GOLD PRICE CLOSED: UP $0.75 TO $1960.15

SILVER PRICE CLOSED: UP $0.27 AT $24.99

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1954.85

Silver ACCESS CLOSE: 24.90

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Bitcoin morning price:, $31,202 DOWN 91 Dollars

Bitcoin: afternoon price: $30,107 DOWN 1186 dollars

Platinum price closing $978.00 UP $2.50

Palladium price; $1285.25 DOWN $14.70

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: $2,584.62 UP 14.34 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1493.36 UP 1.20 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1741.56 DOWN 4.80 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

CONTRACT: JULY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,959.200000000 USD
INTENT DATE: 07/13/2023 DELIVERY DATE: 07/17/2023
FIRM ORG FIRM NAME ISSUED STOPPED

190 H BMO CAPITAL 100
435 H SCOTIA CAPITAL 2
624 H BOFA SECURITIES 100
690 C ABN AMRO 1
737 C ADVANTAGE 8 4
905 C ADM 1

JPMorgan stopped 0/108 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT: 108 NOTICES FOR 10,800 OZ or 0.3359 TONNES

total notices so far: 2494 contracts for 249,400 oz (7.757 tonnes)

FOR JULY:

SILVER NOTICES: 55 NOTICE(S) FILED FOR 275,000 OZ/

total number of notices filed so far this month : 4026 for 20,130,000 oz

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END

GLD

WITH GOLD UP $0.75

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

NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 914.66 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP $0.27 AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.21 MILLION OZ OF SILVER FROM THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 460.731 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY AN UNBELIEVABLY HUGE AND RECORD SIZED 12,140 CONTRACTS TO 137,646 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE $0.64 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS A FAIR SIZED 250 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: 493 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.64). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUMONGOUS ATMOSPHERIC GAIN ON OUR TWO EXCHANGES OF 15,013 CONTRACTS. WE HAD 250 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 1.250 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 1.25 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 GIGANTIC ISSUANCE OF EXCHANGE FOR PHYSICALS( 2873 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S HUGE 270,000 OZ QUEUE JUMP.+ 1.125 MILLION OZ EXCHANGE FOR RISK//NEW STANDING: 20.960 MILLION OZ + 1.125 EXCHANGE FOR RISK = 22.085 MILLION OZ/ // HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI) FAIR NUMBER OF T.A.S. CONTRACT ISSUANCE (493 CONTRACTS)/HUGE T.A.S. (250 CONTRACTS)

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL – 298 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 8 days, total 7681 contracts: OR 38.405 MILLION OZ (960 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 38.405 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 38.405 MILLION OZ

RESULT: WE HAD A HUGE ATMOSPHERIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 12,140 CONTRACTS WITH OUR HUGE GAIN IN PRICE OF $0.64 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 2873 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 HUGE 270,000 OZ QUEUE JUMP + 1.125 MILLION OZ EXCHANGE FOR RISK: TOTAL NOW STANDING 20.690 MILLION OZ + 1.125 MILLION OZ = 22.085 MILLION OZ.///// .. WE HAVE A HUGE ATMOSPHERIC SIZED GAIN OF 15,311 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A FAIR 493//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION. THE NEW TAS ISSUANCE TODAY (250) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE.

WE HAD 55 NOTICE(S) FILED TODAY FOR 275,000 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 SMALL SIZED 969 CONTRACTS TO 506,210 AND CLOSER TO 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: 535 CONTRACTS

WE HAD A STRONG SIZED INCREASE IN COMEX OI ( 969 CONTRACTS) WITH OUR $3.35 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JULY. AT 5.1975 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 0.3484 TONNE QUEUE JUMP: NEW TOTAL OF GOLD STANDING FOR JULY: 7.7916 TONNES// + /AN UNBELIEVABLY HUGE (AND CRIMINAL) ISSUANCE OF 29,832 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $3.35 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 5969 OI CONTRACTS (18.566 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 5000 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 506,210

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5969 CONTRACTS WITH 969 CONTRACTS INCREASED AT THE COMEX// AND A GOOD 5000 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5969 CONTRACTS OR 18.56 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 29,832 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5000 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (969) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5969 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 0.3484 TONNE QUEUE JUMP//NEW TOTAL 7.7916 TONNES ///// /3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: UNBELIEVABLY HUGE T.A.S. ISSUANCE: 29,832 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: 19,390 CONTRACTS OR 1,939,000 OZ OR 60.311 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 2423 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAY(S) IN TONNES 60.311 TONNES

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

THUS EFP TRANSFERS REPRESENTS 60.311/3550 x 100% TONNES 1.69% 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: 60.311 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 ATMOSPHERIC SIZED GAIN OF 12,144 CONTRACTS OI TO 137,646 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 2873 CONTRACTS

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

SEPT 2873 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2873 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 12,140 CONTRACTS AND ADD TO THE 2275 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN AN ATMOSPHERIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 15,013 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 75.065 MILLION OZ

OCCURRED WITH OUR $0.64 GAIN IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED UP 1.22 PTS OR 0.04% //Hang Seng CLOSED UP 63.16 PTS OR 0.09% /The Nikkei CLOSED DOWN 28.07 OR 0.09% //Australia’s all ordinaries CLOSED UP 0.83 % /Chinese yuan (ONSHORE) closed UP 7.1359 /OFFSHORE CHINESE YUAN UP TO 7.1425 /Oil UP TO 76.89 dollars per barrel for WTI and BRENT UP AT 81.24 / Stocks in Europe OPENED ALMOST ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 969 CONTRACTS UP TO 506,210 WITH OUR GAIN IN PRICE OF $3.35 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 5000 EFP CONTRACTS WERE ISSUED: : AUGUST 5000 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5000 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 5969 CONTRACTS IN THAT 5000 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1504 COMEX CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $3.35//THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS AN UNBELIEVABLY HUGE 29,832 CONTRACTS (4TH DAY IN A ROW/TAS GREATER THAN 20,000). THROUGHOUT THE PAST WEEKS, 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 (7.7916) (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: 7.7916 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $3.35) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF 5969 CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO TAS LIQUIDATION THROUGHOUT THE THURSDAY COMEX SESSION. THE MASSIVE 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 20.230 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 0.3484 TONNES//TOTAL STANDING FOR JULY GOLD: 7.7916 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $3.35.

WE HAD – REMOVED 535 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 5969 CONTRACTS OR 595900 OZ OR 18.560 TONNES.

Estimated gold volume today:// 235,814 FAIR

final gold volumes/yesterday 298,096 GOOD

//JULY 14/ FOR THE JULY 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	6783.861 OZ BRINKS JPMorgan total 211 kilobars .
Deposit to the Dealer* Inventory in oz*	97.65 oz BRINKS
Deposits to the Customer* Inventory, in oz*	nil OZ
No of oz served (contracts) today	108 notice(s) 10,800 OZ 0.3359 TONNES
No of oz to be served (notices)	11 contracts 1100 oz 0.03421 TONNES
Total monthly oz gold served (contracts) so far this month	2494 notices 249,400 OZ 7.757 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

1 dealer deposit:

i)Into Brinks dealer: 97,65 oz

total dealer deposits: 97.65 oz

total customer deposits: 0 oz

we had 2 customer withdrawals:

i) Out of Brinks 321.910 oz (10 kilobars)

ii) out of JPMorgan: 6462.351 oz (201 kilobars)

total withdrawals: 6783.861 oz

Adjustments; 1//dealer to customer

from Loomis: 675.171 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 119 contracts having GAINED 60 contracts. We had 52 contracts served on Thursday. Thus we gained 112 contracts or an additional 11,200 oz of gold will stand at the comex.

AUGUST LOST 23,449 contracts DOWN to 282,369 contracts

SEPT gained 31 contracts to stand at 576

We had 108 contracts filed for today representing 10800 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 108 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 (2494 x 100 oz ), to which we add the difference between the open interest for the front month of JULY (119 CONTRACT) minus the number of notices served upon today 108 x 100 oz per contract equals 250,500 OZ OR 7.7916 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 (2494) x 100 oz + (119) {OI for the front month} minus the number of notices served upon today (108) x 100 oz) which equals 250,500 oz standing OR 7.7916 TONNES

TOTAL COMEX GOLD STANDING: 7.7916 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: 1,879,274.546 OZ 58,45 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,275,815.652 OZ

TOTAL REGISTERED GOLD: 11,832,906.869 (368.05 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,442,908.783 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,953,632 OZ (REG GOLD- PLEDGED GOLD) 309.599 tonnes//

END

SILVER/COMEX

JULY 14

//2023// THE JULY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	615,203.200 oz JPMorgan .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	2,456,640.265 oz Brinks CNT Loomis
No of oz served today (contracts)	55 CONTRACT(S) (275,000 OZ)
No of oz to be served (notices)	166 contracts (830,000 oz)
Total monthly oz silver served (contracts)	4026 Contracts (20,130,000 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: 0 oz

total dealer deposits: 0

i) We had 0 dealer withdrawal

total dealer withdrawals: 0 oz

We had 3 deposits customer account:

i) Into Brinks 1,202,454.288 oz

ii) Into CNT: 624,109.907 oz

iii) Into Loomis: 630,076.070 oz

total customer deposits: 2456,640.265 oz

JPMorgan has a total silver weight: 139.367 million oz/278.856 million =50.35% of comex .//

Comex withdrawals 1

i) Out of JPMorgan 615,203.200 oz

adjustments: 0

TOTAL REGISTERED SILVER: 34.992 MILLION OZ//.TOTAL REG + ELIGIBLE. 278.886 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF JULY /2023 OI: 221 CONTRACTS HAVING LOST 72 CONTRACT(S). WE HAD 126 NOTICES FILED ON THURSDAY SO WE GAINED A STRONG 54 CONTRACTS OR AN ADDITIONAL 270,000 OZ WILL STAND AT THE COMEX FOR DELIVERY IN JULY.

AUGUST GAINED 30 CONTRACTS TO STAND AT 674

SEPT HAS A GAIN OF 10,939 CONTRACTS UP TO 118,685

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 55 for 275,000 oz

Comex volumes// est. volume today 68,537 good /

Comex volume: confirmed yesterday: 94,049 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 4026 x 5,000 oz = 20,130,000 oz

to which we add the difference between the open interest for the front month of JULY(221) and the number of notices served upon today 55 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JULY/2023 contract month: 4026 (notices served so far) x 5000 oz + OI for the front month of JULY (221) – number of notices served upon today (55 )x 500 oz of silver standing for the JULY contract month equates to 20.960 million oz + 1.125 MILLION OZ EXCHANGE FOR RISK /NEW TOTAL: 22.085 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 14/WITH GOLD UP $0.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: ////INVENTORY RESTS AT 914.66 TONNES

JULY 13/WITH GOLD UP $3.30 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.29 TONNES OF GOLD OUT OF THE GLD////INVENTORY RESTS AT 914.66 TONNES

JULY 12/WITH GOLD UP $24.50 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.31 TONNES OF GOLD OUT OF THE GLD////INVENTORY RESTS AT 914.95 TONNES

JULY 11/WITH GOLD UP $6.15 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.0 TONNES OF GOLD OUT OF THE GLD////INVENTORY RESTS AT 915.26 TONNES

JULY 10 WITH GOLD DOWN $1.35 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.60 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 916.26 TONNES.

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

GLD INVENTORY: 914.66 TONNES

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

JULY 14/WITH SILVER UP 27 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 2.21 MILLIONOZ OF SILVER FROM THE SLV////////INVENTORY RESTS AT 460.731 MILLION OZ/

JULY 13/WITH SILVER UP 64 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//////INVENTORY RESTS AT 462.941 MILLION OZ/

JULY 12/WITH SILVER UP $1.00 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.881 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 462.941 MILLION OZ/

JULY 11/WITH SILVER DOWN 5 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF .020 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 464.822 MILLION OZ/

JULY 10/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.672 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 464.802 MILLION OZ

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 FROM 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//

CLOSING INVENTORY 460.731 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

Could States Pave The Way For Currency Competition?

FRIDAY, JUL 14, 2023 – 07:20 AM

Via SchiffGold.com,

The US dollar is on shaky ground. There is a growing trend toward de-dollarization. Meanwhile, the Federal Reserve is tinkering with the idea of a digital dollar that could give the government unprecedented control over your spending.

Given the trajectory of the dollar, it might be a good idea to find some alternatives. In other words, we need currency competition.

Fortunately, there are options.

Gold and silver have served as money for thousands of years. Digital platforms make it easier than ever to transact business using either metal. This opens the door to creating an environment of currency competition, and the states are in a position to lead the way.

For instance, a bill introduced in Texas this year would have created a state-issued gold-backed digital currency. The bill didn’t advance, but it started the discussion and opened the door for future action.

As Allain L. de la Motte argues, “While the dollar won’t be displaced overnight, fostering a competitive environment where it needs to compete with sound money backed by gold is the best option for all 50 states.”

The following article was originally published by the Mises Wire. The opinions expressed are the author’s and do not necessarily reflect those of Peter Schiff or SchiffGold.

The US dollar has been the world reserve currency since 1944. At the Bretton Woods Conference, the dollar was pegged to gold and every other currency was pegged to the dollar. The fixed exchange rate system that emerged provided a stable environment for international trade and investment, as all countries had a currency value that was, directly or indirectly, tied to a fixed gold price.

The system began to unravel in the 1970s due to economic challenges faced by the United States, including the need to finance its war in Vietnam while simultaneously dealing with French president Charles de Gaulle’s demands that the US return France’s gold. His discontent may have been prophetic, foretelling a similar future sentiment. He said,

US imperialism leaves no field unoccupied. It takes every form, but the dollar is the most insidious. We pay the US to purchase us. So each time we have dollars, we will convert them into gold. Everyone should do the same. . . . Political pressures will no longer be used to manipulate money.

In August 1971, President Richard Nixon suspended the convertibility of the dollar into gold, effectively ending the gold standard and transforming the dollar into a total fiat currency. The value of fiat money is solely based on the faith and trust one has in its government. Interestingly, since 1913, the dollar has lost more than 97 percent of its purchasing power due to inflation.

Why Is the Dollar Still the Reserve Currency of the World?

Despite being a fiat currency, the dollar has managed to retain its privileges due to its extensive usage in international trade and financial markets and its association with one of the world’s largest economies. One of the primary drivers to attaining the status of the world’s reserve currency is the petrodollar, which refers to the role of the dollar as the primary currency used for international oil trade.

In the 1970s, following the oil crisis and the subsequent agreement between the Organization of Petroleum Exporting Countries and major oil-producing nations, oil was priced and traded in dollars, which meant that people purchasing oil had to use the dollar, creating a high demand for it.

The petrodollar system brought significant benefits to the United States. As global demand for its currency increased, this system allowed the US to maintain its economic influence and control over the international financial system. It also helped stabilize the dollar and supported its status as a global reserve currency.

However, with these privileges came great responsibilities toward all nations. Following the Golden Rule, the United States had a moral and ethical obligation to treat others as it would like to be treated. It failed on this crucial responsibility, and the consequences are now obvious.

In contracts, the language calls for “duty of good faith and fair dealing,” which prohibits one party from interfering with the other’s performance or undermining their expected benefits. A breach of this duty is a serious legal offense.

