GOLD PRICE CLOSED: DOWN $4.65 TO $1960.10

SILVER PRICE CLOSED: DOWN $0.23   AT $24.41

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1961.60

Silver ACCESS CLOSE: 24.60

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Bitcoin morning price:, $29,290 DOWN 642  Dollars

Bitcoin: afternoon price: $29,185 DOWN 747 dollars

Platinum price closing  $963.75 DOWN  $2.95

Palladium price;     $1280,60 DOWN $14.40

END

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

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

CANADIAN GOLD: $2,574.95 DOWN 18.00 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1524.87 DOWN 1.10 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1767.00 UP 4.00 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

  EXCHANGE: COMEX
CONTRACT: JULY 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,964.300000000 USD
INTENT DATE: 07/21/2023 DELIVERY DATE: 07/25/2023
FIRM ORG FIRM NAME ISSUED STOPPED 

435 H SCOTIA CAPITAL 2
624 H BOFA SECURITIES 3
905 C ADM 5  

JPMorgan stopped 0/5 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT:  5 NOTICES FOR 500 OZ  or  0.0155 TONNES

total notices so far: 3275 contracts for 327,500 oz (10.1866 tonnes)

FOR  JULY:

SILVER NOTICES: 0 NOTICE(S) FILED FOR nil OZ/

total number of notices filed so far this month : 5055 for 25,295,000 oz

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END

GLD

WITH GOLD DOWN $4.65

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 5.20 TONNES OF GOLD INTO THE GLD.//

INVENTORY RESTS AT 919.00 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER  DOWN $0.23  AT  THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 453.306 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A LARGE SIZED 954 CONTRACTS TO 148,645 AND FURTHER FROM THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS LARGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR  $0.14 LOSS  IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A SMALL SIZED 397 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH .  CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT: 397 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE  OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES. 

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023//  OUR BANKERS WERE  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.14). AND WERE SUCCESSFUL IN KNOCKING SOME SPEC LONGS AS WE HAD A LARGE LOSS ON OUR TWO EXCHANGES OF 789 CONTRACTS.   WE HAD A HUGE 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF  EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// (  THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 5.25 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 SMALL  ISSUANCE OF EXCHANGE FOR PHYSICALS( 165 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S  HUGE 10,000 OZ E.F.P. JUMP TO LONDON+ 0 MILLION OZ EXCHANGE FOR RISK FOR TODAY//NEW STANDING: 25.405 MILLION OZ + 5.25 MILLION OZ EXCHANGE FOR RISK/PRIOR:  NEW TOTAL 30.655 MILLION OZ// // FAIR SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/VI)  FAIR NUMBER OF  T.A.S. CONTRACT ISSUANCE (397 CONTRACTS)/ZERO EXCHANGE FOR RISK ISSUED/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  –73   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 14 days, total 15,506 contracts:   OR 77.530 MILLION OZ  (1107 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  77.530 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 77.530 MILLION OZ (LARGER THAN LAST MONTH)

RESULT: WE HAD A LARGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 954  CONTRACTS WITH OUR  LOSS IN PRICE OF  $0.14 IN SILVER PRICING AT THE COMEX//FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL EFP ISSUANCE  CONTRACTS: 165  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 MASSIVE 10,000 OZ E.F.P. JUMP TO LONDON + 0 MILLION OZ EXCHANGE FOR RISK TODAY + (PRIOR EXCHANGE FOR RISK :  5.25 MILLION OZ): TOTAL NOW STANDING 25.405 MILLION OZ NORMAL STANDING + 5.25 MILLION EXCHANGE FOR RISK = 30.655 MILLION   OZ./////  .. WE HAVE A STRONG SIZED LOSS OF 716 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A FAIR 397//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED  DURING THE FRIDAY COMEX SESSION TO CONTAIN SILVER PRICE’S RISE.  THE NEW TAS ISSUANCE TODAY (397) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE./

WE HAD 0  NOTICE(S) FILED TODAY FOR  nil  OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR  SIZED 4054  CONTRACTS  TO 479,342 AND FURTHER FROM 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: 700  CONTRACTS

WE HAD A FAIR SIZED DECREASE  IN COMEX OI ( 4054 CONTRACTS) WITH OUR   $3.80 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR JULY. AT 5.1975 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 0.0776 TONNE QUEUE JUMP: NEW TOTAL OF GOLD STANDING FOR JULY: 10.345 TONNES//  + /A FAIR (AND CRIMINAL) ISSUANCE OF 1661 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $3.80 LOSS IN PRICE  WITH RESPECT TO FRIDAY’S TRADING.WE HAD A FAIR SIZED LOSS  OF 1748  OI CONTRACTS (5.437 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2306 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 479,342

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1748 CONTRACTS  WITH 4054 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 2306 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 1748 CONTRACTS OR 5.437 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1661 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2306 CONTRACTS) ACCOMPANYING THE  FAIR SIZED LOSS IN COMEX OI (4054) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1049 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 0.07767 TONNE QUEUE JUMP//NEW TOTAL 10.345 TONNES   ///// /3) SOME LONG LIQUIDATION WITH CONSIDERABLE TAS LIQUIDATION TO CONTAIN GOLD’S PRICE//4)  FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  FAIR T.A.S.  ISSUANCE: 1661 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:  32,105 CONTRACTS OR 3,210,500 OZ OR 99.860 TONNES IN 14 TRADING DAY(S) AND THUS AVERAGING: 2293 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES  99.860 TONNES

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

THUS EFP TRANSFERS REPRESENTS  99.860/3550 x 100% TONNES  2.81% 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:  99.860 TONNES

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.Today, we had the open interest at the comex, in SILVER FELL BY A LARGE  SIZED  954  CONTRACTS OI TO  149,974 AND FURTHER FROM  OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 165  CONTRACTS 

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

SEPT  165  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  165  CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS  OF 954 CONTRACTS AND ADD TO THE 165  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A LARGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 789 CONTRACTS 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES  TOTAL 3.945 MILLION OZ  

OCCURRED DESPITE OUR  $0.14 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

 2.ASIAN AFFAIRS//

 

MONDAY MORNING//SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 3.58 PTS OR 0.11%   //Hang Seng CLOSED DOWN 407.11 PTS OR 2.13%        /The Nikkei CLOSED UP 396.69 PTS OR 1.23% //Australia’s all ordinaries CLOSED DOWN 0.13 %   /Chinese yuan (ONSHORE) closed DOWN  7.1868  /OFFSHORE CHINESE YUAN DOWN  TO 7.1900 /Oil UP TO 77.58 dollars per barrel for WTI and BRENT  UP AT 81.45 / Stocks in Europe OPENED  ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

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 FELL  BY A FAIR SIZED ( T.A.S INDUCED) 4054 CONTRACTS DOWN TO 479,342 WITH OUR LOSS IN PRICE OF $3.80 ON FRIDAY.  

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 2306  EFP CONTRACTS WERE ISSUED: :  AUGUST 2306 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2306 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1748  CONTRACTS IN THAT 2306 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 4054 COMEX  CONTRACTS..AND  THIS FAIR SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $3.80//FRIDAY COMEX.   AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT WAS A FAIR 1130 CONTRACTS.  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 TRYING TO CONTAIN OUR PRECIOUS METALS RISE IN PRICE. IT MAY BE TO NO AVAIL!!

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:   JULY  (10.345) (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: 10.345 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $3.80) //// AND WERE SUCCESSFUL IN KNOCKING SOME  SPECULATOR LONGS AS WE HAD A FAIR SIZED LOSS  OF 1748 CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE TAS LIQUIDATION THROUGHOUT  THE FRIDAY COMEX SESSION TRYING DESPERATELY TO CONTAIN GOLD’S RISE. THE  TAS ISSUED FRIDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. THE MASSIVE T.A.S. ISSUED LAST MONDAY WAS USED THROUGHOUT THE WEEK CONTAINING GOLD’S RISE. 

WE HAVE LOST A TOTAL OI OF  5.437 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 0.0776 TONNES//TOTAL STANDING FOR JULY GOLD: 10.345 TONNES    //  ALL OF THIS WAS ACCOMPLISHED WITH OUR  LOSS IN PRICE  TO THE TUNE OF $3.80. 

WE HAD  – REMOVED   700        CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT 

NET LOSS ON THE TWO EXCHANGES 1748  CONTRACTS OR  174800  OZ OR 5.437 TONNES.

Estimated gold volume today:// 269,609  fair

final gold volumes/yesterday   195,994   fair

//JULY 24/ FOR THE JULY  2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	nil OZ           .
Deposit to the Dealer Inventory in oz	nil oz
Deposits to the Customer Inventory, in oz	nil OZ
No of oz served (contracts) today	5  notice(s) 500 OZ 0.0155 TONNES
No of oz to be served (notices)	51  contracts    5100 oz 0.1586 TONNES
Total monthly oz gold served (contracts) so far this month	3275 notices 327,500  OZ 10.1866 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

0 dealer deposit:

total dealer deposits:  nil oz

total customer deposits: 0 oz

we had 0 customer withdrawals:

total withdrawals:  nil oz  

Adjustments; 0/

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 56  contracts having LOST 611 contracts. We had 636 contracts served on Thursday.  Thus we gained 25 contracts or an additional 2500 oz of gold will  stand at the comex.

AUGUST  LOST 18,934 contracts DOWN to 160,082 contracts. We have 5 more reading days before the big August contract delivery month. 

SEPT lost 17 contracts to stand at 705

We had 5 contracts filed for today representing  500  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 5   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 (3275 x 100 oz ), to which we add the difference between the open interest for the front month of  JULY (56  CONTRACT)  minus the number of notices served upon today  5 x 100 oz per contract equals 332,600 OZ  OR 10.345 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 (3275) x 100 oz +  (56) {OI for the front month} minus the number of notices served upon today (5)  x 100 oz) which equals  332,600 oz standing OR 10.345 TONNES 

TOTAL COMEX GOLD STANDING: 10.345 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:  1,889,884.397  OZ   58,78 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  22,242,511.168 OZ  

TOTAL REGISTERED GOLD:  11,641,351.245   (362.10  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,601,159.920 O Z  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,751,467 OZ (REG GOLD- PLEDGED GOLD) 303.31 tonnes//

END

SILVER/COMEX

JULY 24

//2023// THE JULY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	86,634.600 oz CNT Delaware .
Deposits to the Dealer Inventory	nil oz
Deposits to the Customer Inventory	nil oz
No of oz served today (contracts)	0  CONTRACT(S)    (nil  OZ)
No of oz to be served (notices)	26 contracts  (130,000 oz)
Total monthly oz silver served (contracts)	5055 Contracts  (25.275,000 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  deposit

total dealer deposit: nil   oz

i) We had 0 dealer withdrawal

total dealer withdrawals: 0 oz

We had 0 deposits customer account:

total customer deposits: nil oz

JPMorgan has a total silver weight: 139.936  million oz/276.632 million =50.59% of comex .//

Comex withdrawals 2

i) Out of CNT  80,883.491 oz

ii) Out of Delaware 5751.120 oz

total: 86,634.611  oz

adjustments: 0

TOTAL REGISTERED SILVER: 35.379 MILLION OZ//.TOTAL REG + ELIGIBLE. 276.632 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF JULY /2023 OI: 26   CONTRACTS HAVING LOST 236  CONTRACT(S). WE HAD 234 NOTICES FILED ON FRIDAY SO WE LOST  2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL NOT  STAND AT THE COMEX FOR DELIVERY IN JULY, AS THEY TRANSFERRED TO LONDON TO TAKE DELIVERY AS NO SILVER WAS OVER HERE.

AUGUST LOST 1 CONTRACT TO STAND  AT 829

SEPT HAS A LOSS  OF 943 CONTRACTS DOWN TO 125,126

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL  oz

Comex volumes// est. volume today 54,744  fair /

Comex volume: confirmed yesterday: 39,222  poor

To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 5055 x  5,000 oz = 25,275,000 oz 

to which we add the difference between the open interest for the front month of JULY(26) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the JULY/2023 contract month:  5055 (notices served so far) x 5000 oz + OI for the front month of JULY (26) – number of notices served upon today (5 )x 500 oz of silver standing for the JULY contract month equates to 25.405 million oz  + 0.0 MILLION OZ EXCHANGE FOR RISK TODAY//PRIOR EXCHANGE FOR RISK TOTALS 5.25 MILLION OZ /NEW TOTAL STANDING FOR DELIVERY: 30.655 MILLION OZ..WE HAVE 35  MILLION OZ OF REGISTERED SILVER AT THE COMEX//

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 24/WITH GOLD DOWN $4.65 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.20 TONNES OF GOLDINTO THE GLD//: / .////INVENTORY RESTS AT 919.00 TONNES

JULY 21/WITH GOLD DOWN $3.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: / .////INVENTORY RESTS AT 913.80 TONNES

JULY 20/WITH GOLD DOWN $8.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.73 TONNES FROM THE GLD/ .////INVENTORY RESTS AT 913.80 TONNES

JULY 19/WITH GOLD UP $0.65 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .86 TONNES FROM THE GLD/ .////INVENTORY RESTS AT 912.07 TONNES

JULY 18/WITH GOLD UP $23.45 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: .////INVENTORY RESTS AT 912.93 TONNES

JULY 17/WITH GOLD DOWN $6.60 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD.////INVENTORY RESTS AT 912.93 TONNES

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: 919.00 TONNES

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

JULY 24/WITH SILVER DOWN 23 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: ////INVENTORY RESTS AT 453.306 MILLION OZ/

JULY 21/WITH SILVER DOWN 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.101 MILLION OZ OF SILVER FROM THE SLV ////INVENTORY RESTS AT 453.306 MILLION OZ/

JULY 20/WITH SILVER DOWN 38 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.468 MILLION OZ OF SILVER FROM THE SLV ////INVENTORY RESTS AT 454.107 MILLION OZ/

JULY 19/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:A ////INVENTORY RESTS AT 455.875 MILLION OZ/

JULY 18/WITH SILVER DOWN 19 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:A ////INVENTORY RESTS AT 455.875 MILLION OZ/

JULY 17/WITH SILVER UP 25 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 4.856 MILLION OZ OF SILVER FROM THE SLV////////INVENTORY RESTS AT 455.875 MILLION OZ/

JULY 14/WITH SILVER UP 27 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 2.21 MILLION OZ OF SILVER FROM THE SLV////////INVENTORY RESTS AT 455.875 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 453.306 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

Mathew Piepenburg

---

The BRICS Won’t Kill the Dollar, US Policy Will

Matthew Piepenburg
July 24, 2023

Below we separate the hype from the sad reality of the USD in the face of a new “BRICS currency.”

Net conclusion: The real death of the USD will be domestic not foreign.

The Bell Has Been Tolling for Years

When it comes to the “bell tolling for fiat,” we can all hear its loud chimes, but that bell has been tolling since 1971 (or frankly 1968), when the US leadership decoupled the world reserve currency from its golden chaperone.

Like any teenager throwing a house party, the lack of a parental chaperone leads to lots of crazy events and lots of broken furniture.

The same is true of post-71 politicians and central bankers suddenly freed of a gold-backed chaperone and thus suddenly loaded with drunken power to mouse-click currencies and expand deficits.

And since then, all kinds of things have been breaking, from banks to bonds to currencies.

And now, with all the extreme hype (and, yes, some genuine reality) behind the headlines of a revolutionary gold-backed BRICS trade currency, many are making sensational claims that the World Reserve Currency (i.e., USD) is nearing its end and that fiat money from DC to Tokyo is effectively toast.

Hmmm…

Don’t Bury the Dollar Just Yet

Before we start tossing red roses over the shallow grave of an admittedly grotesque US Greenback in general, or fiat fantasy money in general, let’s all take a deep breath.

That is, let’s re-think through this inevitable funeral with a bit more, well, realism, mathematics and even geopolitical common sense before we turn our backs on the USD, and this is coming from an author who has never thought highly of that Dollar, be it fiat, politicized and now weaponized.

So, let’s take a deep breath and engage open, informed and critical minds when it comes to debating many of the still open, un-known and critical issues surrounding the so-called “game changer” event when the BRICS+ nations convene this August in S. Africa.

Needed Context for the “BRICS New Currency” Debate

As made clear literally from Day 1 of the Western sanctions against Putin, the West may have been aiming for Putin’s (or the Ruble’s) chest, but it then shot itself in the foot.

After decades of DC exporting USD inflation from Argentina to Moscow, a large swath of the developing countries of the world who owe greater than $14T in USD-denominated debt were already reeling under the pain of rate-hike gyrations which made their own debt and currency markets flip and flop like a dying fish on the dock.

Needless to say, a 500-basis-point spike in the cost of that debt under Powell didn’t help. In fact, it did little good (or goodwill) for USD friends and enemies alike, from the gilt markets in London to the fruit markets in Santiago.

Adding insult to injury, DC coupled this strong-Dollar policy with a now weaponized-Dollar policy in which a nuclear and economic power like Russia had its FX reserves frozen and access to SDRs and SWIFT transactions blocked.

Like Napoleon at Moscow, this was going a step too far…

END

Pam and Russ Martens:

This Chart Shows How Wall Street Banks and the Fed Have Become a Match Made in Hell

By Pam Martens and Russ Martens: July 24, 2023

Prior to Ben Bernanke being sworn in as Fed Chair on February 6, 2006, the United States had been through World War I, the Great Depression, World War II, the Vietnam War and the stagflation of the 1970s, without an explosion in the Fed’s balance sheet. But since Ben Bernanke, Janet Yellen and Jerome Powell have, in turn, sat at the helm of the Federal Reserve, there has been unprecedented growth in the Fed’s Balance Sheet.

For example, from June 1960 to August 1990, the Fed’s balance sheet increased from $53 billion to $309 billion – an increase of 483 percent in 30 years. But during the tenures of Bernanke, Yellen and Powell, the Fed’s balance sheet has exploded from $805 billion in February 2006, when Bernanke took his seat as Fed Chair, to the current reading last Wednesday, July 19, 2023, of $8.3 trillion. That’s an increase of 931 percent in just a little over 17 years. The trajectory on the chart above says it all.

This unprecedented growth in the Fed’s balance sheet has come as a result of a Fed strategy known as “Quantitative Easing,” or “QE,” a wonky-sounding term that the Fed hoped would be incomprehensible to most Americans. What QE essentially boiled down to was the Fed artificially driving down interest rates by creating artificial demand for debt securities, which it bought by trillions of dollars and parked on its balance sheet. Beginning with Bernanke and his rollout of QE, the Fed morphed from lender of last resort to federally-insured banks (its mandate under the Federal Reserve Act) to buyer of last resort for what Wall Street regurgitated (not its mandate anywhere to be found in the Federal Reserve Act).

Now the Fed is stuck with this monster balance sheet when it needs to be raising rates to fight inflation, not holding rates down.

There are many reasons that the Fed openly operates outside of its statutory mandate. Among them are the following:

The Federal Reserve Board of Governors has outsourced its open market operations to the New York Fed, which is, literally, owned by a handful of Wall Street megabanks. (See related articles below.)

Congress has failed to separate the giant federally-insured banks from the Wall Street casino (trading houses), by restoring the Glass-Steagall Act, which has resulted in perpetual bailouts by the Fed.

The advent of the 401(k) plan which incentivizes U.S. workers to save for retirement through investments in the stock market (or, to a smaller extent, the bond market). This removes much of the public outcry to Congress when the Fed bails out Wall Street, because tens of millions of workers feel that their retirement savings are also being bailed out. To fully grasp this concept, see our 2008 report on the “ownership society.” (Unknown to the average American, the top 10 percent of the wealthiest households in America own the vast majority of the stock market. So that’s who is actually getting bailed out, along with the residents of the corner offices on Wall Street. For how the average American is faring, see: PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k).

END

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

Should be an interesting meeting

(KyleCampbell/American Banker)

Fed to hold open meeting on Basel III endgame proposal

Submitted by admin on Sun, 2023-07-23 11:49Section: Daily Dispatches

By Kyle Campbell
American Banker, New York
Friday, July 21, 2023

The Federal Reserve Board of Governors will hold an open meeting next Thursday to discuss a forthcoming proposal related to the final implementation of the Basel III international regulatory framework.

The meeting will be held at 1 p.m. at the Martin Federal Reserve Board Building in Washington and streamed live on the Fed’s website, according to a notice published by the Fed. 

A copy of the proposed rule — which is set to call for enhanced risk-capital requirements for all banks with $100 billion or more of total assets — will be published on the Fed’s website roughly 20 minutes before the meeting, according to the notice.

The public meeting could provide a window into the internal debate over the capital rules being considered, some of which have been outlined in public remarks from individual board members. 

Fed Gov. Michelle Bowman has made the case that higher capital requirements are not necessary. 

Meanwhile, Vice Chair for Supervision Michael Barr — the architect behind the proposal — has said that other board members are entitled to their opinions and indicated that he will not aggressively pursue unanimity on the issue. The proposal needs only a simple majority of the six-member board to pass.

The new proposal will bring the United States into compliance with the so-called Basel III endgame. Barr outlined the changes that will be called for in the proposal earlier this month. They will include a more standardized approach to calculating credit, trading, and operational risk, doing away with the ability for banks to craft their own models. 

Barr also called for changes in how banks calculate and report gains and losses on securities — known as accumulated other comprehensive income, AOCI. Banks with between $100 billion and $250 billion of assets could opt out of having AOCI counted against their regulatory capital requirements, but the proposed rule is likely to eliminate that exemption.

