GOLD PRICE CLOSED: DOWN $8.80 TO $1919.00
SILVER PRICE CLOSED: DOWN $0.36 AT $23.18
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1916.70
Silver ACCESS CLOSE: 23.17
Shanghai Gold Benchmark Price
USD oz 
AM1983.16PM
1984.71
Historical SGE Fix
New York price at the time: $1925.00
premium $59.00
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Bitcoin morning price:, $25,731 DOWN 15 Dollars
Bitcoin: afternoon price: $25,617 DOWN 129 dollars
Platinum price closing $914.15 DOWN $9.20
Palladium price; $1214.65 DOWN $5.95
END
Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading
I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS
CANADIAN GOLD: $2,614.18 DOWN 13.69 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1532.86 DOWN 0 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1787.06 DOWN 9.33 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,926.200000000 USD
INTENT DATE: 09/05/2023 DELIVERY DATE: 09/07/2023
FIRM ORG FIRM NAME ISSUED STOPPED
323 H HSBC 13
363 H WELLS FARGO SEC 11
435 H SCOTIA CAPITAL 7
624 H BOFA SECURITIES 19
661 C JP MORGAN 45
690 C ABN AMRO 1
737 C ADVANTAGE 10 5
905 C ADM 1
TOTAL: 56 56
JPMorgan stopped 0/56 contracts.
FOR SEPT.:
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 56 NOTICES FOR 5,600 OZ or .1742 TONNES
total notices so far: 3600 contracts for 360,000 oz (11.197 tonnes)
FOR SEPT:
SILVER NOTICES: 7 NOTICE(S) FILED FOR 35,000 OZ/
total number of notices filed so far this month : 2290 for 11,450,000 oz
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END
GLD
WITH GOLD DOWN $8.80
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/SMALL CHANGES IN GOLD INVENTORY AT THE GLD: / A WITHDRAWAL OF 1.16 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 889.81 TONNES
Silver//
WITH NO SILVER AROUND AND SILVER DOWN 36 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.373 MILLION OZ OZ SILVER OUT OF THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 436.518 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A GIGANTIC SIZED 1709 CONTRACTS TO 128,279 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 $0.69 LOSS IN SILVER PRICING AT THE COMEX ON TUESDAY. TAS ISSUANCE WAS A GIGANTIC SIZED 2111 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 TUESDAY NIGHT: 2111 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 $0.69). BUT WERE SUCCESSFUL IN KNOCKING SOME SILVER CONTRACTS AS WE HAD A HUGE SIZED LOSS OF 1483 CONTRACTS ON BOTH EXCHANGES ALONG WITH HUGE T.A.S.LIQUIDATION THROUGHOUT THE COMEX SESSION.
WE MUST HAVE HAD:
A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS( 276 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 90,000 OZ//NEW TOTAL 12.165 MILLION OZ/// / //STRONG SIZED COMEX OI GAIN/ SMALL SIZED EFP ISSUANCE/VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE (2210 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL 853 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS AUGUST. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:
TOTAL CONTRACTS for 3 days, total 1621 contracts: OR 8.105 MILLION OZ (540 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 8.105 MILLION OZ
LAST 23 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 8.105 MILLION OZ
RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1709 CONTRACTS WITH OUR LOSS IN PRICE OF $0.69 IN SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL EFP ISSUANCE CONTRACTS: 276 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 90,000 OZ E.F.P. TO LONDON /// WE HAVE A HUGE SIZED LOSS OF 1433 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GIGANTIC 2111 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION. THE NEW TAS ISSUANCE TUESDAY NIGHT (2264) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 7 NOTICE(S) FILED TODAY FOR 35,000 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 FAIR SIZED 1208 CONTRACTS TO 438,672 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: 2066 CONTRACTS
WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 198 CONTRACTS) DESPITE OUR $13,50 LOSS IN PRICE//TUESDAY. 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 5800 OZ QUEUE JUMP//NEW TOTAL STANDING 13.710 TONNES + /A HUGE (AND CRIMINAL) ISSUANCE OF 2210 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $13.50 LOSS IN PRICE WITH RESPECT TO TUESDAY’S TRADING.WE HAD A TINY SIZED GAIN OF 198 OI CONTRACTS (0.6158 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1406 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 438,672
IN ESSENCE WE HAVE A TINY SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 198 CONTRACTS WITH 1208 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 1406 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 198 CONTRACTS OR 0.5158 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE 2210 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1406 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (1208) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 198 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 5800 OZ/// 3) ZERO LONG LIQUIDATION WITH HUGE TAS LIQUIDATION DURING THE COMEX SESSION //4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE T.A.S. ISSUANCE: 868 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 SEPT :
TOTAL EFP CONTRACTS ISSUED: 7271 CONTRACTS OR 727,100 OZ OR 22.61 TONNES IN 3 TRADING DAY(S) AND THUS AVERAGING: 2423 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 3 TRADING DAY(S) IN TONNES 22.61 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 22.61/3550 x 100% TONNES 0.616% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 22.61 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 HUGE SIZED 1709 CONTRACTS OI TO 128,279 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 SMALL 276 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 276 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 276 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 1709 CONTRACTS AND ADD TO THE 276 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1433 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 7.165 MILLION OZ
OCCURRED WITH OUR $0.69 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING//TUESDAY NIGHT
SHANGHAI CLOSED UP 3.71 PTS OR 0.12% //Hang Seng CLOSED DOWN 6.93 PTS OR 0.04% /The Nikkei CLOSED UP 204.26 PTS OR 0.62% //Australia’s all ordinaries CLOSED DOWN 0.73 % /Chinese yuan (ONSHORE) closed DOWN 7.3034 /OFFSHORE CHINESE YUAN DOWN TO 7.3075 /Oil UP TO 86.29 dollars per barrel for WTI and BRENT UP AT 89.42 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1208 CONTRACTS TO 438,672 WITH OUR LOSS IN PRICE OF $13.50 ON TUESDAY.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF SEPT.… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 1406 EFP CONTRACTS WERE ISSUED: : DEC 1406 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1406 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A TINY TOTAL OF 198 CONTRACTS IN THAT 1406 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 1208 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $13.50//TUESDAY 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 TUESDAY NIGHT WAS A GOOD 2264 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 (13.710) ( 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: 13.710 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $13.50) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A TINY GAIN OF 198 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A HUGE T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING. THE T.A.S. ISSUED ON TUESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 0.6158 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 5800 OZ//NEW STANDING 13.710 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $13.50.
WE HAD – REMOVED 2066 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET GAIN ON THE TWO EXCHANGES 198 CONTRACTS OR 19800 OZ OR 0.6158 TONNES.
Estimated gold volume today:// 145,901 poor
final gold volumes/yesterday 204,481 fair raid//speculators have left the gold arena
//SEPT 6/ /// THE SEPT. 2023 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 144,879.742 OZ Brinks . |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 56 notice(s) 5600 OZ .1742 TONNES |
| No of oz to be served (notices) | 808 contracts 80800 oz 2.513 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3600 notices 360000 OZ 11.197 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposit:
total dealer deposits: NIL oz
customer deposits: 0
total customer deposits: nil oz
we had 1 customer withdrawals
i) Out of Brinks: 144,879.742 oz
total withdrawals 144,879.742 oz
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.
For the front month of SEPTEMBER we have an oi of 864 contracts having LOST 70 contracts. We had
128 contracts were served on TUESDAY, so we gained an additional 58 CONTRACTS or AN ADDITIONAL 5800 oz will stand for delivery in this non active
delivery month of Sept.
Oct GAINED 8 contracts to 28,114 contracts.
December LOST 877 contracts down to 377,508 contracts.
We had 56 contracts filed for today representing 5600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 45 notices were issued from their client or customer account. The total of all issuance by all participants equate to 56 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped received by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)
To calculate the INITIAL total number of gold ounces standing for the SEPT /2023. contract month,
we take the total number of notices filed so far for the month (3600 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (864 CONTRACTS) minus the number of notices served upon today 56 x 100 oz per contract equals 440,800 OZ OR 13.710 TONNES the number of TONNES standing in this non active month of SEPT.
thus the INITIAL standings for gold for the SEPT contract month: No of notices filed so far (3600) x 100 oz + (864) {OI for the front month} minus the number of notices served upon today (56) x 100 oz) which equals 440,800 oz standing OR 13.710 TONNES
TOTAL COMEX GOLD STANDING: 13.710 TONNES WHICH IS HUGE FOR AN INACTIVE DELIVERY MONTH.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 2,011,076.496 OZ 62.55 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,243,540.527 OZ
TOTAL REGISTERED GOLD 10 ,853.948.876 (337.60 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,359,591.631 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,843,355 OZ (REG GOLD- PLEDGED GOLD) 275.06 tonnes//dropping like a stone
END
SILVER/COMEX
SEPT 6
//2023// THE SEPT 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 581,787.109 oz Loomis . |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | nil oz |
| No of oz served today (contracts) | 7 CONTRACT(S) (35,000 OZ) |
| No of oz to be served (notices) | 143 contracts (715,000 oz) |
| Total monthly oz silver served (contracts) | 2290 Contracts (11,450,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer deposit: 0
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 deposits customer account:
total customer deposits: nil oz
JPMorgan has a total silver weight: 138.666 million oz/277.377 million or 49.81%
Comex withdrawals 1
i) Out of Loomis 581,787.109 oz
total: 581,787.109 oz
adjustments: 1 dealer to customer Manfra
581,263.743 oz
TOTAL REGISTERED SILVER: 43.769 MILLION OZ//.TOTAL REG + ELIGIBLE. 277.785 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF SEPT /2023 OI: 150 CONTRACTS HAVING LOST 176 CONTRACT(S). WE HAD 132
CONTRACTS SERVED ON TUESDAY. SO WE LOST 18 CONTRACTS OR 90,000 OZ WERE IMMEDIATELY E.F.P’d TO LONDON AS THERE WAS NO METAL OVER HERE FOR THESE GUYS.
OCT LOST 4 CONTRACTS TO STAND AT 1142.
NOVEMBER GAINED 72 CONTRACTS TO STAND AT 77
DEC. LOST 1720 CONTRACTS TO STAND AT 116,126 .
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 7 for 35,000 oz
Comex volumes// est. volume today 67,243 poor
Comex volume: confirmed yesterday 94,243 strong
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 2290 x 5,000 oz = 11,450,000 oz
to which we add the difference between the open interest for the front month of SEPT (150) and the number of notices served upon today 7x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the SEPT/2023 contract month: 2290 (notices served so far) x 5000 oz + OI for the front month of SEPT (150) – number of notices served upon today (7 )x 500 oz of silver standing for the SEPT contract month equates to 12.165 million oz.
There are 43.769 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
SEPT 6/WITH GOLD DOWN $8.80 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.16 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 889.81 TONNES
SEPT 5/WITH GOLD DOWN $13.50 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.87 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 890.97 TONNES
SEPT 1/WITH GOLD UP $1.00 TODAY: NO 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 31/WITH GOLD DOWN $1.00 TODAY: NO 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: 889.81 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
SEPT 6/WITH SILVER DOWN 36 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.373 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 436.518 MILLION OZ
SEPT 5/WITH SILVER DOWN 69 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 734,000 OZ OF SILVER OUT OF THE THE SLV// /.////INVENTORY RESTS AT 437.891 MILLION OZ
SEPT 1/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 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 438.625 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/
CLOSING INVENTORY 436.518 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
Peter Schiff: Fed Isn’t Making Any Progress Against Inflation
BY TYLER DURDEN
WEDNESDAY, SEP 06, 2023 – 01:05 PM
Peter Schiff recently appeared on Fox Digital and poured a bucket of cold water on those who believe the Federal Reserve is winning the inflation fight. In fact, the Fed isn’t making any progress at all.
Peter started the interview by noting that the Bureau of Labor Statistics (BLS) has revised the nonfarm payroll numbers down for all seven months this year.
If we’ve done something seven times in a row, it doesn’t seem very random. Because if these were random numbers, sometimes they’d be too high, sometimes they’d be too low. Like, it’s difficult to toss heads seven times in a row. So, if you toss it seven times in a row, maybe the coin is not fair.”
Peter said he thinks the BLS is biased in its assumptions and thinks the labor market is stronger than it actually is.
Obviously, unemployment picked up. So, that’s a sign of weakness. Average hourly earnings — up less than expected, which is problematic because prices continue to rise.”
Peter also noted there was a big spike in spending last month, but a very small gain in incomes.
The way consumers handled that was raiding their savings.”
The savings rate plunged to 3.5%.
In fact, American consumers have blown through nearly all of the excess savings they accumulated during the government pandemic lockdowns. Aggregate savings peaked at $2.1 trillion in August 2021. As of June, the San Francisco Fed estimated that aggregate savings had dropped to $190 billion.
That’s a sign that the economy is weak because consumers need that rainy day fund, right? Because it’s raining. They’re having a hard time.”
And Peter said it also shows the Fed isn’t making any progress in its inflation fight.
Consumers keep spending and reducing their savings in spite of the rate hikes. The rate hikes are supposed to reduce spending and increase savings. That’s how they bring down inflation. But nothing has worked, and so inflation is going to get worse.”
When you boil it all down, this is stagflation.
The economy is weakening, the labor market is weakening, but consumer prices are strengthening.”
Peter said he thinks we’ve bottomed out on headline CPI and noted that we really haven’t seen much of a reduction in core CPI.
So, now we’re bending back up again and the Fed is at five-and-a-half. They’re no closer to getting 2% inflation than when they had rates at zero.”
Meanwhile, federal budget deficits continue to spiral upward. The government is spending more instead of less.
Nothing has worked, and the markets are completely wrong on their benign outlook for future inflation.”
Peter said the “proper response” would be for the Fed to continue to raise rates while the federal government cuts spending. Of course, the Biden administration isn’t going to cut spending. And while you might see another quarter-point rate hike in September, it’s not going to be enough.
We actually need much higher interest rates. The problem is we can’t afford them. So any interest rate high enough to fight inflation is too high for the markets. And in fact, not only does the Fed create a recession. But it creates a financial crisis, and that financial crisis will be considerably worse than the one we had in 2008.”
end
2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//JOHN RUBINO
RUSS MARTENS:
Study Finds 75 Percent of U.S. Banks Didn’t Hedge Interest Rate Risk; Unrealized Losses on Securities $516 Billion at End of First Quarter
By Pam Martens and Russ Martens: September 6, 2023 ~
A group of academics have conducted a study that found that during the fastest pace of Fed interest rate hikes in 40 years, the majority of U.S. banks failed to hedge their interest rate risk. The report’s findings include the following:
“Over three quarters of all reporting banks report no material use of interest rate swaps.”
“Only 6% of aggregate assets in the U.S. banking system are hedged by interest rate swaps.”
“Banks with the most fragile funding – i.e., those with highest uninsured leverage — sold or reduced their hedges during the monetary tightening. This allowed them to record accounting profits but exposed them to further rate increases. These actions are reminiscent of classic gambling for resurrection: if interest rates had decreased, equity would have reaped the profits, but if rates increased, then debtors and the FDIC would absorb the losses.”
The use of the phrase “classic gambling” to describe 75 percent of the U.S. banking system by highly credentialed academics might be something that the U.S. Senate Banking Committee might want to hold a hearing about with some sense of urgency.
Not to put too fine a point on it, but this is the year in which banking regulators were left scratching their heads at the dizzying speed at which multiple banks collapsed. In the span of seven weeks this spring, running from March 10 to May 1, the second, third, and fourth largest bank failures in U.S. history occurred. In order of size, those were: First Republic Bank (May 1), Silicon Valley Bank (March 10) and Signature Bank (March 12). The largest bank failure in U.S. history, Washington Mutual, occurred in 2008 during the financial crisis.
An equally disturbing finding in the report is that the very largest banks in the U.S. – the ones that pose systemic risk to both the banking system and the U.S. economy – only hedge “one third of their securities.” The report notes that “Overall, largest banks rely on hedging most, but these hedges leave the vast majority of interest rate risk unhedged.”
