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:, $29,417 UP 15 Dollars

Bitcoin: afternoon price: $29,372 DOWN 30 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: $2,572.99 UP 2.99 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1506.86 UP 2.46 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1748.42 UP 7.10 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: 1,914.400000000 USD
INTENT DATE: 08/10/2023 DELIVERY DATE: 08/14/2023
FIRM ORG FIRM NAME ISSUED STOPPED

JPMorgan stopped 2/79 contracts.

FOR AUGUST:

GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2023. CONTRACT: 79 NOTICES FOR 7900 OZ or 0.2457 TONNES

total notices so far: 10,651 contracts for 1,065,100 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 $2.10

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

SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .31 TONNES OF GOLD FROM THE GLD

INVENTORY RESTS AT 903.38 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 6 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.926 MILLION OZ INTO THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 452.452 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A TINY SIZED 87 CONTRACTS TO 137,489 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS TINY SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.06 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS ANOTHER JUPITER SIZED 6604 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 THURSDAY NIGHT: 6604 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.

WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.06). BUT WERE UNSUCCESSFUL IN KNOCKING OF ANY SILVER CONTRACTS(IF ANY STILL EXIST) AS WE HAD OUR STRONG GAIN OF 583 CONTRACTS ON BOTH EXCHANGES ALONG WITH CONSIDERABLE T.A.S.LIQUIDATION THROUGHOUT THE SESSION.

WE MUST HAVE HAD:

A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS( 670 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/// // // TINY SIZED COMEX OI GAIN/ STRONG SIZED EFP ISSUANCE/VI) JUPITER SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE (6604 CONTRACTS)/ZERO EXCHANGE FOR RISK ISSUED

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -268 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 9 days, total 15,701 contracts: OR 78.505 MILLION OZ (1744 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 78.505 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: 78.505 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 87 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.06 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG EFP ISSUANCE CONTRACTS: 670 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 STRONG SIZED GAIN OF 583 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MAMMOTH 6604//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION . THE NEW TAS ISSUANCE THURSDAY NIGHT (6604) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., AND MOST 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 SMALL SIZED 525 CONTRACTS TO 430,592 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: 184 CONTRACTS

WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 525 CONTRACTS) DESPITE OUR $1.00 LOSS IN PRICE//THURSDAY. 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 2100 OZ E.F.P.JUMP TO LONDON + PRIOR ISSUANCE OF EXCHANGE FOR RISK = (.684 TONNES) //NEW STANDING 33.374 TONNES + .684 EXCHANGE FOR RISK = 34.058/ + /A FAIR (AND CRIMINAL) ISSUANCE OF 1642 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH A $1.00 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 3687 OI CONTRACTS (12.037 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3162 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 430,408

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3687 CONTRACTS WITH 525 CONTRACTS INCREASED AT THE COMEX// AND A FAIR 3162 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3687 CONTRACTS OR 12.037 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1642 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3162 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (525) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3687 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 2100 OZ E.F.P. JUMP TO LONDON //NEW STANDING 33.374 TONNES + .684 TONNES (EXCHANGE FOR RISK//PRIOR) NEW TOTALS: 34.058 TONNES/// 3) ZERO LONG LIQUIDATION WITH CONSIDERABLE TAS LIQUIDATION //4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1642 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: 28,093 CONTRACTS OR 2,809,300 OZ OR 87.380 TONNES IN 9 TRADING DAY(S) AND THUS AVERAGING: 3121 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 9 TRADING DAY(S) IN TONNES 87.380 TONNES

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

THUS EFP TRANSFERS REPRESENTS 87.380/3550 x 100% TONNES 2.45% 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: 87.350 TONNES (A STRONG 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 87 CONTRACTS OI TO 137,489 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A STRONG 670 CONTRACTS

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

SEPT 670 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 670 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 87 CONTRACTS AND ADD TO THE 670 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 583 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 2.915MILLION OZ

OCCURRED DESPITE OUR $0.06 GAIN IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED DOWN 65.31 PTS OR 2.01% //Hang Seng CLOSED DOWN 173.07 PTS OR 0.90% /The Nikkei CLOSED //Australia’s all ordinaries CLOSED DOWN 0.19 % /Chinese yuan (ONSHORE) closed DOWN 7.2323 /OFFSHORE CHINESE YUAN DOWN TO 7.2511 /Oil UP TO 83.22 dollars per barrel for WTI and BRENT UP AT 86.93 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 525 CONTRACTS UP TO 430,408 DESPITE OUR SMALL LOSS IN PRICE OF $1.00 ON THURSDAY.

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 3162 EFP CONTRACTS WERE ISSUED: : DEC 3162 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3162 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 3687 CONTRACTS IN THAT 3162 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 525 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $1.00//THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS A FAIR 1642 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 (34.058) ( 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: 34.058 TONNES (INCLUDING .6842 EXCHANGE FOR RISK)

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $1.00) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS (IF ANY STILL EXIST) AS WE HAD A FAIR GAIN OF 3687 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE T.A.S. LIQUIDATION ON THE FRONT END. THE T.A.S. ISSUED ON THURSDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 12.037 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 2100 OZ E.F.P JUMP TO LONDON//NEW STANDING LOWERS A BIT TO 33.374 TONNES + .6842 (PRIOR EXCHANGE FOR RISK) //NEW TOTAL 34.058 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $1.00.

WE HAD – REMOVED 184 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 3687 CONTRACTS OR 368,700 OZ OR 12.037 TONNES.

Estimated gold volume today:// 139,877 awful

final gold volumes/yesterday 179,336 awful

//AUGUST 11/ FOR THE AUGUST 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	96,753.000 Brinks 3000 kilobars .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	643.02 OZ Brinks 20 kilobars
No of oz served (contracts) today	79 notice(s) 7,900 OZ 0.2457TONNES
No of oz to be served (notices)	79 contracts 7900 oz 0.2457 TONNES
Total monthly oz gold served (contracts) so far this month	10,651 notices 1,065,100 OZ 33.129 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

0 dealer deposit:

total dealer deposits: NIL oz

customer deposits: 1

i) Into Brinks 643.02 oz (20 kilobars)

total customer deposits: 643.02 oz

we had 1 customer withdrawals

i) Out of Brinks oz 96,453.000 oz (3000 kilobars)

Adjustments; 4 of which 3 are dealer to customer

i) Brinks 3894.78 oz

ii) HSBC 594.69 oz

iii) manfra 8383.867 oz

and one customer to dealer JPMorgan

a) 4963.63 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an oi of 158 contracts having LOST 353 contracts. We had 332 contracts filed

on Thursday, so we lost 21 contracts or an additional 2100 oz will not stand at the comex, as these guys took a ferry over to London to take delivery over there.

Sept lost 80 contracts to 2607.

Oct lost 446 contracts to 33,293 contracts.

We had 79 contracts filed for today representing 7900 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 79 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 (158 CONTRACT) minus the number of notices served upon today 320 x 100 oz per contract equals 1,073,000 OZ OR 33.374 TONNES the number of TONNES standing in this active month of AUGUST. + .684 TONNES EXCHANGE FOR RISK/prior = 34.058 tonnes

thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (10,572) x 100 oz + (158) {OI for the front month} minus the number of notices served upon today (320) x 100 oz) which equals 1,073,000 oz standing OR 33.374 TONNES + .684 TONNES OF EXCHANGE FOR RISK/prior = 34.058 TONNES

TOTAL COMEX GOLD STANDING: 34.058 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: 2,101,333.235 OZ 65.36 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 22,111,819.566 OZ

TOTAL REGISTERED GOLD: 11,797,047.194 (366,93 tonnes)..

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

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,695,714 OZ (REG GOLD- PLEDGED GOLD) 301.57 tonnes//

END

SILVER/COMEX

AUGUST 11

//2023// THE AUGUST 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	614,436.845 oz CNT Delaware JPM .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	39,422.792 oz Delaware
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 Delaware: 39,422.792 oz

total customer deposits: 39,422.792 oz

JPMorgan has a total silver weight: 139.877 million oz/280.597 million =50.00% of comex .//

Comex withdrawals 3

i) Out of JPM 15,246.590 oz

ii) Out of Delaware 5891.495 oz

iii) out of CNT 15,246.590 oz

adjustments: 1/dealer to customer

i) Brinks 237,678.040 oz

TOTAL REGISTERED SILVER: 30.828 MILLION OZ//.TOTAL REG + ELIGIBLE. 280.829 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 0 CONTRACT(S). WE HAD

0 NOTICES FILED ON THURSDAY 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 5854 CONTRACTS DOWN TO 71,333

OCT GAINED 128 CONTRACTS TO STAND AT 358.

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

Comex volumes// est. volume today 60,678 fair

Comex volume: confirmed yesterday: 97,428 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 11/WITH GOLD DOWN $2.10 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .31 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 903.31 TONNES

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.

GLD INVENTORY: 903.31 TONNES

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

AUGUST 11/WITH SILVER DOWN 6 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.926 MILLION OZ INTOTHE SLV/: // OZ OF SILVER FROM THE SLV// .////INVENTORY RESTS AT 452.106 MILLION OZ

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

CLOSING INVENTORY 42.106 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

end

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

A must read…your weekend reading material

(Alasdair Macleod)

Alasdair Macleod: Beware the great unwind

Submitted by admin on Thu, 2023-08-10 12:10Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, August 10, 2023

The chart published with this essay strongly suggests that U.S. Treasury bond yields, widely regarded as the risk-free yardstick against which all other credit is measured, are going significantly higher, not stabilising close to current levels before going lower as commonly believed.

I conclude that U.S. Treasury bond yields could easily double, and the political class will be powerless to stop them going even higher. The implications for interest rates globally are that they will be forced considerably higher as well.

This article concludes that reasoned analysis takes us to this inevitable conclusion. It is consistent with the end of the post-Bretton Woods fiat currency era, and the return to credit backed by real values.

The collapse of unbacked credit’s value was only a matter of time, which is now rapidly approaching. The Great Unwind is under way. It is the consequence of monetary and currency distortions that have accumulated since the end of Bretton Woods 52 years ago. It will not be a trivial matter.

The trigger will be capital flows leaving the dollar, creating a funding crisis for the U.S. government. Foreigners, who have accumulated $32 trillion in deposits and other dollar-denominated financial assets, will no longer need to maintain dollar balances to the same extent, perhaps even paring them back to a minimum.

Furthermore, economic factors are turning sharply negative with energy prices rising ahead of the Northern Hemisphere winter, springing debt traps on Western alliance governments.

So how could bond yields possibly decline materially in the coming months? …

… For the remainder of the analysis:

https://www.goldmoney.com/research/beware-the-great-unwind?gmrefcode=gata

END

Two interviews for you; Bill Murphy of GATA and Peter Grandich

(GATA)

GoldSeek Radio’s Waltzek interviews Bill Murphy and Peter Grandich

Submitted by admin on Thu, 2023-08-10 21:07Section: Daily Dispatches

9:12p ET Thursday, August 10, 2023

Dear Friend of GATA and Gold (and Silver):

GoldSeek Radio’s Chris Waltzek interviewes GATA Chairman Bill Murphy about whether the monetary metals will ever reverse upward as the U.S. government’s debt becomes ever-more stratospheric.

The interview is 10 minutes long and can be heard at GoldSeek here:

https://tinyurl.com/3kca9baa

Waltzek also interviews market analyst Peter Grandich, who sees great opportunity in monetary metals mining stocks despite the worst sentiment he has ever seen in the sector. The interview is 18 minutes long and can be heard at GoldSeek here:

https://goldseek.com/article/goldseek-radio-nugget-peter-grandich-buy-opportunity-jr-mining-stocks-over-next-4-mos

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@ATA.org

end

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES

EPISODE 135

The BRICS gold-backed commodity structure revealed

Andrew Maguire breaks down the structure behind the new “sanction-proof” BRICS gold-backed wo.

The BRICS gold-backed commodity structure revealed

In this week’s episode of Live from the Vault, Andrew Maguire breaks down the structure behind the new “sanction-proof” BRICS gold-backed world settlement currency, and provides a teaser ahead of the upcoming BRICS Plus summit.

The whistleblower digs deeper into gold’s potential as a first-tier asset class alternative to high counterparty-risk US treasuries, and shares his thoughts on how the Federal Reserve has been so wrong-footed by gold in recent months.

https://kinesis.money/live-from-the-vault

END

From the beginning of 2023, Poland sovereign has bough 2.3 million oz (71 tonnes of gold) of which 2.23 tonnes were added in July.

At this rate, the country will have added 84 tonnes for the year which is huge for them. Their official reserves now stand at around 300 tonnes. This is real gold and this will cause nightmares for our bankers who have huge amount of paper (non backed) gold

(ReMix)

Poland Continues To Aggressively Buy Gold

FRIDAY, AUG 11, 2023 – 03:30 AM

Via Remix News,

Poland’s national bank has increased its gold holdings by 2.3 million ounces since the start of the year…

The National Bank of Poland (NBP) increased its gold reserves for the fourth consecutive month in July as the country continues to aggressively stockpile the precious metal.

According to calculations by the DGP newspaper, 720,000 ounces of gold were bought last month, valued at about $1.4 billion. This is more than in any of the previous three months. The paper estimated that the total gold reserves held by the Polish central bank have increased to 9.6 million ounces, or nearly 300 tons.

Since the beginning of the year, the NBP has increased its gold supply by 2.3 million ounces.

Before starting his second term as the president of the NBP, Adam Glapiński announced that he would increase gold reserves by 100 tons. With this year’s purchases, he has already fulfilled over two-thirds of that promise.

Monetary gold held by the NBP was valued at $18.8 billion at the end of July.

It accounted for 10.4 percent of the central bank’s official reserve assets. In the local currency, the gold held by the central bank was valued at 75.3 billion złotys.

Foreign currency reserves are primarily meant to ensure the financial stability of the economy. That’s why the money is invested in safe and liquid assets, meaning those that can be quickly sold. However, they should also generate income.

Since the beginning of this year, gold prices in global markets have increased by over 6 percent. It currently costs just over $1,900 per ounce. In terms of return rate since the beginning of the year, gold has performed the best among the main metals.

Silver has depreciated by 2.2 percent and platinum by 15 percent. The rise in gold prices has in part been due to buying it as a way to hedge against inflation.

And it’s not just Poland.

Despite significant selling by Turkey that slowed net central bank gold buying in the second quarter, central banks added a record amount of gold to their reserves through the first half of 2023.

Net central bank gold purchases totaled 387 tons through the first half of the year, according to data compiled by the World Gold Council. That was the highest first-half total since the organization started compiling quarterly data in 2000.

end

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

Sam Bankman-Fried Heads Back To Jail After Bail Revoked

FRIDAY, AUG 11, 2023 – 03:30 PM

FTX Founder Sam Bankman-Fried is headed back to jail after the judge in the case revoked his bail over alleged witness intimidation, after he showed a journalist from the NY Times private writings from his ex-girlfriend and business partner, Caroline Ellison, and used a VPN in violation of a previous order not to.

Late last month the DOJ sought to have SBF’s bail revoked over the leaked diary, and allegedly used the Signal app to obstruct the investigation, as the app auto-deletes content after a period of time.

