JUNE 7/GOLD CLOSED DOWN $22.15 TO $1943.15//SILVER CLOSED DOWN $.17 TO $23.44/PLATINUM CLOSED DOWN $13.60 TO $1022,90 WHILE PALLADIUM CLOSED DOWN $19.05 TO $1396.30/ANOTHER T.A.S.ORCHESTRATED RAID ON OUR PRECIOUS METALS//IMPORTANT READ FOR TODAY; TED BUTLER//BANK OF CANADA NO LONGER PAUSES AS IT RAISES INTEREST RATES BY .25%//UPDATES ON THE RUSSIAN DAM BLOW UP//COVID UPDATES//SWAMP STORIES FOR YOU TONIGHT..
132 C SG AMERICAS 2 190 H BMO CAPITAL 1 323 H HSBC 22 363 H WELLS FARGO SEC 8 435 H SCOTIA CAPITAL 101 661 C JP MORGAN 42 661 H JP MORGAN 4 690 C ABN AMRO 2 737 C ADVANTAGE 1 880 H CITIGROUP 21
TOTAL: 102 102
JPMorgan stopped 46/102 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 102 NOTICES FOR 10,200 OZ or 0.3172 TONNES
total notices so far: 17,219 contracts for 1,721,900 oz (53.560 tonnes)
FOR JUNE:
SILVER NOTICES: 17 NOTICE(S) FILED FOR 85,000 OZ/
total number of notices filed so far this month : 421 for 2,105,000 oz
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END
GLD
WITH GOLD DOWN $22.15
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////A WITHDRAWAL OF 1.45 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 938.11 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN 17 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.01 MILLION OZ OF SILVER INTO THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 467.819 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY AN ATMOSPHERIC SIZED 2626 CONTRACTS TO 137,871 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 SMALL $0.07 GAIN IN SILVER PRICING AT THE COMEX ON TUESDAY. TAS ISSUANCE WAS A GOOD SIZED 525 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 TUESDAY: A GOOD SIZED 525 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.07). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUMONGOUS GAIN ON OUR TWO EXCHANGES OF 2773CONTRACTS. 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 2.5MILLION OZ.). WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG WITH MANIPULATION NOW MID MONTH AND BEYOND, DUE TO (TAS) MANIPULATION.
WE MUST HAVE HAD:
A SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICALS( 101 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 85,000 OZ QUEUE JUMP + 2.5 MILLION OZ EXCHANGE FOR RISK(ISSUED PRIOR)// TOTAL STANDING FOR THE MONTH 4.76MILLION OZ ) // HUGE SIZED COMEX OI GAIN/ SMALL SIZED EFP ISSUANCE/VI) GOOD NUMBER OF T.A.S. CONTRACT INITIATION (525 CONTRACTS)//SOME T.A.S LIQUIDATION EARLY IN THE SESSION //
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -removed 46 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JUNE. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE:
TOTAL CONTRACTS for 5 days, total 1608 contracts: OR 8.040 MILLION OZ . (322 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 8.040 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: 112.58MILLION 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: 8.040 MILLION OZ//
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2626 CONTRACTS DESPITE OUR TINY RISE IN PRICE OF $0.07 IN SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE CONTRACTS: 101 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 85,000 OZ QUEUE JUMP+ 2.5 MILLION EXCHANGE FOR RISK(PRIOR)//NEW TOTAL STANDING: 6.76 MILLION OZ////// .. WE HAVE A GIGANTIC SIZED GAIN OF2700 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD 525//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED EARLY DURING THE TUESDAY SESSION. THE NEW TAS ISSUANCE WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 17 NOTICE(S) FILED TODAY FOR 85,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2078 CONTRACTS TO 436,301 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 – 14 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 2078 CONTRACTS) WITH OUR $6.90 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 .2830 TONNE QUEUE JUMP//0 E.F.P.: NEW TOTAL 63.107 TONNES STANDING SO FAR // + /A GOOD ISSUANCE OF 525 T.A.S. CONTRACTS/SOME FRONT END OF TAS LIQUIDATION TUESDAY ////YET ALL OF..THIS HAPPENED WITH A $6.90 GAIN IN PRICEWITH RESPECT TO TUESDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 2700 OI CONTRACTS (8.398 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 622 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 436,301
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2700 CONTRACTS WITH 2078 CONTRACTS INCREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A GOOD 525 CONTRACTS) AND 622 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF2700CONTRACTS OR 8.398TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (622 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2078) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 2700 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 9100 OZ QUEUE JUMP//0 OZ E.F.P. JUMP // NEW STANDING RISES TO 63.107 TONNES// /3) ZERO LONG LIQUIDATION//4) FAIR SIZED COMEX OPEN INTEREST GAIN/ 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: GOOD T.A.S. ISSUANCE: 525 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: 11,404 CONTRACTS OR 1,140,400 OZ OR 35.49 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 2280 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 35.49 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 35.49/3550 x 100% TONNES 1.000% OF GLOBAL ANNUAL PRODUCTION
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: 35.49 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 HUMONGOUS SIZED 2626 CONTRACTS OI TO 137,871 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 101 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 101 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 2626 CONTRACTS AND ADD TO THE 101OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2727 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 13.635 MILLION OZ
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 UP 2.42 PTS OR 0.08% //Hang Seng CLOSED UP 152.72 PTS OR 0.80% /The Nikkei closed DOWN 593.04 OR 1.82% //Australia’s all ordinaries CLOSED DOWN 0.13 % /Chinese yuan (ONSHORE) closed UP 7.1131 /OFFSHORE CHINESE YUAN UP TO 7.1242 /Oil DOWN TO 70.41 dollars per barrel for WTI and BRENT UP AT 75.06 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2078 CONTRACTS UP TO 436,301 WITH OUR GAIN IN PRICE OF $6.90 ON TUESDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE… THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 622 EFP CONTRACTS WERE ISSUED: : AUGUST 622 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 622 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 2700 CONTRACTS IN THAT 622LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 2078 COMEX CONTRACTS..AND THIS FAIR SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $6.90. 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 SMALLISH 525 CONTRACTS. 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 (63.107) ( 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: 63.107 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $6.90) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR FAIR SIZED GAIN OF 2700 CONTRACTS ON OUR TWO EXCHANGES. WE HAD MINOR TAS LIQUIDATION EARLY IN THE SESSION . THE TAS ISSUED TUESDAY, 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 8.441PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 9100 OZ QUEUE JUMP..NEW STANDING REMAINS AT 62.824 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $6.90
WE HAD – REMOVED 14 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 2700 CONTRACTS OR 270,000 OZ OR 8.398 TONNES.
Total monthly oz gold served (contracts) so far this month
17,219 notices 1,721900 OZ 53.560 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
No dealer withdrawals
Customer deposits: 1
i)Into Ashai: 48,157.530 oz
total deposits: 48,157.530 oz
Withdrawals: 0
total nil oz
Adjustments; 1 dealer to customer
a)Ashai: 13,106.320 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 3172 contracts having LOST 51 contracts. We had 142 contracts served on Monday so we gained 91 contracts or an additional 9100 oz will stand for gold at the comex.
The next front month after June is the non active delivery month of July. Here, July lost 277 contracts to stand at 2913 contracts.
AUGUST lost 1517 contracts down to 371,673 contracts
We had 102 contracts filed for today representing 10200 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 102 contract(s) of which 4 notices were stopped (received) by j.P. Morgan dealer and 42 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 (17,219 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (3172 CONTRACT) minus the number of notices served upon today 102 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 JUNEcontract month: No of notices filed so far (17,219) x 100 oz + (3172) [OI for the front month minus the number of notices served upon today (102)x 100 oz} which equals 2,028,900 oz standing OR 63.107 TONNES
TOTAL COMEX GOLD STANDING: 63.107 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.
total pledged gold: 2,045,150.099 OZ 63.612 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,920,988.717 OZ
TOTAL REGISTERED GOLD: 11,673,181,329 (363.31 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 11,247,807.448 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,631,031 OZ (REG GOLD- PLEDGED GOLD) 299.57 tonnes//
END
SILVER/COMEX
JUNE 7//2023// THE JUNE 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
320,436.024 oz CNT Delaware HSBC
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
991.100 oz Delaware
No of oz served today (contracts)
17 CONTRACT(S) (n85,000 OZ)
No of oz to be served (notices)
431 contracts (2,155,000 oz)
Total monthly oz silver served (contracts)
421 Contracts (2,105,000 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 Delaware: 991.100 oz
Total deposits: 991.100 oz
JPMorgan has a total silver weight: 141.367 million oz/272.501 million =51.85% of comex .//dropping fast
Comex withdrawals 3
i) Out of CNT 20,238.390 oz
ii) Out of Delaware 984.134 oz
iii) Out of HSBC: 299,213.500 oz
total withdrawals: 320,436.024 oz
adjustments: 0
TOTAL REGISTERED SILVER: 27.121 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 272.501 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: 448 CONTRACTS HAVING GAINED 17 CONTRACT(S).
WE HAD 0 NOTICES FILED ON MONDAY SO WE GAINED 17 CONTRACTS OR AN ADDITIONAL 85,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE.
JULY HAD A 366 CONTRACT GAIN TO 95,542 CONTRACTS
AUGUST GAINED 1 CONTRACTS TO STAND AT 5
SEPT HAS A GAIN OF 2157 CONTRACTS UP TO 31,185
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 17 for 85,000 oz
Comex volumes// est. volume today 79,990 strong //raid/
Comex volume: confirmed yesterday:50,193 poor
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 421 x 5,000 oz = 2,105,000 oz
to which we add the difference between the open interest for the front month of JUNE(448) and the number of notices served upon today 17 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2023 contract month: 421 (notices served so far) x 5000 oz + OI for the front month of JUNE (448) – number of notices served upon today (17 )x 500 oz of silver standing for the JUNE contract month equates to 4.260 million oz +2.5MILLION OZ EXCHANGE FOR RISK//NEW TOTAL: 6.76 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 7 WITH GOLD DOWN $22.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 938.11 TONNES
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: 938.11 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 7/WITH SILVER DOWN 17 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.01 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 467.819 MILLION OZ/
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 467.819 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
What Central Banks Giveth They Taketh Away; Wave Of Corporate Defaults On The Horizon
With a debt ceiling deal done, the threat of a US government default is off the table for the time being. But a wave of corporate defaults is on the horizon according to Deutsche Bank’s annual default study.
This is the inevitable consequence of central bank monetary policy and it was entirely predictable.
Deutsche Bank strategists Jim Reid and Steve Caprio say that corporate defaults will become “more normal” as we enter into a default cycle thanks to higher interest rates and a growing number of over-leveraged companies.
Our cycle indicators signal a default wave is imminent. The tightest Fed and ECB policy in 15 years is colliding with high leverage built upon stretched margins. And tactically, our US credit cycle gauge is producing its highest non-pandemic warning signal to investors, since before the GFC [Great Financial Crisis].”
The Deutsche Bank study projects defaults for US high-yield debt will peak at around 9% in late 2024. For comparison, the high-yield default rate was a mere 0.5% in 2021 and 1.3% in 2022.
The study predicts that the looming recession will create significant pain in the world’s credit markets, similar to the dot-com bust.
Corporate leverage is elevated. And global credit markets derive more of their revenue from manufacturing and the sale of physical goods than the real economy at large. Going forward, corporates will likely lose pricing power on their sale of physical goods, due to high inventory builds and a post-COVID demand shift from goods to services. But labor costs are likely to remain sticky, because of a shrinking working-age population and a desire for consumers to recoup nearly 2 years of negative real wage growth.”
Bank of America also forecasts a wave of defaults. According to its analysis, defaults could rise to $1 trillion if the US economy enters into a full-blown recession.
Meanwhile, Moody’s expects defaults on speculative-grade corporate debt globally will rise to 4.6% by the end of this year, up from 2.9% in March.
We’re already seeing a rise in corporate defaults. More companies globally defaulted in Q1 2023 than during any quarter since late 2020 at the peak of the government COVID lockdowns. Moody’s reported that 33 corporations it rates defaulted on their debts in the first quarter with 15 of those defaults coming in March.
What the Central Banks Giveth Central Banks Taketh Away
Central banks globally blew up this giant debt bubble with nearly two decades of artificially low interest rates. Central banks pushed rates to zero in the wake of the Great Recession and some banks, including the European Central Bank and the Bank of Japan took rates negative. Despite some efforts by the Federal Reserve to normalize rates in the mid to late 2010s, it never succeeded and had already started cutting rates due to shakiness in the economy before COVID. During the pandemic, central banks doubled down on their easy money policies.
The whole point of this monetary policy was to incentivize borrowing to “stimulate” the economy.
It worked.
Global debt hit a record $300 trillion at the end of 2022, according to data from S&P Global. That equals 349% leverage against global GDP and $37,500 of average debt for each person in the world.
Since 2000, non-financial corporate debt across America and Europe has grown from $12.7 trillion to $38.1 trillion, a 200% increase. Meanwhile, the percentage of US speculative-grade issuers of “B-” ratings and below doubled, to 36%, in September 2022 compared with September 2007.
Most people just assumed a low interest rate environment was the new normal. But in the wake of the COVID stimulus, price inflation finally caught up with the central banks, forcing them to raise interest rates.
Low-interest rates are the mother’s milk of a global economy built on easy money and debt. With interest rates rising, the bubbles are starting to pop.
What nobody seems willing to say out loud is that this problem falls squarely on the shoulders of governments and central banks. They implemented policies intended to incentivize the accumulation of debt. They created trillions of dollars out of thin air and showered the world with stimulus, unleashing the inflation monster. And now they’re trying to battle the dragon they set loose by raising interest rates. This will inevitably pop the bubble they intentionally blew up.
All of this was entirely predictable.
The US government is about to exacerbate the problem. With the debt ceiling out of the way, the US Treasury will have to go on a borrowing binge in order to replenish the cash reserves it spent while the government was up against the borrowing limit.
According to an analysis by Goldman Sachs, the US Treasury will likely need to sell around $700 billion in T-bills within six to eight weeks of a debt ceiling deal just to replenish cash reserves spent down while the government was up against the borrowing limit. On a net basis, the Treasury will likely have to sell more than $1 trillion in Treasuries this year.
The market may be able to absorb all of that paper, but it will almost certainly cause interest rates to rise even more as the sale drains liquidity out of the market.
This liquidity crunch will also spill over into the corporate bond market. The price of non-government debt instruments will have to fall as well in order to compete with Treasury bonds. That means the cost of borrowing will go up for everybody, making it harder for over-leveraged companies to refinance.
It’s likely that Deutsche Bank and other mainstream analysts are underestimating the extent of the default problem coming at us like a freight train.
It looks like the much-anticipated Ukrainian spring offensive may finally be getting underway. Yesterday, Russia repelled Ukrainian attacks in five places.
It’s very early — these were likely probing attacks looking to detect weak points in Russian defensive positions — but these attacks were much heavier than previous probing attacks.
We’ll have to see what happens.
When the main offensive comes, it’s very possible that Ukrainian forces will break through in certain areas. They might capture some territory (with plenty of U.S./NATO-supplied reconnaissance and intelligence to assist them), but it’s unlikely that their gains will be sustainable.
The offensive will probably peter out as Russian forces gradually grind it down.
Russia has several defensive lines in the region, fortified by minefields, anti-tank ditches, concrete obstacles known as dragon’s teeth, etc. These are formidable defenses that Russia has spent several months creating.
If Ukraine breaks through one line, it’ll have to confront another. And another. And another one after that.
It’s also important to realize that offensives on the scale envisioned require massive logistical support, and it’s far from clear that Ukraine has the resources to sustain a major offensive. It doesn’t help that Russia has been steadily targeting Ukrainian ammunition depots, transportation links, marshaling points, etc.
Meanwhile, Zelensky wants more Patriot missile systems. That’s because the Russians have already destroyed one-third of the systems we sent.
As I’ve argued before, Russia is winning the war. The West can’t afford to give Ukraine much more weaponry, and support for the war effort is declining.
Negotiation or Escalation
All that remains is negotiation or escalation toward nuclear war. Unfortunately, Biden will probably choose to escalate.
First he said no tanks, then he agreed to send tanks. Then he said no F-16s, now he’s agreed to send F-16s. There’s no reason to believe it’ll end there. Biden’s in way too deep to just walk away at this point.
And there’s certainly no reason to believe that Biden will relent on the anti-Russian economic sanctions. In fact, even more sanctions are being imposed.
Here’s the latest sanctions announcement from the U.S. as reported by Stratfor recently:
The United States enacted new sanctions on 69 Russian entities, one Armenian entity and one Kyrgyz entity, as well as halted the export of a wide range of up to 1,200 additional products and consumer goods to Russia, Reuters reported on May 19. The new sanctions and restrictions are part of the United States’ realization of the Group of Seven’s recent statement on Ukraine declaring the group’s intent to expand sanctions on Russia.
The measures suggest greater emphasis on blocking those who circumvent or facilitate the circumvention of sanctions, but the sanctions are unlikely to stop the emergence of new circumvention schemes or impede Russia’s ability to continue the war in Ukraine. Still, they will create new compliance risks for companies across a range of sectors from consumer goods to high technology that now must ensure that their business activities do not run afoul of the new measures.
In April, the International Monetary Fund further improved its forecast for Russia’s economy, which it sees growing by 0.7% this year, up 0.4 percentage points from the January forecast.
The Failure of Sanctions
The starting place for analysis is to realize that these anti-Russian sanctions are unprecedented as to the scope and the number of entities affected. The U.S. has frozen the bank accounts of the Russian Central Bank and a long list of Russian companies. It has kicked Russia out of the global interbank message traffic system called SWIFT.
