by harveyorgan · in Uncategorized · Leave a comment·Editi

GOLD PRICE CLOSED: DOWN $9.50 TO $1963.25

SILVER PRICE CLOSED: DOWN $0.35   AT $23.13

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1971.75

Silver ACCESS CLOSE: 23.62

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Bitcoin morning price:, $26,716  DOWN 490  Dollars

Bitcoin: afternoon price: $26,239  DOWN 967 dollars

Platinum price closing  $1025.95 DOWN $25.90

Palladium price;     $1406.50 DOWN $46.35

“Our system is so stinkin’ corrupt that we owe Sodom and Gomorrah an apology.” … Trader Dan Norcini in 2009

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: $2,662.00 DOWN 4.75 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1583.94 DOWN 6.75 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1821.33 DOWN 12.60 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

ZERO GOLD

JPMorgan stopped 0/0 contracts

FOR MAY:

GOLD: NUMBER OF NOTICES FILED FOR MAY/2023. CONTRACT:  0 NOTICES FOR 700 OZ  or  0.0000 TONNES

total notices so far: 6039 contracts for 603,900 oz (18.784 tonnes)

FOR  MAY:

SILVER NOTICES: 25 NOTICE(S) FILED FOR 125,000 OZ/

total number of notices filed so far this month :  2554 for 12,770,000 oz

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END

GLD

WITH GOLD UP DOWN $9.50..

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

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:///A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD/

INVENTORY RESTS AT 941.29 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 35 CENTS AT THE SLV// 

NO CHANGES IN SILVER INVENTORY AT THE SLV: ; : INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 471.330 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE SIZED 1938 CONTRACTS TO 135,740 AND FURTHER FROM THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR  $0.22 FALL  IN SILVER PRICING AT THE COMEX ON TUESDAY. TAS ISSUANCE WAS A STRONG SIZED 636 CONTRACTS. THESE WILL BE USED FOR MANIPULATION NEXT MONTH.  CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY: A STRONG 636 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THEY VALUE 0 TO A POSITION LIMIT IF A CALENDAR SPREAD OCCURS. IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED THE COMPLAINT IN SIMILAR FASHION TO ALL OF THOSE DEMOCRATIC CRIMES COMMITTED WITH NO ATTENTION GIVEN BY ATTORNEY GENERALS.

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 $0.22). AND WERE  UNSUCCESSFUL IN KNOCKING SOME SPEC LONGS AS WE HAD A HUGE LOSS ON OUR TWO EXCHANGES OF  948 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 NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG WITH MANIPULATION NOW MID MONTH AND BEYOND, DUE TO (TAS) MANIPULATION. WE WILL HAVE IN OUR FINAL WEEK IN THE DELIVERY CYCLE(BEGINNING TOMORROW) MORE MANIPULATION IN OUR PRECIOUS METALS  DUE TO COMEX SPREADERS LIQUIDATION WITH AN ADDED FEATURE OF TAS LIQUIDATION.

WE  MUST HAVE HAD: 

A STRONG  ISSUANCE OF EXCHANGE FOR PHYSICALS( 900 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 80,000 OZ (QUEUE JUMP RAISES 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 17.75 MILLION OZ OF STANDING FOR DELIVERY  V)   HUGE SIZED COMEX OI LOSS/ HUGE SIZED EFP ISSUANCE/VI)  HUGE NUMBER OF SHORT T.A.S. CONTRACT INITIATION (636 CONTRACTS)//CONSIDERABLE T.A.S LIQUIDATION MANIPULATING THE PRICE SOUTHBOUND.

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  -removed  90  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 18 days, total 11,525 contracts:   OR 57.625 MILLION OZ . (640 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  57.625 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 57.625 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)  

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1938  CONTRACTS  DESPITE OUR FAIR SIZED  $0.22 LOSS IN SILVER PRICING AT THE COMEX//TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE  SIZED EFP ISSUANCE  CONTRACTS: 900  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 MAY OF  13.105 MILLION  OZ//FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP    OF 80,000 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 13.500 MILLION OZ + 4.25 MILLION = 17.75 MILLION OZ//  .. WE HAVE A HUGE SIZED LOSS OF 1038 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE  636!!//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED.

WE HAD 25  NOTICE(S) FILED TODAY FOR  125,000  OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL  BY A SMALL SIZED 1,425  CONTRACTS  TO 479,080 AND FURTHER FROM  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 -66 CONTRACTS

WE HAD A SMALL SIZED DECREASE  IN COMEX OI ( 1,425 CONTRACTS) WITH OUR   $2.25 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR MAY. AT 3.5085 TONNES ON FIRST DAY NOTICE // PLUS  0  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)/+ /A HUGE ISSUANCE OF 1160 T.A.S. CONTRACTS/STRONG FRONT END OF TAS LIQUIDATION AND TO BOOT: THE FIRST FOR GOLD COMEX: A STRONG 400 EXCHANGE FOR RISK FOR 40,000 OZ OF FUTURE DELIVERY OR 1.244 TONNES////YET ALL OF..THIS HAPPENED WITH OUR  $2.25 LOSS IN PRICE  WITH RESPECT TO TUESDAY’S TRADING.WE HAD A FAIR SIZED GAIN  OF 3628  OI CONTRACTS (11.284 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 5043 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 479,148

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3696 CONTRACTS  WITH 1,357 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): 1140 CONTRACTS) AND 5053 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 3628 CONTRACTS OR 11.284 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5053 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (1,425) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3628 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 0 OZ // NEW STANDING: 19.101 TONNES+ 1.244 TONNES OF EXCHANGE FOR RISK//NEW TOTALS: 20.345 TONNES   // ///3) ZERO LONG LIQUIDATION//4)  SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  STRONG T.A.S.  ISSUANCE: 1140 CONTRACTS 

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:  58,972 CONTRACTS OR 5,897,200 OZ OR 183.42 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 3276 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES  183.42 TONNES

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

THUS EFP TRANSFERS REPRESENTS  183.42/3550 x 100% TONNES  5.16% 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: 183.42 TONNES (HEADING FOR ANOTHER SMALL 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 (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle  of the  front delivery month cycle. They unload the sell side of the equation, two months down the road.  The crooks violate position limits as the OCC refuse to hear our complaints.

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

1.Today, we had the open interest at the comex, in SILVER FELL BY A GIGANTIC SIZED 1938  CONTRACTS OI TO  135,740 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 900  CONTRACTS 

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

JULY  900  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  900  CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1938 CONTRACTS AND ADD TO THE 900 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1038 CONTRACTS 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES  TOTAL 5.190 MILLION OZ 

OCCURRED WITH OUR $0.22 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

 2.ASIAN AFFAIRS//

 

WEDNESDAY MORNING//TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 41.49 PTS OR 1.28%   //Hang Seng CLOSED DOWN 315.32 POINTS OR 1.62%      /The Nikkei closed DOWN 275.09 OR 0.89%  //Australia’s all ordinaries CLOSED DOWN 0.73 %   /Chinese yuan (ONSHORE) closed UP 7.0491 /OFFSHORE CHINESE YUAN DOWN  TO 7.0579 /Oil UP TO 74.10 dollars per barrel for WTI and BRENT AT 77.99 / Stocks in Europe OPENED ALL  RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3  CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 1425 CONTRACTS DOWN TO 479,080 WITH OUR LOSS IN PRICE OF $2.25 ON TUESDAY,

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 5053  EFP CONTRACTS WERE ISSUED: :  JUNE 5053 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5053 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 3628  CONTRACTS IN THAT 5053 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 1.357 COMEX  CONTRACTS..AND  THIS FAIR SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR  LOSS IN PRICE OF $2.25. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE),THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE TODAY WAS A HUGE  1160 CONTRACTS.  DURING THIS WEEK THEY SOLD THE LONG SIDE OF THE SPREAD WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR SPREAD WHICH WILL BE LIQUIDATED TWO MONTHS HENCE).  FOR EXAMPLE WITH TONIGHT’S READING OF TAS, 100% OF ISSUANCE OF T.A.S. WAS JUNE AND AUGUST. TONIGHT WE HAVE A FIRST FOR GOLD: AN ISSUANCE OF A STRONG 400 EXCHANGE FOR RISK CONTRACTS TOTALLING  40,000 OZ OR 1.244 TONNES OF GOLD.  EXCHANGE FOR RISK IS A FUTURE DELIVERY CONTRACT WHERE THE BUYER ASSUMES THE RISK THAT THEIR DELIVERY CONTRACT WILL BE ENACTED. (WHAT A BUNCH OF GARBAGE)

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:    MAY  (19.101) ( 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: 19.101 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $2.25) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD OUR FAIR  SIZED GAIN OF 3628 CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE TAS LIQUIDATION. IT CONTRAST TO THE LAST FEW MONTHS, THE TAS LIQUIDATION CONTINUES UNABATED.  AND NOW WE HAVE EXCHANGE FOR RISK INITIATED FOR GOLD.

 WE HAVE GAINED A TOTAL OI OF 11.284 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 NIL oz (0.00 TONNES)//NEW STANDING 19.101 TONNES+1.244 exchange for risk// new total20.345 tonnes  ALL OF THIS WAS ACCOMPLISHED WITH  OUR LOSS IN PRICE  TO THE TUNE OF $2.25

WE HAD +REMOVED  66     CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 3628  CONTRACTS OR 362,800  OZ OR 11.284 TONNES.

Estimated gold comex today 287,730// fair-good

final gold volumes/yesterday   283,133//  FAIR- good

//MAY 24/ MAY  2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	385.810 OZ BRINKS 12 KILOBARS         .
Deposit to the Dealer Inventory in oz	NIL
Deposits to the Customer Inventory, in oz	nil oz
No of oz served (contracts) today	0  notice(s) 0 OZ 0.0000 TONNES
No of oz to be served (notices)	102  contracts    10200 oz 0.3172 TONNES
Total monthly oz gold served (contracts) so far this month	6039 notices 603,900  OZ 18.787 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: 1

i) Out of Brinks:  385.810 oz (12 kilobars)

total withdrawals: 385.810   oz  

Adjustments;  1 dealer to customer/ JPMorgan

i) Out of JPMorgan:  477,364.254 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an oi of 102  contracts having LOST 7 contracts.  We had 7 contracts filed

on TUESDAY, so we GAINED 0 contracts or an additional NIL oz (0. tonnes) will  stand for gold in this non active delivery month of May 

June LOST A HUGE 21,828  contracts DOWN to 140,399 contracts. 

July added 122 contracts to stand at 2623 contracts.

AUGUST GAINED 19,749 contracts UP to 280,497 contracts  

We had 0 contracts filed for today representing  NIL 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 0   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 0  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 (6,039 x 100 oz ), to which we add the difference between the open interest for the front month of  MAY (102  CONTRACTS)  minus the number of notices served upon today  0 x 100 oz per contract equals 614,1200 OZ  OR 19.101 TONNES the number of TONNES standing in this NON-   active month of May. And now we must add 1.244 tonnes of gold delivery through our 400 contract exchange for risk//new total 20.345 tonnes of gold.

thus the INITIAL standings for gold for the MAY contract month:  No of notices filed so far (6,039 x 100 oz) x  102 OI for the front month minus the number of notices served upon today (0)x 100 oz} which equals 614,100 oz standing OR 19.101 TONNES + 1.244 (exchange for risk) = 20.345 tonnes

TOTAL COMEX GOLD STANDING: 20.345 TONNES WHICH IS HUGE FOR A NON ACTIVE DELIVERY MONTH.  

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  1,696,563.034  OZ   52.77 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  22,612,305,124  OZ  

TOTAL REGISTERED GOLD:  11,884,414.794   (369,65  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,727,890.420  O Z  

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,187,851 OZ (REG GOLD- PLEDGED GOLD) 316.885 tonnes//

END

SILVER/COMEX

MAY 24//2023// THE MAY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	510,619.320 oz CNT JPMorgan Delaware .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	169,641.100 oz Delaware
No of oz served today (contracts)	25  CONTRACT(S)    (125,000  OZ)
No of oz to be served (notices)	146 contracts  (730,000 oz)
Total monthly oz silver served (contracts)	2554 Contracts  (12,770,000 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 Delaware:  169,641.100 oz

Total deposits: 169,641.100    oz 

JPMorgan has a total silver weight: 141.303  million oz/272.161 million =51.94% of comex .//dropping fast

  Comex withdrawals 3

i) out of CNT :  120,164.280 oz

ii) Out of Delaware: 7055.440 oz]

iii) Out of JPMorgan: 383,399.600 oz

Total withdrawal: 510,619.320    oz

adjustments:  1//dealer to customer 

jpmorgan;  402,893.310 OZ

TOTAL REGISTERED SILVER: 30.195 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 272.161 million oz

CALCULATION OF SILVER OZ STANDING FOR MAY

silver open interest data:

FRONT MONTH OF MAY /2023 OI: 171   CONTRACTS HAVING LOST 8  CONTRACT(S). WE HAD 24 CONTRACTS FILED ON TUESDAY, SO WE GAINED 16 CONTRACTS OR AN ADDITIONAL 80,000 OZ WILL  STAND FOR DELIVERY ON THIS SIDE OF THE POND 

JUNE HAD A 9 CONTRACT GAIN TO 1124

JULY HAD A 2801 CONTRACT LOSS TO 109,343 CONTRACTS

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 25 for 125,000  oz

Comex volumes// est. volume today  52,227  fair

Comex volume: confirmed yesterday: 64,827  FAIR

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 2554 x  5,000 oz = 12,770,000 oz 

to which we add the difference between the open interest for the front month of MAY(171) and the number of notices served upon today 25 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY/2023 contract month:  2554 (notices served so far) x 5000 oz + OI for the front month of May (171) – number of notices served upon today (25 )x 500 oz of silver standing for the MAY contract month equates to 13.5000 million oz  + THE CRIMINAL 0 MILLION OZ EXCHANGE FOR RISK TODAY//NEW TOTAL EXCHANGE FOR RISK: 4.250//NEW TOTAL 17.75 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 24/WITH GOLD DOWN $9.50 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 941.29 TONNES

MAY 23/WITH GOLD $2.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 942.74 TONNES

MAY 22/WITH GOLD DOWN $4.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.83 TONES OF GOLD INTO THE GLD DESPITE THE L0SS IN PRICE//INVENTORY RESTS AT 942.74 TONNES

MAY 19/WITH GOLD UP $22.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 936.96 TONNES

MAY 18/WITH GOLD DOWN $23.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 936.96 TONNES

MAY 17/WITH GOLD DOWN $8.25 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .87 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 934.94 TONNES

MAY 16/WITH GOLD DOWN 28.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.57 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 934,07 

MAY 15/WITH GOLD UP $2.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 937.64 TONNES

MAY 12/WITH GOLD DOWN $.40 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.89 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 937.84 TONNES

MAY 11/WITH GOLD DOWN $15.15 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 934.95 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 934.95 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 937.64 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 931.77 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

GLD INVENTORY: 941/29 TONNES

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

MAY 24/WITH SILVER DOWN $.35 TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 471.330 MILLION OZ//

MAY 23/WITH SILVER DOWN 22 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.801 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 471.330 MILLION OZ//

MAY 22/WITH SILVER DOWN 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.529 MILLION  OZ//

MAY 19/WITH SILVER UP 38 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.529 MILLION OZ

MAY 18/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 919,000 OZ FROM THE SLV////INVENTORY RESTS AT 468.529 MILLION OZ/

MAY 17/WITH SILVER DOWN 2 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 469.448 MILLION OZ//

MAY 16/WITH SILVER DOWN 34 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .643 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 469.448 MILLION OZ.

MAY 15/WITH SILVER UP 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 470.091 MILLION OZ/

MAY 12/WITH SILVER DOWN $.26 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 3,123 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 470.091 MILLION OZ./

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

CLOSING INVENTORY 471.330 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

This is high for Poland: they purchased 15 tonnes of gold last month

(Schiff Gold)

Poland Resumes Buying Gold

WEDNESDAY, MAY 24, 2023 – 06:30 AM

Via SchiffGold.com,

Poland is buying gold again.

The  National Bank of Poland added nearly 15 tons of gold to its reserves in April, according to data published by the bank last week. It was the largest increase in the country’s reserves since June 2019 when the bank boosted reserves by almost 100 tons.

The purchase increased the value of Poland’s gold reserves from $14.55 billion to $15.52 billion.

Poland’s official gold holdings rank as the 22nd largest in the world. Gold makes up about 8.5% of the Bank of Poland’s total reserves.

In the fall of 2021, Bank of Poland President Adam Glapiński said the central bank planned to add 100 tons of gold to its reserves in 2022. It’s unclear why the bank didn’t follow through. This recent purchase could signal the beginning of another round of buying to reach that 100-ton goal.