While the changes called for would subject mid tier banks to regulatory requirements previously reserved for the largest institutions, Barr noted that the new capital requirements would weigh heaviest on the global systemically important banks. …

… For the remainder of the report:

https://www.americanbanker.com/news/fed-to-hold-open-meeting-on-basel-iii-endgame-proposal

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/

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 MONDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED DOWN TO 7.1868 

OFFSHORE YUAN:  DOWN TO 7.1899

SHANGHAI CLOSED DOWN 3.58 PTS OR 0.11% 

HANG SENG CLOSED DOWN 407.11 PTS OR 2.13% 

2. Nikkei closed UP 396,69 PTS OR 1.23% 

3. Europe stocks   SO FAR:    ALL  RED

USA dollar INDEX UP  TO  100.86 EURO FALLS TO 1.1100 DOWN 21 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.452 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 140.99/JAPANESE YEN FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

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

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

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

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

3g Oil 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 +2.2371***/Italian 10 Yr bond yield FALLS to 4.015*** /SPAIN 10 YR BOND YIELD FALLS TO 3.428…** 

3i Greek 10 year bond yield RISES TO 3.712

3j Gold at $1966.40 silver at: 24.60 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0  AND  52 /100        roubles/dollar; ROUBLE AT 90.40//

3m oil into the  77  dollar handle for WTI and 80  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 140.99//  10 YEAR YIELD AFTER BREAKING .54%, RISES TO 0.452% 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 0.8642 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9591 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: 3.800 DOWN 4 BASIS PTS…

USA 30 YR BOND YIELD: 3.867 DOWN 4  BASIS PTS/

USA 2 YR BOND YIELD:  4.827 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.95…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 10 BASIS PTS AT 4.2335

end

2.  Overnight:  Newsquawk and Zero hedge:

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

Futures Tentatively Higher At Start Of Action-Packed Week

MONDAY, JUL 24, 2023 – 08:18 AM

Futures rose as we enter a very heavy macro and earnings week highlighted by the Fed, ECB, BOJ, global PMIs and GDPs, US PCE, as well as earnings by GOOGL, MSFT and META. Global bond yields are lower after sharp declines in manufacturing and services gauges across Europe fanned concerns about economic growth. At 7:45am ET, S&P futures were 0.2% higher at 4,572 while Nasdasq 100 futures were up 0.3%. The USD was higher as cable slumped after a big miss in UK PMIs, commodities were in the green with gold, iron ore and oil prices all climbing. Today’s macro focus will be the US PMIs release (consensus expects 46.2 on mfg and 54.0 in services). Keep an eye on the price/inflation discussion in the detailed PMI report.

In premarket trading, megcap tech stocks including Nvida and Microsoft also rose. The Nasdaq special rebalancing is unlikely to solve the problem of high market concentration, and index will remain too concentrated to be considered an actively managed diversified fund, according to Goldman Sachs strategists. Mattel rose as much as much as 2.5% in premarket trading on Monday after Barbie became the top-grossing picture in US and Canadian cinemas, taking in $155 million in ticket sales. Warner Bros. Discovery the parent of the Hollywood studio that produced the movie, also advanced. Here are some other notable premarket movers:

• American Express (AXP US) falls as much as 2% in US premarket trading as Piper Sandler downgrades the global payments company to underweight from neutral after its second- quarter revenue missed estimates on Friday. The broker expects further headwinds to revenue growth given the re-start of federal student debt repayments in its core customer base and a slowdown in network volume.
• Chevron edges higher, rising as much as 0.5% in premarket trading on Monday, after the oil giant reported better-than-expected earnings as output in the Permian Basin soared to a record. Analysts note that Chief Financial Officer Pierre Breber’s retirement was a surprise, but it should not cause much investor concern as the transition seems orderly.
• Gilead Sciences shares drop 3% in premarket trading after the biopharmaceutical company said the Phase 3 Enhance study evaluating magrolimab in combination with azacitidine in higher-risk myelodysplastic syndromes (MDS) had been halted. Cantor noted the move dealt “another hit” to the firm’s onocology business.
• Lam Research Corp. (LRCX) shares are up 1% after Stifel upgraded the semiconductor capital equipment company to buy from hold.
• Shopify advances (SHOP) 2.6% trading after MoffettNathanson raises the cloud-based commerce platform to outperform from market perform on the expectation that it will gain increasing traction with enterprise customers.
• Quince Therapeutics (QNCX) gains 13% in premarket trading Monday after the company agreed to acquire biotech company EryDel SpA in a stock-for-stock upfront exchange and potential downstream milestone cash payments.
• Tesla drops 2% in premarket trading as UBS cuts its rating on the electric carmaker to neutral from buy, based on limited further upside with strong execution seemingly priced in.
• Twilio shares dropped 3.1% in US premarket trading after cloud computing platform operator was downgraded to underperform from sector perform at RBC Capital Markets, with the broker saying the shares reflect “too much optimism” with an unfavorable risk-reward.
• Zions Bancorp (ZION) falls 1.4% after being downgraded to neutral from overweight at JPMorgan, which says the recent bounce in the stock corrects a previous mispricing and leaves the lender looking fairly valued.
• ZoomInfo Technologies drops 5% in premarket trading as RBC flags concerns over GenAI and competition for the software company, and downgrades to sector perform.

Investors have been wary of making big equity at the start of a week packed with major central bank policy decisions and corporate earnings as some 48% of the S&P reports. In Europe, advance readings of the Purchasing Managers’ Indexes showed the private-sector economy contracted more than anticipated in July in the euro area and slowed sharply in Britain.

The data highlights the quandary for policy-setters, with traders positioning for the Federal Reserve and the European Central Bank to raise interest rates this week and to signal whether more hikes are likely after record tightening campaigns. Meanwhile, equity markets are looking into their busiest earnings week this season, with more than 500 major companies worldwide due to report quarterly results, including 48% of the S&P with such megacaps as Alphabet, and Meta Platforms on deck. The next few days will be crucial for investors, who will be watching to see if slowing economic momentum shows up on profit margins.

“Markets have entered a phase of anxious waiting, with two factors coming into play, central banks and earnings,” said Jeanne Asseraf-Bitton, head of research and strategy at BFT IM. “I’m not sure there will be a lot of surprises coming from the central banks so it’s really earnings that will be key. Valuations are expensive so earnings need to hold, margins need to hold.”

Later this week, the Bank of Japan is expected to stick to ultra-loose policy settings at its Friday meeting. The yen strengthened, however, with officials expected to consider sharply increasing their inflation forecast for this fiscal year.

In Europe, the Stoxx 600 index traded modestly firmer, though Spanish equities underperformed after an inconclusive outcome in the election on Sunday. Some European corporate results highlighted weakening consumer demand. Among movers, Philips plunged as much as 7.7% as analysts said the Dutch medical tech firm’s beat on 2Q earnings and FY guidance were expected, while a continued drop in order intake may put pressure on sales growth. Ryanair Holdings Plc fell after lowering its traffic prediction. Here are some other notable European movers:

• Ocado rallies as much as 12% to the highest since Jan. 18 after robotics firm AutoStore agreed to pay the UK company £200 million to settle a dispute over patent infringements regarding automated warehouses
• Vodafone rises as much as 5.1% after the telecom operator returned to positive service revenue growth in European markets following quarters of disappointment that had sent its shares to lowest levels in 25 years
• Julius Baer shares jump as much as 8.7%, the most since March, as analysts said better-than-expected inflows of client funds in the first half should reassure investors
• SGS shares rise as much as 4.1%, the most since March 2022, after the Swiss industrial inspection company’s strong organic growth triggered a guidance increase, says Vontobel
• Orsted shares rise as much as 3.1% after the Danish wind-farm operator agreed to sell its remaining 25% stake in the London Array offshore farm for £717 million
• Plastic Omnium shares rise as much as 8.2%, the most since March 2022, after the French auto supplier reported first-half results that beat analyst estimates
• Cranswick rises as much as 2.9%, taking the stock to its highest since April 2022, after the meat producer said its full-year results are likely to come in ahead of previous expectations
• Bavarian Nordic falls as much as 29%, the most since 2017, after the Danish vaccines maker said it would shelve plans to develop a vaccine for respiratory syncytial virus (RSV)
• Ryanair shares drop as much as 5.4%, the most since March 15, after the low-cost airline provided a cautious outlook as consumers are faced with higher mortgage bills and price inflation
• Meyer Burger shares tumble as much as 10%, the most intraday since May. The Swiss solar-equipment manufacturer’s first-half results were characterized by price pressures, which had a significant impact on Ebitda
• S4 Capital slumps as much as 26%, the most in about a year, after the digital advertising agency issues what Jefferies calls a “frustrating” guidance downgrade

Earlier, the MSCI Asia Pacific Index nudged modestly higher as equities regain composure following last week’s selloff. Japanese stocks lead winners with Nikkei about 1.4% stronger; it was underpinned after reports on Friday that the BoJ is leaning towards keeping its yield curve control policy unchanged at the upcoming meeting and sees little need to act on YCC for now. Hang Seng and Shanghai Comp were mixed with Hong Kong pressured by weakness in the property sector and tech, while the mainland was indecisive as the NDRC’s notice to promote high-quality development of private investment counterbalanced the reduced hopes for aggressive stimulus from China’s politburo meeting where the top officials will review the economic performance for H1. Australia’s ASX 200 was rangebound as outperformance in the energy sector was offset by losses in mining names and with sentiment also clouded after Australian flash PMIs all printed in contraction territory. Indian stocks declined for a second consecutive session, a first for this month, after hitting record after hitting record after relentless record, as earnings of heavyweight companies disappoint and due to a late sell off in ITC. The S&P BSE Sensex fell 0.5% to 66,384.81 in Mumbai, while the NSE Nifty 50 Index declined 0.4%. Indian stocks underperformed the regional index MSCI Asia Pacific, which was little changed for the day.

Emerging-market stocks extended losses to a sixth day and most currencies slid amid a contraction in euro-area manufacturing and services and darkening gloom for Chinese stocks despite the country’s latest support pledge.

In FX, a gauge of the dollar traded in a narrow range after last week’s 1.1% jump, its biggest gain since February. EUR/USD falls 0.5% to day’s low of 1.1066, while EUR/GBP slips 0.4% to 0.8619 low. The pound fell and gilts extended a rally after S&P Global Market Intelligence said its index tracking sentiment among purchasing managers fell to 50.7 in July. That compares to a consensus estimate of 52.3. GBP/USD slips 0.2% to 1.2835, trimming earlier fall of 0.4%. USD/JPY down 0.5% to 141 after climbing for four days. Trading in China’s yuan was muted even after the country’s leaders signaled they will ease property policies.

In rates, treasury yields were lower by as much as 3.5bps on the 5-year, trailing steeper declines for UK and euro-zone yields spurred by weaker-than-expected PMI readings; the yield on German 10-year notes slid as much as seven basis points. UK yields fell 8 basis points, while Treasury yields also edged lower. Yields remain inside last week’s ranges, the 10-TSY yield was around 3.80%, holding above 50-day average level breached last week for the first time since May; Treasury curve flattened last week as swaps fully priced in a Fed rate hike on July 26 while auctions of 20-year bonds and 10-year TIPS drew strong demand (the inverted 2s10s curve is slightly flatter on the day at around -103bp; Thursday’s low -105bp was deepest inversion since July 6). The yield on Germany’s 10-year debt slipped as much as 7bps to 2.40% after the country’s manufacturing and services data flashed a warning sign over the health of the economy. Today’s $42BN 2-year note auction at 1pm New York time will draw the highest yield since 2007, with WI trading around 4.77%; cycle also includes $43b 5-year notes Tuesday and $35b 7-year notes Thursday, with a gap for the Fed decision. S&P Global’s July preliminary US PMIs follow during US morning. 2-year sector underperforms ahead of Treasury auction cycle beginning Monday with sale of that tenor. Fed swaps continue to fully price in a 25bp rate hike for this week’s policy meeting, with decision to be announced Wednesday at 2pm in Washington, and about a third of an additional quarter-point hike this year. Dollar IG issuance slate is blank so far, though syndicate desks expect $20b-$25b of supply this week. Australian curve a touch steeper with 3-year yield down 2bps. JGB futures trim opening gains but remain higher after Friday’s sharp rally

In commodities, crude futures advanced with WTI rising 0.4% to trade near $77.40. Spot gold is up 0.2%.

Bitcoin spent the first half of the morning with a negative bias but relatively steady; however, more recently we have seen a bout of pressure in the space with Bitcoin moving to just below its 50-DMA at USD 29.02k. Currently, BTC is holding just above the level. Binance says it will list Worldcoin (WDC), a Cryptocurrency project founded by OpenAI CEO Sam Altman.

It’s an extremely busy week but it starts off rather modestly with just the Chicago Fed PMI and US S&P prints n deck.

Market Snapshot

• S&P 500 futures up 0.2% to 4,574.25
• MXAP little changed at 165.95
• MXAPJ down 0.5% to 522.66
• Nikkei up 1.2% to 32,700.94
• Topix up 0.8% to 2,281.18
• Hang Seng Index down 2.1% to 18,668.15
• Shanghai Composite down 0.1% to 3,164.16
• Sensex little changed at 66,730.08
• Australia S&P/ASX 200 down 0.1% to 7,306.41
• Kospi up 0.7% to 2,628.53
• STOXX Europe 600 little changed at 465.63
• German 10Y yield little changed at 2.42%
• Euro down 0.4% to $1.108
• Brent Futures down 0.2% to $80.87/bbl
• Gold spot down 0.0% to $1,961.36
• U.S. Dollar Index up 0.24% to 101.32

Top Overnight News

• Chinese regulators met with global investors on Friday, according to people familiar with the matter, stepping up the government’s bid to boost market confidence as the country’s economic recovery loses steam. BBG
• Eurozone inflation cools further – “the rate of input cost inflation fell again in July, down for a tenth straight month to its lowest since November 2020 and dropping further below the survey’s long-run average. Average prices charged for goods and services meanwhile rose at the slowest rate for 29 months”. S&P
• Europe’s flash PMIs fall short of expectations for July, with Manufacturing coming in at 42.7 (down from 43.4 in June and below the Street’s 43.5 forecast) and Services at 51.1 (down from 52 in June and below the Street’s 51.6 forecast), as demand faltered further (although inflation continued to cool). S&P
• Spain’s election fails to deliver a clear winner as PM Sanchez outperforms expectations, meaning weeks or even months of messy negotiations to form the next gov’t (it’s even possible the country may need to hold another round of elections). FT
• Ukraine’s Zelensky insists his country’s counteroffensive will accelerate in the near-term as he pushes back against critics who claim the operation is taking too long. FT
• Ukraine has already recaptured about 50% of the territory initially seized by Russia, but the current counteroffensive still has a lot more to play out. RTRS
• Sen. Chris Coons (D-Del.) warned on Friday that a government shutdown appears likely, as Congress faces down a September deadline to pass its annual spending bills. The Hill
• US sees prime-age worker participation jump to a multi-decade high, a trend that’s helping to cool tight labor markets. WSJ
• Apple is asking suppliers to produce about 85 million units of the iPhone 15 this year, roughly in line with the year before despite tumult in the global economy and a projected decline in the smartphone market, according to people familiar. Even so, it’ll probably see an increase in revenue overall because Apple is considering raising the price for Pro models. BBG
• Investors have been surprised at the resilience of equity valuations in recent months despite higher real rates. S&P 500 valuations traded in lockstep with real yields between 2020 and 2022. The NTM P/E multiple in 2020 expanded by 25% alongside a 120 bp decline in the real 10-year UST yield, and then contracted by 20% in 2022 alongside a 260 bp rise in the real yield. However, this relationship has broken down since September 2022, with the S&P 500 P/E expanding by 28% despite real yields that are roughly unchanged on net. Since the start of April, the P/E multiple has expanded from 18x to 20x alongside yields that have risen by nearly 34bp. GIR

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly positive but with gains capped ahead of upcoming key risk events including the FOMC, ECB  and BoJ monetary policy meetings, as well as several big tech earnings results. ASX 200 was rangebound as outperformance in the energy sector was offset by losses in mining names and with sentiment also clouded after Australian flash PMIs all printed in contraction territory. Nikkei 225 was underpinned after reports on Friday that the BoJ is leaning towards keeping its yield curve control policy unchanged at the upcoming meeting and sees little need to act on YCC for now. Hang Seng and Shanghai Comp were mixed with Hong Kong pressured by weakness in the property sector and tech, while the mainland was indecisive as the NDRC’s notice to promote high-quality development of private investment counterbalanced the reduced hopes for aggressive stimulus from China’s politburo meeting where the top officials will review the economic performance for H1.

Top Asian News

• China called for better financial support for private investment and is seeking private investment in thousands of projects worth CNY 3.2tln, while the state planner issued a notice to promote high-quality development of private investment. NDRC said it is to spur the activity of private investment and encourage private investment in some projects of transport, water and clean energy, while it will encourage private investment in new infrastructure and modern agriculture. NDRC said it will give 20 cities funding support each year with high private investment growth, as well as guide and strengthen financing support for private-invested projects and will encourage private investment projects to issue real estate investment trusts in the infrastructure sector, according to Bloomberg and Reuters.
• China CSRC Vice Chair Fang Xinghai led a meeting with global funds which included representatives from HongShan, Temasek, GIC and Warburg Pincus, according to Bloomberg.
• China’s top diplomat Wang Yi proposed high-level official talks among China, Japan and South Korea in a meeting with the Japanese Foreign Minister this month, according to Kyodo.
• UK Foreign Secretary Cleverly postponed a planned trip to Beijing this month, according to Bloomberg.
• Hong Kong strengthened radiation inspections on seafood imports from Japan, according to Kyodo.
• China’s MOFCOM undertook a meeting with semiconductor names to discuss the impact of US/allies sanctions on the domestic semiconductor industry, via Caixin; Cos called for the gov’t to take measures to counter the sanctions.
• BoJ is said to mull a large increase in its 2023 inflation outlook, reportedly mulling raising FY23 forecast to around 2.5%, according Bloomberg sources. Reminder, Friday’s Reuters sources included reports that the BoJ is expected to revise up core inflation forecasts for FY23, via source; though, FY24 & FY25 expected to be largely in-line with current projections.

European bourses are mixed with Flash PMIs flagging increased recession risks, Euro Stoxx 50 -0.2%; Spain lags following a political stalemate in Sunday’s elections, IBEX 35 -0.7%. Sectors are also mixed but with a negative tilt given the above. Telecom names outperform after strong Vodafone results while Travel & Leisure lags given PMIs, Ryanair earnings and the European heatwave causing disruptions. Stateside, futures are modestly firmer and picked up to incremental highs following the Politburo readout, ES +0.2%; today’s docket is headlined by PMIs alongside a front-loaded supply schedule given Wednesday’s FOMC. NQ in-fitting ahead of the special rebalancing taking place.

Top European News

• UK MPs urge for changes to tax relief to boost the country’s regional start-ups, according to FT.
• UK Treasury will summon the heads of Britain’s largest banks for a meeting on new free-speech rules and to explain how they intend to ensure customers are not “de-banked” for their political views after former UKIP leader Farage’s account was closed by Coutts, according to FT.
• None of the individual parties, nor the left or right blocs were able to secure a majority in the Spanish parliamentary election in which the conservative People’s Party won 136 seats of the 350-seat parliament and PM Sanchez’s socialists PSOE was in second place with 122 seats, while far-right Vox was third with 33 seats and left-wing Sumar won 31 seats, according to Reuters.
• Bank of Italy is reportedly to propose Cipollone as the candidate to replace Panetta as an ECB executive board member, via FT citing sources.
• Greece’s Emergency Communications Service issued evacuation orders for part of Corfu due to wildfires, according to Sky News.

FX

• Euro and Sterling undermined by weak PMIs and Buck benefits, EUR/USD retreats from just under 1.1150 to sub-1.1070 and Cable from circa 1.2883 towards 1.2800, while DXY pops from 100.880 to 101.410.
• Kiwi tops 0.6200 vs Greenback after mixed NZ trade data as AUD/NZD cross reverses through 1.0900 and AUD/USD is capped around 0.6750 in wake of sub-50 Australian services and composite PMIs.
• Yen regroups after sharp slide against Dollar amidst reports that the BoJ could raise FY 2023 inflation forecast markedly to 2.5%, USD/JPY towards base of 141.19-81 range.
• PBoC set USD/CNY mid-point at 7.1451 vs exp. 7.1795 (prev. 7.1456)
• Israel judicial compromise talks have collapsed according to N12 News.

Fixed Income

• Disappointing PMIs out of the Eurozone and UK give flagging debt futures a decent lift.
• Bunds top 134.01 marginally from a 132.97 bottom and Gilts rebound from 96.43 to 97.57 at best.
• T-note follows suit with a lag between 114-14/03 bounds ahead of US national activity index, prelim. PMIs and USD 42bln 2 year supply.

Commodities

• WTI and Brent futures have been edging higher after the release of the Chinese Politburo statement, with prices at session highs as the time of writing.
• Spot gold trades in tandem with the Dollar and trades on either side of its 100 DMA (USD 1,961.55/oz) with the 50DMA seen at USD 1,947.73/oz today, with traders keeping powder dry ahead of a risk-packed week.
• Base metals are mixed with little direction and minimal impetus thus far from the Chinese Politburo statement.
• IEA’s Executive Director Birol said they will revise global oil demand growth projections based on the economic growth prospects of China and some other countries, while he reiterated the view that oil markets are expected to tighten in H2.
• UAE Energy Minister said the role of OPEC+ is crucial in the energy market for producers and consumers, while OPEC+ actions are crucial for the stability of markets and what it is doing is adequate.

Geopolitics

• Belarusian President Lukashenko met with Russian President Putin and claimed that Wagner fighters want to invade Poland, according to euronews.
• Russian Defence Ministry said Ukraine launched an artillery strike on a group of journalists, according to Reuters.
• Moscow’s Komsomolsky Avenue near the Defence Ministry building was closed after drone fragments were found and two explosions were heard before the fragments were found, according to witnesses cited by Reuters. It was also reported that a drone hit a high-rise office building on Moscow’s Likhachev Street, according to TASS.
• Russia’s FSB says traces of explosives were detected at a vessel which was in transit from Turkey to Rostov, Russia for gain shipment, via Tass; in May, the vessel was in Kiliya, Ukraine. Subsequently, Kremlin says the discovery of explosive traces on Grain ship shows there is a danger and requires increased vigilance.
• US Secretary of State Blinken said Ukraine has taken back 50% of land Russia seized and noted that Ukraine’s counteroffensive against Russia is tough and will play out over several months, according to a CNN interview.
• North Korea fired “several” cruise missiles into the Yellow Sea early Saturday morning, according to the South Korean military cited by Japan Times.
• G7, EU, Australia, New Zealand and South Korea urged China to help stop North Korea from evading UN sanctions by using Chinese territorial waters, according to a letter.

