GOLD PRICE CLOSED DOWN $6.40 TO $2316.00
SILVER PRICE DOWN $0.14 TO $27.47
Gold ACCESS CLOSED $2313.75
Silver ACCESS CLOSED: $27.26
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:$64,133 UP 1065 DOLLARS.
Bitcoin: afternoon price: $63,198 UP 134 dollars
Platinum price closing UP $22.35TO $979.50
Palladium price; DOWN $9.15 AT $972.80
END
SHANGHAI GOLD PREMIUM 40 DOLLARS/COMEX GOLD
SHANGHAI GOLD…
SHANGHAI GOLD (USD) FUTURES – QUOTES
AUTO-REFRESH IS OFF
Last Updated 07 May 2024 06:00:15 AM CT.
Market data is delayed by at least 10 minutes.
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3175.55 DOWN 2.30CDN dollars per oz( * NEW ALL TIME HIGH 3,301.52 CDN DOLLARS PER OZ//APRIL 16 2024)
*BRITISH GOLD: 1849.72 DOWN 2.80 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2151.09DOWN 8.50Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCGE: COMEX
EXCHANGE: COMEX
CONTRACT: MAY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,321.600000000 USD
INTENT DATE: 05/06/2024 DELIVERY DATE: 05/08/2024
FIRM ORG FIRM NAME ISSUED STOPPED
624 H BOFA SECURITIES 4
732 C RBC CAP MARKETS 2
737 C ADVANTAGE 3 1
TOTAL: 5 5
MONTH TO DATE: 1,784
JPMorgan stopped 0/5
FOR MAY2024
GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 5 NOTICES FOR 500 OZ or 0.01582 TONNES
total notices so far: 1784 contracts for 178,400 Oz (5.5484 tonnes)
FOR MAY:
SILVER NOTICES: 11 NOTICE(S) FILED FOR 55,000 OZ/
total number of notices filed so far this month : 4636 for 23.180 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 DOWN $6.40
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD
/ /INVENTORY RESTS AT 832.19TONNES
INVENTORY RESTS AT 832.19 TONNES
SLV//
WITH NO SILVER AROUND AND
SILVER DOWN 14 CENTS AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT 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 ROSE BY A GIGANTIC SIZED 1056 CONTRACTS TO 163,894 AND CLOSING IN ON THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE GAIN OF $0,88 IN SILVER PRICING AT THE COMEX ON MONDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN SHORT COVERING BY OUR SPECS WITH THE GAIN IN PRICE. WE HAD A HUGE SIZED 830 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 MONDAY NIGHT: 833 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 $0.88AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A FHUMONGOUS SIZED GAIN OF 2209 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.88
WE MUST HAVE HAD:
A HUGE SIZED 635 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 65,000 OZ
//NEW STANDING FOR SILVER//MAY IS THUS 26.280 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 635 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A STRONG 518 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 5 DAYS, total 3235 contracts: OR 16.175 MILLION OZ (647 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 16.175 MILLION OZ
LAST 23 MONTHS TOTAL EFP CONTRACTS ISSUED IN MILLIONS OF OZ:
MAY 137.83 MILLION
JUNE 149.91 MILLION OZ
JULY 129.445 MILLION OZ
AUGUST: MILLION OZ 140.120
SEPT. 28.230 MILLION OZ//
OCT: 94.595 MILLION OZ
NOV: 131.925 MILLION OZ
DEC: 100.615 MILLION OZ
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 MILLION OZ//A NEW RECORD FOR EFP ISSUANCE
APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE
MAY: 105.635 MILLION OZ//
JUNE: 94.470 MILLION OZ
JULY : 87.110 MILLION OZ
AUGUST: 65.025 MILLION OZ
SEPT. 74.025 MILLION OZ///FINAL
OCT. 29.017 MILLION OZ FINAL
NOV: 134.290 MILLION OZ//FINAL
DEC, 61.395 MILLION OZ FINAL
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
JAN 2023/// 53.070 MILLION OZ //FINAL
FEB: 2023: 100.105 MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.
MARCH 2023: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE
APRIL 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: 16.175 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1574 CONTRACTS WITH OUR HUGE GAIN IN PRICE OF SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 635 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 65,000 OZ QUEUE JUMP
//NEW TOTAL STANDING AT 26.280 MILLION OZ
WE HAVE A HUGE SIZED GAIN OF 2209 OI CONTRACTS ON THE TWO EXCHANGES WITH THE HUGE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 830 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE MONDAY NIGHT (511 WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 11 NOTICE(S) FILED TODAY FOR 55,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 4793 OI CONTRACTS TO 530,335 AND CLOSER TO 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: ADDED 1031 CONTRACTS
WE HAD A GOOD SIZED INCREASE IN COMEX OI (4793 CONTRACTS) OCCURRED WITH OUR $21.00 GAIN IN PRICE/MONDAY. 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 300 OZ QUEUE JUMP//NEW STANDING 5,.636 TONNES
NEW STANDING 5.636TONNES// ALL OF THIS HAPPENED DESPITE OUR $21.00 GAIN IN PRICE WITH RESPECT TO MONDAY’S TRADING. WE HAD A GOOD SIZED GAIN OF 5649 OI CONTRACTS (17.57 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 2648 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 529,304
IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5649 CONTRACTS WITH 3762 CONTRACTS INCREASED AT THE COMEX// AND A SMALL SIZED 856 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5649 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A GOOD SIZED 2648 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (856 CONTRACTS) ACCOMPANYING THE GAIN IN COMEX OI 4793/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5649 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 300 OZ QUEUE JUMP
//NEW STANDING /MAY 5.636 TONNES.
/ 3) ZERO LONG LIQUIDATION WITH THE GAIN IN PRICE.
// 4) GOOD SIZED COMEX OPEN INTEREST GAIN 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 2648 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: 23,593CONTRACTS OR 2,359,300 OZ OR 73.38 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 4718 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 73.38 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 73.78DIVIDED BY 3550 x 100% TONNES = 2.08% 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; 73.38 TONNES (WILL BE ANOTHER STRONG MONTH)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF 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 ROSE BY A HUGE SIZED 1056 CONTRACTS OI TO 163,894 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 635 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 635 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 635 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1574 CONTRACTS AND ADD TO THE 635 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2209 CONTRACTS
THUS IN OUNCES, THE HUGE GAIN ON THE TWO EXCHANGES TOTALS 11.045 MILLION OZ
OCCURRED WITH OUR HUGE $0.88 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 7.02 PTS OR 0.22% //Hang Seng CLOSED DOWN 98.93PTS OR 0.53%// Nikkei CLOSED UP 500.03 OR 1.57%//Australia’s all ordinaries CLOSED UP 1.42%///Chinese yuan (ONSHORE) closed DOWN TO 7,2178 CHINESE YUAN OFF SHORE CLOSED DOWN TO 7.2236/ Oil DOWN TO 78.22 dollars per barrel for WTI and BRENT DOWN AT 82.94 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
REPORT THIS AD
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 ROSE BY A GOOD SIZED 4793 CONTRACTS TO 530,335 WITH OUR STRONG GAIN IN PRICE OF $21.00 WITH RESPECT TO MONDAY 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 SMALL SIZED 851 EFP CONTRACTS WERE ISSUED: : JUNE 851 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE:851 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 5649 CONTRACTS IN THAT 856 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD SIZED GAIN OF 4793 COMEX CONTRACTS..AND THIS GOOD GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF $21.00 MONDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT WAS A FAIR SIZED 2648 CONTRACTS. WE HAD 0 EX FOR RISK ISSUANCE. MOST OF THE TRADING AND SUPPLY OF CONTRACTS ON MONDAY 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 (5.636 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
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/ 2024 5.636 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A HUGE $21.00 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A GOOD SIZED GAIN OF 4818 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE 0F $21.00
WE HAD A FAIR T.A.S. LIQUIDATION ON THE FRONT END OF MONDAY’S TRADING. THE T.A.S. ISSUED ON MONDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 17.57 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 3 CONTRACTS OR 300 OZ ( .00933 TONNES)
NEW STANDING: 5.636 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE GAIN IN PRICE TO THE TUNE OF $21.00
WE HAVE ADDED 1031 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 5649 CONTRACTS OR 564,900(17.57 TONNES)
confirmed volume MONDAY 220,197 contracts//fair
//speculators have left the gold arena
MAY 7 MAY GOLD
/ /// THE MAY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 99,346.590 OZ Brinks . |
| Deposit to the Dealer Inventory in oz | 00 oz |
| Deposits to the Customer Inventory, in oz | 2732.83 oz 85 kilobars |
| No of oz served (contracts) today | 5 notice(s) 500 OZ 0.01552TONNES |
| No of oz to be served (notices) | 28 contracts 2800 OZ 0.08709ONNES |
| Total monthly oz gold served (contracts) so far this month | 1784notices 178,400 oz 5.549TONNES |
| 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 1 customer deposits:
i) Into Brinks: 2732.83 oz 85 kilobars
total deposit 2732.83 oz
total customer withdrawals: 1
i) Brinks 99,346.590 oz
TOTAL WITHDRAWALS 99.346.590 0z
Adjustments: 3 dealer to customer
i) JPMorgan 7,041.069 oz
ii) Loomis 2604.231 oz
iii) HSBC 62,308.638 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY
For the front month of MAY we have an oi of 33 contracts having LOST 186 contracts.
We had 189 contracts served on MONDAY, so we gained 3 contracts or 300 oz (,00933onnes).
JUNE DECREASED ITS OI BY 2100 CONTRACTS DOWN TO 378,005 CONTRACTS.
JULY LOST 2 CONTRACTS TO STAND AT 162
We had 5 contracts filed for today representing 500 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 5 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
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 (17784) x 100 oz ) to which we add the difference between the open interest for the front month of MAY ( 33 CONTRACTS) minus the number of notices served upon today (5 x 100 oz per contract( equals 181,200 OZ OR 5.636TONNES.
thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (1779x 100 oz + (33 OI for the front month} minus the number of notices served upon today (189 x 100 oz which equals 181,200 oz (5.636 TONNES)
TOTAL COMEX GOLD STANDING FOR MAY: 5.636 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: 1,577,898.856 49.08 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,617,778.067 OZ
TOTAL REGISTERED GOLD 7,344,470.712( 228.41 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,273,307.355 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,766,572 oz (REG GOLD- PLEDGED GOLD)
179.36tonnes/dropping like a stone
END
SILVER/COMEX
MAY 7
INITIAL
//2024// THE MAY 2025 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 118,443.750oz Delaware HSBC . |
| Deposits to the Dealer Inventory | 00OZ |
| Deposits to the Customer Inventory | 245,257.794 oz Delaware HSBC |
| No of oz served today (contracts) | 11 CONTRACT(S) (55000OZ) |
| No of oz to be served (notices) | 620 contracts (3.100 million oz) |
| Total monthly oz silver served (contracts) | 4636Contracts (23.180 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/295.771 million or 43.64%
adjustment: 0
Comex withdrawals: 2
i) out of Delaware 28,234.890, oz
ii) Out of Loomis: 2604.221 oz
total withdrawal 62,308.638 oz
TOTAL REGISTERED SILVER: 62.591MILLION OZ//.TOTAL REG + ELIGIBLE. 295.771 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF MAY/2024 OI: 631 CONTRACTS HAVING LOST 119 CONTRACT(S).
.
We had 132 notices served on MONDAY so we GAINED 13 contracts or 65,000 oz underwent a SMALL queue jump.
JUNE SAW A LOSS OF 119 CONTRACTS FALLNG TO 631
JULY SAW A GAIN OF 1231 CONTRACTS UP TO 133,998
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 11 for 55,000 oz
CONFIRMED volume; ON MONDAY 73,045 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 4636 x 5,000 oz = 23.180MILLION oz
to which we add the difference between the open interest for the front month of MAY (631 and the number of notices served upon today 11x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MAY/2024 contract month: 46236notices served so far) x 5000 oz + OI for the front month of MAY (631 number of notices served upon today minus (11x 5000 oz of silver standing for the may contract month equates to 26.280 MILLION OZ.
New total standing: 26.280 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 7 WITH GOLD DOWN $6.40 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD//INVENTORY RISES AT 832.19 TONNES
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: 832.19TONNES,
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MAY 7WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/
INVENTORY RESTS AT 424.055 MILLION OZ
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
Sober Gold Vs The Rate-Cut Circus Show
TUESDAY, MAY 07, 2024 – 07:20 AM
Authored by Matthew Piepenburg via VonGreyerz.gold,
Poor America. Poor Jerome Powell…
A Real Cliff, Fake Smile
t is no fun to be openly trapped, and even less fun to be in open decline while meekly declaring all is fine.
I have the image of Uncle Sam (or Aunt Yellen) hanging off a cliff with a forced (i.e., political) smile.
Above the cliff is a grizzly bear; below the cliff is a pool of sharks.
In short: Whichever direction one picks, the end result is messy.
And yet the markets still wait for Powell to make the right choice.
What right choice?
Rate Cut Salvation?
As of today, the markets, pundits and FOMC circus followers are all wondering when Powell’s promised rate cuts will come to save the Divided States of America and its Dollar-thirsty, debt-dependent “growth narrative.”
In January, Powell was “forward guiding” rate cuts and thus, right on cue, the Pavlovian markets, which react to Fed liquidity in the same way Popeye reacts to spinach, ripped north on words alone.
YTD, the S&P, SPX and NASDAQ are rising on rising rates hoping to morph lower.
Even gold and BTC are rising on rising rates—all of which makes no traditional sense—unless, of course, markets are just waiting for the inevitable rate cuts, right?
And who could blame them? After all, Powell promised the same, and Powell, the voice of “transitory inflation,” never mis-speaks, right?
But now the May markets, and even the Bloomberg Intelligence Reports, are worrying out loud about no rate cuts at all for 2024?
So, what will it be? Higher for longer? No more cuts? Three cuts in 2024?
What to do? How to know?
Break out the tarot cards? Read Powell’s palm? Beg?
Here’s My Take: Stop Caring, Because Either Way, We’re Screwed…
As for rate cuts, the case for them is fairly obvious, as I’ve opined elsewhere.
With trillions in USTs repricing in 2024, and over $700B in zombie bonds from S&P issuers doing the same, if Powell doesn’t cut rates, then sovereign and corporate bond markets are staring down a loaded barrel.
This is real. BofA’s own data confirms that Uncle Sam is looking at $1.6T in interest expense payments by year end if Powell doesn’t cut rates soon.
It’s also an election year, and a nice rate cut would be a tailwind for an incumbent (somnolent) White House that needs every possible tail wind it can get.
So, Why Wouldn’t Powell Cut?
The official answer, which, by the way, is never the honest answer, is that Powell and his “data dependent” Fed is still worried about inflation, which has failed to reach its “target 2%” level, whatever that is.
If one believes this narrative, then higher rates are still needed to “win the war on inflation.”
The great irony, and comedy, however, is that actual inflation, as even Larry Summers (or John Williams at Shadow Stats) would remind, is deeply in the double digits, and hence the Fed’s “data dependence” is nothing but a comical lie of “data manipulation.”
Another case for no rate cuts is Powell’s fear of making the “Volcker mistake” of 1980, when the then-Fed Chairman, believing inflation was tamed, cut rates too soon, and what followed was a dramatic spike in well: Even more inflation.
Perhaps Powell has a similar fear of cutting too soon and getting more inflationary egg on his politically two-faced brow?
Furthermore, if Powell cuts rates, demand for USTs, already a global joke since 2014, could worsen, and the US survives off others purchasing its increasingly unloved IOUs.
A rate cut, or series of rate cuts, would only add to this embarrassing demand lag, and hence put even greater pressure on finding new sources of fake money to pay America’s increasingly pathetic bar tab.
In short, cases can be made for looming rate cuts, and cases can be made for no rate cuts, but regardless of what happens, the case for a palpably tanking America stays the same.
Here’s why.
The No-Cut Scenario
If Powell stays higher-for-longer just about everything (from stocks and bonds to mortgages and economies) will break but the USD—at least as measured by the DXY’s relative strength.
In this regard, America can brag about being one of the best horses in the global currency glue factory.
But soon thereafter, the rising cost of Uncle Sam’s interest expense on ever-increasing UST issuance will become so high that the only way to pay for those higher-for-longer rates will be via fake money, which I remind Mr. Powell, is, well: Inflationary.
This is the classic, but undeniably real matter of “Fiscal Dominance,” which simply means that Powell’s war on inflation via rising rates ends ironically in an inflationary end-game of mouse-clicked liquidity.
We saw this same pattern (rising rates and QT) in 2018, which lead to falling rates and unlimited QE by 2020.
But then again, it seems for most investors, that kind of history (and hence lesson) is just too far away to recall…
Of course, the Fed, and BLS, will then… mis-report actual inflation.
The Three or More Cut Scenario
Alternatively, Powell could cut rates in 2024, weaken the USD, save the debt (and hence rate) sensitive stock markets and let inflation creep further north as whoever is running the Biden White House seeks to bribe the electorate.
Of course, the Fed, and BLS, will then… mis-report actual inflation.
