Shanghai Gold Benchmark Price

USD oz AM2007.42

PM1995.91

Historical SGE Fix

New York price at the time: $1932.00

premium $63.00

xxxxxxxxxxxxxxxxxx

Bitcoin morning price:, $27,249 UP 545 Dollars

Bitcoin: afternoon price: $27,130 UP 426 dollars

Platinum price closing $966.65 UP $10.00

Palladium price; $1265.25 UP $16,80

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: $2,696.26 DOWN 11.50 CDN dollars per oz (ALL TIME HIGH 2,775.35)

BRITISH GOLD: 1558,43 DOWN 3.45 pounds per oz//(ALL TIME HIGH//CLOSING///1630.29)

EURO GOLD: 1808.26 DOWN .54 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

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,931.500000000 USD
INTENT DATE: 09/18/2023 DELIVERY DATE: 09/20/2023
FIRM ORG FIRM NAME ISSUED STOPPED

118 C MACQUARIE FUT 3
323 H HSBC 4
435 H SCOTIA CAPITAL 5
624 H BOFA SECURITIES 6
661 C JP MORGAN 20
737 C ADVANTAGE 4
905 C ADM 2

TOTAL: 22 22
MONTH TO DATE: 3,864

JPMorgan stopped 0/22 contracts.

FOR SEPT.:

GOLD: NUMBER OF NOTICES FILED FOR SEPT/2023. CONTRACT: 22 NOTICES FOR 2200 OZ or 0.0604 TONNES

total notices so far: 3864 contracts for 386,400 oz (12.018 tonnes)

FOR SEPT:

SILVER NOTICES: 5 NOTICE(S) FILED FOR 25,000 OZ/

total number of notices filed so far this month : 2616 for 13,080,000 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 $0.60

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

INVENTORY RESTS AT 880,27 TONNES

Silver//

WITH NO SILVER AROUND AND SILVER UP 0 CENTS AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: WOW!! DEPOSIT OF 8.801 MILLION OZ FROM THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 450.133 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A FAIR SIZED 93 CONTRACTS TO 125,340 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS FAIR SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.11 GAIN IN SILVER PRICING AT THE COMEX ON MONDAY. TAS ISSUANCE WAS A GOOD SIZED 535 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 MONDAY NIGHT: 535 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.11). AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A VERY STRONG GAIN OF 735 OI CONTRACTS ON OUR TWO EXCHANGES.

WE MUST HAVE HAD:

A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS( 488 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 14.420 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S SMALL QUEUE JUMP OF 25,000 OZ//NEW TOTAL 13.410 MILLION OZ + OUR CRIMINAL ISSUANCE OF 0 EXCHANGE FOR RISK CONTRACTS//NEW TOTALS EXCHANGE FOR RISK: 3.0 MILLION OZ: NEW TOTALS SILVER STANDING: 16.410 MILLION OZ// /// / //FAIR SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/VI) GOOD SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 535 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -154 CONTRACTS

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS SEPT. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF SEPT:

TOTAL CONTRACTS for 12 days, total 8877 contracts: OR 44.385 MILLION OZ (739 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 44.385 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: 41.945 MILLION OZ (SMALLER THIS MONTH)

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 93 CONTRACTS WITH OUR GAIN IN PRICE OF $0.11 IN SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR EFP ISSUANCE CONTRACTS: 488 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 25,000 OZ QUEUE JUMP .+ 0 MILLION OZ EXCHANGE FOR RISK//PRIOR TOTAL FOR EXCHANGE FOR RISK = 3.0 MILLION OZ/TOTAL EXCH. FOR RISK /NEW TOTALS STANDING 16.410 MILLION OZ// /// WE HAVE A VERY STRONG SIZED GAIN OF 581 OI CONTRACTS ON THE TWO EXCHANGES. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A GOOD SIZED 535 CONTRACTS//ZERO FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION AS THE SHORTS CAPITULATED. THE NEW TAS ISSUANCE MONDAY NIGHT (535) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE., .

WE HAD 5 NOTICE(S) FILED TODAY FOR 25,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 528 CONTRACTS TO 440,528 AND CLOSER TO 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: –689 CONTRACTS

WE HAD A SMALL SIZED DECREASE IN COMEX OI ( 528 CONTRACTS) DESPITE OUR STRONG $8.40 GAIN IN PRICE//MONDAY. 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 100 OZ E.F.P. JUMP TO LONDON//NEW TOTAL STANDING 14.497 TONNES + /A FAIR (AND CRIMINAL) ISSUANCE OF 978 T.A.S. CONTRACTS /// ALL OF..THIS HAPPENED WITH OUR $8.40 GAIN IN PRICE WITH RESPECT TO MONDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 1908 OI CONTRACTS (5.922 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2432 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 440,545

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1908 CONTRACTS WITH 528 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 2432 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1908 CONTRACTS OR 5.922 TONNES. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR 978 CONTRACTS)

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2432 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (528) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1908 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR SEPT. AT 12.656 TONNES FOLLOWED BY TODAY’S E.F.P. JUMP TO LONDON OF 100 OZ/// 3) ZERO LONG LIQUIDATION WITH SOME TAS LIQUIDATION COVERING THEIR SHORTFALL DURING THE COMEX SESSION //4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 978 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: 28,545 CONTRACTS OR 2,854,500 OZ OR 88.87 TONNES IN 12 TRADING DAY(S) AND THUS AVERAGING: 2378 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 12 TRADING DAY(S) IN TONNES 88.87 TONNES

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

THUS EFP TRANSFERS REPRESENTS 88.87/3550 x 100% TONNES 2.50% 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: 88.87 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 ROSE BY A SMALL SIZED 93 CONTRACTS OI TO 125,340 AND FURTHER FROM OUR COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 5 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE A GOOD 488 CONTRACTS

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

DEC 488 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 488 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 93 CONTRACTS AND ADD TO THE 488 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A VERY STRONG SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 581 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 2.905 MILLION OZ

OCCURRED DESPITE OUR $0.11 GAIN 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//

TUESDAY MORNING//MONDAY NIGHT

SHANGHAI CLOSED DOWN 0.97 PTS OR 0.03% //Hang Seng CLOSED UP 66.62 PTS OR 0.37%/ /The Nikkei CLOSED DOWN 290.50 PTS OR .87% //Australia’s all ordinaries CLOSED DOWN 0.45 % /Chinese yuan (ONSHORE) closed UP AT 7.2913 /OFFSHORE CHINESE YUAN UP TO 7.2933 /Oil UP TO 92.45 dollars per barrel for WTI and BRENT UP AT 95.02 / Stocks in Europe OPENED ALL MOSTLY 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 SMALL SIZED 528 CONTRACTS TO 440,545 DESPITE OUR STRONG GAIN IN PRICE OF $8.40 ON MONDAY.

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 2432 EFP CONTRACTS WERE ISSUED: : DEC 2432 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2432 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 2593 CONTRACTS IN THAT 2432 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 528 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $8,40//MONDAY 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 978 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 (14.497) ( 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: 14.497 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $8.40) //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR GAIN OF 1908 TOTAL CONTRACTS ON OUR TWO EXCHANGES. WE HAD A ZERO T.A.S. LIQUIDATION ON THE FRONT END OF MONDAY’S TRADING. THE T.A.S. ISSUED ON MONDAY 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 5.922 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 EFP JUMP OF 100 OZ//NEW STANDING 14.497 TONNES // ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $8.40.

WE HAD – REMOVED 689 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST

NET GAIN ON THE TWO EXCHANGES 1908 CONTRACTS OR 190,800 OZ OR 5.922 TONNES.

Estimated gold volume today:// 127,937 awful

final gold volumes/yesterday 145,476//speculators have left the gold arena

//SEPT 19/ /// THE SEPT. 2023 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	NIL OZ .
Deposit to the Dealer* Inventory in oz*	nil
Deposits to the Customer* Inventory, in oz*	63,958.062 oz ASAHI
No of oz served (contracts) today	22 notice(s) 2200 OZ 0.0604 TONNES
No of oz to be served (notices)	797 contracts 79700 oz 2.479 TONNES
Total monthly oz gold served (contracts) so far this month	3864 notices 386400 OZ 12.018 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: 1

i) Into ASAHI: 63,958.062 oz

total customer deposits: 63,958.062 oz

we had 0 customer withdrawal

total withdrawals NIL oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR SEPTEMBER.

For the front month of SEPTEMBER we have an oi of 819 contracts having LOST 3 contracts. We had

2 contracts were served on MONDAY, so we LOST an additional 1 CONTRACT or AN ADDITIONAL 100 oz will NOT stand for delivery in this non active delivery month of Sept this guy was EFP’d to London to take delivery over there.

Oct LOST1134 contracts to 23,420 contracts.

NOV GAINED 1 CONTRACTS to stand at 24

December GAINED 337 contracts UP to 377,752 contracts.

We had 22 contracts filed for today representing 2200 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 20 notices were issued from their client or customer account. The total of all issuance by all participants equate to 22 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 (3864 x 100 oz ), to which we add the difference between the open interest for the front month of SEPT (819 CONTRACTS) minus the number of notices served upon today 22 x 100 oz per contract equals 466,100 OZ OR 14.497 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 (3864) x 100 oz + (819) {OI for the front month} minus the number of notices served upon today (22) x 100 oz) which equals 466,100 oz standing OR 14.497 TONNES

TOTAL COMEX GOLD STANDING: 14.500 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: 2,065,097.949 OZ 64.233 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 20,942,231.082 OZ

TOTAL REGISTERED GOLD 10,801,765.332 (335,98 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 10,140,465.750 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 8,736,668 OZ (REG GOLD- PLEDGED GOLD) 272.08 tonnes//dropping like a stone

END

SILVER/COMEX

SEPT 19

//2023// THE SEPT 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	1934.600 oz Delaware .
Deposits to the Dealer* Inventory*	nil
Deposits to the Customer Inventory	1,665,229.878 oz CNT HSBC Loomis
No of oz served today (contracts)	5 CONTRACT(S) (25,000 OZ)
No of oz to be served (notices)	66 contracts (330,000 oz)
Total monthly oz silver served (contracts)	2616 Contracts (13,080,000 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 2 deposit customer account:

i) Into CNT: 600,184.538 oz

ii) Into HSBC 577,684.800 oz

iii) Into Loomis: 487,390.540 oz

total customer deposit 1,665,229.878 oz

JPMorgan has a total silver weight: 136.901 million oz/274.048 million or 50.00%

Comex withdrawals 1

i) Out of Delaware: 1934.600 oz

total: 1934.600 oz

adjustments: 0

TOTAL REGISTERED SILVER: 42.405 MILLION OZ//.TOTAL REG + ELIGIBLE. 272.385 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR August:

silver open interest data:

FRONT MONTH OF SEPT /2023 OI: 71 CONTRACTS HAVING LOST 2 CONTRACT(S). WE HAD 7

CONTRACT SERVED ON MONDAY. SO WE GAINED 5 CONTRACTS OR 25,000 OZ WILL STAND FOR SILVER AT THE COMEX..

OCT LOST 57 CONTRACTS TO STAND AT 1025.