It’s not too much to call SWIFT the central nervous system of the global financial system. Banning Russia greatly impedes the ability of their banks to make payments even if they are using currencies other than the U.S. dollar and transacting with non-U.S. banks.
U.S. companies by the thousands have closed up shop in Russia. They have either shut down their operations or temporarily suspended them. U.S. persons are prohibited from making new investments in Russia under pain of severe fines or imprisonment.
Strategic metals exports from Russia have been banned in many cases. Imports to Russia of semiconductors and other high-tech outputs and equipment have been banned. Russian oil exports by tankers have been prohibited.
This oil ban has been backed up by a separate ban on cargo and vessel insurance from major providers such as Lloyd’s of London. Without insurance, most parties won’t ship or purchase the oil.
The list goes on. New targets and sanctions are being announced continually. What has been the result of this global financial sanctions war?
It has been a complete failure. Russia is clearly winning the kinetic war on the ground in Ukraine, and it’s winning the financial war as well.
This Wasn’t in the Playbook
The Russian ruble is as strong as it was before the Russian invasion. Biden’s claim that sanctions would “destroy” the ruble was just hot air. The Russian economy declined about 3% in 2022 after critics claimed it would crash by 10% or more.
This year, Russia is projected to grow 0.7% by the IMF at a time when many analysts expect the U.S. economy to fall into a severe recession.
Russia has easily been able to evade sanctions on oil exports by using a “ghost fleet” of vessels that turn off transponders and engage in ship-to-ship oil transfers to mask the identity of the seller at the port of discharge.
There’s nothing surprising about this. Mastermind commodity trader Marc Rich did the same thing to evade oil export sanctions on Iran and Iraq in the 1990s and 2000s from his chateau in Zug, Switzerland.
The insurance bans have also proved ineffective. There are easy workarounds including self-insurance, captive insurance companies, and insurance from companies that are not participating in the boycott.
More recently, the U.S. has imposed further sanctions on two major gold mining companies in Russia. This is nonsense put on for show. Gold is an element, atomic number 79. Once it is melted and recast into generic bars it is untraceable. It can be moved secretly around the world by air and sold in markets from Shanghai to Singapore.
Gold is gold and it will go where it wants. The U.S. sanctions will have no impact except to increase costs in global trade.
The Desperation of Secondary Boycotts
Indeed, many of the most important countries in the world are maintaining a neutral stance and are not supporting U.S. sanctions. These neutral parties include India, China, South Africa, and Brazil, which collectively include almost 40% of the earth’s population.
India, China and Brazil are three of the ten largest economies in the world and collectively produce 24% of global GDP.
What’s new about the recent sanctions report quoted above is the U.S. is now getting desperate about the failure of sanctions to damage Russia or change Russian behavior in Ukraine.
The U.S. has begun imposing what are called secondary boycotts. This means that the sanctions do not target Russia directly, but target countries that do business with Russia and do not follow U.S. orders.
For example, China is reported to be selling semiconductors to Russia even as Brazil sells aircraft and India sells drones. China and India also purchase oil from Russia. It is also reported that South Africa has begun weapons sales to Russia.
All of these sales are in violation of U.S. sanctions. Reportedly, the U.S. will begin imposing separate sanctions on China, Brazil, India, and South Africa for not adhering to U.S. sanctions.
How Does This End Well?
These new secondary boycott sanctions will not be well-received. China, Brazil, India, and South Africa will not passively absorb the secondary boycotts.
They will retaliate in their own way. The tit-for-tax sanctions will not impede Russia at all, but they will lead to a further contraction of world trade, something last seen during the Great Depression.
Biden claims that the sanctions will not end until Russia withdraws entirely from Ukraine, including Crimea. Not only will Russia not withdraw, it continues to make major military and territorial gains. A Ukrainian offensive won’t fundamentally change that reality, unless it somehow manages to overcome very long odds.
This means the sanctions will continue indefinitely.
It also means Biden has created a major drag on world trade on top of the other headwinds already facing the global economy.
Investors will be well-served by allocating assets toward cash, gold, and other hard assets. These will be the real winners as the war in Ukraine drags on.
END
3,Chris Powell of GATA provides to us very important physical commentaries
Not surprising: Korea prefers dollars over gold. I guess they need the protection of the USA from North Korea.
(Reuters/GATA)
For the time being, Bank of Korea prefers dollars over gold
Submitted by admin on Tue, 2023-06-06 07:56Section: Daily Dispatches
By Jihoon Lee Reuters Monday, June 5, 2023
SEOUL, South Korea — The Bank of Korea assesses that it is more desirable to maintain its dollar liquidity than to increase gold holdings for foreign exchange reserves at this point, the central bank said.
“A cautious approach is necessary for determining whether to increase the ratio of gold in the foreign exchange reserves,” the bank’s Reserve Management Group said
Given the possibility of a global economic recession and underlying geopolitical risks, it a better to be ready to provide ample liquidity in dollars, the group said.
As reasons it also cited uncertainty of gold prices, which it said were near their latest peak, positive real interest rates, and difficulty of selling gold for liquidity purposes. …
Richard Mills: Gold revaluation and the hidden motive behind central banks’ gold buying
Submitted by admin on Tue, 2023-06-06 11:14Section: Daily Dispatches
11:15a ET Tuesday, June 6, 2023
Dear Friend of GATA and Gold:
The possibility of gold revaluation by central banks is examined this week by financial analyst Richard Mills of the Ahead of the Herd letter. Mills’ commentary is headlined “Gold Revaluation and the Hidden Motive Behind Central Banks’ Gold Buying” and its posted at his internet site here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
end
Good for him: Alex Mooney a sound money activist introduces a bill to block the Fed’s digital currency scheme
(Cortez)
Rep. Alex Mooney aims to block Fed’s digital currency scheme
Submitted by admin on Tue, 2023-06-06 16:01Section: Daily Dispatches
By JP Cortez Money Metals News Service, Eagle, Idaho Monday, June 5, 2023
A sound money champion, U.S. Rep. Alex Mooney, R-West Virginia, has introduced H.R. 3712, the Digital Dollar Pilot Prevention Act — legislation that would block the Federal Reserve from unilaterally pursuing any form of central bank digital currency scheme.
“Congress cannot give an inch when it comes to central bank digital currencies,” Mooney said. “They would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent.”
H.R. 3712 is the latest in a growing backlash to central planners’ designs to further centralize government control of currencies, including creating a greater ability to track all financial transactions, disallowing certain types of purchases, and even outright “turning off” a targeted individual’s access to money. …
H.R. 3712 is the latest in a growing backlash to central planners’ designs to further centralize government control of currencies, including creating a greater ability to track all financial transactions, disallowing certain types of purchases, and even outright “turning off” a targeted individual’s access to money. …
Submitted by admin on Tue, 2023-06-06 21:41Section: Daily Dispatches
By Ted Butler SilverSeek.com Tuesday, June 6, 2023
A set of readily-verifiable facts have combined to point to a stunning conclusion, namely, that thanks largely to enough people doing the right thing, the federal commodities regulator, the Commodity Futures Trading Commission, may have also finally done the right thing when it comes to the decades-old Comex silver price manipulation.
If my assessment is correct, the most logical conclusion is that we may be at the end of the long-running manipulation and set to rocket higher in silver prices.
Let me present the facts and leave it to you to decide for yourself. …
A set of readily-verifiable facts have combined to point to a stunning conclusion, namely, that thanks largely to enough people doing the right thing, that the federal commodities regulator, the Commodity Futures Trading Commission, may have also finally done the right thing when it comes to the decades-old COMEX silver price manipulation. If my assessment is correct, the most logical conclusion is that we may be at the end of the long-running manipulation and set to rocket higher in silver prices. Let me present the facts and leave it to you to decide for yourself.
A bit over two years ago, on March 5, 2021, I wrote an article in which I solicited public support in writing to the CFTC and to elected representatives concerning a letter I wrote to the agency about an issue I advanced for decades – the concentrated short position in COMEX silver futures (which I consistently maintained as a key to the manipulation). While there were many naysayers who countered that writing to the Commission was a waste of time, even more observers took the time to write in. Thanks to all who took the time to write in.
Fortunately, I took my own advice and also wrote to my elected officials and lucked out when through my local congressman and an extremely-competent staffer who diligently-followed up with the agency, received, two months later, an official response that shocked me. After always arguing with every single point, I raised with the CFTC about the concentrated short position in COMEX silver futures, its response this time indicated that it had shared my concerns with two of its critical divisions, Enforcement and Market Oversight.
If you take the time to read all the references and facts contained in the above two articles, I’m sure you will conclude that I have presented the case objectively to this point. But what’s this business about mission accomplished and the end of the long-running COMEX silver manipulation being at hand? It has to do with another easily-verifiable set of facts since the date of the Commission’s response (May 3, 2021) – the unprecedented decline in the concentrated short position in COMEX silver futures to this time, particularly concerning the commercial-only component of what I always considered at the core of the manipulation.
Thinking back on it, I was always intrigued by the way the Commission concluded its response to me in May 2021, namely, informing me that it could not offer further comment on what it might or might not do regarding the information I provided. This was the farthest cry possible from how it always treated my past complaints about the excessively-large concentrated short position in COMEX silver futures. But how could I possibly know whether the Commission was sincere in its response or whether it was just blowing smoke to bury the matter at hand?
Then, it dawned on me – it wasn’t words that would indicate whether the Commission was sincere or not – it was its actions; specifically, what would the concentrated short position actually do following its response? At this point, the record is quite compelling that there may have been strong action associated with the Commission’s words.
From the high-point of 65,262 contracts (326 million oz) on Feb 2, 2021 for the 4 largest COMEX shorts (which prompted me to write and encourage others to do the same in the first place), the short position of the 4 largest shorts has fallen to 36,478 contracts (183 million oz) as of the most recent COT report (May 30), and when adjusted to reflect the commercial-only component of this position, the concentrated position is down around close to 27,500 contracts (138 million oz), down close to a stunning 60% from Feb 2, 2021.
As I’ve been reporting recently (to subscribers), for the first time ever, on the recent $6 silver price rally from early March to the beginning of May, the 4 big commercial shorts on the COMEX failed to increase their concentrated short position, as they always had in the past. I took this to strongly suggest that they would not do so on the next silver rally, whenever that rally commenced. Now, that I’ve had a chance to think about the Commission’s response of May 3, 2021 and measure that response against the actual record of the sharp reduction in the concentrated short position since then, I can’t help but see the connection even stronger and I feel more assured that the days of concentrated short selling containing silver prices may be behind us.
It now seems to me that back in April-May of 2021, as the Commission was preparing to respond to my letter of March 5, it not only concluded that I was correct about the concentrated short position in COMEX silver futures being responsible for manipulating prices, it then informed the big commercial shorts to, essentially, knock it off.
Realistically speaking, had the Commission simply ordered the then-big silver shorts to cover their short positions immediately, all heck would have ensued, sending prices to the heavens. It would also have demonstrated that the Commission was negligent for decades. Instead, the Commission, most likely, gave the big commercial shorts some time (say two years) to work down their concentrated short positions. Can I certify that such a time-sensitive directive was given to the big COMEX silver shorts two years ago? Of course not, as how could I possibly be privy to such a directive? But I’ll be darned, that in hindsight, if all the facts don’t fit better than the glove in OJ’s trial.
Then why the question mark on the mission being accomplished? Because despite everything I’ve alleged (or speculated about) to this point being as real as rain and easily verified by the actual record; whether we are actually at the end of the silver manipulation is dependent on whether the former big commercials shorts add aggressively to new short positions on the next silver price rally. If they do add aggressively to shorts, that would suggest I am incorrect in what I have just written. In that case, there should be ample time to adjust my thinking and positioning, because a decent rally would have already occurred. If they don’t add aggressively to such short positions, then that rally should prove epic and we won’t have to sit around and wonder any longer about the silver manipulation.
I can’t rule out the possibility of a continued selloff, perhaps a sharp one, in the immediate period ahead; but neither is such a selloff guaranteed. Should we get yet another deliberate price rig to the downside, that will only enhance the prospects for the coming eventual rally being one for the ages.
US Corn Crop Deteriorates After Midwest Hit By Worst Drought In Decades
WEDNESDAY, JUN 07, 2023 – 06:55 AM
Farmers in Corn Belt states have been very concerned about their crops this spring as drought expands across the Heartland.
The latest weekly report from the US Department of Agriculture shows the US corn crop deteriorated by the most in nearly three years as drought conditions worsened in the Midwest.
About 64% of the nation’s corn crop was rated good-to-excellent in the weekly report, a five percentage-point plunge that was the most significant decline since August 2020. The drop was more than double of any analysts surveyed by Bloomberg.
According to the US Drought Monitor, Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio, and Wisconsin, often called the “Corn Belt” states, are experiencing “exceptional drought” to “moderate drought.” The timing of the drought, this early in the season, could stress young plants.
“Soil moisture levels decreased sharply,” the USDA’s Indiana field office noted in the report.
The drought, according to Newsweek, could be the worst in three decades “since the 1983–1985 North American drought.”
It’s still uncertain whether the report will be sufficient to stabilize Corn futures.
And maybe the drought in Corn Belt states is being exacerbated by El Nino.
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP AT 7.1131
OFFSHORE YUAN: 7.1242
SHANGHAI CLOSED UP 2.42 PTS OR 0.08%
HANG SENG CLOSED UP 152.72 PTS OR 0.80-%
2. Nikkei closed DOWN 593.04 PTS OR 1.82%
3. Europe stocks SO FAR: MOSTLY GREEN
USA dollar INDEX DOWN TO 103.86 EURO RISES TO 1.0716 UP 17 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.417 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.61==37 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE YUAN: UP// OFF- SHORE:UP
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 UP TO +2.3745***/Italian 10 Yr bond yield RISES to 4.166*** /SPAIN 10 YR BOND YIELD RISES TO 3.385…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 3.693
3j Gold at $1960.45 silver at: 23.59 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 3 /100 roubles/dollar; ROUBLE AT 81.43//
3m oil into the 72 dollar handle for WTI and 77 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 139.37 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .417% 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 0.9057 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9705 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: 3.629 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 3.863 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.524 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 23.15…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.236 UP 3 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Drift Higher Despite Sharp Drop In Chinese Exports
WEDNESDAY, JUN 07, 2023 – 08:11 AM
Futs are starting flat for a second consecutive day, having reversed earlier losses, after China reported a bigger-than-expected drop in exports and OECD warned of a weak global economic recovery. Shares are trying to build on Tuesday’s gains as a rally in megacap stocks that had propelled the S&P 500 to the edge of a bull market continued to fizzle. As of 8:00 am ET, S&P futures were modestly in the green at 4295 while Nasdaq 100 futs were up 0.2%The Bloomberg Dollar Spot Index traded near the day’s lows, boosting most Group-of-10 currencies. Treasury yields were little changed amid listless trading global bond markets. Oil and gold were flat, while Bitcoin retreats a day after climbing more than 5%. Today’s macro data includes mtge applications, trade balance, and consumer credit. Ultimately, the macro data prints are light for the balance of the week.
In premarket trading, Apple was set to extend Tuesday’s decline, falling in premarket trade along with Nvidia and Microsoft in a signal that more air is coming out of the rally in tech shares. Tech stocks continued to decline amid growing expectations that central banks will keep rates higher for longer (at least until the next big macro print), disappointing hopes they will pivot to rate cuts later this year. Here are some other notable premarket movers:
Amazon.com was upgraded to outperform from neutral at Edgewater Research, which sees a more positive outlook for the e-commerce and cloud-computing company. Shares are up as much as 0.7%.
Coinbase rises 2.2% after the crypto firm slumped 12% on Tuesday following the Securities and Exchange Commission’s lawsuit against the firm.
Dave & Buster’s rises 5.1% after the food and entertainment venue operator reported first-quarter earnings per share that beat estimates.
Herbalife slips 0.6% as Mizuho Securities initiates coverage with a neutral recommendation, saying the long-term targets of the nutrition company are achievable, but near-term visibility is limited.
Novocure Ltd. climbs as much as 5.1% as Wedbush analyst David Nierengarten raised his recommendation on the stock to neutral from underperform.
Petroleo Brasileiro SA’s US-traded shares are up 2.1% after Morgan Stanley upgraded the company to overweight from equal weight and raised the price target to $16.50 from $12.50, citing “further room for capital appreciation.”
Stitch Fix rises 7.3% as analysts note that the online clothing company’s better-than-expected revenue and cost-cutting measures could pave the way for better profitability.
Yext Inc. rallies 18% after the infrastructure-software company boosted its adjusted earnings per share guidance for the full year.
“One of the things I’m a little nervous about is that the rates market got a little too carried away about the central banks being able to quickly pre-emptively cut rates,” said Karen Ward, chief market strategist for EMEA at JPMorgan Asset Management, in an interview with Bloomberg TV. With rates markets pricing out some expected cuts, “that to me puts some of those growth, those megacap tech valuations, a little at risk,” she said.
European shares wavered, with sentiment damped by a bigger-than-expected drop in Chinese exports and an OECD warning that the global economy is set for a weak recovery, dogged by persistent inflation and restrictive central bank policies. Specifically, the OECD said a global recovery that will be weaker than expected, +2.7% for FY23 and +2.9% for FY24 vs. +3.4% average over the 7 years preceding COVID; this comes amid elevated global inflation
Euro Stoxx 50 falls 0.5%. FTSE MIB lags regionals, dropping 0.9%. Autos, insurance and chemicals are the worst-performing sectors. The FTSE 100 fluctuated after UK lender Halifax said the nation’s house prices posted their first annual decline since 2012. Hermes International was among the biggest drags on the benchmark, and was set to decline for the third straight session on Wednesday. Despite some hopes over potential stimulus, conviction on the China reopening trade has faltered, with sectors such as luxury goods among the hardest-hit. Here are some notable European movers:
Inditex shares rise as much as 6.2% to the highest since 2017 after the Zara owner reported a 1Q earnings beat and a strong start to 2Q. Analysts see potential consensus increases after the results.
