GOLD PRICE CLOSED: DOWN $1.00 TO $1916.45

SILVER PRICE CLOSED: UP $0.06 AT $22.75

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1914,40

Silver ACCESS CLOSE: 22.65

Shanghai Gold Benchmark Price

USD oz AM1959.52

PM1961.39

Historical SGE Fix

New York price at the time: 1915.00

premium $46.00

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Bitcoin morning price:, $29,501 UP 3 Dollars

Bitcoin: afternoon price: $29,402 DOWN 96 dollars

Platinum price closing $911.90 UP $17.65

Palladium price; $1293.55 UP $56.70

END

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

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

CANADIAN GOLD: $2,570.00 DOWN 18.50 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1505,32 DOWN5,71 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1744.42 DOWN 15.37 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: 1,915.400000000 USD
INTENT DATE: 08/09/2023 DELIVERY DATE: 08/11/2023
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 6
323 C HSBC 250
435 H SCOTIA CAPITAL 118
624 H BOFA SECURITIES 27
657 C MORGAN STANLEY 47
661 C JP MORGAN 33
690 C ABN AMRO 3
737 C ADVANTAGE 125 13
905 C ADM 42

TOTAL: 332 332
MONTH TO DATE: 10,572

JPMorgan stopped 33/332 contracts.

FOR AUGUST:

GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2023. CONTRACT: 332 NOTICES FOR 33,200 OZ or 1.0326 TONNES

total notices so far: 10,572 contracts for 1,057,200 oz (32.883 tonnes)

FOR AUGUST:

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

total number of notices filed so far this month : 896 for 4,480,000 oz

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END

GLD

WITH GOLD DOWN $1.00

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

NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 903.69 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP 6 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: WITHDRAWAL OF 1.193 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 450.180 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A TINY SIZED 55 CONTRACTS TO 137,576 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS GOOD SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.07 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. TAS ISSUANCE WAS ANOTHER JUPITER SIZED 7643 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. 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 WEDNESDAY NIGHT: 7643 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.07). BUT WERE UNSUCCESSFUL IN KNOCKING OF ANY SILVER CONTRACTS AS WE HAD OUR HUGE GAIN OF 4420 CONTRACTS ON BOTH EXCHANGES ALONG WITH CONSIDERABLE T.A.S.LIQUIDATION.

WE MUST HAVE HAD:

AN ULTRA GIGANTIC ISSUANCE OF EXCHANGE FOR PHYSICALS( 4475 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.105 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S NIL OZ QUEUE JUMP //NEW STANDING RISES AT 4.480 MILLION OZ + OUR NEW CRIMINAL 0 CONTRACTS OF EXCHANGE FOR RISK FOR 0.00 MILLION OZ + 1.45 MILLION OZ EX. FOR RISK/PRIOR/// NEW TOTAL STANDING FOR SILVER: 5.930 MILLION OZ/// // // GOOD SIZED COMEX OI GAIN/ ULTRA HUGE SIZED EFP ISSUANCE/VI) JUPITER SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE (7643 CONTRACTS)/ZERO EXCHANGE FOR RISK ISSUED

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -511 CONTRACTS

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

TOTAL CONTRACTS for 8 days, total 15,031 contracts: OR 75.156 MILLION OZ (1878 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 75.156 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 2022: 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: 75.156 MILLION OZ (THIS MONTH IS GOING TO BE GIGANTIC//WE MAY SURPASS MARCH 2022 RECORD OF 207 MILLION OZ/// )

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 11 CONTRACTS WITH OUR LOSS IN PRICE OF $0.07 IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD AN ULTRA HUGE EFP ISSUANCE CONTRACTS: 4475 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 0 OZ QUEUE JUMP//NEW STANDING 4.480 MILLION OZ+ 1.45 MILLION OZ EXCHANGE FOR RISK NEW TOTALS 5.930 MILLION OZ//// WE HAVE A GIGANTIC SIZED GAIN OF 4420 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MAMMOTH 7643//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION . THE NEW TAS ISSUANCE WEDNESDAY NIGHT (7643) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., PROBABLY TODAY.

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

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2124 CONTRACTS TO 429,883 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: 192 CONTRACTS

WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 2124 CONTRACTS) DESPITE OUR $8.35 LOSS IN PRICE//WEDNESDAY. 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 29.900 OZ QUEUE.JUMP + PRIOR ISSUANCE OF EXCHANGE FOR RISK = (.684 TONNES) //NEW STANDING 33.440 TONNES + .684 EXCHANGE FOR RISK = 34.124/ + /A FAIR (AND CRIMINAL) ISSUANCE OF 1030 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $8.35 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 7174 OI CONTRACTS (22.314 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1030 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 429,883

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7174 CONTRACTS WITH 2124 CONTRACTS INCREASED AT THE COMEX// AND A STRONG 5050 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7174 CONTRACTS OR 22.314 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1030 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5050 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2124) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 7174 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 29,900 OZ QUEUE JUMP //NEW STANDING 33.440 TONNES + .684 TONNES (EXCHANGE FOR RISK//PRIOR) NEW TOTALS: 34.124 TONNES/// 3) ZERO LONG LIQUIDATION WITH HUGE TAS LIQUIDATION //4) FAIR SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1030 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: 24,931 CONTRACTS OR 2,493,100 OZ OR 77.546 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 3116 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAY(S) IN TONNES 77.546 TONNES

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

THUS EFP TRANSFERS REPRESENTS 77.546/3550 x 100% TONNES 2.19% 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/2022: 409.30 TONNES //FINAL( 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: 77.546 TONNES (A HUGE MONTH BUT WILL NOT EQUAL MARCH 2022)

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 SEPT. 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 (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

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

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

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

1.Today, we had the open interest at the comex, in SILVER FELL BY A TINY SIZED 55 CONTRACTS OI TO 137,576 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 AN ULTRA HUGE 4475 CONTRACTS

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

SEPT 2062 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 4475 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 55 CONTRACTS AND ADD TO THE 4475 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 4420 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 22.100 MILLION OZ

OCCURRED DESPITE OUR $0.07 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

THURSDAY MORNING//WEDNESDAY NIGHT

SHANGHAI CLOSED UP 10.07 PTS OR 0.31% //Hang Seng CLOSED UP 2.23 PTS OR 0.01% /The Nikkei CLOSED UP 269.32 PTS OR 0.84% //Australia’s all ordinaries CLOSED UP 0.32 % /Chinese yuan (ONSHORE) closed UP 7.2084 /OFFSHORE CHINESE YUAN UP TO 7.2195 /Oil UP TO 83.97 dollars per barrel for WTI and BRENT UP AT 87.26 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2124 CONTRACTS UP TO 429,883 DESPITE OUR LOSS IN PRICE OF $8.35 ON WEDNESDAY.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF AUGUST… 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 5050 EFP CONTRACTS WERE ISSUED: : DEC 5050 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5050 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 7174 CONTRACTS IN THAT 5050 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 2316 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $8.35//WEDNESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR 1030 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 (34.124) ( 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: 34.124 TONNES (INCLUDING .6842 EXCHANGE FOR RISK)

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $8.35) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG GAIN OF 7174 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE T.A.S. LIQUIDATION. THE T.A.S. ISSUED ON WEDNESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 22.314 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR AUGUST. (30.656 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 29,900 OZ QUEUE JUMP//NEW STANDING ADVANCES TO 33.440 TONNES + .6842 (PRIOR EXCHANGE FOR RISK) //NEW TOTAL 34.124 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $8.35.

WE HAD – REMOVED 192 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 7174 CONTRACTS OR 717,400 OZ OR 22.314 TONNES.

Estimated gold volume today:// 167,193 poor

final gold volumes/yesterday 149,055 awful

//AUGUST 10/ FOR THE AUGUST 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	32.151 BRINKS 1 kilobar .
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	332 notice(s) 33,200 OZ 1.0326TONNES
No of oz to be served (notices)	179 contracts 17,900 oz 0.5567 TONNES
Total monthly oz gold served (contracts) so far this month	10,572 notices 1,057,200 OZ 32.883 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: 0

total customer deposits: nil oz

we had 1 customer withdrawals

i) Out of Brinks oz 32.151 oz 1 kilobar)

Adjustments; 5//dealer to customer

i) Asahi 43,699.630 oz

ii) Brinks 18,298.580 oz

iii) Int. Delaware 23,148.720 oz

iv) JPMorgan 134,250.649 oz

v) Manfra 21,165.884 oz

total movement to eligible from reg: 240,593.263 oz or 7.48 tonnes

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an oi of 511 contracts having GAINED 19 contracts. We had 280 contracts filed

on Wednesday, so we gained 299 contracts or an additional 29,900 oz will stand at the comex

Sept lost 39 contracts to 2687.

Oct gained 756 contracts to 33,739 contracts.

We had 332 contracts filed for today representing 33,200 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 332 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 33 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 (10,572 x 100 oz ), to which we add the difference between the open interest for the front month of AUGUST (511 CONTRACT) minus the number of notices served upon today 320 x 100 oz per contract equals 1,075,100 OZ OR 33.440 TONNES the number of TONNES standing in this active month of AUGUST. + .684 TONNES EXCHANGE FOR RISK/prior = 34.126 tonnes

thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (10,572) x 100 oz + (xxx) {OI for the front month} minus the number of notices served upon today (320) x 100 oz) which equals 1,075,100 oz standing OR 32.510 TONNES + .684 TONNES OF EXCHANGE FOR RISK/prior = 34.126 TONNES

TOTAL COMEX GOLD STANDING: 34.126 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: 2,088,571,380 OZ 64.96 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,207,629,516 OZ

TOTAL REGISTERED GOLD: 11,796,956.901 (366,93 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,410,672.615 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,708,385 OZ (REG GOLD- PLEDGED GOLD) 301.97 tonnes//

END

SILVER/COMEX

AUGUST 10

//2023// THE AUGUST 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	639,532.969 oz CNT Delaware Loomis .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	505,602.860 oz Brinks
No of oz served today (contracts)	0 CONTRACT(S) (0 OZ)
No of oz to be served (notices)	0 contracts (nil oz)
Total monthly oz silver served (contracts)	896 Contracts (4,480,000 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 Brinks: 505,602.860 oz

total customer deposits: 505,602.860 oz

JPMorgan has a total silver weight: 140.871 million oz/281.172 million =50.16% of comex .//

Comex withdrawals 3

i) Out of Loomis 17,050.316 oz

ii) Out of Delaware 17,050.316 oz

iii) out of CNT 311,182.800 oz

adjustments: 0

TOTAL REGISTERED SILVER: 31.066 MILLION OZ//.TOTAL REG + ELIGIBLE. 281.172 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF AUGUST /2023 OI: 0 CONTRACTS HAVING LOST 4 CONTRACT(S). WE HAD

4 NOTICES FILED ON WEDNESDAY SO WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF AUGUST.

SEPT HAS A LOSS OF 6265 CONTRACTS DOWN TO 77,187

OCT GAINED 21 CONTRACTS TO STAND AT 230.

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

Comex volumes// est. volume today 86,690 strong/t.a.s.induced /

Comex volume: confirmed yesterday: 93.699 strong/t.a.s induced

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 896 x 5,000 oz = 4,480,000 oz

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

Thus the standings for silver for the AUGUST/2023 contract month: 896 (notices served so far) x 5000 oz + OI for the front month of AUGUST (0) – number of notices served upon today (0 )x 500 oz of silver standing for the AUGUST contract month equates to 4.480 million oz.+ 0.0 MILLION OZ EXCHANGE FOR RISK ISSUED TODAY+ 1.45 MILLION OZ EXCHANGE FOR RISK PRIOR//NEW TOTALS: 5.930 MILLION oz.

There are 31.066 million oz of registered silver.

Thus if we take today’s standing at 5.930 and add last month’s 30.9 million oz we have 36.830 million oz against only 31.066 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 10/WITH GOLD DOWN $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: /// //INVENTORY RESTS AT 903.69 TONNES

AUGUST 9/WITH GOLD DOWN $8.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: /// //INVENTORY RESTS AT 903.69 TONNES

AUGUST 8/WITH GOLD DOWN $9.60 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.31 TONNES FORM THE GLD /// //INVENTORY RESTS AT 903.69 TONNES

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: 903.69 TONNES

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

AUGUST 10/WITH SILVER UP 6 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 8,807 MILLION OZ OUT OF THE SLV/: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 450.180 MILLION OZ

AUGUST 9/WITH SILVER DOWN 7 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 8,807 MILLION OZ OUT OF THE SLV/: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 450.180 MILLION OZ

AUGUST 8/WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 458.987 MILLION OZ

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 450.180 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

Another Recession Signal: Plunge In Demand For Gold In The Electronics Sector

THURSDAY, AUG 10, 2023 – 12:20 PM

Via SchiffGold.com,

With much stronger-than-expected second-quarter GDP growth and continued labor market strength, a growing number of people in the mainstream now think the US has escaped the clutches of a recession despite the Fed driving interest rates to the highest level in 16 years. But there are plenty of signs that a recession is looming. For instance, a big plunge in the sale of cardboard boxes indicates a slowdown in economic activity.

There’s another off-the-beaten-path indicator that flashes recession — a big drop in the demand for gold in the technology sector.

The demand for gold in tech fell by 10% year-on-year in the second quarter to 70 tons.

The big second quarter drop continued a trend we’ve seen since the beginning of the year. Tech demand for gold through the first half of 2023 came in at 140 tons, the weakest H1 since the World Gold Council has tracked the data. This includes the first half of 2020 as governments shut down their economies due to COVID-19.

According to the World Gold Council, the big drop in demand for gold in tech was driven by weak consumer spending on electronics.

The weakness in gold demand in industrial applications carried into Q2 as surging inflation rates continued to severely impact the entire electronics supply chain, from chip manufacturers to end-users.”

Electronics production used 56 tons of gold in Q2, a 12% decline.

According to the World Gold Council, this is “a direct consequence of weak end-user demand for consumer electronics – the major demand area for gold in electronics applications.”

This has led to negative shipment forecasts for most major device categories in 2023, including smartphones, PCs and laptops. And the weakness is reflected in chip manufacturer financial reports.”

For example, Samsung recently reported a 96% fall in second-quarter operating profit.

Breaking down various categories within the electronics sector we find the amount of old used to produce light emitting diodes (LEDs), circuit boards, and memory chips all dropped in Q2 in response to constrained consumer buying.

The drop in demand for gold in the tech sector reveals a global slowdown in consumer spending. Price inflation and rising interest rates have squeezed consumers around the world. The drop in demand for electronics reflects real consumer behavior. It’s a much better indication of the condition of the global economy than government-produced numbers.

Despite the drop in demand for gold in technology, overall demand for physical gold was strong in the second quarter, driven by investment and central bank gold buying.

Industrial demand pales in comparison to the demand for gold in jewelry-making and investment purposes. Nevertheless, gold is one of the most useful metals on the planet and would probably have even more practical applications if it wasn’t so rare and expensive. The truth is gold did not become money because it wasn’t useful for anything else. Its role as money evolved because it is so valuable and has so many uses.

For instance, gold was an integral component in the mirrors on the James Webb Space Telescope (JWST).

Gold has also enjoyed a growing role in healthcare. The yellow metal is used in a large number of diagnostic tools and is of increasing interest to companies developing innovative new ways to treat disease.

Some uses for gold in medicine sound like something right out of a science fiction film. A team of Chinese researchers announced they were able to partially restore the sight of blind mice by replacing their deteriorated photoreceptors – sensory structures inside the eye that respond to light – with nano-wires made of gold and titanium.

Ultimately, gold is money, but it serves many other useful purposes and that’s part of what gives it enduring value.

end

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

Rickards: The Greater Financial Crisis Of 2024

THURSDAY, AUG 10, 2023 – 09:55 AM

Authored by James Rickards via DailyReckoning.com,

You’re probably aware that Fitch has downgraded the credit rating of the United States from AAA to AA+. It was big news last week.

That’s nothing to cheer about, though it’s not likely to have much impact on the markets in the short run. It’s more of a long-term problem.

But it’s certainly another straw in the wind showing that the U.S. is on a non-sustainable fiscal course that can only end in default, hyperinflation or protracted depression-level growth.

Meanwhile, another major credit ratings agency, Moody’s, has just issued its own downgrades that may foretell a much more immediate threat.

And they don’t involve the government.

Downgraded!

On Monday, Moody’s cut the credit ratings of 10 small and midsize U.S. banks, while placing six large banks on watch for potential downgrades.

The six large banks include Bank of New York Mellon, U.S. Bancorp, State Street and Truist Financial.

Moody’s has also lowered its outlook to negative for 11 major banks, including Capital One, Citizens Financial and Fifth Third Bancorp.

Here’s what Moody’s said yesterday:

Many banks’ second-quarter results showed growing profitability pressures that will reduce their ability to generate internal capital.

This comes as a mild U.S. recession is on the horizon for early 2024 and asset quality looks set to decline, with particular risks in some banks’ commercial real estate (CRE) portfolios.

It Won’t Be Subprime Mortgages Next Time

We all remember the Global Financial Crisis of 2007–08, which was allegedly caused by subprime mortgages in the residential real estate sector.

In reality, subprime loans played a role in the crisis, but they were more a symptom than a cause. The real cause was excessive monetary tightening by Ben Bernanke in 2006–07. With that as background, pundits are again looking at residential mortgages and inflated home values as a potential source of crisis.

But they’re looking in the wrong place.

Since 2009, conditions for mortgage loans have tightened considerably. A down payment of 20% or more is routinely required. Full documentation (tax returns, W-2s, employment verifications, title insurance, etc.) is necessary and co-signers are often required.

This does not guarantee loans don’t default, but there will certainly be far fewer defaults and larger owner equity cushions to absorb any losses. For warning signs this time, investors might do well to look at commercial real estate, as Moody’s downgrades indicate.

The Looming CRE Crisis

CRE is crashing on several levels. In the first place, valuations are falling and vacancies are rising, partly in response to the post-pandemic work-from-home movement and the general urban flight due to high crime and vagrancy.

At some point, owners are underwater on rents and just drop off the keys with the lender and walk away.

The other problem is that new building construction is not financed with long-term mortgage, but with short-term construction loans. I don’t want to get too deep in the weeds here, but it’s important to understand the basic dynamics.

These short-term loans have two- or three-year maturities. When the building is finished, the developer gets a long-term mortgage and pays off the construction loan in full. The difficulty arises when credit conditions charge materially between the time the project is started and when it is completed.

That’s exactly what happened in 2021 during the post-pandemic boom, and what will happen in 2024 when a lot of the construction loans are due.

If developers can’t get the long-term financing on favorable terms, that becomes another reason to walk away. Then you’re looking at a cascading crisis as the losses pile up.

“I Want My Money Back!”

Each financial crisis begins with distress in a particular distressed sector and then spreads from sector to sector until the whole world is screaming, “I want my money back!”