In 2021, Glapiński said holding gold was a matter of financial security and stability.

Gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we do not assume that this will happen. But as the saying goes – forewarned is always insured. And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”

He went on to discuss some of the benefits of gold as a monetary asset.

After all, gold is free from credit risk and cannot be devalued by any country’s economic policy. Besides, it is extremely durable, virtually indestructible.”

Glapiński also hinted that worries about the stability of the US dollar were driving the decision to increase the country’s gold reserves.

Gold is characterized by a relatively low correlation with the main asset classes – especially the US dollar dominating the NBP reserve portfolio – which means that including gold in the reserves reduces the financial risk in the process of investing them.”

The trend toward de-dollarization has only accelerated since Glapiński made these comments.

Poland also repatriated 100 tons of gold from England in 2019.

“The gold symbolizes the strength of the country,” Glapiński told reporters at the time.

Central banks around the world have been piling up gold over the last two years. After a record-setting 2022, central bank gold reserves increased by 228 tons through the first three months of 2023, a Q1 record. This was 38% higher than the previous first-quarter record set in 2013.

Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. It was the 13th straight year of net central bank gold purchases.

According to the World Gold Council, there are two main drivers behind central bank gold buying — its performance during times of crisis and its role as a long-term store of value.

It’s hardly surprising then that in a year scarred by geopolitical uncertainty and rampant inflation, central banks opted to continue adding gold to their coffers and at an accelerated pace.”

end

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

this is what happens when you go after them with just “spoofing”

(Reuters)

Banks win dismissal of U.S. silver price-fixing suit

Submitted by admin on Mon, 2023-05-22 19:17 Section: Daily Dispatches

By Jonathan Stempel
Reuters
Monday, May 22, 2023

NEW YORK — A U.S. judge on Monday dismissed long-running litigation by investors who accused HSBC Holdings and Bank of Nova Scotia of conspiring to fix silver prices.

U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act, or claims under the federal Commodity Exchange Act.

Investors had accused HSBC, Scotiabank, and Deutsche Bank of manipulating silver prices from 2007 to 2013, saying they had “smoking gun” evidence of a price-fixing conspiracy among those banks and several other silver market makers.

The litigation began in 2014 and Deutsche Bank settled for $38 million two years later.

In a 24-page decision, Caproni found the investors unable to trace their losses to banks’ alleged effort to depress the Fix, which set benchmark prices for silver bars, and trade derivatives based on advance knowledge of the Fix price.

Caproni said the investors did not show it was “plausible, as opposed to merely possible” that distorted pricing affected their trades, and said any damages were “too speculative.”

The judge also said the investors were not “efficient enforcers” of their private antitrust claims, unlike people who might have sold silver at the Fix price. …

… For the remainder of the report:

https://www.reuters.com/legal/banks-win-dismissal-us-silver-price-fixing-litigation-2023-05-22/

END

Removal of a 2,000 rupee note (24 dollars worth) spurs purchases of gold and silver

(Hindustan Times/GATA)

India’s withdrawal of 2000-rupee note spurs purchases of gold and silver

Submitted by admin on Mon, 2023-05-22 20:36Section: Daily Dispatches

From the Hindustan Times, Delhi
Monday, May 22, 2023

The demand for bullion saw a sudden jump on Saturday, which dealers in various parts of the country said was expected to continue until people offloaded a bulk of their R2,000 banknotes for gold and silver, even as a rush to exchange the high-value currency notes is expected at banks from Monday.

The Reserve Bank of India on Friday said it was withdrawing from circulation ₹2,000 currency notes introduced seven years ago after demonetisation, resulting in a rush to use the banknotes

People scrambled to buy gold and silver in bulk in bullion markets, leading to increase in prices, dealers in several states said.

“The sale of bullion has shot up after the withdrawal of R2,000 currency notes was announced,” said Vinod Maheshwari, a bullion dealer at Lucknow’s Chowk Sarrafa market. Traders were selling gold and silver at 10% higher rates to those paying with R2,000 notes, he said, adding that there was no significant increase in the rates of jewellery. …

… For the remainder of the report:

https://www.hindustantimes.com/india-news/demand-for-bullion-jumps-in-lucknow-patna-and-jaipur-as-people-offload-rs-2-000-banknotes-for-gold-and-silver-101684695669943.html

* * *

4. OTHER GOLD/SILVER RELATED COMMENTARIES/…

END

5.IMPORTANT COMMENTARIES ON COMMODITIES: COFFEE/ROBUSTA

Viet Nam and Indonesia huge coffee producers are experiencing extreme weather and that could affect coffee production.  This is huge coffe prices are more than decade highs.

(zerohedge)

Robusta Prices Hit 12-Year High As El Niño Threat Sparks Shortage Fears 

WEDNESDAY, MAY 24, 2023 – 04:15 AM

Vietnam and Indonesia are experiencing extreme weather that could affect coffee production. This has pushed robusta coffee prices to more than decade highs. An emerging El Nino ahead of a Northern Hemisphere summer could worsen coffee production at the end of the Northern Hemisphere growing season later this year. 

Over the last few months, we’ve followed the emerging El Nino weather pattern. We’ve noted the following:

• ‘Triple-Digit’ La Nina Ending As El Nino May Strike Soon
• “We’ve Been Warned”: El Nino Watch Initiated As Ag-Industry In Crosshairs
• Is El Nino Supercharging Heatwave Across Asia?
• NASA Satellite Spots Large Wave Rolling Across Pacific As El Niño Likely Coming

Bloomberg said: 

An emerging El Niño weather pattern will curb output from top supplier Vietnam, bringing hotter, drier conditions later this year. Indonesia, the No. 3 producer, had its crops harmed by excessive rainfall, with the US Department of Agriculture forecasting an 18% decline in output for the new season that started in April. That prospect pushed up prices again on Monday with crops in another key grower Brazil already hurt by drought.

As a result of adverse weather conditions in top-producing robusta growing countries, prices of the coffee bean have soared to 12-year highs. 

Over the last year and a half, the cost-of-living squeeze has pushed more consumers to cheaper robusta beans versus high-quality arabica beans.

“There’s been so much of a demand shift away from higher-priced coffee that even the market isn’t even being satisfied by higher robusta exports,” said Judith Ganes, who runs a commodities firm in New York.

For coffee drinkers, the low-cost robusta bean is set to become even more expensive as a shortage worsens this summer. There doesn’t seem to be an immediate end to breakfast inflation. 

end

5 B GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

END

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

ONSHORE YUAN:   CLOSED DOWN AT 7.0491

OFFSHORE YUAN: 7.0579

SHANGHAI CLOSED DOWN 41.49 PTS OR  1.28% 

HANG SENG CLOSED DOWN  315.32  PTS OR  1.62%

2. Nikkei closed DOWN 275.09 PTS OR 0.89%

3. Europe stocks   SO FAR: ALL  RED

USA dollar INDEX DOWN  TO  103.49 EURO RISES TO 1.0775 UP 6 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.405 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 138.37 /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:  UP//  OFF- SHORE: UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.4285***/Italian 10 Yr bond yield FALLS to 4.293*** /SPAIN 10 YR BOND YIELD FALLS TO 3.492…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 3.863

3j Gold at $1981.85 silver at: 23.46 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND  21 /100        roubles/dollar; ROUBLE AT 59.92//

3m oil into the 74 dollar handle for WTI and 77  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 138.37  10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .405% 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 0.9028 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9728 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: 3.674  DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 3.927  DOWN 2  BASIS PTS/

USA 2 YR BOND YIELD:  4.281 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.89…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.2336 UP 8 BASIS PTS (RATES RISING RAPIDLY)

end

2.  Overnight:  Newsquawk and Zero hedge:

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

Futures Slide, European Stocks Tumble On Barrage Of Global Bad News

WEDNESDAY, MAY 24, 2023 – 08:07 AM

US equity futures drift drift lower for the second day following a deluge of bad news across global markets driving European stocks to their biggest drop in two months, pushing copper below $8,000 and snuffing out this year’s gains in China equities. As of 730am ET, S&P futures were down 0.4% to 4,143  following Tuesday’s 1.1% drop with Nasdaq futures sliding the same amount. Treasury yields are flat trading around 3.67%, the USD is slightly stronger, and bitcoin got the usual Asian session trapdoor as gold rose. Commodities are mixed: energy rallied (WTI + 2.1%) while metals are falling on concerns about China’s fading recovery. Yesterday, we saw de-risking in crowding stocks with Momentum Winners and MegaCap Tech being the biggest laggards. On debt ceiling negotiation, two parties have not come to an agreement. Today, we will receive the FOMC Minutes at 2pm ET; AI-leader Nviidia reports after the close.

In premarket trading, megacap tech was mixed with MSFT and AMZN recovering, while the rest are lower. Nvidia Corp., a stock at the center of the artificial intelligence frenzy, lost almost 1%.  Regional banks are mostly higher as Pacwest continues to sell more assets to meet liquidity needs (why this is positive remains unclear) while large-cap banks lagging. Here are the most notable premarket movers:

• Palo Alto Networks rose as much as 4.6% in premarket trading, after the network security company reported third- quarter results that beat expectations on key metrics. It also raised the low end of its full-year revenue forecast.
• Agilent shares sink 8.8% in premarket trading after the life sciences company cut its adjusted earnings per share guidance for the year to a level below the average analyst estimate.
• US- listed stocks of Shopify fell as much as 2.1% in premarket trading, after BNP Paribas Exane cut its recommendation on the Canadian e-commerce company to underperform from neutral. It said there are “better opportunities elsewhere,” given the company’s valuation relative to expected sales growth.
• Urban Outfitters gains as much as 12% in US premarket trading after the retailer reported better-than-expected fiscal first-quarter net sales. The results prompted analysts to raise their price targets on the stock as strength at Anthropologie and Free People offset soft sales for its namesake brand.
• PacWest shares rose as much as 9.8% in premarket trading on Wednesday, poised to extend gains for a third session in a row, after the troubled US regional lender agreed to sell its Civic Financial Services unit to real estate lending firm Roc360 as part of efforts to bolster liquidity.
• View shares jumped 15% in postmarket trading after CEO Rao Mulpuri disclosed the purchase of 47,468 shares.
• Intuit shares dropped 5% in extended trading before rebounding in premarket trade after the tax-preparation software company reported third-quarter revenue that was weaker than expected.

There were plenty of reasons for investors to be pessimistic according to Bloomberg: in the US, there was little progress in debt-ceiling talks and investors are increasingly worried about a default. Yields on securities maturing June 6 topped 6% Tuesday, compared with bills maturing May 30 that are yielding about 2%. China’s sputtering economy and worsening geopolitical ties also hurt sentiment, and UK inflation came in higher than all economist predictions setting the stage for painful encounter with stagflation. Meanwhile, as discussed earlier, Europe’s luxury bubble indeed appears to be bursting as Luxury stocks, one of this year’s most popular trades, extended losses, with LVMH and Gucci owner Kering SA sliding about 2%. European real estate and carmakers slumped on concern that UK interest rates are heading higher. 

“Right now we’re defensively positioned,” said Janet Mui, head of market analysis at RBC Brewin Dolphin, in an interview on Bloomberg TV. “We expect a US recession. We have pushed back the date of that recession to 2024 but we think it’s inevitable. Interest rates will stay high in the US, contrary to what the market is currently pricing, so I think that is negative for the economy and corporate profits. This will drive equity markets lower.”

In Europe stocks are firmly in the red as investors contemplate the prospect of additional monetary policy tightening. The Stoxx 600 Index lost 1.7%, the biggest intraday loss since March 24 as gilts slid, lifting the yield on the 10-year note was up five basis points at 4.21% following a blazing hot UK CPI print; travel, autos and consumer products the worst-performing sectors. Here are the most notable European movers:

• Marks & Spencer rise as much as 12% after the UK retailer reported FY23 earnings and said it plans to reinstate its dividend. The results “positively smashed” expectations, according to Shore Capital
• Sinch gains as much as 6.7% after JPMorgan raised the cloud communications firm to overweight, saying the group now sits at an attractive re-entry point following its selloff since January highs
• Mediobanca jumps as much as 3.6%, making it the best performer on the Stoxx 600 Financial Services Index, after the investment bank unveiled new profitability and remuneration targets
• SSE shares climb as much as 2.7% to the highest in a year, after the utility’s raised guidance exceeded expectations, according to Morgan Stanley
• Deliveroo shares rise as much as 6%, the most in almost 11 weeks, after Morgan Stanley upgraded the firm to overweight, saying it remains “fundamentally bullish” on the food-delivery sector
• Intertek rises as much as 2.9% after the testing and inspection company gave a trading update. The company is the top performer on the Stoxx 600 industrials index, which is down 1.9% on Wednesday
• Embracer shares plunge as much as 44% as the Swedish video-game maker slashed its full-year profit target after a planned partnership worth more than $2 billion in revenue fell through
• LondonMetric shares drop as much as 10% after the UK REIT’s update was not enough to offset broader declines among housebuilders on Wednesday as inflation remained stronger than expected
• UK homebuilders fall on Wednesday, with their shares among the worst performers in the FTSE 100 and FTSE 250, as Britain’s inflation rate remained much stronger than expected

“Inflation continues to dominate – from boardrooms to shop floors – especially after stickier than expected UK inflation cemented bets of more BoE rate hikes ahead,” said Angeline Ong, a financial analyst at IG Group.

Asian stocks were mostly lower following the negative lead from Wall St where sentiment was weighed on by the ongoing debt limit impasse with just 9 days left to the X-date and amid US-China frictions after the US House China Select Committee Chair called for retaliation against China’s ban on Micron.

• Hang Seng and Shanghai Comp. were lower amid US-China frictions after the White House spoke out against the Micron ban, while a lawmaker called for the Commerce Department to add Changxin Memory Technologies to the entity list and ensure no US export licenses are granted to firms operating in China which are used to backfill Micron.
• Nikkei 225 was pressured after its recent pullback to beneath the 31,000 level despite reports that the government is to consider childcare handouts for those up to 18 years old, while the first positive reading this year in the monthly Reuters Tankan manufacturing survey did little to spur risk appetite.
• NZX 50 was underpinned after a dovish RBNZ rate hike which signalled the end of its rate increases.
• ASX 200 declined with the resilience in the commodity-related sectors offset by weakness across the broader market and after the Westpac Leading Index remained depressed.
• India’s S&P BSE Sensex fell 0.3% to 61,773.78 as of 03:45 p.m. in Mumbai, while the NSE Nifty 50 Index declined by a similar measure. The retreat was their biggest since May 17. All but three of the 10 Adani Group stocks ended with losses on Wednesday with the flagship unit Adani Enterprises falling the most since March 28 on profit taking following recent sharp rally.  HDFC Bank contributed the most to the index’s decline, falling 1.3%. Out of 30 shares in the Sensex index, 16 rose, while 14 fell.

In FX, the Bloomberg dollar index is unchanged erasing an earlier spike. Sterling extends gains in the immediate aftermath after UK CPI came in hotter than the highest estimate, but has since turned lower versus the greenback.  The New Zealand dollar dropped as much as 1.3% after the central bank unexpectedly signaled that no further policy tightening will be needed. Policymakers hiked interest rates to 5.5%, in line with projections. 

• GBP/USD was up by as much as 0.5% to 1.2470, after hitting a one-month low Tuesday, before reversing gains.
• NZD/USD fell as much as 1.9% to 0.6131 after theReserve Bank of New Zealand said it sees rate cuts starting in the third quarter of next year after lifting the policy rate to 5.5% as expected.
• EUR/SEK jumped as much as 0.5% to 11.4966, the highest since March 2009, as global stocks extended an earlier sell off.

In rates, Treasuries were slightly richer across the curve after unwinding early losses that were spurred by selloff in gilts following upside surprise by UK inflation data. Subsequently 2-year UK yields remained higher by around 20bp into early US session, sharply underperforming among core European rates.  US 10-year yields around 3.675%, richer by ~2bps vs Tuesday close and outperforming gilts by 7bp in the sector; long-end slightly outperforms, flattening 5s30s spread by ~1.5bp ahead of belly supply at 1pm New York time. The 10-year UK bond yield jumped as much as 21 basis points to 4.37%, the highest since October, after data showed the UK inflation rate at 8.7% in April, higher than any of the 36 estimates from economists or the 8.4% forecast by the central bank. UK money markets priced in a peak BOE rate of as high as 5.5%, compared with around 5.1% on Tuesday. Back in the US, there is a $43bn 5-year note auction follows strong demand for Tuesday’s 2-year sale, which stopped 1.5bp through the WI level. WI 5-year around 3.702% is ~20bp cheaper than April’ stop- out, which. US session highlights include 5-year note auction and FOMC minutes release.  

