Shanghai Gold Benchmark Price

USD oz AM1973.52

PM1973.83

Historical SGE Fix

New York price at the time: $1920.00

premium $53.00

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Bitcoin morning price:, $25,832 DOWN 45 Dollars

Bitcoin: afternoon price: $25,790 DOWN 87 dollars

Platinum price closing $895.35 DOWN $14.15

Palladium price; $1198.00 DOWN $19.90

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: $2,618.13 UP DOWN 7.80 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1540.00 UP 2.20 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1793.31 DOWN 0.50 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//

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EXCHANGE: COMEX

CONTRACT: SEPTEMBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,917.500000000 USD
INTENT DATE: 09/07/2023 DELIVERY DATE: 09/11/2023
FIRM ORG FIRM NAME ISSUED STOPPED

323 H HSBC 2
363 H WELLS FARGO SEC 2
624 H BOFA SECURITIES 2
737 C ADVANTAGE 1
905 C ADM 5

TOTAL: 6 6
MONTH TO DATE: 3,622

JPMorgan stopped 0/6 contracts.

FOR SEPT.:

GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 6 NOTICES FOR 600 OZ or .01866 TONNES

total notices so far: 3622 contracts for 362,200 oz (11.2657 tonnes)

FOR SEPT:

SILVER NOTICES: 100 NOTICE(S) FILED FOR 500,000 OZ/

total number of notices filed so far this month : 2439 for 12,195,000 oz

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END

GLD

WITH GOLD UP $0.35

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

INVENTORY RESTS AT 886.64 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER DOWN 8 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 SMALL SIZED 222 CONTRACTS TO 125,632 AND FURTHER FROM THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS SMALL SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.21 LOSS IN SILVER PRICING AT THE COMEX ON THURSDAY. TAS ISSUANCE WAS A GOOD SIZED 511 CONTRACTS. THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 511 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 $0.21). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER CONTRACTS AS WE HAD A FAIR SIZED GAIN OF 398 CONTRACTS ON BOTH EXCHANGES ALONG WITH CONSIDERABLE T.A.S.LIQUIDATION THROUGHOUT THE COMEX SESSION

WE MUST HAVE HAD:

A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS( 536 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 195,000 OZ//NEW TOTAL 13.005 MILLION OZ/// / //SMALL SIZED COMEX OI LOSS/ GOOD SIZED EFP ISSUANCE/VI) GOOD SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE (511 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL 84 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 5 days, total 2777 contracts: OR 13.885 MILLION OZ (555 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 13.885 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 SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 222 CONTRACTS WITH OUR LOSS IN PRICE OF $0.21 IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 536 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 195,000 OZ QUEUE JUMP. /// WE HAVE A FAIR SIZED GAIN OF 314 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD SIZED 511 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION. THE NEW TAS ISSUANCE THURSDAY NIGHT (511) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 100 NOTICE(S) FILED TODAY FOR 500,000 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 SMALL SIZED 765 CONTRACTS TO 435,933 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: 279 CONTRACTS

WE HAD A SMALL SIZED DECREASE IN COMEX OI ( 765 CONTRACTS) WITH OUR $0.20 LOSS IN PRICE//THURSDAY. WE ALSO HAD A RATHER STRONG INITIAL STANDING IN GOLD TONNAGE FOR SEPT. AT 12.656 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 800 OZ QUEUE JUMP//NEW TOTAL STANDING 13.7604 TONNES + /A FAIR (AND CRIMINAL) ISSUANCE OF 1472 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $0.20 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A SMALL SIZED GAIN OF 528 OI CONTRACTS (1.642 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1293 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 435,933

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 528 CONTRACTS WITH 765 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 1293 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 528 CONTRACTS OR 1,642 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1472 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1472 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (765) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 528 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 STRONG TAS LIQUIDATION DURING THE COMEX SESSION //4) SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1472 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: 10,419 CONTRACTS OR 1,041,900 OZ OR 32.407 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 2083 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 32.407 TONNES

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

THUS EFP TRANSFERS REPRESENTS 32.407/3550 x 100% TONNES 0.929% 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: 32.407 TONNES (SMALLER THAN LAST MONTH)

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF SEPT. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF JUNE., FOR BOTH GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (SEPT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER FELL BY A SMALL SIZED 222 CONTRACTS OI TO 125,652 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 536 CONTRACTS

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

DEC 536 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 536 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 222 CONTRACTS AND ADD TO THE 536 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A FAIR SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 314 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 1.57 MILLION OZ

OCCURRED WITH OUR $0.21 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//

FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED DOWN 5.63 PTS OR 0.18% //Hang Seng CLOSED/ /The Nikkei CLOSED DOWN 384.24 PTS OR 1.16% //Australia’s all ordinaries CLOSED DOWN 0.23 % /Chinese yuan (ONSHORE) closed 7.3394 /OFFSHORE CHINESE YUAN DOWN TO 7.3510 /Oil UP TO 87.47 dollars per barrel for WTI and BRENT UP AT 90.58 / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 765 CONTRACTS TO 435,933 WITH OUR LOSS IN PRICE OF $0.20 ON THURSDAY.

EXCHANGE FOR PHYSICAL ISSUANCE

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

THAT IS 1293 EFP CONTRACTS WERE ISSUED: : DEC 1293 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1293 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL TOTAL OF 528 CONTRACTS IN THAT 1293 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 765 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $0.20//THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS A FAIR 1472 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 (13.7604) ( 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: 13.7604 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT LOST $0.20) //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A SMALL GAIN OF 807 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A STRONG T.A.S. LIQUIDATION ON THE FRONT END OF THURSDAY’S TRADING. THE T.A.S. ISSUED ON THURSDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE GAINED A TOTAL OI OF 1.642 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 13.7604 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $8.80.

WE HAD – REMOVED 279 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 528 CONTRACTS OR 52800 OZ OR 1.642 TONNES.

Estimated gold volume today:// 138,231 awful

final gold volumes/yesterday 124,004 awful//speculators have left the gold arena

//SEPT 8/ /// THE SEPT. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	NIL .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	nil oz
No of oz served (contracts) today	6 notice(s) 600 OZ .01866 TONNES
No of oz to be served (notices)	802 contracts 80200 oz 2.495 TONNES
Total monthly oz gold served (contracts) so far this month	3622 notices 362,200 OZ 11.2659 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*	x

0 dealer deposit:

total dealer deposits: NIL oz

customer deposits: 0

total customer deposits: nil oz

we had 0 customer withdrawals

total withdrawals NIL oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.

For the front month of SEPTEMBER we have an oi of 808 contracts having LOST 8 contracts. We had

16 contracts were served on THURSDAY, 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 892 contracts to 26,526 contracts.

NOV. GAINED 4 CONTRACTS to stand at 12

December LOST 504 contracts down to 375,474 contracts.

We had 6 contracts filed for today representing 600 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 6 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 (3622 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (808 CONTRACTS) minus the number of notices served upon today 6 x 100 oz per contract equals 442,400 OZ OR 13.7604 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 (3622) x 100 oz + (808) {OI for the front month} minus the number of notices served upon today (6) x 100 oz) which equals 442,400 oz standing OR 13.7604 TONNES

TOTAL COMEX GOLD STANDING: 13.7604 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 8

//2023// THE SEPT 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	1,513,611.653oz Brinks CNT DELAWARE JPMORGAN LOOMIS .
Deposits to the Dealer* Inventory*	nil
Deposits to the Customer Inventory	4097.80 DELAWARE
No of oz served today (contracts)	100 CONTRACT(S) (500,000 OZ)
No of oz to be served (notices)	162 contracts (810,000 oz)
Total monthly oz silver served (contracts)	2439 Contracts (12,195,000 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 Delaware: 4007.800 oz

total customer deposits:4007.800 oz

JPMorgan has a total silver weight: 138.088 million oz/276.173 million or 50.00%

Comex withdrawals 5

i) Out of Brinks 825,700.540 oz

ii) Out of CNT: 5065.26 oz

iii) Out of Delaware 3970.07 oz

iv) Out of JPMorgan: 578,057.403 oz

v) Out of Loomis 100,818.380 oz

total: 1,513,611.653 oz

adjustments: 0

TOTAL REGISTERED SILVER: 43.769 MILLION OZ//.TOTAL REG + ELIGIBLE. 276,173 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF SEPT /2023 OI: 262 CONTRACTS HAVING LOST 10 CONTRACT(S). WE HAD 49

CONTRACTS SERVED ON THURSDAY. SO WE GAINED 39 CONTRACTS OR 195,000 OZ WITNESSED A QUEUE JUMPED AS THESE GUYS NEEDED TO RECEIVE SOME METAL OVER HERE.

OCT LOST 20 CONTRACTS TO STAND AT 1127.

NOVEMBER GAINED 7 CONTRACTS TO STAND AT 92

DEC. LOST 313 CONTRACTS TO STAND AT 113,210 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 100 for 500,000 oz

Comex volumes// est. volume today 51,301 poor

Comex volume: confirmed yesterday 52,489 poor

To calculate the number of silver ounces that will stand for delivery in SEPT. we take the total number of notices filed for the month so far at 2439 x 5,000 oz = 12,195,000 oz

to which we add the difference between the open interest for the front month of SEPT (262) and the number of notices served upon today 100 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the SEPT/2023 contract month: 2439 (notices served so far) x 5000 oz + OI for the front month of SEPT (262) – number of notices served upon today (100 )x 500 oz of silver standing for the SEPT contract month equates to 13.005 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 8/WITH GOLD UP $0.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

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: 886.64 TONNES

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

SEPT 8/WITH SILVER DOWN 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // /.////INVENTORY RESTS AT 436.518 MILLION OZ

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

Central bank gold buying continues unabated. July a total of 55 tonnes. If this rate continues, central bank gold buying for the year will total 660 tonnes. The world ex China ex Russia produces around 2200 tonnes. Jewelry demand globally is around 3300 tonnes. Thus our paper gold sellers are in deep trouble as physical will disappear.

(courtesy Schiff/Gold)

Central Bank Gold Buying Continued Hot In July

FRIDAY, SEP 08, 2023 – 07:20 AM

Via SchiffGold.com,

After returning to net gold buying in June, central banks continued to add to their gold reserves in July.

Globally, central banks reported net purchases of 55 tons in July, according to the latest data compiled by the World Gold Council.

In March, April and May, central banks reported net gold sales, primarily due to Turkey selling 160 tons of gold over that three-month period. According to the World Gold Council, this was a specific response to local market dynamics and didn’t likely reflect a change in the Turkish central bank’s long-term gold strategy.

This was confirmed in June when the Central Bank of Turkey flipped back to buying, adding 11 tons of gold to its reserves. It continued increasing its reserves in July with a 17-ton gold purchase.

According to the World Gold Council, the Turkish government reinstated gold import quotas in early August. It remains to be seen whether this will lead to renewed central bank gold selling should local gold demand remain elevated.

The Turkish government recently raised the country’s inflation forecast to 65%.

The People’s Bank of China ranked as the largest buyer in July, adding 23 tons of gold to its holdings. It was the ninth consecutive month of buying for the Chinese central bank. China is the largest gold buyer year-to-date, having increased its official reserves by 188 tons. The People’s Bank of China now officially holds 2,136 tons of gold, making up 4% of its total reserves.

China has a history of adding to reserves and then going silent.

The People’s Bank of China accumulated 1,448 tons of gold between 2002 and 2019, and then reported nothing for more than two years before resuming reporting last fall.

Many speculate that the Chinese continued to add gold to its holdings off the books during those silent years.

In fact, there has always been speculation that China holds far more gold than it officially reveals. As Jim Rickards pointed out on Mises Daily back in 2015, many people speculate that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration for Foreign Exchange (SAFE).

Last year, there were large unreported increases in central bank gold holdings. Central banks that often fail to report purchases include China and Russia. Many analysts believe China is the mystery buyer stockpiling gold to minimize exposure to the dollar.

The National Bank of Poland (NBP) was also a big gold buyer in July, adding 22 tons of gold to its holdings. It was the fourth consecutive month of gold purchases for the Polish central bank, totaling 71 tons.

In the fall of 2021, Bank of Poland President Adam Glapiński said the central bank planned to add 100 tons of gold to its reserves in 2022. It’s unclear why the bank didn’t follow through, but it is now just 29 tons short of that stated goal.

When he announced the plan to expand its gold reserves, Glapiński said holding gold was a matter of financial security and stability.

Gold will retain its value even when someone cuts off the power to the global financial system, destroying traditional assets based on electronic accounting records. Of course, we do not assume that this will happen. But as the saying goes – forewarned is always insured. And the central bank is required to be prepared for even the most unfavorable circumstances. That is why we see a special place for gold in our foreign exchange management process.”

Three other central banks bought gold in July.

Qatar – 3 tons
Singapore – 2 tons
The Czech Republic – 2 tons

Libya’s central bank reported a gold purchase of 30 tons in June after the data for that month had already been compiled.

Significantly, there are reports that Russia will recommence the buying of foreign currency and gold in the coming months, but there are few details about the plan.

Kazakhstan (4 tons) and Uzbekistan (11 tons) were the notable gold sellers in July. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.

Even with Turkey’s big sales earlier this year, net central bank gold purchases totaled 387 tons through the first half of the year. That was the highest first-half total since the organization started compiling quarterly data in 2000. This continued the trend of increasing gold reserves we saw last year.

Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. It was the 13th straight year of net central bank gold purchases.

According to the 2023 Central Bank Gold Reserve Survey recently released by the World Gold Council, 24% of central banks plan to add more gold to their reserves in the next 12 months. Seventy-one percent of central banks surveyed believe the overall level of global reserves will increase in the next 12 months. That was a 10-point increase over last year.

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

Little gold coins help the poor in Gaza to save

Submitted by admin on Thu, 2023-09-07 19:42Section: Daily Dispatches

By Nidal Al-Mughrabi
Reuters
Thursday, September 7, 2023

GAZA — A Gaza dentist has developed ultra-lightweight gold coins to allow people without much money to access to one of the most widely used savings methods across the Middle East.

“The idea stemmed from the community’s need to own gold amid the difficult living conditions the people live in,” said Ahmed Hamdan, who developed the coins, which range in weight from half a gram to 10 grams

“We have made gold available to people of all categories, gold that even the poor and those with low income can get,” Hamdan said.

The 21-carat-gold coin, which bears the image of the Dome of the Rock shrine in Jerusalem on one face with the word “Palestine” underneath, is licensed and stamped by the Ministry of Economy in Gaza, run by the Islamist Hamas group since 2007.

However Osama Nofal, the head of policy at Gaza Economy Ministry, stressed that the coins were not legal tender.

“It mustn’t be interpreted as if it were a future currency. It is no more than a way of saving,” he said. …

… For the remainder of the report:

https://www.reuters.com/world/middle-east/gaza-little-gold-coins-help-poor-save-2023-09-07/

end

Norwegian archaeologists say it’s the gold find of the century

Submitted by admin on Thu, 2023-09-07 19:52Section: Daily Dispatches

By the Associated Press
via ABC News, New York
Thursday, September 7, 2023

COPENHAGEN, Denmark — At first the Norwegian man thought his metal detector reacted to chocolate money buried in the soil. It turned out to be nine pendants, three rings and 10 gold pearls in what was described as the country’s gold find of the century.

