GOLD PRICE CLOSED DOWN $0.90 TO $2315.10

SILVER PRICE DOWN $0.11 TO $27.36

Gold ACCESS CLOSED $2308.45

Silver ACCESS CLOSED: $27.30

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:$62,400 DOWN 798 DOLLARS.

Bitcoin: afternoon price: $62,125 UP 1073 dollars

Platinum price closing  UP $22.35TO $979.50

Palladium price; DOWN $9.15 AT $972.80

END

SHANGHAI GOLD PREMIUM 39 DOLLARS/COMEX GOLD

SHANGHAI GOLD…

I will now provide gold in Canadian dollars, British pounds and Euros

4: 15 PM ACCESS

*CANADIAN GOLD: $3170.90 DOWN 8.56CDN dollars per oz( * NEW ALL TIME HIGH 3,301.52 CDN DOLLARS PER OZ//APRIL 16 2024)

*BRITISH GOLD: 1842.72 DOWN 4.02 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2148.97 DOWN 4.70 Euros 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: 2,315.200000000 USD
INTENT DATE: 05/07/2024 DELIVERY DATE: 05/09/2024
FIRM ORG FIRM NAME ISSUED STOPPED

---

363 H WELLS FARGO SEC 5
624 H BOFA SECURITIES 13
657 C MORGAN STANLEY 1
686 C STONEX FINANCIA 1
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 11 4

---

TOTAL: 18 18
MONTH TO DATE: 1,802

JPMorgan stopped 0/5

FOR MAY2024 

GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 18 NOTICES FOR 1800 OZ  or  0.0559 TONNES

total notices so far: 1802 contracts for 180200  Oz (5.7206 tonnes)

FOR  MAY:

SILVER NOTICES: 450 NOTICE(S) FILED FOR 2,250,000 OZ/

total number of notices filed so far this month : 5086 for 25.430 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 $0.90

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD INTO THE GLD

/ /INVENTORY RESTS AT 830.47TONNES

INVENTORY RESTS AT 830.47 TONNES

SLV//

WITH NO SILVER AROUND AND

SILVER DOWN 11 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 FELL BY A GIGANTIC SIZED 2026 CONTRACTS TO 161,868 AND STALLING BEFORE ASCENDING TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0,14 IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD SOME LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE.  WE HAD A HUGE SIZED 1337 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 TUESDAY NIGHT: 1337 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.14 AND WERE SUCCESSFUL IN KNOCKING SOME SILVER LONGS AS WE HAD A HUMONGOUS SIZED LOSS OF 1207 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE OF $0.14

WE  MUST HAVE HAD:

A SMALL SIZED 275 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 EFP JUMP TO LONDON OF 75,000 OZ

//NEW STANDING FOR SILVER//MAY IS THUS 26.215 MILLION OZ 

WE HAD:

/ HUGE SIZED COMEX OI LOSS //SMALL SIZED EFP ISSUANCE/ VI)  HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 1337 CONTRACTS)/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED   A STRONG 544 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 6 DAYS, total 3510 contracts:   OR 17.550 MILLION OZ  (585 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  17.550 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: 17.550 MILLION OZ

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2026 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//WEDNESDAY.,.  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 75,000 OZ EFP JUMP TO LONDON

//NEW TOTAL STANDING AT 26.215 MILLION OZ 

WE HAVE A HUGE SIZED LOSS OF 1761  OI CONTRACTS ON THE TWO EXCHANGES WITH THE SMALL LOSS  IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 1337 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS 

THE NEW TAS ISSUANCE TUESDAY NIGHT   (1337 WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .

WE HAD 450 NOTICE(S) FILED TODAY FOR 2,250,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 500 OI CONTRACTS  TO 529,835 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: REMOVED 500 CONTRACTS

WE HAD A FAIR SIZED INCREASE  IN COMEX OI (1996 CONTRACTS) OCCURRED DESPITE OUR $6.40 LOSS IN PRICE/TUESDAY. 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 1800 OZ QUEUE JUMP//NEW STANDING 5.8095 TONNES

NEW STANDING 5.8095 TONNES// ALL OF THIS HAPPENED DESPITE OUR  $6.40 LOSS IN PRICE  WITH RESPECT TO TUESDAY’S TRADING. WE HAD A FAIR SIZED GAIN OF 1996 OI CONTRACTS (6208 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 2696 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 529,835

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1996 CONTRACTS  WITH 500 CONTRACTS DECREASED AT THE COMEX// AND A GOOD SIZED 2496 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 1996 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A MEGA HUMONGOUS SIZED 31,311 CONTRACTS,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2496 CONTRACTS) ACCOMPANYING THE LOSS IN COMEX OI 500/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 1996 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 1800 OZ QUEUE JUMP 

//NEW STANDING /MAY 5.8095 TONNES. 

