MAY 11/2023 · by harveyorgan · in Uncategorized · Leave a comment·Editi
GOLD PRICE CLOSED: DOWN $15.15 TO $2015.15
SILVER PRICE CLOSED: DOWN $1.18 AT $24.23
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE $2014.50
Silver ACCESS CLOSE: 24.17
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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:, $27,433 DOWN 265 Dollars
Bitcoin: afternoon price: $27,049 DOWN 649 dollars
Platinum price closing $1097.10 DOWN $15.85
Palladium price; $1558.40 DOWN $37.70
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: $2,718.21 UP 1.76 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1610.08 UP 2 01 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1845.57 DOWN 4.06 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: MAY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,030.500000000 USD
INTENT DATE: 05/10/2023 DELIVERY DATE: 05/12/2023
FIRM ORG FIRM NAME ISSUED STOPPED
118 C MACQUARIE FUT 53
132 C SG AMERICAS 234
363 H WELLS FARGO SEC 87
435 H SCOTIA CAPITAL 12
657 C MORGAN STANLEY 5
661 C JP MORGAN 34
709 C BARCLAYS 1
737 C ADVANTAGE 1 10
880 H CITIGROUP 1
905 C ADM 32
TOTAL: 235 235
MONTH TO DATE: 5,687
JPMorgan stopped 34/235 contracts
FOR MAY:
GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT: 235 NOTICES FOR 235000 OZ or 0.7309 TONNES
total notices so far: 5687 contracts for 568,700 oz (17.6889 tonnes)
FOR MAY:
SILVER NOTICES: 10 NOTICE(S) FILED FOR 50,000 OZ/
total number of notices filed so far this month : 1972 for 9,860,000 oz
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END
GLD
WITH GOLD DOWN $15.15..THIS IS INTERESTING!!
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:///A DEPOSIT OF 4.04 TONNES INTO THE GLD//
INVENTORY RESTS AT 938.99 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN $1.18 AT THE SLV// ALSO INTERESTING
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.480 MILLION OZ INTO THE SLV/: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 469.448 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A GIGANTIC SIZED 1351 CONTRACTS TO 146,796 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.23 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. 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 FELL BY $0.23). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A MONSTROUS GAIN ON OUR TWO EXCHANGES OF 1644 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( 293 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.105 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S QUEUE. JUMP OF 25,000 OZ(QUEUE JUMP RAIDES 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 17.305 MILLION OZ OF STANDING FOR DELIVERY V) HUGE SIZED COMEX OI GAIN/ SMALL SIZED EFP ISSUANCE/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –76 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 9 days, total 6565 contracts: OR 32.825 MILLION OZ . (663 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 32.825 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 32.825 MILLION OZ/INITIAL ( MUCH SMALLER THAN PREVIOUS MONTHS)
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1351 CONTRACTS DESPITE OUR $0.23 LOSS IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE CONTRACTS: 293 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 QUEUE JUMP OF 25,000 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 13.055 MILLION OZ + 4.25 MILLION = 17.305 MILLION OZ// .. WE HAVE A HUGE SIZED GAIN OF 1644 OI CONTRACTS ON THE TWO EXCHANGES
WE HAD 10 NOTICE(S) FILED TODAY FOR 50,000 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 GOOD SIZED 4717 CONTRACTS TO 523,668 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 1144 CONTRACTS
WE HAD A GOOD SIZED INCREASE IN COMEX OI ( 5861 CONTRACTS) DESPITE OUR $5.00 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY. AT 3.5085 TONNES ON FIRST DAY NOTICE // PLUS 23,500 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 $5.00 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 8580 OI CONTRACTS (26.68 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 3863 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 524,812
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8580 CONTRACTS WITH 4717 CONTRACTS INCREASED AT THE COMEX AND 3863 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 8580 CONTRACTS OR 26.68 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3863 CONTRACTS) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (4717 //TOTAL GAIN IN THE TWO EXCHANGES 8580 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 235,000 OZ // NEW STANDING: 18.081 TONNES // ///3) ZERO LONG LIQUIDATION//4) GOOD SIZED COMEX OPEN INTEREST GAIN/ 5) GOOD 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: 25,253 CONTRACTS OR 2,525,300 OZ OR 78.54 TONNES IN 9 TRADING DAY(S) AND THUS AVERAGING: 2805 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 9 TRADING DAY(S) IN TONNES 78.54 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 78.54/3550 x 100% TONNES 2.22% 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/2021
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/2022
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: 78.54 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.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS and sell the future TAS two months out. T they unload the front month so the price of gold/silver falls.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 1351 CONTRACTS OI TO 146,796 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 293 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 293 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 293 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1351 CONTRACTS AND ADD TO THE 293 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1644 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 8.220 MILLION OZ
OCCURRED DESPITE OUR $0.23 LOSS 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//
THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 9.60 PTS OR 0.29% //Hang Seng CLOSED DOWN 18.41 POINTS OR 0.09% /The Nikkei closed UP 4.54 OR 0.02% //Australia’s all ordinaries CLOSED DOWN 0.04 % /Chinese yuan (ONSHORE) closed DOWN 6.9377 /OFFSHORE CHINESE YUAN DOWN TO 6.9460 /Oil DOWN TO 72.48 dollars per barrel for WTI and BRENT AT 76.32 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 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 GOOD SIZED 4717 CONTRACTS UP TO 523,668 DESPITE OUR LOSS IN PRICE OF $5.00 ON WEDNESDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF MAY… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 3863 EFP CONTRACTS WERE ISSUED: : JUNE 3863 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3863 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 8,580 CONTRACTS IN THAT 3863 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 4717 COMEX CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $5.00. 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 (18.075) ( 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: 18.075 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $5.00) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR STRONG SIZED GAIN OF 8580 CONTRACTS ON OUR TWO EXCHANGES
WE HAVE GAINED A TOTAL OI OF 26.58 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 234,800 oz (0.7289 TONNES)//NEW STANDING 18.075 TONNES ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $5.00
WE HAD –REMOVED 1144 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 8580 CONTRACTS OR 858,000 OZ OR 26.68 TONNES.
Estimated gold comex today 323,972// strong//raid
final gold volumes/yesterday 323,278 strong//
//MAY 11/ MAY 2023 CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 12,088.776 OZ BRINKS 2 KILOBARS AND INT.DELAWARE 374 KILOBARS . |
| 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 | 235 notice(s) 23,500 OZ 0.7309 TONNES |
| No of oz to be served (notices) | 124 contracts 12400 oz 0.3856 TONNES |
| Total monthly oz gold served (contracts) so far this month | 5687 notices 568,700 OZ 17.6889 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: 0
total deposits: NIL oz
customer withdrawals: 2
i) Out of BRINKS 64.302 (2 kilobars)
ii) Int. Delaware 12,024.474 oz (374 kilobars)
total withdrawals: 12,088.776 oz 376 kilobars
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.
For the front month of MAY we have an oi of 359 contracts having GAINED 117 contracts. We had 116 contracts filed
on WEDNESDAY, so we gained 233 contracts or an additional 23300 oz (0.7247 tonnes) will stand for gold in this non active delivery month of May.
June LOST 18,907 contracts DOWN to 294,982 contracts.
July added 95 contracts to stand at 1517 contracts.
AUGUST GAINED 22,433 contracts up to 175,115 contracts
We had 235 contracts filed for today representing 23500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 235 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 34 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 (5,687 x 100 oz ), to which we add the difference between the open interest for the front month of MAY 359 CONTRACTS) minus the number of notices served upon today 235 x 100 oz per contract equals 581,100 OZ OR 18.074 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 (5,687 x 100 oz) 359 OI for the front month minus the number of notices served upon today (235)x 100 oz} which equals 581,100 oz standing OR 18.074 TONNES
TOTAL COMEX GOLD STANDING: 18.074 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: 22,583,086.894 OZ
TOTAL REGISTERED GOLD: 12,399,365,073 (385,68 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,183,421.821 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 10,733,580 OZ (REG GOLD- PLEDGED GOLD) 333.86 tonnes//
END
SILVER/COMEX
MAY 11//2023// THE MAY 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1,222,295.550 oz Delaware JPMorgan Loomis . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | 603,217.700 oz Loomis |
| No of oz served today (contracts) | 10 CONTRACT(S) (50,000 OZ) |
| No of oz to be served (notices) | 639 contracts (3,195,000 oz) |
| Total monthly oz silver served (contracts) | 1972 Contracts (9,860,000 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 1 deposits into the customer account
i)Into Loomis: 603,217.700 oz
Total deposits: 603,217.700 oz
JPMorgan has a total silver weight: 138.988 million oz/270.403 million =51.40% of comex .//dropping fast
Comex withdrawals 3
i) Out of Delaware 3889.700 oz
ii) Out of jPMorgan: 618,280.280 oz
iii) Out of Loomis: 600,125.570 oz
Total withdrawals; 1,222,295.550 oz
adjustments: 7 all dealer to customer
Brinks 264,322.740 oz
CNT: 312,756.310 oz
Delaware 69,527.768 oz
HSBC 463,164.360 oz
Loomis 346,740.090 oz
Manfra 209,845.106 oz
the silver comex is in stress!
TOTAL REGISTERED SILVER: 29.958 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 270.403 million oz
we have now seen the movement of the registered silver comex into the 29 million column:
CALCULATION OF SILVER OZ STANDING FOR MAY
silver open interest data:
FRONT MONTH OF MAY /2023 OI: 649 CONTRACTS HAVING LOST 6 CONTRACT(S). WE HAD 11 CONTRACTS FILED
ON WEDNESDAY, SO WE GAINED 5 CONTRACTS OR AN ADDITIONAL 25,000 OZ WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND.
JUNE HAD A 16 CONTRACT GAIN TO 997
JULY HAD A 1207 CONTRACT LOSS TO 124,182 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 10 for 50,000 oz
Comex volumes// est. volume today 104,555 huge/raid
Comex volume: confirmed yesterday: 81,704 strong
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 1972 x 5,000 oz = 9,860,000 oz
to which we add the difference between the open interest for the front month of MAY(649) and the number of notices served upon today 10 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MAY/2023 contract month: 1972 (notices served so far) x 5000 oz + OI for the front month of May (649) – number of notices served upon today (10 )x 500 oz of silver standing for the MAY contract month equates to 13.055 million oz + THE CRIMINAL 0 MILLION OZ EXCHANGE FOR RISK TODAY//NEW TOTAL EXCHANGE FOR RISK: 4.250//NEW TOTAL 17.305 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 11/WITH GOLD DOWN $15.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 434.95 TONNES
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 11/WITH SILVER DOWN $1.18 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 466.968 MILLION OZ
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 MILLION 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
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
Important: Craig Hemke outlines how the bullion banks re controlling the gold price using the trade at settlement mechanism
(zerohedge)
Craig Hemke at Sprott Money: Bullion bank trade-at-settlement abuse continues
Submitted by admin on Thu, 2023-05-11 04:51Section: Daily Dispatches
4:45p SGT Thursday, May 11, 2023
Dear Friend of GATA and Gold:
Craig Hemke of the TF Metals Report, writing at Sprott Money, today updates his readers about the continuing use by bullion banks of the “trade at settlement” mechanism for controlling the gold price.
Hemke’s analysis is headlined “Bullion Bank Trade-at-Settlement Abuse Continues” and it’s posted at Sprott Money here:
https://www.sprottmoney.com/blog/Bullion-Bank-TAS-Abuse-Continues-May-10-2023
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
Chris Powell: Chris Powell’s speech to the Mining Investment Asia Conference, Singapore
a must view….
Chris Powell: How might gold price suppression policy end?
Submitted by admin on Thu, 2023-05-11 05:32Section: Daily Dispatches
The slides accompanying this presentation can be viewed here:
* * *
SLIDE 1: TITLE
Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Mining Investment Asia Conference
Marriott Tang Plaza Hotel, Singapore
Thursday, May 11, 2023
For many years on behalf of the Gold Anti-Trust Action Committee I have spoken at this conference and others like it to detail the extensive official records and other evidence of manipulation of the gold market by central banks and particularly by the U.S. government. This manipulation has been undertaken to defend the U.S. dollar as the world reserve currency and to diminish all other currencies, gold especially.
Those records and the other evidence are compiled at GATA’s internet site. Because of their sensitivity they have been largely ignored but they have seldom been disputed. I would be delighted with any challenge to them, for at least a challenge would acknowledge them.
But today I want to concentrate on documents that show that central bank policy toward gold is changing profoundly — moving away from price suppression and toward renewed acceptance of gold’s superiority as money and its renewed value to central banks that possess it.
I’m talking about the monthly statements of account of the Bank for International Settlements, the central bank of the world’s central banks.
The BIS is crucial in analyzing the gold price because the bank acknowledges that it is a primary gold broker for its members. More than that, when the BIS doesn’t think that anyone outside the ranks of central banks is listening, the BIS acknowledges that it is the major mechanism by which central banks can control the gold price to protect their currencies against competition.
SLIDE 2: BIS PowerPoint presentation
For example, the BIS has actually advertised to prospective central bank members that its services to its members include secret interventions in the gold market. Here is a slide from a PowerPoint presentation the bank gave to prospective central bank members at BIS headquarters in Basel, Switzerland, in June 2008:
http://www.gata.org/node/11012
Indeed, according to its annual reports, the BIS functions largely as a gold banking and gold market intervention service for its member central banks:
http://www.gata.org/node/12717
SLIDE 3: BIS statement of account
GATA’s consultant about the BIS, Robert Lambourne, examines the bank’s monthly statement of accounts, since, if you look very closely at the statement, as Lambourne does, you’ll see that it includes entries for “gold and gold loans” and “gold deposits” and that these entries change each month. On the screen is a sample revealing page, taken from the BIS’ statement of account for January 2020:
In January 2022 Lambourne calculated that the BIS’ gold derivative positions remained near their longtime highs, standing at 501 tonnes.
SLIDE 4: BIS swaps chart
But after last January the BIS’ gold derivatives positions began falling sharply, going to zero in December last year as the “Basel 3” gold banking regulations promulgated by the BIS were taking effect. Those regulations made it almost impossible for the biggest banks trading in the gold market to trade gold without actually possessing it — sharply curtailing the sale of “paper gold,” the imaginary gold used primarily for price suppression.
As you can see from the chart on the screen, since last December the BIS’ gold derivatives position has rebounded to 136 tonnes, but that is just a fraction of what it was a year ago. (The data for March and April is not yet available.)
The sharp decline in BIS gold derivatives, as calculated by Lambourne in the chart, shows that a huge change in central bank policy toward gold is underway. That change likely involves an end to price suppression, or at least an end to the cooperation with price suppression by most central banks, and implies even an official upward revaluation of gold, since in recent years central banks on the whole have turned from gold sellers to very big gold buyers.
If you doubt this, please ask the BIS: What exactly has the BIS been doing in the gold market, for what objectives, and for whom? GATA put that question to the BIS in 2017 and the BIS promptly replied that it doesn’t answer such questions:
http://www.gata.org/node/17793
So you may fairly assume that any honest answers here would incriminate the BIS’ members and owners — central banks — in market-rigging policy that the BIS long has assisted and for which it has provided camouflage.
By rigging the currency markets, this policy has expropriated many countries largely for the benefit of the United States. It is a policy by which one country has controlled the valuation of all capital, labor, goods, and services in the world. It is a totalitarian and parasitic system.
How might this system end?
First it’s a question of world politics at the highest levels: Who wants to pull the plug on the dollar and begin a new system, and with what? This question is being addressed right now in Europe, Russia, China, Africa, and South America — almost everywhere in the world. Some countries are reducing or discontinuing their use of the U.S. dollar in trade. Some are considering starting new regional currencies.
The parasitic dollar system may end simply upon exhaustion of the relatively small gold supply that is needed to keep the futures and spot gold markets operating under U.S. control. Gold supply was exhausted in March 1968 when huge offtake forced the London Gold Pool to close. Lately there have been signs that gold supplies are critically tight in London and New York, the markets where price suppression is concentrated.
How much more gold from their reserves are the central banks suppressing the gold price prepared to lose? We don’t know. That is the most sensitive information. If you knew when the metal used for price suppression would run out, you could get rich.
The system may end when even one country decides to exchange substantial amounts of U.S. dollars and Treasury bonds for more gold — real metal — than is readily available. It may end when any country with a substantial foreign exchange surplus decides that it is hedged enough with gold that it can afford the severe devaluation of its dollar-denominated reserves.
Or the system may end as part of a plan by major central banks to avert the catastrophic debt-induced deflation that now threatens the world — a plan to inflate the debt away, essentially to default on it, by devaluing the major currencies against gold. This has happened before.
SLIDE 5: Peter Millar study
For example, a study in 2006 by the Scottish economist Peter Millar concluded that to avert a catastrophic debt deflation, central banks would need to raise the gold price by a factor of seven to 20 times in order to reliquefy themselves — to dramatically increase the value of their gold reserves as their currencies devalue along with the bonded debts of government and society generally:
SLIDE 6: Brodsky and Quaintance study / QB Asset Management
In May 2012 the U.S. economists Paul Brodsky and Lee Quaintance published a report speculating that central banks probably were already redistributing gold reserves among themselves in preparation for just such a currency devaluation and an upward revaluation of gold, even in preparation for gold’s return as formal backing for currencies.
http://www.gata.org/node/11373
This speculation is plausible, since, as I have noted, in recent years central banks have switched from being net gold sellers to net gold buyers. Just recently the Monetary Authority of Singapore has dramatically but quietly increased its gold reserves:
https://www.gata.org/node/22464
In February gold researcher Jan Nieuwenhuijs strengthened the speculation about gold revaluation, publishing evidence that European central banks have been working with the People’s Bank of China to match their gold reserves with their nations’ gross domestic product in preparation for some sort of new gold standard or gold price targeting system.
https://www.gata.org/node/22450
But the end of gold market rigging by central banks may also be a matter of education and publicity — a matter of whether governments that are not part of gold price suppression policy, along with investors around the world, will ever realize that as much as 90% of the world’s investment gold, supposedly being held in trust at investment banks, is, to put it politely, imaginary or at least oversubscribed.
If there is ever such a widespread realization and if delivery of the imaginary gold is ever demanded, the price of the metal may rise to multiples of its current price even as the holders of “paper gold” discover they have nothing.
*
While the prospect of much higher gold prices of course excites gold producers and investors, it raises its own questions.
Will governments let gold investors keep extraordinary gains, or will governments impose windfall profits taxes on them or even try to confiscate gold? Decades ago confiscation was undertaken in the United States and other countries.
