SEPT 1//GOLD CLOSED UP $1.00 TO $1940.70 //SILVER WAS DOWN 20 CENTS TO $24.23//PLATINUM CLOSED DOWN $14.85 TO $965.60 WHILE PALLADIUM WAS UP $2.60 TO $1230,20//GOLD COMMENTARY TODAY: MIKE MAHARRAY//BIG NEWS TODAY: THE JOBS REPORT //A TOTAL PHONY//DETAILS ON THE JOBS REPORT PROVIDED//UKRAINE VS RUSSIA UPDATE//COVID/VACCINE UPDATES//DR PAUL ALEXANDER/EVOL NEWS/NEWS ADDICTS//TUCKER CARLSON INTERVIEWING DAVE PARTNOY//SWAMP STORIES FOR YOU TONIGHT//
118 C MACQUARIE FUT 416 132 C SG AMERICAS 176 323 H HSBC 174 363 H WELLS FARGO SEC 116 365 H MAREX CAPITAL M 1 435 H SCOTIA CAPITAL 93 624 H BOFA SECURITIES 252 661 C JP MORGAN 11 686 C STONEX FINANCIA 7 690 C ABN AMRO 44 726 C CUNNINGHAM COM 5 1 732 C RBC CAP MARKETS 1 737 C ADVANTAGE 39 26
TOTAL: 681 681 MONTH TO DATE: 3,415
JPMorgan stopped 11 /681 contracts.
FOR SEPT.:
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 681 NOTICES FOR 68,100 OZ or 2.1181 TONNES
total notices so far: 3415 contracts for 341,500 oz (10.672 tonnes)
FOR SEPT:
SILVER NOTICES: 288 NOTICE(S) FILED FOR 1,440,000 OZ/
total number of notices filed so far this month : 2151 for 10,755,000 oz
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END
GLD
WITH GOLD UP 1.00
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/NO CHANGES IN GOLD INVENTORY AT THE GLD: /
INVENTORY RESTS AT 890.10 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN 20 CENTS AT THE SLV// SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OZ SILVER OUT OF THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 438.625 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 1057 CONTRACTS TO 130,756 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS STRONG SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.26 LOSS IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS A STRONG SIZED 727 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 727 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.26). AND WERE SUCCESSFUL IN KNOCKING SOME SILVER CONTRACTS AS WE HAD A SMALL SIZED LOSS OF 150 CONTRACTS ON BOTH EXCHANGES ALONG WITH HUGE T.A.S.LIQUIDATION//AND SPREADER LIQUIDATION THROUGHOUT THE COMEX SESSION.
WE MUST HAVE HAD:
A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS( 770 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 14.420 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S E.F.P. JUMP TO LONDON OF 2.0 MILLION OZ//NEW TOTAL 12.420 MILLION OZ/// / //STRONG SIZED COMEX OI LOSS/ STRONG SIZED EFP ISSUANCE/VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE (727CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL 231 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 1 days, total 770 contracts: OR 3.850 MILLION OZ (770 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 3.850 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: 112.58MILLION 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: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 3.85 MILLION OZ
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1051 CONTRACTS WITH OUR LOSS IN PRICE OF $0.26 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG EFP ISSUANCE CONTRACTS: 770 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 SEPT OF 14.420 MILLION OZ FOLLOWED BY TODAY’S 2.0 MILLION OZ E.F.P. TO LONDON /// WE HAVE A SMALL LOSS OF 281 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG 727 CONTRACTS//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED ALONG WITH COMEX SPREADER LIQUIDATION, DURING THE THURSDAY COMEX SESSION . THE NEW TAS ISSUANCE THURSDAY NIGHT (727) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 288 NOTICE(S) FILED TODAY FOR 1,440,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 5263 CONTRACTS TO 442,643 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: 947 CONTRACTS
WE HAD A STRONG SIZED DECREASE IN COMEX OI ( 5263 CONTRACTS) WITH OUR $5.20 LOSS IN PRICE//THURSDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR SEPT. AT 12.656 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 23,700 OZ QUEUE JUMP//NEW TOTAL STANDING 13.393 TONNES + /A FAIR (AND CRIMINAL) ISSUANCE OF 2428 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR$5.20 LOSS IN PRICEWITH RESPECT TO THURSDAY’S TRADING.WE HAD A VERY SMALL SIZED LOSS OF 564 OI CONTRACTS (1.754 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4699CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 442,643
IN ESSENCE WE HAVE A VERY SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 564 CONTRACTS WITH 5263 CONTRACTS DECREASED AT THE COMEX// AND A STRONG 4699 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 564CONTRACTS OR 1.754 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 2478 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4699 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI (5263) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 564 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 SEPT. AT 12.656 TONNES FOLLOWED BY TODAY’S QUEUE JUMP OF 23,700 OZ/// 3) ZERO LONG LIQUIDATION WITH CONSIDERABLE TAS LIQUIDATION DURING THE COMEX SESSION //4) STRONG SIZED COMEX OPEN INTEREST LOSS/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 2428 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
SEPT
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: 4699 CONTRACTS OR 469,900 OZ OR 15.107 TONNES IN 1TRADING DAY(S) AND THUS AVERAGING: 4699 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 1 TRADING DAY(S) IN TONNES 15.107 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 15.107/3550 x 100% TONNES 0.422% OF GLOBAL ANNUAL PRODUCTION
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: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 15.107 TONNES
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF SEPT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER FELL BY A STRONG SIZED 1051 CONTRACTS OI TO 130,756 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE A STRONG 770 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 770and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 770 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 920 CONTRACTS AND ADD TO THE 770 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A SMALL LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 281 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 1.405 MILLION OZ
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED UP 13.37 PTS OR 0.43% //Hang Seng CLOSED /The Nikkei CLOSED UP 91.28 PTS OR 0.28% //Australia’s all ordinaries CLOSED DOWN 0.37 % /Chinese yuan (ONSHORE) closed UP 7.2555 /OFFSHORE CHINESE YUAN UP TO 7.2569 /Oil UP TO 84.84 dollars per barrel for WTI and BRENT UP AT 87.69 / Stocks in Europe OPENED ALL MOSTLY MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 5263CONTRACTS TO 442,643 WITH OUR LOSS IN PRICE OF $5.30 ON THURSDAY.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF SEPT.… 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 4699 EFP CONTRACTS WERE ISSUED: : DEC 4699 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4699 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY SMALL TOTAL OF 564 CONTRACTS IN THAT 4699LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 5263 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR FALL IN PRICE OF $5.20//THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR 1239 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: SEPT (13.393) ( NON ACTIVE MONTH)
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: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 13.393 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $5.20) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A TINY GAIN OF 383 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD CONSIDERABLE T.A.S. LIQUIDATION ON THE FRONT END OF THURSDAY’S TRADING. THE T.A.S. ISSUED ON THURSDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE LOST A TOTAL OI OF 1.754 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR SEPT. (12.656 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 23,700 OZ // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $5.20.
WE HAD – REMOVED 947 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET LOSS ON THE TWO EXCHANGES 564 CONTRACTS OR 56400 OZ OR 1.754 TONNES.
Estimated gold volume today:// 161,150 awful
final gold volumes/yesterday 140,526 awful//speculators have left the gold arena
Total monthly oz gold served (contracts) so far this month
3415 notices 341,500 OZ 10.622 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
0 dealer deposit:
total dealer deposits: NIL oz
customer deposits: 0
total customer deposits: nil oz
we had 1 customer withdrawals
i) Out of JPMorgan: 482,245 15 KILOBARS
total withdrawals 482.245 oz
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.
For the front month of SEPTEMBER we have an oi of 1572 contracts having LOST 2497 contracts. We had
2734 contracts were served upon yesterday, so we gained an additional 237 or 23700 oz will stand for delivery in this non active
delivery month of Sept.
Oct lost 342 contracts to 29,060 contracts.
December LOST 2808 contracts down to 380,027 contracts.
We had 681 contracts filed for today representing 68,100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 681 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 11 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 SEPT /2023. contract month,
we take the total number of notices filed so far for the month (3415 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (1572 CONTRACT) minus the number of notices served upon today 681 x 100 oz per contract equals 430,600 OZ OR 13.393 TONNES the number of TONNES standing in this non active month of SEPT.
thus the INITIAL standings for gold for the SEPTcontract month: No of notices filed so far (341,500) x 100 oz + (1572) {OI for the front month} minus the number of notices served upon today (681) x 100 oz) which equals 430,600 oz standing OR 12.656 TONNES
TOTAL COMEX GOLD STANDING: 13.393 TONNES WHICH IS HUGE FOR AN INACTIVE DELIVERY MONTH.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,389,738,459 OZ
TOTAL REGISTERED GOLD 10 ,854.431 (337.61 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,535,307.318 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,843355 OZ (REG GOLD- PLEDGED GOLD) 275.06 tonnes//dropping like a stone
END
SILVER/COMEX
SEPT 1
//2023// THE SEPT 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
9989.83 oz Delaware
.
Deposits to the Dealer Inventory
nil
Deposits to the Customer Inventory
581,787.109oz Loomis
No of oz served today (contracts)
288 CONTRACT(S) (1,440,000 OZ)
No of oz to be served (notices)
333 contracts (1,665,000 oz)
Total monthly oz silver served (contracts)
2151 Contracts (10,755,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposit: 1
i)Into ASAHI 586,113.500 oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposit customer account:
i) Into Loomis: 581,787.109 oz
total customer deposits: 581,787.109 oz
JPMorgan has a total silver weight: 138.666 million oz/278.305 million = 49,80% of comex .//
Comex withdrawals 1
i) Out of Delaware 9989.83 oz
total 9989.83 oz
adjustments: 0
TOTAL REGISTERED SILVER: 44.350 MILLION OZ//.TOTAL REG + ELIGIBLE. 278.305 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF SEPT /2023 OI: 621 CONTRACTS HAVING LOST 2293 CONTRACT(S). WE HAD 1893
CONTRACTS SERVED UPON YESTERDAY. SO WE LOST 400 CONTRACTS OR 2.0 MILLION OZ WERE IMMEDIATELY E.F.P’d TO LONDON AS THERE WAS NO METAL OVER HERE FOR THESE GUYS.
OCT LOST 2 CONTRACTS TO STAND AT 1145.
DEC. GAINED 1169 CONTRACTS TO STAND AT 118,590 .
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 288 for 1,440,000 oz
Comex volumes// est. volume today 60,406 strong
Comex volume: confirmed yesterday 49,696 poor
To calculate the number of silver ounces that will stand for delivery in SEPT. we take the total number of notices filed for the month so far at 2151 x 5,000 oz = 10,755,000 oz
to which we add the difference between the open interest for the front month of SEPT (621) and the number of notices served upon today 288x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the SEPT/2023 contract month: 2151 (notices served so far) x 5000 oz + OI for the front month of SEPT (621) – number of notices served upon today (288 )x 500 oz of silver standing for the SEPT contract month equates to 12.420 million oz.
There are 44.350 million oz of 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
SEPT1/WITH GOLD UP $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD .: / //INVENTORY RESTS AT 890.10 TONNES
AUGUST 31/WITH GOLD DOWN $1.00 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.10 TONNES
AUGUST 30/WITH GOLD UP $8.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.59 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.23 TONNES
AUGUST 29/WITH GOLD UP 17.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.6 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.64 TONNES
AUGUST 28/WITH GOLD UP $6.90 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD: / //INVENTORY RESTS AT 884.04 TONNES
AUGUST 25/WITH GOLD DOWN $6.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 884.04 TONNES
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
GLD INVENTORY: 890.10 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
SEPT1/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 438,625 MILLION OZ
AUGUST 31/WITH SILVER DOWN 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.375 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 440.00 MILLION OZ
AUGUST 30/WITH SILVER DOWN 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.834 MILLION OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 443.210 MILLION OZ
AUGUST 29/WITH SILVER UP 49 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 183,000 OF SILVER INTO THE THE SLV// /.////INVENTORY RESTS AT 445.044 MILLION OZ
AUGUST 28/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.281 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 444.861 MILLION OZ
AUGUST 25/WITH SILVER UP ONE CENT TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.751 MILLION OZ OZ FROM THE SLV// /.////INVENTORY RESTS AT 446.145 MILLION OZ
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/
Aristotle listed four characteristics of sound money: it must be durable, portable, divisible, and have intrinsic value. Gold possesses all of these characteristics, which is why gold has served as money for thousands of years.
Every natural element with which the earth has been endowed has a usefulness—a purpose. If we listen to gold, its message is loud and clear—gold is money. To serve as natural money is gold’s highest purpose.”
Modern financial systems spurn gold. Governments need central banks to create money (inflation) and manipulate interest rates (the cost of money) to prop up their borrowing and spending. The kind of spending and accompanying budget deficits we see in the US wouldn’t be possible if the Federal Reserve was not keeping interest rates lower than they otherwise would and monetizing the debt through QE.
But even as governments devalue their fiat currencies, gold maintains its purchasing power over time. Consider this: an ounce of gold buys the same amount of oil as it did 70 years ago.
As Turk put it, “Gold preserves purchasing power, which is one of the key requisites of money. As illustrated by the above chart, it is an outcome that no national currency can match.”
Sound money also enables sound economic calculation. As Turk explains, this is only possible “using a consistent, unchanging unit of account to measure prices over time.”
Gold serves this role perfectly because it is the only element in the known universe that is eternal and not subject to decay or degradation. A gram of gold today is identical to a gram of gold mined by the Romans.”
One important characteristic of sound money is that its stock remains relatively constant. Somewhat surprisingly, Turk asserts, “Gold is not valuable because it is rare.”
Plenty of gold exists that has yet to be mined on land, under the oceans, and even extracted from ocean water when the technologies become available to make that mining possible. Gold is valuable because it is useful but mined—produced—only when it is profitable to do so, which depends on how gold has been dispersed in the earth’s crust when combined with humanity’s ability, financial capacity, and available technology needed to discover, mine, and refine it.”