Danske Bank gains as much as 5.9%, the most since October, after the Danish lender raised its key profitability target and said it will offer more than DKK50 billion in dividends by 2026.
Hugo Boss rises as much as 4.1% after UBS initiated coverage with buy and a Street-high price target, noting the firm’s turnaround story.
SBB climbs as much as 14%, extending the gains triggered after Friday’s surprise announcement that the beleaguered Swedish landlord would change its CEO.
DiscoverIE rises as much as 4.9% after the electronic components distributor reported results which analysts say demonstrate the strength of its business model, noting the firm’s positive outlook.
Assa Abloy gains as much as 4.9% after the Swedish lock and entrance systems manufacturer announced Mexican authorities gave a green light to its acquisition of hardware unit HHI.
888 Holdings rises as much as 22%, extending Tuesday’s gains, after a group of gambling-industry veterans built a stake in the owner of British betting chain William Hill.
Sectra drops as much as 10% after the Swedish medical imaging company was downgraded to sell at Carnegie, with the broker saying that the stock’s valuation has again become too high.
BE Semiconductor falls as much as 6.4%, extending a decline that started during Tuesday’s capital markets day, with analysts flagging a delay to a key product to 2027 from earlier 2025.
PGE drops as much as 3.4% after a court in Warsaw suspended the execution of the environmental decision for the company’s Turow open-pit lignite mine, allowing it to operate until 2044.
KBC dips as much as 0.7% after AlphaValue/Baader downgraded the Belgian bank to reduce as it expects margins to decline in 2024 due to rate cuts and lower loan volumes than anticipated.
“Weaker global trade is not a new story but it is surprising how quickly China’s reopening boost has faded,” said Craig Erlam, a senior market analyst at Oanda. “Pressure is set to intensify on the leadership to announce new stimulus measures in a bid to revitalize the economy again.”
Earlier in the session, Asian shares were mostly stronger following the positive handover from Wall St where the S&P 500 posted its highest close YTD and the Russell 2000 rallied amid strength in regional banks, although advances were capped as the attention in Asia turned to softer-than-expected Chinese trade data.
Hang Seng and Shanghai Comp. were positive after reports that China asked the largest banks to cut deposit rates to boost the economy and with Hong Kong led by tech strength, while price action was less decisive in the mainland after the latest Chinese trade data mostly disappointed including the wider-than-expected contraction in dollar-denominated exports.
Nikkei 225 wiped out its initial gains in an early 700-point swing and briefly dipped beneath the 32,000 level where it found some support.
ASX 200 was just about kept afloat but with the upside limited by the weaker-than-expected Australian GDP and hawkish adjustments to peak rate forecasts.
Indian stocks rallied for fourth consecutive day to hover around all-time high levels ahead of interest rate-setting panel’s decision on Thursday. The S&P BSE Sensex rose 0.6% to 63,142.96 in Mumbai, while the NSE Nifty 50 Index advanced 0.7% and both gauges closed a little short of their peak levels seen in December. Reliance Industries contributed the most to the Sensex’s gain, increasing 0.7%. Out of 30 shares in the Sensex index, 20 rose and 6 fell, while 4 were unchanged
In FX, the Bloomberg dollar spot index gives up earlier gains. NZD and DKK are the weakest performers in G-10 FX, NOK and AUD outperform. the Turkey lira plunged to a record low, and is the worst-performing currency against the dollar versus expanded majors, as traders said state lenders had halted dollar sales to defend it.
In rates, treasuries are slightly cheaper across the curve with losses led by front-end and belly, flattening 2s10s, 5s30s spreads on the day. Stock futures remain inside Tuesday session range, while WTI crude oil futures advance over 1%. US session quiet for scheduled events, with minimal data, supply (except 17-week bills) and no Fed speakers expected. Yields cheaper by up to 3bp across front-end of the curve with 2s10s, 5s30s spreads flatter by 0.8bp and 2bp on the day; 10- year yields around 3.685%, cheaper by 2.5bp vs. Tuesday close with bunds and gilts outperforming by 1.5bp and 3bp in the sector
In commodities, WTI traded about 1% higher around $72.50 while ags appear to have caught a bid from the escalation of hostilities in Ukraine. Spot gold is little changed at $1,962/oz.
Looking at today’s calendar, at 7 a.m., we got the latest mortgage applications data (another drop, this time -1.4%), followed by April trade figures at 8:30 a.m and a consumer credit report at 3 p.m. The Bank of Canada will deliver a rate decision at 10 a.m. New York time. President Joe Biden will meet with his UK Prime Minister Rishi Sunak in Washington.
Market Snapshot
S&P 500 futures down 0.1% to 4,284.00
MXAP little changed at 163.82
MXAPJ up 0.5% to 517.07
Nikkei down 1.8% to 31,913.74
Topix down 1.3% to 2,206.30
Hang Seng Index up 0.8% to 19,252.00
Shanghai Composite little changed at 3,197.76
Sensex up 0.3% to 63,005.26
Australia S&P/ASX 200 down 0.2% to 7,117.99
Kospi little changed at 2,615.60
STOXX Europe 600 down 0.2% to 460.81
German 10Y yield little changed at 2.38%
Euro little changed at $1.0686
Brent Futures little changed at $76.30/bbl
Gold spot down 0.2% to $1,959.65
U.S. Dollar Index little changed at 104.16
Top Overnight News
China’s May exports come in below plan, dropping 7.5% Y/Y in May (vs. the Street’s -1.8% forecast and much weaker than the +8.5% in April), although imports were a bit better (-4.5% vs. the Street’s -8%). China posts health commodity imports in May despite softer exports, with crude imports the third-highest monthly level on record. RTRS
US secretary of state Antony Blinken will travel to China this month, in the latest sign that Beijing and Washington are beginning to stabilize a turbulent bilateral relationship that had sunk to the lowest point in decades. FT
India expected to begin manufacturing GE jet-fighter engines in the country under a deal expected to be struck with Washington, part of New Delhi’s pivot away from Russian military equipment. WSJ
The Turkish lira plunged the most in more than a year as state lenders halted dollar sales to defend it, a sign the new economic administration is giving up on costly interventions. The currency fell as much as 7.2% per dollar, weakening for a 12th day. BBG
New York pushed past Hong Kong as the world’s most expensive city to live in as an expat, thanks to inflation and rising accommodation costs, while skyrocketing rents saw Singapore crash into the top five for the first time. Geneva and London remained in third and fourth places, according to the ECA International’s Cost of Living Rankings for 2023. BBG
Michael Dell’s family office plans to diversify its portfolio to absorb a payday of cash and stock worth more than $20 billion after Broadcom acquires VMware. BBG
Mike Pence kicks off his presidential campaign in Iowa, with the former VP saying “different times call for different leadership.” Pence is offering himself as the only traditional conservative who can win the nomination, defeat Biden and govern with more civility than Donald Trump. “Our party and our country need a leader that’ll appeal, as Lincoln said, to the better angels of our nature,” he said. BBG
Wells Fargo will sell an office building in San Francisco for $42.6-46MM, a steep discount to the $108MM paid for the property back in 2005. Real Deal
Reddit is cutting about 90 people, or 5% of its staff, and plans to slow hiring going forward, becoming the latest tech firm to reduce headcount. WSJ
AI: Equity investors are vigorously debating the influence generative artificial intelligence (AI) may have on the future revenue growth and profitability of companies, and the valuation of stocks. We believe further upside exists to the S&P 500 index level if investors price some potential productivity and profit boost from AI adoption. Based on a range of productivity scenarios, we estimate the benefit to S&P 500 fair value could be as small as +5% vs. current levels and as large as +14%. Read Ryan Hammond and team’s full report here.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks mostly gained following the positive handover from Wall St where the S&P 500 posted its highest close YTD and the Russell 2000 rallied amid strength in regional banks, although advances were capped as the attention in Asia turned to softer-than-expected Chinese trade data. ASX 200 was just about kept afloat but with the upside limited by the weaker-than-expected Australian GDP and hawkish adjustments to peak rate forecasts. Nikkei 225 wiped out its initial gains in an early 700-point swing and briefly dipped beneath the 32,000 level where it found some support. Hang Seng and Shanghai Comp. were positive after reports that China asked the largest banks to cut deposit rates to boost the economy and with Hong Kong led by tech strength, while price action was less decisive in the mainland after the latest Chinese trade data mostly disappointed including the wider-than-expected contraction in dollar-denominated exports.
Top Asian News
China Stocks Woes Hamper Hong Kong IPO Recovery: ECM Watch
Blinken Plans Trip to Beijing in Bid to Stabilize US-China Ties
China Traders Are Leveraging Up The Most on Record on Flush Cash
Pakistan Bonds, Stocks Rise on Growing Optimism for IMF Loan
China’s Steel Slowdown Pushes Exports to Highest Since 2016
Air India Sends Relief Jet to Russia for Stranded Passengers
European bourses are softer, Euro Stoxx 50 -0.3%, with the complex drifting after the cash open amid a relative lack of fresh catalysts/drivers. Though, attention remains on the soft Chinese trade figures and German industrial output, on the latter ING writes that unless there is a significant pickup Germany could continue into a Q2 recession. Sectors are similarly softer though Retail names outperform amid strength in Inditex post earnings while Danske Bank is the Stoxx 600 outperformer after providing FY26 targets and a dividend update. Stateside, futures are slightly softer in-fitting with the above in similarly limited trade with the region entirely focused on next week’s CPI/FOMC; though, today’s BoC might provide an interim focal point, ES -0.1%. US lawmakers are reportedly attempting to curb Mastercard (MA) and Visa (V) fees, via WSJ.
Top European news
ECB’s Schnabel says, on rates, “We have more ground to cover. It will depend on the incoming data by how much more rates will have to increase.”. When questioned on market expectations for two 25bp hikes: “A peak in underlying inflation would not be sufficient to declare victory: we need to see convincing evidence that inflation returns to our 2% target in a sustained and timely manner. We are not at that point yet.”
ECB’s de Guindos says “To complete the crisis management toolkit for large banks in the EU, we also need to make progress in other areas, such as liquidity in resolution and a backstop to the Single Resolution Fund.”.
ECB’s Knot says prolonged monetary tightening could still result in stress for financial markets, inflation expectations in financial markets seem optimistic, not convinced that current tightening is sufficient.
UK PM Sunak seeks to forge an economic alliance with US President Biden and aims to extract concessions from the US on green technologies, according to FT.
FX
DXY drifts on the 104.000 handle in the absence of primary US data and Fed commentary during pre-FOMC purdah.
Yen relishes softer Treasury yields as USD/JPY retreats further from recent peaks towards 139.00 and decent option expiries.
Yuan continues to wilt as weak Chinese trade/export metrics compound growth concerns, USD/CNY and USD/CNH top 7.1300 and 7.1400 respectively.
Aussie underpinned near 0.6700 vs Greenback as RBA officials underline hawkish guidance, but AUD/USD is capped by tech resistance and hefty expiry interest.
Loonie perky pre-BoC around 1.3400 handle against Buck as market pricing sits tight between pause and 25 bp hike.
TRY depreciation is a strong signal of a move away from state controls in favour of a free market and declines in the CBRT’s reserves have stopped after signs of FX policy change, according to traders cited by Reuters.
PBoC set USD/CNY mid-point at 7.1196 vs exp. 7.1194 (prev. 7.1075)
Fixed Income
Bonds regroup after reversal from highs through or towards prior closing levels.
Bunds, Gilts and T-notes back above parity within 134.67-07, 96.87-51 and 114-02+/113-26 respective ranges awaiting US and Canadian trade data pre-BoC.
Demand for German Green Bobl exceptionally strong (record high), while 2025 UK Gilt sale reasonably well covered.
Orders for the new 4yr BTP Valore retail bond reach EUR 11bln since the beginning of the offer period.
Commodities
Crude benchmarks are firmer and back towards post-inventory levels as the USD dips and despite overnight trade data.
Currently, WTI Jul’23 and Brent Aug’23 post upside of around USD 0.50/bbl; newsflow has been limited and focused on geopols and while IEA’s Birol spoke he added little aside from looking for a tight H2.
US Energy Inventory Data (bbls): Crude -1.7mln (exp. +1.0mln), Gasoline +2.4mln (exp. +0.9mln), Distillate +4.5mln (exp. +1.3mln), Cushing +1.5mln.
Base metals are modestly firmer and largely shrugged off Chinese trade as the import metrics seemingly indicate the overall reopening-recovery narrative remains in play.
Spot gold is little changed as the USD pulls back to near-U/C with the yellow metal holding above the USD 1956/oz 10-DMA but unable to make much headway from session high circa. USD 10/oz above.
Discussions on the Black Sea grain deal to occur in Geneva on Friday, via Ria citing sources.
Indian Steel Minster says they are looking aggressively to diversify coking coal imports, requirement for this product is going to increase.
Crypto
Binance commented on the US SEC filing a motion to freeze assets in which it stated that user assets remain safe and its platform continues normal deposit and withdrawal operations, while it added that the filing of the preliminary injunction is unwarranted and it looks forward to defending against it in court, according to Reuters.
Coinbase (COIN) says the incident with delayed ETH transactions has been resolved.
Geopolitics
US Secretary of State Blinken and Saudi Crown Prince MBS had an open and candid discussion covering a full range of bilateral issues, while there was a good degree of convergence in the meeting but also differences. Furthermore, they discussed the potential for normalisation of relations between Saudi Arabia and Israel, as well as agreed to continue dialogue on normalisation, while Blinken raised human rights issues with MBS both generally and related to specific cases, according to a US official.
US Secretary of State Blinken is set to travel to China for talks in the coming weeks in a visit intended to be a major step in thawing relations between the two countries, according to Reuters citing a US official.
EU nations are approaching a deal on the 11th sanctions package against Russia. Representatives in Brussels are aiming to get the package over the line at their meeting today. EU diplomats suggest that several questions are still open, according to Politico.
Number of IAEA inspectors at the Zaporizhzhia nuclear plant to increase several times, via Tass citing Russia’s Rosenergoatom.
US Event calendar
07:00: June MBA Mortgage Applications, prior -3.7%
08:30: Revisions: US Trade in Goods and Services
08:30: April Trade Balance, est. -$75.8b, prior -$64.2b
15:00: April Consumer Credit, est. $22b, prior $26.5b
DB’s Jim Reid concludes the overnight wrap
Today is the day where I see whether I need to start the training clock for the 2036 Olympics as my daughter Maisie has her first ever swimming gala. It’s only against a couple of schools so if she wins her race the dream is still on and if she doesn’t I’ll conclude that unless we have all the global medalists for 2036 in the same 5 mile catchment area in Surrey then it’s probably not going to happen. Last week she swam 6 times!! If anyone can explain how you can have any kind of life with a full time job and 3 kids with various sporting commitments and parties then I’d love to know. I didn’t see my wife in the evenings last week or last weekend with all the ferrying. All answers gratefully received.
Markets are generally swimming slightly against the tide this week, with the S&P 500 (+0.22%) still not quite able to break out into bull market territory that it crossed intra-day on Monday. Having said that the index did just about close at a high for 2023 so the momentum is still there to some degree. In a week of limited data and a Fed blackout there have been a few stories swirling around in the background that have dampened sentiment without reversing it. That has included geopolitical risks, weak data releases, as well as growing scepticism that the Fed would end up cutting rates this year. In fact, by the close yesterday, the 2s10s curve had inverted to a post-SVB low of -82.3bps, which just demonstrates how various recessionary indicators are still flashing with growing alarm.
The newsflow was pretty subdued from the outset yesterday, and shortly after we went to press German factory orders unexpectedly contracted by -0.4% in April (vs. +2.8% expected). This echoed the signals in the latest manufacturing PMI for May, which hit a 3-year low of 43.2, as well as the data revisions a couple of weeks ago that Germany did experience a winter recession after all.
That weak data interacted with further geopolitical concerns, particularly after the Kakhovka dam in Ukraine was destroyed, which has led to serious flooding in southern Ukraine. A key concern is with regard to the Zaporizhzhia nuclear plant, which relies on water supplies to cool its reactors, but experts didn’t consider a nuclear incident likely. From a market perspective, the bigger concern could well be the impact on agricultural prices and hence inflation, with wheat prices (+0.52%) recording a 5th consecutive daily increase, although having pared back earlier gains when it had been up as much as +3.85%. As it happens, we flagged in our World Outlook on Monday (link here) that a widely-predicted El Nino event this year was a risk to the trend of declining food prices over recent months, so events like that and the Ukraine flooding could provide an additional inflationary impulse as growth slows. You could add in bubbling concerns about low water levels at the lake that feeds the Panama Canal to that list of supply side concerns. The Panama Canal Authority is predicting a record low water level for the end of July with weight limits and rising surcharges already in force. So one to watch in the weeks ahead.
On the theme of geopolitics/supply chains, this morning Marion Laboure and Cassidy Ainsworth-Grace on my team have published an update on the landscape for semiconductors and rare earth metals (link here). It’s a topical story, since yesterday saw Japan announce a revised chips strategy that has the goal of tripling sales of Japanese-produced semiconductors by 2030. And that follows China’s announcement in late-May that Micron’s products had failed its cybersecurity review, saying that it posed “relatively serious” cybersecurity risks. It also comes amidst a growing push towards more resilient supply chains, which was one of the themes at last month’s summit of G7 leaders.
