GOLD PRICE CLOSED: UP $16.80 TO $1926.75

SILVER PRICE CLOSED: UP $0.42   AT $23.11

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1925.30

Silver ACCESS CLOSE: 23.08

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Bitcoin morning price:, $30,179 DOWN 1080  Dollars

Bitcoin: afternoon price: $30,220  DOWN 1039 dollars

Platinum price closing  $915.30 UP  $8.30

Palladium price;     $1253.45 UP $8.05

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: $2,555.90 UP 2.90 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1499.38 DOWN 0.38 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1755.00 UP 0.65 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: 1,908.700000000 USD
INTENT DATE: 07/06/2023 DELIVERY DATE: 07/10/2023
FIRM ORG FIRM NAME ISSUED STOPPED

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118 C MACQUARIE FUT 73
323 C HSBC 320
435 H SCOTIA CAPITAL 103
624 H BOFA SECURITIES 62
661 C JP MORGAN 52
661 H JP MORGAN 17
690 C ABN AMRO 9 11
726 C CUNNINGHAM COM 2
737 C ADVANTAGE 24 36
905 C ADM 3

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TOTAL: 356 356
MONTH TO DATE: 2,116

JPMorgan stopped 52/356 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT:  356 NOTICES FOR 35,600 OZ  or  1.1073 TONNES

total notices so far: 2116 contracts for 211,600 oz (6.5816 tonnes)

FOR  JULY:

SILVER NOTICES: 59 NOTICE(S) FILED FOR 295,000 OZ/

total number of notices filed so far this month : 3396 for 16,980,000 oz

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END

GLD

WITH GOLD UP $16.80

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

NO CHANGES IN GOLD INVENTORY AT THE GLD

INVENTORY RESTS AT 917.86 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER  UP 42 CENTS AT  THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 466.474 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY AN HUGE SIZED 1459 CONTRACTS TO 118,845 AND CLOSER TO THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR  $0.50 LOSS  IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS A GOOD SIZED 656 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH .  CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 656 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  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.50). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUGE GAIN ON OUR TWO EXCHANGES OF 1,933 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 GOOD  ISSUANCE OF EXCHANGE FOR PHYSICALS( 474 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S HUGE 130,000 OZ QUEUE JUMP.//NEW STANDING: 17.960 MILLION OZ/  // HUGE SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/VI)  GOOD NUMBER OF  T.A.S. CONTRACT ISSUANCE (474 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  –  434 CONTRACTS

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

TOTAL CONTRACTS for 3 days, total 1055 contracts:   OR 5.275 MILLION OZ  (351 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  5.275 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 5.275 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1893  CONTRACTS DESPITE OUR LOSS IN PRICE OF  $0.50 IN SILVER PRICING AT THE COMEX//THURSDAY.,.  THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE  CONTRACTS: 474  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 130,000 OZ QUEUE JUMP: TOTAL NOW STANDING 17.960 MILLION OZ/////  .. WE HAVE A HUGE SIZED GAIN OF 1933 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A GOOD  656//SOME FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED  DURING THE THURSDAY COMEX SESSION.  THE NEW TAS ISSUANCE TODAY (656) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 59  NOTICE(S) FILED TODAY FOR  295,000  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 8521  CONTRACTS  TO 462,122 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 –947 CONTRACTS

WE HAD A STRONG SIZED INCREASE  IN COMEX OI ( 8521 CONTRACTS)  DESPITE OUR $9.90 LOSS 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 0.05901 TONNE QUEUE JUMP: NEW TOTAL OF GOLD STANDING FOR JULY: 6.6314 TONNES//  + /A HUGE ISSUANCE OF 1844 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $9.90 LOSS IN PRICE  WITH RESPECT TO THURSDAY’S TRADING.WE HAD A VERY  STRONG SIZED GAIN  OF 11,405 OI CONTRACTS (335.474 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2884 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 462,122

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,405 CONTRACTS  WITH 8521 CONTRACTS INCREASED AT THE COMEX// AND A FAIR 2884 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 11,405 CONTRACTS OR 35.474 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 1844 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2844 CONTRACTS) ACCOMPANYING THE VERY STRONG SIZED GAIN IN COMEX OI (8521) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 12,352 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 0.0590 TONNE QUEUE JUMP//NEW TOTAL 6.6314 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: 1844 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:  5117 CONTRACTS OR 511,700 OZ OR 15.916 TONNES IN 3 TRADING DAY(S) AND THUS AVERAGING: 1591 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES  15.916 TONNES

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

THUS EFP TRANSFERS REPRESENTS  15.916/3550 x 100% TONNES  0.4507% 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:  15.916 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 HUGE SIZED 1459  CONTRACTS OI TO  119,279 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 474  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:  474  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 1459 CONTRACTS AND ADD TO THE 474  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A VERY STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1933 CONTRACTS 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES  TOTAL 9.665 MILLION OZ 

OCCURRED WITH OUR  $0.50 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

 2.ASIAN AFFAIRS//

 

FRIDAY MORNING//THURSDAY  NIGHT

SHANGHAI CLOSED DOWN 8.97 PTS OR 0.28%   //Hang Seng CLOSED DOWN 167.35 PTS OR 0.90%        /The Nikkei closed DOWN 384.60 OR 1.17%  //Australia’s all ordinaries CLOSED DOWN 1.64 %   /Chinese yuan (ONSHORE) closed UP 7.2344  /OFFSHORE CHINESE YUAN UP  TO 7.2443 /Oil UP TO 72.08 dollars per barrel for WTI and BRENT  UP AT 76.80 / Stocks in Europe OPENED ALL MIXED// 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 9468 CONTRACTS UP TO 462,122 DESPITE OUR CONSIDERABLE LOSS IN PRICE OF $9.90 ON THURSDAY,

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 2884  EFP CONTRACTS WERE ISSUED: :  AUGUST 2884 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2884 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY  STRONG SIZED TOTAL OF 12,352  CONTRACTS IN THAT 2884 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 9468 COMEX  CONTRACTS..AND  THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $9.90//THURSDAY COMEX.   AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A HUGE 1844 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  (6.5059) (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: 6.6314 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $9.90) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD A VERY STRONG SIZED GAIN OF 11,405 CONTRACTS ON OUR TWO EXCHANGES. WE HAD SOME TAS LIQUIDATION THROUGHOUT  THE THURSDAY COMEX SESSION . THE TAS ISSUED THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 38.419 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 0.04926 TONNES//TOTAL STANDING FOR JULY GOLD: 6.6314 TONNES    //  ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE  TO THE TUNE OF $9.90. 

WE HAD –REMOVED  947      CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT 

NET GAIN ON THE TWO EXCHANGES 11,405  CONTRACTS OR 1,140,500  OZ OR 35.474 TONNES.

Estimated gold volume today:// 220,335  FAIR

final gold volumes/yesterday   256,708  FAIR

//JULY 8/ FOR THE JULY  2023 CONTRACT

CME DELINQUENCY TODAY

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	96.453 OZ Brinks 3 kilobars           .
Deposit to the Dealer Inventory in oz	32,013.521 oz Brinks
Deposits to the Customer Inventory, in oz	nil OZ
No of oz served (contracts) today	356  notice(s) 35,600 OZ 1.1073 TONNES
No of oz to be served (notices)	16  contracts    1600 oz 0.04926 TONNES
Total monthly oz gold served (contracts) so far this month	2116 notices 211,600  OZ 6.5816 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

xx dealer deposit:

Customer deposits:  x

total customer deposits: xxx oz

total dealer deposits:  xx

we had xx customer withdrawal:

total withdrawals:  xx oz

Adjustments; xx  

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 372  contracts having LOST 351 contracts. We had 391 contracts served on Thursday.  Thus we gained 19 contracts or an additional 1900 oz of gold will stand at the comex.

AUGUST  LOST 2286 contracts DOWN to 348,319 contracts 

SEPT gained 22 contracts to stand at 115

We had 356 contracts filed for today representing  35,600  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  356   contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer and 52  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 (2116 x 100 oz ), to which we add the difference between the open interest for the front month of  JULY (372  CONTRACT)  minus the number of notices served upon today  356 x 100 oz per contract equals 213,200 OZ  OR 6.6314 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 (2116) x 100 oz +  (372) {OI for the front month} minus the number of notices served upon today (356)  x 100 oz) which equals  213,200 oz standing OR 6.6314 TONNES 

TOTAL COMEX GOLD STANDING: 6.6314 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:  22,426,482.155 OZ  

TOTAL REGISTERED GOLD:  11,833,589.245   (368.07  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,592,892.910 O Z  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,770,048 OZ (REG GOLD- PLEDGED GOLD) 303.88 tonnes//

END

SILVER/COMEX

JULY 7//2023// THE JULY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	n/a oz cme delinquency .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	n.a.  cme delinquency
No of oz served today (contracts)	59  CONTRACT(S)    (295,000  OZ)
No of oz to be served (notices)	96 contracts  (980,000 oz)
Total monthly oz silver served (contracts)	3396 Contracts  (16,980,000 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: xxx   oz

total dealer deposits: xx

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We had xxx deposits customer account:

total customer deposits: xxx oz

JPMorgan has a total silver weight: 140.580  million oz/279.029 million =50.53% of comex .//dropping fast

Comex withdrawals x

adjustments:  x

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: 255   CONTRACTS HAVING LOST 70  CONTRACT(S). WE HAD 96 NOTICES FILED ON THURSDAY SO WE GAINED A STRONG 26 CONTRACTS OR AN ADDITIONAL 130,000 OZ WILL STAND AT THE COMEX FOR DELIVERY IN JULY.

AUGUST GAINED 2 CONTRACTS TO STAND  AT 493

SEPT HAS A GAIN OF 984 CONTRACTS UP TO 103,633

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 59 for 295,000  oz

Comex volumes// est. volume today 61,739    GOOD /

Comex volume: confirmed yesterday:84,631  STRONG

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 3396 x  5,000 oz = 16,980,000 oz 

to which we add the difference between the open interest for the front month of JULY(255) and the number of notices served upon today 59 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JULY/2023 contract month:  3396 (notices served so far) x 5000 oz + OI for the front month of JULY (255) – number of notices served upon today (59 )x 500 oz of silver standing for the JULY contract month equates to 17.960 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 7 WITH GOLD UP $16.80 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.86 TONNES.

JULY 6/WITH GOLD DOWN $9.90 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.04 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 917.86 TONNES

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: 917.86 TONNES

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

JULY 7/WITH SILVER UP 42 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 466.474 MILLION OZ

JULY 6/WITH SILVER DOWN 50 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.667 MILLION OZ FORM THE SLV///INVENTORY RESTS AT 466.474 MILLION OZ//

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 466.474 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

end

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

Your weekend reading material

Alasdair Macleod...

Alasdair Macleod: The real determinants of currency value

Submitted by admin on Thu, 2023-07-06 12:43Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 6, 2023

There are two components to the inflation story: the cycle of bank credit, which left to itself is self-cancelling, and the longer-term erosion of currency values. In examining the causes, this article goes back to monetary basics to explain what is required to make a currency’s purchasing power stable.

Economists generally seem unaware of the importance of credit in the economy. In a world of fiat currencies, they wrongly take central bank currency to be money, and also routinely describe bank credit as money. But they are credit, which drives everything, not only statistically recorded credit but in our personal relationships as well

Since the Bretton Woods Agreement was abandoned in 1971, the loss of credit’s attachment to sound money has been ruinous for its purchasing power. These events are obviously linked. Yet the long-term increase in money supply, or more correctly bank credit, is not the main reason for the loss of purchasing power.

In this article I explain that even under a gold standard currency is entirely credit, and why the secret to stabilising its value is to link credit to that of gold, which remains the only true legal money. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/the-real-determinants-of-currency-value?gmrefcode=gata

END

More states are considering sales tax exemption for gold//silver/gold and silver coins

(Stefan Gleason/MMN)

More states consider sales tax exemptions for monetary metals as Mississippi law takes effect

Submitted by admin on Thu, 2023-07-06 21:50Section: Daily Dispatches

By Stefan Gleason
Money Metals News Service, Eagle, Idaho
Thursday, July 6, 2023

Assessing a state sales tax on the purchase of gold and silver is becoming an outmoded, indeed outrageous, practice — but a small number of U.S. states still engage in it.

Several of the remaining seven states that tax all precious metals purchases are considering enacting their own exemptions, and just this week Mississippi bureaucrats formally stopped slapping these taxes on citizens.

In a culmination of a four-year campaign by Money Metals Exchange and the Sound Money Defense League, Mississippi Governor Tate Reeves signed Senate Bill 2862 in April and, as of July 1, all purchases of gold, silver, platinum, and palladium coins, bars, and rounds are fully exempt from sales tax in the Magnolia State.

Mississippi follows Virginia (2022), Tennessee (2022), Ohio (2021), and Arkansas (2021). Meanwhile, New Jersey and Wisconsin could be the next two states to remove sales taxes from the monetary metals.

In fact, members of the New Jersey assembly unanimously voted last week to pass A5294, sending the bill to the state Senate for concurrence. And Wisconsin is expected to hold hearings on an exemption bill in September.

Hawaii, Kentucky, New Mexico, Vermont, Maine, New Jersey, and Wisconsin are the only remaining full sales tax states — and none of them border each other.

That means these states are surrounded by tax-exempt states, increasing the pressure to act. …

… For the remainder of the report:

https://tinyurl.com/5t476433

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

BIX WEIR

SILVER ALERT! Industrial & Investment Silver Demand are BOOMING w/o Increase from Mines! (Bix Weir)

Inbox

Search for all messages with label Inbox

The silver supply/demand imbalance story is spreading around the world and getting mainstream media attention. 

The riggers hate this kind of exposure as they have been trying to close out their massive COMEX Silver Short position before a Silver Moonshot is allowed!

SILVER ALERT! Industrial & Investment Silver Demand are BOOMING w/o Increase from Mines! (Bix Weir)

end

5 a. IMPORTANT COMMENTARIES ON COMMODITIES: 

end

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

The Supreme Court could stop the SEC’s encroachment on crypto industry

(zerohedge)

The Supreme Court Could Stop The SEC’s War On Crypto

FRIDAY, JUL 07, 2023 – 06:30 AM

Authored by J.W. Verret via CoinTelegraph.com,

Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett are among a group on the Supreme Court who may not smile upon the SEC’s interpretation of the law…

When the leaders of the American Revolution signed the Declaration of Independence on July 4, 1776, they had no guarantee of victory. The battle for independence was underway, and their prospects were uncertain. Despite occasional victories, these audacious freedom fighters were grossly outnumbered and had difficulty retaining volunteer soldiers. Their commitment to the cause of freedom was their only fighting chance.

Cryptocurrency as an open-source software industry is in a similar predicament. The United States Securities and Exchange Commission and banking regulators are trying to dismantle this budding industry, brandishing lawsuits and an intimidating array of regulatory measures designed to make compliance impossible.

Crypto’s fighting chance is embedded within the very words and legal principles put forth by America’s founders in the Constitution.

They designed the Constitution on the principle of the separation of powers inspired by the Enlightenment.

Their vision was of a system with three separate but coequal branches of government, each acting as a safeguard against the potential abuse of power by the others.

Coinbase stands at the vanguard in the modern battlefield of cryptocurrency as it stares down a lawsuit brought by the SEC. In June, the company delivered a declaration in response to the lawsuit that leans on the “major questions doctrine.” This essential legal principle holds agencies like the SEC accountable when they circumvent Congress’ role in our constitutional structure and manipulate vague and antiquated statutes for their own ends.

In recent landmark cases that curbed executive overreach in both the Obama and Biden administrations, the Supreme Court has underscored the importance of the major questions doctrine.

This doctrine underlines the crucial point that when agencies attempt to regulate questions of significant national or political importance, they must have explicit authorization from Congress.

This doctrine is not new nor untested.

