by harveyorgan · in Uncategorized · Leave a comment·Editi
GOLD PRICE CLOSED: UP $6.90 TO $1965.30
SILVER PRICE CLOSED: UP $0.07 AT $23.61
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1963/05
Silver ACCESS CLOSE: 23.60
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Bitcoin morning price:, $25,678 UP 176 Dollars
Bitcoin: afternoon price: $26,775 UP 1273 dollars
Platinum price closing $1036.50 UP $2.30
Palladium price; $1414.35 DOWN $0.60
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: $2,631.30 DOWN 5.75 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1579.96 UP 2.60 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1836.13 UP 5.20 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,958.000000000 USD
INTENT DATE: 06/05/2023 DELIVERY DATE: 06/07/2023
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 5 3
190 H BMO CAPITAL 2
323 C HSBC 1
323 H HSBC 32
363 H WELLS FARGO SEC 5
435 H SCOTIA CAPITAL 127
661 C JP MORGAN 60
661 H JP MORGAN 5
690 C ABN AMRO 7 3
737 C ADVANTAGE 1
880 H CITIGROUP 30
905 C ADM 3
TOTAL: 142
JPMorgan stopped 60/142 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 142 NOTICES FOR 14,200 OZ or 0.4416 TONNES
total notices so far: 17,117 contracts for 1,711,700 oz (53.241 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 $6.90
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 939.56 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER UP 7 CENTS AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT 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 GIGANTIC SIZED 1439 CONTRACTS TO 135,345 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.13 LOSS IN SILVER PRICING AT THE COMEX ON MONDAY. TAS ISSUANCE WAS A GOOD SIZED 623 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 GOOD SIZED 623 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 $0.13). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUGE GAIN ON OUR TWO EXCHANGES OF 2225 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 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( 606 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(ISSUED PRIOR)// TOTAL STANDING FOR THE MONTH 4.675 MILLION OZ ) // HUGE SIZED COMEX OI GAIN/ STRONG SIZED EFP ISSUANCE/VI) STRONG NUMBER OF T.A.S. CONTRACT INITIATION (623 CONTRACTS)//SOME T.A.S LIQUIDATION //MONDAY EARLY IN THE SESSION.
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -removed 180 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 4 days, total 1507 contracts: OR 7.535 MILLION OZ . (376 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 7.535 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: 7.535 MILLION OZ//
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1439 CONTRACTS DESPITE OUR FALL IN PRICE OF $0.13 IN SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE CONTRACTS: 606 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(PRIOR)//NEW TOTAL STANDING: 6.675 MILLION OZ////// .. WE HAVE A GIGANTIC SIZED GAIN OF 2225 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 623//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED MONDAY. THE NEW TAS ISSUANCE WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 0 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 FAIR SIZED 1742 CONTRACTS TO 434,743 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 – 520 CONTRACTS
WE HAD A SMALL SIZED DECREASE IN COMEX OI ( 1222 CONTRACTS) DESPITE OUR $5.00 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JUNE. AT 70.79 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S .1617 TONNE QUEUE JUMP//0 E.F.P.: NEW TOTAL 62.824 TONNES STANDING SO FAR // + /A GOOD ISSUANCE OF 778 T.A.S. CONTRACTS/SOME FRONT END OF TAS LIQUIDATION MONDAY ////YET ALL OF..THIS HAPPENED WITH A $5.00 GAIN IN PRICE WITH RESPECT TO MONDAY’S TRADING.WE HAD A SMALL SIZED GAIN OF 862 OI CONTRACTS (2.68 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2604 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 434,223
IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 862 CONTRACTS WITH 1742 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A GOOD 778 CONTRACTS) AND 2604 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 862 CONTRACTS OR 2.681TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2604 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (1742) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 862 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 5,200 OZ QUEUE JUMP//0 OZ E.F.P. JUMP // NEW STANDING RISES TO 62.824 TONNES// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: GOOD T.A.S. ISSUANCE: 778 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: 10,782 CONTRACTS OR 1,078,200 OZ OR 33.54 TONNES IN 4 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 4 TRADING DAY(S) IN TONNES 33.54 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 33.54/3550 x 100% TONNES 0.957% 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: 33.54 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 HUGE SIZED 1439 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 606 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 606 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 606 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 1439 CONTRACTS AND ADD TO THE 606 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2045 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 10.23 MILLION OZ
OCCURRED DESPITE OUR $0.13 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//
TUESDAY MORNING//MONDAY NIGHT
SHANGHAI CLOSED DOWN 37.10 PTS OR 1.15% //Hang Seng CLOSED DOWN 9.22 PTS OR 0.05% /The Nikkei closed UP 289.35 OR 0.900% //Australia’s all ordinaries CLOSED DOWN 1.10 % /Chinese yuan (ONSHORE) closed DOWN 7.1168 /OFFSHORE CHINESE YUAN DOWN TO 7.1302 /Oil DOWN TO 70.41 dollars per barrel for WTI and BRENT UP AT 75.06 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1742 CONTRACTS DOWN TO 434,223 DESPITE OUR GAIN IN PRICE OF $5.00 ON MONDAY,
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 2604 EFP CONTRACTS WERE ISSUED: : AUGUST 2604 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2604 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 862 CONTRACTS IN THAT 2604 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 1742 COMEX CONTRACTS..AND THIS SMALL SIZED LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR GAIN IN PRICE OF $5.00. 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 TUESDAY WAS A FAIR 778 CONTRACTS. DURING THROUGHOUT LAST 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 (62.824) ( 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: 62.824 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $5.00) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR SMALL SIZED GAIN OF 1382 CONTRACTS ON OUR TWO EXCHANGES. WE HAD MINOR TAS LIQUIDATION EARLY IN THE SESSION . THE TAS ISSUED MONDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 4.298 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 5,200 OZ QUEUE JUMP..NEW STANDING REMAINS AT 62.824 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $5.00
WE HAD – REMOVED 520 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 862 CONTRACTS OR 86,200 OZ OR 2.681 TONNES.
Estimated gold volume today:// 133,630 poor-awful
final gold volumes/yesterday 187,600 poor
//JUNE 6/ 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 | 142 notice(s) 14,200 OZ .4416 TONNES |
| No of oz to be served (notices) | 3081 contracts 308100 oz 9.583 TONNES |
| Total monthly oz gold served (contracts) so far this month | 17,117 notices 1,711,700 OZ 53.241 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; 2 customer to dealer
a) JPMorgan: 11,574.333 oz
b) Brinks 99.62 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 3223 contracts having LOST 506 contracts. We had 558 contracts served on Monday so we gained 52 contracts or an additional 5200 oz will stand for gold at the comex.
The next front month after June is the non active delivery month of July. Here, July gained 204 contracts to stand at 2990 contracts.
AUGUST lost 1348 contracts down to 370,156 contracts
We had 142 contracts filed for today representing 14200 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 142 contract(s) of which 60 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 (17,117 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (3223 CONTRACT) minus the number of notices served upon today 142 x 100 oz per contract equals 2,019,800 OZ OR 62.824 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 (17,117) x 100 oz + (3223) [OI for the front month minus the number of notices served upon today (142)x 100 oz} which equals 2,019,800 oz standing OR 62.824 TONNES
TOTAL COMEX GOLD STANDING: 62.824 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: 1,716,303.965 OZ 53.38 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,872,831.247 OZ
TOTAL REGISTERED GOLD: 11,686,287.649 (363.49 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 11,186,543.598 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,969,984 OZ (REG GOLD- PLEDGED GOLD) 310.10 tonnes//
END
SILVER/COMEX
JUNE 6//2023// THE JUNE 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 554,043.058 oz CNT Loomis . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | 601,094.460 oz CNT |
| 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 1 customer deposit
i) Into CNT: 601,094.460 oz
Total deposits: 601,094.460 oz
JPMorgan has a total silver weight: 141.367 million oz/272.820 million =51.79% of comex .//dropping fast
Comex withdrawals 2
i) Out of CNT 10,192.010 oz
ii) Out of Loomis 543,851.048 oz
total withdrawals: 554,043.058 oz
adjustments: 1 dealer to customer
i) Ashai: 214,665.200 oz
TOTAL REGISTERED SILVER: 27.121 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 272.820 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 0 CONTRACT(S).
WE HAD 0 NOTICES FILED ON MONDAY 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 1799 CONTRACT LOSS TO 95,176 CONTRACTS
AUGUST GAINED 0 CONTRACTS TO STAND AT 4
SEPT HAS A GAIN OF 3116 CONTRACTS UP TO 29,028
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 47,939 poor/
Comex volume: confirmed yesterday:54,347 poor to fair
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(431) 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 (431) – 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 6/WITH GOLD UP $6.90 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 939.56 TONNES
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: 939.56 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 6/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 466.809 MILLION OZ//
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
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
Russ and Pam Martens;
JPMorgan and Citigroup Are Using the Same Accounting Maneuver as Silicon Valley Bank on Hundreds of Billions of Underwater Debt Securities
By Pam Martens and Russ Martens: June 6, 2023
As we reported yesterday, Silicon Valley Bank was not even on the “Problem Bank List” maintained by the Federal Deposit Insurance Corporation (FDIC) when it imploded in a span of 48 hours in March. According to testimony by the Federal Reserve’s Vice Chairman for Supervision, Michael Barr, on March 28 before the Senate Banking Committee, depositors had yanked $42 billion of their deposits from the bank on March 9 and had queued up to grab another $100 billion on March 10 when it was abruptly put into FDIC receivership. Had the FDIC not stepped in, Silicon Valley Bank would have lost 85 percent of its deposits in a two-day stretch.
Two of the key internal problems at Silicon Valley Bank were its large amount of uninsured deposits (which pose a flight risk in times of banking turmoil) and Silicon Valley Bank’s decision to classify 43 percent of its assets to the Held- to-Maturity (HTM) category. Under a highly controversial accounting rule, HTM debt instruments are not marked to market or shown on the balance sheet at fair value, but are instead listed at amortized cost – effectively what was paid for the debt instrument at the time of its purchase.
The HTM accounting treatment is allowing banks to create an illusion on their balance sheet as to what their assets are worth during the fastest rate increases by the Federal Reserve in 40 years. The bigger the dollar amounts held as HTM investment securities, the bigger the illusion. (While fair value for HTM securities and unrealized losses are provided in supplemental charts in SEC filings, the fair value is not reflected in the asset value on the balance sheet itself – leaving the average shareholder clueless as to what the bank’s assets are actually valued at by the market.)
Because a large portion of the debt instruments held as HTM were purchased with a fixed rate of interest when interest rates were much lower, the current market prices of these debt instruments may have declined anywhere from 10 to 25 percent.
It now turns out that two of the largest federally-insured banks in the U.S. – and potentially others that we have yet to explore – are holding hundreds of billions of dollars of debt securities in the HTM category.
As the charts below from the 2022 10-K (Annual Report) filings with the Securities and Exchange Commission indicate, JPMorgan Chase is holding $425.3 billion in HTM securities, which actually have a fair market value of just $388.6 billion or an unrealized loss of $36.7 billion.
Making the situation even more questionable for JPMorgan Chase, as we reported on May 30, most of these debt instruments were not designated as HTM at time of purchase, but were transferred to that category in 2020, 2021, and 2022. (See our report: JPMorgan Chase Transferred $347 Billion in Debt Securities Over the Last 3 Years to Inflate Its Capital Using a Controversial Maneuver.)
JPMorgan Chase has admitted to five felony counts since 2014, including two for its dicey handling of the business bank account of the biggest Ponzi schemer in U.S. history (Bernie Madoff); and three separate counts for rigging the foreign exchange, precious metals and U.S. Treasury market. (Not to put too fine a point on it, but the U.S. Treasury market is how the United States pays its bills.) The deeply conflicted Board at JPMorgan Chase has kept Jamie Dimon as its Chairman and CEO throughout this crime wave.
Citigroup’s 10-K for 2022 shows $268.9 billion in HTM securities, which have a fair market value of just $243.6 billion, or an unrealized loss of $25.3 billion.
Citigroup teetered near collapse in 2008; its stock price went to 99 cents in the spring of 2009; and it received over $2.5 trillion in secret, cumulative loans from the Federal Reserve from December 2007 to at least July of 2010 to keep it from total collapse, according to the audit released in 2011 by the Government Accountability Office (GAO). (See page 131 of the GAO report.) For additional insights into the role that accounting played in Citigroup losing almost all of its market value in 2008 and 2009, see accounting expert and Citigroup whistleblower Richard Bowen’s May 15 report.
After the financial crisis of 2008 to 2010 and the exposure of accounting maneuvers that played a role in enabling it, the Financial Accounting Standards Board (FASB) attempted to require fair value accounting for most financial instruments. The proposal had wide support but was shot down as a result of heavy pressure from the banking industry.
The CFA Institute, the not-for-profit association of investment professionals that awards the CFA (Certified Financial Analyst) and CIPM (Certificate in Investment Performance Measurement) designations, submitted an exhaustive written response to the FASB’s proposal, including a 29-page Appendix that provided an in-depth analysis of why fair value reporting was necessary for both transparency and the integrity of financial reports.
An argument in the CFA Institute’s letter was as follows:
“Based upon the market experience of our members and the relevant academic research, there is strong evidence that financial institution share prices incorporate the fair value of their financial instruments. The question for standard setters is whether the financial statements should likewise reflect financial instrument values in an attempt to mitigate the economic disconnect between book value and share price. We believe this is important to ensure financial statements are relevant for all investors in making investment decisions. What standard setters need to consider is whether all investors, not just some professional analysts or investors, can perform such analysis and valuation themselves and whether financial statements should assist all users and investors in the determination of the value of the enterprise. Decision- useful financial information such as the fair value of financial instruments, which represent nearly all assets and liabilities of a financial institution, should not bypass the basic financial statements.”
JPMorgan Chase and Citigroup also have exposure to large amounts of uninsured deposits. (See our report: At Year End, 4,127 U.S. Banks Held $7.7 Trillion in Uninsured Deposits; JPMorgan Chase, BofA, Wells Fargo and Citi Accounted for 43 Percent of That.)
3,Chris Powell of GATA provides to us very important physical commentaries
JPMorgan sees signs of de-dollarization
(Reuters)
Signs of de-dollarization emerging, Wall Street giant JPMorgan says
Submitted by admin on Mon, 2023-06-05 13:36Section: Daily Dispatches
By Marc Jones
Reuters
Monday, June 5, 2023
LONDON — Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said today, although the currency should maintain its long-held dominance for the foreseeable future.
The impact of steep U.S. interest rate rises and the use of sanctions that have frozen the likes of Russia out of the global banking system are driving the so-called BRICs nations — Brazil, Russia, India, China and South Africa — to challenge the dollar’s hegemony.
JPMorgan’s strategists Meera Chandan and Octavia Popescu at the Wall Street bank laid out that while overall dollar usage remains within its historical range, its usage was more “bifurcated under the hood.”
The dollar’s share of traded currency volumes is just shy of record highs, at 88%, while the euro’s share has shrunk by 8 percentage points in the last decade to a record low of 31%. The share of the Chinese yuan, meanwhile, has risen to a record high of 7%.
“De-dollarisation is evident in FX reserves where (the dollar’s) share has declined to a record as share in exports declined, but is still emerging in commodities,” the strategists said.
JPMorgan’s assessment is the most high profile of any large U.S. bank although heavyweight asset managers such as Goldman Sachs Asset Management have also voiced views on the trend.
JPMorgan’s note estimated that for global exports, the U.S. share is now down to a record low 9%, whereas China was at a record high of 13%.
In global central bank FX reserves too, the dollar’s share is down to a record low of 58%, albeit a level that is still by far the largest globally. …
… For the remainder of the report:
END
In GoldSeek Radio interview, GATA’s Murphy asks: So where are the silver bulls?
Submitted by admin on Mon, 2023-06-05 20:30Section: Daily Dispatches
8:27p ET Monday, June 5, 2023
Dear Friend of GATA and Gold:
Interviewed by GoldSeek Radio’s Chris Waltzek, GATA Chairman Bill Murphy acknowledges the much-touted bullish fundamentals for silver but says those fundamentals have been touted for years, and he asks: “Where are the silver bulls?”
Waltzek said the bulls are on the way.
The interview is 10 minutes long and can be heard at GoldSeek’s companion site, SilverSeek, here:
https://silverseek.com/article/goldseek-radio-nugget-bill-murphy-has-moved-all-his-chips-silver
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
This is good: gold is gaining in popularity among American investors
(Ronan Manly)
Ronan Manly: Gold gains hugely in popularity among American investors
Submitted by admin on Mon, 2023-06-05 21:11Section: Daily Dispatches
By Ronan Manly
Bullion Star, Singapore
Monday, June 5, 2023
Gallup, the Washington analytics and surveying firm, recently released the findings of its annual “Economy And Personal Finance” survey that asks the U.S. public the simple question” “Which investment asset class do you think is the best long-term investment?”
And they are extremely encouraging for gold, with 26% of survey respondents saying that they perceive gold to be the best long-term investment
This 26% score for gold in 2023 is nearly double the 15% of respondents who opted for gold as the best long-term investment in the 2022 survey, and reinforces evidence seen elsewhere that there is an ongoing massive shift in gold’s favor among the U.S. public right now.
