by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSED: DOWN $2.20 TO $1919.85

SILVER PRICE CLOSED: UP $0.30   AT $23.19

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1916.45

Silver ACCESS CLOSE: 23.14

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Bitcoin morning price:, $30,449  DOWN 536  Dollars

Bitcoin: afternoon price: $30,500  DOWN 485 dollars

Platinum price closing  $921.55 UP  $9.40

Palladium price;     $1263/10 UP $23.20

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: $2,545.25 DOWN 1.65 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1508.63 DOWN 6.03 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1765.47 UP 4.56 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: 1,921.700000000 USD
INTENT DATE: 07/03/2023 DELIVERY DATE: 07/06/2023
FIRM ORG FIRM NAME ISSUED STOPPED

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118 C MACQUARIE FUT 270
323 C HSBC 640
363 H WELLS FARGO SEC 16
435 H SCOTIA CAPITAL 145
624 H BOFA SECURITIES 130
661 C JP MORGAN 36
690 C ABN AMRO 25
726 C CUNNINGHAM COM 5
737 C ADVANTAGE 14 30
905 C ADM 3

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TOTAL: 657 657
MONTH TO DATE: 1,369

JPMorgan stopped 36/657 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT:  657 NOTICES FOR 65,700 OZ  or  2.0435 TONNES

total notices so far: 1369 contracts for 136900 oz (4.258 tonnes)

FOR  JULY:

SILVER NOTICES: 341 NOTICE(S) FILED FOR 1,705,000 OZ/

total number of notices filed so far this month : 3241 for 16,205,000 oz

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END

GLD

WITH GOLD DOWN $2.20

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.60 TONNES OF GOLD FROM THE GLD:////

INVENTORY RESTS AT 921.90 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER  UP 30 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT 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 ROSE BY AN FAIR SIZED 319 CONTRACTS TO 114,421, MOVING ABOVE THE NEW RECORD LOW SET ON FRIDAY  AND CLOSER TO THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS GOOD SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR  $0.19 GAIN  IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A STRONG SIZED 815 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 MONDAY NIGHT: 815 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). AND WERE SUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 650 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. 

WE  MUST HAVE HAD: 

A SMALL  ISSUANCE OF EXCHANGE FOR PHYSICALS( 104 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S HUGE 820,000 OZ QUEUE JUMP.//NEW STANDING: 17.505 MILLION OZ/  // GOOD SIZED COMEX OI GAIN/ SMALL SIZED EFP ISSUANCE/VI)  STRONG NUMBER OF  T.A.S. CONTRACT ISSUANCE (815 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  –227  CONTRACTS

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS JULY. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JUNE: 

TOTAL CONTRACTS for 1 days, total 104 contracts:   OR 0.520 MILLION OZ  (104 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  0.520 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

JULY 0.52 MILLION OZ

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 319  CONTRACTS WITH OUR GAIN IN PRICE OF  $0.07 IN SILVER PRICING AT THE COMEX//MONDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL EFP ISSUANCE  CONTRACTS: 104  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 820,000 OZ QUEUE JUMP: TOTAL NOW STANDING 17.505 MILLION OZ/////  .. WE HAVE A STRONG SIZED GAIN OF 423 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A STRONG  815//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED  DURING THE FRIDAY COMEX SESSION.  THE NEW TAS ISSUANCE TODAY (815) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 341  NOTICE(S) FILED TODAY FOR  1,705,000  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 STRONG SIZED 8011  CONTRACTS  TO 448,063 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 –989 CONTRACTS

WE HAD A STRONG SIZED INCREASE  IN COMEX OI ( 7072 CONTRACTS)  WITH OUR $1.90 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 0.04 TONNE QUEUE JUMP: NEW TOTAL OF GOLD STANDING FOR JULY: 6.2768 TONNES//  + /A HUGE ISSUANCE OF 2451 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $1.90 GAIN IN PRICE  WITH RESPECT TO FRIDAY’S TRADING.WE HAD A  STRONG SIZED GAIN  OF 8187 OI CONTRACTS (25.46 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1115 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 449,002

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8187 CONTRACTS  WITH 7072 CONTRACTS INCREASED AT THE COMEX// AND A FAIR 1115 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 8187 CONTRACTS OR 25.46 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 2451 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1177 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (8011) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 8187 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 0.04 TONNE QUEUE JUMP//NEW TOTAL 6.2768 TONNES   ///// /3) ZERO LONG LIQUIDATION//4)  STRONG SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  HUGE T.A.S.  ISSUANCE: 2451 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 JULY :

TOTAL EFP CONTRACTS ISSUED:  1115 CONTRACTS OR 111,500 OZ OR 3.468 TONNES IN 1 TRADING DAY(S) AND THUS AVERAGING: 1115 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1 TRADING DAY(S) IN  TONNES  3.468 TONNES

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

THUS EFP TRANSFERS REPRESENTS  3.468/3550 x 100% TONNES  0.0985% 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:  3.468 TONNES

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD 

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE. 

The crooks also use the spread in the TAS  account  (trade at settlement).  They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle  of the  front delivery month cycle. They unload the sell side of the equation, two months down the road.  The crooks violate position limits as the OCC refuse to hear our complaints.

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER ROSE BY A FAIR SIZED 319  CONTRACTS OI TO  114,648 AND CLOSER TO  OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 104  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:  104  CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 319 CONTRACTS AND ADD TO THE 104  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 423 CONTRACTS 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES  TOTAL 2.115 MILLION OZ 

OCCURRED WITH OUR TINY   $0.07 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//

 

WEDNESDAY MORNING//MONDAY  NIGHT

SHANGHAI CLOSED DOWN 22.40 PTS OR 0.69%   //Hang Seng CLOSED DOWN 305.30 PTS OR 1.57%        /The Nikkei closed DOWN 83.82 OR 0.25%  //Australia’s all ordinaries CLOSED DOWN 0.35 %   /Chinese yuan (ONSHORE) closed UP 7.2437  /OFFSHORE CHINESE YUAN UP  TO 7.2547 /Oil UP TO 71.13 dollars per barrel for WTI and BRENT  UP AT 76.00 / Stocks in Europe OPENED ALL RED// 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 STRONG SIZED 7072 CONTRACTS UP TO 448,063 WITH OUR SMALL GAIN IN PRICE OF $1.90 ON MONDAY,

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 1115  EFP CONTRACTS WERE ISSUED: :  AUGUST 1115 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1115 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 8187  CONTRACTS IN THAT 1115 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 7072 COMEX  CONTRACTS..AND  THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $1.90//MONDAY 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 MONDAY NIGHT WAS A HUGE 2,451 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  (6.2768) (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: 6.2768 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $1.90) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD OUR STRONG SIZED GAIN OF 8,187 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION THROUGHOUT  THE MONDAY COMEX SESSION . THE TAS ISSUED MONDAY 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 25.46 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  QUEUE JUMP OF 0.0466 TONNES//TOTAL STANDING FOR JULY GOLD: 6.2768 TONNES    //  ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE  TO THE TUNE OF $1.90. 

WE HAD –REMOVED  989      CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT 

NET GAIN ON THE TWO EXCHANGES 8187  CONTRACTS OR 818,700  OZ OR 25.46 TONNES.

Estimated gold volume today:// 248,542  FAIR

final gold volumes/yesterday   167,520  POOR

//JULY 5/ FOR THE JULY  2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	nil OZ           .
Deposit to the Dealer Inventory in oz	0 oz
Deposits to the Customer Inventory, in oz	nil OZ
No of oz served (contracts) today	657  notice(s) 65700 OZ 2.0435 TONNES
No of oz to be served (notices)	649  contracts    64900 oz 2.0186 TONNES
Total monthly oz gold served (contracts) so far this month	1369 notices 136,900  OZ 4.258 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month	x

No dealer withdrawals

Customer deposits:  0

total deposits: nil oz

total dealer deposits:  nil    oz

we had 0 customer withdrawal:

total withdrawals:  nil oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 1306  contracts having LOST 317 contracts. We had 332 contracts served on Monday.  Thus we gained 15 contracts or an additional 1500 oz of gold will stand at the comex.

AUGUST  GAINED 940 contracts UP to 352,182 contracts 

SEPT gained 46 contracts to stand at 61

We had 657 contracts filed for today representing  65,700  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  657   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 36  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 (1369 x 100 oz ), to which we add the difference between the open interest for the front month of  JULY (1306  CONTRACT)  minus the number of notices served upon today  657 x 100 oz per contract equals 201,800 OZ  OR 6.2768 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 (657) x 100 oz +  (1306) {OI for the front month} minus the number of notices served upon today (657)  x 100 oz) which equals  201,800 oz standing OR 6.2768 TONNES 

TOTAL COMEX GOLD STANDING: 6.2768 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 5//2023// THE JULY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	735,782.600 oz JPMorgan .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	1,243,430.014   oz Brinks Loomis
No of oz served today (contracts)	341  CONTRACT(S)    (1,705,000  OZ)
No of oz to be served (notices)	260 contracts  (1,500,000 oz)
Total monthly oz silver served (contracts)	3241 Contracts  (16,205,000 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: 600,185.714 oz

ii) Into  Loomis: 643,274.300 oz 

total customer deposits: 1,243,430.014 oz

JPMorgan has a total silver weight: 140.580  million oz/278.335 million =50.52% of comex .//dropping fast

Comex withdrawals 2

i) Out of JPMorgan: 735,788.600 oz

total withdrawals: 735,788.600     oz  

adjustments:  0

TOTAL REGISTERED SILVER: 38.996 MILLION OZ//.TOTAL REG + ELIGIBLE. 278.335 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF JULY /2023 OI: 601   CONTRACTS HAVING LOST 26  CONTRACT(S). WE HAD 190 NOTICES FILED ON FRIDAY SO WE GAINED A STRONG 164 CONTRACTS OR AN ADDITIONAL 820,000 OZ WILL STAND AT THE COMEX FOR DELIVERY IN JULY.

AUGUST GAINED 8 CONTRACTS TO STAND  AT 462

SEPT HAS A GAIN OF 240 CONTRACTS DOWN TO 99,778

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 341 for 1,705,000  oz

Comex volumes// est. volume today 81,214    STRONG /

Comex volume: confirmed yesterday:47,293    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 3241 x  5,000 oz = 16,205,000 oz 

to which we add the difference between the open interest for the front month of JULY(601) and the number of notices served upon today 341 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JULY/2023 contract month:  3241 (notices served so far) x 5000 oz + OI for the front month of JULY (601) – number of notices served upon today (341 )x 500 oz of silver standing for the JULY contract month equates to 17.505 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 5/WITH GOLD DOWN $2.20 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 2.6 TONNES FROM THE GLD///INVENTORY RESTS AT 921.90 TONNES

JULY 3/WITH GOLD UP $1.90 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: 921.90 TONNES

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

JULY5/WITH SILVER UP 30 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.141 MILLION OZ//

JULY 3/WITH SILVER UP 7 CENTS 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 468.141 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

Peter Schiff: “The Fed Has Lost… Markets Just Haven’t Figured It Out Yet”

WEDNESDAY, JUL 05, 2023 – 01:15 PM

Via SchiffGold.com,

June continued a stock market rally that produced big gains through the first half of the year. But what exactly is driving this rally and is it really justified by the economic fundamentals? Peter breaks it down in a recent podcast and concludes that this is likely a bear market rally.

June was a fantastic month for the stock market, particularly the NASDAQ, which was up 12.8%. The S&P 500 charted an 8.3% increase. The Dow Jones finished up 3.4%.

The strong June helped power stocks higher through the first half of 2022. The S&P 500 was up 15.9% through the first six months of 2023. That was the best start to a year since 2019, during a period when the Federal Reserve was cutting rates.

Now we’ve had a bigger rally even though the Fed hasn’t even started cutting rates yet. It’s still hiking rates and indicating it’s going to hike some more – we still got this big rally. And I think it’s because the markets don’t really believe the Fed. They know the Fed is likely near the end or done hiking, and so that is the relief rally.”

Peter said in all of this, the markets are missing a key point – inflation is going to get worse.

The Fed hasn’t won. The Fed has lost. The markets just haven’t figured that out yet.”

More speculative stocks saw the biggest gains through the first half of 2023. The NASDAQ was up 31.7%. That is the best H1 for the NASDAQ since 1983. The NASDAQ 100 had its best first half ever. The Cathie Wood Ark Innovation ETF gained 42% (although it is still down 72.4% from its peak).

Peter said he thinks these are all bear market rallies.

I think that yes, there were a lot of shorts in the market that got caught, that have been covering. I think this AI narrative kind of came out of left field. Nobody was really talking about this at the end of 2022. It kind of gathered a lot of momentum in the second half of this year. That kind of lit a fire under a lot of these big-cap tech names that were already going up because of short-covering and the fact that the markets were starting to price in the rate cuts, even though we haven’t had the Fed concede them. The markets have gotten ahead of the Fed. But we’ve had a lot of acceleration.”

Is this rally justified given the economic news? It is according to the mainstream, who keeps trumpeting “strong” economic data. But in fact, the economic data isn’t as strong as the headlines claim. Peter said all the economic news has basically been bad.

We’ve had a little bit of good news. The employment numbers continue to surprise on the upside. But again, I think this is all very superficial. We continue to get a lot of weak economic data.”

Meanwhile, price inflation continues to run hot. The core PCE Price Index was up 4.6% year-on-year. As Peter noted, these numbers remain significantly higher than the Fed’s 2% target.

In fact, Federal Reserve Chairman Jerome Powell conceded that price inflation wasn’t likely to hit that target until 2025.

That’s another two more years. And of course, he’s still wrong. We’re still not going to get down to 2%. But for Powell to say we’re still going to have to wait another two years? A lot can happen in the next two years, including a big recession, which means lots of money printing, which means inflation could take off. If you’ve got to look forward two years in order to forecast 2% inflation, you have no confidence whatsoever in the accuracy of that forecast. So, in other words, Powell has no idea when, if ever, inflation is going to get down to 2%. That is a big admission.”

Given the prospect of continued price inflation coupled with increasingly weak economic data and the fact that even Federal Reserve economists believe something else is going to break in the economy with higher interest rates, the stock market rally doesn’t seem justified.

In this podcast, Peter also dives into the recent Supreme Court decisions on affirmative action and student loan forgiveness.

https://www.zerohedge.com/markets/peter-schiff-fed-has-lost-markets-just-havent-figured-it-out-yet

end

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

END

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

China is in default on trillion dollars in debt to private USA bondholders

(Hale)

China is in default on a trillion dollars in debt to U.S. bondholders

Submitted by admin on Tue, 2023-07-04 22:39Section: Daily Dispatches

By Andrew Hale
The Hill, Washington
Tuesday, July 4, 2023

Every country should pay its sovereign debt. Default, we are told, is not an option.

But has anyone told China?

The United States pays interest on approximately $850 billion in debt held by the People’s Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.

Successive U.S. administrations have chosen to sidestep this fact, allowing business and trade with China to proceed as normal. Now that the relationship with China has soured and the People’s Republic of China has become the greatest adversarial threat to the U.S. and Western security, policymakers should revisit this appalling failure of justice.

Some history is in order. Before 1949 the government of the Republic of China issued a large volume of long-term sovereign gold-denominated bonds, secured by Chinese tax revenues, to private investors and governments for the construction of infrastructure and financing of governmental activities. Put simply, the China we know today would not have been possible absent these bond offerings.

In 1938, during its conflict with Japan, the Republic of China defaulted on its sovereign debt. After the military victory of the communists, the Republic of China government fled to Taiwan. The People’s Republic of China was eventually recognized internationally as the successor government of China. Under well-established international law, the “successor government” doctrine holds that the current government of China, led by the Chinese Communist Party, is responsible for repayment of the defaulted bonds. …

… For the remainder of the commentary:

China is in default on a trillion dollars in debt to US bondholders. Will the US force repayment?

end

Now that Libor is gone, a watchdog says that the 4 new alternatives must we curbed so as to not give financial instability

(Reuters)

Curb use of central bank alternatives to Libor, watchdog says

Submitted by admin on Tue, 2023-07-04 11:08 Section: Daily Dispatches

By Huw Jones
Reuters
Monday, July 3, 2023

LONDON — The use of four dollar-denominated alternatives to the now-scrapped Libor interest rate need restrictions to avoid threatening financial stability, a global securities watchdog said today.

IOSCO, a global securities watchdog group that includes the U.S. Securities and Exchange Commission as a member, said a review has identified “varying degrees of vulnerability” in these four unnamed rates.

The final dollar-denominated London Interbank Offered Rate or Libor was published last Friday.

For the remainder of the report:

https://www.reuters.com/markets/rates-bonds/curb-use-dollar-libor-alternatives-fed-rate-says-watchdog-2023-07-03/

END

Gold is actually strengthening despite its declining price

(Jan Nieuwenhuijs)

Jan Nieuwenhuijs: Despite its declining price, gold is strengthening

Submitted by admin on Mon, 2023-07-03 19:26Section: Daily Dispatches

By Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Monday, July 3, 2023

The U.S. dollar price of gold has been declining in the past two months, though it continues to show significant strength against the 10-year TIPS yield, to which it was tightly correlated from 2006 until 2021. Gold’s performance since early 2022 must be seen as bullish.

A big change has occurred in the gold market since Russia invaded Ukraine and the West seized the euro and dollar denominated assets from Russia’s central bank. 

Regardless of the price declining for the last two months, gold performance since February 2022 is momentous because it is finally beating a pricing model that ruled from 2006 through 2021. …

… For the remainder of the analysis:

https://www.gainesvillecoins.com/blog/gold-strengthening-despite-declining-price

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

US court orders $146m penalty over 500,000 missing silver coins

• Published11 hours ago

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IMAGE SOURCE,GETTY IMAGES

Image caption,

The weight and purity of American Silver Eagle coins are guaranteed by the US government

By Annabelle Liang

Business reporter

A US court has ordered two precious metals companies to pay almost $146m (£115m) after more than 500,000 American Silver Eagle coins went missing.

The firms and their owner Robert Higgins have been accused of running a “fraudulent and deceptive scheme”.

They had allegedly promised to store the coins for customers.

However, when investigators entered vaults that were meant to hold the coins, they were nowhere to be found.

Under the court settlement, precious metals dealer Argent Asset Group and First State Depository Company, which were both owned by Mr Higgins, were ordered to make restitutions of $112.7m and pay a penalty of $33m.

US financial watchdog the Commodity Futures Trading Commission (CFTC) said Mr Higgins’ companies ran “fraudulent silver leasing programmes” from 2014 to 2022.

These were known as the Maximus Program and the Silver Lease Program.

Through the schemes, the companies “solicited and misappropriated at least $7 million in funds and silver from at least 200 customers,” the regulator said.

The firms also made “false and misleading excuses for why assets could not be withdrawn”, according to the CFTC.

The regulator said that over 500,000 American Silver Eagle coins and more than 9,000 gold coins were missing from customers’ accounts.

In their place, investigators said that they found “‘IOU’ slips in empty boxes marked to indicate a customer’s account, yet containing no assets.”

“This kind of egregious behaviour merits the full weight of the Commission’s enforcement authority,” the CFTC added.

Mr Higgins did not immediately respond to a request from the BBC for comment.

The weight and purity of American Silver Eagle coins are guaranteed by the US government.

Each coin contains at least one troy ounce (31.1g) of 99.9% pure silver, according to the United States Mint.

END

Visualizing Gold Price And US Debt (1970-2023)

WEDNESDAY, JUL 05, 2023 – 04:15 AM

Gold has long been considered a store of value and a hedge against economic uncertainty.

Over the past five decades, its price has been closely intertwined with concerns surrounding the growing U.S. public debt.

In the graphic below, Visual Capitalist’s Bruno Venditti, using data from In Gold We Trust and the Federal Reserve Bank of St. Louis, explores the relationship between gold price and the U.S. national debt.

A $31T Government Debt

The U.S. national debt is the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time.

Every fiscal year, if spending exceeds revenue, the federal government borrows money by selling marketable securities such as Treasury bonds, bills, notes, floating rate notes, and Treasury inflation-protected securities (TIPS) to cover the deficit.

The American public debt has risen annually since 1970, except in 2000, when it decreased by 2% due to factors like robust growth and a budget surplus.

Over the last few decades, the national debt has grown from around $370 million in 1970 to an all-time high of $31.4 trillion in 2023, recently sparking the debate in Congress to increase the debt ceiling to avoid a potential default.

The number is even higher if considering federal unfunded liabilities. Those are future financial obligations that the government has committed to but lacks sufficient funds to fully cover, such as Social Security and Medicare. Taking those into consideration, the current present value of the fiscal imbalance is $244.8 trillion, almost 10 times the current U.S. GDP.

U.S. Debt’s Implication on Gold Prices

A rising US debt often leads to concerns about inflation. When a government accumulates a significant amount of debt, it may resort to measures such as printing more money or increasing government spending, potentially leading to inflationary pressures. In such situations, investors may turn to gold as a hedge against inflation.

In addition, as the federal debt levels rise, investors may become wary of the stability of financial markets and seek safe-haven assets such as gold.

