GOLD PRICE CLOSED: DOWN $5.45 TO $1935,40
SILVER PRICE CLOSED: DOWN $0.46 AT $23.16
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1936.05
Silver ACCESS CLOSE: 23.10
Shanghai Gold Benchmark Price
USD oz gram kilo tola 
AM1965.74
PM1964.19
Historical SGE Fix
New York price at the time: 1935.00
premium $30.00
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Bitcoin morning price:, $29035 DOWN 59 Dollars
Bitcoin: afternoon price: $29,067 DOWN 22 dollars
Platinum price closing $924.50 DOWN $0.95
Palladium price; $1241,55 DOWN $26.90
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: $2,588.57 DOWN 9.80 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1513.50 DOWN 8.99 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1759,62 DOWN 4.37 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: AUGUST 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,939.600000000 USD
INTENT DATE: 08/04/2023 DELIVERY DATE: 08/08/2023
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 8
190 H BMO CAPITAL 4
435 H SCOTIA CAPITAL 2
624 H BOFA SECURITIES 6
661 C JP MORGAN 9
737 C ADVANTAGE 13
TOTAL: 21 21
MONTH TO DATE: 7,767
JPMorgan stopped 9/21 contracts.
FOR AUGUST:
GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2023. CONTRACT: 21 NOTICES FOR 2100 OZ or .0653 TONNES
total notices so far: 7767 contracts for 776,700 oz (24.158 tonnes)
FOR AUGUST:
SILVER NOTICES: 60 NOTICE(S) FILED FOR 300,000 OZ/
total number of notices filed so far this month : 848 for 4,240,000 oz
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END
GLD
WITH GOLD DOWN $5.45
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//
NO CHANGES IN GOLD INVENTORY AT THE GLD:
INVENTORY RESTS AT 906.00 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN 46 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 448.987 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A FAIR SIZED 442 CONTRACTS TO 137,957 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS FAIR SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.01 GAIN IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A HUMONGOUS SIZED 1737 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT: 1737 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.01). AND WERE UNSUCCESSFUL IN KNOCKING OF ANY SILVER CONTRACTS AS WE HAD OUR STRONG GAIN OF 892 CONTRACTS ON BOTH EXCHANGES.
WE MUST HAVE HAD:
A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS( 450 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.105 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 290,000 OZ QUEUE JUMP //NEW STANDING RISES AT 4.24 MILLION OZ + OUR NEW CRIMINAL 40 CONTRACTS OF EXCHANGE FOR RISK FOR 0.200 MILLION OZ + 1.25 MILLION OZ EX. FOR RISK/PRIOR/// NEW TOTAL STANDING FOR SILVER: 5.69 MILLION OZ/// // // GOOD SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/VI) HUMONGOUS NUMBER OF T.A.S. CONTRACT ISSUANCE (1737 CONTRACTS)/ANOTHER EXCHANGE FOR RISK ISSUED (0.2 MILLION OZ OR 40 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL +66 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS AUGUST. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF JULY:
TOTAL CONTRACTS for 5 days, total 4397 contracts: OR 21.985 MILLION OZ (880 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 21.985 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 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 21.985 MILLION OZ
RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 442 CONTRACTS WITH OUR TINY GAIN IN PRICE OF $0.01 IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 450 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 AUGUST OF 3.105 MILLION OZ FOLLOWED BY TODAY’S 290,000 OZ QUEUE JUMP//NEW STANDING 4.24 MILLION OZ+ 1.45 MILLION OZ EXCHANGE FOR RISK NEW TOTALS 5.69 MILLION OZ//// .. WE HAVE A STRONG SIZED GAIN OF 892 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE 1737//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION . THE NEW TAS ISSUANCE FRIDAY (1737) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE./
WE HAD 60 NOTICE(S) FILED TODAY FOR 300,000 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 FAIR SIZED 2935 CONTRACTS TO 432,460 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: 414 CONTRACTS
WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 2935 CONTRACTS) WITH OUR $7.25 GAIN IN PRICE//FRIDAY. WE ALSO HAD A RATHER SMALL INITIAL STANDING IN GOLD TONNAGE FOR AUGUST. AT 30.656 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 900 OZ E.F.P.JUMP TO LONDON + PRIOR ISSUANCE OF EXCHANGE FOR RISK = (.684 TONNES) //NEW STANDING 31.129 TONNES + .684 EXCHANGE FOR RISK = 31.813/ + /A FAIR (AND CRIMINAL) ISSUANCE OF 1424 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $7.25 GAIN IN PRICE WITH RESPECT TO FRIDAY’S TRADING.WE HAD A SMALL SIZED LOSS OF 1168 OI CONTRACTS (3.593 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1767 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 432,460
IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1168 CONTRACTS WITH 2935 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 1767 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1168 CONTRACTS OR 3.593 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1424 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1767 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2935) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 1168 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR JULY AT 30.656 TONNES FOLLOWED BY TODAY’S 900 OZ E.F.P JUMP TO LONDON //NEW STANDING 31.129 TONNES + .684 TONNES (EXCHANGE FOR RISK//PRIOR) NEW TOTALS: 31.8342 TONNES/// 3) ZERO LONG LIQUIDATION WITH CONSIDERABLE TAS LIQUIDATION //4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1424 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
AUGUST
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUG :
TOTAL EFP CONTRACTS ISSUED: 15,549 CONTRACTS OR 1,554,900 OZ OR 48.363 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 3109 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 48.363 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 48.363/3550 x 100% TONNES 1.35% 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: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 48.363 TONNES
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A FAIR SIZED 442 CONTRACTS OI TO 137,957 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE A GOOD 450 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 450 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 450 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 442 CONTRACTS AND ADD TO THE 450 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 892 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 4.460 MILLION OZ
OCCURRED WITH OUR $0.01 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED DOWN 19.25 PTS OR 0.59% //Hang Seng CLOSED DOWN 1.59 PTS OR 0.01% /The Nikkei CLOSED UP 61.81 PTS OR 0.19% //Australia’s all ordinaries CLOSED DOWN 0.21 % /Chinese yuan (ONSHORE) closed DOWN 7.1897 /OFFSHORE CHINESE YUAN DOWN TO 7.1970 /Oil UP TO 82.08 dollars per barrel for WTI and BRENT UP AT 85.51 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2935 CONTRACTS DOWN TO 432,460 DESPITE OUR GAIN IN PRICE OF $7.25 ON FRIDAY.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF JULY… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 1767 EFP CONTRACTS WERE ISSUED: : DEC 1767 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1767 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 1168 CONTRACTS IN THAT 1767 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 2935 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR GAIN IN PRICE OF $7.25//FRIDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT WAS A FAIR 1424 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: AUGUST (31.813) (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
AUGUST: 31.813 TONNES (INCLUDING .6842 EXCHANGE FOR RISK)
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $7.25) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A SMALL LOSS OF 1168 TOTAL CONTRACTS ON OUR TWO EXCHANGES FROM WHICH ALL THE LOSS CAME FROM T.A.S. LIQUIDATION. THE T.A.S. ISSUED ON FRIDAY 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 3.593 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR AUGUST. (30.656 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 900 OZ E.F.P. JUMP TO LONDON //NEW STANDING REDUCES TO 31.129 TONNES + .6842 (PRIOR EXCHANGE FOR RISK) //NEW TOTAL 31.813 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $7.25.
WE HAD – REMOVED 414 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET LOSS ON THE TWO EXCHANGES 1168 CONTRACTS OR 116800 OZ OR 3.5393 TONNES.
Estimated gold volume today:// 100,838 awful
final gold volumes/yesterday 165,893 poor
//AUGUST 7/ FOR THE AUGUST 2023 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | NIL . |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | 57,488.988 OZ HSBC |
| No of oz served (contracts) today | 21 notice(s) 2100 OZ 0.0653TONNES |
| No of oz to be served (notices) | 2241 contracts 224,100 oz 6.97045 TONNES |
| Total monthly oz gold served (contracts) so far this month | 7767 notices 776,700 OZ 24.158 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposit:
total dealer deposits: NIL oz
customer deposits: 1
i) Into HSBC: 57,485.988 oz
total customer deposits: 57,485.988 oz
we had NIL customer withdrawals
Adjustments; 1
i) Out of JPMorgan: 64,334.148 oz dealer to customer /
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.
For the front month of AUGUST we have an oi of 2262 contracts having LOST 1005 contracts. We had 996 contracts filed
on Friday, so we lost 9 contracts or an additional 900 oz will not stand at the comex as these guys decided it was best to take delivery over in London via the EFP transfer.
Sept gained 184 contracts to 265.
Oct lost 725 contracts to 32,857 contracts.
We had 21 contracts filed for today representing 2100 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 21 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 9 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 AUGUST /2023. contract month,
we take the total number of notices filed so far for the month (7767 x 100 oz ), to which we add the difference between the open interest for the front month of AUGUST (2262 CONTRACT) minus the number of notices served upon today 21 x 100 oz per contract equals 1,000,800 OZ OR 31.129 TONNES the number of TONNES standing in this active month of AUGUST. + .684 TONNES EXCHANGE FOR RISK/prior = 31.813 tonnes
thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (7767) x 100 oz + (2262) {OI for the front month} minus the number of notices served upon today (21) x 100 oz) which equals 1,000,800 oz standing OR 30.129 TONNES + .684 TONNES OF EXCHANGE FOR RISK/prior = 31.813 TONNES
TOTAL COMEX GOLD STANDING: 31.813 TONNES WHICH IS SMALL FOR AN 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: 2,058,278.651 OZ 64.02 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,260,357.156 OZ
TOTAL REGISTERED GOLD: 12,057,935.9764 (375.05 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,222,421.180 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 999,990 OZ (REG GOLD- PLEDGED GOLD) 311,01 tonnes//
END
SILVER/COMEX
AUGUST 7
//2023// THE AUGUST 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1,183,164.536 CNT Loomis . |
| Deposits to the Dealer Inventory | N/A oz |
| Deposits to the Customer Inventory | 560,370.851 oz JPMorgan |
| No of oz served today (contracts) | 60 CONTRACT(S) (300,000 OZ) |
| No of oz to be served (notices) | 0 contracts (NIL oz) |
| Total monthly oz silver served (contracts) | 848 Contracts (4,240,000 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: 0 oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i) Into JPMorgan: 560,370.851 oz
total customer deposits: 560,370.851 oz
JPMorgan has a total silver weight: 140.471 million oz/281.324 million =50.17% of comex .//
Comex withdrawals 2
i) Out of CNT 14,014.126 oz
ii) Out of Loomis 1,169,150.410 oz
adjustments: 0
TOTAL REGISTERED SILVER: 31.692 MILLION OZ//.TOTAL REG + ELIGIBLE. 281.947 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:
silver open interest data:
FRONT MONTH OF AUGUST /2023 OI: 60 CONTRACTS HAVING GAINED 24 CONTRACT(S). WE HAD
34 NOTICES FILED ON FRIDAY SO WE GAINED 58 CONTRACTS OR AN ADDITIONAL 290,000 OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF AUGUST.
SEPT HAS A LOSS OF 3741 CONTRACTS DOWN TO 94,911
OCT GAINED 2 CONTRACTS TO STAND AT 88.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 60 for 300,000 oz
Comex volumes// est. volume today 65,587 fair /
Comex volume: confirmed yesterday: 68,848 fair
To calculate the number of silver ounces that will stand for delivery in AUGUST. we take the total number of notices filed for the month so far at 848 x 5,000 oz = 4,240,000 oz
to which we add the difference between the open interest for the front month of AUGUST (60) and the number of notices served upon today 60 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the AUGUST/2023 contract month: 848 (notices served so far) x 5000 oz + OI for the front month of AUGUST (60) – number of notices served upon today (60 )x 500 oz of silver standing for the AUGUST contract month equates to 4.240 million oz.+ 0.200 MILLION OZ EXCHANGE FOR RISK ISSUED TODAY+ 1.25 MILLION OZ EXCHANGE FOR RISK PRIOR//NEW TOTALS: 5.690 MILLION oz.
There are 31.692 million oz of registered silver.
thus if we take today’s standing at 5.69 and add last month’s 30.9 million oz we have 36.590 million oz against only 31.69 million registered silver.
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
AUGUST 7/WITH GOLD DOWN $5.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: /// //INVENTORY RESTS AT 906.00 TONNES
AUGUST 4/WITH GOLD UP $7.25 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.18 TONNES OF GOLD FROM THE GLD/// .///INVENTORY RESTS AT 906.00 TONNES
AUGUST 3/WITH GOLD DOWN $5.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD //: //: / .////INVENTORY RESTS AT 909.18 TONNES
AUGUST 2/WITH GOLD DOWN $3.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 3.75 TONNES OF GOLD FROM THE GLD//: //: / .////INVENTORY RESTS AT 909.18 TONNES
AUGUST 1/WITH GOLD DOWN $28.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.89 TONNES OF GOLD FROM THE GLD//: //: / .////INVENTORY RESTS AT 912.93 TONNES
JULY 31/WITH GOLD UP $9.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 2.89 TONNES OF GOLD FROM THE GLD//: //: / .////INVENTORY RESTS AT 912.93 TONNES
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
GLD INVENTORY: 906.00 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
AUGUST 7/WITH SILVER DOWN 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 458.987 MILLION OZ
AUGUST 4/WITH SILVER UP 1 CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.294 MILLION OZ FROM THE SLV// OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 458.987 MILLION OZ
AUGUST 3/WITH SILVER DOWN 16 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 189,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.281 MILLION OZ
AUGUST 2/WITH SILVER DOWN 43 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 275,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.471 MILLION OZ
AUGUST 1/WITH SILVER DOWN 61 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 184,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.746 MILLION OZ
JULY 31/WITH SILVER UP 45 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 184,000 OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 451.746 MILLION OZ
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//
CLOSING INVENTORY 448.987 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
Central Bank Gold Demand In First Half Of 2023 Was The Highest On Record
SUNDAY, AUG 06, 2023 – 12:00 PM
Despite significant selling by Turkey that slowed net central bank gold buying in the second quarter, central banks added a record amount of gold to their reserves through the first half of 2023.
Net central bank gold purchases totaled 387 tons through the first half of the year, according to data compiled by the World Gold Council. That was the highest first-half total since the organization started compiling quarterly data in 2000.
Net central bank purchases were down in Q2 after setting a first-quarter record due to net sales of 132 tons between April and June. On net central banks added 102.9 tons of gold to their reserves in the second quarter.
Turkey was the biggest gold buyer in the first quarter but turned to selling in March. In a three-month span, Turkey reduced its gold holdings by 160 tons. According to the World Gold Council, this was a response to local market dynamics and didn’t likely reflect a change in the Turkish central bank’s long-term gold strategy.
Gold was sold into Turkey’s domestic market to satisfy very strong bar, coin and jewelry demand following a temporary partial ban on gold bullion imports.”
Significantly, Turkey resumed purchasing gold in June, adding 11.4 tons to its reserves.
There were other sellers in the second quarter. Kazakhstan reduced its gold holdings by 38 tons, and Uzbekistan sold 19 tons of gold. These two banks were the biggest sellers of gold during the first quarter of this year. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.
Russia, Cambodia and Germany reported slight declines in their reserves in Q2, likely due to coin minting.
Nine central banks were net gold purchasers during the first half of 2023
The People’s Bank of China was the biggest gold buyer in H1, adding 103 tons of gold to its official holding. Its purchases in the second quarter extended its buying streak to eight straight months.
Since recommencing reports of purchases in November 2022, the Peoples Bank of China has increased its official gold holdings to 2,113 tons. Gold accounts for 4% of China’s total reserves.
The Chinese central bank accumulated 1,448 tons of gold between 2002 and 2019, and then suddenly went silent until it resumed reporting in November 2022. Many speculate that the Chinese continued to add gold to its holdings off the books during those silent years.
There has always been speculation that China holds far more gold than it officially reveals. As Jim Rickards pointed out on Mises Daily back in 2015, many people speculate that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration for Foreign Exchange (SAFE).
Last year, there were large unreported increases in central bank gold holdings. Central banks that often fail to report purchases include China and Russia. Many analysts believe China is the mystery buyer stockpiling gold to minimize exposure to the dollar.
The Monetary Authority of Singapore ranked as the second largest buyer during H1, adding 73 tons of gold it its hoard.
Poland also added a significant amount of gold to its reserves after resuming purchases in April. Polish gold holding rose by 48 tons through the first half of ’23.
In the fall of 2021, Bank of Poland President Adam Glapiński said the central bank planned to add 100 tons of gold to its reserves in 2022. It’s unclear why the bank didn’t follow through. The recent purchases could signal the beginning of another round of buying to reach that 100-ton goal.
Six other countries added gold to their holdings in H1.
- India — 10 tons
- Czech Republic — 8 tons
- The Philippines — 4 tons
- Iraq — 2 tons
- The ECB — 2 tons
- Qatar — 2 tons
According to the World Gold Council, “Selling activity in Q2 has done little to dent the underlying positive trend in central bank gold demand.”
According to the 2023 Central Bank Gold Reserve Survey recently released by the World Gold Council, 24% of central banks plan to add more gold to their reserves in the next 12 months. Seventy-one percent of central banks surveyed believe the overall level of global reserves will increase in the next 12 months. That was a 10-point increase over last year.
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
MATHEW PIEPENBERG…
A must read!! USA interest on its debt will climb from this day forth to 1.7 trillion dollars per year. Total debt will rise almost another 2 trillion dollars to 34.5 trillion in the next 6 months. This is unsustainably: QE coming.
Keeping Your Head Amidst Debt-Blind Madness
Matthew Piepenburg
August 6, 2023
I recently blew the dust off an old Rudyard Kipling poem, “If,” which many have castigated as a bit overly romantic, despite its high praise from Mark Twain and T.S. Eliot to India’s Khushwant Singh.
The fact, moreover, that “If” was written by a Victorian era colonial in 1865 as a father’s advice to a son, could easily put its otherwise timeless insights at risk of being cancelled by the woke elite as potentially misogynistic or regionally insensitive…
Notwithstanding such critiques, financial readers might equally be asking what Kipling has to do with global markets, the currency wars, inflation/deflation tensions or the US bond market?
Well, given the fact that each of these financial topics, when examined closely or even broadly, are now signs of open madness, yet still consistently ignored or down-played by our leaders and media midgets, I could not help but consider the following (and opening) line of advice:
“If You can keep your head when all about you
Are losing theirs…”
Well: Can we?
What is Happening All About You? A Complete Denial of Debt’s End-Game
As headlines from an increasingly distrusted 4th Estate debate everything from a challenged USD (the recent BRICS gold hysteria) and weaponized State Department (Raytheon’s war in the Ukraine graveyard) to an equally weaponized/politicized justice system (Hunter vs. Trump’s legal woes), most of America seems blind to a ticking time bomb.
That is, amidst all the political and social distractions of late, the financial wizards leading an increasingly splintered America have been quietly doing what they do best: Sending the USA into a fatal debt spiral.
I recognize, of course, that bonds, budgets, deficits and yield curves don’t excite the same immediate reactions as, say, Joe Biden’s now undeniably compromised mental state or who or what’s image adorns a can of Bud Light, but as I’ve said so many ways and times: Debt matters.
In fact, debt destroys nations. And not just sometimes, but every time.
Such destruction, hiding in plain sight, is creepy, because, well…it creeps up on us slowly, and then—all at once.
The Latest Creepy Numbers Creeping out of DC
But sadly, debt data and bond markets bore most citizens.
This is why the majority of invisibly taxed and intentionally enslaved American serfs probably haven’t noticed that the US Treasury Department’s quarterly net-borrowing estimates for the second half of 2023 just came out, and that number is a sickening $1.85 TRILLION.
Read that again. $1.85T in 6 months.
This is openly ignored madness. Our experts having officially lost their minds.
We are talking about nearly 2000 billion (or 2 million millions) of new debt to be created/issued in the span of months, the implications of which are staggering.
This is especially scary when you add Powell’s 525 basis point rate hikes into the borrowing equation, which only makes the interest-expense of this appalling debt (cess) pool beyond payable without, well…more debt creation.
So, there you have it, American monetary genius: “We can solve a debt problem with more debt.”
Keeping Our Heads When All About Us Are Losing Theirs
But just because the “experts” in DC (who made Faustian bargains with their common sense and advanced degrees in exchange for a DC job title) may have completely lost their ambitious little minds/heads, it doesn’t mean the rest of us can’t hold on to ours.
Fighting Inflation Will Increase Inflation
Powell’s comical, and ultimately disingenuous, war on inflation, for example, is actually poised to end in far greater inflation, something understandable to any whose market attention span is greater than a typical tweet or YouTube short.
As a June white paper from even the St. Louis Fed recently confessed (and folks like Luke Gromen better explained), the US is approaching a grossly paradoxical point called “Fiscal Dominance,” a sober concept of basic math which I boil down to this:
“When a debt-strapped nation with nearly $33T in public debt raises rates to ‘fight’ inflation, the increased cost of servicing that debt becomes so egregious that the only way to ‘pay’ for it will come from a re-ignited mouse-click money-maker at the Fed, which is inherently, well: Inflationary.”
In other words, at some point (and don’t ask me when, but it’s looming), the Fed will pivot from dis-inflationary QT to mega-inflationary QE—all to be conveniently blamed on COVID, Putin and/or the climate.
It has always been my personal view, however, that Powell’s Volcker 2.0 charade of raising rates and trimming (barely) the Fed’s balance sheet to “fight” inflation has been a deliberate ruse.
His hawkish narrative buys him time to replenish the ammunition of his only two monetary weapons (rates and money supply) so that he’ll have more to cut (rates) and expand (Fed balance sheet) once overly-stretched credit markets blow to shreds.
At that point we’ll see: 1) QE to the moon and/or 2) a monetary re-set that will make Bretton Woods look like a pleasant game of international snooker.
Credit Markets, Death by a Thousand Cuts
In fact, this “blowing to shreds” process in the credit markets has already begun, in a kind of death by a thousand cuts.
Just ask all those nations dumping USTs, or all those regional banks that have failed and all those bigger banks consolidating (i.e., centralizing); or ask all those mutual fund managers who lost greater than 20% in 2022, or the repo markets back-firing since 2019, or all those foreign sovereign bonds (from gilts to JGB’s) tanking and all those wannabe BRICS+ nations looking for anyway they can to join a sanctioned Russia and patient China to trade outside of an openly weaponized USD.
In other words, it’s not just that change is gonna come, it’s literally all around us, hiding (or ticking) right before our media-distracted eyes.
Buying Time Today as More Things Break Tomorrow
Powell, in the meantime, will stick to his “data dependence” and bide his time going higher for longer until something, i.e., topping markets now riding the AI tailwind (narrative), finally break under their own grotesque weight.
