GOLD PRICE CLOSED: DOWN $1.00 TO $1962.60
SILVER PRICE CLOSED: UP $0.07 AT $24.24
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1960.40
Silver ACCESS CLOSE: 24.28
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Bitcoin morning price:, $26,590 UP 36 Dollars
Bitcoin: afternoon price: $26,407 DOWN 147 dollars
Platinum price closing $1014.10 DOWN $1.00
Palladium price; $1326.40 DOWN $33.70
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: $2,616.60 DOWN 8.60 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1558.86 DOWN 6.05 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1824.28 UP 1.49 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,963.600000000 USD
INTENT DATE: 06/08/2023 DELIVERY DATE: 06/12/2023
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 5
190 H BMO CAPITAL 234
323 H HSBC 64
363 H WELLS FARGO SEC 17
435 H SCOTIA CAPITAL 49
661 C JP MORGAN 119
661 H JP MORGAN 10
690 C ABN AMRO 6
709 C BARCLAYS 2
737 C ADVANTAGE 3 3
880 H CITIGROUP 59
905 C ADM 1
TOTAL: 286 286
JPMorgan stopped 129/286 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 286 NOTICES FOR 28,600 OZ or 0.8895 TONNES
total notices so far: 18,017 contracts for 1,801,700 oz (56.040 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 DOWN $1.00
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/NO CHANGES IN GOLD INVENTORY AT THE GLD:////
INVENTORY RESTS AT 934,65 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER UP 7 CENTS AT THE SLV//
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 550,000 OZ FROM THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 467.269 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA ATMOSPHERIC SIZED 4103 CONTRACTS TO 143,353 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.63 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS AN ULTRA- HUMONGOUS SIZED 3792 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 THURSDAY NIGHT: A MONSTER SIZED 3792 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.63). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD AN OUT OF THIS WORLD GAIN ON OUR TWO EXCHANGES OF 5114 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( 1011 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP + 2.5 MILLION OZ EXCHANGE FOR RISK(ISSUED PRIOR)// TOTAL STANDING FOR THE MONTH 4.77 MILLION OZ ) // HUMONGOUS SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI) HUMONGOUS NUMBER OF T.A.S. CONTRACT INITIATION (3792 CONTRACTS)//ZERO T.A.S LIQUIDATION THROUGHOUT THE COMEX SESSION //
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED 44 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 3509 contracts: OR 17.545 MILLION OZ (584 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 17.545 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: 17.545 MILLION OZ//
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4103 CONTRACTS WITH OUR RISE IN PRICE OF $0.63 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 1011 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 10,000 OZ E.F.P. JUMP+ 2.5 MILLION EXCHANGE FOR RISK(PRIOR)//NEW TOTAL STANDING: 6.77 MILLION OZ////// .. WE HAVE A GIGANTIC SIZED GAIN OF 5114 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS 3792//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY SESSION. THE NEW TAS ISSUANCE TODAY (3792) 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 ROSE BY A SMALL SIZED 817 CONTRACTS TO 436,592 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 – 503 CONTRACTS
WE HAD A GOOD SIZED INCREASE IN COMEX OI ( 1320 CONTRACTS) WITH OUR $20.45 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JUNE. AT 70.79 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 0.0839 TONNE E.F.P JUMP TO LONDON.: NEW TOTAL 62.908 TONNES STANDING SO FAR // + /A HUMONGOUS ISSUANCE OF 1855 T.A.S. CONTRACTS/ZERO FRONT END OF TAS LIQUIDATION THURSDAY ////YET ALL OF..THIS HAPPENED WITH A $20.45 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A GOOD SIZED GAIN OF 3871 OI CONTRACTS (12.040 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3054 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 437,095
IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3871 CONTRACTS WITH 817 CONTRACTS INCREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A HUGE 1855 CONTRACTS) AND 3054 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3871 CONTRACTS OR 12.040 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3054 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (817) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3871 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 2,700 OZ E.F.P. JUMP TO LONDON//// NEW STANDING FALLS TO 62.908 TONNES// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUMONGOUS T.A.S. ISSUANCE: 1855 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: 15,159 CONTRACTS OR 1,515,900 OZ OR 47,15 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 2527 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 47.15 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 47.15/3550 x 100% TONNES 1.320% 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: 47.15 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 4103 CONTRACTS OI TO 143,353 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 1011 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 1011 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1011 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 4103 CONTRACTS AND ADD TO THE 1011 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5114 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 25.790 MILLION OZ
OCCURRED WITH OUR $0.63 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED UP 17.82 PTS OR 0.55% //Hang Seng CLOSED UP 90.77 PTS OR 0.47% /The Nikkei closed UP 623.90 OR 1.97% //Australia’s all ordinaries CLOSED UP 0.33 % /Chinese yuan (ONSHORE) closed DOWN 7.1308 /OFFSHORE CHINESE YUAN DOWN TO 7.1402 /Oil DOWN TO 71.45 dollars per barrel for WTI and BRENT UP AT 76.26 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 817 CONTRACTS UP TO 436,592 DESPITE OUR GAIN IN PRICE OF $20.45 ON THURSDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 3054 EFP CONTRACTS WERE ISSUED: : AUGUST 3054 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3054 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 3871 CONTRACTS IN THAT 3054 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 817 COMEX CONTRACTS..AND THIS GOOD SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $20.45. 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 THURSDAY NIGHT WAS A GIGANTIC 1855 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 (62.908) ( 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: 62.908 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $20.45) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR GOOD SIZED GAIN OF 3871 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION THROUGHOUT THE COMEX SESSION . THE TAS ISSUED THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 13.604 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 62.908 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $20.45
WE HAD – REMOVED 503 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 3871 CONTRACTS OR 387,100 OZ OR 12.040 TONNES.
Estimated gold volume today:// 126,009 extremely poor
final gold volumes/yesterday 200,403 poor
//JUNE 9/ FOR THE JUNE 2023 CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 8359.260 oz Brinks 260 kilobars . |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 286 notice(s) 28,600 OZ 0.8895 TONNES |
| No of oz to be served (notices) | 2208 contracts 220,800 oz 6.867 TONNES |
| Total monthly oz gold served (contracts) so far this month | 18,017 notices 1,801,700 OZ 56.040 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: 1
i) out of Brinks: 8359.260 oz
260 kilobars
total 260 kilobars oz
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 2494 contracts having LOST 539 contracts. We had 512 contracts served on Wednesday so we lost 37 contracts or an additional 2700 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 gained 12 contracts to stand at 2906 contracts.
AUGUST gained 1934 contracts up to 372,701 contracts
We had 286 contracts filed for today representing 28,600 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 286 contract(s) of which 10 notices were stopped (received) by j.P. Morgan dealer and 119 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 (18.017 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (2494 CONTRACT) minus the number of notices served upon today 286 x 100 oz per contract equals 2,022,500 OZ OR 62.908 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 (18,017) x 100 oz + (2494) [OI for the front month minus the number of notices served upon today (286)x 100 oz} which equals 2,022,500 oz standing OR 62.908 TONNES
TOTAL COMEX GOLD STANDING: 62.908 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: 2,055,246.664 OZ 63.92 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,912,629.517 OZ
TOTAL REGISTERED GOLD: 11,720,465.675 (364.555 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 11,200,523,102 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,665,219 OZ (REG GOLD- PLEDGED GOLD) 300.625 tonnes//
END
SILVER/COMEX
JUNE 9//2023// THE JUNE 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | nil oz . |
| Deposits to the Dealer Inventory | nil oz |
| Deposits to the Customer Inventory | 1,300,682.510 oz Brinks JPMorgan |
| No of oz served today (contracts) | 0 CONTRACT(S) (nil OZ) |
| No of oz to be served (notices) | 433 contracts (2,165,000 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 2 customer deposits
i) into Brinks: 744,601.510 oz
ii) Into JPMorgan: 556,081.000 oz
Total deposits: 1m300,682.510 oz oz
JPMorgan has a total silver weight: 141.525 million oz/273,073 million =51.64% of comex .//dropping fast
Comex withdrawals 0
total withdrawals: nil oz
adjustments:
TOTAL REGISTERED SILVER: 27.117 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 273.073 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: 433 CONTRACTS HAVING GAINED 2 CONTRACT(S).
WE HAD 0 NOTICES FILED ON THURSDAY SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
JULY HAD A 1572 CONTRACT LOSS TO 89,922 CONTRACTS
AUGUST GAINED 5 CONTRACTS TO STAND AT 11
SEPT HAS A GAIN OF 5571 CONTRACTS UP TO 42,190
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 72,572 strong /
Comex volume: confirmed yesterday:96,542 verystrong
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(433) 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 (433) – number of notices served upon today (0 )x 500 oz of silver standing for the JUNE contract month equates to 4.270 million oz +2.5MILLION OZ EXCHANGE FOR RISK//NEW TOTAL: 6.770 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 9/WITH GOLD DOWN $1.00: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 934.65 TONNES
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 9/WITH SILVER UP 7 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF SILVER TO THE TUNE OF 550,000 OZ//INVENTORY RESTS AT 467.269 MILLION OZ
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 467.269 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
This is your most most important read of the day: August 22 will be the new gold currency introduced by the BRICs/Eastern countries
James Rickards
Rickards: The Coming Shock To The Global Monetary System
THURSDAY, JUN 08, 2023 – 07:45 PM
Authored by James Rickards via DailyReckoning.com,
On Aug. 22, about 2½ months from today, the most significant development in international finance since 1971 will be unveiled.
It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.
It could happen in just a few years.
The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave.
This monetary shock will be delivered by a group called the BRICS.
The acronym BRICS stands for Brazil, Russia, India, China and South Africa.
This play for global reserve currency status by the BRICS will affect world trade, direct foreign investment and investor portfolios in dramatic and unforeseen ways.
The most important development in the BRICS system concerns the expansion of BRICS membership. This has led to the informal adoption of the name BRICS+ for the expanded organization.
There are currently eight nations that have formally applied for membership and 17 others that have expressed interest in joining. The eight formal applicants are: Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.
The 17 countries that have expressed interest are: Afghanistan, Bangladesh, Belarus, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uruguay, Venezuela and Zimbabwe.
There’s more to this list than just increasing the headcount at future BRICS meetings.
If Saudi Arabia and Russia are both members, you have two of the three largest energy producers in the world under one tent (the U.S. is the other member of the energy Big Three).
If Russia, China, Brazil and India are all members, you have four of the seven largest countries in the world measured by landmass possessing 30% of the Earth’s dry surface and related natural resources.
Almost 50% of the world’s wheat and rice production as well as 15% of the world’s gold reserves are in the BRICS.
Meanwhile, China, India, Brazil and Russia are four of the nine highest-population countries on the planet with a combined population of 3.2 billion people or 40% of the Earth’s population.
China, India, Brazil, Russia and Saudi Arabia have a combined GDP of $29 trillion or 28% of nominal global GDP. If one uses purchasing power parity to measure GDP, then the BRICS share is over 54%. Russia and China have two of the three largest nuclear arsenals in the world (the other leader is the United States).
By every measure — population, landmass, energy output, GDP, food output and nuclear weapons — BRICS is not just another multilateral debating society. They are a substantial and credible alternative to Western hegemony.
BRICS acting together is one pole of a new multipolar or even bipolar world.
When the new currency launch is announced in August, the currency will not fall on an empty field. It will fall into a sophisticated network of capital and communications. This network will greatly enhance its chances of success.
The BRICS are also developing an optical fiber submarine telecommunications system that would connect its members. It is being developed under the name BRICS Cable. Part of the motivation for BRICS Cable is to foil spying by the U.S. National Security Agency on message traffic carried through existing cable networks.
What’s behind this quest to ditch the dollar? In no small part the answer is U.S. weaponization of the dollar through the use of sanctions.
On numerous occasions from 2007–2014, I warned U.S. officials from the Treasury, Pentagon and intelligence community that overuse or abuse of dollar sanctions would lead adversaries to abandon the dollar to avoid the impact of sanctions.
Such abandonment would lead to the diluted potency of sanctions, unforeseen costs imposed on the U.S. and eventually to the collapse of confidence in the dollar itself. These warnings were mostly ignored.
We have now reached the first and second stages of this forecast and are dangerously close to the third.
For years, the U.S. has used sanctions to punish nations like Iran. But the sanctions the U.S. and its allies imposed on Russia after it invaded Ukraine last year went far beyond previous sanctions regimes. They were unprecedented.
Many other nations began to conclude that they could be next if they run afoul of the U.S. on certain issues. And that fear has greatly accelerated the push to opt out of the dollar system entirely.
This desire is not limited to current targets such as Russia but is shared by potential targets including China, Iran, Turkey, Saudi Arabia, Argentina and many others.
The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.
For years, I’ve argued that the dollar would remain the world’s leading reserve currency for longer than most people think.
But below, I show you why a new BRICS+ currency could greatly accelerate the demise of the dollar as the world’s leading reserve currency.
How could it happen so much faster than I previously thought? Read on.
The Coming Shock to the Global Monetary System
The global desire to move away from the dollar as a medium of exchange for international trade in goods and services is hardly new. The difference today is that it’s gone from a discussion point to a novelty to a looming reality in a remarkably short period of time.
Dubai and China have recently concluded an arrangement whereby Dubai will accept Chinese yuan in payment for oil exports from Dubai. In turn, Dubai can use the yuan to buy semiconductors or manufactured goods from China.
Saudi Arabia and China have been discussing similar oil-for-yuan arrangements but nothing definitive has yet been put in place. These discussions are made complicated by Saudi Arabia’s long-standing petrodollar deal with the U.S. Still, some progress along these lines is widely expected.
China and Brazil have recently reached a broad-based bilateral currency deal where each country accepts the currency of the other in trade. Meanwhile, there’s a growing strategic relationship between China and Russia as the two superpowers jointly confront the United States. In the trading relationship between the two nations, Russia can pay in rubles for Chinese manufactured goods and other exports while China pays in yuan for Russian energy, strategic metals and weapons systems.
Yet all these arrangements may soon be superseded by a new BRICS+ currency, which will be announced in Durban, South Africa, at the annual BRICS Leaders’ Summit Conference on Aug. 22–24.
The currency will be pegged to a basket of commodities for use in trade among members. Initially, the BRICS+ commodity basket would include oil, wheat, copper and other essential goods traded globally in specified quantities.
In all likelihood, the new BRICS+ currency would not be available in the form of paper notes for use in everyday transactions. It would be a digital currency on a permissioned ledger maintained by a new BRICS+ financial institution with encrypted message traffic to record payments due or owing by participating parties. (This is not a cryptocurrency because it is not decentralized, not maintained on a blockchain and not open to all parties without approval.)
The latest information from the BRICS working groups is that this basket valuation methodology is encountering the same problems that John Maynard Keynes encountered at the Bretton Woods meetings in 1944.
Keynes initially suggested a basket of commodities approach for a world currency he called the bancor. The difficulty is that global commodities included in any basket are not entirely fungible (there are over 70 grades of crude oil distinguished by viscosity and sulfur content among other attributes).
In the end, Keynes saw that a basket of commodities is not necessary and that a single commodity — gold — would better serve the purpose of anchoring a currency for reasons of convenience and uniformity.
Based on the impracticality of commodity baskets as uniform stores of value, it appears likely that the new BRICS+ currency will be linked to a weight of gold.
This plays to the strengths of BRICS members Russia and China, who are the two largest gold producers in the world and are ranked sixth and seventh respectively among the 100 nations with gold reserves.
These and related developments are frequently touted as the “end of the dollar as a reserve currency.” Such comments reveal a lack of understanding as to how the international monetary and currency systems actually work.
The key mistake in almost all such analyses is a failure to distinguish between the respective roles of a payment currency and a reserve currency. Payment currencies are used in trade for goods and services. Nations can trade in whatever payment currency they want — it doesn’t have to be dollars.
Reserve currencies (so-called) are different. They’re essentially the savings accounts of sovereign nations that have earned them through trade surpluses. These balances are not held in currency form but in the form of securities.
When analysts say the dollar is the leading reserve currency, what they actually mean is that countries hold their reserves in securities denominated in a specific currency. For 60% of global reserves, those holdings are U.S. Treasury securities denominated in dollars. The reserves are not actually in dollars; they’re in securities.
As a result, you cannot be a reserve currency without a large, well-developed sovereign bond market. No country in the world comes close to the U.S. Treasury market in terms of size, variety of maturities, liquidity, settlement, derivatives and other necessary features.
So the real impediment to another currency as a reserve currency is the absence of a bond market where reserves are actually invested. That’s why it’s so difficult to displace Treasuries as reserve assets even if you wanted. Again, no country in the world can come close to the U.S. in that regard.
But here’s where it gets interesting, and why the dollar could lose its leading reserve status much faster than previously thought.
That’s because the BRICS+ currency offers the opportunity to leapfrog the Treasury market and create a deep, liquid bond market that could challenge Treasuries on the world stage almost from thin air.
The key is to create a BRICS+ currency bond market in 20 or more countries at once, relying on retail investors in each country to buy the bonds.
The BRICS+ bonds would be offered through banks and postal offices and other retail outlets. They would be denominated in BRICS+ currency but investors could purchase them in local currency at market-based exchange rates.
Since the currency is gold backed it would offer an attractive store of value compared with inflation- or default-prone local instruments in countries like Brazil or Argentina. The Chinese in particular would find such investments attractive since they are largely banned from foreign markets and are overinvested in real estate and domestic stocks.