John Reed Stark, former US SEC’s Office of Internet Enforcement Chief, suggested that Judge Lewis Kaplan could view SBF’s actions as an effort to improperly influence witnesses and choose to either make further modifications to his bail conditions or revoke his bail entirely. Obviously, Kaplan chose the latter.

“The documents are in part personal and intimate. They are personally oriented, not business oriented. There’s something that someone who has been in a relationship would be unlikely to share with anyone except to hurt and frighten the subject,” said Judge Kaplan, adding “In view of the evidence, my conclusion is that there is probable cause to believe that the defendant has attempted to tamper with witnesses at least twice under Section 1512(b).”

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1690080018565627904&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fsam-bankman-fried-heads-back-jail-after-bail-revoked&sessionId=0bfc825897fe765c7dbd6ee8c2e8123c4fc9cfd9&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

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Click into this Twitter thread from Inner City Press for the blow-by-blow:

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END

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

ONSHORE YUAN: CLOSED DOWN TO 7.2323

OFFSHORE YUAN: DOWN TO 7.2511

SHANGHAI CLOSED DOWN 65.31 PTS OR 2.01%

HANG SENG CLOSED DOWN 173.07 PTS OR 0.90%

2. Nikkei closed

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX DOWN TO 102.32 EURO RISES TO 1.0995 UP 14 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.580 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.53/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: DOWN// OFF- SHORE: DOWN

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.5875***/Italian 10 Yr bond yield RISES to 4.215*** /SPAIN 10 YR BOND YIELD RISES TO 3.594…**

3i Greek 10 year bond yield RISES TO 3.849

3j Gold at $1919.00 silver at: 22.72 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 97 /100 roubles/dollar; ROUBLE AT 98.43//

3m oil into the 83 dollar handle for WTI and 86 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 144.53// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.580% 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 0.8757 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9627 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: 4.100 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.258 UP 2 BASIS PTS/

USA 2 YR BOND YIELD: 4.829 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 27.05…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: UP 11 BASIS PTS AT 4.5205

end

2.a Overnight: Newsquawk and Zero hedge:

Futures Flat, Global Markets Slide As Attention Turns To China’s “Ticking Time Bomb”

FRIDAY, AUG 11, 2023 – 08:18 AM

US futures are flat, with European and Asian stocks red, as concern about local government debt in China and hawkish language from a US central banker put traders in a risk-off mood. Meanwhile, in the latest diplomatic fiasco from Joe Biden, the US president blasted China’s economic problems as a “ticking time bomb” and referred to Communist Party leaders as “bad folks,” his latest barb against President Xi Jinping’s government even as his administration seeks to improve overall ties with Beijing. As of 7:45am ET, S&P futures were flat while Nasdaq 100 futs were down 0.1%. Treasurys yields are 1-4bps lower led by the front-end with 10Ys at 4.10%; the USD reversed an earlier gain and was last trading near session lows. Commodities are mixed with oil reversing earlier losses and following gold higher. Today, the macro focus will be PPI and U of Mich survey: the Street expects PPI to print 0.2% MoM vs. 0.1% prior, while U of Mich Consumer Sentiment is expected to drop to 71.3 consensus from 71.6 prior.

In premarket trading, mega cap tech are mostly lower. UBS rose as much as 5.9% after the Swiss bank said it would end an agreement with the Swiss government to cover Credit-Suisse- related losses, a move which analysts said was very reassuring. Virgin Galactic shares rose as much as 3.7% in premarket trading on Friday, after the company, founded by billionaire businessman Richard Branson, said it aims to launch its next space tourist mission in early September. Cano Health shares plummet as much as 53% in US premarket trading, after the healthcare provider issued a going concern warning and said it is exploring a sale. Citi downgrades Cano’s rating on the stock to hold, while TD Cowen describes the fall in 2Q Ebitda as “stunning.” Here are some other notable premarket movers:

IonQ rises as much as 8.2% in premarket trading on Friday, after the computing hardware and software company boosted its bookings forecast for the full year.
Maxeon Solar Technologies shares slump 27% in premarket trading after the renewable energy equipment maker issued weaker-than-expected revenue forecast for the third quarter.
Medical Properties shares fall as much as 5.7% in premarket trading after both Raymond James and BofA downgraded the healthcare REIT to underperform, citing its exposure to top tenant Steward Health Care.
Rigetti Computing shares are up 18% in premarket trading after the quantum-computers company reported second-quarter results that spurred an upgrade.
Sealed Air shares drop 1.6% in premarket trading after the packaging company was downgraded to neutral from buy at UBS, which sees a return to growth taking longer to play out.
Semler Scientific jumps 18% in premarket trading Friday after reporting revenue and net income for the second quarter that topped Wall Street’s estimates.

Markets were on edge after SF Fed President Mary Daly said the Fed still has “more work to do” to combat rising prices, damping the impact of broadly positive inflation data on Thursday. Meanwhile, as noted earlier, China moved to bailout as much as 1 trillion yuan in local government debt, LGFV, a key threat to the nation’s financial stability, while property developer Country Garden Holdings predicted a multibillion-dollar loss for the first half of this year. The MSCI Asia Pacific Index dropped to the lowest level in a month.

“There may be other accidents waiting to happen as a result of sharply higher rates that we just haven’t seen come through yet,” said Richard Flax, chief investment officer at European digital wealth manager Moneyfarm. “Policymakers seem to be trying to signal to investors that they may be too optimistic to be looking for early rate cuts.”

Perhaps anticipating the next market drop, this week has seen a marked move into haven assets and out of stocks, according to Bank of America Corp. strategists. Cash funds attracted $20.5 billion of inflows, while investors poured $6.9 billion into bonds in the week through August 9, according to Bank of America, citing data from EPFR Global. In the meantime, US stocks had their first outflow in three weeks at $1.6 billion.

The Stoxx 600 index dropped 0.8%, snapping two days of gains and trimming its fourth weekly advance in five. Mining and energy stocks are leading declines although all 20 sectors are in the red except for telecommunications. The British pound led gains among G-10 currencies against the dollar after the strongest quarterly growth in more than a year. Here are the most notable European movers:

UBS rises as much as 5.9% after the Swiss bank said it would end an agreement with the Swiss government to cover Credit-Suisse- related losses. Analysts say the move is very reassuring
Bechtle rises as much as 5.9% after the German computer and office supplies firm reported 2Q pretax profit margin that beat estimates, driven by strength in the managed services unit
Lotus Bakeries shares rise as much as 5.7% after the Belgian cookie- and cake-maker reported first-half earnings that beat estimates. KBC hails a “very nice set” of results from the firm
Saipem rises as much as 4.7%. The company was awarded two new contracts for a total value of about $700 million, while Berenberg raised the price target to a Street high
EMIS jumps as much as 25% after Britain’s competition watchdog provisionally cleared the British health technology firm’s acquisition by US health-care group UnitedHealth
Telecom Italia shares rise as much as 5.6% after KKR signed a memorandum of understanding with Italy to include the government in its €23 billion bid for the carrier’s network
EFG International shares fall as much as 5% after the Swiss private bank was downgraded to neutral from buy at Citi. The broker says it struggles to justify EFG’s premium to peers

Earlier in the session, Asian equities dropped, on course for a second weekly loss, as concerns about the property sector spurred a broader selloff in China. The MSCI Asia Pacific excluding Japan Index declined as much as 0.8%, with Country Garden Holdings among the biggest decliners on the gauge after saying it expects to post net losses for the first half of the year.

Hang Seng and Shanghai Comp declined with developers pressured including Country Garden after it flagged a loss of up to CNY 55BN for H1 and hired CICC for debt restructuring. Furthermore, shares in Fantasia Holdings dropped more than 50% on resumption of trade after being halted since March last year, while participants await details from the securities regulator’s emergency meeting with developers and financial institutions. Conversely, Alibaba, China Mobile and Li Ning were among the best performers in Hong Kong following their results including the beat on top and bottom lines by China’s e-commerce giant.
ASX 200 was lackluster with the upside in consumer stocks negated by the losses in the commodity-related sectors, while RBA Governor Lowe’s testimony provided very little in the way of fresh insight in which he reiterated that further tightening may be required.
Stocks in India declined on Friday to post their third consecutive weekly drop as rally in local shares tapers amid rising worries over inflation and global economic growth. The S&P BSE Sensex fell 0.6% to 65,322.65 in Mumbai, while the NSE Nifty 50 Index declined by a similar measure. For the week, the gauges fell more than 0.5% each, taking their losses since July peak levels to more than 3%. Foreigners, who turned buyers of Indian equities since start of March, have eased their purchases in recent weeks. For this month through Aug. 9, global funds have bought $241 million worth of shares versus net purchases of $4.1 billion in July
Japan was closed for a public holiday

“A lot of the moves in China this week are Country Garden credit-driven” and CSRC needs to come out with a more forceful response or framework to rescue the company and thereby minimize fallout, said Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management. Investors remain concerned over China’s flagging economy following weak data earlier in the week and with the potential worsening of its property sector. Still, strong earnings from Alibaba may be a positive sign of a pick-up in the broader consumption space. Gains in the nation’s online shopping leader helped offset some of the losses in its peers including Tencent and Meituan.

Chipmakers continued to slide after some firms reported earnings. Brokers downgraded Hua Hong Semiconductor, China’s second largest chip foundry, following weak guidance for future sales. A Bloomberg gauge of semiconductor stocks in Asia slumped to its lowest level since May 25.

In FX, the Bloomberg Dollar Spot traded around flat, on track for its fourth week of gains, the longest streak since February. The pound, Australian dollar and yen rose, offsetting a drop in the Norwegian krone and Swedish krona. GBP/USD rose 0.4% to $1.27 after stronger-than-anticipated second quarter GDP data boosted gilt yields. USD/JPY slipped 0.1% to 144.58 as the persistently wide interest-rate gap kept the yen close to the psychological 145 level.

In rates, Treasuries curve were steeper with long-end yields cheaper on the day while front-end and belly of the curve outperform. US 10-year yields around 4.10%, slightly richer on the day with gilts lagging by 11bp in the sector following UK GDP data and bunds cheaper by around 7bp vs Treasuries. Treasury long-end yields were cheaper by around 2bp on the day with front-end and belly richer by 2bp, steepening 2s10s and 5s30s spreads by 1.5bp and 3bp vs Thursday closing levels. Gilts lag sharply in an aggressive bear-steepening move after the UK economy unexpectedly grew 0.2% in the second quarter. US session includes July PPI and University of Michigan sentiment gauge.

In commodities, crude futures decline with WTI falling 0.6% to trade near $82.30. Spot gold adds 0.3%.

Looking ahead to today, in the US we will get the PPI print for July, which will be monitored in part for components that feed into core PCE (such as airfares and medical), and also the August University of Michigan consumer survey. In the UK, we will get the Q2 GDP print– our UK economist expects a 0.0% qoq print, in line with consensus – and accompanying monthly activity data. In the euro area, we get final July inflation prints in France and Spain, Germany June current account balance and France Q2 unemployment.

Market Snapshot

S&P 500 futures down 0.1% to 4,479.75
MXAP down 0.7% to 163.83
MXAPJ down 1.0% to 516.48
Nikkei up 0.8% to 32,473.65
Topix up 0.9% to 2,303.51
Hang Seng Index down 0.9% to 19,075.19
Shanghai Composite down 2.0% to 3,189.25
Sensex down 0.3% to 65,506.75
Australia S&P/ASX 200 down 0.2% to 7,340.13
Kospi down 0.4% to 2,591.26
STOXX Europe 600 down 0.8% to 460.29
German 10Y yield little changed at 2.57%
Euro up 0.1% to $1.0993
Brent Futures little changed at $86.38/bbl
Gold spot up 0.3% to $1,917.61
U.S. Dollar Index little changed at 102.55

Top Overnight News

The JPY is at a key level (145) and if it weakens through it, the BOJ could be forced to make further hawkish adjustments to the YCC policy (the BOJ isn’t so much looking to fight inflation but instead bolster the yen). BBG
China’s M2 money supply growth fell to +10.7% in July (down from +11.3% in June and below the Street’s +11% forecast) while new yuan loans were just CNY346B (a huge miss vs. the Street’s CNY780B forecast). BBG
President Biden blasted China’s economic problems as a “ticking time bomb” and referred to Communist Party leaders as “bad folks,” his latest barb against President Xi Jinping’s government even as his administration seeks to improve overall ties with Beijing. BBG
China will allow provincial-level governments to raise about 1 trillion yuan ($139 billion) via bond sales to repay the debt of local-government financing vehicles and other off-balance sheet issuers, a small step toward addressing one of the biggest threats to the nation’s economy and financial stability. BBG
Beijing is making one of its biggest top-down efforts in years to tackle the debts racked up by local governments in a sign of authorities’ mounting concern over the risk to financial stability as the Chinese economy falters. China’s State Council, the country’s cabinet, is sending teams of officials to more than 10 of the financially weakest provinces to scrutinize their books — including the liabilities of opaque off-balance sheet entities — and find ways to cut their debts. FT
UBS says it no longer needs the SFR19B Swiss gov’t backstop or SFR100B liquidity facility implemented as part of the Credit Suisse deal, a statement of confidence welcomed by markets. FT
The UK economy surprised with its strongest quarterly growth in more than a year. GDP rose 0.2% last quarter, defying expectations it would stagnate. Output in June jumped 0.5%, more than double the pace expected, adding to speculation the BOE will feel emboldened to further raise rates. The pound strengthened. BBG
Iran and the United States appear to be observing an informal agreement under which Iran has limited its nuclear program and restrained proxy militias. NYT
World oil demand is approaching record levels while supply plunges, raising the risk of tighter markets and higher prices (“Deepening OPEC+ supply cuts have collided with improved macroeconomic sentiment and all-time high world oil demand”). IEA

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly lower after the post-CPI dovish unwinding seen stateside and amid Chinese developer concerns, with trade also hampered by thinned conditions with Japanese participants away for Mountain Day. ASX 200 was lackluster with the upside in consumer stocks negated by the losses in the commodity-related sectors, while RBA Governor Lowe’s testimony provided very little in the way of fresh insight in which he reiterated that further tightening may be required. Hang Seng and Shanghai Comp declined with developers pressured including Country Garden after it flagged a loss of up to CNY 55bln for H1 and hired CICC for debt restructuring. Furthermore, shares in Fantasia Holdings dropped more than 50% on resumption of trade after being halted since March last year, while participants await details from the securities regulator’s emergency meeting with developers and financial institutions. Conversely, Alibaba, China Mobile and Li Ning were among the best performers in Hong Kong following their results including the beat on top and bottom lines by China’s e-commerce giant.

