Shanghai Gold Benchmark Price

USD oz AM1983.16

PM1984.71

Historical SGE Fix

New York price at the time: $1915.00

premium $70.00

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Bitcoin morning price:, $25,706 UP 89 Dollars

Bitcoin: afternoon price: $25,877 UP 260 dollars

Platinum price closing $909.85 DOWN $4.30

Palladium price; $1218.00 UP $3.35

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: $2,625.52 UP 11.50 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1538.68 UP 5.20 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1793.92 UP 6,21 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: 1,918.100000000 USD
INTENT DATE: 09/06/2023 DELIVERY DATE: 09/08/2023
FIRM ORG FIRM NAME ISSUED STOPPED

323 H HSBC 4
363 H WELLS FARGO SEC 3
435 H SCOTIA CAPITAL 2
624 H BOFA SECURITIES 6
737 C ADVANTAGE 5 1
905 C ADM 11

TOTAL: 16 16
MONTH TO DATE: 3,616

JPMorgan stopped 0/16 contracts.

FOR SEPT.:

GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 16 NOTICES FOR 1600 OZ or .0497 TONNES

total notices so far: 3616 contracts for 361,600 oz (11.247 tonnes)

FOR SEPT:

SILVER NOTICES: 49 NOTICE(S) FILED FOR 245,000 OZ/

total number of notices filed so far this month : 2339 for 11,695,000 oz

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END

GLD

WITH GOLD DOWN $0.20

INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/SMALL CHANGES IN GOLD INVENTORY AT THE GLD: / A WITHDRAWAL OF 3.22 TONNES OF GOLD OUT OF THE GLD//

INVENTORY RESTS AT 886.69 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 21 CENTS AT THE SLV// NO CHANGES IN SILVER INVENTORY AT 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 (AND T.A.S. ASSISTED) SIZED 2425 CONTRACTS TO 125,854 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.36 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. TAS ISSUANCE WAS A GOOD SIZED 588 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON WEDNESDAY NIGHT: 588 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 $0.36). AND WERE SUCCESSFUL IN KNOCKING SOME SILVER CONTRACTS AS WE HAD A HUGE SIZED LOSS OF 1789 CONTRACTS ON BOTH EXCHANGES ALONG WITH HUGE T.A.S.LIQUIDATION THROUGHOUT THE COMEX SESSION WHICH TOOK CARE OF MOST OF THE OI LOSS.

WE MUST HAVE HAD:

A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS( 620 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 14.420 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S QUEUE JUMP OF 645,000 OZ//NEW TOTAL 12.810 MILLION OZ/// / //HUGE SIZED COMEX OI LOSS/ GOOD SIZED EFP ISSUANCE/VI) GOOD SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE (588 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL 16 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 4 days, total 2241 contracts: OR 11.205 MILLION OZ (560 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 11.205 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: 11.205 MILLION OZ

RESULT: WE HAD A GIGANTIC SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2425 CONTRACTS WITH OUR LOSS IN PRICE OF $0.36 IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 620 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 645,000 OZ QUEUE JUMP. /// WE HAVE A HUGE SIZED LOSS OF 1805 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD SIZED 588 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION. THE NEW TAS ISSUANCE WEDNESDAY NIGHT (588) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 49 NOTICE(S) FILED TODAY FOR 245,000 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 1974 CONTRACTS TO 436,698 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: 140 CONTRACTS

WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 1834 CONTRACTS) WITH OUR $8.80 LOSS IN PRICE//WEDNESDAY. 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 800 OZ QUEUE JUMP//NEW TOTAL STANDING 13.7356 TONNES + /A FAIR (AND CRIMINAL) ISSUANCE OF 1262 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $8.80 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A TINY SIZED LOSS OF 117 OI CONTRACTS (0.3639 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1857 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 436,698

IN ESSENCE WE HAVE A TINY SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 117 CONTRACTS WITH 1974 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 1857 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 117 CONTRACTS OR 0.3639 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1262 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1857 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (1974) //TOTAL LOSS FOR OUR THE TWO EXCHANGES: 117 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 800 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: FAIR T.A.S. ISSUANCE: 1262 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: 9126 CONTRACTS OR 912,600 OZ OR 28.39 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 2281 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAY(S) IN TONNES 28/39 TONNES

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

THUS EFP TRANSFERS REPRESENTS 28.39/3550 x 100% TONNES 0.788% 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: 28.39 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 2425 CONTRACTS OI TO 125,854 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 GOOD 620 CONTRACTS

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

DEC 620 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 620 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 2425 CONTRACTS AND ADD TO THE 620 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1805 CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTAL 8.945 MILLION OZ

OCCURRED WITH OUR $0.36 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//

THURSDAY MORNING//WEDNESDAY NIGHT

SHANGHAI CLOSED DOWN 35.72 PTS OR 1.13% //Hang Seng CLOSED DOWN 247.91 PTS OR 1.34% /The Nikkei CLOSED DOWN 249.94 PTS OR 0.75% //Australia’s all ordinaries CLOSED DOWN 1.13 % /Chinese yuan (ONSHORE) closed 7.3275 /OFFSHORE CHINESE YUAN DOWN TO 7.3392 /Oil UP TO 87.06 dollars per barrel for WTI and BRENT UP AT 90.18 / Stocks in Europe OPENED ALL MIXED// 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 1974 CONTRACTS TO 436,698 WITH OUR LOSS IN PRICE OF $8.80 ON WEDNESDAY.

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 1857 EFP CONTRACTS WERE ISSUED: : DEC 1857 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1857 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A TINY TOTAL OF 117 CONTRACTS IN THAT 1857 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 1974 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $8.80//WEDNESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A FAIR 1262 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 (13.7356) ( 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: 13.7356 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $8.80) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A TINY GAIN OF 23 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A STRONG T.A.S. LIQUIDATION ON THE FRONT END OF WEDNESDAY’S TRADING. THE T.A.S. ISSUED ON WEDNESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE LOST A TOTAL OI OF 0.3639 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 800 OZ//NEW STANDING 13.7356 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $8.80.

WE HAD – REMOVED 140 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET LOSS ON THE TWO EXCHANGES 117 CONTRACTS OR 11700 OZ OR 0.3639 TONNES.

Estimated gold volume today:// 112,887 awful

final gold volumes/yesterday 156,190 poor//speculators have left the gold arena

//SEPT 7/ /// THE SEPT. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	96,227.940 OZ Brinks 2993 KILOBARS .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	16 notice(s) 1600 OZ .0497 TONNES
No of oz to be served (notices)	800 contracts 80000 oz 2.480 TONNES
Total monthly oz gold served (contracts) so far this month	3616 notices 361600 OZ 11.247 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: 96,227.940 oz (2993 kilobars)

total withdrawals 96,227.940 oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.

For the front month of SEPTEMBER we have an oi of 816 contracts having LOST 48 contracts. We had

56 contracts were served on WEDNESDAY, so we gained an additional 8 CONTRACTS or AN ADDITIONAL 800 oz will stand for delivery in this non active

delivery month of Sept.

Oct LOST 696 contracts to 27,418 contracts.

NOV. GAINED 5 CONTRACTS to stand at 5

December LOST 1530 contracts down to 375,978 contracts.

We had 16 contracts filed for today representing 1600 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 16 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 (3616 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (816 CONTRACTS) minus the number of notices served upon today 16 x 100 oz per contract equals 441,600 OZ OR 13.7356 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 (3616) x 100 oz + (816) {OI for the front month} minus the number of notices served upon today (16) x 100 oz) which equals 441,600 oz standing OR 13.7356 TONNES

TOTAL COMEX GOLD STANDING: 13.7356 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: 21,147,312.587 OZ

TOTAL REGISTERED GOLD 10 ,853.948.876 (337.60 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,293,363.711 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 7

//2023// THE SEPT 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	719,197.360 oz Brinks CNT .
Deposits to the Dealer* Inventory*	nil
Deposits to the Customer Inventory	606,969.000 o Loomis
No of oz served today (contracts)	49 CONTRACT(S) (245,000 OZ)
No of oz to be served (notices)	223 contracts (1,115,000 oz)
Total monthly oz silver served (contracts)	2339 Contracts (11,695,000 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 1 deposit customer account:

i)Into Loomis: 606,969.000 oz

total customer deposits: 606,969.000 oz

JPMorgan has a total silver weight: 138.666 million oz/277.683 million or 50.03%

Comex withdrawals 2

i) Out of Brinks 118,961.460 oz

ii) Out of CNT: 660,235.900 oz

total: 719,197.360 oz

adjustments: 0

TOTAL REGISTERED SILVER: 43.769 MILLION OZ//.TOTAL REG + ELIGIBLE. 277.683 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF SEPT /2023 OI: 272 CONTRACTS HAVING GAINED 122 CONTRACT(S). WE HAD 7

CONTRACTS SERVED ON WEDNESDAY. SO WE GAINED 129 CONTRACTS OR 645,000 OZ WERE QUEUE JUMPED IN ORDER TO RECEIVE SOME METAL OVER HERE.

OCT GAINED 0 CONTRACTS TO STAND AT 1142.

NOVEMBER GAINED 8 CONTRACTS TO STAND AT 85

DEC. LOST 2613 CONTRACTS TO STAND AT 113,513 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 49 for 245,000 oz

Comex volumes// est. volume today 49,230 poor

Comex volume: confirmed yesterday 71,386 fair

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 2339 x 5,000 oz = 11,695,000 oz

to which we add the difference between the open interest for the front month of SEPT (272) and the number of notices served upon today 49x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the SEPT/2023 contract month: 2339 (notices served so far) x 5000 oz + OI for the front month of SEPT (272) – number of notices served upon today (49 )x 500 oz of silver standing for the SEPT contract month equates to 12.810 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 7/WITH GOLD DOWN $0.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 3.22 TONNES OF GOLD INTO THE GLD.: / //INVENTORY RESTS AT 886.69 TONNES

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

GLD INVENTORY: 886.69 TONNES

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

SEPT 7/WITH SILVER DOWN 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ

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

CLOSING INVENTORY 436.518 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

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

Because the yen is closing at its all time low, the price of gold in Yen is reaching its all time high

(London’s Financial Times)

Inflation worries fuel Japanese rush to buy gold

Submitted by admin on Wed, 2023-09-06 11:33Section: Daily Dispatches

By Leo Lewis and David Keohane
Financial Times, London
Tuesday, September 5, 2023

The retail price of gold in Japan has jumped to an all-time high as the yen extends its historic slide against the U.S. dollar and cash-laden households rush to find a hedge against inflation.

Buying of yen-denominated gold at the nation’s largest dealer has driven the price of the yellow metal above the Y10,000-per-gramme level for the first time in recent days. It was trading at Y10,100 today, according to retail prices published by Tanaka Kikinzoku, one of Japan’s largest gold retailers.

The retail gold price in Japan — the main reference price for the metal in the country — tracks global spot prices, which have been pushed up by the coronavirus pandemic, the war in Ukraine, and tensions between China and the U.S. It also reflects a sharp fall this year in the yen, which recently passed Y146.5 against the dollar — a level that last year triggered verbal market intervention by the Japanese authorities. …

… For the remainder of the report:

https://www.ft.com/content/f7a5f1fb-7882-4c43-975d-05b06518334c

end

Ted Butler: Silver is a sure thing

Submitted by admin on Wed, 2023-09-06 18:40Section: Daily Dispatches

By Ted Butler
SilverSeek.com
Tuesday, September 5, 2023

I have contended for nearly 40 years that silver has been manipulated and suppressed in price by means of excessive short selling on the Comex, mostly by commercial traders which happen to be mostly banks. As a result of this decades-long price suppression, the law of supply and demand has become artificially distorted. The low price has reduced supply and current production and increased demand (both industrial and investment) to the point where a wholesale physical shortage has emerged.

But it is not enough to be extremely bullish. Proper appreciation must be given to the past 40 years of price suppression. To see where the price of silver is headed, one must understand the mechanics of the Comex price suppression.

The reason why I’m so bullish on silver at this time is because I think the big commercials won’t add to short positions aggressively on the next silver rally. That they won’t add aggressively to shorts someday is a certainty and what makes it a certainty is the deepening physical supply/demand shortage. That’s why I’m so bullish that I am jumping out of my skin.

We are getting close to the point where futures contract positioning on the Comex, which has been the sole determinant for the price suppression in silver for 40 years, is about to run its course as the main price influence. …

… For the remainder of the analysis:

https://silverseek.com/article/silver-sure-thing

* * *

Silver: A Sure Thing?

September 06, 2023

Ted Butler

I have contended for the past near-40 years, that silver has been manipulated and suppressed in price by means of excessive short selling on the COMEX, mostly by commercial traders which happen to be mostly banks. As a result of this decades-long price suppression, the law of supply and demand has become artificially distorted. The low price has reduced supply and current production and increased demand (both industrial and investment) to the point where a wholesale physical shortage has emerged.

Since a physical shortage is the most bullish circumstance possible in any commodity, it stands to reason one should expect silver prices to climb sharply to address the deepening silver shortage – thus, the high degree of bullishness I’ve expressed. But it is not enough to be extremely bullish. Proper appreciation must be given to the past 40 years of price suppression. To see where the price of silver is headed, one must understand the mechanics of the COMEX price suppression.

The reason why I’m so bullish on silver at this time is because I think the big commercials won’t add to short positions aggressively on the next silver rally. Knowing that they won’t add aggressively to shorts someday is a certainty and what makes it a certainty is the deepening physical supply/demand shortage. That’s why I’m so bullish that I am jumping out of my skin.

