AUGUST 24//GOLD CLOSED UP $0.65 TO $1919.25//SILVER CLOSED DOWN $0.16 TO $24.18//PLATINUM CLOSED UP $4.60 TO $940.30//PALLADIUM CLOSED DOWN $42.60 TO $1236.70//BIG NEWS OF THE DAY FROM BRICS: SAUDI ARABIA AND OTHER GULF NATIONS WILL JOIN IN JAN 2024 OF WHICH ENDS THE PETRO DOLLAR SCHEME AND THE NEW PETRO YUAN WILL BEGIN//UKRAINE VS RUSSIA UPDATES//TURKEY RAISES ITS INTEREST RATE TO 25% AND THAT SENDS THE LIRA NORTHBOUND//COVID UPDATES/VACCINE UPDATES//SLAY NEWS//NEWS ADDICTS/EWOL NEWS//USA BANKRUPTCIES ON THE RISE//THE FOLLOWING RETAILERS CRUMBLE: DOLLAR TREE//T- MOBILE//SWAMP STORIES FOR YOU TONIGHT//

August 24, 2023 · by · in Uncategorized · Leave a comment

GOLD PRICE CLOSED: UP $0.65 TO $1919.25

SILVER PRICE CLOSED: DOWN $0.16   AT $24.18

Access prices: closes 4: 15 PM

Gold ACCESS CLOSE 1916.20

Silver ACCESS CLOSE: 24.11

Shanghai Gold Benchmark Price

Shanghai Gold Benchmark Price

USD  oz    PopupAM1949.57

PM1952.06

Historical SGE Fix

New York price at the time:  $1917.00

premium  $35.00

xxxxxxxxxxxxxxxxxx

Bitcoin morning price:, $26,542 UP 18  Dollars

Bitcoin: afternoon price: $26,056 DOWN 468 dollars

Platinum price closing  $940.30 UP  $4.60

Palladium price;     $1236.70 DOWN $42.60

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: $2,604.20 UP 10.54 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1521.24 UP 15.37 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1773.30 UP 8.26 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: COMEXCONTRACT: AUGUST 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,918.500000000 USD
INTENT DATE: 08/23/2023 DELIVERY DATE: 08/25/2023
FIRM ORG FIRM NAME ISSUED STOPPED

363 H WELLS FARGO SEC 113
435 H SCOTIA CAPITAL 106
624 H BOFA SECURITIES 309
661 C JP MORGAN 100
905 C ADM 10  

JPMorgan stopped 0 /319 contracts.

FOR AUGUST:

GOLD: NUMBER OF NOTICES FILED FOR AUGUST/2023. CONTRACT:  319 NOTICES FOR 31,900 OZ  or  0.9922 TONNES

total notices so far: 11,559 contracts for 1,155,900 oz (35.953 tonnes)


FOR  AUGUST:

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

total number of notices filed so far this month : 951 for 4,755,000 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 $0.65

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 884.91 TONNES 

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 16 CENTS  AT  THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1,651,000 OZ OF SILVER FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 448.896 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI ROSE BY A HUGE SIZED 2121 CONTRACTS TO 138,801 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  $0.94 GAIN  IN SILVER PRICING AT THE COMEX ON WEDNESDAY. TAS ISSUANCE WAS A HUMONGOUS SIZED 2466 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE.  THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS:  1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT: 2466 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 $0.94). AND WERE UNSUCCESSFUL IN KNOCKING OF ANY SILVER CONTRACTS AS WE HAD A HUMONGOUS SIZED GAIN OF 5034 CONTRACTS ON BOTH EXCHANGES ALONG WITH ZERO T.A.S.LIQUIDATION THROUGHOUT THE COMEX SESSION. 

WE  MUST HAVE HAD: 


A HUMONGOUS  ISSUANCE OF EXCHANGE FOR PHYSICALS( 5034 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 162 CONTRACTS OF EXCHANGE FOR RISK  FOR  810,000 OZ +  EXCHANGE FOR RISK//PRIOR = 8.08 MILLION  OZ/// NEW TOTAL EXCHANGE FOR RISK+ 8.88: THUS NEW   STANDING FOR SILVER IN OZ:  4.755  MILLION OZ + 8.88 MILLION EXCHANGE FOR RISK =  13.435 MILLION OZ/// // // HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/VI)   MEGA HUMONGOUS SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE (2466 CONTRACTS)/810,000 OZ EXCHANGE FOR RISK ISSUED (162 CONTRACTS)  

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  -682   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 18 days, total 26,467 contracts:   OR 132.335 MILLION OZ  (1470 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  132.335 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: 132.335 MILLION OZ (THIS MONTH IS GOING TO BE VERY STRONG 

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2121  CONTRACTS WITH OUR GAIN IN PRICE OF  $0.94 IN SILVER PRICING AT THE COMEX//WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE  CONTRACTS: 5034  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+ 8.80 MILLION OZ EXCHANGE FOR RISK//  NEW TOTALS STANDING FOR SILVER: 13.435 MILLION OZ//// WE HAVE A HUMONGOUS GAIN OF 7,155 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY:  A GEGA GIGANTIC 2466  CONTRACTS//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED  DURING THE WEDNESDAY COMEX SESSION .  THE NEW TAS ISSUANCE WEDNESDAY NIGHT (2466) 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 ROSE BY A STRONG  SIZED 5512  CONTRACTS  TO 435,751 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: 161 CONTRACTS

WE HAD A STRONG SIZED INCREASE  IN COMEX OI ( 5512 CONTRACTS) WITH OUR $21.35 GAIN IN PRICE//WEDNESDAY. WE ALSO HAD A RATHER SMALL INITIAL STANDING IN GOLD TONNAGE FOR AUGUST. AT 30.656 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 31,200 OZ  QUEUE JUMP   + PRIOR ISSUANCE OF EXCHANGE FOR RISK = (.684 TONNES) //NEW STANDING 36.463 TONNES + .684 EXCHANGE FOR RISK  =  37.147/   + /A FAIR (AND CRIMINAL) ISSUANCE OF 1201 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR  $21.35 GAIN IN PRICE  WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A VERY STRONG SIZED GAIN  OF 10,074  OI CONTRACTS (31.334 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4562 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,751

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 10,074 CONTRACTS  WITH 5512 CONTRACTS INCREASED AT THE COMEX// AND A STRONG 4562 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 10,074 CONTRACTS OR 31.334 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED):  A FAIR 1201 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4562 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (5512) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 10,074 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 31,200 OZ QUEUE JUMP     //NEW STANDING 36.463 TONNES + .684 TONNES (EXCHANGE FOR RISK//PRIOR) NEW TOTALS: 37.147 TONNES/// 3) ZERO LONG LIQUIDATION WITH ZERO TAS LIQUIDATION DURING THE COMEX SESSION //4)  STRONG SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6:  FAIR T.A.S.  ISSUANCE: 1201 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:  52,236 CONTRACTS OR 5,223,600 OZ OR 162,47 TONNES IN 18 TRADING DAY(S) AND THUS AVERAGING: 2902 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES  148.28 TONNES

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

THUS EFP TRANSFERS REPRESENTS  162.47/3550 x 100% TONNES  4.53% 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:  162.47 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 2121  CONTRACTS OI TO  138,801 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 HUMONGOUS 5034  CONTRACTS 

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

SEPT  5034  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  5034  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 2121 CONTRACTS AND ADD TO THE 5034  OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUMONGOUS GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 7155CONTRACTS 

THUS IN OUNCES, THE GAIN  ON THE TWO EXCHANGES  TOTAL 35.775 MILLION OZ  

OCCURRED DESPITE OUR   $0.94 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//

 

THURSDAY MORNING//WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 3.84 PTS OR 0.12%   //Hang Seng CLOSED UP 366.25 PTS OR 2.05%        /The Nikkei CLOSED UP 376.95 PTS OR 0.87%  //Australia’s all ordinaries CLOSED UP .45 %   /Chinese yuan (ONSHORE) closed UP  7.2782  /OFFSHORE CHINESE YUAN UP  TO 7.2883 /Oil UP TO 79.06 dollars per barrel for WTI and BRENT  UP AT 83.33 / Stocks in Europe OPENED  ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONG

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 ROSE  BY A STRONG SIZED 5512 CONTRACTS UP TO 435,751 WITH OUR GAIN IN PRICE OF $21.35 ON WEDNESDAY.  

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 4562  EFP CONTRACTS WERE ISSUED: :  DEC 4562 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4562 CONTRACTS 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 10,074  CONTRACTS IN THAT 4562 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 5512 COMEX  CONTRACTS..AND  THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF $21.35//WEDNESDAY COMEX.   AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR 1201 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  (37.147) (  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: 37.147 TONNES (INCLUDING .6842 EXCHANGE FOR RISK)

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $21.35) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD A VERY STRONG GAIN OF 10,235 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 WEDNESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. 

WE HAVE GAINED A TOTAL OI OF 31.354 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 31,200 OZ QUEUE JUMP //NEW STANDING ADVANCES QUITE A BIT TO 36.463 TONNES + .6842 (PRIOR EXCHANGE FOR RISK) //NEW TOTAL 37.147 TONNES  //  ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE  TO THE TUNE OF $21.35. 

WE HAD  – REMOVED 161    CONTRACTS  TO THE  COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 10,074  CONTRACTS OR 1,007,400 OZ OR 31.334 TONNES.

Estimated gold volume today:// 137,174  awful

final gold volumes/yesterday   183,758 poor//speculators have left the gold arena

//AUGUST 24/ FOR THE AUGUST  2023 GOLD CONTRACT

GoldOunces
Withdrawals from Dealers Inventory in oz
 nil
Withdrawals from Customer Inventory in oz35,430.402 OZ

1102 KILOBARS

(JPMorgan
Manfra)










 




















   






 







 




.

 








 









 
Deposit to the Dealer Inventory in oz
nil




 
Deposits to the Customer Inventory, in oz136.500 OZ
asahi
406.65 OZ
asahi enhanced
No of oz served (contracts) today319  notice(s)
31,900 OZ
0.9922 TONNES
No of oz to be served (notices)  164 contracts 
  16,400 oz
0.510 TONNES

 
Total monthly oz gold served (contracts) so far this month11,559 notices
1,155,900  OZ
35.953 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthx

0 dealer deposit:

total dealer deposits:  NIL oz

customer deposits: 2

i) Into ASAHI 136.500 oz

ii) Into ASAHI enhanced:  406.65 oz

total customer deposits: 543.15 oz

we had  2 customer withdrawals

i) Out of JPMorgan: 3215.1 oz (100 kilobars)

ii) Out of Manfra:  32,215.302 oz (1002 kilobars)

total withdrawals  35,430.402 oz 1102 kilobars

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR AUGUST.

For the front month of AUGUST we have an oi of 483  contracts having GAINED 282 contracts.  We had 30 contracts filed

on Wednesday, so we gained 312 contracts or an additional 31200 oz will  stand at the comex, 

Sept lost 79 contracts to 3513.

Oct LOST 645 contracts to 32,004 contracts.

We had 319 contracts filed for today representing  31900  oz  

Today, 0 notice(s) were issued from J.P.Morgan dealer account and  100  notices were issued from their client or customer account. The total of all issuance by all participants equate to 319   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 (11,559 x 100 oz ), to which we add the difference between the open interest for the front month of  AUGUST (483  CONTRACT)  minus the number of notices served upon today  319 x 100 oz per contract equals 1,172,300 OZ  OR 36.463 TONNES the number of TONNES standing in this active month of AUGUST. + .684 TONNES EXCHANGE FOR RISK/prior = 37.147 tonnes

thus the INITIAL standings for gold for the  AUGUST contract month:  No of notices filed so far (11,559) x 100 oz +  (483) {OI for the front month} minus the number of notices served upon today (319)  x 100 oz) which equals  1,172,300 oz standing OR 36.463 TONNES + .684 TONNES OF EXCHANGE FOR RISK/prior = 37.147 TONNES

TOTAL COMEX GOLD STANDING: 37.147 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: 2,064,461.350  OZ   64.21 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  21,621,199.451 OZ  

TOTAL REGISTERED GOLD:  11,004,512,009   (342,28  tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,651,574.694 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,940,051 OZ (REG GOLD- PLEDGED GOLD) 278.07 tonnes//

END

SILVER/COMEX

AUGUST 24

//2023// THE AUGUST 2023 SILVER CONTRACT

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory
983,640.954  oz

Delaware












































.














































 










 
Deposits to the Dealer Inventorynil oz
Deposits to the Customer Inventorynil





 











































 











 
No of oz served today (contracts)0  CONTRACT(S)  
 (0  OZ)
No of oz to be served (notices)0 contracts 
(NIL oz)
Total monthly oz silver served (contracts)951 Contracts
 (4,755,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL 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/276.522 million =50.32% of comex .//

Comex withdrawals 1

ii) Out of Delaware  983,640.954 oz 

total: 3020.18 oz

adjustments: 0

TOTAL REGISTERED SILVER: 27.604 MILLION OZ//.TOTAL REG + ELIGIBLE. 276.522 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY:

silver open interest data:

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

1 NOTICES FILED ON WEDNESDAY SO WE NEITHER GAINED NOR LOST ANY  CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF AUGUST. 

SEPT HAS A LOSS  OF 4000 CONTRACTS DOWN TO 39,083

OCT GAINED 105  CONTRACT TO STAND AT 612.

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

Comex volumes// est. volume today 103,306  huge

Comex volume: confirmed yesterday: 125,502 huge

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 951 x  5,000 oz = 4,755,000 oz 

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

Thus the  standings for silver for the AUGUST/2023 contract month:  951 (notices served so far) x 5000 oz + OI for the front month of AUGUST (0) – number of notices served upon today (9 )x 500 oz of silver standing for the AUGUST contract month equates to 4.755 million oz.+ 0.810 MILLION OZ EXCHANGE FOR RISK ISSUED TODAY+ 8.07 MILLION OZ EXCHANGE FOR RISK PRIOR//NEW TOTAL EXCHANGE FOR RISK: 8.88 MILLION OZ//NEW SILVER STANDING: 13.635 MILLION oz.  

There are 27.604 million oz of registered silver.

Thus if we take today’s standing at 13.635  and add last month’s 30.9 million oz we have 44,535 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 24/WITH GOLD UP $0.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD //

/// //INVENTORY RESTS AT 884.91 TONNES

AUGUST 23/WITH GOLD UP $21.35 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 4.32 TONNES OF GOLD FROM THE GLD//: //: /// //INVENTORY RESTS AT 884.91 TONNES

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: 884.91 TONNES

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

AUGUST 24/WITH SILVER DOWN 16 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.651 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 448.896 MILLION OZ

AUGUST 23/WITH SILVER UP 94 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 826,000 OZ FROM THE SLV// /.////INVENTORY RESTS AT 450.547 MILLION OZ

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 448.896 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

END

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

FOR YOUR INTEREST…

(REUTERS)

Miners hope to keep ‘gold shining’ in Mali despite new state ownership law

Submitted by admin on Wed, 2023-08-23 20:28Section: Daily Dispatches

By Felix Njini and Tiemoko Diallo
Reuters
Wednesday, August 12, 1023

NAIROBI, Kenya — Some of Mali’s top gold producers said a new law to allow the military-led government to increase its ownership of mines should not apply to existing operations, but analysts said it was likely to deter future investment.

In line with a rise in resource nationalism across the world, spurred on by strong commodity prices, the code adopted by Mali’s Parliament – would allow the state and local investors to take stakes as high as 35% in mining projects compared with 20% now.

It will become effective once signed by President Assimi Goita, although it is unclear when that will be.

Mining companies operating in Mali said producing mines would be safeguarded by previous conventions, which could allow them to seek international arbitration if necessary. …

… For the remainder of the report:

https://www.reuters.com/world/africa/miners-hope-keep-gold-shining-mali-despite-ownership-law-2023-08-23/

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES

END

END

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 THURSDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED UP TO 7.2782 

OFFSHORE YUAN:  UP TO 7.2883

SHANGHAI CLOSED  UP 3.84 PTS OR 0.12% 

HANG SENG CLOSED UP 366.25 PTS OR 2.05% 

2. Nikkei closed UP 276.95 OR 0.87% 

3. Europe stocks   SO FAR:    ALL  GREEN

USA dollar INDEX UP  TO  103.56 EURO FALLS TO 1.0848 DOWN 17 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.638 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.57/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 +2.5150***/Italian 10 Yr bond yield FALLS to 4.169*** /SPAIN 10 YR BOND YIELD FALLS TO 3.540…** 

3i Greek 10 year bond yield FALLS TO 3.800

3j Gold at $1915.25 silver at: 24.14 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND  14 /100        roubles/dollar; ROUBLE AT 94.40//

3m oil into the  79  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 145.57//  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.638% 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 0.8811 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9561well 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: 4.215 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.284  UP 2 BASIS PTS/

USA 2 YR BOND YIELD:  4.976 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.75…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 7  BASIS PTS AT 4.4760

end

2.a  Overnight:  Newsquawk and Zero hedge:

Futures Jump As Nvidia Blowout Earnings Spark Tech Rally; Jackson Hole Begins

THURSDAY, AUG 24, 2023 – 08:06 AM

US equity futures and global markets rallied after NVDA’s blowout earnings, which sent the stock to a new record high above $500, gave fresh impetus to the artificial intelligence hype that’s boosting tech stocks this year. As of 7:30am ET contracts on the Nasdaq 100 rose 1.2%, while S&P 500 eminis gained 0.6%. Semiconductor firms gained in Europe, while tech also outperformed in Asia. The Bloomberg Dollar Spot Index rallied from its lows of the day, pressuring all G10 currencies, with the yen undoing all its gains in the past 24 hours. Bond yields are flat-to-lower with the 10Y yield at 4.21%, below the 4.25% support level. Global bonds also rallying in the wake of weaker than expected PMI data. Commodities are higher with Ags continuing to lead; gold advanced for a fourth day, set for its longest winning streak since mid-July. Brent crude climbed for the first time this week, while Bitcoin rose. Today’s macro data focus includes durable goods/cap goods orders, jobless claims, KC Fed, and one Fed speaker. As we prep for Jackson Hole comments, the question is: do we receive another hawkish surprise which sends stocks tumbling anew?

