JUNE 12//ANOTHER T.A.S. INDUCED GOLD AND SILVER RAID: GOLD CLOSED DOWN $7.10 TO $1955.50, SILVER CLOSED DOWN $.26 TO $23.98//PLATINUM CLOSED DOWN $19.95 TO $994.15 WHEREAS PALLADIUM CLOSED UP $22.45 TO $1346.85//IMPORTANT GOLD COMMENTARIES TODAY FROM MATHEW PIEPENBURG AND MICHAEL MAHARRY OF SCHIFFGOLD//ALSO AMBROSE EVANS PRITCHARD ON THE PLIGHT OF CHINA AND WHAT IT MEANS TO US://CHINA AND USA CONFIRM THAT CHINA ORCHESTRATED SPY RINGS IN CUBA SPYING ON USA//GERMANY WILL HAVE ENERGY PROBLEMS FOR QUITE SOME TIME//COVID 19 PROVEN TO COME FROM WUHAN LAB//LAW SUITS FLYING OVER COVID VACCINE/DR PAUL ALEXANDER//SLAY NEWS/EVOL NEWS//UPDATES ON RUSSIAN UKRAINE WAR//UPDATES ON CANADIAN FIRES AND QUALITY OF AIR//HUGE SWAMP STORIES FROM GATEWAY PUNDIT ON THE CROOKED BIDEN FAMILY//OTHER SWAMP STORIES FOR YOU TONIGHT//
323 C HSBC 2 323 H HSBC 1 661 C JP MORGAN 3 737 C ADVANTAGE 3 880 H CITIGROUP 1
TOTAL: 5 5 MONTH TO DATE: 18,022
JPMorgan stopped 3/5 contracts
FOR JUNE:
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 5 NOTICES FOR 500 OZ or 0.1555 TONNES
total notices so far: 18,022 contracts for 1,802,200 oz (56.055 tonnes)
FOR JUNE:
SILVER NOTICES: 2 NOTICE(S) FILED FOR 10,000 OZ/
total number of notices filed so far this month : 423 for 2,115,000 oz
XXXXXXXXXXXXXXXXXXXXXXXX
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD
WITH GOLD DOWN $7.10
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 AN ATMOSPHERIC SIZED 2610 CONTRACTS TO 145,963 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR TINY $0.07 GAIN IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS AN ULTRA- HUMONGOUS SIZED 2770 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 FRIDAY NIGHT: A MONSTER SIZED 2772 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.07). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUGE GAIN ON OUR TWO EXCHANGES OF 2670 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 2.5MILLION OZ.). WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG WITH MANIPULATION NOW MID MONTH AND BEYOND, DUE TO (TAS) MANIPULATION.
WE MUST HAVE HAD:
A FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICALS( 400 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 5,000 OZ QUEUE JUMP + 2.5 MILLION OZ EXCHANGE FOR RISK(ISSUED PRIOR)// TOTAL STANDING FOR THE MONTH 4.775MILLION OZ ) // HUMONGOUS SIZED COMEX OI GAIN/ FAIR SIZED EFP ISSUANCE/VI) HUMONGOUS NUMBER OF T.A.S. CONTRACT INITIATION (2772CONTRACTS)//ZERO T.A.S LIQUIDATION THROUGHOUT THE COMEX SESSION //FRIDAY //
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -ADDED 340 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 7 days, total 3909 contracts: OR 19.545 MILLION OZ (558 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 19.545 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: 112.58MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 19.545 MILLION OZ//
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2610 CONTRACTS WITH OUR RISE IN PRICE OF $0.07 IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE CONTRACTS: 400 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 5,000 OZ E.F.P. JUMP+ 2.5 MILLION EXCHANGE FOR RISK(PRIOR)//NEW TOTAL STANDING: 6.775 MILLION OZ////// .. WE HAVE A GIGANTIC SIZED GAIN OF2670 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS 2670//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY SESSION. THE NEW TAS ISSUANCE TODAY (2772) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 2 NOTICE(S) FILED TODAY FOR 10,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 702 CONTRACTS TO 435,890 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 – 292 CONTRACTS
WE HAD A SMALL SIZED DECREASE IN COMEX OI ( 994 CONTRACTS) WITH OUR $1.00 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JUNE. AT 70.79 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 0.0528 TONNE E.F.P JUMP TO LONDON.: NEW TOTAL 62.855 TONNES STANDING SO FAR // + /A HUMONGOUS ISSUANCE OF 2563 T.A.S. CONTRACTS/SOME FRONT END OF TAS LIQUIDATION FRIDAY ////YET ALL OF..THIS HAPPENED WITH A $1.00 LOSS IN PRICEWITH RESPECT TO FRIDAY’S TRADING.WE HAD A SMALL SIZED LOSS OF 467 OI CONTRACTS (1.452 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 527 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,598
IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 467 CONTRACTS WITH 994 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A HUGE 2563 CONTRACTS) AND 527 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 467CONTRACTS OR 1.452 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (527 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (994) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 467 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 1,700 OZ E.F.P. JUMP TO LONDON//// NEW STANDING FALLS TO 62.855 TONNES// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUMONGOUS T.A.S. ISSUANCE: 2772 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: 15,686 CONTRACTS OR 1,568,600 OZ OR 48.79 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 2240 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 7 TRADING DAY(S) IN TONNES 48.79 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 48.79/3550 x 100% TONNES 1.380% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 48.79 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 2610 CONTRACTS OI TO 145,963 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 400 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: 400 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 2670 CONTRACTS AND ADD TO THE 400OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3010 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 15.050 MILLION OZ
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED DOWN 2.59 PTS OR 0.08% //Hang Seng CLOSED UP 14.36 PTS OR 0.07% /The Nikkei closed UP 168.88 OR 0.52% //Australia’s all ordinaries CLOSED UP 0.33 % /Chinese yuan (ONSHORE) closed DOWN 7.1424 /OFFSHORE CHINESE YUAN DOWN TO 7.1517 /Oil DOWN TO 68.47 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
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 994 CONTRACTS DOWN TO 435,598 WITH OUR LOSS IN PRICE OF $1.00 ON FRIDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE… THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 527 EFP CONTRACTS WERE ISSUED: : AUGUST 527 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 527 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 467 CONTRACTS IN THAT 527LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 702 COMEX CONTRACTS..AND THIS SMALL SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $1.00. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT WAS A GIGANTIC 2563 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 (62.855) ( 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: 62.855 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $1.00) //// AND WERE SUCCESSFUL IN KNOCKING A FEW SPECULATOR LONGS AS WE HAD OUR SMALL SIZED LOSS OF 467 CONTRACTS ON OUR TWO EXCHANGES. WE HAD SOME TAS LIQUIDATION THROUGHOUT THE COMEX SESSION ON FRIDAY . THE TAS ISSUED FRIDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE LOST A TOTAL OI OF 1.452PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 1700 OZ EFP JUMP TO LONDON..NEW STANDING REMAINS AT 62.855 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $1.00
WE HAD – REMOVED 292 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET LOSS ON THE TWO EXCHANGES 467 CONTRACTS OR 46,700 OZ OR 1.452 TONNES.
Total monthly oz gold served (contracts) so far this month
18,022 notices 1,802,200 OZ 56.055 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
No dealer withdrawals
Customer deposits: 0
total deposits: nil oz
Withdrawals: 0
Adjustments;3 all dealer to customer:
a) Out of Manfra: 31,732.139 oz
b) Out of Brinks 10,031.112 oz
c) Out of Ashai: 11,460.720 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 2191 contracts having LOST 303 contracts. We had 286 contracts served on Friday so we lost 17 contracts or an additional 1700 oz will not stand for gold at the comex. as these guys were EFP’d over to London where they will exercise these contracts on the T + 2 basis and take delivery over there.
The next front month after June is the non active delivery month of July. Here, July lost 44 contracts to stand at 2862 contracts.
AUGUST lost 1294 contracts up to 370,907 contracts
We had 5 contracts filed for today representing 500 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 5 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 3 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 (18,022 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (2191 CONTRACT) minus the number of notices served upon today 5 x 100 oz per contract equals 2,020,800 OZ OR 62.855 TONNES the number of TONNES standing in this active month of June. (CME data corrected)
thus the INITIAL standings for gold for the JUNEcontract month: No of notices filed so far (18,022) x 100 oz + (2191) [OI for the front month minus the number of notices served upon today (5)x 100 oz} which equals 2,020,800 oz standing OR 62.855 TONNES
TOTAL COMEX GOLD STANDING: 62.855 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,912,629.517 OZ
TOTAL REGISTERED GOLD: 11,677,240.804 (363.211 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 11,243,388,7123 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,6621,994 OZ (REG GOLD- PLEDGED GOLD) 299.284 tonnes//
END
SILVER/COMEX
JUNE 12//2023// THE JUNE 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
87,988.760 oz cnt
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
542,609.500 oz jpm
No of oz served today (contracts)
2 CONTRACT(S) (10,000 OZ)
No of oz to be served (notices)
432 contracts (2,160,000 oz)
Total monthly oz silver served (contracts)
423 Contracts (2,115,000 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 one deposit customer account:
542,609.500 oz JPMorgan
total customer deposits: 542,609.500 oz
JPMorgan has a total silver weight: 142,466 million oz/273,527 million =52.08% of comex .//dropping fast
Comex withdrawals 1
i) 87,984.760 oz
total withdrawals: 87,984.760 oz
adjustments: none
TOTAL REGISTERED SILVER: 27.117 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 273.527 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: 434 CONTRACTS HAVING GAINED 1 CONTRACT(S).
WE HAD 0 NOTICES FILED ON FRIDAY SO WE GAINED 1 CONTRACTS OR AN ADDITIONAL 5,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
JULY HAD A 3759 CONTRACT LOSS TO 86,163 CONTRACTS
AUGUST GAINED 19 CONTRACTS TO STAND AT 30
SEPT HAS A GAIN OF 6207 CONTRACTS UP TO 48,397
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 63,647 good /
Comex volume: confirmed yesterday:78,040 very strong
To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at 423 x 5,000 oz = 2,115,000 oz
to which we add the difference between the open interest for the front month of JUNE(434) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2023 contract month: 423 (notices served so far) x 5000 oz + OI for the front month of JUNE (434) – number of notices served upon today (2 )x 500 oz of silver standing for the JUNE contract month equates to 4.275 million oz +2.5MILLION OZ EXCHANGE FOR RISK//NEW TOTAL: 6.775 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 12/WITH GOLD DOWN $7.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 934.65 TONNES
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 12/WITH SILVER DOWN 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 467.269 MILLION OZ//
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/
The debt ceiling drama ended with fake budget cuts and a shiny new credit card with no limit for the federal government. We can now expect a big surge in the national debt as the US government plays catch up after nearly six months up against its borrowing limit.
And you can expect more eye-popping single-day national debt increases in the days ahead. In fact, it won’t surprise me if the national debt eclipses $32 trillion this week. Not only does the Treasury have to borrow to replenish its checking account (called the Treasury General Account or TGA at the New York Federal Reserve Bank), but it will also have to borrow to cover the budget deficits the Biden administration runs month after month.
And despite what Republicans tell you, spending is set to go up the next two years, even if Congress sticks to this deal. The US government is blowing through nearly half a trillion dollars every month and the deficit for fiscal 2023 was already close to $1 trillion with five months to go. The spending with its accompanying deficits isn’t ending in the foreseeable future.
What’s This Mean for Gold?
Typically, big spikes in the national debt correspond with a rising gold price.
Elements by Visual Capitalist put together a graphic showing how the price of gold typically tracks with big debt increases.
As you can see, the price of gold has generally trended upward along with the national debt. Of course, there are other factors that impact the price of gold, but the general trend is worth noting.
This correlation makes sense for a couple of reasons.
In the first place, a rising national debt creates economic uncertainty and that drives safe haven buying.
Even though the mainstream doesn’t talk much about the national debt, at some level, most people recognize that the trajectory is unsustainable. The longer the debt climbs and the political class kicks the can down the road, the shorter the road gets.
In the second place, a surging national debt will ultimately mean more inflation.
At some point, this unlimited borrowing is going to force the Federal Reserve to monetize some of this debt. That will require a return to quantitative easing.
Even if it doesn’t happen immediately, QE is in the future. There is no other way for the market to absorb all of the debt the Treasury will have to issue to support spending that will mostly go onto a credit card with no limits.
In order to prop up the bond market and keep prices higher than they otherwise would be (and interest rates lower), the Fed will ultimately have to buy bonds to boost demand. It will buy those Treasuries with money created out of thin air.
With this in mind, it makes sense that people would turn to gold as an inflation hedge.
Here is some raw data to go along with the chart.
At under $2,000 an ounce, gold has plenty of room to run up. And one thing is for certain — the debt problem isn’t going away.
When Humpty Dumpty fell off the wall and took a big fall, “all the king’s horses and all the king’s men could not put Humpty-Dumpty together again.”
I see a similar fate for the US debt egg, whose cracks are just about, well… everywhere.
Cracks in the Debt Egg
The first obvious (but media ignored) signs of this breaking egg emerged in September of 2019, when the TBTF banks no longer trusted each other’s collateral and the repo markets spiked overnight, prompting Uncle Fed to be the lender of last resort to its spoiled little banking nephews.
This required hundreds and hundreds of billions in mouse-clicked liquidity.
But then again, what does a billion or trillion even mean anymore to a mouse-clicker and $31+T (and growing) Public debt?
Numbers, like debts, have effectively become abstractions in what I previously described as a “banalization of debt.”
Since the repo crisis, as Uncle Sam’s twin deficits expanded at a fairytale pace alongside rising rate policies which neutered the price of sovereign bonds and hence the balance sheets and the life-cycles of regional banks, the Humpty-Dumpty US arrived at yet another climatic debt-ceiling reality-check.
Can-Kicking the Breaking Egg
As predicted, this “crisis” was “solved” by a predictable can-kicking of its debt responsibilities (and reality-checks) into a post-election-cycle.
How politically convenient.
In fact, political convenience at the expense of economic common sense or fiscal accountability is the very hallmark of our math-blind yet power-smug “representatives” in DC.
For those paying attention, however, the US not only voted past it’s $31.4T debt ceiling, it removed/suspended that ceiling all together.
This effectively allows the children in DC to borrow and spend without limit until 2025.
In short: The Humpty-Dumpty debt egg is getting fatter and fatter, and wobbling on the wall.
How a Dollar-Thirsty Humpty-Dumpty Wobbles
Having artificially “solved” (postponed) an otherwise very real/toxic debt crisis, the post-debt ceiling policy makers will now have to decide where the much-needed liquidity will come from to keep Humpty Dumpty alive, as debt (paid for with synthetic liquidity) is the only thing keeping him from a fall.
Re-Filling an Empty Treasury—Complex Games, with No Winners
Toward this end, the question is now about how much the US Treasury is willing to “liquify” (refill) a very thirsty Treasury General Account (TGA), which has been the invisible source of funding to offset the Fed’s mid-2022 policy of so-called balance sheet “tightening”?
Whenever Powell grabs headlines for “tightening” liquidity, the TGA quietly provides more of the same behind a TGA curtain of complexity.
But now that TGA needs a re-fill of USDs to continue this charade of musical-dollar-chairs.
Stated simply, there is a great big “sucking sound” coming from the TGA, which is thirsty, very thirsty for USDs.
Where Will the “Money” Come From?
Should the US Treasury make a generous liquidity injection into the TGA from bank reserves, this will dry up other corners of a breaking US system equally thirsty for similar injections of USDs.
In short: This liquidity option is dangerous and unlikely.
Alternatively, however, the Fed’s Reverse Repo liquidity water-cannon could spray the TGA with the necessary liquidity (USDs) to buy more of Uncle Sam’s IOUs and thus buy the TGA’s borrow-and-spend system more time rather than solutions.
In the past, the banks were buyers of these IOUs, but we all know how well that worked for them in 2023…
So, once again, and amidst all this deliberate DC confusion, the simple question remains: Who will buy the IOUs (Treasury Bills) needed to keep Humpty Dumpty alive?
The US Treasury’s bank reserves? The Fed’s Reverse Repo Program? The UST-weary banks? The Money Market Funds?
Yes, The Bond Market Is Still the Thing
To see through this maze more clearly, one must always look at the bond market, however “boring.”
If the Fed keeps raising rates and tightening its balance sheet, those T-Bills needed to keep Humpty Dumpty on the wall will fall in price and hence rise in yields, becoming far more expensive for Uncle Sam to repay?
This is a problem.
Yellen In a Corner and Waking to Reality?
But perhaps far more important, and far less discussed or understood, is Yellen’s preference to issue IOUs to refill the TGA from the short end of the duration spectrum (i.e., short-term T-Bills) rather than longer-term UST bonds.
But would it not be cheaper for Uncle Sam to issue longer-term bonds at lower yields (interest expense) to continue his debt orgy of extend and pretend?
In short: What the heck is going on behind the scenes of Yellen’s Treasury Department?
Yellen, many argue, is still under the illusion that the UST market in general, and the US T-Bill market in particular, is the safest, most loved and hence most liquid IOU in the world.
But even Yellen can not have ignored the simple fact that a post-sanction world of weaponized dollars is dumping (rather than buying) those IOUs and stacking gold instead…
Perhaps Yellen is now desperately aware that to keep the debt Humpty Dumpty egg alive, she’ll now have to issue more and more “yield-sexy” (but harder-to-repay) T-Bills to buy time in a debt-soaked nation that is running out of time?
But far more ominously, perhaps Yellen is slowly coming to a sober conclusion which the markets and mathematical realists understood long before the fork-tongued policy makers, namely: Uncle Sam’s debt cancer is simply too fatal to cure with longer-duration bonds—or at some point, any bonds at all.
For now, a desperate Yellen has no choice but the last resort of issuing more of the sacred yet more expensive T-Bills to keep the yield-curve from inverting to levels so grotesque that the sound of Humpty Dumpty’s fall would echo through eternity.
Back to Basics: The Fed as Buyer/Lender/Spender of Last Resort
But the question still remains: Who will buy these T-Bills/IOUs at levels (trillion-dollar) necessary to cushion Humpty-Dumpty’s fall?
My opinion, and for now, it is only an opinion (one based on flow probabilities, the math of interest expense Realpolitik, the reality of UST-weary banks and the historical lessons of nations over their skis in debt) is that the ultimate buyer of Uncle Sam’s debt will be the Fed itself.