In commodities, metals were broadly lower. A new wave of Covid is threatening to set back the country’s economy, and investors have been rattled by Beijing’s move to ban purchases of Micron Technology Inc.’s products. Crude futures meanwhile extended their recent advance with WTI rising 2% to trade near $74.40. Spot gold is little changed around $1,975.

Bitcoin fell 1.6%, back under $27K, under pressure as the risk tone remains downbeat as the clock ticks down to the US X-date.

Looking to the day ahead now, and we’ll get the release of the Fed’s minutes from their last meeting in May. Other central bank speakers will include ECB President Lagarde, BoE Governor Bailey and the Fed’s Waller. Data releases include the UK CPI reading for April and Germany’s Ifo business climate indicator for May.

Market Snapshot

• S&P 500 futures down 0.2% to 4,149.25
• MXAP down 0.7% to 160.95
• MXAPJ down 0.9% to 509.11
• Nikkei down 0.9% to 30,682.68
• Topix down 0.4% to 2,152.40
• Hang Seng Index down 1.6% to 19,115.93
• Shanghai Composite down 1.3% to 3,204.75
• Sensex down 0.2% to 61,841.41
• Australia S&P/ASX 200 down 0.6% to 7,213.80
• Kospi little changed at 2,567.45
• STOXX Europe 600 down 1.5% to 459.11
• German 10Y yield little changed at 2.47%
• Euro up 0.1% to $1.0782
• Brent Futures up 1.1% to $77.68/bbl
• Gold spot down 0.0% to $1,974.48
• U.S. Dollar Index little changed at 103.51

Top Overnight News

• New Zealand’s central bank on Wednesday signaled it was done tightening after raising rates by 25 basis points to the highest in more than 14 years at 5.5%, ending its most aggressive hiking cycle since 1999. RTRS
• US and China will attempt to stabilize relations with a dinner scheduled for Thurs between Commerce Sec Gina Raimondo and her Chinese counterpart. WSJ
• China downplays the Micron ban with the gov’t signaling it’s an isolated incident and not part of a broader crackdown on foreign companies. However, a senior Republican member of the House called on the Commerce Dept. to add Chinese memory maker Changxin Memory to the US blacklist in retaliation for the Micron ban announced Sunday. SCMP / RTRS
• The chief executive of Nvidia, the world’s most valuable semiconductor company, has warned that the US tech industry is at risk of “enormous damage” from the escalating battle over chips between Washington and Beijing. FT
• UK’s inflation overshoots the Street consensus, with headline CPI coming in at +8.7% (down from +10.1% in March, but above the Street’s +8.2% forecast) and core CPI coming in at +6.8% (up from +6.2% in March and above the Street’s +6.2% forecast). RTRS
• Mexico’s President Andrés Manuel López Obrador said his administration is considering buying Citigroup’s local retail-banking unit, Banamex, which the U.S. financial giant put up for sale last year. WSJ
• Speaker Kevin McCarthy left the US Capitol late Tuesday afternoon saying the two parties had yet to reach a deal to avert a first-ever US default, and a top lieutenant said there are no more meetings planned. Republican Representative Garret Graves, one of McCarthy’s chief negotiators, suggested just hours after a two-hour meeting in the Capitol with his White House counterparts that the two sides were at a standoff. BBG
• The Cayman Islands Monetary Authority has engaged lawyers to assess its legal options after deposits at Silicon Valley Bank’s branch in the territory were seized by the Federal Deposit Insurance Corp., a government official told affected depositors. WSJ
• US regional banks are rushing to exploit rules that allow depositors to hold tens of millions of dollars in insured accounts, offering security far exceeding government-backed insurance to soothe clients unnerved by the recent banking turmoil. FT
• US economic surprise index collapsing over the last 3 months… (measures eco data surprises relative to market expectations…positive reading means data releases have been stronger than expected and vice versa)

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower following the negative lead from Wall St where sentiment was weighed on by the ongoing debt limit impasse with just 9 days left to the X-date and amid US-China frictions after the US House China Select Committee Chair called for retaliation against China’s ban on Micron. ASX 200 declined with the resilience in the commodity-related sectors offset by weakness across the broader  market and after the Westpac Leading Index remained depressed. NZX 50 was underpinned after a dovish RBNZ rate hike which signalled the end of its rate increases. Nikkei 225 was pressured after its recent pullback to beneath the 31,000 level despite reports that the government is to consider childcare handouts for those up to 18 years old, while the first positive reading this year in the monthly Reuters Tankan manufacturing survey did little to spur risk appetite. Hang Seng and Shanghai Comp. were lower amid US-China frictions after the White House spoke out against the Micron ban, while a lawmaker called for the Commerce Department to add Changxin Memory Technologies to the entity list and ensure no US export licenses are granted to firms operating in China which are used to backfill Micron.

Top Asian News

• China’s new ambassador to the US Xie said US-China relations face serious difficulties and hopes the US will get back on the right track, while he added that they will seek to enhance China-US exchanges and cooperation.
• RBNZ hiked the OCR by 25bps to 5.50% as expected, while it maintained the peak rate forecast at 5.50% and noted that the OCR is set to remain restrictive for the foreseeable future. RBNZ said the level of interest rates is constraining spending and inflation and it forecasts negative GDP growth in Q2 and Q3. Furthermore, the rate decision was made by a majority of five votes to two and the Committee discussed the suitability of a pause or a 25bps hike.
• RBNZ Governor Orr said during the press conference that the newest data is satisfactory after a long battle and noted it was the first time the Monetary Policy Committee voted on the decision, while he added that they have seen inflation, core inflation and inflation expectations come down, but as a cautious central bank, they are foreshadowing keeping restrictive monetary policy for some time.
• RBA Official Jacobs says the balance sheet is starting to unwind pandemic bond purchases, around AUD 20bln of purchased bonds have matured, pace will increase to circa. AUD 35-45bln/year. Click here for more detail.

European bourses are pressured as headwinds mount, Euro Stoxx 50 -1.6%; attention on debt talks, UK CPI, poor Ifo, US-China tensions and continued luxury sector downside. Sectors are pressured across the board with Real Estate lagging on hawkish BoE pricing while Luxury names continue to slip with analysts citing an MS luxury conference pointing to relatively more subdued performance in the US. US futures are softer but much more contained as we await more concrete developments on the debt ceiling, ES -0.2%, with updates this morning via multiple journalists skewed to the downside overall on a near-term agreement.

Top European News

• ECB President Lagarde reiterates the ECB will bring rates to sufficiently restrictive levels and keep them at those levels for as long as necessary.
• BoE Governor Bailey says banks are exposed to climate related hazards.
• EU banks are reportedly to sail through early rounds of stress tests, according to Bloomberg.
• German economy is expected to grow modestly on Q2 as a rebound in industry offset stagnating household consumptions, according to the Bundesbank monthly report.

FX

• DXY is firmer and towards highs after spending much of the morning trading on either side of the psychological 103.50 level ahead of the FOMC minutes.
• NZD experienced a significant drop after the RBNZ signalled an end to its tightening cycle in what was a dovish hike.
• AUD slipped and remains soft in tandem with the broader risk tone and losses across base metals.
• GBP was briefly lifted following the hotter-than-expected UK inflation data which solidified the case for a June BoE hike.
• PBoC set USD/CNY mid-point at 7.0560 vs exp. 7.0556 (prev. 7.0326)

Fixed Income

• Gilts gapped lower to sub-95.00 following hotter-than-expected UK CPI, with market pricing now implying 75bp of further tightening.
• Given this, EGBs/USTs spent the morning underwater but have since made their way back into positive territory as attention returns to the US debt ceiling, with USTs and Bunds now incrementally firmer.
• For reference, the morning’s dual-tranche German supply was well received overall, particularly when taking into account that the morning’s marked concession had largely evaporated by the time the auction commenced.

Commodities

• WTI and Brent July futures are firmer intraday with the complex seemingly underpinned following commentary from the Saudi Energy Minister yesterday.
• Spot gold resides around USD 1,975/oz in a near-USD 10/oz range in the run-up to the FOMC.
• Base metals are softer across the board amid the demand implications from a weaker-than-expected Chinese rebound coupled with the state-side jitters on the debt ceiling front.
• US Energy Inventory Data (bbls): Crude -6.8mln (exp. +0.8mln), Cushing +1.7mln, Gasoline -6.4mln (exp. -1.1mln), Distillate -1.7mln (exp. +0.4mln).
• Russian watchdog says it is prepared to support restrictions on petrol exports, via Ifx. Subsequently, Russian Energy Minister says we are considering restriction on gasoline exports and not a ban.

Debt Ceiling headlines

• White House said invoking the 14th Amendment to work around the debt ceiling won’t “fix the current problem” but wouldn’t shut the door entirely on pursuing the strategy if they can’t reach a deal, according to USA Today.
• US GOP Rep. Graves said they don’t have additional meetings set up and noted there are some areas where they are very close although there are still substantial gaps including over the debt limit duration.
• Fox’s Pergram tweets “Unclear where debt ceiling talks stand today. Talks have continued. But there has yet to be a breakthrough”.
• US Democrats have reportedly criticised Republican negotiators for seeking an increase in military spending in debt ceiling discussions, via WSJ citing sources; some in the admin. reportedly struggling to see a path forward in the discussions
• Punchbowl News, on the US debt ceiling talks, says “with no deal imminent, McCarthy has signalled that he’d likely send lawmakers home Thursday evening, anticipating that negotiations will drag into next week.”
• White House and Republicans are expected to resume debt talks today, according to Reuters sources.

Geopolitics

• Russian PM Mishustin, in Beijing, says relations between Russia and China are at an unprecedented high level. Adding, Xi’s Russia visit in March was another confirmation of the “special” nature of bilateral relations. Subsequently echoed by Chinese President Xi.
• Russian Foreign Minister Lavrov (according to a translated tweet) says that increasing Western involvement in Ukraine will lead to nuclear war.
• Russia’s Deputy Foreign Minister says F-16s will be a “legitimate target” for Russia if supplied to Ukraine, according to RIA.

US Event Calendar

• 07:00: May MBA Mortgage Applications, prior -5.7%
• 14:00: May FOMC Meeting Minutes

Central bank speakers

• 12:10: Fed’s Waller Discusses the Economic Outlook
• 14:00: May FOMC Meeting Minutes

DB’s Jim Reid concludes the overnight wrap

AI hasn’t yet been able to solve the debt ceiling problem and markets struggled yesterday, with front end bonds and equities selling off together as investors grew increasingly concerned about the debt ceiling. It’s true that both sides are still talking and the mood music sounds (mostly) positive, but we might only be days away from the deadline in early June, and any deal that’s reached is still going to need to be passed through both houses of Congress. So there are real concerns that this could go right down to the wire, and investors are slowly gearing up accordingly. There’s also been talk about whether a short-term extension might now be needed to get this over the line, but for the time being, Speaker McCarthy has continued to downplay the prospect that will happen. So investors continue to wait nervously with no signs of a deal emerging just yet.

When it came to the last 24 hours, it was reported by Punchbowl News that McCarthy had told Republicans in a closed-door meeting that “we are nowhere near a deal yet”. But later on, McCarthy told reporters that a deal could still be reached by June 1. By last night, GOP Representative Graves, who has been one of McCarthy’s lead negotiators, said some progress had been made but then added that “we’re going to have to see some movement or some fundamental change in what they’re doing,” and that there was not an additional meeting currently set up. House Majority Leader Scalise also questioned how the June 1st x-date was calculated, which prompted markets to believe the two sides were still some ways apart. Speaker McCarthy has said he would not waive a rule allowing Congress to review a bill for 3 days before a vote, if he holds that line it will further compress the timetable to get a deal done before early-June.

Those issues surrounding the debt ceiling have put serious pressure on US Treasuries over recent days. At the front end, yesterday a Treasury auction of a 21-day cash management T-bill yielded 6.2%, which is above what last week’s 4W bill received (5.84%). The bill is due June 15 and would fully capture Treasury Secretary Yellen’s projected x-date period of “early-June”, furthermore there is an expected influx of corporate tax revenue around that date and so the risk of default remains very much prior to that point. That said there is typically lower demand for the cash management bills than benchmark issues but the fact remains that we have not seen a 6-handle on US Treasury security since 2000 when 2, 10 and 30yrs traded at that level.

In terms of other benchmarks, the 1M and 3M US T-bills were flat after a late rally with the latter rising marginally (+0.2bps) to a fresh post-2001 high of 5.226% – eclipsing last Thursday’s close. And when it came to longer maturities, rising 10yr Treasury yields ran out of steam after having risen for 7 consecutive session as they fell back -2.3bp, taking them to 3.692%. They did hit 3.75% earlier in the session but risk-off seemed to provide a bid after Europe went home. Overnight, they are -1.2bps lower at 3.68% as I type.

Whilst investors might be worried about a US default, another factor behind those Treasury declines has been growing scepticism that the Fed are actually going to cut rates this year. Indeed, only yesterday we got some better-than-expected data from the US, since the flash composite PMI hit a 13-month high in May of 54.5 (vs. 53.0 expected). Then 15 minutes later, the data on new home sales for April came in 683k on an annualised basis (vs. 665k expected), which was also a 13-month high. So that added to the signs that the economy was proving resilient as we move deeper into Q2, and helped to push back fears of an imminent recession.

With that strong data in hand, investors dialled back their expectations for rate cuts from the Fed over the course of 2023. For instance, the rate priced in by the December meeting was up another +1.2bps to 4.71%, which is its highest level since SVB’s collapse in early March. Bear in mind that on March 15, when the market turmoil was at its height, the rate expected in December hit a closing low of 3.75%, so we’ve now recovered a full 100bps from that point, which shows how the market has increasingly put that turmoil behind it. And although fears about the debt ceiling are rising, the underlying base case for investors is still that a deal or an extension will be agreed as on previous occasions, allowing investors to look through this current crisis too.

For equities, the tone was downbeat yesterday as the S&P 500 finished near the lows of its daily trading range down -1.12%. The NASDAQ largely matched the broader index, falling -1.26% yesterday, with megacap tech stocks giving way in the US afternoon as the FANG+ index (-1.29%) saw its largest pullback in nearly a month. Look out for Nvidia’s (-1.57%) earnings after the bell today. The stock (up +110% in 2023) is the fifth largest in the S&P 500 and now has a market cap of $758.9bn, which for context is double the biggest company in the Stoxx 600 (Nestle – EUR 310bn) and nearly 5x larger than the biggest corporate in the DAX (SAP – EUR 151bn).

The tone was a bit better in Europe given the late selloff in the US, and the STOXX 600 fell -0.60%, whilst the CAC 40 (-1.33%) saw the biggest underperformance as luxury good stocks struggled. That came as the flash PMIs were broadly in line with consensus across the continent, with the composite Euro Area print at 53.3 (vs. 53.5 expected).

Sovereign bonds in Europe broadly followed the US, with yields on 10yr bunds (+1.0bps), OATs (+0.1bps) and BTPs (+0.7bps) rising on the day. The big underperformer were UK gilts however, where 10yr yields (+9.4bps) rose to their highest level since Liz Truss was PM last October, at 4.158%. That followed comments from BoE officials before MPs, including Governor Bailey who said that “there are risks of persistence” on inflation. Meanwhile Catherine Mann, the most hawkish member of the MPC, commented that “tightening and tight are not the same” and said “real rates are still below zero”. That prompted investors to dial up their expectations for rate hikes over the months ahead, with terminal now priced above 5%. Keep an eye out for the April CPI release shortly after this goes to press as well, where the headline reading is expected to come out of double-digits (8.2% expected vs. 10.1% last month) as last year’s spike in energy prices drops out of the annual comparison.

Speaking of inflation, there was some further good news from Europe as natural gas prices fell to their lowest level in nearly 2 years. That was thanks to a -1.97% decline yesterday, taking futures down to €29.13/MWh, which also leaves prices on track for their 8th consecutive weekly decline. It’s true that Brent crude oil prices (+2.17%) hit a 2-week high yesterday of $77.64/bbl. But more broadly the trend for commodities has been continuously lower over recent months, and Bloomberg’s Commodity Spot Index fell to its lowest level since December 2021.

Asian equity markets are tracking overnight losses on Wall Street with the Hang Seng (-1.10%) leading losses followed by the Nikkei (-1.08%), the CSI (-0.56%), the Shanghai Composite (-0.54%) and the KOSPI (-0.23%). In overnight trading, US equity futures are indicating a small rebound though with those tied to the S&P 500 (+0.11%) and NASDAQ 100 (+0.10%) printing mild gains.