When the Food and Drug Administration (FDA) attempted to regulate cigarettes, justifying action by defining them under the FDA’s authority over drugs, the Supreme Court struck down the agency’s overreach. The court pointed out that nicotine, while technically a drug, did not fall under the palliative class of drugs Congress had intended when creating the FDA.

A similar verdict was reached regarding the Environmental Protection Agency’s (EPA) attempt to regulate carbon emissions. The EPA was prevented from broadening its mandate over power plant pollution to set a national policy on carbon emissions, which was beyond its remit and would usurp the role of the legislature.

The Supreme Court’s decision striking down Biden’s student loan forgiveness program is the most recent invocation of the major questions doctrine. Coinbase general counsel Paul Grewal astutely observed that one could substitute crypto for student loans in the court’s ruling and envision a similar outcome.

SEC Chairman Gary Gensler’s apologists argue that the securities laws from the 1930s have successfully adapted to the internet era, hence they can adapt to crypto as well. This argument would carry weight if the SEC made similar adaptations to crypto as they did to the internet.

Over the years, the SEC has proven its capacity to evolve, allowing prospectus delivery over the internet and sanctioning executive communications through social media. But when it comes to crypto, the SEC stubbornly insists that developers must comply with laws that, without nuanced adaptation, are impossible to adhere to.

This grudging approach of “just come in and register” while blatantly ignoring the numerous questions raised in Coinbase’s 2022 request for rulemaking is exactly why the major questions doctrine — as interpreted by Justices Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett — is so relevant to the SEC’s approach to crypto regulation. The doctrine acts as a constitutional compass, guiding the direction of authority, and restraining overreach by various agencies.

The framers of the Constitution left us an arsenal of tools to wage a revolution for freedom within the design of the U.S. Constitution. Legal scholars and constitutionalists, including Gorsuch, are reviving the founders’ vision of a delicate balance of power among the three branches with the major questions doctrine.

Crypto defendants, such as Coinbase, Ripple and Binance, are pioneering a revolution of their own. They are at the forefront of a movement aiming to decentralize power, shifting it from centralized institutions to the hands of individuals. In their struggle, they are armed with the very same tools our founders used to shape this nation.

There’s a striking parallel between our founders’ fight for political freedom and the current struggle for financial freedom in the digital realm. The underpinnings of both these movements are deeply rooted in a quest for autonomy and liberty.

END

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

ONSHORE YUAN:   CLOSED UP TO 7.2344 

OFFSHORE YUAN:  UP TO 7.2443

SHANGHAI CLOSED DOWN 8.97 PTS OR 0.28% 

HANG SENG CLOSED DOWN 167.35 PTS OR 0.90% 

2. Nikkei closed DOWN 384.60 PTS OR 1.17%

3. Europe stocks   SO FAR:    ALL MIXED

USA dollar INDEX DOWN  TO  102.66 EURO RISES TO 1.0891 UP 1 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.442 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 143.25/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 UP  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 +2.638***/Italian 10 Yr bond yield RISES to 4.369*** /SPAIN 10 YR BOND YIELD RISES TO 3.687…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 3.952

3j Gold at $1917.10 silver at: 22.71 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND  66 /100        roubles/dollar; ROUBLE AT 91,64//

3m oil into the  72  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 143.25//  10 YEAR YIELD AFTER BREAKING .54%, RISES TO 0.442% 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 0.8954 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9752 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: 4.064  UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.018 UP 2  BASIS PTS/

USA 2 YR BOND YIELD:  5.013 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.01…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 0 BASIS PTS AT 4.7310 UP 7 PTS 

end

2.  Overnight:  Newsquawk and Zero hedge:

Futures Drift, Yields Tick HIgher Ahead Of June Jobs Data

FRIDAY, JUL 07, 2023 – 07:34 AM

Stocks were subdued as investors prepared for the June jobs report to gauge if they will confirm the blowout ADP print and back new bets for more Fed interest rate hikes which sent yields soaring on Thursday, slamming risk assets. US equity futures reversed earlier losses and traded unchanged after Thursday’s losses in the S&P 500 and Nasdaq 100 benchmarks sparked by stronger-than-expected ADP private payrolls data. As of 6:30am, emini S&P futures were down 0.1% while Nasdaq 100 futs dropped 0.2%. European stocks erased earlier declines of as much as 0.5% to trade flat, but were still on course for their worst week since the middle of March. MSCI Asia Pacific Index declined 1.6% to the lowest since June 2, as strong hiring data in the US renewed monetary tightening worries and investors awaited major stimulus measures from China. Treasury yields extended their ascent, with the 2Y rising back over 5.00% after nearly hitting 5.10% on Thursday while 10Y yields traded around 4.06%, after yesterday’s jobs data sent a gauge of global bond yields soaring to the highest since 2008.

In pre-market trading, Alibaba Group rose, tracking gains in Hong Kong after Reuters said Chinese authorities will wrap up a probe on Ant Group Co. as soon as Friday with a fine of more than $1.1 billion, a move that will bring an end to a prolonged regulatory probe into the Chinese fintech giant. Here are some other notable pre-market movers:

• Bloom Energy rises 2.1% as RBC Capital Markets initiated coverage of the power generation equipment maker’s stock with a recommendation of outperform, saying the company is positioned for strong growth and improving profitability through the end of the decade.
• Levi Strauss drops 7.3% after the clothing company’s reduced full-year adjusted earnings-per-share forecast missed estimates. Analysts flagged pressure from the US wholesale business, noting that it led to the outlook downgrade.
• Gorilla Technology shares jump 51% after the video data and tech analytics company signs a $270m, three-year security contract with the Egyptian government.
• KLA Corp.’s rating was cut at KeyBanc Capital Markets to sector weight from overweight as the semiconductor capital equipment maker’s stock price exceeded the brokerage’s prior target. The shares fell almost 1% in postmarket trading Thursday.

Stocks slumped on Thursday after traders added to bet of more rate hikes as ADP Research Institute data on Thursday showed US companies added the most jobs in more than a year in June. Friday’s US nonfarm payrolls and unemployment reports will be key to any more revisions in rate-hike expectations after the ADP numbers prompted a spike in Treasury yields. Our payrolls preview note can be found here, and below is a snapshot of expectations by bank

• 270,000 – Morgan Stanley
• 260,000 – Wells Fargo
• 250,000 – Societe Generale
• 250,000 – Goldman Sachs
• 235,000 – HSBC
• 225,000 – Barclays
• 200,000 – Deutsche Bank
• 200,000 – JP Morgan Chase
• 190,000 – Credit Suisse
• 175,000 – UBS
• 170,000 – Citigroup

“One thing is for certain: given yesterday’s moves, a mild upside surprise is already in the price,” Julien Lafargue, chief market strategist at Barclays Private Bank, said in a note. “Should the NFP send a similar message as the ADP figure, the market will gain confidence that the well-anticipated recession is being pushed back and that the Fed may need to be more aggressive.”

On Thursday, bonds were sold on rising fears inflation will continue to hold north of the Fed’s 2% target, requiring policymakers to raise rates even further. The US selloff was mirrored elsewhere with Bloomberg’s index of global government bonds hitting levels last seen in the financial crisis.

European stocks erased earlier declines of as much as 0.5% to trade flat, but were still on course for their worst week since the middle of March. The Stoxx Europe 600 Index was 0.1% higher: miners and chemicals outperformed while utilities and media stocks were the biggest laggards as investors awaited key US jobs data later in the day that may provide further insight on the trajectory of interest rates. Just Eat Takeaway.com NV shares slumped after analysts at Exane and JPMorgan Chase & Co. turned bearish on the food-delivery company. Persimmon was among UK homeowners trading lower after Halifax said house prices are falling at their fastest annual pace since 2011. Here are some of the most notable movers:

• Clariant shares pare early losses to rise as much as 4.3% after the firm cut its 2023 sales forecast. Citi says the profit warning was largely expected by the market following negative updates from peers. Other chemical firms rise, BASF gains as much as 3.1%
• SES-Imagotag rises as much as 41% after short seller Gotham City Research issued a new report criticizing the governance and accounting of the French maker of electronic pricetags for store shelves, a report that failed to send the stock further down. Shares still remain well below levels seen before Gotham City’s first report.
• Airbus shares rise as much as 1.3% after the planemaker said it delivered 72 aircraft in June, the most in any month so far this year; Citigroup calls June data strong and Jefferies highlights a solid performance last month.
• Sulzer shares rise a much as 3.7% after the Swiss pump maker increased full year guidance as strong order momentum continued in 2Q.
• Shares in ASML, from which Samsung sources chipmaking tools, dropped as much as 1.8% as Samsung Electronics fell after it reported its biggest decline in quarterly revenue since at least 2009.
• Coloplast shares fall as much as 5.7% after the Danish health-care products firm signed agreement to buy Kerecis, an Icelandic company specializing in biologics wound care, for as much as $1.3b, in a transaction expected to be financed via an equity capital raise.
• Just Eat Takeaway shares fall as much as 9.2% after both Exane and JPMorgan turned bearish on the food-delivery company before second-quarter results, due to potential weakness in order volumes. Peers Deliveroo and Delivery Hero also declined as Exane cut ratings to underperform.
• OSB Group shares drop as much as 21% in their worst day since April 2020, after the lender said that it will take a hit of £160m to £180m in the first half of 2023 as customers refinance their mortgages earlier amid higher interest rates.

Asian stocks were mostly lower amid spillover selling from global peers including in the US. The MSCI Asia Pacific Index declined as much as 0.9% to the lowest since June 2, as strong hiring data in the US renewed monetary tightening worries and investors awaited major stimulus measures from China. Benchmarks in Australia and South Korea lead losses in the region. Samsung Electronics is the biggest drag on the MSCI Asia gauge, sliding as much as 2.5%, after quarterly operating income tumbled due to still-weak memory chip demand

• Hong Kong’s benchmark Hang Seng Index falls as much as 1.3%, nearing bear market territory, as Chinese authorities face pressure to back up their reassuring economic rhetoric with little hope of any breakthrough during US Treasury Secretary Yellen’s trip to China.
• Australia’s ASX 200 suffered its largest intraday drop since March with real estate and tech front running the declines across all sectors as Australian bond yields climbed.
• Nikkei 225 slumped at the open following disappointing Household Spending data which showed a surprise monthly contraction although the index bounced off its lows and recouped around half of the earlier losses.
• Korea’s KOSPI was dragged lower by weakness in index-heavyweight Samsung Electronics after its preliminary Q2 earnings in which operating profit topped forecasts but slumped by 96% Y/Y.
• Indian stocks ended the week as the best performing large market in the region despite registering their biggest drop in two months on Friday. The S&P BSE Sensex fell 0.8% to 65,280.45 in Mumbai, while the NSE Nifty 50 Index declined 0.8% to 19,331.80.  For the week, though, Nifty 50 and BSE-Sensex climbed 0.7% and 0.9%, respectively, as continued buying from foreign portfolio investors and optimism for earnings growth helped Indian stocks outperform the MSCI Asia-Pacific Index’s 1.3% decline.  ICICI Bank contributed the most to the Sensex’s decline on Friday, decreasing 1.3%. Out of 30 shares in the Sensex index, six rose and 24 fell.

In rates, Treasury yields ticked higher again in Friday trading, with the policy sensitive two-year yield near 5%, while the 10-year hovered close to the highest since March. The 10-year Treasury yield has broken above its recent downtrend, leaving chart watchers speculating over how high it could climb. A close above the 4.09% zone would open up the door to last year’s high of 4.34%, according to RBC Capital Markets strategist George Davis. Bund and gilt curves steepen as German and UK two-year yields fall by 4bps and 2bps respectively.

In FX, the dollar was treading water ahead of the US jobs report after Thursday’s ADP data jolted markets. The Bloomberg dollar index heads for a third weekly gain on the back of rising Treasury yields as investors position themselves before US monthly payroll data. The yen has rallied meanwhile, rising 0.7% versus the greenback after Japanese wages jumped by more than twice the estimate after cash earnings rose 2.5% in May, up from a revised 0.8% increase in April, the kind of data which will refresh speculation about an early end for yield curve control.

In  commodities, crude futures advance, with WTI rising 0.4% to trade near $72.10. Spot gold rises 0.3% to around $1,916. Bitcoin falls 0.6%.

To the day ahead now, and the main highlight will be the US jobs report for June. Other data releases include German industrial production and Italian retail sales for May. From central banks, we’ll hear from ECB President Lagarde, Vice President de Guindos, along with the ECB’s Villeroy, Stournaras and Nagel, as well as the BoE’s Mann.

Market Snapshot

• S&P 500 futures down 0.2% to 4,438.50
• MXAP down 0.7% to 161.14
• MXAPJ down 1.0% to 505.61
• Nikkei down 1.2% to 32,388.42
• Topix down 1.0% to 2,254.90
• Hang Seng Index down 0.9% to 18,365.70
• Shanghai Composite down 0.3% to 3,196.61
• Sensex down 0.6% to 65,364.19
• Australia S&P/ASX 200 down 1.7% to 7,042.27
• Kospi down 1.2% to 2,526.71
• STOXX Europe 600 down 0.3% to 445.81
• German 10Y yield little changed at 2.63%
• Euro little changed at $1.0879
• Brent Futures up 0.1% to $76.62/bbl
• Gold spot up 0.2% to $1,914.65
• U.S. Dollar Index little changed at 103.09

Top overnight news from Bloomberg

• Federal Reserve Bank of Dallas President Lorie Logan said more interest-rate increases will likely be needed to spur meaningful disinflation and bring price-growth rates back to the central bank’s target.
• Japanese workers’ wages jumped by more than twice the pace expected by economists as annual pay hikes fed into monthly data, offering the central bank a sign that upward momentum in pay may be strengthening
• Doggedly strong US employment is causing pressure on bond markets far from American shores with a gauge of global yields climbing to the highest since 2008.
• US audit officials have started a fresh round of inspections of New York-listed Chinese companies in recent weeks as tensions mount between the world’s two largest economies
• US Treasury Secretary Janet Yellen will speak with Chinese Premier Li Qiang in Beijing on Friday afternoon, as she begins two days of talks designed to stabilize ties between the world’s largest economies.
• Samsung Electronics Co. reported its worst decline in quarterly revenue since at least 2009, stoking uncertainty over when a year-long electronics and memory chip demand slump will end.
• A state-owned Chinese newspaper issued a rare rebuttal of Goldman Sachs Group Inc. research after the securities firm’s analysts recommended selling shares of local banks, the latest sign of official attempts to counter negative sentiment in markets as the economy slows.

A more detailed look at global markets courtesy of Newsquawk

Asia Pac stocks were mostly lower amid spillover selling from global peers including in the US.     ASX 200 suffered its largest intraday drop since March with real estate and tech front running the declines across all sectors as Australian bond yields climbed.  Nikkei 225 slumped at the open following disappointing Household Spending data which showed a surprise monthly contraction although the index bounced off its lows and recouped around half of the earlier losses. KOSPI was dragged lower by weakness in index-heavyweight Samsung Electronics after its preliminary Q2 earnings in which operating profit topped forecasts but slumped by 96% Y/Y. Hang Seng and Shanghai Comp conformed to the downbeat mood as growth concerns and trade frictions lingered and with little hope of any breakthrough during US Treasury Secretary Yellen’s trip to China.

Top Asian News

• China’s Finance Ministry said it hopes the US will take concrete actions to create a favourable environment for the healthy development of economic and trade ties between China and the US, according to Reuters.
• China Customs banned the imports of food from 10 prefectures in Japan and noted the IAEA report on Japan releasing water from the Fukushima plant did not fully reflect the views of all experts involved in the assessment process, while it added that the Japanese side still has many problems in the legitimacy of sea discharge.
• BoJ announcement on the conduct of funds-supplying operations to purchase Japanese government securities with repurchase agreements

European bourses began the session in the red given the APAC/Wall St. handover; since, sentiment has improved incrementally though action is very contained overall pre-NFP. Sectors are mixed with cyclicals seeing upside after pressure earlier in the week while defensive sectors are currently lagging. Stateside, futures are moving in-tandem with European peers though magnitudes slightly more contained and the benchmarks currently reside just below the unchanged mark. Shell (SHEL LN) Q2 Update Note: Post-tax impairments of up to USD 3bln are expected for Q2’23, primarily driven by a 1% increase in the discount rate used for impairment testing. Integrated Gas: Trading & Optimisation: expected to be significantly lower compared to a strong Q1’23 due to seasonality and fewer optimisation opportunities. Continental (CON GY) plans to phase out business activates at Gifhorn plant by end of 2027; reason for the move is sharp rise in cost pressure in automotive industry.