Not only that, but the percentage of Americans opting for gold as the best long-term investment was also the highest result for gold in the annual poll since 2012, when 28% of the U.S. public opted for gold. This means that the percentage of the U.S. public who think gold is the best long-term investment is now at its highest for 11 years. …
… For the remainder of the analysis:
end
4, OTHER IMPORTANT GOLD COMMENTARIES/
END
5 a. IMPORTANT COMMENTARIES ON COMMODITIES:
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL
6.CRYPTOCURRENCY COMMENTARIES/
SEC sues Coinbase and that stock crashes
(zerohedge)
Coinbase Crashes After SEC Sues Crypto Exchange
TUESDAY, JUN 06, 2023 – 08:20 AM
A day after the SEC sued Binance – the world’s largest crypto exchange – Bloomberg reports that Gensler and his anti-crypto goons have now sued Coinbase in federal court in New York on Tuesday, alleging the crypto firm broke US securities rules.
Developing…
COIN shares are plunging in the pre-market on the news, extending losses from Binance headlines yesterday…
And Bitcoin (and the rest of the crypto-verse) are also lower…
It appears the war on crypto just turned ‘hot’.
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1168
OFFSHORE YUAN: 7.1302
SHANGHAI CLOSED DOWN 37.10 PTS OR 1.15%
HANG SENG CLOSED DOWN 9.22 PTS OR 0.05%
2. Nikkei closed UP 289.35 PTS OR 0.90%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 104.17 EURO FALLS TO 1.0686 DOWN 26 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.419 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.61 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE YUAN: DOWN// OFF- SHORE:DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.3329***/Italian 10 Yr bond yield RISES to 4.104*** /SPAIN 10 YR BOND YIELD FALLS TO 3.329…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 3.668
3j Gold at $1964.40 silver at: 23.74 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 35 /100 roubles/dollar; ROUBLE AT 81.30//
3m oil into the 70 dollar handle for WTI and 75 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 139.61 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .419% 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 0.9077 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9699 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: 3.675 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 3.870 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.467 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 21.506…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.239 UP 3 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Drift Amid Global Risk-Off Sentiment
TUESDAY, JUN 06, 2023 – 08:03 AM
US equity futures are flat, bond yields are lower, the dollar is higher, and commodities (ex-Ags) are weaker as the excitement over the Saudi 1mmb/d production cut fizzles and as hedge fund shorts once again take the upper hand. Ags are higher led by wheat on headlines from Ukraine, where a dam was damaged in an explosion.
As of 7:45am ET, S&P futures were unchanged with the Nasdaq fractionally in the red as well, with Apple down 0.4% in premarket trading on concern the ludicrous price ($3500) of its much-anticipated mixed-reality headset will crater demand. European semiconductor firms slid after Taiwan Semiconductor — the main chipmaker to Apple — said capital spending will be at the lower end of its guidance range. Overall, there appears to be a mild risk-off tone pre-market, With the S&P 500 on the edge of a new bull market, there’s a sense among traders that markets have run up too fast on the hype for artificial intelligence. The balance of the week is light on macro data points so markets may trade in a tight range into CPI/Fed next week.
In premarket trading, tech Mega caps were mixed pre-mkt as investors digest AAPL’s developer day. AAPL is down 0.7% in early trading after the iPhone maker launched its much- anticipated mixed-reality headset at an eye-popping price of $3,499. While analysts were optimistic about the product and technology, they acknowledged that the price point was high and that it would limit the number of shipments in the near- term. Chevron fell 1%, while declines in Shell and BP weighed on Europe’s main stock benchmark after crude gave up all its gains spurred by news of Saudi Arabia’s supply cut. Other notable premarket movers:
- Mobileye shares declined 5.2% in premarket trading after chipmaker Intel said it will sell part of its holdings in the Israeli automated driving technology maker.
- Unity Software shares jump as much as 5.7% in premarket trading, extending Monday’s 17% gain after Apple said it’s working with the video-game engine maker for its new Vision Pro headset.
- Blue Bird dropped 8.5% in postmarket trading Monday after holders Coliseum Capital and American Securities offered 5 million shares in the school-bus maker via BofA Securities, Barclays, Jefferies, BMO Capital Markets and Piper Sandler.
- HealthEquity Inc. (HQY US) gained 6% postmarket after the healthcare savings account provider boosted its year profit and revenue forecast. First quarter profit and sales topped estimates.
“Our stance towards equities is a cautious one,” said Steven Bell, chief economist for EMEA at Columbia Threadneedle Investments, noting the asset class doesn’t look cheap and earnings growth forecasts look too optimistic. “We don’t expect a dramatic decline, but bonds look more attractive on a relative basis.”
European stocks slipped into the session as energy, telecom and autos underperform. Euro Stoxx 50 falls 0.4%. Stoxx 600 drops 0.1%, FTSE MIB lags regionals, sliding 0.6%. Meanwhile, the euro weakened and German bonds gained Tuesday after the European Central Bank said euro-area consumer inflation expectations eased significantly in April. Here are the most notable premarket movers:
- Idorsia shares soared as much as 21%, the most on record, before paring the gain. The Swiss biotech started exclusive negotiations with an undisclosed party regarding its Asia Pacific businesses.
- Banca Monte dei Paschi gained as much as 3.6% after la Repubblica reported that BPER Banca could be a possible suitor for the lender, citing unidentified sources.
- BAT shares fluctuated before trading up 0.3% after the company reaffirmed its full-year revenue forecast in constant currency. The unchanged outlook is “broadly reassuring” given the disappointing US performance, according to Investec.
- Chemring shares rose as much as 10.6% after the defense company reported half-year results and kept its forecasts for 2023 unchanged. Jefferies said that the update was strong and shows more organic revenue growth potential.
- ASML shares slumped as much as 1.8% after TSMC said its capex budget this year will be near the lower end of its guidance range, denting hopes that a recent boom in demand for artificial intelligence computing chips would encourage chipmakers to boost capacity. Other European semiconductor equipment makers also fell.
- Boohoo shares dropped as much as 2.7% after the online fast-fashion retailer was downgraded to neutral from outperform at Davy. The broker said Boohoo is better placed to “survive” Shein than Asos, but now has a smaller comparative advantage.
- Shares of Swiss utility BKW fell as much as 12%, the most on record, after UBS cut its recommendation to sell from buy, citing falling energy prices and the stock’s recent rally.
- Deutsche Pfandbriefbank fell as much as 5.5% after Citi downgraded the stock to sell and moved its price target to a Street-low of €6.1, based on the German lender’s real estate exposure.
Earlier in the session, Asian stocks rose to a three-month high, helped by a rally in Chinese developers. There are signs that Beijing is taking steps to bolster the economy, with authorities asking some of the biggest banks to lower their deposit rates. Elsewhere, stocks traded mixed with price action rangebound following on from the subdued performance stateside where participants ‘sold the news’ following Apple’s headset announcement and with sentiment clouded by weak data releases.
- Hang Seng and Shanghai Comp. were somewhat varied with the former boosted by strength in property names, although the mainland was less decisive and lagged amid mixed US-China rhetoric.
- Nikkei 225 was initially pressured after disappointing Household Spending and Labour Earnings data which briefly dragged the index beneath the psychological 32,000 level where it then found support and staged a recovery amid dip buying.
- Australia’s ASX 200 was led lower by underperformance in the consumer-related sectors and top-weighted financial industry, with losses later exacerbated after the RBA delivered a surprise 25bps rate hike to lift the Cash Rate Target to 4.10% and it also kept the door open for further policy tightening.
- Indian stocks ended little changed on Tuesday, while gauges of small- and mid-sized companies extended their record runs as investors looked to rotate allocations following the end of the earnings season. The S&P BSE Sensex Index was little changed as was the NSE Nifty 50 Index. BSE’s small and midcap indexes rallied for the 12th consecutive session and scaled new records despite momentum being overbought based on the 14-day RSI. The key gauges traded lower for a large part of the session on Tuesday before erasing losses in the final 30 minutes of trade, helped by a recovery in banking stocks. The benchmark Sensex has traded close to its previous peak over the last few sessions but so far has failed to climb to a new record. The Sensex and Nifty have risen about 3.2% and 2.7% this year but trail the 8% rally in small and mid-cap gauges.
Elsewhere, Australia unexpectedly hiked on Tuesday and kept the door open to further increases, sparking a rally in the country’s currency.
In FX, the Bloomberg Dollar Spot Index was up near session highs, recovering from early weakness; AUD and JPY are the strongest performers in G-10 FX, NOK and GBP underperform. The EUR/USD dropped -0.2% after after the latest ECB survey shows consumers’ inflation expectations fell significantly in April. AUD/USD leads gains, rallying as much as 1% after the RBA increased its cash rate by a quarter percentage point and said further tightening may be needed. Only 10 of 30 economists surveyed by Bloomberg predicted the rate hike
In rates, German bonds outperform Treasuries and gilts across the curve as yields drop, led by short-end bunds. Treasuries are slightly richer across the curve, following wider gains in bunds after an ECB survey shows consumers’ inflation expectations fell significantly in April. Yields are richer by 1bp-2bp across the curve with intermediates outperforming slightly, steepening 5s30s by 1bp on the day; 10- year yields around 3.66%, richer by 2bp vs Monday’s close with bunds outperforming by 3.5bp in the sector. The two-year Treasury yield slips 1bps to 4.45%, 10-year yield down 2bps to 3.66%, slightly steepening the 2-year/10-year curve. German curve sharply bull-steepens over early London session following consumer inflation expectations data — Germany 2-year yields remain richer by 8bp on the day with 2s10s spread steeper by 2.5bp, 5s30s by 4bp. Dollar IG issuance slate includes NAB 2Y/5Y and ADB 2Y/10Y; twelve companies priced $20.1b Monday, surpassing weekly volume projection in a single day; desks project around $80b for the month of June.
In commodity markets, wheat surged after Ukraine said Russian forces blew up a giant dam in the country’s south, unleashing a torrent of floodwater that threatens thousands of people and poses a potential threat to Black Sea grain supplies. Meanwhile, crude drifted 2.2% lower to trade near $70.58. Most base metals trade in the green; LME nickel rises 1.4%, outperforming peers. LME aluminum lags, dropping 1.1%. Spot gold is little changed at $1,962/oz
Looking ahead, the US session has no economic data releases or Fed speakers scheduled, amid quiet period ahead of June FOMC meeting.
Market Snapshot
- S&P 500 futures little changed at 4,277.50
- MXAP up 0.3% to 164.13
- MXAPJ down 0.2% to 514.04
- Nikkei up 0.9% to 32,506.78
- Topix up 0.7% to 2,236.28
- Hang Seng Index little changed at 19,099.28
- Shanghai Composite down 1.1% to 3,195.34
- Sensex down 0.3% to 62,586.79
- Australia S&P/ASX 200 down 1.2% to 7,129.64
- Kospi up 0.5% to 2,615.41
- STOXX Europe 600 little changed at 459.93
- German 10Y yield little changed at 2.34%
- Euro down 0.1% to $1.0702
- Brent Futures down 2.1% to $75.12/bbl
- Gold spot down 0.2% to $1,958.11
- U.S. Dollar Index little changed at 104.02
Top Overnight News
- Australia’s central bank surprised the mkt and raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target. RTRS
- Chinese authorities asked the nation’s biggest banks to lower their deposit rates for at least the second time in less than a year, according to people familiar with the matter, marking an escalated effort to boost the world’s second-largest economy. BBG
- China will likely further cut banks’ reserve ratio and interest rates in the second half of this year to support the economy, the China Securities Journal reported on Tuesday, citing policy advisors and economists. RTRS
- Underlying price pressures in the euro zone may prove more difficult to tame but monetary policy is showing signs of effectiveness and further rate hikes must be done step by step, Dutch central bank chief Klaas Knot said on Tuesday. RTRS
- Eurozone inflation expectations decreased significantly according to the latest ECB survey, reversing most of the increases seen in the previous month. ECB
- Something unusual has happened to the price of butter in Germany this year — it has fallen sharply even as the cost of many other foods kept rising at double-digit rates. Following a dip in energy prices, surging food costs have become the main source of inflation for the eurozone consumers. They are up 20% since the start of last year, causing alarm among politicians and central bankers. But economists and industry executives increasingly believe the factors behind a fall in the price of German butter — down almost 30% since in December as dairy producers’ costs have fallen — will soon begin to have a broader impact. FT
- A major dam and power station in a Russian-occupied part of Ukraine were destroyed Tuesday, with both sides accusing each other of being responsible for an incident that has caused serious flooding, put thousands of homes at risk and potentially threatened the safety of Europe’s largest nuclear power plant. WSJ
- Eight years after he first announced he was running for president, Chris Christie is readying for a return to the national stage. The brash former governor of New Jersey is expected to launch his second presidential run on Tuesday with a town hall-style event in Manchester, New Hampshire, some 300 miles north of his home state. FT
- Citadel brought back retired portfolio manager Drew Gillanders to expand the fund’s equities trading in Europe. The 51-year-old, who worked at Citadel between 2019 and 2022, will report to co-CIO Pablo Salame. BBG
- Recession risk has receded as the debt ceiling crisis fades and the banking sector stabilizes. Although labor market rebalancing and inflation progress have been encouraging, a firmer growth outlook will likely prompt the Fed to hike again in July (and push several other DM central banks in a more hawkish direction too). GIR
A more detailed summary of global markets courtesy of Newsquawk
APAC stocks traded mixed with price action mostly rangebound following on from the subdued performance stateside where participants ‘sold the news’ following Apple’s headset announcement and with sentiment clouded by weak data releases. ASX 200 was led lower by underperformance in the consumer-related sectors and top-weighted financial industry, with losses later exacerbated after the RBA delivered a surprise 25bps rate hike to lift the Cash Rate Target to 4.10% and it also kept the door open for further policy tightening. Nikkei 225 was initially pressured after disappointing Household Spending and Labour Earnings data which briefly dragged the index beneath the psychological 32,000 level where it then found support and staged a recovery amid dip buying. Hang Seng and Shanghai Comp. were somewhat varied with the former boosted by strength in property names, although the mainland was less decisive and lagged amid mixed US-China rhetoric.
Top Asian News
- RBA surprisingly raised the Cash Rate Target by 25bps to 4.10% (exp. 3.85%), while it reiterated that the Board remains resolute in its determination to return inflation to the target and some further tightening of monetary policy may be required. It also repeated that inflation in Australia has passed its peak, but at 7% is still too high and it will be some time yet before it is back in the target range. RBA stated that this further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe, as well as noted that recent data indicates that the upside risks to the inflation outlook have increased and the Board has responded to this.
- China has reportedly asked the largest banks to cut deposit rates to boost the economy, according to Bloomberg sources. State-owned lenders including Bank of China, ICBC, and Bank of Communications were advised to cut rates on a range of products, including demand deposits by 5bps and 3yr and 5yr time deposits by at least 10bps.
- Former ByteDance executive claimed the Chinese Communist Party accessed TikTok’s Hong Kong user data, according to WSJ. It was separately reported that Vietnam’s ministry found TikTok violations during its inspection.
- BoJ Governor Ueda said BoJ is to continue QQE until the inflation target is achieved, and added inflation and inflation expectations are heightening, according to Reuters.
European equities trade with little in the way of firm direction as incremental catalysts for the region remain light. Equity sectors in Europe are mixed with Health Care top of the leaderboard whilst Energy lags to the downside with WTI and Brent both below Friday’s closing levels despite efforts by OPEC+. US equity futures are hugging the unchanged mark with the ES around 20 points shy of the 4300 mark after venturing as high as 4305.75 yesterday.
Top European News
- ECB’s Knot said inflation is still way too high but the worst is behind us; underlying pressures will prove more difficult to bring down. He said they are seeing first signs that monetary policy tightening is being transmitted to the real economy, and will keep tightening policy until we see inflation return to 2% target, but this will be done step by step.
- ECB Consumer Expectations Survey (Apr): Inflation Expectations: 4.1% 12-months ahead (Mar 5.0%), 3yr ahead 2.5% (Mar 2.9%). Nominal Income: 1.1% over the next 12-months (Mar 1.3%). Nominal Spending: 3.8% over the next 12-months (Mar 4.1%)
- Barclaycard said UK May consumer spending rose 3.6% Y/Y and noted that higher food prices limited discretionary spending, according to Reuters.
FX
- DXY edged higher throughout the European morning and currently resides near session highs above 104.00.
- JPY is continues to claw back losses at the expense of its US counterpart as yields softened.
- Aussie remains the clear G10 outperformer in wake of another largely unexpected 25 bp rate rise from the RBA overnight.
- Euro eased back from circa 1.0732 against the Dollar to sub-1.0700 and the base of 1bln option expiries between the round number and 1.0695.
- PBoC set USD/CNY mid-point at 7.1075 vs exp. 7.1080 (prev. 7.0904)
Fixed Income
- Debt futures have racked up bigger and longer-lasting gains on a combination of bullish or supportive factors ranging from geopolitical developments, disinflationary vibes and a deeper reversal in oil that should have dovish implications for price pressures ahead.
- Bunds have been up to 135.57 for a 100+ tick flip from Eurex trough to peak.
