by harveyorgan · in Uncategorized · Leave a comment·Editi
GOLD PRICE CLOSED: DOWN $24.40 TO $1953.40
SILVER PRICE CLOSED: DOWN $0.23 AT $23.67
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1948.50
Silver ACCESS CLOSE: 23.62
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Bitcoin morning price:, $27,092 UP 153 Dollars
Bitcoin: afternoon price: $27,210 UP 271 dollars
Platinum price closing $1002.95 UP $1.85
Palladium price; $1409.15 UP $38.70
“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: $2,615,61 DOWN 45.50 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1564.80 DOWN 13.34 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1819.67 DOWN 17 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
C 30
323 H HSBC 197
357 C WEDBUSH 1
435 H SCOTIA CAPITAL 247
624 C BOFA SECURITIES 373
657 C MORGAN STANLEY 16
661 C JP MORGAN 357
661 H JP MORGAN 29
685 C RJ OBRIEN 1
686 C STONEX FINANCIA 3
690 C ABN AMRO 45 4
709 C BARCLAYS 5
880 C CITIGROUP 71
880 H CITIGROUP 182
905 C ADM 8 4
TOTAL: 856 856
JPMorgan stopped 386/856 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 856 NOTICES FOR 85,600 OZ or 2.6625 TONNES
total notices so far: 16,417 contracts for 1,641,700 oz (51.063 tonnes)
FOR JUNE:
SILVER NOTICES: 42 NOTICE(S) FILED FOR 210,000 OZ/
total number of notices filed so far this month : 404 for 2,020,000 oz
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END
GLD
WITH GOLD DOWN $24.40
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD://// A WITHDRAWAL OF 1.45 TONNES FROM THE GLD/
INVENTORY RESTS AT 938.11 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN 23 CENTS AT THE SLV//
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 918,000 OZ FROM THE SLV/// INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 467.015 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A SMALL SIZED 198 CONTRACTS TO 133,796 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS SMALL SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR STRONG $0.49 GAIN IN SILVER PRICING AT THE COMEX ON WEDNESDAY. TAS ISSUANCE WAS A HUGE SIZED 952 CONTRACTS. THESE WILL BE USED FOR MANIPULATION THIS MONTH. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY: A HUGE 952 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 FOR OUR CROOKED BANKERS). 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 OUR 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.49). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A FAIR GAIN ON OUR TWO EXCHANGES OF 273 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.
WE MUST HAVE HAD:
A SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICALS( 75 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 210,000 OZ QUEUE JUMP// TOTAL STANDING FOR THE MONTH 4.175 MILLION OZ ) // SMALL SIZED COMEX OI GAIN/ SMALL SIZED EFP ISSUANCE/VI) HUGE NUMBER OF T.A.S. CONTRACT INITIATION (952 CONTRACTS)//ZERO T.A.S LIQUIDATION
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -removed 39 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS MAY. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE:
TOTAL CONTRACTS for 2 days, total 265 contracts: OR 1.325 MILLION OZ . (132 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 1.325 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)
JUNE: 1.325 MILLION OZ//
RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 198 CONTRACTS DESPITE OUR STRONG RISE IN PRICE OF $0.49 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE CONTRACTS: 75 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 FOLLOWED BY TODAY’S 210,000 OZ QUEUE JUMP//NEW TOTAL STANDING: 4.175 MILLION OZ////// .. WE HAVE A SMALL SIZED GAIN OF 312 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE 952//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED THURSDAY. THE NEW TAS ISSUANCE WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 42 NOTICE(S) FILED TODAY FOR 210,000 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 1817 CONTRACTS TO 443,700 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 – 338 CONTRACTS
WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 1479 CONTRACTS) DESPITE OUR $14.10 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JUNE. AT 70.79 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 0 TONNE QUEUE JUMP//0 E.F.P.: NEW TOTAL 62.569 TONNES STANDING SO FAR // + /A SMALL ISSUANCE OF 456 T.A.S. CONTRACTS/ZERO FRONT END OF TAS LIQUIDATION THURSDAY ////YET ALL OF..THIS HAPPENED WITH A $14.10 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 1563 OI CONTRACTS (4.861 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3380 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 443,362
IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1563 CONTRACTS WITH 1817 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A SMALL 456 CONTRACTS) AND 3380 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1563 CONTRACTS OR 4.861TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3380 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (1817) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1563 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 FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP//0 OZ E.F.P. JUMP // NEW STANDING REDUCES TO 62.569 TONNES// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: SMALL T.A.S. ISSUANCE: 456 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
JUNE
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE :
TOTAL EFP CONTRACTS ISSUED: 5755 CONTRACTS OR 575,500 OZ OR 17.900 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 2878 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 2 TRADING DAY(S) IN TONNES 17.900 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 17.900/3550 x 100% TONNES 0.508% 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)
JUNE: 17.900 TONNES
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF 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 ROSE BY A SMALL SIZED 198 CONTRACTS OI TO 133,796 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 75 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 75 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 75 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 198 CONTRACTS AND ADD TO THE 75 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 273 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 1.365 MILLION OZ
OCCURRED DESPITE OUR STRONG $0.49 GAIN 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//
FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED UP 25.43 PTS OR 0.79% //Hang Seng CLOSED UP 733.03 PTS OR 1.02% /The Nikkei closed UP 376.21 OR 1.21% //Australia’s all ordinaries CLOSED UP 0.56 % /Chinese yuan (ONSHORE) closed UP 7.0632 /OFFSHORE CHINESE YUAN UP TO 7.0802 /Oil UP TO 71,27 dollars per barrel for WTI and BRENT AT 73.91 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1817 CONTRACTS DOWN TO 443,362 DESPITE OUR GAIN IN PRICE OF $14.10 ON THURSDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 3380 EFP CONTRACTS WERE ISSUED: : AUGUST 3380 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3380 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1,563 CONTRACTS IN THAT 3380 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 1817 COMEX CONTRACTS..AND THIS FAIR SIZED LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR STRONG GAIN IN PRICE OF $14.10. 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 VERY SMALL 436 CONTRACTS. DURING LAST WEEK THE BANKERS 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 SHOULD HAVE NO MANIPULATION FROM T.A.S THIS WEEK.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (62.559) ( 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: 62.569 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $14.10) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR FAIR SIZED GAIN OF 1563 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION . THE TAS ISSUED THURSDAY 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 4.861 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 0 OZ EFP JUMP TO LONDON//0 OZ QUEUE JUMP..NEW STANDING REMAINS AT 62.569 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $14.10
WE HAD – REMOVED 338 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 1,563 CONTRACTS OR 156,300 OZ OR 4.861 TONNES.
Estimated gold volume today:// 200,914 fair
final gold volumes/yesterday 183,915// poor
//JUNE 2/ 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 | 36,253.360 oz Brinks Delaware |
| No of oz served (contracts) today | 856 notice(s) 85,600 OZ 2.6625 TONNES |
| No of oz to be served (notices) | 3699 contracts 453.500 oz 11.505 TONNES |
| Total monthly oz gold served (contracts) so far this month | 16,417 notices 1,641,700 OZ 51.063 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: 2
i) Into Brinks 32,009.144 oz
ii) Into Delaware 4244.216 oz
total deposits: 36,253.360 oz
Withdrawals: 0
total nil oz
Adjustments; none
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 4555 contracts having LOST 6537 contracts. We had 6537 contracts served upon yesterday so we lost 0 contracts or where neither zero oz were E.F.P.d to London nor were queue jumped..
The next front month after June is the non active delivery month of July. Here July lost 85 contracts to stand at 2821 contracts.
AUGUST gained 4308 contracts UP to 377,921 contracts
We had 856 contracts filed for today representing 85,600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 9 notices were issued from their client or customer account. The total of all issuance by all participants equate to 856 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 386 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 (16,417 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (4555 CONTRACT) minus the number of notices served upon today 856 x 100 oz per contract equals 2,011,600 OZ OR 62.569 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 (16,417) x 100 oz + (455) [OI for the front month minus the number of notices served upon today (6557)x 100 oz} which equals 2,011600 oz standing OR 62.569 TONNES
TOTAL COMEX GOLD STANDING: 62.506 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: 22,872,831.237 OZ
TOTAL REGISTERED GOLD: 11,642,604.552 (362.13 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 11,230,226.685 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,937875 OZ (REG GOLD- PLEDGED GOLD) 309.109 tonnes//
END
SILVER/COMEX
JUNE 2//2023// THE JUNE 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 00 oz . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | 632,838.322 oz CNT Delaware |
| No of oz served today (contracts) | 42 CONTRACT(S) (210,000 OZ) |
| No of oz to be served (notices) | 431 contracts (2,155,000 oz) |
| Total monthly oz silver served (contracts) | 404 Contracts (2,020,000 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 CNT: 602,621.060 oz
ii) Into Delaware 30,217.262
Total deposits: 632,838.322 oz
JPMorgan has a total silver weight: 141.307 million oz/273.370 million =51.57% of comex .//dropping fast
Comex withdrawals 0
total withdrawals: nil oz
adjustments: 1 all dealer to customer
i) Brinks 39,467.000 oz
TOTAL REGISTERED SILVER: 28.117 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 273.37 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: 473 CONTRACTS HAVING LOST 261 CONTRACT(S).
WE HAD 303 NOTICES FILED YESTERDAY SO WE GAINED 42 CONTRACTS OR AN ADDITIONAL 210,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE.
JULY HAD A 1918 CONTRACT LOSS TO 98,638 CONTRACTS
AUGUST REMAINS AT 2
SEPT HAS A GAIN OF 2393 CONTRACTS UP TO 24,281
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 42 for 210,000 oz
Comex volumes// est. volume today 60,902 fair/
Comex volume: confirmed yesterday: 82,220 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 404 x 5,000 oz = 2,020,000 oz
to which we add the difference between the open interest for the front month of JUNE(473) and the number of notices served upon today 42 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2023 contract month: 404 (notices served so far) x 5000 oz + OI for the front month of JUNE (473) – number of notices served upon today (42 )x 500 oz of silver standing for the JUNE contract month equates to 4.175 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
JUNE 2/WITH GOLD DOWN $24.40 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD///INVENTORY RESTS AT 938.11 TONNES
JUNE 1/WITH GOLD UP $14.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 939.56 TONNES
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: 938.11 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 2/WITH SILVER DOWN 23 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 918,000 OZ FROM THE SLV./INVENTORY RESTS AT 467.015 MILLION OZ/
JUNE 1/WITH SILVER UP 49 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.933 MILLION OZ
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 467.015 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
This is huge!! The bank may not be able to cover all of its deposits
(zerohedge)
Disgraced Silvergate Bank Hints It May Not Be Able to Cover All of Its Deposits; Fed Slaps It with a Cease and Desist Consent Order
By Pam Martens and Russ Martens: June 2, 2023 ~
Last week, on Tuesday, May 23, the Federal Reserve and California Department of Financial Protection and Innovation (the state banking regulator) hit the collapsed federally- insured bank, Silvergate Bank, and its parent, Silvergate Capital Corporation, with an enforcement action called a “Cease and Desist Consent Order.” The action was not announced to the public until yesterday.
A Consent Order is meant to function along the lines of a legal settlement, with the bank agreeing to the detailed terms of the Consent Order and waiving its right to judicial review. The individual signing the Consent Order on behalf of the bank was its controversial CEO, Alan Lane, who had allowed his federally-insured bank to get in bed with Sam Bankman-Fried’s house of frauds, including the FTX crypto exchange and Bankman-Fried’s hedge fund, Alameda Research. Lane also had allowed his deposit base to become heavily involved with other crypto-related companies.
When details of the Bankman-Fried relationship with Silvergate Bank came out in the news, a run on deposits commenced. On January 5, Silvergate reported in a filing with the Securities and Exchange Commission (SEC) that its “total deposits from digital asset customers declined to $3.8 billion” as of December 31, 2022 (down from the previously reported $11.9 billion on September 30, 2022.) That’s a 68 percent drop in deposits in one quarter.
The primary regulator of Silvergate Bank was, embarrassingly, the Federal Reserve, which had farmed out the examinations of the bank to the San Francisco Fed. The San Francisco Fed was also the primary supervisor for Silicon Valley Bank, which failed on March 10 and was put into FDIC receivership. (See our report: Silicon Valley Bank Was a Wall Street IPO Pipeline in Drag as a Federally- Insured Bank; FHLB of San Francisco Was Quietly Bailing It Out.)
Silvergate announced on March 8 that it was going to voluntarily wind down and liquidate itself. That announcement included this statement on its deposits: “The Bank’s wind down and liquidation plan includes full repayment of all deposits.” (We thought to ourselves at the time, do federal bank regulators really want to trust a bank with this dubious history to make its depositors whole?)
By March 29, Wall Street On Parade had serious questions about how Silvergate’s wind down and liquidation were proceeding. We wrote:
Silvergate Capital, the parent of Silvergate Bank – which has lost 90 percent of its share price year-to-date and announced it is winding down and liquidating — is still running a website that is putting a rosy glow on the bank’s operations. For example, under the heading of “Banking for the future,” the Silvergate website shares this:
“Silvergate Bank has served entrepreneurs in unique and niche industries for over 20 years. Recognizing digital currency’s potential during the sector’s infancy, we built strong relationships with pioneers who were turned away by traditional banks. This solidified our position as industry- leading partners and innovators which remains true today.”
On the date that we accessed the above statement on the public website of Silvergate Bank, it was a collapsing institution, its depositors in the digital currency field had mostly fled, and the bank was under an investigation by the U.S. Department of Justice. Adding to its troubles, Silvergate’s March 1 filing with the Securities and Exchange Commission indicated that record-keeping at the bank was in such shambles that it couldn’t even file its annual report for the full year of 2022 (Form 10-K) on time and it required more time to “record journal entries.”
Silvergate also noted in the SEC filing that “its independent registered public accounting firm” will require more time “to complete certain audit procedures, including review of adjustments not yet recorded and the evaluation of the effectiveness of the Company’s internal control over financial reporting.”
Last week, on May 22, Silvergate made another filing with the SEC, indicating that it has fired its independent public accounting firm, Crowe LLP, and won’t be filing any annual report for the year ended December 31, 2022 – ever. (Seriously, is this any way to garner public confidence in the U.S. banking system?)
But the most troubling SEC filing by Silvergate arrived on May 11, which likely freaked out the Fed and the Federal Deposit Insurance Corporation (FDIC) that insures deposits in U.S. banks. The filing included this statement, raising doubts about Silvergate Bank’s ability to make its depositors whole:
“As of May 9, 2023, the Company had cash and cash equivalents in excess of the amounts required to fully repay all remaining deposit liabilities of the Bank. However, the Company has potential contingent liabilities related to, among other things, the regulatory and other inquiries and investigations that are pending with respect to the Company and the Bank, the various litigation with respect to the Company (including private litigation) and other expenses to be incurred in connection with operating the Bank through the Bank Liquidation (including expenses necessary for the operation of the Company and/or the Bank, employee benefits and compensation and fees and expenses of professionals retained by the Company in connection with the Bank Liquidation) and is unable to quantify such amounts at this time.”
You are likely thinking, who (in their right mind) would still be maintaining deposits in this bank. It turns out that Silvergate was involved with brokered CDs and there may be folks out there who bought a federally-insured Certificate of Deposit from their brokerage firm and haven’t yet figured out that their CD is with this deeply-troubled, liquidating bank.
A notice on Silvergate’s website yesterday has this Q&A:
“Who do I contact if I have questions about my Certificate of Deposit (Brokered CD)?”
“Please contact your Broker. Brokered CDs will remain active until the maturity date, at which time they will be remitted according to the agreement.”
Silvergate Bank is being sued by multiple litigants over its involvement with Sam Bankman-Fried’s companies. There are going to be heavy litigation expenses. The most recent lawsuit comes from the Texas-based Word of God church.
According to the lawsuit, Word of God church lost $25 million of the deposits it placed with Bankman-Fried’s FTX, which it says were mishandled by Silvergate Bank. The lawsuit shares this:
“Silvergate Bank and Silvergate Capital Corporation (jointly, ‘Silvergate’), and their CEO, Alan Lane, are being sued for their role in the fraudulent scheme. Silvergate maintained both FTX and Alameda’s bank accounts and thus, had unparalleled knowledge of the rampant fraud and corporate malfeasance. Rather than flag, report, or investigate the suspicious activity, as required by federal banking regulations, Silvergate substantially assisted FTX by allowing FTX’s continued use of its services and processing new customer deposits and transfers. Silvergate further bolstered the legitimacy of FTX by consistently touting its enhanced due diligence processes, designed to weed out customers such as FTX engaging in fraud or other financial crimes…
“Plaintiff was one of millions of investors who fell victim to this scheme, losing $25,000,000 that it had deposited in an FTX bank account maintained by Silvergate just two months before the fraud was uncovered by the public….”