Although the price of gold tends to rise as U.S. debt increases, numerous other factors can also influence the market, including market sentiment, central bank policies, and global economic conditions.

he has it right:

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If I remember correctly SCO will be the grouping of possibly 15+- different global financial centers (Think Shanghai, Dubai, Hong Kong, Sydney, Singapore, Moscow, Tehran) They will reprice gold for trade. If LBMA & COMEX don’t follow suit even more money will flow toward BRICS

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Changwon Kid

@Cashisking83

If I remember correctly SCO will be the grouping of possibly 15+- different global financial centers (Think Shanghai, Dubai, Hong Kong, Sydney, Singapore, Moscow, Tehran) They will reprice gold for trade. If LBMA & COMEX don’t follow suit even more money will flow toward BRICS.

end

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/WEDNESDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED UP TO 7.2437 

OFFSHORE YUAN:  UP TO 7.2547

SHANGHAI CLOSED DOWN 22.70 PTS OR 0.69% 

HANG SENG CLOSED DOWN 305.30 PTS OR 1.57% 

2. Nikkei closed DOWN 305.30 PTS OR 1.57%

3. Europe stocks   SO FAR:    ALL RED

USA dollar INDEX UP  TO  102.85 EURO FALLS TO 1.0878 DOWN 4 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.378 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.43/JAPANESE YEN FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

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

3e Gold UP /JAPANESE Yen DOWN  CHINESE 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 +2.432***/Italian 10 Yr bond yield RISES to 4.153*** /SPAIN 10 YR BOND YIELD RISES TO 3.499…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 3.734

3j Gold at $1927.75 silver at: 22.82 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 144.43//  10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .378% 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 0.9777 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: 3.861  UP 1 BASIS PTS…

USA 30 YR BOND YIELD: 3.881 DOWN 0  BASIS PTS/

USA 2 YR BOND YIELD:  4.911 DOWN 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.09…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 0 BASIS PTS AT 4.475 UP 6 PTS 

end

2.  Overnight:  Newsquawk and Zero hedge:

Futures Tumble, Yields Stumble After Dire PMIs From China To Europe

WEDNESDAY, JUL 05, 2023 – 08:10 AM

One day after a solid start to the new quarter, and after the US took a day off for Independence Day, sentiment has reversed to the downside and US equity futures and European stocks followed Asian shares lower, while bonds declined after the latest China services PMI print from China came well below expectations (53.9 VS 56.2 expected) and raised fresh concerns about the outlook for the global economy. At 7:45am ET, S&P 500 and Nasdaq 100 futures both fell more than 0.5%, indicating US stocks will open lower when trading resumes after the Independence Day holiday. The yield on 2Y Treasuries drifted about five basis points lower to 4.89%. The China-driven weakness was broad based with Japan’s NKY down -40bps, China’s Shcomp sliding -60bps and the HSI -1.5%. The Stoxx Europe 600 Index slid about 0.6% after soft euro-zone May PPI data, with miners leading the retreat on concern about waning minerals demand from China. Most commodities were lower with copper -70bps, oil -50bps and iron ore -40bps. The Bloomberg dollar index is higher, gold is climbing, and oil is also edging higher.

In premarket trading, United Parcel Service fell as employees moved closer to a strike over pay. Monster Beverage gained more than 2% ahead of its earnings report on Thursday. Here are some other notable premarket movers:

• MP Materials gains 5.8% after China’s move to restrict exports of rare earth specialty materials germanium and gallium.
• Netflix gains 1.2% as Goldman upgrades the streaming service to neutral, saying management has executed its password sharing crackdown more effectively than expected. .
• Rivian rises as much as 7.1% after the company started delivering the electric vans it makes for Amazon.com Inc. to Europe — its first commercial shipments outside the US.
• Publicly traded special purpose acquisition company East Resources Acquisition completed its combination with asset manager Abacus Life, which specializes in life insurance products, it said on Monday.

Risk sentiment was on the back foot from the outset in Europe after Chinese service PMI missed expectations…

… and stocks extended declines after the euro area print for June was revised lower, and the Composite PMI print dipped back into contraction (we already knew the Eurozone is in technical recession, but this is just another confirmation that the ECB keeps hiking into a recession).

The latest indication of slowing economic growth around the globe – in fact, everywhere except Biden’s seasonally-adjusted US – is sapping demand for equities after a stellar rally in the first half, driven mostly by mega-cap tech stocks. Major central banks including the Federal Reserve and European Central Bank are still in tightening mode, clamping the brakes on economic growth.

“It’s too early to say how deep the recession that is to come will be, but clearly a slowdown is coming,” Fabiana Fedeli, chief investment officer for equities and multi assets at M&G Plc, said on Bloomberg TV. “It’s too early to throw in the towel on risk assets whether in equities or credit. But at the same time you have to stay pretty high on the quality pole.”

With more interest-rate hikes anticipated from the Fed and the ECB in July, an aggregate gauge of borrowing costs calculated by Bloomberg Economics now shows a peak of 6.25% this quarter, up from 6% foreseen three months ago.

Later Wednesday, traders will monitoring the minutes of the Fed’s last policy meeting, which left Wall Street perplexed as officials paused their rate-hike cycle after 10 consecutive moves, but forecast two additional increases this year.

European stocks were also in the red as investors fret over the prospects for global growth. The Stoxx Europe 600 Index slid about 0.6%, on course for its largest decline in two weeks with miners leading the retreat on concern about waning minerals demand from China. The gauge extended its decline after the Eurozone composite purchasing managers’ index was revised lower, offset by continued declines in Europe’s PPI print. European bonds gained, with Germany’s 10-year yield dipping four basis points to 2.41%. Casino Guichard-Perrachon SA plunged as much as 42% as investors size up competing offers to rescue the troubled French grocer.  Bunds rose to new highs on the aforementioned PMI data while falling consumer inflation expectations also played their part. German 10-year yields are down 5bps. Here are some of the most notable European movers this morning:

• Getlink shares gain as much as 2.3% after JPMorgan started coverage of the Eurotunnel parent with an overweight rating, saying near-term uncertainties are already priced in and that the market is underestimating its “superior” pricing power.
• Boiron gains as much as 24%, to €48.90, after the Boiron family said it plans a simplified public tender offer valuing the pharmaceutical company at €50 per share, including a special dividend.
• Continental AG gains as much as 2.2% after being raised to outperform from neutral at BNP Paribas Exane, which sees conditions in place for the German maker of auto parts and tires to re-rate amid a more supportive macro backdrop.
• Shares in EssilorLuxottica rise as much as 2% after Morgan Stanley assumes coverage with an overweight recommendation, noting that an inflection is now “in sight” for the eyewear manufacturer.
• Datawalk shares jump as much as 24% after BOS Bank raises its rating for the Polish data processing company to buy, pointing to new contracts signed in the US and Poland and the potential for future deals.
• Adyen shares fall as much as 3.1% after the payment firm was downgraded to neutral from buy at UBS, which said the global e-commerce market has become more mature and its growth is unlikely to return to pre-Covid highs.
• Casino falls as much as 30% after the French grocer laid out the competing proposals received to recapitalize the company, both of which would leave existing shareholders with almost nothing.
• SIG shares drop as much as 10%, dragging peers lower, after the building-products supplier said it expects full-year profit to come in toward the lower end of market expectations amid softer demand and higher operating costs.

Earlier in the session Asian stocks were briadly lower following the US holiday and as participants digested the latest huge miss in the Chinese Caixin Services PMI data, while geopolitical concerns also lingered after Ukraine and Russia accused each other of planning an overnight attack on the Zaporizhzhia nuclear plant.

The Hang Seng and Shanghai Comp were subdued by ongoing trade-related frictions with warnings of more retaliatory measures against Western tech export controls, while initial losses in Chinese equities deepened and the offshore yuan reversed an advance after the Caixin China services purchasing managers’ index was weaker than expected and printed its slowest pace of increase since January. The yuan’s drop was also notable because it came despite the central bank earlier maintaining its support for the currency in its daily fix. “This brings focus back on slowing growth momentum and the recent step-up in geopolitical angst,” Charu Chanana, market strategist at Saxo Capital Markets, said of the China services data.

The fading optimism over the outlook for China has also driven investors to lower their expectations for gains in Asian equities this year. A survey of 17 strategists and fund managers by Bloomberg News indicates MSCI Inc.’s Asia-Pacific Index may only rise about 5% by year end from Tuesday’s closing level.

Japan’s Nikkei 225 slumped at the open but recouped some of the losses after it held above the 33,000 level. Australia’s ASX 200 was marginally lower amid underperformance in the largest-weighted financials sector and after mostly softer data releases from Australia.

In FX, the Bloomberg Dollar Spot Index is up 0.1%. The Canadian dollar is the weakest of the G10 currencies, falling 0.3% versus the greenback. The USD/JPY consolidates near mid 144-145 while EUR/USD is steady to hold under 1.09. GBP/USD drifts lower and nears 1.27 as AUD/USD weakens to remain under 0.67.

In rates, cash treasuries reopened after the July 4 holiday richer across the front-end of the curve as 2-year yields gap lower, lessening inversion of 2s10s spread back to around 106bp from as much as 110.8bp Monday, a new cycle wide. Front-end yields are richer by ~3bp, steepening 2s10s spread by 2.5bp; 10-year little changed ~3.85% with bunds richer by 2bp in the sector. European bonds gained, with Germany’s 10-year yield dipping four basis points to 2.41 after an ECB survey shows consumer inflation expectations continued to decline in May.  US economic data slate includes May factory orders (10am) and FOMC June 13-14 meeting minutes (2pm)

In commodities, Brent oil was steady after rallying on Tuesday on Saudi Arabian and Russian output cuts. Traders are waiting for potentially critical commentary from Saudi energy minister. Gold was little changed.

Looking at the day ahead, data releases include the global services and composite PMIs for June, Euro Area PPI for May, and the final reading of US factory orders for May. From central banks, we’ll get the Fed’s minutes from the June meeting and the ECB’s Consumer Expectations Survey. Speakers include the Fed’s Williams, as well as the ECB’s Nagel, Visco, Villeroy and De Cos.

Market Snapshot

• S&P 500 futures down 0.2% to 4,481.25
• MXAP down 0.5% to 164.90
• MXAPJ down 0.8% to 519.44
• Nikkei down 0.3% to 33,338.70
• Topix little changed at 2,306.03
• Hang Seng Index down 1.6% to 19,110.38
• Shanghai Composite down 0.7% to 3,222.95
• Sensex down 0.1% to 65,404.89
• Australia S&P/ASX 200 down 0.4% to 7,253.17
• Kospi down 0.6% to 2,579.00
• STOXX Europe 600 down 0.5% to 459.16
• German 10Y yield little changed at 2.43%
• Euro little changed at $1.0880
• Brent Futures down 1.0% to $75.48/bbl
• Gold spot up 0.0% to $1,926.31
• U.S. Dollar Index up 0.10% to 103.15

Top Overnight News

• Expansion in China’s services industry slowed in June from the previous month, according to a private survey, providing more evidence that the key driver of the country’s post-Covid recovery is cooling.
• Prime Minister Kyriakos Mitsotakis is stepping up the pace of reform at the start of his second term in office as he looks to capitalize on a commanding majority to consign Greece’s crisis years to history.
• The Federal Reserve on Wednesday will shed some light on the discussions at their June meeting that left Wall Street perplexed.
• Chinese leader Xi Jinping called on nations to spurn decoupling and the cutting of supply chains, one day after his nation imposed limits on exports of two key metals used to make chips to counter Western restrictions on Beijing.
• Stubborn inflation keeping US and European officials in tightening mode is likely to further decouple global monetary policy in coming months as the rest of the world forges its own path.
• The UK’s financial regulator said it’s in contact with the police about allegations of sexual assault against Crispin Odey, as it investigates whether the hedge fund manager passes its ‘fit and proper’ test to operate in the financial industry.
• The US is preparing to curtail Chinese companies’ access to cloud-computing services including those provided by Amazon.com Inc. and Microsoft Corp., the Wall Street Journal reported, citing people familiar with the situation.
• Oil edged lower after rising more than 2% Tuesday on Saudi Arabian and Russian output cuts, with traders waiting for potentially critical commentary from Saudi Energy Minister Prince Abdulaziz bin Salman.
• Brazil’s autonomous central bank must respect the economic plans of the elected government as the country needs growth to shore up its fiscal future, according to one of President Luiz Inacio Lula da Silva’s picks to join the monetary authority’s board.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower following the holiday lull stateside and as participants digested the latest Chinese Caixin Services PMI data, while geopolitical concerns also lingered after Ukraine and Russia accused each other of planning an overnight attack on the Zaporizhzhia nuclear plant.     ASX 200 was marginally lower amid underperformance in the largest-weighted financials sector and after mostly softer data releases from Australia.     Nikkei 225 slumped at the open but recouped some of the losses after it held above the 33,000 level.     Hang Seng and Shanghai Comp were subdued by ongoing trade-related frictions with warnings of more retaliatory measures against Western tech export controls, while the latest Chinese Caixin Services PMI missed forecasts and printed its slowest pace of increase since January.

Top Asian News

• China’s Global Times noted that China’s metal export curbs are a warning to the US and its allies. It was separately reported that China’s former vice commerce minister said China’s export control measures of chipmaking materials are just a start and China has more sanction tools and measures, while countermeasures will further escalate if high-tech restrictions targeting China continue to escalate, according to China Daily.
• Dutch Foreign Ministry said it is still unclear what the impact of the new Chinese export restrictions will be and that it is primarily up to the EU to respond to China’s trade policies, according to Reuters.
• Japan’s Labour Confederation Rengo said the average 2023 wage hike is 3.58% which is the biggest since 1993, according to Reuters.

European bourses are in the red, following a subdued APAC handover given soft data and the region thereafter impaired by its own bleak Final PMIs; Euro Stoxx 50 -0.7%. Sectors are mainly in the red and continue to exhibit the defensive bias from the morning’s cash open, though with Auto names outperforming after strong Volvo Cars numbers. Stateside, futures are similarly softer and have been moving in tandem with European trade ahead of their return from the market holiday and looking ahead to key FOMC minutes and data releases before hand; ES -0.5%.

Top European news

• BoE is considering a clampdown on foreign bank branches and is looking at plans to force more international banks to set up subsidiaries in the UK, according to FT.
• ECB Poll: Consumer Inflation Expectations – 12-months ahead 3.9% (prev. 4.1%); 3-year ahead stable at 2.5%.
• ECB’s Visco says interest rate decisions are taken meeting by meeting on the basis of incoming data, to ensure a rapid fall in inflation; more rate hikes are not the only way curb inflation can maintain rates adequately high for a sufficiently long time.
• French Finance Minister Le Maire says inflation has started easing in July.

FX

• DXY tethered to 103.000 level as US returns from July 4th and headline events of the week.
• Loonie lags as crude prices dip on bearish supply/demand dynamics, USD/CAD elevated within 1.3220-78 range.
• Aussie undermined by dips in PMIs and slowdown in China’s Caixin surveys, AUD/USD also capped by psychological factors between 0.6698-65 parameters.
• Yen benefits from yield retreat and threat of intervention around 145.00 as USD/JPY straddles 144.50.
• Euro hampered by weak EZ PMIs, cooler 1 year ECB consumer inflation expectations and hefty option expiries in Eur/Usd at 1.0900. Sterling mostly solid around 1.2700 vs Dollar either side of unrevised final UK services and composite PMIs.
• PBoC set USD/CNY mid-point at 7.1968 vs exp. 7.2180 (prev. 7.2046).

Fixed Income

• Bonds overcome several early wobbles mount decent recovery from lows through largely weak services and composite PMIs
• Bunds and Gilts rebound from 132.94 and 94.72 to 133.68 and 95.48 respectively with extra impetus via strong demand for German and UK issuance
• T-note more contained within 112-04-111-25+ range awaiting return of cash traders from Independence, US data, FOMC minutes and Fed’s Williams

Commodities

• WTI and Brent futures show a divergence in intraday price percentage changes as the former did not see a settlement amid the US Independence Day, with initial pressure on soft data and subsequent upside from the OPEC+ conference.
• Spot gold is relatively flat intraday as a firmer Dollar and the broader risk-averse mood keeps prices stable in their recent range.
• Base metals are mostly softer amid the firmer Dollar and sullied sentiment, with 3M LME copper retreating towards USD 8,250/t from a USD 8,377/t intraday peak.
• Saudi Foreign Ministry said Saudi Arabia and Kuwait have full sovereign rights to exploit natural wealth in the divided region and called for Iran to start negotiations with them to demarcate the eastern border of the divided area.
• Saudi Energy Minister says fresh cuts prove wrong “cynical spectators” of the Russia-Saudi relations. Says “The market will not be left unattended”. Adds, OPEC+ will do “whatever is necessary” to support the market, according to Reuters.
• UAE’s energy minister says his country will not be announcing any extra voluntary cuts, according to EnergyIntel.
• Caspian Pipeline Consortium says consequences from power outage in Western Kazakhstan have not been fully removed; Tengiz pumping station has been halted. Artyrau station has been stopped, as well as oil intake from all supplies. Tengiz station receives oil from TCO.
• Oil production in Kazakhstan down 21% on July 4 from July 2, refining volumes decline 46% following power outages, according to data from the energy ministry.
• Russia’s Kremlin on Grain Deal says there is still time for the West to fulfil those parts of the deal which concern Russia; we will announce our decision in a timely manner; those parts of the deal that concern Russia are still not fulfilled.
• India’s April-May finished steel imports from China at a six-year high; steel imports at three-year high; steel exports to Italy at six-year high; steel consumption at six year high.

Geopolitical

• Chinese President Xi personally warned Russian President Putin against using a nuclear weapon in Ukraine, according to FT citing Western and Chinese officials.
• Ukrainian President Zelensky said he warned French President Macron about dangerous provocations by Russia at the Zaporizhzhia Nuclear Plant, according to Reuters.
• Ukraine’s military said Russia placed objects resembling explosives on the 3rd and 4th power units of the Zaporizhzhia Nuclear Power Plant and accused Russia of preparing a terrorist attack overnight which would not damage the power units but could create the impression that Ukraine is shelling the nuclear plant. It was also reported that Russian agencies quoted an adviser to the head of Rosenergoatom who alleged Ukraine will attempt to attack the Zaporizhzhia station overnight using long-range precision equipment and attack drones, according to Reuters.
• UK armed forces chief rejected suggestions that Ukraine’s counter-offensive was proceeding slowly and stated that Russia had lost half of its combat capability in Ukraine, according to FT.
• US President Biden spoke with German Chancellor Scholz on Tuesday regarding preparations for the NATO summit, according to Reuters.
• Russia and Syria are to hold military drills in Syria from July 5th which will last 6 days, according to RIA.
• China’s Defence Ministry said it resolutely opposes US arms sales to Taiwan and has lodged stern representations to the US, according to Reuters.
• South Korea retrieved North Korean spy satellite wreckage and said the spy satellite was not worthy of military use, according to Yonhap citing the military.
• Russia’s Kremlin, on the Zaporizhzhia nuclear power plant, says the situation is tense, threats of sabotage is great, and the consequences could be catastrophic.

US Event Calendar

• June Wards Total Vehicle Sales, est. 15.4m, prior 15.1m
• 10:00: May Durable Goods Orders, est. 1.7%, prior 1.7%
  • May -Less Transportation, est. 0.6%, prior 0.6%
• 10:00: May Factory Orders, est. 0.8%, prior 0.4%
  • May Factory Orders Ex Trans, prior -0.2%
• 10:00: May Cap Goods Ship Nondef Ex Air, prior 0.2%
  • May Cap Goods Orders Nondef Ex Air, prior 0.7%
• 14:00: June FOMC Meeting Minutes

Central Banks

• 14:00: June FOMC Meeting Minutes
• 16:00: Fed’s Williams Speaks at Central Bank Research Association Mtg

DB’s Jim Reid concludes the overnight wrap

Don’t tell my boss but I’m going to sneak out today for an hour or so to watch sports day at school. Maisie has missed the last 2 because of 14 months in a wheelchair and crutches for several months before that. She missed the previous one to that because of covid shutting it down. So I’m there to mop up my wife’s tears as Maisie does the sprint race.

To stop me from crying, please consider voting for myself, my team or anyone in the wider DB Research group in the Institutional Investor (II) Annual Fixed Income Survey that starts later today. We are very keen to do well, and a good showing will ensure we can continue to maintain and expand the products. People who have voted before will likely get an email later today saying that the survey is live. I will be blatantly asking for votes every day for the next 3 weeks of the survey so apologies in advance but to get a head start the categories you can vote for me are in this link here. If you value the research, this is the one way you can express that. Many thanks for your help.

Markets have unsurprisingly voted to do nothing much over the last 24 hours, with much lower volumes than usual thanks to the US Independence Day holiday. Indeed, even where markets were open, it was hard to generate much of a story, since Europe’s STOXX 600 (+0.07%) and yields on 10yr bunds (+1.8bps) barely moved in either direction. Overall, it’s fair to say it was one of the quietest days we’ve covered for some time, with most of the major asset classes moving sideways.