The amount of mined gold has grown over the years, but it has expanded at a relatively consistent rate. According to Turk, the average annual rate over the last 529 years is 1.2%. Since 1960 the average growth in the gold stock is 1.8%, ranging from 1.4% to 2.2%.
Compare that to the stock of dollars. Since 1960, money supply growth varied from a low of 1% in 1993 to a high of 19.1% in 2020. As a result, “this inconsistency results in swings in the dollar stock that in turn causes volatility in prices expressed in dollars because there are not enough or too many dollars circulating relative to the prevailing level of economic activity.”
Economist Milton Friedman developed the k-percent rule. In a nutshell, he postulated that the quantity of currency should increase by a constant percentage rate every year, irrespective of bank credit cycles. As Turk explains, gold comes closer than any central bank-managed currency to fulfilling this rule.
The gold stock grows at approximately the same rate as world population and new wealth creation. Consequently, the purchasing power arising from the interaction of gold’s supply—its aboveground stock—and the unfailing inelastic demand for gold that exists because it is money, make gold uniquely useful to accurately calculate the price of goods and services throughout time. It is a feature that the dollar and other national currencies fail to match because their annual growth rates are not consistent, causing fluctuations in their “aboveground” stock. Since 1950 the weight of the gold stock has grown 3.5 times, but a gram of gold still purchases the same amount of crude oil.”
Significantly, gold doesn’t require “management” by central bankers. Experience teaches us that currency management always creates artificial booms rife with malinvestments and misallocations. This inevitably leads to busts.
Recurring bank and currency crises throughout history result from human error and other human frailties that inevitably destroy fiat currency, like the unwillingness to “take away the punchbowl” after a period of prolonged credit expansion. Gold is different. Gold does not need management by a central bank or government. Gold is money that manages itself because growth in the gold stock is controlled by two immutable forces—nature and profitable mining. Together they impose discipline on the production of gold that prevents the money punchbowl from overflowing, which is a key factor explaining why gold preserves purchasing power over time.”
Turk goes on to assert that “the timeless reliability in the interconnection of gold’s supply and demand sets gold apart from national currencies as does its essential nature.”
Gold is tangible; national currencies are intangible financial promises with counterparty risk. This risk arises because promises do get broken, as was demonstrated in the 2008 financial crisis and countless other banking and fiat currency crises. Gold is natural money that has served humanity well throughout history by enabling people to achieve an ever-higher standard of living. We can ponder whether this outcome results from fortuitous chance or from the intelligent design of a creator endowing the earth’s resources providentially to equip humanity with natural money. Regardless of gold’s origin, which is unknowable, it cannot be denied that gold is money and is as useful today as at any time in history.”
3,Chris Powell of GATA provides to us very important physical commentaries
Very surprising: Singapore becomes more open about its gold reserves
(Ronan Manly)
Ronan Manly: Singapore becomes more open about its gold reserves
Submitted by admin on Thu, 2023-08-31 09:12Section: Daily Dispatches
9:12a ET Thursday, August 31, 2023
Dear Friend of GATA and Gold:
Bullion Star gold researcher Ronan Manly this week examines the recent candor of Singapore’s central bank, the Monetary Authority of Singapore, about the nation’s rapidly increasing gold reserves.
Manly’s analysis is headlined “First-Ever Filming of Singapore’s Gold Reserves in Super-Secret Gold Vault” and it’s posted at Bullion Star here:
5 a. IMPORTANT COMMENTARIES ON COMMODITIES: COPPER
First, we had a few years back a nickel fraud. Now its copper
(zerohedge)
EU’s Top Copper Producer Warns Of Massive Theft, Shares Plunge
FRIDAY, SEP 01, 2023 – 06:55 AM
Shares of Europe’s top copper producer in Frankfurt trading plummeted following an announcement that it might have fallen victim to a massive theft, potentially leading to losses of several hundred million euros –adding to the series of turbulence to rock the global metals sector in recent years.
Bloomberg reported that Hamburg-based Aurubis ‘found discrepancies’ in its metal inventories. It said suppliers had manipulated details about the scrap metal shipments, with even its employees in the sampling department covering up the scam.
“What we currently know is that some of our recycling suppliers appear to have manipulated details about the raw materials they deliver to us, and they have been working with employees in our sampling department to hide the shortfall from us,” Angela Seidler, vice president for investor relations and corporate communications, told Bloomberg by phone.
Seidler continued, “Then, in the production process, we have found that the metal is missing, but it is something we have discovered over time because in the case of copper, for example, it takes four weeks for the material to be processed.”
Aurubis expects a detailed report will be completed by the end of September. It said preliminary figures show losses could be in “the low, three-digit-million-euro range.”
The news of the metal theft forced the company to admit its previously forecast operating earnings before taxes of 450 to 550 million euros for this fiscal year is no longer attainable.
“It’s a very serious incident, but the impact of it will be digested within our current fiscal year, and it will not have an impact on our expansion plans and our strategic priorities,” Seidler said.
Shares of Aurubis crashed as much as 17% in Frankfurt trading. Salzgitter, which has a 30% stake in Aurubis, sank 7.3% as it slashed guidance.
Morgan Stanley analyst Ioannis Masvoulas told clients the revelation of the scam is a “negative surprise, which raises uncertainties around inventory management.”
More from Masvoulas’ note (breakdown courtesy of Bloomberg):
Shows a more extensive impact related to alleged criminal activities than previously anticipated
While suggests an inventory writedown in the order of about 3% of market cap, the impact may be bigger on market sentiment toward the company
This setback follows a weaker operating performance that translates to a soft exit rate for FY23
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.2555
OFFSHORE YUAN: UP TO 7.2569
SHANGHAI CLOSED UP 13.37 PTS OR 0.43%
HANG SENG CLOSED
2. Nikkei closed UP 81.28 OR 0.28%
3. Europe stocks SO FAR: ALL MOSTLY MIXED
USA dollar INDEX UP TO 103.52 EURO FALLS TO 1.0841 DOWN 1 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.619 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.37/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen UP CHINESE ON SHORE YUAN: UP// OFF- SHORE: UP
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.4725***/Italian 10 Yr bond yield UP to 4.136*** /SPAIN 10 YR BOND YIELD FALLS TO 3.493…**
3i Greek 10 year bond yield FALLS TO 3.691
3j Gold at $1945.10 silver at: 24.63 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 35 /100 roubles/dollar; ROUBLE AT 96.38//
3m oil into the 84 dollar handle for WTI and 87 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 146.35// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.618% 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 0.8831 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9573well 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: 4.097 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.219 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.837 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 26.71…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 0 BASIS PTS AT 4.4055
end
2.a Overnight: Newsquawk and Zero hedge:
USA EARLY MORNING REPORT
Futures Rise, Yields Dip Ahead Of August Jobs Data
FRIDAY, SEP 01, 2023 – 08:09 AM
Futures and global markets are higher ahead of the NFP today at 8:30am ET (full preview here). At 7:40am ET, S&P futures rose 0.3% to 4,531 with Nasdaq futures up 0.2%. Major global markets are also higher, led by the UK (UKX +0.5%, SX5E +0.4%, SXXP +0.4%, DAX +0.1%), with the final Eurozone Mfg PMI is revised lower to 43.5 from 43.7, further boosting odds the ECB is done. On September ECB, Greg Fuzesi thinks that the July minutes and Isabel Schnabel’s comments yesterday (“growth had “moderated visibly”) both consistent with a pause in September ECB. He expects the final hike to happen in October after a pause in September. China reduced banks’ reserve requirement of foreign currency deposits, boosting the yuan, while China’s Caixin Mfg PMIsurprised to the upside: 51.0 vs. 49.0 survey vs. 49.2 prior. Bond yields are lower and the Bloomberg dollar index is flat. Commodities are mostly stronger led by oil. Key macro focus will be the labor data release today (NFP, Unemployment Rate, Avg. Hourly Earnings, Labor Force Participation) at 8.30am ET and the Mfg ISM at 10am ET.
In premarket trading, Broadcom dropped as much as 4.6% after its revenue forecast disappointed, signaling that demand for electronic components remains sluggish. Dell Technologies jumped 10% after it reported better-than-expected second-quarter revenue, driven by personal computers and data center hardware sales. US-listed Chinese stocks advanced in premarket trading after Beijing and Shanghai both eased housing rules, a sign of further government support toward the economy. Here are some other notable premarket movers:
23andMe jumps 19% after it received FDA 510(k) clearance to report an additional 41 genetic variants in the BRCA1 and BRCA2 genes that increase risk for breast, ovarian, prostate and pancreatic cancer.
Elastic rises 17% after its first-quarter results beat expectations and full-year forecast was raised.
Eos Energy Enterprises soars 50% after announcing that the Department of Energy’s Loan Programs Office has issued an up to $398.6 million conditional commitment to the battery startup.
Lululemon gains 3% as analysts lift their price targets on the the athleisure firm that boosted its net revenue guidance after the close on Thursday.
MongoDB rallies 6.4% after a 55% boost to full-year EPS guidance at mid-point of the outlook range, prompting analysts to raise price targets.
Nutanix jumps 18% as guidance beat expectations. Analysts noted a strong performance in renewals and a share buyback worth $350 million.
SentinelOne gains 2% after estimate-beating results and raised guidance eased investor fears over competition.
Shares in marijuana companies advanced as the Drug Enforcement Agency said Wednesday it would review its classification of cannabis. Canopy Growth gains 12%, Tilray Brands (TLRY) rises 3%, Aurora Cannabis (ACB) is up 2.5%.
Tingo Group falls 14% as short seller Hindenburg Research posted a message about the agri-fintech firm on X.
Friday’s payrolls report (previewed here) should provide further evidence of cooling in the still-tight US labor market. The question is whether that will be enough to stall the Federal Reserve’s tightening cycle or even lead to early rate cuts. Meanwhile, a rapidly weakening economy is likely to tilt the European Central Bank in favor of a pause this month, with no further hikes beyond the current rate of 3.75%, according to Morgan Stanley economists.
Consensus expects a 170K NFP print with unemployment unchanged at 3.5%, and average hourly earnings dropping to 4.3% YoY from 4.4%. Here is a breakdown of payrolls forecasts by bank:
215,000 – Societe Generale
200,000 – Barclays
200,000 – UBS
175,000 – HSBC
170,000 – Credit Suisse
160,000 – Wells Fargo
155,000 – Morgan Stanley
150,000 – Deutsche Bank
149,000 – Goldman Sachs
130,000 – Citigroup
125,000 – JP Morgan Chase
“I’m personally more inclined toward the soft landing scenario given the resilience of the labor market and inflation slowing down, so I’m not expecting any catastrophic numbers this afternoon,” said Harry Wolhandler, head of equities at Meeschaert Asset Management in Paris. “In any event, should there be bad surprises, the Fed now has room for maneuver to lower rates.”
The Stoxx Europe 600 index rose 0.3%, trimming a bigger gain earlier in the session, with energy majors outperforming as crude oil headed for the biggest weekly advance since April. Miners jumped as China’s latest stimulus measures boosted prices of some industrial metals. Car makers declined, with Renault SA and Volkswagen AG falling more than 3% each after being downgraded to sell by UBS Group AG on increasing competition from Asia. Aurubis AG slumped as much as 18% after Europe’s top copper producer said it faces large losses due to a massive metal theft. Here are the other notable European movers:
Johnson Matthey jumps as much as 14% after Standard Investments, the investment arm of US company Standard Industries, doubles its stake in the British chemicals maker
Vestas gains as much as 3.8% after the wind-turbine manufacturer announced it is close to landing a large order to deliver turbines for a US wind park, a potential respite for the beleaguered industry
European energy stocks outperform after the sector is double-upgraded to overweight at Morgan Stanley, predicting an extended period of strong free cash flow, buybacks and dividend growth
WH Smith gains as much as 4.3% after Goodbody upgraded its recommendation on the UK newsagent and bookstore chain to buy, citing “encouraging momentum” going into the new fiscal year
Boohoo shares rise as much as 10% on Friday, on track for their biggest weekly advance since Nov. 11, after Frasers increases its stake in the online fast fashion retailer
Fielmann Group rises as much as 6.3% after the eyewear company raised its full-year guidance after its recent acquisition of SVS Vision amid what AlsterResearch sees as an attractive market.
AmRest Holdings rise as much as 3.5% after the Polish restaurant operator reported better-than-expected 2Q earnings and gave positive outlook on current trading
Aurubis slumps as much as 18% after Europe’s top copper producer releases an update identifying a large metal theft. Salzgitter, which has a 30% stake in Aurubis, drops 7.3% as it suspends guidance
Renault and Volkswagen decline after both carmakers were cut to sell and given Street-low price targets by UBS, which cites the impact from factors including the rise of Chinese automakers
BioMerieux falls as much as 7.7% after the French diagnostics firm’s second-quarter Ebit slightly missed estimates due to negative currency and M&A effects, overshadowing a beat on overall sales
Earlier in the session, Asian stocks advanced and headed for their second weekly gain, as Chinese equities climbed following more stimulus measures from Beijing. Japan’s benchmark also rose, eyeing an historic milestone. The MSCI Asia Pacific Index rose as much as 0.5%, led higher by Samsung and several Japanese firms.
China shares traded higher and metals looked set to extend this week’s advances after China’s government allowed the nation’s largest cities to cut down payments for home buyers and encouraged lenders to lower rates on existing mortgages as well as on deposits. Meanwhile, Shanghai and Beijing eased home-buying mortgage rules for residents. Hong Kong’s market was shut as the city braced for what may be the strongest storm to hit in at least five years.
The yuan also strengthened after China’s central bank reduced the foreign exchange reserve requirement ratio for financial institutions in a bid to support the currency. The currency has since pared its gains. Sentiment was further buoyed by an unexpected rise in manufacturing data that advanced to 51 in August, the highest reading since February, according to a Caixin survey.
Japan’s Topix benchmark gained nearly 1%, boosted by Sony, putting it on course for its highest close since 1990. The index posted its eighth consecutive month of increase in August — the longest winning streak since 2013 — and the gauge was now set for the best weekly advance since October. Data earlier showed companies’ profits rose 11.6% on an annual basis in the second quarter.