It will take time for such a market to appeal to institutional investors, but the sheer volume of retail investing in BRICS+-denominated instruments in India, China, Brazil and Russia and other countries at the same time could absorb surpluses generated through world trade in the BRICS+ currency.
In short, the way to create an instant reserve currency is to create an instant bond market using your own citizens as willing buyers.
The U.S. did something similar in 1917. From 1790–1917, the U.S. bond market was for professionals only. There was no retail market. That changed during World War I when Woodrow Wilson authorized Liberty Bonds to help finance the war.
There were bond rallies and Liberty Bond parades in every major city. It became a patriotic duty to buy Liberty Bonds. The effort worked, and it also transformed finance. It was the beginning of a world where everyday Americans began to buy stocks, bonds and securities as retail investors.
If the BRICS+ use a kind of Liberty Bond patriotic model, they may well be able to create international reserve assets denominated in the BRICS+ currency even in the absence of developed market support.
This entire turn of events — introduction of a new gold-backed currency, rapid adoption as a payment currency and gradual use as a reserve asset currency — will begin on Aug. 22, 2023, after years of development.
Except for direct participants, the world has mostly ignored this prospect. The result will be an upheaval of the international monetary system coming in a matter of weeks.
END
3,Chris Powell of GATA provides to us very important physical commentaries
India accumulating massive amounts of gold and silver
(Times of India/GATA)
India’s gold reserve up more than 40% in five years
Submitted by admin on Thu, 2023-06-08 09:41Section: Daily Dispatches
By Gayatri Nayak
The Times of India, Mumbai
Thursday, June 8, 2023
The Reserve Bank of India’s gold reserves have risen by more than 40% since it resumed the purchase of the yellow metal over five years ago. This shows gold has emerged as a strong hedge against inflation and has helped reduce dependence on the dollar to an extent.
India’s central bank, unlike others, never sells its gold.
India’s official gold reserves is up from 17.9 million troy ounces in December 2017 to 25.55 million troy ounces in April this year, according to the latest RBI data. This roughly translates to 795 metric tonnes of gold.
India’s official gold reserves is up from 17.9 million troy ounce in December 2017 to 25.55 million troy ounce in April this year according to the latest RBI data. This roughly translates to 795 metric tonnes of gold.
Central banks alone have bought 228 tonnes from January through April, according to the latest World Gold Council report. “Sustained and significant purchases from the official sector underscore gold’s role in international reserve portfolios during times of market volatility and heightened risk,” the gold council said. …
… For the remainder of the report:
END
It will not work with these socialists: Argentina to ditch its peso for the dollar?
(Bloomberg)
Will Argentina ditch its peso for the dollar?
Submitted by admin on Thu, 2023-06-08 10:04Section: Daily Dispatches
Leading presidential candidate says he’d “blow up” the central bank.
* * *
By Ignacio Olivera Doll
Bloomberg News
Thursday, June 8, 2023
The Argentine peso has had a tumultuous life. In the 1980s it was temporarily dethroned by a new currency called the austral. An arranged marriage with the dollar in 1991 produced some years of bliss but ended in a ruinous divorce. More recently, the peso has suffered the humiliation of being tagged the worst-performing currency in emerging markets.
Now an Argentine economist running for president is proposing to put the currency out of its misery once and for all.
avier Milei, who is also a congressman, says that to quash triple-digit inflation, the nation should formally adopt the dollar. “The peso melts like ice in the Sahara Desert,” Milei likes to say, alluding to the currency’s rapid depreciation: It has lost half of its value against the dollar just in the past year.
If Milei wins the presidency in October and follows through on his pledge, Argentina will become the largest economy to dollarize. Its gross domestic product is about five times that of Ecuador’s, which is the biggest among the seven sovereign nations that have embraced the greenback, according to the International Monetary Fund. …
Steven Hanke, a professor of applied economics at Johns Hopkins University who is an enthusiastic advocate of dollarization, says he advised the Menem administration to switch to the greenback in the 1990s. He is still convinced that it is the best route. “It’s time to mothball the central bank of Argentina and the peso and put them in a museum,” he said in an email. Milei says that if he is elected president, he’d “blow up” the central bank. …
… For the remainder of the report:
END
Alasdair Macleod: The entire euro system faces failure
Submitted by admin on Thu, 2023-06-08 15:26Section: Daily Dispatches
By Alasdair Macleod
GoldMoney, Toronto
Thursday, June 8, 2023
In these dog days of summer, there is a new complacency over the financial and economic status of the Eurozone. Inflation is down, bank shares have rallied, and the end of rises in interest rates is in sight.
The lull in bad news conceals a deteriorating situation. In common with other markets, Eurozone bond yields are rising, and banks are now visibly trying to reduce their excessive balance sheet leverage. This is bound to lead to credit shortages in the coming months, maintaining or even driving interest rates higher. Contracting credit could lead to funding dislocations for highly indebted Eurozone governments, all mired in debt traps.
Presiding over all this is a clueless European Central Bank, long on rhetoric and short on economic common sense. Further, even though it has reduced its balance sheet by a trillion euros, the hidden losses in the euro system wipes out its equity many times over.
How can it recapitalise itself, and how can it underwrite depositors in a deteriorating commercial banking system?
It is a recipe for an entire systemic failure.
(Definitions: The Eurozone is comprised of the European nations that have adopted the euro as their currency. The euro system is the combined network of central banks, comprising the ECB itself and the national central banks.)
… For the remainder of the analysis:
https://www.goldmoney.com/research/the-entire-euro-system-faces-failure?gmrefcode=gata
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/
Binance.US Suspends USD Deposits, Warns Of Fiat Withdrawal Pause
FRIDAY, JUN 09, 2023 – 09:05 AM
Authored by Martin Young via CoinTelegraph.com,
Binance.US said the moves are part of efforts to protect customers and the platform amid “extremely aggressive and intimidating tactics” by the SEC…
Binance.US has announced the suspension of United States dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.
On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the United States Securities and Exchange Commission.
The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”
The company added that it plans to transition to a crypto-only exchange but maintains a 1:1 ratio for customer assets.
The notice also cautioned that any downtime in processing withdrawals going forward “may be the result of elevated volumes and weekend bank closures.”
Trading, staking, deposits and withdrawals in crypto remain fully operational, it confirmed.
As a result of the SEC’s “ideological campaign against the American digital asset industry,” Binance.US and its banking partners have faced increasing challenges, it said. Those banking partners have signaled their intent to sever fiat on-ramps to the exchange.
U.S. dollar deposits will be suspended as of June 9, and USD trading pairs will be delisted next week, the firm stated; however, it will continue to support Tether trading pairs. It stated that any USD left on the exchange might be converted into a stablecoin that can be withdrawn on-chain.
Ten trading pairs delisted by Binance.US. Source: Binance.US
Binance.US delisted eight Bitcoin pairs and two BUSD pairs on June 8 while noting that OTC Trading Portal services were paused. BTC traded at a premium on the U.S. exchange in early May.
The SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The following day, the firm reassured customers that assets remained safe adding that the platform continues to be fully operational with deposits and withdrawals functioning as normal.
Cointelegraph reported on the struggles Binance.US was having securing banking partners in April.
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS/FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1308
OFFSHORE YUAN: 7.1402
SHANGHAI CLOSED UP 17.82 PTS OR 0.55%
HANG SENG CLOSED UP 90.77 PTS OR 0.47%
2. Nikkei closed DOWN 623.90 PTS OR 1.97%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 103.40 EURO FALLS TO 1.0769 DOWN 14 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.421 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.43 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE YUAN: DOWN// OFF- SHORE:DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.4035***/Italian 10 Yr bond yield FALLS to 4.162*** /SPAIN 10 YR BOND YIELD FALLS TO 3.387…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 3.628
3j Gold at $1966.60 silver at: 24.38 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 5 /100 roubles/dollar; ROUBLE AT 82.64//
3m oil into the 71 dollar handle for WTI and 76 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 139.43 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .421% 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 0.9022 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9715 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: 3.748 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 3.9111 UP 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.558 UP 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 23.41…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.277 UP 5 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
S&P Futures Hit 4,300 After Entering Bull Market
FRIDAY, JUN 09, 2023 – 08:12 AM
After the S&P closed in a bull market from its October 2022 lows yesterday, futs were again paralyzed, their 4th consecutive session with virtually no changes in the overnight session. As of 8:00am ET, S&P futures were up 1 point or less than 0.05% to 4,300 while Nasdaq futures were also modestly in the green; bond yields are 2-4bp higher this morning, most markedly at the short end. The Bloomberg dollar index is strengthening while oil prices are edging higher after yesterday’s drop. Gold prices are little changed, while iron ore continues its weekly ascent.
In premarket trading, Tesla shares jumped 4.5%, up more than 130% from its January lows, and was on track to rise for an 11th straight session as General Motors Co. announced it’s joining the company’s charging network. GM advanced 3.5%. Target Corp. shares retreated 1.3% after Citigroup Inc. analysts cut their rating, citing slower foot traffic and tough competition. Carvana rose as much as 7.6% in premarket trading, following a record 56% surge on Thursday after the extremely shorted used-car retailer said its operations were improving in the second quarter. Here are some other notable premarket movers:
- Adobe shares rise 2.5% in premarket trading after Wells Fargo upgrades the stock to overweight and lifts its price target to a Street-high, citing greater confidence in tailwinds from artificial intelligence.
- Braze shares gained as much as 14% in premarket trading on Friday, after the infrastructure software company raised its forecast for the year. Oppenheimer analysts said Braze is executing well in a challenging operating environment.
- DocuSign shares rose as much as 9% in premarket trading on Friday, after the e- signature software company reported first-quarter results that beat expectations and raised its full-year forecast. Analysts said the results were impressive and the outlook for next quarter seems conservative.
- Planet Labs fell 18% postmarket after the satellite imaging company cut its revenue forecast for the full year and sees a wider adjusted Ebitda loss.
Yesterday, jobless claims surprised to the upside, which pushed yields lower and sent stocks higher after expectations of a June rate hikes were doused; in equities, we also saw some reversion to the recent RTY v. NDX outperformance. SPX closed at 4293, implying 20% gains since the October low; entering a bull market. Overall, today’s macro calendar remains quiet as investors are waiting for CPI, Fed, ECB, and BOJ next week, and may explain why investors are reluctant to take big positions ahead of next week’s looming interest-rate decisions. Unexpected hikes from two central banks this week have raised speculation that policymakers may have to keep interest rates higher for longer. Meanwhile, US data pointing to a cooling labor market has supported the consensus view that the Fed is likely to pause.
“The backdrop of late has been one of heightened macro uncertainty, but with inflation still running uncomfortably high,” ING rates strategists led by Benjamin Schroeder wrote in a note. “Our house view is that the Fed is already at its peak policy rate, though with the caveat that a higher CPI reading could still eke out a hike next week. In any case, the Fed is likely to leave the door open to more.”
“If you look at where the market sits now in absolute terms, it’s not too hard to make a case that it’s justified at current levels,” said Matt Britzman, equity analyst at Hargreaves Lansdown. “The worry is how fast it’s risen and the concentration within a select few names. A pullback at the top wouldn’t be too much of a surprise as markets take a breather.”
European stocks erased early gains on Friday and headed for a weekly decline as investors monitored a deteriorating economic outlook, while chemicals makers slumped following a glum forecast from Croda International Plc. The Stoxx 600 Index was down 0.4%; chemicals dropped 2%, with Croda International Plc set for its worst day since 2000 after saying it expects customer destocking in consumer and industrial end-markets to persist into the second half of the year. Utilities and real estate shares gained. Here are the most notable European movers:
- Orsted rises as much as 4.5% following the Danish wind-farm operator’s capital markets day. Oddo upgrades to neutral and says worst-case scenarios are now “off the radar screen”
- Ceconomy shares rise as much as 5.7% after BNP Paribas Exane upgraded the German consumer electronics retailer to outperform from neutral, saying that the company now has the right set-up
- Norsk Hydro shares rise as much as 2.1% after Morgan Stanley said the Norwegian aluminum company’s offer for Warsaw-listed Alumetal is still attractive, despite the higher price
- ALK-Abello rises as much as 2.6% after Danske Bank raised its recommendation to buy, saying Thursday’s positive data release from the allergy drugmaker’s dust mite allergy tablet is a relief
- Network International shares rise as much as 6%, to 385p, after Brookfield Asset Management offered to buy the company for 400p per share in a deal recommended by the company’s directors
- Croda shares drop as much as 16% in early London trading to the lowest since July 2020 after the ingredients maker’s pretax profit forecast fell well short of the consensus analyst estimate; Shares in chemicals makers see wide drops following the downbeat trading update from Croda, with fragrance and flavor maker Givaudan as much as -3.2%, Symrise -4.1%, BASF -2.6%, Bayer -2%
- Boohoo shares drop as much as 4.9% to the lowest since Jan. 3 after Numis Securities cut its rating on the online fast fashion retailer to reduce from hold, citing risks ahead
Earlier in the session, Asian stocks rose, with the regional benchmark heading for a second week of gains amid a rally in technology shares in Japan, South Korea and Taiwan. The MSCI Asia Pacific Index rose as much as 0.8%, driven by gains info technology shares. Samsung, TSMC and Sony were among the biggest boosts. Chinese equities underperformed as data showed the nation’s inflation remained close to zero in May as the economy’s recovery weakened, Hang Seng stocks were modestly firmer after early tech gains evaporate. Still, overseas investors are increasingly optimistic about A shares, as evidenced by growing inflows, according to a report in the Financial News, which is backed by the People’s Bank of China.
Japan’s Nikkei 225 rose nearly 2%, set to cap its ninth-straight week of gains – the longest stretch of gains since 2017 – ahead of the Bank of Japan’s policy decision next week and annual general meetings later this month. The Topix jumped 1.3% as Japanese shares resume gains after two-day slide. Heavy foreign buying amid easy-money policy, company reforms and signs of stable inflation have helped drive the world’s best rally so far this year among major markets. “In addition to relative advantages for earnings and macro climate, the Japanese market has many catalysts,” MBC Nikko strategist Hikaru Yasuda wrote in a note. “This should mean overseas investors are unlikely to pull out soon, so we look for buying interest to spill over from large-cap exporters to domestic-demand stocks.” Kospi, Taiex and ASX 200 indexes were also in the green.
In FX, the Turkish lira extended its decline to an all-time low against the dollar, taking its weekly drop to 11%, after Erdogan appointed a former First Republic Bank CEO as his new central bank head. The yuan weakened after Chinese producer prices fall the most since 2016, adding to PBOC easing speculation. The Bloomberg Dollar Spot Index rose 0.1% but was poised to end the week 0.5% lower, marking its second week of losses on expectations the Federal Reserve is nearing the end of this hiking cycle. The USDJPY is up 0.4%, boosted by short covering in the dollar during Asian trade; EURUSD down 0.2%.
In rates, treasury yields ticked higher on Friday, with the 10-year rate at 3.75% and with yields cheaper by 2bp to 5bp across the curve near session highs after yesterday post-initial claims jump. Yields were cheaper by ~5bp across front-end of the curve with 2s10s, 5s30s spreads flatter by 1bp and 2bp on the day; 10-year yields around 3.75%, cheaper by 3.5bp vs Thursday close with bunds and gilts outperforming by 1.5bp and 3.5bp in the sector. The yield on the two-year Treasury yield rose 4bps to 4.55%; traders are betting on a roughly 30% possibility that the Fed will raise interest rates at its meeting on Wednesday, while the possibility of a hike at its July meeting stands around 90%. Front-end-led losses flatten spreads ahead of next week’s Fed meeting, where around 8bp of rate-hike premium remains priced into Fed-dated swaps. Supply concession may emerge ahead of Monday’s heavy auction schedule, including 3- and 10-year note sales. No significant events are scheduled for Friday’s US session. Elsewhere, Australian yields about 4-5bps weaker across the curve. JGB futures remain rangebound.
In commodities, WTI crude rose to $71.50; gold quiet at $1,964. Saudi Crown Prince MBS reportedly threatened major economic pain on the US economy last fall amid the oil feud, according to Washington Post. Russian Ambassador to Turkey says they continue consultations, but there are no grounds which exist for a grain deal renewal, via Ria. Oh, and confirming yesterday’s big fake news, Iran’s IRNA confirmed there is not a temporary deal to replace the JCPOA on the agenda.
It’s a quiet day ahead with nothing major scheduled in the US, data releases include Italian industrial production for April, and the Canadian employment report for May. Otherwise from central banks, we’ll hear from ECB Vice President de Guindos, along with the ECB’s de Cos and Centeno.
Market Snapshot
- S&P 500 futures down 0.2% to 4,290.50
- MXAP up 0.8% to 164.96
- MXAPJ up 0.6% to 520.42
- Nikkei up 2.0% to 32,265.17
- Topix up 1.5% to 2,224.32
- Hang Seng Index up 0.5% to 19,389.95
- Shanghai Composite up 0.6% to 3,231.41
- Sensex down 0.3% to 62,682.10
- Australia S&P/ASX 200 up 0.3% to 7,122.51
- Kospi up 1.2% to 2,641.16
- STOXX Europe 600 little changed at 460.34
- German 10Y yield little changed at 2.43%
- Euro down 0.2% to $1.0764
- Brent Futures down 0.3% to $75.70/bbl
- Gold spot down 0.2% to $1,961.64
- U.S. Dollar Index up 0.18% to 103.53
Top Overnight News from Bloomberg
- US stock futures indicated a pause after the S&P 500’s rally to a bull market, while the dollar headed for its biggest weekly loss in a month on bets that the Federal Reserve is nearing the end of its hiking cycle.
