I HAD A CRASH JUST BEFORE POSTING AND I LOST EVERYTHING

I PUT THE COMEX DATA BACK

AND THE MAJOR STORIES OF THE DAY

I HOPE EVERYTHING WILL BE OK FOR TOMORROW

THE 4 OCLOCK DATA IS ACCURATE

GOLD PRICE CLOSED: DOWN $19.70 TO $1914.45

SILVER PRICE CLOSED: DOWN $0.34 AT $22.45

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1913.10

Silver ACCESS CLOSE: 22.30

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Bitcoin morning price:, $28,887 UP 995 Dollars

Bitcoin: afternoon price: $30,009 UP XXX dollars

Platinum price closing $926.28 DOWN $15.45

Palladium price; $1282.20 DOWN $67.00

END

Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS

CANADIAN GOLD: $2,516.75 DOWN 11.62 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1501.30 DOWN 12.20 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1746.45 DOWN 12.1 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

JPMorgan stopped 102/198 contracts

FOR JUNE:

GOLD: NUMBER OF NOTICES FILED FOR JUNE/2023. CONTRACT: 198 NOTICES FOR 19800 OZ or 0.6158 TONNES

total notices so far: 19,857 contracts for 1,985,700 oz (61.76 tonnes)

FOR JUNE:

SILVER NOTICES: 0 NOTICE(S) FILED FOR NIL OZ/

total number of notices filed so far this month : 423 for 2,115,000 oz

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END

GLD

WITH GOLD DOWN $19.70

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//

/NO CHANGES IN GOLD INVENTORY AT THE GLD:////

INVENTORY RESTS AT 934.03 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 34 CENTS AT THE SLV//

HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ????? A MASSIVE DEPOSIT OF 5.784 MILLION OZ INTO THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 468.967 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A GIGANTIC SIZED 4130 CONTRACTS TO 148,503 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GIGANTIC $0.40 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. TAS ISSUANCE WAS A HUMONGOUS SIZED 1367 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH . CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT: 1317 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE THIS YEAR SET ANOTHER RECORD LOW AT 117,395 CONTRACTS ///MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.40). BUT WERE SUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD AN ATMOSPHERIC LOSS ON OUR TWO EXCHANGES OF 2330 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 13.370 MILLION OZ.). WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG WITH MANIPULATION NOW MID MONTH AND BEYOND, DUE TO (TAS) MANIPULATION.

WE MUST HAVE HAD:

A HUMONGOUS ISSUANCE OF EXCHANGE FOR PHYSICALS( 1800 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.935 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP + 0 MILLION OZ EXCHANGE FOR RISK(ISSUED TODAY: TOTAL ISSUED SO FAR: 13.370 MILLION OZ)// TOTAL STANDING FOR THE MONTH 4.270 MILLION OZ + 13.370 MILLION EXCHANGE FOR RISK = 17,640 MILLION OZ// ) // HUGE SIZED COMEX OI GAIN/ STRONG SIZED EFP ISSUANCE/VI) STRONG NUMBER OF T.A.S. CONTRACT ISSUANCE (1800 CONTRACTS)//

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –XXX 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 14 days, total 16,937 contracts: OR 84.685 MILLION OZ (1207 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 84.685 MILLION OZ

LAST 23 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120

SEPT. 28.230 MILLION OZ//

OCT: 94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ

YEAR 2022:

JAN 2022-DEC 2022

JAN 2022// 90.460 MILLION OZ

FEB 2022: 72.39 MILLION OZ//

MARCH: 207.430 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ

AUGUST: 65.025 MILLION OZ

SEPT. 74.025 MILLION OZ///FINAL

OCT. 29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)

JAN 2023/// 53.070 MILLION OZ //FINAL

FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE

APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)

MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)

JUNE: 84.685 MILLION OZ//MUCH LARGER THAN LAST MONTH

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4130 CONTRACTS WITH OUR LOSS IN PRICE OF $0.40 IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1800 ISSUED FOR JULY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR JUNE OF 3.935 MILLION OZ FOLLOWED BY TODAY’S 0 OZ QUEUE JUMP+ 0 MILLION EXCHANGE FOR RISK TODAY + 13.37 MILLION EXCHANGE FOR RISK(PRIOR)//NEW TOTAL STANDING: 17.640 MILLION OZ////// .. WE HAVE AN ATMOSPHERIC SIZED LOSS OF 2330 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE 1387//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION RAID. THE NEW TAS ISSUANCE TODAY (1419) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 0 NOTICE(S) FILED TODAY FOR NIL OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 866 CONTRACTS TO 437,171 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 – XXX CONTRACTS

WE HAD A SMALLL SIZED DECREASE IN COMEX OI ( 4130 CONTRACTS) DESPITE OUR $2.45 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 0.1959 TONNE E.F.P. JUMP TO LONDON: NEW TOTAL 64.000 TONNES STANDING SO FAR // + /A STRONG ISSUANCE OF 1162 T.A.S. CONTRACTS ////YET ALL OF..THIS HAPPENED WITH A $2.45 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 2514 OI CONTRACTS (7.818 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3380 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 437,171

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2514 CONTRACTS WITH 866 CONTRACTS DECREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A SMALL 505 CONTRACTS) AND 3380 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 2514 CONTRACTS OR 7818 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3380 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (866) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 9,394 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 6300 OZ E.F.P. JUMP TO LONDON //// NEW STANDING FALLS TO 64.000 TONNES// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: SMALL T.A.S. ISSUANCE: 505 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: 31,715 CONTRACTS OR 3,171,500 OZ OR 98.64TONNES IN 14 TRADING DAY(S) AND THUS AVERAGING: 2400 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 14 TRADING DAY(S) IN TONNES 98.64 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 98.64/3550 x 100% TONNES 2.76% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:. 276.50 TONNES (STRONG AGAIN/

APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC. 175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)

MAY: 247.44 TONNES FINAL//

JUNE: 238.13 TONNES FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC: 185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 197.42 TONNES

MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)

JUNE: 98.64 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 FELL BY A HUGE SIZED 4130 CONTRACTS OI TO 148.503 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 1800 CONTRACTS (RECORD ISSUANCE)

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

JULY 1800 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1800 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 4130 CONTRACTS AND ADD TO THE 1800 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2330 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 11.65 MILLION OZ

OCCURRED DESPITE OUR $0.40 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

THURSDAY MORNING//WEDNeSDAY NIGHT

SHANGHAI CLOSED DOWN 42.46 PTS OR 1.31% //Hang Seng CLOSED DOWN 388.73 PTS OR 1.98% /The Nikkei closed UP 186.23 OR 0.56% //Australia’s all ordinaries CLOSED DOWN 0.57 % /Chinese yuan (ONSHORE) closed DOWN 7.1884 /OFFSHORE CHINESE YUAN DOWN TO 7.1896 /Oil DOWN TO 71.16 dollars per barrel for WTI and BRENT UP AT 75.78 / Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 866 CONTRACTS DOWN TO 437,171 DESPITE OUR LOSS IN PRICE OF $2.45 ON WEDNESDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 3380 EFP CONTRACTS WERE ISSUED: : AUGUST 3380 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3380 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 2330 CONTRACTS IN THAT 3380 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 866 COMEX CONTRACTS..AND THIS VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $2.45//WEDNESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A FAIR 505 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)//THE HUGE NUMBER OF T.A.S. CONTRACTS INITIATED OVER THE PAST SEVERAL WEEKS SPELLS TROUBLE FOR THE GOLD/SILVER MARKET AS RAIDS WILL SURELY BE UPON US.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (64.000) ( 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. 64.000 tonnes

(TOTAL YEAR 656.076 TONNES)

2023:

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: 64.195 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $2.45) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR FAIR GAIN OF 2514 CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT THE WEDNESDAY COMEX SESSION . THE TAS ISSUED WEDNESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 7.819 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 6300 OZ E.F.P. JUMP..NEW STANDING REMAINS AT 64.000 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $2.45

WE HAD – REMOVED CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 2514 CONTRACTS OR 251,400 OZ OR 7.819 TONNES.

Estimated gold volume today:// XX fair

final gold volumes/yesterday XX poor

//JUNE 21/ FOR THE JUNE 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	96.453 OZ int.Delaware 3 kilobars .
Deposit to the Dealer* Inventory in oz*	16,012.057 oz Brinks
Deposits to the Customer* Inventory, in oz*	16,001.885 oz Brinks
No of oz served (contracts) today	198 notice(s) 19800 OZ 1.552 TONNES
No of oz to be served (notices)	962 contracts 96,200 oz 2.992 TONNES
Total monthly oz gold served (contracts) so far this month	19,677 notices 1,967,700 OZ 61.203 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

No dealer withdrawals

Customer deposits: 1

i)Into Brinks 16,012.057 oz

total dealer deposits: 16,012.057 oz

we had one customer deposit:

i) Into Brinks: 16,001.885 oz

total deposits: 16,001.885 oz

Withdrawals: 1

i) out of Int. Delaware: 96.453 oz (3 kilobars)

total 96.453 oz

Adjustments;1 dealer to customer

i) Out of Brinks 13,210.510 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.

For the front month of JUNE we have an oi of 899 contracts having LOST 563 contracts. We had 500 contracts served on Tuesday so we LOST 63 contracts or an additional 6300 oz will NOT stand for gold at the comex.

The next front month after June is the non active delivery month of July. Here, July LOST 147 contracts to stand at 2391 contracts.

AUGUST LOST 3168 contracts up to 365,152 contracts

We had 198 contracts filed for today representing 19,800 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 50 notices were issued from their client or customer account. The total of all issuance by all participants equate to 198 contract(s) of which 5 notices were stopped (received) by j.P. Morgan dealer and 218 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 (19,875 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (899 CONTRACT) minus the number of notices served upon today 198 x 100 oz per contract equals 2,057,600 OZ OR 64.00 TONNES the number of TONNES standing in this active month of June.

thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (19,875) x 100 oz + (899) {OI for the front month} minus the number of notices served upon today (500) x 100 oz) which equals 2,057,600 oz standing OR 64.00 TONNES

TOTAL COMEX GOLD STANDING: 64.000 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 o

total pledged gold: 2,055,246.664 OZ 63.92 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,584,958.309 OZ

TOTAL REGISTERED GOLD: 11,704,821,493 (364.06 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,880,136.816 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,649,285 OZ (REG GOLD- PLEDGED GOLD) 300.13 tonnes//

END

SILVER/COMEX

JUNE 22//2023// THE JUNE 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	858,998.378 oz CNT Int. Delaware Manfra .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	103,138.454 oz Delaware
No of oz served today (contracts)	0 CONTRACT(S) (NIL OZ)
No of oz to be served (notices)	431 contracts (2,155,000 oz)
Total monthly oz silver served (contracts)	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 1 deposits customer account:

i) Into Delaware 103,138.454 oz

total customer deposits: 103,138.454 oz

JPMorgan has a total silver weight: 142,366 million oz/271.379 million =52.45% of comex .//dropping fast

Comex withdrawals 3

i) Out of CNT: 22,985.950 oz

ii) Out of Int. Delaware 228,390.928 oz

iii) out of Manfra: 607,621.500 oz

total withdrawals: 858,998.378 oz

adjustments: 1

dealer to customer: manfra

20,680.600 oz

TOTAL REGISTERED SILVER: 27.096 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 271.379 million oz

DEALER SILVER DROPPING FAST. (moves into the 27 million oz column)

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:

silver open interest data:

FRONT MONTH OF JUNE /2023 OI: 431 CONTRACTS HAVING LOST 0 CONTRACT(S).

WE HAD 0 NOTICES FILED ON TUESDAY SO WE LOST 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF JUNE

JULY HAD A 7351 CONTRACT LOSS TO 53,604CONTRACTS

AUGUST GAINED 28 CONTRACTS TO STAND AT 175

SEPT HAS A GAIN OF 31`67 CONTRACTS UP TO 82,175

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz

Comex volumes// est. volume today 127,197 huge /

Comex volume: confirmed yesterday:75,183 good

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(431) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JUNE/2023 contract month: 423 (notices served so far) x 5000 oz + OI for the front month of JUNE (431) – number of notices served upon today (0 )x 500 oz of silver standing for the JUNE contract month equates to 4.270 million oz + 2.935 EXCHANGE FOR RISK TODAY + 10.435MILLION OZ EXCHANGE FOR RISK (PRIOR)//NEW TOTAL: 17.640 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 21/WITH GOLD DOWN $2.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 934.03 TONES

JUNE 20/WITH GOLD DOWN $22.40 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 934.03 TONNES

JUNE 16/WITH GOLD UP $0.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.33 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 934.03 TONNES

JUNE 15/WITH GOLD UP $2.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 929.70 TONNES

JUNE 14/WITH GOLD UP $10.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 931.44 TONNES

JUNE 13/WITH GOLD DOWN $10.30 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.01 TONNES FORM THE GLD///INVENTORY RESTS AT 931.44

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

GLD INVENTORY: 934.03 TONNES

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them

JUNE 21/WITH SILVER DOWN $.40 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.784 MILLION OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 463.183 MILLION OZ//

JUNE 20/WITH SILVER DOWN 89 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 463.183 MILLION OZ//

JUNE 16/WITH SILVER UP 23 CENTS TODAY :SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 459,000 OZ FROM THE SLV///INVENTORY RESTS AT 463.183 MILLION OZ

JUNE 15/WITH SILVER DOWN 17 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.377 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 463.642 MILLION OZ//

JUNE 14/WITH SILVER UP 29 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 735,000 OZ FROM THE SLV///INVENTORY RESTS AT 465.019 MILLION OZ//

JUNE 13/WITH SILVER DOWN 25 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.515 MILLION OZ OF SILVER FROM THE SLV///INVENTORY RESTS AT 465.754 MILLION OZ//

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//

CLOSING INVENTORY 463.183 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

END

2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO

3,Chris Powell of GATA provides to us very important physical commentaries

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS/THURSDAY MORNING.7:30 AM

ONSHORE YUAN: CLOSED DOWN AT 7.1884

OFFSHORE YUAN: 7.1896

SHANGHAI CLOSED DOWN 42.46 PTS OR 1.31%

HANG SENG CLOSED DOWN 388.73 PTS OR 1.98%

2. Nikkei closed UP 186.23 PTS OR 0.56%

3. Europe stocks SO FAR: ALL MIXED

USA dollar INDEX UP TO 102.14 EURO RISES TO 1.0925 UP 5 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.371 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 141.77/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold DOWN /JAPANESE Yen 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 +2.403***/Italian 10 Yr bond yield FALLS to 4.037*** /SPAIN 10 YR BOND YIELD FALLS TO 3.345…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 3.671

3j Gold at $1934.25 silver at: 23.05 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND 55 /100 roubles/dollar; ROUBLE AT 84.23//

3m oil into the 71 dollar handle for WTI and 75 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 141.77// 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .371% 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 0.8972 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9802 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: 3.755 UP 3 BASIS PTS…

USA 30 YR BOND YIELD: 3.836 UP 2 BASIS PTS/

USA 2 YR BOND YIELD: 4.715 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 23.56…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.42 UP 10 BASIS PTS (RATES RISING RAPIDLY)

end

2. Overnight: Newsquawk and Zero hedge:

Global Stocks Slump For 4th Day After Central Bank Rate Hike Barrage

BY TYLER DURDEN

THURSDAY, JUN 22, 2023 – 08:16 AM

US equity futures and global markets slumped for a 4th day as policy tightening fears from the US to Norway to Switzerland to the UK hobbled the recent bull run which sent US stocks to a 52-week high last Friday. At 7:45am, S&P 500 and Nasdaq futures were down 0.3% following a selloff on Wall Street on hawkish warnings by Fed Chair Jerome Powell in testimony to Congress. The Bloomberg dollar index was higher with the Norwegian krone outperforming among Group-of-10 currencies. Treasury yields edged higher across the curve, mirroring mild increases in the UK and Europe. Brent crude slid nearly 1%, gold fell and Bitcoin topped $30k amid optimism over ETFs related to the token but has since reversed back under after today’s tightening barrage. Today’s macro data focus includes Jobless data, Home Sales, regional mfg activity, and the leading index. Powell speaks at 10am and there are 4x other Fedspeakers.