Top European News

• CB’s de Guindos says transmission of our unprecedented policy hikes thus far to tighter financing conditions is well advanced, now beginning to see an impact on areas of the real economy. Services inflation and labour costs need to be monitored. While underlying price pressures remain strong, most indicators have begun to show some signs of softening. What happens to rates in September is an open question.. Need to focus more on broader macro conditions rather than relative contribution of wages and profits to inflation.

FX

• Yen continues impressive comeback as UST/JGB spreads tighten and JPY crosses retreat further amidst ongoing repositioning, USD/JPY probes 143.00 from just above 144.00.
• DXY tethered to 103.000 in advance of NFP.
• Kiwi and Aussie recover losses as risk sentiment settles after Thursday’s acute aversion, NZD/USD up near 0.6200 again and AUD/USD eyeing 0.6650.
• Euro flanked by option expiries at 1.0900 and 1.0850 in EUR/USD.
• Loonie labours ahead of Canadian LFS with USD/CAD elevated within 1.3359-87 range.
• PBoC set USD/CNY mid-point at 7.2054 vs exp. 7.2423 (prev. 7.2098)

Fixed Income

• Bonds huff and puff before resuming down the path of least resistance awaiting NA jobs data.
• Bunds probe Thursday’s Eurex low within 131.41-130.89 range, Gilts recoil from 92.95 to 92.39 and T-note towards the bottom end of 110-15+/24 overnight bounds.

Commodities

• Crude benchmarks are modestly firmer and benefitting from the JPY-induced USD downside with fresh specifics light but the complex seemingly still deriving support from the week’s developments; incl. OPEC summit and Saudi OSPs
• Spot gold has been meandering higher given the softer USD and softer risk tone, though this has dissipated somewhat, pre-NFP.
• Some key purchasers of Saudi Arabia’s crude in Asia and Europe are seeking lower volumes for next month after the kingdom hiked official prices and extended output cuts, according to Bloomberg.

Geopolitics

• Japanese Economic Minister Goto said they are aware that New Zealand received Ukraine’s request to join the CPTPP, while he added that they must carefully assess whether Ukraine fully meets the high level of CPTPP agreement in terms of market access and rules, according to Reuters.
• Philippines official says “There is an alarming increase in Chinese ships in the disputed waters in the South China Sea”, according to Al Arabiya.
• Austrian, Germany and Swiss Defence Ministers have signed an MOU re. their participation in the European Sky Shields initiative, via Swiss Federal Council.
• German Foreign Minister says we oppose sending cluster munitions to Ukraine, according to Al Arabiya.

US Event Calendar

• 08:30: June Change in Nonfarm Payrolls, est. 230,000, prior 339,000
• 08:30: June Underemployment Rate, prior 6.7%
• 08:30: June Unemployment Rate, est. 3.6%, prior 3.7%
• 08:30: June Average Weekly Hours All Emplo, est. 34.3, prior 34.3
• 08:30: June Average Hourly Earnings YoY, est. 4.2%, prior 4.3%
• 08:30: June Average Hourly Earnings MoM, est. 0.3%, prior 0.3%
• 08:30: June Labor Force Participation Rate, est. 62.6%, prior 62.6%
• 08:30: June Change in Manufact. Payrolls, est. 5,000, prior -2,000
• 08:30: June Change in Private Payrolls, est. 200,000, prior 283,000

DB’s Jim Reid concludes the overnight wrap

For only the second time in probably a decade I am completely home alone this weekend with absolutely zero commitments as my wife is taking the kids to her best friend in Glasgow for the weekend after school breaks up for the summer today. As such my weekend looks something like this…… Tonight golf. Tomorrow golf. Sunday golf, with the possibility of a second round in the afternoon. Oh and watching cricket on the telly all weekend around that.

Before a weekend of freedom, today we arrive at another payrolls Friday at a fascinating juncture for markets after a massive global bond sell-off yesterday which bled into a risk off for equities. So another tough day this week for 60/40 portfolios.

Many thresholds were breached yesterday so it’s worth going through some highlights to start. In no particular order we saw 2yr Treasury yields surge to 5.11%, which is their highest level since 2008, before coming back in by the close to finish at just below 5.0%. 2yr real yields hit 3% intraday before closing at their highest level since late-2009, (2.90%). The 10yr UST yield rose back above 4%, as 10yr real rates rose to their highest level since 2008 at 1.78%. 10yr Gilts yields hit a 15-year high of their own, 10yr bunds rose above 2.6% for the first time since early March, and Europe’s STOXX 600 (-2.34%) slumped to a 3-month low.

Bonds have been steadily selling off of late, but this went into overdrive after a stunningly strong ADP which isn’t usually the most reliable monthly print, but it was a question of sell first ask questions later after the release.

The June’s ADP showed a bumper gain of +497k that was above every economist’s expectations on Bloomberg, and more than double the +225k consensus. 15 minutes later, we had the weekly jobless claims data, which showed continuing claims had fallen to a 4-month low of 1.72m (vs. 1.737m expected) over the week ending June 24. Finally, the ISM services index for June bounced back to a 4-month high of 53.9 (vs. 51.2 expected), with gains in the new orders (55.5) and employment (53.1) components as well. So a collection of positive releases that painted a stronger picture for the US economy than previously thought.

We’ll have to see if those numbers are backed up by today’s jobs report, but investors weren’t waiting for that as they priced in more hikes from central banks and fewer cuts next year. For instance, futures now see the chances of the Fed hiking this month at 89%, which is their highest level to date, whilst pricing for the terminal rate hit a post-SVB high of 5.44% through the November FOMC meeting. Market pricing for fed funds through the December 2023 FOMC meeting is north of 5.4% for the first time since the days just before SVB first signalled stress. Further out the curve, fed futures are now pointing to a fed funds rate of 4.26% by the end of 2024, up from 3.89% as of last Wednesday.

These moves were cemented by comments from Dallas Fed President Logan, a voter this year, who said that “the FOMC needs to make policy more restrictive so we can return inflation to target in a sustainable and timely way.” The moves weren’t confined to the US either, with investors growing in confidence that the ECB would keep hiking at the next couple of meetings.

All that triggered an astonishing selloff among sovereign bonds. Indeed, 10yr Treasury yields at one point were up nearly +15bps before closing +9.8bps higher on the day at 4.03%. This follows on from their +7.7bps increase the previous day, so the rise now stands at +17.5bps in just two sessions. The only other time that’s happened this year was in early February, when we had a seismic jobs report that initially showed a +517k gain in nonfarm payrolls. Real yields led the moves, with the 10yr real yield (+8.3bps) surpassing its previous peak for this cycle last November, before closing at 1.78%. The last time it was that high was in 2009, and it was the same story across the curve, the 2yr real yield surpassed 3% for the first time since the GFC as we described at the top before settling at 2.90%.

Much as the US was the focus yesterday, Europe actually saw a bigger rise in sovereign bond yields. By the close, yields on 10yr bunds (+14.8bps) and OATs (+17.0bps) had both surged to their highest level since early March. And in the UK for gilts there were some even bigger milestones, with the 10yr yield (+16.6bps) surpassing its peak from the mini-budget turmoil and closing at a post-2008 high of 4.66%. It’s worth noting that the UK is becoming an increasing outlier internationally as well, with the spread of 10yr gilts over bunds up to 204bps by the close, which is its highest level since last October, back when Liz Truss was still PM. The move in gilt yields comes as investors continue to dial up the amount of tightening they expect from the Bank of England, with some weight now even being placed on the chances of a 6.75% terminal rate.

Regarding the ECB, traders are pricing in a 92% chance of an ECB hike later this month, and have priced nearly a full additional hike through the October meeting. December 2023 swaps are pricing in an ECB policy rate of 3.945% which is up +7.5bps in a week and just shy of the 4.03% level seen just before SVB. Meanwhile the June 2024 swap increased +11.8bps yesterday to 3.83%.

The rates backdrop was tough for equities, with the S&P 500 (-0.79%) putting in its worst daily performance since May, even if it did rally back from nearly -1.4% down as rates rallied back. The decline was incredibly broad-based with 21 of 24 industry groups losing ground on the day. Tech hardware (+0.13%), software (+0.13%), and commercial services (+0.03%) were the only sectors to not lose grounds but none had particularly strong days. Moreover the VIX volatility index rose 1.2pts to 15.4, which is its highest level since June 1. Likewise in Europe, the STOXX 600 shed -2.34%, with even bigger losses for the DAX (-2.57%) and the CAC 40 (-3.13%).

Looking forward, the main highlight today will of course be the US jobs report for June, which is one of the first pieces of hard data that we’ll have for the month. For the last 14 months in a row now, the nonfarm payrolls number has come in above consensus on the day every time. So there’s been a persistent tendency to underestimate the strength of the labour market. For today however, our US economists are looking for a +200k gain in headline that’s slightly beneath the consensus +225k expectation. As a result, they think the unemployment rate will fall back a tenth to 3.6%, in line with consensus.

Speaking of the labour market, yesterday also brought the latest JOLTS report for May, although it got less attention than usual given everything else. The release showed that job openings fell to 9.824m (vs. 9.9m expected), which took the ratio of vacancies per unemployed individuals down to 1.61, and the lowest since October 2021. So that offered some evidence that the labour market tightness is continuing to ease. That said, there were other signs of things moving in the opposite direction, with the quits rate rebounding back up two-tenths to 2.6%, which is the highest it’s been since February. In addition, the private quits rate went back up to 2.9%, which is the highest since December.

Asian equity markets are playing “catch-down” overnight. As I check my screens, the KOSPI (-1.25%) is leading losses across the region after Samsung Electronics, the index heavyweight, guided to a -96% likely decline in its Q2 operating profit as a chip glut persists. The company is scheduled to release its detailed earnings on July 27. Elsewhere, the Hang Seng (-0.91%) is trading in the red, hitting a 5-week low with the CSI (-0.52%), the Shanghai Composite (-0.36%) and the Nikkei (-0.47%) also edging lower. US stock futures tied to the S&P 500 (-0.02%) and NASDAQ 100 (-0.04%) are flatish.

Early morning data showed that Japan’s regular pay (+1.8% y/y) grew at the fastest pace in over 28 years in May while boosting labour cash earnings/nominal wages by +2.5% y/y (v/s +1.2% expected) following a downwardly revised +0.8% increase in April. Meanwhile, real cash earnings contracted for the 14th consecutive month, shrinking -1.2% in May, as rising inflation is surpassing nominal pay growth. Separately, government household spending fell -4.0% y/y in May, a third month of decline and more than Bloomberg’s consensus forecast for a -2.5% decrease and after the prior month’s -4.4% drop.

To the day ahead now, and the main highlight will be the US jobs report for June. Other data releases include German industrial production and Italian retail sales for May. From central banks, we’ll hear from ECB President Lagarde, Vice President de Guindos, along with the ECB’s Villeroy, Stournaras and Nagel, as well as the BoE’s Mann.

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

JPY bid, European bourses tilt to the upside, though trade is tentative ahead of NFP – Newsquawk US Market Open

FRIDAY, JUL 07, 2023 – 06:08 AM

• European bourse began in the red, but have since moved modestly into the green; US futures remain softer pre-NFP
• JPY continues its comeback as spreads tighten to the detriment of the USD, index tethered to 103.00
• Fixed income has resumed its downward trajectory despite initial two-way action, benchmarks currently at lows
• Crude is firmer and benefitting from the USD downside and the week’s OPEC/Saudi remarks
• Looking ahead, highlights include the US NFP Report, Speeches from ECB’s Lagarde, Nagel & BoE’s Mann.

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)

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EUROPEAN TRADE

EQUITIES

• European bourses began the session in the red given the APAC/Wall St. handover; since, sentiment has improved incrementally though action is very contained overall pre-NFP.
• Sectors are mixed with cyclicals seeing upside after pressure earlier in the week while defensive sectors are currently lagging.
• Stateside, futures are moving in-tandem with European peers though magnitudes slightly more contained and the benchmarks currently reside just below the unchanged mark.
• Shell (SHEL LN) Q2 Update Note: Post-tax impairments of up to USD 3bln are expected for Q2’23, primarily driven by a 1% increase in the discount rate used for impairment testing. Integrated Gas: Trading & Optimisation: expected to be significantly lower compared to a strong Q1’23 due to seasonality and fewer optimisation opportunities.
• Continental (CON GY) plans to phase out business activates at Gifhorn plant by end of 2027; reason for the move is sharp rise in cost pressure in automotive industry.
• Click here for more detail.
• Click here and here for a recap of the main European equity updates.

FX

• Yen continues impressive comeback as UST/JGB spreads tighten and JPY crosses retreat further amidst ongoing repositioning, USD/JPY probes 143.00 from just above 144.00.
• DXY tethered to 103.000 in advance of NFP.
• Kiwi and Aussie recover losses as risk sentiment settles after Thursday’s acute aversion, NZD/USD up near 0.6200 again and AUD/USD eyeing 0.6650.
• Euro flanked by option expiries at 1.0900 and 1.0850 in EUR/USD.
• Loonie labours ahead of Canadian LFS with USD/CAD elevated within 1.3359-87 range.
• PBoC set USD/CNY mid-point at 7.2054 vs exp. 7.2423 (prev. 7.2098)
• Click here for more detail.
• Click here for the notable option expiries.

FIXED INCOME

• Bonds huff and puff before resuming down the path of least resistance awaiting NA jobs data.
• Bunds probe Thursday’s Eurex low within 131.41-130.89 range, Gilts recoil from 92.95 to 92.39 and T-note towards the bottom end of 110-15+/24 overnight bounds.
• Click here for more detail.

COMMODITIES

• Crude benchmarks are modestly firmer and benefitting from the JPY-induced USD downside with fresh specifics light but the complex seemingly still deriving support from the week’s developments; incl. OPEC summit and Saudi OSPs
• Spot gold has been meandering higher given the softer USD and softer risk tone, though this has dissipated somewhat, pre-NFP.
• Some key purchasers of Saudi Arabia’s crude in Asia and Europe are seeking lower volumes for next month after the kingdom hiked official prices and extended output cuts, according to Bloomberg.
• Click here for more detail.

NOTABLE US HEADLINES

• US Secretary Yellen says a shift towards market reforms would be in the interest of China; US is not seeking the wholesale separation of economies, looking to diversify; particularly troubled by China’s punitive actions against US firms. US is concerned by China’s new export controls on critical minerals, impact is still being evaluated.
• Click here for the US Early Morning Note.

EUROPEAN DATA RECAP

• German Industrial Output MM (May) -0.2% vs Exp. 0.0% (Prev. 0.3%)
• Norwegian GDP Month Mainland (May) 0.5% vs. Exp. 0.1% (Prev. -0.4%)
• Swedish GDP MM (May) 0.1% (Prev. 0.0%, Rev. -0.2%)
• Italian Retail Sales NSA Y (May) 3.0% (Prev. 3.2%); MM (May) 0.7% (Prev. 0.2%)

NOTABLE EUROPEAN HEADLINES

• ECB’s de Guindos says transmission of our unprecedented policy hikes thus far to tighter financing conditions is well advanced, now beginning to see an impact on areas of the real economy. Services inflation and labour costs need to be monitored. While underlying price pressures remain strong, most indicators have begun to show some signs of softening. What happens to rates in September is an open question.. Need to focus more on broader macro conditions rather than relative contribution of wages and profits to inflation.