Similarly, in international relations, utilizing hegemony to shape international systems through coercive or noncoercive means violates this fundamental principle of law. It is a dangerous path, particularly when the global reserve currency is weaponized to achieve political, economic, or military dominance.

Unless the US practices what it preaches toward other nations, confidence will erode, and global trade and economic stability will be threatened worldwide. Given the interconnectedness of the world, pulling on one string of the spiderweb will shake the entire web. We are witnessing this phenomenon with the emergence of a global rebellion by nations that threaten to abandon the dollar as the world’s reserve currency to return to a more responsible form of money backed by gold.

Despite efforts by state regulators to find solutions, their actions have mostly been ineffective due to strong political opposition. Professor William Greene proposed an alternative approach in an article titled “Ending the Federal Reserve from the Bottom Up.” He suggested focusing on the negative mandate of Article I, Section 10 of the US Constitution, which states that “no State shall . . . make any Thing but gold and silver Coin a Tender in Payment of Debts.” He called this approach the “Constitutional Tender Act,” a template for a bill that can be introduced in every state.

His approach is intriguing, but it remains a risky proposition. At best, it would take months, if not years, to align the collective political will necessary to rectify the situation. Clearly, it is not the optimal choice.

It is imperative for all fifty US states to prepare for a potentially catastrophic collapse of the US dollar along with the ensuing worldwide aftermath. The resulting damage at the state level could be unimaginable.

What Is the Best Option?

Every surfer knows that there’s a precise moment to start paddling to catch a wave before it breaks. Start too early and it crashes upon you. Start too late, you miss it entirely. Timing is crucial if we want to harness the full power of the waves. Likewise, any state aiming to break free from the Federal Reserve must be prepared to seize that wave as soon as possible.

This new wave is the coalition of nations advocating for a sound monetary system backed by gold to replace the US dollar as the global reserve currency. The collective strength of this group allows them to fearlessly voice their dissatisfaction alongside other discontented national leaders. It’s a formidable pushback that is rapidly gaining traction. Beginning June 14, 2023, over one hundred countries have convened at the economic summit in St. Petersburg, Russia, to discuss the creation of such a gold-backed monetary system to replace the US dollar as the dominant currency.

What Is the Solution for a State?

Surprisingly, it is more simple than we might imagine. While the dollar won’t be displaced overnight, fostering a competitive environment where it needs to compete with sound money backed by gold is the best option for all fifty states. Citizens can decide which currency they trust, and the laws of supply and demand will determine the winner.

Currently, there are seven US states with existing laws granting legal tender status to foreign currencies that have legal tender status within their foreign borders. These states are Texas, Louisiana, Florida, Oklahoma, Tennessee, Alaska, and Arkansas.

Once a foreign country gives legal tender status to a secure, stable, functional, transparent, and legitimate gold-backed monetary system within its territory, it will have de facto legal tender status in these seven US states. Many friendly nations will soon have a solution to offer these seven states who are well-positioned to catch that wave when the opportunity presents itself.

Local governments should take proactive measures to prepare for the inevitable. While a governor’s executive order to supplement existing laws may not be necessary, such an order could help rally and focus statewide attention on the opportunity. One or more of these seven states could become a powerful magnet, attracting individuals who seek to move away from fiat currencies to money backed by gold. There is a significant first-mover advantage awaiting any state (or a group of states acting in unison) that takes the lead.

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

Alasdair Macleod: The bell tolls for fiat

Submitted by admin on Thu, 2023-07-13 11:58Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 13, 2023

The importance of Russia’s announcement that a new gold-backed trade currency is on the BRICS meeting agenda for August 22—24 in Johannesburg seems to have gone completely over everyone’s heads, with mainstream media not even reporting it.

This is a mistake. China and Russia know that if they are to succeed in removing the dollar from their sphere of influence, they have to come up with a better alternative. They also know they have to consolidate their trade partners into a formidable bloc, so plans are afoot to consolidate BRICS, the Shanghai Cooperation Organisation, and the Eurasian Economic Union along with those nations that wish to join. It will be a super-group embracing most of Asia (including the Middle East), Africa, and Latin America.

The groundwork for the new currency has been laid by Sergei Glazyev and is considerably more advanced than generally realised.

This article explains why Russia and China are now prepared to fully back Glazyev’s expanded project.

For Russia, it is also now imperative to destabilise the dollar as a deliberate escalation of the financial war against America and NATO.
China’s priority is no longer to protect her export trade but to ensure that her African and Latin American suppliers are not destabilised by higher dollar interest rates. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/the-bell-tolls-for-fiat?gmrefcode=gata

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

ANDREW MAGUIRE

LIVE FROM THE VAULT

50:11NOW PLAYING

August BRICS Summit hails death knell for the dollar – Live From the Vault Ep: 131

Kinesis Money

end

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//COCOA

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

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 7.1359

OFFSHORE YUAN: UP TO 7.1425

SHANGHAI CLOSED UP 1.22 PTS OR 0.04%

HANG SENG CLOSED UP 63.16 PTS OR 0.33%

2. Nikkei closed DOWN 28.08 PTS OR 0.09%

3. Europe stocks SO FAR: ALMOST ALL GREEN

USA dollar INDEX DOWN TO 99.46 EURO RISES TO 1.1229 UP 6 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.474 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 138.45/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen 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 DOWN TO +2.4375***/Italian 10 Yr bond yield FALLS to 4.123*** /SPAIN 10 YR BOND YIELD RISES TO 3.490…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 3.907

3j Gold at $1959.45 silver at: 24.81 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 7 /100 roubles/dollar; ROUBLE AT 90.18//

3m oil into the 76 dollar handle for WTI and 81 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 138.45// 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO 0.461% 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 0.8589 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9646 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.7660 DOWN 0 BASIS PTS…

USA 30 YR BOND YIELD: 3.8940 DOWN 0 BASIS PTS/

USA 2 YR BOND YIELD: 4.639 UP 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.20…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 2 BASIS PTS AT 4.4265

end

2. Overnight: Newsquawk and Zero hedge:

Futures Flat As Q2 Earnings Seasons Kicks Off

FRIDAY, JUL 14, 2023 – 07:11 AM

The week’s powerful rally which sent US stocks to a new 52-week high has faded, with futs down small after a quiet overnight session on the day JPM officially ushers in Q2 earnings season as the post-CPI market rally pauses for breath as investors contemplate how recent US inflation data will impact upcoming Fed policy decisions. As of 6:45am ET S&P futures are flat at 4,542 while Nasdaq futures are down 0.1%. Bond yields are 3-5bp higher, and the USD has reversed higher after dropping the lowest level in more than a year. Commodities are mixed with energy lagging and base metals such as iron ore extending gains from yesterday. Yesterday’s dovish PPI and lower-than-expected initial claims supports the soft-landing narrative. Key focus today will be banks earnings; JPM, C and WFC report pre-market. Keep an eye on banks’ commentary on consumer health, credit trends and loan growth. We will also get the latest UMich sentiment data (consensus sees 65.5 vs. 64.4 prior); 1yr inflation expectation is estimated to fell to its lowest in two years

In premarket trading, mega-cap tech stocks are mixed; Banks are mostly higher. Microsoft rose 1.6% in premarket trading as UBS raised the recommendation on the software giant’s stock to buy from neutral, saying cloud infrastructure spending is starting to stabilize after a significant deceleration over the past year. UnitedHealth Group Inc. gained after an earnings beat. Nikola soared as much as 25% set to extend Thursday’s 61% rally, after BayoTech agreed to buy up to 50 of its hydrogen-fuel-cell EVs over the next five years. If the gains hold until close, it will be the biggest weekly gain on record for the stock. Here are some other notable premarket movers:

Acadia Pharmaceuticals (ACAD US) shares surged 20% in premarket trading after the biotech firm said it had expanded its licensing agreement with Neuren Pharmaceuticals to acquire the ex-North American rights for Daybue (trofinetide), which is used to treat Rett syndrome.
Leslie’s (LESL US) shares drop 30% in premarket trading after the pool-supplies retailer cut its full-year adjusted earnings per share guidance. Analysts highlighted the sales weakness in the third quarter, with Piper Sandler downgrading their recommendation on the stock to neutral from overweight.
Roivant Sciences (ROIV US) rose as much as 12% in premarket trading after a Wall Street Journal report the company is in talks to sell its treatment for inflammatory bowel disease to Roche Holding.
Intuitive Machines (LUNR US) climbed as much as 32% in premarket trading, after the company said it successfully completed a spacecraft test run of its Nova-C lunar lander at the Houston Spaceport.

As Bloomberg notes, it’s been a week when almost everything rallied — from emerging markets to global bonds and the S&P 500 — all buoyed by faith that the Federal Reserve is finally winning the fight against inflation. While trading was subdued on Friday, investors are finishing the week with blockbuster gains across asset classes. MSCI’s global stock benchmark has leapt 3.5% in the past five days, the biggest advance since November.

“The market has been partying like it’s 1999 this week,” said DB’s Jim Reid. “It’s hard to stand in the way of that narrative at the moment regardless of what eventually happens.”

Bonds climbed too over the week with the US two-year rate, the most sensitive to short-term policy moves, dropping as much as 30 basis points.

The bullish trades reflect hope that the US is heading toward a “Goldilocks scenario” with inflation quickly easing while the economy avoids a recession. To be sure, the Fed is still likely to lift its benchmark rate later this month and central bankers continue to warn that more than one rate increase may still be necessary after that. The earnings season also kicks off in the US today with lenders JPMorgan Chase, Wells Fargo and Citigroup reporting.

“The Fed has already won the battle against inflation,” Raffaele Bertoni, head of debt capital markets at Gulf Investment Corp., said on Bloomberg Television. “If they want to be serious in maintaining inflation under control, the focus should be more on the reduction of the balance sheet or the quantitative tightening rather than increasing rates further.”

Fed Bank of San Francisco President Mary Daly, however, told CNBC Thursday that it’s too soon for policymakers to say they have done enough to return US inflation to their target. Fed Governor Christopher Waller also said he expects the US central bank will need to raise rates twice more this year to bring inflation down to its target.

Traders are now looking to earnings reports to reignite the rally. The focus is going to be mostly on the corporate outlooks given that beating profit expectations seems to be a low hurdle, even as some estimates have started to rise slowly. “Given that consensus expectations appear reasonable and valuations are already rich (not only in tech), only strong beats are likely to result in substantial price gains, while even small misses may lead to sharper drops,” said Wolf von Rotberg, an equity strategist at Bank J Safra Sarasin.

European stocks are also little changed with the Stoxx 600 coming off a five-session winning streak. Among individual stock movers in Europe, Nokia Oyj slumped more than 8% after the Finnish vendor of 5G equipment lowered its guidance. Ericsson dropped almost 8% as analysts pointed to a weak margin outlook for the Swedish telecom equipment maker. Swiss money manager Partners Group Holding AG gained more than 7% after assets under management rose in the first half. Here are the most notable European movers:

Partners Group shares gain as much as 7.8%, most since May, after it posted a “positive” update on its assets under management, helping offset negative expectations for the firm ahead of the results
Heineken rises as much as 2.7% after being raised to buy at Goldman Sachs as the broker expects the world’s second-largest brewer to “fully benefit” from raw material cost deflation
Axfood shares rise as much as 8.2% to a two-month high after the Swedish food retailer’s second-quarter operating profit beat estimates, with analysts pointing to strength in its discount chain
Brunello Cucinelli shares gain as much as 2.1% after the luxury clothier reported what analysts called a strong sales update, and increased full-year guidance
Vallourec shares climb as much as 7.3%, the most since May, after French tube maker sees 2Q exceeding prior expectations, with Jefferies saying deleveraging plans are working
Nokia falls as much as 10%, the most since January 2021, after an unscheduled profit warning and outlook cut, hinting an expected recovery in the sector is further away than earlier projected
Ericsson shares dropped as much as 9.2%, as analysts pointed to a weak margin outlook for the Swedish telecom equipment maker in the third quarter and worries of poor US demand
Brenntag shares dropped as much as 4.1% after the chemicals distributor was downgraded to underweight from neutral at JPMorgan, saying it struggles with “significant demand weakness”
Ashmore shares fell as much as 8.3%, the most since November, after the emerging markets-focused asset manager’s AUM disappointed, with Nubis saying investment performance remains “poor”
EMS-Chemie falls as much as 3.3%, the most since April. While the company’s first-half figures were in line with low expectations its full-year outlook was reduced further, ZKB notes
Sixt slides as much as 6.7% in Frankfurt trading after being downgraded to hold from buy at Deutsche Bank, expecting the car-rental firm’s profit to drop in 2023

Earlier in the session, Asian stocks were on course for their best week since Nov. 2022, with Chinese equities rallying and peak-rate bets on the Federal Reserve boosting risk sentiment. The MSCI Asia Pacific Index rises as much as 0.8%, with gains for the week nearing 5%. Stocks in Korea, Taiwan and New Zealand led the advance on Friday. Chinese equities have been at the center of the risk rally in Asia, as traders increasingly see an end to years of regulatory crackdowns on technology firms. Other than gains in tech bellwethers such as Alibaba Group Holding Ltd., the broader market also advanced on hopes of more policy stimulus. An index of Chinese companies in Hong Kong is set for the biggest weekly gains since the first week of 2023. Risk appetite was also boosted as the US dollar and Treasury yields fell with softer inflation data in the US. Traders are now pricing in just one more rate hike this year from the Fed. Chinese tech stocks were volatile Friday, with Xiaomi and Meituan falling, after the Hang Seng Tech Index rose for four days in its longest rising streak since mid-June. The Hang Seng Tech Index erases losses of as much as 0.9% in the morning to trade 0.1% higher. Meituan, which was among the best performing stocks on the gauge in the past four days, drops as much as 1.4% on Friday; Xiaomi -1.4%. EV makers Nio down as much as 4.7% and XPeng -7.7%. Stocks fluctuated in Japan as the yen headed for a seven-day winning streak, which would mark its best performance since 2018.

“Risk on in emerging markets, especially, in China makes sense,” David Chao, global market strategist for Asia Pacific at Invesco Asset Management told Bloomberg television in an interview. Chao sees Chinese equities emerging among the best performers in second half of 2023. Stocks in Thailand rose even as a leading candidate for the prime ministerial post failed to win endorsement from the Parliament.

In FX, the Bloomberg Dollar Spot Index is flat although still on course for its largest weekly decline since November. USD/JPY climbed 0.2% to 138 in a reversal of the yen’s longest bull streak since 2018. GBP/USD held ground above 1.31, while EUR/USD wavered around 1.12. The offshore yuan ticked higher. China has ample foreign exchange reserves and will “resolutely” prevent wild swings in the yuan exchange rate, People’s Bank of China Deputy Governor Liu Guoqiang said at a briefing Friday. The currency’s short-term movement cannot be predicted accurately, but it hasn’t deviated from its fundamentals, Liu added.

In rates, treasuries fell, trimming their biggest two-day gain since early May as two-year and 10-year yields hover around their lowest levels in one month/ Two-year yields rose four basis points to 4.67% and 10- year yields climbed three basis points to 3.79%

In commodities, oil headed for a third weekly gain as supply disruptions in Africa and a reduction in shipments from Russia tightened the market; crude futures are flat with WTI trading near $76.85. Spot gold falls 0.2%. Gold was set for the best week since April.