- Gilts probed 97.00 within a 97.06-96.35 range in wake of a well received 2053 DMO tap
- US Treasuries are above 114-00 between 114-06+/113-24 overnight parameters.
- UK sells GBP 2.5bln 3.75% 2053 Gilt: b/c 2.58x (Prev. 2.50x), average yield 4.478% (Prev. 4.083%) & tail 0.5bps (Prev. 0.2bps)
Commodities
- WTI and Brent futures continue trundling lower as the post-OPEC pop faded, with prices now back at levels seen in the run-up to last weekend’s confab.
- Asian refiners are likely to take less oil from Saudi Arabia for July and buy more spot cargoes such as those from the UAE after the surprise price hike and output cut, according to Reuters citing traders.
- Kazakhstan Energy Minister said the country will go ahead with the USD 16.5bln claim against international oil giants over costs, no plans for out-of-court settlement, according to Reuters.
- Spot gold is relatively steady around the USD 1,950/oz mark and within recent ranges, with some potential haven support underpinning prices.
- Base are mostly softer with LME copper still hovering above USD 8,250/t following the recent gains as China looks to bolster its property sector. On that note, iron ore continued to benefit from these tailwinds and printed higher levels in around seven weeks.
- Shanghai futures exchange says trading of alumina futures will begin on June 9th.
Geopolitics
RUSSIA-UKRAINE
- Russia’s Federal Security Service (FSB) says Ukraine planning a “dirty bomb” attack in Russia, via RIA.
- Twitter sources reported that the Nova Kakhovka Dam was blown up in southern Ukraine, while Ukraine’s south military command later confirmed that the dam was blown up by Russian forces. Furthermore, a Moscow-backed official said there was no critical danger to the Zaporizhzhia nuclear plant yet from the destruction of the dam, according to Reuters.
- Russia’s Defence Ministry said they destroyed 8 leopard tanks in the Donetsk region and that Ukraine continues with its offensive in Donetsk, while it also noted huge losses were inflicted on Ukrainian forces in Donetsk and that Ukrainian forces are deploying fresh troops in the eastern combat zone, according to Reuters.
- Ukraine’s State Atomic Agency said the destruction of the Kakhova dam poses a risk to the Zaporizhzhia nuclear power plant, but the situation is under control, according to Reuters.
- Ukraine’s Foreign Minister said Ukraine will “probably” only be able to join NATO after the end of the war and said Ukraine has enough weapons to begin its counter-offensive, according to Reuters.
OTHER
- White House said the US is seeing an increasing level of aggressiveness by China’s military and the US is prepared to address growing aggressiveness. White House stated the US wants to see Beijing justify what it is doing with increased military and said both recent Chinese intercepts occurred in international space, while it added that it won’t be long before someone gets hurt and that unsafe intercepts can lead to miscalculations.
- South Korea has scrambled air force jets after Russian and Chinese military planes entered its air defence zone, according to joint chiefs; did not violate South Korean air space.
US Event Calendar
- Nothing scheduled
DB’s Jim Reid concludes the overnight wrap
DB Research has just released our latest World Outlook featuring our updated views on economics and markets. We’ve called this edition “The Waiting Game…” because we maintain our call for a US recession in Q4 as the lags from tighter monetary policy really start to hit. As we’ve felt for a while, you have to respect the lag and be patient. Markets on the other hand are anything but and want instant gratification. That’s what makes it an interesting time now and for the next few months ahead.
To recap we think this hard landing is the logical next step in a succession of all-too foreseeable events since the pandemic: the biggest increase in the money supply in decades, followed by the highest inflation in decades, and then the most aggressive series of rate hikes in decades. A hard landing is just the next phase of this. If you’re looking for hope we are optimistic about the prospects of AI changing the nature of our economies in the years ahead. We desperately need a new source of growth given weak productivity and poor demographics. And although AI is unlikely to help us out of this cycle, its promise is a hope we cling onto as we move deeper into the 2020s after a very challenging start to the decade.
Finally in terms of adverts, Steve Caprio on my credit team has an update to our view this morning (link here). He posits that while the consensus view among clients is for a summer squeeze, we see little reason to chase the market and so we retain our defensive positioning across ratings and tenors.
Markets certainly stopped chasing and squeezing yesterday, in part thanks to a weak ISM services print that helped to ramp up fears about a recession. Earlier in the day it had looked rather different, and at one point the S&P 500 was even on track to close in bull market territory, having risen by over 20% since its closing low last October. But the negative data surprise ultimately dominated, and that led to a decent risk-off move that meant the index fell short of that milestone by the close.
In terms of the release, the ISM services for May came in at 50.3 (vs. 52.4 expected), so just above the 50-mark that separates expansion from contraction and the second lowest since the pandemic, only beating a strange out of the blue plunge in December. The sub-components didn’t look too promising either, with new orders down to 52.9, whilst employment at 49.2 was in contractionary territory for the first time since December. Other releases out yesterday were a bit weaker-than-expected too, with April’s factory orders only up by +0.4% (vs. +0.8% expected), alongside downward revisions to the previous month.
Treasuries rallied on the back of the ISM, and the 10yr yield gave up its initial rise to fall by almost -8bps intraday straight after the release, before closing -0.1bps down on the day at 3.683%. Another contributing factor was that the weak data led to growing expectations that the Fed would pause their rate hikes at their meeting next week, with only a 24.5% chance of a hike now priced in down from 30.5% at the end of last week. Ultimately, markets are increasingly coalescing around the idea that the Fed will skip a meeting in June before delivering another hike in July, which is in line with the updated call from our US economists in the World Outlook. This morning in Asia, yields on 10yr USTs (+1.73 bps) are slightly higher again as we go to print.
Sovereign bonds in Europe lost ground more consistently yesterday after ECB President Lagarde continued to signal more rate hikes ahead at the European Parliament. Among others, Lagarde said that the ECB’s “future decisions will ensure that the policy rates will be brought to levels sufficiently restrictive”. And in turn, that helped to cement investors in their conviction that the ECB would proceed with another 25bp hike next week. As a result, yields on 10yr bunds (+6.9bps), OATs (+6.3bps) and BTPs (+6.8bps) all moved higher on the day.
For equities, it was an up-and-down day, and in the end the S&P 500 (-0.20%) closed lower, after being +0.40% at the day’s highs. In addition to the weaker US data, specific factors appeared to weigh during the day. Oil majors reversed their initial gains from the OPEC+ news over the weekend, while Apple closed -0.76% lower, after being up over 2% intra-day at one point. This comes as the world’s largest technology company unveiled their new “mixed reality” headset with a sticker price of $3499. With tech stocks slipping, the NASDAQ (-0.09%) was largely flat on the day, though its YTD gains still stand at +26.40%.
Back in Europe, the more negative tone continued to take hold, with the STOXX 600 (-0.48%) getting the week off to a rough start. In part, that reflected a surge in European natural gas prices (+24.9%) following their recent declines. And that occurred alongside a broader spike in energy prices, following the decision from Saudi Arabia to cut its oil output by 1 million barrels per day. However a late drop in risk sentiment near the US close meant Brent crude (+0.76%) ended the day at $76.71/bbl, whilst WTI (+0.57%) closed at $71.89/bbl with both contracts trading comfortably off their intraday highs.
Overnight, the Reserve Bank of Australia (RBA) lifted its official interest rate by +25bps to 4.1%, a level not seen since early 2012 amid concerns inflation is taking too long to come down. Markets overall had anticipated no change for this month but a number of economists (including DB’s) had made a late call for a hike in recent days so it wasn’t a total surprise. Markets have repriced terminal 20bps higher in the few minutes between the hike and us going to press. Looking ahead, speeches from the RBA Governor Philip Lowe and Deputy Governor Michele Bullock scheduled for tomorrow will be the key to gaining any hints for future rate hikes from the central bank. DB still think they have two more hikes in the pipeline in August and then September.
Asian equity markets are extending their recent gains this morning even with the western world risk off yesterday. As I type, the Hang Seng (+0.43%) and the Nikkei (+0.41%) are edging higher while the CSI (+0.09%) and the Shanghai Composite (+0.05%) are just above flat. Meanwhile, markets in South Korea are closed for a holiday. US stock futures are flat to down with those tied to the S&P 500 (-0.02%) and NASDAQ 100 (-0.03%) struggling to gain traction.
Early morning data showed that Japanese household spending remained weak, dropping -4.4% y/y in April (v/s -2.4% expected) and recording its sharpest decline since July 2021, underlining a patchy economic recovery. It followed a -1.9% contraction in the preceding month. Other data showed that cash earnings/nominal wages, grew +1.0% y/y in April (v/s +1.8% expected), smaller than expected and an upwardly revised +1.3% rise logged in March. Meanwhile, real wages fell -3.0% y/y in April (v/s -2.0% expected; -2.3% in March), marking the 13th straight month of year-on-year declines, as persistently high inflation is outstripping nominal pay growth.
In the political sphere, the 2024 US presidential field is continuing to take shape, and yesterday saw former Vice President Mike Pence jump in on the Republican side. According to the FiveThirtyEight average, Pence is currently polling in third place for the primary on 5.4%, but is still well behind former President Trump on 53.9%, and Florida Governor Ron DeSantis on 21.1%. Separately, former New Jersey Governor and 2016 candidate Chris Christie is expected to announce his candidacy today as well.
Finally, when it came to yesterday’s other data, the final Euro Area PMIs were a bit weaker than expected. For instance, the Euro Area composite PMI for May came in at 52.8 (vs. flash 53.3), and the services PMI was revised down to 55.1 (vs. flash 55.9), adding to a trend of negative European data surprises since late April. In the meantime, data showed that PPI inflation in the Euro Area fell to just +1.0% in April (vs. +1.7% expected), which is its lowest level since January 2021, and down from a peak of +43.4% back in August.
To the day ahead now, and data releases include German factory orders and Euro Area retail sales for April, along with the German and UK construction PMIs for May. Otherwise, the ECB will be releasing their Consumer Expectations Survey, with our own European dbDIG survey suggesting that the ECB survey should show an easing of inflation expectations.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
Stocks trade flat, DXY gains above 104.00, AUD outperforms after the RBA surprised markets, bond yields trundle lower – Newsquawk US Market Open
TUESDAY, JUN 06, 2023 – 06:39 AM
- European equities trade with little in the way of firm direction, with US equity futures also hovering around the unchanged mark.
- RBA delivered a surprise 25bps rate hike and kept the door open for further policy tightening.
- China has reportedly asked the largest banks to cut deposit rates to boost the economy.
- Ukraine’s State Atomic Agency said the destruction of the Kakhova dam poses a risk to the Zaporizhzhia nuclear power plant, but does not consider the situation to be critical right now.
- In FX, DXY is back above 104.00, AUD outperforms, JPY is resilient on yield differentials, and EUR/USD lost 1.07 status.
- Looking ahead, highlights include Canadian Ivey PMI and ECB’s Centeno
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6th June 2023
- Highlights include, Canadian Ivey PMI and ECB’s Centeno
- Click here for the Newsquawk Week Ahead preview.
EUROPEAN TRADE
EQUITIES
- European equities trade with little in the way of firm direction as incremental catalysts for the region remain light.
- Equity sectors in Europe are mixed with Health Care top of the leaderboard whilst Energy lags to the downside with WTI and Brent both below Friday’s closing levels despite efforts by OPEC+.
- US equity futures are hugging the unchanged mark with the ES around 20 points shy of the 4300 mark after venturing as high as 4305.75 yesterday.
- Click here and here for a recap of the main European updates.
- Click here for more detail.
FX
- DXY edged higher throughout the European morning and currently resides near session highs above 104.00.
- JPY is continues to claw back losses at the expense of its US counterpart as yields softened.
- Aussie remains the clear G10 outperformer in wake of another largely unexpected 25 bp rate rise from the RBA overnight.
- Euro eased back from circa 1.0732 against the Dollar to sub-1.0700 and the base of 1bln option expiries between the round number and 1.0695.
- PBoC set USD/CNY mid-point at 7.1075 vs exp. 7.1080 (prev. 7.0904)
- Click here for notable OpEx for the NY Cut.
- Click here for more detail.
FIXED INCOME
- Debt futures have racked up bigger and longer-lasting gains on a combination of bullish or supportive factors ranging from geopolitical developments, disinflationary vibes and a deeper reversal in oil that should have dovish implications for price pressures ahead.
- Bunds have been up to 135.57 for a 100+ tick flip from Eurex trough to peak.
- Gilts probed 97.00 within a 97.06-96.35 range in wake of a well received 2053 DMO tap
- US Treasuries are above 114-00 between 114-06+/113-24 overnight parameters.
- UK sells GBP 2.5bln 3.75% 2053 Gilt: b/c 2.58x (Prev. 2.50x), average yield 4.478% (Prev. 4.083%) & tail 0.5bps (Prev. 0.2bps)
- Click here for more detail.
COMMODITIES
- WTI and Brent futures continue trundling lower as the post-OPEC pop faded, with prices now back at levels seen in the run-up to last weekend’s confab.
- Asian refiners are likely to take less oil from Saudi Arabia for July and buy more spot cargoes such as those from the UAE after the surprise price hike and output cut, according to Reuters citing traders.
- Kazakhstan Energy Minister said the country will go ahead with the USD 16.5bln claim against international oil giants over costs, no plans for out-of-court settlement, according to Reuters.
- Spot gold is relatively steady around the USD 1,950/oz mark and within recent ranges, with some potential haven support underpinning prices.
- Base are mostly softer with LME copper still hovering above USD 8,250/t following the recent gains as China looks to bolster its property sector. On that note, iron ore continued to benefit from these tailwinds and printed higher levels in around seven weeks.
- Shanghai futures exchange says trading of alumina futures will begin on June 9th.
- Click here for more detail.
CRYPTO
- Bitcoin trades flat under the USD 26,000 mark following yesterday’s losses.
- Kraken said it is investigating an issue with several crypto funding gateways including major ones such at BTC, ETH, and ERC20; deposits and withdrawals are currently delayed.
NOTABLE EUROPEAN HEADLINES
- ECB’s Knot said inflation is still way too high but the worst is behind us; underlying pressures will prove more difficult to bring down. He said they are seeing first signs that monetary policy tightening is being transmitted to the real economy, and will keep tightening policy until we see inflation return to 2% target, but this will be done step by step.
- ECB Consumer Expectations Survey (Apr): Inflation Expectations: 4.1% 12-months ahead (Mar 5.0%), 3yr ahead 2.5% (Mar 2.9%). Nominal Income: 1.1% over the next 12-months (Mar 1.3%). Nominal Spending: 3.8% over the next 12-months (Mar 4.1%)
- Barclaycard said UK May consumer spending rose 3.6% Y/Y and noted that higher food prices limited discretionary spending, according to Reuters.
DATA RECAP
- UK BRC Retail Sales Like-For-Like YY (May) 3.7% (Prev. 5.2%)
- UK BRC Total Sales YY (May) 3.9% (Prev. 5.1%)
- German Industrial Orders MM* (Apr) -0.4% vs. Exp. 3.0% (Prev. -10.7%)
- EU Retail Sales YY (Apr) -2.6% vs. Exp. -3.0% (Prev. -3.8%, Rev. -3.3%)
- EU Retail Sales MM (Apr) 0.0% vs. Exp. 0.2% (Prev. -1.2%, Rev. -0.4%)
GEOPOLITICS
RUSSIA-UKRAINE
- Russia’s Federal Security Service (FSB) says Ukraine planning a “dirty bomb” attack in Russia, via RIA.
- Twitter sources reported that the Nova Kakhovka Dam was blown up in southern Ukraine, while Ukraine’s south military command later confirmed that the dam was blown up by Russian forces. Furthermore, a Moscow-backed official said there was no critical danger to the Zaporizhzhia nuclear plant yet from the destruction of the dam, according to Reuters.
- Russia’s Defence Ministry said they destroyed 8 leopard tanks in the Donetsk region and that Ukraine continues with its offensive in Donetsk, while it also noted huge losses were inflicted on Ukrainian forces in Donetsk and that Ukrainian forces are deploying fresh troops in the eastern combat zone, according to Reuters.
- Ukraine’s State Atomic Agency said the destruction of the Kakhova dam poses a risk to the Zaporizhzhia nuclear power plant, but the situation is under control, according to Reuters.
- Ukraine’s Foreign Minister said Ukraine will “probably” only be able to join NATO after the end of the war and said Ukraine has enough weapons to begin its counter-offensive, according to Reuters.
OTHER
- White House said the US is seeing an increasing level of aggressiveness by China’s military and the US is prepared to address growing aggressiveness. White House stated the US wants to see Beijing justify what it is doing with increased military and said both recent Chinese intercepts occurred in international space, while it added that it won’t be long before someone gets hurt and that unsafe intercepts can lead to miscalculations.
- South Korea has scrambled air force jets after Russian and Chinese military planes entered its air defence zone, according to joint chiefs; did not violate South Korean air space.
APAC TRADE
- APAC stocks traded mixed with price action mostly rangebound following on from the subdued performance stateside where participants ‘sold the news’ following Apple’s headset announcement and with sentiment clouded by weak data releases.
- ASX 200 was led lower by underperformance in the consumer-related sectors and top-weighted financial industry, with losses later exacerbated after the RBA delivered a surprise 25bps rate hike to lift the Cash Rate Target to 4.10% and it also kept the door open for further policy tightening.
