by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSED: UP $1.90 TO $1922.05

SILVER PRICE CLOSED: UP $0.07   AT $22.89

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1922.05

Silver ACCESS CLOSE: 22.81

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Bitcoin morning price:, $30,692  DOWN 201  Dollars

Bitcoin: afternoon price: $30,985  UP 92 dollars

Platinum price closing  $912.15 UP  $6.05

Palladium price;     $1239.90 UP $7.40

END

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

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

CANADIAN GOLD: $2,546.65 UP 5.00 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1513,70 UP 1.60 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1760.60 UP 1.66 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: JULY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,921.100000000 USD
INTENT DATE: 06/30/2023 DELIVERY DATE: 07/05/2023
FIRM ORG FIRM NAME ISSUED STOPPED

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118 C MACQUARIE FUT 138
190 H BMO CAPITAL 100
363 H WELLS FARGO SEC 6
435 H SCOTIA CAPITAL 75
624 H BOFA SECURITIES 64
657 C MORGAN STANLEY 5
661 C JP MORGAN 200 19
690 C ABN AMRO 14
726 C CUNNINGHAM COM 2
737 C ADVANTAGE 17 14
905 C ADM 10

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TOTAL: 332 332

JPMorgan stopped 19/332 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT:  332 NOTICES FOR 33,200 OZ  or  1.0326 TONNES

total notices so far: 712 contracts for 71200 oz (2.2146 tonnes)

FOR  JULY:

SILVER NOTICES: 190 NOTICE(S) FILED FOR 950,000 OZ/

total number of notices filed so far this month : 2900 for 14,500,000 oz

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END

GLD

WITH GOLD UP $10.00

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.31 TONNES OF GOLD FROM THE GLD:////

INVENTORY RESTS AT 924.50 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER  UP 19 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.377 MILLION OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 468.141 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY AN ATMOSPHERIC SIZED 3225 CONTRACTS TO 114,102, A NEW RECORD LOW  AND FURTHER FROM THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS GIGANTIC SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR  $0.19 GAIN  IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A STRONG SIZED 762 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH .  CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT:  762 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 NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WERE  UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.19). BUT WERE SUCCESSFUL IN KNOCKING FEW SPEC LONGS AS WE HAD A STRONG LOSS ON OUR TWO EXCHANGES OF 3176 CONTRACTS.   WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF  EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// (  THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 0 MILLION OZ.).  WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG WITH MANIPULATION NOW MID MONTH AND BEYOND, DUE TO (TAS) MANIPULATION. TODAY WE WITNESSED FOR THE FIFTH AND LAST STRAIGHT DAY OF HUGE SPREADER LIQUIDATIONS ON THE COMEX (AND THUS THE LOW COMEX SILVER OI)

WE  MUST HAVE HAD: 

A TINY  ISSUANCE OF EXCHANGE FOR PHYSICALS( 50 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S HUGE 575,000 OZ QUEUE JUMP.//NEW STANDING: 16.685 MILLION OZ/  // HUGE SIZED COMEX OI LOSS/ TINY SIZED EFP ISSUANCE/VI)  STRONG NUMBER OF  T.A.S. CONTRACT ISSUANCE (762 CONTRACTS)//HUGE FINALIZATION OF COMEX SPREADER LIQUIDATION//

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  –172  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 20 days, total 22,079 contracts:   OR 110.395 MILLION OZ  (1103 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  110.395 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: 207.140  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 65.025 MILLION OZ 

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

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

JAN 2023///   53.070 MILLION OZ //FINAL

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

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

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

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

JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH

RESULT: WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3225  CONTRACTS DESPITE OUR GAIN IN PRICE OF  $0.19 IN SILVER PRICING AT THE COMEX//FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A TINY EFP ISSUANCE  CONTRACTS: 50  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 JULY OF  16.110 MILLION  OZ FOLLOWED BY TODAY’S 575,000 OZ QUEUE JUMP: TOTAL NOW STANDING 16.685 MILLION OZ/////  .. WE HAVE A HUGE SIZED LOSS OF 3001 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A STRONG  762//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED  DURING THE FRIDAY COMEX SESSION BUT THE REAL LIQUIDATION FRIDAY WAS THAT OF COMEX SPREADERS (CONCLUSION) . THE NEW TAS ISSUANCE TODAY (762) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 190  NOTICE(S) FILED TODAY FOR  13,550,000  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 GOOD SIZED 4166  CONTRACTS  TO 440,991 AND FURTHER FROM    THE RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  REMOVED –668 CONTRACTS

WE HAD A STRONG SIZED INCREASE  IN COMEX OI ( 4166 CONTRACTS)  WITH OUR $10.00 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JULY. AT 5.1975 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 1.0326 TONNE QUEUE JUMP: NEW TOTAL OF GOLD STANDING FOR JULY: 6.230 TONNES//  + /A HUMONGOUS ISSUANCE OF 4094 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $10.00 GAIN IN PRICE  WITH RESPECT TO FRIDAY’S TRADING.WE HAD A  STRONG SIZED GAIN  OF 6643 OI CONTRACTS (20.66 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2477 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 441,659

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6643 CONTRACTS  WITH 4166 CONTRACTS INCREASED AT THE COMEX//TAS CONTRACTS INITIATED (ISSUED): A HUMONGOUS 4094 CONTRACTS) AND A FAIR 2477 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 6643 CONTRACTS OR 20.66 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2477 CONTRACTS) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (4166) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 7311 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 JULY AT 5.1975 TONNES FOLLOWED BY TODAY’S 1.0326 TONNE QUEUE JUMP//NEW TOTAL 6.23 TONNES   ///// /3) ZERO LONG LIQUIDATION//4)  GOOD SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  HUMONGOUS T.A.S.  ISSUANCE: 4094 CONTRACTS 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

JULY

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:  55,513 CONTRACTS OR 5,551,300 OZ OR 172.667 TONNES IN 20 TRADING DAY(S) AND THUS AVERAGING: 2775 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAY(S) IN  TONNES  172.667 TONNES

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

THUS EFP TRANSFERS REPRESENTS  172.667/3550 x 100% TONNES  4.87% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

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

MARCH:.   276.50 TONNES (STRONG AGAIN/

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

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

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

DEC.           175.62 TONNES//FINAL ISSUANCE// 

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

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

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL// 

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

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

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

DEC:  185.59 tonnes // FINAL

TOTAL: 2,847,25 TONNES/2022

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

FEB: 151.61 TONNES/FINAL 

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

APRIL: 197.42 TONNES 

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

JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)

JULY:

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 3225  CONTRACTS OI TO  114,276 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 NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 50  CONTRACTS 

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

SEPT  50 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  50  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 3225 CONTRACTS AND ADD TO THE 50  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3176 CONTRACTS 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES  TOTAL 15.88 MILLION OZ 

OCCURRED DESPITE OUR TINY   $0.19 GAIN IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

 2.ASIAN AFFAIRS//

 

MONDAY MORNING//SUNDAY  NIGHT

SHANGHAI CLOSED UP 41.91 PTS OR 1.31%   //Hang Seng CLOSED UP 390.16 PTS OR 1.70%        /The Nikkei closed UP 390.16 OR 2.06%  //Australia’s all ordinaries CLOSED UP 0.56 %   /Chinese yuan (ONSHORE) closed UP 7.2479  /OFFSHORE CHINESE YUAN UP  TO 7.2628 /Oil UP TO 71.12 dollars per barrel for WTI and BRENT  UP AT 76.04 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3  CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 4166 CONTRACTS UP TO 440,991 WITH OUR GAIN  IN PRICE OF $10.00 ON FRIDAY,

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 2477  EFP CONTRACTS WERE ISSUED: :  AUGUST 2477 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2477 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 6643  CONTRACTS IN THAT 2477 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 4166 COMEX  CONTRACTS..AND  THIS STRONG  SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $10.00//FRIDAY 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 FRIDAY NIGHT WAS A HUMONGOUS 4,094 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:   JULY  (6.230) (NON  ACTIVE MONTH)

TONNES),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL 

Dec. 64.000 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: 64.354 TONNES

JULY: 6.230 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $10.00) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD OUR STRONG SIZED GAIN OF 6,643 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION THROUGHOUT  THE FRIDAY COMEX SESSION . THE TAS ISSUED FRIDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 20.66 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR JULY. (5.11974 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S HUGE QUEUE JUMP OF 1.0326 TONNES//TOTAL STANDING FOR JULY GOLD: 6.23 TONNES    //  ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE  TO THE TUNE OF $10.00. 

WE HAD –REMOVED  668      CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT 

NET GAIN ON THE TWO EXCHANGES 6643  CONTRACTS OR 664,300  OZ OR 20.66 TONNES.

Estimated gold volume today:// 191,264  POOR

final gold volumes/yesterday   160,169

//JULY 3/ FOR THE JULY  2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	10,031.112 OZ Brinks           .
Deposit to the Dealer Inventory in oz	0 oz
Deposits to the Customer Inventory, in oz	64.302 OZ
No of oz served (contracts) today	332  notice(s) 33200 OZ 1.0326 TONNES
No of oz to be served (notices)	1291  contracts    129,100 oz 4.0155 TONNES
Total monthly oz gold served (contracts) so far this month	712 notices 71200  OZ 2.2145 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month	x

No dealer withdrawals

Customer deposits:  1

i) Into Brinks: 64.302 oz 2 kilobars)

total deposits: 64.302 oz

total dealer deposits:  nil    oz

we had 1 customer withdrawal:

i) Out of Brinks 10,031.112 oz

total withdrawals:  10,031.112 oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 1623  contracts having LOST 48 contracts. We had 380 contracts served on Friday.  Thus we gained a huge 332 contracts or an additional 33200 oz of gold will stand at the comex.

AUGUST  GAINED 2632 contracts UP to 349,162 contracts 

SEPT gained its first 15 contracts to stand at 15

We had 332 contracts filed for today representing  33,200  oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0  notices were issued from their client or customer account. The total of all issuance by all participants equate to  332   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 19  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 JULY /2023. contract month, 

we take the total number of notices filed so far for the month (712 x 100 oz ), to which we add the difference between the open interest for the front month of  JULY (1623  CONTRACT)  minus the number of notices served upon today  332 x 100 oz per contract equals 200,300 OZ  OR 6.230 TONNES the number of TONNES standing in this NON active month of July. 

thus the INITIAL standings for gold for the  JULY contract month:  No of notices filed so far (712) x 100 oz +  (1623) {OI for the front month} minus the number of notices served upon today (332)  x 100 oz) which equals  200,300 oz standing OR 6.230 TONNES 

TOTAL COMEX GOLD STANDING: 6.230 TONNES WHICH IS STRONG FOR A NON  ACTIVE DELIVERY MONTH.  

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold:  2,063,541.609  OZ   64.18 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  22,394,565.087 OZ  

TOTAL REGISTERED GOLD:  11,808,038.075   (367,27  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,586.527.012 O Z  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,744,979.00 OZ (REG GOLD- PLEDGED GOLD) 303.109 tonnes//

END

SILVER/COMEX

JULY 3//2023// THE JULY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	22,103.140 oz CNT Loomis .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	1,337,377.189   oz Brinks Delaware
No of oz served today (contracts)	190  CONTRACT(S)    (950,000  OZ)
No of oz to be served (notices)	437 contracts  (2,185,000 oz)
Total monthly oz silver served (contracts)	2900 Contracts  (14,500,000 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: 1,200,371.429 oz

ii) Into Delaware 137,005.760 oz 

total customer deposits: 1,337,377.189 oz

JPMorgan has a total silver weight: 141.316  million oz/277.828 million =50.86% of comex .//dropping fast

Comex withdrawals 2

i) Out of CNT  12,054.690 oz

ii) Out of Loomis:  10,048.450 oz

total withdrawals: 22,103.140     oz  

adjustments:  0

TOTAL REGISTERED SILVER: 38.996 MILLION OZ//.TOTAL REG + ELIGIBLE. 277.828 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF JULY /2023 OI: 627   CONTRACTS HAVING LOST 2595  CONTRACT(S). WE HAD A LARGE 2710 NOTICES FILED ON FIRST DAY NOTICE SO WE GAINED A STRONG 115 CONTRACTS OR AN ADDITIONAL 575,000 OZ WILL STAND AT THE COMEX FOR DELIVERY IN JULY.

AUGUST GAINED 21 CONTRACTS TO STAND  AT 454

SEPT HAS A LOSS OF 883 CONTRACTS DOWN TO 99,538

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 190 for 950,000  oz

Comex volumes// est. volume today 45,615    POOR /

Comex volume: confirmed yesterday:46,293    POOR

To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 2900 x  5,000 oz = 14,500,000 oz 

to which we add the difference between the open interest for the front month of JULY(627) and the number of notices served upon today 190 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JULY/2023 contract month:  2900 (notices served so far) x 5000 oz + OI for the front month of JULY (627) – number of notices served upon today (190 )x 500 oz of silver standing for the JULY contract month equates to 16.230 million oz  + 

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

JULY 3/WITH GOLD UP XX TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 924.50 TONNES//

JUNE 30/WITH GOLD UP $10.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.31 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 924.50 TONNES

JUNE 29/WITH GOLD DOWN $3.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.26 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 926.81 TONNES

JUNE 28/WITH GOLD DOWN $1.15 NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 925.65 TONNES

JUNE 27/WITH GOLD DOWN $9.15 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.45 TONNES OF GOLD FROM THE GLD./INVENTORY RESTS AT 925.65 TONNES

JUNE 26/WITH GOLD UP $4.65 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.6 TONNES OF GOLD FROM THE GLD/////INVENTORY RESTS AT 927.10 TONNES

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 TONNES

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

GLD INVENTORY: 924.50 TONNES

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

JULY 3/WITH SILVER UP XX TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.141 MILLION OZ//

JUNE 30/WITH SILVER UP 19 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.377 MILLION OZ INTO THE SLV/////INVENTORY RESTS AT468.141 MILLION OZ//

JUNE 29/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.763 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 466.764 MILLION OZ//

JUNE 28/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 470.527 MILLION OZ//

JUNE 27/WILVER SILVER UP 7 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 734,000 OZ INTO THE SLV////INVENTORY RESTS AT 470.527 MILLION OZ

JUNE 26/WITH SILVER UP 44 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 469.793 MILLION OZ.

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//

CLOSING INVENTORY 4668.141 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

Fed Economists Warn Of Looming Disaster Due To High Interest Rates

BY TYLER DURDEN

MONDAY, JUL 03, 2023 – 12:50 PM

Authored by Michael Maharrey via SchiffGold.com,

A note recently published by two Federal Reserve economists reveals a looming catastrophe…

The Fed’s interest rate hikes have already precipitated a financial crisis. The central bank managed to paper over that problem and get it out of the headlines with a bailout program. But it didn’t solve the problems. Banks continue to tap into the bailout loans as they struggle in this high-interest-rate environment.

And there are even bigger problems on the horizon.

As Peter Schiff put it, the Fed has screwed up everything that is a function of interest rates. With more than a decade of easy money, the central bank created an economy that depends on artificially low interest rates and periodic quantitative easing. It simply can’t function in a high-interest-rate environment. I have been saying that it’s only a matter of time before something else breaks.

It appears that economists at the Federal Reserve know this too.

In a note, Ander Perez-Orive and Yannick Timmer reveal that an unprecedented number of distressed companies could collapse due to the recent increase in interest rates.

According to their analysis, more than one-third (37%) of non-financial US companies are in financial distress.

The share of nonfinancial firms in financial distress has reached a level that is higher than during most previous tightening episodes since the 1970s.”

Distressed means close to default.

What does this mean for the economy?

Our results suggest that in the current environment characterized by a high share of firms in distress, a restrictive monetary policy stance may contribute to a marked slowdown in investment and employment in the near term.”

In other words, a deep recession.

To put this situation into perspective, consider the fact that there are more significantly distressed firms today than there were when the Fed tightened monetary policy prior to the financial crisis and the Great Recession.

The paper concludes that the high number of over-leveraged firms in distress “is likely to have effects on investment, employment, and aggregate activity that are stronger than in most tightening episodes since the late 1970s.”

In other words, the impacts of this tightening cycle could be worse than the Great Recession.

This is a problem of the Fed’s own creation.

More than a decade of artificially low-interest rates coupled with massive stimulus injected into the economy during the pandemic incentivized companies to load up on low-interest debt. That was fine and dandy as long as rates were near zero. But with interest rates now pushed up to over 5%, many companies can’t service their massive debt loads. Many will undoubtedly go under.

According to the Fed paper, this will likely have “substantial effects on investment and employment.”

The paper also notes the typical lag between a change in monetary policy and its impact on the economy, noting we may not start seeing a wave of defaults until next year.

This shouldn’t come as a shock. The Fed has addicted the economy to easy money. When you take an addict’s drug away, he goes into withdrawal. The economy already has the shakes. It’s just a matter of time before it goes into full DTs.

end

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

MAJOR REVALUATION OF GOLD AND PRECIOUS METALS IS IMMINENT

Egon von Greyerz
July 2, 2023

The time has now come for the 99.5% of financial assets which are not invested in gold, silver or precious metals mining stocks to grab both the investment and wealth preservation opportunity of a life time. 

Making that decision before it is too late is likely to determine your financial and also general wellbeing for the rest of your life! 

If you have already joined that exclusive group of 0.5% of global financial assets which are invested in precious metals, you understand what is coming. 

But if you belong to the group that neither understands precious metals nor holds any, it might be worthwhile to continue reading. 

More about this opportunity later in the article.

FROM A DEBT BASED WEST TO A COMMODITY BASED EAST AND SOUTH

As the Western Empire is breaking up currently, the Eastern & Southern Empire is gaining ever more significance. More than 30 countries want to join the BRICS and many also the SCO (Shanghai Cooperation Organisation). There is also the Eurasian Economic Union (EEU) which exists since 2014 and consists of several ex Soviet Union States. 

The enlarged group will consist of more than 40 countries and represent around 2/3 of global population and 1/3 of global GDP. As I have written about in the article “A disorderly reset with gold revalued by multiples”, this is the area which will experience the fastest growth in coming decades as the West gradually declines/collapses under its own deficits and debt burden together with political and moral decay. 

The Soviet Foreign Minister Lavrov has just announced that Iran will join the SCO on July 4and that Belarus will also become a full member. There is a virtual SCO meeting on July 4 chaired by India. It seems like more than a coincidence that the meeting takes place on the US Independence Day!

The BRICS meeting in Johannesburg takes place on Aug 22-24 with Macron trying to gatecrash. But he was rejected. Macron is devious and has always tried to ride several horses simultaneously. 

But BRICS is not interested in opportunists happy to turn with the wind of success.

At some point, these three groupings might be merged into one, with gold playing a central role. I don’t expect that there will be one gold backed currency at a fixed parity but rather that gold will float at a much higher value than currently with a link to BRICS currencies. 

So as the West and especially the US licks its mortal wounds the East is looking forward to the coming feast. 

THE DOLLAR IS NO LONGER AS GOOD AS GOLD

There was a time when the US dollar was “As Good as Gold” and until 15 August 1971, sovereign nations could exchange dollars for gold at $35 per ounce. 

But sadly most leaders whether of countries or corporations eventually resort to GREED when real money runs out. So this is what Nixon did in 1971 when he closed the gold window. 

In spite of falling 98% in real terms since 1971, the dollar has remained both the preferred reserve currency and also the currency of choice for global trade.  

The two principal reasons why the dollar hasn’t yet died is that virtually all other currencies have declined by similar percentages. Also the astute introduction of the Petrodollar in 1973-4, the brainchild of Nixon’s secretary of state Henry Kissinger, played an important role in convincing Saudi Arabia ( the dominant oil producer at the time) to sell oil in dollars against a package of US weapons and protection. 

As the West now sinks in a quagmire of debt, corruption and decadence, the world will experience a tectonic shift away from fiat/fake money with zero intrinsic value to currencies backed by commodities with gold playing a central role. 

WHERE HAVE ALL THE STATESMEN GONE

The West has not got one single statesman who can pull it out of the swamp. Many countries are now turning to the right like Italy with Meloni and Spain also probably swinging right in July with the Partido Popular and the far right Vox party. Macron is extremely unpopular and Le Pen now leads the opinion polls with 55%. Scholz in Germany has also failed badly and the Nationalist AfD is now ahead of the ruling social democrats in the polls. 

The UK is currently the only major country that is likely to turn to the left at the next election in 2025. No one believes in the weak Sunak and Labour leader Kier Starmer is the clear favourite to win. But sadly he is not a statesman either.

So with a motley crew of weak leaders in Europe, things don’t look any better if we look west to the US. Sadly, the US hasn’t got a leader at all. It seems that Biden has got his strings pulled by an unelected and unaccountable team around him. This is an extremely vulnerable situation for what has been the mightiest country in the world. A major military power without a leader is very dangerous. 

As President Eisenhower said in the 1950s:

“In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes.”

As empires die, weak leaders are the norm and seem a necessary condition to exacerbate  the inevitable collapse. 

So we can all speculate about the outcome of the current crisis in the West and how it will all end. These situations seldom consist of individual events but are normally processes that take a number of years or even decades. 

We must remember that we have already seen half a century of decline since 1971 so we are now likely to experience an acceleration of the process. As I have pointed out above, it is not just the decline of the West which is happening in front of our eyes, but also the emergence of an extremely powerful cooperation of 40 plus countries which will drive a global commodity based expansion on a scale never seen before in history. 

Just take Russia. With $85 trillion of natural resource reserves, they will play a major role in this real physical asset expansion as long as the country holds together politically, which I would expect. 

Remember that the massive global shift which is about to start is not based on personalities. Leaders are instruments of their time and the right leaders will emerge in most countries to bring about this tectonic shift. 

DON’T TOUCH SOVEREIGN DEBT, EVEN WITH A BARGEPOLE 

So how will ordinary investors in the West protect and enhance their assets in a world which is on the cusp of major shifts financially, economically and politically?

Well let’s first look at what not to do.

As I have stressed for many years, it is not a matter of maximising returns but minimising risk. After the biggest global asset bubble in history, the everything collapse will be  vicious and take down many investments that have been regarded as safe as sovereign debt. See my article “First gradually and then suddenly – the Everything Collapse”.

Take US government bonds or treasuries. For years I have never understood how someone can invest in a “security” which is created by just snapping your fingers. This is how a senior Swedish Riksbank  (central bank) official described to a journalist where money comes from. So whether we call it mouse-click money like my good colleague Matt Piepenburg or finger-snapping money, both expressions clearly tell us that we live in a hocus-pocus world where money is unlimited and can be created by snapping your fingers.

Oh yes, we mustn’t forget the additional $2+ quadrillion of quasi debt or liabilities in the form of derivatives.  I have argued many times that a big part of these derivatives are likely to become debt as central banks create liquidity to save the financial system from a an implosion of these financial instruments of mass destruction as Warren Buffett calls them. 

I have long argued that holding Western sovereign debt is financial suicide. Lately some big names agree with me whether it is Jamie Dimon of JP Morgan- “Don’t touch US bonds”- or Ray Dalio the very successful hedge fund investor – “It would take 500 years to get the money back”. Yes, but what money I wonder??

Firstly, whether it is the Fed or the ECB, their balance sheets are insolvent and no one can ever get real money back. At best it would be another worthless debt/money instrument like CBDC (Central Bank Digital Currency) that would lose 99-100% over 1 to 50 years. Not the best of odds to say the least. 