So yes, debt matters. Deficits matter. And supporting Uncle Sam’s otherwise unloved IOUs matters.
This is because, and I’ll say it again and again and again: The bond markets matter.
Why?
Repeat: The Bond Market Matters
Because if no one is buying those over-supplied bonds (see above), their yields spike in a simple supply & demand mismatch, which means the cost of serving US debt—which is the only wind beneath our national/financial wings—spikes too.
Spiking debt costs, of course, are a death knell to a system (from banks, bonds, stocks and Treasury Departments) already drowning in historically unprecedented (and unpayable) debt.
Thus, without more inflationary mouse-click money (QE) to stave off more credit contraction, bank deaths, failed UST auctions, and all those low-rate, extend-and-pretend-addicted companies on an S&P 500 (which is nothing more than an S&P 7 in terms of real market cap), the slow implosion discussed above becomes a sudden implosion.
Recession Denial
And that’s not even factoring in a looming but now Powell-ignored and media-down-played recession, that malleable term of economic art, which, like inflation and employment data, those fiction writers at the BLS and Eccles Building can redefine at their convenience.
Facts, after all, are like math. They are stubborn. This is why the experts are apt to distort them, like a corrupt lawyer who tampers with evidence to win a jury trial. That is, even a witch looks pretty when you hide the warts.
As I’ve argued many times, and based upon recent on-the-ground experience in USA main streets as well as a neon-flashing yield curve, the conference board of leading indicators and the year-over-year change in the M2 money supply, America is already in a recession.
At some point, even Powell’s forked tongue and the DC data manipulators won’t be able to hide a recession which citizens feel despite CNN, The View or their politicos telling them otherwise, especially as gas prices and lay-offs continue to rise into year-end.
Recession, Banana Republic America and the Inflation/Deflation Cycle
Toward this end, we need to keep our heads and think for ourselves about what recessions can do to countries like the USA whose balance sheet and debt levels are quantifiably no better than your average, and once mocked, banana republic.
Like any banana republic, extreme debt and embarrassing deficits spell their doom, as over time such heavy debt tides are inherently inflationary, despite the current (and expected) dis-inflationary period.
After all, crushing the middle class and small business sector with a record-breaking rate hike is dis-inflationary.
In a recession, for example, a nation’s already weakened ability to produce goods and services (thanks to Powell’s rate hikes) at levels high enough to sustain those deficits only gets even weaker.
As Luke Gromen again argued, and illustrated below, a recession could easily send the US deficit to $4.5T, or 8% of GDP.
In such an all-too-likely deficit scenario (and all we really have today are bad scenarios), we could see bonds fall into the next official recession (always announced too late), as we saw them fall along side stocks in the 2020 COVID crash.
If bonds fall in a similar manner, this means bond yields, and hence rates, would rise, which would only add more pressure on the Fed to issue more US IOUs then paid for with more inflationary mouse-click Dollars to control their yields.
For now, and as Gromen, and myself, would confess, such a view is still a minority view—but that doesn’t necessarily make it a wrong view, especially in a world figuratively losing it head.
Alternative Scenarios Are No Better
But even the most sober convictions must consider alternative scenarios and views.
Like Brent Johnson, I agree that we could easily see an implosion in the EU markets (Germany now in recession) or even in Japan long before the US markets raise their white flags and surrender to instant, mouse-click liquidity measures.
In such a “foreigners-first” scenario, we could indeed see a flight into the perceived “safety” of the UST and hence USD as the best horse in the global slaughter house.
Such a “milk-shake inflow” (or straw-sucking sound) into USTs could take some temporary pressure off the Fed’s inflationary QE gas pedal. It could also make the USD stronger rather than weaker in the interim.
The End-Game Stays the Same
But no matter which white flag goes up first, from Tokyo to Berlin to DC, the end-game for all debt-soaked nations, regions, currencies and systems is ultimately the same.
That is, and to repeat, there really are no good scenarios left, just more desperate measures to buy time and postpone the inevitable.
As I wrote elsewhere, even the most proud and victory-accustomed armies, from Napoleon’s Grande Armee in 1812 to Lee’s Army of Northern Virginia in 1863, eventually extend themselves too far and suffer a “Gettysburg Moment.”
Nations whose debt levels are too far extended offer no exception to this rule or metaphor.
That is, no brave cavalry or infantry charge by Marshal Ney or General Picket can defy the simple law of too many bullets against too few men.
Too Many Debts, Not Enough Liquidity
Like Japan, the EU and the UK, America has too many debts and not enough natural liquidity to sustain them.
Powell can buy time and headlines, and he can even print trillions of more fake fiat dollars to “save the system,” but in the end, it is always the currency which is left dying last on the field.
For those who understand the stubborn math, history and cycles of fiat currencies, the precise timing of such final currency defeats is impossible to predict with precision, but easy enough to see coming, and thus easy enough to prepare for in advance.
Advanced Preparation—The Minority Which Kept Their Heads
Gold, which is an obvious and historically-confirmed weapon (as opposed to barbarous relic) against such open currency destruction, is an equally obvious and historically-confirmed means of achieving such advanced preparation.
Despite such objective facts (and the media-ignored power of gold as an open threat to fiat money), gold makes up only 0.5% of the global investments.
This, it might be said, makes such lonely “gold bugs” crazy, but as alluded to above, sometimes one must keep their heads when all about them are losing theirs.
The question, then, like the title of Kipling’s poem, is not “If” fiat money dies, but “When.”
The former is obvious, the latter is approaching.
Got gold?
END
PAM AND RUSS MARTENS…
The 25 Largest U.S. Banks Are Seeing the Largest Fall in Deposits in 38 Years With No Signs of Letting Up
B
By Pam Martens and Russ Martens: August 7, 2023 ~
Deposits at the 25-largest domestically-chartered U.S. commercial banks peaked at $11.680 trillion on April 13, 2022, according to the upd ated H.8 data maintained at the Federal Reserve Economic Database (FRED). As of the most current H.8 data for the week ending on Wednesday, July 26, 2023, deposits stood at $10.709 trillion at those 25 commercial banks, a dollar decline of $970 billion and a percentage decline of 8.3 percent.
Equally noteworthy, the decline shows no signs of letting up. According to the FRED data, between July 5 and the most current reading on July 26, the 25 largest U.S. banks shed $174 billion in deposits.
Despite all of the misleading news reports about depositors seeking out the perceived safety of the largest banks since the banking crisis in the spring, it’s actually been the smaller banks that have staged a comeback on growing deposits since the week of April 26. (See chart above.)
As of March 31 of this year, according to FDIC data, there were a total of 4,096 commercial banks in the U.S., meaning that if you segregate the 25 largest banks, that leaves 4,071 falling into the H.8 category of small, domestically chartered commercial banks.
This breakdown does not give the American people a quick pulse beat on the dangers lurking in the U.S. banking system – a system that imploded in 2008 and was on its way to imploding again this spring until the Fed stepped in with another bailout program. In the span of seven weeks this spring, running from March 10 to May 1, the second, third, and fourth largest bank failures in U.S. history occurred. In order of size, those were: First Republic Bank (May 1), Silicon Valley Bank (March 10) and Signature Bank (March 12). The largest bank failure in U.S. history, Washington Mutual, occurred in 2008 during the financial crisis.
Because there are only four domestically-chartered commercial banks in the U.S. with more than $1 trillion in deposits – JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup’s Citibank – it behooves Americans to closely monitor what is happening at these four banks, which hold such a highly concentrated share of the banking system’s deposits and assets. That is especially true given that one of those four banks, Citigroup, blew itself up in 2008 and received the largest Fed and Treasury bailout in U.S. banking history.
Given this history, it would make far more sense for the Fed to provide this deposit data in the following breakdowns: deposits at mega banks with more than $1 trillion in deposits; deposits at large banks with $200 billion to $1 trillion in deposits; and deposits at small and medium banks with less than $200 billion in deposits.
Monitoring what is going on at these four behemoth banks should make nightly network news and the front pages of newspapers – but rarely does. This lack of media attention allows a five-count felon bank like JPMorgan Chase to continue its serial crimes while simultaneously getting bigger. JPMorgan Chase was allowed by federal regulators to gobble up the failed First Republic Bank this year, despite the fact that JPMorgan Chase is currently being credibly charged in federal court by the Attorney General of the U.S. Virgin Islands with “actively participating” in Jeffrey Epstein’s sex-trafficking of underage girls for more than a decade.
What could be more damaging to a mom and pop bank’s reputation, with more than 5,000 Chase Bank branches dotting the landscape across America, than credible charges from the Attorney General of the U.S. Virgin Islands that JPMorgan Chase sold out young girls as sex slaves for more than a decade in order to get wealthy client referrals from Jeffrey Epstein?
The Eleventh Circuit Court of Appeals called what the U.S. Department of Justice allowed to happen to these girls “beyond scandalous” and “a national disgrace.” And yet, the U.S. Department of Justice has left it to the Virgin Islands to bring civil charges while it remains missing in action on bringing criminal charges against JPMorgan Chase.
Allowing a bank with this serial history of outrageous crimes to get even bigger and more dangerous did not escape the attention of Senator Elizabeth Warren. On May 17, Warren sent a letter to federal regulators pointing out the problems with the JPMorgan Chase/First Republic deal. Warren wrote:
“…it resulted in a $13 billion cost to the Federal Deposit Insurance Fund – which will ultimately be passed on to ordinary bank consumers across the country – and made JPMorgan, the nation’s biggest bank, even bigger. JPMorgan will also record a $2.6 billion gain from the deal…”
Warren’s letter also noted the following:
“Under the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, a bank holding company may not consummate a merger that would result in the bank holding more than 10% of the nation’s total deposits – a standard that JPMorgan already exceeds. However, because Riegle-Neal includes an exception for failed banks, the OCC has indicated that it did not need to take any action because the statute automatically provides a waiver. Separately, this merger required approval under the Bank Merger Act, which was granted by OCC. In its May 1 letter approving JPMorgan’s acquisition of First Republic, the OCC concluded that ‘The Transaction does not increase risk to the stability of the United States banking or financial system as it facilitates the orderly resolution of an insured depository institution in default,’ though it provides little detail about its analysis.”
There is a very compelling argument to be made that the JPMorgan Chase/First Republic Bank combination did, indeed, “increase risk to the stability of the United States banking or financial system,” because federal regulators had already assessed JPMorgan Chase to be the nation’s riskiest bank. (See Federal Data Show JPMorgan Chase Is, By Far, the Riskiest Bank in the U.S.)
3,Chris Powell of GATA provides to us very important physical commentaries
I am surprised he still has 61 tonnes of reserves!
(Reuters)
Venezuela’s gold reserves fall nearly 12% in six months
Submitted by admin on Fri, 2023-08-04 20:35Section: Daily Dispatches
From Reuters
Friday, August 4, 2023
CARACAS — Venezuela’s gold reserves fell by 8 metric tons in the year’s first half, central bank data showed today, continuing a years-long reduction in the reserves amid a prolonged economic crisis.
The drop in the first six months of 2023 brought the central bank’s total reserves to 61 tons, down from 69 tons in December 2022.
The gold reserves were valued at $3.65 billion at the end of June, down $261 million from their value in December.
The central bank did not give details for the fall in reserves and did not immediately respond to a request for comment.
The average price for gold, according to estimates by the bank, was $1,862.71 per troy ounce in the year’s first half, up from $1,775.02 per troy ounce in the latter half of 2022.
A share of the central bank’s reserves have been in dispute in London courts. In June the central bank’s board, controlled by the government of President Nicolas Maduro, lost its latest appeal for control of $1.95 billion of the country’s gold reserves held at the Bank of England. …
… For the remainder of the report:
end
4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/SILVER
5 a. IMPORTANT COMMENTARIES ON COMMODITIES:
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
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 MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.1897
OFFSHORE YUAN: DOWN TO 7.1970
SHANGHAI CLOSED DOWN 19.25 PTS OR 0.59%
HANG SENG CLOSED DOWN 1.59 PTS OR 0.01%
2. Nikkei closed UP 61.91 PTS OR 0.19%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 102.55 EURO FALLS TO 1.0979 DOWN 18 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.619 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 142.28/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ON SHORE YUAN: DOWN// OFF- SHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.5805***/Italian 10 Yr bond yield FALLS to 4.226*** /SPAIN 10 YR BOND YIELD FALLS TO 3.644…**
3i Greek 10 year bond yield FALLS TO 3.820
3j Gold at $1935.35 silver at: 23.542 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 59 /100 roubles/dollar; ROUBLE AT 96.39//
3m oil into the 82 dollar handle for WTI and 85 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 142.28// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.619% 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 0.8766 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9624 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.099 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.261 UP 5 BASIS PTS/
USA 2 YR BOND YIELD: 4.829 UP 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 27.00…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 12 BASIS PTS AT 4.4945
end
2.a Overnight: Newsquawk and Zero hedge:
Futures Rebound As Global Yields Resume Grind Higher
MONDAY, AUG 07, 2023 – 08:19 AM
A selloff in treasuries and global government bonds returned with a vengeance on Monday as the threat of further rate hikes unsettled traders. With 10Y TSY yields jumping as much as 9bps from 4.03% to 4.12% overnight, the yield on 30-year German bonds surged nine basis points to 2.72%, the highest since early 2014. However, unlike Friday when stocks tumbled as yields spiked to a fresh 2023 high, on Monday US equity futures rose modestly – at least for now – alongside yields in subdued, listless trading, signaling a rebound from Friday’s rout. At 7:45am ET, S&P futures higher by about 0.2% although European stocks were in the red, following softer-than-expected German June industrial production data, and Asia was mixed. The dollar was a little stronger against G10 currencies while oil and iron ore prices are lower, despite a Ukraine drone attack on a Russian oil tanker, the first of many.
As JPM’s trading desk notes this morning, expect a return of hawkish Fedspeak this week though CPI remains the key data point, in an otherwise light macro data week; tied to that, JPM’s chief economist Michael Feroli hiked his 23Q3 GDP estimate from +0.5% to +2.5% while removing his recession call. Meanwhile, as we reach the tail-end of earnings, we may see some inter-sector rotations as investors consider an improving economy.
In premarket trading, Yellow Corp. fell as much as 45% in premarket trading on Monday, after the trucking firm filed for bankruptcy and said it will remain shuttered. Wayfair gained 2.5% after UBS upgrades its rating to buy from neutral, writing that the market may be surprised by the scope for profit upside at the online retailer. Some other notable movers:
- PG&E rises 1.3% as UBS upgrades the utility to buy from neutral, citing a declining wildfire risk.
- Berkshire Hathaway shares rise as much as 1.8% after Warren Buffett’s conglomerate posted gains in operating profit driven by strength in its insurance businesses.
- Fortinet rises as much as 3.2% as Guggenheim upgrades the cybersecurity firm’s stock to buy from neutral, saying the current share price level is an opportunity to build a position in a “differentiated, high-quality security asset.”
Over the weekend, Fed Governor Michelle Bowman said that the US central bank may need to raise rates further in order to fully restore price stability. According to Bloomberg, “Investors also considered mixed signals from Friday’s US jobs, which showed wages above forecast even as payrolls growth moderated”, even though on Friday the only thing they considered was the dovish consequences of another drop in the monthly payrolls.
“We don’t think central banks will get the rise in unemployment rate and sustained moderation in wage growth in the coming year that they hope to see,” ADA Economics Ltd. Chief Economist Raffaella Tenconi said in an interview with Bloomberg TV.
The most important data point this week will be US CPI reading on Thursday, which is expected to show moderate price growth. The index is projected to rise 0.2% in July for a second month after excluding food and energy costs, marking the smallest back-to-back gains in 2 1/2 years.
European stocks retreated as a index of German industrial output fell to a six-month low, underscoring weakness in the economy. European stocks struggle with the Stoxx 600 down 0.4%, although in very light volumes with trading of Euro Stoxx 50 stocks about 40% less than the 30-day average. Here are the most notable European movers:
- Scout24 gains as much as 9.4%, the most since April, after the online property-rental platform boosted its full-year guidance. The company cited contributions from the recent acquisition of Sprengnetter, and strong demand for its marketing products and paid subscriptions
- CTS Eventim shares rise as much as 7.8%, the most since November, after JPMorgan initiates coverage of the ticketing and live entertainment operator at overweight. The company will benefit from a strong pipeline of live events for the next few years, JPMorgan said
- Siemens Energy shares gain as much as 5.2%, reversing an earlier decline, as analysts highlighted the German renewable energy firm’s strong orders even after it identified charges of €2.2b in its wind unit
- PostNL jumps as much as 7.9% after boosting normalized Ebit guidance for the full year. The Dutch delivery company reported a 7.1% increase in parcel revenue in the second quarter
- OHB shares rise as much as 34% to €43.15 after KKR said it plans to take the German space and technology company private for €44/share alongside the founding family as competition in the satellite sector heats up
- Card Factory shares rise as much as 18% after the company said it expects financial performance to be materially ahead of previous expectations
- Aurubis slumps as much as 8.2%, the worst performer on the Stoxx 600, after the copper smelter released third-quarter results that Morgan Stanley says showed weaker underlying profit before tax and free cash flow
- Telefonica Deutschland falls as much as 1.7% after the telecommunications company was cut to underperform at Oddo BHF after recent news that 1&1 will switch its mobile traffic to the Vodafone network as of mid-2024
Earlier in the session, Asian stocks were mixed with a cautious start to the week, weighed down by concerns about higher US interest rates and a widening anti-graft crackdown on the pharmaceutical sector in China. The MSCI Asia Pacific Index fell as much as 0.3%, with Chinese pharmaceutical stocks among the biggest losers. Benchmarks in Taiwan, Singapore, India and Vietnam gained.
- Stocks in China were under pressure after authorities widened an anti-graft crackdown on the healthcare sector. The CSI 300 Healthcare Index declined by the most in nine months. Hang Seng and Shanghai Comp conformed to the subdued mood with mixed fortunes in Chinese developers clouding over the gains in energy and with participants cautious heading into upcoming key releases including the trade data on Tuesday followed by inflation figures on Wednesday.
- Nikkei 225 initially suffered from early selling after it gapped beneath the 32,000 level at the open but then staged a recovery and returned to above the aforementioned key psychological level.
- ASX 200 was marginally lower amid weakness in healthcare, financials and tech heading into a busy week of earnings including Australia’s largest lender CBA which is set to report on Wednesday.
“It is too early to say whether the pharma crackdown will weigh on the markets. However, it is possible that it could lead to increased uncertainty and volatility in the short term,” said Manish Bhargava, a fund manager at Straits Investment Holdings in Singapore. Investors are also assessing the mixed US jobs report.
In FX, the Bloomberg Dollar Spot Index is up 0.1% as markets weighed the economic outlook for the US and hawkish commentary from Federal Reserve Governor Michelle Bowman. The Swedish krona is the weakest, followed by the Swiss franc. USD/JPY rose 0.4% snapping three days of losses as the yield differential continues to weigh on the Japanese currency. EUR/USD slides 0.3% as German industrial production data slumped to a six-month low.
In rates, Treasuries were cheaper across the curve after yields tanked on Friday, following similar losses in long-end European rates, where German 30-year yields rise to highest since January 2014. Treasury yields cheaper by 6bp to 7bp across the curve with 10- year yields sitting around 4.11%, paring much of Friday’s sharp rally. The US Treasury curve bear flattened after weekend comments from the Fed’s Bowman, who said that more rate hikes are likely needed, appear to weigh on Treasuries; two-year yields are up 8bps. Gilts lag behind by around 1bp in the sector while bunds marginally outperform — German 2-year yields remain richer by almost 4bps on the day, rallying after the Bundesbank said it would stop paying interest on domestic government deposits, while 10-year borrowing costs rise 2bps. Dollar IG issuance slate contains three deals already; syndicate desks are projecting around $30 billion in new bond sales this week. Treasury auctions resume Tuesday with $42bn 3-year note sale, followed by $38bn 10-year Wednesday and $23b 30-year bond sale Thursday.
In commodities, crude futures decline, with WTI falling 0.7% to trade near $82.30. Wheat futures rise 2.5% after Ukrainian drone attacks on a Russian naval vessel and oil tanker. Spot gold falls 0.3%.
It’s a quiet calendar today, with earnings season dying down while the only event on the economic calendar is consumer credit at 3pm ET.
Market Snapshot
S&P 500 futures up 0.3% to 4,513.50
Brent Futures down 0.4% to $85.91/bbl
Gold spot down 0.4% to $1,934.67
U.S. Dollar Index up 0.27% to 102.29
Top Overnight News
- President Joe Biden is expected to issue his long-awaited executive order to screen outbound investments in sensitive technologies to China early next week, according to people familiar with the matter. RTRS
- US companies are accelerating efforts to reduce their dependency on Chinese suppliers as tensions between the two countries escalate. Washington Post
- Japanese civil servants may see the biggest base salary increases in more than two decades, following historic pay hikes in the private sector agreed during spring wage negotiations. The National Personnel Authority recommended Monday that average monthly salaries of public servants be increased by around 2.7% in the current fiscal year. This includes a base pay hike of 0.96%, the largest such increase in 26 years. BBG
- Ukraine launched more drone attacks on Russia over the weekend, crippling a naval vessel and an oil tanker. Significantly higher insurance and shipping costs are likely to follow for Moscow, along with increased risk to global markets. Talks between Ukraine and its allies to end the war brought few tangible developments. BBG
- Rising US fuel prices are triggering alarm in Washington just as President Joe Biden steps up his bid for re-election by touting lower inflation and the strength of the US economy. FT
- Fed’s Williams gives an extensive interview to the NYT and says rate cuts are possible in 2024 given the trajectory of inflation (Williams notes that real rates will continue moving up as inflation cools, which means the Fed will have to lower the Funds Rate in order to prevent overtightening). NYT
- Rising US fuel prices are triggering alarm in Washington just as President Joe Biden steps up his bid for re-election by touting lower inflation and the strength of the US economy. FT
- Ron DeSantis promised a reset of his presidential campaign. Many of his campaign staffers are still waiting. Several aides believe the Republican candidate’s bid lacks a coherent strategy and message, according to people familiar with the campaign. BBG
- Apple is bulking up its expertise in generative AI to adapt it for iPhones and iPads, as the world’s biggest company by market value seeks to take advantage of the technology that has taken the industry by storm this year. FT
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks began the week mostly negative following on from last Friday’s late retreat on Wall St as Apple shares extended on their losses post-earnings and as the regional bourses reacted to the weaker NFP and firmer-than-expected US hourly earnings. ASX 200 was marginally lower amid weakness in healthcare, financials and tech heading into a busy week of earnings including Australia’s largest lender CBA which is set to report on Wednesday. Nikkei 225 initially suffered from early selling after it gapped beneath the 32,000 level at the open but then staged a recovery and returned to above the aforementioned key psychological level. Hang Seng and Shanghai Comp conformed to the subdued mood with mixed fortunes in Chinese developers clouding over the gains in energy and with participants cautious heading into upcoming key releases including the trade data on Tuesday followed by inflation figures on Wednesday. Chinese FX Reserves (Monthly) (Jul 2023) 3.204Trl vs. Exp. 3.2Trl (Prev. 3.193Trl).