Given this background, it becomes clearer why the Fed felt it needed to get a Cease and Desist Consent Order signed by the CEO of Silvergate Bank. Among other things, the order requires the bank to:
Within 10 days, “submit a plan acceptable to the Supervisors that provides for the implementation of the Bank’s voluntary decision to self-liquidate and the orderly wind down of its operations”;
“The Self-Liquidation Plan shall be designed to protect the Bank’s depositors and the Deposit Insurance Fund to the fullest extent possible”;
“monetize and recover on its loans, securities, and other assets in a manner that prioritizes and protects depositors’ funds”;
“ensure that the books and records of the Bank are adequately maintained” – (that horse has, apparently, already left the barn);
“Effective immediately, the Company and the Bank shall preserve their respective cash assets and shall not dissipate those assets, including with respect to executive compensation and severance payments, without prior written approval from the Supervisors….”
On August 1 of last year, we penned this headline: Brace Yourself for Federally-Insured Bank Failures Caused by Crypto. We specifically discussed the problems at Silvergate Bank and Signature Bank. Silvergate Bank announced on March 8 its intention to liquidate; Signature Bank failed on March 12 and was put into FDIC receivership.
If we saw the dangers of letting crypto get anywhere near a federally-insured bank in August, why did federal banking regulators continue to allow these toxic combinations?
3,Chris Powell of GATA provides to us very important physical commentaries
Seems that the Fed is signaling a pause in rate hikes
(Bloomberg News/GATA)
Fed signal for pause in rate hikes takes pressure off hot jobs report
Submitted by admin on Thu, 2023-06-01 10:02Section: Daily Dispatches
By Steve Matthews
Bloomberg News
Thursday, June 1, 2023
Federal Reserve officials are signaling that they plan to keep interest rates steady in June while retaining the option to hike further in coming months, steering market expectations ahead of a key employment report.
Governor Philip Jefferson, a centrist who is nominated to be vice chair and who often echoes Chair Jerome Powell’s views, said Wednesday that skipping an increase would give policymakers time to assess data but not preclude future tightening
That view undercuts the importance of the monthly jobs report, due Friday, which has often been viewed by Wall Street as a key data point swaying policy. After Jefferson spoke, investor bets for a hike at the June 13-14 Federal Open Market Committee plunged to about 35% Wednesday from nearly 60% a day earlier.
“I definitely think this was a signal” and “likely completely in sync with Chair Powell’s views,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “Just the response of market pricing makes it clear that the message is getting through.” …
… For the remainder of the report:
END
This is a must read over the weekend
Alasdair Macleod…
Alasdair Macleod: Sterling crisis ahead!
Submitted by admin on Thu, 2023-06-01 21:21Section: Daily Dispatches
By Alasdair Macleod
GoldMoney, Toronto
Thursday, June 1, 2023
This article points to the factors driving sterling gilt yields higher. They are likely to lead to a sterling crisis as foreign selling gathers pace of gilts acquired since 2018.
Before interest rates began to rise, foreign buyers had enjoyed higher gilt prices which more than offset losses on sterling. That is no longer the case
Instead, there is growing disaffection with the Bank of England’s performance and perhaps a realisation that a general election in only 18 months’ time introduces political risk.
This article explains the consequences of denying Say’s law, otherwise known as the law of the markets, and by pursuing interest rate policies that have been disproved as a means of controlling inflation. Furthermore, it will be increasing shortages of bank credit that drive interest rates and bond yields higher, not central bank policies.
These are factors that affect all currencies allied to the dollar. The difference between the dollar and sterling is not so much to be found in broad policy dissimilarities but the lower levels of foreign confidence in sterling as a currency in uncertain times. …
… For the remainder of the report:
https://www.goldmoney.com/research/sterling-crisis-ahead?gmrefcode=gata
END
In 3 months, the city state of Singapore bought 69 tonnes of gold. They are heading for a huge 280 tonnes this year. Remarkable for a state of 4 million people
(Ronan Manly)
Ronan Manly: Singapore’s central bank is big — and secretive — gold buyer
Submitted by admin on Fri, 2023-06-02 09:29Section: Daily Dispatches
By Ronan Manly
Bullion Star, Singapore
Friday, June 2, 2023
Last year a major theme in the global gold market was the record gold buying by central banks across the world, with the World Gold Council and its data gatherers (Metals Focus) calculating that central banks had cumulatively purchased a net 1,136 tonnes of monetary gold during 2022.
At the outset of 2023, this led the World Gold Council to predict that:
“Looking ahead, we see little reason to doubt that central banks will remain positive towards gold and continue to be net purchasers in 2023.”
This indeed has proven to be the case, for after Q1 2023 drew to a close, the World Gold Council estimated that in the first quarter of 2023, the world’s central banks had again been net buyers of gold to the tune of a combined 228 tonnes. This is the strongest first quarter of central bank gold buying on record.
And the central bank leading the pack in this gold accumulation has been none other than BullionStar’s neighbour, the Monetary Authority of Singapore (MAS), whose headquarters are literally a short 2-kilometer stroll from Bullion Star’s shop and showroom in Singapore’s central business district.
For in the space of three months between January and March 2023, Singapore’s central bank has quietly bought an incredible 68.7 tonnes of gold, making Singapore the world’s leading sovereign gold buyer for the first quarter of 2023, even ahead of China. …
… For the remainder of the analysis:
end
The world continues its backlash against a weaponized USA dollar
(Bloomberg/GATA)
Backlash against weaponized dollar is growing across the world
Submitted by admin on Fri, 2023-06-02 09:15Section: Daily Dispatches
Michelle Jamrisko and Ruth Carson
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 2, 2023
All around the world, a backlash is brewing against the hegemony of the US dollar.
Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting to complete transactions in yuan.
Currency experts are leery of sounding like the Cassandras who have, embarrassingly, predicted the dollar’s imminent demise on any number of occasions over the past century. And yet in observing this sudden wave of agreements aimed at sidestepping the dollar, they detect the sort of meaningful action, however small and gradual, that was typically missing in the past.
For many global leaders, their rationales for taking these measures are strikingly similar. The greenback, they say, is being weaponized, used to push America’s foreign-policy priorities — and punish those that oppose them. …
… For the remainder of the report:
https://finance.yahoo.com/news/putin-war-ignites-backlash-against-040100975.html
end
END
4, OTHER IMPORTANT GOLD COMMENTARIES/
ANDREW MAGUIRE/LIVE FROM THE VAULT/125
https://kinesis.money/live-from-the-vault/chinas-gold-rush/
Episode 125
1 day ago
China’s gold rush – Xi prepares for “Worst case scenarios”
In this week’s episode of Live from the Vault, Andrew Maguire discusses the latest market catalysts that are capable of triggering a global gold reevaluation event, as a result of the ongoing paper versus physical gold showdown.
The precious metals expert delves into the underreported decision of the People’s Bank of China to start preparing its 1.4 billion citizens for opting out of the dollar and into gold, explaining how this will impact gold’s supply, demand and price.
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//FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.0632
OFFSHORE YUAN: 7.0801
SHANGHAI CLOSED UP 25.43 PTS OR 0.79%
HANG SENG CLOSED UP 733.03 PTS OR 1.02%
2. Nikkei closed UP 733,03 PTS OR 1.02%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 103.50 EURO RISES TO 1.0763 UP 3 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.409 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 138.95 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen 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 UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.2815***/Italian 10 Yr bond yield FALLS to 3.981*** /SPAIN 10 YR BOND YIELD FALLS TO 3.304…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 3.65
3j Gold at $1979.00 silver at: 23.87 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 0 AND 16 /100 roubles/dollar; ROUBLE AT 80.91//
3m oil into the 71 dollar handle for WTI and 73 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 138.95 10 YEAR YIELD AFTER BREAKING .54%, RISES TO .409% STILL ON CENTRAL BANK (JAPAN) INTERVENTION
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.9062 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9754 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: 3.612 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 3.832 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.341 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 20.89…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.1600 UP 4 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Jump After Senate Passes Debt Deal, China Plans New Stimulus Package
FRIDAY, JUN 02, 2023 – 07:57 AM
US Futures extended yesterday’s rally after the Senate passed a bill late on Thursday to raise the debt ceiling and prevent a US default, with risk-on sentiment getting a boost following the sharpest rally in Chinese stocks for three months amid Bloomberg reports that China is mulling a new stimulus package to support the property market after existing policies failed to sustain a rebound in the ailing sector.
At 7:45am, S&P futures rose 0.5% to 4249, while the Nasdaq rose by 0.6% and was set for a sixth straight weekly advance. Europe’s Stoxx Europe 600 index followed Asian benchmarks higher, with luxury-goods makers LVMH and Richemont among the leading gainers after the China stimulus report. Treasury yields were little changed, diverging from higher rates in Europe and the UK. Oil and bitcoin both gained more than 1%, while gold was little changed after three days of gains.
In premarket trading, US-listed Chinese stocks extended a rally after Bloomberg News reported that regulators are considering a new basket of measures to boost the property market. Broadcom shares fell as the chipmaker remains mired in a broader slowdown. While the company talked up the potential boost from artificial intelligence, it wasn’t enough to sustain recent gains for the stock, which jumped nearly 30% last month. Dell Technologies also fell after the personal-computer maker gave a lukewarm sales outlook indicating that a recovery may take a bit longer than expected as it continues to struggle to sell PCs, particularly to consumers. Here are some other notable premarket movers:
- Lululemon shares surged after the athletic- apparel brand reported first-quarter net revenue that beat estimates. Analysts say the results were better than feared, highlighting the brand’s strong guest metrics as well as growth in China.
- MongoDB shares soared, with analysts positive on the database software company after it reported first-quarter results that beat expectations and raised its full-year forecast. Citi says the outlook “could signal a faster recovery in the consumption trends of the business, potentially driven by GenAI tailwinds.”
- SentinelOne shares slumped after the software company cut its year revenue guidance. “Macroeconomic pressures continue to impact deal sizes, sales cycles, and pipeline conversion rates,” the company wrote in a letter to shareholders.
Tech giants are still driving most of the stock market’s advance, with Apple nearing a record and Nvidia. climbing more than 5% Thursday; both were set for more gains today. The sector attracted record inflows last week, Bank of America said. Aside from the obsession for anything AI-related that drove megacaps up 17% in May, the industry also got a boost from wagers the Fed will stop raising interest rates.
Late on Thursday, the Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden’s desk. Biden said he wants to thank Senate leaders Schumer and McConnell for quickly passing the debt ceiling bill and noted that the bipartisan agreement is a big win for the economy, while he looks forward to signing the bill ASAP and directly addressing Americans on Friday. The White House announced that President Biden is to deliver an address on averting a default and the bipartisan budget agreement according to Reuters.
Today, all eyes will be on the NFP print at 8:30am (see our preview here). Consensus expects NFP to print 195k with the whisper number higher at 225k (vs. 253k prior) and the Unemp rate to rise to 3.5%, vs. 3.4% prior; focus also on average hourly earnings data which is expected to rise 0.3% MoM. Traders are betting that the jobs report will show enough moderation in the pace of hiring to allow the Fed to pause its tightening cycle, helping sustain the rally. Dovish comments from Fed officials supported this view: Fed Bank of Philadelphia President Patrick Harker said “we should at least skip this meeting in terms of an increase,” and his St. Louis counterpart James Bullard said interest rates may already be sufficiently restrictive to bring down inflation.
“The more pertinent Fed speakers have suggested a June pause is more likely and I don’t think non-farms payrolls should change that view meaningfully,” said James Athey, investment director at Abrdn. “Therefore I think the risks are skewed to a dovish disappointment this afternoon.”
According to Goldman trading desk, a print sub 100k likely hits the tape by ~100bps and a print north of 375k hits the tape by 25 – 50bps.
In Europe, the Stoxx Europe 600 index was up 1% and on course for back-to-back gains for the first time in two weeks, following Asian benchmarks higher, with luxury-goods makers LVMH and Richemont among the leading gainers after Bloomberg reported that China is considering new stimulus measures. Miners and energy companies climbed as crude oil and industrial metals rebounded. Among individual movers in Europe, sportswear makers Puma SE and Adidas AG rose more than 4% each after Lululemon Athletica Inc.’s robust results. Dechra Pharmaceuticals Plc jumped after EQT AB made a firm offer for the UK veterinary drugmaker. Embattled Swedish landlord SBB soared as it attracted interest from investors including Brookfield Asset Management. Here are some other notable movers.
- Addnode shares gain as much as 11% after the Swedish IT services group announced it would acquire US firm Team D3 for up to $59m. Handelsbanken says the price tag looks “almost worryingly attractive”
- Diageo shares underperformed its peers Friday, with analysts seeing the UK alcoholic beverage maker’s capital markets day as failing to dispel uncertainty about its outlook, with Citi noting a lack of clarity
The MSCI Asia-Pacific Index jumped as much as 2.1% Friday, poised for its biggest weekly advance since late January as Chinese tech stocks fuel big gains in Hong Kong benchmarks. Biggest contributors to gauge’s climb are Tencent and Alibaba, which jump more than 5% each. Hang Seng Tech Index spikes as much as 5.7%; other Hang Seng benchmarks rally at least 4% Shares in Japan, Australia, China advanced while South Korea’s Kospi index was headed for bull market territory following a gain of more than 20% from a low in September. Hong Kong’s Hang Seng index rose more than 3%, pulling the benchmark back from the brink of a bear market following concerns about Chinese growth.
The bullish sentiment emerged amid reports that China is working on a new basket of measures to support the property market after existing policies failed to sustain a rebound in the ailing sector, Bloomberg reported Friday. The yuan extended gains and crude oil rose along with industrial metals. An index of emerging-market stocks soared the most since January.
In FX, the Bloomberg Dollar Spot Index eased for a second day as traders are betting that the monthly US jobs report will show enough moderation in the pace of hiring to allow the Fed to pause its tightening cycle. Money markets now assign a three-in- four chance of a 25 basis-point hike next month. Supporting that view, Fed Bank of Philadelphia President Patrick Harker said “we should at least skip this meeting in terms of an increase,” and his St. Louis counterpart James Bullard said interest rates may already be sufficiently restrictive to bring down inflation. Dollar weakness also gained traction after a report that China is working on a new basket of measures to support its property market.
- TheAussie rose as much as 1% against the dollar after industrial relations umpire boosted the national minimum wage by 5.75%, a decision that increased the chances of an interest-rate increase as soon as next week
- Short-covering against the yen topped out around 139.00 option strikes, according to traders
- The pound was up 0.1% to $1.2533, set for a sixth day of gains for the first time since December; currency is up 1.5% this week, the biggest advance this year
In rates, treasuries were slightly cheaper across the curve as S&P 500 futures gain; Treasury yields cheaper by 0.5bp to 2bp across the curve with 2s10s, 5s30s spreads steeper by 1bp and 0.5bp as front-end slightly outperforms; 10-year yields around 3.61% with bunds, gilts cheaper by 3bp and 1bp in the sector. US session focus switches to data, with the May jobs report scheduled for 8:30am New York.
In commodities, crude futures advance with WTI rising 1.9% to trade near $71.45. Spot gold is little changed around $1,980. Bitcoin rises 1%
Looking to the day ahead now, and the main highlight will be the US jobs report for May. Otherwise, data releases include French industrial production for April. And from central banks, we’ll hear from the ECB’s Vasle.
