by harveyorgan · in Uncategorized · Leave a comment·Editi
GOLD PRICE CLOSED: UP $5.00 TO $1958.40
SILVER PRICE CLOSED: DOWN $0.13 AT $23.54
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1961.45
Silver ACCESS CLOSE: 23.58
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Bitcoin morning price:, $26,777 DOWN 433 Dollars
Bitcoin: afternoon price: $25,502 DOWN 1708 dollars
Platinum price closing $1034.20 UP $31.35
Palladium price; $1414.95 UP $5.80
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: $2,636.75 UP 21.75 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1577.77 UP 13.34 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1830.80 UP 12 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,952.400000000 USD
INTENT DATE: 06/02/2023 DELIVERY DATE: 06/06/2023
FIRM ORG FIRM NAME ISSUED STOPPED
118 C MACQUARIE FUT 150
132 C SG AMERICAS 12
190 H BMO CAPITAL 36
323 C HSBC 365
323 H HSBC 127
363 H WELLS FARGO SEC 39
435 H SCOTIA CAPITAL 2
661 C JP MORGAN 231
661 H JP MORGAN 19
690 C ABN AMRO 4 7
709 C BARCLAYS 3
880 H CITIGROUP 118
905 C ADM 3
TOTAL: 558 558
MONTH TO DATE: 16,975
JPMorgan stopped 250/558 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 558 NOTICES FOR 55,800 OZ or 1.736 TONNES
total notices so far: 16,975 contracts for 1,697,500 oz (52.799 tonnes)
FOR JUNE:
SILVER NOTICES: 00 NOTICE(S) FILED FOR nil OZ/
total number of notices filed so far this month : 404 for 2,020,000 oz
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END
GLD
WITH GOLD UP $5.00
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/NO CHANGES IN GOLD INVENTORY AT THE GLD:////
INVENTORY RESTS AT 938.11 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN 13 CENTS AT THE SLV//
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 206,000 OZ FROM THE SLV/// INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 466.809 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A TINY SIZED 10 CONTRACTS TO 133,954 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 $0.23 LOSS IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A HUGE SIZED 1136 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 MONDAY: A HUGE 1136 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.23). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 646 CONTRACTS. WE HAD 500 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 2.5 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 2.5 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 STRONG SIZED ISSUANCE OF EXCHANGE FOR PHYSICALS( 636 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP + 2.5 MILLION OZ EXCHANGE FOR RISK// TOTAL STANDING FOR THE MONTH 4.675 MILLION OZ ) // SMALL SIZED COMEX OI GAIN/ STRONG SIZED EFP ISSUANCE/VI) HUGE NUMBER OF T.A.S. CONTRACT INITIATION (1136 CONTRACTS)//SOME T.A.S LIQUIDATION //FRIDAY
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -removed 148 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 3 days, total 901 contracts: OR 4.505 MILLION OZ . (300 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 4.505 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: 4.505 MILLION OZ//
RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 10 CONTRACTS DESPITE OUR STRONG FALL IN PRICE OF $0.23 IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE CONTRACTS: 636 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 0 OZ QUEUE JUMP+ 2.5 MILLION EXCHANGE FOR RISK//NEW TOTAL STANDING: 6.675 MILLION OZ////// .. WE HAVE A STRONG SIZED GAIN OF 646 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE 1136//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED FRIDAY. THE NEW TAS ISSUANCE WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 00 NOTICE(S) FILED TODAY FOR nil 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 STRONG SIZED 7397 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 – 175 CONTRACTS
WE HAD A STRONG SIZED DECREASE IN COMEX OI ( 7397 CONTRACTS) DESPITE OUR $24.40 LOSS 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 62.574 TONNES STANDING SO FAR // + /A STRONG ISSUANCE OF 1389 T.A.S. CONTRACTS/CONSIDERABLE FRONT END OF TAS LIQUIDATION FRIDAY ////YET ALL OF..THIS HAPPENED WITH A $24.40 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING.WE HAD A GOOD SIZED LOSS OF 4982 OI CONTRACTS (15.49 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2415 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,965
IN ESSENCE WE HAVE A GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4982 CONTRACTS WITH 7397 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A HUGE 1389 CONTRACTS) AND 2415 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 4982 CONTRACTS OR 15.49TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2415 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (7397) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 4982 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 3,000 OZ QUEUE JUMP//0 OZ E.F.P. JUMP // NEW STANDING RISES TO 62.674 TONNES// /3) GOOD LONG LIQUIDATION//4) STRONG SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 1389 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: 8178 CONTRACTS OR 817,800 OZ OR 25.412 TONNES IN 3 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 3 TRADING DAY(S) IN TONNES 25.412 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 25.412/3550 x 100% TONNES 0.704% 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: 25.412 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 10 CONTRACTS OI TO 133,806 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 636 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 636 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 636 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 190 CONTRACTS AND ADD TO THE 636 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 646 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 3.23 MILLION OZ
OCCURRED DESPITE OUR STRONG $0.23 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED UP 2.07 PTS OR 0.07% //Hang Seng CLOSED UP 158.56 PTS OR 0.84% /The Nikkei closed UP 693.21 OR 2.20% //Australia’s all ordinaries CLOSED UP 0.95 % /Chinese yuan (ONSHORE) closed DOWN 7.1162 /OFFSHORE CHINESE YUAN DOWN TO 7.1281 /Oil UP TO 71,27 dollars per barrel for WTI and BRENT AT 73.91 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 7397 CONTRACTS DOWN TO 435,965 WITH OUR LOSS IN PRICE OF $24.40 ON FRIDAY,
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 2415 EFP CONTRACTS WERE ISSUED: : AUGUST 2415 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2415 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 4,982 CONTRACTS IN THAT 2415 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED LOSS OF 7397 COMEX CONTRACTS..AND THIS GOOD SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR STRONG LOSS IN PRICE OF $24.40. 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 FOR MONDAY WAS A VERY LARGE 1389 CONTRACTS. DURING OUR PAST WEEK, THE BANKERS SOLD OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR SPREAD WHICH WILL BE LIQUIDATED TWO MONTHS HENCE//
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (62.674) ( 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: 62.674 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $24.40) //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD OUR GOOD SIZED LOSS OF 4982 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION . THE TAS ISSUED FRIDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE LOST A TOTAL OI OF 15.49 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 3000 OZ QUEUE JUMP..NEW STANDING REMAINS AT 62.674 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $24.40
WE HAD – REMOVED 175 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET LOSS ON THE TWO EXCHANGES 4982 CONTRACTS OR 498, 200 OZ OR 15.49 TONNES.
Estimated gold volume today:// 175,155 poor
final gold volumes/yesterday 216,966 fair
//JUNE 5/ 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 | NIL oz |
| No of oz served (contracts) today | 558 notice(s) 55,800 OZ 1.736 TONNES |
| No of oz to be served (notices) | 3171 contracts 317100 oz 9.865 TONNES |
| Total monthly oz gold served (contracts) so far this month | 16,975 notices 1,697,500 OZ 52.799 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: 0
total deposits: NIL oz
Withdrawals: 0
total nil oz
Adjustments; 1
Brinks dealer to customer: 32,009.144 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 3729 contracts having LOST 826 contracts. We had 856 contracts served upon Friday so we gained 30 contracts or an additional 3000 oz will stand for gold at the comex.
The next front month after June is the non active delivery month of July. Here, July lost 35 contracts to stand at 2786 contracts.
AUGUST gained 6417 contracts UP to 371,504 contracts
We had 558 contracts filed for today representing 55800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 558 contract(s) of which 9 notices were stopped (received) by j.P. Morgan dealer and 241 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 (16,975 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (3729 CONTRACT) minus the number of notices served upon today 558 x 100 oz per contract equals 2,015,000 OZ OR 62.674 TONNES the number of TONNES standing in this active month of June. (CME data corrected)
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (16,975) x 100 oz + (3729) [OI for the front month minus the number of notices served upon today (558)x 100 oz} which equals 2,015,000 oz standing OR 62.674 TONNES
TOTAL COMEX GOLD STANDING: 62.674 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: 11,674,613.696 (363.12 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 11,198,217.541 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,969,884 OZ (REG GOLD- PLEDGED GOLD) 310.10 tonnes//
END
SILVER/COMEX
JUNE 2//2023// THE JUNE 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 596,567.724 oz CNT Loomis . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | NIL oz |
| No of oz served today (contracts) | 00 CONTRACT(S) (nil 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
i) We had 0 dealer withdrawal
total dealer withdrawals: oz
We had 0 customer deposits
Total deposits: nil oz
JPMorgan has a total silver weight: 141.367 million oz/272.773 million =51.81% of comex .//dropping fast
Comex withdrawals 2
i) Out of CNT 496,062.964 oz
ii) Out of Loomis 100,504.760 oz
total withdrawals: 596,567.724 oz
adjustments: 2 all dealer to customer
i) Ashai: 182,421.300 oz
ii) JPMorgan: 598,653.600 oz
TOTAL REGISTERED SILVER: 27,334 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 272,773 million oz
DEALER SILVER DROPPING FAST. (moves into the 27 million oz column)
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE /2023 OI: 431 CONTRACTS HAVING LOST 42 CONTRACT(S).
WE HAD 42 NOTICES FILED ON FRIDAY SO WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE.
JULY HAD A 1663 CONTRACT LOSS TO 96,973 CONTRACTS
AUGUST GAINED 2 CONTRACTS TO STAND AT 4
SEPT HAS A GAIN OF 1631 CONTRACTS UP TO 25,912
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 51,538 poor/
Comex volume: confirmed yesterday:66,148 good
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(931) and the number of notices served upon today 0 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 (931) – number of notices served upon today (0 )x 500 oz of silver standing for the JUNE contract month equates to 4.175 million oz +2.5MILLION OZ EXCHANGE FOR RISK//NEW TOTAL: 6.675 MILLION OZ STANDING
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 5/WITH GOLD UP $5.00 TODAY : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 938.11 TONNES
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 5/WITH SILVER DOWN $.13 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 266,000 OZ FROM THE SLV////INVENTORY RESTS AT 466.809 MILLION OZ/
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/
CLOSING INVENTORY 466.809 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff/Mike Maharrey
This is a very important read. With the new debt deal announced, the Government will need to find $700 billion in new bond sales to finance the cash and extraordinary funds used to fund the Government these past 6 months. This will force interest rates higher and due to its huge size, force the Fed to buy most of those bonds (AE)
(Mike Maharrey)
Fake Debt Ceiling Fight Yields Fake Spending Cuts And A Credit Card With No Limits
MONDAY, JUN 05, 2023 – 08:35 AM
Authored by Michael Maharrey via SchiffGold.com,
We have a debt ceiling deal.
And the deal is there is functionally no debt ceiling until January 2025.
When this drama all started back in January, I called it “a fake debt ceiling fight.”
Well, the fake debt ceiling fight got us some fake spending cuts!
In effect, the US government can borrow an unlimited amount of money until after the next presidential election.
The plan also includes “spending cuts.” Here’s how the New York Times explained it.
It would cut federal spending by $1.5 trillion over a decade, according to the Congressional Budget Office, by effectively freezing some funding that had been projected to increase next year and then limiting spending to 1 percent growth in 2025, which is considered a cut because it would be at a lower level than inflation.”
House Speaker Kevin McCarthy bragged that this was “the LARGEST SPENDING CUT that Congress has ever voted for in history.”
But when you strip away all of the rhetoric the spending “cuts” in this debt ceiling deal are actually increases in real spending. That means the enormous budget deficits will continue.
The fact that the “largest spending cut” ever is going to increase spending tells you everything you need to know about Washington DC.
And the sad reality is there is no way that the federal government spending will be contained by this deal. The spending limits will last right up to the moment the government comes up with some new emergency to justify more spending.
So, like, next week.
But don’t worry. Congress just handed Uncle Sam a credit card with no limit. He can afford it.
Here’s the ugly truth. Even with these “historic spending cuts,” total spending will still be more than a trillion dollars above where it was in 2019.
And Congress had the gall to name the bill “The Fiscal Responsibility Act of 2023.”
It’s too bad government isn’t held to “truth in advertising” standards.
Keep in mind, we had a big deficit problem long before the pandemic. In FY2019, the Trump administration ran a $984 billion deficit. At the time, it was the fifth-largest deficit in history. Through the first two months of fiscal 2020 — before the pandemic came to America — the deficit was already 12% over 2019’s huge Obama-like number and was on track to eclipse $1 trillion.
So, with this deal, we’re still doing that and then some.
And this deal doesn’t even address non-discretionary spending such as Social Security and Medicare. Mises Institute executive editor Ryan McMaken summed it up this way.
What all this really means is that discretionary spending (which is generally around $2 trillion in miscellaneous and military spending) will continue upward without even a meaningful pause. Meanwhile, mandatory spending—such as Social Security, Medicare, and Medicaid is in no danger of actually going down. At a minimum, we can expect annual increases of $60 billion or more each year in the near future. That’s the most ‘thrifty’ scenario. After all, it’s only a matter of time until there’s a recession and thus a need for ‘stimulus’ and bailouts. Or, Washington may decide the US needs another full-blown war. At that point, all bets are off when it comes to spending.”
Currently, the Biden administration has been spending at around a half a trillion dollars per month clip. In April, the US government blew through $426.34 billion. Thanks to all of that spending, coupled with declining tax receipts, the fiscal 2023 budget deficit already stands at just under $1 trillion.
So, this great deal means we’re just going to keep doing that.
Now, the CBO claims that “as the deal stands today,” there will be about a $1.5 trillion reduction in the deficit over the next decade. That sounds pretty awesome until you realize that is just $150 billion per year and amounts to less than 5% of the projected deficits. And I have to reiterate that the deal won’t stand as it does today.
On top of that, the CBO and other pundits analyzing the plan are including all kinds of unrealistic rosy economic projections. If you use a more realistic set of assumptions, the deficits are just going to get bigger.
The US government already faces a revenue problem. Last year, strong tax receipts helped to paper over the spending problem. The federal government enjoyed a revenue windfall in fiscal 2022. According to a Tax Foundation analysis of Congressional Budget Office data, federal tax collections were up 21%. Tax collections also came in at a multi-decade high of 19.6% as a share of GDP. But CBO analysts warned it won’t last.
We’re already seeing that downward trajectory. Compared to April 2022, tax receipts were down 26.1% in April 2032, according to the monthly Treasury statement.
And government tax revenue will decline even faster if the economy spins into a recession.
This budget deal is the ultimate in “kick the can down the road.” All of the politicians in DC can pretty much continue business as usual without worrying about any kind of borrowing limit until after the next presidential election. Meanwhile, the public assumes that everything is fine because “they got a deal done.”
But as I have explained previously, everything is not fine. This deal doesn’t solve anything. Now, the now the real problem begins.
According to an analysis by Goldman Sachs, the US Treasury may have to sell $700 billion in T-bills within six to eight weeks of a debt ceiling deal just to replenish cash reserves spent down while the government was up against the borrowing limit. On a net basis, the Treasury will likely have to sell more than $1 trillion in Treasuries this year.
Who is going to buy all of those bonds?
The market may be able to absorb all of that paper, but it will almost certainly cause interest rates to rise even more as the sale drains liquidity out of the market.
In effect, as the Treasury floods the market with new debt, bond prices will likely fall in order to create enough demand for all of those Treasuries. Bond yields are inversely correlated with bond prices, and as prices fall, interest rates rise.
A Bank of America note projects that the anticipated post-debt ceiling bond sale would have an impact equivalent to another 25 basis point Federal Reserve rate hike.
Of course, there is no cap on how much the federal government can spend on interest payments to support the massive national debt.
The liquidity crunch will also spill over into the private bond market. The price of non-government debt instruments will have to fall as well in order to compete with Treasury bonds. That means the cost of borrowing will go up for everybody.
This is obviously problematic in an economy that is loaded up with debt and already in the midst of a financial crisis.
At some point, this unlimited borrowing is going to force the Federal Reserve to monetize some of this debt. That means a return to quantitative easing.
Even if it doesn’t happen immediately, QE is in the future. There is no other way for the market to absorb all of the debt the Treasury will have to issue to support the spending with on a credit card with no limits.
In order to prop up the bond market and keep prices higher than they otherwise would be (and interest rates lower), the Fed will ultimately have to buy bonds to boost demand. It will buy those Treasuries with money created out of thin air.
That’s inflation.
In other words, you’re going to pay for all of this government spending through the inflation tax.
So, after months of wrangling, we have fake spending cuts and an effective debt ceiling of infinity.
This should go well.
Not.
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
Mathew Piepenburg..
Front-Running The Fed: How Gold & Chess-Players Beat A Rigged Market
MONDAY, JUN 05, 2023 – 07:20 AM
Authored by Matthew Piepenburg via GoldSwitzerland.com,
We have hardly been the first nor the last to realize that rising rates “break things.”
We’ve all seen the disastrous credit events in the repo crisis of late 2019, the UST debacle in March of 2020, the gilt implosion of October 2022 and, of course, the banking crisis of March, 2023.
And behind, beneath, above and below each of these debacles lies a bemused central banker.
There’s More “Breaking” to Come
But there’s far more “breaking” to come.
As for recessions, the data is equally (and objectively) abundant that those rising rates (red circles below) tend to correlate directly with recessions, both soft and hard (grey lines below).
Powell can re-define recessions with words, but despite his double speak, he too knows that a recession is already under, or at the very least, directly off, the American bow.
Powell’s Un-Spoken “Plan”?
It has always been my contention that the rate hikes of late have been a public ruse to allegedly “defeat inflation,” when in fact inflation and negative real rates were always part of the unofficial plan to help inflate away portions of Uncle Sam’s openly embarrassing bar tab.
More importantly, Powell’s deeper motive (in my opinion) for the rate hikes of 2022 was done in order to give the Fed something to cut once the mammoth recession they’ve publicly denied becomes, well: mathematically undeniable.
The Past as Prologue
As in 2018, when Powell forward-guided rate hikes simultaneously with QT (Fed balance sheet reduction via UST dumping), the end result was disastrous (remember December 2018 and the days of 10% daily market swings).
This disaster was soon followed by an inevitable/foreseeable rate “pause” and then more QE.
The current pattern is fairly similar.
Although a QT policy of letting the Fed’s reserve of bonds “mature” rather than be dumped into the open market slightly differentiates 2022’s rate hikes from 2018, the end-game of raising rates into an even greater debt bubble will end with even more pain, volatility (and ultimately, QE) than seen in the 2018-2019 debacle/policy.
This pattern is easy to see because the Realpolitik of the bond market is easy to see.
The Bond Market is the Thing
In the most simplistic terms, Uncle Sam survives off debt, which means he survives off of IOUs (i.e., USTs).
If no one buys those IOUs, Uncle Sam falls off his bar stool into a puddle of his own tears as USTs fall further in price and hence yields and rates rise further in interest-expense pain.
And as 2022 reminds, that weaponized USD led to Uncle Sam’s worst fears coming foreseeably true as the world dumped USTs at the same time central banks made historically unprecedented purchases of gold.
The Next Moves Are Fairly Easy to See…
Needless to say, this bond-dumping scares the “H-E- double-toothpicks” out of Uncle Sam and his cadre of corporatist, number-crunching technocrats at the Treasury Dept and FOMC, as even they know what we all know: Someone or some thing has to buy Uncle Sam’s IOUs or it’s game over.
And who do you think that buyer will be?
All together now: “The Federal Reserve.”
And where will the money needed to buy those unloved USTs ultimately come from?
All together now: “An inflationary mouse-clicker at the Eccles Building.”
Pain, then Pleasure for Stocks, But No Way Out for the Dollar
But between now and that oh-so-foreseeable QE end-game, more things will need to break, which means we are likely to see deflationary forces (tanking market, emerging recession) followed by profoundly inflationary money printing.
Or stated more simply, stocks will tank and then stocks will rise as the currency which measures (and “saves”) them gets more and more diluted by failed policy makers and a Fed which should never have been conceived in 1910.
Why do I believe this?
Well, the markets, rather than Powell, are telling us so.
Let’s dig in.
The Futures Markets: Neon-Flashing Signs of Stock Market “Uh-Oh”
There are a number of signs pointing toward an “uh-oh” moment in risk assets.
The fact, for example, that we are seeing oil futures pricing oil lower despite production cuts (what the fancy lads call “backwardation”) stems from a market anticipating the kind of tanking oil demand that only comes from a much-anticipated stock market fall (mean reversion) in the wake of an equally anticipated recession in 2023.
The Eurodollar futures market is also screaming of a similar market fall in the coming months.
But perhaps most importantly (or obviously), the S&P futures market is now net-short at levels surpassing 2011 and approaching the levels of late 2007.
If I recall, those were not promising times for subsequent stock prices…
Or stated more simply, the big boys at those oh-so clever hedge funds (who are tracking credit crunches, bond flows and Powell’s “higher-for-longer” meme) are betting heavily against the S&P as the “higher-for-longer” Powell soon becomes the “higher-something-broke-again” Powell.
In short: The next thing to “break” will be stocks.