Top Asian News

China is to shift USD 139bln of troubled local government financing vehicle debt to provinces under a new program that aims to support financial stability and named 12 cities and provinces as high-risk, according to Bloomberg.
US President Biden said China is a “ticking time bomb” because of its economic challenges and that the country is in trouble because of weak growth, according to Reuters.
China is to pause plans to build a new embassy in London, according to a Reuters source.
New Zealand national intelligence agency said competition between countries is becoming more acute and some countries are seeking advantage through subversive and dishonest means such as espionage and foreign interference against New Zealand. Furthermore, it is aware of ongoing activity against New Zealand and near regions linked to China’s intelligence services and said this is a complex intelligence concern.
RBA Governor Lowe said things are moving in the right direction but it is too early to declare victory on inflation and the board remains resolute in its determination to return inflation to the 2%-3% target range. Lowe added it is possible that some further tightening of monetary policy will be required to ensure that inflation returns to target within a reasonable timeframe and whether or not this is the case will depend upon the data and the Board’s evolving assessment of the outlook and risks. Furthermore, Lowe said rates are restrictive so they are in a calibration stage with policy, while the worst is over for inflation and they are in a reasonable place to return it to the target.

European bourses are under modest pressure as benchmarks gradually dip in catalyst thin trade, Euro Stoxx 50 -0.7% Sectors are mainly in the red with Telecoms and Financial Services slightly firmer, the former aided by a source report re. Telecom Italia. Stateside, futures are near the unchanged mark with drivers limited pre-PPI/UoM; ES +0.1%.

Top European News

ECB’s Lane says that interest rates will likely settle at low levels, but not super-low when the current inflation shock is over. Part of a podcast recorded in July

DXY trades modestly softer intraday but has reclaimed the 102.50 mark in 102.44-102.66 boundaries.
Sterling is the standout G10 outperformer following an upward surprise to UK GDP, Cable above 1.27 at best while EUR/GBP slipped beneath 0.8650.
EUR unreactive to incremental revisions to regional data with the single currency failing to benefit from modest USD pressure as GBP strength works to offset this.
JPY and CHF diverge slightly but remain in very close proximity to the unchanged mark, USD/JPY at 144.50 and EUR/CHF near 0.9630.
PBoC set USD/CNY mid-point at 7.1587 vs exp. 7.2193 (prev. 7.1576)

Fixed Income

Currently, fixed benchmarks are under modest pressure with the price action a continuation of the downside seen over the last few sessions and has EGBs on track to end the week at the midpoint of its range
Gilts are in-fitting but today’s magnitude is more pronounced while USTs buck the trend and are little changed ahead of PPI.
Post-GDP market pricing for the BoE saw a modest hawkish adjustment and now ascribes around a 70% chance to a 25bp hike in September, pricing which remains more-dovish than the SONIA strip; currently, the September contract has a 25bp hike fully priced

Commodities

WTI Sep and Brent Oct futures are flat in early European trade with news flow also on the quiet side this morning, after settling lower yesterday by USD 1.58/bbl and USD 1.15/bbl respectively.
WTI trades on either side of USD 83/bbl and Brent on either side of 86.50/bbl, with the contracts looking for clear direction amidst summer conditions.
Dutch TTF prices have receded from highs on the front-month contract, which trades with losses of around 1% at the time of writing, but looking further ahead, the Nov and Dec contracts remain firm.
Spot gold trades with a positive bias as the DXY remains subdued, with the yellow metal around the USD 1,915/oz mark in a narrow USD 10/oz range; base metals subdued.
IEA maintains 2023 demand growth forecast and lowers its 2024 forecast by 150k BPD; says global oil demand hit record and prices may climb

Geopolitic

US Secretary of State Blinken said the release of Americans in Iran from prison is a positive step but this is just the beginning of the process and more work is to be done to bring the Americans in Iran home. Blinken added that Iran will not receive any sanctions relief and that the US will continue to enforce all of its Iran sanctions.
China took measures against a Chinese national accused of spying for the CIA, according to state TV.
Airspace over Moscow’s Vnukovo airport closed, according to Tass; Al Arabiya writes airspace closed “after monitoring a march heading towards the capital”. Airspace has since reopened, with Russia confirming a drone was shotdown.
China Maritime Authority says China to conduct military exercise around the waters in East China Sea between Aug 12-14th.

US Event Calendar

08:30: July PPI Final Demand MoM, est. 0.2%, prior 0.1%
- July PPI Final Demand YoY, est. 0.7%, prior 0.1%
- July PPI Ex Food and Energy MoM, est. 0.2%, prior 0.1%
- July PPI Ex Food and Energy YoY, est. 2.3%, prior 2.4%
10:00: Aug. U. of Mich. Sentiment, est. 71.3, prior 71.6
- Aug. U. of Mich. 1 Yr Inflation, est. 3.5%, prior 3.4%
- Aug. U. of Mich. 5-10 Yr Inflation, est. 3.0%, prior 3.0%
- Aug. U. of Mich. Current Conditions, est. 76.9, prior 76.6
- Aug. U. of Mich. Expectations, est. 67.3, prior 68.3

DB’s Jim Reid concludes the overnight wrap

I’m off on holiday today, driving to the French Alps with iPads fully charged across the back seat and with Brontë very grumpy for 14 hours further back in the car. Long-term readers will remember this journey from around 7 years ago when as my wife was feeding 6 month old Maisie I took Brontë for a walk around a motorway service station. I let her off lead in what I thought was an enclosed pen, only for her to escape under the fence and run wild across and around the motorway for 2 hours. It was petrifying. My wife and I celebrate 10 years of marriage next week while we’re away and this event 7 years ago was the only time she’s asked for a divorce. I probably would have taken that low hit rate back in August 2013 and hopefully we can laugh about it over dinner on our anniversary, although it might be too soon for her. So I’ll see you towards the end of the month. Henry will be in the hot seat for the next couple of weeks but with Peter Sidorov stepping in on Monday. Be gentle on him as he has twins younger than mine, no doubt running rings round him.

Before my hols, yesterday we saw the second of the four big prints we needed to get through before September’s FOMC. We had the payrolls report last Friday and a US CPI print yesterday. They have generally been supportive of the view that the Fed has hiked for the last time in this cycle. Neither were complete slam dunks though but haven’t changed anyone’s opinions with terminal rate pricing still in a remarkably tight 7bps range for the last six weeks versus the 93bps range it was in the pre- and post-SVB period. Risk immediately liked the CPI report but soon fell below levels seen immediately before the report and struggled for direction for the rest of the day (S&P 500 +0.03%). With commodity prices rising of late and yields and breakevens remaining elevated there is no certainty that a last hike in the cycle would mean easier policy anytime soon. On the yield front, late in the session a tough 30-year auction undid some of the positivity from the decent 3 and 10yr auctions earlier in this first week of the new larger refunding wave. That led to 10yr US yields +9.5bps on the day and after the auction, but 16.7bps higher than the lows shortly after the CPI print. So another volatile but ultimately negative day for US bonds.

In more detail now, the July US CPI print saw monthly headline inflation come in at +0.17% (+0.18% prev.) and core inflation at +0.16% (+0.16% prev). So in line with the 0.2% mom consensus for both but with unrounded numbers on the lower side. As a result, annual headline inflation came in +3.2%, a touch below consensus of +3.3%, while core was in line at +4.7%. The CPI print marked the third month in a row for headline, and the second month in a row for core, that monthly inflation has been near a 2% annualised pace.

In terms of details, goods prices were helped lower by used cars (-1.3%) as well as other products, such as a record -2.9% mom decline in prices of toys (I need to move to the US). Meanwhile, airfares (-8.1%) have now seen the sharpest 2-month decline (-15%) outside the initial Covid lockdown period which seems a little strange. Nevertheless, this will add some more attention to the US PPI print today, as it is the PPI airfares measure that is used for core PCE (also relevant for medical services which were low in the CPI print). So if one wanted to search for a more alarmist take, core services excluding airfares and medical remained elevated, a reminder of inflation persistence risks. We do see drivers of structurally higher inflation as something to be a wary of (see Henry’s note on the topic last month here), but it could be a mistake to ignore the volatile downward components now, much as it proved wrong to treat sharp spikes in specific goods in 2021 as transitory. Our US economics team reviewed the release here and suggest that overall this report was necessary but not yet fully sufficient to cement a September pause.

Indeed, we heard a cautious take on the CPI print from San Francisco Fed President Daly, who said that the “CPI data came in largely as expected but not a data point that says victory is ours” and that “if core services ex housing stalls out, that would be concerning”. Overall, she struck a clearly data dependent tone without giving any view on the September meeting. She added that the conversation about cuts will be had next year, leaning against any prospects of an imminent Fed pivot.

Bonds initially rallied on the CPI print, with 10yr treasuries down more than -6bps at one point. However, this reversed into a bear steepening over the course of the day, with 10yr yields closing +9.5bps higher and 2yr yields up +3.4bps. Much of the sell-off came after a soft 30yr auction that saw $23bn of bonds issued at 4.189% with the highest primary dealer take up since February. 30yr yields closed at 4.25% (+8.2bps). So refunding questions resurfacing after strong 3yr and 10yr auctions the previous two days. With markets continuing to price a low probability of a September hike (from 12% to 10% yesterday), it was 2024 pricing that saw intra-day volatility, with December 2024 futures trading -10bps lower in the morning but closing +6.4bps higher at 4.11%.

In Europe, bonds saw a modest sell-off, with 10yr bunds up +3.1bps. OATs (+3.0bps) saw a similar move in France, while BTPs outperformed (-0.1bps). There was little change in ECB pricing, with a 40% likelihood of a 25bp hike priced for September, while Jun-24 pricing was up +3.5bps on the day.

Equities took a strongly positive initial view of the CPI print, with the S&P 500 trading over +1.3% higher in morning trading, before paring back this gain to close near flat (+0.03%) with only one of the 24 industry groups seeing a move of more than 0.5%. Small cap stocks underperformed with the Russell 2000 (-0.42% yesterday) now down -4.02% since the start of August.

Over in Europe, the STOXX 600 rose by +0.79%, closing before the full US reversal. France’s CAC outperformed (+1.52%) as news that China would end its ban on outbound international group tours supported travel and luxury stocks (LVMH and Hermes each rose by over 3%). The DAX (+0.91%) and FSTE MIB (+0.94%) also posted solid gains. The FTSE 100 underperformed in the UK (+0.41%) though this was in part due to ex-div effects on the index. European banks continued to recover (+1.69%) from their sharp fall on Tuesday, while industrials (-0.11%) underperformed amid disappointing results from Vestas (-4.05%) and Siemens (-3.11%).

In the commodities space, oil prices retreated from their multi-month highs, with Brent Crude down -1.31% to $86.40 and WTI -1.87% to $82.82.

Asian equity markets are mostly trading lower this morning after the rally on Wall Street last night fizzled out towards the end of the session. Sentiment has also been hurt by fresh concerns amongst some large Chinese housebuilders. In terms of specific moves, China’s CSI 300 is lower (-1.40%) followed by the Shanghai Composite (-1.19%) and the Hang Seng (-0.62%). That comes even as stock in Alibaba (e-commerce titan) has rallied after it posted its strongest quarterly revenue growth in almost two years. Elsewhere, the KOSPI (+0.12%) is bucking the regional trend while the markets in Japan are closed for a public holiday. Signs of an economic slowdown are growing in Singapore as the island state’s GDP grew just +0.5% yoy in Q2 – lower than the +0.7% estimate. The official growth forecasts for the full year in 2023 were also lowered to between +0.5% and +1.5% from the prior range of +0.5% to +2.5%. Outside of Asia, US equity futures are seesawing between gains and losses with those on the S&P 500 (-0.06%) just below flat while those tied to the NASDAQ 100 (+0.07%) trading marginally higher.

In central bank news, the Reserve Bank of Australia (RBA) outgoing Governor Philip Lowe in his speech indicated that the worst was over for inflation while reiterating “it is possible that some further tightening of monetary policy will be required”, depending on incoming data and evolving risks. Early morning data showed that factory activity in New Zealand contracted at its fastest pace for the year in July, as the manufacturing PMI came in at 46.3 deteriorating further from a revised level of 47.4 while marking the sector’s fifth consecutive contraction this year.

In other data yesterday, we received slightly less encouraging news on the US labour market, as initial weekly jobless claims jumped to +248k (+230k exp, +227k prev), their highest since late June. However, continuing claims eased to 1684k (1707k exp.) and the jump in initial claims was driven by only a few states. Over in Europe, it was quiet day for data, with Italy’s July inflation print revised a touch lower, from 6.4% to 6.3% yoy.

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

EUROPE

Equities slip, GBP bid & Gilts lag on hotter GDP; PPI and UoM due – Newsquawk US Market Open

FRIDAY, AUG 11, 2023 – 05:58 AM

European bourses are under modest pressure as benchmarks gradually dip in catalyst thin trade; US futures near unchanged
DXY is incrementally softer with GBP the standout outperformer post UK GDP
Given the above, Gilts lag though EGBs are also lower while USTs remain afloat pre-data
Crude benchmarks are near unchanged after Thursday’s subdued settlement, XAU bid
Looking ahead, highlights include US PPI & UoM (Prelim).

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1. Subscribe to the free premarket movers reports

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EUROPEAN TRADE

EQUITIES

European bourses are under modest pressure as benchmarks gradually dip in catalyst thin trade, Euro Stoxx 50 -0.7%
Sectors are mainly in the red with Telecoms and Financial Services slightly firmer, the former aided by a source report re. Telecom Italia.
Stateside, futures are near the unchanged mark with drivers limited pre-PPI/UoM; ES +0.1%.
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

DXY trades modestly softer intraday but has reclaimed the 102.50 mark in 102.44-102.66 boundaries.
Sterling is the standout G10 outperformer following an upward surprise to UK GDP, Cable above 1.27 at best while EUR/GBP slipped beneath 0.8650.
EUR unreactive to incremental revisions to regional data with the single currency failing to benefit from modest USD pressure as GBP strength works to offset this.
JPY and CHF diverge slightly but remain in very close proximity to the unchanged mark, USD/JPY at 144.50 and EUR/CHF near 0.9630.
PBoC set USD/CNY mid-point at 7.1587 vs exp. 7.2193 (prev. 7.1576)
Click here for more detail.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Currently, fixed benchmarks are under modest pressure with the price action a continuation of the downside seen over the last few sessions and has EGBs on track to end the week at the midpoint of its range
Gilts are in-fitting but today’s magnitude is more pronounced while USTs buck the trend and are little changed ahead of PPI.
Post-GDP market pricing for the BoE saw a modest hawkish adjustment and now ascribes around a 70% chance to a 25bp hike in September, pricing which remains more-dovish than the SONIA strip; currently, the September contract has a 25bp hike fully priced
Click here for more detail.

COMMODITIES

WTI Sep and Brent Oct futures are flat in early European trade with news flow also on the quiet side this morning, after settling lower yesterday by USD 1.58/bbl and USD 1.15/bbl respectively.
WTI trades on either side of USD 83/bbl and Brent on either side of 86.50/bbl, with the contracts looking for clear direction amidst summer conditions.
Dutch TTF prices have receded from highs on the front-month contract, which trades with losses of around 1% at the time of writing, but looking further ahead, the Nov and Dec contracts remain firm.
Spot gold trades with a positive bias as the DXY remains subdued, with the yellow metal around the USD 1,915/oz mark in a narrow USD 10/oz range; base metals subdued.
IEA maintains 2023 demand growth forecast and lowers its 2024 forecast by 150k BPD; says global oil demand hit record and prices may climb
Click here for more detail.