In short, and as warned since quantitative tightening began in earnest in 2022, I still see an unavoidable and inevitable pivot to either open QE or hidden repo/reverse repo QE once Powell’s “higher-for-longer” efforts to become Volcker-reborn are won at the expense of Humpty Dumpty’s demise.
Stated otherwise: Once the tightening and rate hiking breaks the national economy into a dis-inflationary or even deflationary spiral, the thirst for more mouse-clicked and inflationary trillions will be obvious.
Save the System or the Currency?
This thirst will force the system into a stagflationary “solution” of more fake, debased money in which the currency is sacrificed to save an otherwise unworthy, rigged and broken “system.”
I’ll say it again: In the end, the last bubble to “pop” is always the currency.
From Humpty Dumpty to Gold
It’s no secret that gold is insurance for currencies already dying.
Regardless of the USD’s relative (but ever-weakening) strength/hegemony, its (and other currencies’) inherent purchasing power when measured against gold has fallen by greater than 98% since Nixon closed the gold window in 1971.
Many can, will and do anxiously track and ask about the daily gold price, a price, which, is ironically measured in increasingly worthless fiat currencies.
This price fixation is especially true (and understandable) of speculators and traders.
But we are gold investors and wealth preservers. As such, our perspective, bias and convictions are comfortably patient and far-sighted.
We feel that measuring gold, as well as one’s own wealth, in such fiat fantasy is a dangerous and consensus-driven habit, and thus we measure wealth in ounces and grams not euros, dollars, pesos etc.
Gold, unlike the various US bonds discussed above, are of infinite duration and finite supply.
This so-called “pet rock” (of which central banks just bought over 1100 tons in 2022) serves as a constant as the USD races and scatters about the repo, Eurodollar and derivative markets in a complex, and often sexy madness which hides the fact that it is just a player in a familiar and losing game in which all fiat money reverts to its zero mean.
From Humpty Dumpty to the Big Bad Wolf
To the many who cannot conceive that tomorrow will be different than yesterday, or that the USA and its USD are not immortal, such statements are castigated as “sensational.”
If, however, one steps back and objectively observes the slow but steady history of the Greenback, it becomes undeniable that gold never really rises, currencies just fall.
Like the fable of the Three Little Piggies, there will always be those who prefer building their homes of straw and mud to have more time to enjoy the seductive call of rising asset bubbles and pet rock jokes.
After all, who can deny the high-times (and record-breaking wealth inequality) handed to us by years of an asset-inflating yet price-discovery-destroying and capitalism-killing central bank whose decades of fake liquidity and unprecedented debt have created an artificial sense of endless pleasure.
I mean, this was pretty fun, no?
But that Big Bad Wolf of rising debt levels and disingenuous policy makers is lurking beyond the tree line and occasionally smiling at the happy little piggies playing (or politicking) in the distance.
Soon, the debt wolf will stand, stretch and roll his mighty neck.
Then he will slowly trot, then cantor and finally gallop toward the straw and mud huts, and “he will huff, and he will puff and then blow those houses (and Humpty Dumpty) down.”
We feel, however, that the little piggy who built his financial house of bricks rather than straw is very much like those few nations, enterprises and individuals (the 0.5%) who have been quietly purchasing physical gold.
When the debt wolf comes, only the strongest houses will thrive – and it’s not always in the “houses” you’d expect.
end
END
3,Chris Powell of GATA provides to us very important physical commentaries
A must read
China is deflating and this deflation is heading our way
(zerohedge)
Ambrose Evans-Pritchard: Forget inflation, for deflation is the real danger now
Submitted by admin on Fri, 2023-06-09 10:36Section: Daily Dispatches
By Ambrose Evans-Pritchard The Telegraph, London via MSN Money, Redmond, Washington Thursday, June 8, 2023
The global inflation shock of the last two years is over except for the shouting. Legacy effects will generate much noise for a few months but the one-off spike is reversing almost everywhere with an elegant symmetry.
China is sliding into outright deflation as its post-Covid recovery peters out. Wage cuts are spreading in a sureal replay of what happened in Europe and America during the 1930s. Such is the Spartan ethos of Xi Jinping’s “common prosperity” campaign.
The Chinese producer price index has been negative for seven months, and the downward slide is accelerating. The headline CPI inflation rate has already dropped to 0.1% and will soon be negative. The Shanghai region is at minus 1.1% already.
This has large implications. China remains the workshop of the world, with the scale to shift the global pricing structure. It needs to export its way out of an economic depression and will not hesitate to do so with a cheaper yuan, down 12% since early 2022. A wave of disinflation is coming our way.
Wei Yao from Societe Generale says the regime seems paralysed in the face of a deepening Japan-style trap. “The zero-COVID shock and the housing crash last year seem to have brought China’s implicit government debt stress close to a breaking point. For China to escape a severe deflation scenario, the policy mindset requires a reset. We have seen little willingness so far,” she said.
Land sales for developers underpinned local government budgets during the property bubble. The real estate crash has dried up the revenue, setting off a funding crisis. Forced belt-tightening has neutralised a key instrument used by Beijing to inject stimulus into the economy.
Caixin magazine reported last week that the local authorities are drowning under $10 trillion of “hidden debt” they can no longer fully service. Some are having to cut medical benefits for the elderly.
The orthodox — IMF — way out is to wipe the slate clean with root-and-branch restructuring of debts, which is what Japan failed to do in the 1990s, and China is now failing to do, because it is traumatic and runs into powerful vested interests. …
How the Shanghai International Gold Exchange can facilitate de dollarization
(JanNieuwenhuijs)
Jan Nieuwenhuijs: The Shanghai International Gold Exchange and de-dollarization
Submitted by admin on Fri, 2023-06-09 16:46Section: Daily Dispatches
By Jan Nieuwenhuijs Gainsville Coins, Lutz, Florida Friday, June 9, 2023
This article is a primer on the Chinese gold market, more specifically the Shanghai International Gold Exchange (SGEI).
The SGEI facilitates “offshore” gold trading in renminbi and can play a crucial role in de-dollarization, as it allows countries to use renminbi as a trade currency that can be converted into gold without affecting China’s balance of payments.
De-dollarization can be accomplished by using yuan to settle international trade and store surpluses in gold through the SGEI. …
Ghana is doing just fine as it regains top spot in gold production at 3.7 million oz (115 tonnes)
Ghana regains top gold spot in Africa as output jumps 32%
Submitted by admin on Fri, 2023-06-09 19:50Section: Daily Dispatches
By Christian Akorlie Reuters Friday, June 9, 2023
ACCRA, Ghana — Ghana recorded a 32% increase in gold production last year, enabling it to win back the top spot from South Africa as the largest gold producer on the continent, the president of the mines chamber said today.
Ghana lost the position to South Africa in 2021 after a drastic fall in output.
Gold output in Ghana rose to 3.7 million ounces in 2022 from 2.8 million ounces the previous year, driven by growth in the output of both large- and small-scale sectors …
A poll from the Cato Institute indicates that, while about half of Americans do not have an opinion regarding whether the Federal Reserve should “begin offering a government-issued digital currency, called a ‘central bank digital currency’ (CBDC),” among those with an opinion on the matter over twice as many – 34 percent of poll participants – oppose the prospect as support it – 16 percent.
This result of the poll conducted from February 27 through March 8 in collaboration with YouGov is promising for Americans concerned about the threat a CBDC, which the Federal Reserve and big financial companies have been testing in preparation for its potential introduction, poses to freedom and privacy in America.
The poll results further indicate that, if Americans can be educated about the abusive government powers a CBDC can advance, many Americans currently undecided regarding the introduction of a CBDC will see good reason to oppose it. Emily Ekins and Jordan Gygi wrote in their May 31 in-depth Cato Institute article concerning the poll results:
Overwhelming majorities would oppose the adoption of a CBDC if it meant that the government could control what people spend their money on (74%), that the government could monitor their spending (68%), that a CBDC would abolish all U.S. cash (68%), that a CBDC would attract cyberattacks (65%), that the government could charge a tax on those who don’t spend money during recessions (64%), or that the government could freeze the digital bank accounts of political protesters (59%). Americans were marginally opposed (52%) if a CBDC could cause some people to stop using private banks, resulting in some banks going out of business.
The candidates now in second place in the Republican and Democratic presidential primaries – Ron DeSantis and Robert F. Kennedy, Jr. – appear to be in the anti-CBDC camp.
Hopefully, we will see more and more politicians joining them over the coming months in standing up against this threat posed by the Federal Reserve and US government.
Meanwhile, it is also important that Americans across the country educate the people they come into contact with about why a CBDC in America is unacceptable.
The new poll from the Cato Institute suggests that many people will be receptive to this message.
END
Binance CEO ‘CZ’ Responds As Data Points To Billions In Exchange Outflows
Data analytics platforms have reported billions of dollars in outflows from Binance over the last week, but this can be misinterpreted, argues Changpeng Zhao.
While data suggests that crypto assets have been flowing out of centralized exchanges at an accelerated pace over the last week, Binance CEO Changpeng Zhao argues it may not be as bad as it appears.
Leading analytics platforms such as Nansen and DefiLlama have all measured increased exchange outflows from Binance over the past seven days after news of the Securities and Exchange Commission’s lawsuit against the firm hit the airwaves.
According to Nansen, there has been a net outflow of $2.36 billion from Binance over the past seven days, along with $123.7 million flowing out of Binance.US.
DefiLlama reported an even larger figure of $3.35 billion in outflows from Binance, while Glassnode data shows the exchange’s balance having declined by 5.7% or around $1 billion over the past seven days.
CEX asset flows. Source: DeFiLlama
However, in a June 10 Twitter post, CZ argued that some exchange outflow data can be skewed as some third-party analytics measure change in assets under management as “outflow,” which would include times when crypto prices decline.
CZ instead claimed the firm’s outflow over the past 24 hours on June 9 was around $392 million, which pales in comparison to the $7 billion in one-day outflow that was recorded last year in November, around the time of FTX’s collapse.
CZ continued to explain that large inflows and outflows are perfectly normal during times of volatility.
“Some even only measure outflow, not inflows. On a sharp price movement day like today, many arbitrage traders move a lot of funds between exchanges, usually exponentially more than on normal days.”
On June 9, Cointelegraph reported that decentralized finance volumes surged more than 400% following the twin lawsuits targeting thecentralized exchanges.
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS/MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.1434
OFFSHORE YUAN: 7.1517
SHANGHAI CLOSED DOWN 2.57 PTS OR 0.08%
HANG SENG CLOSED UP 14,36 PTS OR 0.07%
2. Nikkei closed UP 168.88 PTS OR 0.52%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 103.07 EURO RISES TO 1.0768 UP 26 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.425 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.38 /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 +2.353***/Italian 10 Yr bond yield FALLS to 4.033*** /SPAIN 10 YR BOND YIELD FALLS TO 3.314…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 3.657
3j Gold at $1962.95 silver at: 24.12 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 0 /100 roubles/dollar; ROUBLE AT 82.64//
3m oil into the 68 dollar handle for WTI and 73 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 139.38 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .425% 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 0.9055 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9751 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: 3.726 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 3.876 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.582 DOWN 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 23.59…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.307 UP 7 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
S&P Futures Hit Fresh 52 Week High With Fed Meeting On Deck
MONDAY, JUN 12, 2023 – 08:08 AM
US equity futures, Asian markets and European bourses are all higher as part of a global risk-on tone, ahead of a week packed with central bank decisions. S&P 500 futures and contracts on the Nasdaq are both well in the green this morning, up 0.3% and 0.6% respectively as at 7:30 a.m. ET. The S&P is poised to surpass its August 2022 closing high, rising to the highest level since April of last year. Paradoxically, treasury yields are also ticking higher across the curve, with the sharpest rises in two- and three-year notes. A measure of the dollar is weakening, helping drive gains in spot gold prices. Oil prices are continuing their decline following another price cut forecast from Goldman Sachs, while iron ore drops slightly as recession fears once again outweighing fundamentals in commodities but certainly not in equities. Tesla was poised to set a record winning streak, rising for a 12th consecutive day. Keep an eye on labor strikes across US ports and potential stall supply chain normalization.
Tech led in pre-market trading; the underinvested sector may see additional position squaring ahead of what could be a large drop in CPI and Fed that pauses or skips. Tesla shares rose as much as 1.6% in premarket trading as its electric-car chargers become the industry standard. If gains hold, as noted above, it would be a 12-day winning streak for the electric-car maker, the longest on record. Here are some other notable premarket movers:
Biogen shares jump 6.8% in premarket trading after Leqembi, the Alzheimer’s drug being developed with Japanese firm Eisai, gained support from advisers to the US Food and Drug Administration. Analysts expect the drug to receive full FDA approval.
Coinbase Global Marathon Digital, and Riot Platforms lead cryptocurrency-exposed stocks lower in US premarket trading as Bitcoin falls. The largest cryptocurrency has remained rangebound under the closely watched $30,000 level since briefly breaching it in April.
Joby Aviation and Archer Aviation (ACHR US) were rallying in premarket trading as the two electric vertical take-off and landing (eVTOL) aircraft companies were on course to extend gains for a second session. On Friday, Canaccord Genuity said it views the firms as the closest to receiving regulatory certification. .
SentinelOne rose as much as 5.2% in premarket trading, with Morgan Stanley upgrading the software company to overweight from equalweight, saying the stock is mis-priced and should benefit in the long term as it gains market share from peers.
XPeng shares soar as much as 10% in US premarket trading, after the Chinese electric-vehicle maker said on social media that over 25,000 customers have pre-ordered its new G6 model in three days.
A busy calendar for investors kicks off with the US consumer price data on Tuesday and the Fed’s latest policy decision the next day. With the pace of inflation still proving sticky, positioning in rates markets suggests one more hike in July.
While the consensus is for the Fed to pause this week, unexpected hikes from the Bank of Canada and the Reserve Bank of Australia have added an extra element of uncertainty to markets. The European Central Bank is projected to lift its benchmark rate Thursday and the Bank of Japan is expected to stand pat on Friday.
“It feels like markets have been underpricing the probability of a June hike,” said Pooja Kumra, senior European rates strategist at Toronto Dominion Bank. “Data is moving in the right direction, but still not where central banks would like inflation to be.”
Meanwhile in stocks, Wall Street’s top strategists are giving divergent views on what the S&P 500 will likely do next. Goldman Sachs strategists expect the gains to continue as other sectors catch up with the searing rally for technology shares. Morgan Stanley’s Michael Wilson, meanwhile, remains bearish and points instead to the example of the bear market of the 1940s, when the S&P 500 rallied 24% before returning to a new low.
In Europe, consumer-products shares led the advance in Europe, where Adidas AG rallied after analysts at Bernstein upgraded the German sportswear maker; autos and retailers were also among the strongest performing sectors, while energy stocks were the biggest laggards in European trading as oil extended losses amid persistent concerns around the demand outlook, with Goldman Sachs cutting its price forecast again. Shell Plc and BP Plc both slipped more than 1%. Miners were also weaker after iron ore slumped almost 5%, falling for the first time in nine sessions because of worries about weakness in China’s property industry. Here are some of the most notable European movers:
Novartis shares rise as much as 1.4% after the company announced plans to buy Chinook Therapeutics for as much as $3.5 billion. The purchase will add two promising treatments for a rare kidney disease to the healthcare conglomerate’s business but there are also development risks, according to ZBK.
Adidas shares gain as much as 4.9% after being upgraded to outperform from market perform at Bernstein, which says in a note that the German sportswear maker is seeing its brand heat revving up again after having “languished” in 2022.
Ocado rises as much as 7.2% and is among the leading gainers on the Stoxx 600 on Monday after BNP Paribas Exane upgrades the online grocer to neutral and says it sees a lack of further negatives.
Uponor shares jump as much as 8.6% after Swiss industrial company Georg Fischer made the strongest bid so far for the Finnish plumbing-equipment manufacturer, offering €28.85 per share.
ProSieben shares gain as much as 4.7% after Oddo BHF raised the German broadcaster to outperform from neutral, saying consensus expectations on the firm’s advertising recovery and cost-cutting efforts have been “too cautious.”
SES shares fall as much as 15% to the lowest level since April 2020, after the satellite operator said its CEO Steve Collar will step down at the end of June, without naming a permanent successor. Analysts say the management change added to uncertainties when the company is in talks to merge with rival Intelsat.
Citycon senior unsecured bonds cut to Ba1 from Baa3 by Moody’s. Citycon Oyj, Samhallsbyggnadsbolaget i Norden AB and Fastighets AB Balder all trading lower.
CompuGroup Medical shares drop as much as 7.4%, their worst day since the end of Oct., after Berenberg downgraded the e-health solutions provider to hold from buy, saying that short-term upside now appears more limited following a strong year-to-date rally.
Earlier in the session, Asian stocks traded mixed with the region mostly cautious at the start of a risk-packed week as markets await the upcoming key events including major central bank meetings and data releases, while Australian markets were shut in observance of the King’s Birthday holiday.
China’s Shanghai Comp and HK’s Hang Seng were subdued amid weakness in healthcare and the property sector, with the latter pressured by a warning from Goldman Sachs. However, losses were stemmed amid some expectations for potential PBoC rate cuts to support the economy as more banks reduced their deposit rates and following comments last week from PBoC Governor Yi that there is plenty of room for policy adjustment and that they will continue targeted and forceful monetary policy.
Nikkei 225 initially outperformed and tested the 32,500 level amid expectations for the BoJ to maintain ultra-easy policy settings later this week and after PPI data was softer-than-expected and showed wholesale inflation eased for a 5th consecutive month which further supports the case for the BoJ to refrain from policy tweaks.
India stocks ended higher after declines in the previous two sessions, with gains in information technology and real estate companies supporting the market. The S&P BSE Sensex rose 0.2% to 62,724.71 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure. Infosys contributed the most to the Sensex’s gains, increasing 2%. Out of 30 shares in the index, 18 rose, while 12 fell
In emerging markets, Turkish stocks surged to record highs, while the lira traded near all-time lows, despite the appointment of two former Wall Street bankers to the country’s new economy team which some erroneously said “offered hopes of a return to orthodox and conventional policies.” Sorry: it won’t happen.
Nigerian international debt surged after the surprise weekend ouster of the central bank governor, with investors wagering that his removal will allow President Bola Tinubu to better pursue his pledge to shake up monetary policy settings blamed for holding back Africa’s biggest economy.