The rare find was made this summer by 51-year-old Erlend Bore on the southern island of Rennesoey, near the city of Stavanger. Bore had bought his first metal detector earlier this year to have a hobby after his doctor ordered him to get out instead of sitting on the couch.

Ole Madsen, director at the Archaeological Museum at the University of Stavanger, said that to find “so much gold at the same time is extremely unusual.”

“This is the gold find of the century in Norway,” Madsen said. …

… For the remainder of the report:

https://abcnews.go.com/Technology/wireStory/archaeological-find-island-southern-norway-dubbed-gold-find-102995549

end

G20 summit: leaders to dine on silver- and gold-plated tableware

Submitted by admin on Thu, 2023-09-07 20:00Section: Daily Dispatches

Men and women of the people, these leaders. Someone should count the spoons afterwards.

* * *

By Shobhit Gupta
Hindustan Times, New Delhi
Thursday, September 7, 2023

For a rich dining experience of world leaders, meals will be served to them on silver and gold-plated utensils.

New Delhi is all decked up to welcome the international dignitaries for the upcoming G20 Summit, which is scheduled to be held at the sprawling Bharat Mandapam at New Delhi’s Pragati Maidan from September 9-10

The officials have made numerous arrangements to provide a one-of-a-kind experience to the delegates across the political, cultural, and business lines attending the high-key summit.

On these lines, to showcase India’s rich culture and heritage, the heads State and other global leaders will be served on silver and gold-plated utensils. …

… For the remainder of the report:

https://www.hindustantimes.com/india-news/g20-summit-leaders-to-be-served-meals-on-silver-gold-plated-tableware-watch-101694052874072.html

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//ANDREW MAGUIRE

kinesis.money/live-from-the-vault/multi-trillion-runaway-train/

Posted 8th Sep 2023

Russia driving the multi-trillion gold runaway train

In this week’s episode of Live from the Vault, Andrew Maguire uncovers just how close the Federal Reserve – the only central bank short on gold – has come to completely losing control over its ability to manipulate gold.

The precious metals expert then shifts gears to reveal Russia’s behind the scenes action ahead of chairing BRICS, explaining how gold barter is a potential multi-trillion dollar trade that could see price-setting change hands from West to East.

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:

end

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

Former FTX CEO pleads guilty to Federal Campaign finance. He forfeits $1.5 billion. How did he end up with so much money? Why is Government getting this money and not creditors? He is not co operating with authorities.

(zerohedge)

Former FTX CEO To Forfeit $1.5 Billion, Pleads Guilty To Federal Campaign Finance And Money-Transmitting Crimes

THURSDAY, SEP 07, 2023 – 10:00 PM

With Biden’s weaponized Dept of Justice intending to seek a second indictment of Hunter Biden after the catastrophic disaster that was the government’s first sweetheart plea deal, which revealed the corruption of “special counsel” David Weiss, who now is scrambling to slap Hunter’s wrist for the second time over a, drumroll, gun charge which will lead to the president’s crackhead son not spending even a minute in prison for being, along with his senile father, a bought and paid for Chinese muppet, the US Department of “Justice” needed a big enough distraction and got that today when SBF’s former right hand figurehead and former FTX CEO Ryan Salame, pleaded guilty Thursday in New York federal court to campaign finance and money-transmitting crimes, and agreed to forfeit more than $1.5 billion. Yup, Salame had $1.5 billion in cash just hanging around courtesy of the epic criminal syndicate that was FTX, and is about to part with it.

According to CNBC, Salame, during his plea, admitted that from fall 2021 to November 2022 he steered tens of millions of dollars of political contributions to both Democrats and Republicans – but really mostly Democrats…

… in his own name when in actuality the money came from Alameda Research, the hedge fund arm of the cryptocurrency exchange owner FTX. Those contributions were made at the behest of then-FTX CEO Sam Bankman-Fried, Salame said, making SBF the second biggest Democrat donor during the 2022 midterms, only behind George Soros…

… in which the Dems managed to avoid getting steamrolled thanks to Biden draining the SPR. Oh and, according to Vox, it was SBF who was “one of the people who is most responsible” for Biden being “elected” president.

“From at least in or about 2020, up to and including in or about November 2022, Ryan Salame, the defendant, engaged in multiple conspiracies to advance the interests of Samuel Bankman-Fried … and the cryptocurrency companies Bankman-Fried founded and controlled — including FTX.com (“FTX”) and Alameda Research (“Alameda”) — through the operation of an unlawful money transmitting business and violations of the federal election law,” the charging document filed against Salame says.

That document says that Salame, in a private message to a confidant, wrote that “the purpose of these bipartisan donations would be ‘to weed out anti crypto dems for pro crypto dems and anti crypto repubs for pro crypto repubs,’ and that donations would likely be routed through Salame ‘to weed out that republican side.’”

Salame, who was released on a $1 million bond Thursday, faces a maximum possible sentence of 10 years in prison for the campaign finance violation and charge of operating an unlicensed money-transmitting business. His sentencing was scheduled for March 6 by Judge Lewis Kaplan in U.S. District Court in Manhattan.

In addition to what must be a record monetary forfeiture, which will be paid to the U.S. government, the 30-year-old Salame will pay $5 million to debtors of FTX and $6 million in fines to the government. Salame also will surrender two houses he owns in Lenox, Massachusetts, and his 2021 Porsche automobile.

Salame’s attorney, Jason Linder of the firm Mayer Brown, in a statement said. “Ryan looks forward to putting this chapter behind him and moving forward with his life.″

A source told CNBC that Salame is not cooperating with federal prosecutors who are preparing for the criminal fraud trial of 31-year-old Bankman-Fried. But three other former executives who previously pleaded guilty in the same court are expected to testify against Bankman-Fried.

They are Caroline Ellison, who had been CEO of Alameda; former FTX technology chief Gary Wang; and Nishad Singh, who was FTX’s engineering boss.

U.S. Attorney Damien Williams, whose office is prosecuting the FTX cases, in a statement said, “Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside the law.”

Meanwhile, SBF – who yesterday lost his appeal to get out of Brooklyn jail where they don’t serve adderall or vegan food. and is set to go on trial Oct. 3 on wire fraud and securities fraud charges related to his alleged looting of billions of dollars in customer funds from FTX courtesy of endorsements from some of the highest profile ~~politicians~~ criminals in the country.

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

ONSHORE YUAN: CLOSED DOWN TO 7.3394

OFFSHORE YUAN: DOWN TO 7.3510

SHANGHAI CLOSED DOWN 5.63 PTS OR 0.18%

HANG SENG CLOSED

2. Nikkei closed DOWN 384.24 OR 1.16%

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 105.00 EURO RISES TO 1.698 UP 6 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.641 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.42/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund DOWN TO +2.6115***/Italian 10 Yr bond yield DOWN to 4.352*** /SPAIN 10 YR BOND YIELD FALLS TO 3.647…**

3i Greek 10 year bond yield FALLS TO 3.937

3j Gold at $1923.20 silver at: 23.00 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND 24 /100 roubles/dollar; ROUBLE AT 98.01//

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 147.42// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.641% 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 0.8918 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9540well 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: 4.254 DOWN 1 BASIS PTS…

USA 30 YR BOND YIELD: 4.355 DOWN 1 BASIS PTS/

USA 2 YR BOND YIELD: 4.940 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 26.85…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 3 BASIS PTS AT 4.4935

end

2.a Overnight: Newsquawk and Zero hedge:

USA EARLY MORNING REPORT

Futures Drop With Europe Stuck In Worst Stretch Since 2016; Dollar Dips From 6 Month High

BY TYLER DURDEN

FRIDAY, SEP 08, 2023 – 08:19 AM

Another day, another overnight drop pushing US equity futures, European and Asian markets all broadly lower. Bond yields are also lower, while the Bloomberg Dollar Index is modestly weaker and pulling back from a six-month high as dovish comments from Federal Reserve officials revived speculation that the central bank may keep interest rates at current levels; still it is set to close a record 8th consecutive week of gains.

At 7:30am ET, S&P futures and Nasdaq 100 futures are both down 0.2%. Asian stocks fell, heading for their first weekly loss in three, as rising US-China tensions over a new technology war, while European stocks are on course to extend their losing streak to eight consecutive sessions – the longest run of declines since 2016. Commodities are mixed with Nat Gas leading gains as Chevron’s Australian LNG workers begin striking while base metals lag on continued China fears. Today the macro focus will be the Manheim Used Vehicle Value Index at 9am ET; we will also receive Wholesale Inventories revision and Consumer Credit. China is set to release their CPI and PPI tonight at 9.30pm ET.

Pre-market, megacap tech are mostly lower, with Apple shares down 0.1% as mounting risks related to iPhone restrictions in China and a premium valuation make it unlikely for Apple shares to outperform in 2H, JPMorgan said in a Friday note, cutting its price target from $235 to $230 (full note available to pro subscribers in the usual place).

Some other notable premarket movers:

DocuSign gained 3.0% after the e-signature company reported second-quarter results that beat expectations and raised its full-year forecast for revenue and billings. Analysts said the results were better than expected, and highlighted strong billings.
First Solar rose 2.2%, as analysts raise their price targets following the solar tech company’s capital markets day.

The biggest narrative of the week has been the dramatic moves in currencies and the widening gulf in economic growth prospects between the US and the rest of the world. The Bloomberg Dollar Spot Index is still on track for an eighth consecutive week of gains, which would be the longest run of increases in data going back to 2005.

“The dollar upside we have seen recently has surprised our expectations,” Laura Cooper, senior investment strategist at BlackRock International, said in an interview on Bloomberg Television. “We question the sustainability of that, largely as we look forward to the Fed, we think it is going to signal a hawkish pause.”

New York Fed chief Williams said policy is having the desired effects of bringing demand and supply more into balance and easing inflation, adding that the Fed has “done a lot” by raising interest rates significantly. At the same time, officials must calibrate policy if needed to ensure they’re bringing inflation sustainably down to their 2% goal. Upward pressure on inflation however is about to jump, with Brent back near $91 and European benchmark gas prices surging as much as 11% after LNG workers at key Chevron sites in Australia began partial strikes on Friday after talks failed to reach an agreement.

Here is a recap of what some other Fed officials said overnight:

Fed’s Goolsbee (voter) said it is possible to get on the ‘golden path’ and that monetary policy is working, while he added that overall inflation is above where they want it and there are risks. Goolsbee also stated that they are very rapidly approaching the time when the argument is not about how high should rates go, but rather how long rates have to stay high and collectively, the Fed forecast is that rates will have to stay up for a relatively extended period, according to a Marketplace interview.
Fed’s Logan (voter) said it could be appropriate to skip an interest rate increase in September and skipping does not imply stopping rate hikes, while she noted that there is work left to do to get to sufficiently restrictive policy and is not yet convinced that they have extinguished excess inflation.
Fed’s Bostic (non-voter) said there is still work to do to get inflation back to 2%, while he added the US economy is still working through pandemic dynamics and consumer strength has kept economic pain at bay.

Meanwhile, stock markets have been hit on the first week of the seasonally week month of September by a decoupling data hinting at a deepening economic downturn in Europe and China offset by continued bizarro strength in the US (at least when it comes to easily manipulated sentiment surveys like the ISM). The mood is especially pessimistic toward European markets, which saw a 26th straight week of investment outflows, according to a note from Bank of America Corp.

And speaking of European stocks, they are on course to extend their losing streak to eight consecutive sessions – the longest run of declines since 2016. Investors remain cautious heading into the weekend as the US announces an official probe into Huawei’s new smartphone. The Stoxx 600 is down 0.6%, led by declines in the construction, chemical and industrial sectors. Here are sopme of the most notable European movers:

Computacenter jumps as much as 8.5%, the most since Jan. 30, after the IT reseller reported first-half results that beat market expectations. JPMorgan analysts highlighted demand resilience and market share gains, while Jefferies lifted its earnings estimates for the year.
D’Ieteren gains as much as 7.8%, the most in a year, after the Belgian automobile distributor raised its forecast for adjusted pretax profit for the full year. KBC Securities praised the firm’s very strong set of results and said it’s more than likely to exceed the new target.
Next gains as much as 2.4% after SocGen upgrades the retailer to buy from hold, citing the company’s tilt toward online as a positive.
Wartsila falls as much as 6.1%, the most since March, after Barclays initiated coverage of the Finnish marine and energy equipment maker, seeing around 20% downside to current 2024 estimates, calling the stock “materially overvalued.”
ConvaTec drops as much as 5.6%, before paring the drop, after news that Novo Holdings’ representative on Convatec’s board will step down.
Energean drops as much as 5.8%, before paring the decline, after Panmure Gordon slashed its PT for the British exploration and production company, citing reduced production and high debt levels.
Saipem shares gains as much as 2.7% in Milan trading after the engineering company won two new contracts for offshore activities in Côte d’Ivoire and Italy worth a total of €850m.

Asian stocks fell, heading for their first weekly loss in three, as rising US-China tensions over technology and concern that the Fed may keep interest rates higher for longer weighed on risk appetite. The MSCI Asia Pacific Index slid as much as 0.5%. Tokyo Electron and TSMC were the biggest drags on the gauge while trading in Hong Kong was delayed amid the heaviest rainstorm to hit the city since records began in 1884. The CSI 300 Index, a benchmark of onshore Chinese stocks, fell as much as 0.9%. Regional equities extended declines on news the US government has begun an official probe into an advanced made-in-China chip housed within Huawei Technologies’ latest smartphone. Technology stocks also suffered in the US session on Thursday as China’s plan to broaden a ban on the use of iPhones weighed on Apple’s shares and as data on US unemployment benefits fanned speculation that the Fed could turn hawkish again after pausing its rate hikes.

Hang Seng was shut due to severe rainfall and Shanghai Comp traded subdued amid tech frictions as China seeks to expand its iPhone ban and with the US Commerce Department investigating the ‘made in China’ Huawei chip.
Australia’s ASX 200 was led lower by continued underperformance in the commodity-related sectors and with strike action beginning in some offshore LNG platforms, although losses in the index were stemmed by resilience in defensives.
Nikkei 225 fell below 33,000 with risk appetite sapped by disappointing GDP revisions and slower wage growth.
Stocks in India recorded their biggest weekly gains since June amid optimism for economic growth and earnings, with energy and infrastructure stocks leading the way. The S&P BSE Sensex rose 0.5% to 66,598.91 in Mumbai, while the NSE Nifty 50 Index advanced by a similar magnitude. Both the indexes ended higher for a sixth straight session. The MSCI Asia Pacific index was down 0.4%. The Nifty50 gauge climbed 2% for the week, while the Sensex rose 1.9%. Indian stocks were among the best performers in Asia as the regional index lost about 0.9% for the week.

