GOLD PRICE CLOSED: UP $4.45 TO $1923.60
SILVER PRICE CLOSED: UP $0.19 AT $23,10
Access prices: closes 4: 15 PM
Gold ACCESS CLOSE 1919.00
Silver ACCESS CLOSE: 22.91
Shanghai Gold Benchmark Price
USD oz 
AM1977.56
PM1978.80
Historical SGE Fix
Investor Information
New York price at the time: $1919.00
premium $59.00
xxxxxxxxxxxxxxxxxx
Bitcoin morning price:, $25,660 DOWN 130 Dollars
Bitcoin: afternoon price: $25,117 DOWN 673 dollars
Platinum price closing $902.05 UP $6.70
Palladium price; $1217.10 UP $19.10
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: $2,609.45 UP DOWN 8.80 CDN dollars per oz (ALL TIME HIGH 2,775.35)
BRITISH GOLD: 1536.47 DOWN 3.50 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)
EURO GOLD: 1788.16 DOWN 4,71 euros per oz //(ALL TIME HIGH/CLOSING//1861.21)//
DONATE
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,918.400000000 USD
INTENT DATE: 09/08/2023 DELIVERY DATE: 09/12/2023
FIRM ORG FIRM NAME ISSUED STOPPED
323 H HSBC 2
363 H WELLS FARGO SEC 2
624 H BOFA SECURITIES 3
905 C ADM 7
TOTAL: 7 7
MONTH TO DATE: 3,629
JPMorgan stopped 0/7 contracts.
FOR SEPT.:
GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 7 NOTICES FOR 700 OZ or .02177 TONNES
total notices so far: 3629 contracts for 362,900 oz (11.2877 tonnes)
FOR SEPT:
SILVER NOTICES: 58 NOTICE(S) FILED FOR 290,000 OZ/
total number of notices filed so far this month : 2497 for 12,485,000 oz
XXXXXXXXXXXXXXXXXXXXXXXX
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD
WITH GOLD UP $4.45
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 UP 19 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 3.209 MILLION OZ INTO THE SLV//
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 439.727 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A FAIR SIZED 463 CONTRACTS TO 125,169 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 $0.08 LOSS IN SILVER PRICING AT THE COMEX ON FRIDAY. TAS ISSUANCE WAS A SMALL SIZED 232 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 FRIDAY NIGHT: 232 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 $0.08). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER CONTRACTS AS WE HAD A GOOD SIZED GAIN OF 558 CONTRACTS ON BOTH EXCHANGES ALONG WITH CONSIDERABLE T.A.S.LIQUIDATION THROUGHOUT THE FRIDAY COMEX SESSION
WE MUST HAVE HAD:
A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS( 1021 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 75,000 OZ//NEW TOTAL 13.080 MILLION OZ + OUR CRIMINAL ISSUANCE OF 200 EXCHANGE FOR RISK CONTRACTS OR 1.0 MILLION OZ OF FUTURE SILVER STANDING FOR METAL: NEW TOTALS STANDING: 14.080 MILLION OZ// /// / //GOOD SIZED COMEX OI LOSS/ HUGE SIZED EFP ISSUANCE/VI) SMALL SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 232 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL 9 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 6 days, total 3798 contracts: OR 18.990 MILLION OZ (760 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 18.990 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: 18.990 MILLION OZ
RESULT: WE HAD A GOOD SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 463 CONTRACTS WITH OUR LOSS IN PRICE OF $0.08 IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1021 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 14.2 MILLION OZ FOLLOWED BY TODAY’S 75,000 OZ QUEUE JUMP.+ 1.0 MILLION OZ EXCHANGE FOR RISK//NEW TOTALS STANDING 14.080 MILLION OZ// /// WE HAVE A GOOD SIZED GAIN OF 567 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A SMALL SIZED 232 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION. THE NEW TAS ISSUANCE FRIDAY NIGHT (232) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .
WE HAD 58 NOTICE(S) FILED TODAY FOR 290,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 1208 CONTRACTS TO 435,340 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: 615 CONTRACTS
WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 1208 CONTRACTS) DESPITE OUR $0.35 GAIN IN PRICE//FRIDAY. 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 13.785 TONNES + /A FAIR (AND CRIMINAL) ISSUANCE OF 1048 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $0.35 GAIN IN PRICE WITH RESPECT TO FRIDAY’S TRADING.WE HAD A SMALL SIZED GAIN OF 272 OI CONTRACTS (0.8460 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1480 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 434,725
IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 272 CONTRACTS WITH 1208 CONTRACTS DECREASED AT THE COMEX// AND A FAIR 1480 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 272 CONTRACTS OR 0.8460 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 1048 CONTRACTS)
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1480 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (1208) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 272 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: 1048 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: 11,899 CONTRACTS OR 1,189,900 OZ OR 37.010 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 1983 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 37.010 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 37.010/3550 x 100% TONNES 1.04% 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: 37.010 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 463 CONTRACTS OI TO 125,169 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 HUGE 1021 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
DEC 1021 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1021 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 463 CONTRACTS AND ADD TO THE 1021 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A GOOD SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 558 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 2.790 MILLION OZ
OCCURRED WITH OUR $0.08 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//
MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED UP 26.06 PTS OR 0.84% //Hang Seng CLOSED DOWN 105.62PTS OR .58%/ /The Nikkei CLOSED DOWN 139.08 PTS OR 0.43% //Australia’s all ordinaries CLOSED UP 0.40 % /Chinese yuan (ONSHORE) closed UP AT 7.2983 /OFFSHORE CHINESE YUAN UP TO 7.3171 /Oil DOWN TO 86.40 dollars per barrel for WTI and BRENT UP AT 90.34 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
a)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1208 CONTRACTS TO 434,725 DESPITE OUR GAIN IN PRICE OF $0.35 ON FRIDAY.
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 1480 EFP CONTRACTS WERE ISSUED: : DEC 1480 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1480 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 272 CONTRACTS IN THAT 1480 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 1208 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $0.35//FRIDAY 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 FRIDAY NIGHT WAS A FAIR 1480 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 (13.785) ( 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: 13.785 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $0.35) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A SMALL GAIN OF 272 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A STRONG T.A.S. LIQUIDATION ON THE FRONT END OF FRIDAY’S TRADING. THE T.A.S. ISSUED ON FRIDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 0.8460 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 13.785 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $0.35.
WE HAD – REMOVED 615 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST
NET GAIN ON THE TWO EXCHANGES 272 CONTRACTS OR 27200 OZ OR 0.8460 TONNES.
Estimated gold volume today:// 125,440 awful
final gold volumes/yesterday 148,704 awful//speculators have left the gold arena
//SEPT 11/ /// THE SEPT. 2023 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 514.775 OZ Brinks Manfra 25 kilobars . |
| Deposit to the Dealer Inventory in oz | nil |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 7 notice(s) 700 OZ .021777 TONNES |
| No of oz to be served (notices) | 803 contracts 80300 oz 2.497 TONNES |
| Total monthly oz gold served (contracts) so far this month | 3629 notices 362,900 OZ 11.2877 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 2 customer withdrawals
i) Out of Brinks 321.51 oz (10 kilobars
ii) Out of Manfra: 482.265 oz (15 kilobars)
total withdrawals 514.775 oz(25 kilobars)
Adjustments; 1/Brinks dealer to customer: 3279.442 oz (102 kilobars)
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.
For the front month of SEPTEMBER we have an oi of 810 contracts having GAINED 2 contracts. We had
6 contracts were served on FRIDAY, 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 1109 contracts to 25,417 contracts.
NOV. lost 1 CONTRACTS to stand at 11
December LOST 559 contracts down to 374,915 contracts.
We had 7 contracts filed for today representing 700 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 7 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 (3629 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (810 CONTRACTS) minus the number of notices served upon today 7 x 100 oz per contract equals 443,200 OZ OR 13.785 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 (3629) x 100 oz + (810) {OI for the front month} minus the number of notices served upon today (7) x 100 oz) which equals 443,200 oz standing OR 13.785 TONNES
TOTAL COMEX GOLD STANDING: 13.785 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: 2,035,284.466 OZ 63.395 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,146,508.812 OZ
TOTAL REGISTERED GOLD 10,850,669.474 (337.50 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 10,295,839.338 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 8,815,385 OZ (REG GOLD- PLEDGED GOLD) 274,195 tonnes//dropping like a stone
END
SILVER/COMEX
SEPT 11
//2023// THE SEPT 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1,797,707.897oz Brinks DELAWARE JPMORGAN LOOMIS . |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 579,492/100 hsbc |
| No of oz served today (contracts) | 58 CONTRACT(S) (290,000 OZ) |
| No of oz to be served (notices) | 119 contracts (595,000 oz) |
| Total monthly oz silver served (contracts) | 2497 Contracts (12,485,000 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 HSBC: 579,492.100 oz
total customer deposits:579,492.100 oz
JPMorgan has a total silver weight: 136.901 million oz/274.965 million or 49.45%
Comex withdrawals 3
i) Out of Brinks 49,014.870 oz
ii) Out of Delaware 561,153.255 oz
iii) Out of JPMorgan: 1,797,707.897 oz
total: 1,797,707.897 oz
adjustments: 5//all dealer to customer
i)ASAHI: 746,044.600 oz
ii)CNT: 204,438.600 oz
iii) JPMorgan: 76,314.700 oz
iv) Loomis 5126.900 oz
v) Manfra 172,124.705 oz
total adjustments: 1,624,233.455 oz
TOTAL REGISTERED SILVER: 42.175 MILLION OZ//.TOTAL REG + ELIGIBLE. 274.935 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:
silver open interest data:
FRONT MONTH OF SEPT /2023 OI: 177 CONTRACTS HAVING LOST 85 CONTRACT(S). WE HAD 100
CONTRACTS SERVED ON FRIDAY. SO WE GAINED 15 CONTRACTS OR 75,000 OZ AS WE WITNESSED ANOTHER QUEUE JUMP AS THESE GUYS NEEDED TO RECEIVE SOME METAL OVER HERE.
OCT LOST 5 CONTRACTS TO STAND AT 1117.
NOVEMBER GAINED 6 CONTRACTS TO STAND AT 98
DEC. LOST 415 CONTRACTS TO STAND AT 112,785 .
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 58 for 290,000 oz
Comex volumes// est. volume today 42,001 poor
Comex volume: confirmed yesterday 54,550 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 2497 x 5,000 oz = 12,485,000 oz
to which we add the difference between the open interest for the front month of SEPT (177) and the number of notices served upon today 58 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the SEPT/2023 contract month: 2497 (notices served so far) x 5000 oz + OI for the front month of SEPT (177) – number of notices served upon today (58 )x 500 oz of silver standing for the SEPT contract month equates to 13.080 million oz. + OUR 1.0 MILLION EXCHANGE FOR RISK//NEW TOTAL STANDING FOR SILVER: 14.080 MILLION OZ//
There are 42.145 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 11/WITH GOLD UP $4.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES
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 11/WITH SILVER UP 19 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.209 MILLION OZ INTO TEH SLV//: // /.////INVENTORY RESTS AT 439.727 MILLION OZ
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 439.727 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
Peter Schiff: Fed Money Magicians Running Out Of Rabbits
MONDAY, SEP 11, 2023 – 01:05 PM
Most people think everything is fine. The Fed is getting inflation under control and soon they’ll be able to cut interest rates, keeping the economy from falling into a deep recession. In his podcast, Peter Schiff poured cold water on this narrative. He explains why the Fed won’t be able to repeat the magic it pulled off after the financial crisis and COVID.
Oil prices continued to climb last week. Meanwhile, bond yields also continue to push higher.
As Peter pointed out, one of the big reasons CPI came down so quickly was falling energy prices.
People forget oil prices fell almost 50% from their peak, and that fall ended in May of this year. But that big decline in oil prices was a major factor in bringing headline inflation from 9% to 3%. And it’s not just the rate hikes that did it. I mean, they were partially responsible because the rate hikes pushed up the dollar and the dollar going up brings oil prices down.”
https://www.zerohedge.com/markets/peter-schiff-fed-money-magicians-running-out-rabbits
But Peter said there was another significant factor – President Biden selling oil from the strategic oil reserve. Today, reserves are at a 40-year low.
At this point, the US economy could only run for 20 days on the current oil reserves.
The point I’m making is there’s not much room now, given how low the reserves are. We can’t really keep selling. We can’t have no reserves. And we really can’t let them get any lower.”
Meanwhile, oil prices are now up 37% since the price bottomed out a few months ago.
All of that hasn’t even shown up yet. It’s just started. But we’re going to start to see that in the CPI numbers.”
And if the US tries to refill those reserves, it will put even more upward pressure on global oil prices. So, the bottom line is the US is no longer in a position where it can manipulate oil prices lower.
Remember, it was the money supply, the inflation, that was driving the prices higher because you have more money. But because we dumped all that oil out of the Strategic Oil Petroleum Reserve, we also had more supply. … That was unnatural. We can’t keep that up indefinitely because if we do, we’re going to run out of oil completely.”
The point is, they have already done that trick. They don’t have that rabbit to pull out of the hat anymore.
How is Biden going to keep the price of oil from going up? He’s not. So, inflation is going to continue to drive higher, and that basically destroys this whole disinflation narrative.”
And so does what’s happening in the bond market.
Interest rates are rising, and oil prices are rising. So, energy is a major cost input for the economy that needs to be passed on to consumers. But so is interest. Because there’s one thing that Americans have in abundance and that’s debt. And that’s businesses too. … Everybody partook in this debt orgy when the Fed had interest rates at zero … and now they have to pay the bill.”
As businesses refinance debt at much higher interest rates, that increases their costs. It’s really no different than rent or the cost of materials going up.
The customer has to pay for all the costs of the business so the business can survive. And of course, the business has to make a profit. It can’t just be break-even. … So, you have to charge your customer more money than it costs you to provide the services he’s buying or produce the goods that he’s buying. As it costs you more to produce those goods and services, you have to raise your prices.”
In a nutshell, energy prices have gone up and interest rates have gone up. All of this is going to bleed into higher consumer prices. The markets still don’t get this.
The markets are still not reacting to the reality of what’s going on because they don’t even understand what’s going on.”
Most people are still optimistic that the Fed is close to winning the inflation fight. That means the central bank will be able to cut interest rates soon.
Everybody is waiting for the Fed to cut rates because there is no way the economy can survive if the Fed doesn’t cut rates. I think a lot of people may understand that. They just assume that it’s not going to be an issue, because of course, the Fed is going to cut rates.”
The only way the US government, American consumers, and businesses can handle their debt loads is if interest rates drop.
Everybody expects that’s what’s going to happen because inflation is going to come down. But it’s all predicated on the false belief that inflation can come back down to 2%, which it can’t. And if you’re looking at what’s happening with interest rates and oil, that’s obvious.”
This doesn’t look like an economy in the midst of disinflation.
We didn’t even get to 2%. We came down to 3%, and then we turned around, and we’re heading back up. It’s like a plane. It tried to land, and then it missed the landing, and it had to pull up. And now the pilot’s going right back up. That’s where we’re going with the CPI. The markets are not expecting this.”
Looking at the deeper market psychology, most people think there is very little risk in the stock market. Sure, it might go down. But the Federal Reserve won’t let it stay down,
Investors know that even if they screw up and the market tanks, and if the economy goes into a recession, which could impact earnings, the Fed is going to come in and cut the rates back to zero and everything is going to go back up.”
In this environment, fundamentals go out the window. Investors are willing to overpay for a stock because it will likely keep going up. If it goes down, the central bank will print a bunch of money and slash interest rates so we can borrow money, buy more stock, and drive the price even higher.
If markets weren’t expecting the Fed to bail them out, investors would not pay such high prices for stocks. It would be too risky.”
Investors are about to find out that safety net isn’t there anymore because price inflation is no longer low.
The only way the Fed was able to bail the economy out of the 2008 financial crisis was by creating inflation. They were able to do that because price inflation – the way they measure inflation – stayed around 2%. Then they created more inflation to get the economy out of the COVID government shutdown mess. That was the final straw. Over the last two years, we’ve seen the impact of inflation — money creation — in rapidly rising prices.
When price inflation is the problem, inflation can’t be the solution. You can’t solve the inflation problem by creating inflation. That is the bind.”
People don’t understand that the low price inflation we lived through for more than a decade was the aberration.
The problem is when the next disaster happens, the Fed can’t save us with more inflation. I mean, they can try. It won’t work. They may not try. Maybe they’ll realize it doesn’t work. But they’re not going to be able to get rates back to zero. They’re not going to be able to launch another round of QE.”
If the Fed does try to do what it’s done in the past — it will blow up the dollar.
There is no doubt in my mind that when this next crisis hits the banking system or the economy or the markets, it will be with inflation going up. So, the Fed is going to have to create more inflation when high inflation is the problem. And that makes it an even bigger problem. And then when the bottom drops out of the dollar, and then prices really take off, then everything the Fed is doing is backfiring.”
In other words, the Fed doesn’t have any more rabbits to pull out of its hat.
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
A must view:
(Andrew Maguire/Kinesis esp 139)
Fed nearly lost control of gold a week ago, Maguire tells ‘Live from the Vault’
Submitted by admin on Fri, 2023-09-08 23:13Section: Daily Dispatches
11:13p ET Friday, September 8, 2023
Dear Friend of GATA and Gold:
Kinesis Money’s “Live from the Vault” program this week has London metals trader Andrew Maguire asserting that the U.S. Federal Reserve last week stopped the gold price 30 cents away from a point that would have triggered massive buying by central banks and cost the Fed its control of the Western gold market.
Maguire also contends that BRICs nations continue to plan to link gold to currencies in commodity trading. Russia, Maguire says, already has established what is essentially trading in oil for gold.
The program is 36 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
China adds 29 tonnes to its official reserves of 2165 tonnes. However most of China’s reserves are held at state banks and not recorded. They probably had 50,000 tonnes of gold accumulated since 1984.
(Bloomberg)
China’s gold binge extends to 10th month as reserves climb
Submitted by admin on Fri, 2023-09-08 09:04Section: Daily Dispatches
By Sybilla Gross
Bloomberg News
Thursday, September 7, 2023
China added to its gold reserves for a 10th straight month, extending a push to bolster its hefty stockpile as it tries to diversify away from the US dollar.
Bullion held by the People’s Bank of China rose by 930,000 troy ounces in August, the central bank said on Thursday. That’s equivalent to about 29 tons. Total reserves now sit at 2,165 tons, with around 217 tons added in a run of purchases that began in November.
Asia’s biggest economy has been among the most enthusiastic buyers of gold in recent times as it focuses on ways to diversify its monetary reserves. The massive purchases have helped underpin prices despite rising interest rates around the world, which typically sap demand for non-interest bearing bullion. …
… For the remainder of the report:
end
The USA has engaged another swap of 26 tonnes. It has now borrowed 129 tonnes of gold from the BIS with the purpose of suppression of our gold price. This is a very important read..
(Robert Lambourne)
Robert Lambourne: BIS gold swaps rise 26 tonnes as soaring debt makes price suppression harder
Submitted by admin on Sun, 2023-09-10 22:09Section: Daily Dispatches
By Robert Lambourne
Sunday, September 12, 2023
Active trading in gold swaps by the Bank for International Settlements, the central bank of the central banks, in August.
From information in the BIS’ August 31 statement of account, published this week —
— it is estimated that the volume of the bank’s gold swaps increased 26 tonnes, from 103 to 129 tonnes, in the month ending July 31.
The BIS’ gold swaps had fallen to zero as of December 31, 2022, and reached a peak for 2023 so far of 188 tonnes as of May 31
It still seems likely that the BIS has entered these swaps on behalf of the U.S. Federal Reserve. There is no evidence to suggest that any other major central bank is actively trading this much gold, and so far in 2023 it has been clear that many central banks are accumulating physical gold.
The basic transaction that the BIS is believed to undertake is to swap dollars for gold transferred from a bullion bank, then to deposit this gold in a gold sight account at a central bank, presumed to be the Fed but almost certainly being the central bank that is using the BIS to execute the gold swap on its behalf.
Given the recent volatility in the levels of BIS gold swaps, it seems likely that most are of a short duration. Why a central bank needs the BIS to undertake gold swaps isn’t clear, but the swaps are likely connected with short-term trading needs, which could include suppressing the gold price.
The gold price decreased from $1,964 at July 31 to $1,940 at August 31 (per USAGold.com). The volatility in the volume of swaps is clear from a review of Table B below. Volumes of swaps in 2023 are well below the average seen in the preceding four years but remain significant.
This active trading has not been officially explained by the BIS, and thus may be related to efforts to drive the gold price down in recent months. Much of GATA’s research on gold price suppression indicates that an active policy of price suppression was implemented more than 30 years ago and was meant primarily to suppress interest rates. This article from 2005 is relevant and highlights work in this area by former U.S. Treasury Secretary and Harvard University President Lawrence Summers:
It also seems remains relevant to highlight the following remarks made in a speech by Summers on September 8, 1999, as reported in the book “The Wealth of Progressive Nations: The Collected Lectures of Lawrence Summers.” The remarks below are an extract of a section of the speech titled “A New Economic Paradigm.”
“Most important of all, the Clinton-Gore administration has established a new paradigm for the management of our nation’s budget, with enormous cumulative benefits for our economy and our citizens. It has become a commonplace to remark on how exceptional today’s 4.2% unemployment rate is relative to any expectation at the beginning of the decade. It is no less remarkable that today, after 8.5 years of expansion, long-term interest rates are around 2 percentage points lower than they were at its start.”
From this it is reasonable to conclude that keeping interest rates “lower” was considered a priority and succeeding at it was “remarkable.” While this is not proof that gold price suppression was undertaken specifically to reduce interest rates, it highlights that in any case reducing interest rates was a priority.
In this context the following report issued by GATA in 2007 concerning an analysis of the gold market by Frank Veneroso is worth rereading as it confirms that GATA’s primary assertions about gold price suppression are plausible.
https://www.gata.org/node/5275
Using the August 31 gold price of $1,940, the 129 tonnes of BIS gold swaps are valued at about $8 billion. (Their value at July 31 was around $6.5 billion.) So the recent trading in BIS gold swaps is of high monetary value and shows that gold remains a significant monetary asset still actively traded by central banks.
As ever with the BIS, it remains unlikely that more information about why the bank undertakes these transactions will ever be provided. This secrecy implies that central bank gold policy involves much deception — that it is currency market intervention for one or more central banks for which the BIS provides camouflage.