Market Snapshot
- S&P 500 futures up 0.4% to 4,244.25
- MXAP up 2.0% to 162.70
- MXAPJ up 2.2% to 513.59
- Nikkei up 1.2% to 31,524.22
- Topix up 1.6% to 2,182.70
- Hang Seng Index up 4.0% to 18,949.94
- Shanghai Composite up 0.8% to 3,230.07
- Sensex up 0.4% to 62,663.00
- Australia S&P/ASX 200 up 0.5% to 7,145.14
- Kospi up 1.3% to 2,601.36
- STOXX Europe 600 up 0.7% to 458.52
- German 10Y yield little changed at 2.28%
- Euro little changed at $1.0771
- Brent Futures up 0.7% to $74.80/bbl
- Gold spot down 0.0% to $1,977.49
- U.S. Dollar Index down 0.10% to 103.46
Top Overnight News
- China is working on a new basket of measures to support the property market after existing policies failed to sustain a rebound in the ailing sector, according to people familiar with the matter. BBG
- South Korea’s CPI cools to 19-month low, coming in at +3.3% Y/Y in May (down from +3.7% in April and below the Street’s +3.4% forecast). RTRS
- Australia’s industrial relations umpire raised the national minimum wage by 5.75% in an effort to support low-paid workers, a decision that boosted the chances of an interest-rate increase as soon as next week. BBG
- The UN food price index for May fell 2.6% M/M and is now off 22.1% from the all-time high hit in March of 2022. UN
- The Senate passed wide-ranging legislation Thursday that suspends the $31.4 trillion debt ceiling while cutting federal spending, backing a bipartisan deal struck by President Biden and House Speaker Kevin McCarthy to avert an unprecedented U.S. default. WSJ
- Consensus for payrolls this AM is +195k headline print (vs +253k prior, GIR +175k), AHE MoM .3% (vs .5% prior, GIR +.25%) & U/E 3.5% (vs 3.4% prior, GIR 3.4%). We are finally back in a good employment data is good for stocks set up with goldilocks zone for headline print at +175k to +250k (anything in here should keep today’s rally going). A print sub 100k likely hits the tape by ~100bps and a print north of 375k hits the tape by 25 – 50bps. GS GBM
- The buzz around AI has investors pouring a record amount of money into tech stocks, with the Nasdaq 100 Index now at an all-time high relative to the Russell 2000 small-cap index. A “baby bubble” in AI was the dominant market theme in May, with tech funds attracting a high of $8.5 billion in the week through May 31, he said, citing EPFR Global data. BBG
- Brookfield is said to be among investors in early stage talks to evaluate SBB’s real estate portfolio (European real estate rallying sharply in sympathy). RTRS
- Broadcom said sales tied to AI will double this year but will be overshadowed by a wider slowdown. Chip revenue from companies building out their AI capabilities may grow to $1 billion per quarter. Broadcom’s total revenue is expected to rise less than 5% this quarter, its slowest in years. The shares dipped. BBG
- The average rate on the standard 30-year fixed mortgage rose to 6.79%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since this past fall, when mortgage rates briefly topped 7% for the first time in two decades. The near-quarter percentage point increase from a week ago was the largest jump since October. Mortgage rates remain sharply above their roughly 5% level a year ago. That and elevated home prices have kept many potential home buyers on the sidelines. WSJ
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded higher as the region took impetus from Wall St where the S&P 500 and Nasdaq climbed to 9-month highs amid debt ceiling optimism, falling labour costs and dovish Fed commentary. ASX 200 was positive with the index led higher by the mining sector and after the Australian Fair Work Commission raised the minimum wage by 5.75%, although gains were capped by weakness in financials and after recent upward revisions to banks’ forecasts on the RBA’s peak rate. Nikkei 225 was underpinned amid comments from BoJ Governor Ueda who stuck to the dovish script, with SoftBank among the biggest gainers following a buy rating from Jefferies and as the Co. benefits from the recent AI tech bid in the build-up to the ARM IPO. Hang Seng and Shanghai Comp. conformed to the broad upbeat mood with Hong Kong significantly outperforming amid a rally in property and tech.
Top Asian News
- China is reportedly mulling a property-market support package to bolster the economy, according to Bloomberg sources. Regulators are said to be considering reducing the down payment in some non-core neighbourhoods of major cities, alongside lowering agent commissions on transactions, and further relaxing restrictions for residential purchases under the guidance of the State Council, according to sources. China is working on a new basket of measures to support the property market after existing policies failed to sustain a rebound.
- US President Biden said the US does not seek conflict in competition with China and the countries should work together where they can.
- BoJ Governor Ueda said premature tightening could hurt companies even in good health and may weaken the economy’s potential, while he said patiently maintaining easy policy would heighten Japan’s potential growth in the long run. Ueda also stated it is not time yet to debate a specific exit strategy including the possible sale of the BoJ’s holdings of J-REITs and the BoJ will maintain massive monetary easing as it will take more time to achieve the price target, according to Reuters.
Top European News
- European equities trade on the front foot following the Senate passage of the debt ceiling bill. Despite the positivity during today’s session, the negativity earlier in the week means that the Stoxx 600 is on track to close the week out with losses of around 0.8%.
- Equity sectors in Europe are higher across the board (ex-healthcare) with Real Estate names top of the leaderboard followed by Basic Resources and Consumer Products & Services. Luxury names also benefit from gains in the sector overnight.
- US equity futures see gains but to a lesser magnitude compared to European peers ahead of the US jobs report.
Debt Ceiling news
- US Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden’s desk.
- US President Biden said he wants to thank Senate leaders Schumer and McConnell for quickly passing the debt ceiling bill and noted that the bipartisan agreement is a big win for the economy, while he looks forward to signing the bill ASAP and directly addressing Americans on Friday. Furthermore, the White House announced that President Biden is to deliver an address on averting a default and the bipartisan budget agreement at 19:00EDT/00:00BST, according to Reuters.
FX
- DXY oscillates in a tight range on either side of 103.50 ahead of the US jobs report, whilst the debt ceiling bill makes its way to President Biden after passing through the Senate.
- Yuan is firmer on reports China is reportedly mulling a property-market support package to bolster the economy as existing policies failed to sustain a rebound.
- Yen saw its revival thwarted by firmer US Treasury yields whilst also taking on board more dovish comments from the BoJ governor,
- Euro and Sterling are flat against the Dollar around 1.0770 and 1.2530 respectively in a quiet morning.
- Aussie outperforms amid a rebound in base metal prices ahead of the RBA policy announcement next week.
- PBoC set USD/CNY mid-point at 7.0939 vs exp. 7.0958 (prev. 7.0965)
Fixed Income
- Debt futures are observing caution in the run-up to NFP that crowns a holiday-shortened week.
- Bunds are losing further traction from 136.00 following an opening 136.36 Eurex print.
- Gilts trades around 97.00 and T-note is closer to 114-19+ overnight trough than 114-24+ peak
Commodities
- WTI and Brent front-month futures are on a firmer footing as the complex holds onto yesterday’s data-driven upside with further tailwinds seen following reports China is looking to further boost its property sector.
- Spot gold is flat around the USD 1,975/oz mark after meeting resistance at its 21 DMA (1,983.77/oz) overnight, with eyes on the US jobs report.
- Base metals are firmer across the board, bolstered by the risk appetite coupled with stimulus hopes from China.
Geopolitics
- South Korea and the US issued a joint cybersecurity advisory against North Korean hacking group Kimsuky and stated that North Korea is engineering cyberattack campaigns targeting think tanks, academia and news outlets, while South Korea issued new independent sanctions on the North Korean hacking group, according to the South Korean Foreign Ministry cited by Reuters.
- North Korea denounced the US Secretary-General over condemning its satellite launch and said it will continue to exercise its sovereign rights including the military spy satellite launch, according to KCNA.
- UN spokesman is concerned about the continuous slowdown in implementing the Black Sea grain initiative and noted that a slowdown was observed particularly in April and May.
- White House National Security Adviser Sullivan hosted Israel’s National Security Advisor and Minister of Strategic Affairs, while the officials continued discussions on enhanced coordination to prevent Iran from acquiring a nuclear weapon, according to Reuters.
- Chinese Eurasian Affairs Envoy said ‘fruitful’ talks on Ukraine may be difficult, according to Reuters.
US Event Calendar
- 08:30: May Change in Nonfarm Payrolls, est. 195,000, prior 253,000
- 08:30: May Change in Private Payrolls, est. 165,000, prior 230,000
- 08:30: May Change in Manufact. Payrolls, est. 5,000, prior 11,000
- 08:30: May Unemployment Rate, est. 3.5%, prior 3.4%
- 08:30: May Labor Force Participation Rate, est. 62.6%, prior 62.6%
- 08:30: May Average Weekly Hours All Emplo, est. 34.4, prior 34.4
- 08:30: May Average Hourly Earnings YoY, est. 4.4%, prior 4.4%
- 08:30: May Average Hourly Earnings MoM, est. 0.3%, prior 0.5%
DB’s Jim Reid concludes the overnight wrap
Markets recovered their poise over the last 24 hours, with the S&P 500 (+0.99%) closing at a 9-month high. That’s been driven by several factors, including the passage of the debt ceiling deal through Congress, the prospect that the Fed might finally pause their rate hikes at the next meeting, along with further signs that inflation is still falling. All this meant that June kicked off with a decent cross-asset rally, and sovereign bonds and commodities also moved higher after a fairly rough performance back in May.
The next test for markets will come with today’s US jobs report, which is one of the last big data releases ahead of the Fed’s next decision on June 14. For what it’s worth, markets have been consistently taken by surprise by the jobs report over recent months, and the last 13 in a row have all seen the initial release for nonfarm payrolls beat the Bloomberg consensus forecast on the day. In terms of what to expect, our US economists are looking for a +200k increase in payrolls (vs. +195k consensus), so slightly above consensus once again. In turn, that would see the unemployment rate tick up a tenth to 3.5%, having come in at a 53-year low of 3.39% last month if you look to two decimal places. See more from our US economists here.
Ahead of that jobs report, yesterday brought a collection of robust data releases on the US labour market. First, the ADP’s report of private payrolls rose by +278k in May (vs. +170k expected), which was above every economist’s forecast on Bloomberg. Second, the weekly initial jobless claims came in at 232k over the week ending May 27 (vs. 235k expected), which took the 4-week moving average down to an 11-week low of 229.5k. And third, although the latest ISM manufacturing reading remained in contractionary territory at 46.9 (vs. 47.0 expected), the employment component ticked up to a 9-month high of 51.4. This good news wasn’t just confined to the US either, since the Euro Area unemployment rate fell to its lowest since the formation of the single currency in April, at 6.5%.
Alongside those positive signals on the labour market, markets also received some good news on inflation too. In the Euro Area, the flash CPI estimate for May fell to a 15-month low of +6.1% (vs. +6.3% expected), and core inflation was down for a second month running to +5.3% (vs. +5.5% expected). And in the US, the prices paid component of the manufacturing ISM was far beneath expectations at 44.2 (vs. 52.3 expected).
Markets then got some further momentum by fresh support for the Fed pausing their cycle of rate hikes at the next meeting. That came from Philadelphia Fed President Harker, who said that “we should at least skip this (June) meeting in terms of an increase” and that “we are close to the point where we can hold rates in place”. As a result, investors further dialled back the chances of a June rate hike, which were down to 23% by yesterday’s close, having been as high as 69% at the close last Friday. We did hear from St Louis Fed President Bullard as well, one of the hawks on the committee, who published an updated analysis suggesting that policy rates are “now at the low end of what is arguably sufficiently restrictive”.
Those various good news stories lay the foundation for a decent rally, with US Treasuries rallying as investors became less concerned that the Fed would continue to hike aggressively. Yields on 10yr Treasuries were down -4.8bps to 3.595%, and the movement was driven by real yields which fell -4.9bps on the day. For Europe there was also a decline in yields, with those on 10yr bunds (-3.3bps), OATs (-3.8bps) and BTPs (-7.0bps) all moving lower. But that was driven by inflation expectations, particularly since natural gas prices hit a 2-year low yesterday at just €23.10/MWh, which builds on their astonishing run of declines since the turn of the year.
This backdrop proved very positive for equities too, and the S&P 500 (+0.99%) hit a 9-month high. Indeed, the index is just shy of being up +10% on a YTD basis, which is remarkable when you consider that the equal-weighted S&P is still down -0.68% since the start of the year, so this is still an incredibly narrow rally. Once again, tech stocks were a big driver, and the NASDAQ advanced +1.28% to now be up more than +25% YTD, whilst the FANG+ Index (+2.03%) is now up more than +64% YTD. And over in Europe, the STOXX 600 (+0.78%) recovered from its 2-month low the previous day, with larger gains for the DAX (+1.21%) and the FTSE MIB (+2.01%).
The optimistic mood has continued overnight, partly thanks to the news that the US Senate had passed the debt ceiling deal in a 63-36 vote, which follows the vote in the House of Representatives the previous day. The bill will now be sent for President Biden’s signature, who said in a statement that “I look forward to signing this bill into law as soon as possible”. So that takes the threat of a near-term default off the table again, and Biden is expected to speak from the Oval Office at 7pm Eastern Time.
In light of the various good news stories, Asian equities have seen strong gains overnight, with advances for the Hang Seng (+3.66%), the Nikkei (+1.39%), the CSI 300 (+1.29%), the KOSPI (+1.03%), and the Shanghai Comp (+0.76%). The advance is also evident among US equity futures, with those on the S&P 500 up +0.18% overnight, following the index reaching a 9-month high the previous day. The risk-on moves have also seen Treasuries pare back their gains, with the 10yr yield up +1.9bps overnight to 3.61%, whilst Brent Crude oil prices (+0.58%) are up to $74.41/bbl.
In other news yesterday, we got the accounts of the ECB’s May meeting, which highlighted the ECB’s hawkish bias. On core inflation “the latest developments were broadly seen as worrisome”, and “members concurred that further tightening was needed”. See more from our European economists here. The accounts came as President Lagarde herself said in a speech that “There is no clear evidence that underlying inflation has peaked”. Against this backdrop, investors are still expecting a further 25bp hike as the most likely outcome at the next ECB meeting on June 15, which if realised would take the deposit rate up to 3.5%.
When it came to yesterday’s other data, UK mortgage approvals fell to 48.7k in April (vs. 53.5k expected). Otherwise, the final manufacturing PMIs for May showed a similar picture to the flash readings. The Euro Area print was revised up two-tenths to 44.8, the UK print was revised up two-tenths to 47.1, and the US was revised down a tenth to 48.4.
To the day ahead now, and the main highlight will be the US jobs report for May. Otherwise, data releases include French industrial production for April. And from central banks, we’ll hear from the ECB’s Vasle.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
Asian stocks took impetus from the gains on Wall St as the US averts a default – Newsquawk Europe Market Open
FRIDAY, JUN 02, 2023 – 01:51 AM
- US Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden’s desk.
- APAC stocks traded higher as the region took impetus from Wall St where the S&P 500 and Nasdaq climbed to 9-month highs.
- Fed’s Harker (voter) said the Fed does not have to keep moving rates up and thinks they should at least skip raising rates in June.
- European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after the cash market closed up 0.9% yesterday.
- DXY lingers just above 103.50, antipodeans outperform, EUR/USD and Cable sit comfortably on 1.07 and 1.25 handles respectively.
- Looking ahead, highlights include US Labour Market Report, Rating Reviews for Germany, France & UK.
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US TRADE
EQUITIES
- US stocks gained amid debt ceiling optimism after the US House passed the debt ceiling bill and as participants digested a slew of data releases including strong ADP Employment, a sharp revision lower in Q1 Unit Labor Costs and the mostly softer-than-expected ISM Manufacturing PMI report which showed a plunge in the Prices Paid component.
- SPX +0.99% at 4,221, NDX +1.31% at 14,441, DJIA +0.47% at 33,061, RUT +1.05% at 1,767.
- Click here for a detailed summary.
US DEBT CEILING
- US Senate voted 63-36 to pass the US debt ceiling bill, which sends it to President Biden’s desk.
- US President Biden said he wants to thank Senate leaders Schumer and McConnell for quickly passing the debt ceiling bill and noted that the bipartisan agreement is a big win for the economy, while he looks forward to signing the bill ASAP and directly addressing Americans on Friday. Furthermore, the White House announced that President Biden is to deliver an address on averting a default and the bipartisan budget agreement at 19:00EDT/00:00BST, according to Reuters.
NOTABLE HEADLINES
- Fed’s Harker (voter) said the Fed is close to the point where it can hold interest rates in place and is closely monitoring data to assess whether additional policy tightening will be needed. Harker also commented that they don’t have to keep moving rates up and thinks they should at least skip raising rates in June.
- Fed’s Bullard (non-voter, hawk) reiterated that policy is now at the low end of what is arguably ‘sufficiently restrictive’ given current macroeconomic conditions and said the prospect for more disinflation is good but not guaranteed.
- Bank of America (BAC) CEO Moynihan said US consumer spending is slowing with restaurant spending growth down to 3% Y/Y from 17% and spending growth slowed to 3% this month from 9% growth.
APAC TRADE
EQUITIES
- APAC stocks traded higher as the region took impetus from Wall St where the S&P 500 and Nasdaq climbed to 9-month highs amid debt ceiling optimism, falling labour costs and dovish Fed commentary.
- ASX 200 was positive with the index led higher by the mining sector and after the Australian Fair Work Commission raised the minimum wage by 5.75%, although gains were capped by weakness in financials and after recent upward revisions to banks’ forecasts on the RBA’s peak rate.