In FX, the Bloomberg Dollar Spot Index is down 0.1%, dropping for the first time in four days after Federal Reserve speakers discussed whether policy was already restrictive enough while the kiwi tops the G-10 table, rising 0.6% versus the greenback.

USD/JPY reversed a 0.5% drop to rise 0.1% after Japan’s Finance Minister said he will appropriately address excessive moves in the yen
EUR/USD climbed 0.1% after industrial production data for France and Spain beat expectations; the pair is still on track for eight-straight weeks of losses, the worst performance since 2014
USD/CNH gained 0.2% as the offshore yuan weakened toward its lowest on record against the dollar; a PBOC fixing at a two-month low stoked bets China is comfortable with a gradual depreciation of the currency

In rates, treasuries reversed earlier gains, with the US 10-year trading flat at 4.26% after dropping as low as 4.21%, with bunds and gilts outperforming by 0.5bp and 1.5bp in the sector; belly-led gains steepen 5s30s spread by 2bp on the day; it remains near top of session range. Treasuries price action broadly steady with belly outperforming on the curve where 5-year yields are richer by almost 2bp on the day. Core European rates outperform, which also acted a driver for lower Treasury yields on Thursday. Stock futures marginally lower, with focus continuing to be on Apple amid reports that China plans to expand a ban on the use of iPhones in some government agencies. Dollar IG issuance slate empty for the session so far; five names priced almost $5b on Thursday, taking weekly volume over $55b; at least three issuers elected against moving forward with deals on Thursday

In commodities, crude futures are up 0.5%, with Brent trading near $90.60 and unwinding much of Thursday losses. European natural gas priced jump 9% on renewed strike action. Spot gold adds 0.3%.

Bitcoin is well within recent parameters after multiple sessions of near-unchanged closes despite marginally more pronounced intra-day action. Currently, BTC is just below the USD 26k mark with downside of circa. 1.5%

Looking to the day ahead now, data releases include Wholesale Inventories and Trade as well as Household change in net worth and Consumer Credit at 3pm. Central bank speakers include Fed Vice Chair for Supervision Barr.

Market Snapshot

S&P 500 futures down 0.1% to 4,450.50
MXAP down 0.4% to 161.10
MXAPJ little changed at 502.85
Nikkei down 1.2% to 32,606.84
Topix down 1.0% to 2,359.02
Hang Seng Index down 1.3% to 18,202.07
Shanghai Composite down 0.2% to 3,116.72
Sensex up 0.5% to 66,606.10
Australia S&P/ASX 200 down 0.2% to 7,156.69
Kospi little changed at 2,547.68
STOXX Europe 600 down 0.4% to 451.86
German 10Y yield little changed at 2.61%
Euro up 0.2% to $1.0716
Brent Futures up 0.1% to $90.03/bbl
Gold spot up 0.2% to $1,923.72
U.S. Dollar Index down 0.14% to 104.91

Top Overnight News from Bloomberg

President Joe Biden does not intend to meet with Chinese Premier Li Qiang during the Group of 20 summit this weekend in New Delhi, a White House official said on Thursday night. BBG
Xi apparently is resistant to large-scale consumer stimulus as he fears such a move “might make people weak” while foreign companies are increasingly turned off to investing in China by capricious gov’t policies. Washington Post
US Treasury secretary Janet Yellen said China had the “policy space” to tackle its economic slowdown as Beijing extended efforts to pull the renminbi back from 16-year lows against the dollar. FT
The US began an official probe into an advanced made-in-China chip used in Huawei’s latest smartphone, a revelation that set off a debate in Washington about the efficacy of restrictions against China’s semiconductor industry. The news also spurred a surge in Chinese chip-gear makers on bets the sector will get increased state support. BBG
Joe Biden is pushing to secure international support to expand the World Bank’s lending capacity, as Washington comes under intense pressure to fund the fight against climate change and offer a viable alternative to China’s economic influence. FT
The UN’s food price index dropped 2.1% M/M in August and is 24% below its Mar 2022 peak despite a spike in rice prices. RTRS
Chevron LNG workers in Australia began partial strikes after talks failed, sending natural gas prices soaring in Europe. A complete two-week halt is expected to start Sept. 14 at Gorgon and Wheatstone facilities, which accounted for 7% of global supply last year. The prospect of disruptions threatens greater competition for cargoes during peak winter demand. BBG
Pay for new hires is starting to shrivel after years of hefty salary bumps, requiring workers to reset what financial gains to expect from switching to a new job. Wages, especially for people who changed jobs, climbed in recent years as companies competed for workers to fill pandemic-induced labor shortages. Now, as the job market cools and businesses become more cautious in their hiring, many companies are paying new recruits less than they did just months ago—in some cases, much less. WSJ
Senior Federal Reserve officials signaled that the US central bank would hold interest rates steady at its meeting in September, even as they resisted declaring victory in their fight against inflation. FT

A more detailed look at global markets courtesy of Newsquawk

APAC stocks declined amid US-China tech-related frictions and disappointing Japanese GDP revisions. ASX 200 was led lower by continued underperformance in the commodity-related sectors and with strike action beginning in some offshore LNG platforms, although losses in the index were stemmed by resilience in defensives. Nikkei 225 fell below 33,000 with risk appetite sapped by disappointing GDP revisions and slower wage growth. Hang Seng was shut due to severe rainfall and Shanghai Comp traded subdued amid tech frictions as China seeks to expand its iPhone ban and with the US Commerce Department investigating the ‘made in China’ Huawei chip.

Top Asian news

Chinese Premier Li said in a meeting with UN Secretary-General Guterres that it is necessary to uphold the concept of open and inclusive development, as well as jointly resist the practice of securitising and politicising economic issues.
Japanese PM Kishida is expected to reshuffle the Cabinet as early as next Wednesday and Chief Cabinet Secretary Matsuno is expected to stay on or take another key post, according to Nikkei; subsequently echoed by NHK.

European bourses are in the red, Euro Stoxx 50 -0.9%, as sentiment has continued to deteriorate following the cash open and spurred on in part by incremental iPhone updates. Sectors are mostly softer, with Chemical names under pressure while Media names experience some slight outperformance. Stateside, futures have drifted in line with the above but magnitude more contained after recent pressure, ES -0.2%; NQ is in line with AAPL unreactive in the pre-market to the mentioned incremental reports.

Top European news

Germany’s DIW Institute lowers its 2023 GDP growth forecast to -0.4% from -0.2% previously.
Citi cuts its 2023 EZ GDP Growth forecast to 0.4% (prev. 0.8%)

DXY slips in tandem with US Treasury yields, but the Dollar remains underpinned as Yen wanes from overnight highs and Yuan continues to depreciate.
Index off worst levels within 104.750-105.050 range and back towards the 105.00 mark, USD/JPY back above 147.00, USD/CNY pivoting 7.3400 and USD/CNH around 7.3500.
Kiwi takes advantage of Greenback lapse to probe 0.5900, but Aussie lags after brief breach of 0.6400.
Euro drawn to more hefty option expiries at 1.0700 vs Buck, Loonie flits between 1.3650-1.3700 awaiting Canadian jobs data.
PBoC set USD/CNY mid-point at 7.2150 vs exp. 7.3284 (prev. 7.1986).
NBP Kotecki says 75bps rate cut is interpreted as being part of the election campaign; says “silence fell” at MPC meeting when the proposal of 75bps rate cut came. Rate cut was risky.

Fixed Income

Bonds run out of gas after extending upside parameters to 131.47, 94.95 and 110-10+ for Bunds, Gilts and the T-note respectively.
Broad risk aversion likely to underpin debt given a lack of scheduled events, aside from Canadian jobs data that could impact if well outside of consensus.
UK DMO is seeking market feedback on a potential tender for a Gilt with a maturity in excess of 40 years, to occur on September 27th.

Commodities

Thus far, fundamentals have been limited for the crude complex with the broader macro narrative digesting the latest data/speaker updates ahead of announcements from key Central Banks in the next few weeks, in addition to US-China tensions via Apple’s iPhone.
WTI and Brent have spent the morning posting downside of circa. USD 0.30/bbl but have since picked up slightly into the green, with the benchmarks on track to retain around half of the week’s pronounced output-driven upside
Similarly, newsflow for the gas space has been limited but the updates pertinent as strike action commences and a marked bullish move is seen; Dutch TTF Oct’23 firmer by over 10% as the strike commences.
Finally, metals are diverging slightly as gold benefits from the tone and incremental USD softness but remains between the 200- & 10-DMAs while base metals succumb to sentiment.
Australia union confirmed planned strikes by Chevron (CVX) Australia LNG workers from 13:00 local time on Friday and said Chevron is demanding to be given special concessions in bargaining which the union rejected.

Geopolitics

Russia’s embassy in the US said Washington is meddling in Russia’s internal affairs by calling elections in occupied areas of Ukraine illegitimate, according to RIA.
US State Department said Secretary of State Blinken and Romanian Foreign Minister Odobescu discussed Romania’s investigation of drone debris found in Romania, close to the border with Ukraine.
UK is to urge India to ‘call out’ Russia over the war in Ukraine, according to FT.
North Korea said leader Kim inspected a new strategic nuclear attack submarine, while Kim said they will accelerate the push to build nuclear-powered submarines, according to NHK and Yonhap.
South Korea’s military said North Korea’s new submarine doesn’t appear poised to operate normally and noted some external features appear to be scaled up to carry missiles, while the Unification Ministry condemned North Korea’s launch of a nuclear-armed submarine and said Pyongyang’s action is hurting its citizens’ lives.

US event calendar

10:00: July Wholesale Trade Sales MoM, est. 0.2%, prior -0.7%
10:00: July Wholesale Inventories MoM, est. -0.1%, prior -0.1%
12:00: 2Q US Household Change in Net Wor, prior $3.03t
15:00: July Consumer Credit, est. $16b, prior $17.8b

DB’s Jim Reid concludes the overnight wrap

My EMR routine means as soon as the early morning alarm goes I’m logged in within minutes and frantically typing away. However, the problem with this is that on those rare occasions my alarm interrupts a vivid dream I can be discombobulated for some time while writing this. Today is such a day. I had an actual meeting yesterday about DB’s swanky new building in Moorgate, London that opens soon and we’ll move into in March next year. That was obviously on my mind as I just dreamt that DB had commissioned a state-of-the-art building in Canary Wharf and in order for us to get to the City 3 miles away as quickly as possible, they had a 1200km/hour underground individual travel pod/jet installed. To use it you had to strap yourself in flat and be sealed in. It was incredibly scary. My alarm went off as the g-forces were at their most extreme.

Thankfully in real life our new building is directly above a normal tube station so more sedate travel there is available. Anyway while the discombobulation fades in the background I’m currently running a flash poll on US housing, where I’m keen to get your view on how the current stand-off between affordability and prices resolved over the next few years. You can answer here and it’ll take just a few seconds to fill in. Answers later in CoTD. Yesterday, I also hosted a webinar with Henry on our recent chartbook, and the replay for that is available here. The “Back to School” chartbook we went through is here.

For markets, there were several developments to run through yesterday, but the broad tone was skewed towards risk-off across multiple asset classes. $190bn has been wiped off of Apple shares spread fairly equally over the last 2 days (totalling -6.4%) which hasn’t helped. For context, a company with the market cap of the size of this drawdown would be the 11th largest in the Stoxx 600. It shows the size of the mega cap stocks that even a small jolt can be so consequential.

An element of additional confusion for markets was added with the latest weekly jobless claims data from the US, which fell to their lowest level since February at just 216k (vs. 233k expected). Of course, that’s just one data point, but after the strong ISM services reading on Wednesday, it added to the sense that the US economy might be in better shape than feared. The data initially led markets to increase the prospects of another hike from the Fed this year, but this more than reversed during the course of the day as a risk-off rates rally took hold.

Even with a break in the rates sell-off, the backdrop proved to be a tough one for equities, with the S&P 500 (-0.32%) losing ground for a 3rd consecutive day, and Europe’s STOXX 600 (-0.14%) falling for a 7th consecutive day. But it was tech stocks that saw the biggest underperformance, and as stated Apple (-2.92%) saw further declines after reports that China would be increasing its restrictions on iPhone use by government workers. Those declines were less pronounced across the rest of the tech sector, with the NASDAQ (-0.89%) and the FANG+ index (-0.48%) falling back more moderately. But Europe’s STOXX Technology index (-2.09%) saw a larger decline. On the other hand, defensive stocks outperformed, with S&P 500 utilities up +1.26%.

Whilst the US data has been looking a bit better over the last couple of days, in Europe the newsflow continued to point to the downside. For instance, the latest revisions to Q2 GDP growth for the Euro Area showed a two-tenths downgrade, with the latest estimate now at just +0.1%. So that means we’ve now had a -0.1% contraction in Q4, followed by +0.1% growth in Q1 and Q2, meaning there’s basically been stagnation since last autumn. Alongside that, German industrial production fell by a larger-than-expected -0.8% in July (vs. -0.4% expected).

With the data weakening further, sovereign bond yields fell back across Europe, and those on 10yr bunds (-4.2bps), OATs (-4.6bps) and BTPs (-6.1bps) all moved lower. That said, market expectations for the ECB’s decision next week actually moved in a slightly hawkish direction, with pricing for a September hike now at 35%, up from 33% on Wednesday. So clearly investors aren’t completely discounting the chances that the ECB could move again next week.

Over in the US, yields on 10yr Treasuries were down -3.5bps at 4.25% (4.22% overnight), a notable reversal from their intraday peak above 4.30% just after the jobless claims data. This rally was led by the front-end with 2yr yields down -6.9bp to 4.95% (4.925% overnight), as Fed funds pricing for end-24 declined by 7.9bps from its cycle high reached the previous day. This reversal didn’t have a clear trigger but matched an overall risk-off tone that saw the dollar index (+0.19%) reach a new 6-month high and oil end a run of nine consecutive increases (Brent crude -0.75% to $89.92/bl).

Fedspeak late in the US session did little to lean against the rates rally. Chicago Fed President Goolsbee, one of the more dovish FOMC members and a voter this year, noted that “we are very rapidly approaching the time when our argument is not going to be about how high should the rates go”. New York Fed President Williams said that the Fed is “in a good place”, and “we are restrictive, still an open question whether we are sufficiently restrictive”. Echoing the restrictive policy tone, Atlanta Fed President Bostic (non-voter) commented that “we just need to let that restriction play out”. After US market close we did get some more hawkish comments from Dallas Fed President Logan (voter), who noted that “another skip could be appropriate” in September, “but skipping does not imply stopping” and her base case “is that there is work left to do”.

Overnight in Asia, major indices are selling off following yesterday’s weakness in the US,led by declines in the Nikkei 225 (-1.29%) and the CSI 300 (-0.80%), with the Kospi also losing ground (-0.59%). Hong Kong markets are closed due to severe rainfall. In terms of data, key releases overnight included a miss in labour cash earnings in Japan (+1.3% YoY vs +2.4% expected) as well as downward revisions in the country’s Q2 GDP (4.8% annualised down from 6% at first estimate and 5.6% expected). US Equity futures are fairly flat. WTI is -0.73% this morning.

