effective targeting of habitual knife carriers have played a role in the number of offensive weapon offences that are prosecuted. Every weapon removed from the streets is possibly a life saved.”

They added: “Preventing young people from carrying knives is not something that police forces can do alone—it requires schools, charities, the health service, and community groups to work together. Early intervention plays a vitally important role in stopping young people from getting involved in crime.”

end

: Why The Dutch Farmers Protest Could be Coming to Canada
Milan Sabioncello3:02 PM (0 minutes ago)to me———- Forwarded message ———
From: The Conservative Weekly<theconservativeweekly@substack.com>

Date: Wed, Aug 24, 2022 at 16:14

Subject: Why The Dutch Farmers Protest Could be Coming to Canada

To: <sabioncello@gmail.com>
Why The Dutch Farmers Protest Could be Coming to Canada

Let’s hope it does.
David BrighamAug 24
Trudeau, leading the fight to curb emissions is coming for Canadian Farmers. He is proposing a 30% reduction in the use of fertilizers by all farmers in an effort to reduce greenhouse gases. However, farmers are pushing back and calling on their brethren to stand against these ideas that ultimately harm the producers and the citizens of Canada.Canada is the eighth largest exporter of agricultural products, a major exporter of wheat and one of the worlds biggest producers of peas and beans. The result of these curbing rules will ultimately reduce the crop yield for these farmers, which coupled with the war in Ukraine, will have broad reaching effects.Source: AP Photo/Peter DejongThe proposal is part of the Canadian governments plan to reduce greenhouse emissions by 45% by year 2030. In the Netherlands the government is proposing a 50% reduction in ammonia emissions which will have detrimental effects on the yields coming from there. In Sri Lanka the government is on the verge of collapse after banning 100% of all fertilizer use within their agriculture industry.With a reduction in yields coming from Canada the world will have no choice but import from other countries. The country that will gladly take Canadas share of the market is none other than Russia. After years of liberals calling the right supportive of Russia, policies don’t lie.Liberal governments around the world are seething with control. Covid policies controlled the populations movement, bank freezes during the truckers protest controlled the ability to transact freely. Banning and reducing fertilizers around the world will increase food scarcity leaving the government to come in to control the movement of food. Guess who gets no food when that happens, same people who had their banks frozen and their movement controlled and monitored.Here is the bright side. The Canadian government has shown its hand and its capabilities, you can bet the people of Canada will learn from this for the next time.
.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS/

Biden Orders Airstrikes On ‘Iran-Backed’ Groups In Syria

WEDNESDAY, AUG 24, 2022 – 02:30 PM

The Pentagon has confirmed that President Biden ordered airstrikes on Iran-backed groups in Syria on Tuesday, following a series of reported attacks on a remote US base in eastern Syria and which appeared to also target ground allies being trained by American special forces. 

“At President Biden’s direction, US military forces conducted precision airstrikes in Deir ez-Zor Syria today. These precision strikes are intended to defend and protect US forces from attacks like the ones on August 15 against US personnel by Iran-backed groups,” a CENTCOM statement said

That prior incident from last Monday (8/15) occurred at what’s called the Green Village base near the Iraqi border. It involved a volley of rockets fired on the compound by an unknown entity, some of which failed to launch and were later recovered by US forces.  A prior statement from Operation Inherent Resolve (OIR) said the base has a “small number” of coalition troops, including Americans, and that the attack didn’t result in any casualties.

On that same day a week ago, two small drones attacked al-Tanf Garrison in southeast Syria, in what was suspected to be a possible coordinated attack. The US command never identified the group behind the missile attack, and the other similar recent episodes such as against Tanf base – which have also occurred sporadically over prior months. 

But the Pentagon views pro-Iran militia attacks which have previously happened over the years also in Iraq as part of a larger overall pattern in an attempt to push US forces out of the region. 

Concerning this fresh, and somewhat rare counter-strike, the Pentagon statement said that Biden “gave the direction for these strikes pursuant to his Article II authority to protect and defend US personnel by disrupting or deterring attacks by Iran-backed groups.”

The US military also called it a “proportionate, deliberate” action necessary to defend US forces on the ground. However it remains that of course from the perspective of Damascus (as well as Assad’s Iranian and Russian allies), the US military is occupying sovereign Syrian soil with hostile intentions. 

CNN provides some of the details of the US strikes based on its sources as follows

Buccino told CNN the US targeted a group of bunkers used for ammunition storage and logistics support by Iranian-backed groups in Syria. The US military monitored a total of 13 bunkers in the same complex extensively, Buccino said, totaling more than 400 hours of surveillance.

The strike was intended to target 11 of the bunkers, since the US could not be certain whether the other two bunkers were clear of people, Buccino said.

The statement further asserted that the strikes were then limited to just 9 of the bunkers because of a “small group of people nearby” that the operation did not intend to target. 

While Israel’s attacks on “Iranian militias” in recent years have been frequent, and have come under growing condemnation by Russia, such US aerial attacks inside Syria have remained much more uncommon.

end

Real map of what has happened over 6 months in the Ukraine

Inbox

Robert HryniakAttachments2:05 PM (50 minutes ago)
to

While this whole mess is deplorable, history repeats itself in what is the largest proxy war between the Collective West and Russia. And it should be noted that the West fights with increased debt levels while Russia is gaining huge surpluses in current accounts. And no, no one cares about Oligarchs who stole Russian wealth and parked it abroad. Everyone knows it will be seized and no in Russia will cry except perhaps those who lost, while being comforted that they still can regain wealth again. We can ask why does a proxy war justify such a effort and expenditure while people hunger and infrastructure falls apart lessening the standard of living? Why a citizen is being asked to believe that suffering for this disaster makes sense while accepting hardship is only explained by lies from politicians, not fit to serve. Reality will find its’ way to be heard this time around. Expect chaos and upheavals to stir daily, in minds next year.
The colored areas are what is under Russian control. Contrary to speculation about bogged down Russians, their steady and deliberate pace suggests otherwise. No one really knows what their timetable is and reality suggests their slow steady pace is actually advantageous simply because European economies are slowing imploding. The initial move towards Kiev was a feint that was bought into as there was no serious effort, not withstanding the losses incurred. That move disappeared as quickly as it came. And it is a method used many a many by armies in the past, and each had loss; think Dieppe, a true disaster for Canadians and known to be one serving a larger purpose. A slow deliberate artillery march is and will crush any fighting capability that the Ukraine has. This initially was a bigger force than Germany and Italy combined could muster. The true extent of equipment destruction is immense as is the reality that 70% of all equipment sent is being sold off in a black arms market. Will we ever learn who has gained the most from this terrible display of broken hegemony and greed?
Shortly, the realities of diminished food supply coupled with shuttered industry and all time highs for energy will result in chaos and anger that will be seen on the streets of Europe and into next year. And may well result in not just the breakup of the EU but the breakup of nations that make it up

.https://mail.google.com/mail/u/0?ui=2&ik=8d5df976d6&attid=0.1&permmsgid=msg-f:1742066742381827085&th=182d1078eab0d40d&view=att&disp=safe

Attachments area

END

6. GLOBAL ISSUES AND COVID COMMENTARIES

About time..

Federal Judge Protects The Religious Right Of Marines To Refuse COVID Vaccine

TUESDAY, AUG 23, 2022 – 09:05 PM

U.S. District Court of Florida Judge Steven Merryday issued an injunction this week against the Department of Defense and the U.S. Marine Corps, allowing US Marines with religious objections to refuse covid vaccine mandates imposed by the Biden Administration.

Liberty Council, a Christian religious rights law firm, sued Secretary of Defense Lloyd Austin and pursued class action relief on behalf of all U.S. Marines who were denied religious accommodations from the COVID shots. Some religious objectors refuse the vaccines citing research and development that may have involved aborted fetal cells.

Joe Biden attempted and failed to institute vaccine mandates for US businesses and their employees in 2021, but unfortunately this did not extend to soldiers in the US military.  Mandates have been fought in courts to varying degrees by current serving within different branches, but the pressure to comply has been extensive.  Many have sought religious exemptions, which have been used successfully with other vaccinations, but such rights have been utterly ignored when it comes to the covid mRNA vax.  

Keep in mind, new vaccines on average are tested for at least 10 to 15 YEARS before being released to for use by the US public.  There is no significant long term data on covid mRNA vaccines developed by companies like Pfizer beyond small studies run by the same pharmaceutical corporations that stand to make massive profits.  Some of these studies were only a few weeks to a few months long.  Vaccines with minimal testing are able to be administered to the public under emergency authorization from the government, which is what vax companies used to pump out millions of doses.

Vaccine advocates claim that the covid vaccines are “different” and that companies were able to “compress the timeline for study” because of the billions of dollars involved in Operation Warp Speed.  This is a misrepresentation of the facts.  There is no other precedence in modern vaccine history for such a swift release.  Long term testing is not only about money and meeting efficacy standards, it’s also about monitoring effects that may not be present in testing in short term studies, but could arise unexpectedly over time.  This is why no vaccine has ever been approved by the FDA for public use as quickly as the covid vaccines.

