by harveyorgan · in Uncategorized · Leave a comment·Edit

by harveyorgan · in Uncategorized · Leave a comment·Editi

GOLD PRICE CLOSED: UP $5.70 TO $1963.70

SILVER PRICE CLOSED: UP $0.37   AT $23.51

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1959.20

Silver ACCESS CLOSE: 23.19

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Bitcoin morning price:, $27,112  DOWN 726  Dollars

Bitcoin: afternoon price: $27,073  DOWN 7656 dollars

Platinum price closing  $1001.10 DOWN $19.85

Palladium price;     $1370/45 DOWN $35.15

“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: $2,665,00 UP 1.50 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1577,85 DOWN 1.0 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1835,80 UP 10.30 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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  EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JUNE 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,958.000000000 USD
INTENT DATE: 05/30/2023 DELIVERY DATE: 06/01/2023
FIRM ORG FIRM NAME ISSUED STOPPED

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072 C GOLDMAN 599
104 C MIZUHO 910
132 C SG AMERICAS 161
167 C MAREX 6
190 H BMO CAPITAL 1280
323 C HSBC 150
323 H HSBC 1651
332 H STANDARD CHARTE 2462
357 C WEDBUSH 5
363 H WELLS FARGO SEC 118
435 H SCOTIA CAPITAL 981
657 C MORGAN STANLEY 3643
661 C JP MORGAN 3529
661 H JP MORGAN 243
685 C RJ OBRIEN 11
686 C STONEX FINANCIA 76 23
690 C ABN AMRO 88
709 C BARCLAYS 56
732 H RBC CAP MARKETS 350
737 C ADVANTAGE 2 130
880 C CITIGROUP 1
880 H CITIGROUP 1535
905 C ADM 1 37

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TOTAL: 9,024 9,024
MONTH TO DATE: 9,024

JPMorgan stopped 3772/9024 contracts

FOR JUNE:

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT:  9024 NOTICES FOR 902,400 OZ  or  28.068 TONNES

total notices so far: 9024 contracts for 902,400 oz (28.068 tonnes)

FOR  JUNE:

SILVER NOTICES: 24 NOTICE(S) FILED FOR 120,000 OZ/

total number of notices filed so far this month :  24 for 120,000 oz

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END

GLD

WITH GOLD UP UP $5.70

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

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD/

INVENTORY RESTS AT 939.56 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER UP 37 CENTS AT THE SLV// 

SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 367,000 OZ FROM THE SLV ///: ; : INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 467.933 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE SIZED 1533 CONTRACTS TO 133,619 AND FURTHER FROM THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR TINY    $0.09 FALL  IN SILVER PRICING AT THE COMEX ON TUESDAY. TAS ISSUANCE WAS A HUGE SIZED 984 CONTRACTS. THESE WILL BE USED FOR MANIPULATION NEXT MONTH OR TODAY.  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 HUGE 984 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS) IF A CALENDAR SPREAD OCCURS.THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE.IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED THE COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES 

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 $0.09). AND WERE SUCCESSFUL IN KNOCKING SOME SPEC LONGS AS WE HAD A HUGE LOSS ON OUR TWO EXCHANGES OF  1359 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 0 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. IT LOOKS LIKE IN THIS FINAL WEEK IN THE DELIVERY CYCLE MORE MANIPULATION IN OUR PRECIOUS METALS  DUE TO COMEX SPREADERS LIQUIDATION OCCURRED ACCOMPANYING OPTIONS EXPIRY ON BOTH THE COMEX AND LONDON’S LBMA ALONG WITH AN ADDED FEATURE OF TAS LIQUIDATION.

WE  MUST HAVE HAD: 

A FAIR SIZED  ISSUANCE OF EXCHANGE FOR PHYSICALS( 174 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE)  TOTAL FOR THE MONTH 3.935 MILLION OZ )  // HUGE SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/VI)  HUGE NUMBER OF  T.A.S. CONTRACT INITIATION (984 CONTRACTS)//SOME T.A.S LIQUIDATION MANIPULATING THE PRICE SOUTHBOUND TUESDAY.

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  -removed  107 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 22 days, total 13,224 contracts:   OR 66.120 MILLION OZ . (601 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  66.120 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 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)  

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1533  CONTRACTS DESPITE OUR TINY FALL IN PRICE OF  $0.09 IN SILVER PRICING AT THE COMEX//TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL  SIZED EFP ISSUANCE  CONTRACTS: 174  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 JUNE OF  3.935 MILLION  OZ////  .. WE HAVE A HUGE SIZED LOSS OF 1359 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE  984//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED TUESDAY. THE NEW TAS ISSUANCE WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 24  NOTICE(S) FILED TODAY FOR  120,000  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 FAIR SIZED 3,833  CONTRACTS  TO 449,515 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 – 492 CONTRACTS

WE HAD A FAIR SIZED DECREASE  IN COMEX OI ( 3833 CONTRACTS) DESPITE OUR $14.05 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JUNE. AT 70.79 TONNES ON FIRST DAY NOTICE // + /A SMALLER ISSUANCE OF 863 T.A.S. CONTRACTS/ZERO FRONT END OF TAS LIQUIDATION TUESDAY ////YET ALL OF..THIS HAPPENED WITH A  $14.05 GAIN IN PRICE  WITH RESPECT TO TUESDAY’S TRADING.WE HAD A FAIR SIZED GAIN  OF 873  OI CONTRACTS (2.715 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4706 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 450,007

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 873 CONTRACTS  WITH 3,833 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): 863 CONTRACTS) AND 4706 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 873 CONTRACTS OR 2.715 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4706 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (3833) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 873 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 JUNE AT 70.79 TONNES /3) ZERO LONG LIQUIDATION//4)   FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  SMALLER T.A.S.  ISSUANCE: 863 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:  76,091 CONTRACTS OR 7,609,100 OZ OR 236.67 TONNES IN 22 TRADING DAY(S) AND THUS AVERAGING: 3399 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 22 TRADING DAY(S) IN  TONNES  236.67 TONNES

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

THUS EFP TRANSFERS REPRESENTS  236.67/3550 x 100% TONNES  6.67% 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 

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS 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 HUGE SIZED 1533  CONTRACTS OI TO  133,619  AND FURTHER FROM 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 174  CONTRACTS 

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

JULY  174  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  174  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 1533 CONTRACTS AND ADD TO THE 174 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1359 CONTRACTS 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES  TOTAL 6.300 MILLION OZ 

OCCURRED DESPITE OUR TINY $0.09 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 19.65 PTS OR 0.61%   //Hang Seng CLOSED DOWN 361.51 PTS OR 1.94%       /The Nikkei closed DOWN 440.28 OR 1.41%  //Australia’s all ordinaries CLOSED DOWN 1.54 %   /Chinese yuan (ONSHORE) closed DOWN 7.1042 /OFFSHORE CHINESE YUAN DOWN  TO 7.1235 /Oil DOWN TO 67.64 dollars per barrel for WTI and BRENT AT 71.97 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3  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 FAIR SIZED 3341 CONTRACTS DOWN TO 450,007 DESPITE OUR GAIN IN PRICE OF $14.05 ON TUESDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 4706  EFP CONTRACTS WERE ISSUED: :  JUNE 4706 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4706 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 1,365  CONTRACTS IN THAT 4706 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 3341 COMEX  CONTRACTS..AND  THIS SMALL SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR STRONG GAIN IN PRICE OF $14.05.   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 LITTLE SMALLER AT 863 CONTRACTS.  DURING  LAST 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//

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   JUNE  (70.790) ( 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: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 70.790 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $14.05) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD OUR SMALL  SIZED GAIN OF 873 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION. . THE TAS ISSUED TUESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

 WE HAVE GAINED A TOTAL OI OF 4.245 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR JUNE. (70.790 TONNES)  //  ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE  TO THE TUNE OF $14.05

WE HAD – REMOVED 492      CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT 

NET GAIN ON THE TWO EXCHANGES 1,365  CONTRACTS OR 136,500  OZ OR 4.245 TONNES.

Estimated gold comex today 201,854// fair

final gold volumes/yesterday   311,144//   good

//MAY 31/ FOR THE JUNE  2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	nil         .       nil
Deposit to the Dealer Inventory in oz	nil
Deposits to the Customer Inventory, in oz	5632.723 oz Delaware
No of oz served (contracts) today	9024  notice(s) 902,400 OZ 28.068 TONNES
No of oz to be served (notices)	13,734  contracts    1,373,400 oz 42.721 TONNES
Total monthly oz gold served (contracts) so far this month	9024 notices 902,400  OZ 28.068 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

No dealer withdrawals

Customer deposits:  1

i) Into Delaware  5623.723 oz

total deposits:  5623.723 oz

Withdrawals: nil 

Adjustments; one Brinks

dealer to customer 366,717.031 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an oi of 22,758  contracts having LOST 14,658 contracts.  

Thus by definition, the initial amount of gold standing for delivery in this very active delivery month of June is as follows:

22,758 notices x 100 oz per notice 

equals:  2,275,800 oz or 70.790 tonnes which is close to what I predicted would stand.

July gained 41 contracts to stand at 2891 contracts.

AUGUST gained 10,495 contracts UP to 366,320 contracts  

We had 9024 contracts filed for today representing  902,400oz  

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 9024   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 3772  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 JUNE /2023. contract month, 

we take the total number of notices filed so far for the month (9024 x 100 oz ), to which we add the difference between the open interest for the front month of  JUNE (22,758  CONTRACT)  minus the number of notices served upon today  9024 x 100 oz per contract equals 2,275,800 OZ  OR 70.790 TONNES the number of TONNES standing in this NON-   active month of May. 

thus the INITIAL standings for gold for the  JUNE contract month:  No of notices filed so far (9024 x 100 oz) x  22759 OI for the front month minus the number of notices served upon today (9024)x 100 oz} which equals 2,275,800 oz standing OR 70.790 TONNES 

TOTAL COMEX GOLD STANDING: 70.79 TONNES WHICH IS HUGE FOR AN  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:  1,704,729.632  OZ   53.02 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  22,870,917.752 OZ  

TOTAL REGISTERED GOLD:  11,640,675.492   (362.07  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 11,230,242.260  O Z  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,525,513 OZ (REG GOLD- PLEDGED GOLD) 296.283 tonnes//

END

SILVER/COMEX

MAY 31//2023// THE JUNE 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	122,464.431 oz Manfra Loomis .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	519,881.100 oz Delaware JPM
No of oz served today (contracts)	24  CONTRACT(S)    (120,000  OZ)
No of oz to be served (notices)	763 contracts  (3,815,000 oz)
Total monthly oz silver served (contracts)	24 Contracts  (120,000 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  deposits 

total dealer deposit: nil   oz

total dealer deposits:  0

total: nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We had 2 customer deposits

i) Into Delaware: 5010.700 oz

ii) Into Loomis: 514,870.400 oz

Total deposits: 519,881.100   oz 

JPMorgan has a total silver weight: 141.828  million oz/274.068 million =51.82% of comex .//dropping fast

Comex withdrawals 2

i) Out of Manfra 43,108.720 oz

iii) Out of Loomis: 80,108.720 oz

total withdrawals: 122,464.430   oz  

adjustments:  4  all dealer to customer

i) CNT  533,338.970 oz

ii) HSBC 187,085.519 oz

iii) JPMorgan:  735,788.600 oz

iv)Manfra: 243,195.150 oz

total adjustment out of the dealer: 1.719 million  oz

TOTAL REGISTERED SILVER: 28.161 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 274.068 million oz

DEALER SILVER DROPPING FAST.

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:

silver open interest data:

FRONT MONTH OF JUNE /2023 OI: 787   CONTRACTS HAVING LOST 255  CONTRACT(S).

THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER STANDING FOR DELIVERY IN JUNE IS AS FOLLOWS:

787 NOTICES X 5000 OZ PER NOTICE EQUALS:

3,935,000 OZ

JULY HAD A 2691 CONTRACT LOSS TO 102,186 CONTRACTS

SEPT HAS A GAIN OF 1479 CONTRACTS UP TO 20,683

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 24 for 120,000  oz

Comex volumes// est. volume today  78,180  excellent/

Comex volume: confirmed yesterday: 84,191  EXCELLENT

To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at 24 x  5,000 oz = 120,000 oz 

to which we add the difference between the open interest for the front month of JUNE(787) and the number of notices served upon today 24 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JUNE/2023 contract month:  24 (notices served so far) x 5000 oz + OI for the front month of JUNE (787) – number of notices served upon today (24 )x 500 oz of silver standing for the JUNE contract month equates to 3.935 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 31/WITH GOLD UP $5.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 939.56 TONNES

MAY 30/WITH GOLD UP $14.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 941.29 TONNES

MAY 26/WITH GOLD UP $.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 941.29 TONNES

MAY 25/WITH GOLD DOWN $19.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 941.29 TONNES

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

GLD INVENTORY: 939.56 TONNES

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

MAY 31/WITH SILVER UP 37 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 367,000 OZ FROM THE SLV////INVENTORY RESTS AT 467.933 MILLION OZ//

MAY 30/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.300 MILLION OZ//

MAY 26/WITH SILVER UP $0.44 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.306 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 468.300 MILLION OZ//

MAY 25.WITH SILVER DOWN $0.32 TODAY; SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 276,000 OZ INTO THE SLV////INVENTORY RESTS AT 471.606 MILLION OZ//

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//

CLOSING INVENTORY 467.933 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

Faced With New Round Of Demonetization Indians Turn To Gold

TUESDAY, MAY 30, 2023 – 07:00 PM

Authored by Michael Maharrey via SchiffGold.com,

The Indian central bank has announced another round of demonetization with a plan to withdraw 2,000-rupee notes from circulation.

The announcement led to a big jump in gold bullion sales.

The 2,000-rupee note will remain legal tender, but they will have to be deposited or exchanged for smaller denominations by Sept. 30.

The 2,000 rupee note ($24.19) is the largest currency denomination in India. According to Reuters, they make up about 10.8% of the currency in circulation.

T.V Somanathan, the top official at the Indian Finance Ministry, said confiscation of the 2,000 rupee notes wouldn’t cause any disruptions “either in normal life or in the economy.”

His assurances fall flat given history.

We’ve seen this play before. The Indian government announced a surprise demonetization policy in the fall of 2016 meant to drive so-called black money out of the shadows and declared that all of the 1,000 and 500-rupee notes then in circulation would no longer be valid. The suddenly worthless notes made up 86% of the currency in circulation in the country at the time. The move made virtually all of the cash in India valueless.

The government produced new 500 and 2,000-rupee notes to replace the old currency.

Now the government is pulling those 2,000-rupee notes out of circulation.

The government policy announced in 2016 was meant to force Indians to trade in the old notes for new ones. But there was a catch. The government placed limits on the amount of currency Indians could exchange, but no limits on bank deposits until the end of the year. The idea was to push Indians into putting their hoarded cash in the bank – thus bringing it “out of the shadows.” The demonetization policy resulted in severe cash shortages. As many as 90% of ATMs in some regions of the country completely ran out of currency.

With more time to exchange notes this time around, the latest round of demonetization is not expected to be as disruptive.

War on Cash

The Indian government’s move was part of the broader war on cash. The goal was to bring “black money” out of the shadows so it can be tracked and taxed. The vast majority of transactions in India are in cash. It is an overwhelmingly cash economy and virtually every Indian has currency stashed away in their home.

Transactions using black money mean no taxes are collected. Government estimates show that only 1% of the Indian population pays any taxes at all. By making the 1,000 and 500 rupee notes valueless, government officials hoped to force the black money into the light so they could get their cut.

Reserve Bank of India (RBI) justified eliminating the 2,000-rupee note, saying they are at the end of their useful life and citing evidence showing 2,000 rupee notes aren’t typically used in transactions. But the real motivation for this latest round of demonetization is likely the same as the first – to better track and tax transactions.

This war on cash isn’t isolated to India. The European Central Bank stopped producing and issuing 500-euro notes in 2018, and officials in the US have floated the idea of eliminating the $100 bill.

More recently, governments have experimented with central bank digital currency (CBDC) as a cash replacement.

There are also political motives for getting the 2,000-rupee notes out of circulation now.

The move comes ahead of elections in four Indian states and a national election next spring. According to Reuters, “Most of India’s political parties are believed to hoard cash in high denomination bills to fund election campaign expenses to get around tough spending limits imposed by the Election Commission.”

Forcing people to deposit the notes will also help boost bank deposits. Indian banks have struggled to maintain deposit levels large enough to support the country’s massive credit expansion.