NOVEMBER GAINED 4 CONTRACTS TO STAND AT 140

DEC. GAINED 165 CONTRACTS TO STAND AT 112,973 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 5 for 25,000 oz

Comex volumes// est. volume today 40,443 poor

Comex volume: confirmed yesterday 48,045 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 2616 x 5,000 oz = 13,080,000 oz

to which we add the difference between the open interest for the front month of SEPT (71) and the number of notices served upon today 5 x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the SEPT/2023 contract month: 2616 (notices served so far) x 5000 oz + OI for the front month of SEPT (71) – number of notices served upon today (5 )x 500 oz of silver standing for the SEPT contract month equates to 13.410 million oz. + 0 MILLION EXCHANGE FOR RISK..NEW TOTALS EXCHANGE FOR RISK: 3.0 MILLION OZ//NEW TOTAL STANDING FOR SILVER: 16.410 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 19/WITH GOLD UP $0.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD : // //INVENTORY RESTS AT 880.217 TONNES

SEPT 18/WITH GOLD UP $8.40 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD : A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 880.217 TONNES

SEPT 15/WITH GOLD UP $13.20 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 1.055 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 879.70 TONNES

SEPT 14/WITH GOLD UP $1.00 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD : A WITHDRAWAL OF 4.63 TONNES OF GOLD FROM THE GLD// //INVENTORY RESTS AT 882.01 TONNES

SEPT 13/WITH GOLD DOWN $2.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

SEPT 12/WITH GOLD DOWN $11.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD : / //INVENTORY RESTS AT 886.64 TONNES

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

GLD INVENTORY: 880.217 TONNES

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

SEPT 19/WITH SILVER UP 0 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 8.801 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 450.133 MILLION OZ

SEPT 18/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A DEPOSIT OF 1.651 MILLION OZ INTO THE SLV. : // /.////INVENTORY RESTS AT 441.332 MILLION OZ

SEPT 15/WITH SILVER UP 37 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 2.31 MILLION OZ FROM THE SLV. : // /.////INVENTORY RESTS AT 439.681 MILLION OZ

SEPT 14/WITH SILVER DOWN 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: : // /.////INVENTORY RESTS AT 440.736 MILLION OZ

SEPT 13/WITH SILVER DOWN 23 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1,009 MILLION OZ INTO THE SLV//: // /.////INVENTORY RESTS AT 440.736 MILLION OZ

SEPT 12/WITH SILVER UP 1 CENT 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 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

CLOSING INVENTORY 450.133 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1:Peter Schiff/Mike Maharrey

end

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

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

China relaxes temporary curbs on gold imports. The premium is now $77.00

(London Financial Times)

China lifts temporary curbs on gold imports as renminbi recovers

Submitted by admin on Mon, 2023-09-18 08:41Section: Daily Dispatches

By Cheng Leng and Harry Dempsey
Financial Times, London
Monday, September 18, 2023

China’s central bank has lifted temporary curbs on gold imports that were imposed on some lenders in a bid to defend the renminbi but caused the price of the precious metal to rise in the country.

The spread between the Shanghai gold price and London hit a record $121 per troy ounce last Thursday, according to calculations based on public traded prices.

The spread narrowed to $76 today after the People’s Bank of China relaxed curbs on imports of the precious metal last week, said people familiar with the informal order given to some state and midsized commercial banks.

China in August had reduced and stopped granting quotas for international gold imports by banks to ease a rush in purchases to hedge against a weaker domestic currency. The renminbi fell to its lowest point against the dollar in 16 years in early September after the release of disappointing economic data. …

… For the remainder of the report:

https://www.ft.com/content/b8406698-b98f-444b-b1a7-03c29f6f5779

END

4, OTHER IMPORTANT GOLD/SILVER COMMENTARIES//CHINA==LONDON GOLD ARBITRATION

this is the death knell of our western bankers

(zerohedge)

Shanghai Arb Gives Dollar Gold Price ‘More Room to Rise’ as Yen Gold Hits Record

Tuesday, 9/19/2023 14:23

The GOLD PRICE in London’s bullion market rose to new 2- week highs against the US Dollar on Tuesday, trading above $1935 per Troy ounce as global stock markets slipped and government bond yields rose ahead of tomorrow’s September interest-rate decision from the Federal Reserve.

Crude oil rose again, hitting fresh 2023 highs above $95 per barrel of European benchmark Brent.

The bullion price in Yen meanwhile rose to a yet another new all-time JPY gold high, very nearly touching ¥9,200 per gram as the Japanese currency sank yet again ahead of Wednesday’s Fed announcement – expected to leave Dollar interest rates unchanged at the current 16-year high of 5.5% per annum, but with new GDP and inflation forecasts expected to accompany a prediction of one more rate-rise by Christmas.

“The Yuan and Yen need the Fed’s help,” says an opinion column in the Wall Street Journal, pointing to tomorrow’s US interest-rate decision as the 2 giant Asian currencies extend their summer 2023 slide, dropping to the lowest since 2007 and re-testing last fall’s 3-decade lows respectively.

With most major economies continuing to hike borrowing costs, “Being a loose monetary policy outlier is an uncomfortable place [for Beijing and Tokyo] to be these days,” the WSJ says.

Gold in China also rose overnight, setting its highest- ever Shanghai afternoon benchmark price outside of last Thursday’s Chinese gold price record, with a rise of 22.4% from this time last year.

“Banks who have now been issued with import licenses are buying gold in London and selling in Shanghai,” says Bruce Ikemizu of the Japan Bullion Market Association, analyzing the “import arbitrage” which the People’s Bank of China has finally enabled after weeks of restricting new import quotas in the No.1 gold consumer market.

“The recent spike in gold premiums versus London prices has been accompanied by Shanghai trading volumes also skyrocketing…A large amount of gold was actually being bought.”

Chart of Shanghai Gold Exchange price and trading volume (bottom, purple). Source: JBMA via Bloomberg

Looking ahead, “The fact that the premium is still over $60 per ounce means London buying and Shanghai selling will continue,” Ikemizu says. “So there is still room for Dollar- denominated gold to be bought on that basis.”

Gold prices for Eurozone investors today touched the highest since mid-June at €1811 per ounce after new data said consumer-price inflation across the 20-nation currency area slowed for the 4th month running in August, dropping to 5.2% per year – the weakest since January 2022.

Back then, deposit interest rates at the European Central Bank were held at minus 0.5% per annum.

Last week the ECB raised its deposit rate to a Eurozone- union record of 4.0%.

“Governments should maintain restrictive monetary policy to combat inflation,” says the Paris-based OECD think tank today, echoing last week’s comments from the Washington- based IMF while raising its global economic growth forecast for 2023 from 2.7% to 3.0% per year, led by India and with the forecast for the USA revised up from 1.6% to 2.2%.

Euro-area GDP growth will slow however on the OECD’s new analysis, dropping to 0.6% from the 0.9% forecast for the 340-million citizen single currency zone in June, led by a 0.2% annual decline in Germany.

“German economic output is likely to shrink slightly in the third quarter of 2023,” says the Bundesbank – national central bank of the Eurozone’s largest economy – in its latest monthly report.

“Despite slowing inflation, strong wage growth and a good labor market, German households are still holding back on spending [while] continuing weakness in the industrial sector also puts pressure on economic performance.”

Germany’s manufacturing activity shrank last month at the worst pace since the Covid Crisis according to the HCOB PMI survey. Its preliminary reading for September will be published Friday.

Today’s new OECD outlook also cuts half-a-point off its 2023 and 2024 growth forecasts for China, with GDP in the world’s No.2 economy set to expand by 5.1%, the slowest pace since 1990.

Across the entire G20 group of leading economies, real GDP growth will slow next year to 2.7% from 3.1%, the OECD predicts, while inflation slows over 1 percentage point from 2023’s pace of 6.0% per annum.

With the OECD leaving its 2023 GDP growth forecast for the United Kingdom unchanged at just 0.3% while cutting its 2024 forecast below Germany’s at 0.8%, the UK gold price in Pounds per ounce today hit 3-month highs above £1560 ahead of tomorrow’s Bank of England decision, widely expected to bring another interest-rate rise, up to a 15-year high of 5.5% per annum.

-END-

Gold SWOT: Gold Imports by India Surged 40% in August

(courtesy Frank HOLMES/SWOT)

END

5 a. IMPORTANT COMMENTARIES ON COMMODITIES:NICKEL

Is The LME Losing Its Grip On Global Nickel Pricing?

TUESDAY, SEP 19, 2023 – 05:00 AM

Authored by Metal Miner’s Nichole Bastin via OilPrice.com,

Nickel prices experience a significant decline, erasing gains from H2 2022, and the Stainless Monthly Metals Index drops by 3.1%.
The stainless steel market is oversupplied, leading to limited demand and historically short 304 mill lead times, though base prices remain unchanged.
In the aftermath of the March 2022 nickel squeeze, trading volumes on the LME remain low, prompting potential new futures contracts from competitors like the Shanghai Futures Exchange and Abaxx Commodities Exchange.

The nickel price index continued to trend downward, as it fell to its lowest level since July 2022 by mid-September. Following an over 7% decline during August, prices fell nearly 3% during the first two weeks of September. As prices drop toward historical support zones, they come close to wiping out nearly all gains from the last major uptrend in H2 2022. While the LME nickel contract remains plagued by low liquidity, the continued creation of lower highs and lower lows suggests bearish momentum within the market.

Overall, the Stainless Monthly Metals Index (MMI) returned downward from last month, with a 3.1% decline from August to September.

Stainless Inventories Reportedly “Supplied to Over-Supplied”

The stainless steel market remains decidedly bearish as the final quarter of 2023 nears. Suppliers described current inventory levels among both service centers and end users as “supplied to oversupplied.” While 304 and 430 grades account for the majority of the market, oversupply is apparently indicative through much of the stainless market.

Numerous end users reportedly intend to sit out of the market for the remainder of the year, which will pressure service center pricing as they work to reduce inventories at the end of the year. Competitive import prices tempted some OEMs back into the market, as witnessed by a jump in cold rolled import licenses during August. However, imports throughout the year remain muted from 2022 amid the shift in market dynamics. View MetalMiner’s track record of forecasting where industrial metal prices are headed.

Stainless Mill Lead Times Remain Short, Base Prices Hold Firm

Amid limited demand, 304 mill lead times remain historically short. Lead times continue to average around 4.5 weeks. Under normal conditions, mill lead times typically extend from 6 to 8 weeks.

In spite of the bearish market, base prices have remained unchanged since January 2022. Domestic mills are expected to hold firm on base prices during the remainder of the year to mitigate the impact of lower demand. While greater market pressure could change this, the effective duopoly between NAS and Outokumpu and long lead times for imports will allow domestic producers greater control over market pricing.

Impress your executive team and lead like a procurement pro. Decode nickel market volatility’s impact on earnings with the Monthly Metals Outlook report. Start with a free sample, then subscribe.

Broken Nickel Market Still Ripe For Challengers

September marked the year-and-a-half anniversary of the March 2022 nickel squeeze, which caused liquidity within its 3M nickel contract to plunge. While trading volumes picked up slightly throughout the summer, they sit far beneath their averages from previous years. This leaves the LME nickel contract ripe for the picking.

In addition to Global Commodity Holdings, the Shanghai Futures Exchange (SHFE) is reportedly considering the creation of its own international nickel futures contract. According to Reuters, the exchange “has been studying the structure of the nickel market and supply and demand at the instigation of industry participants looking for alternatives.”

It remains unclear whether a viable alternative contract would bring traders back to the market. The impact of the March 2022 squeeze reverberated across exchanges, as open participation on the SHFE’s own active nickel contract dropped amid the nickel market exodus. How exactly these factors will impact 2024 nickel prices and market volatility are all covered in MetalMiner’s 2024 Annual Metals Outlook.

Other Nickel Price Factors at Work

Meanwhile, as Class 2 nickel supply becomes increasingly important amid the rise of EVs, Singapore’s Abaxx Commodities Exchange is currently working on a physically settled nickel sulfate futures contract it hopes to have available by the end of the year. Abaxx’s contract would not compete with the LME or SHFE, which reflect the Class 1 nickel price. Should it become liquid enough to use as a pricing benchmark, however, it would provide an important reference point within the increasingly bifurcated nickel market between Class 1 and 2 material.

As the LME fights to retain its dominant position as the global pricing benchmark, the beleaguered exchange’s continued struggles to regain market participants begs the question as to why stainless producers use LME nickel prices to begin with. Outokumpo boasts using an average of 90% recycled material content within its melt mixes. This would suggest scrap prices hold a far more important position in the actual cost of stainless steel.