- Nikkei 225 was underpinned amid comments from BoJ Governor Ueda who stuck to the dovish script, with SoftBank among the biggest gainers following a buy rating from Jefferies and as the Co. benefits from the recent AI tech bid in the build-up to the ARM IPO.
- Hang Seng and Shanghai Comp. conformed to the broad upbeat mood with Hong Kong significantly outperforming amid a rally in property and tech.
- US equity futures held on to recent gains with the default threat averted but with upside capped overnight ahead of the key US jobs data.
- European equity futures are indicative of a higher open with the Euro Stoxx 50 +0.5% after the cash market closed up 0.9% yesterday.
FX
- DXY was rangebound around 103.50 following yesterday’s losses amid the positive risk environment and a slew of data releases, while there were also comments from Fed’s Harker who said the Fed is close to the point where it can hold interest rates in place and thinks they should at least skip raising rates in June.
- EUR/USD sat at the prior day’s highs with a firm footing on the 1.0700 handle.
- GBP/USD remained firmer after climbing in tandem with the outperformance in cyclical counterparts.
- USD/JPY was lacklustre with an early attempt to recoup losses thwarted by resistance at 139.00.
- Antipodeans extended on gains owing to the risk environment and with AUD/USD also boosted by the more hawkish forecasts regarding the RBA’s peak rate.
- PBoC set USD/CNY mid-point at 7.0939 vs exp. 7.0958 (prev. 7.0965)
FIXED INCOME
- 10yr UST futures took a breather after yesterday’s bull-steepening which was spurred by the falling labour costs and dovish comments from Fed’s Harker, while the Senate’s passage of the debt ceiling bill had very little impact on prices and was widely anticipated.
- Bund futures held on to their recent gains.
- 10yr JGB futures gave back some of their advances but remained in the green after BoJ Governor Ueda’s dovish reiterations and the central bank’s presence in the market for its scheduled purchases.
COMMODITIES
- Crude futures were underpinned after the heightened risk appetite and weaker greenback offset the recent OPEC source reports and this week’s bearish inventory data.
- Spot gold was kept afloat amid a lacklustre dollar with the attention shifting to US jobs data.
- Copper futures were supported amid the constructive mood and strength in China’s property sector.
CRYPTO
- Bitcoin was marginally higher albeit with advances capped beneath the USD 27,000 level.
NOTABLE ASIA-PAC HEADLINES
- US President Biden said the US does not seek conflict in competition with China and the countries should work together where they can.
- BoJ Governor Ueda said premature tightening could hurt companies even in good health and may weaken the economy’s potential, while he said patiently maintaining easy policy would heighten Japan’s potential growth in the long run. Ueda also stated it is not time yet to debate a specific exit strategy including the possible sale of the BoJ’s holdings of J-REITs and the BoJ will maintain massive monetary easing as it will take more time to achieve the price target, according to Reuters.
GEOPOLITICS
- South Korea and the US issued a joint cybersecurity advisory against North Korean hacking group Kimsuky and stated that North Korea is engineering cyberattack campaigns targeting think tanks, academia and news outlets, while South Korea issued new independent sanctions on the North Korean hacking group, according to the South Korean Foreign Ministry cited by Reuters.
- North Korea denounced the US Secretary-General over condemning its satellite launch and said it will continue to exercise its sovereign rights including the military spy satellite launch, according to KCNA.
- UN spokesman is concerned about the continuous slowdown in implementing the Black Sea grain initiative and noted that a slowdown was observed particularly in April and May.
- White House National Security Adviser Sullivan hosted Israel’s National Security Advisor and Minister of Strategic Affairs, while the officials continued discussions on enhanced coordination to prevent Iran from acquiring a nuclear weapon, according to Reuters.
EU/UK
- ECB’s Panetta said inflation is too high but there is no reason to worry and now is not the time to be too hasty in raising rates, while he is committed to getting back to the 2% target level and said they cannot rule out a technical recession in the Eurozone, according to Le Monde.
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 25.43 PTS OR 0.79% //Hang Seng CLOSED UP 733.03 PTS OR 1.02% /The Nikkei closed UP 376.21 OR 1.21% //Australia’s all ordinaries CLOSED UP 0.56 % /Chinese yuan (ONSHORE) closed UP 7.0632 /OFFSHORE CHINESE YUAN UP TO 7.0802 /Oil UP TO 71,27 dollars per barrel for WTI and BRENT AT 73.91 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA/
China’s real estate market is 70% of their GDP. As promised, China;s PBOC is planning a bailout of their market and this is what sent global markets higher today
(zerohedge)
China Property Bailout Rumors Send Global Markets Higher
FRIDAY, JUN 02, 2023 – 08:05 AM
Global stock markets are rallying this morning on the heels of reports that China is working on a new basket of measures to support the property market after existing policies failed to sustain a rebound in the ailing sector.
Regulators are said to be considering reducing the down payment in some non-core neighborhoods of major cities, alongside lowering agent commissions on transactions, and further relaxing restrictions for residential purchases under the guidance of the State Council, according to sources.
China’s property sector has avoided a collapse but remains a key drag on the world’s second-largest economy.
Signs of renewed weakness are emerging in the residential market, with a rebound in home sales slowing in May to just 6.7% from more than 29% in the previous two months.
“The sector is still sick,” Bloomberg Economics and Intelligence analysts including Chang Shu and Kristy Hung wrote in a May note.
Having never met ‘stimulus’ measures they didn’t like, Europe’s real estate sector is leading the charge after the Hang Seng jumped over 4% and US futures are extending yesterday’s melt up.
The Yuan rallied, copper, iron ore, and crude are up too.
For some context of China’s real estate problems, home-related new lending has plunged to its lowest since at least 2013…
The real estate industry’s downturn had been a major factor weighing on Chinese markets this year, weighing on both equity and credit markets.
The question, of course, is whether this latest bailout plan will be enough to rejuvenate the sector or are the Chinese simply too drenched in debt already?
Given the failure of the ‘comprehensive 16-point plan’ from November to reinvigorate, we have our doubts.
end
CHINA/COVID
It is not over until the fat lady sings!
Covid is reappearing into China
(Wu/EpochTimes)
COVID-19 Testing Resumes In Beijing, Shandong, As Reinfection Cases Surge
FRIDAY, JUN 02, 2023 – 11:20 AM
Authored by Alex Wu via The Epoch Times,
China has resumed COVID-19 PCR testing in Beijing and Shandong Province amid rising re-infections, while the regime’s top health advisers have warned of a new wave of mass infections.
Since May 29, mainland netizens have posted on Chinese social media platforms that PCR test kiosks in Beijing are quietly back in business.
Mainland media “City Interactive,” a subsidiary of Zhejiang “City Express,” reported on May 30 that one of the PCR testing booths that netizens posted about was in Beijing’s Xicheng District, where the central government and the Beijing municipal government are located.
The staff of that testing kiosk said that the PCR test there has never stopped, reported “City Interactive”, without being clear how long it had been open.
“We have been doing nucleic acid testing in Xicheng District, but I’m not sure about other districts in Beijing,” a staff member said.
The staff member said the laboratory she works for is mainly responsible for nucleic acid testing within Xicheng District. Currently, there are more than ten testing points outdoors, and one person is on duty for each booth from 9:00 am to 5:00 pm.
Residents get swabbed during mass COVID-19 testing in the Chaoyang District in Beijing on June 14, 2022. (Andy Wong/AP Photo)
A testing kiosk in Chaoyang District, Beijing’s central business district, has been operating since March, reported “City Interactive.” The testing booth staff said it is in the health center near Jinsong Middle Street.
Ms. Wang, a Beijing resident, told The Epoch Times on May 28 that some people have taken the PRC test while others have chosen not to.
She said many people around her, including her child, have already re-infected twice.
“This time, the symptoms seem to include a high fever and then sore throat, very painful,” she said.
“Most people are just resting at home now. Seeing a doctor is very expensive, and now many medicines are paid for by ourselves.”
Gao Yu, a former senior media person in Beijing, confirmed what Wang said. She told The Epoch Times that the relatives around her have been re-infected two or three times, and most are just resting it off at home.
Shandong Resumes Testing
PCR testing booths in Qingdao City, Shandong Province, have also reopened.
A “Peninsula Metropolis Daily” report included a screenshot of an online notice posted by the Laoshan District Health Bureau in Qingdao, which announced that from May 29, the district will conduct COVID-19 PCR testing for “all people who are willing.”
It also listed the working hours of the testing sites, from 7:00 am to 4:00 pm, seven days a week.
Another mainland Chinese media, “Xinmin Evening News,” reported on May 31 that the staff in the district bureau confirmed that the testing has resumed and is for free.
Next Wave
Zhong Nanshan, China’s top respiratory disease specialist, predicted on May 22 that a new wave of COVID-19 infections in China will likely peak in late June when weekly cases could reach 65 million. Then, one Omicron-infected patient will be able to infect more than 30 people, Zhong said, adding that the infection is difficult to prevent.
A security personnel in a protective suit keeps watch as medical workers attend to patients at the fever department of Tongji Hospital, a major facility for COVID-19 patients in Wuhan, Hubei Province, China, Jan. 1, 2023. (Staff/Reuters)
Chinese citizens across the country have said on social media that infections have been swelling since March.
Zhong also said there had been a small peak in infections at the end of April and early May.
Most COVID-19 infections in mainland China are currently caused by the XBB series mutant strains of Omicron. Among the locally transmitted cases, the percentage of XBB series variants increased to 83.6 percent in early May from 0.2 percent in February.
Zhang Wenhong, China’s top virologist and director of China’s National Center for Infectious Diseases, also warned in late April at a conference that COVID-19 infections would reoccur after six months when immunity gained from prior infections has worn out.
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
GERMANY/RUSSIA
Not good
Berlin orders Moscow to close 4 out of their 5 consulates in Germany
(zerohedge)
Berlin Orders Moscow To Close 4 Of 5 Consulates In Germany
FRIDAY, JUN 02, 2023 – 04:15 AM
Authored by Connor Freeman via The Libertarian Institute,
As relations between Russia and Germany continue to spiral downward amid the war in Ukraine, the two nations are engaged in tit for tat moves including ordering the closure of consulates and placing limitations on the number of diplomatic personnel in each country, the Associated Press reported on Wednesday.
Berlin announced that Russia was told to close down four out of five consulates general the Kremlin maintains within Germany. This move comes after Moscow limited the number of staff at the German Embassy and related facilities in Russia. Christofer Burger, a spokesman for the German Foreign Ministry, told reporters the decision was made to ensure “parity of personnel and structures” between the two countries.Russian Embassy in Berlin, Getty Images
Moscow is currently deciding which consulates will be shuttered. The Russian consulates in Germany are located in Hamburg, Leipzig, Bonn, Frankfurt, and Munich. The Kremlin recently established that an upper limit of 350 German officials, including those working in schools and cultural bodies, will be permitted to stay in Russia.
According to Burger, by November, Germany will thus shutter its consulates in Kaliningrad, Yekaterinburg, Novosibirsk. He said the remaining facilities Berlin will keep open are its embassy in Moscow as well as the consulate in St. Petersburg. Burger added that, starting next year, Moscow will only be allowed to operate out of its embassy in Berlin and one additional consulate.
Burger blamed Russia for the deteriorating situation and said regrettably, at this point, there is just “simply no basis” for numerous bilateral activities between the two nations.
Berlin has recently taken steps which severely damaged relations between Germany and the Kremlin. Namely, green-lighting the export of Poland’s Soviet-era warplanes which originally came from Germany’s military stockpiles.
Yielding to pressure from Washington and elsewhere inside NATO, German Chancellor Olaf Scholz also approved the transfer of German-made main battle tanks to Kiev, along with sending its own tanks as well, vastly escalating the proxy war with Russia.
Earlier in the war, Scholz had explicitly ruled out just such steps over concerns that sending tanks and planes to Ukraine would lead to a direct war between the North Atlantic alliance and Russia.
END
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
UKRAINE//RUSSIA/USA/MOLDOVA/TRANSNITRIA
Hal Turner Radio Show – ***** FLASH ***** Moldova President To Allow Ukraine Troops Entry into Country to Attack Transnistria
| Robert Hryniak | 5:08 PM (14 minutes ago) |  | |
| to | |||
Crazy business as drums of war beat on.
END.
TURKEY//NATO/RUSSIA/ THE WEST
A thorough analysis of Turkey and where they now stand on the world stage
Pepe Escobar)
Escobar: The Sultan 2.0 Will Heavily Tilt East
THURSDAY, JUN 01, 2023 – 11:40 PM
Authored by Pepe Escobar via The Cradle,
It’s not that Erdogan has a scheme to head east at the west’s expense. It’s just that the world’s grandest infrastructure, development, and geopolitical projects are all in the east today…
The collective west was dying to bury him – yet another strategic mistake that did not take into account the mood of Turkish voters in deep Anatolia.
In the end, Recep Tayyip Erdogan did it – again. Against all his shortcomings, like an aging neo-Ottoman Sinatra, he did it “my way,” comfortably retaining Turkiye’s presidency after naysayers had all but buried him.
The first order of geopolitical priority is who will be named Minister of Foreign Affairs. The prime candidate is Ibrahim Kalin – the current all-powerful Erdogan press secretary cum top adviser.
Compared to incumbent Cavusoglu, Kalin, in theory, may be qualified as more pro-west. Yet it’s the Sultan who calls the shots. It will be fascinating to watch how Turkiye under Erdogan 2.0 will navigate the strengthening of ties with West Asia and the accelerating process of Eurasia integration.
The first immediate priority, from Erdogan’s point of view, is to get rid of the “terrorist corridor” in Syria. This means, in practice, reigning in the US-backed Kurdish YPG/PYD, who are effectively Syrian affiliates of the Kurdistan Workers’ Party (PKK) – which is also the issue at the heart of a possible normalization of relations with Damascus.
Now that Syria has been enthusiastically welcomed back to the Arab League after a 12-year freeze, a Moscow-brokered entente between the Turkish and Syrian presidents, already in progress, may represent the ultimate win-win for Erdogan: allowing control of Kurds in north Syria while facilitating the repatriation of roughly 4 million refugees (tens of thousands will stay, as a source of cheap labor).
The Sultan is at his prime when it comes to hedging his bets between east and west. He knows well how to profit from Turkiye’s status as a key NATO member – complete with one of its largest armies, veto power, and control of the entry to the uber-strategic Black Sea.
And all that while exercising real foreign policy independence, from West Asia to the Eastern Mediterranean.
So expect Erdogan 2.0 to remain an inextinguishable source of irritation for the neocons and neoliberals in charge of US foreign policy, along with their EU vassals, who will never refrain from trying to subdue Ankara to fight the Russia-China-Iran Eurasia integration entente. The Sultan, though, knows how to play this game beautifully.
How to manage Russia and China
Whatever happens next, Erdogan will not hop on board the sanctions-against-Russia sinking ship. The Kremlin bought Turkish bonds tied to the development of the Russian-built Akkuyu nuclear power plant, Turkiye’s first nuclear reactor. Moscow allowed Ankara to postpone nearly $4 billion in energy payments until 2024. Best of all, Ankara pays for Russian gas in rubles.
So an array of deals related to the supply of Russian energy trump possible secondary sanctions that might target the steady rise in Turkiye’s exports. Still, it’s a given the US will revert to its one and only “diplomatic” policy – sanctions. The 2018 sanctions did push Turkiye into recession after all.
But Erdogan can easily count on popular support across the Turkish realm. Early this year, a Gezici poll revealed that 72.8 percent of Turkish citizens privilege good relations with Russia while nearly 90 percent rate the US as a “hostile” nation. That’s what allows Interior Minister Soylu to remark, bluntly, “we will wipe out whoever is causing trouble, including American troops.”
China-Turkiye strategic cooperation falls under what Erdogan defines as “turning to the East” – and is mostly about China’s multi-continent infrastructure behemoth, the Belt and Road Initiative (BRI). The Turk Silk Road branch of the BRI focuses on what Beijing defines as the “Middle Corridor,” a prime cost-effective/secure trade route that connects Asia to Europe.
The driver is the China Railway Express, which turned the Middle Corridor arguably into BRI’s backbone. For instance, electronics parts and an array of household items routinely arriving via cargo planes from Osaka, Japan are loaded onto freight trains going to Duisburg and Hamburg in Germany, via the China Railway Express departing from Shenzhen, Wuhan, and Changsha – and crossing from Xinjiang to Kazakhstan and beyond via the Alataw Pass. Shipments from Chongqing to Germany take a maximum of 13 days.
It’s no wonder that nearly 10 years ago, when he first unveiled his ambitious, multi-trillion dollar BRI in Astana, Kazakhstan, Chinese President Xi Jinping placed the China Railway Express as a core BRI component.