In terms of monetary policy action, the Reserve Bank of New Zealand (RBNZ) raised its benchmark rate by 25bps to the highest in more than 14 years to 5.5%, in line with expectations, but signalled it may be done with tightening. Following the decision, the New Zealand dollar slumped more than -1%, to a three-week low of $0.617 as the central bank decided not to keep the door open for further policy tightening. Meanwhile, benchmark 2yr yields fell sharply (-32.1 bps) to 4.78%, dropping the most in 6 months with 10yr yields dropping (-15.3 bps) to 4.30% as we go to print.

To the day ahead now, and we’ll get the release of the Fed’s minutes from their last meeting in May. Other central bank speakers will include ECB President Lagarde, BoE Governor Bailey and the Fed’s Waller. Data releases include the UK CPI reading for April and Germany’s Ifo business climate indicator for May.

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

BoE pricing jumps on hot CPI, more broadly awaiting debt ceiling updates – Newsquawk US Market Open

WEDNESDAY, MAY 24, 2023 – 06:35 AM

• European bourses are under marked pressure as headwinds mount while US futures are lower but more contained awaiting debt ceiling developments
• Overall, updates via journalists this morning are skewed to the downside on a near-term agreement
• Hawkish impulses were seen on hot UK CPI, with core fixed income pressured & BoE pricing lifting
• Though, Bunds & USTs have reverted back to modest positive territory as focus returns to potential US developments
• Crude continues to climb, XAU flat and base metals dented as attention remains on the weaker-than-expected Chinese rebound
• DXY is firmer and at highs as GBP gives up knee-jerk upside while NZD lags as RBNZ flags the end of its tightening cycle
• Looking ahead, highlights include FOMC Minutes (May). Speeches from ECB’s Lagarde, BoE’s Bailey & Fed’s Waller. Supply from the US, Earnings from NVIDIA.

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

EUROPEAN TRADE

EQUITIES

• European bourses are pressured as headwinds mount, Euro Stoxx 50 -1.6%; attention on debt talks, UK CPI, poor Ifo, US-China tensions and continued luxury sector downside.
• Sectors are pressured across the board with Real Estate lagging on hawkish BoE pricing while Luxury names continue to slip with analysts citing an MS luxury conference pointing to relatively more subdued performance in the US.
• US futures are softer but much more contained as we await more concrete developments on the debt ceiling, ES -0.2%, with updates this morning via multiple journalists skewed to the downside overall on a near-term agreement.
• Click here and here for a recap of the main European updates.
• Click here for more detail.

FX

• DXY is firmer and towards highs after spending much of the morning trading on either side of the psychological 103.50 level ahead of the FOMC minutes.
• NZD experienced a significant drop after the RBNZ signalled an end to its tightening cycle in what was a dovish hike.
• AUD slipped and remains soft in tandem with the broader risk tone and losses across base metals.
• GBP was briefly lifted following the hotter-than-expected UK inflation data which solidified the case for a June BoE hike.
• PBoC set USD/CNY mid-point at 7.0560 vs exp. 7.0556 (prev. 7.0326)
• Click here for more detail.
• Click here for the notable FX expiries for today’s NY cut.

FIXED INCOME

• Gilts gapped lower to sub-95.00 following hotter-than-expected UK CPI, with market pricing now implying 75bp of further tightening.
• Given this, EGBs/USTs spent the morning underwater but have since made their way back into positive territory as attention returns to the US debt ceiling, with USTs and Bunds now incrementally firmer.
• For reference, the morning’s dual-tranche German supply was well received overall, particularly when taking into account that the morning’s marked concession had largely evaporated by the time the auction commenced.
• Click here for more detail.

COMMODITIES

• WTI and Brent July futures are firmer intraday with the complex seemingly underpinned following commentary from the Saudi Energy Minister yesterday.
• Spot gold resides around USD 1,975/oz in a near-USD 10/oz range in the run-up to the FOMC.
• Base metals are softer across the board amid the demand implications from a weaker-than-expected Chinese rebound coupled with the state-side jitters on the debt ceiling front.
• US Energy Inventory Data (bbls): Crude -6.8mln (exp. +0.8mln), Cushing +1.7mln, Gasoline -6.4mln (exp. -1.1mln), Distillate -1.7mln (exp. +0.4mln).
• Russian watchdog says it is prepared to support restrictions on petrol exports, via Ifx. Subsequently, Russian Energy Minister says we are considering restriction on gasoline exports and not a ban.
• Click here for more detail.

NOTABLE HEADLINES

• ECB President Lagarde reiterates the ECB will bring rates to sufficiently restrictive levels and keep them at those levels for as long as necessary.
• BoE Governor Bailey says banks are exposed to climate related hazards.
• EU banks are reportedly to sail through early rounds of stress tests, according to Bloomberg.
• German economy is expected to grow modestly on Q2 as a rebound in industry offset stagnating household consumptions, according to the Bundesbank monthly report.

DATA RECAP

• UK CPI YY (Apr) 8.7% vs. Exp. 8.2% (Prev. 10.1%); MM (Apr) 1.2% vs. Exp. 0.8% (Prev. 0.8%); All Services CPI YY 6.9% (prev. 6.6%)
• UK Core CPI YY (Apr) 6.8% vs. Exp. 6.2% (Prev. 6.2%); MM (Apr) 1.3% vs. Exp. 0.7% (Prev. 0.9%)
• German Ifo Business Climate New (May) 91.7 vs. Exp. 93.0 (Prev. 93.6, Rev. 93.4); Expectations New (May) 88.6 vs. Exp. 91.9 (Prev. 92.2)
• German Ifo Current Conditions New (May) 94.8 vs. Exp. 94.8 (Prev. 95.0; Rev. 93.1)
• Ifo: Number of companies who aim to increase prices in May has fallen further; German economy is treading water, Q2 is going towards stagnation.
• UK CBI Trends – Orders (May) -17 (Prev. -20.0).

NOTABLE US HEADLINES/DEBT CEILING

• White House said invoking the 14th Amendment to work around the debt ceiling won’t “fix the current problem” but wouldn’t shut the door entirely on pursuing the strategy if they can’t reach a deal, according to USA Today.
• US GOP Rep. Graves said they don’t have additional meetings set up and noted there are some areas where they are very close although there are still substantial gaps including over the debt limit duration.
• Fox’s Pergram tweets “Unclear where debt ceiling talks stand today. Talks have continued. But there has yet to be a breakthrough”.
• US Democrats have reportedly criticised Republican negotiators for seeking an increase in military spending in debt ceiling discussions, via WSJ citing sources; some in the admin. reportedly struggling to see a path forward in the discussions
• Punchbowl News, on the US debt ceiling talks, says “with no deal imminent, McCarthy has signalled that he’d likely send lawmakers home Thursday evening, anticipating that negotiations will drag into next week.”
• White House and Republicans are expected to resume debt talks today, according to Reuters sources.
• Click here for the US Early Morning Note.

GEOPOLITICS

• Russian PM Mishustin, in Beijing, says relations between Russia and China are at an unprecedented high level. Adding, Xi’s Russia visit in March was another confirmation of the “special” nature of bilateral relations. Subsequently echoed by Chinese President Xi.
• Russian Foreign Minister Lavrov (according to a translated tweet) says that increasing Western involvement in Ukraine will lead to nuclear war.
• Russia’s Deputy Foreign Minister says F-16s will be a “legitimate target” for Russia if supplied to Ukraine, according to RIA.

CRYPTO

• Bitcoin is underpressure as the risk tone remains downbeat as the clock ticks down to the US X-date; currently, BTC is at the trough of USD 26.6-27.3k parameters.

APAC TRADE

• APAC stocks were mostly lower following the negative lead from Wall St where sentiment was weighed on by the ongoing debt limit impasse with just 9 days left to the X-date and amid US-China frictions after the US House China Select Committee Chair called for retaliation against China’s ban on Micron.
• ASX 200 declined with the resilience in the commodity-related sectors offset by weakness across the broader market and after the Westpac Leading Index remained depressed.
• NZX 50 was underpinned after a dovish RBNZ rate hike which signalled the end of its rate increases.
• Nikkei 225 was pressured after its recent pullback to beneath the 31,000 level despite reports that the government is to consider childcare handouts for those up to 18 years old, while the first positive reading this year in the monthly Reuters Tankan manufacturing survey did little to spur risk appetite.
• Hang Seng and Shanghai Comp. were lower amid US-China frictions after the White House spoke out against the Micron ban, while a lawmaker called for the Commerce Department to add Changxin Memory Technologies to the entity list and ensure no US export licenses are granted to firms operating in China which are used to backfill Micron.
• Xiomi (1810 HK) Q1 2023 (CNY): Revenue 59.5bln (exp. 58.8bln), Net Income 4.2bln (exp. 2.5bln), Global MAUs +12.4% Y/Y, Smartphone revenue 35bln (prev. 45.8bln).

NOTABLE ASIA-PAC HEADLINES

• China’s new ambassador to the US Xie said US-China relations face serious difficulties and hopes the US will get back on the right track, while he added that they will seek to enhance China-US exchanges and cooperation.
• RBNZ hiked the OCR by 25bps to 5.50% as expected, while it maintained the peak rate forecast at 5.50% and noted that the OCR is set to remain restrictive for the foreseeable future. RBNZ said the level of interest rates is constraining spending and inflation and it forecasts negative GDP growth in Q2 and Q3. Furthermore, the rate decision was made by a majority of five votes to two and the Committee discussed the suitability of a pause or a 25bps hike.
• RBNZ Governor Orr said during the press conference that the newest data is satisfactory after a long battle and noted it was the first time the Monetary Policy Committee voted on the decision, while he added that they have seen inflation, core inflation and inflation expectations come down, but as a cautious central bank, they are foreshadowing keeping restrictive monetary policy for some time.
• RBA Official Jacobs says the balance sheet is starting to unwind pandemic bond purchases, around AUD 20bln of purchased bonds have matured, pace will increase to circa. AUD 35-45bln/year. Click here for more detail.

DATA RECAP

• Australian Westpac Leading Index MM (Dec) 0.0% (Prev. 0.0%)
• New Zealand Retail Sales QQ (Q1) -1.4% (Prev. -0.6%); YY (Q1) -4.1% (Prev. -4.0%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

WEDNESDAY MORNING/TUESDAY NIGHT

SHANGHAI CLOSED DOWN 41.49 PTS OR 1.28%   //Hang Seng CLOSED DOWN 315.32 POINTS OR 1.62%      /The Nikkei closed DOWN 275.09 OR 0.89%  //Australia’s all ordinaries CLOSED DOWN 0.73 %   /Chinese yuan (ONSHORE) closed UP 7.0491 /OFFSHORE CHINESE YUAN DOWN  TO 7.0579 /Oil UP TO 74.10 dollars per barrel for WTI and BRENT AT 77.99 / Stocks in Europe OPENED ALL  RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA//

END

CHINA/USA

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

UK

The pound is crushed as UK inflation unexpectedly hits 30 year highs

(zerohedge)

Cable Crushed As UK Inflation Unexpectedly Hits 30 Year High

WEDNESDAY, MAY 24, 2023 – 07:35 AM

Stagflation is taking hold in Britain as inflation printed much hotter than expected this morning with services and core CPI at their highest since 1992.

Headline CPI printed 8.7% in April, higher than any of the 36 estimates from economists or the 8.4% reading forecast by the central bank (though admittedly back in single-digits from the 10.1% print in March).

However, core prices excluding food, energy and tobacco accelerated to 6.8% last month from 6.2% in March.

Source: Bloomberg

There are signs that inflation is becoming embedded…

Source: Bloomberg

The reaction – after a kneejerk bid – was selling of sterling, pushing cable back to its lowest in six weeks…

Source: Bloomberg

Rate-hike expectations for June spiked…

Source: Bloomberg

With traders now betting that the BoE will hit a terminal of 5.5% (up from 5.1% yesterday)…

Source: Bloomberg

Today’s data was very unwelcome, given Governor Andrew Bailey only on Tuesday remarked inflation “had turned a corner”.

“With inflation proving stickier than the Bank expected, it now seems all-but certain that the Bank will raise interest rates from 4.50% to 4.75% in June and perhaps a bit further in the months after,” said Paul Dales, chief UK economist at Capital Economics

Which will only squelch growth more and drive the nation into a deeper stagflationary spiral – every central banker’s worst nemesis.

END

EUROPE

Europe’s luxury bubble just burst..

(zerohedge)

Did Europe’s Luxury Bubble Just Burst

WEDNESDAY, MAY 24, 2023 – 05:45 AM

The US has its market leading “Big 7 Tech” basket (a play on AI hype but really just an excuse to buy the former market leaders Apple, Microsoft, Google, Amazon, Nvidia, Meta, Tesla), which is trading on 30x PE vs 17x for rest of S&P and is single-handedly responsible for all market gains in 2023; Europe on the other hand, has its “Big 7 European Luxury” aspirational basket  (LVMH, L’Oreal, Hermes, Christian Dior, Richemont, Kering, Ferrari) which is trading at an even more ridiculous 36x vs rest of Stoxx 600 trading on 12x PE.

But what goes up (in an almost straight line) must come down, and the blistering rally in European luxury goods stocks this year powered by international demand particularly from China took a painful hit today, wiping out more than $30 billion from the sector.

Shares in Hermes International slumped as much as 5.5%, while LVMH Moet Hennessy Louis Vuitton SE dropped around 4% and Gucci owner Kering SA saw its stock decline more than 2%.

As BofA’s Michael Hartnett discussed over the weekend, in the past year this high-flying sector had become to European stocks what Big Tech was to the US: a collection of dominant businesses whose explosive growth was unquestioned even as the economy shrank.

But the questions are finally starting to emerge as confidence in that view has been dented, with attendees at a luxury conference in Paris organized by Morgan Stanley flagging a “relatively more subdued” performance in the US (and China), according to Edouard Aubin, an analyst at the bank. That reflects “weakness in the aspirational consumer in particular.”

Separately, the lack of a powerful rebound in China has sparked doubt if the rally will continue. Both Asia and the US are important markets for European luxury companies. Asia excluding Japan accounted for 30% of LVMH’s sales in 2022, while the US made up 27%, according to the company’s annual report.

At the same time, Deutsche Bank analysts also said that a slowdown in the US is now a growing concern. While the rebound in Chinese demand has been among the key drivers of strong sales, investors are likely to be picky from here on, they said.

“The luxury sector remains a crowded long for many investors, with the sector’s premium to the market at historically high levels,” Deutsche Bank analyst Matt Garland said in a note. The rally has seen LVMH balloon in size, with its market value breaching the $500 billion level last month, becoming the first European company to hit that milestone.

Despite today’s hiccup, luxury stocks have been outperforming by a large margin this year: LVMH is up 25% and Hermes has added 34%, both outperforming a 10% rise in the broader Stoxx Europe 600 Index, roughly the same as the S&P500.

These gains, like those by US AI stocks, have flown in the face of a broader economic slowdown, as investors have bet that Chinese shoppers will be keen to spend after emerging from one of the world’s strictest lockdowns (so far they haven’t with the latest Chinese data dump a uniform disappointment across the board). Still, Bloomberg reminds us that last month, LVMH’s shares hit a record after reporting a surge in sales, while Hermes also saw quarterly sales jump as Chinese consumers snapped up its pricey scarves and Kelly handbags.

However, early warning signs have emerged, with LVMH noting that it is seeing a slowdown in US growth, while British fashion brand Burberry said that it is seeing demand for sneakers and entry-level products softening among younger Americans.

More in the full cautionary note from DB and Morgan Stanley Day 1 luxury conf recap, both available to pro subs.

end

GERMANY

The powerhouse of Europe: Germany shows business confidence heads downhill after a 6 month rise

(AP)

German Business Confidence Heads Downhill After 6-Month Rise

A closely watched survey shows that German business confidence has dropped for the first time after a six-month rise as inflation recedes only slowly in Europe’s biggest economy and interest rates continue to increase

By Associated Press

May 24, 2023, at 6:45 a.m.

BERLIN (AP) — German business confidence has dropped for the first time after a six-month rise as inflation recedes only slowly in Europe’s biggest economy and interest rates continue to increase, a closely watched survey showed Wednesday.

The Ifo institute said its monthly index dropped to 91.7 points in May from 93.4 last month. The index had risen every month since November. Managers’ outlook for the next six months declined significantly, while their assessment of both their current situation was slightly worse than in April.

There was a sharp decline of confidence in the manufacturing sector, where expectations saw their largest increase since March 2022, the month after Russia launched its war in Ukraine, Ifo said.