- Nikkei 225 was initially pressured after disappointing Household Spending and Labour Earnings data which briefly dragged the index beneath the psychological 32,000 level where it then found support and staged a recovery amid dip buying.
- Hang Seng and Shanghai Comp. were somewhat varied with the former boosted by strength in property names, although the mainland was less decisive and lagged amid mixed US-China rhetoric.
NOTABLE ASIA-PAC HEADLINES
- RBA surprisingly raised the Cash Rate Target by 25bps to 4.10% (exp. 3.85%), while it reiterated that the Board remains resolute in its determination to return inflation to the target and some further tightening of monetary policy may be required. It also repeated that inflation in Australia has passed its peak, but at 7% is still too high and it will be some time yet before it is back in the target range. RBA stated that this further increase in interest rates is to provide greater confidence that inflation will return to target within a reasonable timeframe, as well as noted that recent data indicates that the upside risks to the inflation outlook have increased and the Board has responded to this.
- China has reportedly asked the largest banks to cut deposit rates to boost the economy, according to Bloomberg sources. State-owned lenders including Bank of China, ICBC, and Bank of Communications were advised to cut rates on a range of products, including demand deposits by 5bps and 3yr and 5yr time deposits by at least 10bps.
- Former ByteDance executive claimed the Chinese Communist Party accessed TikTok’s Hong Kong user data, according to WSJ. It was separately reported that Vietnam’s ministry found TikTok violations during its inspection.
- BoJ Governor Ueda said BoJ is to continue QQE until the inflation target is achieved, and added inflation and inflation expectations are heightening, according to Reuters.
DATA RECAP
- Japanese All Household Spending MM (Apr) -1.3% vs. Exp. 0.6% (Prev. -0.8%)
- Japanese All Household Spending YY (Apr) -4.4% vs. Exp. -2.3% (Prev. -1.9%)
- Japanese Labour Cash Earnings YY (Apr) 1.0% vs Exp. 1.8% (Prev. 0.8%, Rev. 1.3%)
- Australian Current Account Balance (AUD)(Q1) 12.3B vs. Exp. 15.0B (Prev. 14.1B)
- Australian Net Exports Contribution (Q1) -0.2% vs. Exp. -0.6% (Prev. 1.1%)
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:
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED DOWN 37.10 PTS OR 1.15% //Hang Seng CLOSED DOWN 9.22 PTS OR 0.05% /The Nikkei closed UP 289.35 OR 0.900% //Australia’s all ordinaries CLOSED DOWN 1.10 % /Chinese yuan (ONSHORE) closed DOWN 7.1168 /OFFSHORE CHINESE YUAN DOWN TO 7.1302 /Oil DOWN TO 70.41 dollars per barrel for WTI and BRENT UP AT 75.06 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA/
China’s economy is faltering so they ask their state owned banks to cut deposit rates hoping to help lenders and spur growth
(zerohedge)
China Tells Largest Banks To Cut Deposit Rates In Bid To Boost Growth
TUESDAY, JUN 06, 2023 – 07:45 AM
With China’s post-covid recovery stalling and the economy stagnating, many said it was only a matter of time before China engages in fresh easing – especially when it comes to propping up its all important property market – on Tuesday, Chinese authorities asked the nation’s biggest banks to lower their deposit rates for at least the second time in less than a year, Bloomberg reported citing sources familiar, marking an escalated effort to boost the world’s second-largest economy.
State-owned bank giants such as Bank of China Ltd., Industrial & Commercial Bank of China Ltd. and Bank of Communications Co. were told last week to cut rates on a range of products, including on demand deposits by 5 basis points and three-year and five-year time deposits by at least 10 basis points, a request which was communicated through the central bank’s interest rate self-disciplinary mechanism.
As Bloomberg notes, banks are assessing the request and may adjust rates as early as this week, adding that the move isn’t mandatory although in China if a state-owned bank doesn’t follow the state’s guidance, it is usually not a great look. Big lenders currently offer an annualized rate of 0.25% demand deposits, and 2.6% and 2.65%, respectively, on three-year, five-year time deposits.
The guidance, which follows similar rate reductions in September last year, will help alleviate pressure on lenders as they strive to balance shrinking margins and government directives to beef up lending support to the economy.
Once the deposit rates cut take effect, it would lower costs of banks, enabling them to reduce lending rates over time. That, in turn, would make it more attractive for consumers and businesses to borrow. Lower deposit rates would also make it less attractive for consumers to park their cash at banks.
However, contrary to expectations of a major stimulus, the latest measure will likely have little impact on the economy and is just another band aid to keep the economy from slumping.
“China’s further monetary easing would have limited scope, given the Sino-US monetary policy split and the less effective monetary transmission,” said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc. “Cutting deposit rates could provide incentive and capacity to banks for more credit support. It also means reduced chance of policy rate cuts in the near term.”
China’s 10-year government bond yield slipped 1 basis point to 2.70% after the news. The onshore yuan weakened as much as 0.3%, touching a low of 7.1253 per dollar.
Beijing has rolled out a raft of half-measures – because with 152 trillion in government debt and soaring, Beijing never really dleveraged…
… to prop up the economy after a series of crackdowns on multiple industries and lengthy lockdowns due to Covid Zero. The authorities are seeking to boost lending to bolster a recovery after recent data showed a slowdown.
After spiking in the first quarter, credit and new loans weakened sharply in April as consumers and businesses curbed their borrowing. Households are saving more and paying down their mortgages, rather than taking on more debt, while businesses are faced with falling demand and declining profits.
Big lenders including ICBC and Bank of China last trimmed their benchmark deposit rates across the board in September for the first time since 2015. Smaller peers followed suit in April with rate reductions on some tenors.
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
GERMANY
The right populist AFD party is now tied for 2nd in popularity: the reason…the party is against immigration, and the Ukraine Russian war and wants Germany to stop sending weapons to Ukraine
(Cody/ReMix)
“Germany Needs New Elections!” – Right-Populist AfD Party’s New Record Polling High Sparks National Political Debate
TUESDAY, JUN 06, 2023 – 02:00 AM
Authored by John Cody via Remix News,
The AfD is now tied for second place in the country, which has prompted a near meltdown of the country’s political and journalistic class…
The Alternative for Germany (AfD) continues its steady march higher in the polls, now reaching an all-time high of 19 percent in the latest INSA poll conducted for the Bild newspaper.
The results have sent yet another “shockwave” through the political and media establishment, with politicians from both the left and the moderate Christian Democrats (CDU/CSU) fiercely debating what is behind the rise of the AfD. The party is known for its strict anti-immigration stance, opposition to sanctions on Russia as well as German weapons being sent to Ukraine, and criticism of green energy policies being promoted by the left-liberal ruling government.
However, the term “shock” being used to describe the party’s rise in the polls is being rejected by the AfD’s Bundestag faction leader, Alice Weidel.
“Every three days, the Bild has to announce an ‘AfD survey shock.’ That’s not a shock, that’s called democracy. And it shows that people have finally had enough of paternalism, cost increases and asylum chaos. Germany needs new elections!” wrote Weidel.
Bild has routinely published headlines, along with other newspapers, documenting growing alarm in the German political establishment over what has been the steady rise of the AfD in the polls, especially in the east of Germany. Now, according to the latest INSA poll, nearly one out of five Germans would vote for the party that every major party has vowed never to form a coalition with. A poll from state broadcaster ARD showed, just a week before, that the AfD had reached 18 percent. The new raft of polls showing the AfD hitting new highs shows the party’s growth is no fluke.
The party is not only at 19 percent, but is actually tied for second place in the country with the ruling SPD. Weidel is now repeatedly calling for new elections, pointing to an ARD poll showing that only 20 percent of Germans are satisfied with the federal government, while 79 percent are dissatisfied.
“The dwindling approval of the traffic light government shows very clearly that the Germans are no longer willing to accept that their interests are disregarded by politicians,” said Weidel.
Germany Hits Recession Under Left-Liberal Government
Germany’s main political parties have now taken turns blaming each other for the continued rise of the AfD. Chancellor Olaf Scholz has labeled the AfD “the bad mood party” and says that when the situation improves in Germany, which he claims it will, AfD’s support will drop.
Weidel responded that when Scholz describes the AfD as “the bad mood party,” it shows the “complete unworldliness and aloofness” of the SPD leader. She said the AfD has sustainable concepts in the areas of energy, social affairs and migration.
“The voters, who are not unsettled by clumsy defamation of the only opposition force, see that too,” she said.
Meanwhile, the secretary of the SPD parliamentary group, Katja Mast, said: “The AfD was, is and will not be a ‘normal’ party. They want to undermine our democracy and tolerate right-wing extremism. It fights our democracy where it can.” She added: “We must not be driven crazy by the AfD agitators and certainly not allow ourselves to be distracted. All democrats have one task — to take a firm stand against these democracy-destroyers and not adopt their methods.”
The CDU has offered what has been described as a “simplistic” message, claiming efforts to make the German language “gender-neutral” is driving support for the AfD.
“With every gendered newscast, a few hundred more votes go to the AfD. Geographical language and identitarian ideology are no longer just quietly rejected by a large majority of the population. They are perceived as intrusive,” wrote CDU leader Friedrich Merz.
However, the Welt newspaper, which is usually seen as pro-CDU, has rejected this assertion, writing that the country’s mass immigration problem is at the core of AfD’s growth.
“CDU leader Merz received widespread criticism for his Twitter statement on gender language as driving votes for the AfD. Welt author Thorsten Jungholt does not see gender as the main cause, but migration policy,” wrote the publication.
Merz has also reiterated that his party will continue to rule out all cooperation with the AfD.
The CDU, however, is the party responsible for the era of mass immigration under Chancellor Angela Merkel. This reality may provide the party with an incentive to avoid the issue as much as possible, especially when addressing the AfD party, which takes a far more hardline position on immigration than the CDU.
“A small tip for Merz, Lang, Scholz and company. It is not gender topics,” wrote one user. He then posted two links to articles involving knife crime.
Merz also appeared on ZDF and ARD and labeled the AfD as “xenophobic” and “anti-Semitic,” with AfD’s Weidel responding that it is “encouraging to see that constant attacks on the AfD” cannot shake the party’s support among the population “and the continuously growing trust in our political work.”
She added: “No political campaign by the old parties will keep us out of the political debate. We will continue to do everything we can to ensure a safe, prosperous and free Germany.”
As Remix News reported last week, there are a number of key issues that are likely contributing to the growth of the AfD, and immigration is one of them:
Germans are becoming increasingly receptive to the AfD’s positions on mass immigration as the left-wing government moves to liberalize immigration laws and naturalize millions of foreigners as German citizens, a move that would greatly benefit these left-wing parties at the polls. Germany has seen record population growth, with nearly 1.5 million migrants arriving in 2022. So far, this number shows no signs of slowing in 2023, as over 160,000 migrants arrived in the country in the first three months of the current year.
The costs of mass immigration are also slowly becoming hard to ignore, as schools become chaotic and understaffed, housing prices soar due to more competition, and serious crime involving foreigners continues to plague the country. The German government argues that mass immigration is necessary to save the country’s budget and pay for pensions, but figures show that the government plans to spend €36 billion in 2023 alone on migrants for housing, integration, and social benefits, undercutting this argument significantly.
END
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
UKRAINE/RUSSIA
The fighting causes a major dam to burst and this forces 1000s to evacuate. This is major!
Not sure who causes the damage.
(zerohedge)
1000s Evacuated As Massive Wall Of Water Surges Through Ukraine After Major Dam ‘Blown Up’
TUESDAY, JUN 06, 2023 – 07:20 AM
Images and videos posted on social media show a major dam and hydroelectric power plant in the Russian-occupied region of Kherson, located in southern Ukrainian, destroyed early Tuesday. Water rushed through the dam into the Dnieper River, which separates Ukrainian and Russian forces. Both sides accuse each other of the attack that puts tens of thousands of homes at risk and might even threaten the safety of Europe’s largest nuclear power plant.
It was not immediately clear who was responsible for blowing up the Nova Kakhovka dam. Ukraine’s President Volodymyr Zelenskyy posted a drone video showing the damaged dam as water gushed downriver. Zelenskyy blamed “Russian terrorists.”
Meanwhile, Russia denied the attack. Russian-installed head of the Kherson administration, Vladimir Saldo, said Kyiv was behind the attack:
“The destruction led to a large, but not critical amount of water flowing down the Dnieper. It will not prevent our military from defending the left bank,” Saldo. He accused Kyiv of the attack to “divert attention” from failed counteroffensives.
The Russian-installed mayor of Nova Kakhovka, Vladimir Leontiev, said the “night attacks” on the dam had “led to the destruction of the valves” and that “water from the Kakhovka reservoir began to uncontrollably be discharged downstream.”
Washington Post revealed satellite imagery of the damage.
Zelenskyy warned 80 settlements in the southern Kherson region are in flooding zones.
“It was ordered to carry out evacuation from risk areas and to provide drinking water to all cities and villages that were supplied with water from the Kakhovsky Reservoir.
“We do everything to save people. All services, military, Government, Office are involved,” Zelenskyy said on Telegram in comments translated by NBC.
Worst case?
The situation appears critical as Ukraine’s state power agency said the damaged dam poses an additional threat to Europe’s largest nuclear power plant, Zaporizhzhia Nuclear Power Station.
“Water from the Kakhovka Reservoir is necessary for the station to receive power for turbine capacitors and safety systems of the ZNPP. The station’s cooling pond is now full: as of 8:00 a.m., the water level is 16.6 meters, which is sufficient for the station’s needs,” the agency said.
In commodity markets, Andrey Sizov, managing director at agricultural consultant SovEcon, told Bloomberg that the dam’s destruction “looks like a big escalation with dire consequences and huge headline risk.” The risk is Russia could reduce the flow of grain exports from Ukraine through the Black Sea in response to the incident.
Wheat futures in Chicago surged as much as 3% on Tuesday. Sizov said, “This could be just the start of the bull run” in wheat prices.
*Developing
end
Noon time:
I will put my money that the Ukrainians blew up the dam.
Here is a report that suggests why they did it
(zerohedge//Korybko)
Kiev’s Long-Term “Last Resort” Plan To Blow-Up The Kakhova Dam Exposed
TUESDAY, JUN 06, 2023 – 10:20 AM
A day after Ukraine’s much-heralded counter-offensive appears to have failed, almost before it had even begun, a major dam in the Russian-occupied region of Kherson is suddenly bombed, prompting mass evacuations as floods spread across the region.
As we detailed earlier, both sides accuse each other of the attack that puts tens of thousands of homes at risk and might even threaten the safety of Europe’s largest nuclear power plant.
However, as Raul Ilargi Meijer writes, twice last year (here and here), Ukrainian officials discussed Kiev’s plans to blow up the dam.
Andrew Korybko lays out the real narrative here:
The partial destruction of the Kakhovka Dam on early Tuesday morning saw Kiev and Moscow exchange accusations about who’s to blame, but a report from the Washington Post (WaPo) in late December extends credence to the Kremlin’s version of events.
Titled “Inside the Ukrainian counteroffensive that shocked Putin and reshaped the war”, its journalists quoted former commander of November’s Kherson Counteroffensive Major General Andrey Kovalchuk who shockingly admitted to planning this war crime:
“Kovalchuk considered flooding the river. The Ukrainians, he said, even conducted a test strike with a HIMARS launcher on one of the floodgates at the Nova Kakhovka dam, making three holes in the metal to see if the Dnieper’s water could be raised enough to stymie Russian crossings but not flood nearby villages. The test was a success, Kovalchuk said, but the step remained a last resort. He held off.”
His remark about how “the step remained a last resort” is pertinent to recall at present considering that the first phase of Kiev’s NATO–backed counteroffensive completely failed on Monday according to the Russian Ministry of Defense. Just like Ukraine launched its proxy invasion of Russia in late May to distract from its loss in the Battle of Artyomovsk, so too might does it seem to have gone through with Kovalchuk’s planned war crime to distract from this most recent embarrassment as well.
The abovementioned explanation isn’t as far-fetched as some might initially think either. After all, one of complexity theory’s precepts is that initial conditions at the onset of non-linear processes can disproportionately shape the outcome. In this context, the first failed phase of Kiev’s counteroffensive risked ruining the entire campaign, which could have prompted its planners to employ Kovalchuk’s “last resort” in order to introduce an unexpected variable into the equation that might improve their odds.
Russia had over 15 months to entrench itself in Ukraine’s former eastern and southern regions that Kiev still claims as its own through the construction of various defensive structures and associated contingency planning so as to maintain its control over those territories. It therefore follows that even the most properly supplied and thought-out counteroffensive wasn’t going to be a walk in the park contrary to the Western public’s expectations, thus explaining why the first phase just failed.
This reality check shattered whatever wishful thinking expectations Kiev might have had since it showed that the original plan of swarming the Line of Contact (LOC) entails considerable costs that reduce the chances of it succeeding unless serious happens behind the front lines to distract the Russian defenders. Therein lies the strategic reason behind partially destroying the Kakhovka Dam on Tuesday morning exactly as Kovalchuk proved late last year is possible to pull off per his own admission to WaPo.