NOTABLE US HEADLINES

Fed’s Harker (voter) said the Fed is making progress in the inflation fight, according to Reuters.
US moderate Democratic Senator Manchin weighs leaving the Democratic party, according to WSJ.
Hawaii’s Governor said the wildfire death toll is to increase ‘very significantly’, according to AFP News Agency.
Click here for the US Early Morning note.

NOTABLE EUROPEAN HEADLINES

ECB’s Lane says that interest rates will likely settle at low levels, but not super-low when the current inflation shock is over. Part of a podcast recorded in July

DATA RECAP

UK GDP Estimate MM (Jun) 0.5% vs. Exp. 0.20% (Prev. -0.10%); 3M/3M 0.2% vs. Exp. 0.00% (Prev. 0.00%)
UK GDP Prelim. QQ (Q2 2023) 0.2% vs Exp. 0.0% (Prev. 0.1%); YY (Q2 2023) 0.4% vs. Exp. 0.2% (Prev. 0.2%)

GEOPOLITICS

US Secretary of State Blinken said the release of Americans in Iran from prison is a positive step but this is just the beginning of the process and more work is to be done to bring the Americans in Iran home. Blinken added that Iran will not receive any sanctions relief and that the US will continue to enforce all of its Iran sanctions.
China took measures against a Chinese national accused of spying for the CIA, according to state TV.
Airspace over Moscow’s Vnukovo airport closed, according to Tass; Al Arabiya writes airspace closed “after monitoring a march heading towards the capital”. Airspace has since reopened, with Russia confirming a drone was shotdown.
China Maritime Authority says China to conduct military exercise around the waters in East China Sea between Aug 12-14th.

CRYPTO

Bitcoin is in proximity to the unchanged mark with drivers thin and the session’s range limited by extension ahead of US data impulses, BTC in a USD 29.3-29.47k boundary.

APAC TRADE

APAC stocks traded mostly lower after the post-CPI dovish unwinding seen stateside and amid Chinese developer concerns, with trade also hampered by thinned conditions with Japanese participants away for Mountain Day.
ASX 200 was lackluster with the upside in consumer stocks negated by the losses in the commodity-related sectors, while RBA Governor Lowe’s testimony provided very little in the way of fresh insight in which he reiterated that further tightening may be required.
Hang Seng and Shanghai Comp declined with developers pressured including Country Garden after it flagged a loss of up to CNY 55bln for H1 and hired CICC for debt restructuring. Furthermore, shares in Fantasia Holdings dropped more than 50% on resumption of trade after being halted since March last year, while participants await details from the securities regulator’s emergency meeting with developers and financial institutions. Conversely, Alibaba, China Mobile and Li Ning were among the best performers in Hong Kong following their results including the beat on top and bottom lines by China’s e-commerce giant.

NOTABLE ASIA-PAC HEADLINES

China is to shift USD 139bln of troubled local government financing vehicle debt to provinces under a new program that aims to support financial stability and named 12 cities and provinces as high-risk, according to Bloomberg.
US President Biden said China is a “ticking time bomb” because of its economic challenges and that the country is in trouble because of weak growth, according to Reuters.
China is to pause plans to build a new embassy in London, according to a Reuters source.
New Zealand national intelligence agency said competition between countries is becoming more acute and some countries are seeking advantage through subversive and dishonest means such as espionage and foreign interference against New Zealand. Furthermore, it is aware of ongoing activity against New Zealand and near regions linked to China’s intelligence services and said this is a complex intelligence concern.
RBA Governor Lowe said things are moving in the right direction but it is too early to declare victory on inflation and the board remains resolute in its determination to return inflation to the 2%-3% target range. Lowe added it is possible that some further tightening of monetary policy will be required to ensure that inflation returns to target within a reasonable timeframe and whether or not this is the case will depend upon the data and the Board’s evolving assessment of the outlook and risks. Furthermore, Lowe said rates are restrictive so they are in a calibration stage with policy, while the worst is over for inflation and they are in a reasonable place to return it to the target.

DATA RECAP

Singapore GDP QQ (Q2 F) 0.1% vs Exp. 0.3% (Prev. -0.4%); YY (Q2 F) 0.5% vs Exp. 0.7% (Prev. 0.4%)
New Zealand Manufacturing PMI (Jul) 46.3 (Prev. 47.5)
New Zealand Food Price Index MM (Jul) -0.5% (Prev. 1.6%)
China July: M2 Money Supply: 10.7% YY (exp. 11.0%), Aggregate Financing: 528bln (exp. 1.1tln), New Yuan Loans: 3466bln (exp. 780bln), lowest since 2009

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

////SOUTH KOREA/NORTH KOREA/

END

2e) JAPAN

JAPAN

3 CHINA /

CHINA

Just a drop in the bucket as to what is needed

(zerohedge)

China To Bail Out 1 Trillion Yuan In “Hidden” LGFV Debt By Shifting It To Provinces

FRIDAY, AUG 11, 2023 – 07:46 AM

It was just on Monday when we reported that China was facing a new debt crisis as a record number of local government financing vehicles (or LGFVs also considered the currently most aggressive form of Chinese shadow banks), had missed commercial paper debt payments:

A total of 48 LGFVs were overdue on commercial paper, which typically carries a maturity of less than a year, up from 29 in June, according to a Huaan Securities report citing data from the Shanghai Commercial Paper Exchange. Their missed payments amounted to 1.86 billion yuan ($259 million), more than double the 780 million yuan in June.

And with Beijing suddenly finding itself on the defensive everywhere, amid collapsing exports, CPI deflation, record youth unemployment and lack of credit growth, overnight China’s leadership decided to finally take some proactive steps instead of just endlessly talking, and as Bloomberg reported, China will allow provincial-level governments to raise about 1 trillion yuan ($139 billion) via bond sales to repay the debt of local-government financing vehicles and other off-balance sheet issuers, a small step toward addressing what it called “one of the biggest threats to the nation’s economy and financial stability.”

The Ministry of Finance has informed relevant authorities about the “refinancing bonds” program, people with knowledge of the matter said, asking not to be identified as they aren’t authorized to discuss the program. The quota has been set for each region, one of the people said, without providing further details on sizing.

The report notes that all provincial-level governments but Beijing, Shanghai, Guangdong and Tibet will be able to use the bonds to repay off-balance sheet liabilities, known as “hidden” debt in China, as it is kept off the balance sheets of local authorities, yet is widely considered in financial markets to carry an implicit government guarantee of repayment. Authorities also identified 12 provinces and cities as “high-risk” areas where more support will be provided, including the provinces of Guizhou, Hunan, Jilin and Anhui, as well as Tianjin city. A Bloomberg source familiar with the latest plan didn’t explain why Beijing, Shanghai, Guangdong and Tibet had been excluded from the new debt swap program, those four places either have no “hidden” debt or have very little.

Effectively what China is doing is bailing out weaker issuers including LGFVs, and shifting the debt burden to provincial governments instead.

The debt raised is kept off the balance sheets of local authorities, yet is widely considered in financial markets to carry an implicit government guarantee of repayment.

The problem however, as Goldman notes this morning, is that it’s small in the context of the issue:

“The amount covered under the debt swap program, though, is a drop in the bucket compared to the 66 trillion yuan the International Monetary Fund estimates local government financing vehicles will hold by the end of this year. It’s also far smaller in size than a similar initiative launched by the government in 2015.”

Back then, China deployed a massive debt-swap arrangement worth 12.2 trillion yuan for a few years in a bid to lower the amount of off-balance sheet debt carried by local governments. Now widely referred to as “hidden” debt, the term refers to funds raised by government-related entities — such as LGFVs — which borrow from banks and bond markets to finance infrastructure spending and other public projects.

President Xi Jinping had previously described the issue of hidden debt as one of the “major economic and financial risks” facing China. The government began a round of nationwide inspections to work out how much money local governments’ owe, another sign of how authorities were working to tackle financial risks, Bloomberg News reported in June.

The program suggests that “China is reducing the debt load on local government financing platforms to boost their capacity to serve as a channel for future stimulus,” rather than stimulus in the second half of the year, said Duncan Wrigley, chief China economist at Pantheon Macroeconomics Ltd.

He added that the “main buyers” of refinancing bonds are likely to be domestic banks and asset managers, such as wealth management funds, insurers and pension funds.

The modest size of the bailout is just one problem; the other one is that it doesn’t really do anything besides shift debt around: indeed, as Bloomberg notes, China’s 2015 program didn’t do much to actually solve the debt issue. Meanwhile, the costs of servicing debt have risen in recent years, creating a drag on Chinese fiscal spending. At the same time, many local governments have seen their income drop due to a two-year property market slump and two years of pandemic relief spending. That’s raised the risk that LGFVs will default on their debt, which could destabilize China’s financial system.

Even so, the swap program this time around – which is just another can-kicking exercise – may help defuse the risks of default faced in the regions where it’s implemented. It can also bring down the financing costs on the hidden debts, give local governments more time to repay, and improve funding conditions in those places. One person said the issuance will be planned in batches.

Unlike a write-off, however, the debt will still have to be serviced — squeezing the room already debt-laden local governments have to sell more bonds to fund infrastructure investment and spur economic growth.

Beijing has tried a few other ways to resolve debt woes in recent years. In 2019, some counties in less-developed regions were picked by the government to replace their hidden debt with bonds in a trial program to improve their financing ability.

In late 2020, special local bonds for refinancing purposes were introduced — first as a way for weak regions to reduce their off-balance sheet liabilities, and then as a strategy for rich places including Beijing, Shanghai and Guangdong in southern China to clear hidden debt. Guangdong in 2021 became the first to claim it had successfully eliminated such debt.

Unfortunately for China, there is just no magic wand it can wave and watch its record debt disappear. Meanwhile, no matter how it classifies it, reshuffles it or spreads it around…

… the total will just keep rising, giving Beijing only one option: to kick the can it will have to shift more of it to the buyer of last resort, the PBOC, something the “developed” world discovered in 2008.

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

EUROPE//TRUMP

If Trump ever gets back it will surely spook Western elites

(Martin Jay)

Trump Coming Back Is Already Spooking Western Elites

THURSDAY, AUG 10, 2023 – 11:40 PM

Authored by Martin Jay,

What would 2024 look like with Trump back in the Oval Office for Europeans?

Should western elites and even NATO itself be afraid of Donald Trump returning to the White House in 2024? It’s an entirely valid question given that the elites’ own ‘news’ website in Brussels – Politico – penned a piece recently which argued not only should they be bothered, but they should also prepare themselves for it right now.

Trump’s return as U.S. president is looking more and more inevitable by the day, driven by the nefarious meddling of the Biden administration and its determination to put him into jail, where they, erroneously, think his bid for the White House ends.

Even the most obscure French MP which Politico wheeled out to endorse its article accepts this, so what would 2024 look like with Trump back in the Oval Office for Europeans?

The short answer is an unpleasant one.

Trump will almost certainly believe that he has learnt his lessons the first time around and that his rants about NATO and EU countries having a free ticket to defending the West against Russian aggression were profoundly on the money, given what has happened in the Ukraine. His policies towards the EU bloc are likely to be much more divisive second time around as he will not only insist on a new deal for EU-NATO countries in the Ukraine war itself, but will go further to use his natural allies in the EU – Poland and Hungary – to beat the back of the Brussels elite and wreck its plans on all its delusional pseudo hegemony. It’s unlikely that he will pull the U.S. out of NATO as John Bolton recently predicted but a new hardball regime will certainly be on the cards which may well relieve him of the task of winding down the Ukraine war directly rather than just saying to the Europeans “if you want to pay for it yourself, by my guess, but we’ve paid enough”.

This may well send the shivers down the spines of many EU leaders. And it might even get him impeached. But it’s Trump. He won’t mind that at all. The point is that the old cliché about Biden being the grown up who “restored” the transatlantic alliance is just that. A cliché. In reality Biden royally buggered the UK and EU countries by masterminding the meltdown of their economies while U.S. firms cashed in, not only with new tax breaks aimed at eco-friendly firms, but also simply by letting the Europeans oversubscribe themselves to a war which they can never possibly have the means to end. So much for Biden’s “America is back, diplomacy is back” soundbite which was quoted in the early days of his days in office. The harsh reality is that Biden’s view of old Europe was very much from a colonial perspective. They have to pay for their dreams if Uncle Sam is going to make them true.

So Trump now will come back with the mockery of Europe’s dirt cheap defence arrangement which, in reality, wasn’t cheap at all.

He will also pull out of the Paris Climate Change Accords pissing off Macron no end as well as give encouragement to the Israelis that their ideas of striking Iran are not completely bonkers (which of course they are).

But it’s really what Trump has in store for America on its own soil which EU governments should worry about more.

He will invest more in fossil fuels, undo a lot of Biden’s environmental initiatives, come down hard on wokeism and immigration and impose more tariffs on America’s competitors – both China and the EU – to help American business.

Yet his second term in office, will not only be about focussing on humiliating Biden with such score-settling, domestically or around the world.

It will also be about fighting even harder to keep America in the game both with international trade and also its waning dollar economy.

Trump will have to face a new threat to America which comes as a direct result of Biden’s war – and let’s not forget his corrupt deals – in Ukraine. The emergence of BRICS which will have five new members this year alone and is already taking full control of oil prices with its influence via OPEC Plus. Trump will, in a nutshell, be fighting a new front as a new world order has emerged to challenge U.S. hegemony – or what’s left of it – head on, which means much more than simply dumping the dollar as a reserve currency. BRICS will have its own currency, its own clearing system and at some point, probably, its own defence pact.

The Donald is going to have a lot on his plate, leaving most EU leaders wondering whether it is better for them that Trump ill-informed and belligerent is better than overwhelmed and panicky in the wake of a new relationship between America and the few partners it has left in the world.

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

Another drone attack striking Moscow close to Putin’s residence

(zerohedge)

Another Massive Mystery Fire Strikes Moscow, This Time Just Miles From Putin’s Residence

THURSDAY, AUG 10, 2023 – 08:40 PM

Another explosion and fire has rocked Moscow in the overnight hours, as a warehouse in Odintsovo, which lies west of Moscow, suffered reported explosions and was engulfed in flames.

TASS stated that the size of the fire was 2,000 square meters (21,500 square feet) as of around midnight Moscow time, and a largescale emergency response is in progress.

While no cause has as of yet been officially communicated, Russia’s defense ministry has this week said the military intercepted several waves of drones in past days, including on the outskirts of Moscow. Drones out of Ukraine have become a serious enough threat to have briefly halted air traffic at key airports on a couple of occasions recently.

According to Reuters, the warehouse blaze is a mere miles from President Putin’s presidential residence:

It did not say how the fire had started in the warehouse, 6.5 kilometers (4 miles) away from Putin’s presidential residence in Novo-Ogaryovo.

This current disaster follows on the heels of Wednesday’s Zagorsk optical-mechanical plant fire.

The Russian factory northeast of Moscow erupted into a massive explosion of unknown cause, injuring at least 45 people, and causing damage to surrounding buildings.

Official Russian sources said it was being investigated as an “accident” – but the scale and frequency of such fires is leading to the obvious questions of whether these are covert sabotage operations or drone strikes.