Gold to the Rescue

When the government pulled 1,000 and 500-rupee notes out of circulation in 2016, Indians turned their “black money” into gold.

Tax officials attempting to track black money say gold jewelry sales spiked the night of Nov. 8, 2016, after the government announced the demonetization policy.

“Jewelers offered a platform to convert unreported cash into gold,” one official said.

To avoid reporting the transactions, sellers simply split single transactions into multiple sales in order to keep them below the Rs 2 lakh threshold that triggers reporting requirements in India.

After the RBI announced the elimination of 2,000-rupee notes earlier this month, local newspapers reported a similar rush to jewelry shops to exchange the notes for gold. The Hindustan Times reported a 10 to 20% increase in gold sales after the announcement.

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

Gold was also a lifeline for Indians pummeled by the economic storm caused by the government response to the coronavirus pandemic.

Indians understand that gold tends to store value and that in the end gold is money. If they have gold, they know they will be able to get the goods and services they need – even in the event of an economic meltdown or a cash crunch.

Gold is not just a luxury in India. Even poor people buy gold in the Asian nation. According to an ICE 360 survey in 2018, one in every two households in India purchased gold within the last five years. Overall, 87% of households in the country own some amount of the yellow metal. Even households at the lowest income levels in India own some gold. According to the survey, more than 75% of families in the bottom 10% had managed to buy gold.

It’s no surprise that when faced with the possibility of another disruption to the cash system, Indians have turned to gold.

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

4, OTHER IMPORTANT GOLD COMMENTARIES/VIDEOS

Mish Shedlock on Central banks are buying gold at record pace

(Mish Shedlock)

Central Banks Are Buying Gold At Record Pace, What Does That Mean For Inflation?

WEDNESDAY, MAY 31, 2023 – 07:20 AM

Authored by Mike Shedlock via MishTalk.com,

A reader wanted to know if central bank buying gold at a record pace adds to inflation. Let’s crunch the numbers then look at the true meaning of the buying spree…

Warren B. Mosler noted central bank are buying gold at a record pace and that adds to global inflation. 

A second reader asked if I agreed.

Inflation Meaning

Q. What does central bank buying of gold mean for inflation?

A: Not much, per se, especially in the amount of purchases.

The Math

A metric ton of gold is 2204.62 pounds. There are 14.5833 troy ounces to a pound. That means there are 32,150.7 troy ounces per metric ton. 

As of 11:45 PM on 2023-05-29, gold is $1952 per troy ounce. 

One metric ton is worth 2022.62 * 14.5833 * $1952 per ounce = $62,701,106. Multiply that by 120 tons (lead chart) and you get $7,524,132,720. 

With monstrous US deficits, and US debt approaching $32 trillion, $7.5 billion is not enough to matter in and of itself.

Stagflation Right Now, But What’s Ahead?

On April 28, I noted forces for inflation and deflation.

For discussion, please see Worst of Both Worlds, Stagflation Right Now, But What’s Ahead?

Understanding the Real Point

Buying gold has no direct impact on inflation. However, it’s important to note that the record pace is a result of US measures to weaponize the dollar.

Weaponizing the US dollar refers to actions by the US to confiscate Russia’s dollar reserves in response to the war in Ukraine.

Regardless of how one feels about the war or Putin, this was an unprecedented and illegal action by the US. 

No Man’s Land

Weaponization of the US dollar will matter at some point, but it is difficult to say when because dollar avoidance itself is very difficult (see the first of two links below).

Weaponizing the Dollar

• March 18, 2022: What Does China Do With a Dollar That’s No Longer Risk Free? Buy Gold? 
• May 13, 2023: Dollar Weaponization Expands – FDIC Message to Foreign Depositors Is Don’t Trust the US

The second point pertains to US actions regarding failed US banks in 2023 that further weaponized the dollar. 

Weaponizing the dollar is a serious mistake, and it’s a Rubicon that cannot be undone. 

So far, however, we are witnessing symbolic actions that eventually spell a currency crisis, but we are all guessing when that is.

*  *  *

Like these reports? I hope so, and if you do, please Subscribe to MishTalk Email Alerts.

END

5.IMPORTANT COMMENTARIES ON COMMODITIES:

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 7.1082

OFFSHORE YUAN: 7.1235

SHANGHAI CLOSED DOWN 19.65 PTS OR  0.61% 

HANG SENG CLOSED DOWN 361.51 PTS  OR 1.94% 

2. Nikkei closed DOWN 440.28 PTS OR 1.41%

3. Europe stocks   SO FAR: ALL  RED

USA dollar INDEX UP  TO  104.47 EURO FALLS TO 1.0681 DOWN 51 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.430 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.86 /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 DOWN  CHINESE YUAN:  DOWN//  OFF- SHORE:DOWN

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.2595***/Italian 10 Yr bond yield FALLS to 4.071*** /SPAIN 10 YR BOND YIELD FALLS TO 3.306…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 3.72

3j Gold at $1961.50 silver at: 23.32 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND  1 /100        roubles/dollar; ROUBLE AT 81.13//

3m oil into the 67 dollar handle for WTI and 71  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 139.86  10 YEAR YIELD AFTER BREAKING .54%, RISES TO .412% 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 0.9100 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9721 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: 3.654  DOWN 5 BASIS PTS…

USA 30 YR BOND YIELD: 3.852  DOWN 6  BASIS PTS/

USA 2 YR BOND YIELD:  4.423 DOWN 6 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 20.71…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.218 DOWN 3 BASIS PTS (RATES RISING RAPIDLY)

end

2.  Overnight:  Newsquawk and Zero hedge:

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

Futures Slump On Dismal Chinese PMIs, Rates Slide As European Inflation Stalls

WEDNESDAY, MAY 31, 2023 – 08:09 AM

US equity futures are lower and flirting with 4,200 after another round of very ugly economic data out of China (where both mfg and service PMI missed) which dragged Asian markets lower (the HSEI entered a bear market) and slammed European stocks, while traders closely watched the debt ceiling situation after late last night the House Rule Committee advanced the bill which will now be submitted to a full vote in the House later today. That vote may not come until after market hours (~7pm) so headline risk remains.

At 7:30am ET, S&P futures were down 0.4% at 4,200 while Nasdaq futures dropped 0.2% as NVDA dipped back under $400 and exited the trillion dollar market cap club just as fast as it entered. Treasury yields slumped, dropping to 3.64%, down about 4bps, led by European rates as inflation came in weaker than expected in France and German states, prompting traders to trim bets on the path of future ECB rate hikes. The Bloomberg dollar index gained for the first time in four days whie oil extended losses with WTI crude oil futures dropping more than 2.5% after Tuesday’s 4.4% drop; bitcoin got hammered in overnight trading as usual.

In premarket trading, Nvidia dropped back below $400 and is no longer in the $1TN market cap club after soaring 31% over the past three sessions on optimism surrounding artificial intelligence, a trend that contributed to a blowout revenue forecast for the chipmaker last week. Cryptocurrency-exposed stocks also fell in US premarket trading Wednesday as Bitcoin snapped its longest streak since March. The largest cryptocurrency slid along with US equity futures as China’s economic woes reverberated beyond the country’s domestic markets. Here are some other notable premarket movers:

• HP Inc shares drop as much as 4.9% in US premarket trading on Wednesday, after the computer hardware firm reported lower-than- expected second-quarter revenue, highlighting the weakness in PC demand. However, the report suggests that the PC market may have bottomed, Bloomberg Intelligence writes.
• Hewlett Packard Enterprise shares fall as much as 8.4% in premarket trading on Wednesday, after second-quarter revenue and the current-quarter forecast from the information technology services company missed expectations. Analysts note that weakness in the company’s server business offset momentum at its Intelligent Edge unit.
• Ambarella shares drop 18% in US premarket trading after sales guidance from the maker of semiconductor devices fell short of expectations, prompting a downgrade from KeyBanc.
• Avis Budget rises 3.2% in premarket trading after Deutsche Bank upgrades the car rental firm to buy from hold, with its call “primarily valuation- centric.”.
• Chevron Corp. has no sell ratings left after JPMorgan Chase & Co. upgraded the US oil major, saying it is well positioned for a potential downturn.
• LL Flooring Holdings shares surge as much as 25% in premarket trading after founder Tom Sullivan makes another attempt to buy the home-improvement retailer.
• Twilio shares advance as much as 5.1% in premarket trading after The Information reported that activist investor Legion Partners had met with the communication software company’s board of directors and managers to suggest changes to the board.
• Faraday Future shares rise 6% in premarket trading on Wednesday, after the electric-vehicle maker launches an “AI-powered” variant of its FF 91 EV.
• Box’s fiscal 1Q results were solid, the margin outlook continues to improve and opportunities around AI are starting to come into focus for the software firm, analysts said. This is partially offset by a tougher macro picture, which appears to have got incrementally worse over the course of the quarter, they said. Box shares rose 3.4% in after-hours trading.
• Sportsman’s Warehouse dropped 7.8% in extended trading after the sporting-goods retailer’s projections for fiscal second-quarter net sales and adjusted EPS fell short of the average analyst estimates at the midpoint of the ranges.

A major cause for the soggy trading sentiment overnight, was China’s NBS manufacturing PMI which fell to a lower-than-expected 48.8 in May from 49.2 in April, below expectations of 49.5, with output sub-index falling the most followed by new orders sub-index. The NBS non-manufacturing PMI moderated to 54.5 in May from 56.4 in April, and also below the 55.2 median estimate, showing ongoing recovery in both the construction and services sectors but at a slower pace. Some more details:

• The China NBS purchasing managers’ indexes (PMIs) survey suggested manufacturing activity contracted in May. The NBS manufacturing PMI headline index fell to 48.8 in May from 49.2 in April. Among five major sub-indexes, the output sub-index fell to 49.6 from 50.2, the new orders sub-index decreased to 48.3 from 48.8 and the employment sub-index declined to 48.4 from 48.8. The suppliers’ delivery times sub-index edged up to 50.5 in May from 50.3 in April, suggesting faster supplier deliveries. The NBS commented that the drop in the May PMI reading was linked to insufficient demand (especially in chemical fibers, non-metallic mineral products and ferrous metal processing industries).
• The official non-manufacturing PMI (comprised of the services and construction sectors) moderated to 54.5 in May (vs. 56.4 in April), which was still solid but lower than market expectations, suggesting continued recovery in construction and services sectors but at a slower sequential pace. The services PMI slowed to 53.8 (vs. 55.1 in April). According to the survey, the PMIs of service industries such as airlines, ship and road transport services and telecommunication were above 60 while the PMI in property sector was below 50 in May. The construction PMI moderated to 58.2 in May (vs.63.9 in April) but remained elevated. The NBS noted that construction enterprises were optimistic about the outlook of construction sector.

China’s soft manufacturing data added to concerns about the outlook for global economic growth at a time when central banks are still in tightening mode. Meanwhile, weak price data from Europe on Wednesday prompted traders to curb bets on European Central Bank rate hikes, though worries remain about the region’s prospects as demand from its largest trading partner falters. Hawkish comments from Federal Reserve officials added mix of factors traders have to consider.

“We’re facing quite a lot of headwinds: firstly, the China growth story, clearly that’s been a major disappointment. On top of that, there’s a risk of a US recession, and for the euro region, there’s a likelihood that they’re facing stagnation,” Jane Foley, head of FX strategy at Rabobank, said on Bloomberg TV. “So you’ve got a pretty disappointing outlook for growth, not an environment where you really want to be piling en masse into high-risk assets, and therefore the dollar is likely to do well.” Meanwhile, Fedspeak remains hawkish with bonds pricing in a 66% chance for a hike at the June meeting.

In Europe, the Stoxx Europe 600 index headed for its lowest close since March, with China-exposed luxury-goods makers LVMH and Richemont among the biggest laggards, while Swedish landlord SBB plunged to an all-time low after its CEO said his holding company had deferred interest payments on a loan. Software and telecommunications stocks advanced, led by Capgemini SE after the Paris-based firm said it expanded a partnership with Google Cloud in data analytics and artificial intelligence. Here are some other notable European movers:

• B&M gains as much as 6.6% after the UK retailer reported FY results that met market expectations. The results are encouraging, given the current macroeconomic environment, Shore Capital said
• JD Wetherspoon shares jump as much as 6.3%, with Mitchells & Butlers up as much as 3.2%, after HSBC said the UK pub and restaurant sector still looks cheap despite a recent rally
• Huuuge gains as much as 6.1% after the Warsaw-listed mobile games developer announced a $150m share buyback priced at a premium to Tuesday’s close following a first-quarter earnings beat
• LVMH shares fall drop as much as 2.3% on Wednesday, as concerns over China’s economy pummeled luxury stocks exposed to the world’s second economy, with Kering and Hermes both falling 2.7%
• Entain shares decline as much as 3.8% after the UK-based gambling company said an HMRC investigation will likely lead to a “substantial financial penalty”
• SBB shares fall as much as 11%, reaching both all-time intraday lows and on track for their worst close on record, after the embattled landlord’s CEO said his holding company has deferred interest payments
• Impax Asset Management shares sink as much as 11%, hitting the lowest since January, with analysts flagging a hit to profits from hiring by the ESG fund manager
• Heineken shares fall as much as 3% after Femsa’s offering to sell more of its shares in the Dutch brewer at a ~4% discount to Tuesday’s close

The euro slumped to a two-month through against the dollar after French inflation eased more than anticipated, reaching its lowest level in a year. Data from Germany’s states also signaled inflation may be falling more quickly than expected in the region’s biggest economy, prompting traders to trim bets on future European Central Bank interest-rate increases. European bonds rallied, with the German 10-year yield down about 9 basis points.

“There’s a fairly consistent line with the euro-area CPI numbers: it is coming down,” Paul Donovan, chief economist at UBS Global Wealth Management, said on Bloomberg TV. “This whole idea of stickiness, of inflation sticking around, is really being blown out of the water. Interestingly, we’re also getting this confirmed in the regional data in the US.”

Earlier in the session, Asian equities fell, led by shares listed in Hong Kong, as weaker-than-expected manufacturing data showed the Chinese economy continues to struggle. The MSCI Asia Pacific Index dropped as much as 1.4%, set for its biggest decline since March 14, with a gauge of Chinese stocks in Hong Kong as well as the city’s benchmark index headed for bear markets. Data Wednesday showed China’s manufacturing activity contracted for a second month in May, offering the latest proof that the post-Covid recovery is stalling. Broad weakness also pulled Korean stocks lower, after they briefly headed for a bull market amid foreign demand for the nation’s chipmakers.

“Cyclically, the recovery in China is on a much weaker footing,” Timothy Moe, chief Asia Pacific equity strategist at Goldman Sachs, told Bloomberg Television. For Korea, investors are looking past the earnings trough expected this year to a rebound in the chip sector in 2024, he said.  Declines were broad-based, with gauges in Japan, Australia and Thailand also falling. An energy sub-gauge dropped the most as crude prices fell.  The broader MSCI Asia gauge is down about 7% from a peak in January as China’s faltering economic recovery and worries about a recession in the US damp sentiment.

• The Hang Seng and Shanghai Comp. declined with Hong Kong dragged lower by notable weakness in the local blue-chip tech stocks and following disappointing Manufacturing and Non-Manufacturing PMI data in which the former printed at a second consecutive month in contraction territory and its weakest reading YTD.
• Japan’s Nikkei 225 was pressured by data releases in which Industrial Production printed a surprise contraction and Retail Sales missed forecasts, with early jitters also from North Korea’s failed satellite launch.
• Australia’s ASX 200 was led lower by underperformance in the commodity-related sectors with energy the worst hit after oil prices slumped by more than 4% yesterday and with the mood not helped by firmer-than-expected monthly CPI.
• Indian stocks posted their sharpest drop in two weeks on Wednesday as most Asian markets declined after China reported weaker-than-expected manufacturing data.   The S&P BSE Sensex fell 0.6% to 62,622.24 as of 03:45 p.m. in Mumbai, while the NSE Nifty 50 Index declined 0.5%. The drop was their biggest decline since May 17.   Reliance Industries contributed the most to the Sensex’s decline, decreasing 1.8%. Out of 30 shares in the Sensex index, 11 rose, while 19 fell.

In FX, the Bloomberg Dollar Spot Index rises 0.3% with the largest gains for the greenback seen against the Norwegian krone and kiwi. EUR/USD fell as much as 0.7% to 1.0662, the lowest since March 20, as euro-area bond yields dropped; German two- and five-year bond yields fell as much as 10 basis points before paring the move; 10-year yield is down 9bps to 2.25%.