 / 3) ZERO LONG LIQUIDATION DESPITE THE LOSS IN PRICE.

//  4) SMALL SIZED COMEX OPEN INTEREST LOSS 5)  GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: MEGA HUMONGOUS T.A.S.  ISSUANCE: 31,311 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: 26,089 CONTRACTS OR 2,608,900 OZ OR 81.147 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 4348 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES  81.147 TONNES

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

THUS EFP TRANSFERS REPRESENTS  81.147DIVIDED BY 3550 x 100% TONNES = 2.28% 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; 81.147 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 JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD

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

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

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

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

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

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 2026 CONTRACTS OI  TO 161,868 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 275 CONTRACTS

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

JULY 275  and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 275 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI LOSS OF 2026 CONTRACTS AND ADD TO THE 275 E.FP. ISSUED

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1761 CONTRACTS

THUS IN OUNCES, THE HUGE LOSS ON THE TWO EXCHANGES  TOTALS 8.805 MILLION OZ 

OCCURRED DESPITE OUR SMALL  $0.14 LOSS IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

WEDNESDAY MORNING/TUESDAY  NIGHT

SHANGHAI CLOSED DOWN 19.26 PTS OR 0.61% //Hang Seng CLOSED DOWN 165.51PTS OR 0.90%// Nikkei CLOSED DOWN 632.73 OR 1.63%//Australia’s all ordinaries CLOSED UP 0.14%///Chinese yuan (ONSHORE) closed DOWN TO 7,2270 CHINESE YUAN OFF SHORE CLOSED DOWN TO 7.2324/ Oil DOWN TO 77.56 dollars per barrel for WTI and BRENT DOWN AT 82.04 /Stocks in Europe OPENED ALL MOSTLY GREEN EXCEPT ITALY.

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

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 500 CONTRACTS  TO 529.835 DESPITE OUR STRONG LOSS IN PRICE OF $6.40 WITH RESPECT TO WEDNESDAY 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 FAIR SIZED 2496 EFP CONTRACTS WERE ISSUED: :  JUNE 2496 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:2496 CONTRACTS

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1761 CONTRACTS IN THAT 2496 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 500 COMEX  CONTRACTS..AND THIS FAIR GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS  IN PRICE OF $6.40 WEDNESDAY 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 WEDNEDAY NIGHT WAS A MEGA HUMONGOUS SIZED 31,311 CONTRACTS. WE HAD 0 EX FOR RISK ISSUANCE. MOST OF THE TRADING AND SUPPLY OF CONTRACTS ON TUESDAY 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  (5.8095 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 5.8095 TONNES

THE SPECS/HFT WERE  SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A GOOD $6.40 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A FAIR SIZED GAIN OF 3512 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE 0F $6.40

WE HAD A FAIR T.A.S. LIQUIDATION ON THE FRONT END OF WEDNESDAY’S TRADING.  THE T.A.S. ISSUED ON WEDNESDAY NIGHT,( AND IT WAS A DOOZY) 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 6/208 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 18 CONTRACTS OR 1800 OZ ( .05598 TONNES)

NEW STANDING: 5.636 TONNES

ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS  IN PRICE  TO THE TUNE OF $6.40

WE HAVE REMOPVED 1516 CONTRACTS  FROM THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET GAIN ON THE TWO EXCHANGES 1996 CONTRACTS OR 199,600(6.208 TONNES)

confirmed volume TUESDAY 284,871 contracts//fair

//speculators have left the gold arena

MAY 8 MAY  GOLD

/ /// THE MAY 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	675.171 OZ Brinks 21 KILOBARS           .
Deposit to the Dealer Inventory in oz	00 oz
Deposits to the Customer Inventory, in oz	nil
No of oz served (contracts) today	18 notice(s) 1800 OZ 0.0559 TONNES
No of oz to be served (notices)	28 contracts    2800 OZ 0.08709ONNES
Total monthly oz gold served (contracts) so far this month	1802notices 180,200 oz 5.7206TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month	x

0 dealer deposits:

total dealer deposits:  0 oz

we have 0 customer deposits:

total deposit nil oz

total customer withdrawals: 1

i) Brinks 675.171 oz 21 kilobars

TOTAL WITHDRAWALS 675.171 0z

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY

For the front month of MAY we have an oi of 46 contracts having GAINED 13 contracts.