First, one asset class has a surprise drop. The leveraged investors sell the sinking asset, but soon the asset is unwanted by anyone. Margin calls roll in. Investors then sell good assets to raise cash to meet the margin calls. This spreads the panic to banks and dealers who were not originally involved with the weak asset.

Soon the contagion spreads to all banks and assets, as everyone wants their money back all at once. Banks begin to fail, panic spreads and finally central banks step in to separate winners and losers and reliquefy the system for the benefit of the winners.

Typically, small investors (and some bankrupt banks) get hurt the worst while the big banks get bailed out and live to fight another day.

That much panics have in common.

Fighting the Last War

What varies in financial panics is not how they end but how they begin. The 1987 crash started with computerized trading. The 1994 panic began in Mexico.

The 1997–98 panic started in Asian emerging markets but soon spread to Russia and the big banks. The 2000 crash began with dot-coms. The 2008 panic was triggered by defaults in subprime mortgages.

And the next panic might well be triggered by defaults in commercial real estate. Risk hasn’t gone away, it’s simply shifted.

But today the regulators are like generals who are fighting the last war. They’re too focused on the last war to know where the next one will begin or how to fight it.

They’ll be blindsided, along with most investors.

There’s Time to Prepare

Does that mean we’re going to see a crisis tomorrow? No, not necessarily. Both the panics of 1998 and 2008 began over a year before they reached the level of an acute global liquidity crisis.

Investors had ample time to reduce risky positions, increase cash and gold allocations and move to the sidelines until the crisis abated. At that point there were bargains galore for those with cash.

An investor with cash in 2008 could have preserved wealth during the crisis and nearly made six times his money since then by buying the Dow Jones index at 6,550 (it’s trading over 35,300 today).

Relatively few investors did this. Instead they suffered from “fear of missing out” as markets rose until the panic began. They persisted in the mistaken belief that they could “get out in time” if markets reversed, not realizing that reversals happen much faster than rallies. They held onto losing positions hoping they would “come back” (they did after 10 years) and so on.

Investors don’t need to worry about subprime home loans this time around. But they would do well to pay attention to the CRE space. That’s one canary in the coal mine of the next global financial crisis.

I advise you to plan accordingly.

end

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

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES/SILVER

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

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 THURSDAY MORNING.7:30 AM

ONSHORE YUAN: CLOSED UP TO 7.2084

OFFSHORE YUAN: UP TO 7.2195

SHANGHAI CLOSED UP 10.07 PTS OR 0.31%

HANG SENG CLOSED UP 2.23 PTS OR 0.01%

2. Nikkei closed UP 269.32 PTS OR 0.84%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX DOWN TO 101.98 EURO RISES TO 1.1027 UP 50 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.583 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 143.78/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

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

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

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

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.4965***/Italian 10 Yr bond yield RISES to 4.158*** /SPAIN 10 YR BOND YIELD RISES TO 3.548…**

3i Greek 10 year bond yield RISES TO 3.779

3j Gold at $1921.25 silver at: 22.78 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 16 /100 roubles/dollar; ROUBLE AT 97.36//

3m oil into the 83 dollar handle for WTI and 87 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 143.78// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.583% 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 0.8732 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9628 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: 4.009 UP 0 BASIS PTS…

USA 30 YR BOND YIELD: 4.165 UP 0 BASIS PTS/

USA 2 YR BOND YIELD: 4.798 UP 0 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 27.04…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 2 BASIS PTS AT 4.4135

end

2.a Overnight: Newsquawk and Zero hedge:

Futures Rise, Dollar Slides Ahead Of “Dovish” CPI Report

THURSDAY, AUG 10, 2023 – 08:10 AM

US equity futures and European bourses rebounded from yesterday’s slump and are higher into CPI, which may provide clues on the Federal Reserve’s next steps, with slight outperformance from MegaCap Tech. As of 7:45am ET, both S&P and Nasdaq 100 futures were up 0.5%. The Stoxx 600 was up 0.4%, with travel and luxury companies among the biggest gainers on speculation that companies will benefit an increase in Chinese tourism spending after Beijing lifted travel curbs. The dollar dropped against all majors except the yen; bond yields are flat and oil slipped while metals and ags prices are higher. Today’s focus is on the CPI print at 8.30am; there are two Fed speakers this afternoon.

In premarket trading, Disney shares rose 1.6% in premarket trading after saying capital spending and outlays for movies and TV shows are coming in lower than projected; the stock earlier slumped after the company reported only the second ever drop in Disney+ streaming subs: it appears that Disney plans to make up in price what it loses in volume, always a winning strategy. Elsewhere, Capri soared as much as 34% after it was acquired by Tapestry, the parent company of Michael Kors and Versace among others, for $57. Here are some other notable premarket movers:

Plug Power slides 11% after the green- hydrogen company reported results that included a revenue beat but weaker-than-expected margins.
Galera Therapeutics falls as much as 83% after the biopharmaceutical company said it received a complete response letter from the US FDA regarding the company’s new drug application for avasopasem manganese.
Penn Entertainment dips 1.1% after the sports-entertainment company was downgraded to hold from buy at Truist Securities, which said it sees sizable execution risks in its exclusive partnership with Disney’s (DIS US) ESPN.
TaskUS falls as much as 12% after the business process outsourcing services provider cut its revenue guidance for the full year. RBC Capital Markets downgraded the stock to sector perform from outperform.
Trade Desk (TTD US) falls as much as 4.5% after results as analysts said the advertising technology company may not have lived up to high investor expectations.
Sonos jumps 7.4% after the wireless-speaker manufacturer reported third-quarter revenue and adj. Ebitda that Morgan Stanley said “handily beat” their expectations.
Roblox rises as much as 3.1% as Morgan Stanley raised its rating to equal-weight from underweight, noting that the shares now fairly reflect the near- term headwinds.
AppLovin surges as much as 25% in premarket trading on Thursday, after the company reported second-quarter results that beat expectations and gave an outlook seen as strong by analysts.

As previewed earlier, all eyes will be trained on today’s CPI which according to JPM’s trading desk will be “more dovish than hawkish”, and which is set to show a second consecutive reading on core inflation in line with the Federal Reserve’s target, but the first increase in annual CPI since June 2022. Bloomberg Economics expects CPI, excluding food and energy, to rise by 0.2% for the month, similar to June. “July’s CPI report will show a wave of disinflation hitting the US economy,’’ the team, led by Anna Wong, said. The report will be critical for investors trying to determine whether the Fed will stop raising interest rates.

“A higher-than-expected number would produce some short-term equity and bond volatility,” said Andrew Bell, chief executive officer at Witan Investment Trust. “But I doubt it would change expectations for the peak in Fed rates as there is a weight of evidence pointing to the economy disinflating.” Indeed, historical data shows that CPI days have been largely a snoozer so far in 2023.

One potential pressure point could be commodities, which are rising after a year of falling. Oil traded near the highest level in almost nine months, with West Texas Intermediate futures above $84 a barrel after climbing 3% over the previous two sessions.

In Europe, the Stoxx 600 was up 0.4%, boosted by gains in luxury and travel stocks after China announced plans to relax travel curbs. LVMH and Hermes International added at least 2% after China’s Ministry of Culture and Tourism said it would lift a group travel ban to countries including the US, UK, Australia, South Korea and Japan. Buyers from China account for about 25% of European luxury-goods sales, including purchases made by tourists, according to latest estimates from Goldman Sachs Group Inc. Here are the most notable European movers:

LVMH lead luxury stocks higher in Europe on Thursday, as China lifted a ban on group tours, boosting the case for travelers spending money on high-end watches and fashion
Persimmon rises as much as 5.2% on relief that the UK housebuilder maintained its profit guidance despite weaker sales
Allianz rises as much as 3.9% after the German insurer reported second-quarter results that beat expectations. The results show “underlying quality,” analysts say
Thyssenkrupp shares gain 4.2% after the German industrial company forecasted full-year adjusted Ebit would reach the upper end of its prior profit guidance
Knorr-Bremse shares jump as much as 7.4% after the German braking-systems manufacturer reported a beat for orders and boosted its full- year revenue forecast
H&M gains as much as 2.3% after its founding family’s investment vehicle, Ramsbury Invest, bought about 1.9 million shares in the retailer from August 7-9, according to a filing
Deliveroo gains as much as 4.5% after the food delivery firm raised its FY Ebitda forecast and beat analyst estimates, showing cost cuts and price hikes are bearing fruit
Siemens shares fall as much as 6.1% after its 3Q industrial business profit missed consensus estimates. Jefferies sees investors focusing on digital industries
Novo Nordisk slides as much as 2.3%, dropping for a second day since hitting a record high on Tuesday. Analysts highlighted new guidance is already reflected in current consensus
Spirax drops as much as 7.6% with analysts expecting cuts to consensus Ebit expectations following a weak first half for the UK steam management and pumps manufacturer
Rheinmetall falls as much as 4% after the German defense contractor’s second-quarter earnings missed expectations, weighed down by its non-defense automotive business
Orsted shares fall as much as 2.5% after the Danish power generator’s earnings for the second quarter fell from a year earlier, missing analyst expectations

Earlier in the session, Asian equities traded mixed as strength in energy and industrial shares help limit the impact of a selloff in the technology sector as investors exercised caution ahead of critical US inflation data. The MSCI Asia Pacific Index fell as much as 0.4% before paring the gain. Chipmakers and Chinese internet shares were among the biggest drags as higher US Treasury bond yields and skepticism over the AI-led rally prompted profit-taking. Gains in oil lifted commodities-related stocks. Investors in Asia have been cautious this week as rising yields and China’s economic woes sap risk appetite. The regional benchmark is down 3.6% so far in August after gaining nearly 8% in the previous two months. All eyes are on US monthly inflation data due later Thursday for clues on the Federal Reserve’s next policy move.

“The upcoming US CPI data could dictate the trend over coming weeks, largely seen as key in determining if a September rate hike is needed,” Jun Rong Yeap, market strategist at IG Asia wrote in a note. Meanwhile, China investors are “keeping a lookout for any worst-is-over” scenario, he added.

Hang Seng and Shanghai Comp were pressured after US President Biden’s executive order to ban some new investments in ‘narrow subsets’ of Chinese sensitive technologies such as semiconductors and microelectronics, quantum information technologies and certain AI systems, which drew criticism from China.
Nikkei 225 benefited from yen weakness but was initially choppy after mixed PPI data and with newsflow in Japan dominated by earnings releases which provided the catalysts for the biggest individual stock movers.
ASX 200 was rangebound with notable outperformance in the energy sector with oil prices at a 9-month high and following the recent surge in gas prices amid disruption concerns with strike action planned for Australian LNG, although Woodside Energy has since provided some optimism on the bargaining process in which it noted that positive progress is being made and an in-principle agreement was reached on a number of issues.
Stocks in India declined after the central bank kept borrowing costs unchanged but raised outlook for inflation while announcing a surprise move for curbing excess liquidity. The S&P BSE Sensex fell 0.5% to 65,688.18 in Mumbai, while the NSE Nifty 50 Index declined by a similar magnitude. MSCI Asia Pacific Index climbed 0.3% for the day. The central bank kept the policy rate unchanged at 6.50% for a third straight meeting, in line with a Bloomberg survey of economists. The RBI ordered banks to set aside more cash to mop up excess liquidity as it raised its inflation forecast to 5.4% for the year ending March, from 5.1% in its last review. Banks and consumer staples firms were among key drags in India.

In FX, the Bloomberg Dollar Spot Index is down 0.2%, falling against all its G-10 rivals except the yen which is down 0.1%; the Swiss Franc led group-of-10 gains rising as much as 0.5%

AUD/USD climbed 0.4%, while NOK/USD rose 0.2%, as potential strikes at major LNG facilities in Australia sent shock-waves through energy markets
MXN/USD steadied ahead of the Mexican Central Bank’s decision where policy is expected to remain unchanged; attention turns to the outlook for rate cuts and longevity of Peso-based carry trades

In rates, Treasuries are slightly lower with the US 10-year yield unchanged at 4.01%. The treasuries curve is marginally steeper with short-end and belly slightly outperforming ahead of July CPI data and $23 billion bond auction. Treasuries price action is rangebound with core European rates underperforming, as July CPI readings are expected to support a pause to the Fed’s hiking cycle for September. The Treasury 2-year yields richer by around 1.5bp on the day with 2s10s and 5s30s spreads steeper by 1bp and 1.5bp vs Wednesday close; 10-year yields around 4% are near flat on the day, with bunds and gilts lagging by 3.5bp and 1.5bp in the sector. Treasury auction cycle concludes with $23b 30-year bond sale at 1pm New York time; demand was robust for 3- and 10-year auctions earlier this week. WI 30-year yield at ~4.165% is around 25.5bp cheaper than July’s stop-out, which tailed by 2bp, and higher than 30-year stops since 2011

In commodities, Crude futures are little changed with WTI trading near $84.40. European natural gas futures fall 5%. Spot gold adds 0.3%.

Looking at today’s calendar, we have the all-important CPI print in the US. Aside from this, we will get the latest weekly claims data and monthly budget statement in US. With 90% of S&P 500 companies having now published their Q2 results, upcoming earnings releases are weighted towards Europe with today’s results including Novo Nordisk, Alibaba, Siemens, Deutsche Telekom, Allianz, Tokyo Electron, Orsted, RWE, Rheinmetall and HelloFresh.

Market Snapshot

S&P 500 futures up 0.5% to 4,510.25
MXAP up 0.2% to 165.21
MXAPJ little changed at 521.62
Nikkei up 0.8% to 32,473.65
Topix up 0.9% to 2,303.51
Hang Seng Index little changed at 19,248.26
Shanghai Composite up 0.3% to 3,254.56
Sensex down 0.6% to 65,595.37
Australia S&P/ASX 200 up 0.3% to 7,357.39
Kospi down 0.1% to 2,601.56
STOXX Europe 600 up 0.6% to 463.18
German 10Y yield little changed at 2.53%
Euro up 0.4% to $1.1022
Brent Futures up 0.4% to $87.89/bbl
Gold spot up 0.3% to $1,919.63
U.S. Dollar Index down 0.32% to 102.16

Top Overnight News from Bloomberg

The White House unveiled its long-anticipated order restricting US investment in some Chinese firms, although the measure isn’t as harsh as feared. BBG
China has lifted pandemic-era restrictions on group tours for more countries, including key markets such as the US, Japan, South Korea and Australia in a potential boon for their tourism industries. The decision was announced by China’s culture and tourism ministry on Thursday, effective immediately. European luxury stocks climbing higher as a result. RTRS
BABA +3% after reporting strong FQ1/June results. Overall revenue climbed 14% Y/Y to RMB234.1B (solidly ahead of the Street’s RMB223.7B forecast) while EPS surged 48% to RMB17.37/shr (above the Street’s RMB14.14 forecast). RTRS
China’s securities watchdog is meeting real estate developers and banks tomorrow, according to people familiar, underscoring growing urgency among regulators to deal with a worsening property crisis. Country Garden was not among those invited. BBG
India’s RBI left rates unchanged, as expected, but took steps to drain liquidity and raised its inflation forecast while expressing concern about a jump in food prices. RTRS
Potential strikes at three major LNG facilities in Australia may disrupt about 10% of global exports and deliver a new energy price shock across Asia and Europe. Yesterday, EUROPEAN GAS FUTURES JUMPED 40%, BIGGEST GAIN SINCE MARCH 2022. Positioning very much exacerbated that move. Reverting lower a bit today. GS GBM
Ecuador declared a state of emergency after a presidential candidate was assassinated less than two weeks before the country’s election. Fernando Villavicencio, a journalist known for his crusade against corruption, was polling second to replace President Guillermo Lasso. One suspect also died in a shootout while six others were arrested. BBG
The average U.S. 30-year mortgage rate jumped to a nine-month peak yesterday and hit the second-highest rate since 2001, as interest rates reacted sharply to a downgrading of U.S. government debt. The average 30-year mortgage rate shot up to 7.09% for the week ending Aug. 4, a 16 basis point increase from the previous week’s 6.93% rate, according to a weekly report released by the Mortgage Bankers Association. RTRS
Manhattan apartment rents hit fresh all-time highs, up 2.3% M/M to a median of $4,400 (although the number of lease signings fell M/M and Y/Y, signaling a softening in demand). BBG
We expect a 0.15% increase in July core CPI (vs. 0.2% consensus), corresponding to a year-over-year rate of 4.66% (vs. 4.8% consensus). We expect a 0.16% increase in July headline CPI (vs. 0.2% consensus), which corresponds to a year-over-year rate of 3.17% (vs. 3.3% consensus). Going forward, we expect monthly core CPI inflation to remain in the 0.2-0.3% range in the next few months, reflecting continued moderation in shelter inflation, lower used car prices, and slower nonhousing services inflation as labor demand continues to moderate

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mixed with the regional bourses mostly rangebound amid a slew of earnings releases and with the mood tentative ahead of incoming US inflation data, while participants also reflected on US efforts to restrict investment in some Chinese tech.
ASX 200 was rangebound with notable outperformance in the energy sector with oil prices at a 9-month high and following the recent surge in gas prices amid disruption concerns with strike action planned for Australian LNG, although Woodside Energy has since provided some optimism on the bargaining process in which it noted that positive progress is being made and an in-principle agreement was reached on a number of issues.
Nikkei 225 benefitted from yen weakness but was initially choppy after mixed PPI data and with newsflow in Japan dominated by earnings releases which provided the catalysts for the biggest individual stock movers.
Hang Seng and Shanghai Comp were pressured after US President Biden’s executive order to ban some new investments in ‘narrow subsets’ of Chinese sensitive technologies such as semiconductors and microelectronics, quantum information technologies and certain AI systems, which drew criticism from China.

Top Asian News

US President Biden signed an executive order to regulate future US investments in a narrow set of technologies in China, Hong Kong and Macau, while the order is a ‘narrow and targeted action’ to complement existing export controls and inbound investment screening. Furthermore, US actions will focus on protecting the most critical technologies for military advancement, including semiconductors, quantum computing and certain artificial intelligence, according to Reuters.
There were earlier reports that the White House will detail plans restricting some US investments in China in which the regulations will only affect future investments, not current ones, according to a person briefed on the executive order. Restrictions are expected to be implemented next year after multiple rounds of public comment including an initial 45-day comment period on the proposed rulemaking.
China’s MOFCOM said China is gravely concerned about the US order on foreign investment reviews and reserves the right to take measures, while it hopes the US will respect the law of the market economy and the principle of fair competition, according to Reuters.
China’s Ministry of Foreign Affairs said China filed a diplomatic complaint against the US regarding the investment curbs, according to Bloomberg.
Chinese Embassy in the US said China is very disappointed the US went ahead with new investment restrictions and it opposes the US overuse of national security on trade, while it added that China will firmly safeguard its rights and interests, according to Reuters.
China’s internet giants rush to order USD 5bln of Nvidia (NVDA) chips to power AI ambitions amid concerns over impending US export controls, according to FT sources.
China Culture and Tourism Bureau released a third list of destination countries for Chinese group tourism including Japan, Australia, Germany, UK and US, while China also permitted group tours to South Korea.