We are getting close to the point where futures contract positioning on the COMEX, which has been the sole determinant for the price suppression in silver for 40 years, is about to run its course as the main price influence. Should the big commercial shorts on the COMEX stand aside from aggressively adding to short positions, it means the game has changed and physical investment demand and industrial user inventory stockpiling will set prices. That’s when you are really going to have to hold on to your hats.

There is growing evidence that a physical “run” on silver is already underway in the silver ETFs, led by SLV, the largest, but also in other silver ETFs. This also involves the PSLV, with a withdrawal of 1.7 million ounces. There can be no doubt that silver is leaving the SLV and other silver ETFs. In the prior week, more than 6 million ounces came out of SLV, with this week’s withdrawals topping 7 million ounces in SLV alone, plus more in other silver ETFs. At a time of a fairly strong price rally, it is highly counterintuitive for any silver to be leaving, as strong prices usually lead to deposits in SLV.

The standout, by far, in last week’s silver COT report was the refusal of the big 4 and big 8 commercial shorts to add new short positions and, in fact, their buyback of short positions on what was a sharp silver rally. And with the deepening and obvious physical silver shortage picking up steam every day, there is not the slightest suggestion these big shorts should want to add shorts at a time of the first genuine physical silver shortage in history.

The net result of 40 years of illegal speculative price determination and suppression on the COMEX has resulted in a physical silver shortage for the first time in history. You can see the evidence of the shortage all around, if you know where to look – like in the physical turnover in the COMEX silver warehouses and the bleeding of physical silver from the silver ETFs. At some point in the near future, the physical shortage will become so pronounced that it will overwhelm the sole price determinant until now – paper positioning on the COMEX.

The Code Red market emergency that I started writing about in July is very much in full force and about to make its presence felt. The prospects of a price explosion are now better than ever, thanks to the unmistakable deepening physical shortage and the likely continued refusal of the 4 and 8 big shorts to add aggressively to short positions. That silver will explode in price in the not-too-distant future looks like a sure thing. Don’t let any last-minute price smashes scare you out of silver positions, as such rigged downdrafts would appear to be the tail-end of a 40-year epic silver price manipulation.

(For those long-time readers, yes, I have used the title “A Sure Thing?” before, including back on Nov 18, 2008, when silver was close to $9 and would find itself close to $50 two and a half years later).

Ted Butler Commentary

Ted Butler

September 6, 2023

www.butlerresearch.com

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//BIX WEIR

The FDIC is so afraid of the losses on the books of the banks that they made the decision to REMOVE the silver on “Unrealized Losses” during their quarterly presentation! What is showed was a REVERSAL of the trend that things were getting better! $50B more losses in Q2 than Q1 and Q3 is looking even WORSE! ALERT! FDIC White Washes Bank Q2 “Unrealized Losses” So You Don’t PANIC!! Q3=BIG TROUBLE! (Bix Weir)https://youtu.be/dkT6d-B_7GU

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

Sam Bankman-Fried Loses Appeal To Be Released From Brooklyn Jail

WEDNESDAY, SEP 06, 2023 – 05:45 PM

Less than a month after disgraced former crypto billionaire, Sam Bankman-Fried’s bail was revoked and he was thrown in prison – where his vegan diet and supplies of Adderall were replaced with water, bread and peanut butter – on Wednesday afternoon the crypto fraudster who desperately tried to bribe every Democrat he could find (and almost succeeded), lost an appeal asking to released from a Brooklyn jail after complaining he cannot properly prepare for his trial over the collapse of his FTX cryptocurrency exchange.Sam Bankman-Fried leaving Manhattan Federal Court on July 26

In rejecting Bankman-Fried’s request, the 2nd U.S. Circuit Court of Appeals in Manhattan nonetheless said it would ask the next available three-judge panel to consider it.

As we reported on Aug 11, U.S. District Judge Lewis Kaplan revoked Bankman-Fried’s $250 million bail after finding that the former billionaire likely tampered with witnesses at least twice. Bankman-Fried quickly appealed, arguing he would be unable to “properly prepare” for his scheduled Oct. 3 trial from behind bars.

Prosecutors, who accused the 31-year-old of stealing billions from FTX customers to plug holes at his Alameda Research hedge fund – pushed for Bankman-Fried to be jailed after he shared the personal writings of Caroline Ellison, Alameda’s former chief executive and his onetime romantic partner, with a New York Times reporter.

Bankman-Fried has pleaded not guilty to fraud and conspiracy charges, and said he shared Ellison’s writings to defend his reputation, not to intimidate her.

Ellison is cooperating with prosecutors and will testify against him.

According to Reuters, in court papers on Tuesday, Bankman-Fried’s lawyers said the arrangement to give him several hours a day to review evidence on a laptop at the Metropolitan Detention Center in Brooklyn has proven inadequate.

They said he “lost more than four hours on Friday when he had to return to his cell for a prisoner count, and lost more time over the weekend” and let’s not even mention the fact that SBF’s Brooklyn prison is hardly known for serving the 3-Michelin star vegan meals SBF has grown accustomed to.Sam Bankman-Fried at a hearing on Aug. 22.

The U.S. Attorney’s office in Manhattan said the jail has authorized Bankman-Fried’s purchase of a second laptop.

Bankman-Fried’s lawyers have not sought to delay the trial. Kaplan said last week that he would consider such a request.

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

ONSHORE YUAN: CLOSED DOWN TO 7.3275

OFFSHORE YUAN: DOWN TO 7.3392

SHANGHAI CLOSED DOWN 35.72 PTS OR 1.13%

HANG SENG CLOSED DOWN 247.91 PTS OR 0.75%

2. Nikkei closed DOWN 249.94 OR 1.34%

3. Europe stocks SO FAR: ALL MIXED

USA dollar INDEX UP TO 104.95 EURO FALLS TO 1.0705 DOWN 18 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.643 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.32/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

3e Gold UP /JAPANESE Yen 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 +2.6345***/Italian 10 Yr bond yield UP to 4.354*** /SPAIN 10 YR BOND YIELD RISES TO 3.670…**

3i Greek 10 year bond yield RISES TO 3.960

3j Gold at $1921.75 silver at: 23.02 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND 10 /100 roubles/dollar; ROUBLE AT 98.04//

3m oil into the 87 dollar handle for WTI and 90 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 147.32// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.643% 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 0.8925 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9555well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.278 DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.360 DOWN 0 BASIS PTS/

USA 2 YR BOND YIELD: 5.001 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.83…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 5 BASIS PTS AT 4.526

end

2.a Overnight: Newsquawk and Zero hedge:

USA EARLY MORNING REPORT

Futures Slide, Apple Tumbles After China Broadens iPhone Ban, Dollar Surges Slamming Yuan To 16 Year Low

THURSDAY, SEP 07, 2023 – 08:14 AM

US stocks futures slumped, led by tech shares as Apple tumbled another 3% in premarket trading after Bloomberg reported that China – Apple’s biggest foreign market and global production base -seeks to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies. As of 730am ET, S&P futures were down 0.4%, while Nasdaq futures tumbled 0.7% as a 2% drop in Nvidia added to Apple’s woes. The dollar climbed to a six-month high and the yuan tumbled to the lowest level since 2007 as investors ramped up bets on further Fed policy tightening. Bond yields are lower, following the decline in European yields; commodities are also mostly lower with a modest decline in oil prices. Today, we get jobless claims data (exp. 234K, vs 228 prior), QSS and the revisions to Nonfarm Productivity and Unit Labor Costs. Keep an eye on the bond market moves following claims data. Fed’s Harker, Williams, Bostic, and Logan will speak today.

In premarket trading, all eyes are on Apple, which has tumbled by 3% or more for a second session. As Market Ear notes, that means Apple has gone from trading “well” above the 50 day moving average, to trading below the 100 day in 2 sessions. We haven’t seen that in a long time. Note the 200 day is down at 164-ish at the moment.

Nvidia was the other big mover, falling 2.1%, and putting the stock on track for a second session of steep losses, as a weak start to September is making for the worst monthly decline since last December. The entire AI space seems to be having indigestion as C3.ai – with the famous AI stock ticker0 fell 9.6% after the artificial intelligence software company gave a tepid revenue forecast and said that profitability will take longer than expected. Here are some other notable premarket movers:

ChargePoint fell 10% after the electric-vehicle charging company forecast revenue for the third quarter that missed the average analyst estimate.
UiPath shares rose 4.8% after the robotic process automation software company reported second-quarter results that beat expectations and gave an outlook. RBC highlighted profitability as a highlight of the report.
Yext shares slump 15% after the infrastructure-software company’s third-quarter revenue forecast came in below the average analyst estimate at the midpoint.

Stock moves aside, the Bloomberg Dollar Spot Index is on track for an eighth consecutive week of gains, which would be the longest ever run of increases in data going back to 2005. Signs that the US economy is headed for a soft landing are bolstering bets that the Fed will keep borrowing costs higher for longer, which would burnish the greenback’s appeal.

The surging dollar pushed the USDCNY up 0.1% to 7.3275 with the onshore yuan hitting a 16-year low against the dollar as pessimism around China’s economy builds; export data showed China’s trade slump eased in August

The dollar’s enduring strength has been at the forefront of the market narrative this week, with investors focusing on a string of economic reports that underscore robust US growth while Europe and China weaken. In fact, one can argue that the seasonally adjusted and goalseeked (in bold) US data has made Bidenomics decouple from the rest of the world, in what is one giant political stunt. When reality – and seasonal unadjustments – finally reasserts, watch as US econ data craters in the coming weeks and sends the dollar collapsing.

Meanwhile, the euro sank on data showing German industrial output declined, while the Chinese yuan dropped to a 16-year low in onshore trading.

“You are seeing a clear slowing in growth outside the US so in that context the dollar will do well, especially as you also have ongoing Fed hawkishness,” said Peter Kinsella, head of global currency strategy at asset manager Union Bancaire Privee Ubp SA.

Meanwhile, European stocks erased most of an earlier decline but were still red, as some luxury stocks bounced back and drugmakers rose. The Stoxx Europe 600 fell 0.2% putting the benchmark on course for a seventh consecutive day of losses, in what would be the longest losing streak since February 2018. Here are the most notable European movers:

Direct Line shares jump as much as 18%, the most on record, after the insurer agreed to sell its brokered commercial insurance business lines to RSA. The asset sale removes the risk of a potential equity raise, according to Citi.
Jet2 shares gain as much as 8.4%, the most intraday since November, after the UK holiday firm said that it’s on track to exceed current market expectations for profit before foreign exchange revaluations and tax for the year.
Melrose Industries shares rise as much as 8.9%, the most in more than four months, after the investment firm reported first-half earnings that JPMorgan said beat its expectations and prompted an upgrade to its estimates.
Tod’s shares gain as much as 5.8%, before trimming their advance, after the Italian luxury shoemaker reported first-half earnings that beat estimates. Mediobanca notes an “outstanding” margin improvement, with the update showing the results of a revamp for the group’s brands.
Synthomer slides as much as 33% in London trading after the UK-based maker of additives for adhesive products reported a first-half pretax loss and proposed a 6-for-1 rights issue to cut leverage and avoid the risk of breaching debt covenants. Barclays says the rights issue will be heavily dilutive.
Shares in UK veterinary services company CVS Group tumble as much as 35%, the most in more than four years, while retailer Pets at Home plunges as much as 13% after the country’s Competition and Markets Authority launches a review of the vet sector.
STMicro and other European chip stocks fell after Bloomberg reported that China plans to expand a ban on the use of iPhones to government-backed agencies and state companies.

Asian equities closed lower, with Chinese stocks among the worst performers, weighed down by property developers. The MSCI Asia Pacific Index slid 0.7%, set for a third day of losses. Tech was the worst performing sector as solid US data overnight spurred bets for further Federal Reserve tightening. The materials sector was also a major drag as Australia’s largest mining stock BHP Group traded ex-dividend. Almost all equity benchmarks in the region were in the red, with the Bloomberg dollar index rising to a fresh six-month high. Focus was also on China’s developer stocks, which rallied Wednesday as bets for further policy support drove speculative buying. The sector retreated Thursday, weighing on the broader Chinese and Hong Kong market. South Korean and Australian indexes slide, while Japanese stocks nurse smaller losses.

Hang Seng and Shanghai Comp conformed to the downbeat mood as the latest Chinese trade data showed a continued contraction in the nation’s exports and imports but was not as bad as feared, while tech stocks were pressured by frictions after the FCC chair asked US government agencies to address the threat posed by Chinese cellular connectivity modules and a lawmaker called for an investigation into SMIC for potentially violating US sanctions by supplying components to Huawei. Furthermore, China reportedly banned government officials from using iPhones at work and was said to be seeking to extend this to state firms and agencies.
Australia’s ASX 200 was dragged lower by underperformance in the commodity-related sectors and amid the key data from Australia’s largest trade partner.
Japan’s Nikkei 225 swung between gains and losses with early support from currency weakness and reports that Japan will put together economic measures around October, although the index eventually succumbed to the selling pressure.
Indian stocks extended their winning streak to a fifth day, the longest such stretch since mid-July, led by a rally in banks and Larsen & Toubro and triggering confidence among one set of derivatives participants that the guage is set to retest record highs. The S&P BSE Sensex rose 0.6% to 66,265.56 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure to 19,727.05. Infrastructure giant Larsen & Toubro closed at a record high after rising more than 4% on report that it is likely to win an order worth nearly $3 billion from Saudi Aramco. A sub-gauge of bank stocks saw a late rally led by Axis Bank, HDFC Bank and ICICI Bank.