Even the mumps vaccine which was fast-tracked by the US government in 1963 took over 4 years to approve and was rolled out in 1967.  This was the fastest approval ever by the FDA until the covid vaccines came along and were rolled out within 10 months from testing to distribution.

The potential effects involved with mRNA technology are specifically concerning for this reason, and because they have never been used on the medical market anywhere in the world until the covid pandemic.  This is an issue consistently mentioned by one of the inventors of mRNA tech, Robert Malone, along with thousands of other scientists, and he has been consistently demonized for it in the mainstream media.  

In fact, there is NO ONE out there today that can say with any certainty what the long term effects of covid vaccines will be, because there are no long term studies to corroborate claims of safety.  At least, if there are long term studies (multi-year studies) on the Pfizer or Moderna vaccines, they have not been released.  

Maybe there will be limited effects, or no effects, or maybe there will be many.  Given the minimal average Infection Fatality Rate of covid, which is 0.23% according to dozens of independent peer reviewed studies, millions of people in the US including many in the military have determined that there is no reason for them to gamble on the jab.  Why take the chance on a vaccine with no long term data when the threat of death is so low, especially for younger people? 

Judge Steven Merryday issued the following injunction against the Department of Defense and the U.S. Marine Corps:

“The defendants are PRELIMINARILY ENJOINED (1) from enforcing against a member of the class any order, requirement, or rule to accept COVID-19 vaccination, (2) from separating or discharging from the Marine Corps a member of the class who declines COVID-19 vaccination, and (3) from retaliating against a member of the class for the member’s asserting statutory rights under RFRA (Religious Freedom Restoration Act).”

According to Liberty Counsel, the class includes:

“All persons on active duty or in the ready reserve (1) who serve under the command of the Marine Corps, (2) who were affirmed by a chaplain as harboring a sincere religious objection, (3) who timely submitted an initial request for a religious accommodation, (4) who were denied the initial request, (5) who timely appealed the denial of the initial request, and (6) who were denied or will be denied after appeal.”

This is a big win for individual liberty in the face of medical authoritarianism, and as the covid hysteria continues to subside perhaps people will finally realize how they allowed their fear to get in the way of reason.

END 

Paul Alexander..

.

Open in browser

Marjorie Taylor Green: US house representative Majorie Green “The House Must ‘Investigate’ and ‘Lock Up’ Dr. Anthony Fauci”; yes, I agree with her, investigate them all and take money and Jail them!

Green on fire with BANNON (WAR ROOM): if it is shown they did wrong, we have to go to proper public hearings, we do it properly, and if shown they did wrong, we jail them! I agree with Green!

Dr. Paul Alexander
Aug 24

We do not abuse power, but we ensure we investigate them all, properly, we investigate each of these policy makers in the entire COVID response and we want accountability! We check where every single dollar has gone in COVID relief! And jail those who did wrong!

For every death, we hold them to account, and not only the high level people, we investigate at every level!

They killed Americans across the board, our children, minority children etc., they harmed our police and military with these COVID injections.

SOURCE

Tedros, the corrupted dangerous WHO Director, worked with Francis Collins, Fauci, Birx, CDC, NIH, FDA et al. to topple a sitting POTUS; POTUS still does not know how well they subverted him!

Tedros and his 3.4% fatality rate! All the while blocking for China and it’s fraud ‘no human to human transmission’, with Fauci and his step stool; the foci of the Chinese takedown of POTUS TrumpDr. Paul AlexanderAug 24To understand the takedown of Trump, you have to understand China’s role in bringing the virus (with other players), unleashing it, and in the pandemic lockdown fraud they sold in conspiration with Francis Collins, Fauci, and Birx.

LLadany @lladany10. The WHO and, to some degree, the UN and WEF have effectively been turned into front organizations for the CCP, lending a cosmopolitan veneer to CCP narratives with a near-total disregard for the truth. 22/ August 23rd 2022

Staff Sgt. David Bellavia (WBEN), congressional medal award winner; interviews Dr. Paul Elias Alexander, August 22nd 2022; minute 25.45 on the devastating CDC mistakes and fraud; Fauci’s disasterGo to minute 25 and 45 seconds; I discussed the devastation failures of the CDC
Dr. Paul AlexanderAug 23
Bellavia
end

Fwd: 🚨 American Farmers Forced to Destroy Crops, Sell Livestock amid Water Restrictions

Inbox

Milan Sabioncello2:49 AM (4 hours ago)
to me

———- Forwarded message ———
From: Slay News<mail@slaynews.com>
Date: Wed, Aug 24, 2022 at 04:10
Subject: 🚨 American Farmers Forced to Destroy Crops, Sell Livestock amid Water Restrictions
To: Milan Sabioncello <sabioncello@gmail.com>

The latest reports from Slay NewsAmerican Farmers Forced to Destroy Crops, Sell Livestock amid Water RestrictionsAmerican farmers are being forced to destroy their own crops and sell off their livestock due to widespread water restrictions.READ MORE

Vaccine Impact



GLOBAL COMMENTARIES/SUPPLY ISSUES

Vaccine injury

(Vaccine injuries in the military)

Inbox

Milan Sabioncello2:32 AM (4 hours ago)
to me

https://www.theepochtimes.com/drastic-increase-in-non-infectious-diseases-in-military-explained-as-data-glitch-whistleblower_46812

end

MICHAEL EVERY//

Michael Every on the major topics of the day

Phil Marey

“The Market Is Convinced That Powell Will Cut Rates At The First Sign Of Trouble… And It’s Correct”

WEDNESDAY, AUG 24, 2022 – 12:51 PM

By Philip Marey, Senior US Strategist at Rabobank

Speculation about Powell’s speech at Jackson Hole continues to affect markets as the 10 year US treasury yield climbed further yesterday – now hovering around 3.05% – and EUR/USD remains below parity. The S&P500 lost 0.22%. Yesterday, we noted the sharp contrast between the Fed’s consistent message that in the current situation price stability has priority over full employment and the markets’ expectation of an early Fed pivot. By repeating this message during his speech scheduled on Friday, Powell is not likely to convince the markets. As long as he sticks to the Fed’s fairy tale that they can bring down inflation without causing a recession, the markets are likely to cling to the idea that the Fed will cut rates at the first sign of trouble.

In fact, the soft-landing story lacks any economic logic. The claim that wage pressures can be reduced by decreasing the ratio of job openings per unemployed, without substantially increasing unemployment, is wishful thinking on the Fed’s part. This ratio is a reflection of job matching efficiency, which can only be decreased through active labor market policies, such as training, as we explained repeatedly in our FOMC specials. This is outside the scope of the central bank, instead it is the job of federal, state and local governments, or businesses. A recession with a substantial increase in unemployment, terminating the wage-price spiral, is the only way to get inflation back to the Fed’s 2% target. Perhaps brutal honesty could realign Fed plans and market expectations.

Meanwhile, the PMIs provided by S&P Global painted a bleak picture for the global economy. In yesterday’s Global Daily we already noted that the French PMIs for August indicated the first economic contraction in 18 months.

The German manufacturing PMI surprised to the upside and rose to 49.8 in August from 49.3 in July. In contrast, the German services PMI headed deeper into contractionary territory, to 48.2 from 49.7. The composite PMI fell to 47.6 from 48.1. Consequently, S&P Global’s press release was titled “Downturn in German private sector economy deepens in August.” According to S&P Global, “The deepening downturn was linked by surveyed businesses to a combination of factors that included uncertainty, high inflation and rising interest rates, all of which weighed notably on demand.”

The Eurozone PMIs all deteriorated: the manufacturing PMI moved down slightly to 49.7 from 49.8, but there was a more substantial decline in the services PMI to 50.2 from 51.2. As a result, the composite PMI fell to 49.2 from 49.9. S&P Global’s title was “Eurozone business activity down for second month running as service sector growth grinds to a near-halt.” According to S&P Global, “cost of living pressures sapped demand in the service sector, leaving activity only just inside growth territory, while manufacturing remained in a downturn midway through the third quarter of the year.”

The UK PMIs had good and bad news. According to S&P Global, the UK private sector moved closer to stagnation in August, while inflationary pressures cooled slightly. While the services PMI was only slightly lower than last month, falling to 52.5 from 52.6, the manufacturing PMI collapsed to 46.0 from 52.1. Consequently, the composite PMI declined to 50.9 from 52.1. “The rate of expansion was the weakest for 18 months and pointed to only a marginal increase in output. The loss of momentum was often linked by panel members to relatively muted customer demand as well as shortages of both labour and inputs.” However, on the bright side “survey data signalled a further easing in the rate of input cost inflation across the UK private sector.”

The US PMIs were also disappointing. The manufacturing PMI fell to 51.3 from 52.2, but this is still in expansionary territory. However, the services PMI headed deeper into contractionary territory to 44.1 from 47.3. The composite PMI declined to 45.0 from 47.7. According to S&P Global, “US private sector firms signalled a sharper fall in business activity during August. The decrease in output was the fastest seen since May 2020. The rate of contraction also outpaced anything recorded outside of the initial pandemic outbreak since the series began nearly 13-years ago.” To make things worse, US new home sales plunged by 12.6% in July after a 7.1% drop a month earlier. This is yet another data point confirming the weak state of the housing market.