• The Norwegian krone underperformed its Group-of-10 peers for a second day, down 0.8% versus the dollar and 0.2% against the euro
• The Australian and New Zealand dollars fell after a contraction in China’s manufacturing activity, which brought weak long stops onto the radar, according to an Asia- based FX trader

In rates, treasuries extended this week’s gains, with yields richer by ~4bp across the curve, led by bunds: the German 10-year yields are down 9bps after regional prints point to soft German CPI due at 8am New York time, while French inflation slowed more than expected. US session includes four Fed speakers and JOLTS job openings. Treasury gains are led by belly of the curve, tightening 2s5s30s fly by 1.5bp on the day after almost 6bp of tightening Tuesday; 10-year yields around 3.65% with bunds outperforming and trading 5bp richer in the sector.  IG issuance slate includes Hong Kong 3Y/5Y/10Y; five deals priced $11.3b Tuesday, with final order books said to be more than four times covered. US economic data slate includes May MNI Chicago PMI (9:45am), April JOLTS job openings (10am) and May Dallas Fed services activity (10:30am)

In commodities, crude futures decline with WTI falling 1.2% to trade below $69. Spot gold is little changed around $1,958. Bitcoin drops 2.4%, sliding below $27,000. 

Looking to the day ahead now, and data releases include the May CPI releases from Germany, France and Italy, along with German unemployment for May. In the US there’s also the JOLTS job openings for April, as well as the MNI Chicago PMI for May. From central banks, we’ll hear from the Fed’s Collins, Bowman, Harker and Jefferson, the ECB’s Villeroy and Visco, and the BoE’s Mann. In addition, the Fed will release their Beige Book, and the ECB will release their Financial Stability Review.

Market Snapshot

• S&P 500 futures down 0.3% to 4,203.50
• MXAP down 1.3% to 158.39
• MXAPJ down 1.3% to 501.13
• Nikkei down 1.4% to 30,887.88
• Topix down 1.3% to 2,130.63
• Hang Seng Index down 1.9% to 18,234.27
• Shanghai Composite down 0.6% to 3,204.56
• Sensex down 0.7% to 62,521.87
• Australia S&P/ASX 200 down 1.6% to 7,091.31
• Kospi down 0.3% to 2,577.12
• STOXX Europe 600 down 0.3% to 455.30
• German 10Y yield little changed at 2.26%
• Euro down 0.6% to $1.0670
• Brent Futures down 0.6% to $73.08/bbl
• Gold spot down 0.1% to $1,958.09
• U.S. Dollar Index up 0.36% to 104.54

Top Overnight News from Bloomberg

• China’s economic recovery weakened in May as manufacturing activity continued to slump, prompting investors to dump stocks and call for more stimulus measures to boost growth
• The debt- limit deal struck by President Joe Biden and Speaker Kevin McCarthy is heading toward a vote Wednesday in the House of Representatives after clearing a crucial procedural hurdle with just days remaining to avoid a US default
• French inflation eased to its lowest level in a year, though Italy overshot analyst expectations, underlining the challenge for the European Central Bank as it nears the end of its unprecedented campaign of interest-rate hikes.
• Japan’s biggest life insurers have ramped up their use of longer-dated currency hedges to a record to escape sky-high costs, suggesting they’re buying more riskier securities that benefit from protection.

A more detailed look at global markets corutesy of Newsquawk

APAC stocks were mostly lower following the mixed handover from Wall St where sentiment was clouded as hardliners voiced opposition to the debt ceiling bill, while risk appetite was subdued overnight as participants digested a slew of data releases heading into month-end including disappointing Chinese official PMIs. ASX 200 was led lower by underperformance in the commodity-related sectors with energy the worst hit after oil prices slumped by more than 4% yesterday and with the mood not helped by firmer-than-expected monthly CPI. Nikkei 225 was pressured by data releases in which Industrial Production printed a surprise contraction and Retail Sales  missed forecasts, with early jitters also from North Korea’s failed satellite launch. Hang Seng and Shanghai Comp. declined with Hong Kong dragged lower by notable weakness in the local blue-chip  tech stocks and following disappointing Manufacturing and Non-Manufacturing PMI data in which the former printed at a second consecutive month in contraction territory and its weakest reading YTD.

Top Asian News

• US imposed sanctions on Chinese and Mexican entities to combat the opioid crisis, according to FT.
• China’s NBS said the economic activity level in China declined slightly in May which indicates the need to strengthen the foundation for recovery and development, according to Reuters.
• Japan’s METI said the decline in semiconductors and flat panel manufacturing equipment were the main contributors pushing down Japan’s industrial output in April and noted that official business sentiment remains bearish as overseas economies continue to weaken.
• RBA Governor Lowe said they are in data-dependent mode and there is not a single variable that drives their decisions, while he added that monetary policy is in a restrictive environment and that they are on a narrow path with success not guaranteed

European bourses are mostly in the red, Euro Stoxx 50 -0.4%, following the soft APAC handover and despite the generally softer inflation data from European nations thus far. Sectors are lower across the board, with Luxury names lagging after the weak Chinese PMI figures. Stateside, futures are all in the red though only modestly so, ES -0.1%, with the NQ in-line with broader action today and NVIDIA pulling back a touch from its recent upside, -1.5% in the pre-market.

Top European News

• Netherlands Senate approved a wide-ranging reform of the Dutch pension system, according to Reuters.
• ECB’s Muller says core inflation shows no signs of slowing yet, very likely that the ECB will hike by 25bp more than once; probably too optimistic to see ECB rate cut in early 2024.
• ECB’s de Guindos says we have to adjust liquidity requirements to modern world; inflation data today and yesterday was positive; victory over inflation is not there but the trajectory is correct; markets are absorbing QT smoothly and positively.
• ECB’s Visco says longer-term inflation expectations remain in line with the definition of price stability; now that rates are in restrictive territory, must proceed with the correct degree of graduality.
• ECB Financial Stability Review: says financial stability outlook remains fragile.
• Spain’s People’s Party (PP) leader says they will reduce public debt if they win the snap election and will reduce electric bill for small consumers and certain companies.

FX

• Yuan’s post-PMI pain revives Greenback fortunes with hawkish Fed’s Mester also boosting the Buck; USD/CNY and USD/CNH top 7.1100 and 7.1300 respectively, while DXY sets new w-t-d peak at 104.630.
• Aussie retreats through 0.6500 irrespective of stronger than forecast CPI, but AUD/NZD remains elevated on RBA rate hike expectations.
• Euro undermined by mostly weaker than expected EZ inflation data, as EUR/USD eyes Fib support just above 1.0650.
• Franc hit by feeble Swiss retail sales and Pound weighed down by decline in Lloyds UK business barometer; USD/CNF above 0.9100 and Cable probing 1.2350
• Yen treading water near 140.00 amidst softer Treasury yields and debt ceiling deal jitters.
• PBoC set USD/CNY mid-point at 7.0821 vs exp. 7.0764 (prev. 7.0818)

Fixed Income

• Debt elevated approaching month end with added impetus via weak Chinese PMIs and mostly cooler than forecast EZ inflation data.
• Bunds, Gilts and T-note all hovering just below best levels between 136.39-135.31, 96.97-37 and 114-14+/00 bounds.
• 2029 German supply reasonably well sponsored with collapse in crude and other commodities supporting the disinflation narrative.
• Germany sells EUR 2.504bln vs exp. EUR 3.00bln 2.10% 2029 Bund: b/c 2.30x (prev. 2.50x), average yield 2.23% (prev. 2.22%) & retention 16.53% (prev. 15.00%).

Commodities

• Crude benchmarks continue to slip following Tuesday’s marked pressure and subdued settlement. Renewed pressure comes after soft Chinese data, broader risk-aversion and ahead of the June 4th OPEC+.
• Currently, WTI Jul and Brent Aug are towards the lower end of respective USD 68.60-69.69/bbl and USD 72.68-73.95/bbl parameters.
• Base metals are dented following the mentioned Chinese data while spot gold is proving relatively resilient to the firmer USD and is only incrementally softer, given the broader underlying tone and its haven status.
• Iraqi cabinet approved USD 417mln for the construction of a third offshore export pipeline.
• Norway Police are responding to report of a gas leak at Equinor’s (EQNR NO) Melkoeya LNG facility.
• Hungary asked the EU to extend import restrictions on grains from Ukraine for five eastern-European states until at least end-2023.
• EU Executive VP Dombrovskis says the EU-US steel and raw material deals are both making progress.

Geopolitics

• A fire broke out at an oil refinery in Russia which was likely due to a falling drone, according to RIA citing the local Governor; subsequently, drone crashed on Ilsky oil refinery in Russia’s south, no damages to infrastructure and no casualties, according to RIA citing local taskforce
• South Korean military said North Korea fired a space satellite, while Japan’s Defence Ministry said North Korea fired what could be a ballistic missile and Japan’s government issued a shelter-in-place order for residents in Okinawa, according to Reuters. Japan’s government later stated that the missile did not fly into Japanese territory and it lifted the evacuation warning, while South Korea said a previous warning by Seoul city was an error. Furthermore, North Korea said an accident occurred during its satellite launch and that it will verify grave defects, as well as conduct a second launch soon, while South Korea’s military said the North Korean projectile was more likely to be a space vehicle rather than a missile.
• US, Japan and South Korea strongly condemned North Korea’s launch, while South Korea said the launch was a serious provocation and a grave violation of UN resolutions, according to Reuters.
• US military said a Chinese fighter pilot performed an unnecessary aggressive manoeuvre during an intercept of a US jet over the South China Sea on May 26th, in which it flew directly in front of the nose of a US air force jet, according to a statement.
• US President Biden’s senior Middle East adviser discussed with Oman a possible outreach to Iran on the nuclear program earlier this month, according to sources cited by Axios.

US Event Calendar

• 07:00: May MBA Mortgage Applications -3.7%, prior -4.6%
• 09:45: May MNI Chicago PMI, est. 47.2, prior 48.6
• 10:00: April JOLTs Job Openings, est. 9.4m, prior 9.59m
• 10:30: May Dallas Fed Services Activity, prior -14.4
• 14:00: Federal Reserve Releases Beige Book

DB’s Jim Reid concludes the overnight wrap

The AI hype continued to help push the NASDAQ (+0.32%) to another YTD high yesterday, even if the mood was more subdued elsewhere. For instance, a sizeable majority (296/502) of the S&P 500 (unchanged) actually fell on the day, with the index only treading water thanks to tech. Nvidia climbed +2.99% to a market cap of $991bn, tantalisingly close to the trillion mark which it’s crossed intraday. Otherwise, the weak economic backdrop meant commodity aggregates fell to their lowest levels in nearly two years. And on top of that, sovereign bonds staged a big rally as concern about the outlook resurfaced as the debt ceiling distortions started to wane. So despite some of the headline gains, the last 24 hours have seen several warning lights under the surface, including multiple recession indicators that are flashing with growing alarm. The highlight today might be German, French and Italian CPI after Spain’s surprise fall yesterday (see below).

As a minimum this will be the highlight until the debt ceiling votes comes through. We’re expecting that the House of Representatives to be voting on the deal agreed by President Biden and Speaker McCarthy tonight. That deal is formally called the Fiscal Responsibility Act, and yesterday saw it pass through the House Rules Committee despite the opposition of two Republican members and all Democrats to pass 7-6, meaning it can now be voted on by the full chamber today.

In terms of the prospects for today, investors seem relatively relaxed that this is going to pass. There has been reports overnight that over 150 GOP members would vote to approve the bill, with the balance needed to pass the House coming from Democrats. So things seem on track. Indeed, one of the good news stories from yesterday was that T-bill yields around the X-date fell back to more normal levels again, with the bill expiring June 8th seeing yields fall -75bps to 5.05, after having briefly traded with a 7 handle last week. Also the 1M US Treasury yield is trading at the same level of swaps for the first time since early May, and at the same time 5yr CDS spreads for the US dropped back to their lowest level since March, which shows how fears of default have continued to ebb over recent days. Bear in mind that this deal has the backing of the Biden Administration as well as the Republican leadership in the House and Senate, even if a minority of members have already said they’ll vote against it.

Of course, the event that’s still scars a lot of people is what happened with the first TARP vote in September 2008, which for younger readers was the $700bn bailout package proposed by the Bush Administration at the height of the GFC. Much like today’s deal, it also had the support of leaders in both parties, but it was rejected in the House on its first vote by a 228-205 margin, sparking what was then the biggest one-day decline in the S&P 500 (-8.79%) since Black Monday in 1987. Now clearly we’re not at the height of a once-in-a-generation financial crisis today, but markets have been taken by surprise on these votes before, even if all might look OK for the time being.

Against that backdrop, there was a big rally among sovereign bonds yesterday, with yields on 10yr Treasuries falling -10.8bps to 3.69% (3.68% in Asia). And similarly in Europe, yields on 10yr bunds (-9.2bps), OATs (-9.8bps) and BTPs (-12.6bps) all moved notably lower for a second day. One factor supporting that was good news on the inflation side, since the Spanish CPI print for May came in at just +2.9% using the EU-harmonised measure (vs. +3.3% expected), which was the slowest it’s been since July 2021. Now of course that’s just one country, but it often attracts outsize interest since it’s one of the first to report inflation each month, so is seen as a potential leading indicator for what will happen elsewhere. We will find out more from the EU big-3 CPI prints today. Another supportive factor was that the relentless commodity decline of recent months showed no signs of abating, leaving Bloomberg’s Commodity Spot Index (-1.75%) at its lowest closing level in just over 22 months.

But on top of that, we also had another batch of weak economic data over the last 24 hours, which helped raise concern about the outlook heading into H2. For instance in the US, the Dallas Fed’s manufacturing index fell to -29.1 (vs. -18.0 expected), which is a new low for this cycle. And over in Europe, the European Commission’s economic sentiment indicator for May fell to a 6-month low of 96.5 (vs. 98.8 expected). All that came as various recession indicators continued to worsen, with the 2s10s Treasury yield curve (-4.5bps) closing at a post-SVB low of -76.8bps.

For equities, as we discussed at the top, tech led the way with the FANG+ Index (+1.54%) up to a new YTD high that now leaves its gains for 2023 at a massive +62.68%. It was a similar story for the NASDAQ (+0.32%), which also hit a new YTD high of +24.37%. However, elsewhere the story was mostly one of declines, with the equal-weighted S&P 500 -0.20%. Europe’s STOXX 600 shed -0.92%.

Asian equity markets are trading sharply lower this morning as disappointing factory activity in China is denting sentiment across the region. As I type, the Hang Seng (-2.33%) is leading losses, tumbling to a new low for 2023 while the mainland Chinese markets are also sliding with the CSI (-1.09%) and the Shanghai Composite (-0.73%) trading in the red as the economic recovery in the world’s second biggest economy is losing steam (more below). Elsewhere, the Nikkei (-1.12%) is also trading lower with the KOSPI (-0.20%) reversing earlier gains. Outside of Asia, US equity futures are slightly negative with those on the S&P 500 (-0.23%) and NASDAQ 100 (-0.13%) edging lower.

Coming back to China, the official manufacturing PMI came in at 48.8 (v/s 49.5 expected), the lowest reading since December 2022 and compared to 49.2 in April, rekindling concerns over a slowing Chinese economy. Additionally, the service sector activity expanded at the slowest pace in four months in May, with the official non-manufacturing PMI falling to 54.5 from 56.4 in April. The downbeat PMI surveys have again bolstered expectations that the policymakers may need to roll out stimulus measures to stimulate growth.

In Japan, retail sales surprisingly contracted -1.2% m/m in April (v/s +0.5% expected), following a downwardly revised increase of +0.3%. Separately, Japan’s industrial production also unexpectedly shrank -0.4% m/m in April (v/s +1.4% anticipated) as against last month’s +1.1% increase. Elsewhere, Australia’s inflation accelerated to +6.8% y/y in April (v/s +6.4% expected; +6.3% in March), mainly led by a jump in energy prices, thus increasing pressure on the Reserve Bank of Australia (RBA) to raise interest rates again when they meet next Tuesday.

Finally, there were a few other US data releases yesterday, such as the Conference Board’s consumer confidence measure. That fell to 102.3 in May (vs. 99.0 expected), but from an upwardly revised 103.7 in April. Nevertheless, there were other signs of softness, and the share describing jobs as plentiful fell to a 2-year low of 43.5%. Otherwise, we had some more backward-looking housing indicators, with the S&P CoreLogic Case-Shiller 20-City home index up by +0.45% in March (vs. unch expected), marking its strongest monthly growth since May 2022.