CRYPTO

• Bitcoin is under pressure after recent upside and briefly dipped below the USD 30k handle despite mentioned USD pressure.

GEOPOLITICS

• Japanese Economic Minister Goto said they are aware that New Zealand received Ukraine’s request to join the CPTPP, while he added that they must carefully assess whether Ukraine fully meets the high level of CPTPP agreement in terms of market access and rules, according to Reuters.
• Philippines official says “There is an alarming increase in Chinese ships in the disputed waters in the South China Sea”, according to Al Arabiya.
• Austrian, Germany and Swiss Defence Ministers have signed an MOU re. their participation in the European Sky Shields initiative, via Swiss Federal Council.
• German Foreign Minister says we oppose sending cluster munitions to Ukraine, according to Al Arabiya.

APAC TRADE

• APAC stocks were mostly lower amid spillover selling from global peers including in the US.
• ASX 200 suffered its largest intraday drop since March with real estate and tech front running the declines across all sectors as Australian bond yields climbed.
• Nikkei 225 slumped at the open following disappointing Household Spending data which showed a surprise monthly contraction although the index bounced off its lows and recouped around half of the earlier losses.
• KOSPI was dragged lower by weakness in index-heavyweight Samsung Electronics after its preliminary Q2 earnings in which operating profit topped forecasts but slumped by 96% Y/Y.
• Hang Seng and Shanghai Comp conformed to the downbeat mood as growth concerns and trade frictions lingered and with little hope of any breakthrough during US Treasury Secretary Yellen’s trip to China.

NOTABLE ASIA-PAC HEADLINES

• China’s Finance Ministry said it hopes the US will take concrete actions to create a favourable environment for the healthy development of economic and trade ties between China and the US, according to Reuters.
• China Customs banned the imports of food from 10 prefectures in Japan and noted the IAEA report on Japan releasing water from the Fukushima plant did not fully reflect the views of all experts involved in the assessment process, while it added that the Japanese side still has many problems in the legitimacy of sea discharge.
• BoJ announcement on the conduct of funds-supplying operations to purchase Japanese government securities with repurchase agreements, details here.

DATA RECAP

• Japanese All Household Spending MM (May) -1.1% vs. Exp. 0.5% (Prev. -1.3%); YY (May) -4.0% vs. Exp. -2.4% (Prev. -4.4%)
• Japanese Overall Labour Cash Earnings (May) 2.5% vs. Exp. 0.7% (Prev. 1.0%, Rev. 0.8%)
• Chinese FX Reserves (Monthly) (Jun) 3.193Trl vs. Exp. 3.178Trl (Prev. 3.177Trl)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

FRIDAY MORNING/THURSDAY NIGHT

SHANGHAI CLOSED DOWN 8.97 PTS OR 0.28%   //Hang Seng CLOSED DOWN 167.35 PTS OR 0.90%        /The Nikkei closed DOWN 384.60 OR 1.17%  //Australia’s all ordinaries CLOSED DOWN 1.64 %   /Chinese yuan (ONSHORE) closed UP 7.2344  /OFFSHORE CHINESE YUAN UP  TO 7.2443 /Oil UP TO 72.08 dollars per barrel for WTI and BRENT  UP AT 76.80 / Stocks in Europe OPENED ALL MIXED// 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/USA

After China curbs export controls on Gallium and Germanium the USA dept of defense involes defense production of these two rare earths.

(zerohedge)

DoD Invokes Defense Production Act To Boost Metals Mining After China Export Controls

FRIDAY, JUL 07, 2023 – 08:20 AM

According to a Pentagon spokesperson cited by Reuters, the US Defense Department announced on Friday it is invoking the Defense Production Act to boost the domestic mining and processing capacity of two rare earth metals, gallium and germanium, critical for high-tech chip-making for the US defense industry. 

Reuters said the Pentagon has a strategic germanium stockpile but no gallium stockpiles. The move to invoke the Defense Production Act comes after China announced Monday that it will impose export controls on the two metals, citing “safeguard national security and interests.” 

“The (Defense) Department is proactively taking steps using Defense Production Act Title III authorities to increase domestic mining and processing of critical materials for the microelectronics and space supply chain, including gallium and germanium,” the DoD spokesperson said.

As a refresher to our early reporting, 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.

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

These metals aren’t just critical to the military-industrial complex but also the ‘green’ energy transition. 

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

On Wednesday, former vice-minister of commerce Wei Jianguo spoke to state media 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.”

The Pentagon and the military-industrial complex should secure rare earth metal supply chains before trying to start the next world war. 

end

CHINA

A Case For A Bailout As $13 Trillion Chinese Local Debt Looms

FRIDAY, JUL 07, 2023 – 11:00 AM

By George Lei, Bloomberg markets live reporter and strategist

A Case for Bailout as $13 Trillion Local Debt Looms: China Today

China has dealt with its mounting local government debt problem by kicking the can down the road so far, with a mixture of measures such as maturity extension and interest rate reduction.

The tinkering, however, has increasingly strained the banking system with an inevitable squeeze on earnings. Beijing may soon have to make the difficult choice on whether to bail out local governments and preserve a healthy banking system or else be confronted with mass defaults and potential financial instability.

Chinese banks have a 94 trillion yuan ($13 trillion) exposure to local government debt, making up about 29% of total assets, Goldman Sachs estimates. Even assuming a steady default rate — and that’s a big if — the US brokerage still expects bank earnings to worsen over the coming years. Lending rates are coming down on both new and rollover government debt, resulting in poorer financial metrics such as net interest margin and return on equities.

A Bloomberg report on Monday perfectly illustrated the situation: Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. now offer 25-year loans to select local government financing vehicles, in contrast to the standard 10-year tenor for corporate lending. Some deals even came with payment waivers in the first four years, though the interest will be accrued for later, according to people familiar with the matter.

Between 2023 and 2025, the effective interest rate on local government debt is forecast to fall by an average of ~30bps each year, leading to an average annual ROE drop of 100bps, according to a July 4 report authored by Dr. Shuo Yang, a Hong Kong-based analyst at Goldman Sachs (Asia) LLC. With earnings under pressure, Chinese banks simply cannot maintain a healthy balance between proper provisions for bad debt, adequate core capital and high dividend payout at the same time, Yang concluded. Things would be even worse if default rates climb.

Axing the dividend may appear to be the easy choice, compared with potential financial risks stemming from bad debt or inadequate capital. Yet that will be horrible news for markets at a time when the Hang Seng China Enterprise Index is lagging almost every major gauge in the world. It will also be a slap in the face of policy makers, who a few months ago were pushing state-owned enterprises to improve their ROE and value creation.

Economists at both home and abroad have been calling — to no avail so far — for the central government to expand its own borrowing and tackle the local-debt mess. If Beijing insists on no bail-out and forces local authorities to resolve their own debt problems, it may have to grapple with not only mass defaults but also banking crises in the years to come.

end

CHINA/COVID

ROBERT H TO US:

New report suggests COVID was deliberately released during 2019 Military Games in China – LifeSite

Truth is never hidden forever.

https://www.lifesitenews.com/blogs/new-report-suggests-covid-was-deliberately-released-during-2019-military-games-in-china/

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

EU

Fascinating! Carnival Cruise ship lines emit more toxic fumes than all of Europe’s cars and yet Europe

wants to shut down these cars due to climate change

(zerohedge)

Carnival Cruise Ship Emits More Toxic Fumes Than All Of Europe’s Cars, Study Finds

THURSDAY, JUL 06, 2023 – 11:20 PM

A new study commissioned by the European Federation for Transport and Environment revealed that toxic emissions of sulfur oxides from 63 cruise ships belonging to Carnival Corporation were 43% higher than all the combustion engine vehicles in Europe. This stunning statistic comes as EU leaders have decided to ban small combustion engines for cars by 2035. But what about ‘green’ cruise ships? Only crickets… 

“The most polluting cruise ship operator was MSC Cruises, whose vessels emitted nearly as much sulphur as all the 291 million cars in Europe. When looking at parent companies, as in our original 2019 report, the Carnival Corporation comes on top with the 63 ships under its control emitting 43% more sulfur oxides than all of Europe’s cars in 2022,” the study said. 

For cruise ship operators to achieve carbon-neutral status, this might take decades. According to the study, about 40% of cruise ships in the order books of global shipyards are dual-fuel LNG engines. “When running on LNG, these ships will cause less air pollution, but they are more damaging than fuel oils from a climate perspective due to methane slip from their four-stroke engines,” the study noted. 

The study continued, “Cruise companies should discontinue investing in LNG-powered vessels and prioritize zero-emission technologies, such as hydrogen fuel-cells, batteries, and wind-power.” 

Cruise ship order books currently have limited to no zero-emission vessels in shipyards. The most immediate fuel switch is from heavy fuel oil to LNG. 

The study shows Carnival’s vessels pollute more than Europe’s cars and then some, but what’s mindboggling is that EU lawmakers went after cars first in their ‘greenification’ crusade. Why not cruise ships?

END

UK

UK leads the way on talking tough on the war with Russia.  One problem: they are running low on tanks

(zerohedge)

UK Talks Tough On War With Russia, While Admitting It’s Dangerously Low On Tanks

FRIDAY, JUL 07, 2023 – 04:15 AM

Through the Russia/Ukraine crisis the UK government has been among the most bellicose in urging Ukraine to fight Russia to the last man. UK politicians openly talk about being “at war” with Russia.

But on Wednesday Admiral Sir Tony Radakin, UK Chief of the Defence Staff broke the bad news to tough-talking UK: They have no tanks! They have no army! It was all just bluster! Also today, CNN puzzled by anyone opposing government censorship. Watch today’s Liberty Report:

The top UK defense chief indeed painted a very bleak picture regarding Britain’s war readiness in testimony in the House of Commons this week.

“A Defence Committee meeting in the House of Commons yesterday afternoon heard the UK has just 40 tanks and roughly a dozen frigates and destroyers ready for war,” one report on his words underscored. “With the Russian-Ukrainian conflict continuing, military figures are urging for larger stockpiles.”

The top admiral confirmed that Britain is ‘investing like crazy’ in armored vehicles – but these won’t be available till the end of the decade. Below is a summary of Adm. Radakin’s words and key statements via The Daily Mail: 

On paper, the UK has around 200. But of these, only 40 are ready to go to war, it emerged yesterday.

Sir Tony responded that Britain was ‘investing like crazy’ in armoured vehicles which will be available by the end of this decade.

He also told MPs: ‘We were at 19 frigates and destroyers, which we subsequently reduced that to 17 because some of those ships were very expensive. 

‘You’ve then got some in maintenance and refit so it is probably 11 or 12 which are available to go out on operations.’

Sir Tony added: ‘It is true across the Armed Forces, we need to have deeper stockpiles. So I wouldn’t say I was happy.’ 

Ironically it has been the UK which has been the most outspoken among the Western allies regarding supplying Ukraine not only with tanks, but most recently warplanes as well. The United Kingdom was the first to send tanks and other heavy weaponry into the conflict.Getty Images

So far Britain has given Kiev at least 14 of its Challenger 2 tanks, and likely this won’t be the end of it — the UK military’s warnings to politicians of severe shortages in defense equipment notwithstanding.

end

FRANCE

The French gun control has now failed leaving law abiding citizens totally helpless as their nation burns

(zerohedge)

French Gun Control Failed, Leaving Law-Abiding Citizens Helpless As Nation Burned

FRIDAY, JUL 07, 2023 – 02:00 AM

Submitted by Aidan Johnston, federal affairs director for Gun Owners of America, 

In case you missed it, France entered into a pseudo-civil war this past weekend. Rioters took to the streets, destroyed billions of dollars in local property, violent criminals pulled out their illegal guns, and there was nothing the average disarmed Frenchman could do about it.  

These recent riots proved the old adage, “When guns are outlawed, only outlaws will have guns.” 

France has much stricter gun laws than anywhere in the United States. French citizens do not have the individual right to bear arms, nor carry a firearm in public for self-defense. Instead, they have strict regulations for anyone that does want to keep a firearm at home:  

• limits on the type and amount of guns and ammo you can own; 
• universal background checks; and 
• gun registration. 

Nevertheless, what began in France as mostly peaceful protests would end with fully automatic weapons and banned “weapons of war” being used to terrorize the streets of France. 

Protesters started by burning cars, starting fires, and shooting off fireworks, but soon began using shotguns to shoot out police cameras. 

Criminals soon brought out the bigger guns—semiautomatic AK-style firearms. Video footage revealed the criminals shooting directly into the air in the city center—endangering the surrounding area. 

Shortly after that, footage surfaced online of protestors with handguns and belt-fed machine guns marching down the street in broad daylight. Terrorized citizens ran and screamed as security alarms blared.  

Meanwhile, average French citizens attempted to stand up to the rioters with wooden bats and other improvised weaponry.  

France’s gun control did nothing to protect its people. 

Criminals dominated the streets. In this short period of civil unrest, thousands were arrested, and more than a billion dollars of damage was done to local businesses—which doesn’t even include schools, town halls, or community centers. 

These rioters didn’t care for France’s gun laws. They had illegal firearms—such as banned, fully-automatic belt-fed machine guns.  

They took those illegal firearms and shot them in public to wreak havoc—without regard for France’s ban on the public carry of firearms or the safety of the general public.  

While armed criminals ignored French gun laws and destroyed cities, Florida’s permitless concealed carry law went into effect.  

Anti-gun advocates decried Florida for becoming a “more dangerous state.” Yet, Florida celebrated the weekend in peace while gun-controlled France burned. 

The Founding Fathers fostered our well-armed society “for the security of [our] free state.” In other words, the individual Second Amendment right is protected for the common good and helps us keep ourselves, our loved ones, and our nation safe. 

For example, during the race riots in Los Angeles, local Korean business owners stood up to criminals by arming their employees and guarding their neighborhoods from the rooftops. 

Again, during riots in Kenosha, Wisconsin, locals like Kyle Rittenhouse used firearms to patrol local communities, put out fires, offer first aid, and defend themselves from violent criminals.  

In the United States, our Second Amendment empowers citizens with the means to stand up to tyranny—whether by an oppressive government, a violent criminal, or a roving gang of bandits during civil unrest. 

France’s example has proven that gun control only affects law-abiding citizens.  

Criminals won’t give up their guns no matter what gun restrictions the government enacts, and the Second Amendment says that the People shouldn’t have to give up their guns either.  

We refuse to sit idly by while bureaucrats or legislators enact “feel good” measures that disarm you and leave you searching for improvised weapons during the next wave of riots.  

Gun Owners of America will never stop fighting for your rights.

END  

ICELAND

Something we must watch: earthquake swarn rattles Iceland

(zerohedge)

Earthquake Swarm Rattles Iceland As Experts Warn “Eruption Could Occur Within Days”

FRIDAY, JUL 07, 2023 – 02:45 AM

About 5,000 earthquakes have been recorded on the Reykjanes peninsula in Iceland. Quake swarms were first reported on Tuesday and have since intensified, indicating magma is collecting below the surface. 

Iceland Review cited geologists who warned, “The current earthquake swarm on the Reykjanes peninsula suggests a more aggressive magma intrusion than in 2021 and 2022.”

As of Thursday, 4,700 quakes have been recorded since Tuesday, with the largest registering a magnitude of 4.8. Here’s what the quake swarm across the Reykjanes Peninsula, a region in southwest Iceland, looks like: 

One expert told Icelandic public broadcaster RUV that an eruption could be imminent and possibly in the area between the mountains Keilir and Fagradalsfjall:

“If this continues we think that there is a possibility that an eruption could occur within a few days,” said Magús Freyr Sigurkarlsson, a natural hazards expert at the Icelandic MET Office. 

Other experts believe if an eruption is observed, it’ll be very similar to the ones seen over the last several years. 