Back to markets and risk assets were fairly steady on the whole, and the S&P 500 (+0.22%) posted only a very modest gain. Banks (+1.84%) were the main outperformer in the index, whilst the megacap tech stocks continued to strengthen, with the FANG+ Index (+0.56%) taking its YTD gains up to +67.53% by the close. With equities grinding higher, equity volatility hit a new local low as the VIX index closed under 14.0pts (13.96) for the first time since February 2020. Small cap stocks strongly outperformed with the Russell 2000 index +2.73% higher, which was its second best day since November with the only better day being last Friday. European equities also recovered from their Monday losses, with the STOXX 600 up +0.38%.
When it came to sovereign bonds, there was a mixed performance on either side of the Atlantic. US Treasuries were flat, with the 10yr yield unchanged at 3.683%. That comes with just a week to go until the Fed’s next decision, where markets are still pricing in a temporary pause as the most likely outcome, which would be a big milestone after a run of 10 consecutive rate hikes. But it was a different story in Europe, where yields on 10yr bunds (-3.0bps) and OATs (-0.6bps) both moved lower. In part, they were supported by the ECB’s latest Consumer Expectations Survey for April, which showed that median 1yr inflation expectations were down to 4.1%, which is their lowest since February 2022 when Russia’s invasion of Ukraine began.
Asian equity markets are mixed this morning after erasing their opening gains after China’s May trade data disappointed (more on this below). As I check my screens, the rally in Japanese stocks has paused for breath after recently hitting 30yr plus highs with the Nikkei sliding -1.44% and leading losses across the region. Mainland Chinese markets are also struggling with the CSI (-0.34%) trading in the red and the Shanghai Composite (+0.02%) surrendering its opening gains. Elsewhere, the Hang Seng (+0.94%) is moving higher with the KOSPI (+0.32%) also seeing a positive start after coming back from a public holiday. In overnight trading, US stock futures tied to the S&P 500 (+0.01%) are flat.
Coming back China, the data showed that exports (-7.5% y/y) fell in May for the first time since February, much faster than the market expected drop of -1.8%, after a gain of +8.5% in the preceding month. Meanwhile, imports declined at a slower pace, dropping -4.5% y/y in May (v/s -8.0% expected; -7.9% in April). The call for fresh stimulus is mounting.
Elsewhere in Australia, Q1 GDP expanded +2.3% y/y, slightly below market expected growth of +2.4% and against a downwardly revised expansion of +2.6% in the final quarter of 2022. On a q-o-q basis, GDP grew by just +0.2% in the March quarter, the smallest increase since the nation emerged from the Covid lockdown in September 2021 and compared with a rise of +0.3% expected before today’s announcement.
Staying with growth, the World Bank released their latest global outlook yesterday, which pointed to growth of +2.1% in 2023, up by four-tenths relative to their January forecast. However, they revised down their 2024 forecast by three-tenths to 2.4%. Looking out to 2025, they then see growth accelerating back up to +3.0%. Otherwise, Euro Area retail sales were unchanged in April (vs. +0.2% expected), although the previous month’s contraction was revised up to show a smaller -0.4% decline.
To the day ahead now, and data releases include German industrial production and Italian retail sales for April, along with the US trade balance for April. Otherwise, the Bank of Canada will be making its latest policy decision, and we’ll hear from ECB Vice President de Guindos, and the ECB’s Knot, Panetta and Vujcic. Lastly, the OECD will be releasing its latest Economic Outlook, and UK PM Sunak will be visiting US President Biden in Washington.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
Equities drift while DXY retreats to 104.00 and fixed recoups, BoC ahead – Newsquawk US Market Open
WEDNESDAY, JUN 07, 2023 – 06:36 AM
European bourses are softer with the complex drifting post-open amid a lack of catalysts/drivers
Stateside, action is in-fitting as we look to next week’s Tier 1 US events with the BoC looming in the interim
DXY has drifted back to 104.00 as JPY benefits from lower US yields, AUD underpinned and CAD bid
Core benchmarks have recouped from an initial reversal to/through prior closes; green Bobl and Gilt sales strong
Crude benchmarks are firmer and back towards post-inventory levels as the USD dips and despite overnight trade data from China
US Secretary of State Blinken is set to travel to China for talks in the coming weeks
Looking ahead, highlights include BoC Policy Announcement
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses are softer, Euro Stoxx 50 -0.3%, with the complex drifting after the cash open amid a relative lack of fresh catalysts/drivers.
Though, attention remains on the soft Chinese trade figures and German industrial output, on the latter ING writes that unless there is a significant pickup Germany could continue into a Q2 recession.
Sectors are similarly softer though Retail names outperform amid strength in Inditex post earnings while Danske Bank is the Stoxx 600 outperformer after providing FY26 targets and a dividend update.
Stateside, futures are slightly softer in-fitting with the above in similarly limited trade with the region entirely focused on next week’s CPI/FOMC; though, today’s BoC might provide an interim focal point, ES -0.1%.
US lawmakers are reportedly attempting to curb Mastercard (MA) and Visa (V) fees, via WSJ.
Click here and here for a recap of the main European updates.
DXY drifts on the 104.000 handle in the absence of primary US data and Fed commentary during pre-FOMC purdah.
Yen relishes softer Treasury yields as USD/JPY retreats further from recent peaks towards 139.00 and decent option expiries.
Yuan continues to wilt as weak Chinese trade/export metrics compound growth concerns, USD/CNY and USD/CNH top 7.1300 and 7.1400 respectively.
Aussie underpinned near 0.6700 vs Greenback as RBA officials underline hawkish guidance, but AUD/USD is capped by tech resistance and hefty expiry interest.
Loonie perky pre-BoC around 1.3400 handle against Buck as market pricing sits tight between pause and 25 bp hike.
TRY depreciation is a strong signal of a move away from state controls in favour of a free market and declines in the CBRT’s reserves have stopped after signs of FX policy change, according to traders cited by Reuters.
PBoC set USD/CNY mid-point at 7.1196 vs exp. 7.1194 (prev. 7.1075)
Bonds regroup after reversal from highs through or towards prior closing levels.
Bunds, Gilts and T-notes back above parity within 134.67-07, 96.87-51 and 114-02+/113-26 respective ranges awaiting US and Canadian trade data pre-BoC.
Demand for German Green Bobl exceptionally strong (record high), while 2025 UK Gilt sale reasonably well covered.
Orders for the new 4yr BTP Valore retail bond reach EUR 11bln since the beginning of the offer period.
Crude benchmarks are firmer and back towards post-inventory levels as the USD dips and despite overnight trade data.
Currently, WTI Jul’23 and Brent Aug’23 post upside of around USD 0.50/bbl; newsflow has been limited and focused on geopols and while IEA’s Birol spoke he added little aside from looking for a tight H2.
US Energy Inventory Data (bbls): Crude -1.7mln (exp. +1.0mln), Gasoline +2.4mln (exp. +0.9mln), Distillate +4.5mln (exp. +1.3mln), Cushing +1.5mln.
Base metals are modestly firmer and largely shrugged off Chinese trade as the import metrics seemingly indicate the overall reopening-recovery narrative remains in play.
Spot gold is little changed as the USD pulls back to near-U/C with the yellow metal holding above the USD 1956/oz 10-DMA but unable to make much headway from session high circa. USD 10/oz above.
Discussions on the Black Sea grain deal to occur in Geneva on Friday, via Ria citing sources.
Indian Steel Minster says they are looking aggressively to diversify coking coal imports, requirement for this product is going to increase.
Binance commented on the US SEC filing a motion to freeze assets in which it stated that user assets remain safe and its platform continues normal deposit and withdrawal operations, while it added that the filing of the preliminary injunction is unwarranted and it looks forward to defending against it in court, according to Reuters.
Coinbase (COIN) says the incident with delayed ETH transactions has been resolved.
NOTABLE EUROPEAN HEADLINES
ECB’s Schnabel says, on rates, “We have more ground to cover. It will depend on the incoming data by how much more rates will have to increase.”. When questioned on market expectations for two 25bp hikes: “A peak in underlying inflation would not be sufficient to declare victory: we need to see convincing evidence that inflation returns to our 2% target in a sustained and timely manner. We are not at that point yet.”
ECB’s de Guindos says “To complete the crisis management toolkit for large banks in the EU, we also need to make progress in other areas, such as liquidity in resolution and a backstop to the Single Resolution Fund.”.
ECB’s Knot says prolonged monetary tightening could still result in stress for financial markets, inflation expectations in financial markets seem optimistic, not convinced that current tightening is sufficient.
UK PM Sunak seeks to forge an economic alliance with US President Biden and aims to extract concessions from the US on green technologies, according to FT.
German Industrial Output MM (Apr) 0.3% vs. Exp. 0.6% (Prev. -3.4%, Rev. -2.1%)
UK Halifax House Prices YY (May) -1.00% vs. Exp. -0.95% (Prev. 0.10%); MM (May) 0.0% vs. Exp. 0.0% (Prev. -0.3%, Rev. -0.4%)
French Trade Balance, EUR, SA (Apr) -9.71B (Prev. -8.023B, Rev. -8.393B)
Italian Retail Sales NSA YY (Apr) 3.2% (Prev. 5.8%); MM (Apr) 0.20% (Prev. 0.00%)
NOTABLE US HEADLINES
OECD Projections (June): Economic Outlook projects a moderation of global GDP growth from 3.3% in 2022 to 2.7% in 2023, followed by a pick-up to 2.9% in 2024. Click here for more.
US Secretary of State Blinken and Saudi Crown Prince MBS had an open and candid discussion covering a full range of bilateral issues, while there was a good degree of convergence in the meeting but also differences. Furthermore, they discussed the potential for normalisation of relations between Saudi Arabia and Israel, as well as agreed to continue dialogue on normalisation, while Blinken raised human rights issues with MBS both generally and related to specific cases, according to a US official.
US Secretary of State Blinken is set to travel to China for talks in the coming weeks in a visit intended to be a major step in thawing relations between the two countries, according to Reuters citing a US official.
EU nations are approaching a deal on the 11th sanctions package against Russia. Representatives in Brussels are aiming to get the package over the line at their meeting today. EU diplomats suggest that several questions are still open, according to Politico.
Number of IAEA inspectors at the Zaporizhzhia nuclear plant to increase several times, via Tass citing Russia’s Rosenergoatom.
APAC TRADE
APAC stocks mostly gained following the positive handover from Wall St where the S&P 500 posted its highest close YTD and the Russell 2000 rallied amid strength in regional banks, although advances were capped as the attention in Asia turned to softer-than-expected Chinese trade data.
ASX 200 was just about kept afloat but with the upside limited by the weaker-than-expected Australian GDP and hawkish adjustments to peak rate forecasts.
Nikkei 225 wiped out its initial gains in an early 700-point swing and briefly dipped beneath the 32,000 level where it found some support.
Hang Seng and Shanghai Comp. were positive after reports that China asked the largest banks to cut deposit rates to boost the economy and with Hong Kong led by tech strength, while price action was less decisive in the mainland after the latest Chinese trade data mostly disappointed including the wider-than-expected contraction in dollar-denominated exports.
NOTABLE ASIA-PAC HEADLINES
China May retail passenger vehicle sales +30% YY, PCA prelim. data.
DATA RECAP
Chinese Trade Balance (USD)(May) 65.81B vs. Exp. 92.00B (Prev. 90.21B)
Chinese Exports (USD)(May) -7.5% vs. Exp. -0.4% (Prev. 8.5%); Imports (USD)(May) -4.5% vs. Exp. -8.0% (Prev. -7.9%)
Chinese Trade Balance (CNY)(May) 452.3B vs. Exp. 643.3B (Prev. 618.4B)
Chinese Exports YY (CNY)(May) -0.8% vs. Exp. 9.9% (Prev. 16.8%); Imports YY (CNY)(May) 2.3% vs. Exp. 4.2% (Prev. -0.8%)
China end-May (USD): FX Reserves 3.177tln (prev. 3.205tln); Gold Reserves 132.2bln (prev. 132.35bln)
Australian Real GDP QQ SA (Q1) 0.2% vs. Exp. 0.3% (Prev. 0.5%); YY SA (Q1) 2.3% vs. Exp. 2.4% (Prev. 2.7%)
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 2.42 PTS OR 0.08% //Hang Seng CLOSED UP 152.72 PTS OR 0.80% /The Nikkei closed DOWN 593.04 OR 1.82% //Australia’s all ordinaries CLOSED DOWN 0.13 % /Chinese yuan (ONSHORE) closed UP 7.1131 /OFFSHORE CHINESE YUAN UP TO 7.1242 /Oil DOWN TO 70.41 dollars per barrel for WTI and BRENT UP AT 75.06 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA/
Yuan Tumbles To 2023 Low After Chinese Exports Collapse Amid Speculation Unrigged Numbers Are Much Worse
WEDNESDAY, JUN 07, 2023 – 01:40 PM
It’s been a while since the market considered the possibility of a yuan devaluation: after the latest Chinese trade data it’s time to start seriously thinking about it once again.
Overnight, China reported May trade data which revealed that exports again slowed sharply and missed market expectations, while imports also contracted but modestly beat expectations:
*CHINA MAY EXPORTS -7.5% Y/Y IN DOLLAR TERMS; EST. -1.8%
*CHINA MAY IMPORTS -4.5% Y/Y IN DOLLAR TERMS; EST. -8.0%
Although it was partly due to base effects, the underlying momentum has clearly slowed after a resilient 1Q. As SocGen notes, the disappointing export data helps explain the weakness in the manufacturing sector as the latest PMI data showed.
And despite the French bank’s call for near-term growth resilience in DMs, exports remain a key headwind to China’s manufacturing sector. More importantly, the data clearly reinforces expectation for more easing from the PBoC.
Some more details:
May exports slowed sharply from +8.5% in April to -7.5% in USD terms, partly due to base effects as exports recovered in May 2022 after the Shanghai lockdown. The weakness was broad-based. By product, machinery and electrical equipment (MEE) products plunged from +10.4% to -2.1%. Within that, electronic products remained in deep contraction in yoy terms: mobile phones deteriorated again from -13% to -25%; IC plunged by 26% after a 7% decline; but the slowdown in PC and parts seems to have stabilized. Autos also slowed from +83% to +55% but remained strong.
Outside MEEs, there was an even more pronounced deceleration in traditional consumer goods, such as apparel, footwear and furniture, reflecting normalising consumer demand in DMs. By destination, the slowdown was mainly driven by exports to ASEAN economies, which slowed from +5% to -16%. Exports to the US and the EU also moderated, from -7% to -18% and from 4% to -7%, respectively.
Meanwhile, after the disappointment in April, imports improved slightly from -7.9% to -4.5% but remained at a weak pace, reflecting sluggish domestic demand. Among commodities, there was a notable rebound in oil (from -1% to +12%, in volume terms) and copper (from -13% to -5%), while iron ore eased slightly from +5% to +4%, as high-frequency data show that construction activities remained soft in May. The contraction in MEE imports eased somewhat from -16% to -14%, led by ICs, but remained weak due to stagnant export demand for electronics
While China’s economy has had a dreadful post-covid “recovery”, at least trade was solid. Well, not anymore, which is why we asked yesterday if yuan devaluation was coming (China suddenly needs a far weaker yuan to boost its exports, which account for roughly 40% of China’s GDP).
But wait, there’s more, because while China’s exports are clearly slowing, the real picture could be far worse. Why? Because as everyone has known for years, China has been rigging its trade data to make its economy appears stronger than it is, similar to what the Biden admin is doing with labor data.
In a recent piece from Goldman “Analyzing recent puzzles on China trade data” (available to pro subs in the usual place), the bank wrote in late May that despite weakening external demand, “China’s exports have beaten consensus expectations for four consecutive months now” (but not five months as the latest trade data showed).
But, as we have observed frequently in the past, Goldman cautions that different trade-related data seem to send conflicting signals and some trading partners’ reported imports from China appear inconsistent with China’s exports to these countries. This has prompted “many client questions on the reliability of Chinese trade data” according to the bank’s strategists. Here is Goldman’s punchline:
Our “outside-in” measure does not show systematic divergences between China’s import data and trading partners’ exports to China in Q1. However, trading partners’ data released so far suggest significantly lower year-over-year growth than China’s export data in March.
A chart showing just how glaring the trade discrepancy has become:
Nowhere is the trade discrepancy more obvious than in bilateral “trade” with Singapore: here, the gap between China-reported exports to Singapore and Singapore-reported imports from China has become laughable.
Goldman then writes that “some of the discrepancies may be related to re-exports and transshipment, but disguised capital outflows are also a potential explanation.”
But whatever the reason for the staggering divergence between China’s export data and everyone else’s, the conclusion is that China’s true exports are far, far weaker than the officially reported. And while China’s fake export “data” was stronger than expected for 4 months in a row, now that even Goldman pointed out just how fake the Chinese data is, reality may be coming home to roost. Which is also why the market is now starting to frontrun what comes next: a powerful impulse to weaken the currency, because while Beijing may not feel the heat to stimulate as long as (fake) exports are growing and are coming stronger than expected, once China’s mercantilist engine begins to sputter, even Xi has to pay attention. And sure enough:
*OFFSHORE YUAN WEAKENS TO 7.1479 PER DOLLAR TO FRESH 2023 LOW
And one China aggressively pursues quasi (or full) devaluation, the race to the currency bottom will restart with a vengeance.