Activity is picking up a bit in Asia though with Chinese markets under pressure as another round of economic data indicated that the world’s second biggest economy continued to struggle in June (more on this below). As I check my screens, the Hang Seng (-1.22%) is the biggest underperformer across the region followed by the CSI (-0.52%), the Shanghai Composite (-0.47%), the Nikkei (-0.36%) and the KOSPI (-0.35%). US stock futures tied to the S&P 500 (-0.08%) and NASDAQ 100 (-0.15%) are slightly lower after being closed yesterday. Yields on 10yr USTs (-1.18bps) have moved lower, trading at 3.84% with the 2yr yield declining by -3.56bps to 4.90%, a slight steepening after the relentless flattening of late.

Coming back to China, the Caixin services PMI declined more than expected to 53.9 (consensus 56.2), the weakest since January, versus the prior month’s reading of 57.1. This will add to the pressure of more stimulus. The composite PMI declined from 55.6 to 52.5. Elsewhere, the final estimate of the Japan Jibun Bank services PMI came in at 54.0 in June, easing from the previous month’s record level of 55.9.

Data releases will now dominate over the next couple of days, with the jobs report on Friday, as well as tomorrow’s ISM services index and the weekly jobless claims. The remainder of the services (and composite) PMIs around the world today will also be important

Back to a sophorific European session yesterday and Real Estate (+2.66%) was one of the few bright spots in the STOXX 600, but some of the more cyclical sectors struggled, including industrials (-0.45%) and financials (-0.40%). Elsewhere, many of the individual country indices lost ground as well, including the FTSE 100 (-0.10%), the CAC 40 (-0.23%) and the DAX (-0.26%).

For bonds there was a slightly more interesting story, with yields rising before pulling back a bit in the European afternoon. By the end of the session, that meant yields on 10yr bunds (+1.8bps) and OATs (+2.3bps) had both risen, whilst BTPs (+6.1bps) saw a larger gain in yields that was in line with the broader risk-off tone. The main exception to this pattern came from the UK, where gilts rallied across the curve, with yields on 10yr gilts closing -2.4bps lower at 4.41%. That said, even as gilts rallied a bit, the recent selloff has continued to transmit to the real economy. For instance, data from Moneyfacts yesterday showed that the average 5yr fixed mortgage rate had now surpassed 6%, which is the first time that’s happened since very briefly in the aftermath of the mini-budget last year. Before that we’d have to go back to pre-GFC days.

When it came to commodities, a bit more was going on yesterday relative to the other asset classes. One example was oil, which posted decent gains after the previous day’s news that Saudi Arabia would extend its supply cut and Russia would also be reducing output. That meant Brent Crude oil prices (+2.14%) hit a 2-week high of $76.25/bbl by the close. Natural gas prices in Europe (+4.36%) were another that increased in light of ongoing supply issues. And for the first time since the SVB turmoil, we also saw gold (+0.20%) advance for a 4th day running.

There was very little data to speak of yesterday, although the German trade surplus for May came in at €14.4bn (vs. €17.3bn expected). That was driven by a rise in imports of +1.7% (vs. unch expected), whereas exports saw a modest fall of -0.1% (vs. +0.4% expected).

To the day ahead now, and data releases include the global services and composite PMIs for June, Euro Area PPI for May, and the final reading of US factory orders for May. From central banks, we’ll get the Fed’s minutes from the June meeting and the ECB’s Consumer Expectations Survey. Speakers include the Fed’s Williams, as well as the ECB’s Nagel, Visco, Villeroy and De Cos.

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

Risk sentiment dips amid weak PMIs, USD & USTs tentative ahead of FOMC Minutes – Newsquawk US Market Open

WEDNESDAY, JUL 05, 2023 – 06:07 AM

• European bourses are in the red after bleak EZ and Chinese PMI data, US futures similarly downbeat pre-FOMC Minutes
• Crude initially pressured on the above but lifted by Saudi commentary from the OPEC+ seminar
• DXY remains in close proximity to 103.00, with JPY benefitting from a broader yield pullback while EUR slips post-PMIs
• Fixed income is bid, following data and strong UK and German supply; yields lower, short-end leading
• Looking ahead, highlights include US Durable Goods & Factory Orders, FOMC Minutes, OPEC International Seminar

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

INDEPENDENCE DAY RECAP

• Russian President Putin says the risk of a global economic crisis are on the rise, in a virtual meeting of the Shanghai Cooperation Organisation, we plan to boost ties with Shanghai Cooperation Organisation. Supports transition to settlements in local FX.
• China’s Commerce Ministry are to meet with major Gallium and Germanium producers in Beijing on July 6, according to Reuters citing sources.
• Chinese senior official, close to China’s commerce ministry, tells the FT, “There will be more retaliatory measures against the snowballing semiconductor export controls from western countries”
• EU’s Diplomat Borrell scheduled trip to China has been pushed back by Beijing, according to the EU. Initial schedule was for July 10th
• Click here for the reduced Newsquawk market wrap for Independence day.

EUROPEAN TRADE

EQUITIES

• European bourses are in the red, following a subdued APAC handover given soft data and the region thereafter impaired by its own bleak Final PMIs; Euro Stoxx 50 -0.7%.
• Sectors are mainly in the red and continue to exhibit the defensive bias from the morning’s cash open, though with Auto names outperforming after strong Volvo Cars numbers.
• Stateside, futures are similarly softer and have been moving in tandem with European trade ahead of their return from the market holiday and looking ahead to key FOMC minutes and data releases before hand; ES -0.5%.
• Click here for more detail.
• Click here and here for a recap of the main European equity updates.

FX

• DXY tethered to 103.000 level as US returns from July 4th and headline events of the week.
• Loonie lags as crude prices dip on bearish supply/demand dynamics, USD/CAD elevated within 1.3220-78 range.
• Aussie undermined by dips in PMIs and slowdown in China’s Caixin surveys, AUD/USD also capped by psychological factors between 0.6698-65 parameters.
• Yen benefits from yield retreat and threat of intervention around 145.00 as USD/JPY straddles 144.50.
• Euro hampered by weak EZ PMIs, cooler 1 year ECB consumer inflation expectations and hefty option expiries in Eur/Usd at 1.0900. Sterling mostly solid around 1.2700 vs Dollar either side of unrevised final UK services and composite PMIs.
• PBoC set USD/CNY mid-point at 7.1968 vs exp. 7.2180 (prev. 7.2046).
• Click here for more detail.
• Click here for the notable option expiries.

FIXED INCOME

• Bonds overcome several early wobbles mount decent recovery from lows through largely weak services and composite PMIs
• Bunds and Gilts rebound from 132.94 and 94.72 to 133.68 and 95.48 respectively with extra impetus via strong demand for German and UK issuance
• T-note more contained within 112-04-111-25+ range awaiting return of cash traders from Independence, US data, FOMC minutes and Fed’s Williams
• Click here for more detail.

COMMODITIES

• WTI and Brent futures show a divergence in intraday price percentage changes as the former did not see a settlement amid the US Independence Day, with initial pressure on soft data and subsequent upside from the OPEC+ conference.
• Spot gold is relatively flat intraday as a firmer Dollar and the broader risk-averse mood keeps prices stable in their recent range.
• Base metals are mostly softer amid the firmer Dollar and sullied sentiment, with 3M LME copper retreating towards USD 8,250/t from a USD 8,377/t intraday peak.
• Saudi Foreign Ministry said Saudi Arabia and Kuwait have full sovereign rights to exploit natural wealth in the divided region and called for Iran to start negotiations with them to demarcate the eastern border of the divided area.
• Saudi Energy Minister says fresh cuts prove wrong “cynical spectators” of the Russia-Saudi relations. Says “The market will not be left unattended”. Adds, OPEC+ will do “whatever is necessary” to support the market, according to Reuters.
• UAE’s energy minister says his country will not be announcing any extra voluntary cuts, according to EnergyIntel.
• Caspian Pipeline Consortium says consequences from power outage in Western Kazakhstan have not been fully removed; Tengiz pumping station has been halted. Artyrau station has been stopped, as well as oil intake from all supplies. Tengiz station receives oil from TCO.
• Oil production in Kazakhstan down 21% on July 4 from July 2, refining volumes decline 46% following power outages, according to data from the energy ministry.
• Russia’s Kremlin on Grain Deal says there is still time for the West to fulfil those parts of the deal which concern Russia; we will announce our decision in a timely manner; those parts of the deal that concern Russia are still not fulfilled.
• India’s April-May finished steel imports from China at a six-year high; steel imports at three-year high; steel exports to Italy at six-year high; steel consumption at six year high.
• Click here for more detail.

NOTABLE US HEADLINES

• Click here for the US Early Morning Note.

EUROPEAN DATA RECAP

• EU HCOB Composite Final PMI (Jun) 49.9 vs. Exp. 50.3 (Prev. 50.3); Services Final PMI (Jun) 52 vs. Exp. 52.4 (Prev. 52.4)
• German HCOB Composite Final PMI (Jun) 50.6 vs. Exp. 50.8 (Prev. 50.8); Services PMI (Jun) 54.1 vs. Exp. 54.1 (Prev. 54.1)
• UK S&P Global/CIPS Services PMI Final (Jun) 53.7 vs. Exp. 53.7 (Prev. 53.7); Composite PMI Final (Jun) 52.8 vs. Exp. 52.8 (Prev. 52.8)
• EU Producer Prices MM (May) -1.9% vs. Exp. -1.8% (Prev. -3.2%); YY (May) -1.5% vs. Exp. -1.3% (Prev. 1.0%)

NOTABLE EUROPEAN HEADLINES

• BoE is considering a clampdown on foreign bank branches and is looking at plans to force more international banks to set up subsidiaries in the UK, according to FT.
• ECB Poll: Consumer Inflation Expectations – 12-months ahead 3.9% (prev. 4.1%); 3-year ahead stable at 2.5%.
• ECB’s Visco says interest rate decisions are taken meeting by meeting on the basis of incoming data, to ensure a rapid fall in inflation; more rate hikes are not the only way curb inflation can maintain rates adequately high for a sufficiently long time.
• French Finance Minister Le Maire says inflation has started easing in July.

CRYPTO

• Binance’s Australian offices have been searched by the regulator as part of a derivatives probe, via Bloomberg.

GEOPOLITICS

• Chinese President Xi personally warned Russian President Putin against using a nuclear weapon in Ukraine, according to FT citing Western and Chinese officials.
• Ukrainian President Zelensky said he warned French President Macron about dangerous provocations by Russia at the Zaporizhzhia Nuclear Plant, according to Reuters.
• Ukraine’s military said Russia placed objects resembling explosives on the 3rd and 4th power units of the Zaporizhzhia Nuclear Power Plant and accused Russia of preparing a terrorist attack overnight which would not damage the power units but could create the impression that Ukraine is shelling the nuclear plant. It was also reported that Russian agencies quoted an adviser to the head of Rosenergoatom who alleged Ukraine will attempt to attack the Zaporizhzhia station overnight using long-range precision equipment and attack drones, according to Reuters.
• UK armed forces chief rejected suggestions that Ukraine’s counter-offensive was proceeding slowly and stated that Russia had lost half of its combat capability in Ukraine, according to FT.
• US President Biden spoke with German Chancellor Scholz on Tuesday regarding preparations for the NATO summit, according to Reuters.
• Russia and Syria are to hold military drills in Syria from July 5th which will last 6 days, according to RIA.
• China’s Defence Ministry said it resolutely opposes US arms sales to Taiwan and has lodged stern representations to the US, according to Reuters.
• South Korea retrieved North Korean spy satellite wreckage and said the spy satellite was not worthy of military use, according to Yonhap citing the military.
• Russia’s Kremlin, on the Zaporizhzhia nuclear power plant, says the situation is tense, threats of sabotage is great, and the consequences could be catastrophic.

APAC TRADE

• APAC stocks were mostly lower following the holiday lull stateside and as participants digested the latest Chinese Caixin Services PMI data, while geopolitical concerns also lingered after Ukraine and Russia accused each other of planning an overnight attack on the Zaporizhzhia nuclear plant.
• ASX 200 was marginally lower amid underperformance in the largest-weighted financials sector and after mostly softer data releases from Australia.
• Nikkei 225 slumped at the open but recouped some of the losses after it held above the 33,000 level.
• Hang Seng and Shanghai Comp were subdued by ongoing trade-related frictions with warnings of more retaliatory measures against Western tech export controls, while the latest Chinese Caixin Services PMI missed forecasts and printed its slowest pace of increase since January.

NOTABLE ASIA-PAC HEADLINES

• China’s Global Times noted that China’s metal export curbs are a warning to the US and its allies. It was separately reported that China’s former vice commerce minister said China’s export control measures of chipmaking materials are just a start and China has more sanction tools and measures, while countermeasures will further escalate if high-tech restrictions targeting China continue to escalate, according to China Daily.
• Dutch Foreign Ministry said it is still unclear what the impact of the new Chinese export restrictions will be and that it is primarily up to the EU to respond to China’s trade policies, according to Reuters.
• Japan’s Labour Confederation Rengo said the average 2023 wage hike is 3.58% which is the biggest since 1993, according to Reuters.

DATA RECAP

• Chinese Caixin Services PMI (Jun) 53.9 vs. Exp. 56.2 (Prev. 57.1); Composite PMI (Jun) 52.5 (Prev. 55.6)
• Australian Services PMI (Jun F) 50.3 (Prev. 50.7); Composite PMI (Jun F) 50.1 (Prev. 50.5)
• Australian AIG Manufacturing Index (Jun) -19.8 (Prev. -5.1); Construction Index (Jun) 10.6 (Prev. -6.6)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

WEDNESDAY MORNING/MONDAY NIGHT

SHANGHAI CLOSED DOWN 22.40 PTS OR 0.69%   //Hang Seng CLOSED DOWN 305.30 PTS OR 1.57%        /The Nikkei closed DOWN 83.82 OR 0.25%  //Australia’s all ordinaries CLOSED DOWN 0.35 %   /Chinese yuan (ONSHORE) closed UP 7.2437  /OFFSHORE CHINESE YUAN UP  TO 7.2547 /Oil UP TO 71.13 dollars per barrel for WTI and BRENT  UP AT 76.00 / Stocks in Europe OPENED ALL RED// 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/

Two rare earths Gallium and Germanium are now under export controls by China

(next two commentaries)

China Announces Export Controls On Two Metals Used In Chips, Citing “National Security”

MONDAY, JUL 03, 2023 – 03:30 PM

China announced export controls on two rare earth metals, gallium and germanium, starting on August 1. According to the Ministry of Commerce, the move is to “safeguard national security and interests.”

The Ministry of Commerce said Gallium-related items and germanium-related items are prohibited from export unless a license is obtained: 

“Export operators should go through export licensing procedures in accordance with relevant regulations, submit an application to the Ministry of Commerce through the provincial commerce department, fill out the application form for export of dual-use items and technologies and submit the following documents.”

The ministry continued by saying the metals have a “major impact on national security,” which is the reason for tighter export controls. 

What’s most alarming is China controls the world’s processing and refining of rare earth metals. These metals have become essential for producing electric vehicles, wind turbines, solar panels, and high-tech defense weapons. 

Gallium is most common in semiconductors, transistors, and small electronic devices. It’s also used to make LEDs. As for military-grade Gallium Nitride, it’s found in cutting-edge weapon technology that US defense companies produce.

Three of the most common uses for germanium are rectifiers, transistors, and weapons-sighting systems.

Here’s a breakdown of rare earth metals used in US defense weapons. 

Meanwhile, China has already placed Lockheed Martin and a unit of Raytheon Technologies on an “unreliable entities list” over weapon sales to Taiwan. 

Suppose China intends to limit the export of rare earth metals crucial for manufacturing high-tech chips for the US defense industry. In that case, this is a major wake-up call to the military-industrial complex that would need to quickly rejigger its supply chains and or boost domestic spending to increase mining and refining capabilities. 

The ministry’s move is likely a response to the Biden administration’s chip crackdown in recent weeks and months. 

end

China Hits Back At Biden With Curbs On Exports Of High-Tech Metals Before Yellen Visit

TUESDAY, JUL 04, 2023 – 01:10 PM

Beijing has hit back at the Biden administration’s recently imposed export curbs on select materials which are crucial for advanced semiconductors and chip-making machinery, and it comes just before Treasury Secretary Janet Yellen is set to arrive in Beijing Thursday, the first visit of her tenure. 

China has just put in place its own export curbs on two rare metals commonly used in computer chips and solar cells. This expands the already complicated fight between the two economic powerhouses over high tech trade.

But Beijing has on the whole been slow to retaliate, likely on fears of expanding the tit-for-tat restrictions, given especially that America’s semiconductor industry is significantly more advanced. The two metals newly impacted by the measure are gallium and germanium.U.S. Treasury Secretary Janet Yellen meets with Chinese Vice Premier Liu He for talks in Zurich, Switzerland, Jan. 18, 2023. Image: Reuters

According to details in The Associated Press: 

The controls on gallium and germanium are intended to “safeguard national security,” the Commerce Ministry said late Monday. It said exports will require official permission once the rules take effect Aug. 1 but did not say what restrictions might be applied.

And The New York Times notes just ahead of Yellen’s arrival in Beijing, “The Biden administration is mulling further controls on advanced chips and on American investment into cutting-edge Chinese technology.”

Treasury said in the statement announcing her trip, “While in Beijing, Secretary Yellen will discuss with [People’s Republic of China] officials the importance for our countries — as the world’s two largest economies — to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges,”

However, a Treasury official sought to temper expectations, saying no breakthrough is expected, following Secretary of State Blinken’s mid-June trip where he met with President Xi Jinping. Any positive opening created by Blinken’s trip was damaged when within days of his return to Washington, President Biden during a campaign event in California called Xi a “dictator”. 

Last month, Yellen had attempted to soften the remarks before a press conference, saying of Biden’s remarks which had outraged Bejing officials, “With respect to the comments, I think President Biden and I both believe it’s critical to maintain communication …to clear up misperceptions, miscalculations. We need to work together where possible.” 

In preparation for the trip, Yellen met with Xie Feng, China’s ambassador to the United States, in Washington on Monday. The Treasury readout cited “frank and productive discussion” over global and bilateral issues.

“Xie expressed China’s concerns on economic and trade issues and asked the United States to take action to resolve them, according state media broadcaster CCTV,” Reuters detailed. “He also expressed hope that the United States and China will eliminate interference while strengthening dialogue, CCTV said.”

Also top of the list of topics for dialogue when Yellen is expected in China July 6-9 will be Taiwan, at a moment the Biden administration has continued approving arms deals for the self-ruled island.

end

Just the start!!

The rare earth blockage will be somewhat harmful to the west.  In depends on who China will sell to and they in turn will sell to the USA

(zerohedge)

Ex-Top Chinese Official Says Export Curb On Key Metals Is “Just The Beginning”

WEDNESDAY, JUL 05, 2023 – 09:50 AM

On Monday, China announced export controls on two rare earth metals, gallium and germanium, starting on August 1. These critical rare earth metals are used in microchip production. On Wednesday, a former top Chinese official was quoted by state media as saying export controls on rare earth metals are “just the beginning.”

Former vice-minister of commerce Wei Jianguo spoke with China Daily and said Beijing has plenty of tools for countermeasures if the Biden administration continues to ramp up technology restrictions. He said the decision to restrict the export of gallium and germanium would “cause panic in certain countries, but also exert heavy pain in them.” 

Wei said: “This is just the beginning of China’s countermeasures, and China’s toolbox has many more types of measures available. If the high-tech restrictions on China become tougher in the future, China’s countermeasures will also escalate.”

This is alarming because China controls the world’s processing and refining of rare earth metals.

These metals have become essential for producing electric vehicles, wind turbines, solar panels, and high-tech defense weapons. Any disruption of the rare earth metal trade to the West could impact supply chains. 

As for the military-industrial complex, which has already seen China place Lockheed Martin and a unit of Raytheon Technologies on an “unreliable entities list” over weapon sales to Taiwan, this is a major wake-up call that rare earth supply chains need to be rejiggered from Asia to elsewhere or even increase North American mining and refining capacity. 

“Any attempt to promote decoupling through hegemonism, including suppressing Chinese enterprises, will ultimately be a stone thrown at one’s own feet,” Wei added.

Five years into a trade war, the weaponization of trade flows appears to be in full swing. The announcement of the export controls came ahead of Treasury Secretary Janet Yellen’s visit to Beijing on Thursday and was timed to send the Biden administration a message.  

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

UK

Farage’s “banking ban” has sparked probe into the blacklisting of accounts over political views

(zerohedge)

Farage ‘Banking Ban’ Sparks UK Govt Probe Of Blacklisting Accounts Over Political Views

TUESDAY, JUL 04, 2023 – 09:40 AM

Days after Brexiteer Nigel Farage told the world about his experience of having his bank accounts abruptly closed by a major banking group, without a valid reason provided, The FT reports that Chancellor Jeremy Hunt has said the government will take action over banks blacklisting customers who hold controversial views.

As we detailed at the time, Farage claimed that:

“The establishment are trying to force me out of the UK by closing my bank accounts,” adding, “this is serious political persecution at the very highest level of our system.”

And he cited 3 potential reasons for his apparent blanket ban…

1. the EU’s definition of a politically exposed person (PEP),
2. prejudice from corporate institutions, and
3. false allegations made by a member of Parliament regarding funds from the Russian government.

