GOLD PRICE CLOSED UP $21.00 TO $2322.40
SILVER PRICE UP $0.88 TO $27.47
Gold ACCESS CLOSED $2325.00
Silver ACCESS CLOSED: $27.45
The defense of $2300 gold is now upon us and surpassed. Next up $2400 gold//Silver’s next line is $28.42. Then $34.76 …
Bitcoin morning price:$64,398 UP 2671 DOLLARS.
Bitcoin: afternoon price: $63,068 UP 1341 dollars
Platinum price closing UP $2.00TO $957.15
Palladium price; UP $35.30 AT $981,95
END
SHANGHAI GOLD PREMIUM 55 DOLLARS/COMEX GOLD
SHANGHAI GOLD…
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3177.85 UP 28.95CDN dollars per oz( * NEW ALL TIME HIGH 3,301.52 CDN DOLLARS PER OZ//APRIL 16 2024)
*BRITISH GOLD: 1851.11 UP 16.80 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2159.17 UP 22.35Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCGE: COMEX
ACCESS MARKET
EXCHANGE: COMEX
CONTRACT: MAY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,299.000000000 USD
INTENT DATE: 05/03/2024 DELIVERY DATE: 05/07/2024
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SEC 179
435 H SCOTIA CAPITAL 5
624 H BOFA SECURITIES 154
661 C JP MORGAN 4
690 C ABN AMRO 3
726 C PLUS500US FINAN 1
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 9 15
880 C CITIGROUP 7
TOTAL: 189 189
MONTH TO DATE: 1,779
JPMorgan stopped 4/189
FOR MAY2024
GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 189 NOTICES FOR 18900 OZ or 0.5878 TONNES
total notices so far: 1779 contracts for 177,900 Oz (5.573 tonnes)
FOR MAY:
SILVER NOTICES: 132 NOTICE(S) FILED FOR 660,000 OZ/
total number of notices filed so far this month : 4625 for 23.125 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $21.00
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL 0F 1.17 TONNES OF GOLD FROM THE GLD
/ /INVENTORY RESTS AT 830.47TONNES
INVENTORY RESTS AT 830.47 TONNES
SLV//
WITH NO SILVER AROUND AND
SILVER UP 88 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 0.457 MILLION OZ OUT OF THE SLV//
// INVENTORY DECREASES T0 424.055MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 424.055 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A GIGANTIC SIZED 2123 CONTRACTS TO 163,079 AND STALLING AT CLOSING IN ON THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR SMALL LOSS OF $0,12 IN SILVER PRICING AT THE COMEX ON FRIDAY. WE HAD SOME LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE. WE HAD A HUGE SIZED 511 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON FRIDAY NIGHT: 511 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.12 AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A FAIR SIZED GAIN OF 357 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE OF $0.12
WE MUST HAVE HAD:
A SMALL SIZED 150 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 28.130MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S SMALL QUEUE JUMP OF 20,000 OZ
//NEW STANDING FOR SILVER//MAY IS THUS 26.215 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //GOOD SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 511 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A STRONG 648 CONTRACTS //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS MAY ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAY
TOTAL CONTRACTS for 4 DAYS, total 2600 contracts: OR 13.00MILLION OZ (650 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 13.00MILLION 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 111.035 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: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 161.770MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS//3RDHIGHEST EVER RECORDED FOR A MONTH)
MAY: 13.000 MILLION OZ
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2123 CONTRACTS WITH OUR SMALL LOSS IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD EFP ISSUANCE CONTRACTS: 450 ISSUED FOR JULY 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 MAY OF 28.130 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAYS 20,000 OZ QUEUE JUMP
//NEW TOTAL STANDING AT 26.215 MILLION OZ
WE HAVE A HUGE SIZED LOSS OF 1673 OI CONTRACTS ON THE TWO EXCHANGES WITH THE SMALL LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 511CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE THURSDAY NIGHT (511 WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 132 NOTICE(S) FILED TODAY FOR 660,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 1521 OI CONTRACTS TO 524,570 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 768 CONTRACTS
WE HAD A FAIR SIZED DECREASE IN COMEX OI (1521 CONTRACTS) OCCURRED WITH OUR $0.80 LOSS IN PRICE//FRIDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER TO WHACK GOLD’S PRICE. WE ALSO HAD A RATHER LARGE INITIAL STANDING IN GOLD TONNAGE FOR MAY AT 4.684 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY;S 15,800 OZ QUEUE JUMP//NEW STANDING 5,.6267TONNES
NEW STANDING 5.6267 TONNES// ALL OF THIS HAPPENED DESPITE OUR $0.80 LOSS IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A FAIR SIZED GAIN OF 1200OI CONTRACTS (3.732PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 2721 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 524,576
IN ESSENCE WE HAVE A FAIRSIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1200 CONTRACTS WITH 1521 CONTRACTS DECREASED AT THE COMEX// AND A GOOD SIZED 2721 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1200 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1154 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2721 CONTRACTS) ACCOMPANYING THE LOSS IN COMEX OI 1521/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1200 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY AT 4.684TONNES FOLLOWED BY TODAY;S 15,800 OZ QUEUE JUMP
//NEW STANDING /MAY 5.6267 TONNES.
/ 3) ZERO LONG LIQUIDATION DESPITETHE LOSS IN PRICE.
// 4) FAIR SIZED COMEX OPEN INTEREST LOSS 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 511 CONTRACTS/ HUGE SHORT COVERING BY OUR WRONG FOOTED SPECS WITH THE FED’S CONTINUAL RAID ON THE COMEX GOLD.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
MAY
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY. :
TOTAL EFP CONTRACTS ISSUED: 22,737CONTRACTS OR 2,273,700 OZ OR 70.72 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 5684 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAY(S) IN TONNES 70.72 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 70.72DIVIDED BY 3550 x 100% TONNES = 1.99% 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: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 70.72 TONNES
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. 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 NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
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 (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 2123CONTRACTS OI TO 163,079 AND FURTHER FROM THE 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 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 450 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 450 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 450 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 2123 CONTRACTS AND ADD TO THE 450 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSSOF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1673 CONTRACTS
THUS IN OUNCES, THE HUGE LOSS ON THE TWO EXCHANGES TOTALS 8,365 MILLION OZ
OCCURRED DESPITE OUR SMALL $0.12 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
REPORT
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED UP 35.90 PTS OR 1.18% //Hang Seng CLOSED UP 102.38 PTS OR 0.35%// Nikkei CLOSED DOWN 37.98 OR .10%//Australia’s all ordinaries CLOSED UP 0.69%///Chinese yuan (ONSHORE) closed UP TO 7,2070 CHINESE YUAN OFF SHORE CLOSED UP TO 7.2073// Oil DOWN TO 78.90 dollars per barrel for WTI and BRENT DOWN AT 83.63/Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVELEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN 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
REPORT THIS AD
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 1521 CONTRACTS TO 524,576 WITH OUR LOSS IN PRICE OF $0.80 WITH RESPECT TO FRIDAY TRADING. WE HAD CONSIDERABLE T.A.S. LIQUIDATION AS WELL AS SHORTS, DESPERATELY TRYING TO GET OUT OF THEIR NAKED SHORTS.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A GOOD SIZED 2721 EFP CONTRACTS WERE ISSUED: : JUNE 2721 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE:2721 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1200CONTRACTS IN THAT 2721 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 1521 COMEX CONTRACTS..AND THIS FAIR GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $0.80 FRIDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR FRIDAY NIGHT WAS A FAIR SIZED 1154 CONTRACTS. WE HAD 0 EX FOR RISK ISSUANCE. MOST OF THE TRADING AND SUPPLY OF CONTRACTS ON FRIDAY WAS ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK)
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL 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/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR STRONG T.A.S. ISSUANCE.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAY (5.6267 TONNES) ( NON ACTIVE MONTH)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 24 MONTHS OF 2021-2023:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
REPORT THIS AD
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: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2023 5.6267 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A TINY $0.80 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR SIZED GAIN OF 1200 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE 0F $0.80
WE HAD A FAIR T.A.S. LIQUIDATION ON THE FRONT END OF FRIDAY’S TRADING. THE T.A.S. ISSUED ON FRIDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 3.732 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MAY (4.684 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 158 CONTRACTS OR 15800 OZ ( .4919 TONNES)
NEW STANDING: 5.6267 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $0.80
WE HAVE REMOVED 2891 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 10,945 CONTRACTS OR 1,094500 (34.043 TONNES)
confirmed volume FRIDAY 263,509 contracts//fair
//speculators have left the gold arena
MAY 6 MAY GOLD
/ /// THE MAY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 6398.041 OZ 199 KILOBARS hsbc Int, Delaware . |
| Deposit to the Dealer Inventory in oz | 00 oz |
| Deposits to the Customer Inventory, in oz | |
| No of oz served (contracts) today | 189 notice(s) 18900 OZ 0.5878TONNES |
| No of oz to be served (notices) | 30 contracts 3000 OZ 0.0933ONNES |
| Total monthly oz gold served (contracts) so far this month | 1779notices 177,900 oz 5.533TONNES |
| 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 deposits:
total dealer deposits: 0 oz
we have 0 customer deposits:
total deposit 0 oz
total customer withdrawals: 2
i) HSBC 2182,941 0z 99 kilobars
ii) Int Delaware: 3215,100 oz 100 kilobars
TOTAL WITHDRAWALS 6398.041 0z
Adjustments: 6 dealer to customer
- Brinks 48,419,496 0z
- HSBC 20,544,389 oz
- JPMorgan 27,682,00 0z
- loomis 482.265 oz
- Malca 18,808.035 iz
- manfra 18,808.335
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY
For the front month of MAY we have an oi of 219 contracts having GAINED 123 contracts.
We had 35 contracts served on FRIDAY, so we gained 158 contracts or 15800 oz (,4919tonnes).
JUNE DECREASED ITS OI BY 10,766 CONTRACTS DOWN TO 379,356 CONTRACTS.
JULY GAINED 1CONTRACTS TO STAND AT 164
We had 189 contracts filed for today representing 189,00 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 189 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 4 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the MAY /2024. contract month, we take the total number of notices filed so far for the month (1779 ) x 100 oz ) to which we add the difference between the open interest for the front month of MAY ( 219 CONTRACTS) minus the number of notices served upon today (189 x 100 oz per contract( equals 180,900 OZ OR 5.6267TONNES.
thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (1779x 100 oz + (219 OI for the front month} minus the number of notices served upon today (189 x 100 oz which equals 180.900 oz (5.6267 TONNES)
TOTAL COMEX GOLD STANDING FOR MAY: 5.6267 TONNES WHICH IS HUGE FOR THIS A NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX84XXXXXXXXXXXXXXXXXXXXXXXXXX
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: 1,588,211.560 49.41 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,714,391.827 OZ
TOTAL REGISTERED GOLD 7,416,424,867( 230.681 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,297,967.177 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,828213 oz (REG GOLD- PLEDGED GOLD)
181.28tonnes/dropping like a stone
END
SILVER/COMEX
MAY 6
INITIAL
//2024// THE MAY 2025 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 4053.430oz CNT . |
| Deposits to the Dealer Inventory | 00OZ |
| Deposits to the Customer Inventory | nil |
| No of oz served today (contracts) | 132 CONTRACT(S) (660,000OZ) |
| No of oz to be served (notices) | 618 contracts (3.090 million oz) |
| Total monthly oz silver served (contracts) | 4625 Contracts (23.125 MILLION 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 :nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 deposits customer account:
total customer deposits nil oz
JPMorgan has a total silver weight: 129,598million oz/295.644 million or 43.64%
adjustment: 1
dealer to customer: 404,330.870 oz
Comex withdrawals: 1
i) out of CNT 4053.430 oz
total withdrawal 4053,430 oz
TOTAL REGISTERED SILVER: 62.591MILLION OZ//.TOTAL REG + ELIGIBLE. 295.644 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF MAY/2024 OI: 750 CONTRACTS HAVING LOST 15 CONTRACT(S).
.
We had 19 notices served on FRIDAY so we GAINED 4 contracts or 20,000 oz underwent a SMALL queue jump.
JUNE SAW A GAIN OF 39 CONTRACTS RISING TO 2038
JULY SAW A LOSS OF 2774 CONTRACTS DOWN TO 132,980
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 132 for 660,000 oz
CONFIRMED volume; ON FRIDAY 71,042 huge
To calculate the number of silver ounces that will stand for delivery in MAY we take the total number of notices filed for the month so far at 4625 x 5,000 oz = 23.125MILLION oz
to which we add the difference between the open interest for the front month of MAY (750 and the number of notices served upon today 132x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MAY/2024 contract month: 4625 notices served so far) x 5000 oz + OI for the front month of MAY (750 number of notices served upon today minus (132x 5000 oz of silver standing for the may contract month equates to 26.215 MILLION OZ.
New total standing: 26.215 million oz.
