MAY 10/2023 · by harveyorgan · in Uncategorized · Leave a comment·Editi

GOLD PRICE CLOSED: DOWN $5.00 TO $2030.30

SILVER PRICE CLOSED: DOWN 23 CENTS AT $25.41

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE $2031.00

Silver ACCESS CLOSE: 25.40

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“America has been blessed never to have a native criminal class. Excepting Congress, of course.” … Mark Twain

GO GATA!

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Bitcoin morning price:, $27,625 UP 5 Dollars

Bitcoin: afternoon price: $27,698 UP 78 dollars

Platinum price closing $1112.95 UP $4.70

Palladium price; $1596.10 UP $25.90

GO GATA!

END

Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS

CANADIAN GOLD: $2,717.00 DOWN 6.63 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1608.03 DOWN 4.34 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1849.52 DOWN 7.68 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

CONTRACT: MAY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,036.200000000 USD
INTENT DATE: 05/09/2023 DELIVERY DATE: 05/11/2023
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 25
435 H SCOTIA CAPITAL 9
657 C MORGAN STANLEY 7
661 C JP MORGAN 100 49
726 C CUNNINGHAM COM 1
737 C ADVANTAGE 3
905 C ADM 13 25

TOTAL: 116 116
MONTH TO DATE: 5,452

JPMorgan stopped 49/116 contracts

FOR MAY:

GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT: 116 NOTICES FOR 116000 OZ or 0.3608 TONNES

total notices so far: 5452 contracts for 545,200 oz (16.958 tonnes)

FOR MAY:

SILVER NOTICES: 11 NOTICE(S) FILED FOR 55,000 OZ/

total number of notices filed so far this month : 1962 for 9,810,000 oz

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END

GLD

WITH GOLD DOWN $5.00

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:///A WITHDRAWAL OF 2.70 TONNES INTO THE GLD//

INVENTORY RESTS AT 934,95 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 23 CENTS AT THE SLV//

SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.286 MILLION OZ INTO THE SLV/: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 466.968 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A FAIR SIZED 342 CONTRACTS TO 145,445 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS FAIR SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.07 GAIN IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.07). BUT WERE SUCCESSFUL IN KNOCKING A FEW SPEC LONGS AS WE HAD A SMALL LOSS ON OUR TWO EXCHANGES OF 216 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 4.250 MILLION OZ.) WE HAVE FINISHED WITH OUR SPECS BEING SHORT AS THEY COVERED WITH THE RISE IN PRICE IN JANUARY . WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.

WE MUST HAVE HAD:

A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS( 114 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.105 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S E.F.P. JUMP TO LONDON OF 20,000 OZ(E.F.P JUMP LOWERS THE AMOUNT OF SILVER STANDING)+0 EXCHANGE FOR RISK// TOTAL 4.25 MILLION OZ OF EXCHANGE FOR RISK FOR THE MONTH(RAISES THE AMOUNT OF SILVER STANDING):THUS TOTAL OF 17.280 MILLION OZ OF STANDING FOR DELIVERY V) FAIR SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –12 CONTRACTS

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

TOTAL CONTRACTS for 8 days, total 6272 contracts: OR 31.360 MILLION OZ . (784 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 31.360 MILLION OZ

LAST 23 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

YEAR 2022:

JAN 2022-DEC 2022

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. 74.025 MILLION OZ///FINAL

OCT. 29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

JAN 2023/// 53.070 MILLION OZ //FINAL

FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE

APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

MAY 31.36 MILLION OZ/INITIAL

RESULT: WE HAD A FAIR SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 334 CONTRACTS DESPITE OUR $0.07 GAIN IN SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE CONTRACTS: 114 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR APRIL OF 13.105 MILLION OZ//FIRST DAY NOTICE FOLLOWED BY TODAY’S E.F.P. JUMP TO LONDON OF 20,000 OZ (INCREASES THE AMOUNT OF SILVER STANDING) +// + 0.0 MILLION NEW EXCHANGE FOR RISK TODAY (INCREASES THE AMOUNT OF SILVER STANDING) //TOTAL EXCHANGE FOR RISK MONTH= 4.25 MILLION//NEW TOTALS 13.030 MILLION OZ + 4.25 MILLION = 17.280 MILLION OZ// .. WE HAVE A SMALL SIZED LOSS OF 216 OI CONTRACTS ON THE TWO EXCHANGES

WE HAD 11 NOTICE(S) FILED TODAY FOR 55,000 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 3166 CONTRACTS TO 518,951 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: removed 640 CONTRACTS

WE HAD A STRONG SIZED INCREASE IN COMEX OI ( 3166 CONTRACTS) WITH OUR $9.70 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY. AT 3.5085 TONNES ON FIRST DAY NOTICE // PLUS 21,800 OZ QUEUE. JUMP :(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S, ATTACHED TO COMEX CONTRACTS ) (EFP is the transfer of COMEX contracts immediately to London for potential gold deliveries originating from London)////YET ALL OF..THIS HAPPENED WITH OUR $9.70 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 4702 OI CONTRACTS (14.625 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 1536 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 518,951

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4702 CONTRACTS WITH 3166 CONTRACTS INCREASED AT THE COMEX AND 1536 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4,702 CONTRACTS OR 16.615 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1536 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (3166 //TOTAL GAIN IN THE TWO EXCHANGES 4702 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR MAY AT 3.5085 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 21,800 OZ // NEW STANDING: 17.349 TONNES // ///3) ZERO LONG LIQUIDATION//4) FAIR SIZED COMEX OPEN INTEREST GAIN/ 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

MAY

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

TOTAL EFP CONTRACTS ISSUED: 21,390 CONTRACTS OR 2,139,000 OZ OR 66,53 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 2673 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAY(S) IN TONNES 66.53 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 66.53/3550 x 100% TONNES 1.88% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

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//

TOTALS: 2,578.08 TONNES

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. 193.16 TONNES FINAL

OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC: 185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES

JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES ( MUCH SMALLER THAN LAST MONTH)

MAY: 66.53 TONNES (HEADING FOR ANOTHER SMALLER MONTH)

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 JUNE. 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 MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH 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 (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER FELL BY A FAIR SIZED 342 CONTRACTS OI TO 145,445 AND CLOSER TO OUR COMEX HIGH 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. HOWEVER WE HAVE SET A NEW RECORD LOW OF 117,395 CONTRACTS MARCH 27/2022

EFP ISSUANCE 114 CONTRACTS

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

JULY 114 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 114 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI FALL OF 342 CONTRACTS AND ADD TO THE 135 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 228 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 1.080 MILLION OZ

OCCURRED WITH OUR $0.07 GAIN IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

WEDNESDAY MORNING//TUESDAY NIGHT

SHANGHAI CLOSED DOWN 38.52 PTS OR 1.15% //Hang Seng CLOSED DOWN 105.38 POINTS OR 0.53% /The Nikkei closed DOWN 120.64 OR 0.41% //Australia’s all ordinaries CLOSED DOWN 0.06 % /Chinese yuan (ONSHORE) closed DOWN 6.9241 /OFFSHORE CHINESE YUAN DOWN TO 6.9274 /Oil UP TO 72.92 dollars per barrel for WTI and BRENT AT 76.84 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 3166 CONTRACTS UP TO 518,951 WITH OUR STRONG GAIN IN PRICE OF $9.70 ON TUESDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 1536 EFP CONTRACTS WERE ISSUED: : JUNE 1536 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1536 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 4,702 CONTRACTS IN THAT 1536 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 3166 COMEX CONTRACTS..AND THIS GOOD SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $9.70. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAY (17.349) ( NON ACTIVE MONTH)

TONNES),

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 YEAR 2021 (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. 38.1158 TONNES

OCT: 77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.541 tonnes

(TOTAL YEAR 656.076 TONNES)

2003:

JAN/2023: 20.559 tonnes

FEB 2023: 47.744 tonnes

MAR: 19.0637 TONNES

APRIL: 75.676 tonnes

MAY: 17.349 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $9.70) //// AND WERE UNSUCCESSFUL IN KNOCKING CONSIDERABLE SPECULATOR LONGS AS WE HAD OUR STRONG SIZED GAIN OF 4702 CONTRACTS ON OUR TWO EXCHANGES

WE HAVE GAINED A TOTAL OI OF 14.625 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MAY. (3.5085 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP OF 21,800 oz (0.67808 TONNES)//NEW STANDING 17.349 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $9.70

WE HAD –REMOVED 640 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 5342 CONTRACTS OR 534200 OZ OR 16.615 TONNES.

Estimated gold comex today 275,910// fair

final gold volumes/yesterday 268,867 fair

//MAY 10/ MAY 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	32.151 OZ BRINKS ONE KILOBAR .
Deposit to the Dealer* Inventory in oz*	NIL
Deposits to the Customer* Inventory, in oz*	54,656.700 oz JPMORGAN 1700 kilobars PHONY ENTRY
No of oz served (contracts) today	116 notice(s) 11600 OZ 0.3608 TONNES
No of oz to be served (notices)	126 contracts 12600 oz 0.3919 TONNES
Total monthly oz gold served (contracts) so far this month	5452 notices 545,200 OZ 16.958 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

i)Dealer deposits: 0

total dealer deposit: nil oz

No dealer withdrawals

Customer deposits: 1

i)Into JPMORGAN: 54,656.700 oz

(1700 kilobars)

A PHONY ENTRY

total deposits: 54,656.700 oz

customer withdrawals: 1

i) Out of BRINKS

32.151 (1 kilobars)

total withdrawals: 32.151 oz

Adjustments; 1/DEALER TO CUSTOMER

LOOMIS: 385.812 OZ (12 KILOBARS)

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an oi of 242 contracts having GAINED 68 contracts. We had 150 contracts filed

on TUESDAY, so we gained 218 contracts or an additional 21800 oz (0.67807 tonnes) will stand for gold in this non active delivery month of May.

June LOST 27,256 contracts DOWN to 313,889 contracts.

July added 18 contracts to stand at 1422 contracts.

AUGUST GAINED 29,364 contracts up to 152,471 contracts

We had 116 contracts filed for today representing 11600 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 100 notices were issued from their client or customer account. The total of all issuance by all participants equate to 116 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 49 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 MAY /2023. contract month,

we take the total number of notices filed so far for the month (5,452 x 100 oz ), to which we add the difference between the open interest for the front month of MAY 242 CONTRACTS) minus the number of notices served upon today 116 x 100 oz per contract equals 557,800 OZ OR 17.349 TONNES the number of TONNES standing in this NON- active month of May.

thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (5,452 x 100 oz) 242 OI for the front month minus the number of notices served upon today (116)x 100 oz} which equals 557,800 oz standing OR 17.349 TONNES

TOTAL COMEX GOLD STANDING: 17.349 TONNES WHICH IS HUGE FOR A NON ACTIVE DELIVERY MONTH.

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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: 1,666,085.702 OZ 51.822 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,595,174.670 OZ

TOTAL REGISTERED GOLD: 12,399,665,073 (385,68 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,195,510.597 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,733,580 OZ (REG GOLD- PLEDGED GOLD) 333.86 tonnes//

END

SILVER/COMEX

MAY 10//2023// THE MAY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	220,047.790 oz CNT Loomis .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	NIL
No of oz served today (contracts)	11 CONTRACT(S) (55,000 OZ)
No of oz to be served (notices)	644 contracts (3,220,000 oz)
Total monthly oz silver served (contracts)	1962 Contracts (9,810,000 oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

i) 0 dealer deposit

total dealer deposits: 0

total: nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: oz

We have 0 deposits into the customer account

Total deposits: NIL oz

JPMorgan has a total silver weight: 139,607 million oz/271.022 million =51.50% of comex .//dropping fast

Comex withdrawals 2

i) Out of CNT: 20,050.450 oz

iii) Out of HSBC: 199,997.340 oz

Total withdrawals; 220,047.790 oz

adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 31.624 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 271.022 million oz

CALCULATION OF SILVER OZ STANDING FOR MAY

silver open interest data:

FRONT MONTH OF MAY /2023 OI: 655 CONTRACTS HAVING LOST 92 CONTRACT(S). WE HAD 88 CONTRACTS FILED

ON TUESDAY, SO WE LOST 4 CONTRACTS OR AN ADDITIONAL 20,000 OZ OF SILVER WILL NOT STAND FOR DELIVERY IN THIS VERY

ACTIVE DELIVERY MONTH OF MAY AS THEY WERE E.F.P’d TO LONDON. TODAY MARKS 6 OUT OF THE LAST 7 TRADING DAYS THAT WE WITNESSED AN EFP TRANSFER SIGNIFYING NO SILVER IS ON THIS SIDE OF THE POND.

JUNE HAD A 45 CONTRACT GAIN TO 981

JULY HAD A 46 CONTRACT LOSS TO 122,975 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 11 for 55,000 oz

Comex volumes// est. volume today 77,345 good

Comex volume: confirmed yesterday: 49,399 poor

To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at 1962 x 5,000 oz = 9,810,000 oz

to which we add the difference between the open interest for the front month of MAY(655) and the number of notices served upon today 11 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAY/2023 contract month: 1962 (notices served so far) x 5000 oz + OI for the front month of May (655) – number of notices served upon today (11 )x 500 oz of silver standing for the MAY contract month equates to 13.030 million oz + THE CRIMINAL 0 MILLION OZ EXCHANGE FOR RISK TODAY//NEW TOTAL EXCHANGE FOR RISK: 4.250//NEW TOTAL 17.280 MILLION OZ//

the record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

END

GLD AND SLV INVENTORY LEVELS

MAY 10/WITH GOLD DOWN $5.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.70 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 434.95 TONNES

MAY 9/WITH GOLD UP $9.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MONSTER DEPOSIT OF 5.88 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 437.64 TONNES

MAY 8/WITH GOLD UP $8.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 431.77 TONNES

MAY 5/WITH GOLD DOWN $30.30 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: AS DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 930.04 TONNES

MAY 4/WITH GOLD UP $19.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.30 TONNES

MAY 3/WITH GOLD UP $13.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.47 TONNES INTO THE GLD////INVENTORY RESTS AT 928.30 TONNES

MAY 2/WITH GOLD UP $32.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FORM THE GLD/////INVENTORY RESTS AT 924.83 TONNES

MAY 1/WITH GOLD DOWN $8.85 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 926.28 TONNES

APRIL 28/WITH GOLD UP $1.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.76 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 926.28 TONNES

APRIL 27/WITH GOLD UP $4.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.04 TONNES/

APRIL 26/WITH GOLD DOWN $8.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.61 TONNES FROM THE GLD.//INVENTORY RESTS AT 930.04 TONNES

APRIL 25/WITH GOLD UP $4.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .86 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 927.43 TONNES

APRIL 24/WITH GOLD UP $9.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 926.57 TONNES

APRIL 21/WITH GOLD DOWN $27.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 926.57 TONNES

APRIL 20/WITH GOLD UP $12.70: HUGE CHANGES TODAY IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 926.57 TONNES

APRIL 19//WITH GOLD DOWN $12.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 925.70 TONNES

APRIL 18/WITH GOLD UP $12.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.03 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 925.70 TONNES/

APRIL 17/WITH GOLD DOWN $7.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.89 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 927.72 TONNES

APRIL 14/WITH GOLD DOWN $38.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.47 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 930.61 TONNES

APRIL 13/WITH GOLD UP$31.70 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.17 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 934.08 TONNES

APRIL 11/WITH GOLD UP $14.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 903.91 TONNES

APRIL 10/WITH GOLD DOWN $21.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91 TONNES

APRIL 6//WITH GOLD DOWN $9.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91

APRIL 5//WITH GOLD UP 0 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.04

APRIL 4/WITH GOLD UP $36.30 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 930.04 TONNES

APRIL 3/WITH GOLD UP $14.20 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.02 TONNES

MARCH 31/WITH GOLD DOWN $10.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FROM THE GLD////INVENTORY RESTS AT 928.02 TONNES

MARCH 30//WITH GOLD UP XX TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.24 TONNES FROM THE GLD/INVENTORY RESTS AT 929.47 TONNES

MARCH 29/WITH GOLD DOWN $4.85 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4,16 TONNES OF GOLD INTO THE GLD.//INVENTORY RESTS AT 927,23

MARCH 28/WITH GOLD UP $19.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .86 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 923.07 TONNES

MARCH 27/WITH GOLD DOWN $28.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD./INVENTORY RESTS AT 923.97 TONNES

MARCH 23/WITH GOLD UP $47.70 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT 87 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 925.42 TONNES

MARCH 21/WITH GOLD DOWN $38.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: ANOTHER HUGE DEPOSIT OF 3.4 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 924.55 TONNES

MARCH 20//WITH GOLD UP $9.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.36 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 921.08 TONNES

MARCH 17/WITH GOLD UP $50.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 914.72TONNES

MARCH 16/WITH GOLD DOWN $6.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 914.72 TONNES

GLD INVENTORY: 934.95 TONNES

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

MAY 10/WITH SILVER DOWN 23 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.286 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 466.968 MILION OZ//

MAY 9/WITH SILVER UP 7 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A TINY DEPOSIT OF .08 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 465.682 MILLION OZ//

MAY 8/WITH SILVER DOWN 7 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.194 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 465.602 MILLION OZ//

MAY 5/WITH SILVER DOWN 31 CENTS TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 368,000 OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 466.876 MILLION OZ//

MAY 4/WITH SILVER UP 53 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL DEPOSIT OF .174 MILLION OZ INTO SLV.//INVENTORY RESTS AT 467.174 MILLION OZ//

MAY 3/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.194 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 467.070 MILLION OZ//

MAY 2/WITH SILVER UP 37 CENTS TODAY;NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 468.264 MILLION OZ//

MAY 1/WITH SILVER DOWN ONE CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 918,000 OZ FROM THE SLV////INVENTORY RESTS AT 468.264 MILLION OZ

APRIL 28/WITH SILVER UP 1 CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 469.482 MILLION OZ//

APRIL 27/WITH SILVER UP 16 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.103 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 469.182 MILLION OZ//

APRIL 26/WITH SILVER UP 10 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.102 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 470.285 MILLION OZ

APRIL 25/WITH SILVER DOWN 34 CENTS TODAY: THIS IS UNBELIEVABLE!!! HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 7.304 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 471.387 MILLION OZ.