Direct freight trains from Xian to Istanbul are plying the route since December 2020, using the Baku-Tblisi-Kars (BTK) railway with less than two weeks travel time – and plans afoot to increase their frequency. Beijing is well aware of Turkiye’s asset as a transportation hub and crossroads for markets in the Balkans, the Caucasus, Central Asia, West Asia, and North Africa, not to mention a customs union with the EU that allows direct access to European markets.
Moreover, Baku’s victory in the 2020 Nagorno-Karabakh war came with a ceasefire deal bonus: the Zangezur corridor, which will eventually facilitate Turkiye’s direct access to neighbors from the Caucasus to Central Asia.
A pan-Turkic offensive?
And here we enter a fascinating territory: the possible incoming interpolations between the Organization of Turkic States (OTS), the Shanghai Cooperation Organization (SCO), the BRICS+ – and all that also linked to a boost in Saudi and Emirati investments in the Turkish economy.
Sultan 2.0 wants to become a full member of both the Chinese-led SCO and multipolar BRICS+.
This means a much closer entente with the Russia-China strategic partnership as well as with the Arab powerhouses, which are also hopping on the BRICS+ high-speed train.
Erdogan 2.0 is already focusing on two key players in Central Asia and South Asia: Uzbekistan and Pakistan. Both happen to be SCO members.
Ankara and Islamabad are very much in sync. They express the same judgment on the extremely delicate Kashmir question, and both backed Azerbaijan against Armenia.
But the key developments may lie in Central Asia. Ankara and Tashkent have a strategic defense agreement – including intel sharing and logistics cooperation.
The Organization of Turkic States (OTS), with a HQ in Istanbul, is the prime energizer of pan-Turkism or pan-Turanism. Turkiye, Azerbaijan, Kazakhstan, Uzbekistan, and Kyrgyzstan are full members, with Afghanistan, Turkmenistan, Hungary, and Ukraine cultivated as observers. The Turk-Azeri relationship is billed as “one nation, two states” in pan-Turkic terms.
The basic idea is a still hazy “cooperation platform” between Central Asia and the Southern Caucasus. Yet some serious proposals have already been floated. The OTS summit in Samarkand late last year advanced the idea of a TURANCEZ free trade bloc, comprising Turkiye, Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, Azerbaijan, and as observers, Hungary (representing the EU) and Northern Cyprus.
Meanwhile, hard business prevails. To fully profit from the status of the energy transit hub, Turkiye needs not only Russian gas but also gas from Turkmenistan feeding the Trans-Anatolian Natural Gas Pipeline (TANAP) as well as Kazakh oil coming via the Baku-Tblisi-Ceyhan (BTC) pipeline.
The Turkish Cooperation and Coordination Agency (TIKA) is heavy on economic cooperation, active in a series of projects in transportation, construction, mining, and oil and gas. Ankara has already invested a whopping $85 billion across Central Asia, with nearly 4,000 companies scattered across all the “stans.”
Of course, when compared to Russia and China, Turkiye is not a major player in Central Asia. Moreover, the bridge to Central Asia goes via Iran. So far, rivalry between Ankara and Tehran seems to be the norm, but everything may change, lightning fast, with the simultaneous development of the Russia-Iran-India-led International North South Transportation Corridor (INSTC), which will profit both – and the fact that the Iranians and Turks may soon become full BRICS+ members.
Sultan 2.0 is bound to boost investment in Central Asia as a new geoeconomic frontier. That in itself encapsulates the possibility of Turkiye soon joining the SCO.
We will then have a “turning to the East” in full effect, in parallel to closer ties with the Russia-China strategic partnership. Take note that Turkiye’s ties with Kazakhstan, Uzbekistan, and Kyrgyzstan are also strategic partnerships.
Not bad for a neo-Ottoman who, until a few days ago, was dismissed as a has-been.
END
6.Global Issues//COVID ISSUES/VACCINE ISSUES/
GLOBAL ISSUES//MEDICAL ISSUES
END
GLOBAL ISSUES//GENERAL
END
VACCINE/COVID ISSUES
DR PANDA:
DR PAUL ALEXANDER
Breaking, Jamie Foxx: blinded & blood clots after COVID mRNA technology based gene injection vaccine; I told you in a prior substack, just like Damar & all, they are making it worse lying & deceiving
the public; they must come clean, FOXX must tell the American people the truth, his doctors must, the mRNA vaccine did this, it has done this to thousands, killed thousands; HONESTY NEEDED NOW!
| DR. PAUL ALEXANDERJUN 1 |
IMO, until we know 100% he had no vaccine, then vaccine is on the table as the cause, e.g. vaccine induced silent myocarditis etc., brain bleeds etc. as is Damar and all those athletes et al. who dropped dead etc. on the field and all those pilots who are incapacitated etc. and have died in cockpit etc.
end
Israeli data: Zero, NO, none, not one Young Healthy Individuals Died Of COVID-19, Israeli Data Show; Zero healthy individuals under the age of 50 have died of COVID-19 in Israel
“Zero deceased of 18–49 years of age with no underlying morbidities,” the Israel Ministry of Health (MOH) said in response to a formal request from an attorney.
| DR. PAUL ALEXANDERJUN 1 |
SOURCE:
end
Hang them all high! Hang any government official, any health care official, CDC, NIH, FDA, NIAID, HHS, PHAC, Health Canada, SAGE etc., any MP, MPPs, Ministers, PMs, Presidents of any nation
anyone, all involved in mRNA technology who brought death, all, anyone who cannot defend what they did, all whose actions & policies killed people e.g. lockdowns & vaccine & court says hang! then hang
| DR. PAUL ALEXANDERJUN 1 |
If we get them to proper legal forums, proper courts, tribunals, all medical doctors in US, Canada, UK etc. whose actions denied treatment, who facilitated lockdowns and the fraud deadly COVID vaccine, all who courtrooms show they contributed to deaths, and judges, juries and courts say financial penalties and prison time is in order, and if they say place the death penalty on the table, I say place it on the table and consider it. If a judge says wrong doers in COVID should be hanged, I will not argue with the judge, I will step back as they are hung! I will not go against a legal court or judge. Hang them high then, in the public square for what these beasts did in COVID. They must pay! After legal redress has its turn. ONLY after proper legal inquiry and judge rulings. We follow the judges ONLY. No kangaroo or societal mob justice. But if court says hang, then we hang. We impose death penalty no matter who it is. Blood for blood, they killed people by their criminal unscientific actions. We show no mercy in this case.
SLAY NEWS
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EVOL NEWS
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VACCINE IMPACT
END
MICHAEL EVERY
MICHAEL EVERY/RABOBANK//
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
the big question is this: how was this oil paid? in rupees? in yuan? in rubles? or in gold?
I think the latter is the one that is used.
(Zerohedge)
India’s Imports Of Russian Oil Hit A Record High
FRIDAY, JUN 02, 2023 – 01:20 PM
Authored by Tsvetana Paraskova via OilPrice.com,
- India’s imports of Russian crude surged to a record high in May, with the country taking in 1.96 million barrels per day.
- India imported more oil from Russia than it did from Iraq, Saudi Arabia, the UAE, and the U.S. combined.
- India’s imports of Russian crude have undermined OPEC, with OPEC’s share of imports to India hitting the lowest in at least 22 years.
India’s oil imports from Russia continue to surge as cheaper Russian crude exports find more and more buyers in the world’s third-largest crude oil importer.
India shattered its previous records of imports of Russian crude and took in May 1.96 million barrels per day (bpd) of crude from Russia—an all-time high, according to data from energy cargo tracker Vortexa.
India’s Russian oil imports alone were higher than the 1.74 million bpd in India’s combined imports from the next four largest suppliers – Iraq, Saudi Arabia, the United Arab Emirates (UAE), and the U.S.
Russian oil accounted for a massive 42% of all Indian crude imports, compared to negligible volumes India had imported before the Russian invasion of Ukraine.
A year since the war began, India has turned from a marginal buyer of Russian crude to the most important market for Moscow’s oil alongside China. Indian refiners, not complying with the G7 price cap and looking for cheap opportunistic purchases, have snapped up many of the Russian Urals cargoes, which used to go to northwest Europe before the EU embargo.
Record imports of cheap Russian crude into India have undermined OPEC’s share of supply so much that OPEC’s share of all Indian oil imports has hit the lowest in at least 22 years.
Russia has been India’s top crude oil supplier for months now and overtook Iraq as the top supplier for the 2022/2023 fiscal year. Russia accounted for nearly a fourth of India’s crude oil imports in 2022/2023 as the world’s third-largest crude importer welcomed on average 1.6 million bpd of Russian crude out of a total of 4.65 million bpd of imports.
In recent months, India’s spot purchases of crude from the Middle East have fallen, as cheaper Russian spot barrels are making their way to Indian refiners. Indian Oil, the largest refiner in the country by capacity, is committed to its term deals with Middle Eastern producers, but spot purchases from the Middle East have dropped amid the Russian competition, Shrikant Madhav Vaidya, chairman of Indian Oil, said last month.
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 FRIDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0763 UP 0.0003
USA/ YEN 138.95 UP 0.209 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2524 DOWN 0.0002
USA/CAN DOLLAR: 1.34300 DOWN .0015 (CDN DOLLAR UP 15 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 25.43 PTS OR 0.79%
Hang Seng CLOSED UP 733.03 PTS OR 1.02%
AUSTRALIA CLOSED UP 0.56% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 733.03 PTS OR 1.02%
/SHANGHAI CLOSED UP 25.43 PTS OR 0.79%
AUSTRALIA BOURSE CLOSED UP 0.56%
(Nikkei (Japan) CLOSED UP 376,21 PTS OR 1.21%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1979.35
silver:$23.92
USA dollar index early FRIDAY morning: 103.50 DOWN 6 BASIS POINTS FROM THURSDAY’s close.
FRIDAY MORNING NUMBERS ENDS
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And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 2.98% UP 2 in basis point(s) yield
JAPANESE BOND YIELD: +0.409 % DOWN 1 AND 4//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.31 UP 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3,973 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.316 UP 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0726 DOWN 0.0034 or 34 basis points
USA/Japan: 139.72 UP 0.980 OR YEN UP 98 basis points/
Great Britain/USA 1.2475 DOWN .0052 OR 52 BASIS POINTS //
Canadian dollar UP .0005 OR 5 BASIS pts to 1.3440
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE (CLOSED UP.(7.0818)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 7.0960
TURKISH LIRA: 20.82 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.409…VERY DANGEROUS
Your closing 10 yr US bond yield UP 8 in basis points from WEDNESDAY at 3.676% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.870 UP 5 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 FRIDAY: 12:00 PM
London: CLOSED UP 117.01 points or 1.56%
German Dax : CLOSED UP 192.57 PTS OR 1.25%
Paris CAC CLOSED UP 133.26 PTS OR 1.27%
Spain IBEX UP 149.80 PTS OR 1.63%
Italian MIB: CLOSED UP 492.64 PTS OR 1.85%
WTI Oil price 71.46 12: EST
Brent Oil: 75.93 12:00 EST
USA /RUSSIAN /// AT: 81.42/ ROUBLE DOWN 0 AND 66//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.312 UP 6 BASIS PTS
UK 10 YR YIELD: 4.1965 UP 7 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0709 DOWN 0.0051 OR 51 BASIS POINTS
British Pound: 1.2452 DOWN .0074 or 74 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.191% DOWN 13 BASIS PTS
USA dollar vs Japanese Yen: 139.96 UP 1.221 //YEN DOWN 122 BASIS PTS//
USA dollar vs Canadian dollar: 1.3427 DOWN .0017 CDN dollar, UP 17 basis pts)
West Texas intermediate oil: 72,10
Brent OIL: 76,35
USA 10 yr bond yield UP 10 BASIS pts to 3.691%
USA 30 yr bond yield UP 6 BASIS PTS to 3.880%
USA 2 YR BOND: UP 21 PTS AT 4.501%
USA dollar index: 104.02 UP 46 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 20.90 (GETTING QUITE CLOSE TO BLOWING UP)
USA DOLLAR VS RUSSIA//// ROUBLE: 81.50 DOWN 0 AND 24/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 701.19 PTS OR 2.12%
NASDAQ 100 UP 105.13 PTS OR 0.73%
VOLATILITY INDEX: 14.58 DOWN 1.07 PTS (6.84)%
GLD: $181.05 DOWN 2.71 OR 1.47%
SLV/ $21.95 DOWN 0.26 OR 1.18%
end
USA AFFAIRS
‘Goldilocks’ Jobs Data Drives Stock Short-Squeeze, Hammers Bonds & Gold
BY TYLER DURDEN
FRIDAY, JUN 02, 2023 – 04:00 PM
Optimism started overnight with reports that China is considering further bailout moves for its ailing real estate industry (any stimulus is good stimulus and fully fungible, right?). Then payrolls printed hot (job gains better than expected), cold (unemployment jumps significantly), and just right (hourly earnings flat) and while rate-change expectations surged hawkishly…
Source: Bloomberg
…so did stocks! Small Caps were the week’s biggest winners (ripping from down over 2% on Wednesday to up 3% by the Friday close). The rest of the majors were up around 2% on the week…
Today saw the ratio of Nasdaq-to-Small-Caps hit its dotcom record high and reverse…
Source: Bloomberg
All thanks to a huge short-squeeze in the last two days…
Source: Bloomberg
Consumer Discretionary stocks outperformed while Staples lagged but all sectors ended the week green…
Source: Bloomberg
Regional bank stocks rose for the 3rd straight week, despite ongoing deposit outflows and rising usage of The Fed’s emergency bailout facilities…
Before we leave cash equity-land, it’s worth noting the divergence between Nasdaq and NVDA today…
Source: Bloomberg
And the fact that amid all the euphoria, NVDA has gone nowhere since the post-earnings spike…
VIX tumbled to a 14 handle today, breaking out of the three month range from 16-20…
…basically back to pre-COVID-lockdown levels…
Source: Bloomberg
The Put/Call ratio across all stocks dropped to its lowest since March 2022…
Source: Bloomberg
…driven by a surge in call volumes…
Source: Bloomberg
Bear in mind that the last two times that the options market has been this exuberant (or ignorant of risk) have marked local tops…
Source: Bloomberg
In spite of today’s selling pressure, Treasuries were bid during this holiday-shortened week with the short-end underperforming…
Source: Bloomberg
Despite today’s gains, the dollar was lower this week – breaking a three week streak of gains…
Source: Bloomberg
While BTC and ETH were the least exuberant, this week saw some strong gains in altcoins…
Source: Bloomberg
Bitcoin ended the week hovering around $27,000…
Source: Bloomberg
Commodities were mixed but China headlines overnight sparked gains today in crude and copper (and iron ore). Gold, silver, NatGas (ugly slide though), and copper all ended the week marginally higher while oil fell…
Source: Bloomberg
Gold futures tagged $2000 intraweek but faded back today…
Oil prices V’d on the week with WTI back at $72 by the close…
Finally, while mega-cap tech is a long-duration asset, since the start of May, the markets have hawkishly priced higher rates (and most notably today) and tech has soared (that’s not how it’s supposed to work)…
Source: Bloomberg
And that decoupling is more obvious on a longer-term basis…
Source: Bloomberg
How long can that last?
But that can’t happen again, right?
b) THIS MORNING TRADING // debt ceiling reports
Senate Rubber Stamps Debt Ceiling Band-Aid; Biden To Sign Into Law ‘As Soon As Possible’
THURSDAY, JUN 01, 2023 – 11:48 PM
As expected, Chuck Schumer’s Senate was a lock for approving the deal to raise the debt ceiling, which will be suspended until January 1, 2025 while spending will remain ‘roughly flat’ for the same period of time “when factoring in agreed upon appropriations adjustments” (oh?), and virtually none of what actual conservatives wanted came to pass.
The 63-36 bipartisan vote means that the legislation will now go to President Joe Biden’s desk – who ‘looks forward to signing the bill into law as soon as possible,’ according to a White House statement.
The Fiscal Responsibility Act suspends the debt ceiling until just after the 2024 elections, in exchange for a 3% cap on increases in military spending, and cuts to undetermined domestic programs. It will leave Medicare and Social Security intact.
The deal largely protects Biden’s legislative achievements of last year, with Republicans having little success in using the debt ceiling to dismantle his climate, tax and health law, the Inflation Reduction Act. But it also allows Republicans to point to spending cuts, given that spending caps are enforceable for fiscal years 2024 and 2025, and the party succeeded in clawing back some funding for the Internal Revenue Service and unspent Covid-19 money. WSJ
Passage of the bill averts a technical default, which was slated to happen as soon as June 5, when the Treasury department warned that the government would run out of money to pay its bills.