The US 10 year treasury bond peaked in 1981 at just below 16% after a 39 year downtrend it bottomed in 2020 at 0.55%. That was the bottom of the interest and inflation  cycle. We will now see higher inflation and rates for decades. But it obviously won’t be a move without major corrections and volatility.

As major central banks are pressing for higher rates, one wonders if  they are aware of the consequences. Because in a debt infested world, higher rates mean a high risk of default, both private and sovereign. 

But in their normal style, central banks will be behind the curve and realise their misdemeanours once the system has collapsed. 

NB: The only buyer of US treasuries will be the Fed as the rest of the world runs away from the US poisonous debt chalice. It’s like passing the parcel when you can only pass it to yourself. 

OPPORTUNITIES OF A LIFETIME COMING

So buying anything commodity based will be a clear growth area for decades. In this group is not just commodity businesses but companies that supply the commodity companies with software or hardware.  

In addition to the precious metals market whether physical or stocks, we see the potentially most interesting areas being oil and uranium. 

We have been in the physical precious metals market for almost 25 years for wealth preservation purposes. During that time gold has gone up 6-12 times in most Western currencies and silver slightly less. 

As the premier company for bigger wealth preservation investors in physical gold and silver, outside the financial system, we have had a very exciting journey so far.

But looking at the last 23 years I am very clear that in spite of greater returns in physical gold than most investment classes and much lower risk, the real moves haven’t even started yet.

I have never seen a more obvious situation during my soon 60 years in investment markets. 

Although some of the precious metals mining stocks will vastly outperform physical gold and silver, we will stick to what we know best in order to serve our esteemed clients as well as futures wealth preservation investors. 

In coming years, most investors will lose a major part of their investments and net worth as they hold on to their conventional investments.

For a quarter of a century I have been standing on a soap box, imploring investors to protect their wealth. During that time we have seen The Nasdaq lose 80% in the early 2000s and the financial system being a few minutes from implosion in 2008. 

But with the help of finger-snapping $10s of trillions into existence, most markets have remained strong.  Still,  the (almost) Everything Collapse is hanging over us and this time finger-snapping money into existence is unlikely to help. 

WHEN SHOULD YOU NOT HOLD GOLD?

You should not hold gold when:

• There are no deficits and there is a balanced budget
• There is negligible or no inflation 
• There is no debasement of currencies
• There is strong statesmanship based on real longterm values 

When that day comes, we will also see flying elephants as well as flying central bankers with wings! 

But just like Icarus, the son of Daedalus in the Greek mythology, these bankers will crash!

Anyone who has held a major part of his wealth in physical gold, in any country, in this century has achieved an excellent return and still has his gold asset in tact. He has also been able to sleep well at night. 

Although picking the right precious metals stocks can lead to an opportunity of a lifetime, we will still recommend that investors keep the majority of their funds in physical gold and silver, stored in the right jurisdiction and in the safest vaults with direct access to your metals. 

That way investors avoid many risks like:

• Custodial risk, your shares held in a fragile financial system
• Political risk, mines are often in risky countries), 
• Fraud, corruption, Doug Casey can tell you about this. Read his book Speculator 
• Financial risk, many companies will run out of cash

Still I would advise even the cautious investor to hold some gold and silver stocks or a fund or an index, since the upside is substantial. 

NO MAJOR GOLD DISCOVERY FOR YEARS

There has not been a major gold discovery for 4 years. 

Major gold discoveries over 1 million ounces:

1990s – 180
2000s – 120
2010 to 2018 – 40
2019 to date – 0

Not only do we have peak oil but also peak gold. So the world is facing a vicious  a cycle of increasing energy costs leading to higher costs of extracting precious metals and other commodities. 

This confirms that high inflation is here to stay, leading to higher interest rates and very high risk of debt defaults within the private and sovereign sectors. 

To hold US dollars is to hand your wealth to the state which is likely to either debase it, lose it, spend it, confiscate it or misappropriate it in any other way.  

Why would anyone trust a government like the US which currently is doing all of the above things. 

And don’t believe that the Euro will fare better.

The only way to be in control of your own money is to hold it in physical gold outside your country of residence in private vaults. 

The trust in the US and the dollar is now coming to an end after the confiscation of all Russian assets. Who would want to hold their assets under the control of a government what can just steal it at will. 

So we are not facing a dollar crisis. Instead, the dollar and its issuer is the crisis. No one who is worried about preserving his wealth would ever consider holding it in a crisis currency, controlled by a crisis government. 

I find it fascinating that the JP Morgan who has become a joint custodian of the GLD gold ETF is  planning to move the gold to Switzerland. This confirms my strong view that Switzerland will further strengthen its position as a major gold hub. Currently 70% of all the gold bars in the world are refined in Switzerland which also have more major private gold vaults than any other country. 

Also, as I discussed in a recent article, no central bank will want to hold its reserves in US dollars with to a capricious US government that can steel it at will. The only money that could mantle the role as a reserve asset as the dollar fades away is obviously gold. 

TOO LATE TO JUMP ON THE GOLD WAGON?

Nobody should believe that it is too late to jump on the Gold Wagon. It has hardly started yet.  

Even if the percentage invested in physical precious metals and precious metals stocks, goes from 0.5% to only 1.5%, there will not be enough metals or stocks available to satisfy a fraction of that increase at current prices for the metals. 

So the only way that the increased money flows into metals can be satisfied is through vastly higher prices. 

AND AS I HAVE OUTLINED IN THIS ARTICLE, THE SCENE IS NO SET FOR SUCH A MAJOR REVALUATION OF GOLD AND SILVER AND THE WHOLE PRECIOUS METALS SECTOR

END

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

Venezuelan central bank keeps losing lawsuit to recover “gold” from B. of E. The gold has already been leased out

(Reuters)

Venezuelan central bank keeps losing lawsuit to recover gold reserves

Submitted by admin on Fri, 2023-06-30 19:34Section: Daily Dispatches

By Marc Jones and Mayela Armas
Reuters
Friday, June 30, 2023

LONDON — The Venezuelan Central Bank board controlled by the government of President Nicolas Maduro on Friday lost its latest appeal over $1.95 billion of the country’s gold reserves held in the Bank of England’s underground vaults.

The Venezuelan central bank was challenging a previous ruling that certain decisions of Venezuela’s top court should not be recognised by English courts in the gold case.

Lawyers representing the central bank in the challenge said it will be returned to London’s High Court to determine what happens next, now that former Venezuela opposition leader Juan Guaido is no longer recognised by Britain’s government as the country’s leader. …

… For the remainder of the report:

https://tinyurl.com/mua8vyak

end

For your interest…

Kinross rejected takeover bid from Endeavor, sources tell Bloomberg

Submitted by admin on Fri, 2023-06-30 19:58Section: Daily Dispatches

By Dinesh Nair, Jacob Lorinc, and Jack Farchy
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 30, 2023

In recent months Endeavour Mining made a takeover approach to rival Kinross Gold Corp. that was rebuffed by the Canadian company, according to people familiar with the matter.

Endeavour, an acquisitive gold miner backed by Egyptian billionaire Naguib Sawiris, was considering a potential cash and stock deal for Kinross, the people said. It held talks with potential partners about teaming up on a bid, according to the people, who asked not to be identified because the information is private. …

… For the remainder of the report:

https://finance.yahoo.com/news/kinross-gold-said-reject-takeover-210114748.html

end

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

5 a. IMPORTANT COMMENTARIES ON COMMODITIES: 

end

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

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

ONSHORE YUAN:   CLOSED UP TO 7.2479 

OFFSHORE YUAN:  DOWN TO 7.2628

SHANGHAI CLOSED UP 41.91 PTS OR 1.31% 

HANG SENG CLOSED UP 390.16 PTS OR 2.16% 

2. Nikkei closed UP 564.29 PTS OR 1.70%

3. Europe stocks   SO FAR:  MOSTLY  ALL GREEN

USA dollar INDEX UP  TO  102.80 EURO FALLS TO 1.0897 DOWN 13 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.395 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.84/JAPANESE YEN FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen DOWN  CHINESE ON SHORE YUAN:  UP//  OFF- SHORE: UP

3f Japan is to buy INFINITE  TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt. 

3g Oil UP for WTI and UP  FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.4315***/Italian 10 Yr bond yield RISES to 4.108*** /SPAIN 10 YR BOND YIELD RISES TO 3.415…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 3.682

3j Gold at $1913/05 silver at: 22.79 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND  4 /100        roubles/dollar; ROUBLE AT 89.60//

3m oil into the  71  dollar handle for WTI and 76  handle for Brent/

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

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 144.84//  10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .395% 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 0.8986 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9793 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: 3.854  UP 4 BASIS PTS…

USA 30 YR BOND YIELD: 3.870 UP 2  BASIS PTS/

USA 2 YR BOND YIELD:  4.951 UP 7 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.08…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 0 BASIS PTS AT 4.4653 UP 8 PTS 

end

2.  Overnight:  Newsquawk and Zero hedge:

Global Markets Ramp Out Of The Gate In Solid Start To Second Half Boosted By Oil, Tesla

MONDAY, JUL 03, 2023 – 08:17 AM

Global markets have kicked off the new quarter with solid gains from Asia to Europe (as previewed last week in “The Technical Overhang Is Done, July Starts With A Bullish Eruption“) while US equity futures were in the green, with sentiment getting a boost thanks to Tesla and BYD climbing on record quarterly sales. Oil rallied as Saudi Arabia and Russia extended oil supply cuts. At 7:45am ET, S&P emini  futures were flat, reversing an earlier rally, with trading activity subdued by today’s half-day schedule ahead of the upcoming July 4 holiday; Nasdaq futures rose 0.2% on the back of strength from TSLA and Ai stocks; the tech is green fresh off its best-ever first half of a year. Asian stocks were broadly higher, boosted by China markets, while Europe’s Stoxx 50 Index climbed 0.4% to highest intraday level since Dec. 2007, as energy stocks outperform. Treasury yields are ticking higher at the short end of the curve, and edging lower at the longer end, pushing the 2s10s inversion to a whopping 110bps. The Bloomberg dollar index strengthened slightly. Gold prices are sliding, while oil has erased early losses to climb higher. Iron ore prices have dropped substantially today, continuing a volatile few weeks.

In premarket trading, Tesla gained 6.5% while BYD climbed in Hong Kong trading, leading shares of battery suppliers also higher. Shares of electric-vehicle makers jumped in sympathy: Rivian +2.1% and Lucid +1.7%. Cryptocurrency-exposed stocks also rose in premarket trading as Bitcoin hovers above the closely watched $30,000 level for a twelfth consecutive session. Riot Platforms +0.8% (RIOT US), Marathon Digital (MARA US) +1.6%. Here are some other premarket movers:

• Fidelity National Information Services (FIS US) gains 2.5% in US premarket trading as the Financial Times reports that private equity firms, including Advent, are considering buying its majority stake in Worldpay at a valuation exceeding $15 billion. Analysts see the interest as positive for the share price of FIS.
• Shares in air taxi companies are poised to extend gains after Joby Aviation posted its best weekly climb ever as it received approval from the Federal Aviation Administration to test its electric-powered flying taxis. Joby Aviation (JOBY US) rises as much as 4.8%.

Investors are tempering expectations for stocks after an unexpectedly strong first half. While central banks have kept up their hawkish rhetoric, signs of moderating US inflation has fueled big gains across technology shares. Traders are looking to the upcoming earnings season and data such as Friday’s nonfarm payrolls for clues on the health of the economy. Markets in the US may be quieter ahead of the Independence Day holiday on Tuesday

Adding to bullish sentiment, crude prices reversed earlier losses to jump after Saudi Arabia’s state-run news agency said the country will prolong its unilateral oil production cut by one month, keeping a lid on supply even as the market is expected to tighten. Its OPEC+ ally Russia also announced fresh curbs on exports.

“Stocks have done well in the first half because a US recession didn’t happen,” said Nikolaos Panigirtzoglou, global market strategist at JPMorgan Chase & Co. Moreover, he added, the tech trade has turned into “a pain trade for institutional investors, causing them to capitulate. This first-half back drop creates vulnerabilities for the second half as it means if a US recession happens, there would be a rather abrupt market repricing.”

A report on Chinese manufacturing on Monday showed the economy is still struggling to rebound, while in Europe, Italy’s factories had their worst month since Covid-19 lockdowns in early 2020.

Also in focus this week will be US Treasury Secretary Janet Yellen’s trip to Beijing on July 6-9 as the world’s two largest economies look to mend ties after a spate of bilateral tensions.

After outperforming the S&P in the first half, the Euro Stoxx 50 Index climbed 0.4% to highest intraday level since Dec. 2007, as energy and mining shares led gains while AstraZeneca Plc led health-care shares lower as results from a high-level study of its new cancer medicine raised concern the drug might not work as well as anticipated. The Stoxx 600 is up 0.2% and on course to extend its winning streak to five sessions. Here are the most notable European movers:

• Assicurazioni Generali rises as much as 5.6% in Milan after Italy’s insurance watchdog approved a request made by Del Vecchio family holding Delfin to raise its stake in the insurer above 10%
• Dormakaba jumps as much as 6.2% after it announced a plan to cut as many as 800 additional full-time jobs. Stifel welcomes this “new and seemingly more impactful restructuring program”
• Nokia shares rise as much as 3.1%, the most since March, after the telecom equipment maker announced a new multi-year patent agreement with Apple, six months before the current contract expires
• PGS gains as much as 9.3% after it gets a “large” offshore wind farm site characterization contract in the US by a renewable energy company; project is expected to be completed by February 2024
• AstraZeneca falls as much as 6.2%, the most since November 2021, after the UK drugmaker announced fresh data from a trial for its lung cancer treatment datopotamab
• TietoEVRY drops as much as 2.9% after Handelsbanken cuts its rating on the IT services company to hold, with the broker saying that the near-term outlook is “soft” for the company amid a slowdown
• UK utilities, including Pennon and Severn Trent, remain under pressure after last week’s talk about a potential nationalization of UK Thames Water, with Citi seeing a possible value trap remaining for months
• Casino shares fall as much as 21%, extending their plunge to fresh record lows, after it said the company may be in default under its revolving credit facility by end of August at the latest

The MSCI Asia Pacific Index rose as much 1.2%, a strong start to the new quarter and half, led by advances in Chinese and Japanese benchmarks. Technology shares including Tencent and Samsung Electronics are the best-performing sub-sector on the regional gauge, which is set for its best day in about three weeks. A Hang Seng index of Chinese tech stocks jumps as much as 2.6%. Hong Kong’s Hang Seng benchmark up as much as 1.7%, Japan’s Topix +1.4%. Japan’s Topix index was on course for a fresh 33-year high as confidence among the nation’s big manufacturers gained in the first improvement in almost two years

• Hang Seng and Shanghai Comp conformed to the positive mood after Chinese Caixin Manufacturing PMI topped forecasts for its second consecutive monthly expansion and the PBoC recently pledged that China will continue to provide inclusive loan support for small and micro businesses. In addition, the US confirmed that Treasury Secretary Yellen will visit China on July 6th-9th for meetings with senior Chinese officials although a Treasury official already tempered expectations and noted that no significant breakthrough was anticipated.
• Nikkei 225 was underpinned following the BoJ’s quarterly Tankan survey which mostly topped estimates and showed Japanese large manufacturers’ sentiment improved for the first time in seven quarters.
• ASX 200 was positive as gains in the commodity-related sectors offset the losses in tech stocks and with encouragement from a surge in Building Approvals, although further upside was capped ahead of tomorrow’s RBA meeting with analysts near-evenly split regarding forecasts for a hike or a pause.
• Stocks in India extended record run as Asian peers rallied upon start of quarter. Index-heavy ITC surged to its all-time high while Reliance Industries posted biggest gain in more than a month.   The S&P BSE Sensex rose 0.8% to 65,205.05 in Mumbai, while the NSE Nifty 50 Index advanced 0.7%. The gauges have been trading at all-time high levels and extended their gains this year to more than 6%. Foreigners have purchased $12.2b of local shares in quarter through June, their biggest since December 2020. Reliance Industries contributed the most to the index gain, increasing 2.6%, its biggest single-day advance since May 26. Out of 30 shares in the Sensex index, 16 rose, while 14 fell. ITC gained 2.6%.
• Pakistan’s equity gauge index surged after the nation clinched an initial $3 billion loan deal from the International Monetary Fund, easing default fears.

In FX, the Bloomberg Dollar Spot Index erased an early drop to rise 0.2%, supported by the view that US interest rates may keep rising even as inflation in the country shows signs of easing.  Traders are betting on a more than 90% possibility that the Federal Reserve will raise rates by 25 basis points later this month, and see a nearly 50% chance of an additional hike by the end of the year. The euro fell as much as 0.4% to 1.0871; EUR/GBP was little changed at 0.8592. The yuan spiked in opening trading Monday, in a hint that authorities may have taken another tool back out of the box to help stabilize the under-pressure currency. The yen fell and remained this year’s worst performing Group-of-10 currency, with traders watching for any central bank intervention should the yen depreciate further. The Swiss franc is the weakest of the G10 currencies after inflation slowed more than expected, falling 0.5% versus the greenback. 

In rates, treasuries were mixed as US trading gets under way, with 2- and 5-year yields higher after reaching new multi-month highs, dragging the inverted 2s10s spread to within 0.1bp of multi-year low -110.9bp reached in March. 2-year yields remains cheaper by more than 5bp on the day as rate-hike premium continues to firm for this year. Yields out to the 10-year are cheaper on the day with long-end little changed; 2s10s is flatter by ~4bp, 5s30s by ~3bp; The 10-year yield is around 3.85% up 1.6bp vs Friday close with bunds and gilts cheaper by 1.5bp and 2bp in the sector. German yield curve twist- flattened with two-year yield up 3bps to 3.22%.

In commodities, oil prices added to earlier gains on reports Saudi Arabia would extend a voluntary output cut into August. Soon after, Russia announced it would reduce its own exports by 500K bbl/day. US crude futures rise 1.1% to trade near $71.40. Spot gold falls 0.3% to around $1,913.

Bitcoin is modestly firmer and continuing to hold firmly above the USD 30k mark with specifics light in recent trade after overnight attention on the unconfirmed social media rumours that SEC’s Gensler is to resign.

Looking at the calendar of today’s pre-July 4 shortened session, we get US June ISM, total vehicle sales, and May construction spending,

Market Snapshot

• S&P 500 futures little changed at 4,491.00
• MXAP up 1.3% to 165.40
• MXAPJ up 1.3% to 520.80
• Nikkei up 1.7% to 33,753.33
• Topix up 1.4% to 2,320.81
• Hang Seng Index up 2.1% to 19,306.59
• Shanghai Composite up 1.3% to 3,243.98
• Sensex up 0.7% to 65,187.92
• Australia S&P/ASX 200 up 0.6% to 7,246.12
• Kospi up 1.5% to 2,602.47
• STOXX Europe 600 up 0.2% to 463.02
• German 10Y yield little changed at 2.39%
• Euro down 0.2% to $1.0887
• Brent Futures down 0.8% to $74.82/bbl
• Gold spot down 0.3% to $1,912.77
• U.S. Dollar Index up 0.24% to 103.16

Top overnight News

• US Treasury Secretary Janet Yellen will travel to Beijing on July 6-9, becoming the second member of Joe Biden’s cabinet to head to the Chinese capital in recent weeks, as the world’s two largest economies look to mend ties after a spate of bilateral tensions.
• Investors on the hunt for higher-yielding debt can look no further than Japan where recent signs from the central bank point to short-term interest rates staying below zero for some time.
• South Korean bonds have been the standout pick in Asia for foreign investors this year and their recent decline should be seen as just another window to buy, according to market watchers
• Saudi Arabia will prolong its unilateral oil production cut by one month, keeping a lid on supply even as the market is expected to tighten. Its OPEC+ ally Russia also announced fresh curbs on exports
• Carry traders betting on emerging-market currencies have been raking up winnings this year

A more detailed look at global markets courtesy of newsquawk

Asia-Pacific stocks began the new trading month on the front foot with momentum from last Friday’s rally on Wall Street and as participants digested key data releases including an improved Tankan survey and better-than-expected Chinese Caixin Manufacturing PMI. ASX 200 was positive as gains in the commodity-related sectors offset the losses in tech stocks and with encouragement from a surge in Building Approvals, although further upside was capped ahead of tomorrow’s RBA meeting with analysts near-evenly split regarding forecasts for a hike or a pause. Nikkei 225 was underpinned following the BoJ’s quarterly Tankan survey which mostly topped estimates and showed Japanese large manufacturers’ sentiment improved for the first time in seven quarters. Hang Seng and Shanghai Comp conformed to the positive mood after Chinese Caixin Manufacturing PMI topped forecasts for its second consecutive monthly expansion and the PBoC recently pledged that China will continue to provide inclusive loan support for small and micro businesses. In addition, the US confirmed that Treasury Secretary Yellen will visit China on July 6th-9th for meetings with senior Chinese officials although a Treasury official already tempered expectations and noted that no significant breakthrough was anticipated.

Top Asian News

• PBoC Deputy Governor Pan Gongsheng was named as the PBoC’s Party Secretary which was suggested to likely be a prelude to becoming Governor, while PBoC Governor Yi and former Party Secretary Guo stepped down from their party roles, according to WSJ and FT.
• PBoC survey found that China’s urban residents were more willing to raise consumption in Q2 compared with Q1 and residents are hoping to increase their spending mostly on education, medical care and tourism in Q3.
• China’s MOFCOM expressed dissatisfaction regarding export controls of semiconductor products imposed by the Netherlands, while it urged the Netherlands to not hinder bilateral cooperation in the semiconductor industry and to not abuse export controls, according to Reuters.
• US Treasury said Treasury Secretary Yellen will visit China on July 6th-9th for meetings with senior Chinese officials and will underscore that targeted US actions are not intended to gain economic advantage. US senior Treasury official said the US is not seeking to decouple US and Chinese economies, while the US is looking for open communication and cooperation on global challenges. Furthermore, the official is not expecting significant breakthroughs from Yellen’s visit and noted they are seeking to expand communications at a sub-cabinet level, while US concerns about Chinese actions on Micron are expected to come up broadly during Yellen’s meetings, according to Reuters.
• US National Counterintelligence and Security Center warned about the risk of engaging in business with China after Beijing implemented a revised counterespionage law on July 1st.
• CIA Director Burns said the answer is not to decouple from an economy like China’s which would be foolish, while he added the answer is to sensibly de-risk and diversify by securing resilient supply chains, protecting US’s technological edge and investing in industrial capacity, according to Reuters.
• More than 50,000 were affected and nearly 7,000 were evacuated after heavy rain in China’s Hunan Province, according to China.org.cn.
• China’s Commerce Ministry bans the exports of Gallium and Germanium related products, from August 1st.

European bourses are firmer across the board, Euro Stoxx 50 +0.4%, after a modestly supportive open given Friday’s Wall St. tailwind and APAC strength on this and data. As such, sectors primarily reside in the green with Basic Resources gaining on APAC strength while Autos draw focus after Tesla’s record Q2 deliveries, TSLA +6.2% in pre-market.
Stateside, futures are ticking higher but yet to deviate significantly from the unchanged mark in thin pre-holiday trade though the docket features ISM PMI; ES U/C. Japan is said to be leaning towards softer AI rules compared to the EU, according to an official cited by Reuters; goal is to work out an AI approach by year-end with rules that align more with the US. EU Industry Chief Breton says EU has similar economic concerns to Japan and discussed a lot about AI in talks in Tokyo.

