Shanghai Gold Benchmark Price

USD oz AM1940.24

PM1942.10

Historical SGE Fix

New York price at the time: $1896.00

premium $44,00

xxxxxxxxxxxxxxxxxx

Bitcoin morning price:, $26,064 DOWN 16 Dollars

Bitcoin: afternoon price: $25.876 DOWN 188 dollars

Platinum price closing $924.00 UP $9.40

Palladium price; $1261.00 UP $21.80

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: $2,571.91 UP 5.400 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1490.17 UP 5.36 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1749.21 UP 10.69 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: AUGUST 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,893.300000000 USD
INTENT DATE: 08/21/2023 DELIVERY DATE: 08/23/2023
FIRM ORG FIRM NAME ISSUED STOPPED

363 H WELLS FARGO SEC 83435 H SCOTIA CAPITAL 250
624 H BOFA SECURITIES 361
661 C JP MORGAN 20
737 C ADVANTAGE 10 2

JPMorgan stopped 0 /363 contracts.

FOR AUGUST:

GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2023. CONTRACT: 363 NOTICES FOR 36,300 OZ or 1.129 TONNES

total notices so far: 11,210 contracts for 1,121,000 oz (34.867 tonnes)

FOR AUGUST:

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

total number of notices filed so far this month : 950 for 4,750,000 oz

XXXXXXXXXXXXXXXXXXXXXXXX

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation

END

GLD

WITH GOLD UP $2.95

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD//HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD

INVENTORY RESTS AT 889.23 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP 12 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT THE SLV:

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 451.373 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A GIGANTIC SIZED 1544 CONTRACTS TO 137,895 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.59 GAIN IN SILVER PRICING AT THE COMEX ON MONDAY. TAS ISSUANCE WAS A FAIR SIZED 1014 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 MONDAY NIGHT: 1044 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 $0.59). AND WERE UNSUCCESSFUL IN KNOCKING OF ANY SILVER CONTRACTS AS WE HAD A MEGA GIGANTIC SIZED GAIN OF 3815 CONTRACTS ON BOTH EXCHANGES ALONG WITH ZERO T.A.S.LIQUIDATION THROUGHOUT THE COMEX SESSION.

WE MUST HAVE HAD:

A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS( 2271 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 REMAINS AT 4.655 MILLION OZ + OUR NEW CRIMINAL 574 CONTRACTS OF EXCHANGE FOR RISK FOR 2.870 MILLION OZ + EXCHANGE FOR RISK = 5.20 MILLION OZ/// NEW TOTAL STANDING FOR SILVER: 12.825 MILLION OZ/// // // HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE (1044 CONTRACTS)/574 EXCHANGE FOR RISK ISSUED FOR 2.870 MILLION OZ//

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -597 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 16 days, total 20,726 contracts: OR 103.630 MILLION OZ (1235 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 103.630 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: 103.630 MILLION OZ (THIS MONTH IS GOING TO BE VERY STRONG

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1544 CONTRACTS WITH OUR GAIN IN PRICE OF $0.59 IN SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG EFP ISSUANCE CONTRACTS: 1044 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 4.755 MILLION OZ+ 8.07 MILLION OZ EXCHANGE FOR RISK NEW TOTALS 12.825 MILLION OZ//// WE HAVE A MEGA GIGANTIC SIZED GAIN OF 3815 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 1044 CONTRACTS//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION . THE NEW TAS ISSUANCE MONDAY NIGHT (1044) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

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

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 775 CONTRACTS TO 431,947 AND FURTHER FROM 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: 719 CONTRACTS

WE HAD A SMALL SIZED DECREASE IN COMEX OI ( 775 CONTRACTS) DESPITE OUR $7.15 GAIN IN PRICE//FRIDAY. WE ALSO HAD A RATHER SMALL INITIAL STANDING IN GOLD TONNAGE FOR AUGUST. AT 30.656 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 51,500 OZ QUEUE JUMP + PRIOR ISSUANCE OF EXCHANGE FOR RISK = (.684 TONNES) //NEW STANDING 35,461 TONNES + .684 EXCHANGE FOR RISK = 36.145/ + /A SMALL (AND CRIMINAL) ISSUANCE OF 565 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED DESPITE OUR $7.15 GAIN IN PRICE WITH RESPECT TO MONDAY’S TRADING.WE HAD A SMALL SIZED GAIN OF 441 OI CONTRACTS (1.372 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1935 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 431,947

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 441 CONTRACTS WITH 775 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 1935 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1220 CONTRACTS OR 1.372 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A SMALL 505 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1935 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (1494) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 441 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 51,500 OZ QUEUE JUMP //NEW STANDING 35.461 TONNES + .684 TONNES (EXCHANGE FOR RISK//PRIOR) NEW TOTALS: 36.145 TONNES/// 3) ZERO LONG LIQUIDATION WITH ZERO TAS LIQUIDATION DURING THE COMEX SESSION //4) SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: SMALL T.A.S. ISSUANCE: 505 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: 44,508 CONTRACTS OR 4,450,800 OZ OR 138.438 TONNES IN 16 TRADING DAY(S) AND THUS AVERAGING: 2781 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 16 TRADING DAY(S) IN TONNES 138.438 TONNES

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

THUS EFP TRANSFERS REPRESENTS 138.438/3550 x 100% TONNES 3.91% 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: 138.438 TONNES (A STRONGER MONTH)

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF 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 ROSE BY A GIGANTIC SIZED 1544 CONTRACTS OI TO 137,895 AND CLOSER TO OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A GIGANTIC 2271 CONTRACTS

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

SEPT 2271 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2271 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1544 CONTRACTS AND ADD TO THE 2271 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A MEGA GIGANTIC GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3815 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 19.075 MILLION OZ

OCCURRED DESPITE OUR $0.59 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//

TUESDAY MORNING//MONDAY NIGHT

SHANGHAI CLOSED UP 27.36 PTS OR 0.88% //Hang Seng CLOSED UP 167.72 PTS OR 0.65% /The Nikkei CLOSED UP 291.07 PTS OR 0.92% //Australia’s all ordinaries CLOSED UP .08 % /Chinese yuan (ONSHORE) closed DOWN 7.2946 /OFFSHORE CHINESE YUAN DOWN TO 7.3055 /Oil UP TO 80.40 dollars per barrel for WTI and BRENT UP AT 83.98 / Stocks in Europe OPENED ALL GREEN// 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

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1494 CONTRACTS DOWN TO 431,947 DESPITE OUR GAIN IN PRICE OF $7.15 ON MONDAY.

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 1935 EFP CONTRACTS WERE ISSUED: : DEC 1935 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1935 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED TOTAL OF 441 CONTRACTS IN THAT 1935 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 1494 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $7.15//MONDAY 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 MONDAY NIGHT WAS A SMALL 515 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)//

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: AUGUST (34.542) ( 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: 36.145 TONNES (INCLUDING .6842 EXCHANGE FOR RISK)

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $7.15) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A SMALL GAIN OF 441 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD ZERO T.A.S. LIQUIDATION ON THE FRONT END OF YESTERDAY’S TRADING. THE T.A.S. ISSUED ON MONDAY 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 1.372 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 51,500 OZ QUEUE JUMP //NEW STANDING ADVANCES QUITE A BIT TO 35.461 TONNES + .6842 (PRIOR EXCHANGE FOR RISK) //NEW TOTAL 36.145 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $7.15.

WE HAD – REMOVED 719 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 441 CONTRACTS OR 44,100 OZ OR 1.372 TONNES.

Estimated gold volume today:// 132,441 awful

final gold volumes/yesterday 147,976 awful//speculators have left the gold arena

//AUGUST 22/ FOR THE AUGUST 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	NIL OZ .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	nil OZ
No of oz served (contracts) today	363 notice(s) 36,300 OZ 1.129 TONNES
No of oz to be served (notices)	191 contracts 19,100 oz 0.59409 TONNES
Total monthly oz gold served (contracts) so far this month	11,210 notices 1,121,000 OZ 34.867 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

0 dealer deposit:

total dealer deposits: NIL oz

customer deposits: 0

total customer deposits: nil oz

we had 0 customer withdrawals

total withdrawals NIL oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an oi of 554 contracts having GAINED 508 contracts. We had 7 contracts filed

on Monday, so we gained 515 contracts or an additional 51,600 oz will not stand at the comex,

Sept gained 376 contracts to 3520.

Oct lost 340 contracts to 32,991 contracts.

We had 363 contracts filed for today representing 36,300 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 20 notices were issued from their client or customer account. The total of all issuance by all participants equate to 363 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped received by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the AUGUST /2023. contract month,

we take the total number of notices filed so far for the month (11,121 x 100 oz ), to which we add the difference between the open interest for the front month of AUGUST (554 CONTRACT) minus the number of notices served upon today 363 x 100 oz per contract equals 1,140,100 OZ OR 35.461 TONNES the number of TONNES standing in this active month of AUGUST. + .684 TONNES EXCHANGE FOR RISK/prior = 36.145 tonnes

thus the INITIAL standings for gold for the AUGUST contract month: No of notices filed so far (11,210) x 100 oz + (554) {OI for the front month} minus the number of notices served upon today (363) x 100 oz) which equals 1,140,100 oz standing OR 35.461 TONNES + .684 TONNES OF EXCHANGE FOR RISK/prior = 36.145 TONNES

TOTAL COMEX GOLD STANDING: 36.145 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: 2,110,978.535 OZ 65.66 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,752,764.760 OZ

TOTAL REGISTERED GOLD: 11,121,509.498 (345,92 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,631,255.262 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,010,531 OZ (REG GOLD- PLEDGED GOLD) 280.26 tonnes//dropping rapidly/

END

SILVER/COMEX

AUGUST 22

//2023// THE AUGUST 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	1,060,511.395 oz CNT Delaware Loomis .
Deposits to the Dealer* Inventory*	nil oz
Deposits to the Customer Inventory	nil
No of oz served today (contracts)	0 CONTRACT(S) (nil OZ)
No of oz to be served (notices)	1 contracts (5000 oz)
Total monthly oz silver served (contracts)	950 Contracts (4,750,000 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 0 deposits customer account:

total customer deposits: nil oz

JPMorgan has a total silver weight: 139.276 million oz/277.508 million =50.18% of comex .//

Comex withdrawals 3

i) Out of CNT 404,598.521 oz

ii) Out of Delaware 78,382.424 oz

iii) Out of Loomis; 581,538.440 oz

total: 1,066,511.355 oz

adjustments: 0

TOTAL REGISTERED SILVER: 27.604 MILLION OZ//.TOTAL REG + ELIGIBLE. 277.508 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

FRONT MONTH OF AUGUST /2023 OI: 1 CONTRACTS HAVING LOST 0 CONTRACT(S). WE HAD

0 NOTICES FILED ON MONDAY 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 4177 CONTRACTS DOWN TO 46,801

OCT GAINED 12 CONTRACTS TO STAND AT 588.

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

Comex volumes// est. volume today 69,612 good

Comex volume: confirmed yesterday: 86,825 excellent

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 950 x 5,000 oz = 4,750,000 oz

to which we add the difference between the open interest for the front month of AUGUST (1) 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: 950 (notices served so far) x 5000 oz + OI for the front month of AUGUST (1) – number of notices served upon today (0 )x 500 oz of silver standing for the AUGUST contract month equates to 4.755 million oz.+ 2.870 MILLION OZ EXCHANGE FOR RISK ISSUED TODAY+ 5.62 MILLION OZ EXCHANGE FOR RISK PRIOR//NEW TOTAL EXCHANGE FOR RISK: 8.07 MILLION OZ//NEW SILVER STANDING: 12.825 MILLION oz.

There are 27.604 million oz of registered silver.

Thus if we take today’s standing at 12.825 and add last month’s 30.9 million oz we have 43.725 million oz against only 27.604 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 22/WITH GOLD UP $2.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 0.87 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 889.23 TONNES

AUGUST 21/WITH GOLD UP $7.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.60 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 890.10 TONNES

AUGUST 18/WITH GOLD UP $1.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 6.92 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 887.50 TONNES

AUGUST 17/WITH GOLD DOWN $12.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: //: /// //INVENTORY RESTS AT 894.42 TONNES

AUGUST 16/WITH GOLD DOWN $7.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 894.42 TONNES

AUGUST 15/WITH GOLD DOWN $7,45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.76 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 895.87 TONNES

AUGUST 14/WITH GOLD DOWN $2.10 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.75 TONNES FORM THE GLD//: /// //INVENTORY RESTS AT 899.63 TONNES

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: 889.23 TONNES

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

AUGUST 22/WITH SILVER UP 12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: /.////INVENTORY RESTS AT 451.373 MILLION OZ

AUGUST 21/WITH SILVER UP 59 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 917,0000 OZ FROM THE SLV//.////INVENTORY RESTS AT 451.373 MILLION OZ

AUGUST 18/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ

AUGUST 17/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//.////INVENTORY RESTS AT 452.290 MILLION OZ

AUGUST 16/WITH SILVER DOWN 13 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.275 MILLION OZ INTOTHE SLV/: / .////INVENTORY RESTS AT 452.290 MILLION OZ

AUGUST 15/WITH SILVER DOWN 6 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 0.275 MILLION OZ INTOTHE SLV/: / .////INVENTORY RESTS AT 452.290 MILLION OZ

AUGUST 14/WITH SILVER DOWN 3 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 0.459 MILLION OZ INTOTHE SLV/: //////INVENTORY RESTS AT 452.565 MILLION OZ

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 451.373 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

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

PAM AND RUSS MARTENS…

S&P Downgrades Credit Ratings on Five Banks, Puts Three Others on Negative Outlook

By Pam Martens and Russ Martens: August 22, 2023

The stock prices of KeyCorp and Comerica had already lost more than 40 percent of their market value over the past year through the closing bell on Monday. KeyCorp was sporting a depressed share price of $10.89 at the close yesterday after trading in the single digits during the banking crisis in March. Then S&P Global delivered more bad news yesterday. It downgraded the credit rating on both KeyCorp and Comerica by one notch. Outlooks were indicated as “stable” for both banks by S&P.

Three other banks were also downgraded by one notch yesterday by S&P: Valley National Bancorp, UMB Financial Corp. and Associated Banc- Corp.

S&P lowered outlooks on two other banks to negative: River City Bank and S&T Bank.

The ratings action on KeyCorp is particularly noteworthy. According to the Federal Reserve, as of June 30 KeyCorp had $193 billion in consolidated assets and ranked as the 20^th largest bank in the United States. (That compares to consolidated assets at Comerica of $91 billion; Valley National Bancorp at $62 billion; Associated Banc-Corp and UMB Financial Corp. at $41 billion each.)

S&P cited the following as its concerns specific to KeyCorp:

“We believe that interest rate risk management amid higher-for- longer rates will constrain profitability at KeyCorp more than at large regional bank peers.

“In addition, the bank’s capital ratios — including its Tier 1 risk-based capital ratio inclusive of unrealized losses on available-for-sale securities — are at the low end of the peer average.

“We lowered our long-term ratings on KeyCorp to ‘BBB’ from ‘BBB+’ and those on its bank to ‘BBB+’ from ‘A-‘.

“The stable outlook on KeyCorp reflects our view that — at the current rating level — the company is well positioned to absorb tougher operating conditions for regional banks, which we think may pressure KeyCorp’s profitability and funding profile before gradually abating over the next two years.”

Another persistent concern in market pricing of bank stocks is that as interest rates rise, banks have to compete harder for deposits by raising the interest rates they pay on their CDs, money market accounts, and savings deposits. This puts strains on their profitability. Since April 13, 2022, there has been the largest upheaval in the movement of deposits in the past four decades. (See Related Articles below.)

Another competitor to bank deposits has been the surging yields on U.S. Treasury securities. As we reported in May, Americans Stampeded into TreasuryDirect Last Year, Opening Almost 3 Million New Accounts to Capture Rising Yields on Savings Bonds and Treasurys.

As of this morning, the 3-month T-Bill is yielding 5.43 percent; the 6-month T-Bill is yielding 5.48 percent; the two-year Treasury Note is yielding 5.01 percent; while the 10-year Treasury Note is yielding 4.34 percent.

S&P’s credit downgrades yesterday followed sweeping bank credit downgrades two weeks ago by Moody’s on August 7. (See our report: Moody’s Cuts Credit Ratings on 10 Banks; Places 4 of the 15 Largest Banks in U.S. on Review for Possible Downgrade.) On March 13, Moody’s had downgraded its outlook for the entire U.S. banking system following the abrupt failures of Silicon Valley Bank and Signature Bank, which demonstrated how rapidly deposits can exit a bank in the digital age.

On August 15, the Dow tumbled 361 points on news from a Fitch analyst in an interview at CNBC that even the largest banks, such as JPMorgan Chase, were at risk of a downgrade.

end

JAMES RICKARDS..

Rickards: The ‘Earthquake’ Starts Today

BY TYLER DURDEN

TUESDAY, AUG 22, 2023 – 04:20 PM

Authored by James Rickards via DailyReckoning.com,

The BRICS Leaders’ Summit is scheduled to begin today, Aug. 22 in South Africa, which will run through the 24th.

As I’ve been warning, this meeting is the most significant development in international finance in the last 50 years.

It has the potential to displace the U.S. dollar as the leading payment currency and reserve currency from a standing start in just a few years.