Bitcoin is under modest pressure despite the USD continuing to languish with drivers thin and the docket ahead relatively spares aside from crucial banking updates.

To the day ahead now, and earnings season will step up a gear as we hear from JPMorgan, Citigroup Wells Fargo and BlackRock. Otherwise, data releases include the University of Michigan’s preliminary consumer sentiment index for July.

Market Snapshot

S&P 500 futures little changed at 4,542.00
MXAP up 0.6% to 168.93
MXAPJ up 0.9% to 535.06
Nikkei little changed at 32,391.26
Topix down 0.2% to 2,239.10
Hang Seng Index up 0.3% to 19,413.78
Shanghai Composite little changed at 3,237.70
Sensex up 0.5% to 65,888.13
Australia S&P/ASX 200 up 0.8% to 7,303.08
Kospi up 1.4% to 2,628.30
STOXX Europe 600 little changed at 461.66
German 10Y yield little changed at 2.50%
Euro little changed at $1.1231
Brent Futures little changed at $81.33/bbl
Gold spot down 0.2% to $1,957.38
U.S. Dollar Index little changed at 99.76

Top Overnight News

The PBOC signaled more targeted support may be on the cards for the property market as it sought to assure investors that the risks banks face from the sector are controllable. BBG
The US has launched a round of diplomacy with China to help soften the blow from new tech export restrictions that are expected to be announced soon. SCMP
China loses its title as the top exporter of goods to the US for the first time in 15 years, falling behind Mexico and Canada. Nikkei
BOJ is having internal discussions about tweaking the YCC policy as soon as this month, although no final decision has been made (any change would likely be very minor). RTRS
Australia will promote deputy governor Michele Bullock to take over the RBA, deciding against giving Philip Lowe another term. FT
Europe asks its metals suppliers to make semiconductor materials amid worries about China restrictions, but this may require state aid. FT
Odds are growing that the Fed’s 25bp rate hike later this month will be the final one of the cycle, but officials want to see more evidence of disinflation before declaring victory. WSJ
DeSantis is considering a course correction as his campaign struggles to gain traction. ABC News
AMZN has created a new internal organization aimed at helping customers utilize generative AI tools on AWS. Insider

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly higher after the positive lead from Wall St where yields continued to decline as PPI data followed suit to the softer consumer inflation and supported the case for just one more Fed rate hike. ASX 200 was firmer with gains in the index led by the tech sector after similar outperformance of US counterparts amid a decline in yields, while the announcement that RBA Deputy Governor Bullock will take over from Governor Lowe in September had little effect on markets and was largely seen as policy continuation. Nikkei 225 swung between gains and losses with headwinds from JPY strength and speculation that the BoJ could raise its inflation forecast above the 2% target at its meeting this month, which could pave the way for policy normalisation, while former BoJ Director Hayakawa expects the BoJ to tweak yield curve control at the upcoming meeting by potentially raising the 10yr yield ceiling to 1.0%. Hang Seng and Shanghai Comp were positive albeit with gains capped despite the renewed support pledges by the PBoC to keep credit growth appropriate, as well as step up counter-cyclical adjustments and support for key sectors.

Top Asian News

PBoC Deputy Governor Liu said China’s overall liquidity is ample and its credit structure improved in H1, while he also noted that financing costs stabilised and dropped in H1. Liu said the PBoC has ample policy tools and will step up counter-cyclical adjustments, as well as improve financial services for tech companies, guide banks to boost lending for tech companies and will increase support for SMEs and the green sector, according to Reuters.
PBoC official said they will keep credit growth appropriate and step up support for key sectors, while the central bank will deepen interest rate reforms and will guide banks to increase lending to small firms and private firms. Furthermore, the official said there is ample room and various policy tools to cope with challenges, while they will use policy tools such as RRR and MLF, as well as innovate new policy tools if needed, according to Reuters.
China’s top diplomat Wang Yi said US and China need to take practical actions to bring back ties onto the right track and that the US should adopt a rational and pragmatic attitude and meet China halfway. Wang also said the US must refrain from interfering in China’s internal affairs and stop suppressing China’s economy, trade, and technology, while the US must lift illegal and unreasonable sanctions against China, according to Xinhua.
Australia named Deputy Governor Bullock as the next RBA Governor from September 18th, while Bullock said she is committed to ensuring that the Reserve Bank delivers on its policy and operational objectives.
Chinese regulators are reportedly to meet with global investors in order to shore up economic confidence, via Reuters citing sources; focused on the current conditions of USD-denominated investment firms and the main challenges they face. Meeting will take place on Friday 21st July. Investors will be invited to provide suggestions on how to combat the challenges they are facing and to give their views on the Chinese economy.

European bourses are contained but remain on track to close the week out with marked gains, Stoxx 600 set for +3% WTD upside. Sectors are somewhat mixed with defensive names outperforming on the tentative tone while Telecom. lags after Nokia and Ericsson’s respective updates. Stateside, futures are near the unchanged mark as we await the final scheduled Fed speak before blackout commences alongside the formal commencement of Q2 earnings season. UnitedHealth Group Inc (UNH) Q2 2023 (USD): EPS 6.14 (exp. 6.01), Revenue 92.9bln (exp. 91.bln); FY23 adj. Net guidance 24.70-25.00/shr (exp. 24.76). +2.1% in pre-market trade. Nokia (NOKIA FH) – Q2 (EUR): Revenue 5.7bln (exp. 6.03bln), adj. EBIT Margin 11%. Cuts FY23 sales outlook to EUR 23.2-24.6bln (exp. 25.57bln, prev. 24.6-26.2bln). Weaker demand outlook in H2 is due to both the macro-economic environment and customers inventory digestion. UK CMA considers there is insufficient time remaining within the statutory period for a full and proper consideration of Microsoft’s (MSFT) submission re. the proposed Activision (ATVI) deal; revised period to end on 29th August 2023.

Top European News

Nordic Mobile Equipment Makers Fall as Nokia Cuts Guidance
Vallourec Jumps as Tube Maker Predicts Better-Than- Forecast 2
Heineken Gains as Goldman Upgrades to Buy on Margin Outlook
Sixt Drops; Deutsche Bank Downgrades on Weak Profit Momentum
London Gatwick Airport Workers to Strike Over Pay, Union Says
Nordic Banks Tested as Property Slumps: EMEA Earnings Week Ahead

DXY finds a base just above 99.500 after another heavy decline and approaching end of bleak week that started with the index peaking around 102.500.
Aussie and Kiwi make way for Buck bounce as AUD/USD fades ahead of 0.6900 and NZD/USD from 0.6400+ at best.
Yen retreats from 137.26 towards 138.50 as JGB-UST spreads re-widen.
Euro and Pound pull up shy of 1.3150 and 1.1250 vs Dollar respectively, but EUR/USD evades 1bln option expiries at 1.1200, for now.
BoJ to host the first long-term policy review workshop in December, to discuss monetary policy and financial systems. Second workshop in May 2024. To discuss analyses comprehensively until that point.
PBoC set USD/CNY mid-point at 7.1318 vs exp. 7.1453 (prev. 7.1527)

Fixed Income

Debt diverges towards the end of a hectic and mainly corrective bull-steepening week
Bunds and Gilts above par between 133.18-132.69 and 95.02-94.53 respective bands, but T-note underwater within 113-01+/112-21 overnight range awaiting US import/export prices
Fed’s Goolsbee and UoM sentiment with inflation expectation. JGBs volatile amidst contrasting BoJ vibes

Commodities

A contained and catalyst-thin session thus far to conclude a busy week of macro developments before the Fed blackout begins and attention turns to the next round of Central Bank announcements.
WTI Aug’23 and Brent Sep’23 are on track to conclude the week with gains of circa. USD 2.50/bbl and are currently at the upper-end of the week’s USD 72.67-77.33/bbl and USD 77.36-81.75/bbl respective parameters.
Spot gold is a touch softer but holds above the USD 1950/oz handle around the USD 1954/oz 50-DMA; base metals more mixed as it stands.
Qatar set September-loading Al-Shaheen crude term prices at USD 1.68/bbl above Dubai quotes.

Geopolitics

Russian President Putin said new weapons supplies will further escalate the conflict in Ukraine and worsen the situation. It was separately reported that Putin also said he proposed to Wagner fighters at a meeting this month to continue serving in the military, while he added that Russia’s government and parliament must discuss the legal framework for private armies and said without a legal framework, ‘Wagner does not exist’, according to Kommersant.

US Event Calendar

08:30: June Import Price Index MoM, est. -0.1%, prior -0.6%; YoY, est. -6.1%, prior -5.9%
- June Export Price Index MoM, est. -0.1%, prior -1.9%; YoY, est. -11.0%, prior -10.1%
10:00: July U. of Mich. Sentiment, est. 65.5, prior 64.4
- U. of Mich. Expectations, est. 62.0, prior 61.5
- U. of Mich. Current Conditions, est. 70.5, prior 69.0
- U. of Mich. 1 Yr Inflation, est. 3.1%, prior 3.3%
- U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.0%

DB’s Jim Reid concludes the overnight wrap

After a hectic week, I’m playing a gig at a good friend’s 50th birthday party tomorrow night. I haven’t done any practise so I’m relying on a set list that worked 20 years ago. Given the nature of the event I’m assuming the audience won’t have heard much new music in that period so we should all be ok. If it all goes well I’ll be digging out research from 20 years ago as well to see if I can pull off the same trick.

The market has been partying like it’s 1999 this week, with the rally showing no sign of letting up over the last 24 hours, with bonds and equities surging thanks to growing hopes of a soft landing. It’s hard to stand in the way of that narrative at the moment regardless of what eventually happens. Much of that was propelled by the previous day’s CPI release, but investors then got a further dose of optimism from a weaker-than-expected PPI print, as well as the weekly jobless claims that were below consensus. That supported a fresh multi-asset advance, with the S&P 500 (+0.85%) and NASDAQ (+1.58%) closing at 15-month highs, yields on 10yr Treasuries falling -9.4bps to 3.77%, and Brent Crude oil prices closing at a 2-month high of $81.36/bbl. And that’s all before we start Q2 US earnings season today.

These moves over the last week have been part of an astonishing turnaround in the market narrative. After all, it was only on Thursday of last week that the bumper ADP report sent the 2yr Treasury yield up to 5.12% intraday, which is its highest level since 2007. But since then, we’ve had the smallest monthly jobs growth (+209k) since December 2020, along with the weakest core CPI (+0.16%) since February 2021, and investors are pricing in a growing chance of multiple rate cuts next year.

When it came to those developments yesterday, the main story was that monthly PPI came in at just +0.1%, and the previous month was revised down a tenth to -0.4%. So more positive news on the inflation side. In turn, that took the year-on-year PPI close to deflationary territory at +0.1% (vs. +0.4% expected), which is the lowest it’s been since August 2020. In addition, the core PPI measure excluding food and energy was at a monthly +0.1% (vs. +0.2% expected), with the year-on-year measure down to +2.4% (vs. +2.6% expected).

That downside surprise helped cement the message from the previous day’s CPI report. In particular, it meant investors became increasingly confident that the next meeting would mark the final rate hike of the current cycle, despite the Fed’s signal in their recent dot plot for two more. For example, the terminal rate priced in for November came down -1.5bps to 5.37%. And looking further out into 2024, the year-end rate came down a further -18.7bps to 3.725%. Bear in mind that after the ADP report, futures were briefly pricing in a 4.51% rate for December 2024, so the recent newsflow has led markets to price around three more 25bp rate cuts compared to a week ago.

The prospect of more rate cuts meant that sovereign bonds got a lift on both sides of the Atlantic. Yields on 10yr Treasuries were down -9.4bps to 3.77%, and those on 2yr Treasuries fell -11.2bps to 4.64%. In Europe it was a similar story, with yields on 10yr bunds (-8.9bps), OATs (-8.8bps) and BTPs (-12.1bps) all coming down as well.

The US rates move came in spite of comments from San Francisco Fed President Daly, who said it was “really too early to say that we’ve declared victory on inflation”. Later in the day, the generally hawkish Federal Reserve Governor Waller noted that he still saw two more hikes this year as necessary, though he added that if the next two inflation prints “look like the last two, the data would suggest maybe stopping” by September. So it seems that many FOMC members are still sceptical of the slowing inflation data but keeping an open mind. We won’t hear from many more Fed speakers now, since today is the last day before their blackout period ahead of the next meeting. In other Fed news yesterday, we heard that St Louis Fed President Bullard, another of the most hawkish FOMC members, was stepping down from this role. He wasn’t a voter this year, but his views held sway.

For equities, these hopes of a soft landing meant that the US indices hit fresh landmarks, with both the S&P 500 (+0.85%) and the NASDAQ (+1.58%) at a 15-month high. Tech stocks led the advance, with the FANG+ index (+2.70%) reaching a new all-time high, passing its previous peak from November 2021, having now risen by +80.86% on a YTD basis. Meanwhile in Europe, the STOXX 600 (+0.61%) advanced for a 5th consecutive session for the first time since April. There were some positive earnings releases as well, with PepsiCo (+2.38%) raising its outlook. Today will see further reports from the major US financials as well, including JPMorgan, Citigroup, Wells Fargo and BlackRock.

All this optimism over the economic outlook was bolstered again by the weekly jobless claims. They showed the initial claims down to 237k in the week ending July 8 (vs. 250k expected), which took the 4-week moving average down to a one-month low of 246.75k. Continuing claims did edge up from 1720k to 1729k but was largely brushed aside. There was also some better-than-expected data out of the UK, since monthly GDP in May only contracted by -0.1% (vs. -0.3% expected), despite the impact from the coronation bank holiday.

Asian equity markets are largely extending the global rally and are on course for their best week this year. The KOSPI (+1.14%) is leading gains with the Hang Seng (+0.44%), the Nikkei (+0.23%), the Shanghai Composite (+0.016%) and the CSI (+0.07%) also trading higher. Outside of Asia, US stock futures are pausing for breath with those on the S&P 500 (-0.06%) just below flat while those on the NASDAQ 100 (+0.08%) slightly higher ahead of the big bank earnings today. US treasuries are back up around a basis point across the curve after the huge rally this week.

In FX, the dollar index (which measures it against six major peers) is hovering around at a 15-month low of 99.59. Meanwhile, the Japanese yen is rallying for the seventh day, trading below 138 per dollar, its strongest level since May as we go to print.

On commodities, there was some interesting news as Bloomberg reported that India were considering banning exports of all non-Basmati rice, citing “people familiar with the matter.” That comes against the backdrop of significant rises in rice prices, following concerns that El Nino conditions will lead to a drought. Speaking of the El Nino, we also had the latest monthly update from the US’ Climate Prediction Center yesterday. Their forecasts are broadly similar to before, but they slightly downgraded the chances that the current El Nino would develop into a strong one, with the probability down to 52% at the peak (vs. 56% last month).

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

Tentative trade ahead of earnings & final pre-blackout Fed speak – Newsquawk US Market Open

FRIDAY, JUL 14, 2023 – 06:00 AM

European bourses & US futures are relatively contained ahead of Fed speak and banking earnings
Within Europe, Telecoms lag after updates from Ericsson and Nokia
DXY struggles for direction just above 99.75 with peers mixed & JPY retreating
Core fixed benchmarks diverge slightly as EGBs/Gilts extend while USTs slip ahead of data
Commodities are generally contained with catalysts thin after a week of USD-driven upside
Looking ahead, highlights include US Import & Export Prices, UoM Sentiment (Prelim), US Treasury Dealer Meeting Agenda. Earnings from JPMorgan, Wells Fargo, BlackRock & Citigroup. Fed’s Goolsbee.