What Goes Naturally Down Then Goes Un-Naturally Up
Then comes the volatility and the dip-buyers after stocks take a hit (driven by more bank failures and rate hikes) which could be worse than 2008.
It’s my view that hedge funds are waiting to buy low and are biding their time like snipers patiently hiding behind a bond-market breastwork.
That is, they have been piling into negative-yielding USTs of late (that is, willingly losing a bit of return) as a holding pattern “asset” which they will then quickly dump to buy discounted equities once the stock market pukes as per above.
Amidst this looming volatility (buy the VIX?), I thus foresee a subsequent move out of anemic bonds and back into discounted stocks.
Of course, if the hedge funds start dumping Uncle Sam’s IOUs, their yields and rates will get dangerously higher (expensive) for Uncle Sam, which means Uncle Fed will have to do what it did in 2019/2020 and start mouse-clicking more instant liquidity to control Treasury yields and monetize America’s increasingly unloved UST market.
Such QE will be good for stocks dying on the field, but bad for the inherent purchasing power of an ever-more debased and diluted USD.
Chess vs. Checkers
Thus, deflationary or inflationary, the end-game for the neutered USD and its checker-level financial planners is fairly foreseeable, which means the end-game for gold is no less so.
See why the chess-players (mostly Eastern Central Banks) are stacking gold at levels higher than ever recorded?
A Rigged Game
This journey from tanking markets to rising markets is a game which many insiders at the hedge funds know and play well.
Furthermore, it’s a game the Fed has no choice to play, as a rising stock market (and capital gains taxes) is one of the few ways Uncle Sam can get tax receipts at a level high enough to pay its $800B (and climbing) interest expense on debt.
The rise-and-fall stock game is rigged, and ultimately, as I’ve written, “Rigged to Fail,” but regardless of its immoral and capitalism-destroying mandate, one can front-run the Fed if one sees the totally centralized chess-board.
3,Chris Powell of GATA provides to us very important physical commentaries
The Fed has certainly orchestrated this borrowing of gold (136 tonnes) to keep the suppression ongoing.
Robert Lambourne believes it will be difficult for the Fed to raises interest rates much higher than the position it is in right now
(Robert Lambourne/GATA)
Robert Lambourne: BIS gold swaps held steady through April and are probably intervention by Fed
Submitted by admin on Sun, 2023-06-04 15:25Section: Daily Dispatches
By Robert Lambourne
Sunday, June 4, 2023
From the information contained in the recently published March 31 and April 30 statements of account of the Bank for International Settlements —
— the bank’s gold swaps can be estimated at 78 tonnes as of March 31 and 135 tonnes at April 30. These compare to the 136 tonnes estimated as of February 28.
Evidence of the significant trading carried out via BIS gold swaps is provided by the changes since October 2022 in the volumes of swaps each month. On October 31, 2022, there were an estimated 7 tonnes of swaps outstanding, which increased to 105 tonnes at November 30 and then fell back to none at December 31.
So far in 2023 these significant changes have continued, with 103 tonnes of gold swaps estimated as of January 31, followed by the 136 tonnes as of February 28, 78 tonnes as of March 31, and 135 tonnes as of April 30.
Once again it seems reasonable to suspect that the BIS has entered these swaps on behalf of the U.S. Federal Reserve
The basic transaction that the BIS undertakes is to swap dollars for gold from a bullion bank and then deposit the gold in a gold sight account at a central bank, almost certainly being the central bank that is using the BIS to execute the gold swap on its behalf.
Given the volatility in recent months in the level of gold swaps reported by the BIS, it seems likely that the swaps are mainly of a short duration. Why a central bank needs the BIS to undertake these gold swaps isn’t clear, but the swaps seem likely to be tied to short-term trading needs. This could include actions to suppress the gold price.
Using the April 30 gold price of $1,990 (per USAGold.com), the 136 tonnes of BIS gold swaps are valued at about $9 billion. Hence it is evident that the recent volatility in BIS gold swaps is significant and shows that gold remains a significant monetary asset.
As ever with the BIS, it remains unlikely that more information about the reasons for the bank to undertake these transactions, presumably on behalf of a central bank client, will ever be provided. This secrecy implies that central bank gold policy involves much deception of the public and the markets — that it is currency market intervention for which the BIS provides camouflage.
The worsening finances of Western nations, especially the United States, may reduce the appeal of gold swaps to the BIS and the central bank or banks for which the BIS has been acting.
The recent strength of the gold price together with the conundrum facing the Federal Reserve about raising dollar interest rates must reduce the appeal of having to return swapped gold to bullion banks. Despite its rhetoric about pushing interest rates higher, the Fed needs to avoid more erosion of confidence in the U.S. Treasuries market when the U.S. government’s rising debt recently has been so controversial. The U.S. Treasury Department’s April report demonstrates the continuing trend of higher interest costs:
https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0423.pdf
Because of the special measures taken to avoid breaching the former debt ceiling, it seems likely that the portion of the underlying interest cost payable to government-sponsored trust funds has been underreported recently, but this will presumably be corrected in June and then a fuller picture of the growing interest cost will be clear. The cumulative interest charge on the externally held debt is up by 42% compared to the same period in 2022 and indicates the problem that higher interest costs cause for U.S. government borrowing.
In these circumstances the room for the Fed to raise interest rates much more seems restricted and hence it seems that the BIS and some of its shareholders might be questioning the role of the bank in these swaps and the obligation to make future deliveries of gold, since the Fed seems unlikely to move interest rates high enough to contain inflation.
Indeed, a cynic might claim that the recent deal on the federal government debt makes it easier to defend a banking crisis by allowing the U.S. government to offer further bank deposit guarantees. The debt ceiling deal may even make a revaluation of gold easier for the United States to carry out.
As is clear from Table B below, the level of BIS swaps had been significantly higher in the first half of last year, and the October and December totals were easily the lowest in more than four years.
* * *
Table A below highlights the level of gold swaps reported in the annual reports of the BIS back to 2010, when the bank’s use of gold swaps appears to have begun. At only one year-end since then, in March 2016, has the swap level been zero.
(The BIS’ half-year report to September 30, 2022, discloses that the BIS still holds 102 tonnes of its own gold and that very little of its activities in derivatives are with central banks. An assumption that the gold held by the BIS remains at 102 tonnes has been used to make the estimate of the gold swap level for December. The low level of derivatives reported by the BIS using central banks as counterparties, disclosed in the last interim report, is a reason to assume that the swaps are almost certainly done with gold bullion banks rather than central banks. Historically, the first swaps described below were done with bullion banks.)
* * *
… Historical context …
The BIS rarely comments publicly on its gold activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published July 29, 2010, coinciding with publication of the bank’s 2009-10 annual report.
The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were carried out with commercial banks and so did not involve central banks. It also seems highly likely that the BIS’ remaining swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.
The swap transactions potentially created a mismatch at the BIS, which may have ended up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.
The gold banking activities of the BIS have been a regular part of the services it offers to central banks since the bank’s establishment 90 years ago. The first annual report of the BIS explains these activities in some detail:
http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf
A June 2008 presentation made by the BIS to potential central bank members at its headquarters in Basel, Switzerland, noted that the bank’s services to its members include secret interventions in the gold and foreign exchange markets:
https://www.gata.org/node/11012
The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesn’t appear ever to have been as large a part of the BIS’ gold banking business as it has been in recent years, although the recent declines suggest this is changing.
As of March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in the name of the BIS in gold sight accounts at major central banks, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks.
If the BIS was adopting the level of disclosures made by publicly held companies, such as commercial banks, some explanation of these changes probably would have been required by the accounting regulators. This irony may not be lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the BIS’ gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.
A review of Table B below highlights recent BIS activity with gold swaps, and despite the recent declines, the recent positions estimated from the BIS monthly statements have regularly been large, especially in early 2022, and the volume of trading has been significant.
No explanation for this continuing use of swaps has been published by the BIS. Indeed, no comment on the bank’s use of gold swaps has been offered since 2010.
This gold is supplied by bullion banks via the swaps to the BIS. The gold is then deposited in BIS gold sight accounts (unallocated gold accounts) at major central banks such as the Federal Reserve.
The reasons for this activity have never been fully explained by the BIS and various conjectures have been made as to why the BIS has facilitated it. One conjecture is that the swaps are a mechanism for the return of gold secretly supplied by central banks to cover shortfalls in the gold markets. The use of the BIS to facilitate this trade suggests of a desire to conceal the rationale for the transactions.
As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the bank’s annual reports for at least 10 years prior to the year ended March 2010.
The February 2021 estimate of the bank’s gold swaps (552 tonnes) was higher than any level of swaps reported by the BIS at its March year-end since March 2010. The swaps reported at March 2021 were at the highest year-end level reported, as is clear from Table A.
—–
Table A — Swaps reported in BIS annual reports
March 2010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes
March 2022: 358 tonnes
—–
The table below reports the estimated swap levels since August 2018. It can be seen that the BIS is actively involved in trading gold swaps and other gold derivatives with changes from month to month reported in excess of 100 tonnes in this period.
—–
Table B – Swaps estimated by GATA from BIS monthly statements of account
Month ….. Swaps
& year … in tonnes
Apr-23…./135
Mar-23.…/78
Feb-23 … /136
Jan-23 …/103
Dec-22 … /0
Nov-22 … /105
Oct-22 ….. /7
Sep-22 …../57
Aug -22 ….. /75
Jul-22 ….. /56
Jun-22 ….. /202
May-22 ….. /270
Apr-22 ….. /315
Mar-22 …. /358
Feb-22 …. /472
Jan-22 ….. /501
Dec-21…. /414
Nov-21…. /451
Oct-21…. /414
Sep-21 …. /438
Aug-21 …. /464
Jul-21 …. /502
Jun-21 …./471
May-21 …./517
Apr-21 …. /472
Mar-21…. /490±
Feb-21 …../552
Jan-21 …. /523
Dec-20 …. /545
Nov-20 …. /520
Oct-20 …. /519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 …. / 412
Apr-20 …. / 328
Mar-20 …. / 326**
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 ….. / 95
Jun-19 …. / 126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov-18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370
± The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.
** The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.
GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.
—–
As noted already, the BIS in recent times has refused to explain its activities in the gold market, nor for whom the bank is acting:
https://www.gata.org/node/17793
Despite this reticence the BIS has almost certainly acted on behalf of central banks in taking out these swaps, as they are the BIS’ owners and control its Board of Directors. Historically, the BIS has often acted on behalf of the Federal Reserve.
This refusal to explain prompts some observers to believe that the BIS acts as an agent for central banks intervening surreptitiously in the gold and currency markets, providing those central banks with access to gold as well as protection from exposure of their interventions.
As mentioned above, it is possible that the swaps provide a mechanism for bullion banks to return gold originally lent to them by central banks to cover bullion bank shortfalls of gold. Some commentators have suggested that a portion of the gold held by exchange-traded funds and managed by bullion banks is sourced directly from central banks.
——
Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.
END
Amazing: the Taylor Swift tickets are very cheap at 75,000 pesos which equates to $153.00. Now buyers are weighing the cost of the flight to Argentina to see whether it is more economical to see her there rather than in the uSA
(GATA)
Best currency in Argentina amid 100% inflation may be Taylor Swift tickets
Submitted by admin on Sun, 2023-06-04 09:45Section: Daily Dispatches
No central bank price-suppression operation is underway in that respect.
* * *
Taylor Swift Argentina tickets are a bargain with inflation over 100%
By Patrick Gillespie and Augusta Saraiva
Bloomberg News
Friday, June 2, 2023
Taylor Swift tickets may cost a fortune in the United States, but 100% inflation in Argentina is about to make her highly coveted concert a world-class bargain.
Excluding fees, tickets in the standing-room only area closest to the stage where Swift will sing for two shows in November are going for 75,000 pesos, or about $153, according to commonly used informal exchange rates in Argentina.
The ticket bargain has already sparked a social media frenzy. And just as the high U.S. ticket prices are giving fans a lesson in supply-and-demand, her newly announced Latin American tour adds to the Swiftonomics syllabus the subjects of high inflation and exchange rates.
So much so that some American fans are weighing the cost of a full trip to a Latin American city against the price of a single resale ticket in the U.S. …
… For the remainder of the report:
END
We brought this to you on Friday but it is worth repeating
(Maguire/GATA)
China facilitates gold acquisition by its people to guard against U.S. sanctions, Maguire says
Submitted by admin on Fri, 2023-06-02 23:15Section: Daily Dispatches
11:10p ET Friday, June 2, 2023
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire tells Kinesis Money’s “Live from the Vault” program this week that China has modified its domestic banking system to facilitate gold and silver purchases by the country’s population so that people may protect themselves against the threat of U.S. economic sanctions.
Maguire also discusses how the “trade at settlement” mechanism on the New York Commodities Exchange is being used to control the gold price even as it is being exploited by foreign buyers to acquire metal at a discount.
The program is 38 minutes long and can be seen at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
We brought this to you attention also on Friday but it is worth repeating. This small city state bought 68 tonnes last quarter and is on tap to purchase close to 280 tonnes this year. Most eastern central banks are purchasing gold
(zero hedge)
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
4, OTHER IMPORTANT GOLD COMMENTARIES/
Pam and Russ Martens
The Three Large Banks that Blew Up This Year Were Not Even on the FDIC’s Problem Bank List
By Pam Martens and Russ Martens: June 5, 2023
The second, third, and fourth largest bank failures in U.S. history occurred this year. And yet, none of the banks that blew up were on the “Problem Bank List” that is prepared quarterly by the federal bank regulator that is supposed to be on top of these things – the Federal Deposit Insurance Corporation (FDIC).
When the FDIC released its quarterly Problem Bank List for the quarter ending December 31, 2022, it showed just 39 banks were a problem with combined assets of a meager $47.5 billion.
Given that rosy picture, one can understand the shock to the American people when Silicon Valley Bank blew up on March 10 with $212 billion in assets and had to be put into FDIC receivership. Two days later, on March 12, Signature Bank failed and was put into FDIC receivership. As of December 31, 2022, Signature Bank had $110.4 billion in assets.
Then on May 1, First Republic Bank failed and was put into FDIC receivership with some assets and deposits being sold to JPMorgan Chase bank. According to the FDIC, as of April 23, 2023, First Republic Bank had $229.1 billion in total assets.
Together, those three banks had $551.5 billion in assets – more than half a trillion dollars – versus the FDIC’s estimate just a few months earlier that less than $47.5 billion in bank assets were housed at “Problem Banks.”
Putting out charts and projections that so spectacularly miss the mark does not instill confidence in Americans as to the safety and soundness of the U.S. banking system.
Given the seismic flop of the FDIC’s chart for December 31, 2022 (see chart above), one would have expected a more careful and thoughtful analysis when the FDIC released its Problem Bank List for the quarter ending March 31, 2023. Instead, the FDIC added just four banks to the Problem Bank List, bringing the number to 43, with combined assets of a still meager $58 billion.
That $58 billion stands in sharp contrast to the $1 trillion in assets at one of the four largest mega banks in the U.S. that a team of four highly-credentialed academics have raised alarms about.
The key takeaway from their study is this: “The U.S. banking system’s market value of assets is $2.2 trillion lower than suggested by their book value of assets accounting for loan portfolios held to maturity.” (For more on this Held-to-Maturity accounting issue, see our report: JPMorgan Chase Transferred $347 Billion in Debt Securities Over the Last 3 Years to Inflate Its Capital Using a Controversial Maneuver.)
The academic study is titled: “Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs? ” Its authors are Erica Jiang, Assistant Professor of Finance and Business Economics at USC Marshall School of Business; Gregor Matvos, Chair in Finance at the Kellogg School of Management, Northwestern University, and Research Associate in the Corporate Finance group at the National Bureau of Economic Research (NBER); Tomasz Piskorski, Professor of Real Estate in the Finance Division at Columbia Business School and Research Associate at NBER; and Amit Seru, Professor of Finance at Stanford Graduate School of Business, a Senior Fellow at the Hoover Institution, and Research Associate at NBER.
The study looks at bank assets which have not been marked to market because they are placed in an accounting category called “Held-to-Maturity” or HTM. (One expert in the field calls this “Hide-Til-Maturity.”) The researchers then combine those findings with banks holding large quantities of uninsured deposits – sums exceeding the federal deposit insurance cap of $250,000 per depositor, per bank. The researchers conducted various scenarios to see how different categories of banks would perform. (Uninsured deposits have played a major role in the bank runs that have occurred this year.)
The study raised alarm bells regarding an unnamed bank with “assets above $1 trillion” potentially experiencing a bank run. (There are only four U.S. chartered banks that have assets above $1 trillion. According to the December 31, 2022 data from the Office of the Comptroller of the Currency, those are: JPMorgan Chase Bank N.A. with assets of $3.2 trillion; Bank of America N.A. with $2.4 trillion in assets; Citigroup’s Citibank N.A. with assets of $1.77 trillion; and Wells Fargo Bank N.A. with $1.71 trillion in assets.)
As of December 31, 2022, these same four banks held a combined $3.286 trillion in uninsured domestic deposits. JPMorgan Chase Bank N.A. held $2.015 trillion in deposits in domestic offices, of which $1.058 trillion were uninsured, or 52.5 percent; Bank of America held $1.9 trillion in deposits in domestic offices, of which $909.26 billion were uninsured, or 48 percent; Wells Fargo held $1.4 trillion in deposits in domestic offices, of which $721.1 billion were uninsured, or 51.5 percent; and Citibank N.A. (parent, Citigroup) held $777 billion in deposits in domestic offices, of which $598.2 billion were uninsured – a staggering 77 percent.
On May 1, the FDIC released its report on “Options for Deposit Insurance Reform.” Without mentioning that just four banks controlled $3.286 trillion of uninsured deposits at year end, the FDIC report did provide the figure of $7.7 trillion as the total of uninsured domestic deposits held by all banks at the end of 2022. That means that just these four banks held 43 percent of all uninsured deposits at 4,127 federally insured commercial banks in the U.S. as of year-end 2022.
The FDIC report shares this deeply disturbing detail:
“Following the 2008-2013 banking crisis, the reliance by the U.S. banking system on uninsured deposits grew dramatically, both in dollar volume and as a proportion of overall deposit funding. From year-end 2009 through year-end 2022, uninsured domestic deposits at FDIC- institutions increased at an annualized rate of 9.8 percent, from $2.3 trillion to $7.7 trillion.”
If ever there was a siren call to dramatically restructure federal oversight of the U.S. banking system, what has happened this year is it.
The final straw came on May 1 when federal regulators allowed the officially riskiest bank in the United States, JPMorgan Chase, to become even larger and riskier by buying the collapsed First Republic Bank.
END
5.IMPORTANT COMMENTARIES ON COMMODITIES:
END
5 B GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL
6.CRYPTOCURRENCY COMMENTARIES/
Hong Kong Set To Become Crypto Trading Hub, Opens Exchange Licensing Ahead Of Retail Trading
FRIDAY, JUN 02, 2023 – 11:20 PM
After years of brutal crackdowns, crypto trading is coming back to China… or at least Hong Kong for now.
On Thursday, Hong Kong took a step toward becoming a cryptocurrency hub with the start of applications for licenses to run trading platforms and exchanges, Nikkei reported. Trading of cryptocurrencies in the Chinese territory has been restricted to institutional investors and other professionals since 2018, but Hong Kong’s new regulations will allow retail trading as soon as the second half of 2023, which means that HK will soon emerge as the conduit by which billions in Chinese retail savings mysteriously disappear into the outside world, a function that until not too long ago was served by Macau.
Officials said the city’s move to welcome crypto, which comes amid global regulatory headwinds for the industry, is backed by safeguards for investors.
“Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of ‘same business, same risks, same rules’ and aims to provide robust investor protection and manage key risks,” said Julia Leung, CEO of the Securities and Futures Commission. “This will enable the industry to develop sustainably and support innovation.”
Requirements for obtaining a license include capital of at least 5 million Hong Kong dollars ($638,000), measures to combat money laundering and the appointment of experienced managers.
“Operators of virtual asset trading platforms who are prepared to comply with the SFC’s standards are welcome to apply for a licence,” the commission said in a May 23 notice. “Those who do not plan to do so should proceed to an orderly closure of their business in Hong Kong.”
More than 80 companies have expressed interest in obtaining a license, authorities say. Mainland Chinese companies are particularly eager to enter the Hong Kong market, because they face a total ban on providing cryptocurrency-related services at home.
A subsidiary of Chinese state-owned property developer Greenland Group plans to apply for a license, local media report. Online lender ZA Bank said on May 24 that it would partner with licensed companies to offer trading services for individuals.
“We welcome the licensing guidelines issued yesterday by the Hong Kong SFC, and we are excited to offer the new investment opportunities brought by virtual assets to our users,” ZA Bank CEO Ronald Iu said.
In Asia, South Korea and Singapore have taken the lead in regulating the crypto market, attracting some businesses that fled the U.S. and other countries. Hong Kong was regarded as being tough on the industry after China’s move to ban related services in 2021, but the city has reversed its stance.
In October, Hong Kong announced a policy of promoting virtual currencies. An exchange-traded fund (ETF) tracking bitcoin listed on the Hong Kong exchange in December.
