GOLD PRICE CLOSED: UP $14.15 TO $1961.25

SILVER PRICE CLOSED: UP $0.15 AT $24.36

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1958/85

Silver ACCESS CLOSE: 24.33

SHANGHAI FIXES MORNING AND NIGHT JULY 27: $2001.20 AND $1997.00 (IN DOLLARS CONVERTED FROM CNY)

USA CLOSING PRICE; 1947.10//

PREMIUM TO NY: $53.90

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Bitcoin morning price:, $29,194 UP 6 Dollars

Bitcoin: afternoon price: $29,335 UP 147 dollars

Platinum price closing $938.10 DOWN $0.90

Palladium price; $1244,25 DOWN $0.70

END

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

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

CANADIAN GOLD: $2,592.37 UP 21.40 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1523,74 UP 4.57 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1777,22 UP 3.36 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: 1,945.400000000 USD
INTENT DATE: 07/27/2023 DELIVERY DATE: 07/31/2023
FIRM ORG FIRM NAME ISSUED STOPPED

435 H SCOTIA CAPITAL 1657 C MORGAN STANLEY 1
690 C ABN AMRO 1

737 C ADVANTAGE 1

JPMorgan stopped 0/2 contracts.

FOR JULY:

GOLD: NUMBER OF NOTICES FILED FOR JULY/2023. CONTRACT: 2 NOTICES FOR 2400 OZ or 0.00622 TONNES

total notices so far: 3308 contracts for 330,800 oz (10.2892 tonnes)

FOR JULY:

SILVER NOTICES: 4 NOTICE(S) FILED FOR 20,000 OZ/

total number of notices filed so far this month : 5131 for 25,655,000 oz

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END

GLD

WITH GOLD UP $14.15

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

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD//

INVENTORY RESTS AT 915.82 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP $0.15 AT THE SLV// small CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 550,000 OZ FROM THE SLV..

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 451.93 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A STRONG SIZED 985 CONTRACTS TO 145,266 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS STRONG SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.59 LOSS IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS A STRONG SIZED 510 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 510 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 ROSE BY $0.59). AND WERE SUCCESSFUL IN KNOCKING SOME SPEC LONGS AS WE HAD A STRONG LOSS ON OUR TWO EXCHANGES OF 572 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER FOR 0 MILLION OZ// ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 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( 230 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 16.110 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 10,000 QUEUE JUMP + 0 MILLION OZ EXCHANGE FOR RISK FOR TODAY//NEW STANDING: 25.680 MILLION OZ + 5.25 MILLION OZ EXCHANGE FOR RISK/PRIOR: NEW TOTAL 30.94 MILLION OZ// // STRONG SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/VI) GOOD NUMBER OF T.A.S. CONTRACT ISSUANCE (510 CONTRACTS)/ZERO EXCHANGE FOR RISK ISSUED/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –183 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 18 days, total 17,070 contracts: OR 85.350 MILLION OZ (948 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 85.35 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 85.35 MILLION OZ (SMALLER THAN LAST MONTH)

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 985 CONTRACTS WITH OUR LOSS IN PRICE OF $0.59 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL EFP ISSUANCE CONTRACTS: 230 ISSUED FOR SEPT 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 10,000 OZ QUEUE. JUMP + 0 MILLION OZ EXCHANGE FOR RISK TODAY + (PRIOR EXCHANGE FOR RISK : 5.25 MILLION OZ): TOTAL NOW STANDING 25.690 MILLION OZ NORMAL STANDING + 5.25 MILLION EXCHANGE FOR RISK = 30.94 MILLION OZ.///// .. WE HAVE A GOOD SIZED LOSS OF 572 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD 510//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION AND WAS INSTRUMENTAL IN YESTERDAY’S HUGE RAID. THE NEW TAS ISSUANCE TODAY (510) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE./

WE HAD 2 NOTICE(S) FILED TODAY FOR 20,000 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 VERY STRONG SIZED 14,571 CONTRACTS TO 459,036 AND CLOSER TO 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: 1377 CONTRACTS

WE HAD A STRONG SIZED DECREASE IN COMEX OI ( 14,571 CONTRACTS) WITH OUR STRONG $21.80 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 0.00311 TONNE QUEUE JUMP : NEW TOTAL OF GOLD STANDING FOR JULY: 10.2890 TONNES// + /A FAIR (AND CRIMINAL) ISSUANCE OF 1516 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $21.80 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A STRONG SIZED LOSS OF 10,761 OI CONTRACTS (33.471 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 3810 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 459,036

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,761 CONTRACTS WITH 14,571 CONTRACTS DECREASED AT THE COMEX// AND A GOOD 3810 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 10,761 CONTRACTS OR 33.471 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1516 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3810 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (14,571) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 10,761 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 0.00311 TONNE QUEUE JUMP //NEW TOTAL ADVANCES TO 10.2890 TONNES ///// /3) SOME LONG LIQUIDATION WITH HUGE TAS LIQUIDATION AND SPREADER LIQUIDATION TO AID IN GOLD’S RAID YESTERDAY//4) STRONG SIZED COMEX OPEN INTEREST LOSS/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1516 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: 46,997 CONTRACTS OR 4,699,700 OZ OR 146.18 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 2610 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 18 TRADING DAY(S) IN TONNES 146.18 TONNES

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

THUS EFP TRANSFERS REPRESENTS 146.18/3550 x 100% TONNES 4.11% 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: 146.18 TONNES (WEAKER THAN LAST MONTH)

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 STRONG SIZED 985 CONTRACTS OI TO 145,266 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 230 CONTRACTS

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

SEPT 230 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 230 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 802 CONTRACTS AND ADD TO THE 230 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 755 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 3.775MILLION OZ

OCCURRED WITH OUR $0.59 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED UP 59.26 PTS OR 1.84% //Hang Seng CLOSED UP 277.45 PTS OR 1.41% /The Nikkei CLOSED DOWN 131.93 PTS OR 0.40% //Australia’s all ordinaries CLOSED DOWN 0.74 % /Chinese yuan (ONSHORE) closed DOWN 7.1555 /OFFSHORE CHINESE YUAN DOWN TO 7.1580 /Oil UP TO 79.84 dollars per barrel for WTI and BRENT UP AT 83.88 / 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 VERY STRONG SIZED 14,571 CONTRACTS DOWN TO 459,036 WITH OUR STRONG LOSS IN PRICE OF $21.80 ON THURSDAY. MOST OF THE LOSS WAS DUE TO SPREADER LIQUIDATION AND T.A.S. LIQUIDATION.

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 3810 EFP CONTRACTS WERE ISSUED: : AUGUST 3810 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3810 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 10,761 CONTRACTS IN THAT 3810 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A VERY STRONG SIZED LOSS OF 14,571 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR STRONG LOSS IN PRICE OF $21.80//THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR 1516 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.

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JULY (10.2861) (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: 10.2861 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $21.80) //// AND WERE SUCCESSFUL IN KNOCKING FEW SPECULATOR LONGS AS WE HAD A STRONG SIZED LOSS OF 10,761 CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE SPREADER LIQUIDATION THROUGHOUT THE THURSDAY COMEX SESSION AS WELL AS T.A.S. LIQUIDATION, WHICH BOTH PLAYED OUR MAJOR ROLE IN THURSDAY’S RAID KNOCKING THE PRICE OF GOLD SOUTHBOUND. THE TAS ISSUED THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE LOST A TOTAL OI OF 33.471 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 0.00311 TONNES//TOTAL STANDING FOR JULY GOLD ADVANCES TO: 10.2890 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR STRONG LOSS IN PRICE TO THE TUNE OF $21.80.

WE HAD – REMOVED 1377 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET LOSS ON THE TWO EXCHANGES 10,761 CONTRACTS OR 1,076,100 OZ OR 33.471 TONNES.

Estimated gold volume today:// 190,391 poor

final gold volumes/yesterday 407,623//tas and spreader liquidation//huge volume

//JULY 28/ 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	2 notice(s) 200 OZ 0.00622 TONNES
No of oz to be served (notices)	0 contracts 0 oz 0.0 TONNES
Total monthly oz gold served (contracts) so far this month	3308 notices 330800 OZ 10.2892 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

total customer deposits: 0 oz

we had 0 customer withdrawals:

total withdrawals: nil

Adjustments; 0 /

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JULY.

For the front month of JULY we have an oi of 2 contracts having LOST 23 contracts. We had 24 contracts served on Thursday. Thus we gained 1 contract or an additional 100 oz of gold will stand at the comex.

AUGUST LOST 35,225 contracts DOWN to 21,315 contracts. We have 1 more reading day before the big August contract delivery month. We will probably have a rather small 34-40 tonnes of gold standing for delivery.

SEPT gained 403 contracts to stand at 1567

We had 2 contracts filed for today representing 200 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 2 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 (3308 x 100 oz ), to which we add the difference between the open interest for the front month of JULY (2 CONTRACT) minus the number of notices served upon today 2 x 100 oz per contract equals 330,800 OZ OR 10.2890 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 (3308) x 100 oz + (2) {OI for the front month} minus the number of notices served upon today (2) x 100 oz) which equals 330,700 oz standing OR 10.2890 TONNES

TOTAL COMEX GOLD STANDING: 10.2890 TONNES WHICH IS STRONG FOR A NON ACTIVE DELIVERY MONTH.

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 oz

total pledged gold: 2,030,421.032 OZ 63,15 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,337,753.171 OZ

TOTAL REGISTERED GOLD: 12,122,919.622 (377.07 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,214,833.549 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,092,498 OZ (REG GOLD- PLEDGED GOLD) 313.92 tonnes//

END

SILVER/COMEX

JULY 28

//2023// THE JULY 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	638,929.157 oz Delaware Brinks CNT .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	601,769.580 oz CNT
No of oz served today (contracts)	4 CONTRACT(S) (20,000 OZ)
No of oz to be served (notices)	7 contracts (35,000 oz)
Total monthly oz silver served (contracts)	5131 Contracts (25,655,000 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 1 deposits customer account:

i) Into CNT: 601,769.580 oz

total customer deposits:601,769.580 oz

JPMorgan has a total silver weight: 139.331 million oz/278.535 million =49.91% of comex .//

Comex withdrawals 3

i) Out of Delaware 19,934.623 oz

ii) Out of Brinks 604,680.680 oz

iii) Out of CNT: 23,313.834 oz

total: 638,929.157 oz

TOTAL REGISTERED SILVER: 32.272 MILLION OZ//.TOTAL REG + ELIGIBLE. 278.535 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF JULY /2023 OI: 11 CONTRACTS HAVING LOST 30 CONTRACT(S). WE HAD 32 NOTICES FILED ON THURSDAY SO WE GAINED 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND AT THE COMEX FOR DELIVERY IN JULY,

AUGUST LOST 26 CONTRACTS TO STAND AT 788. WE WILL PROBABLY HAVE AROUND 3.0 MILLION OZ STANDING FOR DELIVERY IN AUGUST.

SEPT HAS A LOSS OF 2419 CONTRACTS DOWN TO 116,276

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 32 for 160,000 oz

Comex volumes// est. volume today 40,677 poor /

Comex volume: confirmed yesterday: 87,823 strong/raid

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 5131 x 5,000 oz = 25,655,000 oz

to which we add the difference between the open interest for the front month of JULY(11) and the number of notices served upon today 4 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the JULY/2023 contract month: 5131 (notices served so far) x 5000 oz + OI for the front month of JULY (11) – number of notices served upon today (4 )x 500 oz of silver standing for the JULY contract month equates to 25.690 million oz + 0.0 MILLION OZ EXCHANGE FOR RISK TODAY//PRIOR EXCHANGE FOR RISK TOTALS 5.25 MILLION OZ /NEW TOTAL STANDING FOR DELIVERY: 30.94 MILLION OZ..WE HAVE 32 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 28/WITH GOLD UP $14.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD//: //: / .////INVENTORY RESTS AT 915,82 TONNES

JULY 27/WITH GOLD DOWN $21.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD//: //: / .////INVENTORY RESTS AT 917.26 TONNES

JULY 26/WITH GOLD UP $6.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: //: / .////INVENTORY RESTS AT 919.00 TONNES

JULY 25/WITH GOLD UP $2.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: //: / .////INVENTORY RESTS AT 919.00 TONNES

JULY 24/WITH GOLD DOWN $4.65 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.20 TONNES OF GOLD INTO 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: 915.82 TONNES

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

JULY 28/WITH SILVER UP 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 550,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.930 MILLION OZ

JULY 27/WITH SILVER DOWN 59 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: .////INVENTORY RESTS AT 452.480 MILLION OZ

JULY 26/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: .////INVENTORY RESTS AT 452.480 MILLION OZ/

JULY 25/WITH SILVER UP 24 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL WITHDRAWAL OF 826,000 OZ FROM THE SLV..////INVENTORY RESTS AT 452.480 MILLION OZ/

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 41.930 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

END

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

A good read: how the banks $118 billion capital buffer will be wiped out by Basel iii

(Bloomberg News)

Banks’ $118 billion capital buffer likely to be wiped out by Basel III rules

Submitted by admin on Wed, 2023-07-26 11:47Section: Daily Dispatches

By Jennifer Surane,and Katanga Johnson
Bloomberg News
Wednesday, July 26, 2023

Wall Street’s biggest banks are preparing for new regulations that could erase almost all of the $118 billion in excess capital they squirreled away over the past decade, likely crimping shareholder buybacks for years to come.

The Federal Reserve and the Federal Deposit Insurance Corp. will vote Thursday to propose the measures during two separate open meetings, marking the first hurdle in putting the United States on track to adopt its final version of international banking standards known as the Basel III endgame.

Ahead of the meetings, both regulators, along with the Office of the Comptroller of the Currency, plan to release hundreds of pages of documents detailing the changes.

“There’s certainly a great deal of angst from investors around these expected proposals,” Jason Goldberg, an analyst at Barclays, said in an interview. “Share repurchases could be lower than desired in the near term. Ultimately we would expect the group to adapt and move forward.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2023-07-26/banks-118-billion-buffer-likely-wiped-out-by-new-capital-rules

END

Your weekend reading material

(Alasdair Macleod)

Alasdair Macleod: Inflation will return

Submitted by admin on Thu, 2023-07-27 13:15Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 27, 2023

It is an error to expect inflation to continue to fall in America. All financial market values in the United States and elsewhere are predicated on this hope.

The misunderstanding is to assume that the widely expected recession will lead to further falls in consumer price inflation, and that therefore interest rates and bond yields will decline. These hopes are based on Keynes’ rejection of Say’s Law, which simply points out there is no such thing as Keynes’ general glut because the unemployed stop producing.

A further point is that banks are increasingly scared of lending risk, which is leading to a credit squeeze. This raises the question: How can interest rates fall when there is a worsening shortage of credit?

The current economic setup for the U.S., the Eurozone, and the U.K. seems set to increase central bank credit to replace commercial bank lending, which will undermine their currencies. Additionally, government funding requirements will increase materially at a time when cross-border investment flows are threatened by financial bear markets.

The timing of a new BRICS gold-backed settlement currency and China’s determination to consolidate the BRICS and Shanghai Cooperation Organisation’s sphere of influence have the potential to offer alternatives for capital flows escaping from the collapsing finances of the Western alliance led by America.

Above all, we are witnessing the death of fiat, because it is increasingly difficult to see how the current currency regime based on the dollar will survive. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/inflation-will-return-july-2023?gmrefcode=gata

END

Kinesis joins Valaurum to put gold in those bills

(Kinesis London)

Kinesis joins Valaurum to put practical amounts of gold in circulation

Submitted by admin on Thu, 2023-07-27 13:24Section: Daily Dispatches

Kinesis to Produce Physical Gold Bills in Partnership with Valaurum

By Sean Dickens
Kinesis, London
Thursday, July 27, 2023

Kinesis has established a global collaborative partnership with Valaurum, the manufacturer of the patented Aurum gold bill, to produce a series of Kinesis gold bills containing small, practical amounts of physical gold for investment and global spending.

The launch of Kinesis Aurum gold bills is set to provide the Kinesis community — as well as gold investors, collectors, and enthusiasts across the world — with a new way to spend and store physical gold.

Central to the partnership, Kinesis and Valaurum will be releasing a series of co-branded bills, titled “Kinesis Aurum,” featuring unique custom designs and beginning with two bills containing one-tenth of a gram (100 milligrams) and 1 gram of gold, respectively. The precise, micro-layer of gold enshrined within the Kinesis Aurum will be visible from edge to edge throughout each bill.

Outside of the digital solution of Kinesis, the weight and indivisibility of gold has made the metal impractical as everyday money. Through encasing smaller denominations of gold within bills, Kinesis Aurum is reintroducing physical gold as a circulating currency. …

… For the remainder of the announcement:

Kinesis to produce physical gold bills in partnership with Valaurum

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/SILVER

Andrew Maguire: Live from the vault 133

35:18NOW PLAYING

UAE India partnership to trigger a surge in Indian SILVER demand – LFTV Ep: 133

Kinesis Money

•

1.4K views • 2 hours ago

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

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

ONSHORE YUAN: CLOSED DOWN TO 7.1555

OFFSHORE YUAN: DOWN TO 7.1580

SHANGHAI CLOSED UP 59.26 PTS OR 1.84%

HANG SENG CLOSED UP 277.45 PTS OR 1.41%

2. Nikkei closed DOWN 131.93 PTS OR 0.40%

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 101.22 EURO RISES TO 1.1107 UP 30 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.558 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 139.13/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 UP TO +2.433***/Italian 10 Yr bond yield RISES to 4.067*** /SPAIN 10 YR BOND YIELD RISES TO 3.471…**

3i Greek 10 year bond yield RISES TO 3.750

3j Gold at $1955.85 silver at: 24.28 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 43 /100 roubles/dollar; ROUBLE AT 91.02//

3m oil into the 79 dollar handle for WTI and 83 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 139.13// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.558% 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 0.8679 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9555 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: 3.961 DOWN 5 BASIS PTS…

USA 30 YR BOND YIELD: 4.018 DOWN 3 BASIS PTS/

USA 2 YR BOND YIELD: 4.877 DOWN 7 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.96…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 5 BASIS PTS AT 4.350

end

2.a Overnight: Newsquawk and Zero hedge:

Futures Rebound After BOJ YCC “Tweak” Turns Out To Be Less Hawkish Than Some Feared

FRIDAY, JUL 28, 2023 – 08:09 AM

US equity futures reversed an earlier loss and traded at session highs even as bonds around the world fell, briefly sending the 10Y Treasury to 4.04% and JGBs to 0.57%, well above the previous 0.5% cap and the highest since 2014, after the Bank of Japan – the only major central bank not to have begun reversing ultra-easy monetary policy – surprised investors by tweaking its control of market rates, in a market test to how far it can go without explicitly starting normalization. But in the end, the tweak ended up being less hawkish than some feared and as a result, futures are now reversing much of yesterday’s sharpo losses.

Having previously capped bond yields at 0.5% in a bid to stoke borrowing and its economy, the central bank said today it now regarded that level as a reference point rather than a rigid limit, and instead of intervening to keep rates capped at 0.5% it would only do so firmly at 1.0%, while deciding whether and where to intervene in the 0.5% to 1.0% band (the BOJ graphic explaining the change is below).