For example, the recently published BIS 2023 Annual Report does not provide any information on the gold swaps other than confirming that swaps covering 77 tonnes of gold were in place as of March 31, 2023.
The worsening finances of Western nations, especially the United States, may reduce the appeal to the BIS of undertaking gold swaps and possibly even reduce the appeal of swaps to the central bank or banks for which the BIS has been acting. So a report issued by GATA in 2012 is worth revisiting as it highlights the acknowledgment of gold price suppression by a former chairman of the BIS, Jelle Zijlstra, a former Dutch politician, economist, and central banker. It seems likely that BIS management understands what the swaps are being used for and why they must be camouflaged:
https://www.gata.org/node/11304
The continuing conundrum facing the Federal Reserve about raising dollar interest rates again should reduce the appeal to the Fed of having to return swapped gold. Despite its rhetoric about pushing interest rates higher, the Fed needs to avoid more erosion of confidence in the U.S. Treasuries market when the U.S. government’s ever-increasing debt has been so controversial recently. The Treasury Department’s July report highlights a cumulative deficit of $1.6 trillion featuring lower cumulative revenue than during the same period a year ago, higher cumulative expenditures, and much higher interest costs pushed up by the higher interest rates set by the Fed:
https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0723.pdf
The report for August, due shortly, will no doubt highlight the same negative trends.
The cumulative interest charge on the externally held debt of the U.S. government is up by 37% at July 31 compared to the same period in 2022 and indicates the problem caused for U.S. government borrowing by higher interest rates.
In these circumstances the room for the Fed to raise interest rates further seems restricted and hence it seems that the BIS and some of its shareholders might be questioning the role of the bank in these swaps and the obligation to make future deliveries of gold, since the Fed may be unable to move interest rates high enough to contain inflation. One factor is the evidence of recently increased prices for oil and a possible trend of even higher prices because of falling U.S. oil production combined with official remarks by Saudi Arabia that it aims to cut production.
The recent suspension of the federal government’s debt ceiling makes it easier to defend against a banking crisis by allowing the U.S. government to offer additional bank deposit guarantees. The debt ceiling deal may even make a revaluation of gold easier for the United States to carry out.
In passing it is notable that a report titled “Living with High Public Debt” authored by Serkan Arslanalp and Barry Eichengreen published in August by the Federal Reserve Bank of Kansas City reinforces just how difficult it is to handle the present situation of high federal government debt and with spending far in excess of revenue at this moment. The report can be found at the Kansas City Fed’s internet site here —
— and at GATA’s here:
Here is an excerpt from the conclusions:
*
Looking forward, the challenges are daunting. Given aging populations, governments will have to find additional finance for healthcare and pensions. They will have to finance spending on defense, climate change abatement, and adaptation, and the digital transition. A growing number of low-income countries are already in debt distress.
Living with high public debt therefore means avoiding steps that make a bad situation worse. This means minimizing unproductive public spending. It means targeting social transfers as a way of limiting pressures on the expenditure side. It means limiting contingent liabilities by, inter alia, adequately regulating banks and avoiding recapitalization costs.
It means contemplating tax increases where revenues are low by international standards. It means further developing financial markets where markets are underdeveloped and where a diverse population of local investors in debt securities is absent. It means embracing legal and procedural changes that streamline and speed restructuring for countries whose debts are unsustainable.
This modest medicine does not make for a happy diagnosis. But it makes for a realistic one.
*
In the circumstances vividly described in the report it seems ridiculous that the price of gold has been falling during 2023 and the report offers yet more reason to question whether the use of gold swaps by the BIS, probably on behalf of the Fed, is being done as part of an effort to suppress the dollar gold price.
Table A below highlights the level of gold swaps reported in the annual reports of the BIS back to 2010, when the bank’s use of gold swaps appears to have begun. At only one year-end since then, in March 2016, has the swap level been zero.
The BIS’ recently published annual report dated March 31, 2023, discloses that the BIS still holds 102 tonnes of its own gold and that few of its activities in derivatives involve central banks. An assumption that the gold held by the BIS remains at 102 tonnes has been used by this analyst to make the estimate of the bank’s gold swap level. The low level of derivatives reported by the BIS using central banks as counterparties at the year-end seems a sensible reason to assume that the swaps are almost certainly done with gold bullion banks rather than central banks. Historically, the first swaps described below were done with bullion banks.
* * *
… Historical context …
The BIS rarely comments publicly on its gold activities, but its first use of gold swaps was considered important enough to cause the bank to give some background information to the Financial Times for an article published July 29, 2010, coinciding with publication of the bank’s 2009-10 annual report.
The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were “regular commercial activities” for the bank, and he confirmed that they were carried out with commercial banks and so did not involve central banks. It also seems highly likely that the BIS’ remaining swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.
The swap transactions potentially created a mismatch at the BIS, which may have ended up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.
The gold banking activities of the BIS have been a regular part of the services it offers to central banks since the bank’s establishment 90 years ago. The first annual report of the BIS explains these activities in some detail:
http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf
A June 2008 presentation made by the BIS to potential central bank members at its headquarters in Basel, Switzerland, noted that the bank’s services to its members include secret interventions in the gold and foreign exchange markets:
https://www.gata.org/node/11012
The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesn’t appear ever to have been as large a part of the BIS’ gold banking business as it has been in recent years, although the recent declines suggest this is changing.
As of March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in the name of the BIS in gold sight accounts at major central banks, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks.
If the BIS was adopting the level of disclosure made by publicly held companies, such as commercial banks, some explanation of these changes probably would have been required by the accounting regulators. This irony may not be lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the BIS’ gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form — that is, as allocated gold.
A review of Table B below highlights recent BIS activity with gold swaps, and despite the recent declines, the recent positions estimated from the BIS monthly statements have regularly been large, especially in early 2022, and the volume of trading has been significant.
No explanation for this continuing use of swaps has been published by the BIS. Indeed, no comment on the bank’s use of gold swaps has been offered since 2010.
This gold is supplied by bullion banks via the swaps to the BIS. The gold is then deposited in BIS gold sight accounts (unallocated gold accounts) at major central banks such as the Federal Reserve.
The reasons for this activity have never been fully explained by the BIS and various conjectures have been made as to why the BIS has facilitated it. One conjecture is that the swaps are a mechanism for the return of gold secretly supplied by central banks to cover shortfalls in the gold markets. The use of the BIS to facilitate this trade suggests of a desire to conceal the rationale for the transactions.
As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the bank’s annual reports for at least 10 years prior to the year ended March 2010.
The February 2021 estimate of the bank’s gold swaps (552 tonnes) was higher than any level of swaps reported by the BIS at its March year-end since March 2010. The swaps reported at March 2021 were at the highest year-end level reported, as is clear from Table A.
—–
Table A — Swaps reported in BIS annual reports
March 2010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes
March 2022: 358 tonnes
March 2023: 77 tonnes
—–
The table below reports the estimated swap levels since August 2018. It can be seen that the BIS is actively involved in trading gold swaps and other gold derivatives with changes from month to month reported in excess of 100 tonnes in this period.
—–
Table B – Swaps estimated by GATA from BIS monthly statements of account
Month ….. Swaps
& year … in tonnes
Aug-23…./129
Jul-23….. /103
Jun-23…. /87
May-23 … /188
Apr-23 …. /135
Mar-23 .… /77*
Feb-23 … /136
Jan-23 … /103
Dec-22 … /0
Nov-22 … /105
Oct-22 ….. /7
Sep-22 …../57
Aug -22 ….. /75
Jul-22 ….. /56
Jun-22 ….. /202
May-22 ….. /270
Apr-22 ….. /315
Mar-22 …. /358
Feb-22 …. /472
Jan-22 ….. /501
Dec-21…. /414
Nov-21…. /451
Oct-21…. /414
Sep-21 …. /438
Aug-21 …. /464
Jul-21 …. /502
Jun-21 …./471
May-21 …./517
Apr-21 …. /472
Mar-21…. /490±
Feb-21 …../552
Jan-21 …. /523
Dec-20 …. /545
Nov-20 …. /520
Oct-20 …. /519
Sep-20…../ 520
Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 …. / 412
Apr-20 …. / 328
Mar-20 …. / 326**
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 ….. / 95
Jun-19 …. / 126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov-18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370
* The estimate originally reported by GATA was 78 tonnes, but the BIS annual report states 77 tonnes. It is believed that slightly different gold prices account for the difference.
± The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.
** The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.
GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.
—–
As noted already, the BIS in recent times has refused to explain its activities in the gold market, nor for whom the bank is acting:
Despite this reticence the BIS has almost certainly acted on behalf of central banks in taking out these swaps, as they are the BIS’ owners and control its Board of Directors. Historically, the BIS has often acted on behalf of the Federal Reserve.
This refusal to explain prompts some observers to believe that the BIS acts as an agent for central banks intervening surreptitiously in the gold and currency markets, providing those central banks with access to gold as well as protection from exposure of their interventions.
As mentioned above, it is possible that the swaps provide a mechanism for bullion banks to return gold originally lent to them by central banks to cover bullion bank shortfalls of gold. Some commentators have suggested that a portion of the gold held by exchange-traded funds and managed by bullion banks is sourced directly from central banks.
—–
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the involvement of the Bank for International Settlements in the gold market.
* * *
4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//
END
5 a. IMPORTANT COMMENTARIES ON COMMODITIES:
end
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.2983
OFFSHORE YUAN: UP TO 7.3171
SHANGHAI CLOSED UP 26.06 PTS OR 0.84%
HANG SENG CLOSED DOWN 105.62PTS OR .58%
2. Nikkei closed DOWN 139.08 OR 0.43%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 104.33 EURO RISES TO 1.0729 UP 34 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.693 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.87/JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ON SHORE YUAN: UP// OFF- SHORE: UP
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.6330***/Italian 10 Yr bond yield UP to 4.370*** /SPAIN 10 YR BOND YIELD UP TO 3.678…**
3i Greek 10 year bond yield RISES TO 3.938
3j Gold at $1925.35 silver at: 23.09 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble UP 1 AND 44 /100 roubles/dollar; ROUBLE AT 96.33//
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 145.76// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.693% 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 0.8913 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9561well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.298 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.381 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 4.988 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 26.86…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 4.5233
end
2.a Overnight: Newsquawk and Zero hedge:
USA EARLY MORNING REPORT
Futures Rise As Dollar Slumps, JGB Yields Jump, Tesla Soars
MONDAY, SEP 11, 2023 – 08:17 AM
US futures and global stocks were broadly higher to start the week, helped by the biggest drop in the US dollar in two weeks following hawkish commentary from the BOJ, with trader sentiment also lifted amid improving Chinese data (the latest monthly credit data solidly beat estimates) and comments from Treasury Secretary Janet Yellen suggesting a soft landing is likely (this coming from the person who 6 years ago said no financial crisis in her lifetime).
As of 7:45am ET, S&P 500 futures which rolled to the Sept contract, were higher by 0.4%, while Nasdaq 100 futures rose 0.7% boosted by a surge in Tesla which got a major upgrade by Morgan Stanley. US gains were paced by Estoxx 50 where real estate sector leads gains day while Asian stocks were mixed. The dollar’s record 8-week hot streak was under threat as the yen and yuan rose about 1% after comments from the Bank of Japan and the People’s Bank of China boosted those currencies, respectively. Bank of Japan Governor Kazuo Ueda aired the possibility of ending the developed world’s last key negative interest rate. US Treasury yields climbed, gold was up 0.48%, the most in two weeks, and oil dipped.
In premarket trading, Tesla rallied as much as 6.1% after an upgrade from Morgan Stanley (available to pro subs in the usual place) forecast that the Dojo supercomputer may add as much as $500 billion to the company’s market value through faster adoption of robotaxis and network services. Twinkie maker Hostess Brands soared over 9% after the Wall Street Journal reported that JM Smucker is nearing a deal to buy Twinkie owner, and the company subsequently confirmed. Here are the other notable premarket movers:
- Block gains 1.2% after Baird analyst David Koning said the stock’s oversold after last week’s slump on a systems outage issue and named it a bullish fresh pick.
- Canopy Growth shares jump 12%, putting the marijuana company on track to extend advance for a second session. The stock soared on Friday amid a run of gains on renewed hopes that the SAFE Act on cannabis banking will move forward in Congress soon.
- Crinetics Pharma rose as much as 33% after the pharmaceutical company said its oral, once-daily investigational compound Paltusotine achieved positive results by meeting the primary endpoint and all secondary endpoints of the Phase 3 study.
- CymaBay Therapeutics shares are down 5.5% after the company said it has started an underwritten public offering of about $150 million of its common stock and pre-funded warrants.
- Microsoft is up 0.8% after Citi opened a positive catalyst watch on the stock, seeing “a rich catalyst path ahead” for the software giant.
Taking a closer look at the MS upgrade of TSLA, Adam Jonas predicted that Tesla’s Dojo supercomputer may add as much as $500 billion to the company’s market value through faster adoption of robotaxis and network services, according to Morgan Stanley. Dojo can open up “new addressable markets,” just like AWS did for Amazon.com Inc., the MS analysts wrote, upgrading the stock to overweight from equal-weight and raising its 12-month price target to a Street-high $400 per share from $250. The supercomputer, designed to handle massive amounts of data in training driving systems, may put Tesla at “an asymmetric advantage” in a market potentially worth $10 trillion, said Jonas, and could make software and services the biggest value driver for Tesla from here onward. TSLA shares of Tesla rose as much as 6.1% in US premarket trading Monday. The stock was on track to add about $46 billion in market value. Morgan Stanley is one of Musk’s key advisory firms, including on the $44 billion takeover of Twitter.
Elsewhere, Reuters reported that Arm Holdings was considering raising the price range of its initial public offering after meeting investors for what would be the world’s largest listing this year, according to people familiar with the matter. The SoftBank Group Corp.-owned chip designer’s share sale is about six times subscribed, said the people, who asked not to be identified as the information is private.
The big driver of risk overnight was the sharp drop in the USD, which tumbled the most in two weeks and is in jeopardy of ending its record stretch of 8 weeks of gains. The yen had the biggest move against the dollar, surging more than 1% after Bank of Japan Governor Kazuo Ueda aired the possibility of ending the developed world’s last key negative interest rate.
“This dollar weakness is definitely a bull case for markets,” Beata Manthey, global equity strategist at Citigroup Inc. said in an interview on Bloomberg Television. “Let’s see what the week brings in terms of monetary policy decisions.”
Also over the weekend, Janet Yellen said she’s increasingly confident the US will be able to contain inflation without major damage to the job market (which of course is terrible news from the person who 6 years ago predicted “no new crisis in her lifetime“). She also played down any risk from China’s efforts to increase the sway from the BRICS grouping of major emerging nations. “Every measure of inflation is on the road down,” Yellen said.
In China, there are hints that the economy may be stabilizing after a sharp downturn. Strong credit data published Monday showed recent steps to bolster the real estate market may be starting to lift household demand for mortgages, while corporate loans also picked up. The yuan rebounded from a 16-year low after the People’s Bank of China delivered a strong verbal warning to speculators. Policymakers also set a daily fixing that was stronger-than-expected. The benchmark CSI 300 Index rose 0.7% on Monday, snapping a four-session losing streak. “If the soft-landing scenarios overtake, it could be time to be overweight on emerging markets,” Citi’s Manthey said. “For now being overweights parts of commodity space is enough.”
Europe’s Stoxx 600 rose 0.3%, with the FTSE MIB outperforming peers, adding 0.6%, FTSE 100 lags, adding 0.3%. Italian banks led gains among European lenders after a report that the government is weighing changes to a controversial tax on banks’ windfall profits. Here are the most notable European movers:
- Covestro shares rise as much as 4.2% after saying it has decided to enter open-ended discussions over a potential takeover by Abu Dhabi National Oil Co.
- Italian bank shares climbed, leading gains among European lenders, after Corriere della Sera newspaper reported that the government is weighing changes to the controversial tax on banks’ windfall profits it unveiled last month.
- Vistry shares rise as much as 18%, the most since April 2020, after co. says it plans to focus solely on building homes for affordable housing providers and rental landlords, exiting private homebuilding in the UK.
- JCDecauxshares gain as much as 10%, the biggest jump since November, after a rating upgrade from Oddo BHF on its solid growth trend despite the sluggish Chinese market.
- Restaurant Group shares rise as much as 7.2% to the highest in almost four months after the UK hospitality company said it plans to sell its leisure business to the Big Table Group. The move sharpens the firm’s strategic focus to pubs, concessions and its Wagamama chain, according to Jefferies.
- GSK shares gain as much 2.7% to their highest level since late June, after Barclays highlighted a strong launch for the pharmaceutical firm’s key adult RSV vaccine Arexvy which suggests is taking a lion’s share of the market compared with Pfizer’s competing offering.
- European mining shares rallied in Europe, lifted by a strong run in copper, iron ore and other metals boosted by Chinese credit data and dollar weakness.
- Alfa Laval shares decline as much as 4.1%, the most since March, after Citi analysts cut their recommendation for the Swedish industrial group to neutral, saying they expect slower order growth in the near-term.
- Electrolux shares jump as much as 2.9%, the biggest intraday gain since June 27, after the home appliance manufacturer was upgraded to neutral from sell at Citi. Meanwhile, Legrand and Alfa Laval are downgraded to sell and neutral, respectively.
- Siemens shares fall as much as 1.4% after the stock was rated underweight by Barclays, which resumed coverage of company, and HSBC downgraded the German industrial giant to hold from buy.
- Gimv shares drop as much as 3.2% after the Flemish government approves selling the region’s stake in the investment firm, Belgian financial daily De Tijd reports, citing Flemish Finance Minister Matthias Diependaele.
Earlier in the session, Asian stocks were mixed as equities in Hong Kong slumped upon trading resumption, while financial shares in Japan rallied amid higher yields. The MSCI Asia Pacific Index was little changed after opening higher.
- MUFG and other Japanese financial stocks lent the biggest support as comments from the Bank of Japan’s governor pushed up yields, which in turn boosted lenders. Japan’s broader equity benchmarks remained under pressure as the yen strengthened.
- Stocks in Hong Kong fell the most as the market reopened after Friday trading was canceled due to a heavy rainstorm. Alibaba was a major drag on key gauges after its former CEO Daniel Zhang stepped down from the cloud business. Chinese stocks climbed to snap a four-day loss following a spate of positive news including easing deflationary pressure and the regulator pledging more measures to support capital markets. Conversely, the mainland was kept afloat following somewhat mixed inflation data from China which showed headline CPI Y/Y was softer than expected but no longer in deflationary territory and the latest loans and financing data topped forecasts, while China’s National Administration of Financial Regulation also eased rules for insurers to buy stocks.
- Australia’s ASX 200 was rangebound with gains in the top-weighted financial industry making up for the underperformance in the tech and healthcare sectors.
Over the weekend, in a series of rambling, disjointed speeches, Joe Biden said China’s recent downturn has left President Xi Jinping with “his hands full,” and that could diminish any inclination by Beijing to invade Taiwan. Biden was speaking in Vietnam, where he traveled after the G20 summit, where he met with Chinese Premier Li Qiang. Pressed on why he hasn’t met with Chinese President Xi Jinping in 10 months, Biden said Xi “has his hands full right now.” The Chinese president opted not to attend the G-20, giving no explanation. “China has a difficult economic problem right now for a whole range of reasons that relate to international growth and lack thereof, and the policies that China has followed,” said Biden during a press conference in Hanoi, adding, “I don’t think it’s going to cause China to invade Taiwan, matter of fact the opposite, probably doesn’t have the same capacity as it had before.”
In FX, the Bloomberg Dollar Spot Index fell as much as 0.6% after rising a eighth straight week last week, its longest streak in data going back to 2005; the Aussie dollar and yen led gains. The PBOC warned speculators to steer clear of the yuan within hours of forceful guidance with its daily reference rate. BOJ governor Kazuo Ueda said ending the negative-interest-rate policy was an option if wages and prices keep going up, sending the yen soaring. “Policymakers in Japan and China are putting up more resistance to further weakness in their currencies,” said David Forrester, a senior strategist at Credit Agricole CIB in Singapore. “A strong CNY fixing and some hawkish comments by BoJ Governor Kazuo Ueda set the tone for a weaker USD across the board.” Most emerging-market currencies advanced and a gauge of developing-nation stocks jumped by the most in a week, led by Chinese shares.
In rates, US treasuries dropped following the selloff in JGBs with long-end yields near cheapest levels of the session following comments from BOJ Governor Ueda, and curve spreads steeper. 10-year yields around 4.30% are cheaper by ~4bp vs Friday close; gilts lag by ~2bp while bunds broadly keep pace; front-end outperformance in US steepens 2s10s by ~3bp. Dollar IG issuance slate includes five names; syndicate desks are looking for around $30 billion in sales this week, with a bulk of the volume anticipated ahead of Wednesday’s inflation data. European yields also edged up, led by the long end, with UK gilts underperforming. Comments from BoJ Governor Ueda which lifted the 10yr JGB yield to above 0.70% for the first time since 2014 although further downside in the index was stemmed as banks were lifted on the exit-related talk and with Japan aiming to take drastic economic stimulus measures.
The US Treasury auction cycle begins with $44b 3-year note offering at 1pm New York time, followed by 10- and 30-year sales Tuesday and Wednesday. US economic data includes August NY Fed 1-year inflation expectations at 11am; CPI, PPI, retail sales and industrial production are ahead this week. Focal points of US session include 3-year note auction and potential for another heavy corporate new-issue slate; Fed officials are in self-imposed quiet period ahead of Sept. 20 policy decision.
In commodity markets, copper, iron ore and other metals also got a boost from the weakness in the greenback, while improved Chinese data aided sentiment.
Bitcoin is a touch softer on the session, holding just below the USD 26k mark. Action comes despite a softer USD but continues the recent sessions performance for Bitcoin where the bias has been for incrementally lower trade.
It’s a busy week with a raft of news that could shape the direction of markets. On Thursday, the European Central Bank is expected to announce its policy decision. A Bloomberg survey showed an almost even split between economists anticipating a 10th consecutive hike and those anticipating a “hawkish pause.” U.S. inflation data is also due on Wednesday, which may be pivotal before the Federal Reserve meets on Sept. 19.