APRIL 24/WITH SILVER UP 22 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 464.083 MILLION OZ/

APRIL 21/WITH SILVER DOWN 29 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 919,000 OZ FROM THE GLD////INVENTORY RESTS AT 464.083 MILLION OZ//

APRIL 20/WITH SILVER UP 2 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.021 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 465.002 MILLION OZ/

APRIL 19/WITH SILVER UP 11 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.023 MILLION OZ//

APRIL 18/WITH SILVER UP 18 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.757 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 467.023 MILLION OZ

APRIL 17/WITH SILVER DOWN 33 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.194 MILLION OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 469.780 MILLION OZ//

APRIL 14/WITH SILVER DOWN 48 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 470.974 MILLION OZ/

APRIL 13/WITH SILVER UP HUGELY BY 48 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.389 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 470.974 MILLION OZ

APRIL 11/WITH SILVER UP 27 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ

APRIL 10/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ

APRIL 6/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 4.643 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 468.585 MILLION OZ//

APRIL 5/WITH SILVER DOWN 4 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 463.942 MILLION OZ

APRIL 4/WITH GOLD UP $1.11 TODAY CRIMINAL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.47 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 463,942 MILLION OZ

APRIL 1/WITH SILVER DOWN 14 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.412

MARCH 31/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE GLD/: A MASSIVE 4.779 MILLION OZ DEPOSITED INTO THE SLV///INVENTORY RESTS AT465.412 MILLION OZ

MARCH 30/WITH SILVER UP XX CENTS TODAY;HUGE CHANGES IN SILVER INVENTORY AT THE SLV.: A DEPOSIT OF 550,000 OZ INTO THE SLV/.INVENTORY RESTS AT 460.633 MILLION OZ

MARCH 29/WITH SILVER UP 11 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 460.082

MARCH 28/WITH SILVER UP 28 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 368,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.887 MILLION OZ//

MARCH 27/WITH SILVER DOWN 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 230,000 OZ FROM THE SLV///INVENTORY RESTS AT 459.255 MILLION OZ

MARCH 23 WITH SILVER UP 62 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL DEPOSIT OF 919,000 0z INTO THE SLV/INVENTORY RESTS AT 459.485 MILLION OZ//

MARCH 21/WITH SILVER DOWN 24 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 781,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.566 MILLION OZ/

MARCH 20./WITH SILVER UP 15 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER MASSIVE WITHDRAWAL OF 3.401 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 459.347 MILLION OZ//

CLOSING INVENTORY 466.968 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

An excellent commentary today from Peter Schiff:

(SchiffGold/Peter Schiff)

Peter Schiff: The US Is In A Financial Crisis Worse Than ’08

TUESDAY, MAY 09, 2023 – 08:00 PM

Via SchiffGold.com,

During his post-FOMC meeting press conference, Federal Reserve Chairman Jerome Powell insisted that the US banking system is resilient and sound. He said this despite the failure of First Republic Bank just days before the Fed meeting. Peter Schiff appeared on the Claman Countdown on Fox News and argued that Powell and others are wrong. He said the US economy is in a financial crisis worse than in 2008.

Andy Brenner, head of international fixed income at National Alliance Securities, also appeared in the segment. He started things off by saying problems in the banking sector are “not over by a longshot.”

Liz Claman asked Peter why the Fed raised rates another 25 basis points despite the shakiness in the banking sector. Peter said they did it because that’s exactly what the market expected.

That’s what the Fed does — what the markets expect.”

https://www.zerohedge.com/markets/peter-schiff-us-financial-crisis-worse-08

But Peter said the move by the Fed isn’t going to do anything to bring inflation down.

The elephant in the room with respect to inflation is the fiscal policy – the debt, not the ceiling – but the fact that we’re running these massive deficits. But until the Federal government reduces spending, these quarter-point increases are going to be completely ineffective.”

Peter said the problem is Powell refuses to call Congress out and mention that the driving force behind all of the inflation is reckless government spending.

And as long as the government keeps spending, inflation is going to get worse, and so is the current financial crisis. Nobody wants to admit we’re in a financial crisis. It’s worse than the one we had in 2008. It’s just getting started. Ultimately, the Fed is going to cut. But it’s going to cut as inflation is accelerating.”

Liz played a clip of Jerome Powell saying that the Fed is now paying particular attention to tightening credit conditions and its impact on bank lending. She also pointed out that Peter has previously said that the Fed has screwed up everything that is a function of interest rates. So how will these things specifically impact the economy moving forward? Peter said it was going to affect banks in particular.

I have warned for years that the banks could start collapsing for the precise reason that they’re collapsing now. The Fed kept interest rates at zero for so long. That’s what allowed these financial institutions to load up on overpriced, low-yielding Treasuries, mortgage-backed securities, and other loans. Plus, US government auditors from the FDIC encouraged the banks to buy these long-term Treasuries and mortgage-backed securities because they gave them favorable accounting treatment. The banks didn’t have to mark them to market as long as they could pretend they would hold them to maturity. So, the whole house of cards was erected by the Fed and the US government. And now it’s collapsing, and they’re acting like they have nothing to do with it. They’re trying to figure out how to put out a fire that they lit. And of course, they’re not putting out the fire. They’re pouring gasoline on it.”

Brenner noted that there are about $1.9 trillion in unrealized losses on bank books. Liz pointed out that a study from Stanford and Columbia Universities found 186 US banks are in distress. Brenner reiterated, “No question, the banking crisis is not over by a longshot.”

Peter said everybody who has debt is going to feel the pain of rising interest rates.

It makes that debt hard to service. And of course, there’s a lot of debt that is still low because it hasn’t matured yet. A lot of corporations, a lot of people in the real estate market, particularly commercial real estate, borrowed money two, three, four, five years ago at a really low rate. And the higher rates are when those loans mature, it’s going to be that much harder for them to get the financing to roll them over. And then you have the prospect of very disorderly bankruptcies throughout the economy.”

2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO

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

‘Weird gold trick’ — revaluation — may not be so weird after all

Submitted by admin on Wed, 2023-05-10 05:12Section: Daily Dispatches

5:21p SGT Wednesday, May 10, 2023

Dear Friend of GATA and Gold:

In his commentary yesterday at the Daily Reckoning, author and market analyst James G. Rickards described the “weird gold trick” by which the U.S. Treasury could conjure $500 billion from the Federal Reserve to help avert a debt ceiling shutdown. The “trick: is gold revaluation, official repricing of the U.S. gold reserve of 8,133 tonnes from the antique valuation of $42.22 per ounce to a market price of more than $2,000 per ounce.

Of course $500 billion might not buy the U.S. government more than a few weeks of pretend solvency against a shutdown imposed by the debt ceiling, but Rickards points out that the government has used gold revaluation in a pinch twice before.

That is, the “weird gold trick” really isn’t so weird. It has been suggested by some serious economists as a mechanism for devaluing currencies and government and private debt to avert a catastrophic debt deflation. Their speculations have been called to your attention many times over the years:

https://gata.org/node/4843

https://gata.org/node/11373

The power of gold to change all financial valuations in the world was acknowledged in detail in a meeting at the U.S. State Department between Secretary of State Henry Kissinger and his deputy, Thomas O. Enders, in 1974:

https://www.gata.org/node/13310

Indeed, during an interview with Business News Network in Canada in 2008, a former governor of the Federal Reserve Board, Lyle Gramley, raised the possibility of using the “weird gold trick” to reliquefy the Fed as it started to look like a big hedge fund:

https://gata.org/node/6989

Back then Gramley likely wasn’t the only Federal Reseve or Treasury Department official to be aware of the power of the government’s golden asset. Given the heavy secrecy still enforced by the Fed and Treasury about the government’s involvement with gold, other government officials today are almost certainly aware of that power too.

So are central bank and government officials in other countries. They know the power of not just the U.S. gold reserve but their own gold reserves. They sometimes have discussed this power in public, as those who follow GATA know.

Rickards writes that he doesn’t think the U.S. government will resort to the “weird gold trick” again. But the recent vast shift in the posture of central banks from net gold sellers to net buyers suggests that other countries may have gold tricks up their sleeve.

Rickards’ analysis is headlined “‘Weird Gold Trick’ Could End Debt Ceiling Showdown” and it’s posted at the Daily Reckoning here:

https://dailyreckoning.com/weird-gold-trick-could-end-debt-ceiling-showdown/

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

END

Mexico’s Obrador continues to back the uSA dollar

(Reuters/GATA)

Mexican president backs U.S. dollar as world’s ‘principal currency’

Submitted by admin on Tue, 2023-05-09 09:34Section: Daily Dispatches

From Reuters
Monday, May 8, 2023

MEXICO CITY — Mexican President Andres Manuel Lopez Obrador gave the U.S. dollar a vote on confidence Monday after he was asked if a weakening greenback might spur a move to diversify Mexico’s foreign currency reserves.

“We are going to continue considering the dollar as the world’s principal currency,” Lopez Obrador told a press conference.

“We have sufficient reasons to not move to other currencies,” he said, underscoring Mexico’s “increasingly close” economic ties to the United States.

The United States is by far Mexico’s largest trading partner, with both economies closely integrated over decades in sectors ranging from energy, autos and agriculture. …

… For the remainder of the report:

https://www.reuters.com/world/americas/mexican-president-backs-us-dollar-globes-principal-currency-2023-05-08/

END

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

END

5.IMPORTANT COMMENTARIES ON COMMODITIES:

end

GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

END

1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS// WEDNESDAY MORNING.7:30 AM

ONSHORE YUAN: CLOSED DOWN AT 6.9241

OFFSHORE YUAN: 6.9274

SHANGHAI CLOSED DOWN 38.52 PTS OR 1.15%

HANG SENG CLOSED DOWN 105.38 PTS OR 0.53%

2. Nikkei closed DOWN 120.64 PTS OR 0.41%

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 101.54 EURO FALLS TO 1.0949 DOWN 15 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.409 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 135.28 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

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

3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.316***/Italian 10 Yr bond yield RISES to 4.235*** /SPAIN 10 YR BOND YIELD RISES TO 3.401…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.059

3j Gold at $2029.35 silver at: 25.52 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 2 AND 12 /100 roubles/dollar; ROUBLE AT 76.08//

3m oil into the 72 dollar handle for WTI and 76 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 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 135.28 10 YEAR YIELD AFTER BREAKING .54%, RISES TO .409% STILL ON CENTRAL BANK (JAPAN) INTERVENTION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8916 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9763 well 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: 3.5000 DOWN 2 BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.814 DOWN 4 BASIS PTS/

USA 2 YR BOND YIELD: 4.0452 UP 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.54…

GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 3.8720

end

2. Overnight: Newsquawk and Zero hedge:

2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Slide Ahead Of Closely-Watched CPI Report

WEDNESDAY, MAY 10, 2023 – 08:05 AM

US index futures traded in a narrow range but eventually faded earlier gains and traded with modest losses along with European and Asian stocks, as traders took some risk off the table before today’s closely-watched inflation data (full preview here). S&P 500 futures were down 0.1% on Wednesday as of 7:45 a.m. in New York, while Nasdaq 100 futures were flat. Meanwhile, short-dated Treasuries fell as worries around the debt ceiling deadline circulate, but longer-term maturities are edging higher. The dollar reversed earlier losses, and was set for a third day of gains, while oil snaps a three-day rally and gold loses momentum as traders pause for clues on monetary policy. Iron ore bounces and copper declines.

In premarket trading, Airbnb slid after the vacation home-rental company gave a cautious forecast for revenue in the second quarter. The stock was the fourth-best performer of 2023 in the Nasdaq 100 index as of Tuesday’s close. Rivian Automotive rose after the electric-vehicle maker reported a smaller-than-expected first-quarter loss and reaffirmed its annual production plans. Meanwhile, Electronic Arts reported record revenue for its fiscal fourth quarter, beating analyst estimates. Here are some other notable premarket movers:

Occidental Petroleum falls 1.6% in US premarket trading after adjusted earnings per share from the energy company missed the average analyst estimate in the first quarter, overshadowing higher- than-expected production.
Celsius shares rise 7.4% in US premarket trading after sales for the nutritional drinks maker comfortably topped expectations. Analysts said they see more upside to come as it expands internationally and benefits from its distribution deal with PepsiCo.
Dutch Bros quarterly results disappointed on same-store sales and scrutiny on this is likely to persist in the near-term for the drive- through coffee chain, analysts said. Dutch Bros shares fell as much as 9.2% in after-hours trading.
Alcon’s quarterly results topped expectations, with particularly encouraging growth for the eyecare firm’s contact lens franchise, analysts say. Alcon shares bounce as much as 6.8%.
Exact Sciences topped expectations across the board in the first quarter and its guidance looks “very conservative” given the quantum of the beat for the maker of the Cologuard cancer test, analysts said. Exact shares rose as much as 13% in after-hours trading.
SmileDirectClub shares jump 15% in US premarket trading after the dental equipment maker’s first-quarter sales and volumes topped expectations.
Syneos Health shares rise as much as 17% in premarket trading with a consortium said to be in advanced talks to buy the drug-research firm.
Upstart rose 33% in US premarket trading after the cloud- based, artificial-intelligence lending platform posted forecast- beating first-quarter results and offered an outlook that topped consensus estimates.
Video platform Rumble fell as much as 6.7% in premarket trading on Wednesday, as Tucker Carlson’s decision to use Twitter for his new show came as a setback for conservative media platforms.
Twilio shares drop 16% in US premarket trading after the software firm’s weaker outlook, showing a deterioration in revenue rates, offsets a relatively solid quarterly performance.
Duolingo’s quarterly results are ahead of expectations and its key engagement metrics are still accelerating, while analysts also see the language- learning platform as a major and ongoing beneficiary of AI technology. Shares rose as much as 6.1% in after-hours trading.
Marqeta fell 5% in postmarket trading after forecasting revenue growth in the second quarter that lagged the average analyst estimate at the midpoint.

The inflation report will be key to assessing the direction of Federal Reserve interest rate policy, just a week after the central bank hinted that a pause was in the cards. As Goldman notes, focus squarely on April’s data CPI print @ 8:30am after March’s data showed mixed results (core was much hotter than headline). The street is looking for headline MoM of +.4% (prior +.1%) & YoY of +5% (prior +5%). For core MoM street is at +.3% (prior +.4%) and YoY +5.5% (prior +5.6%). Here are some Wall Street expectations:

5.1% – Goldman Sachs
5.1% – Citigroup
5.1% – JP Morgan Chase
5.1% – Morgan Stanley
5.0% – Barclays
5.0% – Bank of America
5.0% – Credit Suisse
5.0% – Bloomberg Economics
5.0% – HSBC
5.0% – UBS
5.0% – Wells Fargo

US stocks are tipped to rally if the reading is soft enough to lay the ground for a halt to Fed tightening, teams at Goldman Sachs and JPMorgan said. The report is expected to show headline CPI rose by 5% in April on a year-on-year basis. That’s still well above the 2% level targeted by the Fed and there is some market anxiety over a higher-than-forecast print.

“It seems to me that the rate-cut pricing for this year could be pushed out if we saw a significant upside surprise,” said Kit Juckes, chief global FX strategist at Societe Generale SA.

US equities have been showing signs of weakness since the start of May, with the S&P 500 falling 1.2%, trimming this year’s advance to 7.3%. Risks of a recession, sticky inflation, as well as a rout in shares of regional banks have hit sentiment. Meanwhile, worries over the debt ceiling persist, with little progress made between the Biden administration and Congress to resolve the stalemate.

“There is so much at stake — the Fed’s trajectory, but also the stress on US banks, real estate, the debt ceiling,” Alexandre Baradez, chief market analyst at IG Markets in Paris, said by phone. He regards Wednesday’s inflation print as even more important than usual. “One can feel that markets are just waiting for a trigger to get back into it and a core inflation reading below 5.5% could provide just that,” Baradez said. “A lower-than-expected reading would likely have a strong impact on tech, growth stocks and small caps.”

Meanwhile, Joe Biden and congressional Republicans made no progress toward averting a first-ever US default. They pledged further negotiations on spending that would open the door to a possible agreement. Biden and House Speaker Kevin McCarthy plan to hold another meeting on Friday. The cost of insuring America’s debt against default now eclipses that of some emerging markets and even junk-rated nations. Mounting investor anxiety about the prospect of a default has made it more expensive to insure Treasuries than the bonds of Greece, Mexico and Brazil, which have defaulted multiple times and have credit ratings many rungs below that of the US.

European stocks are slightly lower, having failed to sustain their opening gains as investors tread cautiously ahead of US inflation data due later Wednesday. The Stoxx 600 is down 0.2% with personal care and media shares the biggest drag as overall stocks edged lower, outweighing positive earnings news from some companies. Credit Agricole SA rallied following a record first-quarter for the French firm’s investment bank. Vestas Wind Systems A/S gained after the Danish wind turbine maker returned to profit. Here are the biggest European movers:

Evotec shares surge as much as 14% after its unit entered a partnership deal with Sandoz for manufacturing multiple biosimilars, with Jefferies calling the deal an “important validation of the platform”
Alcon gains as much as 9% after its latest quarterly results topped expectations, with particularly encouraging growth for the eyecare firm’s contact lens franchise, analysts say
Credit Agricole gains as much as 6.1% after the French lender reported 1Q earnings that beat estimates, with investment banking revenue reaching record levels on a strong FICC performance
Continental jumps as much as 5.4% after the German auto supplier reported first-quarter adjusted Ebit margin that beat analyst estimates and confirmed its outlook for this year
ABN Amro rises as much as 5.4% after 1Q profit beat estimates with improved deposit margins boosting the Dutch lender’s net interest income (NII), with Morgan Stanley flagging broad strength
Vestas shares climb as much as 4.1% after the world’s largest producer of wind turbines posts results that Jefferies said show a solid start to the year overall, with revenues 16% ahead
Melrose shares rise as much as 7% after the company said trading this year is materially ahead of views and announced plans to refocus to become a “pure-play” aerospace company
Siemens Healthineers shares drop as much as 7.7% as the medtech group’s second-quarter results are overshadowed by weakness in its diagnostics division and a miss on margins, analysts say
Alstom shares drop as much as 5.2% after the train maker announced results slightly below expectations and said it would achieve targets only by March 2026, a year later than previously envisioned
Telefonica Deutschland shares tumble as much as 7.6%, the biggest intraday decline in 11 months after the telecom operator’s wholesale partner 1&1 affirmed plans to build out its own 5G network
TUI falls as much as 4.8% following 1H results, with analysts noting positive comments on summer bookings from the, tour operator but not expecting any material changes to FY estimates

Earlier in the session, Asian stocks headed for their steepest slide in two weeks amid reluctance to buy shares before the release of closely watched US inflation data, and as losses in state-owned enterprises dragged China’s market lower. The MSCI Asia Pacific Index dropped as much as 0.6%, with technology names TSMC and Samsung Electronics among the heaviest drags on the regional gauge. Most of the benchmark’s sub-indexes declined. Shares in China and Hong Kong fell as a rally in the nation’s state-linked companies lost momentum, with an index of central government-owned firms slipping 1.5% as it extended Tuesday’s drop. Disappointing China trade data and fresh signs of geopolitical tensions continued to weigh on the market.