The BOJ pledged to show more flexibility over its yield curve control policy, though governor Kazuo Ueda insisted the bank was still far from the point where it could raise rates, and by then global deflation will have returned anyway.

In stock markets, the busiest week in the earnings calendar was drawing to a close, with sentiment supported by forecast-beating results and conviction that interest rates in the US and euro zone are near their peak. As of 7:30am ET, S&P futures traded 0.5% higher, reversing some of yesterday dump which was sparked, ironically, by a planted story in the Nikkei previewing the BOJ’s action, which however turned out to be less hawkish than expected, and thus the equity market overreacted on Thursday, and rebounded today as 10Y yields traded down to 3.96% after rising as high as 4.04%

In premarket trading, Enphase Energy shares plunged 15% after the solar-equipment manufacturer reported second-quarter revenue that missed estimates. Analysts found the results to be disappointing, and noted that the third-quarter revenue outlook also failed to meet expectations. On the other end, First Solar shares jumped as much as 9% after the solar technology company results beat estimates and announced plans for a new manufacturing facility in the US, which analysts took as a sign of confidence in demand. Brokers also highlighted strong bookings and average selling prices. Here are some other notable premarket mover:

Ford shares drop 2% after the automaker said it now expects to see losses from electric vehicles hit $4.5 billion this year. While Ford’s other segments performed well, Morgan Stanley sees major changes to the EV strategy possibly being necessary.

Homology Medicines shares surge 17% after the biotech said it will evaluate strategic alternatives and cut 87% of its workforce, citing the current financing environment and Homology’s anticipated clinical development timelines. RBC said that the decision to preserve cash was “pragmatic.”
Intel shares are rise as much as 8% in premarket trading on Friday after the chipmaker reported second-quarter results that beat expectations as its PC business was starting to recover. The company’s CEO says Intel remains on track to meet its of target of regaining manufacturing leadership by 2025.
Roku shares rise nearly 10% after the streaming-video platform company reported second-quarter revenue that was much stronger than expected. While analysts were positive about the results, they warned that Hollywood strikes would turn into a headwind if they prolong.
Solar stocks fell in US premarket trading after Enphase Energy reported second-quarter revenue that missed the average analyst estimate, and gave lower-than-anticipated third-quarter revenue guidance.

The BOJ move also sparked speculation it marked the first step towards the end of extraordinary stimulus after the recent surge in inflation. It also triggered big swings in the yen, sending it as much as 1% lower and higher at one point against the dollar, before trading largely unchanged compared to the pre-BOJ announcement. Despite the rollercoaster move, the yen was still headed for its best month since March, with gains of almost 3.5%.

“The BOJ decision is an invitation to short dollar-yen,” said Kenneth Broux, currency strategist at Societe Generale SA. “Higher Japanese yields reduce the spread versus US Treasuries and German bunds.” He added however that dollar downside could be limited, given Thursday’s strong US data that could imply further Fed tightening; furthermore sticky rate differentials mean that those who are stuck in a short USDJPY will suffer brutal bleeding thanks to the 5.50% difference between the BOJ and the Fed, a difference which will remain for a long time.

Markets elsewhere reacted to the possibility that higher yields at home will persuade Japanese investors, who own sizable amounts of US, European and Australian bonds, to reduce overseas debt holdings. As noted above, US Treasury yields rocked as high as 4.04% – first after a Nikkei news report that Japan was poised to tweak its yield-curve control policy, and then after the BOJ indeed tweaked it – but then yields dipped back down to 3.96% after markets digested the announcement realizing that it is not as hawkish as some had feared.

Elsewhere, the German 10Y Bund increased as much as 5 basis points, and Australia’s climbed 20 basis points at one point.

“This is a big week as it signals we are pretty much at the end of hiking cycles globally,” said Peter Kinsella, head of currency strategy at asset manager Union Bancaire Privee UBP SA. The “BOJ is effectively saying the top of the yield range is now 1% so that implies 50 basis points in potential steepening. So it’s slow gradual normalization, but yes, it’s normalization BOJ style,” he added.

European stocks are in the red with technology leading declines while banks rise. While the Stoxx 600 is down 0.3%, European bourses were still set for their third straight weekly gain. Here are the most notable European movers:

AstraZeneca gains as much as 4.8% after reporting second-quarter sales and profit that beat estimates and announcing the $1 billion acquisition of a portfolio of rare disease gene therapies from Pfizer
Hermes shares jumped as much as 4.3% after the French luxury group outperformed its rivals during the second quarter with unabated demand for its high-end purses, notably in the US and China
Standard Chartered shares rise as much as 6.7% in London, the most since March, after the bank reported better-than-expected pretax profit for the second quarter
Eni shares rise as much as 1.8% after the Italian oil and gas giant’s second-quarter profit beat consensus estimates, with the analysts flagging a strong performance at its Global Gas & Lng Portfolio (GGP) unit
Euronext shares jump as much as 7.1%, most since March, after the exchange operator reported revenue for the second quarter that beat the average analyst estimate and announced a €200m buyback
Ams-OSRAM shares rally as much as 19%, their biggest one-day climb since 2020. The company says it will exit non-core and lower-performing semiconductor businesses, a move that analysts say will help facilitate a turnaround and its debt refinancing
Sanofi falls as much as 4.1%, the most since May 30, after the French drugmaker reported its latest earnings, which analysts say is a mixed bag, as overall sales missed slightly and growth for its key drug Dupixent only arrived in line
Air France-KLM shares fall as much as 6% after analysts noted headwinds including elusive profit guidance and a higher unit-cost forecast, even as the company posted a strong 2Q operating income beat
Signify shares fell as much as 5.1%, the biggest drop since May 18, after the lighting maker cut its adjusted Ebita margin forecast for the full year and reported revenue for the second quarter that missed the average analyst estimate
Atos shares sink as much as 20% after the French IT firm recorded a negative free cash flow of €969m in the first half, a figure that is well below analyst estimates and is about three quarters of the stock’s market value
Vanquis Banking shares slumped as much as 29% to their lowest level in over 30 years, after the specialist lender reported a loss and a decrease in its net interest margin
Evotec falls as much as 11%, the most since November, after the German biotech cut its full-year forecast as the effects from the cyberattack earlier this year continues to impact the firm’s earnings

Earlier in the session, Asia’s equity benchmark held steady as a rally in Chinese stocks was offset by losses in Japan, where the central bank jolted markets by loosening its grip on bond yields. The MSCI Asia Pacific Index was little changed on Friday, but headed for a 2% weekly gain as Chinese shares extended this week’s rally on emerging signs that Beijing is acting on its policy pledges. Meanwhile, the Nikkei 225 slid as much as 2.6%, the worst performance in Asia, on concern the Bank of Japan’s adjustment paves the way for a stronger currency, potentially hurting exporters, however the Nikkei eventually rallied sharply, closing down just 0.4% led by Japan’s lenders who rallied on optimism their profitability will improve.

Regional stocks have climbed this week on hopes of stimulus measures in China following the Politburo meeting. A gauge of the nation’s equities listed in Hong Kong jumped as much as 1.7% on Friday after regulators were said to have signaled additional support for the technology sector and on speculation that authorities may lower stamp duties to bolster trading. Tencent and Meituan were among the top positive contributors in the MSCI Asia gauge, while Japan’s Sony and Toyota Motor were among the biggest drags.

Asia’s stock benchmark climbed for a fourth straight day on Thursday after the US central bank raised interest rates to a 22-year high and said further tightening would be data dependent. The gauge is approaching this year’s high seen in January though its gain of 9% so far in 2023 compares poorly with the S&P 500 Index’s 18% advance. Optimism over earnings, gains in China and rising speculation that the Federal Reserve is nearing the end of its policy tightening have boosted sentiment toward Asia’s emerging-market equities in recent weeks.

The MSCI Asia gauge is on track for a second straight month of gains, with its 3.7% rally in July set to be the best since January. An index of Southeast Asian stocks has jumped close to 6% this month, heading for the best performance since November. “There is enormous potential for emerging-market equities to play catch up on emerging market debt in a world where the Fed stops tightening and the dollar weakens,” Christopher Wood, global head of equity strategy at Jefferies, wrote in a note.

Australia’s ASX 200 was pressured amid weakness in the property sector and miners, with sentiment also not helped by the surprise contraction in Retail Sales

The record-breaking India stock market ended the week among the worst performing markets in the region as sentiment was hit by weaker-than-expected earnings from some index heavyweights. The S&P BSE Sensex fell 0.2% on Friday to 66,160.20 in Mumbai, while the NSE Nifty 50 Index was little changed at 19,646.05. The MSCI Asia Pacific Index was up 0.5% for the day. For the week, benchmark indexes lost 0.8% as compared to the regional benchmark’s 2.6% gains. Indian equities underperformed their peers in China, Hong Kong and Taiwan. The losses in the benchmarks during the week were limited by continued net buying of stocks by global funds, who look set to mark their fifth consecutive month of net purchases in July. Global funds have net bought over $19 billion since end of February. HDFC Bank contributed the most to the Sensex’s decline, decreasing 1.7%. Out of 31 shares in the Sensex index, 15 rose and 15 fell, while 1 was unchanged

In FX, the Bloomberg Dollar Spot Index slipped, while Treasury yields fell led by the short-end of the curve. USD/JPY fell more than 1% after the BOJ decision before gaining by a similar amount. It was down 0.1% at 139.30 at 10:30 a.m. London. Dollar sell-stops are building below 137.25, the July 14 low and buy stops above 142, according to Asia-based FX traders. European short-end bonds gained following dovish comments by ECB policymakers; Money markets ease ECB tightening wagers for a second day.

In rates, treasuries held gains in early US trading, led by the short end, steepening the curve. Curves are steeper globally led by UK and Japan, where 10-year yields jumped to highest level in nearly a decade after BOJ effectively adopted a higher target, a move previewed during US trading hours Thursday. US yields lower across the curve by as much as 5bp-6bp at short end with long end little changed; however 30-year earlier climbed to within 0.1bp of its July 10 YTD high 4.082%.

Yields remain higher on the week with the curve steeper, as focus began shifting from Fed policy stance — which Chair Powell this week said was evenhanded with respect to another interest-rate hike in September — to strong economic growth indicators and expectations that Treasury auction size increases will be announced next week for the August-to-October financing period. Also ahead next week, month-end Treasury index rebalancing is projected to extend its duration by 0.07 year, and first major economic indicators for July including ISM manufacturing and services gauges and employment report are slated.

In commodities, crude futures decline with WTi falling 0.3%. Spot gold adds 0.2%.

Bitcoin prices are relatively stable just above the USD 29,000 level.

To the day ahead now, and data releases from the US include the Q2 employment cost index, June’s PCE inflation, personal income and personal spending, and the final University of Michigan consumer sentiment index for July. Over in Europe, we’ll get the French and German CPI readings for July. Central bank speakers include the ECB’s Simkus. Finally, earnings releases include Exxon Mobil and Procter & Gamble.

Market Snapshot

S&P 500 futures up 0.3% to 4,578.25
MXAP up 0.3% to 169.86
MXAPJ up 0.1% to 536.74
Nikkei down 0.4% to 32,759.23
Topix down 0.2% to 2,290.61
Hang Seng Index up 1.4% to 19,916.56
Shanghai Composite up 1.8% to 3,275.93
Sensex down 0.5% to 65,953.22
Australia S&P/ASX 200 down 0.7% to 7,403.65
Kospi up 0.2% to 2,608.32
STOXX Europe 600 down 0.4% to 470.02
German 10Y yield little changed at 2.52%
Euro down 0.1% to $1.0963
Brent Futures down 0.2% to $84.03/bbl
Gold spot up 0.2% to $1,949.96
U.S. Dollar Index up 0.12% to 101.90

Top Overnight News from Bloomberg

China’s markets regulator has consulted securities firms for possible measures to boost stocks amid growing signs Beijing is seeking to restore investor confidence, people familiar with the matter said. BBG
China has asked its largest technology companies to provide case studies of their most successful startup investments in consumer, telecom and media companies, a sign authorities are ready to grant them broader leeway in backing such deals after a crackdown brought them to a virtual halt two years ago. BBG
The White House has decided it will bar Hong Kong’s top government official from attending a major economic summit in the United States this fall, according to three U.S. officials familiar with the matter, in the latest test of President Biden’s bid to reset relations with China. Washington Post
The Tokyo CPI for Jul overshoots the Street, with core (ex-food/energy) coming in at +4% Y/Y (up from +3.8% in June and ahead of the Street’s +3.7% forecast). RTRS
The BOJ surprised markets by loosening its grip on bond yields. It kept the target for 10-year yields at around 0% but said its 0.5% ceiling was now a reference point — not a rigid limit. It will manage the curve “flexibly” and buy benchmark bonds at 1% every business day, effectively capping it at that level. BBG
Donald Trump has been accused of attempting to have surveillance video footage at his Mar-a-Lago estate deleted ahead of an FBI search, as federal prosecutors added more criminal counts to a case over the former US president’s handling of classified documents. FT
Office space set to shrink for the first time on record – the lack of new supply coupled with existing buildings being repurposed or destroyed means the total square footage available to be used as office space will shrink this year for the first time on record. BBG
Tech investment giant Sequoia Capital pared back the size of two major venture funds, part of a dramatic downsizing the venture firm is undertaking amid a startup downturn. WSJ
Facebook removed content related to Covid-19 in response to pressure from the Biden administration, including posts claiming the virus was man-made, according to internal company communications viewed by The Wall Street Journal. WSJ

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mixed with the region cautious as all attention was on the BoJ policy decision in which the central bank kept monetary policy settings unchanged but announced to guide YCC more flexibly with fixed rate operations for 10yr JGB to be conducted at 1.0% (prev. 50bps). ASX 200 was pressured amid weakness in the property sector and miners, with sentiment also not helped by the surprise contraction in Retail Sales. Nikkei 225 underperformed with yields higher and markets spooked by the latest BoJ developments. Hang Seng and Shanghai Comp shrugged off early weakness and gained after further calls and efforts for China to support the housing market and tech industry. US equity futures were rangebound overnight although slumped during US trade as markets faltered stateside following source reporting by the Nikkei on the BoJ. European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed up by 2.3% yesterday.

Top Asian News

Chinese market watchdog has reportedly asked brokers for advice to boost stocks, according to Bloomberg; brokers reportedly proposed stamp duty reduction.
Italian PM Meloni said she plans to go to China in one of her next diplomatic missions and the decision on leaving China’s Belt and Road Initiative will be made by December.
China reportedly urges improved mortgage rules to support the housing market, while it also asked tech giants to showcase investments in a sign of easing, according to Bloomberg.
US is to ban Hong Kong Chief Executive Lee from the APEC Economic Summit, according to Washington Post.

European equities are a mixed bag as the dust settles on yesterday’s ECB announcement and the overnight BoJ release. The Stoxx 600 index is on track to close the week out with gains over just over 1% with discrepancies between regional bourses stemming from various heavyweight earnings releases. Equity sectors in Europe have a negative tilt with Tech, Real Estate and Travel & Leisure names lagging peers. US equity futures are trading on the front foot, as positivity seemingly returns following a sell-off in stocks yesterday, after a slew of hot data prints ahead of today’s top-tier data.

Top European News

ECB’s Simkus says the choice for September is between 25bps hike and unchanged rate; rate cut unlikely in H1’24; would not call a situation a recession, it is more a soft landing scenario, according to Reuters.
ECB’s Villeroy says French data showing inflation is falling without a recession; Pragmatism also needed as decisions at upcoming rate meetings will be open and entirely data drivenPerseverance is now the prime key virtue given the time needed for full transmission of monetary policy. Our growing confidence in the fall in inflation towards 2% is based on the good transmission of monetary policy, according to Reuters.
ECB’s Kazimir says ECB is nearing the completion of policy tightening; he is still waiting for an answer for what is coming in September; says ECB’s mission is still not fulfilled and “we should take firm step further”. He noted if ECB was to take a break in September, it would be premature to consider it the end, and added the ECB looking for the right place to stay for a large part of next year, according to Reuters.
ECB Survey of Professional Forecasters (SBF): expectations for headline HICP inflation were broadly unchanged compared to the previous survey

XY briefly topped 102.00 earlier in the European morning. Dollar paused for breath after Thursday’s sharp rebound on bullish US data and Euro depreciation on the back of a dovish ECB hike, but retained a firm underlying bid.
The Buck faced strong competition from the Yen following the BoJ’s hawkish “surprise” as this hammered USD/JPY down to within single digit pips of 138.00 at one stage from 141.05
Antipodeans lag with the Aussie underperforming as Australian Retail Sales were downwardly revised, while market pricing was already tilting heavily in favour of no change in rates from the RBA next week.

Fixed Income

Debt futures have settled down following several bouts of fast market moves and high volatility amidst somewhat mixed data and further reaction to or reflection on Central Bank meetings that threw several surprises.
Bunds and Gilts have regained poise within wider 132.96-81 and 95.62-11 respective ranges, while OATs and Bonos lag in wake of French and Spain inflation data.
The T-note remains above parity between 110-10+/110-25+ parameters in consolidative trade after yesterday’s mostly stellar US macro releases and turning attention to another busy agenda to end a hectic week.

Commodities

WTI and Brent front-month futures continue with the choppy but horizontal performance seen overnight with prices moving in tandem with the broader risk sentiment. Complex-specific newsflow has been light this morning aside from the release of overall mixed GDP from various EZ nations.
Spot gold was dragged back under its 100 DMA (USD 1,966.76/oz) to levels near USD 1,950/oz yesterday following the hot US economic data, with prices today meandering around the half-round figure and on both sides of the 50 DMA and 21 DMA.
Base metals meanwhile are mostly firmer despite the stronger Dollar amid continued tailwinds from Chinese stimulus.

Geopolitics

Russia prevented a Ukrainian drone attack on targets in Moscow, according to RIA citing the Defence Ministry.
US President Biden and Italian PM Meloni’s joint statement said the US and Italy will continue to provide political, military, financial and humanitarian assistance to Ukraine for as long as it takes. US and Italy are firmly committed to a free, open, prosperous, inclusive and secure Indo-Pacific, while they reiterated the vital importance of maintaining peace and stability across the Taiwan Strait. Furthermore, they commit to strengthening the bilateral and multilateral consultation on the opportunities and challenges posed by China.
US is expected to announce a weapons package for Taiwan worth more than USD 300mln, according to US officials cited by Reuters.
North Korea staged a military parade in celebration of the 70th anniversary of the end of the Korean War, while the Chinese delegation attended the parade and North Korea displayed an ICBM at the parade, according to KCNA.
North Korean leader Kim had a formal lunch with Russian Defence Minister Shoigu and exchanged views on the political situation around the Korean peninsula, as well as discussed issues to advance strategic cooperation on military and security. Furthermore, North Korea said it will fight on the side of countries challenging US hegemony, according to KCNA.
Russian President Putin said North Korea’s support for the military operation against Ukraine emboldens the two countries’ determination to cope with Western organisations, according to KCNA.
Russia’s Putin says we will discuss peace plan today, according ot Reuters.
China declares a large no-sail zone in the South China Sea for military exercises from July 29 to August 2nd, according to a journalist on Twitter.