“America can breathe a sigh of relief, because in this process, we are avoiding default,” said Schumer (D-NY) in announcing the planned vote. “The consequences of default would be catastrophic. It would almost certainly cause another recession. It would be a nightmare for our economy and millions of American families.”
As the Wall Street Journal reports;
The bill’s passage closed out a relatively smooth final chapter in Congress’s efforts to tackle the debt ceiling after months of finger-pointing. Democrats accused Republicans of irresponsibly using the prospect of default to extort concessions, while Republicans countered that the nation’s growing debt called for decisive action, while also ruling out new taxes proposed by Biden.
The Treasury Department said in January that the nation had bumped up against the debt limit and started using extraordinary measures to keep the government solvent. Biden initially vowed that he wouldn’t negotiate on the debt ceiling, insisting that it be raised with no conditions attached. But talks between McCarthy, a California Republican, and the Democratic president kicked off in earnest last month, after House Republicans surprised many Democrats by staying largely united to pass a bill proposing deep spending cuts and rolling back parts of Biden’s climate and tax agenda. -WSJ
Passage by the Senate came less than 24 hours after the House finally approved the measure after weeks of negotiations which left conservatives livid over the fact that they got completely schooled out of meaningful spending cuts and other demands.
Under an agreement which allowed the Senate to fast-track the vote, the Senate agreed to entertain 11 amendments – all of which were rejected, as any of them would have required the legislation to be sent back to the House – which has already left town, for a re-vote.
More via Reuters;
Getting it through the Senate Thursday night took hours of negotiations between the two parties, with independent Senator Kyrsten Sinema shuttling in designer sneakers between Republicans lunching on the second floor of the Capitol and Democrats on and off the Senate floor.
Ultimately, they settled on allowing uncharacteristically speedy votes on 11 amendments — all of which failed — and a pair of statements from Schumer aimed at soothing concerns about defense spending levels and other potential cuts.
Schumer made it clear that the Senate could bypass the spending caps in the bill for Ukraine, defense and domestic priorities using emergency funding, though the Rpublican-controlled House would have to concur.
“I am pleased that, under President Biden’s leadership, Congress has passed bipartisan legislation to suspend the debt limit and prevent a first-ever default by the United States,” reads a Thursday night statement from Treasury Secretary Janet Yellen. “This legislation protects the full faith and credit of the United States and preserves our financial leadership, which is critical to our economic growth and stability.”
“A default would have caused severe hardship for American families, potentially leading to the loss of millions of jobs and trillions in household wealth, and higher financing costs for American taxpayers for years to come. The bipartisan agreement also protects against efforts to roll back the President’s core economic agenda – one that has contributed to a historically strong and resilient economic recovery. Congress has a duty to ensure that the United States can pay its bills on time, and I continue to strongly believe that the full faith and credit of the United States must never be used as a bargaining chip.”
END
i c Morning/ Jobs Report
Another phony jobs report: payrolls rise by 339,000. The B/D plug added a fictitious 231,000 jobs
(zerohedge)
Payrolls Soar By 339K, Blowing Away Highest Estimate, Even As People Employed Tumble By 310K Sending Unemployment Rate Higher
FRIDAY, JUN 02, 2023 – 08:41 AM
With consensus expecting a modest payroll drop from 291K to 195K, the whisper number coming in alittle higher at 225K and Goldman’s trading desk nfp matrix as follows: “a print sub 100k likely hits the tape by ~100bps and a print north of 375k hits the tape by 25 – 50bps“, literally nobody was expecting a print above 252K which was the highest forecast among economists, moments ago the BLS reported yet another blowout stunner: according to Biden’s Dept of Labor, in May the US added a whopping 339K jobs, almost double the median estimate and well above the highest forecast.
There were of course, revisions, with the March payrolls change revised up by 52,000, from +165,000 to +217,000, and the change for April was revised up by 41,000, from +253,000 to +294,000. With these revisions, employment in March and April combined is 93,000 higher than previously reported.
Going back to the May print, not only was this a 4 sigma beat to expectations…
… but it was the 12th beat of expectations in the past 13 months.
And yet, while the Establishment survey was a blowout beat and the strongest print since January, the Household survey unexpectedly tumbled by the most since April 22 as it plunged by 310K jobs…
… pushing the divergence between the two series back to near record wides…
… and resulting in a 0.2% jump in the Unemployment rate which rose from 3.4% to 3.7%.
One possible reason for the massive divergence: the birth death model “added” 231K jobs in March. These are not actual jobs, but merely an assumption by the BLS as to how many new businesses were created and hired workers based on statistical assumptions. Again, these are not actual jobs.
The less volatile (and manipulated) participation rate came in as expected at 62.6%, unchanged from last month.
And another paradox: despite the blowout payrolls number, in May both full-time and part-time workers dropped, by 220K and 23K, respectively.
Turning to wages, the sequential print of 0.3% came in line with expectations (and a drop from last month’s downward revised 0.4%), while the YoY print of 4.3% was just below the 4.4% expected increase and down from 4.4% last month
Here’s the breakdown by industry. “Information” wages the big outlier up a whopping 1.64% MoM.
The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.3 hours in May. In manufacturing, the average workweek was unchanged at 40.1 hours, and overtime edged up by 0.1 hour to 3.0 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.8 hours.
Some more details from the BLS:
- The number of persons employed part time for economic reasons, at 3.7 million, changed little in May. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs.
- The number of persons not in the labor force who currently want a job was 5.5 million in May, little different from the prior month. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
- Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force was little changed at 1.5 million in May. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was little changed over the month at 422,000.
Looking at a breakdown in the actual payrolls added by the increasingly unrealiable Establishment survey, we find the following:
- In May, professional and business services added 64,000 jobs, following an increase of similar size in April. Employment growth continued in professional, scientific, and technical services, which added 43,000 jobs in May.
- Government employment increased by 56,000 in May, compared with the average monthly gain of 42,000 over the prior 12 months. Employment in government is below its pre-pandemic February 2020 level by 209,000, or 0.9 percent.
- Health care added 52,000 jobs in May, similar to the average monthly gain of 50,000 over the prior 12 months. In May, job growth occurred in ambulatory health care services (+24,000), hospitals (+20,000), and nursing and residential care facilities (+9,000).
- Employment in leisure and hospitality continued to trend up in May (+48,000), largely in food services and drinking places (+33,000). Leisure and hospitality had added an average of 77,000 jobs per month over the prior 12 months. Employment in this industry remains below its February 2020 level by 349,000, or 2.1 percent.
- In May, construction added 25,000 jobs, including 11,000 jobs in heavy and civil engineering construction. Over the prior 12 months, construction had added an average of 17,000 jobs per month.
- Employment in transportation and warehousing increased by 24,000 in May. Transit and ground passenger transportation added 12,000 jobs, offsetting a decrease in the prior month. In May, employment also increased in couriers and messengers (+8,000) and air transportation (+3,000). Employment in transportation and warehousing has shown no clear trend in recent months.
- Employment in social assistance rose by 22,000, in line with the average monthly gain of 23,000 over the prior 12 months. Over the month, individual and family services added 17,000 jobs.
And visually:
Of the above, one was especially laughable: the 25K new construction jobs was the biggest increase since Jan…
… and is perfectly logical, because clearly one goes on a construction worker hiring spree when mortgage rates are 7%.
Commenting on the numbers, TD Securities strategist Priya Misra focused on the Establishment survey, and said that “Very strong payroll report and upward revisions the last few weeks and that is bear flattening the curve. The Fed is likely to hike in June and that is our base case. We think there should be some chance of a July hike as well.”
And while the market appears to lean in that direction, it’s not convinced yet, as swaps traders slightly boosted the probability of the Fed hiking rates at its policy meeting this month, to around a 40% chance. They also bumped up — to around 88% — the chance of a quarter-point increase for the July meeting.
Gregory Faranello, head of rates trading and strategy for AmeriVet Securities, also chimed in: “There is something in this report for everyone. The increased layoffs are beginning to flow through. We don’t believe this number changes the dynamic for a skip at this month’s Fed meeting when looking at the fine details.”
And while yet others were so drawn into the minutae of the report to think it matters (it does not with futures virtually unchanged since before the print), like Academy’s Peter Tchir who writes that “I do think we should see yield curve 2s vs 10s continue to invert more, and approach -85 or more,” says Peter Tchir, Academy Securities head of macro strategy”, the more pragmatic analysts are starting to echo Zero Hedge in realizing that it’s all one big joke courtesy of the Biden jobs department.
end
II) USA DATA/
III) USA ECONOMIC STORIES
Get a load of this; all new jobs since the COVID crash have gone to foreign workers
(zerohedge)
All New US Jobs Since The Covid Crash Have Gone To Foreign-Born Workers
THURSDAY, JUN 01, 2023 – 09:16 PM
We live in a strange time, one where the formerly unthinkable – skepticism among the “very serious people” about government data veracity – has become mundane. And yet even though numerous bank analysts and strategists, and this site of course, have repeatedly raised questions and concerns about the credibility of the most important US economic data – the monthly jobs report – nothing ever changes and if it does, it comes in the form of periodic “seasonal adjustment” resets where we “learn” that all the data that guided markets and central banks, had been fake, manipulated wrong for years.
But even if one ignores the blatant manipulation of economic data by self-serving administrations, who hope to generate political brownie points by casting the economy in a far stronger light than is merited in reality, there are still various bizarre offshoots within the data which few notice yet which are instrumental to maintaining the fake narrative.
Such as this: readers are probably aware that according to the BLS, there are now roughly 3.3 million more jobs (155.7 million) than there were at the peak just before the covid crash (152.4 million).
On the surface, this is an impressive accomplishment, as a deficit of some 22 million jobs has been erased in under three years.
But then, if one starts digging, some peculiarities emerge, like for example that much of jobs created in recent years have gone to “multiple jobholders“, meaning that not every “payroll” has been assigned to a unique individual, but instead there are now people who hold two, three or more jobs to make ends meet.
Or that much of the recent job creation has gone to low-paying part-time workers while full time jobs have stagnated.
Or that according to the household survey there was virtually no new jobs created for much of 2022 even as the establishment survey indicated that over 2 million new jobs had been added over the same period.
To be sure, it didn’t take long after we pointed out these glaring narrative “glitches” and discrepancies for the BLS to notice and to make the appropriate adjustments and historical revisions to the data to make it coherent. After all, bureaucrats are not very diligent and attention oriented, and manipulating bureaucrats are even worse.
Yet one place where the BLS has allowed a glaring data deficiency to persist, is in what will soon be a very politically charged and sensitive data series: where have all the new workers come from.
As noted above, if one believes the BLS, US payrolls are now a record high 155.7 million, or 161 million employed workers according to the Household survey. But if one digs a little deeper, one finds something rather peculiar: all of the jobs created since the covid crash have gone to foreign-born workers!
That’s right: as shown in the chart below, there are currently 131.1 million native-born US workers, which is down more than half a million from the pre-covid peak of 131.7 million reached in October 2019 (data source: Federal Reserve). Meanwhile, if only looks at the number of foreign-born workers, here the data paints a very different picture: having peaked at 27.8 million in Feb 2019, the number of foreign-born workers has not only recovered its covid crash losses, but has increased by an additional 2.2 million to a record 30.0 million as of April 2023!Source: Federal Reserve FRED (native-born and foreign-born workers)
This means that all the new job creation since the covid crash has gone to foreign workers, with native-born workers stagnating and still unable to break above pre-covid highs, even though if one merely extends the pre-covid trendline, native-born workers should have long ago surpassed their 2019 highs. Said otherwise, millions of native jobs have quietly gone to (lower paid) foreigners.
But what if the data shown above is merely a product of uneven distribution of hiring while the labor force growth has been similar. Good question, and to answer that we have looked not at the change in absolute jobs/workers but the change in labor forces, native-born and foreign-born, indexed at 100 as of Oct 2019. The result, shown below, speaks for itself.Source: Federal Reserve FRED (native-born and foreign-born labor force)
And there you have it: both the number of native-born workers and the actual native-born labor force have stagnated, while foreign-born workers have flourished and captured market share or rather employment and wage share from native Americans.
To be sure, there is much to analyze: unfortunately the BLS does not break down the “foreign-born” data set into legally and illegally-immigrated foreign-born workers, although considering that it was virtually impossible for legal foreigners to enter the US – let along work in it – for nearly two years after the covid pandemic broke out, it is rather safe to assume that much of the foreign-born work has gone to illegal immigrants.
Which then begs the question: how does this impact inflation? We already know that wage inflation is supposedly off the charts, but if the bulk of new hiring has gone to foreign-born workers who, for the most part, represent a cheaper labor option for employers, does that mean that wage inflation would be that much higher if most new workers had been native-born? What will happen to inflation if, say, Trump or DeSantis makes it a campaign pledge to focus on hiring native-born workers?
And another question: what does this track record mean for the coming presidential mudslinging campaigns – what impact will it have on the reputation of, say, Joe Biden, when he is asked why all new jobs under his administration have gone to foreign-born workers while native-born Americans have been left to stagnate?
We hope to have the answers soon enough; for now, however, we have another jobs report to focus on in just a few hours. And if the recent track record of the BLS “accuracy and integrity” is any indication of what to expect, tomorrow’s numbers should push what are already ridiculous job numbers well into the realm of peak absurdity.
END
Virginia and West Virginia governors sending their national guard troops to Texas border
(zerohedge)
Virginia, West Virginia Governors Sending National Guard Troops To Texas Border
THURSDAY, JUN 01, 2023 – 09:40 PM
Authored by Ryan Morgan via The Epoch Times (emphasis ours),Texas Army National Guard look on as illegal immigrants board a bus after surrendering to U.S. Customs and Border Protection (CBP) Border Patrol agents for immigration and asylum claim processing following the end of Title 42 on the U.S.-Mexico border in El Paso, Texas, on May 12, 2023. (Patrick T. Fallon/AFP via Getty Images)
The governors of Virginia and West Virginia are the latest Republican state leaders to announce deployments of National Guard troops to assist Texas Gov. Greg Abbott’s border security efforts.
On Wednesday morning, Virginia Gov. Glenn Youngkin announced he would deploy 100 of his state’s National Guard troops to Texas.
“The ongoing border crisis facing our nation has turned every state into a border state,” Youngkin said. “As leadership solutions at the federal level fall short, states are answering the call to secure our southern border, reduce the flow of fentanyl, combat human trafficking and address the humanitarian crisis. Following a briefing from Governor Abbott last week, Virginia is joining other states to deliver on his request for additional assistance.”
In a Wednesday morning press conference, West Virginia Gov. Jim Justice also announced he would deploy 50 of his state’s National Guard troops to Texas.
“I know our National Guard will do incredible work, and we’ll wish them Godspeed to get home safe and sound,” Justice said. “I thank them all for their incredible bravery and for stepping up yet again to answer the call.”
Abbott has been using Texas state resources in recent months in a mission to stem the flow of illegal border crossings into the country. In recent weeks, Texas National Guard troops and Department of Public Safety officers have been seen setting up razor fences and turning back people attempting to cross from Mexico into Texas illegally.
Abbott has stepped up this border security effort after President Joe Biden’s administration ended the federal Title 42 immigration policy on May 11. Following the outbreak of COVID-19, U.S. officials had used Title 42 authorities to rapidly turn away and expel illegal immigrants under public health justifications.
On May 16, 24 Republican governors signed a letter pledging to support Abbott’s border security effort, including Youngkin and Justice. Since then, several Republican governors have deployed their state National Guard troops and state police resources to assist border control efforts.
Other States Sending Troops
Florida Gov. Ron DeSantis was among the first Republican governors to pledge specific resources to Abbott’s border security mission. On May 16, DeSantis announced his state would send 800 Florida National Guard soldiers, 200 Florida Department of Law Enforcement officers, 20 Florida Fish and Wildlife Conservation Commission officers, and 20 Emergency Management personnel to Texas. DeSantis also pledged five fixed-wing aircraft, two mobile command vehicles, 17 unmanned aerial vehicles (drones), and 10 watercraft.
On May 17, Mississippi Gov. Tate Reeves announced an unspecified number of troops from the Mississippi National Guard’s 112th Military Police Battalion would deploy to assist U.S. Customs and Border Protection (CBP) officers and agents along the southwest border.
On May 24, Tennessee Gov. Bill Lee announced he had authorized the deployment of 100 Tennessee National Guard troops to the border. Lee said these troops would patrol and provide an added security presence at the border, help staff outposts, and assist in road and route clearance, barrier placement, and debris removal.
“America continues to face an unprecedented border crisis that threatens our nation’s security and the safety of Tennesseans,” Lee said of the deployment.
