JUNE 23/GOLD CLOSED UP $5.15 TO $1919.60//SILVER CLOSED DOWN 9 CENTS TO $22.36//PLATINUM CONTINUES ITS DOWNFALL DROPPING $4.20 TO $922.05 WHILE PALLADIUM CLOSED DOWN $4.40 TO 1282.80//MUST READS FOR TODAY: MICHAEL MAHARREY OF SCHIFF GOLD// AND GORDON CHANG ON A NUCLEAR ARMED CUBA//THE TURKISH LIRA CONTINUES TO FALL, DROPPING INTO THE 25.20 RANGE//EUROPEAN AND USA PMI’s SLIDE//UKRAINE VS RUSSIA UPDATES: UKRAINE CROP OUTPUT DECLINES//COVID UPDATES: VERY IMPORTANT TO REPORT MASSIVE INCREASE IN CANCERS AS WELL AS TURBO CANCERS DUE TO VACCINE //USA LIFE EXPECTANCY DROPS FROM 79 TO 76//VACCINE UPDATES: DR PAUL ALEXANDER/SLAY NEWS/EVOL NEWS//USA’S CRE CRUMBLING/SWAMP NEWS FOR YOU TONIGHT//
sorry about yesterday but my commentary (and backup completely evaporated before my eyes just before publishing. I tried my best to redo some of it thanks again.
132 C SG AMERICAS 2 323 H HSBC 23 363 H WELLS FARGO SEC 22 435 H SCOTIA CAPITAL 69 657 C MORGAN STANLEY 26 661 C JP MORGAN 60 661 H JP MORGAN 3 690 C ABN AMRO 3 709 C BARCLAYS 1 737 C ADVANTAGE 6 6 880 H CITIGROUP 166 3 905 C ADM 6
TOTAL: 198 198
JPMorgan stopped 63/198 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: 20,072 contracts for 2,007,200 oz (62.435 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 UP $5.15
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////A WITHDRAWAL OF 4.33 TONNES OF GOLD OVER 2 DAYS FROM THE GLD//
INVENTORY RESTS AT 929.70 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN 9 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE DEPOSIT OF 6.610 MILLION OZ INTO THE SLV OVER THE LAST TWO DAYS//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 469.70 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A GIGANTIC SIZED 3362 CONTRACTS TO 145,054 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.34 LOSS IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS A STRONG SIZED 700 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH . CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 700 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 $0.34). AND WERE SUCCESSFUL IN KNOCKING SOME SPEC LONGS AS WE HAD A HUGE LOSS ON OUR TWO EXCHANGES OF 1492CONTRACTS. 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 13.370MILLION 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( 1642 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 (700CONTRACTS)//
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –228 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 15 days, total 18,578 contracts: OR 92,895 MILLION OZ (1238 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 92.895 MILLION OZ
LAST 23 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH: 207.430 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 92.895 MILLION OZ//MUCH LARGER THAN LAST MONTH
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3362 CONTRACTS WITH OUR LOSS IN PRICE OF $0.34 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1642 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 A HUGE SIZED LOSS OF1720 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 700//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION RAID. THE NEW TAS ISSUANCE TODAY (1700) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.
WE HAD 0 NOTICE(S) FILED TODAY FOR NIL OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 1371 CONTRACTS TO 438,647 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: ADDED 343 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 1371 CONTRACTS) DESPITE OUR $19.70 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 0.569 TONNE QUEUE JUMP: NEW TOTAL 64.569 TONNES STANDING SO FAR // + /A STRONG ISSUANCE OF 1118 T.A.S. CONTRACTS ////YET ALL OF..THIS HAPPENED WITH A $19.70 LOSS IN PRICEWITH RESPECT TO THURSDAY’S TRADING.WE HAD A GOOD SIZED GAIN OF 6,003 OI CONTRACTS (18.671 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 4632 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 438,047
IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6003 CONTRACTS WITH 1371 CONTRACTS INCREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A STRONG 1118 CONTRACTS) AND 4632 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6003CONTRACTS OR 18.671 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4632 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (1371) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6,003 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 18,300 OZ QUEUE JUMP //// NEW STANDING FALLS TO 64.569 TONNES// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 1118 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: 36,347 CONTRACTS OR 3,634,700 OZ OR 113,05 TONNES IN 15 TRADING DAY(S) AND THUS AVERAGING: 2423 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 15 TRADING DAY(S) IN TONNES 113.05 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 113.05/3550 x 100% TONNES 3.18% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 113.05 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 3362 CONTRACTS OI TO 145,034 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE SET A NEW RECORD LOW OF 117,395 CONTRACTS MARCH 27/2022
EFP ISSUANCE 1642 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 1800and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1642 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 3362 CONTRACTS AND ADD TO THE 1642OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A GIGANTIC SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1720 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 8.600 MILLION OZ
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED //Hang Seng CLOSED /The Nikkei closed DOWN 483.84 OR 1.45% //Australia’s all ordinaries CLOSED DOWN 1.29 % /Chinese yuan (ONSHORE) closed /OFFSHORE CHINESE YUAN DOWN TO 7.2119 /Oil DOWN TO 68.45 dollars per barrel for WTI and BRENT DOWN AT 73.07 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1371 CONTRACTS UP TO 438,047 DESPITE OUR LOSS IN PRICE OF $19.70 ON THURSDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE… THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 4632 EFP CONTRACTS WERE ISSUED: : AUGUST 4632 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4632 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 6003 CONTRACTS IN THAT 4632LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1371 COMEX CONTRACTS..AND THIS GOOD SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $19.70//THURSDAY 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 THURSDAY NIGHT WAS A STRONG 1118 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 (64.569) ( 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: 64.569 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $19.70) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR GOOD GAIN OF 6003 CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT THE THURSDAY COMEX SESSION . THE TAS ISSUED THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 17.604PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE. (70.709 TONNES) FOLLOWED BY TODAY’S 18,300 OZ QUEUE JUMP..NEW STANDING RISES TO 64.569 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $19.70
WE HAD +ADDED 343 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 6003 CONTRACTS OR 600,300 OZ OR 18.671 TONNES.
Total monthly oz gold served (contracts) so far this month
20,073 notices 2,007,300 OZ 62.435 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
No dealer withdrawals
Customer deposits: 0
total dealer deposits: nil oz
we had 0 customer deposit:
total deposits: nil oz
Withdrawals: 2
i) out of Brinks: 161,878.630 oz
ii) Out of Loomis: 15,914.745 oz (495 kilobars)
total 177,793.375 oz
Adjustments;2 dealer to customer
i) Out of Asahi: 11,269.870 oz
2) customer to dealer
JPMorgan 7,716,240 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE.
For the front month of JUNE we have an oi of 884 contracts having LOST 15 contracts. We had 198 contracts served on Tuesday so we GAINED 183 contracts or an additional 18300 oz will stand for gold at the comex.
The next front month after June is the non active delivery month of July. Here, July LOST 12 contracts to stand at 2379 contracts.
AUGUST LOST 1317 contracts up to 363,373 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 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 198 contract(s) of which 3 notices were stopped (received) by j.P. Morgan dealer and 60 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 (20,073 x 100 oz ), to which we add the difference between the open interest for the front month of JUNE (884 CONTRACT) minus the number of notices served upon today 198 x 100 oz per contract equals 2,075,900 OZ OR 64.569 TONNES the number of TONNES standing in this active month of June.
thus the INITIAL standings for gold for the JUNEcontract month: No of notices filed so far (20,073) x 100 oz + (884) {OI for the front month} minus the number of notices served upon today (198) x 100 oz) which equals 2,075,900 oz standing OR 64.569 TONNES
TOTAL COMEX GOLD STANDING: 64.569 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,409,904.230 OZ
TOTAL REGISTERED GOLD: 11,744,813.041 (365.31 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,655,091,189 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 9,681,272 OZ (REG GOLD- PLEDGED GOLD) 301.12 tonnes//
END
SILVER/COMEX
JUNE 23//2023// THE JUNE 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
448,686.710 oz CNT
.
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
841,442.371 oz Brinks Manfra
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 2 deposits customer account:
i) Into Brinks 293,357.950 oz
ii) Into Manfra: 552,084.424 oz
total customer deposits: 845,442.371 oz
JPMorgan has a total silver weight: 141.762 million oz/267.923 million =52.89% of comex .//dropping fast
Comex withdrawals 1
i) Out of CNT: 448,686.710 oz
total withdrawals: 448,686.710 oz
adjustments: 0
TOTAL REGISTERED SILVER: 32.005 MILLION OZ//.TOTAL REG + ELIGIBLE. 267.923 million oz
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 6750 CONTRACT LOSS TO 46,770 CONTRACTS
AUGUST GAINED 28 CONTRACTS TO STAND AT 203
SEPT HAS A GAIN OF 3339 CONTRACTS UP TO 85,511
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
Comex volumes// est. volume today 75,035 good /
Comex volume: confirmed yesterday:81,311 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 23/WITH GOLD UP $5.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: WITHDRAWALS OF 4.33 TONNES OF GOLD OVER THE PAST TWO DAYS. /INVENTORY RESTS AT 929.70 TONNES
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 23/WITH SILVER DOWN 9 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A NET DEPOSIT OF 6.61 MILLION OZ INTO THE SLV OVER THESE PAST TWO DAYS//INVENTORY RESTS AT 469.793 MILLION OZ//
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//
Keep in mind, there is no limit on the debt for the next two years, so there is no telling how high it will climb. The sky is the limit.
That doesn’t bode well given the federal government’s spending problem. The Biden administration is blowing through about $500 billion every single month. This pace isn’t about to slow down despite what you might have heard about spending cuts in the “Fiscal Responsibility Act.” Even with the spending caps in the debt ceiling deal, overall spending will increase over the next two years. That means we can expect more massive monthly budget deficits.
And that’s assuming Congress and the president stick to the spending plan, which isn’t likely. We all know that the next “emergency” will necessitate additional “emergency” spending. In fact, Secretary of State Antony Blinken just announced he plans to set out a new “robust” assistance package for Ukraine.
There is always something the government needs to spend money on and now it has a credit card with no limit.
On the other side of the ledger, government receipts are falling. In May, the Treasury reported inflows of $307.5 billion. That was a 26.5% drop from May 2022.
Last year, robust tax receipts helped to paper over the spending problem as the federal government enjoyed a revenue windfall in fiscal 2022. According to a Tax Foundation analysis of Congressional Budget Office data, federal tax collections were up 21%. Tax collections also came in at a multi-decade high of 19.6% as a share of GDP. But CBO analysts warned it won’t last. We’re already seeing receipts fall, and government tax revenue will decline even faster if the economy spins into a recession.
The sheer size of the debt isn’t the only problem. The interest payments on that debt are growing exponentially. The trailing 12-month (TTM) interest on the debt clocked in at just under $600 billion in May. This was up from $350 billion at the start of 2022, less than 18 months ago. The government has added an extra $250 billion in expenses per year on just debt service.
This is just the beginning of an upward trend. Based on the current interest payment, The Treasury is paying less than 2% interest. But a lot of the debt currently on the books was financed at very low rates before the Federal Reserve started its hiking cycle. Every month, some of that super-low-yielding paper matures and has to be replaced by bonds yielding much higher rates. That means interest payments will quickly climb much higher unless rates fall.
If interest rates remain elevated or continue rising, interest expenses could climb rapidly into the top three federal expenses. (You can read a more in-depth analysis of the national debt HERE.)
Here are some numbers to consider.
If the national debt climbs to $40 trillion (and given the current deficits it won’t take long) and interest rates remain at 5% (which Jerome Powell says will be necessary to tackle inflation) interest payments on the debt alone would skyrocket around $2 trillion per year. That means that even if the US government balanced the budget so receipts covered all spending minus interest payments, we’d still be facing a $2 trillion annual deficit.
Of course, there won’t be a balanced budget. So, let’s assume the federal government can maintain the current deficit level of around $1 trillion annually (minus interest expense). Even with this overly-optimistic scenario, the Treasury would be running a $3 trillion annual budget deficit. (That’s the current $1 trillion deficit plus $2 trillion in interest expenses.)
And the most likely scenario is spending will continue to climb, along with the budget deficits. There’s no telling how high the annual deficits could run. But just consider that since President Biden took office, the national debt has grown by $4.25 trillion — in just two-and-a-half years.
This is a fiscal powder keg. All it needs is a match.
The national debt has been growing for so long that most people just shrug when we talk about it. Nobody seems particularly concerned outside of a handful of contrarians. Sure, most everybody recognizes that it might be a problem “down the road.” But they believe the road is long, so we can get away with continuing to kick the can. But mark my words, eventually, they will run out of road.
3,Chris Powell of GATA provides to us very important physical commentaries
Your weekend reading material
(Alasdair Macleod)
Alasdair Macleod: Updating Say’s Law for modern times
Submitted by admin on Thu, 2023-06-22 16:25Section: Daily Dispatches
By Alasdair Macleod Thursday, June 22, 2023
It was John Maynard Keynes’ offhand dismissal of Say’s Law, or the Law of the Markets, in 1936 that is leading us into an economic and monetary crisis.
Keynes dismissed the law to invent a role for the state.
That is why Keynes is so popular in the mainstream establishment. By dismissing market reality, he invented a new branch of economics. Macroeconomics exchanged statistics and mathematics for human action, and the prospect of centralised management substituted for ambiguity.
In this article I look at the flaws in macroeconomics, the state theory of money (an old recurring theme from John Law onwards), misleading statistics measured in unhinged fiat currencies, and why Keynesian fears of a general glut are misplaced — all of which stem from the error of dismissing Say’s Law.
Importantly, Say’s Law ties the volume of production to demand, so policymakers who believe a recession will kill price inflation, and therefore allow central banks to reduce interest rates, are simply wrong.
The state-educated mainstream is so sold on macroeconomic theories and the state management of economic outcomes that reasoned debate gets no traction. The only solution is for a final economic and monetary crisis to bring an end to all macroeconomic dogmas. …
Perth Mint faces more scrutiny after gold doping saga
Submitted by admin on Thu, 2023-06-22 16:16Section: Daily Dispatches
By Keane Bourke Australian Broadcasting Corp., Sydney Thursday, June 22, 2023
The embattled Perth Mint is facing another investigation after a period of scrutiny, this time by a federal parliamentary inquiry.
Australia’s financial crimes authority, AUSTRAC, has been investigating the mint since late last year over its level of compliance with anti-money laundering and counter-terrorism financing laws.
An investigation by the ABC’s Four Corners earlier this year found concerns with the mint’s regulatory compliance defences after a notorious former bikie was able to buy $27,000 worth of gold with little more than his driver’s licence.
It also revealed that between 2018 and 2021, the mint sold gold to China that met broader industry purity standards for 99.99 per cent pure gold, but not stricter standards at the Shanghai Gold Exchange for silver content.
The mint accepted the so-called “doping” was “damaging and unacceptable,” with the premier pointing to remediation work already underway.
Following the revelations, the London Bullion Market Association (LBMA) launched its own probe which concluded the mint was allowed to remain on a list of approved refiners.
The ABC also revealed the 123-year-old organisation had potentially breached commodities laws in nearly two dozen US states for more than a quarter of a century and concerns raised by a company which runs a soon-to-be shutdown cryptocurrency associated with the mint.
The Senate agreed today to a motion put forward by WA Liberal Senator Dean Smith to establish a wide-ranging committee to report into the mint and its compliance with a range of Commonwealth laws and regulations. …
“The critical milestone in the transition away from USD LIBOR to Risk Free Rates (RFRs) is almost here.”
“The USD LIBOR panel will cease after 30 June 2023, and USD LIBOR rates will no longer be considered ‘representative’ of the market. What is the potential impact of such change?” Especially with legacy contracts based on LIBOR that need to be converted.
SOFR is the average rate at which institutions can borrow US dollars overnight while posting US Treasury bonds as collateral. How will that work if market to market value of bond collateral is used with bonds being hammered in value? Wouldn’t those bonds supposedly being held to maturity have to realistically be priced at market due to risks of fire sales precipitated from deposit withdrawals?
Could BTFD loans from Fed seem to be about ready to explode?
And with Frank La Salla now head of DTCC and former senior executive of BNY Mellon for 28 years, would it be surprising if street name securities are also being posted to the Fed in BTFD collateral?
“The SOFR is calculated as a volume-weighted median of transaction-level tri-party repo data collected from the Bank of New York Mellon.”
Gold Price in Dollars Has Already Risen from 2 to 4 Digits, May Reach 5 Digits
Don’t want to listen? Read the podcast below!
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Hawkish posturing from Jerome Powell is putting downward pressure on precious metals markets.
The Federal Reserve chairman testified before Congress this week on the subject of U.S. monetary policy. Powell said persistently high inflation remains a top concern. Even though official gauges show price level increases moderating, they are still running well above the Fed’s 2% target.
Powell suggested additional rate hikes will be coming later this year. Futures traders reacted by selling gold and silver contracts.
On Thursday, the gold market dipped to a 3-month low. The monetary metal is trading lower by 2.0% for the week to bring spot prices to $1,930 an ounce as of this Friday recording.
Silver is shedding 7.8% this week to trade at $22.51 per ounce. Platinum is off 6.7% to come in at $937. And finally, palladium is taking an 8.8% beating on the week to trade at $1,330 per ounce.
If the bearish narrative on precious metals markets is to be believed, then the Fed will be successful in conquering inflation, the U.S. dollar will strengthen, and investors will have no need to diversify into hard money.
The reality, though, is that Fed doesn’t actually want to solve the inflation problem in any meaningful sense. It wants the Federal Reserve note to keep depreciating, just at a more gradual pace.
Central bankers claim that they are concerned about promoting price stability for the American people. But what they really fear is that if they don’t bring inflation down, de-dollarization will accelerate across the globe and ultimately cause the U.S. currency to lose its world reserve status.
During his testimony this week, Chairman Powell was asked by Congressman Ritchie Torres about the threat of de-dollarization.
Rep. Torres: As you know, the U.S. has foreign adversaries, particularly the CCP, that seem intent on de-dollarization. How seriously should the threat of de-dollarization be taken, in your view?
Jerome Powell: The status of the dollar as the world’s reserve currency, is a very important thing to us. I think the reason we have that status is largely due to our great democratic institutions, the rule of law, and the fact that we have, generally speaking, had strong levels of price stability, and I think that the dollar will remain the reserve currency, as long as those things are in place.
Powell’s claim that we have generally had price stability rests on a strange definition of price stability. Since the U.S. abandoned gold backing entirely in 1971, we’ve gone through a series of disruptive inflationary boom and bust cycles – from the stagflation of the late 1970s to the more recent asset bubbles in stocks and real estate.
And since the Federal Reserve was created in 1913, the overall purchasing power of the Federal Reserve note has plummeted by 98%. During this period of supposed price stability, gold has shot up from two digits to four digits.
If more of this sort of price stability manifests itself in the years ahead, then investors should expect gold to eventually command a five-digit price tag.
Gold is the ultimate measure of a currency’s real value. Gold itself isn’t 20 times more valuable than it was 50 years ago. Its price in terms of dollars is 20 times higher because those dollars have lost so much buying power.