Relatively good news came from Eurozone economic confidence, which unexpectedly improved to -24.9 in August from -27.0 in July. However, this is still worse than the lowest point during the outbreak of COVID (-24.5), which was already below the troughs of the Global Financial Crisis (-22.4) and the Eurozone sovereign debt crisis (-21.4).

In a Q&A session with the Wharton Minnesota Alumni Club, Minneapolis Fed President Kashkari said that the US economy is “at maximum employment and at very high inflation. So this is a completely unbalanced situation, which means to me it’s very clear: we need to tighten monetary policy to bring things into balance.” He added that “when inflation is 8 or 9 percent, we run the risk of unanchoring inflation expectations and leading to very bad outcomes that would have to cause us to have to be very aggressive – Volcker-esque –  to then re-anchor them.”

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

Are Iran And Russia Moving To Create A Global Natural Gas Cartel? | ZeroHedge

Inbox

Robert Hryniak5:05 PM (4 minutes ago)
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There are times when it is saddening to be correct well in advance of events. On the other hand it is the way one survives in a maze or fog or misinformation and propaganda. Very little reality gets reported any more and that is truly awful when real journalism has sold out for money.

Many months ago, i wrote about how a hegemony changing moment occurred when Iran, China, and Russia did a gas deal in the Caspian. At the time, i suggested that not only did the Middle East change but American hegemony in the Middle East was finished. Yes, finished for the foreseeable future, which is why the Middle East is changing as new alliances are struck and old ones forgotten as time and circumstances drives realities not bloated uninformed egos of bureaucrats diminished by i competence and a lacking of understanding “Real Politic”. 

In that writing i cautioned that a new hegemony block had been formed that would take months to crystallize into view and understanding. Many people assume we still live ina oil centric world not appreciating that it changed to being natural gas centric. Lot’s of cheap gas is what drives industry and powers not just power but is the basis of the modern nation. This will exist until a new form of energy comes to the scene less expensive than the natural gas of today. In this article you are seeing the pieces come together that overwhelm the mask of proxy conflict as a losing proposition in a conflict won not on a field of battle but a strategic one of relationships backed by the needed asset of the day, which happens to be natural gas. 

So it becomes laughable, if not treasonous to watch the senile teleprompter reader and his surrounding gang strip active military units of guns and ammo to send to the Ukraine to be sold off for profit for kickbacks; as only a fraction will ever be used in the Ukraine. The question is who benefits from this? Surely it is not the American people or frankly even the Collective West. Without a strong America where is there a balance to Russia or China or the 85% of the world of the So called Collective South? Where does even integrity or honesty of relationships or intent reside? And where is the unfettered trust in currency when even the use of currency is not safe from seizure or theft by banking cartels and the like. 

The next decade will be an ebb and flow as these games are played out causing chaos to abound as countries and people are encouraged to be pawns in the “great game”. Nothing will remain the same, so remember the good old days because they will never return. And we can all hope to find new ones in what comes to remember. 

Are Iran And Russia Moving To Create A Global Natural Gas Cartel?

WEDNESDAY, AUG 24, 2022 – 09:25 AM

Authored by Simon Watkins via OilPrice.com,

  • Russia and Iran are building the foundation for a potential natural gas cartel.
  • The Russia-Iran alliance aims to control as much of the two key elements in the global supply matrix as possible.
  •  “Gas is widely seen as the optimal product in the transition from fossil fuels to renewable energy, so controlling as much of the global flow of that will be the key to energy-based power over the next ten to twenty years”, according to a senior source who works closely with Iran’s Petroleum Ministry.

The US$40 billion memorandum of understanding (MoU) signed last month between Gazprom and the National Iranian Oil Company (NIOC) is a stepping stone to enabling Russia and Iran to implement their long-held plan to be the core participants in a global cartel for gas suppliers in the same mold as the Organization of the Petroleum Exporting Countries (OPEC) for oil suppliers. With a foundation in the current Gulf Exporting Countries Forum (GECF), this ‘Gas OPEC’ would allow for the coordination of an extraordinary proportion of the world’s gas reserves and control over gas prices in the coming years. Occupying the number one and number two positions in the world’s largest gas reserves table, respectively – Russia with just under 48 trillion cubic meters (tcm) and Iran with nearly 34 tcm – the two countries are in an ideal position to do this.  

The Russia-Iran alliance, as evidenced in the most recent multi-faceted MoU between Gazprom and the NIOC, wants to control as much of the two key elements in the global supply matrix – gas supplied over land via pipelines and gas supplied via ships in liquefied natural gas (LNG) – as possible. According to a statement last week from Hamid Hosseini, chairman of Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, in Tehran, after the Gazprom-NIOC MoU had been signed: “Now the Russians have come to the conclusion that the consumption of gas in the world will increase and the tendency towards consumption of LNG has increased and they alone are not able to meet the world’s demand, so there is no room left for gas competition [between Russia and Iran].” He added: “The winner of the Russia-Ukraine war is the United States, and it will capture the European market, so if Iran and Russia can reduce the influence of the United States in the oil, gas and product markets by working together, it will benefit both countries.”

The Gazprom-NIOC MoU, as initially analyzed by OilPrice.comcontains four key elements that are geared towards the build-out of a ‘Gas OPEC’.

  • One element is that the Russian state-backed gas giant has pledged its full assistance to the NIOC in the US$10 billion development of the Kish and North Pars gas fields with a view to the two fields producing more than 10 million cubic meters of gas per day.
  • A second element is that Gazprom will also fully assist with a US$15 billion project to increase pressure in the supergiant South Pars gas field on the maritime border between Iran and Qatar.
  • A third element is that Gazprom will provide full assistance in the completion of various liquefied natural gas (LNG) projects and the construction of gas export pipelines.
  • The fourth element is that Russia will examine all opportunities to encourage other major gas powers in the Middle East to join in the gradual roll-out of the ‘Gas OPEC’ cartel, according to a senior source who works closely with Iran’s Petroleum Ministry.  “Gas is widely seen as the optimal product in the transition from fossil fuels to renewable energy, so controlling as much of the global flow of that will be the key to energy-based power over the next ten to twenty years, as has already been seen on a smaller scale in Russia’s hold over Europe through its gas supplies,” he added. 

From a top-down perspective, the Russia-Iran alliance is focused on drawing in the overt or covert support for the Gas OPEC construct from other major producers in the Middle East regarded as undecided in committing to the Russia-Iran-China axis or to the U.S.-Europe-Japan axis. Qatar (with the world’s third-largest gas reserves of just under 24 tcm, and the top LNG supplier) has long been seen by Russia and Iran as a prime candidate for such a gas cartel, given that it shares the principal source of its ongoing prosperity with Iran in the shape of the 9,700 square kilometres (sq.km) reservoir that holds at least a combined 51 tcm of gas and 50 billion barrels of natural condensates. Iran has exclusive rights over 3,700 sq.km of this reservoir in its celebrated South Pars field (containing around 14 tcm of gas), with Qatar’s North Field comprising the remaining 6,000 sq.km (and 37 tcm of gas). 

A new cooperation accord was reached between Tehran and Doha in 2017 on the shared reservoir and beyond, as analyzed in depth in my latest book on the global oil markets. Since then, Qatar has overtly tried to avoid alienating either of the major two geopolitical power blocs. At the beginning of this year of Qatar’s Emir, Sheikh Tamim bin Hamad Al Thani, visited the White House, and in March he met with German economy minister, Robert Habeck, the latter visit being to discuss how Qatar could help alleviate bans on Russian gas into Europe. Prior to these visits, though, Qatar concluded a slew of long-term LNG supply deals with China that caused considerable concern in Washington (hence the visit of Al Thani to the U.S. in January). 

Over and above the need for a good relationship between Qatar and Iran to ensure the optimal functioning of their huge joint gas reservoir, Russia and Iran see another area of particular vulnerability in Doha’s political makeup that can be exploited in the building out of a Gas OPEC, and that is its dislike for its other neighbor, Saudi Arabia. The blockade of Qatar from 2017 to 2021 was orchestrated by Saudi Arabia and actively endorsed by the UAE, Bahrain, and Egypt initially, with later support coming from Jordan, Libya, and other smaller states. It has never been forgotten by Qatar, and nor has the support that was given to Doha during the period by Iran, and by Russia, both independently and via Turkey.

Together, Russia, Iran, and Qatar account for just under 60 percent of the world’s gas reserves, and they were the three countries instrumental in the founding of the GECF, whose 11 members control over 71 percent of global gas reserves, 44 percent of its marketed production, 53 percent of its gas pipelines, and 57 percent of its LNG exports. Its long-term mission statement agreed upon in Moscow, is to: ‘Enhance the role of GECF in the global energy scene in order to support the sovereign rights of Member Countries over their natural gas resources, to maximize their value for the benefit of their people, and to promote their coordination on global energy developments with a view to contributing to global sustainable development and energy security’.