Warning that anyone in Britain could be next, Farage told The Mail this week:

“The banking industry in the UK has become politicised. We are going down a road where anybody in Britain could say something on Facebook or Twitter that a bank doesn’t like and lose their accounts.”

In response, Chancellor Hunt has asked City minister Andrew Griffith to investigate the practice of lenders closing down the accounts of individuals or companies whose views they disagree with.

“Banks and payment providers occupy a privileged place in society and it would be a concern if financial services were being denied to those exercising the right to lawful free speech,” Griffith told the Financial Times.

The Treasury opened a consultation into the matter earlier this year after rightwing commentator and journalist Toby Young complained that the Free Speech Union group he founded had its PayPal account frozen last September.

PayPal did not immediately respond to a request for comment.

Rather notably – given Farage’s comments – ministers also want to reform the regime monitoring “politically exposed persons” (PEPs) to ensure it has not been applied too heavily.

Politicians classified as a PEP are subject to tighter controls by banks to guarantee they comply with the law.

Finally, as we noted at the time of Farage’s comments, if it can happen to him, it can happen to anyone with a ‘view’ that is not ‘acceptable’. As he concluded:

“I’m beginning to think that perhaps life in the United Kingdom is now becoming completely unlivable because of the levels of prejudice against me.”

We wonder just how much of this ‘shock, horror’ from the establishment that ‘deplatforming’ of people like Farage is going?

Nevertheless, British PM Sunak’s official spokesman said today:

“As you’ve seen from over the weekend, the Chancellor is concerned by some of the reports. Free speech within the law and the legitimate expression of differing views is an important part of British liberty.“

“The Treasury is running a call for evidence already to assess if the current framework strikes the right balance between the rights of a bank customer to express themselves freely and the right of a bank to manage commercial risk. They’re going to report back soon.”

The results of a government consultation on the subject is due to be published in the coming weeks… and then we will see if this is all just bluster.

A Treasury source told the Daily Telegraph: “It is absolutely a concern. No one should have their bank account denied on the grounds of freedom of expression. We expect to take action on this issue within weeks.“

end

GERMANY

AfD Wins First Mayoral Election In Germany, Rival Politicians Warn Of More Victories Ahead

TUESDAY, JUL 04, 2023 – 06:45 AM

Authored by Denes Albert via Remix News,

The German opposition party Alternative for Germany (AfD) has won its first mayoral election in a municipality in the German state of Saxony-Anhalt, in the small town of Raguhn-Jeßnitz.

Its candidate, Hannes Loth, won with 51.13 percent of the vote, according to the official preliminary results. His opponent, the independent Nils Naumann, won 48.87 percent of the vote in Sunday’s second and final round of the local election, according to the Hungarian publication Mandiner.

The town is located in the former GDR, which was East Germany during communist rule; the AfD enjoys its highest support in this region. Although the town has only 9,000 people, the breakthrough victory comes on the heels of the AfD winning its first district election just last week.

The district administrator of the Anhalt-Bitterfeld district, where the town of Raguhn-Jeßnitz is located, Andy Grabner (CDU), said further successes from the AfD are likely.

“If the policy that the traffic light government is currently implementing remains in place, this will not be the last mayor and the last district administrator of the AfD,” he said to the German press service dpa. He stated that these types of victories may not only become common in former East Germany but also nationwide.

Saxony’s Minister-President Michael Kretschmer, who also belongs to the CDU, echoed the statements of Grabner, stating:

“Something is slipping in this country… The energy transition, the heating law, the refugee policy and the Russian embargo brought victory to the AfD. These issues threaten to tear society apart.”

The AfD, to the right of the center Christian Democratic Union/Christian Social Union (CDU/CSU) party alliance, has been steadily gaining strength in recent months, with national electoral support of 19-20 percent, ahead of the largest governing party, the Social Democrats (SPD), which has 18-19 percent. The AfD has thus become Germany’s second-largest political force, with only the opposition CDU/CSU having higher support, at 26-28 percent.

Founded in 2013, the party entered the Bundestag in 2017 and achieved its biggest municipal election success to date a week ago. At the end of June, an AfD candidate was elected as the head of the administration (Landrat) in the Sonneberg district, also in the former GDR, which borders Saxony-Anhalt.

END

FRANCE

France’s huge problem, the failed suburb plan fails as its social divide widens

(zerohedge)

As “Suburb Plan” Fails, France’s Social Divide Widens

TUESDAY, JUL 04, 2023 – 08:30 AM

The urban riots which broke out in France following the death of the 17-year-old Nahel M. during a police traffic check have revived the already long-standing debates on the problems of the French suburbs, which combine social, historical, town planning and security issues.

Statista’s Martin Armstrong notes that despite the “suburb plans” implemented for more than forty years, policies with regard to disadvantaged neighborhoods have not really succeeded in reducing inequalities and the social divide to the rest of the French population.

You will find more infographics at Statista

France’s so-called “priority neighborhoods” are defined by the average income of their inhabitants: less than €11,250 per capita per year.

The French government counts 1,514 priority neighborhoods spread over 859 municipalities, including approximately 5.4 million inhabitants, or 8% of the French population.

In these places, the unemployment rate is 2.5 times higher than the national average and around a quarter of young people aged 16 to 25 are not in education and unemployed (compared to 13 percent in the population as a whole).

As Statista’s infographic also shows, half of the inhabitants of priority neighborhoods live on less than €1,168 per month (median net income), compared to €1,822 for all French people.

This represents around €650 less per month to live on.

The poverty rate in priority neighborhoods exceeds 40 percent (compared to 15.5 percent on average).

“Let them eat cake” backlash means ‘burn it to the ground’?

end

FRANCE

Damage to France is already past one billion euros

(Cody/Remix)

French Riots Already Cost €1 Billion In Damage

WEDNESDAY, JUL 05, 2023 – 02:00 AM

Authored by John Cody via Remix News,

France has suffered €1 billion in damage due to widespread rioting, said Geoffrey Roux de Bézieux, head of France’s largest employer federation, the Movement of the Enterprises of France (MEDEF), during an interview with French newspaper Le Parisien.

“More than 200 shops were completely looted, 300 bank branches destroyed, 250 tobacconists affected, with operating methods of absolute violence. Everything was stolen, even cash registers, before setting fire to destroy. The insurers are mobilized to go as quickly as possible, I am quite confident that the businesses concerned will be compensated,” he said. Despite Bézieux’s claim that businesses will be paid out, insurance companies often raise premiums on businesses due to increased risk of future riots.

Police officers responding to nation-wide riots walk past a souvenir store in Paris, Saturday, July 1, 2023. (AP Photo/Christophe Ena)

However, according to Bézieux, this tremendous figure does not even factor in the effect on tourism, and also does not include damage to public institutions like schools, libraries, police stations, as well as the hundreds of vehicles torched during the nationwide riots. The rioters, for example, targeted one of the biggest libraries in the country, the Marseille Alcazar library, with arson damage likely costing taxpayers millions alone to restore.

“It is too early to give a precise figure but we are at more than a billion euros, not counting the damage to tourism. The videos of the riots, which circulated around the world, damage the image of France. It’s always difficult to know if the impact will be lasting, but there will certainly be a drop in bookings this summer when the season was promising. Trips have already been canceled,” said Bézieux.

The George Floyd riots in the United States had cost an estimated €2 billion, however, many experts argued that was a low estimate. France, meanwhile, is a much smaller country, and already hit the figure of €1 billion worth of damage in just seven days.

Police investigators work in damaged and looted sports store after a third night of unrest, Friday, June 30, 2023 in Paris. Protesters erected barricades, lit fires and shot fireworks at police, who responded with tear gas and water cannons in French streets overnight as tensions grew over the deadly police shooting of a 17-year-old. (AP Photo/Michel Euler)

The latest damage figures coming out of France must also be factored into the debate around immigration and arguments that Europe needs more foreigners to shore up public finances. Claims that the migrants will be needed to pay into the pension system of European countries have already been debunked numerous times, as they already cost countries like France and Germany tens of billions every single year for housing, education, and jobless benefits. If anything, these populations are burning a massive hole in the public finances of nations across the West.

However, when the financial damage of the French riots is also factored in, along with the significant resources dedicated to policing these migrant communities, arguments about the financial benefits of mass immigration appear to be, at least in France, quickly leading to a backlash amongst the public.

In fact, the vast majority of French people – even before the riots – were saying that France had taken in too many migrants and that immigration had brought more disadvantages than advantages.

Increasingly clear who was behind the attacks

The videos of the riots show that the vast majority of rioters were urban youth with a foreign background, however, court cases are also confirming this to be the case.

CNews reporter Amaury Bucco posted a tweet pointing out that four rioters tried for the looting of stores in Paris and for receiving goods from these stores: three of them are migrants, including two illegal Algerians, one was under a deportation order (OQTF).

In a separate development, in Marseille: a 21-year-old man, son of a Malian diplomat, who came to demonstrate in tribute to Nahel, was arrested during the night for theft.

“Immediate appearances in Marseille: a 21-year-old man, son of a Malian diplomat, who came to demonstrate in tribute to Nahel, arrested during the night with four pairs of glasses and six pants. Again, clean record and again, the prosecution requests prison time,” wrote French journalist Clara Martot Bacry.

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA//INDIA//ARGENTINA

More de dollarization as Indian refiners pay in roubles. Argentinian payments to the IMF also in yuan.

(zerohedge)

More Dedollarization: Indian Refiners’ Payments To Russia, Argentina Payment To IMF Both In Yuan

MONDAY, JUL 03, 2023 – 04:30 PM

The world continues to chisel away at the dollar’s reserve status.

In the first of the two most recent examples of how non-western nations plan to avoid the weaponized dollar, late last week Argentina made a loan repayment to the International Monetary Fund worth the equivalent of $2.7 billion “without using dollars” on Friday, using Chinese yuan and special-drawing rights notes instead, Reuters reported.

The operation is expected to deplete Argentina’s $1.65 billion in SDRs, according to a central bank source, “with yuan making up the difference.” While Reuters’ take home message here is that the “use of yuan underscores how desperate the country’s dollar position has become”, an alternative conclusion is that when it comes to international obligations – at least as far as the IMF is concerned – the yuan is as good as the greenback, an observation that will make China quite happy.

As a result of the payment, Argentina’s foreign currency reserves saw a sharp decrease to around $27.933 billion for end-June, the same source told Reuters, bringing foreign reserves to their lowest since March 2016. Still, the move gave a boost to Argentina’s markets on the last day of the month, which overall in June saw the stock index tick up nearly 25% and bonds up almost 13%.

Both parties are now locked in talks to speed up disbursements from their $44 billion program and ease economic targets, as a major drought continues to hammer vital grains exports.

Argentina’s economy ministry said a team will travel to Washington early next week to continue negotiations.

“IMF staff and the Argentine authorities will continue to advance their work in the coming days, with the aim of reaching agreement on the fifth review of the Fund-supported program,” the fund said separately on Friday, after a “standard informal Executive Board briefing on Argentina” was held Thursday.

But wait, there’s more.

Indian refiners have also begun paying for some oil imports from Russia in Chinese yuan, Reuters also reported citing “sources with direct knowledge of the matter” as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments.

In other words, it is the weaponization of the dollar that is forcing the world to find alternative to – drumroll – the dollar, something we have been warning would happen ever since Russia was effectively blacklisted and targeted by the entire dollar-based monetary platform.

And just in case there is still some confusion about the long-term viability of the petrodollar, China has also switched to the yuan for most of its energy imports from Russia, which overtook Saudi Arabia to become China’s top crude supplier in the first quarter this year.

“Some refiners are paying in other currencies like yuan if banks are not willing to settle trade in dollars,” said an Indian government source.

Indian Oil Corp, the country’s biggest buyer of Russian crude oil, in June became the first state refiner to pay for some Russian purchases in yuan, three sources familiar with the matter said. At least two of India’s three private refiners are also paying for some Russian imports in yuan, two other sources said.

According to Reuters, it could not immediately be determined how much Russian oil Indian refiners have bought with yuan, although Indian Oil has paid in yuan for multiple cargoes.

The rise in yuan payments has given a boost to Beijing’s efforts to internationalise its currency, with Chinese banks promoting its use specifically for Russian oil trade.

Since the imposition of sanctions on Moscow, Indian refiners have mostly bought Russian crude from Dubai-based traders and Russian oil companies such as Rosneft, the Litasco unit of Russian oil major Lukoil, and Gazprom Neft, according to shipping data compiled by Reuters.

Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates’ dirham, sources have said.

“First preference is to pay in dollars but refiners sometimes pay in other currencies such as dirham and yuan when sellers ask them,” said the government source, who did not elaborate further and declined to identify any Indian companies paying in yuan for Russian oil.

Reuters previously reported in March that India had asked banks and traders to avoid using the yuan to pay for Russian imports because of long-running political differences with China. And while it was not immediately clear whether recent purchases represent a change in that view, clearly this “directive” is now being ignored as US influence in the region wanes with every passing day.

Furthermore, India’s imports from Russia rose to a record in May, with Russian crude oil accounting for 40% of India’s overall oil imports compared with 16.5% a year earlier, denting purchases from Iraq and Saudi Arabia.

While Western sanctions against Moscow are not recognized by India and its purchases of Russian oil may not violate them, Indian banks are wary of clearing payments for such imports:

• In May, State Bank of India, the country’s top lender and a key banker for state refiners, rejected IOC’s planned payment in dollars for a cargo delivered by Rosneft, two sources said. The cargo was loaded on tanker NS Bora, handled by Dubai-based Sun Ship Management, an entity connected to Russia’s largest state shipping company, Sovcomflot, which the European Union sanctioned in February and the United Kingdom in May.
• In June, IOC used ICICI Bank (ICBK.NS), a private-sector Indian lender, to settle this trade with Rosneft by paying in yuan to Bank of China (601988.SS), two sources with direct knowledge of the matter said. One private refiner has also been using the same mechanism for payments for Russian oil, one of the sources said.

Since then, IOC has used the same method to pay with yuan for other cargoes from Rosneft, one of the sources with direct knowledge of the matter said.

“Whenever IOC will face problems it would push for payment in yuan,” the person said, adding that IOC had asked Rosneft to consider supplying oil in vessels not managed by sanctioned entities.

Another state refiner, Bharat Petroleum Corp Ltd (BPCL.NS), is also exploring yuan payment for Russian oil, a separate source said.

“Many traders (sellers) are insisting for yuan payments,” the source said.

That pretty much says it all.

end

It will certainly be not the Russians but the Ukrainians that will attack the nuclear facility

(zerohedge)

Ukraine ‘Preparing For Nuclear Explosion’ As Russia Reduces Zaporizhzhia Plant Presence

TUESDAY, JUL 04, 2023 – 04:15 PM

Ukraine’s President Zelensky has once again been warning the public and the West that Russia is planning to stage some kind of disastrous nuclear fallout event centered on the Zaporizhzhia nuclear plant, Europe’s largest. The claims from Ukrainian top officials have been persisting for weeks at this point, but have grown louder in the last several days, as Americans are busy with July 4th festivities. 

“There is a serious threat because Russia is technically ready to provoke a local explosion at the station, which could lead to a [radiation] release,” Zelensky claimed days ago at a joint news conference in Kyiv. Ukrainian intelligence is at the same time this week saying Russia’s military is reducing its presence there and has told staff to relocate to Crimea.

The Guardian on Saturday cited Ukraine’s intelligence arm, the GUR, to say that “several representatives of Russia’s state nuclear energy agency, Rosatom, have already left” and further that “Ukrainian employees who stayed at the plant and signed contracts with Rosatom had been told to evacuate by Monday, preferably to Crimea, it said.”Recent Ukrainian nuclear response drills. Via AP

All of this is of course impossible to confirm, and such allegations centered on Zaporizhzhia have been consistent throughout much of the war, at times coming from both sides. 

“On Thursday Ukraine conducted nuclear disaster response drills in the vicinity of the power station, regional officials said,” The Guardian wrote further.

The Kremlin has expressly denied the Ukrainian allegations: 

Russia’s UN ambassador, Vassily Nebenzia, replied saying that he had written to the UN security council and secretary general, António Guterres, to state: “We do not intend to blow up this NPP [nuclear power plant], we have no intention of doing so.”

All this has resulted in heightened international scrutiny over operations at the plant. Ukraine says “the world is watching.” 

The Ukrainian government has actually been making these claims for weeks, with some independent observers such as David Sachs saying this could set the stage for a “Gulf of Tonkin moment”. 

Below is what Sachs wrote last month when Ukrainian claims regarding Zaporizhzhia plant grew louder and louder…

* * *

Is a Gulf of Tonkin moment at hand? Shortly after returning from his latest trip to Kyiv, Senator Graham along with Blumenthal introduced his resolution providing Article 5 guarantees to Ukraine in the event that, among other things, a nuclear facility is destroyed in Ukraine.

Just coincidentally, the Ukrainian government including Zelensky and intel chief Budanov started issuing warnings about Russian plans to blow up the Zaporizhzhia Nuclear Power Plant, even though the plant is under Russian control and blowing it up would have no strategic value.

Ukrainian propaganda channels keep pumping this claim without evidence. Of course, a compliant media has not pressed them for any, simply repeating the claims as if they come from an unbiased source. If ZNPP gets destroyed, we won’t know for sure who did it, but we can be sure that the media will reflexively blame it on Russia, as they ludicrously did with the destruction of Nord Stream.

This press dynamic combined with the Graham-Blumenthal resolution actually creates a perverse incentive for *someone* to destroy ZNPP if they want to draw America deeper into the conflict. Biden has previously sworn that America will not get directly involved, on the grounds that would start World War III, but he also promised not to provide F-16s for the same reason.

We know what happened with that promise. In 1965, LBJ committed large numbers of American troops to the Vietnam War after previously stating “We are not about to send American boys 9 or 10 thousand miles away from home to do what Asian boys ought to be doing for themselves.”

The outrage over the Gulf of Tonkin incident, which we now know to be a lie, created the pretext for that involvement. If ZNPP is destroyed, look for howls of outrage from the War Party seeking the “Americanization” of the Ukraine war to begin.

end

Special thanks to Robert H for sending these next two commentaries to us:

SCOTT RITTER: Biden’s 3am Moment in Ukraine

We would be well advised to understand what Scott is really saying here delicately without stating it.  Biden runs nothing as the foreign policy is in hands of die hard NEOCONS. And the truth is that the gang had security briefings 2 weeks in advance of the so called Coup attempt. Now ask yourself how did they know they know when, and what the COOK would be doing and why Ukrainians knew as well. Are we not to see, that the Ukrainians slowed their offensive during this event to a standstill? Using Burns as the spokesman for creditability only lessens his standing with Russians as the others have zero creditability just like they have none with China. Even India no longer trusts and will gladly take any tidbits offered while ignoring any real engagement.

We will know likely tomorrow if the Ukrainians attempt to blow up the nuclear plant to bring in NATO and blame Russia. In anticipation the American “sniffer” plane is in position since the winds will change tonight and blow east to West ( normally they blow West to East and it is hard to think Russia would endanger itself). If this false flag occurs and is used as a False Flag incident to invoke Article 5, expect a harsh reaction from Russia. Because it will neither save Ukraine nor Biden and his Neocon handlers. Certain Russian placements are in position for such an event as they do have contingency planning as does China.

https://consortiumnews.com/2023/07/02/scott-ritter-bidens-3am-moment-in-ukraine/

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“It came out of nowhere”: The Russian stealth UCAV S-70 Okhotnik bombed targets in Ukraine for the first time! – “Radars didn’t see it” say the Turks – WarNews247

This is not correct. This Drone has been tested and used several times now in Ukraine and has exception ability to strike tank columns and the like.
This is very capable longer range bomber and fighter and is much cheaper to produce than the SU-57 that it was developed for as a Wingman. In certain testing deep in Russian airspace, tests are well under way in using a squadron consisting of 1 Su-57 and 3 Okhotnik drones. It is thought in Russia that this is the way to combat NATO forces which have more pilots. As for the Su-57 its Stealth, range and efficiency has now been improved with rectangular exhaust which is part of the 6th generation engine design. It is likely now that this new engine will replace existing ones destined for the Su-57 and go to the drones instead. In due course there will be 15-20 such squadrons, apart from separate drones who will be involved in ground support missions. The speed of these drones is similar to that of a Su-57 and these drones are able to be refueled mid flight.


https://warnews247.gr/irthe-apo-to-pouthena-to-rosiko-stealth-ucav-s-70-okhotnik-vomvardise-gia-proti-fora-stochous-stin-oukrania-den-to-eidan-ta-rantar-lene-oi-tourkoi/end

RUSSIA/INDIA/CHINA

ROBERT  TO US

India starts paying for Russian oil in yuan – Reuters — RT India

The departure from the Federal Reserve Dollar continues. This is a big sign of warning. At some point soon the Dollar will likely suffer a 30% decline or more in purchasing power and it is likely oil will be signpost of change. Add to this Russia curtailing oil supply in August by another 500,000 barrels and a BRICS meeting in late August about currency and more joining members and you can see the trend.
And with a LOSING PROXY called Ukraine what false flag will NATO dream up?

https://www.rt.com/india/579137-india-russian-oil-chinese-yuan/

END

ISRAEL

Israel can no longer stand attacks on its citizens: it conducts the largest military incursion into the West Bank since 2002

(the cradle)

Israel Conducts Largest Military Incursion Of West Bank Since 2002

WEDNESDAY, JUL 05, 2023 – 05:00 AM

Via The Cradle,

Around 3,000 Palestinians were forced to leave the Jenin refugee camp overnight on Tuesday, as the Israeli army pushed ahead with the second day of the largest military invasion into the occupied West Bank since 2002.