Top Asian News
- China’s biggest mutual funds are nearing government limits on offshore investment as they seek higher returns abroad amid slower domestic growth, according to FT.
- EU trade chief Dombrovskis is to push China on barriers to exports and hopes to address very unbalanced ties after a surge in Chinese imports, according to FT.
- The Philippines condemned China’s Coast Guard for firing a water cannon at its vessels in the disputed South China Seas which it said was illegal and dangerous, while China said it took necessary controls against Philippines boats which ‘illegally’ entered its waters according to AFP. Furthermore, the US Embassy in the Philippines said that they stand with Philippine allies in the face of dangerous actions by China’s Coast Guard and maritime militia to obstruct a Philippine resupply mission, while Global Times’s Hu Xijin tweeted that the more US supports it, the more determined the Chinese Coast Guard will be to drive away Philippine vessels that illegally intrude.
- BoJ Summary of Opinions from the July meeting stated the Bank needs to patiently continue with monetary easing toward achieving the price stability target and in order to achieve the price stability target of 2% in a sustainable and stable manner, it is necessary for the Bank to keep supporting the momentum for wage hikes through the continuation of monetary easing. Furthermore, it was stated that given that there are increasingly significant upside and downside risks to the outlook for prices, it is appropriate for the Bank to conduct yield curve control with greater flexibility in order to respond to these risks.
European bourses are under modest pressure with the overall tone relatively indecisive with a summer feel to markets, Euro Stoxx 50 -0.3%. Sectors are mixed but with the breadth relatively narrow and individual stock specifics somewhat limited. Stateside, futures are in the green and feature some slight outperformance in the NQ after marked pressure last week; ES +0.3%, NQ +0.4%.
Top European News
- City of London is urging the BoE to delay bank capital rules until mid-2025 with bankers arguing that regulatory divergence would affect the UK’s ability to compete with the US, according to FT.
- UK businesses urge PM Sunak to reverse the increase in visa fees for skilled workers and warned that the additional costs of hiring from overseas would hamper efforts to plug staff shortages, according to FT.
- European companies reportedly suffered a EUR 100bln hit from Russian operations in which energy and utility groups reported over half of the combined losses, according to an analysis by FT on the direct impact of the Ukrainian war.
- EU Foreign Affairs Minister Borrell says he has discussed with China’s Foreign Minister Yi the upcoming strategic dialogue within Beijing in preparation for the EU-China summit, exchanged views on Niger and the Jeddah meeting re. Ukraine.
FX
- A firm start to the week for the broader Dollar and index following Friday’s post-NFP selloff which, at the time, was attributed to unwind of the acute bond selloff earlier last week.
- Antipodeans are the relative outperformers but are essentially unchanged with the AUD within Friday’s 0.6540-6609 boundaries and NZD on either side of 0.6100.
- Havens are lagging as USTs/EGBs retreat and yield-differentials become unfavourable while the EUR was unreactive to better-then-expected Sentix after another soft German release.
- PBoC set USD/CNY mid-point at 7.1380 vs exp. 7.1656 (prev. 7.1418)
Fixed Income
- Core benchmarks have come under modest pressure throughout the European morning with specific catalysts light and well within Friday’s boundaries thus far ahead of US supply.
- USTs pressured by remarks from Fed’s Bowman who remarked that more US hikes will likely be needed. More recently, little reaction to a lengthy release from Fed’s Williams who expressed little preference on September and remarked they are pretty close to the peak rate.
- Bunds are at the low-end of 131.85-132.39 parameters, a range that eclipsed Friday’s peak by a handful of ticks but still has some way to go before last week’s/Friday’s 131.12 trough.
- Gilts are directionally in-fitting with the above but with magnitudes slightly more pronounced as the benchmark posts downside of circa. 45 ticks.
Crude
- Crude benchmarks are in the red with WTI Sep’23 below USD 82.00/bbl and Brent sub-85.50/bbl, action which comes on the back of the pressured risk sentiment.
- Spot gold and base metals are under USD-induced pressure with limited fundamental drivers in play at this point.
- Saudi Arabia set September Arab light crude OSP to Asia at + USD 3.50/bbl vs Oman/Dubai and to Northwest Europe at USD + 5.80/bbl vs ICE Brent, while it set light crude OSP to the US at + USD 7.25/bbl vs ASCI, according to Reuters.
- Saudi Aramco CEO says their mid-to-long term view remains unchanged; Aramco also intends to increase gas production capacity to meet domestic demand growth; despite economic headwinds, they see positive signals that global demand remains resilient. China’s demand has been stronger than expected. Chinese demand is expected to grow and support the current market recovery. Seeing signs of recovery of the economy in H2, still room for aviation recovery further.
- Thai Commerce Minister says there is no need to ban Thai rice exports; Thai rice exports to benefit from India’s rice export ban.
Geopolitics
- Ukrainian intelligence source said a sea drone struck a Russian tanker in a joint operation between Ukraine’s security service and navy, according to Reuters.
- Russian Defence Ministry said it struck Ukrainian air bases in Rivne, according to Broadcaster Geo Media. Russia’s Defence Ministry also said Russia scrambled a Su-30 jet due to a US reconnaissance drone over the Black Sea, according to Ifax.
- Russian Deputy Foreign Minister said Russia has the military and technical capabilities to eliminate threats to security in the Black Sea, according to TASS.
- Russian Foreign Ministry spokeswoman said Russia strongly condemns a Ukrainian ‘terrorist attack’ on a Russian civilian vessel in the Kerch Strait and that Russia will respond to Ukraine’s ‘terrorist attacks’, according to TASS.
- Moscow’s Mayor said a Ukrainian drone was destroyed by air defences on approach to Moscow, according to Ifax. It was separately reported that Moscow’s Vnukova Airport suspended flights although no reason was given, according to TASS.
- Participants in the Jeddah meeting regarding the Ukrainian conflict underlined the importance of continuing consultations to build common ground that will pave the way for peace, according to the statement by Saudi Arabia cited by Reuters. Furthermore, Ukraine’s allies were buoyed by the ‘constructive’ China signals with Beijing positive on engaging in future negotiations on finding a resolution to the war, according to FT.
- Turkey’s Foreign Minister discussed the Black Sea Grain initiative during a phone call with US Secretary of State Blinken, according to a Turkish Foreign Ministry source.
- Explosions were heard over the vicinity of Syria’s Damascus as Syrian air defences confronted Israeli aggression which resulted in the deaths of four Syrian soldiers according to state TV.
- UK’s government is split regarding listing Iran’s Revolutionary Guard as terrorists, according to FT.
- North Korean leader Kim gave field guidance at a major munitions factory, while he inspected factory manufacturing engines for strategic cruise missiles and unmanned aerial vehicles, according to KCNA.
US Event Calendar
- 15:00: June Consumer Credit, est. $13.6b, prior $7.24b
DB’s Jim Reid concludes the overnight wrap
We had two US payrolls and two inflation releases to get through before the next FOMC in September and although the first of these on Friday was a mixed affair, it did trigger a big rally across the US rate curve with 2yr and 10yrs -11.7bps and -14.1bps tighter, respectively, on the day even if yields were still higher at the long-end on the week. We’ll review the main payroll highlights below but with that out the way we move on to the next big one, namely US CPI on Thursday. PPI follows fast behind on Friday alongside the University of Michigan consumer survey which contains the all-important inflation expectations series. In Europe, the focus will be on GDP numbers in the UK (Friday), industrial production in Germany (today), the ECB’s Consumer Expectations Survey (tomorrow) and China CPI/PPI (Wednesday). Corporate earnings wind down quite sharply with 33 S&P 500 and 55 Stoxx 600 companies reporting this week.
Before we preview CPI, its worth reviewing what our economics team thought about payrolls given the huge rates move, albeit in context of a week where rates went up a lot earlier in the week. The gains in both headline (+187k vs. +185k last) and private (+172k vs. +128k last) payrolls were pretty much in line with our forecast of +175k on both. As our economists’ highlight in their weekly preview here, as has been the case recently, most of the job gains came from private education and health services as well as leisure and hospitality, which together grew by +117k. Some of the leading indicator industries showed job losses, namely manufacturing (-2k), transportation and warehousing (-8k), and temporary help services (-22k). Temp help data only goes back a few decades but declines have been a good lead indicator in the past. There was also some talk of this being the sixth successive month where we’ve had downward revisions to the prior month, something that has happened in the past around labour market turning points.
There was also a one-tenth decline in average weekly hours. This, combined with the moderating pace of job growth, has aggregate hours worked unchanged over the last six months. While average hourly earnings (AHEs) surprised again to the upside (+0.4% vs. +0.4%, a tenth high than expected), the year-over-year growth rate of our economists’ nominal wage income proxy (private payrolls times average weekly hours times average hourly earnings) declined from 6.3% to 5.7%, much closer to the average of 4.6% that prevailed from 2015 to 2019. However, the unemployment rate fell back down a tenth to 3.5% while the U-6 underemployment rate unwound its two-tenths rise in June, falling to 6.7%. Wage growth is also not trending towards the 3% that Chair Powell cited as being consistent with their inflation target. Indeed, year-over-year growth in AHEs seems to have stalled out around 4.3-4.4%, where it has hovered since the beginning of the year. Short-term trends also show some signs of re-acceleration, with the three-month annualised change at 4.8%. For more see our economists’ labour market chartbook: “July Jobs: Same song, different verse?”.
In conclusion there was no real conclusion from the report. There was something for everyone. Unless there’s a sudden shock though, any path to a hard landing is likely to be via signs of a soft landing first but the bulls will say that’s where it will stop. You pays your money and you takes your choice.
So next stop is US CPI on Thursday. One thing to bear in mind for inflation over the next few months is the +15.8% gain in the WTI crude price last month. Gasoline prices are rising fast too. Too early perhaps to make much inroads yet but a complication if prices stay elevated. In fact, for now, with seasonally adjusted gas prices down a bit from June, our economists expect a slightly weaker headline (+0.17% forecast vs. +0.18% previously) reading relative to core (+0.21% vs. +0.16%). This would equate to 4.8% YoY for core (though it is very close to rounding down to 4.7%), however, shorter-term trends should show significant improvement. The three-month annualised rate should fall by about 80bps to 3.3%, while the six-month annualised rate should fall by 40bps to 4.2%, both the lowest in over two years.
With regards to the ever-important core services excluding rent and medical services sector, last month’s data showed significant progress. This category posted the second-lowest monthly print in the last 21 months (unch.), though much of this weakness was due to a sharp -8.1% drop in airfares. Our economists explain that this decline brings airfares back to pre-pandemic levels, so is that normality returning or was last month an anomaly. We will see.
Staying with inflation, China CPI and PPI numbers on Wednesday are interesting as the country sits on the brink of consumer price deflation with the latest readings printing 0.0% for the CPI and -5.4% for the PPI YoY. Current median estimates on Bloomberg point to a -0.5% YoY CPI and -4.0% YoY PPI reading.
Asian equity markets are largely trading lower at the start of the week but US futures are rebounding. As I check my screens, Chinese stocks are leading losses with the CSI (-0.77%) the biggest underperformer followed by the Shanghai Composite (-0.60%) and the Hang Seng (-0.28%) as markets grow a bit impatient over the lack of major stimulus steps from Beijing. Elsewhere, the KOSPI (-0.22%) is also in the red while the Nikkei (-0.02%) is paring earlier losses. Outside of Asia, S&P 500 (+0.40%) and NASDAQ 100 (+0.57%) futures are higher, after coming off their worst week since March. Meanwhile, yields on 2yr and 10yr USTs are +4.4bps and +2.4bps higher, respectively, reversing some of Friday’s declines as we go to print.
Looking back on last week now, and even with a volatile rates week, expectations for the next Fed meeting in September didn’t change much, falling by -1.0bps on Friday and -1.5bps on the week.
All the fun and games was at the longer end. US 10yr Treasury yields fell back -14.1bps on Friday, but still ended the week +8.4bps higher after the earlier sell-off following the US credit rating downgrade by Fitch and higher refunding announced by the US Treasury. The 2yr yield likewise fell -11.6bps on Friday but was down by -11.2bps on the week. A twist steepening thus remained the main story, with the 2s10s curve +19.6bps steeper on the week at -73.7bps (but -2.9bps on Friday). The 30yr yield was up +19.0bps on the week despite a -9.0bp rally on Friday. Over in Europe, the moves were similar in direction if smaller in magnitude, with 10yr bunds selling off by +6.8bps on the week despite Friday’s rally (-4.2bps).
In equity markets, a sell-off in the US session left the S&P 500 down for the fourth day in a row on Friday (-0.53%), leaving it with a -2.27% weekly decline, the sharpest since the SVB crisis in early March. Tech likewise struggled last week as the NASDAQ fell back -2.85% on the week (-0.36% on Friday). The index was weighed down by Apple, which fell by -4.80% on Friday, although this was largely offset by Amazon’s strong +8.27% gain, after the two mega caps reported results the previous evening. European equities saw a similarly underwhelming week, with the STOXX 600 down -2.44% despite gaining on Friday (+0.29%).
Lastly, in commodities, oil continued its upward march last week, propelled upwards by Saudi Arabia’s fresh announcement of voluntary cuts earlier in the week to reach its sixth consecutive week of gains. WTI crude gained +2.78% week-on-week (and +1.56% on Friday) to $82.82/bbl. Brent crude rose +1.47% (and +1.29% on Friday) to $86.24/bbl. Rising US yields and the overall risk-off sentiment weighed on the industrial metals market, as the Bloomberg index of industrial metals fell -1.25% week-on-week (and -0.41% on Friday).
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
EUROPE
US futures remain bid despite a tentative APAC/EU tone; Fed speak due – Newsquawk US Market Open
MONDAY, AUG 07, 2023 – 05:55 AM
- European bourses are pressured with fresh drivers light and price action continuing from subdued APAC trade
- Stateside, futures are more constructive with the NQ leading despite yield upside given last week’s pressure
- DXY is bid to the detriment of G10 peers with havens lagging as yields lift
- Debt dips with Central Bank speak taking centre stage; Bowman said more hikes likely while Williams said we are pretty close to peak rate
- Commodities in the red given the overall tone and USD strength
- Looking ahead, highlights include Speeches from BoE’s Pill, Fed’s Bostic, Harker & Bowman.
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EUROPEAN TRADE
EQUITIES
- European bourses are under modest pressure with the overall tone relatively indecisive with a summer feel to markets, Euro Stoxx 50 -0.3%.
- Sectors are mixed but with the breadth relatively narrow and individual stock specifics somewhat limited.
- Stateside, futures are in the green and feature some slight outperformance in the NQ after marked pressure last week; ES +0.3%, NQ +0.4%.
- Click here for more detail.
- Click here and here for a recap of the main European equity updates.
FX
- A firm start to the week for the broader Dollar and index following Friday’s post-NFP selloff which, at the time, was attributed to unwind of the acute bond selloff earlier last week.
- Antipodeans are the relative outperformers but are essentially unchanged with the AUD within Friday’s 0.6540-6609 boundaries and NZD on either side of 0.6100.
- Havens are lagging as USTs/EGBs retreat and yield-differentials become unfavourable while the EUR was unreactive to better-then-expected Sentix after another soft German release.
- PBoC set USD/CNY mid-point at 7.1380 vs exp. 7.1656 (prev. 7.1418)
- Click here for more detail.
- Click here for the Option Expires for the NY Cut.
FIXED INCOME
- Core benchmarks have come under modest pressure throughout the European morning with specific catalysts light and well within Friday’s boundaries thus far ahead of US supply.
- USTs pressured by remarks from Fed’s Bowman who remarked that more US hikes will likely be needed. More recently, little reaction to a lengthy release from Fed’s Williams who expressed little preference on September and remarked they are pretty close to the peak rate.
- Bunds are at the low-end of 131.85-132.39 parameters, a range that eclipsed Friday’s peak by a handful of ticks but still has some way to go before last week’s/Friday’s 131.12 trough.
- Gilts are directionally in-fitting with the above but with magnitudes slightly more pronounced as the benchmark posts downside of circa. 45 ticks.
- Click here for more detail.
COMMODITIES
- Crude benchmarks are in the red with WTI Sep’23 below USD 82.00/bbl and Brent sub-85.50/bbl, action which comes on the back of the pressured risk sentiment.
- Spot gold and base metals are under USD-induced pressure with limited fundamental drivers in play at this point.
- Saudi Arabia set September Arab light crude OSP to Asia at + USD 3.50/bbl vs Oman/Dubai and to Northwest Europe at USD + 5.80/bbl vs ICE Brent, while it set light crude OSP to the US at + USD 7.25/bbl vs ASCI, according to Reuters.
- Saudi Aramco CEO says their mid-to-long term view remains unchanged; Aramco also intends to increase gas production capacity to meet domestic demand growth; despite economic headwinds, they see positive signals that global demand remains resilient. China’s demand has been stronger than expected. Chinese demand is expected to grow and support the current market recovery. Seeing signs of recovery of the economy in H2, still room for aviation recovery further.
- Thai Commerce Minister says there is no need to ban Thai rice exports; Thai rice exports to benefit from India’s rice export ban.
- Click here for more detail.
NOTABLE US HEADLINES
- Fed’s Bowman (voter) said more US rate hikes will likely be needed and that they should remain willing to raise the federal funds rate at a future meeting if incoming data indicate progress on inflation has stalled, while she added that monetary policy is not on a preset course, according to Reuters.
- Fed’s Williams (voter) “don’t have any preference of what we need to do at a future meeting, because I think it’s going to really going to be driven by the progress we’re making in managing those goals and managing those risks” when asked on September. “I think we’ve got monetary policy in a good place, it is definitely restrictive…”. Adds, “the debate is really about: Do we need to do another rate increase? Or not?” adds “Now, that could change, depending on the data. I think we’re pretty close to what a peak rate would be.”. “… how long will we need to keep policy in a restrictive stance, and what does that mean.” Click here for the full release via NY Times.
- Click here for the US Early Morning note.
NOTABLE EUROPEAN HEADLINES
- City of London is urging the BoE to delay bank capital rules until mid-2025 with bankers arguing that regulatory divergence would affect the UK’s ability to compete with the US, according to FT.
- UK businesses urge PM Sunak to reverse the increase in visa fees for skilled workers and warned that the additional costs of hiring from overseas would hamper efforts to plug staff shortages, according to FT.
- European companies reportedly suffered a EUR 100bln hit from Russian operations in which energy and utility groups reported over half of the combined losses, according to an analysis by FT on the direct impact of the Ukrainian war.
- EU Foreign Affairs Minister Borrell says he has discussed with China’s Foreign Minister Yi the upcoming strategic dialogue within Beijing in preparation for the EU-China summit, exchanged views on Niger and the Jeddah meeting re. Ukraine.
DATA RECAP
- EU Sentix Index (Aug 2023) -18.9 vs. Exp. -24.3 (Prev. -22.5)
- German Industrial Output MM (Jun 2023) -1.5% vs. Exp. -0.5% (Prev. -0.2%); YY SA (Jun) -1.83% (Prev. 0.82%, Rev. 0.10%)
- Swiss Unemployment Rate Adjusted (Jul 2023) 2.1% vs. Exp. 2.0% (Prev. 2.0%); Unadjusted 1.9% vs. Exp. 1.9% (Prev. 1.9%)
- UK Halifax House Prices MM (Jul 2023) -0.3% (Prev. -0.1%); YY (Jul) -2.40% (Prev. -2.60%); expects UK house prices to continue to fall into next year.
GEOPOLITICS
- Ukrainian intelligence source said a sea drone struck a Russian tanker in a joint operation between Ukraine’s security service and navy, according to Reuters.
- Russian Defence Ministry said it struck Ukrainian air bases in Rivne, according to Broadcaster Geo Media. Russia’s Defence Ministry also said Russia scrambled a Su-30 jet due to a US reconnaissance drone over the Black Sea, according to Ifax.
- Russian Deputy Foreign Minister said Russia has the military and technical capabilities to eliminate threats to security in the Black Sea, according to TASS.
- Russian Foreign Ministry spokeswoman said Russia strongly condemns a Ukrainian ‘terrorist attack’ on a Russian civilian vessel in the Kerch Strait and that Russia will respond to Ukraine’s ‘terrorist attacks’, according to TASS.
- Moscow’s Mayor said a Ukrainian drone was destroyed by air defences on approach to Moscow, according to Ifax. It was separately reported that Moscow’s Vnukova Airport suspended flights although no reason was given, according to TASS.
- Participants in the Jeddah meeting regarding the Ukrainian conflict underlined the importance of continuing consultations to build common ground that will pave the way for peace, according to the statement by Saudi Arabia cited by Reuters. Furthermore, Ukraine’s allies were buoyed by the ‘constructive’ China signals with Beijing positive on engaging in future negotiations on finding a resolution to the war, according to FT.
- Turkey’s Foreign Minister discussed the Black Sea Grain initiative during a phone call with US Secretary of State Blinken, according to a Turkish Foreign Ministry source.
- Explosions were heard over the vicinity of Syria’s Damascus as Syrian air defences confronted Israeli aggression which resulted in the deaths of four Syrian soldiers according to state TV.
- UK’s government is split regarding listing Iran’s Revolutionary Guard as terrorists, according to FT.
- North Korean leader Kim gave field guidance at a major munitions factory, while he inspected factory manufacturing engines for strategic cruise missiles and unmanned aerial vehicles, according to KCNA.
APAC TRADE
- APAC stocks began the week mostly negative following on from last Friday’s late retreat on Wall St as Apple shares extended on their losses post-earnings and as the regional bourses reacted to the weaker NFP and firmer-than-expected US hourly earnings.
- ASX 200 was marginally lower amid weakness in healthcare, financials and tech heading into a busy week of earnings including Australia’s largest lender CBA which is set to report on Wednesday.
- Nikkei 225 initially suffered from early selling after it gapped beneath the 32,000 level at the open but then staged a recovery and returned to above the aforementioned key psychological level.
- Hang Seng and Shanghai Comp conformed to the subdued mood with mixed fortunes in Chinese developers clouding over the gains in energy and with participants cautious heading into upcoming key releases including the trade data on Tuesday followed by inflation figures on Wednesday.
- Chinese FX Reserves (Monthly) (Jul 2023) 3.204Trl vs. Exp. 3.2Trl (Prev. 3.193Trl).