In FX, the Bloomberg Dollar Index fell as much as 0.2%, led by losses against the higher-risk Swedish krona and Australian dollar; the index has fallen for the past two weeks as traders have decreased bets for a Fed rate rise this week. The Turkish lira led declines, weakening 1% past 23.6 against the dollar to a record low; Turkey’s current-account deficit widened to $5.4 billion, worse than analysts’ estimates.
In rates, treasuries were mixed with the curve flatter as S&P 500 futures hold near Friday’s YTD high. Yields cheaper by ~2bp across front-end of the curve with long- end little changed, flattening 2s10s by ~0.5bp, 5s30s by ~1.5bp; 10-year near 3.75%, with bunds outperforming by 1.5bp in the sector and gilts lagging by 2bp. Two-year Treasury yields edged up 2 bps to 4.62%, just below a 2 1/2-month high of 4.64% touched late last month. A compressed auction cycle begins with $40b 3-year new issue at 11:30am followed by $32b 10-year reopening at 1pm. WI 3-year yield around 4.225% is ~53bp cheaper than last month’s, which stopped 2.8bp through the WI level. Gilts underperform Treasuries and bunds across the curve, led by the 10-year.
In commodities, WTI drifts 2.1% lower to trade near $68.67. Spot gold rises roughly $3 to trade near $1,965/oz.
Bitcoin is under modest pressure despite the constructive risk tone and as the USD pulls back, with specifics limited and the agenda ahead for today a particularly sparse one before a blockbuster week of key risk events.
There is nothing on today’s economic calendar but investors are closely waiting a US CPI report on Tuesday, which comes the day before the Fed decision and where traders see roughly a 30% possibility of a 25bps rise, while they see a nearly 90% chance of a hike in July. US session includes both 3- and 10-year note auctions, with May CPI report and FOMC decision ahead over next two days.
Market Wrap
Top Overnight News
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks traded mixed with the region mostly cautious at the start of a risk-packed week as markets await the upcoming key events including major central bank meetings and data releases, while Australian markets were shut in observance of the King’s Birthday holiday. Nikkei 225 initially outperformed and tested the 32,500 level amid expectations for the BoJ to maintain ultra-easy policy settings later this week and after PPI data was softer-than-expected and showed wholesale inflation eased for a 5th consecutive month which further supports the case for the BoJ to refrain from policy tweaks. Hang Seng and Shanghai Comp. were subdued amid weakness in healthcare and the property sector, with the latter pressured by a warning from Goldman Sachs. However, losses were stemmed amid some expectations for potential PBoC rate cuts to support the economy as more banks reduced their deposit rates and following comments last week from PBoC Governor Yi that there is plenty of room for policy adjustment and that they will continue targeted and forceful monetary policy.
Top Asian News
White House confirmed that China has had a spy base in Cuba since at least 2019, according to AP.
China’s Foreign Ministry issued a complaint to South Korea over recent criticism of its envoy and hopes that South Korea deeply reflects on problems in Sino-South Korea relations, according to state media.
Several Chinese lenders cut yuan deposit rates from Monday which follows similar action by China’s largest banks on Friday due to recent calls from Beijing to support the economy.
Goldman Sachs warned that property weakness will likely be a multi-year growth drag on China’s economy and it expects an L-shaped recovery in China’s property market, according to Bloomberg.
New Zealand PM Hipkins said he will lead a trade delegation during a China visit at the end of June.
European bourses are firmer across the board, Euro Stoxx 50 +1.0%, despite a lack of fresh drivers and newsflow light. Sectors are green across the board and feature outperformance in consumer-related names after updates for French Retail, European Gamers and favourable broker updates on Adidas, among others. On the flip side, Energy and Basic Resource names lag on benchmark pricing with the latter occurring despite the upside in Glencore after its latest Teck Resources proposal. Stateside, futures are firmer though with action slightly more contained while the NQ +0.5% outperforms incrementally amid/ahead of numerous AI-related updates, click here for details. GS on S&P 500 by end-2023: 4500 (prev. 4000), 25% chance of US recession within the next 12-months. EU antitrust regulators set to approve Broadcom’s (AVGO) USD 61bln bid for VMware (VMW), via Reuters citing sources.
Top European News
BoE’s Mann said Britain and other rich nations should consider a carbon tax to lower greenhouse gas emissions, while she refrained from commenting on the short-term economic outlook in her essay for Resolution Foundation think tank, according to Reuters. BoE’s Mann also urged the UK government to move economic policy away from being an emergency response tool and onto a more sustainable footing.
BoE’s Haskel says it is important we continue to lean against the risks of inflation momentum, further increases in interest rates cannot be ruled out*; monitoring indicators of inflation momentum and persistence closely.
EU’s VP Sefcovic says he will not be putting the trade deal “in the shredder”, scotching hopes in some quarters in the UK, of early renegotiation of the trade and cooperation agreement, according to Guardian’s O’Carroll.
Police in Scotland arrested former Scottish First Minister Sturgeon in an investigation into SNP finances but she was later released without charge pending further investigation, according to FT.
Acea estimates that EU-based auto names could pay as much as EUR 4.3bln in tariffs and lose sales between 2024-27, meaning 500k less vehicles would be made, if the EU does not agree to postpone the imposition of EU-UK tariffs, via FT.
FX
DXY wanes ahead of key risk events as the index tests recent lows within 103.700-240 range.
Aussie and Kiwi outperform as risk sentiment improves and the former extends post-RBA hike gains, AUD/USD approaches 0.6775 and NZD/USD probes 0.6150.
Euro rebounds from sub-1.0750 low towards a double top just shy of option expiries between 1.0790-1.0800 vs Greenback and Pound pulls up just shy of 1.2600 after hawkish-sounding commentary from BoE’s Haskel.
PBoC set USD/CNY mid-point at 7.1212 vs exp. 7.1214 (prev. 7.1115)
Indian Trade Minister says the RBI and the UAE central bank are in active dialogue for INR-AED trade.
Nigeria’s new President suspended the country’s Central Bank Governor, according to Reuters
Fixed Income
BTPs and JGBs buck bearish trend in debt ahead of data, Central Bank policy meetings and supply on technical and fundamental factors.
Gilts underperform between 95.76-96.26 parameters post-hawkish vibes from BoE’s Haskel.
Bunds and T-notes more restrained within 134.25-133.91 and 113-13+/06+ respective ranges.
Commodities
Crude and base metals continue to slip with the oil action a resumption of the post-OPEC+ downward trend and after GS cut their December forecasts.
Currently, WTI and Brent are at the lower-end of USD 67.67-70.33/bbl and USD 72.41-74.87/bbl parameters for the session.
Base metals remain under pressure on China-related growth concerns and exacerbated by the Goldman Sachs warning on the property market while spot gold has managed to glean some incremental upside from the softer USD.
Saudi Energy Minister said Saudi Arabia and China have plenty of synergies and that demand for oil in China is still growing, while he wouldn’t be surprised if there will be more announcements soon on Saudi-Chinese investments and China will be more engaged with them on mid-stream business. Saudi’s Energy Minister also said that they went through a comprehensive reform to achieve the OPEC+ agreement and they are working against uncertainty and sentiment, as well as noted that Saudi and OPEC+ are more interested in doing a regulator job, according to Reuters.
Saudi Aramco is to supply full contract volumes of crude oil to at least 5 North Asian refiners in July, according to sources cited by Reuters.
Iraq’s Parliament approved the 2023 Budget which set oil prices at USD 70/bbl and projects exports of 3.5mln bpd including 400k bps from the Kurdish region, according to Reuters.
US is expected to begin unloading oil from a seized Iranian tanker which risks escalating a shadow tanker war with Tehran, according to FT.
Venezuela’s PDVSA resumed operations in the El Palito refinery, according to Reuters.
Goldman Sachs cuts its December Brent crude forecast to USD 86/bbl from 95/bbl and cut WTI crude price forecast to USD 81/bbl from 89/bbl, while it noted that Russian and Iranian oil supply are significantly above expectations despite Saudi’s cut and it raised H2 2023-2024 global supply forecast excluding core OPEC by around 800k bpd.
Geopolitics
Ukraine said its troops recaptured three villages from Russian forces in the southeast of the country which were the first results of its counteroffensive. In relevant news, Russia said Ukraine made an unsuccessful attempt to attack a vessel which was protecting gas pipelines in the Black Sea, while it was also reported that 3 people were killed and 10 wounded by Russian shelling of an evacuation boat in the flooded Kherson region.
Ukraine and Russia announced a return of prisoners following negotiations in which 94 Russian soldiers and 95 Ukrainian soldiers were freed and returned, according to Reuters and TASS.
Russian Kremlin spokesperson Peskov said there were no arrangements and no preconditions for talks with the Kyiv regime and that Russia sees Kyiv’s unwillingness to engage in dialogue, according to RIA.
Head of Russia’s Wagner Group Prigozhin said Wagner fighters will not sign any contract with Russia’s Defence Ministry amid an attempt by the Russian Defence Minister to take control of its ranks, according to Daily Mail.
Canadian PM Trudeau announced CAD 500mln in new funding for military assistance for Ukraine and said Canada will be part of a multinational effort to train Ukrainian fighter pilots, while he added that Canada is seizing Russian-owned Antonov cargo aircraft and starting the process of forfeiting the aircraft to Ukraine, according to Reuters.
German Chancellor Scholz said he plans to talk to Russian President Putin soon and urge him to withdraw troops from Ukraine, according to Reuters.
North Korean Leader Kim vowed stronger strategic ties with Russia in a congratulatory message to Russian President Putin for National Day, according to Yonhap.
Iranian Supreme Leader Khamenei said Tehran should continue working with the UN nuclear watchdog under the framework of safeguards and that reaching an agreement with the West is fine but the country’s nuclear industry should be respected. Iran’s Supreme Leader also commented that talks about Iran’s nuclear weapons are a lie and they do not want nuclear arms based on religious beliefs, while he added that the West could not stop Iran from building nuclear arms if it chose to, according to state media.
French President Macron expressed concerns about the current trajectory of the Iranian nuclear programme to Iranian President Raisi during a phone call on Saturday and warned about the consequences of drone deliveries to Russia, according to Reuters.
Taiwanese Ministry of Defense said they sent planes and warships and used ground-based missile systems to monitor the activity of the Chinese military, according to Al Arabiya
US Event Calendar
14:00: May Monthly Budget Statement, est. -$236b, prior $176.2b
DB’s Jim Reid concludes the overnight wrap
We’ll need everyone to stay on the pitch this week as after a quiet newsflow one just gone, this week steps up a gear with the FOMC on Wednesday the obvious highlight. Elsewhere US CPI tomorrow is probably the event of the week in terms of potential vol as it could impact final pricing for the FOMC and impact terminal pricing as well. The ECB (Thursday) and the BoJ (Friday) are also making policy decisions.
In Asia, investors will be hotly anticipating China’s key monthly activity indicators (Friday) including industrial production and retail sales after recent disappointing data releases. In other US data, the key releases outside of CPI are PPI (Wednesday), retail sales and industrial production (Thursday) and the UoM Michigan survey (Friday) with the important inflation expectations series thrown in for good measure. Key European data releases include UK GDP and labour market indicators and the German ZEW survey (both tomorrow).
Going through some of this in more detail, there is around a 30% probability priced into the FOMC this week. DB expect them to hold but raise rates in July (see our economists preview here). Our economists expect the meeting statement, Summary of Economic Projections (SEP), dot plots, and Chair Powell’s press conference to skew hawkish, signalling the likely need for further policy tightening as soon as the July 26 meeting.
In our latest World Outlook (link here) our US economists nudged the first rate cut back to March 2024, one meeting later than our previous estimate, and expect the Fed to slash rates by a cumulative 275bps next year. This would lower the Fed Funds rate modestly below their view of longer run neutral, which is currently around 3% in nominal terms.
The last swing factor for the FOMC will clearly be CPI tomorrow. In our economists preview here they are expecting a wafer thin +0.01% month-over-month advance for headline CPI (vs. +0.37% previously) and a +0.37% increase for core (vs. +0.41%). This would lead the former to drop by about a full percentage point to 4.0% YoY, with the latter down -0.2% to 5.3%, with the 3, 6 and 12 month core readings all still struggling to gain much downward momentum below 5% at the moment. For PPI the day after, DB expect the headline series (-0.2% vs. +0.2) to underperform the core component (+0.2% vs. +0.2%) due to energy prices.
Staying with prices, another insight into inflation pressures will come from the University of Michigan’s consumer survey for June, with inflation expectations especially in focus after the gauge for the next 5-10 years climbed to an 11-month high of 3.1% last month, albeit revised down (as it often is) 0.1pp from the first print. For the sentiment index itself, our team sees a 62.0 reading, a jump from 59.2 in May but still below the 63.5 reading in April.
On the other side of the Atlantic, our Economists’s preview of the ECB meeting is here. They expect another +25bps hike, followed by an additional one in July that would take the terminal rate to 3.75% but they do see the risk of moving towards 4.00-4.25% in the autumn and expect somewhat hawkish messaging.
The BoJ will round out the busy week for central banks on Friday. Our Chief Japan economist previews the meeting here and doesn’t expect changes to the current policy. Given there won’t be an Outlook Report, he sees the central bank as likely continuing to focus on downside inflation risks but emphasises that inflation and currency are among key catalysts for a policy change. Our economist has also published a Japan outlook update this week here, significantly increasing our inflation forecast. For more highlights, the full day by day calendar of events can be found at the end as usual.
Asian equity markets have begun the week on a slightly negative note with the KOSPI (-0.48%), the Hang Seng (-0.48%), the Shanghai Composite (-0.29%) and the CSI (-0.24%) lower but with the Nikkei (+0.68%) bucking the trend and continuing to trade around 33-year highs. Elsewhere, markets in Australia are closed for a holiday. In overnight trading, US stock futures are indicating a positive bias with contracts tied to the S&P 500 (+0.13%) and NASDAQ 100 (+0.22%) edging higher.
Ealy morning data showed that producer prices in Japan rose +5.1% y/y in May (v/s +5.6% expected), increasing at the slowest pace since July 2021 after recording an upwardly revised gain of +5.9% previously. On a month-on-month basis, wholesale prices slumped -0.7% in May (v/s +0.3% in April) and sharply lower than Bloomberg’s estimate of a -0.2% drop.
Looking back at last week, the main story was just how durable risk assets were in the face of several negative data surprises. For instance in the US, the ISM services index was only barely in expansionary territory at 50.3, and then the weekly initial jobless claims hit their highest level since October 2021. Bear in mind that both came in worse than every economist’s estimate on Bloomberg, so these were much weaker than anyone had been expecting. There looked like there were a few distortions on claims (holiday week and State level oddities) so this week’s will be closely watched. In the meantime, the Euro Area growth data was revised to confirm that the economy did in fact experience a winter recession after all, having contracted by -0.1% in Q4 2022 and Q1 2023.
But even as the data led to growing fears of a near-term recession, the S&P 500 still managed to move into bull-market territory last week, having advanced by +0.39% over the week (+0.11% Friday). In part that was thanks to the continued resilience of large-cap tech stocks, as the NYFNG+ index posted a +1.15% gain last week (+0.90% Friday). While the Nasdaq actually underperformed a fraction (+0.14%) last week (+0.16% Friday) but still moved higher for a 7th consecutive week. Indeed, that’s the first time the NASDAQ has advanced for 7 weeks running since 2019. Europe was the main underperformer on a regional basis, with the STOXX 600 down -0.46% (-0.15% Friday). Meanwhile in Japan, the Nikkei advanced for a 9th consecutive week with a +2.35% gain (+1.97% Friday).
Whilst equities were generally resilient, bonds had a much trickier time after both the Reserve Bank of Australia and the Bank of Canada delivered a surprise rate hike. In both cases, it went against market pricing and the consensus of economists, and delivered a shock for markets that led to questions as to whether the Fed might follow through with their own hike this week. Ultimately, pricing for a Fed hike this week remained at 31% by Friday, but the prospect of higher rates for longer led to a noticeable increase in government bond yields in several regions. Among others, yields on 10yr Treasuries were up +4.9bps on the week (+2.1bps Friday) to 3.74%, and those on 10yr bunds were up +6.5bps (-2.5bps Friday) to 2.38%. There was also a further bout of curve flattening, and the 2s10s Treasury curve ended the week at an inverted -85.8bps, which is the most inverted it’s been since SVB’s collapse.
Finally, it was an interesting week for commodities, with European natural gas futures (+35.29%) seeing the largest weekly gain since last summer. Now admittedly, that only takes them up to €32.05/MWh, which is still more than ten-fold beneath their peak last year, but it reverses a trend of continuously falling prices over recent weeks. Elsewhere, oil prices fell sharply with most of the move coming on Friday as Brent Crude fell -1.76% (-1.54% Friday). Otherwise, metals had a decent week, with both copper (+1.65%) and gold (+0.68%) moving higher.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
European stocks and US futures bides times before risk events; DXY dips under 103.50 – Newsquawk US Market Open
MONDAY, JUN 12, 2023 – 06:09 AM
European bourses & US futures are firmer despite a distinct lack of fresh drivers ahead of the week’s key events
DXY wanes with Antipodeans firmer, EUR rebounding towards 1.08 and GBP bid post-Haskel
Gilts underperform generally subdued core benchmarks following BoE remarks while BTPs and JGBs buck the bearish trend
Crude and base metals continue to slip with spot gold benefits from the softer USD
China’s Foreign Ministry says they have no information on a Blinken visit
Looking ahead, highlights include US NY Fed SCE & supply from the US.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses are firmer across the board, Euro Stoxx 50 +1.0%, despite a lack of fresh drivers and newsflow light.
Sectors are green across the board and feature outperformance in consumer-related names after updates for French Retail, European Gamers and favourable broker updates on Adidas, among others.
On the flip side, Energy and Basic Resource names lag on benchmark pricing with the latter occurring despite the upside in Glencore after its latest Teck Resources proposal.
Stateside, futures are firmer though with action slightly more contained while the NQ +0.5% outperforms incrementally amid/ahead of numerous AI-related updates, click here for details.
GS on S&P 500 by end-2023: 4500 (prev. 4000), 25% chance of US recession within the next 12-months.