US Event Calendar

08:30: June PCE Deflator MoM, est. 0.2%, prior 0.1%
- June PCE Core Deflator MoM, est. 0.2%, prior 0.3%
- June PCE Core Deflator YoY, est. 4.2%, prior 4.6%
- June PCE Deflator YoY, est. 3.0%, prior 3.8%
- June Personal Income, est. 0.5%, prior 0.4%
- June Personal Spending, est. 0.4%, prior 0.1%
- June Real Personal Spending, est. 0.3%, prior 0%
10:00: July U. of Mich. Sentiment, est. 72.6, prior 72.6
- July U. of Mich. Current Conditions, prior 77.5
- July U. of Mich. Expectations, prior 69.4
- July U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.1%
- July U. of Mich. 1 Yr Inflation, prior 3.4%
11:00: July Kansas City Fed Services Activ, prior 14

DB’s Jim Reid concludes the overnight wrap

It was originally another great day for the fictitious soft-landing ETF yesterday until markets started to break down around 6pm London time last night after a softish 7-year Treasury auction and more importantly, a report from Nikkei suggesting the BoJ would discuss tweaks to YCC at this morning’s meeting, something they’ve followed through on as we’ll see immediately below. This turned an +8bps sell-off in 10yr US yields into a +13.1bps one by the close and turned the S&P 500 from a +0.7% gain to a -0.64% loss, with the NASDAQ moving from c.+1.3% to -0.22% over the same 3 hour late session period. It all overshadowed a relatively dovish ECB meeting, within the context of the expected +25bps hike, afterwhich European yields moved notably lower for the day (e.g. 2yr bunds -5.1bps).

So the last international hold out on ultra low yields has turned with the BoJ tweaking it’s YCC policy in the last couple of hours. In a slightly complicated message the BoJ kept their target for 10yr JGBs at 0% but effectively widened the band to +1% from 0.5% even if they’ve kept the original bands as reference points. It confused me a bit this early in the morning but they won’t be able to defend 0.5% now absent a macro development that structurally lowers yields. 10yr JGBs have increased +12bps as we type to 0.56bps, their highest since 2014 and all other things being equal this should continue to creep up in the days and weeks to come and removes an anchor for global yields. It’s going to be an interesting press conference just after we go to print.

Initially, the Japanese yen strangely fell on the news to 141 but now trades +0.6% higher at 138.6. Elsewhere the Nikkei (-2.24%) is sharply lower with the KOSPI (-0.26%) also trading in the red. Chinese stocks are bucking the trend with the CSI (+1.79%) leading gains followed by the Shanghai Composite (+1.38%) and the Hang Seng (+0.89%). US stock futures are edging slightly higher with those tied to the S&P 500 +0.18%. Meanwhile, yields on 10yr USTs (+3.01bps) are at 4.02% as we go to press.

Coming back to Japan, Tokyo’s consumer price index (CPI) rose +3.2% y/y in July (v/s +2.9% expected). This is the 14th consecutive month that the inflation rate in the capital came in above the BOJ’s 2% target. At the same time, core inflation (excluding fresh food) advanced +3.0% y/y in July, higher than Bloomberg estimates of +2.9% but lower than prior month’s reading of 3.2%. More surprising was the core-core inflation (excluding fresh food and energy) which climbed to +4.0% y/y in July (v/s +3.7% expected, +3.8% in June) and provided more justification for the move today. Elsewhere, Australia’s retail sales sharply declined by -0.8% m/m in June, recording its biggest decline this year, versus expectations of a flat outcome.

Before the 6pm London headline markets were riding high on optimism and shrugging off higher US yields. This all stemmed from another round of strong US data that added to investors’ optimism. At one point the Dow Jones was comfortably on track to record a 14th consecutive daily advance for the first time since the index’s creation in 1896. So a 1-in-a-127 year event. Blame the Nikkei article for that streak being over and only equally the record run.

Even before the late rate moves investors were growing increasingly sceptical about Fed rate cuts anytime soon, with the 2yr real yield (+6.3bps) hitting another post-GFC high of 3.058% with 2yr nominal yields up +7.7bps. The rate priced in for the December 2024 meeting rose by +15.3bps on the day to 4.23%. This moved US rates in the opposite direction to European yields (2yr bunds -5.1bps) after a slight dovish bias to the ECB meeting. All these moves will be put to the test today, or reinforced, by US core PCE, US ECI (important to see if labour costs can fall organicallly), alongside German and French CPI.

The main catalyst for the early move higher in US rates, and the earlier risk on yesterday, was a robust GDP print from the US, which showed growth accelerated in Q2 to an annualised pace of +2.4% (vs. +1.8% expected). The report also came with several positive details, including that core PCE inflation was only at +3.8% in Q2 (vs. +4.0% expected), which added to the recent theme of better-than-expected growth and softer-than-expected inflation. As well as the GDP release, the weekly jobless claims fell for a third week running to 221k over the week ending July 22 (vs. 235k expected), which is their lowest level since February. And the continuing claims print for the previous week came in at a post-January low of 1.69m (vs. 1.75m expected). So lots of good news all round from an economic standpoint maybe before the full impact of the monetary policy lag starts to bite.

So as discussed at the top equities faded into the close with tech stocks seeing the biggest beta to the move with the FANG+ index falling from c.+2.3% to -0.24% in the last 3 hours of trading. Meta (+4.40%) outperformed thanks to its strong Q2 results after the previous day’s close. This helped lift the communication services sector into the green for the day (+0.85%) while the rest of the top level S&P sectors declined, most notably real estate (-2.13%) and utilities (-1.73%). In Europe markets closed before the sell-off and neatly encapsulated the earlier bullish sentiment, with the STOXX 600 (+1.35%) hitting a 17-month high, whilst France’s CAC 40 (+2.05%) and Italy’s FTSE MIB (+2.13%) saw significant advances of their own.

Before all this excitement, the ECB delivered their own 25bp rate hike as expected, which took the deposit rate up to 3.75%. However, unlike recent meetings, there wasn’t a strong steer about what they’re going to do next, and President Lagarde said that “we have an open mind as to what the decisions will be in September and in subsequent meetings”. She avoided signalling a specific outcome, and said that if they did pause, then it “would not necessarily be for an extended period.” At the same time, the language in the statement was also softened, since it said that future decisions would ensure rates “will be set at sufficiently restrictive levels”. That’s a change from last time, when it said they “will be brought to levels sufficiently restrictive”. See our economists’ review here.

When it comes to the ECB’s next decision, we should start to get some more signals today, as the flash CPI releases from France, Spain and Germany are coming out ahead of the Euro Area-wide release on Monday. Obviously the data will go a long way to determining the likelihood of another move, but markets are still pricing in a 71.7% chance of another 25bp hike in September anyway. Nevertheless, sovereign bonds rallied yesterday after the decision, with yields on 10yr bunds (-1.0bps), OATs (-1.6bps) and BTPs (-3.0bps) all coming down. That divergence between Europe and the US also meant that the spread of 10yr Treasury yields over 10yr bunds reached its widest level of 2023 so far, at 153.4bps.

When it came to yesterday’s other data, in the US we had the preliminary durable goods orders for June, which showed strong growth of +4.7% (vs. +1.3% expected). Core capital goods orders were more subdued however, with just +0.2% growth (but better than the -0.1% expected). Elsewhere, pending home sales for June beat expectations with a +0.3% gain (vs. -0.5% expected), and the Kansas City Fed’s manufacturing index came in at -11 (vs. -10 expected).

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

EUROPE

European bourses mixed, US equities bid, JPY flat post-BoJ; German HICP & US PCE due – Newsquawk US Market Open

FRIDAY, JUL 28, 2023 – 05:51 AM

BoJ kept monetary policy settings unchanged but announced it will guide YCC more flexibly with fixed rate operations for 10yr JGB to be conducted at 1.0% (prev. 0.5%).
At the post-meeting presser, BoJ Governor Ueda emphasised the need for continued monetary easing, stating that the bank is prepared to further ease policy if required.
European equities are a mixed bag as the dust settles on yesterday’s ECB announcement and the overnight BoJ release.
US equity futures are trading on the front foot, as positivity seemingly returns following a sell-off in stocks yesterday, after the hot data prints yesterday and ahead of today’s top-tier data.
DXY briefly topped 102.00 earlier in the European morning, JPY whipsawed during the BoJ release and now trades with mild gains, and AUD lags ahead of next week’s RBA.
Looking ahead, highlights include Eurozone Economic Sentiment, German HICP (Prelim.), US Personal Income, Consumption, PCE & Employment Costs, Earnings from Air France, BBVA, Intesa Sanpaolo, Sanofi, Vinci, Exxon, Chevron, P&G.

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BOJ

BoJ maintained its key monetary policy settings with rates at -0.10% and 10yr JGB yield target at 0% with a +/-50bps range but will guide YCC more flexibly with fixed rate operations for 10yr JGBs to be conducted at 1.0% (prev. 50bps). BoJ said it is appropriate to heighten the sustainability of monetary easing and it will operate yield curve control more flexibly to respond nimbly to upside and downside risks, while it widened the range of 5yr-10yr JGB purchases to JPY 900bln from JPY 875bln. In terms of the Outlook Report, there was an upgrade to the FY23 Core CPI forecast to above the BoJ’s target at 2.5% from 1.8% but the FY24 Core CPI view was downgraded to 1.8% from 2.0% and FY23 GDP projection was also lowered to 1.3% from 1.4%.
Ahead of the release, the BoJ was reportedly to discuss tweaking its YCC policy at the policy board meeting on Friday to let long-term interest rates rise beyond its cap of 0.5% by a certain degree in what would be a shift towards a more flexible policy approach, according to Nikkei. Furthermore, the report noted that the central bank is likely to keep the current cap while taking a flexible approach and that under the more flexible policy being considered, the BoJ would permit gradual increases above the 0.5% threshold, but still clamp down on any sudden spikes.
At the presser, BoJ Governor Ueda emphasised the need for continued monetary easing, stating that the bank is prepared to further ease policy if required. The focus is on enhancing the sustainability of Yield Curve Control (YCC), with the bank ready to conduct fixed rate purchases if long-term yields exceed 1.0%. The bank has created a 0.5-1.0% frame to respond to future risks, with 1.0% defined as a ‘just-in-case cap’. Despite some progress towards inflation goals, Ueda expressed uncertainty about future price rebounds, citing risks from a weaker global economy. He added the bank is not targeting FX levels, but is including currency market volatility in its measures. Economic uncertainty remains high, and the bank is prepared to respond flexibly to any materialised risks. Ueda denied any bias towards policy tightening, stating that the aim is to make YCC more sustainable, not to normalise policy. Click here for more detail.

EUROPEAN TRADE

EQUITIES

European equities are a mixed bag as the dust settles on yesterday’s ECB announcement and the overnight BoJ release. The Stoxx 600 index is on track to close the week out with gains over just over 1% with discrepancies between regional bourses stemming from various heavyweight earnings releases.
Equity sectors in Europe have a negative tilt with Tech, Real Estate and Travel & Leisure names lagging peers.
US equity futures are trading on the front foot, as positivity seemingly returns following a sell-off in stocks yesterday, after a slew of hot data prints ahead of today’s top-tier data.
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

DXY briefly topped 102.00 earlier in the European morning. Dollar paused for breath after Thursday’s sharp rebound on bullish US data and Euro depreciation on the back of a dovish ECB hike, but retained a firm underlying bid.
The Buck faced strong competition from the Yen following the BoJ’s hawkish “surprise” as this hammered USD/JPY down to within single digit pips of 138.00 at one stage from 141.05
Antipodeans lag with the Aussie underperforming as Australian Retail Sales were downwardly revised, while market pricing was already tilting heavily in favour of no change in rates from the RBA next week.
Click here for more detail.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Debt futures have settled down following several bouts of fast market moves and high volatility amidst somewhat mixed data and further reaction to or reflection on Central Bank meetings that threw several surprises.
Bunds and Gilts have regained poise within wider 132.96-81 and 95.62-11 respective ranges, while OATs and Bonos lag in wake of French and Spain inflation data.
The T-note remains above parity between 110-10+/110-25+ parameters in consolidative trade after yesterday’s mostly stellar US macro releases and turning attention to another busy agenda to end a hectic week.
Click here for more detail.

COMMODITIES

WTI and Brent front-month futures continue with the choppy but horizontal performance seen overnight with prices moving in tandem with the broader risk sentiment. Complex-specific newsflow has been light this morning aside from the release of overall mixed GDP from various EZ nations.
Spot gold was dragged back under its 100 DMA (USD 1,966.76/oz) to levels near USD 1,950/oz yesterday following the hot US economic data, with prices today meandering around the half-round figure and on both sides of the 50 DMA and 21 DMA.
Base metals meanwhile are mostly firmer despite the stronger Dollar amid continued tailwinds from Chinese stimulus.
Click here for more detail.

NOTABLE US HEADLINES

Facebook (META) bowed to White House Pressure and removed content related to Covid-19, according to WSJ.

NOTABLE EUROPEAN HEADLINES

ECB’s Simkus says the choice for September is between 25bps hike and unchanged rate; rate cut unlikely in H1’24; would not call a situation a recession, it is more a soft landing scenario, according to Reuters.
ECB’s Villeroy says French data showing inflation is falling without a recession; Pragmatism also needed as decisions at upcoming rate meetings will be open and entirely data drivenPerseverance is now the prime key virtue given the time needed for full transmission of monetary policy. Our growing confidence in the fall in inflation towards 2% is based on the good transmission of monetary policy, according to Reuters.
ECB’s Kazimir says ECB is nearing the completion of policy tightening; he is still waiting for an answer for what is coming in September; says ECB’s mission is still not fulfilled and “we should take firm step further”. He noted if ECB was to take a break in September, it would be premature to consider it the end, and added the ECB looking for the right place to stay for a large part of next year, according to Reuters.
ECB Survey of Professional Forecasters (SBF): expectations for headline HICP inflation were broadly unchanged compared to the previous survey. Click here for more detail.

DATA RECAP

German state CPIs were largely mixed vs. the expectations for the Mainland figure, which expects the MM to be unchanged whilst the Y/Y is seen cooling slightly from the prior month.
German GDP Flash QQ SA* (Q2 ) 0.0% vs. Exp. 0.1%
German GDP Flash YY SA (Q2) -0.2% vs. Exp. -0.3% (Prev. -0.5%)
French Prelim CPI M/M 0.0% (Exp. 0.2%, Prev. 0.2%)
French Prelim CPI Y/Y 4.3% (Exp. 4.3%, Prev. 4.5%)
French Prelim CPI (EU Norm) Y/Y 5.0% (Exp. 5.1%. Prev. 5.3%)
French GDP Preliminary QQ (Q2) 0.5% (Exp. 0.1%)
Spanish HICP Flash MM (Jul) -0.1% vs. Exp. -0.5% (Prev. 0.6%)
Spanish CPI YY Flash NSA (Jul) 2.3% vs. Exp. 1.6% (Prev. 1.9%)
Spanish Estimated GDP YY (Q2) 1.8% vs. Exp. 2.0% (Prev. 4.2%)
EU Services Sentiment (Jul 2023) 5.7 vs. Exp. 5.2 (Prev. 5.7)
EU Selling Price Expec (Jul 2023) 3.4 (Prev. 4.4)
EU Economic Sentiment * (Jul 2023) 94.5 vs. Exp. 95.0 (Prev. 95.3)
EU Consumer Confid. Final (Jul 2023) -15.1 vs. Exp. -15.3 (Prev. -15.1)
EU Cons Infl Expec (Jul 2023) 4.8 (Prev. 6.1)
EU Industrial Sentiment (Jul 2023) -9.4 vs. Exp. -7.6 (Prev. -7.2)

GEOPOLITICS

Russia prevented a Ukrainian drone attack on targets in Moscow, according to RIA citing the Defence Ministry.
US President Biden and Italian PM Meloni’s joint statement said the US and Italy will continue to provide political, military, financial and humanitarian assistance to Ukraine for as long as it takes. US and Italy are firmly committed to a free, open, prosperous, inclusive and secure Indo-Pacific, while they reiterated the vital importance of maintaining peace and stability across the Taiwan Strait. Furthermore, they commit to strengthening the bilateral and multilateral consultation on the opportunities and challenges posed by China.
US is expected to announce a weapons package for Taiwan worth more than USD 300mln, according to US officials cited by Reuters.
North Korea staged a military parade in celebration of the 70th anniversary of the end of the Korean War, while the Chinese delegation attended the parade and North Korea displayed an ICBM at the parade, according to KCNA.
North Korean leader Kim had a formal lunch with Russian Defence Minister Shoigu and exchanged views on the political situation around the Korean peninsula, as well as discussed issues to advance strategic cooperation on military and security. Furthermore, North Korea said it will fight on the side of countries challenging US hegemony, according to KCNA.
Russian President Putin said North Korea’s support for the military operation against Ukraine emboldens the two countries’ determination to cope with Western organisations, according to KCNA.
Russia’s Putin says we will discuss peace plan today, according ot Reuters.
China declares a large no-sail zone in the South China Sea for military exercises from July 29 to August 2nd, according to a journalist on Twitter.

CRYPTO

Bitcoin prices are relatively stable just above the USD 29,000 level.

APAC TRADE

APAC stocks traded mixed with the region cautious as all attention was on the BoJ policy decision in which the central bank kept monetary policy settings unchanged but announced to guide YCC more flexibly with fixed rate operations for 10yr JGB to be conducted at 1.0% (prev. 50bps).
ASX 200 was pressured amid weakness in the property sector and miners, with sentiment also not helped by the surprise contraction in Retail Sales.
Nikkei 225 underperformed with yields higher and markets spooked by the latest BoJ developments.
Hang Seng and Shanghai Comp shrugged off early weakness and gained after further calls and efforts for China to support the housing market and tech industry.
US equity futures were rangebound overnight although slumped during US trade as markets faltered stateside following source reporting by the Nikkei on the BoJ.
European equity futures are indicative of a lower open with the Euro Stoxx 50 -0.4% after the cash market closed up by 2.3% yesterday.

NOTABLE ASIA-PAC HEADLINES

Chinese market watchdog has reportedly asked brokers for advice to boost stocks, according to Bloomberg; brokers reportedly proposed stamp duty reduction.
Italian PM Meloni said she plans to go to China in one of her next diplomatic missions and the decision on leaving China’s Belt and Road Initiative will be made by December.
China reportedly urges improved mortgage rules to support the housing market, while it also asked tech giants to showcase investments in a sign of easing, according to Bloomberg.
US is to ban Hong Kong Chief Executive Lee from the APEC Economic Summit, according to Washington Post.

DATA RECAP

Tokyo CPI YY (Jul) 3.2% vs. Exp. 2.9% (Prev. 3.1%)
Tokyo CPI Ex. Fresh Food YY (Jul) 3.0% vs. Exp. 2.9% (Prev. 3.2%)
Tokyo CPI Ex. Fresh Food & Energy YY (Jul) 4.0% vs. Exp. 3.7% (Prev. 3.8%)
Australian Retail Sales MM Final * (Jun) -0.8% vs. Exp. 0.0% (Prev. 0.4%)
Australian PPI QQ (Q2) 0.5% (Prev. 1.0%)
Australian PPI YY (Q2) 3.9% (Prev. 5.2%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

////SOUTH KOREA/NORTH KOREA/

END

2e) JAPAN

JAPAN/YCC

Japan has an inflation problem at 2.5%. The BOJ had been buying bonds at the top 10 yr level of .5%. Now with higher inflation signalling ahead, they did decide to tweak its YCC to 1%. This naturally sent the 10 yr bond yield soaring of .558%. Eventually, the Central Bank of Japan will collapse. Its debt to GDP is 262.5% with Government debt at 1.3 trillion yen or 10 trillion dollars.