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EUROPEAN TRADE

EQUITIES

European bourses are contained but remain on track to close the week out with marked gains, Stoxx 600 set for +3% WTD upside.
Sectors are somewhat mixed with defensive names outperforming on the tentative tone while Telecom. lags after Nokia and Ericsson’s respective updates.
Stateside, futures are near the unchanged mark as we await the final scheduled Fed speak before blackout commences alongside the formal commencement of Q2 earnings season.
UnitedHealth Group Inc (UNH) Q2 2023 (USD): EPS 6.14 (exp. 6.01), Revenue 92.9bln (exp. 91.bln); FY23 adj. Net guidance 24.70-25.00/shr (exp. 24.76). +2.1% in pre-market trade
Nokia (NOKIA FH) – Q2 (EUR): Revenue 5.7bln (exp. 6.03bln), adj. EBIT Margin 11%. Cuts FY23 sales outlook to EUR 23.2-24.6bln (exp. 25.57bln, prev. 24.6-26.2bln). Weaker demand outlook in H2 is due to both the macro-economic environment and customers inventory digestion.
UK CMA considers there is insufficient time remaining within the statutory period for a full and proper consideration of Microsoft’s (MSFT) submission re. the proposed Activision (ATVI) deal; revised period to end on 29th August 2023.
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

DXY finds a base just above 99.500 after another heavy decline and approaching end of bleak week that started with the index peaking around 102.500.
Aussie and Kiwi make way for Buck bounce as AUD/USD fades ahead of 0.6900 and NZD/USD from 0.6400+ at best.
Yen retreats from 137.26 towards 138.50 as JGB-UST spreads re-widen.
Euro and Pound pull up shy of 1.3150 and 1.1250 vs Dollar respectively, but EUR/USD evades 1bln option expiries at 1.1200, for now.
BoJ to host the first long-term policy review workshop in December, to discuss monetary policy and financial systems. Second workshop in May 2024. To discuss analyses comprehensively until that point.
PBoC set USD/CNY mid-point at 7.1318 vs exp. 7.1453 (prev. 7.1527)
Click here for more detail.
Click here for the notable option expiries.

FIXED INCOME

Debt diverges towards the end of a hectic and mainly corrective bull-steepening week
Bunds and Gilts above par between 133.18-132.69 and 95.02-94.53 respective bands, but T-note underwater within 113-01+/112-21 overnight range awaiting US import/export prices
Fed’s Goolsbee and UoM sentiment with inflation expectation. JGBs volatile amidst contrasting BoJ vibes
Click here for more detail.

COMMODITIES

A contained and catalyst-thin session thus far to conclude a busy week of macro developments before the Fed blackout begins and attention turns to the next round of Central Bank announcements.
WTI Aug’23 and Brent Sep’23 are on track to conclude the week with gains of circa. USD 2.50/bbl and are currently at the upper-end of the week’s USD 72.67-77.33/bbl and USD 77.36-81.75/bbl respective parameters.
Spot gold is a touch softer but holds above the USD 1950/oz handle around the USD 1954/oz 50-DMA; base metals more mixed as it stands.
Qatar set September-loading Al-Shaheen crude term prices at USD 1.68/bbl above Dubai quotes.
Click here for more detail.

NOTABLE US HEADLINES

Fed’s Waller (voter) said the Fed will likely need two more 25bps hikes this year and he favours raising rates at the July FOMC, while he is increasingly confident that banking stress won’t derail the economy. Waller added that cooler CPI data is welcome but they need to see if it is sustained, while he doubts core inflation is structurally lower and stated that the September Fed meeting is a live meeting for monetary policy.
Click here for the US Early Morning Note.

EUROPEAN DATA RECAP

EU Eurostat Trade NSA, Eur (May) -0.3B EU (Prev. -11.7B EU).

NOTABLE EUROPEAN HEADLINES

Dutch elections to take place on November 22nd, via NOS.

CRYPTO

Bitcoin is under modest pressure despite the USD continuing to languish with drivers thin and the docket ahead relatively spares aside from crucial banking updates.

GEOPOLITICS

Russian President Putin said new weapons supplies will further escalate the conflict in Ukraine and worsen the situation. It was separately reported that Putin also said he proposed to Wagner fighters at a meeting this month to continue serving in the military, while he added that Russia’s government and parliament must discuss the legal framework for private armies and said without a legal framework, ‘Wagner does not exist’, according to Kommersant.

APAC TRADE

APAC stocks traded mostly higher after the positive lead from Wall St where yields continued to decline as PPI data followed suit to the softer consumer inflation and supported the case for just one more Fed rate hike.
ASX 200 was firmer with gains in the index led by the tech sector after similar outperformance of US counterparts amid a decline in yields, while the announcement that RBA Deputy Governor Bullock will take over from Governor Lowe in September had little effect on markets and was largely seen as policy continuation.
Nikkei 225 swung between gains and losses with headwinds from JPY strength and speculation that the BoJ could raise its inflation forecast above the 2% target at its meeting this month, which could pave the way for policy normalisation, while former BoJ Director Hayakawa expects the BoJ to tweak yield curve control at the upcoming meeting by potentially raising the 10yr yield ceiling to 1.0%.
Hang Seng and Shanghai Comp were positive albeit with gains capped despite the renewed support pledges by the PBoC to keep credit growth appropriate, as well as step up counter-cyclical adjustments and support for key sectors.

NOTABLE ASIA-PAC HEADLINES

PBoC Deputy Governor Liu said China’s overall liquidity is ample and its credit structure improved in H1, while he also noted that financing costs stabilised and dropped in H1. Liu said the PBoC has ample policy tools and will step up counter-cyclical adjustments, as well as improve financial services for tech companies, guide banks to boost lending for tech companies and will increase support for SMEs and the green sector, according to Reuters.
PBoC official said they will keep credit growth appropriate and step up support for key sectors, while the central bank will deepen interest rate reforms and will guide banks to increase lending to small firms and private firms. Furthermore, the official said there is ample room and various policy tools to cope with challenges, while they will use policy tools such as RRR and MLF, as well as innovate new policy tools if needed, according to Reuters.
China’s top diplomat Wang Yi said US and China need to take practical actions to bring back ties onto the right track and that the US should adopt a rational and pragmatic attitude and meet China halfway. Wang also said the US must refrain from interfering in China’s internal affairs and stop suppressing China’s economy, trade, and technology, while the US must lift illegal and unreasonable sanctions against China, according to Xinhua.
Australia named Deputy Governor Bullock as the next RBA Governor from September 18th, while Bullock said she is committed to ensuring that the Reserve Bank delivers on its policy and operational objectives.
Chinese regulators are reportedly to meet with global investors in order to shore up economic confidence, via Reuters citing sources; focused on the current conditions of USD-denominated investment firms and the main challenges they face. Meeting will take place on Friday 21st July. Investors will be invited to provide suggestions on how to combat the challenges they are facing and to give their views on the Chinese economy.

DATA RECAP

Singapore GDP QQ (Q2 P) 0.3% vs Exp. 0.3% (Prev. -1.6%); YY (Q2 P) 0.7% vs Exp. 0.6% (Prev. 0.4%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

////SOUTH KOREA/CHINA

END

2e) JAPAN

JAPAN/

END

3 CHINA /

CHINA/USA

Former NBA Player Says He Lost $50 Million In Earnings After Speaking Out Against CCP

THURSDAY, JUL 13, 2023 – 11:00 PM

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

Former NBA player Enes Kanter Freedom has claimed to have lost roughly $50 million in salaries and possible endorsements after his career ended abruptly when he spoke out against the Chinese Communist Party (CCP).

The basketball player made the claims in a hearing on July 11 before the Congressional-Executive Commission on China (CECC), which is chaired by both Rep. Chris Smith (R-N.J.) and Sen. Jeff Merkley (D-Ore.).

Tuesday’s hearing, titled “Corporate Complicity: Subsidizing the PRC’s Human Rights Violations,” centered on the alleged human rights abuses taking place in China, including genocide, forced organ harvesting, forced labor, internet censorship, and mass surveillance.

It also focused on how international businesses and corporations that seek to operate in China or maintain access to the Chinese market often find themselves at risk of being complicit in such human rights abuses.

“According to my manager, I lost around $50 million dollars, with all the NBA contracts and endorsement deals that I could’ve signed,” the sportsman said.

“I sleep in peace at night knowing that I did the right thing. My only question is: How can the biggest dictatorship in the world, China, control an 100 percent American-made company and fire an American citizen?” he added.

China’s ‘Brutal Dictator’

During Tuesday’s hearing, Mr. Kanter told lawmakers that he has, over the past 11 years, often spoken out about the human rights violations in his home country of Turkey, where he said there were “many innocent people being prosecuted” by President Recep Tayyip Erdogan’s regime, including his own relatives.

He later moved into activism toward China following a “simple basketball camp” in New York, during which he was asked by the parent of one child why he had not spoken out about the CCP’s alleged abuses against members of the Uyghur and other Muslim minority groups.

A 2022 report published by the U.N.’s Office of the High Commissioner on Human Rights (OHCHR) found a number of “serious human rights violations” may have been committed against Uyghur Muslims in Xinjiang, China. The United States has also accused the CCP of genocide. China has repeatedly dismissed the claims as a smear campaign.

Mr. Kanter told lawmakers that after being questioned by the parent, he began researching the CCP’s alleged human rights abuses against members of the Uyghur group and others, at one point speaking to a concentration camp survivor who detailed her experience of torture, gang rape, forced sterilization, and abortion methods in such camps.

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

GERMANY

Germany to open a tank factory in the Ukraine

(DeCamp/Antiwar.com)

Germany’s Leading Arms Maker To Open Tank Factory In Ukraine

FRIDAY, JUL 14, 2023 – 03:30 AM

Authored by Dave DeCamp via AntiWar.com,

Rheinmetall, Germany’s leading arms maker, will open a plant to manufacture tanks and other armored vehicles in Ukraine within the next 12 weeks as the West is looking to boost Ukraine’s weapons industry.

Rheinmetall CEO Armin Papperger told CNN that the company will also train Ukrainians how to use and maintain the tanks they manufacture at the plant. He said Ukrainians need to learn how to “help themselves” and cannot rely on Europeans and Americans for maintenance.

The German company will operate the factory with Ukroboronprom, a Ukrainian state-owned defense firm. Papperger said the facility will be located in western Ukraine.

Other Western arms companies are looking to establish factories in Ukraine, and Russia has warned that it could target the plants.

Dmitry Medvedev, the deputy chair of Russia’s security council, warned in June that Russia should respond to Western arms manufacturing in Ukraine with “salvos of Kalibr (cruise missiles) and other Russian pyrotechnic devices.”

Papperger insisted that the Rheinmetall plant would be able to be protected from any Russian attacks. “There are a lot of factories at the moment which are producing military goods [in Ukraine]. It is just another one — and we can protect that also,” he said.

The war in Ukraine has been a boon for Rheinmetall and other Western arms makers. Papperger said that the focus right now is producing more artillery rounds, and his company is working on ramping up its annual production of shells from 100,000 to 600,000.

end

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA// UKRAINE/USA/EUROPE

ROBERT h TO US:

Tragedy without end: Ukrainian forces massacred in the blink of an eye in Ugledar, Gorlovka, Zaporizhia! – Ukrainian soldier: We are Vietnam! – WarNews247

Sometimes, one looks at events and concludes they must have sent in the clowns.

Or perhaps history simply repeats as its lessons are not learnt. Today, the 2023 killing fields are in Ukraine where even Hitler is outclassed by the Biden Show ordered death executed by ever eager Zelensky. Between June 4th and July 4th, 26,000 Ukrainians were officially killed while unofficial numbers are much higher. The countless dollars of wasted equipment destroyed out classes anything the Germans attempted during WWII. The attachment details what seems so distance but is very real and avoided by MSM. And shows the truth of what really is occurring daily. A tragedy of our time when mainstream journalism is a propaganda tool. However they do dare to mainstream this as too many questions would occur. Much like the truth of child trafficking is swept under the rug and not a subject in polite company. Thank goodness for the valiant ones who bring forth truth in alternative media. They are our true champions and by their voice, freedom and knowledge remains for those with sight to see, learn and act. And yes, daily a public is awakening. Just look at how empty Disney is daily now. Orlando faces a decline, no one wants to admit.

The reality is Ukraine was never going to win anything but brief recognition for those brave soldiers willing to sacrifice their lives early, for lies and profit by others. It is truly horrible that society watches such slaughter in an endless parade of human potential wasted. Those men who did not die but survived wounded or not, will carry the burden of what they saw and experienced for a generation or more. As for Ukraine, It is a nation that has begun the slide into the abyss of time and will cease to be a nation before this is finished. And it will be forgotten. As for the delusional crowd in Western Ukraine the growing cemeteries are not enough to penetrate the illusion of a victorious Ukraine. Sadly death is not victory but an end to a failed mindset. Russian armor on the outskirts of Kiev will bring a new reality to bear. And this is coming soon, as are other events in Ukraine. Russia has already demonstrated its’ ability to execute EMP strikes with impunity and one would be naive to think new weapons not seen might be used to make the point. Military minds are haunted by words like Poseidon ( a nuclear torpedo that creates an unstoppable tidal wave) which lies silent in wait. Why do you think that there have been air space closures while planes search off the East Coast of America and Britain on more than one occasion? Do you really thinks EMP capable drones are stoppable? If you do, you really need to invest in swamps.

Russia demonstrates its’ unique array of weapons not even using its most modern ones while converting its economy to a war footing where tanks roll off lines that produced Lada’s in the past. Russia has awaken with a spirit within that had laid quiet for decades in nationalism. So should it surprise us to learn that extension of Ukrainian grain deal is sweetened with an offer to bring Russia back on to Swift? In the West, there is a real delusion of self importance. China has concluded that the Biden Show has at best 90-120 days left before collapse. Why would anyone negotiate anything with a collapsing voice? Will the XI/ Putin meeting in October in China be about the opportunities presented by an ended clown show?

We will see many changes in coming weeks and months that will surprise, not all is lost nor is it won. History is being written tomorrow by events that have already occurred.

https://warnews247.gr/apistefti-tragodia-oukranikes-dynameis-sfagiastikan-en-ripi-ofthalmou-se-ugledar-gorlovka-zaporizia-ekatomves-nekron-anavdo-to-nato/

end

The Latest Russian Jumping Anti-Tank Mine ‘PTKM-1R’ Shocked Western Military in Ukraine! – YouTube

Crazy stuff

END

ROBERT H TO US:

Ordering the Selected Reserve and Certain Members of the Individual Ready Reserve of the Armed Forces to Active Duty | The White House

Inbox

Search for all messages with label Inbox

Remove label Inbox from this conversation

Sometimes one wonders if there is an insane potion being fed to leaders of countries. In the case of America, the Biden Show is a nothing more than a Neocon agenda blinded by hatred for all things Russian. Largely because Russia will not give up its sovereignty to plunder. As it is China has concluded this Show will not last more than a few months as Congressional investigations and disclosures ramp up next month. Neocons are running out time to launch war. As the passage of each week closes the window for war. And others interests have desperation in desire to introduce Digital Currency to mask insolvency before time catches up with deceit and to blame it all upon Russia and war. Do you know that NATO’s 4,400 page war plan for Russia from Vilnius has been leaked?