In 2005 I had some interesting correspondence with the U.S. Treasury Department about gold confiscation. The chief counsel for the department’s Office of Foreign Assets Control told me that under the Trading With the Enemy Act of 1917 and the International Emergency Economic Powers Act of 1977, upon a proclamation of emergency by the president of the United States, the Treasury Department would have the power to seize or freeze any gold- or silver-related asset – and, for that matter, any other damned thing the Treasury Department wanted to seize:
https://www.gata.org/node/5606
If the gold price soars, will governments let mining companies keep taking metal out of the ground at current royalty rates? Will royalty rates be sharply raised? Will governments even let private companies keep mining gold at all?
If the gold market is rigged, why should anyone own gold?
You might want to own gold, first, if you think that the fraud being perpetrated by central banks — the longstanding naked short position in the monetary metal, a naked short position maintained in the London gold market via those BIS gold swaps and derivatives — will be exposed and collapse from its dishonesty, from exhaustion of the gold reserves of the most gold-suppressive governments, or because of defections from central bank ranks.
Second, you might want to own gold if you think that, as the economists Peter Millar, Paul Brodsky, and Lee Quaintance have speculated, central banks will change policy on gold and revalue it upward to devalue their currencies and government debts and to reliquefy themselves through a higher value for their gold reserves.
Third, you might want to own gold if you think that central banks, the biggest owners of gold, know something positive about it, as indicated by their recent purchases.
SLIDE 7: Wuermeling presentation
In March gold’s value as money received a powerful if strange endorsement from a member of the Executive Board of Germany’s central bank, the Bundesbank. The board member, Joachim Wuermeling, spoke at a press conference in Frankfurt presenting the Bundesbank’s annual report for 2022.
“Viewed over the long term,” Wuermeling said, “there is still a sustained marked increase in the revaluation reserve for gold. Compared with its starting balance at the launch of [European] monetary union [in 1999] — €21 billion — this revaluation reserve, with its current balance of €176.1 billion, is eight times as large as it was at the start of 1999.”
Here was a European central banker noting that gold has steadily outperformed the currency for which he shares responsibility — a central banker noting that gold is an outstanding hedge against inflation and currency devaluation. Central bankers are seldom so candid about the ancient form of money that still competes with their own:
https://www.gata.org/node/22457
But don’t underestimate the chance that, whatever you do to protect yourself financially, government will find a way to cheat you out of your foresight.
SLIDE 8: For more information
If you would like more information about GATA’s work, assistance locating any of the documents I’ve mentioned, or other information about gold-related issues, please e-mail me at CPowell@GATA.org. Please consider going to our internet site — http://gata.org/ — and subscribing to our free daily e-mail newsletter. We aim to keep our friends updated about developments in the monetary metals and the possibility that their markets may become free and transparent, as they should be.
Thanks for your kind attention.
* * *
END
4. OTHER GOLD/SILVER RELATED COMMENTARIES/
END
5.IMPORTANT COMMENTARIES ON COMMODITIES: URANIUM
Seems that many countries will be going back to cheap and cleaner nuclear power. Uranium will be the big winner
(zerohedge)
Is Uranium The Fuel For A Utopian Energy Economy?
WEDNESDAY, MAY 10, 2023 – 08:40 PM
Uranium is the primary fuel for nuclear energy, powering more than 400 reactors that make up 10% of the world’s annual electricity generation.
With countries turning back to nuclear power as a clean energy resource, uranium has become a strategically important metal for the future.
This infographic by Visual Capitalist’s Govind Bhutada and Zack Aboulazm, sponsored by CanAlaska Uranium. explores how uranium’s unique properties allow nuclear power to be clean and efficient, and highlights the outlook for its future.
Why Uranium is Unique
Nuclear power ultimately stems from the radioactivity of uranium atoms, which yield great amounts of energy when split by the process of fission.
Besides the radioactive nature of uranium, its energy density—the amount of energy it contains per unit of mass—is one of its exceptional properties, making it significantly more powerful than other energy fuels.
The table below compares the energy density of uranium to other fuels, expressed in megajoules of energy contained per kilogram of fuel:
Enriched uranium-235, the fuel used by commercial nuclear reactors, contains 3.9 million megajoules of energy per kilogram of weight, which is magnitudes larger than the energy density of traditional fossil fuels.
For this reason, a relatively small quantity of nuclear fuel can produce significant amounts of energy through fission, translating into various advantages for nuclear power:
High Energy Return on Investment (EROI)
Nuclear power has the highest EROI of any energy source, returning 75 units of energy for every unit of energy spent in construction and operation.
Low Land Footprint
Nuclear power plants have the smallest land footprint per unit of electricity at 0.3m2 per megawatt-hour.
Minimal Waste
Nuclear reactors produce little waste or spent fuel, and only a small portion of that is highly radioactive. Spent fuel can also be recycled.
Powering a Clean Energy Future with Uranium
The outlook for uranium has turned brighter with countries again embracing nuclear energy.
In 2021, global uranium requirements from reactors totaled 62,496 tonnes. By 2040, that figure could rise from 79,400 tonnes in the lower case to 156,500 tonnes in the upper case according to the World Nuclear Association, depending on how the conditions and policies for nuclear power shape up.
In 2021, mines provided about 77% of the uranium required for reactors, with 23% coming from secondary sources like stockpiles held by utilities and governments. Although maintaining these stockpiles is important for energy security, a sustainable mine supply of uranium will always be key to meeting rising reactor requirements.
end
5 B GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL
6.CRYPTOCURRENCY COMMENTARIES/
IRS Files $44 Billion Claims Against Bankrupt FTX; Court Filing Shows
THURSDAY, MAY 11, 2023 – 09:45 AM
The United States Department of Treasury and Internal Revenue Service (IRS) have filed 45 claims worth $44 billion against bankrupt cryptocurrency exchange FTX and its subsidiaries.
As CoinTelegraph’s Zhiyuan Sun reports, in what appears to be a tax bill for FTX’s sister company Alameda Research LLC that circulated online on May 10, the IRS assessed the firm $20.4 billion due in partnership taxes and payroll taxes.
The assessment appears to match the IRS claim found on the website of Kroll’s Restructuring Administration practice, FTX’s claims agent.
A further $7.9 billion claim is made by the IRS against Alameda Research LLC, while two claims — $7.5 billion and $2.0 billion — are made against Alameda Research Holdings.
The IRS filed the claims under “administrative priority,” enabling its claims to supersede that of unsecured creditors during bankruptcy proceedings.
While Alameda Research was headquartered in Hong Kong, its founders and key personnel, including Sam Bankman-Fried and Caroline Ellison, are U.S. nationals. Unlike most other countries, the U.S. uses a taxation-by-citizenship regime, meaning that U.S. nationals are liable for taxes on their worldwide income irrespective of their place of residence or how much time they spend in the U.S. each year. For partnership entities, taxes are not paid at the partnership level but are passed through their partners and taxed at the individual level.
In one single claim, the IRS assessed a balance of $20.4 billion against Alameda Research. Source: Kroll
In April, Coin telegraph reported that FTX had recovered $7.3 billion in assets and would consider rebooting the exchange next year. The announcement was made before the IRS’ claims, and at the time, FTX’s liabilities still outweighed its assets by an estimated $8.7 billion.
END
Visualizing The Number Of Failed Crypto Coins, By Year (2013-2022)
WEDNESDAY, MAY 10, 2023 – 10:00 PM
Ever since the first major crypto boom in 2011, tens of thousands of cryptocurrency coins have been released to market.
And while some cryptocurrencies performed well, others have ceased to trade or have ended up as failed or abandoned projects.
As Visual Capitalist’s Aran Ali and Pallavi Rao detail below, these graphics from CoinKickoff break down the number of failed crypto coins by the year they died, and the year they started. The data covers a decade of coin busts from 2013 through 2022.
Methodology
What is the marker of a “dead” crypto coin?
This analysis reviewed data from failed crypto coins listed on Coinopsy and cross-referenced against CoinMarketCap to verify previous market activity. The reason for each coin death was also tabulated, including:
- Failed Initial Coin Offerings (ICOs)
- Abandonment with less than $1,000 in trade volume over a three-month period
- Scams or coins that were meant as a joke
Dead Crypto Coins from 2013 to 2022
While many familiar crypto coins—Litecoin, Dogecoin, and Ethereum—are still on the market today, there were at least 2,383 crypto coins that bit the dust between 2013 and 2022.
Here’s a breakdown of how many crypto coins died each year by reason:
Abandoned coins with flatlining trading volume accounted for 1,584 or 66.5% of analyzed crypto failures over the last decade. Comparatively, 22% ended up being scam coins, and 10% failed to launch after an ICO.
As for individual years, 2018 saw the largest total of annual casualties in the crypto market, with 751 dead crypto coins. More than half of them were abandoned by investors, but 237 coins were revealed as scams or embroiled in other controversies, such as BitConnect which turned out to be a Ponzi scheme.
Why was 2018 such a big year for crypto failures?
This is largely because the year prior saw Bitcoin prices climb above $1,000 for the first time with an eventual peak near $19,000. As a result, speculation ran hot, new crypto issuances boomed, and many investors and firms got bullish on the market for the first time.
How Many Newly Launched Coins Died?
Of the hundreds of coins that launched in 2017, more than half were considered defunct by the end of 2022.
Indeed, a lot of earlier-launched coins have since died. The majority of coins launched between 2013 and 2017 have already become “dead coins” by the end of 2022.
Part of this is because the cryptocurrency field itself was still being figured out. Many coins were launched in a time of experimentation and innovation, but also of volatility and uncertainty.
However, the trend began to shift in 2018. Only 27.62% of coins launched in that year have bit the dust so far, and the failure rates in 2019 and 2020 fell further to only 4.74% and 1.03% of launched coins, respectively.
This suggests that the crypto industry has become more mature and stable, with newer projects establishing themselves more securely and investors becoming wiser to potential scams.
How will this trend evolve into 2023 and beyond?
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS// THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 6.9377
OFFSHORE YUAN: 6.9460
SHANGHAI CLOSED DOWN 9.60 PTS OR 0.29%
HANG SENG CLOSED DOWN 18.41 PTS OR 0.09%
2. Nikkei closed UP 4.54 PTS OR 0.02%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX UP TO 101.59 EURO FALLS TO 1.0934 DOWN 49 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.387 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 134.21 /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 UP /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 DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.245***/Italian 10 Yr bond yield FALLS to 4.165*** /SPAIN 10 YR BOND YIELD RISES TO 3.333…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 4.023
3j Gold at $2037.40 silver at: 25.03 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 59 /100 roubles/dollar; ROUBLE AT 76.65//
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 134/21 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .387% 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 0.8928 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: 3.408 DOWN 3 BASIS PTS…GETTING DANGEROUS//
USA 30 YR BOND YIELD: 3.776 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.8848 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 19.56…
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 3.8300 UP 3 BASIS PTS
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Slide As Bank Selloff Returns With Pacwest Tumble
THURSDAY, MAY 11, 2023 – 08:21 AM
US equity futures pared an earlier advance and dropped to session lows driven by a fresh plunge in Pacwest shares after the bank warned the bank run was back (or rather, had never gone away as we warned last weekend) as a renewed sharp deposit outflow from the bank spooked investors, even as European stocks rose as more investors said the Fed is likely to pause interest-rate hikes on the back of cooling inflation data. Contracts on the S&P 500 dropped to session lows, down -0.1% after rising 0.2% earlier; the Nasdaq was flat.
In US premarket trading,PacWest Bancorp plunged as much as 26% after it said deposits declined about 9.5% during the week ended May 5, with a majority of that decline occurring on May 4 and May 5 after the news reports on the afternoon of May 3. Walt Disney dropped after revealing a surprise drop in subscribers and predicting a wider loss for its streaming service this quarter. Robinhood rose following better-than-expected results from the trading platform. Beyond Meat fell after analysts said its earnings outlook is clouded by uncertainty around demand ahead of the key summer months and the company announced a $200MM ATM stock offering. Here are the other notable premarket movers:
- Google unveiled its latest artificial intelligence tools and launched new hardware at its annual developer conference. Analysts were optimistic about the speed with which Google was incorporating AI into its products and services. Shares of parent Alphabet are set to extend gains, rising as much as 1.8% in premarket trading on Thursday.
- Alcoa rises 1% in US premarket trading after Credit Suisse upgrades the stock to outperform from neutral, and makes it a top pick, citing expectations of recovering aluminum prices.
- Sonos shares drop 24% in US premarket trading after the wireless speaker maker cut its revenue guidance. Analysts said macro weakness is weighing more broadly, though also question whether this is particularly acute for the audio segment.
- Purple Innovation jumps 18% in US premarket trading after the mattress, bedding and cushioning firm reported net revenue for the first quarter that beat the average analyst estimate, amid anticipation over the launch of new products. .
- Roblox shares rise 3% in US premarket trading after the video-game firm’s comments on operating leverage helped buoy sentiment and offset an earnings miss in the first-quarter, analysts said. The stock was also upgraded by Roth MKM.
- Twilio drops 1.9% in premarket trading, following a 13% slump in the stock on Wednesday. Goldman Sachs cuts its ratings on Twilio, Bentley Systems and RingCentral to neutral and TechTarget to sell to reflect updated views on the technology companies following first-quarter earnings.
- Unity Software shares gain 8.9% in US premarket trading after the graphic-tools provider’s quarterly sales topped expectations and analysts said its outlook, following completion of its combination with IronSource, remains robust.
- Allegro MicroSystems rises 1.9% in US premarket trading after forecast net sales for the first quarter beat the average analyst estimate.
The pound trimmed its losses slightly after the Bank of England raised rates to the highest level since 2008 and said further increases may be needed if inflationary pressures persist. The BOE also made the biggest upgrade to UK growth projections since it gained independence in 1997.
After gaining in April, US stocks have traded range-bound so far this month as worries about the turmoil in regional banks and a potential recession outweigh corporate earnings that were better than investors feared. Sentiment has picked up in recent days after the Fed signaled that a pause in rate hikes might be on the cards, but market participants warned equity markets could see more volatility.
“While inflation is trending in the right direction, we still see potential for disappointment among equity investors on the pace of Fed easing in the remainder of this year,” Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a note.
Investor attention now turns to US initial jobless claims and producer prices data due later, which will provide the latest snapshot of the state of the economy. Figures out Wednesday showed signs of moderating US inflation after a year’s worth of Fed rate hikes and recent credit stress. However, overall prices are still rising at a brisk pace and the job market remains robust.
“It’s definitely optimistic to think about a rate cut, but not so optimistic to think about a rate pause,” Sunaina Sinha Haldea, global head of private capital advisory at Raymond James, said on Bloomberg Television. “The print gives the Fed what it needs to contemplate a pause.”
European stocks erase much of their earlier gains after the Bank of England hiked rates by a quarter point and after the latest negative Pacwest news hit. The Stoxx 600 gains 0.1% with consumer products, travel and healthcare the strongest performing sectors. Here are the notable European movers:
- Genmab gains as much as 6.9%, with analysts saying the Danish biotech’s latest quarterly earnings show it remains on track to meet its guidance, with good performance for its key products
- ING rises as much as 4% after posting estimate-beating 1Q net income and announcing a share buyback of up to €1.5 billion, with RBC analysts calling it a “strong” set of results
- Diploma climbs as much as 6.4% as Jefferies upgrades to buy, citing the UK equipment-parts supplier’s capacity to deploy its recent equity raise on further M&A
- Knorr-Bremse gains as much as 3.9% after 1Q results, with analysts noting record order numbers at the braking-systems manufacturer, driven by a strong performance in the trucks unit
- Deutsche Telekom rises as much as 1.9%, the biggest one-day advance in a month, as the German carrier’s 1Q revenue growth in European markets beat analyst estimates
- Grainger advances as much as 3.5%, the most intraday since February, after the UK property developer’s results beat expectations, with analysts noting the resilience of its underlying markets
- Suse plunges as much as 23% after missing analyst expectations for the second quarter and lowering its full-year guidance, citing the impact of ongoing economic uncertainty on customers’ decision making
- Bayer falls as much as 7.9% as analysts say the German company’s pharmaceuticals division weighed on the first quarter amid weakness in key drug Xarelto
- Rolls-Royce drops as much as 4.4% after it reaffirmed its forecast for the full year as analysts cite ongoing supply-chain issues as a drag, with Bernstein seeing significant uncertainty ahead
- Coloplast falls as much as 9% after the Danish ostomy and continence care firm reported its latest earnings and updated its FY23 forecasts, with Citi describing the results as “underwhelming”
- Verbund dips as much as 2.3% after the Austrian utility narrowed its full-year guidance and analysts flagged the potential further impact from new windfall tax plans in the country
Earlier in the session, Asian stocks fell as traders weighed inflation numbers from the world’s two largest economies as well as global corporate earnings. The MSCI Asia Pacific Index declined as much as 0.4%, as all but two sectors fell. TSMC and Tencent dragged on the gauge, while Li Auto was among the biggest boosts after robust results. The regional benchmark erased an early gain after China reportedslower-than-expected inflation amid weak consumer demand. That damped sentiment after the US consumer-price print overnight showed signs of cooling and boosted hopes for a pause in Federal Reserve rate hikes.
“Investors breathed a sigh of relief” on the US CPI data but the China data “points to an uneven economic recovery,” said Eli Lee, head of investment strategy at Bank of Singapore. He added that the key issue going forward will be the ongoing debt-ceiling talks in the US. Hong Kong’s Hang Seng Index and China’s CSI 300 gauge ended the day lower after the inflation report. Stocks also fell in South Korea, Singapore, Taiwan and Australia
Japanese equities were mixed as investors examined a wave of domestic company results. The Topix fell 0.1% to close at 2,083.09, while the Nikkei was little changed at 29,126.72. Toyota Motor contributed the most to the Topix decline, decreasing 0.8%. Out of 2,159 stocks in the index, 884 rose and 1,170 fell, while 105 were unchanged. Panasonic and Fujifilm were among stocks that climbed after better-than-expected earnings and outlooks, while Sumitomo Metal and Kao fell after disappointing investors. “Yesterday and today are basically the peak of the earnings season,” said Hitoshi Asaoka, a strategist at Asset Management One. “Japan is more focused on earnings right now rather than overseas macro or US CPI data.”
Austarlian stocks edged lower: the S&P/ASX 200 index fell 0.1% to close at 7,251.90, notching its third straight day of declines. Miners and health shares contributed the most to the benchmark’s retreat. Lithium producers were among the top performers after Allkem agreed to merge with US rival Livent. In New Zealand, the S&P/NZX 50 index fell 0.8% to 11,887.76
In FX, the Bloomberg Dollar Spot Index has gained 0.3% with the greenback rising versus all its G-10 rivals. The Australian dollar is the weakest, falling 0.6%, while the pound is down 0.3% after the BOE having erased a modest gain.
