SEPT 7/GOLD CLOSED UP $13.70 TO $1715.70//SILVER CLOSED UP 34 CENTS TO $18.34//PLATINUM CLOSED UP $16.30 TO $868.20//PALLADIUM CLOSED UP $78.75 TO $2046.75//COVID UPDATES/DR PAUL ALEXANDER//VACCINE IMPACT, VACCINE INJURY//UPDATES RE ENERGY CRISIS IN EUROPE// ATLANTA FED SLASHES 3RD QUARTER GDP TO 1.4%//UPDATES ON CALIFORNIA DROUGHT SITUATION//SWAMP STORIES FOR YOU TONIGHT///

leave a comment·Edit

GOLD;  $1715.70 UP $13.70 

SILVER: $18.34 UP 34 CENTS 

ACCESS MARKET: 

GOLD $1718.30

SILVER: $18.47

Bitcoin morning price:  $18,756 DOWN 1229

Bitcoin: afternoon price: $19,129 DOWN 853

Platinum price closing UP $16.30 AT $868.20

Palladium price; closing UP $16.30  at $2046.75

END

DONATE

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,700.400000000 USD
INTENT DATE: 09/06/2022 DELIVERY DATE: 09/08/2022
FIRM ORG FIRM NAME ISSUED STOPPED


132 C SG AMERICAS 18
435 H SCOTIA CAPITAL 20
657 C MORGAN STANLEY 2
661 C JP MORGAN 101
690 C ABN AMRO 5
709 C BARCLAYS 141
737 C ADVANTAGE 16 8
800 C MAREX SPEC 2 2
905 C ADM 3


TOTAL: 159 159
MONTH TO DATE: 2,094

JPMorgan stopped:   101/159

_____________________________________________________________________________________

GOLD: NUMBER OF NOTICES FILED FOR SEPT CONTRACT:  

159 NOTICES FOR 15900 OZ //0.4945 TONNES

total notices so far: 2094 contracts for 209,400 oz (6.5132 tonnes) 

SILVER NOTICES: 66 NOTICES FILED FOR 330,000 OZ/

 

total number of notices filed so far this month  5948 :  for 29,740,000  oz



END

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

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

GLD

WITH GOLD UP $13.40 

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//

BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD//

INVENTORY RESTS AT 971.05 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP $.34

AT THE SLV// ://BIG CHANGES IN SILVER INVENTORY AT THE SLV//: A DEPOSIT OF 0.830 MILLION OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 467.419 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY  A SMALL SIZED 198  CONTRACTS TO 138,300.   AND CLOSER TO  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE HUGE LOSS IN OI WAS ACCOMPLISHED WITH OUR  $0.01 GAIN  IN SILVER PRICING AT THE COMEX ON TUESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.13) BUT WERE  UNSUCCESSFUL IN KNOCKING OFF ANY SPEC SILVER LONGS AS WE HAD A HUGE GAIN OF 1687 CONTRACTS ON OUR TWO EXCHANGES,; WE HAD MINOR  SPECULATOR LIQUIDATION.

WE  MUST HAVE HAD: 
I) SOME//  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) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.855 MILLION OZ FOLLOWED BY TODAY’S 215,000 OZ QUEUE JUMP   / //  V)   SMALL SIZED COMEX OI GAIN/(//SOME SPEC LIQUIDATION/)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: –86

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS SEPT. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT: 

TOTAL CONTACTS for 4 days, total 4751  contracts:  23.755 million oz  OR 5.938 MILLION OZ PER DAY. (1187 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 23.755  MILLION OZ

.

LAST 17 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: 65.025 MILLION OZ 

SEPT. 23.755 MILLION OZ///

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 198 WITH OUR  $0.01 GAIN IN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE  CONTRACTS: 1020 CONTRACTS ISSUED FOR DEC 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 A// MINOR SPEC SHORT  LIQUIDATIONS  /// WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR AUGUST. OF 3.855 MILLION  OZ FOLLOWED BY TODAY’S 215,000 OZ QUEUE JUMP  //  .. WE HAD A STRONG SIZED GAIN OF 1304 OI CONTRACTS ON THE TWO EXCHANGES FOR 6.520 MILLION  OZ AS..THE SPECS STILL BEING SENT TO THE SLAUGHTER HOUSE.

 WE HAD 66  NOTICE(S) FILED TODAY FOR  330,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE  BY A FAIR SIZED 2466 CONTRACTS  TO 465,908 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. WE WILL PROBABLY SEE THE COMEX OI FALL TO AROUND 380,000 AS OUR SPECS GET ANNIHILATED.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:–685   CONTRACTS.

.

THE FAIR SIZED  INCREASE  IN COMEX OI CAME DESPITE OUR STRONG FALL IN PRICE OF $9.40//COMEX GOLD TRADING/TUESDAY / WE MUST HAVE  HAD  STRONG SPECULATOR SHORT  COVERINGS ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE./. WE HAD ZERO LONG LIQUIDATION    //AND /STRONG 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 SEPT. AT 8.401 TONNES ON FIRST DAY NOTICE  FOLLOWED BY TODAY’S  STRONG JUMP OF 400 OZ //NEW STANDING 11.216 TONNES

YET ALL OF..THIS HAPPENED WITH OUR STRONG FALL IN PRICE OF   $9.40 WITH RESPECT TO TUESDAY’S TRADING

WE HAD A GOOD SIZED GAIN OF 4990  OI CONTRACTS 15.52 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2524  CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 465,908

IN ESSENCE WE HAVE A GOOD  SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4990 CONTRACTS  WITH 2466 CONTRACTS  INCREASED AT THE COMEX AND 2524 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 4990 CONTRACTS OR 17.651 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2524) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2466): TOTAL GAIN IN THE TWO EXCHANGES 5675 CONTRACTS. WE NO DOUBT HAD 1) STRONG SPECULATOR SHORT COVERINGS// CONTINUED GOOD BANKER ADDITIONS//  ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 8.409 TONNES FOLLOWED BY TODAY’S QUEUE. JUMP OF 400 oz.    3) ZERO LONG LIQUIDATION//// //.,4)   FAIR SIZED COMEX OPEN INTEREST GAIN 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

SEPT

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

11,022 CONTRACTS OR 1,102,200 OZ OR 34.28  TONNES 4 TRADING DAY(S) AND THUS AVERAGING: 2755 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4  TRADING DAY(S) IN  TONNES: 34.28 TONNES

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

THUS EFP TRANSFERS REPRESENTS  34.28/3550 x 100% TONNES  0.95% 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: 180.81 TONNES FINAL

SEPT. 34.28 TONNES

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF OCT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

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  NON ACTIVE DELIVERY MONTH OF SEPT HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF OCT., FOR GOLD:

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 198 CONTRACT OI TO 138,300 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 1020 CONTRACTS

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

DEC 1020  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1020 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 198  CONTRACTS AND ADD TO THE 1020 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF 1218   OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES 6.090 MILLION OZ

OCCURRED WITH OUR GAIN IN PRICE OF  $0.01

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 UP 2.85 PTS OR 0.09%   //Hang Sang CLOSED DOWN 158.43 OR 0.82%    /The Nikkei closed DOWN 196.21 OR .71%.          //Australia’s all ordinaires CLOSED DOWN 1.37%   /Chinese yuan (ONSHORE) closed DOWN AT 6.9782//OFFSHORE CHINESE YUAN DOWN 6.9943//    /Oil DOWN TO 87.09  dollars per barrel for WTI and BRENT AT 92,81    / Stocks in Europe OPENED  ALL RED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE  BY A FAIR SIZED 2466 CONTRACTS TO 465,908 AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS COMEX INCREASE OCCURRED DESPITE OUR FALL IN PRICE OF $9.40  IN GOLD PRICING  TUESDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (2524 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 SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2524 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 DEC :2524 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2524 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 4990  CONTRACTS IN THAT 2524 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR  SIZED  COMEX OI GAIN OF24662  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE  OUR FALL IN PRICE OF GOLD $9.40.  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 SEPT   (11.216),

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

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

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

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  11.216 TONNES

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $9.40) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY  SPECULATOR LONGS AS WE HAD A GOOD SIZED TOTAL GAIN ON OUR TWO EXCHANGES //   COMMERCIAL LONGS ADDED TO THE POSITIONS, AND SPECULATOR SHORTS COVERED SOME OF  THEIR POSITIONS//////  WE HAVE  REGISTERED A GOOD SIZED GAIN  OF 17.651 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR  GOLD TONNAGE STANDING FOR SEPT. (11.216 TONNES)

WE HAD -685  CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 5675 CONTRACTS OR 567500  OZ OR 17,651 TONNES

Estimated gold volume 168,030///  poor/

final gold volumes/yesterday  219,015/ poor

INITIAL STANDINGS FOR SEPT ’22 COMEX GOLD //SEPT 7

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz126,309.158  oz


Brinks 
Manfra
(771 kilobars)  



Deposit to the Dealer Inventory in oznil 
Deposits to the Customer Inventory, in oz 35,741.224 oz
Loomis
No of oz served (contracts) today159   notice(s)
15900  OZ
0.4945 TONNES
No of oz to be served (notices)1512 contracts 
151,200 oz
4.702 TONNES
Total monthly oz gold served (contracts) so far this month2094 notices
209,400 OZ
6.5132 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

total dealer deposit  0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits: 1

i) Into Loomis:  35,741.224 oz

total deposits 35,741.224 oz

2 customer withdrawals:

i) Out of Brinks 101,520.737

ii) Out of Manfra: 24,788.421 oz (771 kilobars)

total:  126,309.158 oz   

total in tonnes: 3.928 tonnes

Adjustments: 1

jpmorgan:  16,686.342 oz dealer to customer

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPT.

For the front month of SEPT we have an  oi of 1671 contracts having LOST121 contracts .

We had 125 notices filed on TUESDAY so we gained 4 contracts or an additional 400 oz

will stand for gold in this very non active delivery month of September.

October GAINED 495 contracts UP to 42,703 

November GAINED 0 contracts to stand at 6

December GAINED 953 contracts UP to 379,273.

We had 159 notice(s) filed today for 15,900 oz FOR THE SEPT. 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 159 contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 101 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 SEPT /2022. contract month, 

we take the total number of notices filed so far for the month (2094) x 100 oz , to which we add the difference between the open interest for the front month of  (SEPT 1671 CONTRACTS ) minus the number of notices served upon today 159 x 100 oz per contract equals 360,600 OZ  OR 11.216 TONNES the number of TONNES standing in this NON  active month of SEPT. 

thus the INITIAL standings for gold for the SEPT contract month:

No of notices filed so far (2094) x 100 oz+   (1671)  OI for the front month minus the number of notices served upon today (159} x 100 oz} which equals 360,600 oz standing OR 11.216 TONNES in this NON active delivery month of SEPTEMBER.

TOTAL COMEX GOLD STANDING:  11.216 TONNES  (A GREAT STANDING FOR A SEPT (   NON ACTIVE) DELIVERY MONTH)

 WE WILL INCREASE IN GOLD TONNAGE STANDING FROM THIS DAY FORTH UNTIL THE END OF THE 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:  2,363,363.815 oz   73.508 tonnes 

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  27,629,782.094 OZ  

TOTAL REGISTERED GOLD: 13,644,286.297  OZ (424.39 tonnes)

TOTAL OF ALL ELIGIBLE GOLD: 13,985.494.797 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 11,280,923. OZ (REG GOLD- PLEDGED GOLD) 350.88 tonnes//rapidly declining 

END

SILVER/COMEX/SEPT 7

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory104,090.460 oz
CNT
DELAWARE






 
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory 467,315.300 oz
Delaware


 
No of oz served today (contracts)66 CONTRACT(S)
330,000   OZ)
No of oz to be served (notices)284 contracts 
(1,420,000 oz)
Total monthly oz silver served (contracts)5948 contracts
 29,740,000 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:  nil    oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have  1  deposits into the customer account
i) Into Delaware:  467,315.300 oz

total deposit:  467,315.300   oz

JPMorgan has a total silver weight: 168.702 million oz/325.521million =51.89% of comex 

 Comex withdrawals:2

i) Out of CNT:  101,095.560 oz

ii) Out of Delaware:  2994.900 oz

total: 104,090.460    oz

 adjustments: 1/dealer to customer

JPMorgan: 14,928.660 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 47.449 MILLION OZ

TOTAL REG + ELIG. 325.519 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR SEPT

silver open interest data:

FRONT MONTH OF SEPT OI: 350 CONTRACTS HAVING LOST 137 CONTRACTS. WE HAD

180 CONTRACTS SERVED ON TUESDAY SO WE GAINED 43 CONTRACTS OR AN ADDITIONAL

215,000 OZ WILL STAND FOR METAL IN THIS VERY ACTIVE MONTH OF SEPT.

WE WILL GAIN IN TOTAL SILVER STANDING EACH TRADING DAY UNTIL THE END OF THE MONTH

(CONTINUAL QUEUE JUMPING BY OUR BANKERS SEARCHING FOR SILVER METAL)

OCTOBER GAINED 11 CONTRACTS TO STAND AT 679 CONTACTS.

NOVEMBER GAINED 9 CONTRACTS TO STAND AT 12

DECEMBER SAW A GAIN OF 97 CONTRACTS UP TO 125,668.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 66 for  330,000 oz

Comex volumes:46.682// est. volume today//   fpoor

Comex volume: confirmed yesterday: 76,669 contracts ( good)

To calculate the number of silver ounces that will stand for delivery in SEPT we take the total number of notices filed for the month so far at  5948 x 5,000 oz = 29,740,000 oz 

to which we add the difference between the open interest for the front month of SEPT(350) and the number of notices served upon today 66  x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the SEPT./2022 contract month: 5,948 (notices served so far) x 5000 oz + OI for front month of SEPT (350)  – number of notices served upon today (66) x 5000 oz of silver standing for the SEPT contract month equates 31,160,000 oz. .

We have an inventory of 47.464 million oz of registered silver at the comex so Sept delivery of 31.160 MILLION OZ represents 65.400% of that category of silver.

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

Comex volumes:71,745// est. volume today//    fair

Comex volume: confirmed yesterday: 66,045 contracts ( fair)

END

GLD AND SLV INVENTORY LEVELS

SEPT 7/WITH GOLD UP $13.70: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 971.05 TONNES

SEPT 6 WITH GOLD DOWN $9.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 973.08 TONNES//

SEPT 2/WITH GOLD UP $7.00// SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD/ //INVENTORY RESTS AT 973.08 TONNES

SEPT 1/WITH GOLD DOWN $26.70: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 973.37 TONNES

  AUGUST 31.WITH GOLD DOWN $10.20:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.24 TONNES FROM THE GLD////INVENTORY RESTS AT 973.37 TONNES  

AUGUST 30.WITH GOLD DOWN $12.00:BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES FROM THE GLD////INVENTORY RESTS AT 980.61 TONNES

AUGUST 29/WITH GOLD DOWN $.50 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FORM THE GLD/////INVENTORY RESTS AT 982.64 TONNES

AUGUST 26/WITH GOLD DOWN $26.60; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 984.38 TONNES

AUGUST 25/WITH GOLD UP $9.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 984.38 TONNES

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

GLD INVENTORY: 971.05 TONNES

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

SEPT 7/WITH SILVER UP 34 CENTS : BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 830,000 OZINTO THE SLV////INVENTORY RESTS AT 467.419 MILLION OZ//

SEPT 6/WITH SILVER UP ONE CENT: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 533,000 OZ FROM THE SLV//INVENTORY RESTS AT 466.589 MILLION OZ//

SEPT 2/WITH SILVER UP 13 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.567 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 467.140 MILLION OZ//

SEPT 1/WITH SILVER DOWN 58 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.573 MILLION OZ//

  AUGUST 31/WITH SILVER DOWN 36 CENTS TODAY: BIG CHANGES:A WITHDRAWAL OF 3.087 MILLION OZ FROM THE SLV. //INVENTORY RETS AT 465.573 MILLION OZ//  

AUGUST 30/WITH SILVER DOWN 34 CENTS TODAY: BIG CHANGES:A WITHDRAWAL OF 1.478 MILLION OZ FROM THE SLV. //INVENTORY RETS AT 470.135 MILLION OZ//

AUGUST 29/WITH SILVER DOWN 7 CENTS TODAY: BIG CHANGES IN SILVER INVENTORY A THE SLV: A WITHDRAWAL OF 2.765 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 470.135 MILLION OZ//

AUGUST 26/WITH SILVER DOWN 39 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 472.900 MILLION OZ//

AUGUST 25/WITH SILVER UP 21 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.160 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 472.900 MILLION OZ//

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//

CLOSING INVENTORY 467.419 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

end

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

GOLD/SILVER

END

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

A little late but a well worthwhile paper

(Alasdair Macleod)

Alasdair Macleod: Supply chain breakdown will worsen the inflationary storm

Submitted by admin on Tue, 2022-09-06 13:07Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Tuesday, September 6, 2022

The disruption of global supply chains is seen to be a temporary problem yet to be resolved, but there are good reasons to believe it is now permanent.

Following the end of the cold war against China and the foundation of a new peaceful era, American and other manufacturers began to expand their production facilities into China and Southeast Asia. It was the beginning of what became a trade system based on global supply chains, increasingly sophisticated logistics, and just-in-time inventory management.

Global supply chains deliver enormous benefits between peaceful nations, but they cease to work when they are at war.

Souring trade relations between America and China, covid, and the disruption to international logistics pits them into an undeclared conflict. The trade environment is now against a background of an increasingly belligerent geopolitical struggle, involving both China and Russia on one side, and America and its allies on another. In the absence of détente, which now seems a distant prospect, the system of global supply chains can operate no longer. They must become re-established within national borders.