The researchers write the following regarding the collapse of Silicon Valley Bank:
“One might conjecture that banks more exposed to solvency runs would have larger incentives to avoid further asset value declines and thus avoid failure, so they might want to increase their hedging activities. Instead, we find that banks with higher uninsured leverage (higher share of uninsured deposit funding) sold or reduced their hedges during 2022. Because of reduced hedges, these banks went on to suffer larger losses when interest rates increased further. A case study of the recently failed Silicon Valley Bank (SVB) is illustrative. SVB hedged about 12% of all [of their own] securities at the end of 2021. By the end of 2022, they hedged only 0.4% of all [of their own] securities. During this period, the duration of their assets increased by almost two years. So, every additional percentage point increase in the policy rate led to a two-percentage point larger decrease in asset values than it would have in 2021. Reduction in hedges by the banks with more fragile funding is suggestive of gambling for resurrection. Selling profitable hedges allows weak banks to increase current accounting earnings. At the same time these banks have taken a large risk, which is profitable for bank shareholders on the upside, but the losses are borne by the FDIC on the downside.”
Shareholders eventually pay the piper as well. The publicly-traded parent company of Silicon Valley Bank, SVP Financial Group, has gone from a share price of more than $300 in February to a closing share price of 5 cents yesterday. For more on how this federally-insured bank was operated, see our report: Silicon Valley Bank Was a Wall Street IPO Pipeline in Drag as a Federally-Insured Bank; FHLB of San Francisco Was Quietly Bailing It Out.
As a result of this lack of hedging, according to the FDIC’s quarterly report for the quarter ending March 31, 2023, unrealized losses on securities at U.S. banks stood at the staggering sum of $515.5 billion.
The study on hedging is titled: Limited Hedging and Gambling for Resurrection by U.S. Banks During the 2022 Monetary Tightening? Its authors are Erica Jiang, Assistant Professor of Finance and Business Economics at USC Marshall School of Business; Gregor Matvos, Chair in Finance at the Kellogg School of Management, Northwestern University; Tomasz Piskorski, Professor of Real Estate in the Finance Division at Columbia Business School; and Amit Seru, Professor of Finance at Stanford Graduate School of Business.
END
3,Chris Powell of GATA provides to us very important physical commentaries
My estimation along with Alasdair Macleod is that China has accumulated over 50,000 tonnes of gold
(JanNieuwenhuijs)
Jan Nieuwenhuijs: Estimated Chinese gold reserves rise above 5,000 tonnes
Submitted by admin on Tue, 2023-09-05 13:58Section: Daily Dispatches
1:57p ET Tuesday, September 5, 2023
Dear Friend of GATA and Gold:
Gold researcher Jan Nieuwenhuijs, who has closely followed the gold market in China for many years, today provides his estimates of China’s official gold reserves and the amount of gold held by the country’s residents. It’s a lot in both respects.
Nieuwenhuijs’ analysis is headlined “Estimated Chinese Gold Reserves Cross 5,000 Tonnes” and it’s posted at the Gainseville Coins internet site here:
https://www.gainesvillecoins.com/blog/estimated-chinese-gold-reserves-cross-5000-tons
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
Argentina, in dollar love affair, agonizes over divorcing the peso
Submitted by admin on Tue, 2023-09-05 21:48Section: Daily Dispatches
By Marc Jones, Eliana Raszewski, and Rodrigo Campos
Reuters
Tuesday, September 5, 2023
María Barro, a 65-year-old domestic worker in Buenos Aires, buys a few dollars each month with her peso salary, a hedge against Argentina’s persistent inflation now running at over 100% and a steady devaluation of the little-loved local peso.
The peso currency is now in the crosshairs of the country’s dark-horse presidential front-runner, libertarian radical Javier Milei, who has pledged to eventually scrap the central bank and dollarize the economy, Latin America’s third largest.
Milei — facing a tight three-way battle with traditional political candidates on the right and left ahead of an Oct. 22 vote — says savers like Barro underscore why Argentina should shed the peso.
“I try to buy dollars, no matter how little,” said Barro, who started to buy greenbacks on parallel markets in 2022 when 2,000 pesos got her $10. Now it would get her $2.70. “Pesos go like water and every day they are worth less.”
Barro supports the idea of a dollarized economy in theory but says she doesn’t like Milei’s aggressive style, which involves regular expletive-laced tirades against rivals and even the Pope. She is still undecided about her vote.
Milei’s dollarization plan has sharply divided opinion. His backers argue it is the solution to inflation near 115% while detractors say it an impractical idea that would sacrifice the country’s ability to set interest rates, control how much money is in circulation, and serve as the lender of last resort. …
… For the remainder of the report:
end
CHRIS POWELL.
A MUST READ..
How serious is the threat of gold confiscation?
Submitted by admin on Tue, 2023-09-05 23:02Section: Daily Dispatches
11:30p ET Tuesday, September 5, 2023
Dear Friend of GATA and Gold:
Doug Casey’s colleague at International Man, Jeff Thomas, today ruminates on the possibility that in a currency crisis, such as one prompted by an anti-U.S. bloc’s creation of a gold-backed currency, the U.S. government will resort to some form of confiscation of gold from investors.
After all, as Thomas notes, the United States has attempted confiscation before. In 1998 South Korea undertook a remarkably successful campaign to persuade its people to donate their gold to the government as a matter of patriotism to avert default on the country’s debt to the International Monetary Fund:
https://en.wikipedia.org/wiki/Gold-collecting_campaign
China may be providing for a similar emergency. As money manager Willem Middlekoop and others have noted, the Chinese government’s recent encouragement to its people to buy gold may be part of a policy of “storing gold with the people”:
Thomas writes: “If the U.S. and the European Union could come up with a large volume of gold quickly, they could issue a gold-backed currency themselves. It’s a simple equation: The more gold they have = the more backed notes they can produce = the more power they continue to hold. By seizing upon the private supply of their citizens, they would increase their holdings substantially in short order
“Either that or they could just give up their dominance of world trade and power. What would you guess their choice would be?
“It is entirely possible that the U.S. government (and very likely the EU) has already made a decision to confiscate. They may have carefully laid out the plan and have set implementation to coincide with a specific gold price.”
*
Maybe, but any currency purporting to be “gold-backed” would probably not gain much credence unless it was convertible to gold for whoever held it, or convertible somewhere, if only among governments. Otherwise what would “gold-backed” really mean except another confidence trick when confidence already has been lost?
In any case, the currency of any country with gold reserves is already “gold-backed.” For example, in its annual reports the Reserve Bank of Australia used to acknowledge candidly the market-rigging purpose of gold reserves, as in the RBA’s report for 2003.
“Foreign currency reserve assets and gold,” the report said, “are held primarily to support intervention in the foreign exchange market”:
The bank’s more recent annual reports, like last year’s —
— are not as explicit, subsuming gold with the bank’s “foreign reserves,” which “are held to give the bank the capacity to intervene in the foreign exchange market.” The bank adds reassuringly, “Such interventions occur rarely.” (You know — only when investors seem about to profit at the central bank’s expense.)
But it’s all plain enough. Any gold reserves are potentially backing for a currency, if there is convertibility somewhere — and the necessity for convertibility somewhere, if only among governments rather than investors, would seem to limit the potential for confiscation.
Thomas’ commentary is headlined “Don’t Dismiss the Possibility of Gold Confiscation” and it’s posted at the International Man site here:
For whatever it may still be worth, 16 years ago GATA went to the source about confiscation. We pestered the U.S. Treasury Department long enough to obtain a formal statement of policy.
Essentially the department replied that upon proclamation of an emergency by the president of the United States, pursuant to the Trading with the Enemy Act of 1917 and the International Emergency Economic Powers Act of 1977, the Treasury Department would have the power to seize or freeze any gold or silver or any gold- or silver-related asset, like shares of mining companies. But, the Treasury Department added, investors in the monetary metals shouldn’t get too paranoid about this, because pursuant to the same laws and proclamation, the department would claim the power to seize or freeze any damned thing it wanted to. (That’s not the anthem means when it comes to the part about “the land of the free and the home of the brave.”)
GATA’s correspondence with the Treasury Department about confiscation is here:
https://www.gata.org/node/5606
Nine years ago GATA noted that Australian law already provides for confiscation of gold and silver:
https://www.gata.org/node/13573
Other nominally democratic, free-market countries may have similar laws. Do they have citizens prepared to resist totalitarianism? Or could they be persuaded, as South Koreans seem to have been, that expropriation to compensate for government’s financial mismanagement is actually patriotism?
Maybe the first conclusion to be drawn from all this as government finances become more reckless is that people should amass as much monetary metal they can and then find a safe planet to keep it on. (Thanks if you can alert your secretary/treasurer to any such planets.)
This really isn’t investment advice — more like advice for life in an increasingly crazy world.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES
END
5 a. IMPORTANT COMMENTARIES ON COMMODITIES:
end
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.3034
OFFSHORE YUAN: DOWN TO 7.3073
SHANGHAI CLOSED UP 3.71 PTS OR 0.12%
HANG SENG CLOSED UP 6.93 PTS OR 0.04%
2. Nikkei closed UP 204.26 OR 0.62%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 104.66 EURO RISES TO 1.0745 UP 20 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.645 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.42/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: DOWN// OFF- SHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.6215***/Italian 10 Yr bond yield UP to 4.333*** /SPAIN 10 YR BOND YIELD RISES TO 3.663…**
3i Greek 10 year bond yield RISES TO 3.899
3j Gold at $1926.30 silver at: 23.42 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 4 /100 roubles/dollar; ROUBLE AT 97.95//
3m oil into the 86 dollar handle for WTI and 89 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 147.42// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.645% 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 0.8900 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9562well 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: 4.295 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.361 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.949 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 26.82…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 4.574
end
2.a Overnight: Newsquawk and Zero hedge:
USA EARLY MORNING REPORT
Futures Stumble After German Factory Orders Collapse And Surging Oil Spark Stagflation Fears
WEDNESDAY, SEP 06, 2023 – 08:13 AM
US equity futures and global markets are lower this morning with bond yields and the USD flat as collapsing German eco data and elevated oil prices reignited stagflation concerns across the euro area. As of 7:45am, emini S&P and Nasdaq 100 futures were down 0.2%. The Bloomberg Dollar Spot Index edged higher along with the Japanese yen, while oil-linked currencies retreated as Brent crude dipped from 2023 highs; commodities are weaker with a sell-off in energy and metals complexes. Treasury yields were little changed in a lackluster day for bond markets. Gold fell for a second day, while Bitcoin climbed for the first time in three days.
In premarket trading, tech is underperforming; sentiment was dented by headlines that China’s government workers were told not to use iPhones. As a result, the world’s biggest company, AAPL, is trading -0.7% pre-mkt with MegaCap names all in the red; meanwhile keep an eye on the Huawei chip story. Yesterday’s Fedspeak was dovish, but we have three speakers today and four speakers tomorrow, so let’s see if the tone sharpens. Corporate mentions of ‘recession’ have fallen ~75% from their 22 Q2 peak and are now below their 5-yr average (62 vs. 82). Today’s macro data focus includes ISM Services, Beige Book, and Mortgage Applications (they dropped -2.9% after rising 2.3% last week).
The Stoxx 600 index retreated 0.7%, falling for the sixth straight session (see below) after German factory orders plummeted in July, showing that the woes of Europe’s biggest economy are continuing into the third quarter.
It also bears asking: with China and Europe imploding, just how much longer can the lie of US “economic growth” continue? Fears of stumbling growth and sticky inflation were also fanned by Brent crude prices holding just below $90 per barrel after the largest OPEC+ oil producers extended their supply cuts to year-end.
The collapsing economy in Europe and the ongoing economic collapse in China put pressure on equity futures in the US, if only for the moment, where signs are mounting that the Federal Reserve won’t cut interest rates any time soon. Because, you see, under the economic miracle of Bidenomics, the US can decouple from the rest of the world.
“The euro zone and UK are dabbling with recession, which markets had forgotten about three months ago,” said Rupert Thompson, chief economist at Kingswood Holdings. “It’s clear growth will head in the wrong direction in the coming months, which means equity markets will remain under downward pressure.”
Meanwhile, the soaring dollar forced Japan, whose yen may as well be renamed to lira, issued its strongest warning in weeks against rapid declines in the yen on Wednesday, with its top currency official saying the nation is ready to take action amid speculative moves in the market. The yen plumbed a 10-month low against the greenback. Shortly after, China’s central bank offered the most forceful guidance on record with its daily reference rate for the yuan, as the managed currency weakened toward a level unseen since 2007.
Going back to equity markets, European bourses are lower in a rather muted session, with the Stoxx 50 down 0.6% as stocks react to recent cross-asset moves. Banks are the main underperformers while other cyclical sectors such as miners and energy give up early strength. Real estate continues to trade well as the peak rate narrative in Europe continues to get traction (despite a slew of European Central Bank officials’ warning: don’t assume no action at next week’s meeting). The retrace higher in yields continues to get attention given the implications for equity valuations along with USD strength while the gap higher in oil risks fuelling a resurgence in global inflation. The UBS desk has been 60:40 better to buy on hedge fund demand in energy and semis while it has been a better seller of staples and telcos. It has also been active two-way in software with long-only buying and hedge-fund selling. Telcos are in focus following news of a stake build in Spain Telefonica. Here are the notable European movers:
- InPost gains as much as 11% as company reported 2Q earnings that beat expectations thanks to rising parcel volume, higher pricing in Poland and reduction of losses in UK
- Swiss Life rises as much as 3.1% after the life insurer reported 1H earnings analysts describe as “mixed,” praising the share buyback program but noting subdued real estate numbers
- Telefonica jumps as much as 3.7% after the government-backed Saudi Telecom Co. invested about $2.25b to snap up a nearly 10% stake in the Spanish telecommunications operator
- Halfords gains as much as 4.3% after the car parts and bicycle retailer reported revenue growth for the 20-week period to Aug. 18. A solid update with strong performance strong overall, Liberum says
- Clas Ohlson gains as much as 11.5% after the Swedish retail group reported better-than-expected first-quarter earnings, with Kepler Cheuvreux lauding the firm’s cost control and strong margins
- Bridgepoint rises as much as 3.3% after it announced a deal to add Energy Capital Partners which Morgan Stanley says is strategically consistent with previously identified aim to diversify capabilities
- European renewable-energy stocks fall, with an index tracking the sector hitting a three-year low, as sentiment further soured as Barclays initiated Vestas with an underweight rating
- Darktrace drops as much as 9.3% before paring losses after the UK cybersecurity company reported results that Jefferies analysts say show “strong underlying progress, but not without debate”
- Idorsia falls as much as 9.5% after the Swiss drug developer repurchased the rights for aprocitentan from Janssen Biotech, Jefferies says the deal removes some hopes Janssen would acquire the firm
- WH Smith drops as much as 6% after the UK newsagent and bookstore provided an update which RBC said was in line with expectations overall. Investec lowered its above-consensus estimates.
Earlier in the session, Asian stocks were mixed as losses in Chinese equities amid caution on the impact of government stimulus countered gains in Japan on a forex boost. The MSCI Asia Pacific Index fluctuated in a narrow range, with Tencent and Samsung among the biggest drags while Toyota and Sony provided support. Hong Kong and mainland China indexes were among the region’s worst performers as investors continued to monitor Beijing’s measures to stem the economic slide. That said, Chinese property developers notched dramatic gains on speculation that further stimulus is forthcoming.
- The Hang Seng and Shanghai Comp suffered from tech weakness but losses stemmed as developers surged on hopes of further support measures and with Sunac up by over 60% after its return to the Stock Connect; additionally, further support came via China’s Premier Li and reports of a Hong Kong Financial task force meeting.
- “The big trend for investors is to reduce exposure to Chinese equities, so every time there is some government measures to boost the market, people will sell into it,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “That will be the case until we start to see positive impact from the measures, like better macro numbers and better housing sales.”
- Japan’s Nikkei 225 bucked the trend after it reclaimed the 33,000 status and with tailwinds from a weaker currency.