But according to Jay Powell, central banks are the ultimate source of credibility for a currency. In his remarks before Congress, he suggested that private digital currencies lack credibility because they aren’t centrally controlled. He touted so-called “stablecoins” that are linked to the U.S. dollar as being legitimate money.
Jerome Powell: We do see payment stablecoins as a form of money. And in all advanced economies, the ultimate source of credibility in money is the Central Bank, and we believe that it would be appropriate to have quite a robust federal role in what happens in stablecoins going forward. And that leaving us with a weak role and allowing a lot of private money creation at the state level would be a mistake.
It seems pretty obvious that Powell is trying to inch the public toward accepting a central bank digital currency. Recent regulatory attacks on major cryptocurrency exchanges also seem to be accelerating the political push for the Fed to step in and issue its own stablecoin.
Advocates of central bank digital currency may promote it as being stable, but anyone who decides to hold digital dollars should expect their value to go in the same direction as paper dollars have gone over the years – and this is down.
Moving to some company news, a ratings group called Bullion Directory has just named Money Metals the “Best Gold E-Commerce Company” after conducting a survey of several thousand precious metals investors worldwide.
Citing Money Metals’ pricing, transparency, and customer service, the industry watchdog issued a public announcement this week about this recognition.
Bullion Directory also made special mention of Money Metals’ well-designed website, our high commitment to providing timely analysis and unbiased educational information to investors, and our leadership of the sound money movement.
We are grateful for this recognition – and for the confidence U.S. precious metals investors have in our company. We intend to remain committed to earning our customers’ trust over time.
Well, that will do it for this week. Be sure to check back next time for our next Weekly Market Wrap Podcast. Until then this has been Mike Gleason with Money Metals Exchange, thanks for listening and have a wonderful weekend everybody.
5 a. IMPORTANT COMMENTARIES ON COMMODITIES:
from Robert H to us;
Exclusive: Newmont declares force majeure on metal products from Mexico’s Peñasquito
A small toy figure and gold imitation are seen in front of the Newmont logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
LONDON, June 23 (Reuters) – Newmont (NEM.N) has declared force majeure on deliveries of some metal products from its Peñasquito mine in Mexico, the U.S.-listed miner told Reuters, citing strike action as a constraint on output.
Peñasquito is a major producer of zinc and lead, as well as gold. In a February outlook, Newmont said Peñasquito was expected to produce between 190,510 and 208,654420 metric tons of zinc this year and 77,111 and 86,183 tons of lead.
Companies declare force majeure when unexpected circumstances prevent them from meeting contract obligations.
“Due to interruptions in production caused by the union strike at Newmont’s Peñasquito mine in Mexico, force majeure has been declared with certain customers for some of the mine’s products,” Newmont said in an emailed statement.
On June 7, the National Union of Mine and Metal Workers of the Mexican Republic notified Newmont of strike action demanding an increase in the profit-sharing benefit provided for in the Collective Bargaining Agreement (CBA) from 10% to 20%, the company said.
“We remain in a constructive dialogue with the union and the authorities participating in the mediation process,” it said.
Peñasquito is a major employer in the area, with a direct workforce of over 5,000.
Governments and workers have become more vocal in demanding a share of mining company profits as commodity prices increase.
Worries about zinc supplies and the potential for tightness due to production cuts have boosted zinc prices on the London Metal Exchange, which at around $2,420 have gained more than 7% since the end of May.
Swedish miner Boliden (BOL.ST) last week said it will suspend production at Europe’s largest zinc mine in Ireland within the next month because of “unsustainable financial losses”.
It was also forced to halt output at its largest production unit, the Ronnskar smelter in Sweden, after a fire broke out overnight.
FTX Sues To Claw Back $700 Million From Ex-Clinton Aide, Other Investors
FRIDAY, JUN 23, 2023 – 11:00 AM
Bankrupt crypto exchange FTX on Thursday filed a lawsuit in Delaware against several investment firms it was tied to before its collapsed, in an attempt to claw back over $700 million in investments allegedly made with misappropriated FTX funds.
In its filing, FTX claims that founder Sam Bankman-Fried was a “profligate patron” who showered cash on former CAA talent agent and former Hillary Clinton aide Michael Kives, as well as his partner in K5 Global, Bryan Baum. SBF also gave money to incubator and investment firm Mount Olympus Capital and SGN Albany Capital.
Bankman-Fried described Kives, who served as an aide to Clinton when she was a Democratic U.S. senator from New York, and who worked as a Hollywood agent for clients including actor and former Republican California governor Arnold Schwarzenegger and singer Katy Perry, as “probably, the most connected person I’ve ever met,” and “a one-stop shop” for political relationships and celebrity partnerships, according to the complaint. –Reuters
The suit highlights a 2022 event attended by SBF which was hosted by Kives.
“True to Kives’s reputation as a high-profile ‘super-networker,’ the attendees at the dinner party included a former Presidential candidate, top actors and musicians, reality TV stars and multiple billionaires,” it reads.
The suit then alleges that FTX’s crypto trading arm, Alameda Research, transferred $700 million to Kives, Baum and K5 Global, however they ‘constructed the deals as coming from shell companies SGN Albany and Mount Olympus Capital,’ according to Cointelegraph.
The transfers were described as being carried out “without receiving equivalent value” and, crucially, as avoidable. In U.S. bankruptcy law, an avoidable transaction is one that can be reversed under the Bankruptcy Code or other laws.
Kives, Baum and SBF also developed close personal ties, with Baum even having his own bedroom in the FTX executives’ Bahamas residence, the suit said. After FTX’s collapse, “Kives and Baum worked behind the scenes with Bankman-Fried on a strategy to find someone to bail out the FTX Group (and to protect their golden goose).” -Cointelegraph
K5 Global called the lawsuit “without merit,” telling the outlet: “K5 is a Venture Capital firm with over $1 billion in assets under management (apart from any funds from SBF and his affiliates) and has investments in 148 companies. In mid-2022, an affiliate of Sam Bankman-Fried and Alameda bought a third of K5’s general partnership for cash and stock, and ultimately made a $400 million investment in certain funds managed by K5,” the spokesperson said, adding “K5 was under the impression — like many others — that SBF was completely legitimate and they were entering into a fair, long-term, and mutually beneficial business relationship. Our belief is that the lawsuit is without merit.”
Bankman-Fried authorized investments in K5 projects that enriched Kives and Baum with no payoff for FTX or its customers, who were footing the bill, FTX alleged.
In one poor investment, according to the complaint, aBankman-Fried-controlled shell company used $214 million in funds from FTX to buy a minority stake in Kendall Jenner’s 818 Tequila brand, at a time when the tequila company’s assets were valued at just $2.94 million in its filings with the U.S. Securities and Exchange Commission. -Reuters
That said, nine of the counts in the suit concern fund transfers, while Kives and Baum have been personally charged with aiding and abetting breach of fiduciary duty and dishonest assistance. SGN Albany Capital was charged with unjust enrichment.
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS/FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED
OFFSHORE YUAN: DOWN TO 7.2119
SHANGHAI CLOSED
HANG SENG CLOSED
2. Nikkei closed DOWN 483.34 PTS OR 1.45%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 102.49 EURO FALLS TO 1.0888 DOWN 67 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.363 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 143.12/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ON SHORE YUAN: XXX// 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 +2.352***/Italian 10 Yr bond yield FALLS to 3.986*** /SPAIN 10 YR BOND YIELD FALLS TO 3.323…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 3.575
3j Gold at $1921.90 silver at: 22.32 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 43 /100 roubles/dollar; ROUBLE AT 84.48//
3m oil into the 68 dollar handle for WTI and 73 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 143.12// 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .363% 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 0.8973 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9770 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: 3.729 DOWN 7 BASIS PTS…
USA 30 YR BOND YIELD: 3.820 DOWN 5 BASIS PTS/
USA 2 YR BOND YIELD: 4.733 DOWN 7 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 25.27…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 2 BASIS PTS AT 4.330 DOWN 7 BASIS PTS (RATES RISING RAPIDLY)
end
2. Overnight: Newsquawk and Zero hedge:
Futures Slide As Global Risk-Off Accelerates After Dismal European PMIs
FRIDAY, JUN 23, 2023 – 08:19 AM
One week after S&P futures hit a 52-week high, sentiment has turned increasingly ugly and US equities are set to open lower for the 4th of the past 5 days, with global stocks also sliding, after the latest set of dismal European PMIs revealed that economic momentum in the euro area almost came to a halt in June, signaling an end to the revival the bloc demonstrated since its winter downturn (and good news for the ECB which has been desperate to spark a recession). As of 7:45am ET, emini S&P futures were down 0.5%, trading just over 4,400, almost 100 points below the YTD highs hit last Friday; Nasdaq futures were also down half a percent, as investors fled into the safety of bonds amid a return of fears that weak euro-area activity data together with aggressive central bank rate hikes will tip economies into recession. The Bloomberg dollar index traded near the day’s highs, pressuring all Group-of-10 currencies. Treasury yields fell across the board, following pullbacks in the UK and Europe. Gold advanced, Brent crude slid more than 1.5% and Bitcoin fell for the first time in five days. Today’s macro data focus is PMIs releases: the street expects another contractionary print from the US Mfg PMI at 48.5, while services are expected to dip to at 54.0 from 54.9
In premarket trading, defensive sectors such as health care gained offsetting broad weakness across giga-cap tech, led by TSLA: the world’s most valuable automaker has been downgraded by at least three brokerages this week, including Morgan Stanley, DZ Bank and Barclays. Here are some other notable premarket movers:
Virgin Galactic shares slump 18% in premarket trading after the company entered an agreement for the sale of as much as $400m of its common shares over time.
3M Co. shares rise as much as 4.2% in premarket trading after the company agreed to pay as much as $12.5 billion over 13 years to resolve claims over so- called forever chemicals it manufactured that for decades polluted drinking water supplies across the US. Analysts were positive about the settlement, but noted that the firm has many more suits to contend with before litigationoverhangs lift.
SoFi Technologies shares fell 3.2% in premarket trading on Friday after Compass Point Research & Trading LLC started coverage on the personal finance company with a sell rating and $5 price target.
IonQ gains as much as 8.5% in premarket trading after the quantum computing company raised full-year bookings guidance, citing a recent pact with QuantumBasel to install two future quantum systems in Europe.
The second-quarter melt up is fraying fast under the threat of more rate hikes and fears that the full economic impact of aggressive rate increases has yet to be felt. Federal Reserve Chair Jerome Powell said the US may need one or two more rate increases in 2023.
“The market has not yet digested the lagged impact of tighter Fed policy,” said Emily Roland, the co-chief investment strategist of John Hancock Investment Management. “Based on what we’ve seen in terms of this really strong run-in markets, we would consider trimming risk.”
It wasn’t just the US: global stocks also headed for their biggest weekly decline in more than three months. European shares suffered with the Stoxx 50 down 0.5% and set for a fifth consecutive fall. The downbeat tone was set by Siemens Energy’s record 36% drop after a profit warning dragging on the broader market. Europe’s composite PMI fell to a five-month low of 50.3, missing analyst estimates for a slight decline from May to 52.5. The Services PMI dropped to 50.3, just barely in expansion territory, while mfg tumbled to 43.6, the lowest in three years.
The PMI slump was led by France, which has been battered by strikes, though Germany’s struggling factories also played a role. Germany’s economic activity lost much more momentum than anticipated in June, driven by a slowdown in services and sustained weakness at the country’s factories; separate data for France showed its economy probably slumped in the three months through June. The euro fell sharply following the figures.
European bank shares fell Friday, underperforming broader European equities, as bond yields slid on concerns of a worsening economic outlook, following weak data in some of the largest regional markets. The Stoxx 600 Banks Index was 1.1% lower, double the drop of the Stoxx 600 Index. Losses were led by the most rate-sensitive lenders, including Commerzbank -3.9%, Bank of Ireland -3.3% and Santander -2.3%. Here are some of the other notable European movers:
GSK shares rise as much as 6.2% after the drugmaker settled its first lawsuit set to go to trial in the US related to its blockbuster heartburn medication Zantac.
Puma shares rise as much as 2.4% after its 2Q organic sales growth estimate was raised to 6% from 4% at Morgan Stanley, which cited a “more upbeat view” on trends in the Europe, the Middle East and Africa region.
Evotec shares gain as much as 5.6% after it is upgraded to overweight at Morgan Stanley, which predicts investor interest to revive in the German pharma company due to its strong underlying execution and potential for new collaboration agreements.
Siemens Energy shares slump 36%, the worst single day drop ever, after profit warning and guidance withdrawal. Wind industry peers: Vestas and Nordex are also trading lower.
SES- imagotag shares sank as much as 60% as trading resumed following a report by Gotham City Research, which said it’s short the French maker of electronic price tags for store shelves.
Ocado shares drop as much as 9.6% in London, paring some of Thursday’s 32% surge following a story published by the Times mentioning “speculation of bid interest.”
British homebuilders’ shares fall sharply, with Berkeley down as much as 6.2%, as HSBC downgrades its stock to reduce and predicts that the continued rise in mortgage rates will hit housing demand as well as house prices.
Hotel Chocolat shares plunge as much as 19%, to a record low, after the chocolate maker said it expects sales and pre-tax profit for the upcoming fiscal year to be below current market expectations, citing weak consumer sentiment and inflation.
Earlier in the session, Asian stocks failed to sustain an early positive bias and faltered following the mixed performance stateside where the S&P 500 and Nasdaq snapped their losing streaks although most sectors finished in the red after a busy day of central bank activity including several rate hikes.
Hang Seng was pressured on return from the Dragon Boat Festival with the index dragged lower by heavy losses in healthcare, tech and property amid headwinds from rising global yields and as Stock Connect trade remained shut due to the holiday in the mainland.
ASX 200 was lower with the declines led by underperformance in energy after the recent slump in oil prices, with the mood not helped by an inverted yield curve and after Australia’s flash manufacturing PMI remained in contraction territory.
Nikkei 225 gave back its early gains and then some, as participants digested mixed inflation data from Japan which showed a slowdown in headline and core CPI although the latter and core-core readings were still firmer-than-expected, while Japan’s manufacturing PMI also slipped beneath the 50 benchmark level.
Indian stocks snapped a four-week gaining streak, the longest this year, amid risk aversion spurred by worries that aggressive central bank policy will tip economies into recession. A selloff in Adani Group stocks also weighed. The NSE Nifty 50 Index declined 0.6% Friday to 18,665.50, while the S&P BSE Sensex fell 0.4% to 62,979.37. For the week, the Nifty 50 lost 0.9% and Sensex fell 0.6%. Adani Group stocks erased nearly $9 billion in market value this week with majority of those losses coming on Friday after Bloomberg News reported that US authorities have sub-peonad investors met by the conglomerate. Reliance Industries contributed the most to the Sensex’s decline, decreasing 0.8%. Out of 30 shares in the Sensex index, seven rose and 23 fell.
In rates, treasuries rallied across the curve following wider gains in core European rates after German PMIs miss estimate, following earlier French services PMI miss, as traders repriced a peak ECB deposit rate back below 4%. Meanwhile in UK, traders price in the Bank of England to raise rates as high as 6.25%, most since 1998, as the gilt curve continues to aggressively flatten. US Treasury yields richer by 3bp to 5bp across the curve with belly-led gains tightening the 2s5s30s fly by 2.5bp on the day; US 10-year yields dropped 7bps to around 3.73%, with bunds and gilts outperforming by 6.5bp and 2.5bp in the sector. German two-year yields are down 11bps while the single currency has shed 1% against the greenback as traders pared back bets on the ECB’s terminal rate.
In FX, the Dollar spot Index rose, on course to snap its first weekly gain since May, after Powell re-emphasized the need for one or two more interest rate hikes in his second day of testimony to Congress prompting money markets to increase bets for further Fed tightening, and pricing in a 100% chance of a 25-basis-point hike by July; up from yesterday’s pricing of a 100% chance by September; global risk-off mood drove further upside. EURUSD slumps as much as 1% on weak manufacturing data, the pound was lower by 0.3% after UK PMI also disappointed, albeit to a lesser degree.
In commodities, crude futures declined with WTI falling 1.9% to trade near $68.20. Spot gold rises 0.3%. Bitcoin drops 0.5%.
Looking to the day ahead now, and the main highlight will be the flash PMIs for June from the US. Other data releases include UK retail sales for May. From central banks, we’ll hear from ECB President Lagarde, the ECB’s Vujcic, De Cos and Panetta, along with the Fed’s Bullard and Mester.
Market Snapshot
S&P 500 futures down 0.5% to 4,403.00
MXAP down 1.4% to 163.32
MXAPJ down 1.2% to 514.49
Nikkei down 1.5% to 32,781.54
Topix down 1.4% to 2,264.73
Hang Seng Index down 1.7% to 18,889.97
Shanghai Composite down 1.3% to 3,197.90
Sensex down 0.3% to 63,065.18
Australia S&P/ASX 200 down 1.3% to 7,099.23
Kospi down 0.9% to 2,570.10
STOXX Europe 600 little changed at 454.78
German 10Y yield little changed at 2.35%
Euro down 0.8% to $1.0865
Brent Futures down 1.4% to $73.07/bbl
Gold spot up 0.2% to $1,918.46
U.S. Dollar Index up 0.60% to 103.00
Top Overnight News
Japan’s flash PMIs cool in June, with manufacturing coming in at 49.8 (down from 50.6 in May) and services dipping to 54.2 (down from 55.9 in May); Japan’s CPI In May was inline on the headline at +3.2% (don from +3.5% in April), but the core number of +4.3% ran hot (this is up from +4.1% in April and above the Street’s +4.2% forecast). BBG
Malaysia’s CPI for May undershoots the Street, coming in at +2.8% (down from +3.3% in April and below the Street’s +3% forecast); Singapore’s CPI undershoots the Street in May, coming in at +5.1% Y/Y (down from +5.7% in April and below the Street’s +5.4% forecast). BBG
Europe’s flash PMIs fall short of expectations in June, with manufacturing coming in at 43.6 (down from 44.8 in May and below the Street’s 44.8 forecast) and services at 52.4 (down from 55.1 in May and below the Street’s 54.5 forecast). The report warned that growth in the Eurozone “came close to stalling in June”. “Inflows of new orders fell for the first time since January, employment growth slowed, and future output expectations also deteriorated. More encouragingly, the slowdown was accompanied by a marked cooling of inflationary pressures.” S&P
Siemens Energy shares plunge 30% in Eurozone trading after the company withdrew its guidance due to issues at Siemens Gamesa (Gamesa has initiated an extended review of its installed fleet and product designs and may incur costs of >EU1B to address quality issues). RTRS
Treasury Secretary Janet Yellen sees diminishing risk for the US to fall into recession, and suggested that a slowdown in consumer spending may be the price to pay for finishing the campaign to contain inflation. BBG
Citi’s RTO warning: The bank is telling staffers they’ll face consequences if they don’t comply with policies for office attendance, a person familiar said. Employees flouting rules may see their performance evaluations and pay package affected. The firm is also weighing tracking building-entry data at its UK offices, something it already does in the US. BBG
U.S. banks are pushing to soften a major regulatory proposal to hike bank capital requirements, worried it could prove too onerous, especially for lenders still reeling from the March banking crisis, according to six people briefed on the matter. RTRS
Ford is preparing another round of layoffs (mostly of white collar, salaried workers) as the company moves aggressively to slash costs. WSJ
AMZN is planning to turn the former Lord & Taylor building in NYC, which it purchased back in March of 2020 for $1.15B, into a “posh office building” for ~2K employees (“Amazon is looking to take away the reasons people don’t want to go into an office to work”). NY Post
Three months after the ECB officially started QT, the technical impact on the secondary market remains muted. We had expected that the initial pace of €15 billion/month for the overall APP portfolio would translate into roughly €1.3 billion/month of runoff for the CSPP portion. The pace of the runoff was, however, off to a stronger-than-expected start, with the ECB shrinking its CSPP portfolio by roughly €2.5 billion in March, but that pace slackened in April and the first half of May
A more detailed look at global markets courtesy of Newsquawk
APAC stocks failed to sustain an early positive bias and faltered following the mixed performance stateside where the S&P 500 and Nasdaq snapped their losing streaks although most sectors finished in the red after a busy day of central bank activity including several rate hikes. ASX 200 was lower with the declines led by underperformance in energy after the recent slump in oil prices, with the mood not helped by an inverted yield curve and after Australia’s flash manufacturing PMI remained in contraction territory. Nikkei 225 gave back its early gains and then some, as participants digested mixed inflation data from Japan which showed a slowdown in headline and core CPI although the latter and core-core readings were still firmer-than-expected, while Japan’s manufacturing PMI also slipped beneath the 50 benchmark level. Hang Seng was pressured on return from the Dragon Boat Festival with the index dragged lower by heavy losses in healthcare, tech and property amid headwinds from rising global yields and as Stock Connect trade remained shut due to the holiday in the mainland.