Back in Europe, gilts outperformed again yesterday, which came as the BoE’s Decision Maker Panel survey suggested that inflation expectations were falling among firms. For instance, 1yr CPI expectations were down to 4.8% in August, having been at 5.4% in July. And 3yr expectations were also down a tenth to 3.2%. As a result, sterling weakened by -0.22% against the US Dollar, whilst yields on 10yr gilts were down -7.9bps on the day. We’ve also seen investors’ conviction in a September hike continue to decline, with an 82% chance of one now priced in, which is the lowest in almost a month. The “Table Mountain” strategy is clearly working for now.

To the day ahead now, and data releases include French industrial production for July and the Canadian employment report for August. Central bank speakers include Fed Vice Chair for Supervision Barr.

2 B) NOW NEWSQUAWK (EUROPE/REPORT)/

Equities lower, DXY remains around 105.00 & Antipodeans outperform; Fed’s Barr due – Newsquawk US Market Open

FRIDAY, SEP 08, 2023 – 06:13 AM

US futures reside in the red but are faring better than European counterparts which have drifted since the open
AAPL unreactive to incremental iPhone updates while Morgan Stanley believes the two-day stock sell-off is overdone
DXY has slipped as yields lift but remains near 105.00 as the JPY wanes from best, Antipodeans outperform after recent pressure
Core benchmarks underpinned on risk aversion ahead of Canadian jobs and a Fed speaker
Nat Gas bid as Chevron Australia strikes commence while XAU benefits from the above to the detriment of base peers
Looking ahead, highlights include Canadian Employment & Chinese Money Supply, Fed’s Barr

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EUROPEAN TRADE

EQUITIES

European bourses are in the red, Euro Stoxx 50 -0.9%, as sentiment has continued to deteriorate following the cash open and spurred on in part by incremental iPhone updates.
Sectors are mostly softer, with Chemical names under pressure while Media names experience some slight outperformance.
Stateside, futures have drifted in line with the above but magnitude more contained after recent pressure, ES -0.2%; NQ is in line with AAPL unreactive in the pre-market to the mentioned incremental reports.
Click here for more detail.
Click here and here for a recap of the main European equity updates.

FX

DXY slips in tandem with US Treasury yields, but the Dollar remains underpinned as Yen wanes from overnight highs and Yuan continues to depreciate.
Index off worst levels within 104.750-105.050 range and back towards the 105.00 mark, USD/JPY back above 147.00, USD/CNY pivoting 7.3400 and USD/CNH around 7.3500.
Kiwi takes advantage of Greenback lapse to probe 0.5900, but Aussie lags after brief breach of 0.6400.
Euro drawn to more hefty option expiries at 1.0700 vs Buck, Loonie flits between 1.3650-1.3700 awaiting Canadian jobs data.
PBoC set USD/CNY mid-point at 7.2150 vs exp. 7.3284 (prev. 7.1986).
NBP Kotecki says 75bps rate cut is interpreted as being part of the election campaign; says “silence fell” at MPC meeting when the proposal of 75bps rate cut came. Rate cut was risky.
Click here for more detail.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Bonds run out of gas after extending upside parameters to 131.47, 94.95 and 110-10+ for Bunds, Gilts and the T-note respectively.
Broad risk aversion likely to underpin debt given a lack of scheduled events, aside from Canadian jobs data that could impact if well outside of consensus.
UK DMO is seeking market feedback on a potential tender for a Gilt with a maturity in excess of 40 years, to occur on September 27th.
Click here for more detail.

COMMODITIES

Thus far, fundamentals have been limited for the crude complex with the broader macro narrative digesting the latest data/speaker updates ahead of announcements from key Central Banks in the next few weeks, in addition to US-China tensions via Apple’s iPhone.
WTI and Brent have spent the morning posting downside of circa. USD 0.30/bbl but have since picked up slightly into the green, with the benchmarks on track to retain around half of the week’s pronounced output-driven upside
Similarly, newsflow for the gas space has been limited but the updates pertinent as strike action commences and a marked bullish move is seen; Dutch TTF Oct’23 firmer by over 10% as the strike commences.
Finally, metals are diverging slightly as gold benefits from the tone and incremental USD softness but remains between the 200- & 10-DMAs while base metals succumb to sentiment.
Australia union confirmed planned strikes by Chevron (CVX) Australia LNG workers from 13:00 local time on Friday and said Chevron is demanding to be given special concessions in bargaining which the union rejected.
The UK has failed to clear any offshore wind in the latest round of renewable energy auctions.
Click here for more detail.

NOTABLE US HEADLINES

Fed’s Goolsbee (voter) said it is possible to get on the ‘golden path’ and that monetary policy is working, while he added that overall inflation is above where they want it and there are risks. Goolsbee also stated that they are very rapidly approaching the time when the argument is not about how high should rates go, but rather how long rates have to stay high and collectively, the Fed forecast is that rates will have to stay up for a relatively extended period, according to a Marketplace interview.
Fed’s Logan (voter) said it could be appropriate to skip an interest rate increase in September and skipping does not imply stopping rate hikes, while she noted that there is work left to do to get to sufficiently restrictive policy and is not yet convinced that they have extinguished excess inflation.
Fed’s Bostic (non-voter) said there is still work to do to get inflation back to 2%, while he added the US economy is still working through pandemic dynamics and consumer strength has kept economic pain at bay.
China expands Apple’s (AAPL) iPhone ban to local government and state-owned firms, via Nikkei; “including prefectures and cities and state-owned enterprises since around August this year”. Subsequently, Chinese state employees have been informed in recent weeks to stop using Apple (AAPL) phones, according to the FT.
China’s Foreign Ministry, on the Apple (AAPL) iPhone ban at state institutions, says the products/services of all are welcome, as long as they comply with laws and regulations.
Morgan Stanley says China’s widening curbs on Apple (AAPL) iPhones will at most impact Apple’s revenue by 4%; believes the two-day stock sell-off on China widening iPhone curbs is overdone.

NOTABLE EUROPEAN HEADLINES

Germany’s DIW Institute lowers its 2023 GDP growth forecast to -0.4% from -0.2% previously.
Citi cuts its 2023 EZ GDP Growth forecast to 0.4% (prev. 0.8%)

NOTABLE EUROPEAN DATA

German CPI Final YY (Aug 2023) 6.1% vs. Exp. 6.1% (Prev. 6.1%); MM (Aug 2023) 0.3% vs. Exp. 0.3% (Prev. 0.3%)
German HICP Final YY (Aug 2023) 6.4% vs. Exp. 6.4% (Prev. 6.4%); MM (Aug 2023) 0.4% vs. Exp. 0.4% (Prev. 0.4%)

GEOPOLITICS

Russia’s embassy in the US said Washington is meddling in Russia’s internal affairs by calling elections in occupied areas of Ukraine illegitimate, according to RIA.
US State Department said Secretary of State Blinken and Romanian Foreign Minister Odobescu discussed Romania’s investigation of drone debris found in Romania, close to the border with Ukraine.
UK is to urge India to ‘call out’ Russia over the war in Ukraine, according to FT.
North Korea said leader Kim inspected a new strategic nuclear attack submarine, while Kim said they will accelerate the push to build nuclear-powered submarines, according to NHK and Yonhap.
South Korea’s military said North Korea’s new submarine doesn’t appear poised to operate normally and noted some external features appear to be scaled up to carry missiles, while the Unification Ministry condemned North Korea’s launch of a nuclear-armed submarine and said Pyongyang’s action is hurting its citizens’ lives.

CRYPTO

Bitcoin is well within recent parameters after multiple sessions of near-unchanged closes despite marginally more pronounced intra-day action. Currently, BTC is just below the USD 26k mark with downside of circa. 1.5%

APAC TRADE

APAC stocks declined amid US-China tech-related frictions and disappointing Japanese GDP revisions.
ASX 200 was led lower by continued underperformance in the commodity-related sectors and with strike action beginning in some offshore LNG platforms, although losses in the index were stemmed by resilience in defensives.
Nikkei 225 fell below 33,000 with risk appetite sapped by disappointing GDP revisions and slower wage growth.
Hang Seng was shut due to severe rainfall and Shanghai Comp traded subdued amid tech frictions as China seeks to expand its iPhone ban and with the US Commerce Department investigating the ‘made in China’ Huawei chip.

NOTABLE ASIA-PAC HEADLINES

Chinese Premier Li said in a meeting with UN Secretary-General Guterres that it is necessary to uphold the concept of open and inclusive development, as well as jointly resist the practice of securitising and politicising economic issues.
Japanese PM Kishida is expected to reshuffle the Cabinet as early as next Wednesday and Chief Cabinet Secretary Matsuno is expected to stay on or take another key post, according to Nikkei; subsequently echoed by NHK.

DATA RECAP

Japanese GDP Revised QQ (Q2) 1.2% vs. Exp. 1.3% (Prev. 1.5%); Revised Annualised (Q2) 4.8% vs. Exp. 5.5% (Prev. 6.0%)
Japanese Overall Labour Cash Earnings (Jul) 1.3% (Prev. 2.3%)

2 c. ASIAN AFFAIRS

FRIDAY MORNING/THURSDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/CHINA/RUSSIA

END

2e) JAPAN

JAPAN

3 CHINA /

CHINA/TESLA

After slashing prices, Tesla China deliveries are up 31% month/month

(zerohedge)

Tesla China Deliveries Up 30.9% Month Over Month

FRIDAY, SEP 08, 2023 – 10:20 AM

It was slow going for Tesla in China last month, with some questioning whether or not saturation in the market was slowing the company’s growth.

But in August, the EV company saw a return to growth as it slashed prices on vehicles even further and Beijing enticed citizens to go EV shopping with tax breaks.

For the month of August, Tesla sold 64,694 vehicles and exported 14,465 vehicles, according to data from China’s Passenger Car Association. This marks month over month delivery gains of 30.9%, according to Bloomberg.

Meanwhile, for the month of August, passenger vehicle sales were up 2.5% year over year to 1.92 million units, China’s Passenger Car Association said in a release out early Friday morning. Sales for the month were up 8.6%, Bloomberg calculated.

It marked the first year over year gain since May 2023, Reuters noted. China’s auto marker is also seeing a tailwind from lower rates on existing mortgages and lower rates for first time home buyers, CPCA Secretary General Cui Dongshu noted.

Recall we just noted last month that Tesla had cut the price of its Model S Plaid in China by 19%.

We also noted that Canadian VC and self-labeled “SPAC Jesus” Chamath Palihapitiya was out over Labor Day weekend praising the speed and aggressiveness of Tesla’s price cuts, which seem to be working.

“Some companies cut prices, but most keep prices flat or increase them,” he added. “Some companies improve products quickly. But no one has actually given you more for less on such a big ticket purchase so frequently.”

Tesla’s recent price cuts have been a topic of discussion since January because, so far, they have been effective in spurring demand and putting pressure on legacy automakers. Tesla continues to make aggressive cuts, as we wrote about just days ago.

Tesla cut prices on its Model S Plaid vehicle in China most recently, to 828,900 yuan from 1.03m yuan, a cut of about 19%. Bloomberg reported last week that Tesla was also cutting the price of its Model S to 698,900 yuan from 808,900 yuan, its Model X to 738,900 yuan from 898,900 yuan and its Model X Plaid to 838,900 yuan from 1.06m yuan.

These cuts followed additional price cuts in China that took place only about two weeks ago. Recall we reported on August 16 that Tesla’s Model S price was being cut 6.7% to 754,900 yuan ($103,477) from 808,900 yuan prior and the company’s Model X was priced 6.9% lower at 836,900 yuan, down from 898,900, according to Reuters.

Earlier in August, news broke that Tesla was adding new, lower-range iterations of its Model S and Model X that would be priced $10,000 lower than previous base prices, Yahoo reported. The standard range Model S will start at $78,490 and will offer 320 miles of range and the standard range Model X will now be priced $88,490 and will have a range of 269 miles per charge, the report says.

4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS

UK/NEW ENERGY AND CARBON REGULATIONS

They are totally nuts to introduce this garbage!

(Brooke/Remix)

New Energy Bill Could See Brits Jailed For Failing To Comply With ‘Cultish’ Net-Zero Regs

FRIDAY, SEP 08, 2023 – 04:15 AM

Authored by Thomas Brooke via Remix News,

U.K. businesses and homeowners could be jailed for up to a year or fined £15,000 for non-compliance with new energy efficiency regulations proposed by the Conservative government, which have been described by critics as a “massive expansion of the state and its power over our lives.”

The Energy Bill, which returned to parliament for its third reading this week, outlines several new requirements homeowners must adhere to in relation to Net Zero, the government’s commitment to being carbon neutral by 2050.

For the first time, individuals face criminal charges for failing to comply with measures designed to reduce the country’s carbon footprint.

One such draconian regulation states that household appliances such as fridges, washing machines, and heat pumps must be fitted with smart functions that can be controlled by “any persons carrying out load control,” namely the National Grid, which oversees the majority of electricity transmission and distribution in Britain.\

The vast majority of households in the country will not currently comply with the new measures outlined in the bill, meaning homeowners will be compelled to pay out significant sums to transform properties and make them “energy-efficient” or potentially face criminal charges for so-called “non-compliance.”

The bill has angered a number of backbench Conservative MPs who have threatened to rebel against the legislation, with some claiming it is the latest installment in the government’s “cult-like” obsession with Net Zero.

“We cannot impoverish our country to meet some, well, I’d like to call it in some cases almost cultish policy until we can afford it. Until it works, that’s when I think we should adopt all these policies,” said Richard Drax, the Conservative MP for South Dorset.

Others went further, with Tory MP Craig Mackinlay telling the Commons, “I have to say, I absolutely despise this Bill. This is going to be the first time that we are potentially criminalizing people in this country for not being adherent to this new code of Net Zero.”

He urged the government to tread lightly in its proposal to potentially throw fellow citizens in prison for a year “for an unknown offense of the future relating to Net Zero.”

“I’m a Conservative for freedom, not to put people in prison for not adhering to this Net Zero religion,” he said later in an interview with GB News.

Sir John Redwood, more diplomatically, expressed his concern that “by being unduly restrictive and particularly by the threat of civil and even criminal penalties on some of their conduct,” the government risks “antagonizing” the general public.

“Throughout this Bill, we are creating cost and regulation and penalties and obligations. We need to keep people with us and we risk losing them if we put undue burdens on them,” added former Business Secretary Jacob Rees-Mogg.

Commenting on the third reading of the bill by lawmakers on Tuesday, conservative broadcaster Nigel Farage was scathing in his criticism of the legislation.

“There are unbelievably provisions in this bill that would allow for the creation of criminal offenses if businesses and individual householders don’t tell the truth or don’t meet new energy requirements for their houses,” he told viewers.

