GOLD PRICE CLOSED: UP $20.45 TO $1963.60
SILVER PRICE CLOSED: UP $0.63 AT $24.24
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1965.40
Silver ACCESS CLOSE: 24.28
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Bitcoin morning price:, $26,472 UP 86 Dollars
Bitcoin: afternoon price: $26,554 UP 168 dollars
Platinum price closing $1015.10 DOWN $7.80
Palladium price; $1360.10 DOWN $36.20
END
Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading
I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS
CANADIAN GOLD: $2,624.67 UP 29.75 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1564.90 UP 2.52 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1823.09 UP 8.02 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
CONTRACT: JUNE 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,942.700000000 USD
INTENT DATE: 06/07/2023 DELIVERY DATE: 06/09/2023
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 10
190 H BMO CAPITAL 6
323 C HSBC 480 1
323 H HSBC 112
363 H WELLS FARGO SEC 32
435 H SCOTIA CAPITAL 27
661 C JP MORGAN 211
661 H JP MORGAN 16
690 C ABN AMRO 5 11
709 C BARCLAYS 3
737 C ADVANTAGE 3
880 H CITIGROUP 104
905 C ADM 3
TOTAL: 512
JPMorgan stopped 227/512 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 512 NOTICES FOR 51,200 OZ or 1.5925 TONNES
total notices so far: 17,731 contracts for 1,773,100 oz (55.150 tonnes)
FOR JUNE:
SILVER NOTICES: 0 NOTICE(S) FILED FOR nil OZ/
total number of notices filed so far this month : 421 for 2,105,000 oz
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END
GLD
WITH GOLD UP $20.45
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////A WITHDRAWAL OF 3.46 TONNES OF GOLD OUT OF THE GLD//
INVENTORY RESTS AT 934,65 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER UP 63 CENTS AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT 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 1379 CONTRACTS TO 139,250 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.17 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY(nobody “bought” the raid). TAS ISSUANCE WAS A HUMONGOUS SIZED 3193 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER 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 WEDNESDAY NIGHT: A MONSTER SIZED 3193 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.17). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUMONGOUS GAIN ON OUR TWO EXCHANGES OF 2269 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 2.5 MILLION OZ.). WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG WITH MANIPULATION NOW MID MONTH AND BEYOND, DUE TO (TAS) MANIPULATION.
WE MUST HAVE HAD:
A HUGE SIZED ISSUANCE OF EXCHANGE FOR PHYSICALS( 890 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP + 2.5 MILLION OZ EXCHANGE FOR RISK(ISSUED PRIOR)// TOTAL STANDING FOR THE MONTH 4.76 MILLION OZ ) // HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI) HUMONGOUS NUMBER OF T.A.S. CONTRACT INITIATION (3193 CONTRACTS)//HUGE T.A.S LIQUIDATION THROUGHOUT THE COMEX SESSION //
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A HUGE 779 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 6 days, total 2498 contracts: OR 12.490 MILLION OZ . (416 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: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 12.490 MILLION OZ//
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1379 CONTRACTS DESPITE OUR FALL IN PRICE OF $0.17 IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 890 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 E.F.P. JUMP+ 2.5 MILLION EXCHANGE FOR RISK(PRIOR)//NEW TOTAL STANDING: 6.76 MILLION OZ////// .. WE HAVE A GIGANTIC SIZED GAIN OF 2269 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS 3193//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY SESSION. THE NEW TAS ISSUANCE TODAY WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 0 NOTICE(S) FILED TODAY FOR nil OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 526 CONTRACTS TO 435,775 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 – A HUGE 991 CONTRACTS
WE HAD A SMALL SIZED DECREASE IN COMEX OI ( 526 CONTRACTS) DESPITE OUR $22.10 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JUNE. AT 70.79 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S .1150 TONNE E.F.P JUMP TO LONDON.: NEW TOTAL 62.992 TONNES STANDING SO FAR // + /A HUMONGOUS ISSUANCE OF 2081 T.A.S. CONTRACTS/CONSIDERABLE FRONT END OF TAS LIQUIDATION WEDNESDAY ////YET ALL OF..THIS HAPPENED WITH A $22.15 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A SMALL SIZED GAIN OF 175 OI CONTRACTS (0.5443 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 701 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,775
IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 175 CONTRACTS WITH 526 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A HUGE 2081 CONTRACTS) AND 701 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 175 CONTRACTS OR 0.5443 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (701 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (526) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 175 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR JUNE AT 70.79 TONNES FOLLOWED BY TODAY’S 3,700 OZ E.F.P. JUMP TO LONDON//// NEW STANDING RISES TO 62.992 TONNES// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUMONGOUS T.A.S. ISSUANCE: 2081 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: 12,105 CONTRACTS OR 1,210,500 OZ OR 37,65 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 2017 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 37.65 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 37.65/3550 x 100% TONNES 1.070% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 37.65 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 1379 CONTRACTS OI TO 139,250 AND CLOSER TO 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 890 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 890 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 890 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 1379 CONTRACTS AND ADD TO THE 890 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2269 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 11.345 MILLION OZ
OCCURRED DESPITE OUR $0.17 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED UP 15.83 PTS OR 0.49% //Hang Seng CLOSED UP 47.18 PTS OR 0.25% /The Nikkei closed DOWN 272.47 OR 0.85% //Australia’s all ordinaries CLOSED DOWN 0.30 % /Chinese yuan (ONSHORE) closed DOWN 7.1293 /OFFSHORE CHINESE YUAN DOWN TO 7.1399 /Oil UP TO 73.14 dollars per barrel for WTI and BRENT UP AT 77.54 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 526 CONTRACTS UP TO 435,775 DESPITE OUR LOSS IN PRICE OF $22.15 ON WEDNESDAY,(SEEMS NOBODY BOUGHT THE RAID)
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 701 EFP CONTRACTS WERE ISSUED: : AUGUST 701 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 701 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 175 CONTRACTS IN THAT 701 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 526 COMEX CONTRACTS..AND THIS SMALL SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $22.15. 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 WEDNESDAY WAS A GIGANTIC 2081 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)//THIS SPELLS TROUBLE AHEAD AS ANOTHER RAID WILL SURELY BE UPON US!
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (62.992) ( NON ACTIVE MONTH)
TONNES),
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY: 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.541 tonnes
(TOTAL YEAR 656.076 TONNES)
2003:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 62.992 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $22.15) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR SMALL SIZED GAIN OF 175 CONTRACTS ON OUR TWO EXCHANGES. WE HAD MAJOR TAS LIQUIDATION THROUGHOUT THE COMEX SESSION . THE TAS ISSUED WEDNESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 0.5443 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 3700 OZ EFP JUMP TO LONDON..NEW STANDING REMAINS AT 62.992 TONNES // ALL OF THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $22.15
WE HAD – REMOVED 991 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 175 CONTRACTS OR 175 OZ OR 0.5443 TONNES.
Estimated gold volume today:// 188,290 poor
final gold volumes/yesterday 196,679 poor
//JUNE 8/ FOR THE JUNE 2023 CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | nil . nil |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 512 notice(s) 51200 OZ 1.5925 TONNES |
| No of oz to be served (notices) | 2531 contracts 253,100 oz 7.8413 TONNES |
| Total monthly oz gold served (contracts) so far this month | 17,731 notices 1,773,100 OZ 55.150 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
No dealer withdrawals
Customer deposits: 0
total deposits: nil oz
Withdrawals: 0
total nil oz
Adjustments; 4
dealer to customer:
a)101.56 oz HSBC
b) 675.171 oz JPMorgan
c) 96.453 oz (Loomis)
ii) customer to dealer Ashai: 48,157.530 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 3033 contracts having LOST 139 contracts. We had 102 contracts served on Wednesday so we lost 37 contracts or an additional 3700 oz will not stand for gold at the comex. as these guys were EFP’d over to London where they will exercise these contracts on the T + 2 basis and take delivery over there.
The next front month after June is the non active delivery month of July. Here, July lost 19 contracts to stand at 2894 contracts.
AUGUST lost 906 contracts down to 370,767 contracts
We had 512 contracts filed for today representing 51,200 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 227 contract(s) of which 16 notices were stopped (received) by j.P. Morgan dealer and 211 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 (17,731 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (3033 CONTRACT) minus the number of notices served upon today 512 x 100 oz per contract equals 2,025,200 OZ OR 62.992 TONNES the number of TONNES standing in this active month of June. (CME data corrected)
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (17,731) x 100 oz + (xxx) [OI for the front month minus the number of notices served upon today (512)x 100 oz} which equals 2,025,200 oz standing OR 62.992 TONNES
TOTAL COMEX GOLD STANDING: 62.992 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 o
total pledged gold: 2,055,343.117 OZ 63.92 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,920,988.777 OZ
TOTAL REGISTERED GOLD: 11,720,465.695 (364.555 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 11,200,523,102 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,665,122 OZ (REG GOLD- PLEDGED GOLD) 300.625 tonnes//
END
SILVER/COMEX
JUNE 8//2023// THE JUNE 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 728,782.560 oz Brinks CNT Delaware HSBC . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | nil oz |
| No of oz served today (contracts) | 0 CONTRACT(S) (nil 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 0 customer deposit
Total deposits: nil oz
JPMorgan has a total silver weight: 141.367 million oz/271.772 million =52.02% of comex .//dropping fast
Comex withdrawals 4
i) Out of CNT 20,031.120oz
ii) Out of Delaware 2,000.00 oz
iii) Out of HSBC: 600,268.48 oz
iv) Out of Brinks 106,482.960 oz
total withdrawals: 728,782.560 oz
adjustments: 1 dealer to customer JPMorgan:
4,782.400 oz
TOTAL REGISTERED SILVER: 27.117 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 271.772 million oz
DEALER SILVER DROPPING FAST. (moves into the 27 million oz column)
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE /2023 OI: 431 CONTRACTS HAVING LOST 17 CONTRACT(S).
WE HAD 0 NOTICES FILED ON WEDNESDAY SO WE LOST 17 CONTRACTS OR AN ADDITIONAL 85,000 OZ WILL NOT STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE AS THEY WERE E.F.P. d TO LONDON WHERE THEY WILL STAND FOR DELIVERY OVER THERE ON A T + 2 BASIS
JULY HAD A 4048 CONTRACT LOSS TO 91,449 CONTRACTS
AUGUST GAINED 1 CONTRACTS TO STAND AT 6
SEPT HAS A GAIN OF 5434 CONTRACTS UP TO 36,619
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 88,221 strong /
Comex volume: confirmed yesterday:87,513 strong
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(431) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2023 contract month: 421 (notices served so far) x 5000 oz + OI for the front month of JUNE (431) – number of notices served upon today (0 )x 500 oz of silver standing for the JUNE contract month equates to 4.260 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 8/WITH GOLD UP $20.45 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.46 TONNES FROM THE GLD///INVENTORY RESTS AT 934.65 TONNES
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: 934.65 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
JUNE 8/WITH SILVER UP $0.63 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 467.819 MILLION OZ/
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
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
By Pam Martens and Russ Martens: June 8, 2023
New York today!
Yesterday, news headlines blared that New York City had the worst air quality in the world, as an eerie brownish-orange haze enveloped the city and Long Island. Photographs that looked more like scenes from a sci- fi movie popped up all over Twitter. Daytime took on a nighttime quality as streetlights automatically flipped on.
Outdoor activities of all kinds were cancelled: the New York Yankees and Philadelphia Phillies cancelled their home games that had been scheduled for Wednesday; schools banned outdoor activities on playgrounds; millions of Americans living in the Northeast United States were cautioned to remain indoors.
The Governor of New York State, Kathy Hochul, announced she was distributing one million N95 masks – a flashback to the hellish life of New Yorkers in 2020 and 2021 as the COVID-19 pandemic engulfed the city and the overflowing bodies of COVID victims had to be stored in refrigerator trucks.
The deep, dangerous haze on Wednesday, which is still present this morning, is coming from wildfires in Canada. According to Governor Hochul, a normal Air Quality Index (AQI) is 50, but yesterday Brooklyn recorded an AQI of 413 while Queens recorded an AQI of 407 – more than twice the readings of some of the most polluted cities in the world.
New Yorkers were not the only people to be impacted. By noon, Bethlehem, Pennsylvania recorded an AQI of 410. Health officials up and down the East Coast warned residents that there were fine particulates in the air that could cause serious respiratory problems for those venturing outdoors.
New York State officials issued a notice, warning that fine particulates “can cause short- term health effects such as irritation to the eyes, nose, and throat, coughing, sneezing, runny nose, and shortness of breath.” The statement also cautioned that “Exposure to elevated levels of fine particulate matter can also worsen medical conditions such as asthma and heart disease….”
The Associated Press published detailed advice on “How to stay healthy as smoke spreads from Canada wildfires.” The syndicated advice was carried by the Long Island newspaper, Newsday. It included this:
“When inside, keep doors, windows and fireplaces shut so that smoke stays out. If you have a portable air purifier or HVAC system, run it to help keep the air clean, the Environmental Protection Agency recommends. Check that your filters are high quality and up to date. Make sure any filters or air conditioners are set to recirculate indoor air to avoid bringing in smoke from outside. If you have a window air conditioner, check that it’s sealed to the window as tightly as possible. And try to avoid activities that would add more particles to the air in your home — like smoking, burning candles or frying meat.”
Another danger not mentioned by the media yesterday is that Americans are increasingly becoming desensitized to surreal weather events at the same time that fossil fuel money is pouring into Congressional races and putting more and more climate-change deniers on key Committees in Congress to bully regulators in hearings and obstruct the passage of legislation. (See our report: A Fossil Fuels Giant Has Been Raising the Election Chances of Extreme-Right Candidates — Using a Dangerous High-Tech Weapon.)
Many of these Congressional proponents of a hands-off approach by government to the fossil fuel industry, share the same hands-off view for crypto currencies – raising our suspicions that the two may be linked. To get your head around that idea, just remember that crypto begins with so-called “mining” that drives up demand for fossil fuels. This is how Senator Elizabeth Warren described this crypto “mining” at a Senate hearing in June of 2021:
“Finally, there are the environmental costs of crypto. Many cryptocurrencies are created through ‘proof-of-work’ mining. It involves using computers to solve useless mathematical puzzles in exchange for newly minted cryptocurrency tokens. Such mining has devastating consequences for the climate. Some crypto mining is set up near coal plants, spewing out filth in return for a chance to harvest a few crypto coins. Total energy consumption is staggering, driving up demand for energy. If, for example, Bitcoin — just one of the cryptocurrencies — were a country, it would already be the 33rd largest energy user in the world — using more energy yearly than all of the Netherlands.
“And all those promised benefits – the currency that would be available at no cost to millions of unbanked families and that would provide a haven from the tricks and traps of big banks – well, those benefits haven’t materialized.”
What has materialized, however, are massive crypto frauds which also have a surreal, dystopian quality. (See also: Former New York Fed Pres Bill Dudley Calls This the First Banking Crisis Since 2008; Charts Show It’s the Third.)
Those members of Congress who have pushed this laissez faire attitude are getting a personal lesson in climate change this morning. The Washington Post reports the following conditions in Washington, D.C. and surrounding area:
“Residents in the Washington and Baltimore regions are awakening to their worst air quality in years. EPA air quality monitors are reporting widespread Code Red and Code Purple conditions, signifying unhealthy conditions for most people and especially those with respiratory concerns. Toward Baltimore, some monitors are reading Code Maroon, signifying hazardous ‘emergency’ conditions, unhealthy for everyone.”
END
3,Chris Powell of GATA provides to us very important physical commentaries
This is official gold reserves. It is believed that China has accumulated close to 50,000 tonnes from 1984 to today.
(Bloomberg)
China’s gold binge extends to seventh month as reserves climb
Submitted by admin on Wed, 2023-06-07 09:57Section: Daily Dispatches
By Sybilla Gross
Bloomberg News
Wednesday, June 7, 2023
China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks.
China raised its gold holdings by about 16 tons in May, according to data from the People’s Bank of China on Wednesday. Total stockpiles now sit at about 2,092 tons, after adding a total of 144 tons from November through last month.
Central banks bought a record volume of gold last year as nations stockpiled the precious metal amid rising geopolitical uncertainty and stubborn global inflation. While buying fell steeply in the first quarter of this year, according to the World Gold Council, gold-watchers expect purchases to remain robust.