Australia’s ASX 200 declined further under 7,300 and was weighted by its metals names as Fortescue Metals slumped after its CFO left three days after the CEO’s departure. Korea’s KOSPI was underpinned by the South Korean trade data which printed better than feared.
Indian stocks posted their biggest advance in two months on Friday as metals and utilities led the rally across sectors after strong economic data boosted investor sentiment. The S&P BSE Sensex Index rose 0.9% to 65,387.16 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure as both gauges surged the most since June 30. The sharp move pushed the benchmarks by at least 0.7% higher for the week, snapping their retreat for preceding five weeks. Stocks in India have been receiving a chunk of foreign flows coming to emerging markets. For August, foreigners bought $1.6 billion of local shares while selling Taiwan, South Korea and Indonesia, and extending a selloff in China.
In FX, the Bloomberg Dollar Spot Index was little changed on Friday but down 0.2% this week, set to halt six straight weeks of gains after data showed the Federal Reserve’s preferred measure of underlying inflation posted the smallest back-to-back increases since late 2020. Focus now is on US payrolls data later on Friday, which is expected to show the US labor market likely cooled in August
Further dollar declines could be limited. “The path to more pronounced dollar depreciation — further moderation in the US economic data, including nonfarm payrolls report, combined with less negativity abroad — has been narrowing lately,” wrote Goldman Sachs strategist Karen Fishman, and since Goldman’s sellside desk is always wrong, it means the dollar is about to crater.
EUR/USD recouped some lost ground ahead of the key US data. The common currency fell yesterday after bearish comments from European Central Bank officials fueled concern the euro region may be heading for stagflation.
USD/JPY little changed at 145.49. The pair recovered from an intraday low of 145.24 after Japanese Finance Minister Shunichi Suzuki said sudden moves in the foreign currency market aren’t desirable, and he will closely watch movements
A 0.3% rise in the Aussie dollar on China’s FX RRR cut was reversed in part by leveraged selling shortly after by weak domestic home loan data. Move extended under weight of early London names selling to partially fill in option and exporter related bids under 0.6450 strikes, according to traders
In rates, treasuries were mixed in early US trading ahead of the August employment report, with the curve steeper. With Fed swaps pricing in about 50% odds of another rate hike this year, report is anticipated to show 170k nonfarm payrolls increase, smallest in more than two years; crowd-sourced whisper number is 155k. Yields remain within 2bp of Thursday’s closing levels; Thursday’s ranges included weekly lows for 10-year to 30-year tenors. 2s10s and 5s30s spreads are wider by 2bp-3bp, paced by curve-steepening in most euro-zone bond markets. The economic calendar also includes August final S&P Global US Manufacturing PMI at 9:45am, July construction spending and August ISM manufacturing at 10am and August vehicle sales throughout the day.
In commodities, oil is set for a weekly gain after Russia signaled that it would extend export curbs and US inventories dropped further. Gold headed for the second weekly advance.
Looking to the day ahead now, and the main highlight will be the US jobs report for August. Otherwise, we’ll get the global manufacturing PMIs for August and the ISM manufacturing reading from the US. From central banks, we’ll hear from the Fed’s Bostic and Mester.
Market Snapshot
S&P 500 futures up 0.2% to 4,526.00
MXAP up 0.4% to 162.78
MXAPJ up 0.3% to 508.53
Nikkei up 0.3% to 32,710.62
Topix up 0.8% to 2,349.75
Hang Seng Index down 0.5% to 18,382.06
Shanghai Composite up 0.4% to 3,133.25
Sensex up 0.8% to 65,348.50
Australia S&P/ASX 200 down 0.4% to 7,278.30
Kospi up 0.3% to 2,563.71
STOXX Europe 600 up 0.2% to 459.33
German 10Y yield little changed at 2.49%
Euro little changed at $1.0852
Brent Futures up 0.3% to $87.13/bbl
Gold spot up 0.1% to $1,942.47
US Dollar Index little changed at 103.57
Top Overnight News from Bloomberg
Markets settled into a holding pattern ahead of Friday’s key US jobs data, with European stocks and American equity-index futures edging higher, Treasury yields flat and a gauge of the dollar steady.
China intensified efforts to stimulate the economy and support its currency, as investor concerns over the growth outlook persist. The central bank will trim the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, the People’s Bank of China said Friday.
Dollar General Corp., already on track for its first annual share decline, fell again after cutting its profit forecast for the second straight quarter amid rising labor costs and “softer sales trends.”
US and other Group of Seven nations increasingly see evidence of deep-seated structural problems in China that ultimately will strengthen the West’s hand against a weakening geopolitical competitor. The view emerging from officials in Washington, Rome, Tokyo and other capitals, who spoke with Bloomberg News mostly on condition of anonymity in recent days, is that the dominant economic narrative that has guided the flows of capital around the globe for decades is flipping fast.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed following a similar lead from Wall Street, whilst Hong Kong markets were closed due to Typhoon Saola. ASX 200 declined further under 7,300 and was weighted by its metals names as Fortescue Metals slumped after its CFO left three days after the CEO’s departure. Nikkei 225 opened in the red but quickly trimmed losses with the rebound spearheaded by the energy sector. KOSPI was underpinned by the South Korean trade data which printed better than feared. Shanghai Comp opened firmer after large Chinese banks cut their deposit rates, while the PBoC also lowered down payment for first and second-time home buyers and announced a cut to the FX RRR. Modest upticks were seen after the Caixin PMI Finals were surprisingly revised into expansion territory.
Top Asian News
PBoC is to cut FX RRR by 2ppts to 4% (prev. 6%) from September 15th, according to the central bank. China’s Global Times, on the PBoC FX RRR cut, said “This move aims to enhance the ability of financial institutions to utilize foreign exchange capital.”
Several major Chinese banks lowered their deposit rates, including ICBC, China Construction Bank, Bank of Communications, and Bank of China.
China’s Shenzhen City will suspend work, businesses, transportation, and markets from Friday afternoon amid Typhoon Saola, according to the Shenzhen Government.
PBoC sold CNY 101bln via 7-day reverse repos with the rate at 1.80% for a CNY 120bln net injection.
China to take additional action to revive the property sector, via Reuters citing sources; incl. relaxing home purchase curbs and removing caps on new homes.
Softbank’s (9984 JT) Arm Holdings is expected to set a price range for its IPO next week, with plans to price its shares on September 13th and trading to start the following day, according to Reuters sources.
Japanese Finance Minister Suzuki said FX moves should be set by the market and should reflect fundamentals; sudden FX moves are undesirable, according to Reuters.
European bourses are in the green, Euro Stoxx 50 +0.3%, as modest upside creeps in following a tentative/slightly subdued open with fundamentals light ahead of key US data. Sectors are primarily positive, Energy the clear outperformer after an MS upgrade and broader benchmark action while Autos lag following a negative Volkswagen broker move and as Tesla cuts prices in China for some models. Stateside, futures are in-fitting with Europe and are slightly firmer, ES +0.2%. with the tone equally as tentative before NFP & ISM Manufacturing.
Top European News
ECB’s de Guindos said the latest data from July and August point towards economic deceleration in Q3 and probably in Q4, and the ECB needs to keep working to bring inflation back to the 2% target. He said the latest data from inflation in August has been very similar to July, and the rate decision in September is still up for debate. He said data in the next few days is key to the September ECB decision, according to Reuters.
ECB’s Villeroy says after overall inflation peaked and underlying inflation has also peaked since April and appears to have begun its decline. This encouraging sign is still far from sufficient. Options are open at the next and upcoming meetings. Very close to a peak in rates, far from the point where we could consider cuts. Keeping rates high for long enough matters more than the level. Will slightly revise up France’s 2023 GDP forecast.
ECB’s Vujcic says inflation data in August was in-line with expectations, economic activity is slowing faster than forecast. Will not know in September, October or November where the terminal is. Inflation will ease in the coming months but there is a risk that disinflation will stall above the target.
BoE’s Pill says BoE needs to be particularly wary about letting an inflation persistence dynamic to set in; we have not yet seen a downturn in core inflation which would reassure us.
FX
Buck bounces from overnight lows, but is contained overall ahead of US payrolls, DXY sits within 103.480-770 range.
Franc a tad firmer in line with Swiss YY CPI vs consensus, USD/CHF towards base of 0.8813-46 parameters.
Euro, Pound, Yen and Loonie all rangy pre-NFP and Canadian GDP, EUR/USD around 1.0850 and surrounded by hefty expiries, Cable hovering below 1.2700, USD/JPY pivoting 145.00 and USD/CAD straddling 1.3500.
Yuan underpinned by multiple factors including 200 bp RRR cut and surprise upgrade to Caixin Chinese manufacturing PMI to growth from contraction, USD/CNY close to 7.2450 and USD/CNH sub-7.2400 at one stage.
PBoC set USD/CNY mid-point at 7.1788 vs exp. 7.2967 (prev. 7.1811)
Fixed Income
Debt succumbs to some consolidation as the turn of the month comes with key US macro releases via NFP and the manufacturing ISM.
Bunds, Gilts and T-note all in negative territory after Thursday’s rallies and within 133.13-132.76, 95.49-14 and 110-31+/27 respective ranges.
Commodities
Crude benchmarks are in the green but only modestly so and taking impetus from the USD rather than any specific crude driver with the overall tone tentative pre-NFP.
Dutch TTF has pared back to near the unchanged mark after initial gains as Chevron workers rejected the first mediation package ahead of potential strikes on September 7th.
Spot gold is at the top-end of parameters but as above this is relatively modest with specifics light while base metals have returned firmly to the green as China unveils further stimulus.
Crude futures were on a slightly firmer footing and extended on the prior session’s gains, with Brent testing 87/bbl to the upside as it takes aim at the August high of USD 87.37/bbl.
Spot gold saw an uptick as the DXY pulled back but price action remains within yesterday’s range and under USD 1,950/oz ahead of NFPs.
Copper futures were lifted on the aforementioned China announcement, with 3M LME copper briefly topping USD 8,500/t to the upside.
Chevron’s (CVX) Australia LNG workers reject the Co’s bargaining offer, according to unions; less than 1% of the Wheatstone and Gorgon downstream workforce voted in support of the offer, according to Reuters. Subsequently, sources report that CVX and unions will meet for talks next week.
Russia introduced a 7% export duty on a number of fertilisers from September 1st, according to Interfax.
Geopolitics
Japan imposed additional sanctions against North Korea, according to Reuters.
US Event Calendar
08:30: Aug. Change in Nonfarm Payrolls, est. 170,000, prior 187,000
Change in Private Payrolls, est. 148,000, prior 172,000
Change in Manufact. Payrolls, est. zero, prior -2,000
08:30: Aug. Average Hourly Earnings MoM, est. 0.3%, prior 0.4%
Average Hourly Earnings YoY, est. 4.3%, prior 4.4%
Average Weekly Hours All Emplo, est. 34.3, prior 34.3
08:30: Aug. Unemployment Rate, est. 3.5%, prior 3.5%
Underemployment Rate, prior 6.7%
Labor Force Participation Rate, est. 62.6%, prior 62.6%
09:45: Aug. S&P Global US Manufacturing PM, est. 47.0, prior 47.0
10:00: July Construction Spending MoM, est. 0.5%, prior 0.5%
10:00: Aug. ISM Manufacturing, est. 47.0, prior 46.4
Central Bank Speakers
06:00: FEd’s Bostic Speaks on US Monetary Policy
09:45: Fed’s Mester Speaks on Inflation
DB’s Jim Reid concludes the overnight wrap
Welcome to September and to an early month payrolls Friday. Spare a thought for me this weekend as I’ll be refereeing 40 plus over excited 6 year olds playing Laser Quest as our twins have their birthday party on Sunday. My advice to all the graduates just joining the industry and reading this is to have your kids young while you have lots of energy. Then when you get to my age you can have easy paced relaxing weekends rather than the ones I have. I’m going to be especially exhausted by Monday.
Since it’s the start of the month, we’ll shortly be releasing our monthly performance review for August, which has been a pretty challenging one for financial markets albeit one where markets had a much better last week or so. In the month we had a further softening in the economic data, particularly in Europe and China, which has led to growing concern about the near-term outlook. At the same time, there’s been rising speculation that interest rates are set to remain higher for longer, and earlier in the month we even saw the 10yr Treasury yield hit a post-GFC high after both a US government debt downgrade and a much higher Treasury issuance profile announced than expected. So a lot going on in a holiday heavy month. See the full report in your inboxes shortly.
August might not have been a great month overall, but since Jackson Hole last week, we’ve actually had a decent market rally though one that lost a little momentum in the last 24 hours. Yesterday saw the S&P 500 (-0.16%) end a four-day winning streak after a sell off late in the US session, whilst the 10yr Treasury yield (-0.7bps) retreated for a 5th day running. Fresh China stimulus overnight (more below) has restored a little momentum as we start September.
For much of the final day of the month yesterday, markets were supported by the data alongside several central bank speakers who sounded cautious about further rate hikes. For instance in the US, the weekly initial jobless claims fell back to 228k over the week ending August 26 (vs. 235k expected), which is their third consecutive decline. Furthermore, the PCE inflation numbers for July were also in decent shape, and that’s the number the Fed officially targets. The important takeaway was that the year-on-year number for core PCE only rose a tenth to 4.2%, which is beneath the 4.3% estimate that Chair Powell cited in his speech last week. So things are running a bit better than the Fed was expecting even a week ago. Slightly concerningly, the supercore services measure often referred to by the Fed was up a strong +0.45% on the month. But more encouragingly, our US economists noted that the 1-month annualised rate of trimmed mean PCE was only +2.4%, its lowest since spring 2021. So take your pick.