In short, and in either scenario, the end-game is inflationary, and however misreported the CPI scale will be to hide this embarrassment, the inherent purchasing power of the USD (a melting ice cube) by which many measure their wealth, will get weaker and weaker, as the rich get a little less rich and the poor American serfs just get knee-capped.
But this is the lesson and warning of a nation and economy at the full mercy of a central bank rather than natural and free price discovery.
A Not-So-Free-Market Reality
The sad fact is capitalism died long ago.
Instead, we are all slowly frog-boiling within a centralized economy whose central planners/bankers, in cahoots with a failed, pathologically power-hungry and vote-purchasing DC “leadership,” who circa 1913 sold the nation down the river of a fatal debt quagmire paid for by fake liquidity and the open fantasy-made-mainstream-policy that one can save a debt-strapped nation with more, well…debt.
Or stated more simply, the US will desperately seek to inflate away its self-inflicted debt disaster (and increase its wealth inequality index) on the backs of ordinary, inflation-soaked citizens.
But as John Cougar Mellencamp once noted, “Awe, but aint that America…”
In all fairness to America, however, such historical slides into open mediocrity and a currency-debased debt quagmire are nothing new.
[Ignored] History Lessons
All failing nations ultimately resort to killing their currencies in order to buy time and “save” a system that is mathematically beyond the ability to be saved.
As Niel Ferguson recently reminded, “any great power that spends more on debt service than on defense will not stay great for very long. True of Hapsburg Spain, ancient regime France, the British Empire…”
It frankly staggers us that so few “sophisticated” market participants understand the simple (though increasingly “cancelled”) lessons and patterns of yesterday.
History, far more than an MBA or the promises of your Private Wealth Managers at banks X, Y or Z, can teach far-sighted investors how and where to position themselves.
Rising Gold Patiently Getting the Final Say
This slow but then sudden death of fiat money, seen countless times in our collective past yet ignored by our collective policy makers and day traders, makes history-confirmed anti-fiat solutions like gold all too obvious to ignore.
And yet, as my colleague Egon Greyerz recently observed, only about 0.5% of global financial asset allocations are made to gold.
In short, the ignoring (or ignorance) plunges forward…
But when this relatively finite assetof infinite duration reaches and surpasses its 40-year mean allocation of just 2%, the 4X increase in gold demand, and hence price, will be just the beginning of gold’s final response to unsound money.
Meanwhile, The Circus Continues
For now, clever traders and speculators can, will and should keep their eyes on a DXY (and Dollar) which, like the markets, can and will gyrate on the wings of a vast range of current and pending liquidity (backdoor QE) tricks, from the Treasury General Account, the repo markets and Supplementary Leverage Ratios to the Treasury’s Quarterly Refunding Announcements.
These same tricks (artificial liquidity-deck-chair shuffling on the Titanic) can have short-term implications on moving equities as well, perhaps buying more time for an otherwise narrow and entirely Fed-supported basket case S&P et al.
But what these same liquidity tricks are hiding in plain site is that America’s fiscal problems have gone from embarrassing to the iceberg-level desperate, and investors are measuring their “liquidity-supported” returns with an openly diluted Dollar.
As F. Gump would say, “stupid is as stupid does.”
From Frog Boil to Fully Cooked
Tax receipts and debt-driven GDP forecasts will never, not ever, be sufficient to plug the hole in the bow of the sinking US debt ship.
Despite whatever the trapped Powell or forked-tongued DC says, the only option forward is inflationary, (with a little bit of war to keep us distracted).
In fact, since Nixon decoupled from gold in 1971, that frog boil toward an ever-debased USD has been in full swing, losing purchasing power against physical gold at levels now too obvious to be ignored:
Apologists, however, will rightfully argue that compared to other currencies, including the poor Japanese Yen, which is experiencing multi-decade lows against the Greenback, that the USD is one’s best “relative choice.”
But why compare one fiat currency against another, when gold outperforms them all?
Just a thought, no?
3. CHRIS POWELL//GATA DISPATCHES
China’s gold-buying spree could be the straw that breaks the dollar’s back
Submitted by admin on Sun, 2024-05-05 22:20 Section: Daily Dispatches
By Julian Jessop
The Telegraph, London
Sunday, May 5, 2024
Some commentators have spent decades predicting the imminent demise of the U.S. dollar’s special status as the world’s international reserve currency.
Eventually they will be right, and that day may be drawing much closer. As usual, China could hold the key.
end
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS /LIVE FROM THE VAULT 171
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
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6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
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ASIA TRADING
TUESDAY MORNING/MONDAY NIGHT
SHANGHAI CLOSED UP 7.02 PTS OR 0.22% //Hang Seng CLOSED DOWN 98.93PTS OR 0.53%// Nikkei CLOSED UP 500.03 OR 1.57%//Australia’s all ordinaries CLOSED UP 1.42%///Chinese yuan (ONSHORE) closed DOWN TO 7,2178 CHINESE YUAN OFF SHORE CLOSED DOWN TO 7.2236/ Oil DOWN TO 78.22 dollars per barrel for WTI and BRENT DOWN AT 82.94 /Stocks in Europe OPENED ALL GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2178
OFFSHORE YUAN: DOWN TO 7.2236
SHANGHAI CLOSED UP 702 PTS OR 0.22 %
HANG SENG CLOSED DOWN98.93 PTS OR 0.53%
2. Nikkei closed UP 7.02 PTS OR .22%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 105.08 EURO RISES TO 1.0768 UP 8 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.863 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.51 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 DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
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 +2.4320/Italian 10 Yr bond yield DOWN to 3.766 SPAIN 10 YR BOND YIELD DOWN TO 3.216%
3i Greek 10 year bond yield UP TO 3.421
3j Gold at $2315.40//Silver at: 27.28 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 26 100 roubles/dollar; ROUBLE AT 91.08/
3m oil into the 78 dollar handle for WTI and 82 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 154.51/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.863% 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 0.9076 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9774 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: 4.459 DOWN 3 BASIS PTS…
USA 30 YR BOND YIELD: 4.609DOWN 3 BASIS PTS/
USA 2 YR BOND YIELD: 4.816DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.26…(TURKEY)
10 YR UK BOND YIELD: 4.1845DOWN 6 PTS
2a New York OPENING REPORT
Futures Flat As Post-FOMC Rally Takes A Breather
TUESDAY, MAY 07, 2024 – 08:30 AM
US stock futures are flat after the S&P 500 and Nasdaq 100 both closed 1% higher on Monday, helped by growing optimism among investors that the economy is finally slowing greenlighting earlier rate cuts by the Fed. As of 8:00am ET S&P futures were unchanged at 5,206, trading about 1% above its 50DMA, while Nasdaq futures were down 0.2% amid some mega-cap weakness. European stocks are higher, while indexes in Japan and the UK are catching up after being closed for holidays yesterday. Shares in Swiss bank UBS jumped after it returned to profit and showed more progress in its integration of Credit Suisse. Treasuries rise, with US 10-year yields falling 3bps to 4.46%. The Bloomberg Dollar Spot Index rises 0.1%. The yen weakens 0.4% against the greenback, pushing USD/JPY up to ~154.50. The Aussie falls 0.4% after the RBA kept rates on hold and maintained a neutral stance. Oil prices advance, with WTI rising 0.3% to trade near $78.70. Spot gold falls 0.4% and bitcoin traded in a range around $64,000 with the now daily European open/US slam down pattern. US economic data slate includes March consumer credit at 3pm, while Fed’s Kashkari is scheduled to speak twice (11:30am, 1:20pm).
In premarket trading, Disney reported fiscal second-quarter profit that beat estimates, thanks to sharply narrower losses in its streaming TV business and higher ticket prices at theme parks. Still, the stock tumbled 6% after the company reported fewer subscribers to its Disney+ streaming service in the fiscal second quarter than analysts had projected. Here are some of the other notable US movers before the opening bell:
- Celsius falls 8.4% after the energy-drink maker reported first-quarter revenue that missed even the lowest estimate among analysts tracked by Bloomberg.
- Coherent climbs 8.5% after the maker of components for the telecommunications industry raised the bottom end of its year revenue forecast.
- Datadog slips 11% after the cloud software company said that Amit Agarwal will be stepping down as president. The company also posted 1Q results.
- Esperion Therapeutics rallies 25% after the drugmaker’s first-quarter revenue was ahead of analyst estimates.
- Fidelity National Information Services’ rises 4% after the company raised its outlook for full-year profit.
- Gap rises 3% after Citi raised its rating on the retailer to buy on positive momentum and margin upside.
- Hims & Hers Health jumps 14% after the telehealth company boosted its adjusted Ebitda guidance for the full year.
- Lucid drops 8% after the EV maker posted a wider-than-expected loss for the first quarter.
- Oscar Health climbs 15% after the health insurer reported earnings per share for the first quarter that outpaced Wall Street’s expectations.
- Palantir falls 13% as the market appeared unimpressed by the company’s outlook for annual sales after the stock has tripled in the past year.
- Symbotic jumps 14% after the warehouse robotics and automation firm posted forecast-beating 2Q revenue and surpassed expectations for its fiscal 3Q revenue outlook.
- Vimeo gains 10% after the video software company reported first-quarter results that beat analyst expectations and provided a forecast.
- Zeta rises 16% after the software company gave a forecast revenue for the second quarter that beat the average analyst estimate.
In a week light on data but heavy on Fedspeak, Minneapolis Fed President Neel Kashkari is set to appear Tuesday, one day after his Richmond President colleague Thomas Barkin said Monday said he expects high interest rates to eventually cool US inflation to the central bank’s 2% target. Despite the hawkish rhetoric, swaps traders are betting on about 45 basis points of Fed rate cuts by December, an increase vs before the disappointing jobs report.
“In this environment of growth not rolling over as much as we feared and potentially cuts coming in, there is upside for earnings going forward,” Beata Manthey, head of European equity strategy at Citigroup Inc., said in an interview with Bloomberg TV
“The market is taking a positive view about the US job data and anticipating that the Fed will indeed be able to cut rates,” said Arnaud Girod, head of economics and cross-asset strategy at Kepler Cheuvreux in Paris.
European stocks rose for the third consecutive session, boosted by solid company earnings and renewed optimism the Federal Reserve will cut interest rates later this year. The Stoxx 600 is up 0.6%. UBS jumps more than 8% after it returned to profit and UniCredit climbed on better-than-forecast results. German semiconductor-maker Infineon Technologies AG cut its revenue forecast, signaling demand from the automotive industry remains weak.
Earlier in the session, Asia’s equity benchmark traded little changed on Tuesday as a catch-up rally in Korean and Japanese stocks on their return from a holiday was offset by declines in Hong Kong. The MSCI Asia Pacific Index rose 0.1% after capping a three-day gain on Monday. Technology was the best-performing sector in the region, much like in the US session overnight, amid rising hopes that the Federal Reserve may cut interest rates this year. Shares of Samsung Electronics and SK Hynix were the biggest contributors to gains on South Korea’s Kospi Index, which jumped 2%, the most in Asia. Shares in Hong Kong fell, with the Hang Seng Index snapping a 10-day winning streak that was the longest since 2018 amid some concern that the rally is overdone.
In FX, the Bloomberg Dollar Spot Index rose 0.1%, marking the second consecutive session of gains, as the greenback rose against most Group-of-10 currencies. The yen weakens 0.4% against the greenback, pushing USD/JPY up to ~154.50. The Aussie falls 0.4% after the RBA kept rates on hold and maintained a neutral stance.
- AUD/USD led losses falling as much as 0.6% to 0.6587, following the RBA’s interest rate decision; Australia’s central bank opted to maintain policy but markets likely expected the RBA to revert to prior guidance that a further increase in interest rates couldn’t be ruled out
- USD/JPY rose as much as 0.5% to 154.65, the highest level since May. 2, BOJ Governor Kazuo Ueda said he’s carefully watching the impact of the weak yen on prices and that he discussed recent moves with Prime Minister Fumio Kishida
- EUR/USD fell as much as 0.1% to 1.0754; German factory orders dropped 0.4% month-on-month in line with expectations, while eurozone March retail sales were up 0.8% from February
In rates, treasuries rose with US 10-year yields falling 3bps to 4.46%. Treasuries were underpinned by bigger gains in core European rates after Germany factory orders unexpectedly declined, pointing to persistent economic headwinds. During Asia session, Treasury futures drew support from dovish reaction to RBA maintaining its neutral bias, keeping interest rates at 4.35%. Focal points of US session include 3-year note auction, ahead of 10- and 30-year sales Wednesday and Thursday. US yields richer by 2bp to 3bp with the curve extending Monday’s flattening move; 10-year around 4.46% is ~2.5bp richer on the day with bunds and gilts outperforming by 1bp and 5bp in the sector. Treasury auction cycle begins at 1pm New York time with $58b 3-year note sale; $42b 10-year and $25b 30-year new issues follow Wednesday and Thursday.
In commodities, oil prices advance, with WTI rising 0.3% to trade near $78.70. Spot gold falls 0.4%.
In crypto, Bitcoin firmer today and has reclaimed the USD 64k handle, with Ethereum now holding around USD 3.2k.
Looking at today’s calendar, US economic data slate includes March consumer credit at 3pm. Fed members’ scheduled speeches include Kashkari (11:30am, 1:20pm). Elsewhere we get, German March trade balance and factory orders data, French Q1 wages and Eurozone March retail sales. And as the earnings season continues to wind down, releases include Walt Disney, BP, Arista Networks, Duke Energy, McKesson, and Ferrari.
Market Snapshot
- S&P 500 futures little changed at 5,207.25
- STOXX Europe 600 up 0.6% to 511.10
- MXAP up 0.3% to 178.44
- MXAPJ up 0.3% to 552.71
- Nikkei up 1.6% to 38,835.10
- Topix up 0.6% to 2,746.22
- Hang Seng Index down 0.5% to 18,479.37
- Shanghai Composite up 0.2% to 3,147.74
- Sensex down 0.4% to 73,564.94
- Australia S&P/ASX 200 up 1.4% to 7,793.32
- Kospi up 2.2% to 2,734.36
- German 10Y yield little changed at 2.44%
- Euro little changed at $1.0762
- Brent Futures up 0.3% to $83.59/bbl
- Brent Futures up 0.3% to $83.58/bbl
- Gold spot down 0.3% to $2,315.95
- US Dollar Index up 0.16% to 105.22
Top Overnight News
- RBA leaves rates unchanged (as expected) and suggests there won’t by any additional hikes but also doesn’t seem in a rush to ease (new forecasts show no rate cuts until 2025). RTRS
- Taiwan’s CPI for Apr comes in below expectations, w/the headline number at +1.95% (vs. the Street +2.2% and down from +2.15% in Mar). BBG
- China tightened rules for hedge funds, raising the minimum-asset threshold of the 5.5 trillion yuan ($762 billion) industry while imposing restrictions on the use of derivatives and leverage. BBG
- Israel sent ground troops into Rafah on Monday night, seizing the main border crossing between Gaza and Egypt as international mediators struggled to continue talks aimed at ending the conflict. FT
- BP ended a mixed set of Big Oil results by maintaining share buybacks even as profit and cash flow fell more than expected. Aramco will pay $31 billion in dividends to the Saudi government and other investors despite lower profit. BBG
- UBS returned to profit with wealth management and the investment bank driving the beat. The firm targets another $1.5 billion in cost savings by year-end but sees integration expenses of $1.3 billion this quarter, and cautioned that the Swiss central bank’s recent rate cut will hurt NII. The stock climbed. BBG
- Social Security and Medicare will exhaust their funds in a little more than 10 years unless action is taken to address the shortfalls (although the new exhaustion dates for Social Security and Medicare are 1 and 5 years later than the prior forecasts). CNN
- Citigroup CEO Jane Fraser said Monday that consumer behavior has diverged as inflation for goods and services makes life harder for many Americans. Fraser, who leads one of the largest U.S. credit card issuers, said she is seeing a “K-shaped consumer.” That means the affluent continue to spend, while lower-income Americans have become more cautious with their consumption. CNBC
- AAPL has been working on its own chip designed to run artificial intelligence software in data center servers, a move that has the potential to give the company an advantage in the AI arms race. WSJ
- Donald Trump’s prized Manhattan office tower at 40 Wall St. is getting swept up by the worst storm to hit the office market since the global financial crisis. Like thousands of other U.S. office buildings, 40 Wall is now under duress because of weakening office demand. WSJ
Earnings
- Infineon (IFX GY) Q2 (EUR): Revenue 3.63bln (exp. 3.6bln), adj. EPS 0.42 (exp. 0.38), Gross Margin 38.6% (exp. 39.8%).
- BP (BP/ LN) Q1 (USD): Adj. Net 2.72bln (exp. 2.92bln). Revenue 49.96bln (exp. 52.44bln). Adj. EPS 0.16 (exp. 0.17). Dividend 0.0727 (exp. 0.0730)Announces USD 1.75bln share buyback for Q1. Continues to expect 2024 Capex around USD 16bln.