About a quarter of central banks intend to increase their holdings over the next 12 months amid increasing pessimism toward the future role of the U.S. dollar, according to a survey published by the council in May. …
… For the remainder of the report:
end
4, OTHER IMPORTANT GOLD COMMENTARIES/
END
5 a. IMPORTANT COMMENTARIES ON COMMODITIES: CORN
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL
6.CRYPTOCURRENCY COMMENTARIES/
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1293
OFFSHORE YUAN: 7.1399
SHANGHAI CLOSED UP 15.83 PTS OR 0.49%
HANG SENG CLOSED UP 47.18 PTS OR 0.25%
2. Nikkei closed DOWN 272.47 PTS OR 0.35%
3. Europe stocks SO FAR: MOSTLY GREEN
USA dollar INDEX DOWN TO 103.76 EURO RISES TO 1.0736 UP 29 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.434 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.67 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE YUAN: DOWN// OFF- SHORE:DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.4570***/Italian 10 Yr bond yield RISES to 4.255*** /SPAIN 10 YR BOND YIELD RISES TO 3.460…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 3.71
3j Gold at $1946.60 silver at: 23.73 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 13 /100 roubles/dollar; ROUBLE AT 82.12//
3m oil into the 73 dollar handle for WTI and 77 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 139.67 10 YEAR YIELD AFTER BREAKING .54%, RISES TO .434% 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 0.9087 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9756 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: 3.805 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 3.963 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.561 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 23.36…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.326 UP 7 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Unchanged After Another Boring Overnight Session
THURSDAY, JUN 08, 2023 – 08:06 AM
For the third day in a row, futures have gone nowhere in the overnight session, and are flat as a pancake with yields also barely changed and holding on to their sharp move higher from the previous day when they surged 14bps; the USD was down, commodities are mixed with oil outperforming again, and crypto and gold staged a modest rebound. At 8:00am ET, emini S&P futures were unchanged at 4,275 while Nasdaq futs were just fractionally in the green after the index yesterday posted its worst decline since April; concern that central banks will keep driving interest rates higher sent tech stocks in Europe to one of the worst performances among industries, with ASML Holding NV as the biggest drag on the Stoxx 600.
In premarket trading, GameStop plunged 18% after firing its chief executive and reporting sales that fell short of estimates. Manchester United is set to extend gains, after rising as much as 5.6% in premarket trading, as Qatar’s Sheikh Jassim submitted his fifth takeover offer for Premier League team. Here are some other notable premarket movers:
- Smartsheet shares fell as much as 18% in premarket trading, after the software company reported its first-quarter results and gave an outlook. Analysts noted a weaker-than-expected billings forecast as a potential point of concern. If losses hold, Smartsheet will be set for its biggest fall since Sept. 3, 2020.
- HashiCorp falls 23% after the infrastructure software company cut its full-year revenue forecast. Despite the beats in the first quarter, analysts were focused on the reduced guidance for FY24, with Piper Sandler saying it raises questions on sales execution issues.
- Rent the Runway shares fall as much as 11% in premarket trading after the clothing rental company gave a weaker-than-expected second-quarter sales outlook, hurt by a reduction in promotions to attract subscribers. The firm confirmed full-year guidance but stressed that its target hinges on a sales recovery in the second half, making the stock a “show-me story” amid macro uncertainties, according to Wells Fargo.
- Semtech shares soar as much as 29% in premarket trading after the semiconductor and internet-of-things company eked out positive 1Q earnings thanks to cost controls. Outgoing CEO Mohan Maheswaran said during a conference call that core operations probably have found a bottom in the previous quarter, with 2Q set for an improvement. Analysts say a strategy update by the new CEO Paul Pickle could serve as a key catalyst for the stock.
- Trip.com shares advance over 4% in premarket trading after the online travel agent reported first-quarter revenue that beat estimates. Analysts said the results were solid, noting that revenue was above pre-pandemic levels.
- Privia Health and eXp World Holdings (EXPI US) jumped in postmarket trading after S&P Dow Jones Indices said they would replace Heska and Ruth’s Hospitality Group in the S&P SmallCap 600 Index.
- Signet Jewelers tumbles 9% after slashing its fiscal year projections for sales and profit, citing slowing trends, including a softer-than-expected Mother’s Day.
- Torrid Holdings slumps 11% after cutting its full-year projections for net sales and adjusted Ebitda. Telsey Advisory Group downgrades the apparel retailer to market perform from outperform, also citing weaker-than-expected sales and gross margin in the fiscal first quarter.
- Clothing company Oxford Industries tumbles 7% postmarket after the owner of the Tommy Bahama brand cut its profit and sales guidance for the full year
Yesterday, Russell 2000 was the clear standout as the +RTY/-NDX had another 3-sigma move (as discussed here), retracing the move since May 10.
Technology stocks, the most rate sensitive of all equities, have been feeling the pinch as investors consider the possibility that the Fed isn’t finished with its own tightening. Two major central banks this week — the Bank of Canada and the Reserve Bank of Australia — unexpectedly raised rates to bring inflation under control. Sure enough, the US yield curve reacted to the surprise Bank of Canada rate hike; the hike comes after skipping 2 meetings. The bond market is pricing ~80% chance of a 25bps hike by the July 26 meeting. Yields on two-year US Treasuries are hovering near 4.5%, the highest since March, although well below the 5.07% seen before banking turmoil gripped markets back then.
“The key thing to remember is that the fight against inflation isn’t over,” Helen Jewell, EMEA deputy CIO of BlackRock Fundamental Equities, said in an interview with Bloomberg Television. “We’re seeing the stickiness in inflation and concerns coming through from a rate hike perspective.”
Megacap tech companies have powered the S&P 500 to the brink of a bull market, before rate worries prompted Wednesday’s pullback. Policy decisions are due from the Fed and the ECB next week, with the Fed signaling it may pause rate hikes in June before resuming them later. The big question facing markets right now is whether the Fed decides to raise rates next Wednesday or holds after 10 straight increases, Deutsche Bank AG strategists including Jim Reid wrote in a note. Traders have boosted wagers on Fed rate increases, with swaps close to pricing in a quarter-point hike for the July meeting.
“While we still expect the Fed to skip the June meeting, this week’s policy decision which expressed more concern over persistent inflation risks makes us more wary,” said Lee Hardman, a strategist at MUFG Bank. “The hawkish policy updates from the RBA and BOC have injected fresh upward momentum into global yields.”
European tech stocks underperformed on concerns over the potential for central banks to keep raising interest rates. Stoxx 600 is steady with autos and banks outperforming. FTSE MIB outperforms peers, adding 0.7%; FTSE 100 lags, dropping 0.2%. Here are the most notable movers today:
- Evotec jumps as much as 9.1% after the German biotech was upgraded to buy by Citi, which also hiked its price target on the stock, calling it the “Tesla of biologics manufacturing”
- Orsted jumps as much as 6.3% as the lack of need for additional equity provides relief for the stock, according to Citi. The firm said late Wednesday it’s on track to outperform previous financial targets
- Wizz Air gains as much as 5.4% in London after the low-cost airline forecast net income for FY24 that exceeded estimates, with analysts saying the outlook outweighs the weaker FY23 figures
- Europe’s Stoxx 600 basic resources and energy subsectors led gains in the broader benchmark on Thursday as iron ore rises for a seventh day, on signs of Chinese government efforts to revive the economy
- Lottomatica gains as much as 5.1% after the gambling company was initiated with buy-equivalent ratings at six brokers, following its May 3 IPO. Analysts note the company’s leading position in Italy
- Clarkson rises as much as 5.9% after J.P. Morgan analyst Sam Bland raised the recommendation on the shipping company to overweight from neutral saying it’s heading in the right direction
- FirstGroup shares soar as much as 21% after the British transport company reported full-year revenue that beat estimates. Analysts noted the strength in the company’s bus margins
- RWS Holdings shares jump as much as 13% after the patent translations company gave a half-year update and said that it expects to see growth accelerate in the second half of the year
- Just Eat Takeaway shares drop as much as 3.7%, the worst performer in the Stoxx 600 Technology Index, after Bryan Garnier cut its rating to sell amid declines in market share and customer orders
- SBB falls as much as 12% after the beleaguered Swedish landlord saw its credit rating downgraded in two steps to BB- from BB+ by S&P Global Rating, pulling it deeper into junk territory
Earlier in the session, Asian shares ticked lower as investors boost bets that the Federal Reserve may continue to raise interest rates and keep them at elevated levels for longer, while the yen strengthened after data showing Japan’s economy grew faster than expected in the first quarter. The MSCI Asia Pacific Index dropped as much as 0.8%, dragged by info tech and communication services shares. Tech stocks including TSMC, Tencent and Samsung Electronics were among the biggest contributors to the gauge’s decline. Most markets in the region traded lower with Taiwan being the worst performer. Benchmarks in the region dropped for a second day after the Bank of Canada unexpectedly resumed hiking its rates, stoking concerns for a further tightening by the Federal Reserve. The move comes after a surprising hike earlier in the week by Australia’s central bank. Meanwhile, Chinese equities in Hong Kong snapped a four-day winning streak following disappointing export data. This has raised hopes for more stimulus measures from the government.
- Hang Seng and Shanghai Comp. were lacklustre amid the ongoing growth concerns surrounding the world’s second-largest economy although the losses stemmed after China’s Big 4 banks reduced their deposit rates following calls from the government to help bolster the economy.
- Nikkei 225 was initially choppy but eventually retreated firmly beneath the 32,000 level despite the stronger-than-expected upward revisions to Japan’s Q1 GDP.
- ASX 200 traded rangebound as gains in the commodity-related sectors were offset by underperformance in property and tech, while softer trade data from Australia added to the non-committal mood.
“If there are pressures that are too negative in the domestic economy, I really believe the government will come in with support measures but in a much more, I would say, delicate way” than what was seen earlier, Virginie Maisonneuve, global chief investment officer for equities at Allianz Global Investors, said in an interview with Bloomberg Television. Investors are also awaiting data on foreign buying of Japanese stocks due later this afternoon, given the recent market strength in the world’s third-largest economy
In FX, the Bloomberg dollar spot index fell 0.2%. SEK and CHF are the weakest performers in G-10 FX, NZD and AUD outperform. The Turkish lira continued its merry disintegration.
In rates, Treasuries are slightly cheaper across the curve. US yields cheaper by 1bp-2bp across the curve with 7-year sector underperforming, widening 5s7s10s fly by 1.5bp on the day; 10- year yields around 3.81%, cheaper by 1.5bp on the day with gilts underperforming by 3bp in the sector. Gilts underperform bunds and Treasuries, and lead core European rates lower with 30-year UK cheaper by more than 5bp on the day, while euro money markets cement bets on a 25bp ECB rate hike next week. US session includes weekly jobless claims data.
In commodities, WTI trades within Wednesday’s range, falling 0.4% to near $72.21. Spot gold rises roughly $8 to trade near $1,948/oz
To the day ahead now, it’s an incredibly quiet one on the calendar, with one of the few highlights being the US weekly initial jobless claims.
Market Snapshot
- S&P 500 futures little changed at 4,277.50
- MXAP down 0.3% to 163.31
- MXAPJ little changed at 516.75
- Nikkei down 0.9% to 31,641.27
- Topix down 0.7% to 2,191.50
- Hang Seng Index up 0.2% to 19,299.18
- Shanghai Composite up 0.5% to 3,213.59
- Sensex little changed at 63,141.77
- Australia S&P/ASX 200 down 0.3% to 7,099.66
- Kospi down 0.2% to 2,610.85
- STOXX Europe 600 little changed at 461.00
- German 10Y yield little changed at 2.45%
- Euro up 0.2% to $1.0718
- Brent Futures little changed at $76.97/bbl
- Gold spot up 0.4% to $1,947.72
- U.S. Dollar Index down 0.18% to 103.91
Top Overnight News
- US futures slipped and Treasuries held their sharp move from the previous session, after a surprise Bank of Canada rate increase led traders to reassess the risks from stubborn inflation.
- Global bonds are slumping after two shock interest-rate hikes this week served traders a reality check that central banks are far from done fighting inflation.
- After dominating bonds and equities investing for years, BlackRock Inc. is looking to become a one- stop destination for clients in private markets, a more lucrative area of finance.
- Most Europeans consider China a key economic partner despite seeing limits to the relationship, according to a survey that comes as the bloc tries to find a safe way to engage with Beijing.
- China’s economic recovery showed further signs of weakening in May, clouding the outlook for the rest of the year and fueling calls for more central bank stimulus.
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks were mostly subdued following the mixed handover from Wall St where tech underperformed as global yields climbed after the surprise BoC rate hike. ASX 200 traded rangebound as gains in the commodity-related sectors were offset by underperformance in property and tech, while softer trade data from Australia added to the non-committal mood. Nikkei 225 was initially choppy but eventually retreated firmly beneath the 32,000 level despite the stronger-than-expected upward revisions to Japan’s Q1 GDP. Hang Seng and Shanghai Comp. were lacklustre amid the ongoing growth concerns surrounding the world’s second- largest economy although the losses stemmed after China’s Big 4 banks reduced their deposit rates following calls from the government to help bolster the economy.
Top Asian News
- China National Financial Regulation Administration head Li said they will continue to support Shanghai as a financial centre and that China’s economy is continuing its recovery, while the domestic economy is showing resilience and dynamism. Li added that they will step up support for high-tech sectors and comprehensively improve financial regulation, as well as improve private firms’ financing environment, according to Reuters.
- China securities regulator chairman said they will support technology innovation in a more precise and effective manner, while they will further promote long-term capital to invest in equities and promote product innovation to support bond, equity and M&A financing, according to Reuters.
- RBI kept the key Repo Rate unchanged at 6.50%, as expected, with the decision on rates made unanimously and it also maintained the policy stance of remaining focused on the withdrawal of accommodation through a 5-1 vote. RBI Governor Das said the path ahead is now somewhat clearer and uncertainty on the horizon is comparatively less, while he added the MPC will remain vigilant on the evolving situation and growth outlook. Das also said they will take further action promptly and headline inflation is still above target and that being within the tolerance band is not enough.
European bourses are mixed/flat with newsflow limited and the region alongside broader assets largely struggling for direction into a sparse docket. Sectors are mixed overall; Basic Resources outperform as metals lift slightly and on a Rio Tinto upgrade while Tech and Healthcare names lag. Stateside, futures paint a similar picture but feature incremental underperformance in the NQ and outperformance in RTY which continues its recent strength amid a rotation into small caps. Tesla (TSLA) is asking several Chinese supply chain companies to build factories in Mexico to replicate a Giga Shanghai and its supply chain system there, according to a report cited by CnEVPost. Meta (META) voluntary child protection appears not to work, according to EU’s Bretton via a Reuters exclusive; calls on CEO to explain and take immediate action.
Top European News
- US President Biden vetoed the lawmaker resolution against his student loan plan, according to Reuters.
- US federal prosecutors notified former President Trump that he is a target of a special counsel investigation over classified documents, according to ABC citing sources.
FX
- Dollar drifts ahead of US jobless claims, as DXY fades above 104.000 within 104.070-103.810 range.
- Aussie and Kiwi derive most from the latest Buck downturn, with AUD/USD and NZD/USD elevated above 0.6650 and around 0.6050 respectively.
- Loonie straddles 1.3350 vs Greenback post-BoC hike and pre-commentary from Beaudry before Canadian jobs on Friday.
- Euro and Yen firmer against Dollar around 1.0700 and 140.00 handles, but wary of very large option expiries nearby.
- Lira continues to collapse with no respite insight this side of 23.5000 vs Dollar.
- PBoC set USD/CNY mid-point at 7.1280 vs exp. 7.1282 (prev. 7.1196)
- PBoC Vice Governor said they have confidence, conditions and the capacity to maintain stable operations of the FX market, while the FX market, yuan market expectations and cross-border capital flows are relatively stable. Furthermore, the official stated as the Fed nears the end of its rate hike cycle, USD strength is hardly sustainable and the external impact on the yuan is expected to weaken, according to Reuters.
Fixed Income
- Debt still waning and after hawkish Central Bank turns, Bunds regained some poise after dipping below 133.00, but bounce curtailed bang on 133.50.
- Gilts lag within 95.94-61 range and T-note mostly sub-par between 113-07+/112-30 bounds pre-US jobless claims and Quarterly Refunding announcement.
- Orders for the new 4yr BTP Valore retail bond reach EUR 15bln since the commencement of the offer.
Commodities
- Crude benchmarks have spent the morning choppy but within particularly narrow parameters of sub-USD 1.00/bbl with specific newsflow exceptionally light and markets generally quiet ahead of US IJC during Fed blackout.
- Specifically, WTI and Brent are holding at the lower end of USD 72.07-72.88/bbl and USD 76.44-77.29/bbl parameters which themselves are well within the ranges of yesterday and by extension the more pronounced movement of last week.
- Spot gold is firmer but remains capped by the USD 1950/oz level with the 10-DMA just above at USD 1954/oz. To the downside, the sessions trough dipped just below the 100-DMA at USD 1940/oz; the current low is USD 1939/oz.
- Base metals are more of the same, with the main benchmarks rangebound and around familiar levels and following suit to the broader risk tone.