US Event Calendar

• 08:30: June Chicago Fed Nat Activity Index, est. -0.16, prior -0.15
• 09:45: July S&P Global US Manufacturing PM, est. 46.2, prior 46.3
  • July S&P Global US Services PMI, est. 54.0, prior 54.4
  • July S&P Global US Composite PMI, est. 53.0, prior 53.2

DB’s Jim Reid concludes the overnight wrap

I spent most of the weekend downloading new weather apps until I found one with a forecast that suited me. First for my own golf on Saturday and then for the Ashes cricket. Alas, even as I found one that suggested a decent break in the rain for both, the eventual outcome was 4 hours of constant rain for my own round of golf on Saturday and a weekend of mostly heavy rain for the cricket which robbed England of a glorious chance to level the Ashes at 2-2. A through gritted teeth congratulations to our Australian readers for retaining the Ashes.

Hopefully I won’t be searching through financial markets this week until I find a forecast that fits my market view. As I’m sure you’re all fully aware, the big event will be the 11th, and possibly final, Fed hike of this cycle on Wednesday. However the ECB (Thursday) and BoJ (Friday) meetings are also big events. In a busy week, some other highlights include the global flash PMIs today, the ECB bank lending survey (tomorrow), US Q2 GDP (Thursday), US core PCE, US ECI alongside German and French CPI (all Friday).

In terms of earnings, big tech, oil majors and notable semiconductor firms will be the highlights with 165 S&P 500 and 200 Stoxx 600 companies reporting this week. Watch out for Microsoft, Alphabet (tomorrow) and Meta (Wednesday) after some slightly disappointing tech earnings last week.

Going through the three big central bank meetings and other highlights in more detail now. The Fed will almost certainly hike +25bps on Wednesday which we and the market expect to be the final hike in the cycle. A September hike is priced at 33%, albeit up from 22% the previous week. With two CPIs and payrolls to come before then there is plenty of incoming data to confirm or dispute that assumption. The key for this meeting is if and how much the Fed messaging changes given recent softer inflation data. Our economists in their preview here, suggest that there is little downside at this stage for the Fed to do anything other than maintain a hawkish bias even if they acknowledge the progress. You can listen and watch Matt Luzzetti and rates strategist Matt Raskin, alongside our US rates traders, today at 830am ET / 130pm London for their latest thoughts ahead of the FOMC. Register here. In additions, various heads of DB research teams and trading desks will have a call on broader global markets at 2pm London time tomorrow. Click here to register.

Over in Europe, the ECB will also decide on rates on Thursday. Our European economists expect the ECB to deliver a +25bps hike, taking the deposit rate to what they see as a terminal level of 3.75%, even if they see a hike in September as a genuine possibility. Their preview here looks at this potential hike in more detail. Aside from the ECB meeting, the Eurozone bank lending survey tomorrow is important in order to see how lending standards have moved from what are currently tight and restrictive levels. The Fed’s SLOOS equivalent is out next week and is also very important. These are key pillars in the recession argument and if they stay tight risks continue to build. A surprise big improvement will put a dent in the argument.

The BoJ will close out the busy week for central banks with a decision on Friday and will also release their quarterly Outlook Report. Our Chief Japan economist previews the meeting here and sees some policy revision as a c.40% probability event, but continues to expect no change in monetary stance as his baseline. For the Outlook Report, he expects the BoJ to increase the inflation outlook for FY2023 but lower it for FY 2024, continuing to emphasise downside risks, but with no changes to the growth outlook.

Turning to the week’s economic indicators, several important gauges will be out in the US. This includes the preliminary Q2 GDP reading on Thursday as well as the employment cost index and personal income and spending on Friday along with the all important monthly core PCE. Other data in focus will include Conference Board’s consumer confidence gauge (tomorrow), new home sales (Wednesday) and durable goods orders (Thursday).

Outside of the global flash PMIs today, a number of sentiment gauges will also be out in Europe, including the Ifo survey for Germany (tomorrow) and consumer confidence for France (Wednesday) and Germany (Thursday).

Germany and France publish preliminary CPI releases for July on Friday. Q2 GDP for France will be due that day as well. Our European economists’ inflation chartbook looks at the recent trends in data here, highlighting uncertainty regarding the speed of normalisation and persistence of the core measure as some of the key themes, emphasising ECB’s focus on stickiness of domestic services inflation. The team expects the headline gauge for the Eurozone to come in at 5.3% YoY (vs 5.5% YoY in June) and core at 5.4% (5.5%).

Corporate earnings releases will also compete for investors’ attention with key big tech players, oil majors, semiconductor companies as well as some large European corporates, including those in healthcare and luxury, all reporting this week. The highlight will be big US tech, with Microsoft, Alphabet (tomorrow) and Meta (Wednesday). The three companies make up almost $5tn in market cap, or c.12% of S&P 500, and have enjoyed YTD gains ranging from around 36% for Alphabet to c 145% for Meta, helping propel the Nasdaq 100 to +41% YTD. Elsewhere in tech, Samsung, NXP semiconductors, Intel, Lam Research and SK Hynix will be among the companies reporting. Our US equity analysts preview the earnings season for semiconductors here, cautioning on the AI optimism.

Another notable group to release earnings will be the big oil firms. The list of companies reporting includes Exxon and Chevron on Friday in the US as well as Shell, TotalEnergies on Thursday and Eni on Friday in Europe. Elsewhere, Rio Tinto, Anglo American and Vale will be on investors’ radars.

In terms of Consumer stocks, results are due from Coca-Cola, P&G, Mondelez and McDonald’s, among others. Automakers releasing earnings include GM and Ford in the US and Porsche, Mercedes-Benz and Volkswagen in Europe. Otherwise, Raytheon, GE and Honeywell will be among notable industrials firms reporting.

Other European corporates reporting include healthcare firms AstraZeneca, Roche and Sanofi as well as a number of key European luxury firms such as LVMH tomorrow. Nestle and BASF will also report. The earnings and data highlights are in the day-by-day calendar at the end as usual. It’s certainly a busy week all round.

Asian equity markets have started the week with what has become a common China versus the rest of the region divide. The Hang Seng (-1.47%) is sharply lower with the CSI (-0.28%) also losing ground while the Shanghai Composite (+0.08%) is struggling to gain traction as concerns over the Chinese economy continue to dampen sentiment. Elsewhere, the Nikkei (+1.23%) is seeing gains after a report late on Friday suggesting the BoJ see little urgency to change their YCC policy. The KOSPI (+0.73%) is also higher. S&P 500 (-0.03%) and NASDAQ 100 (+0.06%) future are fairly flat ahead of a bumper week of earnings.

Early morning data showed that the manufacturing sector in Japan continued to slightly contract in July as the Jibun bank’s preliminary manufacturing PMI declined to 49.4 from June’s reading of 49.8. Meanwhile, the flash estimate of the services PMI dipped slightly to 53.9 in July from 54.0 in June with the Composite PMI, indicative of the overall health of the economy, remaining unchanged at 52.1.

Elsewhere, service sector activity in Australia shrank for the first time since March as the Judo Bank’s flash estimate of services PMI came in at 48.0 in July down from 50.1 in June. In contrast, manufacturing activity recorded a softer contraction at 49.6 in July against 48.2 in June.

In political news, Spain appears to be heading for a hung parliament after national elections on Sunday showed no clear winner emerging in a nail-biting finish. As per media reports, incumbent Pedro Sánchez is slated to remain the Spanish prime minister as a consequence of inconclusive national election in which the center-right Popular Party (PP) won 136 seats against the ruling Socialist Workers party (PSOE’s) tally of 122. Both parties were short of the 176 seats needed to control the Spanish parliament but Sánchez’s coalition can potentially muster 172 seats with the right wing block only 170, after being slated to be able to get to 180 in the last polls before the blackout early last week. So at this stage it feels like a Sánchez controlled hung parliament with fresh elections later in the year perhaps.

Looking back on last week now. On Friday, markets struggled for direction, though the earlier better-than-expected economic data resulted in risk-on moves for the week as a whole. Expectations for an additional 25bp hike following this weeks’ 25bps near certain rise were dialled back marginally on Friday, down from 35% to 33%, but were up from 22% a week earlier. Expectations for rates for the December 2024 meeting were up +0.5bp on Friday to 4.035%, a gain of +10.7bps in weekly terms.

US 10yr Treasuries rallied by -1.4bps on Friday, leaving yields up +0.5bps week-on-week. Real yields and breakevens saw contrasting moves, with the 10yr real yield down -10.7bp on the week, while the 10yr breakeven rose +11.2bp to 2.35% (+3.2bps on Friday), its highest level since the SVB crisis. So the strengthening of the soft landing narrative has added to perceptions of firmer long-term inflation. In contrast, the interest-rate sensitive US 2yr yield gained +7.4bps week-on-week (-0.15bps on Friday). Resultingly, the 2s10s curve flattened -7.3bps over the course of the week (and -2.3bps on Friday) to -101.5bps. Every time it resteepens, the flattening trade seems to make a comeback pretty soon after at the moment.

While US markets priced in a greater chance of an additional rate hike after July last week, European markets reduced their expectations of another 25bps rate hike by the ECB largely after hawkish governor Knot suggested that September’s meeting wasn’t a foregone conclusion. Terminal rate pricing for December 2023 fell -4.2bps week-on-week (-1.4bps Friday), with 47bp of hikes now priced until year-end. German 10yr bund yields thus declined -1.8bps on Friday (-4.4bps in weekly terms) to 2.47%, with the rally more pronounced for the 2yr (-3.0bp on Friday and -11.7bp on the week).

In equities, the S&P 500 was near flat (+0.03%) on Friday after losses on Thursday and ended the week up +0.69%, closing off its second consecutive week of gains. A similar Friday performance for the Dow (+0.01%) saw the index rise for the 10th session in a row, only the fourth such run of gains since 2000. The megacap-driven tech underperformance continued on Friday, with the NASDAQ down -0.22% on the day and down -0.57% in weekly terms. The index was dragged down after underperformance from big tech players like Netflix (-2.27% on Friday and -3.26% week-on-week) and Tesla (-1.10% on Friday and -7.59% week-on-week) following worse-than-expected earnings. Over in Europe, the STOXX 600 gained +0.99% last week (and +0.32% on Friday).

Oil gained last week against a backdrop of tight supply, as Russia’s crude shipments fell to a six-month low in the four weeks to mid-July. Brent crude rose +1.50% week-on-week to $81.07/bbl (and +1.80% on Friday). WTI crude outperformed, up +2.19% in weekly terms to $77.07/bbl (and +1.90% on Friday). Both closed up for their fourth consecutive week.

Finally, geopolitical tensions resurfaced via the grain market. Wheat prices grappled with the collapse of the Black Sea grain deal and growing concern that Ukraine’s ability to substitute shipments via the Danube has been compromised by central Europe’s heatwave. There was some relief in the market on Friday after confirmation of the size of the world’s wheat stockpiles and other avenues for Ukraine grain exports, with grain prices falling -4.06%. However, this was not sufficient to erase earlier price increases. Overall, wheat prices were up +8.73% week-on-week.

EUROPE

Sentiment slipped on weak EZ PMIs, Crude bolstered by Politburo – Newsquawk US Market Open

MONDAY, JUL 24, 2023 – 05:48 AM

• European bourses are mixed with Flash PMIs flagging increased recession risks while Spain lags after Sunday’s stalemate
• Stateside, futures modestly firmer with the NQ in-fitting ahead of the special rebalance coming into effect
• DXY benefits from EUR & GBP pressure on disappointing PMIs while JPY regroups after further sources
• Crude benchmarks bolstered by the initial readout from China’s Politburo; base metals relatively unreactive while XAU follows the USD
• EGBs bolstered on poor PMIs with USTs following suit ahead of front-loaded supply given the FOMC
• Looking ahead, highlights include US Flash PMIs, Supply from the US, Earnings from NXP Semiconductor

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CHINA’S POLITBURO

• China’s economy faces new difficulties and challenges mainly due to insufficient domestic demand; will continue to implement prudent monetary policy; will actively expand domestic demand.
• Will implement macro adjustments in a precise and forceful manner; Economic recovery will be tortuous. Click here for a full recap.
• Keep the Yuan exchange rate basically stable.
• To meet the demand of rigid and improving housing needs.
• External environment complex and severe.
• Will continue to to deepen reform and opening up, improve development environment for private firms.
• Will promote secure development of AI.
• Will stabilise trade and foreign investment and increase international flights.
• Will put job stabilisation at a strategically high level and expand middle income group.
• Will enliven capital market and boost investors’ confidence.

EUROPEAN TRADE

EQUITIES

• European bourses are mixed with Flash PMIs flagging increased recession risks, Euro Stoxx 50 -0.2%; Spain lags following a political stalemate in Sunday’s elections, IBEX 35 -0.7%.
• Sectors are also mixed but with a negative tilt given the above. Telecom names outperform after strong Vodafone results while Travel & Leisure lags given PMIs, Ryanair earnings and the European heatwave causing disruptions.
• Stateside, futures are modestly firmer and picked up to incremental highs following the Politburo readout, ES +0.2%; today’s docket is headlined by PMIs alongside a front-loaded supply schedule given Wednesday’s FOMC. NQ in-fitting ahead of the special rebalancing taking place.
• Tesla (TSLA) affirms FY23 CapEx guide between USD 7-9bln; also affirms FY24-25 range of USD 7-9bln.
• Click here for more detail.
• Click here and here for a recap of the main European equity updates.

FX

• Euro and Sterling undermined by weak PMIs and Buck benefits, EUR/USD retreats from just under 1.1150 to sub-1.1070 and Cable from circa 1.2883 towards 1.2800, while DXY pops from 100.880 to 101.410.
• Kiwi tops 0.6200 vs Greenback after mixed NZ trade data as AUD/NZD cross reverses through 1.0900 and AUD/USD is capped around 0.6750 in wake of sub-50 Australian services and composite PMIs.
• Yen regroups after sharp slide against Dollar amidst reports that the BoJ could raise FY 2023 inflation forecast markedly to 2.5%, USD/JPY towards base of 141.19-81 range.
• PBoC set USD/CNY mid-point at 7.1451 vs exp. 7.1795 (prev. 7.1456)
• Israel judicial compromise talks have collapsed according to N12 News.
• Click here for more detail.

FIXED INCOME

• Disappointing PMIs out of the Eurozone and UK give flagging debt futures a decent lift.
• Bunds top 134.01 marginally from a 132.97 bottom and Gilts rebound from 96.43 to 97.57 at best.
• T-note follows suit with a lag between 114-14/03 bounds ahead of US national activity index, prelim. PMIs and USD 42bln 2 year supply.
• Click here for more detail.

COMMODITIES

• WTI and Brent futures have been edging higher after the release of the Chinese Politburo statement, with prices at session highs as the time of writing.
• Spot gold trades in tandem with the Dollar and trades on either side of its 100 DMA (USD 1,961.55/oz) with the 50DMA seen at USD 1,947.73/oz today, with traders keeping powder dry ahead of a risk-packed week.
• Base metals are mixed with little direction and minimal impetus thus far from the Chinese Politburo statement.
• IEA’s Executive Director Birol said they will revise global oil demand growth projections based on the economic growth prospects of China and some other countries, while he reiterated the view that oil markets are expected to tighten in H2.
• UAE Energy Minister said the role of OPEC+ is crucial in the energy market for producers and consumers, while OPEC+ actions are crucial for the stability of markets and what it is doing is adequate.
• Click here for more detail.

NOTABLE US HEADLINES

• Chevron (CVX) Q2 (USD) Adj. EPS 3.08 (exp. 2.98), adj. net income 5.8bln (exp. 5.6bln), rev. 6.0bln (exp. 5.5bln).. Says PDC Energy (PDCE) acquisition to close in August 2023. Chevron’s production levels in the Permian Basin soared to a record high, producing 772k BOEPD in the Permian Basin. CEO Mike Wirth had his mandatory retirement age waived, and he will continue as Chairman and CEO past the usual retirement age of 65 due to a “turbulent time” in the markets; appoints Eimear Bonner as new CFO.
• WSJ’s Timiraos “Why the Fed Isn’t Ready to Declare Victory on Inflation” adding, officials remain concerned about whether wages and price growth can slow enough without an economic downturn.
• House Judiciary Committee reportedly mulls vote on Thursday to hold Meta (META) CEO Zuckerberg in contempt.
• Click here for the US Early Morning note.

NOTABLE EUROPEAN HEADLINES

• UK MPs urge for changes to tax relief to boost the country’s regional start-ups, according to FT.
• UK Treasury will summon the heads of Britain’s largest banks for a meeting on new free-speech rules and to explain how they intend to ensure customers are not “de-banked” for their political views after former UKIP leader Farage’s account was closed by Coutts, according to FT.
• None of the individual parties, nor the left or right blocs were able to secure a majority in the Spanish parliamentary election in which the conservative People’s Party won 136 seats of the 350-seat parliament and PM Sanchez’s socialists PSOE was in second place with 122 seats, while far-right Vox was third with 33 seats and left-wing Sumar won 31 seats, according to Reuters.
• Click here for newsquawk analysis on the Spanish election.
• Bank of Italy is reportedly to propose Cipollone as the candidate to replace Panetta as an ECB executive board member, via FT citing sources.
• Greece’s Emergency Communications Service issued evacuation orders for part of Corfu due to wildfires, according to Sky News.

DATA RECAP

• French HCOB Composite Flash PMI (Jul) 46.6 vs. Exp. 47.8 (Prev. 47.2); Manufacturing Flash PMI (Jul) 44.5 vs. Exp. 46.0 (Prev. 46.0); Services Flash PMI (Jul) 47.4 vs. Exp. 48.4 (Prev. 48.0)
• German HCOB Composite Flash PMI (Jul) 48.3 vs. Exp. 50.3 (Prev. 50.6); Manufacturing Flash PMI (Jul) 38.8 vs. Exp. 41.0 (Prev. 40.6); Services Flash PMI (Jul) 52.0 vs. Exp. 53.1 (Prev. 54.1)
• EU HCOB Composite Flash PMI (Jul) 48.9 vs. Exp. 49.7 (Prev. 49.9); Manufacturing Flash PMI (Jul) 42.7 vs. Exp. 43.5 (Prev. 43.4); Services Flash PMI (Jul) 51.1 vs. Exp. 51.5 (Prev. 52.0)
• “… eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam” & “… Lagarde will certainly stick to her guns and hike interest rates by 25bp at the next monetary meeting at the end of July.”
• UK Flash Composite PMI (Jul) 50.7 vs. Exp. 52.4 (Prev. 52.8); Services PMI (Jul) 51.5 vs. Exp. 53.0 (Prev. 53.7); Manufacturing PMI (Jul) 45.0 vs. Exp. 46.1 (Prev. 46.5)
• “The UK economy has come close to stalling in July which, combined with gloomy forward-looking indicators, reignites recession worries” & “… survey data signal further, potentially marked, falls in consumer price inflation in the months ahead.”

GEOPOLITICS

• Belarusian President Lukashenko met with Russian President Putin and claimed that Wagner fighters want to invade Poland, according to euronews.
• Russian Defence Ministry said Ukraine launched an artillery strike on a group of journalists, according to Reuters.
• Moscow’s Komsomolsky Avenue near the Defence Ministry building was closed after drone fragments were found and two explosions were heard before the fragments were found, according to witnesses cited by Reuters. It was also reported that a drone hit a high-rise office building on Moscow’s Likhachev Street, according to TASS.
• Russia’s FSB says traces of explosives were detected at a vessel which was in transit from Turkey to Rostov, Russia for gain shipment, via Tass; in May, the vessel was in Kiliya, Ukraine. Subsequently, Kremlin says the discovery of explosive traces on Grain ship shows there is a danger and requires increased vigilance.
• US Secretary of State Blinken said Ukraine has taken back 50% of land Russia seized and noted that Ukraine’s counteroffensive against Russia is tough and will play out over several months, according to a CNN interview.
• North Korea fired “several” cruise missiles into the Yellow Sea early Saturday morning, according to the South Korean military cited by Japan Times.
• G7, EU, Australia, New Zealand and South Korea urged China to help stop North Korea from evading UN sanctions by using Chinese territorial waters, according to a letter.

CRYPTO

• Bitcoin spent the first half of the morning with a negative bias but relatively steady; however, more recently we have seen a bout of pressure in the space with Bitcoin moving to just below its 50-DMA at USD 29.02k. Currently, BTC is holding just above the level.
• Binance says it will list Worldcoin (WDC), a Cryptocurrency project founded by OpenAI CEO Sam Altman.

APAC TRADE

• APAC stocks traded mostly positive but with gains capped ahead of upcoming key risk events including the FOMC, ECB and BoJ monetary policy meetings, as well as several big tech earnings results.
• ASX 200 was rangebound as outperformance in the energy sector was offset by losses in mining names and with sentiment also clouded after Australian flash PMIs all printed in contraction territory.
• Nikkei 225 was underpinned after reports on Friday that the BoJ is leaning towards keeping its yield curve control policy unchanged at the upcoming meeting and sees little need to act on YCC for now.
• Hang Seng and Shanghai Comp were mixed with Hong Kong pressured by weakness in the property sector and tech, while the mainland was indecisive as the NDRC’s notice to promote high-quality development of private investment counterbalanced the reduced hopes for aggressive stimulus from China’s politburo meeting where the top officials will review the economic performance for H1.

NOTABLE ASIA-PAC HEADLINES

• China called for better financial support for private investment and is seeking private investment in thousands of projects worth CNY 3.2tln, while the state planner issued a notice to promote high-quality development of private investment. NDRC said it is to spur the activity of private investment and encourage private investment in some projects of transport, water and clean energy, while it will encourage private investment in new infrastructure and modern agriculture. NDRC said it will give 20 cities funding support each year with high private investment growth, as well as guide and strengthen financing support for private-invested projects and will encourage private investment projects to issue real estate investment trusts in the infrastructure sector, according to Bloomberg and Reuters.
• China CSRC Vice Chair Fang Xinghai led a meeting with global funds which included representatives from HongShan, Temasek, GIC and Warburg Pincus, according to Bloomberg.
• China’s top diplomat Wang Yi proposed high-level official talks among China, Japan and South Korea in a meeting with the Japanese Foreign Minister this month, according to Kyodo.
• UK Foreign Secretary Cleverly postponed a planned trip to Beijing this month, according to Bloomberg.
• Hong Kong strengthened radiation inspections on seafood imports from Japan, according to Kyodo.
• China’s MOFCOM undertook a meeting with semiconductor names to discuss the impact of US/allies sanctions on the domestic semiconductor industry, via Caixin; Cos called for the gov’t to take measures to counter the sanctions.
• BoJ is said to mull a large increase in its 2023 inflation outlook, reportedly mulling raising FY23 forecast to around 2.5%, according Bloomberg sources. Reminder, Friday’s Reuters sources included reports that the BoJ is expected to revise up core inflation forecasts for FY23, via source; though, FY24 & FY25 expected to be largely in-line with current projections.