NOTABLE ASIA-PAC HEADLINES
- China’s biggest mutual funds are nearing government limits on offshore investment as they seek higher returns abroad amid slower domestic growth, according to FT.
- EU trade chief Dombrovskis is to push China on barriers to exports and hopes to address very unbalanced ties after a surge in Chinese imports, according to FT.
- The Philippines condemned China’s Coast Guard for firing a water cannon at its vessels in the disputed South China Seas which it said was illegal and dangerous, while China said it took necessary controls against Philippines boats which ‘illegally’ entered its waters according to AFP. Furthermore, the US Embassy in the Philippines said that they stand with Philippine allies in the face of dangerous actions by China’s Coast Guard and maritime militia to obstruct a Philippine resupply mission, while Global Times’s Hu Xijin tweeted that the more US supports it, the more determined the Chinese Coast Guard will be to drive away Philippine vessels that illegally intrude.
- BoJ Summary of Opinions from the July meeting stated the Bank needs to patiently continue with monetary easing toward achieving the price stability target and in order to achieve the price stability target of 2% in a sustainable and stable manner, it is necessary for the Bank to keep supporting the momentum for wage hikes through the continuation of monetary easing. Furthermore, it was stated that given that there are increasingly significant upside and downside risks to the outlook for prices, it is appropriate for the Bank to conduct yield curve control with greater flexibility in order to respond to these risks.
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 19.25 PTS OR 0.59% //Hang Seng CLOSED DOWN 1.59 PTS OR 0.01% /The Nikkei CLOSED UP 61.81 PTS OR 0.19% //Australia’s all ordinaries CLOSED DOWN 0.21 % /Chinese yuan (ONSHORE) closed DOWN 7.1897 /OFFSHORE CHINESE YUAN DOWN TO 7.1970 /Oil UP TO 82.08 dollars per barrel for WTI and BRENT UP AT 85.51 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
////SOUTH KOREA/NORTH KOREA/
END
2e) JAPAN
JAPAN
3 CHINA /
CHINA/
Public Anger Grows After Floodwaters Deliberately Diverted To Save China’s Capital
BY TYLER DURDEN
MONDAY, AUG 07, 2023 – 12:45 PM
Authored by Alex Wu via The Epoch Times (emphasis ours),
Many towns in China’s Hebei Province have sustained severe flooding due to the Chinese communist regime’s deliberate use of the locales as a “moat” to protect China’s capital city of Beijing and the new political hub of Xiong’an, following the strongest storm in northern China in years.
The storm, super typhoon Doksuri, reached northern China on July 29 and was the strongest to hit Beijing and the surrounding areas in Hebei Province in 140 years, triggering flash floods and landslides.
Provincial officials said on Aug. 3 that the floodwaters might take a month to completely recede. According to state media CCTV, modeling estimated that another 300 million to 400 million cubic meters of water needed to flow to the ocean.
On July 31, flash floods were reported in the municipality of Beijing, a centrally administered region surrounded by Hebei Province, and by Aug. 1, eight reservoirs in the city began discharging water at the same time.
Situated between Beijing and Xiong’an, the city of Zhuozhou and its nearby areas—home to about 1 million people—were subsequently flooded as authorities decided to sacrifice the regions as a “flood storage zone.” A large number of people were trapped in fast-rising floodwaters as many people were given only two hours to evacuate on Aug. 1 or didn’t receive the evacuation order. Villages, towns, and vast farmlands were quickly submerged by the floodwaters.
Li Guoying, China’s water resources minister, on Aug. 1 publicly required “ensuring the absolute safety of capital Beijing, Daxing International Airport, and Xiong’an New Area against the flood.” Ni Yuefeng, head of Hebei Province, pledged on state media on Aug. 2 that in order to reduce the pressure on Beijing’s flood controls, the province would resolutely be the “moat” for the capital. The official statements sparked public anger.
A staff member from the Zhuozhou Emergency Management Bureau conceded on July 31 that flood discharge from Beijing was one of the reasons for the significant rise in water levels in the regional city, mainland Chinese outlet Southern Weekend reported on Aug. 1.
That triggered mass public outrage and protest.
Calls for Help
Since Aug. 1, residents in Zhuozhou have been sending urgent messages for help on social media.
Local residents told the Chinese language Epoch Times that on Aug. 1, all of Zhuozhou was inundated by the floodwater discharge. In addition to communications, water, electricity, and transportation were cut off, they said.
By Aug. 2, floodwaters had reached Bazhou, which is about 130 kilometers (about 80 miles) downstream from Zhuozhou and 40 kilometers (almost 25 miles) upstream of the major of Tianjin, destroying many homes and properties, and leaving tens of thousands homeless.
Videos on mainland Chinese platform Feidian posted on Aug. 3 showed that independent volunteer rescue teams had arrived in Zhuozhou, and could only move around by boat. Rescuers said that the floodwater on average was 7 to 8 meters (23 to 26 feet) deep, with the deepest areas reaching 12 meters.
Hebei’s ‘Man-Made’ Disaster
Wang Weiluo, a hydrology expert now based in Germany, told The Epoch Times on Aug. 3 that if authorities in Beijing hadn’t diverted water to Zhuozhou to protect the new Xiong’an district, the rural city and its surrounding regions wouldn’t have experienced such disastrous flooding.
Mr. Wang said that, while floodwater discharge from the reservoirs in Beijing’s Fangshan and Mentougou districts was needed to prevent the dams from collapsing, after Aug. 1, “eight reservoirs in Beijing began to release flood water” in controlled discharges.
He explained that the water from Beijing usually has two routes to flow to the ocean—neither of which passes through Zhuozhou.
“One … flows down from Yongding River to Langfang in Hebei, then passes through Tianjin to the Bohai Sea; the other one flows down from the Daqing River, usually passing through Xiong’an to Baiyangdian, and then enters the Bohai Sea,” he said.
Mr. Wang added that in order to protect Xiong’an, the new political hub planned by Chinese Communist Party (CCP) leader Xi Jinping, authorities ordered the creation of a new but less efficient flood storage area in Zhuozhou to reduce pressure on Xiong’an.
“That’s why the official said that the flood discharge will last for another month, and you should not go home for one month. It doesn’t mean that you can go home when the rain stops,” he said.
Mr. Wang estimated that some other areas in Hebei Province beyond Zhuozhou like Baoding (about 60 miles to the southwest), and even Shijiazhuang (about 150 miles to the southwest) and Xingtai (about 125 miles to the south), may have even worse flooding than Zhuozhou. The reason why Zhuozhou has received so much attention is that locals there posted news of the flooding on social media first, he said—before the CCP’s internet censors kicked in.
On Aug. 5, more than 600,000 of Baoding’s 11.5 million residents were ordered to evacuate.
Ten deaths have since been reported in Baoding, and at least 18 people have also been reported missing. Chinese authorities have officially reported a total of 30 deaths from the floods, with at least 26 missing as of Aug. 5. However, the actual number of casualties is feared to be much higher, given the regime’s history of underreporting numbers to save face.
Read more here…
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
EU
end
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
RUSSIA
Not surprising! Russia’s economy is projected to grow despite the war and Western sanctions
DeCamp/Antiwar.com)
Russia’s Economy Projected To Grow Despite Western Sanctions
SUNDAY, AUG 06, 2023 – 09:20 AM
Authored by Dave DeCamp via AntiWar.com,
The International Monetary Fund has said it expects the Russian economy to grow by 1.5% this year despite the US-led Western sanctions campaign against the country, which President Biden once vowed would “turn the ruble into rubble.”
The Russian economy shrank by 2.1% last year, but it has bounced back as Russia is adjusting to the sanctions. The Wall Street Journal this week called the economic war a “stalemate,” comparing it to the situation on the battlefield in Ukraine.
The report said the sanctions initially made it harder for Russia to acquire microchips and other technical components, but Moscow then found sanctions loopholes through neighboring countries. Russia has also had no problems selling its oil as its found new markets in India and elsewhere in Asia.
The Journal cited analysts who said the sanctions will hurt Russia in the long term, but Moscow continues to forge stronger ties and significantly increase trade with China.
An alternative to the US-dominated global financial system is slowly being formed by Russia, China, and other countries targeted with US sanctions.
The US has successfully crushed the economies of smaller countries with sanctions, but the sanctions on Russia were the harshest imposed on such a large economy.
[ZH: Russia’s unemployment rate is now lower than Bidenomics has achieved…]
US sanctions on smaller nations are losing some of their power as China and Russia offer alternative markets.
For example, Iranian oil sales in 2022 exceeded those in 2016 before the US withdrew from the nuclear deal in 2018 and reimposed sanctions on the country. Most of the new Iranian oil sales have been to China.
* * *
As this trend continues, people will start asking the hard questions…
END
TURKEY
Huge explosion at a Turkish gain silo
(zerohedge)
‘Felt Like Earthquake’: Explosion Rocks Turkish Port Full Of Grain
MONDAY, AUG 07, 2023 – 09:00 AM
Footage on social media shows a major explosion rocked a silo facility at the Port in Derince, Turkey. Reports say the facility is a storage area for wheat.
Bloomberg said the explosion occurred around 1400 local time in storage units owned by the country’s grain agency, known as Turkish Grain Board. Other reports say the blast happened in an elevator while loading a bulk carrier with grain. Nothing has yet to be confirmed.
The Mirror reports:
The cause of the explosion at the port in Kocaeli’s Derince district is still unknown as residents reported their home shaking and footage shows thick plumes of black smoke billowing for miles. Five people have been injured, according to the local fire service.
Local Mayor Zeki Aygün said, “My office is about 1 km away and I felt an earthquake. We have five injured people right now. Friends are working. We know that there was an explosion. The bottom of the two silos I saw was opened.”
Here’s more video of the incident:
CNN TÜRK reporter Hasret Kaya said in a live broadcast:
“One of the wheat silos exploded. It is thought to have happened while a ship was buying wheat at that point. It is thought that it took place quickly due to the wheat silo, but whether there was periodic maintenance we do not know. The authorities have not yet made a statement. This will be clarified in the coming period. This is the information we have received from the region.”
Traders have reacted slowly to the developments as wheat futures remain muted.
The blast at Derince might add more food insecurity woes after Russia terminated the Black Sea Grain deal last month. In response, Ukraine has threatened to target Russian ships.
END
RUSSIA
Robert H
New Short-Range Missiles for Su-57 Outpace US Developments
Part of having realism to have objective thought is the ability to detach from hyperbole and balderdash to analyze without emotion. When you look at what the Russians are accomplishing in face of sanctions and war, it is remarkable. Remarkable because almost in each category of science and modernization they are leaping forward beyond what the West is doing. This should be a wake up call to the West to look in the mirror and man up. And the scariest item is Russian ability to increase their industrial capacity to produce real goods and not financial ones. All nations ultimately are measured by industrial output and not financial prowess. Because when the two meet industrialization always wins over financial engineering. Yes, a farmer or factory worker or engineer or mechanic is more valuable than an Investment Banker on Wall Street. It is part of the disease of irrelevance today in layoffs as such financial skills fall to real productivity engineering skills. It is simply an equilibrium of balance at work. Even politics is losing to the common man who produces in-spite of politics. Western historical dominance went from industrialization to finance to enrich a few at the expense of a majority. Historically, this is the path of many a failed or fallen empire. Just look at Roman history or Greek history. How this ends remains to be seen as the pendulum is in swing.
Why one might ask? Because the West is falling behind not in months but many years of development time. At a time when capital is being wasted on greed and thievery coupled with pork belly product development. If anything, this conflict in Ukraine has demonstrated a deficiency in Western military systems and a tactical mediocracy that is being paid for in wasted Ukrainian blood. And while many enablers celebrate their winnings in graft, decay grows, limiting future capital deployment and future technological development.
In 2024, 60 of these SU57’s will be delivered for combat duty along with these latest missile systems. Does anyone ponder what it means in a dogfight if you can launch a missile that turns upon your opponent coming up your backside? How does a F-35 outrun such missiles with defective engines that overheat? How can anyone accept that throwing money at a flawed plane stripping competitive ability to compete is a sign of strength?
What should send shivers is that if 60 such aircraft are delivered by the end of 2024 how many Killer Hunter drones will be delivered completely net centric as Wingmen? Does anyone realize that these drones are supersonic with identical engines to the SU-57 and are very hard to detect with similar “fussy logic” to Lancet 3 to be able to select their own targeting in the absence of a target. The number could be as many as 180 because new engines are being built for the SU-57 which allow for more maneuverability while current 5th generation engines are in serial production. The numbers of these SU-57’s are limited by the pace of production of this new 6th generation engine.
The West really needs to rethink challenging a competitor that out classes it is hardware and tactics. Otherwise, it better be prepared to spill its own blood in industrial quantities.
And it puzzles as to why in the West there is so much chatter about eliminating the “useless eaters” as perhaps the so called current political class are the useless ones since they seem to already acknowledged their own deficiencies in competition against the likes of Russia to be faced with a reduction of human expenditures on their citizens due to their own shortcomings and failures. If that is the case, then the West is acknowledging its own defeat as a society and culture to be rendered useless on a world stage going forward. What ever happened to the mindset of a “man on the moon” project? Distancing the words of Kennedy “ask not what your country can do, ask what you can do for your country”.
end
Robert H:
RUSSIA/UKRAINE
Is Ukraine Awakening to the Likelihood that It Will be Tossed Under the NATO Bus? – A Son of the New American Revolution
Good article, cut and run is what American Neocons do. In their wake is nothing but loss and death and agony.
Not to be left out of pain and suffering, it appears Poland, Lithuania and Latvia are moving troops towards Belarus and Kaliningrad for what reason is unknown. A possible blockade of Kaliningrad only has merit if they are cut off from the sea. And that would be very naive. Neither of these countries will be spared in any conflict with Russia.
As it is Russia is well aware that Polish bases are origination points for Storm Shadows launches by Su-24’s which stop in Ukraine to refuel onwards to launch positions. Both NATO and Russia are silent about this because admission is a direct engagement which will not remain non nuclear. This information is not being publicly disclosed as disclosure means the genie of wider conflict is released. Dumb assed thinking seems to think that such behavior can go unannounced to allow for a prolonged conflict to make money. Such a luxury of this conflict is naive. Next month, watch Taiwan heat up and then if a wider conflict has not commenced other actions will commence to end this nonsense.
As for the Zelensky crowd as they realize their days are ending they will first try everything to ignite a wider conflict and then cut and run leaving chaos behind. The question is who will welcome them?
end
Robert H
(Ukraine vs Russia)
Ukrainian conflict overview
The Ukrainian conflict still has a long ways to go. It has always been a timeline of fighting to kill the last Ukrainian. Likely by the end of this year, 90% of all men capable of holding a rifle will have been mobilized in the Ukraine, regardless of age. And no doubt they will die through the winter and into the spring and if there is enough manpower for campaign in the summer then most of them will die then, if not before in the spring.
>
> At the moment, Russia is mobilizing by volunteer recruitment just over 40,000 men a month. From the beginning of this year till now over 230,000 men have volunteered have been outfitted equipped with all manner of weaponry and are going through training in new army divisions to be deployed in the future.
>
> And at the very best less than 65% of contracted Russian forces are at combat lines. All conscripts who are currently in the army are not in the combat lines. Hard equipped brigades Russian forces continue to train Daily in preparation for both defensive and offensive maneuvers in the future, where needed. And as it now stands additional troops are not needed in deployment to Ukraine as artillery and drones and bombs supply the needed killing force.
>
> This conflict only has another two months to go before retiring as the fall rains will come preventing any real offensive operations. The hiatus will probably last till winter on both sides.
>
> Zelenskyy is under increasing pressure daily as an illegitimate government to hold elections. And by all accounts daily the likelihood of his disposal increases. Such desperation on his part only increases the likelihood of more drone attacks against civilian targets on an indiscriminate basis. His hope is to somehow cause an uncharacteristic reaction from Russians to allow western media to invoke outrage over an attack against civilian targets. And it is most likely to fail as Russians understand this better than most and are unlikely to to act emotionally. Certainly not as long as Putin can hold off the hard liners. This does not extend to others nations wishing to try their luck against Russia.
>
> Russia has been using drones extensively and the use of drones in the future will grow much greater than it has been in the past. As it is there’s at least 25 lancet strikes per day. For the first time, there is the use of lancets against trenches, positions of infantry. This suggests that lancet production is indeed been increased tremendously and we could possibly see before the end of September as many as 75 to 100 launches per day as production exceeds front line requirements. The fascinating thing is it the new Lancet models apart from being swarm driven capable. The new models which are coming will have thermo barbaric war heads for taking out troops rather than the heat styled anti-armor warheads which are commonly now used. This means that lancet drones will soon be taking out trenches and troop deployment along the entire front line and in depth. The likelihood of more Ukrainians dying daily will increase directly proportional to the number lancets launches daily. The lancet offers Russia extensive depth incursion of strikes against infantry and various armored weapons as much as 60 km behind the front lines. The advantage of lancets is that they actually see in real time troop movements and formations and are able to strike at will and in cluster formations.
>
> As for the daily rubbish heard and propagated by Ukrainian media sources there is no western defense against Kenzhil’s or the Russian KH-101. Almost every strike now takes extremely circuitous route where they cruise around the country changing directions frequently and completely throwing off Ukrainian monitoring and defense systems.
>
> Not well known, last December therevwere serious considerations about evacuating Kyiv. Well it’s not certain what will happen in the fall, what is clear is that Russian missile production has increased to the point where they are fully capable of causing whether by need or by design evacuation of large Ukrainian cities. This is further complicated by the fact that Zelensky would love an excuse to evacuate cities to demonstrate that he needs NATO involvement. And we should not be taken back in the event he calls for that if cities like Kharkiv may be evacuated. Frankly, everyone is tiring of Zelensky and Ukrainian lies to garner more money and weapons while achieving nothing but cost for enablers. As Germans face a hard winter ahead, such cries will fall on deaf ears.
>
> And not to be left out Poland seeks to create an enclave in the Western Ukraine for the purposes of repatriating the land and refugees as a way to get in the door and is in fact a stealth takeover of the western part of the Ukraine. In the event they do that it will be a terrible mistake because all the Nazi types will run to that part of the Ukraine and cause Poland and great grief for many decades. Perhaps for Europe that is a good thing to have this grief. But it will turn out to be a disaster for Poland. And they will not stand as Russia advances Westwards to rid Ukraine of the Nazi types once and for all time. If they remain in what will be Ukraine they will face trial and gulags if not execution.
>
> Meanwhile we should not be surprised at the continued testing of various weapon systems on the combat lines which are being done on a regular basis by all neighbors and participants in the conflict. Some of this has already been seen with drone suppression jammers on Russian tanks as they’ve been built by the Chinese and are being tested.
>
> Meanwhile almost on a weekly if not a monthly basis, Russia’s equipment on the combat lines gets refined and put in a serial production based on actual combat experience. The line between learning and execution of lessons into production is a very short straight line.
>
> Whatever occurs in the fall and beyond one should expect to hear of greater levels of casualties for the Ukrainians. At some point in the fall, attention will turn from the killing Fields of the Ukraine to the new combat hostilities breaking out over Taiwan. And the focus will change from Europe to Asia. And not to be outdone stories in the Middle East seem to be rising with 3000 Marines being sent to guard ships through the straits of Hormuz. What escalations may happen remain to be seen but hotspots are growing. Just like Africa is becoming a lot more unstable than it was several months ago.
> Meanwhile the comic show of the Ship of Fools in DC continues to run with weekly disclosures of graft and corruption on an international scale. All the while while the Global South marches to the beat of their own drums leaving the West to ponder itself. Now in this vacuum of leadership and integrity what can go wrong likely will.
end
Steve Brown…
CIA Project REDSOX aka REDCAP
For 70+ Years the CIA has Schemed for a New World War
by steve_brownAugust 6, 2023261Views 5Votes 1Comment
Via this CIA-controlled Politico article: https://www.politico.com/news/magazine/2022/05/11/covert-operation-ukrainian-independence-haunts-cia-00029968 the true nature of the CIA’s 1949-1959 Eastern Europe operation is propagandized and misrepresented. A most glaring example of omission is that, according to CIA C/I boss James Jesus Angleton, 521 agents lost their lives or were ‘doubled’ in Redsox and not 85 as the above linked highly distorted article claims.
More on REDSOX/REDCAP:
We cannot overlook the British MI6 clandestine involvement to a similar extent versus ‘Russia’ (as MI6 called the Soviet Union) in the form of Operation Valuable and Operation Unthinkable during this era, with a similar number of agents sacrificed. But such Brit clandestine operations of the time in eastern Europe are not so well documented, due to the totalitarian nature of the Crown which protects official governmental secrets related to Nazi groups in eastern Europe – especially in Hungary – that British intelligence so adored (as did the CIA) during this period after WW2.
REDCAP
REDCAP is perhaps a particularly clever name invention of the paranoid narcissist but worldly Jim Jesus Angleton. Redcap being a nasty deadly troll-like creature that haunted ancient ruins along the Scotland-England border.
Always imaginative, James Jesus and suicidal psychotic Frank Wisner included QR/PLUMB; BG/FIEND; AERODYNAMIC and many other covert CIA operations in Albania, Czechoslovakia, the Ukraine, Hungary and Poland under the aegis of REDSOX/REDCAP. Middle East operations such as CIA IBEX and PROJECT DARK GENE in Iran were probably inspired by Angleton, even if administered by the enigmatic CIA operative, George W Cave.
https://web.archive.org/web/20150924105124/http://www.spyflight.co.uk/darkgene.htm
Ultimately all these projects failed, including the CIA-inspired — and covertly armed! — Hungarian uprising of 1956 to whit the wikipedia article referenced contains not a single word about CIA involvement in planning, motivating, and arming the rebellion.
In aid of the rebellion, the CIA provided weapons to Budapest “Horthy Group” fascisti known for their collaboration with German Nazi’s before and during WW2. Unfortunately for the Hungarian protestors — duped by the Horthy fascists and CIA — who participated in that insurrection, many were killed, unlike the USA January 6th protestors at the US capitol who were (and still are) imprisoned by the current US regime.
In brief, it has taken seventy+ years for anti-Russia propaganda and CIA scheming to finally achieve success in fomenting a western collective war versus Russia. That malevolent human failures like Victoria Nuland, Alexander Vindman, the Kagans, Fiona Hill and “Wynken, Blynken, and Nod” (Jake Sullivan, Antony Blinken, and Joe Biden …among many others!) should have achieved such anti-Russia hysteria in the west and landed us all in these precarious times, is particularly ironic.