European bourses are in the green, Euro Stoxx 50 +0.7%, as sentiment inches higher with macro drivers thin; FTSE 100 lags given a large amount of ex-dividend trade. Sectors are primarily bid with only Health Care in the red as Novo Nordisk trims recent gains post-earnings; Insurance outperforms following Allianz and Zurich Insurance with Luxury also bolstered as China continues to reopen. Stateside, futures are in the green as they take impetus from European action and attempt to recover some of the losses felt on Wednesday, ES +0.6%. Action has been relatively contained for US futures after they staged a recovery in APAC hours with drivers since light and the clock counting down to CPI, Fed speak and supply.

Top European News

UK PM Sunak is reportedly facing increasing calls from the Cabinet to put leaving the European Convention on Human Rights at the centre of the Tory election campaign if migrant deportation flights to Rwanda are blocked, according to The Telegraph.
Lloyds of London underwriters are leading insurers in raising rates and cutting cover over Taiwan risks, via Reuters citing sources; some insurers are imposing exclusions on Taiwan in political risk or political violence policies.
ECB Economic Bulletin: Inflation continues to decline but is still expected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner.
Norges Bank survey of bank lending: Broadly unchanged credit demand and credit standards.

A soft morning thus far for the broader Dollar and index despite the firming in bond yields seen after the European cash close yesterday.
A clear divergence is seen between the traditional havens, with the CHF taking advantage of the receding Dollar whilst the JPY is hampered by recent yield dynamics.
JPY remains on the back foot and on course for a fourth consecutive session of losses. The pair briefly topped 144.00 overnight to a 144.11 high before trimming upside, with an intraday low print at 143.64.
Antipodeans are taking advantage of the softer Dollar alongside the constructive risk mood, albeit they are still some way off WTD bests. The Loonie lags with no obvious fresh fundamental driver this morning.
The Single Currency currently stands as the second-best G10 performer as the Dollar resides around session lows in the run-up to CPI, with fresh newsflow also quiet in summer trading. On that note, amid the quieter condition, it’s worth being aware of large EUR/USD option expiries.
PBoC set USD/CNY mid-point at 7.1576 vs exp. 7.2023 (prev. 7.1588)

Fixed Income

Core benchmarks are in the red, a deterioration that has been very steady in nature and largely a function of the improved but still somewhat tentative risk tone pre-CPI.
Bunds are the incremental laggards trading lower to the tune of 40 ticks but just off of the 132.36 trough. A low below Wednesday’s 132.57 base but someway shy of the WTD 131.33 base that was printed on Monday.
As mentioned, newsflow for the UK/Gilts has been equally dearth aside from the RICS survey that shows continued pressure for the housing market on the back of the ongoing tightening cycle.
USTs are in the red with yields bid across the curve but overall action is very limited in summer conditions and ahead of US CPI. Currently, USTs are at the mid-point of 111.06+ to 111.12+ parameters.

Commodities

WTI and Brent front-month futures hold a positive bias amid the softer Dollar and constructive risk tone in the run-up to US CPI.
There hasn’t been much by way of crude-specific news, but some sectoral support may be felt with the recent rise in LNG prices.
Spot gold is modestly firmer amid the softer Dollar but price action is limited ahead of the US CPI report, with the current intraday range between 1,9414.91-21.31/oz.
Unions representing workers at Woodside and Chevron LNG sites have applied for “protected ballot orders”; FT citing a source reports that a move to vote on action will likely occur early next week unless a resolution is agreed. Elsewhere, Eneos exec. says they are not aware of any significant impact from possible strikes at Australian LNG facilities.

Geopolitics

Russian Defence Ministry said 11 Ukrainian drones were downed near Sevastopol, according to RIA. It was separately reported that Russian air defence systems shot down two military drones heading towards Moscow.
North Korean leader Kim convened a military meeting and vowed to step up preparation for war, while he called for war drills to be conducted to efficiently operate new weapons, according to Yonhap.
Belarusian Security Council says they will take measures to respond to the militarization of Poland and the Baltic states, according to Al Arabiya.

US Event Calendar

08:30: Aug. Initial Jobless Claims, est. 230,000, prior 227,000
- July Continuing Claims, est. 1.71m, prior 1.7m
08:30: July CPI MoM, est. 0.2%, prior 0.2%
- July CPI YoY, est. 3.3%, prior 3.0%
- July CPI Ex Food and Energy MoM, est. 0.2%, prior 0.2%
- July CPI Ex Food and Energy YoY, est. 4.7%, prior 4.8%
- July Real Avg Hourly Earning YoY, prior 1.2%, revised 1.3%
- July Real Avg Weekly Earnings YoY, prior 0.6%, revised 0.7%
14:00: July Monthly Budget Statement, est. -$135b, prior – $211.1b

DB’s Jim Reid concludes the overnight wrap

While it would be hard to say this has been a bad August for markets so far, it seems to be hard to get through a day at the moment without a negative shock of some description. I’ll need my holiday from tomorrow to have a lie down. Yesterday’s negativity was from a +27% spike in European natural gas prices (with a +40% intra-day high), the largest percentage increase since early March 2022, albeit still -87% below the peaks back in late August 2022. Oil also edged up above its April highs to the highest levels since last November.

These inflationary moves ironically come ahead of a big US CPI today which has of late been the print to give most encouragement to the soft landing argument. It’s likely too early for any recent commodity increases to show up in the data but we’ll all be watching oil, gas and food prices over the next few weeks and months. As it stands they should help to push up headline inflation shortly before the September FOMC which will be a bit uncomfortable even if core will be the main focus.

In terms of today, consensus expects a +0.2% monthly print for both headline and core inflation. Should this materialise, it would be the second consecutive MoM print close to the 2% annualised target, especially if the decimal roundings are favourable. Our US economists expect a marginally weaker headline reading (+0.17% vs. +0.18% prev.), with core inching up from its 28-month low seen in June (+0.21% vs. +0.16% prev). In terms of the drivers, they ironically see gas prices helping headline inflation lower with core goods also falling but services inflation remaining elevated. In annual terms, they see headline CPI in line with consensus at +3.3% (+3.0% prev.) and core inflation just about staying at +4.8% (consensus +4.7%). You can see our US economists’ full preview of the print here, as well as register for their post-CPI webinar at 9am EST today.

Ahead of today’s data, a risk-off tone dominated US equities, with the S&P 500 down -0.70% after selling off around -0.5% in the final half an hour of trading and closer to the earlier session lows. Banks (-1.57%) posted a second sizeable decline in a row, while tech also underperformed. The NASDAQ closed -1.17% lower with the FANG+ mega cap index down -2.11%, led by chip maker Nividia which saw a -4.72% fall. Energy stocks (+1.22%) rose alongside a strong day for oil prices. S&P and Nasdaq futures are back up +0.36% and +0.39% respectively overnight continuing the down/up nature of the month so far.

US rates saw some reversal of the twist steeping that had played out last week. The 10yr yield fell -1.3bps to 4.01% (+1.04 bps overnight), with the 30yr -3.7bp lower. Bonds were supported by a solid 10yr auction which saw $38bn of bonds sold at a 3.999% yield. On the other hand, the 2yr sold off +5.7bps, with 2s10s slope falling to -80.0bps. The short-end sell off saw Fed pricing for end-24 rise +7.2bps to 4.04%. However, terminal rate pricing for November was unchanged at 5.41%. Indeed, it is remarkable how stable near-term Fed expectations have been in recent weeks, with November pricing staying within a 7bps range since late June. Back in Europe, bunds saw a moderate sell off (2yr +4.4bps, 10yr +3.0bp).

In other European news, Italy’s windfall tax on banks continued to drive markets but this time the news we discussed yesterday morning around the Italian government clarifying that there would be a smaller impact than first thought led to a decent sized rally. Italian banks gained +3.65% on the back of the announced cap on the levy. This reversed slightly less than half of their Tuesday’s decline, with the overall Euro banks index (+1.42% after losing -3.54% the day before) also seeing a partial reversal. Meanwhile, we heard from Italy Prime Minister Meloni, who defended the tax claiming that rate hikes were mostly not being matched by increases in bank deposit rates, while also calling the efficacy of ECB rate hikes “questionable”.

The broader European indices reversed a fair amount of Tuesday’s decline. The DAX (+0.49%), CAC (+0.73%), FTSE MIB (+1.31%) and FTSE 100 (+0.80%) all posted solid gains, though this was in large part a catch up to the strong US close the previous day and the better Italian bank news.

As discussed at the top, there were a few stories of note in the commodities space. WTI crude oil (+1.78%) reached a 9-month high at $84.40/bl, though Brent (+1.60% to $87.55) stayed a touch below its YTD highs reached in January. There was no clear driver on the day, but with a preponderance of supply risks supporting a tight oil market narrative. Oil prices are on course to post a seventh consecutive week of gains, which for Brent would be its longest run since early 2022. In Europe, TTF natural gas prices spiked in Europe (+27.2%), as LNG supply risks reared their head with news of a possible strike that could affect LNG export facilities in Australia. Still, at EUR 39.50/MWh prices are at 13% of their peak last August (though around double their pre-Covid levels). And with EU gas storage 88% full, physical supply risks are low. Our economists note that the higher futures pricing for the upcoming winter, at around EUR 55/MWh, is broadly in line with their baseline and will include a degree of seasonal risk premium. So while gas price rises are a risk amid a tight global LNG market, it is the oil story that is more relevant in terms of the immediate impact on inflation. So a more pressing thing to watch for immediate Euro headline inflation.

Elsewhere, copper had seen a sizeable intra-day rebound after recent declines amid increased hopes for more stimulus in China, though it was up a more modest +0.45% at the close. When it comes to China’s outlook, our China economists published their latest chart book yesterday, in which they outline why they see a turning point for policy and growth, although the property sector remains a source of risks. See here for more. Indeed, China’s property woes have been in the headlines this week amid missed coupons by property developer Country Garden.

Asian equity markets are mostly trading lower this morning with Chinese equities leading losses across the region with the Hang Seng (-0.94%) emerging as the biggest underperformer followed by the CSI (-0.49%) and the Shanghai Composite (-0.26%) Additionally, the nation’s property issues continue to dent sentiment as Country Garden, one of the largest non-state-owned developers by sales missed interest payments on two bonds earlier this week, thus undermining confidence in the sector. Elsewhere, the KOSPI (-0.42%) is also losing ground while the Nikkei (+0.45%) managing to stay in the green.

Early morning data showed that Japan’s wholesale inflation (+3.6% y/y) slowed for a seventh consecutive month in July, down from June’s upwardly revised figure of +4.3% (v/s +3.5% expected)

Overnight, in the UK, the RICS house price balance survey for July saw a stronger-than-expected deterioration to -53% (-51% exp, -48% prev.), which marks a new post-GFC low as interest rates rise.

On the data front today, we have the all-important CPI print in the US. Aside from this, we will get the latest weekly claims data and monthly budget statement in US, while in Europe we have the final July CPI prints in France and Italy. With 90% of S&P 500 companies having now published their Q2 results, upcoming earnings releases are weighted towards Europe with today’s results including Novo Nordisk, Alibaba, Siemens, Deutsche Telekom, Allianz, Tokyo Electron, Orsted, RWE, Rheinmetall and HelloFresh.

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

EUROPE

Generally constructive risk tone ahead of US CPI with Fed’s Harker & Bostic due – Newsquawk US Market Open

THURSDAY, AUG 10, 2023 – 06:16 AM

European bourses are in the green, with sentiment inching higher in pre-CPI trade
Stateside, futures are taking impetus from the above and recouping some of Wednesday’s pressure
DXY lags in the FX space with CHF taking advantage while JPY lags on yield dynamics, EUR & GBP both bid
Core fixed benchmarks are in the red with US yields higher across the curve but action remains limited
Commodities hold a positive bias given the tone and USD downside, incrementally encouraging updates re. TTF/LNG supply
Looking ahead, highlights include US CPI, IJC, Chinese M2 Money Supply, New Zealand PMI (Manufacturing), Banxico Policy Announcement, Speeches from Fed’s Harker & Bostic, Supply from US.

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

EUROPEAN TRADE

EQUITIES

European bourses are in the green, Euro Stoxx 50 +0.7%, as sentiment inches higher with macro drivers thin; FTSE 100 lags given a large amount of ex-dividend trade.
Sectors are primarily bid with only Health Care in the red as Novo Nordisk trims recent gains post-earnings; Insurance outperforms following Allianz and Zurich Insurance with Luxury also bolstered as China continues to reopen.
Stateside, futures are in the green as they take impetus from European action and attempt to recover some of the losses felt on Wednesday, ES +0.6%.
Action has been relatively contained for US futures after they staged a recovery in APAC hours with drivers since light and the clock counting down to CPI, Fed speak and supply.
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

A soft morning thus far for the broader Dollar and index despite the firming in bond yields seen after the European cash close yesterday.
A clear divergence is seen between the traditional havens, with the CHF taking advantage of the receding Dollar whilst the JPY is hampered by recent yield dynamics.
JPY remains on the back foot and on course for a fourth consecutive session of losses. The pair briefly topped 144.00 overnight to a 144.11 high before trimming upside, with an intraday low print at 143.64.
Antipodeans are taking advantage of the softer Dollar alongside the constructive risk mood, albeit they are still some way off WTD bests. The Loonie lags with no obvious fresh fundamental driver this morning.
The Single Currency currently stands as the second-best G10 performer as the Dollar resides around session lows in the run-up to CPI, with fresh newsflow also quiet in summer trading. On that note, amid the quieter condition, it’s worth being aware of large EUR/USD option expiries.
PBoC set USD/CNY mid-point at 7.1576 vs exp. 7.2023 (prev. 7.1588)
Click here for more detail.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Core benchmarks are in the red, a deterioration that has been very steady in nature and largely a function of the improved but still somewhat tentative risk tone pre-CPI.
Bunds are the incremental laggards trading lower to the tune of 40 ticks but just off of the 132.36 trough. A low below Wednesday’s 132.57 base but someway shy of the WTD 131.33 base that was printed on Monday.
As mentioned, newsflow for the UK/Gilts has been equally dearth aside from the RICS survey that shows continued pressure for the housing market on the back of the ongoing tightening cycle.
USTs are in the red with yields bid across the curve but overall action is very limited in summer conditions and ahead of US CPI. Currently, USTs are at the mid-point of 111.06+ to 111.12+ parameters.
Click here for more detail.

COMMODITIES

WTI and Brent front-month futures hold a positive bias amid the softer Dollar and constructive risk tone in the run-up to US CPI.
There hasn’t been much by way of crude-specific news, but some sectoral support may be felt with the recent rise in LNG prices.
Spot gold is modestly firmer amid the softer Dollar but price action is limited ahead of the US CPI report, with the current intraday range between 1,9414.91-21.31/oz.
Unions representing workers at Woodside and Chevron LNG sites have applied for “protected ballot orders”; FT citing a source reports that a move to vote on action will likely occur early next week unless a resolution is agreed. Elsewhere, Eneos exec. says they are not aware of any significant impact from possible strikes at Australian LNG facilities.
Click here for more detail.

NOTABLE US HEADLINES

Alibaba Group Holding Ltd (BABA) Q2 2023 (USD): EPS 2.40 (exp. 2.03), Revenue 32.292bln (exp. 31.17bln). +3.8% post-earnings
Click here for the US CPI primer.
Click here for the US Early Morning note.

NOTABLE EUROPEAN HEADLINES

UK PM Sunak is reportedly facing increasing calls from the Cabinet to put leaving the European Convention on Human Rights at the centre of the Tory election campaign if migrant deportation flights to Rwanda are blocked, according to The Telegraph.
Lloyds of London underwriters are leading insurers in raising rates and cutting cover over Taiwan risks, via Reuters citing sources; some insurers are imposing exclusions on Taiwan in political risk or political violence policies.
ECB Economic Bulletin: Inflation continues to decline but is still expected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner.
Norges Bank survey of bank lending: Broadly unchanged credit demand and credit standards.

DATA RECAP

UK RICS Housing Survey (Jul) -53 vs. Exp. -50 (Prev. -46, Rev. -48)
Norwegian Core Inflation (CPI-ATE) YY (Jul 2023) 6.4% vs. Exp. 6.3% (Prev. 7.0%); CPI YY (Jul 2023) 5.4% vs. Exp. 5.7% (Prev. 6.4%)

GEOPOLITICS

Russian Defence Ministry said 11 Ukrainian drones were downed near Sevastopol, according to RIA. It was separately reported that Russian air defence systems shot down two military drones heading towards Moscow.
North Korean leader Kim convened a military meeting and vowed to step up preparation for war, while he called for war drills to be conducted to efficiently operate new weapons, according to Yonhap.
Belarusian Security Council says they will take measures to respond to the militarization of Poland and the Baltic states, according to Al Arabiya.

CRYPTO

US SEC plans to appeal the court ruling in its lawsuit against Ripple Labs.

APAC TRADE

APAC stocks were mixed with the regional bourses mostly rangebound amid a slew of earnings releases and with the mood tentative ahead of incoming US inflation data, while participants also reflected on US efforts to restrict investment in some Chinese tech.
ASX 200 was rangebound with notable outperformance in the energy sector with oil prices at a 9-month high and following the recent surge in gas prices amid disruption concerns with strike action planned for Australian LNG, although Woodside Energy has since provided some optimism on the bargaining process in which it noted that positive progress is being made and an in-principle agreement was reached on a number of issues.
Nikkei 225 benefitted from yen weakness but was initially choppy after mixed PPI data and with newsflow in Japan dominated by earnings releases which provided the catalysts for the biggest individual stock movers.
Hang Seng and Shanghai Comp were pressured after US President Biden’s executive order to ban some new investments in ‘narrow subsets’ of Chinese sensitive technologies such as semiconductors and microelectronics, quantum information technologies and certain AI systems, which drew criticism from China.