In premarket trading, Tesla shares dropped more than 2%, set to extend losses to a second session, after Morgan Stanley joined Barclays in downgrading the stock to equal-weight from overweight.

Here are some other notable premarket movers:

Alcoa Corp. shares are down 2.3% in premarket trading after Morgan Stanley downgraded the aluminum company to underweight from equal-weight.
Boeing Co. shares are 1.9% lower as its biggest supplier suspended production after union workers voted to strike, in a surprise development that risks disrupting the planemaker’s plan to hike output of its cash-cow 737 Max jet.
Nvidia falls as much as 1.4% in premarket trading as the biggest gainers of 2023, including Meta and Tesla, take a breather, set to extend losses to a second consecutive session.
Root shares jump 60% in premarket trading after the Wall Street Journal reported on Wednesday that Embedded Insurance has offered to acquire the car-insurance startup for $19.34 a share, citing unidentified people.

All industry subsectors fell into the red in Europe, where the region’s key Stoxx 600 index slumped about 1%, extending declines to a fourth day. UK stocks stayed lower after the Bank of England raised its benchmark rate by more than economists’ expectations, stepping up its fight against the worst bout of inflation since the 1980s and warning it may have to hike again. Here are the most notable European movers:

Ocado shares jump as much as 22% following a story in the Times published late Wednesday that mentions “speculation of bid interest,” without saying where it got the information
Anheuser- Busch InBev shares advance as much as 1.1% after Deutsche Bank upgrades its recommendation on the stock to buy, seeing an “attractive entry point for a quality company”
MTG gains as much as 9.9% after Handelsbanken reiterated its short-term buy recommendation for the Swedish gaming media group, saying the company is on a “fast track to recovery”
SES shares gain as much as 5.9% after ending talks with Intelsat, with analysts saying the outcome is positive as the satellite company can now focus on returning cash to shareholders instead
Valmet drops as much as 6.1%, its sixth straight decline and to lowest in six months, after Danske Bank downgrades the industrial equipment and service provider to hold and notes increased risks
Electrolux shares fall as much as 6.8% after Bloomberg News reported that Midea had dropped its pursuit of the Swedish home appliance maker after discussions with the firm and its top shareholder
Novo Nordisk shares fall as much as 3.2% after Danish newspaper BT reported the EMA is investigating a possible link between the firm’s Wegovy and Ozempic drugs, and thyroid cancer
Idorsia falls as much as 5.4% after Morgan Stanley resumes coverage at underweight. The broker says it prefers caution until there are signs of accelerating sales for lead insomnia drug Quviviq

Central banks’ battle with inflation far from over as inflation proves to be far stickier than they predicted just two years ago, and thwarting bets that tightening cycles were set to wind down. That’s prompted investors to rethink animal spirits unleashed by last week’s Fed rate pause. “Recession risks are arguably higher if rates are higher for longer, but risk assets are not reflecting that,” said Janet Mui, head of market analysis at RBC Brewin Dolphin. “Markets are re-assessing whether further risk taking is justified after the year-to-date-rally.”

In the US, hard-landing fears re-established themselves amid the prospect of tighter policy, pushing the inversion of a key segment of the Treasury yield curve to a full percentage point for the first time since March.

As noted earlier, the BOE lifted its policy rate by 50 basis points to 5% as it struggles to contain inflation that rose by 8.7%, higher than expected for a fourth month. Money market pricing now implies the BOE’s benchmark will reach 6% by the end of the year, which would be the highest since the turn of the century.

“The UK has the unenviable title of highest core inflation rate in the G7, and by quite some margin,” said Seema Shah, chief global strategist at Principal Asset Management. “It requires the central bank to adopt a clearly hawkish attitude that signals further sizeable moves over the coming months.n. A sharper slowdown of the UK economy will be an unfortunate, but necessary, fallout from monetary policy.”

Earlier, Norway’s central bank lifted its key deposit rate by 50 basis points to 3.75%, the 11th hike in its benchmark since September 2021. Officials said the rate will “most likely be raised further in August” and forecast a peak rate of 4.25% later this year. By contrast, the Swiss National Bank delivered the smallest interest-rate hike since it began monetary tightening a year ago, lifting its key rate by a quarter-point to 1.75%. Swiss inflation is the slowest of any advanced economy. Turkey’s central bank hiked significantly less than most economists expected, a sign that policymakers will favor a gradual transition from an era of ultra-cheap money.

Earlier in the session, Asian stocks stopped a three-day losing streak, as investors assessed remarks from Federal Reserve officials on the trajectory for US interest rates. The MSCI Asia Pacific Index climbed as much as 0.3% as Japanese benchmarks advanced, with the Topix rising to a fresh 33-year high. Markets in Greater China, which have been a drag on sentiment in the region this week as the stimulus trade faded, were closed for a holiday.

China is closed for holiday
ASX 200 was pressured with weakness across all sectors and as tech conformed to the underperformance stateside.
Nikkei 225 traded negatively but with the downside limited by recent currency weakness and after BoJ Board Member Noguchi echoed the central bank’s dovish tone in which he noted that the central bank’s new guidance is showing a strong commitment to patiently keeping easy policy and what’s most important is to ensure momentum for wage growth becomes trend by maintaining easy policy.
KOSPI was positive with the index underpinned by investment-related headlines including reports that European companies pledged investments in South Korea related to batteries, future cars and other cutting-edge industries.

“Fed Chair Powell continued to make a case for two more rate hikes but other Fed member commentaries leaned dovish,” Charu Chanana, market strategist at Saxo Markets, wrote in a note. Stocks in the Philippines headed for correction territory amid a government tax plan on snacks and sweetened beverages. The Thai equity benchmark was poised for its lowest close in 27 months, amid a selloff by foreign funds as political concerns following the nation’s May election continued to sour sentiment for the country’s stocks. Optimism on impending Chinese stimulus, which had supported domestic and regional shares earlier in June, has faded after a series of disappointing announcements over the past week. However, the MSCI Asia gauge is still up more than 5% this month

In FX, the dollar is marginally softer against most FX majors; Aussie at the bottom of G-10 scoreboard. Treasury 10-year yield broadly steady near 3.72%. JGB futures pare opening gains to trade little changed after solid 5-year auction. Aussie curve inverts again with 10-year yield about 3.5bps lower.

In commodities, WTI crude muted around $72.30; gold similarly quiet near $1,933. Bitcoin remains above $30k following Wednesday’s strong rally.

To the day ahead now, and the main highlight is the Bank of England’s latest policy decision which as noted earlier was a surprising 50 bps rate hike. In addition, we’ll hear Fed Chair Powell’s testimony to the Senate Banking Committee, along with the Fed’s Waller, Bowman, Mester and Barkin, ECB Vice President de Guindos and the ECB’s Panetta. Otherwise, US data releases include the weekly initial jobless claims, existing home sales for May, the Conference Board’s leading index for May, and the Kansas City Fed’s manufacturing activity index for June. In addition, there’s the European Commission’s preliminary consumer confidence for the Euro Area in June.

Market Snapshot

S&P 500 futures down 0.2% to 4,400.00
MXAP down 0.1% to 166.06
MXAPJ down 0.2% to 521.84
Nikkei down 0.9% to 33,264.88
Topix little changed at 2,296.50
Hang Seng Index down 2.0% to 19,218.35
Shanghai Composite down 1.3% to 3,197.90
Sensex little changed at 63,491.22
Australia S&P/ASX 200 down 1.6% to 7,195.49
Kospi up 0.4% to 2,593.70
STOXX Europe 600 down 0.9% to 452.79
German 10Y yield little changed at 2.45%
Euro little changed at $1.0991
Brent Futures down 0.7% to $76.61/bbl
Gold spot down 0.3% to $1,926.72
U.S. Dollar Index little changed at 102.08

Top overnight news

Washington-Beijing tensions set to ratchet up even further as the White House turns its attention toward curtailing China’s cloud giants. NYT
India’s stock market spikes as investors increasingly embrace the narrative that the country is set to overtake China as the world’s economic growth engine (and it helps that India doesn’t have the geopolitical risks swirling around China). FT
Norway’s central bank has raised its main interest rate by 50bps (vs 25bps expected) to 3.75 per cent and said borrowing costs are “most likely” to be lifted further in August after inflation overshot expectations. FT
The head of Germany’s central bank has warned inflation is a “very greedy beast” and it would be a “first-order error” to stop raising interest rates even if it keeps falling in the coming months. Joachim Nagel, president of the Bundesbank, on Wednesday said some central banks in the past had given up too early in the fight against inflation and it was his “intention that we should really prevent this” from happening in the eurozone. FT
Ukraine warns that its gas transit deal w/Russia’s Gazprom could end when the current contract expires in 2024 (this is one of the last arteries supplying gas from Russia into Europe and accounts for ~5% of the latter’s supply). FT
Britain’s red-hot inflation is set to force the BOE to step up the pace of rate hikes again today. It’s expected to push ahead with a 25-bp rise to 4.75% — though money markets put a 40% chance on a 50-bp increase. Officials won’t lay out full new forecasts until August, but today’s minutes will be scrutinized for any signals on the outlook and what the BOE might do about it. BBG
Deutsche Bank CEO Christian Sewing said he expects trading results to improve in the second half. Citing “momentum” in fixed income, he told Bloomberg Television that traders should see “a slight recovery” this year. He also said the bank is committed to returning €8 billion to shareholders. BBG
India is expected to purchase state-of-the-art U.S. drones and jointly produce jet-fighter engines in a multibillion-dollar deal designed to wean New Delhi off arms purchases from Russia. WSJ
Twitter Chief Executive Linda Yaccarino intervened to help repair the relationship between the social-media company and Alphabet’s Google after a payment issue, a person familiar with the matter said, an early example of the new CEO’s management style. Twitter is now paying Google for its cloud services after not consistently paying some of those bills, people familiar with the matter said. Those bills amounted to more than $20 million a month recently. WSJ

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower following the tech-led declines on Wall St and with risk appetite also constrained by key holiday closures with markets across the Greater China region shut for the Dragon Boat Festival. ASX 200 was pressured with weakness across all sectors and as tech conformed to the underperformance stateside. Nikkei 225 traded negatively but with the downside limited by recent currency weakness and after BoJ Board Member Noguchi echoed the central bank’s dovish tone in which he noted that the central bank’s new guidance is showing a strong commitment to patiently keeping easy policy and what’s most important is to ensure momentum for wage growth becomes trend by maintaining easy policy. KOSPI was positive with the index underpinned by investment-related headlines including reports that European companies pledged investments in South Korea related to batteries, future cars and other cutting-edge industries.

Top Asian news

China’s Commerce Minister said China is willing to push forward economic and trade ties with France.
White House economic adviser Bernstein said he expects US relations with China will improve and also commented that where the US is now looks nothing like a recession.

European bourses trade on the backfoot with selling pressure having picked up since the cash open without a clear fundamental driver. US equity futures are also softer on the session, albeit to a lesser extent than European peers with the ES just about holding around the 4400 mark. Equity sectors in Europe are lower across the board with selling pressure most prominent in Banking, Autos and Travel & leisure names. In terms of individual movers, Ocado (+42%) is by far the best performer in the Stoxx 600 amid speculation in The Times that Amazon (AMZN) could be a potential suitor – Amazon declined to comment.

Top European News

Boeing’s Biggest Supplier Suspends Output After Strike Vote
Ukraine Recap: Double Bridge From Crimea to Mainland Damaged
SNB Dials Down Interest-Rate Hike But Says More Increases Likely
China’s Chesir Said to Eye Merck KGaA’s €1 Billion Pigments Arm
Norway Raises Rate by Half Point to Ramp up Inflation Fight
US Welcomes EU’s Security Strategy on China, Envoy Says
Ocado Shares Jump After Times Report Citing Bid Interest

DXY sits in a tight range on either side of 102.00.
GBP, NZD, CAD are all firmer against the USD, the former ahead of the BoE announcement at noon London time.
Yen continues to track Treasuries relative to JGBs following another BoJ official reading from the dovish script.
Aussie one again resides as a laggard, while Chinese markets were closed overnight.
Euro eventually reclaimed 1.10+ status against the Dollar, with hefty in-the-money OpEx for the NY cut.

Fixed Income

Bunds reversed through Wednesday’s low before finding some underlying support at 133.04.
Gilts are losing more momentum as the clock ticks down to high noon at the BoE that is evenly priced to stick with 25bps or go large at 50bps.
The T-note is nearer to its intraday trough than its peak ahead of US jobless claims, existing home sales and more Fed speak.
Deutsche Bank CEO Sewing sees fixed income recovery in Q3/Q4, via BBG TV.