(zerohedge)

BOJ Tweaks YCC For “Greater Flexibility”, Sending Bond Yields Soaring

FRIDAY, JUL 28, 2023 – 04:14 AM

In a central bank decision that was a far more uncertain nailbiter than the Fed’s guaranteed 25bps hike, moments ago the BOJ revealed that in a unanimous vote it would keep rates at -0.1% and also keep the 10Y JGB yield target at 0%, but in an 8-1 vote (with Yakamura dissenting) said it would conduct yield curve control “with greater flexibility” (i.e. tweak it) by which it means that both the lower and upper bounds (but mostly upper) of yield control would be “references” not “rigid limits.”

What does that mean? Simple: while the BOJ is keeping the implied 10Y JGB target at 0.0% with a +/- 0.50% band, it will allow the yield to rise as high as 1.0% (where it has a hard stop to buy all bonds that are for sale) but it also may not. This is how the BOJ explained it in its statement…

The Bank will continue to allow 10-year JGB yields to fluctuate in the range of around plus and minus 0.5 percentage points from the target level, while it will conduct yield curve control with greater flexibility, regarding the upper and lower bounds of the range as references, not as rigid limits, in its market operations.

The Bank will offer to purchase 10-year JGBs at 1.0 percent every business day through fixed-rate purchase operations, unless it is highly likely that no bids will be submitted.

In order to encourage the formation of a yield curve that is consistent with the above guideline for market operations, the Bank will continue with large-scale JGB purchases and make nimble responses for each maturity by, for example, increasing the amount of JGB purchases and conducting fixed-rate purchase operations and the Funds-Supplying Operations against Pooled Collateral.

… and visually:

So while everything else remains the same, going forward the BOJ will hard offer to purchase 10Y at 1.0% yield instead of 0.50% – which is where the target for the 10Y JGB remains – while leaving it to its discretion how much it will purchase at any one point between 0.5% and 1.0%.

Or, as Bloomberg’s Marc Cudmore puts it:

“so, wait, the target cap is still 0.5%, but the active cap is 1%? Huh? How does that work? Well, while the BOJ will no longer buy daily amounts of JGBs at a 0.5% yield, it will conduct nimble market operations to seek that target yield level. I.e. This theoretically means the BOJ could come in at any point to intervene to buy JGBs in order to lower yields to 0.5%. It might work a little like JPY intervention.

Realistically, how often will they do that, and in what manner? Well, that’s why investors are more excited by a BOJ press conference than they have been in years.”

Said otherwise, the BOJ was too scared to go ahead with explicit policy normalization and shift its 10Y target to 1%, so it is instead doing a half-assed job by implicitly moving the target to “test the waters” so to speak, and preserve the flexibility to revert if and when the bond market crushes it. But, as always happens, when a central bank does things half-assed and without a Draghi-esque “bazooka resolve”, the results is always catastrophic and this time won’t be any different.

Which means that we are about to see a whole lot more volatility in the JGB market as the market tests just how high the BOJ will allow yields to rise. And sure enough, at last check the 10Y was already yielding just north of 0.57% – or far above the previous YCC limit – ensuring that the BOJ has a lot of emergency bond buying ahead of it, just like in Dec/Jan when it tweaked YCC previously.

The rest of the statement was the usual compendium of excuses for why the BOJ will inevitably get everything wrong:

There are extremely high uncertainties for Japan’s economic activity and prices, including developments in overseas economic activity and prices, developments in commodity prices, and domestic firms’ wage- and price-setting behavior. Under these circumstances, it is necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan’s economic activity and prices.

Japan’s recent inflation rates, as measured by the consumer price index (CPI), are higher than projected in the April 2023 Outlook Report, and wage growth has risen, partly on the back of this year’s annual spring labor-management wage negotiations. Signs of change have been seen in firms’ wage- and price-setting behavior, and inflation expectations have shown some upward movements again. If upward movements in prices continue, the effects of monetary easing will strengthen through a decline in real interest rates, while on the other hand, strictly capping long-term interest rates could affect the functioning of bond markets and the volatility in other financial markets. Such effects are expected to be mitigated by conducting yield curve control with greater flexibility.

Meanwhile, there are also significant downside risks to Japan’s economic activity and prices, including the impact of a tightening of global financial conditions on overseas economies. If such downside risks materialize, the effects of monetary easing will be maintained through a decline in long-term interest rates under the framework of yield curve control.

Only 18% of the 50 economists polled by Bloomberg expected a YCC tweak at this meeting (in no small part due to Bloomberg’s own reporting on the matter), though half foresaw such a move no later than October. In addition, there was a widespread view that any change to the program would have to come as a surprise, as any foreshadowing might trigger a massive bond sell-off, complicating the move. Instead, the bond selloff has just been delayed to, well, right now.

Elsewhere, while the BOJ did admit that inflation was higher than it expected in April, and it also did hike its 2023 core CPI forecast to 2.5% from 1.8% previously, the central bank bizarrely slashed its 2024 core CPI forecast from 2.0% to 1.9%, as inflation’s effects “are expected to be mitigated by conducting yield curve control with greater flexibility.” suggesting that no more “tweaking” or whatever it’s now called will be required, and instead the current yield differentials for the world’s carry currency of choice will remain for the foreseeable future.

To summarize the revised forecasts:

Real GDP

Fiscal 2023 median forecast cut to 1.3% from 1.4%.
Fiscal 2024 median forecast maintained at 1.2%.
Fiscal 2025 median forecast maintained at 1.0%.

Core CPI

Fiscal 2023 median forecast raised to 2.5% from 1.8%.
Fiscal 2024 median forecast cut to 1.9% from 2.0%.
Fiscal 2025 median forecast maintained at 1.6%.

The continuation of the main policy settings will likely enable Ueda to argue that the new guidance on the band was a technical move aimed at improving the sustainability of its stimulus, rather than a step toward imminent policy normalization.

In kneejerk response to the half-pregnant YCC tweak, which will do nothing to reverse Japan’s inflation problem but will do everything to spark another bond market crisis, the USDJPY first spiked by 200 pips before reversing the entire move…

… but a far more significant move was observed in 10Y JGBs whose yields were spiked as high as 0.57% – the highest level since 2014…

… while 10Y JGB futs tumble…

… as the market immediately tests just far the BOJ will allow bonds and yields to move.

Knowing well it would kick the bond market hornets nest, the BOJ immediately announce it would widen its range for purchase of medium and long-term JGBs in Aug.

Offers to buy 400b-750b yen of 3-5 year JGBs 4 times/month
Offers to buy 450b-900b yen of 5-10 year JGBs 4 times/month
Purchase amounts of other maturities unchanged

To summarize: with today’s “less hawkish than expected” YCC tweak (see below) all the BOJ has done is buy itself a few weeks of a stronger yen, until the 10Y yield rerates from 0.5% to 1.0% (still far below inflation), before yield differentials re-emerge as the dominant power in currency pairs. Meanwhile, as part of its half-assed attempt to control both the currency and rates, the repricing of the entire JGB bond market, the 2nd largest in the world, will send shockwaves not only in Japan but across the globe. In fact, at last check, the 10Y TSY yield was at 4.03%, right at session highs.

* * *

Commenting on the BOJ’s decision, Khoon Goh head of Asia research at Australia & New Zealand Banking Group said that the Bank of Japan’s decision to tweak their yield curve control was in line with what the market had anticipated, but probably not as hawkish as previously feared.

“The range that the 10-year JGB yield is allowed to fluctuate remains unchanged, but greater flexibility has been introduced at the upper and lower bounds of the range.”

“How far yields will be allowed to trade beyond those limits is uncertain, and something which the market will no doubt try to test”, and indeed the relentless selling in 10Y JGB has confirmed just that.

“But there is a hard limit of 1% as the BOJ will offer to purchase 10-year JGBs at that level every business day through fixed-rate purchase operations (up from 0.5% previously)” he said, adding that “market reaction has been very choppy as it is not a straightforward decision to digest. The yen is still gyrating, but risk assets have risen, as the tweak was not as bad as initially feared”

A somewhat more formal take came from former Bank of Japan assistant governor Kazuo Momma, who said that the central bank is making a little adjustment to the yield-curve control “because the exchange rate weakened before the meeting and there are risks it could decline further.” In other words, instead of buying the yen outright, the central bank has decided to cripple the bond market as well.

“My sense is that the hidden motivation for the BOJ is the exchange rate,” Momma, who is currently an executive economist at Mizuho Research and Technologies said on Bloomberg Television. A strict YCC may invite an undesirable weakening of the yen going forward, he said correctly.

“This is not the first step toward monetary policy normalization. I would characterize this as a mini-technical tweak not a tweak” Momma said adding that “this is not the time for the BOJ to send a message that this is the first step to policy normalization.”

Which is correct: the BOJ will never be able to normalize, instead the best it can hope for is to contain the collapse in the yen by keeping the market guessing, although after an initial period has passed, the selling in the yen will promptly resume.

Momma concluded that the press conference will be very important on how they convey the message on conducting YCC. “Changing the band would be sending a clearer message that they’re taking steps toward policy normalization but that’s the last thing they want.“

The problem with the BOJ is that what they want, and what they get, are usually two very different things.

END

Simon White on the above policy shift by the Bank of Japan

(zerohedge)

BOJ Policy Shift Intensifies Existing Yen Tailwinds

FRIDAY, JUL 28, 2023 – 11:30 AM

Authored by Simon White, Bloomberg macro strategist,

The BOJ’s policy adjustment adds to tailwinds for the yen.

The BOJ unexpectedly changed the upper limit of its 10y rate so that 0.5% is now a reference point, not a ceiling, and up to 1% will be tolerated. 10y JGB yields are about 11 bps higher, at 56 bps, on the announcement. USDJPY has whipsawed around and is currently about ~0.7% lower than Wednesday’s close, but the central bank’s actions only intensify sizable tailwinds.

The BOJ hasn’t lost its capacity to surprise. Perhaps officials became unnerved by the fact that CPI – just released today and higher than expected – is showing signs of becoming persistent; or that the real policy rate is near 45-year lows; or perhaps that its balance sheet is the largest in the world after huge JGB purchases to defend the yield cap. Whatever the reason, tightening has begun.

The change should provide more support for the yen, but capital flows and structural undervaluation in the currency are already pointing that way.

Japan is one of the largest buyers of US Treasuries, and this typically dictates the prevailing trend of USD/JPY. But as the US curve has inverted, it has become progressively less attractive for Japan-based investors to buy USTs and hedge the currency.

It’s even less alluring when we factor in inflation. The sharp decline in the real net cost of buying USTs points to lower demand for dollars from Japan, and thus a weaker USDJPY.

10y USTs are up about 10 bps since yesterday, but 10y JGBs are up a similar amount, so the relative (un)attractiveness of USTs has not so far changed.

Falling UST demand from Japanese investors comes at the same time as a renewed verve for Japanese stocks from foreign buyers. Japan has long been a favored investment destination of mine due to the rise in global inflation.

Equity inflows began to pick up sharply in the past few months, taking the Nikkei to 30+ year highs. Such inflows tend to be unhedged, boosting the yen.

On top of that, the yen remains one of the world’s structurally weakest currencies.

The chart above shows Japan’s REER (real effective exchange rate) is the farthest below its long-term mean of all major EM and DM countries.

3 CHINA /

CHINA/

No quick fix for China’s ailing property market

(Xie/Bloomberg)

Why There’s No Quick Fix For China’s Ailing Property Market

THURSDAY, JUL 27, 2023 – 09:20 PM

By Ye Xie, Bloomberg Markets Live reporter and strategist

China’s top housing official has stepped up rhetoric meant to revive the housing market. It comes after the Politburo removed “the housing is not for speculation” slogan from the readout of its meeting, which increased expectations for more support for the market. Unfortunately, there’s no panacea to end the crisis quickly.

Hang Seng futures pointed to a weaker opening Friday. Strong US data spurred a dollar rally and higher US Treasury yields, which may weigh on foreign inflows to China. A Nikkei report that the Bank of Japan may discuss changing the yield-curve control policy added to uncertainties.

On the China front, the news flow continues a pattern of traders going “long on the words, short on actions.” Top housing official on Thursday urged more support, including calling for homebuyers who had paid off previous mortgages to be considered as first-time purchasers, so that they could enjoy lower mortgage rates. (The so-called “recognizing houses but not loans” policy.）

None of the talking points are entirely new. In 2022, 57 cities have adopted the “recognizing houses” policy, according to Nomura, citing data from China Real Estate Information Corp. Altogether, nearly 300 cities issued almost 600 various easing measures last year, including lowering down payments and loosening purchasing restrictions.

If that hasn’t helped prop up the market already, one can be excused for having doubt that any incremental, piecemeal measures will do the trick.

In a report published in June, Nomura’s economists, including Lu Ting, listed a few reasons why investors should lower their expectations on the housing stimulus, even though more support is likely to come.

For starters, Beijing simply has no appetite for a policy bazooka when the priority is focused on security and sustainability. So forget about another round “shantytown renovation” programs. That scheme, which offered cash compensation for homes demolished in less-developed areas, helped turn around a housing downturn in 2015-2016, but it also helped fueled a real estate bubble in lower-tier cities.

Second, some easing measures will likely increase sales of existing homes, strengthening expectations of home price declines and delaying purchases.

It’s questionable that China will meaningfully ease restrictions in big cities such as Beijing and Shanghai. Even if it does, easing in big cities may crowd out the demand for homes in low-tier cities, which have been the driver of commodity demand and construction activity over the past decade.

Smaller cities are still suffering from the overhang of the shantytown renovations, which have pulled forward home demand. These cities are facing high leverage, falling home prices and population outflows. Coupled with a large amount of unfinished projects and the withdrawal of private developers, a sustainable property rebound there is questionable.

Finally, the capability and willingness of Chinese households to borrow and buy homes may have been significantly reduced, even in large cities, once expectations that housing prices can only go up have been shattered.

All told, an “L-shaped” recovery in housing is all one can hope for.

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

EU/

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE//AFRICA

Brought this important story for you yesterday but it is worth repeating. Putin is becoming more state like by the day

(zerohedge)

Putin Offers “Free” Grain To 6 Impoverished African Nations

FRIDAY, JUL 28, 2023 – 05:45 AM

Russian President Vladimir Putin ‘went big’ the first day of the Russia-Africa summit in St. Petersburg on Thursday, offering free grain to six impoverished African countries.

The gathering of some 17 African heads of state (down from prior years, given US pressure and the Ukraine war) and many more senior officials from countries across the continent, comes just days after Moscow rejected renewal of the UN-backed Black Sea Grain Initiative.

Putin vowed the following in his keynote address to the summit: “In the coming months, we will be ready to provide Burkina Faso, Zimbabwe, Mali, Somalia, the Central African Republic and Eritrea with 25,000-50,000 tonnes of grain free of charge,” he said.Putin’s Thursday address to the summit, AFP/Getty Images

As regional reporting recounts, for “over a year, the grain deal allowed around 33 million tons of grain to leave Ukrainian ports, helping to stabilize global food prices and avert shortages.”

But now with the grain deal abandoned Putin is being accused of leveraging food as a weapon to get his way in Ukraine and with the West, amid global fears that food prices will shoot higher and famine will rise in the hardest hit places.

But Putin has the whole time lambasted “well-fed European countries” getting priority when it comes to Ukraine’s food exports, as opposed to struggling Africa and the Middle East, the latter with countries like Lebanon and Syria dealing with runaway inflation and the impact of prior years of war and instability.

US Secretary of State Antony Blinken issued a statement Thursday urging those African heads of state currently in St. Petersburg to apply the pressure on Putin. “They know exactly who’s to blame for this current situation,” Blinken said of the African leaders, and thus they should loudly let the Kremlin know. “My expectation would be that Russia will hear this clearly from our African partners,” he said while on an official visit to New Zealand.

The FT’s Moscow bureau chief has meanwhile alleged Putin’s grain offer to Africa is not so “free”…

The Associated Press previously noted of the two-day summit’s attendance that “the number of heads of states attending shrank from 43 then to 17 now because of what the Kremlin described as a crude Western pressure to discourage African nations from attending it.”

In light of this, Kremlin spokesman Dmitry Peskov has highlighted “unconcealed brazen interference by the U.S., France and other states through their diplomatic missions in African countries, and attempts to put pressure on the leadership of these countries in order to prevent their active participation in the forum.”

As for Putin’s offer of free grain, UN secretary general António Guterres commented in response that a “handful of donations to some countries” would not correct the immense impact of the grain deal’s total collapse. He is currently holding out hope the deal can be negotiated again and restored, but it’s looking increasingly unlikely with the way things are going in the Black Sea and Crimea.

end

UKRAINE/RUSSIA/KERCH BRIDGE

(SEYMOUR HERSCH)

US Was Behind Both Crimean Bridge Attacks: Seymour Hersh

FRIDAY, JUL 28, 2023 – 01:05 PM

Legendary national security journalist Seymour Hersh has published a report this week alleging US intelligence helped the Ukrainians blow up the Kerch Bridge (or also, Crimean Bridge), which happened earlier this month and corresponded to President Putin refusing to renew the Black Sea Grain Initiative deal.

What’s more is that Hersh’s sources described that the US assisted in the initial, larger Kerch Bridge explosion which had initially temporarily disabled it in October 2022. “The Biden administration’s role in both attacks was vital,” he wrote in a Thursday Substack investigative article.

“Of course it was our technology,” an unnamed US official told Hersh, referring to the sea drone which detonated under the vital bridge on July 17. “The drone was remotely guided and half submerged–like a torpedo.”

The source cited is said to be a US intelligence official who is speaking out anonymously “from the point of view of those in the American intelligence community who don’t feel they have the ear of President Joe Biden but should.”

“Our national strategy is that Zelensky can do whatever he wants to do. There’s no adult supervision,” the US official complained.

A section proving to be among the more blunt and controversial assessments from Hersh’s report is as follows:

At this point, with the Ukraine counteroffensive against Russia thwarted, the official said, “Zelensky has no plan, except to hang on. It’s as if he’s an orphan—a poor waif in his underwear—and we have no real idea of what Zelensky and his crowd are thinking. Ukraine is the most corrupt and dumbest government in the world, outside of Nigeria, and Biden’s support of Zelensky can only come from Zelensky’s knowledge of Biden, and not just because he was taking care of Biden’s son.”

There are some in the American intelligence community, the official said, who worry about Putin’s response to the recent Ukrainian drone attacks in central Moscow. “Will Kiev be next?”

Over the course of the two attacks, there were multiple casualties and fatalities, including the parents of a 14-year old girl, the latter who was badly injured. The family was traveling on vacation when their car was blown apart during the July 17 bridge attack.

A partial excerpt of Hersh’s new report can be viewed below…

* * *

Let’s take a look at recent events in the Ukraine war from the point of view of those in the American intelligence community who don’t feel they have the ear of President Joe Biden but should.