In FX, the Bloomberg Dollar Spot Index gained 0.1%, heading for its third day of gains and the highest level since March, and record 8th straight week of increases, after US economic data reinforced the case for more monetary tightening. Money-market pricing indicates a 50% chance of a 25 basis point hike at the Federal Reserve’s November meeting; a 60% chance was briefly priced after the release of the ISM survey on Wednesday.

USD/CNY climbed 0.1% to 7.3275 with the onshore yuan hitting a 16-year low against the dollar as pessimism around China’s economy builds; export data showed China’s trade slump eased in August
EUR/USD slid 0.1% to 1.0715 after German industrial output fell for the third month in July, spelling concern around Europe’s biggest economy.
GBP/USD is also underperforming its G-10 rivals, falling 0.3% versus the greenback. Data showing a notable drop in UK house prices and falling inflation expectations in a BOE survey have both played their part.

In rates, Treasuries were slightly richer across the curve, with gains led by front-end as 2-year yields edge back below 5%, following a wider bull-steepening rally in gilts. Front-end yields were richer by 2bp-3bp, with 2s10s and 5s30s steeper by 1bp-2bp; US 10-year around 4.27%, about 1bp richer on the day, with bunds and gilts outperforming by 1.5bp and 6bp in the sector. Gilts lead core European bonds higher, with UK yields richer by 9bp to 6bp across the curve in sharp bull- steepening in early London session. Dollar IG issuance slate includes Slovenia 10Y and five other names; 10 issuers priced a combined $14.4b Wednesday, a day after 20 companies raised $36.2b; issuers paid about 10bps in new-issue concessions, driven by order books that were 2.5 times oversubscribed. US economic data includes 2Q final nonfarm productivity and initial jobless claims (8:30am New York time)

In commodities, crude futures declined, with WTI falling 0.7% to trade near $86.90. Spot gold adds 0.2%.

Bitcoin is essentially flat on the session in a continuation of the recent relatively rangebound performance after last week’s much more pronounced action. BTC currently holding above 25.7k, in tight parameters of circa. USD 200.

Looking to the day ahead now, and data releases include German industrial production and Italian retail sales for July, whilst in the US we’ll get the weekly initial jobless claims. From central banks, we’ll hear from the Fed’s Harker, Goolsbee, Williams, Bostic, Bowman and Logan, the ECB’s Wunsch, Holzmann, Villeroy, Knot and Elderson, as well as BoC Governor Macklem. We’ll also get the BoE’s decision maker panel survey.

Market Snapshot

S&P 500 futures down 0.4% to 4,455.75
MXAP down 0.7% to 161.72
MXAPJ down 0.9% to 503.15
Nikkei down 0.8% to 32,991.08
Topix down 0.4% to 2,383.38
Hang Seng Index down 1.3% to 18,202.07
Shanghai Composite down 1.1% to 3,122.35
Sensex up 0.3% to 66,059.18
Australia S&P/ASX 200 down 1.2% to 7,171.01
Kospi down 0.6% to 2,548.26
STOXX Europe 600 down 0.2% to 453.45
German 10Y yield little changed at 2.62%
Euro down 0.1% to $1.0711
Brent Futures down 0.2% to $90.43/bbl
Gold spot up 0.1% to $1,919.04
U.S. Dollar Index little changed at 104.94

Top Overnight News

1) China’s trade numbers come in slightly better than feared as signs of growth stabilization emerge – exports dropped 8.8% Y/Y (vs. the Street’s -9% forecast and vs. -14.5% in Jul) while imports fell 7.3% (vs. the Street’s -9% forecast and vs. -12.4% in Jul). RTRS
2) China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple Inc. in its biggest foreign market and global production base. BBG
3) The U.S. Commerce Department should end all technology exports to Huawei and China’s top semiconductor firm following the discovery of new chips in Huawei phones that may violate trade restrictions, the chair of the House of Representatives’ committee on China said. RTRS
4) Five of China’s major state banks said they will start to lower interest rates on existing mortgages for first-home loans, part of a series of support measures announced by Beijing in recent weeks. RTRS
5) A sharp decline in car making fueled a deepening downturn in German industry as production fell for the third consecutive month in July, intensifying pressure on the government to do more to lift the economy out of the doldrums. The 0.8 per cent month-on-month decline reported by Germany’s statistical office exceeded the 0.5 per cent fall forecast by economists. FT
6) US and EU are near a deal to resolve a steel tariff dispute and impose new tariffs aimed at curbing excess steel production in China and elsewhere. BBG
7) US crude inventories fell by 5.5 million barrels last week, the API is said to have reported. That would bring total holdings to the lowest in nine months if confirmed by the EIA today. Supplies at Cushing declined, while those of gasoline tumbled by more than 5 million — the most in more than five months. BBG
8) Disney & Comcast have agreed to accelerate the timeline for Disney to buy Comcast’s stake in Hulu (the goal is to strike a deal by the end of the month, and Comcast says it will direct the proceeds towards accelerated buybacks). Barron’s
9) Boaz Weinstein and his group of bidders revised their offer for Sculptor to include beefed up equity commitments and eliminated debt financing risks, people familiar said. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were pressured as the region took its cue from the losses stateside where stocks and bonds declined in the aftermath of hawkish ISM Services data, while participants also digested the latest Chinese trade data. ASX 200 was dragged lower by underperformance in the commodity-related sectors and amid the key data from Australia’s largest trade partner. Nikkei 225 swung between gains and losses with early support from currency weakness and reports that Japan will put together economic measures around October, although the index eventually succumbed to the selling pressure. Hang Seng and Shanghai Comp conformed to the downbeat mood as the latest Chinese trade data showed a continued contraction in the nation’s exports and imports but was not as bad as feared, while tech stocks were pressured by frictions after the FCC chair asked US government agencies to address the threat posed by Chinese cellular connectivity modules and a lawmaker called for an investigation into SMIC for potentially violating US sanctions by supplying components to Huawei. Furthermore, China reportedly banned government officials from using iPhones at work and was said to be seeking to extend this to state firms and agencies.

Top Asian News

China seeks to broaden the Apple (AAPL) iPhone ban to state firms and agencies, according to Bloomberg.
FCC chair asked US government agencies to address the threat posed by Chinese cellular connectivity modules and to consider adding Chinese firms Quectel and Fibocom to the list of companies posing national security risks.
US House Speaker McCarthy said China has the responsibility to repair relations with the world. It was also reported that the US Ambassador to Japan said Japan has done everything right according to science regarding the Fukushima water release and that is in direct contrast with what China has done during the COVID pandemic.
China’s Big 4 banks adjusted rates for some existing first-home mortgages, according to Reuters.
Chinese Premier Li says China will further open up and offer bigger market for countries including Australia; both side should properly handle differences in spirit of mutual respect

European bourses spent the morning in the red but have benefitted from a broader yield-induced pick up in sentiment, Euro Stoxx 50 +0.2%. Sectors are now mainly in the green, outperformance in Utilities whilst Basic Resources and Tech continue to lag. On Tech, the sector is impaired by marked pre-market downside in Apple -2.7%, following reports of a further crackdown by China in iPhones. Action which is also affecting US futures, ES -0.2% and NQ -0.5%; though, they are off lows given the mentioned influence of yields and as attention turns to the busy afternoon docket.

Top European News

BoE Monthly Decision Maker Panel data – August 2023: One-year ahead CPI inflation expectations decreased to 4.8% in August, down from 5.4% in July. Three-year ahead CPI inflation expectations decreased slightly to 3.2% in August, down 0.1 percentage points relative to July. Expected year-ahead wage growth remained the same at 5.0% on the month in August, and the three-month moving average decreased slightly by 0.1 percentage points to 5.1%.
German IFO Institute maintains its 2023 GDP forecast at -0.4%, whilst lowering its 2024 forecast to +1.4% from +1.5%

Dollar eases off post-ISM peaks and trades mixed vs peers pre-IJC and more Fed speak, DXY confined to 104.980-800 range.
Sterling suffers after drop in UK house prices and DMP 1 year inflation expectations, Cable below 1.2500 and Fib support at one stage.
Euro defends 1.0700 vs Greenback again and aided by 1.85bln option expiries.
Kiwi regains composure and sight of 0.5900 against Buck as NZ manufacturing sales rebound.
Yen benefits from retreat in US Treasury yields and bounces from 147.87 to 147.37.
Aussie draws encouragement from not so weak Chinese imports and exports, AUD/USD closer to 0.6400 than 0.6350.
PBoC set USD/CNY mid-point at 7.1986 vs exp. 7.3121 (prev. 7.1969)

Fixed Income

Gilts correct higher and overtake debt peers on UK specifics including weak data and a decline in inflation expectations.
10 year bond extends from 93.78 to 94.44, while Bunds and T-note lag within 130.35-87 and 109-21/29 respective ranges.
OATs and Bonos bid after somewhat mixed French and Spanish auctions, BTPs underpinned ahead of new Valore issuance due in early October.
Italian Treasury offers a new issue of the BTP Valore from October 2nd-6th, five year maturity.

Commodities

Another session of consolidation for the crude benchmarks, continuing Wednesday’s pullback, despite bullish inventory data and Saudi lifting its Asia OSPs, with markets broadly looking to Fed speak and US data points.
Strike action at Chevron’s LNG facilities in Australia has been pushed back from the scheduled start of today until Friday.
Spot gold is benefitting from the subdued risk tone ahead of data and Fed speak while base metals pullback in-line with APAC trade despite better-than-feared Chinese trade figures.
US Energy Private Inventory Data (bbls): Crude -5.5mln (exp. -2.1mln), Gasoline -5.1mln (exp. -1mln), Distillate +0.3mln (exp. +0.2mln), Cushing -1.4mln.
Texas declared a grid emergency as the heat stoked demand for power, while it warned that rolling blackouts may be needed amid grid emergency, according to Reuters.

US Event Calendar

08:30: Aug. Continuing Claims, est. 1.72m, prior 1.73m
08:30: 2Q Nonfarm Productivity, est. 3.4%, prior 3.7%
08:30: 2Q Unit Labor Costs, est. 1.9%, prior 1.6%
08:30: Sept. Initial Jobless Claims, est. 234,000, prior 228,000

Central Bank Speakers:

10:00: Fed’s Harker Speaks on Future of Fintech
11:45: Fed’s Goolsbee Delivers Welcome Remarks at Chicago Fed Event
14:00: St. Louis Fed Hosts Public Engagement on Presidential Search
15:30: Fed’s Williams Speaks at Bloomberg Market Forum
15:45: Fed’s Bostic Speaks on Economic Outlook
16:55: Fed’s Bowman Speaks on Panel About Future of Money
19:00: Fed’s Bostic Speaks on Economic Mobility
19:05: Fed’s Logan Speaks on Monetary Policy in Dallas

DB’s Jim Reid concludes the overnight wrap

Markets witnessed a fresh selloff over the last 24 hours, with bonds and equities losing ground after the latest ISM services index came in much stronger than expected. The headline number was at 54.5 (vs. 52.5 expected), which was above every economist’s expectation on Bloomberg, as well as the highest level since February. So it made a change from the more downbeat data over recent weeks, such as the negative revisions in last Friday’s jobs report. On top of that, the employment component (54.7) hit a 21-month high, new orders (57.5) were at a 6-month high, and there were even signs of fresh momentum on inflation, since the prices paid component rose for a second consecutive month to 58.9.

Whilst the data came in better than expected, the problem for markets was that the release led to growing speculation that the Fed might not be done with their hiking cycle after all. In fact, fed funds futures moved to price in a 50% chance of a hike by the time of the November meeting, up from 46% on Tuesday. So by the close, the market saw it as even odds whether we’ll get another hike. And looking further out, the rate priced in for the December 2024 meeting hit a new high for the cycle of 4.45%, which just shows how investors are becoming increasingly sceptical about the prospect of rate cuts any time soon.

With the prospect of another rate hike in sight, September is sticking to its usual reputation of being a poor month for markets. That included a fresh bond selloff yesterday, which sent the 10yr Treasury yield up +2.0bps to 4.28%, while the 2yr moved back above 5% for the first time since last Monday (+5.6bps to 5.02%). The 10yr real yield was up +1.5bps to 1.97%, just 1bp from its post-GFC high seen last month. The effect of higher yields became increasingly evident in the real economy as well yesterday, as we got the latest weekly data from the Mortgage Bankers Association. That showed that mortgage applications for home purchases fell to its lowest level since April 1995 last week, which just shows how rates at these levels are having an effect.

Those bond moves were echoed in Europe, where yields on 10yr bunds (+4.3bps), OATs (+4.7bps) and BTPs (+6.3bps) all moved higher on the day. That comes with just one week to go until the ECB’s next decision, and as in the US, yesterday brought growing speculation about whether the ECB might hike again after all. For instance, overnight index swaps moved to price in a 33% chance of a hike by the close, up from 25% the previous day. In part, that followed comments from several ECB speakers. The more hawkish members kept the option of a September hike firmly on the table, with the Dutch central bank governor Knot saying that the decision was a “close call”, whilst Slovakia’s Kazimir said that the ECB should “take one more step”, that a hike next week was preferable to waiting in September and delivering another hike later in the year. Meanwhile, Italy’s Visco said he believed “we are near the level where we can stop raising rates”. So by no means full confidence in a pause from one of the more dovish ECB voices.

The main outlier in the bond space was the UK, where gilts outperformed after Bank of England officials struck a more dovish tone than had been expected. For instance, BoE Governor Bailey said that policy was “near the top of the cycle”, and markets moved to price in a slightly more dovish path for rate hikes as a result. Yields on 10yr gilts only ended the day up +0.8bps, with the 2yr yield down -3.2bps, whilst sterling the weakest-performing G10 currency as it fell -0.45% against the US Dollar.