“There are about 3,000 people who have left the camp so far,” Jenin deputy governor Kamal Abu al-Roub told AFP on Monday night, highlighting that 18,000 people live there.Via AFP

Palestinians leaving their homes told reporters that Israeli forces had threatened to target them if they refused to leave, while some said the troops fired live shots at their homes. Several families were tear-gassed as they fled for safety.

According to the mayor of Jenin, Nidal Obeidi, the Israeli army started demolishing homes in the refugee camp after displacing their residents. “Those being targeted now are not just the resistance fighters, but civilians are being killed and wounded as well,” he told Al Jazeera.

Tel Aviv’s brutal invasion of the flashpoint West Bank city started in the early hours of July 3rd and has left at least 10 Palestinians dead. Over 100 others have been wounded.

Shelling and fighting continued overnight. In the early hours of Tuesday, Israeli warplanes launched a series of airstrikes in the Al-Damej neighborhood, while drones could be seen flying over the camp.

قوات الاحتلال تطلق قنابل الغاز صوب العائلات الفلسطينية أثناء نزوحها من منازلها في مخيم جنين . pic.twitter.com/NKQFpEf1F5— وكالة شهاب للأنباء (@ShehabAgency) July 3, 2023

The Israeli siege involved drone strikes, Apache helicopters, and ground forces, including army bulldozers that tore up streets across Jenin. The offensive has been widely described as one of the worst Israeli attacks on the West Bank since the end of the Second Intifada.

While reporting on the siege, several journalists reported they were directly targeted by Israeli live fire. Al Araby TV correspondent Ahmed Shehadeh said the army destroyed his camera while he and four other journalists were taking refuge inside one of the homes in the camp before being evacuated by the Red Crescent.

While the Israeli military initially declined to say how long the siege of Jenin would take, army spokesperson Daniel Hagari announced on Tuesday morning that the operation “could end faster than initially expected, even within a matter of days.”

Israel has said it is fighting terror organizations…

RIGHT NOW: Several Israeli civilians were injured in a terrorist attack in Tel Aviv.

While the IDF is operating to maintain stability in the Jenin Camp by targeting the terrorist infrastructure, our civilians are consequently being targeted by terrorism.— Israel Defense Forces (@IDF) July 4, 2023

The operation was launched in response to the unprecedented rise of armed resistance in the West Bank, which has become a significant threat to Israeli cities and illegal West Bank settlements. Confronting the massive invasion are several different factions, including the Palestinian Islamic Jihad’s (PIJ) Jenin Brigade, the Al-Aqsa Martyrs Brigade, and groups linked with Hamas.

The Jenin Brigade claims they have shot down at least four Israeli drones since the start of the siege. Solidarity with Jenin has been pouring in from across West Asia and North Africa, with dozens of nations condemning the Israeli aggression.

A huge number of Israeli surveillance drones hovering over Jenin on the second day of the Israeli invasion of the city and its refugee camp. pic.twitter.com/jGe5TuN7P6— Quds News Network (@QudsNen) July 4, 2023

A general strike was announced in the occupied West Bank for Tuesday, while people in Gaza held rallies to express solidarity with the people of Jenin. Gaza resistance factions on Monday said in a statement, “We call on all our people in cities, villages, and camps, especially around Jenin, to confront the Israeli occupation and support Jenin.”

The statement continued: “We call on the resistance fighters in all arenas to respond to any aggression if the Israeli occupation continues its crimes against our people.”

end

IRAN/USA

USA navy stops attempt to seize two oil tankers and shots were fired

(zerohedge)

US Navy Thwarts Iranian Attempt To Seize 2 Oil Tankers, Shots Fired

WEDNESDAY, JUL 05, 2023 – 10:15 AM

The US Navy’s Fifth Fleet has announced that early Wednesday Iranian naval vessels attempted to seize two oil tankers near the Strait of Hormuz, which included firing shots at one of them. 

The US Navy said it responded and prevented the seizures. “The Iranian navy did make attempts to seize commercial tankers lawfully transiting international waters,” Cmdr. Tim Hawkins, spokesman for the U.S. Navy’s Fifth Fleet, confirmed in a statement. “The U.S. Navy responded immediately and prevented those seizures.”Illustrative: US Navy image

It was only the second tanker which was fired upon during the incident, leaving no casualties or major damage. 

The Associated Press described the tanker which was fired upon as US managed, though Bahamas-flagged and Greek-owned:

Ambrey, a maritime intelligence service, said the tanker that was fired upon was a Bahamas-flagged, Greek-owned, U.S. managed crude oil tanker transiting from the United Arab Emirates to Singapore. It said the firing of shots happened 28 nautical miles northeast of Muscat, the capital of Oman.

The US Navy has further described that in total Iran seized at least five commercial vessels over the course of the last two years, and in addition there’s been several harassment incidents of foreign ships reported. 

In April, elite Iranian commandos raided a US-bound oil tanker in the Gulf of Oman, swooping in on a helicopter. That tanker was Chinese-owned, and bound for Houston. But Tehran has sought to justify its actions by citing recent instances of Washington seizing its own oil on the high seas.

Currently, there’s a move in US Congress to toughen US action against Iranian ‘illegal’ crude exports: 

Several US senators backed the Biden administration’s move to seize Iranian oil tankers at Panama Canal, calling for more measures to stop export of Iran’s crude.

Senator Bob Menendez (D-NJ) told Iran International’s Arash Aalaei he “applauds” the seizure and he “hopes they’ll have many more.”

He added that this is a message to Iranians warning them that they cannot ultimately divert their oil and violate embargoes imposed on their oil trade. Senator Tim Kaine (D-VA) told us that he supports the Biden administration’s seizure of Suez Rajan tanker carrying Iranian crude oil, lauding it as “a very strong move.”

The Senator added: “Iranian aggression in many ways, including supplying drones to Russia to facilitate an illegal war in Ukraine, the behavior of Iran both to its own people and beyond the borders, is getting worse and worse and worse.”

END

LIBYA/UKRAINE //USA

Steve Brown commentary on NATO’s failed state Libya

(Steve Brown)

Nato’s Failed State

Leave a reply

Libya one of many… will the Ukraine be next?

Saif al Islam, a son of Qaddafi, miraculously managed his way out of (almost) certain death when captured by the Zintan faction after the Clinton-NATO led and backed Libya coup.  First held as  a prisoner with threat of execution, Saif al Islam won the confidence of the Zintan and their full support.

Recent Article: https://www.atalayar.com/en/articulo/politics/saif-al-islam-gaddafi-emerges-alternative-libyas-two-warring-factions/20230112182555159762.html

Then Saif al Islam managed to qualify for elections in Libya, but the elections have been postponed for years now — since 2021 — and seems those elections will not take place.

As a personal note I’ve heard Saif al Islam speak, and he is an exceptional orator and leader largely hated by the autocrats/dictatorial regimes of the Western Collective. That’s because Saif al Islam is sincere about uniting the very disparate factions in Libya that Washington has leveraged (as usual) for its own corrupt purposes.

Of course, any such common ground for Libya’s unification will be bad for Haftar/ Saleh and bad for the GNA, where a sort of “oil mafia” has been in conflict since the Clinton’s criminal cartel in US State overthrew Qaddafi in 2011.*

Libya — like Lebanon, Iraq, Afghanistan, Kosovo, and (nearly) Syria — is just another successfully created failed state as far as Washington is concerned. The former United States loves failed states, because failed states are easily manipulated and exploited and do not cost the US much… only the cost of weaponry (USAID) which fuels Wall Street’s MIC.

Topic switch from Libya to the Ukraine: Since Frank Wisner’s day the government of the former United States has recoiled from any obligation to support the failed states it creates — that is, in the form of client states — with the exception of Israel. But now we have the Ukraine as a defacto US client state.. at least potentially.

For sure the Beltway cesspool does not want a client state in the form of Libya.  But at least Libya has oil — whereas the Ukraine has only hackers and corruption as an export beside tainted/toxic grain…

Now the toxic Kiev regime is reportedly designing a false flag event, where Russia will be portrayed — via Kiev duplicity — as having destroyed its own power plant.  From assassinating and imprisoning journalists to encouraging nuclear destruction, that is where the US-backed thugs of the Kiev regime are taking us…

So perhaps, in the end, there will be no “Ukraine” to exist as a “US client state” at all… by Budanov/Zelensky’s own nuke hand..

*Libya’s “oil mafia” is Tobruk/Cyrenaica v Tripoli for an over-simplification.

Steve Brown

END

GLOBAL ISSUES//MEDICAL ISSUES

This is big: the all important Cleveland Clinci states how bad the immunize system is damageed by the COVID 19 shots:

Robert H to us:

Powerful Cleveland Clinic study (Shrestha) shows how badly the immune system is damaged by the mRNA technology based gene injection; over 50,000 healthcare workers in the Cleveland Clinic; no prior

How does anyone rebuild their health from this damage without long term consequences?

https://palexander.substack.com/p/powerful-cleveland-clinic-study-shrestha

GLOBAL ISSUES//GENERAL

END

Global economy:

END

VACCINE/COVID ISSUES

DR PAUL ALEXANDER

’14 NFL players who died suddenly recently – Most recent is 35 yo ex-NFL quarterback Ryan Mallet who died suddenly off a Florida beach while swimming, on June 27, 2023. They’re blaming heat/climate!’

Dr. William Makis seminal scholarship on the NFL players who died & yes, includes Damar Hamlin who did die on the field, yes, brought back to life! Did they all die from the mRNA technology shots?

DR. PAUL ALEXANDERJUL 3

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We will never know, we will never for no one is giving us details.

We have to speculate they took the shots and knowing how deadly the shots are especially as to silent myocarditis and cardiac arrest etc.

‘June 27, 2023 – Former NFL quarterback – 35 year old Ryan Mallet died suddenly off a Florida beach. There was no riptide and little kids were swimming. He had a medical emergency and drowned. They’re blaming his death on heat/climate change. (click here)

June 21, 2023 – Former NFL player (Houston Texans) – 45 year old Cedric Killings died suddenly following a battle with pancreatic cancer. Turbo cancer? (click here)

June 19, 2023 – Former NFL player (Pittsburgh Steelers linebacker and superbowl champion) 46 year old Clark Haggans died suddenly. He was found dead at home. (click here)

May 25, 2023 – Former NFL player (New England Patriots) – 25 year old Malik Gant was found dead in Miami 4 days before his birthday (click here)

Apr.17, 2023 – Former NFL player – 31 year old Chris Smith died suddenly on April 17, 2023. Cause of death remains unknown. He was found dead hours after playing in XFL game. (click here)

Feb.1, 2023 – Former NFL player (Detroit Lions) – 40 year old Staley Wilson Jr died suddenly. He had been arrested for vandalism and he was being transferred from jail to a medical facility which specializes in caring for those with mental health issues – during intake he collapsed and died suddenly from cardiac arrest (click here)

Jan.26, 2023 – Former NFL player (Detroit Lions) – 25 year old Jessie Lemonier died suddenly. Rumors on social media suggest a suicide but he was expecting a baby

Dec.30, 2022 – Former NFL Player (Jacksonville Jaguars) – 38 year old Uche Nwaneri died suddenly. He was found by his wife unresponsive in a bedroom of her home at 1am. He is believed to have died from a heart attack (click here)

Dec.21, 2022 – Former NFL Player (Denver Broncos) – 31 year old Ronnie Hillman died on Dec.21, 2022. In Aug.2022, he was diagnosed with a rare kidney cancer – renal medullary carcinoma. Possibly a turbo cancer that killed him in 4 months (click here)

END

‘EU secures vaccine deals with Pfizer, and others for future pandemic’ (REUTERS): you see folks, we have no choice but to keep pressing to get Pfizer, Moderna, all of these criminal mRNA technology

vaccine makers, their CEOs Bancel, Sahin, Bourla etc. into proper hearings and courtrooms for they manufactured ‘death’; they have shown that mRNA technology has NO benefit to humanity, deadly!

DR. PAUL ALEXANDERJUL 3

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SOURCE:

https://www.reuters.com/business/healthcare-pharmaceuticals/eu-announce-deal-with-pfizer-others-reserve-vaccines-future-pandemic-source-2023-06-30/

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Did the mRNA technology based (underpinning) COVID gene injection vaccine (mRNA tech inventors Malone, Weissman, Kariko et al.) kill or contribute to death of Joestethics star Jo Lindner? Can we ask?

DR. PAUL ALEXANDER·1:09 AM

SOURCE: https://www.breitbart.com/europe/2023/07/02/joesthetics-bodybuilding-star-jo-lindner-dies-at-30/ In this era of ‘died suddenly’, everything must be on the table, everything. You cannot rule of the mRNA technology shot as cause if his status is being with held.

Read full story

COVID Intel – by Dr.William Makis

ANEURYSMS are killing social media stars – 30 yo bodybuilder Jo Lindner had 8 million Instagram followers (dead after 4 COVID jabs), 35 yo pregnant Instagram star Jackie Miller James in a 5 wk coma!

Watch now (4 min) | …

Read mor

END

Note in this Cho et al. Korean study: 8 of 21 deaths (38%) were sudden cardiac death (SCD) attributable to vaccine related mortality (VRM) proved by an autopsy, and all cases of SCD

attributable to VRM were aged under 45 years and received mRNA vaccines. severe VRM was found in 19.8% of all VRM cases (n=480); VRM incidence was significantly higher in men than in women

DR. PAUL ALEXANDERJUL 4

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SOURCE:

https://academic.oup.com/eurheartj/article/44/24/2234/7188747?login=false

‘Among 44 276 704 individuals with at least 1 dose of COVID-19 vaccination, the incidence and clinical courses of VRM cases confirmed by the Expert Adjudication Committee of the Korea Disease Control and Prevention Agency were analyzed. COVID-19 VRM was confirmed in 480 cases (1.08 cases per 100 000 persons). Vaccination-related myocarditis incidence was significantly higher in men than in women (1.35 vs. 0.82 per 100 000 persons, P < 0.001) and in mRNA vaccines than in other vaccines (1.46 vs. 0.14 per 100 000 persons, P < 0.001). Vaccination-related myocarditis incidence was highest in males between the ages of 12 and 17 years (5.29 cases per 100 000 persons) and lowest in females over 70 years (0.16 cases per 100 000 persons). Severe VRM was identified in 95 cases (19.8% of total VRM, 0.22 per 100 000 vaccinated persons), 85 intensive care unit admission (17.7%), 36 fulminant myocarditis (7.5%), 21 extracorporeal membrane oxygenation therapy (4.4%), 21 deaths (4.4%), and 1 heart transplantation (0.2%). Eight out of 21 deaths were sudden cardiac death (SCD) attributable to VRM proved by an autopsy, and all cases of SCD attributable to VRM were aged under 45 years and received mRNA vaccines.’

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Can spike protein from COVID SARS-2 virus (& mRNA technology based gene vaccine Pfizer & Moderna) persist for years in your body? Patterson et al. showed yes! Found spike protein 15 months post shot

Patterson et al. paper was seminal and showed us the longevity of spike protein, sub-units etc., indicates LONG-COVID (post-acute sequelae SARS-CoV-2 infection (PASC)) & need for spike detoxification

DR. PAUL ALEXANDERJUL 4

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SOURCE:

https://pubmed.ncbi.nlm.nih.gov/35082777/

end

Bombshell: US House Bill to Cut Funding for WHO Entirely, Terminate Involvement in WEF, Considers Exiting WHO. Threatens Implementation of WHO “Pandemic Treaty”? Rep. Ralph Norman (Rep. S.C.)

The U.S. House of Representatives Committee on Appropriations (CoA), a highly influential US Congressional body on US budget proposals, has advised cutting government funding for the WHO

DR. PAUL ALEXANDERJUL 5

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https://www.globalresearch.ca/bombshell-us-house-floats-bill-defund-who-wef-other-misinformation-programs-considers-exiting-who/5824430?doing_wp_cron=1688406710.7961230278015136718750

end

SLAY NEWS

The latest reports from Slay News

Doctors Sue Biden Admin for Blocking Ivermectin as Covid Treatment Democrat President Joe Biden’s administration has been hit with a federal lawsuit for unlawfully blocking the use of the antiviral drug ivermectin as a Covid treatment. READ MORE

Macron Demands Big Tech Censors Reports on French Riots, Blames Social Media for Violence French President Emmanuel Macron is blaming social media and video games for the days of violent rioting seen in cities across France, and not his own globalist policies .READ MORE

AOC Challenges ‘Legitimacy’ of SCOTUS, Threatens Conservative Justices with Impeachment Radical Democrat Rep. Alexandria Ocasio-Cortez (D-NY) went on CNN and accused the Supreme Court’s conservative justice majority of abusing its power while threatening them with impeachment. READ MORE

7-Year-Old Hurt after Boston Democrat Crashes Uninsured Car While Driving on Suspended License A controversial far-left Boston Democrat lawmaker has left a 7-year-old child injured after crashing her car while driving illegally. READ MORE

Photos Leak of Barack & Michelle Obama on Luxury Yacht in Greece While They Complain about Affirmative Action Photos leaked to the Daily Mail show that Barack and Michelle Obama were on a lavish vacation in Greece with Hollywood star Tom Hanks and his family as they were complaining about the Supreme Court striking down affirmative action. READ MORE

Trump Vows to Appoint ‘Real Special Prosecutor’ to Investigate Bidens President Donald Trump has taken off the kid gloves and vowed to appoint a “real special prosecutor” to go after the Biden family if re-elected in 2024. READ MORE

Actress Euthanized over Covid Booster Injuries Actress Katarina Pavelek has been euthanized after suffering a devastating reaction to a Covid booster shot. READ MORE

Robert De Niro’s Grandson Dies Suddenly at 19 Leandro De Niro Rodriguez, the grandson of Hollywood star Robert De Niro, has died suddenly at just 19 years old. READ MORE

EVOL NEWS

Great Reset: Meat Consumption to Be Banned by 2030 READ MORE…

LATEST NEWS:

Cities Celebrating Fourth of July with Drones Instead of FireworksRead more…Just Stop Oil climate change protesters halt London Pride paradeRead more…State Senate Republicans Try to Force Vote on Election Chief’s AppointmentRead more…GOP Demands Answers on DOD Clearing Alleged Misconduct on Amazon JEDI BidRead more…Glass bottling plants forced to shut down, leaving 600 employees jobless amid Bud Light controversyRead more…Bud Light’s Dylan Mulvaney Partnership Has Now Cost 645 People Their Jobs: ReportRead more…Retiring Pentagon Chief Says the Next War Won’t Resemble Any War Ever Fought BeforeRead more…China-Owned Car Company Could Get a Boost From Biden-Harris Regime Tax Credits Meant to Help U.S. AutomakersThanks, Joe Biden: Cost for Fourth of July Cookout Reaches Record High Thanks to InflationREAD MORE… LATEST NEWS:BREAKING REPORT: At Least Four Dead In Philadelphia Mass ShootingRead more…“VP… VP… VP…” – Crowd Chants Kari for Vice President at Kari Lake’s Book Signing Event at Trump National Golf Club Bedminster (VIDEO) | by Jordan ConradsonRead more…REPORT: Ticket Presales For ‘Sound Of Freedom’ Surge Past $10 MillionRead more…RFK Jr. Tears Into Biden Regime For Continued Lack of Transparency Concerning JFK AssassinationRead more…‘America’s Beer’ Shows Bud Light How It’s Done with Its Choice of Influencer: A Real WomanRead more…REPORT: Biden Used Influence To Get His Granddaughter Accepted To UPennRead more…Hilarious: Trump Pokes Fun At Elon Musk And TwitterRead more…New Photos Show Hunter Biden Smoking Crack and Driving 172 MPH on Public HighwayRead more…Read more…

VACCINE IMPACT//

Whistleblower: Ukraine is Harvesting the Organs of Children in Laboratories – New Films on Child Sex Trafficking

July 3, 2023 3:35 pm

A whistleblower from OSCE (Organization for Security and Co-operation in Europe) has recently gone public describing laboratories found in buildings in Ukraine bombed by Russians where children are being kept in basements where their organs are being harvested. Vera Vayiman, who is a member of OSCE and worked in Ukraine as part of an international monitoring mission, made the horrifying revelations in a video interview that corroborates earlier reports from the Russian military and even from the Ukrainian military themselves, who have openly bragged that they harvest organs of children and body parts for cash. According to Vera Vayiman, who shared her testimony about what she personally witnessed during her time in Ukraine, the children are shipped out of the country under a grain export code. This report by The People’s Voice also includes a clip from a speech by Tim Ballard, a former Special Agent for the Department of Homeland Security who was assigned to the Internet Crimes Against Children (ICAC) Task Force. Tim talks about how Mel Gibson had contacted him to help out rescuing orphans from Ukraine, and that they were producing a 4-part documentary about this. Ballard is the central character in a new movie being released this week titled “Sound of Freedom,” where actor Jim Caviezel dramatizes the character of Tim Ballard and his work in rescuing children from Columbia.