There are 62.355 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//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
MAY 6WITH GOLD UP $21.00 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .55 TONNES IF FGOLD FROM THE GLD//INVENTORY FALLS AT 831.64 TONNES
MAY 2 WITH GOLD UP $0.20 ON THE DAY; SMAKK CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.17 TONNES IF FGOLD FROM THE GLD//INVENTORY FALLS AT 830.47 TONNES
MAY 1 WITH GOLD UP $7.80 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:INVENTORY RISES AT 832.19 TONNES
APRIL 29WITH GOLD UP $10,55TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:INVENTORY RISES AT 832.19 TONNES
APRIL 26WITH GOLD UP $5.40TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.54 TONNES FROM THE GLD /INVENTORY RISES AT 832.19 TONNES
APRIL 25WITH GOLD UP $5.05 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD /INVENTORY RISES AT 833,63 TONNES
APRIL 19 WITH GOLD UP $15.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE DEPOSIT OF 4.32 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 831.91 TONNES
APRIL 18 WITH GOLD UP $11.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE WITHDRAWAL OF 2.59 TONNES OF GOLD INTO THE GLD/ INVENTORY FALLS AT 827.59 TONNES
APRIL 17 WITH GOLD DOWN $17.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE DEPOSIT OF 1,73 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 830;18 TONNES
APRIL 16 WITH GOLD UP $23.10 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE DEPOSIT OF 1,73 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 828.45 TONNES
APRIL 15 WITH GOLD DOWN $. 80 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A HUGE WITHDRAWAL OF 1.80 TONNES OF GOLD INTO THE GLD/ INVENTORY FALLS AT 824.84 TONNES
APRIL 12 WITH GOLD UP $2.80 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD/ INVENTORY RISESS AT 830.75 TONN
APRIL 10 WITH GOLD DOWN $14.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 828.71 TONNES
APRIL 9 WITH GOLD UP $11.35 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 827,85 TONNES
APRIL 8 WITH GOLD UP $7.10 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A WITHDRAWAL OF 6.02 TONNES OF GOLD INTO THE GLD/ INVENTORY REMAINS AT 826.41 TONNES
APRIL 5 WITH GOLD UP $38.65 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD/ INVENTORY REMAINS AT 832.45 TONNES
APRIL 4 WITH GOLD DOWN $3.35 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD/ INVENTORY REMAINS AT 830.73 TONNES
APRIL 3 WITH GOLD UP $33,85 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD // INVENTORY REMAINS AT 829.00 TONNES
APRIL 2 WITH GOLD UP $23.90 TODAY; HUG CHANGES IN GOLD INVENTORY AT THE GLD A WITH DRAWAL OF 1.15 TONNES OF GOLD FROM THE GLD.:// INVENTORY REMAINS AT 829.00 TONNES
APRIL 1 WITH GOLD UP $18.70 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:// INVENTORY REMAINS AT 830.15 TONNES
MARCH 28 WITH GOLD UP $26.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:// INVENTORY REMAINS AT 830.15 TONNES
MARCH 27 WITH GOLD UP $15.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.18 TONNES OF GOLD FROM THE GLD// INVENTORY FALLS TO 830.15 TONNES
MARCH 26 WITH GOLD UP $1.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RISES TO 835.33 TONNES
MARCH 25 WITH GOLD UP $17.05 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RISES TO 838.50 TONNES
MARCH 22 WITH GOLD DOWN $23.75 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RISES TO 838.50 TONNES
GLD INVENTORY: 830.47TONNES,
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MAY 6 WITH SILVER DOWN 12 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 0.338 MILLION OZ OUT OF THE SLV INVENTORY RESTS AT 424.055 MILLION OZ
MAY 3 WITH SILVER DOWN 12 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF 0.338MILLION OZ OUT OF THE SLV INVENTORY RESTS AT 424.695 MILLION OZ
MAY 2WITH SILVER UP 0.12 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/ A WITHDRAWALOF 4.471 MILLION OZ OUT OF THE SLV INVENTORY RESTS AT 424.695 MILLION OZ
MAY 1 WITH SILVER UP 0.09 TODAY: SMALLCHANGES IN SILVER INVENTORY AT THE SLV/ A DEPOSIT OF ,457 MILLION OZ INTO THE SLV INVENTORY RESTS AT 429.814 MILLION OZ
APRIL 29WITH SILVER UP $0.13 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV SLV INVENTORY RESTS AT 429.814 MILLION OZ
APRIL 26WITH SILVER DOWN 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.097 MILLION OF SILVER INTO THE SLV// :SLV INVENTORY RESTS AT 429.814 MILLION OZ
APRIL 25WITH SILVER UP $.05 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE DEPOSIT OF 1.534 MILLION OF SILVER OUT OF THE SLV// :SLV INVENTORY RESTS AT 428.717 MILLION OZ
APRIL 24/WITH SILVER DOWN $.05 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE DEPOSIT OF 11.904MILLION OF SILVER INTO THE SLV// :SLV INVENTORY RESTS AT 428.280 MILLION OZ
APRIL 23/WITH SILVER UP $0.11TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV / :SLV INVENTORY RESTS AT 416.376 MILLION OZ
APRIL 22/WITH SILVER DOWN $1.51 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 2.194 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 416.376 MILLION OZ
APRIL 19/WITH SILVER UP 42 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 3.657 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 418.570 MILLION OZ
APRIL 18/WITH SILVER DOWN $.04TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 3.977 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 422.227 MILLION OZ
APRIL 17/WITH SILVER UP $0.10 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF .868 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 426/204 MILLION OZ
APRIL 16/WITH SILVER DOWN $0.46 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF NON EXISTENT SILVER// :SLV INVENTORY RESTS AT 427.072 MILLION OZ
APRIL 15/WITH SILVER UP $0.88 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV :SLV INVENTORY RESTS AT 433.929 MILLION OZ
APRIL 12/WITH SILVER UP $0.10 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 4.069 MILLION OZ FROM THE SLV :SLV INVENTORY RESTS AT 433.929 MILLION OZ
APRIL 11/WITH SILVER UP $0.23 TODAY: STRANGE INDEED! HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 3.931 MILLION OZ :SLV INVENTORY RESTS AT 437.998 MILLION OZ
APRIL 10/WITH SILVER UP $0.04 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:SLV INVENTORY RESTS AT 441.929 MILLION OZ
APRIL 9/WITH SILVER UP $0.15 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.549 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 441.929 MILLION OZ
APRIL 8/WITH SILVER UP $0.33 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.320 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 441.328 MILLION OZ
APRIL 5/WITH SILVER UP $0.61 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.748 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 441.060 MILLION OZ
APRIL 4/WITH SILVER UP $0.20 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.671 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 437.312 MILLION OZ
APRIL 3/WITH SILVER UP $1.14 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.835 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 433.641 MILLION OZ
APRIL 2/WITH SILVER UP 84 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6.721 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 430.806 MILLION OZ
APRIL 1/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV// SLV INVENTORY RESTS AT 424.085 MILLION OZ
MARCH 28/WITH SILVER UP 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.005 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 424.085 MILLION OZ
MARCH 27/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A A DEPOSIT OF 1.691 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 423.079 MILLION OZ
MARCH 26/WITH SILVER DOWN 24 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A A DEPOSIT OF 0.366 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 421.388 MILLION OZ
MARCH 25/WITH SILVER UP 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 3.887 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 421.022 MILLION OZ
MARCH 22/WITH SILVER DOWN 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE DEPOSIT OF 1.1899 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 424.909 MILLION OZ
CLOSING INVENTORY 424.055 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
PETER SCHIFF/SCHIFFGOLD/MIKE MAHARRAY
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/Alasdair Macleod
Praying for yield curve control
Is Powell throwing in the towel on interest rates by resorting to yield curve control, as last week’s rally in bonds suggested?
| MACLEODFINANCEMAY 4∙PAID |
The yield on the 10-year US Treasury note declined 17 basis points to 4.51%. This was triggered by the US Fed declaring it would reduce the pace of quantitative tightening, implying less selling pressure on term bonds. Was this Powell giving in to pressure to reduce interest rates, without appearing to do so? And if so, was the sharp rally in the yen justified?
Let’s take these two issues in turn. First, yield curve control, or better described as a policy of suppressing bond yields along the curve. The reason for doing this is to make government funding cheaper, and to persuade pension funds and insurance companies that the Fed has interest rates under its control, making the purchase of long Treasuries less of a price risk.
The Fed definitely has an incentive to do this today. Government funding is soaring out of control, and there is increasing doubt in foreign investors’ minds that the US Government is already in a debt trap. Janet Yellen’s and her officials’ visits to China will have dispelled any doubts that this is the case. However, there is little evidence yet that domestic US institutions are of the same opinion as foreign investors, and it is crucial that they be reassured. For the Fed to continue to roll off Treasury debt without reinvesting the proceeds may be responsible from a monetary viewpoint, but simply adds to the funding problem.
Hence, the evidence that Powell is under pressure from the US Treasury to cease tapering US Treasuries.
Powell must be hoping that he can keep interest rates and bond yields at current levels, not only for fear of upsetting the Treasury, but also because of the malinvestments in the private sector. Apart from a blip in 2017—2019 when the Fed funds rate briefly rose to 2.5%, basically it has been almost zero from November 2008 to March 2022. That’s almost fourteen years of supporting zombie corporations and unjustifiable debt leverage in both financial models and bank balance sheets. A rise in interest rates from here is bound to crash the private sector, stocks, other financial assets, and property values as the errors in interest rate management come home to roost. And backstopping all this will be the Fed and the US Treasury.
But the most powerful commercial banker in the world warned in a letter to his shareholders that US interest rates could rise to 8% or even higher. Jamie Dimon is firmly in my camp on this issue. He understands what I do: and that is as banks de-risk their balance sheets, the price of credit rises. In other words, from here it will be markets which control interest rates, and the Fed will have to go along with it.
The flight to quality is disastrous for the overleveraged, stocks, and zombie corporations. The beneficiary short-term will be the US Treasury which can continue to sell T-bills. But this is kicking the can down the road: the US Treasury is reducing its debt maturity profile and in the next few years will find it is taking near-cash out of the market to spend unproductively. The inflationary consequences of this funding becomes more immediate because the involvement of long-term savings (pensions, insurance companies, foreign investors) is diminished. This kicked can cannot travel far.
Part of the inflationary fun comes from the carry trade, which is where I bring in Japan. No doubt the sharp rally in the yen from 158 to 152 and change this week was instigated by carry traders who having shorted the yen sought to cover the risk. But the fact remains that 3-month yen can be had for 0.5% or less, and 3-month T-bills pay 5.39%. Unless the BOJ raises rates, this carry-trade will continue and even accelerate to meet the USG’s soaring demand for credit.
China, Russia, and their BRICS+ cohort can see this, as do the world’s neutrals. They are not going to throw good credit after bad. They don’t want to be blamed for triggering an existential dollar crisis, but there’s no way they will be persuaded to rescue America and her dollar. The only people who don’t see this are domestic American investors and their opposite numbers in Europe, Britain, and Japan. Their vested interests are ilustrated by these three wise fellows below:
3. CHRIS POWELL//GATA DISPATCHES
end
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS /LIVE FROM THE VAULT 171
ANDREW MAGUIRE
https://kinesis.money/live-from-the-vault/brics-whos-behind-the-curtain/
END
5 a. IMPORTANT COMMENTARIES ON COMMODITIES/coffee
Robusta Coffee Bean Prices Near Half-Century High As Vietnam Supply Woes Spark World Crunch
MONDAY, MAY 06, 2024 – 01:25 PM
A new report from the International Coffee Organization reveals an alarming situation in the coffee market. Robusta coffee prices have skyrocketed to a 45-year high, a clear indication of the severity of the supply crunch and the rampant bean hoarding that is gripping the world’s largest bean producer.
The London-based group, in their monthly report, delivered a sobering update. ICO’s gauge of wholesale prices, based on spot prices across key markets, surged 17% in April to the highest level since 1979. The report also highlighted Vietnam’s struggles in its coffee belt, enduring several years of poor harvests.
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
REPORT THIS AD
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED UP 35.90 PTS OR 1.18% //Hang Seng CLOSED UP 102.38 PTS OR 0.35%// Nikkei CLOSED DOWN 37.98 OR .10%//Australia’s all ordinaries CLOSED UP 0.69%///Chinese yuan (ONSHORE) closed UP TO 7,2070 CHINESE YUAN OFF SHORE CLOSED UP TO 7.2073// Oil DOWN TO 78.90 dollars per barrel for WTI and BRENT DOWN AT 83.63/Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVELEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 7.2970
OFFSHORE YUAN: UP TO 7.2073
SHANGHAI CLOSED UP 35.90 PTS OR 1.18 %
HANG SENG CLOSED UP 102,38PTS OR 0.35%
2. Nikkei closed DOWN 37.98 PTS OR .10%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 104.94 EURO RISES TO 1.0773 UP 15 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.894 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.78 JAPANESE YEN NOW 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 DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.4490/Italian 10 Yr bond yield DOWN to 3.763SPAIN 10 YR BOND YIELD DOWN TO 3.220%
3i Greek 10 year bond yield DOWN TO 3.418
3j Gold at $2317.80//Silver at: 27.09 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 91 100 roubles/dollar; ROUBLE AT 91.08/
3m oil into the 78 dollar handle for WTI and 83 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 153.78/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.894% 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 0.9052 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9751 well 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: 4.478 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.638 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.731DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.23…(TURKEY)
10 YR UK BOND YIELD: 4.260 UP 3 PTS
2a New York OPENING REPORT
2B European Opening Report
Equities & Bonds bid, focus turns to advancements in Rafah which has lifted crude; Fed speak due – Newsquawk US Market Open
MONDAY, MAY 06, 2024 – 06:21 AM
- Equities are entirely in the green; Apple -1.1% is lower pre-market after Berkshire Hathaway decreased its stake in Q1
- DXY is flat, EUR unreactive to PMIs & USD/JPY holds just under 154.00
- Bonds are modestly firmer, with initial upside in Bunds trimmed slightly by large upward revisions to EZ PMIs
- Crude is firmer with Rafah in focus, XAU is bid and base metals benefit from the risk tone
- Looking ahead, US Employment Trends, Comments from SNB’s Jordan, ECB’s Lagarde, Fed’s Williams & Barkin. UK markets closed for Bank Holiday Monday.
EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx600 (+0.3%) are entirely in the green, albeit modestly so, taking impetus from a positive APAC session. EZ Final PMIs were generally revised higher, though ultimately sparked little reaction in the equities complex. Note: The FTSE 100 is shut on account of the UK Bank Holiday.
- European sectors are mostly firmer, though with the breadth of the market fairly narrow. Insurance takes the top spot, alongside Energy. The latter is benefitting from broader strength in the crude complex given the recent updates around Rafah.
- US Equity Futures (ES +0.2%, NQ +0.2%, RTY +0.5%) are entirely in the green, building on the strength seen on Friday. Apple (-1.1%) is lower pre-market after Berkshire Hathaway declared it had decreased its stake in the Co. in Q1 and in a breather from Friday’s post-earnings strength.
- Click here and here for the sessions European pre-market equity newsflow.
- Click here for more details.
FX
- DXY is modestly softer and within a very tight 105.02-20 range, should selling pressure intensify, the 105.00 mark could be brought into focus.
- EUR is marginally firmer/flat vs the Dollar, though losing in the EUR/GBP cross. Price action today has been contained within a tight 1.0756-75 range, well within the prior session’s bounds. EZ final PMIs today were generally revised higher, albeit slightly, and provided little lasting move in the EUR.
- GBP is slightly firmer against the Dollar, despite UK equities/gilt markets closed on account of the region’s bank holiday and with catalyst light. Currently trading just off session highs of 1.2584.
- JPY is by far the biggest underperformer vs the Dollar, going as high as 154.00, paring much of Friday’s USD/JPY losses, amid holiday-thinned conditions with Japan away.
- Antipodeans are both marginally firmer vs USD, though very much within a contained range as catalysts remain thin. Over in China, the Caixin PMI were in-line with expectations which helped to lift sentiment on the region’s return from holiday.
- PBoC set USD/CNY mid-point at 7.0994 vs exp. 7.2127 (prev. 7.1063).
- S&P upgraded Turkey’s rating to ‘B+’; Outlook Positive on Friday and cited economic rebalancing.
- Click here for more details.
FIXED INCOME
- Bunds are bid with specific drivers limited, though upside was trimmed by unusually large upward revisions to the French and then EZ Final PMIs though the internal commentary around German continues to point to stagnation/incremental growth. Current 130.98-131.62 parameters surpassed Friday’s best by a handful of ticks with little of note thereafter until 132.00.
- USTs are a touch firmer, in-fitting with EGBs, but with magnitudes thin given the UK Bank Holiday and Japan’s absence; docket ahead a touch busier with Fed’s Barkin & Williams due after the latest Employment Trend numbers.
- Click here for more details.
COMMODITIES
- Crude benchmarks are bid with geopols in focus. WTI and Brent have been grinding higher throughout the morning as the geopolitical narrative around Rafah continues to gradually escalate. Most recent developments have civilians being evacuated and the Israeli Finance Minister saying the army must enter Rafah today.
- Supported on geopols; XAU to a USD 2324/oz peak but one that leaves it over USD 20/oz shy of last week’s best but with the USD 2339/oz 21-DMA the first point of resistance.
- Base metals are bid on China’s return to the market with the metal following suit to APAC performance where the region was propped up by Friday’s NFP-tailwinds and in-line Chinese PMIs.
- Saudi Arabia raised its oil prices for all grades to Asia for June with Arab Light OSP to Asia set at a premium of USD 2.90/bbl vs Oman/Dubai average and OSP to NW Europe set at a premium of USD 2.10/bbl vs ICE Brent, while it set the OSP to the US at a premium of USD 4.75/bbl vs ASCI.
- UAE’s Sharjah announced the discovery of a new gas field which is said to carry ‘promising quantities’, according to a statement cited by Reuters.
- Click here for more details.
NOTABLE EUROPEAN HEADLINES
- UK PM Sunak reportedly cancelled plans for a summer general election after local election defeats with the election anticipated to occur in Autumn, according to The Telegraph.
- UK PM Sunak was warned by Conservative MPs to show some vision and start digging his party out of a hole after a disastrous set of local election results, while it was also reported that the Labour Party comfortably won the London mayoral contest to give Sadiq Khan an unprecedented third term as London Mayor, according to FT.
- ArcelorMittal (MT NA) warned the UK government that one of its main divisions could be forced to exit the UK if an application to close and redevelop a commercial port in south-east England receives approval this week, according to FT.
- ECB’s Lane said in an interview with El Confidencial that the April slowdown in services inflation marks significant progress and confidence on inflation is improving, while he added exaggerating the impact of the ECB and Fed divergence is not necessary and Fed decisions have limited impact on the euro area.
- Fitch affirmed Italy at BBB; Outlook Stable and affirmed Denmark at AAA; Outlook Stable on Friday.
DATA RECAP
- EU HCOB Composite Final PMI (Apr) 51.7 vs. Exp. 51.4 (Prev. 51.4); HCOB Services Final PMI (Apr) 53.3 vs. Exp. 52.9 (Prev. 52.9)
- German HCOB Composite Final PMI (Apr) 50.6 vs. Exp. 50.6 (Prev. 50.5); HCOB Services PMI (Apr) 53.2 vs. Exp. 53.3 (Prev. 53.3)
- French HCOB Services PMI (Apr) 51.3 vs. Exp. 50.5 (Prev. 50.5); HCOB Composite PMI (Apr) 50.5 (Prev. 49.9)
- Italian HCOB Composite PMI (Apr) 52.6 (Prev. 53.5); HCOB Services PMI (Apr) 54.3 vs. Exp. 54.0 (Prev. 54.6)
- EU Sentix Index (May) -3.6 vs. Exp. -5.0 (Prev. -5.9)
- EU Producer Prices YY (Mar) -7.8% vs. Exp. -7.7% (Prev. -8.3%, Rev. -8.5%); Producer Prices MM (Mar) -0.4% vs. Exp. -0.4% (Prev. -1.0%, Rev. -1.1%)
NOTABLE US HEADLINES
- Fed’s Williams (voter) said they are committed to getting the job done on bringing down inflation, while he added that an explicit, numerical inflation target is critical for achieving price stability.