Market Snapshot
- S&P 500 futures up 0.4% to 4,479.50
- MXAP up 0.5% to 161.74
- MXAPJ up 0.3% to 504.12
- Nikkei down 0.4% to 32,467.76
- Topix little changed at 2,360.48
- Hang Seng Index down 0.6% to 18,096.45
- Shanghai Composite up 0.8% to 3,142.78
- Sensex up 0.5% to 66,959.35
- Australia S&P/ASX 200 up 0.5% to 7,192.32
- Kospi up 0.4% to 2,556.88
- STOXX Europe 600 up 0.6% to 457.26
- German 10Y yield little changed at 2.62%
- Euro up 0.3% to $1.0729
- Brent Futures down 0.4% to $90.31/bbl
- Gold spot up 0.4% to $1,926.31
- U.S. Dollar Index down 0.43% to 104.64
Top Overnight News
- China escalated its defense of the yuan by delivering a strong verbal warning after forceful guidance with its daily reference rate, moves that pushed the managed currency away from a 16-year low.
- The Bank of Japan turned to its loans-for-bonds program to curb rising yields after the governor’s comments on the negative interest rate policy sparked a rout in the nation’s debt market.
- China said that Premier Li Qiang used a meeting with President Joe Biden at the recent Group of 20 summit to urge the US to see the possibilities that his nation’s advances offer.
- The European Central Bank will remove a capital surcharge on some lenders after they addressed shortcomings in their leveraged finance businesses.
- The European Commission cut its outlook for the euro-area economy, predicting it will be dragged down this year by a contraction in Germany.
- UBS Group AG is cutting hundreds of wealth jobs in Asia just months after completing its takeover of rival Credit Suisse as the bank responds to muted client activity and China’s slowing economy.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed as yields climbed following comments from BoJ Governor Ueda who said that the BoJ cannot rule out that they might have sufficient data by year-end to determine whether they can end negative rates and that his focus is on a quiet exit. ASX 200 was rangebound with gains in the top-weighted financial industry making up for the underperformance in the tech and healthcare sectors. Nikkei 225 was subdued after the comments from BoJ Governor Ueda which lifted the 10yr JGB yield to above 0.70% for the first time since 2014 although further downside in the index was stemmed as banks were lifted on the exit-related talk and with Japan aiming to take drastic economic stimulus measures. Hang Seng and Shanghai Comp were varied with the Hong Kong benchmark pressured as last Friday’s losses caught up to the index following the black rainstorm closure and with declines led by weakness in the property sector, while Alibaba shares also suffered after its former CEO Daniel Zhang stepped down from the cloud business. Conversely, the mainland was kept afloat following somewhat mixed inflation data from China which showed headline CPI Y/Y was softer than expected but no longer in deflationary territory and the latest loans and financing data topped forecasts, while China’s National Administration of Financial Regulation also eased rules for insurers to buy stocks.
Top Asian News
- BoJ Governor Ueda said they cannot rule out that they might have sufficient data by year-end to determine whether they can end negative rates and that his focus is on a quiet exit, while he noted they will end negative rates if they judge that achieving the price target becomes possible and that they will keep ultra-easy policy for now. Furthermore, he stated that there are various options they can take if economic growth and inflation overshoot expectations, as well as noted that the BoJ will work with the government to assess the impact on the economy and prices regarding recent yen declines, according to an interview with Yomiuri.
- Japanese PM Kishida confirmed he plans to reshuffle the cabinet and to conduct personnel change at the party leadership, while he added that they aim to take drastic economic stimulus measures, according to Reuters.
- Japanese PM Kishida and South Korean President Yoon agreed to work on the resumption of a three-way summit with China, according to Reuters.
- Chinese Premier Li said G20 countries should step up macro-economic policy coordination and China will resolutely deepen reforms and opening up. Furthermore, Premier Li said China and Europe should unite and provide stability amid global uncertainties.
- China’s National Administration of Financial Regulation will make it easier for insurers to buy stocks with the risk weighting of insurance companies’ investment in component stocks of the CSI 300 index and stocks listed on the STAR Market to be lowered, according to Bloomberg citing a statement.
- White House official said it is incumbent on China to explain why its leader was not present at the G-20 Summit and it is unfortunate if China was not committed to the bloc’s success.
- European Council President Michel met with Chinese Premier Li and confirmed a shared interest in holding an EU-China summit by year-end, according to Reuters.
- Italian PM Meloni told Chinese Premier Li about Italy’s plan to quit the Belt and Road Initiative, according to Italian media cited by Reuters.
- UK PM Sunak said he raised strong concerns over any interference in Britain’s parliament with Chinese Premier Li and said any interference would be unacceptable.
- UK and Singapore signed a new strategic partnership to boost economic growth and strengthen security, according to a UK government statement.
- Japanese Chief Cabinet Secretary Matsuno says monetary policy specifics are up to the BoJ to decide; expects the BoJ to closely communicate with the government and conduct policy appropriately.
Top European News
- UK PM Sunak faces a new Cabinet rift after he hinted at curbing benefit increases next year and cast doubt on the pensions triple lock, according to The Sun.
- British Chambers of Commerce survey showed that small and medium-sized enterprises in the UK are completely unprepared for an impending ‘avalanche’ of fresh EU regulations and taxes such as next month’s EU green tax and obligations related to the EU’s VAT regime that kick in from 2025, according to FT.
- UK trade unions are to challenge anti-strike laws at the UN watchdog, according to FT.
- Italy reportedly could amend the 40% tax on banks’ windfall profits which was unveiled last month.
- ECB to remove leveraged loan capital add-ons for some banks as they have dealt with shortcomings in their leveraged finance units, via Bloomberg citing ECB’s Enria.
- S&P affirmed Portugal at BBB+; Outlook Revised to Positive from Stable.
- Greece has been upgraded to BBB at DBRS Morningstar; i.e. to investment grade from junk.
- EU Commission sees EZ GDP growth at 0.8% in 2023 (prev. 1.1%), 1.3% 2024 (prev. 1.6%); Sees EZ inflation in 2023 at 5.6% (prev. 5.8%), 2024 inflation 2.9% (prev. 2.8%)
FX
- Dollar under pressure from Yen and Yuan as BoJ Governor hints at potential end of NIRP and PBoC sets most skewed midpoint fix ever.
- DXY sub-105.000 within 104.890-520 range, USD/JPY slips to 145.92 from 147.27.
- USD/CNY and USD/CNH retreat towards 7.2700 and 7.2900 respectively from 7.3250+ and 7.3660; modest further Yuan upside seen on the most recent Reuters source reports.
- Aussie and Kiwi latch on to Yuan rebound and reclaim 0.6400/0.5900 handles vs Buck.
- Sterling, Loonie, Euro and Franc all firmer against Greenback around 1.2500, 1.3600, 1.0700+ and circa 0.8900.
- PBoC set USD/CNY mid-point at 7.2148 vs exp. 7.3437 (prev. 7.2150)
- PBoC held an FX mechanism meeting in Beijing and said it is confident to maintain the stability of the yuan, while it noted that China’s FX self-regulatory body stated the yuan exchange rate has a solid basis to stay at reasonable and balanced levels. Furthermore, the body pledged to take actions when needed to correct one-sided and pro-cyclical activities and said it will resolutely fend off currency overshooting risks.
- PBoC will scrutinise bulk dollar buying of USD 50mln and above; purchase of USD 50mln and above will need approval from PBoC, via Reuters citing sources.
Fixed Income
- Debt futures remain depressed, but off worst levels as JGBs regroup from BoJ-inspired lows.
- Bunds circa 25 ticks adrift, Gilts around 50 ticks below par and T-note -5/32 within 130.92-66, 94.62-28 and 109-29/20 respective ranges.
- UK DMO plans a sale via tender of the 0.125% 2073 Gilt, to take place on September 27th; moves 0.125% 2051 I/L to November 8th (prev. 25th) due to the budget.
Commodities
- WTI and Brent are in the red as the pullback during the latter half of last week continues, despite broader sentiment being generally constructive.
- Base metals are bolstered by the latest data from China and strong performance in associated trade while precious peers are also firmer as the USD wanes
- Iraq set October Basrah medium crude OSP to Asia at a premium of USD 1.80/bbl vs Oman/Dubai average and set OSP to Europe at a discount of USD 2.55/bbl vs dated Brent, while it set OSP to North and South America at a discount of USD 0.35/bbl vs ASCI.
- The Iraqi Oil Minister said no agreement was reached with Turkey to immediately resume Iraq’s northern oil exports,** while he also said that average daily oil production is at 4.23mln bpd with exports averaging 3.35mln bpd.
- Libya’s Ras Lanuf, Zueitina, Brega and Es Sider oil ports were closed on Saturday evening for three days due to an expected hurricane, according to Reuters citing oil engineers.
- India and Saudi Arabia are likely to sign an energy cooperation MOU on Monday, while Saudi Crown Prince MBS announced the signing of an MOU for an economic corridor between India, the Middle East and Europe which will include pipelines for electricity and hydrogen.
- US and Saudi Arabia are in talks to secure metals for EVs, according to WSJ.
Geopolitics
- Ukrainian President Zelensky said Ukrainian troops had advanced on the southern front in the past week and there was also movement in the east near Bakhmut, according to Reuters.
- US is reportedly nearing a decision on sending long-range missile ATACMS to Ukraine for the first time, according to officials cited by ABC News.
- Russian Foreign Minister Lavrov said there are ideas for other regional organisations to join the G20 and said that the de-dollarisation process has already started including with India, while Lavrov also said that they regret the decision by Armenia regarding plans for military drills with the US, according to Reuters.
- European Council President Michel criticised Russia for its cynicism in pulling out of the Black Sea grain deal and said Russia’s offer of a million tons of grain to African countries was a parody of generosity.
- Turkish President Erdogan said they discussed the issue of the Black Sea grain deal in great detail and any initiative that isolates Russia is bound to fail. Erdogan also stated that Russian President Putin is ready to send grain to poor countries and Qatar also agreed, while he noted it is not hopeless regarding reimplementing the grain deal and the process can start again.
- Romanian Defence Ministry said pieces of a drone similar to those used by the Russian army were found in Romanian territory on Saturday.
- Azerbaijan’s Defence Ministry said Armenian forces fired on Azerbaijani army positions and the Azerbaijani army took retaliatory measures. In relevant news, Nagorno-Karabakh separatist authorities said a deal was reached with Azerbaijan to restore transport on the Lachin corridor by Russian peacekeepers and Red Cross. However, an Azerbaijani presidential adviser denied a deal to reopen the Lachin corridor but said the road to Azerbaijan will open for aid shipments regardless, according to Reuters.
- US Navy said US and Canadian warships sailed through the Taiwan Strait on Saturday, according to Reuters.
- Taiwan’s Defence Ministry said 10 Chinese air force planes crossed the Taiwan Strait Median Line during the past 24 hours, while it noted a Chinese aircraft carrier group is to Taiwan’s southeast and heading to the western Pacific.
- North Korean leader Kim and the Chinese delegation to North Korea shared views on intensifying multi-faceted cooperation.
- Russian President Putin sent a letter to North Korean leader Kim and stated that the two countries’ relations will expand in all aspects on common efforts, according to KCNA.
- N. Korean Leader Kim and Russian President Putin could hold a summit on September 13th, via YTN citing a S. Korean source.
DB’s Jim Reid concludes the overnight wrap
If last week was a bit light on important data, you can’t say the same about this week’s high-impact extravaganza that will occur in a Fed blackout period as next week’s FOMC lurks in the wings. US CPI (Wednesday) will be the obvious standout but US PPI and retail sales (Thursday) are nearly as important given how some of the PPI subcomponents feed into the Fed’s preferred core PCE, and for retail sales, we’ll see how much momentum has been lost after a phenomenally strong July print. If that’s not enough, the ECB see their first “in the balance” meeting of this cycle on Thursday with markets now pricing in a 38% likelihood of a hike this morning. Elsewhere, the UK sees employment data (tomorrow) and monthly GDP (Wednesday) while Friday is a busy day as we get China’s monthly suite of activity data, its latest 1-yr MLF fixing rate and US industrial production and the University of Michigan survey. So a busy week.
There’s no other place to start than US CPI. Our US economists have a preview piece here but to summarise, since gas prices have risen nearly 7% in August, headline CPI (+0.61% DB forecast vs. +0.17% previously) will see its largest monthly increase since June 2022. However, core (+0.22% vs. +0.16% last month) is likely to remain relatively becalmed. On these estimates, the year-on-year number for core CPI inflation should fall 0.4pp to 4.3%, whereas headline would rise 0.4pp to 3.7%, the highest for three months.
With core inflation still relatively subdued, our economists think the positive momentum should continue, with the three-month annualised rate falling by about 90bps to 2.2%, while the six-month annualised rate should fall by 50bps to 3.6%. In both cases that would be the lowest since early 2021. So for now the strong headline print should be offset by the positive news on core. However, the risk is always that the longer headline edges up, the more risk of second-round effects down the road. See the fuller preview of what to look for in all the components in the preview link above.
Talking of components, Thursday’s PPI will be nearly as important, as many categories feed into the Fed’s favoured core PCE deflator. Health care is the main one and our economists are a little concerned that wage growth in the sector could push this higher in the months ahead after recent falls. Airlines are another one to watch. They’ve surprisingly slumped in CPI recently, but risen in the PPI. So this will be an interesting one to get resolved. As our economists highlight, airfares are one reason why the “core services excluding housing” PCE inflation has been significantly stronger than that of the CPI core services excluding rent and medical care services. The Fed pays far closer attention to the PCE core services ex-housing series because this accounts for a little over half of core PCE inflation.
On Thursday, August’s retail sales will be a very important release after the strong July reading, so it’ll give us a much better idea of consumption trends and the direction of travel for Q3 GDP and beyond. Our economists expect some payback across headline (-0.3% vs. +0.7% in July), sales excluding autos (+0.1% vs. +1.0%) and retail control (-0.2% vs. +1.0%). So don’t underestimate how much a strong reading could impact the likelihood of another hike, or a bad reading impact the probabilities of a recession. The final highlight for the US will be the inflation expectations in the UoM sentiment survey. Will it edge up a bit with the recent rise in gas prices?
Over in Europe all eyes are on the ECB’s decision on Thursday. Our economists have nervously held their 3.75% terminal deposit rate call for many months now, and as such they think the ECB will stay on hold. However, even if they don’t hike this week, don’t expect any sign that the council are confident that this is the last hike. A lot of uncertainty remains over European inflation, whilst GDP has been in near-stagnation since last autumn. See our economists’ preview note here. Elsewhere in Europe, we have the ZEW survey due for Germany tomorrow, as well as Eurozone-level industrial production on Wednesday.
Speaking of central banks, DB Research has just changed our call on the Bank of Japan’s monetary policy outlook (link here). Our economist now expects yield curve control to be removed in October (previously April 2024), and for negative interest rate policy to end in January 2024 (previously December 2024). In part, that follows the interview that BoJ Governor Ueda gave with the Yomiuri newspaper, where he said an end to negative interest rates was possible if they were confident that wages and prices were rising sustainably, and that they could have enough information on the wage outlook by the end of the year.
That’s already had a significant effect in markets, with the Japanese Yen jumping by +1.08% against the US Dollar this morning, whilst the TOPIX Banks index has surged by +4.22%. There’s also been a fresh rise in government bond yields, with the 10yr yield up +5.2bps to 0.70%, which is its highest level since 2014. And that’s also gone hand-in-hand with higher yields elsewhere, with the 10yr US Treasury yield up +3.0bps this morning to 4.29%.
Whilst bank stocks in Japan have done well, equities more broadly have struggled, with the Nikkei down -0.45% this morning. Elsewhere in Asia, the performance has been more mixed, with the Hang Seng (-1.68%) seeing a notable decline, whereas the CSI 300 (+0.31%), the Shanghai Comp (+0.57%), and the KOSPI (+0.26%) have posted advances. That also follows the news over the weekend that China’s CPI inflation was now positive again year-on-year, with a +0.1% reading in August, although producer prices were still down -3.0%. Looking forward, equity futures are also pointing higher in the US and Europe, with those on the S&P 500 up +0.16%.
Now recapping last week, it was a quiet week for data, but markets were slightly on the negative side. As an example, the S&P 500 index fell back -1.29% , whilst 10yr Treasuries sold off as yields rose +8.7bps.
With a slight bias towards better US data, the probability of a Fed hike priced in for November climbed by 10pp to 48%. Markets also moved to price 17.5bps fewer Fed cuts by end-24, with the 2yr Treasury yield rising by +11.2bps week-on-week as a result (+4.3bps on Friday). 10yr Treasury yields followed suit, gaining +8.7bps (+2.0bps on Friday).
Back in Europe, even as economic data proved weaker than expected last week, ECB commentary kept the prospect of another hike firmly on the table, leaving markets leaning in a hawkish direction. Pricing for a 25bps hike in September rose to 38% on Friday, up from 23% a week before (and 35% on Thursday). Against this backdrop, 10yr and 2yr bund yields rose +6.2bps and +9.1bps in weekly terms, respectively, (both down -0.3bps Friday). For the latter, this was the largest weekly rise since mid-June.
In the FX space, the bullish dollar narrative continued, with the dollar index registering its 8th weekly gain in a row, up +0.79%. Turning to commodities, oil moved higher again following further announcements of cuts to oil supply by OPEC+ earlier last week. WTI crude secured its second consecutive week of gains after gaining +2.29% week-on-week (and +0.74% on Friday) to $87.51/bbl. Brent was similarly up +2.13% (and +0.58% on Friday) to $90.44/bbl. Both reached their highest weekly close since November last year.
Off the back of this, US energy stocks outperformed, up +0.97% on Friday and +1.39% week-on-week, while the S&P 500 retreated -1.29% in weekly terms amidst the broader risk-off tone (+0.14% Friday). Tech was the main underperformer last week, with the NASDAQ down -1.93% in weekly terms (+0.09% on Friday). Apple was the main driver of this underperformance, falling -5.95% week-on-week despite a slight +0.35% recovery on Friday, following new stipulations on iPhone use by Chinese government workers. Over in Europe, even as data releases were worrisome, the STOXX 600’s weekly decline was smaller than in the US, down -0.76% (+0.22% on Friday).
2 B) NOW NEWSQUAWK (EUROPE/REPORT)/
Equities firmer, NQ outperforms after Tesla upgrade, JPY & Yuan bid; NY Fed SCE due – Newsquawk US Market Open
MONDAY, SEP 11, 2023 – 06:10 AM
- European bourses & US futures are firmer in a continuation of the APAC handover where action was driven by Chinese inflation
- Tesla +5.5% in pre-market trade following action by Morgan Stanley
- USD pressured by both the JPY & Yuan following Ueda and midpoint/CPI respectively
- Core fixed benchmarks remain depressed but are off worst as JGBs regroup from BoJ-inspired lows
- Crude continues to pullback despite bullish catalysts while metals benefit from China and the softer USD
- Looking ahead, highlights include NY Fed SCE. Supply from the US.
More Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
- European bourses are in the green, Euro Stoxx 50 +0.5%, with action picking up slightly around the European cash open but dipping incrementally from best since in catalyst light trade.
- Sectors are almost all firmer, with Basic Resources the marked outperformer given benchmark metal action.
- Stateside, futures are in the green as optimism returns following the China data on Saturday with a limited docket for US participants ahead, ES +0.4%.
- Tesla +5.5% in pre-market trade following a significant upgrade at Morgan Stanley; upgrading the auto-name to Overweight, raising its PT to USD 400 (prev. USD 250), making it the top pick stock at MS.
- Click here for more detail.
- Click here and here for a recap of the main European equity updates.
FX
- Dollar under pressure from Yen and Yuan as BoJ Governor hints at potential end of NIRP and PBoC sets most skewed midpoint fix ever.
- DXY sub-105.000 within 104.890-520 range, USD/JPY slips to 145.92 from 147.27.
- USD/CNY and USD/CNH retreat towards 7.2700 and 7.2900 respectively from 7.3250+ and 7.3660; modest further Yuan upside seen on the most recent Reuters source reports.
- Aussie and Kiwi latch on to Yuan rebound and reclaim 0.6400/0.5900 handles vs Buck.
- Sterling, Loonie, Euro and Franc all firmer against Greenback around 1.2500, 1.3600, 1.0700+ and circa 0.8900.
- PBoC set USD/CNY mid-point at 7.2148 vs exp. 7.3437 (prev. 7.2150)
- PBoC held an FX mechanism meeting in Beijing and said it is confident to maintain the stability of the yuan, while it noted that China’s FX self-regulatory body stated the yuan exchange rate has a solid basis to stay at reasonable and balanced levels. Furthermore, the body pledged to take actions when needed to correct one-sided and pro-cyclical activities and said it will resolutely fend off currency overshooting risks.
- PBoC will scrutinise bulk dollar buying of USD 50mln and above; purchase of USD 50mln and above will need approval from PBoC, via Reuters citing sources.
- Click here for more detail.
- Click here for the Option Expires for the NY Cut.
FIXED INCOME
- Debt futures remain depressed, but off worst levels as JGBs regroup from BoJ-inspired lows.
- Bunds circa 25 ticks adrift, Gilts around 50 ticks below par and T-note -5/32 within 130.92-66, 94.62-28 and 109-29/20 respective ranges.
- UK DMO plans a sale via tender of the 0.125% 2073 Gilt, to take place on September 27th; moves 0.125% 2051 I/L to November 8th (prev. 25th) due to the budget.
- Click here for more detail.
COMMODITIES
- WTI and Brent are in the red as the pullback during the latter half of last week continues, despite broader sentiment being generally constructive.
- Base metals are bolstered by the latest data from China and strong performance in associated trade while precious peers are also firmer as the USD wanes
- Iraq set October Basrah medium crude OSP to Asia at a premium of USD 1.80/bbl vs Oman/Dubai average and set OSP to Europe at a discount of USD 2.55/bbl vs dated Brent, while it set OSP to North and South America at a discount of USD 0.35/bbl vs ASCI.
- The Iraqi Oil Minister said no agreement was reached with Turkey to immediately resume Iraq’s northern oil exports,** while he also said that average daily oil production is at 4.23mln bpd with exports averaging 3.35mln bpd.
- Libya’s Ras Lanuf, Zueitina, Brega and Es Sider oil ports were closed on Saturday evening for three days due to an expected hurricane, according to Reuters citing oil engineers.
- India and Saudi Arabia are likely to sign an energy cooperation MOU on Monday, while Saudi Crown Prince MBS announced the signing of an MOU for an economic corridor between India, the Middle East and Europe which will include pipelines for electricity and hydrogen.