Beyond that, there remains a considerable margin between scrap prices and LME prices, a notable benefit to mills. Low liquidity on the LME contract exacerbates this delta, as it has led to a lack of momentum within price action causing slow overall price movement. This, in turn,has led to slow declines within the stainless surcharge.

end

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

END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

FTX Sues Bankman-Fried’s Law Professor Parents To Recover “Fraudulently Transferred And Misappropriated Funds”

BY TYLER DURDEN

TUESDAY, SEP 19, 2023 – 01:45 PM

Bankrupt crypto exchange FTX has sued the parents of founder Sam Bankman-Fried, who were just profiled by Bloomberg in “How Sam Bankman-Fried’s Elite Parents Enabled His Crypto Empire“, even as the article forgot to mention all the others who enabled SBF’s criminal spree…

… to recover millions of dollars in “fraudulently transferred and misappropriated funds,” the company said in a court filing late Monday alleging the “effectively altruist” parents were instead complicit in their son’s crime, and spent illicit money on hotels, real estate and others.Allan Joseph Bankman, left, and Barbara Fried, right, leave after a bail hearing for their son, along with lawyers, at Manhattan Federal Court in New York, on Aug. 11.

The company, operated in bankruptcy by new management, alleged that Joseph Bankman and Barbara Fried, both Stanford Law School professors, “exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly by millions of dollars,” at the expense of the debtors and creditors, the company said.

Hilariously, when the cryptocurrency exchange collapsed last November, Bankman-Fried’s parents remained by his side as his legal advisers, the Journal had reported. Which may explain why their son had his bail stripped from him and is now rotting away in prison ahead of his trial.

Worse, Bankman had been a paid employee of FTX for almost a year. He joined his son in meetings with Washington policy makers and expanded the company’s “philanthropic” endeavors.

“Bankman played a key role in perpetuating the culture of misrepresentations and gross mismanagement and helped cover up allegations that would have exposed the fraud committed by the FTX Insiders,” the company estate alleged.

It gets better: Bankman and Fried are “renowned”, in Bloomberg’s parlance, legal scholars and taught at Stanford Law School. Bankman is an expert on taxes, while Fried’s specialty is ethics.

“This is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins,” attorneys representing Bankman and Fried said in a statement. “These claims are completely false.”

Despite “knowing or blatantly ignoring” that FTX was insolvent or on the brink of insolvency, Bankman and Fried discussed with Bankman-Fried the transfer to them of a $10 million cash gift and a $16.4 million luxury property in the Bahamas, the filing said. The pair also “pushed for tens of millions of dollars in political and charitable contributions.”

Bankman seemed keenly aware of the company’s risk of downfall, according to the filing. He started conversations about how to ensure that assets — including primary residences — were safe from bankruptcy a year before FTX collapsed into Chapter 11.

The filing includes details of spending escapades, particularly by Bankman, who was employed by FTX Philanthropy starting in 2021, according to court papers. In one instance, he gave a former law student a “free trip to France,” which included tickets to the Formula 1 Grand Prix, which cost several thousand dollars.

Although Fried was not formally employed by the crypto exchange, she too wielded influence over the company’s finances. The lawsuit describes her as the “single most influential advisor” over her son and FTX’s political contributions. As evidence of that, she had Bankman-Fried give millions to a political action group that she co-founded, court papers show.

While Bankman-Fried has claimed that his parents “weren’t involved in any of the relevant parts” of the business, the FTX Group was self-described over the years as a “family business,” according to the filing. And in the months leading to the company’s insolvency, Bankman’s role appeared to become only more involved.

FTX asked for the court to award damages whose value would be determined at a trial. Bankman-Fried’s own trial on fraud charges will start on Oct. 3.

Finally, in the latest vivid example how lawyers always win, SBF’s parents are being sued for tens of millions, while the FTX lawyers are taking in about $1 million in fees every day. It remains unclear how many billions SBF himself managed to stash away in various crypto and offshore accounts, which will wait for him when he emerges from prison.

The adversary proceeding is Alameda Research LLC, et al. v. Allan Joseph Bankman and Barbara Fried, 22-110678, U.S. Bankruptcy Court for the District of Delaware.

END

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

ONSHORE YUAN: CLOSED UP TO 7.2913

OFFSHORE YUAN: UP TO 7.2933

SHANGHAI CLOSED DOWN 0.97 PTS OR 0.45%

HANG SENG CLOSED DOWN 66.62PTS OR 0.37%

2. Nikkei closed DOWN 290.30 PTS OR .87 %

3. Europe stocks SO FAR: ALL MOSTLY GREEN

USA dollar INDEX DOWN TO 104535 EURO RISES TO 1.0712 UP 20 BASIS PT

3b Japan 10 YR bond yield: RISES TO. +.705 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.70/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 ONSHORE YUAN: UP// OFFSHORE: UP

3f Japan is to buy INFINITE TRILLION YEN 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 +2.7105***/Italian 10 Yr bond yield UP to 4.495*** /SPAIN 10 YR BOND YIELD UP TO 3.773…**

3i Greek 10 year bond yield RISES TO 4.096

3j Gold at $1936.60 silver at: 23.36 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 0 AND 29 /100 roubles/dollar; ROUBLE AT 96.25//

3m oil into the 92 dollar handle for WTI and 95 handle for Brent/

3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 147.61// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.705% 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 0.8955 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9594well 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: 4.336 UP 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.406 UP 1 BASIS PTS/

USA 2 YR BOND YIELD: 5.060 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 27.03…(TURKEY SET TO BLOW UP FINANCIALLY)

GREAT BRITAIN/10 YEAR YIELD: DOWN 4 BASIS PTS AT 4.43905

end

2.a Overnight: Newsquawk and Zero hedge:

USA EARLY MORNING REPORT

Futures Flat As Traders Brace For Central Bank Deluge, Watch Surging Oil

TUESDAY, SEP 19, 2023 – 08:16 AM

US futures were modestly in the green, reversing an earlier drop in Asian markets as traders awaited signals from central banks in a week full of monetary policy decisions. Europe’s Stoxx 600 benchmark climbed 0.3%, lifted by energy names with oil majors TotalEnergies, BP and Shell among the biggest contributors. As of 7:45am, S&P 500 futures and Nasdaq contracts were both up around 0.1%; crude rallied to a new 10 month high with Brent surpassing $95. The dollar and gold were flat while Bitcoin rose.

In premarket trading, mega-cap Tech names were mostly higher. Keep an eye on AAPL which is reportedly seeing better than expected iPhone demand despite a tepid reception to its announcement a week ago. Block, formerly known as Square, shares fall as much as 1.7% after the digital payments firm said that Alyssa Henry, the CEO of its Square business, is leaving, with Jack Dorsey to take over. Analysts said that the development was a surprise and may add to other concerns about the company, but welcomed Dorsey stepping in to the role. Here are some other notable premarket movers:

Equinox Gold shares fall 10% after the company agrees to sell $150 million of 4.75% unsecured convertible senior notes due 2028.
Nio falls 4.4% after reporting proposed offering of $500m of convertible senior notes due 2029 and $500m of convertible senior notes due 2030.
Rackspace Technology shares are indicated higher after Raymond James upgraded the infrastructure-software company to outperform from market perform, saying its turnaround plan is gaining traction.
Rocket Lab USA shares fall as much as 19%, after the spacecraft maker said its rocket had experienced an issue shortly after launch, forcing it to end the mission. It also postponed an upcoming mission.

In other news, the UAW set a Friday at 12pm ET deadline for a deal before expanding the strike. Macy’s is said to hire 38k holiday workers vs. 41k in 2022 and 76k in 2021. Today’s macro data focus is on Housing Starts and Building Permits; we’ll see if the hard data matches yesterday’s soft data which showed the NAHB Housing Index fall to the lowest level since April.

With the Fed forecast to keep interest rates on hold this week, traders will be focused on the so-called dot plot summary of economic forecasts. The two main questions are whether policymakers will retain their projections for one more 25 basis-point hike by year-end, and how much easing they are penciling in for 2024. In June, they projected one percentage point of cuts.

“The Fed is likely to highlight that in its collective view the fight against inflation has not yet been won and that the FOMC will be highly data-dependent in terms of future rate decisions, leaving the door open for a possible rate hike later in the year,” said Richard Flax, chief investment officer at European digital wealth manager Moneyfarm. “If the Fed sounds a more hawkish tone, we could see a continuation of the higher-for-longer trend that we’ve seen recently, with lower probability of significant rate cuts in 2024.”

Meanwhile, as reported yesterday, crude has soared by about a third since mid-June as Saudi Arabia and Russia joined hands to curb supplies and drive a rebound in prices. That has sustained the pressure on central bankers as they seek to cool inflation, while managing risks to their economies. The Federal Reserve sets policy Wednesday, the Bank of England Thursday and the Bank of Japan Friday.

“Central banks have done a rather good job so far, but there’s little room for manoeuvre now,” said David Kalfon, chief executive officer of Sanso Investment Solutions. “They made clear since the start of the cycle that beating inflation is the key, not growth.”

The prospect of rates staying higher for longer has not only drained some of the enthusiasm toward tech shares, after they led the rally in US stocks earlier this year, but may have popped the AI bubble. Flows suggest investors are positioning for more losses in the Nasdaq 100, according to Citigroup’s Chris Montagu who said that Nasdaq futures continued to attract bearish flows last week, leaving positioning heavier on short bets rather than long. That suggests “few investors are comfortable taking a bullish view on the possibility of a near-term reversal for the growth/tech related index,” they wrote in a note dated Sept. 18. The Nasdaq 100 is down about 3.9% from a peak on July 18.

European stocks managed to shrug off opening declines to trade slightly higher. The Stoxx 600 is up 0.2% with real estate, financial services and autos the best performing sectors. Oil majors TotalEnergies SE, BP Plc and Shell Plc were among the biggest contributors as Europe’s Stoxx 600 benchmark climbed 0.3%. Here are Europe’s biggest movers:

Billerud shares gain as much as 9.4%, the most since 2020, after Jefferies upgraded its view on the Swedish paper and packaging firm to buy from hold, quoting year-to-date underperformance and easing wood costs heading into 2024.
TUI shares rise as much as 6.6% after the package tour operator confirmed it expects underlying Ebit to grow significantly in 4Q and the full fiscal year, as holiday bookings continue to defy the cost-of-living squeeze.
Ocado shares gain as much as 5% after the UK online grocer reported sales growth in the third quarter. Bernstein said the update shows good progress toward the company’s full-year guidance of mid-single-digit revenue growth.
Volkswagen rises as much as 3.4%, the best performer in Germany’s DAX index, after Jefferies double-upgrades the shares to buy from underperform, citing the potential for improvements and cost cuts in 2024, as well as the stock’s attractive valuation.
Avacta shares rise as much as 15% after the UK biotech provided an update to its key AVA6000 trial, saying the “excellent safety profile” of the chemotherapy candidate “continues to be observed in the sixth dose escalation cohort.”
British Land shares gain as much as 2.6% after UK landlord upgrades retail park ERV growth guidance for FY2024 to 3%-5% from 2%-4% on the back of continued “significant leasing momentum,” according to a statement.
Kion shares fall as much as 4.1% after an offering of shares from Invesco via Goldman Sachs priced at €35.20 apiece, representing an approximately 5.8% discount to the last close.
SocGen shares fall as much as 3.3% after the co. suffered rating downgrades from BNP Paribas Exane and HSBC after the French lender’s new CEO failed to win over investors with a new strategic plan on Monday.
SMCP Shares in France’s SMCP plunged as much as 29% amid huge trading volumes on Monday after the owner of fashion brands Sandro, Maje, Claudie Pierlot and Fursac, cut its 2023 guidance, citing a slowdown in Europe and lower-than-expected Chinese consumption.
Naked Wines shares drop as much as 10%, the most since July 4, after the online wine merchant said sales fell in the first quarter of the current fiscal year and predicted a decline in revenue for the year. Higher profits have come at the expense of sales, according to Stifel.
Kingfisher shares fall as much as 7.2% after the home improvement retailer reported first-half results that missed estimates and provided an outlook for the year which was also below expectations. Analysts flagged weakness in Poland during the first half.

Earlier in the session, Asian stocks fell for a second day as traders awaited a slew of major central bank decisions, with rising inflationary pressure from higher oil prices keeping the door open for hawkish messages. The MSCI Asia Pacific Index dropped as much as 0.4% on Tuesday before closing almost flat, led by technology and health-care shares.