- Fed’s Goolsbee (non-voter) said the US rate-path dot plot needs more context and Fed policymakers should communicate the economic rationale for interest-rate-path views, according to Reuters.
- Berkshire Hathaway (BRK.B) Berkshire Hathaway reported Q1 operating profit surged 39% Y/Y to USD 11.22bln. EPS was 5.88 (exp. 4.27), led by a +185% Y/Y increase in insurance underwriting earnings. Q1 net earnings fell 64% Y/Y to USD 12.7bln, and Q1 revenue was USD 89.9bln (exp. 85.9bln).
- Apple (AAPL), Berkshire Hathaway (BRK.B) Berkshire Hathaway decreased its substantial Apple stake in Q1, now valued at USD 135.4bln, a 13% reduction, CNBC reports.
- Paramount Global (PARA), Apollo Global Management, Sony Group (SONY) The USD 26bln offer from Apollo Global and Sony Group this week threw a wrench in talks between Paramount Global and film producer David Ellison, Bloomberg reports.
GEOPOLITICS
MIDDLE EAST – EUROPEAN MORNING
- Israeli forces are now launching raids east of Rafah, via Sky News
- Israel military says not going to put a timeframe on the Rafah evacuation and will make “operation assessments”
- Israeli military says evacuating Rafah as part of a “limited scope” operation
- The Israeli army has ordered civilians in several parts of Rafah to leave the city as it begins an invasion of the southern city, via journalist Soylu
- Israeli Defence Minister, speaking with US Defence Secretary Austin, that action in Rafah is required due to Hamas’ refusal of hostage-release proposals
- Senior Hamas Official says to Reuters that Israel’s Rafah evacuation order is a “dangerous escalation that will have consequences”; Hamas may withdraw from truce talks due to Rafah operations.
MIDDLE EAST
- Israel’s military said the Kerem Shalom Crossing with Gaza is now closed to aid trucks after it came under fire with mortar shelling which killed 3 Israeli soldiers and wounded 12 others from the Givanti and Nahal brigades, while Hamas claimed responsibility for the mortar attack on Kerem Shalom and said it targeted an Israeli army base, according to Reuters.
- Israeli PM Netanyahu said they cannot accept Hamas’s demands for an end to the war and the withdrawal of forces from Gaza, while he noted that ending the Gaza war now would keep Hamas in power and Israel would not accept terms that amount to a capitulation with Israel to keep fighting until its war aims are achieved. It was separately reported that Israel’s Defence Minister said Hamas appears uninterested in a deal meaning strong military action in Gaza’s Rafah could happen very soon, according to Reuters.
- Israeli army is said to have started to evacuate civilians from parts of Rafah, according to Haaretz cited by Walla’s Guy Elster. Subsequently, Bloomberg reported that the Israeli military asks some Rafah civilians to move out of the city, according to Bloomberg.
- Hamas’ leader said they are still keen on reaching a comprehensive agreement, while the group said the round of negotiations in Cairo has ended and the delegation will leave to consult with the group’s leadership, according to Reuters. It was separately reported that Hamas agrees that Israel can commit to ending the war in the second stage of the hostage deal not the first, according to Times of Israel via social media platform X.
- CIA chief Burns is to travel to Doha for an emergency meeting with Qatar’s PM as Gaza talks are said to be ‘near to collapse’, while Qatar and the US are to exert maximum pressure on Israel and Hamas to continue negotiations, according to an official briefed on talks cited by Reuters. It was separately reported that Burns will stay in Qatar on Monday and likely travel to Israel this week to meet with Israeli PM Netanyahu, according to an Axios reporter.
- US reportedly put a hold on an ammunition shipment to Israel last week, according to two Israeli officials cited by Axios.
- Iraqi armed factions announced they targeted an Israeli air base in Eilat with drones, according to Al Arabiya.
- Israeli Cabinet decided to close Qatari TV network Al Jazeera’s operations in Gaza, according to a statement cited by Reuters. It was later reported that Israel’s communications ministry said a police raid was conducted at an Al Jazeera premises in Jerusalem.
OTHER
- Russia said it took full control of Ocheretyne village in eastern Ukraine, according to the Defence Ministry, cited by Reuters.
- Russian Defence Ministry says preparations are beginning for the commencement of a missile exercises in the southern district, incl. aviation & navy forces
CRYPTO
- Bitcoin is back on a firmer footing and now holds just above USD 65k, whilst Ethereum hovers around USD 3.2k.
- The next potential objective/resistance level for Bitcoin is at USD 67,200 and that represents a 61.8% correction of the 73,797-56,527 fall, via market contacts.
APAC TRADE
- APAC stocks traded with a positive bias after a dovish jobs report from the US but with the upside limited amid holiday-thinned conditions with Japan and South Korea shut for holidays.
- ASX 200 was led higher by continued outperformance in the rate-sensitive sectors, while financials were also underpinned following Westpac’s earnings, special dividend and buyback announcement.
- Hang Seng & Shanghai Comp were somewhat varied as Hong Kong stocks took a breather after the recent hot streak and as attention shifted to the mainland where stocks outperformed as they played catch up on their return from the Labour Day Golden Week holidays with property stocks boosted by recent support pledges, while participants also digested Caixin Services PMI data which matched estimates.
NOTABLE ASIA-PAC HEADLINES
- PBoC Shanghai is reportedly to support the renewal of large-scale equipment.
- Chinese President Xi said the China-France relationship is a model of peaceful coexistence and win-win cooperation between countries with different systems, while he added they are ready to consolidate the traditional friendship, enhance political mutual trust, build strategic consensus, as well as deepen exchanges and cooperation with France, according to Xinhua.
- EU is lobbying China to exclude agriculture from a series of escalating commercial disputes and called for the ‘strategic sector’ to be protected from trade tensions in the renewable energy and electric vehicle industries, according to FT.
- A magnitude 6.1 earthquake was reported in Seram, Indonesia, according to GFZ.
APAC DATA RECAP
- Chinese Caixin Services PMI (Apr) 52.5 vs. Exp. 52.5 (Prev. 52.7); Composite PMI (Apr) 52.8 (Prev. 52.7)
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
end
3 CHINA
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
Europe Scraps Net Zero, Biden Should But Won’t, Why?
SATURDAY, MAY 04, 2024 – 11:40 AM
Authored by Mike Shedlock via MishTalk.com,
“Unaffordable climate commitments have two leftist British parties racing to exit stage left.”
uropeans Ditch Net Zero
The Wall Street Journal reports Europeans Ditch Net Zero, While Biden Clings to It
You know you’ve stumbled through the looking glass when European politicians start sounding saner on climate policy than the Americans do. Well here we are, Alice: Europeans are admitting the folly of net zero quicker than their American peers.
The latest example—perhaps “victim” is more apt—is Humza Yousaf, who resigned this week as Scotland’s first minister. That region within the U.K. enjoys substantial devolved powers over its own affairs, including on climate policy. An administration led by Mr. Yousaf’s left-leaning Scottish National Party had hoped to rush ahead of the national government in London in slashing carbon emissions.
Until, that is, someone noticed the costs. A recent report from the U.K.’s Climate Change Committee noted Scotland had fallen far behind on its climate goals. The government aimed to reduce by 20% the aggregate distance driven by Scottish motorists, compared with 2019 levels, but had no plan to accomplish the reduction in personal mobility by the 2030 deadline. To get back on track with the government’s goal of a transition to home electric heat pumps, Scotland would have to replace natural-gas fire boilers at a rate of more than 80,000 households a year by the end of the decade. That’s a big ask considering that in 2023 it managed 6,000 boiler replacements. The government resisted imposing an aviation tax to discourage excess flying. And so on.
Mr. Yousaf did the only thing he could under the circumstances: He all but abandoned net zero. His administration announced it is ditching firm annual emission-reduction targets in favor of fuzzier “carbon budgets.” The Green Party, with which Mr. Yousaf’s SNP governed in a coalition, balked. After a series of political machinations that were one part “Macbeth” and two parts “Comedy of Errors,” Mr. Yousaf’s administration collapsed and he was forced to resign.
Observe two salient details. First, the specific list of targets the country was missing. Scotland had reached the point where further net-zero progress would have made obvious and material demands of household budgets. That isn’t counting the additional costs of renewable power hidden in utility bills.
I have discussed the above ideas many times. There are farm protests in nearly every country on the main continent and Greens are likely to get clobbered hard in the European Parliament elections in June.
What About the US?
The Journal reports “The puzzlement is that the U.S. is headed in the opposite direction. President Biden is pressing ahead with aggressive net-zero policies such as an electric-vehicle mandate and pouring trillions of dollars of borrowed government and hard-earned household money into climate boondoggles.“
There is no puzzle. Biden is owned 100% by the Progressives.
They control climate policy, regulations, student loans, abortion, everything.
Please note Biden Promotes Climate Change at the Expense of More Global Poverty
The mad rush to deal with climate change, even if it works (it won’t), has a nasty tradeoff (more global poverty).
Biden will not do anything to offend the Progressives, even if it means he loses the election over it.
END
HUNGARY/EUROPE.RUSSIA
Hungarian Foreign Minister Warns Macron Risks Sparking World War III
MONDAY, MAY 06, 2024 – 11:45 AM
Authored by Paul Joseph Watson via Modernity.news,
Hungarian Foreign Minister Peter Szijjarto has warned that French President Emmanuel Macron’s threat to send NATO troops to Ukraine risks sparking World War III.
In an interview with The Economist last week, Macron said the question of sending western troops to Ukraine would “legitimately” arise if Russia broke through the Ukrainian front lines and Kyiv made such a request.
Kremlin spokesman Dmitry Peskov reacted by describing Macron’s statements as “very dangerous.”
Now Hungarian diplomat Peter Szijjarto warns that the French leader’s comments represent a stunning escalation.
“If a NATO member commits ground troops, it will be a direct NATO-Russia confrontation and it will then be World War Three,” said Szijjarto.
He also drew attention to the fact that such a conflict would likely escalate into nuclear confrontation.
“Let’s be clear: if there is a nuclear war, everything and everyone will be lost. If there is a nuclear war, everyone will die and everything will be destroyed, which no one with any common sense can wish for,” said Szijjarto.
Meanwhile, senior Italian government officials have joined the growing number of prominent voices condemning Macron over his comments.
“Sending Italian soldiers to fight outside the EU borders? Follow the obsessions of some dangerous and desperate European leader like Macron? No thanks, never in the name of the League,” remarked Deputy Prime Minister Matteo Salvini.
Italian Defence Minister Guido Crosetto also told the Corriere della Sera newspaper, “I don’t judge a president of a friendly country like France, but I don’t understand the purpose and usefulness of these declarations, which objectively raise tensions.”
As we previously highlighted, the former commander of the UK’s Joint Forces Command General Sir Richard Barrons said Ukraine is at “serious risk” of having to admit defeat to Russia this year.
Barrons said that pessimism is starting to set in amongst the population, generating a general malaise and a feeling that Ukraine “can’t win.”
* * *
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
EUROPE.MORGUE FOR EV CARS
Where Unsold EVs Go To Die: Belgium’s Ports Drowning Under Glut Of Chinese Imports
MONDAY, MAY 06, 2024 – 10:40 AM
Ten years ago this week, we posted one of out most viral stories, highlighting the over-capacity in the auto industry: “Where the World’s Unsold Cars Go To Die,” which highlighted the ‘endgame’ of automakers’ ‘channel stuffing’ efforts to disguise the sudden lack of demand for all the exciting new models that they had forecast would boom to the moon…
And now, as MishTalk’s Mike Shedlock reports, we are seeing similar pictures across Europe…
Some are parked here for a year, sometimes more.”
Le Monde reports Belgium’s ports drowning under glut of Chinese electric cars: ‘Some are parked here for a year, sometimes more’
Due to China’s overcapacity in production – as it aims to capture a quarter of the European electric vehicle market – the ports of Antwerp and Zeebrugge are inundated.
You probably need to see it to appreciate the challenges the automobile industry faces in transitioning to electricity. You also need to come here to understand how the Chinese industry’s overcapacity has flooded the European market. That morning, as the sun unexpectedly lit up the maze of highways leading to this remote arm of the port of Antwerp, Belgium, a huge cargo ship from the Norwegian company Höegh Autoliners unloaded thousands of cars at one of the terminals of International Car Operators (ICO), a subsidiary of the Japanese group Nippon Yusen Kaisha.
Alongside Swedish-Norwegian Wallenius Wilhelmsen, it is one of the main operators of the now merged port of Antwerp-Bruges, the world’s largest automotive terminal, through which the production of some 40 brands used to transit. But that was before the emergence of their Chinese competitors.
Car Parks
Quartz reports Cars are piling up at European ports at an alarming rate
Imported vehicles are seriously piling up at European ports, turning them into “car parks.” Automakers are distributors are struggling with a slowdown in car sales as well as logistical bottlenecks that make it hard to alleviate the buildup of new, unsold vehicles.
Some Chinese brand EVs had been sitting in European ports for up to 18 months, while some ports had asked importers to provide proof of onward transport, according to industry executives. One car logistics expert said many of the unloaded vehicles were simply staying in the ports until they were sold to distributors or end users.
“It’s chaos,” said another person who had been briefed on the situation.
This is another part of the escalating trade war between China and the rest of the world.
China Produces 55 Percent of All Steel, Biden and Trump Eye Tariffs
Yesterday, I commented China Produces 55 Percent of All Steel, Biden and Trump Eye Tariffs
On April 22, I cautioned A Big Deflationary Push From China But Will Biden or Trump Allow That?
China keeps returning to a well that has run dry, using exports as a means for growth. China is about to hit a brick wall, with global consequences.
My #1 issue looking ahead to 2025 is a global trade war with serious repercussions.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL/HAMAS
WILL NEVER HAPPEN!
Hamas-Israel Truce To Free Hostages Said To Be Closer Than Ever
SATURDAY, MAY 04, 2024 – 02:00 PM
Rumors are flying Saturday that Hamas and Israel are closer than ever to finally reaching a truce deal that would center of the release of more Israeli hostages, and the freeing of Palestinian prisoners in Israeli jails.
“Negotiations for a potential hostage deal and truce in Gaza appeared to reach a critical moment Saturday, with Hamas set to offer its response to the latest proposal, and Israel indicating an offensive in the city of Rafah could be imminent if no agreement is reached,” Times of Israel reports.
Separately Haaretz is reporting based on regional Arab sources that Hamas has in essence already accepted a deal. The last hours of Egyptian and Qatari mediated talks have reportedly seen significant progress.
However, this key caveat could make all of the current Saturday headlines premature:
An Israeli official told Haaretz that ‘Israel will, under no circumstances, agree to end the war as part of a deal’ and is determined to enter Rafah.
But Haaretz is also saying that “Hamas was guaranteed by the U.S. for a full Israeli withdrawal from the Gaza Strip and that Israeli forces will not continue fighting once the hostages are released.”
The problem with this is that given PM Netanyahu’s latest and consistent rhetoric vowing to not halt the operation until Palestinian terrorists in the Strip are eradicated, a full IDF withdrawal still seems unrealistic.
Starting Friday Israeli leaders said they were giving Hamas one week to agree to the deal on the table or else a full-scale assault of Rafah will begin.
Less than 40 hostages are expected to be freed as part of the deal – it would focus on the remaining children, elderly, and the sick.
One Israeli official told Haaretz that the government is “waiting anxiously to see Hamas’ final position.”
But the source cautioned, “The information has not yet arrived, but in light of past experience, even if Hamas says it’s following the suggested framework, the small details and reservations it’ll eventually present may dissolve the whole deal.”
This is precisely what has happened to prior rounds of negotiations which were believed to be at the finish line. They blew up at the last moment over specific details, typically involving wrangling over the names on the hostage release list.
END
ISRAEL/HAMAS
there is little chance of a deal. However the movement of Gazans from Rafah might stimulate the hostage release
(zerohedge)
Hamas says Rafah evacuations ‘dangerous escalation,’ may scuttle talks
An Egyptian source said that it was the Kerem Shalom attack Sunday that caused the talks to falter.
By TOVAH LAZAROFFMAY 6, 2024 12:14Updated: MAY 6, 2024 12:31
Hamas warned that the IDF’s evacuation of civilians from eastern Rafah was a dangerous escalation that could scuttle the already strained hostage talks.
“The US administration, alongside the occupation, bears responsibility for this terrorism,” the official, Sami Abu Zuhri, told Reuters, referring to Israel’s alliance with Washington.