In conjunction with the inflation data, we had several remarks from central bank officials that added to hopes they might be done with their rate hikes. That included Atlanta Fed President Bostic, who said that “I feel policy is appropriately restrictive”, and that “we should be cautious and patient and let the restrictive policy continue to influence the economy, lest we risk tightening too much and inflicting unnecessary economic pain.” Meanwhile at the ECB, Isabel Schnabel of the Executive Board said that recent developments “point to growth prospects being weaker than foreseen in the baseline scenario” in the June projections. She also said that whilst further rate hikes could be warranted, there was also an acknowledgement that “should our assessment of the transmission of monetary policy suggest that the pace of disinflation is proceeding as desired, we may afford to wait until our next meeting”. We also got the accounts of the ECB’s July meeting, which showed a moderation of the ECB’s hawkish bias. See our European economists’ reaction note here.
When it comes to the ECB’s decision in a couple of weeks, yesterday brought another piece of the jigsaw with the flash CPI print for August. That showed headline inflation remaining at +5.3%, whilst core inflation fell back two-tenths to +5.3%. While the core print was in line with consensus, our economists note that the underlying momentum was more encouraging, with services inflation easing slightly despite upside in volatile package holidays. The global trend, the inflation data, and the Schnabel remarks helped dial back the chances of a rate hike in September, with market pricing moving from a 55% chance at the previous close, down to 40% immediately prior to the CPI print (after Schnabel’s comments) and to 24% by the close. That’s the lowest chance the market has given a September hike since May, so as it stands we’re getting to the point where it would actively be a surprise if the ECB didn’t pause. In turn, those expectations of a pause led to a significant rally among European sovereign bonds, with yields on 10yr bunds (-8.1bps), OATs (-8.3bps) and BTPs (-7.7bps) seeing big declines.
Looking forward, we’ve got a couple of important releases today that might give us extra clues on the hard vs soft landing debate. The most important will be the US jobs report for August, which is out at 13:30 London time. Our US economists expect nonfarm payrolls growth to slow to +150k (consensus at +170k). That would be the slowest print since December 2020, and they see that causing the unemployment rate to move up a tenth to 3.6%. The other release of note will be the ISM manufacturing, which has now been in contractionary territory for 9 months in a row.
With another round of data to look forward to, US equities were in something of a holding pattern. Having started the day up by nearly +0.4% in the morning, the S&P 500 ended up closing -0.16% down after a late sell-off. Healthcare services (-2.65%) and banks (-0.73%) were among the underperformers. Meanwhile, tech stocks outperformed, with the NASDAQ (+0.11%) hitting a 4-week high as it eked out a fifth consecutive gain. Over in Europe, equities saw a subdued performance, with the STOXX 600 down -0.20%.
Asian equity markets are trading higher this morning as China ramped up its efforts to support the economy after the People’s Bank of China (PBOC) reduced the amount of foreign exchange that financial institutions must hold as reserves for the first time this year. Starting from September 15, the central bank will lower the forex reserve ratio to 4% from the current level of 6%, a move aimed at reining in yuan weakness. The offshore yuan did spike +0.5% on the news but has settled only +0.1% higher as we type. Additionally, China’s Caixin manufacturing PMI rose to 51.0 in August, the highest reading since February compared to a level of 49.2 in July.
In terms of equity market moves, the Nikkei (+0.53%) is leading gains overnight, while the CSI (+0.51%), the Shanghai Composite (+0.25%), and the KOSPI (+0.17%) are also trading in positive territory. Elsewhere, trading in Hong Kong has been suspended for today as the city is bracing itself for super Typhoon Saola. S&P 500 (+0.10%) and NASDAQ 100 (+0.07%) futures are trading slightly higher.
Looking back at yesterday’s other data, there was a decent +0.8% jump in US personal spending in July (vs. +0.7% expected) supporting the evidence of strong start to the quarter. However, the savings rate fell back to an 8-month low of 3.5% and incomes were a tenth below expectations at +0.2%. Otherwise, the MNI Chicago PMI for August rose to a one-year high of 48.7 (vs. 44.2 expected) and 42.8 last month. Earlier in the day, German retail sales for July disappointed (-0.8% vs +0.3% expected) in a latest sign of growth struggles for Europe’s largest economy.
To the day ahead now, and the main highlight will be the US jobs report for August. Otherwise, we’ll get the global manufacturing PMIs for August and the ISM manufacturing reading from the US. From central banks, we’ll hear from the Fed’s Bostic and Mester.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)/
2 c. ASIAN AFFAIRS
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 13.37 PTS OR 0.43% //Hang Seng CLOSED /The Nikkei CLOSED UP 91.28 PTS OR 0.28% //Australia’s all ordinaries CLOSED DOWN 0.37 % /Chinese yuan (ONSHORE) closed UP 7.2555 /OFFSHORE CHINESE YUAN UP TO 7.2569 /Oil UP TO 84.84 dollars per barrel for WTI and BRENT UP AT 87.69 / Stocks in Europe OPENED ALL MOSTLY MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
////SOUTH KOREA/NORTH KOREA/
END
2e) JAPAN
JAPAN
3 CHINA /
CHINA/
China cuts its foreign exchange reserves to 4% from 6% to free up dollars. This will be a temporary fix as the yuan should again next week to falter
(zerohedge)
China Cuts FX Reserve Ratio To 4%, Unlocking $19BN, In Most “Visible” Step Yet To Prop Up Slumping Yuan
THURSDAY, AUG 31, 2023 – 10:18 PM
Following the news two weeks ago that China had suffered the largest FX outflow in a year…
… when in July, China suffered $25BN in net outflows via onshore outright spot transactions, offset by $14BN inflows via freshly entered and canceled forward transactions and further outflows via the SAFE dataset on “cross-border RMB flows” which amounted to another $16BN in the month, resulting in net total of $26BN in July outflows, the most since Sept 22, Beijing started taking the accelerating collapse in the yuan very seriously.
So seriously that it not only declared war on yuan bears with the first ever 1000+ pip gap between the yuan fix and estimates, one which has persisted for the past two weeks culminating with a near record gap of 1,092 moments ago…
… but a few days later, the PBOC orchestrated the biggest offshore liquidity crunch in hopes of sparking a short squeeze, when the Hong Kong’s offshore yuan interbank rate climbed to the highest since 2018, making holding on to a short yuan position extremely painful.
Neither did much, and the yuan continued to drift not too far from its lowest level on record, just as Citi strategists Philip Yin and Gaurav Garg correctly predicted:
“A CNH funding squeeze could be a tactical tool and a signaling device, but unlikely the go-to tool in isolation. Overall, the combination of rate cut and other FX tools suggest that fundamental-driven yuan weakness is allowed but the pace is managed.”
So fast forward just a few more weeks, when Beijing revealed the latest tool in its devaluation-fighting arsenal (as the Fed is still stuck in “higher for longer” mode courtesy of the “strong” fake data published daily by the Biden admin and revised lower just a month later) when in the most visible step yet to prop up the bleeding yuan, China reduced the amount of foreign currency deposits banks are required to hold as reserves for the first time this year, to 4% from 6%, effective on Sept. 15.
Cutting FX reserve requirements has been a key part of the China’s playbook to support the yuan over the past two years. It last deployed the tool in September.
The move – which followed a bolder-than-expected deposit rate cut to alleviate potential CNY pressure – boosts the amount of foreign currency available in the local market, making it relatively more appealing for traders to buy the yuan. According to UBS estimates, a 2% cut in the FX RRR will unlock around $19Bn. The resulting increase in USD supply should cause USDCNH lower and so it did, although it is worth noting that after the previous September RRR cut, CNH strengthened by around 1% initially before weakening by 3% over the subsequent three weeks.
“Previous experience suggested that the yuan will be supported briefly by similar measures, but it has not been a step to turn around the direction of dollar-yuan in the medium-to-long term,” said Becky Liu, Head of Greater China Macro Strategy at Standard Chartered. “It is a widely expected move.”
China’s currency slid toward its weakest level since 2007 against the dollar in August, after a surprise interest-rate cut failed to boost investor sentiment damaged by ongoing economic weakness, but certainly weakened the currency further. The currency has fallen around 5% this year amid China’s yawning rate divergence with the US and is among Asia’s worst performers next to the yen and Korean won.
The offshore yuan rose 0.3% to around 7.255 per dollar after the news.
The PBOC has ramped up support for the currency via tools such as setting stronger-than-expected daily reference rate, prompting state banks to sell dollars and tightening offshore yuan liquidity to squeeze shorts. The moves are part of a series of stimulus measures, the latest of which was a reduction in down payments for mortgages to help the country’s under-pressure residential property market.
Becky Liu, head of China macro strategy at Standard Chartered, said that the PBOC’s latest move to reduce the required reserve ratio for foreign currency deposits will support the yuan (if only briefly): “It reaffirmed PBOC’s decisive stance to stabilize the CNY, and will not be a singular move”, and yes – the market demands much more.
“This is a very small amount and won’t be sufficient to narrow interest rate differential between CNY and USD by itself” she said adding that previous experience suggested that the CNY will be supported briefly by similar measures, but it has not been a step to turn around the direction of USD/CNY in the medium to long term.
“USD/CNH upside is now largely capped at 7.33-7.35, and we should expect a period of stabilization of the pair near term”
“We see this as a bid by authorities to improve FX funding onshore and to further lower the US-CH rate gap,” said Eddie Cheung, Senior emerging market strategist at Credit Agricole CIB in Hong Kong. “The rate gap has also narrowed since the macro-prudential adjustment coefficient for cross border financing but this is a step further.”
Alas, as with all the other modest, piecemeal steps implemented by the PBOC in recent weeks, any initial strength in the yuan will quickly fizzle as nothing short of a “whatever it takes” bazooka stimulus will be seen by markets as sufficient to prop up the economy, the currency or local markets
end
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
UK
THIS IS VERY VERY DANGEROUS!
(ZEROHEDGE)
Fake Jet Engine Parts Supplied To Repair Shops For Older Airbus And Boeing Planes
FRIDAY, SEP 01, 2023 – 11:05 AM
European aviation authorities have flagged a London-based firm for supplying “unapproved parts” for jet engines on older Airbus SE A320s and Boeing Co. 737s.
“Numerous Authorised Release Certificates for parts supplied via AOG Technics have been forged,” the European Union Aviation Safety Agency wrote in a statement to Bloomberg.
London-based AOG Technics sold CFM56 jet engine parts to third-party repair shops servicing older A320s and 737s. EASA said the parts had certificates the manufacturer could not authenticate or confirm “they were not the originator of the part.”
“Manufacturers and regulators sounded the alarm weeks ago, triggering a global scramble to trace parts supplied by AOG Technics and identify affected aircraft,” Bloomberg said.
EASA said the parts with “falsified Authorized Release Certificate” were for CFM56 engines installed on older narrow-body planes. The regulator has told airlines to quarantine parts that potentially could have fake documentation.
“The documentation of parts is a very critical issue,” said Klaus Mueller, a senior adviser at AeroDynamic Advisory and a former senior executive at MTU Aero Engines AG and Deutsche Lufthansa AG’s maintenance arm.
Mueller said, “The industry is taking this topic very, very seriously.”
This development is a significant headache for European airlines because how many parts with fake documentation AOG Technics flooded airlines with is still being determined.
Bloomberg said CFM International, the GE-Safran manufacturing venture of the engine, has alerted customers and shops about the fake certification documents and unapproved parts for the CFM56s.
EASA said if a part has falsified documentation, “then it is recommended that the part be replaced with an approved part.”
Yet more headaches for airlines operating older A320s and 737s because finding fake parts on their aircraft will take time. It also comes as aircraft parts are in short supply.
END
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
Robert to us:
NATO/RUSSIA
Zero hour for Moscow: “NATO forces from the Baltics attack with 21 drones against Russia’s Psko – Turks give details of the operation – WarNews247
People should be wary of what they wish for.
Hungary has effectively vetoed any more money from the EU, until the Ukraine accounts for the money Europe has given them. Thus no money coming now from Europe. The Biden Holiday parade is running out of time and money. But still has given direct military aid to Taiwan which is sure to piss off China. Who has real internal issues to overcome.
Russia will act slowly and might just shut down power to the Baltic and let them freeze. September will be ugly in the later half in a number of countries. As for ukraine this winter will be stark and cold.
Wow! this is a rare event: Jordan launches an airstrike on an Arab nation Syria. The attack was on a manufacturing building making Captagon (poor man’s heroin)
jordan Launches Rare Airstrike On Alleged Syrian Captagon Factory
THURSDAY, AUG 31, 2023 – 11:20 PM
Previously we described how what’s been dubbed “poor man’s cocaine” at as little as $3 a pill is threatening to proliferate across the Middle East and into Europe. The synthetic stimulant Captagon has been popular for years in parts of the Middle East and North Africa, and was big during ‘Arab Spring’ protests, but mainstream media of late has blamed the Assad government and allied militias for its now rapid spread.
Gulf countries and allies have especially stepped up the pressure on Damascus of late, accusing it of being behind state-backed trafficking which also allegedly involves Lebanese Hezbollah. On Thursday, Jordan appears to have taken the most drastic move yet to tap down on the Captagon trade, sending its air force to bomb an alleged drug factory in southern Syria, in a rare cross-border raid.
The large strike was in the village of Um Rumman, and no casualties were reported, with The Associated Press citing anti-Assad opposition activists to say a Captagon production plant was destroyed.
Syrian state media said that only a farm was blown up, thus denying the allegation it was a drug factory, while others said “the target was also used as a narcotics warehouse where smugglers would prepare and package illegal drugs before smuggling them across the southern border into Jordan.”
The village near where the strike to place is just near the Jordanian border. Apparently drug smugglers have frequently used the area for their drug trade logistics operations.
The Jordanians have seen the southern Syrian region of Sweida as a big problem, particularly ever since the Assad government put down the decade-long rebellion which put the country in the grips of war and instability, as the AP details of a prior incident:
In May, an airstrike over a village in the southern Sweida province killed a well-known Syrian drug kingpin and his family, which activists believe was conducted by the Jordanians. Amman has been concerned by militias’ drug smuggling across the Syrian border into the kingdom, most notably highly addictive Captagon amphetamines, which have turned into an estimated multi-billion-dollar industry in war-torn Syria.