NOTABLE ASIA-PAC HEADLINES

US President Biden signed an executive order to regulate future US investments in a narrow set of technologies in China, Hong Kong and Macau, while the order is a ‘narrow and targeted action’ to complement existing export controls and inbound investment screening. Furthermore, US actions will focus on protecting the most critical technologies for military advancement, including semiconductors, quantum computing and certain artificial intelligence, according to Reuters.
There were earlier reports that the White House will detail plans restricting some US investments in China in which the regulations will only affect future investments, not current ones, according to a person briefed on the executive order. Restrictions are expected to be implemented next year after multiple rounds of public comment including an initial 45-day comment period on the proposed rulemaking.
China’s MOFCOM said China is gravely concerned about the US order on foreign investment reviews and reserves the right to take measures, while it hopes the US will respect the law of the market economy and the principle of fair competition, according to Reuters.
China’s Ministry of Foreign Affairs said China filed a diplomatic complaint against the US regarding the investment curbs, according to Bloomberg.
Chinese Embassy in the US said China is very disappointed the US went ahead with new investment restrictions and it opposes the US overuse of national security on trade, while it added that China will firmly safeguard its rights and interests, according to Reuters.
China’s internet giants rush to order USD 5bln of Nvidia (NVDA) chips to power AI ambitions amid concerns over impending US export controls, according to FT sources.
China Culture and Tourism Bureau released a third list of destination countries for Chinese group tourism including Japan, Australia, Germany, UK and US, while China also permitted group tours to South Korea.
RBI kept the Repurchase Rate unchanged at 6.50%, as expected, while it maintained its stance of remaining focused on the withdrawal of accommodation which 5 out of 6 MPC members voted for. RBI Governor Das said the Indian economy is exuding enhanced strength and they made significant progress in controlling inflation but added that the MPC is prepared to act if the situation warrants and it remains resolute in its commitment to align inflation to the 4% target. Incremental Cash Reserve Ratio will be reviewed on September 8th. Existing Cash Reserve Ratio remains unchanged at 4.50%.

DATA RECAP

Japanese PPI MM (Jul) 0.1% vs. Exp. 0.2% (Prev. -0.2%); YY (Jul) 3.6% vs. Exp. 3.5% (Prev. 4.1%)
Chinese July vehicle sales -1.4% Y/Y (prev. +4.8% in June), according to the Industry Association; Jan-July +7.9% Y/Y (prev. -2% last year).

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

THURSDAY MORNING/WEDNESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

////SOUTH KOREA/NORTH KOREA/

END

2e) JAPAN

JAPAN

3 CHINA /

CHINA

This will present China with a huge problem if Country Garden Homes eventually defaults. It has missed its last two bond payments which are now

in the 30 day grace period. Remember that China’s real estate is 70% of their entire GDP. Not only is Country Garden in trouble but also huge Dalian Wanda

and Sino Ocean are having financial difficulties.

(zerohedge)

China Facing “Bigger Debt Crisis Than Evergrande” In Under 30 Days

THURSDAY, AUG 10, 2023 – 12:40 PM

The undisputed credit event of 2021 – a year when rates around the globe were near all time lows and bankruptcies were virtually unheard of – was the default and collapse of Chinese property giant Evergrande, which many feared would drag down the entire Chinese financial system due to its hundreds of billions in real-estate linked liabilities if the state didn’t step in (in the end, Beijing did help but in a much more subdued way than the bull-in-a-China-store nationalizations from the country’s recent history).

Fast forward two years and China is again emerging as the venue of what may be the year’s biggest default, one which – according to Bloomberg – could spark a “debt crisis that rivals China Evergrande Group’s default.”

On Monday, Country Garden Holdings, formerly China’s largest private sector developer and headed by China’s formerly richest woman, Yang Huiyan, officially entered a technical default grace period, failing to pay interest on two bonds and leaving investors in the dark after dollar bondholders said they’ve yet to receive coupon payments. That puts the firm—which had 1.4 trillion yuan ($199 billion) of total liabilities at the end of last year—on course for its first public default if it doesn’t make the payments within the 30-day grace period.

Until recently the largest private-sector developer by sales in a country whose property market was estimated by Goldman as the largest single asset in the world…

… the builder of more than 3,000 housing projects in smaller cities has long been a household name and employed about 70,000 (soon to be unemployed) people at the end of last year.

While the company’s giant footprint and massive balance sheet had given it dry powder to withstand the industry cash crunch that started in 2021 and has continued to date, leading to record defaults since Evergrande first missed bond payments, tumbling home sales and soaring refinancing costs are not only threatening that streak, but have exhausted the company’s reserves. And now, the company has less than a month to avoid default.

“Any default would impact China’s housing market more than Evergrande’s collapse as Country Garden has four times as many projects,” Bloomberg Intelligence analyst Kristy Hung wrote in a report Wednesday adding that “any debt crisis at Country Garden will have a far-reaching impact on China’s housing market sentiment and could significantly weaken buyer confidence on solvent private developers.”

The news of the imminent default did not shock the bond market, which had been bracing for this outcome with Country Garden’s bonds already trading at deeply distressed levels.

Holders of the two securities said they hadn’t received the coupons as of Wednesday afternoon, and the firm didn’t respond to questions about whether it had made the payments. The developer’s next dollar bond to mature has dropped as low as 11 cents, while Country Garden’s shares plunged as much as 8.9% in Hong Kong on Wednesday to reach the lowest level since November 2022, and three brokers have downgraded the stock which has continued to slide.

The plunge in the company’s bonds have fed into broader unease in the Chinese high-yield dollar bond market, where average prices have dropped deeper into distress at about 67 cents—near the lowest this year.

Meanwhile, Beijing pretends that it is somehow immune to another crash in the housing market, and home sales in China are once again falling and dashing hopes that policy steps to prop up the industry would spur a lasting rebound. And with creditors demanding prohibitively high yields to lend more money, even Country Garden was forced to say this week that the refinancing situation has crimped its cash flow.

As Bloomberg notes, the company, which has developments in almost every province in China, is the latest developer to be jolted by the crisis in the nation’s real estate industry. Its annual report shows that about 60% of its projects are located in so-called Tier 3 and Tier 4 cities, which usually have a smaller population and weaker housing demand.

Country Garden was established in Foshan City in China’s Pearl River Delta region in 1992. Chairman Yang Huiyan has a fortune of $5.5 billion, making her the country’s fourth-richest woman, according to the Bloomberg Billionaires Index. Yang is the daughter of founding chairman Yeung Kwok Keung who transferred his stake to her in 2005. She succeeded
him as sole chairman earlier this year.

As an aside, while still filthy rich, Yang has seen her fortune slump by 84% since its peak in June 2021, including a drop of 8.2% on Tuesday alone, according to the Bloomberg Billionaires Index. Her fortune has shrunk by $28.6 billion from its peak, when she was Asia’s richest woman, leaving her with a net worth of $5.5 billion. That’s the biggest dollar decline among the ultra-rich tracked by Bloomberg’s wealth index over that period.

The 41-year-old tycoon’s wealth is mainly derived from her stake in Country Garden, whose shares have dropped almost 60% this year as tumbling home sales and soaring refinancing costs hit China’s real estate industry. Yang agreed last month to transfer more than half her personal stake, worth about $826 million, to a charity founded by her sister. She’ll retain the voting rights.

In a script right out of succession, Yang’s father co-founded Country Garden in 1992 and transferred a controlling stake to her in 2005 after she joined the company as his personal assistant to learn the ropes and eventually succeed him.

She became China’s richest woman at age 25, after Country Garden raised $1.65 billion in a Hong Kong initial public offering in April 2007. In 2023, she took over as the sole chair after her father resigned, citing his age.

Yang fall from grace is not unique: China’s property tycoons have seen their wealth eroded after the government cracked down on excessive borrowing in the industry in 2020, making it hard for developers to refinance swelling debts. The ensuing cash crunch triggered record offshore defaults, wiped out billions of dollars of investments, and delayed construction of thousands of homes. Prior to the collapse, rapid expansion of the residential property sector made Yang, Hui and their peers some of the wealthiest people in the nation.

* * *

The question now is whether the grace period will be cured in the last minute or if the company will default. The prolonged slump in China’s property sector has brought previously sound companies to their knees, with the likes of Central China Real Estate, a state-backed developer, repeatedly using grace periods to buy time before stopping payments. In July, creditors of a unit of Dalian Wanda Group Co. and state-backed Sino-Ocean Group Holding Ltd. received coupons at the last minute.

Developers using grace periods for coupon payments “is a bad signal that reflects tight liquidity,” said Iris Chen, a credit desk analyst at Nomura International HK Ltd. But distressed developers might not care that much as their bonds are already trading at low cash prices, she added.

CHINA/USA

look who is talking; the USA is bullying?

(Zerohedge)

China Slams Biden For “Blatant Economic Coersion And Bullying” After US Imposes Investment Limits

THURSDAY, AUG 10, 2023 – 08:27 AM

China lashed out at Joe Biden’s long-awaited executive order that limits U.S. investment in technology, but stopped short of issuing immediate counter measures.

The Chinese commerce and foreign affairs ministries issued strong responses on Thursday, just hours after Biden signed an executive order to begin the process of restricting high-tech U.S.-based investments going toward China in the areas of artificial intelligence, quantum technology, and semiconductors and targeting “countries of concern” on the basis of national security.

“China is strongly dissatisfied with and resolutely opposed to the U.S.’s insistence on introducing restrictions on investment in China,” the foreign ministry said in a statement, according to a CNBC translation. “This is blatant economic coercion and technological bullying.”

The Chinese Commerce Ministry called upon the U.S. to “respect the market economy and the principles of fair competition” and to “refrain from artificially hindering global trade and creating obstacles that impede the recovery in the global economy.”

“The message is quite clear,” Eswar Prasad, a professor in international trade at Cornell University, told CNBC Thursday.

“Washington wants to use the national security imperative as a way of trying to limit the transfers of technology and investments related to technology to China, because there’s not just a national security angle, but also quite frankly, a commercial angle,” he added.

Late on Wednesday, Biden signed off on the executive order that limits U.S. investment and expertise in semiconductors and microelectronics, quantum computing and certain artificial intelligence capabilities in China, Hong Kong and Macao.

The latest order bears some similarities to a toned-down version of the initial Outbound Investment Transparency Act the Senate recently passed and omitted wording for an outright ban on investment. It comes amid an escalating race for global technological supremacy that has both national security and economic implications.

“I think it is going to have a pretty broad chilling effect on technology transfers and investments by U.S. firms in China,” Prasad said.

Biden warned in the executive order that certain American investments may contribute to “the development of sensitive technologies and products in countries that develop them to counter United States and allied capabilities.”

“I find that countries of concern are engaged in comprehensive, long-term strategies that direct, facilitate, or otherwise support advancements in sensitive technologies and products that are critical to such countries’ military, intelligence, surveillance, or cyber-enabled capabilities,” said the president, who further characterized the situation as “a national emergency.”

“The investment restrictions largely mirror export controls already in place, including those that ban exports to China of machinery and software used to produce advanced semiconductors,” Gabriel Wildau, a Teneo managing director focusing on China political risk, wrote in a note to clients according to CNBC.

“Unprecedentedly tough restrictions that the US Commerce Department issued in October (soon to be expanded) already rendered new U.S. investment in advanced Chinese semiconductor production effectively impossible, since any such factory would need imported equipment covered by those restrictions,” he added.

The executive order adds to sweeping rules the U.S. pushed last October aimed at cutting off exports of key chips and semiconductor tools to China, while also lobbying major chipmaking nations such as Japan and the Netherlands to do the same.

In response, China restricted the exports of two metals key to the manufacturing of semiconductors in July, requiring exporters to seek a license to ship some gallium and germanium compounds.

During a visit to Beijing in July, U.S. Treasury Secretary Janet Yellen assured her Chinese counterparts that any curbs on U.S. outbound investments would be “transparent” and “very narrowly targeted.”

Biden’s executive order though is still some way from becoming concrete legislation. The U.S. Treasury has been tasked to formulate exact regulations to implement the order, including defining the boundary between prohibited transactions and those that merely require notification.

Late Wednesday, the U.S. Treasury Department invited public comment to “seek early stakeholder participation in the rulemaking process” — including input on the sub-sets of national security technologies and related products to the areas of technology identified in Biden’s executive order.

The Treasury Department said it anticipates excepting certain transactions, including potentially those in publicly-traded instruments and intracompany transfers from U.S. parents to subsidiaries.

Biden’s executive order comes at a time when a raft of economic data has underscored slowing growth momentum in the world’s second-largest economy. Official data Wednesday showed that China’s consumer prices fell for the first time in two years in July from a year ago, as producer prices declined on a year-on-year basis for a 10th straight month.

“I don’t think the U.S. Treasury or the [Biden] administration planned it this way, but this is spectacularly bad timing for China,” Prasad said. “Confidence is falling, growth is stalling, China seems to be sliding into a downward spiral with deflation, low growth and lack of confidence all feeding on each other.”

“This does very little to inspire confidence that China is going to be able to pull back on short-term growth. And this could also affect its long-term growth potential because China is very eager to move into high tech, higher value-added industries,” Prasad said.

As part of its plan to bolster growth, China’s top leaders have recently changed their tone on private and foreign investors, while anticipating the country’s post-pandemic economic recovery to proceed in a “tortuous” manner.

“At the moment, its domestic innovation program is not going that well. China still needs foreign technology — it needs foreign capital a lot less than foreign technology. Without foreign technology, I think it’s very difficult for China to make that leap,” he added.

Discussing Biden’s executive order, SocGen economists said there were no surprises in Biden’s investment restrictions, and noted that over the last three years, US/China economic tensions have moved from a US policy of raising tariffs to a restrictive policy on trade and investments, increasingly focused on technology.

Last October measures were about trade as the Department of Commerce implemented export controls aiming to block (i) AI chips access, (ii) AI chips design, (iii) advanced chips manufacturing, and (iv) development of a semiconductor manufacturing equipment industry (see page 9 and 10 of our Nov-2022 report on Asia semiconductors).

By contrast, yesterday’s executive order targets investments. The objective is to ban US investments in China computing-relating technologies including semiconductors, quantum technology and AI systems.

SocGen believes that the impact on equity markets should remain limited as

(i) the implementation of the ban is not going to be immediate. It includes a 45-day comment period and one year between the EO and the effective implementation;
(ii) the ban may not include listed stocks, passive investments, and index fund (the executive order is expected to primarily concerns private equity and venture capital);
(iii) it is not going to be retroactive;
(iv) it excludes the two other industries- biotechnology, and clean energy, which along computing related technologies have been deemed to be key for US national security.

Which means that domestic factors- the deflation risk and policy response- matter most for China equities. The next catalyst event will come from the earnings season in the second half of the month.

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

GERMANY

The left got to them: Germany plans $63. billion in green energy investments for 2024

(Charles Kennedy/OilPrice.com)

Germany Plans $63 Billion In Green Energy Investments For 2024

THURSDAY, AUG 10, 2023 – 06:30 AM

By Charles Kennedy of OilPrice.com,

Germany’s government approved on Wednesday investments in green energy worth $63 billion (57.6 billion euros) for 2024, a 60% increase compared to this year’s targeted spending.

For the period 2024 through 2027, the cabinet agreed to boost the investments in the so-called Climate and Transformation Fund to $233 billion (212 billion euros), an increase of around $33 billion (30 billion euros).

The special fund, not part of the regular German budget, was created to help the energy transition and green investments in Europe’s biggest economy on its road to net zero. Industry decarbonization, the implementation of a hydrogen strategy, funding for buildings efficiency, and energy efficiency are being financed by the fund.

Earlier this year, reports emerged that the Climate and Transformation Fund, known as KTF in Germany, was some $13.1 billion (12 billion euros) short on resources from funds to be allocated by 2026. The deficit suggests that a faster transition away from fossil fuels would cost much more than the German government thought in the summer of 2022 when the fund was created.

In April, the German government also voted on a bill to ban most oil and gas heating boilers in new and oil buildings from 2024 as part of a plan to reduce emissions.

The ruling coalition in Germany has decided that nearly all new heating systems should run on 65% renewable energy, with exemptions for homeowners aged over 80 and for households with the lowest incomes.

Industry associations and the German public disagree with the planned ban.

A Forsa survey commissioned by RTL and ntv showed in April that 78% of Germans do not approve of the bill, and only 18% think the decision to ban oil and gas heating systems is the right one.

In addition, the ruling coalition in Germany is still split on how much the domestic carbon price should rise amid stubborn inflation that could be further fueled by higher energy prices.

END

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE USA

Might be a little late for this: first batch of USA Abram tanks will be shipped to Ukraine in the fall as their offensive stalls

(zerohedge)

First Batch of US Abrams Tanks Belatedly Shipped To Ukraine As Offensive Hits Low Point

THURSDAY, AUG 10, 2023 – 03:30 AM

Via The Libertarian Institute,

The first batch of Abrams tanks that the US is providing Ukraine was authorized for shipment over the weekend and is expected to arrive in the country in early fall, the US Army’s top acquisition official said Monday.

“The last of the set was officially accepted by the US government or the production facility over the weekend. So they are done,” said Army Acquisition Chief Doug Bush, according to the War Zone.

The US will be providing Ukraine with 31 refurbished M1A1 Abrams, an older variant of the tank. The US initially said it would send the newer M1A2 Abrams, but the Pentagon decided to speed up the plan by sending older tanks.

The M1A2s needed to be manufactured and would have taken years to deliver. Bush said that while the tanks are ready, it will still take time to deliver them and send necessary related equipment, which includes “ammunition, spare parts, fuel equipment, repair facilities.”

The Wall Street Journal reported in July that the US is expected to arm the Abrams it sends to Ukraine with depleted uranium rounds, a toxic ammunition that’s linked to cancer, birth defects, and environmental damage, especially in Iraq, where US forces used an enormous number of the controversial munitions.

When asked about the possibility of sending depleted uranium to Ukraine, Pentagon spokesman Brig. Gen. Pat Ryder said Monday that he had nothing to announce.

“I don’t have anything to provide, no announcements to make regarding any type of tank ammunition at this point,” he said.

All of this comes as mainstream media begins expressing severe doubts over Ukraine’s counteroffensive…

The UK has provided Ukraine with depleted uranium ammunition for its British-made Challenger 2 tanks. Russian President Vladimir Putin said his decision to deploy nuclear weapons to Belarus was a response to Britain giving Ukraine depleted uranium.

END

RUSSIA/UKRAINE/

Does it take war to wake up?

end

IRAN/ISRAEL

Do not put too much into this: Iran touts its new hypersonic missile

(zerohedge)

Iran Touts Hypersonic Missile Testing In Response To US Sending Troops To Region

WEDNESDAY, AUG 09, 2023 – 11:20 PM

In fresh statements aired by state media and picked up by Al Jazeera and other international sources, Iran says it has not only achieved hypersonic cruise missile technology, but is actually testing hypersonics, in what would mark a historic breakthrough for the Islamic Republic if true.

The missiles are reportedly currently undergoing tests and flight trials, which “will mark the beginning of a new chapter in the defense power of our country,” state media Tasnim announced Wednesday.

Tasnim further touted that the new hypersonic weapons could “significantly accelerate the Islamic Republic of Iran’s response time in case of any combat, and take away attacking forces’ opportunity for reaction.”

It was in early June that Iranian President Ebrahim Raisi attended a ceremony unveiling the new Iranian-made “Fattah” (literally, “Conqueror”) hypersonic missile in Tehran. This was met with some degree of skepticism internationally, given the immense difficulty behind mastering the technology.

Raisi touted at the time: “Today we feel that the deterrent power has been formed.” He added, “This power is an anchor of lasting security and peace for the regional countries.”