This latest monetary change will be delivered by the BRICS, and the world is unprepared for this geopolitical shock to the global financial system. Of course, BRICS is an acronym for Brazil, Russia, India, China and South Africa.

Among the leaders attending the summit are President Xi Jinping of China, President Lula da Silva of Brazil and Prime Minister Modi of India. President Vladimir Putin of Russia cannot attend in person because there’s an outstanding warrant for his arrest on war crimes charges issued by the corrupt International Criminal Court (ICC) in The Hague.

South Africa is a member of the ICC and might have been required to arrest Putin on arrival. The in-person delegate for Russia will be Sergey Lavrov, Russia’s foreign minister.

Shrouded in Mystery

Even at this late date, the official agenda is shrouded in mystery. That’s not unusual considering that the members themselves, especially Russia and China, are accustomed to decision-making behind closed doors.

It’s also not an unusual feature where top leaders are involved. Negotiations tend to go down to the wire; indeed, key decisions will not even be made until the leaders actually get together in one room.

That said, we do know the top two issues that have been discussed by the leaders behind the scenes (often through so-called Sherpas, who are seasoned diplomats working in private to advance the agendas of their respective leaders and to obtain feedback from the other leaders about where points of agreement might actually lie).

What We Know

The first big issue involves new membership. The BRICS may be a five-member group, but over 67 countries have been invited to attend. Among those 67 countries, more than 20 have expressed interest in joining the BRICS, and seven have formally applied for membership.

If any new members are admitted, first on this list will be Saudi Arabia. As of now, both Russia and China favor Saudi Arabia for membership. China is the largest purchaser of Saudi Arabian oil, so a formal alliance including both countries makes sense, especially as they and others move forward on a common currency other than the U.S. dollar. (More about that in a second).

Also, Russia and Saudi Arabia are two of the three largest oil producers in the world (the other being the U.S.), so including both countries in the same group creates a forum that may be more powerful than OPEC when it comes to setting oil prices.

Brazil has been the BRICS member most opposed to admitting new members. That might be understandable in terms of not diluting Brazil’s power within the group. But Russia and China may simply force Brazil’s hand on the issue of Saudi Arabian membership.

We’ll see what happens. As of now, Saudi Arabian admission is a likely result at the summit, but it’s not a sure thing.

Here’s the Important Part

The other major issue is the launch of a new multilateral BRICS currency that might be used to settle trade balances in the short run and then evolve into a reserve currency over a longer period of time.

We know a lot about the potential shape of this new currency based on statements made over the past six months by BRICS leaders themselves as well as their foreign ministers or finance ministers.

Your correspondent in front of St. Basil’s Cathedral in Red Square in Moscow. Russia is one of the original BRICS and has the largest gold hoard of any BRICS member. The new BRICS currency to be announced is likely to be gold-linked. This will position Russia to be one of the leading backers of the new currency and the de facto BRICS banker to the world.

The BRICS currency will not involve the yuan, ruble, rupee or other national currency of the members. Those currencies will continue to exist for domestic consumption and contracts, but they will gradually be replaced by the new BRICS currency for international settlements.

How It’ll Work

The value of each unit of BRICS currency will not be tied to another currency or basket. Instead, it will be tied either to a basket of commodities (oil, gold, copper, wheat, iron ore, etc.) or simply to gold.

The commodity basket idea is unwieldy (as John Maynard Keynes discovered when he explored a similar approach in 1944), so a non-currency valuation metric is likely to end up with gold (as Keynes also discovered).

However, this may be a two-step process as Brazil and South Africa both place some weight on the role as top commodity producers.

The other key element in the launch of the currency is the expansion of the BRICS membership beyond the current five. This is important not only for the geopolitical reasons noted above but because the larger the membership in a currency union, the more valuable the currency becomes.

The success of the euro is a good example; that currency union has expanded to 19 active members with several more on the waiting list.

When you receive a multilateral currency such as the new BRICS unit in payment for your own goods and services, it’s valuable to be able to spend it in 10 or 20 countries instead of just three or four.

This new currency would be issued by a multilateral central bank controlled by the BRICS members, possibly the New Development Bank created by the BRICS in 2014.

What We Don’t Know

While the outline of the new currency is clear, it’s not clear how much actual progress will be made at this meeting. Russia and China are clearly on board. Brazil is strongly in favor also because of its dislike for the United States and desire to get away from the U.S. dollar.

The reluctant member on this issue is India. This may be due to the fact that Russia has been selling oil to India for rupees and it suits India to be able to print its own currency to buy oil. That’s a privilege that heretofore has been reserved exclusively to the United States.

India’s mini exorbitant privilege may be ending as soon as it began. Russia has put India on notice that it will soon refuse to accept rupees for further oil shipments. This means India will either have to come up with dollars (or gold) or perhaps sign on to the new BRICS currency.

These are issues that will be hashed out behind closed doors over the next few days. It’s unclear what the outcome will be. My expectation is that some announcement will be made about progress toward the new BRICS currency, but it’s premature to announce the currency itself.

Such an announcement is no less momentous to investors than the actual issue of the currency.

The Fact That It’s Happening at All Is Important

Multilateral organizations with disparate views often take a piecemeal approach to agreements of this kind. What’s important is not that everything be done at once, but that something be done at all.

That sets the wheels in motion for the biggest change in the international monetary system since 1971.

We may get some leaks or comments over the next few days, but perhaps not. If there are any, I’ll alert my readers.

Other than any other leaks, the next big news development on the BRICS summit will be the Leaders’ Final Communiqué that will be issued late Thursday. These communiqués are typically 10 pages or so, listing all the matters agreed upon and the next steps.

This formidable grouping of not just the BRICS, but a united Global South is challenging the Western rules-based order and the U.S. dollar.

It will be a busy and critical week. Stay tuned.

END

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

A dandy!! a little late but very important.

Alasdair Macleod: An old-fashioned credit crunch is here

Submitted by admin on Mon, 2023-08-21 15:48Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Monday, August 21, 2023

Globally, further falls in consumer price inflation are now unlikely and there are yet further interest rate increases to come. Bond yields are already on the rise, and a new phase of a banking crisis will be triggered.

This article looks at the factors that have come together to drive interest rates higher, destabilising the entire global banking system. The contraction of bank credit is in its early stages, and that alone will push up interest costs for borrowers.

We have an old-fashioned credit crunch on our hands.

A new bout of price inflation, which more accurately is an acceleration of falling purchasing power for currencies, also leads to higher interest rates. Savage bear markets in financial and property values are bound to ensue, driving foreign investors to repatriate their funds.

This will unwind much of the $32 trillion of foreign investment in the fiat dollar that has accumulated in the last 52 years. And the BRICS’ deliberations for replacing the dollar as a trade settlement medium could not come at a worse time. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/the-global-bank-credit-crisis?gmrefcode=gata

END

For your interest…

A look inside the Singapore government’s secret gold vault

Submitted by admin on Sat, 2023-08-19 22:48Section: Daily Dispatches

By Daniel Seow
Mothership, Singapore
Saturday, August 19, 2023

It’s no secret that the Singapore government’s reserves are extensive.

The country has a gold vault that forms just one part of the official foreign reserves managed by the Monetary Authority of Singapore, also known as Singapore’s central bank.

What is a secret, though, is the location of the vault.

While access to the storage facilities has been highly restricted, viewers were recently able to get a glimpse into the vault, and the stacks of bullion ensconced inside, through Channel News Asia’s Aug. 17 documentary titled “Singapore Reserves Revealed”:

CNA said its reporters were blindfolded before being brought to the vault, and any devices that had GPS-tracking capabilities, such as mobile phones, had to be surrendered beforehand.

This was to ensure they couldn’t reveal the location of the vault afterwards.

Subsequent footage of the vault’s interior showed trays containing gold bars, neatly stacked in columns. …

… For the remainder of the report:

https://mothership.sg/2023/08/mas-gold-vault-reserves/

END

This should be have been easy to detect. The fake bars are much lighter. They needed tungsten which has the same SG as gold.

(New York Times)

Private jet loaded with fake gold unfurls a mystery in 2 countries

Submitted by admin on Mon, 2023-08-21 16:05Section: Daily Dispatches

By Lynsey Chutel and Vivian Yee
The New York Times
Monday, August 21, 2023

When Zambian authorities searched a private jet that arrived from Egypt last week, they found a mysterious trove that included millions of dollars in cash, hundreds of bars of what appeared to be gold, and weapons.

They arrested 12 people, six of them Egyptian citizens, and the haul stirred wild speculation in both countries. Zambian officials launched an inquiry into what they called a gold scam, eliciting a jittery response from Egyptian authorities.

The Zambian officials said the gold was, in fact, fake — made of copper and zinc, probably to fleece foreign buyers.

“This has been a clear case of scamming, gold scamming,” Nason Banda, director general of the country’s Drug Enforcement Commission, told a news conference days after the Aug. 14 raid. He said investigators at the airport had been tipped off beforehand about the plane’s suspicious cargo. …

… For the remainder of the report:

END

This is what happens when you abandon the gold standard…

(New York Sun)

China’s communism is financed with fiat money

Submitted by admin on Mon, 2023-08-21 16:12Section: Daily Dispatches

From The New York Sun
Monday, August 21, 2023

Communist China’s struggle to shore up its yuan as it contends with a growing meltdown in its housing markets is a reminder, as it was during America’s borrowing ceiling debacle, that today’s debt crises are intertwined with a monetary crisis.

This is a “moment of reckoning,” says Zhou Xin of the South China Morning Post, as the bubble caused by the “monetization” of China’s real estate market looks to be popping.

One of China’s premier problems, in an echo of the inflation of asset prices in America since we abandoned the gold standard, is that the run-up in real estate prices is denominated in a fiat currency — the yuan — with no basis in real value, like gold or silver.

So while Mr. Zhou notes that the rise of China’s real estate market in the last 25 years seemed to be “one of the most phenomenal wealth-creation stories in history,” he now sees “signs the party is coming to an end.”

Or, it could be said, there was less there than the fiat currency could fetch. …

… For the remainder of the commentary:

https://www.nysun.com/article/chinas-communism-financed-with-fiat-money

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES

Today begins the BRICS meeting which will supplant the uSA dollar hegemony for good.

(Barron/Mises)

The US Will Be Forced To Embrace Gold… Or Become Isolated

MONDAY, AUG 21, 2023 – 05:00 PM

Authored by Patrick Barron via The Mises Institute,

Dollar Hegemony Is Ending Due to Geopolitical Changes

Since the Bretton Woods Agreement in 1944, the dollar has been the world’s preferred reserve currency – the major trading nations of the world were willing to hold dollars in vast amounts to satisfy their need for a readily accepted worldwide payment medium. Even when, in 1971, the United States violated its solemn promise to redeem its dollars for gold at thirty-five dollars per ounce, nations were still willing to hold dollars.

Germany Shies Away from Monetary Leadership

In the mid-2010s, I was certain that Germany would abandon the euro and reinstate the deutsche mark. It was clear, especially to some German central bankers, that Germany was being cheated by the European Central Bank. Germany’s TARGET2 surplus represented a vast excess of German exports to other European Union members, who were pledging near-worthless government and corporate bonds in exchange for newly printed euros from the European Central Bank. These bonds would never be redeemed for anything of real value; therefore, it would be simple rational self-interest for Germany to quit the charade.

I predicted that such an action would cause the eurozone to collapse, make Germany’s deutsche mark the preferred unit of trade in Europe, and possibly threaten the dollar for worldwide reserve dominance. Obviously, this never happened. Why?

Germany knew and feared that alarm bells would sound all over the world that, once again, Germany was rising and would dominate Europe. The French, especially, would panic for at least two reasons. One, the collapse of the euro would force France to make a stark choice. Either adopt the deutsche mark—as I expected most northern-tier European countries to do—or try to revert to the French franc, knowing that almost no other nation would be willing to hold francs. France would be cut off from international trade unless it reformed its unsustainable welfare system. However, every time France tried to institute any modicum of welfare reform, the population rioted.

Two, France benefited immensely from internal EU transfer payments—most importantly, farm subsidies. French farmers would be forced to reform or go bankrupt, ending a cushy lifestyle that seemed to be synonymous with France itself. The stark fact was that France had nuclear weapons, and Germany did not. It was unthinkable that either Germany or Japan—the losing Axis powers of World War II, along with Italy—would ever get nuclear weapons. Independent control of one’s own nuclear arsenal was the minimum stake for playing the reserve currency game. Thereafter, the game belonged only to nations with large economies that produced a variety of export goods and services desired throughout the world. That left only America in the game.

The great question is why Germany, even though it eschewed nuclear weapons under its own control, would assent to giving up the deutsche mark and adopting the euro in the first place. At the time, Germany wanted to reunite East and West Germany. The French, who legally held veto power over such a move, made adopting the euro a condition for reunification.

However, why couldn’t Germany just ignore this now-irrelevant agreement in more recent years? The answer is just a theory but probably pertains to some extent to all major European nations. Germany had suffered between six and seven million military losses during the two great wars (World War I losses and World War II losses). Germany’s best and brightest, its future leadership, was lost for all time. These were wars in which the elite of all belligerents fought. Such leadership can never be replaced. The loss of future leadership was equally harsh on the other major European combatants. In the two world wars, the Soviet Union/Russia suffered between nine and thirteen million military dead. France suffered a million and a half dead, the vast majority in World War I. The United Kingdom suffered slightly over one million dead (this number excludes India, Canada, Australia, New Zealand, and South Africa.) As former member of the European Parliament Godfrey Bloom has stated: “The 1914–18 war killed the best of the British Empire. The 1939–45 war killed what remained. Then the welfare state danced on their graves.”

The Event that Changed Everything

Then, a great geopolitical event occurred—Deng Xiaoping rose to power in China following the death of Mao Zedong. Deng instituted sweeping, capitalistic economic reforms, and China rose to become a rival to America in terms of economic power. China had obtained nuclear weapons under Mao. Despite the fact that China was and remains a one-party dictatorship, it now had the two ingredients to challenge the US dollar—a large economy and nuclear weapons. China was blackmail proof.

Like China, Russia had thrown off the worst of its Soviet economic policies under Boris Yeltsin and Vladimir Putin, but its small population and relatively backward economy was not in the same league with America and China. Nevertheless, Russia had been a great ally in World War II and had every reason to believe that, now that it had thrown off communism, it could become a vital part of Europe once again. When the US, the North Atlantic Treaty Organization, and the European Union spurned Russia’s attempt to rejoin the old Concert of Europe, it gradually saw its future as aligned with China.

So, what does all this have to do with the end of the dollar hegemony? The answer is that the new Asian nexus saw a way to break the US use of the dollar hegemony as a political tool. The Achilles’ heel of the dollar is that it is a fiat currency. This suits the US political establishment very well since it allows the US to inflate the dollar at will to pay for welfare and warfare. It also allows the US to impose sanctions on its perceived enemies, such as Russia and Iran, by cutting them out of the Swift international trade messaging system.

It is similar to what happened to Brexit advocate Nigel Farage in the UK. For strictly political reasons, his bank closed his accounts, and Farage was unable to find another that would accept his money for deposit. No bank account means no way to exist in a modern economy. Farage feared that he might be forced to leave his own country.

The US-imposed Russian sanctions froze billions of Russian-owned assets. Rather than cause Russia to back down in Ukraine, however, it seems to have sped up the process—started by Russia—to develop a new world reserve currency backed in some measure by gold. The “BRICS” nations—Brazil, Russia, India, China, and South Africa—have been joined by dozens of others who are determined to break away from the fiat dollar hegemony and use an honest, gold-backed trading settlement system. This new BRICS+ group claims that it will announce a first step in pursuing this goal at its meeting in Johannesburg at the end of August.

The US Will Be Forced to Embrace Gold . . . or Become Isolated

There are many who dismiss this development. After all, the US and the US dollar have been supreme worldwide for eighty years. These critics fail to understand real economics, real monetary theory, and real international statesmanship.

The US has been enthralled by three destructive concepts.

The first is Lord John Maynard Keynes’s economics – which ignores Say’s law of markets—effectively endowing the Keynesian concept of “aggregate demand” with godlike status while disregarding “production”—the only means of satisfying the demand.
The second is the so-called modern monetary theory, which posits that sovereign states can never go bankrupt due to their ability to print all the money they need.
The third concept is the out-and-out arrogance of the US since the end of World War II, which deigns to cancel entire nations.

All this will come to an end when gold returns as the focal point of the BRICS nations’ monetary reform project. At that point, the US will start losing friends until it, too, reluctantly regains its senses and returns to gold, honest dealing, and honest, respectful statesmanship. America will need new leaders for this task. They are there, waiting to be called by the people. The US and the world will be a much better place as a result.