- US and Saudi Arabia are in talks to secure metals for EVs, according to WSJ.
- Click here for more detail.
NOTABLE US HEADLINES
- US President Biden said at the G20 that the US wants to expand economic corridors and needs to maximise investments, while he added that they are focusing on infrastructure projects that deliver results across multiple countries and sectors, according to Reuters.
- US President Biden spoke with Saudi Crown Prince MBS and Chinese Premier Li at the G20, while it was also reported that the US and Vietnam signed a deal on semiconductor supply chains which will help expand manufacturing capacity with reliable partners, according to the White House. Furthermore, top US chipmakers and tech firms are to attend a Vietnam meeting on Monday amid US President Biden’s visit, according to Reuters.
- US Treasury Secretary Yellen said she is confident regarding a soft landing for the US economy and said that every measure of inflation is on the path down, according to Bloomberg.
- US House Republicans are set to move forward with FY24 defence department spending legislation this week.
- WSJ’s Timiraos said an important shift in Fed officials’ rate stance is underway and the Fed is likely to pause increases in September and then take a harder look at whether more are needed. Timiraos added that some officials still prefer to err on the side of raising rates too much with the reasoning that they can cut them later, while other officials see risks as more balanced and worry that raising rates could cause an unnecessary downturn or trigger a new bout of financial turmoil.
- Click here for the US Early Morning Note.
NOTABLE EUROPEAN HEADLINES
- UK PM Sunak faces a new Cabinet rift after he hinted at curbing benefit increases next year and cast doubt on the pensions triple lock, according to The Sun.
- British Chambers of Commerce survey showed that small and medium-sized enterprises in the UK are completely unprepared for an impending ‘avalanche’ of fresh EU regulations and taxes such as next month’s EU green tax and obligations related to the EU’s VAT regime that kick in from 2025, according to FT.
- UK trade unions are to challenge anti-strike laws at the UN watchdog, according to FT.
- Italy reportedly could amend the 40% tax on banks’ windfall profits which was unveiled last month.
- ECB to remove leveraged loan capital add-ons for some banks as they have dealt with shortcomings in their leveraged finance units, via Bloomberg citing ECB’s Enria.
- S&P affirmed Portugal at BBB+; Outlook Revised to Positive from Stable.
- Greece has been upgraded to BBB at DBRS Morningstar; i.e. to investment grade from junk.
- EU Commission sees EZ GDP growth at 0.8% in 2023 (prev. 1.1%), 1.3% 2024 (prev. 1.6%); Sees EZ inflation in 2023 at 5.6% (prev. 5.8%), 2024 inflation 2.9% (prev. 2.8%)
NOTABLE EUROPEAN DATA
- Norwegian Consumer Price Index YY (Aug 2023) 4.8% vs. Exp. 5.3% (Prev. 5.4%); MM (Aug 2023) -0.8% vs. Exp. -0.4% (Prev. 0.4%)
- Norwegian Core Inflation YY (Aug 2023) 6.3% vs. Exp. 6.6% (Prev. 6.4%); MM (Aug 2023) -0.6% vs. Exp. -0.3% (Prev. 0.9%)
GEOPOLITICS
- Ukrainian President Zelensky said Ukrainian troops had advanced on the southern front in the past week and there was also movement in the east near Bakhmut, according to Reuters.
- US is reportedly nearing a decision on sending long-range missile ATACMS to Ukraine for the first time, according to officials cited by ABC News.
- Russian Foreign Minister Lavrov said there are ideas for other regional organisations to join the G20 and said that the de-dollarisation process has already started including with India, while Lavrov also said that they regret the decision by Armenia regarding plans for military drills with the US, according to Reuters.
- European Council President Michel criticised Russia for its cynicism in pulling out of the Black Sea grain deal and said Russia’s offer of a million tons of grain to African countries was a parody of generosity.
- Turkish President Erdogan said they discussed the issue of the Black Sea grain deal in great detail and any initiative that isolates Russia is bound to fail. Erdogan also stated that Russian President Putin is ready to send grain to poor countries and Qatar also agreed, while he noted it is not hopeless regarding reimplementing the grain deal and the process can start again.
- Romanian Defence Ministry said pieces of a drone similar to those used by the Russian army were found in Romanian territory on Saturday.
- Azerbaijan’s Defence Ministry said Armenian forces fired on Azerbaijani army positions and the Azerbaijani army took retaliatory measures. In relevant news, Nagorno-Karabakh separatist authorities said a deal was reached with Azerbaijan to restore transport on the Lachin corridor by Russian peacekeepers and Red Cross. However, an Azerbaijani presidential adviser denied a deal to reopen the Lachin corridor but said the road to Azerbaijan will open for aid shipments regardless, according to Reuters.
- US Navy said US and Canadian warships sailed through the Taiwan Strait on Saturday, according to Reuters.
- Taiwan’s Defence Ministry said 10 Chinese air force planes crossed the Taiwan Strait Median Line during the past 24 hours, while it noted a Chinese aircraft carrier group is to Taiwan’s southeast and heading to the western Pacific.
- North Korean leader Kim and the Chinese delegation to North Korea shared views on intensifying multi-faceted cooperation.
- Russian President Putin sent a letter to North Korean leader Kim and stated that the two countries’ relations will expand in all aspects on common efforts, according to KCNA.
- N. Korean Leader Kim and Russian President Putin could hold a summit on September 13th, via YTN citing a S. Korean source.
CRYPTO
- Bitcoin is a touch softer on the session, holding just below the USD 26k mark. Action comes despite a softer USD but continues the recent sessions performance for Bitcoin where the bias has been for incrementally lower trade.
APAC TRADE
- APAC stocks traded mixed as yields climbed following comments from BoJ Governor Ueda who said that the BoJ cannot rule out that they might have sufficient data by year-end to determine whether they can end negative rates and that his focus is on a quiet exit.
- ASX 200 was rangebound with gains in the top-weighted financial industry making up for the underperformance in the tech and healthcare sectors.
- Nikkei 225 was subdued after the comments from BoJ Governor Ueda which lifted the 10yr JGB yield to above 0.70% for the first time since 2014 although further downside in the index was stemmed as banks were lifted on the exit-related talk and with Japan aiming to take drastic economic stimulus measures.
- Hang Seng and Shanghai Comp were varied with the Hong Kong benchmark pressured as last Friday’s losses caught up to the index following the black rainstorm closure and with declines led by weakness in the property sector, while Alibaba shares also suffered after its former CEO Daniel Zhang stepped down from the cloud business. Conversely, the mainland was kept afloat following somewhat mixed inflation data from China which showed headline CPI Y/Y was softer than expected but no longer in deflationary territory and the latest loans and financing data topped forecasts, while China’s National Administration of Financial Regulation also eased rules for insurers to buy stocks.
NOTABLE ASIA-PAC HEADLINES
- BoJ Governor Ueda said they cannot rule out that they might have sufficient data by year-end to determine whether they can end negative rates and that his focus is on a quiet exit, while he noted they will end negative rates if they judge that achieving the price target becomes possible and that they will keep ultra-easy policy for now. Furthermore, he stated that there are various options they can take if economic growth and inflation overshoot expectations, as well as noted that the BoJ will work with the government to assess the impact on the economy and prices regarding recent yen declines, according to an interview with Yomiuri.
- Japanese PM Kishida confirmed he plans to reshuffle the cabinet and to conduct personnel change at the party leadership, while he added that they aim to take drastic economic stimulus measures, according to Reuters.
- Japanese PM Kishida and South Korean President Yoon agreed to work on the resumption of a three-way summit with China, according to Reuters.
- Chinese Premier Li said G20 countries should step up macro-economic policy coordination and China will resolutely deepen reforms and opening up. Furthermore, Premier Li said China and Europe should unite and provide stability amid global uncertainties.
- China’s National Administration of Financial Regulation will make it easier for insurers to buy stocks with the risk weighting of insurance companies’ investment in component stocks of the CSI 300 index and stocks listed on the STAR Market to be lowered, according to Bloomberg citing a statement.
- White House official said it is incumbent on China to explain why its leader was not present at the G-20 Summit and it is unfortunate if China was not committed to the bloc’s success.
- European Council President Michel met with Chinese Premier Li and confirmed a shared interest in holding an EU-China summit by year-end, according to Reuters.
- Italian PM Meloni told Chinese Premier Li about Italy’s plan to quit the Belt and Road Initiative, according to Italian media cited by Reuters.
- UK PM Sunak said he raised strong concerns over any interference in Britain’s parliament with Chinese Premier Li and said any interference would be unacceptable.
- UK and Singapore signed a new strategic partnership to boost economic growth and strengthen security, according to a UK government statement.
- Japanese Chief Cabinet Secretary Matsuno says monetary policy specifics are up to the BoJ to decide; expects the BoJ to closely communicate with the government and conduct policy appropriately.
DATA RECAP
- Chinese CPI MM (Aug) 0.3% vs. Exp. 0.3% (Prev. 0.2%); YY (Aug) 0.1% vs. Exp. 0.2% (Prev. -0.3%)
- Chinese PPI YY (Aug) -3.0% vs. Exp. -3.0% (Prev. -4.4%)
- Chinese New Loans (CNY) (Aug) 1360B vs Exp. 1250B (Prev. 346B); 3120B vs Exp. 2420B (Prev. 528B)
- Chinese Money Supply M2 YY (Aug) 10.6% vs Exp. 10.7% (Prev. 10.7%)
2 c. ASIAN AFFAIRS
BoJ’s Ueda lifted yields while Chinese CPI was softer than forecast – Newsquawk Europe Market Open
headlines:
MONDAY, SEP 11, 2023 – 01:33 AM
- APAC stocks traded mixed as yields climbed following comments from BoJ Governor Ueda.
- Ueda said the BoJ cannot rule out that they might have sufficient data by year-end to determine whether they can end negative rates.
- Chinese inflation data showed headline CPI Y/Y was softer than expected but no longer in deflationary territory.
- European equity futures are indicative of a slightly higher open with Euro Stoxx 50 future +0.1% after the cash market closed up 0.4% on Friday.
- DXY is on the backfoot, JPY leads post-Ueda, EUR/USD and Cable are back on 1.07 and 1.25 handles respectively.
- Looking ahead, highlights include NY Fed SCE, Speech from BoE’s Pill, Supply from the US.
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED UP 26.06 PTS OR 0.84% //Hang Seng CLOSED DOWN 105.62PTS OR .58%/ /The Nikkei CLOSED DOWN 139.08 PTS OR 0.43% //Australia’s all ordinaries CLOSED UP 0.40 % /Chinese yuan (ONSHORE) closed UP AT 7.2983 /OFFSHORE CHINESE YUAN UP TO 7.3171 /Oil DOWN TO 86.40 dollars per barrel for WTI and BRENT UP AT 90.34 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
//NORTH KOREA/CHINA/RUSSIA
END
2e) JAPAN
JAPAN
Yen surges but JGB tumbles big time
(zerohedge)
Yen Surges, JGBs Tumble After Ueda Hawkish Comments Spark Countdown To End Of Japan’s NIRP
MONDAY, SEP 11, 2023 – 11:30 AM
After several weeks of relentless selling, the yen finally strengthened as much 1% versus the dollar before trimming the move after BOJ boss Kazuo Ueda’s hawkish comments: USDJPY fell to 146.50 after closing just shy of 148 after Ueda said in an interview with the Yomiuri newspaper that an end to negative interest rates was possible if they were confident that wages and prices were rising sustainably, and that they could have enough information on the wage outlook by the end of the year.
“It is not impossible that we will have enough information by the end of the year to anticipate [wage hikes next spring]” Ueda said, adding that the end of the year as a possible time to assess the trend of wage increases, a key factor in setting price increases and which would give insight on the negative interest rate policy
Ueda also said that “there are some things we cannot see,” including overseas economies, and expressed his cautious approach and described the monetary policy modification decided in July as “a mechanism to change the balance between the effects and side effects” of monetary easing measures. The focus will now be on “a quiet exit,” which the BOJ is seeking to avoid significant impact on the market.
Justifying the BOJ’s catastrophic response to Japan’s soaring inflation, Ueda said that although rising interest rates are a “burden” on households and corporate finances, if the economy improves the economy will have the strength to absorb the increased burden. The BOJ’s aim of achieving a 2% inflation rate with accompanying wage increases would become a reality; of course, until then households will see their purchasing power crater and countless old households (which Japan has plenty) may very well not survive.
Ueda explained the July revision of the upper limit of long-term interest rates as a kind of risk management. “It was necessary to create room for a response so that things would not go crazy when prices swing upward,” he said, revealing that the BOJ had made the decision based on reflections that it had underestimated the price outlook until now. The central bank’s quarterly announced inflation rate forecast for fiscal 2023 was 1.6% as of October last year, but it was revised upward in April and July, and the outlook as of July was 2.5%, well above the BOJ’s inflation target of 2.0%. In fact Japan now has a higher YoY inflation than the US!
“Ueda’s remarks in an interview sounded hawkish,” said Takeshi Ishida, currency strategist in Tokyo at Resona Bank. “We expect the end to negative interest rate policy in the first three months of 2024, and Ueda may have started to encourage the market to price in such a scenario.”
Ueda’s comments may be intended to keep yen depreciation in check, wrote Naomi Muguruma, chief fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities in Tokyo. And sure enough, with the BOJ terrified of intervening knowing well it could buy a brief 500-600 pip drop in the USDJPY for $50 billion or so, it would then promptly disappear due to the relentless chasm in rate differentials between the US and Japan. For the time being, however, the latest attempt to jawboning the yen higher worked, if only briefly, and the USDJPY was down 140 pips from the Friday close.
In response to the Ueda comments, Deutsche Bank changed its call on the Bank of Japan’s monetary policy outlook; their economists now expects yield curve control to be removed in October (previously April 2024), and for negative interest rate policy to end in January 2024 (previously December 2024).
Ueda’s comments also sparked another selloff in JGB, where futures tumbled 15 ticks 146.10 and lifted yields on 10yr JGB above 0.70% for the first time since 2014…
… and pushed 5-year yields 7bps higher to 0.285%, the highest level since January, and even though the BOJ promptly announced it will conduct a 5-year funds-supplying operations on Sept. 14 to curb rises in yields, 10-year JGB bond futures held their losses as the countdown to the end of Japan’s NIRP has once again restarted.
3 CHINA /
CHINA/USA
USA government to probe how Huawei got its breakthrough chip
(zerohedge)
US Gov’t Begins Probe Into Huawei’s Breakthrough Chip
SATURDAY, SEP 09, 2023 – 03:00 PM
Huawei Technologies Co. roared back into the spotlight this past week after a Bloomberg report showed their new phone is powered by a 7-nanometer processor, which is just a few years behind Apple’s iPhone. And who’s getting the jitters over this new development? Those very same Capitol Hill lawmakers, who, for the last several years, sanctioned not only Huawei but also China’s chip sector to stymie homegrown tech progress. That move didn’t pan out as planned.
Now, the US Commerce Department is panicking while it rushes to understand how sanctioned Huawei was able to design and manufacture a 7-nanometer processor for its new Mate 60 Pro smartphone. The whole purpose of blacklisting the company and many other Chinese tech firms was to restrict access to US technology to make these sorts of devices.
Bloomberg pointed out the Mate 60 Pro went on sale while the US Commerce Secretary Gina Raimondo was on a trip to China last week. This is a sign that China is ‘thumbing their noses’ at the US for the wave of sanctions that have failed so far.
“We are working to obtain more information on the character and composition of the purported 7nm chip,” a Commerce spokesperson said in a statement.
The spokesperson continued, “Let’s be clear: export controls are just one tool in the US government’s toolbox to address the national security threats presented by the PRC. The restrictions in place since 2019 have knocked Huawei down and forced it to reinvent itself — at a substantial cost to the PRC government.”
According to Nazak Nikakhtar, who worked as the Commerce Department’s Assistant Secretary for Industry & Analysis in the Trump administration, the Commerce Department will begin its own investigation into Huawei’s new phone. The Commerce Department’s Office of Export Enforcement will likely lead the study to determine if China’s top chipmaker, Semiconductor Manufacturing International Corp.’s Kirin 9000s chip, was made using US technology.
The Mate 60 Pro news is a sign that suggests President Xi Jinping’s efforts to develop technological self-sufficiency are working. The Bloomberg report on the phone showed it has “an unusually high proportion of Chinese parts … a sign of the country’s progress in developing domestic tech capabilities.”
Meanwhile, China has banned iPhone use by central government employees and has expanded it to local governments and state-owned companies. Such curbs threaten multinationals like Apple, which derives 20% of its sales from the world’s second-largest economy.
Tom Nunlist, an associate director from the Beijing-based consulting firm Trivium, said, “Chip tech export controls may have been Washington’s one and only ace in the tech war.”
One can only assume there will be more comments from Washington, like one from Representative Mike Gallagher, the chairman of the House Select Committee on Competition with China, who said, “The time has come to end all US technology exports to both Huawei and SMIC to make clear any firm that flouts US law and undermines our national security will be cut off from our technology.”
The tech war isn’t over — this will only give the Biden administration more ammo to unleash even more sanctions despite the current sanctions have worked to stymie tech progress.
END
Fertility rates have now dropped to 1.09 which is extremely low and will lead to demographic problems within the next few years. It is estimated that youth unemployment now has hit 50%
(EricPeters/One River Asset Managment)
Estimates Of China’s Youth Unemployment Hit 50%
SUNDAY, SEP 10, 2023 – 09:30 PM
By Eric Peters, CIO of One River Asset Management
“The younger generation must inherit and carry forward the spirit of self-reliance, and hard work, abandon arrogance, and engrave the passion of youth in the water just like our parents did, on the monument of history,” declared Xi, some time ago.
Youth unemployment across China continued its rise this summer. The official number approached 21% before Beijing halted its publication.
Unofficial estimates stretched to nearly 50% when one counts the “lying flat”, a term adopted by youth who are choosing to quit the rat race altogether. In previous decades, agitated youth took to the streets. New forms of hyper-surveillance make such rebellion far harder. Instead, the young simply opt out.
“The facts of countless successful lives show that in youth, if you choose to endure hardship, you will also choose to gain, and if you choose to contribute, you will also choose to be noble,” said Xi.
Parents across the world nodded in violent agreement, because of course, nothing could be truer.
“In youth, experiencing more beatings, setbacks, and tests, will help you walk a successful life,” said Xi, a cold terror slowly rising in the leader for life. The national savings rate rose further still, his subjects preparing for harder times.
China’s fertility rate collapsed to a stunning new low of 1.09 per woman (from 1.30 in 2020). This symptom of profound pessimism, if not reversed dramatically, will lead to economic and then civilizational collapse.
“In the later years of my life, I always reminded myself that hardship is an opportunity. I must persist in learning more and working more and go to difficult places to train myself,” said Xi, searching for a solution to a problem far more challenging than trade wars, chip dependencies, ghost cities, insolvent banks, stranded infrastructure built for a globalized world that is fading, not to mention his nation’s food, energy and water insecurity.
All such problems are solvable provided a nation has a growing population of ambitious, optimistic, hardworking youth. But how to lift a nation whose young consider their current circumstances, assess their future, and quietly lie flat?
END
4.EUROPEAN AFFAIRS//UK /SCANDAVIAN AFFAIRS
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
Ukraine/Russia/USA/ROMANIA
Dangerous!
Hal Turner Radio Show – FLASH: U.S. Moving Combat Jets to Romania – “in addition to others committed to NATO”
FLASH: U.S. Moving Combat Jets to Romania – “in addition to others committed to NATO”
The United States is moving Combat Aircraft to Romania — but not for NATO. What does THAT translate to, in your mind? US v. Russia directly? Word of this came from US Ambassador to Romania, Kathleen Kavalec.
“The United States plans to station combat aircraft in Romania in addition to those performing NATO air policing duties” said the Ambassador.
Notice she said “Combat” aircraft. Not refueling tankers or cargo planes . . . . no . . . . she explicitly said combat aircraft.
Did all of us somehow miss a vote in Congress about some minor little detail like direct US war against Russia?
END
RUSSIA/UKRAINE/USA
Another devastating blow to the USA/EU as Russia has blown up a second UK Challenger 2 tank
(zerohedge)
Second UK Challenger 2 Tank Reportedly Destroyed In Ukraine
MONDAY, SEP 11, 2023 – 02:45 AM
“No Challenger 2 has been lost in combat since it was first deployed in 1994, although one was destroyed in a friendly-fire incident in Iraq in 2003,” The Guardian reported Wednesday after the UK Ministry of Defence confirmed the first Challenger 2 was destroyed on the Ukrainian battlefield.
Russian media now says it has happened again: “Russian forces have reportedly destroyed a second Challenger 2 main battle tank out of the 14 that London has supplied to Kiev, RIA Novosti reported on Saturday, citing a local civic leader from Zaporozhye Region.” If confirmed, this would mark another devastating development for Kiev and its backers.
The sources cited in this latest report say the UK-supplied tank took a direct hit from a Russian Kornet missile, which is a man-portable anti-tank guided missile capable of being mounted on a vehicle.
One pro-Kremlin activist was cited in Russian media as saying it’s “open season” on British tanks in Ukraine and that they will “burn just as well as any other Western equipment.”
While the UK has yet to confirm or deny these latest claims that a second Challenger 2 tank has been destroyed, the defense ministry did confirm destruction of the first one, based in part on ample video evidence:
The UK has confirmed the first loss of a Challenger 2 tank by Ukraine, saying it was “hit by Russian artillery.”
Speaking to Sky News on Wednesday morning, the UK’s defence secretary Grant Shapps also confirmed the vehicle’s crew had survived.
Video surfaced on social media early on Tuesday morning of a Ukrainian Challenger 2 burning at the side of the road believed to be south of the recently-liberated town of Robotyne.
In the aftermath, British military sources further indicated there are as yet no plans for the UK to replace those tanks lost on the battlefield.
Kiev is still awaiting the M1 Abrams tanks promised by Washington, but these are sophisticated enough to require many months of additional training for Ukrainian operators. So far, the main battle tanks supplied by the West have not been the “gamechanger” that Ukraine hoped.
6.GLOBAL ISSUES//MEDICAL ISSUES
end
GLOBAL VACCINE/COVID ISSUES
Fired NYC Teachers Who Refused Vaccine To Be Reinstated With Back Pay: Judge
SATURDAY, SEP 09, 2023 – 04:00 PM
A New York state judge on Wednesday ruled that 10 employees fired by the NYC Department of Education for refusing the Covid-19 vaccine must be reinstated with back pay.