“Underlying concerns of deficient industrial and investor confidence resurface on slumping imports that signal woes and worries,” said Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank. “This is not about softer price relief but harsh demand pain points,” and there could be “spillover pessimism” in Asian emerging markets, he added. Asian stocks have fallen for the past two days in the run-up to Wednesday’s US data, which may show price pressures remained high in April. That could dash hopes for a pause in monetary tightening or even interest rate cuts by the Federal Reserve. Washington’s debt ceiling impasse also damped sentiment. CPI “is going to remind everyone that inflation is staying sticky,” said Ed Moya, a senior market analyst at Oanda. “The Fed won’t be raising rates on a hot report, but it will justify calls that rates will stay higher for longer.”

Japanese stocks fell, following US peers lower, as Washington’s debt ceiling impasse damped investor sentiment amid a continued flow of earnings reports. The Topix Index slid 0.6% to 2,085.91 as of market close Tokyo time, while the Nikkei declined 0.4% to 29,122.18. Daiichi Sankyo Co. contributed the most to the Topix Index decline, decreasing 3.3%. Out of 2,160 stocks in the index, 493 rose and 1,584 fell, while 83 were unchanged. Steelmakers fell the most among industry groups after Nippon Steel announced disappointing earnings. Meanwhile, Mitsubishi Corp and Toyota Motor helped haul up the gauge after reporting quarterly results and share buybacks. “The US debt ceiling issue is increasing concern around the risks of government bond default,” said Tomo Kinoshita, a strategist at Invesco Asset Management Japan. “In terms of Japanese earnings, the performance of domestic market-focused companies is firm due to inbound demand, but some industries are still experiencing global inventory and production adjustments.”

Australian stocks dipped: the S&P/ASX 200 index fell 0.1% to close at 7,255.70, weighed down by bank and mining shares. The drop came ahead of a key US inflation report and as Washington’s debt ceiling impasse damped investor sentiment. Read: Asian Stocks Tick Lower Ahead of US Inflation Data: Markets Wrap Meanwhile, consumer, health and energy shares are seen among the winners after Australia released its federal budget, which returned to a surplus for the first time since the 2008. Welfare programs have been given priority in the budget. Read: Australian Budget 2023-24: Winners and Losers In New Zealand, the S&P/NZX 50 index rose 0.8% to 11,987.30

Key stocks gauges in India closed higher on Wednesday, helped by gains in index-heavy Reliance Industries and HDFC Bank. The S&P BSE Sensex rose 0.3% to 61,940.20 as of 03:45 p.m. in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure. Reliance Industries contributed the most to the Sensex’s gain, increasing 0.7%. Out of 30 shares in the Sensex index, 20 rose and 8 fell, while 2 were unchanged

In FX, the Bloomberg Dollar Spot Index rose 0.1%, erasing a modest gain earlier in the session. The Norwegian krone tops the intraday G-10 rankings, rising 0.2% versus the greenback after CPI surprised to the upside.

EUR/USD one-month implied volatility in euro-dollar fell earlier to 7.08%, the lowest since February 2022, and now trails realized by 16 basis points, the most in a month
USD/JPY saw dip buyers down to 134.70, with a strong bias to be long dollar heading into the US data, according to traders who noted that flows were thin
AUD/USD is hovering between two large Wednesday options expirations; FX pair has A$408m of options expiring May 11 at strike 0.6750, with an additional A$590m at strike 0.68 rolling off the same day

In rates, the long-end of the Treasury curve outperformed with 20- and 30-year yields richer by more than 2bp on the day and 5s30s flatter by ~2bp. Supply pressure is also a factor, with 10-year note auction ahead and 30-year bond sale Thursday. Treasury 10-year yields around 3.50%, slightly richer on the day with bunds and gilts both outperforming by around 1bp in the sector. US debt ceiling impasse continues after President Joe Biden and congressional Republicans made little progress in talks Tuesday. The Treasury auction cycle continues with $35b 10-year note sale at 1pm following strong demand for Tuesday’s 3-year note sale. WI 10-year yield near 3.495% is ~4bp cheaper than April’s result, which tailed by 2bp. Unlike the busy start of the week, IG issuance slate empty so far; four issuers priced combined $4.9b Tuesday, with at four others electing to stand down; they may proceed Wednesday if CPI is supportive

In commodities, crude futures decline with WTI falling 1.7% to trade near $72.50. Spot gold drops 0.3% to around $2,030

Bitcoin is a touch softer but overall relatively contained and holding just above the USD 27.5k mark within familiar ranges as participants await US CPI.

Looking to the day ahead now, the main highlight will be the US CPI report for April. Other data releases include Italian industrial production for March. From central banks, we’ll hear from the ECB’s Muller and Centeno. Finally, today’s earnings releases include Disney.

Market Snapshot

S&P 500 futures down 0.1% to 4,128.75
MXAP down 0.4% to 161.63
MXAPJ down 0.4% to 515.57
Nikkei down 0.4% to 29,122.18
Topix down 0.6% to 2,085.91
Hang Seng Index down 0.5% to 19,762.20
Shanghai Composite down 1.1% to 3,319.15
Sensex little changed at 61,816.95
Australia S&P/ASX 200 down 0.1% to 7,255.74
Kospi down 0.5% to 2,496.51
STOXX Europe 600 down 0.2% to 464.42
German 10Y yield little changed at 2.35%
Euro little changed at $1.0955
Brent Futures down 1.4% to $76.33/bbl
Gold spot down 0.4% to $2,026.73
U.S. Dollar Index little changed at 101.69

Top Overnight News

Joe Biden didn’t rule out a short-term debt limit hike but was “absolutely certain” the US won’t default after his meeting with congressional Republicans yielded little tangible progress. He was pleased Mitch McConnell said he also didn’t foresee a default, though Kevin McCarthy said he saw no progress. Both sides pledged more talks before another meeting on Friday. BBG
Bank of Japan Governor Kazuo Ueda said it’s premature to talk about specifics on what to do with holdings of exchange-traded funds since it would take more time to achieve a stable price target: BBG
Fed Bank of New York President John Williams said he is monitoring how strains in the banking sector affect the US economy and left the door open to leaving interest rates on hold next month: BBG
Norway’s core inflation quickened in April to 6.3% y/y, compared with the 6.1% forecast by both analysts and the central bank, adding pressure on policymakers to step up their key rate hikes: BBG
Australia exported roughly $40 million worth of copper ore and concentrate to China early this year, Australian customs data shows, a sign of industry hope that trade in the red metal will resume as diplomatic relations improve. RTRS
Russia, Ukraine, Turkey, and the UN will hold talks on Wed to salvage the Ukraine grain export deal that Moscow has threatened to exit. NYT
ECB’s Lagarde says a recession is not the baseline outlook for 2023 and hinted that further rate hikes will be needed given persistent inflation pressures. Nikkei
BOE’s “shadow monetary policy committee” votes 7-2 in favor of a 25bp rate hike on Thurs (2 members voted for a 50bp increase). London Times
Profits in the US banking sector reached an all-time high of roughly $80bn in the first quarter, up 33% from a year ago, even as the industry contended with the aftermath of two bank failures and the most significant stress since the 2008 financial crisis. FT
Home prices fell in more parts of the U.S. than they have in over a decade during the first quarter, when nearly a third of metro areas posted annual price declines, the National Association of Realtors said Tuesday. WSJ
A growing number of retailers in city office districts are relocating their businesses to the suburbs, where visits to shopping centers are on the rise as fewer people commute to downtown workplaces. WSJ
The Treasury Borrowing Advisory Committee, an external panel that’s advised on borrowing since 1998, told Janet Yellen “the short-term impacts of a protracted negotiation are costly; the long-term implications of a default are unthinkable.” The fix: require the limit to be raised simultaneously with appropriations or repeal the debt limit altogether. BBG
Focus squarely on April’s data CPI print @ 8:30am after March’s data showed mixed results (core was much hotter than headline). The street is looking for headline MoM of +.4% (prior +.1%) & YoY of +5% (prior +5%). For core MoM street is at +.3% (prior +.4%) and YoY +5.5% (prior +5.6%).

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower as the region digested a slew of earnings updates and following the weak handover from Wall St where the major indices were cautious after hawkish central bank rhetoric and ahead of US inflation data, while there was also very little progress from US debt ceiling talks. ASX 200 was subdued amid underperformance in financials, energy and telecoms but with losses stemmed by the defensives and as participants mulled over the details of the recent federal budget. Nikkei 225 weakened with the focus in Japan centred on a deluge of earnings releases. Hang Seng and Shanghai Comp. conformed to the global downbeat mood amid weakness in China’s largest banks and with several property names also pressured, while a report that Chinese GDP growth is likely to pick up in Q2 due to policy support, did little to spur risk appetite.

Top Asian News

China’s GDP will likely pick up in Q2 amid policy support, according to China Securities Journal.
A fresh COVID-19 wave is spreading through China as people return from public holiday travel which has reached trading floors and spurred concerns of an impact on trading volume, but is unlikely to be as pronounced as prior COVID disruptions, according to Reuters.
USTR Tai will meet China’s Commerce Minister in Detroit later this month, according to Bloomberg.
China reportedly seeks to resume and expand Taiwan communications, according to Xinhua.

European bourses are slightly softer, Euro Stoxx 50 -0.3%, in-fitting with the APAC handover and despite an initial firmer start to the European morning pre- US CPI. Stateside, ES -0.2%, futures are similarly lower though relatively rangebound in European hours ahead of US price data with focus also on Tuesday’s Fed speak and the lack of debt ceiling progress. In Europe, sectors have a negative tilt in-fitting with the above; individual movers include Credit Agricole and ABN AMRO as the best performing banks after strong earnings while Continental supports auto names.
US DoJ is reportedly looking at short selling activity in regional bank shares, according to Reuters sources. China Airlines converts purchase rights for 8 Boeing (BA) aircraft into confirmed orders, to pay up to USD 2.30bln for the 8 planes.

Top European News

The Times’ BoE Shadow MPC voted 7-2 in favour of a 25bps hike in the Bank Rate to 4.5% with the two dissenters in favour of a larger 50bps move.
ECB President Lagarde says “There are factors that can induce significant upside risks to the inflation outlook.”, via Nikkei; “Lagarde gave no indication of a September interest rate hike”. Adding, “Nothing further has been discussed by the Governing Council, neither a proposal to sell assets under the APP, nor a change to the forward guidance that we have given in relation to the PEPP.”
ECB’s Stournaras says as things stand can say that interest rate rises will be over in 2023, via Reuters citing Greek press.
ECB’s Nagel says he is optimistic that monetary policy is having an impact, via Deutschlandfunk; might be moving into the final stretch on hikes though we are not yet done, is satisfied with ECB policy.
Norges Bank Financial Stability Report (H1): CCyB maintained at 2.5%. Problems at some banks abroad have led to large movements in financial markets, but Norwegian banks are well-positioned to deal with market stress and higher losses.

Dollar firm, but just shy of Tuesday’s highs approaching US CPI, DXY retains 101.500+ status within a 101.750-510 range.
Euro dips on less hawkish ECB undertones from Nagel and President Lagarde and back below key 1.0959 Fib retracement level.
Pound retains 1.2600 handle on the eve of BoE as markets fully price another 25bp hike
Yen tests 135.00 after selling in Asia and test of 200 HMA at 135.47.
PBoC set USD/CNY mid-point at 6.9299 vs exp. 6.9301 (prev. 6.9255)

Fixed Income

Debt stages decent revival pre-US inflation data after relatively well received UK and German auctions and less-hawkish ECB rhetoric via Lagarde on APP/PEPP specifically.
Bunds, Gilts and T-notes also find support near round numbers before rebounding to 135.69, 100.50 and 115-09+ respectively.
Treasuries still have supply to digest via USD 35bln 10 year refunding.

Commodities

Overall, the complex is under pressure as the USD firms ahead of US CPI and as broader sentiment slips; action which follows Tuesday’s firmer settlement though advances were capped by the surprise private inventory headline build.
WTI June has fallen back under USD 73/bbl (vs high USD 73.64/bbl) while its Brent counterpart hovers around USD 76.50/bbl (vs high USD 77.39/bbl).
US Energy Inventory Data (bbls): Crude +3.62mln (exp. -0.9mln), Gasoline +0.4mln (exp. -1.2mln), Distillate -3.9mln (exp. -0.8mln), Cushing -1.3mln.
UK’s Unite union announced 1,200 offshore workers will conduct a 2-day strike in a dispute over jobs, pay and conditions with the strike action to hit various operators including BP, Shell, Repsol and others.
Peru’s copper production rose 20.4% Y/Y in March, according to the energy and mining ministry.
The grain deal is expected to be extended at the talks that started on Wednesday in Istanbul, taking into account Russia’s objections, a source in Ankara close to the talks told TASS. Subsequently, Kremlin declines comment on black see grain deal talks and adds we need to wait and see what the negotiation process yields.
As mentioned, both precious and base metals are lower with the yellow metal within Tuesday’s parameters while base metals were initially contained but have since slipped in-fitting with broader action.
Chinese buyers are reportedly eyeing a resumption of copper trade with Australia as relations between the two nations improves ahead of an expected visit by Australia’s Trade Minister Farrell to Beijing, China, via Reuters.
Chevron (CVX) plans to boost Venezuela output, and optimise exports to accelerate debt recovery.

Geopolitics

France told the EU that the Russian Wagner Group should be labelled as a terrorist group, according to The Guardian.
Russian President Putin has formally signed a decree withdrawing from the Treaty on Conventional Armed Forces in Europe, according to Russian press.
Russia’s Transneft says Druzhba pipeline was attacked, according to Tass; details light; Unconfirmed reports suggest that this was in the Russian Bryansk region.

US Event Calendar

07:00: May MBA Mortgage Applications +6.3%, prior -1.2%
08:30: April CPI YoY, est. 5.0%, prior 5.0%
- April CPI MoM, est. 0.4%, prior 0.1%
- April CPI Ex Food and Energy YoY, est. 5.5%, prior 5.6%
- April CPI Ex Food and Energy MoM, est. 0.4%, prior 0.4%
- April Real Avg Hourly Earning YoY, prior -0.7%, revised -0.6%
- April Real Avg Weekly Earnings YoY, prior -1.6%, revised -1.5%
14:00: April Monthly Budget Statement, est. $235b, prior $308.2b

DB’s Jim Reid concludes the overnight wrap

Morning from Madrid where after several months without rain my arrival from London might have done the trick. There’s a bit of rain now forecast by the end of the week. By contrast the last couple of months in the UK have been amongst the wettest in decades. My wife has organised an outdoor cinema social event at our kids school in 10 days time with several hundred tickets sold so every time I see her she’s surreptitiously checking weather apps and shaking her head and every time she sees me I’m doing the same for a big golf tournament the next day. I judge how wet it is by how far I can drive a golf ball. This year must be incredibly wet or else all my injuries are finally creeping up with me.

So as the sun rises in a very dry Madrid, welcome to another US CPI day which of course will be the main highlight today. This will have a big part to play in whether the Fed will hike in June. Given the market prices in an 36% probability of a cut in July (from a 69% probability at the intra-day lows on Thursday) this is a fascinating release. Recent inflation releases have seen a steady decline in the headline CPI rate, which is now down to “only” +5.0%. However, the problem is that core CPI has been much more stubborn, and overtook the headline rate last month by ticking up to +5.6%, which is clearly still too fast for the Fed to be comfortable. In terms of what to expect today, our US economists are looking for headline CPI to have risen by +0.37% on a monthly basis, which would keep the annual rate at +5.0%. And they see core up by +0.32% on the month, taking the annual rate down two-tenths to 5.4%. Markets have been a bit more open to the prospect of another hike since Friday’s jobs report, with a 16% chance of a June hike now priced in, up from a 30% chance of cut intra-day last Thursday.

Another factor that will influence the Fed is the debt ceiling and last night President Biden met with congressional leaders from both parties in the White House. Ahead of that meeting both sides had already told reporters that they were not looking to put a short-term deal in place that would move the potential default date to September 30. Following the meeting, it was reported that President Biden and House Speaker McCarthy would sit down again on Friday. Before that follow-up, White House and Congressional staffers are expected to conduct budget discussions as soon as last night. Speaker McCarthy announced that there was not “new movement”, but House Minority Leader Jefferies pointed to some progress. Senate leadership was more aligned with Minority Leader McConnell and Senate Majority Leader predicting that there would be no default, but the latter still pointed to “large difference between the parties. President Biden also noted to reporters that he could invoke the 14th amendment to avoid a default, but noted that “the problem is it would have to be litigated.”

When it came to markets, the main asset classes have struggled over the last 24 hours as debt ceiling and US regional bank uncertainty has weighed. On the former there is growing concern about how long the uncertainty would last for. The effects were most obvious at the very front of the Treasury curve, with the 1-month T-bill yield shooting up +10.6bps to 5.428%. Bear in mind that as recently as April 21, the 1m yield closed at 3.26%, since investors were pouring into 1m bills as a way of avoiding any default risk. But given the plausible X-date is now within a 1m horizon, we’ve seen the reverse effect take place as investors seek to offload securities with any default risk. At a slightly further out horizon, 3m bill yields finished slightly lower, down -1.9bps yesterday to 5.18%.