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

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

ONSHORE YUAN: CLOSED DOWN TO 7.2946

OFFSHORE YUAN: DOWN TO 7.3055

SHANGHAI CLOSED UP 27.36 PTS OR 0.88%

HANG SENG CLOSED UP 167.72 PTS OR 0.95%

2. Nikkei closed UP 291.07 OR 0.92%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX DOWN TO 103.19 EURO FALLS TO 1.0885 DOWN 12 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.655 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.78/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.6540***/Italian 10 Yr bond yield FALLS to 4.316*** /SPAIN 10 YR BOND YIELD RISES TO 3.687…**

3i Greek 10 year bond yield RISES TO 3.915

3j Gold at $1902.40 silver at: 23.42 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 56 /100 roubles/dollar; ROUBLE AT 94.22//

3m oil into the 80 dollar handle for WTI and 83 handle for Brent/

3n Higher foreign deposits moving out of China// 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 145.78// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.655% 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 0.8777 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9555well 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: 4.314 DOWN 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.430 DOWN 3 BASIS PTS/

USA 2 YR BOND YIELD: 4.997 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 27.20…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 2 BASIS PTS AT 4.7170

end

2.a Overnight: Newsquawk and Zero hedge:

Futures Rise Led By Tech Giants As Nvidia Earnings Loom

TUESDAY, AUG 22, 2023 – 08:20 AM

Like yesterday, US futures and global stocks are higher again led by NVDA (+1.8%) and TSLA (+3.9%) ahead of the chipmaker’s earnings tomorrow where the market is pricing in a +/- 10% swing. Unlike yesterday, when we saw the 10Y yield jump to a 16 year high, bonds are rallying even as the US Dollar sells off again for the third consecutive day buoying commodities where metals and Ags are pushing the group higher with WTI flat. As of 7:45am ET, S&P emini futures are up 0.5%, while Nasdaq 100 futs rose 0.7% amid outperformance by tech shares ahead to Nvidia earnings on Wednesday; Europe’s Stoxx 600 Index was on track for its biggest gain in nearly a month. Today with get the latest New Home Sales data and Regional Fed activity updates (Philly, Richmond) while on the micro front with have several consumer earnings releases including BJ, DKS, LOW, and M.

In premarket trading, Nvidia added 1.6% after a more than 8% jump on Monday buoyed tech stocks. Activision Blizzard rose 1.1% as Microsoft’s $69 billion acquisition of the firm got a fresh chance at winning approval from UK regulators after the tech giant submitted a substantially different deal. SoftBank’s semiconductor unit Arm filed for what is set to be this year’s largest US initial public offering. Here are some other notable premarket movers:

Dick’s Sporting Goods sank 19% after the retailer’s adjusted earnings per share missed analysts’ expectations and management cut its annual EPS guidance citing the impact of elevated inventory shrink.
Coinbase gains 2.6% alongside crypto-related peers, after the crypto exchange operator took a stake in stablecoin issuer Circle, a development which KeyBanc says could offer potential upside to Street interest income estimates.
AppLovin shares rose 4.3% as Jefferies upgraded the stowck to buy from hold and boosted its PT by 150% to $50, on increased confidence in the application software developer’s ability to gain market share in the mobile ad tech segment.
Baidu shares gained 4.4% after its revenue rose the most in more than a year, joining China’s largest internet companies in rediscovering growth after Beijing relaxed its grip on the private sector to try and jumpstart a faltering economy.
Miniso shares jumped 7.0% after the Chinese variety store chain reported fourth-quarter net profit that Jefferies said was better than its estimates.
Tesla rose 4.4%, on track to extend gains after snapping its longest losing streak of the year on Monday. However, the stock is still down 14% in August, the worst monthly performance since April.
Zoom advanced 4.1% after the company raised its full-year forecast for both adjusted earnings and revenue. Analysts note that the company benefited from upsells as it sold some of its existing clients additional products and services.

Stocks are bouncing after three weeks of losses, with investors focusing on Big Tech and Federal Reserve Chair Jerome Powell’s speech due Friday at the Jackson Hole Economic Policy Symposium. Bonds pared some of Monday’s slump, when the yield on 10-year inflation-protected Treasuries pushed beyond 2% for the first time since 2009.

Recent data underscoring the resilience of the US economy has supported the case for a soft landing, said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. “This creates an environment in which tech stocks are better able to prosper, and that wider optimism is spreading throughout global markets.”

Meanwhile, investors are seeking clues on the trajectory of US monetary policy after Fed officials last month lifted rates to a range of 5.25% to 5.5%, the highest level in 22 years. Over 80% of those polled in Bloomberg’s latest Markets Live Pulse survey said Powell’s Jackson Hole speech will reinforce the message of a hawkish hold: “Each incremental hike that they have from here just raises the risk that we have a much sharper slowdown in 2024 and perhaps even a recession,” Lori Heinel, chief investment officer at State Street Global Advisors, said on Bloomberg Television. “So as long as inflation remains contained, we think that they will take a pause here.”

In Europe, the Stoxx 600 is up 1%, its largest daily increase in over three weeks. In the UK, the FTSE 100 Index snapped its longest losing streak since July 2019. A late surge in Chinese shares boosted sentiment in Asia, with key mainland equity indexes rebounding from oversold levels. Here are some notable movers:

Ubisoft shares rise as much as 7.1% after the French company said it signed a deal with Microsoft, which will give it cloud-streaming rights for Activision Blizzard titles to be released over the next 15 years
Mining stocks outperform the benchmark index on Tuesday as iron ore climbs on signs Chinese steel mill demand may be improving ahead of an expected pick-up in construction in September and October
Hays, Adecco and Randstad all rise about 3% after BNP Paribas Exane upgrades all three staffing companies to outperform on the expectation that a brightening macro backdrop should boost demand
Bakkafrost falls as much as 7.8%, the most in a month, after the Oslo-listed Faroese seafood group reported 2Q figures. Kepler Cheuvreux says weakness in firm’s Scottish business was a key negative
JDE Peet’s falls as much as 2.2% after ING Bank cut its rating to hold, saying it now expects a delay to the Dutch coffee company reducing its leverage after it issued new guidance at half-year results

Earlier in the session, Asian equities snapped a seven-day losing streak, as regional tech firms followed their US peers higher. The MSCI Asia Pacific Index gained as much as 0.8%, led by technology and financial shares.

Japan’s Nikkei 225 rose, led by tech names with SoftBank among the notable performers after its Arm unit filed for a US IPO.
ASX 200 was rangebound amid a slew of earnings releases including a drop in profits for mining giant BHP.
Hang Seng and Shanghai Comp were initially indecisive as participants digested the latest support efforts from Premier Li and the State Council, as well as the PBoC’s net liquidity drain. Action which became markedly more constructive as European players entered the fray and the tech strength from Wall St continued; though, the positive move occurred despite an absence of fresh catalysts at the time.
Gauges in Korea and Taiwan advanced as chip-related stocks climbed on optimism over Nvidia Corp.’s upcoming earnings report.

While China’s economic woes and surging US Treasury yields are keeping sentiment in check, traders will be keeping an eye on a key speech by the Fed later in the week for any signs of economic strength in the US and the trend on elevated interest rates.

In FX, the Bloomberg Dollar Spot Index is down 0.2%, in on track to post its fourth consecutive daily decline; the Japanese yen is among the best-performing G-10 currencies, rising 0.4% versus the greenback.

The USDJPY slipped as much as 0.5% to 145.55, as the BOJ allowed Japan’s 10-year yield to climb 2bps to 0.67%, the highest since 2014.
GBP/USD rose 0.3% to 1.2800, the highest since Aug. 10. The pound extended recent gains as hedge funds added long positions, while traders took profit on bullish dollar exposure; gilts outperformed, with the short-end leading gains; yield on two-year note fell 6bps to 5.17%
The offshore yuan steadied after the People’s Bank of China implemented the strongest fixing on record on the currency as the central bank continues its battle against yuan bears. The one month offshore yuan interbank interest rate jumped to highest since 2018.

In rates, Treasury 10-year yields were 3bps lower at 4.31% after topping through 4.36% in early Asia session; Bunds and gilts have followed suit, with gilts outperforming by 3.5bp in the sector. Japan’s 10-year yield climbed 2bps to 0.67%, the highest since 2014. Treasury futures are higher on the day, paring a portion of Monday’s losses which saw 10-year yields push to new multiyear highs. US yields richer by 1.5bp to 3bp across the curve with the 2s10s spread flatter by 2bp on the day — belly outperforms, tightening 2s5s30s fly by 2.5bp vs. Monday close. US 5-year yields topped just short of 4.5% in the early Asia selloff, re-testing the October high of 4.504%. Yields richened over Asia and early London sessions and are lower by up to 3bp into early US trading. No strong catalyst, although core European rates are outperforming, notably gilts where yields are up to 8bp richer in front-end.

In commodities, crude futures decline, with WTI falling 0.2% to trade near $80.60. Spot gold rises 0.4%.

To the day ahead now, and US data releases include existing home sales for July, and the Richmond Fed’s manufacturing index for August. We’ll also get the UK’s public finances for July. From central banks, we’ll hear from the Fed’s Barkin, Goolsbee and Bowman. In the geopolitical space, the three day BRICS summit gets under way in South Africa. Finally, today’s earnings releases include Lowe’s.

Market Snapshot

S&P 500 futures up 0.3% to 4,425.25
MXAP up 1.0% to 158.18
MXAPJ up 0.7% to 496.14
Nikkei up 0.9% to 31,856.71
Topix up 1.1% to 2,265.71
Hang Seng Index up 1.0% to 17,791.01
Shanghai Composite up 0.9% to 3,120.33
Sensex little changed at 65,248.71
Australia S&P/ASX 200 little changed at 7,121.61
Kospi up 0.3% to 2,515.74
STOXX Europe 600 up 0.8% to 452.18
German 10Y yield little changed at 2.68%
Euro up 0.2% to $1.0916
Brent Futures down 0.4% to $84.12/bbl
Brent Futures down 0.4% to $84.12/bbl
Gold spot up 0.2% to $1,898.67
U.S. Dollar Index down 0.18% to 103.11

Top Overnight News

China is escalating its defense of the yuan, pushing up funding costs in the offshore market to squeeze short positions and setting a new record with its stronger-than-expected reference rate for the currency
Japan’s 10-year yield climbed to a nine-year high Tuesday amid a selloff in global debt markets, raising the prospect of further bond buying from the nation’s central bank to slow the rise
UK government borrowing came in below official forecasts in the first four months of the fiscal year, providing potential room for Chancellor Jeremy Hunt to cut taxes
Two weeks after Moody’s Investors Service rattled financial stocks by cutting the ratings for a slew of US banks, S&P Global Ratings is downgrading and dimming its outlook for several more — citing a similar mix of pressures making life “tough” for lenders

A more detailed looka t global markets courtesy of Newsquawk

APAC stocks traded mixed following a similar performance stateside where tech rallied but the gains in the broader market were capped amid further upside in global yields; however, as the session progressed a bounce was seen in Chinese equities, in a similar fashion to previous sessions. ASX 200 was rangebound amid a slew of earnings releases including a drop in profits for mining giant BHP. Nikkei 225 was underpinned as tech names in the Asia-Pac region took inspiration from US peers and with SoftBank among the notable performers after its Arm unit filed for a US IPO. Hang Seng and Shanghai Comp were initially indecisive as participants digested the latest support efforts from Premier Li and the State Council, as well as the PBoC’s net liquidity drain. Action which became markedly more constructive as European players entered the fray and the tech strength from Wall St continued; though, the positive move occurred despite an absence of fresh catalysts at the time.

Top Asian News

BoJ Governor Ueda met with Japanese PM Kishida and did not discuss FX volatility in the meeting but explained to him the BoJ’s July policy decision which Kishida said he understood the July policy move. PM Kishida asked questions on various aspects of the economy and financial developments which Ueda answered as much as he could although Ueda wanted to refrain from mentioning exactly what was discussed and noted his predecessor Kuroda had met with the PM on a regular basis and this meeting was of the same nature, according to Reuters.
China has extended the waiver for capital gains tax for the HK stock connect, according to Bloomberg.
Japanese PM Kishida instructed LDP executives to come up with overall direction of the measures by the end of the month, gas retail prices are approaching highest level due to Forex and reduction in oil production. Wants to consider economic measures in September.

European bourses are in the green, Euro Stoxx 50 +1.4%, as the US tech-rally reverberates into European trade alongside a late doors recovery in Chinese trade. As such, Tech remains the outperforming sector. Followed by Basic Resources given base metal performance in tandem with commentary from BHP post-earnings. Stateside, futures are in the green but with magnitudes less pronounced given they have already reacted to the US-led tech turnaround, ES +0.3%, NQ +0.5%; ahead, Richmond Fed and a handful of speakers feature. Forthcoming iPhone models from Apple (AAPL) will be more costly, via DigiTimes citing industry sources which are less optimistic about shipments for the year. Baidu Inc (BIDU) Q2 2023 (USD): Adj. EPS 3.11 (exp. 2.32), Revenue 4.70 (exp. 4.62bln). Says it is well positioned to capitalize on opportunities arising from generative AI and LLM. Lowe’s Companies Inc (LOW) Q2 2023 (USD): EPS 4.56 (exp. 4.49), Revenue 24.956bln (exp. 24.99bln). Affirms FY23 outlook, Quarterly comp sales -1.6% (exp. -2.36%)

Top European News

CEO Pay Jumps 16% in UK But Remains Below Pre-Covid Levels
JDE Peet’s Slips After ING Cuts on Delayed Deleveraging View
Swiss Watch Exports Post First Monthly Decline in Two Years
Bunds Advance After Biggest Jump in Euro-Area Surplus Since 2015
Germany Seen Overestimating Its Climate Protection Efforts

Greenback grounded as USTs grind higher and risk sentiment improves.
DXY slips from 103.370 to 103.010 after another technically soft close.
Kiwi and Aussie latch on to Buck retreat and form firmer bases above 0.5900 and 0.6400 respectively ahead of NZ retail sales and Australian prelim PMIs.
Euro back on 1.0900 handle where 1.3bln option expiries reside, Cable tests 1.2800 after a brief breach of 50 DMA and Yen rebounds towards 145.50 from effective double top around 146.39.
Yuan fades from just over 7.2700 vs Dollar after PBoC sets the most depressed USD/CNY reference rate to date.
PBoC set USD/CNY mid-point at 7.1992 vs exp. 7.3097 (prev. 7.1987)

Fixed Income

Bonds bounce firmly and steadily.
Bunds breach Fib resistance and top 131.00 at 131.04 vs a 130.54 low.
Gilts lag initially irrespective of ‘supportive’ UK public finance data, but get a boost via DMO supply to top 92.00 from 91.43 Liffe base.
T-note firm within 109-07+/108-28 range ahead of busy US agenda.

Commodities

Crude benchmarks are subdued and failing to benefit from broader risk, with desks attentive to reports that the Iraqi oil minister arrived in Turkey on Monday to discuss the resumption of exports from the Ceyhan terminal.
Currently, WTI and Brent Oct are under USD 80.00/bbl and near USD 84.00/bbl respectively.
For LNG, extensive remarks from the Woodside CEO (see below) with developments otherwise somewhat light, Dutch TTF pulling back modestly.
Spot gold is firmer despite the constructive risk tone and taking impetus from the USD’s downside and has managed to inch above USD 1900/oz at best. Base metals followed the tone of Chinese trade and as such experienced a marked bid towards the APAC close with fresh fundamentals light at the time.
Woodside Energy (WDS AT) CEO said they continue to have constructive bargaining talks with unions regarding LNG facilities in Australia and noted there is a wide range of possible strike actions that might be taken at LNG facilities. Woodside CEO said demands of unions are focused on working conditions, certainty and wages, as well as noted that they have been spending a lot of time listening and trying to understand the key areas of concern, while the CEO added they are proceeding with goodwill and respect, but also have a duty to shareholders.
Woodside Energy CEO said that talks with gas workers remain constructive despite increasingly bitter rhetoric, via FT; adding, the market reaction to potential strikes was “fairly irrational” and a sign of market fragility.
NHC says Depression Nine has strengthened into Tropical Storm Harold, heavy rains and tropical-storm-force winds over portions of South Texas from later today. Headed for the south Texas Coast with heavy rains and strong winds beginning to spread onshore in the warning area.
Iraqi Oil Minister meets Turkish counterpart in Ankara and Iraqi; Turkish oil ministers discuss joint relations in oil and energy sector; talks will include the resumption of oil export through Ceyhan Oil Terminal, via statement.
India is reportedly considering an export tax for parboiled rice variety, via ET Now citing agencies.

Geopolitics

Explosions were reported on the outskirts of Moscow around Strogino and air defences shot down a drone over Krasnogorsk, Moscow oblast, while TASS noted all Moscow airports were closed for arriving and departing flights.
North Korea notified Japan of a plan to launch a satellite on August 24th-31st, according to NHK.
North Korea is said waiting for the right time to punish the US and South Korea, while it was suggested that US military drills could trigger ‘thermonuclear war’, according to commentary in KCNA.
South Korea urged North Korea to immediately abandon the plan to launch a satellite, while Japanese PM Kishida also called on North Korea to stop its satellite launch and said the possible launch is extremely regrettable. Furthermore, Kishida said they are preparing to station PAC3 and Self-Defence Force Aegis ships as a precaution.
Taiwan’s Defence spokesperson says “so far I have not heard any confirmation. As far as I understand, this information is currently a statement circulating on social media”, via Tingting Liu. In the context of unconfirmed social media speculation that a Chinese Navy nuclear powered attack submarine experienced an incident in the Taiwan Strait.
Progress has been made in the grain corridor talks, according to a source cited by the Turkish Presidency, “and the path without Russia is not guaranteed”, via Sky News Arabia.