Commodities

WTI and Brent August futures have tilted negative in tandem with the broader risk appetite but, in the bigger picture, remain choppy within tight ranges as markets brace for a heavy central bank day as eyes now turn to the BoE.
Spot gold is relatively flat under USD 1,930/oz, with the Dollar index also contained, in the run-up to the aforementioned central bank events on the docket.
Base metals are now mostly firmer (vs mostly softer around the European cash open) despite the subdued risk appetite and relatively flat Dollar.
IEA’s Birol said the IEA still sees tight oil market in H2 even with a sluggish China; very little new LNG coming onto market this year, according to Bloomberg.

Central Banks

SNB:

SNB hiked its Policy Rate by 25bps to 1.75%, in-fitting with analyst expectations but shy of market pricing which leaned towards 50bps. SNB said cannot be ruled out that additional rises in the SNB policy rate will be necessary, and added in the current environment, the focus is on selling foreign currency. Click here for the full release.
SNB Chairman Jordan said most likely we will have to tighten monetary policy again, but we can also take a more gradual approach, according to Reuters.
SNB Financial Stability Report: In the SNB’s view, going forward, banks should be required to prepare a minimum amount of assets that can be pledged at central banks. Inflation and interest rates should remain lower than in other advanced economies.

NORGES BANK:

Norges Bank hiked its Policy Rate by 50bps to 3.75% vs expectations for a 25bps hike to 3.50%. Norges said the current assessment of the outlook and balance of risks implies that the policy rate will most likely be raised further in August. Click here for the full release.
Norges Bank Chief said significant uncertainty regarding the Crown currency development; Crown exchange rate weaker than models can explain, according to Reuters.

Geopolitics

US National Security Adviser Sullivan is to travel to Denmark this weekend to meet representatives from India, Brazil and other countries that have not condemned Russia’s invasion of Ukraine in an effort to boost support for Kyiv, according to FT.
US Coast Guard ship transited Taiwan Strait following Secretary of State Blinken’s China visit, according to Reuters.
Russian gas flows through Ukraine could stop next year as the Ukrainian energy minister stated that a renewal of the five-year transit contract to supply Europe was unlikely, according to FT.
German Chancellor Scholz on China talks, says we warned against any changes to territorial status quo by force, particularly in Taiwan, according to Reuters.
US and India are to sign major deals on fighter-jet engines, and drones during PM Modi’s visit, according to a US official cited by AFP

US Event Calendar

08:30: June Initial Jobless Claims, est. 259,000, prior 262,000
08:30: June Continuing Claims, est. 1.79m, prior 1.78m
08:30: 1Q Current Account Balance, est. -$218b, prior -$206.8b
10:00: May Existing Home Sales MoM, est. -0.7%, prior -3.4%

DB’s Jim Reid concludes the overnight wrap

The last 24 hours proved to be another tough session for markets, by recent standards at least, with both the S&P 500 (-0.52%) and the STOXX 600 (-0.50%) down for a 3rd consecutive day. This was the first time since the May 4th and June 9th respectively. There were several factors behind this, including some hawkish remarks from Fed Chair Powell as he reiterated the Fed’s intention to keep hiking rates. That meant investors again moved to price out the prospects for 2023 Fed cuts. But on top of that, we had several bad macro headlines from the UK, where another upside inflation surprise ramped up the pressure on gilts once again, and led to growing concerns that stagflation was on the cards.

It’s difficult to stress just how bad that UK release was yesterday, since both headline and core CPI surprised on the upside for a 4th consecutive month. That left headline CPI at +8.7% (vs. +8.4% expected), and in many respects the more worrying story was core CPI hitting a 31-year high of +7.1% (vs. +6.8% expected). This persistence for both headline and core is now making the UK a real outlier on inflation, with the highest rate in the G7 by some margin. For instance, headline Euro Area inflation “only” stood at +6.1% in May, and if you calculate US inflation on the same basis as Europe does, then the comparable headline measure is now down to just +2.7%.

With that upside CPI in hand, investors started to fully price in a 6% Bank Rate over the coming months, which is the first time that’s happened since the mini-budget turmoil last September. Unsurprisingly, this prompted a sizeable selloff for gilts too, though the 2yr yield (+9.3bps) at 5.05% remained a little below its post-GFC high reached this Monday. And if that wasn’t enough, we also found out yesterday that the UK debt-to-GDP ratio surpassed 100% of GDP in May for the first time since March 1961. For a sense of how long ago that was, it was a month before Yuri Gagarin became the first man in space and was also the last time Spurs were on course to win the league title.

That backdrop sets us up for the Bank of England’s latest policy decision today at 12pm London time. There’s little doubt that they’ll deliver another hike, but since the CPI print there’s been growing questions about a potential 50bp move today, or alternatively if they might signal bigger moves at future meetings. Current market pricing is suggesting there’s a 37% chance of a 50bp move. But looking over the June and August meetings together, we’ve got 76bps of rate hikes priced, so that implies markets are fully pricing in a larger move for one of the next two decisions. Our UK economist is sticking to his 25bp call for today’s meeting, but thinks the sticky inflation raises the hawkish risks. See his latest blog here.

Central banks were in focus elsewhere yesterday, since Fed Chair Powell was testifying before the House Financial Services Committee. In many respects his remarks were similar to those from last week’s FOMC decision, and he reiterated that “the process of getting inflation back down to 2 percent has a long way to go”. Among other Fed speakers, Chicago Fed President Goolsbee noted that the decision to keep rates on hold in June “was a close call”, a hawkish-leaning comment for one of the more dovish FOMC members this year. Meanwhile, Atlanta Fed President Bostic (non-voter) said that “the bar to justify further rate hikes is higher than it was a few months ago” and that his baseline was to hold rates through year-end, implying that he was one of the just two FOMC members in the June dot plot that expected to keep rates on hold in 2023. However, Bostic added that he did not expect a rate cut for “most of 2024”.

For markets, the main takeaway was anticipating a Fed that stays higher for longer. While futures moved to price in marginally less chances of a hike in July (from 74% to 69%), there was growing scepticism that the Fed would be cutting rates at all this year, and the rate priced in by the December meeting closed at 5.23% (+1.2bps), just shy of the post-SVB’s highs reached on Monday of 5.24%. On the back of this, 2yr Treasury yields (+3.05bps to 4.715%) sold off, while the 10yr yield was just lower than unchanged on the day, -0.2bps at 3.719%. The 2s10s slope thus reached a new post-SVB low of -100.4bps. Those concerns were evident among equities too, where the S&P 500 (-0.52%) fell for a third consecutive day. Tech stocks led the decline, with the NASDAQ (-1.21%) and the FANG+ index of megacap tech stocks (-2.41%) underperforming. That said, volatility remained incredibly subdued, with the VIX index falling back to 13.2pts, which is its lowest closing level since January 2020.

Back in Europe, markets followed a similar pattern yesterday, with bonds and equities both losing ground. By the close, yields on 10yr bunds (+3.0bps), OATs (+3.5ps) and BTPs (+2.0bps) had all risen, which came as investors fully priced in two further hikes from the ECB over the months ahead. At the same time, the STOXX 600 shed -0.50%, with tech stocks leading the declines once again.

Asian equity markets are mixed this morning amid thin trading due to a holiday in Hong Kong, mainland China and Taiwan. As I type, the KOSPI (+0.35%) is seeing gains with the Nikkei fairly flat. The S&P/ASX 200 (-1.57%) is sharply down, extending its losses for a second day due to a sell-off in technology and mining stocks. Outside of Asia, US stock futures are indicating small additional losses with those on the S&P 500 (-0.09%) and NASDAQ 100 (-0.14%) slightly lower.

To the day ahead now, and the main highlight will be the Bank of England’s latest policy decision. In addition, we’ll hear Fed Chair Powell’s testimony to the Senate Banking Committee, along with the Fed’s Waller, Bowman, Mester and Barkin, ECB Vice President de Guindos and the ECB’s Panetta. Otherwise, US data releases include the weekly initial jobless claims, existing home sales for May, the Conference Board’s leading index for May, and the Kansas City Fed’s manufacturing activity index for June. In addition, there’s the European Commission’s preliminary consumer confidence for the Euro Area in June.

2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT

Negative sentiment continues on Super Thursday in the run-up of the BoE – Newsquawk US Market Open

THURSDAY, JUN 22, 2023 – 06:03 AM

European bourses trade on the backfoot with selling pressure having picked up since the cash open; Chinese markets were closed overnight.
US equity futures are also softer on the session, albeit to a lesser extent than European peers with the ES just about holding around the 4400 mark.
SNB’s rate hike disappointed markets but matched analyst expectations while Norges opted for a larger-than-forecast rate hike and guided another hike in August.
DXY sits in a tight range on either side of 102.00, EUR/USD eventually reclaimed 1.10+ status, with hefty in-the-money OpEx for the NY cut.
Looking ahead, highlights include US IJC, Existing Home Sales, EU Consumer Confidence (Flash), BoE, CBRT & Banxico announcements, Speeches from Fed’s Powell, Bowman, Barkin, ECB’s de Guindos

Click here for the Newsquawk Week Ahead preview.
Click here for the BoE preview.

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EUROPEAN TRADE

EQUITIES

European bourses trade on the backfoot with selling pressure having picked up since the cash open without a clear fundamental driver.
US equity futures are also softer on the session, albeit to a lesser extent than European peers with the ES just about holding around the 4400 mark.
Equity sectors in Europe are lower across the board with selling pressure most prominent in Banking, Autos and Travel & leisure names. In terms of individual movers, Ocado (+42%) is by far the best performer in the Stoxx 600 amid speculation in The Times that Amazon (AMZN) could be a potential suitor – Amazon declined to comment.
Click here and here for a recap of the main European updates.
Click here for more detail.

FX

DXY sits in a tight range on either side of 102.00.
GBP, NZD, CAD are all firmer against the USD, the former ahead of the BoE announcement at noon London time.
Yen continues to track Treasuries relative to JGBs following another BoJ official reading from the dovish script.
Aussie one again resides as a laggard, while Chinese markets were closed overnight.
Euro eventually reclaimed 1.10+ status against the Dollar, with hefty in-the-money OpEx for the NY cut.
Click here for notable OpEx for the NY Cut.
Click here for more detail.

FIXED INCOME

Bunds reversed through Wednesday’s low before finding some underlying support at 133.04.
Gilts are losing more momentum as the clock ticks down to high noon at the BoE that is evenly priced to stick with 25bps or go large at 50bps.
The T-note is nearer to its intraday trough than its peak ahead of US jobless claims, existing home sales and more Fed speak.
Deutsche Bank CEO Sewing sees fixed income recovery in Q3/Q4, via BBG TV.
Click here for more detail.

COMMODITIES

WTI and Brent August futures have tilted negative in tandem with the broader risk appetite but, in the bigger picture, remain choppy within tight ranges as markets brace for a heavy central bank day as eyes now turn to the BoE.
Spot gold is relatively flat under USD 1,930/oz, with the Dollar index also contained, in the run-up to the aforementioned central bank events on the docket.
Base metals are now mostly firmer (vs mostly softer around the European cash open) despite the subdued risk appetite and relatively flat Dollar.
IEA’s Birol said the IEA still sees tight oil market in H2 even with a sluggish China; very little new LNG coming onto market this year, according to Bloomberg.
Click here for more detail.

NOTABLE US HEADLINES

US House is reportedly to vote on Biden impeachment resolution today, according to Axios.
US federal court scheduled the initial appearance in the Hunter Biden case for July 26th, according to a CBS reporter.

CRYPTO

Bitcoin extended on this week’s rally and climbed back above the USD 30,000 level.

CENTRAL BANKS

SNB:

SNB hiked its Policy Rate by 25bps to 1.75%, in-fitting with analyst expectations but shy of market pricing which leaned towards 50bps. SNB said cannot be ruled out that additional rises in the SNB policy rate will be necessary, and added in the current environment, the focus is on selling foreign currency. Click here for the full release.
SNB Chairman Jordan said most likely we will have to tighten monetary policy again, but we can also take a more gradual approach, according to Reuters.
SNB Financial Stability Report: In the SNB’s view, going forward, banks should be required to prepare a minimum amount of assets that can be pledged at central banks. Inflation and interest rates should remain lower than in other advanced economies.

NORGES BANK:

Norges Bank hiked its Policy Rate by 50bps to 3.75% vs expectations for a 25bps hike to 3.50%. Norges said the current assessment of the outlook and balance of risks implies that the policy rate will most likely be raised further in August. Click here for the full release.
Norges Bank Chief said significant uncertainty regarding the Crown currency development; Crown exchange rate weaker than models can explain, according to Reuters.

OTHER:

BoJ Board Member Noguchi said Japan’s economy is to recover moderately and BoJ’s new guidance is showing a strong commitment to patiently keeping easy policy, while he also noted that the global economy and markets are risks to Japan’s economy. Furthermore, Noguchi said the shape of the yield curve is now smooth as a whole and what’s most important is to ensure momentum for wage growth becomes a trend by maintaining easy policy. Noguchi does not see the need to make operational tweaks to Yield Curve Control (YCC) for the time being; BoJ should prioritise keeping yields stably low to sustainably achieve price target as early as possible.
Brazil Central Bank maintained the Selic rate at 13.75%, as expected, while it removed the reference to a possible resumption of the tightening cycle if the disinflationary process does not proceed as expected and said it will persevere with its policy until the consolidation of disinflation and anchoring of inflation expectations around its target. BCB said the current scenario demands patience and serenity in conducting monetary policy and stated that various measures of underlying inflation remain above the range compatible with meeting the inflation target, while it lowered its 2023 CPI forecast to 5.0% from 5.8% and cut its 2024 CPI forecast to 3.4% from 3.6%.