We had 5 contracts served on WEDNESDAY, so we gained 18 contracts or 1800 oz (,05998onnes).

JUNE DECREASED ITS OI BY 26,830 CONTRACTS DOWN TO 351,175 CONTRACTS.

JULY GAINED 30 CONTRACTS TO STAND AT 192

We had 18 contracts filed for today representing 1800  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 18 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 (1802) x 100 oz ) to which we add the difference between the open interest for the front month of  MAY ( 46 CONTRACTS)  minus the number of notices served upon today  (18 x 100 oz per contract( equals  183,000 OZ  OR 5.8095TONNES.

thus the INITIAL standings for gold for the MAY contract month:  No of notices filed so far (1802x 100 oz +  (48 OI for the front month} minus the number of notices served upon today (18 x 100 oz which equals  183,000 oz (5.8095 TONNES) 

TOTAL COMEX GOLD STANDING FOR MAY: 5.8095 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:  17,617,102.896 OZ  

TOTAL REGISTERED GOLD 7,344,470.712( 228.41 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 10,272,632.184 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 8

INITIAL

//2024// THE MAY 2025  SILVER CONTRACT//INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	11,118.796 oz Delaware .
Deposits to the Dealer Inventory	00OZ
Deposits to the Customer Inventory	1,217,848.873 oz Brinks
No of oz served today (contracts)	450 CONTRACT(S)    (2,250,000 OZ)
No of oz to be served (notices)	157 contracts  (0.785 million oz)
Total monthly oz silver served (contracts)	5086 Contracts  (25.430 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  1 deposits customer account:

i) Into Brinks 1,217,848.873 oz

total customer deposits 1,217,848.873 oz oz

JPMorgan has a total silver weight: 129,598million oz/296.978 million  or 43.77%

adjustment: 2/customer to dealer

a) Brinks 356,955.100 oz

b) HSBC: 2021,547.970 oz

Comex withdrawals: 1

i) out of Delaware 11,118.796 oz

total withdrawal 11,118..796 oz

TOTAL REGISTERED SILVER: 64.969MILLION OZ//.TOTAL REG + ELIGIBLE. 296.978 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:

silver open interest data:

FRONT MONTH OF MAY/2024 OI: 607 CONTRACTS HAVING LOST 24 CONTRACT(S). 

.

We had 11 notices served on WEDNESDAY so we LOST 15 contracts or 75,000 oz underwent a SMALL EFP JUMP to London to take immediate delivery over on that side of the pond.

JUNE SAW A LOSS OF 126 CONTRACTS RISING TO 1768

JULY SAW A LOSS OF 2155 CONTRACTS DOWN TO 131,843

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 450 for 2,250,000 oz

CONFIRMED volume; ON WEDNESDAY 53,282 good

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 5086 x 5,000 oz = 25.430MILLION oz 

to which we add the difference between the open interest for the front month of MAY (607 and the number of notices served upon today 450x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY/2024 contract month:  450 notices served so far) x 5000 oz + OI for the front month of MAY (607 number of notices served upon today minus (450x 5000 oz of silver standing for the may  contract month equates to 26.215 MILLION OZ.  

 New total standing: 26.215 million oz.

There are 62.355 million oz of registered silver.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

END

GLD AND SLV INVENTORY LEVELS//

BOTH GLD AND SLV ARE MASSIVE FRAUDS!

MAY 8 WITH GOLD DOWN $0.90 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.72 TONNES OF GOLD INTO THE GLD//INVENTORY RISES AT 830.47 TONNES

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: 830.47TONNES,

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

MAY  8 WITH SILVER DOWN 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 424.055 MILLION OZ

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

3. CHRIS POWELL//GATA DISPATCHES

Fed’s revolving door spins again as Kaplan returns to Goldman Sachs

Submitted by admin on Wed, 2024-05-08 01:02 Section: Daily Dispatches

Goldman Sachs Names Former Dallas Fed Chief Kaplan as Vice Chairman

By Saeed Azhar
Reuters
Tuesday, May 7, 2024

NEW YORK — Goldman Sachs said today it had appointed Robert Kaplan, the former president of the Federal Reserve Bank of Dallas, as its vice chairman, adding an influential former policymaker and Goldman alumni to its management committee.