James Jesus Angleton must be shrieking with laughter now while smoking in whatever dark pit of hell he presently inhabits…
Steve Brown
Read Later
END
6.GLOBAL ISSUES//MEDICAL ISSUES
GLOBAL ECONOMIC ISSUES//
END
GLOBAL VACCINE/COVID ISSUES“
“Your Injections Are Killing Our Young People” – Pfizer, Moderna Reps Slammed During Heated Aussie Senate Hearing
SATURDAY, AUG 05, 2023 – 06:30 PM
Authored by Debra Heine via American Greatness,
Sparks flew during a contentious public hearing in the Australian Parliament earlier this week as Representatives from Pfizer and Moderna gave unsatisfactory answers to multiple lawmakers’ questions.
The Australian Senate’s ‘Education and Employment Legislation Committee’ held a hearing Wednesday regarding the status of the COVID-19 vaccines, which included witnesses from Pfizer Australia, Moderna, and the Australia’s Theraputic Goods Administration (TGA).
Conservative lawmakers were outraged that at least half of all Australians got COVID after the country imposed some of the most draconian lockdowns and vaccine mandates in the world.
During the hearing, a Pfizer representative insisted that no one was forced to get the risky COVID-19 jabs in Australia, despite the county’s strict mandates.
Senator Pauline Hanson confronted Dr. Brian Hewitt, Pfizer Australia’s Head of Regulatory Sciences, about a comment he had made earlier in the hearing regarding the country’s vaccine mandates.
“You actually made a comment that no one was forced to have the vaccination,” Hanson said, after initially attributing the comment to his colleague Dr. Krishan Thiru, Pfizer Australia’s Country Medical Director.
“You were in Australia during COVID-19 … you must have been fully aware that people—nurses, doctors, people—to keep their jobs, were forced to have the vaccination,” she said.
“Now, do you retract your statement that they were not forced?”
“Senator, no, I believe firmly that no one was forced to have a vaccine,” Hewitt responded.
“Mandates and vaccine requirements are determined by governments and health authorities. I believe everyone was offered an opportunity to get a vaccine or not get a vaccine and I don’t believe that anybody was forced to take the vaccine.”
“A lot of Australians will disagree with you on that one,” Hanson shot back.
Senator Alex Antic had cited statistics showing that cases of Myocarditis spiked precipitously in South Australia following introduction of the COVID injections.
“Now, we know that myocarditis and pericarditis are two heart inflammation conditions well associated with the COVID mRNA injections—even the Theraputic Goods Administration admits to that, Antic began.
“Yet despite this well-established fact, the injections were mandated to thousands of Australians and speaking out about these incursions on freedom got one labeled an anti-vaxxer or a peddler of dangerous disinformation,” the senator continued.
Antic cited data he obtained through a Freedom of Information request from the South Australia Health Department that tracked cardiac related presentations in 15-year-olds to 44-year-olds going back to 2018.
The senator showed a chart indicating that the numbers remained steady at 1,100 a month from January 2018 until July of 2021 when it “drastically spiked.” By November of 2021, he said, the number of cases peaked at 2,172 per month, almost double the norm. The rise in cases, he noted, took place “just as these injections were rolled out.”
Antic noted that there was another spike in cardiac related presentations in February of 2023, “just when the boosters were being mandated.”
“These injections are harming, and in many cases, killing our young people,” Antic declared. “So what does SA Health have to say about this? Nothing. They continue to roll out the injections. They continue to push the injection narrative. This injection campaign is going to go down as the greatest scandal in medical history and none of you said a single thing.”
During the hearing, one of the Pfizer representatives admitted that during the rollout of the COVID-19 vaccines, Pfizer employees received a different shot than the general public.
“Your vaccine mandate was using your own batch of vaccine especially imported for Pfizer and not tested by the TGA?” conservative Senator Malcolm Roberts asked Dr. Hewitt.
“Pfizer undertook to import Pfizer vaccines specifically for the employee vaccination program and that was so that no vaccine would be taken from government stocks that were being delivered to clinics as needed,” Dr. Hewitt replied, in answer to a senator’s question.
“What we’ve seen during the COVID mismanagement and malfeasance was the largest transfer of wealth in our nation’s history from We the People to Big Pharma via Big Government that lied repeatedly during the COVID mismanagement,” Roberts said.
Queensland Senator Gerard Rennick, a member of the Liberal National Party, on Wednesday as asked the doctors whether they could explain how Pfizer’s mRNA COVID injections were causing heart disease.
As Antic had noted, even Australia’s Theraputic Goods Administration had confirmed the link between COVID vaccines and heart diseases such as myocarditis and pericarditis.
“Can you explain the process, why the vaccine causes myocarditis and pericarditis?” Sen. Rennick asked.
Dr. Thiru began by expressing his “confidence in the safety profile” of the vaccine, but was cut off by Sen. Rennick when it became apparent that the doctor was filibustering.
Calling for a point of order, he again asked the Pfizer doctors, “Do you understand why [Pfizer’s vaccine] causes myocarditis? I want you to explain to me why it causes myocarditis.”
Dr. Thiru said that Pfizer is “aware of very rare reports of myocarditis and pericarditis that have been temporarily associated with the vaccine,” before being interrupted again by Rennick to answer the question.
In response, Thiru again referred to the “small” number of reports around the world linking myocarditis to the Pfizer jab, before being interrupted for a third time by Rennick.
“I’m not referring to the number of reports,” the Queensland senator pressed.
“I want you to explain to me the mechanism of how the vaccine causes myocarditis. Do you or do you not understand the mechanism of why the vaccine causes myocarditis?”
“It looks to me like you don’t. And if you don’t understand it, why are you saying the vaccine is safe without qualifying the risks?” he asked.
The committee chair directed Dr. Thiru to “get to” Sen. Rennick’s question, but the Pfizer doctor insisted on talking about the mRNA product’s benefit-risk ratio, which he indicated was excellent.
Rennick tried one last time to get a straight answer from the Pfizer doc.
“The question that I asked was can you explain why the vaccine causes myocarditis. Yes or no?” he asked.
After Thiru tried to deflect one more time by citing the jabs’ allegedly justifiable benefit-risk ratio, Rennick gave up.
“You clearly don’t understand the pathway, do you? Because you can’t explain it,” the senator said.
Thiru said he would have to “come back” to the committee with “whatever information we can provide” on the mechanism of how the vaccine causes myocarditis.
Sen. Antic was similarly frustrated when he asked the doctors from Moderna to provide data on the rates of serious adverse events, which a recent medical journal report showed was occurring in one of 800 vax recipients.
He asked the Moderna representatives how their own internal adverse reaction numbers compared with that study.
Dr. Chris Clarke, Moderna’s Director, Scientific Leadership, told Antic that he had not seen the report.
“Do you think you should be aware of that?” Antic pressed. “This has been widely reported. You are a manufacturer of vaccines. I find it difficult to think that you wouldn’t be aware of this report.”
“You can’t tell me the rates of serious adverse events. You realize you’ve come to a Senate hearing today for the purposes of exactly that question. And you can’t tell me the rates of serious adverse reactions to your product, which I find extraordinary,” he said.
When Antic asked Clarke what Moderna’s overall rate of serious vaccine injury was for its COVID product, the doctor admitted that he doesn’t know “the actual rates of adverse events.”
“You don’t have the rates of adverse events in front of you?” Antic asked incredulously.
“What I can tell you is that the rates of serious adverse events in our very large, randomized control trial was actually in a similar range to what was observed in the placebo.”
“But you can’t tell me the rates of serious adverse events. You realize you came to a Senate hearing today for the purposes of exactly that question. And you can’t tell me the rates of serious adverse reactions to your product—which I find extraordinary,” Antic said.
What I can tell you is this: On the TGA website, it reports um that there are 1.2 reports that err..”
“That’s the TGA. I’m not asking about the TGA, I’m asking about Moderna,” Antic interjected.
“You must have information. You are a multi-national company. You are before a senate enquiry and you cannot tell me the rates the serious adverse.. I mean, it’s quite extraordinary what you’re telling me.”
Clarke again claimed that Moderna’s trials showed no safety concerns and “no imbalance of serious adverse events of special interest or deaths between the vaccine group and the placebo group.”
“I think we’re wasting our time here,” Antic responded in disgust.
Dr. Thiru also refused to give a straight answer to Sen. Matthew Canavan, when he was asked if Pfizer tested its COVID-19 vaccine prior to the rollout to see if it stopped or reduced transmission of the disease.
The Republican-led U.S. House Select Subcommittee on the Coronavirus Pandemic has not yet called any witnesses from Pfizer, Moderna, Johnson and Johnson, the CDC, FDA, Anthony Fauci, or Francis Collins to appear before the committee and has shown no interest in investigating the fraud that allegedly took place in the COVID vax clinical trials.
DR PAUL ALEXANDER
Does the vaccine-induced spike protein from COVID mRNA technology gene based vaccination subvert critical tumor suppressor proteins e.g. p53 and BRCA-1/2 proteins; p53 and BRCA are the well-known
tumor suppressor proteins, that regulate downstream genes in response to numerous cellular stress and are frequently mutated in human cancer (Singh et al.) Translational Oncology Volume 13, Issue 10
| DR. PAUL ALEXANDERAUG 7 |
https://www.sciencedirect.com/science/article/pii/S1936523320303065?via%3Dihub
end
Pregnancy & aggressive rapid lethal TURBO cancers in women (mothers) vaccinated with mRNA technology based gene vaccines (Pfizer, Moderna); what is going on? why are oncologists silent? Makis shows 14
devastating cases of extremely aggressive cancer diagnosed during pregnancy or soon after after giving birth; what is happening here? this is very unusual! happening in vaccinated mothers!
| DR. PAUL ALEXANDERAUG 5 |
‘July 21, 2023 – Spearville, KS – Destiny Barnett, a 4th grade teacher, was diagnosed with Stage 3 Hodgkin Lymphoma 3 months after giving birth to Swayde.
July 18, 2023 – Fishkill, NY – Erika Thomaselli gave birth to a new baby girl recently. A few days after giving birth, she was diagnosed with Stage 4 Neuroendocrine Carcinoma.
July 11, 2023 – Traverse City, MI – 32 year old Nina Carder was diagnosed with the “most serious and aggressive form” of breast cancer. She has a 10 month old baby.
July 5, 2023 – Linthorpe, UK – 30 year old Fi Leyshon was diagnosed with aggressive metastatic renal cell carcinoma 11 weeks after giving birth. (click here)
May 17, 2023 – Rutledge, GA – Karen Vincent had a C-section at 26 weeks and was diagnosed with Stage 4 metastatic breast cancer that had spread to her bones, liver and brain.
May 2, 2023 – Minooka, IL – Christine Yenser is a mom of 5 and had her 5th baby in Sep.2022. Just 6 months later she was diagnosed with a Stage 4b Mediastinal B-Cell Lymphoma
Jan.2023 – 32 year old oncology nurse April Addison was diagnosed with breast cancer the day after she delivered her son by C-section. She has no family history (click here)
Dec.2022 – Vancouver, BC – 37 year old Aimee Cox was diagnosed with Stage 4 Colon cancer 11 months after giving birth to her daughter. It is so aggressive it has already metastasized to the liver (click here)
end
DR NAOMI WOLF waxes brilliantly here asking the right question in stack titled: “Happy Indictment Day!” while sitting in a Deep Blue State, Recoiling from the Celebrations; “I am extraordinarily sad
— at the thickheaded ignorance of history that those who are celebrating tonight, reveal; and at what has become of our country.” she writes; she is right! coup leaders in a banana imprison opponents
| DR. PAUL ALEXANDERAUG 5 |
You think the bell is tolling for Trump, but no, it is actually tolling for thee, for you and me and you just do not get it in your glee…thank God Wolf unpacks this for you.
end
Dr. Peter McCullough on FIRE! “Two Waves of Illness, Injury, Disability, & Death (the infection & failed pandemic response & the vaccine)”; Dr. McCullough Keynote Message at Citizens Defending Freedom
Trump was lied to, he was misled all the way! 1) SARS-CoV-2 infection and genetic vaccines, 2) update on the House Select Committee Investigation 3)detoxification of Spike protein 4)transgender
| DR. PAUL ALEXANDERAUG 5 |
Courageous Discourse™ with Dr. Peter McCullough & John Leake
Two Waves of Illness, Injury, Disability, and Death
Watch now (3 min) | By Peter A. McCullough, MD, MPH In this age of social media and internet censorship, Americans are coming out to live public events in order to learn more about what has happened during the pandemic and what can we expect next. None of the major university medical centers or medical schools held public forums or updates on the SARS-CoV-2 outbreak. Amer…
END
SLAY NEWS
| The latest reports from Slay News |
| Climate Lockdowns: Coordinated Media Campaign Urges Public to Stay Indoors Due to ‘Global Warming’Corporate media outlets have launched a seemingly coordinated scare campaign to urge the public to stay indoors because it’s “risky or outright dangerous” outside due to conditions allegedly created by so-called “climate change.”READ MORE |
| Spike in Miscarriages and Stillbirths Directly Linked to Covid Shots, Study FindsA new study by researchers in Switzerland has determined that recent spikes in stillbirths and miscarriages recorded around the world are directly linked to the rollout of mRNA Covid shots.READ MORE |
| George Soros Bankrolling ‘Mysterious’ Organization to ‘Buy Texas’ for ‘Progressive’ DemocratsA new political action committee (PAC) has emerged in Texas that is being funded by leftist billionaire George Soros.READ MORE |
| Jim Jordan Launches Probe into Biden’s Collusion with Facebook to Censor AmericansThe House Judiciary Committee has launched an investigation into allegations that Democrat President Joe Biden’s administration colluded with Facebook to censor the American people.READ MORE |
| James Woods Ruins Al Sharpton’s Day: ‘Might Try Reading History Before He Lectures Us on It’Hollywood legend James Woods shut down civil rights grifter Al Sharpton over his stunning comments about American history. READ MORE |
| Roseanne Barr Is Back, Signs Deal for New Show on Elon Musk’s Social Media PlatformSitcom legend Roseanne Barr is back with a new show.READ MORE |
| Pennsylvania Judge Rules That Trump Has Presidential Immunity on Elections ClaimsA Pennsylvania state judge has ruled that an election worker cannot sue President Donald Trump over statements he made about the 2020 election while in office because the statements are protected by presidential immunity.READ MORE |
| Kari Lake Calls for Decertifying 2020 Election: ‘Illegitimate’ Biden Is NOT the ‘True President’GOP rockstar Kari Lake has called for the 2020 election to be decertified while warning that Joe Biden is an “illegitimate” president.READ MORE |
| RFK Jr Files Lawsuit against Google over Repeated Censorship on YouTubePresidential candidate Robert F. Kennedy Jr. has filed a lawsuit against YouTube’s parent company Google over the streaming platform’s repeated efforts to censor him.READ MORE |
| Top European Official Reveals EU Plans to Continue Funding Ukraine War for Another Four YearsA top European official has revealed that global leaders expect the war in Ukraine to continue for the next few years.READ MORE |
| Jim Jordan Publishes Evidence Proving Biden Admin Pressured Facebook to Censor ConservativesHouse Judiciary Committee Chairman Jim Jordan (R-OH) has just published explosive documents that prove Democrat President Joe Biden’s administration was pressuring Facebook to censor conservatives.READ MORE |
| Jim Jordan: ‘The Value Hunter Brought to the Business Arrangement Was Joe Biden’House Judiciary Committee Chairman Jim Jordan (R-OH) has cut through the noise surrounding the bombshell testimony of longtime Biden family business partner-turned-whistleblower Devon Archer.READ MORE |
| Devon Archer: Joe Biden’s ‘Capabilities and Reach’ Offered Foreign Business Partners ‘Unique Access’The House Oversight Committee has just released the transcripts from the explosive congressional testimony of Hunter Biden’s longtime friend and business partner-turned-whistleblower Devon Archer.READ MORE |
| The latest reports from Slay News |
| 92% of Covid Deaths in 2022 Were Triple+ VaxxedNew official figures have been published that reveal the overwhelming number of people who died from Covid had received three or more shots of mRNA vaccines for the virus.READ MORE |
| mRNA Covid Shots Should Be Labeled ‘Gene Therapy Products,’ Peer-Reviewed Study WarnsAn explosive peer-reviewed study has warned that mRNA Covid shots are being incorrectly classified in an effort to bypass regulations for public use.READ MORE |
| WEF Partner Pushing to ‘End’ Private Car Ownership to Fight ‘Global Boiling’The World Economic Forum’s (WEF) green agenda has become increasingly prominent in recent years as the unelected globalist organization aggressively pushes to usher in its “Great Reset.”READ MORE |
| 59% of Americans Oppose Biden’s Plan to Replace All Gas-Powered Cars with Electric Vehicles, Poll ShowsThe majority of the taxpaying public rejects the push by Democrat President Joe Biden’s administration to phase out all gas-powered cars in favor of expensive electric vehicles (EVs).READ MORE |
| New Data Shows Hot Weather Devastates Performance of Electric VehiclesNew data spells doom for the all-electric future of vehicles being pushed by governments around the world.READ MORE |
| Obama’s Biographer Claims Barack Fantasized “About Making Love To Men” In Love Letters To GirlfriendPulitzer Prize-winning historian, David Garrow, sat with Barack Obama for eight hours over three days for his book, “Rising Star: The Making of Barack Obama” in 2017. The book was forgotten in the media frenzy over the Trump administration, but what he said in a recent interview with Tablet turned heads. Q: How did you get those three women, Obama’s …READ MORE |
EVOL NEWS
| LATEST NEWS: |
| Hypocrisy Alert: NY Times Slammed Jason Aldean for Alleged ‘Racism’ but Dismissed Anti-White Death SongRead more…Iconic Country Star Randy Travis and His Wife Epically Defend Jason Aldean: ‘We’re Going to Protect Our Own’Read more…NASCAR Driver Noah Gragson Suspended for ‘Liking’ a Meme About George FloydRead more…Report: Democrats See Drop in Donations Compared to Last Presidential CycleRead more…Primary Poll: Trump Leading by Double Digits in All Three Early StatesRead more…Donald Trump Takes Kid Gloves Off, Denies Asking ‘Liddle’ Mike Pence’ Put Him ‘Above the Constitution’, Says he Went to the Dark SideRead more…‘You Sold Us Out’: Hecklers Excoriate Mike Pence During New Hampshire Campaign EventRead more…Mark Levin Says Jack Smith is Now Monitoring Social Media and Seeks to Destroy Free Speech Like the Rest of the Biden RegimeRead more… |
NEWS ADDICTS
| LATEST REPORTS FOR NEWS JUNKIES |
| Nobel Prize-Winning Scientist: ‘Climate Crisis’ Hoax Is ‘Dangerous Misinformation’A Nobel Prize-winning scientist has doubled down on exposing the “climate crisis” narrative as a hoax after coming under fire from green agenda advocates.READ THE FULL REPORT |
| Fauci’s Replacement Pushes Lockdowns, Mask Mandates, Forced VaccinationsAfter Dr. Anthony Fauci left his role as the head of the National Institute of Allergy and Infectious Diseases (NIAID) at the end of last year, it now appears that the situation may have been a case of “out of the frying pan and into the fire.”READ THE FULL REPORT |
VACCINE IMPACT/
end
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Chopper, Traitor, Soldier, Spy
SATURDAY, AUG 05, 2023 – 09:20 AM
By Teeuwe Mevissen, Senior Macro Strategist at Rabobank
With all the recent news coming out of late, one could not be blamed for making direct comparisons with the Cold War.
Indeed, looking back at the geopolitical events of this week, it is a clear illustration of the ever growing tensions between autocratic states and the West.
But before we dive into this topic lets first discuss this week’s interest rate decision from the Bank of England (BoE).
As was generally expected the BoE raised its policy rate by 25 basis points to a level of 5.25%. But unlike the Fed and the ECB who are close if not at the end of the rate hiking cycle, the market seems to think that the BoE is on a slightly more aggressive rate hiking path given higher and more sticky levels of inflation.
The forward guidance that was provided yesterday could indeed be interpreted as hawkish and reads as follows:
“Given the significant increase in Bank Rate since the start of this tightening cycle, the current monetary policy stance was restrictive. The MPC would continue to monitor closely indications of persistent inflationary pressures and resilience in the economy as a whole, including the tightness of labour market conditions and the behaviour of wage growth and services price inflation. If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required. The MPC would ensure that Bank Rate was sufficiently restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term, in line with its remit.”
While the BoE did reduce their growth forecasts through 2025, inflation forecasts were adjusted upwards. While markets on average predict a peak rate of 5,75%, we think the next rate hike by the BoE will be the last rate hike for this year at least bringing the rate to 5.50%. For those who want to read more about yesterday’s interest rate decision please see Stefan Koopman’s post BoE comment here.
While markets mainly focused on the BoE and the downgrade of US creditworthiness by Fitch, some significant, notable and concerning geopolitical developments also took place.
Firstly, two helicopters from Belarus briefly breached Polish airspace after earlier threats to Poland from both the Kremlin as well as the Wagner group.
Moreover, a recent rocket attack on Ukraine’s grain facilities close to the border of Romania, is another example of how close we might be to a direct conflict between NATO and the Russian Union (being Russia and Belarus).
In the past we have seen similar reckless provocations that could lead to a broader escalation.
Meanwhile Putin also seems to be increasingly struggling with internal dissent, or traitors as they are called in Moscow.
Recently some generals and nationalist military bloggers – of which the most prominent is Igor Girkin who is mainly known for downing flight MH17 – have been arrested. The above are all signs that indicate that Putin’s rule is not fully undisputed. In absence of any administrative checks and balances – a characteristic of autocracies – this could mean that the West might face more provocations in an attempt to regain the image of strong and undisputed leader.
Meanwhile China seems to be busy with its own purge.
While speculation about the abrupt disappearance of China’s former Minister of Foreign Affairs Qin Gang is ongoing, the complete military command of China’s rocket force has been reshuffled because of a new anti-corruption investigation. In a bid to increase overall government control a new counter espionage law is now calling for citizens to basically spy on each other.
But for now it seems that is has been Chinese spies that have been caught in the US.
end
“Happy Days Are Here Again… But You Can’t Print Grain, Or Oil, Or Uranium”
MONDAY, AUG 07, 2023 – 11:25 AM
By Benjamin Picton, senior strategist at Rabobank
US non-farm payrolls underwhelmed on Friday, and it is clear that inflation is now defeated. Well, not really. But you wouldn’t know it from the way the bond market reacted to the figures. The US 10-year treasury yield gave up 14bps after official figures showed that employment rose by *only* 187,000 in July. The market was looking for a gain of 200,000, so it was a slight miss for the month. The source of much of the optimism seems to be downward revisions for employment in June and May, but even with those revisions employment is still growing faster than the labor force. Consequently, the unemployment rate ticked lower to 3.5% and growth in average hourly earnings held at 4.4%. Conclusive?