The consequences are long-term product supply disruption, higher consumer prices, and soaring energy prices already evidenced in Europe. Coming on top of a new trend of rising interest rates and contracting bank credit, it has the makings of an economic crisis for the West, to which governments are bound to respond by creating an inflationary storm.

This article analyses these new war-time trade conditions in the geopolitical context and examines the likely consequences. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/supply-chains-interest-rates-and-inflation?gmrefcode=gata

end

END

4. OTHER GOLD/SILVER COMMENTARIES

-END-

.

end

5.OTHER COMMODITIES:

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 6.9782

OFFSHORE YUAN: 6.9943

HANG SENG CLOSED DOWN 158,43 PTS OR  0.82%

2. Nikkei closed DOWN 196.21 OR  0.71%

3. Europe stocks   SO FAR:  ALL RED 

USA dollar INDEX  UP TO  110.68/Euro FALLS TO 0.98803

3b Japan 10 YR bond yield: RISES TO. +.244/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 144.97/JAPANESE YEN COLLAPSING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +1.587%/Italian 10 Yr bond yield FALLS to 3.88% /SPAIN 10 YR BOND YIELD RISES TO 2.75%…

3i Greek 10 year bond yield FALLS TO 4.12//

3j Gold at $1701.55 silver at: 18.13  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND 15/100        roubles/dollar; ROUBLE AT 61.08//

3m oil into the 87 dollar handle for WTI and  92 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 144.97DESTROYING 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 9856– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9737well 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: 3.346  UP 1  BASIS PTS

USA 30 YR BOND YIELD: 3.491 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 18,23

Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE

Futures Flat, Dollars Steamrolls To New Record Highs Ahead Of Fed Speaker Barrage

WEDNESDAY, SEP 07, 2022 – 07:52 AM

S&P futures swung in illiquid overnight trading, first sliding below the key 3,900 level after the Japan open, only to recover all losses after Europe opened, with the dollar storming to new record highs and steamrolling all FX competitors as traders braced for a slew of hawkish Fed speakers to assess the path of monetary policy and its impact on the economy. S&P 500 futures edged 0.1% higher at 7:15 a.m. in New York after the underlying benchmark fell six out of the last seven sessions, while Nasdaq 100 futures rose 0.3%, as both European and Asian market slumped. The Bloomberg Dollar index hit a new record high as the Yen plunge below 144 for the first time since 1998 and the Chinese yuan flirted with the key 7.00 level. Bitcoin recovered modestly after tumbling to new 2022 lows and oil erased a decline after Russian President Vladimir Putin underlined that his country won’t supply oil and fuel if price caps on the country’s exports are introduced..

In premarket trading, UiPath tumbled 21% after the application software company gave weaker-than-expected third-quarter revenue forecast. Meanwhile, Gitlab gained 3% in US premarket trading after second-quarter earnings. While analysts were broadly positive on the software development platform’s increased revenue guidance, especially given a tough backdrop, Piper Sandler flagged “noise” around a deceleration in billings. Here are the other notable premarket movers:

  • Coupa Software (COUP US) rises about 12% in premarket trading on Wednesday after boosting its full-year earnings guidance and posting better-than-expected second-quarter results, helped by strong billings in North America. While analysts were positive about the results, they remained cautious about softness in Europe.
  •  
  • Keep an eye on shares in US utilities and energy suppliers, incuding PG&E (PCG US), Edison International (EIX US) and Sempra Energy (SRE US) amid a deepening power crisis in California, where a heat wave is piling pressure on the US state’s power grid.
  • Watch US digital health companies, as Truist initiates coverage on 16 firms, with a positive view on the industry overall. Progyny (PGNY US), Privia Health (PRVA US), Accolade (ACCD US), Agilon (AGL US) and R1 RCM (RCM US) all started with buy ratings.
  • Watch Petco (WOOF US) stock as it was initiated with an outperform rating and $17 PT at RBC, with the broker saying near-term risks are reflected in the shares and the long-term picture is positive for the pet health company.
  • Keep an eye on Guidewire (GWRE US) as RBC Capital Markets says that the software company has reported a “mixed” quarter amid macroeconomic headwinds with “muted” guidance.
  • Alvotech (ALVO US) stock may be in focus as it was initiated with an equal-weight rating at Morgan Stanley, with broker flagging “many knowns” and a wide range of possible outcomes of the biotech’s US launch of its lead product, the biosimilar Humira.
  • Newell Brands (NWL US) fell 4.6% in US postmarket trading on Tuesday after the consumer-products company cut its normalized earnings per share guidance for the full year. The firm has “limited” visibility and is buffeted by macroeconomic pressures, Morgan Stanley says.

On today’s calendar, no less than four Fed officials including Vice Chair Lael Brainard and Cleveland President Loretta Mester are set to speak before the release of the US Beige book later this afternoon. Richmond President Thomas Barkin already said rates must stay high until inflation eases. Investors will closely monitor their comments for clues about the pace of interest rate hikes in the face of slowing growth and still-elevated inflation. The consumer-price index reading due next week will also be paramount for the Fed’s September decision.  Bets on another 75 basis points Fed interest-rate hike to tackle high inflation have spurred a selloff in Treasuries, while traders are bracing for a European Central Bank rates decision due on Thursday, with the potential for a similar-size move.

Aside from tightening monetary settings and an apparently unstoppable dollar, markets are also contending with a debilitating energy crisis in Europe and Covid lockdowns in China. Concerns are growing about the outlook for company earnings given the various global economic headwinds and a rebound seen in equity markets since mid-June is fading.

The S&P 500 rose too much in July and is overvalued by about 10% compared to macroeconomic fundamentals, according to Joachim Klement, head of strategy, accounting and sustainability at Liberum Capital. He expects the Federal Reserve to hike rates by 75 basis points even if inflation declined in August. “The current wait-and-see mode of the US market should be short-lived,” he said. “We expect another leg down in the S&P 500 into the fourth quarter before we find a bottom.”

“At this point, we see no positive triggers to keep the rally going, while there are rising risks moving into autumn amid a gloomier economic backdrop,” Amundi SA Chief Investment Officer Vincent Mortier and his deputy, Matteo Germano, wrote in a note. “To cope with this environment, we believe investors should adjust their asset allocation stances.”

Europe’s Stoxx 600 Index fell 0.4%, with tumbling miners leading the declines; IBEX outperforms, adding 0.4%, FTSE 100 lags, dropping 0.7%. Banks, miners and retailers are the worst-performing sectors.

Earlier in the session, Asiun stocks were pressured amid spillover selling from Wall St owing to the higher yield environment and as participants digested the latest Chinese trade data. ASX 200 weakened from the open with the index dragged lower by the energy and mining-related sectors and with somewhat mixed GDP data not doing much to spur risk appetite. Hang Seng and Shanghai Comp were subdued amid the ongoing COVID woes and following the softer than expected Chinese trade data in which all metrics missed forecasts.

Japanese stocks also fell as the yen slumped to a level that leaves it on track for its worst year on record, prompting government warnings and putting traders on edge as volatility rises.  The Topix Index fell 0.6% to 1,915.65 as of market close Tokyo time, while the Nikkei declined 0.7% to 27,430.30. Sony Group Corp. contributed the most to the Topix Index decline, decreasing 2.3%. Out of 2,169 stocks in the index, 492 rose and 1,610 fell, while 67 were unchanged.  While currency weakness is generally seen as favorable for exporters, rapid depreciation raises input costs and can complicate business decisions.  “With the yen this weak, it’s difficult for the stock market to rally,” said Ayako Sera, a market strategist at Sumitomo Mitsui Trust Bank Limited.

In Australia, the S&P/ASX 200 index fell 1.4% to close at 6,729.30, dragged by declines in banks and mining shares.  Energy-related shares fell after oil retreated to the lowest level since January on concern a global slowdown will cut demand in Europe and the US just as China’s Covid Zero strategy hurts consumption.  In New Zealand, the S&P/NZX 50 index fell 0.4% to 11,548.30.

In India, key equity indexes dropped on Wednesday, tracking a selloff in Asia, with companies such as ICICI Bank and Reliance Industries putting pressure on the market. The S&P BSE Sensex closed 0.3% lower at 59,028.91 in Mumbai, while the NSE Nifty 50 Index fell 0.2%, extending its decline for a second day. Still, all but five of the 19 sector sub-gauges compiled by BSE Ltd. gained, led by an index of basic material companies. Automobile stocks were the worst performers. However, the broader market, including mid- and small-cap companies, gained as basic material stocks advanced on the back of recent decline in commodity prices. The S&P BSE MidCap Index fell as much as 0.5%, before closing higher by an equal measure and climbing to its highest level since Jan. 17.

In FX, the Bloomberg dollar index surged to a fresh record as strong US data and hawkish comments from a Federal Reserve official reinforced aggressive tightening bets.   The Bloomberg Dollar Spot Index gained as much as 0.4% fuelling weakness among all of its Group-of-10 peers.

Fed’s Richmond President Thomas Barkin said in an interview with the Financial Times that the central bank must raise interest rates to a level that restrains economic activity and keep them there until policy makers are “convinced” that rampant inflation is subsiding.

  • The yen fell to a fresh 24-year low, prompting Japan’s top spokesman Hirokazu Matsuno to say he’s concerned about recent rapid, one-sided moves in the yen and the country would need to take “necessary action” if these movements continue. But despite this verbal intervention, “markets appear quite happy with testing their tolerance” and 145.00 might be the line in the sand, Francesco Pesole, a strategist at ING Groep NV wrote in a note. USD/JPY rose as high as 144.99. The Bank of Japan said it would boost scheduled bond purchases as Japan’s benchmark 10- year yield hit 0.24% — approaching the 0.25% upper limit of the BOJ’s tolerated trading band
  • GBP/USD fell 0.4% to 1.1471 erasing gains made after reports of Prime Minister Liz Truss’s energy support package. The pound has managed to “discount much of the bad news but that does not mean that it will bound higher anytime soon,” Steve Barrow, a strategist at Standard Bank wrote in a note.
  • AUD/USD lost 0.2% to 0.6722; a drop below the July 14 low of 0.6682 would take it to the lowest since 2020

In rates,Treasuries hold gains, reversing some of Tuesday’s declines, amid a bull-steepening rally in gilts where 2-year yields are richer by around 25bp on the day as BOE speakers discuss inflation outlook amid proposed government action. US yields richer by 2bp to 4bp across the curve with gains led by front-end, steepening 2s10s spread by around 1bp; 10-year yields at 3.33%, richer by 2.5bp and underperforming bunds and gilts in the sector by 3.5bp and 6bp.Sharp bull-steepening in gilts follows dovish comments from BOE’s Tenreyro; UK 2s10s, 5s30s spreads widen 8bp and 7bp into the front-end led rally.Fed speaker slate includes Vice Chair Brainard on the economic outlook; Chair Powell has an appearance scheduled for Thursday; August CPI report to be released Sept. 13 falls during the blackout period.IG dollar issuance slate includes IFC $2b 3Y SOFR and IADB 7Y SOFR; more than $35b priced Tuesday with issuers paying just over 10bps in concessions on deals 2.8x covered, and at least three borrowers stood down.

WTI crude drifts 0.6% higher to trade near $87.38 after Putin said Russia won’t supply oil, fuel or gas if price caps are introduced; gold adds about ~$3 to $1,705.  Bitcoin prices slipped overnight to under USD 19,000 whilst Ethereum tested 1,500 to the downside; and gold recovered to trade above $1,700 an ounce.

To the day ahead now, and there’s plenty on the central bank side, as the Bank of Canada announce their latest policy decision and the Fed release their Beige Book. We’ll also hear from Bank of England Governor Bailey, as well as the BoE’s Pill, Mann and Tenreyro as they testify before the Treasury Select Committee. In addition, there are scheduled remarks Fed officials, including Vice Chair Brainard, Vice Chair Barr, and Mester and Barkin. Otherwise, data releases include German industrial production and Italian retail sales for July.

Market Snapshot

  • S&P 500 futures up 0.1% to 3,915.00
  • STOXX Europe 600 down 0.5% to 412.19
  • MXAP down 1.3% to 150.62
  • MXAPJ down 1.2% to 496.50
  • Nikkei down 0.7% to 27,430.30
  • Topix down 0.6% to 1,915.65
  • Hang Seng Index down 0.8% to 19,044.30
  • Shanghai Composite little changed at 3,246.29
  • Sensex down 0.2% to 59,092.96
  • Australia S&P/ASX 200 down 1.4% to 6,729.34
  • Kospi down 1.4% to 2,376.46
  • Brent Futures down 0.3% to $92.56/bbl
  • Gold spot up 0.1% to $1,703.64
  • U.S. Dollar Index little changed at 110.31
  • German 10Y yield little changed at 1.59%
  • Euro up 0.1% to $0.9916
  • Brent Futures down 0.3% to $92.57/bbl

Top Overnight News from Bloomberg

  • The Federal Reserve must raise interest rates to a level that restrains economic activity and keep them there until policy makers are “convinced” that rampant inflation is subsiding, Fed Richmond President Thomas Barkin said in an interview with the Financial Times
  • All 31 economists surveyed by Bloomberg expect Bank of Canada policy makers led by Governor Tiff Macklem to raise the benchmark overnight rate by at least 50 basis points, and most say it will be 75 basis points
  • The ECB’s interest-rate hikes may fail to fully filter through into markets without a shift in its policies. Interest-rate rises are already struggling to be reflected across money markets because there’s too much cash chasing scarce high-quality securities, depressing their yields
  • The euro-area economy expanded by more than initially estimated in the second quarter, with the revision revealing greater support from consumer and government spending. Output rose 0.8% from the previous three months — stronger than an earlier reading of 0.6%
  • “Give us turbines and we’ll turn on Nord Stream tomorrow, but they won’t give us anything,” President Vladimir Putin said at the Eastern Economic Forum in Vladivostok
  • The European Commission recommends member states cap the price of electricity from producers like wind farms, nuclear and coal plants at EU200 per MWh, the Financial Times reported, citing a draft of proposals it has seen
  • The yen has slumped to a level that leaves it on track for its worst year on record, prompting the strongest warnings to date from senior Japanese government officials aimed at stemming the slide
  • The world’s original and longest-running experiment in negative interest rates will finally end this week as Denmark raises borrowing costs in tandem with the euro zone. The move is likely as the ECB delivers a large hike on Thursday, because Danish monetary policy often shadows such moves to protect the krone’s peg to the single currency
  • Developed economies are taking a hit from the dollar’s appreciation to multi-decade highs in ways that were once more familiar to their emerging-market peers
  • China’s export growth slowed in August and imports stagnated, a sign of a darkening global economic picture and weak domestic growth hit by Covid lockdowns and a property slump. Exports in US dollar terms expanded 7.1% last month from a year earlier, far weaker than economists had predicted
  • China sent its most powerful signal yet on its discomfort with the yuan’s weakness by setting its reference rate for the currency with the strongest bias on record

A more detailed look at global markets courtesy of Newsquawk

Asia stocks were pressured amid spillover selling from Wall St owing to the higher yield environment and as participants digested the latest Chinese trade data. ASX 200 weakened from the open with the index dragged lower by the energy and mining-related sectors and with somewhat mixed GDP data not doing much to spur risk appetite. Nikkei 225 declined despite a further weakening in the JPY as the recent rapid currency depreciation raised further questions surrounding the BoJ’s dovish resolve. Hang Seng and Shanghai Comp were subdued amid the ongoing COVID woes and following the softer than expected Chinese trade data in which all metrics missed forecasts.

Top Asian News

  • Japanese Chief Cabinet Secretary Matsuno believes relaxation of border control measures could be an advantage with the weak JPY, while they are concerned by recent rapid, one-sided currency moves and are ready to take appropriate action on FX market moves if necessary, according to Reuters.
  • Japanese Finance Minister Suzuki, when asked about the chance of currency intervention, says will take necessary steps, according to Reuters.
  • Japan’s former MOF FX head Watanabe said there is no need for Japan to intervene in the currency market to stem the yen’s declines and that Japan intervening solo in the FX market would be meaningless as current FX moves are driven by broad dollar gains, while he noted that intervening solo would be a waste of money as markets would know Tokyo has limited to how much reserves it can tap to continue with such actions. Wakatabe also stated that USD/JPY is overshooting somewhat now and may briefly reach 145 later this month but such increases likely won’t last long, while he doesn’t think the BoJ will raise rates just to stem JPY’s declines.
  • Xi, Putin to Meet for First Time Since Russia’s War in Ukraine
  • China’s Xi Has Broad Support for Continued Rule, Envoy Says
  • Korean Won Still Near 13-Year Low After Central Bank Warning
  • Vietnam Wins Rating Upgrade From Moody’s on stronger Growth
  • China State-Backed Expo Pulls Ukraine Trade Event at Last Minute
  • Goldman Sachs, BNP Paribas at Odds Over Asia Earnings Outlook

European bourses have trimmed the losses seen at the open, but still trade mostly lower. European sectors are mostly lower after opening with a mild defensive bias – that bias has since eased somewhat, with some cyclicals making their way up the ranks. Stateside, US equity futures were softer in early trade, but to a lesser extent than peers across the pond, and have since mostly moved into the green as yields ease

Top European News

  • UK PM Truss spoke with US President Biden with Truss said to be looking forward to working with Biden to tackle shared challenges, particularly extreme economic problems from Russian President Putin’s war, while they discussed domestic issues and agreed on the importance of protecting the Good Friday Agreement, according to Downing Street.
  • UK PM Truss will not activate the emergency Article 16 override provision in the Northern Ireland protocol in the coming weeks and pulling away from an early confrontation with the EU over Brexit, according to FT citing the PM’s allies.
  • BoE Governor Bailey noted that we have had volatile markets in the last six weeks, still seeing extreme volatility in energy markets. On the UK exchange rate, said there are dollar-specific factors in play; said the Fed is more focussed on bringing demand shock under control. Bailey added a review of the Bank’s mandate would not be a recognition that the BoE regime is failing.
  • BoE Chief Economist Pill said he does not want to comment on fiscal stimulus without seeing the details. He expects headline inflation to decline in the short-term. Pill emphasised the importance of BoE inflation target as an anchor, not considering new regime.
  • BoE’s Mann said trade, financial flows, and GBP may have heightened role in the next year. Mann added that more forceful bank rate moves open door for policy to be on hold or a reversal later. She added that short-term inflation spikes are getting increasingly embedded in domestic prices.
  • BoE’s Tenreyro said demand is already weakening, and added when close to equilibrium rate, gradual hikes allow BoE to react before it tightens too far into contractionary territory. “Even without rate increases in August, rates were at a sufficient level to return inflation to target over the medium-term.”