And the fact that Moscow has now witnessed two very large industrial-warehouse fires in two consecutive days, coming off a week of frequent drone attacks, strongly points to cross-border Ukraine operations (or else sabotage attacks involving NATO).

end

RUSSIA/UKRAINE/

end

END

6.GLOBAL ISSUES//MEDICAL ISSUES

end

GLOBAL ECONOMIC ISSUES//

END

GLOBAL VACCINE/COVID ISSUES

Will They Ever Come Clean About The Damage They Caused?

THURSDAY, AUG 10, 2023 – 07:40 PM

Authored by Mark Oshinskie via The Brownstone Institute,

Over the past few years, two immigrants in their mid-fifties became my friends. These guys are among the gentlest spirits that I’ve known, though one tells me he was a boxer back in the day and he works like a beast with a pick and shovel. The other man speaks five languages and knows far more about Botany than I do.

While both men are delightful to interact with, each binge drinks every so often. One drinks until he passes out at the community gardens I manage and sometimes ends up in the hospital, drying out, for multiple days. The other becomes annoyingly loud and manic and does stupid stuff that causes him to lose jobs. He also suffers broken bones in unexplained tumbles. Both have visibly damaged their bodies by drinking excessively and seem likely to die before their time.

When I talk to these two about a given alcohol-fueled episode, they initially deny that they had drank to excess. After I mention the contrary evidence provided by the above outcomes, one admitted that, well, he might have had a beer or two. The other would only cop to imbibing a small amount of an alcohol-based herbal tincture remedy.

Please.

We’ve all seen this same denialism regarding other instances of misbehavior. Initially, the transgressor denies any wrongdoing. Then, when confronted with specific proof, he understates the magnitude and/or frequency of the misconduct. These incomplete, and thus ultimately dishonest, admissions assuage his guilt and allow him to, at least in his own mind, save face and continue his self-deception. Like the child who hides his eyes and thinks you can’t see him because he can’t see you, the self-deceiving misrepresenter thinks he’s also deceiving the listener.

After 41 months, Coronamania exponents find themselves in the same place as unrecovering alcoholics.

For nearly three-and-a-half years, they’ve wildly lied about Covid’s danger. In particular, they cited grossly inflated death tolls to build panic and to justify their failed interventions. Nearly all of those said to have died “from Covid” were old, sick and/or obese and would have died soon whether infected or not. Those who didn’t fit this profile likely died iatrogenically from destructive hospital protocols, such as ventilation and kidney-damaging Remdesivir.

Hence, there was never a good reason to limit the lives of the non-old. This virus never justified, e.g., closing schools or mandatorily jabbing hundreds of millions.

Additionally, the Covid overreactors lied about how effective the masks, tests and vaxxes were. When the shots clearly failed – as had been promised – to stop infection and spread, they moved the goalposts to “Well, the shots kept people out of the hospital.”

Yet, neither I, nor many uninjected others, have ever “gotten the virus,” much less been hospitalized. When I say this to vaxxers, they tell me I’m just lucky. It’s certainly not because I masked or hid form people. Because I didn’t.

At long last, many of the Covidmanic are modifying their narrative. David Leonhardt’s recent New York Times article typifies this long overdue acknowledgement and abandonment of some – but not all – of the linchpin Covid lies. For example, 41 months after the racket began, Leonhardt quotes an “expert” who says that Covid deaths correlate closely with old age.

Please.

As if this wasn’t obvious in March, 2020.

In an attempt to self-deceivingly save face and to appear to take a moderate, “nuanced” view, Leonhardt tentatively suggests that “the Pandemic” is over. He says that we should take comfort because, after 41 months of excess mortality, there are scarcely more than average excess deaths.

To begin with, I question this assertion; the figures I’ve seen still show significantly elevated deaths in many highly-vaxxed nations, including the United States. In the same week that Leonhardt posted his semi-apologia, statistical analyst/Subsatcker Ethical Skeptic discussed the ongoing understatement of excess deaths. According to Skeptic, non-natural deaths in late July, 2023 are still running 14 percent above historical trends.

Even if excess deaths were flattening, one would have to consider that many deaths of the old and sick seem to have been “pulled forward” during the Scamdemic. Given prior death “spikes” over the past three years, there are fewer old, sick, obese people around than before. Thus, fewer in that cohort should be dying recently. Accordingly, we should now expect lower than average death rates. Having normal death rates would show that some factor other than Covid is causing excess deaths. I suspect these deaths derive from the Covid shots and such lingering Covid overreaction effects as substance abuse, depression, weight gain, and impoverishment.

Notably, after three years of using inflated death figures to create the panic that delivered political and economic advantages, such Covid exaggerators as politicians, public health administrators, and Leonhardt now admit that Covid deaths were significantly overcounted. But, like hospitalized alcoholics who say they just had a couple of beers, the Covid-crazed won’t admit how much these numbers were exaggerated. They only admit to a 30 percent overstatement.

The 30 percent figure seems far too low for at least three reasons. Firstly, 65 percent of those who died with Covid were over 80. By that age, the average person has passed away; the bodies of those who’ve survived are wearing out. Secondly, the CARES Act strongly incentivized hospitals to overcode for Covid and families to accept death certificates blaming Covid. Thirdly, and anecdotally, though I directly know many hundreds of people, I know zero who were said to have died of Covid. I indirectly know—i.e., people I know have told me about—eight people they knew who were said to have died of Covid. Four of the decedents were over 90, two more had Stage 4 cancer, one was over 70 and very overweight with congestive heart failure and one, in his forties, was morbidly obese. Thus, eight out of eight reported “Covid deaths” that I know of involved distinctly unwell people.

By logical extension/extrapolation, all or nearly all purported Covid deaths seem to have extrinsic causes. Yet, throughout the Scamdemic, politicians, bureaucrats, and the media consequentially pretended that all were imperiled.

Further, while he concedes that Covid deaths were overstated by 30 percent, Leonhardt engages in statistical sleight of hand. He continues to cite a 1.1 million Covid death toll, without deducting the overcounted 30 percent. Staying above the million-death threshold has too much emotional/rhetorical value to give away.

Neither Leonhardt nor other Coronamania backers ever acknowledge that medical practices that killed many were modified. Instead, in an abiding homage to Pharma, Leonhardt dutifully praises Paxlovid, while never noting that other, low-cost, off-label pharmaceutical/nutraceutical protocols worked well for many, before Paxlovid was marketed. Governments and many doctors withheld from the public information regarding these alt protocols. If excess deaths have flattened, much of that reflects hospitals’ retreat from the ham-handed Covid protocols they previously used.

Reciting a central tenet of the Coronamanic faith, Leonhardt asserts that the shots significantly curtailed “The Pandemic.” But purported Covid deaths didn’t decline in synch with vaxx uptake; as more people injected in early 2021, there wasn’t a corresponding, sustained, linear drop in purported Covid deaths. To the contrary, ostensible Covid deaths “spiked” in 2021. In the second half of 2021, and throughout 2022, the vaxxes “wore off” and failed, on a mass scale, to prevent illness. Hence, vaxx uptake fell off a cliff. It seems highly unlikely that an ostensible decline of deaths in mid-2023 would derive from injections that failed two-plus years ago and have been widely avoided since.

Those who injected have been more, not less, likely to have become sick. If the shots didn’t—as promised—stop the spread, why would one believe those who assert that the shots make illness less severe?

Relatedly, Leonhardt never considers that viruses naturally evolve to weaker forms. Viral adaptation underlies the persistent ads urging everyone to get the latest “bivalent booster” to thwart the latest variant. But only the most gullible and fearful are rolling up sleeves for these worthless shots.

Intransigent vaxx backers continue to misleadingly characterize the vaxx data. For example, Leonhardt asserts that the non-injected are more likely, on a percentage basis, to die from Covid. By relying on percentages, rather than absolute death stats, Leonhardt unwittingly implies what is undeniably true: many of the vaxxed have died with Covid. The vaunted vaxxes’ protection from serious illness is far from ironclad.

Leonhardt’s vaxx advocacy also overlooks the statistical distortions used to make the shots look better. First, those who administered the shots strategically declined to vaxx those who were so frail that the shots might kill them. Second, it fails to take into account that those who injected weren’t counted as vaxxed for 42 days after their first shot. As the shots initially suppress immunity, one should expect the shots to increase illness and deaths in the weeks after the shot regimen begins. Injectors who died within this initial 42 days were falsely counted as “unvaxxed.”

Delivering a Schadenfreude-y dopamine hit to his Times tribe, Leonhardt reports that Covid now kills more whites and Republicans, because these demographic groups disproportionately eschewed the shots. Initially, the study seems flawed because it derived party affiliation data from voter registrations, even though many voters don’t declare an affiliation or may cross party lines when they vote.

Secondly, in yesterday’s Substack, Alex Berenson identifies basic flaws in this politically-driven study. Despite media misportrayals, the study concluded that only Republicans over 75—who had less ability to decline shots and were more likely with or without the shots—were more likely to die than are Democrats.

Leonhardt doesn’t mention that the study found that death rates for Democrats were higher than Republicans between ages 65-74. Nor does he mention that death rates were the same for those under 64 in either party. Thirdly, Leonhardt’s race-based assertion seems hard to reconcile with data that jab uptake among whites was higher than that among blacks and Latinos and the media’s repeated assertions that, owing to medical access disparities, Covid deaths were higher among minorities.

Most fundamentally, the study shows that Democrats base their worldviews and their “Science” on political affiliation and race. But did anyone need a study to learn that?

Leonhardt also conspicuously fails to mention that hundreds of thousands have suffered apparent vaxx injuries or deaths from heart attacks, strokes or cancers. Vaxx critics say that the shots are causing a net loss, not gain, in life span.

Leonhardt also tacitly admits something that few, if any, in his camp would admit for 41 months, namely that the natural immunity that follows infection confers immunity. His belated admission of a bedrock epidemiological principle—herd immunity—that was, from 2020-23, used to vilify those who stated it is another instance of Coronamanic jersey-switching.

Leonhardt also belatedly, but only obliquely, admits what many who cite excess deaths won’t admit: the lockdowns/closures themselves killed multitudes. Those who supported the lockdowns/closures engendered the isolation, despair, overdoses, gun violence and postponed medical treatments for non-Covid ailments.

Even if the lockdown/mask/test/vaxx supporters were to properly admit they were wrong about everything, their mea culpa would be far too late. Too much damage has already been done.

The Machiavellians who concocted the Covid response and the media who sold it don’t regret what they did. It served their political, social, and economic purposes. Thus, the truth can now be publicly admitted, though not fully. Denying some aspects of reality allows the Coronamanic to deceive many and to think of themselves as good, smart people for having supported lockdowns, school closures, masks, tests, and shots.

Ultimately, there’s one big difference between alcoholics, on the one hand, and the government and media that effected the Scamdemic and those who went along: while alcoholics mostly victimize themselves, those who effected and complied with Scamdemic policies victimized hundreds of millions of others.

Republished from the author’s Substack

end

Doctors Can Prescribe Ivermectin for COVID-19: FDA Lawyer

By Zachary Stieber
The Epoch Times, New York
Thursday, August 10, 2023

https://www.theepochtimes.com/health/doctors-can-prescribe-ivermectin-for-covid-19-fda-5456584?src_src=morningbriefnoe&src_cmp=mb-2023-08-11&est=VRAYl0HAxN05hIpNYLxDoT9jgSUEzPkrzpRA6t8KblMam%2F7L8No1LuliUPXj

Doctors are free to prescribe ivermectin to treat COVID-19, a lawyer representing the U.S. Food and Drug Administration (FDA) said this week.

“FDA explicitly recognizes that doctors do have the authority to prescribe ivermectin to treat COVID,” Ashley Cheung Honold, a Department of Justice lawyer representing the FDA, said during oral arguments on Aug. 8 in the U.S. Court of Appeals for the 5th Circuit.

The government is defending the FDA’s repeated exhortations to people to not take ivermectin for COVID-19, including a post that said “Stop it.”

The case was brought by three doctors who allege the FDA unlawfully interfered with their practice of medicine with the statements. A federal judge dismissed the case in 2022, prompting an appeal.

“The fundamental issue in this case is straightforward. After the FDA approves the human drug for sale, does it then have the authority to interfere with how that drug is used within the doctor-patient relationship? The answer is no,” Jared Kelson, representing the doctors, told the appeals court.

The FDA on Aug. 21, 2021, wrote on X, formerly known as Twitter: “You are not a horse. You are not a cow. Seriously, y’all. Stop it.” The post, which linked to an FDA page that says people shouldn’t use ivermectin to prevent or treat COVID-19, went viral.

In other statements, the FDA said that ivermectin “isn’t authorized or approved to treat COVID-19” and “Q: Should I take ivermectin to prevent or treat COVID-19? A: No.”

Command or Not
“FDA made these statements in response to multiple reports of consumers being hospitalized, after self medicating with ivermectin intended for horses, which is available for purchase over the counter without the need for prescription,” Ms. Honold said.

A version of the drug for animals is available, but ivermectin is approved by the FDA for human use against diseases caused by parasites.

Ms. Honold said that the FDA didn’t purport to require anyone to do anything or to prohibit anyone from doing anything.

“What about when it said, ‘No, stop it’?” Circuit Judge Jennifer Walker Elrod, on the panel that is hearing the appeal, asked. “Why isn’t that a command? If you were in English class, they would say that was a command.”

Ms. Honold described the statements as “merely quips.”

“Can you answer the question, please? Is that a command, ‘Stop it’?” Judge Elrod asked.

“In some contexts, those words could be construed as a command,” Ms. Honold said. “But in this context, where FDA was simply using these words in the context of a quippy tweet meant to share its informational article, those statements do not rise to the level of a command.”

The statements “don’t prohibit doctors from prescribing ivermectin to treat COVID or for any other purpose” Ms. Honold said. She noted that the FDA, along with the statements, said that people should consult their health care providers about COVID-19 treatments and that they could take medicine if it was prescribed by the provider.

“FDA is clearly acknowledging that doctors have the authority to prescribe human ivermectin to treat COVID. So they are not interfering with the authority of doctors to prescribe drugs or to practice medicine,” she said.

Judge Elrod is on the panel with Circuit Judges Edith Brown Clement and Don Willett. All three were appointed under President Donald Trump.

Federal Law
The plaintiffs are Drs. Paul Marik, Mary Bowden, and Robert Apter. They say they were professionally harmed by the FDA’s statements, including being terminated over efforts to prescribe ivermectin to patients.

Dr. Marik has noted that a number of studies support using ivermectin against COVID-19, as the FDA itself has acknowledged. Some other studies show little to no effect.

Federal law enables the FDA to provide information, such as reports of adverse reactions to drugs, but not medical advice, Mr. Kelson said.

“This is something the FDA has never been able to do. And it’s a bright line,” he told the court, adding later: “The clearest examples of where they have gone over the line are when they say things like, ‘You are not a horse, you are not a cow. Seriously, y’all. Stop it.’”

Judges indicated they agree that the FDA lacks the power to give medical advice; Judge Clement said, “You’re not authorized to give medical advice.”

But Ms. Honold said the government “isn’t conceding that in this case.”

She also argued that Congress has empowered the FDA to protect public health and make sure regulated products are safe and effective, giving it the “inherent authority to further its mission by communicating information to the public about safe uses of drugs.”