Bond market jubilation wasn’t completely contained to the long end. There wasn’t much movement in the implied probability of a further rate hike in the Fed Funds futures, but the implied rate as at December next year fell by about 10bps. The bond market seems to be suggesting that the jobs figures point to a faster economic slowdown and more active easing cycle from the Fed in an attempt to pilot the economy into a beautiful soft landing, rather than ending up as a dark smudge on the tarmac.
While the bond market went Pollyanna on Friday, equities read things differently. The S&P500 was off by more than half a percentage point and the NASDAQ down by more than a third of a percentage point (with tech stock valuations no doubt supported by falling bond yields). The Dow Jones has now fallen for three straight sessions after setting a new record for most consecutive up days between July 10th and 26th (13 in a row). “Sell in May and go away” appears to have been bad advice this year, but are we now at the beginning of an overdue correction in equity markets? A cursory check of the total assets on the Fed’s balance sheet show that we are now back below the levels reached in early March, before the collapse of SVB, Signature Bank and First Republic necessitated another one of those ‘mid-course corrections’ whereby balance sheet reduction was put into hard reverse.
Between July and September the US Treasury is expecting to cram more new issuance into the market than was previously suggested. Lower tax receipts, higher outlays and the effects of the debt ceiling negotiations earlier in the year on delaying new issuance seems to have created a bulge in the debt marketing pipeline. While the Treasury is mopping up cash, the Fed has also swung from being a net buyer of debt to a net seller, suggesting that securities will be more plentiful and cash more scarce. This, combined with the perception that we are nearing the end of the Fed hiking cycle is a likely driver for the bear steepening that we have seen since the end of June.
P/E ratios on the S&P500 are above 20x at the moment. So, as they say on Twitter: “whomst equity risk?” With valuations that high, and dividend yields running at a piddling 1.54%, it seems hard to get bulled-up on equity beta from here. That may be why we are seeing average 1-day price moves following earnings releases showing negative for every sector except materials and financials despite broadly strong bottom-line growth. So, is this as good as it gets for equities? Or does the prospect of an impending easing cycle from central banks present enough of a carrot to keep equities bid as a relative value play versus bonds?
Developments in commodity markets are even more interesting. My colleague Teeuwe Mevissen covered Belarussian incursions into Polish airspace and Russian rocket attacks on Ukrainian grain facilities close to the Romanian border last week. This morning we are seeing CBOT wheat futures up more than 11USc/bu following reports of a Ukrainian drone strikes on a Russian warship and oil tanker in the Black Sea over the weekend. The situation is developing into a tit-for-tat as Ukraine seeks to cripple Russia’s capacity to fund its war effort through commodity exports.
Understandably, the world’s gaze is fixed on the situation in Ukraine, but this isn’t the only flashpoint for commodities. Last Tuesday we wrote about the coup in Niger impacting upon the supply of uranium to the French nuclear industry. Niger supplies 25% of Europe’s uranium, and signs that the military junta is cosying up to Wagner Group potentially puts close to 60% of the world’s mined uranium under the influence of the Kremlin. Even more concerningly, Russia itself dominates the market for uranium enrichment, while the West has allowed its own capabilities in this area to wither on the vine via comforting delusions of the End of History. Clearly there are many risks here, with potentially severe implications for energy security and decarbonisation efforts.
The United States is alive to these risks, but has perhaps been too slow off the mark in addressing them and in convincing her allies to do the same The Associated Press reported over the weekend that the US is considering stationing military personnel on commercial ships traversing the Strait of Hormuz to deter Iranian seizures of tanker vessels. This would be an unprecedented move aimed at ensuring the integrity of 20% of the world’s oil trade, which flows through the region. Again, Western Europe has the most to lose here.
So, yields are down for the time being but you can’t print grain, or oil, or uranium, so risks of further supply shocks remain. For the time being though, happy days are here again!
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
PAKISTAN
This could be trouble: Khan given a 3 yr prison sentence and is banned form politics
(zerohedge)
Imran Khan Arrested, Given 3 Years In Prison, Banned From Pakistan Politics Ahead Of Elections
SUNDAY, AUG 06, 2023 – 07:00 AM
Former Pakistani prime minister Imran Khan was sentenced to three years in jail on Saturday by a court in Islamabad on charges of illegally selling state gifts. The popular opposition leader was promptly arrested from his home in Lahore after the court handed down the sentence. The court also disqualified him from politics for five years, banning his political activities.
Before being taken into custody, Khan released a video on social media saying his arrest was “expected” and calling on his supporters to protest peacefully.
“When you receive this message, I will be arrested, and I will be in prison,” said Khan. “I only have one request, one appeal for you. You must not sit quietly inside your homes. The struggle I am doing is not for my own self, it’s for my nation, for you. For the future of your children.”
“If you don’t stand up for your rights, you will live lives of slaves and slaves don’t have a life,” he added. Khan also stressed that Saturday’s verdict is “one more step in fulfilling [the] London Plan,” a term he uses to refer to an alleged plot between current army chief General Asim Munir and three-time former prime minister Nawaz Sharif, who has been in self-exile in London since 2019.
Khan’s party, Pakistan Tehreek-e-Insaf (PTI), said following his arrest that an appeal has already been filed in Pakistan’s Supreme Court over the district court order.
“The decision of the Kangaroo Court of [additional district and sessions judge Humayun Dilawar] was not yet received by anyone in the court, but the Lahore Police was already there to kidnap the PTI chairman. Chairman Imran Khan did not resist. Every process from the beginning of the case to the trial and from the trial to the abduction is illegal,” the party said in a post on its official social media account.
The 70-year-old cricketer-turned-politician stood accused of misusing his role as prime minister from 2018 to 2022 to buy and sell gifts in state possession that were received during visits abroad worth more than 140 million Pakistani rupees ($635,000).
The verdict includes a 100,000 rupees fine ($355). Khan’s arrest on Saturday marked the second time he has been detained this year. His arrest in May was met with violent clashes between his supporters and police across the country, which left several dead and hundreds injured. Authorities also rounded up the leadership of the PTI and over 2,000 Khan supporters.
Khan’s arrest comes just three months before crucial elections in November, where many expected him to win the largest democratic mandate ever secured by any politician in the 75-year history of Pakistan.
The former premier was ousted last year in a US-backed parliamentary coup that saw Shehbaz Sharif – a protégé of the Sharif business dynasty that has governed Pakistan for much of the previous three decades – come to power. Since his ousting, he has been arrested, charged with “terrorism,” banned from running for office, and even survived an assassination attempt.
end
NIGER
Niger’s military leaders close airspace and bolster troops inthe capital as they await an invasion
(zerohedge)
Niger’s Junta Closes Airspace, Bolsters Troops In Capital, Citing Invasion Threat
MONDAY, AUG 07, 2023 – 02:25 PM
Niger’s coup leaders have closed the country’s airspace as an alliance of neighboring West-backed countries prepares a possible military intervention to restore the democratically elected government under President Mohamed Bazoum.
The Economic Community of West African States (ECOWAS) had at an emergency meeting days ago declared that Bazoum must be reinstated by Sunday, or that the junta could face military action.
On the same day, the military government announced the airspace closure until further notice due to threat of military invasion from neighboring countries.
“Faced with the threat of intervention which is becoming clearer from neighboring countries, Niger’s airspace is closed from this day on Sunday… until further notice,” the junta announced. The statement further warned of a “vigorous and instantaneous response” if any outside power violates Niger’s airspace.
Niger’s military leadership also claimed ECOWAS has initiated “pre-deployment in preparation for the intervention” in two Central African countries, but they weren’t named. “Any state involved will be considered co-belligerent,” the statement said. For the time being, it appears Niger’s junta has called ECOWAS’ bluff.
ECOWAS is a huge blog of 15 member states, consisting of Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. ECOWAS is expected to hold summit on the Niger situation this Thursday in Abuja, where a final decision on military intervention could be made.
CNN is reporting Monday that new military reinforcements have been seen pouring into Niger’s capital:
Niger’s armed forces have been bringing in reinforcements to the capital to prepare for a potential military intervention, a military source told CNN, just hours after the military junta running the country refused to abide by an influential regional bloc’s deadline to cede power.
A convoy of about 40 pick-up trucks arrived at nightfall on Sunday evening, bringing troops from other parts of the country to both reassure a nervous public and prepare for potential battle.
The Associated Press had reported of its meeting at the end of last week, “in neighboring Nigeria’s capital, Abuja, the region’s defense chiefs finalized a plan to use force against the Niger junta — needing approval by their political leaders — if Mohamed Bazoum is not reinstated as Niger’s president,” The Associated Press detailed of the emergency summit.
But importantly, Mali and Burkina Faso, both with military governments, have sided with Niger’s junta. They too are warning against any intervention by enemy states.
Niger’s coup leaders have meanwhile also called out France, alleging that Bazoum’s officials had issued legal permission for French military intervention to restore constitutional government. Any potential intervention by the West African nations would likely happen along Nigeria’s some 1,000-mile border with Niger.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0979 DOWN 0.0018
USA/ YEN 142.28 UP 0.691 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2741 UP 0.0058
USA/CAN DOLLAR: 1.3375UP .0022 (CDN DOLLAR DOWN 22 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 19.25 PTS OR 0.59%
Hang Seng CLOSED DOWN 1.59 PTS OR 0.01%
AUSTRALIA CLOSED DOWN 0.21 % // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG DOWN UP 1.59 PTS OR 0.01%
/SHANGHAI CLOSED DOWN 19.25 PTS OR .59%
AUSTRALIA BOURSE CLOSED DOWN 0.21%
(Nikkei (Japan) CLOSED UP 61.51 PTS OR 0.19%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1935.60
silver:$23.42
USA dollar index early MONDAY morning: 102.55 UP 22 BASIS POINTS FROM FRIDAY’s CLOSE.
MONDAY MORNING NUMBERS ENDS
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And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.309% UP 4 in basis point(s) yield
JAPANESE BOND YIELD: +0.618% DOWN 1 AND 5//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.636 UP 4 in basis points yield
ITALIAN 10 YR BOND YIELD 4.247 UP 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.563 UP 4 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1001 UP 0.0005 or 5 basis points
USA/Japan: 142.36 UP 0.783 OR YEN DOWN 78 basis points/
Great Britain/USA 1.2772 UP 0.0089 OR 689 BASIS POINTS //
Canadian dollar DOWN .0023 OR 23 BASIS pts to 1.3377
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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.1913
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2014)
TURKISH LIRA: 27.00 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.618…VERY DANGEROUS
Your closing 10 yr US bond yield UP 3 in basis points from FRIDAY at 4.093% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.247 UP 3 in basis points ON THE DAY/12.00 PM
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY: CLOSING TIME 12:00 PM
London: CLOSED DOWN 10.23 points or 0.14%
German Dax : CLOSED DOWN 5.95 PTS OR 0.04%
Paris CAC CLOSED UP 6.61 PTS OR 0.09%
Spain IBEX DOWN 13.10 PTS OR 0.14%
Italian MIB: CLOSED DOWN 41,91 PTS OR 0.15%
WTI Oil price 81.79 12: EST
Brent Oil: 85.26 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 95.45; ROUBLE UP 0 AND 23//100
GERMAN 10 YR BOND YIELD; +2.563 UP 4 BASIS PTS
UK 10 YR YIELD: 4.496 UP 13 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.1003 UP 0.0007 OR 7 BASIS POINTS
British Pound: 1.2784 UP .01012 or 101 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.4965 % UP 4 BASIS PTS//
JAPAN 10 YR YIELD: .620%
USA dollar vs Japanese Yen: 142.46 UP 0.874 //YEN DOWN 87 BASIS PTS//
USA dollar vs Canadian dollar: 1.3369 UP .0015 CDN dollar, DOWN 15 basis pts)
West Texas intermediate oil: 82,24
Brent OIL: 85.66
USA 10 yr bond yield UP 3 BASIS pts to 4.089%
USA 30 yr bond yield UP 4 BASIS PTS to 4.259%
USA 2 YR BOND: UP 2 PTS AT 4.772%
USA dollar index: 101.82 DOWN 53 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 27.000 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 95.28 UP 0 AND 41/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 407.51 PTS OR 1.16%
NASDAQ 100 UP 132.94 PTS OR 0.87%
VOLATILITY INDEX: 5.97 DOWN 1.13 PTS (4.61)%
GLD: $179.78 DOWN 0.41 OR 0.23%
SLV/ $21.63 DOWN ,45 OR 2.08%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM:
Stocks Up, Gold Down As Yield Curve Steepens Further
MONDAY, AUG 07, 2023 – 04:00 PM
After the worst week in months, it’s perhaps no surprise that we got a little BTFD today in stocks, but bonds kept doing more of the same – bear-steepening – the max-pain trade for markets right now. As Goldman noted this morning:
It’s a trade that hurts real money both from a curve and level perspective.
The rates macro Hedge Fund community didn’t have it on as it’s still reeling from the March VaR shock.
It hurts anyone who had a conditional view, that is anyone in the bull steepening camp.
In 2022, we also saw a lot of banks move their mortgages into Held-to-Maturity portfolio as the Fed started hiking.
These moves will amplify the losses already accumulated.
Finally when you look at more recent MBS vintages, the negative convexity will be painful here. (Side note: older vintages have actually turned positive convexity so those MBSs should be much better off).
The only cohorts that seem to have the right trade are cross over accounts that hedged against higher rates and CTAs – trend following Hedge Funds – that were picking the carry by shorting the frontend and selling the backend.
2s30s is back at its least inverted since May…
Source: Bloomberg
The short-end of the curve and stocks benefited from NYFed’s Williams dovish comments to NYT that the need for more rate hikes is “an open question,” … And if the inflation rate keeps falling, the central bank may need to lower interest rates in 2024 or 2025 to ensure that real interest rates don’t rise further.
“Monetary policy is in a good place – we’ve got the policy where we need to be,” Williams said in an Aug. 2 interview with the New York Times that was published Monday.
“Whether we need to adjust it in terms of that peak rate – but also how long we need to keep a restrictive stance — is going to depend on the data.”
In equity-land, Small Caps were the day’s laggard (ending around unch) while The Dow led the gains…
Notably, 0-DTE traders pushed back against the rebound in the S&P (buying Puts while Calls were flat)…
AAPL down for the 5th straight day – down around 10%, its biggest such drop since Nov 2022 (and back below the Jan 2022 prior record highs)…
TSN also tumbled but dip-buyers put some lipstick on that pig…
VIX (and VVIX) slid lower today (but remain elevated from last week’s lows)…
Source: Bloomberg
But bear in mind, VIX seasonality is not an equity bull’s friend…
US Treasuries were mixed today with the short-end outperforming and long-end sold (2Y unch vs 30Y +6bps)
Source: Bloomberg
The yield on 30-year German bonds rose nine basis points to 2.72%, the highest since early 2014…
Source: Bloomberg
The dollar ended basically unchanged on the day, selling off vs its fiat peers during the US session after overnight gains…
Source: Bloomberg
Bitcoin ended unchanged, bouncing back from morning weakness, back below $29,000…
Source: Bloomberg
Gold ended the day marginally lower, bouncing off pre-payrolls levels from Friday…
Oil also sank to pre-payrolls levels and bounced…
Finally, the rebound in Fed repo balances has stalled the Q2 meltup in stocks…
Source: Bloomberg
What happens next?
b) THIS MORNING TRADING//
II) USA DATA/
end
III) USA ECONOMIC STORIES
it’s official!
(zerohedge)
Yellow Files For Bankruptcy, Blames Union For “30,000 American Jobs lost”
MONDAY, AUG 07, 2023 – 07:20 AM
One of the biggest bankruptcies in US trucking history occurred Sunday when the nation’s third-largest less-than-truckload carrier, Yellow Corp., filed Chapter 11 in a Deleware court. The company has fallen victim to insurmountable debts, including a government loan and tense contract negotiations with the Teamsters Union. It listed assets and liabilities at $1 billion-$10 billion, with more than 100,000 creditors.
“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” said Yellow CEO Darren Hawkins in a statement Sunday.
Hawkins continued, “Today, it is not common for someone to work at one company for 20, 30, or even 40 years, yet many at Yellow did. For generations, Yellow provided hundreds of thousands of Americans with solid, good-paying jobs and fulfilling careers.”
Yellow’s bankruptcy marks the largest filing in US trucking history. The firm was responsible for roughly 15% of major corporations’ less than truckload. It has struggled with a sizeable debt load and changing consumer habits in a post-Covid environment. Yellow has $1 billion in debt due in 2024 alone and has struggled to find common ground with the Teamsters Union.
The Nashville-based company had 30,000 employees nationwide, with the union representing about 22,000 of those employees. Last week, the company notified its labor force about bankruptcy plans.
Hawkins blamed the union for the company’s failure:
“We faced nine months of union intransigence, bullying and deliberately destructive tactics.”
Yellow asked the Delaware court for permission to make payments, including employee wages and benefits, taxes, and certain vendors essential to its businesses.
Much of Yellow’s business halted weeks ago when it stopped making pickups. It axed most non-union employees and closed its yards at the end of July.
Stifel research director Bruce Chan said the demise of Yellow has been “two decades in the making,” blaming poor management and strategic decisions from the early 2000s.
For the overall trucking industry, Amit Mehrotra with Deutsche Bank said the collapse of Yellow is “clearly very positive for the companies that remain open for business.” He listed Old Dominion, Saia, CSX, and FedEx among other top picks in the industry.
Yellow shares trading in New York plunged more than 26% on the news. This followed a 781% surge from about 50 cents on July 27 to a high of $4.34 last Thursday.
Here’s the press release Yellow published on Sunday titled “International Brotherhood of Teamsters Drives Nearly 100-Year-Old Company Out of Business 30,000 American Jobs Lost”:
END
Giant food processor Tyson plunges as earnings plummet amid waning demand
(zerohedge)
Tyson Foods Plunges As Earnings Fall Short Amid Waning Meat Demand
MONDAY, AUG 07, 2023 – 09:42 AM
Tyson Foods Inc., the world’s largest processor of chicken, beef, and pork, tumbled Monday morning in New York after it reported adjusted earnings per share for the third quarter that missed the average analyst estimate.
Third Quarter Results:
- Adjusted EPS 15c vs. $1.94 y/y, estimate 26c (Bloomberg Consensus)
- Loss per share $1.18 vs. EPS $2.07 y/y
- Sales $13.14 billion, -2.6% y/y, estimate $13.59 billion
Third quarter sales declined due to weakening demand compared to the same quarter last year.
Third-quarter sales volumes reveal consumers ditched beef and pork for less expensive chicken.
There also appears to be a reduction in prepared food sales, such as items found in the frozen food section at supermarkets.
Third Quarter Sales:
- Sales volume +0.3%
- Beef Sales Volume -5.3% vs. +1.3% y/y, estimate -2%
- Pork Sales Volume -1.8% vs. -1.7% y/y, estimate +1.5%
- Chicken Sales Volume +2.8% vs. -2.1% y/y
- Prepared Foods Sales Volume -0.7% vs. -8.5% y/y, estimate +4% (2 estimates)
- International/Other Sales Volume +0.5% vs. +21.9% y/y
Update on the beef segment:
Update on the pork segment:
Update on the chicken segment:
Tyson listed nine-month highlights that showed sales are flat:
- Sales of $39,533 million, flat from prior year
- GAAP operating income of $68 million, down 98% from prior year
- Adjusted operating income of $697 million, down 81% from prior year
- GAAP EPS of $(0.56), down 108% from prior year
- Adjusted EPS of $0.97, down 86% from prior year
- Total Company GAAP operating margin of 0.2%
- Total Company Adjusted operating margin (non-GAAP) of 1.8%
- Repurchased 5.4 million shares for $343 million
Tyson shares plunged 11% at the opening of the cash session.
Largest plunge since execs slashed the outlook for the year in May, calling the protein market “challenging.”
Here’s an update on guidance:
Donnie King, President and CEO of Tyson Foods, wrote in a statement, “The current market dynamics remain challenging.”
King announced the closure of four chicken facilities in North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri and Noel, Missouri.
The biggest takeaway is that American consumers are becoming more cautious and pulling back on meat purchases amid two years of negative real wage growth.
end
A good commentary on inflation. It is not over and will come ack with a vengeance
Brandon Smith/AltMarket.uSA
Nothing Is Over: Inflation Is About To Come Back With A Vengeance
MONDAY, AUG 07, 2023 – 09:20 AM
Authored by Brandon Smith via Alt-Market.us,
Perhaps one of the most bizarre recent developments in economic news has been the attempt by establishment media (and the White House) to declare US inflation “defeated” despite all the facts to the contrary.
Keep in mind that when these people talk about inflation, they are only talking about the most recent CPI, which is supposed to be a measure of current inflation growth, not a measure of inflation already accumulated.
But, the CPI is easily manipulated, and focus on that index alone is a tactic for misleading the public on the true economic danger.
The way current US inflation is presented might seem like a fiscal miracle. How did America cut CPI so quickly while the rest of the world including Europe is still dealing with continuing distress? Is “Bidenomics” really an economic powerhouse?
No, it’s definitely not. I have addressed this issue in previous articles but I’ll dig into inflation specifically, because I believe a renewed inflationary run is about to spark off in the near term and I suspect the public is being misinformed to keep them unprepared.
First, lets be clear that there are four types of inflation – Creeping, walking, galloping and hyperinflation. We also should distinguish between monetary inflation and price inflation, because they are not always directly related (usually they are, but events outside of money printing can also cause prices to go up).
If we calculate CPI according to the same methods used during the stagflationary crisis of the 1980s, real inflation has been in the double digits for the past couple years. This constitutes galloping inflation, a very dangerous condition that can lead to a depression event.
There are multiple triggers for the inflation spike. The primary cause was tens-of-trillions of dollars in monetary stimulus created by the Federal Reserve, the majority of which took place on the watch of Barack Obama and Joe Biden (there have been multiple GOP Republicans that have also supported these measures, but the majority of dollar devaluation is directly related to Democrat policies). This epic “too big to fail” stimulus created an avalanche effect in which economic weakness accumulated like sheets of ice on a mountainside. The final straw was the covid lockdowns and the $8 trillion+ in stimulus packages pumped directly into the system. Then, it all came crashing down.
To give you a sense of how bad the situation is, we can take a look at the Fed’s M2 money supply (they stopped reporting the more complete M3 money supply right before the crash of 2008). According to the M2, the amount of dollars in circulation jumped around 40% in the span of only two years. That is an epic amount of money creation and I would argue that the economy still hasn’t processed all of it yet.
There have been too many dollars chasing too few goods and services. Thus, prices rise dramatically, with the cost of necessities increasing by 25%-50%. Think about that for a moment…it now costs us 25%-50% more per year to live than it did before 2020, and it’s not over by a long shot. Houshold costs are still climbing, and since inflation is cumulative we will likely never be rid of the increases that are already in place. But if that’s the reality, why is CPI going down?