“The fact that an international finance hub like Hong Kong is setting out to create and support a crypto trading environment means a boost of investor confidence in the industry,” said Eddie Chou, a blockchain lecturer and fintech consultant.
A cloud has hung over Hong Kong’s status as an international financial hub since China imposed a national security law in 2020 that critics say erodes the city’s autonomy.
“Without Beijing’s approval and backing, there can be no policy change in Hong Kong,” an asset management executive here said. “They may intend to treat it as an exception like Macao, the only place in China where casinos are allowed, and use it as a testing ground” for crypto.
That is precisely what Beijing is doing, because even in China the local elite understands that as a result of the massive Chinese capital account monetary firewall, the country needs some way to transfer some of those trillions in savings offshore.
For now, Hong Kong regulators are promising a firm hand.
“Our regulations will be tight,” Eddie Yue, chief executive of the Hong Kong Monetary Authority, said at the Bloomberg Wealth Asia Summit in May. “We will let the industry develop and innovate. We will let them create the ecosystem here, and that actually brings a lot of excitement. But that doesn’t mean light-touch regulation.”
END
Crypto Crumbles As SEC Sues Binance, ‘CZ’
MONDAY, JUN 05, 2023 – 11:35 AM
In a not-so-surprising headline, WSJ reports that the SEC on Monday sued Binance, the world’s largest cryptocurrency exchange, alleging the overseas company operated an illegal exchange in the U.S.
The SEC lawsuit also named Changpeng Zhao, Binance’s founder and controlling shareholder, as a defendant. The SEC filed the case in federal court in the District of Columbia.
As a reminder, the CFTC sued Binance and Zhao himself in late March for allegedly violating derivatives regulations, and accused it of having “sham” compliance.
Binance also faces a Justice Department investigation over its program to detect money laundering, according to people familiar with the matter.
As usual, the initial kneejerk reaction to any regulatory headline is to ‘sell’ crypto.
Bitcoin is extending losses below $27,000…
And Ethereum accelerated below $1900…
Additionally, Bloomberg reports that Binance’s payments partner in Australia had abruptly cut it off, meaning local customers couldn’t deposit Aussie dollars on the platform via bank transfer.
The hit to business was immediate, with Binance halting all Aussie trading pairs about two weeks later, along with bank withdrawals of the local currency.
Add one more headache to the swelling list of challenges facing Richard Teng, the civil servant-turned-crypto executive who’s seen as a possible heir to Binance’s embattled chief executive officer, billionaire Changpeng “CZ” Zhao.
In a tweet, Zhao said Binance hadn’t seen the complaint and would respond once it did.
“Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits,” he added, referring to the possibility of customers pulling funds.
Binance still handles more trading than all other top centralized crypto exchanges combined, yet never has its position seemed so precarious.
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1162
OFFSHORE YUAN: 7.1281
SHANGHAI CLOSED UP 2.37 PTS OR 0.07%
HANG SENG CLOSED UP 158.56 PTS OR 0.84%
2. Nikkei closed UP 693.21 PTS OR 2.20%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 104.27 EURO FALLS TO 1.0687 DOWN 15 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.431 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 140.36 /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 +2.3929***/Italian 10 Yr bond yield RISES to 4.073*** /SPAIN 10 YR BOND YIELD RISES TO 3.3713…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 3.729
3j Gold at $1941.30 silver at: 23.48 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 17 /100 roubles/dollar; ROUBLE AT 81.33//
3m oil into the 73 dollar handle for WTI and 77 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 140.36 10 YEAR YIELD AFTER BREAKING .54%, RISES TO .431% 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 0.9111 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9738 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: 3.758 UP 7 BASIS PTS…
USA 30 YR BOND YIELD: 3.945 UP 7 BASIS PTS/
USA 2 YR BOND YIELD: 4.575 UP 0 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 21.21…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.262 UP 11 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Flat With S&P On Cusp Of Bull Market, Oil Jumps After OPEC Production Cut
MONDAY, JUN 05, 2023 – 08:19 AM
Futures are flat with oil jumping after OPEC+ cut output by an extra 1mm bpd in a unilateral move by Saudi Arabia taking its production to the lowest level for several years.At 7:30am ET, S&P futures were flat, while Nasdaq futures were down 0.2% with some artificial-intelligence exposed stocks like Nvidia Corp. and C3.ai Inc. trading down. In contrast, Apple Inc. surpassed its previous closing record in premarket ahead of what’s expected to be its most significant product launch event in nearly a decade. Oil rose 2%, with oil giants such as Chevron and Exxon up in premarket trading. The Bloomberg dollar index is up as are 10Y yields now that the market’s attention turns to the $1+ trillion deluge in new debt issuance. Gold dropped, as did bitcoin after the crypto currency got its usual Asian session rugpull.
Oil-related stocks rose in US premarket trading after Saudi Arabia announced it would scale back oil output by a further 1 million barrels a day in July, taking the OPEC+ member’s production to the lowest level for several years after a slide in crude prices. Saudi Energy Minister Prince Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to this market”; with oil prices being weighed down by relentless shorting by hedge funds amid a softer economic outlook. The rest of the 23-nation OPEC+ group offered no additional action to buttress the current market, but did pledge to maintain their existing cuts until the end of 2024. Chevron, Exxon Mobil and Occidental Petroleum all rise more than 1%, as do Phillips 66 and Schlumberger.
Also in premarket trading, Apple rose 0.6% putting the shares on track to reach a new record high. The company is expected to launch a mixed-reality headset at the Worldwide Developers Conference on Monday, marking its most significant product launch in nearly a decade. Here are some other notable premarket movers:
- Bellerophon Therapeutics shares slid 74% Monday after the company said its phase 3 rebuild study of INOpulse to treat fibrotic interstitial lung disease failed to meet its primary endpoint.
- Day One Biopharmaceuticals shares rise as much as 35% after the biotech company provided updated data for its drug for the treatment of pediatric low-grade brain tumors that was “highly impressive,” according to a Wedbush analyst.
- Epam Systems falls as much as 11% after the IT services company cut its adjusted earnings per share forecast for the second quarter.
- ImmunoGen shares gain as much as 19% in premarket trading on Monday, after the biotech company provided full results from its late-stage trial for its treatment of ovarian cancer.
- Oil-related stocks rise after Saudi Arabia announced it would scale back oil output by a further 1 million barrels a day in July, taking the OPEC+ member’s production to the lowest level for several years after a slide in crude prices.
- Palo Alto Networks Inc. (PANW) shares gain 4.9% on Monday, following a Friday announcement that the stock is set to replace Dish Network Corp. in the S&P 500.
- Southwestern Energy Co. (SWN) rises 2% as it looks like a “logical target” for either Coterra Energy Inc. or Chesapeake Energy Corp., according to Citi.
With the debt ceiling now behind us, markets will now prepare for a deluge of issuance; BBG reports that bearish positioning in the S&P is highest since 2007 while bullish bets on NDX are near last year’s highs. Meanwhile, the steamrolling of the bears continues with S&P 500 is just 0.2% short of a 20% gain from its October low in the previous trading session; the Nasdaq 100 is already firmly in a bull market, as traders anticipate a pause in the Federal Reserve’s rate hiking cycle. Expectations that any slowdown in the US would be mild and optimism about developments in AI have also fueled the gains.
James Athey, investment director at Abrdn, said the advance toward a bull market focused on the small number of important but highly backward-looking economic readings that suggest the economy is doing well. “The broader data set shows much less strength and much more volatility and vulnerability,” he said. “But until jobs crack, I’m sure equities will choose to ignore.”
Strategists are split about the path forward for stocks from here. A Morgan Stanley team led by Michael Wilson said the likelihood of Fed rate cuts in 2023 and durable growth playing out simultaneously is low and they expect a tactical correction in equities before a durable recovery and a real bull market.
UBS Global Wealth Management strategists also said the risk-reward balance for stocks, especially in the US, remains unfavorable. On the flip side, Evercore ISI strategists raised their S&P 500 target as inflation easing likely signals a Fed pause.
Meanwhile, frustration among bears has rarely been greater with more stocks making new 52-week lows in the S&P 500 than 52-week highs in May. “Breadth is awful,” Athey said, referring to the limited number of stocks contributing to the rally. “There’s very narrow leadership. It doesn’t look too healthy to me.”
In Europe, the Stoxx 50 is little changed while FTSE 100 outperforms peers, adding 0.6%, FTSE MIB lags, dropping 0.3%. Consumer products, tech and travel are the worst-performing sectors. The region continues to lose momentum from being the proxy for China’s reopening boom; do investors buy the dip with China looking to add stimulus? PMIs continue to slow and are at 3-month lows. Value is leading, Momentum is lagging; Defensives over Cyclicals. UKX +0.5%, SX5E -0.0%, SXXP +0.1%, DAX +0.0%. Here are some of the most notable European moves:
- Energy stocks were among the strongest gainers in Europe Monday as crude advanced following Saudi Arabia’s pledge to make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years. Shell rises as much as 1.6%.
- Shares of European telecom operators rise across the board, rebounding from a selloff on Friday when Bloomberg News reported that Amazon is planning to provide low-cost mobile phone service to Prime members in the US. Deutsche Telekom and Vodafone gain respectively as much as 3.5% and 3.4%.
- UBS shares gain 1.3% on Monday after the banking giant announced it expects to complete its acquisition of Credit Suisse as early as June 12. ZKB sees this as a positive development, initiating what it sees as a “protracted integration process.” Credit Suisse rises as much as 2.3%.
- Asos shares jump as much as 14%, the most since Jan. 12, after the Sunday Times reported that the online fast fashion retailer received a takeover approach from Turkish online retailer Trendyol in December.
- Indivior shares surge as much as 13%, to highest in 15 weeks, after the drugmaker announces it has reached an agreement to resolve antitrust claims brought by the Attorneys General of 41 states and the District of Columbia.
- Red flags that pricey luxury shares have hit a peak are piling up as conviction on the China reopening trade takes a hit. LVMH shares fall as much as 1.2%
- Viaplay shares fall as much as 59% to a record low after the Nordic media firm slashed its 2023 guidance, scrapped 2025 targets and said CEO Anders Jensen stepped down with immediate effect.
- Bollore shares fall as much as 3.7%, after Kepler Cheuvreux cut its recommendation on the French conglomerate to hold from buy, noting the stock’s recent outperformance and the simplified offer.
Earlier in the session, Asian stocks were mostly positive amid momentum from Friday’s post-NFP gains on Wall Street and as participants digested stronger Chinese Caixin Services and Composite PMI data.
- Hang Seng and Shanghai Comp. were kept afloat following the encouraging Caixin PMIs but with gains capped amid US-China frictions and after China’s Cabinet noted that the foundation for the economic recovery is not solid, while property names were also pressured despite reports that China is mulling a support package for the property sector and bolster the economy.
- Australia’s ASX 200 was led higher by gains across nearly all sectors with early tailwinds in energy names following Saudi Arabia’s additional 1mln bpd output cut, while the RBA is seen to keep rates unchanged at tomorrow’s meeting.
- The Nikkei 225 climbed above 32,000 for the first time since 1990 with exporters propelled by a weaker currency.
- Key stock gauges in India ended with gains mirroring a board-based rally across Asian markets on Monday as investors assess prospects of a pause in rate hikes by the Federal Reserve and easing concerns over a US recession. The S&P BSE Sensex rose 0.4% to 62,787.47 in Mumbai just shy of its all-time closing high levels, while the NSE Nifty 50 Index advanced 0.3% to 18,593.85. Strong automobile sales data triggered buying in auto stocks in India with the Nifty Auto index climbing 1.3%, its best day since May 8.
In FX, the Bloomberg Dollar Spot Index gained as much as 0.3%, taking gains into a second day, after last week’s jobs data added to the market’s view that the Fed will raise rates by 25 basis points next month. CAD and EUR are the strongest performers in G-10 FX, with the Canadian currency receiving some support as oil prices advance; SEK and GBP underperforms. BRL (1.1%), COP (1.1%) lead gains in EMFX, TRY (-1.1%) lags.
In rates, Treasuries were cheaper across the curve, following bigger losses in core European rates with S&P 500 futures steady near Friday’s highs. The two-year Treasury yield rises 4 basis points to 4.54%, rising toward a 2-1/2-month high of 4.64% touched just over a week ago. Yields higher by 4bp-6bp on the day with 2s5s30s fly wider by 2bp as belly underperforms; 10-year yields around 3.74% with bunds and gilts cheaper by 2bp and 1.5bp in the sector. Traders are pricing in a near 90% possibility that the Fed will hike rates to 5.5% in July; they see just the prospects of a June rise at around 30%. Elsewhere, gilts bear-flatten, Bunds bear-steepen. Peripheral spreads are mixed to Germany; Italy widens, Spain widens and Portugal tightens.
In commodities, Crude oil futures remain higher by about 2% after a 4.6% advance sparked by Saudi Arabia’s output-cut pledge at weekend’s OPEC+ meeting. Spot gold falls roughly $6 to trade near $1,942/oz.
US session includes factory orders data and ISM services gauge and Durable Goods/Cap Goods, while Fed speakers are in quiet period ahead of June 13-14 FOMC meeting.
Market Snapshot
- S&P 500 futures little changed at 4,289.00
- MXAP up 0.6% to 163.41
- MXAPJ up 0.2% to 514.82
- Nikkei up 2.2% to 32,217.43
- Topix up 1.7% to 2,219.79
- Hang Seng Index up 0.8% to 19,108.50
- Shanghai Composite little changed at 3,232.44
- Sensex up 0.5% to 62,885.07
- Australia S&P/ASX 200 up 1.0% to 7,216.27
- Kospi up 0.5% to 2,615.41
- STOXX Europe 600 up 0.1% to 462.66
- German 10Y yield little changed at 2.36%
- Euro down 0.2% to $1.0689
- Brent Futures up 2.5% to $78.06/bbl
- Gold spot down 0.3% to $1,941.52
- U.S. Dollar Index up 0.24% to 104.26
Top Overnight News
- 1) Inflation is pushing Japan into a new era that could lift equities by spurring more households to move savings out of low-yielding bank deposits, the head of the country’s stock exchange operator has said. Hiromi Yamaji, president of the JPX group that controls the Tokyo and Osaka exchanges, said he expected many Japanese to stop sitting on so much cash — the country’s households have amassed ¥1 quadrillion ($7tn) in bank savings — and look to stock markets for better returns in response to rising living costs. FT
- 2) China’s defense minister attacked the US policy in the Pacific, accusing the Pentagon of stoking confrontation (and a Chinese navy ship sailed within 140 meters of a US Navy guided missile destroyer). Worth noting China will soon account for less than 50% of US imports from low-cost countries in Asia as Western firms shift supply chains out of the mainland. London Telegraph / FT
- 3) China’s Caixin services PMI for May was strong, coming in at 57.1 (up from 56.4 in April and ahead of the Street’s 55.2 forecast). Also, Indonesia’s CPI for May undershot the Street, coming in at +2.66% (down from 2.83% in April and below the Street’s 2.81% forecast). RTRS
- 4) Ukrainian President Volodymyr Zelensky said he was now ready to launch a long-awaited counteroffensive but tempered a forecast of success with a warning: It could take some time and come at a heavy cost. “We strongly believe that we will succeed,” Zelensky said in an interview in this southern port city as his country’s military girded for what could be one of the war’s most consequential phases as it aims to retake territory occupied by Russia. WSJ
- 5) Banks in the US could see their capital requirements jump as much as 20% under new rules being formulated at the Fed (the rules would apply to institutions with assets >$100B, and fee-based activities, such as wealth mgmt. or interchange revenue, will be punished under the new framework). Also, Banks in the US are preparing to sell commercial property loans at a discount even when borrowers are current on their payments as firms rush to reduce their exposure to this segment of the market. WSJ / FT
- 6) With a debt ceiling deal freshly signed into law Saturday by President Joe Biden, the US Treasury is about to unleash a tsunami of new bonds to quickly refill its coffers. This will be yet another drain on dwindling liquidity as bank deposits are raided to pay for it — and Wall Street is warning that markets aren’t ready. BBG
- 7) Yesterday’s OPEC+ meeting was moderately bullish, on net, with three main developments. First, Saudi Arabia pledged to deliver an additional 1mb/d unilateral “extendible” output cut in July (bullish). Second, the voluntary cuts from the 9 OPEC+ countries are scheduled to extend until December 2024, from December 2023 previously (somewhat bullish). Third, output baselines will be redistributed in 2024 from countries struggling to reach their targets to those with ample spare capacity (somewhat bearish output effect, but bullish cohesion). GIR
- 8) Hedge funds accelerated selling in US Energy amid price declines last week. Last week’s notional net selling in US Energy was the largest in 10 weeks and ranks in the 97th percentile vs. the past five years. Info Tech was the most notionally net bought global sector on the Prime book for the 4th straight week. Last week’s net buying in Info Tech was the largest in 5+ months and ranks in the 92nd percentile vs. the past five years. GS PB
- 9) AMZN wireless story met with skepticism as firms deny involvement (Amazon, T-Mobile, and Verizon all said nothing is in the works) and analysts suggest economics/logistics don’t make sense. Barron’s
- 10) More bank insiders are buying shares in their own companies, a vote of confidence in the industry after a crisis sparked by the collapse of four regional lenders earlier this year. The number of buyers has already jumped to 778 in the second quarter through May 26 from 524 in the first three months of the year, according to research firm VerityData, which said the surge is being driven by small and midsize banks. More purchasers stepped up even as share prices sank to multiyear lows in early May. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly positive amid momentum from Friday’s post-NFP gains on Wall Street and as participants digested stronger Chinese Caixin Services and Composite PMI data. ASX 200 was led higher by gains across nearly all sectors with early tailwinds in energy names following Saudi Arabia’s additional 1mln bpd output cut, while the RBA is seen to keep rates unchanged at tomorrow’s meeting. Nikkei 225 climbed above 32,000 for the first time since 1990 with exporters propelled by a weaker currency. Hang Seng and Shanghai Comp. were kept afloat following the encouraging Caixin PMIs but with gains capped amid US-China frictions and after China’s Cabinet noted that the foundation for the economic recovery is not solid, while property names were also pressured despite reports that China is mulling a support package for the property sector and bolster the economy.
Top Asian News
- on Friday, while the meeting was said to be candid, constructive and part of ongoing efforts to maintain open lines of communication, according to the Treasury.
- China is soon to account for less than half of US low-cost imports from Asia in 2023 for the first time in over a decade, according to an annual reshoring index from Kearney cited by the FT.
- Wuhan Commerce Bureau said initial talks have started with Disney (DIS) for the US firm to start a project in the city, according to Reuters.
European equities trade flat with not much in the way of weekend newsflow to guide prices following Friday’s solid session for the region, whilst the FTSE 100 narrowly outperforms. Equity sectors are a mixed bag with Telecoms top of the leaderboard, followed closely by Energy and Real Estate, while Tech, Travel & Leisure, and Consumer Products & Services reside at the bottom. US equity futures are flat following Friday’s session of gains (ES -0.1%, NQ -0.2%, RTY +0.1%)
Top European News
- BoE is looking to broaden reform of the deposit guarantee scheme after the collapse of SVB’s UK arm highlighted the weakness of the current regime, according to FT.
- ECB’s Vujcic said Eurozone inflation risks are tilted to the upside; wage pressures are “still very lively”, according to Bloomberg.
- Fitch affirmed the Bank of England at AA-; Outlook Negative.
- S&P said France’s “AA/A-1+” ratings affirmed; outlook remains negative; says tighter financial conditions and still-high core inflation will restrain France’s economic activity in 2023 and 2024
FX
- DXY maintains a bullish momentum above 104.00 in the wake of Friday’s strong US payrolls gain which resulted in a hawkish tilt in Fed pricing.
- USD/JPY rebounds sharply towards 140.50 from just shy of 140.00 overnight amidst higher Treasury yields and wider spreads to JGBs after slowdowns in Japan’s services and composite PMIs.
- Euro extends declines against its US counterparts and against the backdrop of mostly sub-prelim or expected Eurozone services and composite PMIs.
- Aussie straddles 0.6600 on the eve of the RBA that could be a very close call.
- Yuan weakens irrespective of a firmer than forecast Chinese Caixin services PMI that boosted the composite number along with the manufacturing PMI, as China-US/Canadian/NATO tensions overshadowed the encouraging surveys.
- PBoC set USD/CNY mid-point at 7.0904 vs exp. 7.0918 (prev. 7.0939)
Fixed Income
- Bunds are off worst levels having pared some losses from 134.81 amidst more mixed Eurozone macro releases including soft PMIs, PPI, Sentix readings vs a healthier-than-expected German trade balance.
- Gilts have slipped to a new intraday base, albeit marginal at 96.25 in recent trade and probably in recognition of minor upward revisions to the final services and composite PMIs
- US Treasuries remain underwater, but the curve is a bit more stable after post-NFP flattening in advance of the final PMIs, services ISM and a speech from Fed’s Mester.
Commodities
- WTI and Brent contracts gapped higher upon the return of futures trading following the weekend OPEC+ deliberations (see below).