GEOPOLITICS

US National Security Adviser Sullivan is to travel to Denmark this weekend to meet representatives from India, Brazil and other countries that have not condemned Russia’s invasion of Ukraine in an effort to boost support for Kyiv, according to FT.
US Coast Guard ship transited Taiwan Strait following Secretary of State Blinken’s China visit, according to Reuters.
Russian gas flows through Ukraine could stop next year as the Ukrainian energy minister stated that a renewal of the five-year transit contract to supply Europe was unlikely, according to FT.
German Chancellor Scholz on China talks, says we warned against any changes to territorial status quo by force, particularly in Taiwan, according to Reuters.
US and India are to sign major deals on fighter-jet engines, and drones during PM Modi’s visit, according to a US official cited by AFP

APAC TRADE

APAC stocks were mostly lower following the tech-led declines on Wall St and with risk appetite also constrained by key holiday closures with markets across the Greater China region shut for the Dragon Boat Festival.
ASX 200 was pressured with weakness across all sectors and as tech conformed to the underperformance stateside.
Nikkei 225 traded negatively but with the downside limited by recent currency weakness and after BoJ Board Member Noguchi echoed the central bank’s dovish tone in which he noted that the central bank’s new guidance is showing a strong commitment to patiently keeping easy policy and what’s most important is to ensure momentum for wage growth becomes trend by maintaining easy policy.
KOSPI was positive with the index underpinned by investment-related headlines including reports that European companies pledged investments in South Korea related to batteries, future cars and other cutting-edge industries.

NOTABLE ASIA-PAC HEADLINES

China’s Commerce Minister said China is willing to push forward economic and trade ties with France.
White House economic adviser Bernstein said he expects US relations with China will improve and also commented that where the US is now looks nothing like a recession.

DATA RECAP

New Zealand Trade Balance (NZD)(May) 46.0M (Prev. 427.0M)
New Zealand Exports (NZD)(May) 6.99B (Prev. 6.8B)
New Zealand Imports (NZD)(May) 6.95B (Prev. 6.38B)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

THURSDAY MORNING/WEDNESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA/USA

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

BOE Shocks Markets With Surprise 50bps Rate Hike In Crusade Against Red Hot Inflation

THURSDAY, JUN 22, 2023 – 07:26 AM

Extending Thursday’s central bank tightening barrage, which saw rate hikes from the likes of Switzerland, Norway and Turkey, moments ago the BOE shocked markets with a bigger-than-expected half-point rise in the interest rates to 5%, the 13th consecutive rate hike of the current cycle and the highest level since 2008, as the BOE has stepped up its fight against sticky high inflation.

Voting seven to two in favor of the larger-than-expected increase (Dinghra and outgoing member Tenreyro voted for unchanged and nobody voted for a 25bps hike), the central bank’s Monetary Policy Committee said it was responding to “material news” in recent economic data that showed worse inflationary pressures in the UK economy.

As noted above, the two dissents on the BOE’s rate-setting committee were external members Silvana Tenreyro, in her last meeting, and Swati Dhingra. They argued that the existing rate rises have yet to impact the economy fully and falling energy prices will push inflation below target by the end of the forecast horizon.

The BoE hopes its decisive move demonstrates determination to get a grip on rapidly rising prices. In a letter to the chancellor explaining the move, governor Andrew Bailey said: “Bringing inflation down is our absolute priority.” Justifying the move, the MPC said: “There has been significant upside news in recent data that indicates more persistence in the inflation process.”

The BoE policymakers led by governor Andrew Bailey also reiterated earlier guidance pointing toward higher rates warning that “if there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required” and said nothing to rein in market expectations for rates peaking around 6% by early next year, which would be the highest in over two decades.

“If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required,” Bailey wrote in a letter to Chancellor of the Exchequer Jeremy Hunt. He added: “Bringing inflation down is our absolute priority. The MPC will do what is necessary to return inflation to the 2% target.”

The decision announced Thursday suggests UK borrowing costs could keep rising through the summer even after the US Federal Reserved paused its tightening spree. Britain remains an outlier in the Group of Seven nations, with consumer prices rising 8.7% in May, four times the BOE’s 2% target and more than double the rate in the US, while core CPI hit a new 31-year high.

For borrowers, the move signals further hardship. Two year mortgage rates have tripled to more than 6% since March 2022, and experts are warning of a mortgage “time bomb” as households refinance at unaffordable levels.

The decision will also reinforce financial market movements over the past month that have prompted lenders to withdraw fixed-rate mortgage rate deals and increase the costs of home loans substantially in what has become known as a mortgage “time bomb”. With at least 800,000 fixed mortgages due to move on to significantly higher rates in the second half of this year, lawmakers across the political spectrum are starting to blame the Bailey and the BOE for failing to halt inflation earlier.

Prime Minister Rishi Sunak’s government is facing calls to help struggling borrowers but has so far resisted them for fear of undermining the BOE. If rates hit market forecasts of 6%, the UK will collapse into recession, Bloomberg Economics expects. Hunt is pressing high street lenders to help struggling borrowers, moving the issue up the political agenda at a time when the ruling Conservative Party is preparing to fight an election widely expected next year.

The minutes to the June meeting acknowledged that “second-round effects in domestic price and wage developments are likely to take longer to unwind than they did to emerge.”

It warned of “more persistence in the inflation process, against the background of a tight labor market and continued resilience in demand.”
Both services inflation and core inflation have been “stronger than projected.” Wages have also continued to rise faster than expected, the minutes said.

The minutes also argued that inflation pressures will soon ease. Consumer price inflation “is expected to fall significantly during the course of the year,” the BOE said. Goods inflation should come down as “producer output price inflation has fallen very sharply in recent months.” Food price inflation is projected to fall from current levels of near 19%, it added.

BOE officials will draw up new forecasts for growth and inflation in time for the next decision due on Aug. 3. Bailey, Tenreyro and BOE Chief Economist Huw Pill are all scheduled to speak next week.

In kneejerk reaction to the surprise 50bps hike, GBPUSD spiked higher to 1.2838 before fading the move to pre-announced levels of around 1.2780 and then extending the move to 1.2740 while Sep’23 Gilts fell from 94.85 to 94.24 before reversing course and rising to 95.80 over the course of 11 minutes, a clearly stagflationary kneejerk.

The reason for the reversal in GBP and Gilts – according to Newsquawk – appears to be as markets weigh the strain on the UK consumer from higher rates with rising mortgage costs a front-page Issue in the UK and unlikely to receive government support. Such an outcome will likely overshadow the better- than-expected start to the year for the UK economy. For Gilts specifically, a lot of the price action also appears to be part of a curve play with the curve now flatter after the MPC appears to have front-loaded rate hikes.

In terms of market pricing, a 25bps hike in August is seen at 76% and 50bps at 24% with terminal seen reaching 6% in December. The first rate cut is not fully priced in until September 2024.

SNB AND NORGE BANK

SNB Hikes 25bps, Norges Bank Hikes 50bps

THURSDAY, JUN 22, 2023 – 06:56 AM

Stocks are having a tough time this morning after central banks extended their recent hawkish spree. Switzerland and Norway raised rates – the latter by more than expected – and the BOE looks set to hike even more than consensus, as Britain’s red-hot inflation sours the outlook. Turkey is expected to raise aggressively as policymakers move to shore up confidence. Meanwhile, Jerome Powell – whose semiannual testimony on the Hill continues today, this time before the Senate – suggested yesterday the Fed’s on course for two more hikes this year.

A closer look at what happened earlier in the session:

The Swiss National Bank (SNB) hiked the policy rate by 25bp to 1.75% today, in line with consensus expectations. The SNB revised down its 2023 conditional inflation forecast markedly, but revised up the 2024 and 2025 inflation rates on the back of second-round effects, imported inflation, and rent and electricity prices. Goldman keeps its expectation for one more 25bp hike in September, but lower its terminal rate expectation to 2% from 2.25% previously.
Norges Bank’s Monetary Policy Committee voted unanimously to raise the policy rate by 50bp to 3.75%, above consensus and market expectations, stepping up the hiking pace again compared with their prior hikes this year. The Committee guided that “if developments turn out as we now expect, the policy rate will be raised further in August”. Norges Bank’s policy rate forecast has been revised up and now indicates a terminal rate around 4.2% in the autumn (compared with 3.6% previously). Given today’s guidance, Goldman retains its expectation for two further 25bp hikes in August and September, taking the forecast of the peak policy rate to 4.25%, compared with 4% previously.

Main points:

1. The Swiss National Bank (SNB) raised the policy rate by 25bp to 1.75%, in line with consensus expectations. The Monetary Policy Assessment (MPA) kept the statement that additional rate hikes “cannot be ruled out”. The press release also left the language around FX interventions unchanged, continuing to highlight that the SNB remains “willing to be active in the foreign exchange market as necessary”. In the press conference, Chairman Jordan suggested once more that further monetary tightening is needed, but given the SNB’s progress in tackling inflation a step down in pace could be justified, especially in light of FX interventions helping to keep inflation subdued, too.

2. Exhibit 1 shows the new conditional inflation forecast, which was revised down in 2023, but upwards in 2024 and 2025 on the back of second-round effects, imported inflation, and rent and electricity prices (-0.4pp to 2.2% in 2023, +0.2pp at 2.2% in 2024, +0.1pp to 2.1% in 2025). The SNB expects Swiss GDP to grow around 1.0% this year, unchanged from March, noting that the services sector gained momentum and the labor market remains robust. Looking ahead, the SNB expects that the loss of purchasing power due to inflation and restrictive financial conditions will dampen growth in the second half of the year.

3. Given the SNB’s willingness to intervene in FX markets, and today’s MPA noting that some of the 2023 inflation weakness was caused by the strength in the Franc, Goldman expects the SNB to continue to lean more on FX interventions to control inflation, especially given today’s step-down in the hiking pace. In light of this and Chairman Jordan’s comments suggesting that, prior to today’s hike, there were at most two further hikes planned, the bank expects a final 25bp hike in September, but lowers its terminal rate estimate to 2% from 2.25% previously.

* * *

4. Norges Bank’s Monetary Policy Committee voted unanimously to raise the policy rate by 50bp to 3.75%, above consensus and market expectations, stepping up the hiking pace compared with their previous 25bp hikes. The Committee guided that “if developments turn out as we now expect, the policy rate will be raised further in August”. Norges Bank’s policy rate forecast has been revised up and now indicates a terminal rate of around 4.2% in the autumn (+ 0.6pp since March, Exhibit 2). The Committee sees two-sided risks around the policy outlook: a weaker Krone or persisting economic pressures might require a higher policy rate, while a faster decline in inflation or a more pronounced slowdown in the Norwegian economy might require a lower rate.

5. The updated economic projections in the Monetary Policy Report (MPR), also published today, show meaningful upward revisions to inflation and, to a lesser extent, to growth. The MPR noted that mainland GDP growth has been a little lower than projected in March, and Norges Bank now expects mainland GDP to grow by 1.2% in 2023 (+0.1pp vs. the March MPR). Equally, higher wage growth and a weaker Krone pushed up inflation projections; Norges Bank now expects headline CPI inflation of 6.0% for 2023 (+1.1pp vs. March) and 3.9% for 2024 (+0.6pp vs. March). CPI-ATE is now expected to reach 6.3% in 2023 (+0.7pp vs. March) and 4.6% in 2024 (+0.8pp vs. March). Wage growth was revised up 0.4pp to 5.5% in 2023 and by 0.3pp to 4.7% in 2024, with the MPR noting that underlying inflation “is likely to remain elevated longer than envisaged earlier”.

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE//USA

Zelensky Pours Cold Water On Ukraine Counteroffensive Hopes

BY TYLER DURDEN

THURSDAY, JUN 22, 2023 – 11:15 AM

Authored by Kyle Anzalone via The Libertarian Institute,

Ukraine’s long-awaited counteroffensive has been underway for over two weeks, and Kiev has little to show for the loss of life and military equipment expended the in the operations. On Monday, a Ukrainian military official attempted to lower expectations for the counteroffensive. In Washington, members of Congress say future support Kiev depends on regaining territory.

In an interview with the Czech Present Time TV station Ukraine’s Defense Minister Oleksii Reznikov downplayed how much territory Kiev will retake in the counteroffensive. “The Russians had the opportunity to prepare. There is an incredible density of minefields,” he said. “Our officers, our commanders are maneuvering, look for opportunities, move carefully. I suggest not pushing them, not pushing them, they are doing their job. And they will do it.”

While Reznikov argued Kiev’s attempt to preserve its soldiers’ lives is slowing the operations, Chairman of the Joint Chiefs, Gen. Mark Milley, believes Ukraine will sustain massive losses during the counteroffensive. “This is a very difficult fight. It’s a very violent fight, and it will likely take considerable time and at high cost,” he said.

Reznikov went on to tell the outlet, which Radio Free Europe owns, not to compare the current operations to the counteroffensive in the Autumn that saw Kiev retake swaths of territory. “The Kharkiv operation went very quickly, successfully, unexpectedly for the enemy, for the world community, and for many Ukrainians as well.” He continued, “Therefore, it is now impossible to expect that everything will happen as quickly as it happened with Kharkiv.”

Ukraine’s Deputy Defense Minister, Hanna Maliar, acknowledged there was extensive fighting along the frontlines and Russian forces were on the offensive in some areas. “In the south, battles are currently taking place in the directions where Ukrainian soldiers are advancing, and the enemy is on the defensive,” she posted on Telegram. “At the same time, we have directions where, on the contrary, the enemy is advancing, and we are on the defensive. For example, Kupiansk and Lyman.”

Washington has been helping Kiev plan the counteroffensive since the Winter. The US and other NATO countries pour weapons into Ukraine for the operations. So far, Ukraine has failed to retake territory.

In May, Rep. Michael McCaul (R-TX), chairman of the House Foreign Affairs Committee, argued that future support for Keiv depends on being able to recapture territory. “I think there’s going to be a lot riding on the line with this counteroffensive,” he said. “If Ukraine is successful in the eyes of the American people and the world, I think it will be a game-changer for continued support. If they are not, that will also have an impact, in a negative way, though.”

Ukraine is entirely dependent on the US and its allies to arm and train its military. If Western support ends, Kiev will likely have to make an agreement with Moscow to end the war. However, Secretary of State Antony Blinken says Washington is committed to arming Ukraine even if the current counteroffensive fails.

end

TURKEY

Turkish Lira Plummets To New All Time Low After Erdogan’s Central Bank Chickens Out On “Bazooka” Rate Hike

BY TYLER DURDEN

THURSDAY, JUN 22, 2023 – 10:50 AM

Ahead of today’s Turkish central bank rate hike – the direct result of Erdogan replacing his entire economic team with a new generation of “traditionalists” including hiring the former co-CEO of First Republic to run his central bank (“I didn’t know her. We thought we should have a female chief at the central bank and took this step.“), confusion reigned with FX strategists as clueless on what to expect from the CBRT as Adam Jonas is on Tesla, with estimates ranging from Goldman’s call for a hike to 40%, to Standard Chartered’s 14%. In the end, the central. bank’s first move in ended up being weaker than pretty much anyone expected, with the new (female) head of the Turkish central bank delivering a significantly smaller interest-rate increase than anticipated, as the effectively insolvent country – with negative central bank net reserves…

… embarks on what it said would be a gradual transition from an era of ultra-cheap money. In kneejerk reaction, the lira dropped to a new record low, crashing as much a 3% to a new all time low, as the USDJPY hit a record high of 24.6224…

… well on its way to our forecast for a 30 print in the near future.