This backdrop proved bad news for equities, with the S&P 500 down -0.70% on the day, though it did partially recover in the US afternoon having traded down -1.21% at its intraday low. Tech stocks were the biggest underperformer, and the NASDAQ (-1.06%) and the FANG+ Index (-1.47%) both saw a decent pullback. It was much the same story in Europe as well, where the STOXX 600 (-0.57%) lost ground for a 6th consecutive session, albeit with sizeable variations among the individual country indices. For instance, the DAX only fell -0.19%, whereas Italy’s FTSE MIB fell -1.54%.

Another factor not helping matters were the latest run-up in oil prices. For example, Brent crude was up another +0.62% to close at $90.60/bbl. That’s its 7th consecutive daily advance and leaves prices up to their highest level since November. In the meantime, WTI prices were also up +0.98% to $87.54/bbl. So that raises the risk that inflation persists a bit more than previously expected, and the recent runup in gasoline prices has already led to expectations of a stronger August CPI print next week.

Overnight in Asia, we’ve seen that negative tone continue in markets, with losses across all the major indices. That includes the Hang Seng (-0.95%), the CSI 300 (-0.86%), the KOSPI (-0.68%), the Shanghai Comp (-0.58%) and the Nikkei (-0.34%). And looking forward, this weakness is also evident among equity futures, with those on the S&P 500 (-0.11%) and the DAX (-0.27%) pointing lower as well. However, there were some signs of improvement in China’s data, with exports only down -8.8% in dollar terms year-on-year in August (vs. -9.0% expected), which is up from a -14.5% decline in July. Likewise, imports were down -7.3% yoy (vs. -9.0% expected), which was also an improvement from the -12.4% reading in July.

Elsewhere yesterday, the Bank of Canada held their target for the overnight rate at 5%, in line with expectations. However, their statement said that the Governing Council “remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed.” Following the decision, yields on 10yr government debt closed -0.6bps lower. Similar to the US, overnight index swaps imply a very close call on whether we see another rate hike, and by the close they were pricing in a 48% chance of a further hike by the end of the year.

Yesterday also saw the release of the Fed’s Beige Book, which summarises anecdotal information gathered by the regional Feds. On the consumer side, this noted strong tourism spending, which “most contacts considered the last stage of pent-up demand for leisure travel”. But it pointed out that “job growth was subdued across the nation”. In other Fed news, the Senate confirmed Philip Jefferson as Vice Chair of the Fed for a four-year term, and Lisa Cook was confirmed for a full 14-year term as a Governor on the Federal Reserve Board.

Finally, data showed that German factory orders had contracted by -11.7% in July (vs. -4.3% expected). That’s the largest slump since the pandemic-related decline in April 2020. Separately, the German construction PMI for August came in at 41.5, which was its 17th consecutive month in contractionary territory.

To the day ahead now, and data releases include German industrial production and Italian retail sales for July, whilst in the US we’ll get the weekly initial jobless claims. From central banks, we’ll hear from the Fed’s Harker, Goolsbee, Williams, Bostic, Bowman and Logan, the ECB’s Wunsch, Holzmann, Villeroy, Knot and Elderson, as well as BoC Governor Macklem. We’ll also get the BoE’s decision maker panel survey.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)/

Equities pare back losses on lower yields; NQ lags on AAPL pressure; Fed speak due – Newsquawk US Market Open

THURSDAY, SEP 07, 2023 – 06:19 AM

European bourses spent the morning in the red but have benefited from a broader yield-induced pick up in sentiment
Stateside, futures remain in the red but as above are off lows. NQ lags given marked AAPL pressure in the pre-market
DXY remains firmer but has been unable to breach the 105.00 mark with GBP suffering as BoE expectations drift further
Gilts lead European benchmarks higher, though the complex is yet to retain the bulk of Wednesday’s downside
Further consolidation for crude benchmarks while metals are impaired by the USD and APAC handover
Looking ahead, highlights include US IJC, G20 Finance & Energy Meeting, Speeches from Fed’s Goolsbee, Bowman, Logan, Harker, Williams & Bostic.

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EUROPEAN TRADE

EQUITIES

European bourses spent the morning in the red but have benefitted from a broader yield-induced pick up in sentiment, Euro Stoxx 50 +0.2%.
Sectors are now mainly in the green, outperformance in Utilities whilst Basic Resources and Tech continue to lag.
On Tech, the sector is impaired by marked pre-market downside in Apple -2.7%, following reports of a further crackdown by China in iPhones.
Action which is also affecting US futures, ES -0.2% and NQ -0.5%; though, they are off lows given the mentioned influence of yields and as attention turns to the busy afternoon docket.
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

Dollar eases off post-ISM peaks and trades mixed vs peers pre-IJC and more Fed speak, DXY confined to 104.980-800 range.
Sterling suffers after drop in UK house prices and DMP 1 year inflation expectations, Cable below 1.2500 and Fib support at one stage.
Euro defends 1.0700 vs Greenback again and aided by 1.85bln option expiries.
Kiwi regains composure and sight of 0.5900 against Buck as NZ manufacturing sales rebound.
Yen benefits from retreat in US Treasury yields and bounces from 147.87 to 147.37.
Aussie draws encouragement from not so weak Chinese imports and exports, AUD/USD closer to 0.6400 than 0.6350.
PBoC set USD/CNY mid-point at 7.1986 vs exp. 7.3121 (prev. 7.1969)
Click here for more detail.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Gilts correct higher and overtake debt peers on UK specifics including weak data and a decline in inflation expectations.
10 year bond extends from 93.78 to 94.44, while Bunds and T-note lag within 130.35-87 and 109-21/29 respective ranges.
OATs and Bonos bid after somewhat mixed French and Spanish auctions, BTPs underpinned ahead of new Valore issuance due in early October.
Italian Treasury offers a new issue of the BTP Valore from October 2nd-6th, five year maturity.
Click here for more detail.

COMMODITIES

Another session of consolidation for the crude benchmarks, continuing Wednesday’s pullback, despite bullish inventory data and Saudi lifting its Asia OSPs, with markets broadly looking to Fed speak and US data points.
Strike action at Chevron’s LNG facilities in Australia has been pushed back from the scheduled start of today until Friday.
Spot gold is benefitting from the subdued risk tone ahead of data and Fed speak while base metals pullback in-line with APAC trade despite better-than-feared Chinese trade figures.
US Energy Private Inventory Data (bbls): Crude -5.5mln (exp. -2.1mln), Gasoline -5.1mln (exp. -1mln), Distillate +0.3mln (exp. +0.2mln), Cushing -1.4mln.
Texas declared a grid emergency as the heat stoked demand for power, while it warned that rolling blackouts may be needed amid grid emergency, according to Reuters.
Click here for more detail.

NOTABLE US HEADLINES

China reportedly seeks to broaden the Apple (AAPL) iPhone ban to state firms and agencies, via Bloomberg.

NOTABLE EUROPEAN HEADLINES

BoE Monthly Decision Maker Panel data – August 2023: One-year ahead CPI inflation expectations decreased to 4.8% in August, down from 5.4% in July. Three-year ahead CPI inflation expectations decreased slightly to 3.2% in August, down 0.1 percentage points relative to July. Expected year-ahead wage growth remained the same at 5.0% on the month in August, and the three-month moving average decreased slightly by 0.1 percentage points to 5.1%.
German IFO Institute maintains its 2023 GDP forecast at -0.4%, whilst lowering its 2024 forecast to +1.4% from +1.5%

NOTABLE EUROPEAN DATA

German Industrial Output MM (Jul 2023) -0.8% vs. Exp. -0.5% (Prev. -1.5%)
UK Halifax House Prices MM (Aug 2023) -1.9% vs. Exp. -0.3% (Prev. -0.3%)
EU GDP Revised QQ (Q2 2023) 0.1% vs. Exp. 0.3% (Prev. 0.3%); YY (Q2 2023) 0.5% vs. Exp. 0.6% (Prev. 0.6%)

CRYPTO

Bitcoin is essentially flat on the session in a continuation of the recent relatively rangebound performance after last week’s much more pronounced action. BTC currently holding above 25.7k, in tight parameters of circa. USD 200.

APAC TRADE

APAC stocks were pressured as the region took its cue from the losses stateside where stocks and bonds declined in the aftermath of hawkish ISM Services data, while participants also digested the latest Chinese trade data.
ASX 200 was dragged lower by underperformance in the commodity-related sectors and amid the key data from Australia’s largest trade partner.
Nikkei 225 swung between gains and losses with early support from currency weakness and reports that Japan will put together economic measures around October, although the index eventually succumbed to the selling pressure.
Hang Seng and Shanghai Comp conformed to the downbeat mood as the latest Chinese trade data showed a continued contraction in the nation’s exports and imports but was not as bad as feared, while tech stocks were pressured by frictions after the FCC chair asked US government agencies to address the threat posed by Chinese cellular connectivity modules and a lawmaker called for an investigation into SMIC for potentially violating US sanctions by supplying components to Huawei. Furthermore, China reportedly banned government officials from using iPhones at work and was said to be seeking to extend this to state firms and agencies.

NOTABLE ASIA-PAC HEADLINES

China seeks to broaden the Apple (AAPL) iPhone ban to state firms and agencies, according to Bloomberg.
FCC chair asked US government agencies to address the threat posed by Chinese cellular connectivity modules and to consider adding Chinese firms Quectel and Fibocom to the list of companies posing national security risks.
US House Speaker McCarthy said China has the responsibility to repair relations with the world. It was also reported that the US Ambassador to Japan said Japan has done everything right according to science regarding the Fukushima water release and that is in direct contrast with what China has done during the COVID pandemic.
China’s Big 4 banks adjusted rates for some existing first-home mortgages, according to Reuters.
Chinese Premier Li says China will further open up and offer bigger market for countries including Australia; both side should properly handle differences in spirit of mutual respect

DATA RECAP

Chinese Trade Balance (USD)(Aug) 68.36B vs. Exp. 73.9B (Prev. 80.6B)
Chinese Exports YY (USD)(Aug) -8.8% vs. Exp. -9.2% (Prev. -14.5%); Imports YY (USD)(Aug) -7.3% vs. Exp. -9.0% (Prev. -12.4%)
Chinese Trade Balance (CNY)(Aug) 488.0B (Prev. 575.7B)
Chinese Exports YY (CNY)(Aug) -3.2% (Prev. -9.2%); Imports YY (CNY)(Aug) -1.6% (Prev. -6.9%)
Chinese FX Reserves (Monthly) (Aug 2023) 3.16Trl vs. Exp. 3.187Trl (Prev. 3.204Trl)
Australian Trade Balance (AUD)(Jul) 8.0B vs. Exp. 10.0B (Prev. 11.3B)
Australian Exports MM (Jul) -2.0% (Prev. -2.0%); Imports MM (Jul) 3.0% (Prev. -4.0%)

2 c. ASIAN AFFAIRS

THURSDAY MORNING/WEDNESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/CHINA/RUSSIA

END

2e) JAPAN

JAPAN

3 CHINA /

CHINA/USA/APPLE

China broadens bans Apple i-phone for certain state government departments and agencies as the tech war with the USA intensifies

(zerohedge)

Apple Slides Further As China Aims To Broaden iPhone Ban To State Firms Amid Tech War

THURSDAY, SEP 07, 2023 – 07:20 AM

Apple shares fell in the early premarket hours in New York on another report outlining China’s plan to broaden an iPhone ban for certain government departments, state-backed agencies, and firms as the tech war with the US progressively worsens.

Beijing plans to broaden iPhone restrictions to a number of state-owned companies and other government-affiliated entities, according to Bloomberg, citing sources who requested anonymity due to the delicate nature of the topic. The report builds on Wednesday’s Wall Street Journal story of how iPhone “restrictions are the latest step in Beijing’s campaign to reduce reliance on overseas technology.”

“Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controlled organizations,” the people said.

Apple shares were down 2.71% at 0625 ET during premarket hours in New York, breaking down below its 100DMA…

Trading action on Wednesday recorded the largest daily loss in a month over the WSJ’s report. European chip-makers, including Apple supplier STMicroelectronics NV, also dropped on Thursday.

It’s unclear how many government agencies and state-owned firms were impacted by the new restrictions, but what’s clear is that Beijing’s campaign to cut reliance on Western technology is full steam ahead — and could erode Apple’s market share in one of its largest markets where 19% of total revenue is derived from.

The people added state firms or organizations would likely ban Apple devices from the workplace, while others could entirely ban employees from owning these devices.

Although Apple is widely popular in China, it faces challenges on several fronts.

Beijing purging Western devices from government officials at work and critical state-run companies suggests this is a move to revive Huawei’s smartphone businesses, which launched a new smartphone powered by an advanced 7-nanometer processor chip, a sign that US efforts to crush China’s semiconductor industry via sanctions is failing.

Of course, long-time bulls like Wedbush Securities’ Daniel Ives think the effect of an “iPhone ban is way overblown” as it would affect less than 500,000 iPhones of the roughly 45 million he expects to be sold in the country over the next 12 months.

“Despite the loud noise Apple has seen massive share gains in China smartphone market,” Ives, who has an overweight rating on the stock, wrote in a note.

Indeed it has Daniel… in the past.