- Nintendo (7974 JT) 2023/24 (JPY): Net 490.6bln, +13.4%; Operating 528bln, +4.9%; Recurring 680bln, +13.2%. Sold 15.7mln Switch consoles in FY23/24 (exp. 15.5mln, prev. 17.9mln FY22/23). To make an announcement on a Switch successor in FY24; will not be announcing anything re. successor hardware at Nintendo Direct in June.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mixed as the region only partly sustained the momentum from Wall St where the major indices extended on post-NFP advances amid rate cut hopes, while key markets returned from the long weekend. ASX 200 traded higher with a further boost in late trade after the RBA proved to be less hawkish than many feared. Nikkei 225 gained on return from holiday as it took its first opportunity to react to last week’s NFP report and renewed US rate cut hopes. Hang Seng & Shanghai Comp were subdued with the former set to snap its 10-day win streak and longest consecutive run of gains since 2018, while the mainland index took a breather after yesterday’s catch-up rally amid a lack of fresh catalysts.
Top Asian News
- US will host China’s special envoy for climate change Liu Zhenmin in Washington on May 8th-9th, according to the State Department.
- Japanese top FX diplomat Kanda said it is important for currencies to move in a stable manner reflecting fundamentals and the government must take appropriate steps if there’s excessive volatility in the FX market, while he added it is usual that they don’t comment whether currency intervention was carried out.
- RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated the Board remains resolute in its determination to return inflation to the target and it is not ruling anything in or out. RBA stated that returning inflation to the target within a reasonable timeframe remains the board’s highest priority, as well as noted that inflation remains high and is falling more gradually than expected. Furthermore, the RBA raised its inflation forecasts for 2024 but trimmed forecasts for GDP and unemployment, while its forecasts assume that rates will stay at 4.35% until mid-2025 which is nine months longer than previously assumed.
- RBA’s Bullock says they must be vigilant on inflation risks, believe rates are at the correct level to get inflation back to target. Board discussed the option of hiking. Will tighten if necessary, do not think they necessarily have to tighten again. Should not read too much into the technical assumptions re. rate forecasts. Policy risks remain reasonably balanced.
- Nintendo (7974 JT) 2023/24 (JPY): Net 490.6bln, +13.4%; Operating 528bln, +4.9%; Recurring 680bln, +13.2%; is to make an announcement on a Switch successor in FY24. Will not be announcing anything re. successor hardware at Nintendo Direct in June
- Japanese Business Lobby Keidanren Chief Tokura says it is desirable for FX to reflect fundaments in mid and long-term; USD/JPY above 150 is “too much”. Does not know if the authorities intervened in the FX market, but if they did, thinks timing was very good. Undesirable for FX to fluctuate through speculators.
- BoJ Governor Ueda had regular exchange of views with Japanese PM Kishida; discussed FX; confirmed with the PM that the BoJ will take into account impact of economy and prices which could be potentially big. Stands ready to keep close eye out on how JPY moves affect trend inflation; to closely monitor how a weak JPY will impact prices. Explained BoJ’s stance of guiding policy from standpoint of sustainably reaching inflation goal.
APAC DATA RECAP
Top European News
- Barclaycard said UK April consumer spending fell 4.0% Y/Y (prev. +3.5%) which is the lowest since February 2021.
FX
- DXY is incrementally firmer and in a tight range thus far as markets await fresh impetus following last Friday’s post-FOMC NFP-induced slide. DXY sits in a 105.03-28 intraday parameter, with 21 DMA at 105.20.
- EUR is moving in tandem with the Dollar, and has seen no notable catalysts this morning with key releases for the bloc also light this week. EUR/USD sits in a 1.0755-76 range after briefly dipping under yesterday’s low (1.0753).
- GBP is subdued ahead of Thursday’s BoE confab with the MPC expected to keep the Base Rate at 5.25%. GBP/USD trades in a 1.2533-70 range and dipped under its 200 DMA (1.2544).
- Modestly softer session for the JPY with USD/JPY reclaiming 154.00 status overnight (currently 154.50), whilst Japanese Business Lobby Keidanren Chief Tokura said FX should reflect fundaments in mid and long-term. Elsewhere, BoJ Governor Ueda spoke to PM Kishida regarding FX, though with specifics light.
- Divergence across the Antipodeans following the RBA policy decision in which the central bank left rates unchanged at 4.35% as expected, whilst analysts framed the release as less-hawkish-than-feared. AUD/USD trades in a 0.6588-6643 range.
- PBoC set USD/CNY mid-point at 7.1002 vs exp. 7.2143 (prev. 7.0994).
Fixed Income
- USTs are bid but holding a handful of ticks shy of Friday’s 109-09+ payrolls peak & the 10yr yield is holding just above 4.45% by extension. Attention turns to the week’s supply, with geopols also a key theme.
- Bunds have surpassed Friday’s post-NFP 131.57 peak, printing a fresh high at 131.71. European specifics light with no reaction to the latest Construction PMIs as the broader market awaits a significant update to the Israel-Hamas situation around Rafah.
- Gilts gapped higher by 56 ticks after Monday’s Bank Holiday, a move which accounts for that the geopol-related upside and a continuation of the post-payrolls dovish price action. Currently holding around 97.75 and higher by 79 ticks thus far.
Commodities
- Choppy session for the crude complex, as markets await updates from Israel/Rafah; most recently the operation has been said to be “limited”. Brent Jul’24 trades between USD 83.30-83.82/bbl.
- Downbeat price action across precious metals despite a steady Dollar, with the complex failing to gain much impetus from a “limited” Israeli operation in Rafah. Spot gold trades in a USD 2,312.00-2,329.93/oz parameter.
- LME prices are mostly firmer as the exchange returns from the early May UK Bank Holiday. Elsewhere, JFE executives expects iron ore prices to remain at current levels in FY24/25 amid sluggish Chinese demand.
- US Senior Adviser for Energy and Investment Hochstein said the US has sufficient supply in Strategic Petroleum Reserve to address any supply concerns and the Biden administration is monitoring markets, according to Reuters.
- Russian Deputy PM Novak says possibility of raising production under the OPEC+ deal is being analysed, according to Interfax. There is no need to predict further OPEC+ steps, need to look at the market. Had agreed that oil output could be tweaked if needed.
- Commerzbank expects Palladium price to rise to USD 1100/troy oz (current 975.78) by end of the year; expects platinum to rise to USD 1100/troy oz (current 963) by end of year
Geopolitics: Middle East
- “Israeli source to CNN: The operation in Rafah is limited and aims to pressure Hamas to conclude an acceptable deal”, according to Al Arabiya.
- Gaza crossings authority said the Israeli army stormed the Rafah crossing, according to Al Arabiya. However, Palestinian media said the Egyptian side informed the crossing’s authority that Israeli vehicles are conducting a security operation in the vicinity of the Rafah crossing and will retreat tomorrow. It was later reported Israeli military took control of the Palestinian side of the Rafah border with Egypt, according to Bloomberg..
- US official said the US has concerns about Israel’s unfolding Rafah strikes but it does not appear to represent a major military operation, according to Reuters.
- 100 congressional staff called on US President Biden and members of Congress to demand an immediate halt to the Israeli offensive before it is too late, according to Axios.
- Qatar Foreign Ministry said Hamas sent mediators its reply to the truce proposal on Monday and the reply could be described as “positive”, while it was separately reported that the Qatari delegation arrives in Cairo on Tuesday to resume negotiations on a truce agreement in Gaza, according to Sky News Arabia.
- Jordanian Foreign Minister said Israeli PM Netanyahu is jeopardising the ceasefire deal by bombing Rafah, according to Reuters.
Geopolitics: Other
- A US soldier was detained on charges of criminal misconduct in Russia’s far eastern city of Vladivostok last week.
- China reportedly hacked the UK Ministry of Defence with MPs to be told on Tuesday of a large data breach targeting service personnel, according to Sky News.
US Event Calendar
- 11:30: Fed’s Kashkari Participates in Fireside Chat
- 13:20: Fed’s Kashakari Speaks on Bloomberg TV
- 15:00: March Consumer Credit, est. $15bn, prior $14.1bn
DB’s Jim Reid concludes the overnight wrap
It was a bank holiday here in the UK and it didn’t stop raining. I had an early round of golf and half way round the greens were flooded and I was drenched. I may have called it a day but the alternative was childcare. Golf in a biblical downpour is more enjoyable that looking after three bored kids inside on a very wet day. The afternoon was proof of that.
The skies are reasonably bright in markets at the moment with the S&P 500 (+1.03% yesterday) extending its 3-day gain to +3.24% last night, the best such run since November. For 10-year yields, the 4-day decline (-19.3bps) is the largest since the start of February. The lack of a ceasefire in the Middle East hasn’t so far impacted sentiment.
A strong close to the US session saw the Magnificent 7 (+1.68%) eke out a new all-time high, with the index up more than 10% from its recent low on April 19. Nvidia (+3.77%) and Meta (+3.04%) led the gains amid the mega caps, but the equity advance was broad-based with 76% of the S&P 500 higher on the day. Small caps also saw a modest outperformance, with the Russell 2000 up +1.23%. Europe’s equity markets recorded a more moderate rise earlier on, including for the Stoxx 600 (+0.53%), Dax (+0.96%), CAX (+0.49%), while FTSE MIB outperformed (+1.06%).
The equity move was helped along by the ongoing bond rally, as 10yr Treasury yields (-2.2bps) declined for a fourth consecutive session to 4.49%, their lowest level since the upside surprise in the March CPI print on April 10. The upcoming CPI print next Wednesday (May 15) will surely be key to the sustainability of this rally. The decline in yields did run out of steam at the front end, with 2yr yields up +1.5bps after falling by -21.8bps over the previous three sessions.
This came as Fed commentary largely echoed Powell’s tone last week, moving away from any signal on the timing of rate cuts but avoiding overtly hawkish messages. Richmond Fed President Barkin said he was “optimistic that today’s restrictive level of rates can take the edge off demand in order to bring inflation back to our target“, noting that “the full impact of higher rates is yet to come.” And New York Fed president Williams signaled eventual rate cuts, though with the timing of these to depend on “the totality of the data”.
We received the latest signal on the impact of the Feds’ earlier tightening with the latest quarterly Senior Loan Officer Survey. This showed the tightness in credit standards continuing to moderate for most loan categories, including mortgages and CRE lending. However, the improvement in conditions for commercial & industrial loans stalled, with credit standards for mid-size and large firms a little tighter (+15.6 vs. +14.5) and demand a little weaker (-26.6 vs. -25.0) than in the previous quarter. Nothing to get too concerned about, but some evidence to support the view that a good chunk of the impact from the tighter policy stance is yet to play out. The question is where will rates and credit standards be by the time borrowing needs accelerate.
Over in euro area, the final April PMIs added to the improving growth picture, with upward revisions to the services (53.3 vs 52.9 flash) and composite (51.7 vs 51.4 flash) readings. The euro area composite is at an 11-month high and has moved above the US one for the first time in 12 months. In other data, euro area PPI inflation for March came in line with expectations at -0.4% month-on-month. This did little to dissuade expectations of a June ECB cut, with ECB chief economist Lane noting in an interview that data since the April meeting “ improve my confidence that inflation should return to target in a timely manner ”. Overnight index swaps continued to price 74bps of ECB rate cuts this year, with a June cut 95% priced. 10yr bonds saw a similar modest rally in Europe as in the US, with yields on bunds (-2.7bps), OATs (-2.3bps) and BTPs (-2.2bps) all moving slightly lower.
In the commodity space, oil prices saw some volatility amid mixed Middle East headlines. Having opened higher on Monday, oil prices briefly fell to flat on the day following news that Hamas accepted a cease-fire proposal brokered by Egypt and Qatar . However, they rallied again soon after on reports that Israel’s’s war cabinet rejected the proposal as being “far from Israel’s necessary demands,” with Axios and AP reporting overnight that Israeli troops had entered the southern Gaza city of Rafah. After falling to a seven-week low on Friday, Brent crude ended Monday’s session +0.45% higher at $83.33/bbl, and is trading around another +0.30% higher overnight as I type. This backdrop also boosted gold, which gained +1.04% to $2,326/oz yesterday.
In Asia, the KOSPI (+1.91%) is leading gains hitting a one-month high with the Nikkei (+1.18%) also seeing notable gains as trading has resumed in both markets after a public holiday. Additionally, the S&P/ASX 200 (+1.25%) is spiking higher as we type after the RBA left rates on hold but could have been more hawkish than they were. The Aussie Dollar has weakened -0.40% with 3yr government bonds yields declining -8.6bps, to trade at 3.94% as I type.
Elsewhere, Chinese stocks are bucking the regional trend with the Hang Seng (-0.69%), the CSI (-0.12%) and the Shanghai Composite (-0.08%) all trading lower. US futures are flat and Treasury yields are edging slightly lower.
The Japanese yen (-0.38%) continues to drift lower trading at 154.50 against the dollar despite fresh warnings from Japanese officials following two rounds of suspected FX intervention last week. Notably, top currency official Masato Kanda indicated that the government will respond appropriately if there are excessive or disorderly movements in the FX market.
Central bank decisions will remain in focus for the rest of the week, most of all with the BoE on Thursday. Our UK economist expects this week’s meeting to set the stage for the first rate cut in June (see his preview here). Before that, tomorrow the Riksbank could deliver its first rate cut of the cycle. Finally, we have the accounts of April ECB meeting on Friday, and with plenty more ECB and Fed speak to digest before the end of the week. It will quieter be on the data front, with the University of Michigan consumer survey on Friday the arguable highlight given the recent softening in US consumer confidence indicators.
To the day ahead, data releases will include US March consumer credit, Germany March trade balance and factory orders data, France Q1 wages and Eurozone March retail sales. In central bank speak, we will hear from the Fed’s Kashkari, and the ECB’s De Cos and Nagel. And as the earnings season continues to wind down, releases include Walt Disney, BP, Arista Networks, Duke Energy, McKesson, and Ferrari.
2B European Opening Report
US equity futures mixed, AUD lags post-RBA and geopols continue to dominate; Fed’s Kashkari due – Newsquawk US Market Open
TUESDAY, MAY 07, 2024 – 06:13 AM
- European equities are entirely in the green; US futures are mixed
- Dollar is slightly firmer, Aussie underperforms following the RBA, USD/JPY now around 154.50
- Bonds are firmer and extending on the prior day’s gains; Gilts outperform on their return from holiday
- Crude is flat awaiting geopolitical updates, XAU softer and base metals are mixed
- Looking ahead, US RCM/TIPP Economic Optimism, CBR Policy Announcement, EIA STEO Comments from Fed’s Kashkari & BoC’s Rogers, Supply from the US, Earnings from Disney, Occidental Petroleum Corp, Duke Energy, Arista & McKesson
EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx600 (+0.5%) are entirely in the green, in what has been a choppy session in Europe. The FTSE 100 (+1.1%) outperforms, in catchup action from Monday’s closure.
- European sectors hold a strong positive tilt, with Financial Services at the top of the pile, benefitting from post-earning strength in UBS (+9.4%).
- US Equity Futures (ES +0.1%, NQ -0.1%, RTY +0.2%) are mixed, with initial strength fading in tandem with a broader equity pressure in Europe. Apple (+0.9%) gains in the pre-market following news that the Co. is looking to develop AI chips; NVDA (-1%) lags.
- Click here and here for the sessions European pre-market equity newsflow. Including earnings from BP, Infineon & more.
- Click here for more details.
FX
- DXY is incrementally firmer and in a tight range thus far as markets await fresh impetus following last Friday’s post-FOMC NFP-induced slide. DXY sits in a 105.03-28 intraday parameter, with 21 DMA at 105.20.
- EUR is moving in tandem with the Dollar, and has seen no notable catalysts this morning with key releases for the bloc also light this week. EUR/USD sits in a 1.0755-76 range after briefly dipping under yesterday’s low (1.0753).
- GBP is subdued ahead of Thursday’s BoE confab with the MPC expected to keep the Base Rate at 5.25%. GBP/USD trades in a 1.2533-70 range and dipped under its 200 DMA (1.2544).
- Modestly softer session for the JPY with USD/JPY reclaiming 154.00 status overnight (currently 154.50), whilst Japanese Business Lobby Keidanren Chief Tokura said FX should reflect fundaments in mid and long-term. Elsewhere, BoJ Governor Ueda spoke to PM Kishida regarding FX, though with specifics light.
- Divergence across the Antipodeans following the RBA policy decision in which the central bank left rates unchanged at 4.35% as expected, whilst analysts framed the release as less-hawkish-than-feared. AUD/USD trades in a 0.6588-6643 range.
- PBoC set USD/CNY mid-point at 7.1002 vs exp. 7.2143 (prev. 7.0994).
- Click here for more details.
- Click here for NY Opex details.
FIXED INCOME
- USTs are bid but holding a handful of ticks shy of Friday’s 109-09+ payrolls peak & the 10yr yield is holding just above 4.45% by extension. Attention turns to the week’s supply, with geopols also a key theme.
- Bunds have surpassed Friday’s post-NFP 131.57 peak, printing a fresh high at 131.71. European specifics light with no reaction to the latest Construction PMIs as the broader market awaits a significant update to the Israel-Hamas situation around Rafah.