EU antitrust regulators set to approve Broadcom’s (AVGO) USD 61bln bid for VMware (VMW), via Reuters citing sources.
Click here and here for a recap of the main European updates.
DXY wanes ahead of key risk events as the index tests recent lows within 103.700-240 range.
Aussie and Kiwi outperform as risk sentiment improves and the former extends post-RBA hike gains, AUD/USD approaches 0.6775 and NZD/USD probes 0.6150.
Euro rebounds from sub-1.0750 low towards a double top just shy of option expiries between 1.0790-1.0800 vs Greenback and Pound pulls up just shy of 1.2600 after hawkish-sounding commentary from BoE’s Haskel.
PBoC set USD/CNY mid-point at 7.1212 vs exp. 7.1214 (prev. 7.1115)
Indian Trade Minister says the RBI and the UAE central bank are in active dialogue for INR-AED trade.
Nigeria’s new President suspended the country’s Central Bank Governor, according to Reuters.
Crude and base metals continue to slip with the oil action a resumption of the post-OPEC+ downward trend and after GS cut their December forecasts.
Currently, WTI and Brent are at the lower-end of USD 67.67-70.33/bbl and USD 72.41-74.87/bbl parameters for the session.
Base metals remain under pressure on China-related growth concerns and exacerbated by the Goldman Sachs warning on the property market while spot gold has managed to glean some incremental upside from the softer USD.
Saudi Energy Minister said Saudi Arabia and China have plenty of synergies and that demand for oil in China is still growing, while he wouldn’t be surprised if there will be more announcements soon on Saudi-Chinese investments and China will be more engaged with them on mid-stream business. Saudi’s Energy Minister also said that they went through a comprehensive reform to achieve the OPEC+ agreement and they are working against uncertainty and sentiment, as well as noted that Saudi and OPEC+ are more interested in doing a regulator job, according to Reuters.
Saudi Aramco is to supply full contract volumes of crude oil to at least 5 North Asian refiners in July, according to sources cited by Reuters.
Iraq’s Parliament approved the 2023 Budget which set oil prices at USD 70/bbl and projects exports of 3.5mln bpd including 400k bps from the Kurdish region, according to Reuters.
US is expected to begin unloading oil from a seized Iranian tanker which risks escalating a shadow tanker war with Tehran, according to FT.
Venezuela’s PDVSA resumed operations in the El Palito refinery, according to Reuters.
Goldman Sachs cuts its December Brent crude forecast to USD 86/bbl from 95/bbl and cut WTI crude price forecast to USD 81/bbl from 89/bbl, while it noted that Russian and Iranian oil supply are significantly above expectations despite Saudi’s cut and it raised H2 2023-2024 global supply forecast excluding core OPEC by around 800k bpd.
TC Energy has completed the shutdown of two compressor stations on the NOVA Gas Transmission system which were in proximity to Alberta wildfires.
Chinese CSCEC are in talks with Saudi PIF to build the largest steel structure manufacturer in Riyadh, with production capacity of 800k tonnes per annum, according to a chairman cited by Reuters.
Bitcoin is under modest pressure despite the constructive risk tone and as the USD pulls back, with specifics limited and the agenda ahead for today a particularly sparse one before a blockbuster week of key risk events.
NOTABLE EUROPEAN HEADLINES
BoE’s Mann said Britain and other rich nations should consider a carbon tax to lower greenhouse gas emissions, while she refrained from commenting on the short-term economic outlook in her essay for Resolution Foundation think tank, according to Reuters. BoE’s Mann also urged the UK government to move economic policy away from being an emergency response tool and onto a more sustainable footing.
BoE’s Haskel says it is important we continue to lean against the risks of inflation momentum, further increases in interest rates cannot be ruled out*; monitoring indicators of inflation momentum and persistence closely.
EU’s VP Sefcovic says he will not be putting the trade deal “in the shredder”, scotching hopes in some quarters in the UK, of early renegotiation of the trade and cooperation agreement, according to Guardian’s O’Carroll.
Police in Scotland arrested former Scottish First Minister Sturgeon in an investigation into SNP finances but she was later released without charge pending further investigation, according to FT.
Acea estimates that EU-based auto names could pay as much as EUR 4.3bln in tariffs and lose sales between 2024-27, meaning 500k less vehicles would be made, if the EU does not agree to postpone the imposition of EU-UK tariffs, via FT.
Fitch affirmed Greece at BB+; Outlook Stable.
NOTABLE US HEADLINES
Chinese Foreign Ministry on US Secretary of State Blinken visiting China, says they have no information on Blinken’s visit at the moment.
US President Biden’s Administration is said to allow top chip makers in South Korea and Taiwan to maintain and expand their existing Chinese chip-making operations in China, according to WSJ citing recent comments from a Senior Commerce Department official; exemptions were due to expire in October, will reportedly be renewed for the foreseeable future.
Interstate 95 which is the main north-south Interstate Highway for the East Coast of the US partially collapsed in Philadelphia after a tanker caught fire underneath the highway, while the US Transportation Secretary said the I95 closure will have a significant impact until the recovery is complete. There were also comments from the Pennsylvania Governor that they plan to announce a disaster declaration and that it will take some number of months to complete the rebuild of I95 roadway following the collapse.
German Finance Minister Lindner ruled out extra funds for the Intel (INTC) chip plant, according to FT.
GEOPOLITICS
Ukraine said its troops recaptured three villages from Russian forces in the southeast of the country which were the first results of its counteroffensive. In relevant news, Russia said Ukraine made an unsuccessful attempt to attack a vessel which was protecting gas pipelines in the Black Sea, while it was also reported that 3 people were killed and 10 wounded by Russian shelling of an evacuation boat in the flooded Kherson region.
Ukraine and Russia announced a return of prisoners following negotiations in which 94 Russian soldiers and 95 Ukrainian soldiers were freed and returned, according to Reuters and TASS.
Russian Kremlin spokesperson Peskov said there were no arrangements and no preconditions for talks with the Kyiv regime and that Russia sees Kyiv’s unwillingness to engage in dialogue, according to RIA.
Head of Russia’s Wagner Group Prigozhin said Wagner fighters will not sign any contract with Russia’s Defence Ministry amid an attempt by the Russian Defence Minister to take control of its ranks, according to Daily Mail.
Canadian PM Trudeau announced CAD 500mln in new funding for military assistance for Ukraine and said Canada will be part of a multinational effort to train Ukrainian fighter pilots, while he added that Canada is seizing Russian-owned Antonov cargo aircraft and starting the process of forfeiting the aircraft to Ukraine, according to Reuters.
German Chancellor Scholz said he plans to talk to Russian President Putin soon and urge him to withdraw troops from Ukraine, according to Reuters.
North Korean Leader Kim vowed stronger strategic ties with Russia in a congratulatory message to Russian President Putin for National Day, according to Yonhap.
Iranian Supreme Leader Khamenei said Tehran should continue working with the UN nuclear watchdog under the framework of safeguards and that reaching an agreement with the West is fine but the country’s nuclear industry should be respected. Iran’s Supreme Leader also commented that talks about Iran’s nuclear weapons are a lie and they do not want nuclear arms based on religious beliefs, while he added that the West could not stop Iran from building nuclear arms if it chose to, according to state media.
French President Macron expressed concerns about the current trajectory of the Iranian nuclear programme to Iranian President Raisi during a phone call on Saturday and warned about the consequences of drone deliveries to Russia, according to Reuters.
Taiwanese Ministry of Defense said they sent planes and warships and used ground-based missile systems to monitor the activity of the Chinese military, according to Al Arabiya
APAC TRADE
APAC stocks traded mixed with the region mostly cautious at the start of a risk-packed week as markets await the upcoming key events including major central bank meetings and data releases, while Australian markets were shut in observance of the King’s Birthday holiday.
Nikkei 225 initially outperformed and tested the 32,500 level amid expectations for the BoJ to maintain ultra-easy policy settings later this week and after PPI data was softer-than-expected and showed wholesale inflation eased for a 5th consecutive month which further supports the case for the BoJ to refrain from policy tweaks.
Hang Seng and Shanghai Comp. were subdued amid weakness in healthcare and the property sector, with the latter pressured by a warning from Goldman Sachs. However, losses were stemmed amid some expectations for potential PBoC rate cuts to support the economy as more banks reduced their deposit rates and following comments last week from PBoC Governor Yi that there is plenty of room for policy adjustment and that they will continue targeted and forceful monetary policy.
NOTABLE ASIA-PAC HEADLINES
White House confirmed that China has had a spy base in Cuba since at least 2019, according to AP.
China’s Foreign Ministry issued a complaint to South Korea over recent criticism of its envoy and hopes that South Korea deeply reflects on problems in Sino-South Korea relations, according to state media.
Several Chinese lenders cut yuan deposit rates from Monday which follows similar action by China’s largest banks on Friday due to recent calls from Beijing to support the economy.
Goldman Sachs warned that property weakness will likely be a multi-year growth drag on China’s economy and it expects an L-shaped recovery in China’s property market, according to Bloomberg.
New Zealand PM Hipkins said he will lead a trade delegation during a China visit at the end of June.
DATA RECAP
Japanese Corporate Goods Price MM (May) -0.7% (Prev. 0.2%, Rev. 0.3%); YY (May) 5.1% (Prev. 5.8%, Rev. 5.9%)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 2.59 PTS OR 0.08% //Hang Seng CLOSED UP 14.36 PTS OR 0.07% /The Nikkei closed UP 168.88 OR 0.52% //Australia’s all ordinaries CLOSED UP 0.33 % /Chinese yuan (ONSHORE) closed DOWN 7.1424 /OFFSHORE CHINESE YUAN DOWN TO 7.1517 /Oil DOWN TO 68.47 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/USA
The deeply compromised Joe Biden has allowed China to have spy bases in Cuba for years
(zerohedge)
White House Backtracks: Admits China Had A Spy Base In Cuba For Years, Blames Trump
MONDAY, JUN 12, 2023 – 11:15 AM
China has been using a secret base in Cuba to spy on the United States since at least 2019, a Biden administration official has confirmed, in a revelation which comes of the heels of a last ThursdayWall Street Journalreport which triggered a swift denial from the White House and NSC spokesman John Kirby.
The admin official further told The Associated Press that the US intelligence community has considered Chinese spying from Cuba to in reality be an “ongoing” matter and “not a new development”– despite the Biden White House having strongly downplayed the reports of an expanding Chinese spy presence a mere 100 miles from Florida and the American southeast, which hosts dozens of military bases. Politico has since pointed out that After initially calling reports “inaccurate,” an official says that the administration “inherited” the problem.CNN/Corbis via Getty Images
“This is an ongoing issue and not a new development,” the widely cited source, identified as a senior White House official, emphasized. “The PRC [People’s Republic of China] conducted an upgrade of its intelligence collection facilities in Cuba in 2019. This is well-documented in the intelligence record.”
So on the one hand Kirby previously called the report “not accurate” – but on the other this constitutes a tacit White House acknowledgement that China does indeed have a base of intelligence-collecting operations out of Cuba, the latter which is Washington’s biggest enemy and rival in the Western hemisphere going back to the Cold War era.
This goes way beyond a few small Chinese ‘spy’ balloons floating over North America, given that as the initial WSJ report detailed, Beijing and Havana are negotiating a deal worth “several billion dollars” for China to establish a cutting-edge intelligence base on the island, which means China would gain an edge in sweeping up communications of US military bases across southeast United States and possibly beyond. According to more from the unnamed admin official:
The official would not go into detail, but said the engagements have brought “results” and that “our experts assess that our diplomatic efforts have slowed the PRC down.”
“We think the PRC isn’t quite where they had hoped to be,” the official said. “The PRC will keep trying to enhance its presence in Cuba, and we will keep working to disrupt it.”
Cash-strapped Cuba, long under far-reaching US sanctions which stretch back decades, is badly in need of such a significant infusion of Chinese funds.
However, it is important to remember that all nations globally tend to utilize their foreign embassies and consulates abroad to spy on other nations almost as a matter of routine. It’s at this point unclear whether Chinese spy activities based out of Cuba as of yet go significantly beyond what’s ‘the norm’. The WSJ reporting definitely says this is the case. Kirby in rejecting the initial WSJ report didn’t specify what aspect to the report the administration considers inaccurate.
But of course, for Congressional hawks as well as American media, any reporting that invokes the words “China” “spying” and the Western hemisphere broadly will be presented in the most alarmist tones possible. And yet, we can only imagine the level of US intelligence infrastructure in place across the South China Sea and among Washington’s regional allies not far off China’s coast, even firmly entrenched on the island of Taiwan. So from Beijing’s perspective, Cuba is ‘fair game’ given Washington’s longtime presence in Taiwan. For Americans, Monroe Doctrine assumptions are still alive and well, and deeply ingrained. Via BBC
Meanwhile, WSJ reporting has resulted in a bit of a blame-game, with the administration saying this can’t land in Biden’s lap, but was inherited from the Trump administration (though without naming Trump). The White House is now stressing the problem goes back to prior administrations:
On Saturday, an administration official clarified by saying that the Chinese base in Cuba has already been established, noting that it didn’t happen on their watch.
The administration official, who was granted anonymity to discuss a sensitive subject, said the Chinese spying effort has been an ongoing concern and that the U.S. has been taking steps to deal with it.
“When this administration took office in January 2021, we were briefed on a number of sensitive PRC efforts around the world to expand its overseas logistics, basing, and collection infrastructure globally to allow the [military] to project and sustain military power at greater distance,” the official said, referring to the People’s Republic of China.
But Republicans are pushing back and lashing out, with Rep. Mike Turner, chair of the House Intelligence Committee, saying Biden is “ignoring” the threat from China. “In less than 48 hours, officials from the Biden administration have contradicted themselves multiple times about whether or not the Chinese Communist Party is spying on the United States. This is unacceptable.”
And the GOP chair of the House China Committee, Rep. Mike Gallagher blasted the administration’s response to the initial WSJ report. “Why did the Biden administration previously deny these reports of a CCP spy base in Cuba?… Without a coherent explanation, we must conclude they are deliberately misleading the American people and whitewashing CCP aggression in order to revive the counterproductive strategy of engagement.”
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
GERMANY
Germany is having massive problems as its input costs continue to rise: now the regulator warns that its energy crisis is far from over.
(zerohedge)
Germany’s Regulator Warns The Energy Crisis Is Far From Over
According to the president of Germany’s energy regulator, the energy crisis isn’t over yet despite high natural gas storage levels.
Natural gas storage facilities in the EU are currently at 70% capacity while in Germany natural gas storage tanks are 76% full.
In order to secure enough gas supply for the coming winter, Germany will need a storage level of 75% by the first of September.
The energy crisis is not over yet, Klaus Müller, the president of Germany’s energy regulator, told the Funke media outlet on Wednesday.
Despite the fact that the levels of natural gas in storage are more comfortable than in the previous two years, the crisis is far from over, and weather will be the biggest factor, Müller, president of Germany’s Federal Network Agency, Bundesnetzagentur, said.
As of June 6, storage tanks in Germany were 76% full, while in the EU the overall level is just over 70%, according to data from Gas Infrastructure Europe.
“If everything goes well, we will have full storage facilities in the late summer,” Müller said, referring to Germany’s storage levels.
The regulator said in its latest weekly report that “to secure the gas supply for next winter, there must be a storage level of 75% by 1 September.”
“It was possible to prevent a gas deficit situation last winter. At the same time, preparing for the 2023/2024 winter is a key challenge. It is therefore still important to save gas,” the regulator added.
Germany’s natural gas consumption in the week beginning May 22 was 23.2% below the average consumption for the 2018-2021 period, and down by 9% compared with the week prior, the regulator added.
Last month, one of Germany’s top utility firms, E.On, said that the energy crisis is not over yet, and the situation with energy supply in Europe could deteriorate later this year.
“The crisis is not over yet,” E.On’s chief financial officer Marc Spieker said at the presentation of the utility giant’s first-quarter results in early May.
“Compared with the current market environment, our forecast also factors in the possibility of a further deterioration in the remainder of the year. We believe we are well-positioned to deal with the volatility that is expected to continue,” Spieker added.
end
SCOTLAND
Sturgeon arrested
(zerohedge)
Former Leader Of Scotland Arrested In Party Financing Probe
SUNDAY, JUN 11, 2023 – 02:00 PM
Nicola Sturgeon – the former leader of Scotland – has been arrested as part of the police investigation into her political party’s finances.
The former first minister is being held in custody as she is quizzed by detectives.
“A 52-year-old woman has today, Sunday, 11 June, 2023, been arrested as a suspect in connection with the ongoing investigation into the funding and finances of the Scottish National Party. The woman is in custody and is being questioned by Police Scotland detectives,” Scotland police said.
A spokesman for Ms Sturgeon confirmed she was cooperating with the investigation. He said:
“Nicola Sturgeon has today, Sunday 11 June, by arrangement with Police Scotland, attended an interview where she was to be arrested and questioned in relation to Operation Branchform.
“Nicola has consistently said she would cooperate with the investigation if asked and continues to do so.”
As The Daily Mail reports, her arrest comes after the arrest of her husband, Peter Murrell – the SNP’s former chief executive – in April, just prior to a two-day police search of the couple’s Glasgow home; and the party’s former treasury Colin Beattie.
How we got here…
May 2021 – Douglas Chapman resigns from his role as SNP treasurer, saying he had not been given enough information to do his job
July 2021 – Police Scotland confirm they are investigating after seven complaints were made around donations to the SNP. This followed allegations that £600,000 raised for campaigning towards Scottish independence was diverted elsewhere.
August 2021 – As the party’s annual accounts are published, new SNP treasurer Colin Beattie acknowledges ‘concern’ about transparency over independence-related appeals that had raised more than £600,000.
December 2022 – It emerges that Peter Murrell, the SNP chief executive, had loaned the party £100,000 in June 2021.
February 2023 – Nicola Sturgeon suddenly announces her resignation. She says this was not in relation to short-term pressures but because she knew in her ‘head and heart’ that the time was right to go.
March 2023 – Amid the SNP leadership contest to replace Ms Sturgeon, her husband Mr Murrell announces he is stepping down as the party’s chief executive amid a row over the party’s membership numbers.
5 April 2023 – Mr Murrell is arrested and is released without charge, pending further investigation, the same day.
9 April 2023 – A luxury camper van is seized by police investigating the SNP’s finances, thought to be worth around £110,000.