- Spot gold is subdued under USD 1,950/oz as the Dollar index remains firmer on the session – with the yellow metal finding support at its 100 DMA (1,939/oz) earlier.
- Base are mostly subdued but to varying degrees amid the aforementioned APAC growth concerns, although the complex has trimmed losses. Iron ore continued rising overnight.
OPEC+ Meeting
- Saudi Arabia announced it is to cut an additional 1mln bpd of oil output for July in which its output will drop to 9mln bpd and all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024. OPEC+ agreed to a new output target of 40.4mln bpd from 2024 with the output target for 2024 lowered by 1.4mln bpd and said Russia, Angola and Nigeria are to see significant production cuts in 2024, while the next OPEC+ meeting is to take place on November 26th, according to Reuters.
- Saudi’s Energy Minister said they are not targeting prices and that the extra voluntary cut is a precautionary measure, while they will keep the markets in suspense on whether the additional voluntary cut for July will be extended and will review the extra voluntary cuts every month.
- Saudi’s Energy Minister said Russia is delivering on its oil output commitments, while the UAE’s Energy Minister said there are some discrepancies in Russian production numbers and they don’t want politics involved in how they look at Russian production numbers, according to Reuters.
- Russian Deputy PM Novak said OPEC+ agrees total oil output cuts of 3.66mln bpd and that the oil market is more or less balanced, while he added they are seeing oil demand rising and they have the possibility of tweaking decisions. Furthermore, he said they will take decisions so that the oil market is stable and that Russia is fulfilling its obligations in full, according to Reuters.
- White House officials said they will continue to work with all fuel producers to ensure energy markets support US economic growth, according to Reuters.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
Flat trade across European stocks, but oil holds an underlying bid post-OPEC+ – Newsquawk US Market Open
MONDAY, JUN 05, 2023 – 06:17 AM
- European equities trade flat following Friday’s solid session for the region, FTSE 100 narrowly outperforms; US equity futures are flat
- Saudi Arabia announced it is to cut an additional 1mln bpd of oil output in July; all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024
- Saudi’s Energy Minister said will keep the markets in suspense on whether the additional voluntary cut for July will be extended
- DXY maintains a bullish momentum above 104.00, US Treasuries remain underwater, WTI sees post-OPEC gains
- Looking ahead, highlights include US ISM Services PMI, Speeches from ECB’s Lagarde, Wunsch & Fed’s Mester, EU syndication announcement
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5th June 2023
LOOKING AHEAD
- Highlights include, US ISM Services PMI, Speeches from ECB’s Lagarde, Wunsch & Fed’s Mester, and EU Syndication announcement.
- Click here for the Newsquawk Week Ahead preview.
EUROPEAN TRADE
EQUITIES
- European equities trade flat with not much in the way of weekend newsflow to guide prices following Friday’s solid session for the region, whilst the FTSE 100 narrowly outperforms.
- Equity sectors are a mixed bag with Telecoms top of the leaderboard, followed closely by Energy and Real Estate, while Tech, Travel & Leisure, and Consumer Products & Services reside at the bottom.
- US equity futures are flat following Friday’s session of gains (ES -0.1%, NQ -0.2%, RTY +0.1%)
- Click here and here for a recap of the main European updates.
- Click here for more detail.
FX
- DXY maintains a bullish momentum above 104.00 in the wake of Friday’s strong US payrolls gain which resulted in a hawkish tilt in Fed pricing.
- USD/JPY rebounds sharply towards 140.50 from just shy of 140.00 overnight amidst higher Treasury yields and wider spreads to JGBs after slowdowns in Japan’s services and composite PMIs.
- Euro extends declines against its US counterparts and against the backdrop of mostly sub-prelim or expected Eurozone services and composite PMIs.
- Aussie straddles 0.6600 on the eve of the RBA that could be a very close call.
- Yuan weakens irrespective of a firmer than forecast Chinese Caixin services PMI that boosted the composite number along with the manufacturing PMI, as China-US/Canadian/NATO tensions overshadowed the encouraging surveys.
- PBoC set USD/CNY mid-point at 7.0904 vs exp. 7.0918 (prev. 7.0939)
- Click here for notable OpEx for the NY Cut.
- Click here for more detail.
FIXED INCOME
- Bunds are off worst levels having pared some losses from 134.81 amidst more mixed Eurozone macro releases including soft PMIs, PPI, Sentix readings vs a healthier-than-expected German trade balance.
- Gilts have slipped to a new intraday base, albeit marginal at 96.25 in recent trade and probably in recognition of minor upward revisions to the final services and composite PMIs
- US Treasuries remain underwater, but the curve is a bit more stable after post-NFP flattening in advance of the final PMIs, services ISM and a speech from Fed’s Mester.
- Click here for more detail.
COMMODITIES
- WTI and Brent contracts gapped higher upon the return of futures trading following the weekend OPEC+ deliberations (see below).
- Spot gold is subdued under USD 1,950/oz as the Dollar index remains firmer on the session – with the yellow metal finding support at its 100 DMA (1,939/oz) earlier.
- Base are mostly subdued but to varying degrees amid the aforementioned APAC growth concerns, although the complex has trimmed losses. Iron ore continued rising overnight.
- Click here for more detail.
OPEC+ MEETING
- Saudi Arabia announced it is to cut an additional 1mln bpd of oil output for July in which its output will drop to 9mln bpd and all other OPEC+ producers agreed to extend earlier cuts through to the end of 2024. OPEC+ agreed to a new output target of 40.4mln bpd from 2024 with the output target for 2024 lowered by 1.4mln bpd and said Russia, Angola and Nigeria are to see significant production cuts in 2024, while the next OPEC+ meeting is to take place on November 26th, according to Reuters.
- Saudi’s Energy Minister said they are not targeting prices and that the extra voluntary cut is a precautionary measure, while they will keep the markets in suspense on whether the additional voluntary cut for July will be extended and will review the extra voluntary cuts every month.
- Saudi’s Energy Minister said Russia is delivering on its oil output commitments, while the UAE’s Energy Minister said there are some discrepancies in Russian production numbers and they don’t want politics involved in how they look at Russian production numbers, according to Reuters.
- Russian Deputy PM Novak said OPEC+ agrees total oil output cuts of 3.66mln bpd and that the oil market is more or less balanced, while he added they are seeing oil demand rising and they have the possibility of tweaking decisions. Furthermore, he said they will take decisions so that the oil market is stable and that Russia is fulfilling its obligations in full, according to Reuters.
- White House officials said they will continue to work with all fuel producers to ensure energy markets support US economic growth, according to Reuters.
CRYPTO
- Bitcoin is on a softer footing back under USD 27k while Ethereum also succumbs to losses in the space, back below USD 1,900.
NOTABLE US HEADLINES
- US President Biden signed the bill raising the debt limit into law on Saturday, according to the White House.
- Large banks could face a 20% boost to capital requirements as those relying on fees may need larger capital buffers to absorb losses under planned rules, according to WSJ.
- United Airlines (UAL) pilot union unanimously voted to authorise a strike vote, according to Reuters citing a letter from the union chair to pilots.
- Tesla (TSLA) sold 77,695 Chinese-made cars in May (vs 75,842 in April), according to CPCA.
NOTABLE EUROPEAN HEADLINES
- BoE is looking to broaden reform of the deposit guarantee scheme after the collapse of SVB’s UK arm highlighted the weakness of the current regime, according to FT.
- ECB’s Vujcic said Eurozone inflation risks are tilted to the upside; wage pressures are “still very lively”, according to Bloomberg.
- Fitch affirmed the Bank of England at AA-; Outlook Negative.
- S&P said France’s “AA/A-1+” ratings affirmed; outlook remains negative; says tighter financial conditions and still-high core inflation will restrain France’s economic activity in 2023 and 2024
DATA RECAP
- German Exports MM SA* (Apr) +1.2% vs. Exp. -2.5% (Prev. -5.2%, Rev. -6.0%)
- German Imports MM SA* (Apr) -1.7% vs. Exp. -1.0% (Prev. -6.4%, Rev. -5.5%)
- German Trade Balance, EUR, SA* (Apr) 18.4B vs. Exp. 16.0B (Prev. 16.7B, Rev. 14.9B)
- Swiss CPI YY (May) 2.2% vs. Exp. 2.2% (Prev. 2.6%)
- Swiss Core CPI YY (May) 1.9% vs. Exp. 2.0%
- EU S&P Global Comp Final PMI (May) 52.8 vs. Exp. 53.3 (Prev. 53.3)
- EU HCOB Services Final PMI (May) 55.1 vs. Exp. 55.9 (Prev. 55.9)
- EU Sentix Index* (Jun) -17.0 vs. Exp. -15.1 (Prev. -13.1)
- UK Composite PMI Final (May) 54.0 vs. Exp. 53.9 (Prev. 53.9)
- UK S&P GLBL/CIPS SVC PMI FNL (May) 55.2 vs. Exp. 55.1 (Prev. 55.1)
- EU Producer Prices YY (Apr) 1.0% vs. Exp. 1.4% (Prev. 5.9%, Rev. 5.5%)
- EU Producer Prices MM (Apr) -3.2% vs. Exp. -3.1% (Prev. -1.6%, Rev. -1.3%)
GEOPOLITICS
- Russia’s Defence Ministry said Ukraine began a large-scale military operation, according to Reuters.
- Russia’s Belgorod regional Governor Gladkov said Ukraine shelled a market area in the town of Shebekino although no casualties were reported and he was willing to meet the group holding soldiers captive after the group earlier said it was willing to swap the soldiers for a meeting, while Gladkov said it is most likely that the group killed the captives but he would meet them at the Shebekino checkpoint and guarantee safety if the captive soldiers were alive. It was later reported that the pro-Ukraine group of Russian partisans said they took several Russian soldiers prisoners and will hand them over to Ukraine after the Belgorod Governor failed to turn up at the meeting, according to Reuters.
- Russian Defence Ministry says Baltic Fleet started navy drills with the use of over 40 vessels and 3,500 servicemen; drills will last until June 15th, according to Reuters.
- US and Canadian warships sailed through the Taiwan Strait on Saturday, while it was separately reported that Chinese Defence Minister Li accused the US of provocation after a near miss between warships in the Taiwan Strait, according to Reuters and ITV News.
- Chinese Vice Foreign Minister to hold a meeting with Senior US State Department official on Monday; details are light, according to Reuters.
- South Korea’s Defence Minister said that some countries were ignoring North Korea’s unlawful behaviour which creates holes in sanctions against North Korea passed at the UN Security Council, according to Reuters.
- Russia’s Kremlin said it welcomes the US’ “positive statement” last week on regarding nuclear weapons and expects further diplomatic contact, according to Reuters.
APAC TRADE
- APAC stocks were mostly positive amid momentum from Friday’s post-NFP gains on Wall Street and as participants digested stronger Chinese Caixin Services and Composite PMI data.
- ASX 200 was led higher by gains across nearly all sectors with early tailwinds in energy names following Saudi Arabia’s additional 1mln bpd output cut, while the RBA is seen to keep rates unchanged at tomorrow’s meeting.
- Nikkei 225 climbed above 32,000 for the first time since 1990 with exporters propelled by a weaker currency.
- Hang Seng and Shanghai Comp. were kept afloat following the encouraging Caixin PMIs but with gains capped amid US-China frictions and after China’s Cabinet noted that the foundation for the economic recovery is not solid, while property names were also pressured despite reports that China is mulling a support package for the property sector and bolster the economy.
NOTABLE ASIA-PAC HEADLINES
- US Under Secretary of the Treasury for International Affairs Jay Shambaugh met with China’s new ambassador to the US Xie Feng on Friday, while the meeting was said to be candid, constructive and part of ongoing efforts to maintain open lines of communication, according to the Treasury.
- China is soon to account for less than half of US low-cost imports from Asia in 2023 for the first time in over a decade, according to an annual reshoring index from Kearney cited by the FT.
- Wuhan Commerce Bureau said initial talks have started with Disney (DIS) for the US firm to start a project in the city, according to Reuters.
DATA RECAP
- Chinese Caixin Services PMI (May) 57.1 vs. Exp. 55.2 (Prev. 56.4)
- Chinese Composite PMI (May) 55.6 (Prev. 52.9)
- Australian Gross Company Profits (Q1) 0.5% vs. Exp. 2.0% (Prev. 10.6%)
- Australian Business Inventories (Q1) 1.2% vs. Exp. 0.5% (Prev. -0.2%)
GLOBAL NEWS
- Turkish President Erdogan named Cevdet Yilmaz as Vice President and Hakan Fidan a Foreign Minister, while he named Yasar Guler as Defence Minister and Mehmet Sismek as the Treasury and Finance Minister, according to Reuters.
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED UP 2.07 PTS OR 0.07% //Hang Seng CLOSED UP 158.56 PTS OR 0.84% /The Nikkei closed UP 693.21 OR 2.20% //Australia’s all ordinaries CLOSED UP 0.95 % /Chinese yuan (ONSHORE) closed DOWN 7.1162 /OFFSHORE CHINESE YUAN DOWN TO 7.1281 /Oil UP TO 71,27 dollars per barrel for WTI and BRENT AT 73.91 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
JAPAN HAS A SEVERE DEMOGRAPHIC PROBLEM
(FREDLY/EPOCH TIMES)
Japan’s Birth Rate Plummets To Record Low For Seventh Straight Year
SUNDAY, JUN 04, 2023 – 05:30 PM
Authored by Aldgra Fredly via The Epoch Times,
Japan’s birth rate declined to a record low for the seventh consecutive year, with the number of babies born falling below 800,000 this year, health ministry data showed on June 2.
The number of newborns in Japan fell to 770,747 this year, down 40,875 from the previous year and the lowest since the country began record-keeping in 1899, Kyodo News reported, citing health ministry data.
Japan’s fertility rate—the average number of children born to a woman in her lifetime—fell from 1.30 in 2021 to 1.26 last year, equivalent to the previous low recorded in 2005. The number is far below the 2.07 rate necessary to sustain a stable population.
The decline in Japan’s birth rate is attributed to people delaying parenthood due to the economic impact brought on by the COVID-19 pandemic, as well as the prevailing trend among couples to delay marriage, according to the report.
The data was released after Prime Minister Fumio Kishida unveiled a draft plan to increase child-rearing support as he listed addressing the country’s declining birth rates as one of his top policy goals.
“A last chance for us to reverse the declining births is before the young population is expected to decline drastically in 2030,” Kishida said at a meeting on Thursday.
Kishida’s government said it would come up with specific measures and secure funding by the end of the year.
The government plans to secure annual funding of about 3.5 trillion yen ($25.2 billion) over the next three years for a new childcare package, which includes childbirth and rearing allowances as well as increased subsidies for higher education.
Earlier in January, Kishida urged his government to create a “children-first economic society” and warned that Japan would cease to function as a society if its birth rate continued to decline.
“Japan is at a critical point of whether we can continue to function as a society. Focusing on policies regarding children and child-rearing is an issue that cannot be postponed,” he told parliament on Jan. 23.
Japan’s population of more than 125 million has been declining for 16 years and is projected to fall to 87 million by 2070. A shrinking and aging population has huge implications for the economy and for national security as Japan fortifies its military to counter China’s increasingly assertive territorial ambitions.
According to Japan Meteorological Agency (pdf), the country’s population is expected to fall below 100 million by 2050. Data released by the Cabinet Office showed the aging population is also a prominent issue. As of October 2019, the country’s total population was 126.17 million, where people over the age of 65 accounted for 28.4 percent.
Upon taking serious note of the issue, the country introduced a series of policies to remedy its declining births. Japan has, in recent years, offered cash bonuses and childcare incentives to encourage people to have more children, but these efforts have had little impact.
According to Yomiuri Shimbun’s report, for more than 30 years, the government has introduced various policies that focus on balancing work and childcare. However, those policies were considered inconsistent with the actual needs of families, leaving those wanting to marry and have children without strong prospects.
The report cited Yamada Masahiro, a professor at Chuo University in Tokyo, who spent over 30 years studying Japan’s population problem and wrote a book titled “Why Japan’s Countermeasures Against Declining Births Failed?”
The book claimed that one of the problems is that “the government’s support measures are biased toward women who have graduated from colleges and regular workers in urban areas while ignoring the needs of informal workers and women living in non-urban areas.”
END
3 CHINA /
CHINA/
.
end
CHINA/COVID
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
IRELAND
How stupid can one country get. Ireland mulls over plan to kill 200,000 cows to fight climate change which does not exist
(zerohedge)
Ireland Mulls Over Plan To Kill 200,000 Cows To Fight Climate Change
MONDAY, JUN 05, 2023 – 02:45 AM
Livestock production — primarily cows — has apparently become such a problem for the climate that government officials in Ireland are mulling over a plan to kill hundreds of thousands of cows.
The Irish Mirror said a new Department of Agriculture report shows officials planned to kill 200,000 dairy cows over the next three years to combat climate change.
We told readers in late 2022, “Forget Oil. Now They Are Coming For The Cows.” And that’s apparently what the climate alarmists in Ireland are preparing to do.
Ag website Farming Independent said it recently obtained the report via a freedom of information request.
“Cuts to the dairy herd of 65,000 cows per year for the next three years will be needed to meet agriculture’s climate targets Department of Ag officals have estimated in an internal briefing paper seen by the Farming Independent,” the website said.
A spokesperson for the Department of Agriculture, Food and the Marine told the Irish Mirror, “The Paper referred to was part of a deliberative process – it is one of a number of modeling documents considered by the Department of Agriculture, Food and the Marine and is not a final policy decision.”
The ag agency added: “As part of the normal work of Government Departments, various options for policy implementation are regularly considered.”
Meanwhile, Pat McCormack, the president of the Irish Creamery Milk Suppliers Association, railed against the plan to cull dairy cows.
McCormack said, “If there is to be a scheme, it needs to be a voluntary scheme. That’s absolutely critical because there’s no point in culling numbers from an individual who has borrowed on the back of a huge financial commitment on the back of achieving a certain target that’s taken from under him.”
“We should be investing in an infrastructure that can deliver from a scientific perspective. And we know low emissions are better and we should be continuing to invest in further science and research because that’s absolutely critical as we move forward,” McCormack said, who was quoted by the Irish Times.
Ireland’s farming sector appears to be under attack by climate nuts. Remember what the end goal might be:
… but who cares about: “Private jet use soaring in Ireland, new research shows.”
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
UKRAINE/RUSSIA
Russia Says It Put Down Major Ukrainian Offensive Hours After It Began
MONDAY, JUN 05, 2023 – 10:50 AM
Did Ukraine forces just attempt to kick off their much anticipated major counteroffensive, only to have it put down immediately after it began?
That’s what the Russian Defense Ministry (MoD) suggested early Monday in announcing that Ukraine began a “large-scale offensive” in mounting attacks along five sections of the frontlines in the eastern Donbas region. But Russia said it thwarted the major attack and that some 250 Ukrainian troops were killed, which included Ukraine sending six mechanized and two tank battalions to Russian-controlled southern Donetsk.
“On the morning of June 4, the enemy launched a large-scale offensive in five sectors of the front in the South Donetsk direction,” the MoD statement began. “The enemy has failed to reach its goals and was unsuccessful.”Illustrative: Ukrainian tanks previously near Chasiv Yar, Ukraine. via Reuters
It added that in total the attacking forces lost six tanks, three infantry vehicles, and 21 armored vehicles in what would mark a significant defeat if confirmed. “The enemy’s goal was to breach our defenses in what they assumed was the most vulnerable section of the frontline,” the Russian military statement continued.
“During the day, the occupiers made 23 attacks, but all of them were repulsed by units of the defense forces,” the MoD continued, in reference to attacks also along front lines of Luhansk, Zaporizhia and Kherson.
The ministry further specified that Russian Chief of the General Staff Valery Gerasimov “was at one of the forward command posts” at the time of the thwarted attacks.
While Ukrainian President Volodymyr Zelensky just days ago said that his forces stand ‘ready’ to launch a counteroffensive, he made not mention of the alleged assault Sunday night when he gave his nightly video address.
BBC has remained very skeptical of the Russian military narrative, and yet Kiev has admitted some degree of “offensive actions” Sunday into Monday:
But on Monday Ukraine issued a statement denouncing Russian ‘lies’ and propaganda that aims to demoralize and mislead the Ukrainian public, but without directly referencing the specific Kremlin claims of a thwarted counteroffensive. According to Reuters:
The commander of Ukraine’s ground forces, Oleksandr Syrskyi, said on Monday that Ukrainian forces continued “moving forward” near the long-contested city of Bakhmut in northern Donetsk. He made no comment on the counter-offensive.
The daily report from Ukraine’s General Staff said only that there were 29 combat clashes in the Donetsk and Luhansk regions of eastern Ukraine.
Ukraine’s Centre for Strategic Communications did not address the Russian statement directly but said, without providing evidence, that Russia would seek to spread lies.
“To demoralize Ukrainians and mislead the community (including their own population), Russian propagandists will spread false information about the counteroffensive, its directions, and the losses of the Ukrainian army,” it said.
Given the vague response from the Ukrainian side in the face of significant Russian claims which are currently grabbing world headlines, this for many observers is going to give credence to the Kremlin statements.