The Iranians say their new hypersonic missile can reach nearly 900 miles and it cannot by countered by conventional anti-air defense systems. Iranian officials say it can also reach speeds of up to Mach 15. But expressing skepticism, here’s what Popular Mechanics has written [emphasis ZH]:

Unfortunately, the “hypersonic” term is often used deceptively to imply more advanced technology than what is actually present. By definition, hypersonic describes a missile/aircraft traveling at or over five times the speed of sound, or a mile per second. That’s certainly fast, but ballistic missiles have been rocket-boosting themselves up to hypersonic speeds since the 1950s and 60s.

However, the modern usage of “hypersonic weapons” refers to weapons that can sustain and maneuver at hypersonic speeds. One method of achieving this is to have a ballistic missile launch what’s called a hypersonic glide vehicle into the exosphere—a vehicle that’s then able to skip-glide just over the atmosphere, repeatedly bouncing off the dense air molecules below. The other method is to develop a cruise missile with an air-breathing ramjet motor that can sustain hypersonic speeds while within the atmosphere.

And what makes a hypersonic a hypersonic? According to more:

The big deal with these weapons is not their maximum speed. Rather, the appeal comes from their sustainable speed, flatter—and thus stealthier—trajectory, and ability to maneuver and avoid entering the optimal engagement radius of air defenses. Those all significantly complicate hitting them with interceptor missiles.

Given the Iranians already unveiled in early summer that they have achieved hypersonic missile technology, this new announcement seems a reaction to specific geopolitical events in the gulf region, namely the US decision to send 3,000 additional troops aboard two warships.

The timing of the hypersonics announcement further comes just as the Pentagon is seeking to put US Marines on international tankers in the Strait of Hormuz, in order to safeguard them from Iranian hijacking. Iranian Brigadier-General Abolfazl Shekarchi earlier issued the following response, asking, “What do the Persian Gulf, the Gulf of Oman and the Indian Ocean have to do with America?” He further posed rhetorically, “What is your business being here?”

Iran has repeatedly rejected the US military involvement in regional waters, saying it only serves Washington’s interests, and is really intended to thwart Iran’s own crude exports, which are also under US-led sanctions.

END

6.GLOBAL ISSUES//MEDICAL ISSUES

Robert Kennedy jr. exposes the Wuhan cover up

(Dr Robert Malone//Brownstone)

RFK Jr. Exposes ‘The Wuhan Cover Up’

WEDNESDAY, AUG 09, 2023 – 07:40 PM

Authored by Robert Malone via The Brownstone Institute,

The title of US Presidential candidate Robert F. Kennedy Jr.’s new book, The Wuhan Cover Up, does not really represent the scope and nature of this seminal work.

This book is the most comprehensive historic summary and indictment of the history of the United States’ biowarfare/biodefense program ever written.

Summarizing an amazing sweep of untold censored history, it begins with ancient Mediterranean and European examples of both chemical and biological warfare, proceeds to an open discussion of the shocking truths concerning Imperial Japan’s WWII biowarfare program (Unit 731), the importation of both Japanese and German biowarfare experts and technologies into Fort Detrick to create USAMRIID (operation Paperclip), strategic evasion of global biowarfare “treaties,” through to the present Wuhan Institute of Virology CIA/Intelligence Community/Chinese CCP collusion and cover up, and concludes by glancing into the future.

What is often overlooked by academia, corporate media, and the Washington, DC political caste is that the history of modern biology (particularly microbiology, molecular biology, and virology) and the infectious disease pharmaceutical industry is intimately entwined with the American biowarfare enterprise.

It has been estimated that total Federal expenditures on biowarfare research and development from the end of WWII through to the implementation of the Biological and Toxin Weapons Convention (1975) exceeded the costs of the US Nuclear Warfare program during this period, and this biowarfare program (and funding stream) is intimately linked to academia.

Most of the leaders of the American Society of Microbiology were also leaders in the American DoD/CIA-funded biowarfare program. This background and context is necessary to understand how the fundamental corruption of academic medicine, peer-reviewed journals, the CDC, FDA, biological and academic research have been so comprehensive, as has been revealed by the COVID crisis.

Just follow the money.

Which leads us to the most recent and egregious sordid chapter in this sorry tale, The Wuhan Cover Up.

A case study demonstrating the consequences of the situational ethical slide which often occurs when a massive administrative bureaucracy fuses with an “intelligence community.”

The resulting Leviathan, steeped in the utilitarian “ends justify the means” logic typical of all those skilled liars who have practiced spycraft throughout the ages, eventually forgets both its purpose and its commitment to serving the citizenry, and becomes a predatory monster.

With his masterful summary, Mr. Kennedy has provided the receipts on how this modern embodiment of the slouching beast foretold in Yeats’ “Second Coming” has been born and nurtured via a cooperation of convenience between the Western and Eastern military/intelligence/industrial complexes.

Now, looking forward, the open question is whether this globalized Leviathan will continue to succeed in its efforts to deploy advanced psychological and information control methods on the entire human community to avoid the consequences of its actions?

Or will this book and the work of so many others trigger an awareness, awakening, and effective reaction among citizens to the deep corruption of medical-biological research, medical ethics, and the entire Western “health” enterprise which has occurred over the last century?

With this book as a guide, we can see the enemy, the face of creeping globalized utilitarian evil, and it is us.

* * *

Reprinted from the author’s Substack

END

New study: significantly worse outcomes occurred after lockdowns and vaccines from Scotland

(Will Jones/Daily Sceptic.org)

“Significantly Worse Outcomes” – Scottish COVID Inquiry Savages Lockdowns And Vaccines

THURSDAY, AUG 10, 2023 – 02:00 AM

Authored by Will Jones via DailySceptic.org,

Throughout the Covid pandemic, the Scottish Government made a show of imposing stricter and longer restrictions than Boris Johnson’s ‘reckless’ Tory Government south of the border. Yet despite these additional measures, in the two years from the start of the pandemic to spring 2022, Scotland averaged 23.9 excess deaths per million weekly, writes Dr. David Livermore in Spiked. “That was by far the highest in the U.K., with Wales suffering 22.9 excess deaths per million, Northern Ireland 18.8 and England 18.6.”

This obvious failure of Scotland’s response was, remarkably, summarised in an opening report commissioned by Scotland’s official Covid inquiry and written by Dr. Ashley Croft, a public health infection epidemiologist who spent most of his career working for the military and now practises from Harley Street as a medico-legal expert witness.

He told the inquiry that:

In 2020, there was scientific evidence to support the use of some of the physical measures (e.g., frequent handwashing, the use of PPE in hospital settings) adopted against COVID-19. For other measures (e.g., face-mask mandates outside of healthcare settings, lockdowns, social distancing, test, trace and isolate measures), there was either insufficient evidence in 2020 to support their use – or alternatively, no evidence; the evidence base has not changed materially in the intervening three years. It has been argued that the restrictive measures introduced during the COVID-19 pandemic resulted in individual, societal and economic harm that was avoidable and that should not have occurred.

Dr. Livermore says he agrees entirely.

As Sweden’s already-concluded Covid inquiry found, “Several countries which did impose lockdowns… had ‘significantly worse outcomes’ than Sweden”.

It also found that the restriction of individual freedom was “hardly defensible other than in the face of very extreme threats”.

Dr. Croft is similarly downbeat about the vaccines, saying “it remains unclear as to whether or not COVID-19 vaccination has resulted in fewer deaths from COVID-19”. Dr. Livermore disputes this conclusion, saying “it seems fairly clear that vaccines did break the link between cases and deaths in the spring and summer of 2021”. However, recent analysis by experts like Dr. Eyal Shahar suggests that much of the apparent effectiveness of the vaccines may be an illusion created by the healthy vaccinee effect, whereby those who took the vaccines tend, other things being equal, to have fewer underlying risk factors.

In any case, Dr. Livermore agrees with Dr. Croft that “the protection they offered was brief and incomplete”.

Long before vaccine passports were imposed on Scots in autumn 2021, there was abundant evidence that vaccines did not stop infection and transmission. This should have blown the bottom out of the case for vaccine passports. That it failed to stop them is a disgrace.

Dr. Croft adds that the “2,362 spontaneous [Yellow Card] reports suggesting a fatal outcome following COVID-19 vaccination” are “of concern”, noting such events are likely under-reported.

But the most important point about Dr. Croft’s report, says Dr. Livermore, is that it so flagrantly defies the Official Narrative of harsh but necessary lockdowns saving the population from the ravages of a deadly plague.

Irrespective of whether one agrees with his conclusions or not, Croft is to be congratulated for addressing the core question: did the Government’s restrictions, deployed at great cost and societal disruption, work?

The fact that he has even asked this question stands in contrast to the groupthink on display at the U.K. inquiry, presided over by Lady Hallett. Its first theme, examining ‘Preparedness and Resilience’, concluded last month. During the hearings, witnesses were indulged in long meanders through Brexit and Tory/Lib Dem austerity. This was despite the obvious fact that adjacent EU countries not previously governed by David Cameron and Nick Clegg experienced similar travails with the virus.

Witnesses also said that Britain had prepared for the wrong type of pandemic, with all of our plans anticipating an influenza pandemic rather than a coronavirus pandemic. But if coronavirus and influenza pandemics were so obviously different, scientists wouldn’t still be arguing about whether the 1889-94 ‘Russian Flu’ – which was comparable to Covid in terms of mortality – was a form of influenza or a coronavirus.

Unsurprisingly, Croft’s report hasn’t gone down well with the lockdown-supporting press in Scotland. He has been attacked as being ‘not an expert’ in viral pandemics. I don’t know Croft and hold no personal brief for him, but his CV indicates a much longer experience of microbiology-related public health than, say, public-health academic Devi Sridhar, who exerted much influence on Scotland’s Covid response. Military medicine – where he spent his career – takes a great interest in epidemics. They have stopped many armies, from Charles VIII at Naples (syphilis) to Admiral Vernon at Cartagena (yellow fever).

Dr. Livermore concludes that “it is telling that Scottish commentators no longer even try to say that Scotland’s lockdowns were a success… there is too much evidence to the contrary”.

“I sincerely hope that Scotland’s inquiry reflects upon this. And that Lady Hallett reads Croft’s report. It might just refocus the U.K. inquiry on the questions that really matter.”

end

GLOBAL ECONOMIC ISSUES//

END

GLOBAL VACCINE/COVID ISSUES

ROBERT H TO US:

Steve Kirsch on Twitter: “BREAKING: HUGE amounts of dementia reporting in elderly care facilities after COVID vaccines rolled out. It’s the COVID vaccine causing this. This is not a coincidence. Residents having dementia now at a much younger age than normal. Medical community silent on this (as… https://t.co/4uYxeAMvIl” / X

BREAKING: HUGE amounts of dementia reporting in elderly care facilities after COVID vaccines rolled out.

It's the COVID vaccine causing this. This is not a coincidence.

Residents having dementia now at a much younger age than normal.

Medical community silent on this (as… pic.twitter.com/4uYxeAMvIl
— Steve Kirsch (@stkirsch) August 9, 2023

end

DR PAUL ALEXANDER..

(The new COVID 19 variant striking us right now:)

EG.5.1 (“Eris”) COVID sub-variant driven to emerge by natural selective pressure (more coming & this is all a blatant lie, effort to mislead, scare you; what to do? Nothing, except protect the elderly

The lies of ERIC TOPOL! Use nasal-oral washes (e.g. povidone-iodine), NO Vaccine, NO lockdowns: coming FLip combo mutation? WARNING: an updated, monovalent, (XBB.1.5) booster WILL fail! DOA for EG.5.1

DR. PAUL ALEXANDERAUG 9

This is all media and failed medical system propaganda, garbage. We know what to do, turn off CNN and FOX, trust yourself.

‘This week the CDC genomic surveillance showed continued rise of the EG.5.1 variant with near doubling over the past couple of weeks, showing significant growth advantage compared to its prevailing XBB variant precursors (such as XBB.1.5, XBB.1.16, XBB.1.9)

end

Did Swank et al. clue us into ‘LONG COVID’ and the persistence in circulation of spike protein (sub-units, thus mRNAs, LNPs)? Can spike protein (virus or vaccine induced) persist for many months if

not years in the blood of humans? Yes! 100%, up to 12 months post infection (and thus vaccine) and the rate limiting step was the duration of follow-up; had it been for 2 years, you would detect at 2

DR. PAUL ALEXANDERAUG 9

https://www.medrxiv.org/content/10.1101/2022.06.14.22276401v1

‘analyzed plasma samples collected from a cohort of PASC and COVID-19 patients (n = 63) to quantify circulating viral antigens and inflammatory markers.

Strikingly…detected SARS-CoV-2 spike antigen in a majority of PASC (LONG COVID) patients up to 12 months post-diagnosis, suggesting the presence of an active persistent SARS-CoV-2 viral reservoir.

Furthermore, temporal antigen profiles for many patients show the presence of spike at multiple time points over several months, highlighting the potential utility of the SARS-CoV-2 full spike protein as a biomarker for PASC.’

end

SLAY NEWS

The latest reports from Slay News

Bill Gates Colluded with WHO for Pandemic-Related Insider Trading A renowned economist has testified that Microsoft co-founder Bill Gates colluded with the head of the World Health Organization to massively profit from insider trading linked to major pandemic-related announcements.READ MORE

Jim Jordan Catches Biden Engaging in Illegal Quid Pro Quo, Threatening American Companies House Judiciary Committee Chairman Jim Jordan (R-OH) has caught Democrat President Joe Biden engaging in an illegal quid pro quo.READ MORE

Native American Association Demands NFL Team Changes Name Back to ‘The Redskins’Native American Guardian’s Association (NAGA) Founder & President Eunice Davidson has sent a demand letter to the owners of the Washington “Commanders,” formally requesting the team change its name back to “The Redskins”READ MORE

6-Year-Old Boy Who Shot Teacher Bragged to School Employee: ‘I Got My Mom’s Gun – I Shot That B*tch Dead’The 6-year-old Virginia boy, who shot and wounded his teacher with his mother’s gun, bragged about the shooting to a school employee, according to court documents.READ MORE

Fauci Referred to Top D.C Prosecutor for Criminal Charges over Lab Leak Cover-Up Dr. Anthony Fauci has been referred to a top Washington D.C. prosecutor for criminal perjury charges over his alleged false statements while under oath during testimony before Congress.READ MORE

Comer Releases Biden’s Incriminating Bank Records Showing $20 Million in Payments from Foreign Nationals House Committee on Oversight and Accountability Chairman James Comer (R-KY) has just released bank records of Democrat President Joe Biden and his family, exposing millions of dollars in payments from shady foreign nationals.READ MORE

Major 2020 Election Voter Fraud Scheme Exposed in Michigan A bombshell new report has exposed a major 2020 election voter fraud scheme in Michigan and a widespread cover-up by state officials.READ MORE

‘Defund the Police’ Democrat Changes Tune, Demands ‘National Guard’ to Stop ‘Out-of-Control Crime’ in D.C Democrat Washington, D.C. city councilman Trayon White Sr. has changed his tune after pushing the “defund the police” agenda.READ MORE

Video Released of Rand Paul Staffer Being Stabbed in Washington D.C Video footage of Republican Sen. Rand Paul’s (R-KY) staffer being stabbed in broad daylight in Washington, D.C., in March has been released.READ MORE

FBI Takes Down International Child Abuse Network, 100 Suspects Arrested, 13 Children Rescued Authorities in the United States and Australia have conducted sweeping raids in a joint operation to take down an international child abuse network.READ MORE

Teen Collapses and Dies Suddenly in Front of His Family after Making Big Announcement A teenager has collapsed and died suddenly in front of his entire family after making a big announcement about his future during a large gathering.READ MORE

Tyson Foods Closes Multiple Chicken Processing Plants as Costs Soar Tyson Foods Inc. is closing multiple chicken processing plants as the company scrambles to downsize amid soaring costs.READ MORE

Harry’s Razors CEO Boasts His ‘Socially-Minded’ Company Treats ‘Birthing’ and ‘Non-Birthing Parents’ Equally A video of the CEO of Harry’s Razors has provoked widespread calls for a boycott after it shows the “woke” top executive boasting about how “socially-minded” his company is.READ MORE

EVOL NEWS

NEWS ADDICTS

96% of ‘Climate Change’ Data Has Been Faked, Study Finds A bombshell new study has determined that the vast majority of “climate change” data that are cited in the corporate media’s fearmongering reports have actually been faked.READ THE FULL REPORT

Legendary Comedian Rob Schneider Mocks Washed Up Politician Mike Pence in ad for ‘Pumping Gas’ Without Selecting an Octane In a recent X/tweet, legendary comedian Rob Schneider mocked former Vice President Mike Pence for an ad in which he is seen pumping gas without selecting an octane. The ad, which was posted by Pence’s X/Twitter account, shows Pence filling up his car at a gas station. However, he does not select an octane, which causes the ad to seem …READ THE FULL REPORT

VACCINE IMPACT/

end

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

end

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

This is very important: how the coup in Niger could derail this very strategic pipeline for natural gas

(Durso/OilPrice.com)

Coup In Niger Could Derail This Strategic Pipeline

THURSDAY, AUG 10, 2023 – 05:00 AM

By James Durso of OilPrice.com

Almost twenty years to the day after Ambassador Joseph Wilson wrote his op-ed “What I Didn’t Find in Africa” about his visit to Niger to confirm if the country was supplying Saddam Hussein with uranium yellowcake, the U.S. found itself again focused on the African country.

On 26 July, Niger’s president, Mohamed Bazoum, was ousted by his presidential guard, and the guard commander and coup leader, General Abdourahmane Tchiani, was named president of the National Council for the Safeguard of the Homeland. It was the seventh coup in the region since 2020, not including a previous attempt in Niger in 2021 that was put down by the same presidential guard.

The coup was condemned by the U.S., France, the UK, the United Nations, the European Union, the African Union, numerous African governments, and ECOWAS, the Economic Community of West African States.

The ECOWAS deadline to reinstate President Bazoum was ignored by the generals, and Niger’s new leaders closed the country’s airspace and accused foreign powers of preparing to attack. ECOWAS leaders will now meet in Nigeria on Thursday to discuss next steps.

Last week, the ECOWAS military leaders prepared a plan to reinstate President Bazoum, which will probably be discussed at the Thursday meeting. However, the Nigerian Senate has rejected military intervention in Niger and without Nigeria, which has a 1,600 kilometer border and the largest military in the region, nothing will happen.

Last week, the deputy leader of the military government visited Mali to request the “rapid deployment of Wagner forces to [Niger]” to help the military regime. And Wagner leader Yevgeny Prigozhin said his troops would be able to help Niger – what one researcher called a “nightmare scenario” for the U.S. in Africa’s Sahel region.

The military government in Niamey received pledges of support from neighbors Burkina Faso, Mali, and Guinea. Algeria condemned the coup, and Libya said the takeover was “not acceptable.” However, last week the chief of staff of the Algerian Army visited Moscow for a meeting with Russian defense minister Sergey Shoigu and Niger was surely discussed.