- Australia’s ASX 200 was dragged lower by tech and with most sectors pressured aside from energy which benefitted from the higher oil prices, while better-than-expected GDP data for Australia failed to inspire a turnaround.
- Key stock gauges in India extended their winning run to a fourth straight session, the longest such streak since mid-July, led by gains in consumer-focused companies and index major HDFC Bank. The S&P BSE Sensex rose 0.2% to 65,880.52 in Mumbai, while the NSE Nifty 50 Index advanced by a similar magnitude. The MSCI Asia Pacific Index was up 0.1% for the day. A gauge of consumer-focused companies on NSE climbed 0.8% on optimism for strong demand in the upcoming festive period in the country.
In FX, the US economy’s perplexing resilience has boosted the dollar, with conviction growing that the European Central Bank will hold off raising interest rates at its meeting next week. The Bloomberg Dollar Spot Index rises 0.1%, adding to Wednesday’s gain, and near a 5-1/2-month high against a basket of developed-market currencies after a run of seven weekly gains. The yen is off its best levels, having earlier benefited from some modest jawboning by the Japanese government. The euro got a brief boost from comments by ECB rate-setter Klaas Knot, who said markets may be underestimating the chances of a September interest-rate hike. “Our long-term view is that the dollar is overvalued, but for now cyclical pressures are in the other direction, so the pressure is for the dollar to strengthen,” said Thompson, who expects the ECB to hold rates steady next week.
In rates, treasuries held small gains as the US trading day begins, trimming yields from the highest levels in a week reached amid Tuesday’s corporate new-issue explosion and crude oil price jumping to YTD highs. Yields are lower across the curve by 1bp-2bp, 10-year around 4.25%, down from session high near 4.27%. Yields climbed 8bp-9bp Tuesday as 20 corporate borrowers raised a combined $36.2b, the most in a day since April 2020, reinforcing the reputation of the first trading day after US Labor Day as magnet for IG issuers; Nippon Life Insurance Co. has announced a benchmark-sized offering for Wednesday’s session. Focal points of US session include ISM services gauge at 10am New York time and comments by Boston Fed’s Collins at 8:30am.
In commodities, crude futures decline, with WTI falling 0.7% to trade near $86.10. Spot gold falls 0.1%. Goldman Sachs warned of upside risks to its end-year Brent target of $86 per barrel and UBS Global Wealth Management forecast Brent and US WTI benchmark to end the year at $95 and $91 per barrel, respectively.
Looking to the day ahead now, and data releases include German factory orders for July, Euro Area retail sales for July, and the August construction PMIs from Germany and the UK. Over in the US, we’ll also get the ISM services index for August, the final services and composite PMIs for August, and the July trade balance. From central banks, the Bank of Canada will announce their latest policy decision, the Federal Reserve will release their Beige Book, and we’ll hear remarks from BoE Governor Bailey and the Fed’s Collins and Logan.
Market Snapshot
- S&P 500 futures down 0.2% to 4,492.00
- MXAP little changed at 162.86
- MXAPJ down 0.4% to 507.38
- Nikkei up 0.6% to 33,241.02
- Topix up 0.6% to 2,392.53
- Hang Seng Index little changed at 18,449.98
- Shanghai Composite up 0.1% to 3,158.08
- Sensex down 0.4% to 65,549.72
- Australia S&P/ASX 200 down 0.8% to 7,257.05
- Kospi down 0.7% to 2,563.34
- STOXX Europe 600 down 0.7% to 453.51
- German 10Y yield little changed at 2.63%
- Euro up 0.1% to $1.0733
- Brent Futures down 0.8% to $89.36/bbl
- Gold spot down 0.1% to $1,923.72
- U.S. Dollar Index little changed at 104.74
Top Overnight News
- China ordered officials at central government agencies not to use Apple’s iPhones and other foreign-branded devices for work or bring them into the office, people familiar with the matter said. The move by Beijing could have a chilling effect for foreign brands in China. Apple dominates the high-end smartphone market in the country and counts China as one of its biggest markets, relying on it for about 19% of its overall revenue. WSJ
- The White House is seeking detailed information on Huawei’s latest flagship smartphone, which analysts have described as an important milestone for the Chinese tech group four years after US restrictions crippled its handset business. FT
- Speculative bets that Chinese authorities will widen support for its property sector sent some of the country’s ailing developers surging by the most on record. Heavily indebted developers with depressed valuations were among those to rally the most, with Sunac China Holdings Ltd. soaring 68% alongside a spike in trading volume. China Evergrande Group closed up 83% — capping the biggest gain since its 2009 listing. BBG
- Xi was “reprimanded” over China’s current direction by retired party elders at a recent retreat, with a warning that the country can’t survive further turmoil. Nikkei
- Taiwan’s CPI for Aug overshoots the Street at +2.52% (up from +1.88% in Jul and ahead of the consensus +2.1% forecast), although the core number eases to +2.56% (down from +2.73% in July). BBG
- Universal Music has struck a deal to reshape the economics of music streaming, with changes aimed at directing more money to professional musicians and away from a “sea of noise” that chief executive Lucian Grainge has criticized this year. The world’s largest record company and the French streaming service Deezer have agreed an arrangement they expect will lift payouts to professional artists by 10 per cent, in the first big shift in the music streaming business model since the launch of Spotify in 2008. FT
- ECB officials warn markets that next week’s meeting outcome hasn’t been decided. ECB’s Knot warns markets not to underestimate the risk of a rate hike at next week’s meeting. RTRS / BBG
- Investors are warning hedge funds that they will face redemptions and further pressure to cut their fees unless they can improve their performance, highlighting the strain placed on the industry by a dramatic rise in global borrowing costs. FT
- Enbridge agreed to buy three utilities from Dominion Energy in a $9.4 billion deal to create North America’s largest natural gas provider. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mostly in the red following the subdued handover from Wall Street where sentiment was clouded by the higher yield environment, a stronger dollar and rising oil prices. ASX 200 was dragged lower by tech and with most sectors pressured aside from energy which benefitted from the higher oil prices, while better-than-expected GDP data for Australia failed to inspire a turnaround. Nikkei 225 bucked the trend after it reclaimed the 33,000 status and with tailwinds from a weaker currency. Hang Seng and Shanghai Comp suffered from tech weakness but losses stemmed as developers surged on hopes of further support measures and with Sunac up by over 60% after its return to the Stock Connect; additionally, further support came via China’s Premier Li and reports of a Hong Kong Financial task force meeting.
Top Asian News
- China’s Premier Li says they expect to achieve around the 5% economic growth target which was set earlier in the year.
- Chinese diplomat Liu said the US and China are major trading partners and that China opposes decoupling.
- US Commerce Secretary Raimondo said she does not expect any changes to Trump-era tariffs on China until the ongoing USTR review is completed, according to a CNBC interview.
- BoJ Board Member Takata said Japan’s economy is recovering moderately and Japan is seeing early signs of achieving 2% inflation, while he added that there is a sign of change in Japan’s trend inflation as rising wages push up inflation expectations. However, he believes the BoJ must patiently maintain easy policy given very high uncertainty on the outlook and noted that inflation is already exceeding the BoJ’s 2% target but there is some distance to achieving it stably and in a sustainable fashion.
- Japan Chief Cabinet Secretary Matsuno says it is important for FX to move stably reflecting fundamentals, sharp FX movers are undesirable. Will respond appropriately to FX moves if necessary, without ruling out any option.
European bourses are in the red, Euro Stoxx 50 -0.5%, in a similar fashion to the subdued APAC handover though performance for both regions lifted off lows towards the China close. Pressure in Europe also emanated from soft German data, though this comes with mitigating factors, and hawkish commentary from ECB’s Knot. Sectors are similarly lower aside from Telecom, where support stems from reports that Saudi’s STC has amassed a near-10% stake in Telefonica. Stateside, futures are also under pressure, ES -0.3%, but to a slightly lesser extent than the above action as the region is more tentative ahead of key US data and Central Bank speak. Apple (AAPL) iPhone and other foreign-branded devices have been banned in China for use by government officials at work, according to WSJ sources.
Top European News
- ECB’s Knot says markets may underestimate a September hike, via Bloomberg; the September decision will be a close call. A further hike is only a possibility and not a certainty. Advises caution against pessimism on the blocs economy. ECB inflation outlook won’t differ much from the last quarter.
- German Chancellor Scholz says to the Bundestag that he wants to propose a German pact to make the nation more fast, modern and secure. Will continue to promote the establishment of innovative firms such as chip factories. Rules out a debt-financed stimulus programme for Germany.
- Germany’s IFW sees 2023 German GDP -0.5% vs. prev. view of -0.3%, 2024 at +1.3% vs. prev. view +1.8% and 2025 at +1.5%.
FX
- DXY dips, but retains a firm underlying bid within 104.590-870 range irrespective of intervention.
- Yen pares losses vs. Buck after Japanese jawboning, but USD/JPY fails to breach 147.00 having peaked around 147.81.
- Euro underpinned against Buck as EGB/UST spreads converge, but EUR/USD capped ahead of 1.0750 and top of 2.53 bn expiry band starting at 1.0740.
- Aussie elevated near 0.6400 vs Greenback as Yuan rebounds from overnight lows sub-7.3200 in response to onshore and offshore intervention.
- Loonie lags pre-BoC as oil comes off the boil and Usd/Cad straddles 1.3650.
- PBoC set USD/CNY mid-point at 7.1969 vs exp. 7.3097 (prev. 7.1783)
- China’s major state-owned banks were seen withdrawing yuan liquidity in the offshore FX market and were seen selling dollars in the onshore spot FX market, according to sources cited by Reuters.
Fixed Income
- Bonds off worst levels in Europe before solid UK and German auctions, but Bunds and Gilts remain below par between 130.48-131.16 and 93.36-70 respective parameters.
- T-note idling within tight 110-05/109-29 band awaiting US trade data, services ISM, Fed speakers and latest Beige Book.
Commodities
- A session of consolidation for crude after Tuesday’s Russia and Saudi induced gains; WTI Oct’23 and Brent Nov’23 are lower by around USD 0.70/bbl having slipped through and tested the USD 86.00/bbl and USD 89.00/bbl figures respectively.
- Gas markets are attentive to the commencement of Australian LNG strikes on Thursday.
- While metals feature near unchanged performance for spot gold, base metals are softer but in a similar fashion to Chinese bourses that have lifted off lows.
- US Congress is set to sell off a 1mln bbl emergency reserve of gasoline which was created in the aftermath of Hurricane Sandy amid questions about the reserve’s usefulness, according to Bloomberg.
- Russian President Putin spoke by phone to Saudi Crown Prince MBS, according to Ria; both praised high-level of OPEC+ coordination.
Geopolitics
- India’s Foreign Minister said he doesn’t think the absence of Russian President Putin and Chinese President Xi from G20 has anything to do with India. Furthermore, he stated that G20 countries are negotiating to arrive at a consensus and have a declaration but added that there is a very sharp North-South divide and a sharper East-West polarisation.
US event Calendar
- 07:00: Sept. MBA Mortgage Applications -2.9%, prior 2.3%
- 08:30: July Trade Balance, est. -$68b, prior -$65.5b
- 09:45: Aug. S&P Global US Composite PMI, est. 50.4, prior 50.4
- 09:45: Aug. S&P Global US Services PMI, est. 51.0, prior 51.0
- 10:00: Aug. ISM Services Index, est. 52.5, prior 52.7
- 14:00: Federal Reserve Releases Beige Book
DB’s Jim Reid concludes the overnight wrap
There has been little back-to-school optimism in markets over the last 24 hours, with a decent selloff for equities and bonds as the US returned from holiday. There were several factors driving the moves, but a highlight was another rise in oil prices that saw Brent crude (+1.17%) surpass the $90/bbl mark for the first time since November. That followed an announcement from Saudi Arabia that they’d be extending their unilateral production cut of 1 million barrels per day until December, as well as one from Russia that they’d be extending their own cutback of 300k barrels per day over the same period. Russia’s move was in line with earlier comments, and actually a partial reversal of the 500k cut seen in August, but the length of the extension by Saudi Arabia was a surprise, as during the summer it had extended its production cut for one month at a time. So this added to the tight oil supply outlook (though oil prices did reverse by 1% from their intra-day peak as Europe closed).
This run-up in oil prices continues a trend that’s been going since the end of June, back when Brent was still only at $72/bbl. At the lows in June, Oil was c.-45% YoY. Now it’s nearly flat, down about -3% YoY as I type. The move has already had a clear impact on gasoline/petrol prices, and is expected to lead to some hot CPI reports in August, so the risk is that this further run-up will only add to those pressures in the September/October numbers. This could pose a tricky dilemma at a time when several growth indicators are already turning lower, particularly in Europe, since central bankers will have to decide whether to focus on above-target inflation, or whether they should ease up on rate hikes given the downturn in growth. It’s true that this won’t directly show up in core inflation since it’s energy, but the risk is you ultimately get second-round effects in other categories. In addition, since central banks’ targets are still measured in headline terms, it’s going to be harder for them to pivot in a dovish direction the longer inflation stays above target.
Another factor that has likely added to the recent bond sell off has been the anticipation of unusually high corporate bond issuance, with over $36bn of debt coming to market in the US as it returned from the Labor Day weekend. The $120bn of dollar IG issuance expected this month is just a shade over the median September issuance in recent years, but we’ve gotten off to a flyer with perhaps some strong front-loading given corporate blackouts and the FOMC meeting later in the month. The pressure on US Treasury yields then comes as investors hedge the interest rate risk.
Coupled with the negative news on inflation, this drove a sell off across the curve. 10yr Treasury yields were up +8.3bps by the close to 4.26%, which builds on their +7.1bps move on Friday after the jobs report. This is the largest 2-session increase since early July. In the meantime, real yields were back near their highs for this cycle, with the 10yr real yield up +3.9bps to 1.96%, which is just shy of its post-GFC closing high of 1.98% on August 21. And with real yields climbing further, that helped the US Dollar Index (+0.55%) to close at its highest level since March, at the time of SVB’s collapse. As we’ll see in the Asia section below we are seeing the FX intervention noise increase again.
Over in Europe it was much the same story, with yields on 10yr bunds (+3.3bps), OATs (+3.8bps) and BTPs (+5.1bps) all rising on the day. As well as the oil news, in Europe we also had the ECB’s latest Consumer Expectations Survey for July. That showed 3yr median inflation expectations ticking up a tenth to 2.4%, whilst 1yr expectations remained at 3.4%. So still above the ECB’s 2% target, and a change from the declining expectations that we saw in June.
In several respects though, the bigger story in Europe came from the final PMIs yesterday, which showed an even weaker picture than the flash readings. For instance, the final composite PMI for the entire Euro Area came in at 46.7 (vs. flash 47.0), and the services PMI came in at 47.9 (vs. flash 48.3). So that’s more evidence for increasingly weak growth in Europe ahead of the ECB’s decision next week, and will only add to the fears of stagflation.
For equities, it was difficult to advance against this backdrop, and the S&P 500 (-0.42%) saw a moderate decline. This was a broad-based reversal, with 83% of the index down on the day. The S&P 500 equal weight index was -1.2%. The only real exceptions were energy stocks (+0.49%) and technology (+0.39%). Indeed, tech mega caps had a good day, with the FANG+ index up +1.10%. By contrast, small-cap stocks suffered, with the Russell 2000 (-2.10%) experiencing its worst daily performance in 4 months. Notably, the S&P 1500 homebuilding index, which had been up nearly 50% year-to-date, saw its worst day since October 2022 (-5.49%), partially on sensitivity to higher real rates. Meanwhile in Europe, the STOXX 600 (-0.23%) lost ground for a 5th day running, continuing its series of small losses.
Asian equity markets are broadly trading lower this morning but with no incremental sell-off versus the US close. As I glance through my screens, Chinese equities are the biggest underperformers with the Hang Seng (-0.82%) leading losses followed by the CSI (-0.71%) and the Shanghai Composite (-0.42%). Elsewhere, the KOSPI (-0.64%) is also slipping while the Nikkei (+0.68%) is vastly outperforming its regional peers, rising for the eighth consecutive day. S&P 500 (-0.12%) and NASDAQ 100 (-0.20%) futures are moving a little bit lower.