In premarket trading, MegaCap tech traded higher with NVDA up 7.9% after the chipmaker delivered a third straight sales forecast that blew away analysts’ estimates and with its last Sell rating (courtesy of Morningstar) capitulating, the company now has 55 buy ratings, while tech giants such as Apple and Microsoft also rose (TSLA +2%, AMZN +1.4%, MSFT +1.8%, META +2%, GOOG +1.2%). Here are some other premarket movers:

  • Boeing shares dropped 2.0% after the aerospace company reported an issue affecting its 737 Max jet, raising concerns about its delivery target. Meanwhile, shares in Boeing supplier Spirit AeroSystems fell 5.9%.
  • Guess shares surged 15%, after the apparel retailer’s adjusted earnings per share and net revenue beat expectations in the second quarter.
  • Nvidia shares rose 7.7%, on track to hit a fresh record high, after the chipmaker gave a revenue forecast that was much stronger than expected. The outlook indicated that demand for chips used in artificial intelligence computing remains robust.
  • Snowflake shares rose 3.6% after the software company reported 2Q results that beat expectations and gave an outlook Evercore said could be conservative.
  • Splunk shares jumped 13% after the infrastructure-software company reported second-quarter revenue that beat estimates and raised its full-year forecast beyond expectations.
  • US Steel fell 2.9% after Esmark said it’s no longer pursuing a takeover, citing union support for a rival bid from Cleveland-Cliffs Inc.

Nvidia said sales will be about $16 billion in the three months ending in October, blowing past analysts’ estimate of $12.5 billion and above the highest whisper estimate of $15 billion. The outlook underscores Nvidia’s role as the key beneficiary of the AI computing boom. Faced with skyrocketing demand for chatbots and other tools, data center operators are stocking up on the company’s processors, which are adept at handling the heavy workloads AI requires.

“The results are very strong and indicate robust demand for AI processors and infrastructure,” said Janet Mui, head of market analysis at RBC Brewin Dolphin. “I can see a market rally continuing in the near-term as this AI theme is less impacted by the cyclical aspects of the economy.”

Nvidia’s results, along with the AI stock frenzy, are punctuating a week that’s seen broad equity-market gains and renewed risk taking by investors. While worries about rising bond yields dominated the conversation last week, the tone has quickly shifted back to mega-cap tech and whether their earnings can power a stock market that’s been treading water for the past month.

“Nvidia has shown that the demand for AI technology remains strong despite what is going on elsewhere,” said Stuart Cole, chief macro economist at Equiti Capital in London. “The potential remains for equity markets to soften again. But I can easily see AI-related stocks, like Nvidia, and tech shares probably more generally, being seen as a safe haven in the equity world.”

Investors are also looking ahead to the gathering of top central bankers at Jackson Hole which begins later today, where the risk is that Powell repeats last year’s hawkish comments and sends stocks tumbling. 

Other pockets of concern also remain for global investors. China’s $2.9 trillion trust industry is showing signs of strain, adding further pressure on the economy, while insiders are also worried that efforts to improve the health of local government financing vehicles may not play out as hoped. Meanwhile, the People’s Bank of China provided further support for the yuan, setting the daily reference rating stronger than estimates.

Europe’s Stoxx 600 is on track for a four-day winning streak with major markets led higher by Spain/Italy. Tech  stocks are leading European markets higher as they did in Asia and the US after NVDA’s blowout sales forecast. Here are the most notable European movers:

  • ALK-Abello rises as much as 14%, the most since 2020, after the Danish allergy drugmaker reported a robust set of 2Q numbers, and reassured investors of strong Japanese demand for its allergy tablets
  • Rate-sensitive European real estate stocks rise amid a broader market rally, with the sector subindex seeing its biggest three-day gain in more than a month as bond yields retreat
  • European semiconductor stocks rally after Nvidia provided another strong outlook in a sign of persisting high demand for chips used in AI applications.
  • Liontrust jumps as much as 16% after saying it expects to declare its offer for GAM Holding AG unsuccessful on Aug. 29, with Numis noting acceptances fell “a long way short.”
  • Swiss Prime shares rise 1% after the real estate investment company reported results in line with expectations. Analysts see the company’s portfolio re-focus as a positive.
  • PKO gains as much as 2.1% in Warsaw trading, after earnings from Poland’s biggest lender beat estimates thanks to lower-than-expected cost of risk and stabilization of net interest margin
  • Van Lanschot Kempen shares drop as much as 15% after reporting results that missed expectations. The Dutch bank said investment clients face a “persistently challenging” environment
  • Tessenderlo falls as much as 5.8%, after the Belgian chemicals company reported 1H adjusted Ebitda that missed estimates. KBC described 1H earnings momentum and the outlook as disappointing
  • Crayon Group falls as much as 18%, after the Norwegian IT group reported weaker-than-expected profitability in the second quarter, with DNB attributing raised profit guidance to currency effects
  • TIM retreats as much a 6.8% after the company said Poland’s competition watchdog hasn’t approved its takeover by Wurth Group; TIM said the merger deadline has been extended by 4 months
  • SoftwareONE falls as much as 4.4%, after adjusted 1H Ebitda from the Swiss software provider missed estimates, weighed down by a slowdown in business with vendors other than Microsoft

Earlier in the session, Asian equities also climbed, set for third successive day of gains, boosted by advances in semiconductor stocks and Chinese technology plays after Nvidia projected better-than-expected revenues for its third quarter. The MSCI Asia Pacific Index is up 0.8% with stocks in Korea, Hong Kong and Taiwan leading. The China/HK move appears to be beta to US move amid seller exhaustion and some positive micro data points; the move higher was done on low volume. A Bloomberg gauge of semiconductor stocks in Asia jumped the most since July 11 on the back of Nvidia’s blowout earnings that comfortably surpassed analysts’ expectations. 

  • Hang Seng and Shanghai Comp conformed to the upbeat mood in which the Hong Kong benchmark climbed back above 18,000 amid tech strength, although gains in the mainland were limited after the PBoC’s liquidity drain and as participants await more big bank earnings.
  • Nikkei 225 extended above the 32,000 level with semiconductor names in Asia riding the Nvidia wave.
  • ASX 200 was positive amid the continued influx of earnings and as strength in tech and financials atoned for the underperformance in the defensive sectors.
  • KOSPI was boosted with the index unfazed by North Korea’s latest failed ‘satellite’ launch, while the BoK provided no surprises and maintained its base rate at 3.50%, as unanimously expected.

The MSCI Emerging Markets Index jumped 1.5%, the biggest gain in a month. Investors were also taking bullish cues from news that leaders from Brazil, Russia, India, China and South Africa agreed to expand their BRICS group to give it more economic clout. 

In FX, the Bloomberg Dollar Spot Index adds 0.1%. USD/JPY up 0.6% to 145.69, boosted over the Tokyo fix as US two-year yields ticker higher initially. EUR/USD little changed on the day at 1.0857; pair bounced off support around its 200-DMA Wednesday

In rates, treasuries edged lower with 10Y TSY yields up 1bp to 4.21%, while German bunds were little changed, after Wednesday’s broad rally in bonds spurred by weak economic data. Gilts rose, led by the 10-year, and money markets pared wagers on further Bank of England tightening for a third day.

In commodities, crude futures advance, with WTI rising 0.2% to trade near $79. Spot gold adds 0.2%. European natural gas prices tumbled more than 11% on signs that a labor dispute at Australia’s biggest liquefied natural gas export plant will be resolved, easing fears about one of three possible strikes in the key exporting nation.

Bitcoin is a touch firmer on the session, holding just below the USD 26.5k mark with specifics light and price action remaining contained/rangebound overall after the pronounced downside seen towards the tail-end of last week.

To the day ahead now, and US data releases include the preliminary July readings for durable goods orders and core capital goods orders, the weekly initial jobless claims, as well as the Kansas City Fed’s manufacturing activity for August. Central bank speakers include the Fed’s Harker and Collins. And today also marks the start of the Kansas City Fed’s annual Economic Policy Symposium at Jackson Hole.

Market Snapshot

  • S&P 500 futures up 0.7% to 4,476.50
  • MXAP up 1.0% to 160.73
  • MXAPJ up 1.5% to 505.15
  • Nikkei up 0.9% to 32,287.21
  • Topix up 0.4% to 2,286.59
  • Hang Seng Index up 2.1% to 18,212.17
  • Shanghai Composite up 0.1% to 3,082.24
  • Sensex little changed at 65,375.15
  • Australia S&P/ASX 200 up 0.5% to 7,182.11
  • Kospi up 1.3% to 2,537.68
  • STOXX Europe 600 up 0.6% to 456.19
  • German 10Y yield little changed at 2.48%
  • Euro little changed at $1.0862
  • Brent Futures little changed at $83.18/bbl
  • Gold spot up 0.3% to $1,921.13
  • U.S. Dollar Index little changed at 103.47

Top Overnight News from Bloomberg

  • China is attempting to defuse risks from its $9 trillion pile of off balance-sheet local government debt, without resorting to major bailouts.
  • Federal Reserve Chair Jerome Powell is expected to map out final steps in the US central bank’s campaign to tame inflation, and reinforce its commitment to finishing the job, when he speaks Friday in Jackson Hole, Wyoming.
  • European natural gas prices tumbled on signs that a labor dispute at Australia’s biggest liquefied natural gas export plant will be resolved, easing fears about one of three possible strikes in the key exporting nation.
  • Sweden’s housing starts extended a plunge into the second quarter as lower home prices and rising construction costs put the brakes on building activity.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded higher as the region took impetus from the gains on Wall St. where the Nasdaq led the advances across the major indices as yields declined in the aftermath of weak PMI data and with futures also boosted by strong Nvidia earnings. ASX 200 was positive amid the continued influx of earnings and as strength in tech and financials atoned for the underperformance in the defensive sectors. Nikkei 225 extended above the 32,000 level with semiconductor names in Asia riding the Nvidia wave. KOSPI was boosted with the index unfazed by North Korea’s latest failed ‘satellite’ launch, while the BoK provided no surprises and maintained its base rate at 3.50%, as unanimously expected. Hang Seng and Shanghai Comp conformed to the upbeat mood in which the Hong Kong benchmark climbed back above 18,000 amid tech strength, although gains in the mainland were limited after the PBoC’s liquidity drain and as participants await more big bank earnings.

Top Asian News

  • TEPCO began the water release from the Fukushima plant and said no abnormalities were identified with the seawater pump or surrounding facilities. China’s Foreign Ministry said China firmly opposes and strongly condemns Japan’s release of Fukushima water into the sea, while it added that it is a major nuclear safety issue with cross-border implications and that Japan has not proved the legitimacy of the decision.
  • BoK kept its base rate unchanged at 3.50% as expected, with the decision unanimous and said it will maintain a restrictive policy stance for a considerable time. BoK noted that the domestic economic growth is expected to improve gradually and it maintained 2023 GDP growth and inflation forecasts at 1.4% and 3.5%, respectively, but cut its 2024 GDP growth forecast to 2.2% from 2.3%. BoK Governor Rhee said 6 out of 7 members wanted to keep the door open for one more hike and that it is too early to talk about a rate cut but does not want to rule out the possibility of a cut within this year. Furthermore, Rhee said uncertainty is very high regarding US monetary policy and that it is undesirable to comment on whether South Korea can cut interest rates before the US, while he also noted Interest rates are at the upper end of the neutral range or higher.
  • Chinese President Xi says Chinese financial institutions are about to launch a special USD 10bln fund to implement global development initiative

European bourses remain in the green but have trimmed markedly from initial highs in limited fresh newsflow, Euro Stoxx 50 +0.1%. NQ +1.0% outperforms among US futures alongside the European tech sector after blockbuster earnings from NVIDIA +7.7% pre-market, see below for more detail. Sectors more broadly are in the green, with Real Estate benefitting from the ongoing yield pullback while Basic Resources are pressured. Stateside, futures are in the green with NVDA exerting influence though the session’s focus is switching to Jackson Hole as Fed’s Harker & Collins are due before Chair Powell on Friday, ES +0.4%.

Top European News

  • UK NHS senior doctors announced to conduct three consecutive days of strike action during the ruling Tory party’s annual conference in October, according to FT.
  • Italy is reportedly preparing a new rule for bad loans, via Bloomberg citing sources; looking to approve a borrower-friendly measure on such loans by end-2023.

FX

  • Buck bounces broadly from post-US PMI lows as UST spreads to debt rivals re-widen, DXY towards top of 103.630-270 range
  • Kiwi and Aussie lag after recent outperformance on risk and commodity strength, as NZD/USD and AUD/USD drift down from high 0.5900 and 0.6400 levels to straddle 0.5940 and 0.6445.
  • Yen unwinds recovery gains between 144.61-145.43 bounds and Euro fades within 1.0876-48 range amidst raft of USD/JPY and EUR/USD option expiries spanning much bigger parameters.
  • PBoC set USD/CNY mid-point at 7.1886 vs exp. 7.2791 (prev. 7.1988)
  • South African President Ramaphosa says BRICS group will invite Iran, Egypt, Argentina, Ethiopia, Saudi Arabia and UAE to become a new member; says membership of new countries will take effect 1 Jan 2024.

Fixed Income

  • Bunds and Gilts push post-PMI boundaries before running out of steam between 133.36-132.69 and 94.95-51 respective ranges.
  • T-notes lag within narrow 109-31+/109-24 band pre-US data and Fed commentary and in wake of lacklustre 20 year sale.

Commodities

  • Crude benchmarks spent the first half of the session under modest pressure but has lifted into positive territory and remains around session high following the Chevron vote headlines (see below).
  • Currently, WTI & Brent Oct are in proximity to their respective highs around USD 78.90/bbl and USD 83.00/bbl respectively.
  • Back to Chevron, the update also lifted the nat gas complex; but, benchmarks remain hampered on the session after the update from Woodside around a in-principle agreement before a vote later today.
  • Spot gold is mildly firmer despite the stronger USD and comparably contained bond action; technicals feature including the 21- and 50-DMAs at USD 1920/oz and USD 1931.4/oz respectively. Base metals are pressured by the above USD action.
  • Woodside Energy (WDS) said it continues to engage actively and constructively in the bargaining process with unions over Australian LNG facilities and substantial progress was made in talks and parties reached an in-principle agreement on a number of issues, while it added that it has not received any notices of protected industrial action. Furthermore, the Australian union said members at Woodside’s LNG facilities will meet today to discuss an in-principle agreement reached with the Co. by their negotiating team and that Woodside made their members a strong offer without industrial action being taken.
  • Members of the Woodside (WDS AT) North West Shelf facility are set to vote on the in-principle agreement today at 12:30BST/07:30ET, via Reuters.
  • Workers at Chevron’s (CVX) Australian LNG facilities vote to allow unions to call strikes if needed, according to the union cited by Reuters; over 99% of the 433 workers that voted were in favour of taking action.
  • NHC says there is a 50% chance of a cyclone forming in the next 48hrs from the storm south of Southern Mexico and a 40% chance from the storm near the Baja California peninsula.
  • Hungarian PM Orban’s Chief of Staff says the EU should extend restrictions on the import of Ukrainian grains after September 15th. If this does not occur, prepared to impose unilateral import restrictions beyond September 15th.

Geopolitics

  • Russian military said it downed three Ukrainian drones over Russian regions, according to Reuters.
  • Russia’s Defence Ministry says they have scrambled a MiG-31 jet to intercept a Norwegian military plane over the Barents Sea, via Reuters citing agencies. Follows similar action earlier in the week.
  • North Korea conducted a launch that prompted Japan to issue an emergency warning for the Okinawa prefecture and told residents to take cover indoors or underground. However, Japan’s government later stated that the missile had flown past and towards the Pacific Ocean, while it also lifted the emergency warning for the Okinawa prefecture.
  • South Korea’s Foreign Minister spoke with US and Japanese counterparts and they strongly condemned North Korea’s ballistic missile launch which was said to be disguised as a space launch, as well as agreed to consider unilateral sanctions in response, according to Reuters.
  • South Korean military said it views North Korea’s launch as a failure and a clear violation of UN resolutions, while it added that joint drills with the US will continue at an intensive level and it will monitor North Korea’s various activities and stay alert to any provocations, according to Reuters.
  • Japanese Chief Cabinet Secretary Matsuno said Japan will lodge a protest to North Korea in the strongest possible terms following missile tests and will soon convene a national security committee meeting.
  • The White House said President Biden’s national security team is assessing the North Korean situation in close coordination with allies and partners, while it added the door has not closed on diplomacy but Pyongyang must immediately cease provocative actions.