There have long been statements on plans to enhance the depth of cooperation between GECF members to the degree that it becomes as powerful in the gas market as OPEC once was (before the 2014-2016 Oil Price War was instigated against the U.S. shale oil sector and lost by Saudi Arabia). As far back as October 2008, high-level figures from Russia, Iran, and Qatar met in Tehran to discuss trilateral cooperation and the possibility of forming a cartel of gas-exporting countries similar to OPEC. A key part of the reason why the idea has not been fully realized has been the unwillingness on the part of Qatar to firmly align itself to the Russia-Iran alliance, which means that the swing supply part of the gas supply matrix – LNG – had remained outside the control Moscow and Tehran. It is true that Iran has sufficient gas resources to eventually become an LNG superpower, and part of the Gazprom-NIOC deal is geared towards making that happen, but it is also true that this is a medium- to long-term project.

Shorter-term, though, there are signs that Qatar’s reticence to commit to Gas OPEC may be ebbing away. The critical feature of Doha’s economic plans is for it to stay as the number one exporter of LNG in the world, having lost that spot for a period relatively recently, and in this context, the long-term deals with China are enormously important to it. The early notable example – that set a template for subsequent deals – was the long-term purchase and sales agreement by the China Petroleum & Chemical Corp. (Sinopec) and Qatar Petroleum for 2 million tons per annum (mtpa) of LNG for a term of 10 years. Following these early deals with China, Qatar signed LNG supply agreements with Iranian (and Chinese and Russian) ally, Pakistan – specifically, a 10-year sale and purchase agreement for Qatar Petroleum to supply the Pakistan State Oil Company with up to 3 mtpa of LNG to various ports in the country. This agreement builds on the earlier deal signed in 2016 for Qatar to supply Pakistan with 3.75 mtpa of LNG and came at around the same time as close Pakistan ally, Bangladesh, made a similar deal with Qatar. 

END

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 WEDNESDAY morning 7:30 AM

Euro/USA 0.9925 DOWN  0.0041 /EUROPE BOURSES // MOSTLY MIXED 

USA/ YEN 136.83   UP  0.093 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.1771 DOWN   0.0059

 Last night Shanghai COMPOSITE CLOSED DOWN 61.02 POINTS OR 1.86%

 Hang Sang CLOSED DOWN 234.51 PTS OR 1.20% 

AUSTRALIA CLOSED UP  0.60%    // EUROPEAN BOURSES   MOSTLY ALL MIXED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES MOSTLY ALL MIXED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 234.51 PTS OR  1.20% 

/SHANGHAI CLOSED DOWN 61.02 PTS  OR 1.86% 

Australia BOURSE CLOSED UP 0.60% 

(Nikkei (Japan) CLOSED DOWN 139.28 OR 0.49%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1743.80

silver:$19.00

USA dollar index early WEDNESDAY morning: 108.86 UP 31  CENT(S) from TUESDAY’s close.

 WEDNESDAY  MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.45% UP 5  in basis point(s) yield

JAPANESE BOND YIELD: +0.222% DOWN 0    AND 3/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.56%// UP 5   in basis points yield 

ITALIAN 10 YR BOND YIELD 3.68  UP 47   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS

GERMAN 10 YR BOND YIELD: RISES TO +1.367% 

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY  

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

Euro/USA0.9969 UP  .0003   or 3 basis points

USA/Japan: 136.94 UP 0.200  OR YEN DOWN 20  basis points/

Great Britain/USA 1.1803  DOWN.0026 OR 26 BASIS POINTS

Canadian dollar DOWN .0009 OR 9 BASIS pts  to 1.2968

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.8596 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.8731

TURKISH LIRA:  18.15  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.222

Your closing 10 yr US bond yield UP 5  IN basis points from TUESDAY at  3.108% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.303 UP 5  in basis points 

Your closing USA dollar index, 108.50 DOWN 6 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 WEDNESDAY: 12:00 PM

London: CLOSED DOWN 16.60 PTS OR  0221%

German Dax :  CLOSED UP 25.83 POINTS OR 0.20%

Paris CAC CLOSED  UP 24.74 PTS OR 0.33% 

Spain IBEX CLOSED DOWN 26.90 OR 0.33%

Italian MIB: CLOSED UP 51.41 PTS OR  0.23%

WTI Oil price 93.28  12: EST

Brent Oil:  99.17 12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  59.89  DOWN 0  AND 2/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.367

CLOSING NUMBERS: 4 PM

Euro vs USA: 0.9961 DOWN .0005     OR  5 BASIS POINTS

British Pound: 1.1789 DOWN  .0041  or  41 basis pts

USA dollar vs Japanese Yen: 137.19 UP 0.449//YEN DOWN 45 BASIS PTS

USA dollar vs Canadian dollar: 1.2967 UP 0.0008  (CDN dollar, DOWN 8 basis pts)

West Texas intermediate oil: 94.99

Brent OIL:  101.42

USA 10 yr bond yield: 3.113 UP 6 points

USA 30 yr bond yield: 3.317  UP 6  pts

USA DOLLAR VS TURKISH LIRA: 18.16

USA DOLLAR VS RUSSIA//// ROUBLE:  59,89  down 0 AND    00 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 61.12 PTS OR 0.19 % 

NASDAQ 100 UP 36.07 PTS OR 0.28%

VOLATILITY INDEX: 22.76 DOWN 1.35 PTS (5.60)%

GLD: $163.25 UP $0.48 OR 0.29%

SLV/ $17.63 UP 1 CENTS OR 0.06%

end)

USA trading day in Graph Form

Stocks & Bond Yields Jump As Hawknado Holds Ahead Of J-Hole

WEDNESDAY, AUG 24, 2022 – 04:00 PM

More dismal data today (pending home sales and durable goods orders) sparked some ‘dovish’ moves in stocks BUT the hawkish un-pivot in STIRs was very evident again with both rate-hikes and the subsequent rate-cuts both shifting notably hawkish…

Source: Bloomberg

But stocks didn’t care as the algos bought the bad news (and gave it all back) before stabilizing and clinging to the green. The last hour saw the usual algo chaos with a quick buying-panic lifting The Dow green. Small Caps outperformed followed by Nasdaq and S&P…

Bonds saw more monkey-hammering with yields up 5-7bps across most of the curve but the 2Y underperforming (+10bps)…

Source: Bloomberg

10Y Yields are up 4 days in a row, pushing well above 3.00% to 2-month highs…

Source: Bloomberg

The 2Y yield rallied up to 3.40% – its highest since the FOMC meeting on June 15th…

Source: Bloomberg

The dollar rallied today, retracing around half of yesterday’s weakness…

Source: Bloomberg

Cryptos ended higher on the day with Bitcoin bouncing back up to $21,800…

Source: Bloomberg

Gold was relatively volatile today but ended higher…

EU NatGas topped EUR300/mWh for the first time in history. For context that is equivalent to a $510 barrel of crude oil…

Source: Bloomberg

Oil was very choppy today amid various Iran deal headlines and the DOE Inventory/Demand data, but ended higher with WTI near $95…

Retail pump prices continue to slide but it is due to turn higher soon (Diesel prices ended their near record losing streak today)…

Source: Bloomberg

Finally, we note that the US equity market’s term structure shows no signs of any expectations for excess volatility surrounding the Midterm elections

Source: Goldman Sachs

We suspect that will change soon…

I) / LATE MORNING//  TRADING//

END

ii) USA DATA//

USA durables goods orders flat//defense spending slumps

(zerohedge)

US Durable Goods Orders Disappointedly Flat In July As Defense Spending Slumps

WEDNESDAY, AUG 24, 2022 – 08:36 AM

After surging in June, US durable goods order growth was expected to slow in July (preliminary data) but it notably disappointed with no change from June (vs +0.8% MoM expected), which was revised up from +2.0% MoM to +2.2% MoM. That is the weakest print for durable goods orders since February and YoY growth slowed to just 9.4%

Source: Bloomberg

Ex-Transports, durable goods orders rose 0.3% MoM (better than the +0.2% expected)

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, rose 0.4% after an upwardly revised 0.9% advance.

Bookings for defense aircraft and parts plunged nearly 50% – dragging down the overall durable goods measure – the biggest drop since Nov 2019…

Source: Bloomberg

Capital Goods New Orders Nondefense Ex Aircraft & Parts – a proxy for capital expenditure – was up solidly in the early July data (+0.4% MoM vs +0.3% MoM expected)

Of course, all of this data is nominal – not adjusted for inflation – so adjust your euphoria at the ‘economic’ strength accordingly.