According to the BBC, Wagner Group appeared in Libya in 2019, backing General Khalifa Haftar, a longtime U.S. asset. Libya, whatever it said last week will be focused, first and foremost, on avoiding another surge in refugees that followed the 2011 NATO attack on the Ghaddafi government. If Wagner can revive its network in Libya, Russia may have a secure overland route and air corridor to Niger.

If Algeria and Libya allow the transshipment of material to Niger – possibly to restore order and prevent another exodus of refugees to Europe – the coup government would garner significant relief and access to the sea lanes.

Media concern has focused on the fact that Niger is a supplier of uranium, and is a key supplier to France, though France also buys uranium from Kazakhstan. The French nuclear fuel cycle company, Orano, which operates a uranium mine in Niger reported its operations were not hindered or endangered.

Though uranium attracts more news coverage, Niger’s biggest export is gold, which accounted for over 70% of exports in 2021.

The military government reportedly halted uranium and gold exports to France, though Reuters later reported that Niger, Mali and Burkina Faso not halting exports of uranium and gold.

One thing that got halted, however, is the $13 billion USD, 5,600-kilometer Trans-Saharan Gas Pipeline (TSGP) which was slated to deliver 30 billion cubic meters (bcm) of natural gas to Europe. The pipeline would run from Warri, Nigeria, via Niger, to the Hassan R’Mel gas hub in Algeria where it would connect to existing gas pipelines to Europe.

The pipeline is a joint effort by Algeria, Nigeria, and Niger, and in July 2022 the countries signed a Memorandum of Understanding for the implementation of the pipeline. The delay of the project comes at a bad time for Europe as it recently lost gas from the Nord Stream pipelines due to sabotage, and the East Med pipeline after the U.S. government killed it by raising environmental objections. The two pipelines were expected to deliver 120 bcm of gas per year.

After the loss of Nord Stream, Europe was forced to import liquified natural gas (LNG) from the U.S. at a higher price than it was paying the Russians.

The presence of Wagner troops in Niger is enough to stop the pipeline unless someone steps in, a country like China for example, which is typically risk averse, but has a long history in Africa, but may be interested in scooping up another 30 bcm of gas every year. The three founding governments haven’t foreclosed additional partners but a previous Algerian energy minister said, “only partners that can bring something to the project, not just money, should be there.” Of course, it might be easier for China to just add capacity in Nigeria where it is a major investor, but Nigeria is also unstable due to an ongoing insurgency in the Niger Delta.

And Russia may get a vote, or a piece of the action, as the military government in Niger has aligned itself with Moscow with its request for the intervention of Wagner PMC, and Moscow will want to capitalize on the goodwill from the Russia-Africa Summit in July, which ended with no revived grain deliveries (yet) but Russia did cancel $23 billion in debt.

On the other hand, sending the gas north will allow Beijing to deepen relations with Morocco, Algeria, and Libya, the latter of which has agreed to coordinate its national development plans with Beijing’s Belt and Road Initiative via the Five Year Plan for China Arab Comprehensive Strategic Cooperation (2022-2026) in recognition of China’s long-term economic involvement in Libya.

China is now developing Algeria’s El Hamdania Central Port, Algeria’s largest and first deep-water port. China also helped complete the 750-mile East-West Highway connecting Algeria to Morocco and Tunisia, and about 1,000 Chinese companies operate in Algeria, their way eased by the wavier of the “51/49” requirement that required majority Algerian ownership of all new businesses with the exception of “strategic sectors.”

According to the U.S. Congressional Research Service, “Algeria has the world’s 11th – and 16th -largest proven reserves of natural gas and oil, respectively, and was the 10th-largest natural gas producer as of 2019. It is also estimated to have the world’s 3rd -largest recoverable shale gas reserves.” The country exports 85% of its gas to Europe.

Algeria has the fourth-largest economy in Africa with a 2021 GDP of $167.98 billion. Oil and gas income increased by 70% in the first half of 2022, and energy income is expected to total $50 billion by end of year. The World Bank reported Algeria’s economy “expanded by 3.9% year-on-year during the first nine months of 2021, after contracting by 5.5% in 2020,” largely due to increased European gas demand. Hydrocarbons account for 95 percent of export revenues and about 40 percent of government income.

If China doesn’t take the gas but agrees to deliver it to Europe it will increase its influence there, just as the U.S. did by increasing deliveries of LNG after it stopped the Nord Stream and EastMed pipelines.

The European Union seeks a “long-term strategic partnership” for natural gas and electricity with Algeria. And France is seeking to repair relations via economic cooperation, though China is now Algeria’s biggest trade partner. If Europe expects more energy from Algeria or elsewhere in Africa, though, it may have to pay up to finance expansion of production, or participate in the TSGP, though that may be opposed by Washington if it will dent lucrative U.S. liquified natural gas sales to Europe or offer relief to Niger. And France may find it cramped in the cockpit if it has to share participation with China.

Ideally, the U.S. should be interested in anything that brings more oil and gas online and stabilizes the market. But it also has to consider if its involvement in Niger would help prop up France’s troubled colonial empire in Africa, or to give China entrée to more opportunities in Africa, a region it has habitually ignored and will again as soon as Niger is sorted out or at least fades from the front page.

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

ECUADOR

Presidential candidate Villavicencio assassinated

(zerohedge)

Ecuador’s Outspoken Anti-Narco Presidential Candidate Assassinated In Broad Daylight

THURSDAY, AUG 10, 2023 – 08:55 AM

Ecuador has declared a countrywide state of emergency for 60 days the morning after presidential candidate Fernando Villavicencio was gunned down at a campaign rally in the capital, Quito.

Video of the assassination is widely circulating, showing an assassin firing multiple shots at close range while Villavicencio entered his vehicle on a crowded streets. He had just spoken at a high school before an audience of young supporters.

“When he stepped outside the door, he was met with gunfire,” a member of Villavicencio’s campaign team said of the candidate. “There was nothing to be done, because they were shots to the head.”

Villavicencio, a legislator in the National Assembly, has been tireless in speaking out against organized crime, drug trafficking, and government corruption. Among his talking points on the campaign trail has been that Ecuador is a “narco state” being led by the “political mafia”.

This is why in the aftermath of his killing, it’s being widely blamed on those very criminal elements. He was by far the most vocal candidate against the drug traffickers and corrupt dealings with the state. He was also a former investigative journalist, having years ago exposed government corruption and bribery deals related to the oil industry.

The suspected gunman died in police custody after being wounded at the scene in a shootout with security personnel. The attack additionally injured nine people and two police officers.

Outgoing Ecuadorian President Guillermo Lasso announced on social media that he is “outraged and shocked by the assassination” and blamed the killing on “organized crime”. This after over the past half-decade the Andean nation has seen crime run rampant.

The national prosecutor’s office has in follow-up said multiple security raids had been done in response to the assassination and that six people who are suspected in the conspiracy have been detained.

There are currently reports that a Ecuadorean narco-gang has taken responsibility…

Meanwhile, The New York Times has summarized of the country’s recent and growing crime woes:

“Foreign drug mafias have joined forces with local prison and street gangs, unleashing a wave of violence unlike anything in the country’s recent history,” and further notes “Homicide rates are at record levels.”

The report continues, “Today, the violence is often horrific and public, meant to induce fear and exert control: There are regular reports of car bombings, beheadings and children being gunned down outside their schools.”

END

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

EURO VS USA DOLLAR: 1.1027 UP 0.0050

USA/ YEN 143.78 UP 0.060 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2767 DOWN 0.0048

USA/CAN DOLLAR: 1.3398 DOWN .0021 (CDN DOLLAR UP 21 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 10.07 PTS OR 0.31%

Hang Seng CLOSED UP 2.23 PTS OR 0.01%

AUSTRALIA CLOSED UP 0.32 % // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL GREEN

2/ CHINESE BOURSES / :Hang SENG UP 2.23 PTS OR 0.01%

/SHANGHAI CLOSED UP 10.07 PTS OR .31%

AUSTRALIA BOURSE CLOSED UP 0.32%

(Nikkei (Japan) CLOSED UP 269.32 PTS OR 0.84%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1921.90

silver:$22.78

USA dollar index early THURSDAY morning: 101.98 DOWN 33 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.228% UP 2 in basis point(s) yield

JAPANESE BOND YIELD: +0.581% UP 1 AND 8//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.542 UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 4.141 UP 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4995 UP 3 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1017 UP 0.0039 or 39 basis points

USA/Japan: 144,41 UP 0.689 OR YEN DOWN 69 basis points/

Great Britain/USA 1.2731 UP 0.0011 OR 11 BASIS POINTS //

Canadian dollar UP .0022 OR 22 BASIS pts to 1.3387

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.2180

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.2300)

TURKISH LIRA: 27.04 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.581…VERY DANGEROUS

Your closing 10 yr US bond yield UP 2 in basis points from WEDNESDAY at 4.029% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.189 UP 2 in basis points ON THE DAY/12.00 PM

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

London: CLOSED UP 29.08 points or 0.38%

German Dax : CLOSED UP 138.84 PTS OR 0.88%

Paris CAC CLOSED UP 112.39 PTS OR 1.53%

Spain IBEX UP 144.20 PTS OR 1.34%

Italian MIB: CLOSED UP 263.56 PTS OR 0.93%

WTI Oil price 81.79 12: EST

Brent Oil: 85.26 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 97.44; ROUBLE DOWN 0 AND 24//100

GERMAN 10 YR BOND YIELD; +2.4995 UP 4 BASIS PTS

UK 10 YR YIELD: 4.4070 DOWN 1 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0982 UP 0.0005 OR 5 BASIS POINTS

British Pound: 1.2681 DOWN .0039 or 39 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.4130 % DOWN 0 BASIS PTS//

JAPAN 10 YR YIELD: .580%

USA dollar vs Japanese Yen: 144.75 UP 1.032 //YEN DOWN 103 BASIS PTS//

USA dollar vs Canadian dollar: 1.3435 UP .0017 CDN dollar, UP 17 basis pts)

West Texas intermediate oil: 82.94

Brent OIL: 86.31

USA 10 yr bond yield UP 9 BASIS pts to 4.098%

USA 30 yr bond yield UP 9 BASIS PTS to 4.259%

USA 2 YR BOND: UP 2 PTS AT 4.829%

USA dollar index: 102.45 UP 14 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 27.03 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 97.46 DOWN 0 AND 26/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 191.13 PTS OR 0.54%

NASDAQ 100 DOWN 171.34 PTS OR 1.12%

VOLATILITY INDEX: 16.00 UP 0.01 PTS (0.06)%

GLD: $177.79 DOWN 0.88 OR 0.48%

SLV/ $20.80 DOWN ,10 OR 0.48%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

b) THIS MORNING TRADING//CPI

CPI Rebounds In July; Fed’s Favorite Inflation Indicator ‘Sticky’

THURSDAY, AUG 10, 2023 – 08:41 AM

Expectations for this morning’s must-watch CPI print were for a MoM and YoY rise in the headline, and modest slowing of the core YoY. However, The Fed will be watching its new favorite signal – Core Services CPI Ex-Shelter – which reaccelerated in July (+0.2% MoM, and from +3.9% to +4.0% YoY)…

Source: Bloomberg

The headline CPI rose 0.2% MoM in July (as expected), the same as in June, pushing the YoY up to 3.2% (from 3.0% in June)…

Source: Bloomberg

Today’s increase in CPI YoY broke the record-equaling streak of 12 straight months of declines.

Core CPI rose 0.16% MoM, with the YoY growth in prices slowing to 4.7%.

Source: Bloomberg

Both Goods and Services inflation (YoY) slowed in July – but Services remain extremely high at +6.1%…

Source: Bloomberg

CPI MoM:

The index for shelter was by far the largest contributor to the monthly all items increase, accounting for over 90 percent of the increase, with the index for motor vehicle insurance also contributing
The food index increased 0.2 percent in July after increasing 0.1 percent the previous month. The index for food at home increased 0.3 percent over the month while the index for food away from home rose 0.2 percent in July. The energy index rose 0.1 percent in July as the major energy component indexes were mixed

CPI Core MoM:

The index for all items less food and energy rose 0.2 percent in July, as it did in June. Indexes which increased in June include shelter, motor vehicle insurance, education, and recreation.
The indexes for airline fares, used cars and trucks, medical care, and communication were among those that decreased over the month.

Breaking down the drivers of July’s YoY data…

Source: Bloomberg

For the second month in a row, ‘real’ wages rose YoY in July (but barely, +0.2%)

Source: Bloomberg

So the question becomes – is this an inflection point in inflation? Is the over-optimistic view of the world heading for a disinflationary soft-landing about to crash on the shores of commodity’s reality island?

end

II) USA DATA/

Initial Jobless Claims Jumped Last Week Led By Ohio

THURSDAY, AUG 10, 2023 – 08:47 AM

The number of Americans filing for jobless claims for the first time rose from 227k to 248k last week (both SA and NSA jumped)…

Source: Bloomberg

Ohio saw the largest jump in initial claims by far (see below) followed by California and Texas. Missouri saw the biggest decline in claims…

Which is important since, as a reminder, Goldman highlights that two distortions that likely boosted initial claims over the last few months – potentially fraudulent filings in Ohio and expanded eligibility for unemployment insurance in Minnesota – appeared to persist in today’s report.

Those two states accounted for 28k initial claims (vs. 29k in the prior week and 14k in late May; SA by GS). After adjusting for those distortions, initial claims remained near levels last seen in January.

Bewilderingly, continuing claims continue their trend lower, back near 2023 lows at 1.68mm Americans…

Source: Bloomberg

However, as Goldman also points out, ongoing seasonal distortions have likely weighed on continuing claims over the last few months, and we estimate they could exert a cumulative drag on the level of continuing claims of 375k between April and September.

So more of the same, all indications suggest a strong labor market entirely dislocated from The Fed’s tightening moves.

end

III) USA ECONOMIC STORIES

HAWAII/MAUI

the entire town of Lahaina has been leveled by wildfires

(zerohedge)

“Wiped Off Map”: Hawaii Wildfires Level Entire Town, Claiming 36 Lives

THURSDAY, AUG 10, 2023 – 07:20 AM

Fueled by strong winds from Hurricane Dora, wildfires left widespread damage across the Hawaiian island of Maui. Local authorities report at least 36 people have died, and hundreds of buildings have been destroyed.

“As the firefighting efforts continue, 36 total fatalities have been discovered today amid the active Lahaina fire,” a Maui county statement read.

Three wildfires started earlier this week and rapidly spread on Wednesday. Preliminary estimates show nearly 300 structures have been damaged or destroyed, and more than 1,000 acres of Maui’s Upcountry have been charred. Power is out for thousands across the west of Maui.

On Wednesday night, thousands of people lined Maui’s Kahului Airport, trying to escape the inferno. Mass evacuations were conducted in the resort town of Lahaina earlier in the day.

Maxar Technologies released before and after satellite imagery of Lahaina that reveals the fire leveled the town.

Footage posted on “X,” formerly known as Twitter, also shows the devastation.

https://www.zerohedge.com/weather/wiped-map-hawaii-wildfires-level-entire-town-claiming-36-liveWSJ provided a fire map of Maui.

Hawaii’s Lieutenant Governor Sylvia Luke described the fire as “unprecedented.” Here are the most recent updates on the blaze (list courtesy of CNN):

Thirty-six killed: “As the firefighting efforts continue, 36 total fatalities have been discovered today amid the active Lahaina fire. No other details are available at this time,” Maui County officials said in their news release.
Several unaccounted for: Three helicopters from the US Coast Guard and US Navy were used in search and rescue efforts along the west Maui coastline, and a federal team arrived Wednesday to help search efforts in the Lahaina area, officials said.
Power outages: More than 11,000 customers on Maui were without power as of 11 p.m. Wednesday local time (5 a.m. ET Thursday), according to PowerOutage.us, accounting for about 15% of the island’s customers. Power crews are working to repair downed lines and additional crews are being deployed from Oahu, Hawaiian Electric said in a news release.
Cell service out for thousands in Maui: It could take days or even weeks to fix networks. Officials have been using satellite phones to communicate with providers on the west side of Maui to restore power to the area, Luke said.
Among the most devastated areas: Much of the western Maui community of Lahaina, where about 12,000 people live, is destroyed and hundreds of families there have been displaced, Hawaii Gov. Josh Green said. More than 270 structures have been impacted in Lahaina, county officials said.
Many in shelters: More than 2,100 people were in four emergency shelters in Maui on Tuesday night, the mayor’s office said. While there’s enough shelter for an emergency response for a few days, “there’s not enough shelter for long term living,” the governor told CNN.

*Developing

end

Important: confidence crisis emerges as stupid Biden pushes unproven technologies to decaerbonize the grid

(zerohedge)

Confidence Crisis Emerges As Biden’s EPA Pushes “Unproven Technologies” To Decarbonize Grid, Power Sector Warns

THURSDAY, AUG 10, 2023 – 05:45 AM

The top lobbying group for US power plants penned a lengthy letter to President Biden’s Environmental Protection Agency, arguing that the administration’s aggressive plan to curb greenhouse gas emissions from natural gas-fired plants is “unworkable” because it relies on “unproven technologies.”

Edison Electric Institute (EEI), whose members include Consolidated Edison Inc., Dominion Energy Inc., FirstEnergy Corp., and Southern Company, said the EPA’s “rulemaking record simultaneously downplays the various infrastructure challenges to deploying” carbon-capture systems (CCS) and hydrogen, “while overplaying the current state of deployment and demonstration of each technology.”

EEI continued, “Given these realities, neither CCS nor hydrogen blending are adequately demonstrated today as they are not deployable, available, or affordable across the entirety of the industry, and the attendant supporting infrastructure will take more time than EPA predicts to deploy. This assessment factors in the timelines that EPA proposes for standards that may not be applicable until several years in the future. Accordingly, unit owners and operators have significant concerns about the achievability of the proposed standards.”

EEI’s members power the homes of nearly 250 million Americans and operate in all 50 states and the District of Columbia. The power industry supports seven million jobs nationwide, and EEI’s members invest $140 billion annually into improving the grid.

“As we outline in these comments, electric companies are not confident that the new technologies EPA has designated to serve as the basis for proposed standards for new and existing fossil-based generation will satisfy performance and cost requirements on the timelines that EPA projects,” the letter pointed out.

The lobbying group warned: “This will impact electric companies’ efforts to deliver affordable and reliable electricity to customers.”

EEI’s warning comes as the Biden administration wants to achieve a net-zero emissions power grid by 2035. Climate alarmists in the White House allege decarbonization efforts will combat global climate change.

The race to decarbonize the power sector has already left the nation’s largest grid, PJM Interconnection, with increasing reliability risks.

Meanwhile, the EPA’s new vehicle emissions standards under the Clean Air Act have also come into question:

“You just don’t even know if it’s gonna save carbon emissions, which is the point of the whole exercise,” said Rupert Darwall, Senior Fellow at the RealClear Foundation.