He warned that it was a “dangerous escalation that will have consequences.
Walla’s Barak Ravid posted on X that Hamas warned that hostage talks could be suspended.
Egypt, which alongside Qatar has mediated talks for the release of the remaining 132 hostages, worked to contain the damage to negotiations, which were also harmed by Hamas attack Sunday on the Kerem Shalom crossing that killed four soldiers.
Kerem Shalom attack caused ceasefire talks to falter
An Egyptian source told Al-Qahera News that it was the Kerem Shalom attack Sunday that caused the talks to falter.
The Hamas delegation returned to Doha from Cairo for consultations with its leadership which is based there. CIA Director William Burns left Cairo for Doha last night and is expected in Israel this week.
At issue had been Hama’s insistence on a permanent ceasefire, with Israel standing firm that it could only accept a pause to the war because it was determined to conduct a military operation in Rafah to destroy the remaining Hamas battalions there.
Belgian Vice Premier Petra De Sutter warned that a Rafah “invasion will lead to a massacre.”
“Belgium is working on further sanctions against [Israel],” she wrote in a post on X.
De Sutter has been a fierce and early critic of Israel’s war against Hamas in Gaza that began on October 7, calling already in November for sanctions against the Jewish state.
The international community, including the United States, has also opposed a Rafah operation fearing it would lead to a humanitarian disaster for the over 1.3 million Palestinians located there, many of whom sought shelter there to escape Israeli bombardments in northern Gaza at the start of the war.
The United Nations Relief and Works Agency (UNRWA), which is the main organization that services Palestinian refugees, wrote on X that “an Israeli offensive in #Rafah would mean more civilian suffering [and] deaths. The consequences would be devastating for 1.4 million people.”
UNRWA “is not evacuating” Palestinians from Rafah, it stressed, adding that “Agency will maintain a presence in Rafah as long as possible [and[ will continue providing lifesaving aid to people.”
Israel updates US about evacuation
Defense Minister Yoav Gallant spoke overnight with US Secretary of Defense Lloyd Austin, updating him on the Kerem Shalom attack and Israel’s pending Rafah operation.
END
RAFAH invasion inevitable. Let us see if a cease fire happens\
(zerohedge)
Israel-Hamas Negotiations Frozen, Will Likely Collapse As Rafah Offensive Imminent
MONDAY, MAY 06, 2024 – 10:50 AM
Update(10:50ET): As of Saturday the Israel-Hamas ceasefire negotiations were widely reported to be very ‘close’ to reaching a truce deal to free up to 40 Israeli hostages, but with Israel’s military on Monday clearly preparing for an offensive on Rafah, the talks are collapsing. According to the latest via NewsSquawk:
Hamas sources report that they have decided to freeze ceasefire negotiations with Israel and postpone the return of their delegation to Cairo, via Faytuks citing al-Jadeed.
Both sides are already blaming the other for what are increasingly looking to be failed talks. IDF strikes against parts of Rafah have at the same time intensified. “Israel’s military carried out airstrikes in Rafah on Monday, residents said, hours after Israel told Palestinians to evacuate parts of the southern Gaza city where more than a million people uprooted by the war have been sheltering,” Reuters reports.
Fears are growing of a full-blown assault in Rafah, long threatened by Israel, against holdouts of the Palestinian militant group Hamas as ceasefire talks in Cairo stall,” Reuters continues. “Hamas official Izzat al-Rashiq said in a statement that any Israeli operation in Rafah would put the truce talks in jeopardy.”
Israel’s military announced the Rafah offensive would proceed, and warned civilians to evacuate the eastern part of the city, in the wake of a Hamas rocket attack on the outskirts of Rafah which killed four Israeli troops. Sunday through Monday IDF airstrikes on the city killed at least 28, including 11 children, according to Gaza’s health ministry.
An Egyptian official tells
that Hamas attack on Kerem Shalom on Sunday that killed several IDF soldiers sabotaged the hostage deal talks
Quote
Barak Ravid
@BarakRavid
·
7h
A Hamas official told me the parties were close to reaching a hostage deal and claimed the Israeli decision to start evacuating the Palestinian population from Rafah will lead to the suspension of the hostage negotiations
·
241.3K Views
Some are accusing Hamas of sabotaging the deal with the deadly rocket attack, while others blame Netanyahu – alleging that negotiations were just a cover and stalling tactic ahead of a Rafah onslaught.
On Monday Biden held a phone call with PM Netanyahu, wherein the US president likely urged against a new offensive and to advance ceasefire talks forward. According to Al Jazeera:
The United States is still concerned that this may go ahead while there is the possibility of talks over a ceasefire. But in Washington there’s also the suggestion that perhaps the Israelis are pushing ahead with this plan to force Hamas to the negotiating table and agree to Israel’s terms.
The talks come amid a backdrop of what Netanyahu said in an address to the Israeli people at the weekend – that you “cannot trust the promises of gentiles [non-Jews]”. That has angered a lot of people in Washington, not least because of the support President Joe Biden has given Israel, and the support that he has given them militarily.
Axios previously reported that the US has begun withholding ammunition transfers from Israel, but this is likely minimal and merely symbolic at this point.
* * *
The last several hours have seen a significant escalation of the situation in the southern Gaza city of Rafah, sending Western diplomats scrambling and resulting in new threats and counterthreats between Hamas and Israeli leaders.
The Israel Defense Forces (IDF) have urged many thousands of Palestinian civilians to urgently evacuate ahead of an impending ground offensive. In the overnight hours Israeli Defense Minister Yoav Gallant told US Secretary of Defense Lloyd Austin that Israel now believes it has no choice but the carry on with the major ground operation, despite it having been stalled for months.
Gallant cited that a Hamas rocket attack was carried out from Rafah, killing four Israeli soldiers. Airstrikes in eastern Rafah have already begun, and residents and refugees there are being dropped flyers – and homes are also reportedly receiving urgent messages – telling them to evacuate immediately.
An expanded humanitarian zone is being set up by the IDF in the vicinity of the al-Mawasi and Khan Younis areas of southern Gaza.
“Driving through Rafah, the tension was palpable with people evacuating as rapidly as they could,” a British humanitarian health workers was cited by Al Jazeera as saying.
The IDF is calling this a “limited scope operation” – with army spokesman Lt. Col. Nadav Shoshani describing that for now 100,000 people were being ordered to move to the humanitarian zone. The army has further issued a map of the evacuation area and ‘safe zones’.
A military statement said that “in accordance with the approval of the political echelon, the IDF calls on the population, which is under the control of Hamas, to temporarily evacuate from the eastern neighborhoods of Rafah to the expanded humanitarian zone.”
“This matter will progress gradually, according to an ongoing assessment of the situation,” it added. “The IDF will continue to pursue Hamas everywhere in Gaza until all the hostages that they’re holding in captivity are back home.”
As for the tens of thousands of warning flyers currently being dropped, one reads: “Anyone found near (militant) organizations endangers themselves and their family members. For your safety, the (army) urges you to evacuate immediately to the expanded humanitarian area.”
And the flyers further stipulate: “It is prohibited to come near to the eastern and southern security fences.” Humanitarian aid organizations, including the UN and some Western governments have warned that an all-out assault on Rafah, which has swelled during the war to some 1.5 million people (mostly internally displaced refugees), will be a humanitarian catastrophe.
There are also fears that at a moment CIA director William Burns is in the region trying to salvage negotiations toward reaching a deal for the return of hostages, any hope for a truce will dashed by the Rafah operation.
But so far, Hamas as indicated it is still committed to the talks. “We will continue the negotiations positively and with an open heart,” Hamas spokesman Abdul Latif al-Qanou told AFP. He said an agreement is still needed “for a permanent ceasefire and the fulfilment of the demands of our people.”
But Prime Minister Netanyahu has not backed off his ultimate aim of seeing the total eradication of Hamas complete, which requires going after the remaining battalions in Rafah city. According to Israeli media:
Israeli officials have said the terror group has six remaining battalions in the Gaza Strip, four of them in Rafah: Yabna (South), Shaboura (North), Tel Sultan (West) and East Rafah. Two more Hamas battalions remain in central Gaza, in the Nuseirat and Deir al-Balah camps.
Hamas is meanwhile warning in a fresh reaction statement to the IDF preparing its long awaited offensive that it will not be a “picnic” for Israeli forces. “Our valiant resistance, led by al-Qassam Brigades, is fully prepared to defend our people,” the group said of its armed wing.
As expected, this has triggered some pushback against Netanyahu both locally and internationally. Israeli opposition leader Yair Lapid slammed it as irresponsible, saying that in effect the Netanyahu government has “abandoned” the captives.
France is among the first countries Monday to warn against the Rafah attack, with French President Emmanuel Macron holding a phone call with Netanyahu. Macron stated his firm opposition to a ground offensive and encouraged a ceasefire instead. In late March, Macron had actually warned that forced transfer of civilians from Rafah could be a “war crime”.
IDF flyers dropped over Rafah on Monday:
Likely sensing that Netanyahu would not halt military plans for a Gaza invasion, it has been widely reported that for the first time the Biden administration has put a hold on a shipment of US-made ammunition which was bound for Israel.
The revelation came in a Sunday report by Axios, confirmed by two Israeli officials. “The incident raised serious concerns inside the Israeli government and sent officials scrambling to understand why the shipment was held, Israeli officials said,” Axios reported.
Campus protests are likely to grow fiercer in light of a Rafah attack. “President Biden is facing sharp criticism among Americans who oppose his support of Israel,” the report noted. “The administration in February asked Israel to provide assurances that U.S.-made weapons were being used by Israel Defense Forces in Gaza in accordance with international law. Israel provided a signed letter of assurances in March.”
Below area some further geopolitical headlines Monday morning…
* * *
Geopolitics: Middle East
- Israeli forces are now launching raids east of Rafah, via Sky News
- Israel military says not going to put a timeframe on the Rafah evacuation and will make “operation assessments”
- Israeli military says evacuating Rafah as part of a “limited scope” operation
- The Israeli army has ordered civilians in several parts of Rafah to leave the city as it begins an invasion of the southern city, via journalist Soylu
- Israeli Defence Minister, speaking with US Defence Secretary Austin, that action in Rafah is required due to Hamas’ refusal of hostage-release proposals
- Senior Hamas Official says to Reuters that Israel’s Rafah evacuation order is a “dangerous escalation that will have consequences”; Hamas may withdraw from truce talks due to Rafah operations.
- Israel’s military said the Kerem Shalom Crossing with Gaza is now closed to aid trucks after it came under fire with mortar shelling which killed 3 Israeli soldiers and wounded 12 others from the Givanti and Nahal brigades, while Hamas claimed responsibility for the mortar attack on Kerem Shalom and said it targeted an Israeli army base, according to Reuters.
- Israeli PM Netanyahu said they cannot accept Hamas’s demands for an end to the war and the withdrawal of forces from Gaza, while he noted that ending the Gaza war now would keep Hamas in power and Israel would not accept terms that amount to a capitulation with Israel to keep fighting until its war aims are achieved. It was separately reported that Israel’s Defence Minister said Hamas appears uninterested in a deal meaning strong military action in Gaza’s Rafah could happen very soon, according to Reuters.
- Israeli army is said to have started to evacuate civilians from parts of Rafah, according to Haaretz cited by Walla’s Guy Elster. Subsequently, Bloomberg reported that the Israeli military asks some Rafah civilians to move out of the city, according to Bloomberg.
- Hamas’ leader said they are still keen on reaching a comprehensive agreement, while the group said the round of negotiations in Cairo has ended and the delegation will leave to consult with the group’s leadership, according to Reuters. It was separately reported that Hamas agrees that Israel can commit to ending the war in the second stage of the hostage deal not the first, according to Times of Israel via social media platform X.
- CIA chief Burns is to travel to Doha for an emergency meeting with Qatar’s PM as Gaza talks are said to be ‘near to collapse’, while Qatar and the US are to exert maximum pressure on Israel and Hamas to continue negotiations, according to an official briefed on talks cited by Reuters. It was separately reported that Burns will stay in Qatar on Monday and likely travel to Israel this week to meet with Israeli PM Netanyahu, according to an Axios reporter.
- US reportedly put a hold on an ammunition shipment to Israel last week, according to two Israeli officials cited by Axios.
- Iraqi armed factions announced they targeted an Israeli air base in Eilat with drones, according to Al Arabiya.
- Israeli Cabinet decided to close Qatari TV network Al Jazeera’s operations in Gaza, according to a statement cited by Reuters. It was later reported that Israel’s communications ministry said a police raid was conducted at an Al Jazeera premises in Jerusalem.
Geopolitics:
- Russia said it took full control of Ocheretyne village in eastern Ukraine, according to the Defence Ministry, cited by Reuters.
- Russian Defence Ministry says preparations are beginning for the commencement of a missile exercises in the southern district, incl. aviation & navy forces
END
Then in a surprise move: Hamas agrees to a temporary ceasefire and hostage release, let us see how far this goes
Hamas tells Qatari, Egyptian mediators it agrees to ceasefire proposal
President Joe Biden and Prime Minister Benjamin Netanyahu had a 30-minute phone conversation following the evacuation of Palestinians from Rafah.
By TOVAH LAZAROFFMAY 6, 2024 12:14Updated: MAY 6, 2024 20:38
Hamas said on Monday that it had accepted a Gaza ceasefire proposal from Egypt and Qatar, just as it appeared that the negotiations had fallen apart and Israel was heading for a military operation in Rafah.
The Islamist faction said in a statement that its chief, Ismail Haniyeh, had informed Qatar’s prime minister and Egypt’s intelligence chief that it had accepted their proposal.
There were no immediate details about what the agreement entailed. However, later on Monday, Hamas official Taher Al-Nono told Reuters the proposal reportedly included, in addition to a ceasefire, the reconstruction of the Gaza Strip, the return of the displaced, and the release of Palestinian prisoners.
Only hours earlier, the terror group had suspended talks in response to Israeli steps to evacuate Palestinians from Rafah. Israel has yet to respond.
Hamas’s statement comes after intense negotiations in Cairo on Sunday involving Egyptian and Qatari delegations and CIA William Burns. He then traveled to Doha to consult with Qatari Prime Minister Mohammed Al Thani and is expected to visit Israel this week.
US President Joe Biden spoke with Prime Minister Benjamin Netanyahu for half an hour on Monday and was also expected to hold a private meeting in the White House with Jordan’s King Abdullah.
In their call Biden updated Netanyahu “on efforts to secure
end
the acceptance of a ceasefire deal is a ruse, There is no deak
(zerohedge)
Israel: Hamas ‘Acceptance’ Of Ceasefire Deal Is A Ruse
MONDAY, MAY 06, 2024 – 12:55 PM
Update(1255ET): There are breaking reports from several Middle East outlets, including Al Jazeera and Al Arabiya that Hamas has accepted the ceasefire proposal of Egypt and Qatar.
BREAKING: Hamas says in a statement it has accepted the Egyptian-Qatari ceasefire proposal.
However, almost immediately on the heels of the above statement came this rejection:
ISRAEL/TURKEY/
Israeli Industry Braces For Economic Damage Amid Turkish Trade Ban
SATURDAY, MAY 04, 2024 – 08:10 AM
Sectors across the Israeli economy are warning of wide-reaching impacts of Turkey’s decision to halt all trade with Israel, and are scrambling to find alternative sources for lost imports.
The Turkish trade ministry announced earlier this week that Ankara is halting all import and export transactions related to Israel until it “allows an uninterrupted and sufficient flow of humanitarian aid to Gaza.” The ban on imports includes iron and steel products, construction materials, minerals, machinery, cars, energy products, rubber, plastics, health and agricultural products.
The construction industry is bracing for the loss of Turkish iron and steel products and building materials, as Turkey supplied 29 percent of Israel’s total cement imports last year.
Last month, Israeli businessmen warned that the restrictions could drive an increase in property and rent prices. Meanwhile, Israel’s largest oil refinery, Bezan, said the ban could impact crude oil imports.
Forty percent of Israel’s annual oil consumption is piped to the Turkish oil hub port of Ceyhan and then shipped to Israel.
Moreover, representatives of the electrical products industry are warning that the ban could lead to a 35 percent hike in prices, as the majority of domestic electrical goods in Israel are manufactured in Turkey.
The new restrictions could force importers to import across the Red Sea, where attacks by Yemen’s Houthi group have driven a spike in shipping costs.
‘Dire straits’
In April, the contractors’ association wrote a letter to Israeli Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich, accusing them of driving the sector to the brink of collapse.