Saudi Arabia and Gulf nations have reportedly been urging President Assad to stem the flow of Captagon from Syria as part of restored diplomatic ties, also at a moment Damascus has been re-embraced by the Arab League.
The drug was produced in the 1960s in the Germany, and in its medical form typically treats ailments like attention deficit disorders and narcolepsy.
It is certainly ironic and dubious that the West now widely blames the Assad government for the proliferation of Captagon, given that for much of the last decade it was anti-government insurgents known to be the heaviest users. At one point the pill even became known as “the drug of jihad”.
Reuters has previously detailed, “It was discontinued but an illicit version of the drug continued to be produced in eastern Europe and later in the Arab region, becoming prominent in the conflict that erupted in Syria following anti-government protests in 2011.”
The same report noted its prominence on the anti-Assad or “rebel” side. “The illicit version – also nicknamed ‘the drug of jihad’ or ‘poor man’s cocaine’ – is thought to be made of a mix of fenethylline, caffeine and other fillers. It generates focus and staves off sleep and hunger,” Reuters wrote. But now blame and pressure has been ramped up on the Syrians, as well as ‘pro-Iranian’ groups including Hezbollah.
lockdowns, any school closures or mask mandates or business closures, not one shielding, NOTHING worked, nothing Pandemicists did, the COVID Taliban, the inept corrupt PHAC, CDC, NIH, SAGE etc.
It’s all a 100% lie again, they lied from February 2020 on ALL things COVID fraud ‘made up’ fake PCR-driven ‘false-positive’ overcycled non-pandemic and are counting on you being mindless and in fear of their lockdown lunacy again! You must reject it all, for we warn again, you are killing yourself, hastening your death and destroying and subverting your functional immune system with these mRNA Malone, Kariko, Weissman, Bourla, Bancel, Sahin, Fauci, Francis Collins et al. You have immunity from natural exposure, do not layer vaccine antibodies on natural exposure natural immunity antibodies, as this is proving too much load of mRNA and spike protein for your body to handle, to dissolve and deal with. To much hyper-inflammation etc.
Stop being so very lunatic crazy, stop a moment and think, did anything they did for 3.5 years work? Why then would it work now? You are being made a foll of again and the result is high risk for you and death for some.
Ask the 20 Horsemen of the COVID Apocalypse to stand up now and speak out against this! Ask them what they did, each of them, ask them their roles as they worked to harm so many people. Ask them how they benefit now, direct or indirect incentives to ‘keep quiet’ on the real dangers. Not the bullshit contrived controlled barf and ‘pink’ fluffy worthy pieces they put out. As they try to absolve themselves from the death they brought with thier invention and then used in the vaccine.
See my prior seminal reviews on the failures of lockdowns (writing with McCullough, Risch, Tenenbaum, Dara, Oskoui etc.):
begin with incremental restrictions like masking TSA employees in mid-September; New COVID Fear Campaign For Lockdowns, Boosters & Masks In the U.S. and the UK
Biden Says He’ll ‘Get in Touch’ with McConnell After Freezing Episode, Bizarrely Deflects Re-Election QuestionREAD MORE…
LATEST NEWS:
Covid Shots Cause VAIDS in Children, Official Study WarnsRead more…Biden’s Alcohol Czar Gets Blasted for ‘Two Beer a Week’ AdviceRead more…Tucker Carlson Doesn’t Hold Back — Exposes Obama’s Secret, Warns of Trump Assassination and War with RussiaRead more…Hurricane Idalia hits Florida with 125 mph winds, flooding streets, snapping trees and cutting powerRead more…Investigations Into Fulton County D.A. Fani Willis Expand to State LevelRead more…Trump inflated his net worth by $2 billion and claimed he saved world from ‘nuclear holocaust,’ NY attorney general charges in unsealed filingsRead more…Leo Terrell Calls on Mitch McConnell to ‘Resign’ After Second ‘Freezing’ IncidentRead more…WATCH President Trump: “We Will NOT Comply!”Read more…
Investigations Into Fulton County D.A. Fani Willis Expand to State LevelIn the aftermath of Fulton County’s indictment of former President Donald Trump for legally contesting the 2020 presidential election results, Republicans have mobilized to investigate partisan District Attorney Fani Willis. It has launched a number of investigations into Willis, who has ties to the Democratic Party and has even fundraised for political opponents to Trump allies. Georgia state Senate Majority …READ THE FULL REPORT
Biden’s Alcohol Czar Gets Blasted for ‘Two Beer a Week’ AdviceThe White House is getting blowback for the unsolicited advice of Biden’s new “alcohol czar” to limit consumption to two drinks a week. This is ironic because if there was ever a presidency that makes you want to drink, it would be Joe Biden’s. On Tuesday, Fox News’ Peter Doocy confronted Karine Jean-Pierre on the Biden regime’s nanny state guidance …READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
(COURTESY GEIGER/OILPRICE.COM)
Russia Agrees On Further Oil Export Cuts, Will Reveal Deal Parameters Next Week
Russia will disclose the details of the deal with OPEC+ next week, Russian Deputy Prime Minister Alexander Novak told President Vladimir Putin on Thursday, according to Reuters.
Novak did not specify exactly which details would be disclosed.
Putin asked Novak at a televised government meeting if he had reached an agreement with OPEC+ to reduce oil supply. It was not immediately clear whether the deal involves production cuts, export cuts, or both.
“We have agreed, but we will announce the main parameters next week, publicly,” Novak replied.
The current deal Russia has with OPEC+ would see the country’s oil exports cut by 500,000 bpd. On top of this, Moscow has also promised to reduce its oil exports in August by another 500,000 bpd and to cut September shipments by 300,000 bpd.
The oil output cuts in Russia have been holding back its top producer Rosneft from fully realizing its potential, the chief executive of the state-controlled oil giant, Igor Sechin, said just one day earlier, on Wednesday.
“I should note that Rosneft has been limiting crude oil production in one way or another since 2017, which prevents the Company from fully unleashing its potential,” Sechin said in a statement discussing Rosneft’s first-half performance. Sechin has voiced repeated arguments against the production cut deal with OPEC+. In June this year, Sechin said that Russia is exporting a smaller share of its oil output, losing market share compared to other OPEC+ members. Some OPEC+ members are exporting up to 90% of their oil output while for Russia, the share is around 50% of the total, according to Rosneft’s top executive.
Bloomberg has, however, named Russia the victor in the oil production cuts, reducing production even more starting in July, while Saudi Arabia, for example, started making extra cuts in May.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
GABON/
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0841 DOWN 0.0001
USA/ YEN 145.37 DOWN 0.116 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2673 UP 0.0003
USA/CAN DOLLAR: 1.3509 DOWN .0001 (CDN DOLLAR UP 1 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 13.37 PTS OR 0.43%
Hang Seng CLOSED
AUSTRALIA CLOSED UP 0.15 % // EUROPEAN BOURSE: ALL MOSTLY MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY MIXED
2/ CHINESE BOURSES / :Hang SENG
/SHANGHAI CLOSED UP 13.37 PTS OR 0.43%
AUSTRALIA BOURSE CLOSED DOWN 0.37%
(Nikkei (Japan) CLOSED UP 91,28PTS OR 0.28%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1944.75
silver:$24.63
USA dollar index early FRIDAY morning: 103.62 UP 3 BASIS POINTS FROM THURSDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2619
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7,2706)
TURKISH LIRA: 26.71 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.620…VERY DANGEROUS
Your closing 10 yr US bond yield UP 9 in basis points from THURSDAY at 4.179% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.297 UP 12 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 4.856 DOWN 1 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates FRIDAY: CLOSING TIME 12:00 PM
London: CLOSED UP 25.41 POINTS or 0.34%
German Dax : CLOSED DOWN 106.74 PTS OR 0.67%
Paris CAC CLOSED DOWN 19.93 PTS OR 0.27%
Spain IBEX DOWN 56.30 PTS OR 0.59%
Italian MIB: CLOSED DOWN 181.03 PTS OR 0.67%
WTI Oil price 82.55 12: EST
Brent Oil: 85.63 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 96,29; ROUBLE DOWN 0 AND 27//100
GERMAN 10 YR BOND YIELD; +2.5295 UP 6 BASIS PTS
UK 10 YR YIELD: 4.4465 UP 5 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.07774 DOWN 0.0065 OR 65 BASIS POINTS
British Pound: 1.2573 DOWN .0078 or 78 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.445% UP 5 BASIS PTS//
JAPAN 10 YR YIELD: .628%
USA dollar vs Japanese Yen: 146.13 UP 0.650 //YEN DOWN 65 BASIS PTS//
USA dollar vs Canadian dollar: 1.3596 UP .0086 CDN dollar DOWN 86 basis pts)
West Texas intermediate oil: 85.81
Brent OIL: 88.74
USA 10 yr bond yield UP 9 BASIS pts to 4.175%
USA 30 yr bond yield UP 10 BASIS PTS to 4.287%
USA 2 YR BOND:UP 1 PTS AT 4.868 %
USA dollar index: 104.40 UP 61 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 26.71 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 96,09 UP 0 AND 6/100 roubles
GOLD 1940.95
SILVER: 24.20
DOW JONES INDUSTRIAL AVERAGE: UP 115.80 PTS OR 0.33%
NASDAQ 100 DOWN 10.21 PTS OR 0.066%
VOLATILITY INDEX: 13.09 DOWN 0.48 PTS (3.54)%
GLD: $180.11 UP 0.09 OR 0.05%
SLV/ $22.17 DOWN 0.22 OR 0.98%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM
Biggest Weekly Short-Squeeze Since Jan Lifts Stocks; Crude Jumps, Crypto Dumps
FRIDAY, SEP 01, 2023 – 04:00 PM
Quite a week… sticky (or rising) inflation, mostly bad picture of the labor market, and sentiment softens – not exactly the goldilocks/soft-landing that The Fed and most of the talking heads keep dreaming of and in fact more stagflationary signals evident.
‘Hard’ data disappointed this week and fell to 4 month lows while ‘soft’ survey data surged back near cycle highs on the heels of hope…
Source: Bloomberg
Overall on the week, STIRs pushed dovishly lower…
Source: Bloomberg
That dovish tilt supported stocks all week – even with today’s post-payrolls weakness – for big gains in Nasdaq and Small Caps (best week since March)…
The kneejerk reaction to payrolls was higher in stocks but as soon as the cash market opened, The Dow, S&P, and Nasdaq were hit by selling (higher rates, lower stocks) but the last hour saw a 0-DTE covering-driven bounce back into the green for all but Nasdaq…
And all on the back of the biggest weekly short-squeeze since January (‘most shorted’ stock up almost 7%)…
Source: Bloomberg
For the 3rd day in a row, NVDA was unable to break above its $500 Call-Wall level…
Staples and Utes ended lower on the week while Tech, Materials, and Energy led the gains…
Source: Bloomberg
Treasury yields exploded higher today after the payrolls data to wreck the week’s trend and push the long-end higher on the week (30Y +1bps, 2Y -21bps)…
Source: Bloomberg
Which steepened the yield curve (2s30s) dramatically – up near recent highs. The 2s30s curve has risen for 5 straight sessions…
Source: Bloomberg
But, it is worth pointing out today’s huge jump in yields (despite the broad weakness in jobs data) after a kneejerk lower (that’s a 15bps spike in 10Y yields)…
Source: Bloomberg
Here are 10 possible reasons for the surge in yields (via Bloomberg)…
Hollywood strikes and Yellow Corp. bankruptcy cut 54,000 from August jobs. Without that, non-farm payrolls would have been closer to ~240,000
Debunking the decline in August average hourly earnings, noting it might be temporary. Companies still plan to hike wages. A special question in Monday’s Dallas Fed Manufacturing report showed companies expect to raise wages by 5% this year. That’s above the level of inflation and something that can keep the consumer spending — putting a floor under inflation
The slight rise in hours worked in August gives credence to Thursday’s Chicago PMI report whereby there were glimmers that business activity is getting back on track after a soft patch
US August ISM Manufacturing index saw rises in the overall index, production, backlogs, lead times, prices paid and employment
Money managers sold the long end and fast money did steepeners in swaps. Traders are short and letting those winning positions ride
Mortgage origination has picked up. It’s $800 million so far today, that’s up from its typical $500 million pace
Preparations for an onslaught of corporate supply
Breakout in crude oil as OPEC+ supply cuts tighten market. Option bets on $100 oil are also rising as supplies tighten
Saudi Arabia Aramco is considering selling $50 billion in shares. It would be advantageous for the Kingdom to keep oil supplies tighter thus prices higher through the offering
Federal Reserve Bank of Cleveland President Loretta Mester said inflation remains too high despite recent improvements, and the labor market is still strong
The dollar ended the week marginally higher after exploding back to Tuesday’s PCE highs and Friday’s Jackson Hole highs…
Source: Bloomberg
Crypto had an ugly week, legging lower again today as the dollar spiked, with Bitcoin back below $26,000. After three weeks hugging 26k, we spiked on the SEC losing but then three selling legs wiped all that lipstick off the pig…
Source: Bloomberg
Energy dominated in commodity-land this week (led by NatGas) while silver was flat and Spot Gold improved…
Source: Bloomberg
WTI soared to its biggest week since March, reaching akmosty $86, the highest since Nov 2022…
Source: Bloomberg
Gold (spot) rallied for the second week in a row, topping $1950 back at one-month highs…
Source: Bloomberg
Finally, while many continue to grasp the ‘soft-landing’ straw narrative, we note that despite the headline payrolls number surprising slightly to the upside, temporary help and weekly hours worked continue to point to a weakening jobs market, consistent with a drop in yields…
Source: Bloomberg
Employers typically cut hours worked and temporary staff before they lay off full-time employees. The data suggests that underlying pressures are building, and job losses should start to rise more rapidly in the coming months.
This is consistent with the message from other leading indicators, such as higher claims and tighter consumer credit conditions.