Sanctions and removal of Russia from Swift have done nothing more than harden Russian resolve to chart their own course without Western interference. The removal of Russia one day will be written about by historians as the America driven by neocons declared war upon Russia. Perhaps as we enjoy these summer days such opinion seems remote. However, all preparations are under way. Vassal countries like Bulgaria move to produce artillery shells not because they want to but out of fear and pressure because they know regime change tactics used can easily come their way. Even Italian perceived national independence has been harshly explained by an American General to a government in power.

Today, weekly new innovations appear on the conflict lines from Russia to make killing more efficient. After all, war is all about attrition and the person with the most effective killing ability wins. Russian soldiers wonder out loud at the futility of Ukrainians dying in vain. Perhaps this is why they exhibit a kindness not returned by Ukrainians who now use Russian POW’s as walking a mine clearing tool. Before this year ends Russia will add 3 new ships to their Black Fleet armed with the latest hypersonic missiles allowing a 36 missile strike upon call. Tanks roll daily off assembly lines as new squadrons of planes are delivered for combat duty, well beyond current levels of conflict.

Recently the eastern coastal areas of America and Britain on more than one occasion have been closed as planes search for Poseidon ( a nuclear torpedo that the Russians have, that causes a tidal wave). Reason being the Russian sub capable of deploying 6 such torpedo’s has been missing off Western radar after being put to sea. There is no defense against this weapon. And it is naive to assume it can be found or that it will not possibly be used when and if Russia is attacked. As it is hardliners in Russia are louder than ever over what they see coming. If it was not for Putin, Kiev would have ceased to exist months ago as a message to Neocons. German efforts to build tank factories in Western Ukraine is a fool’s errand, but a clear indicator of perceived extended conflict where Europe profits from a conflict where official declaration remains mute. Weekly on the conflict lines new equipment appears and is refined as Russia readies itself for what they perceive is coming. And in the background nuclear forces and much more prepare and modernize. The West is not even in the same league with cutting edge technology as Ukrainians are demonstrating with their spilled blood. Does the West have a solution for this?

In the attachment, you will see a call up of Reserves in America. No one does this unless war is coming. Poland recently called up all their Reservists and has denied them exit fro Poland. Another 200,000 troops to go into battle and they are being moved to the Belarusian border. Truly puzzling given the nukes stationed in Belarus. The Moment they cross the border, those nukes will fly into Poland. And Poland will burn while those troops fight on Belorussian soil.

Sadly, it seems the world has learnt little from history.

https://www.whitehouse.gov/briefing-room/presidential-actions/2023/07/13/ordering-the-selected-reserve-and-certain-members-of-the-individual-ready-reserve-of-the-armed-forces-to-active-duty/

END

RUSSIA

Gold backed?

Russian Parliament Passes Digital Ruble Bill

FRIDAY, JUL 14, 2023 – 06:30 AM

Authored by David Attlee via CoinTelegraph.com,

Russia’s central bank digital currency (CBDC) project, the digital ruble, has taken a step closer to reality.

On July 11, the lower chamber of the Federal Assembly of the Russian Federation, the State Duma, passed the digital ruble bill in the third reading.

The legislation now moves to the assembly’s upper chamber, the Federation Council, and, if passed, to the president’s desk.

The bill, which was last amended at the end of June, sets the legal definitions of “platform, ” participants,” and “users,” as well as the general guidelines for the CBDC ecosystem.

In the current framework, Russia’s central bank, the Bank of Russia (BoR), will become the principal operator of the digital ruble infrastructure. It also bears the responsibility for all the stored assets.

The main aim of the CBDC, according to the BoR, is to serve as a payment and transfer method. Hence, its users won’t be able to open savings accounts. As the BoR emphasizes, payments and transfers would be free for individual customers and cost 0.3% of the payment amount for corporate clients.

The bill was introduced to the State Duma in December 2022 and passed through its first reading in March 2023. In February, a subsidiary of the leading Russian government-owned gas company, Gazprombank, warned against possible risks for banks in the case of the fast transition to digital money. The Russian branch of McKinsey estimated the potential losses of traditional banks from the CBDC implementation at around 250 billion rubles ($3.5 billion) in five years. At the same time, the consultancy firm estimated retailers’ profit at $1.1 billion yearly.

In a recent interview, the deputy chairman of the central bank, Olga Skorobogatova, announced the mass rollout of the digital ruble for all Russian citizens by 2027. The CBDC will be tested in a pilot program between 2023 and 2024.

END

ISRAEL/USA…

Republicans accuse Biden of Anti Israel policies as relations between Israel and the Democrats hit an all time low

(zerohedge)

Republicans Accuse Biden of ‘Anti-Israel’ Policies As Relations Hit Low Point

THURSDAY, JUL 13, 2023 – 06:40 PM

At a moment the relationship between the Biden White House and the Israeli government of Prime Minister Benjamin Netanyahu is continuing to deteriorate over what the US admin has called the latter’s ‘extreme’ stances, Republicans have lashed out, charging Biden with ‘anti-Israel’ Policies.

Fourteen Republican US senators are holding up confirmation of State Department officials, they have announced, until the White House reverses its “antisemitic boycott of Israel”.

Republican Senators Lindsey Graham, Ted Cruz, Marco Rubio, James Risch, and Tom Cotton penned a letter addressed to Biden and Secretary Blinken which said, “It is untenable for State Department officials to continue testifying to Congress that they support the US-Israel relationship and then – once out of view – to push policies designed to undermine that relationship.”

The Biden administration has recently made moves to in effect boycott Israeli goods and technology which are based in occupied West Bank locations. This as the president and his top officials have denounced Israeli settlement expansion.

Axios reported last month that the Biden administration “notified Israel two weeks ago that it was reimposing a ban that prohibits U.S. taxpayer funding from being used in any research and development or scientific cooperation projects conducted in Israeli settlements in the occupied West Bank, according to three U.S. and Israeli officials.”

Further, Axios described, “The Biden administration’s decision reverses a Trump administration policy from late 2020 that allowed U.S. taxpayer funding to be used for science and technology projects in the settlements for the first time since 1967.”

The White House has also criticized Netanyahu’s judicial overhaul initiative, which Israeli opponents as well as tens of thousands of Israelis who have taken to the streets say will destroy checks and balances and given the ruling far-right coalition unprecedented power over the judiciary.

The GOP Senators wrote further, “This guidance in particular puts Americans’ safety, security, and prosperity at risk because it politicizes and undermines cooperation on science and technology, including in areas such as defense and medicine where also our Israeli allies have proven themselves critical partners.”

They are urging for the Biden administration to immediately repeal the policy and restore the Trump-era one.

END

Robert H to us

important!

TURKEY

the Erdogan caper and more

There is a backstory to the change of heart that Erdogan had during the NATO summit. The change of heart came about because he was offered $13 billion from the IMF via a telephone call from Biden while on route to the summit. As some parties may know the Sultan has been desperately short of cash. So much so, and with the earthquakes experienced, that Turkey has experienced; he has had to borrow USD from the Turkish banks, and he is not in a position to repay the banks, if the banks had to return the money to their customers. So the promise of money, cash money with few strings was most appealing. Whether in the actual fact that occurs remains to be seen as the IMF is short of money itself. He may find the cupboard is too barren for him and it was an empty promise. Desperate people sinking always grab at whatever lifelines they see and do not always find the right one.

The other side of this coin is that Russia has been very generous with Turkey on payment terms for a natural gas And Russia has allowed turkey terms that it would not normally provide given it’s problems. Russia will in the future not be so generous. One may know that Russia has yet to comment on the extension of the grain deal, about to expire. The parties to the agreement have not lived up to a single clause in the agreement. Russia is now in a position to cancel the agreement and in so doing would be able to blockade the Ukraine for future military operations. One might say that Erdogan provided Russia the opportunity to do that, and not to be seen in a bad light, given the lack of fulfillment of any of the terms of the grain agreement. The wily Sultan may have just pulled a fast one because if he does not get the money and a EU pass in return for his dropping resistance to NATO expansion he may just decide that he does not need neither as China and BRICS beckon and credit is available to allow a default without too much harm.

As it is, it is likely in the not too distant future the Russia will no longer tolerate predator draw drones over the black sea. Actual Russian tolerance of both fixed wing and drone. Surveillance is coming to an end. And when it does both those planes and drones will either stay away from Deemed air space or they will be shot down. NATO is delusional and thinking Russia is not prepared to fight for its’ survival.

Just like the Wagner illusion was simply that, all parties are playing games on the board. And complaints that agencies were had is more a comment about ineffectiveness than what really happened.

GLOBAL ISSUES//MEDICAL ISSUES

END

GLOBAL ISSUES//

END

GLOBAL VACCINE/COVID ISSUES“

end

DR PAUL ALEXANDER

14 sudden tragic deaths of teachers, ages 24 to 55; was it the mRNA technology COVID gene injection? is it the mRNA-LNP? how do we explain these deaths in the era of ‘died suddenly, dying at dawn’?

Did these teachers die suddenly because of the vaccine mandates? not just teachers, nurses too, police, military, were all deceived & many are vaccine injured today, with deadly ‘silent’ myocarditis

DR. PAUL ALEXANDERJUL 14

Dr. Makis lists the 14 deaths and his substack on this is well done and raises serious fundamental questions:

‘May 26, 2023 – Greensboro, NC – 49 year old Jill Smart died suddenly in her sleep. She was pursuing a PhD at University of Indiana and taught anatomy & physiology

May 20, 2023 – Iowa City, IA – 34 year old High School teacher Amylia Yeaman died suddenly in her sleep on May 20/21, 2023. She was fully COVID-19 vaccinated.

May 19, 2023 – Akron, OH – 50 year old Daniel Robert Arman, a best-selling science fiction & fantasy author, 9th grade teacher, died suddenly from a massive heart attack

May 16, 2023 – Montreal, QC – 53 yo Quebec politician & professor of history at Dawson College Frederic Bastien died suddenly. “In all likelihood, it is a heart attack while riding a stationary bike. Frederic was very athletic.” Found dead by his wife.

May 14, 2023 – Oviedo, FL – 50 year old Bill Schult, who taught music and choir at Oviedo High school for 20 years, died suddenly in his home.

May 12, 2023 – Lyme, NH – 55 year old Dr.Renee Manheimer, Grade 4-8 Spanish Teacher at Crossroads Academy, died suddenly on May 12, 2023

May 8, 2023 – Davis, CA – 39 year old Dr.Shannon Callahan, PhD of psychology and instructor at Sonoma State University, died suddenly on May 8, 2023 after a short, 5 week battle with turbo cancer.

April 30, 2023 – Montgomery, TX – 55 year old basketball coach & PE teacher Kevin Zubke died suddenly. He developed a rare blood disorder (TTP) that caused a cardiac arrest (TTP can be caused by mRNA vaccines)

April 27, 2023 – Solon, OH – 40 year old high school teacher Crystal Kennedy Cespedes died suddenly in her sleep.

April 24, 2023 – Cincinnati, OH – 50 year old teacher and Principal of Madeira Elementary School, Chris Flanagan died unexpectedly of pulmonary embolism. He had 4 children.

April 23, 2023 – Milton Keynes, UK – 40s year old Amelia Hempel Jorgensen, Open University research fellow and teacher, died suddenly of a brain aneurysm.

April 22, 2023 – Springfield, MO – 54 year old teacher and Principal of Elm Tree Elementary School Amy McAnally Simpson died suddenly in her sleep. She leaves 3 children.

April 10, 2023 – Wheat Ridge, CO – 24 year old Madelaine Schmidt, teacher at Eaglecrest High School and girls’ soccer coach, died from “bacterial meningitis” (click here)

end

Biden & the deranged people in his White House pushing us to WW III (in the Russia Ukraine war) & seems we are headed there; Biden Authorizes 3000 Military to Call Reservists to Active Duty

President Joe Biden on Thursday issued an executive order authorizing the Pentagon to call reservists to active duty “for the effective conduct” of U.S. military support to Ukraine.

DR. PAUL ALEXANDERJUL 14

https://www.breitbart.com/politics/2023/07/13/biden-authorizes-military-to-call-reservists-to-active-duty-to-support-ukraine-war/

end

Leader of Canada’s Opposition calls for an end to discriminatory COVID-19 vaccine mandates; Pierre Poilievre rightfully notes that the fastest way to get more doctors and nurses is to end

discriminatory vaccine mandates; “end all the discriminatory vaccine mandates blocking them from doing their jobs, so they can work again.”

DR. PAUL ALEXANDERJUL 13

‘The London Free Press (LFP) recently published an article detailing the tribulations of a pregnant nurse who faces termination over a lingering workplace COVID-19 vaccine policy. The headline asks: Why are COVID vaccines still mandatory?

Opposition Leader Pierre Poilievre retweeted the article stating that the fastest way to get more doctors and nurses is to “end all the discriminatory vaccine mandates blocking them from doing their jobs, so they can work again.”

“A London Health Sciences Centre (LHSC) nurse set to be fired this week has made a rare public appeal to the hospital’s top boss to save her job,” the article says.

Sandra Hartman appealed to the chief executive of the LHSC, Jackie Schleifer Taylor – whose predecessor Paul Woods was fired after ignoring COVID-19 related travel restrictions throughout 2020 and 2021.

“I think she would have the authority to change it,” Hartman is quoted as saying.

Taylor announced the mandate on August 31, 2021 that would extend to “physicians, staff, volunteers, learners, contractors and cross-appointed personnel.” It was said that the vaccine mandate would “build on our other protective measures like mandatory education and testing.”

Hartman’s plea echoes the sentiments of hundreds of ousted healthcare workers across the province of Ontario who last gathered in January 2023 in hopes of garnering mainstream media attention to the injustice faced not only by them, but the patients who are suffering amid extreme staff shortages.

Ontario’s Medical Officer of Health, Dr. Kieran Moore, rescinded Directive 6 – a government sanctioned health directive stipulating COVID-19 vaccine mandates for healthcare workers – in March of 2022. However, it is said that the Ontario Hospital Association (OHA) has continued to pressure hospitals to keep this outdated policy in place.

As part of their 2023/24 strategic plan, the OHA says that it will “ensure that our organization and culture remain inclusive, modern and relevant.”

Many argue that continued COVID-19 vaccine mandates are the opposite of inclusive, modern and/or relevant.’

https://www.rebelnews.com/leader_of_canada_s_opposition_calls_for_an_end_to_discriminatory_covid_19_vaccine_mandates

end

SLAY NEWS

The latest reports from Slay News

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EVOL NEWS

WEF Pushing Global Famine for ‘Great Reset’ AgendaREAD MORE…

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NEWS ADDICTS

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VACCINE IMPACT/

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

“Continuity With Change”

FRIDAY, JUL 14, 2023 – 10:50 AM

By Benjamin Picton, senior macro strategist at Rabobank

Continuity with Change

“Continuity with Change” was the comically vapid election slogan of Julia Louis-Dreyfus’ Selina Meyer in the hit TV show ‘Veep’. It’s appropriate for this week in markets, which may have marked an inflection point in some respects, but there was also a strong hint of sameness in some of the ‘variation on a theme’ central bank moves.