Amit Gottlieb, chairman of the Urban Renewal Committee in the Israel Builders’ Association (ACB), said the Israeli construction industry was already in “dire straits” since Israel’s war on Gaza began, due to labor shortages resulting from Israel’s ban on Palestinian workers.
He added that alternative imports of construction materials from Germany, Great Britain, the Czech Republic, Hungary and Greece needed to be arranged “as soon as possible”.
Turkey’s exports to Israel were worth $5.4bn in 2023, or 2.1 percent of its total exports, according to official data. From 2009 to 2023, trade between the two countries nearly tripled. By the end of that period, Turkey had become the fifth-largest supplier of goods imported by Israel, while Israel ranked as Turkey’s 10th-largest export market, based on data from the Central Bureau of Statistics.
On Thursday, Israel’s foreign minister, Israel Katz, accused Turkey’s President Recep Tayyip Erdogan of ignoring international trade agreements and acting like a “dictator”. He added that Israel would seek to replace the lost Turkish imports with locally produced goods or imports from other countries.
END
LEBANON/HEZBOLLAH
RUSSIA/UKRAINE
Ukraine Struggles To Build New Defensive Lines As Its Forces Retreat
SATURDAY, MAY 04, 2024 – 12:50 PM
Authored by Kyle Anzalone via The Libertarian Institute,
Russian forces are advancing in several places across the 600-mile frontline in Ukraine, straining Kiev’s ability to build rear fortifications. Some in the Ukrainian military fault the country’s leadership for not building stronger second and third-line defenses last year while Russian troops were stalled.
According to a dozen Ukrainian soldiers, government officials, and construction company directors who spoke with the Associated Press, Kiev is struggling to set up new defensive lines as its forces retreat. The officials cited several issues including decision-making last year, bureaucracy in doling out military contracts, and ammunition shortages.
A deputy infantry commander fighting near Avdiivka explained that the defensive line needed to be built last year during Ukraine’s offensive. “There was an absence of responsibility. … People didn’t understand that fortifications can save your life if you do it in advance,” he stated. “Many people thought we … wouldn’t need to prepare such lines. They didn’t expect a new Russian offensive.”
Last summer, at Washington’s insistence, Kiev launched a counteroffensive that failed to retake much territory due to deeply entrenched Russian defensive lines. Ukraine lost a significant number of troops and military equipment during the failed assault.
The AP notes that “Ukraine’s lack of adequate defensive lines has helped Russia make significant military gains, and constant enemy fire hinders building.”
In a Telegram post on Sunday, Kiev’s Commander in Chief Oleksandr Syrskyi said the situation at the front had “escalated,” adding, “Trying to seize the strategic initiative and break through the front line, the enemy has concentrated its main efforts in several directions, creating a significant advantage in forces and in means.”
In the battle for Chasiv Yar, a city in Donetsk, a Ukrainian soldier said the lack of fortified positions allowed Russian forces to prevail, with over 100 men killed or missing after a major withdrawal from the area.
“We lost department commanders, platoon commanders, company commanders, and sergeants. That is, we lost the entire skeleton of the brigade,” the soldier explained to the AP.
Institute for the Study of War
·
NEW: Ukrainian and US officials issued assessments consistent with prior ISW forecasts that Russian forces may take Chasiv Yar in Donetsk Oblast but are very unlikely to seize major Ukrainian cities. (1/2)
2/ Ukrainian intelligence officials also identified three Russian efforts to destabilize Ukraine and achieve victory. Details in the Russian Offensive Campaign Assessment for May 2, 2024: http://isw.pub/UkrWar050224
·
19.3K Views
Rather than use military engineers to complete the projects, Kiev elected to pay construction companies to build third-line defenses. Ukraine awarded the contracts without following the typical bidding process, raising fears of corruption. Additionally, one contractor said the reported progress on the fortifications has been exaggerated to satisfy the government’s demands.
end
Then in a surprise move: Hamas agrees to a temporary ceasefire and hostage release, let us see how far this goes
Hamas tells Qatari, Egyptian mediators it agrees to ceasefire proposal
President Joe Biden and Prime Minister Benjamin Netanyahu had a 30-minute phone conversation following the evacuation of Palestinians from Rafah.
By TOVAH LAZAROFFMAY 6, 2024 12:14Updated: MAY 6, 2024 20:38
Hamas said on Monday that it had accepted a Gaza ceasefire proposal from Egypt and Qatar, just as it appeared that the negotiations had fallen apart and Israel was heading for a military operation in Rafah.
The Islamist faction said in a statement that its chief, Ismail Haniyeh, had informed Qatar’s prime minister and Egypt’s intelligence chief that it had accepted their proposal.
There were no immediate details about what the agreement entailed. However, later on Monday, Hamas official Taher Al-Nono told Reuters the proposal reportedly included, in addition to a ceasefire, the reconstruction of the Gaza Strip, the return of the displaced, and the release of Palestinian prisoners.
Only hours earlier, the terror group had suspended talks in response to Israeli steps to evacuate Palestinians from Rafah. Israel has yet to respond.
Hamas’s statement comes after intense negotiations in Cairo on Sunday involving Egyptian and Qatari delegations and CIA William Burns. He then traveled to Doha to consult with Qatari Prime Minister Mohammed Al Thani and is expected to visit Israel this week.
US President Joe Biden spoke with Prime Minister Benjamin Netanyahu for half an hour on Monday and was also expected to hold a private meeting in the White House with Jordan’s King Abdullah.
In their call Biden updated Netanyahu “on efforts to secure a hostage deal, including through ongoing talks today in Doha, Qatar,” the White House stated.
RUSSIA/UKRAINE
Russia Stepping Up ‘Decapitation Strikes’ – Belatedly Adds Zelensky to Criminal ‘Wanted’ List
SATURDAY, MAY 04, 2024 – 09:35 PM
Days ago, for the first time Russian forces mounted a major air attack on the Ukrainian command’s southern headquarters in the port city of Odessa. This suggests Moscow is increasingly targeting Ukraine’s top command and control centers.
There’s been another key development late in the week suggesting Russia is escalating in response to more and more weapons and billions pouring into Kiev from the West: Ukrainian President Volodymyr Zelensky has just been added to a Russian government most-wanted list of criminals.
It was revealed Saturday that Zelensky’s name is now on the Russian Interior Ministry’s “wanted” list, which is an important online database.
The database lists Zelensky as wanted “under an article of the criminal code” but provides no other specifics or details. This designation comes after well over two years of war, so the question is: why now?
It seems the Kremlin is signaling a new escalation which could focus on ‘decapitation strikes’ targeting Ukraine’s top leadership. Or else, is Russia establishing a legal ground for arresting him in some future scenario?
While command and intelligence HQ’s have been hit by Russian airpower in the past, strikes have yet to directly target top-ranking civilian and military leadership. But it seems this is about to change.
President Putin has for years demonstrated that he is very law-oriented and ‘by the book’ – that is, he must have a legal basis or rationale for acting. So Zelensky now personally being designated as ‘wanted’ perhaps provides the ‘rationale’ in a sense, from the Kremlin’s perspective.
The anti-Kremlin independent news outlet Moscow Times suggests this sets the stage for new plots to try and assassinate Zelensky:
The Ukrainian President said last year he was aware that at least “five or six” assassination attempts against him had been foiled.
The day after sending troops into Ukraine, Russian President Vladimir Putin gave an address to the nation in which he called on the Ukrainian army to overthrow Zelensky.
Russia has placed several foreign politicians and public figures on its wanted list, which has tens of thousands of entries.
As for Russia’s unrelenting and recently stepped-up aerial campaign, it has continued to pummel and degrade Ukraine’s energy infrastructure. This appears a tit-for-tat retaliation for Ukraine’s own devastating cross-border attacks on Russian oil depots and refineries.
A fresh Russian Defense Ministry (MoD) statement has outlined that “In the past 7 days, the Russian Armed Forces carried out 25 group strikes via precision weapons and drones, hitting Ukrainian energy and transportation infrastructure facilities and Ukrainian military-industrial complex enterprises.”
Zelensky is now officially WANTED by Russia! At least that’s what the database for Russia’s MVD (Ministry of Internal Affairs–basically, police) states: Zelensky is wanted under an undisclosed article of the Russian criminal code. An interesting development to say the least. Is Russia establishing the legal grounds for arresting him?
·
“Between April 28 and May 4, in response to the Kiev regime’s attempts to inflict damage to Russian energy and industrial facilities, the Russian Armed Forces carried out 25 group strikes via precision weapons and drones, hitting Ukrainian energy and transportation infrastructure facilities, military-industrial complex enterprises, missile and ammunition storage areas, as well as unmanned speedboats and drone manufacturing workshops,” the ministry said.
The MoD has also warned that any “mercenary” positions and also foreign military equipment will be specifically targeted. There are reports that Ukraine has had to pull back it US-supplied M1 Abrams tanks precisely because they make for such an attractive target.
end
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
Ex-CNN Host Chris Cuomo Reveals COVID Vaccine Injury: ‘I’m Sick Myself’
The former CNN host made the statement during a news segment.
5/5/2024
Updated:
5/5/2024PrintX 1
0:00
Former CNN host Chris Cuomo said in a recent news segment that he is suffering from a health condition after he received a COVID-19 vaccine.
Mr. Cuomo made the revelation during his NewsNation program when he was interviewing a nurse practitioner, Sean Barcavage, who was featured in a recent New York Times article about vaccine injuries.
“We know that vaccines can have unintended consequences, AKA side effects, but nobody’s really talking about it because they’re too afraid of blame, and they just want it to go away,” Mr. Cuomo said. “But the problem is people like Sean—and me—and millions of others who still have weird stuff with their bloodwork and their lives and their feelings—you know, physically—are not going away,” he added.
Mr. Cuomo, 53, did not go into the details about his symptoms or the brand of COVID-19 vaccine he received. But during the interview, Mr. Cuomo offered to share his doctor’s information with Mr. Barcavage.
Click here to watch the full documentary “The Unseen Crisis: Vaccine Stories You Were Never Told”
MARK CRISPIN MILLER
END
DR PAUL ALEXANDER
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JN.1 is the DOMINANT sub-variant of the fraud COVID virus (play along please) driven by selective Darwinian pressure (continuing to vaccinate using a non-sterilizing non-neutralizing viral immune
escape mRNA vaccine (Malone Bourla Bancel Sahin Weissman etc.) that mismatches the circulating virus; Shrestha et al. (Cleveland) show us mRNA vaccine FAILS on JN.1 & more doses = more COVID risk
| DR. PAUL ALEXANDERMAY 4 |
Put simply, the updated mRNA COVID Vaccine against the JN.1 Variant FAILS, and the more doses you have taken and are taking, the higher risk of COVID you have. In short, more doses, more likely you WILL be infected-re-infected with COVID. There is negative effectiveness and any protective effect wanes near immediately.
This adds to the body of evidence we always knew that this mRNA technology vaccine was a failure and a disaster, harmful. Failed from day one and never ever worked. More doses, more chance you will get COVID.
Alexander COVID News_a PCR manufactured fake COVID pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
‘Results
Among 47561 employees…yielding an estimated vaccine effectiveness of 23% (95% C.I., 6%-38%). Compared to 0 or 1 prior vaccine doses, risk of COVID-19 was incrementally higher with 2 prior doses (HR, .1.46; 95% C.I., 1.12-1.90; P < .005), 3 prior doses (HR, 1.95; 95% C.I., 1.51-2.52; P < .001), and more than 3 prior doses (HR, 2.51; 95% C.I., 1.91-3.31; P < .001).
Conclusions
The 2023-2024 formula COVID-19 vaccine given to working-aged adults afforded a low level of protection against the JN.1 lineage of SARS-CoV-2, but a higher number of prior vaccine doses was associated with a higher risk of COVID-19.
Summary Among 47561 working-aged Cleveland Clinic employees, the 2023-2024 formula COVID-19 vaccine was 23% effective against the JN.1 lineage of SARS-CoV-2, but a higher number of prior COVID-19 vaccine doses was associated with a higher risk of COVID-19.’
‘Federal Agency Had ‘Pallets’ Of Documents Sent To Mar-A-Lago One Year Before DOJ Raid’; so did these bastards set Trump up? Did the GSA in collusion with Obama & Biden INC. do this? Did 45 know? 45
is so far ahead of these bastards; but I can see in his face he is drained for how could anyone at his age take this onslaught 24/7? rifling in his wife’s underwear? he has to punish them all
| DR. PAUL ALEXANDERMAY 4 |
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EVOL NEWS
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Read more…
JUST IN: Arizona Supreme Court Unanimously Rules With Republicans In 2020 Case – EVOL
Read more…
Trump Trial Witness Hope Hicks Testifies Michael Cohen Went Rogue – EVOL
Read more…
NEWS ADDICT
| LATEST REPORTS FOR NEWS JUNKIESCovid Shots Officially Declared ‘Biological Weapons’ as Deaths SoarCovid mRNA shots have officially been declared “biological weapons” in Arizona as deaths among the vaccinated continue to soar.READ THE FULL REPORTDoctors Raise Alarm as ‘Contagious Dementia’ Surges in Covid-VaxxedDoctors have begun sounding the alarm after discovering that people who received Covid mRNA injections are suffering from a new form of “contagious dementia.”READ THE FULL REPORTPolice Step In, Tear Apart Protest EncampmentThe UCLA campus was the scene of a clash between pro-Palestinian and pro-Israeli protesters, leading to the deployment of riot gear-clad officers from the Los Angeles Police Department.READ THE FULL REPORTData Analyst Delivers TERRIBLE News for BidenCNN Data Analyst Harry Enten shared concerning information for President Joe Biden’s potential reelection bid in relation to American voters’ approval of Biden on key topics when compared to presumed 2024 Republican presidential candidate Donald Trump.READ THE FULL REPORTFirefighters Go All-In for Donald TrumpVideo footage shared on Twitter on Thursday afternoon captures the moment when officials from the New York City Fire Department (FDNY) expressed their support for President Donald Trump and urged him to secure victory in the election.READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
Saudi Arabia’s Price Hike May Signal Oil Bottom
MONDAY, MAY 06, 2024 – 11:25 AM
One of the recent positives for bonds and non-energy stocks could have run its course after Saudi Arabia raised the price of its flagship crude to Asia for a third consecutive month, according to Bloomberg markets live reporter Garfield Reynolds
Over the weekend, state-owned Saudi Aramco raised the June official selling price of Arab Light crude for customers in Asia by 90 cents to $2.90 a barrel above the regional Oman-Dubai benchmark, Bloomberg reported. It compares with an increase of 60 cents forecast in a Bloomberg survey of six refiners. Prices for other lighter and heavier varieties were also increased from May.
The hike highlights Saudi Arabia’s efforts to keep the market tight amid fading war risk in the Middle East, which has helped drive oil prices in London lower. Most traders and analysts predict that the Organization of the Petroleum Exporting Countries and its allies will extend their output curbs, potentially to the end of the year.
Crude took a marked step lower last week thanks to a surge in US inventories and optimism that Middle East tensions can cool further, but there’s a decent chance it’s busy finding a new floor rather than settling in for sustained declines according to Reynolds who notes that if Israel and Hamas can agree on a truce — a substantial if with the status of talks unclear after the latest round in Cairo — that would likely set off a fresh, rapid drop in the short term for crude.
But even then it looks as though Saudi Arabia and the other producers would be likely to respond with further efforts to trim supply to prop up prices.
With two-year US inflation swaps sitting at ~2.5% that shows bonds remain vulnerable to sticky oil prices even with WTI under $80/barrel.
END
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0773 UP .0015
USA/ YEN 153.78 UP 0.834 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2575 UP .0030
USA/CAN DOLLAR: 1.3671 DOWN .0013(CDN DOLLAR UP 13 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 35.90 PTS OR .48%
Hang Seng CLOSED UP 102.38PTS OR 0.55%
AUSTRALIA CLOSED UP 0.69
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 102.38 OR 0.35%
/SHANGHAI CLOSED UP 35.90 PTS OR 1.18%
AUSTRALIA BOURSE CLOSED UP 0.69%
(Nikkei (Japan) CLOSED DOWN 37.98 PTS OR .10%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2320.90
silver:$27.14
USA dollar index early MONDAY morning: 104.94 UP 2 BASIS POINTS FROM FRIDAY’s CLOSE.