Crypto
- Bitcoin is essentially unchanged, in very narrow parameters and moving in-situ with broader asset classes in very quiet newsflow.
- G20 emerging nations are reportedly concerned that widespread use of stablecoins could threaten their monetary policy and as such are after stricter regulation, via CoinDesk citing officials.
Geopolitics
- Taiwan Defence Ministry said 37 Chinese aircraft entered Taiwan’s air defence zone starting Thursday morning and some of the aircraft flew into the western Pacific, while Taiwan sent an aircraft to keep watch, according to Reuters.
- IAEA’s Gross intends to rotate inspectors at the Zaporizhzhia nuclear plant next week, plans need to be agreed with Ukraine and Russia.
US Event Calendar
- 08:30: May Continuing Claims, est. 1.8m, prior 1.8m
- 08:30: June Initial Jobless Claims, est. 235,000, prior 232,000
- 10:00: April Wholesale Trade Sales MoM, est. 0.9%, prior -2.1%
- 10:00: April Wholesale Inventories MoM, est. -0.2%, prior -0.2%
- 12:00: 1Q US Household Change in Net Worth, prior $2.93t
DB’s Jim Reid concludes the overnight wrap
With less than a week to go until the Fed’s next decision, yesterday offered another hawkish surprise for markets after the Bank of Canada delivered an unexpected 25bp rate hike. Now that might be just one central bank, but it comes on the back of a similar surprise hike from the Reserve Bank of Australia the previous day, so investors are starting to see a pattern emerging here and there was a significant bond selloff as a result. The latest developments have also run against the prevailing narrative that central banks are on the verge of pausing their rate hikes, particularly given Canada was one of the first to formally signal a pause back in January. The big question now is whether the Fed might follow up with a hike of their own next Wednesday, or whether they’ll finally keep rates on hold after 10 consecutive increases.
When it came to the Bank of Canada, they announced they were taking their overnight rate up to a post-2001 high of 4.75%, and their statement said that that “excess demand in the economy looks to be more persistent than anticipated”. In light of this, they wrote that “concerns have increased that CPI inflation could get stuck materially above the 2% target”, and they said they were hiking since “monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target.” Looking forward, they didn’t provide too much of a steer on future policy, but markets then moved to price in a further hike in July as the most likely outcome.
That surprise rate hike sparked a big selloff among sovereign bonds. Unsurprisingly, Canada was at the epicentre of this, and their 10yr government bond yield was up +16.3bps on the day to their highest level since early March. That was echoed among US Treasuries, where the 10yr yield (+13.5bps) rose to 3.80%, and the 2yr yield (+7.8bps) hit a post-SVB high of 4.56%. There was a strong rise in real yields too, with the 2yr real yield (+9.2bps) closing at a post-GFC high yesterday of 2.49%, and the 10yr real yield (+11.7bps) closing at a post-SVB high of 1.59%. So it’s clear that investors are pricing in the prospect of higher rates for longer.
When it comes to next week’s Fed decision, it’s hard to get a firm steer on things given that officials are now in their blackout period ahead of the meeting. Nevertheless, the decision from the Bank of Canada meant that futures moved to price in a 35% chance of a hike, up from 19% as of close on Tuesday. At the same time, investors also grew more sceptical that the Fed would end up cutting rates this year at all, with the rate priced in by the December meeting up to a post-SVB high at 5.03%. Bear in mind that after the Fed’s last meeting in May, that rate expected in December was priced at 4.18%. So in just over a month, we’ve had around 85bps of expected cuts for this year taken out of market pricing.
This selloff was evident in Europe as well, with yields on 10yr bunds (+8.3bps), OATs (+9.4bps) and BTPs (+15.1bps) all moving higher. That came as ECB speakers continued to signal another rate hike next week. For instance, Isabel Schnabel of the Executive Board said that “we have more ground to cover” in an interview with De Tijd that was conducted last week but released yesterday. Along these lines, Ireland’s Makhlouf said that “more work is needed from monetary policy in the short run” and the Netherlands’ Knot said that he was “not yet convinced that the current tightening is sufficient”. All this meant markets priced in more rate hikes over the rest of the year, with the rate priced in for the December meeting up +4.0bps on the day.
This backdrop meant that equities struggled, and the S&P 500 (-0.38%) saw a pullback that took it further away from bull market territory. For once, tech stocks actually underperformed, and the NASDAQ (-1.29%) came off its one-year high from the previous day, whilst the FANG+ index (-2.91%) saw even larger declines. On the other hand, energy stocks were the biggest outperformer, having been aided by a rebound in commodity prices over recent days. Indeed, Brent Crude closed up +0.87% to $76.95/bbl, marking its highest level in 8 trading sessions. Otherwise in Europe it was much the same story, and the STOXX 600 (-0.19%) posted a small decline.
Broadly speaking, this pattern has continued overnight in Asia, with some fresh momentum after data revisions showed that Japan’s Q1 GDP growth was faster than initially thought. Specifically, growth was revised up to an annualised rate of +2.7%, which was above the initial +1.6% estimate, as well as economists’ expectations of a +1.9% reading. That’s meant that bonds have continued to lose ground across the region, and yields on 10yr Australian (+15.0bps) and New Zealand (+12.1bps) government debt have seen some strong increases this morning. The major equity indices have experienced losses too, with the Nikkei (-0.96%), the KOSPI (-0.64%), the Hang Seng (-0.39%) and the Shanghai Comp (-0.12%) all falling back. The main exception is the CSI 300 (+0.09%) which has posted modest gains. Looking forward, US and European equities futures are pointing towards more losses today as well, with those on the S&P 500 currently down -0.18%.
There was little in the way of economic data yesterday. German industrial production saw a small rebound in April (+0.3% mom vs +0.6% expected) but with the March decline revised upward (from -3.4% to -2.1%). The OECD published their latest economic outlook, with a view that global growth would come in at 2.7% this year, before picking up slightly to 2.9% in 2024.
To the day ahead now, it’s an incredibly quiet one on the calendar, with one of the few highlights being the US weekly initial jobless claims.
.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
Contained trade in limited newsflow, IJC due – Newsquawk US Market Open
THURSDAY, JUN 08, 2023 – 06:17 AM
- European bourses & US futures are mixed flat with updates limited in quiet newsflow
- DXY continues to pullback below 104.00 with G10s firmer across the board and activity-FX outperforming
- Core benchmarks continue to pullback but are off session lows with USTs contained pre-IJC & refunding
- Commodities are similarly contained, with crude and key metals in thin ranges and following the wider risk tone
- Looking ahead, highlights include US IJC, SNB’s Jordan & BoC’s Beaudry.
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EUROPEAN TRADE
EQUITIES
- European bourses are mixed/flat with newsflow limited and the region alongside broader assets largely struggling for direction into a sparse docket.
- Sectors are mixed overall; Basic Resources outperform as metals lift slightly and on a Rio Tinto upgrade while Tech and Healthcare names lag.
- Stateside, futures paint a similar picture but feature incremental underperformance in the NQ and outperformance in RTY which continues its recent strength amid a rotation into small caps.
- Tesla (TSLA) is asking several Chinese supply chain companies to build factories in Mexico to replicate a Giga Shanghai and its supply chain system there, according to a report cited by CnEVPost.
- Meta (META) voluntary child protection appears not to work, according to EU’s Bretton via a Reuters exclusive; calls on CEO to explain and take immediate action.
- Click here and here for a recap of the main European updates.
- Click here for more detail.
FX
- Dollar drifts ahead of US jobless claims, as DXY fades above 104.000 within 104.070-103.810 range.
- Aussie and Kiwi derive most from the latest Buck downturn, with AUD/USD and NZD/USD elevated above 0.6650 and around 0.6050 respectively.
- Loonie straddles 1.3350 vs Greenback post-BoC hike and pre-commentary from Beaudry before Canadian jobs on Friday.
- Euro and Yen firmer against Dollar around 1.0700 and 140.00 handles, but wary of very large option expiries nearby.
- Lira continues to collapse with no respite insight this side of 23.5000 vs Dollar.
- PBoC set USD/CNY mid-point at 7.1280 vs exp. 7.1282 (prev. 7.1196)
- PBoC Vice Governor said they have confidence, conditions and the capacity to maintain stable operations of the FX market, while the FX market, yuan market expectations and cross-border capital flows are relatively stable. Furthermore, the official stated as the Fed nears the end of its rate hike cycle, USD strength is hardly sustainable and the external impact on the yuan is expected to weaken, according to Reuters.
- Click here for notable OpEx for the NY Cut.
- Click here for more detail.
FIXED INCOME
- Debt still waning and after hawkish Central Bank turns, Bunds regained some poise after dipping below 133.00, but bounce curtailed bang on 133.50.
- Gilts lag within 95.94-61 range and T-note mostly sub-par between 113-07+/112-30 bounds pre-US jobless claims and Quarterly Refunding announcement.
- Orders for the new 4yr BTP Valore retail bond reach EUR 15bln since the commencement of the offer.
- Click here for more detail.
COMMODITIES
- Crude benchmarks have spent the morning choppy but within particularly narrow parameters of sub-USD 1.00/bbl with specific newsflow exceptionally light and markets generally quiet ahead of US IJC during Fed blackout.
- Specifically, WTI and Brent are holding at the lower end of USD 72.07-72.88/bbl and USD 76.44-77.29/bbl parameters which themselves are well within the ranges of yesterday and by extension the more pronounced movement of last week.
- Spot gold is firmer but remains capped by the USD 1950/oz level with the 10-DMA just above at USD 1954/oz. To the downside, the sessions trough dipped just below the 100-DMA at USD 1940/oz; the current low is USD 1939/oz.
- Base metals are more of the same, with the main benchmarks rangebound and around familiar levels and following suit to the broader risk tone.
- Click here for more detail.
CRYPTO
- Bitcoin is essentially unchanged, in very narrow parameters and moving in-situ with broader asset classes in very quiet newsflow.
- G20 emerging nations are reportedly concerned that widespread use of stablecoins could threaten their monetary policy and as such are after stricter regulation, via CoinDesk citing officials.
NOTABLE EUROPEAN HEADLINES
- UK wage growth accelerated in the UK last month despite the cooling labour market in which the median wage cited in UK job adverts rose by 7.2% Y/Y, according to a report in FT citing a cross-country wage tracker published by Indeed.
DATA RECAP
- UK RICS Housing Survey (May) -30 vs. Exp. -38 (Prev. -39.0)
- EU GDP Revised QQ (Q1) -0.1% vs. Exp. 0.0% (Prev. 0.1%); YY (Q1) 1.0% vs. Exp. 1.2% (Prev. 1.3%)
NOTABLE US HEADLINES
- US President Biden vetoed the lawmaker resolution against his student loan plan, according to Reuters.
- US federal prosecutors notified former President Trump that he is a target of a special counsel investigation over classified documents, according to ABC citing sources.
- Click here for the US Early Morning Note.
GEOPOLITICS
- Taiwan Defence Ministry said 37 Chinese aircraft entered Taiwan’s air defence zone starting Thursday morning and some of the aircraft flew into the western Pacific, while Taiwan sent an aircraft to keep watch, according to Reuters.
- IAEA’s Gross intends to rotate inspectors at the Zaporizhzhia nuclear plant next week, plans need to be agreed with Ukraine and Russia.
APAC TRADE
- APAC stocks were mostly subdued following the mixed handover from Wall St where tech underperformed as global yields climbed after the surprise BoC rate hike.
- ASX 200 traded rangebound as gains in the commodity-related sectors were offset by underperformance in property and tech, while softer trade data from Australia added to the non-committal mood.
- Nikkei 225 was initially choppy but eventually retreated firmly beneath the 32,000 level despite the stronger-than-expected upward revisions to Japan’s Q1 GDP.
- Hang Seng and Shanghai Comp. were lacklustre amid the ongoing growth concerns surrounding the world’s second-largest economy although the losses stemmed after China’s Big 4 banks reduced their deposit rates following calls from the government to help bolster the economy.
NOTABLE ASIA-PAC HEADLINES
- China National Financial Regulation Administration head Li said they will continue to support Shanghai as a financial centre and that China’s economy is continuing its recovery, while the domestic economy is showing resilience and dynamism. Li added that they will step up support for high-tech sectors and comprehensively improve financial regulation, as well as improve private firms’ financing environment, according to Reuters.
- China securities regulator chairman said they will support technology innovation in a more precise and effective manner, while they will further promote long-term capital to invest in equities and promote product innovation to support bond, equity and M&A financing, according to Reuters.
- RBI kept the key Repo Rate unchanged at 6.50%, as expected, with the decision on rates made unanimously and it also maintained the policy stance of remaining focused on the withdrawal of accommodation through a 5-1 vote. RBI Governor Das said the path ahead is now somewhat clearer and uncertainty on the horizon is comparatively less, while he added the MPC will remain vigilant on the evolving situation and growth outlook. Das also said they will take further action promptly and headline inflation is still above target and that being within the tolerance band is not enough.
DATA RECAP
- Japanese GDP QQ (Q1 F) 0.7% vs. Exp. 0.5% (Prev. 0.4%); Annualised (Q1 F) 2.7% vs. Exp. 1.9% (Prev. 1.6%)
- Australian Trade Balance (AUD) (Apr) 11.2B vs. Exp. 14.0B (Prev. 15.3B)
- Australian Exports MM (Apr) -5.0% (Prev. 4.0%); Imports MM (Apr) 2.0% (Prev. 2.0%)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED UP 15.83 PTS OR 0.49% //Hang Seng CLOSED UP 47.18 PTS OR 0.25% /The Nikkei closed DOWN 272.47 OR 0.85% //Australia’s all ordinaries CLOSED DOWN 0.30 % /Chinese yuan (ONSHORE) closed DOWN 7.1293 /OFFSHORE CHINESE YUAN DOWN TO 7.1399 /Oil UP TO 73.14 dollars per barrel for WTI and BRENT UP AT 77.54 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA/
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
EUROPE
Germany is the culprit here as Europe enters its recession. When you go from a low cost input country to a high cost problems are bound to happen. Europe records its second straight -.1% drop in GDP.
(zerohedge)
Europe Enters Recession After Data Revisions Paint Far Gloomier Economic Picture
THURSDAY, JUN 08, 2023 – 09:25 AM
The US may have avoided a technical recession so far, but Europe’s run has just ran out: according to the latest data revisions by European statistics agency Eurostat, the euro zone economy was in a technical recession in the first three months of 2023, after downward revisions of growth in both the first quarter and the final quarter of 2022.
Gross domestic product for the 20-country euro zone fell by 0.1% in the first quarter compared with the fourth of 2022 and was 1.0% up from a year earlier, Eurostat said in a statement. This was the second consecutive 0.1% decline (after the Q4 2022 GDP print was also cut to -0.1% from a previous reading of zero) and the first six-month contraction since the Covid-19 pandemic lockdowns as a technical recession was confirmed.
The revised numbers were below the flash estimates of 0.1% and 1.3% published on May 16; economists had forecast on average respectively zero and 1.2% expansion.
The euro area’s first-quarter weakness was down to a drop in government and household spending, with inventories making a negative contributions and trade supporting output.
The culprit, as so often happens in Europe, was Germany: according to Reuters the revision was principally due to a downward revised 2nd estimate from Germany’s statistics office showing that the euro zone’s largest economy was in recession in early 2023. Meanwhile, the contraction in Ireland’s economy widened to 4.6% from a preliminary estimate of 2.7%, although this negative was due to the impact of large multinationals on growth there (as a reminder, much of Irish GDP is a function of how much tax evasion giant corporations can get away with; apparently they got away with less then originally expected).
Along with Germany and Ireland, GDP also declined quarter-on-quarter in Greece, Lithuania, Malta and the Netherlands.
The sneaky downward revision continues a trend observed first under the Biden administration of releasing laughably stronger than expected initial economic prints, then quietly revising them (much) lower a few months later when nobody cares. A recession had been expected towards the end of last year as the euro zone wrestled with high energy and food prices and as a post-pandemic spending boom faded, but initial estimates had suggested the region had avoided this. Apparently not.
Capital Economics said the outlook for the euro zone economy was poor, with a contraction likely again in the second quarter as the impact of higher interest rates fed through.
S&P Global Market Intelligence said it forecast a pick-up in the second quarter, led by the service sector, followed by a subsequent slowdown and a risk of a new recession in late 2023, or early 2024, as tighter financial conditions took effect. In other words, we may get a modest rebound… and then a double dip.
Despite injecting billions of euros into the economy over this period (mostly in the form of energy price subsidies), policymakers will likely be disappointed that they still failed to avoid a ‘technical’ recession… so the lesson is – even more subsidies next time…. especially since a double dip recession now appears inevitable after a modest rebound in Q2 and/or Q3.