A ruling in favor of the doctors would prevent the FDA from reporting on consumers suffering after cooking chicken with NyQuil or that opioid addiction is a problem, she claimed.

Mr. Kelson said that wasn’t accurate. “It’s when they step beyond that [and] start telling people how they should or should not be using approved drugs,” he said.

Ms. Honold also said that the courts can’t hold agencies accountable when they provide false or misleading information: “The FDA is politically accountable, just like all other executive agencies.”

-END-

DR PAUL ALEXANDER..

‘Wastewater and test positivity numbers show a fall wave of COVID-19 may be approaching. Vaccine makers have updated booster shots and doctors recommend getting one when they become available’ IMO, my

take: this is fear porn insanity, so what? you strongly protect granny & leave the rest of us to hell alone! data does not show circulation strains are deadlier; run from the booster like the plague

DR. PAUL ALEXANDERAUG 10

IMO, after all the COVID lockdown and vaccine lies and deceit they put on us, I say the nerve and swagger of these people. They should be in a jail, believe nothing in yahoo.

Talk to your doctor yet your doctor also already deceived you in all that they did with the lies of lockdown and the fraud vaccine. So cannot be trusted. We always lean on side of caution yet all data today says this is not an issue. But we await. As long as the media wrote this, then you turn it off and walk away. The booster is harmful and it has failed. No one wants them. This reporting is not based on facts. Consult your doctor but the information in this piece in yahoo is as important and useful as a third male breast.

END

Ten Horsemen of the COVID Apocalypse have 3 new additions; I was lobbied relentlessly today to add Birx, Azar (liability protection PREP Act) and Walensky & I confess, I have caved, so it is now 13

Horsemen of the COVID Apocalypse; 13…these 13 IMO must be investigated on all things COVID, questioned under oath, and proper judges and juries must sit; if guilty of causing deaths, must face jail!

DR. PAUL ALEXANDERAUG 11

We simply want answers from mRNA technology invention to the fraud pandemic to the fraud deadly mRNA gene based injections…who knew what, when, who profitted and got what, when, how…who did what and where was ‘safety’ on there agenda…was it ever? that is all…each of these people at some point took pax payer money and fattened themselves and their families…they should answer to us the people; do not hold your breath on the Freedom Fighter media to do this…oh no, their heads are up the assess of these 13, some more than others…they are grifters and grafters too, big time!

The 13 Horsemen of the COVID Apocalypse are as follows:

1)Bourla

2)Malone

3)Bancel

4)Sahin

5)Birx

6)Baric

7)Fauci

8)Daszak

9)Walensky

10)Francis Collins

11)Azar

12)Weissman

13)Karikó

end

Past SARS-CoV-2 infection protection against re-infection: a systematic review and meta-analysis’; this LANCET study put out February 2023 should have put SUPERIOR natural immunity question to rest

Along with my seminal paper 2 years now on superiority of natural immunity over vaccine immunity: https://brownstone.org/articles/research-studies-affirm-naturally-acquired-immunity/; but it did not

DR. PAUL ALEXANDERAUG 10

This potent LANCET published review was sidelined as if it did not exist yet the conclusion was staggering: “Protection from past infection against re-infection from pre-omicron variants was very high and remained high even after 40 weeks. Protection was substantially lower for the omicron BA.1 variant and declined more rapidly over time than protection against previous variants. Protection from severe disease was high for all variants. The immunity conferred by past infection should be weighed alongside protection from vaccination when assessing future disease burden from COVID-19, providing guidance on when individuals should be vaccinated”.

‘identified a total of 65 studies from 19 different countries. Our meta-analyses showed that protection from past infection and any symptomatic disease was high for ancestral, alpha, beta, and delta variants, but was substantially lower for the omicron BA.1 variant. Pooled effectiveness against re-infection by the omicron BA.1 variant was 45·3% (95% uncertainty interval [UI] 17·3–76·1) and 44·0% (26·5–65·0) against omicron BA.1 symptomatic disease. Mean pooled effectiveness was greater than 78% against severe disease (hospitalisation and death) for all variants, including omicron BA.1. Protection from re-infection from ancestral, alpha, and delta variants declined over time but remained at 78·6% (49·8–93·6) at 40 weeks. Protection against re-infection by the omicron BA.1 variant declined more rapidly and was estimated at 36·1% (24·4–51·3) at 40 weeks. On the other hand, protection against severe disease remained high for all variants, with 90·2% (69·7–97·5) for ancestral, alpha, and delta variants, and 88·9% (84·7–90·9) for omicron BA.1 at 40 weeks.’

END

SLAY NEWS

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EVOL NEWS

Bombshell Report Exposes Voting Scheme In Michigan, Cover-Up By State OfficialsREAD MORE…

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NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

0.1% of All Covid Shot Recipients Have Died, Official Data Shows The latest official data from the U.S. federal government shows that stomach-churning 0.1 percent of all Covid shot recipients have now died.READ THE FULL REPORT

Ecuadorian Presidential Candidate Fernando Villavicencio Shot Dead in Shocking Assassination In a shocking turn of events, Ecuador presidential candidate Fernando Villavicencio was assassinated on Wednesday. Villavicencio, a former journalist and outspoken critic of the government, was shot while campaigning in Quito. Villavicencio’s death has sent shockwaves through Ecuador and beyond. He was a popular figure among the country’s opposition, and his assassination is seen as a major blow to democracy. …READ THE FULL REPORT

Senator Dianne Feinstein Has Been Hospitalized After Tripping and Falling in San Francisco Senator Dianne Feinstein was hospitalized after a fall at her residence in San Francisco, according to multiple sources. The extent of her injuries remains unclear, but she was reportedly discharged from the hospital the same evening. The 90-year-old Senator has faced health challenges in the recent past, being absent from the Senate for nearly three months due to conditions like …READ THE FULL REPORT

New Bank Records Memo Lays Out Biden Family’s Corrupt Foreign Influence Scheme New bank records memorandum laying out the Biden family’s alleged corrupt foreign influence scheme has been released on Wednesday, according to the House Oversight Committee. “House Committee on Oversight and Accountability Chairman James Comer (R-KY) today released a third bank records memorandum detailing new information obtained in the Committee’s investigation into the Biden family’s influence peddling schemes,” the committee said. …READ THE FULL REPORT

Pfizer Employees Received ‘Special Batches’ of COVID Jabs That Were DIFFERENT From What the Public Got According to company officials, not everyone who received the Pfizer ‘vaccine’ was administered identical mRNA injections.

During a recent legislative hearing in Australia, Pfizer executives revealed that staff members at the company received their own “special batches” of Fauci Flu shots that were different than the ones distributed to the general public.

“We’ve read that your vaccine mandate was using your own batch of vaccine especially imported for Pfizer, which was not tested by the TGA,” said Sen. Malcolm Roberts of the populist One Nation party, referring to the Therapeutic Goods Administration (TGA), Australia’s equivalent of the U.S. Food and Drug Administration (FDA).

“Is that correct?” Roberts then asked.

A Pfizer representative confirmed: “Uh, senator, so, Pfizer undertook to import a batch of vaccines, especially for the employee vaccination program, and that was so that no vaccine would be taken from government stocks that was being delivered to clinics as needed.”

Also when asked if anyone was fired from Pfizer for refusing to take its covid injections, company executives hemmed and hawed before stating that “a small number of colleagues departed the company” after refusing to get shot.

The hearing then dealt with the indemnity that Pfizer was granted by the Australian government – an indemnity that Pfizer employees refused to discuss.

Pfizer’s refusal to answer any questions about its indemnity agreement suggests that, just like in the United States, the drug giant is shielded from all liability for injuries or deaths caused by its poison injections.

They would not even confirm whether or not said indemnity agreement would be negative in the event that Pfizer is confirmed to have “committed a crime such as fraudulent treatment of trial data.”

One Pfizer representative did claim that the company “always abides by all of the laws and regulations of the markets in which it operates,” even though this is factually incorrect based on the billions of dollars the company has had to fork out in fines and settlements for illegally promoting drugs, making false claims, and committing other crimes.

In short, Pfizer is a shady company at best, which arranged special indemnification clauses attached to the unleashing of its covid injections, which we now know are highly deadly.

The company also produced one set of injections for its employees and another set for the general public.

WATCH:

Scroll down to leave a comment and share your thoughts.READ THE FULL REPORT

end

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

The Commercial Real Estate-Small Bank Nexus

FRIDAY, AUG 11, 2023 – 11:10 AM

By Philip Marey, Senior US Strategist at Rabobank

Summary

The increase in remote work since the COVID-19 pandemic has led to a structural downward shift in demand for office space, which poses a threat to the commercial real estate market.
Although large banks recently passed the Fed’s stress test for a recession with a 40% decline in commercial real estate prices, 80% of commercial real estate loans made by banks are concentrated in smaller banks that fall outside the scope of the Fed’s stress tests.
While commercial real estate lending by large banks has been stable, there has been a credit boom in commercial real estate loans provided by small banks, more than doubling the amount since 2006. The exposure to commercial real estate loans for smaller banks is also much higher than for large banks.
The commercial real estate-small bank nexus exposes the US economy to a vulnerability that may threaten financial stability and could contribute to a recession
IntroductionDuring the COVID-19 pandemic the occurrence of remote work jumped, out of sheer necessity. The technology was already available, but the pandemic accelerated its adoption and bypassed the hesitation of employers to allow people working from home. In many cases, remote work has been successful and therefore seems to have become a permanent feature, often in hybrid form. For employers, it has become an employee benefit to attract people in a tight labor market and it saves on office space costs. The flipside of the latter is that demand for office space has seen a structural downward shift. It is estimated that the underlying value of office space in New York City has permanently declined by 39%. This suggests that at current prices, there is a bubble in commercial real estate. In this special we are particularly interested in the implications for financial stability and the economic outlook. First we take a look at the development of commercial real estate prices and commercial real estate lending. Then we discuss the Fed’s recent stress test on large banks that included a large decline in commercial real estate prices. In contrast to the Fed’s exercise, we show that distinguishing between large and small banks provides a sharper picture of the vulnerabilities in the US economy. In particular, the connection between commercial real estate and small banks, through commercial real estate lending, could pose a threat to financial stability and make a recession worse.Commercial real estate heading southIf we plot the BIS commercial real estate price index, it is clear that since the Great Recession, commercial real estate (CRE) prices have more than doubled in nominal terms (the blue line in Figure 1), but have moved sideways since 2021. This suggests that prices have reached a plateau. However, in recent years inflation has obscured the movement of CRE prices in real terms (the orange line), which shows a peak in 2021, but since then there has been a decline, almost to the level during the COVID-19 pandemic. In other words, CRE prices are already failing to keep up with inflation. Is this an indication that the CRE bubble is already deflating? With nominal CRE prices remaining elevated, most of the nominal price correction is likely still to come. If the 39% estimate by Gupta et al. for New York City is representative for the entire United States, we are heading for a major decline in CRE prices.We can also plot the BIS index against CRE lending to show3 that rising prices for commercial real estate sparked a credit boom in commercial real estate (Figure 2). Given the academic literature linking financial crises to credit booms and busts, this should be cause for concern. Moreover, Minsky (1986) notes that an emphasis by bankers on the collateral value and the expected values of assets (instead of cashflows) is conducive to the emergence of a fragile (as opposed to a robust) financial structure.If excess demand for office space pushed up commercial real estate prices, and if that increased CRE lending by banks, what does a structural downward shift in demand for office space mean? If CRE prices are deflating, what does that mean for the indebted CRE sector? Is this going to lead to defaults? And what does that mean for the banks that did the CRE lending? Is the deflation of the CRE bubble a threat to financial stability? Also note that due to the steep hiking cycle by the Fed, some companies in the CRE sector may find it difficult to refinance their loans at substantially higher rates.We can dig deeper by looking at the demand and supply developments in CRE lending. If we look at the Fed’s SLOOS data (figure 3), it is clear that demand for CRE loans strengthened especially between 2012 and 2017. Lending standards loosened between 2012 and 2015. This era coincides with a strong rise in the CRE price index, which may have motivated banks to expand CRE lending. Demand for CRE loans weakened during the pandemic, then bounced back as the economy reopened, but headed south again in 2022. Loan standards tightened during the pandemic, then loosened again when the economy rebounded, but have tightened since 2021. In other words, there seems to be a correlation between CRE prices and demand and supply developments in CRE lending. Currently, both are heading south, if we look at CRE prices in real terms and CRE lending in terms of net demand. It seems that rising CRE prices sparked a credit boom in CRE and now that the CRE price bubble is deflating, the CRE sector has less appetite to borrow and banks are tightening their lending standards.The Fed’s incomplete stress testCRE prices are falling in real terms and credit for the CRE loans is tightening. Does this pose a problem to the economy? Not if we believe the Fed’s June 28 press release that accompanied the annual bank stress test. The stress test looked at “a severe global recession with a 40 percent decline in commercial real estate prices, a substantial increase in office vacancies, and a 38 percent decline in house prices. The unemployment rate rises by 6.4 percentage points to a peak of 10 percent and economic output declines commensurately.” However, according to the Fed “all 23 banks tested remained above their minimum capital requirements during the hypothetical recession.” Therefore, the central bank concluded that “large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession.” However, one line in the press release reveals the main problem with the Fed’s stress test: “The banks in this year’s test hold roughly 20 percent of the office and downtown commercial real estate loans held by banks.” So where is the remaining 80%? If the stress test considers a huge decline in commercial real estate prices, it might be relevant to know how this affects the banks that hold 80% of the CRE loans made by banks. Therefore we take a closer look at CRE lending by large and small banks in the next section.Bank lending: large vs small banksWe already saw in figure 2 that the rise in CRE prices until 2022 was accompanied by an increase in CRE lending. However, there is more to this story of we take a closer look at who has been doing the lending. So far we looked at aggregate bank lending to the CRE sector, without distinguishing between different types of banks. However, a closer look at the banking sector reveals a disturbing vulnerability that could be a threat to financial stability.The Fed data on commercial banks distinguish between large and small banks. Large domestically chartered commercial banks are defined as the top 25 domestically chartered commercial banks ranked by size. Small domestically chartered commercial banks are defined as all domestically chartered banks outside of the top 25. Note that according to this definition a bank of say $80 billion would still be considered ‘small.’ In figure 4 we show how CRE lending has evolved, distinguishing between large and small banks.It turns out that CRE lending by large banks has hardly increased in the last 15 years, while at the same time CRE lending by small banks has more than doubled. In other words, the growth in loans to commercial real estate has come from small banks. In fact, small banks have taken over the role of main provider of commercial real estate loans. Therefore, the Fed’s stress test omits the most relevant part of the banking sector for commercial real estate. While commercial real estate lending by large banks has remained stable since 2006, commercial real estate lending by small banks has increased rapidly. We could even talk of a credit boom in commercial real estate loans provided by small banks.Whether the increased share of CRE lending by small banks is a problem also depends on the relative importance of CRE loans for small banks (Figure 5). FDIC data (Quarterly Banking Profile) distinguish at least three classes of asset size: more than $250 billion, $10-250 billion, and $1-10 billion. The first class contains only large banks as defined by the Fed stress test, the second class is a mix of large and small banks, the third class only contains small banks. While for the largest banks, CRE loans were only 5.7% of total assets in the first quarter of 2023, for the smallest banks this is 32.9%! For the intermediate-size banks the CRE loans are 18.4% of assets. So not only is 80% of the CRE bank loans made by small banks, these loans also make up a much larger fraction of the balance sheet of small banks.Finally, it is important to note that small banks are regional banks. In fact, the US has so many small banks because for much of its history it was difficult for banks to open a branch in another state. This legislation has been abolished, and the amount of banks in the US has fallen, but there are still many small banks with predominantly regional clients. This means that CRE risk in small banks is also regionally concentrated. Instead of a diversified nationwide CRE loan portfolio, a small bank tends to make loans to local borrowers. Consequently, if commercial real estate in a region turns sour, the small banks in the area will be highly exposed. Bubble or not, any adverse development in the CRE sector is going to hit small banks harder than large banks.The commercial real estate-small bank nexus brings together two vulnerable sectors that could rapidly deteriorate in a self-reinforcing loop. Small banks have already shown vulnerable to higher interest rates and deposit outflows in March and commercial real estate is high on the list of financial stability concerns of US regulators. We have shown that the two sectors are critically connected and in the next section we speculate on the feedback mechanisms that could arise and make things worse.Roads to ruin: feedback mechanismsThe commercial real estate-small bank nexus allows for several scenarios in which both sectors could be destabilized. In the first two scenarios, a crisis occurs in one sector, causing problems in the other sector. Tighter credit and reduced activity in the CRE sector could push the economy into a mild recession. In the third scenario, a mild recession causes problems in both sectors, which could then reinforce each other and make the recession worse.
- In scenario 1, a small banking crisis leads to problems in CRE. Given that the majority of CRE loans have been made by small banks, continued problems for small banks, caused by or leading to deposit flight, could force them to tighten lending to the CRE sector. This would reduce the supply of credit to CRE, causing additional problems for the CRE sector, on top of office vacancies and stagnating prices.
- In scenario 2, a CRE crisis causes small banks to collapse. Even if small banks stabilize in the near future from the recent deposit flight problems, they could subsequently be dragged down by a crisis in the CRE sector. Defaults in CRE will asymmetrically hurt small banks rather than large banks, because of the concentration of CRE risks at small banks. This could lead to a new round of deposit flight from small banks to large banks and money market funds. The losses on loans and loss of funding could be lethal to small banks.
- In scenario 3, a mild recession could cause a small banking crisis and a CRE crisis. In turn, this could lead to a more severe recession. A mild recession, for example caused by the Fed’s hiking cycle, will hurt the banking sector and the CRE sector at the same time. In particular, a recession would further reduce demand for office space. This will add to the problems in the CRE sector. Increased CRE defaults will hurt banks, especially the smaller ones with relatively more exposure to CRE. Losses on CRE loans will force banks to tighten credit, including for the CRE sector. The self-reinforcing problems in the two sectors could further drag down the overall economy, making the initially mild recession more severe. Specifically, tighter credit and reduced activity in the CRE sector will drag down GDP growth further.
We summarize the specific feedback mechanisms in the commercial real estate-small bank nexus in figure 6.More broadly, we already saw in March how problems at small banks had an immediate adverse impact on financial markets. In combination with a faltering CRE sector this could severely undermine confidence among investors, consumers and businesses. This would have a broad-based negative impact on GDP growth.ConclusionCOVID-19 appears to have a lasting negative impact on demand for commercial real estate. The federal regulators are aware of the risks in commercial real estate, but the Fed’s stress test provides a false sense of security. The finding that large banks are able to absorb losses on CRE loans in case of a CRE crisis is encouraging, but the bulk of CRE bank loans has been provided by small banks. In fact, while CRE lending by large banks has been stable, there has been a credit boom in CRE loans provided by small banks, more than doubling the amount since 2006. What’s more, small banks are more vulnerable to the CRE sector in terms of exposure and have already been hit by deposit outflows earlier this year. The commercial real estate-small bank nexus exposes the US economy to a vulnerability that could threaten financial stability and either cause a recession or make a recession more severe.