US Event Calendar

08:30: Aug. Philadelphia Fed Non-Manufactu, prior 1.4
10:00: Aug. Richmond Fed Index, est. -10, prior -9
10:00: July Home Resales with Condos, est. 4.15m, prior 4.16m
10:00: July Existing Home Sales MoM, est. -0.2%, prior -3.3%

Central Banks

07:30: Fed’s Barkin Speaks
14:30: Fed’s Goolsbee Gives Welcome Remarks
15:30: Fed’s Goolsbee and Bowman Participate in Fireside Chat

DB’s Jim Reid concludes the overnight wrap

After a run of 5 consecutive weekly declines, the relentless bond selloff showed no sign of letting up yesterday as we move closer to Jackson Hole later this week. Several new milestones were reached over the last 24 hours, and the biggest was that the 10yr Treasury yield hit a new high for this cycle, breaking through the previous intraday peak of 4.335% back on October 21 last year. By the close yesterday, it was up +8.3bps to 4.338%, where it remains this morning, and at its peak overnight it even got as high as 4.362%. Those trends have been evident throughout the world, and overnight we’ve also seen the yield on 10yr Japanese government bonds reach its highest level since 2014, at 0.66%.

With investors continuing to expect higher rates for longer, this period feels increasingly reminiscent of the early 2010s in reverse. Back then after the GFC, policy rates had been slashed to zero by central banks, but there was always the expectation that rate hikes were never too far away. Yet in reality, they kept being pushed out year after year. Today, it feels like the same process is happening again, except with rate cuts this time, which are also being pushed out ever further into the future. For instance, the first rate cut from the Fed is now priced in for May 2024, but that timing has continued to move into the distance. Indeed, back in March at the height of the SVB turmoil, investors were pricing in that rate cuts would already have begun by now.

That scepticism about rate cuts was increasingly evident from futures markets yesterday. By the close, investors were pricing in a 49% chance that the Fed would deliver another rate hike by the November meeting, which is the highest probability of another hike since the last meeting in late July. And looking further out, the rate priced in for the Fed’s December 2024 meeting was also up +8.4bps to 4.36%, which marked another new high for this cycle.

In turn, those moves helped spur a fresh selloff for sovereign bonds, with US Treasuries leading the way. The shift happened across the curve. The 2yr yield (+5.8bps to 5.0006%) closed above 5% for just the third time since 2007 (the other two were in March just before SVB’s collapse), whilst the 30yr yield (+7.1bps) hit a post-2011 high of 4.45%. At the same time, there were also some significant new milestones for real yields, with the 10yr real yield (+4.1bps) trading above 2% for the first time since 2009, before ending the session at 1.98%.

As that was happening, there was another source of inflationary pressures from European natural gas prices (+12.01%), which closed above €40 per megawatt-hour for the first time since mid-June. That comes as LNG workers at a key facility in Australia could go on strike from early September if a pay agreement isn’t reached. That has the potential to affect 10% of global LNG exports, and while Europe does not receive LNG from Australia, it will increase competition for shipments from elsewhere. Europe is still in a much better position than last year however, since gas storage is currently 91% full, which is above the 77% mark at the same point in 2022. Furthermore, prices are still only a sixth of their levels back then. That said, the move still marks a decent uptick from their levels at the end of July, when they closed at €28.37 per megawatt-hour, and risks adding to inflationary pressures once again.

That backdrop and the US Treasury selloff meant that European yields moved higher across the continent. For example, yields on 10yr bunds (+8.2bps) reversed the bulk of their decline on Friday, and there was a similar move across the continent, with yields on 10yr OATs (+7.6bps) and BTPs (+8.2bps) moving higher as well. However, one difference to the last 4 weeks was that gilts outperformed other European sovereigns, and the 10yr yield was only up +5.4bps to 4.72%. Even so, the 10yr real yield (+5.1bps) still closed at its highest level since the mini-budget turmoil, at 0.94%.

Despite the ongoing rise in yields, equities held their ground and the S&P 500 ended its run of four consecutive decline with a +0.69% gain. That was driven by a big turnaround after Europe went home, since the index had been in negative territory earlier in the session. However, the sectoral moves were pretty divergent, with only 45% of the index’s constituents up on the day. Tech stocks saw a large outperformance that helped the NASDAQ (+1.56%) and the FANG+ index (+2.84%) record their strongest gains since late July. Chipmaker Nvidia (+8.47%) led the tech gains ahead of its results tomorrow. But elsewhere, the small-cap Russell 2000 was down -0.18%, whilst the KBW Bank Index (-0.27%) fell for a 6th consecutive session for the first time since the market turmoil in March. Meanwhile in Europe, the Stoxx 600 (+0.05%) closed narrowly in positive territory.

That positive momentum has mostly continued in Asia overnight, with advances for the Nikkei (+0.75%) and the KOSPI (+0.40%). In China however, equity markets are continuing to struggle, with the Shanghai Comp (-0.24%) and the CSI 300 (-0.32%) both losing ground. Indeed, the CSI 300 is currently on track to close at its lowest level in 9 months. That said, the Hang Seng (+0.16%) is currently set to end a run of 7 consecutive declines, which would end its longest run of declines since November 2021. Looking ahead, futures are pointing to modest losses in today’s session, with those on the S&P 500 down -0.07%.

There wasn’t much in the way of economic data yesterday, but we did get the German PPI inflation reading for July. That showed PPI was now down by -6.0% year-on-year (vs. -5.1% expected), which is the first time it’s been in deflationary territory since November 2020.

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

EUROPE/ASIA

Sentiment improves with Equities & Antipodeans bid, DXY slips; Fed speak due – Newsquawk US Market Open

TUESDAY, AUG 22, 2023 – 05:57 AM

European bourses and US futures are firmer as the US tech-led rally reverberated into Europe
APAC trade was more mixed, though a late-doors revival occurred in Chinese-stocks despite limited catalysts
DXY continues to slip and nears 103.00 with Antipodeans benefitting from the risk tone pre-data while JPY gets respite from a stabilisation in yields
Fixed benchmarks have bounced firmly after Monday’s marked yield upside
Energy benchmarks are failing to benefit from the above tone; Woodside Energy says talks are constructive, elsewhere the Iraqi minister arrives in Turkey.
Looking ahead, highlights include Richmond Fed Index, Fed Discount Rate Minutes, Speeches from Fed’s Barkin, Bowman & Goolsbee.

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

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

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

EUROPEAN TRADE

EQUITIES

European bourses are in the green, Euro Stoxx 50 +1.4%, as the US tech-rally reverberates into European trade alongside a late doors recovery in Chinese trade.
As such, Tech remains the outperforming sector. Followed by Basic Resources given base metal performance in tandem with commentary from BHP post-earnings.
Stateside, futures are in the green but with magnitudes less pronounced given they have already reacted to the US-led tech turnaround, ES +0.3%, NQ +0.5%; ahead, Richmond Fed and a handful of speakers feature.
Forthcoming iPhone models from Apple (AAPL) will be more costly, via DigiTimes citing industry sources which are less optimistic about shipments for the year.
Baidu Inc (BIDU) Q2 2023 (USD): Adj. EPS 3.11 (exp. 2.32), Revenue 4.70 (exp. 4.62bln). Says it is well positioned to capitalize on opportunities arising from generative AI and LLM.
Lowe’s Companies Inc (LOW) Q2 2023 (USD): EPS 4.56 (exp. 4.49), Revenue 24.956bln (exp. 24.99bln). Affirms FY23 outlook, Quarterly comp sales -1.6% (exp. -2.36%)
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

Greenback grounded as USTs grind higher and risk sentiment improves.
DXY slips from 103.370 to 103.010 after another technically soft close.
Kiwi and Aussie latch on to Buck retreat and form firmer bases above 0.5900 and 0.6400 respectively ahead of NZ retail sales and Australian prelim PMIs.
Euro back on 1.0900 handle where 1.3bln option expiries reside, Cable tests 1.2800 after a brief breach of 50 DMA and Yen rebounds towards 145.50 from effective double top around 146.39.
Yuan fades from just over 7.2700 vs Dollar after PBoC sets the most depressed USD/CNY reference rate to date.
PBoC set USD/CNY mid-point at 7.1992 vs exp. 7.3097 (prev. 7.1987)
Click here for more detail.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Bonds bounce firmly and steadily.
Bunds breach Fib resistance and top 131.00 at 131.04 vs a 130.54 low.
Gilts lag initially irrespective of ‘supportive’ UK public finance data, but get a boost via DMO supply to top 92.00 from 91.43 Liffe base.
T-note firm within 109-07+/108-28 range ahead of busy US agenda.
Click here for more detail.

COMMODITIES

Crude benchmarks are subdued and failing to benefit from broader risk, with desks attentive to reports that the Iraqi oil minister arrived in Turkey on Monday to discuss the resumption of exports from the Ceyhan terminal.
Currently, WTI and Brent Oct are under USD 80.00/bbl and near USD 84.00/bbl respectively.
For LNG, extensive remarks from the Woodside CEO (see below) with developments otherwise somewhat light, Dutch TTF pulling back modestly.
Spot gold is firmer despite the constructive risk tone and taking impetus from the USD’s downside and has managed to inch above USD 1900/oz at best. Base metals followed the tone of Chinese trade and as such experienced a marked bid towards the APAC close with fresh fundamentals light at the time.
Woodside Energy (WDS AT) CEO said they continue to have constructive bargaining talks with unions regarding LNG facilities in Australia and noted there is a wide range of possible strike actions that might be taken at LNG facilities. Woodside CEO said demands of unions are focused on working conditions, certainty and wages, as well as noted that they have been spending a lot of time listening and trying to understand the key areas of concern, while the CEO added they are proceeding with goodwill and respect, but also have a duty to shareholders.
Woodside Energy CEO said that talks with gas workers remain constructive despite increasingly bitter rhetoric, via FT; adding, the market reaction to potential strikes was “fairly irrational” and a sign of market fragility.
NHC says Depression Nine has strengthened into Tropical Storm Harold, heavy rains and tropical-storm-force winds over portions of South Texas from later today. Headed for the south Texas Coast with heavy rains and strong winds beginning to spread onshore in the warning area.
Iraqi Oil Minister meets Turkish counterpart in Ankara and Iraqi; Turkish oil ministers discuss joint relations in oil and energy sector; talks will include the resumption of oil export through Ceyhan Oil Terminal, via statement.
India is reportedly considering an export tax for parboiled rice variety, via ET Now citing agencies.
Click here for more detail.

NOTABLE US HEADLINES

S&P joins Moody’s in cutting US banks amid a tough environment with KeyCorp (KEY) and Comerica (CMA) among the five banks cut by S&P, according to Bloomberg.
US Commerce Ministry Raimondo to visit China Aug 27-30 to meet Senior Government officials.
Click here for the US Early Morning Note.

EUROPEAN DATA RECAP

UK PSNB, GBP (Jul 2023) 3.48B GB (Prev. 17.666B GB); Ex Banks GBP (Jul 2023) 4.301B GB vs. Exp. 5.0B GB (Prev. 18.487B GB)
UK PSNCR, GBP (Jul 2023) -7.474B GB (Prev. 11.976B GB)
UK CBI Trends – Orders (Aug 2023) -15.0 (Prev. -9.0); 3M Output Balance -19.0 (Prev. +3.0); Output Price Expectations +8.0 (Prev. +18.0)
EU Current Account SA, EUR (Jun 2023) 35.84B (Prev. 9.1B); NSA, EUR (Jun 2023) 36.77B (Prev. -11.3B)

GEOPOLITICS

Explosions were reported on the outskirts of Moscow around Strogino and air defences shot down a drone over Krasnogorsk, Moscow oblast, while TASS noted all Moscow airports were closed for arriving and departing flights.
North Korea notified Japan of a plan to launch a satellite on August 24th-31st, according to NHK.
North Korea is said waiting for the right time to punish the US and South Korea, while it was suggested that US military drills could trigger ‘thermonuclear war’, according to commentary in KCNA.
South Korea urged North Korea to immediately abandon the plan to launch a satellite, while Japanese PM Kishida also called on North Korea to stop its satellite launch and said the possible launch is extremely regrettable. Furthermore, Kishida said they are preparing to station PAC3 and Self-Defence Force Aegis ships as a precaution.
Taiwan’s Defence spokesperson says “so far I have not heard any confirmation. As far as I understand, this information is currently a statement circulating on social media”, via Tingting Liu. In the context of unconfirmed social media speculation that a Chinese Navy nuclear powered attack submarine experienced an incident in the Taiwan Strait.
Progress has been made in the grain corridor talks, according to a source cited by the Turkish Presidency, “and the path without Russia is not guaranteed”, via Sky News Arabia.

CRYPTO

Coinbase (COIN) said it is increasing its support for stablecoins with an investment in Circle which will take full control of USDC issuance and governance, while Coinbase and Circle will also maintain a commercial relationship.

APAC TRADE

APAC stocks traded mixed following a similar performance stateside where tech rallied but the gains in the broader market were capped amid further upside in global yields; however, as the session progressed a bounce was seen in Chinese equities, in a similar fashion to previous sessions.
ASX 200 was rangebound amid a slew of earnings releases including a drop in profits for mining giant BHP.
Nikkei 225 was underpinned as tech names in the Asia-Pac region took inspiration from US peers and with SoftBank among the notable performers after its Arm unit filed for a US IPO.
Hang Seng and Shanghai Comp were initially indecisive as participants digested the latest support efforts from Premier Li and the State Council, as well as the PBoC’s net liquidity drain. Action which became markedly more constructive as European players entered the fray and the tech strength from Wall St continued; though, the positive move occurred despite an absence of fresh catalysts at the time.

NOTABLE ASIA-PAC HEADLINES

BoJ Governor Ueda met with Japanese PM Kishida and did not discuss FX volatility in the meeting but explained to him the BoJ’s July policy decision which Kishida said he understood the July policy move. PM Kishida asked questions on various aspects of the economy and financial developments which Ueda answered as much as he could although Ueda wanted to refrain from mentioning exactly what was discussed and noted his predecessor Kuroda had met with the PM on a regular basis and this meeting was of the same nature, according to Reuters.
China has extended the waiver for capital gains tax for the HK stock connect, according to Bloomberg.
Japanese PM Kishida instructed LDP executives to come up with overall direction of the measures by the end of the month, gas retail prices are approaching highest level due to Forex and reduction in oil production. Wants to consider economic measures in September.

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

TUESDAY MORNING/MONDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

////SOUTH KOREA/NORTH KOREA/

We must be very cognizant of Kim as he guides his bankrupt nation using nuclear tests and cruise missile tests galore

(zerohedge)

Kim Oversees Cruise Missile Test From Warship In Response To US Drills

TUESDAY, AUG 22, 2023 – 04:15 AM

Days after the US, Japan, and South Korea sealed a new three-way security pact at a summit overseen by President Biden at Camp David, North Korea has ‘answered’ it with a fresh missile test Monday. The US and South Korea have also just kicked off yet another 10-day joint drill.

The Korean Central News Agency (KCNA) in a new report featured photos of leader Kim Jong Un inspecting the site of launches of strategic cruise missiles fired from a patrol ship off North Korea’s east coast.Kim Jong-un watches a strategic cruise missile test aboard a navy warship. Source: KCNA

Kim was aboard the vessel and “highly praised the ship for maintaining high mobility and mighty striking power and constant preparedness for combat to cope with sudden situation,” according to KCNA.

The statement underscored that the missile test demonstrated North Korea’s naval capabilities in “carrying out the attack mission in actual war.”

The precise date for the new test wasn’t disclosed, but it may have happened concurrently to or just after the Biden-hosted trilateral Friday summit involving President Yoon Suk Yeol of South Korea and Prime Minister Fumio Kishida of Japan.

Biden had hailed the summit as “a big deal” and a “historic meeting”. President Kishida had also remarked that “we are indeed making a new history as of today.”

According to a New York Times summary of the communique issued after Friday:

The leaders agreed to establish a three-way hotline for crisis communications, enhance ballistic missile cooperation and expand joint military exercises. They issued a written “commitment to consult” in which they resolved “to coordinate our responses to regional challenges, provocations, and threats affecting our collective interests and security.”

While Pyongyang sees this as yet more Washington encroachment in the Southeast Asia region, China too has been alarmed and watching closely, particularly amid greater US-Japan cooperation. Beijing has been in the process of deepening ties with Moscow, and has more frequently patrolled with the Russian navy of late.

The trilateral Camp David meeting had urged the denuclearization of the Korean peninsula, calling on the Kim Jong Un regime to “abandon its nuclear and ballistic missile programs,” while condemning its “unprecedented number of ballistic missile launches.”

END

2e) JAPAN

JAPAN

3 CHINA /

CHINA/

This will fail just like Turkey’s folly!

(zerohedge)

A Panicking China Triggers Biggest Offshore Liquidity Squeeze Since 2018 To Crush Yuan Shorts

TUESDAY, AUG 22, 2023 – 10:55 AM

It’s not quite as bad as Jan 2016 when, with its currency in freefall, Beijing accused George Soros of orchestrating a campaign to crush the yuan (the senile billionaire was much more focused on sparking chaos in the US at the time with Trump about to become president)… but it’s getting there.

With the yuan plumbing record lows in recent days…

… and China caught in the mercantilist trap where on one hand it needs a weak currency to boost its collapsing exports and reboot its flailing economy, hence last week’s surprise rate cut by the PBOC…

… but on the other, terrified that another currency devaluation can spark huge capital flight similar to 2015-2016 when over $1 trillion in FX reserves fled the country (yet with rate differentials being where they are, it’s not as if it has much of a choice), China has aggressively escalated its defense of the yuan, and pulled a page right out of the Erdogan playbook when overnight it sent funding costs in the offshore market to squeeze yuan shorts and set a new record with its stronger-than-expected reference rate for the currency.