Why would Biden’s EPA introduce power sector requirements that EEI labels as “unproven technologies”? It raises genuine concerns about the Biden administration’s intentions regarding the stability of the power grid. But don’t worry because if you dare question this, you are labeled a ‘climate denier.’

* * *

Here’s EEI’s letter in full:

https://www.zerohedge.com/political/confidence-crisis-emerges-bidens-epa-pushes-unproven-technologies-decarbonize-grid-power

end

special thanks to Robert H for sending this to us:

this is a must view:

Best ad ever … be an American and not a wimp

The Best Political Ad of the Season Has Just Been Released … if the war for America and other lands is won it will be by those who know what freedom means in our world having experienced tyranny directly or through one’s ancestors and also know if you lose it is all gone.

USA// COVID//VACCINE/

SWAMP STORIES

What else is new!

(zerohedge)

Surprise! The FBI Lied About ‘White Supremacist’ Memo Targeting Catholics, New Document Reveals

WEDNESDAY, AUG 09, 2023 – 03:25 PM

When the FBI was busted targeting Catholics in a now-retracted leaked document which said Roman Catholics were ‘at risk of committing acts of extremist violence,’ the agency downplayed it as the work of a ‘rogue field office.’

Now, thanks to a less-redacted internal FBI document released Wednesday by the House Judiciary Committee, we learn that the effort was far more widespread than the agency acknowledged.

Now, Chairman Jim Jordan (R-OH) wants more details.

In February, a whistleblower leaked a heavily redacted January report from the FBI’s Richmond office: “Interest of Racially or Ethnically Motivated Violent Extremists in Radical-Traditionalist Catholic Ideology Almost Certainly Presents New Mitigation Opportunities.”

The document defined “radical-traditionalist Catholics” as those who attend Latin Mass and, according to the FBI, adhere to “anti-Semitic, anti-immigrant, anti-LGBTQ, and white supremacist ideology,” based on what the WSJ editorial board called half-baked “open-source” reporting from liberal news outlets to justify further investigation.

FBI headquarters quickly said the report didn’t meet its “exacting standards” and had been withdrawn. FBI Director Christopher Wray told the Judiciary Committee in July that the report was “a single product by a single field office.” He added that “as soon as I found out about it, I was aghast and ordered it withdrawn and removed from FBI systems,” and he said he began an internal probe.

On July 25 the FBI finally provided the committee with a less-redacted version of that Richmond document. The report says that its information on Catholics was “primarily derived” from an “FBI Richmond contact”; an “FBI Portland liaison contact” who informed on a subject who “gravitated to” traditionalist catholicism; and an “FBI Undercover Employee” who reported on a subject who attended a Catholic church in California. -WSJ

The FBI’s Los Angeles field office, meanwhile, “initiated an investigation” into one subject, while the Richmond office “[c]oordinated with” the agency’s Portland office to prepare the field report.

In other words – it wasn’t just the product of a single field office as Wray had claimed, but was instead a widespread effort among several offices.

What’s more, the Journal calls out the FBI’s ‘troubling decision’ to redact the roles of the Los Angeles and Portland offices from the original version of the Richmond document it provided to Congress in March. The agency defended the earlier redactions due to “ongoing criminal investigations.”

Yet, as the Journal asks:

What changed from March until July, other than a threat of contempt from the Judiciary Committee? It’s hard not to conclude that the bureau was trying to hide the breadth of its Catholics-as-radicals investigation.

In a Wednesday letter, Jordan asks Wray to amend his July testimony “to fully explain the nature and scope of the FBI’s assessment of traditional Catholics as potential domestic terrorists.”

END

This is interesting: the first guy to die at the Capitol building on Jan 6 was due to a police military munition

(zerohedge)

Security Video Challenges The Narrative On First Man To Die At Capitol On Jan. 6

WEDNESDAY, AUG 09, 2023 – 09:00 PM

Authored by Joseph M. Hanneman via The Epoch Times (emphasis ours),

The first of four supporters of President Donald Trump to die on Jan. 6, 2021, received emergency medical care away from the fast-growing crowd on the U.S. Capitol’s west plaza—before any explosive munitions were used by police—new security video reveals.

Capitol Police closed-circuit-television (CCTV) footage obtained by The Epoch Times calls into question the popular narrative that Benjamin James Philips was struck by a police munition before he collapsed from a fatal cardiac event.

Mr. Philips, 50, of Bloomsburg, Pennsylvania, had organized a busload of area residents to travel to Washington for Mr. Trump’s speech at the Ellipse. He followed the bus in a van.

He got separated from the group when he drove away to search for parking. He got as far as the U.S. Capitol that day but never made it back home.

It has long been contended that Mr. Philips’s death was related to police riot munitions. A popular version of the story is that he was in the thick of the quickly expanding crowd on the west plaza beneath the inauguration stage when he was struck by an explosive munition tossed or shot by police.

A large sign with an artist’s sketch of Mr. Philips is often seen at Jan. 6 events contending that he was “murdered by Capitol Police.”

However, the previously unreleased CCTV video, which was obtained by The Epoch Times from a Capitol Police database, shows that an unconscious Mr. Philips was tended to by protesters behind the large scaffolding complex on the west side, away from the main crowd.

A west dome security camera shows the small area where Mr. Philips later collapsed was breached by the crowd at 12:58:52, shortly after a much larger crowd breached the iron fence protecting the west plaza. Several bike-rack barricades were pushed over as the crowd surged forward.

The camera isn’t zoomed in, so distinguishing details is difficult, but the video appears to show someone stumbling and falling at 12:59:17 in the spot where Mr. Philips was later seen. Bystanders began to gather around the downed individual.

The zoomed-in video of Mr. Philips’s rescue attempt begins at 1:02:51 p.m. That’s the time that the U.S. Capitol Police Command Center trained one of its security cameras on the area where he fell. While the closeup video doesn’t show the moment Mr. Philips collapsed, it picks up shortly after bystanders rendered medical aid and started CPR.

The first Capitol Police radio call for help was broadcast at 1:04 p.m., according to Jan. 6, 2021, audio recordings obtained by The Epoch Times.

“Can you please have someone respond to my location with an AED [automated external defibrillator]? The bottom of the west front with an individual that’s down here, unconscious and not breathing,” a female officer broadcast on the main U.S. Capitol Police (USCP) radio channel.

According to CCTV footage reviewed by The Epoch Times, the first police munitions on Jan. 6, 2021, weren’t used on the west front crowd until 1:10 p.m., about 10 minutes after the first breach of police lines near the Peace Monument. This was moments before Mr. Trump finished his speech at the Ellipse, which is two miles from the Capitol.

Capitol Police Deputy Chief Eric Waldow ordered “less-than-lethal” force to be used on the crowd just prior to 1:06 p.m., according to police radio transmissions obtained by The Epoch Times. It wasn’t until nearly five minutes later that force was actually used.

“I got a crowd fighting with officers, pushing, throwing projectiles,” Deputy Chief Waldow broadcast. “I have given warnings about chemical munitions. I need the less-than-lethal team positioned above me to identify the agitators and start deploying. Launch, launch, launch!“

Security video shows that the iron railing and fence blocking access to the west plaza was breached by protesters at 12:58:41 p.m. Thousands of people quickly filled the plaza.

The first use of explosive force occurred on the south end of the plaza—the opposite side of the west front, where Mr. Philips went down.

Overhead CCTV video footage reviewed by The Epoch Times shows that there were no police munitions used on the north side of the plaza until 20 minutes after Mr. Philips collapsed. By this time, Mr. Philips was in a D.C. Fire and EMS Department ambulance.

The first munitions on that side of the plaza went off far back in the crowd at 1:21 p.m. At 1:25 p.m., two flashes were seen just north of the center of the plaza. Seconds later, two more powerful explosions cleared a circle around where the munitions dropped. This set off visible rage among the protesters.

Over the next hour, more than 40 munitions exploded in the crowd, most of them in the northern half of the west plaza, bodycam and security video footage shows.

A woman who appeared to have a medical kit took charge of performing CPR on Mr. Philips. She took turns doing chest compressions with a U.S. Capitol Police officer.

“Be advised that the person on the northwest side of the upper west terrace is now receiving CPR,” a male USCP officer told the police Command Center. “Have the ambulance come down the northwest sidewalk.”

A man in full camouflage tactical gear standing nearby extended his left hand in prayer and was joined by several others in the crowd.

A group of bystanders appeared to offer opinions on how best to provide advanced life support for Mr. Philips, the video footage shows.

A Capitol Police officer was concerned that the crowd was getting too agitated.

“We need this ambulance,” he said over the USCP radio at 1:13 p.m. “We’re about to lose control of this crowd down here.”

‘Refusing to Come Down’

At about 1:15 p.m., an out-of-breath officer announced that the D.C. Fire and EMS Department rescue squad wouldn’t come down to the scaffolding where Mr. Philips lay on the sidewalk.

“They are bringing the patient up to the ambulance right now,” he shouted on the radio. “They are refusing to come down.”

Another officer said, “The group is carrying the individual up to the ambulance up the northwest drive.”

A dozen or so bystanders and police officers laid a section of bicycle rack flat on the sidewalk. After placing Mr. Philips on it, the group lifted the rack and carried it like a battlefield stretcher.

A woman straddled Mr. Philips and continued CPR as the group carried them about 100 yards up the sidewalk to rescue Squad 18. They turned Mr. Philips over to paramedics at 1:19 p.m.

According to the District of Columbia Office of the Chief Medical Examiner, Mr. Philips died from a stroke. His manner of death was listed by the pathologist, Dr. Fernando Diaz, as “natural,” and the cause was hypertensive atherosclerotic cardiovascular disease.

Mr. Philips was a self-employed computer programmer and toy inventor. He founded Trumparoo LLC, which marketed a line of Trump-inspired toys that went on sale in 2020.

The “Trumparoo” was a kangaroo bedecked with a swirling Trumpian coiffure. He developed a Trumparoo social-media-style website where owners of the toys could communicate.

Mr. Philips got the idea after seeing actress Alyssa Milano post on social media about Trumpy Bear, a stuffed toy with Trump’s signature hairstyle and red tie.

“I thought a kangaroo would be even better than a bear,” Mr. Philips told the local Press Enterprise newspaper in September 2020. “Kangaroos are fighters.”

He developed other characters in the Trumparoo line, including “Fightin’ Trumparoo the Heavyweight,” “Fightin’ Trumparoo the Hippo,” and “Count Trumpula.”

Mr. Philips organized a rally in Bloomsburg on Nov. 14, 2020, to protest election fraud. At about the same time, he established the website ScummyDemocrats.com, which carried his views about the 2020 presidential election. He called the site the Scummy Democrat Accountability Project. The home page headline read: “Remember What They Did.”

On Jan. 6, 2021, he drove a van to Washington while other Trump supporters went on a motor coach. He told a Philadelphia newspaper that he was eager to hear what Mr. Trump had to say at the Ellipse.

“It seems like he called us there for a reason,” Mr. Philips said. “I think something big’s about to go down that no one’s talking about yet. I think he has an ace up his sleeve.”

He spoke openly about election fraud and the meaning of the forthcoming rally with Philadelphia Inquirer reporter Julia Terruso. In an interview with her during the ride to Washington on Jan. 6, 2021, he spoke what turned out to be prophetic words.

“It seems like the first day of the rest of our lives, to be honest,” Mr. Philips said. “They should name this Year Zero because something will happen.“

The Epoch Times was unable to reach members of Mr. Philips’ family for comment.

https://www.zerohedge.com/political/security-video-challenges-narrative-first-man-die-capitol-jan-6

END

Trump attorny says Pence’s testimony could actually prove Trump’s innocence is his non sensical case

(Tom Ozimek/EpochTimes)

Trump Attorney Says Pence’s Testimony Could Prove Trump’s Innocence In Jan. 6 Case

WEDNESDAY, AUG 09, 2023 – 07:00 PM

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

Former President Donald Trump’s attorney said Sunday that he welcomes former Vice President Mike Pence’s testimony and expects it could be key in proving Mr. Trump’s innocence in a case over whether the former president committed crimes in connection with efforts to challenge the results of the 2020 election.

Attorney John Lauro said on CBS’ “Face the Nation” on Sunday that Mr. Trump’s defense team believes Mr. Pence’s court testimony could be crucial in exonerating the former president of any wrongdoing in the so-called Jan. 6 case.

In the case, special counsel Jack Smith has charged Mr. Trump with one count of conspiracy to defraud the United States, one count of conspiracy to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding—the certification of the electoral vote—and conspiracy against the rights of citizens.

Mr. Trump, the Republican frontrunner in the 2024 presidential election, has pleaded not guilty and has alleged that the case is a form of election interference meant to thwart his White House bid.

‘Our Best Witness’

In his appearance on CBS, Mr. Lauro said he believes Mr. Pence “will be our best witness” whose testimony could prove that Mr. Trump genuinely believed he was robbed of victory in 2020 and followed expert legal advice in seeking to challenge the results with no criminal intent to his actions.

“The reason why Vice President Pence will be so important to the defense is … number one, he agrees that John Eastman, who gave legal advice to President Trump, was an esteemed legal scholar,” Mr. Lauro told the outlet.

“Number two, he agrees that there were election irregularities, fraud, unlawful actions at the state level. All of that will eviscerate any allegation of criminal intent on the part of President Trump,” he added.

Mr. Lauro added that Mr. Pence believed doubts around the 2020 election were legitimate enough to warrant debate during the proceedings on Jan. 6, 2021, when lawmakers assembled Capitol Hill to certify the Electoral College vote.

Ahead of Jan. 6, Mr. Pence’s chief of staff said that the former vice president welcomed an effort by some lawmakers to raise objections on Jan. 6.

“Vice President Pence shares the concerns of millions of Americans about voter fraud and irregularities in the last election,” Marc Short, who was then Mr. Pence’s chief of staff, said in a statement on Jan. 2, 2021. remove

Mr. Lauro added that there was a “constitutional disagreement” between Mr. Trump and Mr. Pence around whether the vice president at the time had the legal authority to reject questionable electoral votes and kick the issue back to the states for further debate or audit.

The attorney said that, at the end of the day, what Mr. Trump wanted from Mr. Pence to do on Jan. 6 was not to overturn the results of the election but stop the counting of electoral votes to allow further debate at the state level.

“The ultimate ask of Vice President Pence was to pause the counts and allow the states to weigh in,” Mr. Lauro said.

He added that Mr. Trump was convinced there were irregularities in the election that needed to be investigated by state authorities before final certification.

“The bottom line is never, never in our country’s history, have those kinds of disagreements been prosecuted criminally,” he added.

Mr. Lauro rejected the notion that Mr. Trump would plead guilty under any circumstances and that his defense team will seek a motion to dismiss the case.

Pence Insists He Had No Authority to Return Votes Back to States

Mr. Pence, meanwhile, told CBS’ “Face the Nation” on Sunday that he had no right to reject electoral votes on Jan. 6.

“President Trump was wrong. He was wrong then. He’s wrong now. I had no right to overturn the election,” Mr. Pence told the outlet.

Asked about the characterization by Mr. Lauro that all that he was asked to do on Jan. 6 was to delay the proceedings so that states could carry out an audit of the votes, Mr. Pence disputed that portrayal.

“That’s not what happened,” Mr. Pence told the outlet. “From sometime in the middle of December, the president began to be told that I had some authority to reject or return votes back to the states. I had no such authority. No vice president in American history had ever asserted that authority and no one ever should.”

While Mr. Pence acknowledged that the issue of whether the vice president has the authority to reject electoral votes “ebbed and flowed between different legal theories” but that, at the end of the day, Mr. Pence became convinced he did not have the legal authority to do so.

In an appearance on CNN’s “State of the Union,” Mr. Pence insisted that Mr. Trump’s team had asked him outright to overturn the results of the election.

“They were asking me to overturn the election. I had no right to overturn the election,” Mr. Pence told the outlet.

Meanwhile, Mr. Pence said recently that he’s unsure whether or not Mr. Trump actually committed any crime in relation to the Jan. 6 Capitol breach.

“I don’t know, honestly I don’t know the full case … that the government has. I think I’ve said on your network many times that I don’t know if taking bad advice from lawyers is a crime,” Mr. Pence said an interview with Fox News.

The former vice president later added that he believes it is best to “leave that legal process, and frankly the profound issues about the First Amendment, to the courts to sort that out.”

Asked during the CBS interview whether he thought the criminal indictment against Mr. Trump is a political persecution of the former president, as Mr. Trump has alleged, the former vice president said he’s not sure.

“I don’t know whether the government has the evidence beyond a reasonable doubt to support this case,” Mr. Pence said, while adding that he’s been “very concerned about politicization at the Justice Department for years,” mentioning the so-called Russia hoax and the impeachment of Mr. Trump over a phone call.

END

utter garbage: the Federal court delares Trump a flight risk?

(Turley)

Federal Court Declares Trump A Flight Risk In Secret Subpoena Decision

THURSDAY, AUG 10, 2023 – 09:15 AM

Authored by Jonathan Turley,

The disclosure of a subpoena of Twitter by Special Counsel Jack Smith was surprising in a number of respects, including the hefty $350,000 fine imposed by U.S. District Court Beryl Howell (below) for a three-day delay as the company sought to address the demand.

However, the two most surprising, and concerning, elements was that the subpoena was secret and Howell justified it, in part, on Trump being a flight risk. Neither seems warranted in this case even the subpoena was in other respects warranted.

Special counsel Jack Smith subpoenaed and obtained a search warrant related to former President Trump’s account on Twitter, now X. However, he also sought the information with a nondisclosure order that prohibited X from disclosing the existence or contents of the search warrant to Trump or anyone else. However, Trump already knew he was under investigation, so why was there a need for nondisclosure?

The court found that Trump might change his course of conduct but that seems unlikely.

If anything Trump has been most consistent in his social media practices. Indeed, while some of us have criticized him for his posting, he has remained entirely undeterred.

The lower court stated that “The district court found that there were ‘reasonable grounds to believe’ that disclosing the warrant to former President Trump ‘would seriously jeopardize the ongoing investigation’ by giving him ‘an opportunity to destroy evidence, change patterns of behavior, [or] notify confederates.’”

It is not clear how Trump would destroy the evidence in possession of Twitter, particularly after the company is informed that it must preserve and disclose the meta data.

Then there was the added rational that was tucked into footnote 2 of the D.C. Circuit opinion: Trump might flee.

Judge Howell actually agreed that the former President was a flight risk.

Process that for a second. Trump has 24/7 security. So Howell agreed that he might shake his sizable security detail, evade them, and go on the lam. He is one of the most recognized figures in the world. He would have to go to Mars to live incognito.

It is facially absurd. Trump has been sued and criminal charged across the country. He has never made a break for it. Where would he go? Cuba?

The finding of a flight risk undermines the credibility of the court’s order. This is not to question the ability to force the release of the information. However, the need for secrecy is far from evident. Rather it succeeded in preventing any challenge.