Read More…

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

From The Fourth Of July To Le Quatorze Juillet

TUESDAY, JUL 04, 2023 – 09:15 PM

By Philip Marey, Senior US Strategist at Rabobank

The high tech trade war between China and the US continues. China will start export controls on gallium and germanium, two minerals used in the production of semiconductors, and a range of related metals on August 1. Meanwhile, the Biden administration is preparing to restrict the access of Chinese companies to US cloud-computing services. Later this week, Treasury Secretary Yellen will visit China to improve relations.

Yesterday, the ISM manufacturing index fell to 46.0 in June, from 46.9 in May, The Bloomberg consensus expectation was a rebound to 47.1. The ISM manufacturing has been below the neutral level of 50, which distinguishes between expansion and contraction, since November, but has now reached its lowest level since May 2020, shortly after COVID-19 broke out in the US. The employment sub-index fell to 48.1 from 51.4, indicating a net loss of jobs in the manufacturing sector in June. The prices paid index fell to 41.8 from 44.2, well below the Bloomberg consensus expectation of 44.0. This underlines that inflation in goods has fallen back, with services being the main driver of elevated inflation at the moment. Note that the services PMIs are still consistent with expansion. The final estimate of S&P Global’s US manufacturing PMI remained at 46.3 in June, also well below the critical level. Note that we still expect the US recession to start in the second half of this year. The manufacturing PMIs, which are always the first to head south, are already flashing red. That is also why we have doubts about another Fed rate hike after July, if Powell insists on a more moderate pace that would skip the September meeting and leave November as the next hiking month.

Meanwhile, the civil unrest in France continues, after spreading to a couple of cities in Belgium and Switzerland. The role of social media should not be underestimated here, as Brussels and Lausanne are both largely French-speaking cities. While the police officer who killed the 17 year old during a traffic stop in Nanterre on June 27 has been arrested, the riots could not be prevented as frustrations about policy brutality have been brewing in the banlieues. In contrast to the US, where the middle class lives in the suburbs and the working class and poor in the inner cities, in France it’s the other way round: the middle class lives in the cities and the working class and poor in the suburbs (‘banlieues’). Don’t think of the banlieues as endless rows of detached houses with well-kept gardens, but rather as a collection of neglected high rise housing projects. Similar to the US, the geographical sorting has taken place along ethnic lines. And also similar to the US, the French police are often seen as occupying forces. The thin blue line of lower middle class officers, protecting the rest of the middle class from the working class and the poor.

Earlier, in a letter, the French police union called the rioters “vermin” and “savage hordes.” Violent confrontations between the police and the youth in the banlieues have taken place since the 1980s. More recently, in 2005, riots in the French banlieues lasted for three weeks, which would imply that we still have two weeks to go. This could take the riots to Le 14 Juillet, the French equivalent of the 4th of July.

Economists like to quantify opinions. How about this one? In recent days, there have been two crowdfunding efforts related to the reason for the riots. As of Monday, more than one million euro has been collected to support the police officer who shot the 17 year old, while 234,000 euro has been collected to support the mother of the dead kid. Bienvenue en banlieue.

END

We Are Watching The Global Economy Being Re-Organized Before Our Eyes

WEDNESDAY, JUL 05, 2023 – 10:35 AM

By Benjamin Picton, senior macro strategist at Rabobank

Be Careful What You Wish For

In April of this year, Christine Lagarde gave a speech before the Council on Foreign Relations in New York in which she warned that “we are witnessing the fragmentation of the global economy into competing blocs”. Regular readers of this Daily will be familiar with the speech; we made quite a big deal of it at the time, because it is a big deal! We have been warning of this fragmentation for a number of years. Great Power competition is back, and we’re not going back to the halcyon days of US hegemony, ever-liberalising trade, secularly lower inflation and assumptions of the death of history anytime soon.

The Lagarde speech will be rightly viewed as a watershed in years ahead. Much like “whatever it takes”, or comments from Paul Volcker in the late 1970’s when he told students at Warwick University that “it is tempting to look at the market as an impartial arbiter… But balancing the requirements of a stable international system against the desirability of retaining freedom of action for national policy, a number of countries, including the United States, opted for the latter… Controlled disintegration in the world economy is a legitimate objective for the 1980s.”

We’re watching the global economy being re-organized before our eyes and, like Volcker in the 1970’s, policy-makers are prioritizing freedom of action for national policy. Increasingly, we are seeing financial markets and global trade being more clearly subordinated to national policy objectives. There are no atheists in a foxhole, and no free-market liberals in a multipolar world (at least not in the halls of power).

The latest illustration of this emerging truth comes in the form of further trade restrictions between the United States and China. Phillip Marey wrote of this yesterday, when he noted that the Chinese government had taken steps to restrict the export of gallium and germanium, which are critical for the production of semiconductors. Retaliation from the United States appears likely to come in the guise of new restrictions on US companies providing cloud computing services to Chinese entities. New rules would require government signoff before those services could be provided, with politically-sensitive AI products being of particular interest.

Politicians (especially in Europe) are quick to point out that what is happening here is not ‘de-coupling’ but a ‘de-risking’ of trade relationships. Some lessons appear to have been (belatedly) learned from the inability to source personal protective equipment, drugs and ventilators in the early days of the Covid19 pandemic, and the reliance of European industry on cheap Russian energy. The liberal worldview naively discounted the possibility of war in Ukraine. To borrow from Smith, this was not because of a wrongful view of the humanity of the Russian President, but from a mistaken regard to Russian [economic] self-interest. But Vladimir Putin does not subscribe to Western liberal ideas, and the material prosperity of Russia did not win out over nationalistic policy priorities. If we follow Volcker’s warning from the 1970s it won’t win in the West either, when push comes to shove.

Elsewhere, markets were quiet yesterday as Americans were on holiday to celebrate independence from Britain. German trade data showed further softness in the exports, which fell by 0.1% in May and saw growth in April revised down by two ticks to just 1%. Imports, meanwhile, rose by 1.7% in May, making for a slimmer than expected trade surplus of €14.4bn in the month. The struggles of German manufacturing in recent times are well-documented, but perhaps the most interesting thing about the weakness in German trade has been how closely it mirrors the weakness in Japanese trade. Japan has been running a trade deficit since the middle of 2021, and Germany data is trending in the same direction, despite recovering some ground in the back half of 2022.

What does this mean for the world economy? Germany and Japan have both been bulwarks of the US-dominated system that has existed since the end of the Second World War. The Yen and the Deutschmark (now the Euro) have provided important ballast for the Dollar reserve system, and the trade surpluses of these countries have allowed for large US deficits to be recycled before providing the capital back to Wall Street in the form of US Treasury purchases. Emmanuel Macron has been clear that he is seeking “strategic autonomy” for Europe, but European living standards were seeded by US Dollar transfers under the Marshall Plan, and European security continues to be underwritten by the Truman Doctrine under the Aegis of the United States military. Is it reasonable to expect that Europe can achieve anything like strategic autonomy from its current position, with a hostile neighbour knocking on its door in the East?

Lagarde has correctly diagnosed that the global landscape is changing, but how it will look in the future remains uncertain, and there are still signs of denial. Europe has been a beneficiary of US foreign policy priorities over the last 80 years, but will it remain a beneficiary in the future? Britain made the mistake of overestimating its ongoing relevance to the global system in the middle of the last century. It took a cold US reaction to the Suez Crisis to eventually disabuse it of this notion. In seeking strategic autonomy for Europe, Emmanuel Macron should be careful what he wishes for. Especially with a US Presidential election due next year.

end

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

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR:  1.0878 DOWN  0.0004

USA/ YEN 144.43  UP 0.029  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2689  DOWN    0.0027

USA/CAN DOLLAR:  1.3278 UP .0051 (CDN DOLLAR DOWN 51 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 22.40 PTS OR 0.69% 

 Hang Seng CLOSED DOWN 305.20 PTS OR 1.57%  

AUSTRALIA CLOSED DOWN 0.35%  // EUROPEAN BOURSE:   ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 305.30 PTS OR 1.57% 

/SHANGHAI CLOSED DOWN 22.40 PTS OR 0.69%  

AUSTRALIA BOURSE CLOSED DOWN 0.35% 

(Nikkei (Japan) CLOSED DOWN 83.82 PTS OR 0.25% 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1927.00

silver:$22.82

USA dollar index early WEDNESDAY morning: 102.85 UP 21  BASIS POINTS FROM MONDAY’s close.

WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing WEDNESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.184%  UP 3  in basis point(s) yield

JAPANESE BOND YIELD: +0.379 % DOWN 2 AND  1//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.526 UP 11  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.157 UP 2  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4745  UP 3 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY  

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

Euro/USA 1.0865 DOWN  0.0017 or  17  basis points 

USA/Japan: 144.57 UP 0.166 OR YEN DOWN 17 basis points/

Great Britain/USA 1.2711 DOWN   0.0006 OR 6  BASIS POINTS //

Canadian dollar DOWN  .0045 OR 45 BASIS pts  to 1.3269

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  CLOSED    (DOWN) …7.2475

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.2597)

TURKISH LIRA:  26.09 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.379…VERY DANGEROUS

Your closing 10 yr US bond yield UP 6 in basis points from MONDAY at  3.9113% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   3.929 UP 5   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  WEDNEDAY: CLOSING TIME 12:00 PM

London: CLOSED DOWN 77.62  points or  1.03%

German Dax :  CLOSED DOWN 101.59 PTS OR 0.69%

Paris CAC CLOSED DOWN 59.12 PTS OR 0.14%

Spain IBEX DOWN 102.10PTS OR  1.06%

Italian MIB: CLOSED DOWN 166.70PTS OR 0.59%

WTI Oil price 71.86    12: EST

Brent Oil:  76.57   12:00 EST

USA /RUSSIAN ///   AT:  91.14 ROUBLE  DOWN 1 AND   95//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.4745  UP 3 BASIS PTS

UK 10 YR YIELD: 4.5420 UP 5  BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0855 DOWN 0.0027   OR 27 BASIS POINTS

British Pound: 1.2698 DOWN   .0019 or  19 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.5510 % UP 6 BASIS PTS//

USA dollar vs Japanese Yen: 144.65 UP 0.244 //YEN DOWN 24 BASIS PTS//

USA dollar vs Canadian dollar: 1.3281  UP .0057 CDN dollar, DOWN 57  basis pts)

West Texas intermediate oil: 71.98

Brent OIL:  76.74

USA 10 yr bond yield UP 9 BASIS pts to 3.941% 

USA 30 yr bond yield UP 9   BASIS PTS to 3.952% 

USA 2 YR BOND: UP 1  PTS AT 4.947%  

USA dollar index: 103.04 UP 38  BASIS POINTS  

USA DOLLAR VS TURKISH LIRA: 26.08 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  91.00  UP 1   AND  32/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 129.83 PTS OR 0.38% 

NASDAQ 100 DOWN 4.92 PTS OR 0.32%

VOLATILITY INDEX: 14.09 UP 0.39 PTS (2.85)%

GLD: $177.84 DOWN 0.63 OR 0.35%

SLV/ $21.21 UP .20 OR 0.95%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

July 4th Hangover & Hawkish Fed Hits Bonds, Bitcoin, & Bullion; Cyclical Stocks Sink

BY TYLER DURDEN

WEDNESDAY, JUL 05, 2023 – 04:00 PM

As ‘Murica arrived back its desk, the overnight markets face some volatility after a big deflationary print for EU PPI along with contractionary print for EU PMI. That was followed by uglier than expected US factory orders data… and later in the day, FOMC Minutes reinforced The Fed’s ‘higher for longer’ narrative.

Market expectations are now almost fully pricing in a hike in July, and no cuts through Jan ’24…

Source: Bloomberg

On the day, the dollar was higher; bonds, gold, crypto, and most stocks were lower.

Defensives outperformed Cyclicals today…

Source: Bloomberg

…which is an interesting regime-shift given the higher-yields on the day (but one day does not a trend make… yet).

Source: Bloomberg

The Nasdaq managed some gains on the day while Small Caps were the biggest losers, The S&P desperately tried to get back to unch, The Dow lagged…

Materials stocks were the biggest losers today as Utes outperformed. Financial were slightly negative…

Source: Bloomberg

“Most Shorted” stocks opened lower but were squeezed back into the green before fading in the last hour…

Source: Bloomberg

VIX was higher on the day, but moved to the upper end of its recent range before fading back…

Treasury yields were higher across the curve but the short-end for a change outperformed, steepening the curve modestly…

Source: Bloomberg

The dollar rallied

Source: Bloomberg

The Mexican Peso surged to its highest since 2015, back below 17/USD…

Source: Bloomberg

The Russian Ruble tumbled (above 91/USD), notably weaker than pre-Ukraine-invasion…

Source: Bloomberg

Gold sank back today…

But oil prices continued their rebound with WTI back above $72…

Finally, NVDA managed a small gain today, despite the admin headlines on China export bans (and chip material export bans from China)…

Source: Bloomberg

Are we there yet?

b) THIS AFTERNOON TRADING/FOMC MINUTES

Some Fed officials pushed for June rate hike, minutes show

July 5, 2023 at 2:04 p.m. ET

MarketWatch

Fed staff still forecasts a recession starting in the fourth quarter

There was support from an unspecified number of Federal Reserve officials for an interest rate hike at the central bank’s policy meeting in June, according to a summary of the discussions released Wednesday.

“Some participants indicated that they favored raising the target range for the federal funds rate 25 basis points at this meeting or they could have supported such a proposal,” the minutes of the June 13-14 meeting said.

These officials noted that the labor market remained very tight, momentum in the economy had been stronger than earlier anticipated, and there were “few clear signs” that inflation was on a path back to the Fed’s 2% target.

In the end, the vote to hold interest rates steady in the range of 5%-5.25% was unanimous. At the same time, the Fed’s dot-plot forecast showed that officials expected two more 25 basis point hikes by the end of the year.

The minutes show that many officials wanted to slow the speed of rate hikes to give officials more time to observe the effect of past hikes. And officials said that the dot plot would “help clarify” their views.

Since the Fed’s June meeting, Fed Chairman Jerome Powell has delivered the message that more rate hikes are likely on the way.

He said last week that the FOMC “clearly believes that there’s more work to do.”

Traders in derivative markets are pricing in about a 90% chance of a rate hike at the FOMC meeting later this month.

The minutes show that Fed officials are grappling with a complex economic outlook.

On the one hand, there are upside risks to inflation and to the Fed’s biggest fear — that the public will come to accept higher inflation as the norm. If that happens, getting inflation down gets difficult, according to Fed research.

At the same time, there are downside risks to growth and upside risks to unemployment.

Many Fed officials have said the central bank doesn’t want to push the economy into recession.

The minutes show that the Fed’s staff continues to forecast a recession — which is commonly understood to be 2 quarters of negative growth.

The Fed’s staff sees the recession starting around October and lasting through next March. The staff thinks the recession will be mild.

And the staff doesn’t seem extraordinarily confident in their call. They said there is a good chance that the economy continues to grow slowly and avoid a downturn.

-END-

end

END

II) USA DATA/

USA factory orders decline year/year for the first time in 3 years

(zerohedge)

US Factory Orders Decline YoY For First Time Since Oct 2020

WEDNESDAY, JUL 05, 2023 – 10:08 AM

Headline US factory orders rose just 0.3% MoM in May (well below the +0.8% MoM exp), dragging the YoY change into the red (down 1.0% YoY) for the first time since Oct 2020…

Source: Bloomberg

Worse still, core factory orders fell for the 4th straight month in May, down 4.24% YoY (worst since Sept 2020)…

Source: Bloomberg

And if ISM data is anything to go by this is about to get much worse…

Source: Bloomberg

is this the ‘hard landing’ that The Fed is looking for? And for those who still believe the Services Sector can survive with a collapsing Manufacturing sector – see European PMIs this morning. They’re not independent, they are cyclically linked in lead-lag regime.

end

III) USA ECONOMIC STORIES

For sure: corporations are realizing going woke kills business

(zerohedge)

The Numbers Don’t Lie: Corporations Are Realising Going Woke Kills Business

TUESDAY, JUL 04, 2023 – 11:25 AM

Authored by Steve Watson via Summit News,

The Wall Street Journal reports that corporations are increasingly backing away from woke policies and stances.

The report notes that a recent Pew Research Center survey found that fewer than one third (32%) of workers believed that working at an ethnically diverse place was “very important” to them, while 38% said it was “not too/not at all important.”

The survey also noted that only a quarter (26%) of workers find an “equal mix of men and women” to be “very important” in the workplace, while 44% said it is not important.

“There are people who say, ‘I really wish we were more diverse,’ and I’ve also seen people say, ‘Stop being so woke,’” Sarah Sharp, a vice president of human resources at Clayton, a home builder based out of Tennessee told the WSJ.

The report also points to a recent Gallup survey that found of 140 heads of human resources, 59% plan to increase their diversity, equity and inclusion (DEI) budgets in the next year, down from 84% in 2022.

The findings come in the wake of high profile cases such as Bud Light and Target losing upwards of $10 billion for implementing LGBTQ+ campaigns.

end

Judge bars Biden officials and agencies from contacting social media companies

(zerohedge)

“Orwellian Ministry Of Truth” Busted – Judge Bars Biden Officials, Agencies From Contacting Social Media Companies

WEDNESDAY, JUL 05, 2023 – 06:55 AM

In an order fittingly issued on Independence Day, a federal judge in Louisiana has forbidden multiple federal agencies and named officials from having any contact with social media companies with the intent to moderate content.  

The preliminary injunction arises from a suit filed by the states of Missouri and Louisiana, along with individuals that include two leading critics of the Covid-19 lockdown regime — Harvard’s Martin Kulldorff and Stanford’s Jay Bhattacharya — and Jim Hoft, who owns the right-wing website Gateway Pundit. 

“If the allegations made by plaintiffs are true, the present case arguably involves the most massive attack against free speech in United States’ history,” wrote US District Judge Terry A. Doughty. “The plaintiffs are likely to succeed on the merits in establishing that the government has used its power to silence the opposition.”

The dozens of people and agencies bound by the injunction include President Biden, White House Press Secretary Karine Jean-Pierre, the Food and Drug Administration, Centers for Disease Control, the Treasury Department, State Department, the US Election Assistance Commission, the FBI and entire Justice Department, and the Department of Health and Human Services. 

Bhattacharya and Kulldorff, who are among the originators of the Great Barrington Declaration that denounced the lockdown regime, have been victims of social media censorship. For example, the pair says their censorship-triggering statements included assertions that “thinking everyone must be vaccinated is scientifically flawed,” questioning the value of masks, and stating that natural immunity is stronger than vaccine immunity. 

While the case is dominated by Covid-19 censorship, it also encompasses the Justice Department’s efforts to suppress reporting about Hunter Biden’s “laptop from hell” in the run-up to the 2020 election. Doughty gave credence to that accusation. 

The injunction represents a major validation of accusations that government officials have colluded with social media platforms to suppress speech that counters official narratives, with the restraints falling almost exclusively on conservative viewpoints.  The authors of the Great Barrington Declaration: Harvard’s Dr. Martin Kulldorff, Oxford’s Dr. Sunetra Gupta and Stanford’s Dr Jay Bhattacharya 

“The evidence thus far depicts an almost dystopian scenario,” wrote Doughty in a 155-page ruling. “During the COVID-19 pandemic, a period perhaps best characterized by widespread doubt and uncertainty, the United States Government seems to have assumed a role similar to an Orwellian ‘Ministry of Truth’.”

“The White House defendants made it very clear to social-media companies what they wanted suppressed and what they wanted amplified,” wrote Doughty. “Faced with unrelenting pressure from the most powerful office in the world, the social-media companies apparently complied.”

Doughty quoted communications from administration officials to social media company employees, saying they represent “examples of coercion exercised by the White House defendants.” Here’s a small sampling:

• “Cannot stress the degree to which this needs to be resolved immediately. Please remove this account immediately.”
• To Facebook: “Are you guys fucking serious? I want an answer on what happened here and I want it today.” 
• “This is a concern that is shared at the highest (and I mean highest) levels of the WH”
• “Hey folks, wanted to flag the below tweet and am wondering if we can get moving on the process of having it removed. ASAP”

The judge noted that the badgering came simultaneous with threats of changing the social media regulation scheme, and that those threats had extra credibility since they came as the Democrats controlled the White House and Congress. Federal District Judge Terry Doughty speaks at his 2017 confirmation hearing (YouTube)

The accusation that the social media platforms and government were acting in concert is substantiated by the communication and bureaucracy that surrounded the endeavor. “Many emails between the White House and social-media companies referred to themselves as ‘partners.’ Twitter even sent the White House a ‘Partner Support Portal’ for expedited review of the White House’s requests,” wrote Doughty, a 2017 Trump nominee. 