18 April 2023 – Mr Beattie is arrested and interviewed by police. He subsequently quits as SNP treasurer.
May 2023 – The SNP appoint AMS Accountant Group as their new auditors. Their previous auditors Johnston Carmichael stood down in September 2022.
11 June 2023 – Nicola Sturgeon is arrested. She ‘voluntarily’ arranges with Police Scotland to be questioned.
The Scottish Tories demanded Ms Sturgeon’s successor, Humza Yousaf, suspend her from the SNP following her arrest.
Labour’s shadow Scottish secretary Ian Murray said:
“For too long, a culture of secrecy and cover-up has been allowed to fester at the heart of the SNP.”
She was Scotland’s longest-serving first minister, before resigning in February, and the only woman to have held the position.
END
ITALY
Berlusconi dead!
(zerohedge)
Silvio Berlusconi, Italy’s Longest-Serving PM, Known For ‘Bunga Bunga’ Sex Parties, Dead At 86
MONDAY, JUN 12, 2023 – 07:20 AM
Silvio Berlusconi, the former Italian Prime Minister, passed away on Monday following his admission to a Milan hospital last week. The hospitalization was initially for a scheduled check-up related to a lung infection.
Italy’s longest-serving premier had a history of medical issues, including heart surgery in 2016, and previously suffered from prostate cancer. He has been in and out of the hospital following his Covid-19 infection in 2020.
Alessandro Cattaneo, the deputy coordinator of Berlusconi’s Forza Italia party, told RaiNews24 that Berlusconi died Monday morning at 86.
Berlusconi made billions (estimated fortune of around $7.6 billion, according to Bloomberg data) through his media empire and owned the A.C. Milan soccer team before entering politics in the mid-1990s. He served as prime minister three times: from 1994 to 1995, 2001 to 2006, and 2008 to 2011.
He served more than nine years as prime minister, leading four different cabinets, an unprecedented tenure in a country plagued by revolving-door governments. He also played kingmaker in bringing center-right coalitions to power, even when his party was no longer the dominant force. —Bloomberg
Berlusconi faced several legal battles but was only convicted once in a tax fraud case, which led to a temporary loss of his parliamentary seat. He was also involved in a scandal around his personal life, in what was known as “bunga bunga” sex parties.
Two members of the Italian government mourned his passing, with Deputy Prime Minister Matteo Salvini calling him a “great Italian.” Defense Minister Guido Crosetto said his death marked the “end of an era.”
Even though Berlusconi was 86, he remained an active politician, sitting in the Senate, the Italian Parliament’s upper house, where he recently sparked controversy by criticizing Ukrainian President Volodymyr Zelenskyy.
END
UK
UK Grocery Store Chain Installs QR Code BARRIERS That Prevent Human Beings From Buying FOOD Unless They Scan An Acceptable QR Code – Starvation
Zelensky Belatedly Confirms That Major Ukraine Offensive Has Begun
SUNDAY, JUN 11, 2023 – 09:55 AM
Days after Ukraine’s counteroffensive was widely reported to have begun in international press reports, currently concentrated in four areas of the east and south, President Volodymyr Zelensky appeared to give belated confirmation that it is indeed in progress for the first time in Saturday statements.
“Counteroffensive and defensive actions are being taken in Ukraine,” Zelensky said from the Ukrainian capital while standing alongside Canadian Prime Minister Justin Trudeau. The Canadian leader had made a “surprise” visit to the war-ravaged country. “I don’t comment on the scale. I am in touch with our commanders. Everyone is in a positive mood. Pass this on to Putin.”Via The Independent
Canada has pledged another $375 million in defense aid, and Trudeau along with other NATO heads of state will attend a big NATO annual meeting in Vilnius, Lithuania early next month. Zelensky is pushing for full membership in the alliance, or at least to receive strong security guarantees.
In a Saturday press conference, Zelensky remarked that it’s “interesting” Putin earlier commented on counteroffensive, claiming that it implies “Russians feel they won’t stay” on Ukrainian territory “for long.”
Putin had said from Sochi the day prior, on Friday, “We can clearly say the offensive has started, as indicated by the Ukrainian army’s use of strategic reserves.”
“But the Ukrainian troops haven’t achieved their stated tasks in a single area of fighting,” Putin described. “We are seeing that the Ukrainian regime’s troops are suffering significant losses,” Putin asserted without clarifying details.
“It’s known that the offensive side suffers losses of 3 to 1 – it’s sort of classic – but in this case, the losses significantly exceed that classic level,” he added.
Ukraine did suffer a setback, and hugely symbolic blow, after Russia destroyed several West-supplied tanks and armored fighting vehicles, as widely circulating footage and imagery showed.
Meanwhile fighting has intensified along front lines as the below first-person footage capturing a fresh assault by Ukrainian troops documents…
Multiple war analysts have at this point confirmed that Russian forces 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.
end
UKRAINE/RUSSIA
special thanks to Robert H for sending this to us;
Anatomy of a NATO-Planned, Trained, and Armed Disaster
Long but informative. Ukrainians doubled down today and lost thousands of troops … the meat grinder continues … NATO said it is unacceptable and encouraged them to try harder with more manpower and promised more aid.. dumb is tragic when the Western monetary system is collapsing and the Ship of Fools takes on water having run aground
special thanks to Robert H for sending this to us;
Very important: Saudi Arabia basically shuns USA!
Blinken meets with Crown Prince Mohammed bin Salman in Saudi Arabia
Robert H:
“When you are fool aboard the Ship you do not even recognize you are being insulted. What is missing in this picture? The American flag is missing. Not by accident as Saudi Arabia is waving good bye and saying this publicly. You cannot spin your way out of this. America is being dismissed as irrelevant.”
The Iran-Iraq Joint Chamber of Commerce Chairman, Yahya Al-e Eshaq, announced on June 10 that Iraq has released $2.76 billion worth of Iranian funds in gas export money owed by Baghdad. Iraq received a sanctions waiver from the US to make the payment.
Eshaq told Iranian media on Saturday that the released funds will meet the Central Bank of Iran (CBI) demands and ensure the purchase of goods needed in the country. He added that the funds could significantly help stabilize the foreign exchange market.
“Part of Iran’s blocked funds in Iraq has been earmarked for hajj pilgrims, and portions have been used for basic goods,” the Iranian trade official told local media.
In April, Eshaq said that Tehran and Baghdad had “found several solutions to receive our debt from the Central Bank of Iraq, so Iraq’s outstanding payments to Iran will be cleared gradually within the next three to five months.”
The US green light to release the money comes following reports that Iranian and US negotiators recently held “proximity talks“ in the Omani capital Muscat, with Omani officials going between them and passing messages.
According to the sources, the talks aimed to deescalate tensions as a basis for future talks on a new nuclear agreement between the parties.
In 2015 Iran and several world powers, including the US, signed the Joint Comprehensive Plan of Action (JCPOA), which placed significant restrictions on Iran’s nuclear program in exchange for sanctions relief.
Washington withdrew from the deal in 2018 and launched a “maximum pressure” sanctions campaign against the Islamic Republic.
After months of talks between Iran and the remaining signatories of the JCPOA, last September — under heavy Israeli pressure — the US put an end to any hope of reviving the deal.
Since then, Iran has restored ties with Saudi Arabia under a Chinese-brokered deal and is reportedly working alongside Gulf countries to form a “naval alliance” to protect the northern Indian Ocean.
Earlier this week, Iranian media reported that $24 billion of Iran’s frozen assets would soon be released from Iraq and South Korea.
Due to the sanctions on Iran, Iraq is only allowed to receive Iranian energy imports and pay for them via waivers that extend up to 120 days, a policy implemented by former US president Donald Trump and kept in place by Biden. The sanctions have also hampered Iraq’s payments for imports, putting it in heavy arrears.
end
Pepe Escobar: US Attempts ’Divide and Conquer’ Strategy Against BRICS
Robert Hryniak
1:08 PM (57 minutes ago)
to
The individual BRICS members are acutely aware of the efforts and will not be deterred from avoiding the Federal Reserve Dollar and its’ supporters. The real danger here is that not only will dollar be avoided in future trade settlement but actual trade with the “five eyes” will be lessened in parallel to evolving trade with other nations. This will impact everything from food supply to manufactured goods as the world ends up in separate trade zones. Yesterday’s globalization dreams of conquest are history, as they have been rejected. Never to rise within the GLOBAL SOUTH and why the Yuan cannot be the replacement of the dollar. No one will trade one master for another. Neither China nor Russia nor India will bow to the West. And in August when Saudi Arabia is admitted the west can expect a repricing of oil. Sadly, at a time when diplomacy and understanding of realpolitik is needed, it is an absent giving rise to war mongering as a means to stave off changing realities. If history could teach, one would understand that conflict in such a situation hastens demise and never stops it. The time to stop was before thievery and corruption ruled global use of a Federal Reserve Currency. Nations clinging to a sinking reality are bound to stink before they sink.
Now documentation comes that the Covid 19 virus came from the Wuhan lab
(zerohedge)
Covid-19 Created In Wuhan Lab Through Classified Bioweapons Program: US Investigators
SUNDAY, JUN 11, 2023 – 10:00 PM
Researchers in Wuhan, China working with the Chinese military were genetically manipulating the world’s deadliest coronaviruses to create a new mutant virus right around the time that the Covid-19 pandemic began, according to the Sunday Times, which has reviewed hundreds of documents, “Including previously confidential reports, internal memos, scientific papers and email correspondence that has been obtained through sources or by freedom of information campaigners in the three years since the pandemic started.”EcoHealth Alliance president Peter Daszak (L) collaborated with Dr. Shi Zhengli (R)
The Times also interviewed the US State Department investigators, including experts specializing in China, emerging pandemic threats and biowarfare – who conducted what the outlet describes as “the first significant US inquiry into the origins of the Covid-19 outbreak.”
[O]ur new investigation paints the clearest picture yet of what happened in the Wuhan laboratory.
The facility, which had started hunting the origins of the Sars virus in 2003, attracted US government funding through a New York-based charity whose president was a British-born and educated zoologist. America’s leading coronavirus scientist shared cutting-edge virus manipulation techniques.
The institute was engaged in increasingly risky experiments on coronaviruses it gathered from bat caves in southern China. Initially, it made its findings public and argued the associated risks were justified because the work might help science develop vaccines.
This changed in 2016 after researchers discovered a new type of coronavirus in a mineshaft in Mojiang in Yunnan province where people had died from symptoms similar to Sars. –Sunday Times
The Mojiang mineshaft strain which killed several people are now recognized as ‘the only members of Covid-19’s immediate family known to have been in existence pre-pandemic,’ and were transported to the Wuhan Institute of Virology. After that, “The trail of papers starts to go dark,” said one US investigator. “That’s exactly when the classified programme kicked off. My view is that the reason Mojiang was covered up was due to military secrecy related to [the army’s] pursuit of dual use capabilities in virological biological weapons and vaccines.”
According to US investigators, the WIV embarked on a classified program to make the mineshaft viruses more transmissible to humans, which they believe led to the creation of Covid-19, which then leaked into the city of Wuhan following a lab accident.
“It has become increasingly clear that the Wuhan Institute of Virology was involved in the creation, promulgation and cover-up of the Covid-19 pandemic,” said one of the investigators, who found evidence that researchers working on said experiments were hospitalized in November 2019 with Covid-like symptoms, just one month before the West became aware of the pandemic. One of the victims’ relatives died as well.
“We were rock-solid confident that this was likely Covid-19 because they were working on advanced coronavirus research in the laboratory. They’re trained biologists in their thirties and forties. Thirty-five-year-old scientists don’t get very sick with influenza,” said an investigator.
Meanwhile, a separate analysis reveals that the epicenter of the original Covid-19 outbreak was close to the WIV, not Wuhan’s “wet” wildlife market as previously thought.
“I interviewed scientists in Asia who have close relationships with the Wuhan Institute of Virology,” said one of the investigators, who said they had evidence that the WIV was also working on a Covid-19 vaccine before the pandemic. “They told me it is their belief that there was vaccine research going on in the fall of 2019, pertinent to Covid-19 vaccination.”
Rutgers University microbiologist, Richard Ebright, called the experiments “by far the most reckless and dangerous research on coronaviruses — or indeed on any viruses — known to have been undertaken at any time in any location.”
Humanized mouse tests
Professor Ralph Baric of the University of North Carolina is a pioneer in cutting-edge experiments which use a technique to fuse together different pathogens by combining their genes. To test the effects of these chimeric coronaviruses, Baric created “humanized” mice, which were injected with genes that allowed them to develop lungs and vascular systems similar to those of a human.
“Ominously, tools exist for simultaneously modifying the genomes for increased virulence [and] transmissibility,” Baric wrote in a 2006 paper. “These bioweapons could be targeted to humans, domesticated animals or crops, causing a devastating impact on human civilisation.”
Meanwhile, by 2012, campaigners and scientists were beginning to push back against gain-of-function research due to its inherent dangers.
“About 30 labs now are working with live Sars virus worldwide. The probability of escape from at least one laboratory is high,” wrote Lynn Klotz, a senior fellow at the Centre for Arms Control and Non-Proliferation. “Would one in ten escapes lead to a major outbreak or pandemic? One in a hundred? One in a thousand? No one knows. But for any of these probabilities, the likelihood-weighted number of victims and deaths would be intolerably high.”
In 2013, WIV researcher Shi Zhengli called Ralph Baric to ask for his help in growing sufficient quantities of a Sars-like virus found in a cave, SHC014, in order to conduct testing. Baric agreed, and the WIV provided him with the genetic sequence for the strain so that he could recreate genes from its spike proteins. Baric’s team inserted SHC014s’s “spike gene” into a copy of the original Sars virus they created in North Carolina and tested out the new chimeric virus on humanized mice.
Meanwhile in May 2014, EcoHealth Alliance was awarded $3.7 million from the US National Institutes of Health – of which over $500,000 went to fund lab equipment purchases at the WIV, and $130,000 went directly towards Shi and her assistant.
Then, the Obama administration banned gain-of-function research, but a ‘loophole’ allowed the practice to proceed if deemed ‘urgent and safe.’ Baric argued just this to the NIH, which granted approval.
The results of Baric’s experiment with the genetic sequence given to him by Shi were published in co-authored research in November 2015. The combined Sars copy and SHC014 virus was a potential mass killer. It caused severe lung damage in humanised mice and was resistant to vaccines developed for Sars. The paper acknowledged this might have been an experiment that was too dangerous.
It caused a big stir. “If the virus escaped, nobody could predict the trajectory,” warned Simon Wain-Hobson, a virologist at the Pasteur Institute in Paris. -Sunday Times
And in May, 2016, Daszak told a New York conference that She was moving “closer and closer” to obtaining a virus “that could really become pathogenic in people.”
By 2017, She wrote in a paper that her team had sought to create eight mutant coronaviruses based on strains found in the Shitou cave – two of which were found to infect human cells. The research had been carried out in BSL-2 laboratories, while US guidelines for such research require BSL-3 precautions, which include self-closing doors, filtered air and scientists equipped with full PPE while under medical supervision, the Times writes.
Enter smoking gun
AsShi was creating her eight mutant viruses, the WIV took ‘another perilous leap forward’ with their work on the Shitou cave viruses – in what Ebright describes as the most dangerous coronavirus experiment ever undertaken – which was funded in part by EcoHealth’s grant money.
The scientists selected three lab-grown mutant viruses, created by mixing Sars-like viruses with WIV1, which had all been shown to infect human cells. These mutants were then injected into the noses of albino mice with human lungs.
The aim was to see whether the viruses had the potential to spark a pandemic if they were fused together, as they might do naturally in a bat colony. The original WIV1 virus was injected into another group of mice as a comparison.
The mice were monitored in their cages over two weeks. The results were shocking. The mutant virus that fused WIV1 with SHC014 killed 75 per cent of the rodents and was three times as lethal as the original WIV1. In the early days of the infection, the mice’s human-like lungs were found to contain a viral load up to 10,000 times greater than the original WIV1 virus.
The scientists had created a highly infectious super-coronavirus with a terrifying kill-rate that in all probability would never have emerged in nature. The new genetically modified virus was not Covid-19 but it might have been even more deadly if it had leaked. -Sunday Times
In his April 2018 annual progress report the WIV, EcoHealth’s Peter Daszak omitted the mice deaths. He also failed to mention them in his grant renewal application filed with the NIH later that year. In fact, he said they had only experienced “mild Sars-like clinical signs.“
So Daszak lied, as the experiment had actually killed six of the eight infected humanized mice.
Daszak eventually came clean, but says that his statement about “mild” illnesses was based on preliminary results (despite the fact that the mice had died months before he issued his statement).
US State Department weighs in
As the global lockdowns were coming to an end, the US State Department’s investigators were given access to secret intelligence on China’s coronavirus experiments in the months and years before Covid-19 emerged. Over a dozen investigators, given unparalleled access to “metadata, phone information and internet information” from US intelligence intercepts, published a report in early 2021 which made two assertions; that the WIV was experimenting on a strain, RaTG13, found in the Moijang mine, and that covert military research – including experiments performed on animal test subjects, was being conducted right before the pandemic.
“They were working with the nine different Covid variants,” said one of the investigators, adding that they think one virus at the WIV was an even closer match to Covid-19 than RaTG13.
“We are confident they were working on a closer unpublished variant — possibly collected in Mojiang.”
And of course, others believe that Covid-19 was largely a US production…
Either way, there you have it. Apologies from the MSM, fact checkers, social media companies, and the Biden administration can be submitted to tyler@zerohedge.com.
end
GLOBAL ISSUES//GENERAL
This is a must read
and special thanks to Robert h for sending this to us
The slow decline of American war ability
Robert Hryniak <hryniak@me.com>
Mon, Jun 12, 2023 at 10:32 AM
You may be aware that Russia is stepping up various drone projects.