END

USA pending homes sales down the most in 11 years

(zerohedge)

US Pending Home Sales Are Down Most Since 2011 YoY (Ex-COVID)

WEDNESDAY, AUG 24, 2022 – 10:05 AM

After yesterday’s dreadful collapse in new home sales (and Toll Brothers’ less than rosy picture overnight), analysts expected another monthly decline in pending home sales in July (though not as violent as the June plunge). They were right as pending home sales dropped 1.0% MoM (beating expectations of a 2.6% drop but that was largely driven by a downward revision for June data)…

Source: Bloomberg

This is the 8th monthly drop in the last 9 leaving sales down 22.5% YoY. Aside from the COVID lockdown, this is the biggest YoY drop since April 2011

Aside from the COVID lockdown crash, this is the weakest Pending Home Sales Index level since Oct 2011

Source: Bloomberg

The monthly bill on a typical home with a 20% down payment rose to $1,841 in the second quarter, according to a separate NAR report out earlier this month. That’s up 32%, or $444, from the first quarter and a 50% jump from a year earlier.

“This month’s very modest decline reflects the recent retreat in mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement.

“Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.”

Contract signings decreased in three of four regions, led by a 2.7% drop in the Midwest. Pending home sales rose in the West.

Pending home sales are often looked to as a leading indicator of existing-home purchases given properties typically go under contract a month or two before they’re sold.

Is this what Mr. Powell wanted?

END

Home Price Drops In Pandemic Boomtowns Could Be First Sign Of Coming Real Estate Turmoil

Tyler Durden's Photo

BY TYLER DURDEN

WEDNESDAY, AUG 24, 2022 – 03:45 PM

While new home sales plunged in July, inventory continues to build, and median prices for new homes are back near record levels, some of the frothiest real estate markets, i.e., pandemic boomtowns, are rapidly cooling. 

New data from online brokerage Redfin shows 70% of homes for sale in Boise, Idaho, had price drops in July, the highest share of price drops out of 97 metros in the report. Next was Denver, where 58% of homes for sale had a price drop, Salt Lake City (56.4%), and Tacoma, Washington (54.8%). 

“Individual home sellers and builders were both quick to drop their prices early this summer, mostly because they had unrealistic expectations of both price and timelines,” said Boise Redfin agent Shauna Pendleton.

Pendleton added: “They priced too high because their neighbor’s home sold for an exorbitant price a few months ago, and expected to receive multiple offers the first weekend because they heard stories about that happening.” 

As the winds in the pandemic boomtown shifted this summer, she advised sellers to “price their home correctly” to market conditions and understand things are slowing. 

The common denominator in all of these cities is that an influx of demand during the early days of the pandemic sent home prices quite literally ‘through the roof’ because city-dwellers figured out they could remote work to low-cost areas. 

Now the boom is ending in the frothiest of markets because the Federal Reserve’s most aggressive interest rate hikes in years to quell the highest inflation in four decades has sent mortgage rates north of 5% in such a short period, sparking what we’ve been warning about for months of an emerging affordability crisis. 

So how could the housing downturn play out? Well, pandemic boomtowns could be the first domino to fall.

 Meanwhile, the overall US housing market seems to be stalling as sales in July plunged. 

What’s troubling is inventory across the country is soaring back to 2008 levels. 

… at a time when US home prices are at near record highs (what could go wrong?). 

Pay attention to price drops in pandemic boomtowns because they could signal what’s to come for the rest of the housing market.  

END

iii)USA economic commentaries

A very important commentary: we are about to see a Tsunami of shutoffs.  Twenty million USA homes are well behind in their power bills

(zerohedge)

“Tsunami Of Shutoffs”: 20 Million US Homes Are Behind On Power Bills

WEDNESDAY, AUG 24, 2022 – 08:10 AM

At least 20 million households — or about 1 in 6 American homes — are behind on their power bills as soaring electricity prices spark what is said to be the worst-ever crisis in late utility payments, according to Bloomberg, citing data from the National Energy Assistance Directors Association (Neada).

Neada said electricity prices had increased significantly since 2020 after a decade of stagnation. The steep rise has resulted in billions of dollars in overdue power bills.  

Electricity inflation is being propelled by soaring costs of fossil fuels, such as natural gas, coal, and petroleum.

NatGas fuels about 40% of the US power grid and soared to the highest levels since 2008 on Tuesday. 

The chart below shows for the two decades, real electricity prices were relatively flat, except for the commodity boom times around the 2008 GFC. Now CPI less energy has peaked, though electricity continues to rise to a blistering 30% year on year. 

Utility shutoffs have become more common across the US as some lower-tier households are thousands of dollars behind on their power bills. 

Jean Su, a senior attorney at the Center for Biological Diversity, which tracks utility disconnections across the US, warned of a “tsunami of shutoff” as the highest inflation in forty years eats away wages and has financially devastated the working poor.  

Adrienne Nice is one of those struggling Americans who is more than $3,000 behind on utility bills. Last month, she received a “final notice” from power company Xcel Energy Inc., who turned off the electricity to her studio apartment in Minneapolis as temperatures approached near triple digits. 

Nice found it near impossible to save money for utility expenses that have doubled over the past year as food, shelter, and gas prices have also skyrocketed. Her low-paying job as a housecleaner has left her in energy poverty. 

“I just don’t understand how electricity can be so high,” she said. 

Across the country, power companies reported a surge in non-payment customers. California’s PG&E Corp said there had been a 40% jump in the number of residential customers behind on payments since February 2020. New Jersey’s Public Service Enterprise Group said customers at least 90 days late have risen 30% since March. 

“People on the bottom, they can’t pay” their electricity bills, said Mark Wolfe, Neada’s executive director. 

Readers know that low-tier consumers are financially tapped out. They’ve maxed out credit cards, depleted savings, and have seen wage gains wiped out due to inflation. It comes as no surprise the US is becoming more like Europe, where energy poverty has doomed millions of households. 

It’s only a matter of time before the Biden administration starts handing out stimmy checks for electricity bills. 

end

Drought conditions now affecting 2/3 of the uSA

(zerohedge)

Drought Conditions Now Affecting Two-Thirds Of US

TUESDAY, AUG 23, 2022 – 11:45 PM

Human remains discovered at the shores of Lake Mead in May, July and August as its water levels are at historic lows are just the latest consequence of a prolonged drought gripping the United States. One of the bodies found was identified as a homicide victim who died around 40 or 50 years ago, spurring speculation that the person could have been a victim of mob crime that still was prevalent in nearby Las Vegas at that time.

As Statista’s Katharina Buchholz notessince late 2020, the United States has been experiencing unusually hot and dry weather. According to the U.S. Drought Monitor, extreme and exceptional drought affects the American West as well as Texas most, but stretches as far as Kansas, Nebraska, Montana and Massachusetts.

The extreme circumstances have spurred demand for water and cooling, leaving reservoirs emptier than usual. With the drought also comes a heightened risk of heat-induced medical emergencies and wildfires.

As of August 16, droughts of different levels of severity affect more than 66 percent of the area of the continental United States. The number has been above the 60-percent mark since October of 2020 with just two short breaks (82 out of 98 weeks).

Infographic: Drought Conditions Affect Two Thirds of U.S. | Statista

You will find more infographics at Statista

While it has risen this high before, it rarely stayed there for so long. During the drought of 2018, it exceeded the threshold for only five weeks. Between April 2012 and May 2013, droughts had affected more than 60 percent of the United States’ area for 60 weeks in a row and expanded to around 80 percent momentarily.

While fluctuating temperatures and very hot, very dry or very cold days are a normal phenomenon, these extreme weather events are expected to become more frequent and severe due to climate change. Scientist have connected the reoccuring drought in the Western U.S. to a changing climate, for example citing heatwaves that start earlier in the year and have become longer as well as stronger.

END

This is an excellent read

(Brandon Smith)

Should Red States Block Federal Agencies From Operating With Impunity? Blue States Do It

TUESDAY, AUG 23, 2022 – 10:45 PM

Authored by Brandon Smith via Alt-Market.us

The concept of “sanctuary cities” has long been implemented within predominantly leftist states in America. It’s not anything new. Any operations by DHS and ICE (Immigration and Customs Enforcement) within blue states to arrest and deport illegal immigrants are often met with aggressive resistance by Democrat run city governments.

Keep in mind that foreign individuals have no right under the constitution to reside in the US without first gaining citizenship. Leftists say they don’t care and are happy to welcome millions of illegals into the country with open arms in direct violation of laws protecting our borders as well as the stability of our economy and society. They do this NOT because they are naively humanitarian; rather, they see it as a means to import a massive voting block that will give leftists whatever they want because they believe they will get citizenship in exchange.

If they didn’t want millions of illegal votes, then Democrats would not be constantly attempting to block voter ID laws.

Obviously, the political left is openly hostile to federal agencies when those agencies happen to obstruct their agenda. Though it’s rare these days for blue states and the feds to be at odds, it does happen. ICE and other agencies might try to find ways around sanctuary status, but there is never any question of “treason” or “insurrection.” Blue state politicians don’t get raided or arrested as national enemies.

I bring up this issue because many readers have asked me to comment on the events at Mar-a-Lago and the FBI search of Donald Trump’s home. From the information I have seen, every president in history has been given access to classified information after they leave the White House, especially if they are planning to run for office again. One can debate the merits of this policy, but it is a policy just the same. Presidents also have sweeping authority to declassify documents and information when they feel it is justified. Meaning, if documents were found in Trump’s possession, it’s completely plausible that he simply declassified them before taking them.