Here is the D.C. Circuit opinion: Trump-Twitter Opinion

THE KING REPORT

The King Report August 10, 2023 Issue 7051

Independent View of the News

We warned that at some point on Wednesday, saner angels would liquidate ahead of the release of the July CPI Report today. The liquidation started earlier than we expected. Astute traders realize that due to surging energy prices, July CPI should increase, possibly more than expected. However, will Biden stooges at the BLS use their magic pencil to under-report inflation?

Fangs and other trading sardines got hammered on Wednesday. The NY Fang+ Index was -2.55% at 11:21 ET. Old World trader liquidation was a factor. The Nasdaq 100 was -1.3%. Nvidia was -5.8% near 11:15 ET. NVDA is still suffering a hangover from traders that got long on leaked info yesterday.

ESUs traded slightly negative, in a miniscule 20-handle range, until they commenced a rally at 20:09 ET. The rally was tepid and gradual; but it persisted until a peak appeared at 5:12 ET. ESUs then sank until 7:30 ET. The ingrained rally for the NYSE opening was modest and ended at 7:53 ET.

ESUs and stocks then tumbled until 11:54 ET. ESUs lost 48.00 points from their high. After the European close, ESUs rallied persistently while USUs declined. Apparently, European interests did the early defensive asset allocation. ESUs rallied 40 handles after 11:54 ET and topped out at 14:30 ET. ESUs sank 35 handles by 15:56 ET.

USUs rallied sharply during early Asian trading, hitting a peak of 122 31/32 at 20:37 ET. They then traded sideways, in a 13/32 range until they broke down at 6:29 ET. ESUs then commenced a rally, (appeared to be defensive asset allocation driver) that persisted until USUs hit a peak of 123 1/32 at 13:15 ET, a gain of 27/32 from the 122 6/32 low. When ESUs sank after 14:30 ET, USUs rallied.

Though July CPI could increase, what concerns the smart money is August CPI should be sharply higher.   The Cleveland Fed’s Inflation Now Forecast sees August CPI at 0.8% m/m. Yesterday, European gas surged over 40% higher. Oil hit its highest level in nine months; gasoline did the same.

@Convertbond: Off the Recent Lows: Bloomberg terminal data, lows since Dec…

Orange Juice +45%
Natural Gas +43%
Sugar +41%
Gasoline +33%
Uranium +28%
Oil +24%
Lean Hogs +22%
Soybeans +16%
Iron Ore +15%
Coal +14%
Wheat +14%

Inflation expectations, US 5yr BEs, at a nine-year high.

Positive aspects of previous session
Post-European close equity rally – another instance of early US decline, then an intractable rally

Negative aspects of previous session
Defensive asset allocators ruled the US markets until the European close
ESUs and US stocks declined sharply after 14:30 ET
The US stock market faltered near 4500 on the S&P 500 Index for the 2^nd straight session

Ambiguous aspects of previous session
Bonds rallied on defensive asset allocation, again; but slid in the afternoon

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4477.16
Previous session S&P 500 Index High/Low: 4502.44; 4461.33

China hawk says Beijing could attack Taiwan by 2024, bringing ‘war to the West’
“If you listen to what [Xi] says, I believe he will end up acquiring, reacquiring Taiwan by force by the end of next year,” Kyle ass told “Street Signs.”…  https://t.co/7cJGQKQ9us

@RNCResearch: BIDEN: “We’re preparing the military by trying to deal with the climate stuff.
Many of the bases are being flooded…in the Midwest and South…” (Reporter ignores blatant lies!)
https://twitter.com/RNCResearch/status/1689236910571491328

@RNCResearch: “Is it the responsibility of the U.S. to protect migrants who might be fleeing extreme weather in their countries?” Biden: “… We’re providing to fix the physical structures in the counties they come from… We’re replacing every single lead pipe in America!”
https://twitter.com/RNCResearch/status/1689236372756783104

@RNCResearch: BIDEN: “When storms come and knock down them down (high-tension wires), the forests catch fire… We’re now transmitting over those lines on the east coast, we’re transmitting solar! I mean wind power…” (It’s still electricity in the wires) https://twitter.com/RNCResearch/status/1689233391172898816

@RNCResearch: BIDEN: “The problem was too many people are working! Or working people are working making too much money. That’s not the problem.”
https://twitter.com/RNCResearch/status/1689356959424610304

Biden with the creepy whisper and then issues this whopper, “I’ve got the federal budget deficit in two years by $1.7 trillion dollars.”  https://twitter.com/RNCResearch/status/1689360692850339840

Biden again mumbling and bubbling to read his Teleprompter
https://twitter.com/RNCResearch/status/1689358705702141953

@RNCResearch: BIDEN: “Imagine if a long time Roosevelt and telephones came along and said we’re not gonna help invest in telephones. C’mon, man!” (The people allow this are depraved SOBs!)
https://twitter.com/RNCResearch/status/1689360442542764032

@RNCResearch: BIDEN: “I was a flanker back. I’m glad I didn’t have you on the other side as a tight end.” (Congenital lying augmented by dementia) https://twitter.com/RNCResearch/status/1689436724252798977
https://twitter.com/RNCResearch/status/1689436724252798977

Foreign oligarchs moved millions to Biden-tied firms before meeting Joe Biden, investigators say
House Oversight Committee now has traced more than $20 million in funds from Russians, Chinese, Ukrainians, Kazakhs and Romanians to Biden-tied entities… including big payments from controversial oligarchs who afterwards had private dinners with Joe Biden as vice president…
https://justthenews.com/accountability/political-ethics/hldforeign-oligarchs-moved-millions-biden-tied-firms-meeting-joe

For Washington Post’s Feared ‘Pinocchio’ Fact Checker, Forthrightness Dies in ‘Updates’ to Biden-Burisma Story… All told, the Post has run six corrections across its original and revised Kessler stories about the laptop emails and the Biden-Burisma dinner…
https://www.realclearinvestigations.com/articles/2023/08/09/for_washington_posts_feared_pinocchio_fact-checker_forthrightness_dies_in_updates_over_biden-burisma_story_971280.html

‘POP’S’ PAY CUT: Democrats have clung to the claim that records show no “direct payment” to President Biden — but his son’s texts suggest he was being paid. https://trib.al/JZSiwKp

@charliekirk11: Barack Obama and Joe Biden told the world in 2014 that their administration was levying the harshest sanctions EVER against Russia and its oligarchs for invading Crimea. But for some reason, the 2 Russian oligarchs identified by House Oversight as paying money into Biden family coffers in 2014, avoided said sanctions, after both had met with Joe and Hunter Biden at a DC restaurant. And for some reason, money started flowing into Biden bank accounts just 6 days before Russian invaded Crimea.  I’m sure it’s all one giant coincidence.

@paulsperry_: By blocking mining of uranium in Arizona +other states used in clean nuke energy, Biden’s forcing Duke/other US nuke plant operators to rely more on uranium from Russia, expanding Putin’s monopoly on world uranium market. Biden has NOT banned the import of Russian uranium

It’s real simple. Biden et al are egregiously corrupt and have jeopardized US national security. If the GOP does NOT impeach The Big Guy, the party should cease to exist.

McConnell warns House GOP on Biden impeachment: ‘Not good for the country’ https://trib.al/vr09AIw
(Mitch does NOT want any investigation into DC corruption! He & his have made a fortune from China.)

Fauci, Collins received 58 royalty payments as NIH collected $325 million from companies: records
https://justthenews.com/government/federal-agencies/fauci-collins-received-58-royalty-payments-among-325-million-companies

Disney reported Q2 Adjusted EPS of 1.03, 1.00 exp; Revenue $22.33B +3.8% y/y, $22.51B exp. But, Disney+ subscribers fell to 146.1m from 157.8m; 154.8m was exp. DIS jumped 1.31 to 88.80 on the EPS; but it quickly sank to 84.62 on the Disney+ subscribers. DIS then rallied to unchanged. This action, in concert with the late ESU/US stocks decline, strongly suggests that the DIS+ subscriber news was leaked early. Those that got short on the possible non-public info scurried to cover, keeping DIS buoyant.

Inexplicably, DIS announced as much as a 27% rate increase for streaming services after losing ~11.7 million DIS+ viewers. DIS sank from about unchanged after the rate hike hit the tape. DIS soared to 91.60 after it said the writers’ strike has saved DIS $3B, it cut Capex by $5B vs prior forecasts, and Q4 park margins will exceed Q4 2022 margins.  Given how empty Disney World has been this summer, this is a very dubious projection.

Verizon will soon raise prices on certain unlimited plans — yes, again
“There were changes both on the single line and multi-line for the legacy Mix and Match,” Skiadas said. “I believe they were $3 and $5… (Inflation could roaring during the 2024 Elections!)
https://www.theverge.com/2023/8/9/23825947/verizon-go-beyond-above-unlimited-data-price-increase\

In late June, Owens Corning announced a price increase of 5 to 8 percent on all shingle and Owens Corning branded roofing accessory products effective August 1, 2023.

Today – The US July CPI Report will dictate trading from its release (or two minutes before its release at 8:30 ET until some point during the first hour of NSYE trading. If there is a rally on an in-line or better than expected CPI Report, the rally could be transitory because anyone paying attention, except for dolts like Philadelphia Fed President Harker, know that as of now, August CPI will be sharply higher due to the robust rally in energy and other commodities.

If July CPI is higher than expected, the initial tumble could be short-lived as ingrained bullish traders buy the dip for a relief rally and to load up for the usual Pump & Dump for early NYSE trading.

Most importantly: Despite what US July CPI registers, astute traders and investors realize that Team Obama is blowing up the US budget deficit and US debt.  The burgeoning supply of US debt cannot be absorbed without Fed monetization. So, bond rallies, like in the Seventies, are opportunities to unload.

US stocks faltered near 4500 on the S&P 500 Index for the 2nd straight session. Obviously, this level is important resistances for today.

Expected Economic Data: July CPI 0.2% m/m & 3.3% y/y; Core CPI 0.2% m/m & 4.7% y/y; Initial Jobless Claims 230k, Continuing Claims 1.797m; Atlanta Fed Pres & Uber-dove Bostic 15:00 ET

ESUs are +13.75 at 21:00 ET.  Did the July CPI Report leak already? 10% for TBG on this, too?

S&P 500 Index 50-day MA: 4427; 100-day MA: 4264; 150-day MA: 4178; 200-day MA: 4109
DJIA 50-day MA: 34,412; 100-day MA: 33,852; 150-day MA: 33,700; 200-day MA: 33,584
(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 4570.93 triggers a buy signal
Hourly: Trender is negative; MACD is positive – a close above 4520.62 triggers a buy signal

@JudiciaryGOP: Subpoenaed document reveals that the FBI Richmond Field Office coordinated with MULTIPLE field offices across the country to produce a memo targeting traditional Catholics as domestic terrorists.   Wray previously said the actions were limited to “a single field office.”  https://twitter.com/JudiciaryGOP/status/1689321215641493518
https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/fbi-anti-catholic-memo.pdf

@realDonaldTrump Jun 7, 2017: I will be nominating Christopher A. Wray, a man of impeccable credentials, to be the new Director of the FBI. Details to follow.

@KanekoaTheGreat:  BREAKING FEC records reveal a Democrat dark money super PAC paid the company implicated in a Michigan police report of voter registration fraud $11,254,919 to register voters for Joe Biden’s 2020 presidential campaign. BlackPAC, a Democrat political action committee fueled by undisclosed contributions, funneled $11,254,919 to GBI Strategies LLC in 2020 to register voters for Joe Biden’s presidential campaign. Notably, BlackPAC, which garnered more than $44 million in funding during the 2020 election cycle, endorses Democratic candidates and causes.
    A Michigan police investigation into GBI Strategies LLC was initiated following the observation of a Muskegon, Michigan, clerk who noticed an individual depositing 8,000 to 10,000 completed voter registration applications at the city office on October 8, 2020.
   This same individual returned multiple times over the next few weeks, registering an additional 2,500 voters. Disturbingly, many of those registration forms displayed identical handwriting with fraudulent addresses and falsified phone numbers.
   Additionally, many signatures did not match those on file with Michigan’s Secretary of State. A subsequent raid by Michigan authorities discovered pre-paid gift cards, firearms equipped with silencers, and disposable burner phones…
    Gary Bell, the owner of GBI Strategies LLC, is reportedly now working for CompMo Group, a Democrat get-out-the-vote organization founded by Shaun Kelleher, the Democratic Senatorial Campaign Committee Director, during the 2020 election cycle. According to Bell’s biography on the CompMo Group’s website, Bell has personally managed over 70 organizing operations in 20 different states, often “leading hundreds of field managers and thousands of canvassers in get-out-the-vote operations.” His biography lists voter registration campaigns for DSCC, DNC, Black PAC, and Black Church PAC, which matches the voter registration work GBI Strategies LLC did during the 2020 election.
https://twitter.com/KanekoaTheGreat/status/1689338368948318209

GOP Rep. @laurenboebert:  The January 6th Committee DESTROYED EVIDENCE that could have exonerated protestors and President Trump.  This evidence might have also implicated Pelosi and the FBI.  Subpoena ALL of them…, including the 2 Republican cowards who got run out of Congress!

US arrests 79 people linked to global pedophile ring that was busted after high-profile murders of two FBI agents https://t.co/CAhBJJOUun

Yes, Virginia, pedophilia is a global, endemic problem. Because some elites are involved – Epsteined!

Sen. Dianne Feinstein hospitalized after fall in San Francisco
https://www.foxnews.com/politics/sen-dianne-feinstein-briefly-hospitalized-fall-california-home

Biden unlikely to attend ASEAN summits in September on trip to Asia (Too frail?)
An absence that would raise questions about U.S. commitment to a region vital in its efforts to push back against China’s expanding influence… http://reut.rs/3OPk7k9

It’s criminal and evil how Senate and Pres geriatrics are being used and abused by those with a vested interest in them staying nominally in power. They should be arrested for fraud, ala the DoJ with DJT.

DeSantis suspends Orlando state attorney over ‘dereliction of duty’ on crime
DeSantis’ office says State Attorney Monique Worrell allowed criminals to ‘escape the full consequences’ of their actions  https://www.foxnews.com/politics/desantis-suspends-orlando-state-attorney-over-dereliction-duty-crime

Obama’s Fraudulent Legacy Is Being Exposed, and It’s on The Wrong Side of History
Barack Obama’s crumbling public image is more Louis Farrakhan, less MLK.
       David Samuels’ interview in Tablet with Obama biographer David Garrow, which is shaping up to be perhaps the most discussed piece of journalism of the year. That’s because the entire article is a really effective “permission structure” for a lot of Obama voters and moderates to finally admit he’s an entirely overrated, largely failed president who was far more radical than he ever let on. He’s also obsessed with celebrity and not very loyal to the people who helped him along the way…
https://thefederalist.com/2023/08/09/obamas-fraudulent-legacy-is-being-exposed-and-its-on-the-wrong-side-of-history/

(75-year old) Trump supporter shot dead in FBI raid linked to threats against Biden, top Dems
[The FBI] did not share any further details about the “agent-involved shooting.”…
https://nypost.com/2023/08/09/man-killed-during-fbi-raid-linked-to-threats-against-biden/
    @JWhitebread1: I can’t believe this has happened. I will get more details soon. This guy was a threat to no one. He was an elderly 300lb guy who could barely walk with a cane. Took care of his disabled adult son. Liked to make furniture. My God what is this country coming to?!…
   We don’t know all the details. But it’s kinda hard to imagine a man in his late 70s who is barely mobile requiring this kind of response. (Purportedly an Air Force, Vietnam era veteran)
    @PissedPops: The guy was 75 & the FBI chose to do a pre-dawn raid. Any reasonable person would know that it would take two agents about 10 seconds to take him into custody in a Walmart parking lot.

The MSM has no details about the FBI killing, but the Salt Lake Tribune did. The Secret Service said don’t ask us about the killing; it is an FBI matter. The SS added that it was aware of the threats.

Provo man killed in FBI raid suspected of threatening Biden ahead of Utah visit
Two FBI agents began to surveil Robertson’s Provo home in March, where they saw a man later confirmed to be Robertson getting into a vehicle registered to him and driving “a short distance northbound into the parking lot of a church.”… Several hours later, Robertson exited the church, got into his vehicle and drove the short distance home, the complaint notes. Outside the house, the agents approached him, where one called out, “Mr. Robertson?”… the agents identified themselves, the complaint states… “We’re done here!” Robertson continued, according to the complaint. “Don’t return without a warrant!”… It’s not clear whether Robertson was armed or opened fire when FBI agents shot and killed him Wednesday… (If he had fired first, it would have already been reported.)
https://www.sltrib.com/news/2023/08/09/1-dead-after-fbi-agents-open-fire/

Based on the first FBI encounter, was there a solid basis for a pre-dawn raid on a 75-year old? Why didn’t the FBI have a warrant in March and bring him in peacefully for questioning back then? Also, a neighbor walking his dog just before the raid began said he explosions before the raid. These were most likely concussion grenades to addle the (probably sleeping) 75-year old.

PS – As we are about to send this missive, the only new detail of the FBI shooting in Provo, Utah is that the victim “was armed.” Still no report if he shot at the FBI first.

There were beaucoup threats to kill or harm Trump when he was prez, including some from celebrities and members of Congress. We don’t recall any raids, arrests, or shootings.

When Dems possess the Executive Branch, they can commit raids and shoot to kill without consequences or MSM opprobrium. See Waco, Ruby Ridge, etc.
@WallStreetApes: Here’s 60 Straight Seconds of Democrat Leaders Calling for an Uprising & the Assassination of Donald Trump (No FBI Raids, No Indictments)
“I don’t know why there aren’t uprisings all over the country & maybe there will be”
“People need to start taking to the streets. This is a dictator.”
‌   Biden: “I’d like to punch him in the face.” “I said if we were in high school, I’d take him behind the gym and beat the hell out of him.”…
‌ “When was the last time an actor assassinated a president?”…
“They’re still going to have to go out and put a bullet in Donald Trump, and that’s a fact.”
https://twitter.com/WallStreetApes/status/1689312739855060992

Given the astounding levels of corruption and evil throughout the US government and judiciary, can The Swamp allow any non-insider to become president?

New Illinois laws regulating temporary workers criticized by business groups (Killing IL & Chgo!)
https://www.thecentersquare.com/illinois/article_58274d18-362c-11ee-b601-bf4e8169d340.html

Chicago’s new City Comptroller @chasserehwinkel: Great meeting with @AlderwomanCruz in the 30th Ward to discuss DOF and equitable revenue collection! (Disheveled like a homeless dude!) https://twitter.com/chasserehwinkel/status/1689345893441417216

Does ‘equitable revenue collection’ mean Democratic loyalists pay less taxes and fees? It’s as if leftists are destroying Chicago, Cook County, and Illinois on purpose!

END

GREG HUNTER..

SEE YOU TOMORROW