Top European News

• Financial advisers warned that steps by banks and building societies to help UK borrowers cut their monthly mortgage payments risk storing up financial trouble in later life as they face a higher total interest bill and lower income in retirement, according to FT.
• French President Macron postponed his state visit to Germany amid unrest in France and met ministers to discuss a response to the unrest, while he asked his ministers to continue mobilising until complete calm is restored. It was also reported early on Sunday that the arrests in France overnight had increased to 719 and that the Paris suburb mayor’s home was attacked using a burning car.
• Foreign buyers are reportedly driving up demand and prices of real estate in Spain with buyers, especially from the US and northern Europe snapping up homes on Spain’s southern coast, according to Bloomberg.
• Germany’s VDMA says German engineering orders in May -10% Y/Y (domestic +9%; Foreign -18%); May-May orders -12% Y/Y.
• German Finance Ministry record budget of EUR 51.8bln planned in defence for 2024 and EUR 19.2bln outflows from special funds, via Reuters citing sources.

FX

• Buck recovers following post-PCE and Chicago PMI setbacks as DXY bounces from 102.860 to 103.270.
• Franc flounders as Swiss CPI misses consensus marginally, but headline slows to 1.7% y/y from 2.2% previously, USD/CHF tops 0.9000 from sub-0.8950 low.
• Euro undermined by mixed to weaker EZ PMIs, with EUR/USD losing 1.0900+ status amidst a decent spread of expiry interest.
• Yen weakens as UST/JGB differentials widen and regardless of better than forecast Japanese Tankan survey, USD/JPY above 144.50 within 144.23-88 range.
• Aussie defensive ahead of RBA as analysts are split between another 25 bp hike and pause, AUD/USD pivots 0.6650 and AUD/NZD cross retreats through 1.0850 regardless of booming building approvals.
• PBoC set USD/CNY mid-point at 7.2157 vs exp. 7.2464 (prev. 7.2258)
• Czech Central Bank Governor Michl said they are not considering cutting rates and will likely get inflation to below 10% in the next two months, while he added that inflation can be more persistent than they think and they would have to raise rates if demand was to revive, according to Pravo.

Fixed Income

• Bonds choppy at the start of the new month in NA holiday-thinned volumes, EGBs mostly firmer amidst mixed EZ manufacturing PMIs and weak German VDMA engineering orders as Bunds hold within 134.14-133.62 range.
• Gilts fade from 95.55 to 95.10 as upward tweak to final UK manufacturing PMIs outweighs cooler Citi/YouGov inflation expectations.
• T-note depressed between 112-06/111-29 confines after big block sale and ahead of US PMI, ISM construction spending before early pre-Independence Day close

Commodities

• Crude benchmarks spent the initial part of the session contained before seeing some modest two-way action with catalysts light prior to the renewed upside on the below Russian and Saudi production cut extensions.
• Currently, WTI Aug’23 and Brent Sep’23 are at the top-end of USD 69.93-71.77/bbl and USD 74.75-76.60/bbl parameters.
• Saudi Press Agency reports that Saudi will extend the voluntary cut of 1mln BPD for an additional month to include August.
• Russian Deputy PM Novak says Russia will reduce oil supply in August by 500k BPD, via cutting exports by this figure to the global market.. Subsequently,
• Russian Deputy PM Novak says they will cut production by an extra 500k BPD.*
• Iraq’s June oil exports averaged 3.3mln bpd, according to the Oil Ministry, cited by Reuters.
• Kuwait’s KIPIC has put out the fire at the Al-Zour (615k BPD, at peak) without any reported injuries, via Reuters; operations back to normal; production and export operations continue.
• Indian refiners have reportedly began paying in Yuan for some Russian crude oil imports, via Reuters citing sources; in June, IOC was the first state refiner to use Yuan for such payments.
• Spot gold is slightly softer given the USD’s strength with the yellow metal erring towards the lower end of USD 1910-1920/oz bounds, while base metals are somewhat mixed though with Copper underpinned on the latest data from the National Statistics Institute of Chile showing that domestic copper output contracted for a second consecutive month.

Geopolitics

• Russian President Putin is reportedly seeking control of more than 100 Wagner Group companies and Russian security services raided Wagner Group institutions, according to Al Jazeera.
• Russian Duma defence committee head said the Wagner Group’s departure from Russia’s operation does not threaten Russia’s combat potential and there is no need for a new conscript mobilisation wave, according to TASS.
• Ukrainian President Zelensky said a serious threat remains at the Zaporizhzhia nuclear plant because Russia is technically ready to provoke a localised explosion at the facility, according to Reuters.
• Ukrainian Deputy Defence Minister Maliar said Russian troops are advancing in four frontline areas in eastern Ukraine amid fierce fighting, while she added that Ukrainian troops were making advances in one eastern area and two southern areas, according to AFP.
• Ukraine urges the US to follow the EU’s four-year funding pledge, while it was also reported that the EU considers a Russian bank concession to safeguard the Black Sea grain deal, according to FT.
• CIA Director Burns said it is always a mistake to underestimate Russian President Putin’s fixation to control Ukraine and that the war in Ukraine has already been a strategic failure for Russia, while he also stated that the disaffection in Russia is a once in a generation opportunity for an intelligence agency such as the CIA which is not letting it go to waste, according to Reuters.
• Belarusian President Lukashenko signed a law allowing to ban media from ‘unfriendly countries’ in Belarus, according to RIA.
• Chinese military declaration visited the UK and France from June 4th and July 1st to discuss the development of bilateral defence relations, according to Reuters.
• China’s Defence Minister met with Russian Navy Commander-in-Chief on Monday in Beijing, according to Reuters; hopes both sides will strengthen communication at all levels.
• Iran’s MOF Spokesperson says, on talks to remove sanctions, that recently they have observed some signs of realism and a shift away from non-constructive attitudes. Though, this is not enough. In talks to achieve an outcome.

US Event Calendar

• June Wards Total Vehicle Sales, est. 15.3m, prior 15.1m
• 09:45: June S&P Global US Manufacturing PM, est. 46.3, prior 46.3
• 10:00: May Construction Spending MoM, est. 0.5%, prior 1.2%
• 10:00: June ISM Manufacturing, est. 47.2, prior 46.9
  • June ISM Employment, prior 51.4
  • June ISM Prices Paid, est. 44.0, prior 44.2
  • June ISM New Orders, prior 42.6

DB’s Jim Reid concludes the overnight wrap

Welcome to July, Q3 and the second half of the year. After a Q1 that was positive across the board, Q2 was more mixed for financial markets. Some assets did really well, with tech stocks seeing a strong outperformance thanks to excitement around AI. That extended to other risk assets, and volatility continued to fall as there were no signs of broader financial contagion after the issues in March. However, sovereign bonds lost ground after inflation remained sticky and central banks kept taking rates higher. Commodities also struggled across the board, with Brent crude oil prices down for a 4th consecutive quarter. All-in-all, that meant we had one of the most even quarters in a while in performance terms, with 22 of the 38 non-currency assets in our sample ending Q2 in positive territory. But the strong Q1 means that more assets are still positive over the year as a whole, with 31 out of 38 in positive territory on a YTD basis. Topping the charts, the Nasdaq has had its best first half for 40 years. See Henry’s review of June/Q2 and H1 here that was published earlier this morning

As we kick off July, US Independence Day tomorrow will ensure a stop start week but it remains a big one with US payrolls (Friday) and the global PMIs and US ISMs through the week. May’s JOLTS (one month behind), June’s ADP and weekly claims (all Thursday) will give us a payrolls appetiser. Elsewhere the RBA (tomorrow) is seemingly a 50/50 call and staying with central banks, the Fed minutes are out on Wednesday with the ECB survey of consumer expectations the same day.

In terms of the key event, all roads of course lead to payrolls on Friday. With the headline number ranging from +217k to +472k over the last 6 months, these are not currently close to recessionary levels. However, the average recession through history has seen payrolls move from an average of just over +100k in the 3-6 months before to very suddenly negative in the first month of the recession where it tends to stay for several months. You don’t tend to get any warning from prior payroll prints that its going to turn negative but with the range this year, and last month being at +339k, we probably need to move down into the 100-200k range before we can be on more near-term recession watch. Even then it still might not happen but that’s probably a necessary condition outside of a shock.

For Friday, our economists expect headline (consensus +225k, DB +200k vs. +339k previously) and private (consensus +200k, DB +175k vs. +283k) payroll gains to slow relative to their three-month averages of +283k and +231k, respectively. This should still edge unemployment back down a tenth to 3.7% (consensus 3.6%) after a surprise spike last month. Hours worked was weak last month and our economists expect that to bounce from 34.3 to 34.4hrs. Hourly earnings are expected to be steady at 0.3%.

In terms of the US ISMs this week, today manufacturing index is expected to come in at 47.1 at DB vs 46.9 last month (consensus 46.3), continuing a trend of all but one month being below 50 since November. Thursday’s services ISM (52.9 at DB, consensus 51.3, vs, 50.3 last month) is expected to see a rebound from the second surprise stagnation print in the last 6 months. So put any rebound in some perspective. In addition the employment component in both ISMs may be used to fine-tune payroll predictions. As our economists point out, the three-month average for the ISM manufacturing employment series stood at 49.5 as of May while that of services was 50.4, near the lows of the last cycle. So one to watch. Broadening the focus, various other global PMIs come through in the first half of the week.

Other notable indicators due include the US trade balance on Thursday and factory orders on Wednesday. There will be plenty of activity in Europe as well. In Germany, these include the trade balance tomorrow, followed by factory orders on Thursday and industrial production on Friday. In France, investors will keep an eye on industrial production (Wednesday) and the trade balance (Friday) and, in Italy, PMIs (Monday and services on Wednesday) and retail sales (Friday) are out.

Apart from data, investors may also pay attention to OPEC’s 8th International Seminar running on Wednesday-Thursday, with several CEOs and oil ministers expected among the speakers. With oil prices bouncing around $70/bbl amidst the lack of a demand catalyst, the focus will be on whether some OPEC+ members will again try to put a firmer floor under prices.

Asian equity markets are seeing a strong start to the second half, catching up to the broadly positive cues from Western markets on Friday. Across the region, the Hang Seng (+1.69%) is leading gains followed by the Nikkei (+1.55%), the KOSPI (+1.43%), the Shanghai Composite (+1.28%) and the CSI (+1.22%). US stock futures are not seeing the momentum gather any more pace for now with contracts tied to the S&P 500 (-0.03%) just below flat and those on the NASDAQ 100 (+0.07%) trading marginally higher.

Early morning data showed that China’s factory activity growth slowed in June after the Caixin manufacturing PMI slipped to 50.5 in June (v/s +50.0 expected) from 50.9 in May, corroborating last week’s official PMI data even if it was slightly above expectations. Chinese data is at a point where markets are now expecting additional policy support from the administration to support the recovery despite the People’s Bank of China (PBOC) cutting key lending rates last month.

Elsewhere, business sentiment among Japanese firms improved in the second quarter suggesting that the economy was on course for a steady recovery. The BOJ’s quarterly Tankan survey showed that the headline index, measuring the mood of big manufacturers’, stood at +5 in June (v/s +3 expected), and up from +1 in Q1 while the index for large non-manufacturers improved to +23, moving up from a level of +20 in March and hitting its highest reading since June 2019.

Now, turning our attention back to last week, on Friday, we had several key data releases. In the US, we had the PCE price index for May, which was in line with expectations, at 0.1% month-on-month, and 3.8% year-on-year. US core inflation softened in year-on-year terms, at 4.6% (vs 4.7% expected), and month-on-month met expectations at 0.3%. However, it was US core services inflation, excluding housing, that caught the market’s attention, which posted its smallest advance since June 2022, rising 0.23% month-on-month, and up 4.53% year-on-year. Consumer spending for May was also soft at 0.1% (vs 0.2% expected). This story was echoed in Europe, as year-on-year CPI came in a touch below expectations at 5.4% (vs 5.5% expected).

Market expectations of US rate hikes for the next three Fed meetings eased a touch following the data releases on Friday, with the expected rate for July down -0.6bps on the day (though still up +2.4bps in weekly terms). Despite a slight retreat on Friday, the expected rate priced in for December 2023 moved up +13.6bps in weekly terms to 5.38%, its highest weekly close of this hiking cycle. Expectations that central banks might have to hold rates at restrictive levels for longer saw pricing for the Fed’s policy rate in December 2024 move up to 4.155%, up +25bps on the week (and +4.0bps on Friday), its highest level since pre-SVB crisis.

While largely unchanged on Friday (-0.1bps), 10yr US Treasury yields were up +10.4bps week-on-week, most of the move coming after the more encouraging US jobless claims data on Thursday. With 2yr yields climbing +3.6bps to 4.90% (and up +15.6bps in weekly terms), the 2s10s slope inverted further to -106.0bp, with just one lower daily close (on 8 March this year) in over 40 years. Earlier on Friday, there was a modest rally in fixed income in Europe as 10yr bund yields fell -2.4bps on Friday, though they were up +3.8bps on the week.

While fixed income was largely subdued, equity markets took Friday’s data as a sign that inflation was moderating. The S&P 500 gained +1.23% on Friday, reaching its highest level since April last year, up +2.35% week-on-week. Information technology once again led the charge, up +1.82% on Friday. As a result, the tech-heavy NASDAQ outperformed on Friday, climbing +1.45% (and +2.19% week-on-week), with the top seven tech megacaps all gaining ground. In this vein, the FANG+ index was up +1.16% in weekly terms (and +1.89% on Friday). A noteworthy event from last Friday was Apple’s market capitalisation crossing the $3 trillion mark for the first time, further driving the tech rally. In Europe, the risk-on tone continued as the STOXX 600 gained +1.94% week-on-week (and +1.16% on Friday).

Lastly, looking to commodities, oil rose on Friday after the weaker US inflation data release. Brent crude gained +0.75% on Friday, and +1.42% week-on-week, to $74.90/bbl, whilst WTI gained +1.12% to $70.65/bbl on Friday, and +2.14% in weekly terms.

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

TSLA outperforms on record Q2 deliveries while Crude lifts on Saudi & Russian action – Newsquawk US Market Open

MONDAY, JUL 03, 2023 – 06:40 AM

• European bourses are firmer with sectors similarly supported while US futures are incrementally higher pre-ISM and after a constructive APAC handover
• Tesla outperforms in the pre-market after record Q2 deliveries, TSLA +6.2%
• In FX the USD recovers post-Friday’s data while CHF lags post-CPI, EUR hit on PMIs and JPY dented as yield differentials widen
• Crude benchmarks were initially contained but have seen renewed upside on the Russian and Saudi production cut extensions
• Fixed benchmarks are choppy in thinned conditions with EGBs bid on data while USTs slip as yields continue to lift, short-end most pronounced
• Looking ahead, highlights include US Manufacturing Final PMI, US ISM Manufacturing PMI.

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports.

2. Listen to this report in the market open podcast (available on Apple and Spotify).

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days.

EUROPEAN TRADE

EQUITIES

• European bourses are firmer across the board, Euro Stoxx 50 +0.4%, after a modestly supportive open given Friday’s Wall St. tailwind and APAC strength on this and data.
• As such, sectors primarily reside in the green with Basic Resources gaining on APAC strength while Autos draw focus after Tesla’s record Q2 deliveries, TSLA +6.2% in pre-market.
• Stateside, futures are ticking higher but yet to deviate significantly from the unchanged mark in thin pre-holiday trade though the docket features ISM PMI; ES U/C.
• Japan is said to be leaning towards softer AI rules compared to the EU, according to an official cited by Reuters; goal is to work out an AI approach by year-end with rules that align more with the US. EU Industry Chief Breton says EU has similar economic concerns to Japan and discussed a lot about AI in talks in Tokyo.
• Click here for more detail.
• Click here and here for a recap of the main European updates.

FX

• Buck recovers following post-PCE and Chicago PMI setbacks as DXY bounces from 102.860 to 103.270.
• Franc flounders as Swiss CPI misses consensus marginally, but headline slows to 1.7% y/y from 2.2% previously, USD/CHF tops 0.9000 from sub-0.8950 low.
• Euro undermined by mixed to weaker EZ PMIs, with EUR/USD losing 1.0900+ status amidst a decent spread of expiry interest.
• Yen weakens as UST/JGB differentials widen and regardless of better than forecast Japanese Tankan survey, USD/JPY above 144.50 within 144.23-88 range.
• Aussie defensive ahead of RBA as analysts are split between another 25 bp hike and pause, AUD/USD pivots 0.6650 and AUD/NZD cross retreats through 1.0850 regardless of booming building approvals.
• PBoC set USD/CNY mid-point at 7.2157 vs exp. 7.2464 (prev. 7.2258)
• Czech Central Bank Governor Michl said they are not considering cutting rates and will likely get inflation to below 10% in the next two months, while he added that inflation can be more persistent than they think and they would have to raise rates if demand was to revive, according to Pravo.
• Click here for more detail.
• Click here for the notable option expiries.

FIXED INCOME

• Bonds choppy at the start of the new month in NA holiday-thinned volumes, EGBs mostly firmer amidst mixed EZ manufacturing PMIs and weak German VDMA engineering orders as Bunds hold within 134.14-133.62 range.
• Gilts fade from 95.55 to 95.10 as upward tweak to final UK manufacturing PMIs outweighs cooler Citi/YouGov inflation expectations.
• T-note depressed between 112-06/111-29 confines after big block sale and ahead of US PMI, ISM construction spending before early pre-Independence Day close.
• Click here for more detail.

COMMODITIES

• Crude benchmarks spent the initial part of the session contained before seeing some modest two-way action with catalysts light prior to the renewed upside on the below Russian and Saudi production cut extensions.
• Currently, WTI Aug’23 and Brent Sep’23 are at the top-end of USD 69.93-71.77/bbl and USD 74.75-76.60/bbl parameters.
• Saudi Press Agency reports that Saudi will extend the voluntary cut of 1mln BPD for an additional month to include August.
• Russian Deputy PM Novak says Russia will reduce oil supply in August by 500k BPD, via cutting exports by this figure to the global market.. Subsequently,
• Russian Deputy PM Novak says they will cut production by an extra 500k BPD.*
• Iraq’s June oil exports averaged 3.3mln bpd, according to the Oil Ministry, cited by Reuters.
• Kuwait’s KIPIC has put out the fire at the Al-Zour (615k BPD, at peak) without any reported injuries, via Reuters; operations back to normal; production and export operations continue.
• Indian refiners have reportedly began paying in Yuan for some Russian crude oil imports, via Reuters citing sources; in June, IOC was the first state refiner to use Yuan for such payments.
• Spot gold is slightly softer given the USD’s strength with the yellow metal erring towards the lower end of USD 1910-1920/oz bounds, while base metals are somewhat mixed though with Copper underpinned on the latest data from the National Statistics Institute of Chile showing that domestic copper output contracted for a second consecutive month.
• Click here for more detail.

NOTABLE US HEADLINES

• US President Biden is to travel to the UK, Finland and the NATO summit in Lithuania from July 9th, according to the White House.
• US President Biden tweeted that his administration will deliver high-speed internet to all Americans, while he also noted that his administration beat big pharma to cap the cost of insulin for seniors on Medicare but their work isn’t done until they extend the cap for everyone.
• Unconfirmed rumours are circulating on Twitter that SEC Chairman Gensler submitted his resignation following an internal investigation, according to Twitter sources.
• Tesla (TSLA) delivered a record number of vehicles in Q2 following price cuts earlier this year with deliveries up 10.4% Q/Q and 83.5% Y/Y to over 466k units, while production reached nearly 480k units, according to FT. It was also reported that Tesla China is to offer discounts on inventory cars of Model S and Model X, according to Reuters.
• Click here for the US Early Morning Note.

EUROPEAN DATA RECAP

• Swiss CPI YY (Jun) 1.7% vs. Exp. 1.8% (Prev. 2.2%); MM (Jun) 0.1% vs. Exp. 0.2% (Prev. 0.3%)
• EU HCOB Manufacturing Final PMI (Jun) 43.4 vs. Exp. 43.6 (Prev. 43.6); German HCOB Manufacturing PMI (Jun) 40.6 vs. Exp. 41 (Prev. 41)
• On the EU Manufacturing PMI Metric, HCOB writes: “There is growing evidence that the capital-intensive industrial sector is reacting negatively to the ECB’s interest rate hikes.”
• UK S&P GLBL/CIPS Manufacturing PMI FNL (Jun) 46.5 vs. Exp. 46.2 (Prev. 46.2).

NOTABLE EUROPEAN HEADLINES

• Financial advisers warned that steps by banks and building societies to help UK borrowers cut their monthly mortgage payments risk storing up financial trouble in later life as they face a higher total interest bill and lower income in retirement, according to FT.
• French President Macron postponed his state visit to Germany amid unrest in France and met ministers to discuss a response to the unrest, while he asked his ministers to continue mobilising until complete calm is restored. It was also reported early on Sunday that the arrests in France overnight had increased to 719 and that the Paris suburb mayor’s home was attacked using a burning car.
• Foreign buyers are reportedly driving up demand and prices of real estate in Spain with buyers, especially from the US and northern Europe snapping up homes on Spain’s southern coast, according to Bloomberg.
• Germany’s VDMA says German engineering orders in May -10% Y/Y (domestic +9%; Foreign -18%); May-May orders -12% Y/Y.
• German Finance Ministry record budget of EUR 51.8bln planned in defence for 2024 and EUR 19.2bln outflows from special funds, via Reuters citing sources.
• UK Citi/YouGov Inflation Expectations: 1-year ahead 5.0% (prev. 4.7%); 5-10yrs ahead 3.3% (prev. 3.5%).

CRYPTO

• Bitcoin is modestly firmer and continuing to hold firmly above the USD 30k mark with specifics light in recent trade after overnight attention on the unconfirmed social media rumours that SEC’s Gensler is to resign.

GEOPOLITICS

• Russian President Putin is reportedly seeking control of more than 100 Wagner Group companies and Russian security services raided Wagner Group institutions, according to Al Jazeera.
• Russian Duma defence committee head said the Wagner Group’s departure from Russia’s operation does not threaten Russia’s combat potential and there is no need for a new conscript mobilisation wave, according to TASS.
• Ukrainian President Zelensky said a serious threat remains at the Zaporizhzhia nuclear plant because Russia is technically ready to provoke a localised explosion at the facility, according to Reuters.
• Ukrainian Deputy Defence Minister Maliar said Russian troops are advancing in four frontline areas in eastern Ukraine amid fierce fighting, while she added that Ukrainian troops were making advances in one eastern area and two southern areas, according to AFP.
• Ukraine urges the US to follow the EU’s four-year funding pledge, while it was also reported that the EU considers a Russian bank concession to safeguard the Black Sea grain deal, according to FT.
• CIA Director Burns said it is always a mistake to underestimate Russian President Putin’s fixation to control Ukraine and that the war in Ukraine has already been a strategic failure for Russia, while he also stated that the disaffection in Russia is a once in a generation opportunity for an intelligence agency such as the CIA which is not letting it go to waste, according to Reuters.
• Belarusian President Lukashenko signed a law allowing to ban media from ‘unfriendly countries’ in Belarus, according to RIA.
• Chinese military declaration visited the UK and France from June 4th and July 1st to discuss the development of bilateral defence relations, according to Reuters.
• China’s Defence Minister met with Russian Navy Commander-in-Chief on Monday in Beijing, according to Reuters; hopes both sides will strengthen communication at all levels.
• Iran’s MOF Spokesperson says, on talks to remove sanctions, that recently they have observed some signs of realism and a shift away from non-constructive attitudes. Though, this is not enough. In talks to achieve an outcome.