- Most economists expect the Federal Reserve to pause interest-rate increases next week for the first time in 15 months and leave policy on hold through December, even as it confronts a resilient US economy and persistent inflation.
- The S&P 500’s journey to a bull market is unprecedented in many ways, not least of which is that it was completed amid growing warnings about a global recession.
- UBS Group AG sealed an agreement with the Swiss government to cover 9 billion francs ($9.9 billion) of losses it could incur from the rescue of Credit Suisse Group AG, clearing a major hurdle to closing the historic takeover.
- China’s inflation remained close to zero in May, giving the central bank scope to ease monetary policy as calls grow louder for more interest rate cuts to spur the economy’s recovery.
- Bank of Japan officials see little need to adjust its yield curve control program at a policy meeting next week given improvement in the functioning of the bond market and the smooth shape of the yield curve, according to people familiar with the matter.
- A clutch of Russia’s top tycoons are reaping billions of dollars worth of dividends, getting payouts from their companies even in the face of sanctions over the war in Ukraine.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mostly higher following the gains on Wall St where the S&P 500 entered a bull market and tech outperformed as yields declined due to labour market concerns after Initial Jobless Claims spiked to the highest level since October 2021. ASX 200 was led by strength in the tech and the mining industries but with upside capped by pressure in the energy sector after oil prices dropped on reports that Iran and US were near an interim deal on nuclear enrichment and oil exports which was later refuted by the White House. Nikkei 225 spearheaded the advances amongst the major indices with the index back above the 32,000 milestone. Hang Seng and Shanghai Comp. were indecisive after weaker-than-expected Chinese inflation data continued to point to an uneven economic rebound, although there were some hopes of a thawing in US-China relations with Secretary of State Blinken’s delayed trip to Beijing said to be in planning for next week.
Top Asian News
- US Secretary of State Blinken’s long-delayed Beijing trip is now in planning for next week, according to Politico.
- BoJ Governor Ueda said they will patiently maintain current monetary easing and noted that by supporting the economy, they can create a positive economic cycle where wages rise on a nominal and real basis. Ueda also stated that retaining BoJ’s ETF holdings is among the options, but added that what they will do with their holdings in the event of an exit is something that must be discussed at the BoJ’s policy meeting at the time.
- BoJ reportedly said to still see a need to continue monetary stimulus, via Bloomberg citing sources; hitting price goal as out of sight, little need to tweak YCC in June. Reportedly sees inflation as stronger than expected.
- PBoC Governor says Q2 GDP YY growth is expected to be high, primarily due to base effects, CPI expected to gradually increase in H2, will be above 1.0% YY by December.
European bourses are contained as the complex once again struggles for direction amid a lack of fresh/scheduled catalysts, Euro Stoxx 50 -0.2%. Sectors are mixed with Basic Resources outperforming amid broader metals action while Chemicals lag after a Croda profit warning. Stateside, futures are slightly in the red with action very much contained given the mentioned lack of fresh drivers thus far and scheduled, ES -0.1%.
Top European News
- UK is to introduce a floor for oil and gas windfall tax with Chancellor Hunt expected to confirm plans to introduce a floor on the 35% levy so that it will only apply if oil and gas prices are above a certain level, according to FT.
FX
- Yen bulls out-doved by BoJ sources as USD/JPY rebounds further from sub-139.00 lows towards 140.00.
- DXY boosted by Yen retreat and index back over 103.500 from 103.310 at one stage.
- Norwegian Krona boosted by hotter than forecast inflation data, with EUR/NOK towards base of 11.6500-11.7700 range.
- Yuan back under pressure on the back of soft Chinese CPI and PPI metrics, as USD/CNY and USD/CNH eye 7.1300 and 7.1400 respectively.
- Loonie underpinned around 1.3350 vs Greenback pre-Canadian labour market report and post-BoC surprise hike.
- PBoC set USD/CNY mid-point at 7.1115 vs exp. 7.1122 (prev. 7.1280)
- Turkish President Erdogan appointed Hafize Gaye Erkan as the Central Bank Governor and appoints former Governor Kavcioglu as head of the banking watchdog, according to Reuters.
Fixed Income
- Bonds out of lock-step approaching end of the week and awaiting big risk events including Fed, ECB and US CPI data.
- Bunds meander within 133.85-51 range, Gilts outperform between 95.99-96.58 bounds and T-note lags near 113-13 trough vs 113-23 peak.
- JGBs underpinned after BoJ sources report chiming with guidance signalling no YCT tweak in June.
Commodities
- Crude benchmarks are posting upside of circa. USD 0.20/bbl on the day and reside towards the upper-end of exceptionally narrow sub USD 1.00/bbl parameters.
- Price action which is well within the bounds of recent sessions, nonetheless the complex is set to see the week out with downside of just over USD 3.00/bbl, with the bulk of this occurring on Monday post-OPEC+.
- Spot gold is essentially unchanged and has been gradually drifting off Thursday’s WTD best of USD 1970/oz, where the 21-DMA also resides, as the USD continues to firm up.
- Base metals are generally contained and are proving to be a touch more resilient vs their precious counterparts against the USD’s strength and are perhaps gleaning support from the increasing calls for official Chinese support.
- Saudi Crown Prince MBS reportedly threatened major economic pain on the US economy last fall amid the oil feud, according to Washington Post.
- Russian Ambassador to Turkey says they continue consultations, but there are no grounds which exist for a grain deal renewal, via Ria.
Crypto
- US SEC Chair Gensler commented that the crypto market is full of Ponzi schemes and frauds which can only be cleaned up with securities regulations, according to Cointelegraph.
- Binance US said it is suspending US currency deposits in the aftermath of the SEC lawsuit and its banking partners are preparing to pause fiat USD withdrawal channels as soon as June 13th, according to Reuters
Geopolitics
- US President Biden said the US will have funding for Ukraine for as long as it takes, according to FT. It was also reported that the US Pentagon is readying a new USD 2bln Ukraine air defence package, according to Reuters.
- Two reportedly injured in a drone strike in Voronezh, Russia, via Reuters citing regional governor.
- Russian General Staff Chair Gerasimov invites his Chinese counterpart to visit Russia, adding relations are at the highest level, joint army training between China and Russia is important, should be ongoing.
- There is reportedly not a temporary deal to replace the JCPOA on the agenda, via IRNA.
US Event Calendar
- Nothing major scheduled
DB’s Jim Reid concludes the overnight wrap
I got a lot of responses but no workable solution to my plea for help on Wednesday given that my free time was starting to be totally eliminated by kids sports, clubs and activities. Let me give you tomorrow’s itinerary as an example of the relentlessness. 9am: The 3 kids have a group golf lesson that I take them too while my wife sets up a parents vs teachers vs pupils mini netball tournament at the kids’ school. 11am: I rush to take Maisie for her swimming lesson and swim with the twins while she does that. 1145am: After getting all dried and changed we go to the school to watch the netball tournament where my wife has her annual match. 1pm: I leave for a football tournament with the twins that starts at 2pm and goes on until 5pm. I then stuff food down them and we rush to see Maisie perform in her artistic swimming summer performance at 530pm. She has two shows. The second one starts at 730pm and after she finishes her second run I take the twins home to bed and my wife and Maisie get home at 930. Maisie then has to have her artistic swimming hair gel showered/hosed off and at 10pm my wife and I collapse on the sofa with a glass of wine and some TV. 10:15pm I nod off on the sofa and my wife pokes me and says she’s not telling me what I missed.
If you’re still awake yourself after that download, yesterday was one of those days where although markets were hit by a succession of bad news, the S&P 500 (+0.62%) shrugged these off and entered bull market territory at the close, with a +20.04% gain from its October 2022 low. To show the extreme forces helping us along, the NYFANG+ index is up +65.6% from that point and up +79.7% from it November lows just before the launch of ChatGPT.
In terms of the bad news, in the US, the weekly jobless claims were at their highest since October 2021. In the Euro Area, data revisions showed the economy did in fact experience a winter technical recession after all. And even when it came to the weather, we got confirmation that an El Nino event was now underway, with predictions still pointing to a strong one developing as we move deeper into the year. The weaker data did drive a bond rally though, with yields on 10yr Treasuries coming down -7.7bps to 3.72%.
The main catalyst for the bond moves were those US jobless claims, which saw a big jump to 261k over the week ending June 3. That was well above the 235k reading expected by the consensus, and it takes claims up to their highest level since late-2021, back when Covid was still a significant factor affecting the economy. Another worrying feature was the size of the jump, where the +28k increase on the previous week was the largest since July 2021, so these are not your typical moves we see each week.
The big question now is whether this release is just a blip, or whether it might foreshadow a broader softening in the labour market that culminates in wider job losses. Our economists suggested that two states made up 86% of the increase in non seasonally adjusted claims with Minnesota up +97.5% w/w and Ohio up +61.2% w/w. So for now this might suggest caution when reading too much into the data, a bit like with the Massachusetts fraudulent filings a few weeks ago.
That didn’t prevent a big rally in Treasuries though, in part since investors grew more confident that the Fed would finally hit the pause button on its rate hikes after 10 successive increases. Indeed, futures pricing for a June hike came down to 28%, having been at 35% on Wednesday after the Bank of Canada’s surprise hike. In turn, that meant yields fell back across most of the curve, with the 2yr yield down -4.2bps to 4.515%, and the 10yr yield down -7.7bps to 3.72%. Yields really are in a bit of a yo-yo mood at the moment albeit within a relatively constrained range. This morning in Asia, Treasuries have slightly lost ground again with 10yr yields +1.3bps higher as we go to print.
With investors pricing in a rate pause, that helped equities to recover some ground, and tech stocks led the gains, helping the NASDAQ (+1.02%) and the FANG+ Index (+2.04%) outperform again. The tech performance led the S&P 500 to again outperform its equal weight equivalent (+0.04%). In stark contrast, the small-cap Russell 2000 (-0.41%) lost ground, whilst S&P energy stocks (-0.44%) struggled after Brent crude oil prices (-1.29%) closed at a one-week low of $75.96/bbl. In the meantime, European equities were stuck in the middle, with the STOXX 600 posting a very modest -0.02% decline.
Speaking of Europe, the big news was revised data showing that the Euro Area had in fact experienced a winter recession after all. That was confirmed by the latest Q1 GDP reading, which unexpectedly showed a -0.1% contraction, having initially been a +0.1% expansion in the flash estimate. Coming off the back of another -0.1% contraction in Q4, that meant the Euro Area has contracted for two consecutive quarters and met the common technical definition of a recession, even if it was the mildest possible. For markets, there was little direct relevance given the news was backward looking, and the ECB is still widely expected to proceed with a 25bp rate hike at their meeting next Thursday. In fact, the main driver for European sovereign bonds were the US jobless claims, with yields reversing on the print with 10yr bunds (-5.4bps), OATs (-5.9bps) and BTPs (-9.9bps) yield all closing notably lower.
Most Asian equity markets are struggling to gain traction this morning. As I type, Chinese stocks are mixed with the Hang Seng (+0.05%) swinging between gains and losses while the CSI (-0.11%) is slightly lower and the Shanghai Composite (+0.02%) flat after the release of inflation data (more on this below). Elsewhere, the Nikkei (+1.61%) is strong, reversing some of its losses in the previous two sessions with the KOSPI (+0.92%) also climbing higher. Outside of Asia, US stock futures tied to the S&P 500 (-0.08%) are marginally down after the S&P 500 notched its highest close for 2023.
Coming back to China, producer deflation continued in May for the eighth consecutive month with the producer price index (PPI) declining -4.6% y/y in May (v/s -4.3% expected), the steepest drop since June 2016 as weakening demand is weighing on the fragile economic recovery. It followed a further decline from -3.6% in April. Meanwhile, the consumer price index (CPI) rose in line with market expectations, up +0.2% y/y in May after a +0.1% rise the previous month.
One thing that could influence inflation later in the year is the El Niño. The US’ Climate Prediction Center confirmed that El Niño conditions had emerged in May, with the latest weekly indices above the threshold for an El Niño event. The question now is how severe this episode may be, and their forecasts are seeing a 56% chance of a strong El Niño later in the year (up from 54% last month). As a recap, an El Niño event is where unusually warm sea surface temperatures in the eastern Pacific cause the jet stream to move south. That creates changes in weather patterns and ecosystems, but is unfortunately correlated with a higher frequency of natural disasters like flooding. So historically they’ve had negative effects on the harvest and food supply, and risk putting renewed upward pressure on food prices and inflation. Definitely one to keep an eye on as we move through the year.
With all this negative news piling up, one area that really benefited was gold (+1.31%), where the weak claims data led to its best daily performance in over a month. And similarly, silver (+3.50%) experienced its best day in over two months. And with commodities taking on heightened importance, our colleague Michael Hsueh has just published a timely handbook (link here) that takes a deep analytical dive into the various precious metals. He expects them to remain front and centre of global markets in the coming years.
To the day ahead now, and data releases include Italian industrial production for April, and the Canadian employment report for May. Otherwise from central banks, we’ll hear from ECB Vice President de Guindos, along with the ECB’s de Cos and Centeno.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
JPY hit on dovish sources & USD bid with action elsewhere contained – Newsquawk US Market Open
FRIDAY, JUN 09, 2023 – 06:22 AM
- European bourses & US futures are contained with newsflow limited and the docket ahead sparse
- USD/JPY lifted by dovish BoJ sources with the DXY firmer and above 103.50, Yuan hit on soft CPI
- Fixed benchmarks relatively rangebound into the weekend and looking to next week’s key events
- Crude pivots particularly narrow parameters while XAU slips and base metals grind higher
- US Secretary of State Blinken’s long-delayed Beijing trip is now in planning for next week, according to Politico.
- Looking ahead, highlights include Canadian Jobs Data.
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1. Subscribe to the free premarket movers reports
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EUROPEAN TRADE
EQUITIES
- European bourses are contained as the complex once again struggles for direction amid a lack of fresh/scheduled catalysts, Euro Stoxx 50 -0.2%.
- Sectors are mixed with Basic Resources outperforming amid broader metals action while Chemicals lag after a Croda profit warning.
- Stateside, futures are slightly in the red with action very much contained given the mentioned lack of fresh drivers thus far and scheduled, ES -0.1%.
- Click here and here for a recap of the main European updates.
- Click here for more detail.
FX
- Yen bulls out-doved by BoJ sources as USD/JPY rebounds further from sub-139.00 lows towards 140.00.
- DXY boosted by Yen retreat and index back over 103.500 from 103.310 at one stage.
- Norwegian Krona boosted by hotter than forecast inflation data, with EUR/NOK towards base of 11.6500-11.7700 range.
- Yuan back under pressure on the back of soft Chinese CPI and PPI metrics, as USD/CNY and USD/CNH eye 7.1300 and 7.1400 respectively.
- Loonie underpinned around 1.3350 vs Greenback pre-Canadian labour market report and post-BoC surprise hike.
- PBoC set USD/CNY mid-point at 7.1115 vs exp. 7.1122 (prev. 7.1280)
- Turkish President Erdogan appointed Hafize Gaye Erkan as the Central Bank Governor and appoints former Governor Kavcioglu as head of the banking watchdog, according to Reuters.
- Click here for notable OpEx for the NY Cut.
- Click here for more detail.
FIXED INCOME
- Bonds out of lock-step approaching end of the week and awaiting big risk events including Fed, ECB and US CPI data.
- Bunds meander within 133.85-51 range, Gilts outperform between 95.99-96.58 bounds and T-note lags near 113-13 trough vs 113-23 peak.
- JGBs underpinned after BoJ sources report chiming with guidance signalling no YCT tweak in June.
- Click here for more detail.
COMMODITIES
- Crude benchmarks are posting upside of circa. USD 0.20/bbl on the day and reside towards the upper-end of exceptionally narrow sub USD 1.00/bbl parameters.
- Price action which is well within the bounds of recent sessions, nonetheless the complex is set to see the week out with downside of just over USD 3.00/bbl, with the bulk of this occurring on Monday post-OPEC+.
- Spot gold is essentially unchanged and has been gradually drifting off Thursday’s WTD best of USD 1970/oz, where the 21-DMA also resides, as the USD continues to firm up.
- Base metals are generally contained and are proving to be a touch more resilient vs their precious counterparts against the USD’s strength and are perhaps gleaning support from the increasing calls for official Chinese support.
- Saudi Crown Prince MBS reportedly threatened major economic pain on the US economy last fall amid the oil feud, according to Washington Post.
- Russian Ambassador to Turkey says they continue consultations, but there are no grounds which exist for a grain deal renewal, via Ria.
- Click here for more detail.
CRYPTO
- US SEC Chair Gensler commented that the crypto market is full of Ponzi schemes and frauds which can only be cleaned up with securities regulations, according to Cointelegraph.
- Binance US said it is suspending US currency deposits in the aftermath of the SEC lawsuit and its banking partners are preparing to pause fiat USD withdrawal channels as soon as June 13th, according to Reuters
NOTABLE EUROPEAN HEADLINES
- UK is to introduce a floor for oil and gas windfall tax with Chancellor Hunt expected to confirm plans to introduce a floor on the 35% levy so that it will only apply if oil and gas prices are above a certain level, according to FT.