Iran downed an American drone back in 2011 which they reverse engineered and miniaturized and now are in a joint production plant with Russia. Not to be left out China has ordered 15,000 Saheed 136 drones which will all be delivered this year. While Iran shared their knowledge with both Russia and China back in 2011, Russia used that knowledge to advance their own drones and the recent downing of a state of art American Reaper type drone over the Black Sea and it’s recovery has allowed Russia to advance well beyond what NATO has, using such drones. And in typical Russian fashion they have developed the means to down such drones at will in days ahead. And a number of types of drones are in serial production. Actually the Su-57 has successfully been tested in Ukraine in a Wingman formation where only 1 out of 4 is piloted and 3 are drones that act in concert in attack formations and provide cover both for the pilot and each drone. The day may come when NATO faces a hybrid formation of aircraft in battle. And even if losses are on a one to one ratio, NATO will lose 4 pilots for every one Russian pilot. China has taken the opposite approach given it has adequate manpower to lose pilots and supplement as needed. Clearly, what we now see is an Iran as a production house of a class of weaponry that is state of the art in its class. And thus becoming a weapons supplier that no doubt will find new customers. While America is reliant on dated technology lacking the production capability and science and money to advance. And like in most things being a low cost producer does not hurt, which America is not.
This is a time when America is in real time decline not spoken about. America is slowly dying from within. Just over the weekend i heard from acquaintance who not so long ago was jetting around the world in business class to find out his credit card had been declined in trying to buy a gift for his niece. And learnt from a couple in a larger city that the home they bought for $1.1M 5 years ago which they put over $100K of renovations only has received 1 offer of a $1.2M after 4 months. They are under water with a mortgage renewal on the horizon. This does not sound like a nation that should seek war. In this case war will not lift an economy incapable of serial production. Supply of arms to Ukraine has already proven that out.
Meanwhile, Americans are quietly being told to leave Taiwan, as China practices almost daily with assault naval ships and aircraft in combat drills. Practice does perfect. Meanwhile Europeans within NATO are being asked to shoulder up to a conflict with China with little stomach. Are other nations telling their citizens top leave Taiwan? Can the delusion be so great on the Ship of Fools not realize that they will be sunk? Every war game played in a fight with China shows America losing. The march towards Cuba becoming the joint launch platform of China and Russia continues as we hear both parties will station hypersonic missiles. Should this happen, America is checkmated as those missiles in combination of Sub missiles will render any future escalations as mute because America will be destroyed in minutes of any conflict breaking out, beyond imagination. Frankly, these days if China cuts off America from exports America will slide into a decline not seen since the depression. And yes, today is the start of the greatest military exercises in Europe supposedly practicing to defend against a Russian onslaught on Europe. This is a joke because Russia has no such mobilization of manpower presently in force. Thus, there is no factual intention visible. However, an America carrier now flies a NATO flag not a American one. Between now and the 24th when this exercise ends is a dangerous time because it will take one wrong move or a wrong interpretation of intent to ignite a explosive outbreak of war which will not end well for anyone. European nations including America would be better served spending money to rebuild their industries than practicing for war.
Madness all of this.
END
VACCINE/COVID ISSUES
it starts!
hundreds of German law suits against BioNTech//co owner of the Pfizer Covid 19 vaccine
(London ‘s Financial Times)
BioNTech faces hundreds of German compensation claims for Covid-19 jab
The World Health Organization must be held accountable for this unethical recommendation to sacrifice suspected COVID-19 patients by using this as an infection mitigation strategy—especially since it had become apparent it was a death sentence within weeks of the pandemic outbreak.
Within weeks of the pandemic outbreak, it had become apparent that the standard practice of putting COVID-19 patients on mechanical ventilation was a death sentence.1By early April 2020, many doctors were already questioning their use, as data2 showed 76.4 percent of COVID-19 patients (aged 18 to 65) in New York City who were placed on ventilators died. Among patients over age 65 who were vented, the mortality rate was a whopping 97.2 percent.
If you were older than 65, you were 26 times more likely to survive if you were NOT placed on a vent.3 A small study from Wuhan, China, put the ratio of deaths at 86 percent,4 and in Texas, 84.9 percent of patients died after more than 96 hours on a ventilator.5
In a widely-shared YouTube video6 (above) posted March 31, 2020, Dr. Cameron Kyle-Sidell, a critical care specialist at the Mount Sinai Health System in New York, warned that “we must change what we are doing if we want to save as many lives as possible.” Sidell was adamant that doctors were “treating the wrong disease” and that putting COVID-19 patients on mechanical ventilation was all wrong.
“We are operating under a medical paradigm that is untrue,” Sidell said. “I fear that this misguided treatment will lead to a tremendous amount of harm to a great number of people in a very short time … This method being widely adopted at this very moment at every hospital in the country … is actually doing more harm than good.”
Why Were COVID Patients Put on Vents?
The recommendation to place COVID-19 patients on mechanical ventilation as a first-line response came from the World Health Organization,7 which in early March 2020 published a COVID-19 provider guidance8 document to health care workers, based on experiences and recommendations from doctors in China.
According to the WHO, treatment needed to be rapidly escalated to mechanical ventilation. Ideally, patients should be placed on it immediately.9 What escaped the public was the primary reason why. Venting COVID-19 patients wasn’t recommended because it increased survival—rather, it was to protect health care workers by isolating the virus inside the mechanical vent machine.
Using less invasive positive air pressure machines could result in the spread of infectious aerosols, the WHO warned. In other words, they put patients to death to “save” staff and other, presumably non-COVID-19, patients. That ventilation and sedation were used to protect hospital staff was highlighted by The Wall Street Journal in a Dec. 20, 2020, article,10 which noted:
“Last spring, doctors put patients on ventilators partly to limit contagion at a time when it was less clear how the virus spread, when protective masks and gowns were in short supply.
“Doctors could have employed other kinds of breathing support devices that don’t require risky sedation, but early reports suggested patients using them could spray dangerous amounts of virus into the air, said Theodore Iwashyna, a critical-care physician at University of Michigan and Department of Veterans Affairs hospitals in Ann Arbor, Mich.
“At the time, he said, doctors and nurses feared the virus would spread through hospitals. ‘We were intubating sick patients very early. Not for the patients’ benefit, but in order to control the epidemic and to save other patients,’ Dr. Iwashyna said. ‘That felt awful.’”
As dryly noted by James Lyons-Weiler in a Jan. 23, 2023, Substack article,11 “euthanizing humans is illegal. Especially for the benefit of other patients. It should feel awful.”
Fauci Knew Vents Did More Harm Than Good
Even Dr. Anthony Fauci, in a mid-June 2022 lecture (above), admitted that placing patients on mechanical ventilation did more harm than good
.“We very, very readily would put people on mechanical ventilation, when we found out, through clinical experience, it might have been better just to make sure we positioned them properly in the prone or supine position, and not necessarily to intubate someone so readily, which might have actually caused more harm than good. We learned that as we got more experience.”
Yet government treatment guidelines, to this day, include invasive mechanical ventilation.12 If the White House Coronavirus Task Force knew in the summer of 2022 that venting patients caused more harm than good, why didn’t they instruct hospitals to stop using it? Or at bare minimum, strongly advise against it?
And why did the government continue to financially incentivize the use of mechanical ventilation after they’d realized how bad it was? While many hospitals did cut down on their use of mechanical ventilation toward the end of 2020 and beyond, it still hasn’t been entirely replaced with noninvasive strategies shown to be far more effective.13
Many ‘COVID Patients’ Didn’t Have COVID
The matter becomes even more perverse when you consider that many “COVID-19 cases” were patients who merely tested positive using faulty PCR testing. They didn’t have COVID-19 but were vented anyway, thanks to the baseless theory that you could have COVID-19 and be infectious without symptoms.
Hospitals also received massive financial incentives to diagnose patients with COVID-19—whether they had it or not—and to put them on a vent. They also received bonuses for using toxic remdesivir, and they were paid for each COVID-19 death as well. The entire system was set up to reward hospitals for misdiagnosing, mistreating, and ultimately killing patients.
China also benefited from the WHO’s misguided advice. While the United States clamored for more ventilators, Chinese hospitals started relying on them less, and instead, they were being exported in huge quantities.14
How Many COVID Patients Were Killed by WHO’s Bad Advice?
Just how many COVID-19 patients were killed by being placed on mechanical ventilation in the spring of 2020? That’s a question attorney and author Michael P. Senger tries to answer in his May 25 article “The Great COVID Ventilator Death Coverup.”15 He writes, in part:
“… the establishment is trying to argue that while ventilators were overused in spring 2020, doing more harm than good … the ventilators themselves did not kill anyone.16 An astonishing argument, even by the abysmal standards of the COVID era.
“But, since everyone supporting this narrative is arguing that there were no ventilator deaths in spring 2020, all we have to do is prove there were a significant number of ventilator deaths and what’s left of the establishment’s credibility on the initial months of COVID falls apart.
“In addition to the anecdotal evidence … several unsettling data points have long strongly suggested that there weren’t just some ventilator deaths in spring 2020, but rather a pretty frightening number of them …
“The CDC reports17 that 18,679 patients died with COVID in New York City hospitals throughout spring 2020. And, according to the sample in JAMA,18 just over half of those who died with COVID in NYC hospitals were put on ventilators. Accordingly, around 10,000 patients died with COVID in NYC hospitals after being put on ventilators in spring 2020 …
“Additionally, as Jessica Hockett has documented19 in meticulous detail through multiple methods, New York City experienced a sharp, breathtaking mortality event just after its lockdown and response to COVID began, which was unlike that experienced anywhere else or at any other time.
“Given its singularity, this horrifying mortality event, quite simply, cannot be attributed to natural causes. Jumping off Hockett’s work, below is a chart of weekly all-cause hospital inpatient mortality from January 2018 through April 2023, split between patients ages 65+ (blue line) and patients under 65 (red line).
“This spike in inpatient hospital mortality in New York City in spring 2020, especially among young people, is unparalleled in any other time period, even as COVID deaths supposedly began to climb again in 2021.”
Inpatient Mortality Around the US, 2020 Through Present
Senger goes on to show the same all-cause mortality graphs for hospital inpatients for each of the largest cities in the United States: Chicago, Dallas, Houston, Los Angeles, and Washington, D.C. All show massive spikes in hospital deaths, especially among the elderly (65 and older), around the same time periods as NYC. He also produced charts for deaths on the state level, as follow:20
“A couple of points on these charts. First, while the spike in mortality in the NYC area in spring 2020, especially among young people, is without parallel, it’s not the only one we see.
“These spikes in mortality among young people are conspicuous because it’s long been known that COVID’s infection fatality rate (IFR) is extremely skewed toward the elderly. This, for example, is the most widely-cited data on COVID’s IFR by age:22
“Thus, these spikes in mortality among young people cannot be attributed to COVID. Most notably, a significant spike in mortality appears among all age groups in California at the end of 2020 …
“One possibility is that, while the use of ventilators was generally scaled back, hospitals in California may have still been engaging in broad intubation or other iatrogenic practices by the end of 2020 …
“Even more strangely, Texas experienced a surge in deaths among young people in summer 2021 that was not accompanied by a corresponding increase in mortality among the elderly; this, frankly, may have had nothing to do with COVID.
“That said, the fact remains that the New York area experienced a uniquely sharp, awful mortality event in spring 2020 which is not adequately explained by any of these other factors.
“And doctors were under significant pressure to put patients on ventilators in spring 2020, even if it was merely unconscious; politicians had purchased tens of thousands of ventilators at exorbitant prices, and hospitals did receive more funding if patients were placed on ventilators.
“Coupled with the above anecdotes about patients being placed on ventilators for extended periods to protect staff—and the fact that over 10,000 patients in New York City died after being intubated—it’s clear that a horrifying number of patients were likely killed by mechanical ventilators.
“Yet astonishingly, despite all these facts, the establishment is arguing that no patients were killed by ventilators in spring 2020. This, to me, is the kind of implausible, overly-defensive argument one makes when they’re panicked.
“Across America, tens of thousands of patients were placed on ventilators in spring 2020; given the vast majority of those patients died, it simply begs credulity that none of them were killed by ventilators.
“When a deadly procedure is applied to tens of thousands of patients, even a baseline level of human error would imply that the procedure was applied to at least some fraction of those patients by mistake.
“The establishment has responded with subsequent studies23 claiming to show that ‘early intubation’ actually reduced the time patients spent on ventilators, and thus didn’t kill any of them. But this is a straw-man argument …
“[T]he issue isn’t whether patients were intubated ‘early’ or ‘late’ relative to any symptoms they might have shown—the issue is whether patients were placed on ventilators who should have never been on them to begin with, or otherwise kept on them too long.”
A Morally Indefensible Coverup
Senger points out that, in speaking with other attorneys, most agree that hospitals face virtually no risk of litigation over ventilator deaths, for the simple reason that everyone perceived COVID-19 to be a global emergency, and during emergencies, you just do the best you can with what you have and what you know.
“Regardless of how much harm was done, it’s simply too difficult to prove that the procedure violated the emergency standard of care given the information coming from China at the time,” he writes.
Even so, “the situation is morally inexcusable,” Senger says, adding that we do need to get to the bottom of how and why these patients died. I agree. While Senger wants the truth to understand what happened and to honor the deceased, I would add that we need the truth in order to avoid making the same mistake again, because there will be a next time.
The WHO Must Be Held to Account
The WHO must be held accountable for its unethical recommendation to sacrifice suspected COVID-19 patients by using ventilation as an infection mitigation strategy— especially considering they’re now trying to get unilateral power and authority to make pandemic decisions without local input.
Showing how the WHO’s recommendation to put patients on mechanical ventilation resulted in needless death among people who weren’t at great risk of dying from COVID-19 is perhaps one of the most powerful talking points a country can use to argue for independence and rejection of the WHO’s pandemic treaty.
They simply cannot be trusted to make sound medical decisions for the whole world. No one is. We need to allow local medical experts to make the calls in situations like this and to collaborate and share information between themselves. The top-down one-size-fits-all medical paradigm that the WHO wants to implement is nothing short of disastrous, and the COVID-19 pandemic response proves it.
Also, let’s not forget that the misuse of mechanical ventilation created the appearance that COVID-19 was exceptionally deadly, regardless of your age, which in turn helped promote acceptance of the experimental COVID-19 shots that are now a leading cause of frequent sickness, chronic disability, and excess deaths. Of course, that’s also being covered up.
In the final analysis, the WHO’s handling of the COVID-19 pandemic will undoubtedly go down as the worst in medical history. Can we really trust them to make better decisions in the future?
I think not, which is why we must do everything in our power to prevent the United States from signing the pandemic treaty. Better yet, we need to exit the WHO entirely. To that end, I urge you to contact your local House representatives and Senators and urge them to:
Support the No WHO Pandemic Preparedness Treaty Without Senate Approval Act.24,25,26,27,28
Withhold funding for the WHO.
Support the United States’ withdrawal from the WHO
blood clots, bleeding etc.; excellent reference to Dr. Bruce Patterson’s work showing spike persisting in blood/body for months and years post infection or vaccine; need for a spike detoxifier etc.
‘SARS-CoV-2 viral Spike protein was damaging the vascular endothelium and causing blood clotting. This means capillaries would be systemically injured if exposed high concentrations of the Spike protein. Dr. Bruce Patterson has demonstrated the Spike protein is long-lasting (months to years) in the human body after both severe COVID-19 infection and vaccination. This leads us to a concern, that the vaccinated would have sustained vascular damage over the long-term. Now the first two-year data report in and the news could not be worse. The serious implications for long term cardiovascular risk cannot be understated.’
Courageous Discourse™ with Dr. Peter McCullough & John Leake
By Peter A. McCullough, MD, MPH Early in 2020 I published with former US FDA physician Dr. Zhang that the SARS-CoV-2 viral Spike protein was damaging the vascular endothelium and causing blood clotting. This means capillaries would be systemically injured if exposed high concentrations of the Spike protein. Dr. Bruce Patterson has demonstrated the Spike protein is long-lasting (months to years) in the human body after both severe COVID-19 infection and vaccination. This leads us to a concern, that the vaccinated would have sustained vascular damage over the long-term. Now the first two-year data report in and the news could not be worse. The serious implications for long term cardiovascular risk cannot be understated…
illegal, egregious & treasonous corruption, Joe Biden weaponizes Department of Justice to indict Trump,” Stefanik said. 5 million $ paid to Joe Biden, 5 million $ paid to Hunter, clear bribes!
‘“The American people are smart and understand this is the epitome of the illegal and unprecedented weaponization of the federal government against Joe Biden’s leading opponent, President Donald J. Trump,” she added.’
‘On Thursday afternoon, House Oversight Committee Republicans told reporters after reviewing a FBI’s informant file that an FBI informant claimed to possess two pieces of evidence that show Joe Biden received $5 million after threatening to withhold aid to Ukraine until a prosecutor probing the Ukrainian energy company Burisma Holdings was fired.
“There’s no doubt in my mind that Joe Biden is guilty of bribery 100 percent,” Rep. Anna Luna (R-FL) told reporters after viewing the document. “There was two separate transactions, one that went to Joe Biden for $5,000,000, one that went to Hunter Biden for $5 million.”’
Trump Hits Back at ‘Sham Indictment’ in Fiery VideoREAD MORE…
LATEST NEWS:
Tucker Carlson Drops Episode 2, ‘What We’re Allowed to Dislike is Being Dictated to Us’Read more…California School Board Responds to Newsom After Blocking LGBT Book Featuring ‘Pedophile’ ActivistRead more…Target Faces $13 Billion Loss Amid Controversial Pride Merchandising DecisionsRead more…Illegal Immigrants Flown to Sacramento by Florida Governor Nowhere to Be Seen, Agencies Secretive About LocationRead more…Donald Trump Announces That he is Being Federally Indicted Over the ‘Boxes Hoax’Read more…Indictment: Trump Faces Seven Charges Including Obstruction Of JusticeRead more…Trump Attorney Shares Major Update After News Of IndictmentRead more…Twitter Files: FBI Assisted Ukrainian Government’s Effort to Censor Twitter Accounts, Including JournalistsRead more.
VACCINE IMPACT//
250 “Out-of-Control” Fires Now in Canada – Plan to Move People out of the Country into 15-Minute Cities?
June 11, 2023 6:13 pm
If you haven’t heard the latest up here in Canada, BC’s on fire, the East Coast is on fire, and now Quebec. Quebec all in one day, the entire province caught fire on a beautiful day. This is planned, and I’ll tell you why it’s planned. They want to move people out of the countryside, into cities, then they want to lock ’em down in 15 minutes cities. How do you do that? Contaminate the air, contaminate the water, and so on. This is all a ploy and a plan to get people into cities to implement their smart cities. And it’s the only way they can control you. First, they have to go to digital currency and get you into smart cities. This is happening and this is real. This is evil. This is pure evil.