FX

  • DXY maintains bullish momentum but remained under 110.50 throughout most of the European session in a 110.17-69 range (at the time of writing).
  • JPY underperforms with USD/JPY extending above 144.00 despite a slew of verbal intervention by Japanese officials, whilst the Yuan shrugged off another firm CNY fixing by the PBoC.
  • EUR, and CHF are all trading mid-range vs the USD whilst the NZD, AUD, and CAD track risk sentiment.

Fixed Income

  • Debt futures are hovering just below best levels having extended rebounds to fresh intraday highs in the run up to UK and German auctions that saw solid demand.
  • Bunds sit under their 145.24 peak (+44 ticks vs -33 ticks at one stage), Gilts skirt 106.00 from 106.11 (+38 ticks vs -59 ticks at the Liffe low).
  • 10yr T-note holds closer to 115-27 than 115-13+ following some hefty block purchases (two 10k clips in particular)

Commodities

  • WTI and Brent futures have been bouncing off worst levels after printing multi-month lows.
  • Spot gold fluctuates on either side of USD 1,700/oz, driven largely by bond yields.
  • Base metals are mostly lower with upside hampered by disappointing Chinese trade data overnight.
  • Indian PM Modi said keen to boost ties with Russia; said Russia and India can work closely on coking coal supply.

US Event Calendar

  • 07:00: Sept. MBA Mortgage Applications, prior -3.7%
  • 08:30: July Trade Balance, est. -$70.2b, prior -$79.6b
  • 14:00: U.S. Federal Reserve Releases Beige Book

Fed Speakers

  • 09:00: Fed’s Barkin Speaks at MIT
  • 10:00: Fed’s Mester speaks at MNI virtual event
  • 12:40: Fed’s Brainard Discusses the Economic Outlook
  • 14:00: Fed’s Barr Speaks on Financial System Fairness and Safety

DB’s Jim Reid concludes the overnight wrap

The air of feral fog will lift from our house this morning as the kids go back to school. Only about 12-50 years, depending on the debts we collectively leave to our children, until they leave home. After the summer she’s had looking after them I’m slightly worried my wife will leave first. A big fingers crossed she doesn’t.

On this theme, today I’ve just launched a back-to-school survey as part of our regular monthly series. This month we ask whether you think Europe will make it through winter without gas rationing, whether you are thinking about using less energy, at recession probabilities, whether the next big move in bonds and equities will be up or down, your inflation expectations and which if any central banks are likely to make a policy error and in which direction. All help filling it in very much appreciated as usual. See here for the survey.

Yesterday I released my latest chartbook, which also has a back-to-school vibe as we review where we are on important issues facing global markets and the economy over the coming months. Among the charts, we look at how August was the worst month for European bonds in decades, why inflation isn’t going away over the medium-to-longer term, the latest on the European energy crisis, and also briefly examine the upcoming Italian election and the Chinese property sector’s troubles. As ever, it’s full of big easy-to-read figures and titles that explain our biases. Here’s the link. ***

With different asset classes swinging between gains and losses over the last 24 hours, it’s been difficult to point to a single factor behind the various moves. On the one hand, investors remain cautious about the growing array of risks on the horizon, ranging from the European energy situation to Chinese lockdowns to hawkish central banks. But on the other hand, the latest ISM services index for August added to the recent run of US data releases that’s pointed to an improving outlook, suggesting that the Fed can afford to be more aggressive in raising rates, which in turn led to a sharp selloff in Treasuries that leaves them on track for their 6th consecutive weekly decline.

In terms of the details of that ISM print, the headline measure unexpectedly rose in August to a 4-month high of 56.9 (vs. 55.3 expected), with improvements in the new orders and employment components as well. That follows in the footsteps of the ISM manufacturing reading last Thursday that was similarly better than expected, the weekly initial jobless claims that fell for a 3rd week running, and the Conference Board’s consumer confidence measure that hit a 3-month high in August. Now all this might be a last hurrah before our long expected 2023 recession, but there’s no doubt that recent data has been more positive than expected, and is coming alongside some other tailwinds of note like falling gasoline prices.

Given the stronger data, there were growing expectations (again) that the Fed might hike by 75bps in a couple of weeks’ time, with the hike priced in for September up by +2.9bps to 68.0bps. Treasury yields surged across the curve in response (with also a small catch-up after being closed on Monday), with some of the increase likely exacerbated by a banner day for corporate debt issuance ahead of the next Fed meeting (not to mention ahead of the next crucial CPI print), with the 10yr yield up +16.0bps on the day to 3.35%, and the 30yr yield (+15.6bps) even hitting a post-2014 high of 3.50%. That was driven by a rise in real yields, with the 10yr real yield (+15.0bps) rising to a post-2019 high of 0.87%. This morning in Asia, yields on the 10yr USTs are fairly stable. Bear in mind that it was less than -1% in early March after Russia invaded Ukraine, so we’ve seen an incredible shift in real borrowing costs over the last 6 months.

With US real yields reaching new heights, the dollar index advanced +0.62% to reach its strongest level in over two decades. However, it was bad news for equities and the S&P 500 (-0.41%) built on its run of 3 consecutive weekly declines to close at a 7-week low. The more interest-sensitive sectors were particularly affected, and the NASDAQ (-0.74%) and the FANG+ index (-1.50%) saw even larger declines, while there was a clear preference for defensive sectors with real estate (+1.02%) and utilities (+0.22%) outperforming the rest of the pack. Over in Europe there was a moderately better performance however, with the STOXX 600 up +0.24%, and the German Dax (+0.87%) recovering somewhat from the previous day’s heavy losses. Futures are weak this morning though with contracts on the S&P 500 (-0.52%), NASDAQ 100 (-0.53%) and DAX (-1.15%) lower.

When it comes to the energy situation, there wasn’t much respite yesterday as we look forward to Friday’s meeting of EU energy ministers. Natural gas futures in Europe fell by -2.47% to €240 per megawatt-hour, and German power prices for next year were also down -6.02% to €536 per megawatt-hour. But relative to their levels from last year they are still incredibly elevated. One piece of news we did get was from German Chancellor Scholz, who said that when it came to a cap on power prices, “If we have our way, it will take weeks rather than months”. In the meantime, European sovereign bonds lost further ground, with yields on 10yr bunds (+7.4bps), OATs (+3.5bps) and BTPs (+3.3bps) all moving higher.

Here in the UK, Liz Truss was appointed as the new Prime Minister yesterday, succeeding Boris Johnson after three years in the job. In her initial speech in front of Downing Street, she said that action would be taken on the energy crisis this week, so that’s one to keep an eye out for, with reports across the press (as we previewed yesterday) indicating that bills will be frozen around current levels rather than going up in October. That came as gilts strongly underperformed their continental counterparts yesterday, with 10yr yields up by +15.7bps to 3.09%, which is their highest closing level since 2011. Interestingly however, there was a major steepening in the yield curve, with 2yr yields down -2.0bps as investors reacted to the prospect of lower short-term inflation in light of the potential freeze on bills.

Asian equity markets are weak this morning with the Hang Seng (-1.65%) leading losses followed by the Kospi (-1.50%) and the Nikkei (-0.95%). Over in Mainland China, the Shanghai Composite (-0.05%) and the CSI (-0.08%) are wavering between gains and losses in early trade.

The latest trade data coming out of China this morning showed exports growing at a slower pace in August (+7.1% y/y) against market forecast of a +13.0% increase and compared to July’s +18.0% rise as global demand continued to soften. At the same time, imports rose only +0.3%, falling short of expectations for a +1.1% gain. Elsewhere, Australia’s GDP expanded +0.9% in the second quarter, in-line with market expectations as consumers kept spending while energy exports boomed. The growth figure for the previous quarter (+0.7%) was downwardly revised though.

In FX news, the Japanese yen (-0.90%) this morning slid to a fresh 24-year low of 144.09 against the US dollar. Widening rate differential is the main reason for yen’s depreciation while yesterday’s better than expected US data probably also pushed the yen weaker. Separately, the People’s Bank of China (PBOC) fixed the yuan at 6.9160 to the dollar, its strongest bias on record and the 11th successive increase as the authorities continue to fight the global trend of a strong dollar against virtually every currency.

In energy markets, oil prices are trading lower in Asian trade with Brent futures down -1.45% at $91.48/bbl as the demand could remain under pressure amid China’s Covid-19 lockdowns.

There wasn’t a great deal of other data yesterday, though in Europe we did get the German and UK construction PMIs for August, which were both in contractionary territory at 42.6 and 49.2 respectively. German factory orders in July also contracted by a faster-than-expected -1.1% (vs. -0.7% expected). Otherwise in the US, the final composite and services PMI for August painted quite a different picture to the ISM numbers, with the final services PMI revised down to 43.7 (vs. flash 44.1) and the final composite PMI revised down to 44.6 (vs. flash 45).

To the day ahead now, and there’s plenty on the central bank side, as the Bank of Canada announce their latest policy decision and the Fed release their Beige Book. We’ll also hear from Bank of England Governor Bailey, as well as the BoE’s Pill, Mann and Tenreyro as they testify before the Treasury Select Committee. In addition, there are scheduled remarks Fed officials, including Vice Chair Brainard, Vice Chair Barr, and Mester and Barkin. Otherwise, data releases include German industrial production and Italian retail sales for July.

AND NOW NEWSQUAWK

US Market Open: European bourses have trimmed the losses seen at the open; JPY underperforms with USD/JPY extending above 144.00 – Newsquawk US Market Open

Newsquawk Logo

WEDNESDAY, SEP 07, 2022 – 06:37 AM

  • European bourses have trimmed the losses seen at the open; US equity futures meander around the flat mark.
  • DXY maintains bullish momentum but remained under 110.50 throughout most of the European session.
  • Debt futures are hovering just below best levels having extended rebounds to fresh intraday highs.
  • WTI and Brent futures have been bouncing off worst levels after printing multi-month lows; Base metals are mostly lower with upside hampered by disappointing Chinese trade data overnight. 
  • Looking ahead, highlights include BoC Rate Decision, Fed Beige Book, EIA STEO, and Speeches from Fed’s Barkin, Mester, Brainard & Barr.

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

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

7th September 2022

LOOKING AHEAD

  • BoC Rate Decision, Fed Beige Book, EIA STEO, Speeches from Fed’s Barkin, Mester, Brainard & Barr
  • Click here for the Week Ahead preview.

GEOPOLITICS

RUSSIA-UKRAINE

  • Russian President Putin said trust in the USD, EUR, and GBP has been undermined; Russia has cut usage of the currencies. Putin said Gazprom and China have moved to RUB and CNY settlements for gas in a 50/50 proportion. Putin said will have to think of changing routes for Ukrainian grain; says problems with food will intensify.
  • Russian President Putin said demand for Russian energy in China is rising, according to Reuters.

EUROPEAN TRADE

EQUITIES

  • European bourses have trimmed the losses seen at the open, but still trade mostly lower.
  • European sectors are mostly lower after opening with a mild defensive bias – that bias has since eased somewhat, with some cyclicals making their way up the ranks.
  • Stateside, US equity futures were softer in early trade, but to a lesser extent than peers across the pond, and have since mostly moved into the green as yields ease
  • Click here for more detail.

FX

  • DXY maintains bullish momentum but remained under 110.50 throughout most of the European session in a 110.17-69 range (at the time of writing).
  • JPY underperforms with USD/JPY extending above 144.00 despite a slew of verbal intervention by Japanese officials, whilst the Yuan shrugged off another firm CNY fixing by the PBoC.
  • EUR, and CHF are all trading mid-range vs the USD whilst the NZDAUD, and CAD track risk sentiment.
  • Click here for more detail.

Notable FX Expiries, NY Cut:

  • EUR/GBP: 0.8575 (1.21BN)
  • Click here for more detail

FIXED INCOME

  • Debt futures are hovering just below best levels having extended rebounds to fresh intraday highs in the run up to UK and German auctions that saw solid demand.
  • Bunds sit under their 145.24 peak (+44 ticks vs -33 ticks at one stage), Gilts skirt 106.00 from 106.11 (+38 ticks vs -59 ticks at the Liffe low).
  • 10yr T-note holds closer to 115-27 than 115-13+ following some hefty block purchases (two 10k clips in particular)
  • Click here for more detail.

COMMODITIES

  • WTI and Brent futures have been bouncing off worst levels after printing multi-month lows.
  • Spot gold fluctuates on either side of USD 1,700/oz, driven largely by bond yields.
  • Base metals are mostly lower with upside hampered by disappointing Chinese trade data overnight.
  • Indian PM Modi said keen to boost ties with Russia; said Russia and India can work closely on coking coal supply.
  • Click here for more detail.

PRICE CAPS

  • Czech Industrial Minister said Russian gas price cap should be taken off the table at the EU Energy Minister meeting, according to CTK cited by Reuters.
  • EU is planning a EUR 200/MWh electricity price cap by non-gas power producers (wind, nuclear, coal), according to a draft proposal cited by FT; the document suggests a target of reducing consumption by 5% during peak pricing hours. Proposal is to be discussed today ahead of Friday’s energy meeting.
  • Russian President Putin reiterated that Russia will not stick to oil and gas contracts if prices are capped.

CRYPTO

  • Bitcoin prices slipped overnight to under USD 19,000 whilst Ethereum tested 1,500 to the downside.

NOTABLE EUROPEAN HEADLINES

  • UK PM Truss spoke with US President Biden with Truss said to be looking forward to working with Biden to tackle shared challenges, particularly extreme economic problems from Russian President Putin’s war, while they discussed domestic issues and agreed on the importance of protecting the Good Friday Agreement, according to Downing Street.
  • UK PM Truss will not activate the emergency Article 16 override provision in the Northern Ireland protocol in the coming weeks and pulling away from an early confrontation with the EU over Brexit, according to FT citing the PM’s allies.
  • BoE Governor Bailey noted that we have had volatile markets in the last six weeks, still seeing extreme volatility in energy markets. On the UK exchange rate, said there are dollar-specific factors in play; said the Fed is more focussed on bringing demand shock under control. Bailey added a review of the Bank’s mandate would not be a recognition that the BoE regime is failing.
  • BoE Chief Economist Pill said he does not want to comment on fiscal stimulus without seeing the details. He expects headline inflation to decline in the short-term. Pill emphasised the importance of BoE inflation target as an anchor, not considering new regime.
  • BoE’s Mann said trade, financial flows, and GBP may have heightened role in the next year. Mann added that more forceful bank rate moves open door for policy to be on hold or a reversal later. She added that short-term inflation spikes are getting increasingly embedded in domestic prices.
  • BoE’s Tenreyro said demand is already weakening, and added when close to equilibrium rate, gradual hikes allow BoE to react before it tightens too far into contractionary territory. “Even without rate increases in August, rates were at a sufficient level to return inflation to target over the medium-term.”

NOTABLE EUROPEAN DATA

  • EU GDP Revised YY (Q2) 4.1% vs. Exp. 3.9% (Prev. 3.9%)
  • EU GDP Revised QQ (Q2) 0.8% vs. Exp. 0.6% (Prev. 0.6%)
  • EU Employment Final QQ (Q2) 0.4% vs. Exp. 0.3% (Prev. 0.3%, Rev. 0.7%)
  • EU Employment Final YY (Q2) 2.7% vs. Exp. 2.4% (Prev. 2.4%, Rev. 3.1%)

NOTABLE US HEADLINES

  • Fed’s Barkin (2024 voter) warned that rates must stay high until inflation eases and said the Fed would need to tighten policy further so that real interest rates sit above zero, according to FT.
  • Fed Fund Futures imply a 75% chance of a 75bps Fed rate hike this month, according to FedWatch cited by Reuters.

APAC TRADE

  • APAC stocks were pressured amid spillover selling from Wall St owing to the higher yield environment and as participants digested the latest Chinese trade data.
  • ASX 200 weakened from the open with the index dragged lower by the energy and mining-related sectors and with somewhat mixed GDP data not doing much to spur risk appetite.
  • Nikkei 225 declined despite a further weakening in the JPY as the recent rapid currency depreciation raised further questions surrounding the BoJ’s dovish resolve.
  • Hang Seng and Shanghai Comp were subdued amid the ongoing COVID woes and following the softer than expected Chinese trade data in which all metrics missed forecasts.

NOTABLE APAC HEADLINES

  • PBoC set USD/CNY mid-point at 6.9160 vs exp. 6.9686 (prev. 6.9096)
  • Japanese Chief Cabinet Secretary Matsuno believes relaxation of border control measures could be an advantage with the weak JPY, while they are concerned by recent rapid, one-sided currency moves and are ready to take appropriate action on FX market moves if necessary, according to Reuters.
  • Japanese Finance Minister Suzuki, when asked about the chance of currency intervention, says will take necessary steps, according to Reuters.
  • Japan’s former MOF FX head Watanabe said there is no need for Japan to intervene in the currency market to stem the yen’s declines and that Japan intervening solo in the FX market would be meaningless as current FX moves are driven by broad dollar gains, while he noted that intervening solo would be a waste of money as markets would know Tokyo has limited to how much reserves it can tap to continue with such actions. Wakatabe also stated that USD/JPY is overshooting somewhat now and may briefly reach 145 later this month but such increases likely won’t last long, while he doesn’t think the BoJ will raise rates just to stem JPY’s declines.