DATA RECAP
- Norwegian Core Inflation YY (May) 6.7% vs. Exp. 6.2% (Prev. 6.3%); Consumer Price Index YY (May) 6.7% vs. Exp. 6.2% (Prev. 6.4%)
NOTABLE US HEADLINES
- Fed Discount Window borrowing at USD 3.2bln on June 7th (prev. 4bln on May 31st), while ‘Other Credit’ was at USD 185.2bln (prev. 188.1bln) and BTFP lending was at USD 100.2bln (prev. 93.6bln), according to Reuters.
- WSJ’s Timiraos tweeted that the Atlanta Fed wage tracker showed composition adjusted wage growth for the 3 months to May rose 6% Y/Y but was down from 6.1% in April and 6.4% in March, which is slowing although remains well above levels consistent with 2% inflation.
- Former US President Trump was indicted on seven counts related to the handling of classified documents and obstruction of justice, while he was summoned to appear at the federal courthouse in Miami on Tuesday.
- US House Speaker McCarthy said it is unconscionable for a president to indict the leading candidate opposing him and stated that he and every American who believes in the rule of law stand with former President Trump, while McCarthy added that House Republicans will hold this brazen weaponisation of power accountable.
- US Democrats are planning to introduce a bill that would overhaul the debt ceiling process, according to WSJ.
- Click here for the US Early Morning Note.
GEOPOLITICS
- US President Biden said the US will have funding for Ukraine for as long as it takes, according to FT. It was also reported that the US Pentagon is readying a new USD 2bln Ukraine air defence package, according to Reuters.
- Two reportedly injured in a drone strike in Voronezh, Russia, via Reuters citing regional governor.
- Russian General Staff Chair Gerasimov invites his Chinese counterpart to visit Russia, adding relations are at the highest level, joint army training between China and Russia is important, should be ongoing.
- There is reportedly not a temporary deal to replace the JCPOA on the agenda, via IRNA.
APAC TRADE
- APAC stocks traded mostly higher following the gains on Wall St where the S&P 500 entered a bull market and tech outperformed as yields declined due to labour market concerns after Initial Jobless Claims spiked to the highest level since October 2021.
- ASX 200 was led by strength in the tech and the mining industries but with upside capped by pressure in the energy sector after oil prices dropped on reports that Iran and US were near an interim deal on nuclear enrichment and oil exports which was later refuted by the White House.
- Nikkei 225 spearheaded the advances amongst the major indices with the index back above the 32,000 milestone.
- Hang Seng and Shanghai Comp. were indecisive after weaker-than-expected Chinese inflation data continued to point to an uneven economic rebound, although there were some hopes of a thawing in US-China relations with Secretary of State Blinken’s delayed trip to Beijing said to be in planning for next week.
NOTABLE ASIA-PAC HEADLINES
- US Secretary of State Blinken’s long-delayed Beijing trip is now in planning for next week, according to Politico.
- BoJ Governor Ueda said they will patiently maintain current monetary easing and noted that by supporting the economy, they can create a positive economic cycle where wages rise on a nominal and real basis. Ueda also stated that retaining BoJ’s ETF holdings is among the options, but added that what they will do with their holdings in the event of an exit is something that must be discussed at the BoJ’s policy meeting at the time.
- BoJ reportedly said to still see a need to continue monetary stimulus, via Bloomberg citing sources; hitting price goal as out of sight, little need to tweak YCC in June. Reportedly sees inflation as stronger than expected.
- PBoC Governor says Q2 GDP YY growth is expected to be high, primarily due to base effects, CPI expected to gradually increase in H2, will be above 1.0% YY by December.
DATA RECAP
- Chinese CPI MM (May) -0.2% vs. Exp. -0.1% (Prev. -0.1%); YY (May) 0.2% vs. Exp. 0.3% (Prev. 0.1%)
- Chinese PPI YY (May) -4.6% vs. Exp. -4.3% (Prev. -3.6%)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 17.82 PTS OR 0.55% //Hang Seng CLOSED UP 90.77 PTS OR 0.47% /The Nikkei closed UP 623.90 OR 1.97% //Australia’s all ordinaries CLOSED UP 0.33 % /Chinese yuan (ONSHORE) closed DOWN 7.1308 /OFFSHORE CHINESE YUAN DOWN TO 7.1402 /Oil DOWN TO 71.45 dollars per barrel for WTI and BRENT UP AT 76.26 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA/
the stupidity of Biden: USA at strategic lows while China at strategic highs in oil reserves
(zerohedge)
China Crude Stockpiles Hit Two Year High As US Strategic Reserve Drops To 40 Year Low
FRIDAY, JUN 09, 2023 – 11:25 AM
In the latest hurdle to Saudi ambitions to boost oil prices, China’s onshore crude oil stockpiles hit a two-year high in May as demand fell short of expectations amid a disappointing economic recovery, Bloomberg reports overnight.
According to Kpler, Chinese crude oil inventories climbed to 966 million barrels, before easing back to 963 million barrels in June. That compares to a five-year average of 858 million barrels, and is almost 3x more than the US has in its strategic petroleum reserve.
Meanwhile, the drain of the US strategic reserve continues apace, and with just 355 million barrels, the US had the lowest inventory in 40 years, since Sept of 1983.
Chinese refiners have been on a post-Covid buying spree, betting that oil demand would quickly rebound after China reopened its economy. But that hasn’t been the case and consumption has stagnated at the same time as processors have idled facilities for spring maintenance.
Additionally, lackluster industrial activity has curbed diesel consumption, while the recovery in travel demand for items like jet fuel has yet to fully take off. And, as Bloomberg notes, petrochemical products such as styrene are feeling the pinch from China’s sagging property market. Meanwhile, a customs probe on bitumen mix is delaying some cargoes from clearing onshore tanks.
A customs probe in Shandong has also kept oil from clearing storage, said Emma Li, an analyst at Vortexa Ltd., which puts onshore inventory at 960 million barrels, its highest since December 2020.
China could draw 20 million barrels from its stockpiles between June and August as crude imports show a seasonal decline, before purchases strengthen again in September, Energy Aspects Ltd. said earlier this month.
New refining capacity and storage facilities are also expanding the amount of oil that China can stockpile. Inventory capacity grew to 1.63 billion barrels in June, compared to 1.55 billion barrels a year ago, according to Kpler.
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
SWEDEN
You figured this out all by yourself? Swedish Prime Minister states that massive immigration just does not work
(zerohedge)
Swedish Prime Minister: “Massive Immigration Just Doesn’t Work”
FRIDAY, JUN 09, 2023 – 06:30 AM
Authored by Paul Joseph Watson via Summit News,
Swedish Prime Minister Ulf Kristersson has acknowledged that “massive immigration just doesn’t work” as he announced changes to the country’s border control policy that would make it the strictest in the European Union.
Kristersson made the comments to mark the National Day of Sweden as he insisted that it was too easy for migrants who can’t even speak Swedish to obtain citizenship.
“Let me be clear: Massive immigration and poor integration just doesn’t work,” wrote Kristersson.
“That is why we are now changing Sweden’s migration policy and making it the strictest in the EU.”
The leader of the center-right Moderate Party said new measures would be introduced to ensure migrants had not committed crimes in their home countries and also tests to ensure they respect Swedish culture and heritage.
“A ‘no’ to asylum means ‘no’ and you have to leave the country. That should be obvious, but it’s not,” said the PM.
“Equally important, a ‘yes’ should mean that you really get involved in Swedish society.”
Kristersson said citizenship was not just about obtaining a passport and should be a “social contract and that social contract contains both rights and obligations.”
He added that up until now “there has been absolutely no expectation that anyone who comes to Sweden will really learn our language,” which is the “glue that binds us together.”
The measures are being introduced thanks to political lobbying from the right-wing Sweden Democrats party, which is now the second-largest party in the Riksdag and is keeping Kristersson in power via a confidence and supply agreement.
As we previously highlighted, even Kristersson’s predecessor, left-winger Magdalena Andersson, vowed to abolish ethnic ghettos, asserting that she didn’t want to see the emergence of “Somali-towns” in the Scandinavian country.
Following ethnic riots that left over 100 police officers injured, Andersson warned that, “Segregation has gone so far that we have parallel societies in Sweden. We live in the same country, but different realities.”
Having been one of the safest countries in Europe 20 years ago before mass uncontrolled immigration, Sweden is now the continent’s second most dangerous in terms of gun crime behind only Croatia.
In 2021, Germany’s Bild newspaper ran the headline: ‘Sweden is the most dangerous country in Europe.’
Last year, Ukrainian refugees expressed the desire to avoid being sent to Sweden, feeling that it was too unsafe.
Sweden is finally learning the lesson that diversity is in fact not a strength, but with native Swedes set to become a minority within a few decades, is it too late?
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
UKRAINE/RUSSIA
Russia just destroyed the first Leopard 2 tank sent from Germany
(zerohedge)
Confirmed: Russians Just Destroyed Their First Leopard 2 Tank, Bradley Fighting Vehicles
FRIDAY, JUN 09, 2023 – 10:45 AM
Heavy armored vehicles including tanks supplied by the West have begun showing up on the frontlines in Ukraine, as Ukrainian forces have this week launched their counteroffensive.
Multiple war analysts are now confirming that Russian forces have just destroyed their first German-made Leopard II tank, which happened Wednesday in the south of the country. Videos and photographs which have emerged also appear to show destroyed Bradley fighting vehicles provided by the United States. Drone footage captured a Leopard II tank being destroyed at is was traveling in a column of other vehicles…
#Ukraine: For the first time, a Ukrainian Leopard 2A4 tank was destroyed by the Russian army during the recent Ukrainian attack near Novopokrovka, #Zaporizhzhia Oblast. pic.twitter.com/AwBWbId9sw—
Ukraine Weapons Tracker (@UAWeapons) June 8, 2023
A war analyst and weapons tracker at Forbes confirms that the Russians have bagged their first Leopard.
According to a detailed analysis of the video:
A Russian artillery strike on a Ukrainian vehicle column during a daytime assault on or around the town of Novopokrovka—35 miles southeast of Zaporizhzhia city in southern Ukraine—apparently knocked out at least one Leopard 2 tank on Wednesday.
A Russian drone orbited overheard as the shells rained down, its crew presumably helping to direct the strike and assess the resulting damage. The Russians posted the drone’s video on social media, finally achieving what Russian propagandists earlier had tried and failed to do: posit the destruction of a Ukrainian Leopard 2.
The Leopard 2 and other armored vehicles were traveling in an uncomfortably tight column along an unpaved road outside Novopokrovka or nearby Mala Tokmachka—both occupied by Russian troops—when the artillery struck.
The below photograph is also widely circulating, showing multiple destroyed West-supplied armored vehicles closely together in a heap of mangled metal:
Photo showing damaged/abadoned Ukrainian Leopard 2A6 tank and Bradley IFVs reportedly in the Orikhiv part of the front. Possible mine strikes. Also indicates the Ukraine’s 47th Mechanized Brigade is taking part in the fighting.https://t.co/cBqMQcLrIw pic.twitter.com/ZbShWLPakW— Rob Lee (@RALee85) June 9, 2023
Currently NATO allies have pledged 85 Leopard II tanks to Kiev, but there are more on the way, including the UK Challenger 2 tanks.
According to Forbes, “Many of Ukraine’s heaviest brigades have yet to join the attack.” The report notes that “The 47th Assault Brigade with its American-made M-2 infantry fighting vehicles reportedly is fighting along the southern front. But the 82nd Air Assault Brigade with its ex-British Challenger 2 tanks and ex-American Stryker IFVs has yet to appear.”
The video shows additional damaged or destroyed vehicles, including wheeled vehicles. Many of them were not catastrophic kills, which means the crew/dismounts likely survived. 2/ pic.twitter.com/ggKzdi21Lm— Rob Lee (@RALee85) June 9, 2023
At least 31 M-1 Abrams have been pledged from the United States, but it’s expected the Ukrainian operators will take more time undergoing the necessary training on the sophisticated US-designed tanks. Kiev has previously touted Western main battle tanks as a “game-changer” and are now eagerly seeking F-16s.
END
Big Serge 
on Twitter: “Here’s a map showing where the current combat is taking place in relation to the Russian defensive belts. You can see that we’re still on the outskirts of this system. https://t.co/6StKa6irFs” / Twitter
| Robert Hryniak | 12:51 PM (3 hours ago) |  | |
| to | |||
Behind the curtain it seems Zelensky sees light in understanding that Ukrainians will die in mass and quietly an olive branch is being extended through back channels for a deal with the Russians, before he is tossed aside.
Russia will not agree to save his army or his Nazi goons from destruction. Nor will they settle for a NATO hump called Ukraine. Asking and thinking that they will throw away the objectives of their SMO is foolish and more foolish is his thinking his masters will let him make a deal. He has many parties voicing anger at him and his only hope will be to run before he is killed.
Worth listening to
| Robert Hryniak | 2:48 PM (1 hour ago) | | |
| to | |||
Part way through he talks about how gold will be the new settlement currency of the BRICS
Attachments area
Douglas Macgregor: Massive Russian offensives are underway to terminate Ukraine | Russia Ukraine War
END
China to build secret base on Cuba to spy on US
Inbox
| Robert Hryniak | 4:04 PM (1 minute ago) | | |
| to | |||
A Cuban missile crisis is coming soon. This was known months ago as fools steal the lot from the pot.
Cuba is desperate for both money and food. First China goes in and right behind them you get a Russian hypersonic missile presence without fanfare.
What does the US do as the reality of Checkmate becomes clear? Still think Fools are lucky? Attack Cuba and you attack both China and Russia at once. Both nations would react at the same time with missile launches. Is this what Milley acknowledged Russia and China superpowers along with America? Are we watching centralized global control being brought to heel by seeing America return to State rights and 3 nations turning to a new order on a decentralized basis while waving a Marxist plot goodbye? Still think the Controllers behind Epstein Island are not running on graft and much more with control over puppets who are bought and paid for?
With a ship of Fools running aground was only a matter of time.
Neither party is hiding intentions. This makes proxy conflicts like Ukraine tragic. There is a much bigger conflict taking place that is skating on the reality of focused thievery while no one minds the real affairs of State.
What you are seeing slowly come to light in America are secret quiet military tribunals which will soon become much more public as public figures start fall in weeks and months ahead because there is no justice in the justice department.
https://english.pravda.ru/news/world/156880-cuba_china/
END
TURKEY
Lira plunges to 23.42 lira to the dollar. Erdogan appoints the Co CEO of failed First Republic Bank as his new Central Bank Governor. That will go over well!!
(zerohedge)
Lira Plunges After Erdogan Appoints Co-CEO Of Failed First Republic Bank As New Central Bank Governor
THURSDAY, JUN 08, 2023 – 09:25 PM
Turkish President Erdogan, fresh from his re-election as president, has named Hafize Gaye Erkan as the new central bank head – and first ever female CBRT governor – replacing Sahap Kavcioglu in a move that some optimists claim may signal an attempt at returning to more conventional monetary policy (spoiler: it won’t). But even if it does mean the attempted end of Erdoganomics, the outcome will be another disaster for the Turkish economy for the simple reason that Erkan was formerly co-CEO of the failed First Republic Bank, and before that she of course worked at Goldman Sachs. Her current job will be to oversee the failure of Turkey, and take as much of the blame as possible even though the real culprit is someone else entirely.Hafize Gaye Erkan
The announcement, made through a decree in the Official Gazette, completes a makeover of Erdogan’s top economic team after Mehmet Simsek’s appointment as treasury and finance minister. In his time as governor, Kavcioglu never deviated from Erdogan’s belief that lowering interest rates can slow inflation.
And now that Turkey is out of reserves, even if Erdogan wants to put an end to the devastating MMT episode he put his country through, there simply is no more money.
While Bloomberg incorrectly claims that her appointment “was taken by markets as a sign of possible normalization in Turkey’s monetary policies after years of ultra-low borrowing costs” the reality is just the opposite and the lira quickly tumbled to a fresh record low in Asia on Friday after the news hit. The currency was indicated down almost 2%, which would mark a fresh record low.
While we expect Erkan to be fired within a month or two, if not weeks, her success will also depend on how much policy autonomy she will enjoy under Erdogan, according to Nick Stadtmiller, head of product at Medley Global Advisors.
“Erkan’s appointment hopefully marks an improvement over the policies of her predecessor,” he said. “The lingering question is whether Erdogan will allow the central bank to raise rates sufficiently to bring down inflation.”
And since Erdogan will never allow anyone else to have full autonomy over Turkey’s money printer, the answer of how much Erdogan will allow rates to rise is zero.
The Turkish central bank has been at the center of the growth-at-all-costs strategy that Erdogan has pursued since he turned his office into the nexus of all executive power in 2018. Erdogan argues lower interest rates slow inflation, a belief that contradicts conventional economic theories. There is no reason why Erdogan’s outlook on economics should change now that a return to normalcy would mean a devastating economic depression: at least as long as he pursues the status quo, Erdogan can pretend that it’s some evil outside force that is causing Turkey’s misery, much as he has been doing for the past decade.
And to show just how much Erdogan demands to be in charge of the central bank, before installing the outgoing central bank Kavcioglu as governor in March 2021, Erdogan ousted his three predecessors for tightening monetary policy too much as he wielded more power over the direction of interest rates.
Kavcioglu never deviated from Erdogan’s guidance on borrowing costs. Despite price growth reaching a peak of 86% last year, the central bank under his stewardship delivered zero rate hikes and instead slashed the benchmark to 8.5% from 19% at the start of his tenure. The result is hyperinflation, economic collapse and a currency that looks like this.