APAC TRADE

• APAC stocks began the new trading month on the front foot with momentum from last Friday’s rally on Wall Street and as participants digested key data releases including an improved Tankan survey and better-than-expected Chinese Caixin Manufacturing PMI.
• ASX 200 was positive as gains in the commodity-related sectors offset the losses in tech stocks and with encouragement from a surge in Building Approvals, although further upside was capped ahead of tomorrow’s RBA meeting with analysts near-evenly split regarding forecasts for a hike or a pause.
• Nikkei 225 was underpinned following the BoJ’s quarterly Tankan survey which mostly topped estimates and showed Japanese large manufacturers’ sentiment improved for the first time in seven quarters.
• Hang Seng and Shanghai Comp conformed to the positive mood after Chinese Caixin Manufacturing PMI topped forecasts for its second consecutive monthly expansion and the PBoC recently pledged that China will continue to provide inclusive loan support for small and micro businesses. In addition, the US confirmed that Treasury Secretary Yellen will visit China on July 6th-9th for meetings with senior Chinese officials although a Treasury official already tempered expectations and noted that no significant breakthrough was anticipated.

NOTABLE ASIA-PAC HEADLINES

• PBoC Deputy Governor Pan Gongsheng was named as the PBoC’s Party Secretary which was suggested to likely be a prelude to becoming Governor, while PBoC Governor Yi and former Party Secretary Guo stepped down from their party roles, according to WSJ and FT.
• PBoC survey found that China’s urban residents were more willing to raise consumption in Q2 compared with Q1 and residents are hoping to increase their spending mostly on education, medical care and tourism in Q3.
• China’s MOFCOM expressed dissatisfaction regarding export controls of semiconductor products imposed by the Netherlands, while it urged the Netherlands to not hinder bilateral cooperation in the semiconductor industry and to not abuse export controls, according to Reuters.
• US Treasury said Treasury Secretary Yellen will visit China on July 6th-9th for meetings with senior Chinese officials and will underscore that targeted US actions are not intended to gain economic advantage. US senior Treasury official said the US is not seeking to decouple US and Chinese economies, while the US is looking for open communication and cooperation on global challenges. Furthermore, the official is not expecting significant breakthroughs from Yellen’s visit and noted they are seeking to expand communications at a sub-cabinet level, while US concerns about Chinese actions on Micron are expected to come up broadly during Yellen’s meetings, according to Reuters.
• US National Counterintelligence and Security Center warned about the risk of engaging in business with China after Beijing implemented a revised counterespionage law on July 1st.
• CIA Director Burns said the answer is not to decouple from an economy like China’s which would be foolish, while he added the answer is to sensibly de-risk and diversify by securing resilient supply chains, protecting US’s technological edge and investing in industrial capacity, according to Reuters.
• More than 50,000 were affected and nearly 7,000 were evacuated after heavy rain in China’s Hunan Province, according to China.org.cn.
• China’s Commerce Ministry bans the exports of Gallium and Germanium related products, from August 1st.

DATA RECAP

• Chinese Caixin Manufacturing PMI Final (Jun) 50.5 vs. Exp. 50.2 (Prev. 50.9)
• Japanese Tankan Large Manufacturing Index (Q2) 5.0 vs. Exp. 3.0 (Prev. 1.0); Outlook (Q2) 9.0 vs. Exp. 5.0 (Prev. 3.0)
• Japanese Tankan All Industry Capex (Q2) 13.4% vs. Exp. 10.1% (Prev. 3.2%)
• Australian Building Approvals (May) 20.6% vs. Exp. 2.0% (Prev. -8.1%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

MONDAY MORNING/SUNDAY NIGHT

SHANGHAI CLOSED UP 41.91 PTS OR 1.31%   //Hang Seng CLOSED UP 390.16 PTS OR 1.70%        /The Nikkei closed UP 390.16 OR 2.06%  //Australia’s all ordinaries CLOSED UP 0.56 %   /Chinese yuan (ONSHORE) closed UP 7.2479  /OFFSHORE CHINESE YUAN UP  TO 7.2628 /Oil UP TO 71.12 dollars per barrel for WTI and BRENT  UP AT 76.04 / Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2e) JAPAN

JAPAN

END

3 CHINA /

CHINA/

China is faltering in the paper game as both Beijing and Shanghai record its largest decline in existing home prices.

(Hong/EpochTimes)

Beijing And Shanghai Record Largest Decline In Existing Home Prices

FRIDAY, JUN 30, 2023 – 09:00 PM

Authored by Mary Hong via The Epoch Times (emphasis ours),

China released its May national housing price data on June 15. Beijing and Shanghai had the largest fall in second-hand home prices among 70 large and medium-sized cities.

The price of second-hand homes in Shanghai fell by 0.8 percent compared with the previous month, the largest drop among cities surveyed, and Beijing fell by 0.6 percent.A real estate sales office in Beijing. (Getty Images)

Experts believe the fall in prices in the two megacities is a sign of a bad economy.

U.S.-based economist Davy J. Wong explained that the majority of Chinese investors have been limited to real estate because of limited investment channels under the current ruling regime.

He said that Chinese people in general believed real estate provides a better cushion against inflation and depreciation.

In China, local governments and developers who set the new housing market price have the real estate market fairly monopolized; “but the second-hand market is fairly free for maneuver, and thus reflects the true market in China,” he said.A worker walks past a billboard advertising a new real estate project in Shanghai. (Philippe Lopez/AFP/Getty Images)

In a 2019 report of the People’s Bank, 74.2 percent of tangible assets of urban households were housing, in a nationwide survey of 30,000 urban households; whereas real estate accounted for only around 30 percent of total household wealth in the United States, said the Chinese media report.

The weak economy has forced everyone to cut down their consumption, Wong analyzed. The three-year zero-COVID policy has ruined people’s confidence in the future. He believed many more people choose to sell their properties to ease financial stress, “It’s a risk management,” he said.

Wong said the falling second-hand housing prices in Beijing and Shanghai suggested the supply is too large for the transaction volume to keep up.

Read more here…

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

UK

This spells trouble for the UK: soaring UK inflation leads to a record deposit run

(zerohedge)

Soaring UK Inflation Leads To Record Deposit Run

MONDAY, JUL 03, 2023 – 07:50 AM

While the US deposit fight that started with the failure of three major US banks in March, has alternated between a bank jog, run and a sprint, depending on whether one uses actual data or the Fed’s politically-mandated seasonal adjustments to deposit outflows…

… the rest of the “developed world” has so far avoided a similar cascade of bank failures (who knew that injecting trillions in reserves to artificially preserve bank viability would make them beyond brittle and terminally fragile the moment liquidity was withdrawn) and by extensions, a sweeping bank run.

Or maybe not, because while no other western nation suffered a recent bank crisis as painful as that of the US, it doesn’t mean that other nations are immune to deposit flight.

Consider the UK, where households just withdrew a record amount from bank accounts last month; and while in lieu of a bank failure panic that would suggest consumers are looking elsewhere for higher interest rates, the reason why deposits are fleeing banks in the US may have a much simpler reason: tapping savings to pay bills.

As the FT reported, a net £4.6bn was taken out from banks and building societies in May, the highest level of withdrawals since monthly records began in 1997, according to the Bank of England data published on Thursday.

And since the large net withdrawals from instant-access accounts were only partially offset by net inflows into fixed-term accounts, which typically pay higher rates, and individual savings accounts, which offer tax-free dividends and interest on shares or cash, this suggests that the deposit flight wasn’t the result of rate arbitrage.

BoE figures showed the effective rate on instant-access accounts dropped 8 basis points to 1.33 per cent in May. That lags considerably both the central bank’s benchmark rate, now at a 15-year high of 5 per cent, and rates for two-year fixed mortgage deals, which are above 6 per cent.

In its latest report, the BoE’s Monetary Policy Committee noted that “the pass-through [of higher interest rates]” to these accounts had “been unusually weak” since it began raising rates in December 2021.

So if not merely moving deposits from Bank A to Bank B, what’s going on? According to Ashley Webb, UK economist at consultancy Capital Economics, some of the fall to “people moving money into other investments outside of the banking sector, such as UK gilts”. But he added: “It’s possible that households’ pandemic savings are being depleted to support spending.”

UK households are contending with high inflation, which stood at 8.7% in May, and many have complained that bank savings rates are failing to catch up with the BoE’s rate hikes.  Yields on UK 10-year gilts stand at about 4.3%, up from 3.3% in March, while two-year government bonds have a yield of 5.2% up from 3.2% in March, reflecting the changing outlook for interest rates.

Daniel Mahoney, UK economist at Handelsbanken, said the record £4.6bn figure provided “strong evidence” that people were “dipping into excess savings built up during the pandemic to sustain living standards” amid the cost of living squeeze.

While Charlotte Nixon, mortgage and financial planning expert at Quilter, said bank executives had been under pressure to raise interest rates for savers as they have done for borrowers, she warned that banks had argued that “mortgage rates would need to get pushed even higher for them to still achieve their margins”, in the process forcing savers to pull even more money from banks.

Separately, the BoE figures also showed that net mortgage approvals for house purchases rose to 50,000 in May from 48,690 in the previous month. The number was higher than the 49,700 forecast by economists polled by Reuters but well below the average of 66,000 between 2015 and 2019, as higher mortgage payments hit prospective buyers. The figures, however, do not fully capture the sharp rise in mortgage rates since the end of May, after official data showing stronger than expected wage growth and inflation pushed up interest rate expectations.

Thomas Pugh, economist at the consulting firm RSM UK, said the rise in approvals in May was “likely to be reversed” this month “as the recent surge in mortgage interest rates depresses demand”. He forecast a peak-to-trough decline in house prices of about 10%, “with the risk of bigger falls if interest rates continue to rise”.

Ironically, even with a relatively stable banking system, the UK is already suffering from a surge in deposit outflows merely to offset the crippling stagflation that has gripped the nation. But at this rate, it’s only a matter of time before the bank run leads to one or more bank failures, which will only accelerate the deposit flight, lead to more bank failures, and so on as the BOE finds itself in an impossible pickle: keep rising rates to contain inflation or try to break the vicious loop of soaring prices, less savings, and rising bank failures.

END

EU

Orban:  “The EU is on the brink of bankruptcy”. He stated this at the EU summit!

(ReMix)

“The EU Is On The Brink Of Bankrutpcy” Says Hungary’s Orbán At EU Summit

SATURDAY, JUL 01, 2023 – 08:10 AM

Via Remix News,

The first question asked by Prime Minister Viktor Orbán in his Facebook post is: “The only question everyone is asking here in Brussels is: Where has the money gone?”

Orbán is currently attending the two-day summit of EU leaders in Brussels, and one of the hottest topics is the question as to where the EU’s budget money has disappeared to. The Hungarian prime minister said that the European Commission had submitted a budget amendment proposal asking member states to pay tens of billions of euros.

“The question arises: How did this situation come about and how did they bring the European Union to the brink of bankruptcy?” Orbán asked.

Orbán also noted that the EU is demanding more money from member states, although it is only two years into its seven-year budget. In other words, the money that was approved to be spent and was supposed to be there for the next five years has already been spent.

The prime minister then went on to list what Brussels is demanding for the budget.

“They want to get €50 billion from the member states to give to Ukraine, while they cannot even account for the money we have given them so far. They want more money from the member states so that they can pay the interest on the European Union loans that they have previously taken out. These are loans that Poland and Hungary have not seen a single cent from so far,” Orbán said.

Orbán said the EU commission is asking member states for more money for migration, not for border protection, but to bring in illegal immigrants.

“Of course, they didn’t forget about their own pockets. They are asking for billions of euros to raise the salaries of Brussels bureaucrats,” he said.

“The Hungarian position is clear,” he said.

“First, we want to know what the huge amount of money we have given them so far has been spent on. Afterward, we want to know who is responsible for the fact that the European Union is on the brink of bankruptcy.”

Orbán is attending the summit of the Council of EU leaders on Thursday and Friday, where the main topics on the agenda are the issue of additional financial support for Ukraine, mandatory migrant quotas and shaping the EU’s policy toward China.

END

FRANCE

SATURDAY

4th day of chaos as a nationwide riot is spreading like cancer

(zerohedge)

French Police Say “We’re At War With Vermin” As Nationwide Riots Spread Like Cancer

SATURDAY, JUL 01, 2023 – 08:45 AM

Social unrest spread like cancer across French cities for a fourth consecutive night, with hundreds of buildings and vehicles set ablaze. President Emmanuel Macron’s government struggled to contain the violence, which was sparked on Tuesday after a teenager was shot dead by a police officer. 

In an update on Saturday, France’s Interior Ministry said 2,500 fires were reported overnight. Rioters set fire to 1,350 vehicles and 235 buildings nationwide. About 1,300 people were arrested, while the government mobilized 45,000 police officers with armored vehicles to quell the violence. 

According to The Telegraph, French police said they were “at war” with “savage hordes of vermin” on Friday night. The country’s top police unions threatened revolt unless Macron’s government restored law and order. 

“Today the police are in combat because we are at war. Tomorrow we will enter resistance and the government should be aware of this,” police unions said. 

Footage of the chaos overnight:

Riots – France

Overnight French Islamist rioters have burnt down buildings, killed, injured & even maimed French locals, looted shops, destroyed vehicles & laid waste to every major French City.

These scenes will be repeated across the whole of Europe & are starting… pic.twitter.com/8mnAZlPVqi— Concerned Citizen (@cotupacs) July 1, 2023

This is school. I repeat this is SCHOOL . This could be school of my kids. Why ? Why school ? This people are mentally sick  #France #FranceProtests #FranceRiots #war #Macron #franceViolence #UkraineWar pic.twitter.com/H60YTdH4YC— Santosh Gupta (@santoshskm) July 1, 2023

#FranceRiots: A jewelry store in Marseille was ransacked & looted during the ongoing race riots part of France’s George Floyd moment following the police-shooting death of a French Algerian youth. pic.twitter.com/khFPjTTESG— Andy Ngô (@MrAndyNgo) July 1, 2023

FRANCE RIOTS:
Cameras destroyed with guns in Lyon region. pic.twitter.com/0T6q3BYu1v— Sir Paul Alves (@StarshipAlves) July 1, 2023

#FranceRiots: Cars in a parking lot in Angers, France have been set on fire in attacks carried out by rioters. France is now on its fourth day of race riots by youths of immigrant background, anarchists, #antifa & the far-left. pic.twitter.com/4eGtDAETJV— Andy Ngô (@MrAndyNgo) June 30, 2023

White people are attacked at random here in France
Some attacks seems to show mutilation with machete by Muslims

Everything going well here #riots #France #AttackOnFrancepic.twitter.com/GzdWxF01MO— llebou (@llebou) July 1, 2023

FRENCH REVOLUTION: The French police have lost control of the streets and in frustration are cracking down on every infraction with maximum force. pic.twitter.com/6YHwajeKAZ— @amuse (@amuse) July 1, 2023

MUST WATCH: A pharmacy in Montargis, France collapses after being ravaged by fire and looting pic.twitter.com/G6fL1I9Jhi— Election Wizard (@ElectionWiz) July 1, 2023

These are not protestors !!

These are terrorists looting & vandalizing France !!

pic.twitter.com/5yodCerxqh— حسن سجواني Hassan Sajwani (@HSajwanization) July 1, 2023

French looters have become so confident that they are now seizing 5.56mm caliber machine guns from the police. pic.twitter.com/YLMI5dzH51— Russian Market (@runews) July 1, 2023

“Many of the protesters identify with the teenager [shot and killed by police earlier in the week], who has been named only as Nahel M. and who was of Algerian and Moroccan descent,” The New York Times said. 

Predictive programming? 

Take a look at what’s going on in France

They always tell you first

Nearly a year ago, Netflix released its initial trailer for the film Athena about a future civil war that commences when African and Arab immigrants begin rioting after an Algerian youth is shot… pic.twitter.com/fe4fSFr4fa— {Matt} $XRPatriot (@matttttt187) July 1, 2023

What’s alarming is that French police unions threaten to protest if the government refuses to clamp down hard on the rioting. France is in a state of near anarchy. French police said they were “at war” with “savage hordes of vermin.” This is further decay and one step closer to societal collapse. It will be a long summer in Europe. Are these organized rioters attempting a ‘color revolution’ in France? 

end

FRANCE

SUNDAY

5th day of chaos and now neighbouring countries are joining in the protest (violence)

(zerohedge)

France In Crisis For Fifth Night As Violence Spreads To Neighboring Countries

SUNDAY, JUL 02, 2023 – 01:00 PM

Former President Trump was correct about France many years ago. He said, “I wouldn’t go to France. Because France is no longer France …This world better be very careful and they better get very tough and very smart.”

As the unrest in France sparked by the police killing of a teenager of North African descent continued for the fifth day, Paul Joseph Watson offered his view of why social unrest has quickly spread nationwide. And spoiler alert, unlike French officials who blame “social media,” PJW said, “This is what happens when you absorb millions of migrants into a European county at an accelerated rate pace — with zero plan — with zero prospects for ever integrating them.” 

Rioters burned vehicles and buildings and looted stores nationwide for the fifth consecutive night. Police arrested 719 people by the early hours of Sunday, according to the French interior ministry. 

Reuters noted the chaos was “less intense overnight” compared with the 1,300 people arrested on Friday night, suggesting riots are dying down after more than 45,000 police officers, as well as dozens of military armored vehicles, were deployed across the country to squash the violence. 

President Emmanuel Macron canceled his visit to Germany and met with officials Sunday to develop strategies to suppress some of the worst violence the country has seen since the 2018 “Yellow Vest” protests. 

Vincent Jeanbrun, mayor of the southern Paris suburb of L’Hay-les-Roses, said rioters tried to assassinate him and his family. 

“Last night, a milestone was reached in horror and ignominy. My home was attacked and my family was the victim of an assassination attempt,” he wrote on social media. 

Watch till the end! This is an example of North African rioters involved in recent riots in France. That innocent looking teenager had a machete to use it for chopping hands of anyone trying to stop him from looting and rioting! pic.twitter.com/tTTf8Jz3Dr— Babak Taghvaee – The Crisis Watch (@BabakTaghvaee1) July 2, 2023

Meanwhile, social media reports showed violence is spreading to neighboring countries of Switzerland and Belgium. 

..

And in a chilling 2021 report, 25 retired French generals warned Macron in an open letter that the country is headed for “civil war” because of the influx of migrants. So what did the president do in response? He threatened to punish active soldiers who signed an open letter, according to France 24.  

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/BELARUS

Where we stand right now: great analysis from our expert Pepe Escobar

(Pepe Escobar)

Escobar: A Matryoshka Of Psyops And Why General Armageddon Is Not Going Anywhere

SUNDAY, JUL 02, 2023 – 11:30 PM

Authored by Pepe Escobar,

The main problem faced by Russia is not the Hegemon and NATO: it’s domestic…

The secret of a perfect psyop is that no one really understands it.

A perfect psyop accomplishes two tasks: it renders the enemy dazed and confused while achieving a set of very important goals.

It goes without saying that sooner rather than later we should see the real goals emerging out of the strategic play in Russia I described as The Longest Day.

The Longest Day may or may not have been a larger than life psyop.

To clear the fog, let’s start with a roundup of the usual “winner” suspects.

First one is undoubtedly Belarus. Due to the priceless mediation of Old Man Luka, Minsk is now gifted with the most experienced army in the world: the Wagner musicians, masters of conventional (Libya, Ukraine) and non-conventional (Syria, Central African Republic) war.

That is already inflicting the Fear of Hell in NATO, which is suddenly facing in its eastern flank a super pro army, very well equipped, and de facto uncontrollable, and on top of it hosted by a nation now equipped with nuclear weapons.

Simultaneously, Russia props up dissuasion on its western front. Like clockwork that is leading NATOstan to invest in ballooning military budgets (with funds it doesn’t have). That process happens to be a key plank of Russian strategy since at least March 2018.

And as an extra bonus Russia creates a 24/7 threat to the whole of Kiev’s northern front.

Not bad for a “mutiny”.

The Dance of the Oligarchs

Way more complex is Russia’s internal dynamics. Putin’s current and subsequent difficult decisions may entail loss of popularity coupled with loss of internal stability -depending on the manner Kremlin-defined strategic victories are presented to Russian public opinion.

Whatever 24/7 NATOstan mainstream media spin may come up with, the Kremlin’s official explanation for June 24 boils down to a Prighozin demonstration: he was just trying to shake things up.

It’s way more complicated than that. There were strategic gains, of course, and Prighozin seems to have followed a very risky script that in the end favors Moscow. But it’s still too early to tell.

A key sub-plot is how the Dance of the Oligarchs will proceed.

Independent Russian media was already expecting some – treasonous – players, including state functionaries, to buy their one-way ticket when the going got tough (or to say they were “ill”, or refuse to answer important calls). The Duma – fed by Bortnikov’s FSB – is already working on a hefty list.

The Russian system – and Russian society as well – see people like these as supremely toxic: in fact much more dangerous than the demshiza (a term that mixes “democracy” and “schizophrenia”, applied to globalist neoliberals).

On the military front, it gets even more complicated. Putin has charged Defense Minister Shoigu to compile the list of Generals to be promoted after The Longest Day. To put it mildly, for quite a few people, from many different persuasions, Shoigu has become a toxic element in Russian politics.

Wagner – rebranded, and under new management – will continue to serve Russia’s interests via Minsk, including in Africa.

Old Man Luka, wily as ever, has already firmly stated there won’t be any provocations against NATO via Wagner. Wagner recruiting bureaus will not be opened in Belarus. Belarussians may join Wagner directly. As it stands, most of Wagner fighters are still in Lugansk.

For all practical purposes, from now on the Russian government won’t have anything to do, militarily and financially, with Wagner.

Additionally, there are no heavy weapons to be confiscated. Already on Monday, June 26, Wagner had moved their heavy weapons to Belarus. What remains – and had not been moved during The Longest Day – was returned to the Ministry of Defense (MoD).

The Dance of the Generals

A clear winner in the whole process is Russian public opinion: they made that graphically clear in Rostov. Everyone was supporting Putin, Russian soldiers, Wagner and Prighozin – at the same time. The overall objective was to improve the Russian army to win the war. It’s as straightforward as that.

The purge inside the MoD will be tough. Under the pretext of repression or “rebellion”, operetta Generals” (as defined by Putin himself) that did not train their soldiers properly, did not organize the mobilization properly, or were incompetent in battle, will definitely be axed.

The problem is that they’re all part of Gerasimov’s circle. To put it diplomatically, he needs to answer a lot of serious questions.

And that’s what brings us to the “General Armageddon has been arrested” monster fake news gleefully parroted by the whole of the NATOstan info universe.

General Surovikin did receive Prighozin in Rostov – but he was never an accomplice to the “rebellion”. Vice-Minister of Defense Yevkurov was also at the HQ in Rostov, and received Prighozin alongside Surovikin. Yevkurov may have played the role of strategically-placed observer.

The Prighozin rebellion soap opera de facto started back in February – and nothing was done to stop it. Regardless whether one shares the official narrative – or not.

What this implies is that the Russian state saw it coming. Does that make The Longest Day the Mother of All Maskirovskas?

Once again: it’s complicated.