Those concerns around the debt ceiling in markets went alongside ongoing jitters around regional banks. Yesterday underscored the volatility in that sector. PacWest Bancorp was down -10% in early trading, spending most of the US morning down over -5%, before a reversal in the second half of the trading day saw the bank’s share price finish +2.35%. This was seen in other beleaguered banks with Western Alliance Bancorp down over -7% initially before finishing down “just” -1.35% despite trading higher an hour before the close. In both cases, the latest moves leave them well above their lows on Thursday, but the high level of volatility speaks to the ongoing concerns. The flip in sentiment did not come on the back of any specific news flow, but did follow comments from New York Fed President Williams who said that the Fed was very focused on commercial real estate risks. The broader KBW Banks index closed just better than flat (+0.03%) after being down -1.5% shortly after the open, all whilst the S&P 500 ended the day -0.46% lower and the NASDAQ -0.63% lower.

Ahead of the CPI, there was a flattening in the Treasury curve as investors mulled over the prospect of another hike. That left yields on the 2yr Treasury up +2.1bps at 4.022%, whilst the 10yr yield saw a smaller +1.1bps rise to 3.519%. Meanwhile, 10yr yields (-1.14bps) are slightly lower in Asia as we go to print. In Europe, there was a larger selloff for sovereign bonds, with yields on 10yr bunds (+3.1bps), OATs (+3.2bps) and BTPs (+3.8bps) all building on their moves from the previous day. That followed hawkish remarks from several ECB officials that left little doubt about their intention to keep on hiking rates. For instance, Bundesbank President Nagel said in an interview with FAZ that “The important thing is that we’re not pausing”. We also heard from Latvia’s Kazaks, who said that “We still have quite some ground to cover and further rate increases will be necessary to tame inflation.”

Asian equity markets are weak this morning. As I type, Chinese stocks are leading losses in the region with the Shanghai Composite (-1.40%), CSI (-0.76%) and the Hang Seng (-0.66%) notably lower. Elsewhere, the Nikkei (-0.44%) and the KOSPI (-0.13%) are also trading lower. US stock futures are indicating a slightly more positive start though with those tied to the S&P 500 (+0.10%) and NASDAQ 100 (+0.07%) ticking up.

In geopolitical news, Bloomberg reported that Italy was intending to exit China’s Belt and Road Initiative, with the article suggesting that Italian PM Meloni had told US House Speaker McCarthy that the Italian government was in favour of an exit. That echoes a Reuters report last week, which cited a government official who said that Italy was unlikely to renew the BRI deal. Italy is the only G7 country who’ve joined the Belt and Road Initiative, but that was under former PM Conte in 2019. Subsequently, PM Mario Draghi shifted the country’s approach towards Chinese investment, vetoing multiple Chinese takeovers, and current PM Meloni has also sounded cautious on the agreement in the past, which comes amidst growing tensions between the US and China over recent years.

There wasn’t a great deal of data yesterday, but we did get the NFIB’s small business optimism index from the US. That fell to its lowest in a decade in April at just 89.0 (vs. 89.7 expected).

To the day ahead now, and the main highlight will be the US CPI report for April. Other data releases include Italian industrial production for March. From central banks, we’ll hear from the ECB’s Muller and Centeno. Finally, today’s earnings releases include Disney.

2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT

Sentiment slips slightly ahead of US CPI; EGBs bid on Lagarde/supply – Newsquawk US Market Open

WEDNESDAY, MAY 10, 2023 – 06:30 AM

European bourses/US futures are slightly softer as broader sentiment tilts after mixed APAC trade ahead of US CPI
DXY remains bid with peers generally contained though EUR slips on less-hawkish ECB speak while GBP remains bid pre-BoE
EGBs caught a bid to fresh session highs after well-received UK supply and ECB’s Lagarde on APP/PEPP
Overall, commodities are pressured and in-fitting with the above; focus on China-Australia re. Copper and the Druzhba pipeline
US Leaders meeting saw no real progress on the debt limit, Biden and leaders to meet again on Friday with daily staff-level gatherings
Looking ahead, highlights include US CPI, Chinese M2, Supply from the US. Earnings from Disney.

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EUROPEAN TRADE

EQUITIES

European bourses are slightly softer, Euro Stoxx 50 -0.3%, in-fitting with the APAC handover and despite an initial firmer start to the European morning pre- US CPI.
Stateside, ES -0.2%, futures are similarly lower though relatively rangebound in European hours ahead of US price data with focus also on Tuesday’s Fed speak and the lack of debt ceiling progress.
In Europe, sectors have a negative tilt in-fitting with the above; individual movers include Credit Agricole and ABN AMRO as the best performing banks after strong earnings while Continental supports auto names.
US DoJ is reportedly looking at short selling activity in regional bank shares, according to Reuters sources.
China Airlines converts purchase rights for 8 Boeing (BA) aircraft into confirmed orders, to pay up to USD 2.30bln for the 8 planes.
Click here for more detail.

FX

Dollar firm, but just shy of Tuesday’s highs approaching US CPI, DXY retains 101.500+ status within a 101.750-510 range.
Euro dips on less hawkish ECB undertones from Nagel and President Lagarde and back below key 1.0959 Fib retracement level.
Pound retains 1.2600 handle on the eve of BoE as markets fully price another 25bp hike
Yen tests 135.00 after selling in Asia and test of 200 HMA at 135.47.
PBoC set USD/CNY mid-point at 6.9299 vs exp. 6.9301 (prev. 6.9255)
Click here for more detail.
Click here for the notable FX expiries for today’s NY cut.

FIXED INCOME

Debt stages decent revival pre-US inflation data after relatively well received UK and German auctions and less-hawkish ECB rhetoric via Lagarde on APP/PEPP specifically.
Bunds, Gilts and T-notes also find support near round numbers before rebounding to 135.69, 100.50 and 115-09+ respectively.
Treasuries still have supply to digest via USD 35bln 10 year refunding.
Click here for more detail.

COMMODITIES

Overall, the complex is under pressure as the USD firms ahead of US CPI and as broader sentiment slips; action which follows Tuesday’s firmer settlement though advances were capped by the surprise private inventory headline build.
WTI June has fallen back under USD 73/bbl (vs high USD 73.64/bbl) while its Brent counterpart hovers around USD 76.50/bbl (vs high USD 77.39/bbl).
US Energy Inventory Data (bbls): Crude +3.62mln (exp. -0.9mln), Gasoline +0.4mln (exp. -1.2mln), Distillate -3.9mln (exp. -0.8mln), Cushing -1.3mln.
UK’s Unite union announced 1,200 offshore workers will conduct a 2-day strike in a dispute over jobs, pay and conditions with the strike action to hit various operators including BP, Shell, Repsol and others.
Peru’s copper production rose 20.4% Y/Y in March, according to the energy and mining ministry.
The grain deal is expected to be extended at the talks that started on Wednesday in Istanbul, taking into account Russia’s objections, a source in Ankara close to the talks told TASS. Subsequently, Kremlin declines comment on black see grain deal talks and adds we need to wait and see what the negotiation process yields.
As mentioned, both precious and base metals are lower with the yellow metal within Tuesday’s parameters while base metals were initially contained but have since slipped in-fitting with broader action.
Chinese buyers are reportedly eyeing a resumption of copper trade with Australia as relations between the two nations improves ahead of an expected visit by Australia’s Trade Minister Farrell to Beijing, China, via Reuters.
Chevron (CVX) plans to boost Venezuela output, and optimise exports to accelerate debt recovery.
Click here for more detail.

NOTABLE HEADLINES

The Times’ BoE Shadow MPC voted 7-2 in favour of a 25bps hike in the Bank Rate to 4.5% with the two dissenters in favour of a larger 50bps move.
ECB President Lagarde says “There are factors that can induce significant upside risks to the inflation outlook.“, via Nikkei; “Lagarde gave no indication of a September interest rate hike”. Adding, “Nothing further has been discussed by the Governing Council, neither a proposal to sell assets under the APP, nor a change to the forward guidance that we have given in relation to the PEPP.”
ECB’s Stournaras says as things stand can say that interest rate rises will be over in 2023, via Reuters citing Greek press.
ECB’s Nagel says he is optimistic that monetary policy is having an impact, via Deutschlandfunk; might be moving into the final stretch on hikes though we are not yet done, is satisfied with ECB policy.
Norges Bank Financial Stability Report (H1): CCyB maintained at 2.5%. Problems at some banks abroad have led to large movements in financial markets, but Norwegian banks are well-positioned to deal with market stress and higher losses.

DATA RECAP

German HICP Final YY (Apr) 7.6% vs. Exp. 7.6% (Prev. 7.6%); MM (Apr) 0.6% vs. Exp. 0.6% (Prev. 0.6%)
Norwegian Core Inflation YY (Apr) 6.3% vs. Exp. 6.1% (Prev. 6.2%); MM (Apr) 1.0% vs. Exp. 0.7% (Prev. 0.6%)

NOTABLE US HEADLINES

US President Biden said he will meet again with congressional leaders on Friday on the debt ceiling and that White House and legislative staff will meet daily ahead of that meeting. Biden also said he made it clear that a default is not an option, while he added that House Speaker McCarthy’s spending cuts will hurt Americans and he is not ruling out a short-term debt limit increase.
US House Speaker McCarthy said his position is clear that House Republicans have done their job to avoid a default and responsibly raise the debt limit and Democrats must do the same, while he didn’t see any new movement from the talks and said the progress they made was being able to meet. McCarthy also noted that President Biden did not offer spending cut ideas but he hopes that President Biden will begin to negotiate over the next two weeks and thinks they can go to conference if Senate Majority Leader Schumer can pass something.
US Senate Majority Leader Schumer said House Speaker McCarthy refused to take default off the table and gave a plan to take default hostage, while Schumer added that President Biden asked staff from both parties to sit down and find common ground on budget issues but noted that disagreements over federal spending are wide.
US Senate Republican Leader McConnell said the government is not going to default and there must be an agreement between President Biden and House Speaker McCarthy, while he added that there must be some restraint on spending if the debt limit is raised.
US Treasury Borrowing Advisory Committee said it is deeply concerned about the lack of resolution of the statutory debt limit and warned that a protracted standoff over the debt limit will dramatically increase taxpayer costs and exacerbate market stress.
Click here for the US Early Morning Note.

GEOPOLITICS

France told the EU that the Russian Wagner Group should be labelled as a terrorist group, according to The Guardian.
Russian President Putin has formally signed a decree withdrawing from the Treaty on Conventional Armed Forces in Europe, according to Russian press.
Russia’s Transneft says Druzhba pipeline was attacked, according to Tass; details light; Unconfirmed reports suggest that this was in the Russian Bryansk region.

CRYPTO

Bitcoin is a touch softer but overall relatively contained and holding just above the USD 27.5k mark within familiar ranges as participants await US CPI.

APAC TRADE

APAC stocks were mostly lower as the region digested a slew of earnings updates and following the weak handover from Wall St where the major indices were cautious after hawkish central bank rhetoric and ahead of US inflation data, while there was also very little progress from US debt ceiling talks.
ASX 200 was subdued amid underperformance in financials, energy and telecoms but with losses stemmed by the defensives and as participants mulled over the details of the recent federal budget.
Nikkei 225 weakened with the focus in Japan centred on a deluge of earnings releases.
Hang Seng and Shanghai Comp. conformed to the global downbeat mood amid weakness in China’s largest banks and with several property names also pressured, while a report that Chinese GDP growth is likely to pick up in Q2 due to policy support, did little to spur risk appetite.

NOTABLE ASIA-PAC HEADLINES

China’s GDP will likely pick up in Q2 amid policy support, according to China Securities Journal.
A fresh COVID-19 wave is spreading through China as people return from public holiday travel which has reached trading floors and spurred concerns of an impact on trading volume, but is unlikely to be as pronounced as prior COVID disruptions, according to Reuters.
USTR Tai will meet China’s Commerce Minister in Detroit later this month, according to Bloomberg.
China reportedly seeks to resume and expand Taiwan communications, according to Xinhua.

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

WEDNESDAY MORNING/TUESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA///

Export growth in China is moderating from 14.8% down to 8.5%

Tumbling Chinese Commodity Imports Signal Two-Speed Recovery

TUESDAY, MAY 09, 2023 – 07:00 PM

Futures are limping lower after overnight China reported that export growth moderated from 14.8% in March to 8.5% in April, slightly better than market expectations, and unchanged from the 1Q23 average, while Imports unexpectedly collapsed, badly missing expectations.

Both export and import value declined sharply in April in sequential terms (exports: -5.4% sa non-annualized, imports: -5.1%, USD-denominated). The sequential decline in exports is in line with historical patterns for this year’s earlier-than-normal Lunar New Year.

According to SocGen, the decline in exports was to be expected as the March exports received a strong boost from a backlog of orders, thanks to easing supply disruptions. But the pace of expansion was still healthy and better than other major Asian economies, such as South Korea, Taiwan and Vietnam, with exports in contraction of over 10% in April.

By product, electronics and machinery equipment (EME) products eased from 12.3% to 10.4%. The moderation was driven by products outside high-tech products (e.g. machinery). There were some improvement in consumer electronics: smartphones improved from -32% to -13%, and PC and parts recovered from -26% to -17%. But the contraction in integrated circuits intensified from -3% to -7%. Meanwhile, autos remained a bright spot and accelerated strongly from 59% to 83%, thanks to growing demand for NEVs. Traditional consumer goods slowed, with apparel down from 32% to 14%, furniture down from 14% to 0% and footwear down from 32% to 13%, though they still maintained pretty solid expansion.

While exports chugged along, the big surprise in today’s release was imports, which plunged from -1.4% to -7.9%, against expectations for a small improvement.

The weakness was mainly attributed to commodities (also because of price effects of nearly -2%). In volume terms, oil imports slowed from +22% to -1%; iron ore dropped from +15% to +5%; and coal normalised from +151% to +73%. Copper was the only key product that improved, from -19% to -13%. EME products held up better but still saw a contraction of 16%. Within that, IC imports remained in contraction of c.20%; PC parts recovered from -25% to -12%, consistent with the trend in exports; autos weakened notably from -15% to -41% due partly to base effects.

Overall, while exports remained resilient, the weak commodity import data, also with the latest below-50 manufacturing PMI, highlights that contrary to Beijing’s publicly stated strategy, China is experiencing a two-speed recovery, with strong consumption (especially services), also evident in the Labor Day holiday data, but not-so-robust industrial activity, which still faces headwinds from external demand and a slow recovery in property investment. With upstream price pressures still subdued, policymakers will keep policy accommodative, although few expect fresh easing measures.

end

CHINA/CANADA

China retaliates against Canada after Canada expels a Chinese diplomat over political interference

(zerohedge)

China Retaliates After Canada Expels Its Diplomat Over ‘Political Interference’

TUESDAY, MAY 09, 2023 – 10:20 PM

Canada and China have mutually expelled diplomats in tit-for-tat moves after Canada first booted a Chinese diplomat based in Toronto, Zhao Wei, which happened Monday.

The Canadian government has accused him of political interference, allegations first revealed in a leaked report written by the Canadian Security Intelligence Service (CSIS). The CSIS report “found an accredited Chinese diplomat in the country had taken efforts toward targeting opposition lawmaker Michael Chong and relatives who may be in China.” Beijing has called it “lies”.

“The alleged targeting took place after Chong sponsored a motion to condemn China’s treatment of its Uyghur Muslim minority group,” according to CNN. “The intelligence was first reported by Canadian newspaper the Globe and Mail earlier this month.”

The episode comes following widespread reports as well as accusations from Western officials that Chinese intelligence and diplomatic officials have engaged in intimidation campaigns abroad, aimed at political dissidents and their families.

In Chong’s case, he was apparently targeted in an intimidation campaign due to his having spent years spearheading Canada’s legislative efforts slap an official label of “genocide” on China’s human rights abuses, especially connected with treatment of the Uyghur Muslim minority.

Canadian Prime Minister Justin Trudeau has vowed to hold China accountable, telling reporters on Tuesday, “we will not be intimidated. We will continue to do everything necessary to keep Canadians protected from foreign interference.”

Beijing was swift in its retaliation, with the foreign ministry responding Tuesday by decrying the “smear campaign against China” rooted in “ideologically based political manipulation” that is “nonsensical” and “lies”.Diplomat Zhao Wei has been declared ‘persona non grata’

The foreign ministry introduced “reciprocal countermeasure in reaction to Canada’s unscrupulous move” – which at this point includes expelling Jennifer Lynn Lalonde, a Canadian diplomat based in Shanghai. China has given her four days to leave the country.

Ministry spokesman Wang Wenbin further said, “We advise the Canadian side to immediately stop unreasonable provocations,” Wang added. “If the Canadian side does not listen to advice and acts recklessly, China will resolutely and forcefully respond.” Thus the deteriorating situation seems primed to expand, possibly into further diplomatic expulsions, or even trade restriction measures.

END

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

UKRAINE/RUSSIA/BLACK SEA/GRAIN

Not much will happen: prices will remain calm.

Miller/Freightwaves

What Will Happen If Russia Blocks Black Sea Grain Ships?

WEDNESDAY, MAY 10, 2023 – 03:30 AM

By Greg Miller of FreightWaves,

Russia is threatening to pull the plug on the Black Sea Grain Initiative on May 18, blocking Ukrainian seaborne exports of corn and wheat. The European Union has banned Ukrainian agriculture exports to neighboring Romania, Bulgaria, Poland, Hungary and Slovakia until June 5, with an extension through year-end possible, due to local pricing pressures. The Tolyatti-Odessa pipeline, a key conduit for Russian exports of ammonia — a vital fertilizer feedstock — remains offline.

CNBC recently warned that “the basic food security of tens of millions across the globe is hanging by a thread.” The United Nations stressed that the Black Sea Grain Initiative is “critical” and helps “stave off famine.”

Prices of agricultural products and fertilizers spiked after Russia’s invasion of Ukraine. Is the world headed for a new food-inflation crisis?

Not this time, according to commodity price-reporting agency Argus. Global trade flows have evolved over the past 14 months, adjusting for the war risk. Ocean shipping has come to the rescue, plying new routes: from bulkers carrying wheat, corn, and fertilizers to liquefied petroleum gas (LPG) carriers loaded with ammonia to product tankers transporting sunflower oil.

“Markets find a way,” said Mike Nash, senior editor of fertilizer markets at Argus, during a presentation on Thursday. Geopolitical impacts have already “largely played out,” he said.

New threats not lifting commodity prices

Ukraine’s role in global markets has eroded even as its exports moved overland to neighboring countries and left by ship though the Black Sea corridor. Consequently, a loss of Ukrainian exports now would have much less impact on buyers than it did when the war broke out.

The proof is in the prices. Not only are agricultural commodity prices down sharply from the post-war peak, they’re not rising as new threats to Ukrainian exports emerge.