Hong Kong and mainland Chinese benchmarks traded in a tight range as investors weighed the recent green shoots in economic data against ongoing property sector woes. They are closely monitoring headlines from distressed developers for further clues on their financial health. Sentiment was driven by pressure in tech and mixed fortunes among the property stocks but downside stemmed following further US-China talks and the PBoC’s continued liquidity efforts.
Japan’s Nikkei 225 underperformed as recent losses in the region caught up to the index on return from the holiday closure and with sentiment also dampened with participants second-guessing if BoJ Governor Ueda will lay the groundwork this week for a future exit.
Australia also slid as traders parsed minutes from the central bank’s September meeting. The ASX 200 was pressured as weakness in real estate and financials led the declines from early on, while the RBA minutes from the September meeting provided very little in the way of new information.

In FX, the Bloomberg Dollar Spot Index is down 0.1%, the Norwegian krone and the Swedish krona were among the best performers in the Group-of-10 ahead of central bank decisions in both countries on Thursday The pound and euro are flat with the latter showing little reaction to a downward revision to euro area CPI.

The Australian dollar gained; the Reserve Bank of Australia considered the case for raising borrowing costs this month, according to minutes of the Sept. 5 meeting
The euro fell for a first day in three after hitting its lowest level since March last week; common currency could be already in mean-reversion mode according to options.

In rates, treasuries are little changed as US trading day begins, with futures near high end of Monday’s ranges, after plying narrow ranges during Asia session and London morning. Volumes and flows remain thin ahead of Wednesday’s Fed policy announcement. Tuesday session includes 20-year bond reopening and housing starts data. Yields across the curve are higher on the day by less than 2bp, 10-year near 4.32%, rising 2bps from Monday’s close with bunds and gilts outperforming by 1.5bp and 6bp in the sector; UK bonds outperform in Europe ahead of domestic August CPI due Wednesday. Dollar IG issuance slate includes World Bank 5Y and is expected to grow; 10 issuers sold almost $15b Monday and at least one issuer stood down. Treasury coupon auctions resume with $13b 20-year bond reopening at 1pm New York time; this week also includes a $15b 10-year TIPS reopening Thursday.

In commodities, oil continues to climb with WTI futures up 1.1% at YTD high and approaching $93/bbl while Brent briefly rose above $95 for the first time this year.

Looking to the day ahead now, and data releases include US housing starts and building permits for August, as well as Canada’s CPI for August. Otherwise, central bank speakers include the ECB’s Elderson.

Market Snapshot

S&P 500 futures little changed at 4,505.25
MXAP down 0.1% to 162.78
MXAPJ down 0.2% to 503.25
Nikkei down 0.9% to 33,242.59
Topix little changed at 2,430.30
Hang Seng Index up 0.4% to 17,997.17
Shanghai Composite little changed at 3,124.96
Sensex down 0.4% to 67,596.84
Australia S&P/ASX 200 down 0.5% to 7,196.63
Kospi down 0.6% to 2,559.21
STOXX Europe 600 up 0.2% to 457.69
German 10Y yield little changed at 2.70%
Euro little changed at $1.0688
Brent Futures up 0.7% to $95.13/bbl
Gold spot up 0.0% to $1,934.08
U.S. Dollar Index down 0.12% to 105.07

Top Overnight News

Secretary of State Blinken and Chinese Vice resident Han Zheng sounded conciliatory following a meeting Monday at the UN, the latest sign that relations between the two countries may be modestly thawing. SCMP
The world economy is set for a slowdown as interest-rate increases weigh on activity and China’s rebound disappoints, the OECD said. Growth will ease to 2.7% in 2024 after an already “sub-par” expansion of 3% this year, according to its latest forecasts. BBG
Senior Chinese officials were told that an internal Communist Party investigation found ex-Foreign Minister Qin Gang to have engaged in an extramarital affair that lasted throughout his tenure as Beijing’s top envoy to Washington. Qin, once considered a trusted aide to leader Xi Jinping, was stripped of his foreign minister title in July—without explanation—after he disappeared from public view a month earlier. At one point leading up to his ouster, the Foreign Ministry said the absence of 57-year-old Qin was due to health reasons. WSJ
Japan’s BOJ isn’t expected to make any changes Thurs night, but Ueda will continue to lay the rhetorical groundwork for a further normalization of policy. BBG
India rejected allegations by Justin Trudeau that its agents were behind the June 18 assassination of a prominent Sikh leader in British Columbia, calling them “absurd and motivated,” and moved to expel a Canadian diplomat. The festering ties threaten to derail plans for an early-stage trade deal. BBG
The UAW warned it will expand its auto workers’ strike from noon Friday if “serious progress” isn’t made in talks with Ford, GM and Stellantis. The Chrysler parent described resumed negotiations as “constructive,” but union leader Shawn Fain told NPR they have a “long way to go.” BBG
Trump plans to skip the next GOP debate on Sept 27 and instead address a crowd in Detroit as the former president looks to inject himself into the UAW strikes. NYT
McCarthy’s fiscal blueprint, unveiled over the weekend, doesn’t have enough Republican support to make it out of the House (and it was already DOA in the Senate and White House), raising the odds of a shutdown at the end of the month. NYT
Crude rallied, with Brent tipping over $95. Rising energy costs may cause a significant reversal in US headline inflation, forcing the Fed to act more aggressively. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower following the flat performance stateside amid a lack of catalysts and with risk appetite sapped as markets brace for the approaching flurry of central bank meetings. ASX 200 was pressured as weakness in real estate and financials led the declines from early on, while the RBA minutes from the September meeting provided very little in the way of new information. Nikkei 225 underperformed as recent losses in the region caught up to the index on return from the holiday closure and with sentiment also dampened with participants second-guessing if BoJ Governor Ueda will lay the groundwork this week for a future exit. Hang Seng and Shanghai Comp were choppy owing to the pressure in tech and mixed fortunes among the property stocks but with downside stemmed following further US-China talks and the PBoC’s continued liquidity efforts.

Top Asian News

Chinese Foreign Minister Wang said China and Russia pursue an independent foreign policy and the cooperation between the sides is not aimed at a third party and will not be influenced by a third party. Wang also stated that China and Russia should follow the trend of progress of the times, show their responsibilities as major countries, fulfil their international obligations and strengthen strategic cooperation.
China summoned the German envoy after German Foreign Minister Baerbock’s recently described Chinese President Xi as a dictator on US television, according to SCMP.
European Commission Vice President Vera Jourova said it is important that China and EU keep communications open including in various degrees where they disagree, while she added China is a partner, competitor and systemic rival for Europe. Furthermore, she added that China’s continued economic success requires an attractive investment environment for foreign companies and that the EU does not seek to decouple from China.
RBA Minutes from the September 5th meeting stated they considered raising rates by 25bps or holding steady and the case for holding steady was stronger, while it added that recent data did not materially alter the economic outlook. Furthermore, it reiterated that some further tightening of monetary policy may be required should inflation prove more persistent than expected.
Japan ruling LDP senior official Seko says economic stimulus of a minimum of JPY 15tln is needed, and desirably JPY 20tln, according to Jiji press; size of economic stimulus must be around 3% of GDP.

European bourses are in the green, Euro Stoxx 50 +0.2%, though only modestly so with the space struggling to reclaim lost ground from Monday. Sectors are primarily in the green, with outperformance seen in Autos following a double-upgrade to Volkswagen while Retail lags in the red amid pressure in Kingfisher who cut FY guidance. Stateside, futures are in-fitting with European peers in posting a slight positive bias but generally struggling for direction as we await the Fed to kick off a blockbuster week of Central Bank activity; ES +0.2%.

Top European News

OECD: The world economy is expected to grow by 3.0% in 2023, before slowing down to 2.7% in 2024. A disproportionate share of global growth in 2023-24 is expected to continue to come from Asia, despite the weaker-than-expected recovery in China.
BoE’s Woods (FPC/PRC) says we are seeing a pick-up in impairments across the financial sector from a very low base, interested in banks’ exposure to the Chinese property sector.

Buck continues to buckle in the build-up to FOMC and a host of other Central Bank confabs, DXY edges closer to 105.000 within incrementally lower 105.210-010 range.
Kiwi, Loonie and Aussie elevated amidst strength in underlying commodities, NZD/USD comfortably above 0.5900 pre-NZ current account data, AUD/USD probing 0.6450 post-hawkish RBA minutes and USD/CAD sub-200 DMA awaiting Canadian CPI.
Sterling, Euro and Yen all hovering near big figures vs. Dollar, at 1.2400, 1.0700 and 148.00 respectively.
PBoC set USD/CNY mid-point at 7.1733 vs exp. 7.2839 (prev. 7.1736)

Fixed Income

Bonds bounce broadly, but not uniformly as the countdown to Central Bank-fest continues.
Gilts outperform mainstream peers within 95.46-94.94 range pre and post-well received 2053 DMO sale.
Bunds toppy above 130.00 between 130.10-129.80 parameters and T-note lags in tight 109-20/14 band awaiting US housing data, 20 year supply and the start 2-day Fed meeting.

Commodities

WTI and Brent November futures remain on a positive footing after settling firmer on Monday with known fundamentals keeping the complex underpinned.
However, following the OECD downgrades to 2024 growth views for numerous key economies including the EZ, Germany, UK & China some pressure has been seen across the commodity space; currently, WTI and Brent are firmer by circa. USD 0.50/bbl, having trimmed by a similar magnitude from earlier highs which saw Brent eclipse USD 95.00/bbl.
Spot gold is essentially unchanged on the session given the USD remains contained overall but has been somewhat choppy within the current bounds, yellow metal continues to trade on either side of the 50-DMA at USD 1931/oz.
Base metals are pressured given APAC losses and with further pressure emanating from the mentioned OECD forecasts.

Geopolitics

G7 Foreign Ministers meeting chair Japan said Russia must withdraw its troops and military equipment from the internationally recognised territory of Ukraine immediately, completely and unconditionally, while G7 members condemned Russia for staging sham elections in illegally occupied territories of Ukraine and will never recognise Russia’s illegitimate claims. G7 reiterated the call on third parties to cease any and all assistance to Russia’s war of aggression or face severe costs and it called on China to press Russia to stop its military aggression and immediately withdraw its troops from Ukraine.
Russian and Chinese Foreign Ministers noted the ‘futility’ of attempts to resolve the Ukraine crisis without due account for Russian interest and participation, while they also noted the closeness of their positions on the anti-Russian and anti-Chinese character of US actions in international affairs, according to Reuters.
US State Department said following a meeting between Secretary of State Blinken and Chinese Vice President Han that the sides had a candid and constructive discussion. Furthermore, they exchanged views on Russia’s war in Ukraine and North Korea’s provocative actions, while Blinken underscored the importance of peace across the Taiwan Strait, according to Reuters.
US, Japan and South Korea officials shared concerns that Russia-North Korea cooperation may have a negative impact on peace and stability in the Indo-Pacific, according to Japan’s Foreign Ministry.
South Korean Foreign Ministry announced the successful transfer of Iran’s frozen funds to a third country and hopes that this will lead to the development of bilateral ties, according to Reuters.
White House said it was deeply concerned about allegations made by Canadian PM Trudeau regarding the killing of a Sikh leader and it is critical that Canada’s investigation proceed and perpetrators are brought to justice. Furthermore, India’s government said allegations of Indian government involvement in any act of violence in Canada are absurd and motivated, while it added that allegations made by Canadian PM Trudeau to PM Modi regarding India’s involvement in any act of violence in Canada were completely rejected, according to Reuters.
IAEA says negotiations with Iran are not progressing as quickly as required, according to Al Arabiya.
Azerbaijan’s Defence Ministry has started “anti-terrorist” operations in Karabakh, according to Tass; “Large fighting begins near Stepanakert in Nagorno-Karabakh as Azerbaijan announces start of operation”, according to ELINT News.