Unlike the collective West, Russia does not practice or enforce cancel culture. Wagner was protected via martial law. Any insult against a “musician” fighting neo-nazi Banderistan would be met by as much as a 15-year jail term. Each Wagner fighter is officially a Hero of Russia – something Putin himself always stressed.

On the maskirovka front, there’s no question the simmering tensions in Russian military circles before The Longest Day were manipulated, fog of war-style, to disorient the enemy. It worked like a charm. On the fateful June 24 itself, Surovikin was running a war, and not spending the day drinking brandy with Prighozin.

The NATOstan axis is really clutching at straws. It took just a Surovikin-related rumor to send them into rapture – proving once again how deeply they fear General Armageddon.

A key vector is how Surovikin is regarded by public opinion compared to the surviving “operetta Generals”.

He built the now legendary three-layered defense which is already burying the “counter-offensive”. He introduced the wildly successful Shahed-136 Iranian drones in the battlefield. And he organized the meat grinder devastation in Bakhmut/Artemyovsk – which has already entered the military annals.

Way back in the Autumn of 2022, it was General Armageddon who told Putin that Russian forces were not ready for a large-scale offensive.

So whatever the 5th columnists fabricate, General Armadeggon is not going anywhere – except to win a war. And Russia is not “leaving” Africa. On the contrary: a rebranded Wagner is there to stay, and remains on speed dial in several latitudes.

The trend, short term, seems to point to a – convoluted – draining of the Russian military swamp. The Longest Day seems to have galvanized Russians of all stripes into identifying who the real enemy is – and how to defeat it, whatever it takes.

“Nothing happens by chance”

Historian Andrei Fursov, reviving Roosevelt, observed that “in politics, nothing happens by chance. If it happens, you bet it was foreseen.”

Well, maskirovska rides again.

Yet the main problem faced by Russia is not the Hegemon and NATO: it’s domestic.

Based on conversations with Russian analysts, and their impressions from very sharp people who lived in Russia, Ukraine and in the West, it would be possible to identify basically four main groups trying to impose their idea of Russia.

1. The “Back to the USSR” gang. Includes, of course, some former KGB. Have some kind of support from the general population. A lot of educated specialists (old school pros, mostly pension age). This project suggests a revolution – a 1917 on steroids. But where is Lenin?
2. The “Back to the Tsar” people. That would imply Russia as the “Third Rome” and a prominent role for the Orthodox Church. Hefty funds behind it. A big question mark is how much popular support, especially in “deep” Russia, they really have. This group has nothing to do with the Vatican – which is sold to The Great Reset.
3. The Plunderers – as in robbing Russia blind in favor of the Hegemon. Congregates 5th columnists, and all manner of “totalitarian neoliberals” worshipping the “values” of the collective West. The remaining ones will soon get a knock on the door by the FSB. Their money is already blocked.
4. The Eurasianists. This is the most feasible project – in close collaboration with China, and aiming towards a multipolar world. There’s no place for Russian oligarchs here. Yet the degree of collaboration with China is still highly debatable. The real burning question: how to really integrate, in practice, the Belt and Road Initiative with the Greater Eurasia Partnership?

This is just a sketch – open for discussion. The first three projects may hardly work – for a series of complex reasons. And the fourth still has not gathered enough steam in Russia.

What is certain is that all of them are fighting each other. May the current draining of the military swamp also serve to clear the political skies.

end

RUSSIA/

special thanks to Robert H for sending this to us:

where we stand right now according to Dmitry Medvedev:

The Russian position is clear

Inbox

Robert Hryniak	5:02 PM (3 hours ago)
to

The main statements of Dmitry Medvedev, Deputy Chairman of the Security Council of Russia, in an article for Rossiyskaya Gazeta:

 The result of a recent attempt at an armed rebellion in the Russian Federation is unlikely to please the opponents of the country, the government has proved its stability, the people rallied around the president;

 The course of the counter-offensive of the Armed Forces of Ukraine was unexpected for the Western sponsors of Kiev, who believed in “the omnipotence of unlimited dough.” The defeat of the Armed Forces of Ukraine in the Artemovsk direction was a foregone conclusion;

 Russia has significantly increased its ties with the countries of Asia, Africa and Latin America against the background of the reduction of ties with Europe, although they have not disappeared;

 The European business that left the Russian Federation “bites its elbows”, mourning the lost income. He lost the Russian market for a long time, the goods were replaced by others. The growth of production in the Russian Federation is “much higher than in Europe,” and inflation at the end of the year will be lower than in the eurozone;

 The grain deal in its current form is not needed and should be terminated. Russia, even without it, will be able to help its partner countries that need food;

 Russia has never tried to contain NATO, but only asked that its security concerns be taken into account and that the countries of the former USSR not be invited to the alliance. The goal of the Russian Federation is to eliminate the threat of Ukraine’s membership in NATO, and it will be achieved;

 It was not possible to break Russia, and the West is “one step away” from the loss of global dominance. Moscow did not submit to the attempts of the West to subordinate it to its will and gave a tough rebuff;

 Against the backdrop of the world’s transition to national and digital currencies, “the end of the era of the almighty dollar loomed”;

 Russia was forced to conduct a special military operation to protect its sovereignty and millions of people. The Kiev regime should be thrown into the trash and banned as fascist;

 The situation in Ukraine is not a regional conflict, but a total confrontation between the collective West and the rest of the world. The standoff between the West and the rest of the world could last for decades;

 The current confrontation between the West and other countries has brought the world to the brink of a third world war. In the case of the third world, there will be no winners – a nuclear winter, epidemics and famine will come on Earth;

 The situation that has developed in the world now is more dangerous than the Caribbean crisis. The way out of today’s crisis can only be a search for compromises, the creation of new contours of a secure and equal world. Russia is ready to look for reasonable compromises, but taking into account the moments of principle for it;

 The results of the total confrontation between the Russian Federation and the West should be enshrined in a new document like the Helsinki Act;

 Western politicians should remember that if their provocations against Russia go too far, a harsh response will follow from Moscow. The West must abandon the idea of   creating “anti-Russia”, otherwise everything will end very badly;

 Medvedev believes that Russia could temporarily suspend diplomatic relations with Finland, Poland, the Baltic countries and the UK, or at least lower their level.

According to the deputy chairman of the Security Council, Russia is ready to seek reasonable compromises with the West to exit the phase of total confrontation, provided that its interests are respected, but I am not sure that it will be possible to take this path.

“All the hard-won results of the total confrontation must be consolidated in a new document like the Helsinki Act, which ended the well-known 1975 Conference. Only Helsinki itself, alas, is not suitable for obvious reasons,” Medvedev wrote in an article for Rossiyskaya Gazeta.

@DDgeopolitics

END

TURKEY

ROBERT H TO US: a must read/Will Engdahl

The Perilous State of Erdoğan’s Turkiye

Turkey may have a very real risk of failure 

Has Erdoğan Fallen into a Deadly Trap? By F. William Engdahl The recent election victory of Recep Tayyip Erdoğan to a new five year term as President of Türkiye, is rapidly looking like it will be a Pyrrhic one, one that will see that pivotal nation literally destroyed by his so-called NATO allies, above all by Washington and the City of London. Already the outlines of that destruction are emerging. It is aimed at the Turkish economy. While waging a fierce campaign against a unified six party opposition that was quietly backed by the Biden Administration, Erdoğan has now named a cabinet which, far from rescuing Türkiye from soaring inflation, will insure the near-term collapse of the Turkish economy and with it, of Erdoğan’s power to play a global geopolitical role. With Erdoğan seeking to join the BRICS countries and his refusal to openly oppose Russia in Ukraine, it is clear why the Anglo-American actors seek to finally neutralize the shrewd president. He is simply a large loose cannon on the NATO deck.   Who Controls Erdoğan’s Economy?  The two most important appointees of Erdoğan’s new ruling government are his new Finance Minister and his new Central Bank head. Here lies the trap. For several years Wall Street and the City of London have led heavy speculative attacks on the Lira. They targeted Erdoğan’s hand-picked finance ministers and central bank heads who had adopted Erdoğan’s unorthodox low interest rate policy. One result was an inflation rate in late 2022 over 80%. Only through extraordinary short-term loans from UAE, Russia and China was Erdoğan able to stabilize the situation somewhat prior to the elections to 39%. Following his election runoff victory at end of May, Erdoğan announced appointment of Mehmet Simsek as Treasury and Finance Minister. Simsek, a member of Erdoğan’s AKP was named Finance Minister previously in 2009 to 2015. Then, on the reported insistence of Simsek, Erdoğan named 41-year-old Turkish-American banker and former Wall Street Goldman Sachs director, Hafize Gaye Erkan to head the Central Bank of Turkey. [i] Simsek, who was educated in economics at Exeter in the UK and holds dual UK-Turkish citizenships, is a former top executive with US Wall Street investment bank Merrill Lynch in London. Erkan, the first woman to head the Turkish central bank, is a dual US-Turkish citizen who got her doctorate in finance at Princeton in 2006 where she studied Operations Research and Financial Engineering. At that same time she joined Goldman Sachs, where she worked for nine years. She became a managing director of Goldman Sachs in 2011. [ii] Three years later in 2014 Erkan left her senior post at Goldman’s to become an executive of a young and aggressive San Francisco Bank, First Republic Bank, as Head of Investment. Yes, that First Republic Bank. There she increased the assets under management for the high-flying bank by a whopping ten times, earning her by 2021 the title of co-CEO of First Republic. It’s now clear that First Republic under the leadership of Erkan was a very murky bank catering to Silicon Valley bigs and other high-net-worth-individuals. In other words, she was clearly a major architect of the deeply-flawed risk model that resulted in the bank’s failure in May, 2023. [iii] She reportedly left First Republic bank some months before its bankruptcy, perhaps sensing the disaster she created. On May 1 First Republic was taken over by the largest bank in the US, the very corrupt JP Morgan Chase, with quiet Biden Administration backing. Erkan is now being sued in a class action lawsuit for her role in the debacle. [iv]   Dubious Credentials But that is all being ignored as on the demand of Finance Minister Simsek, Erkan will decide the future of Turkish interest rates. According to insider reports, she has agreed to raise present 8.5% base rates to 25% in the next months. Such a rate shock therapy would make Paul Volcker a softie moderate by comparison.[v] In her first act in office, on June 22, Erkan raised the key Turkish central bank rate by 6.5%, a huge rise by normal standards, bringing it to 15%, almost double. She promised it was just the beginning of the great reversal of the Erdoğan low rate era. The “markets” were not satisfied. They had “expected” a jump to 25% in that meeting. They want blood. The lira fell after the rate news and the stage is now set for the destruction of the Turkish real economy in the interests of monetary “orthodoxy.” So far this year the Lira has dropped over 20% against the US dollar. Since 2013 it has fallen 90%. Global financial speculators such as Goldman Sachs or JP Morgan Chase now control the Turkish economy. Erdoğan has clearly made a Faustian bargain to secure his re-election. JP Morgan is “predicting” a central bank interest rate of 30% by year-end. With Simsek and Erkan in firm control of the Turkish economy and credit, Erdoğan will be powerless to pursue a strategy of economic growth, or even to pursue an ambitious oil and gas development program that would give him more freedom of action.  As old Henry Kissinger purportedly said years ago, “who controls the money, controls the world…” It looks like for the moment that Wall Street and the City of London bankers control Erdoğan’s Turkey. This is a very critical juncture for him and for Turkey’s future geopolitical role.

END

GLOBAL ISSUES//MEDICAL ISSUES

Some Pfizer Vaccine Batches In The EU Were Placebos, Say Scientists

SATURDAY, JUL 01, 2023 – 09:20 AM

Authored by Robert Kogon via DailySceptic.org,

German scientists have uncovered startling evidence that a substantial portion of the batches of the Pfizer-BioNTech COVID-19 vaccine deployed in the European Union may in fact have consisted of placebos – and that the German regulator knew this and did not subject them to quality-control testing.

The scientists, Dr. Gerald Dyker, Professor of Organic Chemistry at the Ruhr University Bochum, and Dr. Jörg Matysik, Professor of Analytical Chemistry at the University of Leipzig, are part of a group of five German-speaking scientists who have been publicly raising questions about the quality and safety of the BioNTech vaccine (as it is known in Germany) for the last year and a half.

They recently appeared on the Punkt.Preradovic online programme of the German journalist Milena Preradovic to discuss batch variability. Their starting point was the recent Danish study showing enormous variation in the adverse events associated with different batches of the Pfizer-BioNTech vaccine, or BNT162b2 per its scientific codename. The below figure from the Danish study illustrates this variation.

It shows that the batches used in Denmark, which are represented by the points in the graph, essentially break down into three groups.

The ‘green batches’ clustered around the green line have a moderate or moderately-high level of adverse events associated with them. In the discussion with Preradovic, Gerald Dyker takes the example of the green point furthest to the right.

As he explains, it represents the batch that was the used the most in Denmark, with somewhat over 800,000 doses having been administered. These 800,000 doses are associated with around 2,000 suspected adverse events, which gives a reporting rate of one suspected adverse event per approximately 400 doses. As Dyker puts it, “That’s not a small amount if we compare to what we know otherwise from influenza vaccines.” According to Dyker’s calculation, the green batches account for more than 60% of the Danish sample.

There are then the ‘blue batches’ clustered around the blue line, which are obviously associated with an extraordinarily high level of adverse events. As Dyker notes, no more than 80,000 doses of any of the blue batches were administered in Denmark – suggesting that these especially bad batches may perhaps have been quietly pulled from the market by public health authorities.

Nonetheless, these batches had as many as 8,000 suspected adverse events associated with them. Eight thousand out of 80,000 doses would give a reporting rate of one suspected adverse event for every 10 doses – and Dyker notes that some of the blue batches are indeed associated with a reporting rate of as high as one suspected adverse event for every six doses!

On Dyker’s calculation, the blue batches represent less than 5% of the total number of doses included in the Danish study. Nonetheless, they are associated with nearly 50% of the 579 deaths recorded in the sample.

Finally, we have the ‘yellow batches’ clustered around the yellow line, which, as can be seen above, barely gets off the x-axis.

On Dyker’s calculation, the yellow batches represent around 30% of the total.

Dyker notes that they include batches comprising some 200,000 administered doses which are associated with literally zero suspected adverse events.

As Dyker puts it, “malicious” observers might note that “this is how placebos would look”.

And malicious observers might be right.

For Dyker and Matysik compared the batch numbers contained in the Danish study with publicly available information on the batches approved for release, and they made the startling discovery that almost none of the harmless batches, unlike the very-bad and not-so-bad batches, appear to have been subject to any quality-control testing at all.

Unbeknownst to most observers, it is precisely the German regulatory agency, the Paul Ehrlich Institute (PEI), which is, in principle, responsible for quality control of all the Pfizer-BioNTech vaccine supply in the EU. (The institute is named after the German immunologist and Nobel Prize winner Paul Ehrlich, not, of course, the Stanford biology professor of the same name.)

This reflects the fact that the actual legal manufacturer of the vaccine, as well as the marketing authorisation holder in the EU, is the German company BioNTech, not its more well-known American partner Pfizer.

Dyker and Matysik found that the PEI had tested and approved for release all the very bad ‘blue’ batches, the overwhelming majority of the not-so-bad ‘green’ batches, but almost none of the harmless ‘yellow’ batches – as if the PEI knew in advance that these batches were unproblematic.

This is shown in the below slide from Dyker’s presentation during the Punkt.Preradovic interview. The title reads: ‘Which batches from the Danish study did the Paul Ehrlich Institute test and approve for release?’

In the PEI column of each of the tables, “ja” means, of course, that the batch was tested, “nein” means that it was not. Note that only the first batch in the ‘yellow’ table was tested.

The caption under that table reads: “The PEI did not generally regard testing of the harmless ‘yellow batches’ as necessary.”

As Dyker put it, with notable restraint, “this would support the initial suspicion that they are maybe in fact something like placebos”.

Or, in short, to paraphrase the German scientists’ findings on the variability of the Pfizer-BioNTech batches, it would appear that the good was bad, the bad was very bad, and the very good was saline solution.

*  *  *

(The full Punkt.Preradovic interview with Gerald Dyker and Jörg Matysik is available here in German. The above translations are by your writer. A full, presumably machine-translated, English version of the interview is also available on the Punkt.Preradovic webpage.)

Robert Kogon is a pen name for a widely-published financial journalist, translator and researcher working in Europe. Subscribe to his Substack and follow him on Twitter.

END

New Research Paper: mRNA COVID-19 Vaccines Are Gene Therapy Products

SUNDAY, JUL 02, 2023 – 08:10 AM

Authored by Megan Redshaw, JD via The Epoch Times (emphasis ours),

Now that the pandemic has ended, researchers are urging regulatory agencies to consider the safety issues associated with the rapid approval of COVID-19 vaccines—and to correctly classify messenger RNA (mRNA) vaccines as gene therapy products (GTPs) to prevent pharmaceutical companies from bypassing regulatory standards.(Corona Borealist Studio/Shutterstock)

According to a paper published in Nature on June 22, COVID-19 mRNA vaccines, by mode and action, are gene therapy products and should adhere to different regulatory standards. Yet U.S. and European regulatory agencies have not classified COVID-19 mRNA vaccines as gene therapy products, which has allowed them to be regulated as vaccines against infectious diseases instead of being subjected to the more stringent regulation of GTPs.

Because current regulatory guidelines either do not apply, do not mention RNA therapeutics, or do not have a widely accepted definition for these products, regulatory agencies adopted a modified and accelerated approval process for COVID-19 vaccines in the form of a “rolling review.”

A rolling review is a regulatory tool typically used during a public health emergency to speed up the assessment of data for medicines or vaccines. It allows data to be reviewed as it becomes available—without the complete data package or specific controls.

This process led to broad and continuous biodistribution of mRNA COVID-19 vaccines that were not thoroughly studied and yielded tests with noncompliant results regarding purity, quality, and batch homogeneity. Manufacturers are now planning to replace classic vaccines with mRNA vaccines using the same process—starting with influenza vaccines.

Vaccines With mRNA Technology Are Gene Therapies

The Centers for Disease Control and Prevention currently defines a “vaccine” as a preparation used to stimulate the body’s immune response against diseases. However, the agency’s definition was changed in 2021 out of concern it didn’t apply to COVID-19 vaccines.

A vaccine must contain an antigen to trigger the body’s natural immune response. Pfizer and Moderna’s mRNA vaccines do not contain antigens. The active substance used to elicit an immune response in these vaccines is the mRNA—a form of nucleic acid and the genetic material of the SARS-CoV-2 virus that provides instructions to the body for producing antigens—spike proteins.

In other words, the mRNA is not the substance causing active immunization. Instead, the mRNA must be translated into protein by the cells of the person vaccinated, and that person’s immune system must produce its own antigens to trigger an immune response.

The U.S. Food and Drug Administration (FDA) states that gene therapy seeks to “modify or manipulate the expression of a gene or to alter the biological properties of living cells for therapeutic use.” Moderna’s Q2 2020 filing with the Securities and Exchange Commission acknowledged that mRNA is “considered a gene therapy product by the FDA.” In addition, BioNTech founder Ugur Sahin, in a 2014 article stated, “One would expect the classification of an mRNA drug to be a biologic, gene therapy, or somatic cell therapy.”

According to the FDA, mRNA vaccines are comparable to the TypeIA of prodrugs—substances that, after administration, are converted in the body into pharmacologically active drugs.

This “prodrug property” could suggest that additional controls should be applied in addition to those required for vaccines. However, neither the FDA nor the European Medicines Agency (EMA) have referenced these qualifications for mRNA COVID-19 vaccines.

“With a conventional vaccine, you have the antigen, and you inject it into a person, and that is the thing that your immune system looks at and says, ‘ah ha,’ we need to make antibodies, T-cells, and other immune system components to what’s being injected,” said Dr. David Wiseman, a research scientist with a background in pharmacy, pharmacology, and experimental pathology, in an interview with The Epoch Times.

“The prime reaction of an mRNA vaccine is that it instructs the body how to make the antigen of interest. So, it’s similar to a prodrug, which is converted inside the body via metabolism and enzymes into the desired drug effect. The substance you’re injecting isn’t doing the final action; it leads to the thing that does the final action. With a prodrug, the molecule you inject does not get changed into the final molecule of the antigen, it simply provides instructions because it’s gene therapy.”

Wiseman said the FDA and EMA guidance and regulations that discuss gene therapy all define gene therapies “more or less” the same way. However, a number of years ago, the FDA decided to exclude vaccines for infectious diseases from its various guidance for unknown reasons, including vaccines made from gene therapy technology. Vaccines, in essence, were given their “own set of rules.”

However, the FDA can “change or exclude whatever they want from regulatory guidance, but it doesn’t change the biologic definition of the product,” said Wiseman. “Since Pfizer and Moderna COVID-19 vaccines meet the definition of gene therapy, they should be handled according to gene therapy guidelines.”

mRNA COVID-19 Vaccines Bypassed Essential Studies

According to the paper, because mRNA COVID-19 vaccines were not classified as gene therapy, necessary tests required for GTPs were not performed for the following:

• Genotoxicity.
• Genome integration.
• Germ-line transmission.
• Insertional mutagenesis.
• Tumorigenicity.
• Embryo/fetal and perinatal toxicity.
• Long-term expression.
• Repeated toxicity.
• Excretion in the environment, such as shedding through seminal fluid or breast milk.

“The long-term safety monitoring of GTPs is required over several years whereas, for vaccines, it is generally only carried out over a few weeks,” wrote Dr. Helene Banoun with the French Institute of Health and Medical Research in the paper. “This should not be acceptable, given the persistence of the drug product and the expressed protein.”

Read more here…

end

Synergistic pairing of ivermectin and fenbendazole found HIGHLY EFFECTIVE at preventing and treating cancer

By Ethan Huff // Jun 30, 2023

TAGS: alternative medicine, anticancer, cancer solutions, cancer treatments, COVID, Cures, discoveries, Fenbendazole, goodcancer, goodhealth, goodmedicine,goodscience, healing, ivermectin, nutrients, Oncology, prevent cancer, remedies, research, synergy

ADVERTISEMENT

During the Wuhan coronavirus (COVID-19) “pandemic,” the powers that be made it a top priority to discourage and even prevent the general public from using ivermectin as a prophylactic, instead pushing masks and “vaccines.” Well now there is another use for ivermectin that is sure to put it right back in Big Pharma’s crosshairs, and it involves the treatment of cancer.

One of the “side effects” of taking ivermectin for COVID, it turns out, is that it also helps prevent cancer cells and tumors from forming. This could be very helpful for those dealing with the sudden onset of “turbo cancer,” a phenomenon that appeared not long after the launch of Operation Warp Speed.

If “fully vaccinated” people who got jabbed for COVID had easy access to ivermectin, many of them could potentially find relief and healing from it. And even better is the fact that fenbendazole, another anti-parasite drug, also works to fight against cancer.

“What would happen if one did a combination therapy for both the prevention and treatment of cancer using BOTH ivermectin and fenbendazole?” asks “2nd Smartest Guy in the World” on his Substack. “The synergistic pairing would be far more effective than just using one of these miraculous drugs.”

(Related: Gold standard medical science proves that ivermectin is a powerful remedy against COVID.)

Ivermectin and quercetin together fight prion diseases

When taken together, ivermectin and fenbendazole deliver a one-two punch to cancer. When combined with other anti-cancer nutrients such as quercetin, vitamins C and D, and curcumin, the effects are even more pronounced.