DATA RECAP

• Japanese Manufacturing PMI Flash SA (Jul) 49.4 (Prev. 49.8); Services PMI Flash SA (Jul) 53.9 (Prev. 54.0)
• Japanese Composite Op Flash SA (Jul) 52.1 (Prev. 52.1)
• Australian Manufacturing PMI Flash (Jul) 49.6 (Prev. 48.2); Services PMI Flash (Jul) 48.0 (Prev. 50.3)
• Australian Composite PMI Flash (Jul) 48.3 (Prev. 50.1)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

MONDAY MORNING/SUNDAY NIGHT

SHANGHAI CLOSED DOWN 3.58 PTS OR 0.11%   //Hang Seng CLOSED DOWN 407.11 PTS OR 2.13%        /The Nikkei CLOSED UP 396.69 PTS OR 1.23% //Australia’s all ordinaries CLOSED DOWN 0.13 %   /Chinese yuan (ONSHORE) closed DOWN  7.1868  /OFFSHORE CHINESE YUAN DOWN  TO 7.1900 /Oil UP TO 77.58 dollars per barrel for WTI and BRENT  UP AT 81.45 / Stocks in Europe OPENED  ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

2 d./NORTH KOREA/ SOUTH KOREA/

////SOUTH KOREA/CHINA

END

2e) JAPAN

JAPAN/

END

3 CHINA /

CHINA/

China’s politburo aims to avoid deflation at all costs as they aim to stabilize the property market with probably more stimulus

(zerohedge)

China’s Politburo Aims To Stabilize Property Market By Intensifying “Counter-Cyclical Adjustments”

MONDAY, JUL 24, 2023 – 09:30 AM

Consumer spending in China is sluggish, exports are flagging, and local government debt is skyrocketing. There are emerging signs of deflation, while a property downturn has weighed on the overall economy. To resurrect the world’s second-largest economy, the Politburo, a top decision-making body of the ruling Communist Party, said on Monday there would be policy adjustments to ‘optimize property policies at an appropriate time’ and adopt a strategy to resolve local debt risks, according to the state-run media Xinhua news agency.

The Communist Party’s 24-member Politburo will concentrate on “counter-cyclical” macroeconomic policy adjustments to spur demand as a post-pandemic recovery flounders:  

“Currently, China’s economy is facing new difficulties and challenges, which mainly arise from insufficient domestic demand, difficulties in the operation of some enterprises, risks and hidden dangers in key areas, as well as a grim and complex external environment,” Xinhua cited the Politburo as saying.

The Politburo continued as per Xinhua:

Leaders pledged to “intensify macroeconomic policy adjustments, focus on expanding domestic demand, boosting confidence and preventing risks, and continuously promote the improvement of economic operations.” 

The announcement by top policymakers comes as China, whose economy is not only creaking with youth unemployment at all-time highs..

… but is also on the verge of deflation and desperately needs much more stimulus …

And as we noted two weeks ago, there were signs that more economic support measures were ‘imminent‘ after authorities took yet another step toward supporting the ailing property market by extending loan relief for developers. 

Xing Zhaopeng, senior China strategist at Australia & New Zealand Banking Group Ltd., told Bloomberg there are two main messages from the Politburo meeting:

• One, it brings domestic demand ahead of industrial policy, suggesting stronger counter-cyclical measures. 
• Two, it also stressed a big plan for local government debt disposal.

Bloomberg noted other highlights in the statement: 

• A pledge to drive platform firms’ healthy development
• Will boost car, electronic products consumption 
• Economic policies to be targeted, powerful 
• A vow to increase investors’ confidence, general confidence in the economy

It also appears that President Xi Jinping’s mantra that “housing is for living, not for speculation” was left out of the statement. 

“It seems the government has recognized the importance of policy change in this sector to stabilize the economy,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management Ltd.

Beijing’s attempt to stabilize the real estate market, which according to Goldman, is the world’s largest asset class, suggests the housing market downturn and developer risks are likely worse than previously thought.

END

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

EU

Big story as EU PMIs plunge across the board as German manufacturing collapses.  Inflation remains “sticky”

(zerohedge)

EU PMIs Plunge As German Manufacturing Collapses; Inflation Remains ‘Sticky’

MONDAY, JUL 24, 2023 – 07:34 AM

The eurozone’s downturn deepened at the start of the third quarter as the region’s composite flash PMI decreased by 1.0pt to 48.9, below consensus expectations, on the back of a broad-based decline across sectors., with weakening demand triggered the steepest decline in manufacturing orders since 2009, while the services sector suffered its first drop in orders for seven months.

• Euro Area Composite PMI (July, Flash): 48.9, consensus 49.6, last 49.9.
• Euro Area Manufacturing PMI (July, Flash): 42.7, consensus 43.5, last 43.4.
• Euro Area Services PMI (July, Flash): 51.1, consensus 51.6, last 52.0.

“The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, adding that there was “an increased probability” of the German economy sliding into recession in the second half of this year.

The composition of the July report showed a broad-based moderation across new orders, new export orders, backlogs, and employment. Firms’ future output expectations also declined further, reflecting a more pessimistic outlook in both sectors. Turning to price pressures, both input and output price components continued to decline in both sectors, although the pace of this moderation remains slower and the level of the these component series remains much higher in the services sector.

Across Euro area regions:

• France: The French composite flash PMI decreased by 0.6pt to 46.6, below consensus expectations. The composite decline was broad-based across sectors, with both services activity and manufacturing output remaining in contractionary territory.  
• Germany: The German composite flash PMI decreased by 2.3pt to 48.3, also below consensus expectations. The decline in the composite index was broad-based across sectors, but led by manufacturing as the manufacturing output index fell to a 38-month low; services activity remains in expansionary territory. 
• Periphery: The periphery composite PMI edged down slightly to 50.8, driven by a small decline in manufacturing output—which remains below 50—that was offset partially by a modest improvement in services, which remains in expansionary territory.
• The UK composite flash PMI decreased by 2.1pt to 50.7, also below consensus expectations. The decline in the composite index was broad-based across sectors but skewed towards services.

Goldman sees see three main takeaways from today’s data.

• First, Euro area growth momentum continues to weaken across both sectors, driven in particular by France and Germany, where press releases attributed today’s weak print to a range of factors, including consumer hesitancy, inventory de-stocking, high inflation, and rising interest rates.
• Second, price pressures continue to moderate but the slower pace of moderation in the services sector continues to point towards stickiness in underlying inflationary pressures. This appears to be particularly true in Germany, where the services price components edged up surprisingly in July.
• Third, growth momentum in the UK also appears to be slowing, but remains in positive territory.

“Given what could be a mildly hawkish Fed event risk on Wednesday and the prospect of the ECB less than wholeheartedly backing the idea of a follow-up September rate hike, we see some downside risks to EUR/USD this week,” Chris Turner, head of fx strategy at ING. wrote in a note, forecasting EUR/USD to weaken to 1.1050

And sure enough EURUSD has started to fade…

However, the central bank has said in recent weeks it is concerned high wage growth and rising services prices could keep inflation above its 2 per cent target for too long.

end

UK//FOOD INFLATION 

Russell Clark is one smart cookie: (former owner of the 4 Horseman Global operation)

He discusses UK food inflation (and global inflation).  Deflation to him is not in the cards

(RussellClark)

Deflation While Food Prices Are Going Up? You Cannot Be Serious

SATURDAY, JUL 22, 2023 – 09:20 AM

By Russell Clark, author of the Capital Flows and Asset Markets substack, formerly CIO of Horseman Global ,

I was ordering my Pimms at Wimbledon, which I discovered would cost me £11 – and was extremely tempted to rant “You cannot be serious!”. But I sucked it up and paid.

The next day I was drinking a £7 pint at my local, I looked at my phone and was assailed by financial commentators and substack writers with news that inflation was cured, and even deflation and rate cuts were looming on the horizon. Deflation you say? No one had told the drinking establishments I frequent. UK inflation index might be saying slowing inflation. But prices have not actually fallen.

I suspect the deflation camp is looking at the period in 2013 to 2020, when food CPI stagnated after the steep rise from 2006 to 2012, and thinking that we are headed for a similar period of falling prices. UK food inflation has an upward bias, but periods of accelerated inflation occur when underlying commodity prices rise, and deflation when commodity prices are falling. We can look at the CRB Food Index to get an idea of trends there. I am struggling to see deflation.

For me there are three drivers to food inflation. One is low unemployment in the west. Given the fiscal impulse we see from both the UK and US government, I don’t see any reason for unemployment to rise. The US is also seeing Federal Government expenditure turn higher.

The second is that the ongoing Russian – Ukrainian war threatens the supply of huge amounts of grain. For wheat, Russia and Ukraine at largest and seventh largest exporters respectively. While there has been an agreement in place to allow Ukrainian exports to reach the market, it is subject to Russian whims. Ukraine is also a large supplier of coarse grain (corn) and vegetable oil (sunflower).

The final and most important reason was that China is turning into a net importer of food. China turned into a corn importer after the problems with African Swine Flu – but despite that being largely under control, and huge efforts by the Chinese government to reduce reliance on the US, China remains one of the largest markets for US Corn exports.

One other implication of China turning to a net importer of food is that it has also become an importer of rice. The world rice market has become increasingly reliant on India and Thailand as suppliers. Note, even though China is listed as exporting 2m tonnes of rice, it now imports 5m tonnes, making it a net importer.

India is the low cost producer of rice.

With India placing restrictions on rice exports, Thai rice prices have been rising again, and are back to levels seen during in 2021. During the spike in corn prices caused by the Russian invasion of Ukraine, many farmers used rice as feed as it was cheaper. Higher rice prices are likely to feed back into higher grain prices.

This could cause a negative feedback loop. China has been very successful in getting domestic pork prices back to pre-African Swine Flu levels, even if that still means Chinese pork prices are twice US prices.

Typically we look at pork to corn price ratios to determine the profitability of pork farming. In China we have seen farmers are record low profitability as corn prices have stayed high and pork prices low. I suspect this was due to rice being used as a substitute feed. This would also explain why China has become a net importer of rice in recent years.

India ban on rice exports is likely to cause food inflation to return to Chinese pork prices – which will likely put upward pressure on other grains. To me, it looks more like we are coming to the end of a lull in food inflation.

Deflation while food prices are going up? You cannot be serious!

end

Germany

We have been banging the table on this for the past year:  German deindustrialization is a very great threat as they undergo their stupid energy transition

(Remix)

Risk Of German De-Industrialization ‘Very Great’ Due To ‘Problematic’ Energy Transition: CEO

MONDAY, JUL 24, 2023 – 03:30 AM

Authored by Thomas Brooke via Remix News,

The German economy is losing its DNA as a place to do business, and foreign investors are staying away and focusing their attention on emerging markets as a result, a leading CEO has claimed.

Toralf Haag, the president and chief executive of global technology company Voith Group, sat down with the Die Welt newspaper to discuss the woes affecting his homeland.

He explained that Voith Group, which operates primarily in the energy, automotive and paper industries, has so far been able to protect itself from the technical recession Germany entered into last quarter, but he also expressed his concern regarding the country’s direction in terms of its competitiveness, energy policy, and attractiveness for foreign investment.

Haag described Germany’s aggressive energy transition away from traditional energy production such as coal and nuclear to renewables as “problematic.”

“There are ambitious goals, but only insufficient incentives and support to be able to achieve these goals. What we need is less bureaucracy, faster approval procedures and faster implementation. The way it is currently running, it will not work in the long run,” he told the newspaper.

“Investment decisions in Germany are becoming increasingly difficult,” he said when asked how comfortable he feels operating from his company’s German headquarters in Heidenheim.

“To be honest, at the moment we tend to choose Eastern Europe, Asia, or the USA when it comes to new production facilities because the costs for energy and personnel are particularly high in Germany while at the same time bureaucracy and regulation are increasing.”

He explained that his company has had to hire 30 new administrative staff in the last two years alone solely to handle new regulatory obligations introduced due to more red tape.

“I would like to invite the employees from the ministries to check what effect their specifications have directly inside a company – whether they are practicable and sensible. In order for Voith to make significant investments in Germany again, the framework conditions must change fundamentally. Unfortunately, I don’t see that at the moment,” he added.

Haag described the danger of German de-industrialization, a reduction in industrial activity in the country as companies relocate elsewhere, as “very great.”

“We now see almost every day that industrial companies are no longer investing in Germany but in other regions of the world. Administration and engineering may remain in Germany, but production, which is particularly valuable for an economy, is increasingly taking place elsewhere.

“As a result, the German economy is not only losing its DNA but also any potential for the future. With its well-paid jobs, industry is the guarantor of prosperity. The prosperity achieved so far cannot be maintained with administrative jobs and the service sector alone,” he added.

Haag’s concerns are backed by concerning data and reports on the state of German industry, typically revered as the backbone of the country’s economy.

Last week, a survey by the Federal Association of Medium-Sized Businesses (BVMW) revealed that 26 percent of all medium-sized company directors across Europe’s powerhouse have considered shutting down their business, while 22 percent have expressed interest in moving their operations abroad.

Directors cited increased bureaucracy and hefty tax burdens as the two main reasons for their dissatisfaction.

Similarly, factory orders and industrial output fell significantly in the first quarter of 2023, including a 10.7 percent drop in March versus the previous month, the largest month-over-month decline since 2020.

Consumers are also growing weary, with inflation creeping back up to 6.8 percent last month, bucking a downward trend seen in the previous three months.

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

Dangerous, indeed!

(zerohedge)

Russia, NATO Positioned For Clash Over Black Sea Amid Putin’s ‘Blockade’ On Ukraine

SUNDAY, JUL 23, 2023 – 07:00 AM

Authored by M.K. Bhadrakumar via RPI/Indian Punchline,

The NATO Summit in Vilnius (July 11-12) signaled that there is absolutely no possibility of talks to settle the Ukraine war in a foreseeable future. The war will only intensify, as the US and its allies still hope to inflict a military defeat on Russia although that is clearly beyond their capability. 

On July 14, Gen. Mark Milley, chairman of US joint chiefs of staff said that Ukraine’s counteroffensive is “far from a failure” but the fight ahead will be “long” and “bloody”. Milley has a reputation for speaking what the White House wants to hear, no matter his professional judgment. 

Indeed, on July 19, the Biden administration announced additional security assistance of about $1.3 billion for Ukraine. The Pentagon said in a statement that the announcement “represents the beginning of a contracting process to provide additional priority capabilities to Ukraine.” That is to say, the US will be using funds in its Ukraine Security Assistance Initiative program, which allows the administration to buy weapons from industry rather than pull from US weapons stocks. 

According to the Pentagon, the latest package includes four National Advanced Surface-to-Air Missile Systems (NASAMS) and munitions; 152 mm artillery rounds; mine clearing equipment; and drones. 

Meanwhile, in an ominous development, no sooner than Russia let the UN-brokered grain deal expire on July 17, Ukrainian President Vladimir Zelensky disclosed that he had sent official letters to UN Secretary-General Antonio Guterres and Turkish President Tayyip Erdogan suggesting to continue the grain deal without Russia’s participation. 

On the very next day, Kiev followed up with an official letter to the UN’s International Maritime Organization spelling out a new maritime corridor passing through Romania’s territorial waters and exclusive maritime economic zone in the north-western part of the Black Sea. 

Evidently, Kiev acted in concert with Romania (a NATO member country where the 101st Airborne Division of the US army is deployed). Presumably, the US and NATO are in the loop while the UN’s imprimatur is being arranged. It goes without saying that the NATO has been working on a new maritime route in the Black Sea for sometime already.

This is a serious development, as it seems a precursor to involving the NATO in some way to challenge Russia’s domain dominance in the Black Sea. Indeed, the NATO’s Vilnius Summit Communiqué (July 11) had forecast that the alliance is gearing up for a vastly enhanced presence in the Black Sea region, which has been historically a Russian preserve, where its has important military bases. The relevant paragraph in the NATO Communiqué said:

“The Black Sea region is of strategic importance for the Alliance. This is further highlighted by Russia’s war of aggression against Ukraine. We underline our continued support to Allied regional efforts aimed at upholding security, safety, stability and freedom of navigation in the Black Sea region including, as appropriate, through the 1936 Montreux Convention. We will further monitor and assess developments in the region and enhance our situational awareness, with a particular focus on the threats to our security and potential opportunities for closer cooperation with our partners in the region, as appropriate.” [Emphasis added.] 

Four things need to be noted: 

• one, the Ukraine conflict has been singled out as the context; the focus is on Crimea; 
• two, “freedom of navigation” means an assertive US naval presence; reference to the 1936 Montreux Convention hinted at the role of Turkey, both as a NATO member country and the custodian of the Dardanelles and Bosporus straits; 
• three, the NATO flags its intention to enhance its “situational awareness,” which as a military term involves 4 stages: observation, orientation, decision, and action. Situational awareness has two main elements, namely, one’s own knowledge of the situation and, secondly, one’s knowledge of what others are doing and might do if the situation were to change in certain ways. Simply put, the NATO surveillance of Russian activities in the Black Sea will intensify; and, 
• four, the NATO seeks closer cooperation with “our partners in the region” (read Ukraine).

Most certainly, a new maritime route in northwestern and western regions of the Black Sea along Romania, Bulgaria and Turkey (all of whom are NATO member countries) will cut off the Russian garrison in Transnistria (Moldava) and would boost Kiev’s capability to strike at Crimea. The NATO involvement would complicate any future Russian operations to liberate Odessa as well, which is historically a Russian city. 

Apart from the huge legacy of culture and history, Odessa is a port head for the industrial products of Russia and Ukraine. The Togliatti-Odessa ammonia pipeline (which the Ukrainian saboteurs blew up recently) is one of the best examples. The 2,471 km pipeline, the longest ammonia pipeline in the world, connected the world’s largest ammonia producer, TogliattiAzot, in Russia’s Samara region with Odessa Port. 

In strategic terms, without control over Odessa, NATO cannot have force projection in the Black Sea region or hope to resurrect Ukraine as an anti-Russia outpost. Nor can NATO advance toward the Transcaucasus and the Caspian (bordering Iran) and Central Asia without dominating the Black Sea region. 

And for the same reasons, Russia cannot afford to cede the Black Sea region to the NATO, either. Odessa is a vital link in any land bridge along the Black Sea coast connecting the Russian hinterland with its garrison in Transnistria, Moldova (which the US is eyeing as a potential NATO member.) In fact, Crimea’s security will be endangered if hostile forces establish themselves in Odessa. (The attack on the Kerch Bridge in October 2022 was staged from Odessa.) 

Clearly, the entire US project on the new maritime route is intended to pre-empt Russia from gaining control of Odessa. It factors in the strong likelihood that with the Ukrainian offensive floundering, Russia may soon launch its counter-offensive in the direction of Odessa. 

From the Russian perspective, this becomes an existential moment. The NATO has virtually encircled the Russian Navy in the North Sea and the Baltic Sea (with the induction of Sweden and Finland as members). The freedom of navigation of the Baltic Fleet and the dominance in the Black Sea, therefore, become all the more crucial for Russia to freely access the world market round the year. 

Moscow has reacted strongly. On July 19, Russian ministry of defence notified that “all vessels sailing in the waters of the Black Sea to Ukrainian ports will be regarded as potential carriers of military cargo. Accordingly, the countries of such vessels will be considered to be involved in the Ukrainian conflict on the side of the Kiev regime.” 

Russia has further notified that “the north-western and south-eastern parts of the international waters of the Black Sea have been declared temporarily dangerous for navigation.” The latest reports suggest that the Black Sea Fleet of warships are rehearsing the procedure for boarding foreign ships sailing to Ukrainian waters. In effect, Russia is imposing a sea blockade of Ukraine.

In an interview with Izvestia, Russian military expert Vasily Dandykin said he would now expect Russia to stop and inspect all ships sailing to Ukrainian ports. “This practice is normal: There is a war zone there, and in the past two days it has been the scene of missile strikes. We’ll see how this will work in practice and whether there will be anyone willing to send vessels to these waters, because this is very serious.” 

The White House has accused Russia of laying mines to block Ukrainian ports. Of course, Washington hopes that the NATO moving in as the guarantor of the grain corridor, replacing Russia, would have resonance in the Global South. The Western propaganda caricatures Russia as creating food scarcity globally. Whereas, the fact of the matter is that the West didn’t keep its part of the bargain reciprocally to allow the export of Russian wheat and fertiliser, as has been acknowledged by the UN and Turkey.

What remains to be seen is whether beyond the raging information war, any NATO country would dare to challenge Russia’s sea blockade. The chances are slim, the daunting deployment of the 101st Airborne Division in next-door Romania notwithstanding.

END

RUSSIA/UKRAINE

What is Moscow’s next move after this?

(zerohedge)

Ukraine Says Drone Attacks To “Increase In Scale” After Overnight Moscow Attack

MONDAY, JUL 24, 2023 – 08:50 AM

Russia’s Foreign Ministry has denounced “an act of international terrorism” by Ukrainian forces after a drone attack on Moscow which damaged multiple buildings in the city’s center.

The defense ministry had described that “electronic warfare systems jammed two Ukrainian drones, causing them to crash,” and that no one was hurt, however with images showing significant damage to at least one non-residential building. 

TASS observed that UAV fragments were also found in a center district not far from the Defense Ministry headquarters, with the ministry further calling it at “attempt by the Kiev regime to carry out a terrorist attack using two unmanned aerial vehicles” in the early hours of Monday morning.

“While the drone itself hit a non-residential building, several windows in residential buildings in the area were reportedly blown out by the blast wave,” state media reporting described. 

“The second drone apparently hit a high-rise building in southern Moscow which hosts the office of French home improvement chain Leroy Merlin,” the report detailed. The attack resulted in traffic halted and road closured in the area as emergency vehicles responded.

The company Leroy Merlin, located at one of the buildings which came under attack, has been accused of supplying the Russian military…

While Moscow has been subject of small drone attack at sporadic points throughout the Ukraine war, such attacks on the capital have remained rare.