US Event Calendar

  • 08:30: Aug. Initial Jobless Claims, est. 240,000, prior 239,000
    • Aug. Continuing Claims, est. 1.71m, prior 1.72m
  • 08:30: July Durable Goods Orders, est. -4.0%, prior 4.6%
    • July Durable Goods-Less Transportation, est. 0.2%, prior 0.5%
  • 08:30: July Cap Goods Orders Nondef Ex Air, est. 0.1%, prior 0.1%
    • July Cap Goods Shipments Nondef Ex Air, est. 0.1%, prior 0.1%
  • 08:30: July Chicago Fed Nat Activity Index, est. -0.22, prior -0.32
  • 11:00: Aug. Kansas City Fed Manf. Activity, est. -10, prior -11

DB’s Jim Reid concludes the overnight wrap

Concerns about a hard landing gathered pace over the last 24 hours, which triggered a major rally as speculation mounted that central banks might press pause on their rate hikes. Those fears were driven by several factors, but the biggest were the downside surprises in the flash PMIs, which suggested the global economy was quite a bit weaker in August than previously thought. At the same time, we also found out that US mortgage rates had hit their highest level since 2000, whilst data revisions suggested that nonfarm payrolls were set to be revised lower as well. The main good piece of news (which further boosted equities) came from Nvidia after the US close, who reported another strong outlook thanks to demand for AI processers. That’s meant futures on the NASDAQ 100 are up +1.24% this morning, after the index already rose +1.60% in yesterday’s session.

The mostly downbeat macro newsflow has put a dent in the more optimistic narratives over recent weeks, where promising inflation data had led to growing hopes about a soft landing. It remains to be seen what will happen next, but the big question now is whether this data shows that the fastest monetary tightening in generation is starting to weigh on the economy, or whether this is a more temporary patch of weak numbers like we saw in late 2022. Ifit is a more permanent sign of weakness, and we start to get further downside data surprises, then markets could well prove validated in their view that we’ve likely seen the last rate hike already from the Fed. On the other hand, the consistent surprise of this cycle so far has been just how resilient the major economies have been to all these rate hikes, and central banks like the Fed have repeatedly raised their estimates for the terminal rate as a result.

As we await Fed Chair Powell’s speech at Jackson Hole tomorrow, this challenge means that central bankers have a much harder time relative to last year. Bear in mind that a year ago, CPI inflation in both the US and the Euro Area was still running above 8%, so the way forward was pretty clear for policymakers. But now inflation has fallen by some distance, there’s much more doubt about how sticky it will end up proving, and thus how much more central bankers still need to do.

The first signs of concern yesterday came shortly after the European open, when we had the French and German flash PMIs for August. Both came in beneath expectations, with the French composite PMI unchanged at 46.6 (vs. 47.1 expected), whilst the German composite PMI deteriorated further to 44.7 (vs. 48.3 expected). So both were some way beneath the 50-mark that separates expansion from contraction, and for Germany it was the weakest composite PMI reading since May 2020, back when Europe was still experiencing the initial wave of Covid lockdowns.

After those had come through, it was then little surprise that the overall Euro Area reading deteriorated as well, with the composite PMI falling back to 47.0 (vs. 48.5 expected), its lowest since late 2020. Notably, it was services (-2.6pts to 48.3) that led the decline with the previous resilience from H1 fading. It was a similar story in the UK, where the composite PMI fell to 47.9 (vs. 50.4 expected), which was the first contractionary reading since January. And in turn, that led investors to dial back the amount of rate hikes they were expecting over the coming months. Overnight index swaps moved to price only a 30% chance of another ECB hike at the September meeting, down from a more-likely-than-not 56% the previous day.

Those releases led to a huge rally among sovereign bonds, with yields seeing significant declines on both sides of the Atlantic. In Europe, yields on 10yr bunds (-12.7bps), OATs (-13.0bps) and BTPs (-12.7bps) all fell significantly, whilst UK gilts (-17.4bps) saw an even larger decline. Over in the US, yields also moved further off their recent highs, with the 10yr Treasury yield down -13.2bps to 4.192%, whilst the 2yr yield was down -7.9bps to 4.967%. In FX, the euro fell to a 2-month low of 1.080 against the dollar intra-day, but ended up reversing the decline (+0.12% at the close) as soft US data boosted the rally in Treasuries.

Although yields were moving back down yesterday, we also had fresh evidence that the bond selloff over recent weeks was having an increasing effect on the real economy. For example, the US Mortgage Bankers Association said that the average 30yr fixed-rate mortgage had risen to 7.31% over the week ending August 18, which is its highest level since December 2000. In addition, the index of home-purchase applications fell to its lowest level since 1995, which demonstrates the effect that higher rates have had on housing activity.

When it came to the US economy, sentiment also took a hit from a couple of other indicators. The first was the flash PMIs, where the composite PMI was only barely in expansionary territory at 50.4 (vs. 51.5 expected). And second, we found out from the Bureau of Labor Statistics that nonfarm payrolls through March 2023 were likely to be revised down by -306k, although we won’t get the final revision until the jobs report for January 2024 comes out next February.

Despite the growing signs of economic weakness, equities actually had a pretty good day, although that was in large part as investors grew more confident that central banks would pause their rate hikes, coupled with renewed optimism on tech stocks. By the close of trade, the S&P 500 had advanced +1.10%, and Europe’s STOXX 600 was up +0.39%. A tech rally saw the NASDAQ (+1.59%) post its strongest gain since late July, while the FANG+ index was up +2.31%.

After the close last night, we then heard from Nvidia, which strongly outperformed expectations in Q2 with $13.5bn of revenue and an upgrade to its Q3 revenue expectations to $16bn. Nvidia’s share price was up over +6%% in after-hours trading, and this morning NASDAQ 100 futures are trading +1.24% higher, with those on the S&P 500 up +0.68%.

Overnight in Asia we’ve seen a very similar pattern to the US and Europe. Equities have rallied significantly, with the Hang Seng (+1.91%), the CSI 300 (+0.98%), the Shanghai Comp (+0.47), the Nikkei (+0.51%) and the KOSPI (+1.04%) all seeing a decent advance. Separately, the Bank of Korea left their policy rate unchanged at 3.50%, in line with expectations. But they also said that they would “maintain a restrictive policy stance for a considerable time”, and the won has strengthened +1.29% against the US Dollar this morning.

Looking at yesterday’s other data, US new home sales in July rose to their highest level in 17 months, rising to an annualised rate of 714k (vs. 703k expected). However in the Euro Area, the European Commission’s preliminary consumer confidence reading for August came in at -16.0 (vs. -14.5 expected), falling back from its July level when it reached its highest since Russia’s invasion of Ukraine began.

To the day ahead now, and US data releases include the preliminary July readings for durable goods orders and core capital goods orders, the weekly initial jobless claims, as well as the Kansas City Fed’s manufacturing activity for August. Central bank speakers include the Fed’s Harker and Collins. And today also marks the start of the Kansas City Fed’s annual Economic Policy Symposium at Jackson Hole.

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

EUROPE/ASIA

Tech leads post-NVDA as attention turns to Jackson Hole – Newsquawk US Market Open

Newsquawk Logo

THURSDAY, AUG 24, 2023 – 06:02 AM

  • Tech/NQ lead the equity space after NVDA earnings, +7.7% pre-market, as attention turns to Jackson Hole
  • USD has bounced from post-PMI lows, Antipodeans lag after recent outperformance & JPY unwinds recovery gains
  • EGBs/Gilts tested post-PMI bounds before running out of steam, USTs under modest pressure
  • Crude has turned positive and nat gas benchmarks are off lows after Chevron’s vote update; TTF remains markedly pressured post-Woodside
  • Woodside and unions came to an in-principle agreement on numerous issues, vote due at 12:30BST/07:30ET
  • BRICS to invite Iran, Egypt, Argentina, Ethiopia, Saudi Arabia and UAE to become new members
  • Looking ahead, highlights include US Durable Goods & Initial Jobless Claims, Fed’s Jackson Hole Symposium, Banxico Minutes, CBRT Policy Announcement, Speeches from Fed’s Harker & Collins, Earning from Dollar Tree.

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 remain in the green but have trimmed markedly from initial highs in limited fresh newsflow, Euro Stoxx 50 +0.1%.
  • NQ +1.0% outperforms among US futures alongside the European tech sector after blockbuster earnings from NVIDIA +7.7% pre-market, see below for more detail.
  • Sectors more broadly are in the green, with Real Estate benefitting from the ongoing yield pullback while Basic Resources are pressured.
  • Stateside, futures are in the green with NVDA exerting influence though the session’s focus is switching to Jackson Hole as Fed’s Harker & Collins are due before Chair Powell on Friday, ES +0.4%.
  • Click here for more detail.
  • Click here and here for a recap of the main European equity updates.

FX

  • Buck bounces broadly from post-US PMI lows as UST spreads to debt rivals re-widen, DXY towards top of 103.630-270 range
  • Kiwi and Aussie lag after recent outperformance on risk and commodity strength, as NZD/USD and AUD/USD drift down from high 0.5900 and 0.6400 levels to straddle 0.5940 and 0.6445.
  • Yen unwinds recovery gains between 144.61-145.43 bounds and Euro fades within 1.0876-48 range amidst raft of USD/JPY and EUR/USD option expiries spanning much bigger parameters.
  • PBoC set USD/CNY mid-point at 7.1886 vs exp. 7.2791 (prev. 7.1988)
  • South African President Ramaphosa says BRICS group will invite Iran, Egypt, Argentina, Ethiopia, Saudi Arabia and UAE to become a new member; says membership of new countries will take effect 1 Jan 2024.
  • Click here for more detail.
  • Click here for the Option Expires for the NY Cut.

FIXED INCOME

  • Bunds and Gilts push post-PMI boundaries before running out of steam between 133.36-132.69 and 94.95-51 respective ranges.
  • T-notes lag within narrow 109-31+/109-24 band pre-US data and Fed commentary and in wake of lacklustre 20 year sale.
  • Click here for more detail.

COMMODITIES

  • Crude benchmarks spent the first half of the session under modest pressure but has lifted into positive territory and remains around session high following the Chevron vote headlines (see below).
  • Currently, WTI & Brent Oct are in proximity to their respective highs around USD 78.90/bbl and USD 83.00/bbl respectively.
  • Back to Chevron, the update also lifted the nat gas complex; but, benchmarks remain hampered on the session after the update from Woodside around a in-principle agreement before a vote later today.
  • Spot gold is mildly firmer despite the stronger USD and comparably contained bond action; technicals feature including the 21- and 50-DMAs at USD 1920/oz and USD 1931.4/oz respectively. Base metals are pressured by the above USD action.
  • Woodside Energy (WDS) said it continues to engage actively and constructively in the bargaining process with unions over Australian LNG facilities and substantial progress was made in talks and parties reached an in-principle agreement on a number of issues, while it added that it has not received any notices of protected industrial action. Furthermore, the Australian union said members at Woodside’s LNG facilities will meet today to discuss an in-principle agreement reached with the Co. by their negotiating team and that Woodside made their members a strong offer without industrial action being taken.
  • Members of the Woodside (WDS AT) North West Shelf facility are set to vote on the in-principle agreement today at 12:30BST/07:30ET, via Reuters.
  • Workers at Chevron’s (CVX) Australian LNG facilities vote to allow unions to call strikes if needed, according to the union cited by Reuters; over 99% of the 433 workers that voted were in favour of taking action.
  • NHC says there is a 50% chance of a cyclone forming in the next 48hrs from the storm south of Southern Mexico and a 40% chance from the storm near the Baja California peninsula.
  • Hungarian PM Orban’s Chief of Staff says the EU should extend restrictions on the import of Ukrainian grains after September 15th. If this does not occur, prepared to impose unilateral import restrictions beyond September 15th.
  • Click here for more detail.

NOTABLE US HEADLINES

  • NVIDIA Corp (NVDA) – Q2 2023 (USD): Adj. EPS 2.70 (exp. 2.09), Revenue 13.51bln (exp. 11.22bln); approved further 25bln in share buybacks, without expiration. REVENUE BREAKDOWN: Data centre 10.32bln (exp. 7.98bln). Gaming 2.49bln (exp. 2.38bln). Professional Visualization 379mln (exp. 318.7mln). Automotive 253mln (exp. 309.4mln). KEY METRICS: Adj. gross margin 71.2% (exp. 70.1%). Adj. operating income 7.78bln (exp. 5.89bln). GUIDANCE: Q3 revenue view 16bln (exp. 12.1bln). COMMENTARY: ‘”New computing era has begun.” Says cloud provider GPU demand is accelerating and it expects supply to increase each quarter through next year. China demand was in the historical range of data centre demand at 20%-25%. Visibility into demand extends into next year. Demand is tremendous. +7.7% in pre-market trade, was +6.6% in after-hours trade.
  • US President Biden will reportedly name Medicare negotiation drugs next week, according to Politico.
  • Click here for the US Early Morning Note.

NOTABLE EUROPEAN HEADLINES

  • UK NHS senior doctors announced to conduct three consecutive days of strike action during the ruling Tory party’s annual conference in October, according to FT.
  • Italy is reportedly preparing a new rule for bad loans, via Bloomberg citing sources; looking to approve a borrower-friendly measure on such loans by end-2023.

GEOPOLITICS

  • Russian military said it downed three Ukrainian drones over Russian regions, according to Reuters.
  • Russia’s Defence Ministry says they have scrambled a MiG-31 jet to intercept a Norwegian military plane over the Barents Sea, via Reuters citing agencies. Follows similar action earlier in the week.
  • North Korea conducted a launch that prompted Japan to issue an emergency warning for the Okinawa prefecture and told residents to take cover indoors or underground. However, Japan’s government later stated that the missile had flown past and towards the Pacific Ocean, while it also lifted the emergency warning for the Okinawa prefecture.
  • South Korea’s Foreign Minister spoke with US and Japanese counterparts and they strongly condemned North Korea’s ballistic missile launch which was said to be disguised as a space launch, as well as agreed to consider unilateral sanctions in response, according to Reuters.
  • South Korean military said it views North Korea’s launch as a failure and a clear violation of UN resolutions, while it added that joint drills with the US will continue at an intensive level and it will monitor North Korea’s various activities and stay alert to any provocations, according to Reuters.
  • Japanese Chief Cabinet Secretary Matsuno said Japan will lodge a protest to North Korea in the strongest possible terms following missile tests and will soon convene a national security committee meeting.
  • The White House said President Biden’s national security team is assessing the North Korean situation in close coordination with allies and partners, while it added the door has not closed on diplomacy but Pyongyang must immediately cease provocative actions.

CRYPTO

  • Bitcoin is a touch firmer on the session, holding just below the USD 26.5k mark with specifics light and price action remaining contained/rangebound overall after the pronounced downside seen towards the tail-end of last week.

APAC TRADE

  • APAC stocks traded higher as the region took impetus from the gains on Wall St. where the Nasdaq led the advances across the major indices as yields declined in the aftermath of weak PMI data and with futures also boosted by strong Nvidia earnings.
  • ASX 200 was positive amid the continued influx of earnings and as strength in tech and financials atoned for the underperformance in the defensive sectors.
  • Nikkei 225 extended above the 32,000 level with semiconductor names in Asia riding the Nvidia wave.
  • KOSPI was boosted with the index unfazed by North Korea’s latest failed ‘satellite’ launch, while the BoK provided no surprises and maintained its base rate at 3.50%, as unanimously expected.
  • Hang Seng and Shanghai Comp conformed to the upbeat mood in which the Hong Kong benchmark climbed back above 18,000 amid tech strength, although gains in the mainland were limited after the PBoC’s liquidity drain and as participants await more big bank earnings.

NOTABLE ASIA-PAC HEADLINES

  • TEPCO (9501 JT) began the water release from the Fukushima plant and said no abnormalities were identified with the seawater pump or surrounding facilities. China’s Foreign Ministry said China firmly opposes and strongly condemns Japan’s release of Fukushima water into the sea, while it added that it is a major nuclear safety issue with cross-border implications and that Japan has not proved the legitimacy of the decision.
  • BoK kept its base rate unchanged at 3.50% as expected, with the decision unanimous and said it will maintain a restrictive policy stance for a considerable time. BoK noted that the domestic economic growth is expected to improve gradually and it maintained 2023 GDP growth and inflation forecasts at 1.4% and 3.5%, respectively, but cut its 2024 GDP growth forecast to 2.2% from 2.3%. BoK Governor Rhee said 6 out of 7 members wanted to keep the door open for one more hike and that it is too early to talk about a rate cut but does not want to rule out the possibility of a cut within this year. Furthermore, Rhee said uncertainty is very high regarding US monetary policy and that it is undesirable to comment on whether South Korea can cut interest rates before the US, while he also noted Interest rates are at the upper end of the neutral range or higher.
  • Chinese President Xi says Chinese financial institutions are about to launch a special USD 10bln fund to implement global development initiative.

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

THURSDAY MORNING/WEDNESDAY NIGHT

SHANGHAI CLOSED UP 3.84 PTS OR 0.12%   //Hang Seng CLOSED UP 366.25 PTS OR 2.05%        /The Nikkei CLOSED UP 376.95 PTS OR 0.87%  //Australia’s all ordinaries CLOSED UP .45 %   /Chinese yuan (ONSHORE) closed UP  7.2782  /OFFSHORE CHINESE YUAN UP  TO 7.2883 /Oil UP TO 79.06 dollars per barrel for WTI and BRENT  UP AT 83.33 / Stocks in Europe OPENED  ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONG

2 d./NORTH KOREA/ SOUTH KOREA/

////SOUTH KOREA/NORTH KOREA/

END

2e) JAPAN

JAPAN

3 CHINA /

CHINA

end

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

EUROPE/

END

GERMANY

END

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE//USA

Blinken continues to repeat the mantra that CRIMEA is Ukraine and not part of Russia. Big mistake

(zerohedge)

Blinken Repeats “Crimea Is Ukraine” As Kiev Steps Up Attacks On Peninsula

WEDNESDAY, AUG 23, 2023 – 05:30 PM

On the very day that Ukraine’s military issued a very provocative statement saying its forces have destroyed a Russian S-400 missile defense system in Crimea, Secretary of State Antony Blinken reaffirmed Washington’s view that “Crimea is Ukraine”.