According to Jade Delafraye, Argus’ global editorial manager for agriculture, “The situation in Ukraine has had a large impact on the grains, oilseeds and veg-oil markets over the last year or so. But at the moment, the share of Ukraine in the supply of those markets has been greatly reduced. And these markets are well supplied.

“Therefore, the concerns and uncertainties about whether Ukraine will be able to continue exporting are not currently sufficient to lift prices.”

A meeting of Black Sea corridor technical staff was held Friday in Istanbul to discuss the extension of the deal. No agreement was reached.

The number of Black Sea transits from Ukraine has fallen even before a decision on extending the corridor agreement. Only six vessels left Ukrainian ports in the most recent week. “This is down sharply from where we were a few months ago, with a peak of 55 ships [in a week] back in September,” noted Delafraye.

Russian wheat exports hitting record levels

When the ports were closed in the early days of the war, Ukraine exported its wheat, corn and barley by land through Romania, Hungary, Slovakia and Poland. Starting last August, it began exporting grains — primarily corn — via the Black Sea corridor.

Wheat prices initially spiked after war broke out and then “came tumbling down,” said Delafraye.

The return of Ukrainian exports was not the main driver in the drop. Bumper wheat crops in Russia and Australia were the primary factors. “Russia has been able to export at record levels and gain market share,” she said.

The U.S. Department of Agriculture currently projects global wheat exports will total 212.7 tons in the 2022-23 marketing year (which ends June 30), up 5% year on year. Russia is the largest exporter, predicted to ship 45 million tons — a 36% year-on-year surge.

Worst-case scenario for Ukrainian exports

Delafraye addressed a worst-case scenario in which Ukraine seaborne exports go to zero. Even in that case, “there are no real concerns … on whether the global market could cope without Ukrainian volumes,” she said.

For the current marketing year, there are “ample [wheat] volumes left to be exported” from Russia, Romania, Bulgaria, Canada and Australia. For the 2023-24 marketing year, strong ending stocks should allow the EU, Russia and Australia to ramp up exports to cover the wheat shortfall, she added.

Corn prices fell from their post-invasion peak as well, “although not as much as wheat, despite the fact that the majority of the Ukrainian exports through the corridor and by land have been corn exports,” Delafraye said.

If Ukrainian corn exports were blocked, she said, replacement volumes could be exported by the U.S., Brazil and Argentina. “We expect another bumper crop to come out of Brazil,” she said.

“On the corn side, again, the loss of Ukrainian volumes in a worst-case scenario could be compensated for elsewhere. What happens with the corridor at the moment no longer moves prices and the world would be able to cope.”

Shipping effect of Black Sea corridor

“Global corn and wheat prices have continued to decline and have now fallen below pre-war levels, indicating an improvement in cargo availability,” said ship brokerage Braemar in a research note on Thursday.Grain loaded in Odessa is headed to China, Europe, Africa, India and Bangladesh.

According to Braemar, China has been the single largest destination for ships carrying Ukrainian grain through the Black Sea corridor, followed by countries in Western Europe, and to a lesser extent, North Africa, India and Bangladesh.

A total of 764 dry bulk vessels carrying 27.8 million tons of grain have departed Ukraine since the beginning of the Black Sea Grain Initiative.

Braemar said 386 or 50% of the ships have been have been Handysizes (smaller bulkers with capacity of 10,000-39,999 deadweight tons or DWT), 216 or 28% have been Panamaxes (58,000-78,999 DWT) and 162 or 22% have been Supramaxes or Ultramaxes (50,000-69,999 DWT).

The majority of exports to China have been transported aboard Panamaxes, creating “a significant additional long-haul trade for the sector,” said Braemar.

Shipping demand is measured in ton-miles (volume multiplied by distance). An end to the Black Sea initiative is not necessarily negative for shipping demand. More Brazilian and Argentinian corn cargoes to China would be a positive for ton-miles, as would more Australian wheat cargoes headed west and more Canadian cargoes headed east.

Ban on exports to neighboring EU countries

Meanwhile, concerns are also being raised about the recent ban on Ukrainian exports to neighboring EU countries, where local farmers are rebelling as the glut cuts their income.

Delafraye said that this should not have a significant effect on international markets, because the agreements still allow Ukrainian cargoes to transit these countries for export.

The majority of Ukraine’s cross-border trade has gone to Romania, with about 70% of those volumes then re-exported, according to Argus data.

“So, as long as transit remains possible through these countries, and that’s the situation we seem to be in, the impact on the global market should be limited,” said Delafraye.

‘Myths’ on Russian fertilizer threat

Food security fears in the wake of the invasion were not just about the loss of Ukrainian grains. They were also about loss of access to Russian fertilizers and fertilizer raw materials.

“Concerns were very, very real because Russia is a major supplier,” said Nash.

Fertilizer prices were already very high when Russia invaded Ukraine, and skyrocketed after military action, with the phosphorus fertilizer DAP topping $1,200 per ton at one point.

But as with the wheat and corn, fertilizer prices then fell back. “Prices trailed off in the second half of 2022. It was significant and relatively quick,” Nash said. “The market reacted as new supply sources opened up and Russian materials continued to flow. In many cases, supply increased, so the concern dissipated.”

Russian exports of DAP and the other main phosphorus fertilizer, MAP, rose in 2022 versus 2021. “Combined exports increased by well over 4 million tons. This myth that phosphate supply was curtailed is simply not true. Russia actually exported more,” said Nash.

US buys more Russian fertilizer

Russian urea exports increased 10% in 2022 versus 2021. Higher Russian volumes to India and Turkey mirror moves in the oil and diesel markets. What’s surprising is that Russia also sold more urea to the U.S., the Netherlands, France and Germany.

“Another of the myths is that European and Western entities turned their back on Russian [fertilizer]. That did not happen,” said Nash. “There are no sanctions on Russian [fertilizer] products. It is in theory free to move everywhere — and it has.

“For all the concerns in the mainstream media about the loss of supply of Russian fertilizer, it simply did not happen.”

As with grains, the proof of availability is in the prices. They’re falling. “The story for pretty much all the products in the finished fertilizer market is weak prices [that] are expected to edge down,” he said. “The market has adapted. New trade flows have emerged. There is plenty [of fertilizer] around the world.”

Fertilizer shipping markets: Tankers and bulkers

The war’s biggest and most immediate effect on fertilizer markets was the closure of the Tolyatti-Odessa ammonia pipeline. “That was shut off straight away, losing 240,000 tons per month of ammonia overnight. That had a huge impact on prices,” said Nash.

Russia was supplying the EU with 100% of its ammonia imports at the time the war broke out. This is yet another instance where ocean shipping solved the problem. Global trade flows shifted to new routes, offsetting the pipeline loss. Ammonia prices are now back to pre-war levels.

Ammonia is typically carried aboard smaller LPG tankers in the Handysize category. Short-haul shipments from Odessa have been replaced by long-haul shipments from China, Australia, the Middle East and the U.S. Gulf.

The new trade patterns are “leading to an increase in ton-mile demand for our vessels,” said Navigator Holdings (NYSE: NVGS). Ten of its Handysizes — a third of its Handysize tanker fleet — were carrying ammonia during the latest quarter.

In dry bulk shipping, most fertilizer is carried on bulkers with capacities of 3,000-60,000 DWT, particularly in the 25,000-39,999 DWT range, said ship brokerage BRS in a March overview of the trade.

Fertilizer has been a mixed bag for dry bulk shipping. On one hand, freight rates for Russian cargoes spiked after the war and remain above pre-invasion levels. On the other, global dry bulk fertilizer exports fell 9% in 2022 versus 2021, said BRS. China and Morocco sharply reduced exports, with China intentionally limiting outflows to protect domestic supplies in the wake of last year’s price spike.

Lower prices in 2023 “could give some spring to fertilizer trade flows later this year, providing much-needed respite to geared bulkers,” said BRS.

Russian takes more market share

Add it all up and Russia emerged as a big winner amid all the post-war shifts in the agribulk and fertilizer trades.

The country faces sanctions in the crude and diesel markets, but given humanitarian concerns, sanctions are off the table when it comes to food and fertilizer commodities. Even America buys Russian fertilizer.

Since the war began, Russia has increased its market share and sales of wheat, as well as urea, DAP and MAP. If it blocks the Black Sea Grain Initiative, it could sell even more wheat at Ukraine’s expense.

The damage to Ukraine’s role in global markets has already been done. The loss of the corridor would intensify the fallout to its economy, further solidifying new trading patterns.

“All in all, it could take years for Ukraine to regain its previous place in global agricultural markets should the conflict come to an end,” said Delafraye.

END

end

ISRAEL

Israel launches new GAZA strikes in retaliation for their rocket fire last week

(zerohedge)

Israel Launches New Gaza Strikes, Killing At Least 15 Palestinians

TUESDAY, MAY 09, 2023 – 07:40 PM

In its biggest military operation since last August, Israel launched major airstrikes on the Gaza Strip on Tuesday, killing at least 15 Palestinians, among them eight civilians and three senior Palestinian Islamic Jihad (PIJ) commanders, according to statements of Palestinian officials. Last week witnessed over 100 rockets fired on southern Israel by Islamic militant factions in the strip following the news of the death of prominent Palestinian detainee Khader Adnan, who died last Tuesday after an 87-day hunger strike in Israeli prison. Israeli officials are calling this new operation ‘retaliation’ for last week’s rocket launches.

Adnan is being treated as a martyr, and widespread protests began throughout the West Bank and Gaza. The Israeli Defense Forces (IDF) said it targeted 10 different PIJ military facilities in Gaza, especially those used for producing rockets or weapons storage.The IDF additionally stated that Khalil Bahatini, the PIJ commander in the northern Gaza Strip, is a prime target given his role in last week’s rocket bombardment. The operation has been dubbed ‘Shield and Arrow’. Interestingly, it appears Israel is specifically conveying to Palestinian officials that it doesn’t wish for a wider war, and is seeking to avoid targeting Hamas, instead taking aim only at PIJ: A senior Israeli official said Israel conveyed messages to Hamas via private channels through mediators that Tuesday’s operation was only against the Islamic Jihad group and Israel wouldn’t target Hamas if it doesn’t get involved in the fighting.However, the Israeli military is warning that it’s prepared for a protracted conflict if need be, but that this is the choice of the militant factions.Israeli schools in the south of the country have been closed ahead of Wednesday, with the education ministry announcing, “Schools within a 25 mile (ca. 40 km) radius from the Gaza Strip will not open tomorrow, meaning some 300,000 children will not be in school.”Defense Minister Yoav Gallant warned Tuesday that more rocket fire could come, “to areas near the Gaza border and far from it, and with significant intensity.”He emphasized: “The defense establishment is prepared for any scenario, including a prolonged campaign.”

end

Watch: Panic Hits Tel Aviv Beach As Over 100 Gaza Rockets Pound Israel

WEDNESDAY, MAY 10, 2023 – 11:45 AM

Militant groups in Gaza are a big step closer to entering another full-blown war with Israel as rockets criss-crossed the skies over the strip for a second consecutive day.The Israeli army (IDF) and government sources have said over 170 rockets have been fired from Gaza, with 134 having made it into Israeli territory, many of which were intercepted by the Iron Dome defense system. Initially, sirens and civilian evacuation efforts were focused in the south as rockets rained down, but dramatic footage has emerged showing thousands of civilians scrambling to find shelter on a Tel Aviv beach…The Associated Press also confirms that “Palestinian militants fired dozens of rockets from the Gaza Strip into Israel on Wednesday, in a first response to ongoing Israeli airstrikes that have killed 19 Palestinians, including three senior militants and at least 10 civilians.”The Israeli strikes began overnight Monday into Tuesday, in the heaviest fighting in months, following last week’s rockets fired by Palestinian Islamic Jihad (PIJ) which was in response to the death of prominent Palestinian detainee Khader Adnan, who died May 2nd after an 87-day hunger strike in Israeli prison.So far, at least three senior PIJ commanders have been killed in the Israeli airstrikes, while also the IDF has said it is attempting to avoid drawing in Hamas to the fight at this moment.Israel’s anti-air systems busy on Tuesday…”The rocket fire set off air-raid sirens throughout southern Israel and as far away as Tel Aviv, on the Mediterranean Sea, 80 kilometers (50 miles) away. Residents had been bracing for an attack since Israel carried out its first airstrikes early Tuesday,” the AP additionally notes. Few if any injuries inside Israel have been reported by Israeli media as a result of the missile barrages.Israeli schools in the south of the country have been closed Tuesday, with the education ministry having announced, “Schools within a 25 mile (ca. 40 km) radius from the Gaza Strip will not open tomorrow, meaning some 300,000 children will not be in school.” This state of emergency could expand to other more central regions amid the PIJ rocket fire onslaught.Defense Minister Yoav Gallant warned Tuesday that more rocket fire could come, “to areas near the Gaza border and far from it, and with significant intensity.”Scene near Tel Aviv, via Times of IsraelOn Wednesday IDF spokesman Rear Admiral Daniel Hagari followed with: “We are still in the middle of the campaign, it is not over and has not been concluded.”

END

end

6.Global Issues//COVID ISSUES/VACCINE ISSUES/

GLOBAL ISSUES

Vaccine issues:

DR PAUL ALEXANDER:

Alex Newman, ‘The New American’; Dr. Paul Alexander discusses how Covid Policy Killed More people Than pathogen (Virus) & Justice Needed; devastating COVID policy by denote ‘positive’ with over-cycled

(over 24 cycles) RT-PCR test, most ‘false positive’, suck into ‘black’ hole of hospital’, sedate with midazolam, morphine, isolate, malnourich, dehydrate, Remdesiver, DNR, no antibiotics, ventilator

DR. PAUL ALEXANDERMAY 9

We killed most of the people with the deadly COVID policy and had we done NOTHING, nothing, save strongly protecting the vulnerable and isolating only sick unwell, symptomatic persons, then we would have lost far fewer persons.

SOURCE:

https://thenewamerican.com/covid-policy-killed-more-than-virus-justice-needed-hhs-advisor-dr-alexander/

Most of the Americans and Canadians who died during the Covid emergency were actually not killed by the virus, but through fraudulent “treatments” promoted by government and the lack of effective treatments that were suppressed by policymakers, explained then-U.S. Department of Health and Human Services Advisor Dr. Paul Alexander. In this episode of Conversations That Matter with The New American magazine’s Alex Newman, Dr. Alexander also blasted the lockdowns and other policies responsible for so many deaths. Meanwhile, the reason this all began is because government-funded scientists were “fooling around with different pathogens,” he added. President Trump was misled by criminals such as Dr. Anthony Fauci. Now, it is time for “justice and accountability,” and Trump is the man to make it happen, said Dr. Alexander.

https://thenewamerican.com/covid-policy-killed-more-than-virus-justice-needed-hhs-advisor-dr-alexander/

end

100% all of it was a LIE! The entire COVID pandemic (for it was NOT one) was a fraud, hoax, lie! From what we were told about the pathogen, origin, lockdown lunacy, school closures, masks, all of it!

Nothing about it was true up to the fraud mRNA technology based gene injections (also DNA platforms), the vaccine is/was a complete fraud failure day one! CDC, NIH, FDA, SAGE, PHAC, all lied to us!

DR. PAUL ALEXANDERMAY 10

The greatest hoax was played on the world by WHO, CDC, NIH, HHS, FDA, NIAID, PHAC, SAGE, Health Canada, Health New Zealand etc., by all of our governments and their lying duplicituous vapid inane, stupid, illogical, irrational, academically sloppy, intellectually lazy health officials and we must investigate this properly in proper courtrooms, not the congress I am afraid as they are all the same party, many on both sides were involved in this fraud and in both Trump and Biden administrations. We must one day get accountability for thier lockdown lunacy and fraud COVID gene injection killed our peoples. Needlessly.

Two of the greatest public health disasters happened in 2020 and 2021, namely the fraud lunatic lockdowns and the roll out of the unsafe untested, ineffective not needed COVID gene injections.

end

Breaking: What? Leftist nutball liberals in Canada, under Trudeau, want to bring back COVID vaccine mandates when the data is clear that the shots are ineffective, negative efficacy & deadly? Odessa

Odessa Orlewicz provides an actual recent recording of the plan; that the liberal party will move to mandate the vaccine but based on what scientific or medical evidence? How insane are Njoo & Tam?

DR. PAUL ALEXANDERMAY 10

SOURCE:

Here is the recording from TODAY of a Liberal Party's MP office CONFIRM they DID discuss bringing BACK the #VACCINEMANDATES at the 2023 convention but it still has to go through "approval." For those of you with only 2 original shots remember YOU are considered unvaccinated too.… pic.twitter.com/iWLheU7IhW
— odessa orlewicz (@OdessaOrlewicz) May 8, 2023

What does this call suggest to you? Should Canadians be worried?

end

DR PANDA

END

SLAY NEWS

EVOL NEWS

Robert Kennedy Jr Accuses CIA of Rigging Elections and Assassinating LeadersREAD MORE…

LATEST NEWS:

J6 Jackals Circle TrumpRead more…New York judge silences Trump on social media posts about hush money caseRead more…Tech Companies Announce Major Layoffs amid Mounting Economic FearsRead more…Feds Investigating Whether Texas Mall Mass Shooter Mauricio Garcia Expressed Interest in White SupremacyRead more…Biden, McCarthy to Negotiate Debt Ceiling as Default LoomsRead more…New York Catholic Church Hosts ‘God Is Trans’ EventRead more…Greg Gutfeld Makes Prediction About Trump’s 2024 Running Mate: “I think she’s going to be Trump’s VP”Read more…Alan Dershowitz: ‘No Way’ Case Against Trump in Fulton County Can Be SuccessfulRead more…

VACCINE IMPACT

INFANTICIDE: 4,739 Dead Babies in VAERS Following COVID-19 Shots Injected Into Pregnant and Child-Bearing Aged Women

May 9, 2023 4:41 pm

The U.S. Government’s Vaccine Adverse Events Reporting System (VAERS) now reports that there have been at least 4,739 fetal deaths reported following COVID-19 vaccines given to pregnant and child-bearing women. If we compare the yearly average of 75 fetal deaths following FDA approved vaccines for 30 years with the number of fetal deaths recorded in 2021 following the COVID-19 experimental shots, which is 3,863 fetal deaths in a single year, that is an increase of over 5,000%. There have been numerous doctors and nurses who have noticed this horrific increase in fetal deaths who have tried to warn the public throughout 2021 and 2022, and we have featured most of them here on Health Impact News. The public has been warned about how dangerous the COVID-19 shots are, especially for pregnant and child-bearing aged women. But the U.S. Government has still not warned the public, and continues injecting pregnant women with these lethal shots. Maggie Thorp JD and Jim Thorp MD have just published an explosive report that serves as a criminal indictment for those who have participated in this infanticide, with over 70 footnoted references.