DATA RECAP

  • Chinese Trade Balance USD (Aug) 79.39B vs. Exp. 92.7B (Prev. 101.26B)
  • Chinese Exports YY* (Aug) 7.1% vs. Exp. 12.8% (Prev. 18.0%)
  • Chinese Imports YY* (Aug) 0.3% vs. Exp. 1.1% (Prev. 2.3%)
  • Chinese Trade Balance (CNY)(Aug) 535.9B vs Exp. 661.9B (Prev. 682.7B)
  • Chinese Exports YY (CNY)(Aug) 11.8% vs Exp. 18.5% (Prev. 23.9%)
  • Chinese Imports YY (CNY)(Aug) 4.6% vs Exp. 6.3% (Prev. 7.4%)
  • Australian Real GDP QQ SA (Q2) 0.9% vs. Exp. 1.0% (Prev. 0.8%)
  • Australian Real GDP YY SA (Q2) 3.6% vs. Exp. 3.5% (Prev. 3.3%)

i)WEDNESDAY MORNING// TUESDAY  NIGHT

SHANGHAI CLOSED UP 2.85 PTS OR 0.09%   //Hang Sang CLOSED DOWN 158.43 OR 0.82%    /The Nikkei closed DOWN 196.21 OR .71%.          //Australia’s all ordinaires CLOSED DOWN 1.37%   /Chinese yuan (ONSHORE) closed DOWN AT 6.9782//OFFSHORE CHINESE YUAN DOWN 6.9943//    /Oil DOWN TO 87.09  dollars per barrel for WTI and BRENT AT 92,81    / Stocks in Europe OPENED  ALL RED.        ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER 

3 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

3B JAPAN

The Yen implodes to 144.99 to the dollar.  The Yuan also is wacked, as the record USA dollar surge sparks their plunges.

(zerohedge)

Japan, China On Edge After Record Dollar Surge Sparks “Explosive” Yen Plunge; China’s Yuan Not Far Behind

WEDNESDAY, SEP 07, 2022 – 02:04 PM

Back in late March, when USDJPY was at 121,  we warned that the “Yen Was At Risk Of “Explosive” Downward Spiral With Kuroda Trapped… And Why China May Soon Devalue“, and since then the yen has… well, see for yourselves:

In short, we were right.

Having been in freefall for months, due to the “impossible dilemma” facing the BOJ which can’t have i) a stable currency and ii) yield curve control at the same time, the BOJ has clearly picked an interest rate cap instead of intervening in the yen, and containing the record freefall in the Japanese currency which is set for its worst annual drop on record – the yen this morning plunged as low as 144.99, the lowest level since 1998 and there is no end in sight to the drop.

Furthermore, and just to make it very clear that the BOJ sees nothing wrong with the precipitous drop in the yen which makes Japan seem like a B-grade emerging market, overnight the BOJ said it would buy 550BN yen of 5-10 year bonds at the latest scheduled operation, up from 500BN previously to protect the YCC yield caps; as Goldman notes, “BOJ is really the odd man out in global policy and it seems the market is piling on pressure into the yen ahead of the BOJ meeting at the end of this month.”

To be sure, the ongoing crash in the yen is not exactly shocking and is a result of Japan’s widening yield and policy divergence with the US. Still, the move which could unleash an inflationary shock across the otherwise sleepy, deflationary and demographically doomed islands, has prompted politicians to intervene if only verbally, and overnight, Japan’s top spokesman Hirokazu Matsuno said he was concerned about recent rapid, one-sided moves in yen and the government would need to take necessary action if these movements continue.  

“We’re concerned about the rapid and one-sided moves being seen recently in foreign exchange markets,” Matsuno said at a press conference in Tokyo adding that “the government will continue to watch forex market moves with a high sense of urgency, and take necessary responses if this sort of move continues.”

Of course, it’s not just the yen that is getting demolished: with the Bloomberg dollar index hitting another, and another, and another all time high day after day with the Fed clearly oblivious of the impact its supertighte monetary policy is having on the world…

…  it was China’s yuan that also got hammered overnight, and with the offshore currency trading just shy of 7.00, it forced the PBOC to scramble and stem the currency depreciation with a yuan fixing that was set at a record 454 pips stronger than the average estimate!

The good news is that as Bloomberg’s Simon Flint notes, the yuan tends to be rather dull after big gaps between offshore levels and the fix. To wit: “historical experience is that the yuan stabilizes after a similarly high premium is hit. Selecting for days with a similar (average) premium, I find 78 individual days when this occurred and more than 20 clusters since Bloomberg started to collect fixing consensus data. The average change in USD/CNH and CNH-CFETS was less than 0.1% one day, five days and 21 days after this premium was hit. It seems like a combination of the PBOC’s ability to pick tops in the dollar (as implied by stability in CFETS) and their resistance to appreciation is sufficient to stop the rot. Furthermore, the maximum range of outcomes over these periods is narrower than the series average. Of course, this episode may not be “average”. PBOC resistance has hit record breaking levels, suggesting a greater disconnect that the premium alone indicates.”

The bad news is that according to Goldman, it is only a matter of time before we trade through 7.00, for one simple reason: the collapse in China’s trade demands it and the export data in particular is a concern as the large trade surplus had been one of the main pushbacks to USDCNH going higher (the August surplus declined to 79.3BN vs 101BN last month). As Goldman concludes, “At this juncture it seems inevitable that China will have to accept a weaker currency to support trade/growth.

For those who missed it, overnight China reported that export growth slowed more than expected in August, as the entire world careens into a recession. Specifically, China’s export growth dropped to +7.1% Y/Y in August, well below consensus expectations of a 13% increase and a sharp drop from the 18.0% in July. Import growth decelerated to +0.3% Y/Yin August, also missing the consensus estimate of 1.1%, and down from 2.3% in July.

According to Goldman, the large deceleration of year-over-year export growth was partially driven by a high base last August, when the adverse impact from Typhoon In-fa unwound. Trade surplus in August fell to US$79.4bn on weaker-than-expected exports.

That said – when setting the stage for a 7.00 yuan print – Goldman says that it isn’t such a big deal, and explains why:

In Aug 2019, when USDCNY first traded above 7, the PBoC issued comment that “7 is not the age of man”, by which they meant it is not a number from which there is no return. The PBoC has made it clear in the press conference earlier this week that China’s monetary policy is mainly serving domestic purpose and they still have ample room. The RMB weakness is mainly due to USD strength, with RMB outperforming non-USD majors and so far there has not been meaningful spillover impact from currency depreciation on other Chinese assets (SHCOMP has been outperforming SPX of late). Another indicator to look at is onshore 1m risk reversal, which came off the highs. All these suggest there is not much to worry onshore about the PBoC allowing USDCNY to trade above 7.0 amid continued USD strength.

All of the above is why Goldman has shifted its USDCNH target to 7.20 area.

But perhaps an even bigger question is how China will react to the absolute monkeyhammering that the yen has taken in recent months, and as Albert Edwards noted back in March, maybe China will react just like they did in August 2015 when the PBoC devalued: “Back then persistent yen weakness had dragged down other competing regional currencies and left the renminbi overvalued.”

Wait, yen weakness leading to China devaluation? According to Edwards, that indeed was the sequence: as he shows in the chart below, the super weak yen of 2013-15, by driving down other competing Asian currencies, ultimately led us to the August 2015 renminbi devaluation.

Fast forward to today when the aggressive relentless easing by the BoJ – which is terrified of losing control over the JGB curve – comes at a time when the PBoC has resolutely refused to join the global tightening posture and instead is shifting towards an easier stance (after all, China has an imploding property sector it must stabilize at any cost).

Edwards concluded that the one thing to watch out for, especially in the current febrile geopolitical environment, is if China once again is ‘forced’ to devalue because of the weak yen. Economists will tell you that cutting interest rates or the reserve requirement ratio (RRR- r/h chart below) is neutralized when you have a strong currency.

end

3c CHINA

CHINA/Taiwan

end

CHINA

end

4/EUROPEAN AFFAIRS//UK AFFAIRS

EUROPE.//LNG

Hurricanes in the USA can disrupt the timely shipping of LNG

(Kimani/OilPrice.com)

Why Europe’s Dependence On US LNG Is Risky

WEDNESDAY, SEP 07, 2022 – 03:30 AM

By Alex Kimani of OilPrice.com

In the current year, the United States boasts status as the world’s biggest liquefied natural gas (LNG) exporter as deliveries to both Europe–in the throes of a severe energy crisis–and Asia surge. So far in 2022, five developers have signed over 20 long-term deals to supply more than 30 million metric tons/year of LNG or roughly 4 Bcf/d, to energy-starved buyers in Europe and Asia. 

Europe’s desperate attempt to rid itself of Russian gas became even more urgent this week, as Moscow announced that flows through Nord Stream 1 to Germany would remain cut off until the West lifted sanctions. That desperation has resulted in Europe displacing Asia as the top destination for U.S. LNG. In fact, Europe now receives 65% of total U.S. LNG exports.  But there are growing concerns that trading one dependency for another carries another kind of risk. Putting all your eggs in the U.S. LNG basket means banking on Mother Nature. U.S. LNG supplies might not be vulnerable to Russia, but they are vulnerable to extreme weather and harrowing hurricane seasons that disrupt output and exports. Europe cannot afford any more disruptions. 

Vulnerability in the Gulf of Mexico

The bulk of LNG export facilities in the United States–including proposed facilities–are housed along the Gulf Coast, and much of the gas that feeds those facilities comes from nearby inland reserves, from New Mexico and Texas to Louisiana, and beyond. This is a region prone to hurricanes, meaning that when hurricanes come roaring inbound, everything from liquefaction to shipping and extraction to processing is at risk of disruption.

It has happened before–and recently.

In recent years, multiple hurricanes have resulted in varying degrees of disruption for the LNG market, with impacts stretching across the supply chain from brief outages to long layoffs of processing and shipping. 

Hurricane Laura in 2020 resulted in a two-week disruption at the Sabine Pass LNG export facility and well over a month at Cameron LNG. 

Last year, Hurricane Ida resulted in a major and long-lasting curtailment of offshore gas production. 

This year, a June explosion at the Texas-based Freeport LNG facility knocked nearly 20% of US LNG export capacity offline, sending LNG markets into a tailspin. 

Scientists say the Gulf coast hurricanes are becoming increasingly severe, causing record-breaking compound flooding and placing critical infrastructure at risk.

Meanwhile, whereas the United States has the world’s largest lineup of new LNG projects in the works, there are also limits to how far this can go without more pipeline capacity to accommodate this wildly expanding energy segment. 

In the Appalachian Basin, the country’s largest gas-producing region churning out more than 35 Bcf/d, environmental groups have repeatedly stopped or slowed down pipeline projects and limited further growth in the Northeast. This leaves the Permian Basin and Haynesville Shale to shoulder much of the growth forecast for LNG exports. Indeed, EQT CEO Toby Rice recently acknowledged that Appalachian pipeline capacity has “hit a wall.”

Analysts at East Daley Capital Inc. have projected that U.S. LNG exports will grow to 26.3 Bcf/d by 2030 from their current level of nearly 13 Bcf/d. For this to happen, the analysts say another 2-4 Bcf/d of takeaway capacity would need to come online between 2026 and 2030 in the Haynesville.

This assumes significant gas growth from the Permian and other associated gas plays. Any view where oil prices take enough of a dip to slow that activity in the Permian and you’re going to have even more of a call for gas from gassier basins,” the analysts have said.

Mozambique To The Rescue

Though it may be rather late in the game, Europe is beginning to seriously consider Africa for its future energy supplies. Most notably, Mozambique is poised to ship its first cargo of liquefied natural gas (LNG) to Europe at this critical time. 

This, too, is fraught with vulnerabilities in the form of political instability and insurgency. 

French TotalEnergies’ Mozambique LNG project has been sidelined by insurgency. Italian Eni’s Coral-Sul FLNG is safe from the violent flashpoint and on track to help serve Europe, with BP already having inked a deal to buy all of the output for 20 years from the $7-billion Coral-Sul project, designed to produce 3.4 million metric tons of LNG. The Italian company is already planning a second floating export platform in the southern African country that could be completed in less than four years. 

But nothing is certain here.

In the heart of the insurgency, TotalEnergies has announced plans to resume its massive $20 billion project toward the end of the year, with the terminal expected to churn out 13.1 million tons of LNG annually. That is, if it ever gets past the insurgency that led to a declaration of force majeure. The project hopes to restart in the first half of next year.  

Optimism runs high, despite all. ExxonMobil says it will make a final decision for an even larger project in the near future. Meanwhile, the European Union has planned a five-fold increase in financial support to $15 million to fight militants near Mozambique’s gas projects. The EU has already pledged to provide the country’s army with an additional 45 million euros ($45 million) of financial support, and has so far given a SADC mission in the country 2.9 million euros of funding.

Over the short-term, Europe is making headway in filling up its gas storage, and is now nine weeks ahead of where it was this time last year–even if it has come at a hefty premium. European gas storage levels are above 70%, and have even surpassed the 5-year average, according to data from Gas Infrastructure Europe (GIE). 

By November 1st, the EU will likely hit 80% natural gas storage capacity–just in time for peak winter demand. Germany is even aiming for 95% capacity, and is already at 85%

The EU already surpassed its September 1 interim filling target in early July and is still on pace to reach the November 1 target,” Jacob Mandel, senior associate for commodities at Aurora Energy Research, has told Reuters. Indeed, analysts at Standard Chartered Plc are saying that President Vladimir Putin’s gas weapon will be effectively blunted by the inventory build, with Europe set to go through winter “comfortably” without Russian gas.

This, however, poses two different problems. First, Europe will have to pay a heavy price: the cost of replenishing natural gas stocks is estimated at over 50 billion euros ($51 billion), 10 times more than the historical average for filling up tanks ahead of winter. Second, the bloc can’t survive on storage alone unless it severely reduces consumption for the winter. 

Europe, as it stands, is vulnerable on every energy front, and if it’s not geopolitics and insurgency, it’s Mother Nature at her wildest. 

end

BELGIUM//EU

Antwerp’s Mayor blasts the “green dogmatics” and admists that Belgium is now the “New Greece:

(zerohedge)

Antwerp Mayor Blasts “Green Dogmatics”, Admits “Bankrupt” Belgium Is “The New Greece”

WEDNESDAY, SEP 07, 2022 – 02:45 AM

“In America people are not in this shit,” exclaims mayor of Antwerp, Bart De Wever during an interview on Belgian TV.

“They are now exporters of oil and gas, but they certainly weren’t twenty years ago. Climate standards are not of much use if all your companies go to America and China to produce, then you are bankrupt and the climate is not yet saved. This is the green dogmatics. People should start realizing this.”

The outspoken mayor held nothing back during the Flemish current affairs program De Zevende Dag.

“Oil, gas and coal were no longer allowed. No investments were allowed in reserves. Germany does not have a single LNG terminal (a terminal for liquefied natural gas, ed.). The dumbest countries, Germany and Belgium, have phased out nuclear energy in parallel. We have pushed away all energy sources, making ourselves dependent on Putin. Now we hang on to it.”

The previous government, of which De Wever’s party was part, decided that the Belgian nuclear centers Tihange 2 and Doel 3 should close.

 “It’s a purple-green law. We now have a purple-green government. That is a recipe for catastrophe.”

Prime Minister Alexander De Croo says the country is ‘in an economic war situation’. 

“Everything has to be on the table.”

According to De Wever, it is time ‘for bitter truths’…

“This country is bankrupt.”

Somebody’s not going to get invited to Van der Leyen’s Christmas party this year…

Watch the full interview (in Dutch but you can select translation to English subtitles with the CC section – not available fort Embed) below:

END

UK//GERMANY

JPMorgan considers shifting the German office to London amid power blackout threat

(zerohedge)

JPM Considers Shifting German Office To London Amid Power Blackout Threat

WEDNESDAY, SEP 07, 2022 – 04:15 AM

JP Morgan has developed emergency measures to shift a unit of German traders into London offices as the Wall Street bank is preparing for dark winter in Frankfurt following Russia’s suspension of natural gas flows via the Nord Stream 1 pipeline.

The Telegraph reported that JPM “is preparing a raft of emergency measures so that it can continue trading if there are power outages this winter,” following Russian state-owned energy giant Gazprom’s decision last Friday to halt NatGas flows on the critical pipeline into Europe until the EU lifts sanctions against Moscow.

A source said JPM considered the options to shift its Frankfurt office to London or other locations in Europe if Germany is hit with rolling blackouts. 

“Work transfers could also be to and from any location, not just involving the UK,” the source added:

The plan has yet to be activated but is in place due to threats that the Nord Stream 1 pipeline shutdown will exacerbate Europe’s energy crisis in the months ahead. 

The source continued: “It would take a perfect storm of a complete shutdown of Russian gas supply, no reduction of gas use at all and little alternative sourcing for gas before it would have real impact on our business.”

Germany is unlikely to reach its target for filling NatGas storage to 95% by November, even though the rest of Europe is ahead of schedule to boost winter reserves. Germany’s failure not to hit the target would mean trouble for utilities to secure power for industries and households.

Klaus Mueller, president of the Federal Network Agency energy regulator, recently warned that if Russia stopped NatGas flows with storage at the target level, it would only cover 2.5 months of demand. 

JPM seems to be spooked by Nord Stream’s zero flows and the rising probabilities of a dark winter in Germany. 