The timing of Blinken’s statement is interesting indeed, coming amid general stepped-up Ukrainian attacks deep inside Russian territory, including nearly a straight week of drone strikes on Moscow.

“For 9 years, Russia has occupied Crimea and subjected its residents to a campaign of brutalization and repression,” Blinken said in a fresh video statement published Wednesday. “But the people of Ukraine have not backed down, not even after the Kremlin’s illegal and horrific invasion. Crimea is Ukraine. Russia’s aggression must end.”

There have been several recent attempts to destroy the Crimean Bridge as well, used primarily for civilian vehicle traffic, but also as a vital military logistics crossing into southern Ukraine.

Ukrainian officials said Wednesday of their claimed successful attack on a S-400 battery, “The explosion completely destroyed the system, its missiles and personnel,” according to the GUR military intelligence agency’s words.

The GUR said it happened on the Tarkhankut Peninsula of western Crimea, and touted that “Given the limited number of such systems in the enemy’s arsenal, this is a painful blow to the occupiers’ air defense system.”

External war monitors have tallied that there have been two prior instances of Russian S-400s being taken out, which remains a rarity – thus if confirmed this would mark the third instance of the war.

As for Blinken’s new video message, it seems geared toward boosting Ukrainians’ morale even amid staggering losses and increasing admissions, including in the pages of the NY Times and Washington Post and others, of a failing counteroffensive. It seems Blinken also wants to assure allies that Washington will stay the course in its support of Ukraine.

Meanwhile on the same day, Russian President Vladimir Putin told counterparts at the BRICS summit (via virtual remarks) that his country desires the end of the Ukraine war, but which was a conflict “unleashed by the West and its satellites.”

END

RUSSIA UKRAINE

As Wagner Fighters Threaten New ‘March On Moscow’, Putin Says Prigozhin Was “Talented” Man Who Made “Mistakes”
Tyler Durden’s Photo
BY TYLER DURDEN
THURSDAY, AUG 24, 2023 – 03:20 PM
Wagner supporters inside Russia have set up makeshift memorials as they mourn the loss of their leader Yevegny Prigozhin, even as speculation continues that he could still be alive.

More importantly, some are threatening a new ‘march of Moscow’ to express rage at ruling powers in Moscow and commanders in the defense ministry. August 24, it should be noted, is precisely two months since the Wagner uprising of June 23, which resulted in several deaths of regular Russian troops.

Makeshift memorial in front of the PMC Wagner office in Novosibirsk, via AFP.
Wagner Telegram channels have reported Prigozhin’s death, and that of his right-hand man Dmitry Utkin in the same crash outside of Moscow Wednesday.

UK media has meanwhile referenced Wagner social media statements to suggest some among the mercenary outfit may be attempting to organize a new march or large-scale protest aimed at Moscow, or at least they’ve issued a new threat of a “march”:

A Wagner address last night, reported by the Sun, stated: ‘We directly say that we suspect the Kremlin officials led by Putin of an attempt to kill him!’.

‘If the information about Prigozhin’s death is confirmed, we will organize a second March of Justice on Moscow!’

Meanwhile armed men claiming to be from the unit warned Putin in a video shared online: ‘There’s a lot of talk right now about what the Wagner Group will do. We can tell you one thing.

‘We are getting started, get ready for us.’

In St. Petersburg, flowers were laid out in front of Wagner headquarters, with one mourner quoted as saying, “It’s like losing a father. He was everything to us.”

According to more from the scene:

Makeshift memorials appeared outside the private military group’s former headquarters around midnight Thursday, with footage showing mourners bringing flowers, candles and patches featuring Wagner’s skull logo.

Similar memorials were spotted in the Siberian city of Novosibirsk, according to the news website Sota. At least one supporter staged a one-man picket in the city of Yaroslavl, the news website 7×7 reported.

“Guys, we just have no words right now,” said one masked man, who claimed to be a member of Wagner, according to AFP journalists. “Let’s support Yevgeny Viktorovich [Prigozhin] and all our commanders. We need your support now.”

On Thursday President Putin belatedly addressed the reported death of Prigozhin for the first time, vowing to see a criminal investigation through to completion, and hailing him as a “talented businessman” who made “mistakes”.

According to a state media translation of the fresh Putin remarks:

Yevgeny Prigozhin was a man of many talents who made a “significant contribution” to the struggle against neo-Nazis in Ukraine, Russian President Vladimir Putin said on Thursday, commenting on the plane crash that reportedly killed the Wagner Group head.

Speaking with journalists at the Kremlin, Putin said that he had known Prigozhin since the early 1990s, and described him as “a man of complicated destiny.”

“He’d made serious mistakes in his life, but also got results. For himself as well as our common cause, when I asked it of him in these last months,” Putin added. He described Prigozhin as “a talented businessman” who worked in Russia as well as in Africa dealing with oil, gas, precious metals and gems.

Meanwhile the US has said it believes the Wagner private jet was shot down with a surface-to-air missile that originated from within Russia. If true, this would point to Putin or the military chain of command having made the decision to take the plane out.

END

IRAN

Iran unveils new drone but it does not come close to the USA MQ 9 reaper

(zerohedge)

Iran Unveils New Drone Rivaling US MQ-9 Reaper & Capable Of Reaching Israel

WEDNESDAY, AUG 23, 2023 – 09:30 PM

This week Iran’s military unveiled a drone which it says rivals the United States’ MQ-9 Reaper drone, touting the aircraft as easily capable of reaching Tehran’s number one enemy Israel.

The Islamic Republic claims the new Mohajer-10 drone can stay continually airborne for 24 hours, and showcased it as the Defense Industry Day conference on Tuesday.Via Reuters/Iran state media

Iranian President Ebrahim Raisi attended the conference in person in order to inspect the drone, and hailed that it will “firmly introduce Iran as an advanced and technologic nation to the world.”

According to regional reporting, “The Islamic Republic’s media outlets claimed the drone can fly up to 24,000 feet with a speed of 210 kph carrying a bomb payload of up to 300 kilograms. The drone can also allegedly hold electronic surveillance equipment and a camera.”

However, some Western analysts have expressed skepticism, particularly regarding the claim that it mirrors the capabilities of the MQ-9 Reaper.

Steve Bucci, a former Pentagon official, told The Foreign Desk publication that the Iranians “tend to exaggerate a lot, so I will assume that while it may look like a Reaper, I doubt it is as capable.”

Al Jazeera writes that “media reports said the drone can travel non-stop at an altitude of 7,000 metres (4,350ft) for up to 2,000km (1,242 miles), meaning that it could reach Israel.”

But there does remain consensus that Iran’s drone program is generally very capable, also given the heavy reliance on Iran-produced drones by Russian forces operating in Ukraine. 

New footage released by the Islamic Republic’s state media…

It’s also long been known that Iran’s ballistic missiles are quite advanced, and these have been subject of intense debate alongside Iran’s nuclear program.

Iran and Israel are still engaged in a proxy war inside Syria, where Israeli air attacks frequently target both Syrian and Iranian military positions, especially in and around Damascus and the south

end

TURKEY

Erdoganomics is now dead! Turkey unexpectedly hikes rates to 25% up from 17.5%. Still the rates are too low

(zerohedge)

Lira Soars 6% After Turkey Unexpectedly Hikes Much More Than Expected

THURSDAY, AUG 24, 2023 – 09:06 AM

The economic freakshow that is Erdoganomics is dead, if only for a few months…

The Turkish lira, which until today was the worst performing currency of 2023, exploded higher amid a massive short squeeze, after the Turkish central bank unexpectedly raised its benchmark interest rate much more than expected, in the first sign that a new lineup of monetary officials favors more aggressive moves to curb inflation running near 50%, and a stern rebuke to Erdogan’s long-running bizarro conviction that Turkey will keep rates lower in a bid to contain inflation (also known as Erdoganomics).

The Monetary Policy Committee, under new Governor Hafize Gaye Erkan, who previously was a co-CEO of the failed First Republic bank, raised the rate to 25%, up from 17.5% and far above survey expectations of a 20% hike. It was the MPC’s first decision since three new deputy governors were appointed late last month. They included a former adviser to the Federal Reserve Bank of New York and the ex-chief economist at one of Turkey’s biggest private lenders.

Erkan, appointed in June, has begun to end Turkey’s era of ultra-low borrowing costs previously favored by Erdogan (and to be favored again after the economy craters as a result of the sharply higher rates which will crush growth again).

While the rate remains well below the level of (hyper)inflation in Turkey, it’s the third straight hike since President Recep Tayyip Erdogan won reelection in May and pledged more orthodox policies for an economy foreign investors have fled in recent years.

Even with the recent hikes, many investors still think the central bank is still being too timid. They cite the fact inflation-adjusted interest rates remain well in negative territory as evidence of that. Turkey’s real rates are among the lowest in the world.

“The pace of policy tightening over recent months has disappointed market expectations,” ING Bank NV said ahead of Thursday’s decision, although today’s move may suggest the central bank is finally trying to catch up to real rates.

According to Bloomberg, Erkan’s approach poses significant risks for the credibility of the central bank, especially after it sharply raised its own inflation forecasts last month. The governor said price growth won’t peak until the second quarter of next year, but showed little willingness to raise policy rates much faster.

While Turkish rates should be much higher, the central bank’s latest regulation took aim at a government-backed savings program that protects account holders from any weakening of the lira. Officials now want them to convert to normal lira accounts. The new rules amount to a “stealth rate hike” and follow an earlier decision to raise banks’ reserve requirements that could in effect mean an additional 40 basis points of tightening, according to Bloomberg Economics.

On Sunday, the central bank began rolling the growing and costly scheme that protects lira deposits from FX depreciation, marking another move toward more orthodox policies following a shift toward interest rate hikes. The central bank said in the early hours on Sunday that it lifted targets applied to banks for certain levels of conversions of foreign-exchange deposits to the lira-protection scheme, known as KKM.

“The new measures will likely lead to higher rates on lira deposits,” Goldman Sachs Group Inc. analysts Clemens Grafe and Basak Edizgil said in a report. But “with the gap between deposit rates and the policy rate widening again, there is a risk of renewed dollarization or funds being withdrawn.”

In a reversal, the central bank now wants lenders to set a new goal of transitioning KKM accounts into regular lira accounts, in part by dissuading companies and individuals from renewing the KKM accounts.

According to a separate decree in the Official Gazette, the central bank also raised lenders’ reserve requirement ratios for FX deposits, further nudging customers into regular lira accounts.

Ahead of the rate decision, Citigroup cut the lira in its model portfolio after the government’s steps to reduce the size of foreign currency protected deposits. Citi said to go long USDTRY at 27.16 (via 3m forwards), with a target 32, stop 25.

“In light of the macro prudential measures taken by the CBT over the weekend to reduce the size of currency protected deposits, we think the timing is now suitable for re-entering this trade,” strategists Bhumika Gupta and Luis E Costa wrote in a note.

“MPC is also scheduled this week, and the consensus expectation is for a hike to 20% policy rate, from the current 17.5%. We see some risk that markets may be disappointed again, given the new Governor’s track record so far with respect to the magnitude of rate increases” Citi added.

In the end, she did indeed surprise, but on the other side, with a rate hike that was bigger than expected. The problem, of course, is that this has been tried before in Turkey, and every time there is a sharp rate hike, the economy eventually grinds to a halt, culminating with Erdogan firing the central bank head and appointing another puppet. To be sure, this time will be no different, but for now at least, the Lira is enjoying a huge short squeeze, with the USDTRY tumbling as much as 6%…

… the currency’s second largest squeeze in history, second only to the Dec 20, 2021 short massacre, when Erdogan fired a bazooka at lira shorts.

The move lasted a few months before the currency tumbled to new all time lows.

As for today’s historic surge in the lira, enjoy it while it lasts, because it won’t: with rates once again soaring Erdogan will keep his mouth shut for a few months (weeks) until the wheels fall off the economy again, at which point he will once again terminate all the central bankers and appoint a new set of puppets who resume easing because rinse, repeat, and yet somehow the market is surprised every single time we get a rerun of this exact same script.

6.GLOBAL ISSUES//MEDICAL ISSUES

GLOBAL ISSUES//BRICS MEETING

END

GLOBAL VACCINE/COVID ISSUES

Doctor Suspended Over Covid Vaccine Stance To Sue Ohio Medical Board

WEDNESDAY, AUG 23, 2023 – 08:30 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

A doctor whose license was recently suspended by Ohio’s medical board is planning to sue the board.Ohio Attorney General Dave Yost in Columbus, Ohio, on Nov. 6, 2018. (Justin Merriman/Getty Images)

Dr. Sherri Tenpenny is planning to fight the decision, which members of the State Medical Board of Ohio said was over the doctor’s response to their investigation into her critical comments on COVID-19 vaccines, Dr. Tenpenny’s lawyer says.

“We’re going to definitely be filing suit,” Tom Renz, the lawyer, told The Epoch Times. “I don’t think there’s really any question about that.”

The suit will focus on alleged violations of Dr. Tenpenny’s due process rights and will challenge the suspension. Depending on the components, it may be filed in state court or may be filed in federal court.

“We’re going to just make sure that we do what we wish they would have done, which is to be ethical, to follow the law, and to make sure that justice is served,” Mr. Renz said.

The board declined to comment.

Suspension

Board members voted on Aug. 9 to suspend Dr. Tenpenny’s license until she meets certain conditions, including paying a fine and cooperating with investigators.

Members and the office of Ohio Attorney General Dave Yost said that Dr. Tenpenny did not properly respond to questions prompted by complaints filed over her public testimony before the Ohio House of Representatives that included references to claims that vaccinated people had become magnetic.

“This case is not about Dr. Tenpenny making comments about how when you’re vaccinated, 5g Towers could interfere with [you]. It’s not about Dr. Tenpenny saying, when you are vaccinated, your body becomes magnetized. It’s not about any of that, right?” Dr. Amol Soin, a board member, said ahead of the vote. “It really is about this whole issue of cooperation or not.”

Dr. Tenpenny’s actions included failing to appear at a deposition, according to Kimberly Lee, the state official who served as hearing examiner for the case.

“This is not punitive. This is procedural,” Assistant Attorney General James Wakley said before the vote. “This is a stick necessary to ensure that we get the answers that we require based on the board’s responsibility for ensuring the safety of the public.”

Dr. Tenpenny and Mr. Renz say the state is mislabeling how she responded to questions and other investigative steps. They say she filed legal objections to the subpoena and other documents, that the investigation was unconstitutional in part because the state could not define how it defines “failure to cooperate” and because it would not show them the complaints.

“You may not like her position on vaccines, on COVID, on whatever it is that she has. But that’s not the question before the board,” Mr. Renz told the board. “The question before the board today is one simple question: ‘Were her rights to due process violated? The record shows that they were. We have a hearing examiner who can’t actually define what those rights are.”

He added: “This appears very much like a witch hunt, like someone who’s looking for an outcome rather than looking to follow the law.”

The board declined to provide the complaints to The Epoch Times, citing state law. The law says that the board must investigate in a way that “protects the confidentiality of patients and persons who file complaints with the board.”

The same law says that punitive action can be leveled in the event of failure to cooperate with a board investigation.

Mr. Renz also says that the state should have gone to court to resolve the matter.

Mr. Wakley said that going to the courts would lead to “a complete breakdown of the process of investigations” and that “justice delayed is justice denied.”

If the board went to court for every case, “the board would never get anything done,” added Dr. Jonathan Feibel, another board member.

Breathalyzer Comparison

Mr. Yost, a Republican, said that Dr. Tenpenny could have gone to the courts before the vote.

Mr. Renz said that it was the state’s responsibility to compel and that they were not trying to cause a fight with the board.

Mr. Yost also told Just the News that Dr. Tenpenny’s actions were like a driver who was pulled over refusing to take a breathalyzer.

Mr. Renz said that comparison did not make sense.

“If a cop pulls you over, and says, ‘you need to take a breathalyzer,’ he’s got to have a reason for that, right? He’s not allowed to just randomly pull you over and say you need to take a breathalyzer because he doesn’t like how you look, he can’t pull you over and say that you need to take a breathalyzer unless you’re showing some signs and symptoms or give him some reason to think that you may be intoxicated,” Mr. Renz said. “Otherwise, that’s violating your due process rights.”

end

They are shocked? We have been warning you for the past two years that the vaccines do not stop the variants from entering your body. However if you had COVID your antibodies will stop the new infection

(zerohedge)

Shocked!? CDC Says New COVID-19 Variant Could Cause Infections In Vaccinated People

THURSDAY, AUG 24, 2023 – 09:20 AM

Authored by Jack Phillips via The Epoch Times,

The U.S. Centers for Disease Control and Prevention (CDC) stated Wednesday the new BA.2.86 COVID-19 lineage may cause infection in people who received vaccines or previously had the virus.

The CDC said it is too soon to know whether this might cause more severe illness compared with previous variants. But due to the high number of mutations detected in this lineage, there were concerns about its impact on immunity from vaccines and previous infections, the agency said.

“The large number of mutations in this variant raises concerns of greater escape from existing immunity from vaccines and previous infections compared with other recent variants,” the CDC stated in its assessment.

“For example, one analysis of mutations suggests the difference may be as large as or greater than that between BA.2 and XBB.1.5, which circulated nearly a year apart.”

But it said that “virus samples are not yet broadly available for more reliable laboratory testing of antibodies, and it is too soon to know the real-world impacts on immunity.”