- The first of Kiev’s goals that this terrorist attack served was to prompt global concern about the safety of the Russian-controlled Zaporozhye Nuclear Power Plant, which relies on water from the now-rapidly-depleting Kakhovka Reservoir for cooling. The International Atomic Energy Agency said that there’s “no immediate nuclear safety risk”, but a latent one can’t be ruled out. Should a crisis transpire, then it could throw Russia’s defenses in northern Zaporozhye Region into chaos.
- The second goal is that the downstream areas of Kherson Region, which are divided between Kiev and Moscow, have now been flooded. Although the water might eventually recede after some time, this could complicate Russia’s defensive plans along the left bank of the Dnieper River. Taken together with the consequences connected to the first scenario, this means that a significant part of the riparian front behind the LOC could soon soften up to facilitate the next phase of Kiev’s counteroffensive.
- In fact, the geographic scope of Kiev’s “unconventional softening operation” might even expand to Crimea due to the threat that Tuesday morning’s terrorist attack could pose to the peninsula’s water supply via its eponymous canal. The regional governor said that sufficient supplies remain for now but that the coming days will reveal the level of risk. While Crimea still managed to survive Kiev’s blockade of the canal for eight years, there’s no doubt that this development is disadvantageous for Russia.
- The fourth strategic goal builds upon the three that were already discussed and concerns the psychological warfare component of this attack. On the foreign front, Kiev’s gaslighting that Moscow is guilty of “ecocide” was amplified by the Mainstream Media in spite of Kovalchuk’s damning admission to WaPo last December in order to maximize global pressure on Russia, while the domestic front is aimed at sowing panic in Ukraine’s former regions with the intent of further softening Russia’s defenses there.
- And finally, the last strategic goal that was served by partially destroying the Kakhovka Dam is that Russia might soon be thrown into a dilemma. Kiev’s “unconventional softening operation” along the Kherson-Zaporozhye LOC could divide the Kremlin’s focus from the Belgorod-Kharkov and Donbass fronts, which could weaken one of those three and thus risk a breakthrough. The defensive situation could become even more difficult for Russia if Kiev expands the conflict by attacking Belarus and/or Moldova too.
To be absolutely clear, the military-strategic dynamics of the NATO-Russian proxy war in Ukraine still favor Russia for the time being, though that’s precisely why Kiev carried out Tuesday morning’s terrorist attack in a desperate attempt to reshape them in its favor. This assessment is based on the observation that Russia’s victory in the Battle of Artyomovsk shows that it’s able to hold its own against NATO in the “race of logistics”/“war of attrition” that the bloc’s chief declared in mid-February.
Furthermore, even the New York Times admitted that the West’s sanctions failed to collapse Russia’s economy and isolate it, while some of its top influencers also admitted that it’s impossible to deny the proliferation of multipolar processes in the 15 months since the special operation began. These include German Chancellor Olaf Scholz, former US National Security Council member Fiona Hill, and Goldman Sachs’ President of Global Affairs Jared Cohen.
The military-strategic dynamics described in the preceding two paragraphs will inevitably doom the West to defeat in the New Cold War’s largest proxy conflict thus far unless something major unexpectedly happens to change them, which is exactly what Kiev was trying to achieve via its latest terrorist attack.
The reason why few foresaw this is because Kovalchuk admitted to WaPo last December that his side had previously planned to blow up part of the Kakhovka Dam as part of its Kherson Counteroffensive.
It therefore seemed unthinkable that Kiev would ultimately do just that over half a year later and then gaslight that Moscow was to blame when the Mainstream Media itself earlier reported the existence of Ukraine’s terrorist plans after quoting the same Major General who bragged about them at the time. Awareness of this fact doesn’t change what happened, but it can have a powerful impact on the Western public’s perceptions of this conflict, which is why WaPo’s report should be brought to their attention.
end
2:50 pm zerohedge: On the blowing up of the Kakhova dam:
Korybko..
Kiev’s Long-Term “Last Resort” Plan To Blow-Up The Kakhova Dam Exposed
TUESDAY, JUN 06, 2023 – 10:20 AM
A day after Ukraine’s much-heralded counter-offensive appears to have failed, almost before it had even begun, a major dam in the Russian-occupied region of Kherson is suddenly bombed, prompting mass evacuations as floods spread across the region.
As we detailed earlier, both sides accuse each other of the attack that puts tens of thousands of homes at risk and might even threaten the safety of Europe’s largest nuclear power plant.
However, as Raul Ilargi Meijer writes, twice last year (here and here), Ukrainian officials discussed Kiev’s plans to blow up the dam.
Andrew Korybko lays out the real narrative here:
The partial destruction of the Kakhovka Dam on early Tuesday morning saw Kiev and Moscow exchange accusations about who’s to blame, but a report from the Washington Post (WaPo) in late December extends credence to the Kremlin’s version of events.
Titled “Inside the Ukrainian counteroffensive that shocked Putin and reshaped the war”, its journalists quoted former commander of November’s Kherson Counteroffensive Major General Andrey Kovalchuk who shockingly admitted to planning this war crime:
“Kovalchuk considered flooding the river. The Ukrainians, he said, even conducted a test strike with a HIMARS launcher on one of the floodgates at the Nova Kakhovka dam, making three holes in the metal to see if the Dnieper’s water could be raised enough to stymie Russian crossings but not flood nearby villages. The test was a success, Kovalchuk said, but the step remained a last resort. He held off.”
[ZH: This clip purports to show the “test” firing last year described by WaPo]
His remark about how “the step remained a last resort” is pertinent to recall at present considering that the first phase of Kiev’s NATO–backed counteroffensive completely failed on Monday according to the Russian Ministry of Defense. Just like Ukraine launched its proxy invasion of Russia in late May to distract from its loss in the Battle of Artyomovsk, so too might does it seem to have gone through with Kovalchuk’s planned war crime to distract from this most recent embarrassment as well.
The abovementioned explanation isn’t as far-fetched as some might initially think either. After all, one of complexity theory’s precepts is that initial conditions at the onset of non-linear processes can disproportionately shape the outcome. In this context, the first failed phase of Kiev’s counteroffensive risked ruining the entire campaign, which could have prompted its planners to employ Kovalchuk’s “last resort” in order to introduce an unexpected variable into the equation that might improve their odds.
Russia had over 15 months to entrench itself in Ukraine’s former eastern and southern regions that Kiev still claims as its own through the construction of various defensive structures and associated contingency planning so as to maintain its control over those territories. It therefore follows that even the most properly supplied and thought-out counteroffensive wasn’t going to be a walk in the park contrary to the Western public’s expectations, thus explaining why the first phase just failed.
This reality check shattered whatever wishful thinking expectations Kiev might have had since it showed that the original plan of swarming the Line of Contact (LOC) entails considerable costs that reduce the chances of it succeeding unless serious happens behind the front lines to distract the Russian defenders. Therein lies the strategic reason behind partially destroying the Kakhovka Dam on Tuesday morning exactly as Kovalchuk proved late last year is possible to pull off per his own admission to WaPo.
- The first of Kiev’s goals that this terrorist attack served was to prompt global concern about the safety of the Russian-controlled Zaporozhye Nuclear Power Plant, which relies on water from the now-rapidly-depleting Kakhovka Reservoir for cooling. The International Atomic Energy Agency said that there’s “no immediate nuclear safety risk”, but a latent one can’t be ruled out. Should a crisis transpire, then it could throw Russia’s defenses in northern Zaporozhye Region into chaos.
- The second goal is that the downstream areas of Kherson Region, which are divided between Kiev and Moscow, have now been flooded. Although the water might eventually recede after some time, this could complicate Russia’s defensive plans along the left bank of the Dnieper River. Taken together with the consequences connected to the first scenario, this means that a significant part of the riparian front behind the LOC could soon soften up to facilitate the next phase of Kiev’s counteroffensive.
- In fact, the geographic scope of Kiev’s “unconventional softening operation” might even expand to Crimea due to the threat that Tuesday morning’s terrorist attack could pose to the peninsula’s water supply via its eponymous canal. The regional governor said that sufficient supplies remain for now but that the coming days will reveal the level of risk. While Crimea still managed to survive Kiev’s blockade of the canal for eight years, there’s no doubt that this development is disadvantageous for Russia.
- The fourth strategic goal builds upon the three that were already discussed and concerns the psychological warfare component of this attack. On the foreign front, Kiev’s gaslighting that Moscow is guilty of “ecocide” was amplified by the Mainstream Media in spite of Kovalchuk’s damning admission to WaPo last December in order to maximize global pressure on Russia, while the domestic front is aimed at sowing panic in Ukraine’s former regions with the intent of further softening Russia’s defenses there.
- And finally, the last strategic goal that was served by partially destroying the Kakhovka Dam is that Russia might soon be thrown into a dilemma. Kiev’s “unconventional softening operation” along the Kherson-Zaporozhye LOC could divide the Kremlin’s focus from the Belgorod-Kharkov and Donbass fronts, which could weaken one of those three and thus risk a breakthrough. The defensive situation could become even more difficult for Russia if Kiev expands the conflict by attacking Belarus and/or Moldova too.
To be absolutely clear, the military-strategic dynamics of the NATO-Russian proxy war in Ukraine still favor Russia for the time being, though that’s precisely why Kiev carried out Tuesday morning’s terrorist attack in a desperate attempt to reshape them in its favor. This assessment is based on the observation that Russia’s victory in the Battle of Artyomovsk shows that it’s able to hold its own against NATO in the “race of logistics”/“war of attrition” that the bloc’s chief declared in mid-February.
Furthermore, even the New York Times admitted that the West’s sanctions failed to collapse Russia’s economy and isolate it, while some of its top influencers also admitted that it’s impossible to deny the proliferation of multipolar processes in the 15 months since the special operation began. These include German Chancellor Olaf Scholz, former US National Security Council member Fiona Hill, and Goldman Sachs’ President of Global Affairs Jared Cohen.
The military-strategic dynamics described in the preceding two paragraphs will inevitably doom the West to defeat in the New Cold War’s largest proxy conflict thus far unless something major unexpectedly happens to change them, which is exactly what Kiev was trying to achieve via its latest terrorist attack.
The reason why few foresaw this is because Kovalchuk admitted to WaPo last December that his side had previously planned to blow up part of the Kakhovka Dam as part of its Kherson Counteroffensive.
It therefore seemed unthinkable that Kiev would ultimately do just that over half a year later and then gaslight that Moscow was to blame when the Mainstream Media itself earlier reported the existence of Ukraine’s terrorist plans after quoting the same Major General who bragged about them at the time. Awareness of this fact doesn’t change what happened, but it can have a powerful impact on the Western public’s perceptions of this conflict, which is why WaPo’s report should be brought to their attention.
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From Robert H to us;
This is the best discussion of the attack on the dam:
(4) BREAKING: Hell Breaks Loose as Kakhovka Dam Completely Destroyed
Best reporting of what is happening.
https://simplicius76.substack.com/p/breaking-hell-breaks-loose-as-khakovka?utm_medium=email
Robert H
Fwd: Kiev’s Long-Term “Last Resort” Plan To Blow-Up The Kakhova Dam Exposed | ZeroHedge
Now, guess 3 times why Zelensky and his corrupt crowd blew up the dam?
The butcher bill for Zelensky’s attempted “counter-offensive” is horrifying, not least it’s 3,750 VSU KIAs in less than 48 hours. Lord knows how many thousands are wounded and will die in coming hours and days. No gains in this attempt to have an offensive. And wounded soldiers have clogged trains going back to Kiev. Cannot imagine the nightmare for doctors in hospitals there. When the truth comes out it is likely that they wasted a 1/10 of their availed assault troops in vain. Much like 50,000 + troops sent to their death in Bakhmut.
Will Jake Sullivan’s orders rebound with blame or is this the typical coverup of disastrous decision making on full display? In any case, the truth of this mass casualty event will not stay hidden too long and ignite more questions than providing answers. And yes, in a further blow to NATO, arms and equipment lie in fields with blown up Leopard tanks and like, demonstrating such equipment less than stellar, in combat. And in a number of cases equipment was simply abandoned as Ukrainians ran for their lives. And this type of slaughter is to be applauded? The Ship of Fools’ folly is on full display. This is to be expected when people refuse to understand Modern Warfare.
Almost a year ago i explained that the Ukrainians were told by their Masters to draw up and organize the destruction of this dam. This is why the Russians abandoned Kherson’s West Bank and evacuated all residents wanting to leave and resettled them. Now the Ukrainians will own this mess for a long time.
https://www.zerohedge.com/geopolitical/kievs-long-term-last-resort-plan-blow-kakhova-dam-exposed
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6.Global Issues//COVID ISSUES/VACCINE ISSUES/
GLOBAL ISSUES//MEDICAL ISSUES
Wow!! you have to read this
(Stieber/EpochTimes)
FDA Revokes Authorization for J&J COVID-19 Vaccine
Jun 3 2023
The U.S. Food and Drug Administration in White Oak, Md., on July 20, 2020. (Sarah Silbiger/Getty Images)
0:004:421
Just three COVID-19 vaccines are available in the United States after the U.S. Food and Drug Administration (FDA) on June 1 revoked the authorization for the Johnson & Johnson vaccine.
Regulators made the move because of a request from Janssen, the Johnson & Johnson subsidiary that makes the vaccine.
“[Janssen] has informed the FDA that the last lots of the Janssen COVID-19 vaccine purchased by the United States government have expired, that there is no demand for new lots of the Janssen COVID-19 vaccine in the United States, and that Janssen Biotech, Inc does not intend to update the strain composition of this vaccine to address emerging variants,” Dr. Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research, wrote in a letter to Janssen executive Ruta Walawalkar.
The FDA granted emergency authorization for vaccines from four companies during the COVID-19 pandemic: Moderna, Pfizer, Johnson & Johnson, and Novavax. Johnson & Johnson was authorized in February 2021, giving Americans an alternative to the messenger RNA vaccines from Moderna and Pfizer.
As those vaccines have increasingly been shown to be unable to protect against infection and severe disease, the companies have updated the composition to try to recover some of the effectiveness. But Janssen chose to not do so, perhaps because U.S. officials limited the availability of the vaccine in 2022 after determining that it causes a life-threatening combination of blood clotting and low platelet levels, a condition called thrombosis with thrombocytopenia syndrome (TTS).
Janssen didn’t respond by press time to a request by The Epoch Times for comment.
Executives said in an earnings call in April that they expected no more COVID-19 vaccine sales moving forward.
“We do not anticipate material sales beyond that which were recorded in the first quarter as our contractual commitments are complete,” Joseph Wolk, the company’s chief financial officer, said on the call.
Janssen’s vaccine was an adenovirus vaccine, which means that it used a modified type of common virus instead of messenger RNA. Its primary series was a single dose, compared with the two doses of the other vaccines. The vaccine became unavailable in the United States in May.
Emergency Authorizations
The emergency authorizations were enabled by then-Health Secretary Alex Azar, a Trump appointee who invoked the Public Readiness and Emergency Preparedness Act because of the COVID-19 pandemic in early 2020. The declaration meant that vaccine manufacturers were largely shielded from liability and that regulators could authorize vaccines if, based on the scientific evidence, it was “reasonable to believe” that the vaccine “may be effective” in preventing or treating COVID-19.
While the Moderna and Pfizer vaccines were later approved, or granted licensure, by the FDA, the Johnson & Johnson and Novavax vaccines have remained available under emergency authorization.
As of May 10, of approximately 665 million COVID-19 vaccine doses administered in the United States, just 19 million were from Johnson & Johnson, according to data reported by the U.S. Centers for Disease Control and Prevention.
Another 12 million Johnson & Johnson vaccines had been delivered to jurisdictions and not administered, forcing health care workers to throw them out.
The U.S. government agreed in 2020 to purchase 100 million doses of the Johnson & Johnson vaccine for more than $1 billion through the Trump administration’s Operation Warp Speed program. Because of manufacturing delays and, later, concerns about TTS, fewer doses were delivered.
Health Secretary Xavier Becerra, a Biden appointee, updated the Public Readiness and Emergency Preparedness Act most recently on May 11, extending liability protections for those who manufacture, distribute, and administer vaccines available under emergency authorization. The extension was made through Dec. 31, 2024.
Becerra said that although the COVID-19 public health emergency had ended, he “determined there is a credible risk that COVID–19 may in the future constitute such an emergency” and thus is “amending this declaration to prepare for and mitigate that risk.”
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Twenty Grim Realities Unearthed By Lockdowns
MONDAY, JUN 05, 2023 – 11:40 PM
Authored by Jeffrey Tucker via The Brownstone Institute,
It’s common now to speak of the before times in contrast to the after times. The turning point was of course March 16, 2020, the day of 15 Days to Flatten the Curve, though authoritarian trends predate that. Rights were suddenly broadly throttled, even religious rights. We were told to conduct every aspect of our lives in accordance with the priorities of the bio-medical security state.
Very few people anticipated such a shocking development. It was the onset of a new state-conducted war and the enemy was something we could not see and hence could be anywhere. No one has ever doubted the omnipresence of potentially dangerous pathogens but now we were being told that life itself depended entirely on avoidance of them and the only guide going forward would be public-health authorities.