Andriy Yusov, spokesperson for Ukraine’s military intelligence, in a rare moment of Kiev taking responsibility for an operation deep inside Russian territory said the drones “testify to the fact that the Putin regime is unable to fully control the sky even for the protection of the most important facilities.”

“Obviously, this situation will continue and increase in scale,” Yusov added.

Belgorod and other border regions, as well as Crimea, have continued to be subject of much more frequent attack by Ukrainian forces.

Russian Security Council Deputy Chairman Dmitry Medvedev on Monday called for severe retaliation for the attempted Moscow attack, saying the military should select “non-standard targets” to exact revenge.

A well-known Ukrainian presidential adviser to Zelensky is meanwhile celebrating the drone attacks…

He angrily denounced what he called the “Banderite bastards” who are increasingly “choosing peaceful civilian targets for their despicable attacks.”

“We also need to select non-standard targets for our strikes, not just storage sites, energy hubs and oil bases. There are other places where nobody would be expecting us and where strikes would have a widely felt impact,” Medvedev added.

RUSSIA/UKRAINE

A must view:

Robert H to us:

A former US general says the US did it

END

Robert H to us:

The Ukrainian mess

  One day there will be trials for this insanity of Neocons.

That is why it is reality to talk about roughly 350,000 KIAs according to Russian sources  ( some numbers i hear are in excess of 500,000)  and around 700,000 to 900,000 wounded in Ukraine, which amounts to 1,000,000 + casualties. The Ukie counteroffensive, has resulted in roughly 41,000 KIAs and about 100,000 wounded from June 4 through July 21. In all, roughly 140,000+ casualties. In reality, the number will be much higher and they begin to feel the heat in Washington, as physical numbers of soldiers runs out to launch offensive operations. It is why narrative is changing in and why Poland is being readied as fresh cannon fodder. And should Poland attack Belarus, Russia has already said it will consider this an attack on Russia. Polish blood should run cold because this means a nuclear response upon Poland. Neocons wanting a Nuclear insurance policy burning up Ukraine may well cause a roasted Poland as a message. Ukraine will be saved for War crimes tribunals which will come. If NATO thinks it can tackle Russia in the Black Sea there will be many vessels sunk on all sides. Uniformed planning and wishful thinking is not a source of victory. Insanity rules fools this July as tensions rise. 

end

Robert H to us:

US Civil Defense News on Twitter: “Update: The former NATO Supreme Allied Commander and US admiral James Stavridis states NATO maybe planning to attack Russian ships in the Black Sea! Russia will also be preparing for NATO to attack! Retired US Admiral James Stavridis is proposing deploying allied forces in… https://t.co/w8SiTZIZVz” / Twitter

These people have a death wish. No one will win in such a confrontation. Not even the fish.

🚨Update: The former NATO Supreme Allied Commander and US admiral James Stavridis states NATO maybe planning to attack Russian ships in the Black Sea! Russia will also be preparing for NATO to attack!

Retired US Admiral James Stavridis is proposing deploying allied forces in… pic.twitter.com/w8SiTZIZVz

— US Civil Defense News (@CaptCoronado) July 23, 2023

end

ISRAEL//Sunday

Protests contain against Israel’s judicial reform. Voting is set for Monday

(zerohedge)

Protests Against Israel’s Judicial Reform Intensify, Netanyahu Hospitalized, Ahead Of Vote

SUNDAY, JUL 23, 2023 – 09:20 AM

Via The Cradle,

Tens of thousands of Israelis protested in Jerusalem and Tel Aviv on Sunday July against Prime Minister Benjamin Netanyahu’s proposed judicial reform legislation, which is set for a vote Monday, the New York Times reported.

The protests come as military reservists from all branches of the army renewed their threats to stop showing up for reserve duty if the legislation is passed, and as Israel’s largest trade union considers calling for a general strike.  Protesters included some who walked 65 km over four days from Tel Aviv, camping along the way. On Sunday morning, they gathered to pray at the Western Wall and form a human chain stretching to the Knesset, Israel’s parliament. As tensions flared, Netanyahu was hospitalized and received a pacemaker: 

Israeli Prime Minister Benjamin Netanyahu was recovering in a hospital on Sunday after an emergency heart procedure while opposition to his government’s contentious judicial overhaul plan reached a fever pitch and unrest gripped the country.

Netanyahu’s doctors said on Sunday the heart pacemaker implantation went smoothly and that Netanyahu, 73, felt fine. According to his office, he was expected to be discharged later in the day.

Protesters also set up tents in a park near the Knesset, to prepare for additional protests in the coming days, as tomorrow’s vote nears. Protests took place in other cities as well, marking the 29th week of protests against the judicial reform bill.

In addition to the protests, the country’s largest union, the Histadrut, announced Saturday that it was holding an emergency meeting in response to the government’s plan, possibly to discuss calling a general strike, while 10,000 army reservists and 1,000 air force members declared their intention in recent days to stop showing up for reserve duty if the judicial reform passes.

Netanyahu’s governing coalition, which includes politicians representing more religious segments of Israeli society, such as Jewish supremacist ministers Itamar Ben Gvir and Bezalel Smotrich, is planning a vote this week to pass a reform bill that would limit the powers of Israel’s supreme court, which is currently able to block enactment of laws passed by the Knesset on grounds of lack of “reasonableness.”

Those protesting the reform are largely secular, and according to the New York Times, fear that the legislation will make it easier for the government to enforce ultra-Orthodox Jewish practice in public life and for government leaders to get away with corruption, including Netanyahu, who is currently on trial for bribery and fraud.

Israel’s military leaders also worry the divisions the legislation is causing in Israeli society are weakening the country’s military capacity, which is crucial for continuing the ongoing illegal occupation and colonization of the West Bank and siege on Gaza. These concerns come as Palestinian armed resistance groups in the West Bank have grown stronger, repelling major Israeli assaults into Jenin and Nablus in recent months, and as the missile capabilities of Lebanese Hezbollah, to Israel’s north, and Hamas and Palestinian Islamic Jihad in Gaza, to Israel’s south, have grown as well.

These concerns led a group of former senior Israeli security leaders to release a joint letter in recent days calling on Netanyahu to postpone a vote on the law unless it was revised by consensus, citing the reservists’ protests and the resulting risks to Israel’s military capacity.

In contrast, Netanyahu’s government says the Supreme Court has too often acted against the interests of the religious settler movement, including blocking the construction of Israeli settlements in the occupied West Bank in certain instances, or striking down certain privileges granted to ultra-Orthodox Jews, like exemption from military service.

Despite calls from the protest movement to protect what they describe as Israeli democracy, the protesters have not called for the Netanyahu government to cease illegal settlement building on occupied and stolen Palestinian land, to end Israel’s over 75-year-long military occupation of Palestine, or to extend the same rights to Palestinians that Israeli Jews enjoy under Israeli law.

END

Monday: Lawmakers pass the key part of Netanyahu’s sweeping judicial overhaul

(zerohedge)

Lawmakers Pass Key Part Of Netanyahu’s Sweeping Judicial Overhaul As Protesters Seek To Blockade Knesset

MONDAY, JUL 24, 2023 – 10:30 AM

Following almost 30 weeks of some of the largest protests Israel has seen in its history, Israeli lawmakers on Monday passed a key part of the Netanyahu government’s ultra-controversial overhaul plan which will see the independent judiciary severely weakened. 

It is being widely called the biggest and most far-reaching shake-up to the Israeli system, and the judiciary in particular, since 1948. The ‘Reasonableness bill’ passed with 64 votes in favor and 0 against, given that opposition members of the Knesset boycotted the final vote in protest, as raging demonstrators took over streets, in many cases blocking roadways and city centers across the country. Protesters tried to blockade the Knesset building itself.

The Reasonableness bill gets its name from the legislation in effect stripping the Israeli Supreme Court’s ability to declare government decisions unreasonable, which critics say so severely erodes checks and balances that it will lead to a Netanyahu coalition “dictatorship“. 

As we reviewed earlier, those protesting the reform are largely secular, and according to the New York Times, fear that the legislation will make it easier for the government to enforce ultra-Orthodox Jewish practice in public life and for government leaders to get away with corruption, including Netanyahu, who is currently on trial for bribery and fraud. Netanyahu also spent the weekend in the hospital for an emergency heart procedure which resulted in him receiving a pacemaker. He left the hospital and was present for the vote’s passage in Knesset Monday.

An estimated hundreds of thousands of angry demonstrators swarmed the streets in Jerusalem (where Knesset is located) and Tel Aviv.

According to details of the final debate and vote which stretched on for more than 24 hours, given the various last-ditch opposition efforts at compromise:

Within the Knesset, multiple last-minute attempts to amend the bill or to come to a broader procedural compromise with the opposition failed, and two compromise frameworks floated by a union leader and the president were rejected. A series of ideas for unilaterally softening the legislation, discussed by Prime Minister Benjamin Netanyahu and key coalition leaders even as the Knesset was preparing to vote, also led nowhere.

The vote followed almost 30 hours of continuous floor debate that began on Sunday morning. During that period, hundreds of thousands of protesters took to the streets, both for and against curbing judicial checks on political power.

According to the law’s text, courts are prohibited from exercising any scrutiny over the “reasonableness” of cabinet and minister decisions, including appointments and the choice to not exercise vested authorities.

Outside Knesset while floor debate and voting was underway Sunday into Monday…

Other controversial aspects to the judicial overhaul package will give Netanyahu’s hard-right coalition much greater power in the appointment of judges, and legal advisers from the judiciary would be ejected from various government ministries, no longer having direct input in legal matters.

There were sporadic clashes between police and protesters Monday, but things across the country remained largely peaceful, with the exception of efforts of protesters to block the Knesset building. At least 19 demonstrators reportedly were arrested outside the Knesset. Security forces unleashed water cannons several times in order for officials to gain access to the complex.

“Thousands of Israelis rallied outside the Knesset building, with some chaining themselves to the gates and blocking roads in an attempt to prevent lawmakers from reaching the compound,” Axios noted. And according to a description in local media:

Hours of violent clashes erupted around the Knesset in Jerusalem Monday morning as protesters against the government’s planned drastic overhaul of the judiciary blocked access roads to the building and skirmished with police in what coalition members decried as “a siege” of parliament.

Opposition leader Yair Lapid meanwhile accused the prime minister and his allies of seeking to “dismantle” Israeli democracy. “It is impossible to reach any understanding that will preserve Israeli democracy with this government,” he told a press briefing. “They want to dismantle the state. We have no way of continuing the dialogue with them. This is the most irresponsible government in the history of Israel.”

end

GLOBAL ISSUES//MEDICAL ISSUES

‘Serious Doubt’ About COVID-19 Vaccine Safety After Forced Release Of 15,000 Pages Of Clinical Trial Data

SUNDAY, JUL 23, 2023 – 10:15 PM

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Conservative public interest advocacy group Defending the Republic (DTR) has obtained almost 15,000 pages of Moderna’s COVID-19 vaccine clinical trial data, claiming the data show an “utter lack of thoroughness” of the trials and calls the vaccine’s safety into “serious doubt.”

As a result of successful Freedom of Information Act (FOIA) litigation against the U.S. Food and Drug Administration (FDA), the group recently announced it had obtained—and is releasing—nearly 15,000 pages of documents relating to testing and adverse events associated with “Spikevax,” Moderna’s COVID-19 vaccine.

Since 2022, the group has been involved in litigation against the FDA relating to the production of data submitted by Moderna in support of its application to federal regulators for approval of its vaccine.

As a result, the FDA agreed to produce around 24,000 pages of the Moderna records by the end of this year, with the 15,000 pages being the first installment.

The records, some of which relate to adverse events related to the vaccine, include important information related to the safety profile of Spikevax, which was first authorized for emergency use in the United States in December 2020 and in January 2022 received full approval for adults.

“The public can be assured that Spikevax meets the FDA’s high standards for safety, effectiveness and manufacturing quality required of any vaccine approved for use in the United States,” Acting FDA Commissioner Dr. Janet Woodcock said in a statement earlier this year.

But the new data call this view into question. The advocacy group says that the tens of thousands of pages of clinical trial data released by the FDA supports the conclusion that there is “serious doubt” about both  the safety of Spikevax and the FDA’s standards for approval.

Neither Moderna nor the FDA immediately responded to a request for comment.

More Details

DTR filed its FOIA lawsuit after the FDA rejected requests to produce the Moderna COVID-19 records, justifying its decision by claiming there was no pressing need for the public to review the information.

The documents obtained as part of the group’s litigation against the FDA are the first significant release of data from Moderna’s COVID-19 clinical trials.

The studies reveal the causes of deaths, serious adverse events, and instances of neurological disorders potentially associated with Spikevax.

One of the key takeaways from the documents is that many of those who died after receiving the Moderna vaccine were not given an autopsy.

“According to one study, 16 individuals died after being administered the Moderna vaccine. The study’s authors indicated that out of those 16 deaths, only two autopsies were performed, five of the dead were not autopsied, and the autopsy status of nine of the dead was ‘unknown,’” DTR said in a statement.

“Yet this did not stop those running these ‘studies’ from concluding, despite the absence of evidence, that the Moderna vaccine was not related to these deaths,” the group added.

As an example, the group gave the case of a 56-year-old woman who experienced ‘sudden death’ 182 days after receiving the second dose of the Moderna vaccine.

“The cause of death was unknown, and no autopsy was conducted. It seems they purposely decided not to investigate suspicious deaths in case the Moderna vaccine might be the cause,” the group stated.

There were also numerous examples in the clinical trial data of participants diagnosed with post-vaccination Bell’s Palsy and Shingles, with numerous vaccinated trial participants seeing the onset of Shingles less than 10 days after getting the shot.

The studies also showed that there were a number of serious adverse events noted in the vaccinated groups, with a number of participants experiencing heart attacks, pulmonary embolisms, and spontaneous miscarriages.

Read more here…

end

US Military Confirms Myocarditis Spike After COVID Vaccine Introduction

SATURDAY, JUL 22, 2023 – 10:30 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Cases of myocarditis soared among U.S. service members in 2021 after the COVID-19 vaccines were rolled out, a top Pentagon official has confirmed.

There were 275 cases of myocarditis in 2021—a 151 percent spike from the annual average from 2016 to 2020, according to Gilbert Cisneros Jr., undersecretary of defense for personnel and readiness, who confirmed data revealed by a whistleblower earlier this year.

The COVID-19 vaccines can cause myocarditis, a form of heart inflammation that can lead to mortality, including sudden death. COVID-19 also can cause myocarditis.

The diagnosis data comes from the Defense Medical Epidemiology Database.

Mr. Cisneros provided the rate of cases per 100,000 person-years, a way to measure risk across a certain period of time. In 2021, the rate was 69.8 among those with prior infection, compared to 21.7 among members who had been vaccinated.

“This suggests that it was more likely to be [COVID-19] infection and not COVID-19 vaccination that was the cause,” Mr. Cisneros said.

No figures were given for members who had been vaccinated but were also infected. The total rate, 20.6, also indicates that some members weren’t included in the subgroup analysis.

Sen. Ron Johnson (R-Wis.), who has been investigating problems with the database, questioned how the military came up with the figures.

“It is unclear whether or how it accounted for service members who had a prior COVID-19 infection and received a COVID-19 vaccination,” Mr. Johnson wrote to Mr. Cisneros.

Department of Defense (DOD) officials didn’t respond to a request for comment.

Mr. Johnson asked for the information no later than Aug. 2.

Dr. Peter McCullough, a cardiologist and president of the McCullough Foundation, looked at the newly disclosed data.

“The large increase in myocarditis cases in our military in 2021 was most likely due to ill-advised COVID-19 vaccination,” he told The Epoch Times via email, pointing to a study from Israel that found no increase or myocarditis in COVID-19 patients.

Some other papers have found COVID-19 vaccines increase the risk of myocarditis. COVID-19 has been linked elsewhere to myocarditis, although the vaccines have never prevented infection and have become increasingly ineffective against it.

The military encouraged COVID-19 vaccination after U.S. regulators cleared the vaccines for use in late 2020. Military officials were among the first in the world to raise concerns about myocarditis after vaccination and published an early case series of 22 previously healthy members who suffered myocarditis within four days of receiving a COVID-19 vaccine. U.S. officials have since said the vaccines definitely cause myocarditis.

U.S. Defense Secretary Lloyd Austin mandated the vaccines in 2021, a requirement that remained in place until Congress forced its withdrawal.

Repeated Changes

Military officials have struggled to provide accurate data on 2021 diagnoses.

Whistleblowers revealed in 2021 that myocarditis, as reflected in the Defense Medical Epidemiology Database (DMED), had soared to 2,868 percent higher than the average from 2016 to 2020. They downloaded the data in August 2021.

The number of 2021 myocarditis diagnoses, though, had plummeted from 1,239 to 263 when the data was downloaded later, prompting concerns of manipulation.

Military officials said they reviewed the data and found it was “faulty.” They said the data for the years 2016 to 2020 were “corrupted” during a “database maintenance process,” which resulted in the display of only 10 percent of the actual medical encounters for that time period.

Officials told Mr. Johnson in 2022 that the problem had been fixed. The fix significantly changed the records. Instead of a 2,181 percent increase in hypertension in 2021, for instance, the increase was just 1.9 percent. Female infertility, instead of increasing 472 percent, increased 13.2 percent.

The updated percentages, though, were called into question when another whistleblower looked at the database in 2023 and found they were different.

Testicular cancer, initially pegged as increasing 369 percent, was placed at 3 percent by the military. But the actual increase was 16.3 percent, the whistleblower found. Pulmonary embolism was among the other conditions that occurred more often in 2021 than the military had conveyed.

The whistleblower alerted Mr. Johnson, the top Republican on the Senate Subcommittee on Investigations, who asked military officials for answers.

Mr. Cisneros acknowledged that the data given to the senator was incomplete. He said the change stemmed from December 2021 figures not being available when the corrected data was offered. There was a data “lag by about three months,” meaning the data wasn’t available in February 2022, when officials provided Mr. Johnson with the corrected data, Mr. Cisneros said.

Pentagon officials replicated the analyses from the whistleblower and found the data “are similar” to the data the whistleblower sent to Mr. Johnson, Mr. Cisneros said.

Military officials hadn’t previously mentioned any data lag previously while communicating with Mr. Johnson or the public, and they didn’t incorporate the available data when they sent him another missive in mid-2022.

“Without the whistleblower’s disclosure, I doubt DOD would have ever acknowledged that it provided incomplete information to my office in February 2022 and again in July 2022,” Mr. Johnson said.

He said the DOD had demonstrated “a complete disregard for transparency” and urged officials to make clear whether it has investigated whether any of the medical conditions for which diagnoses spiked are associated with the vaccines.

END

this is a must view

and special thanks from Neil A. for sending this for us:

Del Bigtree presentation:/ PANDEMIC OF LIES:

https://articles.mercola.com/sites/articles/archive/2023/07/21/the-pandemic-of-lies.aspx?ui=497afeb5f572f85eb48ef6e5a41d56e42f5c59ab5bad87c24e119270f91919c8&sd=20221213&cid_source=dnl&cid_medium=email&cid_content=art1HL&cid=20230721_HL2&foDate=false&mid=DM1437026&rid=1861645670

end

GLOBAL ECONOMIC ISSUES//

END

GLOBAL VACCINE/COVID ISSUES“

DR PAUL ALEXANDER

URGENT: Dr. Tracy Beth Høeg reads CDC the RIOT ACT on COVID MASK failure, just stated in this publication what I have said openly that the CDC’s MMWR reports are utter junk, garbage, fraud documents

CDC knows it, I have stated it, pure MMWR garbage that is a political hit document meant to damage a sitting government DEPENDING; on the politics the CDC supports at that time; MASKS failed

DR. PAUL ALEXANDERJUL 22

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https://www.medrxiv.org/content/10.1101/2023.07.07.23292338v1

‘Results: 77 studies, all published after 2019, met our inclusion criteria. 75/77 (97.4%) studies were from the United States alone. All geographic regions and age groups were represented.

end

Harvey: we are seeing more and more of this!

Makis discusses BRAIN BLEEDS in young people – 19 year old UK university student Harvey Edwards died from a brain bleed; mRNA vaccine? Makis is over the target again! We must not cover this up!

Will the inventors of mRNA technology that is the basis for the COVID gene injections please stand up, please stand up & answer questions about Harvey? Weissman, Malone, Kariko, Sahin, Bancel, Bourla?

DR. PAUL ALEXANDERJUL 22

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COVID Intel – by Dr.William Makis

BRAIN BLEEDS in young people – 19 year old UK university student Harvey Edwards died from a brain bleed

I have written two substacks on the topic: April 9, 2023 – Brain Bleeds in young people – 18 tragic stories March 21, 2023 – 21 yo Liza Burke has brain bleed while in Mexico June 28, 2023 – Liverpool, UK – 19 year old University student Harvey Edwards went to hospital with a “sinus infection. They found a brain bleed, put him in an induced coma, he then suffered a devastating stroke and his family made the decision to turn off his life support on Jun.28…

Read more

end

Rita Rubin’s JAMA publication on FDA (VRBPAC) nightmarish seeking of vaccine for XBB.1.5 sub-variant (monovalent) tells us how reckless, inept FDA is! XBB.1.5 will be gone! (EG 5, XBB.2.3, XBB 1.16)

Original antigenic sin (immune priming), ADEI/ADED; the concern is that mismatch between dominant sub-variant & vaccine-induced antibodies will drive selective pressure for more infectious subvariants

DR. PAUL ALEXANDERJUL 21

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SOURCE:

https://jamanetwork.com/journals/jama/fullarticle/2807145?guestAccessKey=e363110e-bc30-4263-9f4c-b280760a7670&utm_source=silverchair&utm_medium=email&utm_campaign=article_alert-jama&utm_content=olf&utm_term=070523

end

“I Did Go to Hell and Back” – Jamie Foxx Speaks on His ‘Mystery Illness’

Forgets to address the biggest rumor – what caused his illness? – “I just didn’t want you to see me with tubes running out of me and trying to figure out if I was going to make it through.”

DR PANDAJUL 22

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Jamie Foxx finally addressed his ‘unknown’ illness for the first time since April. It’s obvious that he wasn’t “playing pickle ball.”