In the first rate-setting meeting after Governor Hafize Gaye Erkan took over this month, the Monetary Policy Committee increased its benchmark to 15% from 8.5%, the first rate hike in more than two years… and very possibly the last one.

The Turkish lira reversed small kneejerk gains and slumped as much as 3% to a record low after the decision. It was trading at 24.35 per dollar at last check. Turkey’s dollar bonds erased gains to trade lower on the day, and the cost to insure Turkish debt against default using credit-default swaps jumped 20 basis points to 513.

The hike “sets the stage for a gradualist approach and policy mix that will be a learning process between markets and policymakers in the coming months,” said Simon Quijano-Evans, chief economist at Gemcorp Capital Management in London.

And while the central bank pledged some further tightening, saying that “monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved,” adding that “the Committee will simplify and improve the existing micro and macroprudential framework,” it cautioned that future steps would be gradual, in line with guidance from Treasury and Finance Minister Mehmet Simsek.

In fact, reading between the lines, it appears that even the new/former finance minister agrees with Erdogan that a weaker lira is a policy goal: in a twitter post, he said that “oolicy framework based on the principles of market economy, free foreign exchange regime and open economy will ensure significant capital inflow to Turkey,” adding that the central bank rates decision should be viewed in this context. “Stability and security of our currency is the most effective solution to get rid of dollarization problem.”

In any case, the first rate hike in over two years is a turning point in Turkey’s departure from unconventional policies that are blamed for causing foreign investors to flee and prices to spiral out of control. At the same time, Bloomberg notes that it also vindicates those who questioned if President Recep Tayyip Erdogan — a self-described “enemy” of high interest rates who’s espoused the benefit of loose monetary policy for years — would give Erkan free rein. Indeed he has, if only for now… and in a few months when the Turkish reserve picture implodes even more, Erdogan will blame the new woman head of the central bank and revert back to conventional erdoganomics.

Erdogan set the gears in motion toward a policy reset soon after emerging victorious from presidential elections last month. In overhauling his economic team, Erdogan brought back ex-Merrill Lynch strategist Simsek as finance minister and installed Erkan at the helm of the central bank. Turkey’s first female central bank governor worked for nearly a decade at Goldman Sachs before spending almost eight years at failed US regional lender First Republic Bank.

Though the latest move was a surprise to much of the market, authorities tried to manage expectations ahead of the meeting. A senior Turkish economic official, who asked not to be named because of the sensitivity of the issue, cautioned that the jumbo rate hikes that were being priced in by the market may not materialize on Thursday. Simsek also told the nation’s top business and banking executives last week that he wanted to tread carefully to avoid unwanted side-effects, suggesting he’s wary of raising the cost of money too sharply.

Erdogan, who’s on his fifth central bank governor in four years, has maintained that lowering the cost of money will eventually result in slower and more stable inflation, a belief that goes against the core premise of economics and conventional monetary policy.

Earlier this month, the president appeared to give his new economy team the flexibility to act, saying he had “accepted” the measures they would take. In 2020, he allowed a brief return to conventional monetary policies, but ended up sacking then-Governor Naci Agbal for increasing rates too aggressively.

Looking ahead markets expect the central bank to deliver much more tightening – if at a very gradual pace – with the swaps market now expects the policy rate to climb to above 25% at the June meeting and to about 34% by the end of the year. Further disappointment if the central bank fails to achieve those levels would only hurt the economic team’s ability to restore what little is left of foreign investors’ confidence in Turkey.

6.Global Issues//COVID ISSUES/VACCINE ISSUES/

GLOBAL ISSUES//MEDICAL ISSUES

end

GLOBAL ISSUES//GENERAL

END

VACCINE/COVID ISSUES

Nuts

https://youtu.be/8SA13NXQpbA

DR PAUL ALEXANDER

END

SLAY NEWS

EVOL NEWS

VACCINE IMPACT//

MICHAEL EVERY

7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

CANADA

Energy Regulator Claims Canadian Oil Production Will Plunge 76% By 2050

BY TYLER DURDEN

THURSDAY, JUN 22, 2023 – 02:25 PM

By Alex Kimani of OilPrice.com,

The Canada Energy Regulator has issued a grim outlook that the country’s oil production will plunge 76% by 2050 thanks to the world moving to the clean energy transition, marking the first time the regulator has provided a long-term forecast for Canada’s crude output. The energy regulator has also predicted that global fossil fuel usage will decline by 65% between now and 2050.

The short-term investment outlook for Canada’s Oil Patch is just as bearish, with analysts predicting that earnings for the industry will decline 19% in 2023, in large part due to falling gas prices.

A week ago, the Paris-based International Energy Agency (IEA) predicted that global oil demand will peak before the end of the current decade as the transition to renewable energy gathers momentum.

According to the IEA, global oil demand will rise by another 6% from 2022-28 to hit 105.7 million barrels per day. The agency expects demand growth for oil to slump to just 400,000 barrels per day in 2028, way below growth of 2.4 million barrels per day forecast for 2023.

The energy agency has also predicted that global demand for oil used in transportation will start declining in 2026, thanks in large part to the EV revolution as well as policy measures that push for more efficiency. Growth in gasoline demand is expected to reverse at the end of the current year, but the demand for “combustible fossil fuels” is expected to continue growing before peaking in 2028. IEA sees long-term oil demand degrading really badly and has predicted demand will fall to just 24 million barrels per day by 2050.

Other agencies have different outlooks for long-term oil demand.

Earlier in the year, energy expert Energy Intelligence Group predicted that not only will oil demand grow in 2023 but it will continue doing so till the end of the decade. According to the analyst, global oil demand will grow to 101.2 million barrels per day in the current year and will continue growing to hit 106 mb/d by 2030. Global oil demand will grow by 1.5 mb/d in 2023, with China accounting for 650,000 b/d after the country abandoned its rigorous zero-Covid policy. Indeed, this year’s average will top the previous high of 100.6 mb/d set in 2019.

No less than 10 organizations, including OPEC, Exxon Mobil (NYSE: XOM), and the Energy Information Administration (EIA), have predicted that global oil demand will continue growing through 2050 and not shrink as most analysts have forecast. The most bullish among these is the U.S.-based EIA which has projected global oil demand to increase by 34% to hit 126 million barrels per day in 2050.

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSINGS

EURO VS USA DOLLAR:1.0925 UP 0.0005

USA/ YEN 141.77 UP 0.424 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2730 DOWN 0.0053

USA/CAN DOLLAR: 1.3214 DOWN .0011 (CDN DOLLAR UP 11 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 42.66 PTS OR 1.31%

Hang Seng CLOSED DOWN 388.73 PTS OR 1.98%

AUSTRALIA CLOSED DOWN 0.57% // EUROPEAN BOURSE: ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 388.73 PTS OR 1.98%

/SHANGHAI CLOSED DOWN 42.66 PTS OR 1.31%

AUSTRALIA BOURSE CLOSED DOWN .57%

(Nikkei (Japan) CLOSED UP 186.23 PTS OR 0.56%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1935.20

silver:$23.07

USA dollar index early WEDNESDAY morning: 102.15 UP 3 BASIS POINTS FROM TUESDAY’s close.

WEDNESDAY MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.083% UP 4 in basis point(s) yield

JAPANESE BOND YIELD: +0.375 % DOWN 0 AND 9//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.368 UP 1 in basis points yield

ITALIAN 10 YR BOND YIELD 4.043 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.438 UP 3 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.0952 UP 0.0032 or 32 basis points

USA/Japan: 142.07 UP 0.734 OR YEN DOWN 74 basis points/

Great Britain/USA 1.2734 DOWN 0.0031 OR 31 BASIS POINTS //

Canadian dollar UP .0044 OR 44 BASIS pts to 1.3180

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED UP (7.1795)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.1814)

TURKISH LIRA: 24.86 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.375…VERY DANGEROUS

Your closing 10 yr US bond yield UP 6 in basis points from TUESDAY at 3.782% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.864 UP 6 in basis points ON THE DAY/12.00 PM

Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY: 12:00 PM

London: CLOSED DOWN 10.13 points or 0.24%

German Dax : CLOSED DOWN 88.19 PTS OR 0.55%

Paris CAC CLOSED DOWN 33.20PTS OR 0.46%

Spain IBEX DOWN 3.41 PTS OR 0.04%

Italian MIB: CLOSED UP 33.26 PTS OR 0.12%

WTI Oil price 72.92 12: EST

Brent Oil: 77.15 12:00 EST

USA /RUSSIAN /// AT: 83.98 ROUBLE UP 0 AND 81//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.4335 UP 3 BASIS PTS

UK 10 YR YIELD: 4.448 UP 4 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0956 DOWN 0.0035 OR 35 BASIS POINTS

British Pound: 1.2746 DOWN .0024 or 24 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.402% UP 4 BASIS PTS//

USA dollar vs Japanese Yen: 143,20 UP 1.521 //YEN DOWN 152 BASIS PTS//

USA dollar vs Canadian dollar: 1.3152 DOWN .0009 CDN dollar, UP 9 basis pts)

West Texas intermediate oil: 69.30

Brent OIL: 74.02

USA 10 yr bond yield UP 8 BASIS pts to 38000%

USA 30 yr bond yield DOWN 7 BASIS PTS to 3.880%

USA 2 YR BOND: UP 8 PTS AT 4.791%

USA dollar index: 102.01 UP 34 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 24.86 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 84.05 DOWN 0 AND 7/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 4.81 PTS OR 0.01%

NASDAQ 100 UP 174.87 PTS OR 1.18%

VOLATILITY INDEX:12.91 DOWN 0.29 PTS (2.20)%

GLD: $177.71 DOWN 1,78 OR 0.99%

SLV/ $20.53 DOWN .31 OR 1.49%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

VIX Crushed As Curve & Commodities Scream Recession; Banks Skid, Big-Tech Bid

THURSDAY, JUN 22, 2023 – 04:00 PM

Solid US housing data was offset by weak Chicago Fed National Activity Index data, poor labor market signals (claims), dismal LEIs, and ugly Kansas City Fed Manufacturing data as a wave for hawkish central bank action prompted an odd assortment of actions across asset classes – dollar strength, yield curve compression, VIX hammered lower, long-duration stocks bid, commodities and bonds dumped, banks sold, bitcoin flat.

Nasdaq strongly outperformed with Small Caps lagging (huge 2% divergence) as The Dow ended flat with the S&P green…

As that pairs trade surged back up to recent highs…

Another day, another dump and pump for ‘most shorted’ stocks – though we note the strength of the bounce is getting weaker…

Source: Bloomberg

0-DTE traders fought the uptrend in Nasdaq all day… and failed…

Source: SpotGamma

But, VIX was clubbed like a baby seal, hitting a 12 handle intraday….

Banks extended their losses on the week (after the surge in deposit outflows reported last Friday)…

Treasuries were dumped across the curve – up around 7-8bps – leaving all yields higher on the week with the short-end underperforming on the week…

Source: Bloomberg

The yield curve compression continues to signal recession (along with all the macro data above)…

Source: Bloomberg

The dollar surged back today, erasing yesterday’s weakness…

Source: Bloomberg

The dollar gains weighed on gold which tumbled to fresh 3 month lows…

Finally, we note that NVDA was red on the day, having gone nowhere for a week…

Makes you wonder eh?

Or is that just too easy?

b) THIS AFTERNOON TRADING/

end

END

i c Morning/

end

II) USA DATA/

The Number Of Americans Filing For First-Time Jobless Benefits Hits Highest Since Oct 2021

THURSDAY, JUN 22, 2023 – 08:36 AM

264,000 Americans filed for jobless benefits for the first time last week – the highest number since October 2021…

Source: Bloomberg

California, New Jersey, and Connecticut saw the largest jump in initial claims as perhaps the tech layoffs are starting to register (as severance packages run dry)…

Continuing claims – interestingly – drift lower (from 1.772mm to 1.759mm last week)…

Source: Bloomberg

Certainly nothing here to prompt The Fed to ‘told you so’ on the pause (but then again, the continuing claims are a week lagged).

END

III) USA ECONOMIC STORIES

Fed Emergency Bank Bailout Facility Usage Hits New Record High; Money Market Funds See Another Small Outflow

THURSDAY, JUN 22, 2023 – 04:43 PM

For the second straight week, money market funds saw outflows, falling $18.2 billion – the biggest weekly decline since Xmas week 2022 (ex-tax day drop)…

Source: Bloomberg

And for the second straight week, all the outflows were institutional (-$24.89 billion) while retail funds saw a ninth straight week of inflows…

Source: Bloomberg

Is this related to the chase into tech stocks?

The money market fund outflow (which leads banks deposit data by a week), is interesting because it comes after banks saw a huge deposit outflow the prior week…

Source: Bloomberg

Having gone nowhere for two weeks, The Fed balance sheet shrank by $26.3 billion last week, basically back in line with pre-SVB levels…

Source: Bloomberg

As far as QT is concerned, The Fed sold a decent $19.4 billion of its assets, down to its lowest since August 2021…

Source: Bloomberg

The US central banks has $106 billion of loans outstanding to financial institutions through its two backstop lending facilities…

Source: Bloomberg

With banks’ usage of The Fed’s emergency Bank Term Funding Program rising once again to a new record at $102.7 billion (up $0.8 billion from last week), while discount window usage slipped $0.4 billion to $3.2 billion…

Source: Bloomberg

The breakdown from The Fed’s H.4.1 table…

QT (securities held outright): $19BN drop to $7.701TN
Discount Window borrowings down $0.4BN to $3.2BN
BTFP up $0.8BN to new record $102.7BN
Other credit extensions (FDIC loans) down $8BN to $172.3BN
Other Fed assets up $2.1BN to $41.6BN

The US equity market continues to charge ahead, even as bank reserves at The Fed contracted modestly…

Source: Bloomberg

Finally, as a reminder, banks have 9 months left under the original 12-month BTFP Fed bailout program to find a way to stabilize their balance sheets.