- Gilts gapped higher by 56 ticks after Monday’s Bank Holiday, a move which accounts for that the geopol-related upside and a continuation of the post-payrolls dovish price action. Currently holding around 97.75 and higher by 79 ticks thus far.
- Click here for more details.
COMMODITIES
- Choppy session for the crude complex, as markets await updates from Israel/Rafah; most recently the operation has been said to be “limited”. Brent Jul’24 trades between USD 83.30-83.82/bbl.
- Downbeat price action across precious metals despite a steady Dollar, with the complex failing to gain much impetus from a “limited” Israeli operation in Rafah. Spot gold trades in a USD 2,312.00-2,329.93/oz parameter.
- LME prices are mostly firmer as the exchange returns from the early May UK Bank Holiday. Elsewhere, JFE executives expects iron ore prices to remain at current levels in FY24/25 amid sluggish Chinese demand.
- US Senior Adviser for Energy and Investment Hochstein said the US has sufficient supply in Strategic Petroleum Reserve to address any supply concerns and the Biden administration is monitoring markets, according to Reuters.
- Russian Deputy PM Novak says possibility of raising production under the OPEC+ deal is being analysed, according to Interfax. There is no need to predict further OPEC+ steps, need to look at the market. Had agreed that oil output could be tweaked if needed.
- Commerzbank expects Palladium price to rise to USD 1100/troy oz (current 975.78) by end of the year; expects platinum to rise to USD 1100/troy oz (current 963) by end of year
- Click here for more details.
NOTABLE EUROPEAN HEADLINES
- Barclaycard said UK April consumer spending fell 4.0% Y/Y (prev. +3.5%) which is the lowest since February 2021.
DATA RECAP
- German HCOB Construction PMI (Apr) 37.5 (Prev. 38.3); France HCOB Construction PMI (Apr) 41.5 (Prev. 41.0); Italian HCOB Construction PMI (Apr) 48.5 (Prev. 50.3); EU HCOB Construction PMI (Apr) 41.9 (Prev. 42.4)
- UK S&P Global PMI: Composite – Output (Apr) 54 (Prev. 52.6); Global Construction PMI (Apr) 53 vs. Exp. 50.0 (Prev. 50.2)
- UK BRC Retail Sales YY (Apr) -4.4% (Prev. 3.2%); Total Sales Y/Y -4.0% (Prev. 3.5%)
- UK Halifax House Prices MM (Apr) 0.1% (Prev. -1.0%, Rev. -0.9%); YY 1.1% (Prev. 0.30%, Rev. 0.4%)
- German Trade Balance, EUR, SA (Mar) 22.3B vs. Exp. 22.2B (Prev. 21.4B); Exports MM 0.9% vs. Exp. 0.4% (Prev. -2.0%); Imports MM 0.3% vs. Exp. -1.0% (Prev. 3.2%)
- German Industrial Orders MM (Mar) -0.4% vs. Exp. 0.4% (Prev. 0.2%, Rev. -0.8%)
- Swiss Unemployment Rate Adj. (Apr) 2.3% vs. Exp. 2.3% (Prev. 2.3%)
- French Trade Balance, EUR, SA (Mar) -5.473B (Prev. -5.244B, Rev. -5.614B); Non-Farm Payrolls QQ (Q1) 0.2%; Imports, EUR (Mar) 57.698B (Prev. 56.296B, Rev. 56.366B); Exports, EUR (Mar) 52.224B (Prev. 51.052B, Rev. 50.752B); Current Account (Mar) 1.3B (Prev. 0.9B, Rev. 0.3B)
EARNINGS
- Infineon (IFX GY) Q2 (EUR): Revenue 3.63bln (exp. 3.6bln), adj. EPS 0.42 (exp. 0.38), Gross Margin 38.6% (exp. 39.8%).
- BP (BP/ LN) Q1 (USD): Adj. Net 2.72bln (exp. 2.92bln). Revenue 49.96bln (exp. 52.44bln). Adj. EPS 0.16 (exp. 0.17). Dividend 0.0727 (exp. 0.0730)Announces USD 1.75bln share buyback for Q1. Continues to expect 2024 Capex around USD 16bln.
- Nintendo (7974 JT) 2023/24 (JPY): Net 490.6bln, +13.4%; Operating 528bln, +4.9%; Recurring 680bln, +13.2%. Sold 15.7mln Switch consoles in FY23/24 (exp. 15.5mln, prev. 17.9mln FY22/23). To make an announcement on a Switch successor in FY24; will not be announcing anything re. successor hardware at Nintendo Direct in June.
NOTABLE US HEADLINES
- Tornado warning was issued for Barsndall, Oklahoma and surrounding areas.
- China Auto Industry CPCA says Tesla (TSLA) sold 62,167 (prev. 89,064 M/M) China-made vehicles in April.
- Apple (AAPL) The iPhone maker is developing AI chips for data centres, known as Project ACDC, according to the WSJ, and it is expected to unveil them at its June’s developer conference. The move could bolster Apple’s position in the AI race, WSJ said, as it aims to apply its talent to server technologies.
GEOPOLITICS
MIDDLE EAST – EUROPEAN MORNING
- “Israeli source to CNN: The operation in Rafah is limited and aims to pressure Hamas to conclude an acceptable deal”, according to Al Arabiya.
MIDDLE EAST
- Gaza crossings authority said the Israeli army stormed the Rafah crossing, according to Al Arabiya. However, Palestinian media said the Egyptian side informed the crossing’s authority that Israeli vehicles are conducting a security operation in the vicinity of the Rafah crossing and will retreat tomorrow. It was later reported Israeli military took control of the Palestinian side of the Rafah border with Egypt, according to Bloomberg..
- US official said the US has concerns about Israel’s unfolding Rafah strikes but it does not appear to represent a major military operation, according to Reuters.
- 100 congressional staff called on US President Biden and members of Congress to demand an immediate halt to the Israeli offensive before it is too late, according to Axios.
- Qatar Foreign Ministry said Hamas sent mediators its reply to the truce proposal on Monday and the reply could be described as “positive”, while it was separately reported that the Qatari delegation arrives in Cairo on Tuesday to resume negotiations on a truce agreement in Gaza, according to Sky News Arabia.
- Jordanian Foreign Minister said Israeli PM Netanyahu is jeopardising the ceasefire deal by bombing Rafah, according to Reuters.
OTHER
- A US soldier was detained on charges of criminal misconduct in Russia’s far eastern city of Vladivostok last week.
- China reportedly hacked the UK Ministry of Defence with MPs to be told on Tuesday of a large data breach targeting service personnel, according to Sky News.
CRYPTO
- Bitcoin firmer today and has reclaimed the USD 64k handle, with Ethereum now holding around USD 3.2k.
APAC TRADE
- APAC stocks were mixed as the region only partly sustained the momentum from Wall St where the major indices extended on post-NFP advances amid rate cut hopes, while key markets returned from the long weekend.
- ASX 200 traded higher with a further boost in late trade after the RBA proved to be less hawkish than many feared.
- Nikkei 225 gained on return from holiday as it took its first opportunity to react to last week’s NFP report and renewed US rate cut hopes.
- Hang Seng & Shanghai Comp were subdued with the former set to snap its 10-day win streak and longest consecutive run of gains since 2018, while the mainland index took a breather after yesterday’s catch-up rally amid a lack of fresh catalysts.
NOTABLE ASIA-PAC HEADLINES
- US will host China’s special envoy for climate change Liu Zhenmin in Washington on May 8th-9th, according to the State Department.
- Japanese top FX diplomat Kanda said it is important for currencies to move in a stable manner reflecting fundamentals and the government must take appropriate steps if there’s excessive volatility in the FX market, while he added it is usual that they don’t comment whether currency intervention was carried out.
- RBA kept the Cash Rate Target unchanged at 4.35%, as expected, while it reiterated the Board remains resolute in its determination to return inflation to the target and it is not ruling anything in or out. RBA stated that returning inflation to the target within a reasonable timeframe remains the board’s highest priority, as well as noted that inflation remains high and is falling more gradually than expected. Furthermore, the RBA raised its inflation forecasts for 2024 but trimmed forecasts for GDP and unemployment, while its forecasts assume that rates will stay at 4.35% until mid-2025 which is nine months longer than previously assumed.
- RBA’s Bullock says they must be vigilant on inflation risks, believe rates are at the correct level to get inflation back to target. Board discussed the option of hiking. Will tighten if necessary, do not think they necessarily have to tighten again. Should not read too much into the technical assumptions re. rate forecasts. Policy risks remain reasonably balanced.
- Nintendo (7974 JT) 2023/24 (JPY): Net 490.6bln, +13.4%; Operating 528bln, +4.9%; Recurring 680bln, +13.2%; is to make an announcement on a Switch successor in FY24. Will not be announcing anything re. successor hardware at Nintendo Direct in June
- Japanese Business Lobby Keidanren Chief Tokura says it is desirable for FX to reflect fundaments in mid and long-term; USD/JPY above 150 is “too much”. Does not know if the authorities intervened in the FX market, but if they did, thinks timing was very good. Undesirable for FX to fluctuate through speculators.
- BoJ Governor Ueda had regular exchange of views with Japanese PM Kishida; discussed FX; confirmed with the PM that the BoJ will take into account impact of economy and prices which could be potentially big. Stands ready to keep close eye out on how JPY moves affect trend inflation; to closely monitor how a weak JPY will impact prices. Explained BoJ’s stance of guiding policy from standpoint of sustainably reaching inflation goal.
APAC DATA RECAP
- Australian Retail Trade (Q1) -0.4% vs. Exp. -0.2% (Prev. 0.3%, Rev. 0.4%)
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
end
3 CHINA
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
Majority Of Germans Reject Muslim Immigration, Express Fear Of Becoming A “Minority In Germany”
TUESDAY, MAY 07, 2024 – 02:00 AM
Authored by John Cody via ReMix News,
Rejection of immigrants from Islamic countries has increased in Germany, according to the latest Insa poll commissioned by the Nius media group.
The most recent survey shows an absolute majority of 52 percent rather agree with the statement that “Germany should generally no longer accept refugees from Islamic countries”. Only 34 percent say “disagree” or “tend to disagree” with this statement.
There is even greater agreement with the statement that “in certain areas of my town or village, I have the feeling that I am no longer in Germany.” According to the poll, 57 percent agree with the statement, while 36 percent do not share this feeling.
The poll further shows that 54 percent of respondents said they were “afraid that Germans will become a minority in Germany.” On the other hand, 37 percent said they were not concerned.
A relative majority supports the theory behind the Great Replacement, which the domestic intelligence agency the Office for the Protection of the Constitution (BfV) classifies as a “right-wing extremist” viewpoint.
According to the poll, 45 percent of respondents agree with the statement: “I believe that Europeans are gradually being replaced by immigrants from Africa and the Middle East.”
A smaller number of people, 41 percent, reject this statement.
WATCH: “I don’t have to become a minority in my own country.”
says Whites are being replaced in their native countries. Here is the actual data behind her claims, which shows rapid demographic change in the West’s biggest cities.
·
189.4K Views
Racism against Whites
Two-thirds of Germans (65 percent) agree with the statement that there is “racism against Whites” in Germany, while only a small minority of 22 percent think this is not true.
A strong majority also believe integration has not worked, with 58 percent saying “no” to the question of whether “migrants have largely integrated well in Germany.” Only 29 percent of respondents say migrants have integrated well.
Immigrants burden the German school system
An overwhelming majority of Germans agree with the statement that “the current migration is overburdening the German school system.” The results show that 75 percent, or three-quarters, agree with this statement, while 22 percent say they do not see a problem.
Remix News has previously reported on the problems facing the country’s school system, which is increasingly made up of an immigrant population, and in some cities, even constitutes the majority of students. Teachers and principals face assault, classroom overcrowding, language difficulties, and aggressive clashes between minority groups.
The survey follows a series of polls that show Germans are rapidly souring on mass immigration. Currently, the most popular party among German youth is the anti-immigration Alternative for Germany (AfD) party while the AfD is now the second most popular party in the country, even if the party’s overall support has seen a slight drop of between 3 to 4 points over the last three to four months.
Just this week, approximately 1,000 Muslims belonging to a radical pro-Sharia group marched in Hamburg to call for a caliphate in Germany, sparking national headlines and a sharp debate about the country’s growing Muslim population. Last month, it was reported that the share of foreigners committing crimes in the country had hit a record high of 41 percent.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL/HAMAS///RAFAH
Israel Moving Forward With Rafah Ground Offensive
MONDAY, MAY 06, 2024 – 04:34 PM
Summary:
- Hamas claims to accept ceasefire, hostage deal while Israel says ‘This isn’t what we agreed to’
- Bombardment and air strikes on eastern Rafah
- Over 50 targets hit as IDF prepares for ground operation
- President Macron warns against ground op
- Civilians warned to evacuate. Tens of thousands of flyers dropped
- Biden phoned Netanyahu to urge against Rafah ground op without acceptable evacuation plan
- Axios reported that for the first time the US has paused ammo shipments to Israel
- Senior official: Israel will achieve all its war objectives
- Palestinians on streets holding premature celebrations over Hamas accepting deal, but Israel rejects thus far
- ‘Bibi is abandoning the hostages!’: Protesters in Jerusalem demand deal
- Al-Quds Brigades fires rockets towards Israel
- Israel says ground offensive necessary after four soldiers killed by rocket fire out of Rafah
- European Union says offensive is “unacceptable”
- Palestinian Authority alleges US not interested in achieving truce
- Jordan says PM Netanyahu jeopardizing ceasefire by bombing Rafah
Video from the Egyptian side as Israel creates firebelts around Rafah. Israel commenced a military operation on Rafah and claims it IOF will have control in the next coming hours. Multiple casualties reporting and still arriving at Kuwaiti Hospital.
·
Update(1634ET): The ground operation in Rafah is moving forward, Israeli officials have confirmed. There was earlier premature talk of Hamas having accepted an Egyptian and Qatari proposed ‘deal’ – but Israel has not signed on, but has only said it will examine it.
According to an Israeli media update:
Israel’s war cabinet decides unanimously to push ahead with an operation in Rafah “in order to apply military pressure on Hamas, with the goal of making progress on freeing the hostages and the other war aims,” the Prime Minister’s Office says in a statement.
The statement says Hamas’s latest truce offer is “far from Israel’s essential demands.”
Nonetheless, Israel is going to send working-level teams to hold talks with the mediators in order “to exhaust the possibility of achieving an agreement on terms that are acceptable to Israel,” says the PMO.
Israel struck at least 50 targets in Rafah on Monday, which appears preparation to send in ground forces. There have meanwhile been some sporadic early reports that the ground op might have already begun. It is expected to focus on eastern Rafah.
* * *
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:
Israeli army radio journalist: “Sources in Israel: Hamas actually approved a softened Egyptian proposal that is unacceptable to Israel.”
This was enough to elicit a rapid response in oil prices, with a sudden drop on the initial headline before quickly correcting upward…
According to a WSJ description of the “Egyptian proposal” in question:
Egypt offered a new proposal for a truce between Israel and Hamas in which some Israeli hostages would be released in exchange for Palestinian prisoners and a three-week cease-fire, in a bid to stave off an Israeli military offensive in the southern Gazan city of Rafah.
Israel, which helped create the proposal, according to Egyptian officials, would commit to entering longer-term discussions once Hamas releases a first group of 20 hostages over the truce period—a formulation designed to overcome the militant group’s reluctance to release any hostages without any prospect of ending the war.
So for now these fresh headlines seem somewhat of a nothingburger, and the situation remains unchanged:
AN ISRAELI SOURCE: WE DO NOT TAKE HAMAS’ RESPONSE SERIOUSLY, AND IT IS A “UNILATERAL RESPONSE” FROM IT, AND WHEN WE RECEIVE IT, WE WILL STUDY IT AND RESPOND TO IT
Israel says this is “a trick” and a ruse intended to cast Israel as the side refusing…
According to more emerging details…
This is a major change made to the ceasefire proposal: The initial proposal Israel agreed upon would see 3 hostages released every three days during the first phase (33 hostages released during the first 33 days, with potentially more released during the first phase, and additional hostages released during the second phase, per my understanding of the initial proposal) Per Gili Cohen, the new proposal says three hostages will be released every week, during the six weeks of the ceasefire. This would mean that Hamas will keep at least 15 hostages until the last week of the ceasefire
* * *
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.
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
Israeli tanks said to roll into Rafah after war cabinet okays offensive
Fighting heard near crossing between southern Gaza city and Egypt and airstrikes appear to bombard parts of city, but reports indicate that incursion limited in scope
By TOI STAFF and AGENCIESToday, 5:07 a
Smoke rises following an Israeli airstrike on buildings near the separating wall between Egypt and Rafah, southern Gaza Strip, May 6, 2024. (AP/Ramez Habboub)
Israeli tanks and troops appeared to push their way into the southern Gaza city of Rafah early Tuesday after Jerusalem said a truce offer from the Hamas terror group did not meet its demands and announcing that it okayed moving ahead with the long-threatened offensive.
The Israeli military said it was conducting “targeted strikes” against Hamas in eastern Rafah, thought to be the terror group’s final stronghold.