Everything changed. Nothing is the same. The trauma is real and lasting. The claim of “15 Days” was revealed to be a ruse. The emergency lasted three years and then some. The people and machinery that did this are still in power. The pick to head the CDC has a long track record of enabling and cheering the lockdowns and all that followed.
It’s a helpful exercise to summarize the new things we’ve all discovered in these years. Together they account for why the world seems different and why we all feel and think differently now than we did just a few years ago.
Twenty terrible realities unearthed by lockdowns
1. Surveillance and censorship by Big Tech. The resistance eventually found each other but it took months and years. A censorship regime descended on all major social platforms, technologies designed with the intention of keeping us more connected and expanding the range of opinion we could experience. We did not know it was happening, but we eventually learned of the crackdown, which is why so much of us felt so alone. Others could not hear us and we could not hear them. The regime faces a bold court challenge on many fronts but it still goes on today, with all but Twitter constantly policing their networks in ways that are unpredictably authoritarian. We have ironclad evidence now that they are all captured.
2. Power and influence of Big Pharma. It was April 2020 when someone asked me if the goal of the vaccine produced by the pharmaceutical cartel was really behind the lockdowns. The idea would be to terrify us and ruin our lives until we were begging for shots. I thought the whole idea was insane and that the corruption could not possibly reach this deep. I was wrong. Pharma had been at work on a vaccine since January of that year and called in every form of purchased influence to eventually make them mandatory. Now we know that the major regulators are wholly owned and controlled, to the point that necessity, safety, and efficacy don’t really matter.
3. Government propaganda by Big Media. It was relentless from day one: the major media proved hardcore partisans of Anthony Fauci. The powers that be could tap the New York Times, National Public Radio, Washington Post, and all the rest, whenever and however they wanted. Later the media was deployed to demonize those who violated lockdowns, refused masks, and resisted the shots. Gone was the idea that “democracy dies in darkness” and the “paper of record” replaced by darkness itself and constant propaganda. They showed no real curiosity of the other side. The Great Barrington Declaration itself began as an effort to educate journalists but only a few dared even show up. Now we get it: the mainstream media too is wholly owned and completely compromised. They already knew what to report and how to report it. Nothing else mattered.
4. Corruption of public health. Who in their right minds would have predicted that the CDC and NIH, not to mention the World Health Organization, would be deployed as frontline workers in the imposition of totalitarian control? Some observers perhaps predicted this but implausibly so. But in fact it was these agencies which were responsible for all the absurd protocols from closing hospitals to non-Covid cases, putting up Plexiglas everywhere, keeping schools closed, demonizing repurpose therapeutics, masking toddlers, and forcing shots. They knew no limits to their power. They revealed themselves to be faithful agents of the hegemon.
5. Consolidation of industry. Free enterprise is supposed to be free but when workers, industries, and brands were divided between essential and nonessential, where were the howls from Big Business? They weren’t there. They proved willing to put profit ahead of the system of competition. So long as they benefited from the system of consolidation, cartelization, and centralization, they were fine with it. The big-box stores got to wipe out the competition and gain a leg up in industrial standing. Same with remote learning platforms and digital technology. The biggest businesses proved to be the worst enemies of real capitalism and the biggest friends of corporatism. As for arts and music: we know now that the elites consider them dispensable.
6. Influence and power of administrative state. The Constitution established three branches of government but lockdowns were not managed by any of them. Instead it was a fourth branch that has grown up over the decades, the permanent class of bureaucrats that no one elected and no one from the public controls. These permanent “experts” were completely unleashed and unhinged with no check on their power, and they cranked out protocols by the hour and enforced them as legislatures, judges, and even presidents and governors stood by powerless and in awe. We know now that there was a coup d’etat on March 13, 2020 that transferred all power to the national security state but we certainly did not know it then. The edict was classified. The administrative state still rules the day.
7. Cowardice of intellectuals. The intellectuals are the most free to speak their minds of any group. Indeed that is their job. Instead, they stayed quiet for the most part. This was true of right and left. The pundits and scholars just went along with the most egregious attacks on human rights in this generation if not in all living memory. We employ these people to be independent but they proved themselves to be anything but that. We stood by in shock as even famed civil libertarians looked out at the suffering and said “This is fine.” A whole generation among them is today completely discredited. And by the way, the few who did stand up were called horrible names and often lost their jobs. Others took note of this reality and decided instead to behave by staying quiet or echoing the ruling-class line.
8. Pusillanimity of universities. The origin of modern academia is with the sanctuaries from war and pestilence so that great ideas could survive even the worst of times. Most universities – only a handful excepted – completely went along with the regime. They closed their doors. They locked students in their dormitories. They denied paying customers in-person education. Then came the shots. Millions were jabbed unnecessarily and could only refuse on pain of being kicked out of degree programs. They showed a complete lack of principle. Alumni should take note and so should parents who are considering where to send their high school seniors next year.
9. Spinelessness of think tanks. The job of these huge nonprofits is to test the boundaries of acceptable opinion and drive the policy and intellectual world in the direction of progress for everyone. They are also supposed to be independent. They don’t depend on tuition or political favor. They can be bold and principled. So where were they? Almost without exception they clammed up or became craven apologists for the lockdown regime. They waited and waited until the coast was clear and then eked out little opinions that had little impact. Were they just being shy? Not likely. The financials tell a different story. They are supported by the very industries that stood to benefit from the egregious policies. Donors who believe in freedom should take note!
10. Madness of crowds. We’ve all read the classic book Extraordinary Popular Delusions and the Madness of Crowds but we thought it was a chronicle of the past and probably impossible now. But within an instant, mobs of people fell into medieval-style panics, hunting down non-compliers and hiding from the invisible miasma. They had a mission. They were ferreting out dissidents and ratting out the non-compliers. None of this would have happened otherwise. Just like in the Cultural Revolution of China, these would-be members of the Red Guard became foot soldiers for the state. Mathias Desmet’s book on Mass Formation now stands as a classic explanation of how a population devoid of meaningful lives can turn these sorts of political frenzies into deluded crusades. Most of our friends and neighbors went along.
11. Lack of ideological conviction of both right and left. Both right and left betrayed their ideals. The right abandoned its affections for limited government, free enterprise, and the rule of law. And the left turned against its traditional stand for civil liberties, equal freedoms, and free speech. They all became compromised, and they all made up fake rationales for this pathetic situation. Had this all began under a Democrat, the Republicans would have been screaming. Instead they went quiet. Then the Covid regime passed to a Democrat and so they stayed quiet while the Republicans, embarrassed at their previous silence, stayed silent for far too long. Both sides proved ineffective and toothless throughout.
12. Sadism of the ruling class. The kids were denied a year or two of school in some locations. People missed medical diagnostics. Weddings and funerals were on Zoom. The aged were forced into desperate loneliness. The poor suffered. People turned to substance abuse and put on added pounds. The working classes were exploited. Small businesses were wrecked. Millions were forced to move and millions more were displaced from their jobs. The ruling class that advertised its wonderful altruism and public spiritedness became callous and completely disregarded all this suffering. Even when the data poured in about suicide ideation and mental illness from loneliness, it made no difference. They could not muster any concern. They changed nothing. The schools stayed closed and the travel restrictions stayed in place. Those who pointed this out were called terrible names. It was a form of grotesque sadism of which we did not know they were capable.
13. The real-life problem of massive class inequality. Would any of this have happened 20 years ago when a third of the workforce was not privileged enough to take their work home and pretend to produce from laptops? Doubtful. But by 2020, there had developed an overclass that was completely disconnected from the lives of those who work with their hands for a living. But the overclass didn’t care that they had to face the virus bravely and first. These workers and peasants did not have privileges and apparently they didn’t matter much. When it came time for the shots, the overclass wanted their health care workers, pilots, and delivery people to get them too, all in the interest of purifying society of germs. Huge wealth inequalities turn out to make a big difference in political outcomes, especially when one class is forced to serve the other in lockdowns.
14. The cravenness and corruption of public education. A universal education was the proudest achievement of progressives one hundred years ago. We all assumed it was the one thing that would be protected above all else. The kids would never be sacrificed. But then for no good reason, the schools were all closed. The labor unions representing the teachers rather liked their extended paid holiday and tried to make it last as long as possible, as the students got ever further behind in their studies. These are schools for which people paid for with their taxes for many years but no one promised a rebate or any compensation. Homeschooling went from existing under a legal cloud to being suddenly mandatory. And when they opened back up, the kids faced mass silencing with masks.
15. Enabling power of central banking to fund it all. From March 12, 2020, and onward, the Federal Reserve deployed every power to serve as a Congressional printing press. It slammed rates back to zero. It eliminated (eliminated!) reserve requirements for banks. It flooded the economy with fresh money, eventually reaching a peak of 26 percent expansion or $6.2 trillion in total. This of course later translated into price inflation that quickly ate away the actual purchasing power of all that free stimulus dispensed by government, thus harming on net both producers and consumers. It was a great head fake, all made possible by the central bank and its powers. Further damage came to the structure of production by a prolongation of low interest rates.
16. The shallowness of the faith communities. Where were the churches and synagogues? They closed their doors and kept out the people they had sworn to defend. They canceled holy days and holiday celebrations. They utterly and completely failed to protest. And why? Because they went along with the propaganda that ceasing their ministries was consistent with public health priorities. They went along with the state and media claim that their religions were deeply dangerous to the public. What this means is that they don’t really believe in what they claim to believe. When the opening finally came, they discovered that their congregations had dramatically shrunk. It’s no wonder. And who among them did not go along? It was the supposed crazy and odd ones: the Amish, the estranged Mormons, and the Orthodox Jews. How non-mainstream they are. How marginal! But apparently they were among the only ones whose faith was strong enough to resist the demands of princes.
17. The limitations on travel. We didn’t know the government had the power to limit our travel but they did it anyway. First it was internationally. But then it became domestic. For a few months there, it was hard to cross state lines because of the demands that everyone who did so had to quarantine for a fortnight. It was strange because we didn’t know what was and what was not legal nor did we know the enforcement mechanism. It turned out to be a training exercise for what we know now they really want, which is 15-minute cities. Apparently a people on the move are harder to control and corral. We were being acculturated toward a more medieval and tribal existence, staying put so that our masters can keep tabs on us.
18. The tolerance for segregation. Vaccine uptake was certainly disproportionate by race and income. Richer and whiter populations went along but some 40 percent of the non-white and poorer communities didn’t trust the jab and refused. That did not stop 5 major cities from imposing vaccine segregation and enforcing it with police power. For a time, major cities were segregated with disparate impact by race. I don’t recall a single article in a major newspaper that pointed this out, much less decried it. So much for public accommodations and so much for enlightenment! Segregation turns out to be just fine so long as it fits with government priorities – same now as it was in the bad old days.
19. The goal of a social credit system. It is not paranoia to speculate that all this segregation was really about the creation of a vaccine passport system running off a national base, the one they want very much to implement. And part of this is the real and long-term goal of creating a China-style social credit system that would make your participation in economic and social life contingent on political compliance. The CCP has mastered the art and imposed totalitarian control. We know for sure now that major aspects of the pandemic response were scripted in Beijing and imposed through the influence of China’s ruling class. It is completely reasonable to assume that this is the real goal of vaccine passports and even Central Bank Digital Currency.
20. Corporatism as the system under which we live, giving lie to existing ideological systems. For many generations, the great debate has been between capitalism and socialism. All the while, the real goal has passed us by: the institutionalization of an interwar-style corporatist state. This is where property is nominally private and concentrated in only top industries in major sectors but publicly controlled with an eye to political priorities. This is not traditional socialism and it certainly isn’t competitive capitalism. It is a social, economic, and political system designed by the ruling class to serve its interests above all else. Here is the main threat and the existing reality but it is not well understood by either right or left. Not even libertarians seem to get this: they are so attached to the public/private binary that they have blinded themselves to the merger of the two and the ways in which major corporate players are actually driving the advance of statism in their own interests.
If you haven’t changed your thinking over the last three years, you are a prophet, indifferent, or asleep. Much has been revealed and much has changed. To meet these challenges, we must do so with our eyes wide open. The greatest threats to human liberty today are not the ones of the past and they elude easy ideological categorization. Further, we have to admit that in many ways the plain human desire to live a fulfilling life in freedom has been subverted. If we want our freedoms back, we need to have a full understanding of the frightening challenges before us.
Brownstone’s work and influence in this regard is far beyond any that we’ve told publicly. You would be astonished at the extent of it. The times demand circumspection in overt institutional aggrandizement.
We are grateful to our donors for having faith in the power of ideas. We are daily amazed at the ability of passionate and scrupulous writers and intellectuals to make a real difference for the cause of freedom. Please, if you can, join our donor community to keep the momentum going, for the hill is perhaps the steepest we’ve climbed in our lives. We have no “development department” and no corporate or government benefactors: you can make a difference.
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GLOBAL ISSUES//GENERAL
END
VACCINE/COVID ISSUES
DR PANDA:
DR PAUL ALEXANDER
sshhh, don’t tell them, don’t tell them that it could be mRNA technology based COVID gene injection, another incapacitated pilot & Makis & I have been warning, a commercial plane 300 souls at risk!
| DR. PAUL ALEXANDERJUN 6 |
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mRNA technology based COVID gene injection (Pfizer & Moderna) continue to savage the population, especially our teens (male & female), parents be warned!: Mom of Conn. Teen Speaks After Son Suffers
Heart Condition Days After COVID Vaccine”; I wouldn’t want any other parent to go through what we’ve been through,” said Rachel Hatton, after her 17-year-old son was diagnosed with a heart condition
| DR. PAUL ALEXANDERJUN 5 |
These COVID gene shots must be stopped and no more given, they have proven to be ineffective and unsafe, causing myocarditis, pericarditis, cardiac tamponade. They also are non-sterilizing and drive the emergence of more infectious sub-variants and thus threaten to evolve into a more virulent sub-variant.
‘At least 18 teens and young adults in Connecticut have shown symptoms of heart problems after receiving the COVID-19 vaccine, acting health commissioner Dr. Deirdre Gifford said Monday…The first case at Connecticut Children’s was Rachel Hatton’s 17-year-old son Gregory.
A
“It’s terrifying,” said Hatton, who lives with her son in Naugatuck.
Hatton said her son started complaining of severe chest pain three days after his second dose. It worsened on the fourth day and led to back pain.
So, Gregory went to a walk-in clinic where they ran blood work and did an X-ray and discovered he had pericarditis, an inflammation of the lining outside the heart.’
SOURCE:
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A
MARTY MAKARY M.D., M.P.H.: “The Political Badge of Ignoring ‘Natural Immunity’ Ignoring the data on natural immunity to Covid was a catastrophic error, resulting in lives lost, careers ruined, and
The Political Badge of Ignoring Natural Immunity Ignoring the data on natural immunity to Covid was a catastrophic error, resulting in lives lost, careers ruined, ruined children education…
| DR. PAUL ALEXANDERJUN 6 |
Firstly, I know Marty and he is quite smart and a lot of his and other researcher work on natural immunity builds from a seminal natural immunity paper I wrote when I was writing for Brownstone:
SOURCE:
It’s time we restore public health integrity by using evidence and scientific objectivity, not political badges and censorship in debating public health policy. Public health officials lied to us and destroyed the careers of over a million Americans as a result. They also damaged centuries of public trust in the medical profession. Americans who were wrongly fired should be re-hired with backpay as some locales have already done. Children who had natural immunity and then were forced to get the vaccine and developed heart injury from the vaccine deserve an apology.