His full Instagram Video:

Jamie Foxx

Jamie Foxx on Instagram: “Thank u a billion to everybody… been a long road but all the prayers great people and God got me through…. ”

JULY 22, 2023

Jamie Foxx tells us everything EXCEPT what was wrong with him. He does say he went to “hell and back” and adds:

“I cannot even begin to tell you how far it took me and how it brought me back. I went through something that I thought I would never, ever go through.”

Foxx also explained why he didn’t provide any updates on his health condition:

“I just didn’t want you to see me like that. I want you to see me laughing, having a good time, partying, cracking a joke, doing a movie, a television show.”

“I just didn’t want you to see me with tubes running out of me and trying to figure out if I was going to make it through.”

He also thanked his family for keeping silent about his medical condition:

“I cannot tell you how great it feels to have your family kick in in such a way.”

“And y’all know they kept it air tight. They didn’t let nothing out. They protected me. And that’s what I hope that everyone can have in moments like these.”

Jamie Foxx was hospitalized in April 2023 for a ‘mysterious illness.’ The actor’s daughter, Corinne Foxx, announced the news on Instagram, saying that her father had “experienced a medical complication” but was “on his way to recovery.”

From our last article, in May 2023, journalist A.J. Benza reported that Foxx had been left “paralyzed and blind” after suffering a blood clot in his brain from the COVID-19 vaccine.

END

Jamie Foxx Left ‘Paralyzed and Blind’ From ‘Blood Clot in His Brain’ After Receiving COVID-19 Vaccine

DR PANDA·JUN 2end Jamie FOXX: his recent appearance raises more questions than answers & point to a devastating COVID-19 vaccine induced stroke; FOXX’s family & doctor & he must come clean & inform the world about thecatastrophic sequelae he suffered following COVID vaccine! He can literally save lives! I argue this was vaccine induced & McCullough seems to agree! ischemic and hemorrhagic stroke with encephalitisDR. PAUL ALEXANDERJUL 23 SHARE ‘Foxx may have had several components of syndromes including both ischemic and hemorrhagic stroke with encephalitis or seizures.’‘Recently Jamie Foxx appeared after three months of silence. He was pale, lost weight, described having tubes (probably endotracheal and feeding tubes) and had lost his nasolabial fold on the left face, a tell-tale sign of alleged COVID-19 vaccine induced stroke. The occipitofrontalis tone was lost and I noticed his shirt was buttoned up to the very top, unusual for Foxx, possibly to cover up a tracheostomy stoma. Let’s hope Foxx, his family, and his agents develop the collective courage to tell his fans about the COVID-19 vaccine and what actually happened to him—not only for his sake but to help warn others as a responsible public figure. The published papers on both central and neurologic syndromes continues to mount and patients like Foxx may have had several components of syndromes including both ischemic and hemorrhagic stroke with encephalitis or seizures. There appears to be no limit to the diversity of symptoms and clinical features. Finsterer cited 129 papers in his review of the devastating neurological side effects of the COVID-19 vaccines.Finsterer J. Neurological Adverse Reactions to SARS-CoV-2 Vaccines. Clin Psychopharmacol Neurosci. 2023 May 30;21(2):222-239. doi: 10.9758/cpn.2023.21.2.222. PMID: 37119215; PMCID: PMC10157009.A common element to all of them appears to be Spike protein induced direct damage or indirect pathophysiology mediated via inflammation, vascular endothelial disruption, and neural tissue damage. Because the genetic vaccines have no “off switch” the continued Spike protein piles on more insult to injury.We are hopeful that 3 to 12 or more months of the triple combination, oral base Spike detoxification protocol can begin to catch up with and begin to dispose of the Spike protein so the body can heal itself provided no further injections are administered.Nattokinase 2000 FU (100 mg) twice a dayBromelain 500 mg once a dayNano Curcumin 500 mg twice a dayFinsterer J. Neurological Adverse Reactions to SARS-CoV-2 Vaccines. Clin Psychopharmacol Neurosci. 2023 May 30;21(2):222-239. doi: 10.9758/cpn.2023.21.2.222. PMID: 37119215; PMCID: PMC10157009.Shedding of mRNA and Spike Protein — Rationale for ‘Base Spike Detox’ by Dr. Peter McCullough | Jul 22, 2023 | HealthMcCullough’s good stack:Courageous Discourse™ with Dr. Peter McCullough & John LeakeSerious Neurologic Syndromes after COVID-19 VaccinationBy Peter A. McCullough, MD, MPH Recently Jamie Foxx appeared after three months of silence. He was pale, lost weight, described having tubes (probably endotracheal and feeding tubes) and had lost his nasolabial fold on the left face, a tell-tale sign of alleged COVID-19 vaccine induced stroke. The occipitofrontalis tone was lost and I noticed his shirt…Ed Dowd Drops Bombshell COVID vaccine related Data: Hematological (Blood-Related) Claims Up 522% Above Trend in 2022; Dowd is talking about mRNA technology vaccine related injuriesExcellent substack by The vigilant FoxDR. PAUL ALEXANDERJUL 23 SHARE Hematological – up 522%Auditory – up 121%Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Upgrade to paidCardiovascular – up 121%Dermatological – up 138%Endocrine, metabolic, and thermoregulation – up 156%Gastrointestinal – up 145%Genito-urinary – up 143%Immune – up 115%Musculoskeletal – up 93%Neurological – up 107%Oncology – up 35%Psychiatric – up 124%Respiratory – up 93%Visual – up 80%“These numbers are just crazy percentage-wise,” Dowd remarked.Fox Media Ed Dowd Drops Bombshell Data: Hematological (Blood-Related) Claims Up 522% Above Trend in 2022Watch now (5 min) | “We were looking for data like this, and we found it in the UK Personal Independence [Payment] (PIP) system,” announced former Blackrock portfolio asset manager Edward Dowd (@DowdEdward) on the Dr. Drew show. “We need the help of the medical community and the regulators to explain what’s going on because it’s alarming…Read more

SLAY NEWS

The latest reports from Slay News

Dutch Doctors Now Euthanizing Patients with AutismSeveral Dutch citizens who had autism or other intellectual disabilities have been euthanized by doctors in the Netherlands under the authority of the nation’s globalist government.READ MORE

American Cancer Society: ‘Carbon Footprint’ of Treating Patients Is Too BigAmerican Cancer Society (ACS) is warning that treating patients for cancer is contributing to “climate change” because the so-called “carbon footprint” of the procedures is too large.READ MORE

Democrats Demand YouTube Restores Election Censorship PolicyDemocrat lawmakers are demanding that Big Tech giant Alphabet Inc. restores the election censorship policy on its video streaming platform YouTube.READ MORE

Math Scores Plunge to Lowest Levels in U.S HistoryA disturbing new report has revealed that math scores have now plunged to their lowest-ever levels.READ MORE

Far Higher Rates of Suicide, Psychiatric Conditions in Transgenders, Landmark Study FindsSuicide rates and psychiatric conditions are far higher among people who “identify” as transgender, a new landmark Danish study has found.READ MORE

Congress Refuses to Reinstate Pilots Fired under Biden’s Vaccine Mandate, Despite Major ShortageThe House of Representatives has voted not to reinstate airline pilots who were fired for refusing to comply with the vaccine mandate enforced by Democrat President Joe Biden’s administration.READ MORE

Whistleblowers Say Fox News Is Financially Supporting Satanic Temple and Planned ParenthoodWhistleblowers at Fox News revealed that the company is matching employee donations to the Satanic Temple, LGBT activist organization The Trevor Project, Planned Parenthood, and the SPLC. Two current Fox News employees and a former producer told The Blaze that Fox News has set up an internal app, known as “Fox Giving,” which allows employees to donate to various charitable …READ MORE

After Watching Sound Of Freedom, Trump Vows To Institute Death Penalty For Child TraffickersAfter watching the anti-human trafficking film Sound of Freedom earlier this week, former President Donald Trump has vowed to institute the death penalty for human traffickers if he gets another term in office. Trump said: “When I’m back in the White House. I will immediately end the Biden border nightmare that traffickers are using to exploit vulnerable women and children. …READ MORE

Rand Paul Raises Alarm: ‘We’re Out of Money and Ammo’Republican Senator Rand Paul (R-KY) has raised the alarm by warning the American people that the federal government run “out of money” and “ammo.”READ MORE

Rand Paul Puts Fauci On Notice: “We ended up referring him to the Department of Justice for prosecution for lying to Congress”Sen. Rand Paul (R-KY) has officially referred Dr. Anthony Fauci for prosecution accusing the former National Institute of Allergy and Infectious Diseases chief of lying during his testimony before Congress. Paul said: “We ended up referring him this week to the Department of Justice for prosecution for lying to Congress. “This is when they’re just beginning to look into the …READ MORERFK Jr: Plans for ‘Cashless Society’ Are about ‘Control and Oppression’Democrat presidential candidate Robert F. Kennedy Jr. has issued a warning to the public about the global plans to abolish physical cash to create “cashless societies.”READ MOREHow BlackRock Triggered the Global Energy CrisisIn recent years, governments around the world have been pushing radical policies that have fueled a global energy crisis.READ MOREBiden DOJ’s Anti-Trump Investigations Have Cost Taxpayers $9 Million in Four MonthsIn the most recent of the Democrats’ ongoing attacks against President Donald Trump, Biden’s weaponized Department of Justice (DOJ) has been racking up a huge bill for the taxpayer.READ MOREGreen Agenda War on Nitrous Oxide Threatens Global Food SupplyThe global food supply has been coming under increasing pressure in recent years as governments push policies to comply with the green agenda goals.READ MOREJason Aldean Refuses To Apologize, Gives Amazing Speech As Crowd Erupts In ‘USA’ ChantsCountry music superstar refused to apologize during his recent concert and instead delivered an inspiring speech that led the crowd to erupt in ‘USA” chants. He said: “I gotta tell you guys, it’s been a long-ass week. I’ve seen a lot of stuff suggesting I’m this, suggesting I’m that. You can think something all you want, but it doesn’t mean

EVOL NEWS

Bombshell FBI Report: ‘It Would Take Them 10 Years to Find Records’ of Burisma Payments to Bidens

Read more…

Massive Propane Fire With Explosions Burning Near Phoenix International Airport

Read more…

California Slaps School District With $1.5 Million Fine For Rejecting LGBT Lesson Plans

Read more…

Biden Bets on Economy as Election Strategy

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NFL Fines Daniel Snyder $60 Million On Same Day Sale Of Commanders Officially Approved

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The 6 Smartest Things You Can Do if You Win the Powerball

Read more…

Police find ‘possible’ gravesite tied to suspected Texas serial killer

Read more…

Update: LSU Teacher Fired Over Threatening Voicemail to State Senator | by Cristina LailaREAD MORE… LATEST NEWS:Cruz and Manchin Join Forces to Stop Sale of Oil From Strategic StockpileRead more…Clinton’s Pal Anthony Weiner Has UNHINGED Meltdown Over ‘Clinton Body Count’Read more…Trump Campaign Says New Trial Date a ‘Major Setback’ for DOJRead more…Harvard Poll: Trump Dominates GOP, Only 32% Believe Biden Mentally Fit for OfficeRead more…Hunter Biden’s Lawyer Strikes Back At MTG After Showing Explicit ImagesRead more…Biden Uses SHORTER Stairs for Air Force One As White House Tries to ‘COVER-UP’ Mobility IssuesRead more…NEW: Comer Hints At 10 Potential Criminal Referrals For Hunter BidenRead more…Congress Refuses to Reinstate Pilots Fired under Biden’s Vaccine Mandate, Despite Major ShortageRead more…

NEWS ADDICTS

Unvaxxed Amish Children Don’t Get Cancer or Autism, Study ShowsChildren in Amish communities are completely unaffected by diseases that impact the rest of America such as cancer, diabetes, or autism, a new study has found.READ THE FULL REPORT

FBI’s FD-1023 Document Detailing Biden’s Bribery Scheme is Finally Released to the PublicThe House Oversight Committee has released the Federal Bureau of Investigation’s FD-1023 informant document showing current President Joe Biden allegedly engaged in a multi-million dollar bribery scheme as vice president. The FD-1023 document (lightly redacted) details the Confidential Human Source (CHS) traveling with Alexander Ostapenko to a meeting with Mikolay Zlochevsky, then the head of the Ukrainian gas firm Burisma …READ THE FULL REPORT

FBI Official Admits Under Oath the Agency Knew the Hunter Biden Laptop Was RealDuring a transcribed interview with the House Judiciary Committee, an FBI official revealed that at least one senior agent, along with potentially others, who had alerted social media companies about a potential “hack and dump” operation before the 2020 election, were aware of the authenticity of Hunter Biden’s laptop. As the House Judiciary Committee’s official Twitter account noted, “Testimony reveals …READ THE FULL REPORT

VIEW MORE NEWS

VACCINE IMPACT/

Peeping Tom Neighbors? New Doorbell Camera Links to Social Media Accounts and Uses Facial Recognition

July 21, 2023 5:35 pm

Gullible and ignorant Americans are putting more and more of their private lives online often in exchange for the promise of more “security.” Big Tech and law enforcement agencies want to thank those of you participating in their plans to create a complete police state where they can track every aspect of your lives through “smart” devices and homes, as you voluntarily surrender all the data of your personal lives to them. When the next “pandemic” or other national emergency false flag event happens, it will be much easier to lock down the public, especially in the cities, as you give them direct livestream access to your homes and neighborhoods. Irvinei is the latest startup technology company to enter the home doorbell camera market, and their technology goes a step further than current doorbell camera systems, as it allows one to link their social media accounts to the doorbell camera system, and it also uses facial recognition so it can identify almost anyone who comes to one’s door, whether they consent to be recorded by the doorbell camera system or not.

Read More…

---

Freemasons are Collecting DNA and Biometric Data of Children for Tracking Purposes

July 21, 2023 5:43 pm

According to Wikipedia, North American Masonic lodges have created the Masonic Child Identification Programs (CHIP) as a charitable endeavor to help locate and identify missing children. The Grand Lodge provides financial assistance for CHIP programs, which are run by volunteers from lower-level lodges and are manned by law enforcement and dentistry professionals. The CHIP programs give parents the option to free-of-charge assemble an identification kit for their child. The kit includes a tooth impression card, a DNA sample, a VHS video, computer disk, or DVD of the child, a fingerprint card, and a physical description of the child. In the event that a kid is reported missing, the kit’s goal is to give the general public and law authorities access to vital information. The National Center for Missing and Exploited Children has praised the initiative.

Read More…

end

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

Millennials & Gen Z’s Can’t Afford To Buy A Home No Matter How Much They Save, So Why Not Embrace Nihilism And Buy Taylor Swift Tickets

MONDAY, JUL 24, 2023 – 10:10 AM

By Benjamin Picton, Senior Macro Strategist at Rabobank

Spain went to the polls over the weekend following a decision by Prime Minister Pedro Sanchez to seek a renewed mandate after poor municipal election results in May. The conservative opposition People’s Party was widely expected to form government with the support of the right-wing Vox party and perhaps a constellation of minor parties. However, despite the PP winning the largest number of seats, Sanchez’s ruling Socialists exceeded expectations and managed to add two more seats to their own tally. This was enough to ensure that there is no easy path to the required 176 for any coalition of the right or left. So, having resolved nothing, Spain now enters a political purgatory of sorts as the main parties attempt to convince smaller separatist parties to support their attempts to form a government.

Speaking of resolving nothing, the Wall Street Journal this morning carries two stories that give an insight into the challenge facing the Fed’s FOMC. ‘Barbenheimer’, the portmanteau for the Barbie and Oppenheimer films, has propelled the US box office to its fourth-best weekend on record. Opening weekend ticket sales reached $155 million for Barbie and $81 million for Oppenheimer. Meanwhile, Taylor Swift continues to confound attempts at monetary tightening with her Eras tour reportedly on track to become the highest-grossing concert in history, with over $1 billion worth of ticket sales. The Swift multiplier also carries benefits for hotels, airlines and hospitality venues as fans flock from around the world to attend concerts. None of this really paints a picture of a consumer economy that is on its knees, but cod psychology perhaps suggests that people are seeking escapism after years of lockdowns, pestilence and war. Another explanation that has been proffered to me in recent times is that millennials and Gen Z’s in developed countries can’t afford to buy a home no matter how much they save, so why not embrace nihilism and buy those Taylor Swift tickets? That explanation suggests that high asset prices may actually reduce the effectiveness of monetary policy transmission, which is counter to the usual logic.

So, maybe there are no clear answers to the challenges we face. Despite the proliferation of impressive quantitative models in economics departments over the last 60 years or so, economics remains more art than science. ‘Mathiness’ has given the illusion of hard scientific method, but we are all operating off an imperfect understanding of how the world works and simplifying via assumptions, like the assumption that we are all rational, utility-maximizing economic actors. Taking the time to calculate Lagrangian multipliers to solve constrained-optimization problems is all well and good, but what is the point if our set of basic assumptions do not hold in the real world? This suggests that economists have more in common with augurs than they do with physicists. I can’t help but think of this every time a journalist asks me when central bank x will deliver the first rate cut. What if that’s the wrong question?

Charting the yield on the 10-year US Treasury shows us a neat downward trend that existed between 1987 and 2022. This is part of the 40-year bull market in bonds that followed the ‘Volcker Shock’ of the early 1980s, when the last major inflationary episode was ultimately tamed by interest rates that look positively medieval by modern standards. This trend is now broken, and bond yields are moving higher. Bill Gross was quoted by Bloomberg last week saying that “a bull market is not on the cards”. To illustrate his point, Bill pointed to the rivers of new issuance, Fed balance sheet reduction and the average long-term premium of 140bps that the 10-year yield generally holds over the Fed Funds rate. Gross’ prediction contrasts to the consensus view of the Bloomberg survey, which sees 10-year yields declining steadily out to 2025.

The word “consensus” might be uncharitably substituted with “groupthink”. In a Bloomberg podcast appearance last week, former Bank of England Governor Mervyn King said that it was groupthink that drove central bank policy action in the early days of the pandemic. King points out that many senior central bankers are drawn from a small set of famous universities, where they are taught the same new-Keynesian view of how the world works. Why did it make sense to dramatically expand the money supply while the supply side of the economy was severely throttled? Because the models said any resultant inflation would be transitory. Thanks for clearing that up, Mervyn.

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 MONDAY MORNING 7;30AM//OPENING AND CLOSINGS 

EURO VS USA DOLLAR:  1.1100 DOWN  0.0021

USA/ YEN 140.99  UP 0.677  NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2848  DOWN    0.0000

USA/CAN DOLLAR:  1.3189 DOWN .0026 (CDN DOLLAR UP 26 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 3.58 PTS OR  0.11% 

 Hang Seng CLOSED DOWN 407.11 PTS OR 2.13% 

AUSTRALIA CLOSED DOWN .13 %  // EUROPEAN BOURSE:  ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:    ALL RED 

2/ CHINESE BOURSES / :Hang SENG DOWN 407.11 PTS OR 2.13%

/SHANGHAI CLOSED DOWN 3.58 PTS OR 0.11%  

AUSTRALIA BOURSE CLOSED DOWN 0.13% 

(Nikkei (Japan) CLOSED  UP 396.69 PTS OR 1.23% 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1965.45

silver:$24.66

USA dollar index early MONDAY morning: 100.86 UP 6 BASIS POINTS FROM FRIDAY’s CLOSE.

MONDAY  MORNING NUMBERS ENDS

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And now your closing MONDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.104%  DOWN 2  in basis point(s) yield

JAPANESE BOND YIELD: +0.452% UP 2 AND  0//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.434 DOWN 3  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.021 DOWN 3  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.3870  DOWN 4  BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY  

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

Euro/USA 1.1079 DOWN  0.0042 or  42  basis points 

USA/Japan: 141.19 DOWN 0.451 OR YEN DOWN 183 basis points/

Great Britain/USA 1.2827 DOWN   0.0021 OR 21  BASIS POINTS //

Canadian dollar UP  .0045 OR 45 BASIS pts  to 1.3169

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The USA/Yuan,  CNY: closed    ON SHORE  CLOSED    (DOWN) …7.1871

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.1867)

TURKISH LIRA:  26.95 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.452…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 1 in basis points from FRIDAY at  3.833% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  3.910 UP  1   in basis points   ON THE DAY/12.00 PM

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

London: CLOSED UP 20.38  points or  0.27%

German Dax :  CLOSED UP 12.07 PTS OR 0.07%

Paris CAC CLOSED UP 0.29 PTS OR 0.00%

Spain IBEX DOWN 33.10 PTS OR 0.35%

Italian MIB: CLOSED UP 50.02 PTS OR 0.67%

WTI Oil price 78.74    12: EST

Brent Oil:  82.66   12:00 EST

USA /RUSSIAN ///   AT:  90.91 ROUBLE UP 0 AND   40//100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.3870  DOWN 2 BASIS PTS

UK 10 YR YIELD: 4.2865  DOWN 4  BASIS PTS

CLOSING NUMBERS: 4 PM 

Euro vs USA: 1.1062 DOWN  0.060   OR 60 BASIS POINTS

British Pound: 1.2816 DOWN   .0032 or  32 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.3000 %  DOWN 1 BASIS PTS//

USA dollar vs Japanese Yen: 141.48 DOWN 0.181 //YEN UP 18 BASIS PTS//

USA dollar vs Canadian dollar: 1.3172  DOWN .0042 CDN dollar, UP 42  basis pts)

West Texas intermediate oil: 78.96

Brent OIL:  82.85

USA 10 yr bond yield  UP 5 BASIS pts to 3.872% 

USA 30 yr bond yield  UP 3    BASIS PTS to 3.923% 

USA 2 YR BOND: UP 6  PTS AT 4.902%  

USA dollar index: 101.13 UP 33  BASIS POINTS  

USA DOLLAR VS TURKISH LIRA: 26.95 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  90.51  UP 0   AND  42/100 roubles

DOW JONES INDUSTRIAL AVERAGE:  UP 183.55 PTS OR 0.52% 

NASDAQ 100 UP 22.35 PTS OR 0.14%

VOLATILITY INDEX: 13.86 UP 0.26 PTS (1.91)%

GLD: $181.44 DOWN 0.78 OR 0.43%

SLV/ $22.33 DOWN .24 OR 1.06%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

Banks Bid, Bonds & Bitcoin Battered As Stagflation Scare Soars

BY TYLER DURDEN

MONDAY, JUL 24, 2023 – 04:00 PM

Ahead of a week full of potential headline-bombs (FOMC, Q2 GDP, PCE…), the day started off – from a macro perspective – to the downside with EU PMIs an utter disaster (growth plunging but inflation sticky). Then came the Chicago Fed’s National Activity Index which printed significantly more negative than expected (with 54 of the 85 indicators worsening).