In rates, treasuries were near session highs US trading gets under way Thursday amid weakness in US equity index futures, after a brief setback following Bank of England policy statement. Yields across curve are richer by 3bp-4bp, new 10-year around 3.40% vs Wednesday’s 3.448% auction stop. Gilts pared gains following Bank of England rate decision to hike 25bp (in line with estimate) in a 7-2 vote, while statement was slightly hawkish. German two-year yields are up 1bps at 2.59% having pared an earlier drop after an ECB survey revealed a notable rise in consumer inflation expectations. The US treasury auction cycle concludes with $21b 30-year bond sale at 1pm; 10-year sale produced mixed demand metrics. WI 30- year at 3.765% is ~10bp cheaper than April’s, which stopped on the screws. IG issuance slate includes BNG Bank 5Y SOFR and is expected to be modest; four names priced $3.1b Wednesday with at least one borrower electing to stand down.
In commodities, crude futures advance with WTI rising 0.9% to trade near $73.20. Spot gold falls 0.3% to around $2,024.
Bitcoin is softer and has moved marginally below the USD 27.5k mark in relatively narrow sub-500 parameters as we await the afternoon’s key events with broader market action generally lacking catalysts at this point in time.
To the day ahead now, and the main highlight will be the Bank of England’s latest policy decision. From central banks, we’ll also hear from Fed Governor Waller, ECB Vice President de Guindos, as well as the ECB’s Schnabel and de Cos. Otherwise, US data releases include the April PPI reading and the weekly initial jobless claims.
Market Snapshot
- S&P 500 futures up 0.3% to 4,165.50
- STOXX Europe 600 up 0.5% to 465.82
- MXAP down 0.3% to 161.46
- MXAPJ down 0.3% to 514.13
- Nikkei little changed at 29,126.72
- Topix down 0.1% to 2,083.09
- Hang Seng Index little changed at 19,743.79
- Shanghai Composite down 0.3% to 3,309.55
- Sensex little changed at 61,979.09
- Australia S&P/ASX 200 little changed at 7,251.92
- Kospi down 0.2% to 2,491.00
- German 10Y yield little changed at 2.29%
- Euro down 0.5% to $1.0929
- Brent Futures up 0.9% to $77.07/bbl
- Gold spot down 0.4% to $2,022.94
- U.S. Dollar Index up 0.40% to 101.88
Top Overnight News from Bloomberg
- China’s inflation sinks far below expectations, with the Apr CPI coming in +0.1% (vs. the Street +0.3% and down from +0.7% in March) and Apr PPI at -3.6% (vs. the Street -3.3% and down from -2.5% in March). WSJ
- China’s April M2 money supply growth falls short of the Street consensus at +12.4% (down from +12.7% in March and below the Street +12.5%) while new yuan loans were just CNY718B (about half the Street’s CNY1.4T forecast). WSJ
- China’s soft inflation & bank lending data, coupled with reports of plans by banks to cut deposit rates, fuels expectations of easier monetary policy from the PBOC. RTRS
- SoftBank has warned that the war in Ukraine and the US-China dispute continue to pose the biggest market risk after annual investment losses from its Vision Funds hit a record ¥5.3tn ($39bn). FT
- ECB’s consumer survey shows a sharp jump in inflation expectations (the median rate of perceived inflation over the previous 12 months increased to 9.9% in March 2023, from 8.7% in February), a finding that will keep pressure on Lagarde to proceed with further tightening. ECB
- US Treasury secretary Janet Yellen has warned of a global downturn and “dreadful consequences” that would undermine its economic leadership if Congress does not raise the federal debt limit. FT
- Donald Trump urged Republican lawmakers to let the US default on its debts unless Democrats capitulate to demands for “massive” spending cuts, a significant intervention by the former president as Washington contends with a looming fiscal crisis. FT
- Blackstone reaffirmed it’s in talks with regional lenders. Its president, Jon Gray, told the FT discussions center around the banks making loans that Blackstone would funnel to insurers, which would hold the debt to maturity. The insurers would pay Blackstone for directing the assets their way. FT / BBG
- PacWest filed its 10Q this morning and provided details on deposit flows during the month of May. The company said the recent “exploring options” media report from back on May 3 created fears among its customer base about the safety of their deposits. “During the week ended May 5, 2023, our deposits declined approximately 9.5%, with a majority of that decline occurring on May 4th and May 5th after the news reports on the afternoon of May 3rd. These recent events, and the ongoing news coverage of these events, has increased certain risks and uncertainties related to our business and future prospects”. RTRS
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed after the indecisive performance stateside where stock markets whipsawed and treasuries rallied in the absence of any hawkish surprises from the US CPI report, while the regional bourses also reflected on softer-than-expected Chinese inflation data. ASX 200 was marginally lower as weakness in utilities and the commodity-related sectors overshadowed the outperformance in tech and after consumer inflation expectations ticked higher. Nikkei 225 was indecisive with the biggest movers in the index largely influenced by earnings releases, while the BoJ’s Summary of Opinions from the April meeting did little to shift the dial. Hang Seng and Shanghai Comp. were choppy after the latest Chinese inflation supported the idea of a slow economic rebound as consumer prices grew at the slowest pace of increase since February 2021 and with factory gate prices at a deeper deflation.
Top Asian News
- China reportedly told the US that there is little chance of their defence chiefs meeting, according to FT.
- Chinese Foreign Minister Qin is to meet with his French counterpart and said that China wants to mutually open up markets with France and create a more resilient supply chain, while he added that China’s determination to promote high-quality development and a high level of opening up is unswerving.
- BoJ Summary of Opinions from the April meeting stated that they must continue with the current easy policy given uncertainty over the global outlook and must support the wage hike momentum through monetary easing. It was also stated that the achievement of the price target appears to have come in sight but they must maintain easy policy for the time being given downside and upside risks. Furthermore, they must ensure that the tweak to interest rate forward guidance is not interpreted as a sign the BoJ would allow future rate hikes and should not target a specific monetary policy change when guiding the policy review to ensure it would be neutral and convincing.
- China’s Foreign Ministry, regarding the Australian Trade Ministers visit to Beijing, says both sides can solve each others trade concerns via constructive dialogue; developing healthy relations is in both sides interests.
European bourses are firmer, though off best Euro Stoxx 50 +0.4%, in a session devoid of specific fresh drivers from a macro perspective aside from Wall St. catch-up and looking ahead to the BoE/Fed speak. Sectors are predominantly in the green, with Consumer, Travel/Leisure and Retail experiencing some modest outperformance while Basic Resources lag in-fitting with underlying metals pricing. Stateside, futures retain a positive bias but have been largely horizontal in the European morning ahead of PPI, IJC and Fed speak, ES/NQ +0.3%; earlier remarks from Treasury Secretary Yellen focused on the debt ceiling but added little.
Top European News
- NIESR sees UK GDP growth of 0.3% in 2023 and 0.6% in 2024 vs prev. forecast of 0.2% and 1.0%, respectively, while it sees UK CPI averaging 7.4% in 2023 and 3.9% in 2024 vs prev. forecast of 8.3% and 4.2%, respectively.
- ECB Consumer Expectations Survey (Mar): Inflation Expectations 5.0% 12-months ahead (Feb 4.6%), 3yr ahead 2.9% (Feb 2.4%)
FX
- Aussie undermined by a decline in iron ore and Yuan weakness in the wake of very benign Chinese CPI and deflationary PPI.
- AUD/USD towards the low end of 0.6723-96 range, USD/CNY and USD/CNH nearer 6.9400 and 6.9500 respectively than 6.9300.
- DXY recoups all and more US inflation data losses between 101.300-940 parameters.
- Euro stalls just shy of 1.1000 vs Dollar before a sharp retreat to probe 1.7bln option expiry interest at 1.0925 amidst a raft of big strikes.
- Pound down partly in sympathy as Cable loses 1.2600+ status ahead of BoE.
Fixed Income
- Volatile trade in bonds ahead of main risk events, Bunds squeeze after big block purchase then fade within 136.35-135.78 range as 2.25% yield holds.
- Gilts whippy between 101.06-100.70 parameters awaiting BoE and guidance beyond widely forecast 25 bp hike.
- US Treasuries idle into US jobless claims, producer prices and long bond leg of refunding, with T-note confined to 115-31+/24 band.
- EGBs saw a marked move higher in the early-European morning with Bunds leading the core rise at the time with a sizeable 9k block buy at 136.00 factoring; albeit, as above, we are off best.
Commodities
- Crude benchmarks remain firmer after choppy trade on Wednesday which resulted in a lower settlement, with today’s action tracking the positive skew to sentiment but with magnitudes relatively narrow as the USD firms and specifics are limited.
- For reference, WTI June sees some resistance ahead of USD 73.50/bbl while Brent July reclaimed USD 77/bbl+ status.
- Kuwait set June KEC crude OSP for Asia at Oman/Dubai + USD 1.70/bbl, according to Reuters.
- Iraq and Iran signed a memorandum of understanding to invest in joint oil fields and to cooperate on extracting and refining crude oil, according to the Iraqi PM’s office.
- Spot gold resides in familiar territory and as such comfortably above the USD 2k/oz handle while base metals are dented by softer-than-expected Chinese inflation numbers.
- Additionally, for copper, ING points out that “China has seen a sizeable increase in refined copper exports over the last couple of months, suggesting that domestic demand is not as strong as many were expecting.”
Geopolitics
- Russian Kremlin spokesman said the military operation against Ukraine is very difficult but certain goals have been achieved, while Russia is acting slowly in Ukraine because it is carrying out a special military operation, not a war, according to TASS.
- Chinese Foreign Minister Qin said China is committed to promoting a political solution to the Ukraine crisis, while it maintains communication with all parties and will continue to play a constructive role in that regard, according to Reuters.
- “Clashes between Armenian and Azerbaijani forces erupted this morning in the direction of Sotk. Artillery and mortars are being used. There are multiple wounded Armenian soldiers.”, according to Faytuks News.
- UK has supplied Ukraine with multiple “storm shadow” cruise missiles, via CNN citing officials; the missiles have a range in excess of 155miles.
US Event Calendar
- 08:30: May Initial Jobless Claims, est. 245,000, prior 242,000
- 08:30: April Continuing Claims, est. 1.82m, prior 1.81m
- 08:30: April PPI Final Demand YoY, est. 2.5%, prior 2.7%
- 08:30: April PPI Final Demand MoM, est. 0.3%, prior -0.5%
- 08:30: April PPI Ex Food and Energy YoY, est. 3.3%, prior 3.4%
- 08:30: April PPI Ex Food and Energy MoM, est. 0.2%, prior -0.1%
- 08:45: Fed’s Kashkari Takes Part in a Moderated Discussion
- 10:15: Fed’s Waller Discusses Financial Stability and Climate…
DB’s Jim Reid concludes the overnight wrap
Markets rallied after the CPI release yesterday, with US equities and bonds advancing as investors grew in confidence that the Fed would finally pause their rate hikes. At first glance the reaction might have seemed surprising, given that core CPI was still firm. But from a market perspective, several details in the report pointed to a more durable slowdown in inflation, which was music to investors’ ears after having repeatedly underestimated its persistence over the last couple of years. That led to a pretty decent reaction, with yields on 2yr Treasuries down by -11.2bps, whilst the NASDAQ (+1.04%) hit an 8-month high with YTD gains now standing at +17.58%. Alphabet (+4.10%) unveiling enhancements to their eagerly awaited AI offerings helped as well and in many ways that might have been the most profound event of the last 24 hours over the longer term.
In terms of the details of the US inflation release, headline CPI came in at a monthly +0.37% in April. In turn, that took the annual measure down to 4.9%, marking the first time in two years it had fallen beneath 5%. But beyond the headline numbers, there was plenty for both sides of the inflation argument to analyse. On the more negative side, core inflation remained stubbornly persistent at +0.41%, which is still too fast for comfort for the Fed. At an annualised rate, that translates to a +5.0% pace, and this isn’t just a blip either, since the last 3 months as a whole show annualised core inflation at a +5.1% rate. The stickier categories were still running at a decent clip as well, and the Atlanta Fed’s sticky CPI series was up by +0.38% on the month.
Yet even with core inflation remaining stubbornly resilient, several details looked more promising. For instance, a chunk of that core inflation was driven by a strong rebound in used cars and trucks prices, where the +4.4% monthly gain was the strongest since June 2021. There were also signs that shelter inflation was coming down, and at +0.42% it had its weakest monthly price growth since January 2022. Furthermore, if you strip out used cars and trucks along with shelter (which is a lagging indicator), then core inflation was running at just +0.16%, which is the weakest month since February 2021.
For markets, the focus was on the more positive interpretation from the release, and it helped cement the view that the Fed would indeed call a pause on their rate hikes at the next meeting. For instance, futures had been pricing in a 17% chance of a June hike on Tuesday, but after the CPI release that had dropped to just a 2% chance of a hike by yesterday’s close. We’re now pricing in a full 25bps cut by September which as you’ll see from yesterday’s CoTD here is exactly in-line with the median gap of 4 months through history between the last hike of the cycle (assuming May was the last) and the first cut of the next one. The rate moves were also evident across most of the yield curve too, with the 2yr Treasury yield down by -11.2bps to 3.91% (+2bps in Asia), and the 10yr yield down -7.6bps to 3.44% (flat in Asia).
Once again, the main exception to those Treasury moves came from the very front-end of the curve, where jitters remain prominent about a potential debt ceiling crisis. That meant the 3-month T-bill yield (+1.4bps) closed just shy of a post-2001 high at 5.197%, whilst the 1m yield hit 5.435%, which is its highest since they first issued such maturity bills in 2001. The next step to watch will be another meeting between President Biden and congressional leaders again tomorrow, but so far neither side has shown signs of budging from their original positions.
With markets growing in confidence about a pause from the Fed, the pattern for US equities was generally a positive one, and the S&P 500 advanced +0.45% despite a midday wobble. Just as risky assets were turning lower there was a WSJ headline that said the CPI report “reinforced the Fed’s plans to pause” which seemed to rejuvenate bullish sentiment. Tech stocks were one of the biggest outperformers amidst the prospect of lower rates going forward, which meant there were strong gains for the NASDAQ (+1.04%) and the FANG+ Index (+1.92%). By contrast, the Dow Jones (-0.09%) lost ground for a third consecutive day. After the close, Disney announced in-line sales and EPS numbers, while losing less than expected from its streaming service. The shares still fell -4.7% after-market partly due to forecasts of subscriber losses.
Back in Europe, there were some interesting ECB headlines yesterday, as Bloomberg reported that officials were starting to accept that rate hikes could continue in September. According to the article, the thinking was that just two more hikes in June and July might be insufficient to get inflation under control. So assuming they kept moving in 25bp increments, a third hike in September would mean the deposit rate goes all the way up to 4%. Separately, we heard from ECB President Lagarde as well, who said in an interview with Japan’s Nikkei newspaper that “we still have more ground to cover.”
Despite the hawkish Bloomberg headline, European sovereign bonds were more focused on the US inflation print than the ECB. That meant there were similar moves to the US, with yields on 10yr bunds (-6.2bps), OATs (-7.2bps) and BTPs (-7.8bps) all moving lower on the day. Meanwhile for equities, the performance was much more subdued than in the US, and the STOXX 600 (-0.38%) lost ground for a second consecutive day.
Looking ahead, one of the main highlights today will be the Bank of England’s latest decision. In terms of what to expect, it’s widely anticipated that the BoE will deliver a further 25bp hike, which would take the Bank Rate up to a post-2008 high of 4.5%. That comes with UK inflation still above other developed countries, and the March CPI reading of +10.1% was above that seen in the Euro Area (+6.9%) and the US (+5.0%) for the same month. In his preview (link here) our UK economist doesn’t expect any major changes to the forward guidance, with the committee likely to give itself as much flexibility as possible heading into June. His expectation is that there’ll be one further hike in June, leaving rates at 4.75%, but the risks are now tilted to the upside of that.
Asian equity markets are mixed this morning despite the positive cues from Wall Street overnight. As I check my screens, the Nikkei (-0.21%) and the Hang Seng (-0.19%) are trading lower whilst the KOSPI (+0.41%) is edging higher. Elsewhere, stocks in mainland China are either side of flat with the CSI (+0.10%) slightly higher and the Shanghai Composite (-0.10%) slightly lower as inflation cooled more than expected, highlighting the bumpy economic recovery (more on this below). Outside of Asia, US stock futures are pointing to a positive start with those on the S&P 500 (+0.21%) and NASDAQ 100 (+0.18%) edging up.
Coming back to China, the consumer price index (CPI) rose +0.1% y/y in April (v/s +0.3% expected), its lowest rate since February 2021, down from the +0.7% annual gain in March. At the same time, the producer price index (PPI) declined -3.6% y/y (v/s -3.3% expected), falling at the fastest clip since May 2020 and following a -2.5% drop the previous month. The soft data coming out from the world’s second biggest economy bolsters speculation that the People’s Bank of China might need to bring forward its plans to stimulate the economy.
To the day ahead now, and the main highlight will be the Bank of England’s latest policy decision. From central banks, we’ll also hear from Fed Governor Waller, ECB Vice President de Guindos, as well as the ECB’s Schnabel and de Cos. Otherwise, US data releases include the April PPI reading and the weekly initial jobless claims.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
DXY bid & EGBs somewhat volatile with general sentiment firmer pre-BoE – Newsquawk US Market Open
THURSDAY, MAY 11, 2023 – 06:26 AM
- European bourses are firmer, but off best, with fresh drivers lacking after a busy pre-market ahead of the BoE
- Stateside, futures retain a positive bias but have been largely horizontal; DIS -5.5% after-earnings
- DXY lifts towards 102.00 with AUD lagging on Yuan/metals weakness after benign Chinese CPI/PPI
- Somewhat volatile EGB trade with Bunds bolstered by a 9k block but then slipping to lows with drivers slim
- Crude remains bid after yesterday’s lower settlement while base metals are dented post-Chinese inflation
- Looking ahead, highlights include US IJC & PPI, BoE Policy Announcement & Press Conference, OPEC MOMR. Fed’s Waller, ECB’s Schnabel & de Guindos, Supply from the US.
View the full premarket movers and news report.
Or why not try Newsquawk’s squawk box free for 7 days?
EUROPEAN TRADE
EQUITIES
- European bourses are firmer, though off best Euro Stoxx 50 +0.4%, in a session devoid of specific fresh drivers from a macro perspective aside from Wall St. catch-up and looking ahead to the BoE/Fed speak.
- Sectors are predominantly in the green, with Consumer, Travel/Leisure and Retail experiencing some modest outperformance while Basic Resources lag in-fitting with underlying metals pricing.
- Stateside, futures retain a positive bias but have been largely horizontal in the European morning ahead of PPI, IJC and Fed speak, ES/NQ +0.3%; earlier remarks from Treasury Secretary Yellen focused on the debt ceiling but added little.