The German economy stagnated in this year’s first quarter after contracting by 0.5% in the final three months of 2022, according to preliminary figures released earlier this month.

Germany’s annual inflation rate stood at 7.2% in April, down from 7.4% in March. The European Central Bank has repeatedly hiked interest rates in an effort to inflation across the 20-nation eurozone to the bank’s target of 2% — something that creates its own challenges for businesses and consumers.

“The root cause for the deteriorating business climate at present is the stickiness of core inflation and the resulting additional tightening of monetary policy by the ECB,” Timo Klein, principal economist with S&P Global Market Intelligence in Frankfurt, wrote in a research note.

He said that “the stability of the service sector is the only factor preventing a recession right now.”

Ifo’s survey is based on response from about 9,000 managers across various business sectors.

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

Wagner Chief Reveals 20,000 Of His Fighters Killed At Bakhmut, Says Putin’s War Has Backfired 

WEDNESDAY, MAY 24, 2023 – 11:45 AM

Russia’s Wagner Group founder Yevgeny Prigozhin has given a rare and revealing interview with pro-Moscow blogger Konstantin Dolgov, fresh off the weekend declaration of victory over Bakhmut in Ukraine’s east. 

“PMC Wagner completely liberated Artyomovsk [Bakhmut],” Prigozhin said, and for the first time made public how many Wagner fighters both participated and died in the campaign, which he previously said was 224 days of fighting. He revealed that the mercenary group lost 20,000 fighters in total at Bakhmut, half of which were convicts who had been recruited from prisons. 

Prigozhin said in the interview which was published late Tuesday, “Throughout the [entire combat] operation, I recruited 50,000 prisoners, of which about 20% died. Exactly the same number died as those who signed up through a contract.” He described that an equal number of the Wagner deceased at Bakhmut had signed up with the St. Petersburg-based firm through regular means, or had already long been under contract.

He also continued to make remarks which will be seen as hugely provocative by the regular Russian military command and inside the Kremlin. “If PMC Wagner cannot hand the positions because the Russian army is not ready to take them over, then this means that PMC Wagner has risen to a level higher than the Russian army,” he said, also reaffirming that his forces will hand captured territory over to the military on June 1st.

“If they [the army] cannot take over [the positions], then the persons concerned must shoot themselves,” Prigozhin added. “There was only Wagner here [in Bakhmut],” he had early declared in a video posted to Wagner channels on Saturday.

“We fought not only the Ukrainian army here, we fought Russian bureaucracy,” Prigozhin asserted, which is a similar them he echoed from the fight for nearby Soledar.

But sure to unleash more controversy and commentary inside the Kremlin is his strongly suggesting in the interview that Putin’s war in Ukraine has backfired. Below are Prigozhin’s remarks in this section as presented in Newsweek:

Russia sought to “demilitarize” Ukraine, but has instead militarized it with some of the best weapons in the world, Prigozhin said, echoing the justifications Russian President Vladimir Putin gave when launching his full-scale invasion against the neighboring country on February 24, 2022.

“The special military operation was done for the sake of denazification and demilitarization. Thus, the denazification of Ukraine, which we talked about, we made Ukraine a nation that is known to everyone all over the world…Ukraine has become a country that is known absolutely everywhere.”

“Now, with regard to demilitarization…if they had 500 tanks at the beginning of the special operation, [now] they have 5,000 tanks. If they had 20,000 people able to fight skillfully, now 400,000 people know how to fight. How did we demilitarize it? It turns out that the opposite is true—we militarized her hell knows how,” the Wagner chief said.

While holding up his Wagner forces as being “in first place in the world” in terms of military effectiveness, he conceded that at this point with the West’s backing Ukraine now has “one of the strongest armies.”

“They have a high level of organization, a high level of training, a high level of intelligence, they have various weapons, and moreover, they work on any systems, Soviet, NATO, anything, equally successfully,” he described of Ukraine’s armed forces.

It’s become clear that Putin has long tolerated Prigozhin’s negative commentary, giving him a remarkably wide berth, likely due to Wagner’s indispensability on the battlefield. For example, what Prigozhin said in this latest interview alone would be enough to get other Russian commentators or public figures arrested, killed, or at least severely censured. 

end

UKRAINE//RUSSIA//USA

Russia is not happy

(zerohedge)

Confirmed: Militants Used American Armored Vehicles To Attack Inside Russia

TUESDAY, MAY 23, 2023 – 05:05 PM

Starting Monday, just following the large cross-border raid out of Ukraine on villages in Russia’s Belgorod, the United States began immediately distancing itself, with the State Department saying in a statement, “We have made very clear to the Ukrainians that we don’t enable or encourage attacks outside Ukrainians’ borders…”, while adding that it is “up to Ukraine to decide how they want to conduct their military operations.”

But the ‘sabotage’ attack, which Moscow called cross-border terrorism and which killed one civilian and injured at least twelve, appeared to involve American-supplied equipment, featured in a number of photographs. The gunmen, who wore tactical and military uniforms and drove large armored vehicles, may have held several areas of Russian territory for up to several hours, but by Tuesday the Kremlin announced its forces had wiped out the insurgents and destroyed their military hardware. The Kremlin further said it was a Ukrainian attempt to “divert attention” from Russia’s victory in Bakhmut.

Russia later on Tuesday updated the numbers of attackers it allegedly killed in putting down the strike to 70, while also insisting that they were Ukrainians. Russian forces even deployed air strikes and artillery fire to beat them back. But Kiev has denied involvement, instead pointing to two anti-Putin Russian paramilitary groups. They owned up to the operation, stating through their media channels: “The Legion and the RDK continue to liberate the Belgorod region.” The statement added: “Once again, the myth that Russian citizens are safe and the Russian Federation is strong has been destroyed.”

Now with photographs appearing to show the cross-border attackers’ US armored vehicles, it’s put the Biden administration in an awkward spot, given prior public statements that the equipment Washington gives Kiev is not intended to be used for direct attacks inside Russia. 

When asked about the American military hardware used by the attackers during a daily briefing, State Department Spokesperson Matthew Miller didn’t flat-out deny the allegations, but merely said the US administration is “skeptical, at this time, of the veracity” of the reports of US-provided weapons used to strike Russia in Belgorod. 

“We don’t have perfect clarity of the information, we’re looking at the same fuzzy images [on social media] … at this time we’re skeptical of their veracity,” Milller said. 

But the same afternoon as the State Department’s ham handed attempt to feign ignorance and distance itself, the Financial Times confirmed that the militias did indeed use US armored vehicles. 

“Far-right militias who stormed a Russian region bordering Ukraine this week used US-made tactical vehicles in the attack, raising questions over Kyiv’s support for the Ukraine-based Russian extremist groups.” [emphasis ZH] 

FT was also able to obtain confirmation from the militants themselves, laying the case to rest: 

Ukraine has denied direct involvement in the raid on Monday, but one military official acknowledged “co-operating” with the nationalist groups, who on Monday entered Russian territory to “liberate” a village. Denis Nikitin, leader of the Russian Volunteer Corps, told the Financial Times that his fighters assaulting the Belgorod region were in possession of American-made military vehicles.

These included at least two M1224 MaxxPro armoured vehicles and several Humvees, he said, while declining to disclose how they were obtained. Some but not all images of US-made vehicles in the raid were taken on the Russian side of the border, according to FT analysis of the videos and photos. Russian defence ministry footage separately showed the US-made tactical vehicles damaged by gunfire and apparently abandoned.

Ukrainian government officials have also since acknowledged some level of cooperation with the brutal Russian neo-Nazi groups believed behind the incursion, per the FT: 

Initially, Ukrainian officials publicly kept their distance from the Russian sabotage units. But on Tuesday, Andriy Chernyak, an official from Ukraine’s military intelligence directorate, HUR, acknowledged for the first time some form of co-operation with the Russian Volunteer Corps and Free Russia Legion.

“Of course, we communicate with them. Of course, we share some information,” Chernyak said. “And, one might say, we even co-operate.”

This appears to validate Russia’s longtime accusations directed at Washington regarding Ukraine’s intent to use Western supplied arms against its sovereign territory.

The Belgorod situation also proves that US-supplied weaponry is clearly proliferating beyond the Ukrainian armed forces, despite the Biden administration’s insistence the Pentagon is providing proper oversight. 

* * *

Below is a fresh overview of the Russian account of the Monday into Tuesday attack via TASS: 

• Over the past 24 hours, Ukrainian troops shelled about 20 communities in the Belgorod Region, regional Governor Vyacheslav Gladkov said. They used a multiple-launch rocket system and dropped explosive devices on residential buildings and people using drones.
• Some 29 residential buildings and three vehicles have been damaged. Power outages have been registered in 14 populated localities. It will be possible to begin restoring service as soon as the situation allows, the governor clarified.
• Ukraine has launched an unprecedented information attack on the region’s inhabitants, spreading rumors that tanks are entering the region and that a nuclear catastrophe looms. Ukraine’s goal is to intimidate people and spread panic in the region, the governor said…

end

US struggling to explain images of its destroyed hardware inside Russia — RT World News

Robert Hryniak	10:26 AM (8 minutes ago)
to

What is the point of struggling to explain the use of American or European equipment on Russian soil? Call for what it is, because spin is meaningless. Yes, America spends money it does not have depriving its’ citizens for the glory of war in dreaming of defeating Russia and breaking the country up to feed upon its’ natural wealth. Recent colored maps announced define the intent beyond a shadow of doubt galvanizing the Russian public to stand behind their leadership in a fight for their existence.

Any thinking person already has realized that Ukraine is a proxy army to fight for NATO and America in a war against Russia with the battlefield being Ukraine, engineered by Neocons in America. A proxy is really nothing more than a mercenary for hire that has been hired. Historically, mercenaries have always been used in conflicts. Equipped by their masters to fight as opposed to wasting citizen lives. Ordinary Europeans and Americans have no interest in a fight with Russians. And frankly any attempt to secure of enlist such a military call up would cause mass uprisings.

Should anyone be surprised that Ukrainian pilots are actively being trained in America to fly F16’s? Yes, American Air Force Generals have said this will not change anything. However this is not relevant because F16’s can and will carry Nukes to strike Russia soon. Those Ukrainian pilots are on a one way path to their death to escalate the fight.

While it maybe adequate for now to ignore the nuclear dust spreading across Poland into Germany. Will it be so easy to overlook a nuclear attack on Crimea or some other part of Russia? And should we not see this as a direct escalation that will force Russia to retaliate in response? While this sounds like some crazy movie script, the danger is very real with insane Neocons at the helm in America and elsewhere. Do you know that power has been cut off to the largest nuclear plant in Europe with 9 days of diesel fuel left to keep the water cooling the rods? Does no one understand the danger and risk to Europe? Or should one assume that the past meltdown was acceptable because this could be much worse.

When you see people out of fear and apprehension buy gold dory bars to secure momentary monetary value, it is clear that beyond fear of war lies an apprehension of far worse. Because in a time of so called tactical nukes being authorized one might imagine that all manner of debt and currency may well be defaulted upon blaming war and uncontrollable circumstances and not the irresponsible actions of politicians. Ask yourself when have you ever witnessed a politician admitting they were wrong? And as for gold, i can attest that my family’s burial of gold coins dating back to Czarist times has never been recovered and has served mute to preceding generations. Even land has not seen recovery to what it once was. It is why even today in certain parts of Italy and France one finds gold coins and the like from times past and lives given from forgotten history.

Should history choose to respect itself in teaching and repeat; the outcome for a Ship of Fools will more than likely follow historical consequences as opposed to creating new courses of history.

https://www.rt.com/news/576802-pentagon-hardware-belgorod-attack/

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

GLOBAL ISSUES

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Vaccine issues/COVID 19 issues

COVID Vaccine-Injured Sue Biden Administration Over Censorship

WEDNESDAY, MAY 24, 2023 – 12:05 AM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

A woman who suffered severe nerve damage after receiving a COVID-19 vaccination and four others with confirmed or suspected COVID-19 vaccine injuries launched a lawsuit against President Joe Biden and his administration on May 22.

Top government officials violated the plaintiffs’ rights to free speech and peaceful assembly when they pressured Big Tech companies to crack down on people sharing their experience after receiving the COVID-19 vaccines, Brianne Dressen, the woman, and the other plaintiffs say.

“Through threats, pressure, inducement, and coercion, Defendants now work in concert with social media companies to censor content the government deems ‘disinformation,’ ‘misinformation,’ and ‘malinformation’—a feat that the government could never lawfully accomplish alone,” the 124-page suit, filed in U.S. court in southern Texas, states.

In addition to Biden, defendants include Rob Flaherty, a top adviser to Biden; White House press secretary Karine Jean-Pierre; the Department of Homeland Security; the Centers for Disease Control and Prevention; and Surgeon General Vivek Murthy.

Defendants did not immediately respond to requests for comment, or could not be reached.

Dressen hailed the lawsuit as a major development for those reporting to be suffering from vaccine injuries.

“People injured by the COVID vaccines in the United States have not been able to file suit anywhere, under any circumstance,” she told The Epoch Times. “So this is a landmark case for Americans injured by the COVID vaccine.”

COVID-19 vaccine manufacturers are largely immune from litigation in the United States due to the Public Readiness and Emergency Preparedness Act declaration entered by the Trump administration in early 2020. Most other vaccine manufacturers are also shielded from liability under the National Childhood Vaccine Injury Act.

Censorship

The five people who experienced serious problems following vaccination are joined by Ernest Ramirez, whose son died after receiving a COVID-19 vaccine. They’ve repeatedly been censored by platforms like Twitter and Instagram as they tried to  share their stories.

Ramirez, for instance, saw a GoFundMe that sought to raise funds for him to travel to Washington to share his son’s story taken down. GoFundMe claimed the account was removed for violating conduct the company prohibits. GoFundMe did not immediately respond to a request for comment.

Another plaintiff, Nikki Holland, meanwhile, posted videos on TikTok regarding her experiences after being vaccinated, including the injuries she suffered. TikTok said the videos violated guidelines such as one against posting “violent and graphic content.”

“When I really started to share and open up about things, I started to notice that a lot of stuff was being taken down and censored,” Holland told The Epoch Times. “That adds a whole new world of questioning to motive and what’s really going on because … why would you censor something you might need to look into to protect millions of others?”

TikTok did not immediately return a query.

The other plaintiffs are Shaun Barcavage, a former nurse who has been on disability leave since suffering medical problems after receiving Pfizer’s COVID-19 vaccine; Kristi Dobbs, a dental hygienist who suffered “debilitating medical injuries” after a shot of Pfizer’s vaccine; and Suzanna Newell, who is also on disability leave due to problems following vaccination.

The right to peacefully assemble was also violated when Facebook and other big tech platforms disbanded groups where those with suspected or confirmed adverse reactions following vaccination gathered, according to the suit.

One Facebook group called “A Wee Sprinkle of Hope” was shut down after a group member posted an infographic of symptoms people have experienced following COVID-19 vaccination and Dressen shared a link to a press conference at which she had shared about her symptoms.

Facebook’s message to Dressen was that the group violated the company’s “Community Standards on misinformation that could cause physical harm.” Facebook did not immediately respond to a request for an explanation from the group.

The removal of the groups robbed those suffering injuries after a COVID-19 vaccine of key gathering places for the exchange of information as they sought to figure out how to treat their often-debilitating conditions. Dressen said she is aware of multiple suicides as a result, because the censorship sparked feelings of helplessness amid the suffering.

The deplatforming was “devastating, especially when you’re being censored and no one’s listening to you,” Holland said.

Evidence

Evidence unearthed in an ongoing case against the government, as well as internal Twitter documents, underpin the new case.

Discovery in Missouri v. Biden litigation, lodged by the attorneys general of Missouri and Louisiana against the Biden administration, has revealed that officials pressured WhatsApp, Facebook, and other technology companies to censor users talking about problems following COVID-19 vaccination, including posts that accurately outlined the lack of evidence for COVID-19 vaccines among certain populations.

Read more here…

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They are Lying to You! Dr. McCullough Sounds the Alarms on mRNA in Your Food

BY THE WELLNESS COMPANY

While the left-wing media tells the American people that there is nothing to worry about, Dr. Peter McCullough, outspoken critic of COVID-19 mandates and jabs, uncovered an alarming scientific study coming from the Chinese researchers Quan Zhang et al. innocuously titled: “An oral vaccine for SARS-CoV-2 RBD mRNA-bovine milk-derived exosomes induces a neutralizing antibody response in vivo.”