Rubbing salt in that wound, US PMIs were ugly with the service sector finally taking a spill – but prices a lot more sticky than expected – matching the European picture and spelling the big s-word nemesis for central bankers – STAGFLATION.

Growth expectations slipping…

Prices not slipping…

This is the biggest 3-day decline in US macro surprise index since May 2022…

Source: Bloomberg

Interestingly, it appears the stickiness of inflation signaled by these reports trumped the slowing growth and short-term rates markets shifted significantly more hawkish with expectations now for no cut from this week’s 25bps hike through at least Jan ’24…

Source: Bloomberg

On the day, stock traded in a relatively narrow range with Nasdaq underperforming and The Dow leading (up for the 11th day in a row)…

With the Nasdaq rebalance now having taken place, we saw a small reversion in the up-weighted names vs down-weighted names – but the former still outperformed the latter by over 400bps since the rebalance was announced…

Source: Bloomberg

Banks continued their recent outperformance of big-tech…

Source: Bloomberg

Treasuries were sold across the board with the short-end underperforming. Bonds were bid during the early European session but as soon as the US opened, selling began…

Source: Bloomberg

Which flattened the yield curve (2s30s) back towards post-SVB lows…

Source: Bloomberg

The dollar was very quiet today (even with Euro moving around on PMIs)…

Source: Bloomberg

Bitcoin tumbled today, back below $30k…

Source: Bloomberg

Seemingly mirroring the flow into Sam Altman’s WorldCoin as it debuted…

Source: Bloomberg

Gold extended its recent trend lower with two selling-legs today…

But oil continued to soar, with WTI topping $79, the highest since April…

And finally, there’s this…

Stocks that beat earnings are being sold… very unusual.

b) THIS MORNING TRADING//

END

II) USA DATA/

Not good: uSA PMI’s signal stagflation//service sector slumps

(zerohedge)

US PMIs Scream Stagflation As Services Sector Slumps

MONDAY, JUL 24, 2023 – 09:55 AM

The S&P Global US Flash Composite PMI fell 1.2pts to 52 in July. The rate of growth eased to the slowest since February amid a softer uptick in service sector output.

Source:Bloomberg

On the price front, elevated cost pressures continued to be led by the service sector.

However, manufacturers saw a renewed rise in input prices, and services firms reported a slower uptick in operating expense.

Commenting on the US flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:

“July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation.

“The overall rate of output growth, measured across manufacturing and services, is consistent with GDP expanding at an annualized quarterly rate of approximately 1.5% at the start of the third quarter. That’s down from a 2% pace signalled by the survey in the second quarter.

“However, growth is being entirely driven by the service sector, and in particular rising spend from international clients, which is helping offset a becalmed manufacturing sector and increasingly subdued demand from US households and businesses.”

“Furthermore, business optimism about the year-ahead outlook has deteriorated sharply to the lowest seen so far this year. The darkening picture adds downside risks to output growth in the coming months which, alongside the slowing in the pace of expansion in July, will keep alive fear that the US economy may yet succumb to another downturn before the year is out.

“The stickiness of price pressures meanwhile remains a major concern. As the survey index of selling prices has acted as a reliable leading indicator of consumer price inflation, anticipating the easing to 3% in June, it sends a worrying signal that further falls in the rate of inflation below 3% may prove elusive in the near term.”

III) USA ECONOMIC STORIES

This iconic Park Avenue wine store Sherry-Lehmann owes 3 million dollars in taxes? They were raided by the FBI over the weekend

(zerohedge)

Iconic Park Avenue Wine Store Sherry-Lehmann Raided By FBI

SATURDAY, JUL 22, 2023 – 05:00 PM

Iconic wine retailer Sherry-Lehmann was raided by the FBI last week as part of an ongoing criminal investigation by the Justice Department. 

The 89 year old retailer’s store on Park Avenue was searched by authorities last week as part of an ongoing investigation stemming from “lawsuits from customers for alleged failure to deliver prepaid wine” as well as nearly $3 million in unpaid taxes, Bloomberg reported.

The company had stated in January that it “expects the delayed wines to be bought and delivered in 2023.” But it appears those ambitions may be too little, too late at this point. 

The store received a cease-and-desist order from regulators, forcing it to shut down, the report says. The order was for selling liquor without a license. On Tuesday of last week FBI investigators were seen outside the Park Avenue location. 

The New York Times had previously reported that witnesses were asked to show up to a federal grand jury last month. 

The store has been browsed and visited by a host of celebrities, Bloomberg noted, including Andy Warhol, Greta Garbo, Mick Jagger and Harrison Ford. The store was known for carrying an luxurious selection and is was referred to as making the decision of which brands the city’s “elite” drank.

The owners also ran a business that allowed people to rent space and store the expensive bottles they had purchased. The New York Times has reported that employees of the company believed it improperly sold stored bottles to other customers. 

The FBI confirmed that officers were carrying out “an enforcement action”, while owners Shyda Gilmer and Kris Green didn’t return comment to Bloomberg. 

end

Looks like this transit company will be toast

(two commentaries)

Yellow Loses Attempt To Stop Strike

SATURDAY, JUL 22, 2023 – 06:30 PM

By Todd Maiden of Freightwaves

The U.S. District Court for the District of Kansas ruled Friday against less-than-truckload carrier Yellow Corp.’s request for an injunction, which would have kept its Teamsters employees from engaging in a work stoppage.

In her decision, Senior Judge Julie Robinson denied a motion for a temporary restraining order and injunction.

The decision allows the union to carry through with a planned strike, which could begin as soon as Monday. The final straw prompting the strike was Yellow’s missed benefits contribution payment to Central States Funds last week, which will leave workers without health insurance on Sunday.

The two parties have been embroiled in a bitter dispute over operational changes for the last nine months. The carrier has maintained that without the changes it wouldn’t survive while the union took the stance that it had given enough in the past in the form of wages, benefits and work rules concessions.

“The company has two more days to fulfill its obligations or we will strike,” Teamsters General President Sean O’Brien said following the decision. “Teamsters at Yellow are furious and ready to act. They are done with the mistreatment and mismanagement.”

In its filing seeking an injunction, Yellow said it would likely file for bankruptcy if the court didn’t rule in its favor.

“Absent injunctive relief, Plaintiffs will suffer immediate, substantial, and irreparable harm from Defendants’ unlawful work stoppage, including being forced into a Chapter 7 liquidation bankruptcy proceeding.”

In a news release late Friday, Yellow said it would appeal the court’s decision and continue to pursue its breach of contract lawsuit against the Teamsters.

“The court, recognizing a strike would likely kill the company, resulting in the loss of 30,000 jobs, cautioned the Union — that while it won today’s battle, it could very well lose the war,” the statement said.

end

“This Company Is Likely Done”: Yellow Truck Drivers Ponder Next Moves Amid Potential Bankruptcy

SUNDAY, JUL 23, 2023 – 12:00 PM

By Rachel Premack of FreightWaves.com,

From the Great Recession to 2020, Yellow nearly went bankrupt four times. In each episode, the trucking giant was saved — thanks to concessions from lenders, the Teamsters union, the federal government or often all three.

As a result, some of Yellow’s 30,000 employees weren’t too scared when the company began warning this summer that the end times were coming again. “It’s like crying wolf at this point,” Yellow mechanic Brian Atchely told FreightWaves earlier this month.

Now — as a strike looms, customers begin to pull freight and the Teamsters union refuses to meet — industry watchers are on alert that the trucking fleet may finally shutter. Ahead of a federal court hearing on Friday, Yellow said a work stoppage could force the company into a Chapter 7 liquidation bankruptcy proceeding. 

Truck drivers are grappling with the idea that they could lose their jobs. Some 22,000 Teamsters members work at Yellow. 

Paul Duquette, who works at the company’s Youngstown, Ohio, terminal, joined Yellow 11 years ago after his previous union trucking employer closed. He told FreightWaves on Friday morning that he and his colleagues are clearing the docks of freight now. 

“I don’t see things happening in a good light right now,” Duquette said. “It’s sad.”

Duquette has friends who work at nonunion trucking fleets and bring home a bigger paycheck each week. He said what’s kept him at Yellow over the years is the health insurance. 

Central States Pension and Health Funds, which covers about half of Yellow’s Teamster employees, informed them Monday that Yellow missed its June contribution and would withhold its July contribution. If these payments are not cured, employee pension accruals and health care coverage will end Sunday and the Teamsters union has issued a notice that it could strike Monday. 

Yellow said it requested a two-month deferral of the contributions last month, with no interruption in employee coverage. The funds denied the request. 

“I won’t even complain about the pay, but the health insurance — I can’t work here without that,” Duquette said. 

One Yellow truck driver based in Minneapolis said he and his colleagues have felt “a little anxiety and uncertainty” about the company shuttering. 

“If there is a strike, the company is likely done,” the Minneapolis truck driver said. “If people pull their freight, we’re going to be in big trouble.”

Another Yellow truck driver in Washington state said his terminal will continue working on Monday as employees there are not covered by the Central States plan. Still, he believes a strike would force the whole company into bankruptcy.

“I put in 23-plus years at this company,” the Washington-based driver said. “I am concerned about having to start over somewhere and relearn something again, but I guess that’s the way it would have to be.”

‘Come Monday, I am the one that loses’

FreightWaves has connected with more than two dozen Yellow employees in the past month as the massive trucker teeters on financial ruin. Many drivers shared that they believed Yellow is poorly managed. Increasingly, some are sharing frustrations that the union didn’t further negotiate with Yellow about its proposed operational changes.

“We are as frustrated as our employees,” a Yellow spokesperson said in a statement on Friday. “Yellow has tried for nine months to meet with IBT leadership to discuss pay increases for our employees and the future of One Yellow. We have made numerous offers over several months to increase wages. The most recent offer included nearly an $11 increase in total compensation over the five year contract, yet the union never brought that offer to its members. That’s the height of irresponsibility, especially when 30,000 jobs are at stake and our union employees pay a combined $15 million in annual dues to an IBT that is not representing their best interests. We continue to do everything we can to fight for our employees’ jobs. We are not giving up.”

A Teamsters representative said the union “will do everything possible to protect and support our members.”

“If there is a shutdown, it will be Yellow Corp.’s own doing,” the spokesperson said in a statement on Friday. “Our members understand this and are furious that the company continues to misguide workers and mismanage this company into the ground. They have put themselves in this position at the expense of thousands of hardworking Teamster families.” 

Yellow’s network is currently a mishmash of several trucking fleets it acquired in the early 2000s. Those networks were never fully integrated, and the acquisitions put Yellow in a challenging financial position at the start of the Great Recession. Since 2009, Teamsters has made a slew of concessions to Yellow to keep the company afloat, including allowing the pension to be funded by 25%.

A 2019 labor contract enabled Yellow to consolidate some of those disparate networks in an initiative called One Yellow. Yellow integrated networks in the western U.S. last year. In its next phase of integration, Yellow aims to convert nearly 1,000 truck drivers into a new job called “utility driver”; this may reduce their pay and would substantially change their job duties. (Yellow said 400 drivers have already converted to utility driver.) To make these changes, Teamsters instructed Yellow to reopen the current contract early and engage in a full collective bargaining process.

The Teamsters union has blocked those consolidation attempts. Yellow claimed that the union’s refusal to continue negotiations on One Yellow changes put the company’s financial future in jeopardy. Teamsters General President Sean O’Brien said on June 12 a Yellow shutdown was “out of our control” and refused to budge on the operational changes.

Yellow filed a $137 million lawsuit against the Teamsters on June 27 for blocking the company’s change of operations. The Teamsters replied in a news release that the union has “diligently adhered to the terms” of its current collective bargaining agreement and that the change of operations that Yellow is requesting would violate that agreement.

Now both Yellow and Teamsters are blaming the other for the fleet’s current financial chaos. One Indiana-based Yellow truck driver told FreightWaves that he finds fault on both sides.

“At the end of the day, come [Monday], I [will] wonder where my next meal is coming from while Yellow and Teamster management get their hefty paychecks and go out to dinner on the sweat and worry of the employees,” he said. “Come Monday, I am the one that loses.”

The job search is already starting for some Yellow truckers

Some are simply taking matters into their own hands and quitting before Yellow can go kaput. 

One New York-based driver said he’s in the final rounds of getting hired at another trucking fleet. This one isn’t unionized, but he said he doesn’t mind. “I don’t see the point in being in a union,” he said. “It’s a whole lot of rigamarole for very little return.”

The Washington-based Yellow driver said he’s also looking for work at nonunion fleets. Duquette, the Ohio-based Yellow driver, said he’s been trying to get hired at unionized trucking fleets. However, he said being in his mid-50s has made it challenging to get a new job. 

The overall share of unionized LTL trucking fleets has greatly decreased since trucking was deregulated in 1980. Unionized LTL carriers have dropped from claiming 42% market share in 2002 to 22% in 2022, according to numbers from SJ Consulting Group, which advises transportation and logistics firms. Only three unionized LTL carriers remain today: Yellow; ABF Freight; and TForce Freight.

“While some union employees may be able to get other jobs, they are unlikely to find jobs that offer full health care benefits for their families, or that would offer them the same seniority our employees have earned and enjoy today,” a Yellow spokesperson said Friday. 

Like other Yellow employees, the New York-based driver said he’s confused how Yellow is already on the brink of bankruptcy after receiving a $700 million federal loan just three years ago. 

“I realize that upper management has the attitude that ‘you truckers just don’t understand the nuances and complications of running a successful LTL company’ and, perhaps in some sense, they don’t,” he said. “But in the simplest terms, if you have kids running a lemonade stand and they’re selling lemonade every day and you lend them $700 for lemons and sugar and three years later, they’re broke, what would the common assumption be?”

On the other side of the country, other Yellow employees are quietly leaving too. One clerical employee in the Pacific Northwest, who asked to not have her name published, said several drivers in her terminal have quit in the past month and found new jobs.

“People are scared and they don’t want to stay and wait to see what happens,” she told FreightWaves.

But she said despite the challenges Yellow has seen in recent years, her colleagues have stayed “upbeat.” She said she will stick around at Yellow — and hopes the company stays afloat. 

“On the West Coast, we are waiting for improvement,” the clerical employee told FreightWaves. “We want to see the company survive, but we want it to see it be streamlined and profitable.”

END

Biden administration begs employers to pay for employees health insurance as 3.8 million poor souls will lose this benefit

(zerohedge)

Biden Admin Begs Employers To Pay For Health Insurance As 3.8 Million Americans Set To Lose Medicaid

SUNDAY, JUL 23, 2023 – 08:45 AM

With 3.8 million Americans set to lose pandemic-era Medicaid coverage, the Biden administration reached out to companies on Thursday to beg that they keep their employees insured.

During the pandemic, the government paused Medicaid terminations until March 31, 2023. Now, four months later, state Medicaid agencies are returning to regular operations, renewing coverage for those who are eligible, while terminating it for those who no longer qualify.

The roughly 3.8 million Americans this would affect will need to seek alternative coverage, which Democrats think should fall to employers.

“The Biden-Harris Administration is calling on employers and other plan sponsors to ensure that employees and their families remain connected to coverage, including through extending the period for special enrollment under the group health plans they sponsor,” wrote Chiquita Brooks-LaSure, the administrator of the Centers for Medicare and Medicaid Services (CMS), in a Thursday letter sent to employers.

Medicaid is a health insurance program designed to provide coverage for lower-income individuals. While the program receives significant financial support from the federal government, it is primarily administered by individual states.

Companies are required to provide their employees with a minimum of 60 days to enroll in their group health plans. However, Ms. Brooks-LaSure said that this timeframe is insufficient considering the significant number of individuals who have recently lost Medicaid coverage. –Epoch Times

“Given the exceptional circumstances surrounding the resumption of Medicaid and CHIP renewals for the first time in three years, many individuals will need more than the typical 60-day window after loss of Medicaid or CHIP coverage to apply for and enroll in other coverage,” wrote Brooks-LaSure.

According to the nonprofit KFF, more than 3 million people from 33 states lost Medicaid coverage in April, which occurred when those Covid-19 protections expired.

In March 2023, Medicaid coverage surged to a historic high of more than 93 million Americans, after Congress barred states from disenrolling people during the pandemic starting in March 2020.

As states phase out the continuous enrollment provision over the next 12 months, they will reassess who qualifies.

end

USA// COVID//VACCINE/MEDICAL PROBLEMS

END. 

SWAMP STORIES

“We Need A Real Investigation” Of Biden Bribery & Burisma; RFK Jr Says Mainstream Media Criticizing Him More Than Trump

MONDAY, JUL 24, 2023 – 01:30 PM

Authored by Frank Fang via The Epoch Times,

Democratic presidential candidate Robert F. Kennedy Jr. said he has been a greater victim of mainstream media bias than former President Donald Trump.

Mr. Kennedy, speaking to Maria Bartiromo on Fox News’ “Sunday Morning Futures,” was asked if he was concerned about not being able to communicate his message, particularly how he is unable to take on President Joe Biden in a primary debate.

“It’s interesting to me, because I have been really slammed in a way that I think is unprecedented, even more than President Trump was slammed by the mainstream, by the corporate media,” Mr. Kennedy responded.

He went on to comment on a Harvard-Harris poll on July 21, saying that he has the highest favorability rating than any other presidential hopeful in 2024.

“So, somehow, the American people are hearing what I’m saying. I don’t know whether it’s through the podcasts or through social media,” Mr. Kennedy said.

He said he “would definitely not vote” for himself if he believed the news provided by the mainstream media.

“If I believe the stuff that’s written about me in the papers and reported about me on the mainstream sites … I would definitely not vote for me … I would think I was a very despicable person,” he added.

Kennedy also noted that while he has thus far avoided criticising Biden, “the issues that are now coming up are worrying enough that we really need a real investigation of what happened.”

“I mean, these revelations… where you have Burisma — which is a notoriously corrupt company that paid out apparently $10 million to Hunter and his dad — if that’s true, then it is really troubling,” Kennedy added.

RFK Jr. also warned that “every American needs to worry about… our federal agencies, which used to be above politics, and now [have] become weaponized as political instruments,” adding and “that, again, is another really damaging trend for our democracy.”

Watch the full interview below:

Poll

The poll (pdf), conducted on July 19 and July 20 and which surveyed 2,068 registered voters, found that 47 percent of respondents had a favorable view of Mr. Kennedy, and 26 percent had an unfavorable opinion. In second place was Mr. Trump, who picked up a 45 percent favorable rating and a 49 percent unfavorable rating.

Florida Gov. Ron DeSantis was in fifth place, with 40 percent favorable and 37 unfavorable, followed by Mr. Biden with a favorable to unfavorable rating of 39 percent to 53 percent.

The poll also found that Mr. Biden would win with 62 percent of voters, if the 2024 Democratic presidential primary were held today. Mr. Kennedy picked up 16 percent support, with 11 percent of voters undecided.

Mr. Kennedy also took to Twitter on Sunday to comment on his low unfavorable rating.

“That shows that the relentless media attacks just aren’t working. People don’t believe the media anymore—with good reason,” he wrote.

“What will they do? Intensify the attacks? There is an alternative. How about launching a new era of civil, respectful, and substantive political discourse.”

Mr. Kennedy, who announced his 2024 White House bid in April, has been criticized over his comments on COVID-19 in a secretly recorded video. In the recording, he described how research showed the virus causing COVID-19 disproportionately affected Caucasian and black people, while being comparably mild for Ashkenazi Jews and Chinese people.

He has denied allegations of racism and anti-Semitism, saying that he “never, ever suggested that the COVID-19 virus was targeted to spare Jews.”

Durham Report

Mr. Kennedy’s remarks on Sunday are not the first time he has criticized the mainstream media.

In May, following the release of the Durham report, he took to Twitter to criticize the FBI, while calling out legacy media outlets.

“This is no partisan skirmish. It is about the political weaponization of the FBI to destroy a candidate and then a sitting President,” he wrote on May 22.

“It’s about a matrix of lies so elaborate as to make a mockery of the democratic ideal of an informed citizenry.”

Special Counsel John Durham leafs through his report while testifying to the House Judiciary Committee in the Rayburn House Office Building on Capitol Hill in Washington on June 21, 2023. (Chip Somodevilla/Getty Images)

Special Counsel John Durham, appointed by then-Attorney General William Barr in 2020 to review the 2016–2017 FBI investigation of alleged ties between Mr. Trump and Russia, concluded in a report that authorities had no basis to launch the probe.

“[N]either U.S. law enforcement nor the Intelligence Community appears to have possessed any actual evidence of collusion in their holdings at the commencement of the Crossfire Hurricane investigation,” Mr. Durham wrote in the report. Crossfire Hurricane is the FBI codename for the agency’s investigation into the Trump campaign’s alleged ties to Russia.

Mr. Durham also wrote that the FBI relied on “raw, unanalyzed, and uncorroborated intelligence” for its investigation. “The objective facts show that the FBI’s handling of important aspects of the Crossfire Hurricane matter were seriously deficient,” he added.