- Walt Disney Co (DIS) – Q2 2023 (USD): EPS Adj. 0.93 (exp. 0.93), Revenue 21.82bln (exp. 21.79bln). Media and entertainment distribution revenue 14.04bln (exp. 14.16bln). Parks, experiences and products revenue 7.78bln (exp. 7.67bln). Total Disney+ paid subscribers 157.8mln (exp. 163.1mln) -5.5% in the pre-market, shares fell 4.8% after market
- JD.Com Inc (JD) Q1 2023 (USD): EPS 0.69 (exp. 0.51), Revenue 35.4bln (exp. 34.64bln); In the coming quarters ahead, will further enhance business structure in order to drive the expansion of user base throughout China.
- Foxconn (2317 TT) Q1 (TWD): Net 12.8bln (exp. 29.18bln), sees FY revenue flat YY and Q2 revenue to decline YY; retains a conservative outlook for business this year, due to global economic uncertainties.
- SoftBank (9984 JT/SFTBY) Q1 2023 (JPY): Net -970.14bln (prev. -1.71tln). Pretax loss 469.1bln (prev. loss 869.56bln).
- Click here and here for a recap of the main European earnings, including: Bayer, Deutsche Telekom, Siltronic, ING, Rolls-Royce, Telefonica.
- Click here for more detail.
FX
- Aussie undermined by a decline in iron ore and Yuan weakness in the wake of very benign Chinese CPI and deflationary PPI.
- AUD/USD towards the low end of 0.6723-96 range, USD/CNY and USD/CNH nearer 6.9400 and 6.9500 respectively than 6.9300.
- DXY recoups all and more US inflation data losses between 101.300-940 parameters.
- Euro stalls just shy of 1.1000 vs Dollar before a sharp retreat to probe 1.7bln option expiry interest at 1.0925 amidst a raft of big strikes.
- Pound down partly in sympathy as Cable loses 1.2600+ status ahead of BoE.
- Click here for more detail.
- Click here for the notable FX expiries for today’s NY cut.
FIXED INCOME
- Volatile trade in bonds ahead of main risk events, Bunds squeeze after big block purchase then fade within 136.35-135.78 range as 2.25% yield holds.
- Gilts whippy between 101.06-100.70 parameters awaiting BoE and guidance beyond widely forecast 25 bp hike.
- US Treasuries idle into US jobless claims, producer prices and long bond leg of refunding, with T-note confined to 115-31+/24 band.
- EGBs saw a marked move higher in the early-European morning with Bunds leading the core rise at the time with a sizeable 9k block buy at 136.00 factoring; albeit, as above, we are off best.
- Click here for more detail.
COMMODITIES
- Crude benchmarks remain firmer after choppy trade on Wednesday which resulted in a lower settlement, with today’s action tracking the positive skew to sentiment but with magnitudes relatively narrow as the USD firms and specifics are limited.
- For reference, WTI June sees some resistance ahead of USD 73.50/bbl while Brent July reclaimed USD 77/bbl+ status.
- Kuwait set June KEC crude OSP for Asia at Oman/Dubai + USD 1.70/bbl, according to Reuters.
- Iraq and Iran signed a memorandum of understanding to invest in joint oil fields and to cooperate on extracting and refining crude oil, according to the Iraqi PM’s office.
- Spot gold resides in familiar territory and as such comfortably above the USD 2k/oz handle while base metals are dented by softer-than-expected Chinese inflation numbers.
- Additionally, for copper, ING points out that “China has seen a sizeable increase in refined copper exports over the last couple of months, suggesting that domestic demand is not as strong as many were expecting.”
- Click here for more detail.
NOTABLE HEADLINES
- NIESR sees UK GDP growth of 0.3% in 2023 and 0.6% in 2024 vs prev. forecast of 0.2% and 1.0%, respectively, while it sees UK CPI averaging 7.4% in 2023 and 3.9% in 2024 vs prev. forecast of 8.3% and 4.2%, respectively.
- ECB Consumer Expectations Survey (Mar): Inflation Expectations 5.0% 12-months ahead (Feb 4.6%), 3yr ahead 2.9% (Feb 2.4%)
DATA RECAP
- UK RICS Housing Survey (Apr) -39 vs. Exp. -40.0 (Prev. -43.0).
NOTABLE US HEADLINES
- US House panel will hold a hearing on failed banks and mortgage markets on May 17th.
- FDIC’s Board will meet today to consider a proposal to impose special assessments on banking organisations to recover the losses arising from protecting uninsured depositors of the former SVB and Signature Bank.
- Blackstone (BX) is in talks with US regional banks on lending partnerships, according to FT.
- US Treasury Secretary Yellen says US Congress should raise the debt ceiling, cautions that a US default would result in economic and financial catastrophe. Markets are seeing the possibility of a US debt limit breach as a growing downside risk. Will work with G7 peers to increase economic resilience, boost economic security and form reliable critical supply chains.
- US President Biden’s Admin is to unveil plans to cut power industry carbon emissions; plan seen costing the power industry USD 10bln for compliance, with climate and health benefits around USD 85bln.
- China’s Commerce Ministry says it will resolutely object if US restricts US firms from investing in the Chinese semiconductor industry.
- China securities regulator willing to work with US regulatory agencies to continue to promote audit regulatory cooperation.
- Click here for the US Early Morning Note.
GEOPOLITICS
- Russian Kremlin spokesman said the military operation against Ukraine is very difficult but certain goals have been achieved, while Russia is acting slowly in Ukraine because it is carrying out a special military operation, not a war, according to TASS.
- Chinese Foreign Minister Qin said China is committed to promoting a political solution to the Ukraine crisis, while it maintains communication with all parties and will continue to play a constructive role in that regard, according to Reuters.
- “Clashes between Armenian and Azerbaijani forces erupted this morning in the direction of Sotk. Artillery and mortars are being used. There are multiple wounded Armenian soldiers.”, according to Faytuks News.
- UK has supplied Ukraine with multiple “storm shadow” cruise missiles, via CNN citing officials; the missiles have a range in excess of 155miles.
CRYPTO
- Bitcoin is softer and has moved marginally below the USD 27.5k mark in relatively narrow sub-500 parameters as we await the afternoon’s key events with broader market action generally lacking catalysts at this point in time.
APAC TRADE
- APAC stocks traded mixed after the indecisive performance stateside where stock markets whipsawed and treasuries rallied in the absence of any hawkish surprises from the US CPI report, while the regional bourses also reflected on softer-than-expected Chinese inflation data.
- ASX 200 was marginally lower as weakness in utilities and the commodity-related sectors overshadowed the outperformance in tech and after consumer inflation expectations ticked higher.
- Nikkei 225 was indecisive with the biggest movers in the index largely influenced by earnings releases, while the BoJ’s Summary of Opinions from the April meeting did little to shift the dial.
- Hang Seng and Shanghai Comp. were choppy after the latest Chinese inflation supported the idea of a slow economic rebound as consumer prices grew at the slowest pace of increase since February 2021 and with factory gate prices at a deeper deflation.
NOTABLE ASIA-PAC HEADLINES
- China reportedly told the US that there is little chance of their defence chiefs meeting, according to FT.
- Chinese Foreign Minister Qin is to meet with his French counterpart and said that China wants to mutually open up markets with France and create a more resilient supply chain, while he added that China’s determination to promote high-quality development and a high level of opening up is unswerving.
- BoJ Summary of Opinions from the April meeting stated that they must continue with the current easy policy given uncertainty over the global outlook and must support the wage hike momentum through monetary easing. It was also stated that the achievement of the price target appears to have come in sight but they must maintain easy policy for the time being given downside and upside risks. Furthermore, they must ensure that the tweak to interest rate forward guidance is not interpreted as a sign the BoJ would allow future rate hikes and should not target a specific monetary policy change when guiding the policy review to ensure it would be neutral and convincing.
- China’s Foreign Ministry, regarding the Australian Trade Ministers visit to Beijing, says both sides can solve each others trade concerns via constructive dialogue; developing healthy relations is in both sides interests.
DATA RECAP
- Chinese CPI YY (Apr) 0.1% vs. Exp. 0.4% (Prev. 0.7%); PPI YY (Apr) -3.6% vs. Exp. -3.2% (Prev. -2.5%)
- Australian Melbourne Institute Inflation Expectations (May) 5.0% (Prev. 4.6%)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED DOWN 9.60 PTS OR 0.29% //Hang Seng CLOSED DOWN 18.41 POINTS OR 0.09% /The Nikkei closed UP 4.54 OR 0.02% //Australia’s all ordinaries CLOSED DOWN 0.04 % /Chinese yuan (ONSHORE) closed DOWN 6.9377 /OFFSHORE CHINESE YUAN DOWN TO 6.9460 /Oil DOWN TO 72.48 dollars per barrel for WTI and BRENT AT 76.32 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA///USA
Ron Paul Says Forget Ukraine, DC Hawks Dragging NATO Into Taiwan War
WEDNESDAY, MAY 10, 2023 – 10:40 PM
As NATO’s disastrous proxy war in Ukraine continues to sputter, many in DC seem to be losing interest in “Project Ukraine.”
Instead of admitting the folly of interventionism, however, they are looking for bigger fish to fry. Like…war with China! Also today: Syria back in the Arab League – what does it mean?
Below is more Texas former Congressman Ron Paul on NATO’s growing conflict posture with China…
* * *
NATO’s post-Cold War history is that of an organization far past its “sell-by” date. Desperate for a mission after the end of the Warsaw Pact, NATO in the late 1990s decided that it would become the muscle behind the militarization of “human rights” under the Clinton Administration.
Gone was the “threat of global communism” which was used to justify NATO’s 40-year run, so NATO re-imagined itself as a band of armed Atlanticist superheroes. Wherever there was an “injustice” (as defined by Washington’s neocons), NATO was ready with guns and bombs.
The US military-industrial complex could not have been happier. All the Beltway think tanks they lavishly fund finally hit on a sure winner to keep the money pipeline flowing. It was always about money, not security.
The test run for NATO as human rights superheroes was Yugoslavia in 1999. To everybody but NATO and its neocon handlers in DC and many European capitals, it was a horrific, unjustified disaster. Seventy-eight days of bombing a country that did not threaten NATO left many hundreds of civilians dead, the infrastructure destroyed, and a legacy of uranium-tipped ammunition to poison the landscape for generations to come.
Just last week tennis legend Novak Djokovic recalled what it felt like to flee his grandfather’s home in the middle of the night as NATO bombs fell and destroyed it. What a horror!
Then NATO got behind the overthrow of the Gaddafi government in Libya. The corporate press regurgitated the neocon lies that bombing the country, killing its people, and overthrowing its government would solve all of Libya’s human rights problems. As could be predicted, NATO bombs did not solve Libya’s problems but made everything worse. Chaos, civil war, terrorism, slave markets, crushing poverty – no wonder Hillary Clinton, Obama, and the neocons don’t want to talk about Libya these days.
After a series of failures longer than we have space for here, DC-controlled NATO in 2014 decided to go all-in and target Russia itself for “regime change.” First step was overthrowing the democratically elected Ukrainian government, which Victoria Nuland and the rest of the neocons took care of. Next was the eight years of massive NATO military assistance to Ukraine’s coup government with the intent of fighting Russia. Finally, it was the 2022 rejection of Russia’s request to negotiate a European security agreement that would prevent NATO armies circling its border.
Despite the mainstream media and US government propaganda, NATO has been about as successful in Ukraine as it was in Libya. Hundreds of billions of dollars have been flushed away, with massive corruption documented by journalists like Seymour Hersh and others.
The only difference this time is that NATO’s target – Russia – has nuclear weapons and views this proxy war as vital to its very existence.
So now despite its legacy of failure, NATO has decided to start a conflict with China, perhaps to take attention off its disaster in Ukraine. Last week NATO announced that it will open its first-ever Asia office in Japan. What next, NATO membership for Taiwan? Will Taiwan willingly serve as NATO’s newest “Ukraine” – sacrificing itself to China in the name of blundering NATO’s seemingly endless appetite for conflict?
We can only hope that America will elect a president in 2024 who will finally end NATO’s deadly world tour.
END
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
BANK OF ENGLAND
Bank of England raises interest rate by 25 basis points as inflation continues to rage inside the Kingdom. They expect a few more
raises to reach 5%. However England’s economy seems to be rolling along just fine despite the higher rates.
(zerohedge)
BOE Hikes By 25bps, Forecasts Higher Inflation And Warns Of More Tightening
THURSDAY, MAY 11, 2023 – 07:22 AM
The Bank of England raised interest rates for a 12th consecutive time by a quarter of a percentage point to 4.5%, the highest level since 2008, and warned that “if there were to be evidence of more persistent [inflationary] pressure, then further tightening in monetary policy would be required”.
The hike, which was expected by the market, was voted through by a 7-2 majority with Dhingra and Tenreyro voting for unchanged, as the central bank’s Monetary Policy Committee said the rise was needed to bring inflation back under control.
The latest BoE forecasts did not attempt to push back against financial market expectations that there were more rises in the cost of borrowing to come and rates would peak close to 5%, according to the FT.
The BoE revised its short term inflation forecasts significantly higher as it admitted it had previously underestimated the strength and persistence of food price rises. Instead of inflation falling below its 2 per cent target within a year, as it previously forecast, the BoE now thinks it will hit the target only at the start of 2025, after the latest date of the next general election. It now expects inflation to fall from the current 10.1 per cent rate to 5.1 per cent in the fourth quarter of the year, instead of its previous forecast of 3.9 per cent. Any further deterioration in the inflation outlook would leave UK prime minister Rishi Sunak missing his pledge to halve inflation by the end of the year.
However, the forecast also predicted the biggest GDP forecast upgrade on record and, unlike the Fed, the bank now thinks the UK economy will avoid a recession relatively comfortably, forecasting that by mid-2026 gross domestic product will be 2.25 per cent larger than it expected in February.
And while the BoE thinks food price inflation will no longer be driving overall price rises in a year’s time, it now expects that the general improvement in the economic outlook will mean that inflation will be above target subsequently.
BoE officials stressed that the growth forecast was still weak with annual growth rates struggling to exceed 1% over the next three years while unemployment would edge higher from 3.8% at present to 4.5% by 2026.
Meanwhile, the main effects of the rises in interest rates from 0.1% in December 2021 to 4.5% have not yet been felt by households, the BoE said in its monetary policy report, with only a third of the full impact in place.
As Newsqawk summarizes, the policy announcement takes a hawkish, skew with the BoE increasing its inflation forecasts and markedly lifting the GDP assessment by the largest magnitude on record and (as expected) no longer show a recession for the UK. Additionally, the Bank retained the guidance line that “if there were evidence of more persistent price pressures, further tightening would be required.”
Given the reiteration of the forward-guidance line from the BoE on price pressures in tandem with the most recent CPI print and the elevated forecasts, alongside the stronger growth backdrop giving the BoE sufficient policy cover, the bias may be for further tightening. Indeed, market pricing indicates a 25bp hike by the August gathering and a terminal just above the 4.75% mark at ~4.85%.
In kneejerk response, gilt futures fell from 101.16 to 100.93 before extending to lows of 100.71 shortly after while cable jumped from 1.2570 to 1.2615 before paring the gains.
Meanwhile, money market are implying a 65% chance of a hike at the June 22 meeting with the terminal rate now priced at 4.87% vs 4.83% before the announcement.
end
EU COMMERICAL REAL ESTATE
European CRE’s are also in big trouble: they may fall up to 40% according to Citibank
(Bloomberg)
European Commercial Real Estate Values May Fall Up To 40%: Citi
THURSDAY, MAY 11, 2023 – 05:00 AM
By Michael Msika, Bloomberg Markets Live reporter and strategist
Real estate companies, already among Europe’s worst performers this year, look set for more pain as rising interest rates fuel a surge in financing costs while investors’ concerns about the outlook for commercial property developers grow.
Sweden’s property stocks — seen as forerunners for the troubles facing European real estate — have been slumping this week as SBB, one of the country’s biggest commercial landlords, halted dividends and canceled a rights issue after suffering a debt ratings cut. That’s bad news for the Stoxx 600 Real Estate Index, which has erased about €140 billion ($154 billion) in market value since a peak in August 2021, down 45%.
Citi analyst Aaron Guy estimates commercial real estate asset value in western Europe could fall by up to 40%, which could potentially trigger covenant breaches and require as much as €178 billion of new equity or “other mitigating actions.” That’s more than the entire real estate sector index’s market cap of €144 billion.
Covenant risks, along with the refinancing profile of real estate to lower loan-to-value ratios, require a “significant re-equitization” in the sector, says Citi’s Guy. That implies potential downside in the near term, but may offer a medium-term opportunity, he adds.
The rates-sensitive sector also remains under pressure after the European Central Bank last week said its hiking campaign has more to go, with some officials pushing back against market assumptions that the cycle will end in July. Amid worsening sentiment, strategists at Barclays and JPMorgan are among those bearish on the sector.
“Higher rates means lower valuation and could lead to rights issues,” say Barclays strategists, who are underweight the sector, viewing it as a bond proxy. Stocks are also challenged by a structural shift to work-from-home trend, as well as retail digitalization, they add. JPMorgan strategists are also underweight, given poor fundamentals, although they note stalling bond yields may offer some respite.
Their peers at Bank of America are more optimistic, saying expectations of lower bond yields as recession bites is a reason to be overweight real estate this year.
Risks loom largest over Swedish real estate, which enjoyed high growth fueled by historically low interest rates in the past decade. Now, the market has more than $40 billion in bonds maturing in the next five years, a quarter of which falls due in 2023. Much of that debt is short term and floating rate, making it particularly exposed to rates.
Adding to concerns, many of those firms have complex shareholding structures, often overlapping between several listed firms, where one margin call has the potential to set off a chain reaction.
While the risk of SBB’s current woes spreading to other major Swedish landlords is not tremendous, the dividend halt and scrapped rights issue will be “yet another negative overhang for the sector,” says Molly Guggenheimer, equity strategist at Danske Bank.
END
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
UKRAINE/RUSSIA/BLACK SEA/GRAIN
As we pointed this out to you yesterday through Greg Miller of Freightwaves, the grain deal is teetering and thus Ukraine peace talks are just
not possible.
(zerohedge/Greg Miller Freightwaves)
UN Chief Says Ukraine Peace Talks ‘Not Possible’ As Grain Deal Teeters
THURSDAY, MAY 11, 2023 – 04:15 AM
While in a weekend interview 99-year old Henry Kissinger told US media that he predicts China’s entry into Russia-Ukraine diplomacy will result in the two sides finally coming to the table, UN Secretary General António Guterres has issued a much more pessimistic and ominous outlook in a fresh interview with Spain’s El Pais.