The agency added that it detected at least two cases with the BA.2.86 variant in the United States, although few other details were provided. It was also found in Israel, the United Kingdom, South Africa, and Denmark, the agency said.

One of the BA.2.86 cases was found in a person detected via the CDC’s traveler surveillance system, while it added that cases being found in several countries is evidence of international transmission.

“Notably, the amount of genomic sequencing of SARS-CoV-2 globally has declined substantially from previous years, meaning more variants may emerge and spread undetected for longer periods of time,” according to the assessment.

“It is also important to note that the current increase in hospitalizations in the United States is not likely driven by the BA.2.86 variant. This assessment may change as additional data become available.”

The CDC noted that most of the U.S. population has COVID-19 antibodies from a previous infection, vaccination, or both. It’s likely that the antibodies will provide some protection against the variant, said the CDC.

The CDC said on Wednesday the slight recent increase in hospitalizations in the United States is not likely driven by the BA.2.86 lineage.

Based on an analysis of the mutations to the new virus, the CDC stated that COVID-19 tests and antiviral drugs are likely still going to work against it. “At this time, we don’t know how well this variant spreads, but we know that it spreads in the same way as other variants,” the CDC said.

A top official with the World Health Organization, meanwhile, has designated the BA.2.86 as a “variant under monitoring,” noting that there is “limited” information about the variant.

A medical worker prepares the COVID-19 vaccination after the thawing stage outside of UCI Medical Center, in Orange, Calif., on Dec. 16, 2020. (John Fredricks/The Epoch Times)

But some scientists warned that people shouldn’t jump to conclusions about the variant.

“Intrinsic severity of a virus is a byproduct of many traits, a product of selection on other features. Any attempt to guess the intrinsic severity of BA.2.86 (within reasonable parameters) is just that—a guess,” Aris Katzourakis, a biologist with the University of Oxford, wrote on social media.

“It is far, far too early to evaluate the potential of this variant.”

Michael Osterholm, the head of the University of Minnesota’s Center for Infectious Disease Research and Policy, told Stat News that the new subvariant should be monitored closely but he noted that a large number of subvariants and variants of COVID-19 didn’t take off.

“I assume that all are innocent until proven guilty,” he said,

And based on the evidence so far, the threat of BA.2.86 isn’t clear, said a CDC spokesperson. “We do not yet know what risks, if any, this may pose to the public’s health beyond what has been seen with other currently circulating lineages,” the spokesperson told EveryDay Health.

The CDC statement comes as Moderna, Pfizer, and Novavax are slated to release updated COVID-19 vaccines this fall, again possibly making them available for all ages. There is anticipation that the U.S. Food and Drug Administration will authorize the booster shots in the coming weeks.

It also comes as a small number businesses, schools, offices, and hospitals in recent days opted to re-implement mask mandates. A college in Atlanta, Hollywood studio Lionsgate, several hospitals, and others recently made masks mandatory, sparking concerns among some social media users that a broader attempt to re-instate mandates might be coming to the United States in the fall or winter.

“Employees must wear a medical grade face covering (surgical mask, KN95 or N95) when indoors except when alone in an office with the door closed, actively eating, actively drinking at their desk or workstation, or if they are the only individual present in a large open workspace,” a Lionsgate manager wrote in a memo, according to Deadline Hollywood.

The mandate was implemented even as the local Los Angeles County Department of Public Health reported that for COVID-19, “overall metrics remain at a low level of concern.”

DR PAUL ALEXANDER

CDC, NIH, NIAID, HHS, FDA, Health Canada, PHAC, SAGE morons & idiots, scientific dimwits inane fools know full well that any ‘updated’ vaccine (like bivalent booster) & new XBB1.5 will NEVER induce

vaccine antibodies (Abs) that are able to sterilize, neutralize any currently circulating & highly infectious variants; coming XBB1.5 booster will not match EG.5, 2.86 spike; more variants will come!

DR. PAUL ALEXANDERAUG 24
 
READ IN APP
 

They know the malfeasance they are doing, the 20 Horsemen know this will continue for 100 years, designed this way! A slow kill bioweapon…

end

US pilots are worried and they are saying not ‘if’ but major disasters are ‘booked’; as you read this SLATE story, persons like me grow more alarmed by the risk many pilots now face due to ‘silent’

vaccine-induced myocarditis (mRNA technology gene injection Pfizer, Moderna), with resulting cardiac arrest in cockpit & we have many cases & deaths the last 2 years; this is a dangerous intersection

DR. PAUL ALEXANDERAUG 24
 
READ IN APP
 

Are pilots performing optimally now post COVID gene injection? Has it affected them? Will this pressure compounded by the ill effects of the COVID gene injection cause crashes? Must innocent passengers die before the airlines and FAA moves to safeguard the cockpit and thus the passengers?

end

Don’t forget this recent two participants who died during swimming leg of Youghal Ironman event; Postmortem examinations due to take place on men remains; what? until COVID mRNA vaccine is excluded &

until heart damage due to the mRNA technology gene based vaccine is excluded e.g. myocarditis, pericarditis, brain bleeds, strokes etc., then we place the COVID mRNA vaccine at center of etiology

DR. PAUL ALEXANDERAUG 24
 
READ IN APP
 

The two men who died in the Ironman Ireland event in Youghal, Co Cork have been named locally as a Garda investigation begins.

The competitors have been named as Brendan Wall, who was in his mid-40s and originally from Co Meath but was living in Solihull in the UK, and Ivan Chittenden (64), who travelled from his home in Toronto, Canada to take part

SLAY NEWS

The latest reports from Slay News
Fauci Praises Lockdowns’ Effectiveness in Forcing Public ComplianceDr. Anthony Fauci has praised lockdowns as a great tool for forcing the public to comply with the authoritarian agenda of tyrannical governments.READ MORE
Tucker Carlson Issues Threat to Fox News Executives: ‘Any War Will Be Super Ugly – That’s a Guarantee’Tucker Carlson and President Donald Trump will air counterprogramming to Fox News’s first GOP 2024 primary debate tonight.READ MORE
Kimberly Guilfoyle Tells Fox News to Pound Sand: ‘I’d Like to See Somebody Try to Stop Don Jr and Me’Kimberly Guilfoyle fired back at Fox News over reports that President Donald Trump surrogates are getting the cold shoulder from the network and may not be allowed in “the spin room” after the GOP primary debate.READ MORE
Texas Fertilizer Plant Completely Destroyed by Huge FireAn American fertilizer plant in Texas has been completely destroyed by a huge fire, local authorities have confirmed.READ MORE
CNN ‘Climate’ Reporter Praises Biden’s Maui Visit: ‘Empathizer-in-Chief’CNN’s “climate correspondent” Bill Weir has heaped praise on Joe Biden over the Democrat president’s controversial visit to Maui, Hawaii earlier this week.READ MORE
Jonathan Turley: Democrats Plan to Block Trump Is ‘Most Dangerous Constitutional Theory I Have Seen in Decades’George Washington University law professor Jonathan Turley has warned that the Democrats’ plan to block President Donald Trump from getting on the ballot in many states is “the single most dangerous constitutional theory” he has seen.READ MORE
Judge Throws Book at Ex-Puerto Rico Mayor: Over 3 Years in Prison for Bribery ConvictionThe former mayor of the municipality of Humacao, Puerto Rico, was sentenced to three years and one month in prison after being convicted for his role in a bribery scheme.READ MORE
Jeanine Pirro Warns America about Biden: ‘This Guy Has Been Lying from the Moment He Came on the Political Scene’Judge Jeanine Pirro has issued a warning to the American people about Democrat President Joe Biden.READ MORE
Laura Ingraham Slams Biden for Telling House Fire Story during Maui Visit: ‘Pathological Liar!’Fox News anchor Laura Ingraham has slammed Democrat President Joe Biden over his controversial visit to Maui, Hawaii this week.READ MORE
Epstein Victim Accuses Prince Andrew of Raping Her FriendA victim of deceased child trafficker Jeffrey Epstein has accused Britain’s Prince Andrew of raping her friend.READ MORE
Bank of America Cancels Account of Conservative Christian CharityBank of America has triggered a “debanking” backlash after shutting down the account of a conservative Christian charity.READ MORE
United Nations Is Building ‘Digital Army’ to Censor Online ‘Disinformation’The United Nations (UN) has revealed that the unelected organization is “building a digital army” to police and censor the speech of the taxpaying public online.READ MORE
Video of Violent Robbery Proves Democrats Ruined Another Great American CityA shocking video has emerged of a woman being pistol-whipped and dragged across gravel by two thugs in broad daylight.READ MORE

EVOL NEWS

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIESDoctors Received Cash Rewards for Every Patient They Got VaccinatedAmerican doctors were paid financial rewards for every patient they convinced to get vaccinated with Covid mRNA shots, leaked documents have revealed.READ THE FULL REPORTBiden Suddenly Issued Ukraine Threat after Meeting Hunter’s Business PartnersJoe Biden’s ultimatum to fire a Ukrainian prosecutor investigating the energy firm Burisma, which had hired his son Hunter Biden, appears to have been an impulsive decision made a month before the ‘quid pro quo’ threat was issued.READ THE FULL REPORTJournalist Claims He Was Put in ‘Headlock’ for Pressing Mayor on Maui Death TollCitizen journalist Nick Sortor, who has been doing a yeoman’s job reporting on the scene of the Maui wildfire disaster, appears to have been accosted by police while trying to ask the mayor about the missing children. 🚨 MAUI POLICE HEADLOCK ME FOR ASKING THE MAYOR ABOUT MISSING CHILDREN MAYOR BISSEN KNOWS THE ANSWER, BUT HE’S HIDING IT. The mainstream …READ THE FULL REPORTNewly Released Emails Prove Firing Ukrainian Prosecutor Was Joe Biden’s IdeaThere is lingering uncertainty about the first impeachment of former President Donald Trump, whether or not he was justified in inquiring about former Vice President Joe Biden’s threat towards a Ukrainian prosecutor, that appears to be gaining clarity.READ THE FULL REPORTFEMA Order Surfaces for Full Media ‘Blackout’ of Maui Disaster ImagesFollowing the Maui fire disaster, there have been concerns of mishandling and a lack of transparency, with claims of media restrictions on the island. The current media landscape seems determined to maintain a positive image of Joe Biden, especially evident in the coverage of the Hawaii incident. Two significant aspects underscore this narrative. Firstly, there’s President Biden’s perceived aloofness, marked …READ THE FULL REPORT

end

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

Despite Weak Global Data, We Have Stagflation… We Also Have Leninist Policy Shocks

THURSDAY, AUG 24, 2023 – 11:40 AM

By Michael Every of Rabobank

“Just One Damned Thing After Another”

History, some say, is “Just one damned thing after another.” So is most financial markets coverage, just with post hoc ergo propter hoc.

Yet serious historians look for patterns; Marxists see it as pre-written; and Leninists want to speed it up with bullets. In markets there are also serious thinkers looking for patterns; and Marxists; and even Leninists.

Take the death of Wagner mercenary leader Prigozhin, whose plane just ‘crashed’ in Russia. Even market analysts see the Leninist pattern there.

If only they could apply the same analytical rigour more broadly though.

In “just one damned thing after another” terms, yesterday saw appalling PMI data. UK manufacturing printed 42.5 and services 48.7, Europe 43.7 and 48.3 (with Germany worse), and the US 47.0 and 51.0. Yet the surveys also showed signs of inflation picking up again – so stagflation. The result: US 2-year yields -8bp to 4.97% and 10s -13bp to 4.20%, UK 2s -17bp to 4.97% and 10s -18bp to 4.47%, and German 2s -13bp to 2.96% and 10s -12bp to 2.51%; stocks closed up; the dollar DXY index spiked then slipped; oil dropped, then bounced; and gold and bitcoin rose. In market ‘ergo-ing’, the single worst take I saw was ‘people bought bonds because stagflation fears are rising’. But in stagflation bonds are the last place you want to be! Either the central bank raises rates, yet it does nothing; or they don’t raise rates and you get financial repression.

Those data were just what central banks didn’t want to see ahead of Jackson Hole, where the message is still likely to be ‘Higher For Longer’ under the umbrella of “Structural change”.

They will need to show new thinking that grasps economic history.

Relatedly, the BRICS just met in South Africa, as Prigozhin was taken out in the ‘R’, the ‘I’ landed a moon rover for a budget less than a bad Hollywood movie about the same, and President Biden cancelled an upcoming trip to BRICS applicant Indonesia, once again abandoning ASEAN as a foreign policy priority. Indeed, the BRICS meeting was frustrated with the US and G7, as those obsessed with microaggressions are blind to their macro transgressions.

Xi Jinping’s speech noted:

“Changes in the world, in our times and in history are unfolding in ways like never before, bringing human society to a critical juncture. Should we pursue cooperation and integration, or just succumb to division and confrontation? Should we work together to maintain peace and stability, or just sleepwalk into the abyss of a new Cold War? Should we embrace prosperity, openness and inclusiveness, or allow hegemonic and bullying acts to throw us into depression? Should we deepen mutual trust through exchanges and mutual learning, or allow hubris and prejudice to blind conscience? The course of history will be shaped by the choices we make.”

And I was told it was all about when we get rate cuts!

A lot of states now want to join BRICS: Algeria, Bangladesh, Bahrain, Belarus, Bolivia, Cuba, Egypt, Ethiopia, Honduras, Indonesia, Iran, Kazakhstan, Kuwait, Morocco, Nigeria, Palestine, Saudi Arabia, Senegal, Thailand, UAE, Venezuela, and Vietnam. That runs like the Welsh village with the longest place name in the world. This unpronounceable group has a GDP larger than the G7. However, as I warned 18 months ago, just looking at the world map and adding up populations and GDPs does not make a functioning ‘New World Order’.

As a parallel, if you ‘add’ a gorilla to a great white shark, you don’t get the king of the sea AND the jungle without a lot of evolution – you just get digestion.

In BRICS+, China is larger than all other members combined, and it exports ever-more value-added goods to them while only importing raw commodities from them.

Yet the BRICS+ want to industrialize, not just sell raw materials to rich countries, as to the G7. Something doesn’t add up.

Also note there was no BRICS+ launch of a promised common currency backed by gold or crypto, just the sensible goal of more development lending in their own currencies.

Which, by the way, the G7 should also be embracing at Jackson Hole if they have a brain, even if it’s bad for inflation near term.

Yet if it’s hard to create a new global system, it’s easier to destroy one. If BRICS+ trade invoicing shifts from the dollar to local FX bilateral barter, and then goods flows shift too, it will mean a gradual global 1930’s-style fragmentation of supply chains and capital flows, exacerbated by tech and clearing systems schisms.

One key way the West can push back against this trend is via higher rates offering a decent rate of return on the US dollar, or Euro, etc. Capital can be hoovered out of rival political blocks with higher rates. Commodity prices can be pushed lower, or at least capped. We don’t talk about this, focusing instead on data now apparently screaming for rate cuts despite stagflation, but it’s true, and it’s clearly working.

Of course, Wall Street hates it. Then again, it also hates dedollarization and being shut out of the BRICS+. Zoltan Pozsar thinks the US fears dedollarisation because, as quoted in the Financial Times, “The West dreamed of the BRICS as a lapdog, that they would accumulate dollars and recycle them into Treasuries, but instead of that they are renegotiating how things are done.” What he means is Wall Street, not the West. After all, post a serious economic bump, the US economy would do fine in a more fragmented world because it has all it needs – Wall Street wouldn’t.

Zoltan’s new ‘Ex Uno Plures’ –Latin for ‘Exit Through the Gift Shop’– offers 50% Fed liquidity and 50% on new ‘dollar-rival’ views. Yet the only Fed plumbing we need to know about is which acronym will be used to fund the Pentagon while rates stay high – again let’s see what Jackson Hole might say; and on the ‘gorilla-shark’ side, Hand-of-Godley Michael Pettis just pointed out that Zoltan misunderstands how the global balance of payments works, saving me doing it again.

Frankly, Zoltan could just have listened to both Donald Trump and the Republican Party presidential debate, where there was universal agreement that the US doesn’t want to keep receiving recycled dollars via larger trade deficits, and wants mercantilism and/or industrial policy instead. (Alongside rather too much talk about washing machines and shower head pressure.)

In short, despite weak global data, we have stagflation, which rate cuts would make worse. Moreover, we also have Leninist policy shocks for markets to deal with.

In response, former Goldman CEO Hank Paulson just wrote an open letter to Xi and Biden (‘A deep crisis in China would pose a choice for two leading powers’) that basically begs for a policy U-turn to him bail out:

“The decisions that Chinese and US leaders make in the months ahead could have enormous implications – for the global economy, global security, business and the future of the US-China competition.

First, China… Whether we are witnessing a short-term blip or the beginning of the country’s long-term stagnation will ultimately depend on choices Beijing’s leadership makes…. It could continue on the path of greater Communist Party involvement in business and the allocation of economic resources, limiting access to economic data and arbitrarily enforcing vague legislation such as the national security law. Or it could pivot, making necessary changes to place more reliance on markets and the private sector, competition, and openness.

The choice it makes matters greatly for the security of the world. A failed or low-growth economy has the potential to heighten geopolitical tensions if China opts to stoke nationalism and blames outside forces for its domestic challenges. If nationalist fervour results, the US-China relationship could further spiral toward conflict.

The test for US policymakers will be whether we lose confidence in our own system by continuing to attempt to beat China at its own game – or whether we trust in the economic principles that have made our economy and our companies leaders in the world… Once and for all, China’s economic challenges should put to rest the belief that to compete, Washington should adopt more statist economic and industrial policies. Instead, US policymakers need to do more to reduce our national debt and address our looming fiscal crisis, which is the primary threat to our economic and national security. And we need to resist the impulse to adopt more top-down, bureaucracy-implemented approaches and avoid populist bullying of private businesses.