Finally, since merely switching around puppets will do nothing for the country which now needs to sell most of its gold to kick the can for at least a few months, we expect that today’s news will inevitably lead to an even faster collapse in the Turkish Bolivar. Indeed, at least check the USDTRY was trading at 23.56 for the dollar, a fresh record low.
END
end
6.Global Issues//COVID ISSUES/VACCINE ISSUES/
GLOBAL ISSUES//MEDICAL ISSUES
GLOBAL ISSUES//GENERAL
END
VACCINE/COVID ISSUES
DR PANDA:
‘Never-Ending’ Mystery Illness Spreading Through the Toronto Blue Jays
Each player has reacted differently to this viral illness
| DR PANDAJUN 9 |
A mysterious never-ending illness is following the Toronto Blue Jays. The 100% vaccinated team can’t seem to shake a nagging sickness affecting some of its players since spring training.
Alejandro Kirk and Brandon Belt were the first players to contract this mystery illness, which is being officially diagnosed as “a non-COVID-related illness.” Both players missed time due to the illness.
The viral illness affects players and coaches differently. Some experience only congestion and a sore throat, while others only have body aches. In its worst form, the illness causes players to lose energy, lose their appetite, and feel nauseous for 48 to 72 hours.
Alejandro Kirk and Brandon Belt both missed time in spring training with ‘non-COVID-related’ illnesses. It is unclear if they had the same illness, as Belt believes his was different. Danny Jansen and Matt Chapman were the first players to miss regular season games with the illness in April. In May, George Springer was the next to fall ill.
Springer showed up to Fenway Park before a series opener against the Red Sox with fatigue, dehydration, and nausea. He was scratched from the lineup that night. He missed one more game on the road trip, but was mostly able to play through the symptoms by getting extra rest and hydration in the trainer’s room. When he fully recovered, Springer said he had lost 15 pounds. He also commented:
“Guys get stomach bugs and all sorts of stuff. It’s a locker room, guys are going to get sick. But this one seems to just pick one or two guys off at a time. It just kind of goes from guy to guy.”
The illness has been a recurring issue for the Blue Jays, affecting players and coaches throughout the season. The team has not released any information about the illness, including its name or cause. However, they believe it to be a viral illness that is spread through respiratory droplets.
The illness has had a significant impact on the Blue Jays, causing them to lose key players at key times.
DR PAUL ALEXANDER
CDC’s vaccine adverse reporting system (VAERS) captures only 1% of burden of adverse events and deaths due to a vaccine? Such as COVID mRNA technology based gene injection? Yes! Just 1% with gross
under-reporting! We have no idea of the true burden of morbidity & mortality post COVID shot. Principal Investigator Ross Lazarus: report concludes that less than 1% of vaccine injuries are reported
| DR. PAUL ALEXANDERJUN 9 |
“New surveillance methods for drug and vaccine adverse effects are needed. Barriers to reporting include a lack of clinician awareness, uncertainty about when and what to report, as well as the burdens of reporting: reporting is not part of clinicians’ usual workflow, takes time, and is duplicative.”
SOURCE:
“Likewise, fewer than 1% of vaccine adverse events are reported,” say the authors.
The authors also point out that “low reporting rates” make it difficult to identify “problem” drugs and vaccines that “endanger public health.” They also urge,
“New surveillance methods for drug and vaccine adverse effects are needed. Barriers to reporting include a lack of clinician awareness, uncertainty about when and what to report, as well as the burdens of reporting: reporting is not part of clinicians’ usual workflow, takes time, and is duplicative.
“A further limitation of VAERS reports after qHPV [quadrivalent HPV vaccine] is that a large proportion (68%) come from the manufacturer and most of these reports (89%) do not include sufficient identifying information to allow medical review of the individual cases. For example, when additional clinical information was available for review, approximately one-half of the cases of GBS and transverse myelitis were not confirmed.”
Earlier this month, FOX News’ Tucker Carlson reported that “[b]etween late December of 2020, and last month, a total of 3,362 people apparently died after getting the COVID vaccines in the United States.”
“The data we just cited,” Carlson went on to say, “come from the Vaccine Adverse Events Reporting System—VAERS—which is managed by the CDC and the FDA,” before mentioning the 2010 DHHS report. “A report submitted to the Department of Health and Human Services in 2010 concluded that “fewer than one percent of vaccine adverse events are reported” by the VARES system. Fewer than one percent. So what is the real number of people who apparently have been killed or injured by the vaccine? Well, we don’t know that number,” lamented Carlson.
If 3,362 is only 1% of the total number of people who reportedly died after being vaccinated (between December 2020 and April 2021), then the total number of deaths is really 336,200.
‘VAERS has data analysis limitations that include “underreporting, inconsistency in the quality and completeness of reported data, stimulated reporting due to extensive news coverage and reporting biases.”’
end
It cost him his heart, yes I mean the mRNA technology based gene injections by Kariko, Weissman, Malone et al.; “A Pfizer shot. A failed heart. A transplant. Get vaxxed again? John Berndsen was among
masses inoculated under what Dr. Peter McCullough calls “the worst pharmaceutical development idea in the history; MARY BETH PFEIFFER’s substack; his heart stopped 14 hours after the COVID shot
| DR. PAUL ALEXANDERJUN 9 |
Leslie and John Berndsen with Dr. Peter McCullough during an office visit in Dallas in April. “He was a voice of reason in a world of chaos,” Leslie said.
‘As he slept in the early morning hours of March 10, 2021, the heart of a South Carolina man suddenly stopped. Just like that. It had been fourteen hours since his first covid-19 vaccine.
end
Syrian islamic refugee stabs four in France: I told you before here that COVID is done and the WOLF is agitating & emerging; he never left, he was locked down like you but the beast islamist is
coming out to play, courtesy of Obama & Biden flooding America with the beast; so arm your daughters for he is out for her, blond ones, he is an evil beast, teach her to shoot to kill the islamist
| DR. PAUL ALEXANDERJUN 9 |
If life is in imminent danger, then defend yourself, teach your daughters to have no mercy on the would be rapist or abuser, if she thinks her life is in danger, then kill them! Defend your life. Learn to shoot, learn to store your weapons, ensure it is legal and learn to shoot with maximum malice.
Summer is coming in 2023, the wolf was let into America, so prepare for him. Teach him about our 2nd amendment and what an American is. Show him that we are not the pusillanimous Nordic males allowing their girls to be raped to death e.g. Sweden et al.
end
SLAY NEWS
| The latest reports from Slay News |
| FBI Worked with Ukraine to Censor American Citizens OnlineTwitter has just published files that expose a collusion campaign between Ukraine’s government and the FBI to censor American citizens online.READ MORE |
| BlackRock Starts Advising Clients to Move Investments to GoldLarry Fink’s American multinational investment management corporation BlackRock has started advising its clients to start moving their investments into gold, sending investors around the world scrambling to shift their assets.READ MORE |
| After Three Years of Biden, America Takes Sharp Turn Right as Social Conservatism Is Highest in a DecadeAfter three years of Democrat President Joe Biden’s failures, American citizens have taken a sharp right turn, according to a new poll.READ MORE |
| John Roberts and Brett Kavanaugh Join with Liberals to Reject Alabama GOP Congressional MapIn a shock decision, the U.S. Supreme Court has ruled that Alabama discriminated against black voters during its redistricting process last year. READ MORE |
| Ex-Dem Rep Tulsi Gabbard Blows Whistle on Democrats’ Plan to Smear Biden’s Top OpponentAs Joe Biden sinks in the polls, former Rep. Tulsi Gabard (D-HI) has blown the whistle on the Democrats’ desperate plan to smear the president’s top opponent Robert F. Kennedy Jr.READ MORE |
| Republicans Revolt on House Floor, Deal McCarthy Historic HumiliationSeveral House Republican members of the Freedom Caucus have revolted against Speaker Kevin McCarthy (R-CA) over his Debt ceiling deal with Democrat President Joe Biden.READ MORE |
| Karine Jean-Pierre Blames ‘Poor Weather’ for Soaring Food Prices under BidenWhite House Press Secretary Karine Jean-Pierre has claimed that “poor weather” is to blame for soaring food prices in Democrat President Joe Biden’s America.READ MORE |
| Dean Cain Reaches Limit with California’s Soft-on-Crime Policies, Moves to NevadaFormer Superman actor Dean Cain is the latest celebrity to tell California politicians to go pound sand.READ MORE |
| Pat Robertson Dead at 93Evangelical icon Pat Robertson, the Christian Coalition founder, passed away today at age 93.READ MORE |
| RNC Launches Effort to Beat Democrats at Their Own GameThe Republican National Committee (RNC) has announced it is launching a new effort to beat the Democrats at their own game.READ MORE |
| Elon Musk: ‘Gender-Affirming Care for Minors’ Is ‘Pure Evil’Twitter boss Elon Musk has blasted the use of the phrase “gender-affirming care for minors” and warned that such procedures are “pure evil.”READ MORE |
| Fox News Accuses Tucker Carlson of Breaching His Contract with Smash Hit Twitter VideoFox News has accused its former star anchor Tucker Carlson of breaching his contract with the network after he re-launched his show on Twitter this week.READ MORE |
| Mark Meadows Flips on Trump, Agrees to Plead Guilty to Federal Charges in Exchange for Immunity DealPresident Donald Trump’s former Chief of Staff Mark Meadows has reportedly flipped on his old boss.READ MORE |
EVOL NEWS
| ATEST NEWS: |
| Bud Light Is Sponsoring An ‘All-Ages’ Drag Show’ Despite Massive Loss In SalesRead more…NYC Sky Turns Orange Causing Residents to FearRead more…WATCH: Matt Walsh’s FULL “What Is A Woman?” DocumentaryRead more…Biden Administration Accused of First Amendment Violations: Committee Launches InvestigationRead more…DeSantis Launches Coalition of States to Strengthen Border SecurityRead more…Report Says DOJ Planning to Indict Donald Trump, he Responds on Truth Social Denying KnowledgeRead more…Moscow Says Ukraine Blew Up the Kakhovka Dam as RevengeRead more…BREAKING: Fox News Accuses Tucker Carlson of Breaching Contract by Releasing Twitter ShowRead more… |
VACCINE IMPACT//
The U.S. Military’s History of Using Forest Fires as a WeaponJune 8, 2023 8:36 pm Is the military industrial complex insane enough to incinerate Earth’s last remaining forests in order to achieve the objectives of the global controllers? The short answer is yes. A formerly classified US military document titled “Forest Fire As A Military Weapon” is a truly shocking exposé of planned scorched Earth destruction. The US Forest Service actually participated in the research and planning that went into this military instruction manual for carrying out orchestrated forest fire catastrophes. What part have climate intervention operations played in the preparation of forests for extreme and unprecedented incineration all over the world? The short video report in this article reveals the shocking degree of research that the US military and the US Forest Service has put into preparing forests for extreme incineration. Read More… |
MICHAEL EVERY
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
Canada’s lack of fire trucks is causing major problems in here and in the uSA. In Canada solar power generation is not cut in half due to the smoke.
(zerohedge)
“It’s Really Unprecedented”: Solar Power Generation Cut In Half Due To Canada Smoke
THURSDAY, JUN 08, 2023 – 10:25 PM
For the sake of solar power, let’s hope Canada can bring its rampaging arsonists to heel. That’s because the shroud of smoke that covered much of the Eastern US seaboard, has sent solar power generation in parts of the eastern US plummeting by more than 50% as wildfires rage in Canada.
According to the region’s grid operator, solar farms powering New England were producing 56% less energy at times of peak demand compared with the week before. Meanwhile, Bloomberg reports that electricity generated by solar across the territory serviced by PJM Interconnection LLC, which spans Illinois to North Carolina, was down about 25% from the previous week.
Massive wildfires are more commonly associated with the US West – where insurers are quietly dropping coverage due to massive fire-linked losses – but drought across eastern and central Canada has sparked thousands of blazes there so far this year, blanketing the US East Coast and Midwest in an surreal, Marsian-orange haze.
“With a situation like this, it’s really unprecedented” in the Northeast, said Matt Kakley, a spokesperson for ISO-New England. “We don’t have a lot of historical data to look back on. There is some learning in real time.” Solar accounts for about 3% of power generation in New England.
END
CANADA
And they raised rates yesterday?
(zerohedge)
Canada reports surprise May jobs loss, unemployment rate rises to 5.2%
OTTAWA (Reuters) – Canada unexpectedly shed jobs in May and the unemployment rate rose for the first time in nine months, in a rare sign of job market softness that may help avert further rate hikes, data showed on Friday.
The economy shed a net 17,300 jobs in May, entirely in full-time work, while the jobless rate crept up to 5.2%, Statistics Canada data showed.
Analysts surveyed by Reuters had forecast a net gain of 23,200 jobs and for the unemployment rate to edge up to 5.1% in May after staying locked at 5.0% since December.
A series of surprisingly strong economic data and stubbornly high inflation led the Bank of Canada to raise its overnight rate to a 22-year high of 4.75% on Wednesday. Markets and analysts forecast another increase in July as the bank struggles with inflation far above its 2% target.
Employment for youth aged 15 to 24 dropped by 77,300 jobs in May, more than offsetting the nearly 63,000 gained in the core 25 to 54 age group. The net job losses capped an eight- month upward trend in employment gains.
The average hourly wage for permanent employees – a figure the Bank of Canada watches closely – rose 5.1% from May 2022, a notch lower than April’s 5.2% year-over-year increase.
Employment in the goods sector increased by a net 22,800 jobs, led by manufacturing, while the services sector lost a net 40,100 jobs, largely in business, building and other support services.
The Canadian dollar was trading nearly unchanged at 1.3351 to the greenback, or 74.90 U.S. cents, after earlier touching a one-month high at 1.3317.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0769 DOWN 0.0014
USA/ YEN 139.43 DOWN 0.550 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2553 DOWN 0.0006
USA/CAN DOLLAR: 1.3325 DOWN .0038 (CDN DOLLAR UP 38 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 17.82 PTS OR 0.55%
Hang Seng CLOSED UP 90.77 PTS OR 0.47%
AUSTRALIA CLOSED UP 0.33% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 47.18 PTS OR 0.25%
/SHANGHAI CLOSED UP 17.82 PTS OR 0.55%
AUSTRALIA BOURSE CLOSED UP 0.33%
(Nikkei (Japan) CLOSED UP 623.90 PTS OR 1.97%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1965.50
silver:$24.35
USA dollar index early FRIDAY morning: 103.40 UP 8 BASIS POINTS FROM WEDNESDAY’s close.
FRIDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing FRIDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.069% DOWN 9 in basis point(s) yield
JAPANESE BOND YIELD: +0.423 % DOWN 1 AND 1//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.352 DOWN 7 in basis points yield
ITALIAN 10 YR BOND YIELD 4.103 DOWN 9 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.377 DOWN 7 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0754 DOWN 0.0027 or 27 basis points
USA/Japan: 139,31 UP .432 OR YEN DOWN 43 basis points/
Great Britain/USA 1.2580 UP 0.0022 OR 22 BASIS POINTS //
Canadian dollar UP .0038 OR 38 BASIS pts to 1.3324
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN(7.1288)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1388)
TURKISH LIRA: 23.45 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.423…VERY DANGEROUS
Your closing 10 yr US bond yield UP 3 in basis points from THURSDAY at 3.745% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.893 UP 1 in basis points ON THE DAY/12.00 PM
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates THURSDAY: 12:00 PM
London: CLOSED DOWN 37.38 points or 0.49%
German Dax : CLOSED DOWN 40.12 PTS OR 0.25%
Paris CAC CLOSED DOWN 9.01 PTS OR 0.12%
Spain IBEX DOWN 28.60 PTS OR 0.31%
Italian MIB: CLOSED DOWN 113.02 PTS OR 0.41%
WTI Oil price 71.37 12: EST
Brent Oil: 76.24 12:00 EST
USA /RUSSIAN /// AT: 82.55 ROUBLE DOWN 0 AND 5//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.3777 DOWN 5 BASIS PTS
UK 10 YR YIELD: 4.281 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0747 UP 0.0035 OR 64 BASIS POINTS
British Pound: 1.2574 UP .0016 or 16 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.2830% UP 1 BASIS PTS//RISING FAST
USA dollar vs Japanese Yen: 139.46 UP .572 //YEN DOWN 57 BASIS PTS//
USA dollar vs Canadian dollar: 1.3349 DOWN .0013 CDN dollar, UP 13 basis pts)
West Texas intermediate oil: 70.19
Brent OIL: 74.80
USA 10 yr bond yield UP 3 BASIS pts to 3.745%
USA 30 yr bond yield UP 1 BASIS PTS to 3.884%
USA 2 YR BOND: UP 8 PTS AT 4.602%
USA dollar index: 103.55 UP 23 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 23.38 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 82.64 DOWN 0 AND 4/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP43.17 PTS OR 0.13%
NASDAQ 100 UP 43.82 PTS OR 0.30%
VOLATILITY INDEX: 13.89 UP .24 PTS (1.76)%
GLD: $182043 DOWN .49 OR 0.27%
SLV/ $22.27 UP 0.03 OR 0.13%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Growth/Value Trend Reverses On Week; VIX Dumps, Bonds & Gold Jump As Jobs Slump
FRIDAY, JUN 09, 2023 – 04:01 PM
A week of reversals? The S&P 500 reversed into a new bull market (off the October lows) as jobless claims reversed to a 19-month high…
Source: Bloomberg
After a two-week rebound in macro-surprise data, US Macro data disappointed this week – most notably jobless claims…
Source: Bloomberg
But, the market’s expectations for Fed rate changes shifted modestly hawkishly, holding on to post-payrolls shifts, with June expected be a ‘pause’ but July pricing in almost a full rate-hike. At the same time, rate-cut expectations by year-end have shrunk significantly as soft-landing (not crash landing) hopes reshape the distribution of outcomes…
Source: Bloomberg
On the week, Small Caps outperformed while Nasdaq lagged (another reversal) and The Dow and S&P struggled for gains…
The S&P 500 algos battled for a 4300 close…but lost…
The trend of Nasdaq outperforming Russell 2000 ended abruptly this week – after tagging its all time high from Feb 2000 peak of the dotcom bubble – but today saw some bouncing…
Source: Bloomberg
Following 7 straight weeks of growth outperforming value, this week saw a notable reversal with value outperforming growth by the most since the first week of January…
Source: Bloomberg
One thing that didn’t change was the collapse in VIX, which hit a 13 handle – its lowest since Feb 2020 – this week. However, VVIX started to decouple from VIX‘s demise hinting at trouble ahead…
Source: Bloomberg
Regional bank shares rose for the 4th straight week, but stalled at resistance…
As far as the AI bubble, NVDA ended the week where exactly where it opened the morning after its blockbuster earnings… not exactly an exuberant follow through…
TSLA rose for the 11th straight day to its highest since Oct 2022…
…equaling its record winning streak…
Treasuries were very mixed this week with some big jumpy swings intraday. By the close, the long-bond outperformed (-1bps on the week) while the short-end was up around 9-10bps…
Source: Bloomberg
The yield curve (2s30s) inverted deeper this week as
Source: Bloomberg
The dollar fell for the second week in a row
Source: Bloomberg
Crypto was mostly lower this week as the SEC sued Binance and Coinbase prompting more FUD. Solana was hardest hit of the larger coins with BTC and ETH down around 3%…
Source: Bloomberg
Bitcoin clung to $26,500 after the Binance puke and bounce…
Source: Bloomberg
Gold rallied for the second week in a row, but had a very volatile dump and pump week…
Oil prices fell for the second straight week after the Saudi production cut news failed to impress (with WTI within a tick of a $68 handle at the week’s lows having touched $75 at the highs)…
Finally, the “trilemma” continues to confuse…
Source: Bloomberg
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.