In his ruling, State Supreme Court Judge Ralph J. Porzio found that the city acted illegally when it denied religious exemptions to certain city teachers – who went to Children’s Health Defense to sponsor a lawsuit against the department following failed attempts to claim religious accommodation for the mandate.
“This Court sees no rational basis for not allowing unvaccinated classroom teachers in amongst an admitted population of primarily unvaccinated students,” wrote Porzio, adding “As such, the decision to summarily deny the classroom teachers amongst the Panel Petitioners based on an undue hardship, without any further evidence of individualized analysis, is arbitrary, capricious, and unreasonable. As such, each classroom teacher amongst the Panel Petitioners is entitled to a religious exemption from the Vaccine Mandate.”
Porzio also slammed the city’s assertion that allowing teachers religious exemptions would place undue hardship on the city, calling the claim “arbitrary, capricious, and unreasonable.”
In the order, he granted relief to 10 plaintiffs who completed the administrative steps to request an exemption. He denied relief to six plaintiffs because they did not complete the administrative process.
As part of his ruling, Judge Porzio made reference to Mayor Eric Adams’s lifting of a vaccine mandate for some private employees in 2022, notably celebrities and athletes. He said the decision was evidence that the mandate for public workers was done on an arbitrary basis.
New York City imposed a COVID-19 vaccine mandate for all Department of Education workers that started on Oct. 1, 2021, and lasted until Feb. 10, 2023. Reports indicated that thousands of workers, teachers, and other staffers lost their jobs for not adhering to the mandate. –Epoch Times
An attorney for the plaintiffs, Sujata Gibson, said that they have been “fighting for this since August of 2021 for these 10 people specifically. And we won and we won big for them,” adding “They were reinstated with back pay, with no break in service, and attorneys’ fees. That’s huge.”
“The judge’s ruling yesterday, while not everything we wanted, is a precedent-setting victory, and a watershed moment in the teachers’ fight,” she added, noting that thousands of other unvaccinated workers were similarly denied a religious exemption, and can now sue the city based on this new precedent.
Gibson added that another class action lawsuit may be in the cards.
“The court’s ruling on class certification still leaves the door open to future relief for thousands of teachers negatively affected by the vaccine requirement,” she said, adding “We intend to file a motion of reconsideration on a narrower basis.”
It comes months after a lawyer for another group of fired, unvaccinated New York City teachers claimed that Mayor Eric Adams’s administration blacklisted employees who refused to get the vaccine with a special code.
“Loosely speaking, it is like a scarlet letter,” lawyer John Bursch told the New York Post earlier this year. “The employee’s personnel file shows a [generic] problem code that could just as easily be [for] committing a crime as declining to take a vaccine for religious reasons. In some instances, when plaintiffs tried to obtain employment elsewhere, they were told that they were red-flagged because of the problem code,” he said. -Epoch Times
NYC Mayor Eric Adams rescinded the vaccine mandate for workers earlier this year, allowing some 1,700 fired workers to reapply for their jobs (without back pay or retroactive full benefits).
end
Pfizer, J&J Pressured South Africa Into Shielding Companies From COVID Vaccine Injury Claims: Documents
SATURDAY, SEP 09, 2023 – 10:30 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
Pfizer and Johnson & Johnson pressured South Africa into implementing provisions that shielded the companies from claims over COVID-19 vaccine injuries, newly disclosed documents show.
Pfizer made the implementation of indemnification and a compensation fund part of its COVID-19 vaccine contract with South Africa, according to documents obtained by the Health Justice Initiative.
One document states that South Africa was agreeing to “indemnify, defend, and hold harmless” Pfizer and its partner BioNTech, as well as their representatives, “from and against any and all suits, claims, actions, demands, losses, damages, liabilities, settlements, penalties, fines, costs and expenses” arising from claims resulting from the vaccine, including injuries.
The only exceptions were for a breach of confidentiality or fraud.
The component was “a non-negotiable” part of the agreement between the parties, the Health Justice Initiative said in an analysis of the documents.
Johnson & Johnson, meanwhile, also secured indemnification and the introduction of the compensation scheme in its contract with South Africa.
In a Feb. 23, 2021, letter, South Africa’s ministers of health and finance said that Johnson & Johnson requested the no-fault compensation scheme “to address adverse events that are suffered as a result of the administration of the vaccine.”
“It has been noted in discussions with J & J, and acknowledged by J & J, that a no-fault compensation scheme for vaccine related adverse events does not exist in South Africa, and that the available legislative mechanisms for establishing a scheme would require some time to undertake, even if the most expeditious processes available are pursued,” they wrote.
In an exhibit attached to Johnson & Johnson’s contract, officials said that the scheme would compensate people who prove a causal link between the vaccination they received and their injury, as decided by a panel of experts. Among outcomes ripe for compensation were death, injury, and disability. The level of compensation, officials said, “should be sufficient to provide long-term relief to victims.”
Officials later promulgated (pdf) regulations on April 22, 2021, establishing the scheme.
The scheme would “provide expeditious and easy access to compensation for persons who suffer harm, loss or damage as a result of vaccine injury,” the regulations stated.
Like similar schemes in other countries, including the United States, the schemes shield vaccine manufacturers from lawsuits and compensate victims with taxpayer money.
Pfizer and Johnson & Johnson did not respond to requests for comment.
“I wouldn’t say we were bullied, but we were in a catch-22 situation to save lives of South Africans against all odds,” Foster Mohale, a spokesperson for South Africa’s Department of Health, told Al Jazeera. “The department entered into these agreements to secure vaccine doses to protect the lives of South Africans against the deadly virus which claimed more than hundred thousand lives in South Africa.”
Matthew Kavanaugh, an assistant professor at Georgetown University who analyzed the contracts, said that South African officials “were at the whims of each of these companies who really exploited that opportunity.
“No kind of contract that I’ve ever signed in my life says at some point will you deliver something to us, but in whatever amount and on whatever timeline you think works for you, and in the meantime, we will agree to fully indemnify you,” added Mr. Kavanaugh, speaking on INXPrime.
Just a handful of vaccine injury claims have been paid out so far, South African Health Minister Joe Phaala said in June.
A number of side effects of the shots have been confirmed or are suspected, including blood clotting and heart inflammation. Some people have died from vaccine-induced injuries.
Read more here…
end
Megyn Kelly has autoimmune problems. She now regrets taking the vaccine!
(Ozimek/EpochTimes)
Megyn Kelly Reveals Possible Vaccine Injury, Regrets Getting COVID Shot
SATURDAY, SEP 09, 2023 – 08:30 PM
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
Megyn Kelly, a veteran journalist and podcaster, said Wednesday that she deeply regrets getting the COVID-19 vaccine because she believes she may have suffered a vaccine injury.
Ms. Kelly said that she regrets getting vaccinated and then boosted, saying she doesn’t think it was necessary—and that a doctor told her that an autoimmune condition she developed after getting the shot may be related to the vaccine.
“I regret getting the vaccine even though I’m a 52-year-old woman because I don’t think I needed it,” Ms. Kelly said during a Sept. 6 episode of her podcast “The Megyn Kelly Show.”
“I think I would have been fine. I had got COVID many times, and it was well past when the vaccine was doing what it was supposed to be doing,” she added.
“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 to do with the fact that I got the damn booster and then got COVID within three weeks? And she said yes. Yes. I wasn’t the only one she’d seen that with,” Ms. Kelly said.
Her current vaccine regret stands in contrast to remarks she made in April 2021, when she said she had “zero qualms” about getting the shot.
“Am getting the [Johnson & Johnson] vaccine this [weekend]. Have zero qualms [because] have spent a life immersed in a media obsessed with fear-mongering that is often irresponsible and untrue. Do what your doctor tells you to do and ignore everyone else,” she said in a post on X, formerly Twitter.
Ms. Kelly’s expression of regret at getting the shot comes amid reports linking spike protein-based COVID-19 vaccines to skin problems, a dull ringing in the ears known as tinnitus, visual impairments, blood clotting, and even death.
Studies have also revealed a number of issues affecting vaccinated children. For example, one recent study, published in the journal Frontiers in Immunology, shows that the mRNA-based vaccine for COVID-19 reduced children’s immune responses to other infections, making them more prone to getting sick after coming into contact with other pathogens.
Another study published by Circulation showed that some children who experienced heart inflammation after COVID-19 vaccination had scarring on their hearts months later.
The Centers for Disease Control and Prevention (CDC) continues to recommend that people of all ages receive a COVID-19 vaccine despite the risk of heart inflammation and other side effects.
Also, documents show that the Food and Drug Administration (FDA) and the CDC hid data showing a spike in COVID-19 cases among the vaccinated.
Former President Donald Trump told former Michigan gubernatorial candidate Tudor Dixon in a recent conversation on her podcast that pharmaceutical companies have an “obligation to be honest” about vaccine side effects and should disclose all relevant data on vaccine harms.
President Trump and Ms. Dixon discussed a range of issues in an episode on the Tudor Dixon Podcast last week. At one point in the discussion, Ms. Dixon asked about President Biden’s announcement to fund a new COVID-19 vaccine.
“He wants everyone to get this vaccine,” Ms. Dixon said. “And we’re hearing about a lot of complaints from vaccine injured. To say a lot is an understatement.”
She then asked President Trump about vaccine data transparency, citing reports of various adverse events, including heart inflammation and blood clots.
“Numerous pharmaceutical companies have refused to release their data on vaccine side effects,” she said. “But we’ve seen cases of myocarditis, blood clots, and heart attacks; they’re all increasing. The research has never been released.”
She asked if President Trump would “demand that the vaccine companies, that the pharmaceutical companies release their vaccine data to the public so that we can see what they’re actually seeing about the side effects of this vaccine?”
President Trump replied by saying that pharmaceutical companies “should do that,” adding that “we’re all in this together, and they should be doing that.”
In context of President Biden’s remarks about funding a new COVID-19 vaccine, the former president said that “anything new has got to be looked at very carefully.”
President Trump then reiterated the point that pharmaceutical companies should release any data on vaccine side effects.
“They should be made public immediately. People should understand that, and they should know what research is showing,” President Trump said.
He added that pharmaceutical companies would be wrong to withhold any information on vaccine injuries.
“They have to be honest with the numbers, the facts, and they have an obligation to be honest,” he said, “And if they are going to hold back, that means they’re holding back something that’s not good.”
“We’ll stand for them in many ways,” President Trump said of people who suffered vaccine injuries.
Meanwhile, the FDA has been ordered to accelerate the pace at which it releases to the public data it relied on to license COVID-19 vaccines.
In May, a federal judge in Texas ruled that the FDA must hurry up with disclosing data that underpinned its decision to license COVID-19 vaccines, ordering all documents to be made public by mid-2025 rather than, as the FDA wanted, over the course of about 23.5 years.
“Democracy dies behind closed doors,” is how U.S. District Judge Mark Pittman opened his order (pdf), which requires the FDA to produce the data on Moderna’s and Pfizer’s COVID-19 vaccines at an average rate of at least 180,000 pages per month.
END
First Case of White Dot Syndrome Emerged After COVID-19 Vaccine and Subsequent Infection, Study Shows
By Mary Gillis
The Epoch Times, New York
Sunday, September 10, 2023
https://www.theepochtimes.com/health/first-case-of-white-dot-syndrome-emerged-after-covid-19-vaccine-and-subsequent-infection-study-shows-5487751
Scientists from New Zealand have uncovered the first case of a rare eye disease linked to both the COVID-19 vaccine and the virus itself, a new study published in the Journal of Ophthalmic Inflammation and Infection reveals.
A 28-year-old otherwise healthy patient was diagnosed with multiple evanescent white dot syndrome (MEWDS) after complaining of vision problems just two days after receiving her second dose of the Pfizer-BioNTech vaccine.
The woman’s symptoms included dark blind spots, phantom light flashes, and overall decreased vision—all specific to her right eye.
According to the study, doctors discovered that the vision in her right eye went from 20/20 to 20/50. In addition, her eye tissue was torn, optic nerves were swollen, and multiple pale-colored lesions were scattered throughout the back of her eye.
After three months and without treatment, vision in her right eye returned to normal, and all other symptoms subsided.
One year later, the woman showed similar symptoms and was once again diagnosed with MEWDS, only this time in the left eye. Symptoms emerged seven days after she tested positive for COVID-19, leading researchers to suspect a link between the two events.
Similar to the first instance, no treatment was required, and symptoms resolved after nine months.
… What Is MEWDS?
According to the study, MEWDS dates back to 1984 and is considered an idiopathic inflammatory disease of the outer retina that occurs spontaneously and without concrete explanation. It is thought to be an autoimmune response.
It often occurs in young, myopic women, with a mean age of 28. However, it is also seen among people over 65.
MEWDS patients may have flu-like early symptoms that include:
— Visual disturbances such as flashes of light.
— Sudden, painless decline in central acuity in one eye.
— Partial color blindness.
It can be bilateral in some cases.
The multiple white dots in the retina usually disappear after the acute phase of the disease, hence the name “evanescent.” Recurrences of MEWDS are rare.
Treatment for the disease is often unnecessary, and most patients recover in weeks to months.
About one-third of cases occur after a viral illness. MEWDS has been linked to both viral infections and several vaccinations, including hepatitis A and B, human papillomavirus (HPV), influenza, measles-mumps-rubella (MMR), chickenpox, rabies, yellow fever, and now, COVID-19.
… Other Case Studies
This isn’t the first time a patient was diagnosed with MEWDS after receiving the COVID-19 vaccine. A 2022 study found a 31-year-old female was diagnosed when she presented similar symptoms two weeks after her second dose of the Moderna vaccine. A year later, she was diagnosed with MEWDS again after getting a second Moderna booster.
There have also been cases reported after viral infection. In 2022, a 28-year-old man was diagnosed with MEWDS two weeks after being diagnosed with COVID-19.
“There have been 15 reported cases of MEWDS following COVID-19 vaccination and at least 3 following COVID-19 infection,” the authors of the Journal of Ophthalmic Inflammation and Infection study wrote.
However, this is the first case of recurrent MEWDS following both COVID-19 vaccination and subsequent infection, they continued, urging practitioners to be on the lookout for more.
“It would be prudent for clinicians to monitor susceptible patients, especially those who have had [inflammation] following COVID-19 vaccine, to be monitored for ocular disease in the event of subsequent COVID-19 infection,” they concluded.
-END-
GLOBAL ISSUES//
end
DR PAUL ALEXANDER.
Praise for Megyn Kelly who now stands up and I recognize her AGAIN, her TDS is gone and she is now flying above the fraud media, I like her ‘reawakening’ and honesty that the mRNA technology vaccine
hurt her with auto-immune disease
| DR. PAUL ALEXANDERSEP 8 |
end
Katelyn Jetelina, a scientific adviser to the CDC continues to demonstrate why the CDC & NIH & FDA & HHS are composed of the most stupid, inept, corruptable, academically sloppy, intellectually lazy,
moronic, vapid, inane health officials! She says “It’s drastically different” than the dominant variants circulating now; & I say, so what Katelyn, so what? where is evidence it is more severe?
| DR. PAUL ALEXANDERSEP 9 |
You have no evidence, this is typical fear-porn as you lurch towards your key objective. These beasts know, like this person, that they are driving the emergence of variants like BA.2.86 (pirola) with the sub-optimal mRNA technology gene based vaccine due to selective pressure. They know exactly what they are doing and they know that any new booster (XBB1.5) will fail to sterilize the virus (stop transmission etc.) as will not match the dominant variants. They know this is theatre by them.
https://www.wsj.com/health/wellness/covid-variant-fall-2023-pirola-4839517f
What a bunch of GRADE 9 talk and what a clueless person!
end
SLAY NEWS
| The latest reports from Slay NewsKlaus Schwab Calls for Governments to ‘Merge’ with Unelected Corporate EliteWorld Economic Forum (WEF) Chairman Klaus Schwab has called on governments around the world to begin merging with the unelected corporate elite to usher in his agenda to end “the era of capitalism.”READ MORERFK Jr Catches Democrats Rigging Primary, Issues Warning: ‘It Is Simply Impossible to Challenge Biden’Robert F. Kennedy Jr. has caught the Democrats rigging the 2024 presidential primary and issued a veiled threat of a third-party run.READ MOREJim Jordan Launches Probe into Prosecutorial Abuses by Special Counsel Jack SmithHouse Judiciary Committee Chairman Jim Jordan (R-OH) has launched an investigation into allegations of prosecutorial abuses by the Office of Special Counsel Jack Smith.READ MOREOklahoma District Hires Drag Queen as Elementary School PrincipalParents have been expressing their outrage after an Oklahoma district hired a drag queen to be an elementary school principal.READ MOREElon Musk Explains How Real World Works To Carjacked Dem Who Wanted To ‘Dismantle’ Police: “The pampered ones forget why police exist”Tesla CEO Elon Musk explained how the world really works to a top Minnesota Dem who wanted to ‘dismantle’ the police during the George Floyd frenzy.READ MOREBBC ‘Disinformation’ Reporter Caught Lying on Her ResumeThe BBC’s so-called “Disinformation Correspondent” Marianna Spring has added yet more controversy to the corrupt “fact-checking” industry as she was caught lying on her resume.READ MOREBiden’s FDA Refuses to Hand Over Covid Shot Safety Data to Senator JohnsonDemocrat President Joe Biden’s Food and Drug Administration (FDA) is refusing a request from Senator Ron Johnson (R-WI) to hand over safety data regarding Covid mRNA shots.READ MOREUniversity of Arizona Teaches Nurses to Ask about ‘Gender Identity’ of Child Patients: ‘Start Around Age 3’The University of Arizona is teaching trainee nurses to ask child patients about their “gender identity.”READ MORENorth Korea Launches First ‘Tactical Nuclear Attack Submarine’North Korea has just unveiled its first “tactical nuclear attack submarine” as the hermit nation pushes to nuclearize its navy.READ MOREBill Maher Slams Lack of Reporting on Biden Scandals: Media Would Cover It ‘Every Day’ If It Was TrumpLiberal talk show host Bill Maher has slammed the corporate media for its clear double standard when it comes to reporting on the mounting scandals involving Democrat President Joe Biden and his family.READ MORERand Paul Warns of Push to Mask the American People: ‘Leave Them the Hell Alone!’Republican Senator Rand Paul (R-KY) has warned that the Democrats are pushing to bring back Covid restrictions for the American people amid claims that the new 2024 election variants of the virus allegedly pose a risk to public health.READ MORE‘Defund the Police’ Minneapolis Democrat Carjacked in Front of Kids, Changes Tune on CrimeA Minneapolis Democrat, who led calls to defund the city’s police department, has suddenly changed her tune on crime after getting violently carjacked in front of her children.READ MOREJudge Throws Book at Hollywood Star Danny Masterson: 30 Years to Life in PrisonA California judge has thrown the book at “That ’70s Show” star Danny Masterson and sentenced him to 30 years to life in prison.READ MOREThe latest reports from Slay NewsCovid mRNA Shots Have Triggered VAIDS Epidemic, Study WarnsScientists are raising the alarm after a new study shows that Covid mRNA vaccines are responsible for a global epidemic of vaccine-acquired immune deficiencies (VAIDS).READ MORECancer Cases in Young People Soar by 79%A new peer-reviewed study has revealed a disturbing spike in cancer cases among young people.READ MORECalifornia Democrats Pass Bill to Remove Children from Parents Who Refuse to ‘Affirm Gender Identity’Radical Democrats in California have passed a disturbing new piece of legislation that will allow children to be removed from their families if the parents refuse to “affirm their gender identity.”READ MOREElon Musk Sues California for Violating Twitter’s Free Speech RightsTwitter/X boss Elon Musk has filed a lawsuit against the State of California for violating the free speech rights of his company.READ MOREDemocrats Demand Fani Willis Charge Jim Jordan for Investigating CorruptionDemocrats are outraged that House Judiciary Chairman Jim Jordan (R-OH) is investigating suspected corruption in the Georgia case against President Donald Trump, and are demanding retaliation.READ MOREBiden Declares ‘Energy Emergency’ in Texas amid Rolling Blackout FearsDemocrat President Joe Biden’s administration has declared an “energy emergency” in Texas due to an “extreme heat event.”READ MOREFans Outraged over NFL Anthem Decision, Kickoff Starts with BoosA number of fans were outraged over the National Football League’s (NFL) “woke” decision about a pre-game national anthem performance.READ MOREBiden Planning to Trap Illegals in Texas, Abbott Responds by Vowing ‘Even More Buses’Republican Governor Greg Abbott has responded to Democrat President Joe Biden’s reportedly plans to trap migrants in Texas by vowing to send “even more buses” of illegals to “sanctuary cities” such as Washington D.C.READ MOREJudge Rules NYC Teachers Who Refused Covid Shots Must Get Jobs Back with Full BackpayTeachers in New York City, who were fired for refusing to comply with Covid vaccine mandates, must be given their jobs back and awarded full backpay, a judge has ruled.READ MOREFulton County Grand Jury Recommended Charges against Lindsey Graham and Georgia GOP SenatorsThe special grand jury in Fulton County, that indicted President Donald Trump and 18 others, also recommended charges against Republican Sen. Lindsey Graham (R-SC) and two former Georgia GOP senators.READ MORE |
NEWS ADDICTS:
| Megyn Kelly Diagnosed with VAIDS after Covid ShotFormer Fox News host Megyn Kelly has revealed that she’s being diagnosed with Vaccine Acquired Immune Deficiency Syndrome (VAIDS) after being vaccinated with a mRNA Covid shot.READ THE FULL REPORT |
| Bill Gates Says He Needs to Own 4 Private Jets Because He’s ‘The Solution’ to ‘Climate Change’Billionaire globalist Bill Gates has defended his jet-setting lifestyle by arguing that he needs to own four private jets because he’s “the solution” to “saving the planet” from “climate change.”READ THE FULL REPORT |
| Judge Grants Motion to Leave Texas River Barriers Under Emergency StayA U.S. Appeals Court has granted Texas an emergency stay, allowing the state to maintain the barriers it installed in the Rio Grande, at least temporarily. This decision comes in response to a federal judge’s order in Austin, issued a day prior, which mandated Texas to relocate the barriers to the riverbank on the Texas side by September 15. Furthermore, …READ THE FULL REPORT |
| Minnesota Leftist Who Led ‘Defund the Police’ Movement Gets Carjacked and BeatenShivanthi Sathanandan, a radical leftist and prominent “defund the police” advocate, and the second vice chairwoman of the Democratic Farmer Labor party in Minneapolis, suffered the consequences of a decreased police presence during a heinous attack on Wednesday night. Sathanandan reported a broken leg, severe head lacerations, and numerous cuts and bruises on her body after allegedly being assaulted by …READ THE FULL REPORT |
| Biden Administration Pushes ‘Remain in Texas’ Policy for Migrants, Forces State to Open BordersThe Biden administration is considering keeping undocumented migrant families near the Texas border during their asylum screening, restricting their travel within the U.S., according to three U.S. officials who spoke to The LA Times. The Biden “remain-in-Texas” policy would hinder migrant families crossing the southern border from coming further into the United States. The number of families crossing the southern …READ THE FULL REPORT |
| LATEST REPORTS FOR NEWS JUNKIES |
| Major US Cities Sign Pact to Ban Meat, Private Car OwnershipSeveral major American cities have signed a pact that will ban the public from owning private cars and consuming meat and dairy products by the year 2030.READ THE FULL REPORT |
| Klaus Schwab Tells World Leaders ‘End of Capitalism’ Is HereWorld Economic Forum (WEF) founder Klaus Schwab has told global leaders that the “end of capitalism” has arrived and instructed governments to begin ushering in his “great reset” agenda.READ THE FULL REPORT |
| Liberals Want Fani Willis to Charge Jim Jordan for Doing his Job of Investigating Apparent CorruptionIn response to House Judiciary Chairman Jim Jordan’s (R-OH) request for information in the Georgia Case involving former President Trump, Fulton County District Attorney Fani Willis accused him of obstruction. Willis wrote in part, “Your attempt to invoke congressional authority to intrude upon and interfere with an active criminal case in Georgia is flagrantly at odds with the Constitution. The …READ THE FULL REPORT |
| Gavin Newsom Declares He Won’t Run in 2024, Endorses Kamala Harris as the Natural Successor to BidenChuck Todd asked California Democrat Governor Gavin Newsom, “Why shouldn’t we consider you a likely candidate?” Newsom laughingly answered, “I think the vice president is naturally the one lined up, the filing deadlines are quickly coming to pass and I think we need to move past this notion that he’s not going to run.” Newsom continued, “We’re looking forward to … |
EVOL NEWS
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
CHINA/IRAN
China imports massive amounts of Iranian oil and this is in breach of USA sanctions
(zerohedge)
Chinese Imports Of Iran Oil Soar To Near Record In Clear Breach Of US Sanctions
FRIDAY, SEP 08, 2023 – 10:40 PM
Less than a month ago, we reported that according to Kpler estimates, China was expected to import as much as 1.5 million barrels per day (bpd) of crude oil from Iran in August, the most since at least 2013.