Oil plunges as Goldman Sachs slashes year end pricing forecast
(zerohedge)
Oil Plunges As Goldman Slashes Year-End Price Forecast
MONDAY, JUN 12, 2023 – 09:51 AM
Oil prices are plunging this morning, erasing all of the pre-Saudi production cut rumor rally gains with WTI back to a $67 handle.
The drop appears driven by weak growth in major economies and shrugs off OPEC+’s attempts last week to stabilize prices by extending more than 1.1-million barrels per day of production cuts through 2024, while Saudi Arabia will cut output by one-million bpd in July as it continues to battle short sellers it blames for weak prices.
“Saudi’s Energy Minister … reiterated his view a discrepancy exists between the futures market and the physical market. A gap that in our opinion will persist until the macroeconomic outlook stabilises,” Saxo Bank noted.
Today’s weakness comes after Goldman Sachs slashed its year-end oil price forecast to $86 per barrel Brent, down from a previous projection of $95, as it sees higher supply from sanctioned oil exporters offsetting the recent OPEC+ and Saudi cuts amid potentially underwhelming demand.
Goldman analysts have been bullish on oil in recent months, expecting tight markets in the second half of the year. Less than two weeks ago, the Wall Street bank said it expects a rally in oil and commodities, after the biggest-ever destocking in commodities that is currently underway. But even back then, Goldman’s analysts acknowledged their price calls had been wrong so far this year.
“Bulls, like ourselves, find comfort in the fact that end-use demand across the commodity complex has not shown recessionary signs and investment in supply remains elusive,” Goldman’s analysts said in the note at the end of May, as carried by Bloomberg.
“But this misses the point that we were wrong on price expectations.”
As OilPrice.com reports, despite the unilateral Saudi cut and the extended production reductions at the broader OPEC+ group, Goldman Sachs now sees little chance of an oil price spike later this year, expecting Brent at $86 a barrel in December, and WTI Crude at $81, down from $89 per barrel in the previous forecast.
Resilient Russian oil supply and higher-than-expected supply from Iran and Venezuela will weigh on prices, according to the bank.
However, Goldman analysts expect commodities to come roaring back should recession concerns prove to be misplaced.
“The absence of a recession would likely lead to higher oil and commodity prices as well as higher rates, to which equities would likely react poorly,” they said.
EU NatGas Soars Most In Year As Traders On Edge About ‘Possibility Of Tightening Supplies’
SATURDAY, JUN 10, 2023 – 07:35 AM
European natural gas prices erupted Friday for the largest daily gain in a year as Bloomberg pointed out, “Traders reassess supply risks amid signs of global competition for the fuel and a heat wave bearing down on the region.”
The price of benchmark TTF jumped above 33 euro a megawatt-hour, up more than 23% on the session, rebounding from lows last seen before Russia squeezed Europe’s pipeline NatGas supplies ahead of the Ukraine war. Contracts have found a 22-euro floor after falling 91% over the last ten months.
The one-day 23% surge is the largest since mid-June 2022, or about one year ago.
A warm winter, slowing economic activity, and robust supplies have depressed prices since the end of last summer. Bloomberg said, “Traders are on edge about the possibility of tightening supplies.”
James Waddell, head of European gas and global LNG at consultant Energy Aspects Ltd, said strong flows of liquefied natural gas from Russia Norway, Europe’s biggest supplier, could slide in the coming months due to several outages.
Waddell said “physical concerns” are mounting about LNG that it unleashed a short squeeze and “stopped out a lot of traders who were shorting this market.” He added, “That’s given an extra boost to the TTF.”
The surge is also a sign traders are looking at temperatures as the Northern Hemisphere summer is about to begin. The need for cooling buildings across Europe, Asia, and even the US will increase power demand and might support NatGas prices.
“The heat wave in Northeast Asia over the next couple of weeks will also drive up cooling demand, and there will be more interest in cargoes from price-sensitive buyers in the region,” Waddell said, adding, “We are also anticipating a heavy maintenance schedule for LNG export facilities this summer.”
Despite today’s price surge, traders and analysts are concerned about Europe’s recession as it likely weighs on industrial demand. So any price spike might be short-lived.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA
Smith bringing in arson investigators from outside the province to probe wildfires | Alberta Report | westernstandard.news
Robert Hryniak
Sun, Jun 11, 7:15 PM (12 hours ago)
to
She clearly does not believe “wild fires “ at this time of year.
Canadian Officials Warn Wildfires Could “Last All Summer”
MONDAY, JUN 12, 2023 – 10:35 AM
Last week we shared new troubling forecasts that showed wildfire risks are set to explode to “above normal” conditions across portions of the Northeast this summer. This could be due to the emerging El Nino weather phenomenon.
Axios reported 435 wildfires were burning across Canada this past weekend. As of Monday morning, most Mid-Atlantic and Northeast cities recorded air quality levels at “unhealthy” levels despite some relief from the wildfire smoke in recent days.
Wildfire smoke still blankets many states on the East Coast.
While the smoke is dissipating from the dangerously hazardous levels of last week, the federal agency Natural Resources Canada warned of new forecasts of above-normal fire risks through September.
“This is a first in the history of Quebec to fight so many fires, to evacuate so many people,” Quebec Minister of Public Security Francois Bonnardel said on Saturday.
Bonnardel noted, “We are going to have a fight that we think will last all summer … we haven’t yet won the battle.”
So, this means that the apocalyptic Blade Runner 2049-esque scenes from Washington, DC, to New York City, might not be over for another three months. And, of course, smoke pouring into the Northeast from Canada depends on the winds.
Fire risks are also spreading across the Northeast. The National Significant Wildland Fire Potential Outlooks showed above-average fire risks for several states in the Northeast from July to August.
July
August
The wildfires and ominous forecasts for this summer come as El Nino has arrived. What does this mean for the Northeast? Well, dry and hot conditions…
As the corporate media automatically defaults to global warming as the culprit for the wildfires, telling average folks they need to stop driving their cars and ditch meat for bugs, we must highlight all this weather chaos might not be entirely due to fossil fuels.
Are we even allowed to ask if arsonists started some of the wildfires?
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0768 UP 0.0026
USA/ YEN 139.38 UP 0.115 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2566 UP 0.0025
USA/CAN DOLLAR: 1.3332 UP .0007 (CDN DOLLAR DOWN 7 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 2.56 PTS OR 0.08%
Hang Seng CLOSED UP 14.26 PTS OR 0.07%
AUSTRALIA CLOSED UP 0.33% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 14.36 PTS OR 0.07%
/SHANGHAI CLOSED DOWN 2.57 PTS OR 0.08%
AUSTRALIA BOURSE CLOSED UP 0.33%
(Nikkei (Japan) CLOSED UP 168.88 PTS OR 0.52%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1964.90
silver:$24.27
USA dollar index early MONDAY morning: 103.07 DOWN 11 BASIS POINTS FROM FRIDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN(7.1457)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1557)
TURKISH LIRA: 23.65 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.425…VERY DANGEROUS
Your closing 10 yr US bond yield UP 3 in basis points from FRIDAY at 3.769% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.914 UP 3 in basis points ON THE DAY/12.00 PM
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY: 12:00 PM
London: CLOSED UP 8.33 points or 0.11%
German Dax : CLOSED UP 148.03 PTS OR 0.93%
Paris CAC CLOSED UP 37.92 PTS OR 0.52%
Spain IBEX UP 34.780 PTS OR 0.37%
Italian MIB: CLOSED UP 248.45 PTS OR 0.91%
WTI Oil price 71.37 12: EST
Brent Oil: 76.24 12:00 EST
USA /RUSSIAN /// AT: 82.63 ROUBLE DOWN 0 AND 0//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.3805 DOWN 1 BASIS PTS
UK 10 YR YIELD: 4.3760 UP 14 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0763 UP 0.0021 OR 21 BASIS POINTS
British Pound: 1.2509 DOWN .0031 or 31 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.380% UP 4 BASIS PTS//RISING FAST
USA dollar vs Japanese Yen: 139.58 UP .322 //YEN DOWN 32 BASIS PTS//
USA dollar vs Canadian dollar: 1.3365 DOWN .0042 CDN dollar, DOWN 42 basis pts)
West Texas intermediate oil: 57.04
Brent OIL: 71.79
USA 10 yr bond yield DOWN 1 BASIS pts to 3.739%
USA 30 yr bond yield UP 0 BASIS PTS to 3.883%
USA 2 YR BOND: DOWN 3 PTS AT 4.578%
USA dollar index: 103.16 UP 1 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 23.64 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 82.64 DOWN 0 AND 0/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 189.55 PTS OR 0.56%
NASDAQ 100 UP 255.94 PTS OR 1.76%
VOLATILITY INDEX: 14.83 UP 1.00 PTS (7.23)%
GLD: $181.88 DOWN .6 OR 0.088%
SLV/ $22.08 DOWN 19 OR 0.85%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Bonds, Banks, Bullion, & Black Gold Dip As Mega-Cap Tech Continues To Rip
MONDAY, JUN 12, 2023 – 04:01 PM
Ahead of a potentially chaotic week with CPI, FOMC, and Quad-Witch OpEx, today was relatively ‘quiet’ on the headline-front.
Tesla’s stock price rose for the 12th straight day – the longest winning streak in the company’s history…
…now up over 100% YTD…
Source: Bloomberg
Apple broke out to a new all-time record high…
Source: Bloomberg
And that helped drag Nasdaq to outperform, as The Dow and Small Caps lagged. But all the majors ended green. NOTE the wild swings in Russell 2000 around the cash open…
As Nasdaq continued to reverse last week’s losses relative to Small Caps…
Source: Bloomberg
With 4320 a key level – linked to the JPM Collar – it appears 0-DTE traders aggressively bought puts as the S&P neared that level, but failed to inspire any downside momentum… and in the end being forced to unwind (prompting 0-DTE call-buying)…
Citizens, KeyCorp, and Truist were all hammered today – weighing on the overall bank index – on margin (NIM) compression, rising charge-offs, and lowered revenue guidance respectively…
Last week’s surge in value relative to growth has now been erased…
Source: Bloomberg
VIX rose back to a 14 handle today (despite the gains in stocks) reverting higher after VVIX’s decoupling…
Source: Bloomberg
VIX1D soared today – just as it did ahead of last month’s CPI…
Source: Bloomberg
Treasuries were mixed today with the short-end outperforming. The last hour saw buying across the curve though which left only 10Y and 30Y yields marginally higher…
Source: Bloomberg
The dollar ended higher after weakness overnight, with the green back bid thru the US session…
Source: Bloomberg
Crypto is down from Friday, after a total SNAFU liquidation on Saturday took the entire asset-class down in minutes…
Source: Bloomberg
Gold dropped again today, erasing last week’s spike…
Oil prices tumbled today – not helped by Goldman slashing their year-end forecast – with WTI testing a $66 handle, its lowest close since March…
Finally, stocks continue to look through tightening financial conditions…
Source: Bloomberg
…hoping beyond all rationality for The Fed’s next handout.
b) THIS MORNING TRADING //
END
i c Morning/
end
II) USA DATA/
Near-Term Inflation Expectations Tumble To 2-Year Low As Economic Outlook Worsens
MONDAY, JUN 12, 2023 – 11:30 AM
If Powell was on the fence about a Fed “hawkish skip” or whatever the June pause is now called, the latest monthly data just released by the NY Fed Consumer Survey should help allay his fears.
According to the NY Fed, near-term inflation expectations – those for the one-year horizon, and which traditionally just follow the latest move in the price of gasoline – dropped again to 4.07% in May from the previous month’s 4.45%, the lowest reading since May 2021; This drop, however, was offset by a modest increase in inflation expectations at both the three-year-ahead horizon (which rose to 2.98% from 2.89%) and five years (which rose to 2.72% from 2.64%).
The drop in inflation expectations was perhaps driven by growing nervousness about consumer finances: expectations for what earnings growth will be one year from now fell for the first time in five months, sliding to 2.8% from 3.0%. The drop was larger among respondents who had only a high school education, although judging by the market’s chatGPT euphoria, it is those who have a highly overpriced college degree that are most at risk.
Confirming the deteriorating outlook, a larger share of households said their finances were worse now than a year ago. The outlook for the future also deteriorated, with fewer respondents saying they expect to be better off a year from now, while those expecting to be “somewhat” or “much worse off” jumped to 23.% and 7.2% (from 22.2% and 5.5%, respectively).
It will also come as no surprise that more consumers said it was harder to access credit now compared to a year ago. At the same time, more households said they expect to see tighter credit conditions in one year.
On the other end, median home price growth expectations increased to 2.64% from 2.52%, the highest reading since July 2022 despite mortgage rates that are again back around 7%; not surprisingly, the increase was most pronounced among respondents with household income above $100k: after all, they are the only ones who can afford a house.
Respondents were also cheerful on the jobs front: the perceived probability of job loss in the next year fell to 10.9%, the lowest since April 2022 and close the lowest level on record in data stretching back to 2013. Households also said they expected it would be easier to find a new job if they lost their current position.
Optimism was more muted when it comes to one-year-ahead expected earnings where the median expected growth fell to 2.8% from 2.96%. Linked to that, a larger percentage of consumers, 11.32% vs 10.60% in prior month, expect to not be able to make minimum debt payment over the next three months.
Separately, over the next year consumers expect gasoline prices to rise 5.07%; food prices to rise 5.39%; medical costs to rise 9.18%; the price of a college education to rise 7.12%; rent prices to rise 9.13%; most of the categories posted modest declines from the previous month.
Finally, and perhaps a testament to a market that has gone nowhere in the past year, the percentage of respondents who expect a higher stock market one year from now is just shy of the lowest level in the past ten years.
III) USA ECONOMIC STORIES
I-95 Bridge Collapse In Philadelphia Sparks ‘Major Traffic Disruption’, May Snarl Supply Chains
MONDAY, JUN 12, 2023 – 03:05 PM
Secretary of Transportation Pete Buttigieg warned the I-95 bridge collapse in Northeast Philadelphia would cause “major disruption” for regional transportation and commuters. The stretch of I-95 will be closed for at least a month while the bridge is being rebuilt.
On Monday, Buttigieg addressed the American Council of Engineering Companies in Washington. He said his agency is working with state and local officials to rebuild the bridge and will provide financing and technical support.
Buttigieg warned summer travel on the I-95 through Philadelphia could be a nightmare:
“This is not just about commutes.
“This is also about supply chains, about 150,000 vehicles a day, and a good percentage of that is trucking. For both vehicle passenger traffic, and for goods moving supply chains, this is going to be a major disruption in that region.”
I-95 is a major artery for the Mid-Atlantic and Northeast and the entire East Coast.
The bridge that collapsed Sunday morning was due to a tanker fire underneath.
The highway sees, on average, 150,000 vehicles a day. Traffic chaos is already underway:
Tumar Alexander, managing director for the City of Philadelphia, told CBS News that the I-95 closure will have “a significant impact to this community for a while.”
“95 will be impacted for a long time,” Alexander said.
Jana Tidwell, a spokesperson for AAA Mid-Atlantic, told Bloomberg that the I-95 closure comes as peak driving is nearing on a seasonal basis.
Also, on Monday, Pennsylvania Gov. Josh Shapiro declared a disaster emergency to tap federal funds to rebuild the bridge as quickly as possible.
Shapiro, on Sunday, told reporters the bridge rebuild could take “some number of months.”
If you pass Philadelphia this summer, avoid traveling on the I-95 and other highways during peak travel hours.
END
USA// COVID
SWAMP STORIES
special thanks to Robert H and many who sent this to us:
This is unbelievable!! and it should throw out the case!
Fwd: BREAKING: Biden’s DOJ Tried to Bribe Attorney for Trump’s Valet in Exchange for Testimony Against Trump – Clearly Illegal Act That Threatens Jack Smith’s Case Against Trump | The Gateway Pundit | by Jim Hoft
BREAKING: Biden’s DOJ Tried to Bribe Attorney for Trump’s Valet in Exchange for Testimony Against Trump – Clearly Illegal Act That Threatens Jack Smith’s Case Against Trump
On Thursday The Guardian reported that Joe Biden’s DOJ attempted to bribe the attorney for Trump valet driver in exchange for testimony against Donald Trump.
Clearly, this is an illegal act and it should threaten the case against President Trump.
The only criminal act in this entire case is the actions by the Biden DOJ!
These people are evil.
President Trump posted this on Truth Social on this criminal judicial abuse.
Trump was indicted on Thursday.
NEW: Lawyer for Trump’s valet under scrutiny in the Mar-a-Lago docs case has alleged in a letter that top prosecutor Jay Bratt brought up his application to be a judge when trying to gain the valet’s cooperation, per ppl familiar. @guardian exclusive https://t.co/d8uI7chlDc
The lawyer for Donald Trump’s valet, under scrutiny in the Mar-a-Lago documents investigation, has submitted court papers describing a meeting at which a top federal prosecutor brought up his application to be a judge when they tried to gain the valet’s cooperation last year, according to three people familiar with the matter.
The allegation, described in a letter filed under seal with the chief US judge in Washington, James Boasberg, could affect the investigation just as prosecutors are considering whether to bring charges…
…At issue is an incident that took place last year, around November, when prosecutors were trying to gain the cooperation of valet Walt Nauta, who has been under scrutiny because prosecutors suspected he helped the former president conceal classified documents that had been subpoenaed.
Nauta had already spoken to prosecutors in the investigation when they called his lawyer Stanley Woodward and summoned him to a meeting at justice department headquarters for an urgent matter that they were reluctant to discuss over the phone, the letter said.
When Woodward arrived at the conference room, he was seated across from several prosecutors working on the investigation, including the chief of the counterintelligence section, Jay Bratt, who explained that they wanted Nauta to cooperate with the government against Trump, the letter said.
Nauta should cooperate with the government because he had given potentially conflicting testimony that could result in a false statements charge, the prosecutors said according to the letter. Woodward is said to have demurred, disputing that Nauta had made false statements.
Bratt then turned to Woodward and remarked that he did not think that Woodward was a “Trump guy” and that “he would do the right thing”, before noting that he knew Woodward had submitted an application to be a judge at the superior court in Washington DC that was currently pending, the letter said.
and then this:
Robert H to us:
Bring your popcorn!
end
Bring your popcorn on this one!