He said “I believe that peace negotiations are not possible at this time” as “both parties are convinced that they can win.” But he did acknowledge one rare bright spot: “The most important initiative has been the export of grain from Ukraine and food products and fertilizers from Russia through the Black Sea.”
But the grain deal too is teetering on the brink of failure. As Freight Waves recently reviewed, “Russia is threatening to pull the plug on the Black Sea Grain Initiative on May 18, blocking Ukrainian seaborne exports of corn and wheat.”
Added to this, “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 report continued. “The Tolyatti-Odessa pipeline, a key conduit for Russian exports of ammonia — a vital fertilizer feedstock — remains offline.”
The UN/Turkey-brokered grain deal’s collapse would have immediate impact on the food security of literally tens of millions of people globally, but most especially in already struggling regions of North Africa and the Middle East. The UN has called the Black Sea Grain Initiative as “critical” to helping “stave off famine.”
Guterres said the following to El Pais:
This was a Russian invasion against international law, against the United Nations Charter, but I do not think Russia is willing at the moment to withdraw from the territories it occupies, and I think Ukraine is hoping to retake them. What we are doing, as much as possible, is to dialogue with both parties to solve specific problems. The most important initiative has been the export of grain from Ukraine and food products and fertilizers from Russia through the Black Sea.
On the grain initiative in particular, he said “We are completely engaged in trying to save the initiative, and that currently “It is a question of achieving an extension of the initiative that is more lasting and perfect.”
Secretary Blinken also weighed in on the importance of keeping the grain deal alive in London on Monday:
And in the following section of the interview, the UN chief expressed hope that China’s entry on the diplomatic and mediation front will prevent the risk of nuclear escalation [emphasis ZH]:
Q. Will peace have to wait until both sides are convinced that neither side can win?
A. At this moment I don’t see any possibility of immediately achieving — we are not talking about the future — a global ceasefire, a peace negotiation.
Q. Meanwhile, there is a risk of escalation: the use of tactical atomic weapons by Russia or a nuclear accident in Zaporizhzhia.
A. Zaporizhzhia is a big concern. I hope there is enough care on both sides to prevent a tragedy. And I think the possibility of a nuclear escalation is very small. The Chinese initiative was very important for stating very clearly that a nuclear escalation is unacceptable. The fact that China has taken that position is very important in avoiding a temptation that would be an intolerable absurdity.
Certainly President Putin’s words during Tuesday’s Victory Day celebrations in Moscow were not ambiguous on his continued war aims, and suggest viable peace is not on the table at this moment. He said that war was “unleashed” on Russia by the US and West…
“The globalist elites keep insisting on their exceptionalism; they pit people against each other, split societies, provoke bloody conflicts and coups, sow hatred, Russophobia and aggressive nationalism, destroy traditional family values that make human a human,” Putin said.
As for the positive view expressed by Guterres of ongoing Chinese engagement with both sides, his words somewhat echoes Kissinger’s Sunday published remarks. As we reviewed earlier, the former Secretary of State said to CBS News’ Ted Koppel: “Now that China has entered the negotiation, it will come to a head, I think, by the end of the year.” He clarified that “We will be talking about negotiating processes and even actual negotiations.”
It will be interesting to see in the coming months whether the battlefield reality begins to result in the Guterres view taking shape, or the Kissinger prediction of peace negotiations by year’s end.
end
UK/UKRAINE/RUSSIA
Robert H to us:
UK supplies long-range missiles to Kiev – CNN — RT Russia & Former Soviet Union
Who believes what Ukrainians say, they will use these missiles to strike deep into Russia and Russia will respond in escalation. Meanwhile the US is sending TOW missiles to Taiwan in a dare to the Chinese.
The real question is what Russia will do when this Red Line is crossed? And whether China will allow the delivery or decide to do a naval blockade of Taiwan to stop the delivery.
https://www.rt.com/russia/576100-uk-ukraine-long-range-missiles-shadow/
END
SYRIA/USA/ARAB LEAGUE
Both Democratic and Republican House hawks urge Biden to use sanctions to prevent Syria normalization into the Arab league.
House Hawks Urge Biden To Use Sanctions To Prevent Syria Normalization
WEDNESDAY, MAY 10, 2023 – 09:40 PM
Authored by Dave DeCamp via AntiWar.com,
The top Republican and Democrat on the House Foreign Affairs Committee released a statement on Monday slamming Syria’s readmission into the Arab League and urging President Biden to use sanctions to prevent further normalization.
“Readmitting Assad to the Arab League is a grave strategic mistake that will embolden Assad, Russia, and Iran to continue butchering civilians and destabilizing the Middle East,” Rep. Michael McCaul (R-TX) and Gregory Meeks (D-NY) said.
“The United States must fully enforce the Caesar Act and other sanctions to freeze normalization efforts with this war criminal,” the lawmakers added.
The Caesar Act imposed crushing economic sanctions on Syria in 2020 that are specifically designed to prevent the country’s reconstruction. The measures have had a devastating impact on Syria’s civilians. The House recently voted overwhelmingly to keep enforcing sanctions following a devastating earthquake that killed thousands of Syrians.
What makes the Caesar Act sanctions so sweeping is that they allow the US to sanction any person or entity for doing business with the Syrian government.
This means US allies like Saudi Arabia and Jordan, which spearheaded the effort to bring Syria back into the fold, could potentially be targeted. On Tuesday, Syria and Saudi Arabia announced they were reestablishing diplomatic ties for the first time in over 10 years.
The State Department has denounced Syria’s readmission to the Arab League. “We do not believe that Syria merits readmission to the Arab League at this time,” State Department spokesman Vedant Patel said on Monday. “We continue to believe that we will not normalize our relations with the Assad regime, and we don’t support our allies and partners doing so either.”
On top of the crippling sanctions, the US has about 900 troops in eastern Syria and backs the Kurdish-led SDF, allowing the US to control about one-third of the country, where most of its oil resources are located. Syria’s normalization with its neighbors could complicate the US’s plans to keep occupying the country
end
ISRAEL
US Vows “Ironclad Support” For Israel As Gaza Fighting Enters 3rd Day
THURSDAY, MAY 11, 2023 – 01:45 PM
The White House has said it stands by Israel as its offensive against Gaza militants enters a third day. As of Thursday evening local time, at least 26 Palestinians have been reported killed, which includes both civilians and multiple leaders of the Palestinian Islamic Jihad terror group, under heavy IDF airstrikes.
National Security Adviser Jake Sullivan spoke with his Israeli counterpart Tzachi Hanegbi on the same day, reaffirming the US’ “ironclad support for Israel’s security.”
US Ambassador to Israel Tom Nides at the same time issued a statement backing Israel’s “right to defend itself” but stopped short of mentioning the ratcheting civilian casualty rate. At least 80 Palestinians have been reported injured in addition to the over two dozen killed, as the tit-for-tat strikes continue.
As is typical of these flare-ups in fighting, which hasn’t happened on this large a scale since last August, Egypt is working behind the scenes to achieve a ceasefire. Cairo is reportedly hosting senior Palestinian Islamic Jihad official Mohammad al-Hindi for mediation efforts; however, the Arab side is complaining about “Israeli assassinations” of Islamic Jihad leaders.
Earlier in the day Al Jazeera detailed—
The killing of Ahmed Abu Daqqa, a senior commander of Palestinian Islamic Jihad’s armed wing, has brought the number of senior figures from the faction killed to five since Israel began attacking Gaza on Tuesday.
The death toll includes at least four women and six children.
The Israeli military claimed that Abu Daqqa helped oversee rocket launches towards Israel over recent days, as well as in previous rounds of fighting with Islamic Jihad.
“He was assassinated in his home. Four others were critically injured and taken to hospital,” said Al Jazeera’s Youmna El Sayed, reporting from Gaza.
Meanwhile Israeli government and military leaders have vowed to hit Gaza hard so long as Israel remains under threat of rocket barrage. Yesterday witnessed over 100 rockets from fired from the strip, which set off emergency alerts as far away as central Israel and Tel Aviv.
Prime Minister Benjamin Netanyahu vowed the military will continue striking enemies…
“This morning we targeted the commander of the Islamic Jihad’s missile array in Gaza. Now, just an hour ago, we targeted his deputy as well,” said Netanyahu on a visit to a military base.
“I have already said, anyone who comes to harm us — their blood will be on their heads, including anyone who replaces him,” Netanyahu stressed.
He also praised anti-air defense systems and military units, saying they are doing “sacred work” to defend citizens.
It was widely reported yesterday that the medium-range David’s Sling missile defense system successfully intercepted inbound projectiles in its first ever operational use. “We will continue to act defensively and offensively until the end of the campaign,” Netanyahu vowed.
END
THIS AFTERNOON:
One Israeli killed in the southern city of Rehovot, (home of the Weizmann Institute.)
Israeli Killed Outside Tel Aviv As IDF Says Over 800 Rockets Fired From Gaza
THURSDAY, MAY 11, 2023 – 03:40 PM
Update(1540ET): As of mid-evening local time the IDF has recorded 803 rockets and mortars launched over the past 2 days from the Gaza Strip. At least 28 Palestinians have been killed, many of them civilians.
The first Israeli citizen has been killed: “One person has been killed when a rocket fired from Gaza struck a city near Tel Aviv, an Israeli emergency official tells Army Radio,” per Al Jazeera.
“A spokesperson for Israel’s medical services said a rocket struck a four-storey apartment building in Rehovot, leading to a death and at least five injuries.”
The EU and other international bodies are calling for an immediate ceasefire, but there are currently no signs either side is backing down, also as Israel continues to pummel Gaza with airstrikes.
Of 620 projectiles which have crossed the border into Israel (many don’t make it outside of Gaza after they are launched, falling short), air defense systems intercepted 179.
end
A good one!!
Bold gambits on the West Asian chessboard
| Robert Hryniak | 12:27 PM (3 minutes ago) |  | |
| to | |||
The changing realities of the Middle East extend far beyond. It is only a matter of time before the US is ousted from Syria. As the sands blow there are quiet discussions of either directly using force or isolating American troops there making another Afghanistan like disaster. Think an imposed no fly zone and a non accessible access by land.
Soon the Gulf is to become more limited in access to American vessels. As unified patrols of the Gulf are managed and paid for by Gulf States and encouraged by China.
While the games of the Hegemon are played, the Arabs suggest that the sand will be there long after they are gone as a global power.
America badly needs to repurpose itself while time exists otherwise it will enter a period of slow painful collapse. After this winter which promises to make up for the mild nature of this winter past, how much of the industrial base will be left by next summer? Europe is headed for a remake it can no longer control or escape.
https://thecradle.co/article-view/24623/bold-gambits-on-the-west-asian-chessboar
6.Global Issues//COVID ISSUES/VACCINE ISSUES/
GLOBAL ISSUES
Luxury homes in 46 cities fell by .4% led by Vancouver, Canada, San Francisco and Wellington NZ. The all in the 46 major cities is the first since 2009 and portends trouble in global economies
(zerohedge)
Global Luxury Home Prices Just Did Something They Haven’t Done Since 2009
THURSDAY, MAY 11, 2023 – 06:55 AM
The global financial system is showing strains as rising interest rates spark turmoil in Western banks. Besides turmoil in the financial sector, another part of the global economy might be cracking, and that’s the luxury home market.
A new report from real estate consultancy Knight Frank reveals luxury home prices in 46 cities across the world slid .4% year-over-year in the first quarter, the first drop since 2009, and is a steep decline from 10% of growth in the fourth quarter of 2021, according to Bloomberg.
Knight Frank’s report showed luxury home prices in Wellington, New Zealand; San Fransico, California; and Vancouver, Canada, recorded the most significant declines. Inversely, luxury home prices were higher in Dubai and Miami.
“The slowdown in growth has overwhelmingly been driven by sharply higher interest rates following a recent tightening in global monetary policy,” Liam Bailey, Knight Frank’s global head of research, wrote in the report.
As the Federal Reserve, the European Central Bank, the Bank of England, and other major central banks continue raising rates — there are increasing risks that overtightening will break financial markets along the way. This might already be seen in the US and Europe, where a series of banking failures have sparked turmoil. There’s concern that banking turmoil has unleashed a credit crunch impacting commercial real estate.
Bailey continued by saying luxury housing markets will likely experience downward pressure through the year’s second half. However, he pointed out there are few signs of a repeat financial crisis.
Historically, such forceful rate increases by central banks produce a ‘hard economic landing.’
The first decline in global luxury housing markets since 2009 is yet another sign of more trouble ahead.
end
Vaccine issues:
COVID Lab-Leak And The Attack On Common Sense
WEDNESDAY, MAY 10, 2023 – 09:00 PM
Authored by Charlie Tidmarsh via RealClear Wire,
Most of us learned about the virus we now call SARS-CoV-2 just over three years ago, on January 6, 2020. Reports of a fast-spreading respiratory infection that was hospitalizing and killing people in the southern Chinese city of Wuhan quickly became the dominant news story, and by January 20 the first domestic case was registered in Washington State. We were told, first, that coronaviruses of this kind were known to spread among bat populations in China, and that the virus likely leapt from bat to human at a live-animal market in Wuhan. The pangolin was the likely culprit. (Three years later, it’s the raccoon-dog.) But all the while, lurking in plain sight, was the Wuhan Institute of Virology, a biosafety-level 4 lab with funding from the United States’ National Institutes of Health (NIH) that openly engages in coronavirus research. It felt only natural to ask: Could this virus have originated in a lab?
Qualified people asked this question from the beginning. Asking it is not the same as asking whether Covid-19 was engineered by bad actors, state or otherwise, with terroristic intent. No one worth paying attention to was talking about bioterrorism. What many scientists and journalists were asking about instead was the increasingly mainstream theory that this novel coronavirus did not, in fact, make first contact with humans via an animal (the zoonotic origin theory). They wondered, rather, whether it was the product of one or another virus research method—“gain of function” being the key term here, referring to a set of practices ranging from benign to necessary to highly risky—and had subsequently “leaked” out of the Wuhan Institute of Virology and into the civilian world, unintentionally.
Today, both the U.S. Department of Energy and the FBI endorse the lab-origin position as the most likely. But efforts to discredit the theory as racist and conspiratorial in 2020 and 2021 were swift, unequivocal, and bewildering.
Bret Weinstein, the evolutionary biologist whose dramatic pillorying by a student mob at Evergreen State in 2017 sparked broader conversations about cancellations on university campuses, was among the first to observe publicly that the SARS2 genome contained something called a furin cleavage site, and that this particular mutation appeared to indicate human interference in the virus’s genetic sequence. The furin site was known to enhance the virus’s infectiousness and quicken its spread in human tissue; it had never been observed in similar, naturally occurring coronaviruses.
Arkansas senator Tom Cotton was also early to mention the possibility of a lab leak; the Atlantic Council responded by dismissing the senator’s statements as evidence of a growing “infodemic” of false claims about Covid.
Nicholas Wade, a former science writer at the New York Times, wrote a remarkable essay for the Bulletin of the Atomic Scientists in 2021 which details not only the scientific plausibility of the lab-leak theory but the connections between the Wuhan lab and the nonprofit EcoHealth Alliance. Wade points out that EcoHealth, with money from the NIH, funded coronavirus research at the Wuhan Institute of Virology. EcoHealth president Peter Daszak was the lead author of a February 2020 letter in the Lancet, signed by 27 scientists, which unequivocally denounced lab-origin speculation as not only incorrect but conspiracy theorizing. (If the lab-leak theory were true, Daszak would potentially be implicated.) As recently as last month, Democratic congressman Raul Ruiz attempted to remove Wade as a witness in a Covid origin hearing, accusing him of espousing racist and white supremacist views.
Meantime, then-president Donald Trump unhelpfully referred to Covid as the “China virus,” a rhetorical move that achieved little more than to offer mainstream liberal media a blank check to write off further discussion of the lab-origin hypothesis as racist drivel. Apoorva Mandavilli at the New York Times mused on Twitter that the lab-leak theory had “racist roots,” and that it was therefore time to stop talking about it. To believe the mainstream media, it was somehow more racist to be skeptical of an internationally funded research institution than it was to place blame on the Chinese cultural practice of wet-market trading.
As has become common today, suppression of the story became the story. Consider the ongoing discourse around Matt Taibbi’s Twitter Files reporting, which has produced a number of breaking stories but is persistently mired in slander to the degree that public interest has shifted away from the content of Taibbi’s reporting and onto the blatant efforts to dismiss it. In the case of Covid’s origins, what should have been a relatively dispassionate conversation has become heated largely because of how powerful individuals and institutions have tried to quash any serious discussion of the lab-leak theory.
We know that our public-health officials were paying attention to the lab-leak possibility as early as the spring of 2020. Recently obtained emails between Anthony Fauci and prominent virologists and epidemiologists show that, despite the lack of consensus about the scientific evidence, a paper in Nature Medicine was rushed to publication in order to preempt the perception that the U.S. government had been caught flat-footed on the question of the virus’s origin. Soon afterward, and despite expressing private uncertainty on the matter, Fauci announced at an April 2020 press conference that he endorsed the paper’s findings. Titled “On the proximate origin of SARS-CoV-2,” the paper claims that “[their] analyses clearly show that SARS-CoV-2 is not a laboratory construct.” It is now one of the most-read scientific papers of all time, with 5.7 million reads and over 2,000 media citations. After the April 2020 press conference, outlets such as ABC News ran snide headlines, such as, “Sorry, conspiracy theorists. Study concludes COVID-19 ‘is not a laboratory construct’.”
The New York Times’s David Wallace-Wells—along with Fauci, for that matter—is right to argue that an indisputable resolution to the Covid-origin question may be not only unattainable but also unnecessary to future pandemic preparedness. What is necessary, however, is a free-speech atmosphere in which Americans are not routinely cowed by elite media institutions into questioning whether they are racist, conspiratorial, or ignorant when they ask rational questions about observable realities.
Aaron Sibarium, soon after the Department of Energy leak, phrased the situation well with a thought experiment on Twitter: “Suppose you are investigating a murder. According to the forensic analysis, there is a 99% chance the exit wound came from a pistol. But the only gun at the scene—and you’ve searched very thoroughly—is an AR-15. This is roughly the epistemic dilemma of the lab leak debate.”
While the 99% figure may be overstated for effect, Sibarium is observing that the strong genetic case for a zoonotic origin has led many serious scientists to conclude that Covid came from an animal. This is still a theory, however—and it’s still in competition with the empirical reality of the Wuhan Institute of Virology, the nature of the institute’s work and its proximity to the epicenter of the outbreak, and even the scientific evidence that favors a lab leak. To date, however, merely observing this possibility continues to prompt scorn from outlets ranging from The New York Times and the Washington Post to the Lancet and Nature, which condemn views held by serious people, such as Wade and Weinstein, as beneath consideration.