On Thursday, the latest China trade data confirmed just that when customs data revealed that China snapped up Iranian shipments, and state-owned processors ramped up operating rates after a period of maintenance work, in clear breach of US sanctions, soft as they may be, on Iranian oil purchases.
China nation imported 52.8 million tons of crude oil last month, equivalent to 12.5 million barrels a day, 21% more than July, according to Bloomberg calculations. The monthly volume was near a record set in June 2020.
Chinese purchases were driven by a binge on Iranian crude supplies, said Viktor Katona, lead crude analyst with Kpler ahead of data release, as offers from the Persian Gulf producer was “by far the most price-competitive option”. Additionally, imports were also driven by Chinese refiners’ re-stockpiling activity, he added.
Importers were keen to buy discounted barrels from Russia and Iran in order to maximize profit margins from domestic and overseas fuel sales. State refiners were running at record rates in August, according to OilChem. A bumper exports quota issued last week means plants will keep their runs and inflows elevated in support for growth.
Meanwhile, as noted earlier, Chinese oil products exports rose 11% to 5.89 million tons in August, the highest since February, as China aggressively ramped up its refinery output, in the process grabbing market share from Western processors crushed by idiotic, green and “woke” policies and regulations that seek to crush US fossil fuel industries and hand the market to China on a silver platter.
END
Iran/CHINA USA
Expect huge retaliation from Iran with this one million barrels of seized Iranian oil allegedly en route to China
(zerohedge)
US Confirms It Seized Nearly 1 Million Barrels Of Iranian Oil Allegedly En Route To China
MONDAY, SEP 11, 2023 – 08:40 AM
Authored by Mimi Nguyen Ly via The Epoch Times,
The U.S. government has confirmed that it seized nearly a million barrels of crude oil from Iran that was allegedly bound for China.
The Justice Department (DOJ) confirmed on Sept. 8 that in April, the United States seized a shipment of crude oil from the Islamic Revolutionary Guard Corps (IRGC), a designated foreign terrorist organization.
In confirming the confiscation, the department also announced its first criminal resolution involving the illicit sale and transport of Iranian oil, which is a violation of U.S. sanctions.
“This is the first-ever criminal resolution involving a company that violated sanctions by facilitating the illicit sale and transport of Iranian oil and comes in concert with a successful seizure of over 980,000 barrels of contraband crude oil,” the announcement reads.
US Seizes Sanctioned Oil
Unsealed court documents show that in April, the United States seized from the tanker Suez Rajan contraband cargo that was allegedly being sold by the IRGC to China.
On April 19, the vessel’s owner, Suez Rajan Ltd., pleaded guilty to conspiring to violate the International Emergency Economic Powers Act (IEEPA) in smuggling the sanctioned Iranian crude oil. Under a plea agreement, the company agreed to pay a $2.4 million fine and face three years of corporate probation.
Greek shipper Empire Navigation, the operating company of the Suez Rajan, agreed to cooperate and transport the Iranian oil to the United States at its own expense, a task that has since been completed.
“The contraband cargo is now the subject of a civil forfeiture action in the U.S. District Court for the District of Columbia,” the DOJ stated. “The United States’ forfeiture complaint alleges that the oil aboard the vessel is subject to forfeiture based on U.S. terrorism and money laundering statutes.”
Hiding Oil’s Origin
The U.S. Treasury has stated that Iran’s oil smuggling revenue supports the Quds Force, an elite unit within the IRGC that operates across the Middle East.
The complaint accuses several groups linked to Iran’s IRGC and the Quds Force of secretly selling and shipping Iranian oil to China.
The prosecution relied on satellite images, as well as documents, to allege that the Suez Rajan attempted to disguise its acquisition of Iranian crude oil from one tanker by falsely claiming that it received the oil from a different tanker.
They allegedly hid the oil’s origin through methods including ship-to-ship transfers, as well as masking the locations and identities of the vessels involved via false reporting and false documents.
The complaint also alleged that the vessel’s charterer used the U.S. financial system to facilitate the transportation of the oil.
The court documents allege that “profits from oil sales support the IRGC’s full range of malign activities, including the proliferation of weapons of mass destruction and their means of delivery, support for terrorism and both domestic and international human rights abuses,” according to the DOJ.
For months, the tanker sat in the South China Sea near Singapore’s northeast coast, before sailing for the Texas coast. The vessel transferred its cargo to another tanker, which released its oil in Houston in recent days.
At the time, U.S. authorities wouldn’t confirm that they were seizing the cargo or that the vessel was en route to the United States. But the DOJ on Sept. 8 confirmed that the U.S. government had seized the oil.
Iran Seizes Tankers
Shortly after the Suez Rajan headed to the United States, Iran seized two tankers in late April—the Advantage Sweet, flying the Marshall Islands flag and heading toward the United States in the Gulf of Oman, and the Niovi, owned by Greece traveling to the United Arab Emirates’s Fujairah from Dubai. In response, the U.S. Navy condemned Iran for its “continued harassment of vessels and interference with navigational rights in regional waters.”
The U.S. military in early July stated that it stopped two more Iranian attempts to seize commercial tankers in the Gulf of Oman.
That same month, the top commander of the IRGC’s naval arm threatened further action against anyone offloading the Suez Rajan with Iranian state media linking the recent seizures to the cargo’s fate.
Late on Sept. 6, the United States updated its warning to shippers traveling through the Middle East.
“Commercial vessels transiting through the Persian Gulf, Strait of Hormuz, and Gulf of Oman continue to be illegally boarded and detained or seized by Iranian forces,” the warning reads.
With the world’s fourth-largest reserves of oil, Iran is highly dependent on oil revenue. But sanctions have restricted its ability to pump at anywhere near capacity since 2018.
This year, Iranian oil exports have mostly been above 1 million barrels per day despite U.S. sanctions, according to the commodity data firm Kpler. In May and June, it went above 1.5 million barrels per day, with figures in August sitting at 1.4 million barrels daily, Kpler’s data show. China is believed to be a major buyer of Iranian oil, likely at a significant discount.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//BRICS
MOROCCO
Powerful earthquake rattles Morocco with many dead
(zerohedge)
Powerful Quake Rocks Morocco, Death Toll Climbs Above 800 People
SATURDAY, SEP 09, 2023 – 08:45 AM
A powerful earthquake rocked Morocco late Friday night, killing over 800 people and causing buildings to crumble across the Atlas Mountains to the ancient city of Marrakech.
The epicenter of the magnitude-6.8 quake struck the High Atlas Mountains around 2300 local time at a depth of about 11 miles, the United States Geological Survey stated in a preliminary report.
Millions across Marrakesh, Casablanca, Rabat, Fez, and several other cities felt the quake in the overnight hours.
USGS said the quake was the strongest in over a century:
Earthquakes of this size in the region are uncommon but not unexpected. Since 1900 there have been 9 M5 and larger earthquakes, none of which are over M6. Most of these events have occurred east of the September 8, 2023, earthquake.
Morocco’s state television, Al Aoula, reported that the death toll had risen to 820 on Saturday afternoon. Officials expect the number of deaths to continue climbing as rescue operations are underway.
Bill McGuire, professor emeritus of geophysical and climate hazards at University College London, was quoted by NRP, who said:
“The problem is that where destructive earthquakes are rare, buildings are simply not constructed robustly enough to cope with strong ground shaking, so many collapse resulting in high casualties.
“I would expect the final death toll to climb into the thousands once more is known. As with any big quake, aftershocks are likely, which will lead to further casualties and hinder search and rescue.”
Leaders of G20 countries have offered Morocco support following the deadly quake.
French President Emmanuel Macron posted on X, “We are all shocked after the terrible earthquake in Morocco. France stands ready to help first aid responses.”
President Biden said he was “deeply saddened” by the quake: “We are working expeditiously to ensure American citizens in Morocco are safe, and stand ready to provide any necessary assistance for the Moroccan people.”
Morocco’s deadliest quake on record dates back to a magnitude 5.8 that struck Agadir in 1960 and killed about 12,000 people.
END
ARGENTINA
The plight of Argentina and how dollarization must help them
(Dr Lacalle)
Argentina – Dollarization Is Viable And Urgent
MONDAY, SEP 11, 2023 – 10:00 AM
The viability of a currency change and the loss of “monetary sovereignty” are frequently discussed in the argument over dollarization in Argentina, but the most crucial aspect is sometimes overlooked: the peso is a failed currency. Due to the common belief that “the dollar is rising” when the peso is falling, this important element is disregarded in the media in Argentina.
The peso is a failed currency. Why?
First, there are more than ten bogus peso exchange rates. The “dollar blue” is the closest approach to a real exchange rate that represents the real value of the currency. A country with ten or more exchange rates has a fictitious and failing currency.
Second, the demand for pesos on the domestic and foreign markets is almost nonexistent and far removed from the abnormal expansion of the monetary base. The demand for pesos is at its lowest level in 20 years, and it has been declining steadily since 2020, according to the Libertad y Progreso Foundation, but during that same time the money supply (monetary base) has increased by four times. According to the Central Bank of the Argentine Republic, the monetary base has grown by 443% since 2018 and by more than 1,961% over the course of ten years.
Third, at the close of this article, the Central Bank has issued remunerated debt (Leliqs, Pase) that exceeds 12% of GDP, which is a massive financial time bomb. In five years, the monetary base has grown by 1,050%, including the mentioned Leliqs, an impending monetary bomb, which means more printing when they mature and rising inflation in the future. Argentina’s citizens are aware that the relentless assault of an extractive and confiscatory monetary policy will cause their currency’s buying power to collapse.
A failed currency is evident when any restaurant will give you a discount of up to 30% if you pay with cash since they are aware that they will lose money when they receive the money from credit card bills from the bank.
Is it possible to dollarize?
Undoubtedly. In fact, Argentineans already dollarize everything they can to avoid the financial onslaught of the government. Keeping any pesos means literally losing money every day.
To dollarize, Argentina must close the exchange rate gap, as there is an enormous difference between the official rate and the real-unofficial one, and close the Leliq and Pase monetary gaps. The gap between the official and real exchange rates is almost two times the official value. To do this, an immediate reform must be implemented, and all export restrictions must be lifted in addition to the exchange rate clamp (cepo cambiario). In other words, opening the Argentine economy to generate reserves (dollars) is not difficult for a wealthy nation with plenty of options. The exchange rate clamp is another proof of a failed currency as the government tries to seize the few dollars that enter the economy rather than maximize the inflow of reserves with a free market and open economy.
Dollarization also requires the removal of financial and bureaucratic barriers. Governments in Argentina frequently disregard the notion that isolation and autarky only lead to poverty. A drastic adjustment to political spending must be made to remove the Central Bank of Argentina’s skewed incentive to keep monetizing unsustainable public deficits.
Numerous expenses that cover cronyism and political spending that can and should be cut account for around 20% of the budget. The government in Argentina spends more than 8% of the GDP on items that are pure political expenditures, and there are hundreds of completely unnecessary items that are lost in corruption. The country would achieve a fiscal surplus as a result of this change, enabling quick dollarization.
Furthermore, Argentina’s massive trade imbalance in the first half of 2023, despite having practically everything the world needs, is an economic aberration. For the first half, the trade imbalance exceeded $4.368 billion. It is unconscionable that a wealthy nation with great potential sees a 24.7% decline in exports because of the government’s misguided monetary and fiscal policies, which make exporting economically unviable. In a year when Argentina should be setting records for exports, we are talking about the largest trade deficit for a first semester since 2018.
A drastic shift in interventionist policies at the fiscal and monetary levels would result in a commercial and fiscal surplus for the nation, creating wealth and boosting the purchasing power of budgetary items like Social Security and retirement plans that shouldn’t be touched. In fact, these pensions and support programs would have far higher purchasing power with the infusion of reserves and monetary control.
Losing monetary sovereignty?
Why monetary sovereignty is desired is the question that we must ask ourselves. The alleged monetary sovereignty in Argentina has only contributed to widespread corruption, poverty, and the massive devaluation of the peso. Furthermore, the extractive monetary policy has long since destroyed any real monetary sovereignty. Argentina’s government and central bank lack legitimacy and demand as currency issuers, and as a result, lack sovereignty. You might assume that switching to a new administration would remedy this, but the evidence demonstrates that as soon as populist measures are reinstated, the monetary imbalance spirals out of control once more. Let’s not forget that Macri took over the government when the Central Bank had a financial hole in its issued debt totaling more than 22 billion equivalent US dollars.
Given that perpetual devaluation makes citizens more dependent and captives of political power, the issue with monetary sovereignty is that it grants control over the supply of currency to those who stand to gain from its depreciation, namely politicians. Populists blame supermarkets for inflation and position themselves as the solution to the crisis that politicians themselves caused. It is quite easy to make large-scale promises of subsidies with money that you do not have and to give them out in large quantities of constantly depreciating currency. The goal of monetary annihilation is not just to destroy money but also to absorb economic prosperity for the benefit of political power, which grows exponentially richer and, of course, in dollars.
What about boosting yuan-based trade with China? The issue in Argentina is not whether it should trade in dollars, euros, or Chinese yuan. With the current course of action, Argentina will not cease destroying the peso, which has lost almost 90% of its value versus the yuan and more against the US dollar over the past ten years.
Some people don’t seem to comprehend that the peso, rather than the dollar or yuan, is the problem and that Chinese businesses and governments won’t accept pesos for their international transactions. Contrary to what some populists may try to portray, China is a far stricter and more demanding lender. Argentina’s export potential and access to a free and open international financial system make dollarization relatively simple. China has capital controls and does not accept pesos as a security. Yuanizing is significantly more challenging, but doing so would require the same fiscal and trade adjustments I mentioned.
What about gold? Implementing a gold standard would help but Argentina has almost no gold reserves and it would not even matter. There is no confidence in the issuer of pesos to believe that it would be truly backed by gold reserves, just as there was no trust in the Petro in Venezuela, which ultimately vanished.
The populist governments’ inflationary impoverishment incentive can only be stopped by dollarization. More poverty and inflation will likely result from not dollarizing.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR: 1.0727 UP 0.0034
USA/ YEN 146.76 DOWN 0.973 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2516 UP 0.0085
USA/CAN DOLLAR: 1.3612 DOWN .0014 (CDN DOLLAR UP 14 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 26.06 PTS OR 0.84%
Hang Seng CLOSED DOWN 139.08 PTS OR .43%
AUSTRALIA CLOSED UP 0.40 % // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG
/SHANGHAI CLOSED UP 26.06 PTS OR 0.84%
AUSTRALIA BOURSE CLOSED UP 0.40%
(Nikkei (Japan) CLOSED DOWN 139.08 PTS OR 0.43%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1925.75
silver:$23.09
USA dollar index early MONDAY morning: 104.33 DOWN 38 BASIS POINTS FROM FRIDAY’s CLOSE.
MONDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing MONDAY NUMBERS 11: 30 AM
Portuguese 10 year bond yield: 3.360% UP 3 in basis point(s) yield
JAPANESE BOND YIELD: +0.693% UP 6 AND 0//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.684 UP 5 in basis points yield
ITALIAN 10 YR BOND YIELD 4.390 UP 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6380 DOWN 5 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0746 UP 0.0052 or 52 basis points
USA/Japan: 146.59 DOWN 1.351 OR YEN UP 135 basis points/
Great Britain/USA 1.2529 UP 0.0067 OR 67 BASIS POINTS //
Canadian dollar UP .0033 OR 33 BASIS pts to 1.3596
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE CLOSED (UP) …7.2894
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.3008)
TURKISH LIRA: 26.89 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.693…VERY DANGEROUS
Your closing 10 yr US bond yield UP 4 in basis points from FRIDAY at 4.286% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.365 DOWN 2 in basis points ON THE DAY/12.00 PM
USA 2 YR BOND YIELD: 4.991 UP 4 BASIS PTS.
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates MONDAY: CLOSING TIME 12:00 PM
London: CLOSED UP 20.74 POINTS or 0.28%
German Dax : CLOSED UP 61.51 PTS OR 0.39%
Paris CAC CLOSED UP 39.29 PTS OR 0.54%
Spain IBEX UP 71.90 PTS OR 0.77%
Italian MIB: CLOSED UP 285.48 PTS OR 1.01%
WTI Oil price 87.13 12: EST
Brent Oil: 90.27 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 95.23; ROUBLE UP 2 AND 54//100
GERMAN 10 YR BOND YIELD; +2.6380 UP 4 BASIS PTS
UK 10 YR YIELD: 4.5085 UP 4 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0743 UP 0.0055 OR 55 BASIS POINTS
British Pound: 1.2514 UP .0053 or 53 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.5130% UP 5 BASIS PTS//
JAPAN 10 YR YIELD: .686%
USA dollar vs Japanese Yen: 146.54 DOWN 1.207 //YEN DOWN UP 121BASIS PTS//
USA dollar vs Canadian dollar: 1.3577 DOWN .0052 CDN dollar UP 52 basis pts)
West Texas intermediate oil: 87.26
Brent OIL: 90.57
USA 10 yr bond yield UP 2 BASIS pts to 4.280%
USA 30 yr bond yield UP 3 BASIS PTS to 4.363%
USA 2 YR BOND: DOWN 1 PTS AT 4.980 %
USA dollar index: 104.55 DOWN 54 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 26.88 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 95,08 UP 2 AND 70/100 roubles
GOLD 1922.35
SILVER: 23.08
DOW JONES INDUSTRIAL AVERAGE: UP 87.13 PTS OR 0.25%
NASDAQ UP 181.63 PTS OR 1.69%
VOLATILITY INDEX: 13.79 DOWN 0.05 PTS (0.36)%
GLD: $178.41 UP 0.33 OR 0.19%
SLV/ $21.16 UP 0.15 OR 0.71%
end
USA AFFAIRS
USA TRADING IN GRAPH FORM
Big-Tech Best, Bitcoin Battered As Event-Risk-Ridden Week Looms
MONDAY, SEP 11, 2023 – 04:00 PM
A relatively news-less day saw mega-cap tech (and the dollar) shrug off rising rates as bitcoin was clubbed like a baby seal.
Source: Bloomberg
Tesla soared on an MS upgrade (related more to AI)…
And so Nasdaq outperformed. The Dow and Small Caps limped lower after early gains but held on to green. The S&P was in the middle. With about 15 mins to go in the day we saw some profit-taking
0-DTE helped lift the S&P above its 50DMA but then covering dragged it back down…
This sent the Nasdaq to its all-time high relative to Russell 2000…
Source: Bloomberg
From here on it gets interesting with CPI, PPI, Retail Sales, Triple-Witching OpEx, and The Fed coming up…
Source: Bloomberg
Treasuries were mixed today but traded in very narrow ranges. The long-end underperformed with all the selling coming at the Asian open…
Source: Bloomberg
NYFRB one-year inflation expectations ticked higher (from 3.5% to 3.6%) in their latest survey echoing the recent uptick in the market’s pricing for inflation expectations…
Source: Bloomberg
2Y yield topped 5.00% briefly today before falling back but ranges were very narrow…
Source: Bloomberg
The dollar dumped today, its 2nd biggest daily decline since Feb…
Source: Bloomberg
The dollar’s drop hit at key resistance once again…
Source: Bloomberg
Bitcoin tumbled back below $25,000 – with some talk of FTX dumping assets – erasing all of the post-BlackRock ETF gains starting in mid-June…
Source: Bloomberg
A lot of chatter in crypto that Altcoins face significant downside as FTX potentially seeks to dump its $3.4BN digital asset holdings. And this is happening as BTC is close to a ‘death cross’ – 50DMA dropping below 200DMA…
Source: Bloomberg
Oil prices were modestly lower on the day, but look like they are coiling-up/consolidating after the big jump…
Gold ended higher, holding some of the overnight gains (twice topping $1930 Spot)…
Source: Bloomberg
Finally, with Triple-Witching looming, we note that Goldman suggests VIX is significantly ‘cheap’ (low) relative to the macro-environment…
And remember, the seasonals favor you…
Is everyone really prepared for a resurgence in CPI?