The main reason has been the central bank pumping up interest rates. The more expensive debt becomes, the more the economy slows down. That said, the Fed has remained hawkish for a reason; they know that inflation is not going away. They need help if they’re going to convince the public that inflation is no longer a problem.
Enter Biden’s scheme of dumping America’s strategic oil reserves on the market as a means to artificially bring down CPI. Energy prices affect almost all other aspects of the CPI index, and when energy costs fall this make it seem like inflation has been tamed. The problem is that it’s a short term fraud. Biden has run out of reserves to dilute the market and the cost of refilling them is going to be exponentially higher. This is why you now see gas prices rising again and they will probably keep rising through the rest of the year.
On top of this there are also geopolitical factors to consider. The White House has earmarked over $100 billion in aid to Ukraine – A proxy war is one good way to circulate fiat dollars overseas as a means to reduce monetary inflation at home, but it’s not going to be enough unless the war expands considerably. Then there is the problem of export disruptions.
For example, Russia is now officially and aggressively shutting down Ukraine’s wheat and grain exports, which is going to cause another price spike in wheat and all foods that use wheat. India just shut down major exports of rice to protect their domestic supply, meaning rice is going to rocket in price. And, there’s an overall trend of foriegn creditors quietly dumping the US dollar as the world reserve currency. All those dollars will eventually make their way back to the US, meaning an even larger money supply circulating domestically with higher inflation as a result.
The Fed doesn’t necessarily have to keep printing for inflation to persist, they just had to set the chain reaction in motion. The recent Fitch downgrade of the US credit rating is not going to help matters as it encourages foreign investors to dump the dollar and treasuries even faster.
To be sure, there is still the matter of the battle between deflationary factors vs inflationary factors. In October, the last vestiges of covid stimlus measures will finally die, including the moratorium on student loan debt payments – That’s trillions of dollars of loans pulling billions in payments each year.
Not only that, but when those loans were put on hold, millions of people magically had their credit ratings rise, which means they had access to higher credit card limits and a vast pool of debt. Now, that’s all going away, too. No more living off Visa and Mastercard means US retail is about to take a considerable hit along with the jobs market.
Then there’s the Fed’s interest rate hikes which are now about as high as they were right before the crash of 2008. The same hikes that helped cause the spring banking crisis (which is also not over). The US will be paying record interest on the national debt, consumers will be using far less credit and banks will be lending less and less money.
So yes, there will be competing forces pulling the economy in two different directions: Inflation and deflation.
However, I would argue that inflation is not done with us yet and that the Fed will have to hike a few more times to suppress it in the short term. In the long term, the viability of the US dollar is the issue, but that’s a discussion for another article…
* * *
end
Diva Russian Soprano sues the NY metropolitan Opera over the Ukraine linked termination
She should win. Politics should not be part of her contract.
(Jonathan Turley)
Russian Soprano Sues The Metropolitan Opera Over Ukraine-Linked Termination
MONDAY, AUG 07, 2023 – 03:50 PM
When Russia invaded Ukraine, we discussed how various Russian artists, athletes, and performers were blacklisted or fired for not publicly condemning the invasion or Vladimir Putin. Artists and athletes turned on their colleagues and forced them to change their political views as a condition for singing, playing or writing.
Now, Soprano Anna Netrebko is suing the Metropolitan Opera and its general manager Peter Gelb for defamation, breach of contract and other violations linked to her termination.
Netrebko’s termination followed the invasion in 2022 after Gelb had demanded she repudiate Russia President Vladimir Putin.
If true, Gelb should himself be fired.
Conditioning performances on adhering to a political viewpoint is an outrageous denial of free speech and artistic freedom.
Indeed, it is precisely the type of abuses that define the authoritarianism of Putin and his regime. For centuries, artists have fought for the freedom to create regardless of their political viewpoints.
Gelb is accused of doing precisely what studios and companies did to socialists and communists in the 1950s in demanding that they renounce their political beliefs if they wanted to write, sing, or act.
None of this seems to matter to the Met’s loyal supporters in New York. The American Guild of Musical Artists filed a grievance on Netrebko’s behalf and the arbitrator found that the Met violated the union’s collective bargaining agreement when it canceled her contracts to appear in Verdi’s “Don Carlo” and “La Forza del Destino” and Giordano’s ”Andrea Chénier.” She was awarded $209,103.48.
Yet, Gelb was retained as general manager of the Met.
Netrebko now alleges ”severe mental anguish and emotional distress” that included “depression, humiliation, embarrassment, stress and anxiety, and emotional pain and suffering.”
She says that she is being blackballed due to her refusal to adhere to the political viewpoints of Gelb and the Met. She alleges that Gelb and the Met fueled protests against her and destroyed her reputation.
The loss is to the art world.
This not only bars a talented artist, but embraces the same intolerance from the Red Scare period. It is an all-too-familiar story as many on the left embrace censorship and blacklists to silence those with opposing views. They support one of the great artistic institutions in the world, but now effectively support a political litmus test for artists.
USA// COVID//VACCINE/ECONOMIC COSTS
END.
SWAMP STORIES
What an absolute doorknob!
(zerohedge)
Biden Energy Secretary Secretly Consulted Top Chinese Energy Official Before SPR Release, Sales To Hunter Biden-Linked Chinese Energy Giant
SATURDAY, AUG 05, 2023 – 11:30 PM
US Energy Secretary Jennifer Granholm, whose catastrophic handling of US energy policy will be one of the most memorable and dire consequences of the Biden era, engaged in multiple conversations with the Chinese government’s top energy official just days before the Biden administration announced it would tap the Strategic Petroleum Reserve (SPR) to combat high gas prices in 2021, the same China whose Hunter Biden-linked energy giant Unipec, which we previously learned had bought millions of barrels from the SPR release.
Granholm called China National Energy Administration Chairman Zhang Jianhua, a longstanding senior member of the Chinese Communist Party, for a half-hour one-on-one conversation on Nov. 21, 2021. Granholm’s calendar also shows an earlier phone call had been scheduled with Jianhua for Nov. 19 but a rep for the former Michigan governor said the first call never took place. Then, on Nov. 23, 2021, the White House announced a release of 50 million barrels of oil from the SPR, the largest release of its kind in U.S. history at the time.
According to Fox News, Granholm’s previously-undisclosed talks with China National Energy Administration Chairman Zhang Jianhua — revealed in internal Energy Department calendars obtained by Americans for Public Trust (APT) and shared with Fox News Digital — reveal that the Biden administration likely discussed its plans to release oil from the SPR with China before its public announcement in the US: yes, China’s Communist Party learned what Biden would be doing before the US did.
“Secretary Granholm’s multiple closed-door meetings with a CCP-connected energy official raise serious questions about the level of Chinese influence on the Biden administration’s energy agenda,” APT Executive Director Caitlin Sutherland told Fox News Digital, an “energy agenda” that can be summarized with just one chart:
“Instead of focusing on creating real energy independence for America, Granholm has been too busy parroting Chinese energy propaganda and insisting ‘we can all learn from what China is doing,’” Sutherland continued. “The public deserves to know the extent to which Chinese officials are attempting to infiltrate U.S. energy policy and security.”
Hilariously, in response to the leaked calendar, in a statement the DOE said the meeting was broadly part of the agency’s effort to combat climate change, but didn’t share what was discussed at the meeting.
“Solving the climate crisis means engaging with competitors and allies in clear and substantive discussions — especially among the nations emitting the most carbon pollution into the atmosphere,” a DOE spokesperson told Fox News Digital. “We must all address the transnational challenge of climate change to our planet.”
It was unclear just how the DOE is “solving climate crisis” and “addressing climate change” by engaging with China when Chinese CO2 emissions are double those of the US and rising exponentially…
… but that’s irrelevant since the DOE – like every other aspect of the Biden administration – was lying.
As part of its announcement in November 2021, the White House said it was releasing oil from U.S. reserves in conjunction with “other major energy consuming nations including China.” However, President Biden said in remarks after the announcement that China “may do more as well” and Granholm told reporters during a press briefing that China “will make its own announcement.”
What happened next will shock nobody: instead of releasing oil stocks, China aggressively increased its own reserves, and even bought fuel from the US. Meanwhile, SPR releases have weakened U.S. national security and bolstered foreign adversaries’ “geopolitical leverage” according to Republican leaders.
“China ramped up its purchases of crude oil from Russia and the United States to boost its own reserves, even as oil prices surged and President Biden called for a coordinated release,” House Energy and Commerce Chair Cathy McMorris Rodgers, R-Wash., and former GOP Rep. Fred Upton wrote to Granholm last year.
“As a result, China may now control the world’s largest stockpile of oil, with total crude inventories estimated at 950 million barrels,” they added.
In addition, the White House and Department of Energy has been heavily criticized for allowing SPR sales to flow to Chinese state-run energy companies. The White House then fired back in July 2022, arguing that its hands were tied since it is legally required to sell SPR oil to the highest bidder, even if said bidder will be the US adversary in the next world war… then again, with China purchasing influence over the so-called US president through his son, this too should not come as a surprise.
As noted above, the Biden administration has sold at least six million barrels of oil from the SPR to Unipec, an affiliate of the state-controlled China Petrochemical Corporation with extensive connections to Hunter Biden. Jianhua, who met with Granholm in 2021, served in a leadership role for years at the China Petrochemical Corporation, Reuters previously reported.
From September 2021 to July, the Department of Energy (DOE) has awarded three crude oil contracts with a combined value of roughly $464 million to Unipec America, the U.S. trading arm of Chinese state-owned oil company Sinopec, according to a review by The Epoch Times of the DOE documents. A Chinese firm with ties to Hunter Biden had made an investment in the national oil giant.
The sale would tap 5.9 million barrels in total from the U.S. Strategic Petroleum Reserve (SPR) to export to the Chinese firm. The latest contract was unveiled on July 10, consisting of 950,000 barrels sold for around $113.5 million.
The two most recent sales to Unipec came out of an emergency drawdown of the U.S. oil stockpile, initiated under President Joe Biden on March 31, 2022 in what he said would offset the loss of Russian oil in global markets and tame rising fuel costs at home.
The Unipec contracts have been a subject of heavy criticism since the firm’s connections to the younger Biden came into focus a year ago. Republican lawmakers and analysts have said that the selling of oil reserves to foreign adversaries such as China is at odds with U.S. energy and security needs.
Sinopec, the parent organization of Unipec, has been linked to Hunter Biden, through the state-backed Chinese private equity firm BHR Partners, which became a stakeholder of Sinopec in 2014.
Hunter served as a founding board member of BHR from 2013 through April 2020. His firm Skaneateles also held a 10 percent stake in BHR, which his lawyer said has been divested as of November 2021. On BHR’s 2021 annual report released in June, however, Skaneateles was still listed as a shareholder.
At the time of the SPR sale to Unipec, Rep. Ralph Norman (R-S.C.) said the sale demonstrates the current administration’s “rank incompetence.”
“The Biden White House obviously didn’t see a problem with loading millions of barrels from our strategic reserves onto tankers bound for foreign countries, which likely explains why they don’t see a problem selling our emergency crude oil to a Chinese gas company with ties to Hunter Biden’s investment firm,” he told The Epoch Times.
“China is profiting from President Biden’s political abuse of the Strategic Petroleum Reserve,” Senate Energy and Natural Resources Committee Ranking member John Barrasso, R-Wyo., said earlier this year. “Meanwhile, America has become more vulnerable to true energy and national security emergencies.”
Overall, Biden has ordered the Department of Energy to release a total of about 260 million barrels of oil stored in the SPR since taking office to combat record fuel prices hitting American consumers. In late March 2022, the president announced a draw-down of a million barrels per day from the SPR after Russia invaded Ukraine, roiling global energy markets. The SPR drain, which has offset multiple OPEC+ output cuts, has been instrumental in pushing the price of oil – and thus gasoline – lower, however at the expense of draining the strategic US reserve to 40-year lows.
The SPR’s level has fallen to about 346.8 million barrels of oil, the lowest level since August 1983, according to Energy Information Administration data released on July 28. The current level is also 43% lower than its level recorded days prior to the November 2021 release.
The Senate overwhelmingly supported an amendment to this year’s annual defense bill barring future oil exports to US adversaries China, Russia, North Korea and Iran. In a letter to Granholm last year, Republican lawmakers warned that Beijing and Moscow were both buying up oil from the US.
“The Biden administration is depleting the nation’s petroleum reserves, while allowing OPEC, Russia, and China to gain geopolitical leverage over the United States,” wrote then-House Committee on Energy and Commerce ranking member Cathy McMorris Rodgers (R-Wash.) and then-House Energy subcommittee ranking member Fred Upton (R-Mich.).
“As you know, in November 2021, President Biden announced a 50-million-barrel release from the SPR that was supposed to be in tandem with other importing countries, including China,” the lawmakers told Granholm. “In reality, China ramped up its purchases of crude oil from Russia and the United States to boost its own reserves, even as oil prices surged and President Biden called for a coordinated release.”
“As a result, China may now control the world’s largest stockpile of oil, with total crude inventories estimated at 950 million barrels,” they added.
Granholm’s just released calendar from Nov 2021 can be found below.
end
More on the Trump indictments
(Alan Dershowitz)
“Banana Republic”: Dershowitz Says Biden ‘Urged’ Garland To Indict Trump, Jack Smith ‘Could’ Be Indicted Under KKK Statute
SUNDAY, AUG 06, 2023 – 07:30 PM
During two recent Fox News interviews, Harvard Law professor (and former Jeffrey Epstein pal, and Trump impeachment attorney) Alan Dershowitz said that the prosecution of former President Donald Trump by the sitting president’s DOJ for contesting the 2020 election “looks like banana republic land.”
Trump pleaded not guilty on Thursday to a four-count indictment over his efforts to contest the results of the 2020 US election. This comes on the heels of a 37-count indictment in June regarding Trump’s handling of classified documents.
“President Biden urged his attorney general to indict the man who he knew was going to be the leading opponent if against him,” Dershowitz told “Kudlow” guest host, David Asman. “That begins to look like banana republic land. That’s what happens when people in power are afraid of the democratic process. What they do is they seek the indictment and prosecution of the people who are running against them.”
“I have a constitutional right to vote against Donald Trump for the third time,” said Dershowitz. “I voted against him twice, I intend to vote against him again, but I want to have that right to vote against him and not have that right taken away from me by prosecutors and by the president, who wants to see him imprisoned. That’s just not the American way.”
Dershowitz also slammed the Biden administration over venue, arguing that the District of Columbia was a setup.
“This is a step in that direction, and also placing the case in the District of Columbia, which is 95% anti-Trump, putting it in front of a judge with a history of anti-Trump. If the government thinks they have a strong case, they ought to join the defense and agree to move it to West Virginia or Virginia and put it in front of another judge who doesn’t have a long history of anti-Trump attitudes,” he said, adding “So, I don’t believe he can get a fair trial in the District of Columbia.”
KKK statute?
In another Fox News interview, this time on Brian Kilmeade’s radio show, Dershowitz suggested that Special Counsel Jack Smith could be indicted for denying Trump his “constitutional rights” under a Ku Klux Klan statute.
“The indictment is based on lies, and the indictment itself contains a blatant lie by Jack Smith. He describes the speech of January 6th,” he said, adding “But he describes the speech in the indictment and deliberately and willfully leaves out the key words of the speech, namely that the president told his people to protest peacefully and patriotically.”
“By leaving out those words. It’s a lie by omission. And under the standards set out in the indictment, you know, Jack Smith could be indicted,” he continued. “Theoretically, it’s not going to happen, obviously, under the Ku Klux Klan statute that he says any people who conspire to deny somebody their constitutional rights is guilty of a crime.”
According to Dershowitz, “That would mean that Jack Smith tried to deny Trump his constitutional rights in this indictment.”
“I make that point not to argue that Jack Smith should be indicted, of course not. To make the point that the indictment is so broad, so wide, so all encompassing, it could include so much political conduct.”
END
Judge Aileen Cannon slapped Jack Smith pretty hard!
(zerohedge)
DOJ Slapped By Judge In Trump Documents Case
MONDAY, AUG 07, 2023 – 01:05 PM
The judge overseeing former President Trump’s classified documents case, Florida District Judge Aileen Cannon, rebuked federal prosecutors on Monday while striking down two of their filings.
DOJ special counsel Jack Smith has been directed by the court to unseal two filings and to provide a comprehensive legal rationale for a Washington, D.C. grand jury’s involvement in the investigation. Specifically, Cannon, a Trump appointee, has ordered Smith to explain “the legal propriety” of using a DC Grand Jury in a Florida matter.
“The Special Counsel states in conclusory terms that the supplement should be sealed from public view ‘to comport with grand jury secrecy,’ but the motion for leave and the supplement plainly fail to satisfy the burden of establishing a sufficient legal or factual basis to warrant sealing the motion and supplement,” the order reads.
“Among other topics as raised in the Motion, the response shall address the legal propriety of using an out-of-district grand jury proceeding to continue to investigate and/or to seek post-indictment hearings on matters pertinent to the instant indicted matter in this district,” the order adds.
Canon was responding to the special counsel’s motion for a “Garcia” hearing, where Smith’s team addressed a potential conflict of interest posed by Stanley Woodward representing defendant Walt Nauta and individuals who could be called to testify in the classified documents case, the Daily Caller reports.
Trump and Nauta are scheduled to be arraigned Aug. 10 for the classified documents case. Smith issued a superseding indictment July 27 with additional charges for Trump and new charges for Mar-a-Lago employee Carlos De Oliveira who allegedly moved boxes around Trump’s Florida estate.
Smith indicted Trump Tuesday for allegedly contesting the 2020 presidential election results and for his alleged role in the Jan. 6, 2021 Capitol riot. The former president pleaded not guilty at an arraignment in Washington, D.C. Thursday and accused Smith of “persecution” for his latest charges. -Daily Caller
Separately, a grand jury in Washington DC indicted Trump last week on four counts over alleged efforts to overturn the 2020 election.