Early morning data showed that Australia’s economic growth slowed at an annual pace in the June quarter (+2.1%) compared to an upwardly revised +2.4% annual rate in the previous quarter (v/s +1.8% expected) as the impact of rising interest rates and a disappointing post-Covid recovery in China is taking its toll. On a quarterly basis, the Q2 GDP expanded +0.4%, matching market expectations and against a revised +0.4% in the previous three months.
In FX, the Japanese yen (+0.12%) slightly strengthened against the dollar to trade at 147.55 albeit still trading near a fresh 10-month low even after Japan issued its strongest warning over sharp currency moves. Top currency diplomat Masato Kanda stated that the government will monitor foreign exchange moves and will consider timely action if speculative moves persist. The Yuan fell to 10-month lows even with a strong fix by the authorities. Local bank selling of dollars after the lows has moved it back to -0.1% on the day.
There wasn’t much in the way of other data yesterday. We did get the Euro Area PPI reading for July, which showed producer prices were down -7.6% over the year to July as expected. That’s the biggest annual decline since July 2009 after the GFC. Otherwise, US factory orders fell by -2.1% in July (vs. -2.5% expected).
To the day ahead now, and data releases include German factory orders for July, Euro Area retail sales for July, and the August construction PMIs from Germany and the UK. Over in the US, we’ll also get the ISM services index for August, the final services and composite PMIs for August, and the July trade balance. From central banks, the Bank of Canada will announce their latest policy decision, the Federal Reserve will release their Beige Book, and we’ll hear remarks from BoE Governor Bailey and the Fed’s Collins and Logan.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)/
Equities, DXY & debt pressured ahead of US data and Fed speak – Newsquawk US Market Open
WEDNESDAY, SEP 06, 2023 – 06:22 AM
- European bourses & US futures are under pressure, though the latter comparably more contained pre-data/Fed speak
- DXY dips but retains an underlying bid while JPY outperforms after jawboning, CAD soft pre-BoC as crude pullsback
- A session of consolidation for crude after Tuesday’s pronounced upside, metals feature spot gold near unchanged while base peers have lifted from lows in-line with China
- EGBs pressured by hawk-Knot after fleeting data-induced upside, USTs more contained
- Looking ahead, highlights include US ISM Services, NBP & BoC Policy Announcements, Fed’s Collins & Logan, BoE’s Bailey, Cunliffe & Dhingra, Riksbank’s Thedeen.
More Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
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EUROPEAN TRADE
EQUITIES
- European bourses are in the red, Euro Stoxx 50 -0.5%, in a similar fashion to the subdued APAC handover though performance for both regions lifted off lows towards the China close.
- Pressure in Europe also emanated from soft German data, though this comes with mitigating factors, and hawkish commentary from ECB’s Knot.
- Sectors are similarly lower aside from Telecom, where support stems from reports that Saudi’s STC has amassed a near-10% stake in Telefonica.
- Stateside, futures are also under pressure, ES -0.3%, but to a slightly lesser extent than the above action as the region is more tentative ahead of key US data and Central Bank speak.
- Apple (AAPL) iPhone and other foreign-branded devices have been banned in China for use by government officials at work, according to WSJ sources.
- Click here for more detail.
- Click here and here for a recap of the main European equity updates.
FX
- DXY dips, but retains a firm underlying bid within 104.590-870 range irrespective of intervention.
- Yen pares losses vs. Buck after Japanese jawboning, but USD/JPY fails to breach 147.00 having peaked around 147.81.
- Euro underpinned against Buck as EGB/UST spreads converge, but EUR/USD capped ahead of 1.0750 and top of 2.53 bn expiry band starting at 1.0740.
- Aussie elevated near 0.6400 vs Greenback as Yuan rebounds from overnight lows sub-7.3200 in response to onshore and offshore intervention.
- Loonie lags pre-BoC as oil comes off the boil and Usd/Cad straddles 1.3650.
- PBoC set USD/CNY mid-point at 7.1969 vs exp. 7.3097 (prev. 7.1783)
- China’s major state-owned banks were seen withdrawing yuan liquidity in the offshore FX market and were seen selling dollars in the onshore spot FX market, according to sources cited by Reuters.
- Click here for more detail.
- Click here for the Option Expires for the NY Cut.
FIXED INCOME
- Bonds off worst levels in Europe before solid UK and German auctions, but Bunds and Gilts remain below par between 130.48-131.16 and 93.36-70 respective parameters.
- T-note idling within tight 110-05/109-29 band awaiting US trade data, services ISM, Fed speakers and latest Beige Book.
- Click here for more detail.
COMMODITIES
- A session of consolidation for crude after Tuesday’s Russia and Saudi induced gains; WTI Oct’23 and Brent Nov’23 are lower by around USD 0.70/bbl having slipped through and tested the USD 86.00/bbl and USD 89.00/bbl figures respectively.
- Gas markets are attentive to the commencement of Australian LNG strikes on Thursday.
- While metals feature near unchanged performance for spot gold, base metals are softer but in a similar fashion to Chinese bourses that have lifted off lows.
- US Congress is set to sell off a 1mln bbl emergency reserve of gasoline which was created in the aftermath of Hurricane Sandy amid questions about the reserve’s usefulness, according to Bloomberg.
- Russian President Putin spoke by phone to Saudi Crown Prince MBS, according to Ria; both praised high-level of OPEC+ coordination.
- Click here for more detail.
NOTABLE US HEADLINES
- US Senate voted 83-10 in cloture vote to limit the debate and advance Fed Vice Chair nominee Jefferson toward confirmation, according to Reuters.
- European Commission has designated 22 core businesses of six firms as gatekeepers. Firms are: Alphabet (GOOGL), Amazon (AMZN), Apple (AAPL), Bytedance, Meta (META) and Microsoft (MSFT)
NOTABLE EUROPEAN HEADLINES
- ECB’s Knot says markets may underestimate a September hike, via Bloomberg; the September decision will be a close call. A further hike is only a possibility and not a certainty. Advises caution against pessimism on the blocs economy. ECB inflation outlook won’t differ much from the last quarter.
- German Chancellor Scholz says to the Bundestag that he wants to propose a German pact to make the nation more fast, modern and secure. Will continue to promote the establishment of innovative firms such as chip factories. Rules out a debt-financed stimulus programme for Germany.
- Germany’s IFW sees 2023 German GDP -0.5% vs. prev. view of -0.3%, 2024 at +1.3% vs. prev. view +1.8% and 2025 at +1.5%.
NOTABLE EUROPEAN DATA
- German Industrial Orders MM (Jul 2023) -11.7% vs. Exp. -4.0% (Prev. 7.0%, Rev. 7.6%); “Much of the sharp decline in new orders in July 2023 is due to a very large order reported in the manufacture of air and spacecraft in June 2023”. New orders excluding large-scale orders were up 0.3% MM.
- EU HCOB Construction PMI (Aug) 43.4 (Prev. 43.5); German HCOB Construction PMI (Aug) 41.5 (Prev. 41.0)
- French HCOB Construction PMI (Aug) 42.4 (Prev. 42.9); Italian HCOB Construction PMI (Aug) 47.7 (Prev. 48.0)
- UK S&P Global/CIPS Construction PMI (Aug) 50.8 vs. Exp. 50.5 (Prev. 51.7)
- EU Retail Sales MM (Jul 2023) -0.2% vs. Exp. -0.1% (Prev. -0.3%); YY (Jul 2023) -1.0% vs. Exp. -1.2% (Prev. -1.4%)
GEOPOLITICS
- India’s Foreign Minister said he doesn’t think the absence of Russian President Putin and Chinese President Xi from G20 has anything to do with India. Furthermore, he stated that G20 countries are negotiating to arrive at a consensus and have a declaration but added that there is a very sharp North-South divide and a sharper East-West polarisation.
CRYPTO
- Coinbase (COIN) is launching a digital asset lending program for its institutional prime clients.
APAC TRADE
- APAC stocks traded mostly in the red following the subdued handover from Wall Street where sentiment was clouded by the higher yield environment, a stronger dollar and rising oil prices.
- ASX 200 was dragged lower by tech and with most sectors pressured aside from energy which benefitted from the higher oil prices, while better-than-expected GDP data for Australia failed to inspire a turnaround.
- Nikkei 225 bucked the trend after it reclaimed the 33,000 status and with tailwinds from a weaker currency.
- Hang Seng and Shanghai Comp suffered from tech weakness but losses stemmed as developers surged on hopes of further support measures and with Sunac up by over 60% after its return to the Stock Connect; additionally, further support came via China’s Premier Li and reports of a Hong Kong Financial task force meeting.
NOTABLE ASIA-PAC HEADLINES
- China’s Premier Li says they expect to achieve around the 5% economic growth target which was set earlier in the year.
- Chinese diplomat Liu said the US and China are major trading partners and that China opposes decoupling.
- US Commerce Secretary Raimondo said she does not expect any changes to Trump-era tariffs on China until the ongoing USTR review is completed, according to a CNBC interview.
- BoJ Board Member Takata said Japan’s economy is recovering moderately and Japan is seeing early signs of achieving 2% inflation, while he added that there is a sign of change in Japan’s trend inflation as rising wages push up inflation expectations. However, he believes the BoJ must patiently maintain easy policy given very high uncertainty on the outlook and noted that inflation is already exceeding the BoJ’s 2% target but there is some distance to achieving it stably and in a sustainable fashion.
- Japan Chief Cabinet Secretary Matsuno says it is important for FX to move stably reflecting fundamentals, sharp FX movers are undesirable. Will respond appropriately to FX moves if necessary, without ruling out any option.
DATA RECAP
- Australian Real GDP QQ (Q2) 0.4% vs. Exp. 0.3% (Prev. 0.2%); YY (Q2) 2.1% vs. Exp. 1.8% (Prev. 2.3%)
2 c. ASIAN AFFAIRS
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 3.71 PTS OR 0.12% //Hang Seng CLOSED DOWN 6.93 PTS OR 0.04% /The Nikkei CLOSED UP 204.26 PTS OR 0.62% //Australia’s all ordinaries CLOSED DOWN 0.73 % /Chinese yuan (ONSHORE) closed DOWN 7.3034 /OFFSHORE CHINESE YUAN DOWN TO 7.3075 /Oil UP TO 86.29 dollars per barrel for WTI and BRENT UP AT 89.42 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
//NORTH KOREA/CHINA/RUSSIA
This is not good at all:
(Anzalone/Libertarian Institute)
Russia, China & North Korea To Launch Trilateral War Games
TUESDAY, SEP 05, 2023 – 11:00 PM
Authored by Kyle Anzalone via The Libertarian Institute,
South Korea’s intelligence services believe that Russia, China and North Korea are preparing to conduct joint military drills. Moscow, Beijing, and Pyongyang have all frequently complained about American war games near their borders.
According to Yoo Sang-bum, a South Korean legislator, Russian Defence Minister Sergei Shoigu likely proposed that North Korean soldiers join Russian and Chinese troops for military exercises during a July meeting with Supreme Leader Kim Jong Un. Yoo says he learned the information during a closed-door discussion with South Korea’s National Intelligence Service.
The report comes as Moscow, Beijing and Pyongyang have become increasingly frustrated with Washington and its allies conducting war games near their borders.
Last week, US and South Korean soldiers wrapped up the Ulchi Freedom Shield annual joint military exercises which included sending American strategic assets to the Korean Peninsula. In response to the drills, Kim ordered his forces to conduct a test of their nuclear capabilities.
In the South China Sea, Washington contests Beijing’s territorial claims by sending warships into Chinese waters and claiming the deployment is a “freedom of navigation operation.”
Prior to the invasion of Ukraine, Russian President Vladimir Putin explained that NATO war games in Ukrainian territory were viewed as an intense provocation by Moscow.
On Saturday, the Kremlin’s envoy to Pyongyang, Alexander Matsegora, explained North Korea’s participation in joint military exercises with China and Russia was an “appropriate” response to “constant bilateral and trilateral exercises” being held by the US and its “junior partners in Asia.”
On Monday, Shoigu confirmed Moscow was planning to conduct joint military drills with Pyongyang. When asked about deepening defense cooperation, he said per Reuters:
“Why not, these are our neighbors. There’s an old Russian saying: you don’t choose your neighbors and it’s better to live with your neighbors in peace and harmony,” Interfax news agency quoted Russia’s Defence Minister, Sergei Shoigu, as saying on Monday.
When asked about the possibility of joint exercises between the two countries, he said “of course” they were being discussed, it said.
Additionally, the Russian defense minister said Kim was planning to travel to Russia for an upcoming meeting with Putin.
END
END
2e) JAPAN
JAPAN
3 CHINA /
CHINA/
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
HUNGARY/EUROPE/
GERMANY
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
RUSSIA/UKRAINE/USA
Blinken pledges one billion dollars more for Ukraine.
Blinken’s $1BN More For Ukraine Includes Seized Assets Of Russian Oligarchs
WEDNESDAY, SEP 06, 2023 – 03:39 PM
Update(1539ET): Maui? East Palestine? No, Blinken is in the capital of Ukraine where he just announced $1 billion more in US aid to the the country.
“The U.S. commitment includes more military assistance, but also funds to bolster its future defense and its own democracy and economy,” the NY Times noted following the Secretary of State’s remarks to the press.
This includes, interestingly enough, some half-billion dollars for “cleaner, more resilient” energy infrastructure, and over a couple hundred million more for civilian and city infrastructure, including for clean water, food, medical support, and home generators. And then there’s this detail: seized funds from Russian oligarchs will be included as part of this round of aid…
US: FUNDS TO UKRAINE INCLUDE $5.4M IN FORFEITED OLIGARCH ASSETS
* * *
US Secretary of State Antony Blinken made a surprise visit to Ukraine on Wednesday at a moment of waning Western faith in the ability of the counteroffensive to make any breakthroughs. It marks the highest level visit by an American official since last February President Biden visited Kyiv for the first time.
Like with prior trips, Blinken came bearing gifts, announcing over $1 billion in new US aid – while Moscow has charged that Washington will fund Kyiv until the “last Ukrainian”. But Blinken’s message is: “We want to make sure that Ukraine has what it needs, not only to succeed in the counteroffensive, but has what it needs for the long term, to make sure that it has a strong deterrent,” he told reporters.
The trip and announcement seems to confirm that the Zelensky government’s latest bold moves related to anti-corruption “house cleaning” was done at the behest of Washington and NATO, likely for the sake of PR and to keep US taxpayer dollars flowing into Kiev’s coffers.
“I’m here first and foremost to demonstrate our ongoing and determined support for Ukraine as it deals with this aggression,” Blinken assured.
To review of the immediate context, only in the past days and week…
- Ukraine’s government cracked down on corrupt army recruiters
- Zelensky sacked his defense minister amid a long-running corruption probe related to overpriced contracts for military items
- Zelensky in an interview said a presidential election during wartime is impossible, but hinted there could be a path forward if the West funds it
Interestingly, the newly appointed defense minister to replace Oleksii Reznikov is a Tatar Muslim originally from Crimea (was he another diversity hire?) named Rustem Umerov, and he’s been swiftly approved by parliament. Umerov had previously been chairman of Ukraine’s State Property Fund.
A meeting between Blinken and Zelensky is expected to happen Wednesday evening (local time). Like other Western leaders, Blinken flew into Eastern Europe and completed the final leg of the trip to Kyiv by train.
Blinken’s trip is taking place just after a new major aerial assault by Russia reportedly killed at least 16 in the city of Kostiantynivka in eastern Ukraine, according to an update by Zelensky. On Telegram he condemned “The audacity of evil” and what he further called “The brazenness of wickedness. Utter inhumanity.”
“At this moment, the attack by Russian terrorists has killed 16 people…a regular market. Shops. A pharmacy. People who did nothing wrong. Many wounded. Unfortunately, the number of casualties and injured may rise. My condolences to all who have lost loved ones!” Zelensky added in the written statement, “The Russian evil must be defeated as soon as possible.”