The main leftist position is more about the nuances of how the documents are stored and if Trump followed proper procedures through NARA. While the secondary argument by leftists is basically that Trump is a criminal and should not be allowed the same access as other presidents (though impeachment failed and he has never been criminally charged). Until the information on the raid is unsealed we really have no idea if Trump actually had any dangerous or top secret documents in his possession. It’s all hypothetical at this point and the progressive media is running wild with the story simply because they hate Trump and are hoping against hope that this event will stop him from running for office in 2024, where Biden would be easily crushed.

My personal feeling on the issue is that people are missing the bigger picture. The Mar-a-Lago raid is much like the January 6th trials – It’s all a circus and a distraction. Nothing substantial will come from these events, it’s about optics and influencing public perception. If anything, the raid on Trump’s home makes him look MORE appealing to a large number of Americans who have grown tired of the apparent incompetence and chicanery of the Biden Administration. This event HELPS Trump in the long run instead of hurting him.

The only other possible scenario that makes sense here is that there will be an attempt to arrest Trump on thin charges. Such a move would be seen as purely political in nature and would enrage millions of Americans to the point of civil unrest. But maybe that’s the point…

I have never had much trust in Trump and I was always highly critical of the fact that he loaded his cabinet with known banking elites and globalists after attacking those same people during his election campaign. This article is not meant to defend Trump or admonish him. Frankly, I don’t care.

What I do care about, though, is the increasing tide of federal aggression and the use of federal agencies as a political club to intimidate or beat down opponents of the leftists and globalists. The FBI raid in Florida, is one example. Then there was the FBI seizure of PA congressman Scott Perry’s cell phone, and the Jan. 6th investigations in general are purely about intimidation and not about justice.

The message of the Jan 6th trials is this: Leftists are allowed to violently riot and burn buildings to the ground across the country. Conservatives are not allowed to do anything. If we do, then we will be rounded up for “insurrection.” At least, that’s what they want us to believe so that we self censor and live in fear of ever protesting again. We are at an impasse. There is no compromise to be had and no agreements to be made. They want us gone, and now we want them gone because they want us gone. This is not going to change.

Another growing concern among many Americans is the sudden explosion in agent recruitment at the IRS, with an implied need for agents that are willing to execute raids and violence. The “Inflation Reduction Act” which contains no measures that actually reduce inflation but does contain a climate change agenda, socialized healthcare measures and an extreme boost to the IRS.

The agency is slated to receive an $80 billion boost from the Inflation Reduction Act and the institution is now looking to hire 87,000 more employees. If the mission is to reduce inflation by using the IRS to steal more money from American consumers, then I guess that could work if they rob almost everyone, but it would also cause recessionary carnage and even more public discontent and anger.

Obviously, not all of the 87,000 new IRS agents will be field agents. Finding that many people with training that are also willing to risk their lives for the IRS would be exceedingly difficult. Many of them will be sitting at a desk, but thousands of them will be strapped and tasked with arrests and this is what worries people. The mainstream media claims that these new agents will be targeting “rich tax dodgers” but we all know better. The IRS was used extensively under Obama to put pressure on conservative organizations and individuals that were not “rich,” and there’s no reason to think Biden would not do the same thing.

The IRS even had to apologize for their biased activities against conservative groups as part of a legal settlement in 2017.

They’ve done it before and they’ll do it again, but this time with a massive payout from the Biden White House and probably more leeway to bend the law. So, with federal agencies being utilized even more as political weapons, should conservative states step in and block their operations? Blue states do it, why not red states? This is an apples to apples comparison and absolutely fair. I would say that what blue states are doing with illegal immigrants is highly destructive in comparison. Red states stopping alphabet agencies from using intimidation against conservatives who are legal citizens is far more justified.

This question leads to a whole gamut of conflicts for sure, and there will be endless cries by leftists of “treason.” But who really cares what they think? We realize that there is a double standard and it’s only expanding in the favor of social justice extremists that want to fundamentally disrupt and change the foundations of our country. Why should we play by their rules when they don’t play by any?

Red states should enforce a moratorium on federal agency operations until the threats of political abuse are addressed. It is not possible to reach an understanding with leftists at this time because they operate through a prism of zealotry. They cannot be reasoned with because they believe that everything they are doing is righteous and no violation of individual rights is off the table, so it is better to separate and prevent them from implementing malicious policies within our state borders until the conflict is resolved. Otherwise, a lot of people could get hurt.

END

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

Commercial Poultry Operation In California Detects First Bird Flu Case

WEDNESDAY, AUG 24, 2022 – 01:50 PM

The highly pathogenic H5N1 avian influenza outbreak continues to spread across North America, dashing hopes that warmer temperatures would halt the spread. 

The California Department of Food and Agriculture reported a commercial poultry flock of 34,000 birds in Fresno County detected bird flu. This is the first commercial flock infected in the state since the outbreak started in the US in January.

The birds at the commercial broiler breeder in Fresno were immediately euthanized to protect surrounding commercial flocks. 

H5N1 infections in both wild bird species and poultry are continuing around the country at a time when the virus should’ve peaked because of warmer weather. 

So far this year, 40 million wild aquatic birds, commercial poultry, and backyard or hobbyist flocks have been infected by the deadly virus in 39 states. 

Here are the latest reported outbreaks with multiple cases up and down the West Coast. 

“Whether migratory birds will cause additional introductions in the fall is ‘the million-dollar question,'” Bryan Richards, emerging disease coordinator at the US Geological Survey’s National Wildlife Health Center, told Science

Even though infections began to decline before summer, Richards said bird flu could circulate year-round, posing a permanent threat to poultry farming. 

So what does this mean for consumers? We outlined months ago that US egg production plunged to a seven-year low as millions of egg-producing hens were euthanized to prevent further virus transmission, sending egg prices at the supermarket sky-high.  

END

end

SWAMP STORIES

FBI Mar-a-Lago Warrant Had ‘No Legal Basis’: Constitutional Lawyers

WEDNESDAY, AUG 24, 2022 – 12:00 PM

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

Two constitutional lawyers who worked in the Bush and Reagan administrations say that the warrant used to search former President Donald Trump’s Mar-a-Lago residence had no legal basis.

A former president’s right under the Presidential Records Act supersedes the statutes the Department of Justice and FBI used to carry out the raid earlier this month, wrote David Rivkin Jr. and Lee Casey, who both served under Presidents Ronald Reagan and George H. W. Bush.

“The judge who issued the warrant for Mar-a-Lago has signaled that he is likely to release a redacted version of the affidavit supporting it. But the warrant itself suggests the answer is likely no—the FBI had no legally valid cause for the raid,” they wrote in the Wall Street Journal on Tuesday.

Earlier this month, federal Magistrate Judge Bruce Reinhart unsealed the warrant and property receipt, showing that it allowed FBI agents to obtain all “physical documents and records constituting evidence, contraband, fruits of crime, or other items illegally possessed in violation of 18 U.S.C. §§793, 2071, or 1519.”

And the materials that could be seized are “any government and/or Presidential Records created between January 20, 2017, and January 20, 2021,” which encompasses all of Trump’s presidential term.

As a result, the two scholars said that “virtually all the materials at Mar-a-Lago are likely to fall within this category” but “federal law gives Mr. Trump a right of access to them.”

“His possession of them is entirely consistent with that right, and therefore lawful, regardless of the statutes the FBI cites in its warrant,” Rivkin and Casey wrote.

“Those statutes are general in their text and application. But Mr. Trump’s documents are covered by a specific statute, the Presidential Records Act of 1978,” they said, adding that a Supreme Court decision in 1974 affirms their argument. “The former president’s rights under the [Presidential Records Act] trump any application of the laws the FBI warrant cites.”

The 1978 law, which was passed two years after former President Richard Nixon resigned, “lays out detailed requirements for how the archivist is to administer the records, handle privilege claims, make the records public, and impose restrictions on access,” they added. “Notably, it doesn’t address the process by which a former president’s records are physically to be turned over to the archivist, or set any deadline, leaving this matter to be negotiated between the archivist and the former president.”

In their opinion piece, the authors stated that because the FBI and Justice Department were satisfied with an additional lock being installed on a Mar-a-Lago storage room, the federal agencies “could and should have sought a less intrusive” method than a search warrant.

Read more here…

end

Biden White House Directly Facilitated FBI Mar-A-Lago Raid

WEDNESDAY, AUG 24, 2022 – 03:11 PM

While Biden administration officials have repeatedly denied prior knowledge of the FBI’s raid on Mar-a-Lago, journalist John Solomon reveals that the White House was at the ‘ignition point’ of the investigation – working directly with the Department of Justice and National Archives to facilitate the grand jury panel which led to the Aug. 8 raid.

According to Just the News, the coordinated effort allowed the FBI “to review evidence retrieved from Mar-a-Lago this spring and eliminat[e] the 45th president’s claims to executive privilege, according to contemporaneous government documents reviewed by Just the News.”