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

UK/COVID/VACCINE

Watchful Eye on X: “Proof of a mRNA Disaster! A Buried England mRNA Data Avalanche has been Exposed. We can now Compare the % of All Cause Death (by Vaccination Status) with the % of Vaccine Uptake. To see and download the proof: https://t.co/AP2ekHtsL4 https://t.co/VqkNHHpUh8” / X

Inbox

Search for all messages with label Inbox

Remove label Inbox from this conversation

Proof of a mRNA Disaster! A Buried England mRNA Data Avalanche has been Exposed. We can now Compare the % of All Cause Death (by Vaccination Status) with the % of Vaccine Uptake.
To see and download the proof:https://t.co/AP2ekHtsL4 pic.twitter.com/VqkNHHpUh8
— Watchful Eye (@tniwef) September 5, 2023

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/

Direct Ukraine drone attack on central Rostov, home to Russian military HQ

(zerohedge)

Ukraine Drone Scores Direct Hit On Central Rostov, Home To Russian Military HQ

THURSDAY, SEP 07, 2023 – 12:40 PM

Overnight and into the early morning on Thursday, the central part of the Russian city of Rostov-on-Don was rocked by a drone strike direct hit, amid broader attacks on multiple other regions.

Russia’s military said that at least three regions of the country were targeted by drones out of Ukraine, in what’s now become a weekly or almost daily trend of escalation. Reportedly a location which hosts Russia’s central command center for its operations in Ukraine was targeted in the Rostov attack, which lies in southern Russia.

Rostov region Governor Vasily Golubev said that “Two drones were shot down by air defense systems in the southern city of Rostov-on-Don, which lies less than 40 miles from the Ukrainian border.” But at least one scored a direct hit.

While the defense ministry said inbound drones in other parts of the country, such as the Moscow region, were shot down, Golubev additionally confirmed that the attack on Rostov-on-Don damaged three buildings and left at least one injury.

Most drones from Ukraine are intercepted or fail to do much damage, but video from this latest attack on Rostov shows a direct hit on the city center.

An additional cluster of drones was said to have been destroyed by anti-air defenses over the Bryansk region, while on Thursday morning five villages in Russia’s Belgorod region were hit by cross-border Ukrainian artillery.

The New York Times in a fresh report commented on the significance of this attack as follows:

Explosions rocked the area around one of Russia’s largest military hubs before dawn on Thursday…

…The southern city of Rostov-on-Don, where at least one of the explosions occurred, is home to Russia’s southern military headquarters and is a key command center for its forces in the war. Russian news outlets posted a series of videos showing an explosion in the center of the city, but it was not clear what caused the blast.

Another video of the Rostov strike captured from further away…

The report noted that clearly the Ukrainian military or intelligence was behind it, even if Kiev didn’t own up to it – part of the trend of increased attacks meant to create psychological tension and instability in Russian society.

“Frederick B. Hodges, a retired lieutenant general and former top U.S. Army commander in Europe, said that the strikes inside Russia have a cumulative effect, possibly hurting the economy and heightening tensions in a Russian military command already unsettled by the fallout from Mr. Prigozhin’s short-lived mutiny and setbacks in the war in Ukraine,” the NYT cited.

The Kremlin has increasingly pointed the finger at US and NATO intelligence for assisting Kiev with target locations inside Russia in what has constituted a massive escalation. Some major US media reports have cited US officials who appear to actually admit this.

end

KRAINE

END

6.GLOBAL ISSUES//MEDICAL ISSUES

end

GLOBAL VACCINE/COVID ISSUES

GLOBAL ISSUES//BRICS/BRICS CURRENCY

Robert H to us;

Hal Turner Radio Show – SAMPLE of Potential BRICS Currency Note

Widely circulating on the net.

https://halturnerradioshow.com/index.php/en/news-page/world/sample-of-potential-brics-currency-note

end

DR PAUL ALEXANDER

Cancer surging even more? It’s the mRNA technology vaccine stupid, it’s the vaccine! It’s the spike protein, stupid, it’s the spike protein exploding TURBO cancers! “Cancer Surging Among Under-50s “

The number of people under 50 diagnosed with cancer has surged worldwide in the last three decades but it is not fully clear why, a study said on Wednesday; now the vaccine is driving an explosion

DR. PAUL ALEXANDERSEP 6

READ IN APP

https://www.barrons.com/news/cancer-surging-among-under-50s-worldwide-study-says-326d064e

We are seeing on top of the reported rise, a very massive explosion of TURBO cancers, cancers that are aggressive and rapid! Across age groups. In a matter of days and weeks killing the afflicated. Rapid metastasis. Remission falling away. Urgent study of the subversion of the genome guardian P53, Toll-like receptors 7, 8 implicated, subverted, suppressed in their cancer tumor suppressing capacities, SV40, BRCA 1 & 2 etc.

Yes, the evidence shows that cancers are even exploding more post COVID gene injections (mRNA).

SLAY NEWS

The latest reports from Slay News

CDC Warns of ‘Steep Increase in Cases’ as Deadly Meat Allergy Syndrome Spreads The U.S. Centers for Disease Control and Prevention (CDC) has issued a warning after recording a “steep increase in cases” of deadly meat allergies.READ MORE

Climate Scientist Admits Omitting ‘Full Truth’ from ‘Global Warming’ Study to Fit Green Agenda Narrative A celebrated climate scientist has admitted to intentionally omitting the “full truth” from a published study paper on “global warming” to make the results align with the globalist green agenda.READ MORE

Kamala Harris Says She’s Willing to ‘Take Over the Job of Being President’ as Doubts about Biden Mount Vice President Kamala Harris has stated that she’s willing to “take over the job of being president” as concerns continue to stack up about Joe Biden’s fitness for office.READ MORE

Megyn Kelly Warns Biden: Americans Won’t Vote for a ‘Near-Corpse’Megyn Kelly delivered some bad news to Democrat President Joe Biden amid mounting doubts about his chances in the 2024 election.READ MORE

Matt Gaetz Warns Kevin McCarthy Not to ‘Stand in Our Way’ on Impeachment: ‘You May Not Have the Job Long’House GOP lawmakers are warning Speaker Kevin McCarthy (R-CA) that he may lose his job if he doesn’t start delivering.READ MORE

Hunter Biden Attended Lavish State Dinners on Taxpayers’ Dime amid Federal Investigation Democrat President Joe Biden’s scandal-ridden son Hunter attended several state dinners on the taxpayers’ dime, including during the time he was under federal investigation for shady business practices.READ MORE

Trump Warns Auto Workers’ Union: Biden’s Electric Car Agenda Will Destroy Michigan Motor Industry President Donald Trump has issued a warning to members of the United Auto Workers Union about the impact the Democrats’ radical green agenda will have on their industry.READ MORE

Biden Slammed for Bringing Back Indoor Masking: ‘Nonsense Fearmongering’Democrat President Joe Biden has been slammed on social media after the White House announced plans to bring back indoor masking.READ MORE

‘No Evidence’ Mitch McConnell’s Freeze-Ups Are Strokes or Seizures, Doctor Says Republican Senate Minority Leader Mitch McConnell’s (R-KY) two public freezing-up episodes were not caused by strokes or seizures, Congress’s doctor has said in a statement.READ MORE

Jonathan Turley Warns Biden Could Be the Next Anthony Weiner Legal scholar Jonathan Turley warned America that Democrat President Joe Biden could be the next Anthony Weiner because of his use of pseudonyms to cover his tracks as vice president.READ MORE

Donna Brazile Issues Warning to Democrats about Trump: ‘I’ve Never Seen Anything Like This’Former DNC Chair Donna Brazile has warned Democrats that there’s an unprecedented “movement” of support behind President Donald Trump, the likes of which she has “never seen before.”READ MORE

end

NEWS ADDICTS:

LATEST REPORTS FOR NEWS JUNKIES

Bill Gates Demands ‘Digital ID’ for Every Person on Earth Microsoft co-founder Bill Gates is demanding that every country in the world enforce new mandatory “digital IDs” so that every person on Earth can “prove their identity.”READ THE FULL REPORT

Pope Francis Praises Depopulation for ‘Reversing Global Warming’Pope Francis has praised historical examples of depopulation by arguing that they helped to “reverse global warming.”READ THE FULL REPORT

Harshest J6 Sentence Yet Handed Down as Warning About Protesting Elections in 2024 or ‘Any Future Election’Proud Boys leader Enrique Tarrio has been handed a severe 22-year prison sentence following his conviction for ‘seditious conspiracy’ related to his involvement in the January 6 Capitol protests. This sentence stands as the lengthiest prison term delivered among the January 6 defendants, despite the fact that Tarrio never entered the U.S. Capitol. Federal prosecutors had sought a 33-year prison …READ THE FULL REPORT

Special Counsel Jack Smith Slapped Down by Appeals Court for Prosecution Overreach A federal appeals court has prevented special counsel Jack Smith’s office from obtaining access to phone records taken from U.S. Rep. Scott Perry, a close ally of former President Trump. A three-judge panel in the D.C. Circuit Court of Appeals issued a ruling on Tuesday that nullifies portions of a prior court decision granting Smith’s team access to approximately 2,000 …READ THE FULL REPORT

Elon Musk Invites Tucker Carlson to Join Him in Suing Anti-Defamation League Elon Musk announced on X that he plans to sue the Anti-Defamation League (ADL).READ THE FULL REPORT

EVOL NEWS

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

Markets Are Very Excited About AI Now; Replicants Will Come Later

THURSDAY, SEP 07, 2023 – 10:15 AM

By Michael Every of Rabobank

Navel-gazers in a cul-de-sac

‘Do Androids Dream of Electric Sheep?’ asked Philip K. Dick in 1968, long before AI was on our mobiles and scientists could create artificial human embryos. Markets are very excited about AI now; Replicants will come later. Yet while ethical concerns are raised by some, X is asking questions about the underlying “authenticity of demand” for AI chips: on Wall Street, ‘Do Electric Sheep Dream of Androids?’

Dick’s ahead-of-his-time thinking “made most of the European avantgarde look like navel-gazers in a cul-de-sac.” That dynamic still holds true today in you look around carefully. The safe narratives are rarely right anymore.

How many expected Eurozone’s revised August services PMI at 47.9, despite a tourism boom, while in the US it’s 54.5, with prices paid up to 58.9? Or the Eurozone manufacturing PMI at 43.5 while the US is 47.6, with German factory orders -11.7% m-o-m and -10.5% y-o-y, and auto orders echoing the collapses of Covid, 2012, or 2008?

How many would have expected that despite those data, both the Fed and the ECB are still talking about potentially raising rates again? Not the avantgarde economists who wrote this paper at the Chicago Fed arguing that alongside slowdowns in some sectors –see the Fed Beige Book– inflation is *finally* ‘transitory’. Maybe the ones who wrote this paper at the New York Fed admitting they have no idea what the post-Covid R* is, but it might be higher.

We flagged stagflation and US outperformance risks earlier this year, and our energy analyst Joe DeLaura is still beating the drum for structurally higher energy prices going forwards. Tellingly, yesterday saw the White House ban oil drilling in Alaska, as Saudi Arabia raises its official selling price to the US to $7.45 above benchmark, and to Asia to $3.60. With a largely-drained US Strategic Petroleum Reserve, if the Fed really are active in oil futures, as some whisper, they need to get busy again soon.

After all, Riyadh needs the money. Not only are they building the world’s least-practical, most-lucrative-for-architects linear city, ‘NFTom’, but they are to host the Asian Winter Games in 2029. Yes, *winter* games. With snow. At a “year-round ski resort” near NFTom – I’m not sure even Philip K. Dick would have dared pen that idea. Re-invented solid-gold wheels are really turning in the region. Likewise, the US, Saudis, and Israelis seem to be moving closer to extending the Abraham Accords which could transform global supply chains. Presumably the White House would expect help in capping oil prices, and a Saudi promise to back away from China and Russia, as a quid pro quo for a NATO-style defence guarantee. Yet how long would BRICS11 bonhomie with Iran then last, and wouldn’t Russia meddle? That again suggests higher, not lower oil prices.

Of course, there is always green tech. But how many expected the CEO of Orsted, the world’s largest offshore wind developer, to says he’s prepared to abandon US wind projects entirely unless the White House guarantees more fiscal support? The same thing has already happened in Sweden and the UK. Equally China is having to tell people to remove solar panels from roofs in some areas due to grid overload at peak times. This all underlines the –vast– expenditure that will be required to make everything green work, and/or higher energy costs, which is inflationary or stagflationary.

A cul-de-sac is also where US-China relations now are. No sooner did we get a slew of ‘Serenity now!’ op-eds from US thinktanks funded by Serenity, Inc., than China announced a ban on made-in-China iPhones and other foreign brands in government offices. Apple being among the most pro-China US firms is more than ironic: who is next, as China’s share of US imports falls to its lowest level since 2005? Meanwhile, China is celebrating achieving domestic 7nm chip technology in its latest Huawei phone. How many US policy hawks expected that? Yet the logical conclusions are that the US will increase trade sanctions further, so more decoupling, and more inflation; and China’s achievements may be at a very high cost per unit, so more decoupling, and more inflation.

Relatedly, the Financial Times has an op-ed arguing that ‘China’s demand dilemma could spell trouble for the world’, making the point that “The other G20 countries should signal consensus against Beijing running a big surplus.” In short, no Japan redux for China in terms of relying on global demand over domestic. However, Xi isn’t even coming to the G20, underlining a rapidly-accelerating Global South – G7 fragmentation underway; which is again inflationary or stagflationary.

More broadly, almost every day now I see a Wall Street Journal, FT, or serious media op-ed or article underlining that we are close to some form of structural crisis; that the global architecture is breaking; that norms are being subverted; that economics doesn’t work as a subject (as if it ever did!); neither does macro forecasting; that science has been corrupted; and that the media can’t be trusted; and neither can social media.