“The federal government owes Americans a plan to secure our country, and in the meantime, states continue to answer this important call to service,” Lee added. “I am again authorizing the Tennessee National Guard to help secure the Southern border, and I commend these troops for providing critical support.”
On May 24, Nebraska Gov. Jim Pillen also announced he would send 10 Nebraska state troopers to Texas to assist Abbott’s border security mission.
Read more here…
END
Might this be in the cards:
(Giambruno/International Man)
A Debt Jubilee Of Biblical Proportions Is Coming Soon… What You Need To Know
THURSDAY, JUN 01, 2023 – 08:20 PM
Authored by Nick Giambruno via InternationalMan.com,
Four thousand years ago, the rulers of ancient Babylon discovered a technique to stave off violent revolts.
In ancient times, there was a tendency for people to become hopelessly in debt to their creditors. Eventually, they would rise up and cause instability that could threaten the entire ruling system.
The rulers of the ancient world recognized this dynamic.
Their solution was to enact widespread debt cancellation—a debt jubilee.
Debt jubilees acted as a societal pressure release valve when there were no other options.
The practice spread in the ancient world and became codified in different civilizations.
For example, the Book of Leviticus recognizes debt jubilees as the end of a 49-year biblical cycle—seven cycles of seven years.
I think this ancient practice will make a big comeback soon as government, corporate, and personal debt have all reached unbearable levels today.
In fact, the debt jubilees have already started… and the investment consequences will be profound.
The Biggest Wealth Transfer in History
It’s important to note that debt jubilees do not magically create new wealth.
They simply redistribute it.
Debt jubilees are government decrees that amount to a massive wealth transfer with big winners and losers.
The PPP loan forgiveness during the Covid hysteria was the prelude.
President Biden’s student loan forgiveness took it to the next level.
The student loan forgiveness was unprecedented. Unilateral executive action of this size has never occurred during a time of peace. Moreover, Congress, not the president, is supposed to make spending decisions of this magnitude.
It is estimated that the immediate and deferred costs of the student loan forgiveness to be at least $590 billion.
Biden’s student loan debt jubilee went too far for even Obama’s former chief economic advisor, Jason Furman, who described it as:
“Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless.”
Aside from the inflationary effects—which I’ll get to in a moment—the student loan jubilee also set a precedent that I think will be impossible to reverse.
Consider how the people who behaved prudently feel.
These people took different career paths to avoid student loans, cut back on their spending so they could afford college without borrowing, or paid off their student debt.
These people are probably feeling like suckers now.
Not only do they not get any debt relief, but they will have to foot the bill in one way or another to pay for those who had their student loans forgiven.
I imagine these people will be angry and probably have considerable car, mortgage, and credit card debt, as many Americans do. So they will want debt relief too… and I bet they will get it.
Amid rising prices, consumer debt is skyrocketing. It is at an all-time high of over $16 trillion, as seen in the chart below.
With interest rates rising, the cost of servicing this record debt is becoming unbearable for many. As a result, many Americans have reached their maximum debt saturation and are hitting a financial breaking point.
As Biden demonstrated, all it takes is a President’s pen stroke to wipe out hundreds of billions in debt.
I think the political pressure to do this again will be irresistible—especially before elections—as a way to court voters.
The student loan jubilee set a precedent.
I don’t think it will be long before we see a credit card jubilee, a car loan jubilee, or a mortgage jubilee.
How will the government pay for all these jubilees?
It’s improbable they could raise taxes enough to pay for them.
It also wouldn’t make sense to issue more debt to cancel other debts.
That leaves money printing as the only way they can finance these jubilees. So my guess is that’s what they’ll do.
That’s why the coming debt jubilees will pour “gasoline on the inflationary fire that is already burning.”
But it’s not just consumer debt that has become unbearable. The big enchilada is the US government’s federal debt.
The Coming Federal Debt Jubilee
The US federal government has the biggest debt in the history of the world. And it’s continuing to grow at a rapid, unstoppable pace.
In short, the US government is fast approaching the financial endgame.
Here’s why…
Today, the US federal debt has gone parabolic and is scores of trillions.
To put it in perspective, if you earned $1 a second 24/7/365—about $31 million per year—it would take you over 1,008,378 YEARS to pay off the US federal debt.
And that’s with the unrealistic assumption that it would stop growing.
The truth is, the debt will keep piling up unless Congress makes some politically impossible decisions to cut spending. But don’t count on that happening. In fact, they’re racing in the opposite direction now that they’ve normalized multitrillion-dollar deficits.
The amount of debt is so extreme that even a return of interest rates to their historical average would mean paying the interest expense on the debt would consume more than half of current tax revenues. Interest expense would eclipse Social Security and defense spending and become the largest item in the federal budget.
Second, a return to the historical average interest rate will not be enough to reign in inflation—not even close. A drastic rise in interest rates is needed. If that happened, it could mean that the US government is paying more for the interest expense than it takes in from taxes.
In short, the Federal Reserve is trapped.
Raising interest rates high enough to dent inflation would bankrupt the US government.
In other words, it’s game over. They have no choice but to “reset” the system—that’s what governments do when they are trapped.
How are they going to reset the system?
Nobody knows for sure. But I’d bet a debt jubilee of biblical proportions will be a big part of it.
So then, how will the US government repudiate its impossible federal debt burden?
My guess is that they won’t be explicit. That would look too much like a default. It would destroy the role of the US as the center of the world’s financial system.
Given a choice, I don’t think the US government would choose immediate self-destruction. Since power does not relinquish itself voluntarily, we should presume they’ll decide to stealthily implement their federal debt jubilee through inflation.
Inflation is a big bonus to debtors. It allows you to borrow in dollars and repay in dimes.
And since the US government is the biggest debtor in the history of the world, it is the single largest beneficiary of inflation.
That’s why I think the federal debt jubilee will come in the form of a massive wave of inflation.
Here’s the bottom line.
The coming debt jubilees could have the effect of wiping out many trillions worth of liabilities and creating previously unfathomable inflation.
That could trigger the largest wealth transfer in history.
Remember, debt doesn’t exist within a vacuum. It is a liability to the borrower and an asset to lender.
Those storing their wealth in government currencies, bondholders, and creditors will be the big losers.
Debtors and those who own unencumbered scarce assets will be the big winners.
It’s certainly not a just outcome.
Prudent savers shouldn’t be made to pay for the excesses of the debtors.
But notions of what is just or not did not impede Biden’s student loan jubilee—and they certainly won’t for the coming jubilees.
Although that will be unfortunate for many people, there is simply nothing anyone can do now.
The debt levels have already reached a point of saturation, and the government could soon see jubilees as a politically attractive option.
That’s why it is best to recognize the reality of this Big Picture and get positioned accordingly.
That means owning scarce and valuable assets that are not simultaneously someone else’s liability.
Crucially, this excludes fiat currency in bank accounts.
Remember, fiat currency is the unbacked liability of a bankrupt government.
Further, once you deposit currency into a bank, it is no longer yours. Technically and legally, it is the bank’s property, and what you own instead is an unsecured liability of the bank.
In an era of jubilees in which debts are wiped clean, you won’t want to be on the other end of unsecured liabilities or IOUs of any kind.
I suspect it could all go down soon… and it will not be pretty for many.
Most people have no idea how bad things can get… let alone how to prepare.
That’s why I’ve recently published a how-to guide detailing the best ways to protect your savings. It’s called The Most Dangerous Economic Crisis in 100 Years… the Top 3 Strategies You Need Right Now.
Click here to download the free PDF.
END
The huge increase in mortgage rates has now caused investors to back away from home purchases
(zerohedge)
Investor Home Purchases Collapse Most On Record
THURSDAY, JUN 01, 2023 – 08:00 PM
Residential real estate brokerage firm Redfin released new data that revealed a record-breaking drop in homes purchased by investors in the first quarter. This sharp decline is due to a combination of elevated interest rates and sliding home prices, which impacts potential future returns. With investors retreating to the sidelines, buyers in the market have dramatically shrunk, and price wars have eased.
Redfin data shows investors purchased 48.6% fewer homes in the first quarter compared with the same period last year. This was the most significant plunge on record.
To illustrate just how the Federal Reserve’s 14 months of aggressive interest hikes have chilled a major buyer of the residential real estate market, Redfin shows the record-breaking pullback in the chart below:
The brokerage said the investors still in the market have shifted to buying or flipping more affordable properties due to tightening credit conditions. Getting financing for lower-priced homes is easier, and there’s more demand. Low-priced home purchases surged to a two-year high, and a record 41.1% of investor purchases in the quarter were starter homes.
Redfin Senior Economist Sheharyar Bokhari said overall, investors have “pumped the brakes on home purchases.” However, he said, “They’re still scooping up a bigger share of homes than they were before the pandemic, which can create challenges for individual buyers at a time when there are so few homes for sale.”
Investors made up 17.6% of the market in the first quarter, down from 20.4% a year earlier. Still, the investor share of purchased homes is near record levels.
The rapid increase in the 30-year fixed mortgage rate to over 7%, not seen since the Dot Com bust, has been the main driver in cooling demand.
In a separate report, Lotfi Karoui, chief credit strategist at Goldman Sachs, offered some good news to clients that mortgage rates are expected to top around these levels and fall to under 6% in 2024.
Karoui pointed out that housing affordability has slightly improved but remains at decade lows.
And the inventory of existing homes remains extraordinarily tight.
“Beyond 2023, we expect a rebound in home prices as the impact of policy tightening subsides. While our economists think another policy rate hike this year is a possibility, their baseline expectation is that the Fed has ceased policy tightening. History indicates that home prices tend to grow after the conclusion of a hiking cycle, using 1995, 2000, and 2018 as a guide,” the Goldman analyst noted.
The silver lining is that investors are no longer saturating the market and sparking price wars as they did before and during the Covid era. Financing deals is becoming more challenging due to the increased cost of money, which is expected to continue to weigh on home purchases.
END
SF mayor London Breed makes a U turn and now wants to fund the police after major company exodus
(zerohedge)
San Francisco Mayor Makes U-Turn To Fund Police After Company Exodus Pressures City Finances
THURSDAY, JUN 01, 2023 – 06:00 PM
A few years back, San Francisco’s Mayor, London Breed, responded to demands from Black Lives Matter protesters by defunding the police. Fast forward to today, the crime-ridden city with out-of-control theft has experienced a business exodus and a shaky recovery. Breed’s decision to defund the police has backfired. In an about-face, she plans to boost police funding to attract businesses back to the downtown area.
Mayor Breed’s new $6.85 billion budget highlights the challenges faced by San Francisco as the city grapples with sliding tax revenue, some of the lowest office occupancy rates in the country, and a growing number of business leaders and residents urging officials to clamp down on crime. Bloomberg said the mayor unveiled the two-year budget that increases funding for police and expands the police force by 200 officers.
“We have been forced to make some really challenging changes to our budget,” Breed said while she announced her budget this week. She added: “How we get people and businesses back on their feet is exactly what this budget is proposing to do.”
Breed’s policy U-Turn is embarrassing — because defunding then refunding the police — is one of the biggest admittance of any metro area that progressive policies have flat-out failed to make cities safer. These disastrous policies have transformed San Francisco and many other metro areas into hellholes. We must add business leaders and residents must hold the mayor and other Democrats accountable for implementing failed policy — just as the people did when they voted out the Soros-backed progressive district attorney last year.
As we’ve pointed out, “Downtown San Francisco Becomes A Ghost Town As Major Retailers Flee” and “A Record 30% Of San Francisco Office Space Is Vacant.” There’s also a growing list of businesses that have closed up shops in the downtown area because of soaring crime.
Bloomberg pointed out, “Looming over San Francisco’s budget fight is the prospect that city finances could worsen in the coming years as a tech exodus and downtown’s sluggish recovery metastasize into deeper cuts to city services.”
In addition to plans to refund the police, she is addressing the homelessness and addiction crisis by providing hundreds of new treatment beds. Maybe Democrats are figuring out that allowing these folks to roam the streets like a zombie movie is terrible for business.
Bloomberg also said budget forecast in March revealed that the 2025 single-year deficit would grow to $724 million. Then by 2026, it’s expected to exceed $1 billion.
“It’s really bad in San Francisco,” Mark Ritchie, a commercial real estate broker with decades of experience in the metro area. He said, “Nobody knows what the solution is.”
Reversing disastrous progressive policies that have transformed the city into a dump is a start. Companies may want to come back. But something tells us that with high living costs, many firms who’ve shifted operations to other areas and or states are never returning.
Failed progressive policies have led to the implosion of San Francisco.
end
USA// COVID
SWAMP STORIES
FBI To Finally Hand Over Biden Corruption Docs Under Threat Of Contempt
FRIDAY, JUN 02, 2023 – 12:20 PM
Rather than face a potential contempt of Congress vote in the GOP-controlled House, the FBI has agreed to hand over a subpoenaed document from the Biden family investigation which a whistleblower says contains allegations that Joe Biden, when he was VP, engaged in a bribery scheme to change US policy in return for $5 million to his family businesses.
Once the existence of the document was made known, Sen. Chuck Grassley (R-IA) demanded to see it, followed by a subpoena from House Oversight Committee Chairman James Comer (R-KY).
FBI Director Christopher Wray indicated as recently as Wednesday that he wouldn’t turn over the document, but would allow lawmakers to come to the FBI and read it in person. According to Just the News, however, a deal was struck late Thursday for the FBI to bring the document to the Capitol.
“Chairman Comer will receive a briefing from the FBI and review the document on Monday,” his committee told JTN. “Chairman Comer has been clear that anything short of producing the FD-1023 form to the House Oversight Committee is not compliance with his subpoena. This unclassified record contains pages of details that need to be investigated further by the House Oversight Committee.“
The FBI told Just the News that it wanted to accommodate Congress, while maintaining sensitive confidential human source information which is often recorded in memos before it can be corroborated. In other words, according to the FBI ‘it might be fake news!’
“Director Wray offered to provide the Committee’s Chairman and Ranking Member an opportunity to review information responsive to the subpoena in a secure manner to accommodate the committee, while protecting the confidentiality and safety of sources and important investigative sensitivities,” said the bureau. “The FBI has continually demonstrated its commitment to working with the Committee to accommodate its request, from scheduling briefings and calls to now allowing the Chair to review information in person. The FBI remains committed to cooperating with the Committee in good faith.”
The bureau also cautioned that FD-1023 forms are “used by FBI agents to record unverified reporting by a confidential human source. Documenting the information does not validate it, establish its credibility, or weigh it against other information verified by the FBI. -Just the News
“Revealing unverified or possibly incomplete information could harm investigations, prejudice prosecutions or judicial proceedings, unfairly violate privacy or reputations, create misimpressions in the public, or potentially identify individuals who provide information to law enforcement, placing their physical safety at risk,” the agency statement continued.
They didn’t seem to mind creating ‘misimpressions in the public’ when they launched the Trump-Russia investigation despite knowing that the Steele Dossier was a complete fabrication.