Top Asian News
Chinese Premier Li said China and Europe should rise above differences and seek common ground and push for more creative solutions, and the Chinese economy has shown upward momentum, according to Reuters.
China lodged an official protest over US President Biden’s dictator remark about Chinese President Xi, according to WSJ.
US President Biden said his comment on Chinese President Xi being a dictator did not undermine or complicate the relationship with China.
US and India agreed to terminate six outstanding disputes at the WTO and India agreed to remove retaliatory tariffs on certain US products, according to Reuters.
Japanese Finance Minister Suzuki says sharp FX moves are undesirable, watching FX moves, will not comment on FX levels, according to Reuters.
European bourses trade on the backfoot with sentiment in the region subdued after the Flash PMIs sounded recessionary warnings. US equity futures are also lower on the session with the ES just about managing to maintain 4400 status – the macro narrative in the US hasn’t changed much this week. Equity sectors in Europe are mixed with energy names the clear laggard alongside softer energy prices and heavy losses in Siemens Energy (-32%) after the Co. withdrew guidance, while UK homebuilders have been pressured following a raft of broker downgrades at HSBC.
Top European News
Euro-Zone Activity Almost Stalls as Recession Rebound Fades
Siemens Energy Falls by Record After Gamesa Issues Worsen
Eni Increases Gas Reach With $4.9 Billion Neptune Deal
Bonds Rally, Euro Falls on Fears Economy Is Starting to ‘Buckle’
Egypt’s Devaluation Timeline Sets Back Clock for More Rate Hikes
FX
DXY is on a firmer footing and topped 103.00 earlier in the European session in wake of the downbeat EZ PMIs.
EUR fell from levels around 1.0950 to lows just under 1.0850 in the wake of the Flash PMIs which overall flagged a recessionary warning.
GBP is unable to glean any real traction via better-than-expected UK retail sales data or consumer confidence as flash PMIs missed consensus to compound economic concerns hot on the heels of the BoE’s 50bps hike.
Yen regained some poise amid softer US Treasury yields and risk aversion, while Aussie and Kiwi are once again hit amid their high-beta properties.
Fixed Income
Bonds looked poised to claw back more losses on pre-weekend short-covering grounds before getting an even bigger boost from largely weaker-than-forecast and worrying PMIs in the face of further Central Bank policy tightening to combat inflation.
Bunds breezed through Fib resistance and then made light work of clearing 134.00 on the way.
Gilts came chasing after and touched 97.00 having been down at 95.32 earlier on Liffe.
T-note rebounded to 113-07 from 112-22 before all the buying dried up.
Commodities
WTI and Brent futures are once again on a softer footing and extended on the losses seen overnight To recap, prices were subdued during APAC hours amid the downbeat risk tone, and with Mainland Chinese markets away on a domestic holiday. In European trade, the Flash PMIs from France and Germany painted a bleak picture of the health of the Eurozone economy.
Spot gold is drifting higher despite the firmer Dollar, possibly on haven flows after the EZ Flash PMIs flagged another GDP contraction for the quarter.
Base metals are all pressured by the recessionary warnings emanating from the Flash PMIs earlier in the session, with LME copper falling back under USD 8,500/t.
Newmont (NEM) declared force majeure on some metal products at the Penasquito mine in Mexico, according to Reuters, amid strikes – the mine produces gold, silver, lead and zinc.
Geopolitics
Air raid alerts were in effect throughout Ukraine, according to official military notices cited by Reuters.
US and South Korea launched a high-level meeting on cyber security and agree to step up cooperation, according to Reuters.
US Event calendar
09:45: June S&P Global US Manufacturing PM, est. 48.5, prior 48.4
09:45: June S&P Global US Composite PMI, est. 53.5, prior 54.3
09:45: June S&P Global US Services PMI, est. 54.0, prior 54.9
11:00: June Kansas City Fed Services Activ, prior 3
DB’s Jim Reid concludes the overnight wrap
Global markets have continued to struggle over the last 24 hours, with a fresh selloff for sovereign bonds and further equity declines across most regions. Several factors have been behind this, but the biggest was the dawning realisation for investors that central banks are set to keep hiking rates into the second half of the year, particularly after a surprise 50bps move from the Bank of England. At the same time, the latest data aggravated fears about a potential recession, which further dampened risk appetite. In fact, last week’s US initial jobless claims remained stuck at their highest level since October 2021, and the Kansas City Fed’s manufacturing index fell to levels that have only previously occurred in US recessions. So investors were left with plenty of bad news to digest, with little sign of any positive near-term catalysts.
Once again, the UK was at the centre of attention after the Bank of England hiked its policy rate by 50bps to 5%. That’s the highest Bank Rate since 2008, and it came as a decent surprise to investors who still viewed a 25bp hike as more likely, even after the upside inflation surprise the previous day. The decision was supported by a 7-2 majority of the MPC, and their statement acknowledged that recent data “indicates more persistence in the inflation process, against the backdrop of a tight labour market and continued resilience in demand.” In a separate letter to the Chancellor, Governor Bailey signalled the bank’s determination to clamp down on inflation, saying that “Bringing inflation down is our absolute priority.”
That larger-than-expected move meant investors are now pricing in a more aggressive path of rate hikes over the months ahead. For instance, overnight index swaps this morning now imply a 70% chance of another 50bp move at the next meeting in early August. Looking further out, they now see 123bps of further hikes by the peak, implying a 91% chance that Bank Rate will peak at 6.25%, which would be the highest since the 1990s. But despite the prospect of more hikes, gilts actually saw a strong outperformance following the decision, with 10yr yields down -3.8bps on the day, unlike the rises in bond yields seen elsewhere. The main reason was that the hike meant investors became more confident that inflation would be lower over the years ahead, so the -6.1bps decline in inflation breakevens outweighed the +2.3bps rise in real rates. In light of the meeting, our UK economist has also revised up his terminal rate projection to 5.75%. You can read his full recap here.
The Bank of England was far from the only central bank story yesterday, with several hawkish messages from around the world. One came from the Swiss National Bank, who delivered a 25bp hike as expected, but signalled that further hikes were likely. Then half an hour later the Norges Bank delivered a surprise 50bp hike of their own, rather than the 25bp move expected by the consensus.
Finally in the US, we heard from Fed Chair Powell again, who was testifying before the Senate Banking Committee. He reiterated the message that officials felt it was appropriate to take rates higher by year-end, noting that a “strong majority” of the FOMC saw two additional hikes. So Powell has been emphasising the Fed’s hawkish June dot plot more than he did at the post-FOMC press conference last week. On the topic of Fed hikes, yesterday our US economists and rates strategists published a report assessing how close the Fed is to a “sufficiently restrictive” stance. Considering different approaches, they find that a sufficiently restrictive level could plausibly be achieved with one or two more rate hikes. See here for more.
With all that in mind, investors began to price in the growing likelihood of rate hikes deeper into the second half of this year. For instance, when it came to the Fed and the ECB, market pricing for the rate at the December meeting hit its highest level since SVB’s collapse in early March. In turn that led to a sizeable bond selloff, with yields on 2yr Treasuries (+7.6bps) hitting a post-SVB high of their own at 4.791%, whilst those on 10yr Treasuries rose the same amount (+7.6bps) to 3.795%. It was much the same story in Europe, where yields on 10yr bunds (+5.9bps), OATs (+6.4bps) and BTPs (+8.0bps) moved higher as well. Much of that upward pressure came from real rates, and there was another milestone after the 2yr US real yield (+8.6bps) hit a post-GFC high of 2.75%.
Whilst bonds were taking a hit thanks to the various central bank moves, there wasn’t much respite from yesterday’s data releases either. The main one was the US weekly jobless claims, which came in at 264k (vs. 259k expected) over the week ending June 17. That’s in line with their revised level for the previous week, and keeps it at its highest level since October 2021. Furthermore, the 4-week moving average is at its highest since November 2021, so it’s clear this isn’t just a blip either. Later on, we then had the Kansas City Fed’s manufacturing index, which fell to -12 in June (vs. -5 expected). Since the series started in 2001, the lowest it’s been without a recession taking place is -11, so the fact it’s now beneath that is another concerning sign based on the historic patterns. On top of that, we also had the Conference Board’s leading economic index for May, which posted a 14th monthly decline in May with a -0.7% loss (vs. -0.8% expected). So it was difficult to find much upside in the various reports.
This backdrop meant it was a tough run for equities for much of the day, with Europe’s STOXX 600 (-0.51%) falling to a 3-week low, and the index falling for four days in a row for the first time since December 2022. A rally late in the US afternoon helped the S&P 500 post a gain (+0.37%), but this was a narrow one with 64% of companies in the index still losing ground on the day, meaning that the equal-weighted S&P 500 was down -0.42% in its 4th consecutive decline. Tech stocks were the big outperformer again, and the NASDAQ (+0.95%) and the FANG+ index (+1.46%) posted stronger advances. But small-cap stocks struggled, with the Russell 2000 (-0.80%) down for a 4th consecutive day.
Those equity losses have continued in Asia overnight, with the Nikkei (-1.78%), the Hang Seng (-1.94%), the CSI 300 (-1.53%), the Shanghai Comp (-1.31%) and the KOSPI (-0.94%) all seeing sharp losses. One factor not helping matters has been the latest CPI data from Japan, which has showed core inflation running faster-than-expected. For instance, “core-core” inflation accelerated to +4.3% (vs. +4.2% expected), marking its highest level since 1981. In the meantime, headline inflation did fall to +3.2% as expected, but that still marked its 14th month above 2%.
Another factor not helping matters has been the release of the flash PMIs for June overnight. We’ve only had Japan and Australia so far, but both showed the composite PMI slowing down relative to May, with Japan’s down to 52.3, and Australia at 50.5. We’ll get the numbers from Europe and the US as the day progresses, so one to keep an eye on for how the global economy has been faring this month. Looking forward, things don’t look too great for markets either, with futures on the S&P 500 down -0.46% this morning, and those on the DAX are down -0.71%. The risk-off tone has supported Treasuries however, with the 10yr yield coming down -1.9bps overnight.
Finally, concerns about demand saw commodities take a hit yesterday, with losses across the board. Brent crude (-3.86%) fell back to $74.14/bbl, marking its worst daily performance so far this month, whilst WTI was down -4.16% to $69.51/bbl. Both have experienced further losses this morning too, with Brent crude down another -1.11% to $73.31/bbl. Metals also struggled, with copper (-0.60%) falling back, and gold (-0.96%) closed at a 3-month low as real rates took another leg higher.
To the day ahead now, and the main highlight will be the flash PMIs for June from around the world. Other data releases include UK retail sales for May. From central banks, we’ll hear from ECB President Lagarde, the ECB’s Vujcic, De Cos and Panetta, along with the Fed’s Bullard and Mester.
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
Risk off returns following weak PMIs, with equities downbeat, USD & bonds bid – Newsquawk US Market Open
FRIDAY, JUN 23, 2023 – 06:13 AM
European bourses trade on the backfoot with sentiment in the region subdued after the Flash PMIs sounded recessionary warnings.
US equity futures are also lower on the session with the ES briefly dipping under 4,400.
Havens (ex-CHF) are bid on the back of the risk aversion while industrial commodities take a hit on growth concerns.
Fed’s Barkin (non-voter) said he is comfortable with more hikes if inflation is not heading to the goal but he will not prejudge the July meeting, according to Reuters.
Looking ahead, highlights include US PMI (Flash), Speeches from Fed’s Bostic, Mester & ECB’s Panetta, Schnabel and Elderson.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses trade on the backfoot with sentiment in the region subdued after the Flash PMIs sounded recessionary warnings.
US equity futures are also lower on the session with the ES just about managing to maintain 4400 status – the macro narrative in the US hasn’t changed much this week.
Equity sectors in Europe are mixed with energy names the clear laggard alongside softer energy prices and heavy losses in Siemens Energy (-32%) after the Co. withdrew guidance, while UK homebuilders have been pressured following a raft of broker downgrades at HSBC.
Click here and here for a recap of the main European updates.
DXY is on a firmer footing and topped 103.00 earlier in the European session in wake of the downbeat EZ PMIs.
EUR fell from levels around 1.0950 to lows just under 1.0850 in the wake of the Flash PMIs which overall flagged a recessionary warning.
GBP is unable to glean any real traction via better-than-expected UK retail sales data or consumer confidence as flash PMIs missed consensus to compound economic concerns hot on the heels of the BoE’s 50bps hike.
Yen regained some poise amid softer US Treasury yields and risk aversion, while Aussie and Kiwi are once again hit amid their high-beta properties.
Bonds looked poised to claw back more losses on pre-weekend short-covering grounds before getting an even bigger boost from largely weaker-than-forecast and worrying PMIs in the face of further Central Bank policy tightening to combat inflation.
Bunds breezed through Fib resistance and then made light work of clearing 134.00 on the way.
Gilts came chasing after and touched 97.00 having been down at 95.32 earlier on Liffe.
T-note rebounded to 113-07 from 112-22 before all the buying dried up.
WTI and Brent futures are once again on a softer footing and extended on the losses seen overnight To recap, prices were subdued during APAC hours amid the downbeat risk tone, and with Mainland Chinese markets away on a domestic holiday. In European trade, the Flash PMIs from France and Germany painted a bleak picture of the health of the Eurozone economy.
Spot gold is drifting higher despite the firmer Dollar, possibly on haven flows after the EZ Flash PMIs flagged another GDP contraction for the quarter.
Base metals are all pressured by the recessionary warnings emanating from the Flash PMIs earlier in the session, with LME copper falling back under USD 8,500/t.
Newmont (NEM) declared force majeure on some metal products at the Penasquito mine in Mexico, according to Reuters, amid strikes – the mine produces gold, silver, lead and zinc.
Fed’s Barkin (non-voter) said US inflation is too high despite falling from the peak, while he added that demand is still elevated vs pre-COVID trend which is boosting CPI and he is comfortable with more hikes if inflation is not heading to the goal. Barkin said he would support rate cuts when there is conviction inflation is heading down but added that the Fed is still a good way away from the 2% inflation target and said he will not prejudge the July meeting, according to Reuters.
US Treasury Secretary Yellen said the odds of a recession have eased but it remains a risk as the Fed tightens policy, while she noted that it is not appropriate to debate the 2% target at this time and consumer spending may need to slow to ease CPI, according to Bloomberg.
NOTABLE EUROPEAN HEADLINES
EUROPEAN DATA RECAP
UK Retail Sales YY (May) -2.1% vs. Exp. -2.6% (Prev. -3.0%)
UK Retail Sales MM (May) 0.3% vs. Exp. -0.2% (Prev. 0.5%)
UK Retail Sales Ex-Fuel YY (May) -1.7% vs. Exp. -2.1% (Prev. -2.6%)
UK Retail Sales Ex-Fuel MM (May) 0.1% vs. Exp. -0.3% (Prev. 0.8%)
French HCOB Manufacturing Flash PMI (Jun) 45.5 vs. Exp. 45.4 (Prev. 45.7)
French HCOB Composite Flash PMI (Jun) 47.3 vs. Exp. 51 (Prev. 51.2)
French HCOB Services Flash PMI (Jun) 48.0 vs. Exp. 52 (Prev. 52.5)
German HCOB Services Flash PMI (Jun) 54.1 vs. Exp. 56.2 (Prev. 57.2)
German HCOB Composite Flash PMI (Jun) 50.8 vs. Exp. 53.5 (Prev. 53.9)
German HCOB Manufacturing Flash PMI (Jun) 41.0 vs. Exp. 43.5 (Prev. 43.2)
EU HCOB Composite Flash PMI (Jun) 50.3 vs. Exp. 52.5 (Prev. 52.8)
EU HCOB Services Flash PMI (Jun) 52.4 vs. Exp. 54.5 (Prev. 55.1)
EU HCOB Manufacturing Flash PMI (Jun) 43.6 vs. Exp. 44.8 (Prev. 44.8)
UK Flash Services PMI (Jun) 53.7 vs. Exp. 54.8 (Prev. 55.2)
UK Flash Manufacturing PMI (Jun) 46.2 vs. Exp. 46.8 (Prev. 47.1)
UK Flash Composite PMI (Jun) 52.8 vs. Exp. 53.6 (Prev. 54)
BRIEF ANALYSIS: Sentiment in the region remains subdued in the wake of Eurozone flash PMIs. The accompanying report noted “after Eurozone GDP fell for the second time in a row in the first quarter, the probability has increased somewhat that the GDP change will again carry a negative sign in the current quarter”. The UK release also underwhelmed with declines in services and manufacturing dragging the composite lower and the accompanying report noting “…the UK economy has lost momentum again after a brief growth spurt in the spring, and looks set to weaken further in the months ahead”.
CRYPTO
Bitcoin is relatively flat intraday and trades on either side of USD 30,000.
GEOPOLITICS
Air raid alerts were in effect throughout Ukraine, according to official military notices cited by Reuters.
US and South Korea launched a high-level meeting on cyber security and agree to step up cooperation, according to Reuters.
APAC TRADE
APAC stocks failed to sustain an early positive bias and faltered following the mixed performance stateside where the S&P 500 and Nasdaq snapped their losing streaks although most sectors finished in the red after a busy day of central bank activity including several rate hikes.
ASX 200 was lower with the declines led by underperformance in energy after the recent slump in oil prices, with the mood not helped by an inverted yield curve and after Australia’s flash manufacturing PMI remained in contraction territory.