The New Statesman, for example, today offers ‘The great crack-up: We inhabit an economy too small to deliver the social goods British people expect’ and ‘The parallels between Argentina and Britain’s inept political class’ – which sounds a lot like my meme of EM = DM (and so stagflation).

It also says ‘Economic orthodoxy is a trap’ – which it is, Admiral Akbar. Which is largely why we are where we are.

Indeed, the RBA’s Lowe, as often with central bankers, telling the truth on the way out the door, noted today that he sees supply disruptions, global warming, an ageing population, and deglobalisation all leading to more volatile inflation in coming years: either steeper supply curves or more variable supply curves lie ahead. Now let’s all welcome Michelle Bullock, who coming in the door with a declared A$6m personal property portfolio, will no doubt tell us inflation is going back to 2% and don’t panic.

Indeed, those who consider themselves to be avantgarde still prefer the safe consensus of gazing at their navels in a cul-de-sac. On the that note, and playing with another classic Philip K. Dick title, they are saying, ‘We Can Forget It For You Wholesale’, which became the movie Total Recall – in this case though, Total Lack of Recall.

end

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

Seems talks going well after Chevron Australia delays strike action. Natural Gas prices fall on that news

(zerohedge)

European Nat Gas Prices Tumble After Chevron Australia LNG Workers Delay Strike

THURSDAY, SEP 07, 2023 – 02:45 AM

A Bloomberg report that workers on Chevron’s Gorgon and Wheatstone LNG projects have delayed strike action until Friday is being viewed as a sign talks are going well, as strikes were meant to begin Thursday. The positive conclusion to last week’s talks between Woodside and unions is another indication the worst-case scenario is unlikely.

The new deadline for industrial action at the Gorgon and Wheatstone plants is 6 a.m. local time Friday, a Chevron Australia spokesperson told Bloomberg. The unions previously threatened to start partial strikes on Sept. 7 and then escalate to full stoppages that would begin Sept. 14 and last two weeks.

“We will continue to work through the bargaining process as we seek outcomes that are in the interests of both employees and the company,” the company said in the statement. “We will also continue to take steps to maintain safe and reliable operations in the event of disruption at our facilities.”

“It really is essential to explore all avenues to avoid industrial action,” said Richard Pratt, a consultant for Precision LNG. “Once strikes start, the parties are driven further apart so this is a welcome development.”

The two Australian LNG plants operated by Chevron made up about 7% of global LNG supply last year (see “Q&A On Australia’s LNG Strike Risks“). The extension of talks follows a compromise that another Australian exporter, Woodside Energy Group Ltd., reached with workers last month to prevent industrial action at its own plant.

Meanwhile, Bloomberg notes that the impact of any industrial action may be limited at first because demand is muted in Europe and Asia, but a prolonged disruption may have sparked a bidding war between the two regions for alternative cargoes in peak winter season.

The threat of strikes had roiled global gas markets since early August, when unions first voted for potential labor actions at the three plants. The European gas benchmark surged 40% at one point, highlighting the continent’s heavy dependence on LNG after the curtailment of Russian pipeline gas flows. Imports of LNG in Europe are recovering after a recent dip, helping offset reduced pipeline-gas flows from Norway amid maintenance there. Still, traders remain on high alert for any prolonged blips in supplies.

In immediate response, Dutch front-month futures, Europe’s gas benchmark, traded 10% lower at €30.90 a megawatt-hour…

… and with EU natural gas storage now above 93%, could fall further in the near-term unless the situation in Australia deteriorates.

END

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR: 1.0705 DOWN 0.0018

USA/ YEN 147.32 DOWN 0.039 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2463 DOWN 0.0035

USA/CAN DOLLAR: 1.3658 UP .0018 (CDN DOLLAR DOWN 18 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 35,72 PTS OR 1.13%

Hang Seng CLOSED DOWN 247.91 PTS OR 1.34%

AUSTRALIA CLOSED DOWN 1.16 % // EUROPEAN BOURSE: ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL MIXED

2/ CHINESE BOURSES / :Hang SENG DOWN 247.91 PTS OR 1.34%

/SHANGHAI CLOSED DOWN 35.72 PTS OR 1.13%

AUSTRALIA BOURSE CLOSED DOWN 1.16%

(Nikkei (Japan) CLOSED DOWN 249.94 PTS OR 0.75%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1921.10

silver:$23.00

USA dollar index early THURSDAY morning: 104.95 UP 13 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.340% DOWN 5 in basis point(s) yield

JAPANESE BOND YIELD: +0.645% UP 0 AND 2//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.651 DOWN 5 in basis points yield

ITALIAN 10 YR BOND YIELD 4.340 DOWN 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6155 DOWN 4 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.0706 DOWN 0.0018 or 18 basis points

USA/Japan: 147.23 DOWN 0.485 OR YEN UP 48 basis points/

Great Britain/USA 1.2484 DOWN 0.0015 OR 15 BASIS POINTS //

Canadian dollar DOWN .0035 OR 35 BASIS pts to 1.3675

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.3293

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.3378)

TURKISH LIRA: 26.83 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.645…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at 4.280% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.362 DOWN 2 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 4.900 DOWN 5 BASIS PTS.

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

London: CLOSED UP 16.30 POINTS or 0.22%

German Dax : CLOSED DOWN 28.35 PTS OR 0.18%

Paris CAC CLOSED DOWN 2.79 PTS OR 0.04%

Spain IBEX DOWN 7.20 PTS OR 0.08%

Italian MIB: CLOSED DOWN 79.27 PTS OR 0.28%

WTI Oil price 87.33 12: EST

Brent Oil: 90.32 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 98.44; ROUBLE DOWN 0 AND 32//100

GERMAN 10 YR BOND YIELD; +2.6155 DOWN 4 BASIS PTS

UK 10 YR YIELD: 4.508 DOWN 8 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0696 UP 0.0028 OR 28 BASIS POINTS

British Pound: 1.2469 DOWN .0027 or 27 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.5015% DOWN 7 BASIS PTS//

JAPAN 10 YR YIELD: .645%

USA dollar vs Japanese Yen: 147.24 DOWN 0.473 //YEN UP 47 BASIS PTS//

USA dollar vs Canadian dollar: 1.3681 UP .00042 CDN dollar DOWN 42 basis pts)

West Texas intermediate oil: 86.98

Brent OIL: 90.01

USA 10 yr bond yield DOWN 2 BASIS pts to 4.271%

USA 30 yr bond yield DOWN 1 BASIS PTS to 4.360%

USA 2 YR BOND: DOWN 6 PTS AT 4.957 %

USA dollar index: 105.02 UP 20 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 26.83 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 98.25 DOWN 0 AND 13/100 roubles

GOLD 1917.75

SILVER: 22.98

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

USA AFFAIRS

USA TRADING IN GRAPH FORM

iFall: Beijing Batters US Tech, Bonds & Bitcoin Bid

THURSDAY, SEP 07, 2023 – 04:00 PM

Jobless claims at 2023 lows and an upward revision to unit labor costs both indicated strength in the labor market, which together with robust growth in the US economy, could indicate some unease that the monetary policy stance could remain tighter for a bit longer.

But it was the Semis and AAPL that ignited the pain trade after Beijing reportedly extended its iPhone ban to other state agencies.

Apple’s worst 2-day drop in a year (AAPL market cap is down around $200BN) dragged it below its 100DMA…

And that weighed on the broad indices. The Dow managed modest gains on the day as Small Caps and Nasdaq lagged. The S&P ended lower

The Nasdaq dropped below its 50DMA, and Small Caps fell to the 100DMA/200DMA and found support

Did the ‘Magnificent 7’ just form a mega-double-top?

Source: Bloomberg

‘Most Shorted’ stocks were slammed for the 3rd straight day, erasing the squeeze higher that started last Tuesday…

Source: Bloomberg

Since September started, both Defensives and Cyclicals have been sold but today saw a divergence with Defensives bid and Cyclicals sold…

Source: Bloomberg

Bonds were bid today with the short-end outperforming (2Y -6bps, 30Y unch) but all yields are still higher on the week…

Source: Bloomberg

2Y Yields tumbled back below 5.00%, erasing all of yesterday’s spike…

Source: Bloomberg

The yield curve steepened, erasing yesterday’s flattening

Source: Bloomberg

The dollar rallied for the 5th day of the last 6, closing at new highs back to March (though the pace of acceleration has slowed)…

Source: Bloomberg

After yesterday’s volatility (illiquidity), Bitcoin managed gains today, but was unable to get back tro $26,000

Source: Bloomberg

Gold dipped to $1920, erasing last week’s spike higher…

Source: Bloomberg

Oil prices puked today… despite plunging inventories, production cuts, and price-hikes…

Makes you wonder, eh?

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1699780750051307769&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fifall-beijing-batters-us-tech-bonds-bitcoin-bid&sessionId=d0fbf04023fa59e485ce2babb7ae1b850aa12afe&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

Finally, we note that The Fed’s reverse repo facility continued its plunge this week…

Source: Bloomberg

Which has been supportive for stocks in the recent regime BUT at the same time, reserves are being drained…

Source: Bloomberg

And so putting them together, we now know what to watch for equity swings – when reserves drop faster than rev repo balances, equities are unsupported…

Source: Bloomberg

And we get the latest Fed balance sheet data after the bell today.

EARLY MORNING/

TUCKER CARLSON…

“It Definitely Wasn’t Barack’s First Time”: Obama’s Crack-Fueled Gay Tryst Accuser Talks To Tucker

WEDNESDAY, SEP 06, 2023 – 06:02 PM

Ever since Barack Obama biographer David Garrow revealed that the former president told an ex-girlfriend that he “repeatedly fantasizes about making love to men,” the internet has been abuzz over Obama’s sexual orientation – and whether Michelle Obama is actually a dude.

In his latest interview on X, Tucker Carlson sat down with Larry Sinclair, the man who for 25 years has maintained that he and former President Barack Obama engaged in drug-fueled sex acts, once in the back of a limo and another in a hotel room in Gurnee, Illinois.

Of note, Sinclair has a long rap sheet – including convictions on forgery, fraud and larceny charges. He’s served prison time in Arizona, Colorado and Florida – a history which has been widely used to discredit Sinclair’s claims which he first made in 2008 when Obama was running for president.

“You’re just a guy who’s in town for the night and it sounds like you’re looking to party?” asked Tucker of the alleged encounter, in which he says a limo driver introduced him to Obama after asking for help finding someone to ‘party’ with.

“There’s this guy that’s introduced to me as Barack Obama,” Sinclair replied.

“I had given Barack $250 to pay for Coke,” Sinclair continued. “I start putting a line on a CD tray to snort and next thing I know he’s got a little pipe and he’s smoking.”

To which Carlson then asked: “Even though you had sex with him twice, you did cocaine with him, watched him smoke crack twice, you had no idea who he was?”

“I had no idea who he was,” Sinclair replied, adding “It definitely wasn’t Barack’s first time and I would almost be one to bet it wasn’t his last.“

Watch:https://www.zerohedge.com/political/it-definitely-wasnt-baracks-first-time-obamas-crack-fueled-gay-tryst-accuser-speaks-out

Last week Carlson foreshadowed the upcoming interview, telling the Adam Carolla show that the media was too afraid to report Sinclair’s claims in 2008.

According to Tucker, nobody dared repeat the accusation due to threats from the Obama campaign.

“‘Nobody reported it not because they were squeamish about sex or drugs but because the Obama campaign said anyone who reports on this gets no access to the Obama campaign,” he said. “So, they didn’t report on it.”

“It’s not going to change the world that Barack Obama likes dudes, I think this was well-known,” Carlson continued, adding that Obama himself acknowledged having gay impulses in a letter to a former girlfriend.

Valid counter argument?

end

II USA DATA

Initial Jobless Claims Plunge To 7-Month Lows (Thanks To Ohio’s Fraud Cleanup)

THURSDAY, SEP 07, 2023 – 08:37 AM

After dropping to YTD lows last week – despite payrolls data showing a weakening labor market – initial jobless claims were expected to rebound modestly in the latest data… but they didn’t.

Whatever magic they are using pushed the seasonally-adjusted initial claims data to its lowest since February and the non-seasonally-adjusted claims to their lowest since Oct 2022…

Source: Bloomberg

Once again, we think it is important to remember that two distortions that likely boosted initial claims over the last few months – potentially fraudulent filings in Ohio and expanded eligibility for unemployment insurance in Minnesota – and that has begun to unwind in recent weeks…

Source: Bloomberg

In fact, for the 3rd week in a row, Ohio saw the biggest decline claims as fraud was erased…

Continuing jobless claims also plunged last week – back below 1.7mm – to 1.679mm Americans, equal to the lowest level since January…

Source: Bloomberg

And at the same time, employment cost growth for Q2 were revised higher to +2.2% QoQ SAAR.

As a reminder, the unemployment rate is now at its highest since Feb 2022…

Source: Bloomberg

Do you believe in magic?

III) USA ECONOMIC STORIES

CASPER WYOMING

Wyoming Mayor Says ‘Third-World Stuff’ Happening In City Overrun With Homeless People

THURSDAY, SEP 07, 2023 – 09:20 AM

Authored by Frank Fang via The Epoch Times (emphasis ours),

A city in Wyoming has been overwhelmed with a growing number of homeless people, who have damaged a local hotel that would require millions of dollars to fix and left hundreds of pounds of human feces in the downtown area, according to its mayor.Traffic backs up on Highway 25 leaving Casper in Douglas, Wyoming, on Aug. 21, 2017. (Justin Sullivan/Getty Images)

Casper Mayor Bruce Knell, in an interview with local news media Cowboy State Daily published on Aug. 31, said the city’s homeless population had topped about 200 people, creating “a mess” as they roam the city’s parks and streets.