And at the same time, ‘core services’ inflation jumped to its second highest since 1985…
The wheels are coming off the jobs scene…a must read
(zerohedge)
August Unemployment Rate Unexpectedly Spikes As Payrolls For Every Month In 2023 Is Revised Sharply Lower
FRIDAY, SEP 01, 2023 – 08:59 AM
Ahead of today’s payrolls report consensus was already ugly enough, with some of the largest banks expecting a number well below expectations (JPM was at 125K, Citi at 130K, Goldman at 149K vs median consensus of 170K). And while moments ago we got a number which was at least nominally stronger than expected, the report in general was weak enough to suggest that – as we expected – the wheels are finally coming off the US labor market (as this week’s JOLTS report strongly hinted).
With that preamble out of the way, moments ago Biden’s BLS (Bureal Of Lies and Statistics) reported that in August, the US added 187K jobs, and beating the consensus estimate of 170K…
Superficially this would have meant an unchanged print from last month when the BLS also reported 187K jobs, however in keeping with recent trends that number was revised – drumroll – lower again, to 157K, meaning that every single monthly payrolls print in 2023 has been revised lower (see chart below), a 12-sigma probability and virtually impossible unless there was political pressure to massage the data higher initially and then revise it lower when nobody is looking.
But wait there’s more: while July was revised down by 30K from +187,000 to +157,000, June was revised even more, by 80,000, from +185,000 to +105,000, which means that a number that was originally reported as 209K has been reivsed 50% lower, to 105K and a collapse vs original expectations of 230K. Here, the BLS was proud to report that “with these revisions, employment in June and July combined is 110,000 lower than previously reported.”
In other words, we now wait for the August payrolls number to be revised sharply lower as well because that’s how Biden’s handlers roll.
Turning to the unemployment rate, things here get really ugly: instead of the 3.5% expected print, in August the unemployment rate jumped to 3.8%, up sharply from 3.5% in July, and the result of 514K newly unemployed workers as the total civilian labor force increased by 736K individuals, as there were 597,000 new entrants in the labor market, people looking for work for the first time, and the highest level since October 2019. This confirms what we have been seeing: the savings are tapped out and credit cards are maxed out.
The jump in the unemployment rate means that the economy was only able to absorb a net 77K of them in August. At the same time, this surge in new workers also suppressed wage growth (as noted below).
Among the major worker groups, the unemployment rates for adult men (3.7 percent), Whites (3.4 percent), and Asians (3.1 percent) rose in August. The jobless rates for adult women (3.2 percent), teenagers (12.2 percent), Blacks (5.3 percent), and Hispanics (4.9 percent) showed little change over the month. The silver lining was that the participation rate actually rose from 62.6% to 62.8%, and is gradually catching up to where it was before the pandemic.
Next, turning to wage growth, August payrolls rose 0.2% MoM, down from 0.4% last month and missing expectations of 0.3%. On an annual basis, the 4.3% print came in as expected, and down modestly from 4.4% last month.
Some more details: In August, average hourly earnings for all employees on private nonfarm payrolls rose by 8 cents, or 0.2 percent, to $33.82. Over the past 12 months, average hourly earnings have increased by 4.3 percent. In August, average hourly earnings of private-sector production and nonsupervisory employees rose by 6 cents, or 0.2 percent, to $29.00.
The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.4 hours in August. In manufacturing, the average workweek was 40.1 hours for the fifth month in a row, and overtime edged down by 0.1 hour to 3.0 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged up by 0.1 hour to 33.8 hours.
Of note, as the WSJ fed whisperer Nick Timiraos reminds us, “July had two more weekend days than June, which tends to bias upwards the monthly wage print. August went the other way (two fewer weekend days than July). It doesn’t affect the YoY number, but it likely overstates July m/m wage gains and August wage softness.” In other words, wage growth was even lower.
Looking at the goalseeked data in more detail we find the following sector breakdown:
In August, health care added 71,000 jobs, following a gain of similar magnitude in the prior month. Over the month, job growth continued in ambulatory health care services (+40,000), nursing and residential care facilities (+17,000), and hospitals (+15,000).
Employment in leisure and hospitality continued to trend up in August (+40,000). The industry had gained an average of 61,000 jobs per month over the prior 12 months.
Employment in social assistance increased by 26,000 in August, in line with the prior 12-month average gain (+22,000). Over the month, job growth continued in individual and family services (+21,000).
Construction employment continued to trend up in August (+22,000), in line with the average monthly gain over the prior 12 months (+17,000). Within the industry, employment continued to trend up over the month in specialty trade contractors (+11,000) and in heavy and civil engineering construction (+7,000).
Transportation and warehousing lost 34,000 jobs in August. Employment in truck transportation fell sharply (-37,000), largely reflecting a business closure. Couriers and messengers lost 9,000 jobs, while air transportation added 3,000 jobs.
Employment in professional and business services changed little in August (+19,000) and has shown essentially no net change since May. Professional, scientific, and technical services employment continued to trend up over the month (+21,000).
Information employment changed little in August (-15,000). Within the industry, employment in motion picture and sound recording industries decreased by 17,000, reflecting strike activity. Job losses continued in telecommunications (-4,000).
Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; retail trade; financial activities; other services; and government.
Of note here, the Hollywood strikes removed 17,000 from August payrolls. Within the information category, employment in motion picture and sound recording industries was down. The BLS also highlighted that the “employment in truck transportation fell sharply (-37,000), largely reflecting a business closure” referring to the Yellow bankruptcy, the first of many.
The data is even uglier if one looks at the composition because in August, the number of full-time workers tumbled by 85K. Add that to the 585K full time jobs lost in July and you get a whopping 670K full-time jobs lost. This however has been “offset” by 1 million part-time jobs gains. And that’s all you need to know about “Brandonomics” folks.
Bottom line: as we said in our preview, that wheels are indeed coming off the labor market, but the BLS is doing its best to make the hit as comfortable as possible. Meanwhile, as Bloomberg’s Enda Curran writes, on a net basis, “these figures probably don’t change the Fed debate. They broadly show a labor market that’s cooling at a very controlled space, in line with slowing inflation. That’s a good outcome, but it’s unlikely the Fed will declare mission accomplished.”
Below we share some more hot takes on today’s print:
li Jaffery, an economist at CIBC Capital Markets, has this take: “Overall, today’s report underscores that rebalancing in the labor is picking up pace and softening in labor demand could translate into even weaker income and spending ahead.”
Rubeela Farooqi, chief US economist at High Frequency Economics:
“We think these data support the case for no rate hike at the September FOMC meeting. As for the rate path past September, our base case remains that the Fed is at the end of the rate-hiking cycle. However, with the economy reaccelerating, posing a potential upside risk to inflation, another increase in rates later this year cannot be taken off the table.”
Richard Flynn, managing director at Charles Schwab UK:
“While Jerome Powell recently reassured the market that progress is being made against inflation, he did so with the caveat that if the labor market remains strong, more work still might be needed. Today’s report may signal to the Fed that inflation could remain elevated, prompting them to continue rate hikes in months to come.”
Peter Tchir of Academy Securities
“I think today’s number is perfect for that and think we could squeeze nicely into a new month!… If anything, the data is almost weak enough to spur recession fears, but I don’t think there is enough in here for that, and the reality is the Fed must be jumping up and down with joy about the unemployment rate — not just that it moved higher, but that it moved higher for all the right reasons!”
Derek Tang, economist with LH Meyer/Monetary Policy Analytics.
“Under the surface of the strong headline payroll print there is some support for the doves’ preference for no more hiking. After all, we are seeing negative revisions to previous months, slightly lighter wage growth, and still-rising participation. A September hike hasn’t been the base case, and this only rules it out more. The real issue is how to square it with the super-strong growth numbers we’re seeing. That will keep the FOMC hesitant to declare an end to rate hikes. The window for another hike begins in November.”
Ali Jaffery, economist at CIBC Capital Markets:
“Overall, today’s report underscores that rebalancing in the labor is picking up pace and softening in labor demand could translate into even weaker income and spending ahead.”
END
The truth on the jobs report
The B/D plug was 103,000 jobs. We lost 670,000 full time jobs only to replaced by so called 900,000 part time jobs
And they bring on Mester (Fed Cleveland) to state that the jobs report is strong
Inside Today’s Disastrous Jobs Report: 670K Full-Time Jobs Lost In 2 Months Vs 1 Million Part-Time Surge; Worst Unadjusted August Payrolls Since Great Recession
FRIDAY, SEP 01, 2023 – 11:45 AM
While the prevailing post-payrolls narrative has focused on the divergence between the stronger than expected (if soon to be revised lower) headline payrolls print (which at 187K came in just above expectations of 170K but followed two sharply downward revised months) and the unexpected spike in the unemployment rate from 3.5% to 3.8%, the highest since Feb 2022, a closer look at the details of today’s jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is.
Let’s start with revisions.
Regular readers are aware that earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which – without fail – had been revised lower…
… and this month was no different. In fact, as shown in the chart below, the jobs print from every single monthhas been revised lower! Why? So that the White House can take credit for a strong number (one which also sparks algorithmic buying in the market) only to quietly revise it lower one and two months later when nobody is looking to ease the glideslope for the coming recession.
But that’s just the start. Next we turn to the numbers behind the headline job prints which were actually not that terrible: the monthly nonfarm payrolls (from the Establishment Survey( may have been weak at 187K but the far more accurate Household Survey showed that the number of Employed workers actually increased by 268K to 161.3 million, the second month in a row the Household Survey bested the Establishment.
So far so good. There are just two problems with this number. First, the Birth-Death (B-D) model, which is integrated into the BLS’ Current Employment Statistics (CES) release, which contains the NFPs and which serves as one of the core “tweak” layers which the BLS uses to adjust the actual, raw underlying jobs number and goalseek a desired jobs number. It will not come as a surprise to many that in August, the Birth Death adjustment saw the fifth consecutive upward boost in a row, and at 103K, it followed the second highest contribution of 2023 when July B-D added 280K. In other words, more than half of all job “gains” were again the result of the BLS assuming that newly “birthed” “businesses created at least 103K new jobs, a number which is not based at all on observable facts but is a regression to some historical trendline which only the BLS is privy to.
Unfortunately, it gets much worse, because while the Establishment Survey only looks at jobs quantitatively, the Household Survey (which again was stronger this month) also looks at the quality of jobs gained or lost, and specifically it breaks down the jobs into full-time and part-time jobs (Source: Table A-9).
Well, one look at this month’s adjustment and it’s literally a shocker: you will not hear anyone from the Biden admin or associated economist cheerleaders mention this, but the BLS reported that in August the number of full-time jobs dropped again, sliding by 85K to 134.2 million, and followed the whopping 585K plunge in July which brings the two-month total drop in full-time jobs to a whopping 670K, the biggest 2-month plunge since the covid lockdowns in early 2020 when 12.5 million full-time jobs were lost in one month!
But if full-time jobs crashed how did the BLS get an increase of 222,000 employed workers? Simple: it was all in the latest jump of part-time workers. Indeed, in August the number of reported part-timers jumped by 32K and when added to the near-record 972K surge in July, the 2-month total was just over one million – 1,004,000 to be precise – to 27.185 million.
Going back to a quantitative read of the data, we look at the number of multiple jobholders – those workers who have to work more than one job at a time to make ends meet. In August this number was actually a modest silver lining, as it dropped by July, that number dropped by 85K to 8.028 million, but it remains just shy of the pre-covid record.
But wait, there’s more: as we noted last night, the August payroll is a made-up number almost entirely driven by the Seasonal Adjustments, and as SouthBay Research notes, in August, the Seasonal Adjustment created 159K of the 179K Private Payroll growth. 90% of the total.
Meanwhile, as SouthBay notes, it has been 6 months since the government formally ended COVID shelter-in-place. Yet the Payroll model mechanics continue to behave as if special treatment is needed. Indeed, this has been reflected all year in the absurdly bullish Seasonal Adjustments. As shown in the next chart, the un-distorted data (the non seasonally adjusted data) paints a very concerning picture of weak hiring.
In short, unadjusted hiring was the second worst since the Great Recession in 2009!
As SouthBay summarizes it, “Hiring is at a standstill…. to suggest that the labor market is strong is not supported by the actual data.”
Putting it all together, if one believes the headlines, in August the US added 187K jobs, and the number of employed workers rose by 222K. However, taking a closer look at the adjustments applied to the actual data, and its composition, we find not only that the unadjusted increase was just 20K jobs, or the worst August since the global financial crisis, but that in August, the number of well-paid, full-time workers actually dropped by 85K, offset by a 32K rise in part-time workers.
Adding to the striking July moves, we get a 670K drop in full-time workers in the past months, offset by a 1,004K jump in part-time workers. No wonder then that multiple-jobholders are just shy of all time highs, who have discovered that to keep up with the economic miracle that is “Brandonomics” they need to work (far) more than just one job.
In short: August was another dismal month for the jobs market, which is why we expect the usual theater: non-stop spin and lies from the Biden admin, and not a single relevant question from the liberal media whose job is not to educate or inform, but to carry water, spread lies and enable propaganda.
TUCKER CARLSON…interviewing Dave Portnoy!
Fox “Is Run By Small-Minded, Fearful Women”, Trump “Broke A Lot Of People’s Brains” – Tucker & Portnoy Talk Politics, PENN, & Pizza-Fights
THURSDAY, AUG 31, 2023 – 08:00 PM
Barstool Sports owner Dave Portnoy joined Tucker Carlson for a ‘Tucker On X’ discussion that ranged from “the greatest business deal in history” to the problems businesses have dealing with regulatory bureaucracy (once its clear they don’t like you) to a fight with a pizza store owner to media bias and finally, Tucker reflected on his exit from Fox.
Having sold Barstool Sports to PENN Entertainment, and pocketing $100 million, Portnoy recently took his company back for the princely sum of $1 and tries to explain what led PENN to make this decision.
“We underestimated the regulators… how difficult they could make this,” given that they did not like some of the things that Barstool was saying.