END
China Launches Domestically Built Cruise Mega-Ship
TUESDAY, JUN 06, 2023 – 10:25 PM
China, apparently not content with producing nearly all of the West’s goods and products in sum, is now adding “cruise ships” to its list of manufacturing feats.
The country’s first ship, being called “Adora Magic City,” also known as “Mo Du” in Putonghua, left its docks at Shanghai at 1:30PM local time on Tuesday, according to reports from China Media Group and the Global Times.
The ship had been under construction for nearly 4 years, the report says. The report calls the ship “the world’s most complex single electronic product made up of over 25 million individual parts, five times the number of individual parts used in China’s first domestic aircraft”.
The ship sports 2,125 guest rooms and can accommodate 5,246 guests, the report says. It was built by Shanghai Waigaoqiao Shipbuilding Co (SWS) under the China State Shipbuilding Corporation (CSSC).
With a 6 day floating process behind it, the ship is now being delivered for final testing and internal decoration. It is set to be delivered at the end of 2023, following two sea trials. Commercial operations will start shortly thereafter in 2024.
The “Adora Magic City” is as tall as a 24-floor building, has 14 decks and offers 40,000 square meters of public areas, China-state owned media entity Global Times writes, calling it a “crown jewel” of global shipbuilding.
China now joins Germany, France, Italy and Finland as a country with the ability to build large cruise ships. Global Times says that “Shanghai is being built into China’s global cruise ship hub”.
A “sister ship” to the Adora started construction in 2022.
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
IRELAND/EU
Irish farmers are now raising alarm over government’s proposal to kill 200,000 cows? for climate change?
And they were not alarmed as to what happened in Holland?
(Morgan/EpicTimes)
Irish Farmers Raise Alarm Over Government’s Proposal To Kill Off 200,000 Cows
The Irish government is facing a backlash after reports broke of a proposal to kill off as many as 200,000 cows over the next three years in an effort to meet the country’s emissions reduction goals.Cows chilling in a field
Last week, the Irish Independent reported on a government document describing plans for a potential cull of up to 65,000 dairy cows per year for the next three years. The paper reportedly obtained the documents from Ireland’s Department of Agriculture through a freedom of information request. In all, killing off 200,000 cows would wipe out about 10 percent of Ireland’s dairy cow population.
Ireland’s Department of Agriculture subsequently told the Irish Mirror the document describing the culling operation was part of a deliberation process as the department looks for ways to help Ireland meet its emissions reduction goals and “is not a final policy decision.” Still, the proposal has faced backlash from farming organizations.
“Reports like this only serve to further fuel the view that the government is working behind the scenes to undermine our dairy and livestock sectors,” Tim Cullinan, president of the Irish Farmers’ Association, told The Telegraph.
Pat McCormack, president of the Irish Creamery Milk Suppliers Association, also knocked the cull proposal. McCormack balked at the idea that plans for reducing Ireland’s emissions had come to focus on livestock rather than other major emitters like airlines.
“We’re the one industry with a significant roadmap, and, to be quite honest with you, our herd isn’t any larger than it was 25 to 30 years ago,” McCormack told The Telegraph. “Can the same be said for the transport industry, can the same be said for the aviation industry?”
Billionaire entrepreneur Elon Musk also pushed back against the cow-killing emissions reduction plan on Saturday.
“This really needs to stop. Killing some cows doesn’t matter for climate change,” Musk, whose portfolio includes the Tesla electric vehicle company, wrote on Twitter.
A Voluntary Program?
While the Irish government has yet to reach a final policy decision on the cull, government officials and proponents of the plan have said farmers could voluntarily participate and the program could serve as a retirement strategy for aging farmers.
“Actually what this is is an exit scheme for dairy farmers—I come from a dairy farming background myself—that the farmers themselves have asked for and have called for,” Irish Senator and Green Party Chair Pauline O’Reilly said in Wednesday panel discussion on Virgin Media’s “The Tonight Show.”
Some farmers have still expressed anxiety that a cull program will not be voluntary.
McCormack told The Telegraph that if the government does decide on the cull policy “it needs to be a voluntary scheme. That’s absolutely critical.”
Farms and Emissions
The Irish government’s efforts to reduce emissions are in line with the broader reduction goals of the European Union.
The Dutch government, another E.U. member, has also pushed for livestock reductions as a means of controlling emissions.
Last year, farmers in the Netherlands began protesting emissions rules that many of them believe will make their livelihoods unsustainable. One Dutch farmer, Robbin Voorend, told The Epoch Times he would have to cut his livestock numbers by 90 to 95 percent to meet new nitrogen emissions rules.
The New Zealand government also brought forward a plan last year to tax farmers for biogenic methane emissions, which mainly come from livestock burps and flatulence. The proposal was also met with protests from farmers around the country.
END
FRANCE
Wow! We have half a million French protesters taking to the streets against pension reform
(zerohedge)
Final Stand? Half A Million French Protesters Take To Streets Against Pension Reform
WEDNESDAY, JUN 07, 2023 – 02:45 AM
Over half a million people are expected to protest across France on Tuesday against President Emmanuel Macron’s widely unpopular pension overhaul, according to Euronews. This will be the 14th day of nationwide demonstrations since January.
Trade unions are making one last attempt to pressure lawmakers to reverse Macron’s move to raise the retirement age from 62 to 64. Months of large protests have failed as union leaders are starting to get the memo:
“The game is about to end whether we like it or not,” Laurent Berger, the leader of the French Democratic Confederation of Labor, the largest union in France, told The New York Times on Tuesday as he prepared to march in the streets of Paris.
Macron has argued that France’s pension system is financially unsustainable due to too many retirees living longer.
“We have a deficit problem, and we have to plug it,” Macron said in a televised interview last month. He added, “I stand by this reform.”
As a result, Macron’s disapproval rating has surged from 60% at the start of this year to a high of 70% in April, the highest level since December 2018. Source: Politico EU
Reuters cited BFM television broadcast images that show protesters storming the headquarters of the Paris 2024 Olympic Games. Footage of the incident was also shared on Twitter:
“The new pension law is already on the statute books and after months of rare unity among the biggest trade unions, there are now divisions over where to focus energies,” Reuters pointed out.
“This will be the last protest of this kind over the pension matter,” said CFDT trade union’s Berger.
END
SHELL/EUROPE (UK, GERMANY,NETHERLANDS)
Shell has its home base in Europe and yet it is abandoning its retail operations
Shell decided to exit its retail energy businesses in the UK, Germany, and the Netherlands after conducting a strategic review, citing difficult market conditions.
Octopus Energy, Ovo, and British Gas have reportedly expressed interest in buying Shell’s UK retail business.
Shell Energy, which currently has nearly 1.5 million customers, was created with the acquisition of First Utility in 2019.
Shell has recently confirmed its decision to exit the retail energy markets in the UK, Germany, and the Netherlands due to poor returns.
“That review has now concluded and as a consequence, we intend to exit those businesses. A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months,” Shell said in a statement.
The company’s intention is to sell these businesses, and a sales process is already underway, with the aim of reaching an agreement with a potential buyer in the coming months.
This decision by Shell signifies a significant departure from its traditional role as a prominent player in the energy industry.
While Shell has previously adapted to changes in the energy landscape, the exit from the retail energy sector in these three countries highlights the considerable challenges and narrowing profit margins faced by these businesses in a highly competitive and rapidly evolving market.
Octopus Energy and Ovo, two leading contenders in the UK energy market, have progressed to the second round of bidding. Both companies have expressed a keen interest in expanding their operations and acquiring Shell’s retail business, which boasts a substantial customer base. Such an acquisition would greatly support their growth ambitions.
Shell’s exit will have implications beyond the interested buyers. It is likely to trigger a significant reshuffling in the energy markets of the UK, Germany, and the Netherlands.
The departure of such a major player may create a void that other energy providers will be eager to fill.
The industry will closely watch the coming months to see which companies step up to take Shell’s place and how this will impact competition and energy prices in these markets.
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
UKRAINE/RUSSIA
Tucker Carlson is back with 10 million views as he demolishes the Ukraine dam propaganda plus other topics in 10 minutes.
(Tucker Carlson)
Tucker’s Back! In Triumphant Return, Demolishes Ukraine Dam Propaganda, Massacres MSM For Ignoring UFO ‘Bombshell Of The Millennium’
TUESDAY, JUN 06, 2023 – 08:25 PM
Tucker Carlson unveiled Episode 1 of his ‘Tucker on Twitter’ adventure – which gained 10 million views in just over two hours – and the topic du jour is simple; government propaganda and the lying liars that spew it.
Tucker Carlson’s Twitter Debut Goes Mega-Viral; Former Fox Host Crushes Ratings While Taylor Lorenz Embarrasses Herself (Again)
WEDNESDAY, JUN 07, 2023 – 11:40 AM
Tucker Carlson’s first Twitter broadcast went mega-viral Tuesday night, racking up 71.6 million views in less than 24 hours.
His jumping off point is the bombing of the Kakhova dam… by Putin himself, if you believe the western media because ‘he is evil and evil people do evil things… even to themselves’ (despite the detailed explanation below of why that is simply farcical).
By way of background, and helping explain why it absolutely, positively, without doubt must have been Putin that blew up the dam </sarc> Antiwar.com’s Kyle Anzalone notes that the dam was built by the USSR during the 1950s and, for over a year, has sat on the frontlines of the war in Ukraine. It is nearly 100 feet tall and over 10,000 feet wide. The dam was constructed as a hydroelectric power plant and created the Kakhovka Reservoir, which is over 2,000 sq km. Europe’s largest nuclear power plant – the Zaporizhzhia Nuclear Power Plant (ZNPP) and the Crimean Peninsula receive water from the reservoir.
The attack on the dam will impact a core Russian concern in Ukraine. Through the 250-mile-long Northern Crimean Canal, the Kakhovka Reservoir feeds water to the peninsula that Moscow annexed in 2014. Before the invasion of Ukraine, the Kremlin regularly issued demands to Kiev that irrigation systems supplying water to Crimea remain open.
But you should believe it was Putin, as Carlson explains:
“You’ve got to be lied to over a period of years to reach conclusions like that…and of course, we have been…”
Carlson then took the media to task for ignoring yesterday’s “bombshell of the millennium,’ in which a government whistleblower revealed that craft developed by non-human intelligence has been recovered by governments around the world in an 80-year race to reverse engineer materials for geopolitical advantages.
Carlson’s concluding thoughts are a good reminder of reality:
“…if you are wondering why our country seems so dysfunctional, this is a big part of the reason – nobody knows what’s happening. A small group of people control access to all relevant information and the rest of us… don’t know. We’re allowed to yap all we like about something like racism… but dare to talk about something that really matters and go ahead and see what happens... you keep it up, they’ll make you be quiet – trust us… that’s how they maintain control.“
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.
“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]
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-Russianproxywar 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 multipolarprocesses 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.
Elon Musk chimed in on Tucker’s episode as well, tweeting “Would be great to have shows from all parts of the political spectrum on this platform!”
Of course, propagandists like Brian Stelter would never take the risk, lest they crash and burn in spectacular fashion.
The long-awaited offensive from Ukraine has begun. So far the results have been mixed with both sides claiming victories per the normal flow of propaganda. None of that matters.
What is not up for discussion is the tragedy, aimed squarely at civilians, of the Nova Kakhovka hydroelectric dam, attacked last night releasing the Dnieper river into the valley in Kherson oblast.
This dam provided not only local electric power but also cooling water for the Zaporizhzhia Nuclear Power Plant (ZNPP), the largest nuclear power plant in Europe.
The ZNPP has been the subject of numerous incidents since this war began with battles being fought over it, and accusations flying wildly from the West as to how irresponsible Russia was. None of that turned out to be true as ZNPP was set up to be the site of a massive false flag involving UN inspectors which failed.
It doesn’t matter who you back in this war or whose incentives you sympathize with. Acts like this serve many purposes, some of them military, some of them political.
And they follow a particular pattern.
Like the narrative from last year surrounding the attacks on the ZNPP, this attack on the dam begs very obvious questions.
Why would Russia attack a nuclear power plant in an area under its control?
Going back to Syria right after Donald Trump took office in early 2017, why would Assad gas civilians when he and Russia had the momentum and was clearly winning the war in Idlib province, invoking the wrath of the world?
Why would Russia blow up Nordstream 1 and 2 as they were initially accused of?
Why would Russia attack a dam in territory they control that provides local power to Kherson, cooling water to the ZNPP and fresh water to Crimea?
The answers to all of these questions is simply, “They wouldn’t.”
So now let’s do a little more historic digging into past behavior.
Before the war officially started who blew up power stations denying Crimea power in the fall of 2015, creating blackouts and real civilian hardship?
Who is on record saying that the Minsk Agreements were simply a time-buying exercise to arm Ukraine and freeze Russia for the war we have today?
Who staged a terrorist attack on the Kerch Strait Bridge?
Whose leadership continues to go around the world desperately trying to convince rational people that this irrational ethnic war between tribes of Slavs is a fight for the future of western civilization?
Who intentionally helped stoke simmering hatred of all things Russian across the entirety of Eastern Europe to push the world to this moment?
In short, who armed Ukraine while never once acting with one ounce of humility or basic human decency to find a solution that didn’t involve thousands of dead Slavs?
The answer is the same people accusing Russia today of blowing up a dam that severely weakens their strategic position in southern Ukraine.
The first person out the gate was EU Council President Charles Michel:
The rest of the world will pile on for the next 72 hours or so until some footage or evidence makes its way into the information space. It’s the same pattern as Nordstream, the chemical attacks in Ghouta and Khan Sheykoun, MH-17 and a host of other attacks on civilians over the past decade since Putin helped thwart Obama’s “Coalition of the willing” to take out Assad in 2013 following Ghouta.
Right on schedule: Perfidious Albion weighs in.
Everything in Ukraine is downstream (all puns intended) of that. Everything. It’s all one big long policy decision after another. In this respect Ukraine has been a series of moves on a chess board leading to a particular outcome.
And that outcome will be a full-fledged war between NATO and Russia over Ukraine. It’s what everyone in power actually wants, even when they mouth words to the contrary. EU officials like Michel, EU Commission President Ursula Von der Leyen and now presidential candidates in the US say the same thing.
There can be no victory for Russia in Ukraine. It would be the end of the West.
Waffle House Waitress Nikki Haley is out repeating the lie that Russia will take all of Poland and the Baltics if he wins on CNN. It doesn’t matter that she’ll get 1% of the primary vote, her job is to reinforce the narrative.
We’ve all been waiting for the next big ‘disaster’ to up the ante in Ukraine. It’s been too quiet for too long. Now with the fighting intensifying along multiple fronts, this move is it.
So, with it done what does it mean?
The most obvious is that this materially weakens Russia’s position in Kherson and then Crimea. It follows that this is just the prelude to the long-expected full on attack on Crimea.
It could be some weird statement by the Ukrainians that they are looking for an offramp by drawing an impassable barrier between their territory and Russia’s but I’ll need to see a lot more evidence of that before I can even contemplate it.
Because Occam’s razor reminds us of the intense need to take not only Ukraine to the next level but the entire Davos Great Reset agenda there as well.
For more than a year the West, primarily the US with a lot of British assistance, have tried to craft a humanitarian crisis narrative around Russia to justify a wider war.
This is just the latest example of their handiwork.
The Ukrainians want this to elicit sympathy from gaslit morons with Ukraine flags in the Twitter name.
Turkish lira collapses as it is running out of foreign reserves
(zerohedge)
Turkish Lira Craters 7% In Record Drop, Hits All Time Low As State Banks Retreat From Defense
WEDNESDAY, JUN 07, 2023 – 07:45 AM
One month ago we told readers of our premium subscriber feed that shorting the Turkish Lira was our “highest conviction” trade.
We were right: just under month later, the lira has lost almost 20%, a staggering, unprecedented move in the world of FX, and those who followed our reco (in size) can take a few months off.
But the move is nowhere near over: overnight, the Turkish Lira tumbled as much as 7% – its biggest drop on record in absolute terms…
… to as low as 23.1678 per dollar (a record low) on Wednesday as traders said state lenders had ceased selling dollars in an attempt to support the currency, according to Bloomberg.
The ongoing plunge in the Lira, weakening for a 12th straight day, comes more than a week after Turkish President Recep Tayyip Erdogan won reelection in a runoff, an election which the president fought tooth and nail to preserve normality into, and was selling dollars at a record pace just to avoid what we are seeing now.
Erdogan has supported unconventional ultra-low interest rates and constant-exchange-rate interventions, though he has failed to tame soaring inflation. But now, the cost of the policy has depleted foreign-currency reserves, sparked an inflationary fire, and led to a foreign capital exodus as investors bet against the Lira as current policies are unsustainable.
Traders have turned their attention to Erdogan appointing former Merrill Lynch strategist Mehmet Simsek as the next treasury and finance minister. The belief is that Simsek might freeze ‘Erdoganomics’ and return to conventional economic policies by abandoning state intervention in currency markets.
This means the market might find a real fair value for Turkish assets. Since the election on May 28, the Lira has weakened more than 13% against the dollar to a record low.
Since then, it’s gone from bad to worse. Reuters also jumped on the bearish Lira bandwagon. They reported that the Turkish central bank’s net forex reserves dropped into negative territory for the first time since 2002, at $-151.3 million on May 19.
Morgan Stanley also jumped on the bearish Lira trade, warning the Lira might plunge to 28 per dollar by the end of the year, but at this rate it looks like it will be there by the end of the week.
END
Something that the uSA is not happy about: Iran opens an embassy in Saudi Arabia as China brokered detente with S.A.