To the day ahead now, and data releases include the May CPI releases from Germany, France and Italy, along with German unemployment for May. In the US there’s also the JOLTS job openings for April, as well as the MNI Chicago PMI for May. From central banks, we’ll hear from the Fed’s Collins, Bowman, Harker and Jefferson, the ECB’s Villeroy and Visco, and the BoE’s Mann. In addition, the Fed will release their Beige Book, and the ECB will release their Financial Stability Review.

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

Chinese PMIs hit sentiment/Yuan, supporting USD alongside soft EZ-regional inflation – Newsquawk US Market Open

WEDNESDAY, MAY 31, 2023 – 06:21 AM

• European bourses & US futures are softer after a weak APAC handover on PMIs and despite softer inflation data 
• DXY lifted to a new WTD best as EUR succumbs on CPI, Yuan drifts on data and Mester remains hawkish
• EGBs bid on softer-than-expected inflation metrics from German states and France, though upside briefly capped by the latest Italian figures
• Crude continues to crumble while base metals are dented by soft Chinese data, conversely Gold remains relatively resilient
• US House Committee voted to advance the debt ceiling bill, will now go to the full House for approval
• Looking ahead, highlights include US JOLTS & Chicago PMI, German Preliminary CPI. Speeches from ECB’s Lagarde, BoE’s Mann, Fed’s Bowman, Jefferson, Harker & Collins

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

US DEBT CEILING

• US House Committee voted 7-6 to advance the debt ceiling bill which sends it to the full House for approval, according to Reuters.
• US CBO estimated that if the debt ceiling bill is enacted, the agency’s projections of the budget deficit would be reduced by about USD 1.5tln over 2023-2033 relative to May projections, according to Reuters.

MAY 31ST SCHEDULE

• 14:00ET/19:00BST – House to meet for legislative.
• 15:30ET/20:30BST – First votes expected.
• 20:30ET/01:30BST – Last votes expected.
• via Punchbowl.

EUROPEAN TRADE

EQUITIES

• European bourses are mostly in the red, Euro Stoxx 50 -0.4%, following the soft APAC handover and despite the generally softer inflation data from European nations thus far.
• Sectors are lower across the board, with Luxury names lagging after the weak Chinese PMI figures.
• Stateside, futures are all in the red though only modestly so, ES -0.1%, with the NQ in-line with broader action today and NVIDIA pulling back a touch from its recent upside, -1.5% in the pre-market.
• Foxconn AGM recap, available here.
• Click here and here for a recap of the main European updates.
• Click here for more detail.

FX

• Yuan’s post-PMI pain revives Greenback fortunes with hawkish Fed’s Mester also boosting the Buck; USD/CNY and USD/CNH top 7.1100 and 7.1300 respectively, while DXY sets new w-t-d peak at 104.630.
• Aussie retreats through 0.6500 irrespective of stronger than forecast CPI, but AUD/NZD remains elevated on RBA rate hike expectations.
• Euro undermined by mostly weaker than expected EZ inflation data, as EUR/USD eyes Fib support just above 1.0650.
• Franc hit by feeble Swiss retail sales and Pound weighed down by decline in Lloyds UK business barometer; USD/CNF above 0.9100 and Cable probing 1.2350
• Yen treading water near 140.00 amidst softer Treasury yields and debt ceiling deal jitters.
• PBoC set USD/CNY mid-point at 7.0821 vs exp. 7.0764 (prev. 7.0818)
• Click here for notable OpEx for the NY Cut.
• Click here for more detail.

FIXED INCOME

• Debt elevated approaching month end with added impetus via weak Chinese PMIs and mostly cooler than forecast EZ inflation data.
• Bunds, Gilts and T-note all hovering just below best levels between 136.39-135.31, 96.97-37 and 114-14+/00 bounds.
• 2029 German supply reasonably well sponsored with collapse in crude and other commodities supporting the disinflation narrative.
• Germany sells EUR 2.504bln vs exp. EUR 3.00bln 2.10% 2029 Bund: b/c 2.30x (prev. 2.50x), average yield 2.23% (prev. 2.22%) & retention 16.53% (prev. 15.00%).
• Click here for more detail.

COMMODITIES

• Crude benchmarks continue to slip following Tuesday’s marked pressure and subdued settlement. Renewed pressure comes after soft Chinese data, broader risk-aversion and ahead of the June 4th OPEC+.
• Currently, WTI Jul and Brent Aug are towards the lower end of respective USD 68.60-69.69/bbl and USD 72.68-73.95/bbl parameters.
• Base metals are dented following the mentioned Chinese data while spot gold is proving relatively resilient to the firmer USD and is only incrementally softer, given the broader underlying tone and its haven status.
• Iraqi cabinet approved USD 417mln for the construction of a third offshore export pipeline.
• Norway Police are responding to report of a gas leak at Equinor’s (EQNR NO) Melkoeya LNG facility.
• Hungary asked the EU to extend import restrictions on grains from Ukraine for five eastern-European states until at least end-2023.
• EU Executive VP Dombrovskis says the EU-US steel and raw material deals are both making progress.
• Click here for more detail.

NOTABLE HEADLINES

• Netherlands Senate approved a wide-ranging reform of the Dutch pension system, according to Reuters.
• ECB’s Muller says core inflation shows no signs of slowing yet, very likely that the ECB will hike by 25bp more than once; probably too optimistic to see ECB rate cut in early 2024.
• ECB’s de Guindos says we have to adjust liquidity requirements to modern world; inflation data today and yesterday was positive; victory over inflation is not there but the trajectory is correct; markets are absorbing QT smoothly and positively.
• ECB’s Visco says longer-term inflation expectations remain in line with the definition of price stability; now that rates are in restrictive territory, must proceed with the correct degree of graduality.
• ECB Financial Stability Review: says financial stability outlook remains fragile.
• Spain’s People’s Party (PP) leader says they will reduce public debt if they win the snap election and will reduce electric bill for small consumers and certain companies.

DATA RECAP

• German North Rhine-Westphalia State CPI YY (May) 5.7% (Prev. 6.8%); Core (ex-food/energy) 5.0% (prev. 5.5%); MM (May) -0.2% (Prev. 0.5%)
• French CPI Prelim YY NSA (May) 5.1% vs. Exp. 5.5% (Prev. 5.9%); MM NSA (May) -0.1% vs. Exp. 0.3% (Prev. 0.6%)
• Italian Consumer Price Prelim YY (May) 7.6% vs. Exp. 7.4% (Prev. 8.2%); Core (ex-food/energy) 6.1% (prev. 6.2%); MM (May) +0.3% vs. Exp. -0.1% (Prev. 0.4%)
• German Import Prices YY (Apr) -7.0% vs. Exp. -5.9% (Prev. -3.8%); MM (Apr) -1.7% vs. Exp. -0.5% (Prev. -1.1%)
• UK Lloyds Business Barometer (May) 28 (Prev. 33)

NOTABLE US HEADLINES

• Fed’s Mester (2024 Voter, Hawk) said she sees no compelling reason to wait for a fresh rate increase and that the debt-ceiling deal removes a large piece of uncertainty over the US economy, according to FT.
• US FHA is expected, on Wednesday, to propose a plan where borrowers could get back on track with bills while maintaining super-low rates, via WSJ.
• Click here for the US Early Morning Note.

GEOPOLITICS

• A fire broke out at an oil refinery in Russia which was likely due to a falling drone, according to RIA citing the local Governor; subsequently, drone crashed on Ilsky oil refinery in Russia’s south, no damages to infrastructure and no casualties, according to RIA citing local taskforce
• South Korean military said North Korea fired a space satellite, while Japan’s Defence Ministry said North Korea fired what could be a ballistic missile and Japan’s government issued a shelter-in-place order for residents in Okinawa, according to Reuters. Japan’s government later stated that the missile did not fly into Japanese territory and it lifted the evacuation warning, while South Korea said a previous warning by Seoul city was an error. Furthermore, North Korea said an accident occurred during its satellite launch and that it will verify grave defects, as well as conduct a second launch soon, while South Korea’s military said the North Korean projectile was more likely to be a space vehicle rather than a missile.
• US, Japan and South Korea strongly condemned North Korea’s launch, while South Korea said the launch was a serious provocation and a grave violation of UN resolutions, according to Reuters.
• US military said a Chinese fighter pilot performed an unnecessary aggressive manoeuvre during an intercept of a US jet over the South China Sea on May 26th, in which it flew directly in front of the nose of a US air force jet, according to a statement.
• US President Biden’s senior Middle East adviser discussed with Oman a possible outreach to Iran on the nuclear program earlier this month, according to sources cited by Axios.

CRYPTO

• Bitcoin is hindered by the firmer USD and earlier slipped incrementally below the USD 27k mark and remains at the lower-end of USD 26.99-27.85k bounds.

APAC TRADE

• APAC stocks were mostly lower following the mixed handover from Wall St where sentiment was clouded as hardliners voiced opposition to the debt ceiling bill, while risk appetite was subdued overnight as participants digested a slew of data releases heading into month-end including disappointing Chinese official PMIs.
• ASX 200 was led lower by underperformance in the commodity-related sectors with energy the worst hit after oil prices slumped by more than 4% yesterday and with the mood not helped by firmer-than-expected monthly CPI.
• Nikkei 225 was pressured by data releases in which Industrial Production printed a surprise contraction and Retail Sales missed forecasts, with early jitters also from North Korea’s failed satellite launch.
• Hang Seng and Shanghai Comp. declined with Hong Kong dragged lower by notable weakness in the local blue-chip tech stocks and following disappointing Manufacturing and Non-Manufacturing PMI data in which the former printed at a second consecutive month in contraction territory and its weakest reading YTD.

NOTABLE ASIA-PAC HEADLINES

• US imposed sanctions on Chinese and Mexican entities to combat the opioid crisis, according to FT.
• China’s NBS said the economic activity level in China declined slightly in May which indicates the need to strengthen the foundation for recovery and development, according to Reuters.
• Japan’s METI said the decline in semiconductors and flat panel manufacturing equipment were the main contributors pushing down Japan’s industrial output in April and noted that official business sentiment remains bearish as overseas economies continue to weaken.
• RBA Governor Lowe said they are in data-dependent mode and there is not a single variable that drives their decisions, while he added that monetary policy is in a restrictive environment and that they are on a narrow path with success not guaranteed.

DATA RECAP

• Chinese NBS Manufacturing PMI (May) 48.8 vs. Exp. 49.4 (Prev. 49.2); Non-Manufacturing PMI (May) 54.5 vs. Exp. 55.3 (Prev. 56.4)
• Chinese Composite PMI (May) 52.9 (Prev. 54.4)
• Japanese Industrial Production MM (Apr P) -0.4% vs. Exp. 1.5% (Prev. 1.1%); Retail Sales YY (Apr) 5.0% vs. Exp. 7.0% (Prev. 7.2%, Rev. 6.9%)
• Australian Weighted CPI YY (Apr) 6.8% vs. Exp. 6.4% (Prev. 6.3%)
• Australian Construction Work Done (Q1) 1.8% vs. Exp. 0.5% (Prev. -0.4%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

WEDNESDAY MORNING/TUESDAY NIGHT

SHANGHAI CLOSED DOWN 19.65 PTS OR 0.61%   //Hang Seng CLOSED DOWN 361.51 PTS OR 1.94%       /The Nikkei closed DOWN 440.28 OR 1.41%  //Australia’s all ordinaries CLOSED DOWN 1.54 %   /Chinese yuan (ONSHORE) closed DOWN 7.1042 /OFFSHORE CHINESE YUAN DOWN  TO 7.1235 /Oil DOWN TO 67.64 dollars per barrel for WTI and BRENT AT 71.97 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA/

China records a dismal factory PMI and with that its stock market tanks

(zerohedge)

China Factory PMI Slump Worsens As Stocks Tumble Into Bear Market

WEDNESDAY, MAY 31, 2023 – 04:15 AM

Chinese stocks slid into bear market territory after manufacturing activity contracted for a second month in May. The dismal data is more evidence that the post-Covid recovery in the second-largest economy in the world is faltering. Bad data might suggest additional policy easing is needed to prop up economic growth. 

On Wednesday, the National Bureau of Statistics announced that China’s official manufacturing purchasing managers’ index had dropped to 48.8 in May, down from 49.2 in April. This was the lowest reading since December 2022 and missed the median estimate of 49.5 in a Bloomberg survey of economists. It also marked the second consecutive month the index printed sub-50. 

Meanwhile, China’s non-manufacturing PMI fell to 54.5 in May from 56.4 in April, also missing economists’ expectations. 

Goldman Sachs provided a breakdown of the PMIs data to clients: 

1. The China NBS purchasing managers’ indexes (PMIs) survey suggested manufacturing activity contracted in May. The NBS manufacturing PMI headline index fell to 48.8 in May from 49.2 in April. Among five major sub-indexes, the output sub-index fell to 49.6 from 50.2, the new orders sub-index decreased to 48.3 from 48.8 and the employment sub-index declined to 48.4 from 48.8. The suppliers’ delivery times sub-index edged up to 50.5 in May from 50.3 in April, suggesting faster supplier deliveries. The NBS commented that the drop in the May PMI reading was linked to insufficient demand (especially in chemical fibers, non-metallic mineral products and ferrous metal processing industries).

2. On the trade-related sub-indexes in the manufacturing survey, the new export orders sub-index decreased to 47.2 in May (vs. 47.6 in April), pointing to weaker external demand. The import sub-index fell to 48.6 in May (vs. 48.9 in April). The raw material inventories sub-index fell to 47.6 from 47.9, and the finished goods inventories sub-index declined to 48.9 from 49.4. By enterprise size, the PMIs of large enterprises increased to 50.0 from 49.3 while medium and small enterprises decreased 47.6 and 47.9 in May, respectively (vs. 49.2 and 49.0 in April). Price indicators in the NBS manufacturing survey suggest notable disinflationary pressures in May. The input cost sub-index fell sharply to 40.8 (vs. 46.4 in April) and the output prices sub-index also declined notably to 41.6 (vs. 44.9 in April), partly due to falling commodities prices and muted market demand.

3. The official non-manufacturing PMI (comprised of the services and construction sectors) moderated to 54.5 in May (vs. 56.4 in April), which was still solid but lower than market expectations, suggesting continued recovery in construction and services sectors but at a slower sequential pace. The services PMI slowed to 53.8 (vs. 55.1 in April). According to the survey, the PMIs of service industries such as airlines, ship and road transport services and telecommunication were above 60 while the PMI in property sector was below 50 in May. The construction PMI moderated to 58.2 in May (vs.63.9 in April) but remained elevated. The NBS noted that construction enterprises were optimistic about the outlook of construction sector.

PMI data shows the post-Covid economic recovery is slowing after a surge in consumer activity earlier in the year after draconian lockdowns were lifted. Bloomberg noted:

Exports remain weak, a rebound in the property market has faded and the government has slowed spending on infrastructure. Businesses are also being hit by falling profits and heightened tensions with the US and its allies.

As of late, there appears to be no shortage of bad news for China’s recovery narrative: 

“This adds to indicators since April that suggest that the economic recovery momentum has continued to slow,” said Ho Woei Chen, an economist at United Overseas Bank Ltd. in Singapore. 

Chen noted the bad news might lead to easier monetary conditions:

“There’ll be pressure for monetary policy support to be stepped up given the weak domestic inflation.”

Investors are losing faith in the recovery narrative as the Hang Seng China Enterprises Index dropped as much as 2.5% on Wednesday. The index stumbled into a bear market, down 21% since peaking on Jan. 27. 

To restore confidence in investors, Vey-Sern Ling, managing director at Union Bancaire Privee, said, “More stimulus from the government may help, but evidence of sustainable longer-term growth will be required to clear investors’ doubts.”

Dismal PMI data is having a negative impact on the market, but sliding stock and commodity prices over the last several months show investors have priced in the rocky recovery.

Meanwhile, Citi warned clients of another downturn:

“The Chinese economy could be at the risk of a double dip. Insufficient demand is the major concern now .. Goods deflation is weighing on profitability .. the Chinese economy could be on the verge of a self-fulfilling confidence trap .. decisive policy actions are needed.”

Besides a faltering recovery, geopolitical risks are another significant headwind.

end 

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

Low inflation prints is generally good but the entire economy in Europe is collapsing.  Thus that ECB next rate hike is generally off

(zerohedge)

ECB Rate-Hike Odds, Euro Tumble After German Inflation Slumps

WEDNESDAY, MAY 31, 2023 – 08:21 AM

 Germany joined its major euro-zone peers in reporting a dramatic slowdown in inflation as both regional and national CPIs all tumbled to 15-month lows with the headline (preliminary) May German CPI down to 6.1% (from 7.2% in April)…

The retreat came as fuel and heating-oil costs tumbled, and a cheap, nationwide public-transport ticket was introduced.