“It seems to me to be truly extraordinary. You could be prosecuted for providing false information about your house’s energy efficiency,” he added, calling the move a “massive expansion of the state and its power over our lives.”

Energy Minister Andrew Bowie told fellow lawmakers that the bill is “world-leading” legislation that “will deliver for this country cleaner, cheaper, and more secure energy.”

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

Ukraine/Russia

US Intel Official: Media Misleading Americans About Ukraine’s Battlefield Success

FRIDAY, SEP 08, 2023 – 10:00 AM

Authored by Kyle Anzalone via AntiWar.com,

In an interview with renowned reporter Seymour Hersh, a US intelligence official scolded the media for misleading the American public about Ukraine’s battlefield failures during the Spring counteroffensive. The unnamed official additionally told Hersh he believes that Russian President Vladimir Putin ordered the assassination of PMC Wagner chief Yevgeny Prigozhin to deescalate tensions with NATO.

Responding to reports in recent weeks that Ukrainian forces were gaining momentum and recapturing territory, the official remarked, “Where are the reporters getting this stuff?” he asked. “There are stories talking about drunk Russian commanders while the Ukrainians are penetrating the three lines of Russian defense and will be able to work back to Mariupol.”

He continued, “The goal of Russia’s first line of defense was not to stop the Ukrainian offense, but to slow it down so if there was a Ukrainian advance, Russian commanders could bring in reserves to fortify the line.” The official added, “There is no evidence that Ukrainian forces have gotten past the first line. The American press is doing anything but honest reporting on the failure thus far of the offense.”

Secretary of State Antony Blinken delivered a similarly optimistic message during his trip to Kyiv on Wednesday. “In the ongoing counteroffensive, progress has accelerated in the past few weeks. This new assistance will help sustain it and build further momentum,” he said at a press conference.

The official says that message is being delivered from military intelligence to the White House, while the CIA has drawn other conclusions. “This kind of reporting from the military intelligence community is going to the White House. There are other views,” he said, referring to the CIA. The official explained those views do not reach President Joe Biden.

For over three months, Kyiv has ordered its forces to advance on entrench Russian defensive lines in southern Ukraine. Russian minefields caused Ukraine to lose a significant portion of its Western-trained soldiers and equipment in the opening weeks of the offensive. The massive push by Ukraine resulted in nearly no territorial gains.

Still, Washington has pushed Kyiv to continue the counteroffensive. The White House acknowledges that for Ukraine to have a possibility of success, Kyiv will have to be willing to sustain high casualties.

The official told Hersh no matter how committed Kyiv is to the war effort, President Zelensky’s goals are unattainable. “Zelensky will never get his land back,” he said.

The official also spoke about the assassination of Prigozhin last month. He believes that Putin ordered the killing because the mercenary boss had begun to provoke NATO members. “By early August, there were reports of border tensions as the remnant of the Wagner Group made a series of intrusions into the airspace of Poland, and troublesome threats at the borders of Lithuania, Latvia, Estonia, and Finland,” Hersh writes, “For Putin, triggering complaints from NATO countries was an unforgivable breach. ‘That was it,’ a knowledgeable US intelligence official told me.”

end

Robert H to us:

Azerbaijan to invade Armenia again as they need a corridor to Europe for their gas and oil. Iran says no. Turkey siding with Azerbaijan.

(Hal Turner Radio)

Hal Turner Radio Show – Azerbaijan

to Invade Armenia – Again. Iran says “No.” Turkey says Too bad.

Surely we all knew this would be the plan if Ukraine and African moves failed
The wild card is China and as for Russia there are unspoken reasons of a economic turn to a war based economy that is produce
Big quantities of weapons not required for Ukraine

https://halturnerradioshow.com/index.php/en/news-page/world/azerbaijan-to-invade-armenia-again-iran-says-no-turkey-says-too-bad

end

6.GLOBAL ISSUES//MEDICAL ISSUES

end

GLOBAL VACCINE/COVID ISSUES

Mainstream media reporting a reduction in immune response to infections as what we have been continually reporting: the vaccine causes immune deficiency

(Zhang/EpochTimes)

COVID-19 mRNA Vaccines Reduce Immune Response To Other Infections, Potential Concern Of Immune Deficiency

FRIDAY, SEP 08, 2023 – 05:00 AM

Authored by Marina Zhang via The Epoch Times (emphasis ours),

A recent study on the immune effects of Pfizer’s COVID-19 mRNA vaccine has scientists raising concerns over vaccine-acquired immune deficiencies.

Vaccine-acquired immune deficiency syndrome (VAIDS) is a new colloquial term coined by researchers and health practitioners since the COVID-19 vaccine rollout. Though not recognized as a medical condition, some experts believe the COVID-19 vaccines may impair or suppress immune responses.

While the new study does not use the term VAIDS, the researchers recognized “a general decrease in cytokine and chemokine responses” to bacteria, fungi, and non-COVID viruses in children after COVID-19 vaccination.

“Our findings suggest SARS-CoV-2 mRNA vaccination could alter the immune response to other pathogens, which cause both vaccine-preventable and non-vaccine-preventable diseases,” the authors of the paper published in Frontiers in Immunology wrote.

“This is particularly relevant in children as they: have extensive exposure to microbes at daycare, school, and social occasions; are often encountering these microbes for the first time; and receive multiple vaccines as part of routine childhood vaccination schedules.”

The researchers from the Murdoch Children’s Research Institute and Royal Children’s Hospital in Melbourne, Australia, took blood samples of 29 children, both prevaccination and after two Pfizer mRNA doses.

They found that blood samples postvaccination had a lower cytokine response to non-COVID pathogens compared to prevaccination. This reduced immune response was particularly persistent for non-COVID viruses. Blood samples taken at six months showed some children still had low responses for hepatitis B virus proteins and proteins that mimic a viral infection; however, cytokine responses had increased for bacterial exposures.

Immune responses to COVID-19 proteins—including spike proteins and their S1 and S2 subunits—and nucleocapsid proteins remained high after vaccination.

Professor Retsef Levi, specializing in risk management and health systems at the Massachusetts Institute of Technology (MIT), posted on X (formerly known as Twitter) that the study “adds to cumulative evidence suggesting adverse immune alteration” by COVID-19 vaccination. Family physician Dr. Syed Haider and immunologist and computational biologist Jessica Rose both connected the study’s findings to VAIDS.

Rebuttal

Marc Veldhoen, an immunologist specializing in T-cell responses and the head of a laboratory at Instituto de Medicina Molecular in Portugal, challenged the study’s findings.

In an X thread, Mr. Veldhoen highlighted flaws in the study, including the lack of controls, meaning children who were not vaccinated, to compare against the subject group on their innate immune responses to other pathogens.

“Without a non-vaccinated control group, at least another vaccine control group (to claim specificity), much larger numbers of subjects, and cellular composition data, [the study authors’] conclusion is speculation, and unlikely to hold,” Mr. Veldhoen wrote.

Accumulation of Studies Suggesting Decreased Immunity After Vaccination

The study is one of many suggesting declined immune response after COVID-19 vaccination.

A preprint study in 16 adults inoculated with the Pfizer mRNA vaccines had similar findings of a reduced innate immune response in participants exposed to pathogenic fungi. The same paper also found long-term changes in innate immune cells.

The Epoch Times reported on a January study out of Germany that showed multiple mRNA vaccinations induce a “class switch” in the type of antibodies formed against the spike protein and other COVID-19 proteins.

Megyn Kelly damaged by the COVID mRNA booster vaccine! she has regained a lot of my prior respect for she is now no longer deranged IMO with TDS; she was hurt by auto-immune disorder due to the mRNA

shot! Huge praise that she is very open and is educating the public about her serious reaction and she even says now she knows she did not need it; it is horrible what inventors & vaccine makers did!!

DR. PAUL ALEXANDERSEP 7

READ IN APP

Megyn Kelly on Why She Regrets Getting the COVID Vaccine After Developing an ‘Autoimmune Issue’

“For the first time, I tested positive for an autoimmune issue at my annual physical. And I went to the best Rheumatologist in New York, and I asked her, do you think this could have… pic.twitter.com/j0SCwjHjkU
— Chief Nerd (@TheChiefNerd) September 6, 2023

end

REPOST: Ivermectin May Defeat Cancer and Other Common Chronic Diseases of Aging If you thought Big Pharma had good reasons to censor Ivermectin during COVID-19, then how about now that we know it is

likely effective against all chronic diseases associated with aging? 2ND SMARTEST GUY IN THE WORLD, support that stack

DR. PAUL ALEXANDERSEP 8

READ IN APP

Read about TWC’s role in Ivermectin and Z-stack when Zelenko crafted early treatment.

2nd Smartest Guy in the World

REPOST: Ivermectin May Defeat Cancer and Other Common Chronic Diseases of Aging

This Substack recently wrote about the powerful anticancer properties of Fenbendazole: I also mentioned in passing that one of the reasons Ivermectin was so viciously maligned and suppressed was that if society were taking it to cure PSYOP-19 one of the side effects would be “sudden” plummeting cancer rates, and thus BigPharma et al. went all out to dest…

end

LIONESS OF JUDAH MINISTRY excellent posting; EXCLUSIVE: FDA Refuses to Provide COVID-19 Vaccine Safety Data to US Senator U.S. officials are refusing to provide COVID-19 vaccine safety data to a U.S.

DR. PAUL ALEXANDERSEP 7

READ IN APP

Exposing The Darkness

EXCLUSIVE: FDA Refuses to Provide COVID-19 Vaccine Safety Data to US Senator

Exposing The Darkness is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. One-time or recurring donations can be made through Ko-Fi…

end

SLAY NEWS

The latest reports from Slay News

WEF Demands Powers to Regulate Public’s Speech Online The World Economic Forum (WEF) is demanding that government regulators and tech firms around the world grant the unelected globalist organization the authority to police the public’s speech online.READ MORE

Biden Admits to Reporters His Mask Is Just for Show: ‘Don’t Tell Them I Didn’t Have It On’Democrat President Joe Biden suggested to reporters that his 2024 election mask is just for show when he walked into a press conference without wearing the face covering.READ MORE

Bill Gates Makes Massive $100 Million Bet on Bud Light, Already Losing Money The Bill and Melinda Gates Foundation Trust bought 1.7 million shares of Anheuser-Busch, valued at around $100 million, according to a regulatory filing.READ MORE

David Axelrod Struck Dumb by Biden’s Failures: ‘Biden’s in Deep, Deep Trouble, the Country Is in a Sour Mood’Ex-Obama adviser David Axelrod was struck dumb by President Joe Biden’s dismal approval numbers on CNN.READ MORE

NYC Mayor: Biden’s Migrant Crisis ‘Will Destroy New York City’Democrat Mayor Eric Adams has told his constituents that President Joe Biden’s border policies and handling of the migrant crisis “will destroy New York City.”READ MORE

CNN Poll Shows Biden Losing to Every GOP Candidate in 2024 Except One, Suffering Landslide Loss CNN just delivered a major blow to President Joe Biden by warning the network’s liberal audience that the Democrats appear doomed in 2024.READ MORE

Trucker Warns America: Biden’s EPA Regulations Will Be ‘Catastrophic’ for Food Supply A veteran trucking industry leader has raised the alarm about Democrat President Joe Biden’s new Environmental Protection Agency (EPA) regulations, warning they will be “catastrophic” for the U.S. food supply.READ MORE

Michelle Obama Flees to Spain as Barack’s ‘Ex-Boyfriend’ Speaks Out Michelle Obama has been spotted in Spain without her husband as Barack Obama’s “ex-boyfriend” speaks out in an explosive interview with Tucker Carlson.READ MORE

Major Grocery Chain to Stop Selling Top Brand Products to Deter Theft A major grocery store chain has announced that it will stop selling products from top brands in an effort to deter thefts.READ MORE

House Investigators Demand Records Related to Hunter Biden’s ‘Sweetheart’ Deal House Republicans are demanding records related to the “sweetheart” deal Hunter Biden’s attorney negotiated with the Department of Justice (DOJ).READ MORE

Migrants Revolt in Chicago, Forcing Police to Call for Backup: ‘Whole Camp Tried to Physically Intervene’Backup law enforcement units rushed to a Chicago police station yesterday morning after migrants “revolted” against officers.READ MORE

Special Counsel Seeks Indictment of Hunter Biden by End of Month David Weiss, the special counsel appointed to oversee the federal investigation into Hunter Biden, will seek a grand jury indictment of the Democrat president’s son before the end of September.READ MORE

D.C Watchdog Files Lawsuit to Block Trump from 2024 Ballot A Washington D.C. watchdog group has filed a lawsuit that seeks to block President Donald Trump from appearing on the 2024 election ballot in Colorado.READ MORE

NEWS ADDICTS:

LATEST REPORTS FOR NEWS JUNKIES

Covid Masks Contain Cancer-Causing Chemicals, Study Warns Scientists have issued an alert after a comprehensive study discovered that Covid masks contain high levels of toxic chemicals linked to cancer.READ THE FULL REPORT

CDC Confirms WEF-Touted Meat Allergy Is Rapidly Spreading Across America The U.S. Centers for Disease Control and Prevention (CDC) has confirmed that a syndrome that causes deadly meat allergies in humans is rapidly spreading across the United States.READ THE FULL REPORT

Georgia’s AG Indicts 61 Leftists on Same RICO Charges Brought Against Trump Georgia’s Attorney General Chris Carr is flipping Fulton County District Attorney Fani Willis’ RICO case against Donald Trump on its head by filing charges against 61 leftist Antifa members. The Antifa members are the same anti-police radicals who engaged in a destructive movement to “Stop Cop City.” The sweeping indictment was handed up by a grand jury and announced on …READ THE FULL REPORT

Attorney Lays Out Why Fani Willis’ Case Implicates ‘Conspiracy’ of 72 Million Trump Voters Defense attorney Scott Grubman, representing a defendant in Fulton County District Attorney Fani Willis’ RICO case against the 2020 Trump campaign, made the argument that her case implicates tens of million of Trump voters because there is no limiting principle in her racketeering argument. Grubman, arguing on behalf of the accused defendant Kenneth Chesebro, explained why Fani Willis’ case is …READ THE FULL REPORT

Radical Group Sues to Remove Trump’s Name from 2024 Presidential Ballot Citizens for Responsibility and Ethics (CREW), a watchdog group based in Washington, took legal action on Wednesday by filing a lawsuit, representing a group of voters, with the aim of preventing former President Donald Trump from appearing on the 2024 ballot in Colorado.READ THE FULL REPORT

EVOL NEWS

CDC Confirms WEF-Touted Meat Allergy Is Rapidly Spreading Across AmericaREAD MORE…

LATEST NEWS:

Covid Masks Contain Cancer-Causing Chemicals, Study WarnsRead more…House Investigators Demand Records Related to Hunter Biden’s ‘Sweetheart’ DealRead more…Mar-a-Lago IT worker gets immunity deal to flip on Trump in seized documents caseRead more…New York City cracks down on Airbnb, other short-term rentalsRead more…Celeste Maloy wins special House primary to replace retiring Utah Rep. Chris StewartRead more…Vivek Ramaswamy Skewers Mike Pence Over Jab At ‘Populist’ GOP CandidatesRead more…Ungrateful Migrants Revolt Forcing Chicago Police To Call For Backup: “The whole camp tried to physically intervene”Read more…WATCH: Bill Maher Brands Trump As A ‘Criminal’, Fails To Explain His ‘Crimes’Read more…

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

Things Are Moving Faster Than Most People Realize

FRIDAY, SEP 08, 2023 – 10:40 AM

By Michael Every of Rabobank

Irish job in a China shop

The iPhone ‘ban’ by China story took on a new dimension yesterday. Several news agencies confirmed an earlier report from the Wall Street Journal that Beijing looks to expand its ban of the use of iPhones in sensitive departments of government to include government-backed or controlled agencies and state companies. Considering that there are a whole lot of those (especially the latter), it is no surprise that this had a material impact on not just on Apple shares, which have lost more than 6% in the past two days, but also on the broader tech indices. The S&P technology index declined nearly 2%, where the S&P500 was down 0.3%.