Rudy Giuliani DROPS A BOMB: I Have a Witness, Former Chief Accountant of Burisma Willing to Give Up All the Offshore Bank Accounts, INCLUDING THE BIDENS’ ACCOUNTS – HAS ACCESS TO A LOT MORE” | The Gateway Pundit | by Jim Hoft | 2
@JimPethokoukis: GOLDMAN SACHS: “We think that downside risk to the economy has already diminished. Activity data are still sending conflicting signals, but we put more weight on the resilience in the hard data, especially the spending and labor market data, than on the weakness in the survey…
Bloomberg: Netflix Inc. saw a big bump in new subscribers in the US after it began warning customers that it will limit account sharing, according to a new report from the research firm Antenna
The White House said Tesla electric-vehicle charging stations could qualify for federal subsidies if they included the national CCS connectionhttps://t.co/j3A55TQz4t
On Friday, ESMs traded modestly to moderately negative from the Nikkei opening until then broke lower after Europe opened. The daily bottom of 4284.00 appeared at 3:30 ET. After a 13-handle rally by 5:05 ET, ESMs retreated until the US repo market opened at 7 ET.
A strong ESM rally progressed until the NYSE opening. Then, ESMs and stocks soared. The usual suspects aggressively bought stuff, particularly Fangs and trading sardines, for the expected Friday rally. The S&P 500 Index broke out and hit 4322.62 at 10:30 ET. But no aggressive organic buyers appeared. ESMs and stock loitered for a short while; but the absence of meaningful buying induced traders to exit.
ESMs sank 30 handles by Noon ET; the S&P 500 Index retreated to 4191.70. A modest Noon Balloon peaked at 12:19 ET; ESMs and stocks retreated to the daily lows. You know what happened next! When the afternoon arrived, the traders aggressively bought stuff for the expected Friday afternoon surge.
An 18-handle ESM rally ended at14:24 ET. Stocks then stair-stepped lower until 15:57 ET.
Positive aspects of previous session Fangs, led by Netflix (up as much as 4%), and trading sardines soared on the usual Friday buying
Negative aspects of previous session The DJTA got hammered; the S&P 500 Index closed (4298.86) below 4300 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: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4304.39 Previous session High/Low: 4298.01; 4291.70
@WallStreetSilv: China has sold $250 billion in US Treasuries since 2021. They have also purchased 144 tons of #gold in the past 7 months.
WaPo: Saudi crown prince threatened ‘major’ economic pain on U.S. amid oil feud After President Biden vowed to impose ‘consequences’ on Saudi Arabia for slashing oil production last year, Mohammed bin Salman privately threatened to sever ties and retaliate economically, according to a classified U.S. intelligence document…The crown prince claimed “he will not deal with the U.S. administration anymore,” the document says, promising “major economic consequences for Washington.”… https://www.washingtonpost.com/national-security/2023/06/08/saudi-arabia-cut-oil-production/
New Twitter Files claims FBI worked on behalf of Ukraine to censor accounts on Twitter: ‘Block’ these accounts – FBI Special Agent Aleksandr Kobzanets, the assistant legal attaché at the U.S. Embassy in Kiev, reportedly contacted a pair of Twitter executives in March 2022 on behalf of Ukraine’s intelligence agency, the SBU. The agent reportedly sent a list of 163 Twitter accounts, stating that “These accounts are suspected by the SBU in spreading fear and disinformation.”… https://t.co/hujXx2mQyC
Meta CEO Mark Zuckerberg says that the scientific “establishment” asked his platform to “censor” posts about COVID-19 that ended up being “debatable or true.”https://t.co/3sphF1R9cc
Reason (legal site): When Government Uses Private Companies to Regulate Speech The new symbiotic relationship of government and private power—which used to be called “fascism” by political theorists—is the constitutional challenge of our age. Federal courts must up their game to meet this challenge lest this comprehensive stifling of freedom of speech by the federal government slip between their doctrinal cracks.https://reason.com/volokh/2023/06/10/when-government-uses-private-companies-to-regulate-speech/
The man with the silly grin had a bad Friday. His frailty and confusion were palpable and disturbing.
@RNCResearch: Biden claims he ran for president when he was vice president, which is definitely not true: “I’d run while I was vice president and then Barack and I spent eight years together” https://twitter.com/RNCResearch/status/1667225085038436356
Biden again says ‘we lost our son in Iraq’ — despite Beau’s death in Marylandhttps://trib.al/Iz8dpcz
@RNCResearch: Biden continues making things up: “When a person can be married in the morning and thrown out of a restaurant for being gay in the afternoon, something is still very wrong in America.” (Demagogue, serial liar, and buffoon) https://twitter.com/RNCResearch/status/1667622363414814720?s=09
Man Plans to Retire to Holiday Inn Instead of Nursing Home Because It’s Cheaper Retirement is expensive. According to the latest Bureau of Labor Statistics data, households that are 65 or older spend an average of $45,756 per year, or roughly $3,800 a month. That’s just $1,000 short of the average spent by all U.S. households combined… “I’ve already checked on reservations at the Holiday Inn. For a combined long term stay discount and senior discount, it’s $59.23 per night… Breakfast is included, and some have happy hours in the afternoon,” he wrote. “That leaves $128.77 a day for lunch and dinner in any restaurant we want, or room service, laundry, gratuities and special TV movies.” “Plus, they provide a spa, swimming pool, a workout room, a lounge and washer-dryer, etc. “ Plus, he’d save a lot of money on toiletries, since they’re complimentary. “Most [hotels] have free toothpaste and razors, and all have free shampoo and soap.” Plus, he points out that the staff are more likely to treat you well. “$5-worth of tips a day and you’ll have the entire staff scrambling to help you. They treat you like a customer, not a patient.”… “There’s a city bus stop out front, and seniors ride free. The handicap bus will also pick you up (if you fake a decent limp)… https://www.distractify.com/p/retire-to-holiday-inn?s=02
@unusual_whales: “I would hike by 25 basis points,” Former Philadelphia Fed President Charles Plosser has said. “The banking turmoil really hasn’t materialized. By pausing, the interpretation of the market is ‘we’re done.’ That’s a very dangerous message to send.” https://twitter.com/unusual_whales/status/1668030600111083520
Today – This is Fed Week and June expiration week. Stocks tend to rally into FOMC Meetings, particularly when dovish news is expected. Stocks tend to rally during expiry week on manipulation to squeeze expiring call options. Stocks tend to rally on Monday; but the past few Mondays have been soft.
Traders will again try to force the S&P 500 Index above 4300 to create action.
ESMs are +5.75 at 20:15 ET on the usual Sunday night buying and for the above bullish patterns.
S&P 500 Index 50-day MA: 4152; 100-day MA: 4083; 150-day MA: 4028; 200-day MA: 3977 DJIA 50-day MA: 33,507; 100-day MA: 33,322; 150-day MA: 33,392; 200-day MA: 32,766 (Green is positive slope; Red is negative slope)
Someone in the DoJ leaked the transcript of an incriminating recording of DJT to CNN to justify Trump’s indictment. What’s the genesis of the tape? Was the DoJ surveilling Trump or is it an aide’s recording?
CNN: Exclusive: Donald Trump admits on tape he didn’t declassify ‘secret information’ Trump acknowledged on tape in a 2021 meeting that he had retained “secret” military information that he had not declassified, according to a transcript of the audio recording obtained by CNN. “As president, I could have declassified, but now I can’t,” Trump says, according to the transcript. CNN obtained the transcript of a portion of the meeting where Trump is discussing a classified Pentagon document about attacking Iran… Trump says that he did not declassify the documenthe’s referencing, according to the transcript… CNN first reported last week that prosecutors had obtained the audio recording of Trump’s 2021 meeting at his Bedminster, New Jersey, resort, with two people working on the autobiography of Trump’s former chief of staff Mark Meadows as well as aides employed by the former president, including communications specialist Margo Martin… https://www.cnn.com/2023/06/09/politics/trump-tape-didnt-declassify-secret-information/index.html
@barnes_law: Bill Clinton had national security information in his sock drawer. Clinton never formally declassified it.When sued to return it to Archives, a federal court dismissed the case. Why? Because by law the President’s mere act of removing the records made them his personal records. (Trump emphasized this on Saturday.)
Alan Dershowitz: Trump indictment doesn’t pass the Richard Nixon test The indictment’s “weak” appearance does not meet historic precedent…“If this indictment is as weak as it appears to be, from what has been disclosed so far, it may be the most dangerous indictment in political history,”… https://www.foxbusiness.com/politics/alan-dershowitz-trump-indictment-pass-richard-nixon-test
Dershowitz: Parts of Trump Indictment Are ‘Damning’, But Most Isn‘t Different from what Hillary and Others Didhttps://t.co/y9kbgEqhYo
GOP @RepTroyNehls: Reminder: Hillary Clinton staffers smashed phones with hammers
@Liz_Wheeler: Hillary Clinton announces she’s been indicted for mishandling classified info & destroying 33k emails with bleachbit & a hammer… Oh wait no no no… did I say Hillary? My bad. Hillary faces NOTHING for endangering national security. We live in a banana republic.
@davidharsanyi: Hillary sent classified emails on a private server… and then tried to cover it up. Comey lether slide.She was also running for president. People have every right to see a double standard.
@ByronYork: Among the worst things about Clinton’s handling of her emails: 1) She unilaterally decided what to keep and what to destroy, and 2) When Congress subpoenaed the documents, she erased data, physically destroyed devices, and told Congress to f-off.
@RNCResearch: JAN. 19, 2023: Biden says he has “no regrets” about hiding classified documents in his home, office, and garage for decadeshttps://t.co/rBgDEgMOfv
House Judiciary Com Chair Jim Jordan’s letter to AG Garland: The Department will indict President Donald Trump, despite declining to indict former Secretary of State Hillary Clinton for her mishandling of classified information and failing to indict President Biden for his mishandling of classified information. The indictment creates, at the minimum, a serious appearance of a double standard and a miscarriage of justice—an impression that is only strengthened by allegations that a Biden Justice Department lawyer “inappropriately sought to pressure” a Trump-affiliated lawyer with the prospect of a judgeship. Additional information recently obtained by the Committee about the Department’s execution of a search warrant on President Trump’s residence only reinforces our grave concerns that your reported actions are nothing more than a politically motivated prosecution… (Jordan demands various DoJ documents related to the search) https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2023-06-09-jdj-to-garland-re-mal.pdf
@SpeakerMcCarthy: Today is indeed a dark day for the United States of America. It is unconscionable for a President to indict the leading candidate opposing him. Joe Biden kept classified documents for decades… House Republicans will hold this brazen weaponization of power accountable.
DeSantis: “The weaponization of federal law enforcement represents a mortal threat to a free society. We have for years witnessed an uneven application of the law depending upon political affiliation.”
GOP Sen. @MarshaBlackburn: Deflect and distract. The DOJ is targeting Trump to take Americans’ eyes off the nefarious actions of the Bidens and the Clintons. Two tiers of justice.
GOP Sen. @ScottforFlorida: Biden is single-handedly destroying the justice system in America. After tonight, Biden will go down as the most corrupt and despotic President in our nation’s history. On the day his $5M bribe is exposed to the public, his DOJ indicts Trump for something he himself has done.
The Babylon Bee’s @JoelWBerry: This indictment is so obviously corrupt—it’s designed to make people go insane. They want to incite another Jan 6 Reichstag Fire.
Victor Davis Hanson @VDHanson: Special counsel Smith indicted Trump aide Walt Nauta for an allegedly false statement of “I don’t know”. John Brennan and James Clapper both lied under oath to Congress. Andrew McCabe lied three times to federal investigators. James Comey 245 times under oath claimed, “I don’t know/remember.” Equal Justice? (Hillary did the same during Benghazi hearings.)
Ex-FBI agent & whistleblower: @KyleSeraphin: The @FBI Security Division has secretly Re-opened investigations into over 700 Agents without notifying their divisions or management. This is over 5% of ALL #FBIAGENTS! Those we know about are military veterans and likely conservatives (of course).
Energy Sec. Granholm admits making false statement to Congress (‘Tis a crime, but Dem privilege) “I mistakenly told the Committee that I did not own any individual stocks, whereas I should have said that I did not own any conflicting stocks,” she said, according to E&E News…https://t.co/9EE0pT3E0p
Paris needs to learn to live with rats, mayor concedes (“The Suicide of the West” is real!) After years spent battling vermin, this week Hidalgo’s administration announced it intends to take a different approach and attempt to achieve a more peaceful state of coexistence with the rodents… https://www.politico.eu/article/paris-learn-live-rats-mayor-anne-hidalgo/
Ex-wife of Syrian refugee who stabbed six warned authorities about him months earlier Abdalmasih Hanoun attacked six, stabbing four children aged one to three… He tried to claim asylum in Switzerland and France. On both occasions, his wife told immigration services he was unwell… https://t.co/dBC0K0s28d
Knife Attack on Babies in France: All the Media’s Dirty Lies On Thursday many politicians and progressive media outlets rushed to tell us that there was no terrorist motive, as if downplaying its importance…Who cares about the motive here? Only the Left, which always needs to dissect evil to camouflage it… https://spectator.org/knife-attack-on-babies-in-france-all-the-medias-dirty-lies/
WaPo: Ted Kaczynski, who planted fear and death as the Unabomber, dies at 81 The Harvard-trained mathematics prodigy turned lone serial bomber died June 10 at a federal prison medical facility in Butner, N.C. … He participated in… the controversial Project MKUltra “mind-control” experiments of the 1950s led by Harvard psychologist Henry A. Murray and backed by the CIA. https://www.washingtonpost.com/obituaries/2023/06/10/ted-kaczynski-dead-unabomber/
The CIA tried mind control to create the perfect assassin (MKUltra) The CIA experimented extensively with brainwashing during the 1950s and 1960s, honing techniques that could force someone to kill, then have no recollection afterward. Code-named MKUltra, the program involved some 149 separate experiments… MKUltra was officially launched in 1953 to develop better interrogation techniques, as well as to explore the possibility of creating a programmable assassin… The program was reduced in scope in the late ’60s and stopped completely in 1973… https://nypost.com/2016/07/23/the-dark-cia-experiments-that-inspired-jason-bourne-movies/
Professor Mark Crispin Miller teaches media studies at New York University (NYU) and is an expert in propaganda. Dr. Miller says just about everything concerning Covid was simply an elaborate exercise in propaganda. Dr. Miller explains, “The propaganda dimension is crucial to our understanding of what went down. Some people like to say this is a result of a number of ‘blunders’ by the health authorities and the government. ‘Blunders.’ No, these are not ‘blunders.’ When everything they recommend is deleterious and destructive of people’s health . . . . When they suppress the truth about life saving remedies in furtherance of this so-called ‘vaccination program,’ and when the so-called ‘vaccines’ have abysmal records for safety and effectiveness and those records are all hidden, we cannot reasonably conclude this is all the result of ‘blunders.’ I have called the period from 2020 through the present a ‘Propaganda Masterpiece.’ . . . . Covid and every aspect of that whole crisis was engineered with extreme brilliance and sophistication of a propaganda operation. This was followed by the George Floyd moment. This served a number of purposes quite in line with the Covid crisis, which is to shut down society, cripple the economy and destroy the middle class. . . . Also, another important aspect of this whole propaganda epic has been to divide the American people. . . . No matter what side of the struggle we are on, what matters is the struggle took place at all. It is deeply divisive. . . .
Dr, Miller goes on to say, “I know a lot about propaganda, and this is unprecedented in the history of mass persuasion. There has never been anything like this because this is global. This has never happened before. We had Stalin’s crimes. . . .We had Hitler’s aggression and the Holocaust. We had 911 and the ‘War on Terror.’ None of those actually begin to compare to what we have now because what we have now is planetary. It’s worldwide.”
Dr. Miller does not call the CV19 bioweapon/vax a genocide. He says it is really a global democide. Meaning everyone and anyone is being murdered with the CV19 bioweapon/vax. Dr. Miller says, “My Substack is called ‘Died Suddenly.’ I started it in February of 2022 when I noticed many, many people were dying suddenly for no given reason. In the history of obituaries, certainly in the United States, that is unprecedented. Obituaries always tell you why somebody died. Even if the person is very, very old, you have a cause of death. Now, all kinds of people are dropping dead for no reason and often very young. . . . We do a weekly overview with as many pictures of these people as possible. This is the point. There are many statistical claims of the numbers of people who are dying. . . . But as Stalin said, ‘One death is a tragedy, a million deaths is a statistic.’ This is brutal, cynical wisdom, and he was absolutely right. If you read 1 million people starved in Ukraine, you say that’s too bad. If you look at page after page after page of people’s faces and names with the names of their survivors, it’s not so easy to shrug off.”
During the so-called “Covid Pandemic” (October 2020), Dr. Miller was teaching a propaganda class at NYU, and one of the subjects covered was the science around wearing masks that show they were ineffective for stopping Covid. We now know wearing masks was more propaganda than any sort of protection from the CV19 infection. More than 2 dozen professors wanted Professor Miller fired for going against the official narrative or propaganda. According to Dr. Miller, they said all sorts of things that are not true. Dr. Miller says, “They made me out to be a monster.” Dr. Miller sued, and so far, the suit has been dismissed by two New York courts. In the last dismissal, the court ruled the lies told about Dr. Miller are simply an opinion. Dr. Miller is appealing and says, “From now on, the have nots, the dissidents who have good reason and solid ground for suing for liable and those who defame us won’t be able to do it anymore because anything that is said about us . . .can be defended on the grounds that it is just an opinion, and opinion is protected by the First Amendment. This second decision is catastrophic for free speech. The people who have the power and the money will still sue for libel, and they will sue people like us. They will sue people who contradict prevailing narratives.”
USAWatchdog.com will be following this important appeal.
There is much more in the 1-hour and 7-minute interview.
Join Greg Hunter as he goes One-on-One with NYU Professor and propaganda expert Dr. Mark Crispin Miller for 6.10.23.
&lt;img class=”alignnone size-full wp-image-5320375″ src=”https://img.theepochtimes.com/assets/uploads/2023/06/08/id5320375-covids-ifr-by-age.jpeg” alt=”Epoch Times Photo” width=”400″ height=”305″ /&gt;
Courageous Discourse™ with Dr. Peter McCullough & John Leake
harveyorganblog.com 
[…] by Harvey Organ, Harvey Organ Blog: […]
LikeLike