TUCKER CARLSON…
end
II USA DATA
III) USA ECONOMIC STORIES
The pay cuts for new hires at Walmart speaks volumes as to the strength of the uSA economy
(zerohedge)
Walmart Pay Cuts For New Hires Indicates Economic Downturn Has Arrived
FRIDAY, SEP 08, 2023 – 07:20 PM
The latest jobs reports (read: here & here) have revealed the US labor market, while still adding jobs, shows signs of cooling. Walmart, the nation’s largest private employer, has noticed the slowdown and is cutting pay for new store hires.
According to documents reviewed by The Wall Street Journal, the retailer introduced a new payment structure for new employees that went into effect in mid-July. Anyone who is hired today receives less pay than someone who was hired three months ago.
The new payment structure means new hires who join the digital or stocking departments will make about a dollar an hour less than they would have if hired earlier this year.
“This will allow for better staffing throughout the store,” said one of the documents. Walmart has already raised hourly pay for 50,000 workers because their pay was below the new minimum.
On Thursday, a Walmart spokeswoman confirmed the pay structure change, adding it allows new workers to learn and improve on skills to climb the company ladder.
News of Walmart’s pay reduction for new hires comes as the labor market appears to be cracking:
- Labor Market Implodes: Job Openings Crater, Prior Data “Unexpectedly” Revised Sharply Lower
- Unemployment Rate Unexpectedly Surges As BLS Revises Payrolls For Every Month In 2023 Sharply Lower
More importantly, David Bassuk, the global head of retail at AlixPartners consulting firm, noted that retailers are scrambling to cut costs ahead of a period of consumer weakness.
“This is one example of many where retailers are doing everything they can to try to head off increasing costs,” Bassuk said.
Walmart’s moves “signal the industry where things are either headed or what they should be considering,” he said. “I think we are starting to see the pendulum start to swing back to a different set of priorities.”
The retailer sees precisely what we’ve explained to readers in recent months: low/mid-tier consumers are tapped out after two years of negative real wages that forced them to deplete savings while boosting credit card spending to make ends meet. Now, student loan payments are kicking in and will serve as an even larger economic headwind.
Goldman’s take on all of this is that the wage-price spiral is over:
It is worth noting that the market ticked higher as soon as the WMT story hit about looking to lower labor costs. Keep in mind, they were among the very first large companies to make major wage investment announcements years ago so this does feel like a notable story. Even if not an immediate needle mover to numbers, it is likely to be a driver for sentiment given the market’s large focus on CPI. “Walmart is paying some new store workers less than it would have three months ago, a sign that employers are seeking to cut labor costs as the once-hot market for hourly staff cools.” This is the first story of this kind we have seen. Also, they are the keynote speaker on day 1 of our retail conference next Tuesday, the 12th.
In a recent earnings call, Walmart’s CFO voiced concerns about “uncertainty in the economy during the rest of the year.” The decision to reduce pay suggests that America’s largest employer is already feeling downward pressure in the economy.
end
With Biden stating he is not worried, then you should worry
(zerohedge)
Potential UAW Strike Could Plunge Michigan Into Recession, Yet Biden Administration Remains ‘Not Worried’
MONDAY, SEP 11, 2023 – 12:05 PM
The pro-union Biden administration has been very confident United Auto Workers won’t strike against Detroit’s “Big Three” automakers – General Motors, Ford, and Stellantis, the producer of Chrysler – and a deal will be struck before Thursday. Even though Bank of America Securities warned clients, a “strike is almost guaranteed.”
Earlier this month, Biden was vacationing at his beach house in liberal white-elitest Rehoboth Beach when he said, “I’m not worried about a strike. I don’t think it’s going to happen.”
As the Thursday deadline looms, one which UAW’s current contract with the automakers expires, Deputy Treasury Secretary Wally Adeyemo reaffirmed Biden’s stance that there will be no strike.
Adeyemo told CNBC this morning that UAW leaders and automakers are well-positioned to hammer out a new four-year labor agreement for approximately 146,000 workers before the deadline.
He said both sides want to reach a new labor contract because it’s in their best economic interests, adding, “They’re well positioned to cut this deal, that’s what we expect them to do.”
However, John Murphy, a senior auto analyst at Bank of America Securities, warned clients last week that a strike was “almost guaranteed.”
Murphy expects negotiations will result in a 25-30% increase in labor costs over the next four years with “sizable cash signing bonuses and adjustments to other benefits” once contracts are finalized.
He said the word on the street is “UAW may offer a counter-proposal to the OEM offers shortly” but warned, “We continue to believe a strike is very likely after the Master Agreement expires next Thursday, September 14.”
Bloomberg cited new data from economic consultancy Anderson Economic Group that showed just ten days of strikes at General Motors, Ford, and Stellantis factories could reduce US gross domestic product by $5.6 billion and quickly spiral Michigan’s economy into a recession.
“If we were to have a long strike in 2023, the state of Michigan and parts of the Midwest would go into a recession,” said Patrick Anderson, chief executive officer of Anderson Economic.
Anderson said, “When GM workers went on strike in 2019, you saw gross state product drop in Michigan in the fourth quarter, while in the rest of the country it was largely unaffected. That won’t be the case this time if the UAW goes through on its threat to strike all three companies.”
Here’s Anderson Economic’s economic loss forecast for a ten-day strike:
Any such labor action could be bad news for car buyers as it would cause some models to soar in price due to scarcity issues. However, the walkout could send key commodity prices lower, especially hot-rolled steel.
Charlie Chesbrough, senior economist at Cox Automotive, said major automakers have about 58 days’ worth of inventory. He said, “I don’t know that a couple of weeks would have a noticeable impact in the marketplace.”
Chesbrough said it would be a different story if the strike “goes on for a couple of months,” indicating supply chain snarls as ones experienced during Covid could reemerge.
What became evident last week is that the labor contract offers from all three automakers to UAW fell significantly short of the union leader’s demands. UAW President Shawn Fain described GM’s labor contract proposal as “insulting.”
The only issue with unions demanding higher wages, and some even succeeding, such as UPS Teamsters locking in a handsome contract for their delivery drivers, comes when the Federal Reserve is trying to cool inflation. And if unions get what they want, this will make the Fed’s job even harder.
USA// COVID//VACCINE/
end
SWAMP STORIES
Victor David Hanson on Hunter Biden
(VDH)
Victor Davis Hanson: What Game Is Hunter Biden Playing?
FRIDAY, SEP 08, 2023 – 08:20 PM
Authored by Victor Davis Hanson,
What shameless act or felonious activity was not evidenced on Hunter Biden’s laptop?
Racist attitudes toward Asians?
Soliciting prostitution?
Felonious use of drugs?
Photographed nudity and perverse sex?
Admissions to illicit foreign shakedowns?
Hunter all but accused his own father, President Joe Biden, of also being on the foreign take:
“I hope you all can do what I did and pay for everything for this entire family … Unlike Pop I won’t make you give me half your salary.”
Hunter’s alleged felonies range from bribery to tax evasion. That he has not yet been prosecuted for anything is scandalous. His exemption is attributable only to Attorney General Merrick Garland’s likely weaponized directives to federal prosecutors to downgrade or forget altogether felony charges against Hunter.
So given such wild behavior, why would not Hunter tone it down, stop the global grifting, cease the reckless behavior — and quit redirecting attention to the likely illegal acts of his father, the president?
Why did not Hunter early on just settle the child support suit filed by his paramour Lunden Roberts? Why haggle over money for his own daughter?
Hunter instead outrageously claimed near poverty. That excuse was hilarious given he flies on private jets and pays nearly $16,000 a month to rent a house in tony, celebrity-ridden Malibu.
Why did Hunter ever get involved with a performance stripper in the first place after his past widely publicized liaisons with prostitutes? Why also with his own widowed sister-in-law?
Given Hunter has little or no experience or training in high-stakes international finance and investment — and thus has no market value as an investor or broker. But he was infamous for translating that nothingness into millions in lucre due solely to his ability to monetize the influence of then-Vice President Joe Biden.
So why now when under 24/7 scrutiny, would Hunter dare recreate himself as an “artist,” by blowing through straws in his mouth?
His amateurish canvasses somehow have sold for up to $500,000 a pop. Both Biden donors and gamers saw their buys of such mediocre art as gambits either to meet with or profit from his father, Joe Biden.
But would not his painting grift only bring greater prosecutorial scrutiny and greater embarrassment to the president?
Hunter Biden’s attorneys sought to leverage federal prosecutors into agreeing to drop their charges — by threatening to call in as a pro-Hunter witness President Joe Biden himself and thereby likely invoke a constitutional crisis!
In such a scenario, the president under oath would be forced to lie again that he had no knowledge of or involvement in Hunter’s illegal behavior. Or if he admitted the truth that he did, he would thus contradict years of his adamant denials.
Why would Hunter put his father and president in such a publicity circus?
Hunter has lost an incriminating laptop by abandoning it at a repair shop. He has forgotten his crack pipe in a rental car. His illegally registered handgun turned up in a trash dumpster near a school.
So would not the carefree Hunter insist that all the Bidens in the spotlight remain extra careful never to abandon incriminating drugs — especially in the White House.
Yet in a West Wing first, recently cocaine was found lost in an entrance vestibule. Various media outlets claimed it belonged to someone in the “Biden family orbit.”
One of two things explain the continuous reckless behavior of wayward son Hunter Biden:
- One, he is either still on drugs or so suffers from past addiction that he has lost all common sense and judgment, and simply cannot control his behavior.
- Or, two, Hunter is an embittered, angry son. As the Biden bagman for foreign shakedown cash, he did the dirty work and most risked the legal exposure that made all the Bidens rich.
Yet, instead of familial praise — or so the broke Hunter seems to whine on his laptop –Hunter gets no respect from those he enriched.
And now he, not they, might first go to jail.
As a result, does his continuous recklessness send a not so-subtle reminder to all the Bidens – his father the “Big Guy” especially?
That is, Hunter is not going to take the fall.
He will not end up in prison for decades while the other exempt Bidens continue to enjoy their ill-gotten riches, due to Hunter’s imaginative cons.
No wonder the first family for months moved Hunter into the White House and put him on Air Force One.
Is it now, “Keep Hunter close and self-important — or else”?
END
The “Why Not” Culture: Why The Georgia Final Report Should Worry Us All
MONDAY, SEP 11, 2023 – 03:05 PM
Below is my column in the Hill on release of the final report of the Special Purpose Grand Jury in Georgia. The recommendation for sweeping indictments involving 39 people, including current and former senators, only magnifies fears over political prosecutions.
For many of us, the inclusion of figures like the senators reflects a rogue grand jury.
However, Rep. Adam Schiff (D., Cal.) insisted that Sen. Lindsey Graham was “lucky” not to be indicted. According to Schiff, Graham calling Georgia officials about the counting or discarding of votes was enough to justify a criminal charge. Presumably, since Graham could be indicted with Trump, Schiff would also consider him eligible to be barred from ever running again for office under the 14th Amendment, as discussed below.
It is the “why not” approach to criminal and constitutional law.
Here is my column:
With the release of the special grand jury final report in Georgia, the nation finally was able to see what foreperson Emily Kohrs last February was giggling about in interviews.
Call it the “Why not?” report.
Back then, when Kohrs was asked if there were recommended charges, she chuckled and said, “Can you imagine doing this for eight months and not coming out with a whole list of recommended indictments? It’s not a short list. It’s not.’”
In addition to nodding at an expected Trump indictment, she added, “There may be some names on that list that you wouldn’t expect.” After all, why not?
The final product did not disappoint. The members recommended 39 people for prosecution, including Sen. Lindsey Graham (R-S.C.) and former Sens. Kelly Loeffler (R-Ga.) and David Perdue (R-Ga.). They also included lawyers who argued for recounts or investigations into alleged election fraud.
While the report expressly claims that the Fulton County District Attorney’s office did not create the list, it was the office of Fani Willis that presented the law, the evidence and potential targets to the special grand jury. During that process, these members concluded that politicians voicing support for the former president and his allegations could be criminally charged for doing so.
The news that Willis did not indict Graham and others infuriated many on the left. Liberal websites were inundated with comments like “I want all the enablers charged, tried, and given long sentences as traitors to our country” and asking why the list did not include Senators Grassley, Cruz, Lee and “147 current and former members of the House, just to name a few.”
The disappointment of the special grand jury members and commentators is understandable. When one reads the indictment of the 19 defendants, it is surprising that all of the other 20 were dropped. While the indictment does contain serious charges against some individuals, Willis used a sweeping racketeering theory to indict in gross.
One possible reason Willis dropped some of these targets is that she knew the indictment of these senators would have been quickly and firmly rejected by the courts as the criminalization of political speech.
However, the 160 individual acts detailed in Willis’s report include speeches and social media postings by Trump and others claiming evidence of widespread voting fraud.
I disagree with those claims, but many citizens held the same suspicions of the election. Many still do.
It is understandable why the grand jurors thought that anyone pushing these claims was committing a crime, given the 160 acts cited by Willis. Graham, for example, called Georgia Secretary of State Brad Raffensperger after the November 2020 election to ask about absentee ballots and whether groups of ballots could be rejected.
That call was not ultimately deemed worthy of an indictment. However, Willis launched her investigation based on Trump’s continued demands that Raffensperger investigate the vote tally in two other calls. Once again, I agreed then and now with Raffensperger in his refusal. But the question is whether such requests are evidence of a crime.
I have long criticized the misrepresentation of the two Georgia calls by the Washington Post, which later issued a correction in its reporting. Although it recently made a startling contradictory statement on the truth of its original claims, the transcript of the calls shows that Trump did not tell officials to simply add more than 11,000 votes.
I still disagree with his claims, but I have maintained that Trump was making a predictable argument in a settlement negotiation that he only needed that number of votes and that a new recount or continued investigation would find them.
My questioning of the use of the calls as evidence of a crime has given many people the vapors. They insist that it was preposterous to think that Trump was actually asking for continued recounts or investigations instead of demanding that Raffensperger commit fraud. Yet Raffensperger himself recently took the stand and confirmed that the call was a “settlement negotiation” over whether to conduct further recounts or investigations.
The question is when advocacy or inquiries or negotiations become criminal acts. Willis’s first grand jury clearly believed that senators who called for recounts or Raffensperger’s resignation should go to prison. The comparison between their recommendations and the eventual indictment does not clearly answer how such acts are distinguishable as crimes.
The same lack of limiting principle is evident in the new theory being pushed by various experts under the 14th Amendment to bar Trump from ballots on the grounds that he “engaged in insurrection or rebellion” or gave “aid or comfort to the enemies thereof.” Beyond the tendentious claim that the Jan. 6 riot was an actual insurrection, they also maintain that the provision is self-executing, requiring no vote of Congress for secretaries of state to bar Trump from next year’s ballots.
Even though Trump has not been charged, let alone convicted, of insurrection (or even incitement), these advocates believe that he can be removed from the ballot because of his election claims, his inflammatory rhetoric and his delay in calling for supporters to leave the Capitol. This is one of the most dangerous legal theories to arise in decades.
This week, Democratic Arizona Secretary of State Adrian Fontes aptly described the claimed right to disqualify as a “radical” measure that would “encompass every elected office in our government — state, local, federal, and so forth.” Indeed, Democrats have called for barring not just Trump but 120 Republicans in Congress from running for office.
As with the Georgia special grand jury, the question is “Why not?” If the standard is “giving aid or comfort” to insurrectionists, then why not throw hundreds of other Republicans who supported the challenge to certification on Jan. 6 off the ballot? And while we’re at it, why not bar every lawyer who helped file claims of voting fraud from ever running for office? They all gave aid or comfort with their actions.
By this reasoning, Rep. Jamie Raskin (D-Md.) and other Democrats could have been barred from ballots for opposing Trump’s certification in 2016 without any basis, along with leaders such as Hillary Clinton, who continued to call the election “stolen” for years. In 2016, there were also violent riots in Washington opposing Trump’s inauguration, thanks in no small part to such rhetoric. We can then have different candidates of both parties removed from ballots in every state.
This “Why not?” philosophy is all part of our impulse-buy politics, where there is little thought given to the implications of actions beyond immediate vengeance and satisfaction. It is a criminal and political system based on the giddy philosophy of Emily Kohrs.