Nikkei 225 gave back its early gains and then some, as participants digested mixed inflation data from Japan which showed a slowdown in headline and core CPI although the latter and core-core readings were still firmer-than-expected, while Japan’s manufacturing PMI also slipped beneath the 50 benchmark level.
Hang Seng was pressured on return from the Dragon Boat Festival with the index dragged lower by heavy losses in healthcare, tech and property amid headwinds from rising global yields and as Stock Connect trade remained shut due to the holiday in the mainland.
NOTABLE ASIA-PAC HEADLINES
Chinese Premier Li said China and Europe should rise above differences and seek common ground and push for more creative solutions, and the Chinese economy has shown upward momentum, according to Reuters.
China lodged an official protest over US President Biden’s dictator remark about Chinese President Xi, according to WSJ.
US President Biden said his comment on Chinese President Xi being a dictator did not undermine or complicate the relationship with China.
US and India agreed to terminate six outstanding disputes at the WTO and India agreed to remove retaliatory tariffs on certain US products, according to Reuters.
Japanese Finance Minister Suzuki says sharp FX moves are undesirable, watching FX moves, will not comment on FX levels, according to Reuters.
DATA RECAP
Japanese National CPI YY (May) 3.2% vs. Exp. 3.2% (Prev. 3.5%)
Japanese National CPI Ex. Fresh Food YY (May) 3.2% vs. Exp. 3.1% (Prev. 3.4%)
Japanese National CPI Ex. Fresh Food & Energy Y/Y (May) 4.3% vs. Exp. 4.2% (Prev. 4.1%)
Japanese JibunBK Manufacturing PMI Flash (Jun) 49.8 (Prev. 50.6)
Japanese JibunBK Services PMI Flash (Jun) 54.2 (Prev. 55.9)
Australian Judo Bank Manufacturing PMI Flash (Jun) 48.6 (Prev. 48.4)
Australian Judo Bank Services PMI Flash (Jun) 50.7 (Prev. 52.1)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED //Hang Seng CLOSED /The Nikkei closed DOWN 483.84 OR 1.45% //Australia’s all ordinaries CLOSED DOWN 1.29 % /Chinese yuan (ONSHORE) closed /OFFSHORE CHINESE YUAN DOWN TO 7.2119 /Oil DOWN TO 68.45 dollars per barrel for WTI and BRENT DOWN AT 73.07 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
2e) JAPAN
JAPAN
END
3 CHINA /
CHINA/USA/CUBA
Robert H to us:
China in Cuba: Nuclear-Armed Communists on the Warpath :: Gatestone Institute
Repeatedly i have written about this. Do the dimwits in the Imperial city understand that China and Russia have a mutual defense treaty? Attack either one directly and you get a response from both. Feeling lucky?
China, according to “fragmentary” U.S. intelligence reports, is about to establish a “joint military training facility” with Cuba on that island.
Chinese military personnel are already listening in on American communications from the Lourdes base near Havana and three other Cuban locations. Two of those locations have been known for some time: Bejucal and Santiago de Cuba. These facilities, it appears, have been in operation for all or most of this century.
“What is missing is the strategic aim of China’s economic influence, which, in my opinion, goes beyond simply having a strong trade relationship with Latin America,” Joseph Humire of the Center for a Secure Free Society told Gatestone. “At its core, the People’s Republic of China is focused on gaining geopolitical leverage over countries in Central and South America to be used in an eventual conflict with the United States.”
China, with that leverage, is obtaining permission to build in this hemisphere military installations that can be used to attack the American homeland or the U.S. military, should China launch its invasion of Taiwan, Japan, or some other target. China, for instance, is developing what looks like a naval base at the tip of Argentina, at strategic Tierra del Fuego.
Moreover, China’s troubled container port in Freeport, Bahamas, about 90 miles from Palm Beach, Florida, could end up hosting Chinese naval vessels.
It also may not be long before China’s People’s Liberation Army (PLA) bases substantial forces on Cuba, only 94 miles from Key West, Florida.
“For a near-term war, China would use Cuba as a base for projecting and facilitating massive cyberattacks and espionage operations while working with Cuba’s formidable intelligence services to undertake a range of ‘wet’ operations, from assassinations to attacks on U.S. installations, even civilian facilities such as gas stations,” said Richard Fisher of the International Assessment and Strategy Center to this publication.
In addition, the PLA could deploy anti-ship cruise missiles in Cuba both to hit U.S. Navy bases in Florida and block the movement of American vessels. China might also put surface-to-air missiles on Cuba, potentially to shoot down planes over the southeast United States.
How about a second Cuban Missile Crisis, this time with the Chinese instead of the Soviets? China’s leaders are brazen, as the spy balloon incident of January and February suggests. Would they deploy ballistic missiles and other weaponry there?
Fisher thinks they will. “In the medium term, look for China to facilitate Cuba’s acquisition of ballistic missiles, which will at a minimum force a U.S. defensive response that will tie down the U.S. military, reducing U.S. chances of success in other theaters,” he says.
Ballistic missiles can carry nuclear warheads. While Americans think of nukes as defensive instruments to deter attacks, Chinese war planners view them as offensive weapons, to compel submission. In other words, China thinks it can prevent others from coming to the aid of, say, Taiwan, by threatening nuclear destruction of their homelands.
Periodically throughout this century, China’s generals and civilians have made unprovoked threats to incinerate Americans cities. American presidents have brushed off the warnings, ignoring the hostile words.
That is no longer a good idea, if it ever was. The Pentagon in a November 2022 report forecast that China would quadruple its warheads from about 400 then to 1,500 by 2035.
The Chinese military is moving swiftly. The PLA, in three separate fields in the northern part of the country, is building at least 250 and perhaps as many as 360 silos, which appear designed to take the DF-41 missile. A DF-41 has a maximum range of 9,300 miles — putting all of America in range from those three locations — and can carry, some believe, 10 warheads apiece.
“For decades, they were quite comfortable with an arsenal of a few hundred nuclear weapons, which was fairly clearly a second-strike capability to act as a deterrent,” Secretary of the Air Force Frank Kendall stated in testimony in March, referring to China.
As Kendall testified, “I don’t think I’ve seen anything more disturbing in my career than the Chinese ongoing expansion of their nuclear force.”
So as China increases its arsenal, it’s clear that Beijing no longer seeks only a “minimal deterrent.” The rapid buildup, therefore, suggests the Chinese military is building an offensive “war-fighting” capability.
With all the additional silos in China, why would the People’s Liberation Army need missiles in Cuba? Think shorter flight times — meaning less warning time.
Moreover, U.S. missile defenses — and radars — are currently oriented to attacks from over the Arctic, from the north. Cuba gives China venues for southern attacks.
All this means that, thanks to Cuba, a war in Asia will be fought on, near, and over the American homeland — perhaps with nukes.
Gordon G. Chang is the author of The Coming Collapse of China, a Gatestone Institute distinguished senior fellow, and a member of its Advisory Board.
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
EU
European stocks slides as European PMI’s signal the end of the economic rebound
(zerohedge)
Euro Slides As European PMIs Signal End Of Economic Rebound
FRIDAY, JUN 23, 2023 – 08:25 AM
Hope for a rebound from Europe’s economic ‘winter’ were dashed this morning as PMIs signaled a renewed downturn.
S&P Global EU PMI fell to a 5-month low of 50.3 (barely in expansion). The decrease in the composite index was broad-based across sectors but skewed towards services, although the services index, unlike the manufacturing output index, remains in expansionary territory.
The composition of the June report showed a broad-based moderation across new orders, employment, new export orders, and backlogs. Firms’ future output expectations declined further as well.
This decline was led by France, which has been battered by strikes, though Germany’s struggling factories also played a role.
France: The French composite flash PMI decreased by 3.8pt to 47.3, below consensus expectations. The composite decline was broad-based across sectors but skewed heavily towards services, which fell into contractionary territory after four consecutive months of above-50 postings.
Germany: The German composite flash PMI decreased by 3.1pt to 50.8, also below consensus expectations. The decline in the composite index was broad-based across sectors, although unlike the manufacturing output index, the services index remained in expansionary territory.
Periphery: The periphery composite PMI decreased by 1.1pt to 51.7. As in Germany, the composite decline was broad-based across sectors, although the services index remains in expansionary territory, while manufacturing output contracted further.
Additionally, in the UK, the composite flash PMI decreased by 1.2pt to 52.8, also below consensus expectations, driven by a moderation in services.
This should not be a huge surprise given the non-stop plunge (serial disappointment) in European macro data in Q2…
Source: Bloomberg
Note the US data is improving modestly in recent weeks as Europe collapses – juxtaposed with The Fed ‘pause’ but hawkish ECB.
“Even if our baseline scenario of slightly positive euro-zone growth in the second quarter still becomes reality, the downward trend in the Composite PMI points to a difficult second half of the year as companies across all sectors face deteriorating order books,” Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said in a statement.
Manufacturing remained the “principal area of weakness” in June, though service-sector expansion “slowed sharply” as the recent bounce-back in spending lost momentum.
The disappointing data on the activity front were, however, accompanied by a “marked cooling of inflationary pressures,” according to S&P. It said input costs grew at the slowest pace since December 2020 and selling prices for goods and services rose at the weakest rate since March 2021.
That will offer some hope to the ECB, but:
“If the ECB only had to control goods prices, then Frankfurt would toast the end of inflation,” de la Rubia said.
But “in the more important part of the economy, the private services sector, prices continue to rise, and that’s why the core rate of inflation has been so slow to decline.”
So, time for more rate-hikes in Europe and UK? ECB rate-hike expectations for Sept fell very modestly on the data
The euro tumbled on the data but is coming back a little as US opens…
Perhaps most notable from all the PMI data is that, as Goldman notes, following months of increasing divergence between the services and manufacturing sectors, whereby strong momentum in the services sector compensated for weakness in the manufacturing sector, aggregate growth momentum now appears to be moderating more meaningfully on the back of a slowing in the services sector as well.
A lesson from over-confident American investors and policymakers ahead of their PMIs perhaps – one side of the economy cannot act independently of the other for long, they are cylically-linked, not independent.
END
UK
UK real rates the highest in the world
(zerohedge)
UK Real Rates Poised To Become Among Highest In World
FRIDAY, JUN 23, 2023 – 06:30 AM
Authored by Simon White, Bloomberg macro strategist,
Current pricing for Bank of England rate hikes will rapidly take UK real rates from being among the lowest in the world to being one of the highest, posing a significant risk to the economy.
The UK’s real rate, even after today’s larger-than-expected 50-bps rate rise, is still one of the most negative in the world, with only Sweden and Turkey having a lower real policy rate.
But the UK is projected to very quickly have one of the highest real policy rates, due to a combination of inflation that is expected to fall at a greater pace in the coming months (due mainly to base effects and to the energy price cap falling from July), and aggressive rate-hike expectations.
Within one year’s time, the UK’s real policy rate is anticipated to be just under 3%, higher than the 2.7% expected for the US, and well above the 0.7% projected for Europe.
This raises the question: how damaging will this be for the economy?
There had been tepid signs that weak growth in the UK was stabilizing, with, for instance, a nascent bounce in mortgage approvals and consumer confidence.
But yesterday’s hawkish move from the BOE has likely put an end to that.
As the chart below shows, over the last 10 years, there has been a close, inverse relationship between UK mortgage rates and consumer confidence.
Higher mortgage rates, especially as cumulatively more borrowers come off fixed-rate deals, threaten to progressively depress spending and increasingly corrode confidence in the housing market.
The rates market seems to be reflecting the increasing likelihood aggressive rate hikes will lead to an economic fallout that will necessitate cuts down the road. While the front SONIA futures have sold off ~20 bps, the red and green contracts expiring in 2024 and 2025 are rallying.
BOE Governor Andrew Bailey said yesterday the economy was doing better than expected, but if the bank follows through on rate expectations, it may end up doing much worse than they feared.
end
GERMANY
This is very costly to Germany: it signs a new long term USA LNG deal to replace the cheaper Russian gas. Germany will become uneconomic with their high cost of energy inputs
(zerohedge)
Germany Signs Long-Term U.S. LNG Deal To Replace Russian Gas
Germany’s state-controlled firm Securing Energy for Europe (Sefe) has signed a 20-year deal with Venture Global LNG to import 2.25 million tons of LNG per year from Venture Global’s third project, CP2 LNG, as Europe’s biggest economy is looking to secure gas supply after Russia stopped deliveries.
Sefe, wholly owned by the German government, was created last year after Germany saved a former Gazprom unit it had expropriated in April with a multi-billion-euro loan. Gazprom Germania was renamed Securing Energy for Europe GmbH (Sefe), to secure energy supply to Germany and Europe, the government said last summer.
“By joining forces with Venture Global LNG, SEFE makes another important step on our mission to secure energy for German and European customers and meet the energy demand of the region,” Sefe’s CEO Egbert Laege, said, commenting on the deal.
“Germany has acted decisively to diversify its energy portfolio and LNG will be a vital part of that mix as it seeks to strengthen its energy security while at the same time advancing environmental progress,” said Mike Sabel, CEO of Venture Global LNG.
The new long-term deal signals that Germany will continue to rely on natural gas and, unlike a year and a half ago, is not reluctant to contract LNG supply for decades to come.
At the end of last year, Germany signed a deal with Qatar, under which Qatar will provide LNG to Germany for at least 15 years beginning in 2026 under deals that state firm QatarEnergy and U.S. company ConocoPhillips signed for supply from Qatar’s North Field East (NFE) and North Field South (NFS) expansion projects.
Faced with the prospect of no Russian gas, Germany last year started installing floating storage and regasification units (FSRUs).
In early January, Germany welcomed the first tanker carrying LNG at the newly opened LNG import terminal at Wilhelmshaven, with the cargo arriving from the Calcasieu Pass export facility in the United States.
Europe’s biggest economy plans to have as much as 70.7 million tons per year of LNG import capacity by 2030, which will make it the fourth-largest LNG import capacity holder in the world.
EU/UKRAINE
How crazy can they be: another 50 billion euro pkg as pentagon ramps up shell production. The UKraine offensive continues to falter
(zerohedge)
EU Readies €50BN Package & Pentagon Ramps Up Shell Production, Even As Ukraine Offensive Falters
THURSDAY, JUN 22, 2023 – 06:00 PM
Despite the current widespread reports that the Ukrainian counteroffensive isn’t going well, which was confirmed this week in awkward statements by both President Zelensky and his defense minister Oleksii Reznikov, the West is taking steps to double or triple down on its already massive support to Ukraine.
First, the European Union is set to propose a financial aid package of around €50 billion ($55 billion) for Kiev, which has been described as not only bolstering the attempt to retake lost territory, but help with Ukraine’s expenditures for reconstructing the country.
EU Commissioner Valdis Dombrovskis told Bloomberg TV this week that member states are likely to back the proposal.
According to more from Bloomberg, “The commission wants to avoid a burdensome reconstruction instrument for a country at war and will offer the aid in the form of grants, concessional loans and guarantees, said the people, who spoke on condition of anonymity because the discussions are private.”
The EU still says it is mulling options to divert Russia’s frozen central bank assets (and others) to Ukraine for reconstruction and state budget needs.
But it remains, as the report notes, “The cash will be disbursed provided Ukraine fulfills reforms to improve the rule of law and address corruption. The reforms aim to put Ukraine on a path to become an EU member with leaders to decide whether to open negotiations by the end of the year.”
Parallel to these EU initiatives, Washington’s support shows no signs of waning, despite Republican members of Congress recently suggesting that future aid could be tied to how well Ukraine does on the battlefield.
The Wall Street Journalreports Thursday, “The U.S. has sharply increased production of a key artillery shell, helping to alleviate a global shortage of the ammunition that threatened to squeeze Ukrainian forces as they battle Russia, the U.S. Army’s acquisition chief said.”
“Doug Bush, the Army’s assistant secretary for acquisitions, logistics and technology, said in an interview that the U.S. is currently producing around 24,000 155-millimeter howitzer shells each month, up from around 14,000 a month before Russia’s invasion of Ukraine.”
He identified a goal set by US officials of producing between 70,000 and 80,000 shells a month by early 2025. “We are on a very rapid path to get to really high numbers,” Bush told the newspaper. But defense industry executes have still described a significant struggle to keep pace with demand.
Just weeks ago, Rep. Michael McCaul (R-TX), chairman of the House Foreign Affairs Committee, warned that future support for Kiev would depend on its ability to liberate 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.”
END
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
RUSSIA
This is quite a story: Wagner Chief Prigozhin declares a full on coup against Russia’s defense ministry
Let us see how long this plays out!
(zerohedge)
Wagner Chief Declares Full-On ‘Coup’ Against Russian Defense Ministry
FRIDAY, JUN 23, 2023 – 03:11 PM
There are breaking reports that Wagner chief Yevgeny Prigozhin has finally completely broken off relations with the Russian military, and essentially “declared war” on the Russian Ministry of Defense (MoD).
According to a prominent translator who has examined freshly released audio of Prigozhin’s fiery message on Telegram, the Wagner leader begins with: “PMC Wagner Commanders’ Council made a decision: the evil brought by the military leadership of the country must be stopped. They neglect the lives of soldiers. They forgot the word “justice”, and we will bring it back.”
It comes amid unverified reports that the regular military launched an attack on a Wagner encampment after months of soaring tensions, which the Russian MoD has just denied.
All of this has quickly given way to reports from the region that Prigozhin is ready to lead a full-on “coup” against top leadership, military brass in particular.
The translation of the Wagner founder’s words continue as follows:
Those, who destroyed today our guys, who destroyed tens, tens of thousands of lives of Russian soldiers will be punished. I’m asking: no one resist. Everyone who will try to resist, we will consider them a danger and destroy them immediately, including any checkpoints on our way. And any aviation that we see above our heads.
I’m asking everyone to remain calm, do not succumb to provocations, and remain in their houses. Ideally, those along our way, do not go outside. After we finished what we started, we will return to the frontline to protect our motherland.
And more from Prigozhin, suggesting he could indeed have his sights set on an actual political coup:
Presidential authority, Government, Ministry of Internal Affairs, Rosgvardia, and other departments will continue operating as before. We will deal with those who destroy Russian soldiers. And we will return to the frontline. Justice in the Army will be restored. And after this, justice for the whole of Russia.”
One question remains after this: how long will he last?
Below is FT’s Moscow bureau chief on the shocking declaration…
At this point, the Wagner boss should certainly avoid staying in tall buildings and near windows.
Currently, Russian state-run RT has the following military statement pinned at the top of its homepage: Wagner chief spreads misinformation — MOD
“All messages and video distributed on social networks on behalf of [Yevgeny] Prigozhin about the alleged strike by the [Russian military] on the camps of PMC Wagner in the rear areas do not correspond to reality and are an informational provocation,” the defense ministry said in the statement.
“Armed Forces of the Russian Federation continue to carry out combat missions on the line of contact with the Armed Forces of Ukraine in the area of the special military operation,” the MoD added.