“Everything we did was met with resistance so it made it really hard for this PENN-Barstool relationship to prosper and I think PENN got to the point where they said we are not getting the results we wanted,” he added
The powerful, appointed (not elected) regulators seemed to have a clear agenda against Barstool, perhaps, Portnoy says, because they did not know who we were.
“It’s very hard to get truthful information… everything’s so political, everything’s got an agenda.”
Portnoy, who interviewed President Trump during his term in office, said the liberal media makes him out to be “Hitler,” even more so after he strongly opposed the COVID lockdowns.
“The rise of Trump has exasperated how people think in this country, He’s broken a lot of people’s brains.”
“I was very pro-Trump when he started running because I thought he would break the political system,” and that was that, the media proclaimed “you’re pro-Trump, doesn’t matter what you say for the rest of your life.”
The media “crucified” him, he says, “you went on Tucker, you must be this… you interviewed Trump, you must be this… people don’t listen, they just make snap judgments… it’s a sad state of affairs.”
Portnoy brings up the issue when Business Insider tried to smear him, “they just made shit up about me, there’s zero truth about anything they said about me.” The reason was simple, he explained, “they were a sinking ship, run by a crook” – referring to Henry Blodgett (“the greatest scumbag of all time”) of dot-com-bubble-analyst-fraud infamy, “and they just needed subscriptions.”
Portnoy also shared a video of him getting into a fight with a pizza restaurant owner – over a bad review that the Barstool boss gave him (around 31: 30 in the clip)…
“This is my spot. I hope you enjoy your pizza. But I don’t appreciate what you do to small businesses,” the owner said.
“Fuck you,” Portnoy responded, raising his middle finger. “Fuck you.
Then the pair discussed Tucker’s exit from Fox, “I’m not exactly sure what I said that was bad… and one day for whatever reason they’d had enough.”
Carlson says the Murdochs “were always nice to me… they never got in my way” but noted that he “was not expecting it,” and added that “there were small minds… it’s a company run by fearful women… second-tier people who would hassle my producers.”
Carlson notes “my view on the war on Ukraine was really hated,” explaining that he was never pro-Russian, but took the view that “this is not our fight, this is not good for us… we should put an end to the war, because people die in war.”
That was considered “crazy pro-Kremlin propaganda, and they were very very mad about that.”
Finally, Portnoy brings up Mitch McConnell’s recent ‘glitch’, and asks “how are these people running our country?”
Money market inflows reaching a new record of 5.5 trillion. Also usage of the Fed’s emergency facility hits a new record of 108 billion dollars
(zerohedge)
Banks’ Usage Of The Fed’s Emergency Facility Hits New Record High As Money-Market Fund Inflows Resume
THURSDAY, AUG 31, 2023 – 04:41 PM
After last week’s brief (and small) dip, US money-market funds saw inflows once again last week, adding $14.4BN to reach a new record high of $5.5TN…
Source: Bloomberg
Retail funds saw inflows for the 19th straight month (+3.5BN) and Institutional funds returned to inflows (+10.9BN) after a $10.1BN outflow last week…
Source: Bloomberg
Although bank deposits did see significant outflows last week, the decoupling between money-market fund inflows and bank deposits continues…
Source: Bloomberg
The Fed’s balance sheet shrank by $17.75BN last week to its lowest sicne July 2021…
Source: Bloomberg
The Fed’s QT continues with $13.9BN of securities sold last week to its lowest level since June 2021…
Source: Bloomberg
Usage of The Fed’s emergency funding facility for banks reached a new record high of $108BN (up $144MN last week)…
Source: Bloomberg
Breaking down the details of the H/4/1…
MBS down $24BN as a result of QT
Discount window usage up $700MM to $2.9BN
BTFP up $150MM to $107.5BN, new record high
Other credit extensions (FDIC loans) down $2.8BN to $134.4BN
Finally, while US equity markets were lower in August, they remain notably divergent from their historical relationship with bank reserves at The Fed…
Source: Bloomberg
We leave you with one thought – in 6 months and counting, America’s ‘smaller’ banks will need to find that $100-billion plus from somewhere as that is when the BTFP bailout program ends (theoretically). Will regional bank balance sheets be stabilized by then? They better hope for a serious recession to smash yields back down (and TSY prices up).
III) USA ECONOMIC STORIES
USA// COVID//VACCINE/
Senator Johnson is very angry: he claims correctly that the CDC abused its authority and engaged in a censorship campaign of COVID 19 vaccine injuries etc.
(Roberts/EpochTimes)
Sen. Johnson Claims CDC ‘Abused Authority,’ Engaged In ‘Censorship Campaign’ Of COVID-19 Vaccine Posts
Sen. Ron Johnson (R-Wis.) has accused the Centers for Disease Control and Prevention (CDC) of working with Big Tech to censor his social media posts about COVID-19 vaccines.
In an Aug. 28 letter to CDC Director Dr. Mandy Cohen, the Republican lawmaker said he is continuing to review the health agency’s alleged efforts to “coordinate with social media companies to censor COVID-19 vaccine information.”
Mr. Johnson stated that, based on information he has allegedly received from Elon Musk’s X Corp., along with documents made public through the discovery process of state-led lawsuits against the Biden administration, “it is clear that CDC abused its authority by engaging in a censorship campaign to suppress and discredit certain viewpoints it labeled as ‘misinformation.'”
The Wisconsin senator, who has been a vocal advocate for people who claim to have been injured by COVID-19 vaccines, went on to cite the censorship of his own Jan. 3, 2022 post on X, formerly known as Twitter, in which he highlighted data from the U.S. Vaccine Adverse Reporting System (VAERS) database.
In that post, Mr. Johnson wrote: “Sadly, we passed two milestones on VAERS. Over 1 million advisers events and over 21,000 deaths, 30 percent of those deaths occurred on day 0, 1, or 2 following vaccination.
“When will federal agencies start being transparent with Americans? Why do they continue to ignore early treatment?” he concluded.
The post, which included a screenshot of the data from VAERS, was labeled “misleading” in a note explaining that health officials consider COVID-19 vaccines to be “safe for most people.”
According to Mr. Johnson, who is the ranking member on the Senate’s Permanent Subcommittee on Investigations, all replies, shares, or likes of the post were subsequently blocked.
The lawmaker claims he later questioned officials at Twitter—prior to Mr. Musk’s takeover—as to why his post had been labeled “misleading” but received no response.
He was later told by the platform’s new leadership that executive branch officials, particularly from the CDC, “communicated with social media companies, including Twitter, about ‘COVID vaccine misinformation.'”
Sen. Johnson Demands Answers
“The information Twitter provided showed a clear and concerted effort by the CDC to censor those who tweeted about VAERS data,” Mr. Johnson wrote.
Concluding his letter, the senator asked the CDC to hand over documents and information detailing interactions between all its employees and those at X—as well as other social media platforms including Facebook, and YouTube—regarding 10 specific people who expressed skepticism over the vaccines and lockdowns, starting Dec. 1, 2019.
The 10 individuals include Brianne Dressen, a former preschool teacher in Utah who was left severely injured after participating in AstraZeneca’s COVID-19 vaccine clinical in November 2020, renowned Stanford epidemiologist John Ioannidis, Democratic presidential candidate Robert F. Kennedy Jr., critical care physician Pierre Kory, Alabama-based Army surgeon Lt. Col. Theresa Long, Robert Malone, cardiologist Dr. Peter McCullough, professor of epidemiology Dr. Harvey Risch, and Aaron Siri, an attorney who has led multiple high-profile cases against vaccine manufacturers and federal health agencies since the pandemic began.
Mr. Johnson also asked that the CDC hand over any communications regarding him.
Additionally, the lawmaker requested all documents pertaining to CDC communications with both private sector companies and federal agencies regarding the censorship of online speech or COVID-19 misinformation policies, and a list of all the social media posts that were flagged by the CDC as “containing misinformation, disinformation, or generally disfavored speech.”
He gave the CDC until Sept. 11 to hand over the documents.
The Epoch Times has contacted the CDC for comment.
Earlier this month, Mr. Johnson raised concerns over the “alarming” decision by a small number of firms, hospitals, and schools to reinstate mask mandates again amid reports of several new COVID-19 variants, including one that the CDC believes could potentially evade vaccines.
Also this month, the senator urged the Department of Health and Human Services’ inspector general to launch an investigation into whether or not government scientists concealed critical information about COVID-19 from the public.
end
Trump is correct: THe new COVID variant news is nothing but fear mongering and a ploy to rig 2024 election
(Ozimek/EpochTimes)
Trump Says Fear-Mongering About New COVID Variants A ‘Lunatic’ Ploy To Rig 2024 Election
Former President Donald Trump on Wednesday accused “left-wing lunatics” of fear-mongering about new COVID-19 variants in order to justify the reintroduction of their left-wing lockdown and mandate policies, which included the use of drop boxes and mail-in ballots in 2020, in a bid to rig the 2024 election.
President Trump made the remarks in a video posted on Aug. 30 on Truth Social, saying that his message should serve as a warning to every COVID-19 “tyrant” who not only wants to “take away our freedom” but who would be playing into the hands of those wanting to exploit COVID-19 restrictions to interfere in next year’s election.
“The left-wing lunatics are trying very hard to bring back COVID lockdowns and mandates with all of their sudden fear-mongering about the new variants that are coming,” President Trump said in the video.
Recently, there’s been a torrent of media reports about a new COVID-19 variant circulating, while President Joe Biden said last week that all Americans would likely be advised to get another booster.
In his video message, President Trump said that his political opponents are eager to leverage COVID-19 “hysteria” for political ends.
“They want to restart the COVID hysteria so they can justify more lockdowns, more censorship, more illegal drop boxes, more mail-in ballots, and trillions of dollars in payoffs to their political allies heading into the 2024 election,” the former president said.
He charged that “they rigged the 2020 election and now they’re trying to do the same thing all over again by rigging the most important election in the history of our country, the 2024 election, even if it means trying to bring back COVID.”
President Trump has maintained that he believes he was was robbed of victory in 2020, due in part to last-minute changes to election rules that removed some guardrails for mail-in ballots and, at least in theory, made it easier to cheat.
While the former president lost nearly all of his election-related lawsuits, many were dismissed not on merit but on technicalities like the doctrine of laches, which basically says that a legal challenge was brought too late and prejudiced the defendant.
‘We Will Not Comply’
A number of conservative commentators have pointed to the sharp rise of COVID-19-related media reporting in recent weeks, while pointing to the threat of renewed restrictions for civil liberties—and the upcoming election.
Turning Point USA founder Charlie Kirk has claimed there’s a plot to push “COVIDian tyranny” and “lock you down again just in time for the election” and facilitate the launch of a “Marxist-type revolution.”
Former member of Congress Ron Paul penned an op-ed on LewRockwell.com saying that the threat supposedly posed by the new COVID-19 variant is being amplified across media platforms “just in time for election season.”
“Why are they coming back around for another round of Covid tyranny?” Mr. Paul wrote. “Fear is a weapon to gain control.”
“Last time around, they generated fear to radically change how America voted. Suddenly, everyone was mailed ballots. How closely were they checked? No one knew and no one dared ask. The people who did ask about the election are now facing jail terms,” Mr. Paul wrote, presumably referring to some Jan. 6 defendants.
“They want us to shut up while they do it again. Will we?” Mr. Paul asked.
In his message, President Trump delivered a forceful response to this question, which has been expressed in one form or another by numerous conservative commentators.
“Don’t even think about it,” President Trump said, addressing his remarks to “every COVID tyrant who wants to take away our freedom.”
“Hear these words: We will not comply!” the former president continued. “We will not shut down our schools, we will not accept your lockdowns, we will not abide by your mask mandates, and we will not tolerate your vaccine mandates.”
The former president then said that if elected president in 2024, he would use every available authority to push back on mask and vaccine mandates, giving as an example cutting federal funding to any college or airline that imposes such mandates.
“They will fail because I will not let it happen,” the former president said.
‘Likely To Be Recommended’
President Trump’s remarks comes as COVID-19 hospitalizations have been on the rise across the country, with three new variants of the disease said to be spreading.
Multiple drug companies, including Pfizer, Novavax, and Moderna, have introduced new vaccines they say will be effective to protect against the COVID-19 variant of interest EG.5, or Eris—although the vaccines do not protect against transmission.
President Biden told reporters in South Lake Tahoe, California, on Aug. 25 that he had asked for more funding for a new COVID vaccine.
“I signed off this morning on a proposal we have to present to the Congress, a request for additional funding for a new vaccine—that is necessary, that works,” President Biden said.
“And tentatively, not decided finally yet, tentatively it is recommended—it is likely to be recommended—that everybody get it, no matter whether they got it before,” he added.
Centers for Disease Control and Prevention (CDC) officials recently told reporters that the vaccines are expected to become available to the public in mid-September, though they are still pending approval from the Food and Drug Administration (FDA).
An independent CDC advisory committee is scheduled to meet on Sept. 12 to vote on recommended guidelines for eligibility for the new COVID-19 shots.
Nathan Worcester contributed to this report.
end
SWAMP STORIES
This is awful: reports of cartel run theft rings are a major reason for retail shrink
In a shocking but not surprising twist, a new report reveals a Mexican cartel connection in America’s retail theft epidemic that cost companies like Walmart, Target, Kohl’s, Home Depot, and Foot Locker, among others, $100 billion last year. Amid the chatter on earnings calls, the number of times CEOs mentioned “shrink” – the loss of inventory due to circumstances such as retail theft – surged to a record high. Yet again, this is another consequence of failed open border policies pushed by radicals in the Biden administration that flooded the nation with millions of illegal aliens.
We’ve all seen the videos posted on X, formerly known as Twitter, of masked criminals raiding retailers. Now, the Washington Examiner explains some of those thieves are tied to Mexican cartels:
Mexican cartels are behind the spike in organized retail crime and are deeply entrenched in every level of the process, according to the federal government’s chief investigative agency.