END

UK

Not a good sign for the new Prime Minister

(zerohedge)

Only 12% Of Brits Have Trust In Truss

WEDNESDAY, SEP 07, 2022 – 08:25 AM

Liz Truss was sworn in as the new UK Prime Minister yesterday. As the successor to Boris Johnson who quit after an historic number of ministerial resignations, Truss is also a member of the Tory party and will be the third female prime minister to lead the country.

However, as Statista’s Anna Fleck details below, Truss appears to have garnered little support in the UK.

Infographic: Only 12% Of Brits Have Trust in Truss | Statista

You will find more infographics at Statista

According to a poll taken by YouGov, only 12 percent of UK respondents think she will make a “good” or a “great” prime minister. Where 55 percent of respondents said they thought Johnson was a “poor” or “terrible” PM, Truss has fared little better with 52 percent holding the view. Looking back beyond Johnson, a majority of Britons said Truss would be worse than every past leader going back to Thatcher. This includes 34 percent of respondents saying she would be worse than Theresa May.

The survey also found that while on the whole people have not made their mind up about the incoming PM, 38 percent of people agreed that she was “hardworking” and 65 percent of people said she was “out of touch with ordinary people.”

end

Charles Gave warns that Europeans are mad with anger and it will worsen due to the power costs and shortages

(Watson/SummitNews)

Charles Gave Warns Europeans Are “Mad With Anger And It Will Worsen”

WEDNESDAY, SEP 07, 2022 – 05:00 AM

Authored by Paul Joseph Watson via Summit News,

Predicting that cost of living protests in the Czech Republic and Germany will spread around the continent, a prominent economist warns that European citizens are “mad with anger and it will worsen.”

On Saturday, over 70,000 people took to the streets of Prague to demand an end to weapons supplies and neutrality regarding the conflict in Ukraine.

Numerous demonstrations are also set to take place in major German cities over the next month as energy bills and inflation soar as a result of sanctions on Russia and over dependence on green energy.

“The demonstrations in Prague and Germany are only the beginning. The price of gas and consequently of electricity are driving the European citizens mad with anger and it will worsen,” French economist Charles Gave told Sputnik.

Gave went on to assert that many Europeans aren’t buying the narrative that the situation, which culminated in the shut down of gas supplies to Europe via the Nord Stream 1 pipeline, is all Vladimir Putin’s fault.

“The European governments and the European Commission speak of a ‘manipulation’ by Russia, but people perceive very well that the decision to stop importing Russian gas and oil was a European decision, taken by Brussels without even thinking of the impact it will have on the European economy,” he said.

https://www.zerohedge.com/geopolitical/charles-gave-warns-europeans-are-mad-anger-and-it-will-worsen

The economist blasted European leaders for their obsession with net zero and climate change hysteria, which has left the continent totally lacking in self-sufficiency.

“For the last 15 years, our European leaders have gone into a climate craze, promoting magic mirrors and windmills as the solution. It does not work. These solutions demand the same capacity in gas power plants,” Gave said.

The economist firmly blamed globalist technocrat leaders for sacrificing the interests of Europeans on the altar of prolonging a war that will cause economic devastation.

They [Europeans] even believe that it is the bad Russians that have closed the tap of oil and gas, while it is our own leaders in Europe that have stupidly imposed these sanctions that are destroying the European economy. We, Europeans, are bringing stagflation onto our head. Before the people realize it, it will be too late. Macron, [German Chancellor Olaf] Scholz, von der Leyen and the like will never admit they were wrong and present excuses,” he asserted.

As we highlighted yesterday, police in the UK are preparing for a widespread “breakdown in public order” caused by the cost of living crisis if new Prime Minister Liz Truss doesn’t authorize a big enough government handout.

Truss is set to freeze all energy bills for at least two years at a cost of hundreds of billions of pounds, an expense that will inevitably be passed on to the taxpayer at a later date.

https://www.zerohedge.com/geopolitical/charles-gave-warns-europeans-are-mad-anger-and-it-will-worsen

END

EU

EU proposes a 200 euro price cap on non Natural Gas generated electricity

(zerohedge)

EU Proposes 200 Euro Price Cap On Non-NatGas Generated Electricity

WEDNESDAY, SEP 07, 2022 – 07:32 AM

A draft proposal by Brussels looks to intervene in the worsening energy crisis by placing a price cap on electricity generated by non-natural gas power producers, according to Financial Times.

The European Commission urged member states to cap the price of electricity via wind farms, nuclear reactors, and coal plants, all of which generate power free of NatGas, at a 200-euro megawatt hour limit. 

Enforcing such a price cap would lead to “market outcomes that could be expected where global supply chains functioning normally and not subject to the weaponization of energy through gas supply disruptions,” the commission said in the draft proposal. 

FT pointed out that wholesale electricity prices in Germany skyrocketed because they’re pegged to NatGas, even though some electric power is generated by other sources. 

The draft also said EU members should reduce electricity consumption by at least 5% during peak hours amid an energy crisis worsening by the week. There was also mention the EU plans to recapture excess profit from power produces that don’t rely on NatGas to help consumers pay power bills. 

Russia’s latest move against Europe closed the Nord Stream 1 pipeline. Moscow said the critical NatGas pipeline to Europe wouldn’t reopen until the “collective West” lifts sanctions against Russia over its invasion of Ukraine. 

EU energy ministers are due to meet on Friday to discuss historical intervention in the energy market. 

“A leaked EU draft proposal includes an electricity price cap on inframarginal profits… If true, we would see it to be a better-than-expected outcome for generation companies,” Jefferies analysts wrote in a note. 

Following the news, utilities and renewable energy stocks surged in Europe. 

Credit Suisse senior analyst Jens Zimmermann said the draft proposal seems positive for utilities, such as “RWE.” 

“Even under a price cap, upward EPS revisions have now become more likely as RWE’s consensus forecasts were never based on the recent sky-high power prices,” Zimmermann said. 

RBC analyst Fernando Garcia said the electricity price gap “is quite high, clearly above levelized cost of electricity” and could be high enough not to discourage future investment in non-NatGas generators. 

It appears the plan could remove uncertainty for utility companies.  

FT noted: “Several member states have complained that Brussels has not acted fast enough. Some, including Spain and Italy, have pushed for the commission to decouple gas and electricity markets.” 

The proposal for price caps on non-NatGas derived electricity comes as the utilities across the continent face a massive margin call

END

5.RUSSIAN AND MIDDLE EASTERN AFFAIRS//

RUSSIA/UKRAINE/THE WEST

Ukrainian Parliament Lines Pockets with Western Aid | Armstrong Economics

Inbox

Robert Hryniak7:42 AM (18 minutes ago)
to

This is one corrupt regime. Watch the CBC report that was pressured to be removed. It is as much a scam as long term gas contracts given up for spot paper contracts hustled  by banks for profit while the public pays dearly betrayed by politicians unfit for service. And you wonder why the German government is putting armed troops on German city streets come October 1st? Perhaps the gun running has placed weapons shipped to the Ukraine bought by various criminal gangs. As it has been such weapons as Stingers have been available for next day delivery across Europe. Expect them to be used as high energy costs force industry closures and like. Civil unrest is coming quickly and to ignore this is folly. And the standard of living will drop accordingly and with the value of everything.

END

6.GLOBAL ISSUES AND COVID COMMENTARIES/

GLOBAL ISSUES

Canada

No movement in the loonie as this was expected. However Canada’s real estate sector is suffering

(zerohedge)

Bank of Canada Hikes 75bps As Expected, Warns Rates “Will Need To Rise Further” Given Inflation

WEDNESDAY, SEP 07, 2022 – 10:11 AM

As expected, and ahead of a potential 75bps rate hike by the ECB tomorrow and the Fed later this month, moments ago the Bank of Canada hiked rates by 75bps as expected, lifting the overnight rate to 3.25% – the highest policy rate among major advanced economies – with the fourth consecutive outsized (more than 25bps) rate hike, and warning that “given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further.”

Here are some more highlights from the BOC statement:

RATES:

  • Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further.
  • As the effects of tighter monetary policy work through the economy, we will be assessing how much higher interest rates need to go to return inflation to target. The Governing Council remains resolute in its commitment to price stability and will continue to take action as required to achieve the 2% inflation target.

QT:

  • Quantitative tightening is complementing increases in the policy rate

INFLATION:

  • Surveys suggest that short-term inflation expectations remain high. The longer this continues, the greater the risk that elevated inflation becomes entrenched.

LABOR MARKET:

  • Canadian economy continues to operate in excess demand and labour markets remain tight

HOUSING MARKET:

  • With higher mortgage rates, the housing market is pulling back as anticipated, following unsustainable growth during the pandemic.

OUTLOOK:

  • The global and Canadian economies are evolving broadly in line with the Bank’s July projection
  • Continues to expect the economy to moderate in the second half of this year, as global demand weakens and tighter monetary policy here in Canada begins to bring demand more in line with supply.

And the statement redline, courtesy of Newsquawk:

Since the announcement was largely as expected, the market reaction was muted, with little movement in the loonie…

… and a modest rise in yields.

end

Paul Alexander..

EUA (emergency use authorizations) by FDA must be stopped, restricted & banned for ANY adults, must ONLY be used for high risk e.g. 70 years and older with medical conditions, IF a deadly pathogen

DO NOT ever use EUA for healthy children, healthy teens, healthy young adults! why? why an EUA for the new bi-valent (Wuhan & BA.5 spike vaccine)? There is no sound scientific reason for this! FRAUD!

Dr. Paul AlexanderSep 6

Most people are immune now, has some form of immunity. This makes no sense and stinks to high heavens granting these EUAs. For what? Where is the supporting evidence for a mandate? For EUA? There is none! There is no emergency, no heightened risk NOW to use these damn EUAs or mandates. This is fraud and corruption for we do not have the proper studies that assessed risks and benefits. These mRNA shots have caused myocarditis, myopericarditis, pericarditis, blood clots, bleeding etc. Severe catastrophic illnesses yet we did not study it? Then how could we authorize an EUA? And even mandate this as likely will happen. The FDA is very reckless here and duplicitous and misleading and actually places potential vaccinees in danger for the studies and EUA did not assess the risk and we have no idea what benefit is conferred by these bi-valent shots. The studies used or referred to by FDA to grant EUA are non-sensical.

We are not in February 2020 with Wuhan legacy strain and consequent serious severe illness for those with high-risk and vulnerabilities. We are in August 2022 where OMICRON is akin to a common cold. We get 3-4 colds per year. We live with colds, and accept them.

The EUA process is now a joke and a fraud. It is a political tool played with depending on President. One is restricted, the other is given out. Oh how far the FDA has fallen!

COVID is (has been) done if not for the non-neutralizing sub-optimal injection driving viral immune escape, original antigen sin, antibody dependent enhancement of infection and disease, and emergence of infectious variant after infectious variant with a possibly virulent clade.

The EUA must be used when there is an emergency with no other options. It is not free tax payer money or candy! There is no emergency and we have multiple options, the nation and young persons are largely immune too. This is a devastating corrupted use of the EUA.

We need to ask first what are the downsides before we use an EUA? What is the cost benefit analysis? Where is it? What are the risks versus the benefits before we give these EUAs like damn candy! This is medical regulatory malpractice IMO using EUAs in this way with no bona fide basis.

And if you tell me you cannot run randomized trials because you will need to power it with millions of patients, e.g. children as you did not do any trials, then it tells us the answer right there, it tell us that the pathogen to them is not harmful SO DO NOT need the injection in the first place. That is your answer. You will need millions of subjects if not the entire population, for you cannot detect a difference if the baseline risk is zero or near zero which the control group is for kids, low risk teens etc. If baseline risk is statistical 0, then how could you detect ‘less than’ zero. You cannot!

I have lost all my confidence in Dr. Peter Marks whom I respected deeply, admire, he is very smart and dedicated and I had the chance to deal with him and discuss while I was at HHS but his recent vaccine actions are very questionable. Troubling to me. Seems he is conflicted and not making the best decisions.

These are the real heroes at FDA and now gone!

FDA’S UNSUNG HEROES: MARION GRUBER AND PHIL KRAUSE

end

Rachel Moldonado interviews Dr. Paul Elias Alexander September 5th 2022 on the COVID response

Rachel Maldonado; Therapist and Life Coach; rhmaldonado.com

Dr. Paul AlexanderSep 7

SOURCE:

https://rumble.com/v1iu9fk-stories-35.-dr.-paul-alexanders-story-making-a-stand-for-freedom..html

end

Open in browserChina lockdown of Chengdu, utter madness AGAIN! We can’t take it! Brawls break out and shelves stripped bare as Chinese city heads for ‘strictest lockdown’; THIS WILL FAIL, no lockdown has EVER worked

Images started to circulate on Chinese social media site, Weibo after the lockdown was announced, showing people climbing over each other in supermarkets and cars packed with supplies; ZERO COVID

Dr. Paul AlexanderSep 6

The Chinese government should get up on the science. This will fail as have all lockdowns globally. You only suffer your population, deny natural immunity and inching toward herd immunity, have no society to re-emerge to, and the virus evolves and adapts to the pressure you are placing on it. It remains illogical and non-sensical. The only model is to properly protect your high-risk vulnerable populations e.g. elderly, and use early treatment, use Vitamin D3 etc., and allow thee rest of your society to live normal lives. Omicron BA.5 is akin to the common cold. They have had 2.5 years to prepare hospitals etc.My sense is the left and lockdown lunatics want this to be the daily life of Americans. It is this that we fight them on, fight them hard and as long as they remained trapped in their lunacy! The left wants this for the elections again, we ensure it never happens again! Thank God Americans are waking up! We have more work to do however!
SOURCE

VACCINE IMPACT/

Vaccine Impact


SADS: “Sudden Adult Death Syndrome” Explodes as Young and Healthy Adults Die Following COVID Vaccine Mandates
September 6, 2022 6:54 pm

The sheer number of young, healthy adults dying “suddenly” has become so well-known now, that even the corporate media can no longer ignore these record number of deaths occurring among the working class ages between 18-years-old and 65. The correlation between these “sudden deaths” and the roll out of the COVID vaccines is indisputable, but because “correlation does not equal causation,” the corporate media and the government health agencies continue to deny that the vaccines are at fault. Finding no other possible cause for these record number of deaths among young and healthy people, they simply lump them altogether under the category of SADS, Sudden Adult Death Syndrome. But these stories are becoming so frequent now, that hopefully the blind and dumb-downed population who believed the lie are starting to wake up. I am republishing some of these stories in this article, and while some of those who died are known to have received a COVID vaccine, some of the other ones do not publicly reveal that information. But they are all members of institutions that mandated the COVID shots. Some are students and employees at Indiana University, and some are medical professionals who worked at facilities where the shots were mandated. This must be one of the most evil periods of human history, where so many people in position of authority in either government positions, or as heads of institutions, are guilty of mass-murder, and as of yet none of them have faced justice. How far does this guilt go, in participating in the genocide of an entire generation? How about you? Are you also guilty? If you answer with a resounding: “No way! I do not support the COVID vaccines!” – then I need to ask you a question. Do you own stocks in mutual funds? Is your retirement fund invested in stocks and mutual funds? Because if so, it is very likely that whoever manages your portfolio is invested in pharmaceutical companies like Pfizer, Moderna, Johnson and Johnson, and others, as Big Pharma is the “best place to put your money” right now if one wants to maximize their profits. That means you also share some of the guilt, even if you are not aware of where your funds are invested. Legally, you are a part owner in these companies who produced these deadly bio-weapons that are literally killing millions of people.
Read More…

VACCINE INJURY

High School Athlete Has Six Feet of Blood Clots Removed From Legs Abruptly Ending Football Career – YouTube

Inbox

Robert Hryniak1:06 PM (14 minutes ago)
to

Very sad
https://www.youtube.com/watch?v=-H_IMCtzuLc

Questions raised

Inbox

Milan Sabioncello1:43 AM (5 hours ago)
to me, organm999

SPECIAL THANKS TO CHRIS POWELL FOR SENDING THIS TO US;

cpowell@cox.net shared this with you

Inbox

The Epoch Times Unsubscribe11:43 AM (6 minutes ago)
to me
The Epoch TimesI thought you’d be interested: 
Study Found ‘Foreign Metal-Like Objects’ in 94 Percent of Sample Group of Symptomatic People Who Took mRNA Vaccines: Italian Doctors

MICHAEL EVERY//RABOBANK 

Michael Every on the major topics of the day

END   

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

Brent Crude Plunges Below $90, Posing A Major Challenge For OPEC+

WEDNESDAY, SEP 07, 2022 – 09:33 AM

Oil is tumbling this morning with Brent slumping below $90 to the lowest since February and WTI dumping below $84 for the first time since January…

… as oil prices in the highest odds of any asset class as Goldman first pointed out last week.

The drop has obviously undone all the earlier gains after Russian President Vladimir Putin underlined that his country won’t supply oil and fuel if price caps on the country’s exports are introduced, which briefly pushed oil higher. Putin’s comments follow the G7 most industrialized countries agreeing to back an oil price cap for global purchases of Russian oil. It remains unclear how many countries have signed up to put limits on Russia.

The renewed weakness – which according to Bloomberg’s Jake Lloyd Smith – is driven by a nasty combination of demand concerns plus the dollar’s jump to a record – will test OPEC+’s appetite for further action.

When the cartel wrapped up its Monday meeting that endorsed a token 100,000 barrel a day cut in production, it also highlighted it would be willing to call another gathering “anytime to address market developments, if necessary.” Given the next scheduled talks are not until Oct. 5 – a full four weeks away – the latest selloff raises the possibility of an ad hoc session before then.

After the tiny reduction in supply, OPEC+ kingpin Saudi Arabia showcased that OPEC+ would be “attentive, preemptive and pro-active” in terms of managing the world’s most important commodity market. Those very public comments, plus the subsequent weakness in prices, may herald a test of Riyadh’s resolve.