Preclinical studies show that both ivermectin and fenbendazole exhibit cytotoxic effects against cancer cells. The two drugs also inhibit the growth and spread of cancerous tumors.

“The mechanisms underlying these effects appear to involve disruption of critical cellular processes, leading to cancer cell death,” wrote Sid Belzberg in a paper cited by one of 2nd Smartest Guy in the World’s readers.

Both ivermectin and fenbendazole are off-patent drugs, meaning their original intended use as licensed has expired and they have become generics. This allows for many different generic drug manufacturers, including a slew of them across India, to produce them cheaply and abundantly.

United States regulators make it hard to access them without a prescription – unless you purchase the versions available for pets – but they are out there. And when combined with other anti-cancer vitamins and minerals they show incredible promise in cancer prevention and mitigation.

You will be hard-pressed to find much helpful information about these two drugs in the mainstream, though. Because they are off-patent, ivermectin and fenbendazole bring in minimal profits, which means pharmaceutical companies are not interested in promoting them or touting their benefits.

Belzberg makes the case for ivermectin and fenbendazole to be compounded with other complementary substances to create a synergistic anti-cancer concoction that is safe and effective for widespread use.

“Despite these challenges, the repurposing of these compounds carries potential advantages that justify further exploration,” Belzberg wrote. “Since the safety and pharmacokinetic profiles of these substances are well-known, their development as anticancer agents could be faster and less expensive than for new drugs.”

“Furthermore, the successful repurposing of these compounds could provide a cost-effective way to expand anticancer treatments, possibly improving patient outcomes while reducing healthcare costs.”

Another paper by Belzberg suggests that taking ivermectin with quercetin can synergistically fight prion diseases, also known as transmissible spongiform encephalopathies, or TSEs.

TSEs represent a group of fatal neurodegenerative diseases characterized by the misfolding of the prion protein, or PrP.

“The promise shown by ivermectin and quercetin in their potential anti-prion activities and their modulation of tauopathy offers an interesting avenue for further exploration,” he wrote.

More tips and tricks to beating cancer without chemotherapy or radiation can be found at PreventCancer.news.

Sources for this article include:

2ndSmartestGuyInTheWorld.com

Newstarget.com

GLOBAL ISSUES//GENERAL

END

Global economy:

END

VACCINE/COVID ISSUES

DR PAUL ALEXANDER

Did Goldman et al. show us aggressive TURBO cancer in report on Rapid Progression of Angioimmunoblastic T Cell Lymphoma Following Pfizer BNT162b2 mRNA technology (Kariko et al.) Vaccine Booster Shot?

Yes! 66-year old man; this is the first observation suggesting that administration of a SARS-CoV-2 vaccine might induce AITL progression. dramatic speed and magnitude of the progression

DR. PAUL ALEXANDERJUL 1

SHARE

https://pubmed.ncbi.nlm.nih.gov/34901098/

‘report and discuss unexpected rapid progression of lymphomatous lesions after administration of a Pfizer BNT162b2 mRNA vaccine booster in a man recently diagnosed with AITL.’

end

Spike detoxifying formulation with fibrinolytic Nattokinase may provide you the support needed post COVID mRNA technology gene injection vaccine; as the science matures & develops, consult with your

doctor on using this cheap, available, safe formulation from The Wellness Company (Foster Coulson); be sure to factor in allergies, if you are a bleeder (this is a blood thinner) or have intolerances

DR. PAUL ALEXANDERJUL 2

SHARE

Link:

https://www.twc.health/collections/covid19/products/long-haul-formula?ref=Paul

See Tanikawa’s study, nascent, maturing, but potent and emerging evidence.

end

Dr. Alfredo Victoria Moreno (COVID vaccine advocate) Dies Suddenly at 42 due to a myocardial infarction; did ignorance about harms of mRNA technology based COVID gene shot cause his death? McCullough

IMO, most likely! Renowned for contributions as a “vaccination expert” Dr. Victoria met his untimely demise at the age of 42 due to a myocardial infarction, no health conditions, gave shots ‘on air’

DR. PAUL ALEXANDERJUL 1 Turbo cancer leukemia (AML): from diagnosis to death in 4 days – 40 yo COVID-19 vaccinated New Yorker dies & leaves a 10 yo orphan. New Belgian study proves turbo cancer in mice after two Pfizer jabs! Dr. William Makis highlights again this vexing devastating catastrophic situation with aggressive TURBO cancers due to the mRNA technology (Malone, Kariko, Weissman) based underpinning COVID gene shot DR. PAUL ALEXANDERJUL 1 SHARE  These deaths are tragic and Makis does seminal work here, see substack, I am happy he joined me at The Wellness Company (TWC.health) providing scientific support:…These cases continue to happen, and they are still shocking and disturbing, as the medical establishment continues to deny this phenomenon exists: end STUNNING development: More WOMEN than MEN at risk for COVID vaccine induced myocardial lesions (3rd dose)? Research suggests females more at risk than males! Idiosyncratic? Eugen Mueller, Basel Basel, Switzerland, cumulative distribution curve is alarming as fully shifted to the right beyond control & seems everyone regardless of gender has some elevated troponin (troponinemia, hs-cTnT) DR. PAUL ALEXANDERJUL 2 SHARE  Elevated risk of myocardial lesions seen in females post COVID shot:Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter STUNNING development: More WOMEN than MEN at risk for COVID vaccine induced myocarditis (3rd dose)? Research suggests here females more at risk than males! Idiosyncratic? Christian Eugen Mueller,Basel ‘Significant incidence of myocarditis after 3rd dose of anti-COVID 19 messenger RNA vaccine (author: Guillaume Le Pessec)’ This finding is opposite to what evidence had already accumulated with boys, males being usually at much more elevated risk, at a reported 9:1 ratio and this is very stunning. Is this idiosyncratic and thus a one-off? We need further…Read more   END

SLAY NEWS

The latest reports from Slay News

Unvaxxed Amish Death Rates 90 Times Lower Than Rest of America A major study into the impact of the pandemic on Amish communities has found that Covid death rates among the traditionalist groups of citizens are 90 times lower than for the rest of America. READ MORE

WEF Calls on World Governments to ‘Advance Cashless Societies ‘The World Economic Forum (WEF) has called on governments around the globe to begin ushering plans to eliminate physical cash and roll out digital “money.” READ MORE

Comer: Biden Bribery Scheme ‘Borders on Treason’ House Oversight Committee Chair James Comer (R-KY) took off the kid gloves and declared that the mounting evidence against Democrat President Joe Biden and his family amounts to a bribery scheme that “borders on treason.”READ MORE

Bill Gates’ Private Office Asked Women Sexually Explicit Questions during Job InterviewsThe private office of Microsoft co-founder Bill Gates asked women incredibly creepy questions during the intensive job interview process, according to reports. READ MORE

Prosecutors Who Refused to Charge Hunter Are Biden & Harris DonorsT he two prosecutors who refused to charge Hunter Biden have been exposed as Democrat donors. READ MORE

WHO: Popular Soda Sweetener Aspartame Could Cause CancerThe World Health Organization (WHO) is preparing to officially declare that the artificial sweetener aspartame may cause cancer READ MORE

Yellen Ordered to Hand over ‘All Suspicious Activity Reports’ on Bidens to House Oversight CommitteeTreasury Secretary Janet Yellen has been ordered to hand over “all suspicious activity reports” (SARs) related to Democrat President Joe Biden and his family members. READ MORE

Geraldo Rivera Out at Fox News: ‘Thanks for the Memories’Geraldo Rivera is out at Fox News, the embattled host has confirmed. READ MORE

Dylan Mulvaney Breaks Silence, Adds Insult to Injury by Trashing Bud LightTransgender influencer Dylan Mulvaney broke his silence and slammed Bud Light for hiring him for their disastrous campaign.READ MORE

Nine-Month Pregnant Woman Turns Tables on Armed Thief, Shoots Him, Holds Him Until Cops Arrive A man was shot by a nine-month-pregnant woman and her husband after the thug threatened to kill them during an attempted robbery in Houston .READ MORE

Biden Made 4 ‘Policy Decisions’ as President That Were Influenced by ‘Compromise’ from Foreign Bribes, Comer RevealsChairman James Comer (R-KY) has revealed that the House Oversight Committee has identified four “specific policy decisions” that Joe Biden made as president that were made because of “compromise” from foreign bribe payments. READ MORE

Tucker Carlson’s Next Move Revealed, Dealing Major Blow to Fox News Since his abrupt firing from Fox News, Tucker Carlson has made the corporate media network regret its decision by racking up hundreds of millions of views for his new Twitter show. READ MORE

EVOL NEWS

New Emails Expose Fauci’s ‘Illegal’ Cover-Up: ‘Tony Doesn’t Want His Fingerprints on Origin ’READ MORE… LATEST NEWS:Macron Attends Elton John Concert As Nationwide Riots Grip France Read more… Jury Reaches Verdict In Trial Of Parkland Resource Office rRead more.. .‘Borders On Treason’: Comer Details Evidence That Biden Family Sold Influence To Communist China Read more… Hunter Biden Settles Child Support Case With Lowered Payment for 4-Year-Old Daughter Read more… Is Biden at a Higher Risk of Dying Suddenly After Latest Medical Issue Revealed? Read more…Sweden Stuns Europe with Major Push Back on Globalist Agenda – Warns Western Nations to Follow Suit Read more…Chinese Spy Balloon Did Not Collect Data While Transiting US: Pentagon Read more…Pfizer Secretly Sold Placebos for Public Use, Scientists Reveal READ MORE…  LATEST NEWS:Putin Assassination Attempt Foiled by Russian Secret Service: Report Read more.. .Footage Shows Border Patrol Agent Cutting Razor Wire on Private Property Allowing Illegal Migrants to Enter Country Read more… Newsom Doubling Number of Officers in San Francisco to Combat Crime, Fentanyl Crisis Read more…Nobody Knew Who Was Leading Chaotic US Afghanistan Withdrawal, Report Finds Read more…Pornhub to Shut Off Access to Virginia After State’s New Law Goes Into Effect July 1 Read more…JUST IN: Gangs Of Rioters Acquire Guns As French Migrant Riots Spiral Out Of Contro lRead more…Watch: Biden Gets Torched Live by Fox News Graphics, Shows the Truth About ‘Bidenomics ’Read more…‘Rick From Boston’: Tucker Carlson Mocks Transgender Admiral In Hilarious Monologue Read more…The latest reports from Slay News1, 884 Athlete Cardiac Arrests in 2.5 Years, 1,310 DeadIn the past two and a half years, the number of athletes suffering sudden cardiac arrests and related issues has soared to alarming levels .READ MORE‘Vaccination Expert’ Dr Alfredo Victoria Dies Suddenly at 42 after Promoting Shots on TVA popular Mexican TV doctor who regularly appeared on national television to promote vaccines has died suddenly from heart failure at just 42 years old .READ MORE Ted Cruz Reminds Hollywood Who’s Boss, Prohibits Pentagon From Helping Movies That Cave To China’s Censors GOP Senator Ted Cruz reminded Hollywood who’s boss when the Defense Department updated its rules for working with movie studios. The Pentagon will no longer help or give access to any movie studios that will cave to China’s censorship demands. Ted Cruz led the effort to get Hollywood in line by inserting language into the fiscal 2023 defense policy bill …READ MORE Geraldo Rivera Comes Clean: ‘I Was a Product of Affirmative Action over Half a Century Ago’ Geraldo Rivera came clean on his last day at Fox News by admitting that he was a product of affirmative action. READ MORESpecial Counsel Jack Smith ‘Ready’ to Hit Trump with 45 More Charges Special Counsel Jack Smith is reportedly preparing to hit President Donald Trump with upward of 45 new charges in the politically motivated classified documents case .READ MORE Michelle Obama Rebuked by Princeton Classmate: ‘Ridiculous’ Michelle Obama was one of the many prominent figures on the Left to suffer a meltdown over the Supreme Court decision to end affirmative action .READ MOREHunter Biden’s Discarded Child Gets One of His Paintings in Court Settlement Hunter Biden is to let his discarded daughter her former stripper mother choose one of his paintings to keep as part of a child support settlement in court .READ MORE Charles Payne Sets Whoopi Goldberg Straight: ‘This Is the Best News for Black Americans’ Whoopi Goldberg slammed Justice Clarence Thomas over the Supreme Court’s decision to end affirmative action Thursday .READ MORE Jonathan Turley Schools ‘Unhinged’ Biden: ‘That Is Actually the Declaration of Independence’ Legal scholar Jonathan Turley has schooled an “unhinged” Joe Biden on the law after the Democrat president slammed the Supreme Court for ending affirmative action. READ MORE Trump Wins Election in Oregon as Write-In Candidate President Donald Trump has won a surprise election after voters put his name down as a write-in candidate on the Hubbard Fire District board ballot in Oregon. READ MORE James Woods Drags Skeleton from Liz Warren’s Closet, Publicly Embarrasses Democrat Senator Hollywood legend James Woods couldn’t believe his eyes when he saw Democrat Senator Elizabeth Warren’s (D-MA) statement condemning the Supreme Court for ending affirmative action .READ MORE \Kayleigh McEnany Throws Pelosi’s Words Back in Her Face as Democrats Implode over Student Loans The Supreme Court ruled Friday that Democrat President Joe Biden’s administration overstepped its authority in trying to wipe student loan debts for millions of college-educated American voters. READ MORE Democrat Operative Sentenced to 24 Years in Prison for Conspiracy to Murder Colleague A New Jersey judge has thrown the book at a Democrat operative by sentencing him to 24 years in federal prison for organizing the murder of his colleague .READ MORE Supreme Court’s Affirmative Action Ruling Draws Celebration and Criticism Read more…

VACCINE IMPACT//

There is No Peace for the USA

July 1, 2023 3:35 pm

Two years ago I wrote and published an article about how the United States of America is in the same moral state today as the nations God judged and destroyed in 722 B.C. God called Jeremiah to testify to the truth about what was about to happen, that Jerusalem and many of the surrounding nations were about to be destroyed, and he warned Jeremiah that the opposition would fight back hard against him. But God promised to be with him during those difficult times and rescue him. He was told that the days were so evil, that he was not to take a wife and raise a family. When Jeremiah began to tell people the truth, he was opposed by his own family, and by the religious leaders of his time, including other prophets, who tried to silence him. Does this sound familiar to anyone reading this? Do you see any parallels between what Jeremiah suffered, and how people telling the truth today are suffering also, even from their own family members? The reason why so many people opposed Jeremiah was because they did not think it was possible that God would judge them, because they believed that they were the “chosen people” and that they were better than all the other nations around them. They continued to believe that God would favor them over their enemies. As the USA celebrates its “Independence Day” this week on July 4th, the parallels between the people of Jeremiah’s day and the people living in the US today, particularly the “Christians” who are the dominant religious group in the culture today, are stunning. But the truth that Jeremiah proclaimed thousands of years ago to his culture is the same truth that applies to the United States today: “Peace, peace,” they say, when there is no peace. (Jeremiah 6:14)

Read More…

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

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

Oil jumps after Saudi Arabia and Russia announce extension of export cuts in production

(zerohedge)

Oil Jumps After Saudi Arabia, Russia Announce Extension Of Export Cuts

MONDAY, JUL 03, 2023 – 07:03 AM

Early this morning, Saudi Arabia announced it will extend its voluntary, unilateral oil production cut by one month, at least through August (the output cut can and likely will be extended further), keeping a ceiling on supply even as the market is expected to tighten further.

Moments later, its OPEC+ ally Russia announced it will “voluntarily” extend a reduction of its oil exports in August by 500K bbl/day to ensure the oil market remains balanced, Deputy Prime Minister Alexander Novak says in statement.

The Saudi output reduction of 1 million barrels a day that started this month — which comes in addition to existing curbs agreed by OPEC+ — will continue into August and could be extended further, according to a statement published by state-run Saudi Press Agency.

The cuts will take the kingdom’s production to about 9 million barrels a day, the lowest level in several years. 

The news sent the oil and energy complex to the highest level in at least a week: Brent rose 1.5% to $76.50 a barrel; WTI for August delivery advanced 1.4% to $71.60. The Stoxx 600 Energy subsector outperformed the broader European benchmark on Monday. The energy sub-index rises as much as 1.9%, the most in a month; Shell (+2%) was the biggest contributor to the gains by index points. Other movers are Harbour Energy +4.7%, Galp +3.1%, Aker BP +2.7%, BP +2.7%, TotalEnergies +2.6%.

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:  1.0897 DOWN  0.0013

USA/ YEN 144.84  UP 0.607  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2673  DOWN    0.0009

USA/CAN DOLLAR:  1.3253 UP .0025 (CDN DOLLAR DOWN 25 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 41.91 PTS OR 01.31% 

 Hang Seng CLOSED UP 390.16 PTS OR 2.06%  

AUSTRALIA CLOSED UP 0.56%  // EUROPEAN BOURSE:  MOSTLY ALL  GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES: MOSTLY  ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 390.16 PTS OR 2.16% 

/SHANGHAI CLOSED UP 41.91 PTS OR 1.31%  

AUSTRALIA BOURSE CLOSED UP 0.56% 

(Nikkei (Japan) CLOSED DOWN 45.10 PTS OR 0.14% 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1912.70

silver:$22.76

USA dollar index early MONDAY morning: 103.80 UP 21  BASIS POINTS FROM FRIDAY’s close.

MONDAY  MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.157%  UP 5  in basis point(s) yield

JAPANESE BOND YIELD: +0.400 % UP 1 AND  6//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.434 UP 5  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.143 UP 8  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4356  DOWN 4 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.0905 UP  0.0005 or  5  basis points 

USA/Japan: 144.58 UP 0.343 OR YEN DOWN 34 basis points/

Great Britain/USA 1.2682 UP   0.0003 OR 3  BASIS POINTS //

Canadian dollar DOWN  .0010 OR 10 BASIS pts  to 1.3239

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  CLOSED    (UP) …7.2412

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.2508)

TURKISH LIRA:  25.95 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.400…VERY DANGEROUS

Your closing 10 yr US bond yield UP 3 in basis points from FRIDAY at  3.848% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.870 UP 2   in basis points   ON THE DAY/12.00 PM

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

London: CLOSED DOWN 3.52  points or  0.05%

German Dax :  CLOSED DOWN 75.36 PTS OR 0.47%

Paris CAC CLOSED DOWN 10.49 PTS OR 0.14%

Spain IBEX UP 51.00PTS OR  0.53%

Italian MIB: CLOSED UP 222.08PTS OR 0.79%

WTI Oil price 70.96    12: EST

Brent Oil:  75.66   12:00 EST

USA /RUSSIAN ///   AT:  89.28 ROUBLE  UP 0 AND   28//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.4345  DOWN 2 BASIS PTS

UK 10 YR YIELD: 4.4995 UP 11  BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0913 DOWN 0.0008   OR 8 BASIS POINTS

British Pound: 1.2695 UP   .0013 or  13 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.4945% UP 5 BASIS PTS//

USA dollar vs Japanese Yen: 144.65 UP 0.418 //YEN UP 42 BASIS PTS//

USA dollar vs Canadian dollar: 1.3254  UP .0026 CDN dollar, DOWN 26  basis pts)

West Texas intermediate oil: 70.25

Brent OIL:  75.04

USA 10 yr bond yield UP 5 BASIS pts to 3.864% 

USA 30 yr bond yield UP 2   BASIS PTS to 3.878% 

USA 2 YR BOND: UP 7  PTS AT 4.946%  

USA dollar index: 102.64 UP 5  BASIS POINTS  

USA DOLLAR VS TURKISH LIRA: 25.95 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  88.70  UP 0   AND  35/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 10.87 PTS OR 0.03% 

NASDAQ 100 UP 29.49 PTS OR 0.19%

VOLATILITY INDEX: 13.49 DOWN 0.10 PTS (0.74)%

GLD: $178.47 UP 0.20 OR 0.11%

SLV/ $21.01 UP .12 OR 0.57%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Bitcoin, Banks, & Bullion Bid To Start H2; Bonds & Stocks Chop

MONDAY, JUL 03, 2023 – 01:01 PM

More ugly ‘soft’ survey data with both ISM and PMI showing serious contraction the US Manufacturing sector (and don’t forget, this does not cycle independently of Services, there is a lead-lag relationship).

Source: Bloomberg

Equities were volatile early on (especially Small Caps) but by the close, The Dow, S&P, and Nasdaq all hugged the unch-line while Russell 2000 outperformed…

Banks outperformed today alomg with Discretionary stocks, Tech and Healthcare lagged…

Treasuries chopped around, with yields dropping on the manufacturing data but rebounding back top unch pretty quickly. By the close all yields were marginally higher on the day with the short-end underperforming…

Source: Bloomberg

The dollar ended lower for the second day in a row…

Source: Bloomberg

Bitcoin recovered all of Friday’s puke, and got back above $31,000 today…

Source: Bloomberg

Gold extended its gains off the $1900 tick last week…

Oil prices ended lower, despite an early spike on headlines that Russia and Saudis would extend their production cuts. WTI rallied back above $71, but faded back into the red by the early close…

Finally, we note that ‘The Buffett Indicator’ is on the march once again into the danger zone…

Source: Bloomberg

Do you feel luck again, punk? Do ya?

b) THIS AFTERNOON TRADING/

end

END

II) USA DATA/

Mfg data took a sharp turn for the worse in June

(zerohedge)

US Manufacturing “Took Sharp Turn For The Worse” In June

MONDAY, JUL 03, 2023 – 10:05 AM

Despite the recent resurgence in upside surprises for US macro data, the US Manufacturing sector remains deep in contraction (sub-50) based on the ISM and PMI surveys driven by a sharp fall in new orders.

• S&P Global US Manufacturing 46.3 for June, down from 46.9 prior.
• US ISM Manufacturing 46.0 in June, down from 46.9, big miss relative to 47.2 exp

Source: Bloomberg

For context, S&P Global’s US Manufacturing is basically at Dec 2022 lows (which absent the spike low during COVID lockdowns is the worst descending print since Lehman…

Under the hood of the ISM report, Employment, New Orders, and Prices Paid (a big miss) all tumbled into contraction…

Source: Bloomberg

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

“The health of the US manufacturing sector took a sharp turn for the worse in June, adding to concerns over the economy potentially slipping into recession in the second half of the year.

“Leading the darkening picture was a severe drop in demand for goods, with new orders slumping at a rate among the steepest since the global financial crisis of 2009. Companies report that customers have become increasingly reticent to spend amid the rising cost of living, higher interest rates, growing concerns about the economic outlook and a switch in spending to services.

“Exacerbating the downturn has been a continued focus on inventory reduction as manufacturers, their suppliers and their customers all seek to cut warehouse stocks in the face of weakening demand.

“In this environment, pricing power is fading rapidly. Prices charged for inputs by suppliers are now falling at a rate not seen since 2009 barring only the early pandemic lockdown months. Prices charged for goods leaving the factory gate meanwhile barely rose in June amid increasing reports of discounting, indicating a near-total collapse of inflationary pressures in the goods-producing sector.

“The focus now turns to the service sector, where inflationary pressures have been more stubborn in recent months amid resurgent post-pandemic demand. The big question is how long this service sector spending can be sustained in the face of headwinds from the cost of living and higher interest rates.”

III) USA ECONOMIC STORIES

How Bidenomics Generates More Debt And Inflation

MONDAY, JUL 03, 2023 – 09:20 AM

Authored by Daniel Lacalle,

Estimates of United States growth have improved but remain massively below the Federal Reserve projections.