This follows reports this week that already showed inflation rates dropped more than anticipated in France and Spain, with prices in the latter rising by just 2.9% – the weakest in almost two years. While easing too in Italy, the extent of the retreat there was smaller than analysts expected.

“I could not say that the victory is there so far,” ECB Vice President Luis de Guindos said earlier Wednesday in Frankfurt.

“I think that we are on the correct trajectory and we have to look very carefully at the evolution of core inflation.”

The euro fell to two-month lows on the inflation prints…

Source: Bloomberg

As rate-hike expectations from The ECB declined…

Source: Bloomberg

“There’s a fairly consistent line with the euro-area CPI numbers: it is coming down,” Paul Donovan, chief economist at UBS Global Wealth Management, said on Bloomberg TV. “This whole idea of stickiness, of inflation sticking around, is really being blown out of the water. Interestingly, we’re also getting this confirmed in the regional data in the US.”

end

UK

here come the strikes: UK enters its worst period of strikes since the days of Thatcher.  Gov’t calls for price controls

(zerohedge)

UK Enters Worst Period Of Strikes Since Thatcher As Gov’t Calls For Price Controls

WEDNESDAY, MAY 31, 2023 – 08:50 AM

The UK is headed for the second summer of strikes as the seemingly intractable cost-of-living crisis devastates household finances. British officials are so desperate to alleviate despair among Brits that they are considering drastic measures, such as implementing food price controls. 

Brits received the grim news on Tuesday as food prices remain at or near record levels. The British Retail Consortium (BRC) said annual food inflation eased from 15.7% to 15.4% this month. However, the cost of store items, known as shop price inflation, increased to 9%, a new high for the index that dates back to 2005. 

The Guardian reported the government is mulling over price caps for food, such as bread and milk, to alleviate household pain. 

In a note, Laura Suter, head of personal finance at stockbroker AJ Bell, told clients that Brits “are still wincing when their total comes up at the checkout… a weekly shop that cost £100 last year is now clocking in at £115.” 

High inflation has led to households experiencing the sharpest fall in living standards since records began. This despair has led to widespread strikes as workers demand higher wages. 

Bloomberg warned, “Britain is heading into a second consecutive summer of train strikes this week as union bosses and ministers remain at loggerheads over pay and working conditions.” 

A stunning chart by Bloomberg shows the economy has already lost 3.5 million days to strikes since last year, currently at levels not seen since the days of British Prime Minister Margaret Thatcher in the late 1980s into the early 90s. 

The next wave of strikes is expected to impact rail networks on Friday. 

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA VS UKRAINE

(Yves Smith/NakedCapitalism.com)

Ukraine: Bleeding Out

WEDNESDAY, MAY 31, 2023 – 03:30 AM

Authored by Yves Smith via NakedCapitalism.com,

Even for well-reported 20th century wars, decades later, historians are still seeking to improve our understanding of them. With the Ukraine conflict, we’re in the midst of the unprecedented experience of being able to discern a remarkably high proportion of what is afoot, albeit with a great deal of noise in the signal between aggressive propagandizing and issues of sourcing with various purported close-to-the-action accounts.

But the war has gone at a seemingly slow pace, due to Russia shifting strategy to attrition (rather than trying to force negotiations), the time required to break extremely well-fortified lines (without incurring huge and unnecessary human costs), and Russia choosing to grind down other elements of Ukraine’s military, notably its air defenses. That’s lead commentators to focus on battles and even hot spots on the line of contact, in part because that’s where the action has been, in part because close observers hope they’ll be able to find clues of when and where the fighting might shift into bigger, more decisive-looking campaigns.

However, the ongoing focus on comparatively local contests, and even the watch for the start of the Great Overanticipated Ukraine Counteroffensive appears to have distracted commentators from what will drive the broad timing of the resolution of the conflict, absent a nuclear escalation.

It’s the stuff, as in how much, or more accurately, how little Ukraine has. A tacit assumption has been, since attritional wars (per John Mearsheimer in his latest talk) are artillery wars, that artillery will serve as the limiting reagent. From LibreTexts:

When there is not enough of one reactant in a chemical reaction, the reaction stops abruptly. To figure out the amount of product produced, it must be determined which reactant will limit the chemical reaction (the limiting reagent).

The assumption that lack of artillery will constrain Ukraine sooner rather than later is probably still valid but bears monitoring.

The Discord leaks, for instance, showed Ukraine running critically low on ammunition in the March time frame and its air defenses on a trajectory to be fatally depleted by end of May. Admittedly, that sort of forecast would serve as a call to action to round up more supplies. But we know the West was already scraping the bottom of the barrel even as of then. It’s been sending disparate weapons systems that create a huge training/manning problems as well as logistical messes. Many have been hauled out of mothballs and don’t work properly. And some are not fit for purpose, witness Moon of Alabama’s discussion of the F-16, which can take off and land only on golf greens.

Recall that Scott Ritter had predicted the war would be over by the end of summer-early fall. That may seem ludicrous in light of all the Western noisemaking until you remember that Ukraine really is running out of ammo. Even worse, the firepower gap seems to have widened. Earlier, Ukraine was reportedly firing 3,000 to 4,000 rounds a day to a typical Russian day of 20,000 rounds.

There have been more recent reports of Ukraine rationing ammo. For instance, from a fresh New Yorker story:

The major in charge of artillery for Pavlo’s battalion told me that in Kherson his mortar teams had fired about three hundred shells a day; now they were rationed to five a day. The Russians averaged ten times that rate.

The article tries to suggest this unit isn’t as well provided as some others. Regardless, if anything, Russian shelling has increased. Russia used to surge to an occasional 50,000 to 60,000 rounds a day. Some reports suggest the former surge levels are coming closer to being a new normal.

Remember, as Alexander Mercouris has reported, based on (among other things) Medvedev being put in charge of arms production and regularly shown touring factories, Russia is clearly making a big push to further increase output on an urgent basis and looks to be succeeding, as shown not just in increased shelling but more frequent missile and drone strikes. In the last two days, Russia engaged in what is widely agreed was its most fierce and sustained drone and missile attack so far, with Kiev a major target. A result was a shock that registered on the Richter scale (2.8 to 3.4, depending on the source), which had to result from hitting explosives, possibly a big underground ammunitions cache. The drone attack was widely described as a swarm, and some believe it heavily featured newly produced Garan 2 drones.

Admittedly, due to the difficulty of reaching firm conclusions from conflicting claims, it’s hard to know how much more damage Russia has done with the intensification of these drone and missile strikes, but it sure seems like a lot. Russia had some weeks back been focusing on taking out counter-battery systems. It has also been targeting ammo dumps, with some impressive hits. And now

Note also that the heavy use of drones, including during the day, suggests that Russia judged Ukraine’s air defenses to be so depleted that it could use them as offensive weapons, and not merely to get Ukraine to waste yet more expensive and scarce air defense missiles to take down cheap and easily replaced drones.

Dima and others say Russian has now impaired not just one but two of the Patriot systems the US sent. That’s before getting to the fact, as Simplicius the Thinker suggested in his latest sitrep, that Ukraine has fired so many Patriot missiles that it’s running through supplies:

Ukraine is said to have already fired off, in only a month or two of time, upwards of 40% of U.S.’s annual production. Think that’s sustainable?

Mind you, that annual production is meant to supply quite a few countries, including the US, not just Ukraine. And keep in mind that even though the West is making noises about needing to manufacture more weapons, all it has done is throw some more contracts at current pork-y US arms merchants, with the result that there will be more supply…..in about 3 years. At the rate of Russian output increases, the gap will only be greater by then. I’m old enough to have heard of Sputnik. Even as a grade-schooler, I was aware of the sense of urgency about the need of the US to respond, and even some of the measures, like beefed up engineering and science programs.

One wonders why Russia is firing so far behind the front. Part of this may be a sort of pinning operation, to force Ukraine to tie up more resources defending Kiev. But recall Russia has also been shelling Dnipro and other spots believed to be staging/supply locations closer to the anticipated location of the overdue counteroffensive.

Simplicius contends that Russia has been taking out not just supplies but supply lines. Keep in mind Russia has been sparing in taking out bridges (in fairness, Dima did point out one in southern Ukraine and showed how its removal blunted an expected attack route). Nevertheless:

Also, countless reports of Russian strikes now hitting not only AFU staging areas but railroad junctures and train stations where materiel is being offloaded for the war. These are not just speculative rumors but in fact some photos have emerged showing several of these…

It isn’t as if Ukraine is doing nothing in response, but its propaganda-oriented attacks confirm its weak position. Ukraine (or if we are to believe it, Ukraine-friendly Russians who just happened to be using US equipment like Hummers) made an incursion into Belgorod that was made to look like it covered much more terrain due to some outlier drone strikes. As Lambert noted, that lasted about a news cycle. Today, some drones targeted Moscow and apparently 2 or 3 hit a residential area, killing no one but damaging some pretty buildings. From some wits on Twitter:

Perhaps Ukraine will still manage a big terrorist strike. It is clearly very keen to cause Russia and its liberated oblasts a world of hurt by triggering a nuclear incident at the Zaporzhizhia nuclear power plant. But so far, despite the focus on name recognition (strike on the Kerch Bridge! the Kremlin! Russian territory, and now Moscow!), the IRA in its heyday was much better at actual terrorism without the benefit of NATO backing and weapons.

Ukraine may be pinning its hopes on dragging NATO into the conflict. But unless Russia attacks a NATO member (recall that was why Ukraine was so eager to depict its errant S300 missile as a Russian strike into Poland), it’s hard to see Russia going there. And the most belligerent potential belligerents (as in willing not to look to hard at a false flag), meaning Poland, is already cool on the idea. Its military has signaled it know it’s not up for the fight, and more and more of the public is unhappy about the massive influx of Ukraine refugees, and sees a prolongation of the war as worsening that problem.

But the current trajectory still is that the West runs so critically low on materiel that it decides it needs to find a mumble shuffle way to leave Ukraine to its own devices while pretending otherwise. Blinken in his interview with David Ignatius actually signaled that he expected Ukraine to be stalemated or lose when he talked of continuing to arm Ukraine after the war was over. That was months ago and Ukraine’s prospects have not improved.

There is also a timing issue. It is hard to see how the collective West keeps pumping enough air into the Ukraine leaky balloon so as to not have it become apparent that it is totally deflated before the 2024 elections. Maybe the Biden Administration thinks it can keep up enough cheerleading and amplification of pinpricks so as to keep up the illusion of non-defeat that long. Maybe it will heat things up so much with China as to distract the memory-of-goldfish public from Ukraine.

But regardless, my betting is on critical limits in supplies causing the crisis in military operations in Ukraine, as opposed to a major battlefield win. Or more accurately, here a highly visible success, like an encirclement of of Odessa or Dnipro or a march to another point on the Dnieper, will be proof of the fatally weakened state of Ukraine’s forces, and not a cause.

Mind you, even then, Russia will still have the very big problem of what to do about Western Ukraine. But the degree of remaining Western commitment to Project Ukraine will be more evident and will help inform Russia’s next steps.

END

RUSSIA/UK

Robert H to us:

Hal Turner Radio Show – OP-ED: Attorney Says Britain and NATO “At War” – Russian Military Strikes Against Them Would Be Lawful

Brits never learn.

https://halturnerradioshow.com/index.php/en/news-page/world/op-ed-attorney-says-britain-and-nato-at-war-russian-military-strikes-against-them-would-be-lawful

END

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

GLOBAL ISSUES//MEDICAL ISSUES

GLOBAL ISSUES//

END

VACCINE/COVID ISSUES

DR PANDA:

DR PAUL ALEXANDER

10 SWIMMERS collapsing suddenly dying and one killing themselves, having taken the mRNA technology COVID based gene injection; why is the media silent? Makis presents the 10 cogently, good scholarship

Died Suddenly – COVID-19 vaccine injured swimmers: 37 yo Italian swimming champion Claudio Rais was driven to suicide by his Moderna COVID-19 booster Injuries, plus 9 other swimmers collapsing & dying

DR. PAUL ALEXANDERMAY 30

SHARE

‘Competitive triathletes and swimmers are dying suddenly and doctors remain “baffled”.’

Sassari, Italy – 37 year old personal trainer, swimmer and triathlete Claudio Rais committed suicide by jumping off the Rosello Bridge, the highest bridge in the city of Sassari in Italy, on March 14, 2023. (click here)

Claudio Rais had his first two COVID-19 mRNA vaccine doses with Pfizer in 2021, and then had a Moderna booster shot on Feb.10, 2022.

He had a successful swimming summer season of 2022, winning multiple championships.

But by September 2022, he described suffering horrible injuries from his Moderna COVID-19 booster shot. In his own words:

By December 2022, he was seriously contemplating suicide:

Claudio Rais would go on to commit suicide only 3 months later on March 14, 2023, by jumping off the Rosello bridge in his town of Sassari, Italy.

============================================================================

Honolulu, HI – 17 year old Tehani Kealoha, a Moanalua High School senior died suddenly after suffering a “medical emergency” during a swim meet on May 13, 2023 (click here)

Lanang, Philippines – 49 year old swim coach Jerry Kasim had a heart attack and died during the Davao Ironman competition on March 26, 2023 (click here)

US Virgin Islands – 42 year old Jamie Cail, former swimmer, was found dead by her boyfriend on the floor of their home on Feb.21, 2023 (click here)

Hamilton, ON – Fully COVID-19 vaccinated 27 year old Canadian doctor, pediatrician and triathlete Dr. Candace Nayman collapsed in the water during a triathlon (and died four days later on July 28, 2022) (click here)

Esterhazy, SK – Fully COVID-19 vaccinated 44 year old Canadian family doctor Dr.Shahriar Jalali Mazlouman died suddenly at 1:30pm while swimming in a public swimming pool on July 23, 2022. (click here)

VIDEO – Budapest, Hungary – World Championships in Artistic Swimming – 25 year old professional swimmer Anita Alvarez collapsed in water on June 22, 2022. She survived the incident.

Naples, Italy – 27 year old professional swimmer Mariasofia Paparo died suddenly of a heart attack on April 11, 2022, just shy of her 28th birthday and a month after getting engaged. (click here)

Redlands, CA – 21 year old Sydney Rae Benveniste, a college swimmer at Azusa Pacific University, died suddenly on March 1, 2022 (click here)

Pima County, AZ – 23 year old University of Arizona swimmer Ty Wells died suddenly on Jan.27, 2022, autopsy showed a disseminated Strep infection following a protracted upper respiratory infection (click here)

Ty Wells may have suffered from severe immune system injury from COVID-19 vaccines, allowing Strep to become systemic and fatal. These types of deaths (from Strep) have become common in COVID-19 vaccinated young people.