IRAN/SAUDI ARABIA
Iran’s Embassy In Saudi Arabia Officially Reopens After China-Brokered Detente
WEDNESDAY, JUN 07, 2023 – 05:45 AM
Tuesday saw the official reopening of the Iranian embassy in Saudi Arabia, hailed as a historic moment coming seven years after the two rivals cut off diplomatic ties completely. Sunni Saudi Arabia and Shia Iran were on opposing sides of the proxy war in Syria, with the Saudis joining the US and NATO countries in fueling the decade-long conflict there.
Saudi-owned Al Arabiyanews network confirmed the reopening, reporting that “Footage aired by al-Hadath TV, a sister channel of Al Arabiya, showed the Iranian flag being raised outside the embassy building in Riyadh, accompanied by the playing of the Iranian national anthem.”Iranian embassy in Riyadh, via AFP
It follows in the wake of the China-brokered deal to get the two countries to achieve peace and normalize relations which was widely reported in March.
While the Saudis have yet to reopen their embassy in Iran, it’s expected that ease of travel, visa access, Islamic pilgrimage for Iranians connected to the Haj, and the resumption of direct flights will be the first result.
In March The Wall Street Journalcited that CIA Director William Burns told Crown Prince Mohammed bin Salman in a meeting that the US “has felt blindsided” by Riyadh’s rapprochement with Iran as well as Syria, two nations under crippling US economic sanctions.
Not only has the regional rivalry, which intensified most during the decade of the proxy war in Syria which began in 2011, been set amid a centuries-long divide over correct interpretation of Islam (Shia Iran vs. Sunni Saudi Arabia), but it has also spilled over in places like Yemen, scene of another grinding proxy war which pit Shia rebels against a Saudi-backed government.
The Saudis and Iranians also clash in supporting rival political factions inside Lebanon, with Tehran being the Shia paramilitary group Hezbollah’s biggest backer. For these reasons, accusations of supporting terrorism have been frequently hurled back-and-forth over the years. Iranian state media, for example, has long charged the Saudis with being a prime covert backer of the Islamic State (ISIS) in their drive to overthrow President Assad in Syria.
Iran-Saudi peace is also expected to continue helping Syria stabilize, though it remains that US troops still occupy a big chuck of the northeast section of the country.
end
Could this be possible?
Reality of pushing Russia
Robert Hryniak
5:19 PM (1 hour ago)
to
Cuba is going to become a new sore point soon for the Ship of Fools.
Russia is rumored to be moving in hypersonic missiles into Cuba to counter NATO and American moves in Europe. Imagine Kinzhal or Zircon missiles there protected by S350 defense batteries. America will have zero chance of defense. What then? One Yars-M with warheads will end America in minutes.
And you wonder why I have been writing about an upcoming Cuban missile crisis coming? And do you know that illicit drug manufacturing is now in America proper? Which agencies or parties are getting payoff money? Ordinary people cannot move money freely in America so to receive funds internally and move them has to be sanctioned in some way by someone. Who has sold Man-pads to the Mexican Cartels? Did Fast & Furious ever go away? Or was it easy money for Zelensky and his crowd?
Crisis troubling times are coming far faster than things like a real estate fiasco. We need military tribunals, the question is is it possible?
(Natural News) Big Pharma is “literally a criminal syndicate,” exclaimed Dr. Pierre Kory on the “Health Ranger Report,” where he revealed “a case example of the decades-long war on generic, off-patent, repurposed drugs – and ivermectin is just the latest.”
It’s “time-tested, safe, ubiquitous, available in every country in the world,” yet still, mainstream medicine called it “horse medicine” and a “horse de-wormer” to trick everyone into being afraid to use it, ask for it, or be saved by it.
Big Pharma has iron-fisted control over the high-impact medical journals
Pharma has gained complete control over doctors, pharmacists, hospitals, regulatory agencies and mainstream media.
Dr. Kory was an allopathic-trained doctor, trained in critical care and lung disease. Now Dr. Kory is focusing his private practice on Long-COVID and vaccine industry syndromes. He said doctors are “inculcated” to be arrogant and think their allopathic methods are at the “top of sciences” and evidence-based medicine, which today, is no longer evidence-based, but almost strictly profit-driven, and at the expense of untold human carnage.
Big Pharma now uses the phrase “insufficient evidence” to discredit every drug, herb, natural remedy and off-patent medicine, while they use fraudulent research for their own products and vaccines. It’s astounding.
Post-vaccination injury syndrome has become a major phenomenon, thanks to the COVID-19 spike protein prion injections that clog the vascular system, invade the cleansing organs, ruin ovaries, infect the brain and cause spontaneous abortions to occur. The three most common symptoms of post-vaccination injury syndrome include severe, unrelenting fatigue, post-exertional malaise and brain fog (cognition deficit, processing of tasks, lack of focus and memory issues). Most people have all three. Neurological problems (devastation) are the most frequent and significant.
Now, once perfectly healthy people, who exercised regularly, ate organic food regularly and did not suffer many (or any) health issues, are literally incapacitated and qualify for disabilities, all because they got a COVID jab or two.
These spike-protein-injected humans can’t work, they can’t exert themselves, they can’t think straight and they suffer neurological problems. And the first line of treatment for post-vaccination injury syndrome? Wait for it… ivermectin. Yes folks, the drug that pharma hates now more than anything ever prescribed for humans before is the drug that not only beats COVID very well, but helps people recover from post-COVID-jab syndrome. What a surprise.
At least 70 percent of patients have a positive response to ivermectin when suffering from spike protein syndrome. Standard testing is not revealing spike protein syndrome. People are suffering from brain inflammation and medical doctors and neurologists don’t seem to know how to help these patients and of course no MDs will point the finger at COVID jabs (because Big Pharma will shut them down and take away their medical license and maybe put them in jail).
Dietary interventions are simple for people to engage and many symptoms can be drastically reduced by changing your diet. People can eliminate the vicious cycle of eating processed foods and taking prescription medications that exacerbate health issues. It’s time for the COVID-jabbed masses to listen more intently to people like Dr. Kory and take their advice. This is revolutionary. Listen to the doctors and nutritionists with experience who do love science and who really do care about humanity.
Watch Dr. Kory’s interview with Mike Adams and you will be shocked by the truth about ivermectin:
Bookmark Vaccines.news to your favorite independent websites for updates on experimental gene therapy injections the CDC and fake news claim are “safe and effective” when they’re really dangerous and health-damaging.
The WHO said in a June 5 statement that it had entered into a “landmark digital health partnership” with the European Commission (EC), the European Union’s executive body.
As part of this new joint venture, Europe’s existing framework of digital vaccine passports will serve as the first building block of a global network of digital health products.
Dubbed the Global Digital Health Certification Network, the new vaccine passport framework has already drawn criticism, with Australian senator Alex Antic saying in a statement that the move is “just another conspiracy theory coming true.”
Vaccine passports—and various other forms of digital identity schemes—have been criticized as an invasion of privacy and as having the potential to enable governments and corporations to coerce human behavior by, for instance, denying access to infrastructure or services.
The WHO said in a statement that, as part of the new initiative, it will “take up the European Union (EU) system of digital COVID-19 certification to establish a global system that will help facilitate global mobility and protect citizens across the world from on-going and future health threats.”
The EU’s digital COVID-19 vaccine certificate entered into force in July 2021, with over 2.3 billion certificates issued.
As the pandemic has waned, the use of vaccine passports has seen limited use of late—and it has declined further since the WHO recently declared an end to COVID-19 as a global public health emergency.
While the EU Digital COVID Certificate Regulation is set to expire at the end of June 2023, the WHO sees potential in the bloc’s digital vaccine passport framework for additional use cases beyond COVID-19, such as by digitizing the International Certificate of Vaccination or Prophylaxis.
Critics have denounced vaccine passports as discriminatory for facilitating denial of access to public services to the unvaccinated or paving the way for more intrusive health-based surveillance.
‘Worrying Development’?
The new global vaccine passport initiative follows a December 2022 agreement signed by WHO Director-General Dr. Tedros Ghebreyesus and European Commission for Health and Food Safety Stella Kyriakides, meant to bolster EU–WHO collaboration on a wide range of digital health products.
“Today is a new chapter in global cooperation on digital health,” Kyriakides said in a statement on social media.
“It will help to place WHO at the centre of our global health architecture,” she added.
Ghebreyesus said in a statement that, “building on the EU’s highly successful digital certification network, WHO aims to offer all WHO Member States access to an open-source digital health tool.”
“New digital health products in development aim to help people everywhere receive quality health services quickly and more effectively,” he added.
Yesterday’s article focused on the sudden rise of aggressive ‘turbo’ breast cancer in young women— but there’s also been a massive increase in other types of cancers leading to a shortage of eleven cancer drugs forcing doctors to choose which patients get treatment.
Among them are carboplatin, used to treat ovarian and head and neck cancer; azacytidine, which treats a form of leukemia; and dacarbazine, used to treat skin cancer. According to the National Cancer Institute, the chemotherapy drug cisplatin and similar platinum-based drugs are used for an estimated 10-20% of all cancer patients.
Increased demand, supply shortages, limited manufacturing capacity, and low-profit margins are among the factors resulting in the current shortage.
Now, the FDA is taking an unusual step to ease a desperate shortage of a widely used cancer drug by temporarily allowing an unapproved version of a chemotherapy drug, made in China, to be used on American cancer patients.
ding dong, reckless as he wrote Globe and Mail piece was to coerce you, still does not get it so I will write it again, “COVID shot don’t stop transmission” idiot, so where is/was societal protection?
Wrote this in January 2022, I wonder if he would say the same words today given the devastation we have faced as to harms and deaths due to this shot. He took the Pfizer and was uninformed in what he wrote and he should retract it. He was on the juice, sadly. Is it our civic duty to take a vaccine that was not safety tested and which does not stop transmission so no societal benefit? Where is the civic duty? This lawyer should fix the record for history will record him as uninformed and reckless. Stupid even. His piece and as a lawyer, may have coerced others to take it and they may have died. This is the recklessness about this Globe and Mail piece and I thank WM for reminding me.
Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘As a public figure and practicing doctor, I get calls and questions from patients and family members every day all over the world. Without engaging in a doctor-patient relationship in the clinic or hospital, I cannot make a diagnosis, or give direct medical advice or care. However, I can help audiences develop an interpretive framework in public commentary.
I was asked by Dan Ball on Real America, about the condition of beloved actor Jamie Foxx. I had met Foxx in 2021 and we had a personal conversation about the COVID-19 vaccines. While that remains confidential, I can tell you I am concerned that if indeed he has suffered a stroke or intracranial hemorrhage, the long-term prognosis may not be good.
Dr. McCullough with Jamie Foxx, late 2021.
Listen to the interview and see why a prolonged hospital stay and inpatient rehab signal severe neurological impairment which may take a very long time for partial recovery. A complete return to normal could be in doubt until he or his family or doctors comes forward with a medical update. If indeed this tragedy has occurred as a direct result of COVID-19 vaccination, then he or his family has a public duty to use his case to warn others of what can happen after taking a COVID-19 vaccine.’
Watch now (4 min) | By Peter A. McCullough, MD, MPH As a public figure and practicing doctor, I get calls and questions from patients and family members every day all over the world. Without engaging in a doctor-patient relationship in the clinic or hospital, I cannot make a diagnosis, or give direct medical advice or care. However, I can help audiences develop an inter…
These people who invented this deadly mRNA technology that benefits ONLY their pockets & big PHARMA, must be forced to answer under oath, Malone too! Fatima et al. provided more evidence
All linked to mRNA technology, from scientist to funder to vaccine maker to pharma company must be compelled into a proper court room under oath and made to answer serious questions no one yet has asked them. Follow the money $!!! It will tell you why the silence, why the crickets. It is not only the fraud of the pandemic and the vaccine, but the very people who should be helping safeguard and fix the problems and the 4th estate, especially the Freedom Fighter movement 4th estate media, that has hurt the quest for honesty, accuracy, truth, and justice. The Freedom Figher media is also part of the fraud and are even worse for they are hypocritical, instead used COVID to profit and enrich themselves and get salaries.
The mRNA technology gene based COVID injection is causing massive myocarditis and pericarditis and must be taken very seriously especially if the heart damage is ‘silent’, coming alive in the presence of surging adrenaline when on the playing field or stressful situations. This causes vaccine induced cardiac arrest and the potential risk is there in those vaccinated. We have to find ways to dissolve the spike protein and get it out of us as it is relentless and causing massive ongoing inflammation. The focus has to be on prevention and optimal health. Moreover, our governments, health care agencies and officials, and our own medical doctors have shown us they can never be trusted again, ever. Inept and corrupted and must be held to account in proper legal forums.
SOURCE:
Open in app or onlineIs the case building or has been bulletproofed already ‘BUILT’ linking the mRNA technology based (Kariko, Weissman) gene vaccine to myocarditis & pericarditis after COVID-19 vaccination? Yes! 100%These people who invented this deadly mRNA technology that benefits ONLY their pockets & big PHARMA, must be forced to answer under oath, Malone too! Fatima et al. provided more evidenceDR. PAUL ALEXANDERJUN 6SHARE All linked to mRNA technology, from scientist to funder to vaccine maker to pharma company must be compelled into a proper court room under oath and made to answer serious questions no one yet has asked them. Follow the money $!!! It will tell you why the silence, why the crickets. It is not only the fraud of the pandemic and the vaccine, but the very people who should be helping safeguard and fix the problems and the 4th estate, especially the Freedom Fighter movement 4th estate media, that has hurt the quest for honesty, accuracy, truth, and justice. The Freedom Figher media is also part of the fraud and are even worse for they are hypocritical, instead used COVID to profit and enrich themselves and get salaries.The mRNA technology gene based COVID injection is causing massive myocarditis and pericarditis and must be taken very seriously especially if the heart damage is ‘silent’, coming alive in the presence of surging adrenaline when on the playing field or stressful situations. This causes vaccine induced cardiac arrest and the potential risk is there in those vaccinated. We have to find ways to dissolve the spike protein and get it out of us as it is relentless and causing massive ongoing inflammation. The focus has to be on prevention and optimal health. Moreover, our governments, health care agencies and officials, and our own medical doctors have shown us they can never be trusted again, ever. Inept and corrupted and must be held to account in proper legal forums.SOURCE: https://www.sciencedirect.com/science/article/pii/S2049080122002461?utm_source=substack&utm_medium=email
‘The pathologist Prof. Arne Burkhardt (1944-2023), whose educational work on the dangerous mRNA injections was highly valued, died suddenly and unexpectedly.’
Can we ask the question? He was over the target and is it conspirational to ask? Our daily lives are at risk due to the fight we/I wage against pharma, governments and inventors of mRNA technology. Bourla, Bancel etc. We contrarians are in danger and we must recognize this.
Major Trump Donor’s ‘Entire Family’ Killed in Plane CrashREAD MORE…
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VACCINE IMPACT
Lab-Grown Meat: Is it a Pharmaceutical Product or a Food Product?June 6, 2023 4:18 pmResearchers at the University of California, Davis, have just published a study that looked at the environmental impacts of lab-cultured meat, and they have determined that based on current production methods, the global warming potential (GWP) of lab-cultured beef would be approximately 25% greater than conventional beef cows raised on farms. The study also concluded that the “fossil fuel depletion” of lab-cultured beef is “approximately 3 to 17 times greater” than producing boneless beef. This contradicts the reasoning behind those rushing to bring a lab-cultured meat product to market, who are claiming that massive production of lab-grown meat would have a more positive impact on the environment than raising beef cattle. There are currently no lab-cultured meats on the market, because the production costs are still too expensive to scale it for public consumption, and this appears to be the first study conducted to look at the environmental impacts of mass-producing red meat in a laboratory. One of the major problems so far with culturing meat in a laboratory, is that the growth mediums used to culture the meat produce endotoxins, which means pharmaceutical products are needed to reduce these endotoxins and purify the lab-grown “meat.” This has led one of the researchers at UC Davis to ask what exactly is being produced in the lab with these cultured meats: “Is it a pharmaceutical product or a food product?”Read More…NYT Admits that the U.S. is Spending $Billions in Ukraine War to Support NazisJune 6, 2023 4:25 pmThe Russian media has been reporting for years now that those in the military of Ukraine are Nazis. Now, almost a decade later, the U.S. corporate media is finally admitting that this is true.Read More…
MICHAEL EVERY
MICHAEL EVERY/RABOBANK//PHIL MAREY
Battleground Preparation
WEDNESDAY, JUN 07, 2023 – 09:35 AM
By Philip Marey, Senior US Strategist at Rabobank
Battleground Preparation
Yesterday, battleground preparation in Ukraine took a new turn with the destruction of the Kakhovka dam. In addition to the flooding, this will restrict the water supply and Ukraine’s agricultural output, pushing up global prices of grains and other produce. The Zaporizhzhia nuclear power plant is also dependent on water supply from the dam reservoir, but is said to have sufficient reserves and could be supplied by other means. Both sides, Ukraine and Russia, are denying responsibility, but Western intelligence agencies are leaning toward Russia. The flooding definitely reduces Ukraine’s options for its long-awaited counteroffensive.
This morning, the 7.5% decline (year-on-year) in China’s exports beat the Bloomberg consensus of a more modest 1.8% decrease. This adds to concerns about global demand as higher interest rates and persistent inflation are eroding purchasing power. The decline in China’s imports by 4.5% was smaller than the 8.0% consensus expectation, but still points to domestic economic problems. As our Teeuwe Mevissen summarizes, there are multiple reasons why China’s economy is struggling and most of them are factors that have been plaguing China’s economy for quite some time. On top of the ongoing weakness in the real estate sector and high levels of debt, regulatory uncertainty and geopolitical tensions are increasingly weighing on China’s weakening recovery.