Kaplan will give strategic advice to the Wall Street giant’s clients globally, working closely with its teams across global banking and markets, and asset and wealth management, the bank said in a statement.

Kaplan, who had earlier spent more than two decades at Goldman Sachs, “brings a wealth of knowledge, deep relationships, and significant global leadership expertise to his role as vice chairman,” Goldman CEO David Solomon said in a statement.

Kaplan, 66, will be based in Dallas. He announced in September 2021 that he would step down as head of the Dallas Fed amid a controversy over his personal trading activity. Kaplan has said he adhered to all Fed ethical standards, compliance rules and policies. …

… For the remainder of the report:

https://www.reuters.com/business/finance/goldman-sachs-names-former-fed-dallas-chief-kaplan-vice-chairman-2024-05-07/

* * *

end

Jan Nieuwenhuijs: Why we are at the start of a multi-year gold bull market

Submitted by admin on Tue, 2024-05-07 21:40 Section: Daily Dispatches

By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Tuesday, May 7, 2024

Recently the dollar gold price aggressively broke a multi-year resistance level on the back of escalating wars, worrying asset bubbles, and sticky inflation. Long-term indicators show gold is undervalued under these circumstances and can easily double in price over the coming years.

The past decades have been characterized by an elevated trust in credit instruments that blew the global financial system to colossal proportions. Now that tensions between East and West, debt saturation, and inflation are chipping away this trust, the balance between financial instruments with counterparty risk (credit) and without counterparty risk (gold) will go through a process of adjustment in favor of the gold price. …

… For the remainder of the analysis:

https://www.gainesvillecoins.com/blog/why-we-are-at-the-start-of-a-multi-year-gold-bull-market

end

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.

Historically, the dollar has been the reserve currency of choice because of some clear advantages over potential alternatives.

For a start, the U.S. has a strong institutional framework, with well-established rules and many constitutional checks and balances. This makes it a relatively predictable and safe place to invest. …

… For the remainder of the analysis:

https://www.telegraph.co.uk/business/2024/05/05/china-gold-buying-spree-straw-breaks-dolllar-back/

* * *

4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS /LIVE FROM THE VAULT 171

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

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END

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

ASIA TRADING

TUESDAY MORNING/MONDAY  NIGHT

SHANGHAI CLOSED DOWN 19.26 PTS OR 0.61% //Hang Seng CLOSED DOWN 165.51PTS OR 0.90%// Nikkei CLOSED DOWN 632.73 OR 1.63%//Australia’s all ordinaries CLOSED UP 0.14%///Chinese yuan (ONSHORE) closed DOWN TO 7,2270 CHINESE YUAN OFF SHORE CLOSED DOWN TO 7.2324/ Oil DOWN TO 77.56 dollars per barrel for WTI and BRENT DOWN AT 82.04 /Stocks in Europe OPENED ALL MOSTLY GREEN EXCEPT ITALY.

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 7.2270

OFFSHORE YUAN: DOWN TO 7.2324

SHANGHAI CLOSED DOWN 19.26 PTS OR 0.61 %

HANG SENG CLOSED DOWN 165.51 PTS OR 0.90%

2. Nikkei closed DOWN 632.73 PTS OR 1.63 %

3. Europe stocks   SO FAR:  ALL MOSTLY GREEN

USA dollar INDEX UP TO  105.46 EURO FALLS TO 1.0746 DOWN 4 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.885 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155…..53 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now  ABOVE 17,000

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

3e Gold UP /JAPANESE Yen 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 UP TO +2.4540/Italian 10 Yr bond yield UP to 3.792 SPAIN 10 YR BOND YIELD UP TO 3.238%

3i Greek 10 year bond yield UP TO 3.463

3j Gold at $2316.25//Silver at: 27.35  1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 81 100        roubles/dollar; ROUBLE AT 91.92/

3m oil into the 77 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 155/.53/  10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.885% 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 0.9089 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9768 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: 4.485 UP 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.609 UP 2 BASIS PTS/

USA 2 YR BOND YIELD:  4.841 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.26…(TURKEY)

10 YR UK BOND YIELD: 4.1770 DOWN 1 PTS

2a New York OPENING REPORT

2B European Opening Report

Stateside equity futures flat, Dollar firmer vs G10 peers & Bonds pressured ahead of supply and Fed speak – Newsquawk US Market Open