As for the faltering counteroffensive, the NY Times has tried to paint a rosier picture than what’s been featured in the last months:
Mr. Blinken was expected to meet with President Volodymyr Zelensky on Wednesday evening. His visit comes as the Ukrainian counteroffensive in the southeast has gained some traction after three months of grueling, bloody fighting. Ukrainian troops have broken through a main line of Russia’s defenses in one location, Ukraine’s Army has said, and are turning their attention to breaking through in another heavily defended patch of territory.
The State Department official cited Ukraine’s “impressive progress” on the battlefield in recent weeks. But swift gains are unlikely, military analysts say…
Meanwhile, it should be noted that many of the earliest pics of Blinken’s surprise visit to hit the web and news feeds featured him posing with a cute dog. Was this meant more for American public consumption? Per the NYT:
Soon after arriving in Kyiv, Mr. Blinken was introduced to Patron, a mine-sniffing Jack Russell Terrier that is a much-loved mascot for Ukraine’s war effort. Mr. Blinken petted and held Patron, a video posted by RBK, a Ukrainian news outlet, showed.
Cute doggy and US billions.
Zelensky previewed what’s expected to be discussed during his meeting with Blinken, having said earlier, “All requests from the warriors will be addressed by senior generals, government officials and our international relations officials.”
end
UKRAINE
END
6.GLOBAL ISSUES//MEDICAL ISSUES
end
GLOBAL VACCINE/COVID ISSUES
I am afraid that these tragedies will continue because of vaccine clots
(zerohedge)
Pennsylvania High School QB Needs ‘Miracle’ After Collapsing Mid-Game, Family Says
TUESDAY, SEP 05, 2023 – 10:20 PM
Authored by Lorenz Duchamps via The Epoch Times (emphasis ours),
A high school football player in Pennsylvania needs “a miracle” after collapsing on the field in the middle of a game on Sept. 1, according to his family, who said in a health update on Sept. 3 that the 17-year-old has been in critical condition for more than 36 hours.
Mason Martin, a quarterback for Karns City High School, suffered a “significant brain bleed as well as a collapsed lung,” his family told KDKA-TV.
The matchup between the Karns City Gremlins and Redbank Valley Bulldogs was cut short in the third quarter when referee Mike Vasbinder noticed Martin started to stagger after he received a hit during the game.
Despite the hit, the quarterback continued to play defense without any apparent issue until he left the field for the extra point and then came back for the return kick-off. However, the referee noticed something was off before the play started, prompting him to blow his whistle as Martin collapsed.
“I had to talk to him, and when I asked if he was alright, he told me, ‘no,'” Mr. Vasbinder said, according to the Butler Eagle. “So that’s when I knew something was wrong.”
The game was stopped early and the Redbanks were named the winner as they were leading 35–6 when the incident occurred.
Mr. Vasbinder said the medical emergency led staff members to enforce a series of protocols, including some of which the referee never had to follow in a game before last week’s incident.
“When we saw it got to the point where they were bringing on an ambulance, we talked to Redbank Valley’s coach and Karns City’s coach, who was obviously with his player,” he said. “And we just tried to stay back and keep calm, so things didn’t escalate.“
Martin was taken off the field in a Karns City ambulance before being flown to UPMC Presbyterian Hospital in Pittsburgh in a STAT MedEvac helicopter, D9Sports.com reported.
His mother, Stacy King Martin, shared an update on her son’s health condition in a statement on social media on Sept. 3, thanking everyone for their love and support.
“Mason remains in critical condition with little change over the last 36 hours,” her message reads. “The truth is we need a miracle. I’m not saying that to sound grim, but to let you know that we need the strength of your prayers.”
“No one believes in this kid more than us, but he needs everyone’s strength and prayers,” the message continues. “Right now, we have to wait for the swelling to go down to assess the extent of the damage to the brain. So please pray the way he has always played the game, all out holding nothing back, maybe a little angry, definitely aggressive.”
The Karns City Gremlin Football Program also issued a lengthy statement after the incident, saying the school has counselors available for students and staff who need to talk to someone after witnessing Martin’s serious on-the-field injury.
Brittany Thompson, a spectator who was there with her daughter, said the situation was reminiscent of Buffalo Bills safety Damar Hamlin’s collapse during the Jan. 2 game against the Cincinnati Bengals.
“We’re not from this school district, but my daughter wanted to come to the game,” Ms. Thompson said, the Butler Eagle reported. “It’s just really scary.”
Mr. Hamlin revealed the official cause of his collapse during a press conference in April, saying he collapsed due to a condition that mostly happens to teenagers playing baseball.
“The diagnosis of what happened to me was basically commotio cordis. It’s a direct blow at a specific point in your heartbeat that causes cardiac arrest,” he explained. “And five to seven seconds later, you fall out.”
Cardiac Issues Among Young Athletes
News of Martin’s medical emergency comes about a month after Lebron James’s son, Bronny James, suffered a sudden cardiac arrest while he was practicing for the USC basketball team.
A spokesperson for the family said on Aug. 26 that a congenital heart defect likely caused the cardiac arrest. The condition had been identified “after a comprehensive initial evaluation” at the center and follow-up evaluations at the Mayo Clinic and Atlantic Health/Morristown Medical Center.
“It is an anatomically and functionally significant Congenital Heart Defect which can and will be treated,” the spokesperson said in a statement.
However, soon after the medical situation, rampant speculation emerged on social media, including a post from X owner Elon Musk suggesting that the cardiac incident was associated with the COVID-19 vaccine.
“We cannot ascribe everything to the vaccine, but, by the same token, we cannot ascribe nothing. Myocarditis is a known side effect. The only question is whether it is rare or common,” the Tesla CEO said in late July.
At the same time, CNN interviewed its own medical analyst, Dr. Sanjay Gupta, who asserted that the younger James’s health scare, as well as similar sudden cardiac arrest events involving young athletes, are “more common than people realize.”
Last month, the death of Caleb White, 17, from Alabama’s Pinson Valley High School also became a hot topic online as inquiries continue into the unclear links between COVID-19, COVID-19 vaccines, and heart issues.
“24 hours ago, my grandson Caleb White collapsed on the basketball court, went into cardiac arrest and all attempts to resuscitate him failed. This was similar to the illness Labron James’ son experienced as he was working out,” Caleb’s grandfather, George Varnadoe Jr., said in a Facebook post on Aug. 11.
Studies on Vaccine Risks
A study funded by the South Korean government has confirmed that COVID-19 vaccines can cause sudden death. In June, authorities said that eight people died suddenly after receiving an mRNA vaccine due to myocarditis.
All the sudden cardiac deaths (SCD) occurred in people aged 45 and younger. One of the victims was a 33-year-old man who died just one day after he received the second shot of the Moderna vaccine. Another case involved a 30-year-old woman who died three days after getting her first dose of a Pfizer vaccine.
The results show the need for “careful monitoring or warning of SCD as a potentially fatal complication of COVID-19 vaccination, especially in individuals who are ages under 45 years with mRNA vaccination,” the study said.
In an interview with The Epoch Times, Dr. Andrew Bostom, a retired professor of medicine in the United States, said that the results show why mandating COVID-19 vaccines for young people was flawed.
“These are people who ostensibly did not need the vaccine,” he said. “That’s what adds insult to injury.”
Aldgra Fredly and Naveen Athrappully contributed to this report.
END
COVID-19 booster shots expected as early as next week; what you need to know is that it is already obsolete and will drive more sub-variants like EG.5 and BA.2.86 etc. It is ludicrous that they are
bringing a XBB.1.5 booster that already will not match the dominant variants, setting up the stage for viral immune escape, original antigenic sin (immune priming, fixation); vaccinated at risk
| DR. PAUL ALEXANDERSEP 6 |
Those taking the booster will not only have an ineffective vaccination, but will be at risk for infection as the vaccine is driving the vaccinated to become infected and also becoming severely ill.
Do not fall for the garbage, take none of these boosters (XBB.1.5), all of CDC and FDA knows it will fail as well as Bourla and Bancel and again based on mice model like for the prior BA4 and BA 5 bivalent booster, and not humans and based on sub-optimal research methods, patient important outcomes and using antibody levels etc. as the outcome of interest. This is utter garbage the FDA is allowing and partaking in.
GLOBAL ISSUES
end
DR PAUL ALEXANDER
SLAY NEWS
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| Biden Admin Hid Military Investigation Exposing Spike in Covid Among VaccinatedDemocrat President Joe Biden’s administration kept the bombshell results of a U.S. military investigation hidden from the public, newly unsealed documents have revealed.READ MORE |
| Trump Demands Big Pharma Vaccine Safety Data ‘Be Made Public Immediately’President Donald Trump is demanding that pharmaceutical companies “immediately” publish their safety data for Covid mRNA shots amid mounting reports of adverse events.READ MORE |
| Benjamin Netanyahu Calls for ‘Immediate Expulsion’ of African Migrants Rioting in Tel AvivIsraeli Prime Minister Benjamin Netanyahu has reached his limit and called for the mass deportation of African migrants following widespread rioting in Tel Aviv.READ MORE |
| Philadelphia Police Commissioner Danielle Outlaw Quits amid Soaring CrimePhiladelphia’s Police Commissioner Danielle Outlaw has quit as the city battles soaring crime rates.READ MORE |
| Elon Musk: Twitter Has ‘No Choice’ But to Sue Leftist ADL for DefamationElon Musk has issued a statement revealing that his social media platform Twitter/X has been left with “no choice” but to sue the Anti-Defamation League (ADL) for defamation.READ MORE |
| Wikipedia Co-Founder: Site Has Been Hijacked by U.S Government for ‘Info Warfare’A co-founder of Wikipedia has issued a warning to the public that the site he helped to create has been hijacked by the U.S. government and used as a tool for “info warfare.”READ MORE |
| Federal Court Drops Hammer on FDA for Pushing False Anti-Ivermectin Narrative on Social MediaA U.S. federal court has ruled that Democrat President Joe Biden’s Food and Drug Administration (FDA) overstepped its authority by promoting a false narrative on social media about the use of ivermectin against COVID-19.READ MORE |
| Green Energy Firm Promoted by Biden Has Deep Ties to Chinese Communist PartyA green energy first that has received significant support from Democrat President Joe Biden’s administration has deep ties to the Chinese Communist Party (CCP).READ MORE |
| Biden Claims Visiting Delaware Beach House Is ‘Not a Vacation’: ‘I Have No Home to Go To’Democrat President Joe Biden has claimed that he’s not taking a vaccination when he makes frequent visits to his luxury beach house in Delaware.READ MORE |
| Mississippi Democrat Accuses Fellow Dems of Election Fraud in Primary RaceA Mississippi Democrat has accused his fellow Democratic Party members of committing election fraud during a recent primary.READ MORE |
| Politico Reporter: Evidence Linking Joe Biden to Hunter’s Business Deals ‘Doesn’t Exist’During a stunning propaganda episode, a gaslighting Politico reporter claimed on national television that the evidence linking Democrat President Joe Biden to his son Hunter’s influence-peddling deals “doesn’t exist.”READ MORE |
| end |
NEWS ADDICTS:
| WEF Planning to Make Humans Allergic to Meat to ‘Fight Climate Crisis’A World Economic Forum (WEF) official has revealed that the globalist organization is seeking to make humans fatally allergic to meat consumption in order to supposedly stop the alleged “climate crisis.”READ THE FULL REPORT |
| Biden to Ban ‘All’ Private Car Ownership to ‘Fight Racism’President Joe Biden’s administration is planning to ban all private vehicle ownership to supposedly “fight racism,” claiming that “all cars are bad.”READ THE FULL REPORT |
| Adam Schiff Panics Over Biden Impeachment Talks – WATCHRep. Adam Schiff (D-CA) and former Joe Biden press secretary Jen Psaki discussed Marjorie Taylor Greene’s promise to not vote to fund the government unless there is an impeachment inquiry into Joe Biden on Sunday.READ THE FULL REPORT |
| Jonathan Turley: Obama Could Attempt to Bail Out Biden Under Presidential Records ActJonathan Turley shared in a piece that he did for “The Hill” that former President Barack Obama is being asked to “bail Biden out from another debacle”.READ THE FULL REPORT |
| Donna Brazile Admits Democrats Screwed up, Compares Trump to Ronald Regan: ‘This Is a Movement’Former DNC Chairwoman Donna Brazile called the support for Donald Trump amid legal battles “a movement” on “This Week” with George Stephanopoulos.LATEST REPORTS FOR NEWS JUNKIESUnvaxxed Haiti Recorded 0% Covid DeathsThe vast majority of the population of Haiti is unvaccinated for COVID-19 but the impoverished Caribbean nation recorded virtually no deaths from the virus.READ THE FULL REPORTBiden Slams Trump Economy, Misleads America on ‘Bidenomics’ in Labor Day Stump SpeechPresident Joe Biden delivered a Labor Day stump speech in Philadelphia, Pennsylvania to union workers at the Annual Tri-State Labor Day Parade.READ THE FULL REPORTVideo: Thief Stopped Amid Attempted Robbery, Beaten by Employees of Latino-Owned StoreA viral video with over three million views shared by X user 3sidededstory showed an attempted robbery being thwarted by the store owner in El Monte, CA.READ THE FULL REPORTBLM Protest Explodes Onto Ohio Streets After Pregnant Mother Killed While Driving at CopBlack Lives Matter is back. BLM protesters seized upon the tragic death of of 21-year-old pregnant mother Ta’kiya Young to make racially charged claims that a Blendon Township police officer shot her because she was Black. However, police bodycam video shows that Young had attempted to flee from the arrest by driving her vehicle directly at a police officer. The …READ THE FULL REPORTREAD THE FULL REPORT |
EVOL NEWS
| Alert: Ex-Wikipedia Co-Founder Says Site Hijacked by US Intelligence for ‘Info Warfare’READ MORE… |
| LATEST NEWS: |
| Unvaxxed Haiti Recorded 0% Covid DeathsRead more…Kim Jong-un and Putin Plan to Meet in Russia to Discuss WeaponsRead more…Saudi Man Receives Death Penalty For Social Media PostsRead more…Oprah and the Rock Face Outrage Over Misleading Maui Relief FundRead more…Kim Jon Un to meet Vladimir Putin in RussiaRead more…‘Dream Weaver’ Singer Gary Wright Dead at 80 After Health BattleRead more…First lady Jill Biden tests positive for Covid-19Read more…BREAKING: Elon Musk announces X is considering suing the ADL for defamation, will insist they drop the A in their nameRead more… |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
CANADA/POLAND
Canada keeps interest rate at 5% but Poland cuts .75%
Bank of Canada Holds Rate At 5%, As Expected, Sees Excess Demand Easing But Prepared To Hike More If Needed
WEDNESDAY, SEP 06, 2023 – 10:23 AM
In a day when we have seen some unexpected monetary policy decisions, including a surprise outburst from Erdogan who flip-flopped on Erdoganomics and said that Turkey may “reduce inflation with tight monetary policy” something he refuse toa accept for much of the past decade, as well as a surprise rate cut from Poland, which slashed rates by 75bps to 6.00%, much more than the 25bps expected, which was odd considering Poland still has 10% inflation, moments ago the Bank of Canada did not surprise markets when it kept policy rate unchanged at 5%, the highest level in 22 years (and up 475bps since March 2022) as expected.
“With recent evidence that excess demand in the economy is easing, and given the lagged effects of monetary policy, governing council decided to hold,” the bank said. Officials, however, remain “concerned about the persistence of underlying inflationary pressures” and are “prepared to increase the policy rate further if needed.”
While the rate pause and the accompanying statement suggested policymakers are comfortable waiting to assess whether the deteriorating economy will restore price stability, officials remainedd worried about persistent momentum in inflation and the statement sounded hawkish enough by keeping the language saying the Governing Council remains concerned about the persistence of underlying inflationary pressures, and is “prepared to increase the policy interest rate further if needed.”