This denialism does more than stifle open debate. It erodes our shared empirical reality and shunts significant segments of the population into conversational spaces that will actually breed toxic conspiracy theorizing. That COVID-19 might have come from a lab was from the beginning an intuitive, even common-sense, hypothesis; in rejecting it out of hand and stigmatizing those who proposed it, many of our leading institutions have degraded our future ability to formulate a coherent public response to emergencies.
Encouraging signs have emerged, however. Facebook has now reversed its earlier decision to censor posts discussing a lab origin, and Twitter, under Elon Musk, is opening channels of conversation about Covid that have long been closed. News media is reengaging with the lab-origin theory (even by stealth editing old stories, in some cases) and Congress is conducting investigations. It would be naïve to assume, though, that millions of Americans will forget how their rational questions were dismissed. And it is best that they don’t forget, even as the public conversation of Covid’s origin proceeds, albeit tentatively, in the way it should have done three years ago.
END
DR PAUL ALEXANDER:
Pierre Kory writes beautifully as he does, he is a friend of mine; he writes about continued mass censorship by social media technology/algorithms e.g. TWITTER, Facebook etc.; I too was blocked from
TWITTER again because I wrote about Malone & his deadly mRNA technology & role in the harms of the COVID shots & silence by the Freedom Movement in questioning him; censorship in the Freedom Movement
| DR. PAUL ALEXANDERMAY 10 |
Big praise to Pierre, a strong soldier in the fight and we await him joining The Wellness Company for he has a home there, making real differences. Pierre should also write about the crazy censorship in the actual Freedom Movement he is part of that I no longer am interested in being part of. I am gone, done of it. Many good people there like Pierre, many putrid filthy money whoring people also, pimping off of donors and censorshing once you raise questions of their money whoring fleecing ways of the unsuspecting public and especially if you raise questions about Malone’s (and Kariko and Weissman) mRNA technology that is inside the gene injection vaccine and that has killed many, the very many Pierre himself talks about. My issue is I ‘go to source’. Many play on the edges as afraid to lose ‘followers’ or shout outs, or get smeared or sued. I welcome any or all of that. It’s time for ‘discovery’ in legal settings. Of all of us, for we in the Freedom Movement have our issues too. Many bad folk hide out there. It’s incredible.
Start here as to Pierre, he is 100% correct here:
‘I am increasingly disturbed that most of the country is still barely aware of or is undisturbed by the aggressive censorship of a rapidly increasing number of topics (except Trump’s legal troubles). Mass censorship of this scope and scale (i.e global) is historically unprecedented, as it has only been made possible via recent internet and social media technology/algorithms. Plus, the algorithms and media are owned and operated by a precious handful of massive media companies who do it to serve their own and their other corporate interests, but also on behalf of the U.S gov’t, which, in turn, is completely being run by corporations.
We live in a corporate fascist state at this point. Mass, coordinated censorship started with elections, then mission creeped over to any scientific opinion in Covid which threatened Pharma/DOD interests, but now censorship in media is so normalized that they are wantonly censoring and propagandizing large parts of every important topic we face as a society , i.e. Ukraine, currency threats, the protests in France against Macron, Joe and Hunter Biden corruption developments, Bobby Kennedy interview, and worst of all, the failure to widely and deeply cover the Twitter Files discovery that every single agency of our government had a centralized, direct, efficient access and ability to censor any citizen with an account on any major social media company. And they have done this aggressively for going on 3 years now.
That story itself is, in my opinion, one of the most disturbing in modern American History. And has already disappeared from its brief news cycle. A friend of mine posted a link on Facebook a month ago to buy my soon-to-be released and (deeply researched ) book called “The War on Ivermectin.” She was thrown in Facebook jail for 30 days. Another friend of mine just posted a link to my book on Instagram and she was immediately shadow banned.
They are literally “burning books” again, and with impunity. Yet few know the true extent of the censoring and even fewer are fighting back. America is unrecognizable to me and has been now for 3 years. More grotesque by the day. This will not end well as our society and democracy (whatever shred we had left of it) is being destroyed by those who own corporate controlled media and run the agencies (health, agriculture, energy, etc). The absence of open exchange and debate of emerging data combined with being drowned in incessant propaganda narratives day after day, has made the world go stark raving mad.
This madness caused millions around the world to take deeply personal actions which served Pharma’s interests over their own health, causing many to be complicit in their own demise or disability. In my opinion, the last bastion for truth are books, documentaries, Substack (for now) and independent podcasters. I would suggest consuming little else but those sources or we’re done for. if you cant tell, I’m really really pissed off (and frightened) tonight.’
end
Dr. Vinay Prasad responds to Bobby Kennedy Jrs. podcast appearance & fact checks; healthy key questions Prasad raises & Kennedy did a great podcast appearance; Kennedy provided strong data on HCQ/IVM
I think personally that the studies were all poorly done, designed to fail, wrong dose, wrong time in sequelae, wrong patient groups etc.; they subverted the early treatment drugs for ill persons
| DR. PAUL ALEXANDERMAY 10 |
See Vinay’s video critique of Kennedy’s podcast and see Kennedy’s response. I think a discussion between these 2 are in order. Open, transparent, explicit.
Any discussion or conversation is very productive.
SOURCE:
I think that we must have these open discussions and praise TWITTER here for allowing it. I think that Kennedy raises very good points and will give the democrats serious problems. He is a serious democrat contender. He is principled and smart. I like him. I am not a democrat and will not vote such but this man adds to the debate and is quite knowledgeable and I like his stance on the fraud gene injections.
Kennedy responds with data:
‘Dear Vinay, I’d like to challenge you on your claims regarding HCQ and ivermectin. There has been a great deal of fraud in the analysis of these two drugs for COVID. I imagine this is hard to believe, but perhaps after all the false claims and illogical public health measures taken during the pandemic, you can have an open mind regarding what I have to say. Three of the largest HCQ clinical trials were designed to fail. Together, the 3 trials gave HCQ to 2,549 hospitalized patients, who were nearly half of all those entered in late treatment trials of HCQ. These were the Solidarity, Recovery, and REMAP (Higgins et al.) trials.
Using death as the endpoint, all 3 had considerably higher death rates in the HCQ group than in the standard care group. Why was this? Because the patients were given excessive, dangerous doses of HCQ, doses that have never been considered therapeutic for any condition. Interestingly, all 3 trials cited above used the identical HCQ doses and dosing schedule. The dose was 800 mg at T=0, then 400 mg each at 6, 12, and 18 hours, then 400 mg every 12 hours for a total 10 days of treatment. Please look up this dose and see if you think it was safe, particularly when all the REMAP patients were in the ICU, and there was no dosage adjustment for weight or comorbidities. In case you still are unconvinced, a study in Brazil of excessive doses of chloroquine (CQ) by Borba et al. quickly revealed it was killing patients, and the trial of high dose CQ had to be ended prematurely, as detailed in the JAMA:
https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2765499… Question: How safe and effective are 2 different regimens of chloroquine diphosphate in the treatment of severe coronavirus disease 2019 (COVID-19)? Findings: In this phase IIb randomized clinical trial of 81 patients with COVID-19, an unplanned interim analysis recommended by an independent data safety and monitoring board found that a higher dosage of chloroquine diphosphate for 10 days was associated with more toxic effects and lethality, particularly affecting QTc interval prolongation. The limited sample size did not allow the study to show any benefit overall regarding treatment efficacy.
Meaning: The preliminary findings from the CloroCovid-19 trial suggest that higher dosage of chloroquine should not be recommended for the treatment of severe COVID-19, especially among patients also receiving azithromycin and oseltamivir, because of safety concerns regarding QTc interval prolongation and increased lethality. When you remove these 3 HCQ trials from a meta-analysis of HCQ (+/- CQ) you find the medication was very beneficial. Leaving them in, still some meta-analyses find efficacy. Here is another meta-analysis of HCQ RCTs:
https://c19hcq.org/meta.html#fig_fpr… While no ivermectin trials overdosed patients, there were a number of suspicious issues with the COVID ivermectin studies. A meta-analysis by Andrew Hill had its conclusions adjusted shortly before publication. This was detailed in part by Dr. Tess Lawrie and discussed in my book, “The Real Anthony Fauci.” Phil Harper did a deeper forensic dive later and identified other people who participated in changing the paper’s conclusions.
There were many serious questions raised about the conduct of the Together trial, the Lopez-Medina trial, and others. There is so much more to this story, and I would be happy to share more information, or put you in touch with other doctors who have written about the frauds in detail. Finally, here is another meta-analysis for ivermectin: https://c19ivm.org/meta.html#fig_fpr… Best wishes, RFK, Jr.’
end
700,000 illegals, with many jihadists within, rapists, murderers, set to rush the US Border agents as Title 42 expires & Biden et al. let it; this is jihad by illegal invasion ensured by Biden et al.
Trump invoked public health authority known as Title 42 at the border, ensuring that federal immigration officials were able to quickly return millions of illegal aliens to Mexico; Biden REVERSING
| DR. PAUL ALEXANDERMAY 10 |
‘As many as 700,000 migrants, a foreign population larger than Boston, Massachusetts, are currently in Mexico waiting to rush the United States-Mexico border when President Joe Biden ends the public health authority known as Title 42 on May 11.
In 2020, in the midst of the Chinese coronavirus crisis, former President Donald Trump invoked the public health authority known as Title 42 at the border, ensuring that federal immigration officials have been able to quickly return millions of illegal aliens to Mexico over the last three years.
On May 11, though, Biden will end Title 42 and expand its Catch and Release network to quickly move border crossers and illegal aliens into the U.S. interior — including deploying 1,500 U.S. troops to the border to free up federal immigration officials to process arrivals at a faster pace.’
END
DR PANDA
| Open in app or onlineWatch: There’s a Little Band-Aid on Each Shoulder Laura Jeffery, an embalmer in Ontario, testifies on what she witnessed after the vaccine rollout in 2021 .DR PANDA MAY 10 SHARE Funeral director and embalmer Laura Jeffery testified at the National Citizens Inquiry in Toronto, Ontario. She described that in the beginning months of 2021 (after vax rollout), she began seeing “unusual deaths with a band-aid” on people’s shoulders. Jeffery saw “a little, tiny bandaid on everybody’s shoulder” that she was embalming. (above video)Here is a short recap of the rest of her testimony. You can see the tweet thread by SenseReceptor on Twitter. You can watch the full testimony here.Upgrade to paidDirty BloodJeffery also described that she began to notice anomalies in the blood of people she was embalming starting in the beginning months of 2021. She described the blood as “more viscous” (thicker, darker, and more sticky) and saw it “in every single person”. She also began noticing tiny pieces of “pinhead-sized” clots. She referred to this anomalous blood as “dirty blood”.White Fiber MassesJeffery describes that she began to pull “white fiber masses” from the circulatory systems of people she was embalming. She described the masses as “stretchy” and “not easily broken”. She said that the masses were “plugging” the circulatory system and creating “an exact cast of the inside of a person’s artery”. Jeffery said that the masses were “something new” that she had not seen before the rollout of the COVID-19 vaccine.No AutopsiesLaura Jeffery said that medical examiners were not performing autopsies on the anomalous deaths she was seeing. She noted that “way less” autopsies were being performed than usual. She said that she was “seeing a decrease from the norm” even though she thought there were “more deaths that should have been investigated.”Healthy People DyingJeffery gives an example of a 47-year-old man who was “someone that’s so healthy… like HEALTHY” who died “right away.” His death was investigated and “his family told us point-blank he died from clots.” Jeffrey says she had never seen someone of that age and fitness die before. |
END
END
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| Kari Lake Praises Tucker’s Twitter Move: ‘Carlson Saw the Rot at the Heart of Our Mainstream Media’Kari Lake celebrated Tucker Carlson’s decision to tell Fox News to pound sand and relaunch his show on Twitter.READ MORE |
| Lori Lightfoot Declares ‘Emergency’ over ‘Migrant Inflow’ to ‘Sanctuary City’ ChicagoFailed Democrat Mayor Lori Lightfoot has declared an “emergency” in Chicago as the so-called “sanctuary city” reaches breaking point over the influx of migrants from the southern border.READ MORE |
| FBI Admits Hacking Americans’ Computers to ‘Fix Russian Malware’The FBI has admitted to secretly hacking into the computers of American citizens but insists that the effort was meant to “fix Russian malware.”READ MORE |
| Elon Musk Warns Facebook’s ‘WhatsApp Cannot Be Trusted’Twitter boss Elon Musk has put Facebook owner Mark Zuckerberg on notice by warning the public that his company’s WhatsApp messenger “cannot be trusted.”READ MORE |
EVOL NEWS
| Tucker Carlson Announces He Is Relaunching Show on Twitter READ MORE… |
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VACCINE IMPACT
Family Files Federal Lawsuit Against Massachusetts Police and Government for Medically Kidnapping Infant & Toddler at 1 a.m. in Home Invasion
May 10, 2023 4:48 pm
A family who took their 3-month-old son to an emergency room in Waltham, Massachusetts last year at the advice of their pediatrician because the infant had a 103 degree fever, is now suing Waltham police and social workers who came to their home unannounced at 1 a.m. in the morning and forced their way into their home to remove both their 3-month-old baby and his 3-year-old brother, with no warrant, simply because an x-ray taken of the baby a couple of days earlier showed a healed fractured rib in the baby. That was all it took for local authorities to medically kidnap their children, by forcing their way into the family’s home in the middle of the night and terrorizing the young children by kidnapping them and taking them away from their parents. The parents were eventually cleared of all charges and their children were returned to them, but now the parents are suing to try and stop this from happening to other families. This story has received national media attention, and The Pacific Legal Foundation has taken up their case and filed a federal lawsuit. Sadly, this is a common story in the U.S. and not rare at all. We have covered dozens of these stories over the past several years. As we have reported over the years, taking your child to an emergency room is one of the most dangerous things parents can do these days, as there is a huge industry devoted to “medical child abuse” and “child abuse pediatricians” along with their “child abuse” teams which can only be funded and their salaries justified by finding “child abuse” in pediatric patients brought to the hospital. Unsuspecting parents bring their child to the emergency room and often end up having x-rays taken of their child, and based solely on an x-ray these “child abuse” pediatric doctors will order a child be seized from their parents, even before an investigation can be conducted. It is a horrific violation of constitutional rights, as even terrorists, rapists, murderers, etc. are afforded due process of law in the criminal justice system, but parents are not given those same rights in Family Court. After a medical doctor suggests “child abuse”, the children are often ripped away from the parents without any charges even filed, and then they have to prove their innocence, which can take months or even years, to get their children back.
LA County May be Forced to Pay $3 Billion in 3,000 Claims of Child Sexual Abuse in Foster Homes, Children Shelters, and Probation Camps
May 10, 2023 5:15 pm
Three years after the Child Victims Act went into effect, L.A. County — responsible for facilities meant to protect and rehabilitate the region’s youth — has emerged in court filings as one of the biggest alleged institutional offenders. Two weeks ago, in an otherwise dry budget document, county officials delivered figures that stunned even some of the most seasoned California sex abuse attorneys. County officials predicted that they may be forced to spend between $1.6 billion and $3 billion to resolve roughly 3,000 claims of sexual abuse that allegedly took place in the county’s foster homes, children shelters, and probation camps and halls dating to the 1950s. The county is gearing up to litigate the cases, bringing on 11 law firms to work through the claims. Experts say the volume is unlike anything they’ve heard of in local government. There is only one apt comparison, attorneys say: the Catholic Church.
MICHAEL EVERY
MICHAEL EVERY/RABOBANK//
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
PAKISTAN
Protests continue in Pakistan after the arrest of Khan
(zerohedge)
Pakistan’s Army Polices Capital As Provinces Urge Military Help Against Protests
WEDNESDAY, MAY 10, 2023 – 04:25 PM
Update(1625ET): Not only is the Pakistani army now overseeing security in the capital as protests have spiraled out of control due to the arrest and detention of former prime minister Imran Khan, but increasingly desperate officials are urging military deployment to at least three other provinces to restore order.
The Washington Post reports in the evening (local time): “Tensions mounted further in the evening hours as Pakistan’s government appeared to have approved deploying the military in Islamabad, potentially pulling the country’s powerful but often deliberately opaque army into the center of the conflict.”
Authorities have further urged citizens to stay in their homes during the evening hours, resulting in an eerie ‘calm before the storm’ of more protests. “The streets of Islamabad — usually bustling with motorbikes and pedestrians — were largely empty and many businesses remained shuttered,” WaPo continues. “Throughout the day, Pakistani authorities had secured military and government compounds by blocking roads with shipping containers, while police officers deployed tear gas against protesters on the capital’s main airport access road.”
The army is now warning it will take “stern action” to prevent acts of terrorism, vandalism, and threats to police or military. Simultaneously Prime Minister Sharif blasted the protests in a scathing speech:
Prime Minister Shehbaz Sharif said in a speech Wednesday night that protesters are committing an “act of terrorism” by damaging public and private property.
“Such a spectacle has never been witnessed in the last 75 years. The people were made hostages in their vehicles, patients were taken out of the ambulances and, later, those vehicles were torched.”
* * *
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
THEN MID MORNING
PAKISTAN
Pakistan Top Court Orders Immediate Release Of Imran Khan, Declares Arrest Illegal
THURSDAY, MAY 11, 2023 – 10:00 AM
Pakistan’s Supreme Court has ruled that the arrest of former Pakistani Prime Minister Imran Khan was illegal and has ordered his immediate release, following two days of deadly protests and spreading unrest, which has pitted his supporters against the military and security services.
Khan was taken into custody when he appeared in the Islamabad High Court Tuesday, and was filmed being whisked away in an armored vehicle by dozens of anti-corruption task force agents dressed in Swat gear. The scene sparked outrage, and was interpreted by his opposition Tehreek-e-Insaf party (PTI) as a political ploy to block him from challenging Shahbaz Sharif. Top military commanders have also come out against Khan.
By Tuesday the army had deployed to the streets of the capital of Islamabad, after protesting mobs began raiding military buildings and bases. A national radio building was also burned to the ground.
The BBC on Thursday has confirmed:
The court ordered Mr Khan’s immediate release. His lawyers had argued that his detention from court premises in Islamabad on Tuesday was unlawful.
At least 10 people have been killed and 2,000 arrested as violent protests have swept the country since he was held.
When Khan was taken into custody, he was attending a court hearing related to an Al-Qadir Trust corruption hearing. Khan heads the trust with his wife, and there’s an ongoing probe over billions lost in a ‘bad deal’ as well as corruption allegations going back years.