After the largest monetary and fiscal stimulus in recent years, growth remains well below trend and debt is significantly higher. It is interesting to hear Janet Yellen say that “trickle-down economics did not work” when this is the failed trickle down: massive government deficit spending leads to negative real wage growth and weaker GDP.

Current consensus real GDP growth for 4Q23 stands at 0.2%, significantly lower than the median projection of 1% in the FOMC’s June Summary of Economic Projections.

The latest figure, for example, shows the evidence of headline strength hiding weakness in the details. New durable-goods orders surged in May, but this headline growth disguised that core capital-goods orders were revised down again.

Even if we consider the optimistic assumptions of the Biden administration, which assume a 2% per annum GDP growth until 2032 and 3.8% unemployment, the United States federal government deficit would not fall below 5% of GDP even in 2032. That is a deficit that rises from $1.1 trillion in 2023 to $2.01 trillion in 2032, an accumulated deficit between 2023 and 2032 of $15.46 trillion. That is a 106% debt to GDP according to the Biden administration calculations even with very bullish estimates of growth that consider no recession or stagnation in the entire forecast period.

One of the biggest problems of this neo-Keynesian approach to government budgets is that it leaves households with less money in real terms and the “anti-inflation” measures increase debt and inflation.

Take the American Rescue Plan.

It was supposed to be the helicopter money solution to the crisis, giving families cash and supporting consumption through the pandemic. Adjusted for inflation, Bloomberg Economics estimates the average household in the bottom 40% of the income distribution now has liquid assets worth $1,200 less than they did before Covid.

You wanted the stimulus cheque with printed money? You paid for it multiple times over in higher inflation.

The other key policy items of the Biden administration, the Inflation Reduction Act, the CHIPS and Science Act, and the Bipartisan Infrastructure Law were created to incentivize aggregate demand and boost investment in areas where the private sector seemed to be underinvesting. However, it was not the case. The problem is that the government does not have more or better information about the requirements of the real economy, assumes erroneously that the private sector did not invest because of some flaw in the market, and these massive federal expenditure programs generate more inflation as they add artificial demand created with newly printed units of currency to an economy that is already working at full capacity and full employment. Thus, it puts more fuel to the fire of inflation.

Bloomberg Economics warn that “If successful, the benefits of these projects will play out in the long term – and other deliverables, like reduced dependence on China and lower carbon emissions, won’t show up directly in the GDP data. In the near term, our view is that the costs in terms of higher inflation and recession risks offset the benefits and may even outweigh them”. Even if we assume a benign view of multiplier effects, the result is that these plans accelerate the risk of a recession by artificially tightening an already strong labor market and putting more pressure on supply chains.

The Inflation Reduction Act assumes a total of $500 billion in federal expenditure and tax breaks to accelerate investment in clean energy.

This was utterly unnecessary when the United States was already a global leader in renewable energy investments, and the program so far has created more inflationary pressures as artificial government spending added to an already hot industry. Furthermore, if there was an industry that required no further support from the government it was the clean energy sector, which had no impact from the pandemic on investor demand and ample financing capacity.

The same happens with the Bipartisan Infrastructure Law, $550 billion in new spending over five years, included a clearly unnecessary artificial boost to an already booming sector, driving prices much higher.

Even considering revenue-generating measures, and assuming they would work, the net effect “will be to add on average about 0.1% of GDP per year to the primary fiscal deficit during that period” according to Bloomberg Economics.

Launching multi-billion spending programs financed with newly created money and debt into an economy that was already running at full capacity has added to inflation and further debilitated the public finances. Meanwhile, the measures taken by the Federal Reserve to reduce the inflationary pressures -that were worsened by the government anti-inflation spending programs- make a recession more likely. The Federal Reserve must act to reduce the inflation that the government generates with its anti-inflation spending programs and by doing so, may create a recession as the rate hikes and monetary contraction hinder families and businesses. Brilliant.

When all this fails and revenues fall below estimates, growth deteriorates or leads to a recession, and debt soars, neo-Keynesians will say that another massive government spending program is required.

end

USA// COVID

SWAMP STORIES

Tucker Carlson No 8

“Believe Their Lies Or Pay The Consequences” – Tucker Carlson Blasts Trans Ideology As “Just Another Religious War”

SATURDAY, JUL 01, 2023 – 11:00 AM

Having questioned the establishment’s blockade of RFK Jr’s presidential run, highlighted the military-industrial complex’s reasons for destroying Trump, examined Joe Biden’s dictatorship tendencies (and the bifurcated system of justice when it comes to his son), and dared to ask “why exactly are we at war with Russia?“, former Fox News host Tucker Carlson likely went to ’11’ in the eyes of progressives in his latest ‘Tucker on Twitter’ episode – throwing shade at no lesser person than ‘Admiral Rachel Levine’ – America’s first transgender health secretary (does anyone else feel like that sounds oxymoronic?).

In a brief monologue, Carlson called out Levine, who was born Richard “Rick” Levine, for undergoing a late-life transition from being a husband and father of two to pushing transgender ideology by identifying as a woman and wearing feminine clothing, becoming Admiral Rachel Levine, the assistant secretary for health at the United States Department of Health and Human Services.

“Few Americans in our history have come as far as Rick Levine. Here’s a fat guy in a Halloween costume who somehow became the federal health minister.

…What we have here is living proof that in this country, you really can be whatever you want to be,” Carlson said.

“If Rick Levine can become ‘Admiral Rachel’, why can’t you be Napoleon? Or Lord Mountbatten, the last viceroy of India? Ever see that guy’s uniform?”

Carlson questions the societal shift towards individual self-identification and challenges the idea that individuals can redefine themselves without consequences, contrasting it with historical beliefs in natural law and consequences for disobedience.

Levine’s “personal journey” is not to empower people, but rather to become more powerful, explains Carlson.

“Shut up and be proud of Admiral Rachel,” he continued.

“She’s the one who has smashed glass ceilings, and you’ve just got some kind of weird fetish. So actually, now that we’re saying this out loud, it’s pretty clear that Rick Levine has no interest in liberating you from anything. This is not about liberation, it’s just the opposite. It’s just another religious war, same as all the others. The people who think they’re God versus everybody else.”

Watch the full episode below:  https://www.zerohedge.com/political/believe-their-lies-or-pay-consequences-tucker-carlson-blasts-trans-ideology-just-another

Full transcript below:

Hey, it’s Tucker Carlson.

Belmont Hill is a small private school outside of Boston. It’s not famous for its Athletics – the school’s mascot isn’t even an animal, it’s an 18th century navigational tool – the Belmont Hill sextants, doesn’t even make sense. So when it comes to sports, Belmont Hill is not trying very hard.

But the school’s Athletic program can claim at least one important footnote to history – in 1975 it’s football roster contained two names that you will recognize even now Mark Milley and Richard Levine.

Milley is now the chairman of the Joint Chiefs of Staff. Levine, of course, is our country’s most famous Admiral.

Both transitioned late in life into overweight middle-aged women. Both wound up working as high-level officials in the Joe Biden Administration.

Their teammates at the all boys school in Boston probably wouldn’t have predicted any of that.

Hre’s what Rick Levine looks like now from a video he just posted on Instagram: “hello my name is Admiral Rachel Levine and I have the honor of being the assistant secretary for health at the United States Department of Health and Human Services – happy Pride, happy pride month, and actually let’s declare it a summer of Pride. Happy summer of pride.”

‘Happy summer of Pride’? Rick Levine is so darn proud he’d like to tell you about it all summer and possibly into the fall.

He’s got a lot to be proud of.

What specifically you ask?

Well strangely he doesn’t say nor does he mention his former wife or children – he doesn’t tell us whether they’re proud too.

Since none of them have been invited onto the Today Show to talk about their feelings, we’re going to have to guess for now.

We’re going to assume that his former family is proud and why wouldn’t they be…

Few Americans in our history has come as far as Rick Levine.

Here’s a fat guy in a Halloween costume who somehow became a federal health Minister – not a small thing given that not too long ago this same man was a married pediatrician with kids lecturing about eating disorders at Penn State.

Now he’s emerged as a path-breaking lady Admiral with medals on his chest and he did all of that without winning a single naval battle or even being female.

It’s pretty inspiring.

What we have here is living proof that in this country you really can be whatever you want to be.

If Rick Levine can become Admiral Rachel why can’t you be Napoleon or Lord Mountbatten, the last Viceroy of India – ever see that guy’s uniform, or why not Shaka, the legendary Zulu Warchief.

you could bring your assegai and leopard-hide shield to work at Deloitte and no one would be allowed to say a word about it – the HR department would have your back.

Unfortunately you can’t actually do any of that.

The point of Rick Levine’s amazing transformation is not to free you from the inflexible husk that you were born in so you can be more fully yourself – whatever you decide that is – no that’s not the point.

Rick Levine’s personal Journey has nothing to do with you – it’s about him, it’s his journey.

Your fantasiess about becoming something totally new and different have not been approved yet in fact they’re weird.

Shaka the Zulu War King –  come on, that’s racist shut up and be proud of Admiral Rachel.

Rachel L Levine – she’s the one who has smashed glass ceilings – you just got some kind of weird fetish.

So actually now that we’re saying this out loud it’s pretty clear that Rick Levine has no interest in liberating you from anything.

This is not about Liberation it’s just the opposite it’s just another religious War – same as all the others.

The people who think they’re God versus everybody else.

In primitive civilizations – which would include every civilization since the beginning of time until ours – people assume there were rules.

Rules that no human being made but that people could ignore only at their peril – at great risk.

Some call these rules nature, or natural law, or even as society’s advanced theology.

But most of the time people didn’t call them anything – they didn’t have to – there wasn’t a debate about whether the rules were real. People assumed there were consequences to pretending that you were God

They thought Sodom and Gomorrah were real places that were destroyed for Disobedience. They imagine the same thing could happen to them.

Not anymore. Rick Levine doesn’t worry about being punished by forces he can’t see. He knows he’s in charge – he makes the rules, he sets the limits. Reality is what he says it is – that’s his View and he shares with virtually everybody else in a position of authority in the United States.

That’s a pretty bold bet really – for seven million years human beings have believed one thing – presumably based on some evidence; around 2015 they began convinced of something completely different.

Are they right?

It feels like we’re going to find out soon..

end

The USA is totally divided

(zerohedge)

Democrat Rep. Has Psychotic Meltdown – Calls Supreme Court “Illegitimate White Patriarchy”

SATURDAY, JUL 01, 2023 – 02:00 PM

The separation of the political left from any sort of reasonable governance has been obvious for years now.  To put it simply, they see the government as their personal weapon for deconstructing the country so they can rebuild society the way they want.  They believe this is their right – The right of the collective to socially engineer   

The notion that elements of the government might serve the interests of conservatives and independents is an unthinkable heresy.  And, whenever they don’t get exactly what they want from the government (which is rare) they immediately act as if they have been betrayed; that an “insurrection” is afoot to enslave them.  

This attitude seems to overlook the fact that every major institution in the US has been catering to the far-left for decades.  Even when GOP Republicans have taken a majority in the House, the Senate or put their man in the Oval Office, the general legislative trend has always taken a progressive direction, to the point that America has become increasingly more socialist in its functions.  It’s also the reason why America has become economically and socially unstable.   

In truth, leftists have been getting what they want from governments and the corporate world for so long they have become utterly entitled, like spoiled children.

That’s the kind of sad energy we now see on display among Democrats in the face of multiple Supreme Court losses, including the reversal of Roe v. Wade, the blocking of Biden’s student loan relief program and the end of affirmative action on college campuses.  All these court decisions really amount to is a reversal of entitlements that never should have existed in the first place.  Leftists see such entitlements as “civil rights,” never mind that they exist as a means to take the rights of others.

Democrat Representative Jaamal Bowman echos this ideology, combining it with a tired and psychotic rant about “white patriarchy” being the core function of the Supreme Court.

The message?  It’s complicated because it’s unhinged, but at bottom the far-left wants to fundamentally change the very fabric of the government so that it always acts in their favor regardless of who else is trampled in the process.  Let’s try to break down Bowman’s claims…

Playing the racism card is the Democrat go-to tactic for a reason.  The primary purpose is to incite civil unrest as a tool for control – “Give us what we want or the cities will burn.”  The secondary purpose is to declare ownership of minorities.  The propaganda acts as if all minorities are a monolith that serves the aims of the political left.  The idea that minorities might also be conservative is ignored.    

Affirmative action has always been a racist policy; it allows institutions to actively discriminate based on skin color and ethnicity.  Interestingly, white people are not the most affected by affirmative action on college campuses; Asian people are the most discriminated against, with double standards in testing and academic excellence designed to keep them out of the classrooms.  According to research from Princeton University, students who identify as Asian must score 140 points higher on the SAT than whites and 450 points higher than Blacks to have the same chance of admission to private colleges.

The notion of a constitutional convention has already been cited by other Democrats including California Governor Gavin Newsom as a means to dismantle the 2nd Amendment, but Bowman seems to be suggesting a convention to completely upend the Supreme Court and the very foundations of the law.  Keep in mind that Democrats have avidly defended the court structure when it works in their favor, but since the court is finally operating on a more constitutional framework they argue it is now corrupt and white supremacist.

Student loan debt relief is nothing more than a way for Dems to buy votes – “Put us in office and we will eliminate the debts you accrued getting that degree that was probably useless.”  Of course, taxpaying Americans would have to cover the bill for debt forgiveness on college loans, not the Democratic Party.  It’s rather brilliant when you think about it – Democrats use your money to buy votes to keep themselves in office so they can continue to erode your constitutional rights.  You pay for your own oppression.

People should have to pay for their own debts.  Taxpayers should not have to pay their debts for them. It teaches a terrible lesson to the next generation that if they make mistakes the government will make sure they don’t have to learn from those mistakes.

Finally, it’s not surprising that Bowman attacks expanded gun rights in his diatribe on affirmative action, given that the political left cannot maintain power unless the public is eventually disarmed.  Leftists believe in majority rule, as long as they are the majority.  If they are the minority, they riot.  If they are the majority, they demand government suppress their political opponents.  In either case, gun rights stand as a major obstacle to them.  

It was only a couple years ago that establishment elites and Democrats were pushing for permanent covid mandates, jail time for those who spread information contrary to the government narrative and economic discrimination for anyone who refused to take the vaccines.  The political left took the mask off completely and showed who they really are.  They cannot be trusted to rewrite or rebuild core government structures. 

Their hatred of the Supreme Court is not based on any legitimate grievances, it’s based on how they view power.  The court is a center of power that does not always act according to the dictates of social justice Marxism.  They see the court as just another “platform” that needs to be co-opted.    

Many conservatives and moderates also have concerns bout how the Supreme Court makes decisions, but one cannot deny the constitutional logic behind their recent rulings.  It’s a shift that should have happened a long time ago, though it is happening in an era in which leftists see ideological deviation as treason.  They will use every trick at their disposal to undermine the law and create double standards to their benefit.  Bowman essentially admits that this is the plan.

end

This is what happens with a failed marketing campaign!

(zerohedge)

Bud Light’s Disastrous Pro-Trans Marketing Sparks Major Job Losses As Bottle-Suppliers Start Shutting Down

MONDAY, JUL 03, 2023 – 09:50 AM

Bud Light’s self-destruction after its botched TikTok promotion with clownish, male-to-female trans influencer Dylan Mulvaney, resulting in what Deutsche Bank analyst Mitch Collett recently said is a permanent loss of nearly 25% of its business, has forced one of its glass bottling producers to shut down plants. 

The Ardagh Group, a glass bottle producer who contracts with Anheuser-Busch company, is preparing to close plants in North Carolina and Louisiana, according to new documents obtained by local news WRAL. The closures will result in the firing of 645 employees — all because Bud Light’s Harvard-educated marketing director thought it would be a great idea to celebrate Mulvaney’s “365 Days of Girlhood.”

While Ardagh Group did not reveal why the plants were shutting down in the next few weeks, WRAL said workers at both plants noticed sliding production after Mulvaney’s video in early April. One employee said:

“Since April, we’ve had a couple of machines down.

“It was, of course, being pointed towards the Bud Light situation.”

An internal Ardagh Group memo, dated May 18, from a manager at the plant in Wilson, North Carolina, said two of the factory’s production lines would be going offline because of “slow sales with Anheuser Inbev.” 

Last Wednesday, employees at the Wilson plant said the manager told them the plant’s upcoming closure is directly related to the nationwide Bud Light boycott. 

Data gathered by Deutsche Bank shows that a staggering 24% of Bud Light consumers no longer purchase the brand, while another 18% are buying less. This implies a permanent reduction in the brewer’s business and underscores why bottle demand has slid.

Another analyst, Evercore’s Robert Ottenstein, said Bud Light will “permanently lose” between 15 and 20% of its volume, after which “declines will resume at about the average rate of the prior 10 years.”

In May, HSBC downgraded the stock to “hold” over its “Bud Light crisis,” adding that there may be “deeper problems” at the company.

And it’s not just bottlers. Bud Light distributors are under severe distress because of crashing demand:

• Anheuser-Busch Distributors Freaking Out Over Transgender Ad Campaign
• “Not Our Beliefs” – Bud Light Distributor Sends Out Public Plea to Bring Back Customers

Bud Light tried a new ad mocking its customer base to reignite sales, but that failed miserably as Twitterverse roasted the brewer. 

All told, hundreds of jobs, if not more, have been impacted by Bud Light’s decision to allow a ‘woke’ Harvard-educated millennial to run the marketing department. She has also been fired. 

END

My goodness!

AOC Wants Supreme Court Justices Impeached In Retaliation For Doing Their Job

MONDAY, JUL 03, 2023 – 01:50 PM

Interpreting the laws as close to the original intent of the constitution as possible is the focus of the US Supreme Court.  Sometimes they do this job well, sometimes they get it completely wrong and it takes years for their mistakes to be corrected.  Generally speaking, the mandate of Supreme Court justices is to make decisions based on the logic of the law as it was designed by the Founding Fathers and not allow politics or personal bias to interfere. 

But what happens when the country becomes so utterly divided that one side of the aisle views the constitution itself as an illegitimate document?  What happens when the goal of that group is the deconstruction of the law in an effort to engineer double standards that work in their favor?  How would the Supreme Court be viewed in a world where any deviation from the party line is seen as treason?

Well, we are witnessing the results of this powder keg atmosphere right now.  This week has brought a flood of outrage from Democrats and leftist activist groups who have been, for the most part, getting exactly what they want from the government and the legal system for years.  So much so that they have now come to expect that every policy and every law will be adjudicated according to their manifesto.

One notable meltdown was that of Democrat Rep. Jaamal Bowman, who accused the Supreme Court of being ‘illegitimate’ and in the service of ‘white patriarchy.’  Another revealing leftist commentary was that of Alexandria Ocasio-Cortez, who argues that the Supreme Court must now be investigated for corruption, suggesting that impeachment is on the table.  

Keep in mind that this is the kind of behavior that the Democrats used to admonish back when the court consistently ruled in their favor.  Whenever conservatives have questioned the constitutionality of certain decisions by the Supreme Court in the past, the argument from the left was always – “Stop whining and win some elections; get conservative justices placed and then you will have some laws decided in your favor.”  

Now that this has happened, though, leftists are enraged that conservative members of the court would make legal decisions in a conservative way.  They are so angry that they are using words like “corruption” and “racism” and “sedition.”  Instead of accepting the rulings as they told conservatives to do, they are calling for the political intimidation and strong-arming of the court as a means to either tear it down or intimidate it into submission. 

We saw this to some degree with far-left activists stalking justices at their homes after they overturned Roe v. Wade a year ago, but the surprisingly weak protests were not enough to create the kind of fear response they desired.  Democrats seem to be trying to evoke a much larger and more dangerous public reaction this time around.  When leftists start to lose power, they start a riot.  It’s their go-to strategy.  

Setting aside all the media distractions and the charged rhetoric, ultimately it all comes down to the moral questions and how they are framed by the gatekeepers. 

Leftists like AOC suggest that the latest court rulings are “authoritarian.”  Let’s not forget that these are the same people that tried to make medical tyranny a perpetual mainstay of our society over a virus that 99.8% of people on average easily survive.  Their Supreme Court narrative is quite deliberate; after acting like authoritarians for years with almost every branch of the government and the corporate world backing them, leftists are trying to flip the script and accuse conservatives of being the villainous dictators. 

But beyond that, is it really authoritarian to take away entitlements that never should have existed in the first place?  Is it moral to support racist policies like Affirmative Action which assign privileges purely on skin color and ethnicity?  Is it moral to force US taxpayers to cover the college debts of people who refused to make wise decisions?  Is it moral to violate the religious rights of a business owner by forcing him to do work for people that are hostile to his beliefs?  