Russia Starts Mutiny Probe After Statements By Prigozhin, Who Now Denies “Coup Attempt”
FRIDAY, JUN 23, 2023 – 04:41 PM
Update(1641ET): After months of unchecked, ultra-provocative statements from Prigozhin aimed at both top military commanders as well as Kremlin decision-makers, it seems the Wagner chief may have finally crossed Putin’s lines. It’s being reported in Russian state sources that the Russian president has been briefed on the earlier audio tirade made by Prigozhin, which essentially declared war on the defense ministry. The Wagner statement had been circulated widely after it was posted on Telegram late at night local time.
And now Prigozhin finally appears to be in hot water, under formal investigation for mutiny, per the statement in TASS:
Russia’s National Anti-Terrorism Committee on Friday demanded that Yevgeny Prigozhin, the founder of the private military company Wagner, stop unlawful actions and said the Russian Federal Security Service started a mutiny investigation in connection with his recent statements.
“The statements that are being spread on behalf of Yevgeny Prigozhin are absolutely unfounded. In connection with these statements, the Federal Security Service of Russia has started an investigation into a call for an armed mutiny. We demand that unlawful actions be stopped immediately,” the committee said in a statement.
He’s now saying the audio remarks were merely a call to justice and “march for justice”, denying it is a coup attempt targeting military leadership – so there may be a Wagner attempt underway to walk back the comments.
Earlier in the day, hours before the remarks saying the country’s military leadership “must be stopped” – Prigozhin had in a surprising turn gone after the very decision to go to war in the first place.
“The Armed Forces of Ukraine were not going to attack Russia with the NATO bloc,” Prigozhin had said via his press service in words widely reported also in the West. “The Russian Defense Ministry is deceiving the public and the president.”
This latter part of Friday’s angry denunciations may prove to finally be Prigozhin’s downfall. There are now unverified reports that Moscow is taking extra measures to strengthen security and that the FSB is on high alert.
SECURITY SERVICES IN MOSCOW PUT ON HIGH ALERT: BBC
As for what happens next, at the very least the Kremlin will want to do something concerning the ongoing embarrassment and scandal, reflected in Western media headlines, which can present a narrative of a fracturing of Russian forces…
Ukraine’s crop yields are dropping like a hot potato. expect shortages especially in the east as well as price pressure
(zerohedge)
Ukraine’s crop yields are in free fall … expect shortages and price pressure
In the first year of the war, agricultural production in Ukraine decreased by a quarter
In 2022, the volume of agricultural production in Ukrainian farms decreased by 25%, if we compare them with 2021. This was reported in the state statistics service of Ukraine.
It should be noted that in 2021, it was possible to achieve an increase in the production of agricultural products in farms by 16% compared to 2020. In 2022, the reduction in production in agricultural enterprises reached 28%, and in private farms – 18.6%.
In crop production last year, the decline in production reached 28%, and in animal husbandry -12%. Agricultural producers of Lviv and Transcarpathian regions were able to increase production by 3.4% and 0.5%, respectively.
In the Kherson region in the military year 2022, agricultural production decreased by 95.1%. These data do not take into account the territories temporarily occupied by the Russians, as well as places of active military operations.
It should be noted that according to the forecast of the Institute of Agrarian Economics, in 2023 the volume of production of Ukrainian agricultural products may fall by another 2.1% compared to 2022. Experts explain this decline by the continuation of the war in Ukraine and the problems in the economy that it entails. Among the main difficulties are falling purchase prices and problems of exporting agricultural products.
As someone who has roots of Ukrainian heritage it pains to repeatedly explain that Ukraine is the most corrupt so called nation on the planet. You may know that Zelensky has outlawed the importation of all books from Belarus and Russia. Surveillance of all digital correspondence and telephone calls is 100% and say something against the regime or Zelensky and the state police will visit you, to do a character adjustment. Today, Ukraine rivals North Korea in their attitude towards their own citizens and the rest of the world. But that is not why or what I wish to caution you about as future timing and events are known.
You may know that Nuland and Sullivan are doing a European roadshow to drum up support for a continued escalation of conflict with Russia oblivious to what is happening in their own backyard with Cuba for which they have no answer or ability to contain. We should ask why? Are they compromised? We have been subject to continuous narrative of the great Ukrainian spring offensive. Yes, there has been a spring offensive this month that has turned into a slaughter. Over the last 2 weeks 40,000 Ukrainians have ended up KIA or MIA or wounded. 7000 troops were killed in one day!
Now you understand why there is a general mobilization. Why expect a different future result from Ukrainian military leadership which has been degraded into being the back office of NATO headquarters. In Poland, the talk is they will go in when the last Ukrainian dies. That day looms. Soon the only men left in Ukraine will be the very young and the grandfathers over age 65 and the wounded too damaged to fight or even have a normal life. War leaves many scars on survivors wounded or not. Ask a survivor!
A decision has been taken to send Romanian and Polish troops to be killed and likely F16’s and other aircraft will soon appear in the skies of Ukraine to be shot down. Russia has warned they will target and destroy all such airbases these planes fly from. Is anyone listening? Ukraine is finished as a nation state! It no longer has the ability to function and exists solely on American handouts which pay for everything from civil servants to pensions to politicians to the lavish Kiev parties and luxury cars adorning Kiev streets. Future reliance on Ukraine for Sunflower oil or grain is a pipe dream and yesterday’s history. There are no males left to farm other than women who can drive combines and like. Whether they want to or will be forced to remains to be seen. BlackRock illusions of mass profits from Ukraine are delusions. When this ends, Ukraine will no longer exist in its present state but maybe a rump of what it was. If it is lucky enough. And no doubt false flags events are being planned to cause escalations as time is short. Sadly, escalations can only lead to more deaths. Do you know that 50% of Russia’s missile delivery systems are new and on combat duty? How does one defend against hypersonic missiles coming at targets at Mach 15+? And who has such defense systems that work? We have seen the 5 heralded Patriot systems in Ukraine all destroyed.
If America cannot deal with an invasion and parking of Chinese anti aircraft/missiles in Cuba or the listening station at Lourdes there, why does anyone think America can defend or do anything in Ukraine but lose? When will China place attack missiles in Cuba? Their electronic capability there can screw up American communications causing all manner of problems. So why has the Ship of Fools allowed this while posturing on China and Taiwan? Do you know Blinken told the Chinese that America will not defend Taiwan? Did anyone tell Taiwan? Think this same bunch will defend NATO? Did anyone explain this to other nations in the Pacific. Was the arrival of B52’s in Jakarta the other day a show, an illusion of power?
When, not if escalation occurs please remember you will be on your own. Because it is clear that not withstanding Neocon dreams of fantasy to crush Russia. What starts as tactical nuke response will grow if common sense does not prevail to cause preservation of life. Neocons believe an ocean will save their butts as others die for their pursuits. They are wrong but that does not mean everyone else must perish for lies and deceit. Remember the Biden Show is in big trouble and will fall soon and in the interim Neocons will do whatever they can to accomplish their aspirations. China has carefully assessed the Show and is making moves that should not be ignored.
Soon you will be called upon to choose a path and the only person who can choose is you.
END
Robert H to us:
The truth of war
Most wars start with “false flag” events because the 1st thing to disappear in war is truth.
“War is a racket” a famous American General declared and he was correct. Today, Neocons from from the infamous “fuck the EU” Nuland to American Senator Lindsey Graham are despaired and desperate for an excuse for Article 5 to be invoked for a broader war against Russia. Why, simply because Ukraine is spent and their one chance for war is slipping fast as Biden slips away burdened by a less than colorful past. It is also why Zelensky cannot publicly admit the horrific losses in manpower and equipment. And asks that general mobilization should not be questioned. One might suggest that Poland and Romania better question, because their blood is next on the chopping block of Neocon war aspirations.
In this case, they are careless and reckless to find any excuse, like Russia transporting nuclear fuel or a incident at the nuke plant ( Ukrainians have tried many a time to ignite a nuclear incident at the plant).
Well we did not have to wait long because as their lips move you can determine what they are trying to plot and weave:The Russian Security Service (FSB) has reported today the arrest of a group of would-be smugglers (5) of the radioactive isotope Cesium-137. It claimed that if the operation had been successful, the dangerous material would have been used in a provocation stunt against Russia in the Ukraine conflict zone. This is exactly what Graham has been trying to use as an excuse.
Five individuals were caught by FSB agents, with support from Interior Ministry officers. The group was acting “with coordination by a Ukrainian citizen” and was willing to pay $3.5 million for one kilogram of the product. Naturally, this is US supplied cash being put to work. Who does this except a nut? There ought to be a test for mental fitness before such parties serve in public office. To attempt to ignite a nuclear war is insanity. And there you have it, this is what passes for leadership today. Why, there is no demand for their ouster is remarkable. The reality that they do without accountability is deplorable.
American creditability seemingly is finding new lows by the week on a world stage. And it should be no wonder why China sees no reason to talk to America and Russia is done talking. Even European creditability suffers as now Russia is 16th on the lists of German exports in volume and value. One can only conclude that such foolish efforts will only isolate the West more in the future as nations come to learn and distrust such public officials.
end
ISRAEL/WEST BANK
(the cradle)
Israel Conducts First Drone Assassination In West Bank Since 2nd Intifada
On Wednesday, Israel carried out the first targeted assassination in the occupied West Bank since the Second Intifada ended 18 years ago, killing three Palestinian fighters north of Jenin via drone strike.
The attack targets were Al-Quds Brigades Commander of the Jenin Battalion Suhaib Adnan al-Ghoul, Al-Aqsa Martyrs’ Brigades leader Muhammad Bashar Owais, and Ashraf Murad al-Saadi of the Jenin Battalion.
Al-Quds Brigades is the military wing of the Gaza-based Palestinian Islamic Jihad (PIJ), while the Al-Aqsa Martyrs Brigades is loosely affiliated with the West Bank-ruling Fatah political party.
The Israeli army and the Shin Bet intelligence agency said in a statement that the three resistance fighters were responsible for a shooting operation at the Jalameh Checkpoint, north of Jenin, earlier in the night.
“We identified a vehicle shooting at the checkpoint and removed the threat,” army spokesman Rear Admiral Daniel Hagari told reporters on Wednesday night, stressing that the assassination was “not a targeted killing.”
Israeli Defense Minister Yoav Gallant personally authorized the strike, as it represents a marked escalation in the violence gripping the occupied West Bank.
“We will use all the means at our disposal, and we will exact the heaviest price from every terrorist or terrorist emissary,” Gallant told reporters.
This is the second aerial strike in the occupied West Bank in less than a week. Following the attack, the spokesman for the Palestinian group Hamas, Hazem Qassem, warned that it “would not go unpunished.”
“The Zionist enemy’s use of aircraft to assassinate our people is a dangerous escalation that confirms their efforts to ignite the situation after failing to resolve the battle through direct confrontation on the battlefield,” Qassen said. “The assassination in Jenin will receive a response and will not go unpunished from our people and the resistance,” he added.
Tel Aviv launched the rare drone strike mere hours after gangs of masked settlers descended on the Ramallah village of Turmus Aya under the protection of the Israeli army, torching homes, stores, and vehicles and assaulting Palestinians along the way. At least one Palestinian was killed during the Israeli pogrom. While the military “condemned” the violence, no arrests were made.
Wednesday’s rampage came less than a day after settlers stormed several areas of Nablus and set fire to around 140 vehicles, as well as huge swathes of Palestinian farmland.
end
6.Global Issues//COVID ISSUES/VACCINE ISSUES/
GLOBAL ISSUES//MEDICAL ISSUES
end
GLOBAL ISSUES//GENERAL
END
VACCINE/COVID ISSUES
Robert H
Cancer Taking Off ‘Like Wildfire’: Unsettling Insights from Pathologist Dr. Ryan Cole – DailyClout
What do you think could account for this rise in deaths NOT due to the virus itself? Is it delayed medical treatment? Lockdown lunacy? Medical treatment? Vaccine? Authors: Hagen Scherb, Keiji Hayashi
Must have known and did know and yet remained silent all along not telling the populace the truth that the very nature of the mRNA-LNP complex meant it never would stay at injection site!
‘Extracellular vesicles can cross the blood–brain barrier (BBB), but little is known about passage. Here, we used multiple-time regression analysis to examine the ability of 10 exosome populations derived from mouse, human, cancerous, and non-cancerous cell lines to cross the BBB. All crossed the BBB, but rates varied over 10-fold. Lipopolysaccharide (LPS), an activator of the innate immune system, enhanced uptake independently of BBB disruption for six exosomes and decreased uptake for one.’
‘Uptake rates, patterns, and effects of LPS or WGA were not predicted by exosome source (mouse vs. human) or cancer status of the cell lines. The cell surface proteins CD46, AVβ6, AVβ3, and ICAM-1 were variably expressed but not predictive of transport rate nor responses to LPS or WGA. A brain-to-blood efflux mechanism variably affected CNS retention and explains how CNS-derived exosomes enter blood. In summary, all exosomes tested here readily crossed the BBB, but at varying rates and by a variety of vesicular-mediated mechanisms involving specific transporters, adsorptive transcytosis, and a brain-to-blood efflux system.’
Dem Rep Cori Bush Crosses Line With Attack On Trump, Calls Donald the “White Supremacist-in-Chief”Democrat Rep. Cori Bush crossed the line with her latest attack on former President Donald Trump. Bush is a defund the police backer and is pushing a resolution demanding an estimated to be $14 trillion in federal reparations. Today, in response to the bombshell report by Special Counsel John Durham Bush called President Trump the “former white supremacist-in-chief” during the House …READ MORE
Bombshell Report Exposes Election Rigging with Voting Machines READ MORE…
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For the first time this hiking cycle, the Bank of England delivered an upward surprise: it voted by a 7-2 majority to raise its policy rate by 50bp to 5.00%. Economists didn’t expect this. It is likely that Wednesday’s shock inflation figure frightened the majority of the MPC, prompting it to take more drastic action right away. The MPC doesn’t dare to rely on models or forward-looking indicators too much, and thinks it safer to set policy based on what they are actually seeing in the rear view mirror. It seeks to regain the initiative on inflation, with a reaction function based on wage growth and services inflation. It is willing to break the economy to restore policy credibility. Yesterday’s 50bp hike will likely do little to reduce short-term inflation, but will definitely add to the mortgage squeeze in front of us. The risk of an accident has increased. We still expect two 25bp rate increases at the two upcoming meetings, with obvious upside risk. Our forecast for the terminal rate is following today’s surprise higher and has been lifted to 5.50% from 5.25%. For more details, we refer to the BoE Post Meeting Commentary by Stefan Koopman.
Three hours before the Bank of England, Norges Bank also surprised the markets with a 50 bps hike, instead of 25 bps expected. This brought the styringsrenten at 3.75%. The Norwegian central bank’s current assessment of the outlook and balance of risks implies that the policy rate will most likely be raised further in August. Inflation is markedly above the target and wage growth is set to be higher than in 2022. Governor Ida Wolden Bache stated that “if we do not raise the policy rate, prices and wages could continue to rise rapidly and inflation become entrenched. It may then become more costly to bring inflation down again.”
Yesterday, as expected, Banxico left its policy rate unchanged at 11.25% and said it “considers that it will be necessary to maintain the reference rate at its current level for an extended period”, repeating its forward guidance from last month. The decision was unanimous. The Governing Board noted that since the last meeting, annual headline and core inflation continued decreasing, but remained high, at 5.18% and 6.91%, respectively. Our Banxico-watcher Christian Lawrence expects rates to stay on hold into 2024, although the risk is skewed towards further tightening.
In the US, Fed Chair Powell returned to Capitol Hill for the second day of his monetary policy report to Congress. Powell explained that the FOMC did not hike in June to slow down the hiking cycle: “We moved very quickly at the beginning, and we’ve gradually slowed down. This is just a continuation of that… to give ourselves more time – to stretch out the time for making those decisions.” He confirmed that the two additional hikes in the dot plot were “a pretty good guess of what will happen if the economy performs as expected.” Besides Powell, several other FOMC participants also made the news yesterday. Fed Governor Michelle Bowman said that she believes that additional policy rate increases will be necessary. She said that we have seen core inflation essentially plateau since the fall of 2022. Richmond Fed President Thomas Barkin, who does not vote this year, said that he is still looking to be convinced that slowing demand returning inflation relatively quickly to target is happening, but if the coming data doesn’t support that, he’s more than comfortable doing more.
Meanwhile, US economic data are confirming a slowdown in growth. The US initial jobless claims remained elevated at 264K in the week ending on June 17, indicating that labor demand has softened somewhat. However, declining continuing claims suggest that the discrepancy between demand and supply has actually fallen in recent weeks. The Chicago Fed’s national economic activity index turned negative again (-0.15) in May, from 0.14 in April (upward revision from 0.07). Negative readings indicate below-trend growth, which the Fed thinks is necessary – with some softening of the labor market – to squeeze out inflation.
END
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0888 DOWN 0.0067
USA/ YEN 143.12 UP 0.097 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2733 DOWN 0.0013
USA/CAN DOLLAR: 1.3215 UP .0068 (CDN DOLLAR DOWN 68 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED
Hang Seng CLOSED
AUSTRALIA CLOSED DOWN 1.79% // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED
/SHANGHAI CLOSED
AUSTRALIA BOURSE CLOSED DOWN 1.29%
(Nikkei (Japan) CLOSED DOWN 483.39 PTS OR 1.45%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 1921.60
silver:$22.37
USA dollar index early WEDNESDAY morning: 102.49 UP 49 BASIS POINTS FROM FRIDAY’s close.
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2147)
TURKISH LIRA: 25.15 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.364…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 2 in basis points from THURSDAY at 3.744% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.824 DOWN 7 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 FRIDAY: 12:00 PM
London: CLOSED DOWN 42.18 points or 0.56%
German Dax : CLOSED DOWN 167.06 PTS OR 1.04%
Paris CAC CLOSED DOWN 44.97 PTS OR 0.62%
Spain IBEX DOWN 94.60 PTS OR 1.01%
Italian MIB: CLOSED DOWN 208.41 PTS OR 0.76%
WTI Oil price 68.92 12: EST
Brent Oil: 73.62 12:00 EST
USA /RUSSIAN /// AT: 84.67 ROUBLE DOWN 0 AND 62//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.350 DOWN 8 BASIS PTS
UK 10 YR YIELD: 4.3525 DOWN 9 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0891 DOWN 0.0065 OR 65 BASIS POINTS
British Pound: 1.2709 DOWN .0038 or 38 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.3720% UP 2 BASIS PTS//
USA dollar vs Japanese Yen: 143.80 UP 766 //YEN DOWN 77 BASIS PTS//
USA dollar vs Canadian dollar: 1.3194 UP .0047 CDN dollar, DOWN 47 basis pts)
West Texas intermediate oil: 69.19
Brent OIL: 73,97
USA 10 yr bond yield DOWN 2 BASIS pts to 3.739%
USA 30 yr bond yield DOWN 0 BASIS PTS to 3.820%
USA 2 YR BOND: UP 5 PTS AT 4.758%
USA dollar index: 102.57 UP 58 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 25.23 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 84.70 DOWN 0 AND 65/100 roubles
DOW JONES INDUSTRIAL AVERAGE: DOWN 219.28 PTS OR 0.65%
NASDAQ 100 DOWN 159,84 PTS OR 1,00%
VOLATILITY INDEX: 13.33 UP 0.42 PTS (3.25)%
GLD: $178,20 UP 0.49 OR 0.28%
SLV/ $20.58 UP .05 OR 0.24%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Crypto Soars As VIX Collapses; Recession Worries Spark Stocks’ Worst Week Since March
BY TYLER DURDEN
FRIDAY, JUN 23, 2023 – 04:02 PM
An odd – holiday-shortened week – with hawkish actions (foreign) and words (domestic) from central bankers; weak macro data globally (US hard data outperformed but ‘soft’ survey data is completely decoupled); the yield curve collapsed, screaming recession; gold dumping as bitcoin soars; banks and big-tech both down; and then there’s a Russian military coup!??