MONDAY MORNING NUMBERS ENDS
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And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.116% DOWN 5 in basis point(s) yield
JAPANESE BOND YIELD: +0.894% UP 0 AND 4/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.261 DOWN 6 in basis points yield
ITALIAN 10 YR BOND YIELD 3.801 DOWN 6 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.496 DOWN 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0768 UP 0.0075 OR 8 basis points
USA/Japan: 152.88DOWN 0.254 OR YEN IS UP 25 BASIS PTS
Great Britain/USA 1.2545 UP .0007 OR 7 BASIS POINTS //
Canadian dollar UP 14OR 14 BASIS pts to 1.3681
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The USA/Yuan, CNY: closed XXX ON SHORE CLOSED UP AT XXX
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1929)
TURKISH LIRA: 32.25 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.894…
Your closing 10 yr US bond yield DOWN 6 in basis points from THURSDAY at 4.505% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.673 DOWN 5 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.801DOWN 8 BASIS PTS.
GOLD AT 11;30 AM 2293.15
SILVER AT 11;30: 26.32
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONAY CLOSING TIME 12:00 PM//
London: CLOSED UP 41.34 PTS OR 0.51
German Dax : CLOSED UP 173.61 PTS OR .76%
Paris CAC CLOSED UP 39.07PTS OR .49 %
Spain IBEX CLOSED UP 62.80 OR .58%
Italian MIB: CLOSED UP 387.69PTS OR 1.06 PTS
WTI Oil price 78.14 12EST/
Brent Oil: 83.20 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 91.60 ROUBLE UP 0 AND 45/100
GERMAN 10 YR BOND YIELD; +2.4960 DOWN 36BASIS PTS.
UK 10 YR YIELD: 4.2640 DOWN 4 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0767 UP 0.0009 OR 9 BASIS POINTS
British Pound: 1.2560 UP 0.015 UP 15 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.260 DOWN 0 BASIS PTS//
JAPAN 10 YR YIELD: .894
USA dollar vs Japanese Yen: 153.94 UP/ YEN down 99 BASIS PTS//
USA dollar vs Canadian dollar: 1.3665 DOWN.0015 //CDN dollar UP 15 BASIS PTS
West Texas intermediate oil: 78.56
Brent OIL: 83.40
USA 10 yr bond yield DOWN 1 BASIS pts to 4.492
USA 30 yr bond yield DOWN 2 BASIS PTS to 4.641%
USA 2 YR BOND: UP3 PTS AT 4.835
USA dollar index: 104.98 UP 8 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32. 27 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 91.34 UP 0 AND 25//100 roubles
GOLD 2,325.65 3:30 PM
SILVER: 27.45 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 176.59 PTS OR 0.46 %
NASDAQ UP 202.77PTS OR 1.13%
VOLATILITY INDEX: 13.40DOWN 0.05PTS OR 0.37%
GLD: $215.20 UP 2.24 OR 1.05%
SLV/ $25.07 UP .85OR 3.51%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
‘Squeezey’ Stock Market Extends Gains; Bonds & Bullion Bid
BY TYLER DURDEN
MONDAY, MAY 06, 2024 – 04:00 PM
More of the same today after last week’s tepid payrolls and dovish Powell with gold, stocks, and bonds bid as rate-cut hopes inched higher.
The market is now pricing in two rate-cuts in 2024 and three more cuts in 2025…
Warren Buffett Praises Apple After Trimming Stake
21.1K
ource: Bloomberg
For now the market appears to prefer the ‘bad news’ from declining growth expectations to the ‘bad news’ from soaring inflation prints…
Source: Bloomberg
But, hey, for now, as Goldman’s trading desk noted, the market feels “squeezey” and 12% gains for the basket of ‘most shorted’ stocks in the last three days would support that thesis (and overall activity was lower than average)…
Source: Bloomberg
That helps explain why Small Caps (dominated by the heavily shorted names) outperformed but Mag7 stocks also continued higher today with all the majors green on the day (Dow lagged)…
All the majors rallied back above their 50DMAs (but The Dow fell back to test its key technical level)…
A mixed picture in bonds today with the short-end underperforming (2Y +1.5bps, 30Y -2bps), but the whole complex sold off from its US open…
Source: Bloomberg
The dollar ended basically unchanged on the day, recovering small losses from overnight…
Source: Bloomberg
An early surge in bitcoin – up to $65,500 – was quickly sold following headlines that Robinhood had received a Wells Notice…
Source: Bloomberg
As a reminder, we saw huge net inflows into ETFs on Friday, so it will be fascinating to see what happened today…
Source: Bloomberg
Oil prices roller-coastered amid confusing headlines in Israel-Hamas peace deal proposals but ended the day higher with WTI finding support at $78…
Source: Bloomberg
Gold prices completed ‘ye olde ‘W’ formation’ extending gains from Friday’s bounce…
Source: Bloomberg
Finally, Goldman’s Vol Panic Index has tumbled back to ‘normal…
…just as the buyback-blackout window lifts…
…and with CTAs back in ‘buy mode’ and sentiment back off its extremes, short-term tacticals (until a hot CPI print) remain positive.
But bear in mind….
…there’s a reason why Warren Buffett has a record cashpile here.
END
MORNING TRADING/
AFTERNOON TRADING/
II USA DATA
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
Long Beach Hotel Housing ‘Homeless’ Sparks Tuberculosis Outbreak As Health Emergency Declared
SATURDAY, MAY 04, 2024 – 02:35 PM
A health crisis has emerged for Democrat officials in Long Beach, California, following a tuberculosis outbreak linked to a hotel housing ‘homeless’ people, according to Fox News.
On Thursday, health officials declared a public health emergency after an alarming tuberculosis outbreak was reported at an unnamed hotel housing.
The city has so far confirmed 14 cases of tuberculosis in people “associated with a single room occupancy hotel.” Nine of them were hospitalized with one fatal case. Another 170 people were “likely exposed” to the deadly bacteria.
The outbreak is currently isolated to a distinct population and the risk to the general public is low,” the city said, adding, “The population at risk in this outbreak has significant barriers to care, including homelessness and housing insecurity, mental illness, substance use and serious medical comorbidities.”
The reason health officials declined to name the hotel or its location is to comply with Health Insurance Portability and Accountability Act regulations.
One X user said, “I believe the name of the hotel SHOULD BE DISCLOSED in the interest of traveler safety. OR does this mean the hotel is used to house illegal aliens invading our border? Long Beach declares public health emergency after deadly tuberculosis outbreak.”
believe the name of the hotel SHOULD BE DISCLOSED in the interest of traveler safety. OR does this mean the hotel is used to house illegal aliens invading our border? Long Beach declares public health emergency after deadly tuberculosis outbreak
Long Beach declares public health emergency after deadly tuberculosis outbreak
·
The question now becomes if Long Beach officials were housing illegal migrants in the hotel…
If so, this isn’t the first time unvaccinated and undocumented illegal aliens have sparked infectious disease outbreaks in hotels and shelters nationwide.
END
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
END
This is a must read!
David Stockman On The $1.3 Trillion Elephant In The Room
SATURDAY, MAY 04, 2024 – 06:40 PM
Authored by David Stockman via InternationalMan.com,
These people have to be stopped!
We are talking about the nation’s unhinged monetary politburo domiciled in the Eccles Building, of course. It is bad enough that their relentless inflation of financial assets has showered the 1% with untold trillions of windfall gains, but their ultimate crime is that they lured the nation’s elected politician into a veritable fiscal trance. Consequently, future generations will be lugging the service costs on insuperable public debts for years to come.
For more than two decades these foolish PhDs and monetary apparatchiks drove the entire Treasury yield curve to rock bottom, even as public debt erupted skyward. In this context, the single biggest chunk of the Treasury debt lies in the 90-day T-bill sector, but between December 2007 and June 2023 the inflation-adjusted yield on this workhorse debt security was negative 95% of the time.
That’s right. During that 187-month span, the interest rate exceeded the running (LTM) inflation rate during only nine months, as depicted by the purple area picking above the zero bound in the chart, and even then by just a tad. All the rest of the time, Uncle Sam was happily taxing the inflationary rise in nominal incomes, even as his debt service payments were dramatically lagging the 78% rise of CPI during that period.
Inflation-Adjusted Yield On 90-Day T-bills, 2007 to 2022
The above was the fiscal equivalent of Novocain. It enabled the elected politicians to merrily jig up and down Pennsylvania Avenue and stroll the K-Street corridors dispensing bountiful goodies left and right, while experiencing nary a moment of pain from the massive debt burden they were piling on the main street economy.
Accordingly, during the quarter-century between Q4 1997 and Q1 2022 the public debt soared from $5.5 trillion to $30.4 trillion or by 453%. In any rational world a commensurate rise in Federal interest expense would have surely awakened at least some of the revilers.
But not in Fed World. As it happened, Uncle Sam’s interest expense only increased by 73%, rising from $368 billion to $635 billion per year during the same period. By contrast, had interest rates remained at the not unreasonable levels posted in late 1997, the interest expense level by Q1 2022, when the Fed finally awakened to the inflationary monster it had fostered, would have been $2.03 trillion per annum.
In short, the Fed reckless and relentless repression of interest rates during that quarter century fostered an elephant in the room that was one for the ages. Annualized Federal interest expense was fully $1.3 trillion lower than would have been the case at the yield curve in place in Q4 1997.
Alas, the missing interest expense amounted to the equivalent of the entire social security budget!
So, we’d guess the politicians might have been aroused from their slumber had interest expense reflected market rates. Instead, they were actually getting dreadfully wrong price signals and the present fiscal catastrophe is the consequence.
Index Of Public Debt Versus Federal Interest Expense, Q4 1997-Q1 2022
Needless to say, the US economy was not wallowing in failure or under-performance at the rates which prevailed in 1997. In fact, during that year real GDP growth was +4.5%, inflation posted at just 1.7%, real median family income rose by 3.2%, job growth was 2.8% and the real interest rates on the 10-year UST was +4.0%.
In short, 1997 generated one of the strongest macroeconomic performances in recent decades—even with inflation-adjusted yields on the 10-year UST of +4.0%. So there was no compelling reason for a massive compression of interest rates, but that is exactly what the Fed engineered over the next two decades. As shown in the graph below, rates were systematically pushed lower by 300 to 500 basis points across the curve by the bottom in 2020-2021.
Current yields are higher by 300 to 400 basis points from this recent bottom, but here’s the thing: They are only back to nominal levels prevalent at the beginning of the period in 1997, even as inflation is running at 3-4% Y/Y increases, or double the levels of 1997.
US Treasury Yields, 1997 to 2024
Unfortunately, even as the Fed has tepidly moved toward normalization of yields as shown in the graph above, Wall Street is bringing unrelenting pressure for a new round of rates cuts, which would result in yet another spree of the deep interest rate repression and distortion that has fueled Washington’s fiscal binge since the turn of the century.
As it is, the public debt is already growing at an accelerating clip, even before the US economy succumbs to the recession that is now gathering force. And we do mean accelerating. The public debt has recently been increasing by $1 trillion every 100 days. That’s $10 billion per day, $416 million per hour.
In fact, Uncle Sam’s debt has risen by $470 billion in the first two months of this year to $34.5 trillion and is on pace to surpass $35 trillion in a little over a month, $37 trillion well before year’s end, and $40 trillion some time in 2025. That’s about two years ahead of the current CBO (Congressional Budget Office) forecast.
On the current path, moreover, the public debt will reach $60 trillion by the end of the 10-year budget window. But even that depends upon the CBO’s latest iteration of Rosy Scenario, which envisions no recession ever again, just 2% inflation as far as the eye can see and real interest rates of barely 1%. And that’s to say nothing of the trillions in phony spending cuts and out-year tax increases that are built into the CBO baseline but which Congress will never actually allow to materialize.
What is worse, even with partial normalization of rates, a veritable tsunami of Federal interest expense is now gathering steam. That is because the ultra-low yields of 2007 to 2022 are now rolling over into the current market rates shown above—at the same time that the amount of public debt outstanding is heading skyward. As a result, the annualized run rate of Federal interest expense hit $1.1 trillion in February and is heading for $1.6 trillion by the end of the current fiscal year in September.
Finally, even as the run-rate of interest expense has been soaring, the bureaucrats at the US Treasury have been drastically shortening the maturity of the outstanding debt, as it rolls over. Accordingly, more than $21 trillion of Treasury paper has been refinanced in the under one-year T-bill market, thereby lowering the weighted-average maturity of the public debt to less than five- years.
The apparent bet is that the Fed will be cutting rates soon. As is becoming more apparent by the day, however, that’s just not in the cards: No matter how you slice it, the running level of inflation has remained exceedingly sticky and shows no signs of dropping below its current 3-4% range any time soon.
What is also becoming more apparent by the day is that the money-printers at the Fed have led Washington into a massive fiscal calamity. It is only a matter of time, therefore, until the brown stuff hits the fan like never before.
* * *
The truth is, we’re on the cusp of an economic crisis that could eclipse anything we’ve seen before. And most people won’t be prepared for what’s coming. That’s exactly why bestselling author Doug Casey and his team just released a free report with all the details on how to survive an economic collapse. Click here to download the PDF now.
END
Elon Musk Warns Over Biden’s Massive Deficit Spending
MONDAY, MAY 06, 2024 – 03:30 AM
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
Tesla CEO Elon Musk has sounded the alarm on the Biden administration’s massive deficit spending, warning that unless steps are taken to slow down the growth of America’s national debt, the U.S. dollar will become worthless.
We need to do something about our national debt or the dollar will be worth nothing,” Mr. Musk said in a post on X.
The billionaire tech mogul was reacting to a post about Gen. H.R. McMaster warning that the world is on the cusp of World War III and calling for a doubling of defense spending to prepare for potential threats.
McMaster: WW3 IS COMING… DOUBLE OUR DEFENSE SPENDING NOW! Trump’s Former National Security Advisor, H.R. McMaster, warns that the world is “on the cusp” of a potential World War due to escalating global tensions. “We could be on the cusp of another World War. I know that sounds dramatic, but I think we have to take it seriously so we can prevent that from happening. It’s a heck of a lot cheaper to prevent a war than to have to fight one.” Highlighting “cascading crises” like the conflicts in Gaza and Ukraine, McMaster calls for doubling defense spending to 4% of GDP to prepare for potential threats. Source: Daily Mail
·
207.2K Views
Mr. Musk has repeatedly advocated for a negotiated end to the conflict in Ukraine to put a halt to the loss of life.
For instance, during a February conversation on X with Sen. Ron Johnson (R-Wis.), Mr. Musk said the Wisconsin Republican was “exactly right” when the lawmaker said that additional U.S. aid to Ukraine had only prolonged a bloody stalemate and that the only way the war ends is through a negotiated settlement.
Besides being an advocate for ending the war in Ukraine, Mr. Musk has been a repeated critic of the U.S. government’s massive deficit spending.
‘Overspending Must Stop’
Mr. Musk has repeatedly criticized the Biden administration’s huge spending bills.
For instance in December 2021, he expressed concern for the “insane” federal deficit and said he would “can” President Joe Biden’s “Build Back Better” bill that cost over $2 trillion and was estimated by the non-profit watchdog Committee for a Responsible Federal Budget to add $160 billion to deficits over ten years.
More recently, Mr. Musk warned that a reckoning would eventually come for America’s ballooning national debt.
“US national debt growth is unsustainable,” Mr. Musk said in a Feb. 12, 2024 post. He was reacting to a post indicating that the interest payments on America’s $34 trillion national debt were already around $1 trillion a year and projected to rise to $3 trillion annually in less than ten years.
In March, Mr. Musk reacted to a post indicating that it took roughly 63 percent of all personal income taxes in February 2024 just to pay the interest on America’s $34 trillion national debt.
“Overspending must stop or America will go bankrupt,” Mr. Musk posted at the time.
Entrepreneur Ed Krassenstein reacted to Mr. Musk’s latest May 4 warning about the need to rein in out-of-control deficit spending by saying in a post that no administration is willing to tackle the national debt problem because the long-term “fix is likely a short term detriment to the economy.”
Mr. Musk replied: “Well, something’s gotta give. We should at least slow down the debt growth.”
‘Higher Taxes Are Likely’
Like Mr. Musk, billionaire investor Warren Buffett has also warned about the “important consequences” of deficit spending. However, the Berkshire Hathaway founder predicted that, when push comes to shove, the government would opt to raise taxes rather than reduce spending.
“I think higher taxes are likely,” Mr. Buffett said on May 4 at Berkshire Hathaway’s annual shareholder meeting in Omaha.
“They may decide that some day they don’t want the fiscal deficit to be this large because that has some important consequences. So they may not want to decrease spending and they may decide they’ll take a larger percentage of what we own, and we’ll pay it,” he said.