end

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

end

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR: 1.0995 UP 0.0014

USA/ YEN 144.53 DOWN 0.323 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2729 UP 0.0059

USA/CAN DOLLAR: 1.3435 DOWN .0009 (CDN DOLLAR UP 9 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 65.31 PTS OR 2.01%

Hang Seng CLOSED DOWN 173.07 PTS OR 0.90%

AUSTRALIA CLOSED DOWN 0.19 % // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG DOWN 173.07 PTS OR 0.90%

/SHANGHAI CLOSED DOWN 65.31 PTS OR 2.01%

AUSTRALIA BOURSE CLOSED DOWN 0.19%

(Nikkei (Japan) CLOSED

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1918.05

silver:$22.73

USA dollar index early FRIDAY morning: 102.32 DOWN 5 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.305% UP 8 in basis point(s) yield

JAPANESE BOND YIELD: +0.581% UP 0 AND 0//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.623 UP 8 in basis points yield

ITALIAN 10 YR BOND YIELD 4.239 UP 9 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6135 UP 11 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.0966 DOWN 0.0015 or 15 basis points

USA/Japan: 144,76 DOWN 0.097 OR YEN UP 10 basis points/

Great Britain/USA 1.2711 UP 0.0041 OR 41 BASIS POINTS //

Canadian dollar UP .0011 OR 11 BASIS pts to 1.3417

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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2335

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2567)

TURKISH LIRA: 27.05 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 5 in basis points from THURSDAY at 4.137% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.257 UP 3 in basis points ON THE DAY/12.00 PM

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

London: CLOSED DOWN 94.44 points or 1.24%

German Dax : CLOSED DOWN 164.35 PTS OR 1.03%

Paris CAC CLOSED DOWN 93.43 PTS OR 1.26%

Spain IBEX DOWN 67.900 PTS OR 0.71%

Italian MIB: CLOSED DOWN 300.31 PTS OR 1.05%

WTI Oil price 81.79 12: EST

Brent Oil: 85.26 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 99.30; ROUBLE DOWN 1 AND 84//100

GERMAN 10 YR BOND YIELD; +2.6135 UP 11 BASIS PTS

UK 10 YR YIELD: 4.5655 UP 15 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0946 DOWN 0.0036 OR 36 BASIS POINTS

British Pound: 1.2693 UP .0023 or 23 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.5775 % UP 17 BASIS PTS//

JAPAN 10 YR YIELD: .580%

USA dollar vs Japanese Yen: 144.98 UP 0.125 //YEN DOWN 13 BASIS PTS//

USA dollar vs Canadian dollar: 1.3448 UP .0004 CDN dollar,DOWN 4 basis pts)

West Texas intermediate oil: 83.17

Brent OIL: 86.63

USA 10 yr bond yield UP 9 BASIS pts to 4.170%

USA 30 yr bond yield UP 7 BASIS PTS to 4.306%

USA 2 YR BOND: UP 8 PTS AT 4.895%

USA dollar index: 102.73 UP 36 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 27.05 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 99.43 DOWN 1 AND 97/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 105.71 PTS OR 0.30%

NASDAQ 100 DOWN 100.77 PTS OR 0.78%

VOLATILITY INDEX: 15.02 DOWN 0.83 PTS (5.25)%

GLD: $177.79 DOWN 0.00 OR 0.00%

SLV/ $20.80 DOWN ,00 OR 0.00%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

Bonds & Big-Tech Battered As Inflation Fears Trump Payrolls Hope

BY TYLER DURDEN

FRIDAY, AUG 11, 2023 – 04:00 PM

The trend of weaker ‘hard’ data and hope-filled ‘soft’ data stalled a little this week as the latter failed to improve…

Source: Bloomberg

But the big theme of the week was ‘inflation’ appearing to be stickier than many ‘soft landing’ narratives had accounted for which pushed Fed rate expectations higher on the week (erasing the dovish response to last week’s payrolls)

Source: Bloomberg

For the first time since December, the Nasdaq is down for two straight weeks as the smell of fear wafts across the AI-bubble-buyers. The Dow managed gains on the week but S&P and Small Caps joined big tech in the red on the week…

NVDA was the big loser, down over 8% on the week (its biggest weekly loss since Sept 2022… right on schedule…

Source: Bloomberg

‘Most Shorted’ stocks tumbled for the 2nd straight week, as all squeeze attempts were foiled by selling pressure as the index shifted to negative gamma. In fact, the most-shorted basket is down for 8 of the last 9 days…

Source: Bloomberg

SpotGamma’s Gamma Tilt index is decidedly negative…

A chaotic week across markets left VIX lower but VVIX still in the danger zone around 100…

Source: Bloomberg

Treasury yields were up across the curve with the bally underperforming…

Source: Bloomberg

However, extending that a little, we see that bonds have basically roundtripped from before last Friday’s payrolls

Source: Bloomberg

The dollar ended higher on the week, as CPI/PPI sparked USD-buying, erasing the post-payrolls drop…

Source: Bloomberg

Crypto was relatively quiet once again with Bitcoin chopping around the $29-30k range. Solana outperformed…

Source: Bloomberg

Gold and Silver were the week’s biggest losers in commodity-land as NatGas soared. Crude was flat and copper slightly lower…

Source: Bloomberg

Finally, we noted that spec positioning on US equity futures vs. intermediate sector UST futures is about to take out all time highs…

…and US equities are excitedly divergent from Fed bank reserves…

What could possibly go wrong?

b) THIS MORNING TRADING//

end

II) USA DATA/

Producer Prices Rose More Than Expected In July; Money Management Fees Soar

FRIDAY, AUG 11, 2023 – 08:40 AM

After yesterday’s mixed picture from CPI, all eyes are on producer prices for signs of ‘stickiness’ in the pipeline for consumer prices. Against expectations of a 0.2% MoM rise, headline producer prices rose more than expected (+0.3% MoM – biggest jump since Jan 2023), pushing the YoY rise up to 0.8%…

Source: Bloomberg

end

III) USA ECONOMIC STORIES

The hottest job is a UPS driver at $170,000

(zerohedge0

Thank Unions: Hottest Job Is $170k UPS Driver

THURSDAY, AUG 10, 2023 – 06:40 PM

Earlier this week, United Parcel Service (UPS) slashed its financial outlook after reaching an agreement with the Teamsters Union in late July. This deal ensures delivery drivers receive an annual pay of $170,000. Even part-time employees are set to earn $25.75 an hour. As a result, UPS job searches are erupting nationwide.

Bloomberg cited data from online jobs website Indeed, which recorded a 50% jump in searches for “UPS” or “United Parcel Service” in the job title last month when the union secured $30 billion in new money for its members over the next five years.

Google search results show “UPS driver jobs near me” soared to a record high.

We should note the tentative agreement has yet to be accepted by the Teamsters Union, and a vote will be announced on Aug. 22.

Unions have been pushing companies to improve on-the-job conditions amid the worst inflation in a generation and two years of negative real wage growth that decimated households. Companies that have conceded to union demands, like UPS, are emerging as the most sought-after jobs due to pay hikes.

While it’s unlikely the 340,000 union members will pass up this sweetheart deal, UPS slashed its full-year outlook this week on sliding package delivery volumes and costs associated with the union. Bloomberg explained the souring conditions for UPS means: “The company is most likely not going to hire en masse right now.”

Meanwhile, there are other rumblings in the transportation space. Pilots at FedEx rejected a union-brokered deal that would have raised their wages by about 30% through 2028. Union members were displeased with FedEx, citing higher wages at airlines.

“Labor groups seem to find it more appealing to reject the first offer to get a better second offer,” Helane Becker, an analyst at investment banking company TD Cowen, said. She added, “Sometimes it doesn’t get better.”

Some labor fights with unions and companies have sparked turmoil. Trucking company Yellow Corp. filed for bankruptcy this week, placing the blame on the union:

“We faced nine months of union intransigence, bullying and deliberately destructive tactics.”

And the wave of union bosses making outsized demands at other companies could only be in the beginning innings. This will only lead to higher prices and could drive some companies out of business, such as what happened to Yellow.

Rising labor disputes and wage inflation will likely mean elevated overall inflation, signaling the Fed’s job isn’t done.

end

Scarcity of units has hit Manhattan rents. New York has an affordability crisis

(zerohedge)

Manhattan Rents Hit Record High As Lease Activity Slumps, Indicating Deepening Affordability Crisis

THURSDAY, AUG 10, 2023 – 09:20 PM

New York City is experiencing the worst housing crisis in a generation. The limited supply of apartments led to record high rents in July, the peak rental month of the year, just before the start of the school year.

Data from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate showed Manhattan’s median rent topped $4,400, up 2.3% from June. Rents soared 11% in Brooklyn to $3,950 and in northwest Queens. In Astoria and Long Island City, rents rose 1.9% to $3,641. Manhattan rents reached a record high for the fourth time in five months.

Bloomberg quoted Jonathan Miller, president of Miller Samuel, who said, “We’re arriving at the tolerance level of the market. Prices are rising, reaching new records. Leasing activity is weakening, likely due to the record rents — tenants aren’t getting relief.”

Miller said another record high could be seen in August as families and students sign leasing agreements ahead of the new school year.

Despite Manhattan’s population plunge of 400,000 between June 2020-22 and half-empty office towers scattered across the area, there still appears to be demand for apartments amid tight supply.

Miller pointed out that inventory is beginning to rise, and the decline of leases might indicate people have hit a breaking point: “It looks like rents are probably close to the tipping point… We’re seeing transactions slip because of affordability.”

A separate report, published in April by Fund for the City of New York & United Way of New York City, found half of the households in the city barely had enough money to ‘comfortably’ afford rent and other expenses.

Meanwhile, the latest CPI print shows shelter costs nationwide have not only reached their peak but are now starting to decline.

If Miller is correct, the rental affordability breaking point is quickly approaching.

end

Hawaii’s Maui island. Death toll 55 from the wildfires

(zerohedge)

‘Looks Like Bomb Went Off’: Death Toll Tops 55 From Maui Wildfires

FRIDAY, AUG 11, 2023 – 07:20 AM

The death toll from the wildfires that ravaged the resort town of Lahaina on the island of Maui jumped to 55 on Friday. Local authorities believe the count may rise, and recovery of remains could be days or even weeks.

On the heels of Hawaii declaring a state of emergency, President Biden approved Hawaii’s disaster declaration on Thursday, allowing federal funds to pour into Maui County.

“Anyone who’s lost a loved one, whose home has been damaged or destroyed, is going to get help immediately,” Biden said.

He continued, “Damage assessments are continuing, and additional forms of assistance may be designated after the assessments are fully completed.”

Earlier, Maui County Fire Chief Brad Ventura said the fire that leveled Lahaina was 80% contained. None of the fires burning in the area are 100% contained.

Fire Map: Island of Maui

Fire Map: Lahaina

Here’s the aftermath in Lahaina.

Before and After

Hawaii Gov. Josh Green said the fire is the largest natural disaster in the state’s history. He said there was no question in his mind that rebuilding the town would take billions of dollars and years.