Meanwhile, even as oil slides, the price of regular gasoline is once again rising in California after steady declines since mid-June reversed course over the Labor Day weekend.

The end of the peak summer travel season typically brings lower fuel prices, but this year, a lack of imports and a refinery hiccup combined to drain stockpiles, sending wholesale and retail prices higher in the past week. Rising pump prices exacerbate the energy crisis Californians are already facing: a punishing heat wave and possible blackouts.

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 0.98803 DOWN  0.0016 /EUROPE BOURSES // ALL RED 

USA/ YEN 144.97   UP  1.8000 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN TOTALLY COLLAPSES

GBP/USA 1.1419 DOWN   0.0091

 Last night Shanghai COMPOSITE CLOSED UP 2.85 POINTS OR 0.09%

 Hang Sang CLOSED DOWN 158.43 PTS OR 0.82% 

AUSTRALIA CLOSED DOWN  1/37%    // EUROPEAN BOURSE: ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 158.43 PTS OR  0.82% 

/SHANGHAI CLOSED UP 2.85 PTS  OR 0.09% 

AUSTRALIA BOURSE CLOSED DOWN 1.37% 

(Nikkei (Japan) CLOSED DOWN 196.43 OR 0.71%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1700.60

silver:$18.09

USA dollar index early WEDNESDAY morning: 110.68 UP 48  CENT(S) from TUESDAY’s close.

 WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.63% DOWN 5  in basis point(s) yield

JAPANESE BOND YIELD: +0.244% UP 0    AND 8/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 2.72%// DOWN 7  in basis points yield 

ITALIAN 10 YR BOND YIELD 3.85  DOWN 9   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS

GERMAN 10 YR BOND YIELD: FALLS TO +1.577% 

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY  

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

Euro/USA 0.99446 UP  .0047   or 47 basis points

USA/Japan: 144.45 UP 1.282 OR YEN DOWN 128 basis points/

Great Britain/USA 1.1471 DOWN.0039 OR 39 BASIS POINTS

Canadian dollar DOWN .0017 OR 17 BASIS pts  to 1.3174

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.9656 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.9756

TURKISH LIRA:  18.23  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.244

Your closing 10 yr US bond yield DOWN 5  IN basis points from TUESDAY at  3.292% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.446 DOWN 4  in basis points 

Your closing USA dollar index, 110.125 DOWN 8 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 42.13 PTS OR  0.58%

German Dax :  CLOSED UP 68,37 POINTS OR 0.53%

Paris CAC CLOSED  UP 11.80 PTS OR 0.19% 

Spain IBEX CLOSED UP 26.60 OR  0.34%

Italian MIB: CLOSED UP 53.54PTS OR  0.25%

WTI Oil price 86.62  12: EST

Brent Oil:  93.33 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  60.99  DOWN 0  AND 12/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +1.602

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0002 UP .01044     OR  104 BASIS POINTS

British Pound: 1.1526 UP  .0016 or  16 basis pts

USA dollar vs Japanese Yen: 143.85 UP 0.683//YEN DOWN 68 BASIS PTS

USA dollar vs Canadian dollar: 1.3120 DOWN 0.0035  (CDN dollar, UP 35 basis pts)

West Texas intermediate oil: 82.40

Brent OIL:  88.00

USA 10 yr bond yield: 3.265 DOWN 8 points

USA 30 yr bond yield: 3.407  DOWN 8  pts

USA DOLLAR VS TURKISH LIRA: 18.23

USA DOLLAR VS RUSSIA//// ROUBLE:  60.79  DOWN 0 AND    45 ROUBLES 

DOW JONES INDUSTRIAL AVERAGE: UP 435.98 PTS OR 1.40 % 

NASDAQ 100 UP 248.07 PTS OR 2.07%

VOLATILITY INDEX: 24.64 DOWN 2.27 PTS (8.44)%

GLD: $158.33 UP 1.01 OR 1.02%

SLV/ $16.54 UP 46 CENTS OR 2.78%

end)

USA trading day in Graph Form

I) / EARLY MORNING//  TRADING//

Stocks & Bonds Dip As WSJ Fed Whisperer Hints At 75bps Hike In Sept

WEDNESDAY, SEP 07, 2022 – 07:59 AM

US equities and US Treasury bond prices tumbled this morning following a report by the new Fed whisperer himself – WSJ’s Nick Timiraos – suggesting The Fed’s inflation-fighting stance means 75bps is very much on the table for September’s FOMC meeting. While careful not to leak any inside scoop, the mere fact that Timiraos is reporting this story – after his CPI/75bps move earlier in the year is enough to spook traders.

Federal Reserve Chairman Jerome Powell’s public pledge to reduce inflation even if it increases unemployment appears to have put the central bank on a path to raise interest rates by 0.75 percentage point rather than 0.50 point this month.

Fed officials have done little to push back against market expectations of a third consecutive 0.75-point rate rise in recent public statements and interviews ahead of their Sept. 20-21 policy meeting.

“We will keep at it until we are confident the job is done,” Powell said in Jackson Hole.

Mr. Powell’s speech showed he “very much did not want to leave the impression that the Fed would fall short on fighting inflation,” said Tim Duy, chief U.S. economist at research firm SGH Macro Advisors.

Specifically, Timiraos notes that Fed officials have been uncomfortable by how markets rallied – easing financial conditions – following their July 26-27 meeting, when Mr. Powell at a news conference signaled the central bank would at some point slow its rate rises. The rally risked undoing some of the Fed’s work to slow the economy.

And so today’s story by a well-known Fed whisperer seems well-timed to front-run any attempted short-squeeze higher in stocks ahead of the Fed meeting.

The market’s odds of a 75bps hike surged to 90%…

Which sent stocks lower…

And short-dated yields higher…

Notably,  Mr. Powell is set to speak Thursday in a moderated discussion at the Cato Institute, his last scheduled public remarks before the coming Fed meeting, and few if any expect any reduction in his hawkish J-Hole tone.

ii) USA DATA//

Atlanta Fed slashes Q3 GDP down from 2.6% to only 1.4%. The GDP number will probably be negative once the final numbers will be in

(zerohedge)

Atlanta Fed Slashes Q3 GDP Estimate After ISM, BLS Data

WEDNESDAY, SEP 07, 2022 – 11:24 AM

The Atlanta Fed’s GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2022 is 1.4 percent on September 7, down from 2.6 percent on September 1.

The Atlanta Fed breaks down the driver of the reduction:

After recent releases from the US Census Bureau, the US Bureau of Labor Statistics, the US Bureau of Economic Analysis, and the Institute for Supply Management, the nowcasts of third-quarter real personal consumption expenditures growth, third-quarter real gross private domestic investment growth, and third-quarter real government spending growth decreased from 3.1 percent, -3.5 percent, and 1.7 percent, respectively, to 1.7 percent, -5.8 percent, and 1.3 percent, respectively, while the nowcast of the contribution of the change in real net exports to third-quarter real GDP growth increased from 0.82 percentage points to 1.09 percentage points.

So to summarize – we are a third of the way to a 3rd negative quarterly GDP print with only one month left in the quarter.

But of course, 3 negative quarters of GDP would absolutely, definitely not be a recession remember.

end

BEIGE BOOK

Bad News Is Great: Stocks Hit Session Highs After Beige Book Downgrades Growth, Sees “Softening” Demand, Moderating Price Growth

WEDNESDAY, SEP 07, 2022 – 03:06 PM

Normally, today’s Beige Book would be bad news – if modestly for Democrats and the Biden administration – as it confirmed what everyone knows, namely that the US economy is stagnating at beast, and slowing in reality. However, with bad news now widely viewed as great by a market starved for anything that will accelerate the coming recession – as it means the Fed’s tightening campaign will be cut prematurely short – the fact that according to the Fed, economic activity was downgrade to “Stagnating” – or “unchanged” – since July’s “modest expansion”, with five Districts reporting slight to modest growth in activity and five others reporting slight to modest softening, with home sales falling in all twelve Districts and residential construction remained constrained as “residential loan demand was weak amid elevated mortgage interest rates”, was clearly just the bullish news markets wanted.

But while the slowdown in the economy was good, the outright “moderation in price levels” in nine of 12 districts, while the “outlook for future economic growth remained generally weak, with contacts noting expectations for further softening of demand over the next six to twelve months” was positively great, and just the catalyst that spoos needed to blast off to session highs.

Elsewhere, manufacturing was mixed, as supply chain bottlenecks continuing to constrain activity in some locations, while labor markets remained tight but showed some signs of softening amidst improved worker availability (suggesting the next JOLTS report will be a doozy), with moderation in wage expectations. Still, employers planned to provide end-of-year pay raises to their workers, although expectations for the pace of wage growth varied across industries and Districts.

Some more details from today’s Beige Book, which among other things, used some version of “slow” no less than 74 times and just shy of the highest for the cycle, with just July’s 75 higher.

Overall economic activity

  • Overall economic activity was unchanged, on balance, since early July, with five Districts reporting slight to modest growth in activity and five others reporting slight to modest softening.
  • Most Districts reported steady consumer spending as households continued to trade down and to shift spending away from discretionary goods and toward food and other essential items.
  • Auto sales remained muted across most Districts, reflecting limited inventories and elevated prices. Hospitality and tourism contacts highlighted overall solid leisure travel activity with some reporting an uptick in business and group travel.
  • Manufacturing activity grew in several Districts, although there were some reports of declining output as supply chain disruptions and labor shortages continued to hamper production.
  • Despite some reports of strong leasing activity, residential real estate conditions weakened noticeably as home sales fell in all twelve Districts and residential construction remained constrained by input shortages.
  • Commercial real estate activity softened, particularly demand for office space.
  • Loan demand was mixed; while financial institutions reported generally strong demand for credit cards and commercial and industrial loans, residential loan demand was weak amid elevated mortgage interest rates.
  • Nonfinancial services firms experienced stable to slightly higher demand. Demand for transportation services was mixed and reports on agriculture conditions across reporting Districts varied.
  • While demand for energy products was robust, production remained constrained by supply chain bottlenecks for critical components.
  • The outlook for future economic growth remained generally weak, with contacts noting expectations for further softening of demand over the next six to twelve months.

Labor Markets

  • Employment rose at a modest to moderate pace in most Districts.
  • Overall labor market conditions remained tight, although nearly all Districts highlighted some improvement in labor availability, particularly among manufacturing, construction, and financial services contacts.
  • Moreover, employers noted improved worker retention, on balance.
  • Wages grew across all Districts, although reports of a slower pace of increase and moderating salary expectations were widespread.
  • Employers in several Districts reported giving midyear and off-cycle raises to offset higher living costs, and many noted that offering bonuses, flexible work arrangements, and comprehensive benefits were deemed necessary to attract and retain workers.
  • Looking ahead, employers planned to provide end-of-year pay raises to their workers, but expectations for the pace of wage growth varied across industries and Districts.

Prices

  • Price levels remained highly elevated, but nine Districts reported some degree of moderation in their rate of increase.
  • Substantial price increases were reported across all Districts, particularly for food, rent, utilities, and hospitality services.
  • While manufacturing and construction input costs remained elevated, lower fuel prices and cooling overall demand alleviated cost pressures, especially freight shipping rates.
  • Several Districts reported some tapering in prices for steel, lumber, and copper.
  • Most contacts expected price pressures to persist at least through the end of the year.

U.S. trade deficit sinks 12.6% to nine-month low and is set to boost GDP

Sept. 7, 2022 at 8:55 a.m. ET

MarketWatch

Strong dollar makes foreign goods cheaper while slowing U.S economy dents demand for imports

The U.S. trade deficit fell 12.6% in July to a nine-month low of $70.6 billion, reflecting a smaller appetite among Americans for imports and a strong dollar that’s making foreign goods less expensive to buy.

Imports dropped 2.9% to 329.9 billion in July. Exports rose 0.2% to $259.3 billion, the government said Tuesday.

Big picture: The shrinking trade gap adds to mounting evidence confirming the U.S. did not fall into a recession in the first half of 2022.

The smaller trade gap is expected to give a boost to gross domestic product in the third quarter. The U.S. economy is forecast to expand in the July to September period after GDP declined in the first and second quarters.

A lower trade deficit adds to GDP and a rising trade gap subtracts from GDP. The sharp decline in first-quarter GDP largely stemmed from a record trade deficit early in the year.

Looking ahead: A lower trade gap could “add close to 1.5 percentage points to third-quarter GDP growth, which we forecast will be 3.%,” wrote Paul Ashworth, chief North America economist at Capital Economics, in a note to clients.

-END-

iii)USA economic commentaries

A good commentary from Ron Paul:

Ron Paul Rages ‘The Fed Wants You Fired’

WEDNESDAY, SEP 07, 2022 – 06:30 AM

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

The Federal Reserve was no doubt troubled by July’s decline in the US unemployment rate to 4.5 percent and increase in job openings to 11.2 million. This is because the Fed’s strategy for reducing the historic price inflation now plaguing the economy — caused by the Fed’s unprecedented low or zero interest rate policies — is to increase unemployment in order to decrease consumer spending. In his speech to the annual monetary policy conference in Jackson Hole, Wyoming, Fed Chair Jerome Powell reiterated his commitment to increasing unemployment, or, as he puts it, “softening the labor markets.” 

Powell is correct that reducing price inflation is urgent. He is also correct that doing so will increase unemployment and slow economic growth. The Fed’s efforts to bring down inflation by increasing interest rates will also make it harder for average Americans to obtain home mortgages, purchase a car, or even pay their utility bills. Those hardest hit by the Fed’s “softening of labor markets” are also the primary victims of the Fed-created price inflation. This demonstrates the insanity and cruelty of the fiat money system, which enriches the elites while improvising the masses.

Well-connected members of the financial elite and crony capitalists benefit from the Federal Reserve’s money creation, as they are the first recipients of the new money. This enables them to increase their purchasing power before the new money has caused general price inflation. By the time the money creation has impacted the middle and working classes, the economy is racked with widespread price inflation. Therefore, a nominal gain in wages is not enough to compensate for the real price increase. So average Americans suffer from both Fed-created inflation and the Fed’s attempts to rein in that inflation.

It is amazing that more individuals do not question the idea that inflation, recessions, unemployment, and booms and busts are necessary features of a sound monetary system. Even many otherwise staunch defenders of free markets maintain a child-like faith in central banking. Some conservatives support “reforming” the Fed by making it follow a “rules-based” monetary policy. These conservatives do not understand that the problem is the existence of a central bank with the power to manipulate the currency.

Many progressives recognize the damage the Fed does to average Americans when it increases interest rates. However, their “solution” is a cure worse than the disease: make the Fed maintain low interest rates (and thus high inflation) in perpetuity—or until the continued devaluation of the currency via inflation causes a dollar crisis, leading to a major economic calamity. The main victims of this crisis will, of course, be the very Americans progressives claim to care about.

The Federal Reserve’s failure to fulfill its dual mandate of producing stable prices and full employment, combined with the damage it inflicts on the American people, make the best case for changing our monetary policy. A stable currency, safe from manipulation by politicians or central bankers, would provide the basis for long term prosperity that benefits everyone, not just the crony capitalists and the power-hungry politicians. The first steps in this transition are to finally pass audit the Fed legislation and continue the efforts to pass state laws recognizing precious metals as legal tender.

end

Ukraine and Russia-It Is A Math Problem – A Son of the New American Revolution

Inbox

Robert Hryniak10:10 AM (1 hour ago)
to

Worth reading as the reality is that the Ukraine lost the day this fiasco started. 

And yes, as much as certain enablers might like to create a new Afghanistan project, the conclusion is already known as it will end then same as the recent fiasco where many billions of dollars were left to the Taliban for use. And the blood stained sands will be remembered by all those who were there and their loved ones. While the parade of fools and thieves move to the next looting, assuming this is still possible. 

The latest fiasco is in Kherson; is this balderdash of a real win?  This is a win of 3 insignificant villages recaptured and briefly held while losing a division of men. Think about this 5000 dead and 3 times that incapacitated and unfit for future service. Sounds like a disaster and not a win. To give a sense of desperation Zelensky and crew recruit pregnant women apart from young boys and elderly men to die in vain. Really, does this sound like a winning team formula? 

The sooner people face realities the sooner the math realities of incompetent leadership will come into focus for all to see. Yes, we can blame the Russians and i suppose we can be taught to hate them; but ask yourself who brought us to this place if not the incompetent leadership and intellectual class of monkeys in power?  Because daily, people are being savaged by high energy costs which will take a social toll that was unimaginable not long ago, to what purpose? Stupid realities like energy independence were certainly obvious and the over weighted dependency upon Russian energy was clear. To piss in their face and think they will like it, is just as dumb. Consequently, the blame rests only with those in power who made the decisions that have brought this tragedy to life. 