The memos show then-White House Deputy Counsel Jonathan Su was engaged in conversations with the FBI, DOJ and National Archives as early as April, shortly after 15 boxes of classified and other materials were voluntarily returned to the federal historical agency from Trump’s Florida home.

By May, Su conveyed to the Archives that President Joe Biden would not object to waiving his predecessor’s claims to executive privilege, a decision that opened the door for DOJ to get a grand jury to issue a subpoena compelling Trump to turn over any remaining materials he possessed from his presidency. -JTN

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=1562036364685840385&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fbiden-white-house-directly-facilitated-fbi-mar-lago-raid&sessionId=46b706e05c395fc5573d491db5770812aae9b0ae&siteScreenName=zerohedge&theme=light&widgetsVersion=31f0cdc1eaa0f%3A1660602114609&width=550px

The effort was summarized across several memos and emails exchanged throughout various agencies in spring 2022, with the most complete account contained in a lengthy May 10 letter from acting National Archivist Debra Steidel Wall to former President Trump’s lawyers.

“On April 11, 2022, the White House Counsel’s Office — affirming a request from the Department of Justice supported by an FBI letterhead memorandum — formally transmitted a request that NARA provide the FBI access to the 15 boxes for its review within seven days, with the possibility that the FBI might request copies of specific documents following its review of the boxes,” she wrote, revealing that Biden had empowered the National Archives to waive any potential executive privilege claims.

“The Counsel to the President has informed me that, in light of the particular circumstances presented here, President Biden defers to my determination, in consultation with the Assistant Attorney General for the Office of Legal Counsel, regarding whether or not I should uphold the former President’s purported ‘protective assertion of executive privilege,” the letter continues. “… I have therefore decided not to honor the former President’s ‘protective’ claim of privilege.

Read more here…

The King Report August 24, 2022 Issue 6829Independent View of the News
@SPGlobalPMI: Japanese private sector activity declined for the first time in 6 months in August, flash PMI results show (48.9; Jul: 50.2), as both services and manufacturing saw contractions in output amid falling customer demand. Read morehttp://ivity grows at slowest pace in 19 months – flash PMI https://t.co/o4lMPxge1V
 
Eurozone business activity down for second month running as service sector growth grinds to a near-halt   Data were collected 12-19 AugustFlash Eurozone PMI Composite Output Index at 49.2 (Jul: 49.9). 18-month low.Flash Eurozone Services PMI Activity Index at 50.2 (Jul: 51.2). 17-month low.Flash Eurozone Manufacturing Output Index at 46.5 (Jul: 46.3). 2-month high.Flash Eurozone Manufacturing PMI (3) at 49.7 (Jul: 49.8). 26-month low.https://www.pmi.spglobal.com/Public/Home/PressRelease/6ace18926b434f55ba7439efea300853
 
@SPGlobalPMI: This has left the (EZ) New Orders to Inventories Ratio at a level which has only been lower during the global financial crisis and the COVID-19 pandemic. This does not bode well for eurozone manufacturing output in the months ahead.  https://twitter.com/SPGlobalPMI/status/1562002100250361858
 
@SPGlobalPMI: The downturn in Germany’s private sector economy deepened in August, according to latest flash PMI data. At 47.6, the PMI fell to the lowest point in over two years amid growing uncertainty, high inflation and rising interest rates. Read morehttp://ow.ly/qcGz50KpYCU
 
@MacroAlf: Almost the entire European continent is now operating at electricity prices above EUR 600/MWh.  This is roughly equivalent to $1000 (!) per barrel of oil.  The last decade average cost of electricity was in the EUR 20-30/MWh range. Not sure a few hikes are going to fix the EUR here.
https://twitter.com/MacroAlf/status/1562056678824382464
 
@SPGlobalPMI: UK with the flash PMI at an 18-month low of 50.9 (Jul: 52.1). Demand was impacted by economic uncertainty and high costs while employment growth also moderated. http://ow.ly/ihjL50Kq0t8
 
@SPGlobalPMI: August flash data revealed the first contraction in activity in France for 18 months with the PMI at 49.8. The manufacturing sector was the main drag on the economy with output falling sharply while growth in the service sector moderated. Read morehttp://ow.ly/cA3A50KpYtQ
 
@SPGlobalPMI: Flash US PMI Composite Output Index at 45.0 in August (July: 47.7), hit a 27-month low due to weakening customer demand amid rising price pressures, higher interest rates and material shortages. Read more: Flash US Services Business Activity Index at 44.1 (July: 47.3). 27-month low.
Flash US Manufacturing Output Index at 49.3 (July: 49.5). 26-month low.
Flash US Manufacturing PMI at 51.3 (July: 52.2). 25-month low… http://ow.ly/3bhH50Kqhxq
 
U.S. new home sales dive to 6-1/2-year low; prices remain highNew single-family home sales drop 12.6% in JulyMedian house price up 8.2% to $439,400 from year ago  https://t.co/E2Ec93yB3w 
The supply of US Homes is nearing the all-time high set in 2008 after the housing bubble peak.
https://twitter.com/MichaelAArouet/status/1562118330542338048/photo/1
 
US consumer inflation has been increasingly affected by higher wages and import prices, a New York Fed study says – Pass-through effects have increased during the pandemic
Imported input prices having larger effect on US inflation https://t.co/d6jAN3s7vA
 
Brent Crude Zooms Towards $100 As OPEC+ Leaks That It May Cut Production Again
Crude oil prices rallied on Tuesday morning as OPEC+ leaked that it may cut oil production ‘when and if Iranian production returns’
https://oilprice.com/Energy/Oil-Prices/Brent-Crude-Zooms-Towards-100-As-OPEC-Leans-Toward-New-Oil-Output-Cuts.html
 
Private-sector services are about 78% of the US economy.  With the Preliminary August S&P Global US Services PMI sinking to 44.1 from 49.8, US recession angst vexed US markets.
 
Traders bought bonds, precious metals, and safe haven plays on Tuesday.  However, the moves were moderate in the morning because of trepidation for Powell’s speech at Jackson Hole on Friday morning.
 
After tumbling during late Asian trading on the ugly Japanese PMI, ESUs hit a bottom at 2:38 ET.  ESUs then soared from 4118.00 to 4157.00 at 4:09 ET after the ugly EZ PMIs induced traders to, once again, buy equities because the ECB will not be able to hike rates.
 
ECB must be prudent with rates hikes as recession risk rises: Panetta
The European Central Bank must exercise caution with further rate hikes as a looming recession could ease inflationary pressures, lessening the need for central bank action, ECB board member Fabio Panetta said on Tuesday…
https://www.kitco.com/news/2022-08-23/ECB-must-be-prudent-with-rates-hikes-as-recession-risk-rises-Panetta.html
 
Fundamental sellers then took control.  ESUs and stocks declined until the usual suspects bought the opening decline on the NYSE.  ESUs rallied from 4131.25 at 9:41 ET to 4161.75 at 10:09 ET.  ESUs and stocks then sank anew until 11:02 ET.  Then, the mechanical rally for the European close appeared.
 
After the European close, ESUs and stocks resumed falling.  A belated Noon Balloon developed at 12:30 ET; it ended an hour later.  ESUs and stocks then traded sideways in a modest range into the NYSE close.
 
USUs rallied during late Asian trading and early European trading on the ugly PMIs.  USUs hit a daily high of 138 22/32 at 3:13 ET.  After a modest decline, USUs traded sideways until they commenced a decline at 8:10 ET.  USUs hit a bottom of 137 3/32 at 9:03 ET.  A sharp rally on the notion that the Fed cannot hike rates much more put USUs at 138 14/32 at 10:09 ET.  After a modest retreat and a modest rally, USUs declined on a poor $44B US 2-year note auction: 3.307% vs 3.293% WI.  The US 10-year note moved back above 3%.  USUs bottomed near 15:00 ET and went inert until they fell at the close.
 
The market dynamics on Tuesday: Buying on the notion that central banks can no longer tighten because economic recession is here or near versus selling on the belief that recession is here or near.
 
NAACP slams Biden over reported student loan debt cancel plan https://t.co/ewoh4tGaFW
 
Positive aspects of previous session
The DJTA rallied because Avis soared 5.44% on a Morningstar tout (“Ratings trend to positive”)
The NY Fang+ Index dragged Nasdaq to de minis loss on safe haven buying of Fangs
 
Negative aspects of previous session
Recession angst intensified due to ugly Japanese, European, and US PMIs
Bonds and most equity indices declined
Energy and industrial commodities rallied
 
Ambiguous aspects of previous session
Is recession here?  If not, is it on the way?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4137.51
Previous session High/Low4159.77; 4124.03
 
AP: US to announce $3B arms package to Ukraine to mark Independence Day, 6-month anniversary of Russia’s invasion. (The US has discovered a new money pit!)
 