The yield curve crashed back to its most-inverted this week – shouting ‘recession’ from the rooftops…
Source: Bloomberg
First things first, ‘hope’ – as measure by the ‘gap’ between US hard and soft data – is at its lowest since 2015…
Source: Bloomberg
Bitcoin soared to one-year highs…
Source: Bloomberg
…completely decoupling from its recent trend with VIX…
Source: Bloomberg
…as the fear index crashed to a 12 handle – lowest since Jan 2020
Source: Bloomberg
Today saw more of the same – macro weakness and hawkish speak – stocks weakened early on (pre-open) after weak EU & US PMIs and hawkish chatter from Fed’s Bostic. The late-day weakness seemed to occur as Russian military coup rumors spread…
On the week, Nasdaq saw its biggest weekly loss since March, but Small Caps were the week’s biggest losers (also biggest weekly loss since March)…
Nasdaq is at its strongest relative to the Russell 2000 once again…
Banks and Big-tech were both down on the week – that’s the first time in 7 weeks (with the biggest drop in tech since March)…
Source: Bloomberg
On a side note before we leave equity-land, meme stock trading activity has increased to ~99th percentile in the last 5 years. Sounds like a good time for an equity market stumble…
Treasuries were mixed on the week with the short-end underperforming and long-end lower in yields on the week. It was a choppy week though overall…
Source: Bloomberg
The dollar rallied strongly on the week – 2nd best week since February…
Source: Bloomberg
Cryptos had their strongest week since March with BTC outperforming ETH…
Source: Bloomberg
Commodities were mostly down this week as recession/growth-scares hit. Oil & Copper were down, silver was ugly as PMs fell as the dollar rallied…
US NatGas rallied on heat-driven demand as air-conditioning demand from a Texas heat wave outweighed ample stockpiles.
“Growth remains dependent on service sector spending, however, with manufacturing slipping back into decline after three months of growth. While improving supply conditions had helped boost manufacturing production in prior months, an increasingly severe downturn in new orders mean factories are running out of work.
“The situation is brighter in the service sector, where demand is proving resilient and the recent pause in rate hikes appears to have helped boost business optimism for the year ahead.
“The tightness of the labor market remains a concern, and upward wage pressure remains a key driver of higher costs in the service sector.
However, it is encouraging to see the overall rate of selling price inflation for goods and services drop to the lowest since late 2020 in a sign that the Fed is winning its fight against inflation.”
“The question remains as to how resilient service sector growth can be in the face of the manufacturing decline and the lagged effect of prior rate hikes. Any further rate hikes will of course have a further dampening effect on this sector which is especially susceptible to changes in borrowing costs.
Finally, Williamson notes that “The overall rate of expansion of business activity in the US remained robust in June, consistent with GDP rising at a rate of 1.7% to put second quarter growth in the region of 2%.”
As we noted earlier, US macro data has actually been surprising to the upside (modestly) in recent weeks (while Europe’s is plunging)…
Source: Bloomberg
Europe, for now, remains the weakest economic bloc (based on PMIs)…
Source: Bloomberg
…but the upward trend of global PMIs since the start of the year has clearly broken.
END
III) USA ECONOMIC STORIES
Corn, soy and wheat prices soar as drought conditions in the uSA midwest worsen
(zerohedge)
“We Need Rain”: Corn, Soy, Wheat Prices Soar As Drought Conditions Worsen In Midwest
THURSDAY, JUN 22, 2023 – 07:20 PM
Corn, soy, and wheat prices have been soaring this month as growing conditions across the Midwest, a top-producing crop region, have rapidly deteriorated due to the lack of rainfall.
US corn crop rated good to excellent slid to 55% in June, the lowest for this time of the growing season since 1992, reported Bloomberg.
“I’m very concerned about the weather,” said Sherman Newlin, who grows corn and soybean in Illinois. He said persistent “low humidity, 90-degree temperatures and now the wind is sucking the moisture out of crops really fast.”
Corn growing conditions have been terrible in Illinois, the second largest US producer. About 36% of the state’s crop was rated good to excellent for the week ending June 18, down 12 percentage points versus the prior week.
“I was shocked at the big drop in Illinois ratings,” Newlin said. “I knew we were bad, but: Wow.”
The latest U.S. Drought Monitor Map reveals Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio, and Wisconsin, often called the “Corn Belt” states, are experiencing “moderate drought” to “exceptional drought.” The timing of the worsening drought could stress young plants.
We’ve outlined for readers the worsening drought situation and its subsequent effect on crop price volatility:
“There’s little sign of relief for crops in the forecast,” Bloomberg wrote in a note.
Prices of wheat futures are up 20% on the month. Soy futures are up 14%. Corn futures are up 13%.
The official summer start was Wednesday, which will coincide with hotter and drier days.
Bloomberg warned: “Without substantial rain in the next month or so, the consequences could be dire, with farmers abandoning their fields and the harvest plunging.”
END
Another Philadelphia operation, Wawa is shuttering. That makes 3 center city closures this year
(zerohedge)
Wawa Shuttering Another Philadelphia Location, Marking Three Center City Closures In A Year
THURSDAY, JUN 22, 2023 – 08:40 PM
Yet another Philadelphia Wawa is packing it up and calling it quits from the city.
The most recent location is at Headhouse Square, located in the middle of Society Hill, an otherwise affluent neighborhood on extending north from the tourist-area of South Street.
Resident Howard Wool said in reaction to a statement from the Society Hill Civic Association: “It’s really shocking. This is a nice neighborhood. They got nice people here, but I guess it can happen anywhere in the city.”
The statement, reported by Fox 29, warned of two different two strong-armed robberies over the last week at the TD Bank which is adjacent to the Wawa. The CVS located across the street from the Wawa had announced it would be closing down last year.
Wawa said in a statement that it “Constantly conducts careful and extensive evaluations of business performance and operational challenges of all stores on an ongoing basis.”
Neighbor Dayna Sacharov said: “A lot of the homeless, but it’s not that. It’s like the kids on the bikes and the late-night people. They come in there and they steal stuff. They even hired a security guard.”
“I think they’re not taking care of this district. It’s out of control and they don’t care anymore,” Sacharov said of the Philadelphia Police. “This neighborhood is very exclusive. People see rich people here and they rob them too. It’s not good for business,” Wool added.
Philadelphia, and specifically Society Hill, leans far left and has consistently helped elect Democratic leaders who stand at odds with the city’s police instead of supporting them.
This Wawa now joins a list of locations and companies that have closed up shop in Center City Philadelphia amidst a crime wave that has been sweeping U.S. cities following Covid lockdowns and George Floyd related protesting.
Recall back in October we wrote about Wawa closing 2 other locations in Philadelphia.
“We are very sorry we can’t be there for our friends and neighbors at these two locations, but we continue to serve the community from our other nearby stores and our commitment to the greater region remains strong. Philadelphia is our hometown and that’s something that will never change,” the chain said last year.
Locations at 12th and Market and 19th and Market in Philadelphia have both shuttered.
Wawa spokesperson Lori Bruce said at the time: “Despite reducing hours and investing in additional operational measures, continued safety and security challenges and business factors have made it increasingly difficult to remain open in these two locations.”
end
Gaetz wants authorization to flow to Biden to take out Chinese assets in Cuba
(DECAMP/ANTIWAR)
Gaetz Wants Authorization To Take Out ‘Chinese Assets’ In Cuba
Rep. Matt Gaetz (R-FL) on Thursday told the House Armed Services Committee that he wants to give President Biden the authority to intervene militarily in Cuba to “take out” Chinese assets that are allegedly on the island.
“I support an Authorization for Use of Military Force to take out the Chinese assets in Cuba,” Gaetz said. He wanted to add the AUMF as an amendment to the 2024 National Defense Authorization Act (NDAA) but had to withdraw it for procedural reasons.
“To my hawk friends on the committee who think I’m too much of a dove, this amendment is an authorization to use military force given to President Biden to take out the Chinese assets in Cuba,” he said.
Gaetz’s comments came afterThe Wall Street Journal reported Beijing and Havana are negotiating to establish a joint military training facility in Cuba, which cited unnamed US officials who based the claim on “convincing but fragmentary” intelligence.
US officials also recently claimed that China has had spying capabilities in Cuba since at least 2019, which Beijing has denied. But if the claims are true and Beijing is looking to build military assets and spying facilities in Cuba, it would be a response to the US building up militarily in areas near China, particularly Taiwan, which is about as far from mainland China as Cuba is from Florida.
The Journal report said that some US intelligence officials say “that Beijing sees its actions in Cuba as a geographical response to the US relationship with Taiwan: The US invests heavily in arming and training the self-governing island that sits off mainland China and that Beijing sees as its own.”
This year, the US deployed about 200 troops to Taiwan, marking the largest known US military presence on the island since 1979. The US also recently signed a deal to expand its military presence in the Philippines and is frequently sailing ships and flying planes in sensitive areas near China, including the South China Sea and Taiwan Strait.
end
What on earth is happening to our world:
Starbucks shares tumble on reports that 150 stores will strike over corporate edict to remove pride decor.
(zerohedge)
Starbucks Shares Tumble On Reports That 150 Stores To Strike Over Pride Decor Removal
FRIDAY, JUN 23, 2023 – 01:25 PM
Bud Light has faced ongoing backlash from LGBT lobby groups in its damned if you do, damned if you don’tsaga of its own making. Other major brands, Target being a foremost example, have also noticeably softened or even removed their “Pride Month” campaigns, fearing that boycott of their own products could begin trending, while still trying at least token appeasement of the LGBT lobby by keeping up minimal “Pride” appearances, often through local events.
Starbucks has also of late come under the spotlight of controversy after reports that district managers have increasingly banned or removed Pride decor in various locations across the country, resulting in a backlash from its own workers.
Corporate leadership says the company is firmly pro-LGBT, but the union Starbucks Workers United recently complained on Twitter, “Taking a cue from Target, who bowed to anti-LGBTQ+ pressure and removed pride merchandise, corporate and district management are taking down the pride decorations that have become an annual tradition in stores.”
The group further documented that by mid-June, stores in over 21 states had place a series of bans on Pride month decorations. Corporate Starbucks has tried to pushback against the claims, however:
Starbucks told Fast Company that there is no ban on Pride decorations. “We unwaveringly support the LGBTQIA2+ community,” a representative said, calling claims to the contrary “false information” and then clarifying: “There has been no change to any policy on this matter, and we continue to encourage our store leaders to celebrate with their communities including for U.S. Pride month in June.”
Some observers have said a handful of videos on social media showing Pride decor being taken down have been exaggerated and misinterpreted.
But continued denials of a crackdown on decorations from corporate leadership have not convinced employees. The workers union announced Friday that it plans to strike over the course of the next week, starting today, with more than 3,500 Starbucks stores at over 150 stores expected to take part.
The statement said the Seattle Roastery is leading the strike over the company’s “unlawful decision to unilaterally alter or terminate store Pride decoration policies without negotiating with our union,” along with alleged unfair labor practices.
“We are taking collective action in response to the company’s unlawful decision to unilaterally alter or terminate store Pride decoration policies without negotiating with our union,” it said.
The company’s corporate HQ has called these allegations lies, pushing back in the following statement while apologizing to customers for any inconvenience:
“Workers United continues to spread false information about our benefits, policies and negotiation efforts—a tactic used to seemingly divide our partners and deflect from their failure to respond to bargaining sessions for more than 200 stores,” Starbucks said.
Starbucks shares steadily declined through the morning in the wake of the union statement, losing nearly 3%. The strikes are expected to begin Friday, with more employees likely to join through next week.
END
U.S. Becomes Transgender-Care Outlier as More in Europe Urge Caution – WSJ
Robert Hryniak
10:38 PM (16 minutes ago)
to
Is America becoming an outlier in the West ??
Biden will be tossed soon as Democrats try to hang on, in a crowd where no justice exists. Biden has seen the Congress vote to impeach him. While wagons will circle to protect him he will not survive. China is calling in their chips. Executives are moving their families out of Taiwan. China will walk into Taiwan and anyone who resists will be sent to a re-education camp. As America focuses internally and on Ukraine for the delusional Neocon war by the likes of Nuland. Neocons do not realize in their blindness that events are under way that make their grudges and hatred of Russia a backwater to events unfolding. Leaving Ukraine soon to wither away. And Europe to suffer its fate. China has an opportunity and it will not waste the opportunity. Watch for Newson to possibility be the next Show clown as Harris cannot be President for more than a moment. Meanwhile McCarthy will be hoisted as the Republican reality as a counter.
Anti aircraft missile systems are already in Cuba to protect what China is doing there. The Cuban missile crisis #2 is soon going to erupt. China understands the best aircraft carrier is a landmass. What happens when hypersonic missiles are placed or aircraft?
It will be be a spectacle worthy of popcorn to watch.
Diamond deflation has arrived with a bang as prices have spent the last year and a half crashing, roundtripping levels not seen since the early days of Covid (and right around the time the federal government started handing out stimmy checks). The crash in prices is yet another indication of a luxury spending bust. Barclays forewarned clients in December that a “luxury recession” was imminent. And luxury watches, like Rolex, have also plunged.
Diamonds, watches, and other jewelry soared during the pandemic and peaked in the first half of 2022. We have covered the Rolex boom and bust extensively and now turn our attention to diamonds.
The Diamond Index via International Diamond Exchange (IDEX) soared from a value of 116 in March 2020 to 158 in Mach 2022 or about a 36% upswing. Since the peak, prices have plunged 24%, roundtripping to late summer 2020 levels.
Paul Zimnisky, the CEO of Paul Zimnisky Diamond Analytics, told CNBC that a 1-carat natural diamond fetching $6,700 a year ago is now selling for around $5,300.
One of the most likely reasons for diamond deflation is consumers are no longer flushed with government stimulus checks. Also, two years of negative real wage growth, drained personal savings, and mounting credit cards with the highest interest rates in years had dented luxury spending.
Last month, Deutsche Bank analysts warned clients about the luxury spending bust emerging in the US:
“Slowing to negative growth year-on-year in the US is a building concern, especially given signs of softening demand from more economically sensitive aspirational consumers.”
Summing up, consumers in retreat are early indications of an economic downturn that might materialize late this year or in the first half of 2024.
Distressed CRE Properties Top $64 Billion As “Full-Blown Trouble” Ahead
FRIDAY, JUN 23, 2023 – 08:55 AM
In yet another sign that a commercial real estate crisis has arrived, a new report from MSCI Real Asset reveals that distressed properties are piling up as some building owners of malls and office spaces have no choice in a high-interest rate environment but to default.
The report, which Bloomberg first reported, shows the number of distressed assets increased by 10% in the first quarter to nearly $64 billion. The report notes distressed CRE assets could balloon to as much as $155 billion.
These distressed assets are unable to refinance while regional banks are tightening credit standards amid a period of high borrowing costs — and couple that with sliding CRE prices and some properties, such as office space and malls, where vacancy rates are soaring.
“Should this potential distress be upgraded to full-blown trouble, an increase in distressed asset sales and declining prices would be inevitable,” MSCI Real Assets analysts Jim Costello and Alexis Maltin wrote in the report.
At the end of the first quarter, there were about $23 billion in distressed CRE retail properties and $18 billion in office buildings. The report highlighted another $43 billion of potential distress emerging in the office space segment as companies shrink corporate footprints.
The analysts found Manhattan had the most distressed CRE asset sales with $2.6 billion of deals — or 19% of US transactions in the 12 months through May. Los Angeles was second with $746 million of distressed asset sales, followed by Houston with $465 million.
FDIC Mistakenly Releases List Of Top Firms Bailed Out By Biden Admin’s Backstop Of SVB Deposits
FRIDAY, JUN 23, 2023 – 12:24 PM
A document released by the Federal Deposit Insurance Corp (or FDIC) which the agency said it mistakenly released unredacted in response to a Bloomberg News Freedom of Information Act request, has provided the most detailed glimpses yet into biggest Silicon Valley Bank customers who were bailed out when the Biden administration decided to backstop all the bank’s deposits.
As a reminder, when regulators stepped in to backstop all of Silicon Valley Bank’s deposits back in March, they saved thousands of small tech startups to prevent what many (especially those whose money was tiled up with SVB) said would have been a catastrophic blow to a tech sector that relied heavily on the lender.
But the stunning decision to guarantee all accounts above the $250,000 federal deposit insurance limit helped bigger companies that were in no real danger. Among them was Sequoia Capital, the world’s most prominent venture-capital firm, which ended up recovering the $1 billion it had with the lender courtesy of taxpayers. Another was Kanzhun Ltd., a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, which received a backstop for more than $900 million.
While the incompetent buffoons at the FDIC – which has been selling off pieces of the bank since its failure and which absurdly ended up giving JPMorgan a $50 billion loan in Jamie Dimon’s taxpayer-funded rescue of First Republic Bank…
… asked that Bloomberg destroy and not share the depositor list, saying the agency intended to “partially” withhold some details from the document “because it included confidential commercial or financial information,” according to a letter from an attorney for the regulator. The agency subsequently declined to comment on the substance of the information in the document.
Bloomberg, however, refused to comply. The list – whose contents were largely known already except for a handful of names – mistakenly sent by the FDIC is below:
Back in March, when regional banks were falling like dominoes amid a cascading bank run targeting smaller US banks, regulators decided to declare a “systemic risk exception” and make all depositors at Silicon Valley Bank whole after a white-knuckled weekend in which tech founders digested SVB’s collapse on Friday, March 10 and were begging to be rescued.
Joe Biden described the solution as one that “protects American workers and small businesses, and keeps our financial system safe.”
Treasury Secretary Janet Yellen cast the government’s response – including backstopping all depositors – as necessary.
“American households depend on banks to finance their homes, invest in an education, and otherwise improve their standards of living. Businesses borrow from these institutions to start new companies and expand existing ones,” she said at an industry conference the following week before discussing the intervention.
In the end, US taxpayers ended up bailing out such VC titans as Sequoia; it’s why the decisions that government agencies, including the FDIC, made in a frantic few days after SVB failed were immediately controversial.
Critics said that making all depositors whole at the lender and Signature Bank, which failed March 12, created a moral hazard. A fierce debate is also raging over whether the insurance limit needs to be raised for all businesses.
Former Vice President Mike Pence argued that backstopping all depositors amounted to a bailout – which of course it was – even though the Biden administration has forcefully pushed back against such a description. Pence blasted the government’s decision to insure all deposits, in part, because the move would cover Chinese companies that did business with the bank.