WEDNESDAY, MAY 08, 2024 – 05:57 AM

• European equities are entirely in the green, whilst Stateside futures are a little more tentative
• Dollar is incrementally firmer, G10s peers softer to various degrees, AUD & JPY underperform
• Bonds pressured, taking a breather from this week’s advances
• Crude slips with geopolitical updates light, XAU and base metals are pressure from the Dollar and downbeat Chinese price action overnight
• Looking ahead, US Wholesale Sales, BoC FSR, comments from ECB’s Wunsch & de Cos, Fed’s Cook, Jefferson & Collins, Supply from the US, Earnings from Emerson Electric, Airbnb & Uber

More Newsquawk in 3 steps:

1. Subscribe to the free premarket movers reports

2. Listen to this report in the market open podcast (available on Apple and Spotify)

3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

EUROPEAN TRADE

EQUITIES

• European bourses, Stoxx600 (+0.3%) are almost entirely in the green, with indices initially opening tentatively around the unchanged mark before picking up gradually to session highs throughout the morning.
• European sectors are mixed, with Food Beverage and Tobacco at the top of the pile, lifted by post-earning strength in AB InBev (+4.4%). Basic Resources is the clear underperformer, given the weakness in underlying metals prices; Autos are also hampered by poor BMW (-4.5%) results.
• US Equity Futures (ES U/C, NQ U/C, RTY -0.3%) are mixed and trading with little direction, continuing the tentative price action seen in the prior session. Apple (+0.6% pre-market) gains amid reports that its China iPhone shipments rose 12% in March.
• Click here and here for the sessions European pre-market equity newsflow. Including earnings from BMW, Siemens Energy and more.
• Click here for more details.

FX

• USD is firmer vs. all peers but to varying degrees. Support for the DXY has in large part been provided by further upside in USD/JPY. Fresh US fundamentals are lacking in what could well be a quiet week ahead of next week’s inflation metrics, though a handful of speakers and supply populate today’s docket. As such, DXY has continued to consolidate around the mid-point of the 105 handle.
• EUR is softer vs. the USD but less so than peers with some support via the EUR/GBP and EUR/SEK crosses. Fresh fundamental drivers for the Eurozone are lacking and expectations of a June ECB cut remain firmly anchored. Currently trading around 1.074.
• GBP is softer vs. the broadly firmer USD with UK specifics light ahead of tomorrow’s BoE which some are framing as a potential dovish hold. Cable has slipped to the 1.24 handle, going as low as 1.2468.
• JPY is losing further ground to the USD with jawboning efforts from Japanese officials futile. 155.41 is the high watermark thus far with the next target a test of 156. CPI next week likely to be the next inflection point for the pair. Commentary from BoJ Governor Ueda sparked some volatility, though was ultimately unreactive to the commentary.
• Antipodeans are both softer vs. the USD with AUD lagging alongside downside in metals prices. AUD/USD has extended on yesterday’s downside which has seen the pair dragged from Friday’s post-NFP peak at 0.6647 to a current low of 0.6565.
• SEK is losing ground vs. peers as the Riksbank pulls the trigger on a rate reduction and leaves the door open to another two cuts in the second half of the year. Accordingly, EUR/SEK has jumped from 11.691 to a high of 11.7564 but has failed to test the YTD peak at 11.7708.
• PBoC set USD/CNY mid-point at 7.1016 vs exp. 7.2202 (prev. 7.1002).
• Brazil is to examine changes to pension benefit calculations in spending review, according to Reuters
• Click here for more details.

FIXED INCOME

• USTs are a touch softer, in-fitting with the narrative outlined for Bunds above but with USTs yet to meaningfully or lastingly deviate from the unchanged mark in narrow 108-28+ to 109-03 bounds. 10yr supply and Fed speak from Cook, Collins and Jefferson scheduled.
• Bunds are under modest pressure as the fixed income complex takes a very slight breather from the bullish action that has been in place since the Payrolls report on Friday. After printing an earlier 131.45 base Bunds have since stabilised around 20 ticks above this.
• Gilts are essentially unchanged, and under some very modest pressure at the open which was softer by 15 ticks given bearish leads elsewhere. UK-specific developments light. Overnight, the Times Shadow MPC said the BoE on Thursday should leave rates unchanged. Currently holding around 97.95 towards Tuesday’s close and by extension at the top-end of that session’s 97.48-98.08 bounds.
• UK sells GBP 2.5bln 1.50% 2053 Green Gilt: b/c 3.26x (prev. 3.05x), average yield 4.545% (prev. 4.565%), tail 0.6bps (prev. 0.3bps).
• Click here for more details.