Not only have they failed to do so, usage of the BTFP facility is at a new all time high, and yields are rising even more (great MTM losses).

end

US Leading Economic Indicators Tumble For 14th Straight Month, Signals “Weaker Activity Ahead”

THURSDAY, JUN 22, 2023 – 10:25 AM

The Conference Board’s Leading Economic Indicators (LEI) continued its decline in May, dropping 0.7% MoM (slightly better than the 0.8% decline expected).

The biggest positive contributor to the leading index was building permits at 0.15
The biggest negative contributor was average consumer expectations at -0.29

This is the 14th straight monthly decline in the LEI (and 15th month of 17) – the longest streak of declines since ‘Lehman’ (22 straight months of declines from June 2007 to April 2008)

“The US LEI continued to fall in May as a result of deterioration in the gauges of consumer expectations for business conditions, ISM® New Orders Index, a negative yield spread, and worsening credit conditions,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board.

“The US Leading Index has declined in each of the last fourteen months and continues to point to weaker economic activity ahead.

Rising interest rates paired with persistent inflation will continue to further dampen economic activity. While we revised our Q2 GDP forecast from negative to slight growth, we project that the US economy will contract over the Q3 2023 to Q1 2024 period.

The recession likely will be due to continued tightness in monetary policy and lower government spending.”

Despite ‘soft landing’ hype, the LEI is showing no signs at all of ‘recovering’, hitting its lowest since Dec 2017 (outside of COVID)

And on a year-over-year basis, the LEI is down 7.9% – close to its biggest YoY drop since 2008 (Lehman) outside of the COVID lockdown-enforced collapse…

Not a good sign for Real GDP…

The trajectory of the US LEI continues to signal a recession over the next 12 months

Is this the cleanest view of The Fed’s tightening impact on the US economy?

END

Existing Home Sales Unexpectedly Rose In May As Prices Tumble Most Since 2011

BY TYLER DURDEN

THURSDAY, JUN 22, 2023 – 10:08 AM

Existing home sales unexpectedly rose in May (+0.2% MoM vs -0.7% MoM) with a small upward revision for April’s tumble (from -3.4% MoM to -3.2%). That is only the second positive month for existing home sales since Jan ’22…

Source: Bloomberg

Total sales are basically flat, refusing to follow new home sale higher for now…

Sales advanced in two of four regions, led by the West and South.

“Relatively steady rates have led to several consecutive months of consistent home sales,” Lawrence Yun, NAR’s chief economist, said in a statement.

“However, existing-home sales activity is down sizably due to the current supply being roughly half the level of 2019.”

The median selling price declined 3.1% from a year earlier, the most since 2011, to $396,100. That’s still historically elevated for the month and reflective of limited supply.

Source: Bloomberg

The number of homes for sale fell 6.1% from a year earlier to 1.08 million units. That’s the lowest inventory level for any May in data back to 1999.

USA// COVID

end

SWAMP STORIES

“Part Of The Coverup”: Gaetz Rips Durham For Failing To Investigate “Core” Of Russiagate

BY TYLER DURDEN

THURSDAY, JUN 22, 2023 – 11:35 AM

While Special Counsel John Durham may have shown up to testify before Congress on Wednesday – where he excoriated the FBI, CIA and the Clinton campaign over Russiagate, It was Rep. Matt Gaetz (R-CA) who addressed the elephant in the room; Durham’s complete lack of effort to pursue key players and facts behind the Russiagate operation.

Durham was testifying before the House Weaponization Committee to discuss the FBI’s ‘investigation’ into then-presidential candidate Donald Trump’s 2016 campaign, known as the “Crossfire Hurricane” investigation, when Gaetz laid into him, accusing him of going soft on certain figures such as the FBI’s former chief of counterintelligence, Bill Priestap, who avoided questioning.

Priestap would eventually admit in April 2020 to withholding information which would have rendered the Steele Dossier unuseable by the agency.

“It’s kinda laughable. It seems like more than disappointment. It seems like you weren’t really trying to expose the true core of the corruption. That you were trying to go at it another way,” said Gaetz.

To which Durham replied: “As we said in the report, and I said in my opening remarks, we pursued the facts as best we could.”

Gaetz also asked Durham why he didn’t investigate why the entire Mueller team was allowed to wipe their cellphones at the same time, before the Inspector General could review them.

“How about this fact, Mr. Durham: The entire Mueller team does a hard reset on their Apple phone, in synchronization, to wipe away evidence. Did you investigate that?” asked Gaetz.

To which Durham replied: “I regret that.”

“Why didn’t you investigate it? Who gave the order on the Mueller team to wipe the phones?” Gaetz continued.

“That was not something that we were asked to look at,” replied Durham.

To which Gaetz shot back: “No, that’s not true, Mr. Durham, that is not true,” citing the charging document which outlined the scope of Durham’s investigation, and then accusing the investigator of being “part of the coverup.”

“I don’t know if you’ve ever investigated a crime—” Durham said, defensively.

Gaetz cut him off…

“I don’t know that you have,” Gaetz replied. “You didn’t investigate these, Mr. Durham. How about Andy McCabe? Did you charge him? Did you investigate him?”

“I don’t know, sir, whether or not you’ve ever had the occasion to try to investigate crimes under the rules and regulations and under the Constitution that we are bound by. … We can’t charge people because we might think something—” Durham continued.

To which Gaetz replied: “It’s not that you didn’t charge, you didn’t investigate. You didn’t investigate the Mueller team wiping their phones, and you won’t tell us who gave the orders because you’re protecting these people.”

Gaetz also hit Durham with a devastating analogy;

Gaetz: “Have you ever heard of the Washington Generals?
Durham: “The Washington Generals? Yes, I have.”
Gaetz: “They’re the team that basically gets paid to show up and lose, right.”
Durham: “Well, I’m sure the players who exert blood, sweat and tears don’t view it that way, but you might.”
Gaetz: “I think they do because the job of the Washington Generals is to show up every night and play the Harlem Globetrotters.”

According to Gaetz, Durham is part of the coverup.

THE KING REPORT

The King Report June 21, 2023 Issue 7016

Independent View of the News

China Seeks Military Base in Cuba as ‘Response’ To US Bolstering Taiwan, US Officials Admit
The Wall Street Journal is reporting Tuesday that China is in negotiations with the Cuban government to establish a new joint military training facility on the island… (Yet Team Obama-Biden genuflects to Xi)
     According to further details in the WSJ report: Most worrying for the U.S.: The planned facility is part of China’s “Project 141,” an initiative by the People’s Liberation Army to expand its global military base and logistical support network, one current and one former U.S. official said.  China and Cuba already jointly run four eavesdropping stations on the island, according to U.S. officials. That network underwent a significant upgrade around 2019, when a single station expanded to a network of four sites that are operated jointly, and Chinese involvement deepened, according to the officials…
https://www.zerohedge.com/geopolitical/china-seeks-military-base-cuba-response-us-bolstering-taiwan-us-officials-admit

May US Housing Starts surged to 1.631m; 1.4m was expected; April was revised to 1.34m from 1.401m. Permits jumped to 1.491m from 1.417m. 1.425m was consensus.

US Housing Starts Surge Most Since 2016, Exceed All Estimates – BBGBeginning construction jumped 21.7% to 1.63 million paceMay starts of single-family dwellings (+18.5%) highest in 11 monthsStarts of apartment buildings and other multifamily projects jumped more than 27%…

ESUs traded lower when the Nikkei opened. They drifted lower until dropping after the 1 ET Nikkei close. After a modest rally into the European opening, ESUs and stocks sank on the open, but quickly rebounded on the usual trader buying. After peaking near the end of the first hour of European trading, ESUs and stocks declined smartly until 5 ET.

The ensuing rally persisted until 9 ET. ESUs and USUs ignored the surprisingly strong May US Housing Starts and Permits data. Five minutes before the NYSE opening, ESUs commenced a declined that took ESUs to a daily low of 4410.50, a 51.50 point tumble from the session high near 4 ET.

During early US trading, stocks and commodities declined sharply while bonds rallied moderately. This was defensive asset allocation despite the strong US housing data.

ESUs and stocks hit their daily lows at 10:30 ET. Traders played for the 2^nd Hour rebound and a Turnaround Tuesday to the upside for ESUs. The rally persisted until 13:22 ET. ESUs rallied 34.25 from the low. ESUs and stocks then stair-stepped lower until the last-hour manipulation occurred at 15:40 ET. The rally was short lived; ESUs and stocks then sank into the close.

After the close, FedEx lowered its 2024 forecast to $16.50 to $18.50 a share. $18.31 was consensus.
FDX closed at 231.65, -1.81; its low was 229.96 at 12:10 ET. FDX tumbled to a low of 214.21 at 16:02 ET. Did someone have this news earlier?

Positive aspects of previous session
Bonds rallied ¾ of a point; Fangs rallied modestly on safe haven buying

Negative aspects of previous session
Stocks sank; the S&P 500 Index closed 11.29 below 4400

Ambiguous aspects of previous session
Why did defensive asset allocators ignore the strong US May Housing Starts?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4385.35
Previous session High/Low: 4400.15; 4367.19

WSJ: U.S.-Funded Scientist Among Three Chinese Researchers Who Fell Ill Amid Early Covid-19 Outbreak – Identification of three who worked at Wuhan Institute of Virology fuels suspicion for proponents of lab-leak theory (Pay wall)
https://www.wsj.com/articles/u-s-funded-scientist-among-three-chinese-researchers-who-fell-ill-amid-early-covid-19-outbreak-3f919567

@CBSNews: Hunter Biden, President Biden’s son, has reached a tentative deal to enter guilty pleas to two misdemeanor tax charges and admitting to felony gun possession, according to a Justice Department filing. https://t.co/U4TXs1bsCt

@RNCResearch: Hunter Biden’s lawyer says he “can’t recall being asked about.” Hunter’s laptop by federal investigators. Q: “Why not?” Lawyer: “You’d have to ask the prosecutors.”
https://twitter.com/RNCResearch/status/1671254428991770624

@ShaunKraisman: Chris Clark, attorney for Hunter Biden, told NBC News: “With the announcement of two agreements between my client, Hunter Biden, and the Unites States Attorney’s Office for the District of Delaware, it is my understanding that the five-year investigation into Hunter is resolved.”

CNN: “We do have one bit of information here … the Justice Department is saying that the Hunter Biden probe is ongoing… Unclear at this point exactly what that means… Hunter Biden’s team said it is resolved.”  https://twitter.com/RNCResearch/status/1671185019094683648

GOP @RepJamesComer: Hunter Biden is getting away with a slap on the wrist when growing evidence uncovered by the House Oversight Committee reveals the Bidens engaged in a pattern of corruption, influence peddling, and possibly bribery.

GOP @SenRonJohnson: A sham investigation within our multi-tiered justice system produces the predictable result: Hunter gets off with a light slap on the wrist, and the public will not learn the truth. When @POTUS lied and said Hunter “has done nothing wrong,” what he really meant to say was: “Hunter will never be held accountable for his actions.”  Today’s announcement that Hunter will plead guilty to low-level charges will further reduce confidence in federal law enforcement.

GOP Sen. @TomCottonAR: Remarkable how DOJ suddenly rediscovered prosecutorial discretion when it benefits Joe Biden’s preposterously corrupt son.

Trump says Hunter Biden got off with a ‘traffic ticket,’ slams ‘corrupt’ justice system
Trump says one of his family members would be facing ‘hundreds of years’
https://www.foxnews.com/politics/trump-hunter-biden-traffic-ticket-slams-corrupt-justice-system

@seanmdav: DOJ had Hunter nailed on these charges years ago. Why’d they wait years to do this only to give Hunter a slap on the wrist with no jail time? Because DOJ is crooked and is trying to prevent any more investigation of how they tried to make the Hunter bribery investigation disappear… For years, congressional investigators, litigators, and former prosecutors have wondered whether David Weiss’s (Del US Atty, DJT appointee) actions in the Hunter Biden case were driven by personal incompetence or corruption. Even among those who know him, it’s been an open question. Today we got our answer.

Leaked Audio Surfaces of Biden Reassuring Former Ukrainian President That Burisma Scandal Evidence Was ‘Stopped’  https://beckernews.com/leaked-audio-surfaces-of-biden-reassuring-former-ukrainian-president-that-burisma-scandal-evidence-was-stopped-50730/

Former U.S. Attorney Says DOJ Violated Its Own Policies On Hunter Biden Case: ‘Laughable Joke’ – “DOJ is violating its own internal policies on this case. The Ashcroft Memo requires they charge the “highest provable offense” and seek consistent sentences with other cases brought by DOJ. This prosecution is an absolute laughable joke,” Tolman wrote in a tweet Tuesday. “Thousands have been sent to prison for long terms for the same charges.”…
https://trendingpoliticsnews.com/former-u-s-attorney-says-doj-violated-its-own-policies-on-hunter-biden-case-laughable-joke-cmc/

69-Year-Old Grandma with Cancer Given More Prison Time for Walking Inside US Capitol than Hunter Biden for Sharing Classified Documents with Foreign Regimes and Multi-Million Dollar Bribery Schemes https://www.thegatewaypundit.com/2023/06/american-justice-69-year-old-grandma-cancer-given/

Typically, US voters at the margin tend to be outraged at injustice and corrupt officials getting passes. Astute Dems have to be concerned that swing voters will express this outrage at the ballot box.

Biden yesterday afternoon when asked about Hunter’s wrist slap: “I’m very proud of my son.”

GOP Rep. @mtgreenee: It looks like Gavin Newsom is quietly being positioned to replace Joe Biden as the Democrat presidential nominee for 2024. After all, he is Nancy Pelosi’s nephew. And Biden’s crimes are so bad they can’t ignore and hide them anymore and they can’t hide his failing mind and body, the entire world sees it.  The Democrat national party is doing everything they can to stop credible and popular Democrat candidates like Kennedy. They won’t even allow him to debate. But that’s how they do it, silence their enemies, even in their own party…

@JesseBWatters: Biden was supposed to be a one-term deal: a bridge to the next generation. But that bridge has blown up so he’s rolling the dice and running again. Primetime did an investigation into the so-called Biden campaign and we found out there’s no campaign. No headquarters, no finance department, and barely any staff. And you’re being lied to about it. But the country doesn’t care because being lied to feels better.  https://twitter.com/JesseBWatters/status/1670949001548509184

Today – The absence or presence of defensive asset allocation will be an important factor. However, Powell’s appearance at the House Financial Services Panel at 10 ET is the main event. The risk for bulls is that Powell understands that he and his ilk once again signaled a dovishness that sent stocks soaring. He therefore might repeat what has been done for over a year: walk back Fed dovish indications.