“Maybe most alarming of all, the Durham investigation reveals the abject complicity of the mainstream press, which has yet to admit they were taken in by the big lie, propagated it, and now continues to permit those lies to stand as truth,” Mr. Kennedy added

END

THE KING REPORT

The King Report July 24, 2023 Issue 7038

Independent View of the News

Japan’s inflation re-accelerates in June, stays above BOJ target – The Nikkei Asia Data comes ahead of closely watched Bank of Japan meeting next (this) week     The nationwide core consumer price index (CPI), which excludes fresh food costs, rose 3.3% in June from a year earlier, matching a median market forecast. It followed a 3.2% gain in May. The “core” inflation rate, which strips away both fresh food and fuel costs, stood at 4.2% in June after a 4.3% rise in May… https://asia.nikkei.com/Economy/Inflation/Japan-s-inflation-re-accelerates-in-June-stays-above-BOJ-target   With an estimated $2.4 trillion of July options expiring on Friday, professional traders approached Friday’s session with extreme caution.  Any significant move, up or down, could generate an unfathomable ‘gamma squeeze’.  As calls or puts went ‘into the money’ the action could generate frantic covering of suddenly unhedged options.   Also, with an enormous amount of expiring options, would the beaucoup retail holders of expiring calls get antsy and liquidate into rallies?  This could cap rally attempts.   Delta is that rate at which an option tracks the underlying asset (1st derivative).  Gamma is the 2nd derivative, the acceleration of an option.   If a call delta is 60, it means that the option will increase 60% for every point that the underlying security advances.  Once the call goes into the money, the delta on the option approaches parity with the underlying move.  This means option hedgers have to buy 40 per 100 of the underlying asset to be fully hedged.  Option traders are regularly long options and short OTM options on a ratio determined by the deltas of the options.  These traders are most vulnerable to a gamma squeeze.  Options that are deeply out of the money have deltas that are in the 20s to 30s – or less.  So if deeply OTM options go into the money on expiration day, traders must buy beaucoup stocks or calls to stay hedged.    ESUs declined modestly during early Nikkei trading on Friday due to the disappointing Japanese CPI.  ESUs hit a daily low of 4561.75 at 20:13 ET.  Traders then wanted to get long stuff for July expiration and the expected Friday rally.  ESUs cautiously plodded higher until the usual rally for the NYSE open commenced at 8 ET.  ESUs zoomed to a daily high of 4590.00 at 9:10 ET.   Alas, pump & dumpers decided to book profits before the NYSE opening.  ESUs tumbled to 4564.00 at 10:02 ET.  Traders are conditioned to buy early declines in the US; so, ESUs rebounded.  The rally persisted until the 11:30 ET European close.  ESUs and stocks then rolled over.   The midday decline ended at 12:46 ET; ESUs had dropped 21.75 from the high.  ESUs peaked at 13:41 ET with a 16-handle rally.  An A-B-C decline, with an elongated C wave, took ESUs to 4565.25 at 15:11 ET.  The late manipulation then commenced.  The rally was modest and ended quickly.  ESUs and stocks slowly rolled over to new lows at 15:44 ET.  After a modest rally, ESUs and stocks declined into the close.  Too many retail traders were long too many calls.    After a big decline on Thursday, USUs rebounded to a 22/32 gain at 9:34 ET.  Bonds then rolled over until they broke lower at midday.  At 15:00 ET, USUs were only +3/32.   WSJ: Teamsters Push Back Strike Threat at Trucker Yellow (A strike could force Yellow Freight into bankruptcy) A walkout could have started as soon as Monday   Positive aspects of previous session In early US trading, bonds rebounded moderately from big losses on Thursday   Negative aspects of previous session Gasoline rallied as much as 2.2% Fangs declined moderately while the general market posted modest gains Bonds and notes lost most of their early gains. Stocks declined sharply in the afternoon   Ambiguous aspects of previous session Are traders too long for Q2 results and Fed Week?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4542.88 Previous session S&P 500 Index High/Low: 4555.00; 4535.79   @KyivIndependent: CNN: Western weapons headed to Ukraine last year were stolen before their recovery.. by criminals and arms dealers before they reached Ukrainian troops…   WSJ: Ukraine’s Lack of Weaponry and Training Risks Stalemate in Fight with Russia U.S. and Kyiv knew of shortfalls but Kyiv still launched offensive (How many unnecessary deaths?) When Ukraine launched its big counteroffensive… Western military officials knew Kyiv didn’t have all the training or weapons—from shells to warplanes—that it needed to dislodge Russian forces. But they hoped Ukrainian courage and resourcefulness would carry the day. They haven’t.” https://t.co/PE7Fhobu27   @dandcaldwell: Our Ukraine policy is immoral. We are urging Ukrainians to fight and die in pursuit of an increasingly unattainable decisive victory. Most of the foreign policy elite know this but can’t publicly admit it because of their own hyperbolic rhetoric inflating the stakes of this war.   @TheWrap: Joe Biden will meet on Friday with Amazon, Anthropic, Google, Inflection, Meta, Microsoft and OpenAI to discuss third-party testing and watermarks for AI. (You think Joe understood?)   Key Scientist in Covid Origin Controversy Misled Congress on Status of $8.9 Million NIH Grant Kristian Andersen had a major grant proposal on Anthony Fauci’s desk while writing a paper exonerating an NIH-funded lab in Wuhan, documents show… Kristian Andersen of Scripps Research, who testified at the hearing… preempted the charge in his opening statement, telling the committee he had no live fundraising requests before Fauci’s agency at the time of the call… newly uncovered messages indicate Andersen was keenly aware that perception of him among gain-of-function research advocates such as Fauci hinged on how he responded to the question of Covid’s origin…The grant wasn’t finalized until May 21, 2020. In other words, it was on Fauci’s desk at the time of the conference call… https://theintercept.com/2023/07/21/covid-origin-nih-lab-leak/   ‘Mystery company’ buys $800M worth of land near Travis AFB, raising concerns about national security – “Now literally three sides of that base are totally controlled by the Flannery group,” Rep. Garamendi said… https://abc7.com/travis-afb-air-force-base-flannery-associates-llc-john-garamendi/13529716/   GOP lawmakers slam Biden administration’s proposed clamp down on home water heaters First they came for your gas stoves. Then they came for your dishwashers. Next they came for your water heaters and air conditioners… (Divert attention from decades of leftist policy failures, notably crime) https://nypost.com/2023/07/23/biden-administration-proposes-clamp-down-on-home-water-heaters/   Today – This is Fed Week (BoJ & ECB too) and the heart of Q2 earnings season.  MSFT and Google report results on Tuesday; Meta (Facebook) reports on Wednesday.  After expirations that have been soft due to trillions of dollars of calls overhanging the market, there have been spirited rallies on the ensuing Monday due to the alleviation of retail selling pressure.  This dynamic, plus the expected Monday and Fed Week rallies, will induce traders to get long.  ESUs are -0.50 at 20:37 ET.    The Nasdaq 100 will be rebalanced today.  This could induce selling of the mega-cap Fangs.   Expected economic data: July S&P Global US Mfg PMI 46.1, Services 54.1   S&P 500 Index 50-day MA: 4328; 100-day MA: 4188; 150-day MA: 4118; 200-day MA: 4053 DJIA 50-day MA: 33,854; 100-day MA: 33,485; 150-day MA: 33,507; 200-day MA: 33,228 (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 4313.86 triggers a sell signal Daily: Trender and MACD are positive – a close below 4480.68 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4558.85 triggers a buy signal   Hunter Biden’s lawyer Kevin Morris is seen smoking a BONG on the balcony of his LA home while clearly visible from the road during a visit from the president’s son…Thursday…https://trib.al/L3AGsgL   ‘Ultimate white privilege guy’ Hunter Biden could be hit with 10 criminal referrals: Comer (GOP, Com. Chair) https://t.co/ou3wUw5tl8   GOP @RepMTG: In a letter attacking me, Hunter Biden’s attorneys CONFIRM the images displayed were of him and a prostitute. Hunter’s own attorneys have confirmed the proof of his violation of the MANN act by sex trafficking a victim across state lines.     First, Hunter’s attorneys denied the Hunter Biden laptop was even Hunter’s. Now, they’re confirming the images on that very laptop are in fact of him.  Hunter is upset I showed his pictures at a Congressional hearing, but he was clearly happy with everyone seeing his images since he uploaded them to several foreign amateur porn sites and Porn Hub. He wanted everyone to see them!     Suspicious Activity Reports (SAR) generated on Hunter mention OWASCO, his law firm, and the payments he and his firm were making to women for sex, like this one: https://twitter.com/RepMTG/status/1682725197525266438     It’s a violation of the MANN Act to transport people across state lines to pay for sex, but that’s exactly what Hunter did. Hunter sex trafficked women. Here’s the plane ticket to prove it: https://twitter.com/RepMTG/status/1682725202659094528     Hunter Biden did this with the victim he flew from California to Washington, D.C. The timestamp and location of the images show these acts occurred on the same night as on the airline ticket in our nation’s capital!  Then Hunter wired this same victim thousands of dollars. He was paying her for sex after transporting her across state lines. He sex trafficked this woman and violated the MANN Act…    Then Hunter committed tax fraud by deducting the sex expense from his law firm’s taxes!…   Daily Mail EXCLUSIVE: Top prosecutor in Hunter Biden tax probe David Weiss had his law school fees paid for with dirty money from his crooked IRS agent father who was caught accepting $200k in bribes from shady businessmen – was sentenced to four years in prison… https://www.dailymail.co.uk/news/article-12300813/David-Weiss-Hunter-Biden-tax-investigation-law-school-fees.html   The powerful influence of Valerie Biden Owens—Joe’s ‘final gut check’ – The IRS was stopped from questioning Joe Biden’s sister, Valerie Biden Owens … about cash she received from Hunter Biden, a whistleblower has claimed… https://nypost.com/2023/07/21/the-influence-of-valerie-biden-owensjoes-final-gut-check/   @TheStormRedux: John Solomon received new docs, won through litigation that will prove some testimony in the Ukraine impeachment hoax against DJT was BS. He will release them next week. “Someone in the Biden camp said something profound: ‘It feels like there’s a giant dam breaking. We don’t know who the water is gonna carry downstream yet’.” https://t.co/JrFMBcVhVC   Doubts and Questions about Biden Will Only Grow Though Frank Bruni noted it’s probably too late, he encouraged Democrats in a New York Times column to talk about Hunter Biden, and suggested Biden should step aside: “It might be best, for him and for continued Democratic control of the White House, if he let Democrats choose a different 2024 nominee.”… https://realclearwire.com/articles/2023/07/19/doubts_and_questions_about_biden_will_only_grow_149511.html   @julie_kelly2: Bill Barr said the FBI document related to the Burisma/Biden CHS was given to David Weiss. We don’t know when or how Barr knew this. If he was aware of this before the election and refused to appoint a special counsel to protect the investigation, he must explain why.   Ex-Grassley counsel: @mrddmia: Trump bruised Bill Barr’s big, fragile ego. So Barr deluded himself into believing he had to save America from Trump… It is inexcusable Barr sat on credible evidence a potential President is compromised by foreign bribes.     And why the hell would Bill Barr send to Weiss an allegation, deemed credible by another U.S. attorney, then-VP Biden took a $10M foreign bribe? Then Barr didn’t follow up with Weiss in the many months before the 2020 election? And didn’t alert bipartisan congressional leaders Biden may be compromised? Or appoint a special counsel before Biden took office? This is why House Republicans must also make Barr testify.   @MikeBenzCyber: John Podesta, role playing Joe Biden in Transition Integrity Project’s summer 2020 simulation to ensure a Biden presidency even if Trump won the election, openly plotted sending a separate elector slate  — the same thing DOJ just indicted Trump electors for considering doing. https://twitter.com/MikeBenzCyber/status/1681492330103324673   FBI improperly used surveillance tools on U.S. senator, court records show The FISC opinion, according to The Hill, states that “[i]n June 2022, an analyst conducted four queries of Section 702 information using the last names of a U.S. Senator and a state senator, without further limitation.” The FISC opinion does not name the individuals in question…     Florida Republican Rep. Matt Gaetz in July introduced a resolution to support allowing the measure to expire on time. “The persistent abuse of Section 702 of FISA underscores the disturbing trend of our federal government being weaponized against its people. The blatant misuse of warrantless surveillance powers targeting Americans’ communications should not be accepted or reauthorized. We must uphold national security without sacrificing the constitutional rights of our fellow Americans,”… https://justthenews.com/government/federal-agencies/fbi-improperly-used-surveillance-tools-us-senator-court-records-show   Once You Start Censoring, You’re On Your Way to Dystopia and Totalitarianism”, RFK Jr. Wrecks House Committee – The first example cited by Jordan concerned White House efforts to censor a tweet by Kennedy earlier that month about the then-recent death of baseball legend Hank Aaron, less than two weeks after he publicly received the COVID-19 vaccine…     “If a government can censor its critics, that’s a license for every atrocity. It is the beginning of totalitarianism. “ “Once you start censoring, you’re on your way to dystopia and totalitarianism.” https://www.zerohedge.com/political/once-you-start-censoring-youre-your-way-dystopia-and-totalitarianism-rfk-jr-wrecks-house   Turley: Tyranny of the minority: Liberal law profs urge Biden to defy the courts and the public In a recent open letter, Harvard law professor Mark Tushnet and San Francisco State University political scientist Aaron Belkin called upon President Joe Biden to defy rulings of the Supreme Court that he considers “mistaken” in the name of “popular constitutionalism.”.. https://thehill.com/opinion/judiciary/4110525-tyranny-of-the-minority-liberal-law-profs-urge-biden-to-defy-the-courts-and-the-public/   Biden nominates first woman to head US Navy Biden’s decision to tap Franchetti goes against the recommendation of his Pentagon chief… https://www.dw.com/en/us-biden-nominates-first-woman-to-head-us-navy/a-66313685?maca=en-rss-en-all-1573-rdf   Brietbart’s @kristina_wong: Trump hired a lot of people who detested him from the get-go. That any of them come out and bash him is not surprising in the least. Trump has already admitted doing so was one of his mistakes, but he needs to reassure people he would not do it again.   (DJT Def Sec) Esper: Trump Is Not Fit for Office; I’m ‘Willing to Assist Any’ Credible Challenger https://www.breitbart.com/clips/2023/07/20/esper-trump-is-not-fit-for-office-im-willing-to-assist-any-credible-challenger/   WaPo: Trump prosecutions consume campaign funds and messaging as charges mount Just over half of the money he raised last quarter went not to the campaign itself but to an affiliated PAC that is footing the legal bills. Of more than $35 million raised between March and June, the campaign received $17.7 million, according to the latest report to the Federal Election Commission. The rest went to the Save America PAC, which…  has been spending millions on lawyers representing Trump and allies in the multiple ongoing cases, according to FEC disclosures.     “A lot of money is going to legal and people who don’t do much, and not a lot is left over to do marketing and advertising,” said one Trump adviser, who like others spoke on the condition of anonymity to discuss internal plans. “A lot of the money we’re raising is just going to legal.”… https://www.washingtonpost.com/politics/2023/07/21/trump-indictments-campaign-2024/   @SKMorefield: So basically, Trump’s entire campaign is a massive grift to pay his legal bills and keep his ‘influencers’ fat and happy; it isn’t just candidate preference; it’s a moral duty to oppose this insanity.   Beth Ailes to Newsmax: ‘Industrialized Devil Worship’ at Fox Reacting to reports that Fox News is promoting far-left and even “satanic” charities through its employee donation portal, Beth Ailes, widow of Fox News chairman and CEO Roger Ailes, told Newsmax on Friday that what the country is seeing from the network is “industrialized devil worship.”… https://www.newsmax.com/newsmax-tv/beth-ailes-fox-news-satanic-temple/2023/07/21/id/1128078/   Babylon Bee: Disney’s Animatronic Biden Praised as ‘Incredibly Realistic’ after It Short Circuits, Has Speech Malfunction – The animatronic Biden continued to give his speech until he was rudely interrupted by the Trump animatronic. https://babylonbee.com/news/disneys-animatronic-biden-praised-as-incredibly-lifelike-after-it-short-circuits-has-speech-malfunction   U.S. rep calls for more safeguards on how welfare money is spent  The call follows a scandal in Mississippi where the Department of Human Services allowed well-connected people to spend tens of millions of welfare dollars intended for needy families on other projects… https://t.co/nKoCnNOg1t   ‘It’s a problem’: Hockett sounds off on (Il Gov.) Pritzker contact with Chinese Communist Party official as Covid outbreak began – Two letters – one in English and one in Chinese – were sent to Pritzker from Du Jiahao, Communist Party Secretary of Hunan province and Chairman of the Standing Committee of Hunan Provincial People’s Congress…     A little less than a month after receiving the letter Pritzker was found to have secretly purchased medical supplies from China. Reports emerged that Illinois was secretly obtaining PPE and other medical items from China to evade interference from the federal government…      Pritzker… also got in on the Covid supply game when his family trust invested in Covid test kit makers, which were mandated by many state governments, including Illinois which required public employees to take the tests twice per week until the fall of 2022…  https://prairiestatewire.com/stories/647433216-it-s-a-problem-hockett-sounds-off-on-pritzker-contact-with-chinese-communist-party-official-as-covid-outbreak-began   Chicago Hitman killed target while on bail for trying to disarm a cop, prosecutors say He’s the 15th person accused of shooting, killing, or trying to shoot or kill someone in Chicago this year while awaiting trial for a felony. The cases involve at least 21 victims, eight of whom died.. https://cwbchicago.com/2023/07/hitman-killed-target-while-on-bail-for-trying-to-disarm-cop-prosecutors-chicago.html   Despite DNA evidence, prosecutors decline to charge teen with murders of three people in Morgan Park (Chicago) last year  https://chicago.suntimes.com/crime/2023/7/21/23803633/despite-dna-prosecutors-decline-charge-teen-murders-three-people-in-morgan-park-last-year   Civilization is imploding under the guise of tolerance for criminal behavior or mental illness.   GOP Rep. @laurenboebert: People have adopted an ideology that requires them to accept awful behavior because it is “kindness”. Being accepting and welcoming of something that destroys people’s lives, their families, and communities is not kindness. It’s cruelty of the highest order.   @JunkScience: IMF cancels speaking engagement for 2022 Nobel prize winner in physics for saying: “I don’t believe there is a climate crisis.”  https://t.co/9JVgbSa10R   Clay Davis: The rise of the Internet changed things…  And just about every newspaper business model collapsed as everyone raced to put content online… Eventually the Washington Post and the New York Times settled on a new business imperative — online subscriptions…     Why weren’t the Washington Post and the New York Times covering news in a remotely fair way in the Donald Trump and Joe Biden era? Because they are fan subscription businesses now.  The Washington Post can’t tell the truth to their audience about Joe Biden’s corruption because if it does subscriptions will tank, people will stop paying to read… That’s why the paper is on track to lose $100 million this year. That’s a drop in the bucket for Bezos, but it’s also chilling.     Imagine what those subscriptions would look like if the Post started telling the truth about Biden to its subscribers… we’ve created a modern media subscription news business where truth and honesty doesn’t pay because no one will buy it…  https://www.outkick.com/the-washington-post-tried-to-bring-down-bill-clinton-now-it-ignores-joe-bidens-corruption-how-did-we-get-here-clay-travis/   Meta Pushes Airhead Influencers over Actual News as Priorities Shift Facebook parent Meta is shifting away from current affairs and politics on its social media platforms, and will instead focus on short-form videos and content from influencers vs. news – per Financial Times…     Canadian minister of heritage Pablo Rodriguez disagrees, telling the Financial Times that…  “If Facebook truly believes that news has no value, they can say so at the negotiating table. Threats to pull news instead of complying with the laws in our country only highlight the power that platforms hold over news organisations, both big and small,” he added… senior Meta executives have concluded that there’s a fundamental clash of interests between the company and the news industry…. https://t.co/a2MBQmIKvR end

GREG HUNTER INTERVIEWING JIM RICKARDS

(usawatchdog.com/new-brics-currency-boosts-gold-destroys-dollar-jim-rickards/)

New BRICS Currency Boosts Gold & Destroys Dollar – Jim Rickards

By Greg Hunter On July 22, 2023 In Market Analysis, Political AnalysisNo Comments

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

Seven-time, best-selling financial author James Rickards predicted in his most recent best-seller called “Sold Out” why broken supply chains would cause big inflation.  He was right, and he still contends, “Supply chain problems and inflation are not over.”  For an example of the supply chain still being in fragile shape, look no further than the failed grain deal between Ukraine and Russia last week.  Rickards points out, “Putin has been very patient about this.  He had a deal. Ukraine was not living up to their end of the deal.  Putin says we are the ones getting attacked, so, screw the deal.  What’s that going to do to the price of grain?  It’s going to send grain prices up, and it’s already up 10% just in a matter of days.”

This brings us the new BRICS gold-weighted currency (Brazil, Russia, India, China, South Africa) that might be announced in the middle to the end of next month.  Rickards calls one unit of currency a “BRIC.”  This is a competitor to the U.S. dollar, but Rickards says, “It’s not a reserve currency. . . .I think it may be 8 grams of gold to one “BRIC” (currency), but I don’t know.  What I do know is it does not matter.  What does matter is they are going to anchor it to a weight of gold. . . . It’s NOT redeemable in gold, it is anchored to it. . . . Let’s says a “BRIC” is worth one ounce of gold.  Today that is $1,970 per ounce, except the “BRIC” is NOT anchored to the dollar.  It is anchored to gold, which stands in the middle of this equation.  So, the dollar price of gold is going to be going up and down all the time, which means the dollar/“BRIC” exchange rate is going to be going up and down all the time.  They don’t have to defend the “BRIC.”  They have gold, but they don’t have to back it up with gold. . . . They actually don’t need any gold. . . . If you have made your currency anchored to gold . . . do you want the price to go up or down?  You want the price of gold to go up because that means the “BRIC” is worth more dollars, and the dollar is crashing.  It’s a way to destroy the dollar.  You don’t need dollars and you don’t need gold.  You just need to be smart enough to anchor your currency to gold, and when dollar inflation starts to go up, your currency is going to be worth more because of how you pegged it, not to dollars, but how you pegged it to gold.”

Rickards goes on to say, “So, if I were a BRICS member, and I were Russia in particular, and I had this currency tied to gold, and I wanted my currency to be more valuable and your currency (U.S. dollar) less valuable, one of the ways to do that is mess with the supply chain and drive up the price of oil, gasoline, grain . . . which drives up pork prices and chicken prices, and the list goes on.  That’s one way to do it.”

Rickards also talks about deflation this year and big inflation coming after that.  Rickards is predicting big inflation coming for people using dollars, and with his track record, you would be a fool to bet against his analysis.

There is much more in the 52-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Jim Rickards, seven-time, best-selling author, including his latest called “Sold Out:  How Broken Supply Chains, Surging Inflation and Political Instability Will Sink the Global Economy” for 7.21.23)

usawatchdog.com/new-brics-currency-boosts-gold-destroys-dollar-jim-rickards/

(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: 

If you want a copy of “Sold Out,” click here.

For any other of Jim Rickards’ best-selling books, click here.

To follow Rickards on Twitter@jamesgrickards, click here.

I will see you on TUESDAY