Mega-Cap tech continues to ignore the tightening of financial conditions…
Source: Bloomberg
How long before The Fed worries they have blown another bubble with their pandering?
And don’t forget, there is an alternative now…
Source: Bloomberg
Six-month T-Bill yields are 50bps higher than the S&P’s current earnings yield – the widest spread since Jan 2021.
b) THIS MORNING TRADING //
END
i c Morning/
end
II) USA DATA/
III) USA ECONOMIC STORIES
Commercial Mortgage Backed Securities (CMBS) is the next storm: delinquent office loans have now hit 5 hear highs
(zerohedge)
“Just Tip Of Iceberg”: CMBS Storm Unfolds As Delinquent Office Loans Hit Five-Year High
THURSDAY, JUN 08, 2023 – 10:30 PM
The commercial real estate space is experiencing stress following the recent turmoil in the regional bank sector, with the rapid rise in interest rates, tightening lending standards, and structural changes, such as sliding demand for office buildings.
Some structural factors, such as remote work and hybrid work, have doomed the office space segment. This has left empty office buildings scattered across major US cities as the number of landlords falling behind on repayments due to the difficulty of refinancing and high vacancies has hit a five-year high.
According to real estate data firm Trepp, more than 4% of office loans packed into commercial mortgage-backed securities were delinquent in the last 30 days as of May, the highest level since 2018.
Dan McNamara, the founder of Polpo Capital Management, told Bloomberg about impending CRE turmoil:
“This is just the tip of the iceberg for office delinquencies as $35 billion in CMBS office loans are scheduled to mature this year and the refinancing market is effectively shut to this asset class.”
The rise in delinquencies comes as security card swipe data from Kastle shows many workers have yet to return to their desks in major US cities, resulting in high office space vacancies nationwide.
After banking failures, we first warned premium subs about the “CRE Nuke Goes Off With Small Banks Accounting For 70% Of Commercial Real Estate Loans“ in mid-March.
As Goldman pointed out to clients days ago, one major issue is a steep maturity wall of floating and fixed-rate CMBS loans due this year and next. The inability to refinance in these challenging market conditions will likely unleash a tidal wave of defaults in the second half of this year.
Already, we have noted “CRE Giant Brookfield Defaults On $161 Million Debt For DC Office Buildings” and “San Fran’s CRE Apocalypse: The City’s Two Biggest Hotels Have Defaulted.” And also cited data from Moody’s Analytics that showed first-quarter CRE prices fell for the first time in over a decade.
Goldman Sachs chief credit strategist Lotfi Karoui told clients last month, “the most accurate portrayal of current market conditions” is data via the Green Street Commercial Property Price Index, which suggests trouble ahead.
Just how much danger? Karoui believes “Green Street indicates a 25% year-over-year drop in office property values and a 21% drop in apartment property values.”
So the combination of high vacancies, sliding prices, and tightening lending standards is a perfect storm that could ignite an eruption of delinquencies in office loans in the coming quarters.
END
Wolf Richter: Bankruptcy filings are piling up at the fastest pace since 2010
(WolfRichter)
The End Of Easy Money: Bankruptcy Filings Pile Up At Fastest Rate Since 2010
FRIDAY, JUN 09, 2023 – 07:20 AM
Authored by Wolf Richter via WolfStreet.com,
A cleansing process, long overdue, to whittle down the corporate debt overhang and clear out deadwood, at the expense of investors…
It’s turning into a banner year for corporate bankruptcy filings, after years of Easy Money that caused all kinds of excesses, fueled by yield-chasing investors, in an environment where the Fed had repressed yields with all its might. Those yield-chasing investors kept even the most over-indebted zombies supplied with ever-more fresh money. But that era has ended. Interest rates are much higher, and investors are getting a little more prudent, and Easy Money is gone.
At the peak of the Fed’s yield repression in mid-2021, “BB”-rated companies – so these companies are “junk” rated – could borrow at around 3% (my cheat sheet for corporate credit rating scales by ratings agency). Companies are junk rated because they have too much debt and inadequate cash flow to service that debt. In other words, investors risked life and limb to earn 3%, and now these investors are asked to surrender life and limb, so to speak. But that’s how it goes with yield-chasing.
These “BB” junk bond yields have risen to nearly 7%. This means these companies that had trouble producing enough cash flow to service their 3% or 5% debt, have to refinance this debt when it comes due, or add new debt, at 7%. That 7% may still be low, considering inflation running around near that neighborhood, but it puts a lot more strain on those companies.
So lots of overindebted junk-rated companies will restructure their debts in bankruptcy court at the expense of stockholders, bondholders, and holders of their leveraged loans. That’s how it’s supposed to work. That’s how the corporate-debt burden gets lifted off the economy. And it’s starting to work that way.
S&P Global has released its May bankruptcy statistics for companies that are publicly traded with at least $2 million in assets or liabilities listed in their bankruptcy filings, and private companies with publicly traded debt (such as bonds) with at least $10 million in assets or liabilities listed in their bankruptcy filings.
In May, 54 of these types of companies filed for bankruptcy, including notably, among the big ones:
- Envision Healthcare
- Vice Holdings and its affiliate Vice Media (a creditor group plans to acquire Vice Media out of bankruptcy)
- Kiddie-Fernwal
- Monitronics International
The May filings brought the five-month total to 286 bankruptcy filings, the most since 2010, more than double the filings for the same period in 2022 (138). And it even outran the 262 filings in the same period in 2020 when some companies faced enormous stress.
When the oil bust exacted its pound of flesh in 2016, and oil and gas drillers collapsed one after the other, S&P Global recorded 265 filings, but concentrated in oil and gas. To get a higher number of filings than in the first five months of 2023, we have to go back to 2010, when 402 companies filed for bankruptcy during the first five months.
Among the biggest bankruptcies included in this illustrious list so far this year that made it into my pantheon of Imploded Stocks were:
- SVB Financial, the holding company of Silicon Valley Bank that had collapsed into a big mess and was taken over by the FDIC;
- Avaya, the telecom, software, and services company that had issued $600 million in bonds just last year;
- Meme-stock ridiculousness of Bed Bath & Beyond, which is now liquidating.
The problem today is not a collapse in prices – such as the price of oil during the Oil Bust of 2016 when crude oil grade WTI collapsed below $20 a barrel that took dozens of frackers down; WTI is at $72 a barrel today!
And the problem today is not a collapse in demand such as it hit some industries in 2020 or during the Great Recession. This economy is marked by rising prices and resilient demand.
The problem now is that the debt got a lot more expensive, and that investors thinking of buying this debt have gotten a little more prudent. The problem is the End of Easy Money. Once companies get hooked on Easy Money by having piles of debt, it’s tough to get by without Easy Money.
In a way, the economy is normalizing with rates that were fairly typical before the era of QE. But companies that only made it this far thanks to Easy Money are now getting hung out to dry.
Bankruptcy filings will whittle down the corporate debt overhang. Many companies will emerge from bankruptcy with less debt, and they’ll be nimbler and more able to thrive. Others will be sold off in bits and pieces, making room for appropriately managed companies not encumbered by these issues.
There is a cleansing aspect to this part of the credit cycle that needs to be allowed to do its job to get rid of the excesses and the deadwood at the expense of investors. This cleansing process that has now just started is long overdue.
Hilariously, the end of Easy Money is now called credit crunch. Which should be the name of a candy bar (Credit Crunch®) offered to the crybabies on Wall Street as consolation when they start clamoring for rate cuts.
* * *
Enjoy reading WOLF STREET and want to support it? You can donate. I appreciate it immensely.
END
This is big: 30 San Francisco hotels are now facing incoming debt maturity wall within the next two years as default dominos begin. With all the garbage going on in SF who would want to visit this lame duck city.
(zerohedge)
30 San Francisco Hotels Face Incoming Debt Maturity Wall As Default Dominos Begin
FRIDAY, JUN 09, 2023 – 12:05 PM
Park Hotels & Resorts stopped making payments on a $725 million loan secured by two San Francisco hotels this week. The loan is due in November, and dozens of other hotels in the crime-ridden metro area could experience a similar fate.
Emmy Hise, senior director of hospitality analytics at CoStar, provided San Francisco Chronicle with a reality check that San Francisco hotels, at least 30, are facing loans due in the next two years.
A debt maturity wall for the hotel industry is ahead as the Marxist shit (covered) city implodes under progressive leadership whose social justice policies have royally backfired, sparking a crime wave that has forced businesses to shutter doors and people to exit the city.
Here’s Park Hotels’ explanation of why it reduced exposure to the San Francisco market:
Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges – both old and new: record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand and will likely significantly reduce compression in the city for the foreseeable future.”
Hise warned San Francisco is experiencing the slowest recovery of any large metro area in the country. She explained that daily room rates of $234 this past year are below 2019 levels and are a margin crusher for hotel operators because of high inflation.
Also, occupancy rates have yet to recover from pre-Covid times as those on holiday or business refuse to visit the crime-ridden city.
As the hotel debt maturity wall quickly approaches, high-interest rates and credit tightening make it challenging for operators to refinance and could spark a wave of defaults.
And maybe the dominos have already fallen. Park Hotels is one of many. As the Chronicle detailed:
Other San Francisco hotels such as the Huntington on Nob Hill and Yotel on Market Street were recently sold in foreclosure auctions.
Is Hilton near Chinatown the next domino to fall?
So it’s clear a perfect storm of terrible liberal policies transforming San Fran into a ‘hellhole’ that has crippled its recovery plus tightening credit conditions via the Federal Reserve has likely doomed a whole bunch of hotel operators across the metro area that might have no other choice but to default in the coming quarters, if not sooner.
What’s next for these empty skyscrapers? Office conversions are off the table since that side of the CRE space is imploding. So maybe apartments, but even then, who wants to live in a city where Democrats have turned it into Grand Theft Auto-esque conditions?
One last thing, just days before ParkHotels‘ announcement, San Francisco’s Mayor, London Breed, made a significant U-Turn to re-fund police after pushing for years to defund it. What a nightmare Democrats have created for everyone.
END
Bankers are now refusing to lend. Here is one case
(zerohedge)
CEO: “I Talked To 48 Lenders About Debt For A New Apartment Project. Zero Came Back With A Bid”
THURSDAY, JUN 08, 2023 – 06:45 PM
Less than two months ago, we conveyed an anecdote from One River Asset Management CIO Eric Peters, which showed just how challenging it has become to obtain debt funding, to wit:
“Credit started tightening six to nine months ago,” said the developer, a close friend, entrepreneur, with large residential projects across the nation. “It started with the money center banks,” he continued. “This pushed us to regional banks for our latest projects, but then SVB happened.” The market froze.
“The lender for our latest 30-story project in a tier-one city backed out, so we scrambled, and spoke with well over 100 banks. Not one will provide financing.” His firm is a leader in their market niche. A strong track record.
Confirming just how tight credit has become, and the dire observations from the Senior Loan Officers Survey that took place not long after and which showed that it is now next to impossible for even quality borrowers to obtain new credit, today Bloomberg writes that even Howard Hughes Corp., a Texas-based real estate developer that counts hedge fund manager Bill Ackman as its chairman, is struggling to find viable financing for new apartment projects as lenders pull back.
Chief Executive Officer David O’Reilly said he reached out to dozens of lenders with a pitch for a new project in The Woodlands, a master-planned community in the Houston area.
“Zero showed up and gave me a bid,” he said. “I talked to 48 of them.”
Howard Hughes owns and develops various commercial real estate properties ranging from master-planned communities to offices and retail spaces. Its developments include condominiums in Hawaii and buildings in the Seaport area of Manhattan. Pershing Square Capital Management, the investment manager founded by Bill Ackman, owns about a third of Howard Hughes’s stock. Expect Bill to soon post an (unnecessarily wordy) tweet in which the billionaire cries (literally, most likely) about the (non-existent) state of CRE lending.
As we discussed in April, property developers and owners – but really everyone else too – are grappling with a financing market that’s freezing up as concerns mount about commercial real estate. Owners, particularly of office buildings, are struggling to pay debt as borrowing costs surged, leading to defaults and negotiations with lenders.
Other developers including billionaire Ross Perot Jr. have warned that it’s getting harder for real estate firms to get construction loans.
While the pressure has been most acute on the office sector, the pain is extending to apartment landlords, who have benefited from a surge in rent growth during the pandemic. Now, many owners are seeing high borrowing costs and a surge in expenses erase their profits. Meanwhile, prices for apartment buildings have dropped 21% over the past year, according to Green Street. And ironically, as developers remain credit-strapped, there is just not enough rental supply which means that rents across the country keep on rising in a time where nobody can afford a 7% mortgage.
Lenders are also focused on working out existing loans, while shying away from providing any new ones. That’s complicating apartment projects for developers such as Howard Hughes, even as the firm sees strong demand from renters. The already built part of its Woodlands community is more than 96% leased with double-digit rent growth.
The rent growth “sounds good, except I’m upset because it means I didn’t build the next building fast enough,” O’Reilly said
END
Tucker Carlson goes on Twitter for another podcast
(zerohedge)
Tucker Talks Taboos After MSM Ignores Instagram Kiddie-Porn Bombshell
THURSDAY, JUN 08, 2023 – 07:34 PM
After his first episode topped 100 million views, Tucker Carlson is back with Episode 2, exploring how we, as a population, are controlled (or coerced) directly (through laws) or indirectly (through taboos).
Carlson observes the changing societal taboos in America, suggesting that they are being dictated from above rather than evolving organically, focusing explicitly on the shift in attitudes towards race-based attacks, adultery in politics, and child molestation.
“Let’s say you wanted to control a country,” the former Fox News man begins rather joltingly.
“Well,” he explains “you’d want to make sure you had the complete obedience of everybody within your borders who was authorized to use deadly force… you’d start with the military… [and other agencies] like the IRS.”
“Controlling the guns would be a top priority for you if ever wanted to go dictatorial.”
But, Carlson, asks, what if you wanted more, not simply to control people’s behavior, “but to control how they think.”
“In that case,” he remarks, “you’d need to take charge of its taboos.”
A taboo is something that by popular consensus is not allowed, it is not illegal, but it doesn’t need to be.
“Over time, social prohibitions are more powerful and more enduring than laws.”
Until fairly recently, Tucker points out that it was taboo in this country to attack people on the basis of their race, but he notes “apparently we no longer believe that – punishing people on the basis of their skin color is not only permitted in modern America, it is mandatory… as long as the victims are white.”
Carlson questions the definition and scope of white supremacy as described by President Joe Biden…
Which brings Carlson to this week’s horrific WSJ expose of Instagram’s kiddie-porn rings which he notes has resulted in exactly nothing as “one of the largest circulation newspapers in the world reported that one of the world’s most influential companies was promoting pedophilia and nobody in power did anything about it.”
As Carlson notes, “The people who run this country no longer see child molesters as the worst among us”
He expresses concerns about the blurred lines of crime, the erosion of defined legal codes, and the need to protect societal taboos as guiding moral principles.