COVID Intel – by Dr.William Makis

Died Suddenly – COVID-19 vaccine injured swimmers: 37 yo Italian swimming champion Claudio Rais was driven to suicide by his Moderna COVID-19 booster Injuries, plus 9 other swimmers collapsing & dying

When it comes to COVID-19 vaccines, Big Pharma isn’t very concerned about the vaccine injured. They are collateral damage in a multi $100 billion profit scheme and their plight can always be blamed on Long COVID or Climate Change. But they fear suicides. A COVID-19 vaccine injured person driven to suicide can do tremendous damage to the fraudulent COVID-19 vaccine narrative about “safe and effective”. Especially if they document their nightmare. Such is the case of Italian swimming champion Claudio Rais…

Read more

2 days ago · 50 likes · 10 comments · Dr. William Makis MD

SLAY NEWS

The latest reports from Slay News

EU Threatens Elon Musk over ‘Disinformation’ on TwitterThe European Union (EU) has issued a threat to Elon Musk over Twitter’s failure to comply with demands to censor so-called “disinformation” on the platform.READ MORE

Links Emerge Between Bill Gates’ Young Ex-Lover and Russian SpyLinks have emerged between a notorious Russian spy and Bill Gates’ former young lover from a recently exposed extramarital affair.READ MORE

Nancy Mace Voting ‘No’ on Debt Ceiling Deal: ‘Republicans Got Outsmarted by a President Who Can’t Find His Pants’Republican Rep. Nancy Mace (R-SC) has revealed that she will be voting “no” on the deal between House Speaker Kevin McCarthy (R-CA) and Democrat President Joe Biden to raise the debt ceiling.READ MORE

Jeanine Pirro & Dana Perino Issue Challenge to Joy Behar & Whoopi GoldbergCo-hosts from Fox News’s hit show “The Five” have issued a challenge to the hosts of the controversial ABC show “The View.”READ MORE

House Republicans Issue Warning to Pelosi over Jan 6 Subpoena: ‘We’re Not Gonna Lie Down and Let This Happen’House Republicans have put Democrat Rep. Nancy Pelosi (D-CA) on notice as they investigate security breaches around the U.S. Capitol while she served as speaker.READ MORE

‘Eco-Warrior’ Leonardo DiCaprio Jets to Sardinia to Party on Super YachtHollywood star and devoted “eco-warrior” Leonardo DiCaprio has been spotted partying on a climate-shredding super yacht just off the coast of Sardinia.READ MORE

Dianne Feinstein Confused That Kamala Harris Presided over Senate: ‘What Is She Doing Here?’89-year-old Democrat Senator Dianne Feinstein (D-CA) reportedly became confused when she saw that Vice President Kamala Harris was presiding over the Senate for a tie-breaker.READ MORE

Tucker Carlson’s Name Blacklisted on Fox NewsTucker Carlson’s name has been blacked listed at Fox News with all employees banned from making any reference to the network’s former star anchor on-air.READ MORE

Lindsey Graham Slams Biden’s Limited Defense Budget in Debt Ceiling Deal: ‘Biggest Winner Is China’Republican Sen. Lindsey Graham (R-SC) has slammed the limited spending proposed in President Joe Biden’s U.S. defense budget as part of the tentative debt ceiling deal.READ MORE

Russia Issues Arrest Warrant for Lindsey Graham over ‘Russians Are Dying’ Gloat in UkraineRussia has issued an arrest warrant for Sen. Lindsey Graham (R-SC) after a video emerged of the Republican senator gloating that “Russians are dying” during his trip to Ukraine.READ MORE

Juanita Broaddrick Shuts Hillary Clinton Down: ‘You Lost Your Right to Say Anything about This Day’Hillary Clinton got shut down by her husband’s rape accuser Juanita Broaddrick after the twice-failed Democrat presidential candidate issued her hollow Memorial Day message.READ MORE

Concealed Carry Holder Stops Attacker in His Tracks as Chicago Sees Another Violent Memorial DayA Chicago concealed carry holder was forced to take defensive measures when an attacker opened fire on him over the weekend.READ MORE

EVOL NEWS

VACCINE IMPACT

Child Sex Trafficking with the Rich and Powerful: The Jennifer Guskin Story

May 30, 2023 9:58 pm

We met Jennifer Guskin back in 2018, when one of my reporters interviewed her after Baltimore Department of Social Services had medically kidnapped her baby daughter. Jennifer was very concerned about her baby who was put into foster care, and forcibly vaccinated against her and her husband’s will. She was especially concerned because she too had been put into foster care as a very young child, and then sexually trafficked to the rich and powerful in the Washington D.C. area for years. So she was understandably concerned about something similar happening to her baby, and as we have documented over the years, our nation’s foster care system is the #1 pipeline for child sex trafficking. We vetted her story like we did with every other Medical Kidnapping story, by reviewing her documentation and medical records in her child custody case, and then interviewing her for her side of the story. 2018 was the second year in the Trump presidency, and the Q and Qanon movement was starting to really pick up speed, reporting many cases of child trafficking, all with the hope that President Trump was going to arrest those responsible and stop this horrible system. This led some, like Jennifer, to decide to go public with her own story of how she was trafficked. In the end, unfortunately, only Jeffrey Epstein was arrested, but he never faced trial. I’ve known Jennifer’s story since 2018, and have had all of her videos copied and backed up in the Cloud for going on 5 years now. Her story is so horrific, far worse than anything else we have ever published, that I never published it or gave her exposure, because I knew few people would believe it. But her story is not unique. It involves MK Ultra mind control and experimentation, along with grim details of murder and Satanic ritual abuse. And because she was trafficked in Washington D.C., she names names. But now, it is time to publish her story. I tracked her down today and spent some time chatting with her, and unlike most stories similar to hers that we have covered in the past, she has not given up. She told me that her daughter is now part of her life again, and she is trying to get her back home. She wants her story told, in the hope that America will wake up and understand the full scope of just how serious of an issue this is, like a cancer that is growing and killing our nation.

Read More.

END

MICHAEL EVERY

MICHAEL EVERY/RABOBANK//

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

Three New China-Russia-Iran and Iraq Agreements Confirm The New Oil Market Order | OilPrice.com

Robert Hryniak	4:12 PM (13 minutes ago)
to

While this is article worth reading in entirety. A major takeaway is that Both Russia and China understand the value of ports and airports. Especially when Iranian oil is bought for a 44% discount to stated market pricing. 

Imagine that China is buying 44% below spot and 30% below on Russian oil. Does one not wonder why they are a low cost producer??? This is at a time when The Ship of Fools pays market prices for oil while draining strategic Reserves which can never be replaced at the prices oil was originally bought for. Spending non recoverable wealth on an ill advised conflict with Russia using Ukraine as an expendable proxy. 

Complete delusion rules in America today as not only is spending not sustainable, lifestyle in America is headed for a readjustment as practical realities come home to roost. No nation can afford such differentials in oil cost as energy cost is a function of everything in an economy. Lose that and everything else will be forced to decline in order to compete or even have value in consumption based economies. And clearly the idea of being a low cost producer of anything is lost.



https://oilprice.com/Energy/Energy-General/Three-New-China-Russia-Iran-and-Iraq-Agreements-Confirm-The-New-Oil-Market-Order.amp.html

Three New China-Russia-Iran and Iraq Agreements Confirm The New Oil Market Order

By Simon Watkins – May 30, 2023, 6:00 PM CDT

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:1.0681 DOWN 0.0051

USA/ YEN 139.86  UP 0.064  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2371  DOWN    0.0041

USA/CAN DOLLAR:  1.3644 UP .0043 (CDN DOLLAR DOWN 43 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 19.65 PTS OR 0.61% 

 Hang Seng CLOSED  DOWN 361.51 PTS OR 1.94%

AUSTRALIA CLOSED DOWN 1.54%  // EUROPEAN BOURSE: ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL RED 

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 361.51 PTS OR 1.94% 

/SHANGHAI CLOSED DOWN 2.77 PTS OR 0.09%

AUSTRALIA BOURSE CLOSED DOWN 1.54% 

(Nikkei (Japan) CLOSED DOWN 440.28 PTS OR 1.41% 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1959.30

silver:$23.32

USA dollar index early TUESDAY morning: 104.47 UP 31 BASIS POINTS FROM TUESDAY’s close.

WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.00%  DOWN 4  in basis point(s) yield

JAPANESE BOND YIELD: +0.430 % UP 0  AND  0//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.331 DOWN 5  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.089 DOWN 7  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.2715  DOWN 4  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 1.0663 DOWN  0.0069 or  69  basis points 

USA/Japan: 139.75 DOWN 0.045  OR YEN UP 5 basis points/

Great Britain/USA 1.2394 DOWN .0017 OR 517   BASIS POINTS //

Canadian dollar UP  .0017 OR 17 BASIS pts  to 1.3583

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN.(7.1109)

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 7.1250

TURKISH LIRA:  20.71 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.430…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 5 in basis points from TUESDAY at  3.655% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.863 DOWN 4  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 67.36 points or  0.90%

German Dax :  CLOSED DOWN 265.58 PTS OR 1.67%

Paris CAC CLOSED DOWN 115.64 PTS OR 1.60%

Spain IBEX DOWN 124.50 PTS OR  1.36%

Italian MIB: CLOSED DOWN 549.20 PTS OR 2.04%

WTI Oil price 68.49     12: EST

Brent Oil:  73.32    12:00 EST

USA /RUSSIAN ///   AT:  81.08/ ROUBLE  UP 0 AND   7//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.2715 DOWN 4 BASIS PTS

UK 10 YR YIELD: 4.2805 DOWN 10 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0683 DOWN 0.0048   OR 48 BASIS POINTS

British Pound: 1.2433 UP   .0020 or  20 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.219% UP 4 BASIS PTS

USA dollar vs Japanese Yen: 139.31 DOWN 0.480 //YEN UP 48 BASIS PTS//

USA dollar vs Canadian dollar: 1.3570  DOWN .0030 CDN dollar, UP 30  basis pts)

West Texas intermediate oil: 67.96

Brent OIL:  72.39

USA 10 yr bond yield DOWN 9 BASIS pts to 3.615% 

USA 30 yr bond yield  DOWN 8  BASIS PTS to 3.825% 

USA 2 YR BOND:  DOWN 13  PTS AT 4.351%  

USA dollar index: 104.26 UP 10 BASIS POINTS  

USA DOLLAR VS TURKISH LIRA: 20.72 (GETTING QUITE CLOSE TO BLOWING UP)

USA DOLLAR VS RUSSIA//// ROUBLE:  81.11  UP  0   AND  5/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 131.88 PTS OR 0.40% 

NASDAQ 100 DOWN 100.90 PTS OR 0.70%

VOLATILITY INDEX: 17.12 DOWN .34 PTS (1.95)%

GLD: $182.32 UP 0.28 OR 0.15%

SLV/ $21.61 UP  0.31 OR 1.46%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM:

AI-Mania Meltup In May Hides Recession Signals From Commodities & Credit Curves

WEDNESDAY, MAY 31, 2023 – 04:00 PM

Early in the day (and overnight) The Fed’s Barkin and Mester profused their usual hawkish mantras, expressing no need to pause yet, but later in the day .

• Barkin – No Pause – “I’m looking to be convinced that demand is in fact coming down, and that that will then start to bring inflation down… However I look at it, it just looks like inflation is too high.”
• Mester – Hike – “I would see more of a compelling case for bringing [rates] up … and then holding for a while until you get less uncertain about where the economy is going.”
• Collins – No Pause – “…the Fed is intent on reducing inflation that’s just simply too high.”
• Jefferson – Pause – “…skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming.”
• Harker – Pause – “I am definitely in the camp of thinking about skipping any increase at this meeting.”

But combining all that with Beige Book and rate-hike expectations dropped today…

However, on the month, rate-change expectations are basically unchanged (modestly more hawkish at the longer-end), with The Fed’s statement driving a dovish dive early on but all the FedSpeak since has reversed that entire move, with a 25bps hike by July now fully priced in…

Source: Bloomberg

Weak Chicago PMI was trumped by strong JOLTS data on the day and pushed US Macro surprise data higher for May…

Source: Bloomberg

Debt-Ceiling drama is fading fast with USA CDS compressing…(though still elevated)

Source: Bloomberg

Nasdaq is the only major US equity index to end higher in May (up around an astonishing 8%) while The Dow was the big laggard, down around 4%. The S&P ended unchanged…

Source: Bloomberg

Energy stocks were clubbed like a baby seal in May while Tech took off. Today saw significant bank weakness which pulled them notably lower on the month…

Source: Bloomberg

May also saw a massive divergence between cap-weight and equal-weight portfolio performance as breadth narrowed dramatically…

Source: Bloomberg

Meme-stock mania struck in May with Goldman’s ‘high retail sentiment’ basket soaring 18%…

Source: Bloomberg

But it was AI that dominated with NVDA the darling, soaring around 40% in May (though we note today’s decline from yesterday’s record high is the biggest daily drop since early Feb). NVDA is down almost 10% from yesterday’s highs…

That weakness dragged all US majors into the red for the week with small caps weakest…

Some other notables include BUD getting slammed

Source: Bloomberg

And Target was trounced…

Source: Bloomberg

Treasury yields were all higher in May with the short-end notably underperforming (flattening the yield curve significantly)…

Source: Bloomberg

The dollar rallied hard in May (after an initial drop) up to two month highs…

Source: Bloomberg

Crypto was mixed with Ethereum down 8% in May and Biotcoin down 1.5% as Ripple rallied…

Source: Bloomberg

Bitcoin’s suffered its worst month since Nov 2022 (after 4 monthly gains in a row)…

Source: Bloomberg

Copper and Crude were the ugliest commodities in May – yelling recession. NatGas was lower as were PMs…

Source: Bloomberg

WTI suffered its biggest monthly drop since Nov 2021 as China’s rebound disappointed

Gold ended back below $2000, but well above the March lows…

Finally, one has to wonder how long this divergence can last with commodities, real yields, the Treasury curve, and dollar all opposing the exuberance of the AI-driven mega-cap tech-gasm…

Source: Bloomberg

Don’t they realize that the other companies in the world – that are not seeing their share price rise – are the clients from which the future revenues for AI firms are supposed to come?

Are we near peak AI-bubble (echoing the COVID-supply-chain/crypto craze from 2021)…

Source: Bloomberg

Can’t be, right?

b) THIS MORNING TRADING // debt ceiling reports

II) USA DATA/

USA economy falling out of bed! Chicago pMI unexpectedly plummets and this is the longest contraction streak since 2008

(zerohedge)

Chicago PMI Unexpectedly Plummets, Longest ‘Contraction’ Streak Since Lehman

WEDNESDAY, MAY 31, 2023 – 09:52 AM

After the unexpected resurgence in April, Chicago PMI plunged in May from 48.6 to 40.4 (against expectations of 47.3). That is the ninth straight month below 50 (in contraction)…

Source: Bloomberg

That is the longest streak of prints in ‘contraction’ since the Great Financial Crisis.

Under the hood, none of the underlying drivers were higher MoM…

• Prices paid rose at a slower pace; signaling expansion
• New orders fell at a faster pace; signaling contraction
• Employment fell and the direction reversed; signaling contraction
• Inventories fell at a faster pace; signaling contraction
• Supplier deliveries rose at a slower pace; signaling expansion
• Production fell at a faster pace; signaling contraction
• Order backlogs fell at a faster pace; signaling contraction

This continues a trend of ‘soft’ survey data disappointing notably.

end

III) USA ECONOMIC STORIES

This will happen in August when student loans will restart

(zerohedge)

The Great Student Loan Nonpayment Boondoggle Is Over And Household Spending Is About To Collapse

TUESDAY, MAY 30, 2023 – 06:00 PM

In the small print detailing the end of the debt ceiling melodrama which, as we explained, is a farce as it boosts inflation-adjusted spending contrary to Republican promises, there was some actual news: the great student loan boondoggle is about to come to a screeching halt, after a three year “emergency pause” which redirected tens of billions in dollars away from mandatory student loan repayment to other forms of discretionary spending.

According to Goldman, the agreement announced on Saturday between uniparty leaders Joe Biden and Kevin McCarthy titled hilariously the “Fiscal Responsibility Act”, prohibits the Biden Administration from extending the pause on student loan repayments in place since March 2020, even if it does not block the Administration’s student loan forgiveness plan, which would wipe out up to $20,000 in federal loans per borrower and is currently being weighed by the Supreme Court (the plan was announced last year but has not yet implemented).

Here are the details: late last year, Biden extended the repayment pause, which postpones roughly $5bn per month in student loan repayments, until 60 days after the Supreme Court ruled on the separate $400bn loan forgiveness plan the – the Supreme Court is likely to rule on loan forgiveness in June, so this likely would mean a restart of payments after August 2023.

And now, the debt limit agreement prohibits further extension of the payment pause, but remains silent on the student loan forgiveness plan which however will be nixed by SCOTUS much to the chagrin of screaming libs and lifelong members of the “free $hit” army. Prior to the announced debt limit deal Goldman had already assumed the repayment pause would end on schedule, though there was clearly a chance the White House might have extended it once again. The debt limit agreement eliminates that possibility (“except as expressly authorized by an act of Congress”) and should result in a restart of student loan payments in September 2023.

What happens then?

Well, according to Jefferies, the return of monthly loan payments presents risks similar to the effects of the 2013 fiscal cliff, when tax increases led to reduced consumer spending. And in a note released Monday (available to pro subscribers), JPMorgan’s chief US economist Michael Feroli said that the end of the payment moratorium will reduce annual disposable personal income by $38 billion, which will reduce consumer spending.

Separately, a March analysis by FreightWaves found that federal government programs boosted personal income by an estimated $2.3 trillion from March 2020 to December 2022. According to The Motley Fool, consumers received an average of $3,450 in stimulus during the COVID economy. This included direct payments into bank accounts, an expanded Child Tax Credit and an expanded Earned Income Tax Credit. But one of the biggest COVID-related stimulus programs was not factored into the s numbers: student loan forbearance.