A long list of agencies and people are now barred from contacting social media platforms with “the purpose of urging, encouraging, pressuring, or inducing in any manner the removal, deletion, suppression, or reduction of content containing protected free speech.”

“If there is a bedrock principal underlying the First Amendment, it is that the government may not prohibit the expression of an idea simply because society finds the idea itself offensive or disagreeable,” wrote Doughty.

end

UPS negotiations sour//expect nationwide strike

Teamsters Say UPS Negotiations Collapse As Nationwide Strike Still Possible

WEDNESDAY, JUL 05, 2023 – 09:10 AM

Early Wednesday morning, the Teamsters Union, with hundreds of thousands of members who are United Parcel Service (UPS) drivers, said UPS “walked away from the bargaining table” after it presented an “unacceptable offer.”

“This multibillion-dollar corporation has plenty to give American workers — they just don’t want to,” said Teamsters General President Sean M. O’Brien.

O’Brien continued, “UPS had a choice to make, and they have clearly chosen to go down the wrong road.”

UPS Teamsters have 340,000 members. The union has been locked in negotiations with UPS since mid-April. Meanwhile, a strike was imminent last week when the union said UPS had until Friday to deliver its “last, best, and final offer.” UPS did so, but after several rounds of negotiations through the July 4 holiday, talks broke down around 0400 ET when “UPS walked away from the bargaining table after presenting an unacceptable offer to the Teamsters,” the union said. 

There are still 26 days left in the month to reach a deal. On July 31, UPS Teamsters’ contract covering more than 340,000 full- and part-time workers is set to expire. The union has made it clear that union members will only work after that date if there’s a new contract. 

According to Bloomberg, the breakdown in talks came when both sides “couldn’t agree on larger issues surrounding pay and cost of living increases.” 

Bloomberg said UPS released a statement that is hopeful Teamsters would return to the negotiations table, saying it is proud of its offer and has not walked away. The shipping giant warned:

“Refusing to negotiate, especially when the finish line is in sight, creates significant unease among employees and customers and threatens to disrupt the US economy.” 

Teamsters General Secretary-Treasurer Fred Zuckerman wrote in a statement last week that thousands of union members have been practicing their picketing skills. 

Any strike by UPS Teamsters could cause devastating disruptions to the supply chain in the US and other parts of the world. 

end

Higher interest rates are causing higher bankruptcies. Credit spreads fail to show the true shape of the consumer

(zerohedge)

Bankruptcy Filings Show Credit Slipping Despite What Spreads Say

WEDNESDAY, JUL 05, 2023 – 08:50 AM

Authored by Simon White, Bloomberg macro strategist,

A rise in bankruptcy filings points to increasing bankruptcies, loan charge-off rates and delinquencies, suggesting credit spreads are not reflective of the underlying credit backdrop.

A chart of bankruptcy filings (using weekly data from Bloomberg’s BCY function) and credit spreads I used in last Thursday’s MacroScope column generated a lot of reader interest. This chart, below, shows that filings for bankruptcies have risen sharply despite credit spreads idling for most of this year. Previous rapid rises in filings have been preceded by a widening in credit spreads.

As some readers suggested, perhaps credit spreads are more reflective of what’s actually happening in markets, and the flare in bankruptcy filings is a false flag?

However, it does look like credit spreads might be the outlier. The bankruptcy filings compiled from Bloomberg data is weekly, while Chapter 11 data is quarterly and lagging. As the chart below shows, the weekly data leads the official Chapter 11 series.

Also note bankruptcies themselves lag the business cycle, with the peak seen at the end of the recession. (Shown in the chart above for 2008, and 2020, but less so for the latter when extraordinary measures were taken to limit bankruptcies in the pandemic. Chapter 11 filings heavily lagged in the 2001 recession, not peaking until 2003/04.)

Bankruptcy filings also lead bank loan charge-off rates. The rise in filings points to the increase in charge-off rates gathering pace. Moreover, filings lead loan delinquencies.

end

More Than 105 Million Working-Age Americans Do Not Have A Job Right Now

WEDNESDAY, JUL 05, 2023 – 04:20 PM

Authored by Michael Snyder via TheMostImportantNews.com,

Our long slide toward economic oblivion continues, and survey after survey has shown that most Americans are deeply unsatisfied with the current state of the U.S. economy. 

Inflation is out of control, most Americans are getting poorer due to the rapidly rising cost of living, the housing bubble has started to burst, and the commercial real estate market is a giant mess.  But employment is supposed to be our bright spot.  The Biden administration continues to tell us that the unemployment rate is less than 4 percent and that there are lot of jobs available for those that want them.  But is this really true?

To answer that question, it is imperative to understand that our government places unemployed persons into one of two categories…

Jobless people are classified into one of two categories by the Bureau of Labor Statistics (BLS)—either unemployed or not in the labor force. To be classified as unemployed in the month they are surveyed, people must be actively looking for work. If they are not actively looking, they are classified as not in the labor force.

Over time, the definition of “officially unemployed” has gotten more restrictive, and today only 6.097 million working age Americans are considered to be in that category.

Meanwhile, a staggering 99.800 million working age Americans are considered to be “not in the labor force”.

When you add both categories together, you get a total of 105.897 million working age Americans that do not have a job right now.

Let me try to put that into perspective.

During the Great Recession of 2008 and 2009, that number never even got up to 90 million.

So that means that the number of working age Americans that are not employed at this moment far surpasses anything that we witnessed during the Great Recession.

Please do not believe the garbage that the federal government is trying to sell you.

Unemployment is not low.  In fact, John Williams estimates that the real rate of unemployment in this country is somewhere around 25 percent.

If you are out of work at this moment, please realize that you are not alone.

In April, 37-year-old North Carolina resident Al Brown lost his job, and now his family is really struggling…

Al Brown and his fiancée faced a tough call in May when reviewing their weekly budget: What’s a higher priority, more food or dish soap?

Based in Concord, North Carolina, Brown was the main breadwinner for his fiancée and their two children. Then in April, he was let go from his job as a global director of business development at software company Cascade.

He’s since quit his gym membership and sold miscellaneous items around his home, including a computer and yard furniture, to make ends meet. His 13-year-old son quit the basketball team. While losing the family’s source of income has taken a financial toll, it’s also resulted in a mental one.

Since he was laid off, Brown has submitted more than 600 job applications, but that has produced only a few interviews and no job offers…

Brown, 37, now spends his days scouring the internet for jobs or reaching out to potential connections. After filing over 600 applications, only a handful have produced interviews, he says.

If jobs are easy to get, why hasn’t Al Brown been able to find one?

Can anyone out there explain that to me?

Perhaps I am just a little slow, because what the Biden administration is telling us about the economy does not seem to correspond with reality at all.

54-year-old Nina McCollum has applied for “hundreds of jobs” since losing her position in March, and she is still jobless as well…

Nina McCollum, 54, was laid off from her writing gig at jobs site Glassdoor back in March. She hasn’t found a new role since, despite applying to hundreds of jobs.

She’s been living off her savings, selling her blood plasma and frequenting food pantries just to get by — all while taking care of a teenage son. Her domestic partner helps out, but he can’t make up for her lost income.

Why can’t these people find work?

What is wrong with them?

Of course the truth is that there is nothing wrong with what they are doing.  They are diligently searching for jobs, but the reality of the matter is that the employment market has gotten very tight.

Meanwhile, the cost of living just continues to rise, and that has resulted in a “collapse of household savings”…

In February, the U.S. personal savings rate was estimated to be around 4.6 percent—much below the decades-long average of about 8.9 percent, according to the Bureau of Economic Analysis. But what does this mean?

Some economists think that the collapse of household savings could lead to a spending slowdown and trigger a recession.

The Biden administration may never admit that we have entered a major economic downturn, but that is precisely what we are witnessing.

In fact, the Institute for Supply Management’s manufacturing purchasing managers index has now been below 50 for eight months in a row…

The U.S. manufacturing sector fell deeper into recession territory in May, extending a multimonth slump as experts warn that the economy faces “clear challenges.”

The Institute for Supply Management (ISM) said in a report Monday that its manufacturing purchasing managers index dropped to 46.0 last month, the lowest reading since May 2020 and the eighth consecutive sub-50 reading.

Any readings below 50 represent recession, with all key sub-components in contraction, including the employment index, suggesting layoff pressures are building.

It’s really happening.

Other than for a brief period during the pandemic, we have not seen economic turmoil of this magnitude since 2008 and 2009.

Unfortunately, we are still only in the very early chapters of this crisis.

The economic outlook for the remainder of 2023 is very bleak, the outlook for 2024 is even worse, and the long-term outlook is nightmarish.

But you have to give our leaders credit for propping things up for as long as they did.  By flooding the system with money, they were able to delay our moment of reckoning for a long time.

Of course their gimmicks were also making our long-term problems even worse, and now our long-term problems have become our short-term problems.

There is so much pain ahead of us, and our country is not prepared to handle it.

*  *  *

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

USA// COVID

SWAMP STORIES

The Bidens’ Existential Threats To The American Rule Of Law: VDH

MONDAY, JUL 03, 2023 – 09:00 PM

Authored by Victor Davis Hanson via American Greatness,

President Joe Biden, the Biden grifting conglomerate, the Department of Justice, and the FBI under its fourth consecutive weaponized director, are in danger of subverting the American system of law.

They are in various ways undermining the tradition of self-reported income tax computation and voluntary compliance.

Our tax institutions, of course, are based on the real deterrence of a disinterested, uncompromised Internal Revenue Service. Without it, the income revenues of the United States are existentially threatened.

So far, any negative reputation of the IRS has rested with natural complaints that it is too zealous in hounding out American taxpayers in all walks of life. Or citizens often object that the IRS must enforce a tax code that is innately unfair.

But not until now, has the IRS itself ever been under a shadow of such corruption?

Has it been in the past ever found to have applied so blatantly and deliberately one standard of tax enforcement to elites and quite another to everyday Americans?

Again, if that charge of unequal treatment in tax compliance were to prove true, then Humpy-Dumpty like, the entire American system of revenue collection would shatter.

In other words, millions of Americans might shrug, “If Joe Biden, President of the United States and his criminally minded son, can get away with avoiding millions of dollars in taxes, then should not I, a nobody, at least have the right to avoid hundreds of dollars in taxes?”

So the Bidens, along with Attorney General Merrick Garland and the FBI, are treading on dangerous ground in imperiling a hallowed American tradition—one vital to the very governance and operation of the United States.

The current president of the United States, despite his monotonous calls for the well-off to “pay their fair share,” has likely deliberately connived to avoid taxes on sizable amounts of unreported taxable foreign income.

In the case of his son, “likely” is an unneeded adverb.

By Hunter Biden’s recent own admissions and corroborating evidence, he seems not only to have schemed to hide millions of dollars in foreign shake-down profiteering, but to have set up all sorts of paywalls, firewalls, and phony “loans” to ensure auditors would take years to unravel his illegal schemes—until well after the expiration of the statute of limitations. And his criminality succeeded so well that he has permanently gotten off not paying thousands of dollars in overdue taxes.

Joe Biden has serially lied that he did not know anything of his son’s business dealings.

That assertion is contrary to photographic evidence of him with Hunter Biden’s business associates, sworn statements from at least one of Hunter Biden’s former business partners, clear evidence from Hunter’s own laptop, and now recent disclosures from FBI documents and whistleblower testimonies. And yet the President continues to lie, and the media continues to shrug that dads often do such things.

It is almost beyond belief, but increasingly likely, that Hunter Biden in the past conducted his illicit business over the phone in the presence, and with the complicity, of current president Joe Biden himself. And the full trove of evidence is still trickling in.

This sordid scenario is part of the larger Biden criminal landscape. Joe and Hunter may well have received $10 million from Chinese consortia for doing nothing other than monetizing Joe Biden’s Vice-Presidency and his apparent then trajectory to the presidency.

There is no longer any doubt that Hunter Biden received fabulous amounts of money from the Ukrainian energy company Burisma. That lucre was again based on nothing other than the willingness of his own father, now the current president, to be directed to where and how to employ his own purchased influence.

Accordingly, Joe Biden is on record boasting of his own power to fire a Ukrainian prosecutor—through personal threats of withholding congressional approved U.S. foreign aid to Ukraine.

Biden was furious that Ukrainian auditors were probing too deeply into matters that now are increasingly clear to have been central to his own family’s nefarious influence peddling.

Note well: the U.S. House of Representatives impeached a former president on two grounds: one, an allegation that Donald Trump used his office to threaten to delay (not to cancel) Ukrainian military aid; and, two, that he did so to harm a potential political rival in the next election.

Joe Biden has now trumped Trump on both counts.

One, he is involved in criminal enterprises with his entire family, whose shake-down payouts from Ukrainian moneyed interests depended on precisely the current President’s past willingness to use his then vice-presidential office to strongarm Ukrainian officials.

Two, Biden did not so much just seek to uncover wrongdoing by his likely presidential rival, as have him indicted by his own justice department for alleged violations of presidential records statutes.

Yet unauthorized removal of classified government records is a crime that Biden himself by his own admission also has committed—and for far longer a time, and perhaps involving far greater volumes of archival material.

Critics of the Bidens have long been puzzled about the opulent spending habits and costly acquisitions of Joe and Jill Biden, Hunter Biden, Jim Biden, and other lesser family satellites on the clan’s dole.

Such wonderment about the abyss between lifestyles led and taxes reported apparently reached the highest echelons of the IRS. Its special investigating teams recommended numerous felony indictments of Hunter Biden for conspiratorial tax fraud. It requested in vain to extend their investigations to Joe Biden himself.

We now also have good reason to believe that Biden’s Attorney General, Merrick Garland, both himself and through his subordinates, used their powers unlawfully to sidetrack Justice Department attorneys from legitimately and fully investigating Joe Biden, and/or to delay and obfuscate the full prosecution of Hunter Biden.

The result is that Hunter Biden successfully used his family influence to escape taxes on hundreds of thousands of dollars of disguised income through manipulating statute-of-limitations laws.

For years, he has also escaped paying taxes, by phony claims of loans, on other known millions of dollars in income that were still likely only a portion of all his foreign quid pro quo revenue schemes.

Note, however, the greatest damage the Bidens have done to this nation.

Joe Biden’s own past lucrative financial dealings with suspect Chinese interests, with connections to the ruling Chinese communist party, cast a shadow over current American foreign policy itself.

The American people are bewildered over why the Biden administration is appeasing the Chinese government. It keeps insisting, contrary to evidence, that bilateral relations are in great shape—after successful and unapologetic Chinese overt espionage efforts to send a spy balloon across sensitive areas of the United States.

China has defiantly stonewalled any request to explain how and why a porous Chinese virology lab incompetently let escape a gain-of-function virus, a virtual bioweapon, that killed over a million Americans and sickened over 300 million.

Its jets now play chicken with our own in the skies above the South China Sea. And its ships do the same with our vessels in the same environs.

It threatens to escalate to nuclear weapons if the United States should protect its de facto ally Taiwan from envisioned Chinese aggression.

All the above is in addition to years of Chinese copyright infringement, patent violations, manipulation of Chinese currency, trade dumping, and systematic espionage operations throughout sensitive areas of the U.S. military and general economy.

Again, Biden’s response is increasingly to downplay these mounting aggressions in direct proportion to their increased frequency.

The “why” of that bizarre exculpation raises the question of how exactly would it be possible so dramatically to influence, or “get to” a U.S. President. The answer may be buried in thousands of suppressed government documents and the data of now cancelled investigations.

Note again: America in vain recently spent $40 million and 22-months on a special prosecutor to pursue, on no evidence (but relying on plenty of disinformation, fraud, and criminality) the smear that Donald Trump was a Russian puppet, and his (demonstrably tough) treatment of the Russians was supposed proof of his collusion with Vladimir Putin.

In sum, every American now knows that he would have gone to prison for several years for even attempting, much less getting away with, the fraudulent tax avoidance schemes of Hunter Biden, who likely will never spend a single day in jail.

The IRS does not give passes for divots. The law treats the attempt or preempted scheme to violate it, almost as severely as the actuality of successfully breaking tax laws.

Again, all this will not, cannot, must not stand.

We can no longer have a United States if its President almost weekly demonstrably lies with impunity about his  relationships with the Biden family’s nefarious foreign business interests.

You can no longer have an American nation, if the son of the President of the United States successfully connives to rake in millions for his extended family by selling his father’s influence to foreign governments—a gambit that may currently affect the foreign policy of the United States. Adding insult to injury, Hunter Biden is now a White House fixture, as if the closer he clings to the nexus of American power and influence, the more likely he will continue to be exempted from American law.

There is no such thing as the America we once knew if the Bidens and their surrogates with impunity used the levers of the FBI and the Department of Justice to cover up, and escape prosecution of, crimes that would otherwise have sent any citizen under such liability to prison for several years.

This unfolding Biden melodrama has the potential to destroy the current presidency.

It will tarnish for generations the Department of Justice, the FBI, and the IRS.

And yet it will not die because the U.S. itself will not die, and so the scandal eventually will convict Joe, Hunter, and Jim Biden of serious felonies.

Finally, unless radical changes occur, the unapologetic Biden nefariousness will discredit permanently an obsequious and biased media that knowingly chose not to report on what they equally knew were historic transgressions against their United States.

end 

Gee! I wonder how cocaine got into the White HOuse?  

Secret Service Investigating How Cocaine Got In The White House

TUESDAY, JUL 04, 2023 – 03:15 PM

The Secret Service on Tuesday confirmed rumors from the day earlier that it was investigating an “unknown item” found inside the White House library on Sunday, which was described in radio traffic as a cocaine-like substance.

“On Sunday evening, the White House complex went into a precautionary closure as officers from the Secret Service uniformed division investigated an unknown item found inside a work area,” Secret Service spokesperson Anthony Guglielmi said in a statement, adding that the D.C. fire department determined the substance did not present a threat… although it certainly could present Hunter Biden with hours of brand new video material for his infamous notebook.

In a dispatch with an 8:49 p.m. timestamp, a firefighter with the D.C. department’s hazardous materials team radioed the results of a test: “We have a yellow bar saying cocaine hydrochloride.”

The brief broadcast was logged on a website called openmhz.com, which allows people to listen to live and archived radio transmission from police and fire departments. One of the officials familiar with the investigation, speaking on the condition of anonymity to discuss an open case, said the 8:49 transmission was from the White House call Sunday night. The official described the amount of the substance as small, which likely means that most of it had already been consumed.

The discovery came two days after recovering crack cocaine addict Hunter Biden was last seen at the White House; yet even so there appears to be some “mystery” as to how the cocaine got there.

The Biden family arrived back at the White House for Independence Day celebrations as the Secret Service continues to investigate the finding.

Secret Service spokesman Gulielmi said that President Joe Biden was not in the executive mansion when the substance was discovered.

“The DC fire department was called to evaluate and quickly determined the item to be non-hazardous. The item was sent for further evaluation and an investigation into the cause and manner of how it entered the White House is pending,” he said, laughably hinting that there was some “confusion” as to how crack got inside the Blowden Biden family’s DC estate as it is in the process of being auctioned off to Beijing. Here’s a thought: since Hunter has a habit of recording his every close encounter with crack cocaine, just check his cell phone’s latest video recordings.

In its report, ABC notes that “Cocaine hydrochloride can be used as an anesthetic or to control bleeding, but it is also considered to have effects similar to crack cocaine, according to the study National Library of Medicine National Center for Biotechnology Information”, which suggests that the type of cocaine found was of a particular variety especially near and dear to Hunter’s heart.

“The physiological and psychoactive effects of cocaine are similar regardless of whether it is in the form of cocaine hydrochloride or crack cocaine (cocaine base),” the study says. You do learn something new every day.

The “item” was sent to a Secret Service lab for further testing, the sources said.

The White House on Tuesday referred reporter questions about the matter to the Secret Service, because what else could they say: “to pay for Hunter’s crack addition, Joe had to sell even the Resolute Desk to Beijing.” Of course, that’s a silly joke: after all, just imagine what America’s international allies – and enemies – would think if any of this Jerry Springer Special, live from the White House, turned out to be even remotely true…

The Biden’s cocaine antics take place just days after the younger Biden reached a plea deal with Justice Department prosecutors to avoid jail time after lying on a federal form to purchase a firearm. He checked a box claiming that he did not use and was not addicted to illegal substances – a fact that would disqualify him from buying the gun. The form contradicting the timelines and claims made in Hunter Biden’s own memoir.

Biden critics and conservative decried Hunter’s plea deal, claiming that anyone other than the president’s son would receive jail time for the same offense. The deal also saw Hunter plead guilty to two tax misdemeanors which would have been a felony – and meant prison time – for anyone else but the president’s crack and whore-addicted son.

Come to think of it, there was plenty of reasons for Hunter to be celebrating in the aptly named China White house.