For the sake of global growth, geopolitical security and our continued prosperity, we should hope China pivots toward policies that encourage competition and openness.

And, here at home, we should remember that our national security depends upon our economic strength and stay focused on what has made our country strong.”

To summarise, “A Greenspan Put for the Greenspan Putz, puh-lease” as Paulson expects China and the US to both cut taxes, cut state spending, cut rates, and cut regulation.

Do you think this is what we are going to hear from Beijing? Rate cuts aside, as George Magnus just put it, “Such moves do not sit comfortably with the Leninist hew of Xi’s China, which is now crossing a river where the stones are too deep to feel.”

Do you think this is what we are going to hear from Jackson Hole either? Will we really see a U-turn from the speech Lagarde gave earlier this year about the fusion of fiscal and monetary policy, of national security with economic security, and of the importance of the supply side in terms of PRODUCTION, just because of a weak set of PMI data? Will Powell throw everyone a big juicy bone?

Maybe, because as Paulson shows, the ‘smartest guys in the room’ are staggeringly ignorant of how the world actually works. However, that he had to write the op-ed at all shows the pattern of history has now changed, and so will that of central banks, and then markets.

In short, the odds of a rates policy pivot are very low – even if the PMI readings are too.

END

end

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

Big news:  the Gulf oil powers wish to join.  This will break the Petro dollar scheme.  Basically this means that Russia and China will guarantee protection to the Saudis in return for them abandoning the USA.  Excess funds will no doubt be funneled into the new BRICs currency once rolled out.

(zerohedge)

Xi, Putin Hail First BRICS Expansion In Over A Decade As Gulf Oil Powers Join

THURSDAY, AUG 24, 2023 – 09:40 AM

At a moment China and Russia have envisioned the future of BRICS as fundamentally an anti-Western bloc of developing nations, the Gulf oil powers Saudi Arabia and the United Arab Emirates have been formally invited to become members, which marks the bloc’s first expansion in over a decade. 

“The membership will take effect from the first of January, 2024,” South African President Cyril Ramaphosa said, adding that additionally Argentina, Egypt, Ethiopia and Iran will be added to the fold next year. Brics pool photo, via NY Times

China’s President Xi Jinping hailed the rare expansion, beyond the current large economies of China, Russia, Brazil India, China and South Africa as “historic”. He said it will “inject new impetus into the BRICS cooperation mechanism and further strengthen the power of world peace and development.”

President Putin too congratulated the soon to be newest members, saying in a video message, “I would like to congratulate the new members who will work in a full-scale format next year.”

“And I would like to assure all our colleagues that we will continue the work that we started today on expanding the influence of BRICS in the world,” the Russian leader added. Indian Prime Minister Narendra Modi also hailed the expansion which he said will strengthen the bloc.

Saudi Foreign Minister Prince Faisal bin Farhan’s statement said, “the special, strategic relations with the BRICS nations promotes common principles, most importantly the firm belief in the principle of respect for sovereignty, independence and non-interference in internal affairs.”

He vowed in words before the BRICS conference on Thursday that the kingdom will be a “secure and reliable energy provider,” and noted that total bilateral trade between Riyadh and BRICS countries exceeded $160 billion in 2022, the Saudi foreign minister said.

Set up in 2009, the BRICS nations represent some 40% of the world’s population and significantly over a quarter of the world’s GDP. And now with Saudi Arabia, the UAE and Iran set to enter the fold, it will have three of the world’s biggest oil producers. 

As for Iran’s statement on it’s upcoming entry into the bloc:

Mohammad Jamshidi, the political deputy of Iran’s President Ebrahim Raisi, called the decision to add his country “a historic move.”

“A strategic victory for Iran’s foreign policy,” Jamshidi wrote on X, the website formerly known as Twitter. “Felicitations to the Supreme Leader of Islamic Revolution and great nation of Iran.”

In Putin’s virtual address the day prior, he emphasized that de-dollarization is “gaining momentum”. He said the dollar’s receding global centrality is an “objective and irreversible” process. 

* * *

As Statista observes it fresh recent analysis, Despite the aforementioned three failing to pull their expected weight, the five BRICS nations surpassed the G7 in terms of their combined GDP in 2020. That is when measured at purchasing power parity, i.e. adjusted for differences in buying power. According to the IMF, the bloc will collectively account for 32.1 percent of global GDP this year. That’s up from just 16.9 percent in 1995 and more than the G7’s share of 29.9 percent.

You will find more infographics at Statista

The rise of the BRICS nations, while not without challenges and disparities within the group, has led to increased calls for more inclusive and representative global governance, adding more weight to voices that deviate from the policies shaped by the Western-led G7. Nowhere has that deviation been more apparent than in the response to Russia’s invasion of Ukraine. While the G7 condemned the attack and imposed strict sanctions on Russia, none of the BRICS members have denounced Russia’s actions or joined in on the sanctions.

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 THURSDAY MORNING 7;30AM//OPENING AND CLOSINGS 

EURO VS USA DOLLAR:  1.0848 DOWN  0.0017

USA/ YEN 145.57 UP 0.896  NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2668 DOWN    0.0052

USA/CAN DOLLAR:  1.3542 UP .0018 (CDN DOLLAR DOWN 18 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 3.84 PTS OR 0.12% 

 Hang Seng CLOSED UP 366.25 PTS OR  2.05%  

AUSTRALIA CLOSED UP 0.45 %  // EUROPEAN BOURSE:  ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:    ALL GREEN

2/ CHINESE BOURSES / :Hang SENG  UP 366.45 PTS OR  2.05% 

/SHANGHAI CLOSED UP 3.84 PTS OR  0.12%

AUSTRALIA BOURSE CLOSED UP 0.45% 

(Nikkei (Japan) CLOSED UP 276.95 PTS OR 0.87  

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1917.80

silver:$24.18

USA dollar index early THURSDAY morning: 103.56 UP 23 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.217%  UP 0  in basis point(s) yield

JAPANESE BOND YIELD: +0.641% DOWN 2 AND  4//100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.550 UP 1  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.185 UP 2  points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5255 UP 1  BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0835  DOWN  0.0030 or 30  basis points 

USA/Japan: 145.63 UP 0.964 OR YEN DOWN 96 basis points/

Great Britain/USA 1.2643 DOWN   0.0077 OR 77  BASIS POINTS //

Canadian dollar DOWN  .0035 OR 35 BASIS pts  to 1.3559

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  CLOSED    (UP) …7.2771

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)…. (7.2825)

TURKISH LIRA:  25.84 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.641…VERY DANGEROUS

Your closing 10 yr US bond yield  UP 0 in basis points from WEDNESDAY at  4.226% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  4.294 UP 2  in basis points   ON THE DAY/12.00 PM

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

London: CLOSED UP 13.16  POINTS or 0.18%

German Dax :  CLOSED DOWN 106.92 PTS OR 0.65%

Paris CAC CLOSED DOWN 32.16 PTS OR 0.44%

Spain IBEX UP 16.00 PTS OR 0.17%

Italian MIB: CLOSED DOWN 161.68 PTS OR 0.57%

WTI Oil price  78.60   12: EST

Brent Oil:  82.88   12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  94.44;   ROUBLE DOWN 0 AND   18//100       

GERMAN 10 YR BOND YIELD; +2.5255 DOWN 0 BASIS PTS

UK 10 YR YIELD: 4.4685  DOWN 1  BASIS PTS

CLOSING NUMBERS: 4 PM 

Euro vs USA: 1.0809 DOWN  0.0055   OR 55 BASIS POINTS

British Pound: 1.2608 DOWN   .01130 or  113 basis pts 

BRITISH 10 YR GILT BOND YIELD:  4.479% DOWN 3 BASIS PTS//

JAPAN 10 YR YIELD: .641%

USA dollar vs Japanese Yen: 145.82 UP   1.146 //YEN DOWN 115 BASIS PTS//

USA dollar vs Canadian dollar: 1.3573  UP .0049 CDN dollar, DOWN 49  basis pts)

West Texas intermediate oil: 79.09

Brent OIL:  83.33

USA 10 yr bond yield UP 4 BASIS pts to 4.236% 

USA 30 yr bond yield  UP 3   BASIS PTS to 4.305% 

USA 2 YR BOND: UP 6  PTS AT 5.01%  

USA dollar index: 103.89 UP 56  BASIS POINTS  

USA DOLLAR VS TURKISH LIRA: 25,71 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  94.87  DOWN 0   AND  61/100 roubles

DOW JONES INDUSTRIAL AVERAGE:  DOWN 373.56 PTS OR1.08% 

NASDAQ 100 DOWN 331.61 PTS OR 2.19%

VOLATILITY INDEX: 17.02 UP 1.04 PTS (6.51)%

GLD: $177.85 DOWN 0.04 OR 0.02%

SLV/ $22.11 DOWN 0,18 OR 0.81%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM:

Stocks Plunge, Nvidia Closes Barely Green As Markets Sell The News

THURSDAY, AUG 24, 2023 – 04:12 PM

It was the definition of selling the news (and pre-positioning for another Powell punch below the market belt).

After what many said was the biggest blowout in corporate earnings history, when Nvidia not only smashed estimates but projected Q3 results that were above the highest whisper number, the stock initially soared in the premarket, only to slump and completely fill the earnings gap, before closing up 0.1% having earlier traded as much as 10% higher.

The broader market tracked NVDA’s slump tick for tick, and after an early attempt to push to fresh highs, a burst of selling quickly dragged spoos to session lows…

… with virtually all sectors (except banks) dragged kicking and screaming into the red.

Which is hardly a surprise in a market when just a handful of stocks are again leading the entire market: yes, the breadth on the Nasdaq is the lowest it has ever been.

Option traders did their best to keep the market from sinking, with delta sinking far more slowly than overall risk, at both the shorter-term, 0DTE time horizon…

Source: Spotgamma

… and across longer-dated options…

Source: Spotgamma

… but in the end, the selling just proved to powerful for a delta reversal or an attempted gamma squeeze.

While NVDA did its best to keep stocks in the green, other names did not, with woke Disney extending its recent rout, and tumbling to the lowest closing price since 2014 (March 18, 2020 saw a lower intraday print but even the covid low closes were higher than today).

Meanwhile, another woke icon (which pretends it doesn’t use child labor), Nike, suffered its 11th consecutive day of declines, extending the longest stretch without a green close on record.

And in a testament to US consumer weakness, not even the retail outlet for increasingly more Americans who keep drowning under Bidenomics, could hold its own and Dollar Tree plunged 13% to close at the lowest level since Dec 2021.

In addition to the micro considerations, we also had a continuation of systematic factors, and as futures tumbled below the key support level of 4,400 and triggered renewed systematic/CTA/vol-control selling as confirmed by the massive Market on Close sell imbalance to the tune of $3.5 billion, macro was also in the picture, with the Citi eco surprise index posting a modest rebound after suffering the biggest set of “bad news” since April, and rising modestly on today’s stronger than expected Initial Claims and Durables reports…

… which in turn triggered a rebound in yields after their sharp drop on Wednesday…

… and sent the 2Y yield back over 5% again.

And speaking of yoyo-ing rates, tomorrow’s Jackson Hole meeting (previewed extensively here) was certainly on investors’ minds, especially since we saw some easing in recent days, although within a range that hasn’t really budged much in the past years, despite Powell’s explicit warning one year ago that pain is coming…

… which so far it has failed to make an appearance.

Angst over what the Fed chair will say has also sent the dollar sharply higher, reversing all of yesterday’s big drop, and continuing the range trade seen in the past week.

Despite the bounce in the dollar, oil managed to eek out tiny gains, and remains in the middle of the past month’s range; where it goes next will depend on what, if any, stimulus China will release next.

Finally, while the BRICs did not reveal a gold-backed currency despite some speculation ahead of the meeting (which has added 6 new countries to the famous acronym), gold held yesterday’s gain, with silver going even better.

So with that in mind ahead of Powell’s speech tomorrow, we say: “Go Jerome” and let’s hope you get it right this time.

AFTERNOON TRADING//

II) USA DATA/

Un-Adjusted Jobless Claims Plunge To Lowest Since Oct 2022, Despite Surge In Hawaii

THURSDAY, AUG 24, 2023 – 08:43 AM

The number of Americans that filed for jobless claims for the first time last week fell to 230k last week (from 240k). On an NSA basis, claims dropped below 200k (198k to be exact) – the lowest since Oct 2022…

Source: Bloomberg

Under the hood, the data is fascinating with Hawaii suffering a surge in initial claims (Maui fire) and it appears the fraud in Ohio is finally being corrected…

As we detailed previously, Goldman highlights that two distortions that likely boosted initial claims over the last few months – potentially fraudulent filings in Ohio and expanded eligibility for unemployment insurance in Minnesota – appeared to persist in today’s report.

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

Continuing claims continues to hover just above 1.7mm…

Source: Bloomberg

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

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

end

Durable goods orders crashes

(zerohedge)

US Durable Goods Orders Crashed By Most Since COVID In July

THURSDAY, AUG 24, 2023 – 08:38 AM

After the dramatic surge (biggest in 3 years) in durable goods orders in June (thanks to a massive spike in non-defense aircraft new orders), expectations were for a just as sizable correction (down 4.0% MoM) in preliminary July data released this morning.

It was worse – US durable goods orders tumbled 5.2% MoM in July preliminary data, the biggest drop since COVID lockdowns…

Source: Bloomberg

The driver of the big gains in June and big plunge in July was non-defense aircraft orders…

Source: Bloomberg

Also we see defense aircraft orders also fell (buy some F-16s for Ukraine?)

Which is why Durables Ex-Trans rose 0.5% MoM (better than the 0.2% expectation)

Finally, we note that the value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, increased 0.1% last month after a revised 0.4% decline in June

A noisy time series to say the least but we do note that this is nominal prices.

end

III) USA ECONOMIC STORIES

USA corporate bankruptcies are on the rise

(zerohedge)

US Corporate Bankruptcies Are On The Rise

THURSDAY, AUG 24, 2023 – 05:45 AM

In March, Silicon Valley Bank collapsed, plunging its parent company SVB Financial Group into bankruptcy a week later.

While many expected a wave of bank failures to follow, much of this has since been averted – but cracks have begun to emerge with Moody’s recent downgrading of 10 small and mid-sized banks.

Across the wider corporate landscape, bankruptcies have begun to tick higher. Overstretched balance sheets coupled with 11 interest rate hikes since last year have added to mounting challenges for companies across many sectors.

As Visual Capitalist’s Dorothy Neufeld and Sabrina Fortin show in the graphic below, based on data from S&P Global, corporate bankruptcies in 2023 are surging…

U.S. Corporate Bankruptcies Grow

So far in 2023, over 400 corporations have gone under. Corporate bankruptcies are rising at the fastest pace since 2010 (barring the pandemic), and are double the level seen this time last year.

Below, we show trends in corporate casualties with data as of July 31, 2023:

Represents public or private companies with public debt where either assets or liabilities are greater than or equal to $2 million, or private companies where assets or liabilities are greater than or equal to $10 million at time of bankruptcy.

Firms in the consumer discretionary and industrial sectors have seen the most bankruptcies, based on available data. Historically, both sectors carry significant debt on their balance sheets compared to other sectors, putting them at higher risk in a rising rate environment.

Overall, U.S. corporate interest costs have increased 22% annually compared to the first quarter of 2021. These additional costs, combined with higher wages, energy, and materials, among others, mean that companies may be under greater pressure to cut costs, restructure their debt, or in the worst case, fold.

Billion-Dollar Bankruptcies

This year, 16 companies with over $1 billion in liabilities have filed for bankruptcy. Among the most notable are retail chain Bed Bath & Beyond and the parent company of Silicon Valley Bank.

Mattress giant Serta Simmons filed for bankruptcy early this year. It once made up nearly 20% of bedding sales in America. With a vast share of debt coming due this year, the company was unable to make payments due to higher borrowing costs.

What Comes Next?

In many ways, U.S. corporations have been resilient despite the sharp rise in borrowing costs and economic uncertainty.

This can be explained in part by stronger than anticipated profits seen in 2022. While some companies have cut costs, others have hiked prices in an inflationary environment, creating buffers for rising interest payments. Still, S&P 500 earnings have begun to slow this year, falling over 5% in the second quarter compared to last year.

Secondly, the structure of corporate debt is much different than before the global financial crash. Many companies locked in fixed-rate debt over longer periods after the crisis. Today, roughly 72% of rated U.S. corporate debt has fixed rates.

At the same time, banks are getting more creative with their lending structures when companies get into trouble. There has been a record “extend and amend” activity for certain types of corporate bonds. This debt restructuring is enabling companies to keep operating.

The bad news is that corporate debt swelled during the pandemic, and eventually this debt will come due likely at much higher costs and with more severe consequences.

END

Retailers continue to tumble: today Dollar tree.

(zerohedge)

Dollar Tree Tumble: Mounting ‘Shrink’ Erodes Margins, Forecasts Fall Short Of Estimates

THURSDAY, AUG 24, 2023 – 08:20 AM

Dollar Tree Inc.’s shares got whacked in the premarket trading hours in New York after second-quarter earnings slid from a year ago. Margins deteriorated in the quarter on rising “shrink,” or inventory loss due to shoplifting or employee theft. Also, guidance missed the average analyst estimates. 

The discount store chain recorded a net income of $200.4 million and diluted EPS was $0.91 for the quarter, beating the average analyst estimate tracked by Bloomberg by several cents. However, this was down from $359.9 million, or $1.61 a share, in the quarter one year ago. 