Deficit spending in the United States hit $1.7 trillion in 2023, or 6.3 percent of gross domestic product (GDP), according to a recent report from the Congressional Budget Office (CBO). The agency estimated that deficit spending would grow to 8.5 percent of GDP by 2054.
At the same time, CBO projected that America’s debt-to-GDP ratio, which in the 1980s was around 35 percent of GDP, will grow to 166 percent by 2054, while warning that this would pose “significant risks” to America’s fiscal and economic outlook.
Analysts at the University of Pennsylvania estimate that when the debt-to-GDP ratio hits around 200 percent, it will hit the point of no return—when no amount of future tax increases or spending cuts could prevent the government from defaulting on its debt.
“Unlike technical defaults where payments are merely delayed, this default would be much larger and would reverberate across the U.S. and world economies,” they explained.
Under a “best case” scenario, the University of Pennsylvania analysts estimate that the United States has around 20 years to take corrective action before the growing debt spiral spins out of control.
JPMorgan CEO Jamie Dimon has predicted that America’s debt-to-GDP ratio would “hockey stick” upward at some point, meaning rise sharply and become unsustainable after a period of relatively gradual increase.
“It is a cliff. We see the cliff. It’s about 10 years out. We’re going 60 miles an hour,” Mr. Dimon said, speaking on a panel at the Bipartisan Policy Center in Washington at the end of January 2024.
The International Monetary Fund (IMF) has also sounded the alarm on the Biden administration’s fiscal stance, warning that its massive deficit spending and ballooning public debt threaten to stoke inflation and—potentially—even spark financial chaos.
iiiC USA COVID //VACCINE ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
END
END
SWAMP STORIES
“Stunning On Multiple Levels”: DOJ Admits To Evidence Tampering In Trump Classified Docs Case
SATURDAY, MAY 04, 2024 – 12:15 PM
Special Counsel Jack Smith’s team admitted on Friday that key evidence in Trump’s classified documents case was altered or manipulated – leaving two different chronologies; one that was digitally scanned vs. what’s in the actual boxes.
Smith also misled the court, after originally telling U.S. District Judge Aileen Cannon that the boxes remained “in their original, intact form as seized,” when in a footnote they conceded that they removed classified documents and left placeholder sheets, which prosecutors acknowledged has created an “inconsistent” record – in which some of the documents are no longer in the same order as they appear in digital scans made in the fall of 2022.
‘
The Government acknowledges that this is inconsistent with what Government counsel previously understood and represented to the Court,” the footnote reads, according to Just the News.
The finding comes after Cannon ordered a review into whether the FBI may have seized legally privileged records in response to a request from Trump co-defendant Walt Nauta.
“Since the boxes were seized and stored, appropriate personnel have had access to the boxes for several reasons, including to comply with orders issued by this Court in the civil proceedings noted above, for investigative purposes, and to facilitate the defendants’ review of the boxes,” wrote Smith’s team in the Friday filing.
“There are some boxes where the order of items within that box is not the same as in the associated scans,” the filing continues.
The organization of the documents in storage boxes at Mar-a-Lago is likely to be an important part of Trump‘s defense. His team is expected to argue the documents were stored in the White House in chronological order on the days that Trump received them, and that staff simply boxed them up and sent them to his home without him accessing them or knowing they contained classified information.
Smith’s team tried to downplay the problem and argued it’s not a reason for a delay in Trump’s case.
But several legal experts told Just the News the court filing essentially is an admission of evidence tampering, and could be problematic. -Just the News
“Prosecutors and investigators should never tamper with or alter evidence in their possession, including the order of documents in a box because one never knows what may become relevant or crucial to a court or jury later in a case,” Alan Dershowitz told Just the News.
Jack Smith confessed as much in yesterday’s filing. He would not have but for Nauta’s attorney busting DOJ for tampering with evidence. Defense building evidence to support motion to dismiss on prosecutorial misconduct–which is pending before Cannon.
This is even more stunning by Smith. Setting aside the FBI high-tailed it out of southern FLA to conduct the investigation within the confines of the corrupt Washington FBI field office, Smith admits DOJ cannot be sure every place holder corresponds with the correct document.
This is an answer to defense accusations that incriminating files do not correspond with FBI index of evidence. And look at that FBI slip sheet–what a shoddy operation conducted by sloppy investigators bc they have zero accountability.
Jay Bratt willfully and knowingly lied to the court. Tampering with evidence by a prosecutor can be considered prosecutorial misconduct, which could lead to the dismissal of charges or a mistrial. In layman’s terms Jack Smith and team have royally “screwed the pooch.”
“This admission is stunning on multiple levels,” said defense attorney Tim Parlatore, who worked on Trump’s team earlier in the classified documents case but no longer is involved, adding that the revelation “reinforces the incompetence” of prosecutors “in conducting basic criminal investigations and prosecutions that I observed when I was on the team.
“But at a deeper level, the loss of specific document locations is a destruction of exculpatory evidence,” Parlatore added. “I went through all of the boxes at NARA and the document order was important because it was clear to us that the boxes had been untouched since leaving the White House.
“For prosecutors who are trying to prove that the defendants knowingly possessed these documents to then destroy the evidence that would undermine that claim is a very serious violation,” he said.
In response to the filing, Trump said on Truth Social that “Deranged Jack has admitted in a filing in front of Judge Cannon to what I have been saying happened since the Illegal RAID on my home … that he and his team committed blatant Evidence Tampering by mishandling the very Boxes they used as a pretext to bring this Fake Case.“
Smith’s Excuses
The prosecution offered several explanations for the manipulated evidence.
“There are several possible explanations, including the above-described instances in which the boxes were accessed, as well as the size and shape of certain items in the boxes possibly leading to movement of items,” reads the filing. “For example, the boxes contain items smaller than standard paper such as index cards, books, and stationary, which shift easily when the boxes are carried, especially because many of the boxes are not full.”
That said, Just the News also notes that altered evidence has featured prominently in previous political scandals.
Erasure of an 18 1/2 minute segment of Richard Nixon’s White House tapes became a very important aspect of the Watergate scandal.
The Iran-Contra scandal exploded during the Reagan years with the revelation that documents were shredded before they could be obtained by investigators.
The Hillary Clinton classified email scandal became more complicated in 2015 with the revelation that her team used a “Bleach Bit” program to erase emails on her secret computer server, and had email devices destroyed.
As Judicial Watch’s Tom Fitton suggests, this is “Yet more reason to throw out this sham prosecution.”
And as the Epoch Times notes, the case was brought against President Trump and others over their alleged violation of federal law in handling documents marked classified. Defendants have pleaded not guilty.
Neither Mr. Nauta nor other defendants in the case have responded yet to the new filing.
Mr. Nauta’s request for an extension is one of many documents that are under seal, or unavailable for perusal.
In another recent filing, President Trump’s team said that the case should be dismissed because prosecutors are motivated by “improper political animus,” pointing in part to how White House lawyers worked with the National Archives and Records Administration on its referral to the Department of Justice and how President Joe Biden has said that he was “making sure” President Trump “does not become the next president again.”
Prosecutors opposed the dismissal request but their opposition was filed under seal.
Read the filing below (via Just the News):
END
Trump Says Jack Smith Should Be “Arrested” After Documents Revelation
MONDAY, MAY 06, 2024 – 06:30 AM
By Jack Phillips of The Epoch Times
Former President Donald Trump argued that special counsel Jack Smith’s classified documents case against him should be tossed after prosecutors wrote that they misled a judge about the order of items in an evidence box.
n a post on Truth Social over the weekend, President Trump called for the arrest of Jack Smith and argued that the case should be thrown out based on the new court filing.
It came after Mr. Smith’s team wrote that that the order of items within a box was “not the same” as they appear in digital photographs of materials after the FBI obtained those boxes from President Trump’s Mar-a-Lago home in August 2022.
“Since the boxes were seized and stored, appropriate personnel have had access to the boxes for several reasons, including to comply with orders issued by this Court in the civil proceedings noted above, for investigative purposes, and to facilitate the defendants’ review of the boxes,” Mr. Smith’s team told U.S. District Judge Aileen Cannon last week.
They added that there are “some boxes where the order of items within that box is not the same as in the associated scans.”
His team also acknowledged in a footnote that federal prosecutors effectively misled the court after telling the judge that the evidence was exactly the same when it was seized. “The Government acknowledges that this is inconsistent with what Government counsel previously understood and represented to the Court,” the footnote said.
Mr. Smith’s team provided multiple “possible explanations” as to why the documents were rearranged after seizing the boxes from Mar-a-Lago, according to the filing.
“There are several possible explanations, including the above-described instances in which the boxes were accessed, as well as the size and shape of certain items in the boxes possibly leading to movement of items,” they wrote. “For example, the boxes contain items smaller than standard paper such as index cards, books, and stationary, which shift easily when the boxes are carried, especially because many of the boxes are not full.”
But President Trump wrote that Mr. Smith’s filing is effectively an admission of what he has “been saying happened since the Illegal RAID on my home, Mar-a-Lago, in Palm Beach … that he and his team committed blatant Evidence Tampering by mishandling the very Boxes they used as a pretext to bring this Fake Case.”
He then called for the case to be immediately dropped.
President Trump has pleaded not guilty to 40 charges connected to allegations that he illegally retained classified documents at his home after leaving in January 2021 and obstructed officials’ attempts to retrieve them. Two of his aides, Walt Nauta and Carlos de Oliveira, have also been charged in the case.
Legal group Judicial Watch also suggested that Mr. Smith’s classified documents case against President Trump should be tossed after the admission.
Judicial Watch head Tom Fitton wrote on X that prosecutors’ latest filing suggesting that there was “evidence tampering” involved is “yet more reason to throw out this sham prosecution.”
He said that the filing also included an FBI “admission” that the agency was “completely screwing with the classified documents.”
Continue reading at The Epoch Times
END
Trump Found In Contempt Again, Judge Threatens “Jail Sanction” Next
MONDAY, MAY 06, 2024 – 09:39 AM
Former President Donald Trump has been found in contempt of court for a second time by a New York judge overseeing his hush-money trial.
On Monday, judge Juan Merchan said that Trump had violated a gag order with additional social media posts about witnesses in the case, and will consider jail if there are additional violations.
“It appears that the $1,000 fines are not serving as a deterrent,” said Merchan. “Mr. Trump, I want you to understand the last thing I want to do is put you in jail.”
“The magnitude of such a decision is not lost on me, but at the end of the day, I have a job to do.”
Last week, Merchan fined Trump $9,000 and held the former president in criminal contempt of court for violating the gag order nine times.
KING REPORT
| The King Report May 6, 2024 Issue 7236 | Independent View of the News |
| April NFP 175k, 240k expected; prior 315k from 303k; Manufacturing 8k, 5k expected, prior -4k from 0k; Unemployment Rate 3.9%, 3.8% expected and prior; Wages 0.2% m/m & 3.9% y/y, 0.3% m/m & 4% expected; Workweek 34.3, 34.4 expected and prior; Labor Force Participation Rate 62.7% as exp & prior Household Survey: Employed +25k; Unemployed +63k; Not in Labor Force +94k; Part Time for Noneconomic Reasons (Voluntary) -649k; Part Time for Economic Reasons +161k (Could only find Part Time 135k) https://www.bls.gov/news.release/pdf/empsit.pdf Establishment Survey: Health care and social assistance +87k (healthcare +56k.2); Government added only 8k, a huge trend change. Retail +20.1k, Trade & Warehousing +21.8k April 2023 NFP seasonal adjustment +283k; April 2024 NFP seasonal adjustment +270k https://www.bls.gov/news.release/empsit.t17.htm Birth/Death jobs for April 2024 are 363k. They were +368k in April 2023. https://www.bls.gov/web/empsit/cesbd.htm @profplum99: Just the most egregious Birth/Death (Chart)… it’s not us, it’s just that we aren’t entrepreneurial enough. This is why many believe ARTIFICIAL Information is in a bubble… https://twitter.com/profplum99/status/1786406726440202529 Stocks and bonds rallied sharply on the soft NFP. It’s funny how one soft economic data point unleashed strident braying about rate cuts. Of course, it is clear that Powell et al are dying to cut rates to aid Biden. April S&P Global US Services PMI and Composite PMI 51.3, 51.0 expected, 50.9 prior April ISM Services Index 49.4, 52 expected; 51.4 prior; Prices Paid 59.2, 55 expected, 53.4 prior; Employment 45.9, 49 expected, 48.5 prior; New Orders 52.2, 54.5 expected, 54.4 prior It’s a good thing that Powell cannot or will not recognize STAGFLATION. It will make it easier for Jerome and his ilk to ignore and dismiss an inflationary recession – unless DJT wins and jettisons Jerry! Fangs soared on Apple humongous/record $110B buyback. ESMs traded sharply on Apple when Asia opened; but they traded sideways until they exploded higher two minutes before the official 8:30 ET release of the April Employment Report. ESMs hit a daily high of 5166.75 near 10:00 ET. They then sank to 5126.75 at 11:09 ET. ESMs then steadily rallied until 14:30 ET. ESMs then did a very slow rollover that lasted into the NYSE close. Why did Powell go so dovish on Wednesday? Fear about Trump turned to panic after reports appeared that said Trump was looking to restructure the Fed. And it wasn’t just Fed members! Trump advisors are considering plans to dramatically revamp the Fed, WSJ report says 4/28/24 That plan, which the Journal report described as highly secretive, is part of a 10-page document that suggests Trump — if elected — would be consulted on interest rate decisions. In addition, the Treasury Department would be used as an added check and balance to oversee the Fed’s bond-buying activities. Along with those proposals, the draft contends that Trump could remove current Fed Chair Jerome Powell from office and require that Fed policy be aligned with the administration’s goals… https://www.cnbc.com/2024/04/26/trump-advisors-are-considering-plans-to-dramatically-revamp-the-fed-wsj-report-says.html Few people believe the Fed is independent of politics. Fewer people believe the Fed is independent from big banks and Wall Street. If inflation persists, let alone if it worsens, the masses will demand that the Fed is restructured – and disciplined. The odds are slim that Congress will go along with Trump’s scheme to control the Fed. However, the odds are extremely high that he will jettison top Fed officials and incessantly harangue the Fed. Goolsbee Says Fed Could Better Convey How It Responds to Economy – BBG Saturday Fed could consider linking officials’ economic, rate forecasts (Cuz forecasts have been crap!!) NY Fed’s Williams suggests inflation is still headed lower (Desperately wants to cut rates) Fed officials could consider linking together, anonymously, each participant’s forecasts for the various economic indicators, Goolsbee said. Doing so would better communicate how certain economic outcomes might impact policy, he argued. “Over time, more would be revealed about reaction functions as observed changes in the economic environment show the relationships between participants’ views on the outlook and appropriate policy,” he said… (NY Fed Pres Willliams): “As we continue to move closer to our 2% longer-run inflation goal, I’m confident that we have the foundation of theory and experience to guide us in restoring price stability,” he said. “We are committed to getting the job done.” Goolsbee and Williams didn’t comment on the outlook for interest rates. https://www.bloomberg.com/news/articles/2024-05-03/goolsbee-says-fed-could-better-convey-how-it-responds-to-economy Williams is clearly in the camp that is dying to cut rates. Goolsbee is employing jabberwocky to assure the public that the Fed will soon be able to make more accurate forecasts. “Send in the clowns.” Janet Yellen Says It’s ‘Almost Impossible’ For First-Time Homebuyers to Enter Housing Market https://finance.yahoo.com/news/janet-yellen-says-almost-impossible-150015396.html @CollinRugg: Biden economic advisor Jared Bernstein turns into bumbling mess after he’s asked why the government borrows money if they can just keep printing it. We are so screwed. Question: They print the dollar. So why does the government even borrow? Bernstein: Well, so the, I mean again, some of this stuff gets some of the language that the mmm, some of the language and concepts are just confusing… The government definitely prints money and then it lends that money by, by selling bonds. Is that what they do? They, they, they, yeah, they, they, they sell bonds… So, yeah, I, I, I guess I’m just, I don’t, I can’t really talk. I don’t, I don’t get it. I don’t know what they’re talking about. https://twitter.com/CollinRugg/status/1786467722790048050 @johnkonrad: Meet Jared Bernstein, Biden’s chief economic advisor: Art Degree, Manhattan School of Music Mainstay on NYC jazz scene Master of Social Work, Hunter College Doctorate in Social Welfare from Columbia Can’t answer a econ101 question Fidelity: The link between inflation and recessions Inflation can cause a recession in some instances: If inflation spurs consumers to cut spending too much. Less money in the economy means lower revenues and potentially negative growth for businesses… If wages don’t keep pace with inflation… consumers tend to cut back on discretionary spending… https://www.fidelity.com/learning-center/smart-money/inflation-vs-recession# rue21 files for bankruptcy for the third time, all stores to close (4,900 employees) https://www.usatoday.com/story/money/retail/2024/05/03/rue21-bankruptcy-closing-stores-going-out-business-sales/73553681007/ Sam Ash to Close Doors After 100 Years: Here Are 10 Closing Deals to Shop Before It’s Too Late The iconic family-run music store is shutting down and clearing out its product for up to 70% off. https://www.billboard.com/culture/product-recommendations/sam-ash-closing-sale-deals-1235673245/ Boeing faces 10 more whistleblowers after two die: ‘People’s lives are at stake’ https://nypost.com/2024/05/04/us-news/boeing-faces-10-more-whistleblowers-after-two-die/ Delinquencies of Floating-Rate Office CMBS Loans Hit 20%, But Fixed-Rate Loans at 4.7% Landlords are dealing with two big issues even as the economy is growing rapidly: ballooning vacancies and much higher interest rates that are tearing up floating-rate loans… Office availability rates have reached 30% and more in some cities, and are above 20% in most cities… Currently, about 37% of CMBS office loans are floating rate (red), and 63% are fixed rate… https://wolfstreet.com/2024/05/02/delinquencies-of-floating-rate-office-cmbs-loans-hit-20-fixed-rate-loans-are-at-4-7/ Positive aspects of previous session Stocks soared; Fangs went to the moon; and bonds rallied sharply on renewed Fed rate cut euphoria Gasoline declined sharply Negative aspects of previous session Due to the fiscal and monetary promiscuity to keep Trump at bay, there will be hell to pay later! Ambiguous aspects of previous session Will stocks now bubble up further? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5122.71 Previous session S&P 500 Index High/Low: 5139.12; 5101.22 These illegal immigrants are eligible for Obamacare after Biden rule change The HHS rule will go into effect just days before the 2024 presidential election… will result in over 100,000 uninsured illegal immigrants accessing health insurance… https://www.foxnews.com/politics/these-illegal-immigrants-eligible-for-obamacare-after-biden-rule-change The Obamaites that control Biden are openly employing the Cloward-Piven strategy to destroy the USA! Newsweek: Joe Biden, Dearborn Shahid, Commits Political Suicide via Hamas Appeasement The doddering dolt from Delaware has been on a monthslong crusade to mollycoddle Hamas, a U.S. State Department-recognized Foreign Terrorist Organization that slaughtered dozens of American citizens last October and still holds many hostage today in Gaza. The senile octogenarian, a mere puppet of his addlebrained ventriloquists, is now all in for Hamas… By making such a strong play for states like Michigan, Biden is strapping on a political suicide vest and positioning himself to be a shahid for radicals in Dearborn, Michigan, who will never be appeased and who will continue to protest “genocide Joe” through election day. Meanwhile, Democrats’ pampering of an Islamist death cult abroad and failure to crack down on supportive, fifth-column anarchists at home only alienate the vast majority of swing-state voters who are not virulently anti-Israel or antisemitic… https://www.newsweek.com/joe-biden-dearborn-shahid-commits-political-suicide-via-hamas-appeasement-opinion-1896826 Op-ed in WSJ: Biden’s Worst Mistake of the Gaza War (Paywall) He provided Egypt cover as it denied Palestinians their human right to flee the conflict as refugees https://www.wsj.com/articles/bidens-worst-mistake-of-the-gaza-war-901efb25 The FT: Russia’s new economy may end up prolonging its war Fears of a hard landing may force the country to persist in militarization Russia now boasts 6,000 military-industrial enterprises, a notable increase from the prewar figure of less than 2,000. These establishments collectively employ over 3.5mn individuals who operate round-the-clock, with three shifts and six-day workweeks becoming the norm… (US sanctions colossal backfire!) https://www.ft.com/content/3fd6b61b-f9f4-47dc-9369-27909868a0b6 The FT surmises that prolonging the Ukraine War might provide an economic incentive for Putin. WaPo: Confident of victory over Ukraine, Russia exhibits Western war trophies The exhibition comes just ahead of a May 9 Victory Day celebration that is very different from last year’s, when Russia was facing battlefield setbacks…. With Ukraine still hampered by weapons and personnel shortages, Russian forces are besieging the strategically important town of Chasiv Yar, an elevated location that could open the way to further advances. The United States passed a long-delayed $60 billion military aid package last month, but its effect has yet to be felt on the battlefield… More than 30 pieces of military hardware from 12 countries were displayed at the exhibition, marked with the flags of their origin countries, including the U.S. Abrams tank, an M2 Bradley infantry fighting vehicle, a German Leopard 2 tank, and British Husky and Mastiff armored vehicles, as well as U.S. howitzers… https://www.washingtonpost.com/world/2024/05/04/russia-war-trophies-ukraine-moscow/ A couple hundred billion dollars down the drain. It was all about the skim! Austin confirms Russians deployed to airbase housing US military in Niger (UKR $ laundering scam) https://www.aljazeera.com/news/2024/5/3/russian-troops-deploy-to-airbase-housing-us-military-in-niger-us-official @IsraelRadar_com: Hostage deal talks with Hamas appear to be on the verge of collapse: Israeli defense chiefs say military operation in Rafah will be launched very soon. Unless last-minute deal is achieved, IDF will enter Rafah and fighting vs. Hamas and Hezbollah will intensify. U.S. put a hold on an ammunition shipment to Israel – Axios (DJT was impeached for less than this!) The Israeli officials said the ammunition shipment to Israel was stopped last week… Netanyahu hinted at tensions with the Biden administration in a statement on Holocaust Remembrance Day issued Sunday… Blinken told Netanyahu during their meeting that “a major military operation” in Rafah would lead to the U.S. publicly opposing it and would negatively impact U.S.-Israel relations… (Obamaites hate Israel!) https://www.axios.com/2024/05/05/israel-us-ammunition-shipment-hold GOP Rep. @Jim_Jordan: The Biden administration put a hold on a shipment of U.S.-made ammunition to Israel. Abandoning our greatest ally. Disgusting. @wendyp4545: Do you see the bait and switch? They were able to pass the Ukraine funding by agreeing to fund Israel and then once they got it passed, they’re “holding” the ammunition from Israel that the funding provided. They didn’t hold back the $9 billion for Hamas. (Speaker looks like a fool!) Hamas kingpin holed up deep below Gaza, surrounded by hostages used as human shields… The shocking information about Hamas kingpin Yahya Sinwar was revealed by Gen. Jack Keane, FOX News Channel senior strategic analyst and former U.S. army vice chief of staff, in an interview with Sky… https://www.foxnews.com/world/hamas-terrorist-leader-surrounds-himself-hostages-human-shields Berkshire pares huge Apple stake as cash, operating profit set records Cash hoard swell to a record $189 billion… Berkshire appears to have sold about 115 million shares, or 13% of its holdings, in the quarter, ending with about 790 million… (What does Warren know/believe?) https://www.reuters.com/markets/us/berkshire-has-record-profit-cash-soars-189-bln-apple-stake-sinks-2024-05-04/ @Convertbond: Imagine selling upside calls in SIZE when you know you have 10 million shares for sale holding the stock down. Bravo Buffett, creating homemade inside info… https://twitter.com/Convertbond/status/1786787349667455258 @Geiger_Capital: Warren Buffett on valuations today… “I don’t think anyone at this table has any idea of how to use it [$189B in cash] effectively, and therefore we don’t use it. We only swing at pitches we like… today things aren’t attractive. We’re not using it at 5.4%, but I wouldn’t use it at 1% either. But don’t tell the Federal Reserve that. I don’t mind at all, given current conditions, building our cash position. When I look at the equity markets and the composition of what’s going on in the world, we find cash quite attractive.” https://twitter.com/Geiger_Capital/status/1786841154140410313 Today – Traders want to play for the Monday Rally. The key could be how the market reacts to the news that Buffett is unloading Apple, ostensibly on its valuation. Apple appears to be affecting Sunday action. ESMs opened at 5169.75 and NQMs at 18063.75 on Sunday night. ESMs are 5157.50 and NQMs are 17995.50 (-5.25) at 20:18 ET. USMs are -6/32; and Gold is -6.50 at 20:55 ET. Fed Speakers: Richmond Pres Barkin 12:50 ET, NY Pres Williams 13:00 ET S&P Index 50-day MA: 5130; 100-day MA: 4985; 150-day MA: 4785; 200-day MA: 4703 DJIA 50-day MA: 38,737; 100-day MA: 38,311; 150-day MA: 36,957, 200-day MA: 36,409 (Green is positive slope; Red is negative slope) S&P 500 Index (5064.20) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4619.92 triggers a sell signal Weekly: Trender and MACD are negative – a close above 5263.90 triggers a sell signal Daily: Trender and MACD are positive – a close below 4990.91 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5056.39 triggers a sell signal Trump Whodunnit: Prosecutors admit key evidence in document case has been tampered with Legal experts call revelation a “serious violation” as Jack Smith’s team admits it also misled court. Smith’s team said that the order of documents in some of the boxes of memos that were seized by the FBI from Trump’s Mar-a-Lago estate was altered or jumbled, leaving two different chronologies: one that was digitally scanned and another the physical order in the boxes… Smith’s team in a footnote also conceded it had misled the court about the problem by previously declaring that the evidence had remained in the exact state it had been seized… https://justthenews.com/politics-policy/all-things-trump/trump-whodunnit-prosecutors-admit-key-evidence-document-case-has @kylenabecker: Remember That Infamous Photo from the Trump Mar-a-Lago Raid? The FBI Staged It… The FBI’s snapshot of “Top Secret” documents seized in its unprecedented raid on former President Donald Trump’s office at Mar-a-Lago… “Remember the photo of ‘classified docs’ strewn on the floor with scary looking cover sheets to depict the classification level of various papers?” Kelly asked. “It appears those cover sheets, or slip sheets, were produced and used by the FBI after the raid.” https://twitter.com/kylenabecker/status/1786855159160545492 @SeanParnellUSA: Jack Smith should be disbarred & criminally charged. He tampered with evidence to try & frame a former president. He presented what he knew to be fake crime scene photos to the court to imply Trump had secrets documents haphazardly scattered on the floor. This was ALL a lie. Ex-DJT DNI @RichardGrenell) posted at 11:07 AM on Sun, May 05, 2024: Jack Smith is accused of tampering with evidence, manufacturing witnesses, bribery and corruption… And that’s in the investigation of the President of Kosovo 3 years ago when Jack Smith worked at The Hague. @RNCResearch: Biden claims Katie Ledecky will “compete this summer at the paralympics.” He means “Paris Olympics,” but you can’t tell through the slurring. https://twitter.com/RNCResearch/status/1786508419907670496 BIDEN: “I congratulate Presidential Freedom of Medal recipients.” https://twitter.com/RNCResearch/status/1786510438412198111 NBC: Biden’s general election strategy: Less is more (BS excuse to hide Joe’s cognitive impairment) The president’s aides are seeking to tighten his pitch to voters, with shorter, crisper speeches. https://www.nbcnews.com/politics/2024-election/bidens-general-election-strategy-less-rcna150017 @RNCResearch: ABC POLL: Biden is hemorrhaging support among key constituencies — including Black voters, Latino voters, and younger voters. https://twitter.com/RNCResearch/status/1787169690676023796 Pro-Palestianian protesters are backed by a surprising source: Biden’s biggest donors Gates, Soros, Rockefeller and Pritzker, according to a POLITICO analysis… The liability for Biden could be more pronounced if the protests continue throughout the summer and fall, as the election draws closer… https://www.politico.com/news/2024/05/05/pro-palestinian-protests-columbia-university-funding-donors-00156135 Majority of anti-Israel protestors arrested at U of Texas weren’t from the school: report https://nypost.com/2024/05/03/us-news/texas-university-anti-israel-protestors-not-from-the-school-report/ Socialists, non-students, activists emerge as leaders of anti-Israel protests on campuses https://justthenews.com/politics-policy/education/socialists-non-students-emerge-leaders-anti-israel-protests-campuses @nicksortor: PATRIOTS are taking back their campus at UChicago. This is becoming a nationwide phenomenon. https://twitter.com/nicksortor/status/1786486711305764880 @EndWokeness: LSU frat boys just hijacked a pro-Palestine protest and drowned it out with USA, USA chants. The trend is spreading. https://twitter.com/EndWokeness/status/1786467734768820611 @RealSaavedra: NYT Columnist and Duke Professor Frank Bruni says that college students viewing the world through an oppressor vs. oppressed paradigm has led them to advocating for Hamas and not even stopping to learn about what happened in Israel on October 7… https://twitter.com/RealSaavedra/status/1786184487648305620 Chicago Teachers Union’s $50B demands include pay hikes, abortions, and migrant accommodations — at $2K per migrant https://nypost.com/2024/05/05/us-news/chicago-teachers-contract-demands-include-abortions-2k-per-migrant/ The Chicago Cinco de Mayo Parade was canceled due to gang violence. CPD release at link: https://twitter.com/CPD_Media/status/1787188157022093787 @MissinRoyko: To the 65% of eligible Chicago voters who did not vote in the 2023 Mayoral runoff. A difference of only 27,000 votes has given Chicago the worst Mayor in nearly 50 years. I hope what your complacency comes to mind for you every day as you watch Chicago being destroyed. Gangs, like the mafia years ago, run many big-city politicians. Increasingly, gangs run big-cities. | |
GREG HUNTER INTERVIEWING MARTIN ARMSTRONG
You Need 2 Years of Food – Martin Armstrong
By Greg Hunter On May 4, 2024 In Market Analysis, Political Analysis36 Comments
By Greg Hunter’s USAWatchdog.com
Legendary financial and geopolitical cycle analyst Martin Armstrong has new data on how well the Biden economy is doing. Spoiler alert: It’s not doing well, and the financial system is about to tank. I asked Armstrong if the US government could default on its debt if countries around the world continue to stop buying it? Armstrong explained, “I think the US could default on its debt as early as 2025, but probably in 2027. We have kicked the can down the road as far as we can go. It’s not just in the United States. Europe is in the same boat. So is Japan. This is why they need war. They think by going into war, that’s the excuse to default on the debt. They simply will not pay China. If they try to sell their debt–good luck. We are not redeeming it. The same thing is happening in Europe. So, once that happens, you go into war, and that is their excuse on this whole debt thing to collapse, which wipes out pensions etc. Then they can blame Putin. This is the same thing Biden was doing before saying this was Putin’s inflation. Then, with the whole CBDC thing (central bank digital currency) . . . . the IMF has already completed its digital coin, and they want that to replace the dollar as the reserve currency for the world. . . . These people are desperately just trying to hang on to power. Nobody wants to give it up, and nobody wants to reform.”
I asked Armstrong what should the common person be doing now? Armstrong surprisingly said, “I think you need, safely, two years’ worth of food supply. . . .This is what I have. It’s not just prices will go up, but mainly because there will be shortages. Then, you do not know what they are going to do with the currency. . . . They will do whatever they have to do to survive. That’s what governments always do.”
Armstrong says his most recent data suggests that government approval ratings in the USA are worse that Biden’s 8% approval rating. Congress, according to Armstrong, is dragging the bottom with a 7% approval rating. Armstrong has long said that people will buy gold and silver when faith in government crashes. That is exactly what Armstrong is seeing around the world today. Gold is bouncing around the $2,300 level, and Armstrong sees “a new gold and silver rally coming soon.” War is also coming sooner than later with the announcement that Ukraine will be joining NATO as early as July. When the next war starts, Armstrong warns, “You are going to have to watch the bank because long term interest rates are going to go up. Nobody wants to buy government debt, and you are going to have to hunker down at that stage in the game.”
Armstrong is also predicting a big turn on or about May 7th of next week. Armstrong predicts a recession will start then and go on until 2028. GDP will continue to fall, and inflation will continue to rise. Armstrong says it is the perfect storm for a dreaded “stagflation economy.”
There is much more in the 54-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Martin Armstrong, who will preview his “Mid-Year Seminar” in London May 24 & 25 for 5.4.24.
(To Donate to USAWatchdog.com Click Here)
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After the Interview:
There is some free information, analysis and articles on ArmstrongEconomics.com.
SEE YOU ON MONDAY
harveyorganblog.com 