COMMODITIES

• A downbeat morning for the crude complex with newsflow rather light and Israel’s Rafah operation seemingly not likely to spark a wider conflict as things stand, though the situation remains very fluid. Brent July slipped from USD 83.05/bbl to 81.96/bbl, with some flagging the 200 DMA around USD 81.95/bbl.
• Another soft session for precious metals, likely as Israel’s “limited” Rafah operation has failed to spark a regional war, with international efforts also underway to cushion the impact of the incursion. XAU trades towards the bottom of a 2,303.75-2,321.53/oz range.
• Lower across the board for base metals amid a firmer Dollar and following the downbeat mood in Chinese markets overnight.
• US Private Energy Inventory Data (bbls): Crude +0.5mln (exp. -1.1mln), Cushing +1.3mln, Gasoline +1.5mln (exp. -1.3mln), Distillate +1.7mln (exp. -1.1mln).
• Russian Deputy PM Novak said there are no discussions about an oil output increase at OPEC+.
• EU Ambassadors will today be discussing a new package of sanctions against Russia, where the focus will be on restricting LNG profits, via Politico.
• Indonesia’s President said copper concentrate export permits for Freeport and Amman will be extended with the details of the extension still being calculated, according to Reuters.
• Morgan Stanley has removed its USD 4/bbl risk premium from Brent forecasts, reverts forecast back to forecast of USD 90/bbl by Q3; expects OPEC to extend current production agreement at June 1st meeting, eventually to year-end, including voluntary cuts.
• China Industry Ministry says the draft rules would guide Lithium battery firms to reduce manufacturing projects that “purely” expand production capacity
• Click here for more details.

NOTABLE EUROPEAN HEADLINES

• The BoE should leave rates unchanged at its meeting on Thursday but consider lowering them in June, according to the Times’ shadow MPC.
• UK Home Office announced on Tuesday night that it was aware of a technical issue affecting E-gates across the country, while it was working closely with the Border Force and affected airports to resolve the issue. However, Heathrow Airport later stated that all Border Force systems were now running as usual and it did not expect any issues this morning when the operation starts up.
• ECB’s Scicluna is to face charges of “fraud and misappropriation,” relating to his time as the Finance Minister of Malta, via Politico citing documents.
• Riksbank cuts its Rate by 25bps to 3.75% (as expected by a majority of respondents); Policy rate is expected to be cut two more times during H2 if inflation outlook cuts (bringing total 2024 cuts to 3 vs prev. guided just over 2). Click here for details.
• Barclays European Equity Strategy; raises Utilities to Market Weight from Underweight; cuts Energy to Market Weight from Overweight

DATA RECAP

• German Industrial Output MM (Mar) -0.4% vs. Exp. -0.6% (Prev. 2.1%, Rev. 1.7%)
• Spanish Ind Output Cal Adj. YY (Mar) -1.2% (Prev. 1.5%, Rev. 1.3%)
• Italian Retail Sales SA MM* (Mar) 0.0% (Prev. 0.1%); Retail Sales NSA YY (Mar) 2.0% (Prev. 2.4%)

EARNINGS

• BMW (BMW GY) Q1 (EUR): Revenue 36.61bln (exp. 36.82bln). EBIT 4.05bln (exp. 3.96bln). Automotive revenue 30.94bln (exp. 31.01bln). Automotive EBIT Margin 8.8% (exp. 9.05%). EBT Margin 11.4% (exp. 10.6%). BEV sales +28% Y/Y. 2024 outlook confirmed. Shares -4.5% in European trade
• Siemens Energy (ENR GY) Q2 (EUR): FCF 483mln (prev. -294mln Y/Y), Profit before special items 170mln (prev. 41mln Y/Y), Net Profit 108mln (exp. -11mln). Outlook: Expects sales growth 10-12% (exp. +6%), Profit margin of -1% to +1% (prev. guided -2% to +1%). Now expects FCF pretax of up to 1bln (prev. guided negative at up to 1bln). Shares +12.5% in European trade

NOTABLE US HEADLINES

• Apple (AAPL) China iPhone shipments at 3.75mln, +12% in March, via official data.