US Event Calendar

08:30: Aug. Housing Starts MoM, est. -0.9%, prior 3.9%
08:30: Aug. Housing Starts, est. 1.44m, prior 1.45m
08:30: Aug. Building Permits MoM, est. -0.2%, prior 0.1%
08:30: Aug. Building Permits, est. 1.44m, prior 1.44m, revised 1.44m

DB’s Jim Reid concludes the overnight wrap

The overarching narrative behind the trilogy is that the financial world experienced a unique golden era during 1980-2020, but that the trends that enabled this super-cycle are set to reverse going forward. The pandemic accelerated this process, but we think those forces would likely have arisen in the 2020s regardless. For instance, inflation is back in a way we haven’t experienced in a generation, and there’s been a rapid rise in real yields over the last couple of years as well. All this is going to severely constrain the ability of policymakers to manage the business cycle. As a result, we think there’s going to be a higher frequency of recessions over the coming years and decades.

The second half of the study includes our updated multi-asset class returns across numerous DM and EM countries going back over 200 years where possible. We review the decade so far, which for bonds and 60/40 portfolios is up there with the worst on record. Commodities are outperforming, whilst equities are mixed depending on the country. For instance, US, Japanese and Indian bourses are outperforming history and leading the way. But others are still down over the 2020s in real terms.

From 300-plus years of history to the last 24 hours and the main story as we start the big central bank week has been the relentless rise in oil prices over recent weeks, with yesterday seeing Brent Crude climb a further +0.66% to $94.55/bbl. That’s its highest closing level in over 10 months, and comes on the back of 3 consecutive weekly gains which have shown no sign of stopping yet. This morning in Asia we’re up another +0.75% to over $95/bbl. The recent rises are already filtering through into retail gasoline prices, with the US daily average from the AAA at an 11-month high of $3.88/gallon on Sunday.

Given those fresh signs of inflationary pressures, investors moved to price in that interest rates would remain higher for longer into 2024. For instance, the rate priced in for the Fed’s June 2024 meeting hit a new high for this cycle at 5.16%, suggesting that investors don’t expect much in the way of cuts anytime soon. It was the same story for other central banks, with the June 2024 rate for the ECB (+7.9bps) and the BoE (+2.2bps) also moving higher. Remember that we’ve got the Fed’s decision tomorrow, the Bank of England on Thursday, and then the Bank of Japan on Friday, so this is an important week in mapping out the path towards year-end, and how far they want to keep tightening policy.

In turn, that helped spark a decent sell-off amongst most sovereign bonds. In Europe, yields on 10yr bunds were up +3.1bps to 2.70%, whilst those on 10yr OATs (+3.1bps), BTPs (+4.9bps) and gilts (+3.2bps) also moved higher. Over in the US, the 2yr Treasury yield (+2.0bps) closed at 5.055%, which is just the 3rd time in this cycle it’s closed above the 5.05% mark. Meanwhile, the 10yr yield bucked the global trend and was down -3.0bps to 4.30% after flirting with August’s post-2007 intra-day highs and above 4.35% early in the US session.

For equities, this pattern of heavier losses in Europe and a steady US performance was also evident. In fact, the STOXX 600 (-1.13%) saw its worst daily performance in over a month, and there were heavy losses for the DAX (-1.05%), the CAC 40 (-1.39%) and the FTSE 100 (-0.76%) as well. But in the US, the S&P 500 (+0.07%) managed to eke out a very small gain, aided by a strong outperformance from energy stocks (+0.68%). Tech stocks saw a mixed day, with the IT sector outperforming within the S&P 500 (+0.47%) but with the Magnificent Seven mega cap index down -0.19% after a -3.32% fall for Tesla. Small caps underperformed, with the Russell 2000 index (-0.69%) falling to its lowest since June.

Overnight in Asia, Japan is leading the declines across major indices with a -0.96% drop in the Nikkei after it returns from holiday. China’s CSI 300 is also weaker (-0.23%) this morning but sentiment for the Hang Seng is slightly better (+0.02%). S&P 500 futures are flat and 10y Treasury yields are up +0.6bps.

There was little in the way of economic data yesterday. But in the US, we did get the NAHB’s housing market index, which fell more than expected to 45 (vs. 49 expected). Housing is an interesting sector, as it’s one of the most sensitive to changes in interest rates, and this index declined in every single month of 2022. At the start of 2023, it then recovered for 7 months in a row, but the last two months have seen two further declines, with the index at a 5-month low amidst higher long-term interest rates.

To the day ahead now, and data releases include US housing starts and building permits for August, as well as Canada’s CPI for August. Otherwise, central bank speakers include the ECB’s Elderson.

END

2 B) NOW NEWSQUAWK (EUROPE/REPORT)/

Action generally contained & steady pre-Central Banks; OECD pressured commodities – Newsquawk US Market Open

TUESDAY, SEP 19, 2023 – 06:11 AM

European bourses & US futures are in the green but only modestly so as markets continue to count down to multiple Central Bank announcements
USD remains pressured pre-FOMC but the index retains 105.00 with peers generally contained/modestly firmer
EGBs and Gilts continue to regain some poise while USTs are contained and meandering either side of parity
Crude benchmarks retain a positive bias but have slipped from best following the latest OECD forecasts
UAW is to announce new strikes on Friday if progress is not made, potential for Canadian strikes at Ford facilities as well
Looking ahead, highlights include Canadian CPI, ECB’s Elderson and 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 +0.2%, though only modestly so with the space struggling to reclaim lost ground from Monday.
Sectors are primarily in the green, with outperformance seen in Autos following a double-upgrade to Volkswagen while Retail lags in the red amid pressure in Kingfisher who cut FY guidance.
Stateside, futures are in-fitting with European peers in posting a slight positive bias but generally struggling for direction as we await the Fed to kick off a blockbuster week of Central Bank activity; ES +0.2%.
Click here for more detail.

FX

Buck continues to buckle in the build-up to FOMC and a host of other Central Bank confabs, DXY edges closer to 105.000 within incrementally lower 105.210-010 range.
Kiwi, Loonie and Aussie elevated amidst strength in underlying commodities, NZD/USD comfortably above 0.5900 pre-NZ current account data, AUD/USD probing 0.6450 post-hawkish RBA minutes and USD/CAD sub-200 DMA awaiting Canadian CPI.
Sterling, Euro and Yen all hovering near big figures vs. Dollar, at 1.2400, 1.0700 and 148.00 respectively.
PBoC set USD/CNY mid-point at 7.1733 vs exp. 7.2839 (prev. 7.1736)
Click here for more detail.
Click here for the Option Expires for the NY Cut.

FIXED INCOME

Bonds bounce broadly, but not uniformly as the countdown to Central Bank-fest continues.
Gilts outperform mainstream peers within 95.46-94.94 range pre and post-well received 2053 DMO sale.
Bunds toppy above 130.00 between 130.10-129.80 parameters and T-note lags in tight 109-20/14 band awaiting US housing data, 20 year supply and the start 2-day Fed meeting.
Click here for more detail.

COMMODITIES

WTI and Brent November futures remain on a positive footing after settling firmer on Monday with known fundamentals keeping the complex underpinned.
However, following the OECD downgrades to 2024 growth views for numerous key economies including the EZ, Germany, UK & China some pressure has been seen across the commodity space; currently, WTI and Brent are firmer by circa. USD 0.50/bbl, having trimmed by a similar magnitude from earlier highs which saw Brent eclipse USD 95.00/bbl.
Spot gold is essentially unchanged on the session given the USD remains contained overall but has been somewhat choppy within the current bounds, yellow metal continues to trade on either side of the 50-DMA at USD 1931/oz.
Base metals are pressured given APAC losses and with further pressure emanating from the mentioned OECD forecasts.
Click here for more detail.

NOTABLE US HEADLINES

The UAW president said they will announce new plants to strike on Friday at 12:00EDT if there is no serious progress reached. In relevant news, Canada’s Unifor president warned there would be a strike against all Ford (F) facilities if a deal was not reached on Monday night, while it was later reported that negotiations were continuing with a late caucus meeting.
Canada’s Unifor union says it is extending negotiations with Ford Motor (F) for a 24hr period; unions received a substantive offer from the employer minutes before the deadline; bargaining continued throughout the night.
Click here for the US Early Morning Note.

NOTABLE EUROPEAN HEADLINES

OECD: The world economy is expected to grow by 3.0% in 2023, before slowing down to 2.7% in 2024. A disproportionate share of global growth in 2023-24 is expected to continue to come from Asia, despite the weaker-than-expected recovery in China. Click here for more detail.
BoE’s Woods (FPC/PRC) says we are seeing a pick-up in impairments across the financial sector from a very low base, interested in banks’ exposure to the Chinese property sector.

NOTABLE EUROPEAN DATA

EU Current Account SA, EUR (Jul 2023) 20.9B (Prev. 35.84B); NSA, EUR (Jul 2023) 26.85B (Prev. 36.77B)
EU HICP Final YY (Aug 2023) 5.2% vs. Exp. 5.3% (Prev. 5.3%); X Food & Energy Final YY (Aug 2023) 6.2% vs. Exp. 6.2% (Prev. 6.2%)
EU HICP-X Food, Energy, Alcohol & Tobacco Final YY (Aug 2023) 5.3% vs. Exp. 5.3% (Prev. 5.3%)

GEOPOLITICS

G7 Foreign Ministers meeting chair Japan said Russia must withdraw its troops and military equipment from the internationally recognised territory of Ukraine immediately, completely and unconditionally, while G7 members condemned Russia for staging sham elections in illegally occupied territories of Ukraine and will never recognise Russia’s illegitimate claims. G7 reiterated the call on third parties to cease any and all assistance to Russia’s war of aggression or face severe costs and it called on China to press Russia to stop its military aggression and immediately withdraw its troops from Ukraine.
Russian and Chinese Foreign Ministers noted the ‘futility’ of attempts to resolve the Ukraine crisis without due account for Russian interest and participation, while they also noted the closeness of their positions on the anti-Russian and anti-Chinese character of US actions in international affairs, according to Reuters.
US State Department said following a meeting between Secretary of State Blinken and Chinese Vice President Han that the sides had a candid and constructive discussion. Furthermore, they exchanged views on Russia’s war in Ukraine and North Korea’s provocative actions, while Blinken underscored the importance of peace across the Taiwan Strait, according to Reuters.
US, Japan and South Korea officials shared concerns that Russia-North Korea cooperation may have a negative impact on peace and stability in the Indo-Pacific, according to Japan’s Foreign Ministry.
South Korean Foreign Ministry announced the successful transfer of Iran’s frozen funds to a third country and hopes that this will lead to the development of bilateral ties, according to Reuters.
White House said it was deeply concerned about allegations made by Canadian PM Trudeau regarding the killing of a Sikh leader and it is critical that Canada’s investigation proceed and perpetrators are brought to justice. Furthermore, India’s government said allegations of Indian government involvement in any act of violence in Canada are absurd and motivated, while it added that allegations made by Canadian PM Trudeau to PM Modi regarding India’s involvement in any act of violence in Canada were completely rejected, according to Reuters.
IAEA says negotiations with Iran are not progressing as quickly as required, according to Al Arabiya.
Azerbaijan’s Defence Ministry has started “anti-terrorist” operations in Karabakh, according to Tass; “Large fighting begins near Stepanakert in Nagorno-Karabakh as Azerbaijan announces start of operation”, according to ELINT News.

CRYPTO

Bitcoin is marginally firmer on the session, it failed an initial test of the USD 27k mark to the upside but has since surpassed the mark to a USD 27.37k peak; prior to this, the 27k handle had not been surpassed since the marked downside on September 18th.

APAC TRADE

APAC stocks were mostly lower following the flat performance stateside amid a lack of catalysts and with risk appetite sapped as markets brace for the approaching flurry of central bank meetings.
ASX 200 was pressured as weakness in real estate and financials led the declines from early on, while the RBA minutes from the September meeting provided very little in the way of new information.
Nikkei 225 underperformed as recent losses in the region caught up to the index on return from the holiday closure and with sentiment also dampened with participants second-guessing if BoJ Governor Ueda will lay the groundwork this week for a future exit.
Hang Seng and Shanghai Comp were choppy owing to the pressure in tech and mixed fortunes among the property stocks but with downside stemmed following further US-China talks and the PBoC’s continued liquidity efforts.