Keeping that hawkish bias may allow Macklem to avoid a repeat of January’s explicit pause signal, which led markets to quickly price in future rate cuts and rekindled Canada’s housing market.
Regarding inflation, the central bank said there has been little recent downward momentum in underlying inflation. The longer high inflation persists, the greater the risk that elevated inflation becomes entrenched, making it more difficult to restore price stability. Canada 2y yield is higher by 2bp after the decision.
Some other commentary from the BOC decision, first on the economy:
- Remains concerned about the persistence of underlying inflationary pressures.
- There has been little recent downward momentum in underlying inflation.
- The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures.
- The tightness in the labour market has continued to ease gradually.
And on policy:
- Decided to stand pat on rates due to recent evidence that excess demand in the economy is easing, and given the lagged effects of monetary policy
- The Bank is also continuing its policy of quantitative tightening.
- Prepared to increase the policy interest rate further if needed.
According to Bloomberg, with many central banks globally nearing or at their terminal point for rates, Wednesday’s decision suggests Canada’s six-member panel may soon transition the debate to how long they need to hold, instead of how restrictive policy should be.
Earlier on Tuesday, the Reserve Bank of Australia also kept its key interest rate unchanged and maintained a tightening bias. Consecutive pauses in that country imply a higher hurdle for any further hikes and suggest a surprise shift in economic data will be needed to prompt additional tightening.
After its January declaration, the Bank of Canada moved to the sidelines for five months, but resumed hiking in June and July after surprisingly strong economic growth. Still, there’s ample evidence the central bank has now done enough to cool excess demand.
Canada’s economy contracted in the second quarter, far below the bank’s estimate for a 1.5% annualized expansion. The labor market is loosening — job vacancies are falling and the unemployment rate continues to tick up — and the housing market has slowed.
“The Canadian economy has entered a period of weaker growth, which is needed to relieve price pressures,” the bank said. “This reflected a marked weakening in consumption growth and a decline in housing activity, as well as the impact of wildfires in many regions of the country.”
That said, with wage growth stuck around 4% or 5%, and inflationary pressures remaining broad-based, policymakers are seeing difficulty in the “last mile” of returning inflation to the 2% target. “The longer high inflation persists, the greater the risk that elevated inflation becomes entrenched, making it more difficult to restore price stability.”
The bank also kept the last three sentences of the rate statement the same, laying out key metrics policymakers will be monitoring, including the evolution of excess demand, inflation expectations, wage growth and corporate pricing behavior.
Macklem will shed more light on his team’s thinking and its outlook for the Canadian economy in a speech to the Calgary Chamber of Commerce on Thursday. The governor is scheduled to speak to reporters afterward.
The central bank’s next decision is due Oct. 25, after double releases of jobs, inflation and retail data, as well as gross domestic product numbers for July and an August estimate.
In response to the BOC hood, the Canadian dollar fell, reversing gains seen earlier in the session (which however may have also been driven by the stronger than expected Services ISM which sparked a surge in the Dollar index). USDCAD gained as much as 0.3% to 1.3676 before paring the advance, leaving the loonie near its March lows. Swaps market prices in roughly 29% chance of a rate increase at BOC’s October meeting, compared to 25% Tuesday prior to the decision.
END
AFRICA//FRANCE//PEPE ESCOBAR..
how crooked France controls much of these countries finances.
A MUST READ…
Escobar: No Respite For France As A ‘New Africa’ Rises
WEDNESDAY, SEP 06, 2023 – 02:00 AM
Authored by Pepe Escobar via The Cradle,
Like dominos, African states are one by one falling outside the shackles of neocolonialism. Chad, Guinea, Mali, Burkina Faso, Niger, and now Gabon are saying ‘non’ to France’s longtime domination of African financial, political, economic, and security affairs.
By adding two new African member-states to its roster, last week’s summit in Johannesburg heralding the expanded BRICS 11 showed once again that Eurasian integration is inextricably linked to the integration of Afro-Eurasia.
Belarus is now proposing to hold a joint summit between BRICS 11, the Shanghai Cooperation Organization (SCO), and the Eurasia Economic Union (EAEU). President Aleksandr Lukashenko’s vision for the convergence of these multilateral organizations may, in due time, lead to the Mother of All Multipolarity Summits.
But Afro-Eurasia is a much more complicated proposition. Africa still lags far behind its Eurasian cousins on the road toward breaking the shackles of neocolonialism.
The continent today faces horrendous odds in its fight against the deeply entrenched financial and political institutions of colonization, especially when it comes to smashing French monetary hegemony in the form of the Franc CFA – or the Communauté Financière Africaine (African Financial Community).
Still, one domino is falling after another – Chad, Guinea, Mali, Burkina Faso, Niger and now Gabon. This process has already turned Burkina Faso’s President Captain Ibrahim Traoré, into a new hero of the multipolar world – as a dazed and confused collective west can’t even begin to comprehend the blowback represented by its 8 coups in West and Central Africa in less than 3 years.
Bye bye Bongo
Military officers decided to take power in Gabon after hyper pro-France President Ali Bongo won a dodgy election that “lacked credibility.” Institutions were dissolved. Borders with Cameroon, Equatorial Guinea, and the Republic of Congo were closed. All security deals with France were annulled. No one knows what will happen with the French military base.
All that was as popular as it comes: soldiers took to the streets of the capital Libreville in joyful singing, cheered on by onlookers.
Bongo and his father, who preceded him, have ruled Gabon since 1967. He was educated at a French private school and graduated from the Sorbonne. Gabon is a small nation of 2.4 million with a small army of 5,000 personnel that could fit into Donald Trump’s penthouse. Over 30 percent of the population lives on less than $1 a day, and in over 60 percent of regions have zero access to healthcare and drinking water.
The military qualified Bongo’s 14-year rule as leading to a “deterioration in social cohesion” that was plunging the country “into chaos.”
On cue, French mining company Eramet suspended its operations after the coup. That’s a near monopoly. Gabon is all about lavish mineral wealth – in gold, diamonds, manganese, uranium, niobium, iron ore, not to mention oil, natural gas, and hydropower. In OPEC-member Gabon, virtually the whole economy revolves around mining.
The case of Niger is even more complex. France exploits uranium and high-purity petrol as well as other types of mineral wealth. And the Americans are on site, operating three bases in Niger with up to 4,000 military personnel. The key strategic node in their ‘Empire of Bases’ is the drone facility in Agadez, known as Niger Air Base 201, the second-largest in Africa after Djibouti.
French and American interests clash, though, when it comes to the saga over the Trans-Sahara gas pipeline. After Washington broke the umbilical steel cord between Russia and Europe by bombing the Nord Streams, the EU, and especially Germany, badly needed an alternative.
Algerian gas supply can barely cover southern Europe. American gas is horribly expensive.
The ideal solution for Europeans would be Nigerian gas crossing the Sahara and then the deep Mediterranean.
Nigeria, with 5,7 trillion cubic meters, has even more gas than Algeria and possibly Venezuela. By comparison, Norway has 2 trillion cubic meters. But Nigeria’s problem is how to pump its gas to distant customers – so Niger becomes an essential transit country.
When it comes to Niger’s role, energy is actually a much bigger game than the oft-touted uranium – which in fact is not that strategic either for France or the EU because Niger is only the 5th largest world supplier, way behind Kazakhstan and Canada.
Still, the ultimate French nightmare is losing the juicy uranium deals plus a Mali remix: Russia, post-Prighozin, arriving in Niger in full force with a simultaneous expulsion of the French military.
Adding Gabon only makes things dicier. Rising Russian influence could lead to boosting supply lines to rebels in Cameroon and Nigeria, and privileged access to the Central African Republic, where Russian presence is already strong.
It’s no wonder that Francophile Paul Biya, in power for 41 years in Cameroon, has opted for a purge of his Armed Forces after the coup in Gabon. Cameroon may be the next domino to fall.
ECOWAS meets AFRICOM
The Americans, as it stands, are playing Sphynx. There’s no evidence so far that Niger’s military wants the Agadez base shut down. The Pentagon has invested a fortune in their bases to spy on a great deal of the Sahel and, most of all, Libya.
About the only thing Paris and Washington agree on is that, under the cover of ECOWAS (the Economic Community of West African States), the hardest possible sanctions should be slapped on one of the world’s poorest nations (where only 21% of the population has access to electricity) – and they should be much worse than those imposed on the Ivory Coast in 2010.
Then there’s the threat of war. Imagine the absurdity of ECOWAS invading a country that is already fighting two wars on terror on two separate fronts: Against Boko Haram in the southeast and against ISIS in the Tri-Border region.
ECOWAS, one of 8 African political and economic unions, is a proverbial mess. It packs 15 member nations – Francophone, Anglophone and one Lusophone – in Central and West Africa, and it is rife with internal division.
The French and the Americans first wanted ECOWAS to invade Niger as their “peacekeeping” puppet. But that didn’t work because of popular pressure against it. So, they switched to some form of diplomacy. Still, troops remain on stand-by, and a mysterious “D-Day” has been set for the invasion.
The role of the African Union (AU) is even murkier. Initially, they stood against the coup and suspended Niger’s membership. Then they turned around and condemned the possible western-backed invasion. Neighbors have closed their borders with Niger.
ECOWAS will implode without US, France, and NATO backing. Already it’s essentially a toothless chihuahua – especially after Russia and China have demonstrated via the BRICS summit their soft power across Africa.
Western policy in the Sahel maelstrom seems to consist of salvaging anything they can from a possible unmitigated debacle – even as the stoic people in Niger are impervious to whatever narrative the west is trying to concoct.
It’s important to keep in mind that Niger’s main party, the “National Movement for the Defense of the Homeland” represented by General Abdourahamane Tchiani, has been supported by the Pentagon – complete with military training – from the beginning.
The Pentagon is deeply implanted in Africa and connected to 53 nations. The main US concept since the early 2000s was always to militarize Africa and turn it into War on Terror fodder. As the Dick Cheney regime spun it in 2002: “Africa is a strategic priority in fighting terrorism.”
That’s the basis for the US military command AFRICOM and countless “cooperative partnerships” set up in bilateral agreements. For all practical purposes, AFRICOM has been occupying large swathes of Africa since 2007.
How sweet is my colonial franc
It is absolutely impossible for anyone across the Global South, Global Majority, or “Global Globe” (copyright Lukashenko) to understand Africa’s current turmoil without understanding the nuts and bolts of French neocolonialism.
The key, of course, is the CFA franc, the “colonial franc” introduced in 1945 in French Africa, which still survives even after the CFA – with a nifty terminological twist – began to stand for “African Financial Community”.
The whole world remembers that after the 2008 global financial crisis, Libya’s Leader Muammar Gaddafi called for the establishment of a pan-African currency pegged to gold.
At the time, Libya had about 150 tons of gold, kept at home, and not in London, Paris, or New York banks. With a little more gold, that pan-African currency would have its own independent financial center in Tripoli – and everything based on a sovereign gold reserve.
For scores of African nations, that was the definitive Plan B to bypass the western financial system.
The whole world also remembers what happened in 2011. The first airstrike on Libya came from a French Mirage fighter jet. France’s bombing campaign started even before the end of emergency talks in Paris between western leaders.
In March 2011, France became the first country in the world to recognize the rebel National Transitional Council as the legitimate government of Libya. In 2015, the notoriously hacked emails of former US secretary of state Hillary Clinton revealed what France was up to in Libya: “The desire to achieve a greater share in Libyan oil production,” to increase French influence in North Africa, and to block Gaddafi’s plans to create a pan-African currency that would replace the CFA franc printed in France.
It is no wonder the collective west is terrified of Russia in Africa – and not just because of the changing of the guard in Chad, Mali, Burkina Faso, Niger, and now Gabon: Moscow has never sought to rob or enslave Africa.
Russia treats Africans as sovereign people, does not engage in Forever Wars, and does not drain Africa of resources while paying a pittance for them. Meanwhile, French intel and CIA “foreign policy” translate into corrupting African leaders to the core and snuffing out those that are incorruptible.
You have the right to no monetary policy
The CFA racket makes the Mafia look like street punks. It means essentially that the monetary policy of several sovereign African nations is controlled by the French Treasury in Paris.
The Central Bank of each African nation was initially required to keep at least 65 percent of their annual foreign exchange reserves in an “operation account” held at the French Treasury, plus another 20 percent to cover financial “liabilities.”
Even after some mild “reforms” were enacted since September 2005, these nations were still required to transfer 50 percent of their foreign exchange to Paris, plus 20 percent V.A.T.
And it gets worse. The CFA Central Banks impose a cap on credit to each member country. The French Treasury invests these African foreign reserves in its own name on the Paris bourse and pulls in massive profits on Africa’s dime.
The hard fact is that more than 80 percent of foreign reserves of African nations have been in “operation accounts” controlled by the French Treasury since 1961. In a nutshell, none of these states has sovereignty over their monetary policy.
But the theft doesn’t stop there: the French Treasury uses African reserves as if they were French capital, as collateral in pledging assets to French payments to the EU and the ECB.
Across the “FranceAfrique” spectrum, France still, today, controls the currency, foreign reserves, the comprador elites, and trade business.
The examples are rife: French conglomerate Bolloré’s control of port and marine transport throughout West Africa; Bouygues/Vinci dominate construction and public works, water, and electricity distribution; Total has huge stakes in oil and gas. And then there’s France Telecom and big banking – Societe Generale, Credit Lyonnais, BNP-Paribas, AXA (insurance), and so forth.
France de facto controls the overwhelming majority of infrastructure in Francophone Africa. It is a virtual monopoly.
“FranceAfrique” is all about hardcore neocolonialism. Policies are issued by the President of the Republic of France and his “African cell.” They have nothing to do with parliament, or any democratic process, since the times of Charles De Gaulle.
The “African cell” is a sort of General Command. They use the French military apparatus to install “friendly” comprador leaders and get rid of those that threaten the system. There’s no diplomacy involved. Currently, the cell reports exclusively to Le Petit Roi, Emmanuel Macron.
Caravans of drugs, diamonds, and gold
Paris completely supervised the assassination of Burkina Faso’s anti-colonial leader Thomas Sankara, in 1987. Sankara had risen to power via a popular coup in 1983, only to be overthrown and assassinated four years later.
As for the real “war on terror” in the African Sahel, it has nothing to do with the infantile fictions sold in the West. There are no Arab “terrorists” in the Sahel, as I saw when backpacking across West Africa a few months before 9/11. They are locals who converted to Salafism online, intent on setting up an Islamic State to better control smuggling routes across the Sahel.
Those fabled ancient salt caravans plying the Sahel from Mali to southern Europe and West Asia are now caravans of drugs, diamonds, and gold. This is what funded Al-Qaeda in the Islamic Maghreb (AQIM), for instance, then supported by Wahhabi lunatics in Saudi Arabia and the Gulf.
After Libya was destroyed by NATO in early 2011, there was no more “protection,” so the western-backed Salafi-jihadis who fought against Gaddafi offered the Sahel smugglers the same protection as before – plus a lot of weapons.
Assorted Mali tribes continue the merry smuggling of anything they fancy. AQIM still extracts illegal taxation. ISIS in Libya is deep into human and narcotics trafficking. And Boko Haram wallows in the cocaine and heroin market.
There is a degree of African cooperation to fight these outfits. There was something called the G5 Sahel, focused on security and development. But after Burkina Faso, Niger, Mali, and Chad went the military route, only Mauritania remains. The new West Africa Junta Belt, of course, wants to destroy terror groups, but most of all, they want to fight FranceAfrique, and the fact that their national interests are always decided in Paris.
France has for decades made sure there’s very little intra-Africa trade. Landlocked nations badly need neighbors for transit. They mostly produce raw materials for export. There are virtually no decent storage facilities, feeble energy supply, and terrible intra-African transportation infrastructure: that’s what Chinese Belt and Road Initiative (BRI) projects are bent on addressing in Africa.
In March 2018, 44 heads of state came up with the African Continental Free Trade Area (ACFTA) – the largest in the world in terms of population (1.3 billion people) and geography. In January 2022, they established the Pan-African Payment and Settlement System (PAPSS) – focused on payments for companies in Africa in local currencies.