MICHAEL EVERY

MICHAEL EVERY/RABOBANK//

end

7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE

Pakistan Wants To Pay In Chinese Yuan For Russia’s Crude Oil

WEDNESDAY, MAY 10, 2023 – 12:45 PM

Authored by Tsvetana Paraskova via OilPrice.com,

Cash-strapped Pakistan hopes it can pay for future Russian crude oil deliveries in Chinese yuan, Pakistani Minister of Power, Khurram Dastgir Khan, told Bloomberg in an interview published on Wednesday.

Pakistan has so far ordered just one crude oil cargo from Russia, expected to arrive this month.

Pakistan expects to receive in May its first cargo loaded with discounted Russian crude after placing its first order for oil from Moscow under a new bilateral deal, Pakistan’s Petroleum Minister Musadik Malik told Reuters at the end of April.

The payment for the first cargo of Russian oil was made in U.S. dollars.

Pakistan is desperate to import energy at low costs after it was outspent on the market last year when oil and gas prices surged while its foreign exchange reserves dwindled. The country has a currency swap with China, which would make it easier to pay for crude than using the little U.S. dollar reserves it has.

“We hope that if this becomes a long-term arrangement, it’ll become a rupee and Chinese currency transaction,” the Pakistani minister Khan told Bloomberg, commenting on the imports of Russian crude oil (ZH: before he was arrested).

A yuan payment would benefit both China and Russia.

China has been looking for years to establish more trade deals in yuan to increase the relevance of its currency on the global markets and challenge the U.S. dollar’s dominance in international trade, including in energy trade.

In March, China’s President Xi Jinping met with Vladimir Putin in Moscow, and the Russian president not only endorsed trade in yuan with China but also with other countries.

“We support the use of Chinese yuan in payments between Russia and countries of Asia, Africa, and Latin America,” Putin was quoted as saying by Russian media.

Over the past year, Russia has turned to trade in yuan in the wake of the Western sanctions on its exports, imports, and energy trade, as the Chinese currency has become Putin’s only alternative to reducing exposure to the U.S. dollar and the euro, and limiting the fallout of the sanctions that have seen Russian state assets seized in Western countries.

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

PAKISTAN

Pakistan is a pressure cooker with the arrest of Khan. This may turn into a civil war

(zerohedge)

Army Condemns “Organized Attacks”, Death Toll Rises, As Pakistan Court Remands Khan For 8 Days

BY TYLER DURDEN

WEDNESDAY, MAY 10, 2023 – 10:20 AM

Regional media is reporting that unrest and protests are continuing to escalate across Pakistan, on the second day following the dramatic arrest of former Pakistani Prime Minister Imran Khan by an anti-corruption agency – all of this coming amid a national pressure-cooker of the cash-strapped nation attempting to avoid a default.

“The protests have escalated not just in the federal capital, but also in other parts of the country,” Al Jazeera correspondent Bin Javaid reports Wednesday. There are emerging, though unverified, reports of armed clashes between Khan supporters and security services.EPA/BBC: Protesters in Peshawar set fire to the Radio Pakistan premises in protest against the arrest of former Prime Minister Imran Khan.

“We are hearing reports that at least seven people belonging to the Pakistan Tahreek-e-Insaf (PTI) have been killed in various cities. We have been seeing pictures of protesters opening fire on security forces and the security forces retaliating,” he added.

The mayhem is likely to continue over at least the next week, given an Islamabad court has ruled Khan and be held and questioned for eight days. A judge has handed him over to the National Accountability Bureau.

As The Associated Press reviews, “Khan has denounced the cases against him, which include corruption and terrorism charges, as a politically motivated plot by his successor, Prime Minister Shahbaz Sharif, to keep him from returning to power in the next elections which are to be held later this year.” Khan has for much of the lasts year been engaged in marches and rallies nationwide, campaigning against Sharif while also raising eyebrows by demanding early elections.

Meanwhile, growing reports like the following have been coming from different regions, amid a slew of local videos showing clashes with police and military, and even national media buildings being burned to the ground:

At least four people have been killed amid protests, according to Lady Reading Hospital (LRH) in Peshawar, the capital of the northwestern province of Khyber Pakhtunkhwa.

The bodies bore gunshot wounds, LRH spokesperson Muhammad Asim said in a statement. More than 25 people were injured, he said, adding, the emergency department of LRH was on high alert.

The day prior, the prime minister’s residence in Lahore was attacked by a mob, and demonstrators stormed the main gates of the national military’s headquarters in the city of Rawalpindi just outside Islamabad.

Residences of military commanders are also coming under threat:

By morning, police said some 2,000 protesters still surrounded the fire-damaged residence in Lahore of Lt. Gen. Salman Fayyaz Ghani, a top regional commander. They chanted slogans at the military, including “Khan is our red line and you have crossed it.” Ghani and his family members were moved to a safer place when the mob on Tuesday first attacked their sprawling house.

The military has been slow to address specific instances of violence against its facilities, perhaps while holding out hope for de-escalation. There have been reports of hundreds or possibly thousands of arrests made. Pro-Khan protests have also been popping up in Western capitals with a large Pakistani presence, such as London and Toronto.

The army has issued a fresh Wednesday statement condemning the outbreak of protests on May 9 as “a dark chapter” in the country’s history.

The army condemned what it called “organized attacks” against military installations. “What the eternal enemy of the country could achieve for the last seventy-five years, this group, disguised in a political cloak, has done just for sheer lust of power,” the statement said.

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSINGS

EURO VS USA DOLLAR:1.0949 DOWN 0.0015

USA/ YEN 135.28 DOWN 0.050 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2606 DOWN 0.0018

USA/CAN DOLLAR: 1.3386 UP .0011 (CDN DOLLAR DOWN11 PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 38.52 PTS OR 1.15%

Hang Seng CLOSED DOWN 105.38 PTS OR 0.53%

AUSTRALIA CLOSED DOWN .06`% // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 105.38 PTS OR 0.53 %

/SHANGHAI CLOSED DOWN 38.52 PTS OR 1.15%

AUSTRALIA BOURSE CLOSED DOWN 0.06%

(Nikkei (Japan) CLOSED UP 120.64 PTS OR 0.41%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 2030.45

silver:$25.51

USA dollar index early WEDNESDAY morning: 101.54 UP 14 BASIS POINTS FROM TUESDAY’s close.

WEDNESDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 11: 00 AM

Portuguese 10 year bond yield: 3.117% DOWN 7 in basis point(s) yield

JAPANESE BOND YIELD: +0.409 % DOWN 1 AND 9//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.377 DOWN 7 in basis points yield

ITALIAN 10 YR BOND YIELD 4.207 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.2945 DOWN 5 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.0976 UP 0.0009 or 9 basis points

USA/Japan: 134.59 DOWN .750 OR YEN UP 75 basis points/

Great Britain/USA 1.2614 UP .0000 OR 0 BASIS POINTS //

Canadian dollar UP .0011 OR 11 BASIS pts to 1.3364

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(6.9336)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.9387

TURKISH LIRA: 19.54 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.407…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 6 in basis points from TUESDAY at 3.475% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.810 DOWN 4 IN BASIS POINTS

USA 2 YR BOND YIELD: 34.9598% DOWN 6 in basis points.

USA dollar index, 101.39 DOWN 11 in basis points ON THE DAY/12.00 PM

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

London: CLOSED DOWN 25.62 points or 0.33%

German Dax : CLOSED DOWN 75.12PTS OR 0.47%

Paris CAC CLOSED DOWN 45,56 PTS OR 0.62%

Spain IBEX DOWN 16.80 PTS OR 0.15%

Italian MIB: CLOSED DOWN 130.50 PTS OR 0.48%

WTI Oil price 72.09 12: EST

Brent Oil: 76.74 12:00 EST

USA /RUSSIAN /// AT: 76.45/ ROUBLE UP 1 AND 74//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.2945 DOWN 6 BASIS PTS

UK 10 YR YIELD: 3.8350 DOWN 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0983 UP 0.0018 OR 18 BASIS POINTS

British Pound: 1.2628 UP .0004 or 4 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.8300% UP 3 BASIS PTS

USA dollar vs Japanese Yen: 134.31 DOWN 0.980 //YEN UP 98 BASIS PTS//

USA dollar vs Canadian dollar: 1.3377 UP .0002 CDN dollar, DOWN 2 basis pts)

West Texas intermediate oil: 72.58

Brent OIL: 76.44

USA 10 yr bond yield DOWN 8 BASIS pts to 3.446%

USA 30 yr bond yield DOWN 4 BASIS PTS to 3.8050%

USA 2 YR BOND: DOWN 11 PTS AT 3.9098%

USA dollar index: 101.23 DOWN 17 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 19.55

USA DOLLAR VS RUSSIA//// ROUBLE: 76.05 UP 2 AND 13/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 30.81 PTS OR 0.09%

NASDAQ 100 DOWN 90.53 PTS OR 0.68%

VOLATILITY INDEX: 16.47 DOWN 1.24 PTS (7.50)%

GLD: $188.75 DOWN 0.27 OR 0.14%

SLV/ $23.31 DOWN 0.17 OR 0.72%

end

USA AFFAIRS

1 a) USA TRADING TODAY IN GRAPH FORM

CPI Slip Sparks Market Chaos: Banks & Bond Yields Battered As Rate-Hike Odds Collapse

WEDNESDAY, MAY 10, 2023 – 04:00 PM

Well that was quite a day.

A slight softening in CPI (like the slightly better than the worst case scenario in SLOOS) was enough to spark a panic bid in stocks, bonds, gold, and crypto (and tank the dollar) as rate-hike odds tumbled.

But, by the end of the day, things had changed quite dramatically with the chance of a June rate hike completely removed by the market (from 20% odds at the start of the day)…

Source: Bloomberg

…with the extension of the dovish move driven by a late-day note from WSJ Fed whisperer that we may be on hold for the summer…

Federal Reserve officials were already leaning toward taking a summer vacation from interest rate increases to see if they have done enough to slow the economy and inflation.

Wednesday’s inflation report makes that easier because it showed price pressures aren’t worsening and might soon be slowing as muted growth in rental-housing costs feed through to official inflation gauges.

More important, Fed officials have focused more on the impact of recent banking-system strains, which will take time to slow economic activity, including hiring and inflation.

The market sees no more rate-hikes in this cycle…

Source: Bloomberg

Nevertheless, the stock market was total chaos today – spiking on the soft CPI then waking up to reality that it was marginal at best and not enough to change anyone’s mind and then pumping again after Timiraos suggested The Fed will be on hold (which they had said they would be). Nasdaq was best on the day. The Dow ended in the red…

Most Shorted stocks were squeezed… twice…

Source: Bloomberg

Regional bank stocks pumped and dumped (again)…

Another big pump and dump in bank stocks overall…

VIX and 1-Day VIX both tumbled on the day (after the latter spiked up to the former yesterday)…

Source: Bloomberg

Treasury yields plunged today with the short-end notably outperforming (2Y -11bps, 30Y -3bps) dragging all buy the 10Y and 30Y lower on the week…

Source: Bloomberg

The 2Y Yield broke back below 4.00% and extended…

Source: Bloomberg

The dollar ended lower, dumping on the CPI print (to 4-week lows), before bouncing then dumping again…

Source: Bloomberg

Bitcoin rallied on the CPI print, back above $28,000 then suddenly puked hard around 1305ET back below $27000 (no obvious catalyst) before bouncing back to unch…

Source: Bloomberg

Gold ended marginally lower after spiking hard on the initial CPI print reaction…

Oil prices ended lower with WTI testing down a $71 handle before bouncing back (big crude draw but another SPR drain and recession risks continue)…

Finally, while the market appears to be pricing in rate-cuts, it is really pricing in a bifurcated outcome of a high probability of no rate-cut (high for longer) and a low probability of large emergency cuts (banking crisis bailout or debt-ceiling crisis rescue), e.g. 70% odds of high for longer around these levels and 30% odds of panic cut to 2.25% leaves around 4.3% ‘average’ implied rate …

Source: Bloomberg

And the only way The Fed does that kind of cut is if something really bad is happening (and by bad we mean the market has collapsed – so the dovish implications of the forward curve can’t happen unless the stock market crashes).

b) early morning trading: CPI

Headline CPI Dips To 2-Year Low; Shelter Costs Roll Over

WEDNESDAY, MAY 10, 2023 – 08:39 AM

Another month, another inflation print to jawbone over. The Fed’s new favorite signal from The BLS is Core Services CPI Ex-Shelter, and this morning’s print is ‘good’ news with the YoY growth at the slowest since May 2022….

Source: Bloomberg

Headline CPI was expected to accelerate in April (+0.4% MoM exp), and met expectations with the drop in YoY CPI slowing dramatically (though the 4.9% print was slightly cooler than the 5.0% YoY exp)…

Source: Bloomberg

The all items index increased 4.9 percent for the 12 months ending April; this was the smallest 12-month increase since the period ending April 2021.

Energy (and Gasoline) was the main drivers to the downside while Shelter costs remain high…

The headline print is below pretty much all the major f0orecast:

5.1% – Goldman Sachs
5.1% – Citigroup
5.1% – JP Morgan Chase
5.1% – Morgan Stanley
5.0% – Barclays
5.0% – Bank of America
5.0% – Credit Suisse
5.0% – Bloomberg Economics
5.0% – HSBC
5.0% – UBS
5.0% – Wells Fargo

Core CPI was also expected to rise by 0.4% MoM in April, and met that expectation with YoY up 5.2% – very sticky.

The energy index decreased 5.1 percent for the 12 months ending April, and the food index increased 7.7 percent over the last year.

Source: Bloomberg

The index for all items less food and energy rose 0.4 percent in April, as it did in March.

The shelter index increased 0.4 percent over the month after rising 0.6 percent in March.
The index for rent rose 0.6 percent in April, and the index for owners’ equivalent rent rose 0.5 percent over the month.
The index for lodging away from home decreased 3.0 percent in April after rising in each of the previous four months.

The shelter index was the largest factor in the monthly increase in the index for all items less food and energy… as we noted last month, the shelter index has now topped out…

But, just to add some confusion to the pot, Owners Equivalent Rent rose 8.1% YoY – a new record high…

Among the other indexes that rose in April was the index for used cars and trucks, which increased 4.4 percent, and the index for motor vehicle insurance which increased 1.4 percent. The indexes for recreation, household furnishings and operations, personal care, apparel, and education also increased in April.

Several indexes declined in April, led by the airline fares index which fell 2.6 percent over the month after rising in February and March.

The index for new vehicles declined 0.2 percent and the index for communication decreased 0.1 percent in April.
The medical care index was unchanged in April, after falling 0.3 percent the previous month.
- The index for hospital services rose 0.5 percent over the month, after a 0.4-percent decline in March.
- The prescription drugs index increased 0.3 percent in April, while the physicians’ services index was unchanged.

The so-called SuperCore inflation also slowed to 5.0% YoY with Transport and Medical Care costs dropping MoM…

Is M2 signaling that the ‘stickiness’ is over and a tsunami of deflation is about to hit?

Source: Bloomberg

Finally, inflation continues to outpace Americans’ rising wages – for the 25th straight month…

Source: Bloomberg

No wonder The Fed Chair’s approval rating is at record lows (a convenient scapegoat for the Biden admin as the IRA continues to grow)

end

CPI Slip Sparks Panic Bid In Stocks, Bonds, Gold, & Crypto; Dollar Dumps

WEDNESDAY, MAY 10, 2023 – 09:05 AM

A slightly cooler than expected CPI print – but still far above The Fed’s mandate – was enough to prompt panic bids in the ‘QE trade’ with the dollar monkeyhammered lower while gold, bonds, stocks, and crypto all rally…

Small Caps (short squeeze) are outperforming but all the US majors are spiking for now…

Gold is soaring with futs back above $2050…

Bitcoin is back above $28000…

Bond yields are tumbling…

…with 2Y back well below 4.00%

The dollar is getting clubbed like a baby seal…

As rate-hike odds for June are tumbling from 20% to below 10%…

Let’s see if this can hold for the rest of the day?

end

II) USA DATA/

III) USA ECONOMIC STORIES

AT 6 PM: Supposedly Tucker is back

“We’re Back”: Tucker Carlson Moves Show To Twitter

TUESDAY, MAY 09, 2023 – 04:58 PM

As hinted at in a Sunday Axios report, former Fox News host Tucker Carlson announced on Tuesday that he’s moving his show to Twitter.

“There aren’t many platforms left that allow free speech. The last big one remaining in the world is Twitter,” Carlson said in a monologue – in which he took a shot at Fox, saying “If you bump up against the limits [in the news business] you will be fired for it.”

Developing…

AT 10.30 PM: not so fast…

“We’re Back”: Tucker Carlson Moves Show To Twitter; Musk Says They Didn’t Cut Deal

TUESDAY, MAY 09, 2023 – 04:58 PM

(Update: 2030ET): According to Twitter owner Elon Musk, Twitter and Carlson have not signed “a deal of any kind whatsoever,” which we assume means that Tucker has found a clever way around his Fox contract which stipulated that he has to stay off the air until 2025 insofar as other networks are concerned.

“Rewards means subscriptions and advertising revenue share (still working on software needed for latter), which is a function of how many people subscribe and the advertising views associated with his content,” Musk tweeted.

END

This is interesting: The Feds are probing bank short sellers including the huge UAE sovereign fund which itself has amassive USA stock short position

(zerohedge)

Feds Probe Bank ‘Short-Sellers’ As UAE Sovereign Fund Builds Massive US Stock Short Position

WEDNESDAY, MAY 10, 2023 – 09:45 AM

Update (0950ET): In an amazingly ironic piece of timing, minutes after the report of federal prosecutors probing short-sellers, Bloomberg reports that an investment firm controlled by a top Abu Dhabi royal has built a short position worth billions of dollars in US stocks, people familiar with the matter said, in a bet that growing fears over a recession will pressure markets.