As someone who treated myocarditis patients on the frontline, Dr. McCullough’s warnings about this should be listened to carefully:  


“Children could be targeted with easily administered oral vaccine dosing or potentially get mRNA through milk at school lunches and other unsupervised meals. For those who have taken one of the COVID-19 vaccines, having milk vaccines as an EUA offering would allow even more loading of the body with synthetic mRNA which has been proven resistant to ribonucleases and may reside permanently in the human body…
mRNA technology has just entered a whole new, much darker phase of development. Expect more research on, and resistance to, mRNA in our food supply. The Chinese have just taken the first of what will probably be many more dangerous steps for the world.”

It’s not just China where they are researching ways to inject mRNA vaccines into the food supply. In 2021, UC-Riverside announced a $500,000 grant from the National Science Foundation to develop the technology to allow plants to serve as a delivery system for mRNA vaccines. Indeed, the article announcing the grant described the effort as, “The future of vaccines may look more like eating a salad than getting a shot in the arm. UC Riverside scientists are studying whether they can turn edible plants like lettuce into mRNA vaccine factories.”

Thankfully, you can protect yourself regardless of the source mRNA. According to Dr. McCullough, the best-known defense against mRNA-carrying spike proteins is a daily dose of over-the-counter nattokinase:  

“Nattokinase is an enzyme is produced by fermenting soybeans with bacteria Bacillus subtilis var. natto and has been available as an oral supplement. It degrades fibrinogen, factor VII, cytokines, and factor VIII and has been studied for its cardiovascular benefits. Out of all the available therapies I have used in my practice and among all the proposed detoxification agents, I believe nattokinase and related peptides hold the greatest promise for patients at this time.”  

If you or someone you love would like to try nattokinase, The Wellness Company’s “Spike Support Formula” contains nattokinase plus other extracts and is designed by Dr. Peter McCullough and his team. 

In The Wellness Company’s Spike Support Formula you will find:  

• Nattokinase (enzyme shown to dissolve spike protein) 
• Selenium (aids in helping the body repair itself and recover)  
• Dandelion root (may prevent spike protein from binding to cells)  
• Black sativa extract (may facilitate cellular repair)  
• Green tea extract (provides added defenses at the cellular level through scavenging for free radicals)  
• Irish sea moss (could help rebuild damaged tissue and muscle)    

Here is Dr. McCullough discussing how nattokinase works in attacking the dangerous spike protein:

 
People are saying about The Wellness Company’s Spike Support Formula:  

“I saw Dr. McCullough talk about the product and decided to give it a try. A month and a half later, I feel sooo much better. I also have recommended the product to family members to help them detox from the painful side effects of the vaccine.”  

“I feel like I have had brain fog for the past 18 months and after taking this supplement noticed the fog lifting finally. I plan to buy more for myself and now a friend suffering from heart issues.”  

“I am grateful for the Wellness Company and for you coming out with this spike protein vitamins. I am a big believer in natural healing and not pharmaceutical drugs. Thank you for doing what is right and for speaking truth in a world that is so dark.”  

According to the Wellness Company, purchasing all the components of the Spike Support Formula would be over $100 – you can save 36% with the unique formulation in The Wellness Company’s Spike Support Formula.

Click here to order the Spike Support Formula today!

DR PANDA:

DR PAUL ALEXANDER

Was Dr. Ramin Oskoui Silenced? Was Dr. Rashid Buttar killed? Oskoui at the senate hearing: “We need to investigate why the NIH, academic medicine and the CDC failed us so badly”; his autopsy?

Where is Buttar’s autopsy? Was one done? Where is Oskoui’s? Can you say 100% these men who were contrarians & skeptics of the highest order, brilliant, were NOT silenced? I can’t. Based on all I know.

DR. PAUL ALEXANDERMAY 23

SHARE

There are whispers. There is talk. Growing.

Is this too far-fetched? At the end of it all, we are talking about 2 fine superb and among the best people ever to have passed suddenly.

I ask a simple question and I wish you to comment. Tell me I cannot be right and explain yourself. Ramin was a dear friend of mines and I cannot write or share many things he shared with me over time, about medicine, the failures, politics, what he understood within DC and I can say there is no one who was as connected, the CIA (given he was a son of CIA). He loved America, loved McCullough and Risch and badly wanted to meet in person but the medical psycho board was after his licence too. He was lifting hard behind the scenes, a true giant. He was told by the medical board that if he stepped back from FOX and stopped speaking publicly they would step back on going after him. He called me to say he will not go back on FOX and he did not. They hounded him.

I take death threats daily! It is the nature of the beast. Those of us who stood up against the madness our governments did with the lockdown lunacy and the fraud vaccine. This is the life we live. I have to have security with me in many situations, known ahead of time. This is the price we pay.

end

Jail them all! All linked to the mRNA technology include Kariko, Weissman etc., all of them! We learn now that the vaccine, the mRNA, the spike etc. found in breast milk? & these inventors walk free?

COVID mRNA technology based gene injections were never EVER safe for pregnant women, for breast feeding women, never! Criminals who did this, benefitted; jail them all; Makis is on fire here!

DR. PAUL ALEXANDERMAY 23

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What do we know? Look at my prior substack too.

‘COVID-19 vaccine mRNA is found in breast milk. This has been known since at least April 2021.

Pfizer’s own documents report that the rate of adverse events in babies who are breastfeeding from COVID-19 mRNA vaccinated mothers is 13% and serious adverse events occur in 2% of babies, including two baby deaths recorded in VAERS.

Most common reactions babies have to mRNA in breast milk are: fever and rashes, then diarrhea, vomiting, and sometimes more serious such as hemolytic anemia, bleeding in urine or stool, and seizures.

We now have an outbreak of myocarditis (heart inflammation) cases in babies < 28 days old, with 16 cases of myocarditis in the UK, including two deaths that are not reported in VAERS (click here). These cases can be due to mRNA in breast milk or LNPs with mRNA crossing the placenta before baby is born.

Mothers report decrease in breast milk production, breast milk discoloration (turns blue or green), sudden onset irregular or heavy menstrual bleeding, breast lumps and more.

COVID-19 mRNA vaccination in breastfeeding mothers was NEVER SAFE, any Institution or expert who claimed otherwise was lying.’

Dr. Makis in on the money as above.

end

Dramatic Negative Effectiveness for Omicron & Delta sub-variants by the Pfizer & Moderna mRNA technology based gene injections at 90 days & beyond (Hansen et al.); decline much more rapid for Omicron

DR. PAUL ALEXANDERMAY 24

SHARE

SOURCE:

Click to access 2021.12.20.21267966v3.full.pdf

end

Do the Lipid-nano particles (LNPs) (fatty transport vehicle) that encase the Malone, Kariko, Weissman et al. mRNA technology that is the basis for the COVID gene vaccine (Moderna & Pfizer) cross the

DR. PAUL ALEXANDER·MAY 22

SOURCE: https://www.sciencedirect.com/science/article/abs/pii/S0143400415300679?utm_source=substack&utm_medium=emailAlexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Read full story

END

END

SLAY NEWS

The latest reports from Slay News

WHO Warns Public Must Prepare for Disease ‘Even Deadlier’ than CovidThe head of the World Health Organization (WHO) has warned that the public must prepare for a new disease to emerge that is “even deadlier” than Covid.READ MORE

Democrat Strategist Declares Florida a ‘Terrorist State’A Democratic Party strategist has blasted Florida while making false claims about the state’s policies.READ MORE

James Woods Wins Over Critic with ‘Beautiful’ Statement about Friend Penny MarshallHollywood legend James Woods won over a critic today when he posted a “beautiful” statement about his good friend, the late Penny Marshall.READ MORE

Utah Mayor Deals Blow to Mitt Romney, Announces Primary Challenge to Take His Senate Seat: ‘Enough Is Enough’A Utah mayor has dealt a massive blow to Sen. Mitt Romney (R-UT) and announced he is launching a primary challenge for the Republican senator’s seat in the next election.READ MORE

GOP Offers to Help NAACP Chairman Move Out of State after Organization Issues ‘Travel Advisory’ for FloridaFlorida Republicans have fired back after the National Association for the Advancement of Colored People (NAACP) attacked the state with its latest publicity stunt.READ MORE

Mother of Girl Slain by Migrant Dooms Biden with Heartbreaking StatementA Maryland mother whose daughter was raped and killed by an MS-13 gang member from El Salvador blamed President Joe Biden in a heartbreaking statement to Fox News.READ MORE

Man Charged with Threatening to Kill Biden after Crashing Truck into WH Security BarrierThe driver of a truck that crashed into security barriers near the White House last night has been identified.READ MORE

Mike Huckabee Turns Tables on NAACP Florida Travel Advisory: ‘Where Are They Going to Suggest They Go? Chicago? Baltimore?’Former Arkansas Governor Mike Huckabee has fired back after the National Association for the Advancement of Colored People (NAACP) Board of Directors issued a formal travel advisory for the state of Florida.READ MORE

Second Biden Whistleblower Comes Forward: ‘Troubling and Unacceptable’A second IRS whistleblower in the criminal investigation of Hunter Biden has forward, congressional lawmakers have revealed.READ MORE

FBI Says ‘All Evidence’ in Clinton Investigation Was ‘Destroyed’The FBI has responded to the recent revelations that the agency’s leaders shut down probes into Hillary Clinton by claiming that all evidence gathered for those investigations has been “destroyed” or “returned.”READ MORE

Long-Term Democrat Senator Tom Carper Announces RetirementLong-term top Democrat Sen. Tom Carper (D-DE) has announced he is retiring and will not seek reelection in 2024.READ MORE

Biden’s Latest Approval Rating Leaves CNN Host StunnedThe latest polling data revealing Democrat President Joe Biden’s shocking low approval numbers has left CNN in disbelief.READ MORE

Biden Threatens to Raise Debt Ceiling Using 14th Amendment without GOP SupportPresident Joe Biden has claimed that he can use the 14th Amendment to raise the debt ceiling if Republicans refuse to agree to the plan.READ MORE

EVOL NEWS

rformers Christians Call a ‘Hate Group’Read more…

Orlando Restaurant Sues Florida and Gov. DeSantis to Keep Doing Drag Performances in Front of KidsRead more…

Tech CEO Found Dead Under Mysterious Circumstances in Los AngelesRead more…

Biden, McCarthy Have ‘Productive’ Meeting But No Deal Yet on Debt CeilingRead more…

FBI Ignored Hundreds of Exculpatory Statements, Pushing Trump-Russia Probe: Durham ReportRead more…

Five people shot at illegal street racing event in Seattle areaRead more…

Biden Threatens to Raise Debt Ceiling Using 14th Amendment without GOP SupportRead more…

E. Jean Carroll Goes After Trump Again, Seeks New Damages After CNN Town HallRead more…

VACCINE IMPACT

Falling Off the “COVID Cliff” – The Collapse of Big Pharma Has Begun as 30% of Rural Hospitals in America Facing Closure

May 23, 2023 5:57 pm

The Big Pharma financial bubble that was created in 2020 during the Trump Administration, which pumped $trillions into Big Pharma for COVID, has burst. It is being referred to in the corporate media as falling off of the “COVID Cliff.” Those falling the deepest are the ones who greatly benefited from the COVID scam, as reflected in the 2023 first quarter financial reports of drug makers. Leading the collapse are the COVID mRNA “vaccine” makers, as sales for BioNTech decreased 80%, Moderna sales decreased 69%, and Pfizer sales decreased 29% during the first 3 months of 2023. In addition to the pharmaceutical drug cartel, 646 rural hospitals are at risk of closure due to financial issues, comprising around 30 percent of all rural hospitals in the U.S., according to the Center for Healthcare Quality & Payment Reform. Normally all these financial losses in the U.S. medical system would have crashed the economy by now, but of course the U.S. Stock Market ponzi casino is pumping money into the current financial bubble: Big Tech. The crash of the U.S. economy and the following “Great Reset” is all but certain now, with the only question remaining being: When? It could come soon if the U.S. does not remove the current debt ceiling and begins to default on its financial obligations. But even if a last minute deal is struck to avoid a U.S. sovereign debt default, that will not stop a major collapse of many U.S. banks as the liquidity crisis will increase.

Read More…

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Is The Federal Reserve Large-scale Human Behavioral Experiment since 2008 Coming to an End?

May 23, 2023 6:36 pm

The Fed has trained the trading-rats all too well, and there is no way to avoid the unintended consequences of the Fed’s large-scale human behavioral experiment.

Read More…

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MICHAEL EVERY

MICHAEL EVERY/RABOBANK//

“Once Again The Apparently Unthinkable Becomes The Inevitable”

TUESDAY, MAY 23, 2023 – 09:25 PM

By Michael Every of Rabobank

Prepare To Be Buffetted

Today’s Daily is not about Warren Buffet but geopolitics’ impact on markets, analogized with a buffet.

Dig into this: the G7 took us a step towards decoupling: they say “de-risking”, but it’s same thing. This is ‘not about keeping China down, but lifting the Global South up’ by diversifying strategic imports and exports. But: (i) who can say what’s a strategic when little things can be – for want of a nail, as they say; (ii) friendshoring will still find China supplying key inputs to other EM, and the impetus will be to move the whole supply chain, upstream to downstream; and (iii) diversification means zero-sum math – import more from one country, you import less from others, ceteris paribus, and export less to one country, you export more to others. Yes, the G7 can friendshore and China still be better off… but only if it shifts to consumption, services, and imports rather than production, manufacturing, and exports. Which it won’t/can’t.

If Chinese consumers had a CNY every time they were told they will drive growth, they would be driving it. Yet Xi says China’s focus is on supply chains and key industries, not real estate, services, and finance; and those “lying flat” must get married and/or go to the countryside. That economic model means investment/exports >consumption/imports, and it can’t be a win-win – it’s mercantilism. It’s like tourists at a hotel buffet who only take plates of shrimp, no carbs, soup, or veggies, and the restaurant owner isn’t allowed to go to a Chinese hotel and reciprocate at their buffet. As a result, we rapidly end up with different restaurants for different clientele.

Yes, China’s development model was previously used by the West, who gorged at the global buffet before being into DEI – while still not sharing any shrimp, or vaccines. But history shows that system always ends up in a food-fight, literally. It doesn’t matter if President Biden wants to dial back (“Biden Sees Coming Thaw with China, Even as He Rallies Allies Against Beijing”): the mercantilist dynamic won’t allow it. If the US says, “Beat you to the shrimp!” and China that “the international community does not and will not accept the G7-dominated Western rules that seek to divide the world based on ideologies and values,” while calling UK PM Sunak a “US eunuch”, things only get nastier.

Yes, a Bloomberg op-ed from Niall Ferguson argues the US should use détente to buy time to rearm and reshore. Yet if China knows the US needs time, why not act? Note that it banned Micron from the US for security reasons just after Biden’s olive branch. Expect more of that when China’s Commerce minister meets USTR Tai this week, who will say, “People who only take shrimp have shellfish habits.”

“It’s not rational for China to escalate,” say voices shocked at The Wall Street Journal noting “China’s Xi Mimics Mao’s Crisis Response in Sweeping Indoctrination Drive” and the Guardian saying, “China crackdown on business has Maoist roots.” The same article quotes a professor of Chinese management at Cambridge University saying the recent crackdown on consultants, etc., lies in CCP ideology, and one must “dig into the Maoist roots in Chinese institutions and political economy to try to understand ideas that Xi has””. That’s what I wrote in 2021’s ‘Pro-Fund or Profound Revolution?’. The CEOs and Wall Street asset managers who still don’t do so have perhaps eaten so much shrimp they now think like one.

And China can escalate in lots of different ways.

Ironically, it could even buffet the US ahead with big fiscal stimulus for its stale economy, boosting Western commodity inflation on top of that from its re/friend-shoring into the 2024 election. Who knows if that is on the menu ahead, but Beijing is trying to cook up imported commodities paid in CNY via PBOC swaps, which would give it more room to do so. Yes, CNY would likely slump on the extra policy loosening –which would also be an attempt to push out more exports– and US tariffs, and rates, would rise in tandem. The Fed’s Bullard and Kashkari will both back that move for sure, seeing as one talked of two more rate hikes this year yesterday, and the other that a June pause shouldn’t mean an end to policy tightening. Daly was more cautious, as was Bostic, while Barkin is on the fence.

We can also expect crabby moves from the US Congress, which is not pro détente.  Recent testimony there from former USTR Lighthizer shows how sentiment has shifted on Capitol Hill: “Since 2001, we have directly transferred more than $6 trillion to China through our annual trade deficits…During the Cold War with the Soviet Union, it would have been inconceivable for the US to allow such a massive wealth transfer to happen,” from the guy supposed to be pro trade, and, even more bluntly, “When I’ve talked to someone who doesn’t believe they’re such a serious threat I’m always like, ‘Oh, you must have some investments over there – I get it.” US CEOs or asset managers with China investments must be shifting uncomfortably in their seats, and not just because the Shanghai stock exchange has only returned 4% over the last five years of ‘buy now!’ sell-side notes: indeed, they fear ‘The China Hawk in Washington Rattling Corporate Boardrooms’.