NOTABLE ASIA-PAC HEADLINES

Chinese Foreign Minister Wang said China and Russia pursue an independent foreign policy and the cooperation between the sides is not aimed at a third party and will not be influenced by a third party. Wang also stated that China and Russia should follow the trend of progress of the times, show their responsibilities as major countries, fulfil their international obligations and strengthen strategic cooperation.
China summoned the German envoy after German Foreign Minister Baerbock’s recently described Chinese President Xi as a dictator on US television, according to SCMP.
European Commission Vice President Vera Jourova said it is important that China and EU keep communications open including in various degrees where they disagree, while she added China is a partner, competitor and systemic rival for Europe. Furthermore, she added that China’s continued economic success requires an attractive investment environment for foreign companies and that the EU does not seek to decouple from China.
RBA Minutes from the September 5th meeting stated they considered raising rates by 25bps or holding steady and the case for holding steady was stronger, while it added that recent data did not materially alter the economic outlook. Furthermore, it reiterated that some further tightening of monetary policy may be required should inflation prove more persistent than expected.
Japan ruling LDP senior official Seko says economic stimulus of a minimum of JPY 15tln is needed, and desirably JPY 20tln, according to Jiji press; size of economic stimulus must be around 3% of GDP.

2 c. ASIAN AFFAIRS

TUESDAY MORNING/MONDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

//NORTH KOREA/CHINA/RUSSIA

END

2e) JAPAN

JAPAN

3 CHINA /

CHINA/

end

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

ITALY

Le Pen & Salvini Rally Against “Flood Of Migrants”, Urge ‘United Right’ At Next Year’s EU Elections

TUESDAY, SEP 19, 2023 – 03:30 AM

Authored by John Cody via Remix News,

Right-wing politicians gathered in Italy at a political rally hosted by League leader Matteo Salvini in the run-up to next year’s European Parliament elections, with the parties focusing on fighting mass immigration and the left-liberal bloc’s domination of European politics.

During the rally, France’s Marine Le Pen, parliamentary leader of the National Rally, said that Europe’s right-wing parties must gather forces together to protect the people of Europe against mass immigration.

“We are defending our traditions, our gastronomy, our identities, our landscapes (…) we are defending our peoples against the flood of migrants,” said Marine Le Pen, with Le Pen directly referencing the recent surge in immigration at the Italian island of Lampedusa, which is seeing thousands of migrants arriving each day, including a record of nearly 7,000 in 24 hours last week.

Le Pen was at the rally in Pontida on Sunday at the invitation of Matteo Salvini, leader of the right-wing Italian League, where she declared that her party and those gathered were in a common fight to defend freedom and the homeland at the rally, according to Hungarian news outlet Mandiner.

“To those who pretend to defend the status quo or to justify their lives that there is no other alternative, you (pointing to the crowd) have demonstrated that political will can do it. You have demonstrated the political will that Europe needs. By the force of your convictions and your actions, you have demonstrated that there are still Europeans willing to protect our continent, our cultures, and our civilization,” said Le Pen.

Le Pen was one of the foreign guests invited to the political meeting at the source of the Po River, which was attended by a number of European right-wing forces, including a delegation from the Alternative for Germany (AfD).

The president of the National Rally called next year’s European elections a “resistance of the European peoples to outside influence.”

Matteo Salvini said that if he had to choose between French President Emmanuel Macron and Marine Le Pen, there is no doubt that he would choose the latter:

“We have a common task to win in Italy and in the European Union.”

He said it would be a sin to exclude anyone from the alliance of center-right and right-wing parties. He announced that before the end of the year, he would call a mass demonstration of the forces preparing to replace the European left next year.

Elections for the European Parliament will be held next spring, and France will hold elections this coming Sunday for half of the 348 seats in the Senate.

end

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

UKRAINE/RUSSIA/NATO/USA

Total insanity!

Milley & Stoltenberg Agree: ‘We Must Prepare Ourselves For A Long War In Ukraine’

TUESDAY, SEP 19, 2023 – 04:15 AM

Two top Western officials have just said that NATO is preparing to settle in for a “long war” in Ukraine, as the prospect for peace negotiations retreats further and further on the horizon.

First, NATO Secretary-General Jens Stoltenberg in an interview published Sunday by Germany’s Funke Media Group said the alliance is committed to seeing military support to Kiev through, and that this is the only way to achieve peace. “Most wars last longer than expected when they first begin. Therefore, we must prepare ourselves for a long war in Ukraine,” he said, and added: “We must recognize that if Zelensky and the Ukrainians stop fighting, their country will no longer exist. If President Putin and Russia stop fighting, we will have peace.”Image source: NATO

But after going all in on verbalizing the desire for a military solution, he still tried to emphasize, “We all want a quick peace.” It’s certainly contradictory messaging given he didn’t so much as broach the possibility of getting Kiev and Moscow to directly dialogue at the negotiating table.

This comes as the Ukrainian government is still trying to increase the pressure on its Western partners concerning more weapons at a faster rate, and advanced hardware, as Politico presents:

The head of Ukraine’s Security Council Oleksiy Danilov, in an opinion piece published Saturday evening, said the only way to end the war is if Kyiv’s allies speed up deliveries of weapons. “Refusing or delaying the transfer of modern weapons to the Ukrainian armed forces is a direct encouragement to the kremlin to continue the war, not the other way around,” Danilov said.

Next, on the same day as Stoltenberg’s comments grabbed headlines, Chairman of the Joint Chiefs Gen. Mark Milley spoke with CNN about the state of the war and the Pentagon’s perspective. He too warned that this conflict is set to endure for “a long time”.

“There’s well over 200,000 Russian troops in Russian-occupied Ukraine. This offensive, although significant, has operational and tactical objectives that are limited, in the sense that they do not — even if they are fully achieved — they don’t completely kick out all the Russians, which is the broader strategic objective that President Zelensky had,” the top US general said.

6.GLOBAL ISSUES//MEDICAL ISSUES

end

GLOBAL VACCINE/COVID ISSUES

ROBERT H TO US:

Secret Pfizer report shows company KNEW since February 2021 that its mRNA COVID jab was killing people – NaturalNews.com

Criminals running loose.

https://www.naturalnews.com/2023-09-18-secret-pfizer-report-mrna-covid-jab-killer.html

END

GLOBAL ISSUES//

end

DR PAUL ALEXANDER.

Radical Kristen Welker Asks Trump if he Worries About Jail, he Says No, he’s ‘Built Different’Sunday, Donald Trump sat down with the new anchor for Meet the Press, Kristen Welker. NBC has shared the full interview which is about an hour and twenty minutes long, that you can watch at the end of this article. Welker laid out that Trump faces four indictments with a total of 91 felony charges. Trump requested she represent the …READ THE FULL REPORT

Donald Trump Shuts Down Talk He’s ‘Afraid to Go to Prison’ in Combative NBC Interview Former President Donald Trump engaged in a confrontational exchange that lasted over an hour with new ‘Meet the Press’ moderator Kristen Welker at his Bedminster, New Jersey residence. Their discussion covered a wide range of topics, including his legal troubles, involvement in the events of January 6th, and propagation of falsehoods related to the 2020 election. Throughout the interview, Trump …READ THE FULL REPORT

FBI Agent Implicated in Big Tech Censorship is Subpoenaed After Interview is Suddenly Canceled House Judiciary Committee Chairman Jim Jordan issued a subpoena on Friday targeting Elvis Chan, the FBI Assistant Special Agent in Charge of the San Francisco Field Office. Chan is implicated in the Big Tech censorship campaign over the 2020 election. This subpoena came in response to the Department of Justice blocking Chan from participating in a voluntary interview. “The Committee …READ THE FULL REPORT

NEWS ADDICTS

SLAY NEWS

he latest reports from Slay News

Peer-Reviewed Journal: ‘Boosters’ Increase Covid Infection Rates A renowned peer-reviewed scientific journal is standing by a study that found so-called “booster” shots increased Covid infection rates when compared to unvaccinated people.READ MORE

Republicans Move to Block Biden Rolling Out ‘Digital Cash’ Across America Republicans are moving to block Democrat President Joe Biden and his administration from rolling out a “digital dollar” to replace physical cash across America.READ MORE

Matt Gaetz: ‘We Have the Evidence’ – Not Impeaching Biden ‘Would Be a Dereliction of Duty’Republican Rep. Matt Gaetz (R-FL) has issued a warning to his colleagues about the consequences of choosing not to impeach Democrat President Joe Biden.READ MORE

James Woods Responds to Shocking Border Video: ‘Both Biden and Harris Need Be Impeached for This’Hollywood star James Woods has called for Democrat President Joe Biden and VP Kamala Harris to both face impeachment over the crisis at the Southern Border.READ MORE

Senate Scraps Dress Code to Accommodate ‘Slob’ John Fetterman: ‘Stop Lowering the Bar!’The United States Senate has been accused of “lowering the bar” after Majority Leader Chuck Schumer (D-NY) scrapped the dress code for senators to accommodate Democrat Sen. John Fetterman (D-PA).READ MORE

Ex-NFL Star Sergio Brown ‘Missing’ after Mother Found Murdered in Creek Former NFL star Sergio Brown has reportedly gone “missing” after police found the body of his dead mother in an Illinois creek.READ MORE

American Citizen Among 19 Taken Hostage by Taliban for ‘Promoting Christianity’An American citizen is among a group of 19 people to be captured and taken hostage by the Taliban.READ MORE

‘Devastating’ Video Emerges of Joe and Hunter Biden Discussing ‘Business’ with Potential Client Republicans on the House Oversight Committee have just published a video from 2005 that shows Joe and Hunter Biden discussing “business” with a potential in front of the camera.READ MORE

EVOL NEWS

Major Retailers to Pull Bud Light from Shelves after Sales fail to ReturnREAD MORE…

LATEST NEWS:

Texas AG Declares War After Impeachment Fails: ‘Buckle Up’Read more…Pence: Trump Isn’t Conservative Because He is Anti-War.Read more…Iran Bars Nuclear Inspectors As US Releases $6 BillionRead more…Pilot ejects from jet over North CharlestonRead more…REPORT: Soros Is Funding A ‘TikTok Army’ To Push Joe Biden, Left-Wing Causes Ahead Of 2024Read more…Canada in crisis: gangs steal cars EVERY SIX MINUTES to ship overseasRead more…CNN Gets Roasted for Absurd Chyron Warning Constitution is ‘Outdated, Puts Democracy at Risk’Read more…Trump: Nancy Pelosi Is ‘Responsible for January 6’Read more…

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

Reeling Europe Crushed By Merkel’s Catastrophic Legacy

TUESDAY, SEP 19, 2023 – 10:15 AM

By Bas van Geffen and Elwin de Groot, strategists at Rabobank

Sometimes, art is more than just the canvas or sculpture. Many will probably remember the Banksy painting that –as soon as it was sold at auction– self-destructed by means of a paper shredder that was hidden in the frame.

When she left office after 16 years, a local museum unveiled a statue of Merkel on horseback to commemorate her reign. The artist left it to the viewer whether the statue was created out of appreciation or whether it was intended to be ironic. It drew plenty of ridicule at the time.

Last week, the statue collapsed under its own weight. As with most things done during the Merkel-era, the statue was built as efficiently as possible, but not very durable: it was hollow and 3D-printed out of concrete that could neither withstand the external forces of nature, nor support its own weight. This probably wasn’t intentional, but if it were it would be a brilliant artistic rendition of Merkel’s leadership and the aftermath the country is dealing with.

Since her leadership, European has seen supply chains collapse, with the future of German industry now at risk as EU leaders scramble to source more reliable sources of energy and inputs. And thanks to the lack of a German, or European, strategic global view, external forces like China have eroded away the continent’s power on the global stage and the competitiveness of Germany’s industrial engine: the car sector.

Post-Merkel, Europe has woken up, and pushed by Germany the Commission is investigating whether government subsidies are helping cheap Chinese EVs being dumped on the European market – though one can wonder why a probe into the matter is even necessary. A Bloomberg Opinion columnist argues today that China made –and subsidized– EVs should actually be welcomed by the EU, as it also lowers the price European consumers have to pay for their cars, and may therefore lower the cost of the energy transition. Well, obviously. But as we have repeated ad nauseam in this daily, the price of EVs and the likes is comprised of so much more than simply the monetary value of the product. Germany learned that lesson the hard way when the Russian gas supply got cut off.