Let’s start with the fixing first: the People’s Bank of China set its daily fixing for the currency at 7.1992 per dollar Tuesday, compared with an average estimate of 7.3103 in a Bloomberg survey, a delta of 1,111 pips. That was the largest gap since the polls began in 2018.

The record bias for the fixing came a day after yuan one-month forward points, a measure of the cost to borrow the currency versus the dollar, jumped the most in offshore trading since 2017 when China’s financial system was going though one of its patented turmoil phases which usually just precedes massive stabilizing intervention by the communist party.

Other parts of the forward curve are also rising. Tomorrow-next forward points climbed to the highest level since May 2022 on Monday, while the 12-month tenor rose to a three-month high. The spike up in forward points comes after some tenors slid to record lows in recent months, weighed down by the US-China yield divergence. US two-year Treasuries yield about 290 basis points more than similar-maturity Chinese government bonds, the widest spread since 2006.

Indeed, in another sign of a liquidity squeeze, Bloomberg reported that Hong Kong’s offshore yuan interbank rates climbed to the highest since 2018 on Tuesday.

“A CNH funding squeeze could be a tactical tool and a signaling device, but unlikely the go-to tool in isolation,” Citigroup Inc. strategists Philip Yin and Gaurav Garg wrote in a client note. “Overall, the combination of rate cut and other FX tools suggest that fundamental-driven yuan weakness is allowed but the pace is managed.”

Chinese funding costs surged in recent days as local banks refrained from providing more of the currency in the swap market, according to traders. That has made it more expensive for speculators to bet against the yuan, and forced a squeeze.

The PBOC sold 35 billion yuan ($4.8 billion) of bills in Hong Kong Tuesday, exceeding the 25 billion yuan of the securities coming due this month. That was the first time the central bank has refrained from a flat rollover in two years, according to data compiled by Bloomberg. The offering included 20 billion yuan of three-month bills which were sold at 3.2%, the highest yield since 2018.

* * *

The above encapsulates Beijing’s paradox rather well: on one hand, the yuan has been slumping for months as China’s economy struggles as a result of its collapsing housing market and relentless defaults among China’s property developers, forcing the PBOC to cut interest rates and widen the yield differential with the US. But while the central bank is easing its monetary policy, it is also trying to slow the yuan’s decline with stronger-than-expected fixings, dollar sales by state banks, and measures such as tweaking rules on capital flows, afraid that public sentiment may tip beyond a breaking point which sees the country’s tens of trillions in domestic savings take flight for offshore locations, a move which would send bitcon soaring.

Indeed, as Bloomberg adds, “For years, Chinese policymakers have been highly sensitive to any speculator-driven wild yuan swings as any disorderly depreciation may trigger a vicious cycle of excessive declines and capital outflows. In its latest monetary policy report released last week, the central bank said it will resolutely prevent “over-adjustment” in the yuan with an ample reserve of policy tools to manage the currency.”

And while Beijing’s strategy of draining offshore liquidity may squeeze short positions – if only briefly as Erdogan has learned in his many failed attempts to crush lira shorts – it will also undermine the long-term policy intention for yuan internationalization, said Xiaojia Zhi, chief China economist at Credit Agricole CIB in Hong Kong. This latest step shows “the PBOC is intolerant of rapid one-way moves and would consider various pool tools to discourage speculative flows on CNY depreciation and manage expectations.” Then again, it’s not as if it has much of a choice unless it wishes to see its economy collapse in a debt-deflationary vortex.

Indeed, the recent efforts to bolster the yuan are unlikely to be enough to prevent further losses given softening consumer spending, sliding home prices and debt repayment pressures facing the local government sector.

“Policy in China is proving to be more tolerant of weaker growth, and more resistant to abandoning its efforts to de-lever the pockets of debt,” strategists at Deutsche Bank AG led by Perry Kojodjojo wrote in a note. “We continue to believe that the natural corollary to this is weakness in the currency and the authorities don’t intend to draw a line in the sand.”

END

CHINA

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE

COL MACGREGOR INTERVIEWED BY TUCKER CARLSON

the real story behind the Ukraine/Russia war

(Tucker Carlson/Col MacGregor)

“If We Press This With Russia, It Will Reach Us Here In The US” – Col. MacGregor Tells Tucker Why The Ukraine War Must End Now

MONDAY, AUG 21, 2023 – 07:21 PM

Tucker Carlson on Monday published an interview with former Trump administration official Col. Douglas Macgregor (Ret.), who explained why the war in Ukraine has put the United States on the brink of a ‘catastrophic war that could easily destroy us.’

Carlson begins with a bold statement: “pretty much everything that NBC and The NYTimes have told you about the war in Ukraine is a lie.”

“‘The Russian army is incompetent’ – they claim. ‘Ukraine is a Democracy!’ ‘Vladimir Putin is Hitler and he’s trying to take over the world!’ ‘Thankfully, the Ukrainians are winning.’

“Every claim is false, the last one especially,” said Carlson, adding “the Ukrainian army is not winning – in fact, it’s losing badly. Ukraine is being destroyed. Its population is being slaughtered.”

“Most American know nothing about Ukraine,” Macgregor continued, adding that “if they knew anything about the history of Eastern Europe, they would all say ‘get out!’… because the wars and the blood and the hatred that’s been fought over for centuries is something we can’t sort out.”

Macgregor’s comments grow more ominous in their tone as the discussion continues.

He notes that President Biden has enabled ‘combat pay’ which implies there are American forces on the ground in Ukraine.

“It would be a mistake to think that the Russian forces do not know where they are,” the retired colonel explains, pointing out that the Russians are sending a message with recent precision missile strikes near the borders of Poland and Moldova:

“if you think you can hide from us, if you come in here, if you cross these borders, we will annihilate you.”

We need to come to terms with these realities because we can’t defeat it,” he remarked reflecting on the fact that people have called him ‘unpatriotic’ for his comments.

He summed the situation in Ukraine up rather succinctly:

“if we press this war with Russia in Central East Europe, it will reach us here in the United States.”

According to Macgregor, “The smartest thing we can do is end this war now,” adding “The Russians will never tolerate NATO forces on Ukrainian soil.”

“Ukrainian forces are in piecemeal fashion, surrendering to the Russians, not because they don’t want to fight; it’s because they can’t fight anymore, they have so many wounded they can’t evacuate them … we’re going to see this army that we have spent so heavily on, melt away.”

When it comes to the equipment being used to fight, MacGregor said that “a lot of the equipment we sent over there is quite frankly, obsolete… its very old, it’s not new.”

“Integrated air defenses will knock virtually everything that flies out of the sky,” he said, adding “We will then fall back on a nuclear deterrent – a tactical nuclear weapon that says ‘if you keep advancing, we’ll have to use a nuclear weapon.’ We don’t want to go there, because the notion that there are so-called tactical nukes ‘oh, it’s just a little nuke, so that won’t precipitate a nuclear war’ – the use of any nuclear weapon is going to precipitate an escalation very rapidly,” he said.

Carlson ends by asking Macgregor about the “leftist American man dressed as a woman” that is now the mouthpiece of Ukraine who claimed “Vlad Putin is a vampire bathing in the blood of Ukrainian children.”

Macgregor asks “is that a transgender man?” To which Carlson replies, “yes, that’s a guy with fake breasts.”

Macgregor retorts: “well I think everything else is fake too… this war is a catastrophe… the people bathing blood are in Kiev and Washington.”

https://www.zerohedge.com/political/us-brink-catastrophic-war-could-easily-destroy-us-col-douglas-macgregor-tells-tucker

END

Robert H to us:

RUSSIA/UKRAINE

Why Russia is Decimating the Ukraine Counter Offensive – A Son of the New American Revolution

Crazy and insane slaughter for profit. There was zero chance this could succeed. Mind you, allowed for historic adjustments the so called modern US military is not even in the same league with Napoleon and Hitler’s generals, even if Erich Von Manstein helped in shaping American doctrinal views. But then again, he did lose the war to his Russian peers. Do you know that the US issued a travel advisory for Belarus today? Seriously, does anyone think that they will not fight? Iskanders will fly and they have nukes. Good luck to Poland if this goes hot. Polish blood will be spilled while Nuland feasts on cookies.
All this nonsense is pointless as economies sputter into toilets. How about spending on civilian populations within countries? Ukraine is finished, let what is left find a new path to survive because if not it will die a death worse than what has been done to Syria. And for what? Is Poland the next lamb to slaughter? There is no no money or willpower to fight a real modern war in Europe. And beyond the doorknobs on the ship of fools there is no desire to wage war. Americans want to focus on living and meeting obligations. Everyone wants this in a world where liquidity is being drained by government mismanagement for the sake of war and misguided idealism of “woke” or “ESG” or climate change. Yes, the climate is changing and it is cyclical; like puny humans can make a difference to Sunspots going dormant or volcanoes erupting in oceans. Mother Earth does not care about inhabitants. It has its own cycle of life and we are on for ride. It is politicians who think they can seize for agenda and power.
Should we be good stewards, yes of course; only stupid can pollute what they drink or eat. And we are herded by such morons. What we must ask of ourselves is whether we want to be free enough to be what we can be in this path of life. As one day it ends for all of us and then what? Did we make a difference? What do we carry in our soul’s journey amongst the cosmic realm? Because what we do is far beyond paying bills, driving cars or living in pads desired. We are all energy to be respected not cast adrift or ignored. Sadly, as humanity goes we learn little from history and many people are doomed as a result. As are businesses who exist on lies. And even fewer people understand that regardless of belief, the only thing we all leave our physical self is what we came with, and that is our soul.

Why Russia is Decimating the Ukraine Counter Offensive

end

UKRAINE/RUSSIA

getting nasty!

Black Sea War Grows Hotter As Russia Destroys Two Ukraine Military Boats

TUESDAY, AUG 22, 2023 – 10:15 AM

The Black Sea export corridor wars continue, after Russia has been striking ports and Ukraine has with NATO members Romania and Bulgaria’s help utilized ‘alternate’ routes to get grain to global markets.

Russia’s military on Tuesday said it destroyed two Ukrainian military boats in the Black Sea within the space of merely a few hours. It indicates the ongoing trend of ramped up naval activity and aggression following the collapse of the UN-brokered Black Sea Grain Initiative deal when it expired on July 17.Via AFP

“Russia said on Tuesday its forces destroyed a Ukrainian military boat in the Black Sea, the second vessel it claims to have attacked in the space of a few hours,” AFP reports.

“On Aug. 22 at about 11:00 Moscow time (08:00 GMT) east of Snake Island, a U.S.-made Willard Sea Force speedboat with a Ukrainian landing group was destroyed by a Russian army aircraft,” Moscow’s Defense Ministry said in a fresh statement.

The past two weeks have seen Russia accuse Ukraine of seeking to destroy its warships utilizing Western-supplied advanced marine drones.

Russia’s defense ministry has issued new video which purports to show the destruction of a Ukrainian patrol ship on the Black Sea. Given Ukraine’s general lack of air power compared to superior Russian aerial forces, the Ukrainian boat appears to be a sitting duck…

On August 4th, a sea drone did score a direct hit on the Olenogorsky Gornyak warship, severely damaging it while off the port of Novorossiysk, a major hub for Russian exports. Video and images showed the vessel is listing in the aftermath.

Importantly, the port is among the largest in the Black Sea basin and is significantly far from Ukrainian shores, on the clear other side of the Crimean peninsula. Russia has meanwhile taken aim at Ukraine ports and grain silos along the Danube River, just across from NATO member Romania.

Kiev has all along increased its cross-border drone attacks on Russia, with more drones overnight being sent as deep into Russian territory as the capital of Moscow.

END

BELARUS/POLAND/LITHUANIA/LATVIA/USA

USA citizens urged to leave Belarus as Lithuania closes his border. Not good.

(zerohedge)

US Citizens Again Urged To Leave Belarus As Lithuania Closes Border Crossings

TUESDAY, AUG 22, 2023 – 02:45 AM

It is not the first time the US State Department has urged Americans in Belarus to exit the country, but certainly the alarm is growing louder as neighboring countries move to seal more borders with the sanctioned country which has aided Putin’s special military operation in Ukraine.

A Monday statement by the Biden administration has told all US citizens still in Belarus to leave immediately, further warning against travel there for any reason.Poland border wall, file image

The neighboring states of Poland, Lithuania, and Latvia have increased security and military deployments to the Belarusian border, particularly on concerns of Russian Wagner fighters having a major presence there.

“Do not travel to Belarus due to Belarusian authorities’ continued facilitation of Russia’s unprovoked attack on Ukraine, the buildup of Russian military forces in Belarus, the arbitrary enforcement of local laws, the potential of civil unrest, the risk of detention, and the Embassy’s limited ability to assist U.S. citizens residing in or traveling to Belarus,” the State Department wrote in the fresh warning.

Days ago Lithuania closed two of its six border crossings, while Poland only has one border crossing with Belarus open, and Latvia has two – and these governments have said more closures could come in the near future.

Even before the Russian invasion of Ukraine, which Belarus had limited participation in by allowing Russian forces staging ground, neighboring countries had accused strongman Alexander Lukashenko of ‘weaponizing migrants’ by literally flying Middle Easterners in while pushing them through EU border checkpoints.

“U.S. citizens are not permitted to enter Poland overland from Belarus. Do not travel to Russia or to Ukraine,” the US statement said further. The US maintains a scaled down embassy presence in Minsk and is set up to assist with emergencies.

In an interview days ago with state outlet BelTA, Lukashenko said his country stands ready to use nuclear weapons “if aggression is launched against us.”

He said, “If aggression against our country is launched from the side of Poland, Lithuania, Latvia, we will immediately respond with everything we have… And the strike will be unacceptable.”

“NATO stands behind Poland, Lithuania, Latvia. We certainly understand that the forces are incomparable,” he explained. “But we will deliver an unacceptable strike against them and they will receive unacceptable harm, damage. It is what our security concept is based on.” Since last spring, Russia has based tactical nukes at Belarusian bases.

END

6.GLOBAL ISSUES//MEDICAL ISSUES

END

GLOBAL ECONOMIC ISSUES//

* * *

END

GLOBAL VACCINE/COVID ISSUES

DR PAUL ALEXANDER

mRNA technology gene based COVID injection (Pfizer, Moderna) strikes at Tori Kelly? Again? “Grammy winning Tori Kelly being treated in hospital for blood clots”; will the 13 (or one of them) Horsemen

of the COVID Apocalypse please stand up and tell us something? please! From Weissman, to Malone, to Fauci, to Bourla, to Walensky, come on, you made money & fame, HELP us!

DR. PAUL ALEXANDERAUG 21

READ IN APP

Is this akin to Jamie FOXX? Damar Hamlin? Deon Sanders? Come on, when will this stop? Is this COVID mRNA vaccine related? Is she at risk of death now due to the COVID shot? Is many in the population at similar risk, akin to ticking timebombs who took the mRNA shot?

https://www.bbc.com/news/world-us-canada-66306020

‘Two-time Grammy winner Tori Kelly is being treated in hospital for blood clots in her lungs and legs after collapsing at a dinner, US media report.

Reports suggest the 30-year-old’s condition is “really serious”.

She was at a dinner in Los Angeles when she experienced elevated heart rates before passing out, TMZ reported.

Her team have yet to publicly address her health.

The BBC has contacted her representatives for comment.

The singer-songwriter rose to fame posting videos to YouTube and appearing on TV singing competitions.

TMZ reported she was passed “out for a while” and was taken to Cedars-Sinai hospital by car not an ambulance.’

end

A must view…

Vaccinologist Dr. Geert Vanden Bossche asks cardiologist Dr. Peter McCullough why is the heart the prominent organ damaged by COVID-vaccination. Courtesy Del Bigtree, host of the Highwire, August 2023

Excellent hosting Del, right amount of interruption, allowing the experts to talk, now you are back to first principles & I love it, you are very good, tue patriot, best IMO, now interview Malone same

DR. PAUL ALEXANDERAUG 22

READ IN APP

SOURCE:

Local case of malaria found in Maryland, first time in 40 years! Yes, this can be due to the mosquito itself & a new strain, but place on table the mRNA technology COVID gene based vaccine (Pfizer)

& Moderna, this COVID mRNA vaccine has subverted and damaged our immune systems, that of our children (especially if the child’s innate), now we are vulnerable to infections, cancers etc.

DR. PAUL ALEXANDERAUG 21

READ IN APP

https://www.thebaltimorebanner.com/community/public-health/malaria-locally-acquired-maryland-5J62V5IWIJB3HOSGZV6I3QG4VI/

Maryland has recorded its first case of locally acquired malaria in four decades, setting off concern among public health officials about the mosquito-borne disease known as a major global killer.

end

FOX News: “Biden admin to renew push for Americans to get COVID-19 boosters, The CDC and WHO are tracking another variant of COVID-19”; your response on my counsel is ‘hell to phuck NO Biden, phuck NO

This mRNA technology (calling on the 13 Horsemen to speak up about their death work) gene based injection has failed & is harmful, driving variants, tell Biden health officials ‘UP YOURS’! show them..