So inevitably, they will be going for a common currency further on down the road. Guess what’s in their way: the Paris-imposed CFA.
A few cosmetic measures still guarantee direct control by the French Treasury on any possible new African currency set up, preference for French companies in bidding processes, monopolies, and the stationing of French troops. The coup in Niger represents a sort of “we’re not gonna take it anymore.”
All of the above illustrates what the indispensable economist Michael Hudson has been detailing in all his works: the power of the extractivist model. Hudson has shown how the bottom line is control of the world’s resources; that’s what defines a global power, and in the case of France, a global mid-ranking power.
France has shown how easy it is to control resources via control of monetary policy and setting up monopolies in these resource-rich nations to extract and export, using virtual slave labor with zero environmental or health regulations.
It’s also essential for exploitative neocolonialism to keep those resource-rich nations from using their own resources to grow their own economies. But now the African dominoes are finally saying, “The game is over.” Is true decolonization finally on the horizon?
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0745 UP 0.0020
USA/ YEN 147.42 DOWN 0.055 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2553 DOWN 0.0015
USA/CAN DOLLAR: 1.3615 UP .0007 (CDN DOLLAR DOWN 7 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 3,71 PTS OR 0.12%
Hang Seng CLOSED DOWN 6.93 PTS OR 0.04%
AUSTRALIA CLOSED DOWN 0.73 % // EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG DOWN 6.93 PTS OR 0.04%
/SHANGHAI CLOSED UP 3.71 PTS OR 0.12%
AUSTRALIA BOURSE CLOSED DOWN 0.73%
(Nikkei (Japan) CLOSED UP 204.26 PTS OR 0.62%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1925.60
silver:$23.42
USA dollar index early WEDNESDAY morning: 104.66 DOWN 10 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
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And now your closing WEDNESDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.389% UP 6 in basis point(s) yield
JAPANESE BOND YIELD: +0.643% DOWN 0 AND 4//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.707 UP 6 in basis points yield
ITALIAN 10 YR BOND YIELD 4.407 UP 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.655 UP 5 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0715 DOWN 0.0009 or 9 basis points
USA/Japan: 147.68 UP 0.205 OR YEN DOWN 21 basis points/
Great Britain/USA 1.2495 DOWN 0.0072 OR 72 BASIS POINTS //
Canadian dollar DOWN .0018 OR 18 BASIS pts to 1.3658
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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.3172
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.3193)
TURKISH LIRA: 26.82 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.643…VERY DANGEROUS
Your closing 10 yr US bond yield UP 4 in basis points from TUESDAY at 4.298% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.374 UP 1 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 5.031 UP 7 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY: CLOSING TIME 12:00 PM
London: CLOSED DOWN 11.79 POINTS or 0.16%
German Dax : CLOSED DOWN 30.34 PTS OR 0.19%
Paris CAC CLOSED DOWN 60.63 PTS OR 0.84%
Spain IBEX DOWN 78.10 PTS OR 0.64%
Italian MIB: CLOSED UP 469.37.85 PTS OR 1.53%
WTI Oil price 85.85 12: EST
Brent Oil: 89.87 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 98.36; ROUBLE DOWN 0 AND 46//100
GERMAN 10 YR BOND YIELD; +2.6555 UP 5 BASIS PTS
UK 10 YR YIELD: 4.5805 UP 3 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0723 UP 3 0.0003 OR 3 BASIS POINTS
British Pound: 1.2507 DOWN .0063 or 63 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.572% UP 3 BASIS PTS//
JAPAN 10 YR YIELD: .646%
USA dollar vs Japanese Yen: 147.71 UP 0.241 //YEN UP 241 BASIS PTS//
USA dollar vs Canadian dollar: 1.3643 UP .0004 CDN dollar DOWN 4 basis pts)
West Texas intermediate oil: 87.68
Brent OIL: 90.72
USA 10 yr bond yield UP 3 BASIS pts to 4.298%
USA 30 yr bond yield UP 0 BASIS PTS to 4.367%
USA 2 YR BOND: UP 6 PTS AT 5.023 %
USA dollar index: 104.73 UP 54 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 26.82 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 98.12 UP 0 AND 22/100 roubles
GOLD 1917.65
SILVER: 23.14
DOW JONES INDUSTRIAL AVERAGE: DOWN 197.59 PTS OR 0.57%
NASDAQ 136.79 PTS OR 88 PTS
VOLATILITY INDEX: 14.35 UP 0.34 PTS (2.43)%
GLD: $177.83 DOWN 0.81 OR 0.95%
SLV/ $21.24 DOWN 0.35 OR 1.62%
end
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USA TRADING IN GRAPH FORM
Stocks & Bonds Slammed On Stagflation Scares & Tech Tumult
WEDNESDAY, SEP 06, 2023 – 04:00 PM
A rebound in prices paid in the Services sector surveys combined with hawkish comments from Boston Fed’s Collins to send the dollar higher and stocks, bonds, bitcoin, and gold all lower. Oil prices bucked the trend.
Today’s price action is consistent with the market dynamic we’ve seen play out over the past few months, characterized by elevated sensitivity to economic data, with equity markets seemingly adopting a ‘bad news is good news’ view, rallying on weak growth data, and selling off on strong data – amid fears that too strong data will increase the risk of an additional rate hike.
Rate-hike expectations jumped hawkishly higher after Collins told business leaders in Boston that:
“This phase of our policy cycle requires patience, and holistic data assessment, while we stay the course… And while we may be near, or even at, the peak for policy rates, further tightening could be warranted, depending on the incoming data.”
With Nov odds of a hike jumping from 30% to around 45%m back up to where they were post-Powell Jackson-Hole speech…
Source: Bloomberg
‘Soft’ (survey) data soared to its strongest since Jan 2022 today while ‘hard’ data slumped to its weakest since May 2023…
Source: Bloomberg
So ‘soft’ survey data is showing price pressures rebounding and ‘hard’ data shows growth is slowing – smells like stagflation to us.
All of which weighed on stocks, dragging them all lower with Nasdaq the ugliest horse in today’s glue factory (down around 1%), Small Caps were the least ugly but all majors indices are lower on the week (since Friday) with Russell 2000 hammered…
The S&P 500 closed back below its 50DMA (joining The Dow and Small Caps). Nasdaq found support at its 50DMA today…
The so-called ‘Magnificent 7’ stocks were slammed today – the biggest drop in a month (not helped by AAPL – hit by reports that China is banning iPhones from goct agencies; and pressure on the social media giants from EU regulatory designations)…
Source: Bloomberg
NVDA tumbled back to pre-earnings levels…
NVDA saw some modest 0-DTE call-buiying as it started to lose momentum but that was overhwlkemed by put-buying negative delataq flow into the bell…
0-DTE traders tried to fade the initial dump in AAPL too… then covered before a wave of 0-DTE put-buying sent the largest market cap companyt in the world dramatically lower…
Regional banks were dumped on the back of front-end yields rising (implying a lack of relief on the funding costs front)…
Treasuries were also dumped – especially at the shorter-end – helped by surging oil prices (2Y +7bps, 30Y unch)…
Source: Bloomberg
The yield curve (2s30s) flattened (inverted deeper), reversing all of the payrolls steepening…
Source: Bloomberg
The dollar extended recent gains – to its highest close since March…
Source: Bloomberg
Crypto was marginally lower on the day but Bitcoin saw some crazy (illiquid) moves intraday as it dived to run stops from last week’s payroll drop then ran stops at $26,000 then dived back down again…
Source: Bloomberg
Oil prices bucked the broad risk-off trend, rising for the 9th straight session to close at 10-month highs with WTI topping $88…
Gold prices tumbled with Spot falling down to its 200DMA and finding support…
The relative outperformance of oil over gold has pushed the number of barrels of Saudi Crude per ounce of gold down to around 20… where next?
Source: Bloomberg
Finally, as Goldman’s Brian Garrett noted this morning, it has been 91 days since the S&P 500 suffered a 1.5% loss or greater in a day…
That’s unusual – it has happened only 5 times in the last 15 years. As we have discussed recently, Sep + Oct are seasonally-volatile months…
…and, at the same time, Goldman’s index-trading desk highlights the “low-ness” of equity protection costs.
EARLY MORNING/
TUCKER CARLSON…
end
II USA DATA
And gold falls on this news???/PMI services generally gives a better picture than ISM which always give a bullish account
(zerohedge)
Services Surveys Signal Soaring Stagflation Risks
WEDNESDAY, SEP 06, 2023 – 10:06 AM
With manufacturing surveys still in contraction, and underlying components screaming stagflation as orders drop and prices pop, all eyes are on the ‘bigger’ Services sector surveys this morning which are expected to slip lower in August (but remain in expansion – above 50).
The S&P Global US Services PMI disappointed, declining from 52.3 (July) to 50.5 (final August), and below the 51.0 preliminary August print – weakest since January
BUT
The US ISM Services soared from 52.7 to 54.5 (well above the 52.5 exp) – strongest since February
Source: Bloomberg
So a total joke with surveys pointing in completely different directions, but the message was similar under the hood with prices soaring…
Source: Bloomberg
The final S&P Global US Composite PMI Output Index posted 50.2 in August, down from 52.0 in July, to signal only a fractional increase in business activity at US private sector firms. The slowdown in growth stemmed from a weaker service sector expansion and a renewed decrease in manufacturing output.
“The survey data send a hint of rising stagflation risks, as stubborn price pressures are accompanied by a near-stalling of business activity.
“The PMI numbers for the third quarter so far point to a faltering of economic growth after a robust second quarter, as a renewed manufacturing downturn is accompanied by a deteriorating picture in the service sector. “
Not a pretty picture:
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:
“While a post-pandemic revival of travel, recreation and hospitality spend contributed to an improved economic performance in the spring and early summer, this tailwind is losing momentum. Companies increasingly report customers to have become reticent to spend amid gloomier prospects as higher interest rates and the increased cost of living take their toll. However, financial services and business services providers are also increasingly feeling the pinch from weakening demand.
“Persistent wage growth is meanwhile being accompanied by renewed upward pressure on energy, fuel and transport costs, as well as some broader firming of materials prices, driving cost growth higher. Competitive forces have kept a lid on selling price inflation, but the rate of increase of service sector charges remains elevated to the extent that consumer price inflation is likely to remain stubbornly above the Fed’s target in the coming months.
“The key data to watch in the coming months will be the degree to which any further waning of demand for services translates into lower pricing power and reduced inflation.“
It looks like we’re gonna need more ‘Bidenomics’.
III) USA ECONOMIC STORIES
Proof That Bidenomics Has Been A Catastrophic Failure
TUESDAY, SEP 05, 2023 – 05:00 PM
Authored by Michael Snyder via TheMostImportantNews.com,
Joe Biden just can’t quit fibbing. On Labor Day, he traveled to Philadelphia where he delivered a speech touting the success of “Bidenomics”. Who does he think he is fooling? The American people aren’t buying that nonsense. They know that prices are out of control at the grocery store. They know that the cost of living has been rising much faster than their paychecks have been. They know that high interest rates have made it much harder to buy a home. And they can see that lots of people are starting to lose their jobs. The truth is that Joe Biden’s time in the White House has been an economic nightmare, and it appears that conditions are likely to get even worse before he is scheduled to leave.
According to a Wall Street Journal poll that was just released, 59 percent of U.S. voters do not approve of how Biden is handling the economy, and voters are particularly concerned about where inflation is headed…
The Wall Street Journal poll, conducted from Aug. 24 to Aug. 30, found that 59% of voters disapprove of Biden’s handling of the economy. Nearly 3 in 4 voters say that inflation “is headed in the wrong direction,” the outlet reported.
Voters overwhelmingly think Biden, who is 80 years old, is too old to run for reelection and only 39% of voters had a favorable view of the president.
I wrote about rapidly rising food prices yesterday, and if you have been to the grocery store lately you know how painful they have become.
Earlier in the summer, Republicans in the U.S. Senate released some figures about inflation during the Biden administration that are quite alarming…
Senate Republican leadership released a report in July showing inflation has soared by 16.6% since Biden took office. Grocery prices have increased by 20%, the report said, citing Bureau of Labor Statistics data, while energy prices have increased 38%.
Of course those numbers only tell part of the story.
If inflation was still calculated the way that it was back in 1980, it would still be well into double digit territory.
The cost of living has been soaring, and our standard of living has been steadily going down.
As a result, over 60 percent of Americans are living paycheck to paycheck at this point, and debt levels are rising to unprecedented levels.
Because consumers have so little disposable income these days, retailers all over the nation are experiencing difficulty.
In fact, UBS is projecting that 50,000 stores could close in the United States by the end of 2027…
Analysts at investment bank UBS are forecasting that some 50,000 U.S. stores are likely to close by the end of 2027, because of expected cutbacks in consumer spending, tighter credit and the continued shift to ecommerce.
Store closings could accelerate to 70,000 to 90,000 if retail sales turn out to be weaker than expected, according to UBS.
Actually, I think that losing 50,000 stores is a wildly optimistic scenario.
Hopefully I am wrong about that.
The housing market has also been going haywire.
According to Fortune, the month of August “will become the worst month for housing affordability this century”…
On Monday, the average 30-year fixed mortgage rate reached 7.48%, marking the highest level since the year 2000. Even prior to this recent surge in mortgage rates, housing affordability, as monitored by the Atlanta Fed, had already deteriorated beyond the levels seen at the housing bubble’s peak in 2006. Once this latest mortgage rate surge is factored in, August 2023 will become the worst month for housing affordability this century.
Wow.
Thanks Joe Biden.
Home prices are going to have to come down, and in some areas they have already fallen quite a bit…
Homeowners are sitting on a negative equity timebomb after losing $108.4 billion on their property values this year, experts say.
The average borrower saw their home equity plummet by $5,400 in the first quarter of 2023 compared to last year – with households in Washington, California and Utah worst affected.
Do you remember the housing crash of 2008 and 2009?
Well, now the next housing crash is here, and it isn’t going to be fun.
For a while there, Joe Biden and his minions could at least boast about the employment market.
But now large companies all over America are laying off workers, and it is being reported that a staggering 1.223 million native-born Americans lost their jobs during the months of July and August…
Staggering figures have revealed that over 1.2 million US-born workers lost their jobs last month while the foreign-born workforce increased by nearly 700,000 – as migrants continue to flood across the border under the Biden administration.
Data from US Bureau of Labor Statistics show that between July and August, there was a staggering decrease of 1.223 million native-born people in the workforce – which is a low not beaten since the jobs crash when Covid hit in April 2020.
The numbers that I have shared with you are nothing to brag about.
But Joe Biden is going to keep trying to pull the wool over the eyes of the American people anyway.
Unfortunately for Biden, it has become quite clear that most Americans have lost faith in him. According to the same Wall Street Journal poll that I mentioned above, 73 percent of U.S. voters now believe that Biden “is too old to run for president”…
For Biden, one of his biggest challenges is age. The Wall Street Journal poll found that about 73% of voters think Biden is too old to run for president while only 47% think Trump is too old. Thirty-six percent of voters think that Biden is mentally up for the job while 46% of voters think Trump is mentally capable of being president.
We have never seen numbers like this for any other president.
It is obvious that Biden is in a very advanced state of decline, and this is happening during one of the most critical periods in our history.
Sadly, Biden fully intends to run again.
And the Democrats will get behind him, because at this point no other candidate is posing a serious threat to Biden.
So it appears that a rematch between Joe Biden and Donald Trump is coming in 2024, and that promises to be quite a chaotic affair.
end
Tropical Storm Lee To Become Major Hurricane, Threatens US East Coast
WEDNESDAY, SEP 06, 2023 – 10:55 AM
Tropical Storm Lee was located approximately 1,265 miles east-southeast of the northern Leeward Islands early on Wednesday morning. Lee had maximum sustained winds of 65 mph and was moving west-northwest at 14 mph.
“Continued steady to rapid strengthening is forecast, and Lee is expected to become a hurricane later today and a major hurricane in a couple of days,” NHC wrote in an advisory note.