On July 17 Ukraine attacked for a second time one of Russian President Vladimir’s proudest achievements: the 11.25-mile Kerch Bridge linking Crimea to Russia. The 3.7 billion dollar bridge, with separate spans for auto and train traffic, was opened for auto traffic in May of 2018 and for trucks five months later, with Putin himself driving the first one to make the crossing.

Ukrainian President Volodymyr Zelensky made it clear before the Russian invasion early last year that he considered the bridge a legitimate military target. Ukraine initially attacked the bridge last October, using a truck bomb, but it was fully repaired within seven months. The most recent attack, by a pair of submersible drones, killed a couple who were driving across when the explosion occurred and injured their child. Damage to one of the auto spans was severe.

The Biden administration’s role in both attacks was vital. “Of course it was our technology,” one American official told me. “The drone was remotely guided and half submerged—like a torpedo.” I asked if there was any thought before the bridge attack about the possibility of retaliation. “What will Putin do? We don’t think that far,” the official said. “Our national strategy is that Zelensky can do whatever he wants to do. There’s no adult supervision.”

Putin responded to the second attack on the bridge by ending an agreement that enabled Ukrainian wheat and other vital food crops, stymied by the ongoing war, to be shipped from blocked ports on the Black Sea. (Before the war Ukraine exported more grain than the entire European Union and nearly half of the world’s sunflower seeds.) And Russia began steadily intensifying missile and rocket attacks in Odessa, whose initial target list has expanded from port areas to inner city sites.

The official said there was a lot more than grain and sunflower seeds flowing into Europe from Odessa and other Black Sea ports: “Odessa’s exports included illegal stuff like drugs and the oil that Ukraine was getting from Russia.”

At this point, with the Ukraine counteroffensive against Russia thwarted, the official said, “Zelensky has no plan, except to hang on. It’s as if he’s an orphan—a poor waif in his underwear—and we have no real idea of what Zelensky and his crowd are thinking. Ukraine is the most corrupt and dumbest government in the world, outside of Nigeria, and Biden’s support of Zelensky can only come from Zelensky’s knowledge of Biden, and not just because he was taking care of Biden’s son.”

There are some in the American intelligence community, the official said, who worry about Putin’s response to the recent Ukrainian drone attacks in central Moscow. “Will Kiev be next?”

Read Hersh’s full report at Substack…

RUSSIA/UKRAINE

Explosion rocks Russian port city of Taganrog

(zerohedge)

Explosion Rocks Russian Port City In Apparent Ukraine Missile Attack

FRIDAY, JUL 28, 2023 – 11:10 AM

On Friday a major blast rocked the southwest Russian port city of Taganrog, which is on the Sea of Azov and sits close to Ukraine, with reports of at least a dozen people injured, according to state media sources.

A huge plume of smoke was seen over the city in the aftermath, footage which emerged online shows. The governor of Rostov oblast, in the region where the explosion happened, said that it was a missile strike, based on a preliminary assessment.

Emergency crews have responded to the scene, with no fatalities having been reported in the early aftermath.

Russian state media is reporting that “At least 15 people sought medical aid after an explosion rocked the Russian city of Taganrog on July 28.”

“Vasily Golubev, Governor of the Rostov Region where the city is located, announced on social media that the explosion in downtown Taganrog was apparently caused by a rocket.”

He summarized of the emergency in a Telegram post:

“A rocket supposedly exploded. Rescuers are at the scene. There are no dead. There are several injured to whom ambulances have been dispatched,” Rostov region governor Vasily Golubev

Ukraine has ramped-up cross border attacks on Russia and in Crimea, with the latest Kerch Strait bridge explosion being among the most devasting recent attacks.

There are fears that while Ukraine’s counteroffensive falters, both the Ukrainians and their NATO backers will grow more desperate, unleashing destabilizing and brazen further done, rocket, and even assassination operations against Russia.

Moscow will in turn increase its targeting of “decision-making” centers, as President Putin has previously threatened on several occasions.

Separately on Friday, another explosion happened at the Kuibyshev oil refinery in Samara, State Duma deputy Alexander Khinshtein said. “According to the preliminary version, an explosive device was planted. Fortunately, there were no serious damages, as well as victims,” he announced.

END

RUSSIA/UKRAINE/SOUTH AFRICA SUMMIT

Huge losses with respect to Ukrainian forces

(zerohedge)

‘Colossal Difference’ Between Ukrainian & Russian Losses, Putin Tells Africa Summit

FRIDAY, JUL 28, 2023 – 11:50 AM

Throughout the Russia-Ukraine war true casualty figures have remained largely a secret, suppressed by both sides, which often happens in the middle of active conflicts.

Russian President Vladimir Putin spoke to reporters Thursday on the sidelines of the Russia-Africa Summit in St. Petersburg. He took the opportunity to once again highlight that Ukraine’s counteroffensive has failed, and that in the process Kiev has suffered huge losses, both in manpower and foreign-supplied equipment.

He also said that his troops particularly in Zaporizhzhia region in the south, where Western reports say Russian lines have been breached, are demonstrating “mass heroism”.

It was previously rare for Putin to comment with detail on the active battlefield situation as it was unfolding, but he’s been doing this more and more lately:

“The adversary used a large amount of heavy hardware, around 50 pieces. Some 39 of them, namely 26 tanks and 13 armored vehicles were destroyed,” Putin claimed, per state media translation.

He also asserted that the difference between the two sides in terms of losses at the ongoing battle in Zaporizhzhia is “colossal”…

Around 60% of the armor was taken out by ground forces in direct contact, while the rest was hit by Russian frontline aviation, the president noted.

The Ukrainian military sustained heavy personnel losses during the engagement, with more than 200 soldiers lost, Putin revealed. He acknowledged that the Russian military suffered casualties while repelling the advance, describing the difference between the losses of the two sides as “colossal.” Ukraine lost ten times more soldiers than Russia during the battle, he claimed.

In the West, there are contradictory accounts, with state-funded BBC for example suggesting a major Ukrainian “breakthrough”.

“Reports out of the battle zone suggest Ukraine’s forces may have broken through some entrenched Russian defences in the south, as Volodymyr Zelenskyy hinted at success on the frontline,” writes BBC.

The Zelensky government is under immense pressure to show progress, after a slew of major headlines in mainstream newspapers in Europe and the US have declared a stalled and failing offensive.

Unverified but widely circulating footage suggest continued major losses for Ukrainian forces, amid a severe lack of airpower, as the Russians maintain aerial superiority…

Zelensky fears Washington will lose appetite for keeping up the billions in arms and support for the war effort if it’s a losing proposition.

END

6.GLOBAL ISSUES//MEDICAL ISSUES

Lack of immunity is causing severe tropical disease,dengue to explode

(Phillips/EpochTimes)

Cases Of Severe Tropical Disease Exploding With No End In Sight: WHO

THURSDAY, JUL 27, 2023 – 10:30 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),This transmission electron microscopic image depicts a number of round dengue virus particles that were revealed in this tissue specimen. (Frederick Murphy/U.S. Centers for Disease Control and Prevention)

The World Health Organization (WHO) has warned that cases of dengue fever could reach record highs this year.

Dengue rates are rising globally, with reported cases since 2000 up eight-fold to 4.2 million in 2022, a WHO official said on July 21.

In January, the WHO claimed that dengue is the world’s fastest-spreading tropical disease and alleged it could be a “pandemic threat.”

The disease was found in Sudan’s capital Khartoum for the first time on record, according to a health ministry report in March, while Europe has reported a surge in cases and Peru declared a state of emergency in most regions.

About half of the world’s population is now at risk, Raman Velayudhan, a specialist at the WHO’s control of neglected tropical diseases department, told journalists in Geneva on Friday.

Cases reported to the WHO hit an all-time high in 2019 with 5.2 million cases in 129 countries, said Mr. Velayudhan via video link.

This year the world is on track for “4 million plus” cases, depending mostly on the Asian monsoon season. Already, close to 3 million cases have been reported in the Americas, he said, adding there was concern about the southern spread to Bolivia, Paraguay, and Peru.

Argentina, which has faced one of its worst outbreaks of dengue in recent years, is sterilizing mosquitoes using radiation that alters their DNA before releasing them into the wild.

“The American region certainly shows it is bad and we hope the Asian region may be able to control it,” Mr. Velayudhan said.

Officials in the European Union said that as of June 8, 2023, some 2.1 million cases have been reported around the world, with 974 deaths.

“Dengue is occurring in urban areas where it did not exist before,” Coralith Garcia, associate professor at the school of medicine at Cayetano Heredia University in Peru, told Fox News this week. The virus is on the rise in Peru because “it’s so crowded that anything can happen,” she added.An Aedes aegypti mosquito on human skin in a lab of the International Training and Medical Research Training Center in Cali, Colombia, on Jan. 25, 2016. (Luis Robayo/AFP/Getty Images)

“But Peru had the highest COVID mortality rate [in] the world and now we have several patients dying of dengue, confirming that the Peruvian health system is very weak,” Ms. Garcia said.

What Is Dengue?

Dengue fever can be caused by the dengue virus 1, 2, 3, or 4, according to the U.S. Centers for Disease Control and Prevention (CDC). The illness is transmitted primarily via the Aedes aegypti mosquito, which the CDC says is active during the day.

The most common symptom of dengue is a fever with nausea, vomiting, rash, aches, and pains, including eye pain, muscle pain, and bone pain. Symptoms generally last between two and seven days, the CDC says.

There is no specific medicine to treat dengue, which is sometimes called breakbone fever. The CDC notes that most cases of dengue reported in the United States occurred in people who traveled elsewhere, although the isolated spread of dengue has occurred in Arizona, Hawaii, Texas, and Florida.

Most patients who contract dengue fever recover without hospitalization, said Dr. David O. Freedman, a former professor with the University of Alabama at Birmingham.

Scientists Call For Nature Medicine To Retract ‘Proximal Origins’ Lab-Leak Denial: Thacker

THURSDAY, JUL 27, 2023 – 09:40 PM

Authored by Paul D. Thacker via The Disinformation Chronicle,

Internal communications finding that virologists did not believe the conclusions they published in a prestigious journal has triggered scientists to circulate a petition calling for Nature Medicine to retract the influential “Proximal Origins” paper that denied the possibility of a lab accident in Wuhan, China, and misled the public during the pandemic’s first crucial years. Within days, the petition garnered over 1,300 signatures and set the hashtag #RetractProximalOrigins trending on Twitter.

The torrent of virologists’ internal communications became public following a House hearing earlier this month, during which Scripps Research’s Kristian Andersen submitted false testimony about the Nature Medicine paper. Last week, The Intercept published newly revealed documents finding that Andersen and his co-author, Robert “Bob” Garry of Tulane University, both lied to Congress during the House hearing about whether they had pending federal grants controlled by Anthony Fauci that could have been used as to influence them.

The NIH is clear about its process. “Council recommends an application for funding. NIAID makes the final decision,” the agency explains. “The main NIAID advisory Council must recommend an application for funding before we can award a grant, although the Institute makes the final funding decision,” the agency goes on.

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. Andersen’s lab announced the funding in a press release in August 2020, nine months after he claimed it was already finalized. The press release describes it as a “new $8.9 million grant.”

Many of the virologists’ internal emails and Slack messages began leaking onto Twitter, followed by a joint Public and Racket investigation. The messages showed scientists were deeply concerned that the COVID virus could have been engineered or leaked from a Wuhan lab, even as they publicly ridiculed such thinking as a “conspiracy theory.”

In one example, Andersen wrote his colleagues on February 1, 2020, in a private Slack message, “I think the main thing still in my mind is that the lab escape version of this is so friggin’ likely to have happened because they were already doing this type of work and the molecular data is fully consistent with that scenario.”

That following day, Andersen added another private message to virologists, “The main issue is that accidental lab escape is in fact highly likely – it’s not some fringe theory.”

“Someone needs to lay out the science of all this before it gets out of hand (and creates more formal investigations),” emailed Andersen’s Nature Medicine co-author a week later.

After Andersen and colleagues published the Nature Medicine piece denying the possibility of a lab accident, Andersen tweeted that the paper failed to sway conspiracy theorists, likening people who questioned a Wuhan lab accident to those who denied the moon landing.

On Friday, The Telegraph published an article on the virologists’ communications, noting that one of the Nature Medicine authors feared the “shit show” that would result if they accused China of starting the pandemic. Nature Medicine told the paper that the journal would not retract the piece, which was intended to present a “point of view” on the issue rather than being a research study.

Subscribers to The Disinformation Chronicle can read the rest here…

DR PAUL ALEXANDER

Cancer: why is the % percent increase in cancer rate estimates in the U.S. between 2019 & 2023 (COVID vaccine rolloed out Feb 2021 or so) nearly double the % percent increase between 2015 & 2019? Is

it mRNA technology COVID gene injection vaccine? Has mRNA technology vaccine from Pfizer & Moderna significantly damaged the tumor suppressing systems e.g. SV 40, BRCA, P53, Toll-like receptors 7, 8?

DR. PAUL ALEXANDERJUL 27

‘The American Cancer Society (ACS) estimates that there will be 1,958,310 new cancer cases in the United States in 2023.

This represents a more than 11% increase from 2019, four years prior, when ACS data show there were 1,762,450 estimated cancer cases in the country.

The spike in cases from 2019 to 2023 is significant because the 2019 cancer rate only represents a 6% increase from 2015, when there were 1,658,370 estimated cases.

This means that the percent increase in cancer rate estimates in the U.S. between 2019 and 2023 is nearly double the percent increase between 2015 and 2019.’

11% Increase in Cancer Cases from 2019 to 2023—Only 6% Increase from 2015 to 2019, Just Before COVID Vaccine Rollout: American Cancer Society Data

‘The American Cancer Society (ACS) estimates that there will be 1,958,310 new cancer cases in the United States in 2023.

This represents a more than 11% increase from 2019, four years prior, when ACS data show there were 1,762,450 estimated cancer cases in the country.

end

———- Forwarded message ———
From: Dr. Paul Alexander from Alexander COVID News<palexander@substack.com>
Date: Fri, Jul 28, 2023 at 4:05 AM
Subject: Dr. McCullough’s Statement on Collapse of On-Screen Announcers and Athletes, INCLUDING a tacit link to Bronny Jame…
To: <sabioncello@gmail.com>


	Open in app or online Dr. McCullough’s Statement on Collapse of On-Screen Announcers and Athletes, INCLUDING a tacit link to Bronny James cardiac arrest on the court (LeBron’s son); worth reading; see his stack Details regarding the COVID-19 vaccine taken, when the doses were administered, the initial cardiac rhythm at the time of collapse followed by cardiac testing including ECG, blood tests, & MRI needed DR. PAUL ALEXANDERJUL 28 SHARE “We are seeing a wide range of vaccine associated collapses among on screen reporters, athletes, and many others that can be caused by POTS (postural orthostatic tachycardia syndrome) which has a benign prognosis all the way to myocarditis and ventricular tachycardia/fibrillation which can be fatal. Details regarding the COVID-19 vaccine taken, when the doses were administered, the initial cardiac rhythm at the time of collapse followed by cardiac testing including ECG, blood tests, and MRI are all needed to ascertain the prognosis. Compilation Of Athletes, Reporters & Patients Collapsing, Passing Out & Fainting, Vaccine To Blame? Dominican basketball player Óscar Cabrera Adames dies of fatal COVID-19 myocarditisFor example, 28-year-old professional Dominican basketball player Óscar Cabrera Adames allegedly had vaccine induced myocarditis in 2021 and died on a treadmill test in a health center in 2023. Vince Iwuchukwu suffered a cardiac arrest in 2022 and allegedly received an ICD and is back to playing on the court.’Courageous Discourse™ with Dr. Peter McCullough & John Leake Dr. McCullough’s Statement on Collapse of On-Screen Announcers and Athletes By Peter A. McCullough, MD, MPH “We are seeing a wide range of vaccine associated collapses among on screen reporters, athletes, and many others that can be caused by POTS (postural orthostatic tachycardia syndrome) which has a benign prognosis all the way to myocarditis and ventricular tachycardia/fibrillation which can be fatal. Details regarding the COVID-19 vaccine taken, when the doses were administered, the initial cardiac rhythm at the time of collapse followed by cardiac testing including ECG, blood tests, and MRI are all needed to ascertain the prognosis…Read more end

Remember this powerful Thai study (Mansanguan et al.) in adolescents as to the devastation of the COVID mRNA technology injections in Thai teens: ‘Cardiovascular Manifestation of the Pfizer BNT162b2

mRNA COVID-19 Vaccine in Adolescents’; n=301, most common cardiovascular signs, symptoms: tachycardia (7.6%) shortness of breath (6.6%), palpitation (4.3%), chest pain (4.3%) hypertension (3.9%)

DR. PAUL ALEXANDERJUL 27

https://pubmed.ncbi.nlm.nih.gov/36006288/

‘cohort study enrolled students aged 13-18 years from two schools, who received the second dose of the Pfizer BNT162b2 mRNA COVID-19 vaccine.

Data including demographics, symptoms, vital signs, ECG, echocardiography, and cardiac enzymes were collected at baseline, Day 3, Day 7, and Day 14 (optional) using case record forms.

enrolled 314 participants; of these, 13 participants were lost to follow-up, leaving 301 participants for analysis.

The most common cardiovascular signs and symptoms were tachycardia (7.64%), shortness of breath (6.64%), palpitation (4.32%), chest pain (4.32%), and hypertension (3.99%). One participant could have more than one sign and/or symptom. Seven participants (2.33%) exhibited at least one elevated cardiac biomarker or positive lab assessments.

Cardiovascular manifestations were found in 29.24% of patients, ranging from tachycardia or palpitation to myopericarditis.

Figure 2. (A–F) cMRI illustrating LGE in a patient with subacute myopericarditis at the time of diagnosis (A–C) and 5 months post-diagnosis (D–F). cMRI, cardiac magnetic resonance imaging; LGE, late gadolinium enhancement.

Myopericarditis was confirmed in one patient after vaccination.

Two patients had suspected pericarditis and four patients had suspected subclinical myocarditis.

In conclusion, Cardiovascular manifestation in adolescents after Pfizer BNT162b2 mRNA COVID-19 vaccination included tachycardia, palpitation, and myopericarditis.’