Since the overnight hours, a sense of calm may have begun to return to the capital amid a heavy military presence…
But it may not be over, given the government appears ready to pursue Khan further:
Amid speculation ahead of his appearance Thursday that the Supreme Court could order his release, national Information Minister Marriyum Aurangzeb told reporters in Islamabad that it would be “unfair” for the top court to intervene is such a manner. Aurangzeb noted the violence instigated by Khan’s supporters this week and said a release order would be tantamount to a “license to kill to everyone.”
Yesterday, many PTI party bosses were arrested, with the central government denouncing ‘acts of terror’ on the part of the protests, which were encouraged by Khan’s party.
END
SOUTH AFRICA/USA
If the USA sanctions South Africa, this will be deadly to their economy. The West has plundered all of South Africa’s gold for over 135 years. South Africa supplied 90% of the world’s gold during 1890 through to 1960’s.
(zerohedge)
Rand Plummets To Record Low After US Accuses South Africa Of Supplying Weapons To Russia
THURSDAY, MAY 11, 2023 – 12:20 PM
The US ambassador to Pretoria accused South Africa of supplying arms to Russia in a covert naval operation, sharply escalating a foreign policy crisis for President Cyril Ramaphosa over the country’s ties to the Kremlin and its position on the Ukraine war.
While the accusation was unconfirmed as of Thursday morning, the news sent the South African rand plunging to a new all time low while the benchmark stock index slid 1% and yields on 2032 government bonds soared 30 basis points to the highest since the start of the pandemic as any evidence that he country is defying international sanctions to support Russia’s invasion of Ukraine would make South Africa itself subject to international repercussions that would further sink an economy already under strain from unprecedented power shortages
According to the FT, Reuben Brigety, US ambassador to South Africa, told local media on Thursday the US believed that weapons and ammunition was loaded onto the Lady R, a sanctioned Russian vessel that docked in the Simon’s Town naval dockyard near Cape Town in December.
“Among the things we noted was the docking of the cargo ship… which we are confident uploaded weapons and ammunition onto that vessel in Simon’s Town as it made its way back to Russia,” he said, in comments reported by South Africa’s News24.
“The arming of the Russians is extremely serious, and we do not consider this issue to be resolved,” he added. The US embassy and South Africa’s foreign ministry did not immediately respond to requests for comment. Ramaphosa’s office said it would respond “in due course”.
South Africa has said it is non-aligned in the war, but Ramaphosa’s government is already under pressure over signs it – along with most non-western nations – is favoring Russia, for example by holding joint naval exercises this year.
Ramaphosa has also extended an invitation for Russian president Vladimir Putin to attend a Brics leaders’ summit in Johannesburg in August – a move that has backfired on Pretoria after the International Criminal Court indicted Putin for war crimes. South Africa, a member of the ICC, would be legally obliged to arrest Putin if he travels there.
Sydney Mufamadi, Ramaphosa’s national security adviser, recently visited the US to explain South Africa’s stance and to try to preserve trade links.
According to the FT, the scandal over the Lady R is now likely to overshadow these efforts. Owned by Transmorflot, a company placed under sanctions by the US last year, the Lady R appeared to switch off its transponder as it made the stop in Cape Town after a voyage down the west coast of Africa.
After the ship left port, South Africa’s defence minister said it had delivered a consignment for the country’s defense forces, but provided no details on what the ship may have picked up in Cape Town.
The South African government in January officially denied that it had approved any arms sales from South Africa to Russia since Moscow began its full-scale invasion of Ukraine in February last year.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0934 DOWN 0.0049
USA/ YEN 134.21 UP 0.116 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2607 DOWN 0.0018
USA/CAN DOLLAR: 1.3411 UP .0039 (CDN DOLLAR DOWN 39 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 9.60 PTS OR 0.29%
Hang Seng CLOSED DOWN 18.41 PTS OR 0.09%
AUSTRALIA CLOSED DOWN .04% // EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 18.41 PTS OR 0.09 %
/SHANGHAI CLOSED DOWN 9.60 PTS OR 0.29%
AUSTRALIA BOURSE CLOSED DOWN 0.04%
(Nikkei (Japan) CLOSED UP 4.54 PTS OR 0.02%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2038.00
silver:$25.05
USA dollar index early THURSDAY morning: 101.59 UP 31 BASIS POINTS FROM WEDNESDAY’s close.
THURSDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing THURSDAY NUMBERS 11: 00 AM
Portuguese 10 year bond yield: 3.035% DOWN 8 in basis point(s) yield
JAPANESE BOND YIELD: +0.384 % DOWN 1 AND 5//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.301 DOWN 7 in basis points yield
ITALIAN 10 YR BOND YIELD 4.113 DOWN 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.190 DOWN 10 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0917 DOWN 0.0065 or 65 basis points
USA/Japan: 134.39 UP .287 OR YEN DOWN 29 basis points/
Great Britain/USA 1.2511 DOWN .0114 OR 114 BASIS POINTS //
Canadian dollar UP .01118 OR 121 BASIS pts to 1.3484
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(6.9483)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.9593
TURKISH LIRA: 19.56 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.384…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 8 in basis points from WEDNESDAY at 3.384% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.752 DOWN 6 IN BASIS POINTS
USA 2 YR BOND YIELD: 3.8599% DOWN 4 in basis points.
USA dollar index, 101.86 UP 59 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 THURSDAY: 12:00 PM
London: CLOSED DOWN 15.02 points or 0.19%
German Dax : CLOSED DOWN 68.65PTS OR 0.43%
Paris CAC CLOSED UP 15.70 PTS OR 0.22%
Spain IBEX UP 16.80 PTS OR 0.17%
Italian MIB: CLOSED DOWN 171.18 PTS OR 0.63%
WTI Oil price 72.09 12: EST
Brent Oil: 76.74 12:00 EST
USA /RUSSIAN /// AT: 76.83/ ROUBLE DOWN 0 AND 75//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.219 DOWN 10 BASIS PTS
UK 10 YR YIELD: 3.735 DOWN 7 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0919 DOWN 0.0164 OR 164 BASIS POINTS
British Pound: 1.2515 DOWN .0110 or 110 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.7360% DOWN 10 BASIS PTS
USA dollar vs Japanese Yen: 134.54 UP 0.422 //YEN DOWN 42 BASIS PTS//
USA dollar vs Canadian dollar: 1.3488 UP .0115 CDN dollar, DOWN 112 basis pts)
West Texas intermediate oil: 71.15
Brent OIL: 75.48
USA 10 yr bond yield DOWN 5 BASIS pts to 3.392%
USA 30 yr bond yield DOWN 6 BASIS PTS to 3.740%
USA 2 YR BOND: DOWN 0 PTS AT 3.9077%
USA dollar index: 101.86 UP 59 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 19.55
USA DOLLAR VS RUSSIA//// ROUBLE: 76.90 DOWN 0 AND 84/100 roubles
DOW JONES INDUSTRIAL AVERAGE: DOWN 221.82 PTS OR 0.66%
NASDAQ 100 UP 41.95 PTS OR 0.31%
VOLATILITY INDEX: 16.95 UP 0.01 PTS (0.59)%
GLD: $187/16 DOWN 1.62 OR 0.86%
SLV/ $22.20 DOWN 1.11 OR 4.76%
end
USA AFFAIRS
1 a) USA TRADING TODAY IN GRAPH FORM
Mouse-House Mullered, Banks Battered, But Mega-Cap Tech Turbocharged
THURSDAY, MAY 11, 2023 – 04:00 PM
China wasn’t pretty overnight, and then domestically, ugly jobless claims and cooler than expected producer price inflation offered some dovish hope (inflation weaker and growth weaker = less need for Fed tightening) but PacWest pissed in the punchbowl by admitting that 10% of their deposits left the building last week following the FRC take-down and the news about them seeking strategic options.
And regional banks are a wreck…
The latter news dominated the former (which should also have been dovish – increasing the odds of the ’emergency’ cut scenario priced into Fed Funds) but it smashed stocks and bond yields lower (but the dollar higher? which hammered gold).
So dovish, dovish, and dovish… and rate-CUT odds are soaring…
Meanwhile, the debt-ceiling overhang remains with the front-end of the Bill curve utterly insanely dislocated…
Never mind all that… Nasdaq clung on to gains on the day as The Dow and Small Caps lagged…
Alphabet dragged the tech indices higher…
The Mouse-House was a bloodbath…
Before we leave equity land, VVIX is decoupling (to the upside) vs VIX and that didn’t end well the last two times…
Source: Bloomberg
Treasury yields were all lower on the day with the long-end outperforming on the day (2Y -1bps, 30Y -6bps). Yields are all lower on the week with the belly outperforming…
Source: Bloomberg
Despite the dovish headlines, the dollar rallied to one-week highs…
Source: Bloomberg
The South African Rand plunged to record lows after the US accused them of selling weapons to Russia…
Source: Bloomberg
Bitcoin was dumped lower again, falling back below $27,000…
Source: Bloomberg
Gold spiked early then was puked again…because nothing says dump gold like a debt ceiling crisis, banking crisis, and dovish implications for The Fed…
Oil slipped again as China rebound and US jobs data dented demand hopes, sending WTI back to a $70 handle…
Finally, 2023 is starting to look a lot like 2011… can they hold out til August for the X-Date hammer to hit?
For the S&P…
Source: Bloomberg
And VIX…
Source: Bloomberg
And judging by USA CDS, it’s different (and worse) this time…
Source: Bloomberg
But hey, keep buying that dip!
b) early morning trading: REGIONAL BANKS/PAC WEST
now it is PacWest’s turn to crash. Very shortly all the regional banks will fail
(zerohedge)
PacWest Shares Crash After Reporting Deposit-Flight Accelerated Last Week
THURSDAY, MAY 11, 2023 – 07:24 AM
Despite all the protestations from talking heads, it appears the reality is that the US bank deposit run is far from over.
Just as we warned on Friday – where non-seasonally-adjusted deposits tumbled…
Now a new filing from embattled regional bank PacWest shows that deposits declined about 9.5% during the week ended May 5, with a majority of that decline occurring on May 4 and May 5 after the news reports on the afternoon of May 3.
On May 1, 2023, First Republic Bank was closed by regulators and immediately sold to J.P. Morgan Chase.
This event heightened market and customer fears of additional bank failures, including PacWest. Our stock price declined approximately 41% from $10.15 on April 28, 2023, to $5.96 on May 5, 2023.
On the afternoon of May 3, 2023, PacWest was featured prominently in the financial news headlines with reports that PacWest was “exploring all of its options and having talks with potential investors and partners”.
The news headlines increased our customers fears of the safety of their deposits.
During the week ended May 5, 2023, our deposits declined approximately 9.5%, with a majority of that decline occurring on May 4th and May 5th after the news reports on the afternoon of May 3rd.
Commenting in a 10-Q filing, the bank outlined actions it’s taken to mitigate risk in the wake of the regional banking crisis:
- Pledged additional assets as collateral for borrowings (i.e. using The Fed’s bank bailout facility even more)
- “Increased the number of customers enrolled in reciprocal deposit programs that increases the amount of FDIC insurance coverage on their account(s) to help retain these customers”
- “Offering competitive promotional rates on our deposit products to attract new customer deposits”
- Reduced 2Q common dividend from 25c to 1c
We will get data on Fed bank bailout facility usage tonight (and more deposit data tomorrow) to get a sense for how this is accelerating further.
PACW shares are down 28% in the pre-market. Is this those pesky short-sellers “manipulating” the market once again?
end
II) USA DATA/
Job market cracks: initial claims unexpectedly soars to the highest level since Oct 2021
(zerohedge)
Job Market Cracks: Initial Claims Unexpectedly Soar To The Highest Since October 2021
THURSDAY, MAY 11, 2023 – 08:43 AM
And just like that, the job market has finally cracked.
One week after the latest JOLTS report confirmed the sharp deterioration in US jobs as the number of job openings tumbled for moments ago Biden’s DOL finally threw in the towel on initial claims data manipulation when it reported that in the latest week, a whopping 264K initial jobless claims were reported, a spike from the 242K the week prior and a huge miss to the 245K consensus estimate. Worse, this was the highest print since October 2021. And unfortunately, it’s all uphill from here.
Developing
end
USA PPI tumbles to its lowest level since 2021 as the economy is cooling
(zerohedge)
US Producer Price Inflation Tumbles To Lowest Since Jan 2021
THURSDAY, MAY 11, 2023 – 08:35 AM
After yesterday’s marginal cooling in CPI, Producer Prices were expected to rise MoM (after falling last month) but further slowing on a YoY basis. Following the big surprise 0.5% MoM decline in March, April’s PPI rose 0.2% MoM (less than the 0.3% exp), which slowed the YoY change to 2.3% (from 2.7% and below the 2.5% exp)…
That is the lowest PPI since Jan 2021…
Source: Bloomberg
Core PI also slowed from +3.7% YoY to +3.4% YoY.
The ‘pipeline’ for PPI is now showing DEFLATIONARY signals…
Source: Bloomberg
Finally, it appears PPI is leading the charge of all the ‘flation’ indicators tracking M2’s collapse…
Source: Bloomberg
All of which gives The Fed more room to pause (or cut on event risk)
III) USA ECONOMIC STORIES
I think we can start to shit shiva for them
(zerohedge)
‘Stop Using Immediately’: Peloton Recalls 2 Million Bikes Due To Breaking Seats, Causing Injuries
THURSDAY, MAY 11, 2023 – 11:00 AM
More than two million Peloton bikes have been recalled “due to fall and injury hazards,” according to a press release on the US Consumer Product Safety Commission’s website.
CPSC said 2.2 million bikes (specifically, bike Model PL01) have been recalled because “the seat post assembly can break during use, posing fall and injury hazards to the user.”
“This recall involves Peloton Bikes with model number PL01. The Peloton Bike measures 4 ft. long x 2 ft. wide, and has an adjustable seat, handlebar, and screen, which tilts up and down to accommodate different heights. The Peloton name and the model number are displayed on the inside front fork, near the flywheel,” CPSC said.
CPSC said consumers “should immediately stop using the recalled exercise bikes” and request a “free seat” as a remedy from Peloton.
There have been 35 reports of seats breaking and detaching from the bike during use, including 13 reports of these incidents leading to injuries such as a fractured wrist, lacerations, and bruises due to falling from the bike.
Many of these defective bikes have been sold online at Onepeloton.com, Amazon.com, and Dicksportinggoods.com since early 2018.
Shares of Peloton slid more than 7% on the news.
Yet another headache for Peloton, which has suffered a plunge in demand and soaring inventories as the at-home exercise bike craze during the pandemic has run its course.
ZEROHEDGE:
A US Default Would Lead To Clearinghouse Collapse And Shockwave Of Catastrophic Treasury Margin Calls
A US Default Would Lead To Clearinghouse Collapse And Shockwave Of Catastrophic Treasury Margin…
END
Home prices are falling in the first quarter. Also shelter costs have also been declining in this data point is essential in the determination of CPI going forward.
(zerohedge)
A Third Of US Home Prices Fall In First Quarter As Shelter Costs Peak
WEDNESDAY, MAY 10, 2023 – 08:00 PM
Goldman Sachs chief economist Jan Hatzius told clients he views today’s consumer price index report “as supportive of our call for a pause at the June FOMC meeting because the shelter stepdown looks increasingly durable.”
Shelter costs, which comprise about one-third of the CPI weighting, increased another .4% in April on the month and up 8.1% compared to the same month last year. However, recently, shelter costs have been decelerating.
US home prices are starting to slide in certain areas. We pointed out last month that shelter costs have likely “topped out.”
More evidence of this was published in the National Association of Realtors report this week, which shows home prices have declined in more areas of the country than in over a decade during the first quarter, according to The Wall Street Journal.
NAR’s report showed housing markets are falling on the West Coast while rising in Midwest, South, and Northeast. The most significant declines were recorded in California and the Mountain West. San Francisco posted a 14.5% median single-family existing-home sale-price decline compared with the quarter last year. Also, towns that boomed the most during the pandemic, such as Austin, Texas, and Boise, Idaho, which saw an influx of Californians, slumped more than 10%.
High mortgage rates have heavily weighed on home-buying demand as supply has been limited. The effect of monetary tightening by the Federal Reserve is beginning to filter through where more regions in the US are recording home price declines. On an annual basis, price declines have been seen in 31% of the 221 metro areas monitored by NAR, the highest in over a decade.
The deceleration is a welcoming sign for home buyers, but Lawrence Yun, NAR’s chief economist, describes the unevenness of the market:
“Generally speaking, home prices are lower in expensive markets and higher in affordable markets.”
Yun did point out that if inventory shortages persist, it could make home price declines “short-lived.”
NAR’s data shows US median single-family existing-home sale prices fell by .2% in the quarter compared to a year earlier to $371,200. This was the first year-over-year price decline in the first quarter since 2012.
In a separate note via NAR, Yun was quoted as saying, “Federal Reserve’s most recent rate hike was unnecessary, and he expects the Fed will stop raising interest rates further.”
Yun explained that the Fed’s aggressive rate hike campaign triggered regional bank turmoil and hurt the housing market.