Euro zone inflation expectations for the next 12 months fell to 4.1% in April from 5.0% in March, according to the ECB’s monthly survey, released yesterday. Expectations three years ahead declined to 2.5% from 2.9%. This could bolster the case of the doves in the Governing Council. However, ECB President Lagarde said on Monday that there is no clear evidence that underlying inflation has peaked and hawkish GC member Knot warned yesterday that the euro area is now observing second round effects from higher energy prices.
US voters think the debt limit deal reflects slightly more favorably on Democrats than on Republicans. According to a Reuters/Ipsos poll published yesterday, 50% of the respondents thought that neither party emerged as a winner and 20% decided that both sides won. However, 20% saw the Democrats as the winners, and only 11% thought the Republicans won. More good news for Biden is that 80% of Democrats liked his performance in the debt limit negotiations. In contrast, House Speaker McCarthy has a more difficult – because divided – audience as only 44% of Republicans approved of how he handled the debt limit. As we discussed in our Debt Limit Wrap Up, this may be the start of a more centrist course from President Biden, leading to more bipartisan legislation.
In fact, the House Republicans have shifted their focus to tax cuts. They are working on a bill to reverse limitations on the deductions companies can claim for interest, research costs and capital expenses from a 2017 law. Democrats may be willing to discuss these tax cuts, especially those related to R&D, but they are likely to demand a restoration of the expanded child tax credits that were in place during the pandemic year 2021 in exchange. The House Republicans could introduce their tax bill as soon as this month. Looking further ahead, Republicans have not indicated yet whether later this year they would go for an extension of the 2017 individual tax cuts that are set to expire at the end of 2025. Biden has already said he wants to extend these tax cuts only for people making less than 400K.
Day Ahead
Today, it is decision day for the Bank of Canada. Our expectation is for the Bank to keep the policy rate unchanged at 4.50%. As our Christian Lawrence summarizes, Canadian macroeconomic data released during May continued to paint a picture of slowing inflation, albeit at a very gradual pace, slowing activity, and low unemployment. We expect to see the labor market to start loosening, but this will likely be very gradual. We also expect the data will continue to support our view that rate cuts are unlikely in Canada over the course of the next year.
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
Biden stupidly drains the SPR for the 10th straight week
(zerohedge)
WTI Extends Gains Above Pre-Saudi-Cut Levels As Biden Drains SPR For 10th Straight Week
WEDNESDAY, JUN 07, 2023 – 10:37 AM
Oil prices are holding overnight gains, back above pre-Saudi-cut levels, as a weaker dollar and stronger China imports data buoyed black gold bulls.
“There are many uncertainties, as usual, when it comes to the oil market, and if I have to pick the most important one it’s China,” International Energy Agency’s executive director Fatih Birol said in an interview with Bloomberg TV on Wednesday.
“Of more than 2 million barrels a day of growth we expect this year in global oil demand, 60% is set to come from China.”
Big builds for products reported by API overnight are not a good sign for demand but there was a modest crude draw.
API
Crude -1.71mm (+1.1mm exp)
Cushing +1.535mm
Gasoline +2.417mm (+200k exp) – biggest build since Feb 2023
Distillates +4.50mm (+1.0mm exp) – biggest build since Dec 2022
DOE
Crude -452k (+1.1mm exp)
Cushing +1.72mm
Gasoline +2.75mm (+200k exp) – biggest build since Feb 2023
Distillates +5.074mm (+1.0mm exp) – biggest build since Dec 2022
The official data confirmed API with a small Crude draw but large product builds…
Source: Bloomberg
For the 10th straight week, the Biden admin drained the SPR (-1.8mm barrels last week to a fresh 40-year low)…
Source: Bloomberg
US Crude Production rose last week to its highest since April 2020 despite US drilling activity is in free-fall and showing no signs of slowing. The number of active oil and gas drilling rigs has fallen by 59 in the last five weeks, after falling another 15 in the week to June 2 – all of which were oil-focused rigs
Source: Bloomberg
WTI was trading around $72.50 ahead of the official data and extended gains after…
Bloomberg Intelligence Senior Oil & Gas Analyst Fernando Valle concludes: Oil prices have risen modestly, but are largely shrugging off Saudi Arabia’s additional 1 million barrel-a-day cut that takes effect in July and an extension of OPEC+’s voluntary reduction through 2024. Saudi Aramco followed by raising its official selling prices across the world, a decisive action to prop up OPEC+ revenue. These moves may not be enough to offset poor demand due to a slowing economy. The Logistics Managers’ Index reached a third-consecutive all-time monthly low in May. Meanwhile, McKinsey data show slowing credit card activity.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
Bank of Canada Ends “Pause” With Unexpected Rate Hike To 4.75%, A 22-Year High
WEDNESDAY, JUN 07, 2023 – 10:15 AM
Two days ago Australia shocked the market when it unexpectedly hiked rates to 4.1%, an 11 year high, and warned of more hikes to come. Today, it was Canada’s turn.
Moments ago the BOC also hiked its overnight rate to 4.75% – the highest rate since 2001 – surprising median consensus which expected the central bank to extend its “pause” and remain unchanged from last month at 4.50%.
The hike was expected by only about one in five economists in a Bloomberg survey, and markets had put the odds at about a coin flip.
The Bank of Canada said that the “overall, excess demand in the economy looks to be more persistent than anticipated,” the bank said in its rate statement, which wasn’t accompanied by a new set of forecasts…. Governing Council decided to increase the policy interest rate, reflecting our view that monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target.” The bank also said that it “will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behaviour are consistent with achieving the inflation target” and added that it “remains resolute in its commitment to restoring price stability for Canadians.”
Some more details from the statement:
Governing Council will continue to assess the dynamics of core inflation and the outlook for CPI inflation. In particular, we will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behaviour are consistent with achieving the inflation target.
Bank continues to expect CPI inflation to ease to around 3% in the summer as lower energy prices feed through and last year’s large price gains fall out of the yearly data.
However, with three-month measures of core inflation running in the 3!4-4% range for several months and excess demand persisting, concerns have increased that CPI inflation could get stuck materially above the 2% target.
The labour market remains tight: higher immigration and participation rates are expanding the supply of workers but new workers have been quickly hired, reflecting continued strong demand for labour. Overall, excess demand in the economy looks to be more persistent than anticipated
Demand for services continued to rebound. In addition, spending on interest-sensitive goods increased and. more recently, housing market activity has picked up.
Since declaring a conditional pause in January, policymakers have warned that further rate increases may be necessary. And while some Canadians are feeling the pinch of steeper borrowing costs, the bank’s move from the sidelines suggests officials are worried that economic momentum won’t slow enough without another hike.
“Monetary policy was not sufficiently restrictive to bring supply and demand into balance and return inflation sustainably to the 2% target,” the bank said, citing an “accumulation of evidence” that includes stronger-than-expected first quarter output growth, an uptick in inflation and a rebound in housing-market activity.
The move follows a surprise 25 basis-point boost Tuesday by the Reserve Bank of Australia.
As Bloomberg reminds us, the Bank of Canada was the first and only Group of Seven central bank to pause its hiking cycle. Now it’s changed its mind, conceding that higher borrowing costs are still required to bring inflation to heel in an economy that’s proving more resilient than anticipated.
Understandably, the central bank also removed the April language about being prepared to raise rates further if needed. Here is a full redline comparison between the two most recent statements:
BoC chief Macklem and his officials pointed to elevated three-month moving measures of underlying price pressures as a key reason for their move. “Concerns have increased that CPI inflation could get stuck materially above the 2% target,” they said.
The statement was light on forward-looking commentary, suggesting policymakers aren’t yet sure whether the move will end up as a fine tuning or the start of another series of increases. Officials said they plan to examine how excess demand, inflation expectations, wage growth and corporate pricing behavior evolve.
In kneejerk response, the loonie rallied: the USDCAD fell from 1.3384 to 1.3320 before paring back to 1.3350…
… while Bonds dropped, pushing the Canada two-year yield to 4.473%, up about 10 basis points, the highest since August 2007.
Finally, we note that rate-hike odds for The Fed are on the rise, as investors reflect on Canada’s inflation/jobs data…
…and note how similar it looks to what The Fed is facing.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0716 UP 0.0017
USA/ YEN 139.37 DOWN 0.152 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2465 UP 0.0035
USA/CAN DOLLAR: 1.3387 DOWN .0012 (CDN DOLLAR UP 12 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 2.42 PTS OR 0.08%
Hang Seng CLOSED UP 152.77 PTS OR 0.80%
AUSTRALIA CLOSED DOWN 0.13% // EUROPEAN BOURSE: MOSTLY GREEN EXCEPT ITALY
Trading from Europe and ASIA
I) EUROPEAN BOURSES MOSTLY GREEN EXCEPT ITALY
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 152.72 PTS OR 0.80%
/SHANGHAI CLOSED UP 2.42 PTS OR 0.08%
AUSTRALIA BOURSE CLOSED DOWN 0.13%
(Nikkei (Japan) CLOSED DOWN 593.04 PTS OR 1.82%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1961.25
silver:$23.58
USA dollar index early WEDNESDAY morning: 103.86 DOWN 12 BASIS POINTS FROM TUESDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(7.1269)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1380)
TURKISH LIRA: 23.18 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.424…VERY DANGEROUS
Your closing 10 yr US bond yield UP 8 in basis points from TUESDAY at 3.776% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.926 UP 2 in basis points ON THE DAY/12.00 PM
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY: 12:00 PM
London: CLOSED DOWN 3,68 points or 0.09%
German Dax : CLOSED DOWN 31.88 PTS OR 0.20%
Paris CAC CLOSED DOWN 6.21 PTS OR 0.09%
Spain IBEX UP 49.00 PTS OR 0.53%
Italian MIB: CLOSED UP 18.83 PTS OR 0.07%
WTI Oil price 71.73 12: EST
Brent Oil: 76.20 12:00 EST
USA /RUSSIAN /// AT: 81.87/ ROUBLE DOWN 0 AND 42//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.449 UP 9 BASIS PTS
UK 10 YR YIELD: 4.2820 UP 7 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0703 UP 0.0005 OR 5 BASIS POINTS
British Pound: 1.2442 UP .0013 or 13 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.299% UP 5 BASIS PTS//RISING FAST
USA dollar vs Japanese Yen: 140.11 UP .583 //YEN DOWN 58 BASIS PTS//
USA dollar vs Canadian dollar: 1.3377 DOWN .0021 CDN dollar, UP 21 basis pts)
West Texas intermediate oil: 72.58
Brent OIL: 76,86
USA 10 yr bond yield UP 9 BASIS pts to 3.790%
USA 30 yr bond yield UP 10 BASIS PTS to 3.947%
USA 2 YR BOND: UP 2 PTS AT 4.549%
USA dollar index: 104.09 UP 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 23.24 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 81.98 DOWN 0 AND 58/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 92.76 PTS OR 0.03%
NASDAQ 100 DOWN 254.81 PTS OR 1.75%
VOLATILITY INDEX: 13.93 DOWN .03 PTS (0.21)%
GLD: $180.15 DOWN 2.19 OR 1.20%
SLV/ $21.52 DOWN 0.13 OR 0.60%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Big-Tech, Bonds, & Bullion Battered As Billionaire Druckenmiller Warns “More Shoes To Drop”
BY TYLER DURDEN
WEDNESDAY, JUN 07, 2023 – 04:00 PM
Another quiet day on the macro side in the US, though Gasoline and Distillates inventory builds hinted at a lack of demand. US mortgage apps fell for the 4th week in a row. Most notably, the US trade gap widened to its largest in six months (as overnight saw China exports collapse).
The Bank of Canada surprised with a 25bps hike (which also pushed Fed rate-hike expectations higher). While expectations remain low for June (32%), that ‘pause’ is expected to be only for a month with July pricing around a 85-90% chance of a 25bps hike by then…
Source: Bloomberg
Nevertheless, it was a violent day across asset-classes, and rightly so as billionaire Stan Druckenmiller told Bloomberg’s Invest Conference that “this is the most complicated non-roadmap, unanalyzable situation I’ve ever seen in terms of having a lot of confidence in an economic prediction going forward… I just don’t see a fat pitch right now.”
He added:
“I think my record is as much knowing not when to play as when to play and because I deal in five or six different asset classes, I’ve had the luxury, if there’s uncertainty in equities, usually that’s a good time for bonds and currencies.
They’re doing crazy things when the world’s blowing up. So there’s a lot of volatility there.”
He was positive on one thing:
“Unlike crypto, I think AI is real… If [AI is] as big as I think it is, Nvidia is something we’re going to want to own for at least two or three years. Not for 10 months,” the founder of Duquesne Family Office said.
“I actually think there is a very very real possibility and could be every bit as impactful as the internet literally going forward. And it could be a beautiful opportunity in a hard landing, just like in 01, 02 were a beautiful opportunity when the tech bubble burst, going forward for companies who have benefited from the internet, AI could be there… My firm has only been able to participate in AI by owning Nvidia and Microsoft”
But – and perhaps reflecting on the recent volatility (and apparently blind buying panic), Druck concluded:
“Our central case is there’s more shoes to drop, particularly in addition to the asset markets economically.”
Here’s the full interview:
And sure enough, today was Nasdaq’s worst day since mid-April (all of a sudden long-duration stocks care about soaring rates). Biggest single-day outperformance of Russell 2000 over Nasdaq since early March 2021, and biggest 4-day outperformance since Nov 2020. The S&P was marginally lower and Dow marginally higher…
The last few days have seen Small Caps up 7% and Nasdaq down 1%…
Some notable 0-DTE action today as Nasdaq options traders attempted to ignite another leg higher…but failed…
Regional bank stocks continued their charge higher…
Goldman noted that ‘soft landing’ narrative is making a comeback as signaled by the very recent break-out of their ‘soft-landing’ basket:
Source: Bloomberg
Which is interesting because Druckenmiller remains steadfast in his view that the US economy will suffer a hard landing, but has pushed his timing off to the end of the year:
“A lot of people – because we haven’t had an economic decline start yet – have changed their forecast from a hard landing to a soft landing, and a lot of others have changed it from soft landing to no landing. I haven’t changed mine at all.
The fact that it hasn’t happened yet doesn’t change the probability if it does happen of the depth of it…
So to me, the probabilities haven’t changed. It’s been pushed out relative to expectations, but in no way does the fact that it hasn’t started yet, change the probability of whether it’s gonna be hard or soft.
I would actually argue since it’s taken so long, the Fed has ended up with a higher terminal rate. And in fact, inflation gets stickier the longer it stays in the system and that it increases, not decreases, the probability of a hard landing…”
One more thing before we move on to the bloodbath in bond-land. It appears – as we noted above – tech stocks are suddenly waking up to the reality of tighter financial conditions…
Source: Bloomberg
Treasuries were clubbed like a baby seal today with the belly underperforming (but all up 10-13bps)…
Source: Bloomberg
The 10Y Yield rose to 3.80% resistance and stalled…
Source: Bloomberg
The dollar roller-coastered today, dumping overnight (and into the US day session) to test the pre-payrolls levels from Friday, before ripping back higher to unchanged…
Source: Bloomberg
The Chinese yuan hit a fresh 2023 low against the dollar…
Source: Bloomberg
The decline in the yuan follows Druckenmiller’s comments:
I was in love with China until about six or seven years ago. You go over there and the energy in Shanghai was like New York on crack. It’s just fantastic energy. The entrepreneurs were exciting, they were into it. And then Xi Jinping did his thing. And if you look at China and the rise of China, I think it all happened.
You had this internal capitalist system. There were a bunch of people that act like crazy New Yorkers building new businesses in a dynamic economy. But he has proved he’s not a capitalist. He’s definitely not a monopolist. There’s only room for one monopolist in China. In his mind, that’s him. Anybody that gets their heads stuck up and I honestly think he either doesn’t understand why China grew and succeeded the way they did, or frankly, he doesn’t care because in terms of staying in power, but I would be looking out 10 or 15 years. I just don’t see it. I, unless there’s a change in power there at the top I think that’s gonna be a very non-dynamic economy. It’s not so much the geopolitical concerns. I will say this, that if I’m right, it makes me more fearful of military action, because that’s when dictators become more dangerous, is when they’ve gotta divert attention from the immediate problem. So what they’re doing now is very stimulative. We’re expecting a sugar high in some kind of robust growth there, maybe for six to nine months.
But looking out, I do not look at them as a big challenge in the United States in terms of economic power and growth.
The Turkish Lira utterly collapsed today to over 23/USD (a new record low)…
Source: Bloomberg
Gold was slammed back lower today, erasing Monday’s gains…
Oil prices extended gains today – after a small crude draw (and another SPR drain) – with WTI back above pre-Saudi-production-cut levels…
Finally, we give the last word back to Stan Druckenmiller who cautioned: “There are definitely lessons to be learned [from the Dot Com bubble]. Don’t get emotional, don’t get crazy.”
We brought this to your attention but it is worth repeating: Two of SanFrancisco’s biggest hotels have defaulted
I stayed in both of them and they are beautiful.
(zerohedge)
San Fran’s CRE Apocalypse: The City’s Two Biggest Hotels Have Defaulted
TUESDAY, JUN 06, 2023 – 11:05 PM
The marxist shit(covered)show that is San Francisco is imploding before our very eyes in ways that are both terrifying, memorable wholly different each and every day.
Of course, it’s not just commercial real estate: residential is just as bad, with home prices in San Fran now tumbling double digits y/y, and just that other liberal disaster, Seattle, seeing home prices plunge faster.