END

Mass murder? Will the Largest Organized Mass Murder in World History Escape Accountability? The fraud COVID pandemic gene injection vaccine, the fraud pandemic & response, lockdowns, business closures

The accumulated evidence is overwhelming that Covid was an orchestrated pandemic. Intentional use of the faulty PCR test, intentional false reporting of Covid deaths; Hardly anyone died from Covid

DR. PAUL ALEXANDERJUL 26

The Best of Paul Craig Roberts

Will the Largest Organized Mass Murder in World History Escape Accountability?

end

SLAY NEWS

The latest reports from Slay News

Heart Injuries from Covid Shots 3000 Times Higher Than Claimed, Peer-Reviewed Study Shows A new bombshell study published in a renowned peer-reviewed journal has revealed that heart injuries caused by Covid shots are actually 3000 times higher than official government figures claim.READ MORE

Biden’s DOJ Drops Campaign Finance Charge against Democrat Donor FTX CEO Due to ‘Procedural Failing’Federal prosecutors with Democrat President Joe Biden’s Department of Justice (DOJ) have dropped the campaign finance charge against former FTX CEO Sam Bankman-Fried – the Democratic Party’s second-largest donor after George Soros.READ MORE

Jim Jordan Closes in on the Bidens: ‘Was Hunter a Foreign Agent and Did President Biden Benefit?’House Judiciary Committee Chairman Jim Jordan (R-OH) is closing in on Democrat President Joe Biden and his family as evidence stacks up to support an illegal foreign influence-peddling scheme.READ MORE

Hollywood Star Dennis Quaid Risks Career, Says Faith in God Saved Him after Addiction Battle Actor Dennis Quaid gave an interview to People Magazine where he credits his faith in God for saving him from his battle with drug addiction.READ MORE

Elderly Man Charged with Starting California Fire That Democrats Blamed on ‘Climate Change’An elderly man has been arrested and charged with starting a massive forest fire that swept through California’s Yosemite National Park in July 2022.READ MORE

Mitch McConnell ‘Face-Planted’ at D.C Airport before Freezing during Press Conference Senate Minority Leader Mitch McConnell gave the nation a scare yesterday when he froze giving a speech and was escorted from the podium by shocked Senators.READ MORE

Fox News Sent Legal Threat to Jason Aldean to Force Him Remove BLM Rioting Scenes from Video Fox News sent a legal threat to country music star Jason Aldean to force him to remove footage of violent Black Lives Matter rioting from the video of his hit song, “Try That in a Small Town.”READ MORE

Whoopi Goldberg Refutes Mounting Evidence against Bidens: ‘What Bribery Scheme?!’During Wednesday’s broadcast of ABC’s “The View,” co-host Whoopi Goldberg attempted to deny the existence of mounting evidence of corruption against Democrat President Joe Biden and his family.READ MORE

Federal Judge Deals Major Blow to Biden’s Open-Borders Agenda A federal judge has blocked Joe Biden’s new rules for people seeking asylum at the U.S.–Mexico border, dealing a major blow to the Democrat president’s open-borders agenda.READ MORE

Top Intel Whistleblower Testifies He Knows ‘Exact Locations’ Where U.S Government Is Hiding UFOs U.S. intelligence veteran David Grusch has given a sworn testimony before Congress and stated that the government is secretly hiding UFOs in its possession.READ MORE

Joe Rogan Silences Jason Aldean’s ‘Woke’ Critics: ‘Hundreds of Rap Songs Are Infinitely Worse – No Complaints at All’Podcaster Joe Rogan has fired back at Jason Aldean’s “woke” critics by highlighting the double standards of the leftist outrage over his music.READ MORE

Woman Filmed Brawling in Las Vegas Casino Is Top Executive at LeBron James’ Tequila Company A woman filmed brawling on the floor of a Las Vegas casino has been identified as a top executive at LeBron James’s tequila company.READ MORE

Swimming’s World Governing Body Announces New ‘Open Category’ for Transgenders World Aquatics, the international governing body for swimming, has announced a new “open category” for transgender swimmers.READ MORE

EVOL NEWS

Globalists Demand Electrical Grid ‘Blackouts’ to ‘Fight Climate Change’READ MORE…

LATEST NEWS:

LEAKED: Hunter Biden’s Plea Agreement That Was Shot Down in CourtRead more…Biden Admin Cancels $130 Million in Loans for ‘CollegeAmerica’ StudentsRead more…DOJ Asks for Immediate Injunction as It Takes on Texas Over Rio Grande BarrierRead more…Biden Admin Forced Gold Star Family to Pay for $60,000 Flight to Move Slain Daughter’s Remains for BurialRead more…Texas AG Paxton Files Motion to Quash 20 Articles of Impeachment Against HimRead more…Hunter Biden Shocks Court, Pleads ‘Not Guilty’ After Plea Deal Falls ApartRead more…Ice Cube Tells Tucker Carlson the Real Reason He Refused Vaccine, Lost $9M on Acting DealRead more…Prison Sentence Handed to Student Who Sat in Pence’s Seat on Jan. 6Read more

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

Globalists Demand Electrical Grid ‘Blackouts’ to ‘Fight Climate Change’Globalists are demanding widespread electrical grid blackouts in order to meet the World Economic Forum’s (WEF) goals of “solving the climate crisis.”READ THE FULL REPORT

LEAKED: Hunter Biden’s Plea Agreement That Was Shot Down in Court The plea deal of Hunter Biden has been put on hold following the expression of concerns by a judge on Wednesday regarding the proposed plea agreement and a related pretrial diversion program.READ THE FULL REPORT

Biden Admin Forced Gold Star Family to Pay for $60,000 Flight to Move Slain Daughter’s Remains for Burial The family of a Marine who tragically lost her life during the tumultuous withdrawal from Afghanistan in 2021 had to bear the cost of $60,000 to transport her body from California to Arlington for burial.READ THE FULL REPORT

Texas AG Paxton Files Motion to Quash 20 Articles of Impeachment Against Him Texas Attorney General Ken Paxton’s legal team has filed a motion to quash the 20 articles of impeachment brought against him, as well as a motion requesting a bill of particulars.READ THE FULL REPORT

Hunter Biden Shocks Court, Pleads ‘Not Guilty’ After Plea Deal Falls Apart Hunter Biden entered a “not guilty” plea in a Delaware court today, following the rejection of a perceived favorable plea deal by a federal judge.READ THE FULL REPORT

VACCINE IMPACT/

end

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

end

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

NIGER

Niger is a big uranium producer. This may cause uranium prices to rise and be a big winner for Canadian owned Cameco

(zerohedge)

US Forces In Niger Assessing The Situation After Coup

FRIDAY, JUL 28, 2023 – 10:15 AM

Authored by Dave DeCamp via AntiWar.com,

US forces in Niger are restricting their movement and assessing the situation following a military coup that overthrew President Mohamed Bazoum, NBC News reported Thursday, citing two unnamed Pentagon officials.

A group of soldiers appeared on TV Wednesday saying that they ousted Bazoum, who was democratically elected in 2021. “The defense and security forces … have decided to put an end to the regime you are familiar with,” said Maj. Col. Amadou Abdramane, spokesman for the group that took power, which calls itself the National Council for the Safeguard of the Homeland.

AFP/Getty Images

The following day, Niger’s military released a statement saying that it supported the coup. “The military command of the Nigerien armed forces has decided to subscribe to the declaration by the Defense and Security Forces in order to avoid a deadly confrontation between the various forces,” said a statement signed by Niger’s armed forces chief of staff, Gen. Abdou Sidikou Issa.

The US condemned the military takeover and is backing Bazoum but has stopped short of formally calling it a coup as that would require cutting off aid to the country.

Secretary of State Antony Blinken did warn that the US partnership with the country depends on “democratic governance and respect for the rule of law.”

The US has a significant military presence in Niger, with at least 1,016 troops in the country. The US constructed a major drone base in Niger, Air Base 201, which houses armed MQ-9 Reaper drones and supports US counterterrorism operations across Africa.

The US counterterrorism mission in Africa has been a complete failure. Writing for The Intercept, journalist Nick Turse explained that in 2002 and 2003, the first years of US counterterrorism assistance to Niger, the State Department counted just nine terrorist attacks in all of Africa.

“Last year, the number of violent events in Burkina Faso, Mali, and western Niger alone reached 2,737, according to a report by the Africa Center for Strategic Studies, a Defense Department research institution. This represents a jump of more than 30,000 percent since the US began its counterterrorism efforts,” Turse wrote.

Turse noted at least 10 coups launched in West Africa since 2008 were led by US-trained soldiers, including in Burkina Faso, Mali, Gambia, Guinea, and Mauritania. He said it wasn’t immediately clear if the soldiers who took power in Niger have received US training.

Meanwhile…

END

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

EURO VS USA DOLLAR: 1.1007 UP 0.0030

USA/ YEN 139.13 UP 0.270 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2867 UP 0.0074

USA/CAN DOLLAR: 1.3224 DOWN .0004 (CDN DOLLAR UP 4 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 50.26 PTS OR 1.84%

Hang Seng CLOSED UP 277.45 PTS OR 1.44%

AUSTRALIA CLOSED DOWN 0.74 % // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG UP 277.45 PTS OR 1.44%

/SHANGHAI CLOSED UP 50.26 PTS OR 1.84%

AUSTRALIA BOURSE CLOSED DOWN 0.74%

(Nikkei (Japan) CLOSED DOWN 131.93 PTS OR 0.40%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1955.95

silver:$24,29

USA dollar index early FRIDAY morning: 101.22 DOWN 33 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.195% UP 4 in basis point(s) yield

JAPANESE BOND YIELD: +0.561% UP 11 AND 1//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.509 UP 3 in basis points yield

ITALIAN 10 YR BOND YIELD 4.109 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4590 UP 2 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.10350 UP 0.0057 or 57 basis points

USA/Japan: 140.74 UP 1.877 OR YEN DOWN 188 basis points/

Great Britain/USA 1.2862 UP 0.0064 OR 64 BASIS POINTS //

Canadian dollar DOWN .0002 OR 2 BASIS pts to 1.3230

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The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.1486

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1496)

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

the 10 yr Japanese bond yield at +0.561…VERY DANGEROUS

Your closing 10 yr US bond yield UP 2 in basis points from THURSDAY at 3.968% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.022 UP 2 in basis points ON THE DAY/12.00 PM

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

London: CLOSED UP 1.51 points or 0.02%

German Dax : CLOSED UP 63.72 PTS OR 0.39%

Paris CAC CLOSED UP 11.23 PTS OR 0.15%

Spain IBEX DOWN 9.60 PTS OR 0.10%

Italian MIB: CLOSED DOWN 97.61 PTS OR 0.33%

WTI Oil price 80.19 12: EST

Brent Oil: 83.00 12:00 EST

USA /RUSSIAN /// AT: 91.86 ROUBLE DOWN 1 AND 17//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.4590 DOWN 2 BASIS PTS

UK 10 YR YIELD: 4.365 UP 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1010 UP 0.0042 OR 42 BASIS POINTS

British Pound: 1.2855 UP .0062 or 62 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.3735 % UP 2 BASIS PTS//

JAPAN 10 YR YIELD: .556%

USA dollar vs Japanese Yen: 141.09 DOWN 2.23 //YEN DOWN 223 BASIS PTS//

USA dollar vs Canadian dollar: 1.3237 UP .0000 CDN dollar, DOWN 00 basis pts)

West Texas intermediate oil: 80.40

Brent OIL: 84.75

USA 10 yr bond yield DOWN 5 BASIS pts to 3.968%

USA 30 yr bond yield DOWN 3 BASIS PTS to 4.026%

USA 2 YR BOND: DOWN 5 PTS AT 4.893%

USA dollar index: 101.43 DOWN 12 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 26.92 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 91.71 DOWN 1 AND 11/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 176.24 PTS OR 0.50%

NASDAQ 100 UP 286.00 PTS OR 1.85%

VOLATILITY INDEX: 13.31 DOWN 1.10 PTS (7.63)%

GLD: $181.86 UP 1.44 OR 0.80%

SLV/ $22.32 UP .21 OR 0.95%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

Stocks Close At Highest Since April 2022, Yen Tumbles As BOJ “Tweak” Fizzles

BY TYLER DURDEN

FRIDAY, JUL 28, 2023 – 04:09 PM

It was a day defined by the “shock” BOJ decision to tweak the central bank’s yield curve control, yet as we have said all along, the BOJ can’t normalize, and today’s half-assed attempt to both widen the YCC band and pretend like it is doing nothing, would end up backfiring. One look at the reaction in the USDJPY shows that we are well on our way there, because while Ueda’s unexpected intervention was really meant to crush the yen, after an initial jump in the Japanese currency, the yen gave up all the gains from both the BOJ and the Nikkei leak and proceeded to tumble to 141 vs the USD, 300 pips off overnight levels.

But while the YCC intervention was completely wasted on the yen, which will now drift ever lower as carry traders pile in with aggressive shorts to pick up a historic yield differential, when it comes to the all important Japanese bond market, the 2nd biggest in the world, the fact that the BOJ is now in the process of pulling the rug on its own JGB holdings (which amount to over 100% of Japan’s GDP), and the broader bond market in general, was not lost on anyone, and 10Y JGB futs kept sliding all session …

… and pushing the 10Y JGB yield to 0.56%, the highest level since 2014.

For now, Japan’s bond rout has been relatively contained, and after spiking as high as 4.04% overnight, the 10Y Treasury saw its yield slide back under 4%.

The lack of a bond market rout, in turn, allowed the levitation to return – just as we said it would in yesterday’s market wrap, and following yesterday post-Nikkei rout which sent futs tumbling 80 points, spoos managed to recover almost the entire slide in a move that pushed the S&P to close at the highest level since April 2022…

… a meltup that saw broad-based participation from almost all sectors (except REITs, utilities and energy where both CVX and XOM shat the bed with their latest earnings)…

… as the VIX was once again proper clubbed and reversed yesterday’s entire spike and on its way to a 4-year low…

… as even the VVIX – which briefly seemed poised for a breakout after yesterday’s gamma-driven spike – was snuffed with impunity.

And while we don’t usually care about micro events in market wrap, we present the following hilarious chart of $12.5BN market cap ROKU, which saw its stock explode 30% higher, trading like your plain vanilla penny stock in a market where everything is now disconnected from fundamentals and only trading flows and short squeezes matter. Yes, we get it earnings were good, but a billion-dollar market cap stock repricing by 30% overnight on what is just management commentary confirms that the Fed’s attempt to eliminate excess liquidity from the market has been a colossal failure.

Of course, as it always does, as the market melted up it was planting the seeds of its own destruction because not only have gasoline prices hit a 2023 high as wholesale gasoline has exploded, assuring that the Fed will have to do a lot more tightening in coming months as CPI comes in far hotter than expected…

… with Brent rising to $84.80, the highest since mid April and about to steamroll the countless shorts who are still using this asset as a recession hedge.

And so it’s only a matter of time before markets freak out about the return of inflation all over again, but first we will get a few more days of melting up in the post-CPI blow off top we discussed two weeks ago, before traders realize that Powell will have to do much more and promptly tumble back to square one.

b) THIS AFTERNOON TRADING//

II) USA DATA/

Core deflator tumbles but wage growth continues to accelerate. Mixed feelings for the Fed

(zerohedge)

Fed’s Favorite Inflation Indicator Tumbled In June, But Wage Growth Reaccelerated

FRIDAY, JUL 28, 2023 – 08:43 AM

One of The Fed’s favorite inflation indicators – Core PCE Deflator – slowed dramatically from +4.6% to +4.1% YoY in Jue (slightly cooler than the 4.2% exp ). Headline PCE fell back to +3.00% (from +3.8%) for the first time since March 2021…

Source: Bloomberg

Even more focused, is the Fed’s view on Services inflation ex-Shelter, and the PCE-equivalent shows that is very much stuck at high levels, although it slipped to the lower end of its sticky range…

Source: Bloomberg

However, as The SF Fed’s data shows, the acyclical portion of inflation remains uncomfortably high, even as the cyclical portion has reverted lower…

Source: Bloomberg

Americans’ incomes rose 0.3% MoM (weaker than the expected 0.5% rise), while spending outpaced incomes (rising 0.5% MoM, better than the 0.1% expected)…

Source: Bloomberg

On a YoY basis, income and spending growth have almost converged…

Source: Bloomberg

Adjusted for inflation, ‘real’ personal spending was up for the 3rd straight month in June (up 2.4% YoY)…

Source: Bloomberg

All of which means the savings rate slowed in June, back to 4.3% of disposable income – the lowest since January after revisions…

Perhaps most problematically (for The Fed), wages rose for 4th month in a row:

June Private wages and salaries +5.9%, up from 5.8%, and the highest since Oct 2022
June Govt worker wages and salaries +6.4%, up from 5.8% and the highest since Oct 21

Will this stoke the next leg higher in inflation?

III) USA ECONOMIC STORIES

Biden Admin Cancels $130 Million In “CollegeAmerica” Student Loans

THURSDAY, JUL 27, 2023 – 06:40 PM

The Biden administration will cancel $130 million in federal student grants for roughly 7,400 borrowers who attended a now-defunct Colorado college, the Department of Education announced Tuesday.

The cancellation applies to borrowers who attended CollegeAmerica locations between Jan. 1, 2006 and July 1, 2020, and will only apply to federal student loans, not private loans or commercial (FFEL) loans.

The decision was made after the Colorado attorney general’s office found that CollegeAmerica parent company, the Center for Excellence in Higher Education (CEHE), made widespread misrepresentations about the salaries and employment opportunities available to graduates (like every college?).

In a statement, President Joe Biden said that borrowers at CollegeAmerica “were lied to, ripped off, and saddled with mountains of debt.”

More via the Epoch Times

CollegeAmerica was at one point a for-profit institution, with locations in Arizona and Colorado.

Borrowers will be notified in August about the discharge, which will occur automatically. Any payments those borrowers made to the Education Department will be refunded.

“Today’s announcement shows how different parts of government can work together to deliver relief to those who’ve been taken advantage of,” said Richard Cordray, who heads the Federal Student Aid office at the department.

The move is the latest effort from the Biden administration to provide relief to borrowers who attended colleges accused of misrepresenting their student outcome and degree offerings.

“CollegeAmerica knowingly took advantage of students by luring them into high-priced, low-quality programs with promises of high-earning potential and job placement that it knew were not attainable,” Colorado Attorney General Phil Weiser said in a statement. “Protecting borrowers from predatory lending and helping Coloradans navigate through student loan burdens will continue to be a priority for our office.”

Mr. Weiser’s investigation found that Colorado CollegeAmerica campus graduates on average earned just $25,000 five years out of school, less than the salaries of high school graduates publicized by the school, the press release stated.

CEHE were also found to inflate and falsify job placement rates. Furthermore, CEHE told borrowers that its private loan product was affordable when it knew that 70 percent of Colorado CollegeAmerica borrowers had defaulted on their loans.

CollegeAmerica campuses in Colorado stopped new enrollments in 2019, closed by September 2020, and closed all its remaining campuses in August 2021, according to the press release.

Borrowers who were misled or whose school “engaged in other misconduct in violation of certain state laws” can apply for loan discharge under the Borrower Defense Loan Discharge program.

To date, the Biden administration has approved $116 billion in loan forgiveness through various federal programs to over 3.4 million Americans. Of those borrowers, 1.1 million attended colleges that defrauded them or abruptly closed, according to the White House.

Mr. Biden has made addressing mounting U.S. student debt a top priority since taking office in January 2021, including by pursuing a plan to provide $430 billion in loan relief. However, the Supreme Court blocked that plan in a June 30 ruling. Biden has vowed to pursue the relief through new measures.

Earlier this month, the Biden administration announced that it would be canceling more than $30 billion in student loans for 800,000 borrowers under the existing income-driven repayment program.

end

Democrats Lead Resurgence In American Consumer Confidence, Inflation Expectations Rise

FRIDAY, JUL 28, 2023 – 10:08 AM

After the preliminary UMich data for July showed a small uptick in inflation expectations, the final print confirmed the bounce in short-term expectations

Source: Bloomberg

The final July reading was somewhat weaker than the one earlier in the month – back from 72.6 flash to 71.6 final (as both current and future expectations also slipped intramonth).. Since then, gas prices have risen significantly due to a combination of unexpected refinery outages and lower-than-normal stockpiles in key storage hubs, which may risk reigniting inflation.