Powell Faces Tricky Task of Explaining Rate Pause in Congress – BBG

ESUs are +1.00 in very quiet trading. Apparently the market is waiting for Powell’s words of wisdom.

Expected economic data: Chicago Fed Pres Goolsbee 12:25 ET

S&P 500 Index 50-day MA: 4187; 100-day MA: 4108; 150-day MA: 4052; 200-day MA: 3986
DJIA 50-day MA: 33,605; 100-day MA: 33,364; 150-day MA: 33,448; 200-day MA: 32,822
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal
Weekly: Trender and MACD are positive – a close below 4087.45 triggers a sell signal
Daily: Trender and MACD are positive – a close below 4322.91 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4422.35 triggers a sell signal

@realDailyWire: Pentagon announces ‘accounting error’ provides extra $6.2 billion for Ukraine
https://twitter.com/realDailyWire/status/1671265028182528000

Biden says threat of Putin using tactical nuclear weapons is ‘real’
On Saturday, Biden called Putin’s announcement that Russia had deployed its first tactical nuclear weapons to Belarus “absolutely irresponsible”.
    “When I was out here about two years ago saying I worried about the Colorado River drying up, everybody looked at me like I was crazy,” Biden told a group of donors in California on Monday. “They looked at me like when I said I worry about Putin using tactical nuclear weapons. It’s real,” Biden said..
https://www.reuters.com/world/biden-says-threat-putin-using-tactical-nuclear-weapons-is-real-2023-06-20/

@DavidSacks: THE FAILING COUNTEROFFENSIVE AND THE PEACE THAT COULD HAVE BEEN: With each passing day, it’s becoming clear that the Ukrainian counteroffensive is failing to achieve any of its originally stated objectives. Recall: the Biden administration’s bet was that the counteroffensive would roll back Russian territorial gains, cut the land bridge to Crimea, and force Russia to the negotiating table. That is almost certainly not going to happen. On the contrary, a stalemate is more likely, or even that Russia will take more territory and win the war…
   What are Biden’s options now? Either escalate or admit defeat. In preparation for NATO’s Vilnius Summit, Blinken has been floating a proposal to give “Israel status” to Ukraine. This means multi-year security guarantees including weapons, ammunition and money that would continue even if Biden loses the next election…  I know some of you may find it hard to believe that the realities on the ground are so at odds with the mainstream media’s coverage. But it’s worth recalling that the American public was assured for two decades that we were winning in Afghanistan. All of that reporting was revealed as a pack of lies when the Afghan army that we were supposedly “standing up” collapsed within a matter of weeks. At that point, the media stopped reporting on Afghanistan, just like it had stopped reporting on Iraq, instead of holding anyone accountable… https://twitter.com/DavidSacks/status/1670923154443882496

@RobertKennedyJr: Awaiting White House propaganda offensive sugarcoating this calamity to sustain dwindling support for this misadventure in US. Revelation that UK & US leaders sabotaged April 2022 peace agreement between Ukraine and Russia. Puts blame for this terrible crime on DC neocons; 350,000 dead !!

@DavidSacks: One of the craziest revelations of the Ukraine War is that the US can’t produce as much ammunition as Russia, even though the US spends over $800B/year on defense, which is 10X Russia. American taxpayers must be getting royally ripped off by the military-industrial complex.

Trump classified documents trial tentatively date set for Aug. 14
The schedule is expected to be delayed.
https://justthenews.com/politics-policy/all-things-trump/trump-classified-documents-trial-tentatively-date-set-aug-14

@NvrBackDown24: Gov. @RonDeSantis on why Republicans should vote for him instead of Trump: “I’m more likely to actually get this stuff done. There’ve been promises made about draining the swamp, building the wall, doing all these things. None of that came to fruition.” “There’s going to be no distractions, we’re not going to take our eye off the ball.”

@TuckerCarlson: Ep. 5: As in most of the developing world, it’s safer to be the president’s son than his opponent. “…The Department of Justice just baptized Hunter Biden. A lifetime of sins washed away in an instant… Hunter Biden somehow escaped a FARA charge. FARA is the Foreign Agents Registration Act. Under Federal law if you are acting as an agent of a foreign nation in Washington, you are required to register with our government… [Hunter] sold access to his father to the Chinese and the Ukrainians.”
https://twitter.com/TuckerCarlson/status/1671226703992201216

@TheBabylonBee: Taiwan Kicking Itself for Not Bribing The Bidens https://buff.ly/3PldWoA

UK teacher calls 8th-grader ‘despicable’ for saying people can’t identify as cats: ‘How dare you’
‘How dare you, you just really upset someone,’ the UK teacher said
https://www.foxnews.com/media/teacher-calls-8th-grade-student-despicable-after-she-claimed-people-cant-identify-as-cats-how-dare-you

The St. Valentine’s Day Massacre that outraged Chicago and the nation produced 7 deaths. A typical Chicago weekend has 50 to 60 people shot and 8-12 people killed. Where’s the outrage?
END
The King Report June 22, 2023 Issue 7017

Independent View of the News
Semiannual Monetary Policy Report to the Congress by Chair Jerome H. Powell
Although growth in consumer spending has picked up this year, activity in the housing sector remains weak, largely reflecting higher mortgage rates. (Not anymore, Jerome)… The labor market remains very tight… inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go…
    The economy is facing headwinds from tighter credit conditions for households and businesses, which are likely to weigh on economic activity, hiring, and inflation.3 The extent of these effects remains uncertain… Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year…
    Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run…  https://www.federalreserve.gov/newsevents/testimony/powell20230621a.htm

Powell Signals Higher Rates as Lawmakers Press Him on Bank Rules
The timing of additional rate hikes will be based on incoming data…
https://finance.yahoo.com/news/fed-powell-says-higher-interest-123000963.html

Bloomberg (@business): So much for a “dovish hike.” The latest inflation data gives the Bank of England little choice but to raise interest rates tomorrow…we might be looking at a rise in interest rates to 5% tomorrow… Inflation for May came in stronger than expected, with the headline rate of 8.7% matching the April reading, and ahead of the 8.4% estimate (survey of economists by Bloomberg).
    But the real nasty was “core” CPI — the consumer price index excluding volatile components like food and fuel. In April, that came in at 6.8%, well above expectations. For May it was expected to stay at 6.8%, but it in fact came out at 7.1%…  https://t.co/oe0cQzNdXP

Yuan Extends Drop as PBOC’s Weak Fix Worsens Fragile SentimentBeijing set weaker-than-expected fixing rate on Wednesday (reference rate at 7.1795 per dollar)
Markets losing patience on China support measures: analyst
China’s yuan tumbled past the closely watched 7.2-per-dollar level and analysts are bracing for more losses after Beijing showed little resistance to the decline. The offshore yuan fell as much as 0.3% to 7.2007 to the greenback on Wednesday, the weakest since November. A lack of aggressive stimulus from authorities is fueling a wave of selling in Chinese assets, with a gauge of the nation’s equities listed in Hong Kong heading for a third day of losses…
https://finance.yahoo.com/news/yuan-drops-key-7-2-023058052.html

On Tuesday, the PBoC cut its key lending benchmarks by 0.1, a smaller cut than markets wanted.

The NY Fang+ Index sank 2.41% on Wednesday. Tesla (-5.52%) and AMD (-5.73%) led the rout.

Fox: The Environmental Protection Agency (EPA) watered down a renewable fuels proposal that was set to subsidize electric vehicles (EV), after pleas from refiners…
https://www.foxnews.com/politics/biden-admin-backs-down-sweeping-ev-proposal-after-saying-boost-energy-security

ESUs vacillated between modest gains and losses during Asian trading. After China closed at 2 ET, ESUs broke down on the UK inflation data disappointment. But ESUs hit a bottom when Europe opened at 3 ET. ESUs rallied 14 handles by 6:22 ET. ESUs and stocks then tumbled until 10:06 ET because Powell’s prepared remarks to the House Financial Services Committee hit the tape.

Minutes after Powell’s 10:00 ET appearance, ESUs soared 14 handles in 7 minutes on short covering. Ex-Obama advisor and current Chicago Fed President Goolsbee said it was a “close call” as to whether the Fed has tightened enough. Alas, ESUs rolled over and made a minor new low at 10:48 ET. ESUs and stocks then rallied until 12:15 ET. The equity carnage on Tuesday might have been the result of selling ahead of Powell’s remarks. The subsequent rally was short covering as well as relief buying.

ESUs and stocks exploded higher when Atlanta Fed President Bostic said, “The bar to justify further rate hikes is higher than it was a few months ago.” He also said rates should be unchanged for the rest of 2023. The uber-liberal Bostic contradicted Powell who told Congress, “Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year.”

What we have here is failure to communicate.  Powell et al are now in a public scrap with liberal Obama and Biden Fed appointees over interest rate policy. With the 2024 Election looming, politics has reared its ugly head at the Fed. PS – Goolsbee is a voting FOMC member; Bostic is an alternate.

The Bostic rally ended at 14:32, ESUs briefly inched above unchanged for the day. ESUs declined until the late manipulation began at 15:05 ET. Alas, ESUs tumbled 23 handle by 15:39 ET. But trapped longs needed to force stuff higher; so, they pushed ESUs 14 handles by 15:50 ET. ESUs sank into the close.

Short Bets on US Stocks Hit $1 Trillion, Most Since April 2022
Short sellers are ramping up bets against US stocks even as paper losses on the positions surpass $100 billion. Total US short interest, or the amount traders have spent betting against US equities, exceeded $1 trillion this month as the S&P 500 Index extended its advance, S3 Partners LLC data show. The tally reached the highest since April 2022… https://finance.yahoo.com/news/short-bets-us-stocks-hit-165225418.html

Positive aspects of previous session
Stocks and bonds bounced sharply on Bostic, and perhaps Goolsbee’s dovish messages

Negative aspects of previous session
Stocks sank early on Powell’s hawkish remarks to the House Financial Services Com.
The Fed is now engaged in a public tiff over monetary policy, on the influence of the 2024 Election

Ambiguous aspects of previous session
Will liberals on the Fed usurp Powell and ‘nearly all’ FOMC officials’ inflation fight?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4370.68
Previous session High/Low: 4386.22; 4360.14

On Tuesday night, The Big Guy did his Joey Blowhard routine to a group of wealthy Dem donors in California. Joey Baby called Xi a dictator and also issued his usual lies (China’s spy balloon for one).

Remarks by President Biden at a Campaign Reception – Private Residence – Kentfield, California
    I was asked by Xi Jinping — I’ve spent a lot of hours with him over the last 12 years. I mean, in over — they keep mec- — meticulous records — 82 hours’ worth just he and I, 60-some of it in person…
    And I said the third reason I was running… I said I was going to unite America…
    Don’t worry about China. I mean, worry about China, but don’t worry about China.  (Laughter.)
No, but I really mean it. China is real — has real economic difficulties. And the reason why Xi Jinping got very upset in terms of when I shot that balloon down with two boxcars full of spy equipment in it is he didn’t know it was there. No, I’m serious. That’s what’s a great embarrassment for dictators, when they didn’t know what happened.  That wasn’t supposed to be going where it was.  It was blown off course up through Alaska and then down through the United States.  And he didn’t know about it. When it got shot down, he was very embarrassed. He denied it was even there… (Dumb, senile, or corrupt?)
https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/06/20/remarks-by-president-biden-at-a-campaign-reception/

The Chinese spy balloon made several passes at the US mainland. It was not blown off course. But, give The Big Guy his due; he’s one politician that stays bought!

China hits back as Biden labels Xi a ‘dictator’
Expressing China’s strong dissatisfaction, foreign ministry spokesperson Mao Ning said Biden’s comments seriously violated facts, diplomatic protocol and China’s political dignity. “They’re an open political provocation,“…. “Biden’s big mouth is a loose cannon,” said Wu Xinbo, director of the Center for American Studies at Fudan University in Shanghai. “Mutual trust is what China has been stressing, so Biden’s comments are very destructive and damaging,” Wu said… (All Blinken’s groveling to Xi down the drain?) https://www.reuters.com/world/biden-calls-chinese-president-xi-dictator-2023-06-21/

Raytheon CEO Explains Why China Has US Military by the Balls – thanks to its reliance on rare earths and other materials which come from, or are processed in, China… Raytheon has “several thousand suppliers in China,” because of which “decoupling … is impossible….
https://www.zerohedge.com/markets/raytheon-ceo-china-has-us-military-balls

BlackRock recruiter says $10k ‘can buy a senator,’ calls Ukraine war ‘good for business’: Video
“You could buy your candidates. First, there is the senators. These guys are f***ing cheap. Got 10 grand? You can buy a senator. I’ll give you 500k right now. It doesn’t matter who wins, they’re in my pocket,” BlackRock Recruiter Serge Varlay said in a video published Tuesday by the O’Keefe Media…
   “Ukraine is good for business, you know that right? Russia blows up Ukraine’s grain silos and the price of wheat is going to go mad up. The Ukrainian economy is tied very largely to the wheat market. The price of bread, literally everything goes up and down. This is fantastic if you’re trading,” Varlay also said. “Volatility creates opportunity to make profit. War is real f***ing good for business. It’s exciting when s*** goes wrong, right?”…  https://t.co/mrf02stcgp

@NikkeiAsia: Today, Afghanistan is one of the world’s most drug-addicted countries. Its poppy fields supply over 80% of the world’s opium — but the real tragedy is at home.  https://t.co/kszVVkMBmH

How many lives were lost and how much money did the US waste in Afghanistan over 20+years?