Green added: “It does appear like a bomb and fire went off, if I may. And all of those buildings virtually are going to have to be rebuilt.”

end

USA// COVID//VACCINE/

SWAMP STORIES

A must read…

(Jonathan Turley)

‘This Is Not The Scandal You’re Looking For’: How Washington Is Attempting To Dismiss $20 Million As An Illusion

THURSDAY, AUG 10, 2023 – 09:00 PM

Authored by Jonathan Turley,

I previously wrote a column marveling at the success of the Bidens in pulling off one of the neatest tricks in political history. I analogized it to how Houdini used to make his 10,000-pound elephant Jennie disappear on a stage in front of a live audience. The media and political establishment is now striving to top that performance by declaring $20 million in payments to Biden family members as an “illusion” of influence. At the heart of this scandal is the BFF, the Biden Family Fund.

Here is the column:

This week, President Joe Biden responded to calls for greater access to the media with a blockbuster interview with . . . the Weather Channel.

The interview immediately prompted critics to speculate that the president wanted to continue to talk about the weather – the same claim made after the disclosure of his participation in various dinners with his son’s foreign associates.

As the number of these dinners, meetings and outings increase, Joe Biden appears to have covered more meteorological subjects than Al Roker.

The problem is that conditions are worsening in Washington.

This week, House Oversight Committee Chairman James Comer released a third report on the ongoing investigations into the Biden corruption scandal.

The latest bank records indicate the Biden family has received more than $20 million, including from corrupt Kazakh figures.

Some of this money provided Hunter Biden with extravagant toys. On April 22, 2014, Kazakh oligarch Kenes Rakishev wired $142,300 to the Rosemont Seneca Bohai bank account.

That account then shows the exact same amount being wired to a New Jersey car dealership for a Fisker sports car for Hunter.

Finding the Fisker unsuitable, Hunter traded it in for a Porsche.

Notably, these payments often coincided with dinners and meetings with Joe Biden.

Russian oligarch Yelena Baturina, the widow of Moscow ex-Mayor Yury Luzhkov, wired $3.5 million to Rosemont Seneca Thornton Feb. 14, 2014.

She later attended a dinner with Joe and Hunter Biden at Washington, DC, hotspot Café Milano.

For weeks, Joe Biden’s prior claims have been collapsing as his allies in the media and Congress struggle for an alternative spin on these new disclosures.

The president’s denials of any knowledge of his son’s foreign dealings finally have been exposed as a lie.

Even the Washington Post has acknowledged Biden lied when he insisted that Hunter never made any money in China.

It was always a boldfaced falsehood (and a confusing claim from a man who insisted that he had no knowledge of his son’s foreign dealings).

But the testimony of associate Devon Archer and new bank records forced the paper and others to recognize the falsehood.

There is also the confirmation that Biden’s long denials that he attended key dinners with Hunter’s business associates were false.

Most notably, the media are grudgingly admitting that Hunter was openly selling influence peddling and access to his father as part of what Archer called “selling the brand.”

The final line of defense is now that Hunter Biden was selling access to Joe Biden but it was an “illusion.” The reason, they claim, is there is no evidence of direct payments to Joe and Jill Biden.

There is, of course, nothing “illusionary” about tens of millions moving to Hunter and other family members.

But political spins are often built on illusions. The latest is that Joe Biden only benefits from these payments if they were directly deposited in his accounts.

For a family that Hunter explained was “the best” at this type of dealing, it is absurd to expect a deposit slip from a corrupt Ukrainian official to the account of Joe and Jill Biden, one of the most vulnerable accounts in the world to review and monitoring.

These claims, moreover, ignore emails discussing Hunter’s and his father’s use of joint accounts to pay for expenses, including how one account was used to pay Joe’s taxes. There is also Hunter’s complaint that he was using half of his earnings to support his father. Indeed, one trusted FBI informant said that, in planning a bribe, one foreign figure was told to avoid direct payments to Joe Biden. Today, that is as amateurish as an envelope of cash and the Bidens have been in the business of influence peddling for decades.

Responding to the new evidence, Washington Post columnist Phillip Bump led the charge in asking: Where’s the bribe?

In other words, as long as Hunter got the luxury car, Joe didn’t benefit or receive a bribe.

(Notably, Bump did not have the same high standards when he pushed the false claim over a photo op in Lafayette Park and later refused to concede with the rest of the media on the lack of Russian collusion with Donald Trump.)

Not even millions to Biden children and grandchildren would seem to satisfy Bump as an inducement for the then-vice president.

Yet the greatest illusion is the claim Joe Biden would only be motivated by a direct payment to one of his accounts.

Biden clearly benefited from millions going to the Biden Family Fund (BFF). Even grandchildren received some of the transfers funneled through a labyrinth of accounts.

Joe Biden is 80 years old. Despite holding only government jobs in his career, he is worth an estimated $8 million.

Forbes reported he earned $17.3 million over the four years he was out of office. He will never spend his fortune. Any additional money would have to pass to his descendants.

For most wealthy people in their final years, the challenge is not raising more money but getting that money to your children without heavy taxes or delays.

This money was going to his BFF. That is a benefit and probably of greater value to a man of Joe Biden’s age and wealth.

None of this has stopped politicians, press and pundits from insisting that absent a direct payment to the president’s account, there is no corruption or crime.

After all, $20 million going to a president’s family is like complaining about the weather in Washington.

end

Rand Paul: “No Clearer Case Of Perjury In The History Of Government Testimony Than Fauci”

FRIDAY, AUG 11, 2023 – 01:10 PM

Authored by Steve Watson via Summit News,

Senator Rand Paul told Fox News Thursday that in the case of Anthony Fauci “I don’t think there’s ever been a clearer case of perjury in the history of government testimony, and I don’t say that lightly.”

Paul explained that Fauci “said adamantly that the government never funded this [coronavirus] gain-of-function research.”

“We now have the Government Accountability Office, the GAO, has admitted that the funding came from the NIH,” Paul continued, adding “We have the acting director [Lawrence] Tabak, of the NIH, admitting it in writing that it came from the NIH.”

Paul further noted that “the smoking gun… is Fauci in private saying the opposite of what he was saying in public when he was publicly telling me that absolutely, we do not fund gain-of-function research in China.”

“He says privately we are suspicious that the virus has been manipulated and we are suspicious because we know they are doing gain-of-function research. He then goes on to describe the research, and it’s exactly the research that the NIH funded,” the Senator urged.

Paul explained why he is ramping up his criminal referral, noting that “we have an incredibly partisan Attorney General [Merrick] Garland, who is refusing to act, so I’ve taken the extraordinary step of actually going to the local U.S. attorney in D.C. to see if he will act.”

“The problem is there are partisans littered throughout the legal system, and people are seeing this. You don’t get prosecuted if you’re a Democrat under this administration, no matter what you do,” Paul warned.

Watch:

https://www.zerohedge.com/political/rand-paul-no-clearer-case-perjury-history-government-testimony-fauci

END

What a bunch of crap!! David Weiss? STILL PROTECTING THE BIG GUY!

Special Counsel Appointed In Hunter Biden Investigation

FRIDAY, AUG 11, 2023 – 12:32 PM

Bowing to pressure from conservatives and anyone interested in not appearing like a banana republic, Attorney General Merrick Garland appointed US Attorney David Weiss as special counsel in the ongoing probe of Hunter Biden, NBC News reports.

“On Tuesday of this week, Mr. Weiss advised me that in his judgment, his investigation had reached a stage at which he could should continue his work as a special counsel, and he asked to be so appointed,” said Garland in a Friday press conference. “Upon considering his request, as well as the extraordinary circumstances relating to this matter. I have concluded that it is in the public interest to appoint him as special counsel.“

Watch:https://twitter.com/RNCResearch/status/1690036303079895041?

ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1690036946175991808%7Ctwgr%5E0915a778ac49b65bfd8ed70a0de238ac9065097d%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fspecial-counsel-appoin

More via NBC:

Weiss will be responsible for the “ongoing investigation” of President Joe Biden’s son “as well as for any other matters that arose or may arise from that investigation,” the Justice Department said in a statement. Weiss asked to be appointed special counsel on Tuesday and Garland agreed it was “in the public interest” to do so, the attorney general said.

DOJ noted that Weiss, who was already overseeing the Hunter Biden probe, was nominated by then-President Donald Trump in 2017 and confirmed by the Republican-controlled Senate in 2018.

Hunter Biden agreed to plead guilty to misdemeanor charges related to his failure to pay income taxes earlier this year. But while standing in court last month waiting to enter the plea, the agreement fell apart over confusion about a separate gun charge.

Recall that Weiss shocked IRS and FBI investigators in an October 22, 2022 meeting in which he told officials that he had a limited ability to investigate Biden despite Garland’s repeated assurances that Weiss had total authority over his investigation.

In May, an IRS whistleblower, Gary A. Shapely Jr., told Congress he was so dismayed by Weiss’s statement and other admissions that he memorialized them in a communication to other team members.

Shapley and another whistleblower detail what they describe as a pattern of interference with their investigation of Hunter Biden, including the denial of searches, lines of questioning, and even attempted indictments.

Many have speculated that the appointment of Weiss as special counsel also means that the DOJ can block Congressional oversight of Hunter Biden’s sweetheart deal until after the 2024 election.

However, according to Jonathan Turley: “A Special Counsel investigation will not prevent the House from pursuing an impeachment inquiry, particularly if Garland is still refusing to expand the scope of the mandate to Weiss to include the influence peddling allegations against Joe Biden.”

And there you have it…

END

Hunter Biden Trial Likely As Plea Deal Negotiations Implode: DOJ

FRIDAY, AUG 11, 2023 – 02:53 PM

Federal prosecutors on Friday said in a new filing that a court trial is now likely in the Hunter Biden tax evasion case.

As the Daily Caller reports, prosecutors said in a Friday motion that plea negotiations which continued after Hunter Biden’s previous deal fell apart during his July 26 hearing are “at an impasse.”

Biden’s team had sought immunity for charges unrelated to allegations of tax evasion in a pretrial diversion agreement, prompting Judge Maryellen Noreika to intervene in the deal. –Daily Caller

“The Government now believes that the case will not resolve short of a trial,” reads the filing.

And to nobody’s surprise, prosecutors want the case moved to a different district, as part of Friday’s motion was to dismiss charges filed in Delaware so that the government could bring them in a different district.

“The information was filed in this District because the parties had previously agreed that the Defendant would waive any challenge to venue and plead guilty in this District,” the filing reads.

The move comes after Judge Noreika said she wasn’t ready to accept the plea deal which gave Hunter Biden immunity from future prosecution on unrelated matters.

The hearing was temporarily derailed when judge Noreika said she didn’t understand what Hunter Biden could still be charged with. She asked questions that exposed a difference of understanding between Justice Department prosecutors and Biden’s lawyer, Chris Clark.

“I don’t really understand the scope” of the agreement, Noreika said. She noted that Biden has had numerous foreign business dealings. At one point, she raised a hypothetical as to whether Biden could be charged as acting as an unregistered foreign agent under the Foreign Agents Registration Act. –Bloomberg

Under the original plea agreement, Biden intended to plea guilty to two misdemeanor tax crimes committed in 2017 and 2018, and would avoid prison on the gun possession charge.

Read the filing below:

https://www.zerohedge.com/political/hunter-biden-trial-likely-plea-deal-negotiations-implode-doj

TUCKER CARLSON..

THIS WAS TAPED FOR FOX NEWS BUT NEVER AIRED. TUCKER RELEASES IT NOW!

a must view

(Tucker Carlson)

It Was Pelosi: Former Capitol Police Chief Reveals ‘Set Up’ Behind January 6

THURSDAY, AUG 10, 2023 – 10:00 PM

Tucker Carlson released a bombshell interview with former Capitol Police Chief Steven Sund on Wednesday, during which Sund explains what happened on January 6, 2021 in great detail.

Carlson and Sund had notably recorded an entire interview on Fox News, which never aired.

Perhaps most damning is Sund’s claim that then-House Speaker Nancy Pelosi (D-CA) refused to authorize the deployment of the National Guard at the Capitol despite Sund’s pleas, and that federal agencies withheld information and warning signs of potential dangers prior to the riot.

“It doesn’t seem like people really want to get to the bottom of it,” said Sund, adding “It really doesn’t. And it just gets worse. It gets worse from there.”

Sund got approval to bring in the National Guard at 2:09 p.m. Before his approval, he alleged that he begged several generals, including General Michael Flynn, to bring the National Guard. The officials told Sund they did “not like the optics of the National Guard” as he allegedly begged for their assistance to intervene in the violence. –Daily Caller

“This sounds like a set up to me,” Carlson said, adding “I’m sorry, it does.”

To which Sund replied:

“It gets better. So I beg and beg and he goes ‘well, I’m gonna walk down the hall and we’ll talk to the Secretary of Defense or whoever he’s gonna talk to. Right then I get a notification, oh, I’m still on the call, we have the shooting of Ashli Babbitt. And I said we have shots firing, I still remember yelling over the phone. We have shots firing on the U.S. Capitol, is that urgent enough for you now?“

According to Sund, the National Guard didn’t show up until 6 p.m., hours after the fatal shooting of Babbitt. He also claimed that the Pentagon deployed resources to the homes of generals, but not the Capitol.

Watch:https://www.zerohedge.com/political/it-was-pelosi-former-capitol-police-chief-reveals-set-behind-january-6

THE KING REPORT

END

GREG HUNTER..

a must view

Biden Crime Family Subpoenas, Karen Kingston Marked for Death, Hawaii Burns

Biden Crime Family Subpoenas, Karen Kingston Marked for Death, Hawaii Burns

By Greg Hunter On August 11, 2023 In Weekly News Wrap-Ups9 Comments

By Greg Hunter’s USAWatchdog.com (WNW 594 8.11.23)

It’s about to get ugly for the Biden’s in the coming weeks. Representative James Comer says Congress is going to subpoena the Bidens to get to the bottom of the alleged bribes paid to President Joe Biden’s family with the help of bagman Hunter Biden. One report says Comer believes new evidence, including testimony from Hunter Biden’s former business partner, Devon Archer, directly implicated the President in his son’s foreign business calls. IRS whistleblowers and FBI documents show millions of dollars have gone to the Biden family from foreign sources like China without good reason.

Biotech analyst Karen Kingston has been on the cutting edge of criticism of the deadly and debilitating CV19 vaccines. Kingston was one of the first to call it a bioweapon and is pushing county sheriffs to pull it off the shelves. Kingston has left the country because she says she is “marked for death by the Deep State, FBI and CIA. Some say there is nothing that can be done to stop the deadly nanoparticle tech from destroying human life on planet Earth. Kingston says that is a lie, and much can be done if local law enforcement will just act to save the public from nanoparticle technology. Click here for her latest message from Mexico.

Hawaii is on fire, and there are more than 50 people dead and billions in property damage because of deadly wildfires. Nobody has figured out how they started, but there are billions of dollars in property damage and many burn victims.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up 8.11.23.

https://usawatchdog.com/biden-crime-family-subpoenas-karen-kingston-marked-for-death-hawaii-burns/)

After the Interview:

Financial writer and precious metals expert Bill Holter will be the guest for the Saturday Night Post. Dark financial clouds are gathering, and he is going to tell us when the downpour will start.

SEE YOU MONDAY