In fact, he continues, “what we are allowed to dislike is being dictated to us from above, sometimes by force.”
The trick, that has happened slowly and then all at one, is that “when a crime has no definition, anyone can be guilty of it”
“Don’t let them rationalize away your intuitive moral sense.”
“Cling to your taboos like you life depends on them… because it does.”
Watch the full Tucker On Twitter episode below:
END
Bud light Memorial sales dropped 60% as the boycott continues
(zerohedge)
Jaw Dropping Stats – Reports Of Bud Light Memorial Day Sales Dropping -60% As Brand Boycott Continues
THURSDAY, JUN 08, 2023 – 08:25 PM
Authored by Sundance via The Last Refuge,
Memorial Day customarily kicks off summer and the beer beverage industry generally looks forward to the enhanced sales that come from summer. However, if the recently published reports of Anheuser-Busch sales are accurate, which includes a stunning 60% sales drop during the holiday, the brand position of Bud Light is in freefall.
While the impacts do have a regional trend based on consumer boycotts and patterns, when the Daily Mail reports, “numbers are suffering primarily due to a decline in Bud Light sales that reached as high as a 60 percent drop off over the week that ended on Memorial Day,” we can be certain the executive offices of A/B are watching closely. The feedback from wholesalers and distributors to the parent company must be something beyond alarm.
Worse still, the forward-looking data trend doesn’t offer any hope. Things are getting worse for the parent company.
(Daily Mail) – […] For the week ending May 20, Bud Light sales across the US fell nearly 26 percent compared to the same period last year. For the week ending May 6, in-store sales plummeted 23.6 percent. And the week before that, ending April 29, sales dropped by 23.3 percent.
This follows declines in sales for the week ending April 22, which saw a 21.4 percent decline. Seven days earlier, the dip has been 17 percent, according to NielsenIQ data provided to Dailymail.com by Bump Williams Consultancy.
The data – showing that US sales of Bud Light are dropping by as much as 20 percent each week – is being uniformly viewed by industry experts as a negative trend that may not reverse itself anytime soon.
Beer Business Daily editor Harry Schuhmacher told Fox News Digital that the ‘whole industry is in shock’. (read more)
It is safe to say the Bud Light brand is now firmly connected to the image of transgender ideology. As a result, it would appear that anyone who holds a Bud Light beverage is essentially identifying themselves as a transvestite pickle-puffer, and that could potentially draw considerable side-eyes from anyone in a public place outside the region of San Francisco, California.
As further noted by the New York Post, “Demand for Bud Light over the crucial Memorial Day weekend — the official kickoff of the summer beer buying season — was lukewarm with many store shelves still holding cases of the once mighty beer, Williams said after a spot check of local stores. At least one store was trying to unload a 24-pack of Bud Light for just $3.49, according to Beer Business Daily.”
Anheuser-Busch InBev CEO Michel Doukeris reportedly addressed the ongoing boycott’s impact on delivery drivers, salespeople, and wholesalers on a recent earnings call. It is a little bit odd to see A/B positioning themselves as victims of their customers.
“This situation has impacted our people and especially our frontline workers: The delivery drivers, sales representatives, our wholesalers, Bud owners and servers,” Doukeris said, according to ABC News. “These people are the fabric of our business. They are our neighbors, family members, and friends. They are in every community in America. We’ve been doing everything we can to support our teams.”
It would appear that Anheuser-Busch the corporation, are refusing to accept or acknowledge their responsibility in creating this crisis for their brand. The brand image issue was not forced upon them. These were decisions made by the marketing division of the company, and now they place blame for the consequences on their customers.
Every time, in every story, in every print and broadcast update, as the ongoing events are told or written – every visual aide that accompanies the news includes that weird guy with the Bud Light beer in his hand. This is now a bizarre marketing self-fulfilling prophecy. The articles and news telling updates to the story are now optically affirming the Bud Light brand as a beverage exclusively for transgenders.
This level of ongoing public relations failure is something for the record books. I wonder if Target Inc is paying attention.
END
USA// COVID
SWAMP STORIES
Trump indicted
(zerohedge)
Trump: “I Have Been Indicted”
THURSDAY, JUN 08, 2023 – 07:38 PM
Former President Donald Trump on Thursday posted on Truth Social that he’s been indicted, “seemingly over the Boxes Hoax,” and that he’s been summoned to appear at the Federal Courthouse in Miami on Tuesday at 3pm.
According to the NY Times, Trump faces seven charges, and is expected to surrender himself to authorities in Miami on Tuesday.
Donald Trump via Truth Social:
The corrupt Biden Administration has informed my attorneys that I have been Indicted, seemingly over the Boxes Hoax, even though Joe Biden has 1850 Boxes at the University of Delaware, additional Boxes in Chinatown, D.C., with even more Boxes at the University of Pennsylvania, and documents strewn all over his garage floor where he parks his Corvette, and which is “secured” by only a garage door that is paper thin, and open much of the time.
I have been summoned to appear at the Federal Courthouse in Miami on Tuesday, at 3 PM. I never thought it possible that such a thing could happen to a former President of the United States, who received far more votes than any sitting President in the History of our Country, and is currently leading, by far, all Candidates, both Democrat and Republican, in Polls of the 2024 Presidential Election. I AM AN INNOCENT MAN!
This is indeed a DARK DAY for the United States of America. We are a Country in serious and rapid Decline, but together we will Make America Great Again!
Meanwhile, the NY Times writes;
Here’s what to know:
- The indictment reaches back to the end of Mr. Trump’s term in January 2021, when the documents — many of which were said to be in the White House residence — were packed in boxes along with clothes, gifts, photos and other material, and shipped by the General Services Administration to Mar–a-Lago.
- After lengthy efforts by the National Archives throughout much of 2021 to get Mr. Trump to turn over the material he had taken with him — considered government property under the Presidential Records Act — Mr. Trump turned over 15 boxes of material in January 2022. The boxes turned out to contain highly sensitive material with classified markings, prompting a Justice Department investigation.
- Last August, federal agents descended on Mar-a-Lago to conduct an extraordinary search that turned up material that Mr. Trump had failed to turn over in response to a subpoena months earlier demanding the return of any classified documents still in his possession.
- The Justice Department has repeatedly questioned Mr. Trump’s level of cooperation with the efforts to recover the documents, saying that it had recovered more than 100 documents containing classified markings even after an attestation by one of Mr. Trump’s lawyers that a “diligent search” by his legal team had not turned up any further materials.
- Mr. Trump still faces other ongoing criminal investigations. They include Mr. Smith’s inquiry into Mr. Trump’s efforts to hold onto power following his election loss — and how they led to the Jan. 6, 2021, assault on the Capitol — and an investigation by a prosecutor in Georgia into his attempts to reverse his 2020 election loss in that vital swing state. Mr. Trump is scheduled to go on trial in the Manhattan criminal case next March.
According to sources familiar with the case, the DOJ declined to delay the planned indictment of Trump to investigate allegations that a senior prosecutor on the case tried to influence a key witness by discussing a federal judgeship with the witness’ lawyer, Just the News reports.
On Monday, Trump said via Truth;
Trump was indicted last month in Manhattan on allegations that he falsified business expenses to conceal hush money payments to a porn star.
As Techno Fog notes via The Reactionary;
After years and years of prosecutorial and investigative abuses and crimes, the Department of Justice has finally indicted Trump. In doing so, the DOJ has inserted itself into the 2024 presidential election, again disenfranchising millions of voters. It’s a sad day for the country and a sobering day for those who wish for the equal administration of justice.
And as Just the News notes, no prior sitting US president has ever been indicted in federal court. If the grand jury accepts the case, it will spark an unprecedented legal battle which will undoubtedly make its way to the Supreme Court, while casting a shadow over the 2024 election. According to some polls, Trump leads the GOP field by as many as 50 points.
Trump’s defense
According to the report, “Trump’s lawyers have prepared a robust defense based on months of legal research, anticipating Smith might pursue charges. Trump’s lawyers are prepared to argue that a president had broad powers under the Constitution to keep documents or declassify without any fanfare documents from his presidency and take them with him upon leaving office.”
They will rely heavily on a U.S. District Court case in Washington more than a decade ago involving former President Bill Clinton that concluded a president had broad and mostly unchallengeable power to determine which documents from his presidency can be kept personally and that any documents moved to Trump’s homes in Mar-a-Lago, Fla., and Bedminster, N.J., fall under that category.
An American Bar Association report in 2022 seemed to agree with Trump’s assertion that “guidelines support his contention that presidents have broad authority to formally declassify most documents that are not statutorily protected, while they are in office.” -Just the News
Prosecutors, meanwhile, plan to counter by arguing that constitutional authority doesn’t extend to documents which contain National Defense Information.
As Jonathan Swan notes;
END
Here are the charges now unsealed
(zerohedge)
Trump Charges Unsealed: Here’s What’s In Them
FRIDAY, JUN 09, 2023 – 01:51 PM
The 49-page indictment against former President Trump was unsealed Friday, and contains 38 counts across seven criminal charges, including willful retention of national defense information, corruptly concealing documents, conspiracy to obstruct justice, and making false statements.
Special Counsel Jack Smith will hold a press conference at 3pm ET.
As attorney and journalist Techno Fog notes via The Reactionary, Trump faces up to 100 years in prison if convicted.
This is the first indictment of its kind; we are in new territory, led there by a regime that demands victory at any cost, no matter the political norms or the legal barriers standing in its way. The erosion of the institutions continues.
As Trump faces charges, and as the authorities and media promise that the charges (this time) are legitimate, make no mistake that millions of voters see it as something else: that they’ve been disenfranchised once again. As for the rest of America, it’s safe to assume that many feel little confidence in this prosecution. They see it for what it is.
Trump is expected to appear in Federal District Court in Miami on Tuesday afternoon to face charges. His first appearance will be before Judge Eileen M. Cannon, who was appointed by Trump in 2020.
The indictment marks the first time in US history that a former president has faced federal charges – and is the first time a sitting president’s DOJ has indicted his chief political rival in an upcoming election.
At one point, Trump allegedly made a ‘plucking motion’ to indicate to his attorney that anything ‘really bad’ should be removed from the retained files.
Here’s (now former, just resigned) Trump attorney Jim Trusty discussing former presidents turning in classified documents (h/t/ Techno Fog)
Prosecutors also charged former presidential aide, Waltine Nauta, who continued to work for Trujmp after he left office.
Read the entire indictment below:
You have to read this: bombshell FBI document states that in the Ukraine a $5 million bride was paid to Joe Biden by a Burisma executive.
(zerohedge)
Revealed: Bombshell FBI Document Alleges $5 Million Bribe Paid To Joe Biden By Burisma Exec
THURSDAY, JUN 08, 2023 – 08:05 PM
Someone has leaked the contents of the stonewalled FBI document, form FD-1023, which alleges that President Joe Biden was paid $5 million by an executive of Ukrainian natural gas firm Burisma Holdings, where his son Hunter sat on the board.
This, according to a confidential human source, who told this to the FBI during a June 2020 interview, according to Fox News.
The form, dated June 30, 2020, is from a “highly credible” confidential human source who had detailed multiple meetings and conversations they had with a top Burisma executive over the course of several years, beginning in 2015. The CHS had been working with the FBI as a regular, reliable source of information since 2010, and has been paid approximately $200,000 by the bureau.
The Burisma executive sought the advice of the confidential source, a business professional, on gaining U.S. oil rights and getting involved with a U.S. oil company, the sources familiar with the documdnt said. The Burisma executive was speaking with the confidential source to “get advice on the best way to go forward” in 2015 and 2016.
According to the FD-1023 form, the confidential human source said the Burisma executive discussed Hunter’s role on the board. The confidential human source questioned why the Burisma executive needed his or her advice in acquiring access to U.S. oil if he had Hunter Biden on the board. The Burisma executive answered by referring to Hunter Biden as “dumb.” -Fox News
According to the Burisma executive, the company had to “pay the Bidens” because Ukraine’s lead prosecutor, Victor Shokin, was investigating Burisma.
According to the CHS, he suggested that the Burisma executive “pay the Bidens $50,000 each,” to which the Burisma executive replied “not $50,000,” it is “$5 million.”
“$5 million for one Biden, $5 million for the other Biden,” the executive reportedly said.
The $5 million payments appeared to reference some sort of “retainer” Burisma intended to pay the Bidens in order to ‘clean up’ several issues – including the investigation led by Shokin. Another source told Fox it was a “pay-to-play” scheme.
The CHS believes that the $5 million payment to Joe Biden and $5 million to Hunter happened, as the Burisma executive said he “paid” the Bidens is a way “through so many different bank accounts” that investigators would not be able to “unravel this for at least 10 years.”
The document also makes reference to ‘the Big Guy,’ thought (and as seen on Hunter’s laptop) to be a reference to Joe Biden.
According to the Burisma executive, they “didn’t pay the Big Guy directly.” Meanwhile, sources tell Fox that the Burisma executive appears to be at a “very, very high level” of the company, with one source suggesting it could be the president, Mykola Zlochevsky – though the executive’s name is redacted in the document.
Biden notably bragged on camera about a quid-pro-quo arrangement to have Shokin fired.
“I said, ‘You’re not getting the billion. I’m going to be leaving here in,’ I think it was about six hours. I looked at them and said: ‘I’m leaving in six hours. If the prosecutor is not fired, you’re not getting the money,” Biden said in 2018 at a Council for Foreign Relations event, recalling a conversation with former Ukrainian President Petro Poroshenko.
“Well, son of a bitch, he got fired,” he continued. “And they put in place someone who was solid at the time.”
Of course we would be remiss if we didn’t note that this is exactly what Trump was impeached for asking about, after a 2019 phone call with Ukrainian President Volodomyr Zelenskyy – who Trump asked to launch investigations into the Biden family, particularly Hunter’s dealings with Burisma, and Joe Biden’s involvement in Shokin’s ouster.
The confidential source, according to the sources familiar with the FD-1023 form, told the Burisma executive he should “get away” from the Bidens and said the executive should “not want to be involved” with them.
A source familiar with the document told Fox News Digital that the confidential human source goes on to detail a later conversation with the Burisma executive following the 2016 presidential election. The confidential source asked the Burisma executive if he was “upset” that Donald Trump won.
The source said the Burisma executive told the confidential source that he was “an oracle,” referring to his or her advice to “get away” from the Bidens due to fears of potential investigations into their dealings. -Fox News
The revelations came to pass after a whistleblower approached GOP Sen. Chuck Grassley (R-IA) and House Oversight Committee Chairman James Comer (R-KY) to let them know that the FBI was in possession of the FD-1023.