• Thousands Of Quakes Rock Iceland As Volcanic Eruption Could Be Brewing
• Hikers Evacuated As Iceland Volcano Unleashes New Lava Stream
• Volcano Erupts In Southwest Iceland Near Capital

In 2010, nearly all flights in Europe and across the Atlantic Ocean were halted for a week as ash from the Eyjafjallajokull volcano sparked one of the most significant air traffic disruptions in peacetime until the Covid virus pandemic in 2020. 

END

FRANCE

There goes French freedoms

(zerohedge)

French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens

FRIDAY, JUL 07, 2023 – 05:45 AM

Cops in France have been granted the authority to remotely activate a suspect’s cellphone camera, microphone and GPS, after the passage of a provision in a wider “justice reform bill” on Wednesday night.

The bill allows the geolocation of crime suspects, covering other devices like laptops, cars and connected devices, just as it could be remotely activated to record sound and images of people suspected of terror offences, as well as delinquency and organised crime. –People’s Gazette

According to French digital rights advocacy group, La Quadrature du Net, the provisions “raise serious concerns over infringements of fundamental liberties,” and violate the “right to security, right to a private life and to private correspondence” and “the right to come and go freely.”

The group called it part of a “slide into heavy-handed security.”

Lawmakers defended the move – with Justice Minister Eric Dupond-Moretti insisting that the bill would only apply to “dozens of cases a year,” while members of parliament inserted an amendment inserted an amendment which only allows the remote spying “when justified by the nature and seriousness of the crime” and “for a strictly proportional duration” after a judge has approved the surveillance.

Lawmakers also insisted that sensitive professions, such as journalists, judges, lawyers, doctors and MPs would not be legitimate targets, People’s Gazette reports.

Last month, the Senate gave the green light to the provision of the justice bill, which would allow law enforcement to secretly activate cameras and microphones on a suspect’s devices. 

Since 2015, when terrorist attacks rocked France, the country has increased its surveillance powers, and the “Keeper of the Seal” bill has been likened to the infamous US Patriot Act.

“We’re far away from the totalitarianism of ”1984”,” said Dupond-Moretti, adding “People’s lives will be saved” by the law.French justice minister, Eric Dupond-Moretti,

Of note, France’s dystopian law is similar to those used by the US FBI in the wake of 9/11, when the government’s use of “roving bugs” came to light in a court case involving an organized crime family.

“Roving bugs” pick up room audio as opposed to traditional wiretaps in which wireless phone conversations and other electronic communications are monitored-subject to court order-by the FBI. Both forms of electronic surveillance are covered by a 1986 law authorizing roving wiretaps, which gives law enforcement flexibility to eavesdrop continuously on suspects who often change locations and use different phones to avoid detection.

Constant movement of suspects was the situation in this case, frustrating the FBI to the point that it applied for and received from a federal judge eavesdropping authority under the roving wiretap statute. With a twist. Government investigators were able to listen to conversations of organized crime suspects even when their cell phones were turned off-at least as far as the suspects were concerned.

U.S. District Judge Lewis A. Kaplan rejected defendants’ arguments that “roving bugs” violated their constitutional rights, noting the 2nd U.S. Circuit Court of Appeals in 1993 upheld the roving wiretap statute in an identical legal challenge. –rcrwireless.com

How nice.

END

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA//

end

RUSSIA/

END

ISRAEL

END

GLOBAL ISSUES//MEDICAL ISSUES

END

GLOBAL ISSUES//

Global economy:

END

VACCINE/COVID ISSUES

DR PAUL ALEXANDER

LANCET: was LANCET paid off by Pfizer & Moderna to pull our high-level paper examining autopsies (deaths) after mRNA technology based COVID gene injections where we found 74% deaths vaccine linked?

Is LANCET now bought & sold by pharma like Pfizer & Moderna? Is evidence-based medicine, research (EBM), journal publishing, journal editors now so corrupted that it is a dead field? Corrupted?

DR. PAUL ALEXANDERJUL 7

SHARE

Our Lancet study on autopsies after COVID vaccine found that 74% of deaths were caused by the COVID vaccine e.g. mRNA technology gene injection vaccine (Pfizer, Moderna)? Then LANCET pulled it?? Why??

DR. PAUL ALEXANDER·JUL 6

SOURCE: https://dailysceptic.org/2023/07/06/lancet-study-on-covid-vaccine-autopsies-finds-74-were-caused-by-vaccine-journal-removes-study-within-24-hours/

Read full story

end

Our Lancet study on autopsies after COVID vaccine found that 74% of deaths were caused by the COVID vaccine e.g. mRNA technology gene injection vaccine (Pfizer, Moderna)? Then LANCET pulled it?? Why??

why did LANCET censor our study after publishing? Is Lancet journal now DOA? review of 325 autopsies after Covid vaxx, 74% due to vaxx, LANCET pulled it in 24 hrs; did vaxx makers threaten LANCET?

DR. PAUL ALEXANDERJUL 6

SHARE

SOURCE:

Lancet Study on Covid Vaccine Autopsies Finds 74% Were Caused by Vaccine – Study is Removed Within 24 Hours

end

Hearts Destroyed by Myocarditis: “This Spike Protein Is a Killer”; McCullough describes the deadliness of the spike protein from vaccine (or virus) & why dissolving spike, detoxifying, getting it out

is the key step; no more vaccine, none, not one, it does not work and is deadly, the spike is an endothelial vascular vessel wall pathogen! Nattokinase natural blood thinner is one option

DR. PAUL ALEXANDERJUL 6

SHARE

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

SOURCE video:

end

Did Cheong et al. show acute Pulmonary Embolism (lung clotting) following the mRNA technology based (underpinning) Kariko, Weissman et al. Moderna mRNA-1273 COVID gene injection vaccine? Yes! 100%

These Pfizer and Moderna vaccine makers, this Bourla and Bancel, these CEOs like Uğur Şahin must be investigated thoroughly, they must be in proper legal forums & held accountable of they caused death

DR. PAUL ALEXANDERJUL 6

SHARE

Vaccine-induced immune thrombotic thrombocytopenia (VITT) is a real pressing issue with the COVID mRNA vaccine (as well as DNA platform initially).

SOURCE:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9295046/

SLAY NEWS

The latest reports from Slay News The latest reports from Slay News74% Post Vaccine Deaths Caused by Jabs, Study ShowsA staggering 74 percent of people who died after receiving a Covid vaccine were killed by the mRNA jab, a bombshell new study has revealed.READ MOREObama White House Emailed Hunter Biden Internal Details on VP’s Call with Ukraine about BurismaStunning new information has emerged that reveals former President Barack Obama’s taxpayer-funded White House was sharing internal information with outside actors who had financial interests in America’s foreign affairs.READ MOREBritney Spears Slapped in Face, Knocked Down by NBA Star Victor Wembanyama’s SecurityPop star Britney Spears was assaulted Wednesday night in Las Vegas by NBA star rookie Victor Wembanyama’s security.READ MOREBiden Admin to Appeal Judge’s Order to Block Censorship of Americans’ Free SpeechDemocrat President Joe Biden’s administration is appealing the order of a federal judge that blocks government officials from censoring the free speech of Americans online.READ MOREConcealed Carry Holder Shoots Armed Robber in ChicagoA concealed carry holder ended an armed robbery attempt in Chicago when the good guy with a gun exercised his Second Amendment rights and shot the thug.READ MOREVideo Shows Hunter Biden’s Strange Behavior at White House as Questions Mount over Cocaine DiscoveryA video has emerged that shows Democrat President Joe Biden’s son exhibiting strange behavior during a White House event as questions mount regarding the cocaine that was found in the West Wing.READ MOREAnti-Child Trafficking Movie ‘Sound of Freedom’ Tops Box Office on Independence DayThe Jim Caviezel-led anti-child trafficking movie “Sound of Freedom” took the top spot at the box office on Independence Day when the film hit theaters across America.READ MORENYT Complains Biden Can’t ‘Fight Disinformation’ after Judge Blocks Admin from Censoring AmericansThe New York Times has issued a statement complaining that Democrat President Joe Biden can no longer “fight disinformation” online after a federal judge blocked his administration from censoring the American people.READ MORERFK Jr Warns Biden Officials: ‘There Has Never Been a Time in History When Those Censoring Free Speech Were Good Guys’Robert F. Kennedy Jr. has issued a warning to officials in Democrat President Joe Biden’s administration over their efforts to censor the free speech of the American people.READ MORETom Cotton Overrules Biden, Demands Information about Cocaine Found in West WingDemocrat President Joe Biden refused to answer questions about the cocaine found in the West Wing of the White House.READ MORETed Cruz Drops Bombshell: ‘Biden Whistleblower Is a Gay Democrat Married to a Man’Republican Sen. Ted Cruz (R-TX) has shut down the Democrats and humiliated the media by dropping a bombshell about President Joe Biden’s IRS whistleblower.READ MORESecret Service Confirms Cocaine Found in White House West Wing, Not LibraryThe U.S. Secret Service has confirmed that the bag of cocaine that was discovered in the White House was actually found in the West Wing and not the library as first reported.READ MOREEric Holder Has Un-American Temper Tantrum, Slams ‘Stupid’ Federal Judge for Defending Free SpeechFormer Attorney General Eric Holder gave up the game in a humiliating way when he slammed a federal court’s decision to stop Biden administration officials from telling social media companies to censor Americans.READ MORE

EVOL NEWS

VACCINE IMPACT//

Healthy Traditions Expands Local Network Distribution – New Online Payment Options Bypassing Credit CardsJuly 6, 2023 6:50 pmIn anticipation of a U.S. financial collapse and restructuring of the U.S. Banking system, Healthy Traditions has increased its local distribution network, and added new payment options that bypass credit cards. Brian Shilhavy, the Founder and CEO of Healthy Traditions has stated: “If U.S. regulatory requirements for conducting business online start requiring online consumers and businesses to comply with National ID standards that link customer accounts to federal digital currencies such as Central Bank Digital Currencies, or Digital IDs that include biometrics, in order to participate in online ecommerce, we will cease doing business on the Internet and only distribute our products through local distributors.”Read More…

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

A very important read…the destruction of Europian citizens finances

(zerohedge)

A Cure Worse Than The Disease

FRIDAY, JUL 07, 2023 – 09:00 AM

By Bas van Geffen, Senior Macro Strategist at Rabobank

Yesterday’s data releases gave markets little reason to revisit the narrative from Wednesday’s FOMC minutes. Recall that these revealed about as hawkish of a hold as possible, given that some FOMC members had actually wanted to raise rates, before participants judged it “appropriate or acceptable” to hold. Particularly the latter does not sound like a ringing endorsement and is quite possibly the weakest support for the decision without actually casting a dissenting vote.

That hawkish read-across had already set the tone for the day before the ADP employment report counted 497,000 new jobs in June. Even after subtracting a -11k revision to last month’s estimate, that’s more than double the expected increase of 225,000. This was further corroborated by a strong ISM report for the services sector. Companies in the sector reported a rebound in hiring, on the back of a solid increase in current activity as well as new order inflows.

This resulted in sharp moves in both the rates and equities space. The US Treasuries curve bear steepened, with some 4bp increase in the 2-year segment versus 10bp for the 10-year note. European swings were even bigger: the 10y Bund closed 15bp up from the previous close. The steepening of both curves is particularly interesting as it suggests that markets may be reconsidering how long central banks will have to keep rates at peak, or how much room there will be for cuts afterwards, rather than simply revising up the estimate of peak policy rates.

And central banks may have to go further or hold rates at high levels for longer as long as the effects of rate hikes remain hard to see. In the US, credit conditions have been easing since the mini banking crisis. In Europe, financial conditions have tightened already, but the knock-on effects on the real economy remain limited so far. We have argued in the past that this may partly be the result of a decade of low rates, which has invited households and businesses to take on loans with longer fixed rate periods than before.

What’s more, the ECB is –to some extent– actively being undermined by European governments. The (often overly) generous compensation for high energy bills has been a thorn in the side of the central bank for months now, as it supported consumption demand, requiring further hikes to dampen activity. What’s more, several governments are now implementing policies that could limit the impact of additional monetary tightening.

The Italian government has made no secret of their opinion regarding the ECB’s rate hikes. Prime Minister Meloni acknowledged that “inflation is a hateful hidden tax” and that the ECB is right to fight it decisively. However, Meloni has openly questioned the ECB’s methods: “The simplistic recipe for rate increases undertaken by the ECB does not appear to be the most correct path … One cannot fail to consider the risk that the constant increase in interest rates is a more harmful cure than the disease.” Deputy Prime Minister Salvini went as far as calling the hikes “nonsense and harmful”, asking: “Does Lagarde have a variable rate mortgage? Do you know how much the instalments are increasing? Who benefits from these absurd decisions?”

Yet, the ECB flagged that it does not intend to stop here. So the Italian government is now looking at ways to ease the pressure on households with variable rate mortgages. Salvini told Rai radio on Tuesday that “we are working with the economy ministry to increase the number of instalments for people with a variable-rate mortgage,” and banks have expressed willingness to heed the government’s call. The president of the Italian Banking Association said it would be possible to extend the maturity of mortgages for those households who meet certain criteria, such as being current with mortgage payments.

The Italians are not the first to shield households from higher mortgage costs. In Spain, the government introduced various support measures for low income households. These range from grace periods to options to extend the maturity of the mortgage or to swap from a variable to a fixed rate, depending on the borrower’s situation. The Spanish relief comes with relatively high hurdles and strict conditions, so it certainly doesn’t eliminate all impact of rate hikes to date. Still, it does weaken the policy transmission somewhat. To what extent the Italian plans would hinder the ECB’s policy passthrough is unknown, as the exact details have yet to be worked out.

Nonetheless, it is a potential setback for the ECB. No measure will fully negate the impact of the hikes to date – households may still have to refinance to a higher, longer-term rate and maturity extension only lowers the monthly redemptions somewhat to compensate for the higher variable rates. That said, particularly the option to shift into longer-dated maturities could limit the impact of future rate increases. That, in turn, could force the ECB to do more than they would otherwise have to do, with potentially more devastating effects on the economy as a result. Doesn’t that make mortgage relief a cure that is worse than the disease?

At least measures are currently only being taken in countries like Spain and Italy, where inflation is relatively low compared to the bloc and where labor market tightness and, hence, wage pressures are less of an issue than in Germany and the Netherlands, for example. So while it impairs policy passthrough, it doesn’t hinder transmission in those parts of the Eurozone where it is most badly needed. Plus, at least governments aren’t taking out their check books – which would probably have been much more detrimental for price stability, and could have put government budgets under further scrutiny. Case in point are the plans announced by German Finance Minister Lindner earlier this week, which foresee a resumption of the debt brake in 2024, only €16.6 billion of additional debt, financed by significant spending cuts (nearly €32 billion) in many areas, but in particular with the health and family ministries.

end

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

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR:  1.0891 UP  0.0001

USA/ YEN 143.25  DOWN 0.728  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2760  UP    0.0019

USA/CAN DOLLAR:  1.3361 DOWN .0005 (CDN DOLLAR UP 5 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 8.97 PTS OR 0.28% 

 Hang Seng CLOSED DOWN 167.35 PTS OR 0.90%  

AUSTRALIA CLOSED DOWN 1.64%  // EUROPEAN BOURSE:   ALL MIXED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL MIXED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 167.35 PTS OR 0.90% 

/SHANGHAI CLOSED DOWN 8.97 PTS OR 0.28%  

AUSTRALIA BOURSE CLOSED DOWN 1.64% 

(Nikkei (Japan) CLOSED DOWN 384.60 PTS OR 1.17% 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1917.75

silver:$22.71

USA dollar index early FRIDAY morning: 102.66 DOWN 21 BASIS POINTS FROM THURSDAY’s close.