Here’s a snapshot of second-quarter earnings: 

  • Adjusted EPS 91c, estimate 87c
  • EPS 91c vs. $1.60 y/y
  • Net sales $7.32 billion, +8.2% y/y, estimate $7.21 billion 
  • Dollar Tree net sales $3.87 billion, +8.5% y/y, estimate $3.77 billion 
  • Family Dollar net sales $3.45 billion, +7.9% y/y, estimate $3.44 billion 
  • Gross profit margin 29.2% vs. 31.4% y/y, estimate 29.7% 
  • Dollar Tree gross margin 33.4% vs. 37.4% y/y, estimate 34.8%
  • Total location count 16,476, +1.5% y/y, estimate 16,506 
  • Dollar Tree Locations 8,177, +0.9% y/y, estimate 8,244
  • Family Dollar locations 8,299, +2.1% y/y, estimate 8,276

However, the third-quarter earnings forecast missed average analyst estimates: 

  • Sees EPS 94c to $1.04, estimate $1.29 (Bloomberg Consensus)
  • Sees net sales $7.3 billion to $7.5 billion, estimate $7.33 billion

Here’s the full-year forecast:

  • Sees EPS $5.78 to $6.08, saw $5.73 to $6.13, estimate $6.02
  • Sees net sales $30.6 billion to $30.9 billion, saw $30.0 billion to $30.5 billion, estimate $30.65 billion

“In the second quarter we continued to generate strong top-line results across both segments. While factors like sales mix and elevated shrink continue to pressure margins, we generated a year-over-year increase in gross profit dollars. We are pleased with the progress of our transformation to date and remain confident in our ability to deliver our growth objective of $10 or more of diluted EPS by 2026,” stated Jeff Davis, Chief Financial Officer.

This isn’t the first time Dollar Tree warned about rampant shrink at stores nationwide. They noted this back in May, indicating theft impacted the first quarter and would use “defensive merchandising” and other tactics to counter the problem. 

Shares slid 5% in premarket trading. 

Here’s a headline that will make you laugh (so $2?): 

  • DOLLAR TREE SAYS IT’S POSITIONED TO BRING IN WEALTHIER SHOPPERS

Retailers like Dick’s Sporting Goods Inc., Foot Locker Inc., Target Corp., Lowe’s Cos., and Walmart Inc. have warned this earning season that shrink is getting out of hand at their respective stores, causing continued margin pressure. 

Many of these companies either funded or supported the ‘defund the police’ movement several years ago, leading some Democrat mayors to ram through social justice reform. This only emboldens criminals to conduct thefts, resulting in surging shrink. Great job, ‘woke’ management team of retailers… 

END

Next up T Mobile which plans to cut 5,000 jobs.  The economy is faltering badly

(zerohedge)

T-Mobile Plans To Cut 5,000 Jobs: A Grim Omen For Economy?

THURSDAY, AUG 24, 2023 – 10:00 AM

In the latest sign of economic uncertainty, T-Mobile announced Thursday morning that it plans to slash its workforce by 7%, or about 5,000 jobs.

T-Mobile wrote in a filing that it will incur a pre-tax charge of approximately $450 million in the third quarter of 2023 related to the workforce reduction. The company said its fiscal year 2023 guidance remains intact. 

Bloomberg obtained a letter from CEO Mike Sievert to employees that explained the cost of attracting and maintaining customers is “materially more expensive than it was just a few quarters ago.” He said expanding the company’s high-speed internet business and efforts in other areas “is not enough to deliver on these changing customer expectations going forward,” adding he doesn’t see any additional layoffs in the quarters ahead. 

At the end of the fourth quarter in 2022, T-Mobile had a workforce of around 71,000. 

In 2019, T-Mobile’s then-CEO John Legere touted the T-Mobile/Sprint merger would create “new, high-quality, high-paying jobs” for years to come. As for the upcoming job cuts, well, it’s a sign the company could be preparing for a slowdown in the economy. 

Its competitor AT&T recently announced job cuts, eliminating 74,130 employees, or about 32% of its total staff, since early 2021. 

As for tech industry layoffs this year, 965 companies have fired 231,450 employees, according to data from Layoffs.fyi. 

This year, most of the tech layoffs have focused on retail, consumer, hardware, healthcare, and transportation industries. 

Job cuts are hardly a sign that the economy is flourishing. Yet the White House continues to tout ‘Bidenomics’ as some economic revival. 

END

This is awful!

Horror: Those Who Disobeyed Barricades Survived Maui Fires

THURSDAY, AUG 24, 2023 – 01:20 PM

A disturbing report has emerged following the Maui fires which killed at least 114 and left up to 1,100 residents – many of whom are suspected to be children – unaccounted for.

According to AP, Lahaina residents who disobeyed government road barricades survived the fires, while many who heeded orders to turn around died in their cars and homes with no way out. Now, officials are facing public outrage over why the emergency sirens weren’t set off and why they prevented people from fleeing to safety.

So – no siren, no water, and barricades.

Early on as the fires spread, over 30 power poles were downed alongside the Honoapiilani Highway, located at the southern part of Lahaina. Officials then blocked the Lahaina Bypass Road, preventing law-abiding citizens from fleeing to the southern part of the island. The ones who made it disobeyed.

During a press conference, Maui Police Chief John Pelletier (formerly police chief in Las Vegas during the deadliest mass-shooting in US history) told reporters that officers never stopped residents from fleeing the area, however AP says that residents were turned away and discouraged from disobeying the barricade.

And car after car was turned back toward the rapidly spreading wildfire by a barricade blocking access to Highway 30.

One family swerved around the barricade and was safe in a nearby town 48 minutes later, another drove their 4-wheel-drive car down a dirt road to escape. One man took an dirt road uphill, climbing above the fire and watching as Lahaina burned. He later picked his way through the flames, smoke and rubble to pull survivors to safety.

But dozens of others found themselves caught in a hellscape, their cars jammed together on a narrow road, surrounded by flames on three sides and the rocky ocean waves on the fourth. Some died in their cars, while others tried to run for safety. -AP

One couple, Nate Baird and Courtney Stapleton, told the outlet that they had loaded up the car with their two sons, Baird’s mother and a dog to escape the flames. After driving south, they swerved past cones and escaped to a neighboring town.

“Nobody realized how little time we really had,” said Baird. “Like even us being from the heart of the fire, we did not comprehend. Like we literally had minutes and one wrong turn. We would all be dead right now.“

According to Baird, if they had 10 more minutes they could have saved children who were left home alone in their neighborhood.

“The kids just don’t have a filter. So their son ran up and was just telling our son, you know, ‘This kid is dead. This kid is dead.’ And it’s like, all my son’s friends that they come to our house every day,” he said. “And their parents were at work, and they were home alone. And nobody had a warning. Nobody, nobody, nobody knew.”

Meanwhile, Maui Mayor Richard Bissen has been dodging questions he knows the answers to.

USA// COVID//VACCINE/

BREAKING! US ARMY STUDENT AT FORT NOVOSEL GOES INTO CARDIAC ARREST IN THE COCKPIT, INVESTIGATION WON’T TAKE PLACE; is this due to the Malone, Weissman, Kariko, Bourla, Bancel, Sahin mRNA gene based

technology Pfizer Moderna BioNTech vaccine? Why are these people silent? What caused this student pilot in the army go into heart failure, clinically dead for 18 minutes! IMO, mRNA gene vaccine

DR. PAUL ALEXANDERAUG 24
 
READ IN APP
 

This young pilot DIED literally, like Damar Hamlin NFL Buffalo team, modern technology brought him back to life. Same as Bronny James (LeBron’s son).

Student at Fort Novosel goes into cardiac arrest in the cockpit | investigation won’t take place

SWAMP STORIES

TUCKER CARLSON TALKS TO DONALD TRUMP:

a must view

Watch: Trump Warns Tucker, “There’s A Level Of Passion… And Hatred I’ve Never Seen” And That’s “Probably A Bad Combination”

WEDNESDAY, AUG 23, 2023 – 10:00 PM

Tucker Carlson dropped a tease clip earlier in the evening of what to expect in tonight’s interview, taking a jab at his former employer – who will be hosting the GOP debate directly against the discussion with Trump:

“Whatever you think of Trump he is the far and away indisputable front runner in the Republican race,” Carlson said during the less than minute long video.

“So when Trump approached us about having a conversation for a far larger audience than he would receive on cable news we happily accepted.”

Tucker asks some stunning questions, including: “Do you think Epstein killed himself?” and “Whatever happened to Mike Pence?”

Then Tucker goes there:

“It started with protests against you, then impeachment twice, and now indictments… Are you worried that they are going to try to kill you? Why wouldn’t they try to kill you?”

Trump calmly responds:

I’ve seen the lengths that they go to… when they make up the Russia, Russia, Russia collusion and that’s exposed… these are sick people. I think they hate our country.”

On the indictments sending Trump’s poll numbers higher:

“I think the people of this country don’t get enough credit for how smart they are… but they get it…”

“…the people see it’s a fraud.”

On Biden:

“Crooked Joe Biden is so bad, he’s the worst president in the history of our country. I don’t think he’s going to make it to the gate, but you never know.”

“I think he’s worse mentally than he is physically… and he’s not exactly a triathlete.”

“He’s both the most corrupt president we ever had and most incompetent.”

On Biden’s links to China:

“I actually believe he’s compromised… the Chinese have so much on him.”

“He is in many ways a Manchurian candidate.

“Do you think the rest of the world looks at Biden and thinks, somebody else must be running the government?”

“well, somebody else has to be. I don’t think he’s capable of doing anything.”

Who is pulling the strings?

We have a president that can’t put two sentences together, can’t speak, can’t walk, can’t talk. I don’t think he gets to the starting gate but these people do miracles… I mean he ran out of his basement and he got away with it because of COVID… and they cheated on the election…

…but they have people that are very smart, but they’re fascists and they’re radical left lunatics and they’re destroying our country.”

On EVs:

“The happiest time for someone in an electric car is the first 10 minutes. The unhappiest time is the next hour”

Fear of violence?

“Do you think we’re moving toward Civil War? Do you think its possible that there’s open conflict?” Carlson follows up.

Trump nods, and responds:

“there’s a level of passion and love that I have never seen. And there’s a level of hatred of what they’ve done to our country that I’ve never seen… and that’s probably a bad combination.”

A rigged election?

“We got way more votes in 20 than in 2016… but the election was rigged…they used COVID to cheat in a lot of different things… and we have so much on it… but we had judges that didn’t want to look… but I have never seen spirit like there is right now.”

Trump says we should go back to all-paper ballots.

“There is only one reason they don’t want Voter ID… it’s because they want to cheat.”

And finally, Tucker asks:

“you’re saying they stole it from you last time, why wouldn’t they do the same this time?“

To which Trump replies:

“well, they will try… they’re going to try…”

Trump blasted  the GOP establishment’s action during his term, saying that “Mitch McConnell was trying to get senators to impeach me.”

Trump’s first action as president?

“close the border… except for people who want to come in legally… and getting the hundreds of thousands of criminals that have been allowed into our country and bringing them back to their country.”

Watch the full interview below 

https://www.zerohedge.com/political/tucker-and-trump-team-upstage-foxs-gop-debates

As we detailed earlier, former President Donald Trump is skipping tonight’s GOP debates, and will instead appear for an interview with Tucker Carlson – where the pair will undoubtedly upstage the current crop of GOP candidates, who according to current polls, have no chance in hell of receiving the Republican nomination.

Trump confirmed in a social media post that his interview with former Fox News host Tucker Carlson will be released tonight (Aug. 23), just before the network’s Republican presidential primary debate.

The former president announced on Truth Social that his previously recorded interview with Mr. Carlson will broadcast at 9 p.m.

“Sparks will fly,” President Trump wrote in his post about the interview, which will reportedly stream on X, the platform formerly known as Twitter.

“Many people are asking whether or not I will be doing the DEBATES?” Trump wrote on Truth Social last week.

“ALL AMERICANS have been clamoring for a President of extremely High Intelligence. As everyone is aware, my Poll numbers, over a ‘wonderful’ field of Republican candidates, are extraordinary. In fact, I am leading the runner up, whoever that may now be, by more than 50 Points. Reagan didn’t do it, and neither did others. People know my Record, one of the BEST EVER, so why would I Debate? I’M YOUR MAN. MAKE AMERICA GREAT AGAIN!”

Of note, the former president now holds the largest lead over his rivals according to a CBS News poll released on Saturday, while his nearest rival – Florida Governor Ron DeSantis – has fallen even further behind.

When it comes to Trump’s multiple indictments, it’s clear the right sees them as nothing more than a partisan attempt to dislodge him from the 2024 race. And with each new charge, Trump’s status as a martyr (and ratings) continue to rise.

First, as was the case with Trump’s previous indictments, Republican primary voters’ overwhelming concern about the Georgia charges is that they’re politically motivated.

They dismiss the premise of the charges: the bulk of them do think Trump tried to stay in office, but to them, it was legal and constitutional because these Republican primary voters overwhelmingly think President Biden didn’t win legitimately. -CBS News

When asked whether the GOP candidates should argue the case for themselves, 91% agreed, vs. 9% who said they should talk trash against Trump.

What’s more, around 75% of Trump voters are those who “show support for his legal troubles” as their rationale, while 99% say that “things were better under Trump.”

Trump voters also generally believe Trump is telling the truth (duh), which is why the indictments aren’t having an impact in support among his base. Voters who say they place top importance on a candidate being “honest and trustworthy” picked Trump at 61%, followed by DeSantis at 17%.

The context here is that Republican primary voters believe the political system is corrupt at an even higher rate than Americans overall do. That could mean perceiving Trump as railing against — or prosecuted by — that system might well make him seem, from their perspective, like the one telling a larger truth. 

And when it comes to who voters think has the best chance of beating President Biden, it’s once again Trump in a landslide.

Is there a path forward for the other candidates?

Perhaps if they get used to being called “Mr. Vice President,” if Trump should pick them.

end

The debate: a total disaster of all of them except Vivek R.

(American Greatness)

print-icon
print-icon

150 Million & Counting… Trump Triumphant, Ramaswamy Runner-Up, DeSantis Dud

THURSDAY, AUG 24, 2023 – 07:20 AM

Authored by Paul Ingrassia and Matthew Boose via American Greatness,

“Focus on the signal, not the noise,” is a phrase that might as well have been coined by Steve Bannon given how frequently he and his acolytes make use of it. At this stage in the game, it should be the mantra of the MAGA movement writ large; for the hour is already late, there is a mountain of work left to do to haul President Trump over the finish line: navigating a corrupt, weaponized justice system; dealing with rigged election procedures; combatting both soft and overt censorship by mainstream networks and social media – and that is just the tip of the iceberg.

Which is why – given the enormity of the collective hole we have dug ourselves in – the idea of a normal politics-as-usual primary season was ridiculous from the start. The 2020 presidential election was undeniably the most unfair election in modern history – it necessarily produced an illegitimate outcome. That Ron DeSantis, Mike Pence, Chris Christie (and the rest) are behaving as if all of that does not matter, or that somehow the problems that got us in this dire situation as a country would miraculously vanish if Trump were removed from the picture is the ultimate indictment of their credentials. The other candidates are not serious contenders for the presidency for the simple purpose that they do not seriously care about America’s interests: if they realized the gravity of the crisis, they would have immediately stepped aside and thrown whatever miniscule political capital they harness upon the 45th President, knowing that he alone has a shot at achieving the near-insurmountable feat of winning the presidency.

In short, the primary process – personified above all by Ron DeSantis and his pitiful excuse for a campaign – is a colossal distraction and timewaster from where our focus needs to be.

Poll after poll has Trump with leads of 30, 40, 50+ points above his nearest competitor.

Even in the absolutely most competitive primary states, like Iowa, Trump’s lead is well over the 20-point mark, the largest such lead for that state’s Republican caucus in over two decades. Trump won this battle before the first shot was ever fired because grassroots voters can viscerally intuit just how high the stakes are this time around; that for America, 2024 is truly the make-or-break moment.

The candidates who did appear on the debate stage in Milwaukee last evening presented an image of betrayal to the American people. That the first debate was on Fox News, the network responsible for prematurely and recklessly calling Arizona for Biden in 2020, added a poetic touch to the general feeling of impotence surrounding the whole spectacle.

Perhaps even more poetic was who Trump instead chose to spend the evening with: Tucker Carlson, the most famous talk show host in America before he was sent to the slaughterhouse earlier this year by the powers-that-be at Fox in a sacrificial offering to the woke deities. Both Trump and Carlson are unified in being corporate media pariahs – maybe the only person more detested by the Murdoch’s than Donald Trump is Tucker Carlson; the fact that the two combined their influences against their shared enemy in Fox, which is now bloodletting viewership seemingly by the day now, is a powerful signal to the forces in this country that otherwise hope to shut down Donald Trump, and the populist furor both he and Carlson represent, for good. 

Those who tuned into Wednesday night’s debate received a depressing look into the GOP’s past – and what lies in its future without Trump: timid, boring, and ineffectual “leaders.” The frontrunner’s absence was keenly felt in the lack of energy, vigor, and vision on the stage.

Vivek Ramaswamy was the only spark of life.

The candidates smothered viewers with platitudes about new leadership, stopping Putin, liberal tax and spend policies, and how bad Biden is – something all Republicans already agree on. It could have been a debate from 2012. Fox beclowned itself with a segment on climate change, and dedicated just a few minutes to the issue of the day: the persecution of the opposition leader, Donald Trump.

On that question, the only candidate to defend Trump was Ramaswamy.