Bloomberg’s Maeva Cousin notes that: “This revision doesn’t affect the overall picture: the economy is weak, but not crashing. We expect growth to resume from 2Q23, but stay subdued through 2023, as headwinds from tighter financing conditions and faltering global demand keep a lid on activity.”
That was evident in the lack of movement in the Euro, or in market-implied rate-change expectations, with another hike expected next with the terminal rate expected in July.
And this comes as Lagarde warned earlier in the week that there are no signs that inflation has peaked yet.
end
IRELAND/USA
Another sign of a crumbling economy
(zerohedge)
CRE Warning Sign: Goldman Might Sell Ireland’s Largest Mall At Loss
THURSDAY, JUN 08, 2023 – 04:15 AM
The latest warning sign the commercial real estate market is sliding into a downturn is news from Bloomberg that Goldman Sachs is trying to unload Ireland’s largest shopping mall for a loss after acquiring it two years ago.
Bloomberg said a source had explained Goldman is asking €650 million ($695 million) for the Blanchardstown Shopping Centre in west Dublin. The property was acquired from Blackstone Group LP in the second half of 2020 for €750.
The person said Goldman had discussions with CBRE and Eastdil Secured about a potential sale of the giant mall that contains 180 retail units and is anchored by several large tenants.
And why Goldman thought purchasing a shopping mall, nevertheless the largest one in Ireland, was a good idea, considering the rise of e-commerce, is beyond our comprehension.
The Irish CRE market has shown signs of a slowdown this year, with a significant reduction in investment volumes as high-interest rates make it challenging for properties to refinance or pull lines of credit.
Across the Atlantic, first-quarter CRE prices in the US slid for the first time since 2011, according to data last month from Moody’s Analytics.
And Goldman Sachs chief credit strategist Lotfi Karoui recently told clients “the most accurate portrayal of current market conditions” is data via the Green Street Commercial Property Price Index, which suggests trouble ahead:
That said, at the current juncture, they likely provide the most accurate portrayal of current market conditions with Green Street indicating a 25% year-over-year drop in office property values and a 21% drop in apartment property values.
Buy low and sell high, something Goldman isn’t going to do with Ireland’s largest shopping mall. Yet another sign CRE markets are likely peaked and turned down.
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
UKRAINE/RUSSIA
It begins: Ukraine’s counteroffensive has now begun and it is reported that there is intensified fighting
(zerohedge)
Ukraine’s Military Says Counteroffensive Has Begun, Intensified Fighting Confirmed
THURSDAY, JUN 08, 2023 – 10:00 AM
The Washington Post is reporting Thursday that Ukraine’s forces have finally launched their long-awaited counteroffensive, based on speaking with four Ukrainian soldiers and officers.
The servicemembers said this “crucial phase” in the war has now begun with fresh, intensified attacks in the southeast, coming also as severe flooding from the Kakhovka dam explosion continues to unfold. David Ignatius is calling it Ukraine’s “D-Day” – but it’s too early to tell if any actual gains have been made and sustained, amid the usual conflicting battlefield claims. Russia’s military has said it is crushing the Ukrainian campaign.
The stated aims of the major offensive are to restore lost territory back to Ukraine and to ensure Western support stays strong and consistent, after prior months of doubts quietly voiced among some backers
Separately, some prominent Russian commentators and war observers have also said in the past days all evidence points to the counteroffensive having begun:
Igor Strelkov, a senior army veteran and former officer of Russia’s security service, said Thursday that it was clear Ukraine’s counteroffensive had begun. Strelkov played a key role in Russia’s annexation of Crimea in 2014, and later the war in Donbas.
“Perhaps, we can now reliably say that the offensive of the Armed Forces of Ukraine began 5-6 days ago,” wrote Strelkov on Telegram, providing analysis of troop movements at different hot spots along the front line.
“At the moment — after a day of continuous fighting, it is indirectly known about minor penetrations, but there are no breakthroughs,” he added, speaking of Ukraine’s forces.
But he did say that Russia would need to bolster its forces by up to 300,000 troops in the east and south in order to effectively launch counter-attacks.
Ukrainian leadership continues touting that it will “get back what’s ours” – in the recent words of the country’s chief military officer, Gen. Valerii Zaluzhnyi. President Volodymyr Zelensky is additionally telling Western press and officials that “we strongly believe that we will succeed.”
Previously on Monday, the Russian Defense Ministry (MoD) declared an initial attempt by Ukraine to kick-start its counteroffensive had failed.
The MoD said at the time that Ukraine began a “large-scale offensive” in mounting attacks along five sections of the frontlines in the eastern Donbas region. The Monday statement described Moscow forces had thwarted the major attack and that some 250 Ukrainian troops were killed, which included Ukraine sending six mechanized and two tank battalions to Russian-controlled southern Donetsk.
Over the weekend, Ukrainian officials were urging silence ahead of the start of the counteroffensive, but this week saw multiple reports saying it has begun…
“On the morning of June 4, the enemy launched a large-scale offensive in five sectors of the front in the South Donetsk direction,” the MoD statement said. “The enemy has failed to reach its goals and was unsuccessful.”
The very next day saw the explosion and destruction of the Nova Kakhovka dam.
Currently, the MoD has continued to emphasize it is beating back Ukraine’s attempt at a counteroffensive…
According to Russian state media:
“The enemy was detected by reconnaissance forces in a timely manner, with preventive strikes launched by artillery, aviation and anti-tank weapons,” Shoigu said, adding that Ukrainian forces had been stopped in their tracks on all four directions and “retreated with heavy losses.”
And more:
SHOIGU: FOUR UKRAINIAN ATTACKS WERE HALTED, ENEMY WITHDREW ‘WITH MAJOR LOSSES’ – IFX
developing…
END
Russia blames the Ukraine for bombing an ammonia plant:
(zerohedge)
Russia Blames Ukraine For Ammonia Pipeline Sabotage, Civilians Injured
WEDNESDAY, JUN 07, 2023 – 08:40 PM
Moscow has accused Ukraine of blowing up the Tolyatti-Odesa pipeline in a new act of “sabotage” targeting vital Russian infrastructure. It is the longest ammonia pipeline in the world, at some 2,500km, and Russia utilizes it to export the industrial chemical, which is a core component of fertilizer, among other products.
A Wednesday statement by the Russian Defense Ministry said “A Ukrainian sabotage and reconnaissance group blew up the Tolyatti-Odesa ammonia pipeline” outside the village of Masyutovka in the northeastern Kharkiv region of Ukraine.
The sabotage reportedly occurred Monday evening, with photos and footage subsequently appearing on social media which show a chemical leak and thick, white haze of smoke leaking from the pipeline.
The defense ministry cited injuries from the dangerous chemical leak:
“As a result of this terrorist act, there are victims among the civilian population. They received the necessary medical care,” the MoD said.
Ukrainian officials have acknowledged the damaged pipeline, but have instead put the blame on Russia, alleging its forces shelled it.
The Russian statement added: “Currently, the ammonia remnants are being drained through the damaged pipeline sections from Ukrainian territory. There are no casualties among Russian army personnel.”
According to a Dept of Labor OSHA fact sheet, “Ammonia is considered a high health hazard because it is corrosive to the skin, eyes, and lungs. Exposure to 300 parts per million (ppm) is immediately dangerous to life and health. Ammonia is also flammable at concentrations of approximately 15% to 28% by volume in air.”
Additionally, “When mixed with lubricating oils, its flammable concentration range is increased. It can explode if released in an enclosed space with a source of ignition present, or if a vessel containing anhydrous ammonia is exposed to fire. Fortunately, ammonia has a low odor threshold (20 ppm), so most people will seek relief at much lower concentrations.”
Toxic gas clouds….
Currently all eyes are on the bigger disaster unfolding in southern Ukraine and also greatly impacting Crimea – the Tuesday explosion and breach of the Kakhovka dam on the Dnipro River. Like with other major incidents throughout the war, both sides are blaming the other – but tellingly, the Biden administration has in this case been reluctant to quickly cast blame on Russia, given it would have no incentive to blow up the very dam it was occupying and overseeing, and which supplies water to Crimea.
END
ISRAEL/IRAN
Israel responds to the Iranian claim of achieving hypersonic missiles
(zerohedge)
Israel Responds To Iranian Claim Of Achieving Hypersonic Missiles
WEDNESDAY, JUN 07, 2023 – 10:00 PM
Israeli Defense Minister Yoav Gallant has responded to reports that Iran has achieved an ‘invincible’ weapon, namely Tehran’s first hypersonic missile, called the ‘Fattah’. He stressed that Israel can stop any threat coming from Iran, and that the Israeli military will always retain the technology edge.
“I hear our enemies boasting about weapons they are developing. To any such development, we have an even better response – whether it be on land, in the air, or in the maritime arena, including both defensive and offensive means,” Gallant told journalists at a northern military base on Tuesday.
“We will know how to protect the citizens of Israel, and how to strike our enemies with a crushing blow if, God forbid, they start a war against us,” he said in a video statement.
Iran on Tuesday claimed it has joined the club of those very few nations which have hypersonic weapons in their arsenal. Currently, it’s believed only Russia, China, and the United States possess them.
Iranian President Ebrahim Raisi attended the unveiling ceremony, wherein he touted “Today we feel that the deterrent power has been formed.” He said: “This power is an anchor of lasting security and peace for the regional countries.”
While much of the world has been focused on the crisis of the war in Ukraine, Israel has been raising the alarm over what it says is a steadily advancing Iranian nuclear program. Israel has even been running emergency preparedness drills simulating major attack by Iran and its regional allies like Hezbollah.
According to The Times of Israel:
On Sunday night, the high-level security cabinet convened at the military’s main operational command bunker in Tel Aviv to simulate political decision-making during a potential multifront war.
While the drill and the cabinet meeting were pre-planned, they came during escalated tensions over Iran’s nuclear program and Israeli warnings that a broad conflict could break out over the issue.
Both sides are meanwhile presenting their ‘readiness’ actions as defensive in nature.
Revolutionary Guard aerospace program commander Gen. Amir-Ali Hajizadeh said Tuesday that the Fattah hypersonic missiles possesses a range of up to 870 miles and that “there exists no system that can rival or counter this missile” – as it can also reach speeds of up to Mach 15, according to Iran’s claims.
However, there’s yet to be independent confirmation that Iran has actually achieved a hypersonic weapon that its ready to be deployed. But there is consensus that the Islamic Republic’s ballistic missiles program has long been sophisticated and advanced.
end
6.Global Issues//COVID ISSUES/VACCINE ISSUES/
GLOBAL ISSUES//MEDICAL ISSUES
GLOBAL ISSUES//GENERAL
END
VACCINE/COVID ISSUES
Dr. Peter McCullough on Jamie Foxx and the Shocking Potential Role of Spike Protein
BY THE WELLNESS COMPANY
Dr. Peter McCullough is not only America’s leading cardiologist but he is also our nation’s leading COVID-19 expert and one of the most outspoken critics of the risks of the experimental COVID-19 vaccines.
Now Dr. McCullough is speaking out after the news of a severe medical event that has left famed actor Jamie Foxx in serious condition.
On May 30, celebrated New York gossip columnist, A.J. Benza, told Dr. Drew that—according to a hospital informant—Jamie Foxx suffered a stroke after being compelled to receive the COVID-19 shot in order to remain on the cast of Back in Action.
Jamie Foxx is not only a much-loved public figure, he was also, at the age of 55, in excellent physical condition just prior to being rushed to the hospital.
About a year ago, Mr. Foxx told Dr. McCullough that he had profound misgivings about the COVID-19 vaccine.
Dr. McCullough wrote this week about his conversations with Foxx about the vaccine and about his concern for Foxx’s future,
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.
Spike protein is an issue whether you are vaccinated or not, but if you are vaccinated then spike protein is an even more concerning issue.
From Dr. McCullough:
“Far and away the most common question I get from those who took one of the COVID-19 vaccines is: “how do I get this out of my body.” The mRNA and adenoviral DNA products were rolled out with no idea on how or when the body would ever breakdown the genetic code. The synthetic mRNA carried on lipid nanoparticles appears to be resistant to breakdown by human ribonucleases by design so the product would be long-lasting and produce the protein product of interest for a considerable time period… it is a big problem when the protein is the pathogenic SARS-CoV-2 Spike.”
According to McCullough, the best-known defense against spike protein is a daily dose of over-the-counter nattokinase:
“Nattokinase is an enzyme is produced by fermenting soybeans with bacteria Bacillus subtilis var. natto and has been available as an oral supplement. It degrades fibrinogen, factor VII, cytokines, and factor VIII and has been studied for its cardiovascular benefits. Out of all the available therapies I have used in my practice and among all the proposed detoxification agents, I believe nattokinase and related peptides hold the greatest promise for patients at this time.”
If you or someone you love would like to try nattokinase, The Wellness Company’s “Spike Support Formula” contains nattokinase plus other extracts and is designed by Dr. Peter McCullough and his team.
In The Wellness Company’s Spike Support Formula you will find:
- Nattokinase(enzyme shown to dissolve spike protein)
- Selenium (aids in helping the body repair itself and recover)
- Dandelion root (may prevent spike protein from binding to cells)
- Black sativa extract (may facilitate cellular repair)
- Green tea extract (provides added defenses at the cellular level through scavenging for free radicals)
- Irish sea moss (could help rebuild damaged tissue and muscle)
Here is Dr. McCullough discussing how nattokinase works in attacking the dangerous spike protein:
People are saying about The Wellness Company’s Spike Support Formula:
“I saw Dr. McCullough talk about the product and decided to give it a try. A month and a half later, I feel sooo much better. I also have recommended the product to family members to help them detox from the painful side effects of the vaccine.”
“I feel like I have had brain fog for the past 18 months and after taking this supplement noticed the fog lifting finally. I plan to buy more for myself and now a friend suffering from heart issues.”
“I am grateful for the Wellness Company and for you coming out with this spike protein vitamins. I am a big believer in natural healing and not pharmaceutical drugs. Thank you for doing what is right and for speaking truth in a world that is so dark.”
According to the Wellness Company, purchasing all the components of the Spike Support Formula would be over $100 – you can save 36% with the unique formulation in The Wellness Company’s Spike Support Formula.
Click here to order the Spike Support Formula today!
END
Nurse Injured By COVID-19 Vaccine Heading To Trial Against Former Employer
WEDNESDAY, JUN 07, 2023 – 10:20 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
A nurse diagnosed with a COVID-19 vaccine injury is headed to trial in a case against her former employer.
Danielle Baker, 43, is trying to compel Ohio’s Hospice Inc. to pay worker’s compensation for her COVID-19 vaccine injury, suffered after she went to get vaccinated in June 2021 because she believed the company would mandate vaccination.
A state officer rejected the claim, finding that Baker did not show her injury came “in the course of and arising out of her employment” because Ohio’s Hospice had not yet mandated vaccination. The Ohio Industrial Commission refused to hear the appeal.
But a judge intervened in May, scheduling a trial date that sets up the possibility a jury could side with the nurse.
“It was a win,” Baker told The Epoch Times’ sister media NTD, recounting when she learned of the development. “I cried. We’ve been fighting this for a while.”
Baker hopes to receive a large award based on lost wages and medical bills.
New Developments
Baker said she knew Ohio’s Hospice would eventually mandate vaccination for employment—it did so in August 2021—and she did not want to lose her job, so she went to get Pfizer’s shot.
Baker quickly began experiencing symptoms such as severe back pain and went to the hospital. She eventually suffered loss of feeling in her extremities and was diagnosed with transverse myelitis, or spinal cord inflammation. Multiple doctors have assessed that the condition was caused by the vaccine.
Ohio’s Hospice Inc., which did not respond to requests for comment, has said in court filings that Baker’s complaint was barred by statutes of limitations and that she has failed to “declare an injurious event that occurred at work and/or a diagnosis for any such event that occurred at work.”
Ohio Attorney General Dave Yost, a Republican, has also opposed the legal action, arguing no valid claim has been offered.
But Miami County Common Pleas Judge Jeannine Pratt disagreed, at least for now. The judge has scheduled a trial that would start on Jan. 31, 2024, if the case is not thrown out or settled.
Baker said she is not inclined to accept a settlement.
“Unless they give something that I can’t refuse I plan on taking it all the way,” Baker told NTD.
James Gardner, a lawyer representing the nurse, said via email that “most cases are resolved, but the diverse positions taken by the parties in this case might make settlement difficult.”
Nurse for 20 Years
Baker was a nurse for 20 years, primarily working in hospice care. She worked for 17 years at Ohio’s Hospice.
After suffering the vaccine injury, she went on short-term disability, which eventually turned into long-term disability.
Ohio’s Hospice ultimately said that there were no reasonable accommodations that could be made, so Baker was let go, though she was deemed eligible to rejoin the company at a later date.