Soon after, Israeli tanks entered Gaza near Rafah, reaching as close as 200 meters (650 feet) from the Rafah Crossing terminal with neighboring Egypt, a Palestinian security official and an Egyptian official said. Both spoke on condition of anonymity because they were not authorized to talk to the press.Keep
Gunfire and explosions could be heard in footage aired from the crossing by Egypt’s al-Qahera TV, which showed the Egyptian side of the crossing empty of people. the rumble of tanks and drone of helicopters were also audible.
The Egyptian official said the operation appeared to be limited in scope. He and Hamas’ Al-Aqsa TV said Israeli officials informed the Egyptians that the troops would withdraw after completing the operation.
southern Gaza Strip, May 6, 2024. (AP/Ramez Habboub)
Israeli tanks and troops appeared to push their way into the southern Gaza city of Rafah early Tuesday after Jerusalem said a truce offer from the Hamas terror group did not meet its demands and announcing that it okayed moving ahead with the long-threatened offensive.
The Israeli military said it was conducting “targeted strikes” against Hamas in eastern Rafah, thought to be the terror group’s final stronghold.
Soon after, Israeli tanks entered Gaza near Rafah, reaching as close as 200 meters (650 feet) from the Rafah Crossing terminal with neighboring Egypt, a Palestinian security official and an Egyptian official said. Both spoke on condition of anonymity because they were not authorized to talk to the
Gunfire and explosions could be heard in footage aired from the crossing by Egypt’s al-Qahera TV, which showed the Egyptian side of the crossing empty of people. the rumble of tanks and drone of helicopters were also audible.
The Egyptian official said the operation appeared to be limited in scope. He and Hamas’ Al-Aqsa TV said Israeli officials informed the Egyptians that the troops would withdraw after completing the operation.
Palestinians at the site of a destroyed building from an Israeli air strike in Rafah, in the southern Gaza Strip, on May 5, 2024 (Abed Rahim Khatib/Flash90)
On Sunday, Hamas fighters near the Rafah crossing fired mortars into southern Israel, killing four Israeli soldiers.
Palestinians also reported heavy airstrikes in the east of the city, killing at least five. Israel has carried out airstrikes in Rafah with some regularity in recent months, even as it has held off on sending troops into the city amid vociferous international opposition to military operations in the city, where some 1.5 million Palestinians are thought to be sheltering, most of them displaced from other parts of the Strip.
A US official said Washington did not believe the offensive in Rafah represented a major military operation, though the action was still concerning.
The Israeli military declined to comment.
The apparent operation came after a day that saw Israel issue evacuation orders for some 100,000 Gazans in parts of eastern Rafah, who were told to evacuate to a “safe zone” near Khan Younis, north of Rafah.
Displaced Palestinians who left with their belongings from Rafah in the southern Gaza Strip following an evacuation order by the Israeli army, arrive in Khan Yunis on May 6, 2024. (AFP)
Hours later, Hamas said it had accepted an Egyptian and Qatari ceasefire and hostage release proposal, but Israeli officials said the Hamas terms did not match what Jerusalem had agreed to, though working-level teams would travel to Cairo Tuesday to resume indirect talks.
Declaring that Hamas’s latest offer was “far from [meeting] Israel’s essential requirements,” a statement from Prime Minister Benjamin Netanyahu’s office said the war cabinet had decided unanimously to push ahead with an IDF operation in Rafah “in order to apply military pressure on Hamas, with the goal of making progress on freeing the hostages and the other war aims.”
Netanyahu has for months vowed that Israeli troops would carry out an operation to root out the final Hamas strongholds in the southern Gaza city of Rafah regardless of a hostage release deal. Israeli defense officials say four of Hamas’s six remaining battalions are in the city, along with members of the group’s leadership and a significant number of hostages.
Palestinians at the site of a destroyed building from an Israeli air strike in Rafah, in the southern Gaza Strip, on May 5, 2024 (Abed Rahim Khatib/Flash90)
“Israel will achieve its war objectives,” a senior Israeli official told The Times of Israel late Monday. “We will destroy Hamas’s military and governing capabilities, free the hostages and ensure that Gaza does not pose a threat to Israel and the civilized world in the future,” the official pledged, reiterating messages that have come from Israeli officials in recent weeks.
An Israeli push into Rafah would meet the demands of Netanyahu’s far-right coalition partners, who have repeatedly insisted that the military not be held back from conquering the city, even if it means endangering a possible hostage deal.
“I’m praying for the success of our troops who are finally fighting in Rafah,” minister Orit Strock told the Kan broadcaster Monday night.
At the same time, families of hostages and anti-government protesters took to the streets in Tel Aviv and Jerusalem Monday night to rally for a ceasefire that would bring the 128 hostages captured on October 7 home. “The time has come to take the deal. The time has come for a ceasefire,” Einav Zangauker, mother of hostage Matan Zangauker, yelled into a bullhorn as protesters blocked cars on the Ayalon freeway in Tel Aviv. “We won’t let them pass up the chance tonight.”
Relatives and supporters of hostages taken captive by Hamas on October 7, hold placards and wave flags during a demonstration calling for their release, Tel Aviv, May 6, 2024. (Jack Guez/AFP)
The prospect of a push into Gaza also sparked international condemnation, with UN Secretary General Antonio Guterres saying “a ground invasion in Rafah would be intolerable because of its devastating humanitarian consequences, and because of its destabilizing impact in the region.” He said Hamas’s truce offer was “an opportunity that cannot be missed.”
Visiting Washington, Jordan’s King Abdullah urged US President Joe Biden to to intervene to stop a “new massacre” in Rafah, warning that the move could cause the war to expand beyond Gaza.
In a call with Netanyahu earlier Monday, Biden reiterated his opposition to a major Israeli military offensive in Rafah, a White House readout said, without elaborating.
Demonstrators protest in solidarity with Gaza, outside the Israeli consulate in Istanbul, Monday, May 6, 2024. (AP/Emrah Gurel)
The US has repeatedly expressed its opposition to a Rafah invasion without credible assurances from Israel that the one million-plus Palestinians sheltering there would be protected. Israel claims it can safely evacuate and care for those civilians, but Washington has not been convinced.
White House National Security Council spokesperson John Kirby said later Monday that the US would not support any ground operations in Rafah that would put civilians at risk. This appeared to be a hardening of the previously long-held position in Washington that specifically opposed a “major” offensive in the city.
State Department spokesman Matthew Miller said Monday the US has not seen a credible plan to protect Palestinian civilians. “We cannot support an operation in Rafah as it is currently envisioned,” he said.
Palestinians walk in a camp for displaced people in Rafah in the southern Gaza Strip by the border with Egypt on April 28, 2024. (AFP)
The Biden administration is pushing alternatives to a Rafah invasion, including the bolstering of the Gaza border with Egypt and more targeted operations against Hamas’s leadership. But Netanyahu has turned a Rafah invasion into an essential, non-negotiable component of a “total victory” over the terror group.
The war erupted after Hamas’s October 7 massacre, when thousands of terrorists murdered some 1,200 people and seized 252 hostages, mostly civilians, many amid acts of brutality and sexual assault.
In response to the onslaught, Israel launched a wide-scale offensive aiming to eliminate the terror group’s military and governance capabilities in Gaza and free the hostages, 128 of whom remain in captivity.
More than 34,000 Palestinians have been killed in the conflict, according to unverifiable figures from Hamas health officials that do not distinguish between gunmen and civilians. Israel says it has killed 13,000 Hamas gunmen in Gaza as well as 1,000 terrorists inside Israel on October 7. Some 270 IDF soldiers have been killed in the fighting in Gaza.
END
Al Jazeera’s Israeli HQ Raided By Police After Netanyahu Called It “Hamas Mouthpiece”
MONDAY, MAY 06, 2024 – 05:20 PM
On Sunday the offices of Al Jazeera in Jerusalem were raided by Israeli police, after the Knesset voted unanimously voted to ban the Qatar-based news network.
The Israeli order effectively shuts down all Al Jazeera broadcasts in Israel and the West Bank. To implement the ban, authorities confiscated equipment at the channel’s Jerusalem HQ inside the Ambassador Hotel.
Additionally Israel will block Al Jazeera’s website after PM Netanyahu alleged that it is a “Hamas mouthpiece.” He has further claimed that the outlet’s coverage of Gaza has put Israeli troops in danger.
“Al Jazeera reporters harmed Israel’s security and incited against soldiers,” Netanyahu said previously. He has for weeks been mounting a public campaign against it.
Al Jazeera has responded by calling the claim a “dangerous and ridiculous lie” and further said “pursue every legal step” to fight being shut down by Israel.
Interestingly, last year the Biden administration also began complaining about the channel’s coverage, with an October Axios report saying that Secretary of State Antony Blinken requested that the Qataris “turn down the volume on Al Jazeera’s coverage because it is full of anti-Israel incitement.”
The outlet has said in a statement, “Israel’s ongoing suppression of the free press, seen as an effort to conceal its actions in the Gaza Strip, stands in contravention of international and humanitarian law.”
According to a review by Axios:
Israel’s legislative body, the Knesset, passed a measure last month that empowers Israel’s communications minister to take action against any foreign media network that it can prove poses a national security risk.
The law gives senior government officials power to temporarily shutter foreign news networks on national security grounds for at least 45 days, but that period can be extended.
Almost two years ago, in May of 2022, a popular senior Al Jazeera journalist, Shireen Abu Akleh, was shot dead while reporting on the scene of an Israeli military raid in the West Bank town of Jenin. As a Palestinian Christian, she was given a church burial attended by thousands, but the procession with the coffin was later attacked by Israeli police, in an incident that garnered international media attention.
Abu Akleh also held American citizenship, and so her killing resulted in strong statements of condemnation from the White House. From there, tensions between Al Jazeera and the Israeli government have only gotten worse.
Al Jazeera has long had offices in the West Bank and Gaza, and has provided 24-hour news coverage in English and Arabic of the Gaza war going back to Oct.7. The network’s website also carries frequent, round-the-clock updates of regional developments. Its camera crews have also been capturing Israeli air raids on the Gaza Strip in real time, sometimes with buildings coming down in the very moments live shots are rolling.
END
Israeli Ground Forces Enter Rafah, Tank Unit Shuts Down Vital Border Crossing
TUESDAY, MAY 07, 2024 – 10:45 AM
Overnight it’s been confirmed that Israeli ground forces have begun moving into Rafah, with IDF tanks having seized Gaza’s vital Rafah border crossing in the last hours. The IDF plans to monitor all aid going into the Gaza Strip, but international aid organizations warn this could be a death sentence for a population already teetering on the brink of full-blown famine.
In a Monday phone call President Biden had warned Israeli Prime Minister Benjamin Netanyahu against launching a ground attack on Rafah, but the Israeli leader has once again brushed off US ‘red lines’ as well as the warnings of other international allies like France.
In a first reaction since tanks entered Rafah, the US State Department has said: “We continue to believe that a hostage deal is in the best interest of the Israeli and the Palestinian people; it would bring an immediate ceasefire and allow increased humanitarian assistance into Gaza.”
An anonymous Israeli official has claimed to local media that this is a “limited operation” and that at this point the offensive is being used for leverage by Tel Aviv. “It is being implemented to pressure Hamas” to accept a deal, the officials said.
Israel has claimed that the Rafah crossing is being used “for terrorist purposes” after four IDF troops were killed near Kerem Shalom on Sunday due to an attack launched from near the crossing by Hamas militants.
The UN humanitarian affairs office has described that all fuel for aid trucks and generators enters the Strip through the Rafah crossing and that “If no fuel comes in for a prolonged period of time, it would be a very effective way of putting the humanitarian operation in its grave.”
But The Associated Press has confirmed:
The Israeli 401st Brigade entered the Gaza side of the Rafah crossing early Tuesday, the Israeli military said, taking “operational control” of it. Footage released by the military showed Israeli flags flying from tanks that seized the area. It also said that ground troops and airstrikes targeted suspected Hamas positions in Rafah.
Egypt now fears that a quarter-million people could quickly pour across the border and into the Sinai. Already Reuters has reported at least 23 people killed, including six women and five children, according to local hospitals.
Mass exodus of civilians seeking escape from Rafah…
A Palestinian victim of the onslaught, Abu Amra, has been cited in Al Jazeera as saying. “We did nothing … we don’t have Hamas,” after his wife, two brothers, sister, and niece were reported killed. “We found fire devouring us. The house was turned upside down.”
But Israel’s military says its operations are targeted and aimed at rooting out terrorists. According to one limited operation detailed in Times of Israel:
The IDF and Border Police say they have wrapped up a 20-hour operation in the West Bank city of Tulkarem. Amid the operation, troops killed a gunman, detained six wanted Palestinians, seized weaponry and demolished three bomb-making labs, the military says.
Combat engineers also ripped up roads where explosive devices were planted, the IDF adds.
Newly leaked video from Rafah shows a tank crushing an “I love Gaza” sign…
So far, it seems a deal is not yet completely lost, as Israeli officials are said to be examining the Egyptian-Qatari proposed deal that on Monday Hamas said it had agreed to.
But Hamas has condemned the “dangerous escalation” in Rafah, saying in a statement, “This crime – which comes directly after the Hamas movement announced its approval of the mediators’ proposal – confirms the occupation’s
intention to disrupt mediation efforts for a ceasefire and the release of prisoners.” Meanwhile, domestic pressure in the US will grow for the Biden administration to do something.
END
ISRAEL/RAFAH
What an absolute moron!! He will now lose the election as all the Jewish vote will switch to Trump
(zerohedge)
Biden Withholds Shipment Of Boeing-Made Precision Bombs From Israel Over Rafah Offensive
TUESDAY, MAY 07, 2024 – 12:12 PM
Update(1212ET): We noted earlier that Israel’s Rafah ground offensive currently in progress constitutes a glaring instance of Netanyahu’s willingness to blow past Biden’s ‘red line’ which was repeatedly verbalized in the last weeks and months.
It now appears that Biden is ready to belatedly get ‘tough’ (or at least keep up the appearance of getting tough on Israel for the sake of US Progressives who have been revoking their support in droves). The below major headline just hit via Politico:
Biden administration is holding shipments of Boeing manufactured precision bombs to send a political message to Israel, according to Politico.
This follows on the heels of Axios’ Sunday reporting which said an initial ammo shipment has been held up. Israeli officials are said to be seething.
The US is only paying for Israel’s war and providing the weapons they use in Gaza. No need to pay attention to any “red lines” that doddering old man in the WH issued. https://politico.eu/article/us-biden-warns-red-line-israel-rafah-cyprus-aid-ship-gets-ready-open-humanitarian-sea-corridor-gaza/
Anyway…
The US is only paying for Israel’s war and providing the weapons they use in Gaza. No need to pay attention to any “red lines” that doddering old man in the WH issued.https://t.co/yOIQOiwZk9 pic.twitter.com/ueUw4sSSlU— Glenn Greenwald (@ggreenwald) May 6, 2024
Meanwhile, Netanyahu has released a fresh statement on the Rafah offensive and negotiations in Cairo…
Last night I ordered, with the approval of the War Cabinet, to operate in Rafah. Within hours our forces raised the Israeli flags at the Rafah crossing and took down the Hamas flags.
The entry into Rafah serves two main war goals: the return of our abductees and the elimination of Hamas. We have already proven in the previous release of the abductees – military pressure on Hamas is a necessary condition for the return of our abductees.
Hamas’ proposal yesterday was intended to torpedo the entry of our forces into Rafah. It did not happen. As the War Cabinet unanimously determined, the Hamas proposal is very far from Israel’s necessary requirements.
Israel will not allow Hamas to restore its evil rule in the Gaza Strip, Israel will not allow it to restore its military capabilities to continue striving for our destruction. Israel cannot accept a proposal that endangers the security of our citizens and the future of our country.
Therefore, I instructed the delegation that went to Cairo: continue to stand firm on the conditions necessary for the release of our abductees, continue to stand firm on the essential requirements for guaranteeing Israel’s security.
Israel is now threatening to go ‘deeper’ into Rafah and initiate the next military stage of the operation if Hamas rejects current Israeli offers on the table.
Interestingly, all of this comes on the occasion of the US Holocaust Memorial Museum’s annual “Days of Remembrance ceremony” which Biden spoke at.
During the remarks he sought to make an Oct.7 connection: “Here we are, not 75 years later, but just seven and a half months later– people are already forgetting that Hamas unleashed this terror.”
“I understand people have strong beliefs and deep convictions about the world … but there is no place on any campus in America, any place in America, for antisemitism or hate speech or threats of violence of any kind.”
— Biden during remarks at Holocaust remembrance ceremony pic.twitter.com/XB9Ake4hC9— The Recount (@therecount) May 7, 2024
He also said “there’s no place for antisemitism on any campus in the US” – in reference to ongoing protests and clashes with police at various places, especially at east coast and west coast schools.
This Holocaust Remembrance Day, we mourn the six million Jews who were killed by the Nazis during one of the darkest chapters in human history.
And we recommit to heeding the lessons of the Shoah and realizing the responsibility of “Never Again.”— President Biden (@POTUS) May 6, 2024
And below are some remarks by Netanyahu on the same day:
Israel National News – Arutz Sheva
Prime Minister Netanyahu at the Holocaust Remembrance Day opening ceremony: “If Israel is forced to stand alone, Israel will stand alone… And I say to you, we will defeat our genocidal enemies. Never again is now!”