DR. PAUL ALEXANDERAUG 21

READ IN APP

Mister Rogers Finger GIF - Mister Rogers Finger Middle GIFs

SLAY NEWS

The latest reports from Slay News

Germany Funneled Billions to Bill Gates for ‘Population Control’ Programs An official parliamentary inquiry has found that Germany has funneled billions of dollars in taxpayer money to Bill Gates’s foundation to fund “population control” programs and other anti-humanity schemes.READ MORE

California Rolls Out Face-Scanning Digital ID to Replace Driver’s Licenses The state of California has rolled out a new digital ID system that requires residents to scan their faces and upload sensitive documents to a smartphone app.READ MORE

Ramaswamy Warns America: ‘Biden Is Not Running the Country, It’s the Managerial Class Wielding Him as a Puppet’Republican presidential candidate Vivek Ramaswamy said Joe Biden is not actually “running” the country, but being used as a “puppet” by the bureaucrats at a conservative conference while speaking with radio host Erick Erickson. ERICKSON: I’m like, Gosh, he’s not just younger than me, he’s like a decade younger than me, that’s, aagh. But, you know, okay, so in that …READ MORE

Mark Levin Makes Strong Case: ‘Hillary Clinton Should Be In Prison for Her Entire Life’Fox News host Mark Levin has accused Democrat President Joe Biden’s Department of Justice (DOJ) of abusing the system by operating with a partisan double standard.READ MORE

Texas County Official Dumps Democrat Party, Switches to Republican A Democrat county official in Texas announced that she has dumped the Democratic Party and is switching to join the Republicans.READ MORE

GOP 2024 Candidate Flies ‘Prosecute Hunter’ Banner over Biden’s Delaware Beach House A Republican 2024 presidential candidate has flown a banner over Democrat President Joe Biden’s Delaware beach house with a message regarding his son.READ MORE

Appeals Court Overrules Sentence for Low-Level Jan 6 Offense, Ruling Could Impact Hundreds of Cases A federal appeals court has overruled the severe sentence handed down to a Jan. 6 prisoner who pleaded guilty to a low-level offense related to the Capitol Hill protests.READ MORE

Top Democrats Turn on Biden over Open Border Policies Several top Democrats have turned against President Joe Biden over his open border policies.READ MORE

FDA Alert: Fruit Recalled in a Dozen States over Deadly Bacteria The U.S. Food and Drug Administration (FDA) has issued an alert in over a dozen states due to a potentially deadly bacteria discovered in imported fruit.READ MORE

Elon Musk Loses His Cool, Tells James Woods to Pound Sand: ‘Delete Your Account’Twitter/X boss Elon Musk uncharacteristically lost his cool and snapped at Hollywood legend James Woods over a proposed change to the social media platform.READ MORE

House GOP Finds Proof Biden Is Guilty: ‘This Email Ties Joe & Hunter Biden into This Corruption Scheme without a Shadow of Doubt’House Republicans have uncovered emails that prove “without a shadow of a doubt” that Joe Biden abused his power as vice president to protect his son.READ MORE

EVOL NEWS

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

Russia Releases Evidence Proving Deep State & Big Pharma Manufactured Covid Pandemic Russia has just released an explosive 2000-page report that provides overwhelming evidence proving that the Covid pandemic was manufactured in a coordinated effort by deep state operatives and Big Pharma companies.READ THE FULL REPORT

House Oversight Blows Lid Off Biden Scandal: Emails Expose Corruption Scheme ‘Without a Shadow of a Doubt’House Oversight Committee Chairman James Comer (R-KY) requested the National Archives produce records, without redactions, showing Biden’s communication with Hunter and business partners Eric Schwerin and Devon Archer using these pseudonyms. The Kentucky congressman discussed the disturbing revelations that he found on Fox News with Maria Bartiromo on her show “Sunday Morning Futures.” “We’ve learned that Joe Biden used at …READ THE FULL REPORT

Former Dem. Governor Warns of Coming ‘Revolt’ Against Federal Government Over Migrant Crisis The Biden administration’s mishandling of the immigration crisis is leading to some unlikely criticism from prominent Democrats in one of the nation’s bluest states. Former New York Governor David Paterson, a Democrat, is warning about a coming “revolt” by U.S. cities against the federal government if it does not solve the migrant crisis. Paterson argued that speaking out about the …READ THE FULL REPORT

Donald Trump Explains Why He Won’t Be Doing Any Republican Debates Former President Donald Trump announced on Sunday he won’t attend the upcoming Republican primary debates, pointing to his substantial lead in opinion polls as an indication of his popularity among voters for the 2024 election. “New CBS POLL, just out, has me leading the field by ‘legendary’ numbers,” he said. “TRUMP 62%, 46 Points above DeSanctimonious (who is crashing like …READ THE FULL REPORT

Biden Administration Auctions Off Parts of Border Wall So It Won’t Be Completed The Biden administration is allegedly liquidating millions of dollars in border wall materials, amid Republican efforts to legislate its completion. Steel “square structural tubes” seen in an Arizona storage facility were put up for sale on GovPlanet, a digital auction platform managed by Canadian company Ritchie Bros. Auctioneers. These 28-foot hollow beams are “excess border wall materials that the U.S. …READ THE FULL REPORT

end

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

end

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

China is now emerging as a global LNG power

(Charles Kennedy/OilPrice.com)

China Emerges As A Global LNG Trading Power

MONDAY, AUG 21, 2023 – 10:20 PM

By Charles Kennedy of Oilprice.com,

China is expanding its presence in the global LNG trading world, with Chinese traders setting up new or expanding their trading desks in Singapore and London, Reuters writes.

This would put China in direct competition with LNG trade leaders including Shell, BP, TotalEnergies, and Equinor, the report pointed out.

The trading presence expansion comes even as China secures more long-term supply of the superchilled fuel, the latest deals coming from Qatar and the United States.

Even so, Chinese importers are not relying on long-term deals only, even if they have swelled to some 40 million tons annually since last year. The amount represents a 50% increase.

Per the Reuters report, more than 10 Chinese energy trading companies are hiring more traders or expanding their trading desks while state-owned CNOOC plans to open an office in London.

Speaking of CNOOC, the Chinese major said this month that Novatek’s Arctic LNG 2 project will start production as scheduled before the end of this year. CNOOC has a 10% stake in the Russian project.

“We’re going to see a paradigm shift in Chinese companies from being total net importers to (being) more international and domestic trading players,” said Trident LNG head of global trading, Toby Copson, as quoted by Reuters.

The core motive for the trading presence expansion appears to be energy security—the focus of China’s energy policies.

“Supply security is still at the heart of our business activities. Trading capability is one of the enablers … to help us better deal with market swings,” according to PetroChina International’s global head of LNG trading, Zhang Yaoyu.

As a result of this expansion, Reuters notes, the total volume of LNG contracted by Chinese traders could reach 100 million tons annually by 2026. That would mean an excess supply of some 8 million tons for that year, per Poten & Partners. On the other hand, ICIS sees the amount as falling short of demand by 5-6 million tons.

END

Get a load of this!!

(zerohedge)

IRGC Warns “Expect To Be Struck Back” As US Starts Offloading Tanker Suspected Of Carrying Iranian Oil

MONDAY, AUG 21, 2023 – 07:40 PM

Authored by Charles Kennedy via OilPrice.com,

An oil tanker that is suspected of carrying Iranian oil has begun to offload oil near Texas, a development that is sure to lead to an escalation in tensions between the U.S. and Iran.
Iran’s Revolutionary Guard had warned that those involved in the offloading of the cargo from the Suez Rajan “should expect to be struck back.”
The tanker’s arrival in Texas was likely the result of a deal between the Biden Administration and the owners and operators of the vessel.

A tanker suspected of carrying Iranian crude oil has offloaded near Texas, the AP reports, adding the cargo was offloaded on another tanker.

The U.S. seized the Suez Rajan in April this year, prompting quick retaliation from Iran, which seized a Chinese-owned, Turkish-operated tanker that was loaded with crude for delivery to Chevron.

Iran claimed that the tanker collided with an unidentified Iranian vessel just hours prior to its seizure, with several crew members reportedly falling overboard while others were left injured. The tanker then fled the scene and ignored radio calls for eight hours before a court ordered its seizure.

The Suez Rajan, according to an FT report from June, had received a license from the U.S. Treasury Department to import Iranian crude into the United States. Its cargo is some 800,000 barrels of crude and, per an unnamed former member of the Biden administration, its arrival in Texas was likely the result of a deal that got struck between the administration and the owners and operators of the vessel.

That deal appears to not have involved Iran, however. The AP reports that Iran’s Revolutionary Guard had warned that those involved in the offloading of the cargo from the Suez Rajan “should expect to be struck back.”

The Suez Rajan was never officially seized by American forces, the AP recalls. The tanker sat for months off the coast of Singapore after an activist group sounded an alarm that it was carrying Iranian crude, and then it suddenly set off for the U.S. Gulf Coast. Two tanker seizures from Iranian forces followed in the Persian Gulf.

At the time, a senior Iranian military official warned against offloading the cargo of the Marshall Islands-flagged vessel.

“We hereby declare that we would hold any oil company that sought to unload our crude from the vessel responsible and we also hold America responsible,” Read Admiral Alireza Tangsiri, commander of the Revolutionary Guard’s naval section said.

This latest development comes at a particularly sensitive moment in U.S.-Iranian relations, with the two countries negotiating over five Iranian-Americans being held in Tehran, billions of dollars in frozen Iranian assets, the supply of Iranian drones to Russia, and a broader military buildup in the Gulf.

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 TUESDAY MORNING 7;30AM//OPENING AND CLOSINGS

EURO VS USA DOLLAR: 1.0885 DOWN 0.0012

USA/ YEN 145.78 DOWN 0.469 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2763 UP 0.0003

USA/CAN DOLLAR: 1.3520 DOWN .0026 (CDN DOLLAR UP 26 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 27.36 PTS OR 0.88%

Hang Seng CLOSED UP 167.72 PTS OR 0.65%

AUSTRALIA CLOSED UP 0.08 % // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL GREEN

2/ CHINESE BOURSES / :Hang SENG DOWN 167.72 PTS OR 0.65%

/SHANGHAI CLOSED UP 27.36 PTS OR 0.88%

AUSTRALIA BOURSE CLOSED UP 0.08%

(Nikkei (Japan) CLOSED UP 291.07 PTS OR 0.92

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1902.35

silver:$23.42

USA dollar index early TUESDAY morning: 103.19 DOWN 1 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing TUESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.365% DOWN 6 in basis point(s) yield

JAPANESE BOND YIELD: +0.657% UP 1 AND 2//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.690 DOWN 7 in basis points yield

ITALIAN 10 YR BOND YIELD 4.321 DOWN 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6585 DOWN 5 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.0848 DOWN 0.0050 or 50 basis points

USA/Japan: 145.85 DOWN 0.395 OR YEN UP 40 basis points/

Great Britain/USA 1.2732 DOWN 0.0028 OR 28 BASIS POINTS //

Canadian dollar DOWN .0017 OR 17 BASIS pts to 1.3564

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2954

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3069)

TURKISH LIRA: 27.20 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.657…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 2 in basis points from MONDAY at 4.336% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.441 DOWN 2 in basis points ON THE DAY/12.00 PM

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

London: CLOSED UP 12.94 POINTS or 0.41%

German Dax : CLOSED UP 102.04 PTS OR 0.60%

Paris CAC CLOSED UP 42.82 PTS OR 0.59%

Spain IBEX UP 51.20 PTS OR 0.49%

Italian MIB: CLOSED UP 178.07 PTS OR 0.64%

WTI Oil price 80.45 12: EST

Brent Oil: 84.22 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 94.25; ROUBLE DOWN 0 AND 60//100

GERMAN 10 YR BOND YIELD; +2.6585 DOWN 5 BASIS PTS

UK 10 YR YIELD: 4.724 DOWN 7 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0847 DOWN 0.0051 OR 51 BASIS POINTS

British Pound: 1.2733 DOWN .0026 or 26 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.6935 % DOWN 8 BASIS PTS//

JAPAN 10 YR YIELD: .655%

USA dollar vs Japanese Yen: 145.87 DOWN 0.367 //YEN UP 37 BASIS PTS//

USA dollar vs Canadian dollar: 1.3553 UP .0010 CDN dollar, DOWN 10 basis pts)

West Texas intermediate oil: 80.25

Brent OIL: 84.02

USA 10 yr bond yield DOWN 0 BASIS pts to 4.334%

USA 30 yr bond yield DOWN 5 BASIS PTS to 4.412%

USA 2 YR BOND:UP 5 PTS AT 5.046%

USA dollar index: 103.58 UP 32 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 27.22 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 94.30 DOWN 0 AND 65/100 roubles

DOW JONES INDUSTRIAL AVERAGE: DOWN 174.86 PTS OR 0.51%

NASDAQ 100 DOWN 27.72 PTS OR 0.19%

VOLATILITY INDEX: 16.91 UP 0.18 PTS (0.93)%

GLD: $176.10 UP 0.29 OR .016%

SLV/ $21.46 UP ,10 OR 0.47%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

BJ’s Blows It & Dick’s Shrink: Consumer Concerns Spook Stocks, Flattens Yield-Curve

TUESDAY, AUG 22, 2023 – 04:00 PM

With all eyes on NVDA’s earnings tomorrow, today saw retailers and banks suffer (earnings in the former raising questions about America’s “strong consumer”, and S&P downgrades banks amid “tough” climate), as Philly Fed Services and Existing Home Sales disappoint on the macro side.

Retailers tumbled the most since May today as Macy’s saw credit card losses rising faster than expected, Lowe’s saw DIY discretionary spend decline, Dick’s suffered serious shrink (organized theft), and while big box retailer’s BJ’s did not indicate any major credit card concerns, it did lower guidance by 1.5% as same-store sales came in light…

The S&P Retail sector fell to two-month lows…

Nike dropped for its 9th straight day to its lowest since Nov ’22 – its longest losing streak in history…

Banks – big and small – suffered on the day with Regional banks down almost 3% to 6 week lows after S&P’s downgrade…

Schwab tumbled for its 11th straight day, the longest losing streak since 2004…

Meanwhile, the AI boom may be showing cracks.

NVDA rallied in the pre-market up to record highs, ran those stops, and then tumbled for the rest of the day…

The timing is good…“you are here”

Source: Bloomberg

The basket of ‘Most Shorted’ stocks tumbled in to a bear market today, down 21% from its July 31st peak…

Source: Bloomberg

All of which sparked some chaotic price action in the majors with The Dow lagging and Nasdaq battling for green all day. The European session saw the big gains today as selling started early in the US session and continued through lunch…

0-DTE traders fought the downtrend in NVDA all day (heavy call-buying trying to spark a ‘gamma squeeze’)…

Source: SpotGamma

VIX was down on the day vol-of-vol (VVIX) tumbled…

Source: Bloomberg

Treasuries were mixed today with the short-end lagging (2Y +3.5bps, 30Y -4bps). On the week, yields are still higher with 30Y the least ugly horse in that glue factory…

Source: Bloomberg

Which dramatically flattened (inverted deeper) the yield curve (2s30s)…

Source: Bloomberg

Interestingly, amid the ‘weakness’ – retailers, consumer, housing, banks – the market’s expectations for Fed rates actually continued its hawkish shift higher…

Source: Bloomberg

The dollar was practically unchanged on the day with Asian session weakness erased during the European session…

Source: Bloomberg

Crypto was chaotic today with some wild swing in Bitcoin around $26,000…

Source: Bloomberg

Oil prices limped lower again ahead of tonight’s API inventory data with WTI back below $80…

Spot Gold tried (and failed again) to top $1900

Source: Bloomberg

UBS warns that its CTA model is now short gold and remains long oil (noting that gold short position could accumulate quickly next week):

Gold saw its fourth consecutive down week and it was enough for our model to initiate a short position after remaining neutral since early July due to a prevailing positive trend strength.

The Gold short is set to grow under all projected price paths next week.

The Oil long continued to grow last week, but the growth is projected to slow, even on a bullish path, or get stopped out on a bearish path.

Our CTA model is projected to sell both Copper and all three Soybean underlying assets next week.

Finally, VIX seasonality is starting to hot up…

Pray to the gods of AI or else…

Probably nothing…

AFTERNOON TRADING//

II) USA DATA/

Philly Fed Mfg data screams of stagflation..orders drop but prices increase

(zerohedge)

Philly Fed Services Survey Screams Stagflation – Orders Drop As Prices Pop

TUESDAY, AUG 22, 2023 – 09:35 AM

After a positive surprise in July, Philly Fed’s non-manufacturing survey slumped back into contraction in August (from +1.4 to -13.1). Additionally, while respondents continue to expect a growth over the next 6 months, that optimism is fading rapidly…

Source: Bloomberg

end

Very weak!!

(zerohedge)

US Existing Home Sales Weakest July Since 2010

TUESDAY, AUG 22, 2023 – 10:12 AM

Existing home sales were expected to decline very modestly in July (-0.2% MoM) – after June’s drop (the biggest since Nov ’22). However, existing home sales tumbled more than expected (down 2.2% MoM), leaving sales down 16.6% YoY…

Source: Bloomberg

On a SAAR basis, that is the slowest pace of sales for July since 2010 (and is worse than at the peak/trough of the COVID lockdowns)…

Source: Bloomberg

On the bright side, at the margin, the inventory of unsold existing homes increased 3.7% from the previous month to 1.11 million at the end of July, or the equivalent of 3.3 months’ supply at the current monthly sales pace.