GEOPOLITICS

MIDDLE EAST

• “IDF: We are conducting a precision operation in limited areas east of Rafah in the southern Gaza Strip”, according to Asharq News. Additionally, “IDF says it continues operations east of Rafah”, via Al Arabiya, “IDF: Hamas military infrastructure destroyed in the Rafah crossing area”.
• Israeli artillery shelling was reported east of Rafah in the southern Gaza strip, according to Al Jazeera.
• Hamas said Cairo talks are the ‘last chance’ for Israel to recover hostage talks, according to Al Arabiya. Furthermore, a Hamas official said the group set red lines in the ceasefire negotiations that cannot be conceded, according to Sky News Arabia.
• White House thinks the Israeli operation to capture the Rafah crossing doesn’t cross President Biden’s “red line” that could lead to a shift in US policy towards the Gaza war although the US warned that if it broadens or gets out of control and Israeli forces go into the city of Rafah itself, it will be a breaking point, according to US officials cited by Axios.
• CIA Director Burns plans to travel to Israel on Wednesday for talks with Israeli PM Netanyahu and Israeli officials, according to a source cited by Reuters.

OTHER

• Ukrainians hit a fuel depot in the Russian-controlled city of Luhansk, according to sources via X.
• Russia launched an air attack on Kyiv, according to Ukraine’s military. It was later reported that Russia targeted energy facilities in Kyiv, Poltava, Lviv and other regions, according to Ukraine’s Energy Minister. Furthermore, Ukraine’s largest private electricity company said the Russian attack caused serious damage at three thermal power plants.
• Taiwan’s leader is open to dialogue with Beijing on an equal footing, according to Taipei’s de facto envoy to the US under President-elect Lai cited by SCMP.

CRYPTO

• A slightly softer session for Bitcoin and now holding just above USD 62k, whilst Ethereum slips below USD 3k.

APAC TRADE

• APAC stocks were mostly lower after the choppy US performance and in the absence of fresh catalysts.
• ASX 200 lacked firm direction with gains in industrials and energy offset by weakness in miners and financials.
• Nikkei 225 underperformed as participants digested earnings including disappointing guidance by Nintendo.
• Hang Seng & Shanghai Comp were ultimately lower amid trade and tech-related frictions after the US revoked export licences that allowed Intel (INTC) and Qualcomm (QCOM) to supply Huawei with semiconductors.

NOTABLE ASIA-PAC HEADLINES

• BoJ Governor Ueda said the BoJ will scrutinise the impact of yen moves on the economy in guiding monetary policy and FX moves could have a big impact on the economy and prices, so could warrant a monetary policy response, while he added the BoJ may need to respond via monetary policy if such impact from yen moves affect trend inflation. Ueda said they expect trend inflation to gradually head towards 2% and will adjust monetary policy as appropriate if trend inflation heads toward 2% as projected or if they see a risk of inflation overshooting their forecast. Furthermore, Ueda said they don’t see yen moves as having a big impact on trend inflation so far but there is a risk the impact could become more significant in the future and they won’t necessarily wait until inflation achieves their forecasts in 1.5 to 2 years to raise rates with the central bank to adjust the degree of monetary support accordingly if trend inflation moves as projected.
• Japanese Finance Minister Suzuki said he is watching FX movements with a sense of urgency and won’t comment on forex levels, while he added it is important for currencies to move in a stable manner reflecting fundamentals. Furthermore, he said they will take a thorough response for forex and don’t believe that resources for intervention are limited.
• Chinese April Prelim Retail Car Sales -2% Y/Y (vs +6% in March).
• BoJ Governor Ueda says Japan’s economy is recovering moderately albeit with some weakness; will guide policy appropriately from perspective of stably and sustainably achieving the price target. Rapid/abrupt and one-sided Yen falls are negative for Japan’s economy are undesirable. Click here for more commentary.

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

JAPAN

end

3 CHINA

END

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

GERMANY/AfD

Unbelievable!!

AfD Politician Convicted For Warning About Gang Rapes

WEDNESDAY, MAY 08, 2024 – 03:30 AM

Junge Freiheit via The European Conservative,

The Verden regional court in Lower Saxony has upheld a verdict against Rotenburg AfD leader Marie-Thérèse Kaiser for incitement to hatred. The 27-year-old was also found guilty in the appeal hearing on Monday of inciting hatred against Afghan local workers.

For this, the politician now has to pay 100 day fines (a type of fine related to daily income of the convicted) plus a fine of €60, a total of €6,000. In Germany, you are considered to have a criminal record if you are sentenced to pay more than 90 day fines. 