However, they are all at around 2-year highs…

Source: Bloomberg

Democrats’ confidence soared in July (as did Independents)…

Source: Bloomberg

Americans are growing more optimistic about the economy as wage gains are finally outpacing inflation and unemployment remains low.

“This re-emerging divergence between high- and low-income consumers, if sustained, restores the typical pattern in which higher-income consumers have more favorable sentiment,” Joanne Hsu, director of the survey, said in a statement.

“The months ahead will reveal if the recovery in sentiment will be shared across the income distribution.”

The share of consumers blaming high prices for eroding their living standards fell to 36%, the lowest reading in a year and a half, according to the report. However, this measure for lower-income consumers rose in the month.

end

USA// COVID//VACCINE/ECONOMIC COSTS

END.

SWAMP STORIES

ROBERT H: Biden’s major problem!

Turley Unleashed: Hunter Biden’s Judge Raised The One Question The White House Most Fears ZeroHedge

Of course he was a foreign agent and the fact that Sleeping Joe received payments makes it treason.

Watch many more surprises coming

From Zero hedge/Federalist Papers/Straub

Turley Unleashed: Hunter Biden’s Judge Raised The One Question The White House Most Fears

Authored by Steve Straub via The Federalist Papers,

Watch as Constitutional Law Professor Jonathan Turley reveals why Democrats are now panicking over Hunter Biden, and the question of whether he is, or is not, a foreign agent.

Turley: Hunter Biden’s Judge Raised the Question the W.H. Most Fears, Was He A Foreign Agent and For What Purpose? pic.twitter.com/RxZnpHuDWr— Alexandra Datig | Front Page Index (@alexdatig) July 27, 2023

“I think part of the problem is they really did want to cap out the case.”

“The Department of Justice wanted to cap this investigation. But they didn’t want to say that it was now over.”

“From the very beginning, the Hunter Biden team said this is a close-out plea agreement. There would be nothing left to investigate.”

“But the Department of Justice is telling Congress we’re not going to give you these witnesses or these documents because there’s an ongoing investigation.

“You can’t do both things when a judge is asking you to specifically address whether this is a close-out or a continuing investigation…”

“This is a big problem. This was all supposed to be scripted. It was all supposed to be easy. And now it is off script and it is anything but easy.

“Because the judge just raised the one charge that the White House most fears which is the chance that Hunter was a foreign agent. And if he was a foreign agent, the question is foreign agent for who and for what purpose?”

“The president was that purpose. If you’re influence peddling, it’s influence over the president. So if you go for FARA, it’s going to bring all of this stuff in.”

“Including some of these tax accounts for 2014 and 15 that the Department of Justice allowed to run, allowed the statute of limitations to expire.”

“All of that can get boot strapped into a FARA issue. The whole purpose of this deal is collapsing as we’re watching it. And it’s taken Washington by utter surprise. I was on the Hill talking with members and everyone was floored.”

END

this is the most likely event that will happen with respect to the fiasco of Hunter Biden and his plea deal

(Jonathan Turley)

Biden’s Break-The-Glass Option: Pardon Hunter And Withdraw From The 2024 Election

FRIDAY, JUL 28, 2023 – 02:05 PM

Authored by Jonathan Turley,

Below is my column in The Messenger on what I called Biden’s “break-the-glass” option after the disaster in Delaware. After the column ran, Fox News asked White House Spokesperson Karine Jean-Pierre about the possibility of a pardon.

Jean-Pierre cut him off and responded unequivocally “no.”

I hope that that is true but it would have been more assuring to come from someone who did not clearly misrepresent the President’s earlier denial just a day earlier and change his long-standing position. The President previously denied a series of facts that have been proven, including the fact that his son did make money in China and President Biden did have knowledge of (and interact with) his son’s business dealings. The real question is whether the fix in this case will fail and leave the President with the pardon behind the glass.

Here is the column:

The collapse of the Hunter Biden plea bargain has left many in Washington shocked. After all, this is a city that knows how to fix a fight. After five years, the Biden corruption scandal was supposed to die with a vacuous plea bargain and no jail time. Most everyone was in on the fix, from members of Congress to the media to the prosecutors. The problem was the one notable omission: Judge Maryellen Noreika of the U.S. District Court for the District of Delaware.

The sentencing hearing was a moment that made the Hindenburg disaster look like a seamless landing. Noreika asked a basic question on the implications of the agreement, and the entire deal immediately collapsed.

Now the Justice Department is in a bind. It could not admit in the hearing that Hunter Biden could escape future liability for a host of uncharged crimes. Yet, when a defendant backs out of a generous plea deal, federal prosecutors ordinarily will pursue all of the available charges — and jail time.

While President Joe Biden once declared, in more colorful terms, that no one messes with a Biden, the Justice Department may now find it has no choice. It could be forced to actually treat Hunter like an ordinary citizen.

The debacle in Delaware still could result in a plea deal. The parties have a month to “work things out,” and most judges sign off on deals, given the discretion afforded to the executive branch on criminal charging decisions. They just need to be clear about the terms, and clarity is something neither side seemed eager to establish publicly during Wednesday’s hearing. However, an agreement would require prosecutors either to fight to preserve a sweetheart deal — one without additional future charges — or to proceed, as they would in most cases, with a full prosecution.

That would include obvious potential charges under the Foreign Agents Registration Act (FARA). Noreika forced the Justice Department to admit that it still could charge Biden as an unregistered foreign agent. That was the charge used against onetime Trump campaign chairman Paul Manafort and the similarities between the cases are striking. It took little time for the Justice Department to use the charge against Manafort. Yet, in the Hunter Biden investigation, five years have passed, and the Justice Department seemed mired in doubt over applying the same standard to the president’s son.

A FARA charge could further expose Hunter’s alleged influence-peddling operations, with what House GOP investigators say were millions in foreign payments from a virtual rogue’s gallery of foreign officials. The Justice Department also would face pressure to seek the same long jail sentence given to Manafort; he was sentenced to 73 months of imprisonment, which included the statutory maximum 60 months for a conspiracy to violate FARA. (That same year, political consultant W. Samuel Patten pleaded guilty to lobbying and consulting on behalf of the Opposition Bloc, a Ukrainian political party, and received 36 months of probation.)

That is not even including potential felony charges for the original gun violation, money laundering, or other crimes. If the Justice Department were to show the same aggressive effort toward Hunter Biden that was shown to figures like Manafort, Hunter could be looking at a real possibility of years in jail.

There is, however, the ultimate “break-the-glass” option that I raised previously if the Bidens and their supporters could not rig the process: Joe Biden could pardon his son and then announce that he will not run for reelection.

Facing an impeachment inquiry, low public support, and a son in the legal dock, Biden could use the case to close out his political career. Of course, a pardon would be what I consider another abuse of the pardon power for personal benefit. President Bill Clinton waited until the end of his second term to pardon his half-brother. Biden could do the same by acknowledging that the pardoning of his son is a form of raw self-dealing. However, as he has said throughout the scandal, he loves his son and blames his crimes on his struggle with addiction and grieving.

With that, Biden could bow out of the election without admitting (as many on both sides are saying) that old age has taken its toll on his mental and physical capacity. He would end his political career with an act as a father, which some would condemn but most would understand. That would clear the way for a new generation of Democratic candidates who would have a better chance of defeating Donald Trump or another Republican presidential candidate.

President Biden could even give Hunter a preemptive or prospective pardon. That would effectively end any federal investigation, although the pardon would need to cover the waterfront of possible charges. By resigning and becoming a lame-duck president, Biden also would undermine congressional Republicans’ impeachment calls. And it would allow his own allies to declare the scandal over, with Biden taking responsibility by giving up a second term in office.

Of course, there is no guarantee that the congressional investigation would end. Even if such a move dampened the demand for an impeachment inquiry, it would not likely stop Republicans from pursuing answers about the official handling of this investigation and claims of political interference.

Yet, any damage would be contained by Biden offering himself up as a sin-eater for his family. Democratic candidates would not likely face backlash for their opposition to investigating the scandal; their chances of retaking the House could be substantially increased. Likewise, the media would not have to face the mounting evidence that it has steadfastly ignored for years.

The pardon-and-apology approach might appeal to Biden not only as an effort to convert vice into virtue but to justify his withdrawal from the election as a selfless act.

Everyone in Washington would win — except, of course, the public: The Bidens would keep alleged millions in influence-peddling profits; Hunter would not even have to pay his full taxes; members of Congress and the media could avoid taking responsibility for burying the reports of corruption.

That is what is called a “happy ending” in Washington.

END

(OZIMEK/EPOCH TIMES)

Hunter Biden Admits Receiving Money From CCP-Linked Company

FRIDAY, JUL 28, 2023 – 12:50 PM

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

Hunter Biden admitted in court during his failed plea deal hearing on Wednesday that he received over half a million dollars from a company with links to the Chinese Communist Party (CCP), appearing to contradict President Joe Biden’s earlier claim that no one in the Biden family made any “money from China.”

According to a court transcript (pdf) obtained by The Epoch Times, U.S. attorney for the District of Delaware, David Weiss, read out an exhibit in court indicating that Hunter Biden earned $664,000 from a “Chinese infrastructure investment company.”

The presiding judge, U.S. District Judge Maryellen Noreika, would later seek clarification about that company.

“$664,000 from a Chinese infrastructure investment company. Is that one of the companies we’ve already talked about?” she asked.

“I believe so,” Mr. Biden replied.

“Which one is that?” the judge asked.

“I believe CEFC,” the president’s son answered.

CEFC is a CCP-linked Chinese energy company. It was founded by Ye Jianming, whom Hunter Biden told the judge was the individual he co-founded the firm Hudson West with in 2017.

“Who was your partner?” the judge asked.

“I don’t know how to spell his name; Ye Jianming is the chairman of that company,” which Mr. Biden said is no longer in existence.

Hunter Biden’s remarks in the Delaware court appear to contradict the president’s earlier denials.

“My son has not made money in terms of this thing about, what are you talking about, China,” Mr. Biden told then-President Donald Trump during a televised debate in October 2020.

“The only guy who made money from China is this guy,” Mr. Biden said at the time, referring to Mr. Trump. “He’s the only one. Nobody else has made money from China.”

The White House did not immediately respond to a request for comment on the apparent contradiction.

Spotlight On CEFC

CEFC has been in the crosshairs a number of times before, most recently as part of an IRS whistleblower’s redacted testimony (pdf) before the House Ways and Means Committee.

The whistleblower disclosed WhatsApp messages indicating that Hunter Biden demanded $10 million from CEFC, promising services from “the Bidens” in return.

The Epoch Times reached out to Hunter Biden’s attorney following the disclosure of the alleged demand for $10 million from CEFC but did not receive a reply.

Separate revelations from Hunter Biden’s former business partner Tony Bobulinski suggested that Mr. Biden enjoyed a cozy relationship with Ye Jianming.

Further, a report from a Republican-led Senate probe of Hunter Biden’s business dealings found that he had conducted business with multiple Chinese nationals linked to the CCP, including Mr. Ye.

According to the report (pdf), just days after Mr. Biden’s WhatsApp exchange with a CEFC executive, the company Hudson West received a wire of $5 million from CEFC.

Also, subpoenaed records obtained by the House Oversight Committee indicate that members of the Biden family in 2017 received over $1 million in payments from accounts related to Hunter Biden’s business associate Rob Walker and their Chinese business ventures.

Trump, Maintenance Guy Charged With Trying To Delete Surveillance Footage At Mar-a-Lago

THURSDAY, JUL 27, 2023 – 07:13 PM

Former President Donald Trump and a maintenance guy at Mar-a-Lago were charged with attempting to delete surveillance footage.

In a superseding indictment filed on Thursday, Trump and the worker charged under the Espionage Act, bringing the total number of counts Trump faces to 42.

It accuses Trump of acting with Carlos de Oliveira, the property manager of the hotel, and Trump’s other co-defendant Walt Nauta, with trying to delete the footage.

The indictment notes efforts from de Oliveira, 56, to determine how long security footage was stored on the Mar-a-Lago system. It says he later told another Mar-a-Lago employee that “‘the boss’ wanted the server deleted.”

The indictment also described de Oliveira and Nauta organizing their plans secretly, apparently walking among the bushes around the IT office where the security footage was managed. –The Hill

Meanwhile the president of a Ukrainian gas company allegedly paid the current US president $5 million dollars in connection with a quid pro-quo in which a prosecutor investigating said company – which employed the president’s son for $80k/month, was fired. Said Ukrainian oligarch also made several recordings of said shady dealings as an ‘insurance’ policy, for which no special counsel has been appointed.

Anyway…

De Oliveira has been summoned to appear in a Miami courthouse on Monday, where he’ll face charges of lying to investigators about allegedly moving boxes at the property, where he says he “never saw anything.”

The indictment also adds a thirty-second document to the tally for which Trump is facing charges of violating the Espionage Act, a top secret document on a presentation about military activity in a foreign country.

The superseding indictment comes as a Washington grand jury met in another special counsel probe into Trump’s efforts to remain in power after losing the 2020 election. -The Hill

Trump responded following the new indictment, with his campaign calling it “nothing more than a continued desperate and flailing attempt by the Biden Crime Family and their Department of Justice to harass President Trump and those around him.”

“Deranged Jack Smith knows that they have no case and is casting about for any way to salvage their illegal witch hunt and to get someone other than Donald Trump to run against Crooked Joe Biden,” the statement continues.

END

Climate change is nothing but hogwash

(Mish Shedlock/Mishtalk)

Biden Admin Report Accidentally Reveals Climate Change Has Little Impact On Economy

FRIDAY, JUL 28, 2023 – 09:25 AM

By Mish Shedlock of MishTalk

Despite endless fearmongering in numerous places, a study by the White House Council of Economic Advisors shows climate change will have little impact on GDP.

Transition Risks of Climate Change on Macroeconomic Forecasting

We are told by the Biden Administration, the UN, AOC, and all the Gretas of the world that a rise in global temperatures in excess of 1.5 degrees would be catastrophic.

With that in mind, please consider a White Paper on the Transition Risks of Climate Change on Macroeconomic Forecasting by Biden’s Council of Economic Advisors and the Office of Management and Budget (OMB)

Climate-related financial risks relevant to the macroeconomic projections in the President’s Budget are composed of two types (Carney 2015): physical risks associated with the effects of climate change on economic outcomes (for instance, capital destruction in extreme events or reduced labor, capital, or land productivity in hotter temperatures) and transition risks associated with the transition to a zero-carbon economy (for example, the costs of mitigation policy or sudden changes in the valuation of assets, such as energy infrastructure with accelerated depreciation). Both have economic implications for important macroeconomic variables related to labor, trade, capital services, and productivity.

This White Paper outlines methodologies and considerations for integrating climate risks into the U.S. Government’s forecasts of macroeconomic conditions. Currently, the Long-Term Budget Outlook captures the fiscal effects of climate change by accounting for estimates of how climate damages affect longer-run GDP growth and how these changes in GDP growth, in turn, affect estimates of Federal revenues and spending.

The long-term budget outlook (LTBO) provides projections of fiscal indicators such as the deficit and debt-to-GDP ratio over the next 25 years. These projections depend on long-run economic projections that are likely to be affected by climate change. In FY 2023, the President’s Budget included a single estimate of the effects of physical climate risks: changes to the debt-to-GDP ratio implied by impacts to GDP under a high-emissions, high-warming scenario.

Change in US Debt-to-GDP vs Global Temperature Rise

Moving Too Fast (Emphasis Mine)

Meeting the Administration’s commitment to net-zero greenhouse gas emissions by 2050 will require one of the largest and fastest transformations of the U.S. energy system in history. Ultimately a carbon-free energy system could yield large benefits in the form of lower energy costs, reductions in air and water pollution, and improvements in health in addition to a stable climate. However, as we transition to this new equilibrium, many forces will have important implications for macroeconomic dynamics over the next few decades (Roy et al. 2022). The current energy infrastructure constitutes a large stock of capital. Unplanned or premature retirement of existing infrastructure (i.e., asset stranding) can create unexpected costs for asset owners (Fofrich et al. 2020). In addition, to the extent the path of the energy transition or future climate policy is uncertain, investors may under-invest in energy infrastructure generally, potentially leading to shortages and higher prices. Labor markets can exhibit frictions if the locations or skill-sets required in new jobs do not match those in declining industries, producing temporary increases in unemployment as workers take time to search for or retrain for other jobs (Hafstead et al. 2022; Greenspon and Raimi 2022; Hanson 2023). Such labor-market frictions could also delay the deployment of new energy infrastructure, which would impede the energy transition. Given the anticipated speed of the energy transition and the importance of understanding capital and labor dynamics for macroeconomic forecasting, the ability to model these dynamic frictions is highly desirable.

Risk of Moving Too Fast Highlights

The current energy infrastructure constitutes a large stock of capital. Unplanned or premature retirement of existing infrastructure (i.e., asset stranding) can create unexpected costs for asset owners
Investors may under-invest in energy infrastructure generally, potentially leading to shortages and higher prices.
Labor markets can exhibit frictions if the locations or skill-sets required in new jobs do not match those in declining industries, producing temporary increases in unemployment as workers take time to search for or retrain for other jobs
Labor-market frictions could also delay the deployment of new energy infrastructure, which would impede the energy transition.

Mish Simulation of Climate Change Impact 20 Years From Now

Assume the worst, and temperatures rise two or three degrees in an amazingly fast 20 years. The White House projects the impact on GDP would be about 1 percent, if that.

That means a GDP that would otherwise be $27.00 trillion would instead be $26.73 trillion. This we are told is catastrophic.

Hoot of the Day Q&A

Q: How come this report has not received more media attention or coverage by the White House?
A: It does not fit the required fearmongering agenda, silly.

Behold, the Rise of the Anti-GreensINSA Germany poll showing the rising popularity of AfD.

The anti-immigration, anti-Green AfD got 12.6 percent in the 2021 German federal election. It’s now polling 22 percent.

Given the enormous costs (think tax hikes or inflation) of Biden’s and the EU’s goals, is it any wonder we Behold th e Rise of t he Anti-Greens

Electric Vehicles for Everyone?

On July 19, I asked Electric Vehicles for Everyone? If the Dream Was Met, Would it Help the Environment? My follow-up post was What Do MishTalk Readers Think About “Elect ric Vehicles for Everyone?”

No, the math does not add up in the EU or here. A revolt is underway in the EU. In the US, we pretend deficits do not matter.

THE KING REPORT

The King Report July 28, 2023 Issue 7042

Independent View of the News

We, and some Fed officials, have warned that the Fed could replicate the great inflation of the late Seventies if it pivots too soon. We have also warned that the ginormous US fiscal spending of the past several years is offsetting the Fed’s tightening cycle.

US CPI year/year

Recent US federal spending has been larger than WWII spending.  Guess what CPI did in 1946?

US Government Expenditures to GDP

2023     38.17% (Estimated)
2022     38.5%
2021     43.02%
2020     44.82%
2019     35.97%

https://www.statista.com/statistics/268356/ratio-of-government-expenditure-to-gross-domestic-product-gdp-in-the-united-states/

1942     21.17%
1943     38.68%
1944     40.66%
1945     40.66%
1946     24.27%

https://fred.stlouisfed.org/series/FYONGDA188S

US CPI year/year (For a while, CPI declined during the Fed’s QE to finance WWII)

Inflation surged in 1941 on preparation for WWII, including aid to England and the USSR. After the US officially entered WWII, CPI collapsed due to stringent price controls. CPI soared after controls ended.