Reuters in its Monday reporting noted the following:
Ukrainian Defence Minister Oleksii Reznikov published a cryptic message on Twitter on Sunday, quoting Depeche Mode’s track “Enjoy the Silence”.
As we detailed earlier, in recent days Ukrainian officials have been openly taunting Russia ahead of the offensive.
If the Russian MoD statements prove true, this marks disaster for the Ukrainian military, given a defeat at the very start of the counteroffensive would likely sap morale and momentum, given also already there have been widespread reports that inexperienced and untrained Ukrainians are being sent to the frontlines in droves amid mounting heavy casualties.
Meanwhile, there does appear to be some degree of confirmation from Ukrainian officials trickling out that “offensive actions” have indeed begun in various sectors.
But Ukraine’s deputy defense minister is seeking to stress that Russia is putting out claims of beating back the counteroffensive in order to “divert attention from the defeat” in locations near Bakhmut.
END
UKRAINE//RUSSIA/
A dangerous incursion!
(zerohedge)
New Cross-Border Raid In Russia’s Belgorod On Sunday, Fighting Ongoing
SUNDAY, JUN 04, 2023 – 12:00 PM
Russian state media is citing the governor of Russia’s Belgorod Region, Viacheslav Gladkov, to report that there’s been another cross-border raid into Russian territory from Ukraine, which marks the third such incursion within two weeks.
The governor of the border region oblast which has also for months been subject to sporadic shelling from Ukrainian forces said that Russia’s military and the FSB security services are engaging the “saboteurs” and that fighting is ongoing, though few details have been given. Smoke from strikes during May 23rd fighting in Belgorod region due to prior cross-border raid. Still frame
Russia’s RT is describing, “In a video address, Gladkov responded to Denis Nikitin, the leader of the Russian Volunteer Corps, a neo-Nazi group of Russian nationals fighting on Kiev’s side.”
“In his video, the governor stated that a battle with the corps detachment was currently raging in Belgorod Region, and that he hoped that all members of the group would be killed,” the report says.
Belgorod’s Gladkov was quoted as saying–
“I saw the appeal of scoundrels, bastards, murderers and fascists who allegedly want to meet with me, offering a conversation in exchange for prisoners. In fact, a group of saboteurs went in, there is a battle in Novaya Tavolzhanka. I hope that they will all be destroyed, it cannot be otherwise. Every day civilians die at the hands of these fascists, we bury them every day. Crippled children and dead old people – that’s their handiwork,” he said.
Earlier in the weekend he said that seven civilians have died over the past week due to shelling from Ukraine.
The New York Times wrote on Saturday that “Shebekino, a town of 40,000 six miles from the border, has effectively become a new part of the front line as Ukraine has intensified attacks inside Russia, including on residential areas near its own borders.”
This is all upending the lives of residents in the border region, akin to what already happened long ago on the Ukrainian side of the border. “The spate of assaults, most recently by militia groups aligned against Moscow, has sparked the largest military evacuation effort in Russia in decades,” the report underscored. The past days have witnessed area residents move into temporary shelters, including the large Belgorod arena in the oblast capital.
Currently it appears the militia groups which have crossed the Russian border on Sunday are holding ground and seeking to advance, at least temporarily. During the first major assault of two weeks ago Russia sent in major military assets such as helicopters to put down the incursion. Wagner Group has since offered to send its fighters to protect the border.
Chief Foreign-Affairs Correspondent of The Wall Street Journal, Yaroslav Trofimov, has written in an update posted to Twitter that “Ukrainian-backed Russian fighters remain in the Russian town of Novaya Tavolzhanka and have taken POWs. The psychological impact of that is hard to overestimate.
Trofimov wrote further “The governor has offered to meet them to take back the POWs, Prigozhin has also offered to send an aide.”
end
UKRAINE/RUSSIA
Very dangerous indeed that UK supplied this to Ukraine
(HAL TURNER RADIO/ROBERT H)
Hal Turner Radio Show – Visual Confirmation: Ukrainian SU-24 Armed with British “Storm Shadow” Cruise Missiles
| Robert Hryniak | 5:37 PM (5 hours ago) |  | |
| to | |||
No denial who supplied what.
END
Robert H:
Ukrainian disintegration
The Current widespread rumor is Prigozhin apparently has paid Zelensky for info on dispatched troops to die in Bakhmut. This could be local Ukrainian propaganda as the Ukraine public turns on Zelensky. Even grandmas spit when his name is mentioned. The death toll in Bakhmut is said to be approximately 50,000 with an equal amount wounded . True or not losses are horrific. And gossip is sure to inflate numbers and alter truths and inflame public hatred. Local company leaders now routinely will shoot battalion commanders if they think they are being sent to slaughter. Zero trust exists now in higher command. Bakhmut horror stories are making their way through the ukraine one ukrainian to another. You may know that all internet traffic is looked at and all publication of images of missiles strikes is banned subject to mandatory jail. Some freedom does the proxy provide, not surprising as it always turns out this way. With growing resentment grows against Americans and Brits and others within NATO, as soldiers bicycle to combat lines while many officers pocket money. Zelensky is losing control of the situation he has created. And much of the crowd around him is anxious looking for European bolt holes with their illicit money. There is also a growing animosity towards Jews in Ukraine as they are blamed with being Zelensky zealots and old grievances are spoken of. AZOV types will ignite old sores to avoid direct blame.Not a good place for vacation. Expect a wider migration as social order breaks down and yes the thieving crowd there will run West with their ill gotten gains to Europe. This neocon fiasco is still brewing while destroying what may have been a nation. At the same time there are growing fears in Europe and elsewhere that the truth about kickbacks on weapon transfers and subsequent sale to illicit groups just may become public. As Zelensky certainly is not above blackmail and Russia is in no hurry to eliminate Ukraine as the slow torture of war exhausts both supplies and status of Western weapon systems. You can bet Zelensky will not receive the 50 Patriot Systems he is demanding
end
TURKEY
A must read…
Our resident export on Turkish affairs/Tom Luongo…
Failures Of An Economic Hitman In Turkey: Erdogan Re-elected
SUNDAY, JUN 04, 2023 – 07:00 AM
Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,
President Erdogan’s re-election in Turkey is a monumental failure of Western pressure. Because of it, it’s time to take our eyes off Ukraine and look at a different theater of World War III with equal if not bigger implications.
Turkey is another in a now long string of failed Economic Hitman operations cum Color Revolutions. The last big one to fail was in Belarus in 2020 following the re-election of Alexander Lukashenko.
Turkey has been the subject of a seven-year campaign to be rid of Erdogan, beginning with the 2016 coup attempt organized out of the NATO airbase at Incerlik. Turkey’s been through a persistent five-year brutal devaluation of its currency, the lira, seeing it drop from less than 2 versus the US dollar to nearly 21 this week in the wake of Erdogan’s victory.
I’ve covered this story in detail (see my Turkey archives here) being one of the lone voices out there trying to parse Erdogan’s monetary policy actions which I’ve argued sought to de-dollarize Turkey’s foreign exchange liabilities and forge an independent path.
Erdogan, wily as a fox, has been deftly playing the US and Russia/China off each other for years, positioning Turkey simultaneously as a member of NATO, the gatekeeper to the Black Sea, and the financial and trade crossroads linking East and West.
The West’s campaign to overthrow President Assad in Syria beginning in 2011 couldn’t have gone forward without Erdogan’s help. He went along with it very willingly having been promised Turkey claiming Idlib province in the West and taking most of the north. Vladimir Putin accepting Assad’s invitation for assistance in fighting ISIS and Erdogan’s pets in Idlib (Hay’at Tahrir al-Sham or HTS) began the unraveling of those plans.
Turkey shooting down a Russian SU-31 in November 2015 was supposed to push Putin to war against Turkey, giving NATO every reason to engage the Russians directly. But Putin and Erdogan came to an understanding over this incident, implying that it wasn’t on Erdogan’s orders the Russian plane was shot down, but rather the usual suspects at Foggy Bottom, Langley, GCHQ in London who did.
If you wonder why I’m never worried by the latest lame attempt to draw Russia into a wider conflict in Ukraine by events like the Nordstream or Kerch Strait bridge bombings it was Putin’s handling of this moment with Erdogan and then later the shooting down of the Russian IL-20 ELINT plane over Syria by someone who definitely wasn’t Syria, who took the blame to avert WWIII.
These were moments where Russia and NATO were being pressed into conflict and Putin refused to follow the ready-made Tom Clancy script prepared for him by the spooks who never seem to run out of at-bats no matter how many times they strike out.
It is against this background that we have to analyze the complete failure that is the West’s campaign to unseat Erdogan and his AKP party from power in Turkey.
The ZIRP years in the West coincided with the big degradation of Turkey’s finances as Erdogan invited Western investment into the country to support his territorial ambitions. But, Erdogan, as pointed out by Baris Doster of Marmara University noted:
“The government at the head of Turkiye is extremely pragmatic, which is expressed in the ability to make a sharp turn in foreign policy,” Doster told Sputnik.
“There are many examples of this: these are relations with Israel, Qatar, the United Arab Emirates, Egypt, Saudi Arabia. When relations with the East are not going well, Turkiye turns to the West, and in case of difficulties with the West, it turns to the East. However, in the current situation, I believe that the existing political vector will remain intact.”
I agree. In effect, Erdogan’s pragmatism led him to nearly every move he’s made over the past decade, going along with NATO when they were on the offensive, but quickly pivoting and cutting bait on a policy the minute they were put on the defensive, c.f. my above comments about Syria.
In fact, it’s easy to argue that Erdogan’s breaking point with the West over Syria is what has dominated geopolitical headlines for the past seven years. He relishes the role as the guy with the leverage over all NATO policy in the Eastern Mediterranean and the Black Sea, whose access he controls thanks to the 1936 Treaty of Montreaux.
He’s still holding Sweden’s entry hostage, something I get the feeling the new government in Stockholm prefers.
With his re-election and Turkey’s finances improving Turkey’s importance will only grow. He will not leave NATO willingly, instead using his veto power to slow the roll of the neocons, Eurocrats, and globalists who have betrayed not only him but Turkey. For all of his aspirations, Erdogan is a Turkish nationalist through and through.
He will now throw more sand in the gearworks of NATO’s plans for wider conflict in the region from Ukraine to Iran and Armenia until the West kicks Turkey out or someone assassinates him.
All the while he will continue to invite Russian, Iranian and Chinese money into Turkey with the goal of lowering its dependence on foreign energy trades settled in the dollar.
The Turkish people have given him another five years to complete this transition away from the West to an independent trade hub. If the West is smart they will not antagonize him further.
I was asked by Sputnik News for my thoughts earlier this week on these issues directly. You can find my comments in these two articles (here and here). As always, I am publishing the full Q&A below the break in the interests of transparency and to ensure that the context of my comments haven’t been lost.
In the run-up to election day on 28 May, the Turkish lira came under unprecedented pressure from major financial giants. For example, analysts of Western banks JPMorgan Chase and HSBC Holdings began to spread information about the inevitable weakening of the lira to levels of 24-25 lire per dollar. We also saw many other Western financial investors short selling the Turkish lira.
Here are the questions we were thinking about:
Why do you think that Western financial giants have taken these moves against the lira in recent days? Could this be an effort to influence the Turkish election?
Yes, absolutely. The US has made no bones about their unhappiness with the way President Erdogan has conducted foreign policy in recent years. I’ve felt and published previously that the lira has been under consistent foreign actor attack since the summer of 2018, when this issue first reared its ugly head.
Back then only the admission that Italian and French banks had loaded up on dollar-denominated Turkish corporate debt, putting their balance sheets at risk ended that round of pressure. Erdogan, for his part, saw the situation for what it was and took control over the central bank to wrest control of monetary policy from the IMF.
There was little option and the lira was destined for this hyper-devaluation versus the dollar. Turkey’s net foreign exchange liability position, which in 2018 was over $240 billion, was its Achilles heel.
Today that number is down to ~$80 billion, according to recent Bank of Turkey data. So, while the situation is improving, it is still the vector on which Erdogan is most vulnerable. To fix this Erdogan has rightly invited Chinese and Russian capital into Turkey and cut major energy deals with Putin to mitigate their chronic current account and trade deficits as a major energy importer.
So, yes, financial and monetary instability, crushing hyperinflation of the lira, and questionable geopolitical interventions have undermined Erdogan’s popular support putting him in today’s runoff election.
The recent notes from US banks are simply pushing the situation to the extreme. Turkey has few options but to continue to de-dollarize.
Who do you think the Biden admin and Western financial giants prefer in this election? Why?
Clearly not Erdogan. They have put considerable support behind his opponent Kemal Kilicdaroglu, cobbling together a Not-Erdogan “Table of Six” coalition which is the only thing they agree on. It is reminiscent of last year’s Not-Orban coalition in Hungary.
The results there were far more embarrassing for the EU/US neoliberals because Orban wasn’t dealing with the chronic currency issues plaguing Erdogan. That said, Erdogan’s victory wasn’t really in doubt after the general election which he nearly won outright.
Biden and Europe want a Turkey loyal to NATO and their program to maximally confront the Russia/China/Iran axis. Erdogan has been a thorn in that program since late 2015 and Russia’s intervention in Syria laid bare both his and NATO’s complicity in balkanizing it.
He has played both sides against each other to forge an independent path for Turkey. Many of his moves have been questionable but viewed through that lens the pattern of his behavior is quite clear. His attempts to forge a peace agreement between Ukraine and Russia last year was likely the last straw for the West.
Turkey is the lynchpin to the Eastern Mediterranean and continued US presence in the Middle East. Despite the economic troubles of Turkey, he was able to communicate them as continued US anti-Arab behavior. From here, with him in power for another four years (and likely the last four), he has a big task in front of him to stabilize Turkey’s finances. He’s already made the case successfully that NATO turned its back on Turkey, now he’s going to have to turn that into a definitive policy.
Erdogan’s unorthodox monetary policy has been the topic of extensive discussion among Western economists. What is your assessment of it?
I’ve written about this in detail in the past here. Erdogan’s ‘unconventional’ monetary policy was the basis for his exit strategy from the West for Turkey. Erdogan challenged conventional IMF policy of raising interest rates to attract foreign investors.
Why would you want to attract the same people who previously pulled their money out of your country, destabilizing it. Foreign capital inflow under this model is just blackmail, leaving the government dependent on foreign largesse.
If they don’t like your policies, they pull their money out, crash the currency and hope to effect political reform more to their liking. What Erdogan did at the end of 2021 when the lira hit a peak of 18.2 versus the dollar was to use Turkey’s relatively clean balance sheet (less than 40% debt-to-GDP) to encourage Turks to save and invest in lira (which I went into detail in the article linked above) while encouraging Russian and Chinese investment in Turkish sovereign debt and infrastructure/trade projects.
Those have been excellent investments for those investors. In November 2021, Turkish 10-year debt was yielding more than 23%. Today that number is 9.2%. The lira depreciated from an average of 15 to today’s 20 versus the dollar. Even accounting for the exchange rate losses, these have been excellent returns. Remember bond prices rise as yield falls.
Now, with his re-election, Erdogan and Turkey are on the other side of political risk of new leadership changing the course. Turkey isn’t out of the woods yet, but the economic data is improving, in some areas like Manufacturing Confidence (108) and Capacity Utilization (75.4%) quite rapidly.
Political stability is what is needed now. Militaristic adventurism isn’t. Erdogan has been given another four years to complete the turnaround and reimagining of the Turkish economy.
* * *
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end
6.Global Issues//COVID ISSUES/VACCINE ISSUES/
GLOBAL ISSUES//MEDICAL ISSUES
This is a fact; repeated COVID19 vaccinations weakens your immune system
(Stieber/EpochTimes)
Repeated COVID-19 Vaccination Weakens Immune System: Study
SATURDAY, JUN 03, 2023 – 10:30 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
Repeated COVID-19 vaccination weakens the immune system, potentially making people susceptible to life-threatening conditions such as cancer, according to a new study.A man is given a COVID-19 vaccine in Chelsea, Mass., on Feb. 16, 2021. (Joseph Prezioso/AFP via Getty Images)
Multiple doses of the Pfizer or Moderna COVID-19 vaccines lead to higher levels of antibodies called IgG4, which can provide a protective effect. But a growing body of evidence indicates that the “abnormally high levels” of the immunoglobulin subclass actually make the immune system more susceptible to the COVID-19 spike protein in the vaccines, researchers said in the paper.
They pointed to experiments performed on mice that found multiple boosters on top of the initial COVID-19 vaccination “significantly decreased” protection against both the Delta and Omicron virus variants and testing that found a spike in IgG4 levels after repeat Pfizer vaccination, suggesting immune exhaustion.
Studies have detected higher levels of IgG4 in people who died with COVID-19 when compared to those who recovered and linked the levels with another known determinant of COVID-19-related mortality, the researchers also noted.
A review of the literature also showed that vaccines against HIV, malaria, and pertussis also induce the production of IgG4.
“In sum, COVID-19 epidemiological studies cited in our work plus the failure of HIV, Malaria, and Pertussis vaccines constitute irrefutable evidence demonstrating that an increase in IgG4 levels impairs immune responses,” Alberto Rubio Casillas, a researcher with the biology laboratory at the University of Guadalajara in Mexico and one of the authors of the new paper, told The Epoch Times via email.
The paper was published by the journal Vaccines in May.
Pfizer and Moderna officials didn’t respond to requests for comment.
Both companies utilize messenger RNA (mRNA) technology in their vaccines.
Dr. Robert Malone, who helped invent the technology, said the paper illustrates why he’s been warning about the negative effects of repeated vaccination.
“I warned that more jabs can result in what’s called high zone tolerance, of which the switch to IgG4 is one of the mechanisms. And now we have data that clearly demonstrate that’s occurring in the case of this as well as some other vaccines,” Malone, who wasn’t involved with the study, told The Epoch Times.
“So it’s basically validating that this rush to administer and re-administer without having solid data to back those decisions was highly counterproductive and appears to have resulted in a cohort of people that are actually more susceptible to the disease.”
Possible Problems
The weakened immune systems brought about by repeated vaccination could lead to serious problems, including cancer, the researchers said.
Read more here…
end
Family Of College Student Who Died From COVID-19 Vaccine Sues Biden Administration
FRIDAY, JUN 02, 2023 – 11:00 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
The family of a college student who died from heart inflammation caused by Pfizer’s COVID-19 vaccine has sued President Joe Biden’s administration, alleging officials engaged in “willful misconduct.”George Watts Jr. in a file image. (Courtesy of the Watts family)
U.S. Department of Defense (DOD) officials wrongly promoted COVID-19 vaccination by repeatedly claiming the available vaccines were “safe and effective,” relatives of George Watts Jr., the college student, said in the new lawsuit.
That promotion “duped millions of Americans, including Mr. Watts, into being DOD’s human subjects in its medical experiment, the largest in modern history,” the suit states.
The Public Readiness and Emergency Preparedness Act allows lawsuits against certain people if they have engaged in “willful misconduct” and if that misconduct caused death or serious injury.
COVID-19 vaccines are covered by the act due to a declaration entered during the Trump administration in 2020 after COVID-19 began circulating.
“DOD’s conduct and the harm caused as alleged within the four corners of the lawsuit speaks for itself,” Ray Flores, a lawyer representing the Watts family, told The Epoch Times via email. “I have no further comment other than to say: My only duty is to advocate for my client. If the DOD conveys a settlement offer, I will see that it’s considered.”
The suit was filed in U.S. court in Washington.
The Pentagon and the Department of Justice did not respond to requests for comment.
Watts Suddenly Died
Watts was a student at Corning Community College when the school mandated COVID-19 vaccination for in-person classes in 2021. He received one Pfizer dose on Aug. 27, 2021, and a second dose approximately three weeks later.
Watts soon began experiencing a range of symptoms, including tingling in the feet, pain in the heels, numbness in the hands and fingers, blood in his sperm and urine, and sinus pressure, according to family members and health records.
Watts went to the Robert Packer Hospital emergency room on Oct. 12, 2021, due to the symptoms. X-rays showed clear lungs and a normal heart outline.
Watts was sent home with suggestions to follow up with specialists but returned to the emergency room on Oct. 19, 2021, with worsening symptoms despite a week of the antibiotic Augmentin. He was diagnosed with sinusitis and bronchitis.
While speaking to his mother at home on Oct. 27, 2021, Watts suddenly collapsed. Emergency medical personnel rushed to the home but found him unresponsive. He was rushed to the same hospital in an ambulance. He was pronounced deceased at age 24.
According to a doctor at the hospital, citing hospital records and family members, Watts had no past medical history on file that would explain his sudden death, with no known history of substance abuse or obvious signs of substance abuse. His mother described her son as a “healthy young male.”
Dr. Robert Stoppacher, a pathologist who performed an autopsy on the body, said that the death was due to “COVID-19 vaccine-related myocarditis.” The death certificate listed no other causes. A COVID-19 test returned negative. Dr. Sanjay Verma, based in California, reviewed the documents in the Watts case and said that he believed the death was caused by the COVID-19 vaccination.
Pfizer did not respond to a request for comment.