Given that said company is not just a key vendor of phones in China but also a big employer, it would also strengthen the view that ‘national security trumps economics’ nowadays. If this is China’s – belated – answer to the blacklisting of Huawei by the Trump administration in 2019, it certainly doesn’t spell much good for the international relation between China and the US. Not that we had ever believed that recent initiatives to re-start a dialogue were likely to be successful, but these developments will arguably nullify any gains made in recent months. As we pointed out in yesterday’s Global Daily, the logical conclusions are that the US will likely increase trade sanctions further. And so, more decoupling and (potentially) less growth and more inflation.

In fact, things may be moving faster than most people realize. For, barely a week after the introduction of a new phone by China’s Huawei containing a chip with 7nm technology (significantly below the threshold of 14nm that the US government has said it is willing to allow on national security grounds), US lawmakers have now said that China’s top chipmaker, SMIC may have violated sanctions by supplying components to Huawei. This recent dynamic also raises questions on “what’s next”.

Does the car sector qualify for a closer scrutiny on national security grounds? You may think that sounds silly, but aren’t modern (EV) cars – some of which look more like coming straight out of Star Trek – nothing more than ‘mobile phones with an engine built around it’? And this thinking is not just theoretical. In June already Reuters reported that Tesla cars were prohibited from entering a Chinese coastal district because of a “secretive annual summer party leadership conclave”. And wouldn’t such thinking come in handy for European/German policy makers, who increasingly fear they are losing the race with China on EV’s? For Germany in particular, with cars accounting for 16% of goods exports, this would have grave consequences. Although the German government recently, and a bit surprisingly, ditched its earlier announced plan to provide significant energy subsidies for its ailing industry, when push comes to shove we would deem it quite unlikely that the German government is willing to “throw its car sector under the bus“!

Of course, things never move in straight lines and this also holds for geopolitics. For one, there is also a bright spot on the horizon as the United Kingdom has re-joined the European Union’s Horizon science research program. This represents a further thawing of UK-EU relations following Brexit, coming on the heels of the Windsor Framework that Prime Minister Sunak negotiated with Brussels in February. The EU had refused to discuss Horizon membership until tensions over trade rules governing Northern Ireland were settled. While this does not mean that similar deals with the bloc are imminent, it raises hopes that pragmatism continues to prevail between the two former partners. A key issue ahead is the looming post-Brexit deadline on electric vehicle trade.

You bet that Europe is eagerly hoping for a completely different deal to be struck as well, although it can’t do much other than waiting.

Although it appeared just two weeks ago that an ‘in principle’ endorsement by Offshore Alliance members of an agreement with Woodside Energy had nipped the risk of disruptive strikes in Australia’s gas (distribution) sector in the bud, workers at Chevron have held out so far. They have now started their long-awaited partial strikes at the Gordon and Wheatstone facilities, together good for some 7% of global LNG supply according to Bloomberg.

Europe doesn’t buy a lot of Australian gas (which is largely aimed at the Asian market), but liquid gas is fungible, and global demand and supply conditions are such that these developments do have a material impact on European gas prices. The latter have been increasingly volatile off late – the ‘curse of interesting times’ as our Energy analyst Joe DeLaura would put it. Having hit a ‘low’ of around EUR25/MWh over the summer months, Dutch 1m TTF forward prices spiked to over EUR40/MWh in mid-August, to retreat again to around EUR30 in recent weeks. However, the recent developments in Australia have helped push prices up to EUR35 again.

We have been arguing for quite some time that although Europe has made progress in cutting back on its gas consumption (according to our calculations, there has been a structural weather-adjusted reduction of between 15 to 20% in the Eurozone, depending on the exact comparison date) and is well ahead of schedule in filling up storage capacity, the Australian strike(s) only underscores Europe’s vulnerabilities. More storage capacity -and harder to achieve- structural gas saving is required to tackle those remaining vulnerabilities in this area.

Speaking of… how can central banks make policies – which often are all about tens of basis points – when even the economic statistics move more than that simply because of revisions? Case in point are the latest Eurozone GDP growth data from Eurostat, which were released yesterday. The headline figure for Q2, which was accompanied by a first estimate of spending components data, was revised down from +0.3 to +0.1 %q/q. In basis points it was c. 15bp. That’s half a rate hike! A key explanation for the revision was a sharp cutback in the Irish GDP numbers. Initially these had shown a 3.3% q/q gain, but the latest data show a much more modest 0.5% increase.

As my colleague Stefan Koopman points out in this short and sweet publication, yesterday was no exception. The Irish data have been a key source of volatility in the Eurozone data, sometimes even obscuring the underlying trend. Ireland’s rise as a European hub for multinational companies in sectors like medical equipment, pharmaceuticals, ICT, and aircraft leasing has greatly impacted its GDP statistics. While part of this reflects real economic activity, the sharp increase in Irish GDP growth stems from assets being relocated to Ireland for tax purposes. The Irish data have been derided as “leprechaun economics” due to this distortion. However, we argue Ireland still warrants attention as it skews Eurozone economic data and narratives in non-trivial ways. The Eurozone’s GDP rebound after the pandemic, for example, is being inflated by global profits of multinationals, instead of reflecting real domestic growth. Similarly, looking at Eurozone industrial output, stripping Ireland out of the figures leads to an entirely different image: production volumes are down 4.4% on January 2019 instead of being up 0.8% as per the official statistics, a figure that, at least, better fits recent gloomy survey data.

Policy makers may not always be able to distinguish or correct for these disturbances. But in this case we believe it does support our view, as we explain here, that the ECB will hit the pause button in its next meeting as the growth outlook is deteriorating and overtightening is becoming a real possibility. But with inflation still high, the odds of another hike are more than just a tail risk

end

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

This will be deadly to Germany and the rest of Europe as they will not get the needed LNG supplies. The winter will be very tough for Europe

(zerohedge)

‘Day Of Reckoning Arrives’ For Chevron As Australian LNG Workers Begin Strikes

FRIDAY, SEP 08, 2023 – 06:55 AM

Unionized employees at Chevron Corp.’s liquefied natural gas plants in Australia began partial strikes on Friday after talks about a new labor contract failed to materialize.

Bloomberg reported Offshore Alliance, which includes the Australian Workers Union and Maritime Union of Australia, began partial work stoppages around 1300 local time across the Gorgon and Wheatstone plants and the Wheatstone offshore platform in Western Australia. Last year, the three facilities accounted for 7% of the world’s LNG production.

Workers plan 20 different types of labor actions at the plants until mid-next week when full-blown strikes could start as early as Thursday.

“Despite the Offshore Alliance giving Chevron plenty of opportunity to sort out EBA’s across the 3 Chevron facilities, they will finally be facing their day of reckoning. Protected Industrial Action commences at 13:00 today,” Offshore Alliance wrote in a Facebook post.

The alliance said, “Chevron are demanding they be given special concessions in bargaining – a demand which we have put through the shredding machine,” adding, “Their bargaining performance has been the most inept effort of any employer the Union has dealt with in the past 5 years and our members have had enough.”

The unions concluded: “It’s game on, Chevron.”

A Chevron spokesperson told the Australian Financial Review it would “continue to take steps to maintain safe and reliable operations in the event of disruption at our facilities.” They said, “The unions continue to seek terms that are above and beyond equivalent terms with others in the industry, including in agreements recently reached.”

In response to the start of the partial strike, Benchmark EU natural gas futures jumped as much as 11% before paring some of the gains. US NatGas futures are up nearly 2%

Friday’s strikes “appear lower level, designed to create costs and inefficiencies for Chevron, but not yet impact production materially,” Saul Kavonic, an energy analyst at Credit Suisse Group AG, wrote in a note to clients.

“This is part of the unions ratcheting up the pressure on Chevron to make more compromises, and is all part of the negotiation ‘dance’ between the parties.

“If there is still little progress over the next week, then the situation could escalate to more serious consequences.”

Kavonic warned a complete shutdown of the LNG plants “simply cannot occur for long” as it would spark an energy crisis in Western Australia that would likely force the government to intervene.

The good news is that Europe’s NatGas storage is approximately 93% full, surpassing the typical seasonal averages. However, the downside is that Europe has reduced its dependence on cheap NatGas from Russia and now sources from global markets, exposing it to potential price volatility.

END

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//BRICS

Ron Paul on whether the new BRICS currency wil break the USA dollar

(Ron Paul)

Ron Paul: Will BRICS Smash The Dollar?

FRIDAY, SEP 08, 2023 – 06:30 AM

Authored by Ron Paul via The Ron Paul Institute,

Donald Trump’s legal troubles, the possibility that Joe Biden will face an impeachment inquiry, and other stories related to the upcoming presidential election, caused the American media to miss a story of potentially greater significance.

This was the decision of the BRICS (Brazil, Russia, India, China, and South Africa), who formed their alliance to challenge US political and economic dominance, to induct six new countries into their group: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

One way the BRICS hope to achieve its goals is to undermine the foundation of US power: the dollar’s global reserve currency status. Brazilian President Luiz Inacio Lula de Silva called for BRICS nations to create their own currency, while India is pushing to have its trading partners, including Russia, trade in Indian rupees rather than US dollars. China and other BRICS countries have also reportedly taken steps to explore using gold instead of dollars for international trade.

After then-President Richard Nixon severed the link between the dollar and gold in 1971, Henry Kissinger negotiated a deal with Saudi Arabia where, in exchange for US diplomatic and military support, Saudi Arabia would use dollars for its dealings in the international oil market. The “petrodollar” is the backbone of the dollar’s reserve currency status. Early this year, Saudi Arabia signed a deal with Brazil to accept Brazil’s currency instead of dollars for oil purchases. If Saudi Arabia signs similar deals with other BRICS nations it will hasten the end of the dollar’s reign as reserve currency.

The rejection of the dollar is also being driven in large part by resentment over the “weaponization” of the dollar’s reserve currency status. The US government uses the dollar’s reserve currency position in order to force other countries to comply with US sanctions against the latest “designated Hitler.” Sanctions are an act of war, so by forcing other countries to follow US sanctions the US Government is dragging them into conflicts that are not in their national interests. It was inevitable that the arrogance of our foreign policy elite would eventually cause a backlash. The backlash started last year when the US demanded other countries join in sanctioning Russia, regardless of the effects of those sanctions on their own economies.

The movement to replace, or at least create alternatives to, the dollar is also driven by concern over the long-term effects of the massive US national debt. Despite the claims of both parties that the recent debt ceiling deals showed that Congress and the President were getting serious about being fiscal responsibility, the US $33 trillion debt is still poised to grow by as much as $115 trillion over the next 30 years. Congress and the President refuse to cut spending in any area. They can’t even manage to stop shoveling billions into the no-win war in Ukraine even though this spending is opposed by a clear majority of Americans.

Sadly it will take a shock like the rejection of the dollar’s reserve currency status and the resulting dollar crisis to force the US government and the people to take steps to kick their addiction to welfare-warfare spending and fiat currency.

This will mean some tough times ahead. However, the economic downturn may not last as long as people expect.

The good news is the crisis could lead to a return to limited constitutional government, a true free-market economy free of corporations and cronyism, a foreign policy based on peace and free trade, and a free-market monetary system.

END

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

EURO VS USA DOLLAR: 1.0698 UP 0.0006

USA/ YEN 147.42 UP 0.082 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2474 DOWN 0.0001

USA/CAN DOLLAR: 1.3666 DOWN .0016 (CDN DOLLAR UP 16 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 5.63 PTS OR 0.18%

Hang Seng CLOSED

AUSTRALIA CLOSED DOWN 0.23 % // EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG

/SHANGHAI CLOSED DOWN 5.63 PTS OR 0.18%

AUSTRALIA BOURSE CLOSED DOWN 0.23%

(Nikkei (Japan) CLOSED DOWN 384.24 PTS OR 1.16%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1923.65

silver:$23.01

USA dollar index early FRIDAY morning: 105.00 DOWN 3 BASIS POINTS FROM THURSDAY’s CLOSE.

FRIDAY MORNING NUMBERS ENDS

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And now your closing FRIDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.331% DOWN 1 in basis point(s) yield

JAPANESE BOND YIELD: +0.639% DOWN 0 AND 6//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.633 DOWN 2 in basis points yield

ITALIAN 10 YR BOND YIELD 4.333 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5960 DOWN 2 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.0712 UP 0.0015 or 15 basis points

USA/Japan: 147.63 UP 0.299 OR YEN UP 30 basis points/

Great Britain/USA 1.2476 UP 0.0028 OR 28 BASIS POINTS //

Canadian dollar UP .0059 OR 59 BASIS pts to 1.3624

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The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.3424

THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.3584)

TURKISH LIRA: 26.85 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.639…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 1 in basis points from THURSDAY at 4.241% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.390 DOWN 4 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 4.951 DOWN 1 BASIS PTS.