Sensible Medicine
The Political Badge of Ignoring Natural Immunity
Later today, Dr. Marty Makary of Johns Hopkins will testify before congress. He was kind enough to share an advanced copy of his remarks with me. He makes the powerful case that ignoring natural immunity during the Dec 2020 to April 2021 vaccine rollout resulted in thousands of lives lost because 2 vaccines were being given to people with natural immuni…
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It’s the mRNA technology based vaccine, stupid, it’s the vaccine! it’s the spike protein, stupid, it’s the spike protein; go ask Malone, Kariko, Weissman, Sahin, Bourla, Bancel to explain what their
deadly work has spawned on humanity with the reverse transcription, DNA plasmids, mitochondrial damage, exosomes, leaving injection site, prolonged spike existence; PILOT found slumped over?? vaccine?
| DR. PAUL ALEXANDERJUN 6 |
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SLAY NEWS
| The latest reports from Slay News |
| Who Advances Plans for Global Vaccine Passports to ‘Protect Citizens’ from ‘Health Threats’The World Health Organization (WHO) has just taken huge steps to advance its plans to roll out global digital vaccine passports.READ MORE |
| NBA Star Who Refused to Kneel During Anthem Protest Starts Apparel Brand to Promote Conservative ValuesOrlando Magic star Jonathan Isaac announced he is starting up his own anti-woke sports and apparel brand that will work to promote Christian and conservative values.READ MORE |
| Detective in Alvin Bragg’s Anti-Trump Case Suspended over Ties to Michael CohenA supervising detective involved in Manhattan District Attorney Alvin Bragg’s case against President Donald Trump has been suspended for his secret ties to Michael Cohen.READ MORE |
| Target Caught Funding Anti-Military Group Pushing to Shut Down Mt. Rushmore for Being ‘Symbol of White Supremacy’An investigation has found that embattled American retail giant Target has been funding a radical anti-military group.READ MORE |
| Obama’s WH Doctor Calls on Jill Biden to Stop Joe Running in 2024: ‘Malpractice to Allow This to Be Happening’Barack Obama’s former White House doctor Rep. Ronny Jackson (R-TX) has sounded the alarm about Democrat President Joe Biden’s fitness.READ MORE |
| Democrat Mayor Arrested on Voter Fraud Charges in FloridaAuthorities in Florida have arrested North Beach Miami’s Democrat mayor on voter fraud charges.READ MORE |
| Democrats Doctored Jan 6 Security Footage to Appear More ViolentDemocrats and their allies on the anti-Trump Jan. Committee doctored security footage from the U.S. Capitol to make the events on January 6, 2021, appear more violent.READ MORE |
| Obama’s White House Doctor: Biden Is ‘Not Mentally or Physically Fit’ to Be PresidentFormer President Barack Obama’s White House doctor has raised concerns over Joe Biden’s health and warned that he is not fit to hold office.READ MORE |
| GOP Rep Anna Paulina Luna Calls Adam Schiff a ‘Criminal,’ Vows to Hold Him ‘Accountable’Republican Rep. Anna Paulina Luna (R-FL) has sent a warning to Democrat Rep. Adam Schiff (D-CA).READ MORE |
EVOL NEWS
| LATEST NEWS: |
| LEAK: Grand Jury in Trump Mar-a-Lago Classified Docs Case Meeting This WeekRead more…CDC: 3.7 Million Births in U.S. Last Year, Far Below Replacement LevelRead more…Bud Light Salespeople Lose Thousands of Dollars in Commission, But That’s Not AllRead more…Washington DC area ‘explosion’ sound caused by military jet pursuing civilian plane: Department of DefenseRead more…Navy SEAL training commander speaks out after scathing report on…Read more…Officials Reveal Cause of Explosion-Like Noise Heard Across DC AreaRead more…Doctor Delivers Bad News to Biden After He Takes Terrible Tumble at Air Force GraduationRead more…Musk To Host Twitter Space With Dem Presidential Candidate Robert F. Kennedy Jr. On MondayRead more… |
VACCINE IMPACT
MICHAEL EVERY
MICHAEL EVERY/RABOBANK//
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0686 DOWN 0.0026
USA/ YEN 139.61 UP 0.199 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2404 DOWN 0.0028
USA/CAN DOLLAR: 1.3428 DOWN .0020 (CDN DOLLAR UP 20 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 37.10 PTS OR 1.15%
Hang Seng CLOSED DOWN 9.22 PTS OR 0.05%
AUSTRALIA CLOSED DOWN 1.10% // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 9.23 PTS OR 0.05%
/SHANGHAI CLOSED DOWN 37.10 PTS OR 1.15%
AUSTRALIA BOURSE CLOSED DOWN 1.10%
(Nikkei (Japan) CLOSED UP 289.25 PTS OR 0.90%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1964.05
silver:$23.69
USA dollar index early TUESDAY morning: 104.17 UP 23 BASIS POINTS FROM MONDAY’s close.
TUESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing TUESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.052% UP 1/2 in basis point(s) yield
JAPANESE BOND YIELD: +0.423 % DOWN 1 AND 0//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.362 UP 4 in basis points yield
ITALIAN 10 YR BOND YIELD 4.165 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.3655 UP 5 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0696 DOWN 0.0015 or 15 basis points
USA/Japan: 139.61 UP 0.198 OR YEN DOWN 20 basis points/
Great Britain/USA 1.2421 DOWN .0011 OR 11 BASIS POINTS //
Canadian dollar UP .0042 OR 42 BASIS pts to 1.3407
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(7.1204)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1262)
TURKISH LIRA: 21.52 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.423…VERY DANGEROUS
Your closing 10 yr US bond yield UP 1 in basis points from MONDAY at 3.704% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.9001 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 TUESDAY: 12:00 PM
London: CLOSED UP 28.11 points or 0.37%
German Dax : CLOSED UP 28.55 PTS OR 0.18%
Paris CAC CLOSED UP 8.09 PTS OR 0.11%
Spain IBEX UP 21.70 PTS OR 0.23%
Italian MIB: CLOSED UP 179.82 PTS OR 0.67%
WTI Oil price 71.73 12: EST
Brent Oil: 76.20 12:00 EST
USA /RUSSIAN /// AT: 81.40/ ROUBLE DOWN 0 AND 45//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.3655 UP 2 BASIS PTS
UK 10 YR YIELD: 4.246 UP 1/2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0694 DOWN 0.0017 OR 17 BASIS POINTS
British Pound: 1.2428 DOWN .0003 or 3 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.2325% DOWN 2 BASIS PTS//RISING FAST
USA dollar vs Japanese Yen: 139.66 UP .247 //YEN UP 25 BASIS PTS//
USA dollar vs Canadian dollar: 1.3403 DOWN .0045 CDN dollar, UP 45 basis pts)
West Texas intermediate oil: 71.68
Brent OIL: 76,16
USA 10 yr bond yield UP 1 BASIS pts to 3.693%
USA 30 yr bond yield DOWN 1 BASIS PTS to 3.883%
USA 2 YR BOND: UP 6 PTS AT 4.544%
USA dollar index: 104.09 UP 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 21.52 (GETTING QUITE CLOSE TO BLOWING UP//UP A FULL 29 BASIS PTS)
USA DOLLAR VS RUSSIA//// ROUBLE: 81.40 DOWN 0 AND 45/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 10.42 PTS OR 0.03%
NASDAQ 100 UP 1.60 PTS OR 0.01%
VOLATILITY INDEX: 14.06 DOWN .67 PTS (4.55)%
GLD: $182.34 UP 0.20 OR 0.11%
SLV/ $21.65 UP 0.01 OR 0.046%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Massive Short Squeeze Sends Small Caps Soaring; Bitcoin Bounces Back Bigly
TUESDAY, JUN 06, 2023 – 04:00 PM
No US macro data today but European retail sales were not pretty and Canadian building permits plummeted. Nevertheless, US equity futures were conspicuously quiet overnight – too quiet some said. The overnight destruction of a dam in Russia-controlled region of Ukraine didn’t even bother futs.
And then the cash equity market opened and a buying-frenzy suddenly hit Small Caps/Most-Shorted/Regional Banks as The Dow, S&P, and Nasdaq went nowhere.
Spot The Odd One Out!
Bear in mind – perhaps – that the last 3 days have seen Small Caps rise 5% – the last time they did this marked the local top in early Feb…
Source: Bloomberg
Regional banks extended their comeback…
Which is interesting given the massive deposit outflows they are still suffering – even if The Fed is trying to cover it up.
The Fed reports that domestic (large and small) commercial banks saw NSA flows of -$28.4 billion, while SA flows were +$102.5 billion!
As if it needs to be said, non-seasonally-adjusted deposit flows are ‘actual flows’? And why do we care about ‘seasonally-adjusted’ deposits – they aren’t real assets?
For some more context, the deposit delta (between real outflows and SA outflows) since March 1 is now $150BN+
It seems The Fed is using the ‘fog of banking crisis war’ – knowing this data drops late on a Friday night – to pull the wool over depositors and investors eyes.
And all on the back of another huge short squeeze. The biggest 6-day surge in ‘most shorted’ stocks since the local peak in early Feb…
Source: Bloomberg
Notably, the outperformance of Small Caps relative to Nasdaq is a dramatic reversal of the recent trend which lifted the ratio to the all-time high from Feb 2000…
Source: Bloomberg
VIX plunged to fresh cycle lows, tumbling to a 13 handle (lowest since Feb 2020) and VIX1D fell back to single-digits…
Source: Bloomberg
Perhaps the biggest headline of the day was the SEC suing Coinbase, which initially sent bitcoin lower (mimicking yesterday’s Binance reaction), but that quickly ended and Bitcoin ripped higher, erasing all of yesterday’s losses…
Source: Bloomberg
Treasuries were mixed with the long-end outperforming today (2Y +6bps, 30Y -1bp) but the day was very choppy compared to stocks.
Source: Bloomberg
The dollar ended the day unchanged after testing lower then higher intraday. The overnight rally filled the gap down from Friday’s payrolls print, then the selling hit during the US session…
Source: Bloomberg
Gold managed very modest gains today, holding on to yesterday’s bounce-back gains…
Oil prices dropped significantly intraday before bouncing back to end basically at pre-Saudi cut levels…
Finally, as a reminder, the world and their pet rabbit is short S&P futures right now…
Source: Bloomberg
Does make you wonder what happens next?
b) THIS MORNING TRADING //
END
i c Morning/
end
II) USA DATA/
III) USA ECONOMIC STORIES
Park Hotels makes the difficult decision to abandon two major hotels in San Francisco, the iconic Hilton in Union Square and Parc 55. They cite concerns over street conditions
(zerohedge)
Park Hotels Makes “Difficult” Decision To Stop Paying San Fran CMBS Loan, Citing “Concerns Over Street Conditions”
MONDAY, JUN 05, 2023 – 06:40 PM
Park Hotels & Resorts Inc. announced Monday that it ceased making payments on a $725 million CMBS loan which is scheduled to mature in November 2023. The loan is secured by two of its San Francisco hotels that it plans to remove from its portfolio.
The hotels in focus are the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco.
“The Company intends to work in good faith with the loan’s servicers to determine the most effective path forward, which is expected to result in ultimate removal of these hotels from its portfolio,” Park wrote in a statement.
You won’t be shocked by Park CEO Thomas Baltimore’s statement on why it’s a “necessary decision to stop debt service payments on our San Francisco CMBS loan”:
“After much thought and consideration, we believe it is in the best interest for Park’s stockholders to materially reduce our current exposure to the San Francisco market. Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges – both old and new: record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand and will likely significantly reduce compression in the city for the foreseeable future.”
Baltimore said removing the two hotels will “substantially improve our balance sheet and operating metrics.”
And there it is, a large real estate investment trust focused on hotel properties, with over 29,000 rooms in prime U.S. markets, abandoning San Francisco.
Park’s announcement comes days after San Francisco’s Mayor, London Breed, makes major U-Turn to fund police after an explosion in crime has forced companies to leave the crime-ridden town.
Well done, Democrats. You’ve effectively transformed a once-thriving city into a hellhole.
END
New poll finds half of major corporations plan to cut office space. As predicted CRE turmoil rages
on
(zerohedge)
New Poll Finds Half Of Major Corporations Plan To Cut Office Space As CRE Turmoil Rages On
TUESDAY, JUN 06, 2023 – 01:05 PM
A few weeks ago, Goldman revealed the “most accurate” reading of the current commercial real estate market, pointing to a 25% plunge in office property values. Adding more to this nightmarish outlook is a new Knight Frank poll showing that major corporations expect to reduce global office space footprints over the next several years.
Bloomberg said the poll of 350 real estate leaders at international firms found half of the largest companies with total workforces of over 50,000 employees are expected to cut their office space footprints by 10% to 20% within three years.
“Now that we are in a truly post-pandemic world, corporate decision-makers are ‘removing the blinkers’ and making clear decisions around their future corporate real estate strategy based on a broader array of business issues than just the pandemic,” Knight Frank global head of occupier research Lee Elliott said
The poll signifies continued downward pressure on office spaces and high vacancies at a time refinancing for the CRE space is more challenging, which could lead to a significant downdraft in property prices.
We have already laid out to readers major liberal cities have an office space vacancy crisis:
- A Record 30% Of San Francisco Office Space Is Vacant
- Office Buildings Are Emptying In Major U.S. Cities Like Houston, Dallas, New York, And San Francisco
- Manhattan Office Vacancy Hits Record As Marquee LA Office Tower Sells At 50% Loss
… and then there’s this:
Already, CRE prices have tumbled into a downturn as property values are sliding for the first time since 2011.
As for Goldman’s “most accurate portrayal of current market conditions,” their analysts are looking at Green Street data that foretells the coming price plunge in office and apartment property values.
And remember, as regional banks began imploding in March, we noted, “CRE Nuke Goes Off With Small Banks Accounting For 70% Of Commercial Real Estate Loans.”
Owners of office buildings need to quickly consider transitioning their buildings to multi-family units as post-Covid work trends shake up the CRE market.
END
USA// COVID
SWAMP STORIES
No surprise here!
No Surprise: FBI Director Playing For Team Biden
MONDAY, JUN 05, 2023 – 10:20 PM
Authored by Frank Miele via RealClear Wire,
Some years ago Kenneth Anger wrote a book called “Hollywood Babylon” to expose the dark secrets of the nation’s debauched film capital. It’s about time for an ambitious insider with a strong stomach for deceit and hypocrisy to write a tome called “D.C. Babylon.” One whole chapter could be dedicated to the modern FBI and its labyrinth of corruption and calumny.
Or perhaps it will take more than one chapter considering the record of the FBI under the direction of James Comey and Christopher Wray. Both men oversaw blatant exercises in election interference on behalf of Democrats, and then either lied about it or pretended it never happened. It’s almost as though they consider themselves to be above the law.
The refusal of FBI Director Wray last week to honor a congressional subpoena and turn over an unclassified document to the House Oversight Committee should therefore come as no surprise to anyone, even more so since the document in question could potentially end the presidency of Joe Biden.
The FD-1023 form submitted by a confidential informant contains allegations that Biden, while vice president, accepted bribes from a foreign national in exchange for favorable policy decisions. You would think that the FBI, which spent years chasing down imaginary pee tapes involving President Trump, would have a few minutes to confer with Congress about allegations that the sitting president had engaged in potentially treasonous behavior.
But no.
Since that 1023 form would redound significantly against the incumbent Democrat president’s re-election chances, it would be entirely out of character for the FBI to cooperate with the Republican-led investigation. Remember, this is the same FBI that sat on Hunter Biden’s laptop for nearly an entire year prior to the 2020 election, knowing full well that it contained evidence of wrongdoing. Just as the FBI under Wray protected Joe Biden’s son then, it now is working diligently to protect Joe Biden himself as we enter the 2024 election cycle.
No surprise. After all, as Special Counsel John Durham’s report documented, the FBI under the direction of Comey used its police powers to damage the candidacy of Donald Trump in 2016, and then worked to cripple his presidency by giving weight to Democrat lies and leaking stories damaging to Trump and his family and friends.
In other words, the modern FBI, under the direction of first Comey and now Wray, is a political weapon aimed at Republicans in the service of Democrats.
Hopefully, that is becoming plainly apparent to the majority of Americans. Maybe it is. A Rasmussen Reports poll last month showed that 69% of U.S. voters consider the influence-peddling scandal a serious problem for Biden, and more than 50% consider it “very serious.”
This latest standoff between Wray and House Oversight Committee Chairman James Comer exposes just how wide the gap is between the views of the American people and the Washington, D.C. elites. In D.C. Babylon, a corrupt FBI is merely business as usual, while for the rest of us, it is the poster child for a two-tiered system of justice. No one can honestly claim that Democrats receive the same level of scrutiny as Republicans by either the Department of Justice or the FBI.
On the issue of double standards, a couple of points have not been adequately raised about the significance of Wray’s refusal to honor the congressional subpoena.
First of all, we need to ask why Wray is not being vilified by the mainstream media in the same way that former Trump advisers Steve Bannon and Peter Navarro were when they refused to honor subpoenas from the sham House committee investigating the Jan. 6 riot.
In those cases, both men have faced not just contempt of Congress citations, but criminal prosecution. Bannon, the architect of Trump’s 2016 victory, has already been convicted of criminal contempt and faces four months in prison pending his appeal. Navarro has not yet been tried, but you can bet that the same heavily Democratic jury base in Washington, D.C. will be happy to send Navarro to prison until they can get their hands on their main target, Donald Trump.
So what is the difference between Bannon and Chris Wray? They both refused to cooperate with a congressional subpoena, but even if Wray is held in contempt by the House, there is no chance he will be prosecuted by the Biden Justice Department, any more than Attorney General Eric Holder was by the Obama Justice Department. Two tiers. Double standard. Call it what you want.
Secondly, we also should weigh Wray’s authoritarian rejection of congressional subpoena power against the current case being put together against Trump by special prosecutor Jack Smith in the Mar-a-Lago documents scandal. If Clark proceeds with an obstruction case against Trump because he didn’t act quickly enough in responding to the federal subpoena for classified documents, we have every right to ask why Wray gets to explicitly reject his subpoena, but Trump’s home was raided by the FBI while his lawyers were still in the process of negotiating with the Department of Justice.
But there’s no need to ask when everyone already knows the answer. Election interference, anyone?
Frank Miele, the retired editor of the Daily Inter Lake in Kalispell, Mont., is a columnist for RealClearPolitics. His newest book, “What Matters Most: God, Country, Family and Friends,” is available from his Amazon author page. Visit him at HeartlandDiaryUSA.com or follow him on Facebook @HeartlandDiaryUSA or on Twitter or Gettr @HeartlandDiary.
end
FBI ‘Afraid’ Biden Whistleblower Will Get Whacked If Unmasked
TUESDAY, JUN 06, 2023 – 11:45 AM
The FBI is reportedly ‘afraid’ that the informant who came forward with information regarding a Biden family bribery scheme could be “killed if unmasked.“
“Just left meeting for House Oversight. The FBI is afraid their informant will be killed if unmasked, based on the info he has brought forward about the Biden family,” tweeted Rep. Anna Paulina Luna (R-FL) Monday evening.