Yad Vashem
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425.5K Views
Prime Minister Netanyahu at the Holocaust Remembrance Day opening ceremony: “If Israel is forced to stand alone, Israel will stand alone… And I say to you, we will defeat our genocidal enemies.
Never again is now!”
🎥Yad Vashem pic.twitter.com/z7VFTIPX8b— Israel National News – Arutz Sheva (@ArutzSheva_En) May 5, 2024
House Speaker Johnson was perhaps the most dramatic in his comparisons:
Speaker Johnson, addressing today’s Holocaust Remembrance Ceremony at the US Capitol, compares US college campuses to Nazi Germany. He says if you close your eyes, “you can hear screams coming from the gas chambers.” He says this is why Congress just passed $24 Billion for Israel
2:00
·
15.5K Views
Speaker Johnson, addressing today’s Holocaust Remembrance Ceremony at the US Capitol, compares US college campuses to Nazi Germany. He says if you close your eyes, “you can hear screams coming from the gas chambers.” He says this is why Congress just passed $24 Billion for Israel pic.twitter.com/wN6OeoMmEj— Michael Tracey (@mtracey) May 7, 2024
* * *
Overnight it’s been confirmed that Israeli ground forces have begun moving into Rafah, with IDF tanks having seized Gaza’s vital Rafah border crossing in the last hours. The IDF plans to monitor all aid going into the Gaza Strip, but international aid organizations warn this could be a death sentence for a population already teetering on the brink of full-blown famine.
In a Monday phone call President Biden had warned Israeli Prime Minister Benjamin Netanyahu against launching a ground attack on Rafah, but the Israeli leader has once again brushed off US ‘red lines’ as well as the warnings of other international allies like France.
In a first reaction since tanks entered Rafah, the US State Department has said: “We continue to believe that a hostage deal is in the best interest of the Israeli and the Palestinian people; it would bring an immediate ceasefire and allow increased humanitarian assistance into Gaza.”
An anonymous Israeli official has claimed to local media that this is a “limited operation” and that at this point the offensive is being used for leverage by Tel Aviv. “It is being implemented to pressure Hamas” to accept a deal, the officials said.
Israel has claimed that the Rafah crossing is being used “for terrorist purposes” after four IDF troops were killed near Kerem Shalom on Sunday due to an attack launched from near the crossing by Hamas militants.
The UN humanitarian affairs office has described that all fuel for aid trucks and generators enters the Strip through the Rafah crossing and that “If no fuel comes in for a prolonged period of time, it would be a very effective way of putting the humanitarian operation in its grave.”
But The Associated Press has confirmed:
The Israeli 401st Brigade entered the Gaza side of the Rafah crossing early Tuesday, the Israeli military said, taking “operational control” of it. Footage released by the military showed Israeli flags flying from tanks that seized the area. It also said that ground troops and airstrikes targeted suspected Hamas positions in Rafah.
Egypt now fears that a quarter-million people could quickly pour across the border and into the Sinai. Already Reuters has reported at least 23 people killed, including six women and five children, according to local hospitals.
Mass exodus of civilians seeking escape from Rafah…
Exodus from Rafah as Isrаеli viоlence spreads pic.twitter.com/1Nk7AxpC1k— What the media hides. (@narrative_hole) May 7, 2024
A Palestinian victim of the onslaught, Abu Amra, has been cited in Al Jazeera as saying. “We did nothing … we don’t have Hamas,” after his wife, two brothers, sister, and niece were reported killed. “We found fire devouring us. The house was turned upside down.”
But Israel’s military says its operations are targeted and aimed at rooting out terrorists. According to one limited operation detailed in Times of Israel:
The IDF and Border Police say they have wrapped up a 20-hour operation in the West Bank city of Tulkarem. Amid the operation, troops killed a gunman, detained six wanted Palestinians, seized weaponry and demolished three bomb-making labs, the military says.
Combat engineers also ripped up roads where explosive devices were planted, the IDF adds.
תיעוד: הטנקים של חטיבה 401 השתלטו על מעבר רפיח pic.twitter.com/j5KoycXHq9— איתי בלומנטל 🇮🇱 Itay Blumental (@ItayBlumental) May 7, 2024
So far, it seems a deal is not yet completely lost, as Israeli officials are said to be examining the Egyptian-Qatari proposed deal that on Monday Hamas said it had agreed to.
But Hamas has condemned the “dangerous escalation” in Rafah, saying in a statement, “This crime – which comes directly after the Hamas movement announced its approval of the mediators’ proposal – confirms the occupation’s
intention to disrupt mediation efforts for a ceasefire and the release of prisoners.” Meanwhile, domestic pressure in the US will grow for the Biden administration to do something.
END
RUSSIA/UKRAINE
Zelensky survives assassination attempt./
(zerohedge)
Zelensky Assassination Plot Foiled, Two Colonels Arrested, Ukraine Intelligence Says
The Ukrainian government and intelligence services are claiming that a major assassination plot targeting President Volodymyr has been thwarted. The plot also allegedly aimed to take out other top military and political figures.
Ukraine’s state security service (SBU) unveiled the plot Tuesday in announcing the detention of two colonels in the State Guard of Ukraine said to be involved in the criminal conspiracy. The State Guard is responsible for protecting top political as well as military figures, somewhat akin to the Secret Service in the US.
If found guilty, the detained colonels would face a life sentence, or possibly a worse fate given the country is currently under martial law due to the long-running war.
The SBU is alleging Russian involvement, specifically claiming that a network of agents from Russia’s Federal Security Service (FSB) had been “preparing the assassination of the president of Ukraine” and other senior officials.
“Counterintelligence were detained and SBU investigators foiled the plans of the FSB to eliminate the president of Ukraine and other representatives of the top military and political leadership of the state,” the SBU stated on Telegram.
Authorities say of the timing that the plot was intended to be initiated just prior to Russia’s Vladimir Putin being inaugurated for a fifth term as president on Tuesday. The Telegraph writes:
The failed kidnap and killing was supposed to be a ‘gift’ to Vladimir Putin ahead of his inauguration, the head of Ukraine’s secret service claimed.
The Kremlin has as expected denied these new accusations, as well as prior claims it orchestrated assassination attempts.
According to more details of the foiled attempt via the Associated Press:
The Ukrainian statement said the Russian intelligence agents targeting Zelenskyy sought out members of the Ukrainian military close to the president’s security detail who could take the head of state hostage and later kill him. The operation was run from Moscow, it said, providing the names of three alleged Russian spies behind the conspiracy.
The broader plan was to identify the location of senior Ukrainian officials and target them with a rocket attack, followed by drones and missiles.
“The enemy’s plan was as follows: first, the recruited agent had to observe the movement of the person under guard and pass information to the enemy,” the SBU said.
In 2022, Zelensky claimed to have survived ten assassination plots which were uncovered before conspirators got close.
Ukraine is linking the assassination plot to Putin’s inauguration happening in Moscow:
An incident in early March was widely reported as a direct Russian attempt to take Zelensky’s life. At that time the Ukrainian leader had visited the port city of Odessa with Greek Prime Minister Kyriakos. Russia reportedly sent missiles or drones against the city at the very moment of their visit.
Zelensky and Mitsotakis had described that explosions rang out while they toured Odesa. “We heard the sound of sirens and explosions that took place near us. We did not have time to get to a shelter,” Mitsotakis told reporters. Later reports of the incident claimed it was nothing less than a targeted assassination attempt.
RUSSIA/UKRAINE
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
Systematic Review Reveals Many COVID-19 Vaccine Recipients Experienced New-Onset Psychosis
TUESDAY, MAY 07, 2024 – 03:30 AM
Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
Individuals who took COVID-19 vaccines were found to have later suffered from psychosis, with Pfizer and AstraZeneca shots linked to most of the cases.
The peer-reviewed systemic review, published in the Frontiers in Psychiatry journal on April 12, examined cases of new-onset psychosis among people who took the vaccines. Psychosis refers to symptoms that occur when an individual has difficulty differentiating between reality and fantasy, with hallucinations and delusions being two key types. The review looked at 21 articles describing 24 cases of psychosis symptoms following vaccination. The researchers concluded that “data suggest a potential link between young age, mRNA, and viral vector vaccines with new-onset psychosis within 7 days post-vaccination.”
“Collecting data on vaccine-related psychiatric effects is crucial for prevention, and an algorithm for monitoring and treating mental health reactions post-vaccination is necessary for comprehensive management.”
Out of the 24 cases, 13 were female. The median age of participants was 36 years. Twenty-two patients (91.2 percent) had no specific history of somatic illness and comorbidities.
In 33.3 percent of the cases, administration of the Pfizer mRNA vaccine “potentially induced adverse psychiatric events,” the study said. The viral vector AstraZeneca vaccine was linked to psychotic symptoms in 25 percent of cases.
In 45.8 percent of incidences, psychotic symptoms were reported after the first shot and in fifty percent after the second dose.
“Almost all reviewed cases (95.8 percent) presented with psychotic symptoms, such as hallucinations (visual, auditory, olfactory, and tactile) and delusions (mostly persecutory and delusions of reference).”
The most common form of hallucination was auditory, experienced in 54.2 percent of the cases, while visual hallucinations were experienced by 12.5 percent of patients.
“Motor disturbances, such as increased or decreased motor activity and bizarre behavior, were mentioned in 83.3 percent of cases. In 3 (12.5 percent) cases, a suicidal attempt was described.”
The psychotic symptoms mostly lasted for a period of one and two months.
The patients were treated using various methods including antipsychotics and steroids, but only 12 out of the 24 made a full recovery. The remaining suffered from “residual symptoms such as decreased emotional expressions, low affect, or residual psychotic symptoms.”
In one case, the patient reported a positive COVID-19 test result. “Previous studies have shown that individuals with documented comorbidities and a history of COVID-19 infection exhibit a statistically significant increase in adverse events following vaccination,” the study noted.
Researchers speculated that inflammatory conditions following vaccination may be a reason behind the psychosis. The study found elevated C-reactive protein levels and mild to moderate leukocytosis—high white blood cell count—as the most common blood abnormalities. Both conditions have links with inflammation.
Another hypothesis suggested in the study was that post-vaccination psychosis could suggest a manifestation of autoimmune anti-NMDA encephalitis, a condition in which the immune system targets the brain neurons by mistake and causes inflammation.
Researchers noted that instances of anti-NMDA encephalitis have been repeatedly reported after vaccinations against infections like influenza, pertussis, yellow fever, and typhus.
“Considering the potential link between post-vaccination psychosis and autoimmune anti-NMDA encephalitis, it is advisable to consider immunological screening in individuals presenting psychiatric symptoms post-COVID-19 vaccination.”
A third possible reason suggested in the study is that the various speculations and uncertainties regarding the safety of COVID-19 vaccines could lead to people experiencing “significant stress,” which could end up triggering the development of psychiatric reactions.
The authors received financial support for the review, with the article-processing charge funded by Riga Stradins University, Latvia. Researchers declared no conflicts of interest in the study.
Post-Vax Psychosis Cases
Episodes of psychosis after taking COVID-19 shots have been detailed in several case studies. In one instance, a 15-year-old boy from Taiwan was sent to hospital two days after taking the second Pfizer shot. He was screaming and exhibiting agitation and uncontrollable limb stretching.
Other bizarre behaviors included sitting up and lying down frequently. The child was prescribed antipsychotics yet his behaviors continued to persist after being discharged for more than a month.
The doctors then put the boy under a steroid regimen, which is anti-inflammatory and helps calm down an overactive immune system. His symptoms then improved.
In another case from Brazil, a woman in her 30s, who was previously healthy, developed refractory psychosis within 24 hours of taking an mRNA COVID-19 shot. The woman had disorganized thoughts, was aggressive, and believed she was being persecuted at the hospital.
Even though she was treated with mood stabilizers and antipsychotics, her behavior showed improvements only after four months of hospitalization. However, her psychosis continued.
A May 2022 review described the case of an 18-year-old woman who developed psychotic symptoms on the same day she took the first dose of AstraZeneca vaccine.
“Symptoms started few hours after the vaccination with irrelevant talk. Over the next three days, it progressed to irritability, delusions of persecution and reference, and visual hallucinations.”
Another case study detailed the situation of a 45-year-old woman with no family history or personal history of mental disorders who ended up developing psychosis a month after she received a COVID vaccine. She quit her 18-year-old job abruptly and displayed erratic behaviors.
END
MARK CRISPIN MILLER
END
DR PAUL ALEXANDER
SLAY NEWS
| The latest reports from Slay News |
| Bill Gates Admits Testing Nanotech on Public with mRNA VaccinesMicrosoft co-founder Bill Gates has admitted to testing self-assembling nanoparticle technology on the public using Covid mRNA shots.READ MORE |
| AstraZeneca Admits Covid Shots Cause Deadly Blood ClotsPharmaceutical giant AstraZeneca has been forced to admit in court that the company’s Covid mRNA shots cause deadly blood clots.READ MORE |
| Chinese Scientists Create Deadly Mutant Ebola Virus StrainScientists in Communist China have engineered a deadly mutant strain of the Ebola virus, according to reports.READ MORE |
| Transgender Runner ‘Wins’ Women’s Events, Race Times Would Have Put Him in Last Place against MenA male transgender runner claimed “victory” after winning three women’s events during a college championship meet over the weekend.READ MORE |
| Trump Campaign Reveals Massive April Fundraising HaulPresident Donald Trump’s 2024 campaign has just revealed a massive fundraising haul for the month of April.READ MORE |
| Biden DOJ Official Kristen Clarke Concealed Prior Arrest during Senate Confirmation HearingA top official in President Joe Biden’s Department of Justice (DOJ) has left egg on the face of the administration and Senate Democrats after concealing a disqualifying prior arrest.READ MORE |
| Nevada Supreme Court Removes Woke District Judge from Criminal CaseThe Nevada Supreme Court has stepped in and overruled the state’s judicial circuit regarding a controversial criminal case.READ MORE |
| Judge Rules on College Suspensions of Arrested Anti-Israel AgitatorsA judge in Arizona has ruled on a case regarding the college suspensions of several students behind anti-Israel protests on campus.READ MORE |
| ‘Greedy’ Meghan Markle ‘Laughed Out of Hollywood’Since her peak after being anointed the Duchess of Sussex, Meghan Markle’s popularity has plummeted in the years since she essentially split from the Royal Family.READ MORE |
EVOL NEWS
LATEST NEWS:
NEWS ADDICT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
“Oooh! Rate Cuts!” vs. “Oh! Not Rate Cuts”
TUESDAY, MAY 07, 2024 – 11:45 AM
By Michael Every of Rabobank
“Oooh! Rate Cuts!” vs. “Oh! Not Rate Cuts”
Markets are their own happy story this morning as “Oooh! Rate cuts!” is again the meme du jour. But back in the real world it’s “Oh! Not rate cuts.”
Yemen’s Houthis say they can now hit the Eastern Mediterranean as well as the Indian Ocean and the Red Sea. If all three and Suez are out of bounds for Western shipping without naval escort, Operation ‘Prosperity Guardian’ is an expensive bad joke.
What isn’t, incredibly, is the Houthis telling US university anti-Israel protestors they can transfer to finish their studies in Yemen due to their ideological sympathies: “I was doing Marxist Critical Poetry, but now I want to switch to an PhD in Piracy.” That’s as Israel tells US Jewish students and professors to move there if the Western atmosphere stays as ugly as the latest report on global antisemitism underlines. So, global and local bifurcations happening in tandem; and even in the latest UK local elections, where many independent candidates won council seats purely on a ‘Gaza’ platform. Care to project the socio-political ‘dot plot’ from here like you do the Fed?
That’s as Hamas ‘accepts the latest ceasefire plan for Gaza’ but Israel rejects it, saying Hamas is talking about a different deal to the one agreed on the hostages. Israel may soon move on Rafah, with limited strikes already happening in response to Hamas rocket fire from there killing 4 Israeli soldiers overseeing aid flows into Gaza at the Kerem Shalom crossing. The Israeli press also reports Hamas may blow up the Egypt–Gaza border wall to precipitate a mass exodus into Egypt, creating chaos there. Fighting between Israel and Hezbollah also continues without yet reaching a tipping point. And the White House chose Israel’s Holocaust Memorial Day on Monday to block a shipment of already agreed ammunition to it, the symbolism of which may not have been obvious in D.C. but was very clear in Israel.
Rumours also flew this morning that Saudi Arabia’s Prince Mohammad Bin Salman was subject to an unsuccessful assassination attempt that left several dead and injured. What actually happened is unclear, and this may be fake news. Yet if true, who might want to destabilise Saudi Arabia, and the entire Middle East?
China’s Xi asked France’s Macron to help avoid a global Cold War 2, which means not taking the kind of trade actions against Beijing that Von der Leyen and Draghi want. Even the Financial Times notes, “China’s charm offensive in Europe has threatening undertones and is likely to fail as a result.” Yet if we are to see EU-China trade war, echoing US-China trade war, Europe helpfully just told China where it is most vulnerable to counter pressure in saying, “we should treat agriculture as a sector strategic for security, which requires special protection.” Naturally, China is already starting a counter-probe into French brandy in response to EU probes on EVs and green goods.