World War II Allies: U.S. Lend-Lease to the Soviet Union, 1941-1945
https://ru.usembassy.gov/world-war-ii-allies-u-s-lend-lease-to-the-soviet-union-1941-1945/

US Q2 GDP grew 2.4% (1.8% expected, 2% prior) because government economic statisticians reduced the GDP Price Index to 2.2%; 3.0% was expected. Government added 0.45% to GDP; was 0.85% in Q1. Consumption 1.6%, 1.2% expected, 4.2% prior; Core PCE 3.8%, 4% expected 4.9% prior

Durable Goods surged 4.7% m/m in June, the biggest monthly gain in 3 years. 1.3% was expected, prior revised to 2% from 1.8%; Ex-transports orders 0.6%, 0.1% expected, 0.7% prior; Nondefense Ex-Air orders 0.2%, -0.1% expected, 0.5% prior revised from 0.7%; Shipments 0.0%, 0.2% expected

Initial Jobless Claims 221k, 235k expected, 228k prior – a five-month low
Continuing Claims 1.69m, 1.75m expected, 1749.m from 1.754m – a five-month low
June Pending Home Sales +0.3% m/m, -0.5% expected, prior -2.5% revised from -2.7%

The industry that has shown the greatest job growth over the past six months: Government, then Leisure & Hospitality, and Healthcare (Chart) https://twitter.com/WarMachineRR/status/1684309197314220038

Year/Year as of June Employment Report (Table B-1): Healthcare +597k, Government +611k, Leisure & Hospitality +772k    https://www.bls.gov/news.release/empsit.t17.html

Despite aggressive Fed rate hikes producing the highest fed funds rate in 22 years, the US economy is plodding along due to world-war like fiscal spending. Guess what will eventuate?

Over the past few decades, the Masters of the Universe on The Street became conditioned to ‘The Federal Reserve uber Alles!’ Everything depended on the Fed and could be explained by Fed policy.

Then, massive government spending, larger on a percentage of GDP than WWII years, appeared. The 40-year Grand Super Cycle bond bull market ended. The biggest and fastest Fed rate hikes since 1980-1981 did not produce recession. Biden’s depletion of the SPR was the major factor in CPI reduction.

Bonds and stocks were hammered on Thursday; oil and gasoline rallied again.

ESUs traded flat during early Nikkei trading on Thursday. A rally commenced at 20:20 ET; it ended at 00:21 ET. After a modest decline, ESUs and stocks rallied ahead of the European opening. ESUs and stocks jumped higher after the 3 ET European opening. A-14-handle ESU rally ended at 4:30 ET.

ESUs and stocks then traded flat as people awaited the ECB rate decision. Traders started buying stuff 45 minutes before the 8:15 ET release of the ECB Communique. As expected, the ECB hiked its benchmark rate by 25bps. After the ECB Communique was released, ESUs and stocks jumped to daily highs at 8:45 ET. ECB chief Lagarde disappointed bulls when she said a rate hike for September was possible. So, ESUs and stocks then headed south until the rally for the European close began at 11:12 ET.

A modest Noon Balloon developed. At 14:00 ET, the US 10-year note went above 4% after a poor 7-year note auction (86.54% allotted at high). A critical mass of traders started liquidating ESUs and stocks. ESUs and stocks plunged until 15:46 ET. The late manipulation produced a 15-handle ESU rally.

Yellow exec tells sales staff company will file bankruptcy Monday
Yellow is the third-largest LTL company and employs some 30,000 workers…
https://www.freightwaves.com/news/yellow-executive-tells-sales-employees-company-will-file-bankruptcy-on-july-31

Biggest Banks Face 19% Boost in Capital Mandates in US Plan – BBG
The measures released Thursday by the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency would boost the amount of capital that banks with at least $100 billion in assets must hold by an estimated 16%. The eight largest banks face about a 19% increase, with lenders between $100 billion and $250 billion in assets seeing as little as 5% more, according to agency officials… https://news.bloomberglaw.com/banking-law/biggest-banks-face-19-boost-in-capital-requirements-in-us-plan

China industrial profits extend double-digit slide on weak demand        https://t.co/gY1KXa8T6E
The year-to-date 16.8% fall followed an 18.8% profit decline in January-May, and reinforced a frail economic recovery that brought weaker-than-expected 6.3% growth in the second quarter…

Positive aspects of previous session
The NY Fang+ Index, due to Meta, only declined modestly

Negative aspects of previous session
Gasoline rallied sharply again
Bonds got hammered; the 30-year is near its 2023 high yield
Stocks reversed profoundly after 14:00 ET, creating technically ugly Key & Outside Reversal Days

Ambiguous aspects of previous session
What will trapped bond bulls do if the BoJ tweaks its YCC?

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]: 4557.68
Previous session S&P 500 Index High/Low: 4607.07; 4528.56

Fed Balance Sheet: -$31.2B, MBS -$20.5B, Loans -$5.689B; Reserves: -$58.213B to $3.172T

Most of the bond market debacle yesterday was due to reports that the BoJ might tweak its yield curve control (YCC). The BoJ Communique will be released while most US investors & traders are asleep.

Today – Early US trading will be impacted by the BoJ’s YCC decision. Despite the very negative technical developments for equities on Friday, traders will play for the Friday rally. Plus, the penultimate day of a period usually contains the peak intensity of the manipulation to game performance for the period. Monday is the end of July. Thin summer Friday markets are much easier to manipulate.

ESUs are +5.25 and USUs -2/32 are at 20:10 ET.

Expected earnings: AON 2.83, CVX 2.93, XOM 2.00, PG 1.32, CL .75

Expected economic data: Q2 Employment Cost Index 1.1%, Personal Income 0.5%, Spending 0.4%, PCE Deflator 0.2% m/m & 3.0% y/y, PCE Core Deflator 0.2% m/m & 4.2% y/y; UM July Sentiment 72.6

S&P 500 Index 50-day MA: 4362; 100-day MA: 4211; 150-day MA: 4136; 200-day MA: 4069
DJIA 50-day MA: 34,018; 100-day MA: 33,585; 150-day MA: 33,566; 200-day MA: 33,338
(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 4340.63 triggers a sell signal
Daily: Trender is positive; MACD is negative – a close below 4507.79 triggers a sell signal
Hourly: Trender and MACD are negative – a close below 4591.83 triggers a buy signal

Turley: Hunter Biden’s Judge Raised The One Question The White House Most Fears
Which is the chance that Hunter was a foreign agent, and if he was a foreign agent, the question is foreign agent for who and for what purpose?” “The president was that purpose. If you’re influence peddling, it’s influence over the president. So if you go for FARA, it’s going to bring all of this stuff in.”
https://thefederalistpapers.org/us/turley-unleashed-hunter-bidens-judge-raised-one-question-white-house-fears

The NYT: Judge Delays Hunter Biden Plea Deal
Prosecutors and Mr. Biden’s team had both started the day confident that the proceeding would go smoothly and the judge would sign off on the deal immediately. As he entered the courtroom, Mr. Biden drew a deep breath and plunged forward to greet the prosecutors who investigated him for five years with handshakes and a smile…
    I cannot accept the plea agreement today,” said Judge Noreika, who was nominated to the bench by President Donald J. Trump in 2017 with the support of Delaware’s two Democratic senators. An exhausted-looking Mr. Biden trudged out of the courthouse looking a bit stunned, as his lawyers puzzled over what to do next…  https://www.nytimes.com/live/2023/07/26/us/hunter-biden-plea-tax-charges

Why would Hunter yuck it up with prosecutors before his sentencing? We all know why!

Ex-fed prosecutor Andy McCarthy: The fix was in for Hunter Biden — until a hero judge stepped up
Thus did the president’s son and the president’s Justice Department conspire to orchestrate a plea deal that would (a) allow Hunter Biden to escape prison and be given immunity from future prosecution over the Biden family business of cashing in on President Biden’s political influence, and (b) allow the Biden administration to pretend that, with independence and integrity, the president had allowed his Justice Department to prosecute his own son. On the egregious facts already known about Hunter’s conduct and the Biden family business, there would have been no way to consummate such a deal unless the judge was in on the scheme…
    Noreika was not in on it…. declining to let the Biden family and the Biden Justice Department turn her into a rubber stamp for their corruption…  Noreika didn’t have to do much: just ask Hunter Biden’s defense lawyers and the Biden Justice Department prosecutors what, exactly, they had agreed to. The Biden Justice Department didn’t dare say that publicly, so the sweetheart deal went up in smoke.
https://nypost.com/2023/07/26/the-fix-was-in-for-hunter-biden-until-a-hero-judge-stepped-up/

Ex-fed prosecutor @WisenbergSol: We now have the plea papers… here is a very short version of what they say. 1. Under the Plea Agreement there is a probation recommendation from the government on the tax counts, even though Hunter’s misdemeanor Guidelines range calls for at least 24-30 months and even though he was going to be charged with felony tax evasion until Biden’s DOJ nixed it. The probation recommendation is NOT binding on the Court, but any sentence she imposes on a misdemeanor tax count will be capped at one year per each count. So, the judge could have accepted the Plea Agreement and still sentenced Hunter to 2 years, despite the government’s probation recommendation…
    2. Then there was a Pre-trial Diversion Agreement (no jail time and no permanent record) on the felony gun charge.
    3. Finally, and most importantly, a broad immunity provision (arguably covering every crime Hunter may have committed during the relevant time frame) was hidden in Paragraph 15 of the the Pre-Trial Diversion Agreement and this was done by the parties in order that the judge could not accept or reject the broad immunity portion of the overall deal. Totally unprecedented. That’s what appropriately set the judge off. She thought it should have been included in the Plea Agreement, rather than hidden in the Diversion Agreement. By the way, the transcript shows that the judge didn’t even see the key paragraph until shortly before the hearing.
    5. Now the parties can try to hammer out an honest deal.
    6. If they do, I think the judge will accept it, even though it is a sweetheart deal for Hunter.

@ByronYork: Axios reports the Hunter Biden legal team is angry at Judge Noreika for ‘deliberately questioning lawyers on both sides about the terms of the deal.’ Imagine that. https://t.co/0o1WQ1nxb1

Hunter Biden admits to earning $664,000 from China, contradicting father’s claims: court transcript – Additionally, he admitted to earning more than $2.6 million for business and consulting from a company he formed with Yi Jianming, the CEO of the Chinese energy company…
https://justthenews.com/government/white-house/hunter-biden-admits-earning-664000-china-contradicting-fathers-claims-court

@GOPoversight: BIDEN FAMILY COVER-UP – In the transcript from Hunter Biden’s plea agreement hearing, Hunter ADMITS that CCP-linked CEFC Chairman Ye Jianming was his business partner. https://t.co/KhRgnokiKI

Newly Uncovered Emails Don’t Look Good for Hunter Biden
The younger Biden “requested an annual retainer of $2 million to help recover billions in Libyan assets frozen by the Obama administration” in which Hunter’s father was second-in-command…
https://townhall.com/tipsheet/spencerbrown/2023/07/27/hunter-biden-tried-to-charge-2m-retainer-to-help-libyans-get-assets-frozen-by-obama-biden-admin-n2626300

Daily Mail EXCLUSIVE: Devon Archer, Hunter Biden’s business partner, is ‘in hiding’ and ‘fears for his family’s safety’ after receiving threats – but he WILL testify to Congress next week about his shady dealings with the First Son  https://www.dailymail.co.uk/news/article-12336855/Hunter-Bidens-business-partner-Devon-Archer-hiding-fears-familys-safety-receiving-threats-testify-Congress-week-shady-dealings-Son.html

Hunter Biden’s Plea Deal Wasn’t Supposed to Protect Him, It Was Supposed to Protect Joe
A plea agreement granting Hunter broad immunity would make it harder to dig into his murky overseas business deals — deals which increasingly appear to have involved his father…
https://thefederalist.com/2023/07/27/hunter-bidens-plea-deal-wasnt-supposed-to-protect-him-it-was-supposed-to-protect-joe/

@Reuters: The White House said there was no possibility President Joe Biden would pardon his son Hunter… (No need to pardon with corrupt DoJ!)

There would have been no Watergate scandal without Judge (Maximum) John Sirica. The stern ex-boxer, appointed by Ike, presided over the trial of the White House plumbers that broke into then-DNC chief Larry O’Brien’s (ex-NBA commissioner) office at the Watergate Hotel.

Sirica thought there was much more to the scheme. So, at sentencing he threatened the offenders with maximum sentences. This loosened E. Howard Hunt and others’ tongues. The march up the food chain into Nixon’s White House began. Could Judge Noreika be to the Bidens what Sirica was to Watergate?

House committee calls off vote to hold Meta’s Mark Zuckerberg in contempt
“Based on Facebook’s newfound commitment to fully cooperate with the Committee’s investigation, the Committee has decided to hold contempt in abeyance. For now.”… https://t.co/D4fN7t0Aws

House Judiciary Chair GOP @Jim_Jordan: THE FACEBOOK FILES, PART 1: SMOKING-GUN DOCS PROVE FACEBOOK CENSORED AMERICANS BECAUSE OF BIDEN WHITE HOUSE PRESSURE – Thread: Never-before-released internal documents subpoenaed by the Judiciary Committee PROVE that Facebook and Instagram censored posts and changed their content moderation policies because of unconstitutional pressure from the Biden White House…
    In April 2021, a Facebook employee circulated an email for Facebook CEO Mark Zuckerberg and COO Sheryl Sandberg, writing: “We are facing continued pressure from external stakeholders, including the [Biden] White House” to remove posts.
    In another April 2021 email, Nick Clegg, Facebook’s president for global affairs, informed his team at Facebook that Andy Slavitt, a Senior Advisor to President Biden, was “outraged . . . that [Facebook] did not remove” a particular post.  What did the Biden White House want removed? A meme…
    But Facebook wanted to repair its relationship with the White House to avoid adverse action: “Given what is at stake here, it would also be a good idea if we could regroup and take stock of where we are in our relations with the [White House], and our internal methods too.”…
    According to these documents, the Biden White House demanded to know why Facebook had not censored a video from @TuckerCarlson… On August 2, 2021, Facebook admitted it was going to change its policies because of pressure from the Biden White House…
https://twitter.com/Jim_Jordan/status/1684595375875760128

Senate Dems block oversight office to monitor US aid for Ukraine (kickbacks?) https://trib.al/7s3O28s

@RNCResearch: BIDEN: “We also have a number of programs to do everything from allow people to have the ability to get help to literally paint their roofs white!”
https://twitter.com/RNCResearch/status/1684601441711685639

Mitch McConnell fell recently at a D.C. airport, before his news conference freeze-up
The Senate Republican leader, 81, has also been using a wheelchair to navigate crowded airports…
https://www.nbcnews.com/politics/congress/mcconnell-fell-recently-dc-airport-prior-wednesdays-freeze-rcna96568

ABC News: It was a “concerning moment” today when Democrat Senator Dianne Feinstein had to be verbally instructed — both by a staffer and a fellow senator — how to vote during a committee hearing
https://twitter.com/RNCResearch/status/1684664190257016832

DOJ Will Not Pursue Campaign Finance Charge against Sam Bankman-Fried (2-tier justice!)
As part of an effort to adhere to the legal obligations of the FTX founder’s extradition from the Bahamas
https://www.forbes.com/sites/siladityaray/2023/07/27/doj-will-not-pursue-campaign-finance-charge-against-sam-bankman-fried/

@ggreenwald: Congrats to Sam Bankman-Fried — the Dem Party’s second-largest donor (behind George Soros) — on having his campaign finance fraud charges dropped by the Biden DOJ. Their hilarious claim is that they just couldn’t proceed because the big, powerful Bahamas wouldn’t let them.

Gov. DeSantis: The Federal Reserve has exceeded its authority
The Federal Reserve’s quantitative easing policy has made the rich richer and hindered middle class growth. “The Fed should simply maintain price stability,” Gov. DeSantis says. “They are not an economic central planner. They need to stop trying to micromanage the economy.”…
https://justthenews.com/videos/gov-desantis-federal-reserve-has-exceeded-its-authority

@ggreenwald: An amazing feat that liberals engineered was to accuse everyone of being racist for suspecting a US-funded research program in Wuhan as the source of COVID, while they went around blaming Chinese food markets for being filthy, disgusting and primitive…

@ChrisMartzWX: Journalists at outlets such as the Washington Post and Axios claim that the U.S. is observing a record-shattering hot summer. However, actual data shows that the year-to-date percentage of U.S. GHCN stations to reach ≥95° is at a record low 43%.
https://twitter.com/ChrisMartzWX/status/1683610733614096384

We are sorry for grammatical miscues in Thursday’s missive.

GREG HUNTER..

We Live in a Wilderness of Lies, Compromise & Corruption

We Live in a Wilderness of Lies, Compromise & Corruption

By Greg Hunter On July 28, 2023 In Weekly News Wrap-Ups38 Comments

By Greg Hunter’s USAWatchdog.com (WNW 592 7.28.23)

If you don’t think we live in a wilderness of lies, compromise and corruption, you are not seeing what is going on in our nation’s capitol this week. More charges for President Donald Trump, while obvious charges for disgraced FTX CEO Sam Bankman-Fried are dropped by the DOJ. There is sworn testimony from IRS whistleblowers who say President Biden took millions of dollars in bribes while his bagman son cut a sweetheart deal to keep him and the entire Biden family out of jail. It’s not just the Bidens avoiding justice, but all of the Washington D.C. swamp on the take and covering up their crimes. If the Bidens go down, they all go down, and this includes both Democrats and Republicans of the Deep State uniparty.

More lies each and every week as the Lying Legacy Media (LLM) tells us that it is now “common” for 18-year old college athletes in top physical condition to suddenly fall down with a heart attack. Yet another lie to cover up disabling and murdering CV19 injection victims. It is “common” when you consider the CV19 so-called “vaccine” was, in fact, a bioweapon. I wonder if Labron James is still happy with the CV19 bioweapon/vax he pushed on the public now that his son has a career threatening heart problem at the ripe old age of 18? Will Jamie Foxx speak out about his vax injury? Will the LLM and Hollywood finally blow the whistle now they know they are going to be replaced with artificial intelligence (AI)? SAG (Screen Actors Guild) and AFTRA (American Federation of Television and Radio Artists) were required to get the CV19 injections, and now, two short years later, AI is being introduced to replace them. I am sure with deaths and injuries mounting from the CV19 clot shots this is all just a coincidence—NOT.

The Federal Reserve has, once again, raised a key interest rate another .25%. The pundits keep telling us it’s “one and done,” but that was several rate increases ago. Is the Fed going to now start cutting interest rates or is Fed Head Jay Powell going to keep rates high to defend the U.S. dollar from a new currency coming out next month from the BRICS? I would not count on cuts anytime soon. By the way, the 30-year mortgage is now more than 7%, and at the beginning of 2022, it was half that amount.

There is much more in the 53-minute newscast.

We Live in a Wilderness of Lies, Compromise & Corruption

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 7.28.23.

To Donate to USAWatchdog.com Click Here.

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After the Wrap-Up:

Financial expert Ed Dowd has chilling new information on the damage the CV19 injections are doing to society, supply chains and the workforce. The data is undeniable and unstoppable, according to Dowd.

SEE YOU TOMORROW