Watts Took Vaccine Under Pressure
The community college mandate included a 35-day grace period following approval by the U.S. Food and Drug Administration (FDA) of a COVID-19 vaccine.
The Moderna, Pfizer, and Johnson & Johnson vaccines were given emergency use authorization early in the pandemic. The FDA approved the Pfizer shot on Aug. 23, 2021. It was the first COVID-19 vaccine approval. But doses of the approved version of the shot, branded Comirnaty, were not available for months after the approval.
Read more here…
END
Just look at the damage that the media did with respect to falsely linking HCQ to increased deaths
(Zang/EpochTimes)
Study Falsely Linking Hydroxychloroquine To Increased Deaths Frequently Cited Even After Retraction
SATURDAY, JUN 03, 2023 – 05:30 PM
Authored by Jessie Zhang via Thje Epoch Times (emphasis ours),
An Australian and Swedish investigation has found that among the hundreds of COVID-19 research papers that have been withdrawn, a retracted study linking the drug hydroxychloroquine to increased mortality was the most cited paper.Hydroxychloroquine sulphate tablets. (Memories Over Mocha/Shutterstock)
With 1,360 citations at the time of data extraction, researchers in the field were still referring to the paper “Hydroxychloroquine or chloroquine with or without a macrolide for treatment of COVID-19: a multinational registry analysis” long after it was retracted.
Authors of the analysis involving the University of Wollongong, Linköping University, and Western Sydney Local Health District wrote (pdf) that “most researchers who cite retracted research do not identify that the paper is retracted, even when submitting long after the paper has been withdrawn.”
“This has serious implications for the reliability of published research and the academic literature, which need to be addressed,” they said.
“Retraction is the final safeguard against academic error and misconduct, and thus a cornerstone of the entire process of knowledge generation.”
Scientists Question Findings
Over 100 medical professionals wrote an open letter, raising ten major issues with the paper.
These included the fact that there was “no ethics review” and “unusually small reported variances in baseline variables, interventions and outcomes,” as well as “no mention of the countries or hospitals that contributed to the data source and no acknowledgments to their contributions.”A bottle of Hydroxychloroquine at the Medicine Shoppe in Wilkes-Barre, Pa on March 31, 2020. Some politicians and doctors were sparring over whether to use hydroxychloroquine against the new coronavirus, with many scientists saying the evidence is too thin to recommend it yet. (Mark Moran/The Citizens’ Voice via AP)
Other concerns were that the average daily doses of hydroxychloroquine were higher than the FDA-recommended amounts, which would present skewed results.
They also found that the data that was reportedly from Australian patients did not seem to match data from the Australian government.
Eventually, the study led the World Health Organization to temporarily suspend the trial of hydroxychloroquine on COVID-19 patients and to the UK regulatory body, MHRA, requesting the temporary pause of recruitment into all hydroxychloroquine trials in the UK.
France also changed its national recommendation of the drug in COVID-19 treatments and halted all trials.
Currently, a total of 337 research papers on COVID-19 have been retracted, according to Retraction Watch.
Further retractions are expected as the investigation of proceeds.
end
GLOBAL ISSUES//GENERAL
END
VACCINE/COVID ISSUES
DR PANDA:
DR PAUL ALEXANDER
Bobby Kennedy Jr. I respect a lot & think a real principled human being, has huge benefit to the American people & world; Attkisson asked himabout working with Trump & he replied basically ‘NO’; I
think he must not rule out working with Trump; I think Trump can be the next POTUS & Kennedy can be significant as head of HHS to then gut & burn down to the studs CDC, NIH, FDA, NIAID etc.
| DR. PAUL ALEXANDERJUN 2 |
‘Sharyl Attkisson: Well, the funny thing I’ve heard and love to hear what you say about this, but people Tweeted to me when there’s been some discussions about politics going on. They wish you would run with Trump. And I know you’ve spoken to Trump and met him, but you guys, I won’t say are polar opposites. He’s not really all that conservative on a lot of topics, but what are your thoughts about people who say that sort [00:11:30] of thing? Have you heard that too?
Robert F. Kennedy: I have heard it. It’s not something that I would consider. I have differences, I think, in governing style and a vision for this country than President Trump. But I think I agree with him on a lot of issues.’
Excellent interview by Attkisson:
SOURCE:
end
Fulminant ‘severe; myocarditis ending in death following mRNA technology based COVID vaccination; an autopsy case of a 27-year-old healthy man who presented with cardiopulmonary arrest 8 days after
the first dose of the Moderna mRNA SARS-CoV-2 vaccine and was finally diagnosed with fulminant myocarditis and he died; microscopic findings revealed that significant mixed inflammatory infiltration
| DR. PAUL ALEXANDERJUN 3 |
SOURCE:
https://www.sciencedirect.com/science/article/pii/S1878540922001128end
Did Yonker at el. find circulating spike protein in persons (adolescents and young adults) COVID vaccinated (mRNA technology based gene injection) who presented with myocarditis? Yes, certainly did!
Found no free spike in asymptomatic vaccinated control subjects (P<0.0001); free spike antigen detected in blood of adolescents & young adults who developed post-mRNA vaccine myocardis
| DR. PAUL ALEXANDERJUN 4 |
SOURCE:
https://www.ahajournals.org/doi/10.1161/CIRCULATIONAHA.122.061025
end
Dr. Peter McCullough’s excellent substack on Moderna’s False Claims to Physicians whereby the Programs Break Pharmaceutical Promotion Laws; Moderan & Pfizer have been making false claims as they
illegally advertise their ineffective and deadly mRNA technology based gene injection. This is worth the read and support of McCullough and Leake.
| DR. PAUL ALEXANDERJUN 5 |
Courageous Discourse™ with Dr. Peter McCullough & John Leake
Moderna’s False Claims to Physicians
By Peter A. McCullough, MD, MPH The Emergency Use Authorization does not give immunity to pharmaceutical companies for making false claims or wrongfully advertising their products. The email notice of a product promotional program from Moderna caught my attention because it violated multiple laws and codes of conduct with this program advertisement sent to physicians by e-mail…
Premier Danielle Smith has been elected as Premier of Alberta; I was involved behind the scenes (I will leave it at that); I support her & will give opportunity to come through on her promises to
fix Alberta, gut AHS which really is a band of corrupt faceless thieves, to fire all technocrats that killed Albertans under Kenney with unscientific COVID policies; over to you Danielle, TWC Canada
| DR. PAUL ALEXANDERJUN 3 |
I support Danielle at this time and feel she will do the right things and I know that she is working closely with The Wellness Company (TWC.health) to bring huge initiatives to benefit Albertans.
Huge praise. I am supporting Danielle big time and will say this. Yet it is over to her now to deliver.
Blessings.
end
SLAY NEWS
| The latest reports from Slay News |
| Hollywood Star Jamie Foxx ‘Blinded and Paralyzed’ by Covid ShotDisturbing details have finally begun to emerge about the mysterious illness that Hollywood actor Jamie Foxx has been suffering from.READ MORE |
| FBI Chief Christopher Wray Gives Document to Congress Detailing Biden’s $5M Bribe from ChinaFBI Director Christopher Wray has just agreed to hand over an explosive document to Congress that reportedly details a $5 million dollar bribe that was allegedly given to Democrat President Joe Biden by China.READ MORE |
| Major League Baseball Caves After Players Revolt, Quietly Removes Their LGBTQ+ Pride LogoMajor League Baseball has caved after multiple players revolted against a Bud Light-like stunt for Pride month.READ MORE |
| Instagram Bans Robert F. Kennedy Jr’s AccountSocial media giant Instagram has suspended Robert F. Kennedy Jr.’s account and banned the 2024 Democrat presidential candidate from using the platform to communicate with voters.READ MORE |
| Elon Musk Issues Warning to Bud Light & Target: ‘Won’t Be Long Before There Are Class-Action Lawsuits from Shareholders’Twitter boss Elon Musk issued a warning to Target and Bud Light’s partner company Anheuser-Busch after consumer revolts against the brands’ marketing stunts.READ MORE |
| Sean Hannity Gets Booed Loudly at Town Hall for Suggesting Trump Needs to ‘Tone It Down’Fox News anchor Sean Hannity was booed by the audience during his town hall with President Donald Trump on Thursday night.READ MORE |
| Elon Musk Vows to Push ‘to Criminalize Making Severe, Irreversible Changes to Children Below Age of Consent’Twitter boss Elon Musk has vowed to do everything in his power “criminalize” efforts to make “irreversible changes to children below the age of consent.”READ MORE |
| Thousands of Images from Hunter Biden’s Laptop Published on New WebsiteA new website has just launched that has published thousands of images obtained from the hard drive of Hunter Biden’s notorious “Laptop from Hell.”READ MORE |
| JPMorgan CEO Jamie Dimon Teases Presidential RunJamie Dimon, the CEO of America’s largest bank, JPMorgan Chase & Co., has suggested that he may run for president.READ MORE |
| James Woods Makes Terrifying Prediction: ‘It’s Now Looking to Be a Certainty That She Will Complete This Term’After seeing Democrat President Joe Biden big fall today, Hollywood legend James Woods made a terrifying prediction about the near future of America’s leadership.READ MORE |
| Scott Presler Puts Biden on Notice, Secures $5 Million Grant to Fund Ballot-Chasing & Early Voting in WisconsinRepublican organizer Scott Presler just has put Democrat President Joe Biden on notice by securing a $5 million grant to fund ballot-chasing efforts in the critical swing state of Wisconsin.READ MORE |
| Air Force AI Drone Goes Rogue, Kills Its Human Operator in Simulated TestAn artificial intelligence-piloted drone went rogue and turned on its human operator during a simulated test mission, according to reports.READ MORE |
| U.S Tax Judge Revives Clinton Foundation Case after Bombshell Durham ReportA whistleblower case involving a foundation launched by former President Bill Clinton and former Secretary of State Hillary Clinton has been revived by a U.S. tax judge.READ MORE |
| The latest reports from Slay News |
| Ireland to Slaughter 200,000 Healthy Cows to Fight ‘Global Warming’Ireland’s government is pushing plans to slaughter a staggering 200,000 healthy cows to fight so-called “global warming,” according to reports.READ MORE |
| Texas Bans Transgender Surgeries for ChildrenTexas has just become the largest state in the nation to ban life-altering transgender treatments and surgeries for children.READ MORE |
| Oakland Residents Finally Revolt Against Crime: ‘We Are Victims of Failed Progressive Utopia’Oakland residents have finally revolted against crime in the city and the leaders’ “failed policies.”READ MORE |
| Whistleblower Exposing Biden Bribery Scheme Praised as ‘Highly Credible’ by FBIThe whistleblower, who informed congressional investigators about an alleged criminal bribery scheme involving Democrat President Joe Biden, is viewed as a “highly credible” source by the FBI, according to reports.READ MORE |
| YouTube Scraps ‘Election Misinformation’ Policy Ahead of 2024Google-owned YouTube has announced that it is scrapping the video streaming platform’s partisan 2020 “election misinformation” policy ahead of the 2024 cycle.READ MORE |
| Senate Blocks Biden’s Plan to Wipe Student Loan DebtsThe Democrat-controlled Senate has voted to overturn President Joe Biden’s plan to wipe the student debts of college-educated voters.READ MORE |
| Biden’s Green Rules Will Cause Home Appliance Costs to Soar, Experts WarnExperts are warning that President Joe Biden’s green rules are going to cause the prices of everyday household appliances to soar.READ MORE |
| DeSantis Defends ‘Fantastic’ Kayleigh McEnany: ‘She’s a Harvard-Trained Lawyer, She Ate the Press Alive’Florida’s Republican Gov. Ron DeSantis defended former White House Press Secretary Kayleigh McEnany following a recent blast from her old boss, President Donald Trump. DeSantis argues that McEnany, a current Fox News star, was one of Trump’s “greatest selections.” “Donald Trump, even his greatest supporters have acknowledged, had a tough time picking good people,” said DeSantis, who just launched his …READ MORE |
| Bill Maher Defends Trump’s Infamous Line: ‘He Was Trying to Say This Is the Way of the World, Stardom Mesmerizes People’Liberal comedian Bill Maher has spoken out in defense of President Donald Trump’s infamous “grab her by the p*ssy” comment.READ MORE |
| Chicago Resident Accuses Walgreens of ‘Racial Profiling’ with New Anti-Theft Store: ‘Why Don’t You Trust Your Customers?’Walgreens has been accused of “racial profiling” after launching a new anti-theft format for a store in crime-infested Chicago.READ MORE |
| Rachel Maddow Humiliated by Heckler: ‘Will You Be Held Accountable for the Lies You Told America?’MSNBC anchor Rachel Maddow got a rude awaking when she was heckled while giving a speech at a “woke” conference.READ MORE |
| Police Stop Children’s Choir Singing National Anthem at U.S Capitol: ‘Said It Might Offend Someone’The Rushingbrook Children’s Choir was interrupted and stopped by police while singing the National Anthem in Statuary Hall at the United States Capitol today.READ MORE |
| Fox News Suffers 37% Drop in Primetime Viewers in First Full Month since Firing Tucker CarlsonFox News is feeling the pain after the shock firing of network star Tucker Carlson.READ MORE |
EVOL NEWS
| LATEST NEWS: |
| Joe Biden Bumps His Head While Exiting Marine One After Taking Massive Fall!Read more…US military AI drone simulation kills operator before being told it is bad, then takes out control towerRead more…Twitter Throttles Daily Wire’s ‘What Is A Woman’ Despite Previous Assurances From MuskRead more…Scientists Claim They Can Convert Humidity into Energy Using Almost Any MaterialRead more…Oversight Chairman James Comer opens investigation into FTC Chairwoman Lina Khan over alleged abuse of powerRead more…“I Got Sandbagged!” Joe Biden Jokes with Reporters About His Bad Fall – Then Hops and Shuffles Away (VIDEO)Read more…Non-binary ex-nuclear Biden official Sam Brinton out on bond after 2 weeksRead more…WATCH: New January 6 Footage Shows Nancy Pelosi Exiting Capitol While Daughter Casually FilmsFBI Surrenders Docs Proving Biden Took $5M Bribe from ChinaREAD MORE… LATEST NEWS:Instagram Suspends Presidential Campaign PageRead more…Podcaster Jemele Hill Reportedly Leaves Spotify After Demanding They Pay A Black Host As Much As Joe RoganRead more…Elon Musk Mocks CNN’s Lack of Viewership After Anchor Describes the ‘What is a Woman?’ Doc As ‘Anti-Trans’Read more…At least 200 killed, hundreds injured in train crash in IndiaRead more…YouTube reverses 2020 election misinformation policy ahead of 2024Read more…Walgreens Debuts Anti-Theft Store In Crime-Ridden ChicagoRead more…Navy Twitter Account Features Rainbow-Colored Graphic for Pride MonthRead more…Leo Terrell Drops Hammer on RINOs Who ‘Lie about Their Support for Trump’: ‘We Know Who You Are – Stop Lying!’Read more… |
VACCINE IMPACT
American Cities are Powder Kegs Ready to Explode with Chaos Fueled by Migrant Policies
June 3, 2023 6:31 pm
Could we soon see riots breaking out across the U.S. in major urban areas, as we saw in the summer of 2020, or even worse? With the dramatic influx of migrants crossing the U.S. border from Mexico for the past many months with many of them being transported to large cities, not only are riots and civil unrest likely, they are almost inevitable due to U.S. government policy that is funding this crisis. An independent reporter known as “Sav Says” has just published a video report about the migrant crisis in New York City, where she reports that 50% of the hotels in NYC are now filled with migrants. She interviewed a whistleblower from one of these hotels, the ROW NYC, which is just one block away from Times Square, and currently houses over 5000 migrants in rooms that used to rent out for $500 a night. Watch this shocking 14-minute report. This is a very disturbing report. These migrants are afforded more rights and privileges than U.S. citizens, including the right to refuse vaccines before they are boarded at the hotel, and the whistleblower stated that most of these migrants do refuse the vaccines. But all of their medical needs are supplied for free at local hospitals, as is their transportation. The whistleblower stated that 2-3 babies a week are being born in the hotel, and they are offered free car seats and cribs. Besides a free hotel room, they get free housekeeping and laundry services, and three free meals a day. The condition of this big NYC hotel, as reported by the whistleblower, is horrible, and characterized by drunken orgies and minors being left alone for sometimes days. The whistleblower also stated that the infrastructure of the hotel is deteriorating and that the hotel is in danger of collapsing. But city officials are too afraid to evacuate the migrants: “It’s been flat out said by every agency in that hotel that they are just waiting for it to collapse. But the city does not want to start the process of getting them out because it is 5000 people. So its either going to start a riot, or during the riot its going to collapse the hotel, because they don’t want to leave the hotel. They love the location. Who wouldn’t love living free next to Times Square? Everybody who is staying in the hotel is in this chat group, so the minute you try to move not just one floor, the minute you try to move one room, they’re going to put it in the chat, and the word is going to spread through the whole hotel. And they’re not going to go quietly, they’re not going to go calmly or peacefully. The City of New York does not know how to handle any of this.” This situation does not only exist in NYC, but all across the U.S. in almost every major city. What do you think is going to happen when the banks fail and the economy crashes, and when not only these freebies stop for the migrants, but when people who are not migrants cannot even access their own cash in their bank accounts, and the ATMs stop functioning? I personally would not want to be in any major city when that happens…
END
Setting the Stage for Bank Failures and Rollout of FedNow? U.S. Government Warns Consumers Not to Keep Money in Venmo, CashApp, and PayPal
June 4, 2023 3:42 pm
The Consumer Financial Protection Bureau (CFPB) published a warning to consumers this past week stating that funds held in popular online payment apps, such as Paypal, Cash App, and Venmo, lack FDIC insurance and should be transferred to “insured banks and credit unions.” What is the “Consumer Financial Protection Bureau”? Why are they issuing this warning, which could obviously have a serious negative impact on these payment apps if many consumers take their advice and start withdrawing their funds from them? The “About Us” page on their website, which at the bottom of every page in their footer says: “An official website of the United States government”, doesn’t give much information about who they are. Whenever a website, especially one that claims to be “An official website of the United States government”, does not give much information on their “About Us” page, the next thing to check is: who are the people running this organization? “Rohit Chopra is Director of the Consumer Financial Protection Bureau. The CFPB is a unit of the Federal Reserve System charged with protecting families and honest businesses from illegal practices by financial institutions, and ensuring that markets for consumer financial products and services are fair, transparent, and competitive.” Bingo! So the CFPB is a “unit” of the U.S. Federal Reserve Central Banking System. So what can we learn from this warning published on this “official website of the United States government” which is actually a unit of the Federal Reserve Central Banking System? First, it is obvious that they are expecting more bank failures. Secondly, as I reported back in April, the Federal Reserve’s new FedNow “Instant Payments” service is scheduled to launch in July, just a few weeks away now. Could it be that these particular payment apps have not enrolled in FedNow, or that FedNow will introduce their own “payment app” soon that could replace these existing apps?
MICHAEL EVERY
MICHAEL EVERY/RABOBANK//
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
Oil up as the Saudis make an additional one million per barrel voluntary production cut
(zerohedge)
“Ouching” Imminent? – Saudis Make Additional 1 Million Bpd Voluntary Production Cut In New OPEC+ Deal
SUNDAY, JUN 04, 2023 – 01:25 PM
Update (1205ET): OPEC+ members in Vienna have agreed to extend crude production cuts into 2024.
Additionally, Saudi Arabia committed to an additional voluntary cut of 1 million barrels per day as part of this agreement, adding that they “will do whatever is necessary” to stabilize the oil market.
Russia will extend its voluntary oil production cut of 500,000 barrels per day until the end of December 2024, Reuters reported, citing Russian DeputyPrime Minister.
The agreement was made after various OPEC African members delayed the meeting following their concerns over “productions quotas from which cuts are calculated, with some African nations still objecting to the proposals,” according to Bloomberg. Still, members overcame the issues and agreed on a broader deal.
Revised baselines for African countries had been a “key unresolved issue,” according to RBC’s Helima Croft.
Bloomberg, Reuters and the Wall Street Journal have been barred from attending the headquarters for the meeting. Reporters continue to interview delegates on the sidelines.
It seems that OPEC+ members are prepared to cut production, with Brent crude trading in the range of $75-$80 per barrel, a price zone that the cartel appears to be defending.
The next OPEC+ meeting will take place in Vienna on Nov. 26.
* * *
Oil prices were trading up on Friday afternoon as shorts got a little nervous heading into the OPEC+ weekend, with new rumors circulating about the group’s discussions about another 1 million bpd in production cuts.
The OPEC+ group is scheduled for three separate meetings beginning this weekend and concluding on June 4.
While the general sentiment has been that the group will keep the status quo as far as production targets are concerned. But Saudi Arabia’s Energy Minister has made boisterous threats against oil’s speculators in the runup to the meeting, saying that shorts will be “ouching”.
On Thursday, Reuters suggested that the OPEC+ group would be unlikely to deepen its production targets at the meeting this weekend.