In May, the FDIC proposed tagging the largest banks with billions of dollars in extra fees to replenish the US government’s bedrock deposit insurance fund after it was tapped to backstop deposits above the $250,000 threshold. At the time, the regulator estimated the decision to cover all depositors at SVB and Signature cost the fund (i.e. US taxpayers) $15.8 billion.
FDIC Chairman Martin Gruenberg has previously said that at SVB the guarantee to uninsured depositors covered small and midsize business, as well as those with very large balances, and that the bank’s top 10 depositor accounts held $13.3 billion total. At least he wasn’t lying.
As detailed by the FDIC document, we now know for a fact that in addition to serving a legion of startups and fledgling businesses, SVB was a go-to bank for tech industry giants, including some that have kept their relationships with the bank confidential.
The $1 billion that Sequoia, the firm famous for backing iconic companies including Apple, Google and WhatsApp, had at SVB made up a fraction of its $85 billion assets under management. In addition to maintaining its own accounts at the lender, the firm also recommended every startup it backed do the same, Michael Moritz, a partner at the firm, wrote in the Financial Times. A representative for Sequoia declined to comment on the depositor list.
Kanzhun, which had $902.9 million in deposits with SVB according to the document, didn’t respond to multiple emailed requests for comment. The company, which was heavily backed by Chinese giant Tencent before it went public on the Nasdaq in 2021, was among the largest Chinese companies to IPO in the US that year.
Altos Labs Inc., a life sciences startup that works on cell regeneration, had $680.3 million in deposits with the bank. The privately held company has raised $3.27 billion from billionaires including Jeff Bezos and Yuri Milner, as well as Mubadala Investment Company and other investors. An Altos representative declined to comment.
Payments startup Marqeta Inc. had $634.5 million at the bank, according to the document. In a statement, the firm acknowledged that it had “significant deposits” at SVB, but was already in the process of moving money to other banks. “While Marqeta supported the decision to guarantee all deposits at the bank, our ability to execute as a business and meet our financial obligations would not have been impacted, even if it was a longer resolution process” the firm said.
IntraFi Network, which provides deposit services to financial institutions, had $410.9 million worth of deposits at the bank, according to the document. However, in a statement, the firm said that it didn’t actually have any of its own money with the lender, nor was it a client. The amount, rather, represents the funds of almost 2,000 different depositors whose balances were fully insured when SVB collapsed, according to IntraFi.
Crypto stablecoin company Circle Internet Financial Ltd. previously disclosed its SVB deposits, which at the time represented 8.2% of the reserves backing its USD Coin. A spokesman said the company had no additional comment. The USD Coin, which is intended to maintain a 1-to-1 peg to the dollar, briefly drifted from that $1 level on the news of Circle’s exposure. The document listed it as SVB’s biggest depositor with a balance of $3.3 billion.
Streaming set-top box maker Roku Inc. also previously disclosed having roughly 26% of its cash and cash equivalents parked at the bank. The document listed its balance at $420 million. A Roku spokesman declined further comment.
Fintech company Bill.com previously disclosed it had roughly $670 million at the bank. The firm said the amount included about $300 million of its money and $370 million that belonged to customers. A company spokesman declined further comment. The FDIC document listed Bill.com’s total balance at $761.1 million.
Finally, Silicon Valley Bank and parent SVB Financial Group were both listed as having a combined $4.6 billion in deposits. SVB Financial has argued in its bankruptcy case that at least $2 billion in deposits the parent had with the bank should be returned. Federal regulators have said SVB Financial must apply to the bank’s receiver for that money.
END
USA// COVID
end
SWAMP STORIES
This is really good!
‘Calling DC A Swamp Is An Insult To Swamps’ – What Jim Kunstler Learned This Week From Durham & The DoJ
“In the wake of the Hunter Biden sweetheart plea deal, calling D.C. a swamp is an insult to swamps and frankly to all wetlands in general. We need to redefine the Clean Water Act to include all Biden adjacent areas.”
-Margot Cleveland, Lawyer and legal analyst
“I’m proud of my son” — Joe Biden
I hope you agree this has been an instructive week for our republic, sinking to the bottom as fast as the Titan submersible on its way to consort with its grandmama, the HMS Titanic.
Here’s what I learned, for instance, from Special Counsel John Durham’s visit to the House Judiciary Committee: When asked why he did not seek grand jury testimony from the primary culprits in the Russia Collusion hoax — Comey, McCabe, and Strzok — he told the room it would have been “unproductive” because they habitually claimed to “not recall” anything when testifying in Congress.
That’s an interesting legal theory.
If it is so, we must suppose that any witness in a criminal inquiry may decline testifying on the grounds of claiming a defective memory. I’m not a lawyer, of course, but is it not the case that witnesses can be prompted to recall events when presented with evidence? E.g., “…here is your smartphone text of July 29 saying, ‘Don’t worry, we’ll stop him [Trump].’ What means did you have in mind to accomplish that, Mr. Strzok?”
In the four-year lead-up to his personal appearance in the House, many of us were fooled into thinking Mr. Durham was a serious dude. (I sure was.) Turns out the ferocious facial hair masked a rather timorous persona. Mr. Durham apparently did not dare test the boundaries of the narrow lane laid out in the scoping directives set forth by then Attorney General Barr. Mr. D. did find a line of criminal conduct between Lawfare artist Michal Sussmann, the Fusion GPS disinfo company, the DC law firm Perkins Coie, and candidate Hillary MyTurn in the creation and marketing of the Steele Dossier — yet he never called Hillary to do any ‘splainin about it (or anything else she did in 2016). Weird, a little bit.
While his omissions and missteps were spotlighted by the Republican members, Mr. Durham was mugged, kicked to the curb, stomped, and peed-on by the committee Democrats, who still labor to prop-up the dead-letter Russia Collusion fraud against all evidence and reason. As usual, the lead attack dog on that was Rep. Adam Schiff (D-CA). He was rewarded the next day with a censure vote for seven years of shameless lying about said fraud, and stripped of his seat on the House Intel Committee, which he used, as then-chairman, to launch Trump Impeachment #1 in 2019 with fake “whistleblower” (and CIA goblin) Eric Ciaramella, whom Mr. Schiff naturally lied about never meeting prior to the proceeding.
We are treated in these twilight months of the “Joe Biden” regime to a cavalcade of revelations laying out the degeneracy of a federal justice system at war with the American people and its shady machinations in service to the Biden family global bribery operation. Late Thursday, the House Ways and Means Committee, chaired by Rep. Jason Smith (R-MO), released the affidavit of IRS supervisory special agent Gary Shapley from testimony given in closed session May 26. It disclosed a concerted program by the DOJ to impede, obstruct, delay, divert, and bury a massive tax evasion and fraud case against Hunter Biden, involving millions of dollars garnered from foreign persons and entities for no discernible services performed in return.
“I am alleging, with evidence…” Mr. Shapley testified under oath, “…whatever the motivations, at every stage decisions were made that had the effect of benefiting the subject of the investigation. These decisions included slow-walking investigative steps, not allowing enforcement actions to be executed, limiting investigators’ line of questioning for witnesses, misleading investigators on charging authority, delaying any and all actions months before [the 2020] elections to ensure the investigation did not go overt well before policy memorandum mandated the pause.”
Hunter Biden was code-named “Sportsman” as the case opened in 2018. Red flags in bank transfer records of Hunter B and associates involving millions of dollars triggered the IRS inquiry. It wasn’t until a year later that Hunter’s laptop turned up, crammed with deal memos of bribes paid along with vivid documentary evidence of sex and drug crimes. The FBI verified its authenticity in November of 2019 by matching the device number against Hunter Biden’s Apple iCloud ID.
By the way, note that this was the exact same time that the House Intel Committee under chairman Adam Schiff commenced its impeachment inquiry against President Donald Trump. AG William Barr and FBI Director Chris Wray therefore knew then that Hunter’s laptop existed and that it contained evidence of suspicious money transactions with Russia, China, and most particularly Ukraine — since Mr. Trump’s impeachment case was based on a telephone query he made to Ukrainian President, Zelensky, regarding the Biden family’s operations there. Neither Mr. Barr nor Mr. Wray alerted Mr. Trump’s lawyers about the evidence contained in the laptop — which would have provided exculpatory proof of a reasonable motive for Mr. Trump’s phone call. How was that not an obstruction of justice?
Mr. Shapley’s testimony is just one thread in the much larger tapestry of Biden family corruption now achieving clarity. Rep. James Comer’s Oversight Committee continues on its deep dive into the Biden family bank transfer records — with its evidence of money laundering through Biden shell company cut-outs — and the direct voice recording evidence of “Joe Biden” discussing his family’s financial arrangements with Petro Poroshenko, then-president of Ukraine from 2014 to 2019, plus other damning evidence connected to a “trusted” (and well-paid) FBI human confidential source in the much fought over FD-1023 document recently surrended to the Oversight Committee.
In short, the tide is going out even as the sun sets on “Joe Biden” as President. He and his handlers may believe they enjoy the protection of a compliant news media, but even that has its limits. Impeachment is coming, even if not as fast as Rep. Lauren Boebert wants it to, and if and when it does, there will be no ignoring the stark presentation of hard evidence — no matter how much MSNBC’s Joy-Ann Reid snorts and cackles.
Meanwhile, please understand that “Joe Biden” is only pretending to run for reelection and his party is pretending along with him just for the present desperate moment.
Before long, their whole reeking, creaking edifice of lies and bad faith will come crashing down. Joe Biden will have to resign or the nation will be treated to the spectacle, this time, of a trial in the senate for real cause, bribery and treason, not just fake animus.
And then, not even Gavin Newsom will be able to save the Democratic Party in its present alignment and foul habits. If it survives at all, Robert F. Kennedy, Jr. will have to rebuild it from the ground up and expel the demons infesting it.
Watch: Tucker Calls Out ‘Media Hysteria Typhoon’ Over RFK Jr.
THURSDAY, JUN 22, 2023 – 07:11 PM
In his latest episode, Tucker Carlson discussed the media’s absolute hatred for Robert F. Kennedy Jr., who was immediately attacked by the press upon his announcement that he would run against President Joe Biden in 2024.
“CBS News viewers likely were appalled in its coverage of Kennedy’s announcement. CBS denounced the candidate’s views as ‘misleading’ and ‘dangerous,'” noted Carlson, adding “The LA Times called him a threat to democracy.”
“At the offices of National Public Radio in Washington, a full-blown category-5 hysteria typhoon broke out. NPR devoted an entire segment to savaging Kennedy – not just as a candidate, but as a human being,” Carlson continued. “NPR described him as someone who, for his own perverse reasons, has made “debunked and false and misleading claims that undermine trust in vaccines. And who, in his spare time, provides moral support to crazed extremists who “rally under the banner of what they call liberty, or freedom.””
“People Magazine didn’t even bother to report a single word of anything Kennedy said!” Carlson exclaimed, “and instead wrote an entire story about his relatives hate him.”
“Kennedy Jr. faced censorship on Instagram and YouTube for expressing his views,” he continued, adding that RFK Jr. raised questions about “the rise in allergies, asthma, autism, and other conditions related to vaccines,” while “the media and medical establishment vilified Kennedy Jr. for his views, calling him a lunatic, Nazi, and extremist supporter.“
Carlson then goes into a defense of Kennedy’s right to raise questions over vaccines, and the response one gets for doing so.
“Bobby Kennedy won’t stop asking, and that’s why they hate him,” Carlson said.
Carlson then went after debate-dodging doctor, Peter Hotez – who he says will “never debate Bobby Kennedy Jr., but it doesn’t matter. Kennedy has already won.”
“Hotez attacked Kennedy Jr. and called for vaccine mandates, accusing those who disagree of being white nationalists and Russian agents,” said Carlson, who then noted how Hotez chickened out of a debate with RFK Jr.
In closing, Carlson notes: “The gatekeepers are transparently ridiculous. Everyone can see that. And the people have started to notice.”
END
IRS Whistleblowers Release New Bombshell Evidence Against Bidens, DOJ And AG Garland
THURSDAY, JUN 22, 2023 – 03:25 PM
Several bombshells dropped by two IRS whistleblowers on Thursday reveal, among other things, that Joe Biden’s DOJ buried evidence of Hunter Biden’s tax crimes – and stopped US Attorney David Weiss from bringing charges against Hunter in two different jurisdictions last year.
According to Rep. Jason Smith (R-MO), Weiss sought to be appointed as a special counsel in the case last year but was denied as well.
What’s more, the IRS sought felony charges against Hunter, send their recommendations to the Biden DOJ, and they ‘came out as two misdemeanors,’ Byron York tweets.
According to the whistleblowers, one of whom is Gary Shipley – who came forward weeks ago to reveal his identity, the IRS was notified of potential evidence “in the guest house of former Vice President Biden,” but were rebuffed by US Attorney Lesley Wolf, who said there was “no way,” as search warrant “would ever get approved.”
“Whistleblowers describe how the Biden Justice Department intervened and overstepped in a campaign to protect the son of Joe Biden by delaying, divulging, and denying an ongoing investigation into Hunter Biden’s alleged tax crimes,” said Smith in a statement. “The testimony shows tactics used by the Justice Department to delay the investigation long enough to reach the statute of limitations, evidence they divulged sensitive actions by the investigative team to Biden’s attorneys, and denied requests by the U.S. Attorney to bring charges against Biden.”
During seven hours of testimony before the Ways and Means Committee, Shipley and the other whistleblower’s testimony implicates both AG Merrick Garland and IRS Commissioner Daniel Werfel for lying to Congress about political interference in the Biden probe.
“Whistleblower One’s story was corroborated by Whistleblower Two,” said Rep. Kevin Hern (R-OK).
“One individual came forward and laid out the full case of what’s going on. The second individual, through his attorney, asked Ways and Means to contact him and ask for testimony. So we didn’t seek these, they sought us,” added Rep. Greg Murphy (R-NC).
With the rejection from the DC US Attorney, the team sought the approval to bring tax charges for years 2016-2019 in the Central District of California. Shapley concluded that “the Central District of California declined to allow charges to be brought there.”
The rejection to bring charges in DC and California stands in stark contrast to the testimony of Attorney General Garland, who in March of 2023 stated that US Attorney Weiss had the full authority to “bring cases in other jurisdictions.” Garland also said that he personally would ensure that Weiss could “carry out his investigation and that he [would] be able to run it.” Both those statements now appear to be false. (Your humble author thinks the Republicans knew Garland was making misrepresentations at the time.)
…
Preferential treatment of Hunter Biden might be an understatement. In reality, it was sabotage, the affirmative effort to decline investigative steps and deny prosecutors the ability to bring charges. The DOJ’s conduct included:
“included slow-walking investigative steps, not allowing enforcement actions to be executed, limiting investigators’ line of questioning for witnesses, misleading investigators on charging authority, delaying any and all actions months before elections.”
Prosecutors even wanted to remove Hunter Biden’s name from electronic search warrants and document requests, even though this could cause investigators to not get certain evidence.
Joe Biden was in the room
In another piece of evidence presented on Thursday, Hunter Biden can be seen in a message to Chinese business associate, Henry Zhao, demanding that they send money as promised.
“I am sitting here with my father and we would like to understand why the commitment made has not been fulfilled,” wrote Hunter via WhatsApp on July 30, 2017. “Tell the director that I would like to resolve this now before it gets out of hand, and now means tonight.“
Hunter then warned that “if I get a call or text from anyone involved in this other than you, Zhang or the chairman, I will make certain that between the man sitting next to me and every person he knows and my ability to forever hold a grudge that you will regret not following my direction. I am sitting here waiting for the call with my father.“
And back to the embargo on the Hunter Biden laptop story…
Stay tuned, folks…
THE KING REPORT
The King Report June 23, 2023 Issue 7018
Independent View of the News
The Bank of England shocked the markets on Thursday with a 50bps rate hike to 5%. A 25bps rate hike was expected. Hotter than expected inflation and core inflation forced the BoE to shock the markets.
The Swiss National Bank (SNB) hiked it policy rate 25bps to 1.75% as expected. Norges Bank hiked its policy rate 50bps to 3.75%; 25bps was expected. Pundits see 2 more Norges Bank rate hikes this year.
FedEx to shut down 29 more aircraft as demand shrinks CEO Raj Subramaniam said on Tuesday’s earnings briefing that the Express unit will park 20 aircraft in fiscal year 2024 and permanently retire nine additional MD-11 freighters. But the latest fleet statistics show the integrated logistics and parcel carrier’s mainline fleet will actually grow by 10 aircraft this year as Boeing planes ordered years ago are delivered. Express revenues fell 13% in the fourth quarter, ended May 31, to $10.4 billion while operating income was halved at $430 million. Success in decreasing expenses and higher U.S. yields partially offset lower volumes and helped improve profits, which tumbled 64% for the full year. The aircraft retirements were a large component of the unit’s $1.1 billion reduction in operating expense. The company said Express package volumes declined 7%, an improvement from the third quarter… https://www.freightwaves.com/news/fedex-to-shut-down-29-more-aircraft-as-demand-shrinks
Initial Jobless Claims of 264k were unchanged from the prior week; 259k was expected. California claims are +7.3m; NJ +2.3m; CT +2.2m. Continuing Claims fell to 1.759 from 1772m (1.785m exp).
Retail Army Bets Record $1.5 Billion on Single Stocks in a Week, JPMorgan Says – BBGGroup’s inflow into single stocks is biggest ever, JPM saysNasdaq 100’s gap above 200-day moving average getting extremeUndeterred by a rally that had already pushed the S&P 500 up 14% this year, non-professional investors bought $1.5 billion of single stocks in the week ending Tuesday, an all-time high, according to datacompiled JPMorgan Chase & Co. strategist Peng Cheng. Flows including exchange-traded funds and individual stocks topped $4.4 billion, the data show. .. https://news.yahoo.com/retail-investors-record-inflows-us-stock-market-193801422.html
No joke! If Joko’s 2.5 times as many consumption days vs. production days succeeds, it will revolutionize economic theory and practice!
ESUs traded modestly higher but flat during the Nikkei’s 1st Session. They then sank until a rally developed after the 3 ET European opening. ESUs rallied 10 handles by 5:47 ET. ESUs then sank to a session low of 4393.00 at 7 ET US repo market opening. Traders then aggressively bought ESUs for the expected rally for the NYSE opening. ESUs jumped 11 handles by 8:31 ET.
ESUs then retreated 11 handles by 9:38 ET. We opined that as soon as Powell started his testimony to the Senate Banking Committee at 10 ET, stocks would rally, just like on Wednesday. Plus, the S&P 500 Index had declined for 3 consecutive sessions after an 11-month high. Ergo, it was readily apparent that traders were itching for a rally. So, some traders jumped the gun by buying 20 minutes before Powell’s appearance. This triggered other traders; ESUs zoomed to a session high of 4418.50 at 10:13 ET.
After a moderate retreat and a modest rebound, ESUs tumbled 19 handles by 10:43 ET. After another moderate rebound, ESUs sank anew. Powell’s hawkish comments were the catalyst for the decline. Traders jumping the gun to get long for the expected rally provided the fuel for the tumble.