It’s hard to say if the political left ponders these questions at all.  They don’t view freedom in the same way that most Americans do.  They think freedom is about equity of outcome rather than equality of opportunity.  They don’t view morality the way most Americans do.  In their eyes, if a legal decision is an obstacle to what they want, it is immoral and it is authoritarian regardless of nuance.  We can’t reason with people like this, because they don’t care about the same things we care about. 

end     

THE KING REPORT

The King Report July 23, 2023 Issue 7024

Independent View of the News

Yen weakens past key 145 per dollar level; yuan falls after China PMI data Data on Friday showed core inflation in Tokyo perked up in June and remained above the BOJ’s 2% target for the 13th month… Also on Friday, official surveys showed China’s factory activity declined for a third straight month in June and weakness in other sectors deepened, data which initially sent the yuan lower… https://t.co/MTJh4l1TTT   Eurozone June CPI 5.5% y/y, 5.6% expected, 6.1% prior Eurozone June CPI 0.3% m/m as expected, 0,0% prior Eurozone June Core CPI 5.4%, 5.5% expected, 5.3% prior Eurozone May Unemployment 5.4%, 5.5 expected, 5.3% prior   US economic data released on FridayMay Personal Income 0.4% m/m, 0.3% consensus, 0.3% prior revised from 0.4%May Personal Spending 0.1%, 0.2% consensus, 0.6% prior vised from 0.8%May PCE Deflator 0.1% m/m as expected, prior 04%May PCE Deflator 3.8% y/y as expected, prior 4.3% from 4.4%May Core PCE 4.6% y/y, 4.7% consensus and priorMay Core PCE 0.3% m/m as expected, 0.4% prior  FT: Bank of America nurses $100bn paper loss after big bet in bond market (Per FDIC data) JPMorgan Chase and Wells Fargo — the nation’s first and third-largest banks, respectively — each had about $40bn in unrealised bond market losses, while fourth-largest Citigroup’s paper losses were $25bn…  https://www.ft.com/content/df4f343c-5666-43a2-ba01-ef315bfb119a   @jasonfurman: Over the last two quarters GDP has grown at a 2.3% annual rate while GDI has fallen at a 2.6% annual rate. That’s the largest discrepancy in these 2 ways of measuring the same thing in at least twenty years. (This statement is based on comparable historical vintages.)   ESUs traded modestly lower when Nikkei trading began.  The rallied modestly, but traded mostly sideways in a tight range until they broke higher at 4:30 ET.  ESUs and stocks then soared until 10:20 ET on Q2 performance gaming.  USMs also rallied smartly.  There was no sign of Q2 rebalancing.   After a 13-handle ESU decline into the 11:30 ET European close, ESUs and stocks plodded higher, making new highs in the latter part of the noon hour.  Of course, Fangs led the rally because they are over-owned and will be a priority to be manipulated higher to game Q2 performance.   When the afternoon arrived, the rally lost is mojo; but ESUs inched higher in lackluster action until 15:54 ET.  ESUs tumbled 18 handles into the close.   Positive aspects of previous session Stocks and bonds rallied on Q2 performance gaming and the unwinding of long bonds/short equities The S&P 500 Index 16% in the 1st half of 2023, the best first half since 2019 Nasdaq +31.73% in 1st half of ‘23, biggest 1st half since 1983, 2nd biggest half gain since 1999 Bubble Nasdaq 100 Index +38.61% in 1st half of 2023; NY Fang+ Index +74.54% in 1st half of 2023 Negative aspects of previous session The DJTA was negative until the afternoon; Old Dominion fell as much as 2% Commodities rallied moderately on Q2 performance gaming The dollar declined sharply   Ambiguous aspects of previous session What impact will Q2 rebalancing have of the markets later his week?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4443.76 Previous session High/Low: 4458.48; 4422.44   @charliebilello: 2023 First Half Returns… The Enormous Eight… NVDA: +190%, META: +138%, TSLA: +113%, AMZN: +55%, AAPL: +50%, NFLX: +49%, MSFT: +43%, GOOGL: +36% Everyone Else: S&P 500 Equal Weight ETF RSP +7%, S&P Small Cap ETF IJR: +6%     US close to providing long-range ATACMS missiles to Ukraine – WSJ (Major escalation)   A $2 Trillion Inflation-Linked Debt Headache Arrives Thames Water, Britain’s largest water supplier, is in talks with government officials about its options for dealing with its more than £14 billion ($17.8 billion) debt pile. Its burden has grown more onerous in large part because of its use of inflation-linked bonds, which account for more than half of its senior debt and has remained high in the UK… companies with high levels of floating-rate and inflation-indexed debt may end up needing the most relief, and may find themselves with few options for fixing their trouble… https://finance.yahoo.com/news/2-trillion-inflation-linked-debt-200000031.html   ‘Allahu Akbar’ Riots Erupt in France after Police Shooting of 17-Year-Old Nahel with a Lengthy Criminal History – The death of Naël has sparked widespread violence and unrest across France as individuals identifying as leftists and Muslims engage in rioting, property destruction, attacks on businesses and government buildings, and even targeting police officers… https://rairfoundation.com/allahu-akbar-riots-erupt-in-france-after-police-shooting-of-17-year-old-nahel-with-a-lengthy-criminal-history-videos/   French Police Say “We’re at War With Vermin” as Nationwide Riots Spread like Cancer https://www.zerohedge.com/markets/french-police-say-were-war-vermin-nationwide-riots-spread-cancer   France riots: Minister deploys 45,000 police amid riots https://t.co/LPlBaPxkcs   @AmyMek: France has fallen… Police are unable to control the migrant and left-wing riots taking place across the country. French media has surrendered and cannot keep track of the number of towns and cities across the country being looted, set on fire, and destroyed.    Islamic attacks, riots, murders, rapes, assaults, and lynching of police across France are part of a new normal in a country struggling with mass illegal migration. France is now the main Islamic country in Europe, with more than 10% of its population being Muslim…   Reports say rioters in France have guns, including automatic weapons, and military-grade explosives.    @elonmusk: Where do they get all the guns? Individual gun ownership in Europe is extremely limited, but not zero. Most of these guns must therefore be stolen or illegally imported.   @GoldingBF: Rioters fire a rocket propelled grenade at a French police station. If this is not civil war, we don’t know what is.  https://twitter.com/GoldingBF/status/1675061238189965320   @visegrad24: Macron issues statements blaming the nationwide riots on social media and video games.     Rioters in France setting an elementary school on fire with the help of a gasoline canister.  The damages from these riots will be in the billions of euros. https://twitter.com/visegrad24/status/1675115831909314560     The streets of France after nights of rioting. The scale of the riots is horrendous https://twitter.com/visegrad24/status/1675167245780000768     The riots have spread from France to Belgium. The police have announced that more than 100 rioters were arrested after unrest in Brussels and Liege yesterday https://twitter.com/visegrad24/status/1675118546412617728     The riots spread from France and Belgium to Switzerland.  Riots are taking place and stores are looted in the city of Lausanne. This video shows the riot police storming toward protesters. https://t.co/VBzp3b06rl   @CatholicArena: French priest Father Francis Pelle was stripped, beaten and left fighting for his life after an attempted lynching by Islamic race rioters last night in Saint Etienne.  The 80 year old priest was one of many Catholics targeted as the country slips into complete anarchy.   Macron dances at Elton John concert as France burns amid ongoing violence Police arrested over 1,300 protesters on Friday night alone https://www.foxnews.com/world/macron-dances-elton-john-concert-france-burns-ongoing-violence   @JimFergusonUK: Macron is resisting calls from his Police and military commanders to declare a state of emergency as he feels this will weaken his already shambolic Presidency as rioters have carried out raids on Police stations which have been ransacked and rioters are now armed with Automatic weapons. Security forces are being driven back and appear to be losing ground. Patience with Macron is almost gone and there are increasing calls for the military to remove Macron and take control of the Government. Britain’s foreign office is now warning UK citizens not to travel to France.   @mtmalinen: Rumors of a possible military coup in France. That would be something.  In any case, the plan of the globalists is backfiring. So, a massive escalation is needed to put it back on track. Be prepared for a major false flag within the next 2-3mo.   The US MSM is downplaying the uprisings in France, Belgium, and Switzerland for the obvious reasons.   Biden admin failed to plan for disastrous Afghanistan exit: officials https://t.co/1vsEHx7z5r (Friday afternoon news dump)   Twitter is DOWN! Thousands complain Elon Musk’s social media site has stopped working https://trib.al/jSfL0PF   @elonmusk: To address extreme levels of data scraping & system manipulation, we’ve applied the following temporary limits: Verified accounts are limited to reading 6000 posts/day – Unverified accounts to 600 posts/day; – New unverified accounts to 300/day   @DrMatthewSweet: Elon Musk is like a Scooby Doo villain who dresses up as a ghost to scare everyone away from the theme park but forgets that his business is theme parks.   Tesla beats second-quarter delivery estimates as price cuts pay off 466,140 vehicles in the April to June period, up 10% from the preceding quarter, and 83% higher from a year earlier… Analysts on average had expected Tesla to deliver 445,000 cars... https://t.co/6WgM9xY9qU   Ray Dalio: Why the World Is on the Brink of Great Disorder The largest amounts of debt, the fastest rates of debt growth, and the greatest amounts of central bank printing of money and buying debt since 1930-45. The biggest gaps in wealth, income, values, and the greatest amounts of populism since the 1930-45 period. The greatest international great powers conflict, most importantly between the U.S. and China, since 1930-45… https://time.com/6286449/ray-dalio-world-great-disorder/   Trader’s Almanac: First trading day in July, S&P up 29 of last 33, average gain 0.5%.   Today – Traders will play for the usual Monday rally, the rally to start the month, and the propensity for stocks to rally into the 4th of July.  Yes, Virginia, stocks are burning up while Powell and his ilk fiddle.  The NY Fang+ Index is +74.54% in 6 months.  Nasdaq had its best 6-month gain since the Great US Stock Market Bubble of 1999.  This strongly suggests that there is TOO MUCH liquidity in the system.   ESUs are -2.00 at 20:20 ET.  Monitor the US 10-yr (3.84%); it is 23bps from a 15.5-year high yield!   Expected economic data: June S&P Global US Mfg PMI 46.3 prior; June ISM Mfg 47.1; May Construction Spending 0.4% m/m; June Wards Total Vehicle Sales 15.25m   S&P 500 Index 50-day MA: 4220; 100-day MA: 4127; 150-day MA: 4070; 200-day MA: 4000 DJIA 50-day MA: 33,624; 100-day MA: 33,363; 150-day MA: 33,463; 200-day MA: 32,914 (Green is positive slope; Red is negative slope)   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 4189.35 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 4337.89 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4411.13 triggers a sell signal   The SCOTUS by a 6-3 vote along party lines, tossed out Biden’s scheme to forgive student debt, a blatant pandering to young voters.  Chief Justice Roberts wrote Biden was “seizing the power of the legislature.”    Supreme Court cites ex House Speaker Nancy Pelosi in decision to strike down Biden student loan plan – “As then-Speaker of the House Nancy Pelosi explained: ‘People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress,'” Roberts wrote… https://justthenews.com/government/courts-law/supreme-court-cites-ex-house-speaker-nancy-pelosi-decision-strike-down-biden   We thought Biden’s scheme was patently unconstitutional.  Court liberals said the “Heroes Act” allows the education secretary to “waive or modify” loans because of a national emergency.  This is an egregious bastardization of the “Heroes Act.”  The law was intended to give debt payment relief to soldiers serving due to the 9/11 attack.   @RNCResearch: Biden, 2019: “But why should, in fact, these people out here pay for the fact that my kids had a significant debt, but they went to Yale and they went to Penn and they went – for incredibly high tuitions.” https://twitter.com/RNCResearch/status/1674844381629513737   @CBSEveningNews: Hours after the Supreme Court ruled against his student debt relief program, President Biden was at the podium with a new plan — using something called the Higher Education Act to carve out a new authority to forgive student loans. https://t.co/mup9C96GeK   Biden told the Secretary of Education to immediately make plans to forgive or modify student loans.   GOP @RepDanBishop: Defying established law to further impair collectability of loans is criminal conduct. Impeachment and/or prosecution for all who follow this course.   Turley: Biden’s Displays Stunning Denial Psychosis over Student Loans Ever since President Biden first announced that he would unilaterally forgive roughly half a trillion dollars in student debt, many of us have noted that he lacked that authority under the Constitution. We were not alone: we had Joe Biden himself.  During the 2020 presidential election, Biden admitted that he needed congressional approval for such a massive loan forgiveness… There is no Plan B under the Constitution. Congress controls the power of the purse and the President cannot govern alone… https://jonathanturley.org/2023/07/01/the-hypocrisy-is-stunning-bidens-displays-stunning-denial-psychosis-over-student-loans/   Biden blames GOP for triggering SCOTUS student loan ruling  https://t.co/G2GAXzQE8Y (Renowned Constitutional scholar Joe Biden: “The Supreme Court misinterpreted the Constitution.”)   The Big Guy, once again, said “We hold these truths to be…” is in the Constitution!  It’s the Declaration of Independence, Joey Baby.  https://t.co/AZsrNNVESQ   Liberal Supreme Court Justices Rely on False Claims about Racism, Anti-Gay Bigotry to Bolster Dissents – Affirmative action, Jackson claimed, doubles the chance of black infant survival: “For high-risk Black newborns, having a Black physician more than doubles the likelihood that the baby will live, and not die.”  The study, however, finds that black infants have a 99.6 percent survival rate with black doctors and a 99.8 percent survival rate with white doctors. What Jackson misinterpreted when she claimed that the black infant survival rate “doubles” with a black doctor is the discrepancy that more white doctors are in Neonatal intensive care units (NICU), where babies are less likely to survive. If a black baby has a black doctor, it’s likely because that baby is not in a NICU, which of course yields higher survival rates… In her dissent, Sotomayor said a “social system of discrimination created an environment in which LGBT people were unsafe,”… https://t.co/9hMld1m1vw   @lhfang: It’s amazing how many pages the liberal justices spend discussing historical racial wrongs without ever really touching the history of Asian Americans, the actual plaintiffs in the affirmative action case. The only justice to do that is Justice Thomas, in his concurrence. https://t.co/qJqTwGzQk9   Joe Biden Says He Wants to Crack Down on ‘Privilege’ in Education. He Once Called UPenn’s President to Get His Granddaughter in.  https://freebeacon.com/biden-administration/joe-biden-wants-to-crack-down-on-privilege-in-education-he-called-upenns-president-to-get-his-granddaughter-in/   GOP Rep. @laurenboebert: The Obamas rage tweeting about Affirmative Action from a private yacht in the Mediterranean is probably the most out of touch and yet unsurprisingly on-brand thing they’ve done lately. This is what socialists want. We’re supposed to be bickering over stuff while they live in luxury.   NY Democrat complains about her student debt after SCOTUS ruling, gets slammed for million dollar home – Former New York State Sen. Alessandra Biaggi, a Democrat, said she owes $206,000 in student loan debt… despite purchasing a $1.14 million home last summer… https://www.foxnews.com/politics/ny-democrat-complains-student-debt-scotus-ruling-gets-slammed-million-dollar-home   Bachelor star @Jillie_Alexis mocks Elizabeth Warren for past claims of Native American heritage after slamming SCOTUS ruling. https://t.co/ONAEVoVKtS   @TheBabylonBee: Elizabeth Warren Says without Affirmative Action, a Native American Girl Like Herself Would Never Have Been Accepted to Rutgers https://t.co/opLV0nGEpt   AOC proposes subpoenas and impeachment to limit SCOTUS justices’ power following landmark decisions – Democrats have called the Supreme Court ‘illegitimate’ following landmark rulings… https://www.foxnews.com/politics/aoc-proposes-subpoenas-impeachment-limit-scotus-justices-power-following-landmark-decisions   Roberts scolds liberal justices for demonizing rulings they don’t like: ‘Disturbing feature’ of dissents – He said the majority came to its decision by adhering to court precedent “old and new” that “requires that Congress speak clearly before a Department Secretary can unilaterally alter large sections of the American economy.”… “It is important that the public not be misled either. Any such misperception would be harmful to this institution and our country… “After a multi-decade, special interest-funded effort to reshape the federal judiciary, the fanatical MAGA right have captured the Supreme Court and achieved dangerous, regressive policies that they could never attain at the ballot box,” Schumer said… “Ill-founded and disappointing decisions from the Supreme Court are a stark reminder that it will take a sustained effort to rebalance our federal courts.”… https://t.co/ghm4PxDn3n   NY Times blasted as ‘racist’ for predicting affirmative action ruling will make colleges ‘whiter’ “The New York Times appears to be inferring that black and brown people are too stupid to get into a colleges on their own merit,” Timcast’s Josie Glabach tweeted… https://www.foxnews.com/politics/new-york-times-blasted-racist-affirmative-action-ruling-make-colleges-whiter   @DeSantisWarRoom: DESANTIS: Colleges and universities “should be responsible for defaulted student loan debt. If you produce somebody that can’t pay it back, that’s on you.” “I don’t want ANYONE to have to be deep in debt just to get a college degree!” https://twitter.com/DeSantisWarRoom/status/1674796060441726990   @tristanleavitt: U.S. Attorney Weiss’s letter confirms exactly what Gary Shapley told Congress: Weiss did not have “full authority” to bring charges, but had to “partner” with relevant U.S. Attorney. Says he’s “been assured” he could get Special Attorney status in future—but hasn’t had it yet. https://twitter.com/tristanleavitt/status/1674994404245794817     Now he can answer to Congress regarding whether he lied to FBI and IRS agents on 10/7/22 about having asked for special counsel authority and been turned down, or whether he is playing semantics in this letter with *when* assurances were made to him about receiving it in future.   Hunter Biden prosecutor refusing to cooperate with Congress, but adjusts earlier story David Weiss, the Delaware U.S. attorney, now admits it’s possible he contacted other federal prosecutors as whistleblowers allege. https://justthenews.com/accountability/political-ethics/hunter-biden-prosecutor-refusing-cooperate-congress-adjusts-earlier   Ex-federal prosecutor @WisenbergSol: In case you haven’t figured it out yet, this is a tell. Weiss is a weasel. The fix was in… Re semantics, special counsel and special attorney are not the same thing. It’s possible that Shapley confused the two, but that’s irrelevant. Weiss told the room that, after DC’s rejection, he “asked for special counsel authority from Main DOJ…and was denied that authority.”   @paulsperry_: Investigators have evidence Biden as VP shared classified nat’l defense information — including military briefings re US troops in Afghanistan & NATO cables — with his son Hunter Biden who was not a federal official with need-to-know and lacked the security clearance     Investigators have obtained emails & logs revealing VP Biden’s scheduler & gatekeeper KATHY CHUNG –a key suspect in Biden’s classified docs scandal– was directly involved in arranging & attending meetings in West Wing & VP Observatory w/ BURISMA go-between Hochstein   @themarketswork: Reminder: As vice-president, Joe Biden held a number of private email addresses that he used to forward and receive government correspondence. Some names used: “Robin Ware,” “Robert L. Peters” & “JRB ware”. https://t.co/ceSvr1jkLV   Hunter Biden filmed himself smoking crack behind the wheel, driving at 172mph on way to Vegas: photos https://t.co/ExS2SqdTIJ   Hunter Biden once again joins dad for weekend getaway to Camp David https://t.co/eDAFr4iGR0 (Coordinating their stories and excuses?)   Biden slammed after report reveals number of grandchildren his aides instructed to say publicly: ‘Monsters’ – President Biden, first lady Jill Biden refuse to acknowledge Hunter’s estranged daughter https://www.foxnews.com/politics/biden-slammed-report-reveals-grandchildren-aides-instructed-say-monsters   Supreme Court: Web designer can refuse same-sex wedding sites under First Amendment The high court found that to compel Smith to make sites “celebrating other marriages she does not,” would be “an impermissible abridgment of the First Amendment’s right to speak freely,”… Under Colorado’s Anti-Discrimination Act, businesses… can’t post notices doing so either… “But, as this Court has long held, the opportunity to think for ourselves and to express those thoughts freely is among our most cherished liberties and part of what keeps our Republic strong,” Gorsuch continued… https://trib.al/pLdKHKD   @FreeStateWill: Merrick Garland has criticized the Supreme Court days after whining about Americans questioning the DOJ’s credibility. In the words of Merrick Garland, Garland’s criticism of SCOTUS “constitutes an attack on an institution that is essential to American democracy.”   Biden admin gets burned after considering study to ‘block the sun’ The White House said there are no plans underway to establish a program researching solar modification     Actor and comedian Rob Schneider remarking, “So the same morons who said, ‘Masks work and you can’t get covid if you get the jab,’ want to block out the sun?!”… https://www.foxnews.com/us/biden-admin-gets-burned-after-considering-study-block-sun   WSJ: The Military Recruiting Crisis: Even Veterans Don’t Want Their Families to Join Pentagon scrambles to retain the main pipeline for new service members as disillusioned families steer young people away (Pay wall)  https://www.wsj.com/articles/military-recruiting-crisis-veterans-dont-want-their-children-to-join-510e1a25   White House cautiously opens the door to study blocking sun’s rays to slow global warming (Not a parody!  What possibly could go wrong!  Risk/reward anyone?) https://t.co/HiLjXiWPSW   Fears of Serial Killer in Chicago as Police Recover 16 Bodies from Local Waterways in Just 18 Months – Chicago has led the nation in homicides for nearly a dozen years… https://notthebee.com/article/fears-of-a-serial-killer-in-chicago-as-police-recover-16-bodies-from-local-waterways-in-just-18-months   NYC Mayor Eric Adams doubles down on comparing Holocaust survivor, 84, to a ‘plantation owner’… because ‘she was degrading’ to him…for raising the rent in her area… https://trib.al/ZpRHW7L   Anti-cop Boston City Councilor driving with ‘revoked license’ crashes car with son inside into house https://t.co/WXIUOmPdH9   @MakisMD: Vaccine Injury Treatment – Fasting for 48-72 hours creates autophagy – body’s detox process that kills COVID-19 vaccine spike protein damaged cells & reboots immune system.  mRNA vaccine injured people have damaged immune systems. Fasting creates new immune cells.… https://t.co/sAGfOJZmIP   @justin_hart: Cleveland clinic paper now peer-reviewed and published. Their blockbuster finding: “The higher the number of vaccines previously received, the higher the risk of contracting COVID-19”  https://t.co/g3iswuS9kQ   We hope you and yours have a festive and safe 4th of July!

GREG HUNTER  INTERVIEWING DAVID MORGAN

Nothing Can Stop Currency Crisis & War Crisis – David Morgan

Nothing Can Stop Currency Crisis & War Crisis – David Morgan

By Greg Hunter On July 1, 2023 In Market Analysis25 Comments

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Economic analyst and financial writer David Morgan went against the majority of financial gurus and predicted at the end of 2022 that there was no way the Fed was going to cut interest rates.  He said on USAWatchdiog.com in December, “Cut Interest Rates & Dollar is Done, Toast, It’s Over.”  Fed Head Jay Powell said this past week the Fed was raising interest rates at least two more times to “fight inflation.”  This was a direct hit by Morgan.  Morgan sees a coming currency crisis and a war crisis.  Morgan explains, “Yes, we have both a currency crisis and a war crisis.  Let’s start with the currency crisis.  My favorite phrase for what is going on is ‘All fiat currency fails.’  We have never seen a time in all of recorded history that an unbacked currency does not go basically and effectively to zero.  When you say that ‘All fiat fails,’ there is a subgroup that says, yeah, but not the U.S. dollar. . . .I don’t know how many people have given me pushback on that statement from all over the world. . . . When I say fail, I don’t mean it goes to absolute zero.  What it means is a currency fails and a new system is implemented. . . . History is on my side. . . . The precursor to this is what takes place.  Substitution.  What is substitution?  Crypto currency and gold and silver, of course. . . . and things like people going off grid.  All of these are indicators of how to mitigate the end of the U.S. dollar or the end of the currency crisis.  We have this all over the place. . . . Sooner or later, there will be a run for the exits.  Where are the exits?  Crypto currencies, gold and silver, barter clubs or the BRICS currency.”

Morgan contends you just cannot run into an alternative to the U.S. dollar because there are going to be supply disruptions for everything.  You might not be able to get what you need no matter how much money you have.  So, be prepared in every way you can.

Morgan also says, “The Great Reset is what the bankers want, but the Great Reject . . . will come from many who will not want to go down that way.  That’s what is going to be the most interesting because anyone who is awake, and there are more people waking up all the time, they will understand that you cannot go from one fiat phony currency, lie-based system into another one that is digital only.”

On the war crisis, the dark powers running the world want war.  Why?  Morgan says, “It covers up all the things that are wrong, and it also takes them off the hook.  It was the war.  The war did it.  All wars are bankers’ wars, and they are on both sides.  They make money regardless. . . . The main things are profit, but it also is mitigating their responsibilities.  They can get most people to think that it was the war that caused all this poverty, and, of course, the war will do that. . . . They don’t have a real conflict with Ukraine and Russia.  They just need a way out, and it is the most profitable way out.  They are going to default on all this debt, and this is how they are going to do it.”

There is much more in the 40-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One on One with David Morgan, founder of “The Morgan Report,” for 7.1.23.

(https://usawatchdog.com/nothing-can-stop-currency-crisis-war-crisis-david-morgan/)

(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 to censor people like USAWatchdog.com.)

After the Interview:

There is lots of free information that will be sent to you if you subscribe to TheMorganReport.com by email.  This is totally free, and you will get new analysis and content every week in your mailbox.  Did I say it was free?  (Just scroll down a bit until you see a box on the right side that says, “Discover How To Build AND Preserve Your Wealth” and fill in your name and email.)

On the paid side, you get special proprietary information and analysis if you accept the 30-day free trial and to become a subscriber to “The Morgan Report.”  Morgan says, “You can cancel with no questions asked within 30 days, and there will be no hard feelings.  Whatever you get is yours to keep if you opt-out.”

HAPPY FOURTH OF JULY HOLIDAY

I will see you on THURSDAY