But late on Friday, Reuters suggested that OPEC+ was indeed discussing an additional output cut of around 1 million barrels “among possible options” for the meeting on June 4.
“Everything is on the table,” Iran’s OPEC Governor Amir Zamaninia told reporters in the Austrian capital.
Crude oil prices were already trading up ahead of the meeting, but increased even more in the afternoon hours, bringing Brent crude to $76.32 at 4:20 p.m., a $2.06 per barrel increase on the day. WTI was trading at $71.90 per barrel at that time.
A supply reduction of as much as 1 million barrels a day is the most likely outcome, according to RBC’s Chief Commodities Strategist Helima Croft.
“We think that the continued macro worries and soured sentiment will lead the group to make another downward adjustment,” she said in a note.
But Saudi Arabia appears to still be in control of OPEC+, and The Kingdom could decide to make good on his threats to punish short sellers for their speculative trades that fly in the face of market fundamentals.
“I keep advising them (referencing oil speculators) that they will be ouching, they did ouch in April, I don’t have to show my cards. I am not a poker player…but I would just tell them watch out,” Saudi’s energy minister said late last month in the runup to the meeting.
As a reminder for why there could be some “ouching”. Bloomberg shows, the trading positions of hedge funds and other non-commercial traders are at the most bearish levels since at least 2011 across a combination of all major oil contracts…
Finally, while hedge funds are betting that OPEC is quietly overproducing and exporting much more than their recent quota permits, a recent update by Goldman Sachs shows that bears may be in for a very rude awakening, as seaborne net exports by OPEC countries which announced a cut in April have finally tumbled by over 1mmb/d over the past 2 weeks.
OPEC+ has suggested with its latest moves that its sweet price spot is around $80-90 per barrel, so it is trying to keep prices around that level.
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 MONDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0687 DOWN 0.0015
USA/ YEN 140.36 UP 0.658 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2381 DOWN 0.0023
USA/CAN DOLLAR: 1.3443 UP .0039 (CDN DOLLAR DOWN 39 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 2.37 PTS OR 0.07%
Hang Seng CLOSED UP 158.56 PTS OR 0.84%
AUSTRALIA CLOSED UP 0.95% // EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 158.56 PTS OR 0.84%
/SHANGHAI CLOSED UP 2/37 PTS OR 0.07%
AUSTRALIA BOURSE CLOSED UP 0.95%
(Nikkei (Japan) CLOSED UP 693.21 PTS OR 2.20%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1939.70
silver:$23.43
USA dollar index early MONDAY morning: 104.27 UP 33 BASIS POINTS FROM FRIDAY’s close.
MONDAY MORNING NUMBERS ENDS
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And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.049% UP 7 in basis point(s) yield
JAPANESE BOND YIELD: +0.431 % UP 2 AND 4//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.325 UP 2 in basis points yield
ITALIAN 10 YR BOND YIELD 3,4049 UP 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.316 UP 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0713 UP 0.0011 or 11 basis points
USA/Japan: 139.65 DOWN 0.049 OR YEN UP 5 basis points/
Great Britain/USA 1.2421 UP .0016 OR 16 BASIS POINTS //
Canadian dollar DOWN .0019 OR 19 BASIS pts to 1.3427
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The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(7.1055)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 7.1160
TURKISH LIRA: 21.25 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.431…VERY DANGEROUS
Your closing 10 yr US bond yield UP 1 in basis points from FRIDAY at 3.687% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.881 UP 1 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 MONDAY: 12:00 PM
London: CLOSED DOWN 7.29 points or 0.10%
German Dax : CLOSED DOWN 87.34 PTS OR 0.34%
Paris CAC CLOSED DOWN 69.78 PTS OR 0.96%
Spain IBEX DOWN 28.80 PTS OR 0.80%
Italian MIB: CLOSED DOWN 211.48 PTS OR 0.78%
WTI Oil price 71.46 12: EST
Brent Oil: 75.93 12:00 EST
USA /RUSSIAN /// AT: 80.94/ ROUBLE UP 0 AND 55//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.3745 UP 5 BASIS PTS
UK 10 YR YIELD: 4.249 UP 9 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0715 UP 0.0013 OR 13 BASIS POINTS
British Pound: 1.2436 UP .0032 or 32 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.2595% UP 7 BASIS PTS//RISING FAST
USA dollar vs Japanese Yen: 139.51 DOWN 0.188 //YEN UP 19 BASIS PTS//
USA dollar vs Canadian dollar: 1.3436 UP .0027 CDN dollar, UP 27 basis pts)
West Texas intermediate oil: 71.99
Brent OIL: 76,50
USA 10 yr bond yield DOWN 1 BASIS pts to 3.685%
USA 30 yr bond yield DOWN 0 BASIS PTS to 3.880%
USA 2 YR BOND: DOWN 3 PTS AT 4.467%
USA dollar index: 103.91 DOWN 4 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 21.25 (GETTING QUITE CLOSE TO BLOWING UP//UP A FULL 29 BASIS PTS)
USA DOLLAR VS RUSSIA//// ROUBLE: 80.95 UP 0 AND 55/100 roubles
DOW JONES INDUSTRIAL AVERAGE: DOWN 200.16 PTS OR 0.59%
NASDAQ 100 UP 9.86 PTS OR 0.068%
VOLATILITY INDEX: 14.74 UP .14 PTS (0.96)%
GLD: $182.14 UP 1.09 OR 0.60%
SLV/ $21.64 DOWN 0.05 OR 0.23%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Stocks Sink As ‘Appulus’ Fails To Impress; Gold Up, Crypto Down, Oil Flat
MONDAY, JUN 05, 2023 – 04:00 PM
Eurozone PPI plunged overnight, but ugly US Services PMI data and slumping factory orders sent yields dramatically lower. For context, this was the worst day for the US macro surprise index since the first week of January…
Source: Bloomberg
The overnight extension of Friday’s yield surge (pushing yields up by 6-8bps before the data hit) was cut short by the weakness in US macro data, plunging yields 10-14bps lower, leaving yield lower on the day by 1-2bps…
Source: Bloomberg
But the big story going into today was Apple’s WWDC event. Apple Surged up to an all-time high in the morning session but as they released the VR/AR headset, the price plunged into the red for the day. ‘Appulus’ starts at $3499 and won’t be released until 2024..
And that weighed on the broader market. Small Caps had been lagging all day, not helped by chatter of much higher capital requirements for ‘mid’-sized banks. Nasdaq was leading the day until AAPL shit the bed. The S&P and Dow ended red…
S&P pushed into a ‘bull market’, up 20% off the October lows intraday, finding resistance at a key level though…
Source: Bloomberg
It is worth noting that the Nasdaq/Russell2000 ratio rebounded today but was unable to recover its record highs from March 2000…
Source: Bloomberg
Bank stocks tumbled on the Basel III Endgame headlines…
Additionally, early in the day, the SEC sued Binance – the world’s largest crypto exchange – and that sent all cryptocurrencies lower with Bitcoin back down to $25,500…
Source: Bloomberg
The dollar ended basically flat on the day, erasing overnight gains as the weak US data hit…
Source: Bloomberg
2Y yields broke back below 4.50%…
Source: Bloomberg
Oil prices surged higher on Sunday night after Saudi’s production cuts, with WTI topping $75. But as the day wore on WTI slipped lower to end basically unchanged…
Get back to work MbS!
Gold rallied on the bad econ news, ripping all the way up to pre-payrolls levels…
Finally, tick tock on the latest bubble-fest?
Source: Bloomberg
Did ‘Appulus’ just distract the world from AI long enough for some rational thought to return?
b) THIS MORNING TRADING //
END
i c Morning/
end
II) USA DATA/
Core US Factory Orders Unexpectedly Shrank In April – Weakest Since COVID
MONDAY, JUN 05, 2023 – 10:20 AM
It really should not have been a surprise – given the weakness in Manufacturing PMIs – but headline and core US factory orders disappointed in April (today’s latest data).
The headline factory orders rose just 0.4% MoM (half the 0.8% MoM expected) and worse still, the March data was revised form from +0.9% to +0.6% MoM.
Source: Bloomberg
That left the annual growth in new orders at just 0.2% – the weakest since Oct 2020.
Core factory orders (ex-transports) was even worse, dropping 0.2% MoM (+0.2% MoM exp) – the third straight monthly decline…
Source: Bloomberg
This left core factory orders down 2.2% YoY – the biggest drag since the COVID lockdowns.
How long can the manufacturing side of the economy continue to collapse before the Services side catches down?
end
This is what caused the Dow to fall and gold to reverse its downward fall and go northbound.
(courtesy Reuters)
Dollar falls after weak services data
June 5, 20239:44 AM CDT
NEW YORK, June 5 (Reuters) – The dollar index turned negative on Monday after data showed that the U.S. services sector barely grew in May as new orders slowed, overturning an earlier rally that was boosted by strong jobs growth in May.
The Institute for Supply Management (ISM) said that its non-manufacturing PMI fell to 50.3 last month from 51.9 in April. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy.
Economists polled by Reuters had forecast the non- manufacturing PMI edging up to 52.2.
The dollar index fell to 103.96, down 0.18% on the day, after earlier climbing as high as 104.40. It is holding just below a 11-week high of 104.70 reached on May 31.
The euro was last up 0.10% at $1.0718, just above the low of $1.0635 from May 31, which was the lowest since March 20.
The greenback fell 0.51% to 139.28 yen . It reached 140.93 on May 30, the highest since Nov. 23.
The dollar had risen earlier on Monday on follow through from Friday’s better than expected jobs gains for May, which added to expectations the Federal Reserve may continue hiking rates as inflation remains elevated.
U.S. job growth accelerated by 339,000 jobs in May, but a surge in the unemployment rate to a seven-month high of 3.7% suggested that labor market conditions were easing.
“Job gains continue to surprise meaningfully to the top side, the labor market continues to be very strong,” said Brian Daingerfield, head of G10 FX strategy at NatWest Markets in Stamford, Connecticut.
The U.S. central bank is viewed as most likely to leave rates unchanged in June, but fed funds futures traders are pricing in a 67% likelihood of at least an additional 25 basis points rate hike by July, according to the CME Group’s FedWatch tool.
\
Fed officials including vice chair nominee Philip Jefferson have stressed that any decision by the Fed to hold its benchmark overnight interest rate steady at an upcoming meeting should not be taken to mean the U.S. central bank is done tightening monetary policy.
“You could think of a skip as maybe part of the slowing of the tightening cycle rather than a pause in the tightening cycle,” said Daingerfield.
Fed officials are now in a blackout period before the June 13-14 meeting.
Euro zone data on Monday showed that business growth slowed in May, though the bloc’s dominant services industry offset a deepening decline in the manufacturing sector.
European Central Bank President Christine Lagarde on Monday acknowledged “signs of moderation” in core inflation in the euro zone but reaffirmed it was too early to call a peak in that key gauge of price growth.
III) USA ECONOMIC STORIES
Conservative boycotts have now wiped off billions in market values from Target and Bud light.
(zerohedge)
Conservatives’ Boycotts Wipe Off Billions From Target And Bud Light Valuations, More Brand Battles Upcoming
SATURDAY, JUN 03, 2023 – 11:30 AM
Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
Major brands such as Bud Light and Target, among others, are facing immense backlash from supporting LGBTQ causes, with the market capitalization of the firms crashing by double digits in recent weeks.A sign outside a Target store is seen in Nashville, Tenn., on May 24, 2023. (George Walker IV/AP Photo)
Stores of Target were boycotted after the retail giant rolled out its Pride collection at the beginning of May, including some items targeted at children. Between May 1 and May 30, Target’s market capitalization fell from $72.52 billion to $61.78 billion—a decline of 14.80 percent. Bud Light became a target after partnering with transgender social media personality Dylan Mulvaney in a promotional campaign in April. Between April 3 and May 30, the market cap of Anheuser-Busch, which owns Bud Light, fell from $132.06 billion to $108.19 billion—a decrease of over 18 percent.
Target shares were trading at $130.93 as of 06:07 EDT, June 1, down 13.71 percent year to date and at a fresh 52-week low. It is the stock’s longest losing streak since November 2018. Shares of Anheuser-Busch Inbev SA were trading at €49.97, down 12.18 percent for the year.
In addition to Target and Bud Light, several other companies, including PetSmart, Chick-fil-A, and Walmart, are also now facing boycott calls due to their endorsement of the LGBTQ agenda.
A major factor enticing brands to increasingly promote transgender ideologies is an attempt to score points on environmental, social, and governance (ESG) standards used by several high-profile investors.
Target
Target rolled out its Pride collection at the beginning of the month, offering over 2,000 products, including clothing, books, home furnishings, and calendars, among others. Some of the items were targeted at children.
For example, books for kids aged 2–8 had titles like “Pride 1,2,3,” “Bye Bye, Binary,” and “I’m Not a Girl.” Target also suggested “The Pronoun Book” to kids aged 0–3. In home décor, Target offered mugs labeled “Gender Fluid.” It also offered transgender swimsuits for adults with a “tuck-friendly” feature.
The company’s actions attracted a lot of negative reactions online, eventually leading to a boycott call. The firm then decided to remove some of the controversial items.
Target’s 2022 ESG report shows that at least 51 percent of its suppliers are “owned, controlled, and operated by women, BIPOC, LGBTQIA+, veterans, or people with disabilities.” In addition, 59 percent of their Pride Month assortment was created by LGBT creators and brands.
Target has also donated $2.1 million to New York City-based Gay, Lesbian and Straight Education Network (GLSEN), an activist group that puts LGBTQ-themed books in K–12 school libraries and encourages teachers to discuss sex and gender with kids.
Bud Light
In April, Anheuser-Busch sent custon Bud Light beer cans to Mulvaney featuring the trans-activist’s face, a move that was criticized as pushing the transgender agenda. The can was created to celebrate a full year of Mulvaney transitioning to “girlhood.” In the ad, Mulvaney is shown promoting Bud Light drinks with the hashtag #budlightpartner.
As the promotional campaign went viral, criticism started to pour in. Mike Crispi, a podcast host and former Republican New Jersey primary candidate for Congress, called for a boycott. “Boycott Bud Light and NEVER DRINK IT AGAIN EVER,” he said in a tweet on April 3.
The campaign has been devastating for the company’s sales numbers.
Data by Bump Williams Consulting and Nielsen IQ reported by the New York Post showed that sales of Bud Light fell by 25.7 percent for the week ended May 20.
As for ESG policies, Anheuser-Busch’s 2022 ESG report (pdf) shows that the company has created employee resource group (ERG) toolkits focusing on “LGBTQ+, gender, and racial equity.”
PetSmart
Pet products retailer PetSmart faced backlash for its “You Are Loved” collection that was launched just days before the June Pride Month.
The collection featured rainbow-colored toys, clothes, and other items like aquarium ornaments and dog bandanas that had the words “pride vibes” emblazoned on them.
The company’s offerings for dogs include a Pride dog bikini. For cats, rainbow-colored collars and tents are on offer. PetSmart provides “Pride wings” costumes and “Pride vibes” tank tops for reptiles.
Similar to Target, PetSmart also carries a partnership with GLSEN, having made contributions totaling $600,000—with $200,000 made this year alone.
Chick-Fil-A
Fast-food chain Chick-fil-A came under recent scrutiny after the firm was discovered to have hired a vice president of “diversity, equity, [and] inclusion,” or DEI.
“We have a problem,” Joey Mannarino, a conservative host highlighting Chick-fil-A’s prior announcement, wrote on Twitter on May 30. “Chick-fil-A just hired a VP of Diversity, Equity and Inclusion. This is bad. Very bad. I don’t want to have to boycott. Are we going to have to boycott?”
“Chick-fil-A isn’t the Lord’s Chicken anymore … it’s the Woke Chicken … Funding ties also to BlackRock and Vanguard in addition to hiring for DEI to up their ESG scores,” Morgonn McMichael, a contributor at Turning Point USA, said in a June 1 tweet.
Chick-fil-A used to support organizations perceived as anti-LGBTQ. But in 2019, the company changed its stance and said that it would extend support to other charities. As part of the restructure, Chick-fil-A stopped donating to the Salvation Army and the Fellowship of Christian Athletes (FCA).
Walmart
After Target, Walmart is another retailer under scrutiny for its LGBT support. The company’s July 2022 ESG report states that it conducts an “inclusive sourcing” program for LGBTQ groups. “For our U.S. businesses, we sourced more than $13.3 billion in goods and services from approximately 2,600 diverse suppliers.”
Walmart received a full 100 points on The Human Rights Campaign’s Corporate Equality Index (CEI). In order to obtain a perfect CEI score, an organization has to donate to LGBTQ causes as well as refuse to donate to non-religious organizations that oppose such causes. The organization must also support gender transitioning.
In 2021, Walmart donated $500,000 to PFLAG, the largest organization in the United States that advocates for LGBTQ causes.
Walmart is also offering Pride products. A controversial product being offered by the company is a “breathable” chest binder aimed at “trans, lesbian, and tomboys.” The binder, offered online, features pictures of a young girl modeling the product.
GLSEN
GLSEN, the organization to which Target and PetSmart made donations, has a “Rainbow Library” program under which the nonprofit has sent more than 46,000 “LGBTQ+ affirming K-12 books” to over 4,600 schools across the nation. GLSEN also encourages teachers to incorporate gender and sex discussions in topics like mathematics.
Among the list of books that GLSEN wants elementary school students to read is “When Aidan Became a Brother,” which is a story about a couple who “fixed the parts of life that didn’t fit anymore” after their daughter told them she “felt more like a boy.”
Read more here…
end
In 7 years the debt of the USA will rise to 50 trillion dollars
(Eric Peters/One River)
The Debt Ceiling “Crisis” Is Over And Now US Debt Will Rise From $31 Trillion To $50 Trillion By 2030
SUNDAY, JUN 04, 2023 – 08:00 PM
By Eric Peters, CIO of One River Asset Management
“No one got everything they wanted, but the American people got what they needed,” said Biden in his twelve-minute address to the nation.
“We averted an economic crisis and an economic collapse,” continued the President, seated behind the Resolute Desk.
“Nothing – nothing would have been more irresponsible. Nothing would have been more catastrophic.” And this whole notion of saving humanity by solving an imaginary crisis of our own creation is so preposterous to anyone not directly involved in the drama that I naturally searched for something more interesting.
The Resolute was one of four British sailing ships, built with especially thick oak hulls, sent to the Arctic in 1854 to rescue a lost exploratory expedition. The four ships became locked in ice. Their crews fled on foot across the frozen ocean. They all survived, courageously, heroically, miraculously.
American whalers recovered The Resolute 1,000 miles from where it had been abandoned. The US Navy repaired this sole surviving ship and returned it to England in 1856. After it was decommissioned in 1880, Queen Victoria crafted the Resolute Desk from its hull and gifted it as a symbol of goodwill.
It is unlikely that in the decades ahead a head of state will send the White House a gift to commemorate the goodwill shown by America in rescuing our foreign creditors from the potentially catastrophic default they faced in 2023. No one will even remember it.
What will hold their attention is the inexorable expansion of our extraordinary debt, which is set to rise from $31.4trln today to $50trln by 2030 and then really take off (assuming rather benign economic and market conditions which we know rarely persist uninterrupted).
And we in the private sector are commissioned to somehow, in some way, chart a miraculous path out, through ingenuity and innovation. Sparking a historic productivity boom.
end
More People Are Carrying Credit Card Debt, And It Costs More Than Ever | Bank rate
| Robert Hryniak | 10:18 AM (48 minutes ago) | | |
| to | |||
Think about this for a minute. If 46% of Americans carry debt on their credit card because they cannot pay it off, then this same amount of people are constricted in spending as each month’s carrying costs grow. This is not a positive for consumer spending. The fact that luxury watches have dropped over 25% in resale value in the 1st quarter suggests the consumer at all levels is limited.