But while we expect the implosion in residential housing prices to accelerate, it’s really CRE where the ticking neutron bomb is to be found, and according to the latest horror story out of San Fran’s commercial real estate market, the owner of two of San Francisco’s biggest hotels — Hilton San Francisco Union Square and Parc 55 — has stopped mortgage payments and plans to give up the two properties.
As the SF Chronicle reports, Park Hotels & Resorts said Monday that it stopped making payments on a $725 million loan due in November, handing over the keys to the property to the creditors and expects the “ultimate removal of these hotels” from its portfolio. The company said it would “work in good faith with the loan’s servicers to determine the most effective path forward.”
“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,” said Thomas Baltimore Jr., CEO of Park Hotels, in a statement which could be applicable to every other liberal-controlled US metropolis.
The 1,921-room Hilton is the city’s largest hotel and the 1,024-room Parc 55 is the fourth-largest, and together they account for around 9% of the city’s hotel stock. The hotels could potentially be taken over by lenders or sold to a new group as part of the foreclosure process, although it is unclear who would want to put even one dollar of equity into property that will more than likely redefault within a few years.
That’s because there is no easy solution to San Fran’s long list of challenges which not only a record high office vacancy of around 30%, but also concerns over street conditions (and the amount of feces covering them), a lower rate of return to office compared with other cities (because woke snowflakes are naturally entitled to work from home of course) and “a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand,” Baltimore Jr., said.
Park Hotels said San Francisco’s convention-driven demand is expected to be 40% lower between 2023 and 2027 compared with the pre-pandemic average.
San Francisco Travel, the city’s convention bureau, expects Moscone Center conventions to account for over 670,000 hotel room nights this year, higher than 2018’s 660,868 room nights but far below 2019’s record-high 967,956. And weaker convention attendance is projected for each following year through 2030.
Park Hotels & Resorts expects to save over $200 million in capital expenditures over the next five years after giving up the hotels, and to issue a special dividend to shareholders of $150 million to $175 million. The company’s exposure will shift away from San Francisco toward the higher-growth Hawaii market (good luck with that).
Parc 55 is a block from Westfield San Francisco Centre (the mall where Nordstrom is also departing), and the block where Banko Brown, an alleged shoplifter, was killed in a shooting outside a Walgreens in April. Nearby blocks are also full of empty storefronts, as tourist and local foot traffic hasn’t fully recovered and probably never will.
END
A ticking timebomb!!
(Mish Shedlock)
Landlords Face A $1.5 Trillion Bill For Interest-Only Commercial Mortgages
Interest-only loans as a share of new commercial mortgage-backed securities issuance increased to 88% in 2021, up from 51% in 2013, according to Trepp…
Share of Interest Only Commercial Mortgage Backed Securities
Interest-only loans as a share of new commercial mortgage-backed securities issuance increased to 88% in 2021, up from 51% in 2013, according to Trepp. Nearly $1.5 trillion in commercial mortgages are coming due over the next three years.
Fitch Ratings recently estimated that 35% of pooled securitized commercial mortgages coming due between April and December 2023 won’t be able to refinance based on current interest rates and the properties’ incomes and values. While many malls and hotels face high default risks, the situation is particularly dire for office owners.
Mark Edelstein, chair of law firm Morrison Foerster’s global real-estate group, said he is seeing more lenders take over office buildings than at any point since the early 1990s.
Oblivious to Risks
Lenders and borrowers had widespread belief in two things, both now proven false.
Interest rates would stay low forever
Property values, already clearly in a bubble, would keep rising forever
Now a $1.5 trillion bill is coming due, with property values, especially office space and some big city hotels, plunging like a rock.
83 Percent on Securitized Office Loans in Trouble
Xiaojing Li, managing director at data company CoStar’s risk analytics team, estimates that as much as 83% of outstanding securitized office loans won’t be able to refinance if interest rates stay at current levels.
The 1,921 Room Hilton Union Square Hotel in San Francisco Was Just Abandoned
Park Hotels & Resorts also walked away on the nearby 1,024-room Parc 55. Park Hotels & Resorts cited the continued debt burden of the two hotels and multiple factors that have made the San Francisco market less desirable.
Well, don’t worry. Lenders who are handed back the keys can recoup their losses if they borrow money and plow it all into Nvdia and Apple with leverage. /sarcasm
Yesterday, Democratic presidential candidate Robert F. Kennedy, Jr. appeared on a Twitter Spaces panel co-hosted by Elon Musk, Tulsi Gabbard, and venture capitalist David Sacks. He spoke for over two hours on a range of issues, including the war in Ukraine, energy policy, gun control, and the origin of SARS-CoV-2. And Kennedy deplored the corporate takeover of the Democratic Party, excoriated President Biden’s pro-war instincts, decried the domination of US foreign policy by neo-cons and promoted renewable energy.
And yet, according to the New York Times and CNN, it was an orgy of right-wing conspiracy theorizing. “Robert F. Kennedy Jr., a scion of one of the country’s most famous Democratic families,” wrote three New York Times reporters, “dived into the full embrace of a host of conservative figures who eagerly promoted his long-shot primary challenge to President Biden….On Monday, he sounded like a candidate far more at ease in the mushrooming Republican presidential contest.”
In pre-Trump America, Kennedy, an anti-war, pro-free speech environmentalist and fierce critic of corporate power, would have been universally regarded as a far-left candidate in the mold of Ralph Nader or his current campaign manager, Dennis Kucinich. He once called for the Koch Brothers to be criminally prosecuted. Kennedy believes that the war in Ukraine is being fueled by “the neo-cons in the White House” who want “regime change with the Russians.” In his campaign announcement speech, he described his mission as ending “the corrupt merger of state and corporate power” that is threatening “to impose a new kind of corporate feudalism in our country.”
But a dizzying political realignment has scrambled all of the traditional categories and left in its wake just two sides: not left and right, but insider and outsider. And no matter the substance of one’s beliefs, to the media, “outsider” means, by default, “right-wing conspiracy theorist.”
On yesterday’s Twitter spaces conversation, the shift was lost on nobody, including Kennedy. “The Democrats slowly became pro-corporate, pro-war, and pro-censorship,” said Kennedy, and “Republicans became anti-censorship, pro-civil liberties, and anti-war. There’s been this tremendous realignment.”
Kennedy’s rising profile ignited a media backlash yesterday that felt almost orchestrated. Kennedy’s “crackpot claims” and “outlandish views” have won him “favor on the right,” Vanity Fair moaned. “Mr. Kennedy has found another benefactor who seems to enjoy deluging the press with excrement: Elon Musk,” snarled The Independent. “Robert F. Kennedy Jr. Spends an Hour Sucking Up to Elon Musk in Twitter Space,” blared a New Republic headline.
Business Insider called the conversation on Twitter “a bizarre Twitter Spaces conversation littered with falsehoods and conspiracy theories” and dismissed Kennedy’s “odd and occasionally incoherent policy positions.” Rolling Stone sneered at his “outlandish and pseudoscientific ideas” and labeled Kennedy a “fringe candidate” with “crank beliefs.” Esquire called him a “raving anti-vaxxer” and lambasted the very idea of having a contested Democratic primary.
But none put it as plainly as The Washington Post. “Robert F. Kennedy Jr. tests the conspiratorial appetite of Democrats,” wrote the Post’s Michael Scherer. Kennedy, Scherer alleged, “campaigns on the idea that powerful people have been working in secret to deceive you.”
The Washington Post may believe that the public’s distrust of the elite is nothing more than a conspiracy theory. But if the last few years have taught us anything, it’s that powerful people have, indeed, been working in secret to deceive us.
Consider how many suspicions that were dismissed as conspiracy theories turned out to be true:
Documents leaked by former NSA contractor Edward Snowden showed that the U.S. government was indeed spying on millions of Americans without a warrant and without their knowledge and that such claims of widespread surveillance were neither paranoid nor conspiracy theories. Obama’s Director of National Intelligence had lied to Congress about NSA surveillance before Snowden revealed the truth.
Jeffrey Epstein may have been running a honeypot blackmail operation with the knowledge of the CIA, whose director visited him frequently, according to his private emails.
The evidence is today overwhelming that President Joe Biden’s son and brother sold access to Joe Biden, when he was Vice President, to foreign investors, including Chinese with close relationships to military intelligence.
The Biden administration and media elites have aggressively pushed for bans and restrictions on natural gas stoves while claiming that those who claimed they were pushing for such bans and restrictions were spreading conspiracy theories.
Emails show former NAID director Anthony Fauci and NIH Director Francis Collins conspired to spread the lie that the Covid lab leak hypothesis had been debunked. In truth, there is a long history of lab leaks in the US and around the world, and scientists had hotly debated whether coronavirus research should occur given the high risk of a leak.
The New York Times wrote that “American intelligence agencies do not believe there is any evidence indicating that” COVID-19 was created as part of a bioweapons program. But Fauci’s NIH funding for gain-of-function research may indeed have originated as a biodefense effort.
…
Calling someone a “conspiracy theorist” is powerful and insidious. It does more than imply that a person is gullible or stupid. It suggests that they suffer from some kind of mental illness, and their opinions are not worth listening to.
Calling someone a conspiracy theorist is an act of delegitimation, just as calling them a racist or climate denier is. The goal is to ostracize and stigmatize, to un-person one’s political adversaries, and to banish their arguments from public discourse instead of refuting them. This is what the media is doing to Robert F. Kennedy, Jr.
…
Kennedy’s zealous support for free speech runs counter to the media’s goal of “combating disinformation” by monitoring and censoring ordinary people online and thereby establishing themselves, once again, as the arbiters of truth and falsehood.
This is another reason the media is so determined to destroy his candidacy.
…
That’s an existential threat to the mainstream media, so outlets like The Washington Post, The New York Times, and CNN are doing everything they can to discredit both the platform and Kennedy’s candidacy. That alone makes both worth fighting to defend.
The case came after Pacific Legal Foundation (PLF), which represented the homeowners in both cases, released a report late last year saying that 12 states and the District of Columbia allow local governments and private investors to seize dramatically more than what is owed from homeowners who fall behind on property tax payments. PLF is a national nonprofit public interest law firm that takes on governmental overreach.
The U.S. Supreme Court released unsigned orders (pdf) on June 5 summarily reversing two rulings of the Supreme Court of Nebraska.
The nation’s highest court did not explain why it was issuing the orders. No justices dissented.
The judgments of the Supreme Court of Nebraska were vacated and the cases remanded to that court “for further consideration in light” of the U.S. Supreme Court’s unanimous ruling in Tyler v. Hennepin County on May 25.
In that decision, the U.S. Supreme Court ruled that a Minnesota county wronged a 94-year-old grandmother when it forced the sale of her condominium over an unpaid tax debt and kept the sale proceeds that far exceeded the tax she owed.
Geraldine Tyler owned a modest one-bedroom condominium in Hennepin County, but after she was harassed and frightened near her home, she moved to a new apartment in a safer neighborhood. The rent on her new apartment stretched her resources and she fell into arrears on her condo’s property tax bills, accumulating about $2,300 in taxes owed, along with $12,700 in penalties, interest, and costs.
The county seized Tyler’s condo, valued at $93,000, and sold it for just $40,000. Instead of keeping the $15,000 it was owed, the county retained the full $40,000, amounting to a windfall of $25,000.
Tyler sued, arguing that the government violated the Takings Clause of the Fifth Amendment by seizing property in excess of the debt. Her lawsuit was rejected by the courts, including the U.S. Court of Appeals for the 8th Circuit, which found that the legal forfeiture of the property extinguished the owner’s property interest.
But the county went too far in keeping the windfall, the U.S. Supreme Court held.
The principle that a government is not allowed to take from a taxpayer more than she owes is based in English law and goes back at least as far as the Magna Carta of 1215. And Supreme Court precedents have long recognized that a taxpayer is entitled to the surplus in excess of the debt owed, the court stated at the time.
“The Takings Clause ‘was designed to bar Government from forcing some people alone to bear public burdens which, in all fairness and justice, should be borne by the public as a whole,’” Chief Justice John Roberts wrote for the court.
“A taxpayer who loses her $40,000 house to the State to fulfill a $15,000 tax debt has made a far greater contribution to the public fisc than she owed.”
On June 5, the U.S. Supreme Court simultaneously granted the petitions of Kevin and Terry Fair and Sandra Nieveen seeking review while skipping over the oral argument phase when the merits of the case would have been considered.
Some lawyers call this process GVR, which stands for grant, vacate, and remand.
Critics say this process is part of the so-called shadow docket, which they say lacks transparency.
In Fair v. Continental Resources (court file 22-160), Kevin and Terry Fair’s $60,000 home was taken by Scotts Bluff County, Nebraska, and Continental Resources for a $5,200 tax debt, according to the Fairs’ petition.
Under the state’s tax foreclosure statute, the county extinguished the couple’s interest in the home by conveying full title to Continental without holding an auction and without any opportunity for the couple to recover their equity.
Karen Kingston is a biotech analyst and former Pfizer employee who understands complicated medical and biological contracts. Kingston warns the mRNA technology in the CV19 bioweapon injections is just the beginning of forcing a transhuman agenda onto an unsuspecting public. If the technology (which is also called a “synthetic pathogen”) in the CV19 bioweapon/vax is not stopped, there would be “no flesh would be saved” as Jesus warned more than 2,000 years ago. In a new Substack post, Kingston contends mRNA technology is a weapon of mass destruction and explains, “When I put that headline up that mRNA technologies, Neuralink or Neural Lace, which is the injectable form of Neuralink, are both weapons of mass destruction and transhumanism, this is to do non-human genetic editing to the human genome as well as to integrate bio-digital technology with humans. Those are not my words. Those are Dr. Robert Malone’s words during a Glenn Beck interview. This is where he said mRNA technologies are a suite of technologies for the purposes of transhumanism. . . . The reason why I say these are weapons of mass destruction is James Clapper, who is a former Lt. General with the U.S. Airforce and served in the intelligence community under President Clinton, stated that the gene editing mRNA technology are weapons of mass destruction. Because once you make permanent changes to the to a species genome, that’s to the extinction of that species. It doesn’t matter if it is plants, animals or human beings themselves.”
Kingston goes on to say, “What we are breaking today is Covid 19 and the Covid 19 injections have a lot of neurological harmful effects. That’s because they are neural weapons as well . . . That’s the breaking news here. These CV19 injections include the Neural Lace technology. . . .Even Covid itself was a nanotechnology attack. It was not a virus. It is this lipid nanoparticulate matter. . . . With Covid, people lost their sense of taste and smell. . . . That is a nervous system attack. So, that would have to be a neuroweapon attack. People also have brain fog and fatigue. These are neurological symptoms of being attacked with a neural weapon. So, not only are the CV19 injections bioweapons, chemical weapons and technology weapons, they are also neural weapons. . . . This is complete experimentation on civilians without informed consent, and what the technologies are and potential outcomes of those technologies is by definition biowarfare. It’s in violation of the Geneva Convention. It’s in violation of the bioweapons convention. It’s in violation of the international code for military justice. It’s in violation of the 5th and 14th Amendments. Pfizer, Moderna and the other manufacturers are very guilty of unleashing weapons of mass destruction on global civilians.”
Kingston also talks about mRNA technology referred to as synthetic biology that dark powers want to put in your food, water and even the air you breathe. Kingston will tell you how to stay clear of this destructive technology, and how to fight it too by taking things like Ivermectin. Kingston also discusses the need for a mass wakeup to the transhuman agenda using synthetic biology and mRNA. Kingston thinks if enough people can wake up and understand what is happening, this is the best way to bring it to a stop.
In closing, Kingston says, “This is really important for people to understand and that is synthetic biology is changing the entire landscape of our world. . . . When they hijack the photosynthesis process of plants, and that is what they are doing, instead of producing oxygen and glucose, the plant is producing these new proteins which are weaponized. We will decrease the oxygen levels of all current biological lifeforms. So, it’s destroying the environment. This is directed evolution and transhumanism. It’s not just a war against humanity, it’s a war against all of God’s creation and all biological lifeforms.”
Maybe this is why Jesus said in Matthew 24:22, “And unless those days were shortened, no flesh would be saved; but for the elect’s sake those days will be shortened.”
There is much more in the 1-hour and 5-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with renowned biotech analyst Karen Kingston as she gives an update on the bioweapon mRNA injections and why this “synthetic biology” needs to be stopped for 6.6.23.
Courageous Discourse™ with Dr. Peter McCullough & John Leake
Researchers at the University of California, Davis, have just published a study that looked at the environmental impacts of lab-cultured meat, and they have determined that based on current production methods, the global warming potential (GWP) of lab-cultured beef would be approximately 25% greater than conventional beef cows raised on farms. The study also concluded that the “fossil fuel depletion” of lab-cultured beef is “approximately 3 to 17 times greater” than producing boneless beef. This contradicts the reasoning behind those rushing to bring a lab-cultured meat product to market, who are claiming that massive production of lab-grown meat would have a more positive impact on the environment than raising beef cattle. There are currently no lab-cultured meats on the market, because the production costs are still too expensive to scale it for public consumption, and this appears to be the first study conducted to look at the environmental impacts of mass-producing red meat in a laboratory. One of the major problems so far with culturing meat in a laboratory, is that the growth mediums used to culture the meat produce endotoxins, which means pharmaceutical products are needed to reduce these endotoxins and purify the lab-grown “meat.” This has led one of the researchers at UC Davis to ask what exactly is being produced in the lab with these cultured meats: “Is it a pharmaceutical product or a food product?”Read More…NYT Admits that the U.S. is Spending $Billions in Ukraine War to Support NazisJune 6, 2023 4:25 pm
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