As noted above, Education Secretary Miguel Cardona said the student loan deferment program will end no later than June 30, 2023, and payments are expected to resume by Sept. 1, 2023: “The amount of money we are talking about, in excess of a trillion dollars, is staggering. Student loans represent 7% of U.S. GDP” according to FrightWaves.

Putting these numbers in context, 64% of the $1.7 trillion in student loan debt have been in forbearance for the past three years, amounting to $1.1 trillion. Many of the 25 million Americans who have deferred payments for student debt are aged 18-44 years old, one of the most important demographic groups that drive consumer spending. 

Some more math: according to a New York Fed study, the average student loan payment is $393 per month.

For consumers taking advantage of the program, they have deferred 39 months worth of payments, resulting in more than $15,327 in additional discretionary income during the period, much larger than the amount most consumers received from other COVID stimulus programs. 

The forbearance program, when originally conceived, was intended to be a short-term program to protect consumers from the COVID black swan event. But many consumers made financial decisions based on this short-term cash flow boost, treating the cash as permanent. In fact, as the latest NY Fed household debt study showed, delinquency on student loans – until 2020 the highest among all types of credit – collapsed to near zero courtesy of the repayment moratorium. Expect the red line to soar higher in coming quarters.

A sudden increase of $393 per month in “new” – but really old – loan repayments will force prime-age consumers (those aged 18-44 years) old to cut back on discretionary spending. Since portions of this demographic have a tendency to prioritize experiences over goods consumption, we can expect this will have a much bigger impact on services demand and spending, which as discussed previously, has been the only pillar supporting the US economy now that  goods spending has fallen off a cliff.

END

More layoffs coming to Goldman Sachs as the economy falters

(zerohedge)

Goldman Sachs Prepares For Third Round Of Layoffs As M&A Activity Slumps

WEDNESDAY, MAY 31, 2023 – 07:45 AM

As macroeconomic headwinds mount, merger and acquisition trends are pressured downward. The Federal Reserve’s ongoing policy of interest rate hikes to combat the highest inflation seen in decades has created less-than-optimal conditions for dealmaking. Consequently, such a challenging environment will result in Goldman Sachs Group carrying out its third round of job cuts in less than a year. 

Sources familiar with the upcoming layoffs told The Wall Street Journal that a wide range of employees, including managing directors and other senior executives, will be let go. The person said about 250 employees would be slashed but wasn’t sure when the announcement would be made. 

If announced, this would be Goldman’s third round of job cuts in less than a year. In September, the investment bank cut hundreds of jobs, followed by a massive 3,200 layoff, or about 6% of all employees, in January.  

At the end of the first quarter, Goldman had a total workforce of about 45,400. The bank has been reducing its headcount since peaking at 49,000 in the third quarter of 2022. 

“The new cuts are largely the result of a dealmaking environment that remains in the doldrums,” WSJ noted. 

Besides Goldman, Morgan Stanley and Lazard have recently announced headcount reductions due to a continued decline in dealmaking activity this year. 

END

BUD LIGHT

Bud Light’s Sales Implosion, Explained (By Mises)

WEDNESDAY, MAY 31, 2023 – 04:45 PM

Authored by John Miltimore via The American Institute for Economic Research,

I stopped drinking Bud Light decades ago, so when the Dylan Mulvaney controversy exploded last month, I didn’t need to consider if I’d stop drinking Anheuser-Busch’s most popular product.  

What’s clear is that many others have decided to quit the beer over the brand’s decision to wade into transgender politics. According to figures reported in The St. Louis Dispatch, based on data from a Connecticut-based consulting group that focuses on the alcoholic beverage industry, Bud Light’s in-store sales fell 11 percent in the week that ended April 8 from the same period the previous year. Year-over-year sales fell even faster over the next two weeks, dropping 26 percent in mid April. The decline continued into May despite ad blitzes and marketing gimmicks that included $20 rebates—on a $19.98 case of beer. Oof.  

Endless ink has been spilled over the controversy, which was fueled by celebrities like Travis Tritt and Kid Rock, who shot up several cases of Bud Light after the Mulvaney ads began to go viral.  

Many public figures seemed genuinely stunned by what they saw as a massive overreaction to a single March Madness ad featuring Mulvaney, who drank from a Bud Light while talking cluelessly about the NCAA tournament.  

“I thought there must be a piece of the story that I’m missing,” shock jock Howard Stern said on his show. 

Writing at Vox, Emily Stewart poo-pooed the Bud Light controversy and predicted it would blow over, pointing out that similar campaigns directed at other major brands quickly fizzled out. 

“In terms of hurting sales, boycotts tend not to be super effective as most people don’t respond, let alone stick to them,” wrote Stewart. “Remember the Great Keurig Boycott of 2017? Or Frito-Lay in 2021? Or, more recently, when people were mad because M&Ms were girls?” 

Stewart might be correct that Bud Light’s problems will blow over, though I have doubts. Still, critics scratching their heads over the controversy have a point that there’s something fickle and disproportionate about it. After all, Jack Daniels, a brand with a consumer base similar to Bud Light, recently ran its own LGBTQ+ ad campaign featuring American drag queen Ru Paul, and it generated a fraction of the scrutiny. Miller Lite, meanwhile, ran its own “woke” ad that was ignored for months. 

In a way, I feel sorry for Bud Light. The company is being singled out for doing the same thing other publicly traded companies are doing: catering to the ESG (environmental, social, and governance) puppeteers who are scoring them on “social responsibility.”  

ESG scoring is notoriously opaque, but the costs of not playing the game are quite real. ESG funds managed some $40 trillion in assets as of 2022, according to Bloomberg, and a poor score can get a publicly traded company booted from a fund just that fast, as Tesla found out that same year when it was kicked off the S&P 500 ESG index despite its sparkling sustainability score.  

“While Tesla may be playing its part in eliminating fuel-powered cars, it has fallen behind its peers when examined through a broader ESG lens,” said Margaret Dorn, the executive in charge of ESG scoring for North America. Dorn didn’t feel it necessary to elaborate further.  

Unsurprisingly, companies are not thrilled about having to do this ESG dance. While they pay lip service to ESG publicly, a 2022 CNBC survey showed most CFOs supported efforts to prohibit pension funds from using ESG scoring to determine how they invest.  

One can see why corporate executives chafe under the ESG framework. Instead of focusing on creating value and serving consumers, companies are forced to dance to the ESG piper’s tune and perform whatever social initiatives a tiny cabal of people regard as important.  

This was always the danger in “stakeholder capitalism,” the decades-old attempt to nudge corporations into serving interests other than their own shareholders and consumers. It subordinates consumers, the very people who should be in charge.  

“The real bosses, in the capitalist system of market economy, are the consumers,” the economist Ludwig von Mises famously wrote in his book Bureaucracy. “They, by their buying and by their abstention from buying, decide who should own the capital and run the plants. They determine what should be produced and in what quantity and quality.” 

This is the true lesson of “Bud-lash.” Bud Light forgot who its bosses really were. It wasn’t just that Bud Light was serving the ESG puppeteers—who award companies points for diversity and inclusion initiatives as well as environmental ones—and ignoring its own consumer base. The company was openly insulting its consumer base, describing Bud Light as a “fratty” beer and “out of touch” brand “in decline.” It’s one thing to disregard your boss. It’s another thing to openly insult her.  

Many see Bud-lash as “anti-trans,” but the response is more about reminding corporations who their boss really is: consumers. These are the true masters in a free market economy; they decide who wins and loses, who becomes rich and who becomes poor. And yes, consumers are fickle.  

“They are no easy bosses,” Mises reminds us. “They are full of whims and fancies, changeable and unpredictable. They do not care a whit for past merit. As soon as something is offered to them that they like better or that is cheaper, they desert their old purveyors. With them nothing counts more than their own satisfaction.” 

Bud Light was serving a boss other than its consumers, and it really shouldn’t have to. “ESG is a scam. It has been weaponized by phony social justice warriors,” Elon Musk wrote on Twitter after Tesla was given the boot from the S&P 500 ESG index. 

Musk is not wrong. ESG is a scam, and a dangerous one. It is embraced by anti-capitalists precisely because it undermines the consumer sovereignty Mises described, and empowers the financial class, bureaucrats, and money printers central bankers by enabling them to manage society as they desire while further enriching themselves.     

A famous ancient text says, “No one can serve two masters.” Corporations like Bud Light need to remember who their true bosses are, and it’s past time consumers reminded them. 

END

USA// COVID

SWAMP STORIES

“Safe Harbor”: New Evidence Offers Insight Into Hunter Biden & His Collapsing World Of Corruption

TUESDAY, MAY 30, 2023 – 06:20 PM

Authored by Jonathan Turley,

Below is my column in the New York Post on newly discovered exchanges within the Biden family over the collapsing fortunes of Hunter Biden in 2018.

As one of the primary conduits for influence peddling in the Biden family, Hunter appeared to be in a free fall and his Uncle Jim appeared to offer him a “safe harbor” and to guarantee “all the deals are still alive.”

Here is the column:

In 2018, Hunter Biden’s world was collapsing.

The New York Times had run a story on one of his shady deals with the Chinese and his father, then vice president, was pulled into the vortex.

It appears that Hunter was in a free fall and his uncle Jim Biden reached out in newly discovered messages to offer him a “safe harbor.”

The exchange is an insight into a train wreck of a life of the scion of one of the most powerful families in the country.

However, it is also insight into a world of influence peddling where millions simply evaporated in the coffers of the Biden family.

On their face, the messages seem to contradict public statements from President Biden on the foreign-influence peddling that used to fund Hunter’s drug-infused, self-destructive lifestyle.

The Times story caused a panic in the Biden family.

Despite a largely supportive media, the Bidens have long been known for influence peddling.

Jim Biden has been repeatedly criticized for marketing his access to his brother in pitches to clients.

Hunter knew that the Times story was only the tip of an iceberg.

There were deals all over the world with foreign figures worth millions and some of these figures had close ties to foreign intelligence or regimes.

As revealed recently by the House Oversight Committee, the Bidens constructed a labyrinth of corporations and accounts to transfer millions from these deals to a variety of Biden family members, including grandchildren.

Free fall

Nevertheless, Joe Biden repeatedly claimed as a presidential candidate and as president that he had no knowledge of any foreign dealings of his son.

Those denials now appear patently false.

The laptop includes pictures and appointments of Hunter’s foreign business associates with Joe Biden.

It also includes a recording concerning a Times report on Dec. 12, 2018, detailing Hunter’s dealings with Ye Jianming, the head of CEFC China Energy Company.

Ye would later be arrested for corruption.

As Biden associates pushed the Times to change aspects of the story, Joe Biden called to report on the results.

In his message, Biden ends his call to Hunter with the statement “I think you’re clear. And anyway if you get a chance, give me a call, I love you.”

The new messages indicate that the Bidens were worried that Hunter was in a free fall as these dealings were becoming known and revenue was declining.

Jim Biden appears to be rushing to get Hunter to work the problem with the family.

He assures him that they can find him “a safe harbor” and that “I can work with you[r] father alone!”

The messages may refer to the fact that Hunter’s past complaint that he was giving as much as half of his proceeds to his father and was now facing towering financial demands.

He appears to have cut off the family.

That is a dangerous development for a man who had a long struggle with drugs and alcohol.

Hunter blew through a fortune on narcotics and women, including allegations that he may have used a shared credit card with his father to pay off prostitutes.

Both Joe and Jim Biden were reaching out to Hunter to assure him that he was in the “clear” and that there is a “safe harbor.”

However, Jim pushed him to remain in contact and in the fold: “I cannot find you, believe it or not I have been looking. I [have] driven by Hallie’s, you fathers. Called texted you. . . . I want to help all the deals are still alive.”

Putting aside the genuine desire to protect a family member with a history of drug abuse, the unpredictable Hunter also represented a threat to the entire family.

A panicked Hunter threatened more than family harmony. There were millions that were being generated in countries like Ukraine, Romania, Russia and China.

The messages show that the Hunter was spinning out of control and needed money fast — a lot of money. He told Jim Biden that he could not even afford “food and gas,” including his monthly alimony to his ex-wife Kathleen Buhle.

He relays how President Biden was told that he “was in a real danger zone.”

Classic corruption

These messages highlight another inconvenient fact: Hunter was hardly a figure who generated confidence or cash.

In 2018, he was an utter mess at the very time that foreign figures were funneling money to him.

He was clearly noncommunicative with his family and still gushing money.

He had previously complained that the Russians had blackmail material on him. He was a danger not just to himself.

In his later book, Hunter admits that he was a crack addict and alcoholic: “drinking a quart of vodka a day by yourself in a room is absolutely, completely debilitating” as well as “smoking crack around the clock.”

Given these admissions, why were so many foreign figures rushing to give this human wrecking ball millions?

He not only lacked expertise in areas like energy or mining, but he was barely able to function, according to his own account.

The answer seems abundantly clear.

This was classic corruption. Indeed, influence peddling has long been the favorite form of corruption in Washington.

Yet, these latest messages add a particularly sad element to this scandal.

Joe and Jim Biden were propping up a man who was barely able to function.

However, Hunter was still the conduit for allegedly millions in foreign money.

He was the firebreak between the money and any scandal.This was made evident in a recent and rare sit-down interview; MSNBC’s Stephanie Ruhle delicately broached the scandals involving Hunter by emphasizing that it is a “personal” matter and assuring the president (and the viewers) that the still unknown charges involve “no ties to you.”

Hunter increasingly looks like the designated defendant of the Bidens; the sin-eater who may have to take one for the team in the form of a couple tax charges.

Yet, even now, to use Jim Biden’s words, “This can work.”

Hunter’s new “safe harbor” may be a limited indictment that conspicuously avoided charges as an unregistered agent.

Likewise, Attorney General Merrick Garland has seen to that by steadfastly refusing to appoint a special counsel despite references to the president getting a proposed cut of these deals and instructions to use code names for him like the “Big Guy” to conceal his role.

Most recently, an IRS whistleblower came forward to accuse the Justice Department of interfering with the tax investigation of Hunter by “slow walking” the investigation and making a series of decisions that worked to his advantage.

As made clear by Jim Biden, there is always a plan in the Biden family. Back in 2018, he assured his nephew that “as usual just need several months of [your father’s] help for this to work. Let’s talk about it. It makes perfect sense to me.” In the meantime, the message from Uncle Jim likely remains “stay calm and carry on.”