Of course, it hardly needs saying that the US and G7 are not up for détente with Russia. National Security Advisor Sullivan just stated it’s okay for Ukraine to use Western missiles to attack Crimea, because that’s not part of Russia, and President Biden signed off on F-16s for Kyiv: once again the apparently unthinkable becomes the inevitable, and at scale given the number of F-16s available. Note that as Australia is experimenting with a 4-day week(!), Russia may go to 6!

So, the unsavory dish today is the warning not to buy geopolitical ‘risk-on’ fairy tales. The inedible item left at the far end of buffet, to be recycled into a pasta bake by Friday, is that this matters for inflation and rates to the upside, or a lack of downside.

Help yourself, if so.

And now, for those who think politics doesn’t impact on markets, back to the drama of the US debt ceiling – which also makes my point. As does that Warren Buffet sold his shares in Taiwan’s TSMC on perceived fat geopolitical tail risks; The Times alleges national politics influenced LIBOR lower; and it is again made clear that the Pentagon was watching SVB all the way.

end

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR:1.0773 UP 0.0006

USA/ YEN 138.37  DOWN 0.239  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2387  DOWN    0.0029

USA/CAN DOLLAR:  1.3541 UP .0041 (CDN DOLLAR DOWN 41 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 41.49 PTS OR 1.28% 

 Hang Seng CLOSED DOWN 315.32 PTS OR 1.62%

AUSTRALIA CLOSED DOWN .73%  // EUROPEAN BOURSE: ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL RED 

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 315.32 PTS OR 1.62   %

/SHANGHAI CLOSED DOWN 41.49 PTS OR 1.28%

AUSTRALIA BOURSE CLOSED DOWN 0.73% 

(Nikkei (Japan) CLOSED DOWN 275.09 PTS OR 0.89% 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1981.05

silver:$23.46

USA dollar index early WEDNESDAY morning: 103.49 UP 10 BASIS POINTS FROM TUESDAY’s close.

WEDNESDAY  MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.206%  DOWN 2  in basis point(s) yield

JAPANESE BOND YIELD: +0.405 % DOWN 0  AND  2//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.516 UP 1  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.321 UP 10  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4535  DOWN 1  BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY  

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

Euro/USA 1.0761 DOWN  0.0008 or  8  basis points 

USA/Japan: 139,12 UP 0.516  OR YEN DOWN 52 basis points/

Great Britain/USA 1.2371 DOWN .0046 OR 46   BASIS POINTS //

Canadian dollar DOWN  .0091 OR 91 BASIS pts  to 1.3592

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN.(7.0560)

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 7.0658

TURKISH LIRA:  19.90 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.405…VERY DANGEROUS

Your closing 10 yr US bond yield UP 1 in basis points from TUESDAY at  3.752% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.952 DOWN 1  IN BASIS POINTS

USA 2 YR BOND YIELD: 4.312% DOWN 6  in basis points.

 USA dollar index, 103.72 UP 34  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  WEDNESDAY: 12:00 PM

London: CLOSED DOWN 147.72 points or   1.90%

German Dax :  CLOSED DOWN 327.21 PTS OR 2.03%

Paris CAC CLOSED DOWN 128.31 PTS OR 1.74%

Spain IBEX DOWN 106.10 PTS OR  1.14%

Italian MIB: CLOSED DOWN 655.31 PTS OR 2.41%

WTI Oil price 73.26     12: EST

Brent Oil:  77.00     12:00 EST

USA /RUSSIAN ///   AT:  80.11/ ROUBLE  UP 0 AND   3//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.4535 DOWN 1 BASIS PTS

UK 10 YR YIELD: 4.235 UP 4 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0755 DOWN 0.0014   OR 14 BASIS POINTS

British Pound: 1.2364 DOWN   .0052 or  52 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.2538% UP 15 BASIS PTS

USA dollar vs Japanese Yen: 139.24 UP 0.634 //YEN DOWN 11 BASIS PTS//

USA dollar vs Canadian dollar: 1.3591  UP .0091 CDN dollar, DOWN 91  basis pts)

West Texas intermediate oil: 73.86

Brent OIL:  77.98

USA 10 yr bond yield UP 3 BASIS pts to 3.735% 

USA 30 yr bond yield UP 2  BASIS PTS to 3.977% 

USA 2 YR BOND:  UP 2  PTS AT 4.362%  

USA dollar index: 103.76 UP 4 BASIS POINTS  

USA DOLLAR VS TURKISH LIRA: 19.90 (GETTING QUITE CLOSE TO BLOWING UP)

USA DOLLAR VS RUSSIA//// ROUBLE:  80.15  DOWN 0   AND  2/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 255.59 PTS OR 0.77% 

NASDAQ 100 DOWN 68.06 PTS OR 0.50%

VOLATILITY INDEX: 20.00 UP 1.47 PTS (7.93)%

GLD: $181.95 DOWN 1.48 OR 0.81%

SLV/ $21.16 DOWN  0.35 OR 1.63%

end

USA AFFAIRS

1 a) USA TRADING TODAY IN GRAPH FORM

Debt Ceiling Doubts Skyrocket; Everything Sold

WEDNESDAY, MAY 24, 2023 – 04:00 PM

Ugly inflation data in the UK was shrugged off by BoE officials (who likely don’t suffer from the cost of living crisis), but overall, today was thin on economic data and fat on economic crisis potential as markets woke up to the reality that the idiots in Washington are going to take this down to the line (or even just maybe cross it).

June 1st T-Bill yields exploded above 7% today,

Source: Bloomberg

…sending the spread to 5/30 bills to a mind-blowing record high…

Source: Bloomberg

That’s a 430bps yield premium for 2 days (theoretically) more maturity.

USA CDS spiked back near record highs again…

Source: Bloomberg

That level of anxiety appeared to finally trigger some cash-hording as everything was sold at the margin…

Stocks were dumped with Small Caps hardest hit (as financials were sold). With an hour to go in the day, ahead of NVDA’s earnings, markets decide to go panic bid

We note that 0-DTE players tried to spark a rebound twice today (and succeeded in the late one)…

Source: SpotGamma

The 0-DTE move triggered enough squeeze action in ‘most shorted’ stocks…

Source: Bloomberg

Gold was puked back to recent lows…

Source: Bloomberg

Bitcoin was battered again back near $26,000…

Source: Bloomberg

Bonds were hit too after solid gains overnight. The belly was worst (3Y-5Y +5-6bps) while short- and long-ends were up around 2bps on the day…

Source: Bloomberg

But, despite plenty of vol, oil managed some gains after Saudi comments yesterday and a huge crude draw today…

Finally, if you think you had a bad day, consider Bernard Arnault – the world’s richest man still – who lost over $11 billion (and more today) in the last couple of days…

Source: Bloomberg

As the luxury bubble looks like it just burst…

Source: Bloomberg

Somebody do something!!!

b) THIS MORNING TRADING // debt ceiling reports

late morning

Yellen ‘Not Prepping For Default’ Despite Debt Ceiling Impasse

WEDNESDAY, MAY 24, 2023 – 10:14 AM

(Update: 1055ET): Treasury Secretary Janet Yellen said on Wednesday that signs of market stress are beginning to emerge as the X-date draws closer, however the Biden administration is not preparing for a default, and is instead focusing on completing a debt-limit deal.

“We are committed to not having missed payments and raising the debt ceiling,” Yellen said at a video conference event in London. “We’re not involved in planning for what happens if there’s a default,” she said when asked if Treasury was engaged with major banks to map out a default scenario, Bloomberg reports.

“It’s highly likely that we would run out of resources to meet all the government’s obligations in early June and possibly as early as June 1,” she told the conference. “We no longer see very much likelihood that our resources will enable us to get to the middle or end of June.“

Meanwhile, House Speaker Kevin McCarthy will provide an update on negotiations at 11:45am ET.

*  *  *

end

early morning:

Debt Ceiling Negotiations Stumble As Global Markets Get Jittery

WEDNESDAY, MAY 24, 2023 – 10:14 AM

With (arguably) just eight days to go before the US government enters potential default territory on more than $31 trillion in debt, the status of negotiations between the White House and members of the House GOP’s negotiating team – Reps. Patrick McHenry (R-NC) and Garret Graves (R-LA) are telling allies on Capitol Hill that talks have oscillated between positive and totally crumbling.

“There is a significant gap between where we are and where they are on finances… and unless and until the White House recognizes that this is a spending problem, we’re going to continue to have a significant gap,” Graves said on Tuesday, Punchbowl News reports.

Speaker Kevin McCarthy and his negotiators repeatedly have warned the White House that a deal won’t be possible unless they agree to cut spending next year.

The White House, for its part, has tried to secure some Democratic wins without success. Administration officials looked to close tax loopholes and broaden prescription drug price negotiations for Medicare, but they were rebuffed by Republicans.

White House officials also offered a spending freeze at FY2023 levels. McCarthy said that’s not a compromise he’s interested in.

The GOP negotiators are pinning the blame directly on the White House for not empowering Democrat negotiators Steve Ricchetti – a Biden counselor, and OMB Director Shalanda Young.

“The talents of the people that the administration sent in the room, they know how to do this. If they have the constraints from the administration and the directive that you can’t spend less — that’s coming from the top level of the White House. And if they’re making that as a play call, they’re completely misreading the situation in a very dangerous way,” said McHenry.

The central pillar of the debt ceiling debate is shaping up to be “discretionary spending” – the amount of the US’s roughly $6 trillion annual budget that is set by Congress. Cuts to programs that constitute most of the US budget – Social Security and Meidcare – are already off the table, however a range of other military and domestic items are subject to reductions.

In 2022, discretionary spending reached $1.7 trillion, accounting for 27% of the overall $6.27 trillion spent, according to federal figures.

Military spending typically accounts for roughly half of that total, though the amount varies from year to year.

The other half is devoted to domestic programs like law enforcement, transportation, housing and scientific research.

Discretionary spending as a share of U.S. gross domestic product peaked in the late 1970s, and cuts have served as the backbone for several landmark budget deals since the 1980s. –Reuters

Biden and the Democrats have offered to keep discretionary spending flat from the current 2023 fiscal year, along with a cap in spending in future years. House Republicans, meanwhile, passed a plan last month which would cap growth at 1% per year for a decade, saving $3.2 trillion. According to GOP negotiators, they won’t accept any deal unless it results in the government spending less than it did last year – ideally cutting things to 2022 levels. 

Republicans want spending caps for six years, while the White House only wants two.

Right now, Social Security and Medicare account for roughly 37% of current federal spending, with the former projected to increase by 67% by 2032, and Medicare nearly doubling in cost over the same period. Because of this, deep cuts will be required in other areas of the budget.

The debt ceiling debate has spooked European markets, with the Stoxx 600 index down 1.8% at 2 p.m. London time and nearly all sectors down over 1%. Autos, banks, insurance and travel stocks all shed over 2%, CNBC reports. And while the impasse in Washington DC continues, US Treasury Secretary has warned lawmakers that it’s “highly likely” that the so-called “X-date” for default will happen in early June.

Meanwhile, Asia-Pacific shares followed Europe, and the US market isn’t looking great out of the gate on Wednesday – with the Dow Jones Industrial Average pulling back by at least 229 points (0.7%), the S&P down 0.8% and the Nasdaq shedding 0.9%.

Even if Washington officials raise the debt ceiling, markets could suffer as the impact likely removes liquidity from broader capital markets, said Bill Merz, head of capital markets research at U.S. Bank Wealth Management. That’s because the Treasury will need to issue a lot of debt to replenish its general account, he said.

“Especially more recently, [that] has really overlapped with, or it has correlated with, S&P 500 in general stock performance,” Merz added. –CNBC

Looking at the spread between the May 30th t-bill yield and the June 1st yield – yields the following:

At the end of the day, as we said two weeks ago…

END

Mid Afternoon/FOMC

FOMC Minutes Show “Some” Fed Officials Push For More Hikes, Sees “Mild Recession In 2023”

WEDNESDAY, MAY 24, 2023 – 02:05 PM

Since the last FOMC statement and press conference, on May 3rd, stocks (well megacap tech) have outperformed while Bitcoin and bonds have been clubbed like a baby seal. The dollar is stronger, gold is down…

Source: Bloomberg

But the equity market is very mixed with The Nasdaq 100 is up over 4% in those three weeks while The Dow is down around 2%…

Source: Bloomberg

Expectations for Fed Funds have risen (yes, hawkishly risen) since the FOMC, despite all the talk about Fed pause/cuts…

Source: Bloomberg

Basically unwound the dovish sentiment immediately seen after the FOMC, with July swinging from pricing in a 25bps cut to 75% chance of 25bps hike…

Source: Bloomberg

Economic data has serially disappointed since the last FOMC meeting…

Source: Bloomberg

Of course, one huge difference between the last FOMC meeting and now is that the debt-ceiling drama has escalated with June 1st T-Bill yields now above 7%…

Source: Bloomberg

But none of that will be in these Minutes – though it is worth noting any reference to Fed help in the case of some govt crisis (but we do not expect that).

The main issue of note is just how much concern over credit conditions was there to convince most Fed officials to signal an impending rate pause.

So what did they say.

Key paragraph:

…participants discussed their views on the extent to which further policy firming after the current meeting may be appropriate. Participants generally expressed uncertainty about how much more policy tightening may be appropriate.

Many participants focused on the need to retain optionality after this meeting.

Some participants commented that, based on their expectations that progress in returning inflation to 2 percent could continue to be unacceptably slow, additional policy firming would likely be warranted at future meetings.

Several participants noted that if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary. In light of the prominent risks to the Committee’s objectives with respect to both maximum employment and price stability, participants generally noted the importance of closely monitoring incoming information and its implications for the economic outlook.

“Several” is more than “some” and so this is potentially more dovish.

On the debt ceiling:

A “timely” increase in the US debt limit is “essential” to “avoid the risk of severely adverse dislocations in the financial system and the broader economy”

On the impact of policy:

Fed staff reiterate forecast for a “mild recession starting later this year, followed by a moderately paced recovery”

On the banking crisis:

In terms of financial-sector leverage, going into the period of recent bank stress, banks of all sizes appeared strong, with substantial loss-absorbing capacity as measured by regulatory capital ratios well above levels that prevailed before the Great Recession. However, the ratio of tangible common equity to total tangible assets at banks—excluding global systemically important banks—had fallen sharply in recent quarters, partly because of a substantial drop in the value of securities held in their portfolios.

The majority of the banking system had been able to effectively manage this interest rate risk exposure. However, the failure of three banks resulting from poor interest rate risk and liquidity risk management had put stress on some additional banks. For the nonbank sector, leverage at large hedge funds remained somewhat elevated in the third quarter of 2022, and more recent data from the Senior Credit Officer Opinion Survey on Dealer Financing Terms suggested this fact had not changed.

*  *  *

end

end

END

II) USA DATA/

A good article

(zerohedge)

Unlike Washington, Americans Are Far From Their Personal ‘Debt Ceiling’

TUESDAY, MAY 23, 2023 – 11:45 PM

When the New York Fed‘s latest Quarterly Report on Household Debt and Credit revealed that U.S. consumers’ credit card debt had not seen its usual post-holiday-season dip in the first quarter of 2023 all while total consumer debt had risen past $17 trillion for the first time, some reporters rang the alarm bells, saying that Americans were showing signs of financial stress amid high inflation and rising interest rates.

And while it’s true that delinquency transition rates, i.e. the share of current debt becoming delinquent, increased for the fifth consecutive quarter for most types of credit, delinquency rates are still low, historically speaking, with less than 3 percent of total consumer debt delinquent, i.e. at least 30 days late.

Moreover, one could argue that the absence of a drop in credit card balances in the first quarter is a sign of robust consumer spending rather than financial stress.

After all, credit cards are mostly used as a payment method rather than a borrowing method these days.

And lastly, as Statista’s Felix Richter reports, as opposed to their government, Americans are far from reaching their debt ceiling, at least as far as credit cards are concerned.

You will find more infographics at Statista

With a total credit card balance of $986 billion and a total limit of $4.5 trillion, U.S. consumer actually have $3.5 trillion in untapped available credit on their cards.

-END-

END

III) USA ECONOMIC STORIES

Go figure this one!