END
THE KING REPORT
| The King Report June 2, 2023 Issue 7003 | Independent View of the News |
| GOP Sen. @BasedMikeLee: The Biden-McCarthy Debt Expansion Act just passed the House. To those who thought this was a Republican bill, the numbers don’t lie: 165 Democrats voted for it, and only 149 Republicans joined them. Those voting against it included 71 heroic Republicans and only 46 Democrats. I wonder how many of the Democratic “no” votes were cast by people who were told by Democratic leaders to vote against the bill—so as not to signal too much to their Republicans colleagues that they’ve been played… GOP Rep. @KevinRobertsTX: The fact that more Democrats than Republicans voted for the bad debt ceiling deal tells you which side got more in this “compromise.” The everyday American will pay the price, as they always do, for the shortage of elected officials willing to fight for their interests. @nicksortor: Speaker McCarthy quietly made a last-second side deal with Democrats tonight to save the debt ceiling bill, according to Axios. High level Democrat sources are saying the side deal INCREASES federal spending for projects in Democrats’ districts. Jeffries, McCarthy offices say there was no deal to save debt ceiling bill Four Democratic lawmakers said they had been told of a deal, with two saying they believed it involved boosting federal funding for projects in Democrats’ districts — known as earmarks or “community project funding” — if Democrats voted to advance the bill. https://www.axios.com/2023/06/01/jeffries-mccarthy-debt-ceiling-bill-deal Politico’s @sarahnferris: (GOP Rep) Biggs is not happy that debt deal passed with more Democrats than Republicans. “We were told they’d never put a bill on the floor that would take more Democrats than Rs to pass. We were told that.” CNN’s @MZanona: Just asked McCarthy about this. He said “I never remember that at all” re: promising that bills pass with more Rs than Dems. Asked if it’s a problem that more Dems backed the deal, he said: “No, no.” Said he promised 2/3 of his conference would support, and he delivered. US Economic Data released on ThursdayMay ADP Employment Change 278k, 170k expected, 291k revised from 296k priorQ1 Nonfarm Productivity -2.1%, -2.4% expected, -2.7% priorQ1 Unit Labor Costs 4.2%, 6% expected, 6.3% priorInitial Jobless Claims 232k, 235k expected, 230k (from 229k) priorContinuing Claims 1.795m, 1.8m expected, 1.789m (from 1.794m) priorMay S&P Global US Mfg PMI 48.4, 48.5 expected and priorMay ISM 46.9, 47 expected, 47.1 prior; Prices Paid 44.2, 52.3 expected, 53.2 prior, Employment 51.4, 50.2 prior, New Orders 42.6, 45.7 priorApril Construction Spending 1.2% m/m, 0.2% expected, 0.3% prior ESMs were volatile during Asian trading, oscillating between moderate gains and losses. ESMs and stocks rallied moderately from 4 ET until the US repo market opened at 7 ET. ESMs and stocks then sank until 9:52 ET. The much stronger than expected ADP Employment Change was a big factor. After the early NYSE decline, the usual suspects aggressively bought ESMs and stocks for the expected rally to start June. Trader’s Almanac: First trading day in June, Dow up 26 of last 33, down 4 of 5 2008-2012. With the profound upward bias of June 1 and no rate hike in June, traders aggressively bought ESMs, driving them from the daily low of 4178 at 9:52 ET to a peak of 4228.75 at 12:20 ET. ESMs and stocks went inert until a modest rally developed near 13:50 ET. It ended quickly. ESMs and stocks went inert again. At 14:52, the late manipulation commenced. ESMs jumped to a daily high of 4239.75 at 15:15 ET. Alas, too many traders were long for the expected late rally; ESMs sank 20 handles by 15:38 ET. The usual suspects forced ESMs 10 handles higher by the close. Positive aspects of previous session The standard equity rally to start June appeared; once again Fangs led the equity rally Negative aspects of previous session The dollar got hammered; precious metals rallied smartly Ambiguous aspects of previous session Bonds up, most stocks and commodities down: more defensive asset allocation? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Flat; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4208.36 Previous session High/Low: 4232.43; 4171.84 Minnesota to provide free college tuition to undocumented students The free college initiative, dubbed “North Star Promise,” will cover tuition at two- or four-year schools in the University of Minnesota or Minnesota State systems for students whose families make $80,000 or less annually. In order to qualify, applicants must meet other requirements, such as graduating from a Minnesota high school or living here for 12 months without being enrolled in college more than half-time… (More incentive to NOT work for the lower & middle classes!) https://www.msn.com/en-us/news/us/minnesota-to-provide-free-college-tuition-to-undocumented-students/ar-AA1bW6pR The Fed has been the majordomo for so long, particularly regarding asset inflation, the best & brightest on Wall Street (and at the Fed) have forgotten the role of fiscal policy in the economy. Though the Fed has been hiking rates, US governments at all levels have engaged in record deficit spending. With an election year approaching, governments at all levels will increase spending. Estimated Federal outlays will be ~25% of GDP for FY 2023. Perhaps this is why the stock market has traded sideways for 13 months. Fed rate hikes versus colossal socialistic spending for the coming 2024 Elections! @carlquintanilla: APOLLO: “Delinquency rates for credit card borrowers are approaching 2008 levels across all age categories.” Fed Balance Sheet: -$50.4B, Notes & Bonds -$33.93B; MBS -$12.189B; Reserves +$69.275B to $3.31T State Street (Heart of Chicago) Landlord Misses Payments On $50M Mortgage Owning retail space on State Street in the Loop has become tough… After trying unsuccessfully to sell a 171,000-square-foot retail space at State and Madison streets… Isaac Shalom missed its April and May interest payments on the property’s $49.7 million mortgage, according to recent securities filings… https://deal.town/crains-chicago-business/state-street-landlord-misses-payments-on-50m-mortgage-P38JKSV6L @CollinRugg: Mexican TV channel Milenio reports that U.S. made Javelin anti-tank missiles have ended up in the hands of the Cartel Del Golfo (CDG) in Tamaulipas, Mexico. Thousands of Javelins have been sent to Ukraine. “In Tamaulipas, an alleged member of the Gulf Cartel was recorded carrying one of the most exclusive and powerful weapons, a “javelin”, which has been used during the invasion of Ukraine with a value of between 20,000 and 60,000 dollars,” reported @azucenau. https://t.co/6eipFhLHwB Chemical found in widely used sweetener breaks up DNA Our new work establishes that sucralose-6-acetate is genotoxic. We also found that trace amounts of sucralose-6-acetate can be found in off-the-shelf sucralose, even before it is consumed and metabolized.”… https://www.news-medical.net/news/20230531/Chemical-found-in-widely-used-sweetener-breaks-up-DNA.aspx UCLA Law: Among U.S. adults, 0.5% (about 1.3 million adults) identify as transgender… Overall, based on our estimates from 2016-2017 and the current report, we find that the percentage and number of adults who identify as transgender has remained steady over time… Youth ages 13 to 17 comprise a larger share of the transgender-identified population than we previously estimated, currently comprising about 18% of the transgender-identified population in the U.S., up from 10% previously… https://williamsinstitute.law.ucla.edu/publications/trans-adults-united-states/ Dollar General workers demand safer working conditions as violence at stores surges https://t.co/j95gb6HP0H Dollar General cratered 19.47% on Thursday due to EPS of 2.34; 2.38 was expected; and same-store sales grew 1.6%; 3.8% was expected. DG sees 2023 EPS down 8% to flat from +4% to 6%. Today – With Fed officials signaling no rate hike in June, the May Employment Report should produce only a transitory effect, unless NFP or wages soar. Will USMs and ESMs react two minutes before the official release? Someone has been getting economic data before the official release. Most people realize that stocks tend to rally on Friday. Now that summer is here, absenteeism will increase on Friday, particularly in the afternoon. So, it will be easier to manipulate ESMs and stocks. ESMs are +2.00 and USMs are +3/32 at 20:40 ET; trading is lame ahead of the May Employment Report. Expected economic data: May NFP 195k, Mfg 5k, Rate 3.5%, Wages 0.3%, Workweek 34.4, Labor Force Participation Rate 62.6% S&P 500 Index 50-day MA: 4115; 100-day MA: 4064; 150-day MA: 4011; 200-day MA: 3975 DJIA 50-day MA: 33,340; 100-day MA: 33,335; 150-day MA: 33,339; 200-day MA: 32,764 (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 4133.40 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4188.84 triggers a sell signal At the US Air Force Academy graduation yesterday, Biden took a hard fall on the stage. He was helped to his feet and walked away without aid. Video: https://twitter.com/jacobkschneider/status/1664343681321541636 He’s fine. There was a sandbag on stage while he was shaking hands: Ben LaBolt (@WHCommsDir) @bennyjohnson: We were never supposed to see the bottom of his shoes (slip protection) https://twitter.com/bennyjohnson/status/1664417963510837248 Hunter Biden advised dad Joe’s VP office on China, Africa trip, further stripping prez’s denials: emails – First son Hunter Biden advised then-Vice President Joe Biden’s office on who to invite for state occasions involving China, as well as where to visit on a trip to Africa, emails reviewed by The Post show. A heavily redacted trove of messages was released by the National Archives on Wednesday — with uncensored emails from Hunter’s abandoned laptop filling in some of the blanks. The emails cast more doubt on the elder Biden’s blanket denial that he ever discussed his offspring’s overseas business interests… https://nypost.com/2023/05/31/hunter-biden-advised-dad-joes-vp-office-on-china-africa-trip-further-stripping-prezs-denials-emails/ Jamie Foxx Left ‘Paralyzed and Blind’ Due to Covid Vaccine, Sources Claim “Jamie had a blood clot in his brain after he got the shot. He did not want the shot, but the movie he was on, he was pressured to get it,” confessed Benza… https://valuetainment.com/jamie-foxx-left-paralyzed-and-blind-due-to-covid-vaccine-sources-claim/ @RobertKennedyJr: Germany’s Health Minister Karl Lauterbach just reversed his stance and admitted that vaccine injuries are a serious problem and that the vaccine companies should help compensate victims out of their “exorbitant” profits. It takes courage to admit that you were wrong. Lauterbach was an aggressive vaccine advocate, imposing lockdowns on the unvaccinated. Is it too much to hope for that some of our own officials will follow his example and admit they were wrong too? @DeSantisWarRoom: Tonight, Donald Trump said he wasn’t “allowed” to fire Fauci. But Trump repeatedly said he could have — but didn’t to avoid criticism by the media. Trump promised to Drain the Swamp. All we got were excuses. NEVER FORGET: Donald Trump repeatedly said he didn’t fire Fauci because he didn’t want to take “heat” from the media and the Left. @kylamb8: “I think the fact that Donald Trump gave Anthony Fauci a presidential commendation on Trump’s last day in office, that was a gut punch to millions of people around this country who were harmed by Fauci’s lockdowns,” — @RonDeSantis https://t.co/v3bvP6D43h @DeSantisWarRoom: Iowa voter tells Trump “We have lost people because you supported the jab.” Trump responds by praising the COVID mRNA shots, doesn’t acknowledge any of the adverse effects. “I was able to do something that nobody else could have done…There’s a big portion of the country that thinks [the jab] was a great thing.” https://twitter.com/DeSantisWarRoom/status/1664361000940851204 @emeriticus: Trump is incapable of acknowledging the concerns of his supporters or admitting fault. This exchange encapsulates his leadership style: do things that upset his supporters and then display a complete lack of remorse and arrogance toward them. He doesn’t respect his own base. @RobertKennedyJr: Donald Trump owns stock in Pfizer and J&J, who bought fancy tickets to his inauguration and placed pharma shills high in his administration. That’s how Washington works. It is not the exception, but the rule. It is a form of legalized bribery. DeSantis, Trump continue sparring over campaign promises: ‘Why didn’t he do it in his first four years?’ https://www.foxnews.com/politics/desantis-trump-continue-sparring-campaign-promises-didnt-first-four-years @nypost: DeSantis rips Trump over ‘juvenile’ name-calling in New Hampshire “It’s so petty… so juvenile… his conduct, which he has been doing for years now, is one of the reasons that he is not in the White House now… He alienated too many voters over things that don’t’ matter…” https://twitter.com/nypost/status/1664375287172194317 J6 Unmasked: Security footage shows Pelosi evacuating Hollywood-style from Capitol as daughter films – Pelosi has described having to evacuate a riotous Capitol on Jan. 6, 2021 as traumatic. But Capitol Police security footage obtained by Just the News shows the long-time Democrat leader exited Hollywood-style from the home of Congress that fateful day with her daughter filming her as security officers tried to guide her through a secret safe passage corridor… https://justthenews.com/government/congress/new-video-shows-pelosi-being-filmed-daughter-she-evacuates-us-capitol-jan-6 ‘Seven Women’: Financial Times Spiked #MeToo Story About ‘Prominent Left-Wing’ Journo https://www.zerohedge.com/political/seven-women-financial-times-spiked-metoo-story-about-prominent-left-wing-guardian-journo GOP Rep @RepMattGaetz: CNN reports the Pentagon has given a directive to no longer host drag show events on U.S. military installations or facilities following the “grilling that Congressman Matt Gaetz gave” Secretary Austin and General Milley. https://twitter.com/RepMattGaetz/status/1664381946489872385 @michaelpsenger: Former Chicago Mayor Lori Lightfoot has been hired to teach “Health Policy and Leadership” at the Harvard TH Chan School of Public Health based on her experience during COVID. Lightfoot has no background in science, epidemiology, or infectious disease. @ITGuy1959: Harvard has become the biggest scam since Bernie Madoff. University of Colorado Site Declares Misgendering an “Act of Violence” The Colorado controversy does not involve acts of violence over misgendering. Moreover, the guide reflects a deep-felt concern that using someone’s pronouns incorrectly, even unintentionally, leads to “dysphoria, exclusion and alienation.”… https://jonathanturley.org/2023/05/31/university-of-colorado-site-declares-misgendering-an-act-of-violence/?s=02 Newsom: Burnt Pride flag part of right wing effort to ‘eliminate existence of minority communities’ https://www.foxnews.com/politics/newsom-burnt-pride-flag-right-wing-eliminate-existence-minority-communities @seanmdav: When the left burned American flags, they told you it was free speech. When someone burns their religious rainbow flag, they say it’s a violent hate crime. See how this works? @megbasham: This issue is settled. The Supreme Court ruled in Texas v. Johnson that flag burning is protected symbolic speech. Your religion doesn’t get special rules. Is the Sleeping Conservative Dragon Finally Waking Up? – Victor David Hanson Conservatives, by their nature and unlike the Left, are more inclined to accept existing institutions rather than to radically alter or destroy them. They were asleep at the wheel in 2020, when left-wing-funded lawsuits radically transformed Election Day in many states into a mere construct. Some 70 percent of the electorate in key precincts voted by mail or early, with far fewer ballot audits or authentication… Traditionalists often feel they have no time for politics. They prefer to focus on their families, jobs, communities, and churches. Until recently they shunned organized boycotts. They abhor massing outside the homes of left-wing politicians and judges… So conservatives often slept through the woke revolution… So, conservatives are awakening from their slumber. And they are discovering that they too can boycott, agitate—and roar. The woke Target corporation in just a few days has suffered a more than $10 billion loss in its stock value… But the Left does not enjoy majority public support. And now it has managed the impossible—to goad the normally comatose conservative dragon to awaken. And it is just starting to breathe fire. https://amgreatness.com/2023/05/31/is-the-sleeping-conservative-dragon-finally-waking-up/ “Defeat is a state of mind; No one is ever defeated until defeat has been accepted as a reality.” Bruce Lee | |
GREG HUNTER
Debt Ceiling Explodes, Banks Implode and CV19 Bioweapon/vax Update
By Greg Hunter On June 2, 2023 In Weekly News Wrap-Ups12 Comments
By Greg Hunter’s USAWatchdog.com (WNW 584 6.2.23)
The Senate passed the House debt ceiling bill that will keep record high spending for at least two more years. Actually, there is no debt ceiling as this bill suspends it until 2025. Let the money printing begin, and now with a turbo charger!!! The hard part will be financing this pig of a debt deal. No way the federal government will sell this debt, which sources say will be at least $4 trillion in new spending. So, the Fed will be forced to monetize it. Count on much bigger inflation coming soon.
Half of America’s banks are insolvent, according to one overseas report out early last month. The report was not covered by the Lying Legacy Media (LLM) and largely missed by the Alt media. The report by the Financial Times says half of America’s 4,800 banks may already be insolvent. Yikes!! Maybe this is why Congress is getting ready to print trillions of new dollars. Is the banking system going to get yet another bailout? Will the U.S. dollar survive this round of money printing? To make matters worse, retail giants Costco and Macy’s are warning about a sinking economic forecast. Add four-fold rising announced layoffs this year, and things are not looking good at all.
Bad news for actor Jamie Foxx. He’s been in the hospital for more than a month for what was called a “medical complication.” We now find out the actor has a CV19 vax injury so bad it has left him blind and partially paralyzed. Is this the injury that will finally bring a spotlight to the dangers of the CV19 bioweapon/vax? On the other side of the Atlantic, testimony by Dr. David Martin is shedding a light on the CV19 bioweapon/vax because he proves in front of the EU Parliament that is exactly what it is. He shows records going back to 1990 to prove it. The video revealing this has gotten 200-million views. Dr. Martin says this presentation has hit “pay dirt” to wake up the world to the crimes committed with Covid and the CV19 Spike Protein bioweapon/vax.
The LLM has a special role in pushing this huge CV19 bioweapon/vax psyop, and you can see part of it here.
There is much more in the 52-minute news cast.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.2.23.
(https://usawatchdog.com/debt-ceiling-explodes-banks-implode-and-cv19-bioweapon-vax-update)
(Tech Note: If you do not see the video, know it is there. Unplug your modem and plug it back in after 30 sec. This will clear codes that may be blocking you from seeing it. In addition, try different browsers. Also, turn off all ad blockers if you have them. All the above is a way Big Tech tries to censor people like USAWatchdog.com.)
After the Wrap-Up:
Catherine Austin Fitts, Publisher of the Solari Report, will be the guest for the Saturday Night Post. She will break down the global economic news and talk about building up wealth to survive what is coming.
I will see you on MONDAY
harveyorganblog.com 