Royal Group turned more negative on equities at the start of the year and has shifted more of its portfolio into short-term US Treasuries, the people said, asking not to be identified because the matter is private.

The firm, chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, is also investing more in commodities and crypto, they said.

How long before feds probe the UAE sovereign fund!!!

* * *

In the 118 page Federal Reserve Review of the collapse of Silicon Valley Bank, there is one (yes one) mention of the word ‘short-seller’ – and that is referencing an FT article from February 21st that points out that short-sellers (and long-liquidators) correctly sifted out this weak bank due to its “move to put $91bn of its assets into a poorly performing bond portfolio that has since amassed an unrealised $15bn loss.”

In other words, market participants did their free market job… and it was management failures and supervisor sloppiness that led to the bank’s demise (and that picture can easily be painted for many of the marginalized regional banks that have come under pressure – and even failed – since).

But never let facts get in the way of a good witch hunt.

Reuters reports that federal prosecutors are examining short selling that emerged as three regional banks failed in recent weeks.

It seems Gary Gensler, chair of the SEC, is moving on from blaming crytocurrencies for global terrorism (ok that’s an exaggeration but you get what we mean) and decided to turn his bureaucratic eye to another easy target – those un-American ‘short-sellers’!

Gensler said last week that the agency “is particularly focused on identifying and prosecuting any form of misconduct that might threaten investors, capital formation or the markets more broadly.”

Turmoil in the regional-banking industry is an “area of interest” for the Justice Department, according to Reuters’ sources.

The FDIC and the Treasury Department are watching the impact of short sales on the banking industry closely, but the Biden administration believes “the situation remains under control,” Heather Boushey, a member of President Joe Biden’s Council of Economic Advisers, told Bloomberg Television last week.

And finally, if this is in any way a narrative-shaping episode, prologue to pitching a ‘short-selling ban’ to the world, bear in mind that even The Fed itself said that is a terrible idea as the last time they tried it, the stocks of the banks were blasted lower as ‘free market’ longs dumped on the uncertainty created.

“The 2008 ban on short sales failed to slow the decline in the price of financial stocks; in fact, prices fell markedly over the two weeks in which the ban was in effect and stabilized once it was lifted…”

But hey, if at first you don’t succeed, keep smashing your head against that same wall as long as it matches your narrative (or some such axiom).

end

Rep George Santos charged with federal crimes!

(zerohedge)

Rep George Santos Charged With Federal Crimes – May Appear In Court Wednesday

WEDNESDAY, MAY 10, 2023 – 07:45 AM

Federal prosecutors have filed charges against first-term New York Rep. George Santos, who’s infamous for having stacked up lie upon lie about his personal history, and for allegations of financial misconduct prior to taking office. Citing “three sources familiar with the matter,” CNN was first to report this development on Tuesday.

Despite House votes on the schedule for Tuesday evening, Santos was on his way to New York, and reporters observed four of his staffers abruptly departing his congressional office with their bags. So far, Santos, his representatives and the Justice Department have all declined requests for comment. He may appear in federal court in the Eastern District of New York as early as Wednesday.

It’s not clear what crimes Santos will be charged with, in part because there’s so much on the menu:

“During his brief time in office, Santos has been accused of breaking campaign finance laws, violating federal conflict of interest laws, stealing cash meant for an Iraq War veteran’s dying dog, masterminding a credit card fraud scheme and lying about where he went to school and worked.” – CNN

Santos won the first-ever congressional election featuring a feisty tussle between two openly gay men (Mary Altaffer/AP via NBC News)

The House ethics committee has been probing Santos‘s financial disclosure forms, whether he violated conflict-of-interest laws or otherwise broke laws associated with his congressional campaign in which he scored a mild upset to represent parts of Long Island and Queens.

In December, the New York Times published a damning exposé revealing that Santos had apparently fabricated his life story. After the initial report, even more falsehoods came to light. His seeming lies include:

Claiming he earned degrees in economics and finance from Baruch College and New York University.
Claiming he became “an associate asset manager” in Citigroup’s real estate division
Claiming he worked at Goldman Sachs
Saying he was founder and leader of a “Friends of Pets United,” a supposed tax-exempt organization.
Claiming his family owns a 13-property real estate portfolio
Denying he’d been a drag queen
Calling himself “a proud American Jew”

The openly gay Santos even claimed his company “lost four employees” in the June 2016 mass shooting at the gay Pulse nightclub. He didn’t specify the company, and the Times couldn’t find any overlap between profiles of the 49 dead at the bar and any of the companies Santos claimed to have worked for.

Probing his past in Brazil, the Times also unearthed criminal charges against Santos — and a confession — over an incident in which “he stole the checkbook of a man his mother was caring for.”

END

T Mobile shutters its flagship store in San Francisco

(zerohedge)

T-Mobile Shutters “Flagship” San Fran Store As Mass Exodus Escalates

WEDNESDAY, MAY 10, 2023 – 06:55 AM

T-Mobile has joined the increasing number of businesses that have closed up shop in downtown San Francisco. This is due to the progressive city leadership’s inability to restore law and order amid skyrocketing crime.

T-Mobile’s 17,000 square feet flagship store in Union Square is now vacant, as the San Francisco Business Times first reported.

“We recently reshaped our retail strategy,” a spokesperson for T-Mobile told SFGATE via email in response to a question about the departure.

The spokesperson did not provide details about the date of the closure. However, an employee from T-Mobile’s Mission Street location confirmed the closure took place in April. Source: San Francisco Business Times’ Alex Barreira

News of the T-Mobile closure comes after Nordstrom Rack on Market Street and Nordstrom inside Westfield Mall are set to close their doors this summer.

A spokesperson for Westfield told SFGATE that “a growing number of retailers and businesses are leaving the area due to the unsafe conditions for customers, retailers, and employees, coupled with the fact that these significant issues are preventing an economic recovery of the area.”

Other stores that have recently vacated or announced leaving the downtown district include Office Depot, The Container Store, Anthropologie, Whole Foods, Disney Store, Armani Exchange, CB2, and Saks Off 5th.

Since 2020, twenty retailers have closed their stores in San Francisco’s Union Square, as the San Francisco Standard recently reported. All stores have pointed to theft. In other areas, CVS and Walgreens have shuttered stores.

The retail departures are another blow for the city as the tech downturn worsens, coupled with the regional banking crisis, which has spread into commercial real estate, mainly the office space segment.

The gold-standard measure of office occupancy trends is the card-swipe data provided by Kastle Systems. The average office occupancy in San Fran is around 45%, still well off the highs from pre-pandemic levels.

This means that workers have been slow to return to the office, which is evident as Salesforce, Meta Platforms, and other tech companies are hemorrhaging office space, hurting the local economy.

Last week, Democratic Mayor London Breed admitted, “The challenges facing downtown require us to imagine what is possible and create the foundation for a stronger, more resilient future.” She suggested that there are ways to “fill our empty buildings” with residential housing.

Other stores may be set to leave the crime-ridden city as progressive dreams of a ‘utopia’ have backfired. Now there is a two-mile-long encampment just north of The Bay Area.

end

Scratching the surface of Biden corruption

How can anyone believe this there is any stewardship from what is a clear money corruption racket? To leave such a party as a leader is to acknowledge and condone criminal behavior. Not to hold such party accountable is to encourage cringeworthy criminal behavior. As it is America has border crisis which is more run by gangs for profit than anything else. All seemingly encouraged by a lack of responsible action and by default endangering lives of innocent people both migrants and Americans.
And any leader to be associated with Biden smells ill. As the saying goes, sleep with dogs, get fleas.

> https://justthenews.com/sites/default/files/2023-05/Bank%20Memorandum%205.10.23.pdf

USA COVID//

END

SWAMP STORIES

Biden Family Tried To Hide Over $10 Million In Foreign Payments: House GOP

WEDNESDAY, MAY 10, 2023 – 09:09 AM

Summary: House Republicans laid out evidence of a vast network of Biden family dealings which reek of corruption – including;

The Biden family received, and tried to hide, over $10 million in payments from foreign nationals
A previously undisclosed $1 million in Romanian-linked payments
Ties to Romanian ‘influence peddling’
A ‘web’ of 20 LLCs created while Joe Biden was Vice President with a ‘complicated corporate structure’
‘At least 15’ of the LLCs were formed after Biden became VP in 2009 – several of which were owned or co-owned by Hunter
These LLCs accepted payments ranging from $5,000 to $3 million
The committee wants to know what legitimate business the Biden family was in

“Biden family members and business associates created a web of over 20 companies—most were limited liability companies formed during Joe Biden’s vice presidency,” reads a memorandum. “Bank records show the Biden family, their business associates, and their companies received over $10 million from foreign nationals’ companies. The Committee has identified payments to Biden family members from foreign companies while Joe Biden served as Vice President and after he left public office.?

“These complicated financial transactions appear to conceal the source of the funds and reduce the conspicuousness of the total amounts made into the Biden bank accounts. Chinese nationals and companies with significant ties to Chinese intelligence and the Chinese Communist Party hid the source of the funds by layering domestic limited liability companies,” Comer continued.

Watch:https://www.zerohedge.com/political/watch-live-comer-unveils-evidence-biden-family-corruption

The memo outlines efforts by the Biden family to hide, conceal and confuse sources of money – including funds from China which Joe Biden said were ‘not true.’

“It is inconceivable that the president did not know it, and the White House refuses to correct the President’s statement … the president is now using the federal government to run interference for his family and his own role in these schemes,” said Rep. James Comer (R-KY) during the press conference.

More via the Daily Mail;

The Romanian transactions outlined in the bank records released by the committee were from Cypriot – a company controlled by Gabriel Popoviciu, who was at the time under investigation for criminal corruption in Romania and later convicted for bribery-related offenses.

Between 2015 and 2017, Robinson Walker, LLC received $3 million from Bladon Enterprises Limited – Popoviciu’s Cypriot company – which was then paid out to Biden family members in a total sum of over $1 million.

The first payments were received by the LLC just weeks after then-Vice President Biden hosted Romanian President Klaus Iohannis to the White House and they discussed anti-corruption policies.

Biden family accounts gained $1.038 million from Robinson Walker, LLC in a series of 17 deposits, 16 of which were made while Biden was still in the White House. The payments went to associate James Gilliar, Hunter Biden, Hallie Biden, Owasco LLC and an ‘unknown Biden bank account.’

‘It appears from bank records the Bidens were using Robinson Walker, LLC to conceal that the source of these payments was Popovici,’ the memo says.

The memo also ‘serves as a response to misinformation’ Republicans say has been spread by President Biden, Democrats in Congress and their allies regarding the China-connected findings in a first memo released last month.

On March 16, Comer released a ‘First Bank Records Memorandum’ detailing a payment of $3 million in 2017 received by Biden family associate Rob Walker from a CEFC China Energy-linked firm State Energy HK Limited.

About $1 million of that money was then passed from Walker to several Biden family members – including Hallie Biden – in more than 15 incremental payments.

“It is unclear what services were provided to obtain this exorbitant amount of money,” said Comer.

* * *

Rep. James Comer has scheduled a press conference to lay out an array of evidence against the Biden family, after claiming in a recent interview that he has evidence that the DOJ has failed to look into a “web of LLCs” that have taken in millions of dollars from foreign countries in exchange for policy actions.

Comer has expressed concern that the Biden DOJ will indict Hunter Biden on relatively minor crimes in order to refuse to comment or produce evidence related to a prosecution underway.

“My message to the Department of Justice is very loud and clear. Do not indict Hunter Biden before Wednesday, when you had the opportunity to see the evidence that the House Oversight Committee will produce with respect to the web of our losses, with respect to the number of adversarial countries that this family input penalty and this is not just about the president’s son,” Comer told Fox News’ Maria Bartiromo on Sunday. “This is about the entire Biden family, including the president of the United States. So we believe there are a whole lot of accounts that the IRS and the DOJ don’t know about because we don’t believe they’ve done a whole lot of digging in this. And we have we spent the past hundred days poring over bank documents. I’ve used subpoena power to get these bank documents. We’ve been meeting with the former associates of the Bidens in their different influence peddling scheme. We’ve been meeting with whistleblowers. We know exactly what this family was doing. And by all accounts from the media reports that we’re getting, what they’re looking at charging Hunter Biden on is a slap on the wrist. It’s a drop in the bucket.

END

Unbelievable!

CIA Helped Recruit Signers For ‘Russian Disinfo’ Laptop Letter That Influenced 2020 Election

WEDNESDAY, MAY 10, 2023 – 04:20 PM

Authored by Mark Tapscott via The Epoch Times (emphasis ours),

A member of the internal board that reviews materials written for publication by present and former employees of the Central Intelligence Agency (CIA) helped solicit signatures for the October 2020 letter claiming the Hunter Biden laptop story “has all the classic earmarks of a Russian information operation,” according to a new congressional report.

The letter was signed by 51 former intelligence officials and appeared five days after the New York Post described in a news story based on materials found on a laptop once owned by Hunter Biden how President Joe Biden knew that his son was using access to his father’s position and influence to generate wealth for the family.

The letter was repeatedly cited by Biden and his surrogates during the concluding weeks of the 2020 presidential campaign against then-President Donald Trump and was used by social media giants Facebook, Twitter, and others to justify censoring the New York Post story and favorable responses to it.

Post-election research suggested that as many as one in five of Biden’s voters may have not voted for him had they known about the information reported by the New York Post and the Hunter Biden laptop.

The new congressional report adds important details to those already reported about the genesis of the letter, including the role of an unnamed member of the CIA’s Prepublication Classification Review Board (PCRB) in obtaining signers.

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“When the person in charge of reviewing the book called to say it was approved with no changes, I was told about the draft letter. The person asked me if I would be willing to sign. … After hearing the letter’s contents, and the qualifiers in it such as, ‘We want to emphasize that we do not know if the emails provided to the New York Post by President Trump’s personal attorney, Rudy Giuliani, are genuine or not and that we do not have evidence of Russian involvement …’ I agreed to sign,” former CIA analyst David Cariens told congressional investigators, according to the interim staff report for the House Committee on the Judiciary’s Select Subcommittee on the Weaponization of the Federal Government.

Hatch Act Bars Feds From Partisan Politicking

Federal employees are explicitly barred by the Hatch Act from using government resources of any kind to help a partisan political campaign. The PCRB employee who told Cariens about the letter and encouraged him to sign it knew the purpose of the letter was to help Biden defeat Trump.

The report is to be made public May 10. A copy of it was obtained by The Epoch Times.

Cariens’s wife, Janice, also a former CIA employee, joined her husband in signing the letter.

Former CIA Deputy Director Mike Morell was recruited during the 2020 race by Secretary of State Anthony Blinken—then working for the Biden campaign—to manage the production, solicitation of signers, and media distribution of the letter, according to the report. Blinken has denied that he had a role in the letter effort.

“On October 19, 2020, at 6:34 a.m., Morell sent the final version of the statement to the CIA’s Prepublication Classification Review Board (PCRB) for review. According to Morell, the PCRB consists of CIA officers—’not contractors’—and their sole function is to determine whether former and current CIA personnel are disclosing classified information in any materials they may release publicly,” the report said.

“This is because ‘[a]ll CIA officers, as a condition of employment, sign the standard CIA secrecy agreement when entering on duty … [and this] lifelong obligation which exists to help avoid the damage to national security’ requires they submit any materials they intend to publicize to the PCRB for approval. Morell directed the PCRB that ‘[t]his is a rush job, as it need to get out as soon as possible.’ Morell wanted the public statement released before the October 22, 2020, presidential debate.”

Morell told the signers that the PCRB had cleared the letter for publication, but the report notes that, “Notably, none of the former intelligence officials who signed the letter and produced documents to the Committees, including Morell, have produced the PCRB’s email approving the statement.“

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In ‘Major Pivot’ Ahead Of Title 42 Immigration Catastrophe, Biden Admin Revives Trump-Era Border Policy

WEDNESDAY, MAY 10, 2023 – 03:45 PM

According to ‘internal documents’ seen only by CBS News (so who knows), the Biden administration is bringing back a Trump-era rule in a “major pivot” to help facilitate swift deportations of migrants who enter the United States illegally after the Title 42 pandemic-era emergency policy sunsets on Thursday.

Under the new rule, asylum seekers who can’t prove they previously requested protection in a third country, such as Mexico, will be ineligible.

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According to the report, hundreds of US immigration officers have been trained on how to enforce the new restriction, which is expected to be challenged in federal court.

That said, migrants who use a mobile app-powered system won’t be barred under the policy – nor will the new rule apply to unaccompanied minors that the Obama-Biden administration built cages to toss them in over a decade ago.

Of course, CBS News reminds us that “If upheld, the Biden administration’s rule will cement a growing bipartisan rejection of the asylum laws that Congress enacted in 1980 to conform with international treaties designed to prevent nations from turning away refugees to places where they could be persecuted, as the U.S. did to some Jews fleeing Nazi Germany.“

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So, 150,000 migrants waiting to cross into the United States this week have been compared to Jews fleeing Nazi Germany – with the implication of course being that only Nazis would oppose letting illegals into the country.

According to internal training documents, only migrants with “exceptionally compelling circumstances” will be able to overcome the rule’s asylum bar. Those include migrants with an “acute medical emergency,” those who face an “imminent and extreme threat” in Mexico and victims of “a severe form of human trafficking.”

In order to avoid being deported and banished from the U.S. for five years, those who don’t qualify for any exemption will need to pass interviews with heightened standards designed to lead to more rejections than traditional “credible fear” interviews, according to the training materials.

The restriction is the centerpiece of the Biden administration’s attempt to blunt a potentially historic increase in the number of migrants crossing the U.S.-Mexico border when the Title 42 expulsions are discontinued at midnight on Thursday. Unauthorized border arrivals have already spiked, with Border Patrol averaging more than 8,700 daily migrant apprehensions during a three-day period this past week, an increase from the 5,200 average in March. -CBS News

Former ICE director Tom Hokman called the border crisis the “largest homeland security intelligence failure since 9/11,” telling the Epoch Times that the problem will only be exacerbated with the lifting of Title 42.

“What’s happening to the southern border right now, in my opinion, after doing this for 35 years, is the largest homeland security intelligence failure since 9/11,” he said, adding “This is a huge national security failure.”