Baker has continued receiving disability payments as she’s unable to work because of her symptoms.
Read more here…
DR PANDA:
DR PAUL ALEXANDER
COVID pandemic, the entire pandemic, from virus to vaccine, all of it, 100% of it, was a hoax, a fraud, Trump was right INITIALLY, a lie of biblical proportions inflicted upon humanity & they
stole 3 years of our lives & killed us by their restrictive polices where we could not get hospital care (all beds set to COVID ONLY) & their lockdown lunacy & the vaccine harms, & medical management
| DR. PAUL ALEXANDERJUN 7 |
This was never ever a pandemic, not one aspect of it, and the IFR early on told us this; this was not a new novel respiratory virus, and the vaccine failed out of the gate to sterilize the virus (could not stop infection, replication, or transmission), being ineffective and deadly.
It was all a lie and we lost lives needlessly and it is why we go after them who did this and drag them into proper legal courts with judges and let the court decide and if the court says prison time, we jail them from Fauci to Bancel to Kariko to all and if the court says the death penalty, then we hang them high!
end
Bobby Kennedy’s (RFK Jr.’s) rising profile (rising poll numbers) sparks Democratic jitters
| DR. PAUL ALEXANDERJUN 8 |
Dr. Peter McCullough & David Dickson over the target, striking deep into enemy territory, causing terror by exposing truth! Updated UK Excess deaths for Week 21, 2023; 34,980 Excess Deaths in 2023
34,980 Excess Deaths in 2023 (and climbing); 63,825 Excess Deaths in 2022; 14,163 Excess Deaths in 2019; means projected over 80,000 excess deaths for entire 2023, at least! Malone? Kariko? Somebody?
| DR. PAUL ALEXANDERJUN 7 |
SLAY NEWS
| The latest reports from Slay News |
| Video Emerges of BlackRock CEO Gloating about Using ‘Woke’ Ideology to ‘Force Behaviors’ of PublicA video has emerged that shows BlackRock’s chairman and CEO Larry Fink gloating to an audience about his plans to infiltrate society, via corporate America, with “woke” ideologies to “force behaviors” of the public.READ MORE |
| Wrestling Legend and Hulk Hogan Rival ‘The Iron Sheik’ Dead at 81“The Iron Sheik,” a wrestling legend who was one of Hulk Hogan’s greatest rivals during the 1980s, has died at 81 years old.READ MORE |
| Bill Barr Dooms Biden, Breaks Silence on $5M Bribery CaseFormer Attorney General Bill Barr has doomed Joe Biden while breaking his silence about the $5 million bribery case involving the Democrat president.READ MORE |
| Fox News Is Censoring Star Host Jeanine PirroFox News is censoring star co-host of “The Five” Judge Jeanine Pirro, according to her publisher.READ MORE |
| CNN Fires CEO Chris Licht after Just 13 MonthsChris Licht, the embattled CEO and chairman of CNN, is out after just 13 months in charge of the failing network.READ MORE |
| Man Arrested in Pennsylvania for Quoting Bible in PublicA man has been arrested by police in Reading, Pennsylvania for quoting verses from the Bible in public.READ MORE |
| Karine Jean-Pierre Downplays Biden’s Big Fall: ‘Things Happen’White House Press Secretary Karine Jean-Pierre has attempted to downplay Democrat President Joe Biden’s recent big fall that made headlines around the world.READ MORE |
| Pentagon Whistleblower Says U.S Has Retrieved ‘Non-Human Origin’ Spacecraft and ‘Pilots’: ‘We Are Not Alone’A highly credible Pentagon official has come forward to blow the whistle on secret government operations regarding UFOs or UAPs (Unidentified Anomalous Phenomena).READ MORE |
| James Comer Slams Reporter for Defending FBI as Evidence of Corruption MountsHouse Oversight Committee Chairman James Comer (R-KY) fired back at a reporter for defending the FBI while the congressman was detailing evidence that the federal agency is engaging in widespread corruption and political cover-ups.READ MORE |
| Trump Invites Children’s Choir to Perform at His Rally after They Were Stopped from Singing National Anthem by Capitol PolicePresident Donald Trump has invited the Rushingbrook Children’s Choir to sing at his upcoming South Carolina rally.READ MORE |
| Tucker Carlson Releases Episode One of New Twitter Show, Gets 1.2 Million Views in 30 MinutesTucker Carlson just released episode number one of his new show on Twitter.READ MORE |
| Team Biden Wants Media to Destroy Robert F. Kennedy Jr as He Picks Up Support Across AmericaRobert F. Kennedy Jr. has Joe Biden’s team in full panic after launching his campaign to run against the president in the 2024 Democrat primary.READ MORE |
| House Oversight Committee Finds Emails Showing Biden ‘Lied’ about Hunter’s BusinessHouse Oversight Committee Chairman James Comer (R-KY) has revealed that new evidence has emerged regarding Democrat President Joe Biden’s family business.READ MORE |
EVOL NEWS
| Opinion: Chris Christie Wants a Cabinet Position in a Highly Unlikely Ron DeSantis Administration and Isn’t Seriously Running for PresidentREAD MORE… |
| LATEST NEWS: |
| Conservatives Find What’s Hiding on Fox News’ Website as Network Keeps Digging Deeper Into HoleRead more…Matt Gaetz set to File Resolution to hold former NYC Prosecutor in Contempt of CongressRead more…Trump Invites Children’s Choir Booted From Capitol To Sing Anthem At South Carolina RallyRead more…James Comer Slams Reporter for Defending FBI as Evidence of Corruption MountsRead more…Trump Overrules DC, Invites Children’s Choir Stopped From Singing National Anthem By Capitol Police To Perform At His South Carolina RallyRead more…Hunter Biden Could Face Prison for Contempt of Court, Judge SaysRead more…BREAKING: Tucker Carlson Releases First Episode of ‘Tucker On Twitter’Read more…Man Who Claims He’s a Woman Charged with Stabbing His Father to Death Inside the Family HomeRead more… |
VACCINE IMPACT//
The US Has Long Supported Nazi Collaborators in Ukraine
June 7, 2023 5:47 pm
A Monday article in the New York Times highlighted what Western media has sought to downplay for the past year: the existence of neo-Nazis in the Ukrainian military and the proliferation of Nazi symbolism, including the Totenkopf “Death’s Head” emblem used by the SS and the Sonnenrad “Black Sun,” which was also heavily used by the Nazis and subsequent groups sympathetic to their ideology. However, the Times sought to downplay the symbolism, casting it as devoid of the fascist meanings associated with it and repeating Ukrainian nationalist talking points about how the symbols have unique traditional meanings in Ukraine. In the final stages of World War II, the US rushed to make contact with Nazi collaborators from the Soviet Union and parts of Europe liberated by the Soviets, most of all those in Ukraine. After the war, the newly-created CIA helped sponsor an insurgency in Ukraine that by the agency’s own estimates killed more than 35,000 people by the time it was suppressed in the mid-1950s. “Basically, that’s what we’re seeing again: the US CIA mobilizing neo-Nazi networks to take on the Russians. A lot of the front line fighting is carried out by these militias, many of which openly wear that insignia,” Kuzmarov said.
MICHAEL EVERY
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
This no doubt if false. We will wait for the official report that the story is nonsense
(zerohedge)
Oil Crashes On Rehashed Report US, Iran Near Deal Allowing Tehran To Export 1MM Barrels For Reduced Uranium Enrichment
THURSDAY, JUN 08, 2023 – 12:09 PM
With the proverbial well of bearish oil news running dry, the market has had to resort to some “old faithful” narratives like for example, pariah state Iran preparing to flood the market with oil any minute. Sure enough, moments ago oil crashed more than $4 because the Middle East Eye, of all places, reported that “Iran and the United States are nearing a temporary deal that would swap some sanctions relief for reducing Iranian uranium enrichment activities, two sources with direct knowledge of the talks told Middle East Eye.“
We have, of course, seen hundreds of such reports in recent years, only to have them all promptly denied, but it’s been at least a few weeks since the last iteration, and the algos have forgotten about this particular story ark so they were quick to pounce and short oil which crashed from $73 to $69 in minutes.
The MEE cites an Iranian official and “a person close to negotiations” (who may or may not be short oil) who claim that the talks have taken place directly on US soil “marking a notable development in the diplomatic process”; however, it adds, there is still reluctance on the US side to rejoin the 2015 nuclear deal known as the JCPOA (because that won’t happen).
Leading the Iranian delegation is Amir Saeed Iravani, Iran’s recently appointed ambassador to the United Nations, who also played a pivotal role in the initial stages of the Iran-Saudi Arabia reconciliation talks in Baghdad. On the American side, Robert Malley, the US special envoy on Iran, has engaged in several face-to-face meetings with Iravani.
Negotiations have reportedly made significant headway and the two sides have reached an agreement on a temporary deal to take to their respective superiors, the sources said.
Under the terms of the deal, Iran would commit to ceasing its 60 percent-and-beyond uranium enrichment activities and would continue its cooperation with the International Atomic Energy Agency (IAEA) for the monitoring and verification of its nuclear programme.
In exchange, the sources claim, Tehran would be allowed to export up to a million barrels of oil per day and gain access to its income and other frozen funds abroad.
The MEE further hedges by admitting that it is up to Iran to decide if such a deal materializes:
While the progress seems promising, the ultimate decision lies with senior Iranian officials. Iravani has conveyed the details of the agreement to the senior decision-makers in Tehran for their approval. However, it remains uncertain whether the supreme leader and the national security council will give their consent.
Historically, Iranian authorities have been opposed to interim deals such as this, a former diplomatic official told MEE, especially during the 2017-2021 second presidential term of Hassan Rouhani.
We, for one, are quite skeptical: a story of this magnitude would have been leaked to some deep state outlet like WaPo, not what is at best a B-grade regional outlet; instead what may be happen is that an opportunistic oil bear is taking advantage of a gullible market to test a rehashed narrative.
That said, look for official denials in the next few minutes: if none comes, then the emerging picture is that Washington will fold on sanctions with Iran (just like it did with Venezuela) to offset the growing anti-US sentiment within OPEC+.
end
The later this afternoon:
White House Says Report US, Iran Are Near Deal On Sanctions Relief Is False
THURSDAY, JUN 08, 2023 – 01:43 PM
Update: Earlier, when reporting on this, we said that “we, for one, are quite skeptical: a story of this magnitude would have been leaked to some deep state conduit like WaPo if it had legs and there was a chance for a favorable outcome, not what is at best a B-grade regional outlet; instead what may be happening is that an opportunistic oil bear is taking advantage of a gullible market to test a rehashed narrative using a friendly media outlet.”
We were right:
- WHITE HOUSE SAYS REPORT THAT IRAN, UNITED STATES NEARING DEAL ON IRANIAN URANIUM ENRICHMENT, SANCTIONS RELIEF IS FALSE
Of course, whoever wanted to send oil lower, however briefly, by spreading fake news on sketchy regional media has succeeded and long ago closed out of whatever trade they had on. On the other hand, despite the denial oil is now well below where it was before the fake news first leaked, so Biden is also happy, if only until Saudi Arabia gets really pissed off at the senile White House occupant, and shuts down all output for a few days, sending oil in the triple digits.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0736 UP 0.0029
USA/ YEN 139.67 DOWN 0.241 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2466 UP 0.0022
USA/CAN DOLLAR: 1.3354 DOWN .0017 (CDN DOLLAR UP 17 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 13.83 PTS OR 0.49%
Hang Seng CLOSED UP 47.18 PTS OR 0.25%
AUSTRALIA CLOSED DOWN 0.30% // EUROPEAN BOURSE: MOSTLY GREEN EXCEPT ENGLAND
Trading from Europe and ASIA
I) EUROPEAN BOURSES MOSTLY GREEN EXCEPT ENGLAND
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 47.18 PTS OR 0.25%
/SHANGHAI CLOSED UP 15.83 PTS OR 0.49%
AUSTRALIA BOURSE CLOSED DOWN 0.30%
(Nikkei (Japan) CLOSED DOWN 272.47 PTS OR 0.85%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1946.80
silver:$23.70
USA dollar index early THURSDAY morning: 103.76 DOWN 30 BASIS POINTS FROM WEDNESDAY’s close.
THURSDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing THURSDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.128% UP 0 in basis point(s) yield
JAPANESE BOND YIELD: +0.433 % UP 1 AND 1//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.421 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 4.192 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.415 DOWN 4 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0776 UP 0.0069 or 69 basis points
USA/Japan: 138.91 DOWN 1.011 OR YEN UP 101 basis points/
Great Britain/USA 1.2548 UP 0.01044 OR 105 BASIS POINTS //
Canadian dollar UP .0005 OR 5 BASIS pts to 1.3365
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE (CLOSED UP(7.1123)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1205)
TURKISH LIRA: 23.38 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.433…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 7 in basis points from WEDNESDAY at 3.716% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.906 DOWN 5 in basis points ON THE DAY/12.00 PM
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates THURSDAY: 12:00 PM
London: CLOSED DOWN 23,94 points or 0.31%
German Dax : CLOSED UP 22.56 PTS OR 0.31%
Paris CAC CLOSED UP 35.84 PTS OR 0.22%
Spain IBEX DOWN 16.10 PTS OR 0.17%
Italian MIB: CLOSED UP 247.76 PTS OR 0.92%
WTI Oil price 71.73 12: EST
Brent Oil: 76.20 12:00 EST
USA /RUSSIAN /// AT: 82.66/ ROUBLE DOWN 0 AND 69//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.4155 DOWN 3 BASIS PTS
UK 10 YR YIELD: 4.298 UP 5 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0774 UP 0.0064 OR 64 BASIS POINTS
British Pound: 1.2593 UP .01093 or 109 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.2860% DOWN 1 BASIS PTS//RISING FAST
USA dollar vs Japanese Yen: 138.99 DOWN .922 //YEN UP 92 BASIS PTS//
USA dollar vs Canadian dollar: 1.3357 DOWN .0014 CDN dollar, UP 14 basis pts)
West Texas intermediate oil: 71.20
Brent OIL: 75.84
USA 10 yr bond yield DOWN 7 BASIS pts to 3.722%
USA 30 yr bond yield DOWN 7 BASIS PTS to 3.888%
USA 2 YR BOND: DOWN 2 PTS AT 4.531%
USA dollar index: 103.36 DOWN 70 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 23.09 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 82.59 DOWN 0 AND 62/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 168.26 PTS OR 0.50%
NASDAQ 100 UP 181.26 PTS OR 1.27%
VOLATILITY INDEX: 13.64 DOWN .30 PTS (2.15)%
GLD: $182.53 UP 2.38 OR 1.32%
SLV/ $22.30 UP 0.79 OR 3.67%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
VIX Dumps, Gold Pumps, Jobless Jump As Trillion-Dollar Bill-Bomb Looms
THURSDAY, JUN 08, 2023 – 04:00 PM
The morning started with two ugly data points as jobless claims jumped dramatically (this is the biggest rise in initial claims year-to-date – ex-COVID – since 2009…
Source: Bloomberg
…and Wholesale Sales totals tumbling into the red YoY (a strong recession signal)…
Source: Bloomberg
…pulling Treasury yields and the dollar lower and sending gold higher as the market’s expectations for The Fed dropped dovishly lower…
Source: Bloomberg
And bear in mind that, as Deutsche Bank strategist Steven Zeng said in a recent research note, net bill issuance of $400 billion is expected in June, followed by $500 billion between July and September. In total, Zeng estimated $1.3 trillion in net bill issuance by the end of the year… all of which could well drain significantly liquidity from the system.
But hey, keep selling vol (down 9 of the last 11 days) – VIX hit a 13 handle today, the lowest since Jan 2020…
Source: Bloomberg
Today saw a reversal of yesterday’s chaos in equity land with Nasdaq surging at the cash open while Russell 2000 was dumped (but the latter made a strong comeback after Europe closed). S&P and Dow rallied around 0.5%…
Nasdaq was supported by the 0-DTE traders all day today who bought calls with both hands and feet…
Interestingly, the ‘soft landing’ reversal stalled today as Nasdaq outperformed Small Caps (but only modestly and even that reversed back lower in the afternoon…
Source: Bloomberg
TSLA rallied for the 10th consecutive day (it has only rallied for a longer period once before, in Jan 2021)…
Oh, and then there’s CVNA…!
Treasuries were bid across the curve with the belly outperforming (5Y -9bps, 2Y -3bps, 30Y -6bps). The 30Y yield is back to unchanged on the week…
Source: Bloomberg
The dollar tumbled again today (its biggest daily drop since March) – the second big drop in a week – to 3-week lows…
Source: Bloomberg
Bitcoin went nowhere today…
Source: Bloomberg
Oil prices plunged today with WTI back below $70 and well below pre-Saudi-cut levels after headlines about possible Iran nuke deal talks… which was denied about an hour later…
Gold surged today, erasing yesterday’s plunge as markets are all acting like penny stocks…
Finally, the “trilemma” continues to confuse…
The dollar, tech stocks and real rates are not supposed to act like this into a recession.