THE KING REPORT
| The King Report September 8, 2023 Issue 7071 | Independent View of the News |
| China Seeks to Broaden iPhone Ban to State Firms, Agencies China plans to expand a ban on the use of iPhones in sensitive departments to government-backed agencies and state companies, a sign of growing challenges for Apple Inc. in its biggest foreign market and global production base… Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controlled organizations… https://finance.yahoo.com/news/china-seeks-broaden-iphone-ban-042805332.html Apple hit -5.1% by 9:33 ET. Of course, the usual suspects incontinently bought the dip, driving Apple from 173.54 to 177.48 in 9 minutes. Apple then traded sideways until the close. US lawmaker calls for ending Huawei, SMIC exports after chip breakthrough The U.S. Commerce Department should end all technology exports to Huawei and China’s top semiconductor firm following the discovery of new chips in Huawei phones that may violate trade restrictions, the chair of the House of Representatives’ committee on China said on Wednesday… https://www.reuters.com/technology/us-lawmaker-calls-ending-huawei-smic-exports-after-chip-breakthrough-2023-09-06/ US and EU Move toward Imposing New Tariffs on Chinese Steel – BBG The levies would primarily be focused on imports from China that benefit from non-market practices… The US has imposed a 25% tariff on the imports since 2018 and the EU applies about the same level of duty on an array of steel imports under its safeguard measures… U.S. Department of Labor (@USDOL: Unemployment Insurance Weekly Claims Initial claims were 216,000 for the week ending 9/2 (-13,000). [233k expected] Insured unemployment was 1,679,000 for the week ending 8/26 (-40,000). [1.719m expected] https://t.co/ys7Eg5LKAW US 2Q Non-Farm Productivity revised to +3.5% from +3.7%; 3.4% consensus US 2Q Unit Labor Costs revised to +2.2% from +1.6%; 1.9% expected Walmart Cuts Starting Pay for Some New Hires – WSJ Revised compensation structure will allow for better staffing throughout stores, retailer says… a sign that employers are seeking to cut labor costs as the once-hot market for hourly staff cools… ESUs trade moderately negative but sideways from the Nikkei opening until they broke down during the final hour of Nikkei trading. The decline halted on buying after the 3 ET European opening. After a 10-handle rally by 3:58 ET, ESUs rolled over and hit a new low of 4452.00 at 4:30 ET. Buyers returned and drove ESUs to 4464.50 at 5:43 ET. ESUs and stocks then commenced a tumble that ended with ESUs hitting 4424.75 at 8:52 ET. It was time for the NYSE opening pump and dump. ESUs jumped to 4451.00 at 9:41 ET. The dump drove ESUs to a new low of 4434.25 at 10:30 ET. Traders then played for the 2nd Hour Reversal. ESUs hit 4453.25 at 10:41 ET, a 19-handle rally in only 11 minutes. ESUs then went inert until they spurted 4 handles higher after the European close. The rally ended quickly; ESUs dropped 12 handles by 11:55 ET. A Noon Balloon took ESUs to a NYSE session high of 4458.75 at 12:31 ET. An 8-handle ESU decline ended when the afternoon arrived. Conditioned traders bought stuff for the afternoon rally. The rally was lame and ended near 14:02 ET. ESUs then sank 12 handles by 14:40 ET. It was time to buy stuff to front run the expected last-hour rally. A 10-handle ESU rally ended near 15:00 ET. After a modest retreat, ESUs rallied to 4463.00 at 14:50 ET; but they sank to 4452.00 by the NYSE close. Traders are buzzing and ruminating about the action in oil and gasoline on Thursday. Oil and gasoline soared early on an EIA report that said gasoline demand jumped 2.8% during the nine-week period that ended on September 1. This generated a 2.666m barrel drawdown in gasoline inventories to 214.746m, a 10-month low. October RBOB gasoline futures hit 265.70, +5.56 cents, at 11:02 ET. But an aggressive seller appeared and drove the October gasoline contract to a daily low of 260.14 by 11:54 ET. WTI October oil dropped from 87.50 at 11:57 to 86.39 at 13:00 ET. Some traders, pundits, and analysts believe the Fed or an agent did a manipulation. @zerohedge: “With a largely-drained US Strategic Petroleum Reserve, if the Fed really is active in oil futures, as some whisper, they need to get busy again soon.” – Rabobank 9:44 AM · Sep 7, 2023 @TrendSpider: NVDA CEO & President of NVIDIA Jensen Huang has cashed out over $42,000,000 in shares over the last week. https://twitter.com/TrendSpider/status/1699827664994070639 With all the rumors about NVDA, we wonder what Pelosi Capital Mgt is doing with their shares/options. Positive aspects of previous session. Traders were intent to rally stocks, and aggressively bought stuff after an opening tumble Negative aspects of previous session Apple led Fangs lower Oil and gasoline rallied sharply early and then tumbled on suspicious selling; gas rallied in the afternoon Ambiguous aspects of previous session Is someone manipulating oil and gasoline futures? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4446.47 Previous session S&P 500 Index High/Low: 4457.81; 4430.46 @nataliegwinters: The CDC is set to purchase 20 million pediatric COVID-19 vaccines worth over $1.8 billion. The order was preemptively organized in June predicting a “surge” in September. https://t.co/Tl7us23gOb Blinken announces $1 billion Ukraine aid package during surprise visit The Biden administration has also authorized $2.9 billion in humanitarian assistance and $20.5 billion in World Bank efforts for Ukraine… (Lauder US $ through the World Bank to Ukraine) https://www.cnbc.com/2023/09/06/-blinken-makes-surprise-visit-to-ukraine-amid-a-growing-debate-over-us-aid.html China, North Korea pursue new targets while honing cyber capabilities – Microsoft In the past year, China has honed a new capability to automatically generate images it can use for influence operations meant to mimic U.S. voters across the political spectrum and create controversy along racial, economic, and ideological lines. This new capability is powered by artificial intelligence that attempts to create high-quality content that could go viral across social networks in the U.S. and other democracies. These images are most likely created by something called diffusion-powered image generators that use AI to not only create compelling images but also learn to improve them over time… We have observed China-affiliated actors leveraging AI-generated visual media in a broad campaign that largely focuses on politically divisive topics, such as gun violence, and denigrating U.S. political figures and symbols… https://blogs.microsoft.com/on-the-issues/2023/09/07/digital-threats-cyberattacks-east-asia-china-north-korea/ Fed Balance Sheet: -$19.998B with Notes & Bonds -$18.191B; Reserves at Fed: +$68.946B to $3.307T Today – Nasdaq has been down for four straight sessions. Traders will play for rebound rally, aided by pattern buying for the Friday rally. Stock and bond market action was lackluster on Thursday. ESUs are -2.75 and USUs are +14/32 at 20:55 ET. Expected econ data: July Wholesale Trade Sales 0.3% m/m, Inventories -0.1%; Fed VCEO Barr 9 ET S&P 500 Index 50-day MA: 4477; 100-day MA: 4344; 150-day MA: 4240; 200-day MA: 4168 DJIA 50-day MA: 34,772; 100-day MA: 35,193; 150-day MA: 33,830; 200-day MA: 33,786 (Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 3814.46 triggers a sell signal Weekly: Trender and MACD are negative – a close above 4586.76 triggers a buy signal Daily: Trender and MACD are positive – a close below 4431.22 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4480.29 triggers a buy signal Devastating CNN Poll Pegs Biden Approval at 39%, Shows 67% of Democrats Want a New Candidate https://www.mediaite.com/biden/devastating-cnn-poll-pegs-biden-approval-at-39-shows-67-of-democrats-want-a-new-candidate/ @DeSantisWarRoom: Here’s the letter Trump’s White House Coronavirus Task Force sent to Florida on January 10, 2021. Just a few days before Trump left office, his task force was STILL urging Ron DeSantis to lockdown Florida with “strict physical distancing” and force everyone to wear masks. https://twitter.com/DeSantisWarRoom/status/1699792217727250866 @charliekirk11: The city of Denver just agreed to pay out $4.7 million to 300 BLM rioters arrested in 2020. Philadelphia is paying out more than $9 million. New York is doling out $13 million. Overall, more than $80 million is going to be paid out across 20+ U.S. cities. BLM burned our police stations and looted our stores. Now, they’re looting the public coffers. (Leftist scheme to redistribute wealth) When you reward and subsidize criminality, you’ll get even more of it. Who could have predicted that Democrat cities would become crime-infested, drug-riddled hellscapes? And what do you think will happen the next time the Democrat base gets the signal to riot? @betterworld_24: Astrophysicist Piers Corbyn: “The problem with the current climate change narrative is that it is false. It claims that carbon dioxide controls the global temperature, while the evidence shows that it is the global temperatures that control the concentration of carbon dioxide .”… https://t.co/Sp1zRefhUR @libsoftiktok: The City of Highland Park in Illinois is holding a “poverty simulation event” where woke rich people will pretend to be poor for 2.5 hours while sitting in a comfortable country club. You can’t make this up. https://twitter.com/libsoftiktok/status/1699647799988457694 Mayor Eric Adams says New York City’s migrant crisis will DESTROY the Big Apple https://trib.al/js1YxCI Eric Adams @ericadamsfornyc: “We should protect our immigrants.” Period. Yes, New York City will remain a sanctuary city under an Adams administration. Oct 20, 2021 Some NYC schools forced to turn away kids on first day of school as influx of migrants joins classrooms… as 21,000 children seeking asylum inundated already jam-packed classrooms… Migrants coming from the shelters said they would be given all the school supplies they’d need, including pens, notebooks, books and backpacks…The letter also suggests that the DOE cannot tell schools how many migrant students any one school will be taking in, because it does not track immigration status and warns that administrators “should not turn away any students.”… https://nypost.com/2023/09/07/nycs-first-day-of-school-sees-influx-of-migrants/ Biden administration considering plan to force migrants to remains in Texas: report Texas is in the midst of a feud with the administration over the state’s migrant bussing program and floating barriers (Now that liberal states are suffering…) https://www.foxnews.com/us/biden-administration-considering-plan-forcing-migrants-remain-texas Ann Coulter blasts ‘gigantic p—y’ Trump after he calls her a ‘has-been, stone cold loser’ “Trump begged me to come to Bedminster this week, I said only if I could record a substack with him, but the GIGANTIC P—Y is too afraid of me, so instead he did this,” Coulter wrote in a post on X, the social media app formerly known as Twitter… “Who are these people still supporting Trump and this nonsense ‘Stop the steal’? I don’t understand why,” Coulter told the news site. “Why are you doing this for Trump when he doesn’t give a crap about you? These poor, working-class Americans, hanging on by their fingernails!” Coulter added: “No, he didn’t have time for them. He was too busy talking to Bob Woodward.” https://nypost.com/2023/09/07/ann-coulter-blasts-gigantic-pussy-trump-after-he-slammed-her/ The MSM eagerly hyped every sordid story or allegation about Trump’s personal life. They are mum on sordid allegations and reports of Obama’s personal life. Turley: Laurence Tribe, Democrats’ most wrong legal ‘expert’ in this age of rage https://nypost.com/2023/09/07/laurence-tribe-democrats-most-wrong-legal-expert/ MONDAY The King Report September 11, 2023 Issue 7072Independent View of the NewsLogan Says Fed May Need to Hike Rates Again After September Skip‘Skipping does not imply stopping,’ Dallas Fed president saysLogan says her base case is that there’s more work to dohttps://www.bloomberg.com/news/articles/2023-09-07/logan-says-fed-may-need-to-hike-rates-again-after-september-skip Germany’s DIW Institute lowered its 2023 GDP growth forecast to -0.4% from -0.2%. European Stocks Halt Losing Streak (7 straight sessions) as Luxury Bounces Back The Stoxx 600 Index closed 0.2% higher in London, with LVMH providing the single biggest boost as the luxury goods stock rebounded following recent losses on worries over a slowdown in China. Among sectors, consumer stocks and travel and leisure stocks were the top gainers. However, the positive day caps off what has been a seven-day losing streak for Europe’s benchmark equity index… The euro-area benchmark Euro Stoxx 50 closed below its 200-day moving average on Thursday for the first time since early 2022 and is testing a major support level around 4200, in place since May… https://finance.yahoo.com/news/european-stocks-rebound-consumer-retail-071301066.html ESUs oscillated between modest gains and losses during Nikkei trading. After the 1 ET Nikkei close, ESUs surged 13 handles by 2:10 ET. They then sank to a daily low of 4443.00 at 5 ET. After a moderate rally, ESUs retreated to 4444.75 at 7:39 ET. It was time to get long for the expected Friday rally as well as the Pump & Dump for the NYSE opening. ESUs hit a daily high of 4477.50 at 10:30 ET. They then stair-stepped lower until the decline accelerated at 14:10 ET. The decline halted near 15:28 ET; traders prepared for a late upward manipulation. ESUs were jacked 11 handles higher by the close. @federalreserve: July consumer credit up 2.5%; revolving credit up 9.2%; nonrevolving credit up 0.2% (SAAR): (Revolving Credit +$115.5B to $1.2707T) https://www.federalreserve.gov/releases/g19/current/ Positive aspects of previous session. US stocks rallied in the early morning and during the final 32 minutes Bonds were +9/32 at the NYSE close Negative aspects of previous session After a modest opening rally, the DJTA was negative all session Equity action was very lackluster Oil and gasoline rallied sharply Ambiguous aspects of previous session Is someone manipulating oil and gasoline futures? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4459.82 Previous session S&P 500 Index High/Low: 4473.53; 4448.38 China’s military targets American troops, veterans for exploitation campaign, general says Gen. Charles Q. Brown Jr. wrote in a memo to Air Force personnel that service members should safeguard national security information from China The Chinese military is pushing international firms that do business with the PRC to target and recruit “U.S. and NATO-trained military talent across specialties and career fields.” “By essentially training the trainer, many of those who accept contracts with these foreign companies are eroding our national security, putting the very safety of their fellow servicemembers and the country at risk,” Brown wrote in the memo… He encouraged service members to safeguard “our national defense information” even after they leave the armed forces… https://www.foxnews.com/world/chinas-military-targets-american-troops-veterans-exploitation-campaign-general @elonmusk: The Starlink regions in question were not activated. SpaceX did not deactivate anything. There was an emergency request from government authorities to activate Starlink all the way to Sevastopol. The obvious intent being to sink most of the Russian fleet at anchor. If I had agreed to their request, then SpaceX would be explicitly complicit in a major act of war and conflict escalation. Both sides should agree to a truce. Every day that passes, more Ukrainian and Russian youth die to gain and lose small pieces of land, with borders barely changing. This is not worth their lives. The next driver of inflation: health care – Axios Medical services could prove an unpleasant source of higher inflation in the near future. Why it matters: While quirks in how health insurance prices are measured, and how medical providers set prices, have led to a downturn in inflation in recent months — that trend looks likely to reverse… Health insurance… price in CPI calculations… is based on insurers’ retained earnings… So, the price of health insurance is calculated by subtracting what they spend on health services for customers from the premiums they charge… That’s why the price of health insurance in the CPI data was down a whopping 29.5% for the 12 months ended in July — more an artifact of the unusual statistical method used than real disinflation benefiting American consumers… The Bureau of Labor Statistics… will update its methodology for calculating health insurance starting this October. The basic method will remain in place, but BLS will smooth the retained earnings data and update the prices twice a year rather than once… Goldman Sachs economists expect the change will mean health insurance goes from falling 4% per month, as it has recently, to rising 1% a month starting in October. That would cause core services excluding housing “to accelerate from a three-month average of 0.14% to a 0.46% average over the next six months before slowing to 0.28% by April 2024,” Goldman’s Ronnie Walker wrote… https://www.axios.com/2023/09/06/health-care-push-inflation Today – Major US stock indices, ex-the DJTA, rallied modestly on Friday. The action was very lame, especially for a Friday. Enthusiasm for stocks is waning. Nevertheless, many traders are still conditioned to play for a Monday rally. ESUs are +1.00 and USUs are -10/32 at 20:55 ET. The Fed is in a blackout for its 9/20 meeting. S&P 500 Index 50-day MA: 4478; 100-day MA: 4347; 150-day MA: 4242; 200-day MA: 4170 DJIA 50-day MA: 34,787; 100-day MA: 35,199; 150-day MA: 33,833; 200-day MA: 33,790 (Green is positive slope; Red is negative slope) S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 3814.46 triggers a sell signal Weekly: Trender and MACD are negative – a close above 4586.76 triggers a buy signal Daily: Trender and MACD are positive – a close below 4431.22 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4480.29 triggers a buy signal Biden Opens Remarks in Vietnam Cracking Joke about Vietnam War Movie – Calling it a Song https://www.thegatewaypundit.com/2023/09/wow-joe-biden-opens-remarks-vietnam-cracking-joke/ @RNCResearch: BIDEN: “Good evening, everyone. It is evening, isn’t it? This around the world in five days is interesting. Well, one of my staff members said, ‘Remember the famous song, Good Morning, Vietnam?’ Well, good evening, Vietnam.” https://twitter.com/RNCResearch/status/1700875363348512954 @RNCResearch: Biden pulls out a list of pre-selected reporters he was instructed to call on at his “press conference” in Vietnam: “They gave me five people here.” https://twitter.com/RNCResearch/status/1700876021870776664 @RNCResearch: Biden gets VERY confused during his “press conference” in Vietnam: “I’ll just follow my orders here. Staff, is there anybody that hasn’t spoken yet? I ain’t calling on you.” https://twitter.com/RNCResearch/status/1700881659871236134 @RNCResearch: Biden gets distracted as he is being asked a question and wanders out of the camera frame. https://twitter.com/RNCResearch/status/1700880076332773622 @bennyjohnson: Reporter: “I hope you didn’t think that calling only on women would get you softballs.” Joe Biden: “If you send me a softball, I wouldn’t know what to do with it, I’d probably strike out even worse.” https://twitter.com/bennyjohnson/status/1700884118345564221 RNCResearch: BIDEN: “I think we can triple the renewable capacity for as it relates to global warming … by the year 202030, 2030” https://twitter.com/RNCResearch/status/1700880495570202826 @DontWalkRUN: Joe Biden’s staff cuts off a rambling Joe Biden mid-sentence and abruptly ends his news conference. I have never seen this occur with any other president. https://twitter.com/DontWalkRUN/status/1700886354966573388 Old Joe Biden Mumbles Through Speech in Vietnam, Leaves Podium Before Vietnam Leader Speaks, Then Freezes on Stage https://t.co/EWo3wPD82k @JasonMillerinDC: “I’m just following my orders here… He may have a game plan; he just hasn’t shared it with me… but I’ll tell you what. I don’t know about you, but I’m going to going to go to bed.” And Democrats wonder why Biden isn’t polling better. https://twitter.com/JasonMillerinDC/status/1700888378109993087 Biden tells reporters ‘I’m going to go to bed’ at end of rambling Vietnam press conference https://trib.al/OsoGSAD Georgia Grand Jury “Went Insane”, Targeted Lindsey Graham and 38 Others over J6 The Georgia grand jury, whose ‘lunatic’ forewoman came under fire in February after she went on national TV, giddy with excitement, and foreshadowed the coming indictments against former President Donald Trump and 18 other defendants went absolutely insane with indictment recommendations… the grand jury actually recommended charges against 39 people, including two former US senators for Georgia, David Perdue and Kelly Loeffler, as well as current US Senator Lindsey Graham (R-SC), who Georgia Secretary of State Brad Raffensperger said called him after the 2020 election to ask if it was possible to invalidate mail-in ballots that violated the state’s signature-matching law, and whether political bias may have played a role in counties where poll workers accepted higher rates of mismatched signatures… https://www.zerohedge.com/political/georgia-grand-jury-went-insane-targeted-lindsey-graham-and-38-others-over-j6 @JonathanTurley: The final report for Special Purpose Grand Jury is chilling in recommendations to indict Sen. Graham and former senators Purdue and Loeffler as well as others who engaged in clearly protected political speech. While the report exonerates the Fulton County District Attorney’s office, one has to wonder where these members got the idea that it could indict figures like Graham and Purdue for political speech. This report has all of the focus and restraint of a drive by shooting. As indicated by the giggling foreperson Emily Kohrs, the report suggests a visceral, if not recreational, impulse in targeting well-known political and legal figures. @CollinRugg: The man on the left, Enrique Tarrio, was just sentenced to 22 years in prison for “seditious conspiracy” in the J6 riot even though he wasn’t at the Capitol. The man on the right, Shannon Brandt, who ran over & killed an 18 year old Donald Trump supporter, was just sentenced to five years in prison. He will also get credit for time served under house arrest, reducing his sentence by a year. Your “justice” system at work. https://twitter.com/CollinRugg/status/1700555398829523219 EU memo directly conflicts with Biden story about axing Ukraine prosecutor probing son’s business – Biden’s story has been that he threatened to withhold loan to Ukraine only because prosecutor Shokin was not meeting anti-corruption standards. His own State Dep’t said otherwise, now evidence shows that the EU concluded Shokin had met ‘benchmarks’ on anti-corruption reforms… https://justthenews.com/accountability/russia-and-ukraine-scandals/eu-memo-directly-undercuts-joe-bidens-narrative-about Despite Biden’s claim, Europeans WEREN’T trying to oust Ukraine prosecutor targeting Hunter’s firm – The European Commission praised Ukraine’s Prosecutor-General Viktor Shokin for his efforts to fight corruption in a December 2015 progress report published nine days after then-VP Joe Biden demanded his ouster… https://nypost.com/2023/09/08/despite-bidens-claim-europeans-werent-trying-to-oust-ukraine-prosecutor-targeting-hunters-firm/ FOIA Turns Up Zilch on the ‘Full Authority’ Garland Claims He Gave Weiss over Hunter Biden The ‘documents that weren’t’ provide more evidence that Attorney General Merrick Garland misled Congress… https://t.co/4hS6R89HVW Former House Speaker Nancy Pelosi, 83, said she will run for reelection in Congress as Democrats work to win back the majority in 2024. – AP Gov. Gavin Newsom puts 2024 presidential speculation to rest: ‘Time to move on’ The California Democratic told NBC “Meet the Press” host Chuck Todd that “President Biden is going to run” and he’s “looking forward to getting him re-elected. “The Vice President is naturally the one lined up (if Biden doesn’t run)” … (This implies that his internal polling shows he cannot win in 2024) https://www.nbcnews.com/politics/2024-election/gavin-newsom-2024-presidential-speculation-biden-rcna103907 Arizona Sun Times @Rach_IC: Former Wisconsin Supreme Court Justice Michael Gableman, testifying in the disbarment trial of Trump’s attorney John Eastman, said that his investigation of Wisconsin’s 2020 election revealed that the Zuckerberg employees of his Center for Tech & Civic Life, who had access to the election clerks’ databases at Wisconsin’s biggest five cities, so could see who had absentee ballots who hadn’t voted yet and whether they were likely to vote for Biden or Trump, were going out and collecting the ballots from whichever ones they chose – he believes this materially affected the election, which he told the legislature. Pols seek to study subsidizing private school tuition — to keep families from fleeing NYC https://trib.al/JEXaXql 3 tourists attacked, robbed in downtown robberies wait hours for Chicago police to respond https://t.co/5uxM5aFGhU J.F.K. Assassination Witness Breaks His Silence and Raises New Questions – NY Times The account of Paul Landis, one of the Secret Service agents just feet away from John F. Kennedy when he was struck down, could change the understanding of what happened in Dallas in 1963. The Warren Commission decided one of the bullets fired that day struck the president from behind, exited from the front of his throat and continued on to hit Connally, somehow managing to injure his back, chest, wrist and thigh. It seemed incredible that a single bullet could do all that, so skeptics called it the “magic bullet” theory… But Landis, who was never interviewed by the Warren Commission, said that is not what happened. In fact, he said, he was the one who found the bullet — and he found it not in the hospital near Connally but in the presidential limousine lodged in the back of the seat behind where Kennedy was sitting… https://buffalonews.com/jfk-assassination-witness-breaks-silence-raises-new-questions/article_f1759667-06d3-5237-a50f-f5caad76b07c.html Witness to JFK assassination casts doubt on ‘magic bullet’ theory Ex-Secret Service agent Paul Landis has broken his silence six decades on from Kennedy assassination to challenge the official findings Historian James Robenalt, who worked on Mr Landis’s memoir, said the former agent’s account raised the prospect of there being more than one shooter. “If the bullet we know as the magic or pristine bullet stopped in President Kennedy’s back, it means that the central thesis of the Warren Report, the single-bullet theory, is wrong.”… https://www.independent.co.uk/news/world/americas/jfk-assassination-magic-bullet-paul-landis-b2408757.html Oklahoma district who hired drag queen to be elementary school principal faces backlash: ‘Unimaginable’ – ‘This is the liberal insanity every parent wants out of the classroom,’ Oklahoma’s education superintendent said… The principal also has previous charges for child pornography, which were later dismissed. Fox News Digital found records from over 20 years ago, showing that when the charges were filed, all of Murnan’s electronic devices were subject to a subpoena. According to a local report that covered the story, the charges were dismissed because it could not be proven that the images were of individuals under the age of 18… https://www.foxnews.com/media/oklahoma-official-uimaginable-elementary-school-hired-principal-secret-drag-queen-life END | |
GREG HUNTER INTERVIEWING DR.BETSY EADS
CV19 Vaxed are Sick Superspreaders – Dr. Betsy Eads
By Greg Hunter On September 9, 2023 In Political Analysis21 Comments
By Greg Hunter’s USAWatchdog.com
Dr. Betsy Eads warned about extreme disease and death coming because of the CV19 bioweapon/vax. She was one of a handful of doctors who told the truth and said everything about CV19 from infection to injection was a lie. She has been proven 100% correct. Now, the evil murderous Deep State globalist monsters have a fresh CV19 psyop. They are pushing a new round of deadly and debilitating injections. The real story is the CV19 vaxed are the real problem, and we have a “pandemic of the vaccinated.” There is new evidence that the CV19 vaxed are the “superspreaders” of sickness and disease. Dr. Eads explains, “There is no new pandemic. Covid 19 was never proven to exist. In fact, it’s a bioweapon. It’s always been a bioweapon. The variants are bioweapons. The variants are in the shots. They are in the patents, and Karen Kingston has proven that. According to the Oxford Paper that Dr. Peter McCullough quoted recently . . . It’s a study out of Viet Nam . . . It’s proven that the CV19 vaccinated are 251% more likely to carry viral loads than the unvaccinated. In other words, they have 251% more viral loads in their respiratory tract, mouth and nose. Therefore, we do indeed have a situation where the “superspreaders” are the CV19 vaccinated. They are spreading the viruses, the variants and the spike proteins to the unvaccinated.”
Dr. Eads says this means both the unvaxed and the vaxed need ongoing treatment. Dr. Eads says, “Look, if we have superspreaders who are vaccinated people walking around with 251% more viral transmission . . . that means they are infecting those of us who are not jabbed. So, even if you are not jabbed, you are going to get transmission of spike protein nano-bioweapon. You need to get treatment to protect yourself. So, those that are unvaccinated need to be on Ivermectin and have a detox protocol as well as those who took the jab. . . .Ivermectin is the gold standard.”
Dr. Eads also talks about how her home state of Florida is moving to remove all CV19 vaccines from the shelves because they are deemed bioweapons. Dr. Eads says the only way to stop this medical murder and tyranny is not to comply with the shots or mask mandates that do not work to stop anything.
Dr. Eads says, “We the People” have to stand up and stop this. Do not comply.”
Dr. Eads still stands by her prediction that before it is all over, 2 billion will die in the next 5 years because of the CV19 bioweapon vax.
There is much more in the 47-minute interview
Join Greg Hunter as he talks to 25-year veteran Dr. Elizabeth Eads, DO, as she continues to highlight the unstoppable deaths and permanent injuries. She offers hope and more new treatments for those who got vaxed and for the unvaxed exposed to the shedding from the vaxed “superspreaders” for 9.9.23.
()https://usawatchdog.com/cv19-vaxed-are-sick-superspreaders-dr-betsy-eads/
After the Interview:
You can follow Dr. Elizabeth (Betsy) Eads on Facebook, Twitter, Telegram and Truth Social Dr_Betsy and CloutHub DrEads
see you on TUESDAY
harveyorganblog.com 
[…] by Harvey Organ, Harvey Organ Blog: […]
LikeLike