Wednesday’s CPI inflation report for the USA was received as a harbinger of welcome change by jubilant equity markets. The softer than expected read for both core and headline inflation also added momentum to a rally in bonds that was sparked earlier in the week by the Mannheim report that showed a fall in used car prices of 4.2% from May to June. 10-year Treasury yields retreated from the year-to-date high of 4.07% as at market close last Friday.

Lower than expected inflation obviously raises some questions on the policy path for central banks. San Francisco Fed President Mary Daly said overnight that the inflation report was “very positive”, but that it was too early to declare victory on inflation. Christopher Waller seemed to hedge his bets by suggesting that two more rate rises are appropriate, but that another two soft inflation reports would justify a pause in the hiking cycle. So, continuity with change?

Both Daly and Waller are considered to be hawks, but talk of a pausing from Waller is particularly interesting because (unlike Daly) he is a voting member of the FOMC this year. Another well-known Fed hawk, James Bullard, announced this week that he will be departing the St Louis Fed to take up a role in academia. Bullard has formed something of a double-act with Loretta Mester in the vanguard of the PR assault on inflation by regularly frontrunning policy decisions with public comments about the need for the Fed to go harder. Bullard and Mester have been well placed to play the Devil’s advocate this year because neither are voting members, but with that poised to change in 2024, the timing of Bullard’s exit is certainly curious. Has he sniffed the wind on a change in the inflation outlook?

News of James Bullard’s departure came shortly before an announcement today that Philip Lowe would not be re-appointed as RBA Governor. Markets had certainly been expecting Treasurer Jim Chalmers to draw a line under the Lowe years, but the appointment of current deputy Michele Bullock as the new Governor from the 18th of September came as a bit of a surprise. Finance Department Secretary Jenny Wilkinson had been considered the favourite for the role given the government’s indicated preference for a female candidate, Wilkinson’s strong academic credentials, a decade of previous experience at the RBA and a reputation for no-nonsense competence. It seems that her chances may have been stymied by Opposition Leader Peter Dutton, who suggested that appointing a serving department head (who has been responsible for implementing the government’s policy agenda) would unduly politicise the central bank.

So, Michele Bullock has been given the nod and will become the first female Governor in the Bank’s history. She will now oversee the implementation of the 51 recommendations of the RBA Review, including the shift from 11 meetings a year to 8 meetings a year from February onwards. Aussie 10-year bonds have underperformed Treasuries this morning as rates traders digest the news. The fact that Bullock was a voting member of the RBA Board for the 12 rate hikes delivered since May last year, along with her past comments about needing to get the unemployment rate up to 4.5% to see inflation sustainably back in the 2-3% target band, seems to have convinced traders that she will delivered on Philip Lowe’s “deadly serious” commitment on bringing inflation to heel. A change in leadership (and structure), but continuity of approach.

Elsewhere this week we saw policy rate decisions from both the Reserve Bank of New Zealand and the Bank of Canada. The RBNZ left their policy rate unchanged at 5.5%, effectively confirming the end of the aggressive hiking cycle that had seen the OCR increase at 12 consecutive meetings from October 2021 onwards. Despite the hold in rates, the RBNZ noted that credit conditions will continue to tighten as a large number of Kiwi mortgages reset from pandemic-era fixed rates to much higher variable rates in the weeks ahead. This coincides with sharp slowdowns in new housing construction, business investment and consumer spending that have already seen the economy tip into a technical recession, despite labor market indicators remaining historically strong. Nevertheless, markets scented a slight hawkish bias in the Monetary Policy Statement and we saw a bit of a lift in NZDUSD upon its release.

The Bank of Canada delivered another 25bps to take the policy rate up to 5%. Governor Tiff Macklem singled out surprisingly resilient food price inflation in justifying the further policy tightening, but also noted that household consumption and labour markets have remained stronger than previously expected. The BOC’s forecast on inflation returning to the 2% target was pushed back two quarters to mid-2025, despite warnings of slowing growth. Our resident expert on the Canadian economy, Christian Lawrence, expects no further rate hikes from the BOC, which is also our expectation for the RBNZ. The two economies show remarkable similarity, with policy rates now at a peak (we think), economic growth under pressure and inflation moving lower (albeit not as fast as policy makers might like). As with the EU, USA, UK and Australia, tight labour markets remain a concern as elevated wage claims pose upside risks to services price inflation and keep some possibility of further tightening alive, even as headline inflation figures fall back towards target.

Signs of labor cost pressures are not difficult to find. The Bureau of Labor Statistics this week reported that US real average hourly earnings increased by 1.2% in the year to June, while UK public servants have been offered pay increases of at least 5%. The American Screen Actors Guild (Ronald Reagan’s old shop) has decided to join Hollywood writers in taking strike action on Friday after failing to reach agreement with studio heads over new labour contract conditions. SAG President Fran Drescher said that “The entire business model has been changed by streaming, digital, artificial intelligence… If we don’t stand tall right now, we are all going to be in trouble. We are all going to be in jeopardy of being replaced by machines and big business.” That would be quite the change indeed, but Hollywood might find it hard to elicit much sympathy for their situation from “deplorables” in flyover states who were similarly disrupted into structural unemployment 30 years or more ago.

And finally, in Vilnius this week there was some change with a lot of continuity. Chronic holdout Turkey finally agreed to back Sweden’s application for NATO membership, but there was less enthusiasm for Ukraine to join the alliance. Existing members expressed concern that accepting Ukraine’s application could lead to escalation in the war with Russia. There are signs that Ukraine’s Western allies may be growing war-weary, but for now hostilities continue to grind on.

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: 1.1229 UP 0.0006

USA/ YEN 138.45 UP 0.381 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.3119 DOWN 0.0009

USA/CAN DOLLAR: 1.3118 UP .0005 (CDN DOLLAR DOWN 5 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 1.22 PTS OR 0.04%

Hang Seng CLOSED UP 63.16 PTS OR 0.33%

AUSTRALIA CLOSED UP 0.83% // EUROPEAN BOURSE: ALMOST ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALMOST ALL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 63.16 PTS OR 0.33%

/SHANGHAI CLOSED UP 1.22 PTS OR 0.04%

AUSTRALIA BOURSE CLOSED UP 0.83%

(Nikkei (Japan) CLOSED DOWN 28.07 PTS OR 0.09%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1958.80

silver:$24.81

USA dollar index early FRIDAY morning: 99.46 DOWN 0 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: 3.268% UP 8 in basis point(s) yield

JAPANESE BOND YIELD: +0.470 % UP 0 AND 7//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.526 UP 3 in basis points yield

ITALIAN 10 YR BOND YIELD 4.165 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.474 UP 1 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 1.1239 UP 0.0015 or 15 basis points

USA/Japan: 138.67 UP 0.609 OR YEN DOWN 61 basis points/

Great Britain/USA 1.3119 DOWN 0.0009 OR 9 BASIS POINTS //

Canadian dollar DOWN .0068 OR 68 BASIS pts to 1.3180

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The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.1415

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1451)

TURKISH LIRA: 26.17 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.470…VERY DANGEROUS

Your closing 10 yr US bond yield UP 4 in basis points from THURSDAY at 3.797% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.914 UP 3 in basis points ON THE DAY/12.00 PM

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

London: CLOSED UP 1.23 points or 0.02%

German Dax : CLOSED UP 28.09 PTS OR 0.17%

Paris CAC CLOSED UP 11.03 PTS OR 0.15%

Spain IBEX DOWN 29.00 PTS OR 0.31%

Italian MIB: CLOSED DOWN 86.11 PTS OR 0.30%

WTI Oil price 75.66 12: EST

Brent Oil: 80.06 12:00 EST

USA /RUSSIAN /// AT: 90.14 ROUBLE UP 0 AND 3//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.474 DOWN 7 BASIS PTS

UK 10 YR YIELD: 4.4795 UP 1 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1230 UP 0.0007 OR 7 BASIS POINTS

British Pound: 1.3099 DOWN .0029 or 29 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.487 % UP 4 BASIS PTS//

USA dollar vs Japanese Yen: 138.87 UP 0.804 //YEN DOWN 80 BASIS PTS//

USA dollar vs Canadian dollar: 1.3218 UP .0105 CDN dollar, DOWN 105 basis pts)

West Texas intermediate oil: 75,39

Brent OIL: 79;74

USA 10 yr bond yield UP 7 BASIS pts to 3.827%

USA 30 yr bond yield UP 5 BASIS PTS to 3.938%

USA 2 YR BOND:UP 14 PTS AT 4.753%

USA dollar index: 99.63 UP 17 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 26.19 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 90.06 UP 0 AND 5/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 113.89 PTS OR 0.33%

NASDAQ 100 DOWN 6.38 PTS OR 0.041%

VOLATILITY INDEX: 13.31 down 0.30 PTS (2.20)%

GLD: $181.43 DOWN 0.58 OR 0.32%

SLV/ $22.96 UP .08 OR 0.35%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

Dollar Dives In Dovish Week; Stocks, Bonds, Gold, & Crypto Soar

BY TYLER DURDEN

FRIDAY, JUL 14, 2023 – 04:00 PM

Cooling inflation data dominated the price action this week, but Citi’s US macro surprise index surged to a fresh cycle high helped by sentiment and labor market signals…

Source: Bloomberg

Sparking a dovish reaction in STIRs, with July fully-priced-in for a 25bps hike and then nothing to year-end, and then beginning to price in a rate-cut in Jan ’24…

Source: Bloomberg

That dovish shift sent the dollar reeling lower and everything else soaring.

Nasdaq and Small Caps outperformed on the week but all the majors were significantly higher with The Dow and S&P managing greater-than-2% gains on the week…

The mega-short-squeeze (up 15% in 6 days) seemed to end today as ‘most shorted’ stocks were sold and couldn’t catch a bid…

Source: Bloomberg

While the week was exuberant in stocks, we do note some anomalies today with NVDA giving up its earlier panic-bid to record highs and ending in the red..

Interestingly, 0-DTE traders were aggressive call-buyers in the afternoon as NVDA sold off…

Source: SpotGamma

Meme stocks melted up for 6 straight days but today saw that fun-and-games come to an abrupt end…

Source: Bloomberg

Banks were bid early on but even JPM gave it all back by the close and Citi was a shitshow…

Source: Bloomberg

Treasury yields were down significantly on the week (biggest weekly drop in yields since March), with the long-end underperforming, but Friday saw a noteworthy sell-off with yields backing up 8-12bps in the belly…

Source: Bloomberg

The yield curve (5s30s) steepened dramatically this week (3rd biggest weekly steepening since Lehman), getting very close to un-inverting…

Source: Bloomberg

The dollar index tumbled for 5 of the last 6 days, with its second biggest weekly decline (-2%) since March 2020. The Bloomberg Dollar Index is back at pre-COVID-Lockdown safe-haven-spike levels…

Source: Bloomberg

Crypto had a mixed week, with everything soaring on the heels of Ripple’s victory against SEC but this afternoon saw everything puking back their gains.

Bitcoin pushed up near $32,000 on Thursday and then plunged back near $30,000 today…

Source: Bloomberg

Ripple remained up over 45% on the week, but well off its highs (up over 90% at its peak on Thursday)…

Source: Bloomberg

Silver soared higher this week (dramatically outperforming gold), NatGas was lower on the week with Crude and Copper up solidly…

Source: Bloomberg

Silver’s big gains relative to gold slammed the Gold/Silver ratio down to 2023 lows…

Source: Bloomberg

WTI traded above $77 this week, breaking out of its two-month range, before fading a little today…

Finally, we note that Tech valuations are back at their highs on a standalone basis and near record highs relative to the market…

Source: Bloomberg

And US equities remain notably decoupled from bank reserves…

Source: Bloomberg

Is it different this time?

b) THIS MORNING TRADING//

END

II) USA DATA/

USA import and export prices have plummeted in this past year

(zerohedge)

US Import & Export Prices Have Plummeted In The Last Year

FRIDAY, JUL 14, 2023 – 08:51 AM

Import prices have been on a steep deflationary path since mid-2022 as supply chains have loosened and commodity prices have plunged.

Source: Bloomberg

Which means the terms of trade worsened in June as export prices fell more than import prices. That will be a drag on growth…

Source: Bloomberg

The headline deflationary declines are significant with export prices down 12.0% YoY and import prices down 6.1% YoY…

Source: Bloomberg

There is one possibility for a change in trend – China’s credit impulse (lagged)…

Source: Bloomberg

But, for now, we have seen no impact of this impulse rippling out from China’s apparent bottomless bucket of bad debt.

end

UMich Inflation Expectations Unexpectedly Rebounded In July; Democrats’ Confidence At 2-Year Highs

FRIDAY, JUL 14, 2023 – 10:08 AM

The once-must-watch inflation expectation signal from UMich’s sentiment survey unexpectedly rebounded higher in preliminary July data – with expectations for the next year up from 3.3% to 3.4% (notably above the expected drop to 3.1%). Expectations for longer-term inflation also rise…

Source: Bloomberg

Headline confidence was expected to rise in the preliminary July data and it did bigly… Sentiment rose to its highest since Sept 2021 at 72.6 with both current and expectations indices soaring…

Source: Bloomberg

“The sharp rise in sentiment was largely attributable to the continued slowdown in inflation along with stability in labor markets,” Joanne Hsu, director of the survey, said in a statement.

Buying Conditions surged for durable goods and increased for houses…

Source: Bloomberg

High prices have been most challenging for lower-income households. Hsu said that sentiment improved for all groups except lower-income consumers.

Sentiment for Democrats and Independents soared in preliminary July data, Republican confidence rose only modestly…

Source: Bloomberg

Confidence is likely correlated to the surge in stocks but the rebound in inflation does not fit with the CPI narrative.

END

USA economy falling to pieces:

(MarketWatch)

U.S. budget deficit widens to $227.8 billion in June

July 13, 2023 at 2:07 p.m. ET

MarketWatch

Fiscal year-to-date deficit is twice as large as the same period last year

The numbers: The U.S. federal budget deficit widened sharply to $227.76 billion in June, up from $88.8 billion in the same month last year, the Treasury Department said Thursday.

For the first nine months of the fiscal year, the deficit was $1.39 trillion, up from $515.1 billion in the same period last year.

Key details: In June, government receipts fell while spending increased, the department said.

Receipts were down $42 billion to $418 billion from a year ago while outlays rose $96 billion to $646 billion.

Big picture: Federal Reserve officials say that the government’s finances are on a long-term unsustainable path, but there is little appetite in Congress to fix it.

Phillip Swagel, the director of the Congressional Budget Office, projects that the deficit will average around $2 trillion per year, adding to the $32.5 trillion national debt.

What are they saying? “We look for a deficit of roughly $1.6 trillion in fiscal 2023 compared to $1.38 trillion in 2022,” said Nancy Vaden Houten, U.S. economist at Oxford Economics. She said the deficit might be adjusted lower when Treasury accounts for the Supreme Court’s decision to strike down the Biden administration’s student-loan forgiveness program, which will reduce spending in 2023 by about $300 billion.