This is reality

Inbox

Robert Hryniak9:29 AM (1 hour ago)
to

>>
>> I have often written and verbally explained that debt only matters  if your growth in a business or even in personal income slows to become slower than the inherent ability to service incurred debt. To run faster is one thing and to accumulate enough profit ( cash regardless of where or how it is obtained) ( robbing employee pension plans is one such place)  to pay down the  debt is another, not well understood. However, it is the basis of all leveraged buyouts; and it matters not whether it is a business, a personal household or country, the principle is constant.  A great example is what is happening to China as the economy slows, imploding real estate, as both their ability to service is squeezed and they do not have enough profit to retire existing debt. It is why they float new debt that cannot be paid back on loans and why they must seize new found wealth by building externally their Belt and Road concept to avoid a internal collapse. Compound interest is a bitch. And why, China having penetrated the West in terms of market growth and saturation had no choice but seek out new horizons and markets to keep the party going. Today, foreign decisions to move manufacturing out of China will in reality hamper their debt service ability which is being countered by a heavy hand to cause local buying over foreign brands to avoid a further constriction of availed cash to service debt. Since China has absolute control over it’s population it’s ability to extend and further a face to face with stark financial realities is pushed out into the future. However, it will not escape realities, it is only a function of time.
>
>> Having witnessed thievery on a unbelievable scale and corruption run amuck the West has a limited timeframe and window of possible capital difference. In the absence of growth each decline of purchases and actual manufacturing output is a serious blow to ability to service debt or accumulate profits to pay down debt. To say nothing of lost opportunities of new technologies left to gather dust. In such a state, accusations and accumulation of non balance sheet capital in tax heavens is meaningless. What matters is on balance sheet capital and real wealth from intrinsic assets. This also requires a willingness to spend such scarce capital wisely. And one might imagine that such capital will work on realities that build as opposed to fancy. It is why only certain economic engines will and can be restarted and rebuilt as it is no longer possible to prevent widespread pain. We can only believe that prudent considerations where self interest comes second to a greater good comes forth because if self interest is first, the system will twist and timelines will extend to rebuilding a new world based on the ruins of what is coming forth into view.
>>
>> https://youtu.be/NVGrSp1xRCQ

end

Yesterday night:  6 pm est

(zerohedge)

California Issues Level 2 “Real & Immediate” ‘Blackout’ Threat As Power Usage Soars Despite Warnings

TUESDAY, SEP 06, 2022 – 05:15 PM

Update (1400ET): As we warned about earlier, Califiornians are apparently not heeding officials’ warnings that they should sacrifice their comfort for the sake of whatever business or social-engineering plan is the new thing.

CAISO shows that usage is up 13% today from yesterday at the same time of day and for a second consecutive day, the state’s grid operator issued a level-2 energy emergency alert.

The emergency declaration allows officials to order some large power consumers to shut down in a last-ditch effort to avoid outages.

“We are heading into the worst part of this heat wave, and the risk for outages is real and it’s immediate,” California Governor Gavin Newsom said in a video posted Tuesday on Twitter. He urged residents and businesses to cut back on energy use during the late afternoon and early evening to help the state avoid outages.

And average day-ahead prices for power on Tuesday in the southern part of the state surged 44% to $300.55 a megawatt-hour, the highest in 18 months.

With heat soaring things are only likely to get worse:

“We’re looking at a lot of records today,” said Bob Oravec, a senior branch forecaster at the US Weather Prediction Center.

“They are having a lot of issues with power out there, and this isn’t going to help.”

*  *  *

California narrowly avoided rotating outages on Monday while power grid officials asked customers to conserve electricity amid a record-breaking heatwave.

The prospect of outages did not bother Californians. Many customers continued to use appliances, air conditioning, and at-home electric vehicle chargers despite conservation pleas from California Independent System Operator (CAISO). 

Monday was the fifth straight day CAISO warned about a blistering heat wave that pushed its electric system to the brink. Even though no widespread blackouts were reported, electricity demand surged to one of the highest levels (52,646 megawatts), outlining how customers widely ignored conservation calls. 

Reuters report showed soaring demand for electricity sent power prices in the state to the highest levels since August 2020.

Power prices at the Palo Verde hub in Arizona and SP-15 in Southern California rose to $850 and $505 per megawatt hour, respectively. That was their highest levels since hitting record highs of $1,311 in Palo Verde and $698 in SP-15 in August 2020 when the ISO last imposed rotating outages.

CAISO predicts demand could reach all-time high levels today as homes and businesses turn their thermostats down to escape triple-digit temperatures.

And since Californians aren’t conserving electricity as demand steadily rises, this could mean CAISO would instruct utilities to start imposing rotating outages if duress on the grid continued — maybe then, after the fact, customers will get the message to conserve. 

Elliot Mainzer, CEO of CASIO, said Monday: “We need a reduction in energy use that is two or three times greater than what we’ve seen so far as this historic heat wave continues to intensify.”

end

last night/midnight

75,000 citizens are now without power

(zerohedge)

“Blackouts Imminent” – 75,000 Powerless As Record California Power Usage Sparks ‘Demand Response Event’

TUESDAY, SEP 06, 2022 – 08:39 PM

Update (2030ET): As was expected earlier, California power usage surged to a record high this afternoon raising the emergency status of the state’s electrical system to the highest possible level amid a blistering heat wave, which means rolling blackouts are imminent.

This triggered a “demand response event”…

And CA ISO is warning of more “blackouts imminent”.

“This is going to be so dicey,” Michael Wara, director of Stanford University’s climate and energy policy program, said earlier in the day.

“There’s a gap for two hours in the evening right now between available supply and projected demand.”

This farce for one of the most-taxed states comes just four days after President Biden’s Energy Secretary Jennifer Granholm praised the state’s green energy policies.

Granholm said that California was leading the nation in green energy development and praised its ability to shape national energy policy, according to an interview conducted by Fox 11 Los Angeles.

“I love the fact that California is unabashedly bold about (green) energy policy,” Granholm stated, calling the state as a green “leader” for the rest of the country.

“California’s boldness has … shaped our willingness in the federal government to move further and faster,” she said of California’s green energy policies.

California’s energy policy has currently left 75,000 Californians without power already…

And the state’s largest power company, PG&E Corp., said in a statement that it had notified about 525,000 homes and businesses that they could lose power for up to two hours.

So this is what the rest of America can look forward to?

*  *  *

Update (1700ET): As we warned about earlier, Califiornians are apparently not heeding officials’ warnings that they should sacrifice their comfort for the sake of whatever business or social-engineering plan is the new thing.

CAISO shows that usage is up 13% today from yesterday at the same time of day and for a second consecutive day, the state’s grid operator issued a level-2 energy emergency alert.

The emergency declaration allows officials to order some large power consumers to shut down in a last-ditch effort to avoid outages.

“We are heading into the worst part of this heat wave, and the risk for outages is real and it’s immediate,” California Governor Gavin Newsom said in a video posted Tuesday on Twitter. He urged residents and businesses to cut back on energy use during the late afternoon and early evening to help the state avoid outages.

And average day-ahead prices for power on Tuesday in the southern part of the state surged 44% to $300.55 a megawatt-hour, the highest in 18 months.

With heat soaring things are only likely to get worse:

“We’re looking at a lot of records today,” said Bob Oravec, a senior branch forecaster at the US Weather Prediction Center.

“They are having a lot of issues with power out there, and this isn’t going to help.”

*  *  *

California narrowly avoided rotating outages on Monday while power grid officials asked customers to conserve electricity amid a record-breaking heatwave.

The prospect of outages did not bother Californians. Many customers continued to use appliances, air conditioning, and at-home electric vehicle chargers despite conservation pleas from California Independent System Operator (CAISO). 

Monday was the fifth straight day CAISO warned about a blistering heat wave that pushed its electric system to the brink. Even though no widespread blackouts were reported, electricity demand surged to one of the highest levels (52,646 megawatts), outlining how customers widely ignored conservation calls. 

Reuters report showed soaring demand for electricity sent power prices in the state to the highest levels since August 2020.

Power prices at the Palo Verde hub in Arizona and SP-15 in Southern California rose to $850 and $505 per megawatt hour, respectively. That was their highest levels since hitting record highs of $1,311 in Palo Verde and $698 in SP-15 in August 2020 when the ISO last imposed rotating outages.

CAISO predicts demand could reach all-time high levels today as homes and businesses turn their thermostats down to escape triple-digit temperatures.

And since Californians aren’t conserving electricity as demand steadily rises, this could mean CAISO would instruct utilities to start imposing rotating outages if duress on the grid continued — maybe then, after the fact, customers will get the message to conserve. 

Elliot Mainzer, CEO of CASIO, said Monday: “We need a reduction in energy use that is two or three times greater than what we’ve seen so far as this historic heat wave continues to intensify.”

END

Pay attention to this:

Biden’s executive order a direct threat to the dollar.

BY PARADIGM PRESS

On March 9, 2022, President Biden quietly signed Executive Order 14067.

Buried inside this order is a sinister provision that could give the government unprecedented control over your money and freedom.

In fact, this provision sets the stage for:

  • Legal government surveillance of all US citizens
  • Total control over your bank accounts and purchases
  • And the ability to silence all dissenting voices for good

 
It’s no wonder Fox News recently called this “a deeply troubling development.”

Still, most Americans have never even heard of Executive Order 14067.

That’s why today, Jim Rickards – a world-renowned economist and former advisor to both the CIA and the Pentagon – has just sounded the alarm on this troubling new development.

In his critical new presentation, he reveals the shocking truth about Biden’s Executive Order…

And why it’s a direct threat to the freedom of every single American citizen.

In fact, according to Mr. Rickards, this order could mean the end of the U.S. dollar as we know it.

“We’re in for a major upheaval of the U.S. dollar,” he says.

“In fact, I predict the 3rd Great Dollar Earthquake has already started…

“The first was Roosevelt confiscating private gold in 1934…

“The second was Nixon abandoning the gold standard in 1971…

“Now,” he says, “Biden’s plan could pave the way for ‘retiring’ the U.S. dollar – and replacing it with this disturbing new alternative.”

And this is NOT some far-off pipe dream.

This is happening right now.

“Executive Order 14067 already gives President Biden unprecedented power over the future of the U.S. dollar,” he says. “And sadly most Americans will be completely caught off guard by it.”

That’s why Mr. Rickards just released this new must-see presentation, which explains – in detail – how you can prepare for this critical event NOW…

Including 4 simple steps you can take TODAY to actually profit from the fallout.

Click here to watch this urgent new presentation from Jim Rickards now.

Sincerely,

Matt Insley,
Executive Publisher, Paradigm Press

This post is sponsored content and Zerohedge has been compensated for its publication.

SWAMP STORIES

FBI Ignored ‘Eyewitness Testimony’ Of Joe Biden’s Involvement In Son’s China Deal: Senator

TUESDAY, SEP 06, 2022 – 09:40 PM

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

Sen. Ron Johnson (R-Wisc.) said that the FBI ignored eyewitness testimony regarding President Joe Biden’s involvement in his son’s dealings with a Chinese conglomerate about a month before the 2020 election.President Joe Biden (L) waves alongside his son Hunter Biden after attending mass at Holy Spirit Catholic Church in Johns Island, S.C., on Aug. 13, 2022. (Nicholas Kamm/AFP via Getty Images)

The former Senate Homeland Security Committee chairman told the New York Post that “suppression and censoring of his testimony and Hunter’s influence peddling impacted the 2020 election” far worse than anything China or Russia could have achieved.

About a month before the November 2020 election, a former associate of Hunter Biden, Tony Bobulinksi, told media outlets that Joe Biden was involved with his son’s and brother Jim Biden’s dealings with CEFC, a Chinese Communist Party-linked energy conglomerate. Bobulinksi confirmed the authenticity of emails sourced from the younger Biden’s laptop hard drive that referred to Joe Biden as “the big guy” due to a 10 percent cut in the new corporate organization.

Unfortunately, Tony Bobulinski’s first-hand eyewitness testimony regarding President Biden’s knowledge of Hunter Biden’s compromising web of foreign financial entanglements, especially with the Chinese, was not only ignored by the media, but also by the FBI,” Johnson said this week, referring to the 2020 claims.

The Epoch Times reached out to the FBI for comment.

Senate Report

Johnson along with Sen. Chuck Grassley (R-Iowa), who has long investigated Hunter Biden, published a lengthy report on the Bidens’ business dealings in September 2020 (pdf), which raised questions about the younger Biden’s reportedly lucrative position at Ukrainian gas company Burisma Holdings while his father was vice president and took a leading role in handling the Obama administration’s relations with Ukraine.

The senator’s comment came in response to reports alleging that former FBI special agent Timothy Thibault, who departed the bureau last month, hid intelligence that was provided by Bobulinski.

Thibault was named several times by Grassley and Johnson in letters to the FBI and claimed the former agent displayed an animus toward former President Donald Trump. Whistleblowers from within the bureau told Grassley that the FBI had obtained information in 2020 about “criminal financial and related activity” on behalf of Hunter Biden, according to one of the senator’s letters (pdf), dated July 25, which was then allegedly suppressed by Thibault.

THE KING REPORT

The King Report September 7, 2022 Issue 6838Independent View of the News
  Energy Trading Stressed by Margin Calls of $1.5 Trillion
European energy trading is being strained by margin calls of at least $1.5 trillion, putting pressure on governments to provide more liquidity buffers, according to Norway’s Equinor ASA…
    Finland has warned of a “Lehman Brothers” moment, with power companies facing sudden cash shortages… Finland has warned of a “Lehman Brothers” moment, with power companies facing sudden cash shortages… That’s forcing utilities to secure multi-billion euro credit lines, while rising interest rates add to costs… https://finance.yahoo.com/news/energy-trade-risks-collapsing-over-092509271.html
 
Germany’s energy crisis deepens as local utilities cry for help
Several hundred local utilities are coming under strain and need support, according to the head of Germany’s largest energy lobby group…  https://t.co/otdzJSz4zZ
 
Britain’s New Prime Minister Has A $150 Billion Plan to Freeze Energy BillsThe United Kingdom… Household energy bills set to soar by 80% in OctoberThe plan includes abolishing the current pricing regime, sidelining the energy regulator Ofgem in setting price caps, and setting a new unit price for electricity and gas…  https://t.co/TE0kIrJykX 
Truss Plans £40 Billion Energy-Aid Package for UK BusinessesOptions include guaranteed unit price, or percentage reductionSeparate plan caps average household bills at less than £2,000https://finance.yahoo.com/finance/news/truss-plans-40-billion-energy-081757925.html
 
@zerohedge: “At current forward prices, we estimate that energy bills will peak early next year at c.€500/month for a typical European family, implying c.200% increase vs. 2021. For Europe as a whole, this implies a c.€2 TRILLION surge in energy bills, or c.15% of GDP
https://twitter.com/zerohedge/status/1566897035198058499
 
European nations have unleashed fiscal stimulus tsunami, which will require debt monetization: Nomura
 
Trillions in “Liquidity Support Is Going to Be Needed” as Swiss, Finns Join Europe’s Bailout Brigade – “Minsky moments are triggered by excessive financial leverage, and in the context of supply chains, leverage means excessive operating leverage: in Germany, $2 trillion of value added depends on $20 billion of gas from Russia… …that’s 100-times leverage – much more than Lehman’s.”…
https://www.zerohedge.com/markets/trillions-liquidity-support-going-be-needed-swiss-finns-join-europes-bailout-brigade
 
Putin Has Pushed Europe into an Inflationary Depression and Currency Collapse – Rabobank
Borrowing or printing money to pay for imported energy (in dollars), while running rising twin deficits is a great way to destroy one’s currency – which means ‘Truss-itory’ inflation, not transitory…
https://www.zerohedge.com/markets/putin-has-pushed-europe-inflationary-depression-and-currency-collapse
 
@RobinBrooksIIF: Deep Euro zone recession is coming. Germany’s new manufacturing orders from domestic sources (blue) fell 5% in July from a month earlier. That’s BEFORE the final shut-off of Nordstream gas from Russia and rising fear around Europe’s energy crisis. This is no time for ECB hikes…  https://twitter.com/RobinBrooksIIF/status/1567150685707198471
 
China Steps Up LNG Sales to Europe as Prices Soar (China is arbing natgas)
Several cargos of U.S. LNG originally destined for China have been re-sold to Europe… Meanwhile, Chinese imports of Russian liquefied natural gas have been on a strong rise this year. Since the Russian invasion of Ukraine, China’s spending on energy imports from Russia has jumped to $35 billion, from $20 billion a year earlier… The situation is precarious for Europe. China is selling LNG it does not need right now because of subdued economic activity. Once activity picks up, however, demand will rebound and there will be no more surplus cargos to ship to Europe…
https://oilprice.com/Latest-Energy-News/World-News/China-Steps-Up-LNG-Sales-To-Europe-As-Prices-Soar.html
 
Reuters: Germany examining whether energy levy can apply retroactively – Scholz
Germany is examining whether it is legally possible to make retroactive a planned levy on energy companies’ coincidental profits, Germany Chancellor Olaf Scholz said… Scholz said Germany’s decision to extend the life of two nuclear power was intended only to ensure there was enough electricity this winter and does not mean Berlin is rethinking its nuclear energy exit.
https://www.reuters.com/world/europe/germany-examining-whether-energy-levy-can-apply-retroactively-scholz-2022-09-06/
 
Equity jockeys got bullish on the prospect on trillions of dollars of fiscal stimulus to pay for inflation energy prices and to stave off a European economic depression.  Meanwhile, Mr. Bond is apoplectic at this prospect.  The US 30-year tumbled as much as 2 14/32, hitting 3.5%, the highest yield since 2014.
 
ESUs peaked (3963.25) at 6:25 ET on the glee for massive European stimulus to mitigate soaring energy prices and stave off a severe recession.  After rolling over, ESUs and stocks tumbled when the NYSE opened.  ESUs hit a low of 3886.75 at 10:09 ET.  The usual suspects then aggressively bought.  ESUs hit 3943.25 at 11:05 ET; and then slid to 3906.75 at 12:26 ET.  A belated Noon Balloon developed.
 
When the afternoon arrived, ESUs and stocks headed south.  A moderate rally began at 13:53 ET; it ended at the 14:15 ET VIX Fix.  The decline ended when the final-hour upward manipulation appeared.  The rally ended at 15:15 ET.  ESUs and stocks retreated modestly and then traded sideways into the close.
 
There is a huge discrepancy between the August ISM US Services PMI (56.9, July 56.7) and the S&P Global US Services PMI (43.7, July 44.1).  The ISM Services PMI indicates moderate expansion; the S&P Global US Services PMI indicates alarming contraction.
 