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

London: CLOSED UP 36.49 POINTS or 0.49%

German Dax : CLOSED UP 14.40 PTS OR 0.09%

Paris CAC CLOSED UP 47.98 PTS OR 0.67%

Spain IBEX UP 57.00 PTS OR 0.61%

Italian MIB: CLOSED UP 77.62 PTS OR 0.28%

WTI Oil price 87.71 12: EST

Brent Oil: 90.94 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 97.78; ROUBLE UP 0 AND 47//100

GERMAN 10 YR BOND YIELD; +2.5960 DOWN 2 BASIS PTS

UK 10 YR YIELD: 4.462 DOWN 4 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0699 UP 0.0002 OR 2 BASIS POINTS

British Pound: 1.2454 DOWN .0022 or 22 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.4660% DOWN 4 BASIS PTS//

JAPAN 10 YR YIELD: .641%

USA dollar vs Japanese Yen: 147.86 UP 0.520 //YEN DOWN 52 BASIS PTS//

USA dollar vs Canadian dollar: 1.3642 DOWN .00040 CDN dollar UP 40 basis pts)

West Texas intermediate oil: 87.41

Brent OIL: 90.52

USA 10 yr bond yield DOWN 1 BASIS pts to 4.258%

USA 30 yr bond yield DOWN 3 BASIS PTS to 4.331%

USA 2 YR BOND: UP 3 PTS AT 4.989 %

USA dollar index: 105.06 UP 3 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 26.85 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 97.78 UP 0 AND 48/100 roubles

GOLD 1918.80

SILVER: 22.89

DOW JONES INDUSTRIAL AVERAGE: UP 75,89 PTS OR 0.22%

NASDAQ 21.71 PTS OR 14 PTS

VOLATILITY INDEX: 13.98 UP 0.42 PTS (2.92)%

GLD: $178.08 UP 0.06 OR 0.03%

SLV/ $21.01 DOWN 0.04 OR 0.16%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

‘Better’ Data Buggers Bonds & Bullion; Beijing, Banks, & Big-Tech Batter Stocks

BY TYLER DURDEN

FRIDAY, SEP 08, 2023 – 04:00 PM

A rebound in macro data, relative to expectations this week, was notable, but it was driven mostly by ‘soft’ data upside surprises (and worse still, inflation-expectations rose amid slowing growth signals)…

Source: Bloomberg

Nevertheless, the market saw strength and repriced STIRs hawkishly higher on the week…

Source: Bloomberg

And that weighed on risk-assets.

Small Caps were clubbed like a baby seal this (holiday-shortened) week but all the majors ended lower…

Energy stocks dominated the week (and are up for the 9th day in the last 10) and along with Utes were the only sector in the green. Industrials and Materials were the laggards…

Source: Bloomberg

Apple suffered its second worst week since November (down 10% from highs in July) as Beijing started to clampdown on iPhone use…

AI Beneficiaries suffered this week as they failed to make a new cycle high and slipped lower…

Source: Bloomberg

…led by a big drop in NVDA, back below pre-earnings levels..

Regional bank stocks are down for the 5th week in the last 6…

…and judging by the continued surge in their usage of The Fed’s emergency funds, there could be more to go to the downside…

Source: Bloomberg

The big winners of the week were fat-loss-drug-peddling companies (GLP-1) which outperformed the market and so-called ‘at-risk’ companies (healthcare-related firms face pressure from lower obesity, reduced cardiovascular events)…

Source: Bloomberg

It has been a big trade YTD…

Source: Bloomberg

Treasuries were mixed again today with the long-end outperforming (30Y -1bps, 2Y +3bps). On the week, all yields were higher, led by the short-end…

Source: Bloomberg

2Y Yields spiked back above 5.00% early in the week but ended back below it as the the yield curve flattened significantly…

Source: Bloomberg

The dollar surged to its best week since February and its highest weekly close since December. The dollar has risen for 8 straight weeks…

Source: Bloomberg

China’s offshore yuan fell for 5 straight days against the dollar for its worst week since February to close at a record low against the greenback…

Source: Bloomberg

Notably though, the renminbi has traded stronger relative to its trade-weighted peers (i.e. against everyone but the dollar, the yuan is strengthening)…

Source: Bloomberg

Crypto had a quiet week, interrupted by yesterday’s pump and dump, with Bitcoin hovering just below $26,000…

Source: Bloomberg

Oil prices rallied for the 9th week of the last 11 with WTI pushing up towards $90 (its highest weekly close since November)

Gold was modestly lower on the week (using the same time period as the chart above for some context)…

NatGas, Silver, And Crude were all down hard on the week…

Source: Bloomberg

Finally, we point out comments from Goldman’s trading desk that Cyclical stocks and High-Yield credit (and credit-sensitive stocks) are priced extremely optimistically with the ‘soft-landing’ narrative now consensus…

However, as they highlighted, goldilocks is required as ‘too-strong’ data could lead to higher real rates (bad for risk assets), and ‘too weak’ data could severely disappoint current cyclical pricing.

EARLY MORNING/

TUCKER CARLSON…

end

II USA DATA

III) USA ECONOMIC STORIES

SAN FRANCISCO

My goodness: now in San Francisco sellers of home are losing on average 100,000 dollars from when they first purchased

(zerohedge)

San Fran Is Officially America’s Worst City: 1 In 8 Home Sellers Lose Money With An Average Loss Of $100,000

THURSDAY, SEP 07, 2023 – 09:20 PM

In retrospect, it’s surprising that it took so long.

With Case-Shiller reporting that the nation’s worst-by-far (not to mention feces-covered) real-estate market is that of San Francisco, where prices have seen annual declines for the past 8 months, half of which have seen double-digit drops…

…. overnight RedFin reports more bad news for those unlucky enough to be living in the socialist utopia that is San Francisco: home sellers in this liberal bastion are four times more likely than the average U.S. home seller to take a loss, as the Bay Area metro reels from an outsized drop in home prices. In fact, according to the report, the typical San Francisco seller who takes a loss sells their home for $100,000 less than they bought it for. And when they do, they have to walk on shit-covered streets, through crowds of homeless, to buy another home one which they pray won’t be burgled in the near future because, well, good luck calling cops in San Fran.

Here are the details from Redfin:

Roughly one of every eight (12.3%) homes that sold in San Francisco during the three months ending July 31 was purchased for less than the seller bought it for, up from 5% a year earlier. That’s a higher share than any other major U.S. metro and is quadruple the national rate of 3%.

Next came Detroit (6.9%), Chicago (6.5%), New York (5.9%) and Cleveland (5.8%).

In San Francisco, which tied with New York for the largest median loss in dollar terms, the typical homeowner who took a loss sold their home for $100,000 less than they bought it for. Nationwide, the typical homeowner who sold their home for less than they bought it for lost $35,538.

Homeowners were least likely to sell at a loss in San Diego, Boston, Providence, RI, Kansas City, MO and Fort Lauderdale, FL. In each of those metros, roughly 1% of homes sold for less than the seller originally paid.

* * *

Turning back to San Francisco, just because it’s both terrifying and amusing to watch a formerly great city implode under the weight of Soros-funded DAs, here home sellers were most likely to lose money because the region has experienced outsized home-price declines. It was one of the first markets to see prices sink when high mortgage rates triggered a slowdown in the housing market last year. By April 2023, San Francisco’s median home sale price was down a record 13.3% year over year, more than triple the nationwide drop of 4.2%. As of July, it was down just 4.3% year over year to $1.4 million, but that compared with a national gain of 1.6%. The total value of homes in San Francisco has fallen by roughly $60 billion since last summer, a separate Redfin analysis found.

Prices in the Bay Area have fallen fast for a few reasons:

First, it’s home to the most expensive real estate in the country, meaning housing costs had a lot of room to come down. It has also been hit hard by layoffs in the technology sector.
Additionally, it’s not as popular as it once was; remote work has allowed scores of people to relocate to more affordable areas.

Next, read the following sentence and see if you can spot the common thread:

“San Francisco, Detroit, Chicago and New York, which top the list of metros where home sellers are most likely to take a loss, all rank among the top 10 metros Redfin.com users are looking to leave.”

If you said these are all traditionally Republican-controlled bastions… you failed.

“Some condos in the Bay Area are now worth less than their owners bought them for in 2018 and 2019, in part because commuting from Oakland and other outlying areas into downtown San Francisco isn’t really a thing anymore,” said local Redfin Premier real estate agent Andrea Chopp, who focuses on Oakland and other East Bay neighborhoods. “There are buyers out there, but they’re a lot more cautious and picky than they were when mortgage rates were low. The Bay Area housing market was unsustainable before, so this correction is probably healthy, but the unfortunate thing is prices remain unaffordable for a lot of people—especially with rates now above 7%.”

But while the liberal bastion of San Francisco is now officially America’s worst city, the vast majority of U.S. home sellers are still reaping gains, especially those

Even though home prices have fallen from their peak, a majority of home sellers are still reaping significant financial gains. Nationwide, 97% of home sellers sold for a profit during the three months ending July 31, with the typical home that sold going for 78.4% ($203,232) more than the seller bought it for.

Today’s home sellers are making money despite an ongoing housing downturn in part because a scarcity of homes for sale is fueling bidding wars and propping up home values. Most people who bought when home prices peaked would lose money if they sold now, so they’re not selling. Many of the homeowners who are selling today have owned their homes for long enough to make a profit regardless of month-to-month fluctuations in housing values.

In Boise, ID, Redfin Premier agent Shauna Pendleton has clients who will likely have to take a $100,000 loss on their home because they’re selling it after only about a year. They’re moving back to Seattle because their employer is requiring them to return to the office. Pendleton noted that it’s not common for homeowners to sell at a loss in Boise, but when it does happen, it often involves homes selling for upwards of $750,000.

More in the full Redfin report available here.

END

Michael Snyder…

Snyder: ‘Mad Max’ Conditions Are Coming

THURSDAY, SEP 07, 2023 – 07:40 PM

Authored by Michael Snyder via The Economic Collapse blog,

How far would you go to feed your family?

Hopefully that is a question that you will not have to answer any time soon, but right now we are seeing millions upon millions of people become more desperate as economic conditions rapidly deteriorate and food costs soar. At this point, most Americans are just barely scraping by from month to month, and in poorer countries on the other side of the world there are people that are literally starving to death.

As I have detailed previously, the UN has reported that 2.4 billion people did not have enough food to eat last year, and 900 million of them were facing severe food insecurity. Sadly, those numbers will inevitably be even higher for 2023. A global rice crisis has erupted, and the collapse of the Black Sea grain deal has greatly restricted the flow of agricultural goods from that part of the globe. Food costs are spiking all over the planet, and that is really bad news for all of us.

For those of us that live in the United States, the good news is that nobody is starving at this stage.

But food prices have become extremely oppressive, and economic conditions are quickly moving in the wrong direction.

670,000 full-time jobs have been lost in just the past two months, and on Friday we witnessed the worst unadjusted payrolls report for the month of August since the Great Recession.

Yes, things really are that bad.

One recent survey discovered that 61 percent of Americans are currently living paycheck to paycheck, but I expect this number to go even higher in the months ahead…

Inflation, mortgage rates over 7% and credit card APR’s north of 20% have pushed all income brackets into living paycheck to paycheck, according to a new survey from Lending Club Bank.

“In July 2023, 61% of U.S. consumers live paycheck to paycheck, unchanged from June 2023, but 2 percentage points higher than July 2022. Generally, more consumers of all income brackets reported living paycheck to paycheck in July 2023 than last year,” Alia Dudum, a money expert at LendingClub told FOX Business.

Things are particularly dire for low income workers. That same survey discovered that a whopping 78 percent of those that earn less than $50,000 a year are living paycheck to paycheck at this point…

Lower-income workers have been the hardest hit by higher prices, particularly for food and other necessities, since those expenses account for a bigger share of the budget, studies show.

Now, 78% of consumers earning less than $50,000 a year and 65% of those earning between $50,000 and $100,000 were living paycheck to paycheck in July, both up from a year ago, LendingClub found. Of those earning $100,000 or more, only 44% reported living paycheck to paycheck.

As I discussed last week, U.S. households that are feeling financial strain are increasingly turning to debt to make ends meet, and this has pushed debt levels to unprecedented heights…

Total household debt climbed to a new high in the second quarter of 2023, reaching $17.06 trillion, with credit card debt exceeding $1 trillion, according to the Federal Reserve Bank of New York. As interest rates stay high, costs continue to rise for expenses like housing and cars, and student loan payments resume, the amount of debt may rise, according to economists who spoke to the Daily Caller News Foundation.

“The amount of debt outstanding, and in particular the surpassing of the $1 trillion mark, is significant and worrisome,” Peter Earle, an economist at the American Institute for Economic Research, told the DCNF. “It owes to a combination of several factors. The initial response to the pandemic, which prominently included the Fed setting policy (interest) rates at essentially zero for several years, made the amount of credit and the price of taking on debt extraordinarily cheap.”

As economic conditions get worse, people are becoming more desperate.

This is helping to fuel a crime wave all over the nation, and retailers are being forced to implement extreme measures.

According to the Wahington Post, a Giant Food store in Washington D.C. is actually going to be taking all Tide, Colgate and Advil products off the shelves completely because theft has become such a problem…

In the coming weeks, a Giant Food market in D.C. will clear its beauty and health aisles of all national labels. No more Tide, Colgate or Advil, only store brands. Shoppers also will have to present their receipts to an employee before exiting the store.

It’s the regional supermarket chain’s most overt gambit against the rampant theft that’s plaguing retailers of all sizes. It’s also a potential last-ditch effort to avoid shutting down the unprofitable store on Alabama Avenue — the only major grocer east of the Anacostia River in Ward 8.

An executive for the chain told the Washington Post that the company has “no other choice” and she noted that other stores in the area have done similar things…

“We have no other choice,” Diane Hicks, senior vice president of operations said Thursday during a walk-through with officials from the D.C. mayor’s office, the Metropolitan police and fire departments, and Chamber of Commerce. She added that other nearby stores have locked up all their product on those aisles or removed them altogether.

“I’ve been leaving it out for our customers and unfortunately it just forces all the crime to come to us.”

This is where our entire society is heading.

It is just a matter of time before we see armed guards stationed in grocery stores and on food trucks all over America.

Desperate people do desperate things, and right now we are seeing things happen that are absolutely nuts.

Just a few days ago, an extremely shocking incident that happened in broad daylight at a Home Depot store in California made headlines all over the nation…

Brazen thieves were caught on camera casually walking out with $9,000 worth of goods from separate California stores as lawlessness in the state governed by Gavin Newsom continues.

A group of masked thieves stormed into a Home Depot store in Signal Hill on August 27 and stole $5,000 worth of power tools in full view of shocked staff and customers.

The seven men loaded two shopping carts with expensive goods and carried as much as possible in their arms before walking out.

These sorts of robberies have become so common that I couldn’t possibly cover them all.

We really are starting to become a “Mad Max” society.

Of course the truth is that the entire world is moving in that direction. Global supplies of food are getting tighter and tighter, and the recent spike in rice prices has created a tremendous amount of concern…

Countries worldwide are scrambling to secure rice after a partial ban on exports by India cut global supplies by roughly a fifth. Global food security is already under threat since Russia halted an agreement allowing Ukraine to export wheat and the El Nino weather phenomenon hampers rice production.

Now, rice prices are soaring, and it’s putting the most vulnerable people in some of the poorest nations at risk. Vietnam’s rice export prices, for instance, have reached a 15-year high. Even before India’s restrictions, countries already were frantically buying rice in anticipation of scarcity later when the El Nino hit, creating a supply crunch and spiking prices.

Civil unrest has already started to erupt in various parts of Africa, but if current trends continue things will get a whole lot worse around the globe in 2024.

Are you prepared for what is ahead?