On Sunday, Luna told “Sunday Morning Futures” host Maria Bartiromo; “You know, over the last couple of months, House Oversight as well as the staff that helps us run the investigations has proven that we’ve actually been able to provide evidence. You know, before there were speculation on the Ponzi scheme for influence peddling and also the personal enrichment of the Biden family. And now what we’re finding is that these are no longer allegations and we’re creating a hard case.
“In my opinion, Maria, what we’re seeing right now, if this is true, which I do believe that it is true, in regards to Joe Biden receiving briberies and Hunter Biden, I do believe that this is grounds for impeachment. And so it’s important that we continue to move forward to bring this to the American people, but also to that we I think, do a housecleaning within our DOJ because as you had stated earlier, they are protecting this family, the FBI is protecting the Hunter Biden family, and it’s not okay,” she continued (via the Post Millennial).
Luna also noted on Monday that the House Oversight committee will initiate contempt of Congress proceedings for FBI Director Christopher Wray on Thursday, following an announcement by Committee Chairman James Comer.
“Today, FBI officials confirmed that the unclassified FBI-generated record has not been disproven and is currently being used in an ongoing investigation,” he said, adding “The confidential human source who provided information about then-Vice President Biden being involved in a criminal bribery scheme is a trusted, highly credible informant who has been used by the FBI for over 10 years and has been paid over six figures.
“Given the severity and complexity of the allegations contained within this record, Congress must investigate further. Americans have lost trust in the FBI’s ability to enforce the law impartially and demand answers, transparency, and accountability.“
Now to see if this actually goes anywhere.
Hindenburg releases a report stating that Tingo is a brazen fraud
(zerohedge)
Tingo Group Annihilated After Hindenburg Calls It “Brazen Fraud” And “Humiliating Embarrassment For All Involved”
TUESDAY, JUN 06, 2023 – 09:40 AM
Perhaps shares of Tingo Group (TIO) should change their ticker symbol to “NGMI” because that seems to be the prevailing sentiment this morning after short seller Hindenburg Research released a report calling the company “a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved.”
Shares were down nearly 50% heading into the cash open:
The claims in the report are astonishing, with Hindenburg taking shots at the company’s founder, “Dozy” Mmobuosi, and calling its financials fabricated.
“We’ve identified major red flags with Dozy’s background. For starters, he appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria. We contacted the app’s actual creator, who called Dozy’s claims ‘a pure lie”,” Hindenburg writes.
“We strongly suspect Tingo’s cash balance, which it conveniently claims is held in Nigeria, is fake. The company collected only ~12% of the interest income one would expect from its claimed cash balances,” they continue.
The report takes exception with Tingo’s financials, indicating that it believes the numbers are fake:
- Tingo’s financial statements are riddled with errors and typos, including a note to itself that it apparently forgot to delete, saying “please update for the tingle (sic) transaction including the tingle (sic) foods transaction”.
- Its financials include other basic errors like incorrect math and leaving zeroes off key metrics.
- More troublingly, Tingo’s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls. Its cash flow statements regularly subtract items from cash that should be added and vice versa.
The company took shots at a recent “groundbreaking” the company supposedly held:
- In February 2023, the company held a groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility of its own, attended by the country’s agriculture minister and other political luminaries.
- We found that the rendering of the planned facility, featured in Tingo’s investor materials and on a billboard at the ceremony, is actually a rendering of an oil refinery from a stock photo website.
- Following its groundbreaking, Tingo reported in a May 2023 SEC filing that it made “significant progress” on the facility, including laying “the foundations of its numerous buildings”.
- We visited the site a week later and found zero signs of progress; it was empty except for the plaque and billboard commemorating the groundbreaking ceremony, surrounded by weeds.
Hindenburg also takes shots at each of Tingo’s business segments.
“Tingo claimed in its reverse merger press release that members of 2 unnamed farming cooperatives supply the majority of its then-9.3 million userbase, consisting of local Nigerian farmers. These farmers supposedly form the core of the company’s phone customers and provide the agricultural products used in Tingo’s food processing and trading businesses. A local media outlet identified and contacted the cooperatives. Both said they had never heard of Tingo and had fewer than 100 farmers in each cooperative. Our checks with the Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers,” the short seller writes.
They also took aim at the company’s “TingoPay” product:
- TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with a major local bank.
- Two days after Tingo’s blockbuster announcement, the bank put out a statement calling Tingo’s claim false and that it had “NOT concluded any agreement with Tingo International in respect of any payment system whatsoever”.
- Tingo now claims its payment group has a point of sale (PoS) system and other merchant products. We found that pictures of Tingo’s claimed PoS system were taken from a different PoS operator’s website, with a Tingo logo photoshopped over them.
- Tingo claims its “seed to sale” online marketplace called NWASSA generated $125.3 million in revenue last quarter or ~15% of its total revenue, yet the website has been “under maintenance” and inoperable for months.
- Tingo claims it has launched its NWASSA platform in Ghana. The Ghana website also doesn’t work and just says “Updating…” without ever going anywhere.
Hindenburg concludes: “Overall, we think Tingo is a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved. We do not expect the company will be long for this world.”
END
Rogue Republicans Tank GOP Bills To Spite McCarthy
BY TYLER DURDEN
TUESDAY, JUN 06, 2023 – 03:25 PM
Eleven House Republicans – most of them in the Freedom Caucus – joined Democrats on Tuesday in voting against a rule to advance four bills attempting to overturn Biden administration regulations to control gas stoves, in order to send a big ‘f-you’ to Speaker Kevin McCarthy for breaking his promises to the Caucus and negotiating a debt deal that largely favors the Democrats.
The move was enough to tank the rule and block the legislation from advancing to the floor.
Just before the vote closed, House Majority Leader Steve Scalise (R-La.) changed his vote to oppose the rule as well so he could bring the rule back up later. The final vote was 206-220.
The revolt made for a dramatic scene on the House floor, where Scalise huddled with more than a dozen conservatives in the back of the chamber in a tense effort to flip votes and allow the bills to advance to the floor. -The Hill
“We’re frustrated at the way this place is operating,” said Rep. Matt Gaetz (R-FL).
“We took a stand in January to end the era of the imperial Speakership, and we’re concerned that the fundamental commitments that allowed Kevin McCarthy to assume the Speakership have been violated as a consequence of the debt limit deal. And, you know, the answer for us is to reassert House conservatives as the appropriate coalition partner for our leadership instead of them making common cause with Democrats.”
The Epoch Times explains what’s in two of the GOP bills;
One bill, the Gas Stove Protection and Freedom Act, would prevent the CPSC from banning or substantially raising the price of gas stoves. That agency made a formal request for information related to gas stoves in March.
The other bill, dubbed the Save Our Stoves Act, would keep the Department of Energy from implementing a proposed energy efficiency rule for gas stoves.
Concerns about a ban were ignited in part by comments from CPSC Commissioner Richard Trumka, Jr., to Bloomberg News in January.
“This is a hidden hazard. Any option is on the table. Products that can’t be made safe can be banned,” he said.
END
THE KING REPORT
| The King Report June 6, 2023 Issue 7005 | Independent View of the News |
| The May ISM US Services Index fell to 50.3 from 51.9; 52.4 was consensus. This is the gauge’s lowest level since My 2020. Target shares plunge 2% amid woke backlash; market cap down over $13B https://www.foxbusiness.com/media/target-shares-plunge-2-market-cap-down-over-13-billion-amid-pride-backlash Target funds nonprofit calling for demilitarization, shutting down Mt. Rushmore as ‘symbol of white supremacy’ https://trib.al/oAU6SfK Apple shares hit record ahead of Worldwide Developers Conference, VR headset announcement Apple shares have gained 41% this year, outpacing S&P’s 12% rise https://www.foxbusiness.com/markets/apple-shares-hit-record-ahead-of-event-vr-headset-announcement Apple Unveils $3,500 Vision Pro VR Headset: Will It Finally Push Virtual Reality Into the Mainstream — or Is It a Pricey Toy? (WSJ: “First Major New Product in a Decade”) https://variety.com/2023/digital/news/apple-vr-headset-pricing-ship-date-specs-wwdc-1235632912/ Apple led other Fangs higher while the DTIA and DJTA declined double digits. The buying of Fangs kept the S&P 500 Index from falling as much as the DJ indices. ESMs rallied modestly early on Sunday night on the usual buying for the expected Monday rally. However, the rally was short-lived; ESMs turned negative and remained modestly lower until a rally materialized after the European opening. This rally was also short-lived. ESMs retreated quickly and went dead, trading in a tight 3-handle range until the range expanded by a few handles after the US repo market opened at 7 ET. After the NYSE opening, the usual suspects poured into ESMs and stocks. But once again, the rally was short-lived and ended at 9:45 ET. After a 13-handle ESM declined in 18 minutes, the usual suspects aggressively bought ESMs, abetted by buying in Apple. ESMs jumped 16 handles in only 4 minutes. Again, sellers returned. ESMs sank 19 handles by 10:13 ET. Despite all the failed rallies, traders couldn’t fathom how stocks could NOT rally while traders aggressively bought Apple. ESMs then rallied 20 handles by 13:00 ET on intractable buying. Apple hit a peak of 182.63 at 13:12 ET; it then sank. ESMs sank in concert with Apple. Traders played the pattern of buying into an Apple product event and then selling while Apple execs hyped the company’s new products. ESMs tumbled 32 handles by 14:32 ET. After a 12-handle surge near 15:00 ET on buying for the expected last-hour upward manipulation, ESMs sank 14 handles by 15:07 ET. ESMs rebounded modestly and then traded sideways into the close. Apple traded similarly to ESMs during the last 90 minutes. Positive aspects of previous session Considering what is occurring in the USA and world, stocks and US bonds should be in big trouble! WTI Oil sank to 71.73 after some panic short covering drove it to a high of 75.06. Negative aspects of previous session The self-destruction of the USA is accelerating. A handful of Fangs is keeping equity indices buoyant while market breadth diverges starkly. Ambiguous aspects of previous session How long can US financial assets disregard destructive internal US politics and the China threat? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4279.97 Previous session High/Low: 4299.28; 4266.82 @ecommerceshares: Since 1983, total wages in the US have grown from $1.56 trillion to $9.7 trillion, or 6.2x. Meanwhile the market value of the Wiltshire 5000 index (the broadest US index) has grown 72x, from $590bn in ‘83 to $42.5trn today. What does this tell you? https://t.co/9wS7yEWExz (NYC Mayor) Adams floats idea of New Yorkers housing migrants in ‘private residences’ “It is my vision to take the next step to this faith-based locales and then move to a private residence” Hizzoner said Monday during a City Hall press conference…“We can take that $4.2 billion — $4.3 [billion] maybe now — that we anticipate we have to spend and we can put it back in the pockets of everyday, everyday houses of worship instead of putting it in the pockets of corporations.”… The mayor said the city will work to “find a way” to get around city government rules that typically bar the city from housing homeless people in private homes… https://nypost.com/2023/06/05/adams-wants-new-yorkers-to-house-migrants-in-private-residences/ NYC elected Adams; now NYC gets the consequences! How many migrants can fit in Gracie Mansion? Adams should check with Fink, Dimon, and other virtue-signaling Wall Street solons to see how many unvetted immigrants they can house in their regal residences. Or is this scheme for the outer boroughs? Adam’s proposal is stunning, disturbing, and depressing. Once, NYC was the leading city in the world for finance, culture, advertising, business, etc. Now, it’s in a Fall of Rome-like implosion. Worrying about the next short-term trend in stocks, bonds, or forex is a trivial pursuit compared to what is occurring politically in the USA. And now, The Big Guy is being severely tested by deliberate Chinese aggression and disrespect! Stocks should be cascading; and bonds should be down sharply. Someone May Get Hurt by China Military ‘Aggressiveness,’ White House Warns The White House said on Monday that actions by China in the Taiwan Strait and South China Sea reflect a “growing aggressiveness” by Beijing’s military that raises the risk of an error where someone gets hurt… “It won’t be long before somebody gets hurt,” White House spokesperson John Kirby told reporters, referring to what he called “unsafe” and “unprofessional” intercepts by China. “It wouldn’t take much for an error in judgment or a mistake to get made.”… (Xi is testing how far ‘10% for The Big Guy’ goes!) https://www.usnews.com/news/top-news/articles/2023-06-05/u-s-seeing-increasing-level-of-aggressiveness-by-chinas-military-white-house-says Police detain 23 people in Hong Kong on Tiananmen anniversary https://www.reuters.com/world/china/arrests-tight-security-hong-kong-tiananmen-anniversary-2023-06-04/ GOP Senator @tedcruz: The US should be holding accountable the thugs who engage in these atrocities, instead of the weakness and appeasement being showcased by the Biden administration. Comer to hold FBI Director Wray in contempt after seeing document alleging Biden bribery scheme – “At the briefing, the FBI again refused to hand over the unclassified record to the custody of the House Oversight Committee,” Comer, a Kentucky Republican, said, according to Fox News Digital. “And we will now initiate contempt of Congress hearings this Thursday.”… “Given the severity and complexity of the allegations contained within this record, Congress must investigate further,” Comer also said. “The investigation is not dead. This is only the beginning.” https://justthenews.com/government/congress/comer-hold-fbi-director-wray-contempt-after-seeing-document-alleging-biden GOP Rep. @RepLuna: Just left meeting for House Oversight. The @FBI is afraid their informant will be killed if unmasked, based on the info he has brought forward about the Biden family. According to the @FBI, Biden as VP was involved in a 5 million dollar bribery scheme with a foreign national. @DC_Draino: FBI concerned their informant on Biden bribery corruption will be killed if name made public. The FBI is not only confirming the bribery evidence is real, but that the Biden Crime Family may murder people trying to expose them. We live in a 3rd world dictatorship. Biden Tells Kansas City Chiefs He Played Freshman Football at Delaware Before His Mom Made Him Quit – In reality, he played one year on the freshman team and then his Dad made him quit because he had a 1.9 GPA. Did he lie or is it just the dementia? https://www.thegatewaypundit.com/2023/06/biden-tells-kansas-city-chiefs-he-played-freshman/ Today – Apple is likely to be an important factor for day traders. If Apple continues to exhibit similar weakness to what it displayed after its new product event, stocks could be in for tough sledding. The other major factor could be defensive asset allocation. After the stunning May NFP growth on Friday, some defensive asset allocators manically reversed. The ugly US Services PMI on Monday reinvigorated defensive asset allocators yesterday. Will they return today, and if so, how aggressive will they be? The S&P 500 Index peaked at 4299.28 on Monday. Obviously, 4300 is important resistance. ESMs are -5.75, USMs are +1/32, and WTI Oil is -.25 (Is the Saudi cut rally over?) at 20:20 ET. S&P 500 Index 50-day MA: 4128; 100-day MA: 4071; 150-day MA: 4017; 200-day MA: 3975 DJIA 50-day MA: 33,403; 100-day MA: 33,336; 150-day MA: 33,362; 200-day MA: 32,760 (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 4183.58 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 4253.95 triggers a sell signal Postal Service Releases Final Report – Contract Driver Jesse Morgan Vindicated – Report CONFIRMS He Hauled Trailer of Ballots from NY to PA in Late October 2020 Jesse Morgan: In total I saw 24 gaylords, or large cardboard containers of ballots, loaded into my trailer. These gaylords contained plastic trays, I call them totes or trays of ballots stacked on top of each other. All the envelopes were the same size. I saw the envelopes had return addresses… They were complete ballots.”… The Gateway Pundit later discovered that rather than investigate this massive alleged crime, US Attorney General Bill Barr called up investigator Tony Shaffer and KILLED the investigation! He never lifted a finger to investigate this enormous act of election fraud!… https://www.thegatewaypundit.com/2023/06/huge-usps-releases-final-report-contract-driver-jesse/ J6 Unmasked: Security footage confirms Senate door opened, allowing 300 to enter Capitol freely Capitol Police officers, who didn’t have riot gear or helmets, eventually made their way to the unlocked Upper West Terrace doors but did not block the entrance and more rioters continued to flow into the building, according to the footage reviewed by Just the News and released for publication by House Speaker Kevin McCarthy and the GOP-led House Administration Committee… https://justthenews.com/government/congress/newly-released-j6-footage-shows-more-300-rioters-entered-building-through @TonyClimate: During the Little Ice Age, 100 million bison roamed the Great Plains and Earth was cold. Bovines have nothing to do with climate. #ClimateScam https://t.co/KWcygcd0yN @elonmusk: This really needs to stop. Killing some cows doesn’t matter for climate change. @NikolovScience: When you hear that the Polar Caps are melting due to “anthropogenic global warming”, tell the alarmists that the Arctic Sea-Ice extent stopped declining in 2012, and that the Atactic ice shelf has grown by 5305 sq. km gaining 661 Gt of ice mass since 2009: https://t.co/7JBbwHxSKO | |
GREG HUNTER INTERVIEWING CATHERINE AUSTIN FITTS
I will see you on WEDNESDAY
harveyorganblog.com 