THE KING REPORT

The King Report July 5, 2023 Issue 7025

Independent View of the News

Substance found in White House library tests positive for cocaine (Networks ignored initial reports) The “unknown item” that forced a brief evacuation of the White House Sunday night and drew a Hazmat team from Washington, DC, Fire and EMS to the executive mansion initially tested positive for cocaine, according to a dispatch call made that evening. (There must be surveillance videos!)    “We have a yellow bar stating cocaine hydrochloride,” a DC firefighter stated in a radio communication at 8:49 p.m. on Sunday. … Authorities are now trying to determine how the substance got into the White House after a Secret Service agent found the powder during a routine sweep of the premises.  First son Hunter Biden, 53, who has acknowledged a prior addiction to crack cocaine, was on the White House grounds Friday before heading off to Camp David with his father for the holiday weekend… https://nypost.com/2023/07/04/cocaine-found-on-white-house-premises-dispatch-call-shows/   US warns Americans against traveling to China due to risk of wrongful detention The travel advisory comes after China passed a counterespionage law and a law to sanction foreign critics. The State Department noted that U.S. citizens may be detained without access to U.S. consular services or information about their alleged crime… https://www.yahoo.com/entertainment/us-warns-americans-against-traveling-212301479.html   China’s Stubborn Manufacturing Slump Drags Down Rest of Asia South Korea’s PMI fell further to 47.8 in June, while Japan’s reading… slipped to 49.8 from 50.6 in May. Taiwan’s PMI inched up slightly but still marked a 13th straight month of shrinking activity… Thailand saw its PMI plunge to 53.2 from 58.2… https://www.bloomberg.com/news/articles/2023-07-03/china-s-stubborn-manufacturing-slump-drags-down-the-rest-of-asia   China Restricts Export of Chipmaking Metals in Clash with US Gallium and germanium, along with their chemical compounds, will be subject to export controls meant to protect Chinese national security starting Aug. 1… Exporters for the two metals will need to apply for licenses from the commerce ministry if they want to start or continue to ship them out of the country, and will be required to report details of the overseas buyers and their applications…     Both metals are byproducts from processing other commodities such as coal and bauxite, the base for aluminum production… Other countries that produce gallium include Japan, South Korea, Russia and Ukraine… https://financialpost.com/pmn/business-pmn/china-restricts-export-of-chipmaking-metals-in-clash-with-us   US to Curb China Access to Cloud Services Like Amazon (and Microsoft), WSJ Says https://www.marketwatch.com/amp/story/u-s-plans-to-restrict-china-access-to-cloud-services-possibly-putting-amazon-microsoft-in-a-bind-wsj-fdd9b1da   US economic data released on MondayJune S&P Global US Manufacturing PMI 46.3 as expected and priorJune ISM 46, 47.1 consensus, 46.9 priorISM Prices Paid 41.8, 44 expected, 44.2ISM Employment 48.1, 51.4 priorISM New Orders 45.6, 42.6 prior  FT: Apple forced to make major cuts to Vision Pro headset production plans Initial hopes of 1mn shipments in 2024 launch year dashed by manufacturing problems https://www.ft.com/content/b6f06bde-17b0-4886-b465-b561212c96a9   Oil Jumps after Saudi Arabia, Russia Announce Extension of Export Cuts – by one month, at least through August… https://www.gulf-insider.com/oil-jumps-after-saudi-arabia-russia-announce-extension-of-export-cuts/   Due to high absenteeism ahead of the 4th of July, Monday’s US market action was listless.   ESUs waffled between small gains and losses from the Nikkei opening on Monday until the range was extended by a few handles to the upside after 6 ET.  ESUs quickly reversed and declined 14 handles to the session low of 3379.50 at the NYSE open.   Of course, the usual suspects, due to years of conditioning, bought the NYSE opening.  ESUs jumped 11 handles by 10:00 ET.  Some traders then performed the second act of the Pump & Dump.  ESUs dropped 8 handles by 10:40 ET.  The standard rally for the 11:30 ET European close eventually morphed into a Noon Balloon.   Stocks rallied into the early 13:00 ET NYSE close.   After the NYSE holiday close, ESUs hit a double top at 4494.00 at 12:47 ET and 12:57 ET and then modestly retreated.   USUs rallied early on the weak US ISM data.  USUs hit a daily low of 126 13/32 at 8:17 ET.  They jumped to 127 24/32 by 10:02 ET.  USUs then sank to 126 19/32 at 11:05 ET and closed at 126 23/32.   The S&P 500 is 8.15% from its record high of 2818.62 on January 7, 2022.   Positive aspects of previous session Stocks modestly rallied; Tesla led the NY Fang+ Index to a moderate gain   Negative aspects of previous session Bonds declined; oil rallied   Ambiguous aspects of previous session Is a short-term top developing?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4451.45 Previous session High/Low: 4456.46; 4442.29   Congress seeks NIH emails suggesting Fauci worked behind scenes to snuff COVID lab leak stories https://justthenews.com/government/federal-agencies/fauci-tried-hide-fingerprints-covid-origins-debate-advisor-says-admits   AfD wins first mayoral election in Germany, rival politicians warn of more victories ahead The town (Raguhn-Jeßnitz) is located in the former GDR (state of Saxony-Anhalt), which was East Germany during communist rule; the AfD enjoys its highest support in this region… the breakthrough victory comes on the heels of the AfD winning its first district election just last week… Saxony’s Minister-President Michael Kretschmer, who also belongs to the CDU, echoed the statements of Grabner, stating: “Something is slipping in this country… The energy transition, the heating law, the refugee policy and the Russian embargo brought victory to the AfD. These issues threaten to tear society apart.”… https://rmx.news/germany/afd-wins-first-mayoral-election-in-germany-rival-politicians-warn-of-more-victories-ahead/   Elon Musk Sparks Controversy with Twitter Rate Limits — Censorship Expert Says Musk ‘Has Stepped on a Rattlesnake’ – Mike Benz, executive director of the Foundation for Freedom Online, tweeted Saturday: “Musk has no idea the DARPA rattlesnake he just stepped on by doing this… AI censorship is where all of the magic happens…     You could not censor the internet before 2016 at the kind of scale that you do now because you have AI censorship models … There’s an AI censorship death star that has been under construction, innovation, and renovation every week, every month, every year, for the past six, seven years now,” he detailed. “It all relies on massive scraping of Twitter data in order to build these models and databases to track trending narratives, to systematically surveil and build intelligence dossiers, and to track and to turn down, all at once, communities online… In order to build their social media censorship death star, they need to scrape hundreds of millions of tweets… If they lose access to the underlying data on which their AI censorship models are built, then they will not be able to do their jobs as effective, fast, precise, and comprehensive asocial media censors,” Benz clarified… https://news.bitcoin.com/elon-musk-sparks-controversy-with-twitter-rate-limits-censorship-expert-says-musk-has-stepped-on-a-rattlesnake/   Tuesday Market Action Nikkei -0.98%, CSI 300 +0.16%, Shanghai Comp +0.04%, Shenzhen Comp +0.42% Euro Stoxx 50 -0.17%, FTSE -0.11%, CAC -0.23%, DAX -0.27%, Ibex -0.63%, MIB -0.16% ESUs: H 4493.75, L 4486.25, C 4490.50 +1.75 USUs: H 127, L 126 12/32, C 126 23/32 +3/32 WTI Oil: H 71.36, L 69.90, C 71.23 +1.44   (Gasoline +2.21%)   The PBoC sold 2B yuan of 7-day reverse repos at 1.9% for a net DRAIN of 212B yuan.   @SamanthaLaDuc: Federal Home Loan Bank (FHLB) system has extended over $1 Trillion of liquidity (10x the Fed!) to banks throughout the U.S.  (There is too much juice on The Street!)   Today – Due to holiday absenteeism, the S&P 500 Index traded within a 14-handle range on Monday.  The Stock Trader’s Almanac: Market Subject to Elevated Volatility after July 4th; July Begins Nasdaq’s “Worst Four Months”; July is the Best Performing Dow and S&P Month of the 3rd Q   Most major US equity indices have broken out.  Traders will push stocks higher until angst for the FOMC Meeting, which is three weeks from today, develops.  Next week, operators will get long for the usual rally into earnings reporting season.  The equity landscape looks like, “To the moon, Alice!”   ESUs are -0.50 at 21:30 ET.  Monitor the US 10-yr (3.84%); it is 23bps from a 15.5-year high yield!   Expected economic data: May Factory Orders 0.8% m/m; May Durable Goods 1.7% m/m; FOMC Minutes 6/14 14:00 ET; NY Fed Pres Williams 16:00 ET   S&P 500 Index 50-day MA: 4233; 100-day MA: 4133; 150-day MA: 4076; 200-day MA: 4005 DJIA 50-day MA: 33,637; 100-day MA: 33,366; 150-day MA: 33,464; 200-day MA: 32,931 (Green is positive slope; Red is negative slope)   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender is negative, MACD is positive – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 4218.63 triggers a sell signal Daily: Trender and MACD are positive – a close below 4355.00 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4414.22 triggers a sell signal   Judge limits Biden administration contact with social media firms U.S. District Court Judge Terry Doughty also issued a sweeping preliminary injunction barring numerous federal officials and agencies — including Surgeon General Vivek Murthy, Health and Human Services Secretary Xavier Becerra, White House press secretary Karine Jean-Pierre and all employees of the Justice Department and FBI — from having any contact with social media firms for the purpose of discouraging or removing First Amendment-protected speech…     “During the COVID-19 pandemic, a period perhaps best characterized by widespread doubt and uncertainty, the United States Government seems to have assumed a role similar to an Orwellian ‘Ministry of Truth,’” Doughty wrote in his 155-page opinion https://www.politico.com/news/2023/07/04/judge-limits-biden-administration-contact-with-social-media-firms-00104656   @RobertKennedyJr: Federal judge orders President Biden to stop censoring his critics including me. The decision mentions me on page 17. Happy Independence Day Everyone!  https://t.co/PcVEqRPZvp   “Once a government is committed to the principle of silencing the voice of opposition, it has only one way to go, and that is down the path of increasingly repressive measures, until it becomes a source of terror to all its citizens and creates a country where everyone lives in fear.” – Harry S. Truman, 8/8/50   @charliekirk11: Instead of simply reporting the facts that a federal judge just blocked the Biden Administration from outsourcing its censorship regime to social media companies, The New York Times spins it as “a ruling that could curtail efforts to fight disinformation.”   The Bidens’ Existential Threats to the American Rule of Law – Victor David Hanson President Joe Biden, the Biden grifting conglomerate, the Department of Justice, and the FBI under its fourth consecutive weaponized director, are in danger of subverting the American system of law…    This unfolding Biden melodrama has the potential to destroy the current presidency. It will tarnish for generations the Department of Justice, the FBI, and the IRS… Finally, unless radical changes occur, the unapologetic Biden nefariousness will discredit permanently an obsequious and biased media that knowingly chose not to report on what they equally knew were historic transgressions against their United States. https://amgreatness.com/2023/07/03/the-bidens-existential-threats-to-the-american-rule-of-law/   Joe Biden Turns July 4th Education Event into the D.C. Blunderdome Not surprisingly, Biden did not take questions after the heavily staged event wrapped up, with Handler-in-Chief Jill Biden on standby to make sure he got off the stage okay and out of sight even as reporters were shouting questions… (Including about cocaine in the White House) https://redstate.com/sister-toldjah/2023/07/04/watch-joe-biden-turns-july-4th-education-event-into-the-d-c-blunderdome-n771142   The Hill, a liberal publication, has turned on Biden.  Is Newsome warming up in the Dem’s bullpen?   We need a serious conversation about Joe Biden’s brain One can’t help but feel as if the news industry as a whole is avoiding the obvious follow-up question. Namely, “Is Biden OK?”… It’s not an unfair question, either, considering the Iraq/Ukraine gaffes were not an isolated series of incidents. They are simply the latest in a string of bizarre, confused and mostly unintelligible statements from Biden in the much longer string of bizarre, confused and mostly unintelligible statements that have come to define the Biden presidency… https://thehill.com/opinion/white-house/4075227-we-need-a-serious-conversation-about-joe-bidens-brain/   Biden’s Ties That Bind How the U.S. is working to constrain Israel before announcing its new Iran deal Upon assuming office in 2021, Biden returned to the Middle East strategy originally charted by President Barack Obama, whose North Star was an accommodation with Iran…     Obama’s attempt to skirt the nuclear issue rather than solve it was key to the entire nature and structure of the JCPOA. The foundation for that agreement was set in 2013… when the U.S. president buckled to Iran’s demand that the United States recognize its self-proclaimed “right” to enrich uranium. At one stroke, Obama’s concession removed the most formidable barrier preventing Iran from developing a nuclear weapon—namely, American political will…    The Obama administration hid the crucial role of its concession in kickstarting the negotiations, presenting its Iran diplomacy instead as the result of the election of Hassan Rouhani, the Iranian president who took office in August 2013.  With the help of an “echo chamber,” to borrow the phrase of Ben Rhodes, Obama’s deputy national security adviser for strategic communications, Obama and his team created the impression that a change of heart in Tehran (from an election, no less) had produced a new dawn in relations between the West and Iran…     We now know that Obama and his team worked in parallel or together with sympathetic Israeli officials to block Netanyahu from launching an Israeli strike in the period 2009-12. Biden, who staffed his Middle East team exclusively with alumni from the Obama administration, is working today directly from Obama’s playbook… https://www.tabletmag.com/sections/israel-middle-east/articles/ties-that-bind-biden-israel-iran-michael-doran    Obama Pardons James Cartwright, General Who Lied to F.B.I. in Leak Case President Obama on Tuesday pardoned James E. Cartwright, a retired Marine Corps general and former vice chairman of the Joint Chiefs of Staff who pleaded guilty to lying to the F.B.I. about his discussions with reporters about Iran’s nuclear program, saving him from a possible prison sentence…       General Cartwright, who was a key member of Mr. Obama’s national security team in his first term and earned a reputation as the president’s favorite general… left government in 2011. The leak investigation that ensnared him began in June 2012, when David E. Sanger, a reporter for The New York Times, published a book, “Confront and Conceal,” and an article in The Times that described Operation Olympic Games, an American-Israeli covert effort to sabotage Iranian nuclear centrifuges with a computer virus. F.B.I. agents came to believe that General Cartwright had also been a source for a February 2012 Newsweek article that discussed cyberattacks against Iran… https://www.nytimes.com/2017/01/17/us/politics/obama-pardons-james-cartwright-general-who-lied-to-fbi-in-leak-case.html   Obama and his aides dote on Iran and despise Israel.  BHO’s ‘favorite general’ allegedly leaked that the US and Israel penetrated Iran’s nuclear program.  There is only one reason to leak that: To procure favor with Iran.  What are the odds that Obama’s ‘favorite general’ leaked the incredibly sensitive intel on his own volition?  What are the odds that BHO pardoned his ‘favorite general’ to keep him from identifying others’ culpability?  Is it possible that other Obama stooges leaked stuff to Iran to curry favor?   The Big Guy administration is mostly Obama people.  BHO responding to Steve Colbert asking: Do you wish you had a third term: “If I could make an arrangement where I had a stand in, a front man… had an earpiece in… I could sort of deliver all the lines but someone else is doing all the talking…” https://www.facebook.com/TheFinancialGuys/videos/looks-like-obama-got-his-third-term-after-all/329752188419975/   ‘Squad’ Members (Radical House Dems) Scold Americans on July 4th: ‘Enslavers, Stolen Land’ Members of the “squad,” were not in a celebratory mood on the Fourth of July, claiming the Declaration of Independence was written by “enslavers,” Americans are standing on “stolen land,” and reparations should be given to descendants of Black slaves… https://t.co/TIsrrcigGf   Climate activist Greta Thunberg latest world leader to meet with Ukrainian president https://www.foxnews.com/politics/climate-activist-greta-thunberg-latest-world-leader-meet-ukraine-president   Fox got toasted for claiming that 20-year old Thunberg, a Swedish climate activist, is a ‘world leader.’  Where are the editors?  Where are the adults?  Where are the publishers?   As France burns, Macron blames social media for fanning the flames – French president criticizes role of video platforms in national violence but some argue politicians have found an easy scapegoat. https://www.politico.eu/article/france-riots-nahel-emmanuel-macron-blames-social-media/   @Reuters: Rioters assaulted the home of a Paris suburb mayor during a fifth night of nationwide unrest over a police shooting of a teen of North African descent https://t.co/npp6gcH7ld   @GoldingBF: It turned out that the person (in posted video) who was beaten by Muslims in France was the president of the “Angels for Peace” association, which works to keep refugees in France. https://twitter.com/GoldingBF/status/1675819488539705344   Arrests plummet in 6th night of France riots as interior minister blasts parents for letting kids protest https://www.foxnews.com/world/arrests-plummet-6th-night-france-riots-interior-minister-blasts-parents-letting-kids-protest   @cold957: It was less than a month ago this Syrian migrant attacked and stabbed babies in a park in the French Alps. France didn’t burn then. See how it works now?   Military suicides rose in 1st quarter of 2023 compared to same time last year, Pentagon report says The overall number of active-duty suicides — 94 — from January through March was up 25% compared to the number of troops — 75 — who took their own lives in the first three months of 2022… https://www.stripes.com/theaters/us/2023-07-03/military-suicides-pentagon-report-10631188.html   @JordanSchachtel: FYI: US service members who identify as transgender can seek an indefinite fitness standards exemption. That’s how this guy managed to avoid PT. There’s an easy fix…  Fitness standards for ALL service members. No exemptions.   Progressive Philadelphia DA unleashes on Republicans after latest mass shooting: ‘Against your safety’ – On Monday night, a gunman opened fire in the Kingsessing section of southwest Philadelphia, killing five people and injuring several more. Multiple children were injured by the gunfire, including a 2-year-old who was shot four times in the legs… https://t.co/fw5WXo4Zat   Biden urges stricter gun control after spate of holiday weekend shootings   https://t.co/NghNduA1tR   Cross-dressing gunman behind July 4 Philly bloodbath that left five dead is BLM supporter who made chilling Facebook posts about ‘black massacres’ and ‘evil spirits’ https://www.dailymail.co.uk/news/article-12264195/PICTURED-Cross-dressing-gunman-July-4-Philly-bloodbath-left-five-dead-BLM-supporter.html   Perhaps officials should enforce existing laws, incarcerate repeat violent criminals and get serious about mental health problems and services.   NYC Health Department was charged up to $2.4K per COVID vax at some locations due to poor oversight: audit https://t.co/PjPKHq832e   “When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves  a legal system that authorizes it and a moral code that glorifies it.” – Bastiat

GREG HUNTER  INTERVIEWING DANE WIGINGTON

Biden Blocking Sun & Destroying Earth – Dane Wigington

Biden Blocking Sun & Destroying Earth – Dane Wigington

By Greg Hunter On July 4, 2023 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com 

Climate engineering researcher Dane Wigington has dedicated his life to warning about the increasing dangers to the planet of climate engineering.  So, when the Biden Administration came out this week and said it was considering “blocking the sun to limit global warming,” it was a total lie to cover up the fact blocking the sun has been going on for decades because of the well-established science called geoengineering.  The technology used to block the sun is, in fact, destroying the Earth.  The signs include increasingly weird weather events such as oversized hail to toxic wildfires you are seeing in the news right now.  So, why is the Biden Administration wanting to get geoengineering in the news when the Lying Legacy Media (LLM) lied about this climate destroyer by omission for years?  Wigington explains, “Certainly this elephant in the sky is becoming all but impossible to hide.  Perhaps in their mind they can paint some picture that this is a benevolent planetary saving act.  Perhaps they think they can program populations into accepting it.  I don’t think that is going to happen.  I think populations are finally starting to realize that those in power are not here to help them. . . .  We have forever chemicals in every single drop of rain that falls anywhere on the planet at this point, and that is peer-reviewed science.  There is an additional 40 million to 60 million tons of known highly toxic particles being sprayed in the skies all over the world for various agendas and objectives and it’s not being disclosed by anyone.  There is an illegal federal gag order for all National Weather Service and NOAA employees.  There is an unbelievably massive elephant in this equation that nobody is willing to acknowledge. . . . All of us have extremely high levels of contaminates in us that Geoengineeringwatch.org has done with hair, blood and urine and that are packed with these metals they are spraying in the sky.  This is a fight for life right here and right now.  All other concerns and problems are mute if we don’t deal with this.  The elite have been saying they want the global population cut down to 500 million people.  That means 7.5 billion have to go away.  It should be very clear that what is happening in our skies is NOT benevolent.  It’s malevolent—period.”

In closing, Wigington says, “The unfolding damage that climate engineering is a huge part of . . . climate engineering has derailed the planet’s ability to respond to the damage done. . . . Climate engineering destroys the ozone layer . . .  That single component is an extinction level event.  If there is no ozone layer, there is no terrestrial life on earth.  We are perilously close to that right now. . . . If we can stop geoengineering, we can buy time for the planet. . . . The atmosphere is being used as a physics lab with no consideration for the consequences.”

There is much more in the 37-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with climate researcher Dane Wigington, founder of GeoEngineeringWatch.org, with an update on the calamity geoengineering is causing for 7.4.23.

(https://usawatchdog.com/biden-blocking-sun-destroying-earth-dane-wigington/)

After the Interview: 

There is vast and totally free information on GeoEngineeringWatch.org.

To see the free film called “The Dimming,” click here.

Click here to donate to GeoEngineeringWatch.org.

You can also donate by snail mail at:

Dane Wigington 

GeoEngineeringWatch.org 

 P.O. Box 9 

I will see you on THURSDAY