Right now, a lot of people are apparently asking that question. In fact, according to Zero Hedge the number of Americans searching for the term “live off grid” on the Internet has hit the highest level in years…

What’s piqued our interest is the sudden panic by some Americans searching ‘live off grid’ on the internet, hitting the highest level in five years. The driving force behind finding a rural piece of land for dirt cheap, buying or building a tiny home, installing solar panels, and sourcing your own food and water might have to do with the worst inflation storm in a generation while Democrat cities implode under the weight of soaring violent crime.

I have been relentlessly warning my readers that “Mad Max” conditions are coming for years.

Anyone that took an honest look at the long-term trends should have been able to see that.

Global leaders have been making absolutely disastrous decisions for a very long time, and now we are all going to reap the consequences.

* * *

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

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Orsted CEO warns Biden: give them more financial support or they walk away

(zerohedge)

Turbulent Times For Biden’s Offshore Wind Farms As Orsted CEO Warns: Abandoning US Projects A ‘Real Option’

FRIDAY, SEP 08, 2023 – 05:45 AM

The world’s largest offshore wind farm developer is preparing to walk away from US projects unless the Biden administration guarantees more support, Bloomberg reported.

“We are still upholding a real option to walk away,” Orsted CEO Mads Nipper told Bloomberg in an interview in London on Tuesday.

Nipper continued, “But right now, we are still working towards a final investment decision on projects in America.”

The Biden administration has touted offshore wind farms as an essential component of decarbonizing America’s grid, but soaring inflation costs have undermined the sector’s growth and left many projects dead in the water.

Under the Inflation Reduction Act, Orsted receives upwards of 30% tax credits, but more appears to be needed as a financial crisis is unfolding in the offshore wind power industry.

Nipper has asked the Biden administration to guarantee subsidies without the domestic content requirement and requested more time to overcome supply chain snarls in sourcing US-made materials.

“What we proposed was a grace period, say, so give us three to five years,” the CEO said, adding, “Right now, it can’t deliver.”

More from Bloomberg on Nipper, who warned offshore wind farm plays are ‘uninvestable’:

Orsted’s delays were triggered by bureaucratic uncertainties during the previous US administration and were intensified by supply-chain disruptions during the COVID-19 pandemic. Biden’s push on clean energy helped accelerate some plans, but high-interest rates and delays in procuring foundations, known as monopiles, for its wind turbines slowed developments even more.

Because final investment decisions weren’t made and the projects were being funded by the company’s balance sheet, the fact that long-term interest rates in the US soared above 3% means Orsted’s cost of capital is higher.

“For a company like ours, where the targeted range of returns is 150 to 300 basis points above our cost of capital, it has essentially made this extremely tough,” Nipper said.

Nipper said Orsted couldn’t have predicted the industry turmoil, yet an investor selloff saw the company lose $8 billion in value last week after impairments were booked on several US projects. Longer-term plans also are at risk, with developments near New Jersey and Delaware not investible right now, he said.

Last month, Nipper warned investors on a conference call: “The situation in US offshore wind is severe.” As we noted, “snarled supply chains, soaring interest rates, and easy money tax credits drying up” is a “warning sign the green energy revolution bubble is in trouble.”

Shares in Denmark-listed green energy giant have crashed in recent weeks on the mounting headwinds — now back to levels last seen in 2018.

The Biden administration’s ambitious goal of achieving 30 gigawatts of offshore wind energy capacity by 2030 appears to be in jeopardy. Even though the Inflation Reduction Act was supposed to ease inflation, a green energy crisis has emerged, as Orsted describes, that stems from inflation.

We have asked the question: Is The ESG Investing Boom Already Over?

It seems so, given that Shell, Europe’s leading oil company, has discreetly set aside the world’s most expansive corporate initiative to create carbon offsets. Meanwhile, Europe’s ‘green tech’ future has been threatened due to waning investment flows.

END

After being down for several months beginning in March 23, we had our first small uptick.Could the UAW strike reignite inflation

(zerohedge)

Used Vehicle Prices May Have Bottomed For The Year; Could UAW Strike Reignite Inflation?

FRIDAY, SEP 08, 2023 – 12:05 PM

Auto research firm Cox Automotive – the owner of the closely followed Manheim price index – published new data for August that shows wholesale used-vehicle prices marginally increased on a monthly basis for the first time since March.

The Manheim Used Vehicle Value Index stood at 212.2 in August, up 0.2% from July. The index is down 7.7% from a year ago. These prices usually filter into the retail side of the market with a slight lag.

“August brought a stop to wholesale price declines, though it was only a small reversal of the larger magnitude declines so far this spring and early summer,” Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, wrote in a press release.

Frey said, “Historically speaking, the monthly figure aligns with the 0.3% average we’ve seen since 1997. Sure, there were swings in August during the financial crisis, the COVID reopening period of 2020, and the 2022 doldrums; but this year, the performance looks more ordinary. Like last month’s note, the current Manheim Index level of 212.2 is barely above that of the 212.1 measure seen in August 2021.”

“Used market conditions have been quite consistent for a few months and are not likely to change much, even with the larger push toward balance; sales are slightly stronger than expected, inventory remains tight, and prices are holding at levels around 6% below last year at the same time. These factors are expected to prevent any substantial decline in wholesale prices through year-end,” he noted.

Given what Frey has described, the wholesale used vehicle prices may have bottomed for the remainder of the year.

First monthly increase since April.

And year-over-year declines appear to have stabilized in the first eight months of the year.

Cox also showed that used-vehicle retail sales in August were up 5% versus July, and the year-over-year comparison with 2022 improved marginally. The average used car price was around $27,000, slightly lower versus July but still at historical highs. Consumers are still buying even with used car interest rates at levels not seen since the Dot Com bust.

Suppose the United Auto Workers were to strike against the “Big Three” US automakers – General Motors, Ford, and Stellantis (Chrysler) – due to labor contract disputes. Could that be the catalyst to reignite used car prices?

END

USA// COVID//VACCINE/

end

SWAMP STORIES

Amazing! FBI overlooks this?

Morgan Stanley Created 2015 Hunter Biden Dossier Highlighting “Fraudulent” Looking Schemes And “Suspicious” Transactions

THURSDAY, SEP 07, 2023 – 10:40 PM

Whistleblowers at Morgan Stanley raised the alarm over what they thought looked like “fraudulent” schemes and “suspicious” transactions all the way back in 2015, eventually escalating his concerns to the US Securities and Exchange Commission (SEC) just a few days before Donald Trump won the presidency in 2016, according to documents obtained by Just the News.

“Due diligence on involved parties reveals less than clean records,” one Morgan Stanley investment bank compliance presentation from May of 2015 states.

The bank even created a dossier about Hunter Biden’s history, including his expulsion from the US Navy, his association with Ukrainian energy giant Buisma, and photos of the Bidens.

In a May 8, 2015 presentation deck titled “Overview of Wakpamni Series 2014 Bonds Potentially Suspicious Structure & Transactions,” the bank warned that some activities – such as the Native American tribal bond scheme, required the bank to take compliance action.

“No clear illegal activity is being accused, but authors of this presentation determined activity was suspicious enough to warrant escalation of review by appropriate internal Compliance representatives,” reads the presentation, which singled out several business partners, including Devon Archer and Hunter Biden.

“The Navy Reserve discharged Vice President Joe Biden’s son Hunter this year after he tested positive for cocaine,” it states.

The dossier also flagged an August 25, 2008 NYT article noting that Hunter had been “Caught Up in Hedge Fund Trouble,” stating “A son and a brother of Senator Joseph R. Biden Jr. of Delaware are accused in two lawsuits of defrauding a former business partner and an investor of millions of dollars in a hedge fund deal that went sour.”

As JTN further reports:

The presentation is one of the earliest known whistleblower activities to raise serious questions about Hunter Biden and his foreign business exploits. It triggered suspicious activity reports (SARS) filed by banks and a SEC complaint that would eventually lead to the 2016 indictment of several Hunter Biden business partners in a bond fraud scheme and later FBI and IRS investigations targeting Hunter Biden himself for tax evasion.

While SARS reports are frequently generated by compliance officers in the financial industry, the step of independently reporting information directly to the SEC is much more rare.

The documents obtained by Just the News chronicle the efforts by at least one vice president inside the Morgan Stanley investment bank to blow the whistle on companies affiliated with Hunter Biden and one of his chief business partners, Devon Archer. The concerns included that the firms may have been involved in a fraudulent bond scheme with the Native American Wakpamni tribe and may have improperly benefited from tax dollars in a separate technology investment.

After some time, two Morgan Stanley officials filed whistleblower complaints against Hunter Biden with two federal agencies.

Read the rest here…

end

Gavin Newsom Announces He’s NOT Running In 2024, Dubs Kamala ‘Natural Successor’ To Biden

FRIDAY, SEP 08, 2023 – 11:28 AM

California Governor Gavin Newsom, long thought to be the Democrats’ secret weapon against Donald Trump in 2024, announced on Friday that he’s not running for president in 2024, and that Vice President Kamala Harris is the “natural successor” to Biden.

“We need to move past this notion that he’s not going to run,” Newsom told NBC News’ Chuck Todd, adding “President Biden is going to run, and looking forward to getting him reelected. I think there’s been so much wallowing in the last few months, and handwringing in this respect. But we’re gearing up for the campaign. We’re looking forward to it.“

“‘I think the vice president is naturally the one lined up’ to run after Biden, he said, noting ‘maybe I’m a little old-fashioned about, you know, presidents and vice presidents. I was a lieutenant governor, so I’m a little subjective,” he continued.

Asked if he could imagine running against her, Newsom responded: “Of course not. By definition. Won’t happen. But we’ve – I’ve said that 1,000 times. We privately continue to maintain a very good relationship, interpersonal. Just, ‘How are you doing? Checking in.’ It’s been a challenging few years with Covid. And we’ve had the opportunity to sit down, have lunch together in the White House, spend time talking about important things.”

Watch:https://www.zerohedge.com/political/gavin-newsom-announces-hes-not-running-2024-dubs-kamala-natural-successor-biden

Developing…

END

Jim Jordan Announces Probe Into Jack Smith’s “Abusive Tactics”

FRIDAY, SEP 08, 2023 – 01:45 PM

Authored by Eric Lundrum via American Greatness,

On Thursday, Congressman Jim Jordan (R-Ohio) announced that he will begin investigating the alleged intimidation tactics utilized by the office of Special Counsel Jack Smith, who is overseeing two different prosecutions of former President Donald Trump.

As reported by Just The News, the decision was sparked after Jordan learned of an incident in which Smith’s office allegedly tried to entice an attorney representing one of the defendants in the classified documents case against Trump, in an effort to force him to convince his client to cooperate with the prosecution.

“Last year, Jay Bratt – one of your senior prosecutors and top aides – allegedly improperly pressured Stanley Woodward, a lawyer representing a defendant indicted by you, by implying that the Administration would look more favorably on Mr. Woodward’s candidacy for a judgeship if Mr. Woodward’s client cooperated with the Office of the Special Counsel,” said Jordan, the Chairman of the House Judiciary Committee, in a statement.

“This attempt to inappropriately coerce Mr. Woodward raises serious concerns about the abusive tactics of the Office of the Special Counsel and the Department’s commitment to its mission to uphold the rule of law and ensure impartial justice.”

Woodward is the lawyer for Walt Nauta, a Navy veteran who served as President Trump’s butler in the White House and has continued to serve him since he left office. Nauta has pleaded not guilty and has refused to cooperate with prosecutors.

“When Mr. Woodward arrived” for a meeting with Bratt, Jordan continued, “Mr. Bratt threatened him that Mr. Nauta should cooperate ‘because he had given potentially conflicting testimony that could result in a false statement.’ Mr. Bratt commented that he did not take Mr. Woodward as a ‘Trump guy’ and indicated that he was confident that Mr. Woodward ‘would do the right thing.’”

“Mr. Bratt referenced Mr. Woodward’s pending application for a judgeship on the D.C. superior court, implying that the Biden Administration would perceive Mr. Woodward’s application more favorably if Mr. Nauta was a cooperating witness for the Special Counsel against President Trump,” Jordan revealed.

Following this meeting, Bratt filed a motion claiming a conflict of interest due to Woodward simultaneously representing Nauta and other witnesses with interests that might possibly compete with each other. Woodward also represented Yuscil Taveras, the IT worker at Mar-a-Lago who has also been charged in the classified documents case, and has agreed to work with the prosecution.

Jordan pointed out that Bratt had filed his motion only after Woodward had decided to cut off any further contact with the Department of Justice (DOJ), unless his client is either charged or given an immunity deal. Jordan has asked Smith and his office to hand over any and all documents related to his office’s communications with Woodward, as well as any internal communication about him, and anything relevant to Woodward’s judgeship application.

END

THE KING REPORT

GREG HUNTER

More Ukraine War, Trump Trashes CV19 Vax, Economic Mad Max

More Ukraine War, Trump Trashes CV19 Vax, Economic Mad Max

By Greg Hunter On September 8, 2023 In Weekly News Wrap-Ups11 Comments

By Greg Hunter’s USAWatchdog.com (WNW 598 9.8.23)

Secretary of State Tony Blinken made a surprise visit to Ukraine to announce another US aid package, so the deadly Ukraine war can continue. Blinken promised another fresh $1 billion on the heals of the announcement that the Ukraine Army lost 66,000 soldiers in the past three months alone. Add that to the 300,000 Ukraine casualties, and it’s hard to understand why Blinken and others in the D.C. swamp constantly say this is the “most profitable investment.” My question: Is Blinken nuts or simply corrupt, cruel and demonic. Why are there no peace talks with this kind of defeat and carnage for Ukraine and NATO? Do they want nuclear war?

Donald Trump is finally waking up to the disaster of the CV19 bioweapon/vax and is now trashing it. Trump is asking Big Pharma to address all the adverse events and calls on the vax makers release the safety data. The CV19 bioweapon/vax deaths and disabilities are increasing and there is no end in sight. Expect Donald Trump to talk about the contract he signed with Pfizer that required the vax maker to produce a safe and effective vaccine and it did neither. (Pfizer had 63% of the CV19 vax market globally.) Now, even the CDC is admitting that the vaxed are more likely to get an infection from the new CV19 variant than the unvaxed. (You cannot make this up.) With 676 million CV19 injections in America alone, this will get far worse before it gets better.

For those of you that think the economy is getting better, or, is at least in good shape—wake up!!!! Two big BRICS nations just dumped $114 billion in U.S. debt. Interest rates are not going to be cut anytime soon because you don’t cut interest rates when your bonds are being dumped by your biggest creditors. Michael Snyder predicts “Mad Max Conditions are coming” and points to record credit card debt, record retail theft and a record amount of people living paycheck to paycheck.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 9.8.23.

(https://usawatchdog.com/more-ukraine-war-trump-trashes-cv19-vax-economic-mad-max/)

After the Wrap-up:

Dr. Betsy Eads will give us the latest on the evil the medical community and globalist are doing to kill and disable more people with their new CV19 variants and CV19 bioweapon/vax. There is going to be much more resistance to this medical malpractice and she will tell you what you need to keep yourself safe for this fresh CV19 bioweapon attack.

-END-

see you on MONDAY