Powell’s testimony didn’t begin until 10:18 ET. Jerome led off with the show stopper: It likely will be appropriate to raise rates two more times this year. Powell said wages are still very high but moving to sustainable levels. However, there has NOT been much progress on service inflation; so, we have a long way to go on arresting inflation. Jerome added that headline inflation has fallen, but that’s largely due to declines in energy and food prices.
After Powell issued the bulk of his inflation remarks – and with weak traders washed out of long – astute traders aggressively bought stuff. ESUs zoomed 14 handles higher by 11:06 ET. While equities got jiggy, Mr. Bond remained very sad. USUs hit a session low of -1 1/32 at 11 ET.
The ESU rally stalled near 11:43 ET because USUs hit new daily lows. Eventually, ESUs rolled over. They fell until 13:01 ET; it was time for the afternoon rally. ESUs soared 20 handles by 15:00 ET. Sellers appeared; ESUs sank 12 handles by 15:30 ET. USUs were -1 7/32 at the time. It was time for the late ESU manipulation. ESUs and stocks rallied sharply and hit new daily highs at the NYSE close.
Positive aspects of previous session Fangs & Nasdaq soared; The DJTA and S&P rallied smartly
Negative aspects of previous session Bonds declined sharply on European bank rate hikes; the DJIA declined a tad The USA is in a Constitutional & existential (as a Republic) crisis due to the Deep State (See below)
Ambiguous aspects of previous session How long can equities ignore global central bank rate hikes and the deepening US political crisis?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4371.99 Previous session High/Low: 4382.25; 4351.82
@JChengWSJ: U.S. officials say Indian PM Modi’s visit is “not about China” or meant to send a message to Beijing, but U.S. efforts to draw India closer on defense and technology issues are part of a broader effort to rein in China’s growing influence.
@BaldingsWorld: Seriously wrap your mind around this: We can NOT decouple from China because the biggest military threat to US and allies also make the parts our military buys to supply itself against them threatening us. Stop and think about that.
@eshow1969: Magnesium has many purposes, but the two largest are, in order, 1) desulfurization of steel, required to make high strength steel and 2) aluminum alloying. Until 1998, the west lead by Dow Corporation and Norsk Hydro, made the vast majority of primary magnesium… Dow closed Freeport in 1998, Norsk closed the Canada Ops in 2006. This left MagCorp left in the US, Dead Sea Magnesium in Israel and a Russian. MagCorp went BK in 2001, but reformed as US Magnesium…..and only survived with countervailing duties on Chinese primary magnesium… now because of the decline in the Great Salt Lake, US Mag is out of the game it appears……so China, has 90%+ of the primary magnesium market. You want to make steel for aircraft carries, you are reliant in China for the steel, even if you sourced a U.S.A. Steel maker….because, magnesium… you want lightweight cars…or build airplanes…..welcome to aluminum…..what makes aluminum workable and helps give it the mechanical properties we need…..yep, back to magnesium (and high grade silicon, also China). So a single raw material is a road block…
@ndcarson: This is why the US is in a strategically precarious position for the next 10 years or so. You won’t rebuild American industrial might without a combination of state subsidies and trade barriers. In short, you need to become the devil in the eyes of groups like Cato.
There is a special spot in Dante’s Circles of Hell for the Americans that allowed the US to deteriorate to such a degree that it must kowtow to Xi and the CCP.
Dante’s Inferno: The Circles of Hell Ninth Circle: Traitors, distinguished from the “merely” fraudulent on that their acts involve betraying one in a special relationship to the betrayer… The circle is divided into four concentric zones: Round 1: Home to traitors to their kindred (family)… Round 2: Traitors to political entities, such as party, city, or country, are located here. The souls here are immersed at almost the same level as those in round 1, except they are unable to bend their necks… Satan is trapped in the frozen central zone in the Ninth Circle of Hell… https://www.cusd80.com/cms/lib6/AZ01001175/Centricity/Domain/4999/Dantes_CirclesofHell.pdf
GOP Sen. @marcorubio: No nation can be strong if it doesn’t have stable families, vibrant communities & the ability to make things.
@TheChiefNerd: Robert F. Kennedy Jr on How ‘Pharma Became Part of the Tribal Structure of the Democratic Party’: “When Obama was trying to pass Obamacare, he needed the pharmaceutical industry to sign on because he couldn’t get it through Congress without them. So he had to make a golden handshake with the devil... when Trump ran, three times during the campaign [he] linked vaccines to autism. At that point it became a tribal issue.”
Sweden Wins with Lowest Pandemic Mortality in Europe, BBC Analysis Shows Sweden, having famously refused to follow the world in imposing lockdowns and mask mandates in 2020, had the best Covid pandemic record in Europe, a new analysis by the BBC shows. The U.K., meanwhile, had one of the worst over the three years from March 2020 to February 2023… https://dailysceptic.org/2023/06/22/sweden-wins-with-lowest-pandemic-mortality-in-europe-bbc-analysis-shows/
JPMorgan Mistakenly Deleted 47 Million Records, SEC Alleges – BBGBank to pay $4 million to settle allegations by regulatorSEC says deleted records were requested in several probes“Because the deleted records are unrecoverable, it is unknown – and unknowable – how the lost recordsmay have affected the regulatory investigations,” the SEC said… (Hunter Biden-like wrist slap)
@GunOwners: Hunter Biden was charged as an “unlawful possession of a firearm by a person prohibited” but only received 2 years probation. According to @TheUSSCgov in 2022, “96.9% of felon in possession of a firearm offenders were sentenced to prison.” https://twitter.com/GunOwners/status/1671645398790709248
GOP @RepAndyBiggsAZ: The individual mentioned here is a drug user and lied on a federal form to purchase a firearm. She is facing 25 years in prison while Hunter Biden, who committed the same crimes in addition to tax evasion, isn’t facing any jail time.Two-tier justice. https://twitter.com/RepAndyBiggsAZ/status/1671904501270183937
@paulsperry_: No, Hunter Biden is not a “first-time offender.” In June 1988, Hunter was arrested in Stone Harbor, NJ, for “possession of a controlled substance.” Cops busted him doing coke in a car outside a party. He was cuffed & did 6 mos probation. He had a criminal record before it wasquickly expunged with help from an influential U.S. senator from a neighboring state.
Today is a summer Friday. The widely-expected rebound rally, and relief rally after Powell’s House and Senate Com testimony, appeared yesterday. Traders will play for a summer Friday rally. If bonds are again soft, will defensive asset allocators inhibit the expected equity rally?
ESUs are -1.00 and USUs are +5/32 at 20:15 ET in subdued trading.
Expected economic data: June S&P Global US Mfg. PMI 48.5, Services 54, Composite 53.5; St. Louis Fed Pres Bullard 5:l15 ET at Central Bank of Ireland, Cleveland Fed Pres Mester 13:40 ET
S&P 500 Index 50-day MA: 4197; 100-day MA: 4114; 150-day MA: 4057; 200-day MA: 3991 DJIA 50-day MA: 33,617; 100-day MA: 33,364; 150-day MA: 33,452; 200-day MA: 32,846 (Green is positive slope; Red is negative slope)
IRS wanted Hunter Biden felony charges as DOJ blocked prosecutions: whistleblowers Shapley also revealed that Hunter Biden had cited his father in a July 30, 2017, Whatsapp message to one of his Chinese associates, Henry Zhao — a Communist Party official and director of Harvest Fund Management, which invested in Hunter’s firm BHR Partners. “I am sitting here with my father and we would like to understand why the commitment made has not been fulfilled,” Hunter wrote. “Tell the director that I would like to resolve this now before it gets out of hand, and now means tonight. And, Z, if I get a call or text from anyone involved in this other than you, Zhang, or the chairman, I will make certain that between the man sitting next to me and every person he knows and my ability to forever hold a grudge that you will regret not following my direction. I am sitting here waiting for the call with my father.”… The fact that Weiss twice tried to prosecute the first son in other jurisdictionsbefore being denied could result in serious repercussions for America’s top lawman. Lying to Congress is a criminal offense. “Attorney General Merrick Garland told Congress Weiss had all the authority necessary,” Smith pointed out. “Well, which is it?”… Garland replied that Weiss would be able to charge Hunter Biden even for crimes that occurred outside Delaware… Smith noted the IRS had uncovered funds from “Ukraine, Romania and China totaling $17.3 million from 2014 to 2019,” with the scandal-hit first son having “personally received $8.3 million.” “What plea deal did Mr. Biden just receive?” Smith asked. “A slap on the wrist for charges that have put other Americans behind bars.” https://nypost.com/2023/06/22/irs-whistleblowers-say-doj-covered-up-hunter-biden-tax-fraud/
@seanmdav: The Hunter Biden case — code named SPORTSMAN — was opened in 2018 “as an offshoot of an investigation the IRS was conducting into a foreign-based amateur online pornography platform.https://twitter.com/seanmdav/status/1671935272206958607 Investigators recovered WhatsApp messages from Hunter Biden to Chinese businessman Henry Zhao, explicitly threatening that Joe Biden, who was said to be in the room, would destroy him if the Bidens were not paid immediately. FBI leadership tipped off Biden family insiders about plans to physically confront Hunter Biden and seek an interview with criminal investigators. “This essentially tipped off a group of people very close to Biden andHunter Biden and gave this group an opportunity to obstruct and approach other witnesses.”https://twitter.com/seanmdav/status/1671951932284387328 As IRS criminal investigators prepared an affidavit for a search warrant on a storage unit Hunter Biden used to hide his business records, AUSA Lesley Wolf objected. When U.S. attorney David Weiss overruled her, she alerted Biden’s legal team, giving them time to vacate the unit. https://twitter.com/seanmdav/status/1671952860077064204 It would be good to know if Joe Biden was truly in the room. But we’ll never know, because DOJ prosecutor Lesley Wolf, per IRS whistleblowers, refused to let investigators ask about “the big guy.” At the same time the FBI/CIA were lying about Hunter’s laptop and trying to get it censored, the FBI “obstructed” federal tax investigators from reviewing the laptop: “Investigators assigned to this investigation were obstructed from seeing all the available evidence.” https://twitter.com/seanmdav/status/1671941312130547720 Despite probable cause to execute a search warrant on Joe Biden’s guest house, assistant U.S. attorney Lesley Wolf told IRS investigators that even though the house was probably full of Hunter Biden evidence they needed, “there is no way we will get that approved.” https://twitter.com/seanmdav/status/1671938591033835520 More, from IRS whistleblower Gary Shapley: Probable cause affidavits for Hunter Biden search warrants in three states and Washington, D.C, were drafted inearly 2020…and then put on ice by DOJ as soon as Joe Biden became the presumptive Democrat nominee. (Bill Barr was AG) https://twitter.com/seanmdav/status/1671936923315650561?s=02
@HansMahn The chairman is Ye Jianming, one of the most corrupt people in China, so corrupt that the CCP made him disappear. https://twitter.com/HansMahncke/status/1671950116884807711 If just half of this email is true (Spec Council Weiss says he does NOT decide charges. Garland told Congress Weiss does.) Garland needs to be impeached immediately. (“sportsman” is the code name for the Hunter Biden case) https://twitter.com/HansMahncke/status/1671951786377183240
@greg_price11: U.S. Attorney David Weiss found probable cause for a search warrant on Hunter Biden’s residence but the DOJ with Bill Barr in charge stopped him from executing it… https://twitter.com/greg_price11/status/1671946457874591744 @julie_kelly2: So when will GOP House finally demand public testimony from Bill Barr, who looks more and more like the most corrupt Attorney General in history. IRS whistleblower is calling BS on Bill Barr’s claims that the FBI form related to the $5 million bribe to Joe Biden was turned over the Delaware US Atty investigating Hunter Biden. Case agent/whistleblower says he never saw it and never heard it had been given to Weiss’ team. https://twitter.com/julie_kelly2/status/1671966753490870277 DC US Attorney Matthew Graves buried the evidence of Hunter Biden’s Burisma payments in 2014 and 2015 and FARA violations. This is a major scandal. https://twitter.com/julie_kelly2/status/1671984637336272899 Matthew Graves refusing to investigate and charge Hunter Biden for crimes committed in DC bc he’s a partisan hack who’s too busy destroying the lives of thousands of Americans who protested Biden’s election on January 6.https://twitter.com/julie_kelly2/status/1671940164237623300
@Techno_Fog: The DOJ shut down questions on an e-mail to Hunter: “Ten held by H for the big guy.” DOJ (AUSA Lesley Wolf) demands not to ask about the “big guy.” (No questions about “dad”) https://twitter.com/Techno_Fog/status/1671937709043056640 US Attorney David Weiss “requested special counsel authority from Main DOJ to charge [Hunter Biden] in the District of Columbia.” That request was denied by the DOJ. That meant Hunter wouldn’t face charges for his 2014-2015 tax crimes. https://twitter.com/Techno_Fog/status/1671943215283331074 There was support for charging Hunter with tax-related crimes from 2014 – 2019. Venue was DC. The Biden-appointed US attorney in DC did not support the charges. All the while, AG Garland was testifying that US Attorney Weiss could bring whatever charges he wanted… https://twitter.com/Techno_Fog/status/1671942564868489236
@KevinTober94: NBC Nightly News was the only one of the three network newscasts (ABC, CBS, NBC) to cover the bombshell news of the IRS interfering in the Hunter Biden probe AND the text messages in which Hunter implicated Joe Biden in his Chinese business dealings. (But NYT and WaPo reported it.)
WSJ: U.S. Navy Heard What It Believed Was Titan Implosion Days Ago Underwater microphones designed to detect enemy submarines first detected Titan tragedy
@mirandadevine: The Biden administration knew the Titan submarine imploded Sunday. But waited until today to make it public. Convenient smokescreen for today’s House Ways & Means release of IRS whistleblower testimony of DOJ sabotage of the Hunter Biden investigation.
@RNCResearch: “What’s your response to Republicans who say your son got special treatment? Do we have a two-tier system of justice?” Biden ignores the question and walks away as the reporter’s microphone is cut.https://twitter.com/RNCResearch/status/1671945727382114305
McCarthy warns House GOP now is not time to force vote impeaching Biden: ‘What majority do we want to be?’ – McCarthy argued that Republicans should let committee investigations play out and warning that jumping to impeachment now could threaten theirslim majority, the sources said. The speaker noted that House Republicans have taken back the Housefive times in the last 100 years, and two of those times lost the majority the next cycle… (How did impeaching DJT twice harm Dems?) https://www.cnn.com/2023/06/21/politics/kevin-mccarthy-reaction-biden-impeachment/index.html
Hunter Biden was a member of exclusive LA sex club Snctm, since-banned founder claims “Hunter was a member at Snctm and I canceled his membership after 1 party because he’s a scumbag,” Lawner wrote in the post. As a result of the revelation, Lawner… has been banned from the club he founded… https://nypost.com/2023/06/22/hunter-biden-was-once-a-member-of-la-sex-club-snctm-founder-claims/
Biden oddly puts hand on heart for India anthem at Narendra Modi welcomehttps://trib.al/aS9uIS1
Biden mocked for raising hand to heart for Indian national anthem: ‘Funny if it weren’t so sad’https://t.co/STsfqqkcYF
@RNCResearch: After the arrival ceremony, Jill Biden, Ed.D., isn’t quite sure to stand since Joe won’t let go of the prime minister’s hand.https://twitter.com/RNCResearch/status/1671892646598705159 Biden stares confusingly and refuses to answer as he’s repeatedly asked if he regrets calling Xi Jinping a “dictator.” https://twitter.com/RNCResearch/status/1671905975127638016 BIDEN: “We’re working with the G7 to provide for infrastructure work for dealing with global warming on the continent of Africa.” (A US taxpayer & voter priority!) https://twitter.com/RNCResearch/status/1671944015627821056 Biden pulls out a list of two reporters he has been instructed to call on at his “press conference”: “I’m told there are two questioners…” https://t.co/ULj7OXZtD4 Biden answers one of the reporters’ questions at his “press conference” by reading almost entirely from a piece of paper in front of himhttps://t.co/lOGFYbmkMY
@MikeBenzCyber: The new head of election censorship at Facebook, Aaron Berman, who spent 17 years at CIA, has a substack that reads like a gene splicing of a Reddit mod, a Star Wars fanfic site, and a Dorian Gray portrait of the state of US intelligence services. https://twitter.com/MikeBenzCyber/status/1672012214193250304
@NvrBackDown24: DESANTIS: “When you (DJT) are saying that Cuomo did better on COVID than Florida did, you are revealing yourself to just be full of it! Nobody believes that!” “If you have to make that argument, then you probably don’t have very good arguments.”
Greta Thunberg Humiliated as World Refuses to End When She Predicted – ‘Survivors’ Everywhere Are Roasting Her – On June 21, 2018, the then-15-year-old Swedish climate activist sent out an alarming tweet that seemed to imply that due to climate change caused by fossil fuels, we only had five years left before the end of the world. “A top scientist is warning that climate change will wipe out all of humanity unless we stop using fossil fuels over the next five years,” the tweet read… https://www.westernjournal.com/greta-thunberg-humiliated-world-refuses-end-predicted-survivors-everywhere-roasting/
Many House GOP members want to impeach President Biden for taking bribes from foreign countries. The U.S. Constitution clearly states this is a reason to kick a President out of the White House. The FBI and DOJ have not been slow walking their investigations into the Biden grifting family, they have been moon walking them backwards. Speaker Kevin McCarthy is blocking the impeachment of President Biden, but he is in for a fight from his own party on what many say is obvious bribe taking in the millions of dollars for Biden and his clan.
The American public is totally in the dark about how bad the increasing war is in Ukraine. We are told one lie after another about what is going on, as Washington shovels cash into the black hole called Ukraine. Putin is warning of a coming nuclear conflict, but his warnings are falling on deaf ears. Why is the drive for war so great in Washington? Is it because the dollar system is about to crash with the introduction of the new “BRICS+” currency? Fed Head Jay Powell is fighting inflation, but is he really raising interest rates to protect the dollar from a massive devaluation after it is no longer the world’s reserve currency? If the dollar falls, how high will inflation rise?
There is new data out that says 600,000 Americans a year are dying from the CV19bioweapon/vax. It just keeps killing people. The CV19 injections are also disabling people at a much higher pace than its kill rate. People are waking up to this nightmare, and it won’t be long before enough people wake to totally put a stop to the carnage, and jail the evil people who pushed this genocide on America and the world.
There is a lot more in the 52-minute newscast.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 6.23.23.
(Tech Note: If you do not see the video, know it is there. Unplug your modem and plug it back in after 30 sec. This will clear codes that may be blocking you from seeing it. In addition, try different browsers. Also, turn off all ad blockers if you have them. All the above is a way Big Tech tries to censor people like USAWatchdog.com.)
After the Interview:
Dr. Betsy Eads will be the guest for the Saturday Night Post. There is devastating new data on exploding aggressive cancers, severe disabilities and death caused by the CV19bioweapon/vax. Dr. Eads breaks it all down, and tells you how to combat the CV19bioweapoon/vax.
harveyorganblog.com 