Pentagon Can’t Account For Thousands Of Ultra-Expensive F-35 Parts Globally

TUESDAY, MAY 23, 2023 – 11:05 PM

Just three weeks ago Defense News published an extensive investigative report which posed the question in its headline, Lockheed eyes new F-35 parts deal, but can it handle wartime demands? The report introduced: 

By the end of the year, a new and unusual deal for the F-35 fighter′s spare parts could be in place — one that would flip the current supply model on its head.

If the proposed performance-based logistics contract works the way F-35 manufacturer Lockheed Martin has promised, it will save the government money, improve the availability of spare parts and give the company greater flexibility on how it assists repairs, such as making it easier to fix a broken part without fabricating a new one.

Fast-forward to Tuesday, and the congressional watchdog Government Accountability Office (GOA) released a devastating report which reveals the entire question of “saving the government money” to be laughable and way off. 

Bloomberg writes based on the new GOA findings that “The Pentagon can’t account for hundreds of thousands of spare parts worth millions of dollars that are stored worldwide for the US and allies for its costliest weapon, the F-35 jet, according to congressional auditors.” So perhaps the Pentagon should think about simply locating the missing ones first before a giant Lockheed parts overhaul is put into place. 

Even long before this, going years back, the controversial program to develop the ultra-costly stealth multirole combat aircraft produced periodic headlines like the following in 2020: The Pentagon’s $35 Trillion Accounting Black Hole.

The fact that the Department of Defense has failed to pass a DOD-wide audit for the fifth consecutive year has compounded the problem which has been months or years in the making, to the tune of millions billions lost – which could eventually add up to a one-and-a-half trillion dollars black hole. 

This as the GOA report has confirmed the Pentagon’s F-35 program office doesn’t provide oversight for the parts: 

Unlike scores of GAO reports and other assessments that analyze the fighter jet’s cost, schedule and flying performance, the new audit delved into the more mundane and largely invisible work of supporting the aircraft once it’s delivered to international customers. The operation and support bill for the F-35 may reach an estimated $1.4 trillion through 2088.

Allies don’t own parts and tap into the Defense Department’s worldwide shared pool of spares, including engines, tires, landing gear and items such as bolts, screws and fasteners. The Pentagon’s F-35 program office doesn’t maintain accountability over the parts, “the total value of which is unknown,” the GAO said.

It is manufacturer Lockheed Martin which solely “tracks” the records (supposedly), given the Pentagon has been “unable to provide the cost, total quantity, and locations of spare parts in the global spares pool.”

According to the GOA report: 

The lack of visibility into the inventory “increases the risk of misstatement on DOD’s financial statements and the risk of mismanagement of the F-35 global spares pool,” it said.

All of this comes the same week that multiple media reports and former top US officials have highlighted that contractor price-gouging is common and routine when it comes to the gargantuan defense budget, at taxpayer’s expense of course. For example, former Pentagon insiders told Newsweek that the Biden administration’s ‘blank check’ approach to Ukraine has resulted in a massive arms flow to Kiev “no matter the expense.” Naturally this has resulted in diminished incentive to engage in serious and timely audits for things like expensive jet parts, and to determine where they are globally. 

Lockheed continues to be front and center in these whistleblower and former DoD official tell-alls…

Meanwhile, the US continues to modernize its fleet of fighter jets and strategically place them in key US allies, such as Germany, Japan, and South Korea, creating a ‘friends circle’ of fifth-generation fighters around Russia and China.

end

Another good commentary as to what will happen to the repo market if a USA default is upon us:

(zerohedge)

What A US Default Would Mean For The Repo Market

TUESDAY, MAY 23, 2023 – 10:45 PM

Two weeks ago we published a lengthy report looking at the hypothetical consequences of a US default – including “Clearinghouse Collapse And Shockwave Of Catastrophic Treasury Margin Calls” – which again are purely hypothetical: as we first said last week…

… and as Stifel’s Brian Gardner confirmed just a few days later…

Federal revenues cover only 75 percent of outlays so at some point, without an increase in the debt limit, Treasury will be unable to pay all of the government’s bills.  It seems clear that Treasury will prioritize the payment of principal and interest on U.S. Treasuries, so the chances of a default on Treasuries is remote.  Also, it is unfathomable that the government would not pay Social Security recipients or meet payroll of the American military. On any given day, however, Treasury would likely have to delay payments of some obligations. Depending on who the creditor is (a government contractor, veterans’ benefits, other social safety net payments, etc.), delayed payments would likely increase political pressure which would, in turn, increase the chances of reaching a debt ceiling deal, but would also be accompanied by some economic disruption and possibly a downgrade in the credit rating of U.S. government debt. 

… because despite all the posturing, the US can and will prioritize debt and interest payments and avoid a technical default, even if it means that some 20 million deep state bureaucrats go unpaid for a week or two.

But since we are dealing with hypotheticals, below is a quick snapshot courtesy of Curvature Securities’ analyst Scott Skyrm who looks at what the impact of a US default (again, purely hypotehtical) would be on the repo market.

As Skyrm explains, in the Repo market, the debt ceiling dynamics boils down to the fact that no cash investor wants to hold a defaulted Treasury as collateral. As a result, cash investors will pull their cash from the market as the drop-dead date approaches, which according to Janet Yellen may be as soon as June 1, for the simple reason that there is a massive $80 billion net cash outflow from the Treasury on that day, one which tips the cash balance into the red.

Going back to the repo market, ahead of a potential X-Date, cash investors who pull their money from the repo market will move to the fed funds market or into Money Market Funds. Even more cash will then flow into the Fed’s RRP facility, sucking up liquidity from the market.

When cash leaves the Repo market, there will be a spike in funding pressure, and overnight rates could move to the top of the target range – trading around 5.25%-5.30%.

While not there yet, Skyrm observes that the Repo market is starting to feel the effects of cash leaving. Term GC bids are thin and rates continue to tick higher each day.

Meanwhile, no one will accept short-dated bill collateral for term trades. This is why there is now a record, gaping chasm between Bills maturing on May 30, and those maturing just 48 hours later, on June 1 (or, rather, not maturing).

Also, customers have sold so much term collateral though June, July, and August that there are few bids left and they’re all substantially higher than just a few days ago.

Yet, curiously, given the technical default issues with early June bills, one would think they would have substantial shorts. That’s not the case, despite the unprecedented divergence in May vs June bills. In fact, all of the early June bills are trading between 5 and 10 basis points below GC.

Then, of course, who is willing to short-sell bills trading between 50 and 100 basis points above GC?  What happens if you are right, and the US does default. Good luck getting paid on your shorts…

end

This ought to go over well ???

University Of California Moves Toward Hiring Illegal Immigrants In Violation Of Federal Law

TUESDAY, MAY 23, 2023 – 10:25 PM

The University of California (UC) system is working towards providing jobs to illegal immigrants despite a federal law banning the practice.

In a Thursday statement by UC President Michael Drake and Board of Regents Chair Richard Leib, the university system announced the appointment of a working group that will consider relevant issues to providing employment opportunities to all students regardless of immigration status. By November, the group is expected to have developed an implementation plan and legal strategy which will include the next steps.

“The University is committed to ensuring that all students, regardless of their immigration status, can pursue and attain a world-class UC education,” reads the statement. “This should include providing enriching student employment opportunities to all students.“

According to The Hill, “The Immigration Reform and Control Act of 1986 established civil and criminal penalties for employers who knowingly hire undocumented immigrants and those not authorized to work in the United States. “

Yet, the LA Times reports that UCLA legal scholars have a theory that the law does not specifically apply to states and state entities such as UC.

According to Regent John Perez, the UC will need time to figure out how to implement the plan, telling the Times “this is too important to get wrong.”

But the university could face legal action over its plan and has been considering any potential public backlash it would receive and the legal risk for faculty and staff who hire the students. 

Rep. Darrel Issa (R-Calif.) wrote a letter to California Gov. Gavin Newsom (D) earlier this week to warn against the plan, arguing that the Supreme Court has repeatedly held that federal immigration law tops state or local laws. He said the plan could cause UC to lose federal funding and hurt its students. -The Hill

There are around 44,000 students not covered by DACA who attend college in California, of which around 4,000 attend UC, according to the Times. 

end

Tech Layoff Mania Sparks 200,000 Job Cuts As New Grads Pursue Careers On Wall Street

WEDNESDAY, MAY 24, 2023 – 09:20 AM

One month ago, we cited a job recruiter who was asked if the tech layoff cycle was over. Her response was, “We are definitely not done yet.” This brings us to the latest data that shows 200,000 tech jobs have been lost since the beginning of the year. 

According to the jobs tracking website Layoff.fyi, 199,047 jobs from 702 tech firms have been slashed in the last five months. The pace at which firms are hemorrhaging jobs every month is worsening.  

Bloomberg said data from Levels.fyi, a site collecting industry pay data, shows tech firms are decreasing offers to new employees. This data showed compensation packages plunged 25% in March when compared to the same month last year. Also, stock options have become less appealing to new recruits as many startups listed on public stock exchanges have plunged into bear market territory.

“There’s a lot of chaos in Big Tech — we’re seeing a course correction with a lot of firing,” Amy Lui Abel, a global talent partner at talent firm Lee Hecht Harrison, told Bloomberg. This has led many college graduates to search for jobs in finance instead of tech, as explained by Abel:

“But on Wall Street, you work really hard and you make a lot of money. That’s the deal.” 

Recall IBM CEO Arvind Krishna recently said the company expects to pause hiring for roles it thinks could be replaced with artificial intelligence in the coming years. 

Making matters worse, Goldman Sachs recently told clients that AI could result in 300 million layoffs across the Western world by the decade’s end.  

Many of these jobs are never coming back because of AI. 

And why is that? Well, after two years of declining margins due to runaway inflation and soaring input prices, the worst of the profit margin recession is apparently behind us. The layoff wave will aid in the recovery of margin compression. 

As for those searching for jobs, the shifting labor market and proliferation of AI suggest tech jobs are contracting while new grads turn their attention to finance jobs.  

USA COVID//

END

SWAMP STORIES

Kentucky Rep: FBI “Don’t Respect Anyone In Congress”

TUESDAY, MAY 23, 2023 – 07:25 PM

Authored by Steve Watson via Summit News,

Kentucky Republican Representative James Comer charged Monday that the FBI’s refusal to turn over documents relating to Joe Biden’s alleged illegal dealings with a foreign national betrays the fact that the Bureau has no respect for anyone in Congress.

Comer, chairman of the House Oversight Committee, made the comments during an appearance on Jesse Watters’ show, noting that lawmakers may have to “hold [the FBI’s] budget hostage until they get new leadership at the FBI or they produce the documents that we want.”

“The FBI refused to turn over the form 1023. We had another meeting where they were very patronizing. I’ve asked for a phone call with Director Wray. We expect to get this document,” Comer urged.

He continued, “Speaker McCarthy had a phone call with Director Wray. He demanded that they turn over this document. This is a very crucial piece of our investigation. And the reason that I think it’s very credible is this claim was made years before anyone knew about these different shell companies. And knew exactly what the Biden family did in countries like Romania and China to get money.”

“What we’re going to have to do in this House is demand that the Senators get our backs, like they are doing as we speak with these debt ceiling negotiations,” Comer asserted, adding “it’s not just this form 1023. We also want to know what classified documents Joe Biden had in his possession because that’s an important part of our investigation.”

Comer further noted that Republicans may attempt to entice the apparent whistleblower within the FBI to go public.

He said “we need to take extreme measures on trying to get this whistleblower to come forward publicly and say what exactly is in this document. Remember this form 1023 is not classified. It’s not a classified document. So this is something that shouldn’t be that hard for the chairman of the house oversight committee to obtain.”

Watters noted “I think the American people’s patience is running out on this cover-up,” adding “we’re getting to the point where I think we need to do a little bit more than demand a phone call with the FBI director.”

END

what is this world coming to? Target now fearful of a Bud light moment!

(zerohedge)

“Terrified Of A Bud Light Situation”: Target Pulls Pride Month Products In Certain Stores Amid Boycott Calls

WEDNESDAY, MAY 24, 2023 – 07:50 AM

One week after Target CEO Brian Cornell revealed that “woke” capitalism is “great” for their brand and “the right thing for society,” the mega-retailer has been scrambling to avoid a disastrous “Bud Light moment” by forcing some stores to remove LGBTQ Pride merchandise as consumer boycott calls mount. 

A Target insider told Fox News that South and rural America stores are removing controversial LGBT-themed products ahead of June Pride month to avoid further backlash. Some products ranged from “tuck-friendly” swimsuits for transgender people to gender-fluid coffee mugs. The insider said the reasoning behind such an abrupt move is “to avoid the kind of backlash Bud Light has received in recent weeks.” 

Facing a potential sales-slamming debacle akin to the 24% hit Bud Light has taken, the person said an “emergency” conference call was held with store managers and senior district directors last Friday to dismantle Pride sections on retail floors. 

“We were given 36 hours, told to take all of our Pride stuff, the entire section, and move it into a section that’s a third the size. From the front of the store to the back of the store, you can’t have anything on mannequins and no large signage,” the insider said. 

The person who has worked for the retailer for over two decades said execs are “terrified of a Bud Light situation” as boycott calls soar on social media. 

A Target spokesperson said the changes on the floor were in response to “threats impacting our team members’ sense of safety and wellbeing” following the introduction of the Pride products. We were unable  to find any accounts of violence directed against Target employees or stores on social media. 

As they’re prone to do, major outlets like NBC News took Target’s vague reference to employees’ “sense of safety and well-being” and turned them into headlines referring to “threats to employees.”

While Target didn’t specify the items that are being removed for causing the greatest uproar, they surely include designs from London-based Abprallen, which “designs and sells occult- and satanic-themed LGBTQ clothing and accessories,” according to Associated Press. A search for Abprallen’s “Cure Transphobia Not Trans People” shirt design at target.com now yields a “product not available” page.

Fox confirmed several South Carolina, Arkansas, and Georgia stores had shifted Pride sections from the front to the back. 

And all of this comes after Target CEO Cornell made comments about embracing woke capitalism last Wednesday. Such a major reversal in policy likely suggests the retailer fears a “Bud Light moment” or has already seen emerging sales data of a boycott. 

Corporations have freedom of speech under the First Amendment but have to understand if their political ideologies don’t align with customers, then the people also have freedom of speech to voice their opinion. That’s why corporations should probably stay out of identity politics or risk pissing off both sides, because what Target did by moving pride products to the back and scaling down the section will likely spark outrage in the trans community. 

Did companies learn anything from Bud Light, or are they oblivious that their woke marketing is corporate suicide, as these ideals and beliefs don’t resonate with most consumers? 

THE KING REPORT

GREG HUNTER INTERVIEWING BILL HOLTER

They’re Taking America and System Down – Bill Holter

They’re Taking America and System Down – Bill Holter

By Greg Hunter On May 23, 2023 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com 

Precious metals expert and financial writer Bill Holter is looking at what is going on with the financial system and says there is not really an effort to save it.  Holter thinks the moves they are making are designed to take the financial system down, and along with it, they want America destroyed too.  Even though the overall economy is clearly sinking, JP Morgan Chase CEO Jamie Dimon is calling for much higher interest rates.  Holter explains, “If you were looking at this with common sense, you would think the hiking of interest rates are done.  Financial analyst Zoltan Pozsar said recently that QT (Quantitative Tightening) has to stop, and QE (Quantitative Easing) has to start–now. . . . If those in control were not purposely trying to take the system down, I would say that is correct.  At this point, my guess is they are purposely trying to take the system down.  So, we are not going to see an easing until something really big breaks.”

What does it look like by the end of 2023?  Holter says, “I would imagine the wheels will have fallen off on pretty much everything by the end of the year.  Even if you had good actors running things, at this point, I think we are too far over the edge. . . . I think what they are doing is trying to steer the bus off the cliff.  Mathematically, the debt can never be paid back.  So, if you had good actors, what does that prolong it?  Another 6 months or a year?  By the end of the year, I see our way of life entirely different than as it is now. . . . We will get at least a 50% cut to our living standard.”

In closing, Holter says, “The ultimate reason to blow up America?  Ask George Soros.  You have good versus evil, and evil wants to tank the United States because in a true republic, God given rights are respected.  With this new world order reset, that can’t be.  That is the real reason they are tanking the United States.  That’s it pure and simple. . . . We are in the stage now where they are looting the Treasury. . . . Think about all the money that has gone to Ukraine.  It gets funneled back to friends. . . . They know it’s the end.”

There is a lot more in the 39-minute interview.

Join Greg Hunter as he goes One-on-One with financial writer and precious metals expert Bill Holter for 5.23.23.

They’re Taking America and System Down – Bill Holter

I will see you on THURSDAY