END
THE KING REPORT
| The King Report June 9, 2023 Issue 7008 | Independent View of the News |
| Last night Trump said his attorneys told him that he has been indicted (7 charges) over documents. GOP @RepMattGaetz: The phony Boxes Hoax indictment is an attempt to distract the American public from the millions of dollars in bribes that the Biden Crime Family received from foreign nationals. Euro zone saw winter recession, more challenges ahead20-nation euro zone Q1 and Q4/2022 GDP both cut to -0.1%Employment growth accelerates to 0.6% in Q1“Domestic demand is not in a good place,” Oxford Economics’ analysts said… adding first-quarter public spending saw the largest contraction on record except for during the first wave of coronavirus lockdowns in 2020… Separately, economists polled by Reuters expect quarterly growth to rebound by an albeit modest 0.2% in each of the remaining three quarters of this year and tip the European Central Bank to hike by a further 25 basis points at both its June and July meetings in its effort to counter stubborn inflation… https://www.reuters.com/markets/europe/euro-zone-slips-into-recession-after-german-revision-2023-06-08/ US Initial Jobless Claims rose to 262k (235k exp) from 233k, their highest level since October 2021. Continuing Claims dropped to 1.7578 (1.802m exp) from 1.794m. Dimon told House Dems to get rid of the debt ceiling https://t.co/D42m9igr8z Bill to Stop Employees Confronting Shoplifters Passed by California Senate (Not a parody!) But some store bosses are furious about the plans, with the California Retailers Association mocking the move as an open invitation for thieves “to come in and steal.”… https://www.newsweek.com/store-retail-violence-robbery-theft-stealing-california-1804565?s=02 @WallStreetSilv: Old Navy reports they are hit by shoplifters 12-14 times per day. That is why they are closing their flagship store in San Francisco. Stores are just waiting until their leases are up before getting out. https://www.yahoo.com/lifestyle/old-navy-lululemon-latest-victims-224729635.html Barron’s: Pilot Pay Is Soaring. Why That’s Bad News for Travelers and Low-Cost Airlines. Pilots’ pay is reaching astronomical levels, with some of the most experienced aviators earning up to $700,000… [Due to] a shortage of aviators and carriers negotiating bumper new contracts. They are expected to keep rising, which will mean these stocks will fare better than others… (Pay wall) Fangs soared yesterday. The usual suspects poured into trading sardines and ESMs on the notion that the increase in US jobless claims will ensure that the Fed will not hike rates next week. To reiterate, traders and pundits are so bullish that they over-hype marginal or dubious ‘good’ news to rationalize equity buying. Economically sensitive stocks, namely DJTA stocks, fell; bonds rallied smartly. ESMs flatlined with small gains and losses from the Nikkei opening until they broke down at 23:21 ET. They began to rally after the 1 ET Nikkei close. A moderate rally persisted until 6:11 ET. ESMs and stocks then sank until 9:49 ET. Then, buyers aggressively bought stuff. ESMs hit a top at 12:27 ET. After a 15-handle drop, ESMs surged when the afternoon arrived, and eventually peaked at 15:38 ET. Tesla shares on longest winning streak since 2021 (+6.12% Thursday; +28.41% last 10 sessions) New tax credit will make Model 3 cheaper than Toyota Camry, sales in China boom https://www.foxbusiness.com/markets/tesla-shares-target-10th-win-row Positive aspects of previous session Major equity indices, ex the DJTA, rallied smartly; Fangs, led by TSLA, soared on trader buying Bonds were negative during Asian and early Euro trading but soared after Initial Jobless Claims Negative aspects of previous session The DJTA fell and bonds rallied on recession angst A summer equity rally on softening US economic data has commenced. These tend to end very badly! Ambiguous aspects of previous session How long can stocks rally on bad economic news is good cuz it will halt Fed rate hikes? 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]: 4284.34 Previous session High/Low: 4298.01; 4261.07 WaPo: Ukraine launches counteroffensive against Russia Ukraine’s troops intensified their attacks on the front line in the country’s southeast… The Ukrainian troops include specialized attack units armed with Western weapons and trained in NATO tactics… Russian military bloggers also reported heavy fighting in the Zaporizhzhia region… By cutting south through the flat fields of Zaporizhzhia, Kyiv’s forces could aim to sever the corridor of land that connects mainland Russia to the occupied Crimean Peninsula, cutting off crucial Russian supply lines. It could also attempt to liberate the city of Melitopol, which Russia has established as the region’s occupied capital, and Enerhodar, where the Zaporizhzhia nuclear power plant is located… https://www.washingtonpost.com/world/2023/06/08/russia-ukraine-war-news-counteroffensive/ WSJ: Cuba to Host Secret Chinese Spy Base Focusing on U.S. (10% and contempt for The Big Guy!) Beijing agrees to pay Havana several billion dollars for eavesdropping facility The base would enable China to conduct signals intelligence, known in the espionage world as sigint, which could include the monitoring of a range of communications, including emails, phone calls and satellite transmissions… https://www.wsj.com/articles/cuba-to-host-secret-chinese-spy-base-focusing-on-u-s-b2fed0e0 @GOP: Sen. @BillHagertyTN on China establishing a spy base in Cuba: “[Biden] needs to wake up… This administration is standing from a position of weakness.” “They don’t want to offend the Chinese so they can have some …photo-op rather than disclosing China’s malevolent behavior.” Reported China spy base in Cuba poses ‘imminent threat’ to Americans, House Republican warns Biden admin https://t.co/TFzSPQqi8P @austinjdahmer: (GOP Sen) Hawley: “Here they’re flying over to China, maybe as we speak, to grovel to Beijing. Meanwhile, Beijing is basically giving us the middle finger…I don’t know when people on the Hill will wake up to this, but maybe it’ll take the fall of Taiwan, which I’m sure will be next.” @WSJ: Beaming Solar Energy from Space Gets a Step Closer Scientists are testing how satellites could collect power from the sun and send clean electricity to Earth—and getting encouraging results (A counter to hypersonic and other missiles) A prototype of the lightweight, flexible microwave transmitter array that is now being tested in orbit aboard Caltech’s Space Solar Power Demonstrator. In this age of wireless everything, engineers are trying to perform the ultimate act of cord-cutting: generating abundant solar electricity in space and beaming it to the ground, no power cables required… “People are realizing this is not just science fiction.” https://www.wsj.com/articles/beaming-solar-energy-from-space-gets-a-step-closer-fc903658 @anno1540: For the first time, China supplied Russia with military equipment to participate in the war in Ukraine, – military columnist of the Bild publication Yulian Röpke. “China intervened in the war for the first time and, who would have thought, on the side of Russia,” the expert said. https://twitter.com/anno1540/status/1666879078404587531 Soros Predicts Ukrainian Victory in Counterattack, Says Russia Is A “Paper Tiger” https://www.zerohedge.com/geopolitical/soros-predicts-ukrainian-victory-counterattack-says-russia-paper-tiger #MeToo Comes to Wall Street: Odey Hedge Fund In Peril After 13 Women Accuse Billionaire of Sexual Assault, Harassment and “Toxic Workplace” https://t.co/0hhuLqH1r3 World’s Biggest Banks Pull Back from Odey after New Allegations – BBG @IAPolls2022: GALLUP POLL: Social Conservatism in U.S. Highest in About a Decade: 38% say they are conservative on social issues, highest since 2012; 44% say they are economically conservative, also highest since 2012. (Has the backlash to leftism begun?) https://news.gallup.com/poll/506765/so Army Secretary Claims ‘Woke’ Criticisms of the Military Are Hurting Recruiting https://www.thegatewaypundit.com/2023/06/army-secretary-claims-woke-criticisms-military-are-hurting/ Fed Balance Sheet: +$3.471B on accrued interest of +$3.541B; Reserves Balances at Fed +$40.304B https://www.federalreserve.gov/releases/h41/20230608/ Today – For the past several weeks, stocks have been weak on Monday – Wednesday and strong on Thursday & Friday. Traders will eagerly and aggressively play for the Friday rally. The S&P 500 Index high on Thursday was 4298.01. A triple top at 4298-4299 has formed over the past four sessions. Traders will try to break out the S&P 500 Index and induce shorts to cover and momo traders to buy. There is no scheduled US economic data to inhibit upward manipulation. The usual suspects are proclaiming that a new bull market for the S&P 500 Index has begun because the index is up 20%+ from its low. This is an insanely stupid theory. If a stock tumbles from 200 to 10, does a rebound to 12.01 signal a new bull market for the stock? ESMs are -5.25 and USMs are -7/32 at 20:55 ET. S&P 500 Index 50-day MA: 4147; 100-day MA: 4080; 150-day MA: 4025; 200-day MA: 3976 DJIA 50-day MA: 33,483; 100-day MA: 33,322; 150-day MA: 33,381; 200-day MA: 32,761 (Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3988.38 triggers a sell signal Daily: Trender and MACD are positive – a close below 4213.52 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4274.50 triggers a sell signal @CollinRugg: Rep. Andy Biggs says the House will “absolutely” be impeaching Joe Biden in response to the FBI document that allegedly claims Biden accepted a $5 million bribe. Biggs also asserted that Biden must be indicted after impeachment. “He would have to be indicted because this is gross criminal misconduct and some would suggest treasonous… there is so much evidence, it’s voluminous.” https://twitter.com/CollinRugg/status/1666824717913956354 (GOP Rep) Marjorie Taylor Greene reveals contents of Biden bribery doc “[Burisma’s owner] also said that he paid $5 million to one Biden and he paid $5 million to another Biden,” Greene continued. “And it was all a bribery to get Shokin fired and end the investigation into Burisma.” Greene indicated that the Burisma owner retained records of the payments to the Bidens… https://justthenews.com/politics-policy/marjorie-taylor-greene-reveals-contents-biden-bribery-doc The Big Guy used his favorite word in reaction to the bribery charges: “malarky”. @RepAndyBiggsAZ: President Trump is indicted on the day we unveiled significant findings related to Joe Biden’s corruption. Makes you wonder. Biden Promoted Ukraine Ambassador Who Attacked Investigation into Hunter Biden-Linked Burisma to His ‘Point Man’ On Energy Security. https://warroom.org/biden-promoted-ukraine-ambassador-defending-burisma/ @paulsperry_: FLASHBACK: Based on the FBI informant’s credible tip re Burisma paying bribes to Bidens in exchange for firing the prosecutor investigating Burisma, Biden may have incriminated himself here when he bragged about extorting Ukraine into firing the prosecutor CSPAN (Biden bragging that he got the Ukrainian prosecutor fired to garner US funding): https://www.c-span.org/video/?c4820105/user-clip-biden-tells-story-ukraine-prosecutor-fired @bhweingarten: There are three levels to the potential scandal here: 1) That then-VP Biden took a $5M bribe from a Ukrainian oligarch 2) That the FBI buried the allegation in the run-up to the 2020 election 3) That the FBI has been working to cover-up the cover-up @HansMahn>https://www.realclearinvestigations.com/articles/2023/06/08/key_player_in_biden_documents_removal_was_caught_up_in_bill_clinton-era_chinagate_scandal_897961.html If Joe and Hunter and NOT indicted after DJT’s dubious indictment over documents…?!?!?! @elonmusk: There does seem to be far higher interest in pursuing Trump compared to other people in politics. Very important that the justice system rebut what appears to be differential enforcement or they will lose public trust. Biden bungles British ‘President’ Sunak’s title at White House visit https://t.co/GJaKTwwbfA Biden tells UK Prime Minister Rishi Sunak a rambling story about the Truman Balcony, then forgets Winston Churchill’s name https://t.co/npnPMBvQmF @RNCResearch: Biden is once again using a list of pre-selected reporters to call on at his press conference. Does he have the reporters’ questions again, too? https://t.co/9HrKV2NXMC W Bush Press Sec @AriFleischer: Biden, 80, again is reading verbatim answers from a prepared note card in response to reporters’ so-called spontaneous questions. The British Prime Minister, 43, answers the same questions off the top of his head, without a script. The man with the foolish grin is keeping perfectly still But nobody wants to know him, they can see that he’s just a fool — “The Fool on the Hill” by the Beatles Daily Mail: Drugs! Naked women! Family snapshots! They’re all in mix of 9,000 photos from Hunter Biden’s laptop https://t.co/3hn7QAHsSu Plainclothes cops at Capitol during Jan. 6 riot, one on video exhorting crowd, key lawmaker says According to Loudermilk, a body cam video that leaked onto the video platform Rumble is authentic and confirms that officers in plain clothes were at the riot… “We know that it is one of their officers and at one point he is encouraging, and it appears he’s encouraging, he’s definitely helping people climb the scaffolding, and he’s telling them go, go, go,” Loudermilk told the Just the News, No Noise television show… https://justthenews.com/government/congress/loudermilk-mpd-had-plain-clothed-officers-capitol-crowd-jan-6-2021 @GovChristie: When a spoiled baby misbehaves, you send them to their room, not the White House. At his advanced age, it is time to give up hope that Trump will ever grow up. We need a leader, not a child. Christie says he’s in to win, depicts Trump as ‘juvenile’ who should be ‘sent to his room, not White House’ – As for Trump’s “size” taunts, Christie said it proves the former president is a “juvenile.” “Only children talk like that,” he said, adding that Trump never demeaned him when he reportedly offered him several cabinet posts, including chief of staff and DHS secretary. “The minute you speak out against him … he lashes back out like a child. And if you or I were raising that child, we’d send them to their room, not to the White House.”… https://www.foxnews.com/media/christie-in-to-win-trump-juvenile-who-should-sent-room-white-house @RyanGirdusky: Pence’s first ad goes directly after Trump. Harder than anyone else https://twitter.com/RyanGirdusky/status/1666814207751524359 The Cult of Trump is irate that Team DeSantis Photoshop ed a picture of Trump embracing Fauci. @emeriticus: Team Trump filed a bogus ethics complaint against DeSantis to portray him as corrupt, photoshopped @ChristinaPushaw beside George Soros, lied about Soros endorsing DeSantis, and have continually mocked the fact Casey DeSantis had cancer or have denied she had it at all. Trump… @RobertKennedyJr: 200,000 residents in Yuma. 310,000 migrants last year. Migrant Moms occupied 32 of 36 beds in Yuma hospital maternity ward so that local moms had to delay induced pregnancies for two weeks. https://twitter.com/RobertKennedyJr/status/1666258519908294656?s=02 @gatewaypundit: Tucker Carlson Releases Episode 2 of His Twitter Series – Questions Obama’s “Highly Creepy Personal Life” and the Epidemic of Child Sex Abuse (Not coincidental entangling!) By 2008, it was obvious to anybody who was paying attention that Barack Obama had a strange and highly creepy personal life, yet nobody ever asked him about it…. Those that remain have lost their moral force. Stealing, flaunting your wealth, striking women, smoking marijuana on the street shameless public hypocrisy, taking other people’s money for not working. All of these things used to be considered unacceptable in America. Not anymore. So, it probably shouldn’t surprise us that the greatest taboo of all is teetering on the edge of acceptability, child molestation. A generation ago, talking to someone else’s children about sex was widely considered grounds for a thrashing… https://www.thegatewaypundit.com/2023/06/breaking-tucker-carlson-releases-episode-2-his-twitter/ @TuckerCarlson: Ep. 2 – Cling to your taboos! https://twitter.com/TuckerCarlson/status/1666928190445477890 Mel Gibson and Tim Ballard Reportedly Involved in 4-Part Docuseries on Global Child Sex Trafficking in Ukraine and Elsewhere – It is possible that Gibson is keeping the film quiet for his own safety… https://www.thegatewaypundit.com/2023/06/just-mel-gibson-tim-ballard-reportedly-involved-4/ Bud Light is co-sponsoring an ‘all-ages’ drag show party: ‘Safe space’ ‘family festival event’ Drag events aimed at families and young children are taking place all over the country. In West Hollywood, California, a “family-friendly” Pride parade included men depicting a graphic BDSM sexual acts in videos that later went viral online. On Twitter, feminist outlet the Reduxx shared one graphic video from the parade where a nearly nude man was choked and whipped by another man in bondage gear. A Pride festival in Dallas featured sexually explicit merchandise for sale, including sex toys and graphic Disney fan art… https://www.foxnews.com/media/bud-light-co-sponsoring-all-ages-drag-show-party-safe-space-family-festival-event The Monologue That Got Tucker Carlson Fired – On April 24th, Fox News stopped Tucker from exposing Ray Epps, Jen Psaki & AOC in this never-released opening speech https://www.emerald.tv/p/exclusive-the-monologue-that-got Biden’s climate clown John Kerry celebrated the anniversary of D-Day by comparing the Normandy landings to fighting climate change https://t.co/e1O2YEA1Sk Newsom proposes 28th amendment to restrict US gun access The Democratic governor’s proposed 28th Amendment would not abolish the Second Amendment, which establishes a right to bear firearms for personal self-defense. However, it would raise the federal minimum age to purchase a firearm from 18 to 21; mandate universal background checks to purchase firearms; institute a waiting period for all gun purchases; and ban “assault weapons.”… Newsom is calling for an Article V Convention of states to convene and draft his proposed amendment. Two-thirds of the state legislatures must pass a resolution calling for such a convention before it can convene to consider an amendment to the Constitution. If such a convention adopts a proposed amendment, it then heads back to the state legislatures for ratification. Three-fourths of the states must ratify a proposed amendment for it to be added to the Constitution — a rare and difficult feat that has only been accomplished 27 times in the nation’s history… https://www.foxnews.com/politics/newsom-proposes-constitutional-amendment-restrict-gun-rights Pols are reluctant to call for an Article V Convention because there is no telling what other amendments might be adopted: TERM LIMITS, voter ID, repeal US citizenship for alien births, school vouchers, etc. Journalist Emerald Robinson Releases Transcript of Tucker’s Final Unaired Monologue – He Discusses Ray Epps, AOC and Jen Psaki – Twitter Censors the Report! https://t.co/K5UqGhtMR8 | |
GREG HUNTER
Another Trump Witch Hunt Indictment, Biden Bribes, War Closer
By Greg Hunter On June 9, 2023 In Weekly News Wrap-Ups19 Comments
By Greg Hunter’s USAWatchdog.com (WNW 585 6.9.23)
Another witch hunt indictment for Donald Trump for what looks like yet another made-up crime to get rid of the top 2024 presidential contender. Trump calls this “election interference at the highest level.” Trump says he is “innocent,” but prosecutors charged him with seven crimes anyway. The only good news is the federal case against Trump is in Florida. So, a convicting jury pool is going to be hard to corral.
Meanwhile, the Hunter Biden laptop allegations go uninvestigated, and Joe Biden is allegedly guilty of taking millions of dollars in actual bribes, according to new documents released this week. The FBI has been sitting on this case that only came to the surface because FBI Head Chris Wray was forced to release it under threat of Contempt of Congress. The person who says he is the one who bribed Joe Biden $5 million is the star witness. Yet, the FBI was not interested in prosecution. A real president has fake charges put on him, and a fake president has real charges ignored. Yeah, that’s fair.
The Lying Legacy Media (LLM) has gaslit the public so badly on Ukraine they do not know how dire the situation really is and how close we are to a much wider war. The Ukrainians are mounting what looks like a last ditch effort to kick out the Russians, and they are being cremated once again. NATO is reverting to more terrorism like blowing up the Nord Stream pipeline, but this time they blew up the Nova Kakhovka Dam that supplies water to Crimea. The dam was built by Russia, but NATO wants you to believe it blew up its own infrastructure just like the Nord pipeline last year. Will NATO launch a desperate strike on Russia while holding exercises next week in what is called Air Defender 2023? Will NATO think this is the perfect cover to launch another stupid attack that will bring the world closer to nuclear war? The fun starts next Monday.
There is much more in the 54-minute news cast.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.9.23.
(.https://usawatchdog.com/another-trump-witch-hunt-indictment-biden-bribes-war-closer/)
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After the Interview:
Media Studies Professor Mark Crispin Miller from NYU will be the guest for the Saturday Night Post. Professor Miller is an expert in propaganda and says CV19 from infection to injection was a masterpiece of public deception. Professor Miller will also talk about his own case with NYU and why it should matter to all freedom loving Americans.
I will see you on MONDAY
harveyorganblog.com 