“Two factors are driving current sales activity – inventory availability and mortgage rates,” said NAR Chief Economist Lawrence Yun.

“Unfortunately, both have been unfavorable to buyers.”

As Mike Shedlock recently noted:

To boost sales, builders have passed along drops in lumber prices, reduced home sizes, reduced lot sizes, and bought down mortgage rates. But the easy fruit is off the vine.

For existing home sales, current transactions reflect a combination of mortgage rates, price, and willingness of consumers to speculate on rising home prices.

For new home sales, factor in ability and willingness of homebuilders to make homes more affordable with incentives or by building smaller homes. More incentives reduces profit.

At this rate, new home prices will drop below existing home prices for the first time since 2005 – when the last housing bubble peaked..

Source: Bloomberg

Despite all the excitement of homebuilder stocks and new (over-incentivized) home sales, there remains a giant chasm between homebuyer confidence and homebuilder confidence…

Source: Bloomberg

And if mortgage rates are anything to go by, it’s about to get very real…

Source: Bloomberg

Especially as savings dry up. Is this what Powell is waiting for?

end

III) USA ECONOMIC STORIES

Should The Fed Declare Defeat And Move On?

MONDAY, AUG 21, 2023 – 07:00 PM

Authored by Mike Shedlock via MishTalk.com,

The Wall Street Journal author Jason Furman fires the opening salvo by mainstream media pleading for higher inflation targets…

Total Credit Market Debt Owed courtesy of the Fed, annotations by Mish

The Fed Should Carefully Aim for a Higher Inflation Target

Please consider The Fed Should Carefully Aim for a Higher Inflation Target by WSJ author Jason Furman

The Federal Reserve has appropriately focused on a single objective for a year and a half: getting inflation down. While the war isn’t won, and I fear the hardest battles may be ahead, it is necessary to think about what victory would entail. In the short run, the Fed should be aiming to stabilize inflation below 3%. If it can achieve this goal, then it should shift to a higher target range for inflation when it updates its overall strategy around 2025.

If the Fed were adopting an inflation target from scratch, it would likely choose a target above 2%. A higher target inflation rate has costs, especially the time and attention people spend trying to account for how much their current dollars will be worth in a year or 10. But a higher target also has the benefit of helping cushion the economy against severe recessions.

If the Fed were adopting an inflation target from scratch, it would likely choose a target above 2%. The Fed, however, isn’t starting from scratch. The 2% inflation target, which was formalized in 2012 and has been reiterated innumerable times, has had some real benefits. People expected inflation around 2%, and for the most part that’s what they got. If inflation expectations hadn’t been so well anchored, the disinflation over the past year would have been much more painful.

There are two prerequisites for a successful transition. The first is to make clear that the Fed isn’t raising the inflation target merely to avoid the pain of getting inflation down. The second prerequisite is that if the Fed raises the inflation target, it needs to stick with it. It wouldn’t work to announce, say, a new target range for inflation of 2% to 3% and end up with 3.5% inflation. It would threaten the Fed’s credibility.

Mr. Furman, a professor of the practice of economic policy at Harvard, was chairman of the White House Council of Economic Advisers, 2013-17.

No Benefit to Inflation

There is no economic benefit to inflation. However, it does create winners and losers, with the winners being those with first access to money, especially the banks, the politically well connected, and the already wealthy.

I have discussed this many times before but it’s worth repeating again. Routine consumer price deflation is a benefit. It’s credit deflation resulting from the bursting of asset bubbles that is very damaging.

That’s not just my opinion, it’s the opinion of the Bank of International Settlements (BIS).

Historical Perspective on CPI Deflations: How Damaging are They?

For discussion, please see Historical Perspective on CPI Deflations: How Damaging are They?

Concerns about deflation – falling prices of goods and services – are rooted in the view that it is very costly. We test the historical link between output growth and deflation in a sample covering 140 years for up to 38 economies. The evidence suggests that this link is weak and derives largely from the Great Depression. But we find a stronger link between output growth and asset price deflations, particularly during postwar property price deflations. We fail to uncover evidence that high debt has so far raised the cost of goods and services price deflations, in so-called debt deflations. The most damaging interaction appears to be between property price deflations and private debt.

Deflation may actually boost output. Lower prices increase real incomes and wealth. And they may also make export goods more competitive.

Once we control for persistent asset price deflations and country-specific average changes in growth rates over the sample periods, persistent goods and services (CPI ) deflations do not appear to be linked in a statistically significant way with slower growth even in the interwar period. They are uniformly statistically insignificant except for the first post-peak year during the postwar era – where, however, deflation appears to usher in stronger output growth. By contrast, the link of both property and equity price deflations with output growth is always the expected one, and is consistently statistically significant.

The exception to the general rule was the Great Depression but, that was also an asset bubble deflation coupled with consumer price deflation.

In their attempts to fight routine consumer price deflation, central bankers create very destructive asset bubbles that eventually collapse, setting off what they should fear – asset bubble deflations.

Economists fail to see that asset inflation matters, not just CPI inflation. That’s another point Furman fails to understand. The Fed has blown several assets bubbles of increasing amplitude in a foolish attempt to create more inflation while totally ignoring massive inflation in housing and other financial matters.

Most economists have no idea how to even measure inflation and/or focus only on consumer inflation. The result has been problem after problem.

Inflation Expectations

Furman’s noise about inflation expectations is also a hoot. Fed studies and common sense both show inflation expectation theory to be total nonsense.

Second Fed Study Concluded Inflation Expectations Theory is Nonsense

Also consider A Fed Economist Concludes the Widely Believed Inflations Expectations Theory is Nonsense.

Here are some excerpts from the actual study:

The direct evidence for an expected inflation channel was never very strong. Most empirical tests concerned themselves with the proposition that there was no permanent Phillips curve tradeoff, in the sense that the coefficients on lagged inflation in an inflation equation summed to one.

In addition, most standard tests of the new-Keynesian Phillips curve suffer from such severe potential misspecification issues or such profound weak identification problems as to provide no evidence one way or the other regarding the importance of expectations (much the same statement applies to empirical tests that use survey measures of expected inflation).

What little we know about firms’ price-setting behavior suggests that many tend to respond to cost increases only when they actually show up and are visible to their customers, rather than in a preemptive fashion.

It is far, far better and much safer to have a firm anchor in nonsense than to put out on the troubled seas of thought. John Kenneth Galbraith (1958).

Few things are harder to put up with than the annoyance of a good example. Mark Twain, The Tragedy of Pudd’nhead Wilson (1894)

One should not need a study to prove the obvious. And it’s obvious that inflation expectation theory is nonsensical.

The reason has to do with the way inflation is calculated.

What Can the Fed Do About the Price of Food, Medicine, Gasoline, or Rent?

CPI Weights from BLS chart by Mish

Stupidity Well Anchored: Absurdity of Inflation Expectations in Graphic Form

I discussed the silliness of inflations expectations theory in Stupidity Well Anchored: Absurdity of Inflation Expectations in Graphic Form

Inflation Expectations Q&A

Q: If consumers think the price of food will drop, will they stop eating out?

Q: If consumers think the price of food will drop, will they stop eating at home?

Q: If consumers think the price of natural gas will drop, will they stop heating their homes and stop cooking to wait for the event.

Q: If consumers think the price of gas will drop, will they stop driving or not fill up their car if it is running on empty?

Q: If consumers think the price of gas will rise, can they do anything about it other than fill up their tank more frequently?

Q: If consumers think the price of rent will drop, will they hold off renting until that happens?

Q: If consumers think the price of rent will rise, will they rent two apartments to take advantage?

Logically speaking, since the vast majority of the CPI is inelastic, and some of “everything else” is also inelastic, how can expectations matter at all? A Fed study concluded the same thing.

Asset Irony

People will rush to buy stocks in a bubble if they think prices will rise. They will hold off buying stocks if they expect prices will go down.

People will buy houses to rent or fix up if they think home prices will rise. They will hold off housing speculation if they expect prices will drop.

The very things where expectations do matter are the very things the Fed ignores.

Economic Wizards and Their Targets

Furman wants the Fed to stabilize targets below 3 percent then aim for something higher later. What is magic about 2 percent, 3 percent or any other number, given the fact there is no benefit to inflation at all?

The strive for inflation in a disinflationary world created massive asset bubbles and led to global wage arbitrage, outsourcing, and just in time manufacturing.

Now, we have gale force inflationary winds blowing stiffly in our face thanks to deglobalization, decarbonization, and inane energy policies of the Biden administration.

Don’t Worry It’s Only Temporary

The push for 3 percent, 4 percent, whatever percent is of course only temporary just as Nixon’s trashing the gold standard in in 1971 was only temporary.

We still pay the costs of that temporary move. In fact, all of the boom-bust cycles and exponential increase in debt dates to that event.

It would behoove economists to understand that point.

Bottom Line is More Inflation

Not only does Biden demand more clean energy, he also demands consumers pay the maximum amount for it, despite that being counterproductive to the main goal. For discussion, please see The Cost of Soup and Solar Panels is About to Increase, Thank President Biden

And president Biden has latched on to prevailing wages as discussed in Yet Another Biden Regulation Will Increase Costs and Promote More Inflation

No one has bothered to do any analysis of how the push to EVs does not scale or the infrastructure costs to achieve the goal even if the idea did scale.

My readers are far better informed than these alleged economic wizards. For discussion, please see What Do MishTalk Readers Think About “Electric Vehicles for Everyone?”

But, “It is far, far better and much safer to have a firm anchor in nonsense than to put out on the troubled seas of thought.”

That’s what made Furman the perfect choice for President Barack Obama’s chair of the Council of Economic Advisers (CEA). And as you can see, he still has the magic touch.

* * *

Subscribe to MishTalk Email Alerts.

end

Actually, Joe, All Your “Objectives” Were Failures

MONDAY, AUG 21, 2023 – 06:20 PM

Authored by Victor Davis Hanson via American Greatness,

“Name me a single objective we’ve ever set out to accomplish that we’ve failed on. Name me one, in all of our history. Not one!”

-President Joe Biden, August 16, 2023

Joe Biden in one of his now accustomed angry “get off my grass” moods dared the press to find just one of his policies/objectives that has not worked. Silence followed.

Perhaps it was polite to say nothing, given even the media knows almost every enacted Biden policy has failed.

Here is a summation of what he should instead apologize for.

Biden in late summer 2021 sought a 20th anniversary celebration of 9/11 and the 2001 subsequent invasion of Afghanistan.

He wished to be the landmark president that yanked everyone out of Afghanistan after 20 years in country. But the result was the greatest military humiliation of the United States since the flight from Vietnam in 1975.

Consider the ripples of Biden’s disaster. U.S. deterrence was crippled worldwide. China, Russia, Iran, and North Korea almost immediately began to bluster or return to their chronic harassment of U.S. and allied ships and planes. We left thousands of allied Afghans to face Taliban retribution, along with some Western contractors.

Biden abandoned a $1 billion embassy, and a $300 million remodeled Bagram airbase strategically located not far from China and Russia, and easily defensible. Perhaps $50 billion in U.S. weaponry and supplies were abandoned and now find their way into the international terrorist mart.

All our pride flags, our multimillion gender studies programs at Kabul University, and our George Floyd murals did not just come to naught, but were replaced by the Taliban’s anti-homosexual campaigns, burkas, and detestation of any trace of American popular culture.

Vladimir Putin sized up the skedaddle. He collated it with Biden’s unhinged quip that he would not get too excited if Putin just staged a “minor” invasion of Ukraine. He remembered Biden’s earlier request to Putin to modulate Russian hacking to exempt a few humanitarian American institutions. Then Russia concluded of our shaky Commander-in-Chief that he either did not care or could do nothing about another Russian invasion.

The result so far is more than 500,000 dead and wounded in the war, a Verdun-stand-off along with fortified lines, the steady depletion of our munitions and weapon stocks, and a new China/Russia/Iran/North Korean axis, with wink and nod assistance from NATO Turkey.

Biden blew up the Abraham accords, nudged Saudi Arabia and the Gulf States over to the dark side of Iran, China, and Russia. He humiliated the U.S. on the eve of the midterms by callously begging the likes of Iran, Venezuela, Russia, and Saudi Arabia to pump more oil that he had damned as unclean at home and cut back its production. In Bidenomics, instead of producing oil, the president begs autocracies to export it to us at high prices while he drains the nation’s strategic petroleum reserve for short-term political advantage.

Biden deliberately alienated Israel by openly interfering in its domestic politics.

He pursued the crackpot Iran Deal while his special Iranian envoy was removed for disclosing classified information.

No one can explain why Biden ignored the Chinese balloon espionage caper, kept mum about the engineered Covid virus that escaped the Wuhan lab, said not a word about a Chinese biolab discovered in rural California, and had his envoys either bow before Chinese leaders or take their insults in silence—other than he is either cognitively challenged or leveraged by his decade-long grifting partnership with his son Hunter.

Yet another Biden’s legacy will be erasing the southern border and with it, U.S. immigration law. Over seven million aliens simply crossed into the U.S. illegally with Biden’s tacit sanction—without audits, background checks, vaccinations, and COVID testing, much less English fluency, skills, or high-school diplomas.

Biden’s only immigration accomplishment was to render the entire illegal sanctuary city movement a cruel joke. Given the flood, mostly rich urban and vacation home dwellers made it very clear that while they fully support millions swarming into poor Latino communities of southern Texas and Arizona, they do not want any illegal aliens fouling their carefully cultivated nests.

Biden is mum about the 100,000 fentanyl deaths from cartel-imported and Chinese-supplied drugs across his open border. He seems to like the idea that Mexican President Obrador periodically mouths off, ordering his vast expatriate community to vote Democratic and against Trump.

Despite all the pseudo-blue collar dissimulation about Old Joe Biden from Scranton, he has little empathy for the working classes. Indeed, he derides them as chumps and dregs, urges miners to learn coding as the world covets their coal, and studiously avoids getting anywhere near the toxic mess in East Palestine, Ohio, or so far the moonscape on Maui.

Bidenomics is a synonym for printing up to $6 billion dollars at precisely the time post-Covid consumer demand was soaring, while previously dormant supply chains were months behind rebooting production and transportation. Biden is on track to increase the national debt more than any one-term president.

In Biden’s weird logic, if he raised the price of energy, gasoline, and key food staples 20-30 percent since his inauguration without a commensurate rise in wages, and then saw the worst inflation in 40 years occasionally decline from record highs one month to the next, then he “beat inflation.”

But the reason why more than 60 percent of the nation has no confidence in Bidenomics is because it destroyed their household budgets. Gas is nearly twice what it was in January 2021. Interest rates have about tripled. Key staple foods are often twice as costly—meat, vegetables, and fruits especially.

Biden has ended through his weaponized Attorney General Merrick Garland the age-old American commitment to equal justice under the law. The FBI, DOJ, CIA, and IRS are hopelessly politically compromised. Many of their bureaucrats serve as retrieval agents for lost Biden family incriminating laptops, diaries, and guns. In sum, Biden criminalized opposing political views.

Biden has unleashed the administrative state for the first time in history to destroy the Republican primary front runner and his likely opponent. His legacy will be the corruption of U.S. jurisprudence and the obliteration of the American reputation for transparent permanent government that should be always above politics, bribery, and corruption.

If in the future, an on-the-make conservative prosecutor in West Virginia, Utah, or Mississippi wishes to make a national name, then he has ample precedent to indict a Democrat President for receiving bad legal advice, questioning the integrity of an election, or using social media to express doubt that the new non-Election-Day balloting was on the up-and-up, or supposedly overvaluing his real estate.

The Biden family’s decade-long family grifting will likely expose Joe Biden as the first president in U.S. history who fitted precisely the Constitution’s definition of impeachment and removal—given his “high crimes and misdemeanors” appear “bribery”-related.

If further evidence shows he altered U.S. foreign policy in accordance with the wishes from his benefactors in Ukraine, China, or Romania, then he committed constitutionally-defined “treason” as well.

Defunding the police, and pandemics of exempted looting, shoplifting, smashing, and grabbing, and carjacking merit no administrative attention. Nor does the ongoing systematic destruction of our blue bicoastal cities, Los Angeles, New York, Portland, San Francisco, Seattle, and Washington, D.C. All that, along with the disasters in East Palestine or Maui are out of sight, out of mind from a day at the beach at Biden’s mysteriously purchased nearly 6,000 square-foot beachfront mansion.

Biden ran on Barack Obama-like 2004 rhetoric (“Well, I say to them tonight, there is not a liberal America and a conservative America — there is the United States of America).”

And like Obama, he used that ecumenical sophistry to gain office only to divide further the U.S. No sooner than he was elected, we began hearing from the great unifier eerie screaming harangues about “semi-fascists” and “ultra-MAGA” dangerous zealots, replete with red-and black Phantom of the Opera backdrops.

What followed the unifying rhetoric was often amnesties and exemptions for violent offenders during the 120 days of rioting, looting, killing, and attacks on police officers in summer 2020. In contrast, his administration lied when it alleged that numerous officers had died at the hands of the January 6 rioters. In addition, the Biden administration mandated long-term incarceration of many who committed no illegal act other than acting like buffoons and “illegally parading.”

The message was exemptions for torching a federal courthouse, a police precinct, or historic church or attempting to break into the White House grounds to get a president and his family—but long prison terms for wearing cow horns, a fur vest, and trespassing peacefully like a lost fool in the Capitol.