Services PMI® at 56.9%; August 2022 Services ISM® Report on Business®
The 11 industries reporting an increase in business activity for the month of August — listed in order — are: Real Estate, Rental & Leasing; Utilities; Information; Educational Services; Construction; Wholesale Trade; Transportation & Warehousing; Public Administration; Professional, Scientific & Technical Services; Health Care & Social Assistance; and Finance & Insurance. The three industries reporting a decrease in business activity for the month of August are: Agriculture, Forestry, Fishing & Hunting; Accommodation & Food Services; and Arts, Entertainment & Recreation…
https://www.prnewswire.com/news-releases/services-pmi-at-56-9-august-2022-services-ism-report-on-business-301617838.html
 
At first glance, there is a problem with ISM stating that real estate is reporting an increase in activity.  The US housing market by industry metrics and the price of lumber is in recession.
 
S&P Global US Services PMI™
Business activity contracts at sharpest pace since May 2020 amid solid fall in new orders
Service providers recorded a solid decline in new business in August, with new orders falling for the second time in three months. The rate of contraction was the sharpest for over two years and among the fastest on record. With the exception of the initial pandemic period, the fall was the quickest on record (since October 2009)…
    “Businesses are reporting a deterioration in output and order books of a degree exceeded since the global financial crisis only by that seen during the initial pandemic lockdowns
https://www.pmi.spglobal.com/Public/Home/PressRelease/c99346fb0f424ff291acbf2598a1bda0?hsid=1b947056-fb81-4efa-9542-d6fcfdbc9ca3
 
J.P. Morgan Global Composite PMI™ – produced by J.P. Morgan and S&P Global in association with ISM and IFPSM – fell to 49.3 in August, from 50.8 in July…
    The J.P. Morgan Global Services Business Activity Index posted 49.2 in August, to signal a contraction for the first time since June 2020
https://www.pmi.spglobal.com/Public/Home/PressRelease/171941e39e994f2e8146c467ffc7017e?hsid=905941c4-f4b6-404e-9433-ae8c25f29656
 
US faces biggest strike EVER as 350,000 UPS workers demand better conditions
They are demanding air conditioning in the back of trucks, better pay packages, and benefits…
https://www.dailymail.co.uk/news/article-11185115/US-faces-biggest-strike-350-000-UPS-workers-set-strike-better-conditions.html
 
@SaraEisen: CEO of Consumer giant Unilever says he’s still raising prices: ‘We are not seeing an easing off in our costs & those types of commodities, so I’m afraid any early optimism that inflation had peaked & is behind us is misplaced. We anticipate we’re in this for a few more months yet”
 
California governor signs fast-food bill with potential $22 an hour minimum wage
AB 257, called the Fast Food Accountability and Standards Recovery Act or Fast Act, will create a Fast Food Council comprised of workers’ delegates, employers’ representatives and state officials. Together, the 10-member council will determine pay, hours and working conditions for fast-food restaurants with more than 26 employees throughout California…
https://www.msn.com/en-us/money/companies/california-governor-signs-fast-food-bill-with-potential-2422-an-hour-minimum-wage/ar-AA11uRRD
 
Positive aspects of previous session
Equities did NOT tumble despite the European crisis
 
Negative aspects of previous session
Bonds got hammered on coming profligate European stimulus
 
Ambiguous aspects of previous session
How bad will Europe’s recession be?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3912.50
Previous session High/Low3942.55; 3886.75
 
BLS: Recent and upcoming methodology changes: 2022
Owner’s Equivalent Rent (OER) Unit Weight Refinement (posted September 2, 2022)
    Beginning with January 2023 data, BLS plans to adjust the weighting method for Owner’s Equivalent Rent (OER) in the CPI. The new method will use neighborhood level information on housing structure types to weight OER’s unit sample observations… detached houses are underrepresented in survey… so additional unit weight will be given to underrepresented detached houses in the OER index sample..
    January 2023 CPI weight update (posted May 24, 2022)
Starting with January 2023 data, the BLS plans to update weights annually for the Consumer Price Index based on a single calendar year of data… a change from prior practice of updating weights biennially using two years of expenditure data… https://www.bls.gov/cpi/notices/2022/methodology-changes-2022.htm
 
@JonathanTurley: New poll finds half of Americans view Biden’s loan forgiveness to be unfair. https://t.co/BpPn9hl4Pc  It is also likely unconstitutional, but Biden seems to be following a past strategy to get money out the door before courts can rule. CDC moratorium 2.0https://t.co/iiUrc4CgT5
 
Afshine Emrani  MD FACC (@afshineemrani): Many embalmers across the world are reporting massive clots never seen before appearing in young people with sudden death. CDC, FDA, NHS, KAISER all agencies should be studying these to see if related to Covid, vaccine, or both.  Why are we not rushing to find answers?! https://t.co/n7AEnt4Zrp
 
@JanJekielek: The age cohort from 25-44…experienced an 84% rise of excess mortality into the fall of 2021…[a] parabolic spike.” – Edward Dowd, a former BlackRock portfolio manager who has been analyzing data on excess mortality from the CDC & insurance companies.
 
@bennyjohnson: Biden’s Covid Coordinator today: “I really believe this is why God gave us two arms— one for the flu shot and the other one for the Covid shot!” Biden yesterday: “WE BEAT PHARMA!”
https://twitter.com/disclosetv/status/1567182090403291137
 
Big Tech’s $95 Million Spending Spree Leaves Antitrust Bill on Brink of DefeatGoogle, Apple, and others spent nearly $95 million on lobbyingCongress’s window to act is tight ahead of November electionshttps://www.bloomberg.com/news/articles/2022-09-06/tech-giants-spree-leaves-antitrust-bill-on-brink-of-defeat
 
Missouri AG @Eric_Schmitt US Senate candidate: In our lawsuit against the Biden Admin for colluding with social media companies to censor speech, the Court just ordered DOJ to produce records from key WH & HHS officials like Dr. Fauci, the WH Press Secretary, and others.
 
Today – Equities continue to largely ignore the European energy crisis and looming recession.  Though the usual suspects can manipulate ESUs and stocks higher at any time, the dire fundamental backdrop will keep a lid on rallies.  Declines, on the hand, have the potential to be quite nasty.  It’s time to get very safe and wait for clarifying developments in the European energy crisis.
 
ESUs are -23.75 at 20:30 ET; who’s in trouble?  The 3-month T-Bill yield traded at 2.93% yesterday, the highest yield since January 2008.  The yield was 0.249% on January 4, 2022.
 
Expected economic data: July Trade Balance -$70.2B; Fed Beige Book 14:00 ET; Richmond Fed Pres Barkin 9 ET, Cleveland Fed Pres Mester 10 ET, Fed Gov. Brainard 12:40 ET on economy, Fed VCEO for Supervision Barr on Financial System Fairness & Safety (LOL) 14 ET
 
S&P 500 Index 50-day MA: 4020; 100-day MA: 4043; 150-day MA: 4170; 200-day MA: 4286
DJIA 50-day MA: 32,165; 100-day MA: 32,340; 150-day MA: 33,011; 200-day MA: 33,641
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender and MACD are negative – a close above 4800.68 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 4981.23 triggers a buy signal
Hourly: Trender and MACD are negative – a close above 3961.40 triggers a buy signal
 
USA/Today: Biden rejects criticisms he is dividing Americans by calling Trump supporters a threat to democracy  https://www.usatoday.com/story/news/politics/2022/09/05/biden-maga-republican-criticism-speech/7941978001/
 
Trafalgar Poll: 56.8% of likely voters believe Biden’s 666 speech “is a dangerous escalation in rhetoric and is designed to incite conflict.”  35.5% say the speech is “acceptable campaign messaging.”
https://www.thetrafalgargroup.org/news/nat-issues-biden-speech-0905/
 
I believe that together we can MAKE AMERICA GREAT AGAIN” — Bill Clinton, 10/4/1991
https://twitter.com/IWontQuitEver1/status/1566888290531381252
 
I’m A Democrat Who Thinks Biden’s Anti-Democratic Rhetoric Has Gone Too Far
I am a lifelong Democrat. I even worked for Joe Biden…  the Democratic Party was the party of hope, tolerance, and opportunity. Indeed, those themes echoed through Bill Clinton’s speeches in 1992…
    But writing a poor speech is one thing. Delivering it in front of a Nuremberg-style backdrop is quite another. The imagery shocked many people. It should have shocked everybody. It took just a few minutes for The Babylon Bee to draw comparisons between Biden’s speech and Nazi Germany. And while most Nazi comparisons are exaggerated, these ones struck a little too close to home. 
    After all, while the president warns about fascism (or “semi-fascism,” whatever that is) in America, his administration is the one censoring people who disagree with it and trying to prosecute its political opponents… His administration is the one that, while claiming to crack down on Big Tech, works with it to punish dissenting voices and stifle debate. His administration is one that attacks its critics as terrorists, and which compares speech to violence. His administration is the one that felt bold enough to create a “disinformation” board within the Department of Homeland Security, an Orwellian concept that the world has not seen on such a large scale since those 1930s regimes that Biden says he hates…
https://thefederalist.com/2022/09/06/im-a-democrat-who-thinks-bidens-anti-democratic-rhetoric-has-gone-too-far/
 
WSJ: Biden’s Dems are using the fake “fascist” bogey to build a one-party state. https://t.co/88RTDZPTt8
 
@RNCResearch: JOE BIDEN, after a heckler was removed: “the guy out that door” is “destroying democracy” (Anti-Biden = fascism/anti-Dem)  https://twitter.com/RNCResearch/status/1566853219594158081
 
@FreeBeacon: Doocy: “You tweeted Trump stole an election; you tweeted Brian Kemp stole an electionIf denying election results is extreme now, why wasn’t it then?”  (WH press sec) Jean-Pierre: “That comparison that you made is just ridiculous.” https://twitter.com/FreeBeacon/status/1567195433306394624
 
Pitifully small crowd of union workers rock up to support President Biden’s Labor Day speech
A miniscule crowd (that had to be theregreeted President Joe Biden as he showed up in Pennsylvania on Labor Day in support of Lt. Gov John Fetterman’s efforts to defeat Dr. Oz in the state’s Senate race…
https://t.co/19xY9eJBGz
 
Biden mocked for sparse crowd at Pennsylvania union hall rally https://t.co/qlrVJMU2jX
 
Editorial: Beneath campaign nastiness, legitimate concerns about Fetterman’s health
Pennsylvania Lt. Gov. and U.S. Senate candidate John Fetterman has not fully recovered from the serious stroke he suffered in May. His campaign has acknowledged his obvious struggles with “auditory processing” and speech, but the persistence of those struggles has contrasted with the campaign’s rosier predictions of a return to the rigors of campaigning, including debating his opponent, Mehmet Oz.
    If Mr. Fetterman is not well enough to debate his opponent, that raises serious concerns about his ability to serve as a United States senator…  https://www.post-gazette.com/opinion/editorials/2022/09/06/mehmet-oz-stroke-auditory-processing-debate-john-fetterman-election-senate-pennsylvania-health/stories/202209020009
 
@RNCResearch: Joe Biden has been lying and plagiarizing for decades.  He hasn’t changed a bit:
 
Even the Liberal Media Blasted Biden During His 1987 Scandals
https://www.newsbusters.org/blogs/nb/rich-noyes/2019/09/17/flashback-even-liberal-media-blasted-biden-during-his-1987-scandals
 
@LRarey: I thought it would be helpful to lay out the FBI protocol for conducting a search of property.  This was in force during my entire career, (I retired in 2012 after 25 years of service. I’m sure it’s still standard because if it’s not followed you have beaucoup problems in court.  This will be a condensed version. The protocol is: 1. Take pictures of or video the entire area to be searched before you commence the search.  This is to document the way it looked upon entry, as well as help disprove accusations of planted evidence…So, as I’ve been saying, I want to see the photos that were taken prior to the commenced of the search at Mira Lago.  If they don’t have those photos, then they didn’t follow protocol, and they need to answer whyhttps://twitter.com/LRarey/status/1566489544089866247?s=02
 
Ex-Gorsuch clerk @mrddmia: Biden’s “criminal” case against Trump: The librarians called the police for overdue library books. That aren’t overdue.  And never belonged to the library.
 
@ProfMJCleveland: This also struck me as strange:  DOJ sought grand jury subpoena for all documents marked classified before they saw what was in the 15 boxes returned to NARAhttps://t.co/ELZyEwz4cp
 
Trust linked to (Dem CA Gov) Gavin Newsom’s in-laws made contribution to DeSantis PAC
https://www.foxnews.com/media/trust-linked-gavin-newsoms-in-laws-made-contribution-desantis-pac
 
Wisconsin man allegedly kills ex-girlfriend days after judge allows bail following child sex crime guilty plea – Prosecutors requested that Blakney be remanded and placed in jail after pleading guilty, but Milwaukee County Circuit Court Judge David Borowski denied the motion, allowing Blakney to stay out of jail… https://www.foxnews.com/us/wisconsin-man-allegedly-kills-ex-girlfriend-days-after-judge-allows-bail-following-child-sex-crime-guilty-plea
 
Woke LA judge with links to DA George Gascon declares MISTRIAL for robbery suspect because defendant didn’t get a proper night’s SLEEP in jail
https://www.dailymail.co.uk/news/article-11185143/Woke-LA-judge-declares-MISTRIAL-robbery-suspect-suspect-slept-poorly-previous-night.html
 
(Sanctuary City) Chicago mayor seeks help for immigrants bused from Texas https://trib.al/d5iRg5a
 
Teacher who refused to use student’s gender-neutral pronouns condemns ‘insanity’ as he is JAILED in Ireland (Abject tyranny coupled with insanity!)
https://www.dailymail.co.uk/news/article-11184043/Teacher-refused-use-students-gender-neutral-pronouns-JAILED-Ireland.html
 
Kim Kardashian amid private jet flak: I ‘pick and choose’ how to help climate change https://trib.al/j7BtXHG
 
A Tunguska sized airburst destroyed Tall el-Hammam a Middle Bronze Age city in the Jordan Valley near the Dead Sea – We present evidence that in ~ 1650 BCE (~ 3600 years ago), a cosmic airburst destroyed Tall el-Hammam, a Middle-Bronze-Age city in the southern Jordan Valley northeast of the Dead Sea. The proposed airburst was larger than the 1908 explosion over Tunguska, Russia, where a ~ 50-m-wide bolide detonated with ~ 1000× more energy than the Hiroshima atomic bomb..
https://www.nature.com/articles/s41598-021-97778-3
 
Tall el-Hammam is thought to be the site of Sodom.  https://www.biblicalarchaeology.org/dig/tall-el-hammam-2/
 
@theistinthought: Possibly the dumbest thing I was ever taught was that 15th century Europeans thought the earth was flat. There are literally spherical globes dating back to 3rd century BC (at least)…
 
Still no comment from ‘Leader’ Mitch McConnell on The Big Guy’s Circle of Hell speech.
 

 

 

Greg Hunter..interviewing Charles Nenner

The Anti-Dollar is Coming – Charles Nenner

By Greg Hunter On September 6, 2022 In Market Analysis1 Comment

By Greg Hunter’s USAWatchdog.com 

Renowned geopolitical and financial cycle expert Charles Nenner says his analysis shows there is big trouble coming for the U.S. dollar.  The dollar’s reserve currency status is on its way to being a thing of the past.  Nenner explains, “The dollar is still up.  We have a target on the dollar of 113 (on the USDX).  It’s now around 110, but it’s not going to be surviving as the major currency.  People don’t trust what is going on in the United States. . . . We have seen this happen to other countries.  We saw this happen to the British.   They are going to go to another major currency.  The BRIC countries and China are preparing to have an anti-dollar.  I have told you for years that the dollar is not going to crash, but now it is time.  In a year or so, they will really be getting into trouble with the dollar.  If the dollar goes down, of course, the inflation goes even higher.  So, actually, there is no way out anymore.  Every Federal Reserve President has said let’s keep it going.  The dollar is going to collapse, but not in my lifetime, and now there is almost nothing left to do anymore. . . . If you forgive the student loans, you will have a big problem.  First of all, it’s impossible.  They pretend nothing will come out of it, but it will destroy the economy.  When they get out of college, students make 4 or 5 times what other people earn, and it is being paid by the simple people.  You are going to have more social unrest than you have ever seen.”

Nenner says a big crash is inevitable.  Nenner says, “Soon the pensions are going to be in trouble.  The buying power is going to be in trouble.  This is simply a situation that has been crated for . . . many years.  There is simply no way out.  We have to crash.  We have to get a depression.  The whole economy will have to start all over again.”

Nenner predicted in May that a “Third of the global population will be killed in next war cycle.”   The only good news is that it has been pushed back a little and will not start at the beginning of 2023.  Nenner says, “We are going to continue on this pace for war, and it is going to explode in the second half of 2023.”

Nenner says you have seen the lows in interest rates, and the long-term trend is up.  Nenner has been out of the bond market for close to a year.

Nenner has never been more bullish on gold and silver.  He says because of the massive money printing, there will be massive inflation.  Nenner says, “This happened to the Dutch economy.  It happened to the British Empire.  That’s how it goes.  At the end they always print money, and they don’t deserve it.  It’s hard to say, but this usually ends in a war. . . . You have to buy gold and silver. . . . Gold will be up strong up until 2027, but you have to have a strong stomach to take the ups and downs.”

There is much more in the 42 min. interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with renowned cycle analyst and financial expert Charles Nenner. (9.6.22)

(https://usawatchdog.com/the-anti-dollar-is-coming-charles-nenner/)

After the Interview:

There is free information and analysis on CharlesNenner.com.

You can also sign up to be a subscriber for Nenner’s cutting edge cycle work with a free trial period by clicking here.    Please mention you heard about this on USAWatchdog.com.

end

See you tomorrow

Harvey

11 comments

  1. […] by Harvey Organ, Harvey Organ Blog: […]

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