FRIDAY  MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.341%  DOWN 1  in basis point(s) yield

JAPANESE BOND YIELD: +0.436 % UP 0 AND  7//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.679 DOWN 2  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.344 DOWN 4  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6285  UP 0 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY  

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

Euro/USA 1.0949 UP  0.0059 or  59  basis points 

USA/Japan: 142.22 DOWN 1.750 OR YEN UP 28 basis points/

Great Britain/USA 1.2829 UP   0.0089 OR 89  BASIS POINTS //

Canadian dollar UP  .0069 OR 76 BASIS pts  to 1.3296

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The USA/Yuan,  CNY: closed    ON SHORE  CLOSED    (UP) …7.2216

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.2277)

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

the 10 yr Japanese bond yield  at +0.436…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at  4.034% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  4.031 DOWN 1   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  THURSDAY: CLOSING TIME 12:00 PM

London: CLOSED DOWN 26.89  points or  0.37%

German Dax :  CLOSED UP 73.70 PTS OR 0.47%

Paris CAC CLOSED UP 28.08 PTS OR 0.40%

Spain IBEX DOWN 33.60 PTS OR 0.36%

Italian MIB: CLOSED UP 235.11PTS OR 0.85%

WTI Oil price 72.79    12: EST

Brent Oil:  77.42   12:00 EST

USA /RUSSIAN ///   AT:  91.23 ROUBLE UP 1 AND   7//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.6285  UP 0 BASIS PTS

UK 10 YR YIELD: 4.6915 DOWN 1  BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0968 UP 0.0078   OR 78 BASIS POINTS

British Pound: 1.2836 UP   .0095 or  95 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.6915 % UP 0 BASIS PTS//

USA dollar vs Japanese Yen: 142.11 DOWN 1.856 //YEN UP 186 BASIS PTS//

USA dollar vs Canadian dollar: 1.3276  DOWN .0089 CDN dollar, UP 89  basis pts)

West Texas intermediate oil: 73.80

Brent OIL:  78.38

USA 10 yr bond yield UP 2 BASIS pts to 4.062% 

USA 30 yr bond yield UP 5   BASIS PTS to 4.051% 

USA 2 YR BOND: DOWN 5  PTS AT 4.94%  

USA dollar index: 102.83 DOWN 21  BASIS POINTS  

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

USA DOLLAR VS RUSSIA//// ROUBLE:  91.25  DOWN 1   AND  5/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN187.38 PTS OR 0.55% 

NASDAQ 100 DOWN 52.60 PTS OR 0.35%

VOLATILITY INDEX: 14.83 DOWN .61 PTS (3.95)%

GLD: $178.64 UP 1.33 OR 0.75%

SLV/ $21.18 UP .35 OR 1.68%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

Dollar & Bonds Puked In Holiday-Shortened Week; Mixed Jobs Data Sparks Stock Swings

FRIDAY, JUL 07, 2023 – 04:00 PM

Amid holiday-driven illiquidity, markets were a little schizophrenic and short-fuzed this week as various labor market indicators offered something for everyone: ‘Hot’ ADP, ‘Cold’ BLS, and ‘just-right’ Claims data (and take your pick under the surface of each to spin your own narrative). The net of all this was a positive surge in US Labor market surprise data to its highest since 2012…

Source: Bloomberg

On the week, the market’s expectations for Fed rate-changes was practically unchanged though as today’s dovish BLS ‘miss’ erased yesterday’s hawkish ADP ‘beat’. July remains pretty much a lock for a 25bps hike though as the swings were more focused on year-end and beyond…

Source: Bloomberg

The same pattern is clear in equity-land where yesterday’s tumble on ‘good’ news from ADP was largely erased by today’s ‘bad’ news from BLS (for headline payrolls). Nasdaq led on the week, managing to get back to even today before the late-day profit-taking spoiled the fun. The Dow lagged on the week…

The rebound in stocks was largely driven by a massive short-squeeze…

Source: Bloomberg

The early week outperformance of Defensives over Cyclicals was erased by the week’s close as both ended around unch…

Source: Bloomberg

VIX was up this week – its first weekly rise since May – spiking above 17 yesterday before falling back today…

Treasury yields were all higher on the week, but the most notable thing is the reversal in the short-end and the belly’s underperformance (5Y +22bps)…

Source: Bloomberg

While the 2Y Yield ended higher on the week, it fell back significantly below 5.00% (after reaching its highest since 2007)…

Source: Bloomberg

Today’s BLS headline miss saw the dollar clubbed like a baby seal, back near 3-week lows…

Source: Bloomberg

Bitcoin was marginally lower on the week, finding support at $30,000 (and resistance at $31,000)…

Source: Bloomberg

Oil prices surged this week, best week since April, with WTI back up near $74 at the top of the recent range…

Gold was up on the week, but faced some serious intraday swings on the way…

Finally, we note a lot of the hope-filled soft-landing chatter of late has been predicated on data beats. Indeed, as Bloomberg notes, the data have been so strong that the Citi Economic Surprise Index for the US has gone vertical.

Source: Bloomberg

But as Bloomberg points out, this is a mean-reverting series. And the vertical nature of the recent figures is telling you the downside surprise from the jobs print is the first of more to come.

b) THIS MORNING TRADING/jobs report

As promised…June payroll tumbles to 209,000 quite different from the crazy ADP report

(zerohedge)

June Payrolls Tumble To 209K, Lowest Since 2020 And First Miss In 13 Months, But Wages Come In Hot

FRIDAY, JUL 07, 2023 – 08:52 AM

After yesterday’s blowout ADP report, according to which almost half a million Americans magically found jobs, moments ago the BLS poured cold water on expectations for a confirmation of the surge in the latest jobs report, when the June payrolls number came in at a measly 209K, a big drop from last month’s blowout 339K print which, of course, was revised down to 306K, and the lowest print since Dec 2020.

The number missed the median economist expectation of 230K, which was the first time the series has missed since April 2022, and followed 13 consecutive beats.

It wasn’t just May that was revised – of course- lower: the change in total nonfarm payroll employment for April was revised down by 77,000, from +294,000 to +217,000, and the change for May was revised down by 33,000, from +339,000 to +306,000. With these revisions, employment in April and May combined is 110,000 lower than previously reported. In fact, every single month in 2023 has now been revised lower.

Of note, after last month’s plunge in the Household Survey employment, in June we saw a bounce back as the index rose by 273,000 in June, reversing much of the 310,000 plunge that contradicted the big gain in payrolls — which are derived from the Establishment survey.

That said, the unemployment rate was unchanged at 3.6%, stronger than expectations of an increase to 3.7%. Among the major worker groups, the unemployment rate for Whites declined to 3.1% in June. Black unemployment rate rose to the highest since Aug 2022; The jobless rates for adult men (3.4 percent), adult women (3.1 percent), teenagers (11.0 percent), Blacks (6.0 percent), Asians (3.2 percent), and Hispanics (4.3 percent) showed little change over the month.

There were no changes in the underemployment rate, which came in at 62.6%, as expected.

And with the unemployment rate stubbornly hot, hourly earnings also came in hotter than expected, with average hourly earnings rising 0.4% in June, more than the 0.3% expected, and unchanged from last month’s upward revised print. On an annual basis, hourly earnings were also flat, at 4.4%, and also came in hotter than the 4.2% exp.

Specifically, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents, or 0.4 percent, to $33.58. Over the past 12 months, average hourly earnings have increased by 4.4 percent. In June, average hourly earnings of private-sector production and nonsupervisory employees rose by 11 cents, or 0.4 percent, to $28.83.

There was a welcome change in the average weekly hours, which rose fractionally from 34.3 to 34.4, just above the expected 34.3 print. In manufacturing, the average workweek was unchanged at 40.1 hours, and overtime was unchanged at 3.0 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.8 hours.

Looking at the composition, we find something bizarre: the biggest contributor to the 209K print was government.

• Employment in government increased by 60,000 in June. Employment continued to trend up in state government (+27,000) and local government (+32,000). Overall, government has added an average of 63,000 jobs per month thus far in 2023, more than twice the average of 23,000 per month in 2022.

• Health care added 41,000 jobs in June. Job growth occurred in hospitals (+15,000), nursing and residential care facilities (+12,000), and home health care services (+9,000). Offices of dentists lost 7,000 jobs.
• Social assistance added 24,000 jobs in June, mostly in individual and family services (+18,000). Job growth in social assistance has averaged 22,000 per month thus far in 2023, in line with the average of 19,000 per month in 2022.
• Employment in construction continued to trend up in June (+23,000). Employment in the industry has increased by an average of 15,000 per month thus far this year, compared with an average of 22,000 per month in 2022. In June, employment in residential specialty trade contractors continued to trend up (+10,000).
• Employment in professional and business services changed little in June (+21,000). Monthly job growth in the industry has averaged 40,000 thus far in 2023, down from 62,000 per month in 2022. Employment in professional, scientific, and technical services continued to trend up over the month (+23,000).
• In June, employment in leisure and hospitality was little changed (+21,000). This marks the third consecutive month of little employment change for this industry.
• Retail trade employment changed little in June (-11,000). Employment continued to decline in building material and garden equipment and supplies dealers (-10,000) and in furniture, home furnishings, electronics, and appliance retailers (-5,000). Motor vehicle and parts dealers added 6,000 jobs.
• Employment in transportation and warehousing changed little in June (-7,000) and has shown no clear trend in recent months. Over the month, employment edged down in couriers and messengers (-7,000) and in warehousing and storage (-7,000), while air transportation added 3,000 jobs.   
• Employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; and other services.

Overall, while headline payrolls came in weaker than expected, the low unemployment rate and the continued overheating in hourly earnings suggest that the Fed is still on course for a July rate hike. Peter Tchir of Academy Securities agrees:

Weaker than expected jobs data on the headline front, wasn’t supported by some other data in the report:

• Unemployment ticked down to 3.6% as it is based on the Household survey (though, weirdly, the underemployment rate ticked up to 6.9%).
• Hourly earnings came in at 0.4% this month and were revised up to 0.4% last month, keeping the annual rate at 4.4%. Not alarming, but not the direction the Fed would like to see.
• Hours worked ticked up a fraction, to 34.4, which is normally viewed as a positive for the labor market but doesn’t seem to match other parts of these job reports.
• The JOLTS data (which I believe Yellen really looked at closely) declined and is back below 10 million jobs. I highly suspect that this data series is more flawed than most as how jobs are advertised has changed dramatically.
• The BLS Survey Response Rates likely remain low, which creates problems for those trying to interpret the data.

Bottom Line: “A mixed enough report that the Fed can probably go 25 at the next meeting, but we don’t need to price in much more than that.”

END

II) USA DATA/

III) USA ECONOMIC STORIES

A must read:  CNN claims that the uSA should yield to government censorship demands despite the court ruling

(Jonathan Turley)

CNN Host: We Should Yield To Government Censorship Demands

THURSDAY, JUL 06, 2023 – 07:00 PM

Authored by Jonathan Turley,

As a long-standing free speech advocate, the last few years have been alarming and, frankly, depressing. The censorship efforts of the government are, unfortunately, not new.  However, what is new is the support of the media and the Democratic Party in such censorship. That was on display on various channels after the recent opinion finding that the Biden Administration had violated the First Amendment in “the most massive attack against free speech in United States history.” However, the New York Times immediately warned that the outbreak of free speech could “curtail efforts to combat disinformation.”

Yet, no one expressed more simply and chillingly than CNN Chief White House Correspondent Phil Mattingly who stated that it “makes sense” for tech companies to go along with government censorship demands.

Mattingly admitted that social media platforms “more often than not” gave in to the censorship demands by the Biden administration. However, he insisted that it “makes sense,” and is “probably what we should do on public health grounds.”

“[T]he Biden administration would regularly reach out to Twitter and Facebook and other companies in kind of the early stages of their COVID response and say, this person is spreading lies about vaccines, this account is spreading misinformation that is inhibiting — not just our efforts, the administration’s efforts to address COVID — but also public health, do something about it. And often, I think more often than not, the companies would respond and say, okay. And there are emails that came out during the course of this case that that was something that I think — when it was explained to me at the time, I thought, alright, that makes sense, that’s probably what we should do on public health grounds.”

What is striking is not just the blind acceptance that the government should be protecting us from harmful thoughts. It is also the failure to recognize that the government was wrong on many of these points while experts were being banned and blacklisted.

Many people were routinely censored on Twitter and other platforms for daring to challenge the official position on masks.

The Centers for Disease and Control Prevention (CDC) initially rejected the use of a mask mandate. However, the issue became a political weapon as politicians and the press claimed that questioning masks was anti-science and even unhinged. In April 2020, the CDC reversed its position and called for the masking of the entire population, including children as young as 2 years old.  The mask mandate and other pandemic measures like the closing of schools are now cited as fueling emotional and developmental problems in children.

The closing of schools and businesses was also challenged by some critics as unnecessary. Many of those critics were also censored. It now appears that they may have been right. Many countries did not close schools and did not experience increases in Covid. However, we are now facing alarming drops in testing scores and alarming rises in medical illness among the young.

Masks became a major social and political dividing line in politics and the media.

Maskless people were chased from stores and denounced in Congress. Then-CDC Director Dr. Robert Redfield said during a Senate hearing that “face masks are the most important powerful health tool we have.”

However, there are now ample studies stating that “a new scientific review suggests that widespread masking may have done little to nothing to curb the transmission of COVID.” It added that “wearing a mask may make little to no difference in how many people caught a flu-like illness/COVID-like illness (nine studies; 276,917 people); and probably makes little or no difference in how many people have flu/COVID confirmed by a laboratory test (six studies; 13,919 people).”

It also found little evidence of a difference from wearing better masks and that “wearing N95/P2 respirators probably makes little to no difference in how many people have confirmed flu (five studies; 8407 people); and may make little to no difference in how many people catch a flu-like illness (five studies; 8407 people), or respiratory illness (three studies; 7799 people).”

Again, I expect that these studies will be debated for years. That is a good thing. There are questions raised over the types of studies used and whether randomized studies are sufficient. The point is only that there were countervailing indicators on mask efficacy and a basis to question the mandates. Yet, there was no real debate because of the censorship supported by many Democratic leaders in social media. To question such mandates was declared a public health threat.

The head of the World Health Organization even supported censorship to combat what he called an “infodemic.”

Scientists previously objected to the suspension of Dr. Clare Craig after she raised concerns about Pfizer trial documents. Those doctors were the co-authors of the Great Barrington Declaration, which advocated for a more focused Covid response that targeted the most vulnerable population rather than widespread lockdowns and mandates. Many are now questioning the efficacy and cost of the massive lockdown as well as the real value of masks or the rejection of natural immunities as an alternative to vaccination.  Yet, these experts and others were attacked for such views just a year ago. Some found themselves censored on social media for challenging claims of Dr. Fauci and others.

The media has quietly acknowledged the science questioning mask efficacy and school closures without addressing its own role in attacking those who raised these objections. Even raising the lab theory on the origin of Covid 19 (a theory now treated as plausible) was denounced as a conspiracy theory. The science and health reporter for the New York Times, Apoorva Mandavilli,  even denounced the theory as “racist.”

Yet, Mattingly and others are defending censorship by repeating a tautology: the government must seek the censorship of ideas because some ideas must be censored.  Governments have always claimed that censorship of critics and dissenters is for the public’s best interest. They have always defined certain views as harmful or false.

Now, however, major media figures are shrugging off free speech concerns and supporting censorship as what former CNN media host CNN media correspondent Brian Stelter called a “harm reduction model.” While once fiercely opposed to censorship and government-supported blacklists, many in the media are echoing Mattingly’s view that the natural default should be to obey the government and its directions on permitted speech. After all, this is all for our own protection. Censorship just “makes sense.”

END

This is a must read..

(The Whiteheads/RutherfordInstitute)..

Circle The Wagons: The Government Is On the Warpath

THURSDAY, JUL 06, 2023 – 11:40 PM

Authored by John & Nisha Whitehead via The Rutherford Institute,

“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

How many Americans have actually bothered to read the Constitution, let alone the first ten amendments to the Constitution, the Bill of Rights (a quick read at 462 words)?