The dollar rallies (fact) on higher real rates (check) OR rising risk aversion (not present), tech rallies (fact) on lower real rates (not present) OR higher risk appetite due to US exceptionalism (check).
Goldman believes that the dollar is right and equities aren’t.
b) THIS MORNING TRADING //
END
i c Morning/
end
II) USA DATA/
Initial jobless claims surge to its highest since oct 2021:
(zerohedge)
Initial Jobless Claims Surged To Highest Since Oct 2021
THURSDAY, JUN 08, 2023 – 08:37 AM
Initial jobless claims surged last week to 261k (up from 233k prior and well above the 235k exp) – its highest since Oct 2021.
Source: Bloomberg
That is the biggest WoW rise since July 2021.
We await remarks from some state (cough Massachusetts cough) to explain away this move but for now Ohio, California, and Minnesota saw the biggest increases but nothing looks like an outlier…
However, continuing claims fell last week to 1.757mm – lowest since Feb 2023…
Source: Bloomberg
Is this the turning point?
III) USA ECONOMIC STORIES
I guess you can thank us for this: dense wildfire smoke moving across the USA
(zerohedge)
“Worse Than Yesterday”: Dense Wildfire Smoke Moving Over Nation’s Capital
THURSDAY, JUN 08, 2023 – 06:55 AM
Update (0710ET):
The FAA has reported this morning’s first flight disruption at LaGuardia Airport due to the wildfire smoke-induced low visibility, which has resulted in the grounding of inbound flights.
* * *
As dawn broke on Thursday in the Northeast and Mid-Atlantic areas, smoke from hundreds of Canadian wildfires cast a persistent haze and could last another day. The polluted air from our northern neighbors sent air quality in major metro areas to levels worse than in India, sending people with severe health issues such as asthma to the hospital, disrupting air travel, and even postponing professional sporting events. Video clips from New York City on Wednesday evening reminded us of scenes from the movie Blade Runner 2049.
According to a New York Times analysis of weather models, the worst of the smoky air will last in NYC through Thursday morning. A dense haze is expected across a large swath of the Baltimore–Washington metropolitan area throughout the day.
Air quality website AirNow shows the level of particulate matter in the air from smoke is extremely “hazardous” for many metro areas across the Mid-Alantic to the Northeast.
Meteorologist Rob Guarino tweeted peak smoky air will be Thursday morning as “much better air quality” will be seen late afternoon.
There are still apocalyptic skies and hazardous air stinging eyes and causing dry coughs for millions this morning.
Earthcam footage of Midtown around 0622 ET.
East Coast folks are getting a dose of what it’s like to live on the West Coast.
end
Fox News Says Tucker Carlson In Breach Of Contract After Launching Twitter Show
THURSDAY, JUN 08, 2023 – 10:40 AM
Fox News on Wednesday told attorneys for Tucker Carlson that the former host violated his contract with the network after he launched his own show on Twitter, according to Axios, which obtained a copy of the letter. After removing Tucker from his prime-time slot and parting way, Fox continued to hold Tucker’s contract over his head – which stipulates that he isn’t allowed to appear on another network until after the 2024 election.
Carlson’s Tuesday premiere currently gained 10 million views in two hours, and is currently sitting at 105 million views. On the other hand, Fox News on Tuesday had just over 1.57 million prime time viewers, according to Adweek. So Carlson is clearly smoking his former employer.
The breach of contract claim suggests Fox News is exploring legal action against Carlson, however in May, Twitter owner Elon Musk tweeted that Twitter and Carlson had “not signed a deal of any kind whatsoever,” meaning Carlson is self-publishing.
According to Carlson’s lawyers, any legal action by Fox would violate his First Amendment rights.
“Fox defends its very existence on freedom of speech grounds. Now they want to take Tucker Carlson’s right to speak freely away from him because he took to social media to share his thoughts on current events,” said Carlson’s lawyer, Bryan Freedman, in a statement to Axios.
Since Carlson’s ouster in April following Fox News’ $787 million defamation settlement with Dominion Voting Systems (which Carlson says a board member told him was part of the settlement), Carlson has accused Fox of fraud, accusing senior executives of reneging on promises made to him “intentionally and with reckless disregard for the truth.”
Carlson’s legal team have also argued that Fox broke their promise to him not to settle with Dominion “in a way which would indicate wrongdoing” on the part of the former host.
More via Axios:
Shortly after Carlson posted the first episode of his new show on Twitter Tuesday evening, Fox News general counsel Bernard Gugar sent a letter to Carlson’s lawyers saying Carlson “is in breach” of his contract agreement.
- “In connection with such breach and pursuant to the Agreement, Fox expressly reserves all rights and remedies which are available to it at law or equity.”
The letter refers to Carlson’s contract, which was originally signed on November 8, 2019 and amended on February 16, 2021.
- “This evening we were made aware of Mr. Tucker Carlson’s appearance on Twitter in a video that lasted over 10 minutes,” the letter read.
- “Pursuant to the terms of the Agreement, Mr. Carlson’s ‘services shall be completely exclusive to Fox,'” it continues, quoting Carlson’s contract.
- It adds that Carlson’s contract says he is “prohibited from rendering services of any type whatsoever, whether ‘over the internet via streaming or similar distribution, or other digital distribution whether now known or hereafter devised.'”
According to a source familiar with Carlson’s legal team, Tucker’s camp says the claim is BS because Twitter does not directly compete with Fox News. Meanwhile, Carlson has been leveraging allies such as quarterback Brett Favre to pressure the network into letting him out of his contract.
END
USA// COVID
SWAMP STORIES
FBI folds as they hand over the “bribery” document to the House Oversight Committe averting a contempt vote
(Ly/EpochTimes)
FBI Folds, Releases Biden ‘Bribery’ Document To House Oversight, Averting Contempt Vote
THURSDAY, JUN 08, 2023 – 09:40 AM
Authored by Mimi Nguyen Ly via The Epoch Times,
The House Committee on Oversight and Accountability, led by GOP Rep. James Comer (R-Ky.), has now scrapped plans to convene a vote to hold FBI Director Christopher Wray in contempt of Congress.
Comer had been after an unclassified FD-1023 form that the FBI generated, which contained allegations that then-Vice President Joe Biden took a bribe from a foreign national. The committee had issued a subpoena in early May, with a deadline of May 31, requesting all FD-1023 forms containing the name “Biden.”
The FD-1023 forms are used by FBI agents to collect unverified reports from various confidential human sources. The information on the form represents what was told to an FBI agent.
Comer and other House Republicans had threatened to hold Wray in contempt if he did not produce the documents. Earlier on Wednesday, the committee introduced a 17-page resolution (pdf) doing just that. A business meeting to have the full committee consider the resolution was scheduled for Thursday at 9 a.m. (EST).
But by late Wednesday, the committee announced that the FBI has decided to produce some documents— including the FD-1023 form Comer had been after—and that the committee’s business meeting on Thursday to vote on holding Wray in contempt was now scrapped.
“After weeks of refusing to even admit the FD-1023 record exists, the FBI has caved and is now allowing all members of the Oversight and Accountability Committee to review this unclassified record that memorializes a confidential human source’s conversations with a foreign national who claimed to have bribed then-Vice President Joe Biden,” Comer said in a statement.
“Americans have lost trust in the FBI’s ability to enforce the law impartially and demand answers, transparency, and accountability. Allowing all Oversight Committee members to review this record is an important step toward conducting oversight of the FBI and holding it accountable to the American people.”
(Left) House Oversight and Accountability Committee Chairman James Comer (R-Ky.) holds a news conference to present preliminary findings into their investigation into President Joe Biden’s family, in Washington on May 10, 2023. (Chip Somodevilla/Getty Images); (Right) FBI Director Christopher Wray testifies before a Senate Appropriations subcommittee on the president’s 2024 budget request for the agency in Washington on May 10, 2023. (Olivier Douliery/AFP via Getty Images)
Ongoing Investigation
Comer said that the allegations contained within the unclassified record “are not closed as the White House and Democrats would have the American people believe.”
He noted that other FBI officials have said the record is being used in an ongoing investigation.
“We also know the confidential human source who provided this information is highly credible and trusted, has worked with the FBI for over a decade, and has been paid six figures,” Comer said of the unclassified FD-1023 form.
“The allegations contained within this record track closely with the Oversight Committee’s investigation of the Biden family’s influence peddling schemes. The Oversight Committee will continue to follow the facts and ensure accountability for the American people.”
Wray had told Republicans on May 31 that the document exists but the FBI has continued to be reluctant to hand the form over. The FBI previously told Comer in a letter on May 10 that releasing the forms could put their confidential sources at risk.
“Confidential human sources often provide information to the FBI at great risk to themselves and their loved ones,” the FBI said, in part, in the letter (pdf).
“Protecting the identities and information provided by confidential human sources from unnecessary disclosure or undue influence is therefore critical not only because of safety concerns but also to avoid chilling their candor or willingness to continue reporting to the FBI.”
Ranking Member Asserts Bribery Probe Was Closed
Former Attorney General William Barr earlier on Wednesday told The Epoch Times that the Department of Justice (DOJ) under his watch didn’t close an investigation into Biden, and that the FD-1023 form was “sent to Delaware for further investigation.”
The comments contradict assertions from House Oversight Committee Ranking Member Rep. Jamie Raskin (D-Md.).
On June 4, while appearing on CNN’s “State of the Union,” Raskin dismissed the investigation as politically motivated and contended that Barr’s DOJ closed the investigation while President Donald Trump was in office.
Raskin accused the Republican majority of “closing out” the Democrats and said that, as a result, he’s uncertain about the contents of the FD-1023 form. However, from public reporting, he said he understands the form suggests a connection to Hunter Biden’s business activities in Ukraine.
On Wednesday, Raskin said in a statement that he was told by the FBI that officials of the DOJ under the Trump administration looked into the allegations in January 2020 but closed the probe by August 2020.
end
Trump notified he is a target of a stupid criminal investigation on the document affairs.
what a banana republic
(zerohedge)
Trump Notified He’s Target Of Criminal Investigation – Indictment May Be Imminent
THURSDAY, JUN 08, 2023 – 07:45 AM
Federal prosecutors have notified Donald Trump’s lawyers that he’s a target of their investigation into his handling of classified documents after the end of his term in office, The New York Times, Politico and other outlets reported Wednesday evening.
The issuance of a so-called target letter often signals that an investigation is nearly complete and that the filing of criminal charges is imminent. A “target” is an individual whom federal prosecutors determine to be linked to a crime via substantial evidence.
John Solomon reports that the target letter indicated Trump could be charged with unlawfully “gathering, transmitting or losing” national defense information, as well as making false statements and obstructing justice. He says charges could come as soon as this week.
Trump had more than 300 classified documents at his Mar-a-Lago residence. After the National Archives retrieved 150 of them, the FBI raided Trump’s home and found more. The actual substance of the documents is unclear, and over-classification is a widely-recognized phenomenon. In the absence of clarity over what the documents cover, liberal pundits typically fill the void with sensationalistic assumptions that Trump endangered national security.
After news of the target letter broke, Trump vented via his social media platform, Truth Social, saying, “No one has told me I’m being indicted, and I shouldn’t be because I’ve done NOTHING wrong, but I have assumed for years that I am a Target of the WEAPONIZED DOJ & FBI.”
The decision to charge rests with special counsel Jack Smith, who was appointed by Attorney General Merrick Garland to oversee the investigation into Trump’s handling of classified documents and other presidential records. At the same time, he was appointed to investigate allegations of interference with the transfer of presidential power.
Trump’s lawyers met with Smith on Monday, in what Trump confidants told the Times was a last-ditch attempt to dissuade Smith from filing charges. They also advanced accusations of prosecutorial misconduct. According to Solomon, they center on allegations that a prosecutor “tried to influence a key witness by discussing a federal judgeship with the witness’s lawyer.”
One line of inquiry for the special counsel investigation relates to a summer 2021 audio recording, in which Trump said he retained a classified Pentagon document about a plan of attack on Iran. News reports indicate Trump implied that he knew the document was secret but hadn’t declassified it. Scrutiny of Trump’s remarks prompted investigators to question his former chairman of the joint chiefs, Mark Milley. Prosecutors issued a subpoena for the purported document, but Trump’s lawyers said they couldn’t find anything resembling it.
The investigation has used grand juries in both Washington and Miami, hearing from witnesses ranging from Milley to more than 20 Secret Service agents to low-level Mar-a-Lago employees. On Wednesday, former Trump spokesman Taylor Budowich testified in Miami, then did his own venting:
If he’s indicted, Trump’s lawyers will likely mount a defense centered on a 2012 case in which a court concluded that former President Bill Clinton was within his authority to retain recordings of discussions with author and historian Taylor Branch. In that case brought by Judicial Watch, however, the judge determined the tapes were “personal” material and not “presidential records.” The documents at the center of the Trump case include material from the CIA, NSA and FBI.
end
Hunter Biden Could Face Prison For Contempt Of Court: Judge
WEDNESDAY, JUN 07, 2023 – 07:20 PM
Hunter Biden – who’s been fighting responsibility for the child fathered with a stripper – could do time in prison if he’s held in contempt of court by an Arkansas judge.
The First Son was ordered to hand over information about his finances, and has been asked by attorneys for his baby mama, Lunden Alexis Roberts, to hold him in contempt if he doesn’t according to a May 18 motion alleging he failed to fully answer questions regarding his ability to pay child support.
On June 5, Judge Holly Lodge Meyer issued an order (pdf) requiring Hunter Biden to appear on July 10 at the Independence County Courthouse in Batesville to explain “why he should not be held in contempt.”
If he fails to do so, it’s a Class C misdemeanor punishable by fines and prison time.
In her order, Meyer said that she would consider “punishment or sanctions” against Hunter Biden, including “incarceration for civil contempt until such time as the defendant fully answers discovery for a period of up to six months” and “incarceration for criminal contempt for a period of up to six months.” -Epoch Times
Roberts sued Biden for child support in 2019. After initially denying the child was his until a DNA test proved otherwise, the two settled for an undisclosed amount in 2020. The terms of the agreement remain sealed due to the inclusion of sensitive personal data – including the amount of monthly support, as well as each party’s source of income.
Then, Biden asked the court to revisit the child support arrangement because he says he was broke, leading to the current case being considered before the court.
More via the Epoch Times;
He appeared before Independence County Circuit Court in Batesville on May 1.
During that hearing, his attorney said that Biden had been paying $20,000 per month in child support, for a total of up to $750,000 since the support order was signed.
At that hearing, the judge ordered Biden to provide information on his income from his artwork, investments, employment, gifts from friends, and other sources.
The judge also said she couldn’t rule on the amount of child support because neither side had provided enough information in the discovery process to move forward.
Roberts’s attorneys have complained that the Biden team was dragging its feet in the discovery process and filed a motion on May 18 for Biden to be held in contempt.
Clinton Lancaster, a lawyer for Roberts, argued in the motion for contempt that Biden had been ordered to do something but didn’t and that this “is a habit and a game for Mr. Biden.”
Lancaster continued that Biden doesn’t want to disclose his income and “says that he is somewhat financially destitute” despite living in an oceanfront home in Malibu and going on foreign trips.
During the hearing in early May, the judge said she would press Biden’s legal team to fulfill their commitments in the discovery process.
In the June 5 order, she wrote that she was hereby giving Biden notice to appear in person at the Independence County Circuit Court on July 10 and “show cause, if any exists, why he should not be held in contempt.”
Meanwhile, rumors have swirled that Biden could face federal charges on allegations of tax- and gun-related violations.
Rumors of Federal Charges
The U.S. attorney’s office in Delaware has been investigating Hunter Biden’s tax affairs.
The president’s son said in 2020 that he was taking the investigation “seriously” but was confident of a favorable outcome.
“I take this matter very seriously, but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, including with the benefit of professional tax advisors,” Hunter Biden said in a statement issued by the Joe Biden-Kamala Harris transition team in December 2020.
Hunter Biden has acknowledged that he has made mistakes, but he has insisted that he didn’t commit any crimes.
A report by The Washington Post in October that cited anonymous sources indicated that prosecutors believed there was enough evidence to charge Hunter Biden with tax crimes and allegations that the president’s son put false information on paperwork relating to his purchase of a handgun.
President Joe Biden was asked in an interview on MSNBC in early May how his presidency would be impacted if his son were charged.
“First of all, my son has done nothing wrong. I trust him. I have faith in him, and it impacts my presidency by making me feel proud of him,” the president said.