More via the Epoch Times;

As head of ICE’s Enforcement and Removal Operations, Homan received the 2015 Presidential Rank Award for Distinguished Service, the country’s highest civil service award. In June 2018, the month that he retired from ICE, Homan received the Distinguished Service Medal from Trump, and in January 2021 was awarded the National Security Medal.

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Homan, who served as head of ICE from 2017 to 2018, said that during the Biden administration “we know that known and suspected terrorists have crossed the border and weren’t apprehended.”

“Over 1.4 million known gotaways” have crossed the border illegally since [President Joe] Biden took office, Homan said.

“This is just known gotaways … How many people have been across the border that we don’t know about because they weren’t captured on a drone or a sensor or a camera? So, if we know 1.4 [million gotaways], that number’s probably double or triple.”

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1655992506104815616&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fmajor-pivot-ahead-immigration-crisis-biden-admin-revives-trump-era-border-policy&sessionId=8fb308a4d0eebd6fb8a75c53bf344727a9233240&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

Homan added that some illegal immigrants arrested during the Biden administration are from countries that sponsor terrorism.

“They’ve already arrested over 170 people from the terrorist watchlist. That’s who they’ve arrested,” Homan said. “If you don’t think a single one out of that 1.4 million plus the unknowns [is a known or suspected terrorist], then you’re ignorant of the data.”

Of the unknown number of illegal immigrants who have unlawfully entered the United States, “a large percentage are carrying fentanyl, a large percentage of them are criminals and gang members. And believe me, a large percentage of them are going to be known and suspected terrorists,” he said.

Another One Dies: MTV News To Shut Down As Paramount Slashes Workforce

WEDNESDAY, MAY 10, 2023 – 02:25 PM

First BuzzFeed, then Vice News, and now MTV News. One by one, the dominos are falling as woke “media giants” are winding down operations as ad revenue craters.

According to The Hollywood Reporter and Variety, Paramount Global slashed its US workforce by 25% and ended its iconic music video network’s news division after three decades.

Chris McCarthy, who heads Paramount Media Networks, MTV, and Showtime, wrote in a memo to staff Tuesday, “However, despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers.”

“As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%,” McCarthy said. “

He continued:

“This is a tough yet important strategic realignment of our group. Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward.”

The axing of MTV News comes after being on the air for 36 years. The outlet’s coverage focused on music, politics, sex, pop culture, and more (such as woke programming).

Last week, the parent company Paramount Global posted dismal quarterly earnings and slashed its quarterly dividend. Shares plunged as much as 29% last Thursday (the largest one-day collapse in decades).

The media company cited a plunge in traditional TV revenue for its struggles. CEO Bob Bakish told investors that the company is “navigating a challenging and uncertain macroeconomic environment, and you see the impact of that on our financials, as the combination of peak streaming investment intersects with cyclical ad softness.”

The latest data from Bloomberg shows Paramount Global has approximately 24,500 employees as of the end of 2022.

… and by the way, the future of television news, might be on Twitter.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1656037032538390530&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fanother-one-dies-mtv-news-shut-down-paramount-slashes-workforce&sessionId=22efab8984fe3814212b7bf8cb36a8aada286e96&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

So within a month, BuzzFeed News, Vice News, and MTV News have collapsed. Who is next?

THE KING REPORT

The King Report for May 10, 2023 Issue 6987

Independent View of the News

Trepidation about the April CPI Report, due today, and Biden’s meeting with Speaker McCarthy over the US debt ceiling and budget standoff cast a pall over the markets on Tuesday. Action was very listless.

ESMs traded modestly lower from the start of Nikkei trading at 18:00 ET until they broke down when China closed at 2 ET. The decline persisted until 4:47 ET. ESMs and stocks then traded sideways, in a narrow range until minor new lows appeared near 7:30 ET.

After a modest rally, ESMs and stocks returned to range trading until they broke lower after the 9:30 ET NYSE opening. Of course, the usual suspects and conditioned traders bought the opening dip. After an 11-handle ESM rally, ESMs peaked near 10:00 ET, rolled over and returned to trading in a narrow range.

House Speaker McCarthy Will Oppose Lifting Debt Limit Through Sept. 20: Reuters

@RealMacReport: Reporter: “Biden may want to try to align the debt ceiling with budget negotiations that would normally take place in the fall. Is that something you would be amenable to?”
   Kevin McCarthy: “No. We shouldn’t kick the vote. Let’s just get this done now.”
https://twitter.com/RealMacReport/status/1655985541559762944

White House Says Short-Term Debt Limit Extension Not Our Plan: BBG

NY Fed President John Williams says rates could be increased if inflation does not ebb, and “it will take time for the DOMC’s actions to restore balance to the economy and return inflation to our 2% target.”

Williams added, “I do not see in my baseline forecast, any reason to cut interest rates this year.”
Full speech to the Economic Club of NY, NYC  https://www.newyorkfed.org/newsevents/speeches/2023/wil230509

When the afternoon arrived, the ESM range narrowed. At 13:52 ET, ESMs broke higher; the rally was modest, and it ended at 14:03 ET. ESMs and stocks then went inert until they broke down at 14:50 ET.   Within 4 minutes, the last-hour manipulation began; it ended at 15:08 ET. ESMs sank until 15:57 ET.

@SpeakerMcCarthy (15:15 ET): 97 days ago, I met with President Biden to discuss how he can avoid defaulting on our national debt. For 97 days, he has ignored the crisis. House Republicans are the only ones in Washington who have passed a responsible debt limit increase that avoids default. Today is a new opportunity for Democrats to find common ground and act responsibly for future generations.

Most everyone now realizes that bank depositor flight is due to a great awakening among Americans: Banks have been greatly short-changing them on interest paid on deposits and other vehicles.

@KobeissiLetter: Interest Rates on Deposits, by Bank: 1. Wells Fargo: 0.15%, 2. Citibank: 0.05%, 3. Chase: 0.01%, 4. Bank of America: 0.01%, 5. US Bank: 0.01% – Rates on Alternatives to Bank Deposits: 1. CDs: 5.0%, 2. Money Market: 4.5%, 3. Treasury Bonds: 3.0%. This is the real reason why a record $1 trillion has left banks over the last year. The era of “free” money for large US banks is coming to an end. They must raise interest paid on deposits or capital will continue to leave.

@KeithMcCullough: 75% of the NASDAQ has reported an aggregate y/y EPS Recession of -10.2%. Not “better than expected.”

Op-ed in WSJ: Biden’s Ridiculous Line in the Sand – Just because the president’s debt ceiling position is political and absurd doesn’t mean it’s not dangerous.
   The president is still clinging to his monthslong refusal to negotiate over the debt limit even as he prepares to welcome congressional leaders to the White House on Tuesday afternoon.
   Those not accustomed to studying the absurdities of Washington may wonder why Biden administration staff are discussing increasingly kooky ways to evade federal law rather than simply accepting the constitutional reality that Congress has a say in federal spending and debt decisions.  Perhaps due to Mr. Biden’s career as a political posturer, he doesn’t even appear to be embarrassed as he pretends that he’s standing on principle in rejecting negotiation to secure more borrowing authority. Naturally our posturer-in-chief had the opposite position as a senator and as vice president, when he served as a negotiator…  https://www.wsj.com/articles/bidens-ridiculous-line-in-the-sand-4451a9ad

Positive aspects of previous session
Stocks did not decline sharply

Negative aspects of previous session
Bonds declined modestly; precious metals rallied smartly; oil and gasoline posted solid gains
Equities declined modestly despite a few rally attempts

Ambiguous aspects of previous session
How bad will the US regional banking crisis be?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4122.06
Previous session High/Low: 4127.69; 4116.65

Apparently, Google is NOT cooperating with the House Judiciary Committee’s investigation into the weaponization of government.

@JudiciaryGOP: @Jim_Jordan: “If Alphabet fails to comply in full with the subpoena’s demands, the Committee may be forced to consider the use of one or more enforcement mechanisms.”
https://twitter.com/JudiciaryGOP/status/1655580349185794053

@julie_kelly2: For more than 2 years, Google has worked hand in glove with DOJ to track down Jan 6 protesters. Now the company (represented by [FBI] Chris Wray’s old firm!) is stonewalling Congress.

Fox’s @ChadPergram: McConnell: The solution is clear. It’s been clear for months. President Biden needs to negotiate on spending with Speaker McCarthy. The speaker has been at the table since February. House Republicans are the only people in town who have passed any bill that prevents default.

WaPo Editorial Board: Biden no longer does press conferences. That’s not acceptable.
Mr. Biden is turning into a news media evader, and it’s harmful to his presidency and the nation… So far in 2023, Mr. Biden has done zero solo news conferences. He did conduct two “joint news conferences” in which the president and a visiting foreign leader faced the media together…Presidents also typically interact informally with the media, answering a few questions on the way to an event. Mr. Biden doesn’t do many of those exchanges either, according to the American Presidency Project tracker…
   Taking questions from the media promotes public accountability. It also shows that the president is willing to defend his positions and instills confidence that he can do the job. It is widely known that Mr. Biden is gaffe-prone and that news conferences are not his forte. But as he runs for a second term, he should be eager to show he can handle all aspects of the job…
https://www.washingtonpost.com/opinions/2023/05/08/president-biden-press-conferences-2023/

Why is the Washington Post, who with their brethren, enabled the scheme that kept Biden sub rosa during the 2020 Campaign, now complaining about Biden’s reluctance to appear and speak in public?

WaPo made a true confession in the above editorial: “Pick Up the microphone Mr. Biden, the media is not your enemy.” Isn’t the MSM supposed to be, at the least, adversarial to top US pols?

WSJ Editorial Board: California May Bill You for Slavery
Gov. Newsom’s panel recommends $800 billion in ‘reparations.’
https://www.wsj.com/articles/california-panel-reparations-gavin-newsom-slavery-descendants-8d235ad2

California reparations recommendations have Newsom between rock and hard place
“Democrats have promised the world with this reparations task force, and now the massive taxpayer bill is coming due. Newsom has painted himself into a corner, and he’ll have to choose between signing off on a ridiculous policy that will bankrupt the state or admitting once and for all that this task force was nothing more than a political stunt.”… Newsom announced in January that the state faces a projected budget deficit of $22.5 billion for the coming fiscal year… https://www.msn.com/en-us/news/us/california-reparations-recommendations-have-newsom-between-rock-and-hard-place/ar-AA1aVMhK

California Defaults On $18.5 Billion Debt, Leaving State Businesses Holding The Bag 4/11/23
Little did California businesses know that they were cosigners on the state’s nearly $20 billion loan from the federal government that was used to cover California’s unemployment fund shortfall during the COVID pandemic. This ugly truth became apparent when the state recently decided to stop making payments on this loan… (Where will CA get the $800 billion to pay the reparations?)
https://www.hoover.org/research/california-defaults-185-billion-debt-leaving-state-businesses-holding-bag

@TuckerCarlson: We’re back (will have a show on Twitter). “You can’t have a free society if people aren’t allowed to say what they think is true. Speech is the fundamental prerequisite for democracy.” https://twitter.com/TuckerCarlson/status/1656037032538390530

Tucker Carlson accuses Fox of fraud, contract breach – Axios
The aggressive letter from his lawyers to Fox positions Carlson to argue that the noncompete provision in his contract is no longer valid — freeing him to launch his own competing show or media enterprise.
    On Tuesday, Carlson announced he would be bringing his show to Twitter. “Starting soon we’ll be bringing a new version of the show we’ve been doing for the last six and a half years to Twitter,” he said in the video. “We bring some other things too, which we’ll tell you about. But for now, we’re just grateful to be here. Free speech is the main right that you have. Without it, you have no others.”…
   The letter also alleges Fox broke promises not to settle with Dominion Voting Systems “in a way which would indicate wrongdoing” on the part of Carlson and not to take any actions in a settlement that would harm Carlson’s reputation… Carlson was told by a member of the Fox board that he was taken off the air as part of the Dominion settlement, two sources briefed on a conversation told Axios…
   A Fox News spokesperson said it is “categorically false” that Carlson lost his job as part of the network’s $787.5 million settlement with Dominion Voting Systems…
https://www.axios.com/2023/05/09/tucker-carlson-fox-news-letter-fraud

Team Carlson, knowing how Rupert Murdoch fecklessly folded against Dominion, apparently feels that Rupert does not have the stomach to sit for depositions or in a witness stand against Carlson.

House Minority Leader Jeffries: Biden Has Requested That Congressional Leaders Meet as Soon as This Evening – BBG

Speaker McCarthy said “nothing has changed” after his last talk with Biden. “Everybody in the meeting reiterated the positions they were at…” https://twitter.com/IrisTaoTV/status/1656051257642037249

@SpeakerMcCarthy: Just finished meeting at the White House. My position is clear and reasonable—House Republicans have done their job to avoid a default and responsibly raise the debt limit. Democrats must now do the same.

@cspan: President Biden on Debt Ceiling talks: “I just finished I thought a productive meeting about the path forward to make sure America does no default on its debt for the first time in its history… We are going to continue our discussions and we’re going to meet again on Friday…”
https://twitter.com/cspan/status/1656071868296863745

@cspan: Q: “Did the president tell you that there were any spending cuts that he would be open to?”
@SpeakerMcCarthy: “I asked him numerous times are there some places we could find savings. He wouldn’t give me any.”  https://twitter.com/cspan/status/1656049076671004673

US (NFIB) small business optimism fell to the lowest (89) since 2013 in April: BBG

King Street’s Goldschmid Says Credit Markets Have a Math ProblemOver-levered companies face negative free cash flows, he saysCommercial real estate one of the biggest sectors at riskhttps://news.bloomberglaw.com/bankruptcy-law/king-streets-goldschmid-says-credit-markets-have-a-math-problem

Today – The April CPI Report, to be released at 8:30 ET, will dictate pre-NYSE trading. Will someone, once again, get the economic report early (8:28 ET) and act on it?

From yesterday’s missive:  The S&P 500 action and SPY volume implies that a breach of yesterday’s high or low could instigate a meaningful move…

Action was muted and listless on Tuesday; so, a breakout today could generate a robust move. ESMs are +5.75 at 20:30 ET.

Expected economic data: April CPI 0.4% m/m & 5.0% y/y, Core 0.3% m/m & 5.5% y/y; April Budget $235.0B (Prior $308.2B); Disney is expected to report EPS of .94 after the close

S&P 500 Index 50-day MA: 4048; 100-day MA: 4014; 150-day MA: 3961; 200-day MA: 3972
DJIA 50-day MA: 33,116; 100-day MA: 33,334; 150-day MA: 33,020; 200-day MA: 32,733
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal
Weekly: Trender and MACD are positive – a close below 3918.58 triggers a sell signal
Daily: Trender and MACD are negative – a close above 4184.25 triggers a buy signal
Hourly: Trender is positive; MACD is negative – a close below 4009.21 triggers a sell signal

Active CIA employee recruited signatories for Hunter Biden laptop letter, report shows
https://justthenews.com/government/federal-agencies/active-cia-employee-recruited-signatories-hunter-biden-laptop-letter

CIA approved former top spy signing Hunter Biden laptop letter – The CIA did not immediately respond to Fox News Digital’s requests for comment on the report…
https://www.foxnews.com/politics/cia-approved-former-top-spy-signing-hunter-biden-laptop-letter

Ex-NSC & CIA official @FredFleitz: How could such a controversial letter by former intel officers that could affect the outcome of a presidential election be rushed through CIA clearance in 5.5 hours? And did this happen with the knowledge of senior CIA officials?

Hunter Biden arranged NYC meeting between VP Biden and Rosemont-connected business associate – ‘Your Dad spent a lot of time with me, and even gave me a lift in his car!’ Hunter’s hedge fund client gushed in 2015 email… Nicolas Rohatyn, a Biden donor and the founder and CEO of The Rohatyn Group, met with Biden and visited the White House several times when Biden was vice president and when Hunter’s now-defunct Rosemont Seneca Partners (RSP) was overseeing his hedge fund accounts…
https://www.foxnews.com/politics/hunter-biden-arranged-nyc-meeting-between-vp-biden-rosemont-connected-business-associate

Jury holds Trump liable for battery, defamation in E. Jean Carroll case (about $5m; but rejected rape claim) https://justthenews.com/politics-policy/jury-decides-trump-rape-case

Alan Dershowitz, and other legal eagles, expect Trump to win on appeal. The judge allowed the jury to hear accounts of and testimony about prior Trump misbehavior.

80,000 migrants amassed in Guatemala, heading to US for Title 42 end https://t.co/B62SrLJMTs

Chgo Tribune: Mayor Lori Lightfoot declares state of emergency over migrants arriving in Chicago
@elonmusk: Strange that election officials from pivotal regions attended a far-left conference when they’re supposed to be impartial.

National Elections Officials Gathering for Secret Zuckerberg Funded, Soros Tied US Election Summit At ‘International Spy Museum’ – a group of some of the nation’s most notorious election fraud deniers and election officials, including Secretaries of State, are set to have a secret Elections summit in Washington DC from May 8-May 9 called “Summit on American Democracy”… The Center for Election Innovation & Research (CEIR) is organizing and hosting the conference… founded by Becker, a hard core Leftist activist, CEIR is documented as being a SOROS tied advocacy group that provides grants and conducts research to increase Democrat voter turnout in swing states. Becker created CEIR in 2016 in response to President Trump’s election, which Becker claims was the result of “foreign interference”…  https://loomered.com/2023/04/21/exclusive-national-elections-officials-gathering-for-secret-zuckerberg-funded-soros-tied-us-election-summit-at-international-spy-museum/

NYT op-ed writer says residents fearful of ‘lunatics’ on subway should seek ‘therapy’ for ‘imaginary monsters’ https://t.co/MsWUnCTStZ

RealClearInvestigations’ @Heminator: Why on earth is Randi Weingarten (US teachers’ union chief) of all people in a war zone? The fact that trips to Kiev appear to be a status symbol for America’s liberal elite seems very telling, and it doesn’t say anything good.

Chicago Police Department – Community Alert (April 30)
This alert gives notice to businesses in the 014th District of recent burglaries in the overnight hours. The Offender breaks the front/side glass windows of said businesses by means of rock/brick/crowbar to gain entry… What You Can Do: … If possible, use ArmorPlast, an unbreakable shield that fits over existing glass…  https://www.scribd.com/document/643759851/Chicago-Police-Department-Community-Alert-April-30#

GREG HUNTER

I will see you on THURSDAY