“It’s like nothing I’ve ever seen. It’s third-world country stuff happening in Casper, Wyoming,” Mr. Knell said.

“They destroyed everything,” he added. “It’s horrible.”

Casper is Wyoming’s second most populous city, with a population of nearly 60,000, second behind the state’s capital, Cheyenne.

According to the mayor, the city’s vacant Econo Lodge motel, which had been closed due to flooding, was taken over by homeless people, who caused millions in destruction.

Pictures of the motel rooms published by the outlet show trash, towels, and bed sheets littered across the floors.

The city subsequently condemned the motel, and the bank that owned the property had to board it up to prevent homeless people from entering.

“It was inhabitable, and it was unsafe,” Mr. Knell said.

Other homeless people have moved into abandoned properties with no electricity or running water, the mayor said.

Many homeless people loiter in the city’s downtown area, the mayor added, leaving behind about 500 pounds of human feces that city staffers cleaned up. The loiterers have occupied parks and bike paths, while others choose to sleep in their cars, Mr. Knell added.

“In desperate times, people do desperate things, and unfortunately, we’re the ones left having to deal with it,” he said, adding the homeless population was responsible for some of the city’s crimes.

“We know very well we cannot litigate our way or arrest our way out of the problem, but our police need some teeth to start dealing with the squatting,” Mr. Knell said. “They’re just causing so many problems.”

The mayor explained that there has always been a small population of homeless people in Casper, given the existence of Wyoming Rescue Mission, a homeless shelter founded in 1978. As a result, the problem with the current growing homeless population lies with those deciding to stay in the city after either failing to get admitted into the shelter or getting kicked out of it, according to Mr. Knell.

“There’s a certain part of the homeless population, whether substance abuse or mental illness, that is getting them to where they don’t want to conform to society’s rules,” Mr. Knell said. “When they do that, they’re not allowed to go in the shelter, which means they’re just out and about in our community raising hell.”

There have been some legislative proposals to tackle the homeless problem, the mayor added, and the city council could vote on them as soon as Sept. 5.

These proposals include modifying the city code that requires suspected squatters to get written consent from a property owner and establishing a time limit on how long they could stay on private property, according to Cowboy State Daily.

END

USA// COVID//VACCINE/

end

SWAMP STORIES

McCarthy Faces House Revolt Over Biden’s Latest Multi-Billion Slush Fund For Ukraine, Stonewalled Impeachment Inquiry

THURSDAY, SEP 07, 2023 – 10:30 AM

As we head into another episode of “shutdown theatre” where Republicans throw scat before caving to the Democrats at the 11th hour, House Speaker Kevin McCarthy is once again facing an internal revolt from Freedom Caucus members over the Biden administration’s $40 billion supplemental spending request – which includes $24 billion more for Ukraine – which many want separated from other aspects of the bill.

What’s more, ‘Uniparty’ McCarthy has also received a clear warning from Rep. Matt Gaetz (R-FL) and others, that he also needs to launch an impeachment inquiry into President Biden over his family’s foreign business dealings, or his job may be on the line.

“I worked very hard in January to develop a toolkit for House Republicans to use in a productive and positive way. I don’t believe we’ve used those tools as effectively as we should have,” Gaetz told conservative radio host Todd Starnes, alluding to the drawn-out negotiations which saw McCarthy elected Speaker by slim margins. “That means forcing votes on impeachment. And if Speaker McCarthy stands in our way, he may not have the job long,” Gaetz added.

McCarthy notably chose not to launch an impeachment inquiry with the stroke of a pen – and has instead opted to force the House into a full vote on the matter, which won’t likely succeed thanks to the GOP’s thin margins in the chamber and the number of loyal uniparty Republicans who won’t jeopardize control in 2024.

Former President Donald Trump has even called on Congressional Republicans to make Ukraine aid conditional on launching a Biden impeachment inquiry.

“Congress should refuse to authorize a single additional shipment of our depleted weapons stockpiles … to Ukraine until the FBI, DOJ and IRS hand over every scrap of evidence they have on the Biden Crime Family’s corrupt business dealings,” Trump said during a Saturday rally in Pennsylvania, adding that any Republican lawmakers who failed to join the effort should face primary challenges.

On Thursday, Punchbowl News reported that McCarthy and House GOP leadership want to attach billions of dollars in disaster relief to the $40 billion short-term stopgap bill, which would carve out Ukraine aid and virtually guarantee a showdown with the Senate and President Joe Biden.

Senate leaders in both parties want to pass Biden’s full $40 billion supplemental spending request — which would go to disaster relief, border security and Ukraine — by the end of the month. Senate Minority Leader Mitch McConnell urged senators to pass it expeditiously Wednesday, as we detailed in our Midday edition.

Acknowledging a “difference of opinion in my party on this,” McConnell said maintaining U.S. support for Ukraine is a national security priority. He added that Ukraine isn’t just fighting for its own independence but also “degrading the military of one of our biggest rivals.” McConnell has been making this case against Russia since it invaded Ukraine in February 2022.

Yet McCarthy and his leadership team don’t seem to care about this argument. They’re planning to leave the Ukraine funding out of the supplemental package in order to consider it separately. Instead, House Republicans want to include disaster relief on a continuing resolution designed to keep federal agencies open until some point in November. Congress needs to pass a CR by Sept. 30 to avoid a government shutdown. -Punchbowl News

Meanwhile, McCarthy also wants the Biden administration to change border policies, as well as boost the overall funding for border security in return for the GOP signing off on additional Ukraine aid, according to multiple Punchbowl sources.

This is all setting the stage for a chaotic September, as the next potential shutdown looms in roughly three weeks – as the White House and Senate Democrats will be very hesitant to break up the $40 billion supplemental bill despite the fact that the United States has already spent more than $100 billion on the Ukraine war, and a growing number of House Republicans are opposed to additional funding.

“At some point, we’ve got to deal with the Ukraine issue,” Senate Minority Whip John Thune told the outlet. “But if they send us a vehicle that we could do something with when it comes over here, that’s also a possibility.”

According to Thune, the Senate could amend the House-passed continuing resolution and add Ukraine funds to it, but due to GOP opposition, it could lead to a shutdown. That said, Thune suggested that more border money could overcome objections.

“I think we’ve got a big demand on our side for the border, and especially, that’s going to be something that the House has to execute on getting some across the floor over there,” he said.

END

NEW YORK CITY

“Idealism Collides With Realism” – Mayor Eric Adams Says Migrant Crisis Will ‘Destroy New York City’

BY TYLER DURDEN

THURSDAY, SEP 07, 2023 – 01:25 PM

How it started…

How it’s going…

New York Mayor Eric Adams warned the crowd at a Wednesday night town hall that the migrant crisis will ‘destroy New York City,’ and slammed the Biden administration for doing nothing about the problem they created.

“I’m gonna tell you something, New Yorkers, never in my life have I had a problem that I didn’t see an ending to. I don’t see an ending to this,” he said.

“We turned this city around in 20 months,” Adams said, “and then what happened started with a madman down in Texas decided he wanted to bust people up to New York City—110,000 migrants.” The city, already under the pressure of multiple issues, from crime to infrastructure to a $12 billion deficit, is now scrambling to manage an overwhelming influx of migrants. With resources already stretched thin, Adams paints a grim picture: “We have to feed, clothe, house, educate the children, wash their laundry sheets, give them everything they need, healthcare.”

Crippling Deficit

According to Adams, “Every community in this city is going to be impacted” by the financial blow from the migrant crisis. “We got a $12 billion deficit that we’re going to have to cut. Every service in this city is going to be impacted,” Adams continued, noting “we’re getting no support on this national crisis and we’re receiving no support” from the Biden administration.

Adams joins the ranks of those who have criticized Biden for an apparent lack of strategy on immigration, especially as the problem evolves to include not just those coming from Central or South America, but from “Venezuela, Ecuador, Russia, and western Africa.”

“Idealism collides with realism when you have to deal with all the populations,” said Adams, who at the beginning of his term was welcoming migrants with open arms.

Watch:https://www.zerohedge.com/political/mayor-eric-adams-says-migrant-crisis-will-destroy-new-york-city

The locals aren’t having it either…

Reactions abound – but one underlying theme is that Democrats are getting what they voted for, once again.

And of course, progressives are screeching.

end

THE KING REPORT

The King Report September 7, 2023 Issue 7070

Independent View of the News

  German industrial orders fall more (11.7% y/y) than expected (4.0% to 4.3%) in July
https://www.reuters.com/markets/europe/german-industrial-orders-fall-more-than-expected-july-2023-09-06/

Contradictory US Services PMIs for August were released on Wednesday.S&P Global US Services PMI for Aug 50.5, 51.0 expected & priorISM Services Index 54.5 (6-month high), 52.5 expected, 52.7 priorISM Services Prices Paid 58.9, 56.8 priorISM Employment 54.7, 50.7 prior; New Orders 57.5, 55.0 prior
China bans government officials from using iPhones for work – WSJ
The ban comes ahead of an Apple event next week.. and could trigger concerns among foreign companies operating in China as Sino-U.S. tensions escalate… the reported move showed Beijing was not willing to spare any U.S. company in its push to reduce its dependence on American technologies…
    This “should inspire companies to diversify both their supply chain and customer concentrations to be less dependent on China in the event the tensions get worse.”  China is one of Apple’s biggest markets and generates nearly a fifth of its revenue…
https://www.reuters.com/world/china/china-bans-govt-officials-using-iphone-work-wsj-2023-09-06/

Tech analyst @htsfhickey: Apple moving production to India puts AAPL at risk of further Chinese govt. retaliation (20% of sales). “Apple has dominated China’s market for smartphones priced over $600 in recent years after U.S. sanctions hit rival Huawei’s ability to make 5G phones.” – WSJ

Apple was -4.3% near 15:30 ET; Tesla was -4.5% at 10:30 ET; and Nvidia was -3.82% at 12:20 ET.

@charliebilello: The average price of a used Tesla has declined 13 months in a row, moving from a record high of $67,900 in July 2022 to a record low of $41,574 in August 2023 (-39%).
https://twitter.com/charliebilello/status/1699174300421406761

@LorenzoMor28483: NVDA’s Revenue Concentration footnote was expanded in Q2 v. Q1, to call out “one data center distributor” customer who represented 17% and 13% of Q2 and YTD revenues. If this was CW (CoreWeave), a more appropriate disclosure would be “we own X% of this customer, and we are related parties.” https://twitter.com/LorenzoMor28483/status/1698488618287780047/photo/1

For this startup, Nvidia GPUs are currency
CoreWeave, a cloud computing startup backed by Nvidia and Magnetar Capital, has secured a $2.3 billion debt facility using Nvidia’s sought-after H100 GPUs as collateral. The company intends to use that money to purchase more high-end chips, among other things.
   If your head hurts, let me try to sum this up: Nvidia invested in CoreWeave, which is reliant on Nvidia products, and now those Nvidia products are being used as collateral to buy… what is most likely more Nvidia products. Fantastic… https://www.theverge.com/2023/8/8/23824661/coreweave-nvidia-debt-gpu-ai-chips-collateral

@SamanthaLaDuc Aug 24  CoreWeave: Is backed by NVDA; Buys $2.3B in $NVDA chips With $2.3B LOC financed by Blackrock Using the $2.3B $NVDA chips as collateral; Blackrock owns 182M shares of NVDA; NVDA claims $2.3B data center beat; NVDA gaps up 11% in AH – of which ALL was unwound… This is more than a closed loop…

Nvidia is a stock bubble and its popping could trigger a broader market crash, investing legend Rob Arnott says   https://markets.businessinsider.com/news/stocks/nvidia-stock-bubble-trigger-market-collapse-rob-arnott-2023-9

BBG’s @lisaabramowicz1: “31% of all US government debt outstanding, or $7.6 trillion, will mature over the next year:” Apollo’s Torsten Slok  https://twitter.com/lisaabramowicz1/status/1699381842611179633

CNBC’s @carlquintanilla: JPMORGAN: “… There is now a higher likelihood of a crisis over the next 6 to 12 months, the severity of which could be higher than [markets] anticipate. Risks of an interest rate shock .. are clear: consumer credit .. funding of startups .. impact on employment ..” [Kolanovic]

FSB warns of risks posed by hedge funds’ ‘hidden leverage’
Top financial policymakers step up concerns over impact of bets on bonds
   Some hedge funds had “very high levels of synthetic leverage”. Synthetic leverage refers to debt created by the use of derivatives or other complex financial instruments that frequently does not show up on balance sheets…. https://www.ft.com/content/3ac828d2-1cef-48ec-b3f3-07601aa226c3

BBG’s @lisaabramowicz1: Diesel prices have climbed more than 40% in the U.S. and Europe since May. This gives a sense of why United Air and Alaska Air came out today with warnings about how much energy costs have increased.

ESUs traded slightly negative but sideways from the Nikkei opening until they broke down 5 minutes before the European opening. After dropping 14 handles, ESUs again traded sideways – until they broke down on the NYSE opening. The decline accelerated but ESUs hit a bottom of 4447.00 near 13:00 ET.

Conditioned traders then poured into ESUs and stocks because US stocks tend to rally in the afternoon after sharp declines in the morning, and sometimes, through midday. ESUs jumped from the daily low of 4447.00 to 4469.75 at 14:35 ET. They then went inert until an 8-handle dip appeared at 15:08 ET. The usual suspects quickly boosted ESUs back to the afternoon high. They then went inert until a small rally appeared on the NYSE close.