Michael Clements contributed to this report.
END
“Chaos”: McCarthy Throws Tantrum, Cancels Votes For Rest Of Week After Freedom Caucus Fracas
THURSDAY, JUN 08, 2023 – 11:20 AM
House Speaker Kevin McCarthy (R-CA) canceled votes for the rest of the week and sent lawmakers home for the weekend, after a revolt by 11 members of the House Freedom Caucus banded together to grind proceedings to a halt in protest of the speaker caving to Democrats during last week’s compromise to raise the debt ceiling.
“There’s a little chaos going on,” McCarthy told reporters Wednesday evening at the Capitol, shortly after discussions with the hard-liners went nowhere.
“This is the difficulty,” said McCarthy, adding “Some of these members don’t know what to ask for.”
Tuesday marked the first time in more than two decades that a speaker had been unable to muster the votes for a procedural step to begin debate on a bill on the House floor, according to C-Span. With the 11 GOP defections, and Democrats also voting against the procedural measure to advance bills, it failed on a 206-220 vote.
McCarthy mostly projected his customary optimism, predicting that the two sides would resolve their differences soon. Yet he showed flashes of frustration during the day and admitted the protest took him by surprise. –Bloomberg
“I feel blindsided,” McCarthy told reporters, apparently oblivious to the fact that breaking the very promises that got him elected Speaker might have consequences.
“Five people can create problems,” he continued. “You’re not going to get 100% of what you want — so you can’t take hostages.“
The Epoch Times notes the GOP hardliners’ grievances;
The conservative group’s grievances centered around what they claim are forceful tactics by the GOP leadership team and a failure to honor agreements made with them during McCarthy’s election as speaker.
McCarthy made concessions to the hardliners during his challenging 15-ballot election as speaker. Some of those hardliners later took part in the procedural revolt on Tuesday. They claim that McCarthy reneged on his commitments regarding the Fiscal Responsibility Act.
McCarthy expressed confidence in his speakership on Wednesday night, saying that he expected challenges from “a small majority” of outspoken members with “strong opinions” who understand media tactics. He emphasized the need for unity among Republicans while acknowledging the importance of listening to and respecting different perspectives.
“I will listen to them. I will respect them all. But at the end of the day, we’ve got to come together as one,” he said.
When questioned about frustrations among other Republican lawmakers regarding the delay caused by the House Freedom Caucus members, McCarthy shifted the focus to his concerns about government interference in dictating Americans’ use of gas stoves.
He suggested that the situation wouldn’t have arisen without the Biden administration, saying, “It’s weird that you even have to have this [bill].”
He also expressed doubt that the 11 members, mostly from the House Freedom Caucus, truly wanted to align themselves with Biden’s approach of “dictat[ing] to the American public what type of stove they can have.”
As previously reported by The Epoch Times, there have been complaints from congressional lawmakers about alleged pressure tactics and threats of retaliation against members who voted against the debt limit bill, known as the Fiscal Responsibility Act.
Rep. Andrew Clyde (R-Ga.) claimed that GOP House leaders warned him that it would be challenging to advance a bill he sponsored if he voted against the act. However, House Majority Leader Steve Scalise (R-La.) denied that any such threat was made.
Rep. Lauren Boebert (R-Colo.) claimed that Rep. Diana Harshbarger (R-Tenn.) faced “harassment” from multiple members in an effort to influence her vote.
A Capitol Hill staffer familiar with GOP leadership stated that no coercive tactics originated from McCarthy.
END
Cheese Pizza? Meta’s Instagram Facilitated Massive Pedophile Network
WEDNESDAY, JUN 07, 2023 – 03:00 PM
A comprehensive investigation by the Wall Street Journal and the Stanford Internet Observatory reveals that Meta-owned Instagram has been home to an organized and massive network of pedophiles.
But what separates this case from most is that Instagram’s own algorithms were promoting pedophile content to other pedophiles, while the pedos themselves used coded emojis, such as a picture of a map, or a slice of cheese pizza.
Instagram connects pedophiles and guides them to content sellers via recommendation systems that excel at linking those who share niche interests, the Journal and the academic researchers found.
…
The pedophilic accounts on Instagram mix brazenness with superficial efforts to veil their activity, researchers found. Certain emojis function as a kind of code, such as an image of a map—shorthand for “minor-attracted person”—or one of “cheese pizza,” which shares its initials with “child pornography,” according to Levine of UMass. Many declare themselves “lovers of the little things in life.” -WSJ
According to the researchers, Instagram allowed pedophiles to search for content with explicit hashtags such as #pedowhore and #preteensex, which were then used to connect them to accounts that advertise child-sex material for sale from users going under names such as “little slut for you.”
Sellers of child porn often convey the child’s purported age, saying they are “on chapter 14,” or “age 31,” with an emoji of a reverse arrow.
Meta claims to have taken down 27 pedophile networks over the past two years, and says it plans more removals.
“That a team of three academics with limited access could find such a huge network should set off alarms at Meta,” said Alex Stamos, the head of the Stanford Internet Observatory and Meta’s chief security officer until 2018, adding that the company has far more effective tools to ‘map’ its pedophile network than outsiders do.
“I hope the company reinvests in human investigators,” he added.
Researchers investigating the network set up test accounts within the pedophile network, which were immediately inundated with “suggested for you” recommendations of child-sex content, as well as accounts linking to off-platform trading sites.
Underage-sex-content creators and buyers are just a corner of a larger ecosystem devoted to sexualized child content. Other accounts in the pedophile community on Instagram aggregate pro-pedophilia memes, or discuss their access to children. Current and former Meta employees who have worked on Instagram child-safety initiatives estimate the number of accounts that exist primarily to follow such content is in the high hundreds of thousands, if not millions. -WSJ
“Instagram is an on ramp to places on the internet where there’s more explicit child sexual abuse,” according to Brian Levine, director of the UMass Rescue Lab. Levine authored a 2022 report for the DOJ’s National Institute of Justice on child exploitation over the internet.
What’s more, Meta accounted for 85% of child pornography reports filed with the National Center for Missing & Exploited Children, according to the report. That said, “Meta has struggled with these efforts more than other platforms both because of weak enforcement and design features that promote content discovery of legal as well as illicit material, Stanford found.”
“Instagram’s problem comes down to content-discovery features, the ways topics are recommended and how much the platform relies on search and links between accounts,” said David Thiel, chief technologist at the Stanford Internet Observatory. “You have to put guardrails in place for something that growth-intensive to still be nominally safe, and Instagram hasn’t.”
Sarah Adams, a Canadian mother of two, has built an Instagram audience discussing child exploitation and the dangers of oversharing on social media. Given her focus, Adams’ followers sometimes send her disturbing things they’ve encountered on the platform. In February, she said, one messaged her with an account branded with the term “incest toddlers.”
Adams said she accessed the account—a collection of pro-incest memes with more than 10,000 followers—for only the few seconds that it took to report to Instagram, then tried to forget about it. But over the course of the next few days, she began hearing from horrified parents. When they looked at Adams’ Instagram profile, she said they were being recommended “incest toddlers” as a result of Adams’ contact with the account.
A Meta spokesman said that “incest toddlers” violated its rules and that Instagram had erred on enforcement. The company said it plans to address such inappropriate recommendations as part of its newly formed child safety task force. -WSJ
Meta acknowledged to the Journal that they had received a flood of reports of child sexual exploitation and failed to act on them – blaming a software glitch that prevented a substantial portion of user reports from being processed.
And while Meta is allowing pedophiles to run rampant on its platforms, ZeroHedge is still banned
END
END
THE KING REPORT
| The King Report June 7, 2018 Issue 7006 | Independent View of the News |
| @WSJmarkets: Japan’s Nikkei 225 stock index closed Tuesday at its highest level since July 1990 CNBC: Goldman Sachs lowers the chance the U.S. could slide into a recession (25% from 35% for the next 12 months due to strong May NFP) https://twitter.com/CNBC/status/1666098855446822912 WTI Oil and Apple declined on Tuesday morning. Most chipmakers sank after TSM CEO Huang surprised analysts by projecting 2023 capex near the lower end of earlier projections, $32B. However, AMD soared as much as 5.5% on Tuesday morning because Piper Sandler hiked its target price to $150 from $110. This pushed the NY Fang+ Index to a gain despite Apple’s 1.0% decline. Bonds sank after Fed VCEO Clarida said the Fed is unlikely to start cutting rates until 2024. If that were to occur, the Fed would be accused of election interference. ESMs traded lower during the Nikkei’s 1st Session. After a modest rally in the 2nd Session, ESMs went flat and vacillated between small gains and losses until they broke lower after China’s 2 ET close. A modest rally appeared after Europe’s 3 ET opening. The rally ended within 27 minutes. ESMs then retreated until 5:15 ET. ESMs then traded sideways, in a tight 5-handle range, until they broke to a new daily low 6 minutes before the NYSE opening. The usual suspects bought the dip and then aggressively drove ESMs 25 handles higher by 10:48 ET. Sellers then took control, driving ESMs 16 handles by 11:23 ET. The rally for the European close eventually pushed ESMs to a new high at 11:58 ET. Instead of a Noon Balloon, ESMs and stocks declined smartly. When the afternoon arrived, ESMs jumped 11 handles by 13:16 ET. Another bout of selling pushed stocks and ESMs lower. The fact that USMs turned positive at 14:00 ET after being as low as -20/32 at 10:09 ET strongly suggests that defensive asset allocators were in the market. Yesterday’s King Report: Apple is likely to be an important factor for day traders. If Apple continues to exhibit similar weakness to what it displayed after its new product event, stocks could be in for tough sledding. The other major factor could be defensive asset allocation. After the stunning May NFP growth on Friday, some defensive asset allocators manically reversed. The ugly US Services PMI on Monday reinvigorated defensive asset allocators yesterday. Will they return today, and if so, how aggressive will they be? When ESMs commenced a rally at 14:00 ET, USMs retreated and became modestly negative for the day. The ESM late afternoon rally hit a peak at 15:32 ET. After a quick 8-handle drop, ESMs resumed their rally. ESMs and stocks hit their daily highs at 15:55 ET. ESMs and stocks fell modestly into the close. Bonds rallied modestly during the final hour of NYSE trading. Positive aspects of previous session The DJTA was relatively strong all session, closed +71.28 The Saudi oil production cut was good for only about a $2 rally early on Monday Negative aspects of previous session Defensive asset allocators pushed stocks lower Treasury supply concerns kept pressure on bonds despite defensive asset allocator buying Ambiguous aspects of previous session How long can US financial assets disregard destructive internal US politics and the China threat? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4278.42 Previous session High/Low: 4288.33; 4263.09 “Derisking” With China Is Impossible When One Bloc Does Most of The Producing and Another Most of The Consuming – Western leaders have been promising a “de-risking”, rather than a “de-coupling” of the China relationship in recent months, but the geopolitical risks seem to be increasing, rather than diminishing. When Christine Lagarde warned in April that “we are witnessing the fragmentation of the global economy into competing blocs” she was effectively articulating our long-held house view, which my colleague Michael Every has written about many times… So, when Western leaders talk about “de-risking”, what they mean is that they want to ensure that unfriendly powers don’t have them over an economic barrel in the same way that Vladimir Putin did with Europe in early 2022… Such a restructuring probably means inflation in the West (that is certainly our view) and deflation in the East… https://www.zerohedge.com/economics/derisking-china-impossible-when-one-bloc-does-most-producing-and-another-most-consuming NYT: Nazi Symbols on Ukraine’s Front Lines Highlight Thorny Issues of History Troops’ use of patches bearing Nazi emblems risks fueling Russian propaganda and spreading imagery that the West has spent a half-century trying to eliminate. (Pay wall) https://www.nytimes.com/2023/06/05/world/europe/nazi-symbols-ukraine.html Journalists Are Asking Ukrainian Soldiers to Hide Their Nazi Patches, NYT Admits The following line from the report says everything you need to know about the so-called “paper of record” and its one-sided and ultra-simplistic coverage of what many are finally waking up to realize is a war with a deeply complex reality), and far from the MSM’s goodies vs. baddies Hollywoodesque narrative of Putler vs. the free world which is typical of networks from CNN to Fox to NBC… From the NY Times: “In November, during a meeting with Times reporters near the front line, a Ukrainian press officer wore a Totenkopf variation made by a company called R3ICH (pronounced “Reich”). He said he did not believe the patch was affiliated with the Nazis. A second press officer present said other journalists had asked soldiers to remove the patch before taking photographs.”… https://www.zerohedge.com/geopolitical/journalists-are-asking-ukrainian-soldiers-hide-their-nazi-patches-nyt-admits WaPo: UU.S. had intelligence of detailed Ukrainian plan to attack Nord Stream pipeline The CIA learned last June, via a European spy agency, that a six-person team of Ukrainian special operations forces intended to sabotage the Russia-to-Germany natural gas project… https://www.washingtonpost.com/national-security/2023/06/06/nord-stream-pipeline-explosion-ukraine-russia/ Ex-NSC & CIA official @FredFleitz: This tracks with what I have said about this story: not only were Biden admin claims that Russia blew up the pipeline false, the Biden admin was also involved. I’ve long believed the Biden admin used another country as a proxy to conduct this act of sabotage. I believe Ukraine did this with US assistance and training. I believe the Biden admin used Ukraine as a proxy to blow up the Nord Stream 2 pipeline so it would not have to report this covert action to Congress as required under the law. Another shoe could fall soon proving the US was behind this covert operation. Why more US men are falling victim to Japan’s anti-social hikikomori trend In Japan, an estimated 1.5 million people, many of them young men, now live in complete isolation… During a recent interview with Chris Williamson, a British podcaster based in Austin, Texas, the political economist Nicholas Eberstadt discussed the fact that 7 million men of prime working age are currently without employment and not seeking jobs. Many of these men, said Eberstadt, spend inordinate amounts of time indoors, totally withdrawn from society. They play video games, watch pornography, and tend to engage in heavy drug use, according to the author of “Men Without Work.” https://nypost.com/2023/06/05/us-men-falling-victim-to-japans-anti-social-hikikomori-trend/ Today – ESMs and equities were under pressure from defensive asset allocators until 14:00 ET. The late rally, aided and abetted by 0DTE buying and manipulation once again created an afternoon rally. Barring unexpected news, and there is no impact economic data scheduled for release, trading schemes should dominate Wednesday’s action. The absence or presence of defensive asset allocators will be big factor. The S&P 500 Index peaked at 4299.28 on Monday and 4288.33. Obviously, 4300 is important resistance. ESMs are +3.50 and USMs are +11/32 at 20:35 ET. Expected economic data: April Trade Balance -$75.8B; April Consumer Credit $22.0B S&P 500 Index 50-day MA: 4134; 100-day MA: 4074; 150-day MA: 4019; 200-day MA: 3975 DJIA 50-day MA: 33,430; 100-day MA: 33,332; 150-day MA: 33,367; 200-day MA: 32,758 (Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3988.38 triggers a sell signal Daily: Trender and MACD are positive – a close below 4195.67 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 4264.06 triggers a sell signal Joe Biden bribery allegations involve Ukraine, first raised with FBI in 2017, key investigator says Informant was deemed reliable enough to be paid $200,000 by bureau over several years. (GOP Sen.) Grassley suggested the FBI may have ditched the Biden bribery allegations based on an intelligence analysis by FBI analyst Brian Auten in summer 2020 suggesting there was a Russian disinformation campaign making such allegations… https://justthenews.com/accountability/russia-and-ukraine-scandals/joe-biden-bribery-allegations-involve-ukraine-first Fox’s @JacquiHeinrich: POTUS answers 3 questions in cabinet meeting, as staff shouts over him for press to leave: 1) What’s your message to Russia? “Were not leaving, were going to help Ukraine” 2) Statement on D-Day? “It’s coming; 3) Comment on PGA merger? “I’m planning on being in the PGA” Tucker Carlson released his 1st Twitter show: https://twitter.com/TuckerCarlson/status/1666203439146172419 Trump campaign fat-shames Chris Christie as ex-NJ gov enters 2024 race The Livingston, NJ, native has said that a Trump nomination next year would be “bad for the Republican Party” and that a rematch of the 2020 contest would allow President Biden to win re-election. Christie left Trenton in 2018 with a 15% approval rating in a Quinnipiac University poll, the lowest rating of any governor in any state the outlet had measured in decades… https://trib.al/1aW2bAZ Pundits believe that Christie is the race solely to take down Trump. Chris Christie accuses Jared Kushner of political ‘hit job’ in explosive new book 1/15/2019 Exclusive: ex-New Jersey governor, who had prosecuted Kushner’s father, was sacked as head of Trump’s transition team… The elder Kushner hired a sex worker to seduce his brother-in-law Bill Schulder, then filmed them having sex in a motel and sent the tape to his own sister, Esther. The bizarre plot was an attempt to blackmail the Schulders into keeping their silence about Bill’s knowledge of Charles’s fraudulent activities. Charles Kushner pleaded guilty to 18 charges and served 14 months in a federal prison in Alabama… https://www.theguardian.com/us-news/2019/jan/15/chris-christie-book-jared-kushner-accusations-hit-job Former New Jersey Gov. Christie kicks off 2024 Republican presidential bid with swipes at Trump Former New Jersey Gov. Chris Christie wasted no time going after Donald Trump while launching his presidential campaign on Tuesday, calling the former president and current Republican primary front-runner a “lonely, self-consumed, self-serving mirror hog” and arguing that he’s the only one who can stop him… “The person I am talking about, who is obsessed with the mirror, who never admits a mistake, who never admits a fault, who always finds someone else and something else to blame for whatever goes wrong — but finds every reason to take credit for anything that goes right — is Donald Trump,” he told a small, mostly friendly crowd at Saint Anselm College. “A lonely, self-consumed, self-serving mirror hog is not a leader… [Trump] made us smaller by dividing us even further and pitting us one against the other.”