Take a few minutes and read those words for yourself – rather than having some court or politician translate them for you – and you will be under no illusion about where to draw the line when it comes to speaking your mind, criticizing your government, defending what is yours, doing whatever you want on your own property, and keeping the government’s nose out of your private affairs.

In an age of overcriminalization, where the average citizen unknowingly commits three crimes a day, and even the most mundane activities such as fishing and gardening are regulated, government officials are constantly telling Americans what not to do.

Yet it was not always this way.

It used to be “we the people” giving the orders, telling the government what it could and could not do. Indeed, the three words used most frequently throughout the Bill of Rights in regards to the government are “no,” “not” and “nor.”

Compare the following list of “don’ts” the government is prohibited from doing with the growing list of abuses to which “we the people” are subjected on a daily basis, and you will find that we have reached a state of crisis wherein the government is routinely breaking the law and violating its contractual obligations. 

For instance, the government is NOT allowed to restrict free speech, press, assembly or the citizenry’s ability to protest and correct government wrongdoing. Nevertheless, the government continues to prosecute whistleblowers, persecute journalists, criminalize expressive activities, crack down on large gatherings of citizens mobilizing to voice their discontent with government policies, and insulate itself and its agents from any charges of wrongdoing (or what the courts refer to as “qualified immunity”).

The government may NOT infringe on a citizen’s right to defend himself. Nevertheless, in many states, it’s against the law to carry a concealed weapon (gun, knife or even pepper spray), and the average citizen is permitted little self-defense against militarized police officers who shoot first and ask questions later.

The government may NOT enter or occupy a citizen’s house without his consent (the quartering of soldiers). Nevertheless, government soldiers (i.e., militarized police) carry out more than 80,000 no-knock raids on private homes every year, while maiming children, killing dogs and shooting citizens.

The government may NOT carry out unreasonable searches and seizures on the citizenry or their possessions, NOR can government officials issue warrants without some evidence of wrongdoing (probable cause). Unfortunately, what is unreasonable to the average American is completely reasonable to a government agent, for whom the ends justify the means. In such a climate, we have no protection against roadside strip searches, blood draws, DNA collection, SWAT team raids, surveillance or any other privacy-stripping indignity to which the government chooses to subject us.

The government is NOT to deprive anyone of life, liberty or property without due process. Nevertheless, the government continues to incarcerate tens of thousands of Americans whose greatest crime is being poor and not white. The same goes for those who are put to death, some erroneously, by a system weighted in favor of class and wealth.

The government may NOT take private property for public use without just compensation. Nevertheless, under the guise of the “greater public interest,” the government often hides behind eminent domain laws in order to allow megacorporations to tear down homes occupied by less prosperous citizens in order to build high-priced resorts and shopping malls.

Government agents may NOT force a citizen to testify against himself. Yet what is the government’s extensive surveillance network that spies on all of our communications but a thinly veiled attempt at using our own words against us?

The government is NOT permitted to claim any powers that are not expressly granted to them by the Constitution. This prohibition has become downright laughable as the government continues to claim for itself every authority that serves to swell its coffers, cement its dominion, and expand its reach.

Despite what some special interest groups have suggested to the contrary, the problems we’re experiencing today did not arise because the Constitution has outlived its usefulness or become irrelevant, nor will they be solved by a convention of states or a ratification of the Constitution.

No, the problem goes far deeper.

It can be traced back to the point at which “we the people” were overthrown as the center of the government. As a result, our supremacy has been undone, our authority undermined, and our experiment in democratic self-governance left in ruins.

No longer are we the rulers of this land. We have long since been deposed and dethroned, replaced by corporate figureheads with no regard for our sovereignty, no thought for our happiness, and no respect for our rights.

In other words, without our say-so and lacking any mandate, the point of view of the Constitution has been shifted from “we the people” to “we the government.” Our taxpayer-funded employees—our appointed servants—have stopped looking upon us as their superiors and started viewing as their inferiors.

Unfortunately, we’ve gotten so used to being dictated to by government agents, bureaucrats and militarized police alike that we’ve forgotten that WE are supposed to be the ones calling the shots and determining what is just, reasonable and necessary.

Then again, we’re not the only ones guilty of forgetting that the government was established to serve us as well as obey us. Every branch of government, from the Executive to the Judicial and Legislative, seems to be suffering this same form of amnesia. Certainly, when government programs are interpreted from the government’s point of view (i.e., the courts and legislatures), there is little the government CANNOT do in its quest for power and control.

We’ve been so brainwashed and indoctrinated into believing that the government is actually looking out for our best interests, when in fact the only compelling interesting driving government programs is maintain power and control by taking away our money and control. This vital truth, that the government exists for our benefit and operates at our behest, seems to have been lost in translation over two centuries dominated by government expansion, endless wars and centralized federal power.

Have you ever wondered why the Constitution begins with those three words “we the people”? It was intended to be a powerful reminder that everything flows from the citizenry. We the people are the center of the government and the source of its power. That “we” is crucial because it reminds us that there is power and safety in numbers, provided we stand united. We can accomplish nothing alone.

This is the underlying lesson of the Constitution, which outlines the duties and responsibilities of government. It was a mutual agreement formed by early Americans in order to ensure that when problems arose, they could address them together.

It’s like the wagon trains of the Old West, comprised of individual groups of pioneers. They rarely ventured out alone but instead traveled as convoys. And when faced with a threat, these early Americans formed their wagons into a tight circle in order to defend against invaders. In doing so, they presented a unified front and provided protection against an outside attack.

In much the same way, the Constitution was intended to work as an institutionalized version of the wagon circle, serving as a communal shield against those who would harm us.

Unfortunately, we have been ousted from that protected circle, left to fend for ourselves in the wilderness that is the American frontier today. Those who did the ousting—the courts, the politicians, and the corporations—have since replaced us with yes-men, shills who dance to the tune of an elite ruling class. In doing so, they have set themselves as the central source of power and the arbiters of what is just and reasonable.

Once again, we’re forced to navigate hostile terrain, unsure of how to protect ourselves and our loved ones from militarized police, weaponized drones, fusion centers, Stingray devices, SWAT team raids, the ongoing military drills on American soil, the government stockpiling of ammunition, the erection of mass detention centers across the country, and all other manner of abuses.

Read the smoke signals, and the warning is clear: the government is on the warpath.

As I make clear in my book Battlefield America: The War on the American People and in its fictional counterpart The Erik Blair Diaries, if we are to have any hope of surviving whatever is coming at us, it’s time to circle the wagons, folks.

END

The Middle Class in the USA are getting creamed

(zerohedge)

Middle-Class ‘Persistent Angst’ Over Economy May Sink Biden In 2024

THURSDAY, JUL 06, 2023 – 08:40 PM

Last week, President Joe Biden told a rowd in Chicago that “Bidenomics is about building an economy from the middle out and the bottom up, not the top down,” as he laid out his (aides’) vision of an economic boom fueled by a surge in taxpayer-funded investments.

Except, as Bloomberg notes, Biden has a middle-class problem.

Among the 100 million Americans with annual incomes between $45,000 and $180,000 and wealth between $100,000 and $1 million, polling commissioned by Bloomberg News shows persistent angst about the future.

The post-pandemic surge in inflation and the Federal Reserve’s reaction — the fastest increase in interest rates since the 1980s — have combined to put the middle class in a financial vice grip. They pay more for everything — food, homes, cars, energy — while the end of the easy-money era means loans, too, are more costly.

And the bottom line: “More than $2 trillion in wealth held by the middle class has been eliminated since the Fed started hiking,” according to data compiled by UC Berkeley.

Meanwhile, just 39% of the middle class say they expect their situation to improve over the next year, according to a Harris Poll commissioned by Bloomberg at the end of March and then again at the end of June.

An now, given that the moratorium on student loan repayments ending in October, coupled with the Supreme Court tossing the Biden administration’s unconstitutional bid to relieve as much as $20,000 in student loans per borrower, many economists think we’re in for a recession before the 2024 election.

Even the Biden administration acknowledges the anxiety among the American middle class.

“People are the best arbiters of their experience and their sentiment. And no one here is trying to tell them anything other than that,” said Jared Bernstein, chair of Biden’s Council of Economic Advisers. “However, what this president has done objectively has turned this economy around, has created opportunities in the job market like we’ve never seen before, and has planted the seeds for a much more inclusive economic future for the middle class.”

Sure Jared. Reversing the economy-killing government lockdowns had nothing to do with it.

Bloomberg conducted two dozen interviews with middle class voters, and found that the common theme was a feeling of vulnerability that’s at complete odds with the historic lows in unemployment.

Meet Ron Davis, who enjoys a comfortable life in the suburbs of Minneapolis with his wife, Monica. Ron Davis and his wife Monica at their home in St. Michael, Minnesota. Photographer: Ben Brewer/Bloomberg

According to Bloomberg:

The business executive and his wife both drive a Mercedes and bought a Mini for their 21-year-old daughter last year. In 2021 they refinanced their mortgage and what little they owe on the four-bedroom home they bought almost two decades ago to take advantage of historically low interest rates. At age 56, Davis says some savvy investments mean he could afford to retire early if he needed to.

But he hasn’t escaped the anxiety. Davis was laid off by tech company GoDaddy Inc. in February, the second time he’d lost his job in the past 18 months. (The first came when hotel chain Radisson in 2021 laid him off from his job running its loyalty program in North and South America as its business collapsed because of the pandemic.)

Davis remains relentlessly upbeat about his own economic situation despite having watched his investments and retirement savings lose a third of their value since the onset of the pandemic.

And yet, all around him, Davis sees signs of his peers teetering.

“That middle class, it feels like that’s where it’s really hurting,” he says.

And while the long-predicted recession has yet to materialize, the wealth boom experienced from January 2020 until the Fed started raising interest rates in March of 2022, is over. Since then, the inflation-adjusted value of assets held by the middle class has fallen 6% or $2.4 trillion, per Berkeley. This translates to roughly $34,000 per middle-class adult.

This squeeze, between declining wealth and rising costs of living, has been showing up as apprehension in polls – as just 46% of middle-class Republicans responding that their personal financial situation is better than it was five years ago, vs. 64% of Democrats. Just 35% of Republicans say they expect things to improve over the next year vs. 43% of Democrats.

“I save every bit that I can,” says 56-year-old retired police officer, Tammy Pearson of Granbury, Texas near Fort Worth. Pearson says she’s watched her retirement savings lose 25% of its value in recent years.

“It was really scary retiring right after he became president,” she said, referring to Biden. “I almost did not retire because I was afraid this was going to happen. My husband said we just need to have faith and hope for the best.“

Most of the wealth destruction has been on paper, between declining home values or the daily market swings of retirement accounts which won’t be touched for many years. But cashflow problems abound.

By the middle of 2022, middle-class households were spending $8,000 more each year than in 2019, before the pandemic — much of it on essentials, like housing, transportation and food, according to a Bloomberg analysis of Bureau of Labor Statistics consumer expenditure data.

For almost 27 million middle-class households in the US, those expenditures also outstripped their salaries, causing them to lean even more on debt and gig work to pay the bills. -Bloomberg

During the pandemic, all sorts of household costs skyrocketed. For example, the cost to own and operate a new vehicle breached $10,000 per year for the first time in 2022, per AAA, while household spending on transportation, which includes gas, is up 16.5% in just the past year. The monthly mortgage payment on a median-priced home with a 10% down payment is nearly double what it was in early 2021 at $2,342.

To cope with the rising costs of living, homeowners are now tapping into their housing wealth more often – as HELOC balances rose by $3 billion in Q1 2023, marking the fourth straight quarter of increases after nearly 13 years of declines.

To that end, the middle class has become increasingly leveraged – holding some $7.8 trillion of the $18.3 trillion of debt owed by US households at the end of last year. This is $1 trillion more than it was at the end of 2019.

So, while Biden continues to brag about the monumental jobs recovery since the pandemic, a recession would take whatever wind remains out of his 2024 sails – as even a relatively modest 1% rise in the unemployment rate would mean 1.6 million Americans losing their jobs. An the layoffs have already begun in finance, tech and most recently, manufacturing – with white-collar, middle-class workers feeling the pain.

END

USA// COVID

SWAMP STORIES

Now Mark Levin states that Target will not sell his book due to concerns liberal customers may get “offended”.  Give me a break..

(zerohedge)

Mark Levin Says Target Won’t Sell His Book Due To Concerns Liberal Customers May Get “Offended”

THURSDAY, JUL 06, 2023 – 08:20 PM

Authored by Naveen Anthrapully via The Epoch Times,

Conservative radio personality Mark Levin’s upcoming book has been banned from sale by Target as the mega retail chain was reportedly worried the book would offend Democrats.

“Target has informed my publisher, Simon & Schuster, that it will not carry my new book when it is released on Sept. 19,” Mr. Levin said in a July 6 tweet.

The book is titled, “The Democrat Party Hates America.”

According to Mr. Levin, Target “claims that certain customers might be offended by the title. Imagine that! So, the corporatist leftwing censorship begins.”

The Epoch Times reached out to Target to verify the claim.

According to the book’s description, Mr. Levin characterizes the Democrat Party as an entity that “set out to rewrite history and destroy the foundation of freedom in America” since its establishment.

Some people justified Target’s book banning. “Can’t imagine why they didn’t want this screaming at their shoppers. Really unfair man,” Ryan Grim, the Washington, D.C., bureau chief at news outlet The Intercept, said in a July 6 tweet while responding to Mr. Levin.

James Surowiecki, author of “The Wisdom of Crowds,” also put up a similar argument.

“Not surprising Target isn’t interested in selling a book the title of which slurs a huge chunk of its customer base,” he said in a tweet.

However, many people spoke out in support of Mr. Levin and against the book censorship imposed by Target.

“Let’s give @marklevinshow a big lift here. I’ve read every book he’s written and listen to his show routinely. This is simply another form of censorship. #WeThePeople are going to stand our ground and say ENOUGH is ENOUGH!” former National Security advisor Mike Flynn said in a tweet.

“Target reminding conservatives not to shop there, in case tuck-friendly swimsuits and chest-binders for Pride Month weren’t enough,” Brent Bozell, founder of Media Research Center, said in a July 6 tweet.

Boycotting Target

Boycott calls against Target were triggered after the retail chain rolled out its Pride collection at the beginning of May. Among the many Pride offerings, some were aimed at children.

For example, books for kids aged 2–8 had titles like “Pride 1,2,3,” “Bye Bye, Binary,” and “I’m Not a Girl.” Target also suggested “The Pronoun Book” to kids aged 0–3. In home décor, Target offered mugs labeled “Gender Fluid.” It also offered transgender swimsuits for adults with a “tuck-friendly” feature.

In an interview with Fox News in early June, former Target vice chairman Gerald Storch said that the boycott calls against the retail chain were triggered by a single item—the tuck-friendly swimsuit.

“I’ve never seen a case where one item, that tuck swimsuit, that’s really what made the difference versus the competitors. That’s where the big mistake [was] made,” he said.

A woman protests outside of a Target store in Miami, Fla., on June 1, 2023. The protesters were objecting to “Pride Month” merchandise at Target. (Joe Raedle/Getty Images)

By refusing to sell Mr. Levin’s book, Target can end up adding more fuel to the fire of discontent among conservative shoppers, thus negatively affecting the chain.

“Another good reason not to shop at Target,” Rep. Chip Roy (R-Tex.) said in a July 6 tweet.

Ever since the Pride Month controversy and boycott, Target’s valuations have suffered. Between May 1 and July 3, the company’s market capitalization fell from $72.42 billion to $62.16 billion, a decline of $10.26 billion, or over 14 percent. During this period, Target’s share price fell from $157.12 to $134.86.

Target has also been hit with a series of downgrades. In early June, Citi analyst Paul Lejuez predicted that Target’s rival Walmart will begin to take over the market share and lowered the company’s share rating from Buy to Neutral. Earlier, JPMorgan Chase had also downgraded Target’s shares.