ADP Research Institute and Stanford Digital Economy Lab Unveil New Methodology for ADP National Employment Report
    Jobs Report — Based on anonymized and aggregated payroll data of over 25 million U.S. employees, this independent measure will detail the current month’s non-farm private employment change and deliver weekly job data from the previous month. Data will be broken out by industry, business establishment size, and U.S. census region. Historical data from the previous 12 years at both monthly and weekly frequencies will be benchmarked and available at launch.
    Pay Insights – ADP’s new pay measure uniquely captures the salaries of the same cohort of almost 10 million individual employees over a 12-month period. The new monthly measure will report median annual pay growth by industry, business establishment size, U.S. region, gender, and age. Quarterly reports focused on pay will expand on key areas of interest, such as bonuses, benefits, and gender gaps…
https://www.prnewswire.com/news-releases/adp-research-institute-and-stanford-digital-economy-lab-unveil-new-methodology-for-adp-national-employment-report-301610823.html
 
Today – Conditioned traders were not able to affect a Turnaround Tuesday to the upside for most equity indices due to ugly global PMIs.  Traders will try to affect a rally today, barring news, because the window for a TRADING rally ends on tomorrow’s close.  Astute traders, unless they have non-public information, want to be flat going into Powell’s address on Friday morning.  ESUs are +0.25 at 20:15 ET.
 
Expected economic data: July Durable Goods -.8% m/m, ex-Trans 0.2%, Nondef ex-Air 0.3%, Shipments 0.5%; July Pending Home Sales -2.8% m/m, -21.4% y/y
 
S&P 500 Index 50-day MA: 3974; 100-day MA: 4086; 150-day MA: 4194; 200-day MA: 4315
DJIA 50-day MA: 31,895; 100-day MA: 32,573; 150-day MA: 33,163; 200-day MA: 33,827
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4849.55 triggers a buy signal
WeeklyTrender and MACD are positive – a close below 3877.02 triggers a sell signal
DailyTrender and MACD are negative – a close above 4282.12 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 4191.77 triggers a buy signal
 
Alan Dershowitz calls Biden waiving Trump’s executive privilege unconstitutional
https://justthenews.com/government/federal-agencies/alan-dershowitz-says-biden-waiving-executive-privilege-trump
 
Sources: GSA Packed Boxes of Documents Trump Brought to Mar-a-Lago, Not Trump Political Staffers (Ya think presidents would pack millions of documents?)
https://www.breitbart.com/politics/2022/08/22/sources-gsa-packed-boxes-documents-trump-took-mar-a-lago-not-political-staffers/
 
@TPostMillennial: Mayor of Miami Francis Suarez tells Tucker Carlson why the city’s crime rate is on track to hit its lowest point in decades. (No nonsense GOP Mayor Suarez increased police funding and presence) https://twitter.com/TPostMillennial/status/1561887361457332224
 
Mitch McConnell in 2017: Merrick Garland should be head of FBIhttps://t.co/9sWejOXdhX
 
Elon Musk private jet’s 9-minute, 35-mile flight sparks outrage https://t.co/mIpRPqVEUS
 
Paul Pelosi avoids more jail time as he pleads guilty to 1 count in California DUI case
Pelosi’s plea agreement includes a jail term of five days, although Judge Joseph Solga noted that he already had credit for four days, two from actual time served and two for conduct credits. The remaining day will be covered by an 8-hour work program…
https://www.foxnews.com/us/paul-pelosi-avoids-more-jail-time-he-pleads-guilty-one-count-california-dui-case
 
Tucker: Fauci ‘Engineered the Single Most Devastating Event in American History,’ Retires as a Hero   https://t.co/Ahayys31yp
 
Two Men Convicted in Second Whitmer Fednapping Trial
Legal observers bristled at the one-day jury selection process handled almost exclusively by U.S. District Judge Robert Jonker, who also presided over the first trial. On the first day of testimony, defense attorneys informed the court that one juror was potentially compromised for telling co-workers that he “had already decided the case and intended to ensure a particular result at the conclusion of the trial.” Jonker met privately with the juror and refused to allow either prosecutors or defense counsel from participating in the meeting; he ordered all related filings to remain under seal.
    Jonker repeatedly scolded Gibbons and Blanchard for what he viewed as wasting the jury’s time on “crap” lines of questioning. Before the testimony of government witnesses last Wednesday, Jonker took the unprecedented step of limiting the amount of time for cross examinationBlanchard accused Jonker of openly favoring prosecutors while frequently interjecting and interrupting defense counsel. “Limiting us is unfair and it’s unconstitutional, and it doesn’t aid the jury in the search for the truth,” Blanchard told Jonker on August 17 after the jury had been dismissed for the day…
https://amgreatness.com/2022/08/23/two-men-convicted-in-second-whitmer-fednapping-trial/
 
@JackPosobiec: Judge refused to allow jury to see majority of FBI entrapment texts in Whitmer case.
 
@julie_kelly2: On second time around, with major assist by the judge and successfully moving to conceal most of the evidence, you nailed the homeless guy living in the cellar of a vacuum repair shop with no toilet.  Way to go, guys!
 
Paul Pelosi DUI dashcam video released after California guilty plea
https://www.foxnews.com/us/california-highway-patrol-releases-paul-pelosi-dui-video?intcmp=tw_fnc
 
The worst lesson that can be taught a man is to rely upon others and to whine over his sufferings.” — Teddy Roosevelt
 

Greg Hunter interviewing Dr. Elizabeth Eads

Mass Medical Bankruptcy & Collapse Coming – Dr. Elizabeth Eads

By Greg Hunter On August 24, 2022 In Political Analysis36 Comments

By Greg Hunter’s USAWatchdog.com 

In May, Dr. Elizabeth Eads revealed the CV19 vax was causing extreme disease.  Few doctors were sounding the alarm on the death and carnage from the bioweapon injections, and it’s going to get much worse before it’s over.  Dr. Eads says, “Worldwide there are 10,000 deaths from these Covid vaccines daily.  That’s a culmination of data . . . collected from Israel, UK, Canada, the U.S. and Brazil.  So,10,000 a day and they are estimating we are already up to 12 million deaths worldwide.”   Dr. Eads thinks the death and injuries from the CV19 bioweapon will be orders of magnitude higher in the next five years.

Dr. Fauci, Dr. Birx, the FDA and CDC see what is coming.  According to Dr. Eads, “They know this.  They planned for it.  They knew the consequences.  They manipulated the vaccines as they went along and what was going into the vaccines . . . to make the booster shots more lethal. . . . Your immune system is absolutely destroyed with these shots.  Every time you get a shot, you lose more of your immune system.  You lose 30% after the first shot, 60% to 70% after the second shot, 80% or more after the third shot, and you lose 100% of your immune system after the 4th shot.  You also have the propensity to develop vaccine induced aids.”

You can also get heart disease, blood clots, strokes, brain disease, extreme shingles and develop fast spreading extreme cancers, just to name a few of the effects of the bioweapon so-called vaccines, according to Dr. Eads.

Dr. Eads goes on to say, “People are waking up and saying, ‘Oh my gosh, what did I do to my immune system,’ and this is irreversible.  It’s irreversible because you cannot not turn off the intercellular mechanism.  You cannot turn off the nano particle system that is making these long clot-like structures in veins and arteries. . . . There is no such thing as ‘Sudden Adult Death Syndrome.  These are side effects of the vaccine.  Nobody dies of ‘Sudden Death’ when they are otherwise healthy adults.  There is no such thing. . . .  Here are the numbers I pulled off Attorney Todd Callender’s site.  (He’s suing the U.S. military over the CV19 vax.)  The all-cause mortality rate in the military is up 1,100%. . . . The top five life insurance companies are banding together and are going to file a class-action lawsuit against Big Pharma.”

That’s not all, according to Dr. Eads, as she sees not only Big Pharma liable for damages but hospitals, doctors, nurses, drug store chains and all sorts of people who helped make this bioweapon genocide possible.  Dr. Eads says, “You are talking about billions of dollars, and they are not going to be able to afford to pay out all these claims. . . .It’s going to bankrupt Big Pharma, and Big Pharma will end up collapsing.  Hospitals will also end up collapsing because they were complicit in death by ventilators and remdesivir.  Mass medical bankruptcies are coming 100%.  This is going to be the collapse of the Rockefeller medical industry.”

Dr Eads says there are treatments that can help both the vaxed and unvaxed with removing harmful spike proteins.  Two she named are Ivermectin and Hydroxychloroquine (HCQ).  Dr. Eads says there are some other helpful treatments and procedures as well.

There is much more cutting edge, frontline medical information in the nearly 1-hour and 19-minute interview.

Join Greg Hunter as he talks to 25-year veteran Dr. Elizabeth Eads, DO, as she continues to highlight the worsening, and now obvious, effects of the CV19 bioweapon vax.

(https://usawatchdog.com/mass-medical-bankruptcy-collapse-coming-dr-elizabeth-eads/)

After the Interview: 

You can follow Dr. Elizabeth (Betsy) Eads on Twitter, or you can follow her on Telegram.

More from Attorney Todd Callender in an April 2022 interview, click here. 

The Pfizer documents Dr. Eads talked about with pregnant women are here.  Start on page 65.

To find out about Chlorine Dioxide and its inventor click here.

To order Chlorine Dioxide “A” and “B” click here.

a must view…

end

See you tomorrow

Harvey

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