GOP Sen. @RandPaul: Ukraine caught their highest judge hiding some of his more than $2 million in bribes in pickle jars… Ukraine, consistently ranked as one of the most corrupt nations on the planet, still has high-ranking officials robbing it blind. This might be a salient point when Ukraine returns to Congress to beg for more US taxpayer funds. Why won’t Democrats accept my call for a Special Inspector General to oversee the billions we send to Ukraine? https://politico.eu/article/ukrain

13-year-olds lack ‘basic skills’ in reading, math as standardized test scores reach lowest in years: US data  https://www.foxnews.com/media/13-year-olds-basic-skills-reading-math-standardized-test-scores-lowest-years-us-data

Today – Powell gives his semiannual Fed Monetary Policy Report to the Senate Banking Committee at 10 ET. He will reiterate what he said to the House Financial Services Committee yesterday. Fangs got hammered on Wednesday as ‘nearly all’ traders took profits on the recent explosive Fang rally.

The action in Fangs could be an important indicator today. USUs hit a low of 127 1/32, -1 1/32 at 10:30 ET. They then soared to a daily high of 128 9/32 at 14:35 ET on Bostic’s dovishness. Astute traders will watch USUs to ascertain if defensive or offensive asset allocators are in the market.

The odds are high that: 1) ESUs and stocks will be soft into Powell’s address on concern the Fed Chair will reiterate his hawkish comments; and 2) ESUs and stocks will reverse to the upside after Powell begins to testify to the Senate Banking Committee, just like they did yesterday.  The S&P 500 Index has declined for 3 consecutive days. It rarely falls for 4 straight sessions. Traders will play for a rebound.

ESUs are -1.75 and USUs are -3/32 at 21:35 ET in very quiet trading.

Expected economic data: Initial Jobless Claims 259k, Continuing Claims 1.785m; May Chicago Fed National Activity Index -0.10; Q1 Current Account -$217.1B; May Existing Home Sales 4.25m; May LEI -0.8%; KC Fed Mfg Activity -5; Fed Gov Waller 4 ET, Fed Gov. Bowman 9:55 ET, Cleveland Fed Pres Mester 10 ET, Richmond Fed Pres Barkin 16:30 ET

S&P 500 Index 50-day MA: 4192; 100-day MA: 4111; 150-day MA: 4054; 200-day MA: 3988
DJIA 50-day MA: 33,612; 100-day MA: 33,364; 150-day MA: 33,450; 200-day MA: 32,833
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal
Weekly: Trender and MACD are positive – a close below 4087.45 triggers a sell signal
Daily: Trender and MACD are positive – a close below 4322.91 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4406.31 triggers a sell signal

Top FBI official made ‘chilling’ threat to agents questioning Jan. 6 cases, whistleblower claims
FBI Deputy Director Paul Abbate… had heard that some employees were contrasting the response to January 6th with the response to the post-George Floyd protests and riots in the summer of 2020,” the whistleblower alleges. “DD [Deputy Director] Abbate told the audience that anyone who questions the FBI’s response or his decisions regarding the response to January 6th did not belong in the FBI and should find a different job – or something to that effect.”… “It was chilling and personal, communicating clearly that there would be consequences for anyone that questioned his direction.”…
https://justthenews.com/government/federal-agencies/top-fbi-official-made-direct-threat-agents-questioning-jan-6-cases

@RNCResearch: Biden, returning from California after several days of fundraising with ultra-rich liberals, takes no questions as he boards Air Force One using the smaller staircase. (Why?)
https://twitter.com/RNCResearch/status/1671608954202509316

As Questions Mount about Joe Biden Using Short Stairs on Air Force One, White House Posts Old Photo of Biden Using Long Staircase – Biden has been using the short built-in stairs to board and debark the presidential Boeing 747-200B known as Air Force One for several weeks, if not months…
https://www.thegatewaypundit.com/2023/06/as-questions-mount-about-joe-biden-using-short/

@bennyjohnson: Rep. Lauren Boebert OFFICIALLY introduces Articles of Impeachment against Joe Biden. “Joseph R. Biden Jr. has abused the powers of the office of President of the United States.”
https://twitter.com/bennyjohnson/status/1671557470114705409

@ChadPergram: McCarthy calls Boebert effort to impeach Biden without going through the proper process “flippant.”

Ex-State Dept Cyber @MikeBenzCyber: Reminder: it’s quite conceivable Hunter Biden was a witting or unwitting intermediary for CIA activities in Ukraine to pry Ukraine’s gas market off of Russia. Conceivable CIA leaned on Justice Dept to avoid trial. Saying this bc of huge CIA-Burisma ties to censorship industry… Hunter Biden joined the Burisma board in May 2014, just 1 month after the CIA-backed war in the Donbas broke out.  Hunter Biden was on the Chairman’s Advisory Committee of NDI, a famous, WaPo-acknowledged multi-decade CIA-out.
    On Burisma’s board w/ Hunter was Bush-era CIA director Cofer Black. Cofer Black won the CIA’s highest award for achievement. 30 years CIA + State Dept. Black advised Burisma on “security & development” corporate goals that happen to overlap w/ CIA strategic goals in the region.
    Cofer Black has long been known as Mitt Romney’s “trusted envoy” to the world of CIA secrets & intrigue. Romney is a board member of IRI, the GOP side of the CIA cut-out NED, where NDI is the NED’s DNC wing. So Burisma’s board had CIA conduits from both DNC + GOP. Consensus…
    In that 2014-2022 period in Ukraine, State Dept cut-outs were all pushing in clockwork unison for a plan that involved propping up (Burisma) & privatizing (Naftogaz) Ukrainian gas companies to US-UK stakeholders, thus weakening Gazprom, crippling Russia & winning the Donbas war…
https://twitter.com/MikeBenzCyber/status/1671196446702415879

Did The FBI Prevent Delaware Agents From Investigating Biden Bribery Allegations?
Sen. Chuck Grassley, R-Iowa, rarely asks a question to which he doesn’t know the answer. When the question concerns the politicization and weaponization of the FBI, you can bet some damning information rests behind his query. So when Grassley asked on Thursday whether bribery was within the parameters of Delaware’s investigation into Hunter Biden, it likely means the FBI defined the scope of the federal investigation into the president’s son so narrowly that agents lacked the authority to properly probe a “highly credible” confidential human source’s reporting implicating the Biden family. Specifically, the CHS reported that Hunter and Joe Biden each received $5 million in bribes from the Ukrainian oil and gas company Burisma… (Secret Agent Hunter Biden, or unwitting patsy?)
https://thefederalist.com/2023/06/20/did-the-fbi-prevent-delaware-agents-from-investigating-biden-bribery-allegations/

@RNCResearch: Biden (last week): “Every gun owner should be required to have the same requirements held to him!” REMINDER: His son lied on an ATF form when he bought a gun (felony), then his daughter-in-law threw it in a trash can near a school. Then the Secret Service tried to cover it up.
https://twitter.com/RNCResearch/status/1671337743543160832

(Rapper) Kodak Black’s lawyer slams Hunter Biden plea deal after rapper sentenced to 3+ years for same crime  https://t.co/JDCgtNp7Ee

Black men are being jailed ‘years’ for ‘same crimes’ as Hunter Biden: Rep. Wesley Hunt https://trib.al/aCN26jb

If Democrats Really Cared About Gun Laws, They Would Pull the Prosecutorial Trigger on Hunter https://t.co/qvhTi2yWgT

Babylon Bee: Hunter Seen at Courthouse Trying to Weigh Crack on Lady Justice’s Scales https://t.co/kjjB7wlZL7

James Clapper says no regrets over Hunter Biden ‘spies who lie’ letter
Former Director of National Intelligence James Clapper has said “I don’t regret” signing a letter questioning The Post’s reporting on documents from Hunter Biden’s abandoned laptop weeks before the 2020 election…. (No need when you face no consequences) https://trib.al/UpwvCiZ

@RepMattGaetz: GRILLS Special Counsel John Durham on His “Investigation” Into FBI Corruption & the Russia Hoax. “When you are part of the COVER-UP, Mr. Durham, then it makes our job harder.”
https://twitter.com/RepMattGaetz/status/1671594899408314378

@greg_price11: Rep. @mattgaetz spends 5 minutes destroying Durham for not going after McCabe, investigating the Mueller team and why they smashed phones, or who honeypotted Papadopoulos, or putting anyone in jail, comparing him to the Washington Generals who get “paid to lose.”

Daily Caller: GAETZ: “It’s not what’s in your report that’s telling. It’s the omission…the lack of work you did…You let the country down, and you are one of the barriers to the true accountability we need.”

Durham: FBI overlooked intel Clinton masterminded plot to smear Trump, treated campaigns differently – ‘There were some individuals who clearly expressed a personal bias’ against Trump, Durham tells Congress… “The FBI was too willing to accept and use politically funded and uncorroborated opposition research, such as the Steele dossier,”…
https://justthenews.com/government/congress/durham-its-going-take-time-rebuild-publics-confidence-fbi-after-russia-probe

@RepBarryMoore: Special Counsel John Durham admits to @JudiciaryGOP that the FBI opened the Crossfire Hurricane investigation despite having NO evidence of collusion between the Trump campaign and Russia. https://t.co/Vcy1td5zkM

@NEWSMAX: “Our findings were sobering. I can tell you, having spent 40 years plus as a federal prosecutor, they were particularly sobering to me.” — Special counsel John Durham
https://twitter.com/NEWSMAX/status/1671521012788391936

@RNCResearch: SPECIAL COUNSEL DURHAM: “I have had any number of FBI agents who I’ve worked with over the years — some of them are retired, some of them are still in place — who’ve come to me and apologized for the banner in which [the Russian collusion hoax] was undertaken.”
https://twitter.com/RNCResearch/status/1671520604800032768
    Democrat Rep. Hank Johnson: “Your investigation … couldn’t even indict Hunter Biden?” Special Counsel Durham: “We didn’t investigate Mr. Hunter Biden…” Johnson: *ignores*
https://twitter.com/RNCResearch/status/1671525753723445248
    Democrat Rep. Hank Johnson…, once famously suggested Guam might “tip over and capsize”…
    “It is as disappointing, perhaps more disappointing to me and my colleagues, that [Dolan, Danchenko, Comey, McCabe, Strzok, Page, etc] would not agree to be interviewed,” says Special Counsel Durham. “Some of them had a lot to say publicly, but they refused to be interviewed.”
https://twitter.com/RNCResearch/status/1671567508698955801

@townhallcom: JORDAN: “Did [Comey] share it with the agents…working the Crossfire Hurricane case?!” DURHAM: “No.” JORDAN: “Can you tell the committee what happened when you took that referral memo, and shared it with one of those agents?” DURHAM: “He indicated he had never seen it before. He immediately became emotional…” JORDAN: “He was ticked off!” DURHAM: “The information was kept from them.”  https://twitter.com/townhallcom/status/1671519240711548931

@CollinRugg: John Durham calls out Adam Schiff to his face regarding the Trump-Russia collusion hoax. Schiff: “The son of a presidential candidate gets calls all the time from a foreign government offering dirt on their opponent. Is that what you’re saying?” Durham: “I don’t think this is unique in your experience.”..  https://twitter.com/CollinRugg/status/1671533541274836994

Actor @RealJamesWoods: The Durham report is an unsettling indictment of the single party juggernaut ruling America today. But an indictment is worthless if the media are lapdogs, and the Republicans nothing but grumpy, toothless whiners. What a sad, sorry end to the noble experiment that was America.

College professor calls American flag a source of anxiety, fear: ‘Patriotism quickly slips into nationalism’ – Marquette University’s Dr. Grant Silva faces criticism for comments made on Flag Day
https://www.foxnews.com/media/college-professor-american-flag-source-anxiety-fear-patriotism-quickly-slips-nationalism

Adam Schiff censured by House for ‘false’ allegations on Trump-Russia collusion
https://twitter.com/foxnewspolitics/status/1671651473661280256

Barr Says He’d Testify Against Trump In Documents Case If Asked https://t.co/GLns5gNsjR

‘Huh?’ Trump reminded of Alice Johnson pardon during call to execute drug dealers
Former President Donald Trump, the front-runner for the 2024 Republican nomination, appeared confused when reminded that a convicted cocaine dealer he ordered released in 2018 would have been put to death under his latest proposal to execute drug dealers… “No, no. No. Under my, oh, under that? Uhh, it would depend on the severity,” Trump improvised…  https://trib.al/Z1TJ1Zs

@NvrBackDown24: Trump: I didn’t fire Fauci because I wasn’t allowed to, but I could have fired him anyway, but I didn’t, because “it’s one of those things.” https://t.co/txh9Ryekrf

@SteveDeaceShow: Trump says he has no regrets over his handling of Covid on Fox News. Wonder how many regrets the 10,000 small business owners who lost their businesses have? How many regrets those who saw their elderly loved ones die alone during lockdowns have? Those who saw their loved ones “died suddenly” have? … https://twitter.com/SteveDeaceShow/status/1671307523297538050?s=02

@greg_price11: Dem witness: “There’s been this news article about men that think they can beat Serena Williams in tennis. And it’s just not the case. She is stronger than them.” @Riley_Gaines_: “Both Serena and Venus lost to the 203rd ranked male tennis player.” https://twitter.com/greg_price11/status/1671548075230257152

@KatiePavlich: Serena Williams when asked about playing against Andy Murray: “For me, men’s tennis& women’s tennis are completely, almost, two separate sports.” “I would lose 6-0, 6-0 in five to six minutes, maybe 10 minutes… The men are a lot faster and they serve harder, they hit harder.”

@RNCResearch: Kamala Harris ends her interview with Joy Reid by laughing hysterically for no reason https://t.co/nY3dSraOnu

NYC grocers furious as city proposes ban on facial recognition technology used to deter theft https://t.co/zMSEyCfEeB

Missing Titan sub was hit by technical issues at least SIX times before vanishing https://trib.al/EHK7hy7

OceanGate CEO Explains Why He Didn’t Want to Hire Experienced ‘Ex-Military Submariners’
“When I started the business, one of the things you’ll find, there are other sub-operators out there but they typically have gentleman who are ex-military submariners and you’ll see a whole bunch of 50-year-old white guys,” Rush told Teledyne Marine in a Zoom interview.
    “I wanted our team to be younger, to be inspirational and I’m not going to inspire a 16-year-old to go pursue marine technology but a 25-year-old, you know, who’s a subpilot or a platform operator or one of our techs can be inspirational,” continued Rush, who’s onboard with British billionaire Hamish Harding, Shahzada and Suleman Dawood and Paul Henry Nargeolet…
https://townhall.com/tipsheet/leahbarkoukis/2023/06/21/ceo-of-oceangate-explains-why-he-didnt-want-to-hire-experienced-50-year-old-white-guys-n2624780

GREG HUNTER

I will see you on FRIDAY