So, to sum up, shelter costs have peaked as the Fed’s most aggressive interest rate tightening campaign has ignited the most severe affordability crisis in years. Overall, home prices are beginning to wane. For a more substantial decline, there needs to be an influx of inventory to hit markets.
end
USA COVID//
END
SWAMP STORIES
THE KING REPORT
| The King Report May 11, 2023 Issue 6988 | Independent View of the News |
US April CPI 0.4% & 4.9% y/y; 0.4% m/m & 5.0% y/y expected: Core CPI 0.4% m/m & 5.5% y/y, 0.4% m/m & 5.5% y/y expected Full report: https://www.bls.gov/news.release/pdf/cpi.pdf @FrancoisTrahan: Friendly reminder that core inflation doesn’t typically ease to normal levels in a matter of months. It takes two years on average for core inflation to halve following a cycle peak. Note that half would not even get us to the Fed’s mandate, but that is a story for another day. https://twitter.com/FrancoisTrahan/status/1656323986370752517 With a largely inline April CPI Report, defensive asset allocators appeared on Wednesday. Bonds and Fangs (Perceived as ersatz bonds due to healthy balance sheets) rallied while stocks and commodities fell. AMD (Chipmakers jumped on Wednesday) and Snowflake (AI) rallied as much as 5%. ESMs opened a tad lower on Tuesday night but quickly rallied to a modest gain. ESMs then traded sideways, in a very tight range, until they broke down at 3:34 ET. The decline ended at 4:02 ET. After a modest rally that lasted 25 minutes, ESMs and stocks returned to trading in a tight range as traders awaited the US April CPI Report. Once again, ESMs had an explosive move two minutes before the release of an impact US economic report. ESMs surged from 4127.25 at 8:28 ET to 4169.75 (daily high) at 9:13 ET. Sellers then took control. A 5-wave decline took ESMs to a daily low of 4112.25 at 13:39 ET. ESMs had a near-vertical rally. The 50.25-point ESM surge ended at 15:34 ET. ESMs fell into the close. @ChrisRoseWV: I am calling for a full congressional investigation into @GaryGensler’s and the SEC’s handling of the ghost shares that hedge fund managers are using to wage war against retail investors. I encourage everyone to join me in this call for action and to contact their representatives… Phantom Stock Plan: What It Is, How It Works, 2 Types A phantom stock plan is an employee benefit plan that gives selected employees (senior management) many of the benefits of stock ownership without actually giving them any company stock… “Appreciation only” plans do not include the value of the actual underlying shares themselves, and may only pay out the value of any increase in the company stock price over a certain period of time that begins on the date the plan is granted. “Full value” plans pay both the value of the underlying stock as well as any appreciation. https://www.investopedia.com/terms/p/phantomstock.asp GOP Sen. @BasedMikeLee: Nothing in the Fourteenth Amendment authorizes the president to do this. It prohibits default but doesn’t authorize the president to ignore statutory debt limits. @PhilipWegmann: @SpeakerMcCarthy to RCP: Biden’s claim that Republicans wants to cut veteran benefits “is a lie.” https://t.co/GTksIoe2Ks The US federal budget surplus fell to $176B in April, down from a record $308B in the same month last year, the Treasury Department said Wednesday. +$235.0B was expected. The US deficit for the first 7 months of the fiscal year widened to $925B, up sharply from $360B vs same period last year. Total receipts for April 2023 are $638.52B vs. $863.649B. The 26.1% drop indicates economic ebbing. Individual receipts tumbled 35.8%! Corporate receipts fell 9.0%. Total spending fell 16.8%, from $55.434B to $462.34B. Medicare tumbled 78.0%, from $96.844B to $21.299B. National defense -5.4%. US interest expense is now $928.9B. https://twitter.com/JeffWeniger/status/1656404158126211076 @RNCResearch: Q: “What are you looking for out of Friday’s meeting [debt limit negotiations]?” BIDEN: “On Friday?… Find out what our staffs agreed upon.” (Biden admits to having a passive role!) https://twitter.com/RNCResearch/status/1656385214233419779 Carl Icahn’s hedge fund suffers 20% stock drop after revealing federal probe Prosecutors contacted the company “seeking production of information” about its corporate governance as well as “capitalization, securities offerings, dividends, valuation, marketing materials, due diligence, and other materials.”… https://nypost.com/2023/05/10/carl-icahns-company-stock-falls-20-as-feds-seek-records/ Positive aspects of previous session Equities rallied sharply in the afternoon; the Fang surge pushed Nasdaq & the S&P 500 to daily gains Chipmakers rallied robustly during the session; SOX Index +1.0% Negative aspects of previous session Until the afternoon, stocks, ex-Fangs, fell and bonds rallied on defensive asset allocation/recession angst Commodities sank on recession angst Ambiguous aspects of previous session How will bulls frame the reality that there is no Fed Pivot on the horizon? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4130.26 Previous session High/Low: 4154.28; 4098.92 “I Really Touched the Third Rail on a Mention of Jeffrey Epstein” – Shareholder Peter Flaherty Breaks Silence Following His Arrest After Criticizing Warren Buffett’s Ties with Bill Gates Flaherty was removed at the shareholders’ meeting and was charged with “criminal trespass” after criticizing Berkshire Hathaway CEO Warren Buffett for his support for Bill Gates’ organization and his association with convicted felon Jeffrey Epstein… he was charged with “criminal trespass” despite his name being on the list of attendees… https://www.thegatewaypundit.com/2023/05/i-really-touched-the-third-rail-on-a-mention-of-jeffrey-epstein-shareholder-peter-flaherty-breaks-silence-following-his-arrest-after-criticizing-warren-buffetts-ties-with-bill-gates-vi/ Shocking photos show kids as young as 13 hired by Blackstone firm to clean slaughterhouse https://trib.al/ho3hx0A Biden DHS Coordinating Illegal Immigration In-Flows with Mexico – A striking level of collusion, as Biden’s officers use an encrypted online chat room to tell Mexico when to let migrants swim across https://cis.org/Bensman/Biden-DHS-Coordinating-Illegal-Immigration-InFlows-Mexico Biden admits migrant surge is ‘going to be chaotic’ when Title 42 ends https://t.co/dOdtXWw8ro Border Patrol clears way for more migrant releases to city streets, sources say: ‘The dam is about to break’ – Tens of thousands of migrants are expected to surge into the United States as Title 42 expires on May 11 https://www.foxnews.com/politics/border-patrol-clears-way-more-migrant-releases-city-streets-sources-say-dam-break @RNCResearch: MAYORKAS: “We have seen the effectiveness of our approach [at the southern border] https://twitter.com/RNCResearch/status/1656317160057077764 Mayorkas blames Congress for border crisis ahead of Title 42 expiration https://justthenews.com/government/security/mayorkas-blames-congress-border-crisis-ahead-title-42-expiration Babylon Bee: Mayorkas Heads to Border to Fire Starter Pistol When Title 42 Expires https://babylonbee.com/news/mayorkas-heads-to-border-to-fire-starters-pistol-when-title-42-expires Government using charities to hide just how much money is going to illegal immigration 7/22/22 Groups are hauling in millions in taxpayer dollars — your money — under government contracts to facilitate illegal immigration… https://nypost.com/2022/07/22/government-hides-money-for-illegal-immigration-in-charities/ CBS: U.S. finalizes asylum restriction to ramp up border deportations once Title 42 lapses The rule also represents a major pivot by President Biden, a Democrat who campaigned on restoring access to the U.S. asylum system after numerous Trump administration rules made it more difficult for migrants to secure refuge on American soil. In fact, the regulation published Wednesday resembles a Trump-era policy struck down in federal court that Mr. Biden decried in 2020… Under the rule, migrants who cross the southern border without authorization will be presumed to be ineligible for asylum if they can’t prove they previously requested protection in a third country. In practice, it will disqualify most non-Mexican migrants who enter the U.S. between ports of entry from asylum… https://www.cbsnews.com/news/us-asylum-restriction-title-42-expires-border-deportations/ Biden’s DHS appeared to consider targeting pro-life moms and other ‘radicalization suspects,’ docs show – The alleged training series was proposed just nine days into Biden’s tenure https://www.foxnews.com/politics/bidens-dhs-appeared-consider-targeting-pro-life-moms-other-radicalization-suspects-docs-show After the close Disney reported EPS of .93, .94 consensus; Revenue of $21.82B as expected; Subscribers of Disney+ 157.8m, 163.1m expected. Disney sank as much as 3.8%. Today – The hope for an equity rally after the April CPI Report has vanished. Defensive asset allocators took control of the markets on Tuesday. While the usual suspects heralded the April CPI Report on the notion that it will force the Fed to pause, institutional players see a ‘Fed Pause’ as being far different that a ‘Fed Pivot’. A Fed Pause, to numerous impact players, implies a US recession will soon appear. PPI should impact pre-NYSE trading and maybe the opening. However, the absence or presence of defensive asset allocators will likely be the principal determinant of market action. ESMs are +8.25 at 20:15 ET because traders remain exceedingly bullish. Despite all the Cassandra calls about interest rates, there’s still too much liquidity in the system: $2.233T in the reverse repos. Expected economic data: April PPI 0.3% m/m & 2.5% y/y; Core PPI 0.3% m/m & 3.3% y/y; Min Fed Pres Kashkari 8:45 ET, Fed Gov Waller 10:15 ET S&P 500 Index 50-day MA: 4051; 100-day MA: 4015; 150-day MA: 3963; 200-day MA: 3973 DJIA 50-day MA: 33,134; 100-day MA: 33,329; 150-day MA: 33,041; 200-day MA: 32,741 (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 and MACD are negative – a close above 4151.36 triggers a buy signal FBI refuses to give Congress informant file alleging Biden took bribes as vice president (Sen. Grassley): “They didn’t dispute that it exists — that the document exists or that it is unclassified … why they haven’t given it, I don’t know.”… https://nypost.com/2023/05/10/fbi-refuses-to-give-congress-informant-file-alleging-biden-took-bribes/ @JonathanTurley: The House Oversight presser just began with Chair James Comer announcing “astonishing” findings from the last four months of investigation including the transfer of money to the Biden family, including during the period when Joe Biden was Vice President… Comer began with new disclosure of $1 million that went to the Biden family from Romania while Joe Biden was working on Romanian issues. Comer noted that this money ended when Biden left the vice presidency. Comer also claims that they have uncovered millions sent from Chinese interests through companies to the Biden family. He details the use of an array of different companies and different banks to transfer money from China in allegedly an effort to conceal the transfers… (Long threat at link) https://twitter.com/JonathanTurley/status/1656288907204648961 The inclusion of Biden grandchildren in the list of family Biden members has not been previously disclosed. The spread of transfers to nine family members and the use of a complex array of LLC companies raise obvious concerns over an effort to conceal influence peddling. @paulsperry_: Delaware and DC records reveal Hunter Biden, Jim Biden & their business associates formed at least fifteen (15) shell companies AFTER Joe Biden assumed the vice presidency in 2009 — including Owasco PC; Hudson West III LLC; Robinson Walker LLC; and Rosemont Seneca Bohai LLC How the Biden family used shell companies to enrich themselves – NY Post https://nypost.com/2023/05/10/how-the-bidens-used-shell-companies-to-enrich-themselves/ @paulsperry_: The # of Suspicious Activity Reports generated thru the US Treasury pertaining to Biden family bank transactions from China etc. totals 170 — 20 more than the 150 House investigators first believed existed. Banks submit SARs when they suspect money laundering or fraud. Nine (9) Biden family members rec’d wire transfers from Chinese/other foreign accounts, per House Oversight: 1) Hunter Biden, 2) James “Jimmy” Biden, 3) Sara Biden, 4) Hallie Biden, 5) Kathleen Buhle Biden, 6) Melissa Cohen Biden, 7) grandchild, 8) grandchild, 9) grandchild @RNCResearch: Chairman @Jim_Jordan: “The fundamental question is: what did [Biden’s family] do to warrant the receipt of millions and millions of dollars? “Why did Joe Biden’s brother, why did Joe Biden’s sister-in-law, why did Joe Biden’s son — why did so many family members get the money?” https://twitter.com/RNCResearch/status/1656299213456809984 GOP @RepMaryMiller: China was paying the Biden family in cash and diamonds. This is standard political corruption, but the DC “journalists” and DOJ have been silent because they are on the side of the Bidens, not the American people. (Chart of payment flows at link) https://twitter.com/RepMaryMiller/status/1656300185163640835 @julie_kelly2: I mean, this won’t be hard. Biden 2014: “Biden said Romania can be a lynchpin that holds together the energy markets from the Black Sea to Central and Eastern Europe by upgrading its infrastructure, and the US can help with its unique expertise…” Embassy of Romania: Joe Biden: Romania, a trustful ally and partner of the US Ponta indicated that Biden had a very clear position in support of visa requirements being lifted for Romanian nationals travelling to the US, saying that it is incumbent on the Romanian authorities to convince the Republican majority in the US Congress… https://kiev.mae.ro/en/romania-news/4364 U.S. president-elect Joe Biden’s visits to Romania and what was on their agenda November 2020 https://www.romania-insider.com/biden-visits-ro-prior-2020 Comer said the information presented was from only four banks, and he believes 12 banks were utilized. Ergo, the investigation is still in its early stage. @julie_kelly2: Not a single tweet about bombshell Biden family bribery schemes laid out in lengthy presser by @GOPoversight from: Washington Post (2 on Santos), NYT (3 on Santos), Politico (2 on Santos), CNN (1 on Santos), MSNBC (2 on Santos), ABC News (3 on Santos), CBS News (2 on Santos) Substitute the name ‘Nixon’ or ‘Trump’ for Biden in the story about payments to family members and imagine the MSM and Democratic pols’ nuclear reaction! @paulsperry_: Biden is lecturing businesses right now for not paying taxes — just hours after House investigators released records showing his son and brother created a syndicate of shell companies & cut-outs allegedly to “hide” millions in income from China and Romania & shield it from taxes @joekent16jan19: It was an open joke around the US Embassy in Baghdad in 2009-2011 that Joe Biden’s bro Jim had taken over all the sweetheart deals Dick Cheney & Halliburton had under Bush. Meet the new boss, same as the old boss. Crush the corrupt, spend our money on our people. The Biden DoJ tried to divert attention from the Biden Family allegations by arresting GOP Rep Santos and indicting him on 13 counts of fraud, money laundering, and get this – lying to Congress. @seanmdav: They’re deliberately charging Santos in the middle of the House GOP conference detailing the Biden family’s corruption to make clear to you that they are in charge and that they will arrest (or run interference) for anyone they want, and there’s nothing you can do about it. @Cernovich: Republican George Santos’ indictment includes criminal charges for two, $564 unemployment payments. I had to zoom in to make sure I was reading it correctly and that it wasn’t missing zeros. https://twitter.com/Cernovich/status/1656303401465155585 @NewsNation: A former aide and assistant for Rep. George Santos claims the FBI approached him asking for information about the congressman in what he called an attempt “to infiltrate” Santos’ inner circle. @ChrisCuomo speaks with the aide, @DerekMyers. (Is this SOP for the FBI?) https://twitter.com/NewsNation/status/1656096662773809154 CIA fast-tracked letter that falsely suggested Hunter Biden laptop was Russia op Morell directed the PCRB that “[t]his is a rush job, as it needs to get out as soon as possible.”… https://nypost.com/2023/05/09/cia-fast-tracked-letter-that-falsely-suggested-hunter-biden-laptop-was-russia-op/ NY Post’s @mirandadevine: Hey @MarkSZaidEsq I will offer you a correction if you produce the written waiver from the CIA’s Prepublication Classification Review Board. Also, explain why this obligatory disclaimer was not in Morell’s dodgy letter? MarkSZaidEsq: Here’s proof that @mirandadevine was 100% wrong. The statement was approved by @CIA as unclassified within hours of submission. Let’s see her public correction now. Journalistic ethics matter. Facts matter… (Note from CIA to Zaid at link) https://twitter.com/MarkSZaidEsq/status/1656026433628643329 NY Post’s @mirandadevine: Thank you @MarkSZaidEsq for providing this helpful document from the CIA’s Prepublication Classification Review Board, showing the CIA complied with ex-chief Mike Morell’s request for a “rush job” approval of his dishonest letter in 5.5 hours without a disclaimer required. You have advanced the @nypost story I just filed, which shows that the CIA assisted in your clients’ political operation to help Joe Biden win the 2020 election, not only with this speedy approval, but also by soliciting at least one signature from the 51 former intelligence officials… Please pass on any other information you think might help your clients… @JerryDunleavy: David Cariens, a former intel analyst for the CIA, told congressional investigators that he & his wife Janice signed the Hunter Biden laptop letter only after a member of the CIA’s Prepublication Classification Review Board called him & asked him to. https://www.washingtonexaminer.com/news/house/hunter-biden-laptop-letter-cia-employee-involved Investigators unearth evidence CIA, Antony Blinken played deceptive politics on Hunter Biden laptop – The new email shows Blinken played a key role one evening in mid-October 2020, delivering a USA Today article that would eventually be quoted in the letter in the one passage that suggested the Biden laptop was Russian disinformation. The email was sent a few hours after Blinken called Morell… “Notably, at the bottom of Blinken’s email was the signature block of Andrew Bates, then-Director of Rapid Response for the Biden campaign,” the report reads… https://justthenews.com/accountability/political-ethics/investigators-unearth-evidence-cia-antony-blinken-played-deceptive @paulsperry_: Secretary of State Antony Blinken’s wife helped found Axios, was executive VP at the “fair, unbiased” media company before she joined the Biden White House. Her name is @EvanMRyan, keeping with Beltway tradition of hiding incestuous relationships b/t journos & Dems in power. With evidence mushrooming that The Big Guy and some of his Cabinet committed impeachable offensives, Republican voters are clamoring for action. However, there can be no action on impeachment until a budget deal is reached. The optics of impeachment during a debt ceiling crisis would be horrid. @alx: NBC’s reaction to Tucker Carlson’s Twitter show announcement: “Will anybody be able to police what Carlson says or is this the point? It’s just a free for all?” https://t.co/BmgZpPGFlm We are old enough to remember when the MSM championed free speech! Maricopa County Supervisor Bill Gates RUNS From Questions at Secret Zuckerberg Funded, Soros Tied DC Election Summit – Elon Musk Responds: “They’re Supposed to Be Impartial” https://www.thegatewaypundit.com/2023/05/watch-maricopa-county-supervisor-bill-gates-runs-from-questions-at-secret-zuckerberg-funded-soros-tied-dc-election-summit-elon-musk-responds-theyre-supposed-to-be-impartial/ @LauraLoomer: I confronted Republican @GaSecofState Brad Raffensperger on video at the Soros tied, Zuckerberg funded CEIR Election Summit in DC & asked him what he’s doing at this radical Leftist conference speaking w/ Anti-Trump Congressman @RepRaskin about the 2024 election! https://twitter.com/LauraLoomer/status/1656345473983168512 National champion Georgia Bulldogs DECLINE invitation to the White House as date is ‘not feasible’ – ‘The University of Georgia first received on May 3 an invitation for the Bulldog football team to visit the White House on June 12. Unfortunately, the date suggested is not feasible given the student-athlete calendar and time of year…” https://trib.al/M2JnAtx E. Jean Carroll and Her Lawyer Suggest She Colluded with NY Dems to Create Trump Loophole E. Jean Carroll and her lawyer admit on CNN that they colluded with New York Democrats to pass a law allowing people to sue for a sexual assault case outside of the 20 year window. “Well, E. Jean actually helped to get that law passed. It passed last year. Uh we filed. It was Thanksgiving day, it was the first day you could sue just after midnight on Thanksgiving.”… https://trendingpoliticsnews.com/breaking-e-jean-carroll-and-her-lawyer-suggest-she-colluded-with-ny-dems-to-create-trump-loophole-mace/ (CA Gov) Newsom declines to endorse specific recommendations from reparations task force https://news.yahoo.com/newsom-declines-endorse-specific-recommendations-130713384.html @JonathanTurley: After Newsom and other Democratic politicians have campaigned on reparations for years as a moral imperative, that bill has now come due. A card and an apology are not going to cut it. “The number of whites who were enslaved by the Barbary pirates in North Africa exceeded the number of Africans enslaved in the United States and in the American colonies before that—put together. But nobody is going to North Africa to ask for reparations, because nobody is going to be fool enough to give it to them.” – Thomas Sowell https://twitter.com/NJBeisner/status/1656165004008374273 | |
GREG HUNTER
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