China has reportedly just hacked the British Ministry of Defence, and allegedly dropped flares dangerously close to an Australian military helicopter in international waters in the Yellow Sea, where it is helping to enforce UN sanctions against North Korea.
Russia’s Putin has ordered exercises with strategic nuclear weapons in response to Macron’s “strategic ambiguity” over French boots on the ground in Ukraine.
Western intelligence chiefs warn Russia may expand sabotage operations across Europe (and the US?), taking out critical infrastructure or economic targets. That would disrupt the supply side of GDP, potentially a lot; and/or would mean a lot more on the fiscal side to protect soft targets. And what can the West do in response? Nothing similar: it’s a free option for Russia. Only Ukraine seems able to take out Russian factories and oil refineries – and the US is angry when it does the latter, as it points to higher energy prices eventually. And we can’t have that in an election year.
So, geopolitics remains inflationary. The only issue is how much, where, and for how long.
Shifting gears to socioeconomics, Bloomberg notes ‘Global Housing Shortages Are Crushing Immigration-Fueled Growth’, and “households go backwards in 13 developed economies as record immigration runs into a housing crisis.” Bloomberg just noticed Western immigration has soared? They couldn’t have predicted that Western economies which couldn’t build enough houses for their populations before Covid and saw a housing boom during Covid, would fail to add the required “affordable* housing for a population surge after Covid? They are surprised that while high immigration keeps a lid on still-high wage growth, it also pushes up house prices and rents further, which then mean higher inflation overall? And Bloomberg are shocked we are also seeing declining real GDP per capita across much of the West as a result?
Anyone looking at the bigger picture, or across disciplines, would have always said one should track real GDP per capita closely: what’s the point of higher GDP if people are worse off? Or, at least, they should do what I was doing 20 years ago when covering the US: looking at “real payrolls”, where you subtract out-of-normal-trend demographic changes from the monthly jobs data: some at the Fed just woke up to this – who next? Right now, that might mean weaker-than-it-looks labor data (“Oooh! Rate cuts!”). However, it doesn’t change anything about the supply-demand dynamic for must-have housing: it just creates a host of different, difficult problems that will ultimately flow back to markets one way or another. (“Oh! Not rate cuts.”)
7.OIL PRICES/GAS PRICES/OIL ISSUES
Russia Ready To Alter OPEC+ Production if Necessary
TUESDAY, MAY 07, 2024 – 10:25 AM
By Tsvetana Paraskova of OilPrice.com
The OPEC+ group is still studying whether to raise oil production but it would act on supply if necessary, Russian Deputy Prime Minister Alexander Novak said on Tuesday.
The possibility to raise supply is still being reviewed, Russia’s top oilman said, as carried by Russian news agency Interfax.
“It always depends on the current situation, the balance of supply and demand,” Novak said.
“Everything is being analyzed. Right now, you don’t need to predict anything, you just need to see how the market feels,” he said.
Novak added that OPEC+ participants “are constantly monitoring the situation, and this is our plan for the second quarter, we agreed with our colleagues that these voluntary cuts can be adjusted to boost supply if necessary.”
“This is a constant process,” Novak stressed.
The OPEC+ group is meeting on June 1 to decide how to proceed with the current production cuts in the second half of the year. The current supply agreement which removes around 2.2 million barrels per day (bpd) off the market now including Saudi Arabia’s 1 million voluntary cut, expires at the end of June.
As of the end of last week, OPEC+ had yet to start formal talks on the alliance’s production policy, sources from producers part of the deal told Reuters.
If oil demand fails to accelerate, the group could keep the oil production cuts in place, the sources added.
“We think there’s a good chance that OPEC+ will extend beyond June – but we aren’t yet putting a firm view because we don’t think they’ve actually got into the real period of discussion and decision-making,” Richard Bronze of consultancy Energy Aspects told Reuters.
The majority of analysts expect OPEC+ to extend the cut into the second half of 2024, according to a survey by Bloomberg from last week.
end
Idiot!!
Biden Ready To Use SPR Again If Oil Prices Rise
TUESDAY, MAY 07, 2024 – 01:40 PM
Several weeks after we reported that – very unsurprisingly – the Biden admin had halted its laughable attempts to refill the SPR as oil prices soared (having missed its entire window to do so when WTI was trading in the low $70s), we speculated that it may be only a matter of time before the senile president decides to start draining the strategic reserve all over again to keep gas prices low ahead of the election.
Now we get confirmation of just that: as OilPrice reports, President Biden will use crude oil from the strategic petroleum reserve should the need arise, energy adviser Amos Hochstein has said, noting there was enough oil in the reserve, which of course is true but what it misses is that under Biden the SPR has already been drained by half.
“We have been replenishing into the SPR for the last several months. I think we have sufficient supply in the SPR to address any kind of concern in the economy if we need it,” Hochstein said, speaking at the Milken Institute Global Conference, as quoted by Reuters. And by “replenishing” he meant refilling 15 million barrels after draining almost 300 million for purely political purposes.
The U.S. saw the stockpiles of crude oil in the SPR fall from 638 million barrels at President Joe Biden’s inauguration to just 347 million barrels by the summer of 2023 as the administration tried to bring down gasoline prices for consumers by releasing over 180 million barrels from the SPR.
Recently, talk has restarted about the possibility of using the SPR to bring down retail fuel prices in case the conflict between Israel and Hamas escalates, leading to higher oil prices and, consequently, higher gasoline and diesel prices for U.S. drivers.
Since rising fuel prices are the last thing a president running for a second term wants to experience in an election year, SPR releases were seen by many as the most likely course of action. This, in turn, prompted questions about whether there is enough oil in the SPR since the federal government’s replenishment efforts have been quite sporadic due to prices. Several offers for the purchase of 3 million barrels have been canceled already because prices got too high for the Department of Energy, which had set itself a ceiling of $79 per barrel.
As of January, the DoE had bought back some 32.3 million barrels out of the more than 180 million barrels that were released in 2022. In addition to those volumes, the Department of Energy is getting back some 4 million barrels that were lent to energy companies. The volume in the SPR as of January was about 364 million barrels.
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 TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0768 UP .0008
USA/ YEN 154.51 UP 0.271 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2542 DOWN .0017
USA/CAN DOLLAR: 1.3682 UP .0011(CDN DOLLAR DOWN 11 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 7.02 PTS OR .22%
Hang Seng CLOSED DOWN 98,93PTS OR 0.53%
AUSTRALIA CLOSED UP 1.42 %
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 98.93 OR 0.53%
/SHANGHAI CLOSED UP 7.02 PTS OR 0.22%
AUSTRALIA BOURSE CLOSED UP 1.42%
(Nikkei (Japan) CLOSED UP 500.03 PTS OR 1.57%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2314.00
silver:$27.25
USA dollar index early TUESDAY morning: 105.08 UP 17 BASIS POINTS FROM MONDAY’s CLOSE.
TUESDAY MORNING NUMBERS ENDS
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And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.065% DOWN 5 in basis point(s) yield
JAPANESE BOND YIELD: +0.857% DOWN 4 AND 2/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.206 DOWN 6 in basis points yield
ITALIAN 10 YR BOND YIELD 3.771 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4206 DOWN 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR TUESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0774 UP 0.0006 OR 6 basis points
USA/Japan: 154.33 UP 0.094 OR YEN IS DOWN 9 BASIS PTS
Great Britain/USA 4.1777 DOWN .0008 OR 8 BASIS POINTS //
Canadian dollar DOWN 19OR 19 BASIS pts to 1.3689
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed DOWN
ON SHORE CLOSED UP AT 7.2182 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2225)
TURKISH LIRA: 32.26 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.857…
Your closing 10 yr US bond yield DOWN 6 in basis points from THURSDAY at 4.428% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.577 DOWN 7 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.810 UP 1 BASIS PTS.
GOLD AT 11;30 AM 2316.85
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: TUESDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 100.18 PTS OR 1.22
German Dax : CLOSED UP 254.84 PTS OR 1.40%
Paris CAC CLOSED UP 79.04PTS OR .99 %
Spain IBEX CLOSED UP 163.80 OR 1.61%
Italian MIB: CLOSED UP 17.43PTS OR 1.67 PTS
WTI Oil price 78.14 12EST/
Brent Oil: 83.20 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 91.30 ROUBLE UP 0 AND 30/100
GERMAN 10 YR BOND YIELD; +2.4205 DOWN 7 BASIS PTS.
UK 10 YR YIELD: 4.177 DOWN 7 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0754 DOWN 0.0013 OR 13 BASIS POINTS
British Pound: 1.2509 DOWN 0.0050 UP 50 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.1680 UP 2 BASIS PTS//
JAPAN 10 YR YIELD: .857
USA dollar vs Japanese Yen: 154.66 UP 0.419/ YEN down 42 BASIS PTS//
USA dollar vs Canadian dollar: 1.3727 UP.0056 //CDN dollar DOWN 56 BASIS PTS
West Texas intermediate oil: 78.49
Brent OIL: 83.23
USA 10 yr bond yield DOWN 3 BASIS pts to 4.454
USA 30 yr bond yield DOWN 4 BASIS PTS to 4.602%
USA 2 YR BOND: DOWN 1 PTS AT 4.828
USA dollar index: 105.26 UP 34 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32. 27 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 91.11 UP 0 AND 24//100 roubles
GOLD 2,315.50 3:30 PM
SILVER: 27.27 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 31.99 PTS OR 0.82 %
NASDAQ DOWN 2.12PTS OR 0.012%
VOLATILITY INDEX: 13.24 DOWN 0.25PTS OR 0.180%
GLD: $214.21 DOWN .99 OR 0.46%
SLV/ $24.92 DOWN .15OR 0.60%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Kashkari & Consumer Credit Curtail Stock & Bond Gains
BY TYLER DURDEN
TUESDAY, MAY 07, 2024 – 04:00 PM
Another quiet macro day (although an ugly picture was painted late on by the unexpectedly weak revolving credit increase – potentially signaling a US consumer who really has hit their limit).
Some FedSpeak wiped a little lipstick off the early pig’s squeeze higher as Kashkari seemed to offer both sides some hope (but it spoiled the fun with the ‘we could hike’ line):
“It’s a little too soon to declare that we’re definitely stalled out [on disininflation],” Kashkari says on Bloomberg Television.
“The most likely scenario is we sit here for an extended period of time,” he added later at the Milken Institute Global Conference.
“If inflation starts to tick back down or we saw some marked weakening in the labor market then that might cause us to cut back on interest rates.”
“Or if we get convinced eventually that inflation is embedded or entrenched now at 3% and that we need to go higher [in rates], we would do that if we needed to,” he added.
Stocks reversed their gains (leaving only squeezable Small Caps higher). Selling pressure in the last few minutes really took the shine off…
Goldman’s trading desk highlighted the fact that their buyback desk was running at 1.4x ytd daily avg notional executed (Equating to $5.5b of US equities purchased street wide on daily basis). They also added that ETF and Swaps desks are much more active than cash and dominated by HF activity (short hedges getting scaled back).
The post-Powell resurgence of Mag7 stocks stalled today…
Source: Bloomberg
…and ‘most shorted’ stocks flatlined as algos could not ignite any momentum…
Source: Bloomberg
Treasury bonds also reversed on Kashkari’s comments (yields reversing higher to almost erase earlier declines)…
Source: Bloomberg
While stocks and bonds reversed on that, rate-cut expectations were stoic…
Source: Bloomberg
The dollar rallied for the first time in 5 days (but only modestly)…
Source: Bloomberg
…and the dollar’s gains were gold’s losses…
Source: Bloomberg
Bitcoin was quiet… too quiet.. today, hovering just above $63,000…
Source: Bloomberg
…after a second day in a row of net inflows…
Source: Bloomberg
Oil prices were flat on the day, recovering from losses during the EU session…
Source: Bloomberg
Finally, with copper top of mind for many, we brushed off a oldie-but-a-goodie chart – comparing copper/gold to 10Y yields…
Source: Bloomberg
Either copper is very cheap (relative to gold) or 10Y yields are too high (i.e. growth/flation under-priced in copper and/or over-priced in bonds).
END
MORNING TRADING/
AFTERNOON TRADING/
II USA DATA
Shocking Collapse In Credit Card Debt Growth Just As Card APRs Hit All Time High
TUESDAY, MAY 07, 2024 – 03:40 PM
After several months of wild swings in US consumer debt, culminating with last month’s jump in credit card debt to a new all time high despite record high credit card rates, in March households finally hit a brick wall because according to the latest consumer credit data published by the Federal Reserve moments ago, in the last month of Q1, total consumer debt rose by a paltry $6.274 billion, which was not only nearly a more than 60% miss to consensus estimates of $15.0 billion…
… but also a dramatic slowdown from February, tumbling by almost $9BN, the biggest monthly drop in the rate of change in 2024.
But it was when looking into the details of the report, we find something remarkable: while non-revolving credit rose a modest $6.1BN, up a bit from February’s $4.3BN, and exactly half the $12.2BN average monthly increase in nonrevolving credit over the past decade…
… which is to be expected in a time when student debt continues to shrink due to illegal debt discharges by the Biden admin (which is defying SCOTUS and continues to forgive billions in student loans) while auto loans are barely rising due to record interest rates…
… what was the biggest shock in today’s data was the absolute collapse in revolving credit growth, i.e., credit card debt, which plunged from a $10.7BN increase in February – one of the biggest monthly prints on record – to barely positive, or $152 million, the smallest monthly increase since the covid crash!
Of course with the Fed refusing to cut rates – for good reason – the brutal slowdown in new credit card debt is hardly a surprise since as the Fed also reported that in Q1, the average rate across all commercial banks on all credit card amounts just hit a new record high of 21.59%, which is a vivid reminders that while banks are happy to hike credit card rates, they rarely if ever cut them, and it’s also one of the main reasons why Goldman’s trading desk just went bearish on US consumers.
Yet with consumers ever more strapped for actual cash and equity, as the personal savings rate in the US has collapsed from over 5% to 3.2% – the lowest since 2022 – in just a few months…
… there is only so much more credit card maxing out that can take place before reality finally sets in, as can be seen in the next and perhaps most striking chart yet: total credit card debt is record high while the personal savings rate is record low!
Then again, with an election on the horizon – one which ensures that any credit-card fueled spending must be encouraged – don’t be surprised if the White House instructs banks to just ignore soaring delinquency and charge-off rates…
… as discussed previously in “These Are The 5 Charts The FDIC Does Not Want You Paying Attention To”, only for the hammer to fall on the first day of Trump’s new presidency.
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
Surging Distress In CRE CLO Loans Spurs Lender Rush To Repurchase Delinquent Multifamily Mortgages
The commercial real estate sector continues to experience elevated stress (see the state of the industry in charts). The latest crack to emerge is the increasing number of delinquencies on multifamily mortgages.
In April, about 8.6% of commercial real estate loans bundled into collateralized loan obligations were distressed, reaching the record high set in January, according to Bloomberg, citing new data from analytics firm CRED iQ.
The loans bundled into CRE CLOs were merged with funds from individual investors to acquire multifamily housing during the Covid era. After that, borrowing rates surged, catching many off guard. A significant portion of the deteriorating loans had floating-rate interest rates, putting massive pressure on landlords’ cash flows, diminishing the market worth of the properties, and obliterating equity in a large number of investments.
According to data provider Trepp, $78.5 billion of CRE CLO loans are outstanding. This means many CRE CLO issuers are racing to find ways to prevent a tsunami of bad loans from defaulting or risk losing the fees they collect on the securities.
Recent estimates from JPMorgan show lenders purchased $520 million of delinquent loans in the first quarter of this year. Lenders have been ramping up the number of buyouts over the last four quarters because of mounting bad loans in a period of elevated rates.
JPMorgan strategist Chong Sin said he’s surprised by lenders’ ability to obtain warehouse lines to purchase bad debt, given tightening credit conditions.
“The reason these managers are engaged in buyouts is to limit delinquencies,” Sin said, adding, “The wild card here is, how long will financing costs remain low enough for them to do that?”
Anuj Jain, an analyst at Barclays Plc, expects buyouts to continue as distress increases across the CRE CLO space.
“If the outlook for the Fed shifts materially to hikes or no rate cuts for a while, that might lead to a sharp increase in delinquencies, which can stifle issuers’ ability to buy out loans,” Jain said.
Bloomberg explains much of the CLO space derives from multifamily bridge loans originated around 2021-2022:
CRE CLO issuance surged to $45 billion in 2021, a 137% increase from two years earlier, when buyers of apartment blocks sought to profit from the wave of workers moving to the Sun Belt from big cities. Three-year loans would give them time to complete upgrades and refinance, the thinking went.
Fast forward to today and the debt underpinning many of the bonds is coming due for repayment at a time when there’s less appetite for real estate lending, insurance costs have skyrocketed and monetary policy remains tight. Hedges against borrowing cost increases are also expiring and cost significantly more to purchase now.