DeSantis and Tim Scott dodged with abstractions about “the weaponization of justice,” all without mentioning public enemy number one. DeSantis refused to say whether Mike Pence was correct to certify Biden’s bogus victory. Instead, DeSantis said Biden loves that Republicans are still talking about January 6th, and it’s time to move on. The political prisoners languishing in the D.C. gulag would like a word.

On Ukraine, Vivek was, again, the only candidate to unequivocally state that America must not prioritize the European backwater over its own people.

DeSantis continued to muddy waters on this key foreign policy issue. Across the board, the bogus tough guy persona fell apart, and DeSantis showed himself to be serpentine, weak and equivocating. When the issue of supporting Trump as the nominee came up, DeSantis scanned the stage and then half-heartedly raised his hand, only after seeing Ramaswamy had done so.

DeSantis, after weeks and weeks of crashing and burning, desperately needed to make a recovery. But he was an afterthought.

No one bothered attacking him. He didn’t attack anyone either, only briefly jabbing at Trump on COVID, although he was too timid to use Trump’s name. He grabbed a hold of the words “American decline” and never let go.

[ZH: “August 23 2023 in Milwaukee, Wis., is the day that the DeSantis for President campaign died,” senior Trump adviser Chris LaCivita said. “You can’t win a debate by making a cameo appearance.”]

Pence and Scott took turns gushing with hokey optimism about an America that no longer exists.

The insincerity and fundamental lack of seriousness of the whole spectacle was overpowering – between Nikki Haley’s girlboss routine, Tim Scott’s Martin Luther King impression, and DeSantis’ fake bravado.

We’ve heard a lot about “Trumpism after Trump.” The GOP without Trump looks a lot like the GOP before him. Coming on the very same day that Rudy Giuliani had his mugshot taken, and just a day before Trump is expected to endure the same humiliation with his arraignment in Georgia, the debate could not have been a more out of touch spectacle.

Meanwhile, Trump’s decision to ditch the debate and Fox News for Tucker Carlson on X (formerly known as Twitter) proved to be an act of political genius. 

As of this publication, Tucker Carlson’s interview garnered more than 150 million views within hours of being posted. This already ranks the Trump interview as the most watched television interview in history, breaking the record set by Carlson and Andrew Tate from earlier this summer.

This fact alone shows Trump’s pulse is on the cultural trajectory of this country in ways that cannot be replicated by the other candidates. Indeed, despite the unfortunate news of this latest arraignment, Trump’s poll numbers are higher than ever: his margins over his nearest opponents now are upwards of 50 percentage points or higher, making his famous prophecy from earlier this month – that he would only need “one more indictment” to win the 2024 election true. Indeed, even the legacy media seems to be coming around to this conclusion: both CNN and Time Magazine ran pieces over the last week gearing their readers for the possibility – perhaps inevitability – of another Trump administration.

Trump is the protagonist of this evil chapter of American history.

His inconsequential challengers, lacking the talent to become forces in history themselves, fancy themselves above the “drama” of history, when the truth is they are pursuing a station destiny has closed off to them. They play off their inertness and aversion to “drama” as a virtue.

But Trump’s war with the Deep State, which now threatens to destroy the very foundations of the republic, is inextricably woven with the nation and its fate. It is the main event, as even his enemies must acknowledge. Should the worst-case scenario happen and his mugshot be taken, hardly anyone will remember the sideshow in Milwaukee. 

end

Jim Jordan Launches Probe Into Atlanta Prosecutor In Trump-Georgia Case

THURSDAY, AUG 24, 2023 – 12:40 PM

Five days after a Georgia state Senator demanded a special emergency legislative session to investigate Fulton County DA Fani Willis over ‘weaponization of our justice system’ against former President Donald Trump, House Republicans have launched an investigation into Willis.

On Thursday, Jim Jordan’s House Judiciary Committee sent Willis a letter demanding documents and information, including whether her office had been communicating with Biden DOJ grand inquisitor Jack Smith, the federal special counsel prosecuting Trump over alleged attempts to overturn the results of the 2020 election.

“Your indictment and prosecution implicate substantial federal interests, and the circumstances surrounding your actions raise serious concerns about whether they are politically motivated,” reads the letter from Jordan (R-OH) to Willis.

“The indictment appears to be an attempt to use state criminal law to regulate the conduct of federal officers acting in their official capacities.”

In addition to asking for communications with Smith, Jordan asked for documents related to the DA office’s use of federal funds, and her communications with any officials in the federal executive branch.

Jordan asked Willis to provide the information by Sept. 7.

Trump is due to surrender at an Atlanta jail on Thursday evening to be booked in the case. Eighteen other people, including lawyers who promoted false claims about the 2020 election, also were indicted in the case.

The lion’s share of Jordan’s letter is dedicated to justifying why a congressional committee has the right to demand information about a state criminal investigation. –CNBC

While the House Judiciary Committee is typically limited to oversight concerning federal courts and federal officials, Jordan claims that Willis’ case falls under his committee’s purview because it concerns the actions of former federal officials.

Earlier this year, Jordan’s committee demanded similar information from Manhattan “Soros” DA Alvin Bragg, who has charged Trump with falsifying business records related to his porn start hush-money payoff.

end

THE KING REPORT

The King Report Thursday August 24, 2023 – Issue 7061   Independent View of the News
  The BLS admits, via its March 2023 benchmark revision, that it overstated NFP growth by 306,000 and private NFP job growth by 358,000.  The final NFP revision will occur in February 2024. CES Preliminary Benchmark AnnouncementEach year, the Current Employment Statistics (CES) survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. These counts are derived from state unemployment insurance (UI) tax records that nearly all employers are required to file. For National CES employment series, the annual benchmark revisions over the last 10 years have averaged plus or minus one-tenth of one percent of total nonfarm employment. The preliminary estimate of the benchmark revision indicates a downward adjustment to March 2023 total nonfarm employment of −306,000…https://www.bls.gov/web/empsit/cesprelbmk.htm Soft Eurozone August PMI generated a spirited global bond rally on Wednesday. image.png US July New Home Sales 714k, 703k expected; June revised to 684k from 697k; the median new house price declined 8.7% y/y to $436,700.  New Home Sales are robust; Existing Home Sales are falling. US Home Purchase Applications Hit Lowest since 1995 on Rate Rise – BBGUS 30-year mortgage rate climbs to 7.31%, highest since 2000 With mortgage rates AND home prices rising, an increasing number of Americans cannot afford to buy homes or sell existing homes and take on a higher mortgage rate for a new home. Financial History Lesson Time: In the late Seventies, the dynamic of inflating home prices and double-digit mortgage rates made ‘assumable mortgages’ a very hot commodity.  If you possessed a single-digit rate ‘assumable mortgage’ back then, you could readily sell your home. Financial institutions then halted assumable mortgages.  They are now a financial museum artifact. ESUs and stocks rallied early on Wednesday as Nvidia led Fangs and the general stock market higher.  Traders expected a much higher EPS that the Street consensus of 2.07.  Traders of all classes rapaciously bought Nvidia options, driving their prices to as much as an 11% volatility premium. ESUs traded modestly higher but in a tight range during early Nikkei trading.  They commenced a rally near 20:00 ET that persisted until 21:33 ET and pushed ESUs 12 handles higher.  ESUs then returned to a tight trading range until they plodded higher after the 1 ET Nikkei close.  The disappointing Eurozone PMIs were released at 3:15: ET.  This induced another rally leg.  However, the rally peaked at 4:09 ET with ESUs at 4424.24.  ESUs went inert again.  Near 6:22 ET, ESUs broke lower.  They hit a low of 4399.50 at 8:28 ET.  Someone then juiced ESUs, partly to get them back above 4400 and partly to get long for the usual Pump & Dump scheme for the NYSE opening. Dumpers were easily absorbed after the NYSE opening.  ESUs and stocks soared higher, aided and abetted by Nvidia.  The momentum peak occurred when the Noon ET hour arrived.  But ESUs then inched higher in listless trading until the rally accelerated after 14:00 ET.  It ended at 13:54 ET with ESUs peaking at 4455.25.  ESUs fell to 4443.00 at 15:00 ET.  The final hour began on schedule; it ended within 6 minutes.  After an upward blip at 15:40 ET, ESUs retreated until a spike higher appeared at 15:56 ET. USUs traded almost identically to ESUs on Wednesday, except they rallied all afternoon. ETF which tracks CNBC star Jim Cramer’s stock picks shuts down https://trib.al/zy7Fl8p Positive aspects of previous sessionBonds soared as much as 2 4/32 on the soft EZ PMIsStocks rallied smartly on bonds and Nvidia speculationGasoline and oil declined sharply Negative aspects of previous sessionEurope is in recession Ambiguous aspects of previous sessionWill 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: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4325.23Previous session S&P 500 Index High/Low: 4443.18; 4396.44 Elon Musk slams Facebook for ‘manipulating the public almost everywhere on Earth’Musk shredded Zuckerberg in response to an exposé by Sky News Australia, which alleged in a sweeping report that Meta-owned Facebook has been bankrolling a fact-checking operation that has purportedly censored political content ahead of a key Australian referendum.    “Facebook is manipulating the public almost everywhere on Earth,” Musk wrote… “That is why they won’t open source their algorithm.”… https://trib.al/WShePWc Chinese spy ‘used LinkedIn to steal British state secrets’ (Too many western officials are dopes!)The sole Beijing operative is said to have used a raft of fake names and created sham companies to target civil servants, scientists and even security officials into handing over classified Government information on the social media site for professionals…https://trib.al/y2GmaXC @brownstoneinst: Fauci, who is now affiliated with Georgetown University, made it clear that he still supports locking down society in the name of a virus, adding that lockdowns are a great tool to forcibly “vaccinate” people.  https://t.co/33WuBuAEf4 Several universities are back in Covid-inspired repression.  Team Biden is preparing to run Covid repression schemes again. Secret Letter to CDC: Top Epidemiologist Suggests Agency Misrepresented Scientific Data to Support Mask Narrative – Documents recently obtained from the National Institutes of Health suggest public health officials used inaccurate information and misrepresented medical research to advance their policy objective that masks prevent severe COVID-19 and virus transmission—despite opposing scientific evidence received from experts…https://www.zerohedge.com/political/secret-letter-cdc-top-epidemiologist-suggests-agency-misrepresented-scientific-data Mob ransacks California Nordstrom Rack for designer bags: videohttps://nypost.com/2023/08/23/brazen-mob-ransacks-california-nordstrom-rack-for-designer-bags-video/ FT’s @maxseddon: Russia says Yevgeny Prigozhin was on a plane that crashed on a flight from Moscow to St Petersburg. All passengers and e crew, are dead. Wagner-linked channels say Russian air defense *shot down the plane* – the same private jet Prigozhin regularly uses. @SamRamani2: Dmitry Utkin was believed to have been on the jet with Prigozhin.  Utkin’s death, if confirmed, is a seismic event.  Utkin was a GRU commander in Pskov until 2013 who drifted into the world of private security.  First, for the Moran Security Group, which specialized in maritime operations, and then as an entrepreneur who created the Slavonic Corps and registered it in Hong Kong. @kamilkazani: Prigozhin was a junior member of the St Petersburg gang. A vassal of Putin’s vassal. Still, a rightful member of the gang that constitutes the core of the ruling elite. Consequently, his death will make an impression of the regime killing its previously untouchable core members.    If the regime has indeed killed one of its core members, then the St Petersburg gang is probably not as united as it seemed to be. The death of Prigozhin reflects the depth of divisions in the narrow circle of upper elite.  Even worse, this raises a question of how secure the other members of the gang should feel. In particular, how much of their previous untouchability will remain. (Will they turn on Putin?) Reports have Putin scurrying to the Kremlin for ‘talks’ amid coup & Wagner retribution rumors. @visegrad24: The Belarusian authorities have cut off the internet in the area of the main Wagner Group camp in the Tale Village in Belarus. Looks like Putin and Lukashenko are trying to stop the Wagner Group from communicating with each other and coordinating a quick response.    Wagner soldiers in Belarus release a statement: “There’s a lot of talk right now about what the Wagner Group will do. We can tell you one thing. We are getting started, get ready for us.” After the close, Nvidia reported Q2 EPS of 2.48 (2.07 exp.); Adjusted EPS of 2.70, revenue of $13.5B ($11B exp.); and an additional $25B share buyback.  NVDA soared as much as 8% in after-hour trading. Today – Stocks should rally sharply early due to Nvidia and associated Fang buying.  The key for the session will be the ability of Nvidia to hold or better its after-hour gains.  NVDA hit a high of 520.00. ESUs are +23.50 and NQUs (Naz 100) are +142.00 at 20:30 ET.  NVDA closed at 502.00. Expected econ data: Initial Jobless Claims 240k, Continuing Claims 1.705m; July Durable Goods -4.0% m/m, ex-Trans 0.2%, Nondef ex-Air 0.1%, Shipments 0.1%; Aug KC Fed Mfg Activity -10; Three-day KC Fed Jackson Hole Symposium begins; Phil Fed Pres and dove Harker on CNBC at 10 ET; Boston Fed Pres Collins interview with Yahoo! Finance 11:15 ET S&P 500 Index 50-day MA: 4459; 100-day MA: 4308; 150-day MA: 4211; 200-day MA: 4139DJIA 50-day MA: 34,659; 100-day MA: 34,095; 150-day MA: 33,773; 200-day MA: 33,719(Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time framesMonthly: Trender and MACD are positive – a close below 3752.81 triggers a sell signalWeekly: Trender and MACD are negative – a close above 4618.60 triggers a buy signalDaily: Trender and MACD are negative – a close above 4456.52 triggers a buy signalHourly: Trender and MACD are positive – a close below 4408.99 triggers a sell signal McCarthy says House may launch Biden impeachment inquiry when Congress reconvenes“The only stories that have not changed are the whistleblowers from the IRS. Their story has held up time and again,” he went on… (After beaucoup verbosity, if McCarthy doesn’t impeach Joe, he’s finished!)https://justthenews.com/politics-policy/mccarthy-hints-house-may-launch-biden-impeachment-inquiry-when-congress-reconvenes Biden family huddles in secrecy in exclusive Lake Tahoe home amid special counsel investigation into Hunter – The Biden White House is maintaining its precedent of not keeping any visitor log at the family’s lodging during travelhttps://www.foxnews.com/politics/biden-family-huddles-in-secrecy-exclusive-lake-tahoe-home-special-counsel-investigation-hunter Three reasons why Joe and Hunter Biden got away with their great sell-out of AmericaFirst, they were good at corruption… The second reason why “Joe incorporated” managed to evade criminal charges is because his collaborators were skilled at covering up the cash… The third reason is that the government willfully chose to look the other way… the FBI and the Department of Justice worked sedulously to suppress and bury the incriminating evidence… (Dem privilege)https://www.foxnews.com/opinion/three-reasons-why-joe-hunter-biden-got-away-their-great-sell-out-america As Hunter Biden struggled with Burisma fallout, his father moved to fire prosecutor probing firmMemos show parallel tracks between father, son on a corruption issue that would eventually ensnare Ukraine, the U.S. and two American presidents…https://justthenews.com/accountability/political-ethics/wedas-hunter-biden-struggled-burisma-fallout-his-father-moved-fire @charliespiering:  “I’ve been working out for the last hour and a half,” Biden claims as he exits a wellness center with a banana blueberry smoothie. WH says Biden took “a pilates class followed by a spin class” with members of his family. Trump classified docs witness recanted false testimony after switching lawyers: prosecutorsThe witness — described in a Justice Department court filing on Tuesday as “Trump Employee 4” and identified by several media outlets as Yuscil Taveras — has provided prosecutors with information regarding alleged efforts to delete surveillance camera footage taken at the 77-year-old former president’s Palm Beach, Fla., club and residence… Taveras’ new testimony led to a superseding indictment and new charges against Trump, Nauta and De Oliveira in July…  https://t.co/hW4YxZlzCp @charliekirk11: On my show, Alan Dershowitz just said that Larry Tribe and J. Michael Luttig’s bid to have Trump kicked off the ballot using the 14th Amendment is an attempt to end democracy.  Authentic lifelong liberals know what’s up. Their movement is being taken over by fascists and tyrants. Trump plans sabotage of first Republican debate by releasing Tucker Carlson interview at 9pm https://trib.al/wQiNcAw DNC surrogate ripped for claiming Democrat-run cities prove US not in decline: ‘Is this a joke?’Critics pointed to rising crime and population decreases in Democrat-run cities across the U.S.    “I would suggest that anybody who thinks that this country is in decline — come to cities!” Satya Rhodes-Conway, Madison, Wisconsin’s Democratic mayor, said… “Because Democrat mayors all across the nation are creating great places where people want to be…https://www.foxnews.com/politics/dnc-surrogate-ripped-claiming-democrat-run-cities-prove-us-not-decline @GraduatedBen: According to a report by AP, the only road out of Lahaina was barricaded.  Only those who disobeyed survived.  https://twitter.com/GraduatedBen/status/1694384774557708555/photo/2https://apnews.com/article/hawaii-fires-timeline-maui-lahaina-road-block-c8522222f6de587bd14b2da0020c40e9 McCarthy suggests House inquiry coming over deadly Maui wildfires https://trib.al/TzCgzbj @FoxNews: @SpeakerMcCarthy called President Biden’s ‘no comment’ quip about the Hawaii fires ‘unacceptable’ as hundreds of Americans trapped in the inferno remain missing. https://trib.al/NkLLhWp Former president Bill and ex-First Lady Hillary Clinton keep their distance as they’re spotted going on a hike (Non Clinton Kool-Aid imbibers know the real story about them.) https://t.co/wCmuXq4GhB

GREG HUNTER 

SEE YOU FRIDAY

Leave a comment