Positive aspects of previous session.
Fangs rallied smartly despite the general stock market decline
The usual afternoon rally for US equities after a morning tumble appeared

Negative aspects of previous session
Fangs got hammered (See above reasons; and keep a close watch of NVDA!)
US stocks declined; Bonds could only rally modestly despite the equity decline

Ambiguous aspects of previous session
What is the story with NVDA?

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

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4466.07
Previous session S&P 500 Index High/Low: 4490.35; 4442.38

Biden’s Green Energy Inflation Reduction Act Needs a Big Bailout Already
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… Irony alert: One reason is that the government-forced green energy transition is driving up demand for equipment, material and labor…
    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… https://mishtalk.com/economics/bidens-green-energy-inflation-reduction-act-needs-a-big-bailout-already/

Today – The 25.75-handle surge in ESUs from 13:00 ET to 14:35 ET relieved an oversold condition for ESUs and stocks. It also forced some traders to cover shorts and others to get long. As we keep harping, most traders dread missing a rally and have little fear of a tumble. Anyone paying attention can see that the tone of the stock market is changing. Most recognize the change in the bond and oil markets.

With history as a guide, it will take a lot more pain and capital damage before a requisite number of equity traders ‘get it.’ The onus is now on bulls to generate a significant rally. If a robust rally does not appear in the coming few weeks, a breach of the August low is highly probable. That would be very bad.

ESUs are -2.75 and USUs are -6/32 at 20:47 ET. Trading is very cautious.

Expected econ data: Q2 Nonfarm Productivity 3.4%, Unit Labor Costs 1.9%; Initial Jobless Claims 234k, Continuing Claims 1.719m; Phil Fed Pres Harker 10 ET, Chicago Fed Pres Goolsbee 11:45 ET, NY Fed Pres Williams 15:30 ET, Atlanta Fed Pres Bostic 15:45 ET

S&P 500 Index 50-day MA: 4475; 100-day MA: 4341; 150-day MA: 4238; 200-day MA: 4165
DJIA 50-day MA: 34,761; 100-day MA: 35,187; 150-day MA: 33,827; 200-day MA: 33,781
(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 4485.62 triggers a buy signal

Hunter Biden will be indicted on gun charges later this month, DOJ says
“The Speedy Trial Act requires that the Government obtain the return of an indictment by a grand jury by Friday, September 29, 2023, at the earliest. The Government intends to seek the return of an indictment in this case before that date,” the office of special counsel David Weiss said in a document filed in the US District Court for the District of Delaware…
https://nypost.com/2023/09/06/hunter-biden-will-be-indicted-on-gun-charges-later-this-month-doj-says/

Oversight Committee (@GOPoversight): Joe Biden’s VP staff colluded with Hunter’s business partner on Burisma corruption media response. @RepJamesComer is calling on the National Archives to provide complete and unredacted documents related to the Office of the Vice President colluding with the Biden… “… on December 4, 2015, Eric Schwerin, a longtime Biden family business associate, wrote to Kate Bedingfield in the Office of the Vice President, providing quotes the White House should use in response to media outreach regarding Hunter Biden’s role in Burisma,” the report added. “Later that day, Ms. Bedingfield responded to Mr. Schwerin saying, ‘VP signed off on this'[.]” According to Devon Archer, after a Burisma board of directors meeting in Dubai on the evening of December 4, 2015, Hunter Biden “called D.C.” to discuss pressure that Burisma asked him to relieve… https://t.co/WtIOR9ITNW

Archives threatening to withhold some evidence in Biden probe as ‘personal,’ Comer reveals
NARA informed the Committee that certain documents in NARA’s custody would not be produced to the Committee – and, indeed, NARA would not inform the Committee of their existence – if NARA deems those records to be ‘personal records’ as defined by the PRA,” the powerful House committee chairman wrote. “However, ‘personal records’ are defined as those records ‘which do not relate to or have an effect upon the carrying out of the constitutional, statutory, or other official or ceremonial duties of’ the Vice President. The Committee has made clear that its investigation involves potential abuse by then-Vice President Biden of his official duties; It cannot be NARA that determines whether certain records ‘do not relate to or have an effect upon” those duties,” he added…
https://justthenews.com/accountability/political-ethics/archives-threatening-withhold-some-evidence-biden-probe-personal

Biden Bribery Breadcrumbs Leave Only One Possible Conclusion: Deep-State Partisans Buried the Evidence – On Dec. 11, 2020, The New York Times ran…, “Material from Giuliani Spurred a Separate Justice Depart. Pursuit of Hunter Biden.” As I previously detailed, the Times’ reporting was “replete with falsehoods and deceptive narratives,” and sought to paint the “then-U.S. Attorney for the Western District of Pennsylvania, Scott Brady, whom Barr had tasked with screening any new material related to Ukraine,” as a partisan hack out to get the Bidens. The article falsely represented Brady as pushing the Delaware U.S. attorney’s office to investigate the Bidens based on material provided by Rudy Giuliani.
   However, as a whistleblower would later confide in Sen. Chuck Grassley, the Pittsburgh U.S. attorney’s office had sought the investigation not of Giuliani material, but of separate intel provided by a longtime and “highly credible” confidential human source (CHS) on which agents briefed the Delaware office…
   So the key question, as Grassley asked Weiss, is when did he first learn of the FD-1023? Weiss has yet to answer that question. But IRS whistleblower Gary Shapley’s testimony and supplemental affidavit suggest Wolf and the Baltimore agents briefed by Pittsburgh about the FD-1023 buried that evidence…
https://thefederalist.com/2023/09/06/biden-bribery-breadcrumbs-leave-only-one-possible-conclusion-deep-state-partisans-buried-the-evidence/

@tristanleavitt: It’s becoming increasingly clear AUSA Lesley Wolf buried the Biden bribery allegations. Any interviews @JudiciaryGOP conducts should be building the record and gathering evidence for an interview with her.

Whistleblower concerns about Hunter Biden firms first surfaced in spring 2015, SEC memos show
Morgan Stanley whistleblower raised concerns to bank, federal regulators about “fraudulent” schemes, “suspicious” transactions.
https://justthenews.com/accountability/political-ethics/whistleblower-concerns-about-hunter-biden-firms-first-surfaced

Biden’s maskless disrespect to a war hero proves he’s unfit to be president
First, he did something incomprehensibly stupid by presenting an elderly Vietnam War veteran hero with the Medal of Honor without wearing a protective face mask — despite his wife, first lady Jill Biden, currently being infected with COVID. Incredibly, he did this just minutes after White House press secretary Karine Jean-Pierre had told reporters that the president would be “wearing a mask indoors and while around people in alignment with CDC guidance.”…
    He also did something incomprehensibly insensitive by leaving the ceremony before it finished…
   I honestly look at Biden now and genuinely wonder if he knows what day it is, let alone what he’s supposed to be doing… https://nypost.com/2023/09/06/bidens-maskless-disrespect-to-a-war-hero-proves-hes-unfit-to-be-president/

@townhallcom: Karine Jean-Pierre says that Joe Biden’s mysterious and abrupt exit from the Medal of Honor ceremony yesterday was “as planned.” (To minimize contact with attendees)
https://twitter.com/townhallcom/status/1699475553697271904

@RNCResearch: BIDEN: “They keep telling me…I gotta keep wearing [a mask], but don’t tell them I didn’t have it on when I walked in.”  https://twitter.com/RNCResearch/status/1699489137710227930

White House deflects when confronted with Biden’s mask hypocrisy: ‘We’ve got to put this all in context’ – Biden removed mask at Medal of Honor ceremony, never put it back on in violation of COVID protocols https://www.foxnews.com/politics/white-house-deflects-confronted-biden-mask-hypocrisy-weve-got-put-this-all-context

Biden nixed goal of getting kids back to school post-COVID to avoid conflict with teachers’ union boss: book – ‘[Biden] was, in effect, conceding that for thousands of students, the rest of the school year would be lost to the pandemic,’ Franklin Foer writes…
    “I am not abandoning you on schools. I want you to know that,” Biden told Weingarten on the phone. The president also said he knew the teachers’ union boss was under fire over schools reopening…
https://www.foxnews.com/politics/biden-nixed-goal-kids-going-back-school-post-covid-avoid-conflict-randi-weingarten-book

Biden’s Official Twitter Account Photoshops President to Look Younger
https://townhall.com/tipsheet/john-hasson/2023/09/06/bidens-official-twitter-account-photoshops-president-to-look-younger-n2628076

Biden rages that staff treats him like a child, new book claims: ‘Was John Kennedy ever babied like that?’ https://nypost.com/2023/09/05/biden-rages-that-staff-treats-him-like-a-child-book/

GOP Rep. Jim Jordan (@Jim_Jordan): THE FACEBOOK FILES PART 5. BIDEN WHITE HOUSE RELIED ON FOREIGN “DISINFO” ACTIVISTS TO PRESSURE FACEBOOK TO CENSOR AMERICANS.  Internal FB docs recently obtained by @JudiciaryGOP and @Weaponization show the Biden Admin and foreign activists wanted Americans censored. Thread:
https://twitter.com/Jim_Jordan/status/1699184930331267539?s=02

Facebook Files: White House Peddled Obvious Foreign Lies about ‘Disinformation Dozen’
A UK-based, government-linked dark money nonprofit operated by a far-left British Labour Party operative fabricated statistics about the so-called ‘disinformation dozen’ – people with large social media footprints that expressed vaccine or lockdown skepticism, according to the latest Facebook Files released on Tuesday by Rep. Jim Jordan (R-OH).
    The Center for Countering Digital Hate (CCDH) run by a man named Imran Ahmed claimed that Robert Kennedy Jr. and 11 other people were responsible for 65% of “anti-vaccine content circulating on social media.”… That claim itself was disinformation, according to Jordan – who notes that Facebook employees were highly skeptical of the CCDH’s claims…
   What’s more, the Biden White House repeatedly peddled the 65% lie as Facebook employees were preparing to draft a memo to CEO Mark Zuckerberg to complain about “pressure from … the White House” to remove the so-called Disinfo Dozen, even though they did “not believe we currently have a clear path for removal.”…
https://www.zerohedge.com/political/facebook-files-white-house-peddled-obvious-foreign-lies-about-disinformation-dozen

Harvard is named worst school for free speech — scoring zero out of possible 100
Harvard’s score was dragged down by the fact that nine professors and researchers at Harvard faced calls to be punished or fired based on what they had said or written — and seven of the nine were actually professionally disciplined… Harvard’s lowest rank comes despite the fact that more than 100 of its professors banded together earlier this year to form a Council on Academic Freedom to defend open inquiry on campus…  https://nypost.com/2023/09/06/harvard-is-named-worst-school-for-free-speech-scoring-zero-out-of-possible-100/

@paulsperry_: FYI: Obama appointed Tanya Sue Chutkan (Overseeing DJT case) to the DC District Court with no prior bench experience — however, for Red diaper Barack, she had the requisite pinko pedigree as the granddaughter of the founder of a radical Marxist party in her native Jamaica.

@ByronYork: Biden DOJ asking for reduced sentence for BLM rioter who set fire that killed a man: Defendant felt ‘frustrated…disenfranchised.’ He was ‘caught up in the fury of the mob.’ And he believed that by rioting he was engaging in ‘the language of the unheard.’
https://www.washingtonexaminer.com/opinion/a-riot-is-the-language-of-the-unheard
    To those who follow this: Has DOJ ever asked for leniency for a J6 rioter because the rioter felt ‘disenfranchised,’ got ‘caught up in the fury of the mob,’ and truly believed that by rioting he was engaging in ‘the language of the unheard’?

GOP @RepMattGaetz: What are House Republicans even doing as Democrats WEAPONIZE our government against Americans?
    Tens of millions of Americans rest their hope on the House of Representatives to stop the terrible things that are going on. However, I offer you this sincere confession: we aren’t putting up the fight you deserve and it sickens me. There is plenty that needs to be done. We in the Majority have the power to do it, but we must stop fiddling around like Nero as Rome burns.

@charliekirk11: FINALLY!! Georgia’s Republican Attorney General Chris Carr is giving Fani Willis and the radical revolutionaries a taste of their own RICO medicine.
    Carr has indicted 61 Antifa criminals and militant anarchists—who used domestic terrorism violence to try and stop a $90 million police training facility in Dekalb County—under the same RICO statues used against Trump just weeks ago in Fulton County.   Now with the shoe on the other foot, leftists are claiming RICO charges are “anti-democratic.”… Mutually assured destruction is the only way this ends.

Tucker Carlson has laser-focus on Barack Obama and is slowly peeling the carefully crafted veneer from the ex-president. Carlson knows something and is intractably plodding to some profound revelations.

Tucker’s latest on Obama (last night): https://twitter.com/TuckerCarlson/status/1699543001473900670

@AndrewDesiderio: McConnell at the podium. Making the case for Ukraine aid. “I know there’s a difference of opinion in my party on this,” he says. https://twitter.com/AndrewDesiderio/status/1699494835504242907

Babylon Bee: Bud Light Welcomes New Investor Bill Gates with Limited Edition Jeffrey Epstein Cans – Bill Gates purchased $100 million of public stock in Anheuser-Busch, believing his image could really help win back Bud Light’s conservative customer base… “We are grateful for Mr. Gates taking care of our needs, just like Jeffrey Epstein took care of his,” said Mr. Whitworth…
https://babylonbee.com/news/bud-light-honors-new-investor-bill-gates-with-limited-edition-jeffrey-epstein-cans

GREG HUNTER

-END-

see you on FRIDAY

Bix Weir	12:59 PM (27 minutes ago)
to me