END

THE KING REPORT

The King Report May 31, 2023 Issue 7001	Independent View of the News
Biden’s Debt Deal on the Brink as More Republicans Vow to Vote No Democrats also aren’t happy… Congresswoman Nancy Mace, who is often classified as a Republican moderate, is a no… https://townhall.com/tipsheet/katiepavlich/2023/05/30/bidens-debt-deal-on-the-brink-as-more-republican-vow-to-vote-no-n2623836   GOP @RepNancyMace: Washington is broken.  Republicans got outsmarted by a President who can’t find his pants. I’m voting NO on the debt ceiling debacle because playing the DC game isn’t worth selling out our kids and grandkids.     This “deal” normalizes record high spending started during the pandemic. It sets these historically high spending levels as the baseline for all future spending. The bill then grows govt even more each year at about ~1%… After factoring in a small cut to discretionary spending over the next 2 yrs, we are still talking about ~$6T more or less in spending bc of large increases in spending elsewhere.     Govt grew massively over the past 3 years. This growth was supposed to be emergency funding only during COVID. During this time, govt grew 40% or by $2 trillion from 2019 to 2023. We went from spending just over $4T to spending just over $6T.  This deal keeps that record high spending intact and makes it the baseline for all spending.     The bill doesn’t actually set a debt limit. Rather it suspends the debt limit entirely until Jan. 2, 2025 and there is no actual amount capping the debt ceiling.  Some say there will be a $2T deficit in 6 years, but that CBO guesstimate relies on spending caps that do not exist and are not binding in any way in this deal… They tell us this bill cuts $41b in its first year; about the same amount as the unspent COVID funds. Pretty convenient. Also not a cut…     Pay-as-you-go has some fine print under Section 265 everyone should read. The OMB director has sole waiver authority to spend if it’s “necessary for program delivery.” So that one line wipes out PAYGO.  These words on paper are totally meaningless if you read the fine print…    A $1.4b cut to the IRS doesn’t equal $80b in cuts to the IRS. Nor does it mean we are “gutting” the IRS or its 87k new hires… Work requirements for SNAP moved from age 50 to 54 and student loan forgiveness EO repeal never happened…     Manchin’s carve out for his pipeline is not germane to the bill. This is just your run of the mill govt picking winners and losers in the market and business as usual in Washington.     A continuing resolution at 99% in Section 102 only applies to discretionary and provides ample time for an omnibus should all else fail.  While we like the intent here, it’s like a Penny Plan for discretionary, but once again, bc of how it’s written, it’s meaningless… 63% of Americans want Congress to cut spending as part of a debt ceiling deal. This bill doesn’t do that…   @PhilipWegmann When asked about the PAYGO waiver authority included in Biden-McCarthy compromise, @ShalandaYoung46 (OMB Dir) tells me, “If that waiver is deemed necessary to make sure President Biden’s agenda is carried forward, we’re going to use that authority.”    GOP Rep @NancyMace: They’re literally telling us they’re going to steamroll us, why are we letting them? (Young’s statement shows Team Biden did NOT negotiate in good faith & McCarthy was stupid.)   Section 265 Waiver in debt/budge bill: The Director may waive the requirements of Section 263 if the Director concludes that the waiver is necessary for the delivery of essential services, or is necessary for effective program delivery… (The Biden-appointed OMB Director can spend any amount she deems necessary! McCarthy is a chump!)  https://twitter.com/BasedMikeLee/status/1663641377958182913/photo/1   @PhilipWegmann: White House @PressSec on debt-limit compromise: “Negotiations require give-and-take. No one gets everything that they want.” “But the president successfully protected core democratic priorities, and the historic economic progress that we have made over the last two years.”   @tomselliott: @SpeakerMcCarthy defends offering a higher debt ceiling in exchange for increased govt spending: “We let government grow, but at a slower rate.” https://twitter.com/tomselliott/status/1662827223684988932   Rep. Bishop becomes first Republican to publicly support ousting McCarthy over debt ceiling deal https://justthenews.com/government/congress/rep-bishop-becomes-first-republican-publicly-support-ousting-mccarthy-over-debt   Despite reports that there are not enough GOP House votes to pass the debt ceiling compromise bill, stocks soared early on Tuesday.  Nvidia led Fangs and related trading sardines higher.  NVDA became the 9th stock to attain a market cap of $1 trillion or more.   Unexpected US housing inflation appeared in economic data released on Tuesday.March FHFA House Price Index 0.6% m/m; +0.2% exp, Feb revised to 0.7% from 0.5%S&P CoreLogic 20-city house prices 0.45% m/m & -1.15% y/y, 0.0% m/m & -1.6% exp, February revised to -0.07% m/m from 0.06% and 2.13% y/y from 2.05% y/yMay Conference Board Consumer Confidence 102.3, 99 exp, April revised to 103.7 from 101.3Present Situation 148.6, 151.8 prior revised from 151.1Expectations 71.5, prior 71.7 revised from 68.1May Dallas Fed Manufacturing Acidity -29.1, -18.0 exp, -23.4 prior  ESMs opened sharply higher on Monday night.  They quickly rolled over and lost about half their gains.  ESMs then traded sideways until they broke higher near 4 ET.  The rally ended in an hour.  ESMs went flat until they declined when the US bond market opened.  Another rally commenced near 7:30 ET.   After an A-B-C rally that lasted about an hour, ESMs hit a peak of 4243.25 at 8:14 ET.  ESMs and stocks then rolled over into the NYSE opening.  After the opening, ESMs and stocks commenced a decline that persisted, with two short-lived spike rallies, until 13:56 ET.   Near 14:05 ET, 0DTE call option volume exploded.  ESMs spiked 18 handles higher in 30 minutes.  Another afternoon reversal, due to rabid buying of calls that expire in 2 hours, appeared.  A huge factor in the explosive rally was May performance gaming.  We warned in yesterday’s missive that the penultimate day of a period usually contains the peak intensity of the manipulation for the period.   Abetting the afternoon rally was this statement from House Dem Leader Jeffries: “I do not see a problem winning the House Rules Committee advancement of the debt limit bill.”   After adding on four more handles, the ESM rally peaked at 14:45 ET.  ESMs sank 12 handles by 15:17 ET.  After a modest rally, ESMs and stocks declined until a modest rally at the close appeared.   USMs rallied sharply, peaking at 127 14/32 (+1 27/32) at 13:50 ET.   Positive aspects of previous session Bonds rallied sharply; stocks rallied early, led by Fangs and NVDA Another afternoon upside reversal due to manic buying of 0DTE calls Commodities declined   Negative aspects of previous session Stocks and ESMs reversed sharply to the downside after the NYSE opening             Ambiguous aspects of previous session Was the big bond rally with declines in most stocks and commodities defensive asset allocation?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Flat   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4209.62 Previous session High/Low: 4231.10; 4192.18   Millions of fast food workers could lose their jobs within 5 years. Here’s why Artificial intelligence could let computers replace nearly every job fast food restaurants https://www.foxnews.com/tech/millions-fast-food-workers-lose-jobs-5-years   More Than 50,000 US Stores Will Close By 2027 According to UBS The report also singles out consumer electronics and home furnishings as retail sectors that also need to shrink their store footprint. Consumer electronics retailers should close about 9,000 stores, while home furniture stores should shrink by about 4,000 locations… Higher costs raises the hurdle rate on keeping stores open… https://www.zerohedge.com/markets/more-50000-stores-will-close-2027-according-ubs   @RNCResearch: Democrat Rep. Jamaal Bowman: “We need to stop drilling for fossil fuels completely … we need an expedited way to get us to clean, renewable energy, or we will continue to have these severe weather events.” (Alarming and destructive stupidity from one of Democrats’ finest!) https://twitter.com/RNCResearch/status/1663534402260045825   Giant grocery chain fighting to keep stores open as theft, violence has ‘increased exponentially’ Giant Food, which operates 165 supermarkets in D.C., Maryland, Virginia and Delaware, has taken multiple measures to combat theft and keep stores safe, according to a report in The Washington Post. That includes limiting store entrances; hiring security guards; restricting the number of items at self-checkout stands; putting less high-value items on shelves; and securing razor blades in containers that make noise if opened. Company president Ira Kress said he’s seen theft rise at least “tenfold in the last five years” and violence increase “exponentially.”… https://www.foxnews.com/media/giant-grocery-chain-fighting-keep-stores-open-theft-violence-increased-exponentially-report   Kohl’s faces shopper uproar after becoming latest retailer to market LGBTQ clothing to children: ‘Disgusting’ – Several bodysuits designed for newborn babies featured LGBTQ messaging https://www.foxnews.com/media/kohls-shopper-uproar-latest-retailer-market-lgbtq-clothing-children-disgusting   Disneyland Hires Man in Dress to Greet Little Girls at Bibbidy Bobbidi Boutique (WHY??!!) The “Bibbidi Bobbidi Boutique offers magical makeovers for royalty-in-training ages 3 to 12.”… This is who Disney wants girls to see when they first walk in to pick out a dress… (>7.4m views on TikTok!) https://www.thegatewaypundit.com/2023/05/disneyland-hires-man-dress-greet-little-girls-disney/   Disney blasted for allowing mustachioed employee to wear dress, makeup Nothing matters but the agenda and your 4 yo is a pawn they are happy to mindflay,”… https://nypost.com/2023/05/30/disney-blasted-for-allowing-male-employee-to-wear-dress-makeup/   Masks offer ‘small’ benefit against COVID, increased CO2 may be tied to stillbirths: research CO2 concentration after 5 minutes jumps higher than U.S. Navy “exposure limits for submarines carrying a female crew,” German researchers find. 12-hour D.C. bar exam may dump mask rule after memo leak.      “US Navy toxicity experts set the exposure limits for submarines carrying a female crew to 0.8% CO2 based on animal studies which indicated an increased risk for stillbirths,” the German researchers wrote, while mammals “chronically exposed” to 0.3% CO2 show “irreversible neuron damage in the offspring, reduced spatial learning” and “reduced circulating levels of the insulin-like growth factor-1.”…  https://justthenews.com/politics-policy/coronavirus/masks-offer-small-benefit-against-covid-increased-co2-may-be-related   Today – The usual suspects will try to expand the manipulation to game May performance that developed yesterday after the VIX Fix.  News regarding the debt ceiling deal could impact trading.  The desire to manipulate stuff higher to embellish May report cards might trump debt deal news..   ESMs are +1.00 and USMs are +1/32 at 20:15 ET.    Expected economic data: May Chicago PMI 47.2; April JOLTS Job Openings 9.439m; Fed Beige Book 14:00 ET; Boston Fed President Collins and Fed Gov Bowman 8:50 ET, Collins 12:20 ET, Phil Fed Pres Harker 12:30 ET, Fed VCEO to be Jefferson 13:30 ET   S&P 500 Index 50-day MA: 4106; 100-day MA: 4057; 150-day MA: 4006; 200-day MA: 3976 DJIA 50-day MA: 33,316; 100-day MA: 33,341; 150-day MA: 33,321; 200-day MA: 32,773 (Green is positive slope; Red is negative slope)   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3955.16 triggers a sell signal Daily: Trender and MACD are positive – a close below 4125.01 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4173.93 triggers a sell signal   Comer says alleged Biden bribe was $5M, threatens FBI with contempt Comer (R-Ky.) revealed the size of the alleged bribe for the first time Wednesday in a letter threatening FBI Director Christopher Wray with contempt proceedings if he doesn’t share the file pursuant to a subpoena.  The informant tip is dated June 30, 2020…    In a remarkable coincidence, Ukrainian officials held a press conference in Kyiv on June 13, 2020 — 17 days before the FBI tipoff — where they showed off $5 million in cash allegedly offered as a bribe to end an investigation of natural gas company Burisma’s founder Mykola Zlochevsky… The cash seized by Ukrainian officials in 2020 was paid in American $100 bills that were put on display — and matches the amount that Joe Biden allegedly received years earlier…    “The FBI’s refusal to produce this single document is obstructionist. Nevertheless, to narrow the breadth of the subpoena, we are providing additional terms based on unclassified and legally protected whistleblower disclosures that may be referenced in the FD-1023 form: ‘June 30, 2020’ and ‘five million,’” he added… https://nypost.com/2023/05/25/comer-says-alleged-biden-bribe-was-5m-threatens-fbi-with-contempt-vote/   @SpeakerMcCarthy: I have a message for FBI Director Christopher Wray: If he misses today’s deadline to turn over subpoenaed documents to Congress, I am prepared to move contempt charges against him.   @RepJamesComer: Today, the FBI informed @GOPoversight that it will not provide the unclassified documents subpoenaed by the Committee. The Committee will now be taking steps to hold FBI Director Wray in contempt of Congress for refusing to comply with a lawful subpoena.   @DC_Draino: New *video evidence* of Maricopa election officials illegally breaking into sealed election machines after they were tested, reprogramming memory cards, and reinstalling them.  59% of these machines would shut down on election day in GOP areas. They’ve been CAUGHT. https://twitter.com/DC_Draino/status/1662893154977083395   Bidens offer ‘safe harbor’ to Hunter as he flails over scandalous reports, new messages show Yet these latest messages add a particularly sad element to this scandal. Joe and Jim Biden were propping up a man who was barely able to function. However, Hunter was still the conduit for alleged millions in foreign money.  He was the firebreak between the money and any scandal… Hunter increasingly looks like the designated defendant of the Bidens — the sin-eater who may have to take one for the team in the form of a couple of tax charges… https://nypost.com/2023/05/29/new-messages-show-bidens-offering-safe-harbor-to-hunter-as-he-flails-over-scandalous-reports/   @paulsperry_: New evidence is emerging that former Special Counsel Robert Mueller suffered from dementia-related memory loss when he took over the Russiagate investigation, allowing prosecutors Brandon Van Grack and Andrew Weissmann to run roughshod over him and his decision making.   Months ago, we wrote that we didn’t want to turn this report into a police blotter.  However, violent crime and youth riots are proliferating.  Something is seriously wrong in the US and with its culture.   Horrific video shows mob of (San Clemente) California teens allegedly beating Marines https://www.foxnews.com/us/horrific-video-shows-mob-of-california-teens-allegedly-beating-marines   Virginia middle school students host ‘fight clubs’ with parental help, principal says Some of the fight clubs include brackets, betting and challenges, the principal said. https://justthenews.com/politics-policy/education/virginia-middle-school-students-host-fight-clubs-parental-help-principal   Mass. State Police Union “Disgusted with the Violence and Unlawful Behavior” After Memorial Day Weekend Shootings and Massive Fights at Revere Beach https://www.thegatewaypundit.com/2023/05/mass-state-police-union-disgusted-violence-unlawful-behavior/   Several shot, including at least 3 minors, as Memorial Day gunfire erupts in Hollywood Beach, Florida https://t.co/DuH8phVMMo   At Least Five Chicago Mail Carriers Are Victims of Crime Each Week in Chicago, New Data Reveals – NBC Chicago https://www.nbcchicago.com/consumer/at-least-five-chicago-mail-carriers-are-victims-of-crime-each-week-in-chicago-new-data-reveals/3149848/   11-year-old boy arrested for series of (armed) robberies in DC (Crime is ravaging US cities!) https://www.wusa9.com/article/news/crime/boy-11-arrested-for-dc-robberies/65-dd6c4553-4972-4e4b-8dad-ddabf599152f

GREG HUNTER INTERVIEWING DR PIERRE KORY

CV19 Vax Catastrophe is Murder – Dr. Pierre Kory

CV19 Bioweapon Catastrophe is Murder – Dr. Pierre Kory

By Greg Hunter On May 30, 2023 In Political Analysis20 Comments

By Greg Hunter’s USAWatchdog.com 

World renowned CV19 critical care and pulmonary expert Dr. Pierre Kory is now running a full-time CV19 vaccine injury practice.   With more than 675 million CV19 bioweapon/vax injections in America alone, he has a lifetime of work ahead of him.  Kory says, “We live in a country where there is a humanitarian crisis unfolding, and it’s being kept a secret. . . . Most of society is just humming along thinking vaccines are ‘safe and effective,’ and they don’t understand that these vaccines were a humanitarian catastrophe.  It really affected the health and the survival of us as a country. In a two-year period, the average life expectancy of Americans went from 79 years old to 76 years old.  Who has to die to produce that kind of reduction?  It’s not 80-year-olds who are dying.  It’s young people dying that drives such a change in our average life expectancy.”

Dr. Kory says this is no small medical mistake that produces this sort of “unfolding humanitarian catastrophe.”  Dr. Kory is out with a new book called “The War on Ivermectin.”   Dr. Kory contends it was not only a war on Ivermectin but a war on doctors who wanted to use it.  Dr. Kory says, “They have the tools to punish you locally, regionally and, in my case, on the national level.  It really was a war on good doctors.”

Ivermectin was one of the drugs Dr. Kory and others were promoting and using for early treatment of Covid, but the doctors who used it were punished and shouted down by Big Pharma and the bought-and-paid-for medical community.  Dr. Kory says, “We had the data by mid-2020 to late 2020.  There was enough data to tell you to use Hydroxychloroquine and Ivermectin in combination.  Had that been the national protocol, the hospitals would have emptied, and the market for Remdesivir would have disappeared.  You get what I am saying?  There would have been no global CV19 vaccine campaign.  There would have been massive ‘vaccine hesitancy.’  Who is going to line up for a shot when you know this is a small illness you can treat with a couple of safe drugs?”

According to Dr. Kory, Big Pharma and the medical community are still restricting the use of things like Ivermectin, and they are still punishing good doctors trying to help their patients.  The “war” is ongoing.

Kory says this is not just a humanitarian catastrophe but crimes against humanity.  Kory explains, “You can see it in the depraved actions of the regulatory agencies and the way they ignored the deaths, side effects and adverse events in the VAERS (Vaccine Adverse Event Reporting System) data base.  You can see it in the way they promoted vaccine data that is completely fraudulent and faulty.  Yes, these are crimes.  These are crimes.  To tell lies that result in the death of someone, because of your lies and being in position of authority and you killed someone as a result of those lies, that sounds like a crime to me.  It sounds like some sort of homicide . . . or manslaughter or murder.  I am not a lawyer, but there are people who propagated lies that lead to the deaths of others.”

There is much more with Dr. Kory in the 51-minute interview.

Join Greg Hunter as he goes One-on-One with Dr. Pierre Kory, one of the top pulmonary and Covid Critical Care experts on the planet, who is co-founder of the Front Line Covid-19 Critical Care Alliance (flccc.net) and author of the new book “The War on Ivermectin” for 5.30.23.

(https://usawatchdog.com/cv19-bioweapon-catastrophe-is-murder-dr-pierre-kory/)

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After the Interview:

If you want to order Dr. Kory’s book “The War on Ivermectin,” click here.

I will see you on THURSDAY