… “We can’t dismiss the question of character anymore, everybody. If we do, we get what we deserve, and we will have to own it.”… https://www.audacy.com/wbbm780/news/politics/former-new-jersey-gov-christie-kicks-off-2024-republican-presidential-bid-with-swipes-at-trump Karine Jean-Pierre mocked for complaining migrant bussing puts strain on cities: ‘Weapons-grade hypocrisy’ – ‘It’s dangerous and unacceptable because you’re actually putting a lot of pressure on these states and local areas,’ the press secretary said… https://www.foxnews.com/media/karine-jean-pierre-mocked-complaining-migrant-bussing-puts-strain-cities-weapons-grade-hypocrisy RFK Jr. Says Fox News Didn’t Run Negative Vaccine Stories to Keep Big Pharma Advertisers Kennedy disclosed that he approached former Fox News CEO Roger Ailes in 2016 about doing a story on the mercury content in vaccines but was shut down… https://www.theepochtimes.com/rfk-jr-says-fox-news-didnt-run-negative-vaccine-stories-to-keep-big-pharma-advertisers_5314287.html JUNE 8 The King Report June 8, 2023 Issue 7007Independent View of the News The Bank of Canada unexpectedly raises rates by 25bps on Wednesday. The RBA (Australia) unexpectedly hiked rates on Tuesday. BoC: Bank of Canada raises policy rate 25 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening. Globally, consumer price inflation is coming down, largely reflecting lower energy prices compared to a year ago, but underlying inflation remains stubbornly high… https://www.bankofcanada.ca/2023/06/fad-press-release-2023-06-07/ Australia central bank warns of more hikes ahead after raising rates to 11-year high June 6, 2023 Australia’s central bank on Tuesday raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target… The RBA has increased interest rates by a whopping 400 basis points since May last year, the most aggressive tightening cycle in its modern history. It had surprised markets by hiking again in May after pausing for just a month to assess its earlier tightening… https://www.reuters.com/markets/rates-bonds/australia-central-bank-raises-rates-11-yr-high-warns-more-hikes-likely-2023-06-06/ @charliebilello: With the debt ceiling suspended, the government is back to doing what they do best: borrowing money to spend more. The $358 billion increase in debt on June 5 was the largest daily increase on record. We’ll soon see $32 trillion in US National Debt, up from $23 trillion in 2019. https://twitter.com/charliebilello/status/1666429619719794692 US Trade Gap Widens to Largest in Six Months as Exports SlumpDeficit in goods and services trade grew 23% to $74.6BInflation-adjusted merchandise deficit largest since June 2022Goods imports rose 2.0% to $263.2 billion in April, boosted by motor vehicles, parts and engines. There were also increases in imports of industrial supplies and materials, though petroleum imports fell to the lowest level since August 2021. Consumer goods surged $1.8 billion, driven by cellphones and other household goods. Food imports were the lowest since December 2021. Imports of services decreased $0.4 billion to $60.4 billion, weighed down by declines in transport and travel. Overall imports increased 1.5% to $323.6 billion. Exports of goods plunged 5.3%, the most in three years, to $167.1 billion. That was the lowest level since February 2022. Exports are being crimped by slowing global demand… April’s drop in goods exports was led by a sharp decline in exports of industrial supplies and materials, mostly crude oil and fuel oil… https://ca.finance.yahoo.com/news/u-trade-deficit-widens-sharply-124032158.html San Fran’s CRE Apocalypse: The City’s Two Biggest Hotels Have Defaulted 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… https://t.co/dLJxsGwPCQ China Exports Drop More Than Expected, Fueling Growth RisksExports decline 7.5% in May vs median estimate for 1.8% dropTrade figures add to concerns about weakening recoveryChina’s exports shrink a worse-than-expected 7.5% in May from a year ago, dimming one of the few bright spots in its recovery this year… https://finance.yahoo.com/news/china-exports-drop-more-expected-034841817.html Xi Jinping tells China’s national security chiefs to prepare for ‘worst case’ scenarios Chinese leader Xi Jinping has called on his top national security officials to think about “worst case” scenarios and prepare for “stormy seas,” as the ruling Communist Party hardens efforts to counter any perceived internal and external threats. “The complexity and difficulty of the national security issues we now face have increased significantly,” Xi said Tuesday at a meeting of the party’s National Security Commission, state news agency Xinhua reported. “We must adhere to bottom-line thinking and worst-case-scenario thinking, and get ready to undergo the major tests of high winds and rough waves, and even perilous, stormy seas,” he added… Xi said China must speed up the modernization of its national security system and capabilities, with a focus on making them more effective in “actual combat and practical use.”… https://amp.cnn.com/cnn/2023/05/31/china/china-xi-national-security-meeting-intl-hnk/index.html The DJTA soared 2.45% on surges in Avis (+4%) and trucking/freight companies. Bonds sank as much as 1 17/32 points on the unexpected BoC rate hike and the looming tsunami of US Treasuries. Fangs got hammered on Wednesday. Snowflake (-7.22%), AMD (-5.15%) Amazon (-4.25%), and Google (-3.78%) led the carnage. This pushed Nasdaq and the Nasdaq 100 sharply lower. Due to the usual manic buying into and after the NYSE opening, the S&P 500 Index soared until 9:52 ET. It peaked at 4299.19. This is the second time in three sessions that the S&P 500 Index has failed to break through 4300. Stocks then sank until a belated Noon Balloon developed at 12:27 ET. A 9-handle ESM rally ended at12:43 ET. ESMs and stocks then sank to new lows. At 13:40 ET, the afternoon rally commenced. A 12-handle ESM rally ended at 14:21 ET. After an 11-handle ESM retreat, ESMs and stocks then traded sideways into the close. The Fed: April consumer credit up 5.7%; revolving credit up 13.1%; nonrevolving credit up 3.2% (SAAR): https://www.federalreserve.gov/releases/g19/current/default.htm SEC Clamps Down on $8.5 Trillion Security-Based Swaps Market – BBGAnti-fraud rules would increase regulator’s enforcement powerThe agency voted 3-2 to give the nod to a final rule that will make it explicitly illegal for securities-base swap traders, dealers and others to manipulate prices or trade on insider information in the $8.5 trillion market… (Why wasn’t manipulation and trading on inside info always illegal for swaps?) https://news.bloomberglaw.com/securities-law/sec-set-to-impose-stiffer-rules-on-security-based-swaps-market Positive aspects of previous session The DJTA rallied sharply, the 2nd straight good session for the index; the DJIA rallied Negative aspects of previous session Bonds got hammered; Fangs declined smartly, which felled Nasdaq, the Naz 100, and the S&P 500 Two central banks have unexpectedly hiked rates Gasoline rallied as much as 3.3% Ambiguous aspects of previous session How long can US financial assets disregard destructive internal US politics and the China threat? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4276.89 Previous session High/Low: 4299.19; 4263.96 UC Berkeley Failed to Disclose $240 Million Deal with China https://www.citizensjournal.us/report-uc-berkeley-failed-to-disclose-240-million-deal-with-china/ Bill Gates in the White House? Trump offered him a job as White House science advisor, he says https://www.usatoday.com/story/tech/science/2018/04/30/bill-gates-white-house-trump-offered-him-job-white-house-science-advisor-he-says/566386002/ @Cernovich: Jared convinced Trump to offer Tim Cook a presidential medal of freedom. Cook didn’t want one from Trump. Anyway, that’s the reality MAGA world lives in denial of. Feds inform Trump he is target likely to be indicted as DOJ rebuffs prosecutorial misconduct claim The sources directly familiar with the case told Just the News that DOJ declined to delay the planned indictment of Trump to investigate allegations that a senior prosecutor working on the case tried to influence a key witness by discussing a federal judgeship with the witness’ lawyer…. Smith’s prosecutorial team informed Trump’s legal team in recent days that the charges against the former president could include a violation of 18 U.S. Code Chapter 37 Section 793 that outlaws the “gathering, transmitting or losing” of national defense information. Other charges being considered involve alleged false statements and obstruction of justice… https://justthenews.com/politics-policy/all-things-trump/feds-inform-trump-he-target-likely-be-indicted-doj-rebuffs Today – Equities, particularly Fangs and Fang-related indices, suffered significant short-term technical damage on Wednesday. Ergo, the recent leaders of the stock market rally appear to be under distribution now. Money managers are rotating out of Fangs and tech into economically sensitive stocks, which have been laggards on recession angst. Rotations out of leaders and into laggards often presage big trouble. The US 30-year bond yield is 3.95%. It made a 12-year high of 4.045% on March 2, 2023. Numerous bond experts and kings proclaimed that this was the buying opportunity of a lifetime for US bonds. Of course, a 40-year Super Cycle Grand bond bull market created many bond geniuses that made their bones via buying every significant decline in bonds for 40 years. If the US 30-year ticks above 4.045%… The US 30-year bond has been in bear market since its bottom (0.997%) on March 9, 2020. This is over twice as long as any other bond bear market since the bond bottom on October 26, 1981 (15.12%). ESMs are -0.50 and USMs are -1/32 at 20:15 ET. Expected economic data: Initial Jobless Claims 235k, Continuing Claims 1.802m; April Wholesale Inventories -0.2% m/m, Sales 0.9% m/m S&P 500 Index 50-day MA: 4140; 100-day MA: 4077; 150-day MA: 4022; 200-day MA: 3975 DJIA 50-day MA: 33,455; 100-day MA: 33,327; 150-day MA: 33,373; 200-day MA: 32,757 (Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3988.38 triggers a sell signal Daily: Trender and MACD are positive – a close below 4207.70 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4286.56 triggers a buy signal Bill Barr Confirms Rep. Jamie Raskin Lied About Biden Family Corruption Investigation “It’s not true. It wasn’t closed down,” William Barr told The Federalist on Tuesday in response to Democrat Rep. Jamie Raskin’s claim that the former attorney general and his “handpicked prosecutor” had ended an investigation into a confidential human source’s allegation that Joe Biden had agreed to a $5 million bribe. “On the contrary,” Barr stressed, “it was sent to Delaware for further investigation.” These new revelations prove significant for two reasons. First, there’s the underlying scandal of the FBI’s alleged failure to investigate the FD-1023 and FBI Supervisory Intelligence Analyst Brian Auten’s opening of an assessment in August 2020 to discredit that information, which “caused investigative activity to cease.” Knowing that the FD-1023 originated in Brady’s Western District of Pennsylvania proves explosive because Grassley’s whistleblower alleged that in September 2020, FBI headquarters placed the information contained in Auten’s assessment in a restricted-access sub-file that only the particular agents who uncovered the CHS’s info could access. How then could the FBI agents in Delaware further investigate the allegations?… The second scandal is equally as large because it reaches the top of the FBI: Director Christopher Wray. Wray may well have been in the dark about FBI headquarters falsely labeling the FD-1023 as misinformation and secreting it away from other agents. But framing the intel from the “highly credible” longtime FBI CHS as coming from Giuliani reeks of a cover-up. And suggesting that Barr and Brady closed down an investigation into the FD-1023 when it was instead sent to Delaware for further investigation is a cover-up… https://thefederalist.com/2023/06/07/exclusive-bill-barr-confirms-rep-jamie-raskin-lied-about-biden-family-corruption-investigation/ Ron DeSantis gaining on Trump in Iowa, in virtual tie, internal poll shows https://trib.al/sH0LSIK The first episode of Tucker Carlson on Twitter drew 92 million views in 24 hours. @EndWokeness on Wednesday: Primetime (8-11) ratings last night: CNN: 569,000; Fox News: 1.73 million; MSNBC: 1.86 million. Fox News Accuses Tucker Carlson of Breaching Contract by Releasing Twitter Show “Fox defends its very existence on freedom of speech grounds. Now they want to take Tucker Carlson’s right to speak freely away from him because he took to social media to share his thoughts on current events,” Bryan Freedman, Carlson’s lawyer, said in a statement… https://trendingpoliticsnews.com/breaking-fox-news-accuses-tucker-carlson-of-breaching-contract-by-releasing-twitter-show-mace/ @ggreenwald: Tucker Carlson is the most successful host in the history of cable news. Even in his “stripped-down” Twitter form, he attracted an audience almost no corporate media employee could get close to…. I have no doubt their unified contempt is ideological as well. Carlson most aggressively attacks the institutions they most revere: the CIA and US Security State; large corporations; the establishment wings of both parties. Marine Corps drops charges against lance corporal who spent 113 days in the brig Lance Cpl. Catherine Arnett’s legal problems began when she refused to get vaccinated for COVID-19. Arnett’s case was put on hold after a federal judge ruled in August 2022 that the Marine Corps could not separate Marines who had requested religious exemptions to the Defense Department’s mandatory vaccine policy. That prompted the 1st MAW to decide to withdraw the charges against Arnett and let her leave the Corps as scheduled on November 30, 2022… https://t.co/7r4cNQKB6i FBI Director Wray leads diversity training with White House official with famed pentagram tattoo Bureau offers credit to watch monkeypox coordinator, known for showing off pentagram tattoo and leather harness in the shape of Satanic symbol… A previous FBI stab at mandatory diversity training, in spring 2021, got such a bad reception the bureau stopped requiring it within two months, according to fellow FBI whistleblower Kyle Seraphin, known for revealing the intelligence product that portrayed some Roman Catholics as radical extremists worthy of investigation… https://justthenews.com/government/federal-agencies/fbis-chris-wray-leads-diversity-training-kinky-white-house-official Instagram algorithm promotes pedo networks, connects predators with victims: (Stanford) report https://thepostmillennial.com/breaking-instagram-algorithm-promotes-pedo-networks-connects-predators-with-victims-report Man Arrested While Attempting to Read Bible Verse at Pennsylvania Pride Event Police told the Daily Caller that Atkins was not arrested for reading the Bible verse, but for his noise levels while doing so… https://dailycaller.com/2023/06/06/man-arrested-read-bible-verse-pride-lgbt-event/ Punches thrown at California school protest over LGBTQ+ curriculum and Pride month Protesters for and against the school district’s LGBTQ+ policies were seen on video throwing punches Some parents spoke up asking that they be given a say over what their children are exposed to in school, asking for permission to opt their children out of graphic aspects of the LGBTQ+ curriculum... https://www.foxnews.com/politics/punches-thrown-california-school-protest-over-lgbtq-curriculum-pride-month The above story omits the fact that Armenian fathers fought with Antifa outside the school board meeting. Armenian Men Beat the Crap Out of Antifa and Far-Left Protestors Outside Glendale, CA School Board Meeting Over Pride Events https://www.thegatewaypundit.com/2023/06/armenian-men-beat-crap-antifa-far-left-protestors/ @AsraNomani: The #WokeArmy is dealt a lethal blow. The battlefront: Montgomery County, Maryland. TODAY. The hard left came after the kids and Muslim parents aren’t having it… Sure enough the hard left came after the one interest that no mama bear or papa bear is going to surrender: our kids. Stay tuned for more reporting from the trenches of the war to save America’s children. https://twitter.com/AsraNomani/status/1666267708332077058 Boys aged eight are sent home with ‘puberty kit’ including pantiliners and maxi pads by Connecticut Elementary School after being shown videos about gender identity https://www.dailymail.co.uk/news/article-12164991/amp/Elementary-school-students-Connecticut-sent-home-puberty-kit.html Riddle me this Batman! If one must walk on eggshells in business offices to avoid telling a joke or uttering a term or story that could be deemed offensive or an act of sexual harassment, how come teachers can discuss and show sexually explicit material/acts to children as young as 5? | |
GREG HUNTER
I will see you on FRIDAY
harveyorganblog.com 