III) USA ECONOMIC STORIES

Your big story of the day: USA debt interest payments are about to hit $1 trillion or greater during the next 12 months. As lower interest rates roll off the tableit is replaced with higher rates. For simplicity sake if all previous notes are replaced with new ones, the rate will be around 4.5%. Take 32 trillion in debt and you get total interest costs at 1.44 trillion dollars. This is where the uSA is boxed in and cannot extricate itself

(zerohedge)

Endgame: US Federal Debt Interest Payments About To Hit $1 Trillion

THURSDAY, JUL 13, 2023 – 11:20 PM

There was a shocking number in today’s latest monthly US Budget Deficit report. No, it wasn’t that US government outlays unexpectedly soared 15% to $646 billion in June, up almost $100 billion from a year ago…

… while tax receipts slumped 9.2% from $461 billion to $418 billion, resulting in a TTM government receipt drop of over 7.3%, the biggest since June 2020 when the US was reeling from the covid lockdown recession; in fact never have before tax receipts suffered such a big drop without the US entering a recession.

Needless to say, surging government outlays coupled with shrinking tax revenues meant that in June, the US budget deficit nearly tripled from $89 billion a year ago to $228 billion, far greater than the consensus estimate of $175 billion. One can only imagine which Ukrainian billionaire oligarch’s money laundering bank account is currently enjoying the benefits of that unexpected incremental $50 billion US deficit hole: we know for a fact that the FBI will never get to the bottom of that one, since they can’t even figure out who dumped a bunch of blow inside the White House – the most protected and surveilled structure in the entire world.

And with the monthly deficits coming in higher than expected and also far higher than a year ago, it is also not at all surprising that the cumulative deficit 9 months into the fiscal year is already the 3rd highest on record, surpassed only by the crisis years of 2020 and 2021: at $1.393 trillion, the fiscal 2022 YTD deficit is already up 170% compared to the same period last year.

Again, while sad, none of the above numbers are surprising: they merely confirm that the US is on an ever faster-track to fiscal death, but not before the Fed is forced to monetize the debt once again (one wonders what financial crisis the Jekyll Island folks will invoke this time to greenlight the next multi-trillion QE).

No, the one number that was truly shocking was found all the way on page 9, deep inside Table 3 of the latest Treasury Monthly Statement: the only highlighted below, and which shows that in the 9 months of the current fiscal year, the US has already accumulated a record $652 billion in gross debt interest.

This number was more than 25% higher compared to the Interest Expense payment for the comparable period a year ago, which amounted to $521 billion.

Soaring interest rates, driven by the panicked Fed’s scramble to undo its epic policy failure of 2020 and 2021 when the Fed kept rates at zero for far too long while injecting trillions into various asset bubbles, have been the key driver of the deficit, with the Federal Reserve boosting its benchmark rate by 5% since it began hiking in March last year. Five-year Treasury yields are now about 3.96%, versus 1.35% at the start of last year. As lower-yielding securities mature, the Treasury faces steady increases in the rates it pays on outstanding debt: that’s right – even when the Fed starts cutting rates, due to the delay of rolling over maturing debt, actual interest payments will keep rising for the foreseeable future.

For context, the weighted average interest for total outstanding debt at the end of June was only 2.76%, a level that’s not been surpassed since January 2012, according to the Treasury. That’s up from 1.80% a year before, the department’s data show, and if the Fed indeed keeps rates “higher for longer”, the blended rate on the debt will surpass 4% in one year.

That would be a complete disaster for the US, and it would mean that interest payments on total US debt of $32.3 trillion would hit $1.3 trillion within 12 months, potentially making interest on the debt the single biggest US government expenditure and surpassing social security!

But we don’t even have to wait that long until the exploding interest on US government debt becomes a major talking point ahead of the coming presidential elections. According to the St Louis Fed’s FRED and the BEA, the interest payments by the Federal Government have now surpassed $900 billion for the first time ever, and within a quarter will hit probably rise above $1 trillion, a historic benchmark that will probably begin the countdown to the US Minsky Moment.

One of the most incompetent puppets in the Biden admin (and there are countless), Treasury Secretary Janet Yellen, has played down concerns about higher rates. She has instead flagged that the ratio of interest payments to GDP, after adjustment for inflation, remains historically low. The problem with Yellen’s argument is that GDP will crater after the next recession (which will also spark the next financial crisis, one which Yellen will not live to see), but US debt will never again drop in either absolute or relative terms, as the good folks at the CBO have been so kind to make clear to even such intellectual midgets as the former Fed chairwoman.

In short, the endgame has now arrived, and all the US can do now is rearrange the deck chairs .

end

What on earth is this man thinking? He is mobilizing 3,000 reservists to Europe to augment “operation Atlantic resolve”. Russia is furious with this announcement

(zerohedge)

Biden Mobilizes 3,000 Reservists To Europe To Augment ‘Operation Atlantic Resolve’

THURSDAY, JUL 13, 2023 – 09:39 PM

President Joe Biden today issued an executive order approving the mobilization of select reserve forces with up to 3,000 personnel, augmenting the armed forces in support of Operation Atlantic Resolve.

By the authority vested in me as President by the Constitution and the laws of the United States of America, including sections 121 and 12304 of title 10, United States Code, I hereby determine that it is necessary to augment the active Armed Forces of the United States for the effective conduct of Operation Atlantic Resolve in and around the United States European Command’s area of responsibility.

In furtherance of this operation, under the stated authority, I hereby authorize the Secretary of Defense, and the Secretary of Homeland Security with respect to the Coast Guard when it is not operating as a service in the Navy, under their respective jurisdictions, to order to active duty any units, and any individual members not assigned to a unit organized to serve as a unit of the Selected Reserve, or any member in the Individual Ready Reserve mobilization category and designated as essential under regulations prescribed by the Secretary concerned, not to exceed 3,000 total members at any one time, of whom not more than 450 may be members of the Individual Ready Reserve, as they deem necessary, and to terminate the service of those units and members ordered to active duty.

This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

Here’s the Atlantic Council’s description of Operation Atlantic Resolve:

Defense.gov reports that this operation will be designated as a contingency operation, said Army Lt. Gen. Douglas A. Sims II, Joint Staff director of operations, during a press briefing today.

“This new designation benefits troops and families with increases in authorities, entitlements and access to the reserve component forces and personnel,” Sims said.

“This [executive order] reaffirms the unwavering support and commitment to defend NATO’s eastern flank in the wake of Russia’s illegal and unprovoked war on Ukraine,” Sims said.

So, first Abrams tanks were ‘no’, then F-16s were a red-line we wouldn’t cross, then cluster bombs were a war-crime, and now as close to ‘boots on the ground’ as we have been in a war against Russia?

Many questions arise about this action – Why reservists and not active military? (is it somehow less ‘boots on the ground’-ish if they are reservists?) Why now? (is another major Hunter Biden headline about to drop?)

At first blush, this may appear to be nothing significant to the casual observer. Maybe the reserves will just be there in a “support” or “advisory” capacity. But they will be there.

And as Lincoln Brown warns via PJ Media, one must ask oneself if a precedent is being set.

It takes an act of Congress to declare war. Historically, the president must go to the legislature and ask for a declaration. But Biden is taking advantage of his office to mobilize select portions of the military and send them to Europe, bypassing the need to even so much as consult with Congress. Is it an attempt to hide or secure something? Or is it merely an act of a self-obsessed and deluded president and cabinet?

Whatever the case may be, one should be disturbed at the thought of Joe Biden and his advisors pushing toy soldiers around a map of Europe. All the while oblivious to what is at stake. Not just for the nation but for the world. In a worst-case scenario, this is not going to be like D-Day, as horrific as that was. This will not be General Patton racing across Europe with his tanks to be the first to cross the Rhine. This will not even be like Vietnam or any of the recent conflicts in the Middle East.

This could potentially be unlike anything we have experienced before. And it is past time that cooler and saner heads on both sides of the aisle made this terrible old man and his ambitious, tone-deaf sycophants stand down.

Finally, bear in mind that Congressman Matt Gaetz has been warning that the Biden administration of “sleepwalking our great country into a world war.”

Is this the next escalatory move? Yet another prod of the bear?

Zerohedge.com/geopolitical/biden-mobilizes-3000-reservists-europe-augment-operation-atlantic-resolve

END

The House votes down the GOP amendment to block transfer of cluster bombs

(DeCamp/Antiwar.com)

Controversial Cluster Munitions Reach Ukrainian Frontline As House Votes Down GOP Amendment To Block Transfer

FRIDAY, JUL 14, 2023 – 09:15 AM

Authored by Dave DeCamp via AntiWar.com,

A Ukrainian general told CNN on Thursday that Ukraine has received a shipment of US cluster bombs, controversial munitions that have a devastating impact on civilians.

“We just got them, we haven’t used them yet, but they can radically change the situation on the battlefield,” Gen. Oleksandr Tarnavskyi said.

The Biden administration announced last week that it was sending Ukraine cluster munitions in the form of 155mm artillery shells as part of an $800 million weapons package.

It’s not clear how many have arrived in Ukraine so far, but Pentagon officials have said they will provide “hundreds of thousands” of rounds.

The cluster munitions are being provided using the Presidential Drawdown Authority, which allows President Biden to ship Ukraine weapons directly from US military stockpiles.

Cluster bombs scatter small submunitions over large areas, making them especially hazardous for civilians. Submunitions that don’t explode immediately on impact can kill or maim civilians for decades to come, as they have in Vietnam, Cambodia, and Laos, where the US dropped hundreds of millions of bomblets during the Vietnam War.

Because of their indiscriminate nature, cluster bombs have been banned by over 100 countries. But the US, Ukraine, and Russia are not signatories to the treaty, known as the Convention on Cluster Munitions.

The Biden administration has defended arming Kyiv with the brutal weapons by saying both the US and Ukraine are running out of conventional artillery ammunition. Secretary of State Antony Blinken said Ukraine would be “defenseless” without cluster bombs.

The administration’s rhetoric on cluster munitions has radically changed since the beginning of the war. On February 28, 2022, the White House said the use of cluster bombs in the Ukraine war would be a “potential war crime”.

Also on Thursday night, the House voted down an amendment to the 2024 National Defense Authorization Act that would have prohibited the transfer of cluster munitions to Ukraine.

The amendment was led by Rep. Marjorie Taylor Greene (R-GA) and failed in a vote of 147-276. The amendment received support from 98 Republicans and 49 Democrats.

The night before the vote, Republicans on the House Rules Committee voted down the original amendment relating to cluster bombs that would have banned the export of the controversial munition to all nations, not just Ukraine, which had bipartisan co-sponsors. The Republicans then added the narrowed-down Greene amendment, which was less likely to get Democratic support.

Narrowing the amendment to Ukraine made it more of a vote against military aid for Ukraine rather than a vote against cluster bombs, and there’s been virtually no dissent from Democrats on President Biden’s Ukraine policy. Even if the amendment passed, it wouldn’t have blocked current shipments of cluster bombs which already started arriving in Ukraine, and the NDAA still has a long way to go before it becomes law. Both the House and the Senate need to pass their versions, and then the two chambers have to negotiate the finalized version.

The House also voted down amendments put forward by Greene and Rep. Matt Gaetz (R-FL) to reduce funding for Ukraine. One amendment from Greene would have cut $300 million in military aid for Ukraine that’s packed into the $886 billion NDAA, but it failed in a vote of 89-341.

Gaetz put forward an amendment to cut off all military assistance for Ukraine. The measure failed in a vote of 70-358, with only Republicans voting in favor.

end

USA// COVID//VACCINE

This beef company says that it would rather shut down than accept mRNA injections into the cattle

(EpochTimes)

Veteran-Owned ‘Clean Beef’ Company Says It Would Rather Shut Down Than Accept mRNA Injections In Cattle

THURSDAY, JUL 13, 2023 – 06:20 PM

Authored by Allan Stein via The Epoch Times (emphasis ours),

Jason Nelson, president and CEO of Whole Cows based in Waco, Texas, makes no beef about there being a global war against the cattle industry.

“I would say there is a war not only against beef, there is a war against Americans being healthy,” he said.

As a physically disabled and highly decorated combat veteran who served in two branches of the U.S. military, Mr. Nelson sees the war is being waged by globalists in the name of fighting climate change.

He said the goal of getting people to eat lab-grown beef and insects instead of red meat to reduce the carbon footprint is no longer within the realm of conspiracy theory.

These products are in your supermarket, Mr. Nelson said.

Now, there’s a push by state legislatures to allow companies to inject beef cattle with mRNA vaccines to protect against disease.

At least five states have filed legislation opposed to mRNA in livestock and other consumer products.

A Matter of Principle

Mr. Nelson rejects mRNA technology in beef cattle in both theory and practice.

He has vowed to shutter his business if any of his products contained even a trace of these pharmaceuticals.

“As far as the beef industry itself, it’s under attack from multiple angles,” Mr. Nelson said. “For them to say … all of a sudden … cows are bad—not all animals—just cows—that cows are the ones destroying the climate—it’s a scam.

“They seem to think that’s the way out of whatever imaginary climate crisis they’ve created.”

With his brother Ben Riley, also a highly decorated veteran, and a third business partner, J.D. Rucker, Mr. Nelson, 44, launched Whole Cows more than a year ago, spurred on by his desire to ensure a clean beef supply untouched by Big Pharma.

Mr. Nelson said he has long questioned the safety and efficacy of mRNA technology in humans.

It’s why he left the military after a long career in the Marines and Army, working in the latter branch in psychological operations when the COVID-19 vaccine rollout began in 2021.

Rather than take the vaccine, Mr. Nelson left the Army before the Jan. 31 federal vaccine mandate went into effect, knowing he would lose his retirement benefits.

He later ran for U.S. Congress in the 2022 Texas primary against his Republican opponent Pete Sessions.

No mRNA, Please

Through conversations with his customers, Mr. Nelson learned their top concern is the ingredients in the nation’s meat supply—specifically, mRNA in beef.

“What they’re scared of is what’s in their beef. They don’t know what’s in their food. Every question we get is, ‘Are you sure it doesn’t have mRNA? Are you sure it doesn’t have GMO?’” Mr. Nelson said.

“We know two things are coming down the line. One is there are going to be mRNA mandates for cattle. That is coming,” he said.

Mr. Nelson said he began sourcing beef cattle nearly two years ago with input from ranchers to ensure the animals were mRNA injection-free. He eventually locked in contracts with cattle suppliers in Texas with backup suppliers in other states.

“I noticed a great need in the agrarian sector of our community that needs outlets and Americans who need healthy, wholesome food. It was a no-brainer,” Mr. Nelson told The Epoch Times.

“Freeze-dried food is what people need for long-term.”

“We looked at the supply chain and decided we needed a lock on our supply. Next, we had to lock in our processors,” he said.

Loophole: Biden Admin Forgives $39 Billion In Student Debt For Over 800,000 Borrowers

FRIDAY, JUL 14, 2023 – 11:45 AM

As suspected following the Supreme Court’s recent ruling to block the Biden administration’s student loan forgiveness proposal, the administration has created their own loophole to do it anyway.

On Friday, the administration announced the forgiveness of $39 billion in student debt for 804,000 borrowers.

The new program is thanks to a new regulatory rulemaking process by the Department of Education, which tweaked the student loan program’s income-driven repayment plans, CNBC reports.