The advisory continued, “While it is too soon to determine the location and magnitude of these possible impacts, interests in this area should monitor the progress of Lee.”
“Lee has already been strengthening fairly quickly despite some east-northeasterly vertical wind shear over the system,” NHC said.
Long-range computer models have Lee swirling to the north and not impacting the US East Coast. However, extended forecasts are not concrete.
WSVN meteorologist Phil Ferro said Lee will stay east of Florida while intensifying into a Category 4 storm.
Meteorologists are uncertain about US impacts, though a more precise trajectory forecast will be seen in the next 24-48 hours.
Even though the trajectory is uncertain, there is an agreeance among meteorologists Lee will rapidly intensify into a major hurricane in the coming days.
END
Exactly what we predicted
(MishShedlock)
Biden’s Green Energy Inflation Reduction Act Needs A Big Bailout Already
WEDNESDAY, SEP 06, 2023 – 08:25 AM
Surprise, surprise. Subsidies were not enough to make Biden’s energy projects profitable.
The Coming Green Energy Bailout
Taxpayers will soon be on the hook for The Coming Green Energy Bailout
The Inflation Reduction Act (IRA) includes hundreds of billions of dollars in subsidies for green energy, yet now renewable developers want utility rate-payers in New York and other states to bail them out.
According to a report late last month by the New York State Energy Research and Development Authority (Nyserda), large offshore wind developers are asking for an average 48% price adjustment in their contracts to cover rising costs. The Alliance for Clean Energy NY is also requesting an average 64% price increase on 86 solar and wind projects.
The IRA includes federal tax credits that can offset 50% of a project’s costs. But renewable developers say their costs are increasing faster than inflation and that the projects will “not be economically viable and would be unable to proceed to construction and operation under their existing pricing,” says Nyserda.
Irony alert: One reason is that the government-forced green energy transition is driving up demand for equipment, material and labor. “Growing demand for renewable energy projects nationwide ‘has exacerbated inflation for renewable project cost components relative to broader inflation levels,’” Nyserda says, citing the Alliance for Clean Energy NY.
The climate lobby says power from wind and solar is cheaper than from fossil fuels, but that’s true only with generous subsidies and near-zero interest rates. Price adjustments that renewable developers want in New York would make solar and wind two- to five-times more expensive than natural gas power.
Another irony: The IRA’s prevailing wage and domestic content conditions for bonus tax credits, which are necessary to make projects viable, inflate costs. That means U.S. taxpayers will pay more for the green corporate welfare, and utility ratepayers will pay more for renewable power. The climate lobby hits you coming and going.
Meantime, the computer chip maker Micron Technology recently disclosed that its planned factories in upstate New York, which are set to receive up to $5.5 billion in state subsidies, will consume as much power as New Hampshire and Vermont combined. Where will all the power come from?
The speed at which these projects blew up seems stunning. But it really isn’t.
EVs, solar, and wind projects don’t scale. Heck, they don’t scale even with subsidies. I have been saying this for months.
Needed minerals and and skilled labor are in short supply. The US is still dependent on China and other foreign countries for materials.
Biden has escalated trade wars with China, but China hasn’t even retaliated much yet. It can with rare earth elements.
Everything Biden does leads to more inflation.
Electric Vehicles for Everyone?
On July 19, I asked Electric Vehicles for Everyone? If the Dream Was Met, Would it Help the Environment?
My follow-up post was What Do MishTalk Readers Think About “Electric Vehicles for Everyone?”
Math Does Not Add Up
The EV math does not add up in the EU or here. But here we go anyway.
The Shocking Truth About Biden’s Proposed Energy Fuel Standards
In case you missed it, please consider The Shocking Truth About Biden’s Proposed Energy Fuel Standards
The National Highway Traffic Safety Administration NHTSA did an impact assessment of 4 fuel standard proposals and compared them to the cost of doing nothing. Guess what.
The NHTSA conclude: “Net benefits [of stricter mile standards] for passenger cars remain negative across alternatives” vs doing nothing at all.
USA// COVID//VACCINE/
end
SWAMP STORIES
end
THE KING REPORT
| The King Report September 6 2023 Issue 7069 | Independent View of the News |
| Global stocks fall on Tuesday due to soft China and Eurozone business surveys. Aug Caixin China PMI Services 51.8, 53.5 exp, 54.1 prior; Composite PMI 51.7, 51.9 prior Saudis, Russia Extend Their Oil-Supply Curbs to Year-End – BBG 9:38 ET Brent crude rises above $90 a barrel for first time since Nov. (1m/day for Saudis; 300k/day for Russia) https://finance.yahoo.com/news/saudis-russia-extend-oil-supply-133805043.html BBG’s @lisaabramowicz1: “With no blockbuster SPR release looming, the White House does not have many robust options left to tame crude prices… Oil policy will undoubtedly be on the table at the upcoming G20 meeting,” but it’s unlikely to yield much in the near term: RBC’s Croft US July Factory Orders -2.1%, -2.5% expected, 2.3% prior Ex-Trans Orders 0.8%, 0.1% expected 0.3% prior revised from 0.2% US July Durable Goods Orders -5.2% as expected and prior Ex-Trans Durable Orders 0.4%, 0.5% expected and prior Cap Goods Ex-Air Nondefense Orders 0.1%; Shipment -0.3% Despite (or maybe due to) the soft global economic data, bonds got hammered early on Tuesday. USUs hit a low of 119 1/32, -1 10/32, at 10:02 ET. ESUs sank of the Chinese and European PMIs and hit a low of 4500.00 at 4:19 ET. Someone apparently decided to hold the line at 4500.00. They then drove ESUs to 4515.50 at 5:36 ET. ESUs plodded modestly higher, but peaked at 4517.75 near 6:53 ET. ESUs then sank to 4507.25 at 8:38 ET. The Pump & Dump for the NYSE opening then commenced. ESUs jumped to 4520.25 in 11 minutes. The ‘dump’ started a few minutes before the NYSE opening. ESUs then fell to 4501.75 at 10:16 ET. Once again, someone decided to save ESUs before they could breach 4500. ESUs soared to a daily high of 4531.25 at 11:09 ET. ESUs and stocks declined into the 11:30 ET European close. After hitting a low of 4508.75 at 11:37 ET, ESUs rallied 4517.25 at 12:22 ET. After trading sideways for 25 minutes, ESUs broke lower. ESUs hit 4504.75 at 13:30 ET and then bounced to 4516.50 at 13:59 ET. After hitting 4507.25 at 15:12 ET, ESUs then sank, vexing traders that got long for the last-hour rally. At 15:36 ET, someone juiced ESUs. The rally ended within 6 minutes; ESUs sank into the close. The S&P 500 Index closed below 4500 (4496.82). This is a negative technical development for stocks. “The cost of undershooting in monetary policy at the moment is still higher” (Fed’s Mester) In an interview with Börsen-Zeitung, Loretta Mester, President of the Cleveland Regional Fed, gives her take of the situation… Core inflation excluding energy and food is still more than 4%. Especially in services, inflation is sticky. So there is still a lot for us to do… What we need now is a slowdown in demand. .. More people are returning to the labour market. But we need further progress to bring supply and demand in line… I believe that the balance sheet reduction can and should continue in the background even if we stop raising the interest rate or even lower it… History has taught us that the cost of returning to price stability is even higher if we tighten too little. Given the strength of the labour market and the strength of underlying demand, I believe that currently the costs of insufficient tightening are greater… https://www.boersen-zeitung.de/english/loretta-mester-the-cost-of-undershooting-in-monetary-policy-at-the-moment-is-still-higher Fed Governor Waller agrees the central bank can ‘proceed carefully’ on interest ratesFed Governor Christopher Waller told CNBC on Tuesday that “a hell of a good week of data” will buy the central bank some time on policy decisionsWhile he was encouraged by the recent reports on where prices are trending, he said they also indicate that the Fed can afford to hold rates higher until it is sure inflation is on the run.https://www.cnbc.com/2023/09/05/fed-governor-waller-agrees-the-central-bank-can-proceed-carefully-on-interest-rates.html The recession that many seers have spotted for the past few years remains elusive. Here is the best indication of recession: US GDP Final Sales to Domestic Purchasers Chained 2009 Dollars YoY% SA Readings below the zero line have been ‘official’ recessions Positive aspects of previous session. Fangs rallied smartly despite the general stock market decline Negative aspects of previous session The S&P 500 Index closed below 4500 Bonds got hammered The DJTA sank as much as 2.25%; Matson tumbled as much as 5.5% UAL sank 4.5% after it grounded its US flights due to a computer issue; the halt ended near 13:45 ET Ambiguous aspects of previous session The dollar rallied sharply for the 2nd straight session and hit its highest level since March. Oil and gasoline rallied sharply early but declined sharply later First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4502.38 Previous session S&P 500 Index High/Low: 4514.29; 4496.01 Trump Lockdown Tyrant (Dr. Deborah Birx) Does 180, Says No New Mask Mandates In March of 2020, Birx and Dr. Anthony Fauci were grinning like Cheshire Cats with Duper’s Delight as they laid out an unprecedented lockdown and masking strategy which Birx later admitted they pulled out of their asses… “We don’t need to mandate,” Birx told Newsmax on Saturday, in response to reports that an increasing number of hospitals and businesses are now requiring masks again. “We need to actually empower people with the information that they need for themselves and their families because every family is different,” she continued. “And by the way, outside is safe, and playgrounds are safe.”… https://www.zerohedge.com/medical/trump-lockdown-tyrant-does-180-says-no-new-mask-mandates We warned that the equity decline of the first two weeks of August would soon yield to a rebound rally. We then stated that after the rebound, the August low would hold paramount importance for stocks. We warned that a violation of the August low would have dire technical consequences. We used the 1987 Crash as reference. 2023 is tracking 1 month behind 1987. This does NOT mean a crash is ordained. The S&P 500 Index is tracking eerily close to its 1987 pattern; the index must hold its Aug low! Today – Equity traders are conditioned to buy dips and to buy for various intraday patterns. However, Mr. Bond has been usurping the designs and schemes of equity traders. As we have been harping for the past few months, Mr. Bond is stridently issuing a serious warning. Increasingly, equity investors and some traders are ‘getting it’. Bulls must get the S&P 500 Index decisively above 4500 to entice day traders to get jiggy on stocks. Equity bulls need bonds to rally; and they need oil to decline. The looming September 30 government shutdown is weighing on bonds because McCarthy and GOPe congress people have a habit of caving to Dems’ perpetual demand to increase spending for a budget deal. Are the Saudis jacking oil up as (election) retribution against Biden for Joey Baby’s anti-KSA screeds? ESUs are 0.25 and USUs are +1/32 at 20:30 ET. Overnight trading has been very cautious so far. Expected econ data: July Trade Balance -$68.0B; Aug S&P Global US Services PMI 51.2; Aug ISM Services Index 52.5; Fed Beige Book 14:00 ET; Boston Fed Pres Collins 8:30 ET, Dallas Fed Pres Logan 15:00 ET; Ex-St. Louis Fed Pres Bullard 9 ET S&P 500 Index 50-day MA: 4472; 100-day MA: 4337; 150-day MA: 4236; 200-day MA: 4163 DJIA 50-day MA: 34,746; 100-day MA: 35,183; 150-day MA: 33,824; 200-day MA: 33,777 (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 3814.46 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 4431.22 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4530.11 triggers a buy signal As Biden scandal marches toward impeachment, what Obama knew and when looms large Private emails, ethical conflicts, foreign money and weaponization hangs over a former president who boasted he was scandal free… What did Barack Obama know and when did he know it?… https://justthenews.com/accountability/political-ethics/biden-scandal-widens-question-what-obama-knew-and-when-rises-top @RNCResearch: Biden abruptly walks out of the Medal of Honor ceremony, even before the closing benediction. (When you gotta go, you gotta go!) https://twitter.com/RNCResearch/status/1699148808666366154 @TheFirstonTV: Joe Biden forgets the year he became President. “Just since you got me sworn in, in, uh, Novem… Uh, January 2020.” https://twitter.com/TheFirstonTV/status/1699085362042208717 Oversight Committee @GOPoversight: The Department of Justice initiated the Biden family coverup, and now DHS, under the leadership of Secretary Mayorkas, is complicit in it. IRS whistleblowers provided testimony regarding misconduct during the Hunter Biden criminal investigation, including FBI HQ tipping off Secret Service HQ and the Biden transition team about the planned Hunter Biden interview. Following these actions, the interview of Hunter Biden did not occur. These allegations were backed up by the former FBI supervisory special agent who was assigned to interview Hunter Biden. After months of obstruction by DHS and the Secret Service, @RepJamesComer is issuing six subpoenas. Subpoenas to DHS that require the production of documents and communications about our request and three depositions with DHS employees. Subpoenas to the Secret Service requiring two Secret Service employees to appear for depositions… https://twitter.com/GOPoversight/status/1699114138012647733 NY Post’s @mirandadevine: From the letter to Mayorkas: “Throughout July and August, the Secret Service has provided uncharacteristic delay and opacity responding to this request. In particular, the Oversight Committee has learned the DHS Office of Legislative Affairs instructed the Secret Service to withhold a response the Secret Service had prepared for the Committees. DHS OLA’s decision to instruct the Secret Service not to provide this response appears to constitute obstruction of a Congressional investigation…” Short-staffed Austin (TX) police ask robbery victims not to call 911 as crime ravages city Compared to 2020, Austin has had a 77% increase in auto thefts, an 18% increase in aggravated assaults, and a 30% increase in murders… https://trib.al/tIdLIuA Chicago criminals have green light to rob, loot, burgle as odds of punishment collapse to near zero. A demoralized, restricted police force. Plus a 1 in 20 arrest rate. Plus a high rate of unreported crime. Plus a dismal 911 response rate. Plus a city leadership that’s soft on crime. All that equals a near-zero chance of criminals ever getting punished… https://wirepoints.org/chicago-criminals-have-green-light-to-rob-loot-burgle-as-odds-of-punishment-collapse-to-near-zero-wirepoints/ Philadelphia police commissioner resigns amid crime wave (Not a parody police chief name!) Police Commissioner Danielle Outlaw will leave her position on Sept. 22, Philadelphia’s mayor says https://www.foxnews.com/us/philadelphia-police-commissioner-resigns-crime-wave Philadelphia Police Commissioner Danielle Outlaw resigns after turbulent three years at the helm Her resignation comes just a few months before the end of Mayor Jim Kenney’s tenure and as the rates of homicides and other crimes have become a major issue in the race to replace him… Outlaw came to Philadelphia from Portland, Oregon, where her handling of protests had also raised concerns… https://apnews.com/article/philadelphia-police-commissioner-outlaw-resigns-5308b9dc435736b06eae3110097827dc Climate scientist whistleblower Patrick Brown reveals how the media’s obsession with global warming manipulates the truth about wildfires – 80% are ignited by humans https://www.dailymail.co.uk/news/article-12482921/climate-scientist-patrick-brown-wildfires-started-people.html Victor David Hanson: From One Unapologetic Media Hoax to the Next A discredited media has never expressed remorse for damage done Had journalists just been honest and independent, then candidate Joe Biden might have lost a presidential debate and even the 2020 election. The public would have learned that Hunter’s business associates and his laptop proved Joe was deeply involved in his son’s illicit businesses… Yet the media can no longer hide the reality that the President of the United States likely took bribes to influence or alter U.S. policy to suit his payers. Those two crimes—bribery and treason—are specifically delineated in the Constitution as impeachable offenses. In denial, the media has instead pivoted with hysterical glee over various weaponized prosecutions of Donald Trump…For the last eight years, a discredited media has never expressed remorse for any of the damage they did to the country. And they will not again, when their latest mythological indictments are eventually exposed. https://amgreatness.com/2023/08/31/from-one-unapologetic-media-hoax-to-the-next/ Tucker Carlson will post an interview tonight with an Obama acquaintance. Decorum prevents us from elaborating on it, although Carlson’s teaser video clip went viral on Tuesday. | |
GREG HUNTER
-END-
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