Read Monday’s order below:
END
THE KING REPORT
| The King Report August 7, 2023 – Issue 7048 | Independent View of the News |
| Over a year ago, we warned that Team Biden is producing economic data that is often revised downward. This has been especially true of the politically sensitive job reports. The Team Biden economic data con has become so blatant that an increasing number of pundits are inveighing against it. July NFP is 187k; 200k was expected; 218k was the Whisper Number. June NFP was revised 24k lower to 185k; May was revised 25k lower to 281k. This is a 2-month net revision of -49k. Mfg -2k, +5k exp. Once again, NFP was boosted by Team Biden’s seasonal adjustment chicanery. For July 2022, the seasonal adjustment was +105k; for July 2023, it is +216k. That’s +111k NFP from the magic pen.  https://www.bls.gov/news.release/empsit.t17.htmThe BLS’s hokey Birth/Death Model crafted 280k jobs. Last July, it was 327k jobs, -47k y/y. -47k plus the 111k NFP from seasonal adjusting = +64k NFP from the BLS’s magic pen. https://www.bls.gov/web/empsit/cesbd.htm @zerohedge: Every monthly payrolls number in 2023 has been revised lower to manipulate perception and markets https://t.co/T6qyXuqY7a Wages +4.4% y/y, 4.2% expected; 0.4% m/m, 0.3% expected; Household Survey “Employed” +268k, “Unemployed” -118k; Unemployment Rate to 3.5% from 3.6% (expected) Employed has lagged NFP for a while; now it might be normalizing with NFP. https://www.bls.gov/news.release/empsit.a.htm The Labor Force Participation Rate remained at 62.6%, which was expected. The Underemployment Rate (U6) declined to 6.7%; 6.9% was expected. The details of the Household Survey show economic weakness: Full-time workers -585k; Part-time +972k; multiple jobs holders +118k https://www.bls.gov/news.release/empsit.t09.htm The Establishment Survey shows ‘Private education & health services’ +100k, with Health care & social assistance +87.1k; Leisure & hospitality only +17k; Temporary help services -22k https://www.bls.gov/news.release/empsit.b.htm @EPBResearch: 60% of monthly job gains are coming from government, education, and healthcare. All the labor market narratives are illusions at best and misleading at worst. https://twitter.com/EPBResearch/status/1687458131117322240 Summers Warns on Inflation Reacceleration Risk as Wages Too Hot While hourly earnings in July were 4.4% higher than the same month a year ago, when computing an annualized rate comparing them with June, Summers said the figure is closer to 5%… He reiterated his concern about the longer-term US budget-deficit trajectory… The CBO has projected a budget gap amounting to 6.4% of gross domestic product for 2033. But Summers sees that figure being “close to 10%” in eight to ten years… https://finance.yahoo.com/news/summers-warns-inflation-reacceleration-risk-145645461.html Fitch’s ‘the emperor has no clothes’ proclamation regarding US debt has emboldened some elites to publicly recognize the elephant in the market, US debt. Paulson, Geithner Urge Moving on US Debt before It’s Even Harder “The longer we wait, the more painful the solution will be,” Paulson said. “It’s going to take doing things on both the spending side and the revenue side. We’re going to need more revenues. And we’re going to need to figure out how to deal with some difficult issues in areas like the entitlements.”… https://finance.yahoo.com/news/paulson-geithner-urge-moving-us-211606222.html Billionaire investor Ray Dalio says the Fed’s measures haven’t slowed consumers down, and the government is paying the price – Central banks printed a lot more money—causing inflation to rise—and bought a lot of the debt itself to get money into the hands of the private sector. As a result, Dalio estimates, the private sector is in “relatively good shape”—while the government is not… He warned that central governments could spin themselves into a “self-reinforcing debt spiral” by taking out more loans in order to cover the service payments on their existing debts, which Dalio estimates will be large. https://finance.yahoo.com/news/billionaire-investor-ray-dalio-says-110544636.html Misguided traders and pattern traders (Friday rally) poured into ESUs after the 8:30 ET release of the July Employment Report. Pump & Dumpers have gotten fat off liquidating into NYSE opening rallies. So, ESUs peaked at 9:48 ET. After a 32-handle tumble, ESUs hit a bottom at 10:06 ET. Conditioned traders then got jiggy for the expected Friday afternoon rally. ESUs hit a daily high of 4560.75 at 12:54 ET. Alas, defensive asset allocators got jiggy, too. ESUs tumbled to a daily low of 4493.75. The late upward manipulation produced only a 7-handle ESU rally. Ironically, ESUs tumbled and USUs soared after JPM rescinded their recession forecast. JPM chief US Economist Feroli wrote, “A relatively quick resolution debt ceiling has taken one typed of financial crisis off the table.” Mr. Bond has a much different view about the US budget. Apple tumbled 4.8%, its biggest one-day drop in 2023. But the NY Fang+ Index advanced 0.62% on Amazon’s 8.27% gain. Amazon rallied as much as 10.96% (peak at 11:05 ET). Positive aspects of previous session ESUs rallied from the July jobs report release until 12:54 ET. Negative aspects of previous session Defensive asset allocators, mocking The Street’s no recession calls, got jiggy due to recession angst The S&P 500 Index closed 12 handles below its 4500 and rescinded an almost 1.0% rally Gasoline and oil rallied smartly Ambiguous aspects of previous session How bogus/fraudulent are US economic statistics? If the DoJ, FBI, and CIA are corrupt… First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4497.64 Previous session S&P 500 Index High/Low: 4540.34; 4474.55 @Resist_05: BOMBSHELL: Pfizer employees (Australia) were given a *special batch*… different from what was forced into the general population. https://twitter.com/Resist_05/status/1687332318728671233 mRNA inventor @RWMaloneMD: Yet another “conspiracy theory” validated. @justin_hart: It’s getting hot FOR PFIZER Down Under. Australian Senate Committee kicked off its hearing asking Pfizer executives: “Did Pfizer test whether your Covid-19 vaccine could stop or reduce the transmission of the disease?” *non-answer*, *non-answer* — > after THREE tries, he gives up and the gallery just laughs. https://t.co/dHDcuzoezq @SaiKate108: A tough day for Pfizer Australia in Senate hearings today. Senator Gerard Rennick on fire as he forced them to admit they didn’t understand the mechanism by which the vaccine causes myocarditis/ pericarditis. So much for trusting the science. They have no idea!! https://twitter.com/SteveDeaceShow/status/1687799222773350400/photo/1 Pfizer and Moderna Reps Put on the Hot Seat in Fiery Senate Hearing in Australia https://amgreatness.com/2023/08/04/pfizer-and-moderna-reps-put-on-the-hot-seat-in-fiery-senate-hearing-in-australia/ @stkirsch: 72% of all US deaths reported to VAERS (Vax adverse Event Report System) in the 33 history of VAERS (over 70 vaccines) are from one vaccine: the COVID-19 vaccine… It’s easy for anyone to verify. The CDC has been lying to you. It’s not safe at all. 11,860 out of 16,396 total deaths. Pfizer loses $144 Billion in value as Americans move on from COVID treatment and drugs Pfizer loses $88 BILLION in market share as Americans move on from COVID and sales of virus drugs and vaccines plummet… https://trib.al/bpxLjuy Energy Sec Granholm secretly consulted top CCP energy official before (2 days) SPR releases (and on the day) https://www.foxnews.com/politics/energy-sec-granholm-secretly-consulted-top-ccp-energy-official-spr-releases @RonDeSantis: How many of America’s decisions are being made in consultation with the CCP? This is a gross violation of our national security and a recipe for disaster… @Indian_Bronson: Last year: Biden admin shuts down a dedicated anti-China counterintelligence program bc it’s too racist to think China’s spies in the US may be Chinese-looking people with Chinese-sounding names. Thursday: US Sailors Jinchao Wei & Wenheng Zhao charged with spying for China https://t.co/PORhI176V8 DOJ shuts down China-focused anti-espionage program February 23, 2022 The China Initiative is being cast aside largely because of perceptions that it unfairly painted Chinese Americans and U.S. residents of Chinese origin as disloyal. (Or is it the “10% for The Big Guy”?) https://www.politico.com/news/2022/02/23/doj-shuts-down-china-focused-anti-espionage-program-00011065 A Global Web of Chinese Propaganda Leads to a U.S. Tech Mogul – NYT The Times unraveled a financial network that stretches from Chicago to Shanghai and uses American nonprofits to push Chinese talking points worldwide…At the center is a charismatic American millionaire, Neville Roy Singham, who is known as a socialist benefactor of far-left causes… Mr. Singham works closely with the Chinese government media machine and is financing its propaganda worldwide… None of Mr. Singham’s nonprofits have registered under the Foreign Agents Registration Act… In 2017, Mr. Singham married Jodie Evans, a former Democratic political adviser and the co-founder of Code Pink. The wedding, in Jamaica, was a “Who’s Who” of progressivism… Until a few years ago, she readily criticized China’s authoritarian government…Ms. Evans now stridently supports China. She casts it as a defender of the oppressed and a model for economic growth without slavery or war. “If the U.S. crushes China,” she said in 2021, it “would cut off hope for the human race and life on Earth.”… Just last month, Mr. Singham attended a Chinese Communist Party propaganda forum. In a photo, taken during a breakout session on how to promote the party abroad, Mr. Singham is seen jotting in a notebook adorned with a red hammer and sickle. https://www.nytimes.com/2023/08/05/world/europe/neville-roy-singham-china-propaganda.html The FT: Chinese economists told not to be negative as rebound falters – Authorities struggling to restore confidence in post-Covid recovery want analysts to avoid mention of deflation risk https://www.ft.com/content/b2e0ad77-3521-4da9-8120-1f0c1fdd98f8 Mainland China airs documentary signaling military preparation for Taiwan attack and willingness to sacrifice (as economy falters, create war diversion) – Beijing is trying to send strong signals about its preparation for an attack on Taiwan, with People’s Liberation Army soldiers pledging to sacrifice themselves… its messages were also intended for the US. https://www.scmp.com/news/china/military/article/3230014/mainland-china-airs-documentary-signalling-military-preparation-taiwan-attack-and-willingness Russia and China Sent Large Naval Patrol near Alaska: WSJ Four U.S. destroyers were dispatched to monitor Russian and Chinese ships U.S. experts said appeared to be the largest such flotilla to approach American shores… (Pay wall) https://www.wsj.com/articles/russia-and-china-sent-large-naval-patrol-near-alaska-127de28b CNN Poll: Majority (55%) of Americans oppose more US aid for Ukraine in war with Russia Republicans broadly say that Congress should not authorize new funding (71%) and that the US has done enough to assist Ukraine (59%). Among Democrats, most say the opposite, 62% favor additional funding and 61% say that the US should do more… (Dem cult drinking the Biden Kool-Aid) https://www.cnn.com/2023/08/04/politics/cnn-poll-ukraine/index.html @GGreenwald: “Imagine time traveling back to 2005… and telling people that in 15 years there’s going to be a war… We’re going to spend $100 billion or more, while we tell people they can’t afford Medicaid… And it’s going to be liberal Democrats who want to fund it.” (Cult/unconditional obedience politics) On Saturday, Fed Gov. Michelle Bowman said “additional rate increases will likely be needed…” thttps://www.federalreserve.gov/newsevents/speech/bowman20230805a.htm Today – The S&P 500 Index closed under 4500 for the first time since July 12. It also had an Outside Day on Friday. Astute traders will be sensitive to a breach of the index’s Friday high or low. ESUs are 12.00 and USUs are+3/32 at 20:30 ET. Traders want to be long for the expected Monday rally. Expected economic data: June Consumer Credit $13.5B; Atlanta Fed (Uber dove) Bostic & Fed Gov. Bowman 8:30 ET S&P 500 Index 50-day MA: 4407; 100-day MA: 4246; 150-day MA: 4165; 200-day MA: 4097 DJIA 50-day MA: 34,267; 100-day MA: 33,756; 150-day MA: 33,657; 200-day MA: 33,511 (Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 3752.81 triggers a sell signal Weekly: Trender and MACD are positive – a close below 4372.50 triggers a sell signal Daily: Trender and MACD are negative – a close above 4601.36 triggers a buy signal Hourly: Trender and MACD are negative – a close above 4530.36 triggers a buy signal @SecBlinken (Not a parody, which makes this astounding and risible!) The United States strongly condemns Russia’s conviction of opposition leader Aleksey Navalny on politically motivated charges. The Kremlin cannot silence the truth. Navalny should be released. “Banana Republic”: Dershowitz Says Biden ‘Urged’ Garland To Indict Trump, Jack Smith ‘Could’ Be Indicted Under KKK Statute… or denying Trump his “constitutional rights”… https://www.zerohedge.com/political/banana-republic-dershowitz-says-biden-urged-garland-indict-trump-jack-smith-could-be SELECTIVE PROSECUTION: Deep State DOJ Lawyers Handling Trump Case Declined to Prosecute Disgraced FBI Chief Andrew McCabe https://t.co/gjy89a8Sjk WSJ’s Kim Strassel: The Unprecedented Jack Smith – If lying politicians can be prosecuted for ‘fraud,’ as he proposes in the Trump indictment, we’ll need a lot of new prisons. A politician can lie to the public, Mr. Smith concedes. Yet if that politician is advised by others that his comments are untruthful and nonetheless uses them to justify acts that undermine government “function,” he is guilty of a conspiracy to defraud the country. Dishonest politicians who act on dubious legal claims? There aren’t enough prisons to hold them all. Consider how many politicians might already be doing time had prosecutors applied this standard earlier. https://www.wsj.com/articles/the-unprecedented-jack-smith-special-counsel-donald-trump-president-fraud-c076a2ee @mazemoore: Flashback to Biden telling the families of Sandy Hook that Al Gore really won the election but because he didn’t become President, people died. https://twitter.com/mazemoore/status/1687654026475638784 Hunter Biden Was Managing Director at Chinese Military Proxy Planning to Wage ‘Warfare’ Against America and Make China the ‘World’s Leading Country’ Deleted strategy papers from CEFC China Energy – a Chinese Communist Party-run company where Hunter Biden served as Managing Director – detailed plans for China to “surpass” America as the “world’s leading country” while coordinating forms of “warfare” to influence other countries away from viewing the Chinese Communist Party as a “threat.”… Other articles on the now-deleted website include plotting how to weaponize energy and currency to help China’s standing on the global stage rise such as “China Should Take the Initiative in Gaining Oil Pricing Power” and “Political Path for the Internationalization of Chinese Renminbi.” https://warroom.org/hunter-biden-was-managing-director-at-chinese-military-proxy/ Text messages given to FBI: Chinese wanted Biden family name to help acquire U.S. energy assets “They will be the Goldmans of China,” one of Hunter Biden’s business associated boasted about the relationship with CEFC… “ In the end, the CEFC relationship fell apart as Ye was reportedly was placed under house arrest in his home country and Patrick Ho, one of the Chinese CEFC executives sent to the United States was arrested by the FBI and convicted of bribery and money laundering in the United States… https://justthenews.com/accountability/political-ethics/text-messages-given-fbi-chinese-wanted-biden-family-name-help @gatewaypundit: Former Ukrainian Prosecutor Viktor Shokin Was Poisoned in Late 2019 Just Months after Joe Biden Entered 2020 Presidential Race – Accuses Biden of Involvement After leaving office in 2017, former Vice President Joe Biden Bragged about strong-arming the government of Ukraine to fire its top prosecutor Viktor Shokin…In January 2020 fired Ukrainian prosecutor Viktor Shokin filed an official complaint against Joe Biden for interference in Ukraine’s legal proceedings… In an article in Interfax-Ukraine, Shokin claims he was poisoned with Mercury in Greece, and he cannot rule out that “Biden was somehow involved in some way..”… https://www.thegatewaypundit.com/2023/08/former-ukrainian-prosecutor-viktor-shokin-was-poisoned-late/ @TruthNinja316: DAMNING TIMELINE FOR JOE BIDEN (Devon Archer’s testimony mentions meeting with Zlochevsky on March 4th, 2014. Here is more context: https://twitter.com/TruthNinja316/status/1687195911938789378?s=02 @tristanleavitt: This part of the Devon Archer transcript is really quite damning. When Burisma needed Shokin off its tail, they had Hunter call VP Biden. https://twitter.com/tristanleavitt/status/1687256059210031104?s=02 Outrageous: Devon Archer was Given Full Immunity from the DOJ The reason Devon Archer looks so relaxed during his interview with Congress is because he was given total immunity by the DOJ involving his actions with the Biden gang… https://t.co/q8f0t1KXaI @TuckerCarlson: Ep. 13 Part 2. Devon Archer Carlson: “There’s no corruption here at all. This is totally normal. Joe Biden had no role whatsoever in in his son’s business or knowledge of it? That seems false.” Archer: “That’s categorically false. He was aware of Hunter’s business. He met with Hunter’s business partners…” Tucker: Did Victoria Nuland (DJT impeachment) have a lot of influence in Ukraine? Archer: She did. We were constantly trying to curry favor with her. https://twitter.com/TuckerCarlson/status/1687436522625159168 @lukerosiak: Hunter Biden quit a Chinese board because @peterschweizer exposed him: https://twitter.com/lukerosiak/status/1687148254075490304 Barack Obama ‘warned Joe Biden that Donald Trump’s die-hard following and media mastery will make him hard to beat in 2024’ – Barack Obama on June 27 returned to the White House for lunch with Joe Biden… https://www.dailymail.co.uk/news/article-12367787/Barack-Obama-warned-Joe-Biden-Donald-Trumps-die-hard-following-media-mastery-make-hard-beat-2024.html CNN on Joe Biden: “We know he’s NOT a solid candidate… It is hard to watch” https://t.co/iTIOnDtnLp Ex-Trump spokeswoman @KatrinaPierson: The consequences of not draining the swamp are very real. My former colleagues and I are left to deal with the fallout of that failed initiative. Fool me once. But, y’all keep tweeting. That’ll show ‘em. Soon everyone will be confronted with some painful truths. Will you be able to handle it, or choose to continue look the other way? @SonofHas: Trump touting Lindsey Graham “He’s a good man, solves a lot of problems” …Trump doesn’t sound like someone who really wants to drain the swamp https://t.co/BOfoX7SYe2 @SteveDeaceShow: There it is. Trump funded the very ballot harvesting scheme Democrats used to steal the last election. Just as he handed the country and his balls to Fauci-Birx, he also handed the Democrats a weapon loaded with 400 million bullets. You can’t make this stuff up. (The Cares Act, passed with Trump’s signature on March 27, 2020 funded mail-in ballots and drop boxes via $400m for states to adjust their voting process!) https://twitter.com/SteveDeaceShow/status/1687799222773350400 https://twitter.com/SteveDeaceShow/status/1687799222773350400/photo/1 Trump Vows Revenge for Prosecutorial Harassment: ‘In 2024, it will be our turn’ https://t.co/Mr1DNr9Btj For the past few weeks, VP Kamala Harris has made an inordinate number of public speeches and appearances. Apparently, someone wants Harris to be more visible – and perhaps inure Americans to her imbecilic speeches. Perhaps it is time to pay more attention to her increasing exposure because there has to be a reason for it. @RNCResearch on Friday: KAMALA HARRIS: “It’s expensive when you, when all your tires, you know, when you lose your, your, your tires are ended up being flat because of those roads and bridges.” https://twitter.com/RNCResearch/status/1687306610694316033 Kamala Harris serves another word salad during meeting with Mongolian head of state Kamala Harris delivered a circular statement about “space cooperation” while meeting with Mongolia’s Prime Minister. “You and I spoke briefly about the beginning of the next era and, for you, what that means in terms of your leadership and your vision for the future, and certainly strengthening our space cooperation would be…” (With Mongolia!??!) https://www.foxnews.com/video/6332390681112 Dianne Feinstein, 90, cedes power of attorney to daughter — but still serves in Congress https://t.co/6ii3oDWEeI @KanekoaTheGreat: Thomas Friedman’s 1998 George Kennan interview on NATO expansion: “I think it is the beginning of a new cold war. I think the Russians will gradually react quite adversely and it will affect their policies. I think it is a tragic mistake. There was no reason for this whatsoever. No one was threatening anybody else. This expansion would make the Founding Fathers of this country turn over in their graves. Of course there is going to be a bad reaction from Russia, and then (the NATO expanders) will say that we always told you that is how the Russians are — but this is just wrong. This has been my life and it pains me to see it so screwed up in the end.” (Bill Clinton et al did the deed.) https://twitter.com/KanekoaTheGreat/status/1686922397587554305 @RobertKennedyJr: President Biden’s illegal refusal to release the JFK assassination records and his reckless escalations in Ukraine remind us of New Orleans DA Jim Garrison’s singularly insightful quote from his book, Heritage of Stone: “Until the work of the Kennedy assassins is undone, Presidents will come and go but the warfare machine and its extensive intelligence tentacles, domestic as well as foreign, will remain in control. The assassination reduced the President of the United States to a transient official, a servant of the warfare conglomerate. His assignment is to speak as often as possible about the nation’s desire for peace, while he serves as a business agent with Congress for the military and their hardware manufacturers.” Lawsuit seeks to release more footage of JFK’s assassination More footage than previously thought exists of JFK’s killing The family of Orville Nix, a Dallas maintenance worker, says he recorded the moment Kennedy was shot in Dealey Plaza with his home-movie camera. His family has been trying to get that footage back from the government for years… Nix’s is the only footage from Nov. 22, 1963, facing the JFK motorcade — and the area known as the grassy knoll which is across from where Abraham Zapruder captured his famous video… https://www.newsnationnow.com/crime/lawsuit-seeks-more-footage-of-jfks-assassination/ The non-regime media is gaga over the Tablet’s interview of a BHO biographer, especially the salacious allegations that have been whispered about Obama since his days as a Chicago community organizer. Obama ‘as insecure as Trump,’ claims biographer whose book revealed ex-prez ‘repeatedly fantasizes about… ’ https://t.co/BjdXjsPyiK @Doranimated: The most revealing fact from this great interview is that not one reporter in America tracked down Sheila Miyoshi Jager before David Garrow found her, at the end of Obama’s presidency. The big papers, David Remnick, others, helped Obama build his myth. @CitizenFreePres: McConnell mercilessly booed in his home state of Kentucky. Attendees yelled “retire” and “ditch Mitch.” https://twitter.com/CitizenFreePres/status/1688315257641684992 New York City’s Union Square erupts in chaos as live streamer’s giveaway goes awry https://t.co/Yy1bqDywmZ ‘We’re gonna go crazy, bro!’: Twitch star Kai Cenat told fans before giveaway riot in NYC that things could get ‘rowdy’ (Far more incendiary than DJT! Will Kai be prosecuted?) https://t.co/uAlJkGrt61 NYCPBA STATEMENT ON POLICE OFFICERS INJURED IN UNION SQUARE MAYHEM “The individuals who created this dangerous situation and who attacked and injured New York City police officers need to be identified, held accountable, and subjected to serious consequences. That hasn’t happened in the past. It absolutely must happen this time.” (Treat them like Jan 6 protestors?) http://www.nycpba.org/press-releases/2023/pba-statement-on-police-officers-injured-in-union-square-mayhem/ @RitaPanahi: A new low for NYT. White farmers in South Africa have been targeted…there’s been assaults, torture & murders but NYT wants to pretend “kill the Boer” is just an “anti-apartheid chant” that is needlessly upsetting “rightwing commentators”. Contemptible. https://twitter.com/RitaPanahi/status/1687632709752143872?s=02 @elonmusk: The New York Times actually has the nerve to support calls for genocide! If ever there was a time to cancel that publication, it is now. You can read their articles for free anyway using http://removepaywall.com @Stonks_dot_com Aug 5: Jim Cramer: “Game, set, match. It’s over for Twitter. Whatever Twitter can do, Zuck can do better.” 30 days later: T*reads DAUs down 82%. https://twitter.com/Stonks_dot_com/status/1687887975777030145 @anothercohen: Elon it’s crazy but you could have become a trillionaire if you simply invested your entire net worth into the opposite of everything Cramer said these past few years. @ elonmusk: Literally George Soros: The ‘God’ Who Carries Around Some Dangerous Demons – LA Times Oct. 4, 2004 It seems that Soros believes he was anointed by God. “I fancied myself as some kind of god …” he once wrote. “If truth be known, I carried some rather potent messianic fantasies with me from childhood, which I felt I had to control, otherwise they might get me in trouble… You know, in my personal capacity I’m not actually a selfless philanthropic person. I’ve very much self-centered.”… “Next to my fantasies about being God, I also have very strong fantasies of being mad,” Soros once confided on British television… https://www.latimes.com/archives/la-xpm-2004-oct-04-oe-ehrenfeld4-story.html | |
END
GREG HUNTER..INTERVIEWING DR PIERRE KORY
CV19 Vax Humanitarian Catastrophe being Turbocharged without Treatment – Dr. Pierre Kory
By Greg Hunter On August 5, 2023 In Political Analysis52 Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
World renowned CV19 critical care and pulmonary expert Dr. Pierre Kory has run a full-time CV19 vaccine injury practice for two years. What Dr. Kory is seeing first hand in terms of injuries is frightening. Dr. Kory explains, “It’s been insane for two years plus. The world has gone mad. . . . There is a simple reason the world has gone mad. It’s from unrelenting censorship and propaganda. . . . Ed Dowd has brought forth the most compelling information on the CV19 vax out of anyone because it comes out of actuarial data, it comes out of labor statistics, and it comes out of the CDC. He is using their own data to show that we have a humanitarian catastrophe that occurred in the wake of this CV19 global vaccine campaign. We have countless record setting numbers of young people dying, employed white collar young people dying in droves. Yet, nobody wants to talk about it.”
With at least 676 million CV19 injections in the USA alone, there are too few people being treated for CV 19 vax injuries. Dr. Kory says, “Millions of people need treatment for injuries caused by the CV19 vax. . . . I don’t talk that much in the book “The War on Ivermectin” about ‘Long Covid’ and CV19 vaccine injuries, but now that my career is treating those two illnesses, I am an expert in treating ‘Long Covid’ and CV19 vaccine injury. Our most effective medicine in treating those two conditions is Ivermectin. Now, you have hundreds of thousands, if not millions of people, who would benefit from chronic Ivermectin treatment for these long-haul syndromes and CV19 vaccine injuries. They have shut down the retail pharmacies. The American Board of Pharmacists bought all the propaganda or they were paid to push out propaganda. They shut down pharmacies and scared all the pharmacies from filling prescriptions for Ivermectin. So, you can’t go to a retail pharmacy for Ivermectin. . . . You can go to a compounding pharmacy in your area and get it.”
Dr. Kory says this CV19 vax catastrophe is being turbocharged with Ivermectin being withheld and the medical community ignoring a huge problem with millions dying and being disabled non-stop from this bioweapon vax. Dr. Kory and others now say, “The CV19 vax did not help a single person.”
The three big warning signs Dr. Kory spots when diagnosing a CV19 vax injury are: extreme fatigue, long recovery times for doing slightly strenuous activity and brain fog.
There in much more in the 53-munite interview.
Join Greg Hunter as he goes One-on-One with Dr. Pierre Kory, one of the top pulmonary and CV 19 vax injury experts on the planet. Dr. Kory is co-founder of the Front Line Covid-19 Critical Care Alliance (flccc.net) and author of the new book “The War on Ivermectin” for 8.5.23.
After the Interview:
If you want to order Dr. Kory’s book “The War on Ivermectin,” click here.
SEE YOU TUESDAY
harveyorganblog.com 