Those blows helped increase multifamily assets classed as distressed to almost $10 billion at the end of March, a 33% rise since the end of September, according to data compiled by MSCI Real Assets.
Last Wednesday, the Fed left interest rates unchanged at around 550bps as inflation data reaccelerates and economic growth tilts to the downside, stoking stagflation fears.
Fed swaps are pricing in just under two cuts – this is down from nearly seven earlier this year and about 1.14 before last week’s FOMC.
Meanwhile, bears are piling in on CRE CLO issuer Arbor Realty Trust Inc., with 40.3% of the float short, equivalent to 73 million shares short.
“The multifamily CRE CLO market was not prepared for rate volatility,” said Fraser Perring, the founder of Viceroy Research, which has placed bear bets against Arbor, adding, “The result is significant distress.”
The longer the Fed delays rate cuts, the worse the CRE mess will get.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
Mass Arrests In NYC As More Than 1,000 Pro-Palestine Protesters March To Met Gala
MONDAY, MAY 06, 2024 – 07:40 PM
The NYPD has begun arresting people after more than 1,000 pro-Palestine demonstrators marched through upper Manhattan towards the Metropolitan Museum of Art, which is hosting the star-studded Met Gala.
As protesters marched down 5th Avenue towards the event, blocking traffic, cops stepped in at the East 79th Street Transverse at Central Park and started the arrests, the NY Post reports.
NOW: Pro-Palestine protesters sprint towards Park Avenue to rejoin the march, which has been circling around the Met
Earlier tonight the march became separated into 3 segments but the 3 segments have now rejoined pic.twitter.com/0OzDCiza9N— katie smith (@probablyreadit) May 6, 2024
“This is an exercise in futility at this point. There’s nowhere for them to go,” one cop attempting to control the crowd was heard telling his partner, according to the report.
The protesters then filed out of the park and were within sight of the Met, but dozens of police formed a blockade — standing two cops deep — preventing them from heading north.
“Is that the Met?” one protester asked a friend. “Oh no, we were so close.”
The group tried to reach the museum again by turning down East 81st Street but was again stopped by more police barricades at the intersection with Madison Avenue. -NY Post
Multiple arrests of pro-Palestine protesters near the Met Gala, where protests at NYU and Hunter College converged.
SRG is now marching down the street threatening arrest of anyone in the roadway. pic.twitter.com/VOdd52odeQ— Isabelle (@isabelle_leyva) May 6, 2024
“Disclose, divest, we will not stop, we will not rest,” the group chanted while waving Palestinian flags and wearing keffiyeh face coverings.
#BREAKING MASS ARRESTS outside #MetGala during Pro-palestine protest ‘DAY OF RAGE’ as they marched from Hunter College for Rafah
Video by @yyeeaahhhboiii2Desk@freedomnews.tv to license pic.twitter.com/neJQcf8TnY— Oliya Scootercaster 🛴 (@ScooterCasterNY) May 6, 2024
“Who do you serve? Who do you protect?” the crowd barked at the cops.
🚨#BREAKING: New York Police have just Declare Level 3 Mobilization as Pro-Palestine Clashing Outside Met Gala Forcefully Tearing Through Barricades
📌#Manhattan | #NewYork
Currently hundreds of pro-Palestine protesters and other activists are clashing with New York police… pic.twitter.com/B4vF0aUaUE— R A W S A L E R T S (@rawsalerts) May 6, 2024
🚨#BREAKING: Hundreds protest near the Met Gala in solidarity with Palestine and calling for a ceasefire in Gaza. pic.twitter.com/Awqi7PfC29— Suppressed News. (@SuppressedNws) May 6, 2024
Things are getting a little chaotic.
🚨 JUST IN: HUNDREDS of Palestine “protestors” are SMASHING through police barricades and running towards Met Gala
Things are getting UGLY in NYCpic.twitter.com/9CqqWSBs9R— Nick Sortor (@nicksortor) May 6, 2024
Only days ago, we asked, “Will Campus Chaos Across America’s Woke Universities Spread To The Streets?”
END
iiiC USA COVID //VACCINE ISSUES
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FREIGHT ISSUES/USA
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VICTOR DAVIS HANSON
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END
SWAMP STORIES
Trump” the constitution is far more important than jail time”
(zerohedge)
Stormy Daniels Expected To Testify Today In Trump Hush Money Trial
TUESDAY, MAY 07, 2024 – 09:45 AM
Stormy Daniels is “likely” to testify on Tuesday in Trump’s hush money trial, his attorney Clark Brewster told the Associated Press.
In response, Trump posted to Truth Social – then deleted – an angry response, saying “I have just recently been told who the witness is today. This is unprecedented, no time for lawyers to prepare. No judge has ever run a trial in such a biased and partisan way.”
According to Politico, “Trump lawyer Susan Necheles said prosecutors told Trump’s defense that Stormy Daniels will be the second witness today. The lawyers, outside the presence of the jury, are now re-arguing about whether Daniels will be permitted to testify in detail about her alleged sexual encounter with Trump.“
Daniels was paid $130,000 by former Trump attorney and personal fixer, Michael Cohen, in the closing weeks of Trump’s 2016 Republican presidential campaign, over what she says was a sexual encounter in July 2006.
Daniels’ testimony, even if sanitized for a courtroom setting and stripped of tell-all details, is by far the most-awaited spectacle in a trial that has toggled back and forth between tabloidesque elements and dry recordkeeping details. Her turn on the witness stand will represent a remarkable moment legally and politically, with courtroom testimony from an adult film performer about an intimidate encounter she says had with Trump adding to the long line of historic firsts in this case. -AP
Cohen paid Daniels after her previous attorney, Keith Davidson, threatened to have her make on-the-record statements to the National Enquirer or on television about the alleged sexual encounter. National Enquirer editor Dylan Howard alerted boss David Pecker – who told Cohen that Daniels was threatening to go public, after she had previously sought to sell her story to another celebrity gossip magazine in 2011, Life & Style, AP continues.
Trump’s deleted post came one day after the judge in the case, Juan Merchan, threatened to throw Trump in jail if he continued to violate a gag order in the case.
“Your continued violations of this court’s lawful order threaten to interfere with the administration of justice in constant attacks, which constitute a direct attack on the rule of law. I cannot allow that to continue,” Merchan said on Monday.
Trump appeared to call his bluff, telling the press outside the courtroom that “Frankly, you know what, our Constitution is much more important than jail. It’s not even close. I’ll do that sacrifice any day.”
On Monday, the jury heard from two witnesses; former Trump Organization controller Jeffrey McConney, who explained the process that the company used to reimburse payments that were allegedly meant to suppress embarrassing stories from surfacing, which were then logged as legal expenses in a way that Manhattan prosecutors said broke the law.
That said, McConney also said that Trump did not personally ask him to log them as legal expenses. What’s more, Keith Davidson, Stormy’s former lawyer, testified that the payments weren’t “hush-money,” but was instead a “consideration.”
Trump has been found in contempt twice for a total of 10 violations of the gag order.
Trump has denied having sex with Daniels, and previously referred to her as “horseface.”
KING REPORT
| The King Report May 7, 2024 Issue 7237 | Independent View of the News |
| @AFP: Gaza officials say Israeli jets strike two Rafah areas military had ordered evacuated Palestinian presidency calls on US to stop Israel from conducting large-scale invasion of Rafah to prevent a “massacre” US fears Israel speeding up Rafah invasion timeline after deadly Hamas attack A Hamas rocket attack on Sunday killed four Israeli soldiers. https://www.politico.com/news/2024/05/06/us-israel-rafah-invasion-hamas-attack-00156256?s=02 @IDF: A Hamas command and control center located in central Gaza at an active @UNRWA location was precisely struck by IAF fighter jets. The location served as a staging ground for multiple attacks on IDF troops and humanitarian aid distribution efforts as well as a weapons supply facility for Hamas terrorists. Hamas intentionally positioned the command and control position in this location to jeopardize the Gazan civilians taking refuge there. Al Jazeera: Hamas accepts Qatari-Egyptian proposal for Gaza ceasefire ~12:35 ET About an hour after Al Jazeera’s ceasefire news, reports like the following appeared: @michaelh992: Several journalists in Israel, as well as Sky News Arabia claim Hamas did not agree to the initial Egyptian proposal but to an amended proposal. @JimHansonDC: Hamas unilaterally changed language in hostage deal from 33 live hostages to 33 hostages or bodies They don’t likely have 33 live hostages to trade… (If true Obama-Biden are toast!) https://twitter.com/JimHansonDC/status/1787599871450452370 @AviMayer: Israeli officials are calling Hamas’s announcement that it accepts the current ceasefire agreement “a trick,” saying it refers to a one-sided proposal that did not receive Israeli approval and includes terms considered unacceptable. Israel Says Hamas Proposal ‘Far From’ Its Cease-Fire Demands – BBG 15:11 ET Israel Says It Will Continue Rafah Operation to Pressure Hamas – BBG 15:11 ET Axios’ @BarakRavid: Israeli prime minister’s office: the war cabinet decided that “although Hamas proposal is far from Israel’s necessary requirements“, Israel will send a delegation of working-level mediators “to exhaust the possibility of reaching an agreement under conditions acceptable to Israel.” Israeli prime minister’s office: The War Cabinet unanimously decided that Israel continues the operation in Rafah to exert military pressure on Hamas in order to promote the release of our hostages and the other goals of the war. @IDF: The IDF is currently conducting targeted strikes against Hamas terror targets in eastern Rafah in southern Gaza. 15:18 ET @OANN: Spokesman John Kirby confirms President Joe Biden made it clear to Israeli Prime Minister Netanyahu today that he is against a ground operation in Rafah. (Bibi doesn’t care what Obamaites say) https://twitter.com/OANN/status/1787561425550156150 Israel moves to capture the Palestinian side of Rafah border crossing, sources say The Rafah crossing is a main entry point for humanitarian aid into Gaza and Israel says the eastern part of the city is a strategic site for Hamas… The source said Israel believes taking over the Rafah crossing will eliminate Hamas’ main ability to show it is still ruling Gaza… https://www.axios.com/2024/05/06/israel-gaza-rafah-invasion-hamas-hostage-deal NY Fed survey finds Americans bracing for higher housing costs The New York Fed said that in February respondents predicted home prices would rise 5.1% a year from now, up from the 2.6% they predicted a year ago. But five years from now, respondents see home prices up by 2.7%, from 2.8% in last year’s poll. On the rental front, respondents reckon costs a year from now will be up 9.7%, the second-highest reading in the survey’s history, from 8.2% in the poll done in February 2023. Five years from now, survey respondents see rent “essentially flat,” the New York Fed said, at 5.1%… (Remember when Fed clowns said, ‘inflation expectations remain subdued?’ Good times!) https://finance.yahoo.com/news/ny-fed-survey-finds-americans-151238747.html Tyson Foods shares sink on worries over consumer demand, third quarter High commodity costs could weigh on third-quarter results in prepared foods, said Melanie Boulden, the unit’s president. She added that inflation is pressuring consumers, particularly those from lower-income households, at retail stores and food-service outlets… (Jerome & Fed leftists don’t care!) https://www.reuters.com/business/retail-consumer/tyson-foods-beats-profit-estimates-cost-control-efforts-sales-slip-2024-05-06/ Loews reports higher profit on strong returns on investment income “CNA continues to experience strong profitable growth, reporting its highest ever first-quarter core income,” said James S. Tisch, President and CEO, Loews Corporation… https://t.co/FFsjxn1bXo Traders ignored the Israel-Hamas developments and other unpleasant news because the Fed has made it clear that it desperately wants to cut rates and it will allow inflation to run hot to keep Trump away. ESMs opened +15.00 on Sunday night but quickly sank to a minuscule gain. They then traded sideways until an intractable rally commenced at 4 ET that took ESMs to 5187.75 at 10:41 ET. After an A-B-C retreat to 5178.25 at 12:19 ET, ESMs surged higher until they hit a daily high of 5207.75 at 15:56 ET. Positive aspects of previous session Stocks rallied sharply; USMs were +8/32 at the NYSE close The NY Fangs+ Index soared 1.9% (NVDA +3.77%) despite Buffett’s massive dump of Apple (-0.91%) Negative aspects of previous session Gasoline rallied sharply; oil rallied moderately on Israel-Hamas news 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: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5168.05 Previous session S&P 500 Index High/Low: 5181.00; 5142.42 @CBSNews: Russia said it plans to hold drills simulating the use of battlefield nuclear weapons, amid rising tension following comments by senior Western officials about the possibility of deeper involvement in the war in Ukraine. https://t.co/Pgm5Vh2NbA Hamilton Haul – NYC nonprofit that instigated Columbia Takeover Got $21M from Goldman Charity https://nypost.pressreader.com/new-york-post/20240506/281479281498499/textview @GameofTrades_: The yield curve has been inverted for +500 days. This has only happened 3 times since 1920: 1. 2008; 2. 1929; 3. 1974 – All 3 saw more than 50% market declines. We expect a final rally to occur before recessionary concerns finally kick in later in 2024. https://t.co/J1ucAj9BCo @charliebilello: US Stock Market Capitalization as % of GDP… 1984: 42%; 1994: 63%; 2004: 93%; 2014: 114%; 2024: 187% https://t.co/PkFAa3WHD4 Today – After a strong Thursday through Monday sequence, stocks tend to retrench on Tuesday. However, stocks are very, very unpredictable now. Equities are breaking out from the downtrend that was established in April. Only bulls are more excited about rate cut hype and action than Fed leftists. There is no telling where stocks might go now that the Fed has told the world in crystal clear terms that inflation and American consumers take a backseat to keeping Trump from the presidency. The Fed in conjugation with The Street and its speculative products (0DTE options et al) are providing the ‘Bread & Circuses’ to divert attention from the dire situations in the US & world. NQMs are -16.00; ESMs are -0.50; USMs are unchanged; and Gold is +6.50 at 20:55 ET. Fed Speakers: Minn President Kashkari 11:30 ET Expected economic data: March Consumer Credit +$15.0B S&P Index 50-day MA: 5132; 100-day MA: 4990; 150-day MA: 4791; 200-day MA: 4707 DJIA 50-day MA: 38,732; 100-day MA: 38,336; 150-day MA: 36,992, 200-day MA: 36,427 (Green is positive slope; Red is negative slope) S&P 500 Index (5180.74) – 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 5037.70 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5108,21 triggers a sell signal Ex-top Biden DOJ official now prosecuting Trump was once paid by DNC for ‘political consulting’ Matthew Colangelo’s move from DOJ to the NY Trump prosecution has drawn allegations of politicization https://www.foxnews.com/politics/ex-top-biden-doj-official-prosecuting-trump-once-paid-by-dnc-political-consulting Trump hush money prosecutor Matthew Colangelo was political consultant for DNC, ex-Obama donor https://nypost.com/2024/05/06/us-news/trump-hush-money-prosecutor-matthew-colenagelo-was-political-consultant-for-dnc-ex-obama-donor/ Judge threatens jail time for ‘possibly the next president’ for future gag order violations Judge Juan Merchan said on Monday he will consider a jail sentence for former President Trump if he continues to violate the gag order imposed upon him in his unprecedented criminal trial… https://www.foxnews.com/politics/ny-v-trump-judge-threatens-jail-time-for-possibly-the-next-president-for-future-gag-order-violations Would the Secret Service allow some left-wing, Biden buddy judge imprison an ex-president? @baldwin_daniel_: Judge Merchan threatened Pres. Trump with jail time if he violates his unconstitutional gag order in the future. Judge Merchan donated to Joe Biden in 2020. And his daughter is a partner for a Democrat consulting firm that works with Trump’s political enemies. Banana Republic. Fox News: ‘RIDICULOUS’: Trump unleashes against “deeply conflicted” judge as former president’s criminal trial enters its third week. Trump: “Our Constitution Is Much More Important Than Jail, I’ll Do That Sacrifice” https://www.realclearpolitics.com/video/2024/05/06/trump_our_constitution_is_much_more_important_than_jail_ill_do_that_sacrifice.html @CortesSteve: Watch Joe Biden receive an honorary jersey from the Army Black Knights football team and appear to forget where he is… This weak and feeble man is the Commander-in-Chief of the most powerful country on Earth… https://t.co/KGGkJAAxeK Over 1,000 anti-Israel protesters march toward Met Gala, block traffic — quickly hindered by cops, arrests made https://nypost.com/2024/05/06/us-news/over-1000-pro-palestinian-protesters-march-toward-met-gala/ @MarinaMedvin: The global Jewish population in 1939 was 16.6 million. Today, the global Jewish population is 15.7 million. Jews have still not recovered from the Holocaust genocide, 79 years after WWII ended. And, today, Jews face another enemy that wants to wipe them off the face of this earth, from the river to the sea. (Holocaust Remembrance Day: Evening of Sun, May 5, 2024 – Mon, May 6, 2024) @RealPatrickWebb: FBI records of L.P. Gise, the grandfather of Jeff Bezos who helped create DARPA, were destroyed, according to newly obtained response to a FOIA request. https://twitter.com/RealPatrickWebb/status/1787615712359375058 | |
GREG HUNTER I
SEE YOU ON WEDNESAY
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