The inflationary effects of the energy crisis haven’t even fully faded yet, as new commodity price increases are bringing renewed inflation risks to the fore. Oil prices continued to edge higher yesterday, with the nearest Brent future piercing through the $95/bbl level. Arguably, the key driver of this development has been the decision by Saudi Arabia and Russia in June to extend their production cuts. Speaking at the 5-day World Petroleum Congress in Calgary yesterday, Saudi energy minister Prince Abdulaziz bin Salman defended that decision, arguing that it was necessary to curtail volatility.

But there is more to it. Perhaps the perceived tightness of the market (which can be gauged from the backwardation in the market: futures prices trading lower than spot and nearest future prices) is also a sign that demand in some parts of the world, such as the US, has remained more resilient than expected just a while ago. Yet there are also structural forces, as our own energy analyst Joe DeLaura points out in a Webinar for Rabobank clients today. He basically sees 2010 to 2019 as an anomaly: a time of artificially low volatility and interest rates, and an oversupply of cheap energy. He believes a dramatic shift will mark the coming decade. Underinvestment in energy supply and infrastructure forms the basis of this new period of market volatility as humanity grapples with the clash between old fossil fuels and renewable energy. Worldwide investment in new oil and gas fields, gathering systems, refineries and exploration has dropped by over one-third. The relative oversupply of the 2010s kept volatility artificially low but that era is over, according to Joe. Oil and gas is a capital intensive business on the upstream side, so rising interest rates discourage new drilling, exploration and building gathering systems or refineries that take decades to pay back.

Meanwhile, climate change leads to a rising frequency of extreme weather conditions and is impacting things like peak electricity demand (this year’s scorching summer in several parts of the world also boosted demand for air conditioning), impairs nuclear cooling capacity and leads to hydroelectric power disruptions and transport challenges caused by low water levels in key hubs such as the German Rhine river and the Panama Canal.

In other words, higher fossil fuel prices are likely to be with us for the foreseeable future. That may be another incentive to accelerate investment in alternative energy sourced but is also likely to keep (energy) inflation more elevated during this transition. Global central banks, pay attention!

These developments drove some of the weakness in market sentiment. Equity markets slipped (Euro STOXX -1.15%), whilst European rates rose with a slight bear flattening move. The (modest) increase in risk aversion was visible in a slight widening of sovereign spreads.

The 10y US Treasury yield stayed within a whisker of its recent (post-pandemic) record of 4.337%, as concerns over a possible US government shutdown over the coming months are mounting again. Yes, we hear you thinking, “hang on a minute, I thought Republicans and Democrats had reached an agreement earlier this year, so what is this fuss all about?”

Well, as our US strategist Philip Marey points out, when the US debt limit was raised early June, it was assumed that a government shutdown later this year was averted as well. After all, the debt limit deal included sequestration in the form of a 1% cut in spending if all appropriations bills for fiscal year 2024 (which starts on October 1, 2023) are not passed by the end of this calendar year. This would surely encourage both parties to compromise on the necessary spending bills before December 31. However, we still need a continuing resolution to keep the government funded from October 1 until the end of the year or at least until agreement is reached on the budget for FY2024. Given the constructive bipartisan deal in June, a continuing resolution was supposed to be a stopgap measure that both parties would agree on. However, the House Freedom Caucus now wants something in return for a continuing resolution and this could be difficult to swallow for the Democrats. On Sunday, the Freedom Caucus and the more moderate Main Street Caucus came up with their own short term proposal, which would extend government funding until October 31. Yet, this proposal would cut discretionary spending levels by about 8% for most government programs, except defence and veterans programs, and will almost certainly be rejected in the Democrat-controlled Senate and thus cause a stalemate that could ultimately lead to a government shutdown on October 1. So, a deal that wasn’t a water-tight deal after all!

Closing yesterday’s European session, Reuters startled money markets with an unexpected article on possible future ECB policy tweaks. Several policymakers suggested that the minimum reserve requirement could be increased from 1% to as much as 4% of banks’ deposits. This would raise the minimum reserves to some €660 billion from the current €165, an amount that we believe is significant enough to pressure money market rates.

When the ECB stopped paying interest on minimum reserves, we speculated that more changes could be in the cards as the ECB is looking to cut the costs of its monetary policy. At the current deposit facility rate of 4%, the €495 billion increase would save the central bank €19.8 billion in interest costs annually. However, this would shift the burden of excess liquidity to banks, who, in turn, may decide to pass on these costs in the form of higher lending rates or a lower passthrough of rate hikes to the rate banks pay on customer deposits.

end

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

end

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

CANADA/INDIA

Trudeau accuses the government of India for killing an Indian-Canadian on Canadian soil. He better be right

(zerohedge)

Justin Trudeau Accuses India Of Extrajudicial Killing On Canadian Soil

MONDAY, SEP 18, 2023 – 10:25 PM

An unprecedented major row in Canada-India relations has broken out into the open on Monday, after Prime Minister Justin Trudeau in a televised speech to the House of Commons accused Indian intelligence of carrying out an extrajudicial killing on Canadian soil.

Trudeau cited “credible” intelligence pointing to “agents of the government of India” as being behind the June murder of a prominent Sikh leader named Hardeep Singh Nijjar, who was shot dead outside a Sikh temple in Surrey, British Columbia.

“Over the past number of weeks, Canadian security agencies have been actively pursuing credible allegations of a potential link between agents of the government of India and the killing of a Canadian citizen, Hardeep Singh Nijjar,” Trudeau announced in the speech to lawmakers.

“Any involvement of a foreign government in the killing of a Canadian citizen on Canadian soil is an unacceptable violation of our sovereignty. It is contrary to the fundamental rules by which free, open and democratic societies,” he continued.

The stunning and unprecedented moment of such a severe accusation as this leveled among large nation-states is likely to send already tension-filled India-Canadian ties falling off a cliff. Trudeau had also revealed to parliament that he had raised the alleged assassination of the Canadian Sikh leader with Indian Prime Minister Narendra Modi at the G-20 summit last week.

Canada on Monday promptly expelled a top Indian diplomat, described as the head of Indian intelligence in Canada, amid an ongoing investigation. India is being asked to fully cooperate with the Canadian investigation.Hardeep Singh Nijjar, file image

45-year old Nijjar had been shot dead in parking lot of a Sikh temple in Surrey after an evening service on June 18. Nijjar was a prominent figure of international stature in the Khalistan independence movement, which supports the establishment of separate state for Sikhs in India. Due to its separationist political activities, groups associated with the movement have been dubbed “terrorist organizations”.

Nijjar himself was a wanted man in India, described as among the country’s top wanted foreign “terrorists”.

Here’s how Indian media has covered his killing, saying that a ‘terror leader’ had been shot, and accusing him of leading “training camps” in Canada for militants to carry out operations inside India…

Thousands of Canadian Sikh’s attended his funeral, and the killing has sparked outrage in Metro Vancouver’s large Sikh community.

The Canadian government has meanwhile rejected the ‘terrorism’ narrative and has emphasized Nijjar’s Canadian citizenship.

Canadian Foreign Minister Mélanie Joly in the wake of Trudeau’s Monday speech confirmed that the head of Indian intelligence in Canada, based out of the Indian embassy, had been expelled as a consequence. “If proven true this would be a great violation of our sovereignty and of the most basic rule of how countries deal with each other,” she said of the Nijjar murder.

END

Seems that Trudeau was busted for drugs while in India and the reason for his accusation of India’s government complicit in the murder of a BC Sikh

Robert H

The Drug Bust of Justin Trudeau in India which Ottawa is hiding

This is a story going around more widely that this fool would like.

So now, he blames India for allegedly killing a a Sikh leader in BC. Whom India had designated a terrorist. Meanwhile China gets a free ride in everything they do in Canada. China will do what it wants and pissing off India has consequences as the Indian population is larger in Canada than that of the Chinese . And trying to divide that community has consequences well beyond Canadian borders and trade.

To whatever extent the drug story has credence the reputation of this government falls not only in Canada but on a world stage to the point of embarrassment. Because when a reputation of government is soiled in this way it becomes a target of abuse by all manner of folk. And that is neither good for Canadians or the nation. Much like in America, Hunter Biden’s carry on with drugs and more rubs off on Biden.

At a time when the world economy sails into a a very upcoming stormy sea such tainted leadership at the helm of a nation does not bode well for riding out the storm coming. Nor does it instill confidence in Canadian investment. While many a time one would say Canada is a better investment choice than Mexico. The amount of investment going into Mexico vs Canada suggests Capital is voting for Mexico over Canada.

https://tfiglobalnews.com/2023/09/15/the-drug-bust-of-justin-trudeau-in-india-which-ottawa-is-probably-hiding/

end

CANADA//USA

Cdn inflation skyrocketing! Sens USA bond yields much higher. The 5 yr is the highest since 2007

(zerohedge)

Canadian CPI Triggers Panic-Puke In Bonds: 5Y Treasury Yield Highest Since 2007

TUESDAY, SEP 19, 2023 – 09:20 AM

Headline CPI for Canada printed a hotter than expected 4.0% YoY in August (a huge jump from the 3.34% YoY in July)…

Source: Bloomberg

Coming on the heels of the hotter than expected US inflation data, it appears this triggered some more fear in US markets that rates will be ‘higher for longer’ (as we noted was evident in rate-expectations changes yesterday)…

Source: Bloomberg

This sent TSY yields screaming higher (up around 5-6bps)…

Source: Bloomberg

With 5Y yields breaking above the 2022 highs – back to their highest since 2007…

Source: Bloomberg

Some context for the 10Y Yield move (testing yesterday’s highs)…

Source: Bloomberg

Bear in mind that Treasuries maturing in 10 or more years – which have the highest price sensitivity to changes in interest rates, or duration – have slumped 4% this year, following a record 29% plunge in 2022, according to data compiled by Bloomberg. That’s more than double losses across the broader Treasury market, the data show.

Source: Bloomberg

Feeling like now is the time to step in and buy? Bloomberg notes that the May 20250 TSYs are once again trading below 50c…

“Those bonds have below market coupons and investors need to get compensated for it,” said Nancy Davis, founder of Quadratic Capital Management.

The Treasury initially sold $22 billion of the 2050 securities at about 98 cents (it subsequently did two so-called reopenings, adding to the amount outstanding.)

“They have very positive convexity, and that make them very interesting bonds, although liquidity is probably very low,” said Mustafa Chowdhury, chief rates strategist at Macro Hive Ltd.

Double your (notional) money in 27 years?

The higher yields have hammered the longest-duration equities…

And while cause and effect may be hard to discern, oil prices are exploding higher alongside bond yields with WTI above $92. Lots of chatter that oil is moving on headlines that Azerbaijan said it had launched “anti-terrorist” operations in the Nagorno-Karabakh region with mostly Armenian population. Azerbaijan is an oil and gas producer and exporter and is part of the OPEC+ alliance of producers as a non-OPEC participant in the group currently withholding oil supply to the market.

…which will drag gasoline prices higher… and CPI hotter… and so the vicious circle continues.

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

EURO VS USA DOLLAR: 1.0712 UP 0.0030

USA/ YEN 147.70 UP 0.079 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2414 UP 0.0031

USA/CAN DOLLAR: 1.3418 DOWN .0069 (CDN DOLLAR UP 69 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 0.97 PTS OR 0.03%

Hang Seng CLOSED UP 66.62 PTS OR 0.37%

AUSTRALIA CLOSED DOWN.45% // EUROPEAN BOURSE: ALL MOSTLY GREEN EXCEPT GERMANY

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL MOSTLY GREEN EXCEPT GERMAN DAX

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 66.62 PTS OR 0.37%

/SHANGHAI CLOSED DOWN 0.97 PTS OR 0.03%

AUSTRALIA BOURSE CLOSED DOWN 0.45%

(Nikkei (Japan) CLOSED

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1935.95

silver:$23.36

USA dollar index early TUESDAY morning: 104.53 DOWN 33 BASIS POINTS FROM MONDAY’s CLOSE.

TUESDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing TUESDAY NUMBERS 11: 30 AM

Portuguese 10 year bond yield: 3.452% UP 2 in basis point(s) yield

JAPANESE BOND YIELD: +0.706% UP 0 AND 5//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.798 UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 4.514 UP 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.7365 UP 2 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.0681 DOWN 0.0011 or 11 basis points

USA/Japan: 147.80 UP .189 OR YEN DOWN 19 basis points/

Great Britain/USA 1.2385 UP 0.0002 OR 2 BASIS POINTS //

Canadian dollar UP .0033 OR 33 BASIS pts to 1.3433

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE CLOSED (DOWN) …7.2963

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.3036)

TURKISH LIRA: 27.03 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +0.706…VERY DANGEROUS

Your closing 10 yr US bond yield UP 3 in basis points from MONDAY at 4.3440% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 4.408 UP 1 in basis points ON THE DAY/12.00 PM

USA 2 YR BOND YIELD: 5.090 UP 3 BASIS PTS.

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

London: CLOSED UP 7.86 POINTS or 0.09%

German Dax : CLOSED DOWN 62.04 PTS OR 0.80%

Paris CAC CLOSED UP 5.98 PTS OR 0.08%

Spain IBEX UP 38.40 PTS OR 0.61%

Italian MIB: CLOSED UP 171.77 PTS OR 0.60%

WTI Oil price 92.51 12: EST

Brent Oil: 95.23 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 96.80; ROUBLE DOWN 0 AND 25//100

GERMAN 10 YR BOND YIELD; +2.7365 UP 2 BASIS PTS

UK 10 YR YIELD: 4.408 DOWN 3 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0680 DOWN 0.0017 OR 17 BASIS POINTS

British Pound: 1.2395 UP .0011 or 11 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.4015% DOWN 3 BASIS PTS//

JAPAN 10 YR YIELD: .702%

USA dollar vs Japanese Yen: 147,85 UP .234 //YEN DOWN 23 BASIS PTS//

USA dollar vs Canadian dollar: 1.3441 DOWN .0045 CDN dollar UP 45 basis pts)

West Texas intermediate oil: 91,45

Brent OIL: 94.59

USA 10 yr bond yield UP 5 BASIS pts to 4.365%

USA 30 yr bond yield UP 4 BASIS PTS to 4.430%

USA 2 YR BOND: UP 4 PTS AT 5.105 %

USA dollar index: 104.81 DOWN 5 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 27.04 (GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 96,55 DOWN 0 AND 27/100 roubles

GOLD 1932.15

SILVER: 23.21

DOW JONES INDUSTRIAL AVERAGE: DOWN 106.57 PTS OR 0.31%

NASDAQ DOWN 32.05 PTS OR 0.22%

VOLATILITY INDEX: 14.12 UP 0.12 PTS (0.86)%

GLD: $179.22 DOWN .17 OR 0.095%

SLV/ $21.27 DOWN 0.03 OR 0.14%

end

USA AFFAIRS

USA TRADING IN GRAPH FORM

Bond Yields Blasted To 16 Year Highs; Stocks Sink Ahead Of Fed

TUESDAY, SEP 19, 2023 – 04:00 PM

Ugly Canadian CPI, surging crude prices (early – on Azerbaijan angst)), mixed housing data, and a trigger happy group of traders anxiously awaiting tomorrow’s Fed-sponsored narrative all sparked some chaotic moves in markets today.

The headline-making market of the day is USTs today with a double-barf sending yields 5-7bps higher on the day…

Source: Bloomberg

Which pushed yields to their highest since 2007…

Source: Bloomberg

With bonds at their cheapest to stocks since Oct 2007…

Source: Bloomberg

At the very short-end of the curve, the market has really started to embrace the ‘higher for longer’ narrative as this year’s rate-change expectations have drifted (dovishly) lower (less expectations of more rate-hikes) while next year’s rate-change expectations have surged (hawkishly) higher, pricing out expectations of rate-cuts…

Source: Bloomberg

All of which pressured stocks lower – especially longer-duration assets. After Europe closed, the algos tried to lift the major indices back to unch but failed. All the major indices closed red (down 02. to 0.3% on the day)…

CART IPO’d at $30, opened at $42, rallied up to $42.95 before fading the rest of the day…

ARM fell back below its post-IPO opening price…

Regional banks keep falling – now back at SVB tumble lows…

The dollar chopped around but ended back in the very tight range of the last couple of days…

Source: Bloomberg

Bitcoin bounced back above $27,000…

Source: Bloomberg

Gold (spot) neared $1940 intraday, but ended unchanged…

Source: Bloomberg

Oil prices pumped (to new cycle highs) and dumped (WTI finding support at $90) to end practically unchanged…

Finally, with real yields hitting fresh highs, one wonders when reality hits for equity valuations?

Source: Bloomberg

Consider what kind of shift (down) in real yields it would take to rationalize this valuation (economic depression?)

USA TRADING TODAY:

TUCKER CARLSON..

END

end

II USA DATA

US Debt Rises Above $33 Trillion For The First Time, Soars By $1 Trillion In 3 Months

MONDAY, SEP 18, 2023 – 07:30 PM

On Sept 6, when looking at the latest daily debt numbers, we predicted that total US debt would hit the very special (at least for Masons) number of 33 in two weeks.

We were off by 2 days, with the US treasury naturally obliging by hitting the number early rather than late.

Today, the Treasury announced that for the first time, total US debt has surpassed $33 trillion, rising by $56 billion in one day, and by a mindblowing $1 trillion in just the past 3 months!

The historic breakout takes place just weeks before the interest on total Federal debt is set to hit $1 trillion, surpassing how much the US spends on defense – and soon after – every other outlay category.

Finally, for those who expect a happy ending, we have one word: “don’t.”

Here is the CBO’s latest debt forecast. It shows that US debt is now set to hit $50 trillion by 2030 (probably much sooner though), and then proceed exponentially higher until the US currency finally collapses.

END

Housing starts plunge!! Looks like we have a huge affordability problem

(zerohedge)

Housing Starts Plunged In August As Renter-Nation Collapses

TUESDAY, SEP 19, 2023 – 08:42 AM

If yesterday’s plunge in the NAHB sentiment survey is anything to go by, this morning’s starts and permits data should be a shitshow (expectations were for a modest MoM decline in both for August).

And sure enough, starts puked hard (down 11.3% MoM vs -0.9% exp). BUT… forward-looking permits soared 6.9% MoM (vs -1.1% exp)…

Source: Bloomberg

This leaves Starts (SAAR) at their lowest since June 2020 and Permits (SAAR) at their highest since Oct 2022…

Source: Bloomberg

Under the hood, multi-family rental starts plunged by the most since June 2020 while single-family permits rose for the 8th straight month…

Source: Bloomberg

For context…

Finally, if sentiment among homebuilders is collapsing again, why are they loading up on permits?

Source: Bloomberg

And why is construction employment still holding near its highs…

Source: Bloomberg

Will The Fed see permits soaring as homebuilders betting on their dovishness and step in tomorrow to curb-stop that optimism?

III) USA ECONOMIC STORIES

UAW

UAW Boss Warns “Strikes Will Expand” Friday If Automakers Fail To Make “Substantial Progress” In Labor Talks

TUESDAY, SEP 19, 2023 – 08:25 AM

The head of United Auto Workers, Shawn Fain, has declared he will unleash additional strikes across manufacturing facilities of General Motors Co., Ford Motor Co., and Stellantis NV on Friday. This move is contingent on the three automakers not properly addressing the union’s demands for a new four-year labor contract for its 146,000 members.

“Either the Big Three get down to business and work with us to make progress in negotiations, or more locals will be called on to stand up and go out on strike,” UAW boss Fain said in a YouTube video published Monday evening.

Fain said, “We’re not waiting around, and we’re not messing around. So, noon on Friday, Sept. 22 is a new deadline.”

The union said Ford, General Motors, and Stellantis have “failed to put fair contract offers on the table.” A union representative told Bloomberg “no new offers” have come from the automakers “since the union made its latest proposals on Sept. 14, right before its strike began.”

A Deutsche Bank note shows the automakers have offered around 20% pay hike increase over a new four-year labor contract. At the same time, the union demands 46%. This means talks between the union and automakers are still far apart.

UAW continued, “If the automakers fail to make progress in negotiations and bargain in good faith going forward, more locals will be called on to Stand Up and join the strike.”

Here’s an excerpt from Fain’s remarks:

“We’ve been available 24/7 to bargain a deal that recognizes our members sacrifices and contributions to these record profits. Still the Big Three failed to get down to business.

That’s why, last week, our brave union family at Wentzville Assembly, Toledo Assembly, and final assembly and paint departments at Michigan Assembly were called on to Stand Up and go out on strike. And that’s exactly what they did.

Just as importantly, all the rest of you stayed on the job. That is the only way this strategy works. We’re going to keep hitting the company where we need to, when we need to. And we’re not going to keep waiting around forever while they drag this out.

I have been clear with the Big Three every step of the way. And I’m going to be crystal clear again right now. If we don’t make serious progress by noon on Friday, Sept. 22, more locals will be called on to Stand Up and join the strike. That will mark more than a week since our first members walked out. And that will mark more than a week of the Big Three failing to make progress in negotiations toward reaching a deal that does right by our members.

Autoworkers have waited long enough to make things right at the Big Three. We’re not waiting around, and we’re not messing around. So, noon on Friday, Sept. 22 is a new deadline.

Either the Big Three get down to business and work with us to make progress in negotiations or more locals will be called on to Stand Up and go out on strike.

Between now and then, UAW members will keep organizing actions. Those on strike will remain on strike. And those on the job will keep monitoring for unilateral changes made by management, which are NOT allowed under an expired contract.

Keep organizing rallies. Keep organizing red shirt days. Keep up the energy and keep showing the companies that you are ready to join the strike if necessary.

This is our generation’s defining moment.

So be ready to Stand Up.”

Full video of Fain’s remarks.

https://www.zerohedge.com/markets/uaw-boss-warns-strikes-will-expand-friday-if-automakers-fail-make-substantial-progress

So, who is the winner after the dust settles? Well, it might not be all UAW members.

CNBC cited anonymous sources that warned the most recent contract proposal by Stellantis could lead to the closure of 18 US plants.

The plans would likely affect thousands of UAW members, shrink the automaker’s North American footprint and create a new “modernized” parts and distribution network, which company and union leaders were at odds over, the sources said.

As we’ve pointed out numerous times, according to The Wall Street Journal, the winner is Elon Musk’s Tesla Motors: “Whatever the UAW Strike Outcome, Elon Musk Has Already Won.”

END

VICTOR DAVIS HANSON…

end

USA// COVID//VACCINE/

end

SWAMP STORIES

SHOWDOWN!!

‘High Crimes And Misdemeanors’: Gaetz Drafts Hunter Biden Subpoena, Challenges McCarthy To Sign And Date

TUESDAY, SEP 19, 2023 – 12:25 PM

Rep. Matt Gaetz (R-CA) has drafted a subpoena for Hunter Biden as part of the House’s investigation into “alleged bribery and other high crimes and misdemeanors,” which seeks emails, text messages, multimedia files, phone records, documents and contracts, and other records regarding Hunter’s business dealings.

Gaetz then challenged Speaker Kevin McCarthy to sign the subpoena, which he drafted on McCarthy’s letterhead.

“It simply requires your date and signature,” said Gaetz on X.

House Freedom Caucus members have been visibly pissed at McCarthy’s inaction of the Biden family, and are obviously using it as leverage in negotiations for their vote in a Continuing Resolution that would (temporarily) avoid a government shutdown.

Of note, Don Jr. had already appeared three times in Congress at this point during the last Congress over the Trump Tower setup (whereby Democratic opposition research firm FusionGPS armed a Russian operative with supposedly incriminating information on Hillary Clinton – which Don Jr. refused to entertain).

Will McCarthy sign the subpoena?

END

THE KING REPORT