Retailers nationwide sustained nearly $100 billion worth of losses in 2021, the highest year on record, according to the National Retail Federation report published in September 2022. The growing number of cartel-run theft rings around the country drove that figure up from $70 billion in 2019.
“Organized retail crime exploded over the last few years as criminals exploited the anonymity of third-party online marketplaces to fence billions in stolen products,” RILA Senior Executive Vice President of Public Affairs Michael Hanson said in a statement.
Cartels appear to have big presence in Democrat-controlled cities.
One reason for the explosion is those criminal gang units are emboldened by failed social justice reform pushed by radical leftists in crime-ridden metro areas, such as ones in San Francisco, where shoplifting merchandise valued under $950 is now only a misdemeanor. Cartels recognized this opportunity:
These retail crimes are perpetrated by people who work as part of a crime ring run by cartels. In recent years, cartels have gone from illicit drug manufacturing and smuggling, human smuggling and trafficking, and illegal firearm smuggling to commandeering crime in the retail environment.
Cartels are involved in every level of retail crime, from in-store theft and listing items in online marketplaces to shipping stolen merchandise worldwide and using US financial institutions to hold their profits. –Washington Examiner
Texas alleges that Biden’s open borders have flooded the nation with 6 million- more than the total population of Denmark or Finland or Norway Or New Zeland or Costa Rica- since he first took office in early 2021.
Still to this day, the Biden administration, with no regard for the safety of its own taxpayers, continues to flood the nation with illegals ahead of the 2024 presidential election cycle. The latest stunt was welding border gates wide open.
end
THE KING REPORT
The King Report September 1, 2023 Issue 7067
Independent View of the News
US Initial Jobless Claims 228k, 235k expected, prior 232k revised from 230k Continuing Claims 1.725m, 1.706m expected, prior 1.697m revised from 1.702m July Personal Income 0.2%, 0.3% expected and prior July Spending 0.8%, 0.7% expected, prior 0.6% revised from 0.5% July PCE Deflator 0.6% m/m, 0.5% expected, 0.4% prior July PCE Deflator 3.3% y/y, 3.3% expected, 3.0% prior July PCE Core Deflator 0.2% m/m, as expected and prior July PCE Core Deflator 3.3% y/y, 3.3% expected, 3.0% prior August Chicago PMI 48.7, 44.2 expected, 42.8 prior
ESUs traded sideways and positively from the Nikkei opening until they commenced a rally 28 minutes after the 7 ET US repo market opening. The rally ended at 8:31 ET with ESUs hitting a daily high of 4541.25. ESUs sank to 4525.00 by 9:45 ET due to the Dump. But it was the last chance to embellish August performance, and traders are conditioned to buy early US declines.
So, ESUs jumped to 4539.00 at 10:37 ET. Alas, sellers returned, probably led by Old World traders that were too long and had to liquidate into the 11:30 ET European close. ESUs tumbled to a low of 4515.00 at 12:47 ET. Did we mention that it was the last day to game August performance?
But money managers and traders needed ‘the marks’ to boost August performance, so, they aggressively bought ESUs, driving them to 4533.50 at 14:25 ET. Alas, just like for the European close, there were too many traders long stuff. ESUs and stocks tumbled anew. ESUs hit a daily low of 4512.75 at 15:59 ET.
Positive aspects of previous session. Bonds rallied 11/32 by the NYSE close; Gasoline and industrial commodities declined smartly
Negative aspects of previous session Stocks sank after an early rally and closed at their lows, because too many traders were long.
Ambiguous aspects of previous session Was the afternoon equity decline due to a leak of the August Employment Report? What will happen when volume increases back to normal levels?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4515.77 Previous session S&P 500 Index High/Low: 4532.26; 4507.39
(Only Energy positive [1.27%] for August; KWB Bank Index -8.8%;something very wrong here!)
Biden admin asks New York businesses to help migrant crisis — by offering free services (No joke!) https://trib.al/9c40Aht
@KanekoaTheGreat: Biden’s DOJ is now investigating @ElonMusk’s Tesla for constructing a glass house… SpaceX was sued by the DOJ last week for not hiring refugees to build advanced American rocket technology. “We have a hunch these investigations have less to do about glass houses and more to do with Biden exacting revenge on Musk for buying Twitter, the greatest psyop Democrats have ever owned.”Has there ever been a more blatantly politicized Department of Justice? https://twitter.com/KanekoaTheGreat/status/1697072553775501661
Michigan police memos raised concern about possible nationwide voter registration fraud scheme Local Michigan police and the state’s attorney general discovered a high ratio of fraudulent voter registration applications, investigated “Election Fraud by Forgery,” and referred the matter to the FBI. A firm called GBI Strategies was under scrutiny as an organization central to alleged voter registration fraud in the 2020 presidential election, which was first investigated by city and state authorities before the FBI took over… https://justthenews.com/politics-policy/elections/michigan-city-police-report-flagged-possibility-nationwide-voter
The Bank of England is facing major losses on its bond purchases — and it’s set to get much worse In late July, the Bank of England estimated that it would require the U.K. Treasury to backstop £150 billion ($189 billion) of losses on its asset purchase facility. Sanjay Raja… (Deutsche Bank), said the cost to the Treasury of indemnifying the APF losses over the next two fiscal years will be around £23 billion higher than the Office for Budget Responsibility forecast in March… https://t.co/OsLnlc5a1Z
@OccupytheFeds: January 2022: Senator (Tillis, R-NC) calls on Jay Powell to cool inflation by quickly shrinking the Fed balance sheet instead of hiking rates. What’d Jay do? Exact opposite. Balance sheet rolloff about TWICE as slow as Europe and Canada. Fastest rate hikes in decades. Destroy the middle class!https://twitter.com/OccupytheFeds/status/1692226804600492255
Today – The August Employment Report, which is always dubious due to vagaries of teachers’ employment due to differences in school openings, will dictate pre and post NYSE trading. Recently, bad economic news has been good news for stocks.
Team Obama-Biden for the past few years has been crafting better than reality economic data. It is regularly revised lower – and the Street and MSM will ignore and/or spike the negative news. Team Obama-Biden needs a strong NFP for political reasons. Equity bulls need a soft report. Who wins?
Traders will play for the Friday Rally and start-of-September buying at or near the NYSE close.
ESUs are +3.00 and USUs are -12/32 at 20:25 ET.
Expected econ data: Aug NFP 170k (155k Whisper #), Mfg 0k, Rate 3.5%, wages 0.3% m/m & 4/3% y/y, Workweek 34.3, Labor Force Participation Rate 62.6%; Aug S&P Global US Mfg PMI 47; Aug ISM Mfg 47, Prices Paid 44; July Construction Spending 0.5% m/m; Aug Wards Total Vehicle Sales 15.45m; the ubiquitous Atlanta Fed Pres Bostic at 6 ET, Cleveland Fed Pres Mester (a hawk) on Inflation at 9:45 ET
S&P 500 Index 50-day MA: 4467; 100-day MA: 4329; 150-day MA: 4229; 200-day MA: 4157 DJIA 50-day MA: 34,710; 100-day MA: 35,161; 150-day MA: 33,813; 200-day MA: 33,765 (Green is positive slope; Red is negative slope)
S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 3752.81 triggers a sell signal Weekly: Trender and MACD are negative – a close above 4586.76 triggers a buy signal Daily: Trender and MACD are positive – a close below 4415.41 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 4499.07 triggers a sell signal
@America1stLegal: We obtained new docs from our lawsuit against the National Archives revealing over 1,000 emails between Rosemont Seneca and the Office of Vice President. See how Hunter’s private business dealings commingled with the official business of the Obama White House. ⤵ 2 The sheer volume of emails exchanged between Hunter and his associates at Rosemont Seneca and the Office of the Vice President is telling in itself… 4 The vast majority of these emails consisted of direct communications between Rosemont Seneca employees, including Hunter Biden, and the Office of the Vice President… 7 Even though Hunter had no official role in the Obama-Biden Administration, he was intimately involved in planning for high-profile White House events, including the January 2011 China State Luncheon, the June 2011 State Arrival Ceremony for German Chancellor, the March 2012 United Kingdom State Dinner and Visit, the May 2013 Turkey State Luncheon, and the 2014 France State Dinner… 18 These records further confirm that there was never a wall between the Office of the Vice President and Hunter Biden; in fact, there was extensive commingling between them.. https://twitter.com/America1stLegal/status/1696985191787491735
GOP @RepAndyBiggsAZ: Joe Biden has been involved in his son’s corrupt business deals for years. We must move forward with impeachment proceedings.
If The Media Insisted on Calling Trump a Liar, That Standard Must Be Applied to Biden’s Corruption Lies – The problem with Biden’s lying goes well beyond the issues of foreign corruption; the issue of character and personal flaws was one that was frequently hung around Trump’s neck… His issues with lying might be the worst of any politician of the modern era. He was caught extensively plagiarizing in law school, and he probably never should have been given a degree… https://thefederalist.com/2023/08/31/if-the-media-insisted-on-calling-trump-a-liar-that-standard-must-be-applied-to-bidens-corruption-lies/
@RNCResearch: Biden has a knack for making everything about himself — like lying to disaster victims about his house burning down. In fact, Biden has told variations of that same bizarre, false story no fewer than NINE TIMES since taking office. NY Post’s @mirandadevine: People have mistaken his self-absorption for empathy for a very long time.
@TheBabylonBee: Biden Comforts Hurricane Victims by Talking About Time the Urinal Splashed Back at Him a Little
Yuscil Taveras, the Mar-a-Lago IT director who flipped on Donald Trump, is a registered Democrat with a history of money troubles and a part-time gig as ‘DJ Juicy’https://t.co/vEfGcZovu8 (Another sad Trump hire!)
DeSantis spokeswoman @ChristinaPushaw: If you hate DeSantis so much that you were cheering for the hurricane to destroy Florida (Some Dems & Cult of Trump openly rooted for this!), your mind is warped and you’re what’s wrong with politics in our country…
@SteveDeaceShow: Contrast of the last 24 hours quite stunning. DeSantis calmly and efficiently guiding his large state through yet another crisis, this one a category-4 hurricane, which he’s done so many times now it is almost taken for granted. Trump telling Beck he has no regrets for how he faced the biggest crisis of his presidency — with the still ongoing destruction of lockdowns and the poison poke. But then he tries to gaslight his own base, who was punished the most by those terrible policies, with a screed condemning “Covid tyrants” with no self-awareness whatsoever. “The government you elect is the government you deserve.” — Thomas Jefferson
@kevinnbass: Admitting that masks do not work would require that the authorities admit that they were not virtuous, but ignorant. Not defenders of public health, but tyrants and bullies. Nobody wants to be an ignorant tyrant. Thus, the ignorant tyrants continue insisting that masks work.
Over 1,600 Scientists Sign ‘No Climate Emergency’ Declaration “Climate models have many shortcomings and are not remotely plausible as policy tools,” the coalition said, adding that these models “exaggerate the effect of greenhouse gases” and “ignore the fact that enriching the atmosphere with CO2 is beneficial.” For instance, even though climate alarmists characterize CO2 as environmentally-damaging, the coalition pointed out that the gas is “not a pollutant.”… https://www.zerohedge.com/political/over-1600-scientists-sign-no-climate-emergency-declaration
@MacFarlaneNews: Office of Attending Physician at Capitol: “I have informed Leader McConnell that he is medically clear to continue with his schedule as planned. Occasional lightheadedness is not uncommon in concussion recovery and can also be expected as a result of dehydration.” (Trust the science and the medical establishment?) https://twitter.com/MacFarlaneNews/status/1697313566771073323?s=02
@ElectionWiz: The Los Angeles City Council voted to pursue a lawsuit and criminal probe against Gov. Greg Abbott and the State of Texas for busing illegal aliens to the city. @veryvirology: We’re having legislative bodies & city councils just openly debating whether to start criminal investigations now. Openly politicized abuse of the justice system. Something drastic is gonna have to change if we want to retain even the illusion of equal & impartial justice.
@seanmdav: Feinstein, Fetterman, McConnell, Biden. Why do we tolerate political leaders like this? In a country of 330 million people, this is the best we can do? We are not a serious country.
All the trouble Donald Trump is facing comes down to one simple thing that scares the heck out of the “Deep State” globalists. Trump could win, and win big in 2024—period, the end. A second Trump presidency could destroy everything the so-called “Uni-party” holds dear. They are trying to stop him anyway they can. He has 91 pending felony charges spanning four separate legal cases. The “Deep State” must feel that is not a sure thing as they are bringing back masks, CV19 injections, lockdowns and mail-in ballots because they worked so well last time. Donald Trump comes out this week and calls the new Covid variants “fear mongering” and a “lunatic” ploy to rig the 2024 election. I am counting on big resistance to more Covid lies that destroyed life and liberty the last time.
What happened with the deadly Lahaina wildfires in Hawaii? That is a good question, and nobody seems to know or will allow anyone to find out. We know there are thousands unaccounted for, and many of those are children. We know police are shutting down drone traffic attempting to take video or pictures. The police are not allowing anyone to enter the burned-out town of Lahaina. We know that there is a black fabric wall 10-feet high around the perimeter of the town so nobody can see what is going on. We know the Lying Legacy Media (LLM) is silent about this, which is a lie by omission. We know we don’t know much, and we also know information is being kept from the public. The question is why?
Oil inventories are crashing, and oil prices are rising. Are we going to have a new round of inflation in the form of higher gasoline prices? Many say yes, but are we also going to have a new round of deflation at the same time? The answer is also yes, as office buildings are now selling for a fraction of the original price. Yes, prices, for what used to be top office space in destination cities like San Francisco, are imploding. What does this mean? Big trouble is already here, and there is no stopping it this time. Deflation is a financial destructive force like no other.
There is much more in the 43-minute newscast.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 9.01.23.
(Video will play when it’s done processing on Rumble)
After the Wrap-Up:
Financial analyst and writer Rick Ackerman will be the guest for the Saturday Night Post. Ackerman says what is happening in San Francisco with imploding real estate is a nationwide trend with big deflation and financial damage coming for America.
AM1977.25
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