What happens when consumers run out of credit? As for the rest of the world the great dependability of the American consumer creating demand has run out of steam. In the third world production and thus exports are declining quickly which will lead to many problems not seen in a long time.
https://www.bankrate.com/finance/credit-cards/credit-card-debt-costs-more-than-ever/
USA// COVID
SWAMP STORIES
END
THE KING REPORT
| The King Report June 5, 2023 Issue 7004 | Independent View of the News |
| The Fed’s Jefferson and Harker’s advocation of a pause in rate hikes plus the red-hot May NFP of +339k (195k expected) makes the Fed look foolish and inept, again. Plus, the two-month NFP revision is +93k. El-Erian Says Fed Has Message Problem after Early Pause SignalsCentral Bank now in ‘smaller corner’ after rate speak pre-dataGiven stronger jobs results, Fed should hike in June, he saysThe Federal Reserve shouldn’t have led investors to expect a pause in interest-rate hikes in June before officials saw last month’s jobs numbers, says Mohamed El-Erian. “People are now going to be scratching their head — why did they guide the market so strongly towards a skip ahead of this report and ahead of the next CPI,” the chief economic adviser at Allianz SE and a Bloomberg Opinion columnist told Bloomberg TV on Friday, following a stronger-than-expected May jobs release… It was the fourteenth-straight upside surprise, and the US economy remains a major engine of job creation, which is good news, El-Erian added… “The risk of yet another policy error, I fear, is quite high,” he said… https://www.bnnbloomberg.ca/fed-has-message-problem-after-early-rate-pause-signals-el-erian-says-1.1928082 A mitigating factor in the May Employment Report is the gaping (649k jobs) discrepancy between May NFP (+339k) and the Household Survey’s “Employed” (-310k). This is why the Unemployment Rate jumped to 3.7% from 3.4%. 3.5% was expected. May wages are the expected 0.3% m/m; but yearly wages are 4.3%; 4.4% was expected. Bulls aggressively hyped the 0.1 lower y/y wage growth, even though it’s basically a rounding benefit. Long-time readers might recall that when May Employment Reports have been bizarre we note that due to the vagaries of school-year terminations jobs data can be distorted by teacher employment and teachers taking summer employment. Household Survey Highlights Employed -310k; Unemployed +440k; Civilian Labor Force +130k; Labor Force Participation Rate unchanged at 62.6%; Employment-Population Ratio -0.1 to 60.3%; Not in Labor Force +45k https://www.bls.gov/news.release/empsit.a.htm Establishment Survey Highlights NFP +339k; Mfg -2k; Construction +25k; Private education and health services +95 with Health care and social assistance +74.6K; Leisure & Hospitality +48k; Government +56k https://www.bls.gov/news.release/empsit.b.htm The May 2022 NFP seasonal adjustment was -249k. The seasonal adjustment for May 2023 is -201k. Ergo, 48k NFP were due to the BLS’s magic pencil. https://www.bls.gov/news.release/empsit.t17.htm The Birth/Death Model fabricated 231k jobs. For May 2022, it was 213k. Ergo: 18k more phantom jobs. https://www.bls.gov/web/empsit/cesbd.htm https://www.bls.gov/web/empsit/cesbdhst.htm zero hedge: Native-Born Workers Tumble by 369k, as Foreign-Born Workers Soar to Record High https://twitter.com/zerohedge/status/1664638038771679241 Zero Hedge: Since the covid crash, all new jobs – over 2 million – have gone to foreign-born workers. And in May, native-born workers tumbled again, by 369K, while foreign-born jumped 297K to an all-time high. https://twitter.com/zerohedge/status/1665091530258784258 ESMs and stocks soared on Friday; bonds declined sharply. Defensive asset allocators had to reverse their positions. The hot May NFP induced manic short covering of equities because recession angst subsided – and the Fed is unlikely to hike rates until its July 26 soiree. The S&P 500 Index is breaking out to the upside. A good old fashion summer equity bubble is forming. Bulls’ next target is the August 16, 2022 S&P 500 Index high of 4325.28. After that, the next major resistance is 4595 to 4637.30, the February and March 2022 highs. ESMs sank 16 handles at 8:28 ET, two minutes prior to the officials release of the May Employment Report. For the past several months, someone has been trading on nonpublic information – and the SEC is asleep at the wheel, as usual. However, those that traded on the inside info got caned because ESMs quickly jumped 22 handles. After a minor retreat, ESMs rallied robustly until 9:41 ET. After a 34-handle tumbled in 18 minutes, ESMs soared until 13:22 ET. When ESMs rebounded from the early sharp decline, shorts panicked and manically covered. Momentum buyers then jumped on board. Breakout buyers then joined the party. Walmart ended the rally: Walmart CEO Doug McMillon Says There Will Continue to Be Increases in Wages, But Not as Fast as Before – BBG 13:38 ET Walmart Says Inflation Remains ‘Extremely Stubborn’ – BBG 13:42 ET Walmart Says Dry Grocery Inflation Is Over 20% over Two Years – BBG 13:45 ET Walmart Says Profit Growth Will Inflect More Next Year – BBG 13:46 ET A modest A-B-C decline ended near the 14:15 ET VIX Fix. It was time for day traders and 0DTE call buyers to orchestrate a run for the roses. The rally was modest, and it stalled at 15:00 ET. ESMs and stocks then eased lower into the close. Too many traders were long 0DTE calls. Nomura Blasts ‘Fiddling’ Fed: Blowing Financial Asset Bubbles Again While Inflation Crushes Low-End Consumers (Pay wall) https://www.zerohedge.com/markets/nomura-blasts-fiddling-fed-blowing-financial-asset-bubbles-again-while-inflation-crushes CFTC Positioning Update: Record Short in Stocks and Bonds – BBG 15:45 ET Specs added to record shorts in 2s (80k), 5s (50k), and 10s (79k), whole also selling long bonds (17k)… The S&P short increased yet again, by 30k (693,822), taking the non-commercial position to a record… https://www.cftc.gov/dea/futures/financial_lf.htm Positive aspects of previous session Stocks soared on manic short covering and aggressive long buying due to deferred recession angst Negative aspects of previous session Bonds declined and commodities rallied sharply Ambiguous aspects of previous session Either the BLS is crafting fraudulent NFP data or the US job market remains very hot! First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4271.29 Previous session High/Low: 4290.67; 4241.01 Biden officials ‘leave him alone’ on weekends, adjust schedule to avoid tiring ‘an aging president’ The (NY) Times also reported that Biden’s aides limit his access to the press over concerns that he might make a major mistake… tend to schedule all public appearances between 12 p.m. and 4 p.m… “At a small dinner earlier this year of former Democratic senators and governors, all of them in Mr. Biden’s generation, everyone at the table agreed he was too old to run again. Local leaders often call the White House to inquire about his health,” the outlet reported… https://www.foxnews.com/media/biden-officials-leave-him-alone-weekends-adjust-schedule-avoid-tiring-aging-president-report AI-licensed drone killed human operator in surreal military simulated test https://t.co/LXKd3MIjwD Chinese warship nearly hits U.S. destroyer in Taiwan Strait during joint Canada-U.S. mission The latest aggressive military move from Beijing in the South China Sea… https://globalnews.ca/news/9743650/china-warship-nearly-hits-us-destroyer-taiwan-strait/ China defends buzzing American warship in Taiwan Strait, accuses US of provoking Beijing https://apnews.com/article/china-us-defense-asia-warship-taiwan-7d0829159a9919601f70cf822d4ec23e @Jkylebass: I’m reading and listening to Xi carefully. I am the LAST person that wants war…but Xi is marching inexorably toward war. Have you actually carefully read the working papers from the 20th Party Congress? Did you pay careful attention to who Xi removed and who he added to the CMCC? How about the four speeches at the most recent Two Sessions. He’s telling the world that war is coming… Der Spiegel: What Are German Fighter Pilots Doing in China? A handful of former German pilots are apparently now in China to provide military training – and are earning huge salaries for their services. Their activities have raised sensitive questions for German security officials. https://www.spiegel.de/international/germany/suspicious-activity-what-are-german-fighter-pilots-doing-in-china-a-25ac852d-887d-454b-8d73-02a595c83c32 @Jkylebass: If you are a legislator in a NATO country, we must immediately pass legislation that bans training pilots from ANY COUNTRY that is named on the DNI’s Threat Assessment to Congress. It’s treason for our pilots to train the pilots of the enemy that may soon be at war with us. Ex-Anheuser-Busch exec reveals how lefty investment firms pressure companies to go woke He said BlackRock, Vanguard and another firm, State Street, manage about $20 trillion in capital and use their clout to promote agenda politics being pushed on them by progressive lawmakers overseeing government pension funds that the companies profit from. One of the firms manages California’s pension fund — the largest in the country — and California politicians can have a big say in the corporate governance and politicking of the firms they invest so heavily in, he added… https://nypost.com/2023/06/03/lefty-investment-firms-doom-corporate-usa-bud-light/ @backtolife_2023: BlackRock’s Larry Fink on ESG and Diversity Equity Inclusion: “You have to force changes. It has to be imbued in the culture of a firm. Behaviors across the entire firm in every region have to be similar, and every citizen of the firm has to understand what are acceptable and unacceptable behaviors.” https://twitter.com/backtolife_2023/status/1665321975961509892 Migrants Stage Pavement Protest Outside London Hotel Demanding Private Rooms, Better WiFi https://t.co/hEa5LsWSRr Allstate Also Stops Accepting All New Home Insurance Applications in California GEICO closing down all 38 of their offices in the state last year and State Farm raising driving insurance rates in March. However, the largest action came just last week when State Farm Insurance, the largest property and casualty insurance company in California, announced that they would no longer be accepting new applications for any kind of insurance other than personal vehicle insurance due to large increases in construction costs and inflation… https://californiaglobe.com/articles/not-in-good-hands-allstate-also-stops-accepting-all-new-home-insurance-applications-in-california/ Biden’s CDC pick laughs while recalling collaborations on COVID restrictions across different states https://www.foxnews.com/media/bidens-cdc-pick-laughs-recalling-collaborations-covid-restrictions-different-states @RobertKennedyJr: Of all public officials, Dr. Mandy Cohen was one of the most strident and extreme in pushing mandates, lockdowns, and masks during the pandemic. And now, according to the NYT, she will be President Biden’s choice for CDC director. @AFP: Following a meeting of OPEC+ major oil producers on Sunday, Saudi Arabia’s energy minister said his country would slash oil output further by one million barrels per day in a bid to prop up prices. Saudi Energy Minister Abdulaziz: We’ll Keep Markets in Suspense on Whether July Cut Will Be Extended – BBG Russia extends oil output cut of 0.5 mln bpd until end-2024 – Novak https://www.msn.com/en-us/money/markets/russia-extends-oil-output-cut-of-05-mln-bpd-until-end-2024-novak/ar-AA1c7mJq @DAlperovitch: Russia MOD claims Ukrainian counteroffensive has begun in southern Donetsk oblast Today – Traders will play for the usual Monday equity rally, abetted by momentum buyers on various indices’ breakouts, and the knowledge that the Fed is in a blackout period; so, no Fed officials will appear and walk back Fed officials’ recent pause comments. Surging oil is weighing on Sunday night trading. Instead of the usual Sunday rally, ESMs are -6.50, USMs are -5/32, and WTI oil is +1.70 at 20:05 ET. Expected economic data: May S&P Global US Services PMI 55.2; May ISM Services Index 52.5; April Factory Orders 0.8% m/m; April Durable Goods 1.1% m/m, ex-Trans -0.2% S&P 500 Index 50-day MA: 4122; 100-day MA: 4068; 150-day MA: 4014; 200-day MA: 3975 DJIA 50-day MA: 33,374; 100-day MA: 33,338; 150-day MA: 33,352; 200-day MA: 32,761 (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 3988.38 triggers a sell signal Daily: Trender and MACD are positive – a close below 4158.67 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4243.72 triggers a sell signal @paulsperry_: House investigators seek to determine whether FBI HQ SIA Auten and WFO ASAC Thibault were involved in suppressing the June 2020 tip about alleged $5 mil Biden bribe. Around the same time, Auten worked w/ Thibault to close a probe of derogatory Hunter Biden information. Doctored evidence? Democrat-led J6 panel added audio to silent security video for primetime hearings – Another clip shows rioters entering the building through the Senate wing door. Viewers can hear glass breaking and a lot of shouting as the clip played during the hearing, but the Capitol Police and others have confirmed that the genuine and original version of this security footage had no audio… Harvard law professor emeritus Alan Dershowitz said if the video evidence was altered and the public wasn’t told, it warranted an investigation and forensic exam by Congress… “If they really did dub the tapes without telling the public, if a lawyer did that, that lawyer would be disbarred,” Dershowitz said. “It would be fraud if a person introduced that as testimony and didn’t disclose that it had material added. That would be a form of perjury… But once the facts are known if it confirms what you’ve said, this is a very, very serious ethical and perhaps even legal breach.”… https://justthenews.com/government/congress/jan-6-select-committee-added-audio-silent-capitol-police-security-footage North Miami Beach Democrat Mayor Arrested for Illegal Voting, Faces 15 Years in Prison via https://t.co/MKKDCP7Zi5 Former Twitter Co-founder Jack Dorsey Endorses Robert F. Kennedy for President – After Twitter Censored Kennedy During His Reign https://www.thegatewaypundit.com/2023/06/former-twitter-co-founder-jack-dorsey-endorses-robert/ @paulsperry_: Garland and Wray persuaded Durham to bury in a Classified Appendix of his report even more egregious examples of FBI misconduct in the last 2 FISA applications to renew wiretaps to spy on Trump aide Page. Trump could declassify the doc if he recaptures the White House Trump ‘uses you until there is no use for you anymore’: Kayleigh McEnany predecessor Stephanie Grisham https://trib.al/lv4Vqau Biden Appointee Calls Upon UN to Act to Secure Reparations and End the “Continuation of Slavery” in the US https://jonathanturley.org/2023/06/04/biden-appointee-and-law-professor-calls-on-the-united-nations-to-compel-reparations-and-to-end-the-continuation-of-slavery-in-the-united-states/ @DeSantisWarRoom: DESANTIS: “If the former president says he can slay the Deep State in six months … my question to him would be: you already had four years, why didn’t you slay it then?” https://t.co/kjfVB4LOzT @TeamDeSantis: Governor @RonDeSantis: “Faucism was WRONG. Faucism was DESTRUCTIVE. We need to hold people accountable so that we can be sure that this never happens again in the United States of America.” https://t.co/TVpxkRh9sO @steinhauserNH1: Asked about Donald Trump congratulating Kim Jong Un on North Korea’s election to the World Health Organization, @RonDeSantis tells my @FoxNews colleague @RichEdsonDC “I was surprised to see that. I mean I think one, I think Kim Jong Un is a murderous dictator.” https://t.co/2h93kIoej4 @DeSantisWarRoom: @RonDeSantis responds to a reporter in Iowa: “The World Health Organization is a bankrupt organization. Kim Jong Un is bad. But joining that? We need to be getting out of [WHO] and rejecting the WHO lockdown treaty, not congratulating Kim about being involved in the WHO.” https://t.co/Tglx08UlUx Pence, Haley and DeSantis slam Trump for congratulating North Korea’s Kim Jung Un https://t.co/9Bzk040zaf @PhilipWegmann: In Iowa, @RonDeSantis tells me “Woke is an existential threat to our society” and the fact that Trump says half of GOP voters don’t know what ‘woke’ means, “to say it’s not a big deal, that just shows you don’t understand what a lot of these issues are right now.” Ron DeSantis Says Donald Trump Would Be A ‘Lame Duck’ President https://www.19fortyfive.com/2023/06/ron-desantis-says-donald-trump-would-be-a-lame-duck-president/ DeSantis is attacking Trump’s soft tissue: obeisance to Fauci, lockdowns, mandatory harmful untested vaccines, juvenile/unpresidential behavior, instant lame duck, and NOT honoring the major campaign promise to drain the swamp. At some point he will hit Trump for his woeful hirings and crime policies. Jordan Threatens Subpoena Enforcement Against Stanford in Censorship Probe Projects of the Stanford Internet Observatory (SIO), which was founded in 2019, attracted scrutiny amid disclosures from the Twitter Files, raising concerns among Republicans about Big Tech censorship. As Jordan noted in his letter, SIO is a member of two organizations that use the Jira Ticketing System to flag “alleged mis- and disinformation,” including posts regarding the 2020 election and COVID vaccines… Jordan said that his committee wants to see “all Jira tickets and related communications to social media companies, which document purportedly false content posted online.”… https://www.dailywire.com/news/jordan-threatens-subpoena-enforcement-against-stanford-in-censorship-probe?s=02 @MikeBenzCyber: Stanford’s inner crew hold the keys to “the whole shebang” of the censorship industry. The government side. The private sector side. The civil society side. It all runs through Stanford. Stanford is stonewalling because they know what they did was a massive scandal. @ChoooCole: Elon confirms that @ellagirwin leaving twitter was directly related to twitters censoring of @MattWalshBlog and @realDailyWire’s “what is a woman?” Launch last night. @elonmusk: Every parent should watch this (What is a Woman). Consenting adults should do whatever makes them happy, provided it does not harm others, but a child is not capable of consent, which is why we have laws protecting minors. This is a major problem. I will be actively lobbying to criminalize making severe, irreversible changes to children below the age of consent. Shame on those who advocate this! It is utterly contemptible. Transgender inmate to be transferred to women’s facility, get $495K settlement, surgery after lawsuit (Extreme wokeness in the People’s Republic of Minnesota) Lusk, who was arrested in 2018 and is serving a sentence until 2024 for a felony drug offense, sued the Minnesota DOC last year in part because it deferred Lusk’s request for a vaginoplasty, or “bottom surgery.”… (Not a parody!) https://nypost.com/2023/06/04/transgender-inmate-to-be-transferred-to-womens-facility-get-495k-settlement-surgery-after-lawsuit/ @EndWokeness: Tucker Carlson’s most recent video post has over 133M views on Twitter. “What Is a Woman?” by Matt Walsh has over 47M views on Twitter. Fox News, CNN, and MSNBC can’t even hit 2 million viewers on primetime. Children’s Choir Stopped Mid-Performance While Singing National Anthem at US Capitol, Capitol Police Claims it is a Prohibited Form of Protest (‘Because it might offend someone!!’) https://www.thegatewaypundit.com/2023/06/outrageous-childrens-choir-stopped-mid-performance-while-singing/ @JesseBWatters: The biggest Democrat losers: Lori Lightfoot, Hillary Clinton, De Blasio and Stacey Abrams all got teaching gigs at top universities. All the dumb liberal ideas and policies, that are hurting our country, came from places like Harvard. So now Harvard’s slapping a crimson blazer on these losers so there’s not a bunch of failed leftists hanging around with their hands out. “Some ideas are so stupid that only intellectuals believe them.” — George Orwell | |
GREG HUNTER INTERVIEWING CATHERINE AUSTIN FITTS
You Need a War Strategy – Catherine Austin Fitts
By Greg Hunter On June 3, 2023 In Political AnalysisNo Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Catherine Austin Fitts (CAF), Publisher of The Solari Report, financial expert and former Assistant Secretary of Housing (Bush 41 Admin.), says, “You’ve got people actually trying to kill you. . . . You don’t need an investment strategy, you need a war strategy because this is a war. . . . You cannot do business with criminals, in particular, criminals who are above the law and have sovereign immunity or the DOJ treats them like they have sovereign immunity. We had the Durham Report, and it came out and they announced, oops, we had no evidence (on President Trump) and we are not going to prosecute anybody. That is sovereign immunity. . . . The middle class is getting creamed, and at the root, we are watching the centralization of wealth using central bank mechanisms and it is a policy and a strategy. I left Washington years ago, and I was saying there is money disappearing from the federal government. I said if they keep doing this, they are going to have to depopulate or they are going to have to lower life expectancy or lower our standard of living. We have to deal with this, and I said I am not going to go along. You can kill people with a bioweapon (like the CV19 bioweapon injections), but you can also kill people with a pen. First, they killed people with a pen before we started with the pandemic.”
Fitts contends to not expect any big interest rate cuts anytime soon. A pause, maybe, a rate cut– forget it. CAF explains, “They are going to do whatever they have to do to protect the dollar. It would not surprise me on the next meeting they pause (rate hikes) . . . but there is no doubt if they have to raise interest rates to protect the dollar, they are going to do it. They get a lot more benefit being the reserve currency than taking another recession and wiping out another round of the middle class.”
CAF contends the dark powers want to destroy wealth. CAF says, “I think we need our own reset. ‘The People’s Reset,’ and the key to our reset is it has to be a for-profit revolution. We have to get in the business of building wealth and not allowing them to destroy our culture of being wealth builders. . . . I am going to help other people be productive, and I am going to do it in a way that produces and creates family wealth, personal wealth and community wealth. You know what wealth does? That is the seed corn of democracy. Without wealth, there will be no democracy. There will be bolshevism and tyranny. They are shrinking our wealth, and we cannot permit that. We have to be wealth builders, and it starts with every individual protecting their wealth . . . and using their wealth to help others . . . . So, we have got to be wealth builders if we are ever going to dig our way out of this.”
CAF details the deflation with this depopulation coming from the CV19 bioweapon/vax. CAF also says your chances for survival go way up if you take action now and goes into detail on the steps you need to take to thwart evil people trying to kill us off and “harvest” our wealth.
In closing, CAF says, “. . . It pays to have a hard shell and just never quit. Just keep learning . . . and begin anywhere. . . . “Turtle Forth” is about never quitting, and this is important because when you deal with true evil, and that is what we are dealing with, it’s really easy to get discouraged or give up hope. You can’t do that . . . . What you’ve got to protect at all cost is your faith, your hope and your love.”
There is much more in the 1-hour and 4-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the Publisher of The Solari Report, Catherine Austin Fitts for 6.3.23.
(https://usawatchdog.com/you-need-a-war-strategy-catherine-austin-fitts/)
After the Interview:
There is much free information on Solari.com. You can search for all the free information CAF talked about by using the search box in the upper right-hand corner on the homepage of Solari.com.
To get the free updated “Missing Money” report (at least $21 trillion), click here.
To get the free “3rd Quarter 2022 Wrap Up: Building Wealth with Ricardo Oskam” report, click here.
You can get way more cutting-edge analysis from Catherine Austin Fitts and “The Solari Report” by becoming a subscriber.
I will see you on TUESDAY
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