Finally, Biden’s most glaring failure was simply being unpresidential. He snaps at reporters, and shouts at importune times. He can no longer read off a big-print teleprompter. Even before a global audience, he cannot kick his lifelong creepy habit of turkey-gobbling on children necks, blowing into their ears and hair of young girls, and squeezing women far too long and far too hard.

His frailty redefined American presidential campaigning as basement seclusion and outsourcing propaganda to the media. And his disabilities only intensified during his presidency. Biden begins his day late and quits early. He has recalibrated the presidency as a 5-hour, 3-day a week job.

If Trump was the great exaggerator, Biden is our foremost liar. Little in his biography can be fully believed. He lies about everything from his train rides to the death of his son to his relationship with Biden-family foreign collaborators, to vaccinations to the economy. Anytime Biden mentions places visited, miles flown, or rails ridden, he is likely lying.

Biden continues with impunity because the media feels that a mentally challenged fabulist is preferrable to Donald Trump and so contextualizes or ignores his falsehoods.

Never has a U.S. president fallen and stumbled or gotten lost on stage so frequently—or been a single small trip away from incapacity.

So, yes, Biden’s initiatives have succeeded only in the sense of becoming successfully enacted—and therefore nearly destroying the country.

end

‘Children Were Incinerated To Ash’: Livid Hawaiians Slam Biden For Cracking Jokes, Lying About Wife

TUESDAY, AUG 22, 2023 – 06:55 AM

Hawaiians are livid at President Joe Biden, who finally showed up to Maui two weeks after wildfires ravaged Lahaina, killing 114 and leaving over 850 missing – only to crack inappropriate jokes and lie about his wife ‘almost’ dying in a fire.

“You guys catch the boots out here? That’s a hot ground, man,” Biden joked.

At another point, Biden told the Mayor of Maui County: “You look like you played defensive tackle for, I don’t know who, but somebody good,” before calling the wildfires a “national travedy.”

Then Biden lied about almost losing his wife in a 2004 kitchen fire. In truth, the fire was “under control in 20 minutes” and firefighters “got it pretty early.”

Watch Biden’s entire speech below: https://www.zerohedge.com/political/children-were-incinerated-ash-livid-hawaiians-slam-biden-cracking-jokes-lying-about-wife

Residents are pissed…

“Hearing you talk about your house that, you know, had a little fire… you almost lost your cat and your Corvette,” said one enraged resident, adding: “There were children that were incinerated to as,” after Gov. Josh Green (D) said on Sunday that “it’s possible that there will be many children” among the missing.

“You’re so out of touch with the common man, you don’t even know how to speak to them,” he continued, adding “the only way you think you can establish commonality with them is to lie – that the ‘same thing happened to you’ “

“You’re a disgusting, despicable bastard.“

Watch:https: //www.zerohedge.com/political/children-were-incinerated-ash-livid-hawaiians-slam-biden-cracking-jokes-lying-about-wife

“Fuck You” shouted more residents as Biden’s motorcade rolled down the street.

Why the relatively muted media response to one of the deadliest natural disasters in US history? Theories abound.

Stay classy, Joe. And Maui Mayor Richard Bissen (D)…

END

USA// COVID//VACCINE/

SWAMP STORIES

‘Corrupt Ukrainian Prosecutor’ Biden Had Quid-Pro-Fired Was Praised By US Govt Months Before

TUESDAY, AUG 22, 2023 – 12:05 PM

A major hole has been blown in Joe Biden’s fired Ukrainian prosecutor story.

New US government memos obtained by Just the News through a FOIA lawsuit reveal that the Obama Administration was still actively communicating with former Ukrainian Prosecutor Victor Shokin after Biden’s December 2015 threat to withhold $1 billion in US aid unless then-President Petro Poroshenko fired him.

The memos, obtained by Just the News via FOIA lawsuit, reveal:

Senior State Department officials sent a conflicting message to Shokin before he was fired, inviting his staff to Washington for a January 2016 strategy session and sent him a personal note saying they were “impressed” with his office’s work.
U.S. officials faced pressure from Burisma emissaries in the United States to make the corruption allegations go away and feared the energy firm had made two bribery payments in Ukraine as part of an effort to get cases settled.
A top U.S. official in Kyiv blamed Hunter Biden for undercutting U.S. anticorruption policy in Ukraine through his dealings with Burisma.

To review – starting in 2015, Ukraine’s top prosecutor, Viktor Shokin, had an active and ongoing investigation into Burisma and its owner, Mykola Zlochevsky, according to a 2020 US Senate Committee report.

You may recall Zlochevsky from such hits as ‘the Bidens coerced me to pay $10 million in bribes,’ and ‘I’ve got 17 recordings of the Bidens as insurance.’

Zlochevsky, who hired Hunter Biden to sit on his board, granted his own company (Burisma) permits to drill for oil and gas in Ukraine while he was Minister of Ecology and Natural Resources. Shokin stated in a 2019 deposition that there were five criminal cases against Zlochevesky, including money laundering, corruption, illegal funds transfers, and profiteering through shell corporations while he was a sitting minister.

Shokin’s days were numbered…

In July 2015, US Ambassador Geoffrey R. Pyatt began smearing Shokin, according to the deposition.

“US Ambassador Geoffrey R. Pyatt told him that the investigation [into Zlochevsky] has to be handled with white gloves, which according to Mr. Shokin, that implied do nothing. On or about September 2015 Mr. Pyatt gave a speech in Odessa where he stated that the cases were not investigated correctly and that Mr. Shokin may be corrupt.”

In December, 2015 – leaked audio provided by Ukrainian MP Andrii Derkach revealed that former Secretary of State John Kerry was laying out the case for Shokin’s ouster to former Ukrainian President Petro Poroshenko, saying that Biden is “very concerned” about the lack of reform in the prosecutor general’s office.

In February 2016, the US Senate provided more cover for then-VP Biden, pushing for reforms to the Ukrainian prosecutor general’s office on the basis that it was corrupt. Yet, that same month, “warrants were placed on the accounts of multiple people in Ukraine. There were requests for information on Hunter Biden to which nothing was received,” according to Shokin.

Also in February 2016, less than three months after the Kerry conversation- Poroshenko delivers some “positive news” to Biden despite the fact that “we didn’t have any corruption charges” or “information about him doing something wrong,” referring to SHokin.

“Yesterday I met with General Prosecutor Shokin,” says Poroshenko. And despite of the fact that we didn’t have any corruption charges, we don’t have any information about him doing something wrong, I specially asked him – no, it was day before yesterday – I specially asked him to resign. In, uh, as his, uh, position as a state person. And despite of the fact that he has a support in the power. And as a finish of my meeting with him, he promised to give me the statement on resignation. And one hour ago he bring me the written statement of his resignation. And this is my second step for keeping my promises.“

To which Biden replied: “I agree.”

In April 2016, Shokin stated that Poroshenko “called him and told him he had to be fired as the aid to the Ukraine was being withheld by Joe Biden. Mr. Biden told Mr. Poroshenko that he had evidence that Mr. Shokin was corrupt and needed to be fired. Mr. Shokin was dismissed in April of 2016 and the US aid was delivered within one and one half months.”

And then in November 2016, Biden threatens Poroshenko with the $1 billion US loan guarantee.

Shokin was then fired, which Joe Biden openly bragged about in 2018.

“I looked at them and said: ‘I’m leaving in six hours. If the prosecutor is not fired, you’re not getting the money,’” Biden said.“I’m telling you, you’re not getting the billion dollars,” unless they immediately sacked Shokin. To the glee of his CFR listeners who laughed audibly, Biden added, “Well, son of a bitch. He got fired!”

So as Shokin chased Hunter Biden’s employer, his father – the Vice President of the US, with the support of a US Ambassador and the US Senate – made their case for Shokin’s ouster – despite the fact that US officials maintained positive communications with Shokin’s office (and praised him) right up until that point.

Oh – and the guy who replaced Shokin, Yuriy Lutsenko, backed him up. According to a January 2019 deposition taken by Rudy Giuliani and associates which was released by the US State Department, Lutsenko “went on to say that he began looking at the same case Mr. Shokin was looking at (mentioned above) and he believes Hunter Biden receives millions of dollars in compensation from Burisma. He produced a document from Latvia that showed several million dollars that were distributed out of Burisma’s account. The record showed two (2) companies and four (4) individuals receiving approximately sixteen million dollars in disbursements as follows:

Companies:

Wirelogic Technology $14,665,982
Digitex $1,900,000

Individuals:

Alexsander Kwasnewski $1,150,000
Alan Apter $302,887
Devon Archer Amount not revealed by Latvia
Hunter Biden Amount not revealed by Latvia

“Mr Lutsenko stated that there was also a payment of $900,000 to Rosemont Seneca Partners LLC for consulting fees. Hunter Biden is a partner in Rosemont Seneca Partners LLC along with Devon Archer and the dates of this transaction are approximately anywhere from January to December 2015. According to Mr. Lutsenko the $900,000 invoice was for services rendered for lobbying by Joe Biden.“

And of course, we now know that it was much, much more. And let’s not forget that former President Donald Trump was impeached by the Democrats for asking about the above.

That aged well, no?

end

‘Egregious’: Biden’s Favorite Super PAC Has $12 Million Accounting Discrepancy

MONDAY, AUG 21, 2023 – 08:40 PM

President Biden’s favorite political action committee (PAC), Future Forward, has some ‘splainin’ to do – after a $12 million “discrepancy” was found in its financial disclosures, the Washington Free Beacon reports.

According to the 2021 filings, Future Forward claimed it received a mere $3.4 million in contributions from its dark-money sister entity, Future Forward USA Action. However, the latter group declared to the IRS that it had funneled a whopping $15.3 million to the Super PAC in the same year. The $12 million delta is not only puzzling but raises red flags that could trigger a federal probe. Kendra Arnold, the executive director of the watchdog group Foundation for Accountability and Civic Trust, didn’t mince words: “This situation calls for an investigation.” And that’s putting it mildly.

Of note, the White House has endorsed Future Forward as the “pre-eminent super PAC” supporting Biden’s reelection bid.

This revelation could turn into a PR disaster for Biden, especially as he gears up for the 2024 elections. Remember, Future Forward has amassed a war chest of nearly $400 million in the last five years to fuel Democratic ad campaigns in crucial battleground states. Much of this has been filled by its dark-money affiliate, Future Forward USA Action, which operates under a veil of secrecy.

And of course – Biden, a hypocrite and a liar, decried dark money last September, labeling it a “serious problem facing our democracy.” A few months later, his deputy chief of staff, Jennifer O’Malley Dillon, was singing praises for Future Forward’s “key role” in his reelection bid.

When asked about the $12 million gap, both Future Forward and its dark money arm provided crickets.

“Future Forward USA Action admitted to making over $3 million in earmarked political contributions, where they apparently obscured the true super PAC donor’s identity by routing the money through the nonprofit,” GOP election lawyer Charlie Spies told the Beacon. “The U.S. DOJ has sent people to prison for this sort of illegal activity, and the FEC has imposed major fines on conservative organizations accused of less blatant earmarking.”

From 2018 to 2020, Future Forward’s reporting contained even more discrepancies. In one instance, the Super PAC claimed it had no dedicated staff and had never reported any payroll expenditures to the FEC. Instead, it used staff from its dark money affiliate. And yet, the numbers don’t add up—again. In 2020, Future Forward reported $467,204 in in-kind staff contributions from the dark money arm, which in its IRS filings claimed it provided only $67,479 worth of in-kind staff time. The two amounts should match.

According to nonprofit attorney Jason Torchinsky, such discrepancies could lead to “substantial fines,” as FEC penalties are often assessed based on the amount in dispute. Paul Kamenar, an attorney with the National Legal and Policy Center watchdog group, is pushing for an “independent audit” and an “investigation and possible enforcement action by both the IRS and the FEC.”

“There must be an independent audit of both groups for these egregious discrepancies and an investigation and possible enforcement action by both the IRS and the FEC,” said Kamenar.

end

THE KING REPORT

The King Report August 22, 2023 Issue 7060

Independent View of the News

The PBoC cut its 1-year loan prime rate 10 bps to 3.45%; but it left its five-year rate unchanged at 4.2%.

@Schuldensuehner: Good Morning from Germany where disinflationary forces are intensifying. Producer Prices drop for 1st time since 2020, a good leading indicator for Consumer Prices. In July, producer prices (PPI) fell by 6.0% YoY, the biggest decline since Oct2009, when the financial crisis has caused prices to collapse. Last year, the prices received by manufacturers for their goods had at times risen at a record rate of 45.8%.

Americans are demanding more: Desired salary for new jobs now nearly $79,000
Americans’ salary expectations for a new job rose in July to the highest level since March 2014, when the New York Federal Reserve started tracking this data… Wages have been a focal point in the Fed’s fight against inflation…
https://www.usatoday.com/story/money/personalfinance/2023/08/21/american-salary-expectations-rising/70643515007/

Eurozone and US government bond yields jumped higher on Monday. The US 10-year note hit 4.352%, the highest yield since 2007. USUs hit -1 18/32 just after the 11:30 ET European close.

USUs traded modestly higher when the Nikkei opened on Monday. They then persistently declined until a bottom appeared near 11:33 ET.

ESUs traded sideways, but mostly higher during Nikkei trading. When Japan closed at 1:00 ET, ESUs slid to a daily low of 4375.75. They then rallied modestly into the European opening. ESUs soared when Europe opened at 3 ET. The rally peaked at 6:08 ET with ESUs at 4406.50. After the US bond market opening at 7 ET, ESUs made a minor new high of 4407.50. With bond yields rising, ESUs sank to 4390.50 at 9:17 ET. Conditioned traders and Pump & Dumpers then bought ESUs.

After the NYSE opening, ESUs soared to 4404.50 at 9:34 ET. Dumpers dumped, ESUs slid to 4393.50 at 9:48 ET. But it was Monday, and many traders are conditioned to play for a Monday rally. So, ESUs jumped to a daily high of 4408.50 at 10:09 ET.

Alas, bond yields kept escalating; so, traders dumped ESUs and stocks. ESUs hit a daily low of 4372.25 at 11:54 ET. ESUs then soared on Monday buying and Nvidia, which reports results today.

Nvidia hit +8.65% at 15:55 ET. The universe expects NVDA to report boffo results. So, traders poured into Nvidia ahead of the results. ESUs hit 4421.00 at 15:54 ET and then fell 13 handles into the close.

Tesla surged as much as 7% on Baird analyst Ben Kallo’s tout of TSLA’s Cybertruck launch.

Positive aspects of previous session
Nvidia soared ahead of results, which induced Fangs and ESUs to rally sharply after Europe closed
Tesla rallied as much as 7% on a Baird tout

Negative aspects of previous session
USUs declined as much as 1 18/32 (near European close)

Ambiguous aspects of previous session
Will the surge into Nvidia ahead of its results foster selling after the results?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4389.21
Previous session S&P 500 Index High/Low: 4407.55; 4360.30

Democratic lawmaker plans to move forward with four-day workweek legislation: ‘More time for rest’ – A Pennsylvania lawmaker is moving forward with plans for a four-day workweek that would see businesses with more than 500 employees reduce their hours from 40 per week to 32 per week without reducing employee pay… https://t.co/kCyuloCauJ

Today – The post-expiry bounce appeared after Europe closed. Traders have been getting long for Nvidia’s results, which are due tomorrow after the NYSE close. The last time the known world poured into Nvidia, for its RTX 4060 Ti 16GB showcase on July 18, NVDA rallied into the announcement and then sank until August 14.

Nvidia will probably dictate equity action. If the buying for its results tomorrow continues, the general market will probably follow NVDA. The joker for equities has been Mr. Bond. After Monday’s sharply decline, bonds could rebound. This will aid an equity rally.

Nvidia trumped Mr. Bond on Monday and propelled equities higher after Europe closed. It might do so again today. However, it is a tale told by a fool to believe that Nvidia can keep trumping Mr. Bond.

Expected Economic Data: July Existing Homes Sales 4.15m; Aug Richmond Fed Mfg Index -10; Richmond Fed Pres Barkin 7:30 ET, Chicago Fed Pres & big liberal Goolsbee (Probably one of 2 FOMC members that did NOT want to hike rates at last FOMC Meeting) 13:30 ET & 14:30 ET

ESUs are -8.50 at 20:18 ET; USUs are -7/32.

S&P 500 Index 50-day MA: 4455; 100-day MA: 4301; 150-day MA: 4205; 200-day MA: 4132
DJIA 50-day MA: 34,642; 100-day MA: 34,063; 150-day MA: 33,762; 200-day MA: 33,696
(Green is positive slope; Red is negative slope)

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are positive – a close below 3752.81 triggers a sell signal
Weekly: Trender and MACD are negative – a close above 4618.60 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4470.16 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 4365.72 triggers a sell signal

@paulsperry_: Weiss’s former deputy Lesley Wolf, the Democrat donor who drafted an even sweeter sweetheart deal for Hunter Biden, is no longer working on the Hunter Biden case and therefore cannot use it as an excuse to avoid testifying before House investigators

London Mayor Sadiq Khan faces backlash after website says white family ‘doesn’t represent Londoners’ https://t.co/Lp2Q8tpKyS

END

GREG HUNTER

SEE YOU WEDNESDAY