Under those repayment plans, borrowers get any remaining debt canceled by the government after they have made payments for 20 years or 25 years, depending on when they borrowed, and their loan and plan type.

In the past, payments that should have moved a borrower closer to being debt-free were not accounted for, according to the Biden administration.

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” said US Secretary of Education, Miguel Cardona.

Eligible borrowers will be notified in the coming days by the Education Department.

The tweaks which created the loophole include counting payments for borrowers who had paused their payments in various deferments and forbearances, as well as those who had made partial or late payments.

According to the Department of Education, Friday’s action addresses “historical failures” and administrative errors which miscounted qualifying payments made by borrowers. Those affected include Americans with Direct Loans or Federal Family Education Loans held by the department.

The move comes before student loan payments are set to resume in October, following a years long pandemic-era pause.

Separately, the Department of Education is also moving forward with a plan we’ve previously highlighted – the Saving on a Valuable Education (SAVE) plan.

Under the president’s SAVE scheme, borrowers with undergraduate loans would only make payments equal to 5 percent of their discretionary income instead of 10 percent, which the administration estimates would save borrowers approximately $1,000 per year. Moreover, student loan forgiveness would be provided to borrowers with balances of $12,000 or less after ten years of payments rather than the original 20 years.

END

THE KING REPORT

The King Report July 14, 2023 Issue 7032

Independent View of the News

NYT: Biden Braces NATO for Long Conflict with Russia, Making Cold War Parallel
Biden vowed that the alliance would oppose Russian aggression for as long as needed.
   “Putin still wrongly believes that he can outlast Ukraine,” Mr. Biden said… “After all this time Putin still doubts our staying power. He is making a bad bet.”… “The president said quite simply that he’s not prepared to have Ukraine in NATO now because it would mean that the United States and NATO would be at war with Russia now.” https://www.nytimes.com/2023/07/12/world/europe/biden-nato-lithuania-ukraine.html

Biden calls up US military reserve units to deploy to active duty in Europe in ‘Operation Atlantic Resolve’… the unofficial operation supporting the war in Ukraine.
    “I hereby determine that it is necessary to augment the active Armed Forces of the United States for the effective conduct of Operation Atlantic Resolve in and around the United States European Command’s area of responsibility,” President Joe Biden said…
    “In furtherance of this operation,” Biden said, “under the stated authority, I hereby authorize the Secretary of Defense, and the Secretary of Homeland Security with respect to the Coast Guard when it is not operating as a service in the Navy, under their respective jurisdictions, to order to active duty any units, and any individual members not assigned to a unit organized to serve as a unit of the Selected Reserve, or any member in the Individual Ready Reserve mobilization category and designated as essential under regulations prescribed by the Secretary concerned, not to exceed 3,000 total members at any one time, of whom not more than 450 may be members of the Individual Ready Reserve, as they deem necessary, and to terminate the service of those units and members ordered to active duty.”…
https://thepostmillennial.com/breaking-biden-calls-up-us-military-reserve-units-to-deploy-to-active-duty-in-europe-in-operation-atlantic-resolve

@AGHuff: For you civilians, this is a huge deal. This means that the military is recalling service members that were recently discharged. IRR was used later in the war on terror to help maintain the force. The difference? No major wars are happening now. After IRR is exhausted they can, by law, recall officers and NCOs that were discharged years ago. Then, it is the Selective Service or AKA draft.
https://twitter.com/BowTiedRanger/status/1679623679347503108/photo/1

@JohnByrnes13: America is NOT at war. So, why is @potus authorizing reserve activations? If there is a national emergency, he owes it to the American people to explain the threat. This retired reservist is concerned. @ConcernedVets demands Biden give @USCongress & US citizens an answer.”

@AuronMacintyre: Bringing back the draft would probably be the greatest possible accelerant towards regime collapse. I would say no one is that stupid but our elites are so disconnected from reality that anything is possible

Yes, Virginia, the woke US military’s recruitment is so bad, they must recall discharged vets! It’s as if someone is destroying the USA on purpose. Trump failed to rectify BHO’s deleterious military purges.
Obama’s Military Coup Purges 197 Officers in Five Years    10/29/2013
What has happened to our officer corps since President Obama took office is viewed in many quarters as unprecedented, baffling and even harmful to our national security posture…
   For President Obama, the military of a once-feared superpower is an anachronistic vestige of an America whose exceptionalism and world leadership require repeated apologies. It must be gutted and fundamentally transformed into a force wearing gender-neutral headgear only useful for holding the presidential umbrella when it rains. It is to be “his” military and used only for “his” purposes.
https://www.investors.com/politics/editorials/197-military-officers-purged-by-obama/

“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” – John Adams

Secret Service to close White House cocaine probe without finding suspect, lawmakers say
https://www.foxnews.com/politics/secret-service-close-white-house-cocaine-probe-without-finding-suspect

The ‘most secure’ and surveilled building in the USA, and the Secret Service cannot identify the White House cocaine suspect! This implies that the suspect is someone that cannot and must not be named.

US June PPI 0.1% m/m & 2.4% y/y, 0.2% m/m & 2.6% expected, prior revised to -0.4% from -0.3%
Core PPI 0.1% m/m & 2.6% y/y, 0.2% m/m & 2.6% y/y expected, prior revised to 0.1% from 0.2%

Initial Jobless Claims 237k, 250k expected, prior revised to 249k from 248k
Continuing Claims 1.729m, 1.72m expected, prior revised to 1.718m from 1.72m

@ClevFedResearch: Median CPI rose 0.4% in June and 6.4% on a year-over-year basis. See our latest median CPI and trimmed mean CPI updates: http://clefed.org/CPI

ESUs opened modestly higher when the Nikkei began trading. They methodically traded higher until midnight ET. They then traded sideways, in a 5-handle range, until they broke higher at 3:37 ET. The rally was modest and ended by 4:19 ET. ESUs went back to range trading until they jumped higher two minutes before the 8:30 ET official release of the PPI. The rally was modest and ESUs again reverted to range trading until a Noon Balloon developed. The midday rally ended near 12:30 ET.

After an 8-handle retreat, ESUs commenced the afternoon rally. It persisted until 15:42 ET. ESUs then sank 9 handles into the NYSE close. USMs were +1 6/32 at the time.

On March 16, 2022, the Fed began its current rate hike cycle. The S&P 500 Index closed at 4262.45 on March 15, 2023. Yesterday, the S&P 500 Index hit a daily high of 4517.38.  Ergo, The S&P 500 Index has rallied 6% from where it was when the Fed STARTED to hike rates!

@stlouisfed: James Bullard, president and CEO of the Federal Reserve Bank of St. Louis, today announced that he will be leaving the Bank effective Aug. 14, 2023, to become the inaugural dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University, effective Aug. 15, 2023.

Positive aspects of previous session
Stocks rallied on hope of a Fed pause and pattern buying ahead of the coming Q2 earnings season
Bonds rallied sharply
Nasdaq soared on Fang and big tech buying for the coming Q2 results

Negative aspects of previous session
The dollar declined sharply again
The DJTA was conspicuously weak again

Ambiguous aspects of previous session
How will stocks act during Q2 earnings reporting season?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4505.59
Previous session High/Low: 4517.38; 4489.36

Disney Might Sell Off TV Assets Like ABC, Bob Iger Says  https://t.co/lmVKKKVKK5

Auto industry on tenterhooks as UAW kicks off talks with ‘Detroit Three’
“They’ve made a quarter of a trillion dollars in North American profits over the last 10 years and they can afford to make things right for our members,” Fain said on Tuesday…
   The Detroit Three want to close the cost gap they have with foreign automakers with non-unionized U.S. factories. Ford sources estimate that their U.S. labor costs are $64 an hour, compared with an estimated $55 for foreign automakers and $45 to $50 for EV leader Tesla… http://reut.rs/3rnXoT0

Fed Balance Sheet: -$1.389B; Bank Reserves: $3.17T, +$51.618B https://www.federalreserve.gov/releases/h41/20230713/

Today – Big banks begin to report Q2 results; JPM is expected to report great numbers. Traders will play for the Friday rally unless big bank results are very disappointing. If stocks get too jiggy going into the final hour of trading, there could be a spirited late decline on liquidation ahead of the weekend.

ESUs are -4.50 at 20:05 ET. ESUs should be down sharply on Biden’s military reserve recall! Will the profoundly negative aspects and possibilities of Biden’s handlers’ escalation of US forces in Europe trump trading proclivities and the inculcated exuberance for earnings reporting season?

Expected earnings: WFC 1.17, JPM 3.83, UNH 5.99, BLK 8.42, STT 2.10, C 1.32

Expected economic data: June Import Price Index -0.1% m/m (ex-petro -0.2%) & -6.1% y/y; Export Price Index -0.1% m/m & -11.0% y/y; June UM Sentiment 65.5; Fed in blackout period begins on Saturday

S&P 500 Index 50-day MA: 4277; 100-day MA: 4156; 150-day MA: 4096; 200-day MA: 4026
DJIA 50-day MA: 33,685; 100-day MA: 33,378; 150-day MA: 33,461; 200-day MA: 33,058
(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 4220.30 triggers a sell signal
Daily: Trender and MACD are positive – a close below 4402.98 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 4468.35 triggers a sell signal

@RNCResearch: Biden pulls out his pre-selected list of reporters to call on at his “press conference” in Finland.  https://twitter.com/RNCResearch/status/1679504957244833794
    Biden’s brain malfunctions as he attempts to read from his script in Finland.
https://twitter.com/RNCResearch/status/1679502601744707585
    Biden departs his “press conference” after calling on two pre-selected reporters. He still has not answered questions about the cocaine scandal in his White House.
https://twitter.com/RNCResearch/status/1679507414712823812

@AFP: US President Joe Biden said Thursday that Russian President Vladimir Putin has “already lost the war” in Ukraine, with Moscow running short of resources and in economic trouble.

Biden confuses Ukraine with Russia, Zelenskyy with Putin during gaffe-filled trip to Lithuania https://t.co/z1j1gGL28h

White House blames ‘echoey room’ after Biden struggles to hear questions from reporters in Helsinki – More than once, Biden asked reporters to repeat themselves
https://www.foxnews.com/politics/white-house-blames-echoey-room-biden-struggles-hear-questions-reporters-helsinki

Seeing ‘slow pace’ of campaign, top Democrats prepping in ‘quiet’ to replace Biden: report
https://www.foxnews.com/media/seeing-slow-pace-campaign-democratic-party-members-prepping-quiet-replace-biden-report

House Judiciary Com Chair @Jim_Jordan: We knew they were harassing @elonmusk, but it was worse than we thought.

House Judiciary GOP (@JudiciaryGOP): Joe Biden’s FTC wanted Ernst & Young to punish @elonmusk’s Twitter. If they didn’t, Ernst & Young feared they would be retaliated against by the government.
    Ernst & Young (“EY”)—the independent assessor designated under a consent order between Twitter and the FTC to evaluate the company’s privacy, data protection, and information security program—“felt as if the FTC was trying to influence the outcome of the engagement before it had started.”…
    These efforts included dictating to EY “very specific types of procedures that they expected” EY to perform and “[conveying] expectations … about what th[e] results should be before [EY] had even begun any procedures.” The FTC was so “adamant” with EY, conveying that “this is absolutely what you will do and this is going to occur, and you’ll produce a report at the end of the day” that would be negative about Twitter, that senior EY leaders feared that, if EY resigned as the independent assessor, “[t]he FTC [would] take[] exception to [EY’s] withdrawal and create[] ‘other’ challenges for EY over time.”… Read the full motion here: https://t.co/NYixD3YYqz

@SpeakerMcCarthy: If you don’t pay your taxes, the IRS will come after you. If Hunter Biden doesn’t pay his taxes, the IRS waits until the statute of limitations expires. Why is the Biden family treated differently than every other family in America?

The Great Covid Laundering Scheme
The CDC seems to have been systematically swapping in Covid as the Underlying Cause of Death on death certificates listing a different condition as the UCoD… The CDC does this by entering the ICD code for covid – U07.1 – as the UCoD even though the death certificate itself lists a different condition as the UCoD… https://brownstone.org/articles/the-great-covid-laundering-scheme/?s=02

@AlexEpstein: “Country Faces an Overpopulation by 1975, with Farms Unable to Feed All, Experts Say” —@nytimes in 1952, fearing that US population would reach 190 million. Today we have 330 million people, and our major food-related problem is eating too much of it.

(Chicago) Man on bail for machine gun possession opened fire on pedestrians, shooting a 16-year-old, officials say https://cwbchicago.com/2023/07/man-on-bail-machine-gun-shot-16-year-old-chicago.html

“We do not believe that arresting people and convicting them for illegal gun possession is a viable strategy to reduce shootings,” Krasner’s office (Philly DA) told the Inquirer in January…
https://broadandliberty.com/2022/06/15/philly-democrats-remain-largely-silent-on-krasner-non-prosecution-stance-for-illegal-guns/

@PeterMoskos: Enforcing gun laws is an essential part of gun control. I assume people know this, but maybe not… When your reelected prosecutor is against prosecuting gun crimes, you’re doomed.

“The further a society drifts from the truth, the more it will hate those that speak it.” – George Orwell

GREG HUNTER

FBI Banana Republic, War Coming, Dollar Crashing

FBI Banana Republic, War Coming, Dollar Crashing

By Greg Hunter On July 14, 2023 In Weekly News Wrap-Ups17 Comments

By Greg Hunter’s USAWatchdog.com (WNW 590 7.14.23)

A whistleblower exposing treasonous bribes against President Joe Biden was arrested and charged with 8 criminal counts. This is what banana republics do at the end of the line when they want to stay in power after extreme corruption is exposed. Meanwhile, the Head of the FBI Christopher Wray testified on Capitol Hill and was grilled by Congress on a variety of issues. It appears he was caught in lies concerning censoring Americans through social media, and saying there was not FBI undercover presence at J6 in Washington D.C. The crimes are now out in the open, and the lies to try to cover them up are too. The FBI is now helping foster a banana republic government.

The U.S. is wanting to send cluster bombs to Ukraine. It is a war crime to use them, but the Ukrainians are losing badly to the Russians. More than 26,000 soldiers died in the recent so-called counter-offensive. It was an unmitigated disaster and a total cremation of NATO by Russia. The Russians are wanting a peaceful end to the conflict while the Biden Administration is calling up troops and sending F-16’s capable of delivering tactical nukes. Biden and company want war at all costs, and it looks like we are all going to get it.

The U.S. dollar had a very bad week. It lost 4.5% in six days. There is, once again, talk of cutting interest rates as inflation has cooled, but with a crashing dollar, can that happen? What would happen to inflation if the U.S. dollar sinks further spurred by cutting interest rates?

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 7.14.23.

(https://usawatchdog.com/fbi-banana-republic-war-coming-dollar-crashing/)

(Tech Note: If you do not see the video, know it is there. Unplug your modem and plug it back in after 30 sec. This will clear codes that may be blocking you from seeing it. In addition, try different browsers. Also, turn off all ad blockers if you have them. All the above is a way Big Tech tries to censor people like USAWatchdog.com.)

After the Interview:

Biotech analyst Karen Kingston will be the guest for the Saturday Night Post as she updates the ever-growing disaster of the CV19 bioweapon vax.

I will see you on MONDAY

Robert Hryniak
to