END

THE KING REPORT

The King Report July 7, 2023 Issue 7027

Independent View of the News

Stocks and bonds tumbled on Thursday due to a 497k surge in the ADP Employment Change for June.  225k was consensus.  May was revised to 267k from 278k.  Small companies added 299k jobs; medium added 183k; large lost 8k; Leisure & Hospitality +232k; Education- Health +74k; Construction +97k https://adp-ri-nrip-static.adp.com/artifacts/us_ner/20230706/ADP_NATIONAL_EMPLOYMENT_REPORT_Press_Release_2023_06%20FINAL.pdf   The US 2-Year Treasury yield was 5.09% and the 10-Year was 4.07% at 10:35 ET.   Dallas Fed’s Logan wanted to raise rates in June, sees two more hikes this year https://t.co/tvNcdJmm8N   China’s Xi tells military to deepen war, combat planning, Xinhua reports Xi said the world has entered a new period of turmoil and change and China’s security situation has become more unstable and uncertain, according to state-run Xinhua, in comments he made to troops while on an inspection tour of the Eastern Theater Command…    Xi’s call to step up combat-readiness came as U.S. Treasury Secretary Janet Yellen arrived in Beijing for talks aimed at easing tensions between the U.S. and China… (Another blatant dissing of Team Biden) https://www.reuters.com/world/china/chinas-xi-tells-military-deepen-war-combat-planning-xinhua-2023-07-06/   China’s Economic Woes Are Multiplying — and Xi Jinping Has No Easy Fix – China’s momentum to surpass the US as the world’s biggest economy may be thwarted by current dynamics.     President Xi Jinping’s government doesn’t have great options to fix things. Beijing’s typical playbook of using large-scale stimulus to boost demand has led to massive oversupply in property and industry, and surging debt levels among local governments. That’s sparked a discussion about whether China is headed for a Japan-style malaise after 30 years of unprecedented economic growth…      Another worrying sign is youth unemployment. At 20.8%, the jobless rate for those aged 16 to 24 is the highest since China began publishing the data in 2018 and is four times the national urban rate…      Much of the funding for these projects, and others around the country, came from local government financing vehicles… with that debt not appearing on their balance sheets.  It’s this “hidden debt” that’s become a major risk for China’s local governments and a big worry for investors who have bought bonds sold by the local government financing vehicles…  https://t.co/VBvLmEOwdM   Other US economic data released on ThursdayInitial Jobless Claims 248k, 245k expected; big increases in Michigan and New York on retooling auto plants for 2024 vehiclesContinuing Jobless Claims 1.72m, 1.737m expected, 1.733 prior revised from 1.742mS&P Global June US Services PMI 54.4, 54.1 consensus and priorS&P Global June US Composite PMI 53.2, 53.0 consensus and priorJune ISM Services Index 53.9, 51.2 expected, 50.3 priorJune ISM Services Employment 53.1, 49.2 priorJune ISM Services New Orders 55.5, 52.9 priorMay JOLTS Job Openings 9.842m, 9.9m expected, 10.32m prior revised from 10.103m  A group of former US national security officials have held secret talks with prominent Russians, including the Kremlin’s top diplomat, with the aim of laying the groundwork for negotiations to end the war in Ukraine – NBC News   ESUs traded down a tad when Asia opened.  ESUs then declined moderately until they traded sideways, in a tight range, from midnight ET until they broke down when the US bond market opened at 8 ET.   ESUs then tumbled on the surprisingly robust June ADP Employment Change.  The decline persisted until 11:20 ET.  The rally for the European close eventually morphed into a Noon Balloon.   If you have been paying attention to the stock market for the past year or so, you know what happened next!  Equity jockeys disregarded the negative news for stocks and poured into ESUs and stocks.  Yep, another instance of US stocks getting hammered in the morning and then rallying robustly thereafter.   Behavior inculcated via years of conditioning and years of Fed promiscuity is NOT going to halt easily.   An intractable 32-handle ESUs rally ended at 14:57 ET.  ESUs and stocks then went inert for the remainder of the session.   Positive aspects of previous session Industrial commodities declined ESUs and stocks rallied uninterrupted for 4.5 hours   Negative aspects of previous session Bonds and stocks hammered   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: Down; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4406.42 Previous session High/Low: 4422.62; 4385.05   @KanekoaTheGreat: Mark Zuckerberg privately told Facebook execs to be cautious about mRNA vaccines because “we just don’t know the long-term side effects of basically modifying people’s DNA and RNA.”  He then censored scientists, doctors, and mRNA vaccine-injured individuals. https://twitter.com/KanekoaTheGreat/status/1676792059267788802    Mark Zuckerberg hired one of the CIA’s most senior agents until 2019, and placed him in charge of deciding what Americans see and don’t see on Facebook. Facebook’s entire trust and safety department is filled with former FBI and CIA agents.   Twitter Lawyer Sends Letter to Meta Regarding Threads Launch –WSJ Twitter Letter Expresses Concerns About Possible Violations of Its Intellectual Property –WSJ Twitter Letter Says Meta Hired Twitter Employees and Assigned Them to Develop Threads –WSJ   Meta’s Twitter clone launches, immediately censors anyone with unapproved thoughts https://t.co/oex9gmux4K   House Judiciary Chairman Rep. Jim Jordan and two other House Republicans sent four letters to the heads of massive companies such as BlackRock and Vanguard, calling on them to explain corporate environmental, social and governance (ESG) efforts that could violate federal antitrust laws… https://dailycaller.com/2023/07/06/jim-jordan-house-republicans-blackrock-vanguard-esg-practices/   Fed Balance Sheet: -$42.602B; – $38.62B of Treasuries    https://www.federalreserve.gov/releases/h41/20230706/   Today – The June Employment Report will impact trading in the hour before the NYSE opening and after the opening.  The odds are high that June NFP will not be as large as the ADP Employment Change.  This should provoke a rally.  However, any rally is likely to experience volatile swings because the odds of Fed rate hikes in excess of Street hopes remain high.  Nevertheless, traders will still play for the Friday rally.   As always, check the seasonal adjustments and compare the Household Survey Employed to NFP to ascertain the validity of the report.  ESUs are -1.50 at 21:35 ET.    Expected economic data: June NFP 230k (Whisper # 273k), Mfg. 5k, Rate 3.6%, Wages 0.3% m/m & 4.2% y/y, Workweek 34.3, Labor Force Participation Rate 62.6%   S&P 500 Index 50-day MA: 4244; 100-day MA: 4140; 150-day MA: 4082; 200-day MA: 4010 DJIA 50-day MA: 33,647; 100-day MA: 33,372; 150-day MA: 33,464; 200-day MA: 32,963 (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 4363.60 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4452.50 triggers a buy signal   NY Post: ‘Missing’ Biden corruption case witness Dr. Gal Luft details allegations against president’s family in extraordinary video – Luft says he told the DOJ and the FBI in Brussels that Joe Biden, soon after his vice presidential term ended, had attended a meeting at the Four Seasons Hotel in Washington, DC, with his son Hunter and officials from CEFC.  Luft’s account of the former VP’s presence at that meeting was corroborated 21 months later when the FBI interviewed another attendee, Biden family associate Rob Walker, according to recent testimony before Congress…     Luft disclosed during the Brussels interview that CEFC was paying $100,000 a month to Hunter and $65,000 to his uncle Jim Biden, in exchange for their FBI connections and use of the Biden name to promote China’s Belt and Road Initiative around the world — and that the money was being funneled through Walker…    He also told the DOJ and the FBI in Brussels that Hunter had an FBI mole named “One Eye” who had tipped off his CEFC associates, Dr. Patrick Ho and Chairman Ye Jianming that they were under investigation.   Luft is well connected in intelligence circles in Washington, DC, where he ran a think tank, the Institute for the Analysis of Global Security, with former CIA Director James Woolsey and former national security adviser Robert McFarlane as advisers.    He learned in 2017 that Hunter and Jim Biden were being paid by CEFC because Luft was in partnership at the time with a nonprofit think tank associated with the Chinese company… https://nypost.com/2023/07/05/missing-biden-corruption-case-witness-dr-gal-luft-details-allegations-against-presidents-family-in-extraordinary-video/   Florida congressman says the Biden administration is more ‘pro-China’ than ‘pro-America’ https://t.co/LNVAdlKqST   @RNCResearch, citing MSNBC: The White House is now claiming the cocaine was found “in a much more secure place … limited access place… near the Situation Room… average people just can’t get in there…” and next to “where, for example, the vice president’s vehicle is parked…”  https://twitter.com/RNCResearch/status/1677017800785682449   Dan Bongino Explains Why There’s ‘Zero Chance’ WH Cocaine Brought in by Anyone Other Than Family – “No chance that would make it past the mag/security checkpoints. Family bypasses those.”… https://townhall.com/tipsheet/leahbarkoukis/2023/07/06/dan-bongingo-on-wh-cocaine-n2625366   Ex-DNI Richard Grenell: “The cocaine has to be either from a Biden family member or a cabinet secretary; those are the only people that are not searched completely… So, the cabinet officials  should be asked ‘was the cocaine yours and when did you visit’ and the Biden family members should be asked… This problem can easily be solved, there are cameras everywhere…” https://twitter.com/RealMacReport/status/1677013179283689472   @ProfMJCleveland: FYI, visitors to the White House, even fancy soirées and invite only parties, including guests on tours are taken past at least one bomb and drug sniffing dog checkpoint outside just like at the airport where you walk in pairs and a dog goes back and forth.   Trump on cocaine found at the White House: Where are the security tapes? https://www.washingtonexaminer.com/news/trump-on-cocaine-in-the-white-house-where-are-the-white-house-security-tapes   Bookies bet Hunter Biden is the culprit behind White House cocaine BetOnline gave the first son +170 odds… https://nypost.com/2023/07/06/bookies-bet-hunter-biden-is-the-culprit-behind-white-house-cocaine/   Ex-CBP head: ‘Literally should take’ about 30 minutes to ID who brought cocaine into White House – “The reality is that you have a president and a White House that have a disregard for the law, they really don’t care,” says a former assistant secretary of state handling narcotics issues     “Everybody that comes in, not just the White House grounds, but also everybody that comes into that space, right, where you have to check that cell phone, they’re accounted for. There’s a manifest. There are cameras. I could go on. This literally should take them about 30 minutes to figure out whose cocaine it was,” he added…  “And so everything rolls downhill when the president of the United States can get away, literally, with almost, you know, with federal bribery and RICO violations, and the Attorney General doesn’t give a damn and doesn’t prosecute, doesn’t pick up the pen and doesn’t even talk about it,”… https://justthenews.com/government/congress/cocaine-white-house-shows-biden-has-looked-other-way-border-issues-expert-says   Sen. Cotton grills Secret Service on whether White House cocaine culprit will be arrested “If the White House complex is not secure, Congress needs to know the details, as well as your plan to correct any flaws,” the Republican senator said, demanding a list be provided of every individual who has access to the White House without passing through a security screening… https://www.foxnews.com/politics/sen-cotton-grills-secret-service-whether-white-house-cocaine-culprit-arrested   Not the Bee: After watching this video from the White House 4th of July celebration, I literally have no idea who could’ve possibly brought cocaine to the White House.  https://t.co/jpasfQ86If   GUTFELD: Imagine if this happened to a Trump White House https://t.co/0aSNMIfAMN   Feeble Joe Biden Needs to Be Told Where to Walk After Using Shorter Staircase to Exit Air Force One (VIDEO) https://t.co/Y1s0RkN9e5   Bidenomics is a disaster, but president is still trying to run on it https://t.co/IDxVdjBtNL   ‘Sound of Freedom’ becomes top grossing July 4th movie, beating out Indiana Jones Jim Caviezel film tells story of Tim Ballard, who founded Operation Underground Railroad to combat child trafficking  https://www.foxnews.com/media/sound-of-freedom-becomes-top-grossing-july-4th-movie-beating-indiana-jones   Supermarket employee fired for recording 3 men stealing $500 in laundry detergent (Colorado) https://trib.al/PZRAb01   16th & 17th District Chicago Police Scanner (@CPD1617Scanner): The fact that 200+ gun shots were fired on a residential street in Chicago that resulted in 6 people shot and 1 dead, SHOULD be bigger news, national news even. But that isn’t politically convenient for many people in charge of making those decisions.   Commie Pope Meets with Bill Clinton and Alex Soros – After Meeting with the Artist Who Submerged Christ in Urine Last Week https://www.thegatewaypundit.com/2023/07/commie-pope-meets-bill-clinton-alex-soros-after/   WikiLeaks: Clinton, Obama, Soros Overthrew Pope Benedict in Vatican Coup Pope Benedict XVI reigned as Pope of the Catholic Church from 2005 to 2013 before unexpectedly resigning in unusual circumstances. Becoming the first Pope to step down since Pope Gregory XII in 1415, Benedict is widely considered the first to do so on his own initiative since Pope Celestine V in 1294… Now the group of Catholic leaders have sent a letter to President Trump urging him to launch an official investigation into the activities of George Soros, Barack Obama, Hillary Clinton (and others) who they allege were involved in orchestrating Catholic Spring that resulted in their goal of “regime change” in the Vatican…     The letter includes links to documents and news stories underscoring their claims. It first directs attention to the notorious Soros-Clinton-Podesta e-mails disclosed last year by WikiLeaks, in which Podesta and other progressives discussed regime change to remove what they described as the “middle ages dictatorship” in the Catholic Church… https://themillenniumreport.com/2018/10/wikileaks-clinton-obama-soros-overthrew-pope-benedict-in-vatican-coup-2/   Pope Benedict XVI resigned the papacy, the first papal resignation in over 700 years, purportedly for health reasons.  Yet he lived 9 more years and wrote several books.

GREG HUNTER

 

Supply Chain Break, War Theft, Economy Update

usawatchdog.com/supply-chain-break-war-theft-economy-update/

By Greg Hunter On July 7, 2023 In Weekly News Wrap-Ups18 Comments

By Greg Hunter’s USAWatchdog.com (WNW 589)

The story that will most affect you is the possible strike by UPS.  Why is that?  UPS carries about 60% of the nation’s packages, and if this strike happens at the end of July, the supply lines are going to get clogged—really clogged.  FedEx, the U.S. Postal Service and other shippers can in no way pick up the slack.  If there is something you need, you will have to order it now or possibly wait months.  Even if the strike only goes on for a short while, it will cause much longer wait times for just about everything you need.  So, get it now to be on the safe side.

I have been covering the Ukraine war since the very first sanction.  I predicted the sanctions would backfire, and every one did backfire on NATO and Europe.  Why do these folks want to keep on with the war and not have any talk of peace?  Journalist Max Blumenthal says it’s all about the money the Uni-party is stealing by keeping the carnage in Ukraine going.  Blumenthal gave a stunning presentation at the U.N. last week talking about the $150 billion ripped off from taxpayers so far.  He also gives a long list of grifters inside and outside the U.S. government who are cashing in on death.  It’s everything you want to know about the Ukraine war in 15 interesting and entertaining minutes.  (You can see it or read the transcript here.)  The most important point Blumenthal makes is we are temping nuclear war so a few greedy reckless people can make huge amounts of money.

They are telling us the economy is strong, but nothing could be further from the truth.  The Fed is straight up telling us that interest rates are going up.  That is going to melt down an already deeply troubled commercial real estate market while thumping residential to boot.  Meanwhile, credit card use has exploded while rates on that borrowed money are at an all-time high.  To add insult to injury, one of the top search terms on Google is “Pawn Shop Near Me.”  That can’t be good.

There is much more in the 45-minute newscast.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 7.7.23.

(sawatchdog.com/supply-chain-break-war-theft-economy-update/)

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After the Wrap-Up: 

Financial writer John Rubino will be the guest for the “Saturday Night Post.”  He has been warning about the economy, and now, it seems the implosion is picking up speed.  Rubino will give you the details.

sawatchdog.com/supply-chain-break-war-theft-economy-update/

I will see you on MONDAY