The charge was based on a post that Kaiser had spread on her social media accounts in August 2021. In it, she wrote: “Afghanistan refugees; Hamburg SPD mayor for ‘unbureaucratic’ acceptance; Welcoming culture for gang rape?”

Among other things, the politician linked to an article showing that Afghans in Germany are particularly heavily involved in gang rape. 

The verdict has now also caught the attention of X CEO Elon Musk. He retweeted a post summarizing the punishment and wrote: “Are you saying the penalty was imposed for repeating accurate government statistics? Was there anything wrong with what she said?”

Are you saying the fine was for repeating accurate government statistics? Was there anything inaccurate in what she said?

Quote

End Wokeness

@EndWokeness

·

May 6

German politician of the AFD party, Marie-Thérèse Kaiser was just convicted & fined $6,000+ Her crime? Posting statistics showing that Afghan immigrants are disproportionately committing sexuaI assauIt in Germany.

5:14 PM · May 6, 2024

·

58.3M Views

Are you saying the fine was for repeating accurate government statistics?

Was there anything inaccurate in what she said? https://t.co/itSzTx1Ybv— Elon Musk (@elonmusk) May 6, 2024

Gang rape warning

The reason for Kaiser’s post from 2021 was statements made by Hamburg’s First Mayor, Peter Tschentscher (SPD), who announced that he would take in 200 Afghan local workers in Hamburg. The AfD politician justified her concern about uncontrolled immigration with statistics and warned of rapes by “culturally alien masses.”

Before the district court hearing, Kaiser said: “The mere mention of numbers, data, and facts is to be declared a criminal offense simply because the establishment refuses to accept reality. I won’t let myself be silenced.”

AfD politician: “Trust in the rule of law” shaken

Judge Heiko Halbfas saw things differently on Monday: “Those who attack human dignity cannot invoke freedom of speech.” Kaiser deliberately created an image in the minds of others that led to hatred of a nationally determined group, the district newspaper reported.

After the verdict, Kaiser announced her intention to appeal and expressed dismay over the verdict: She told Junge Freiheit: 

The whole world is astonished by this decision by the German courts. After even Elon Musk picked up on my case, I have received numerous messages of support and press inquiries. The demand for a way to donate is also becoming louder and louder. 

She described this as “overwhelming.”

Kaiser added: “My trust in the German rule of law was once again severely shaken yesterday, but all the letters give me courage and confidence.”

END

SWEDEN

Sweden becomes second major central bank to cut rates

May 8, 2024 at 4:38 a.m. ET

MarketWatch

Rate cut by Riksbank was its first in eight years

The dollar rallied against the Swedish krona on Wednesday after Sweden’s Riksbank became the second major central bank to cut interest rates this cycle.

Sweden’s Riksbank cut its key rate by a quarter point to 3.75% — the first reduction in eight years — and it said it’ll cut its rate two more times during the second half of the year if the outlook for inflation still holds.

A rate cut had been partly but not fully priced into markets ahead of the decision. According to ING, expectations were for 57 basis points of cuts by September.

Inflation in March came in below the central bank’s expectations, falling to 2.2%, and Swedish GDP growth is expected to be “weak” in the first quarter.

“When inflation approaches the target and economic activity is weak, monetary policy can be eased,” said the Riksbank.

The Riksbank joins the Swiss National Bank in cutting interest rates, with expectations the European Central Bank will join them next month. A series of hot inflation readings has pushed expectations of Federal Reserve rate cuts to later in the year.

The dollar USDSEK, 0.32% rose to 10.9237 Swedish krona, up from 10.8646 krona on Tuesday, and the euro EURSEK, +0.27% also rose vs. its Swedish counterpart.

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL/HAMAS///RAFAH

US signals backing for ‘limited op’ after IDF takes over Gazan side of Rafah crossing

State Department says legitimate for Israel to prevent Hamas from collecting revenue at border gate with Egypt, while urging quick reopening of crossing so aid deliveries continue

By JACOB MAGID FOLLOWToday, 3:35 am

Displaced Palestinians flee Rafah with their belongings to safer areas in the southern Gaza Strip on May 7, 2024 following an evacuation order by the Israeli army the previous day(Photo by AFP)

The Biden administration appeared to signal its initial approval of the operation launched by Israel early Tuesday morning to take over the Palestinian side of the Rafah border crossing with Egypt.

Spokespeople for the administration said the goals of the operation were legitimate, but warned that this assessment could change if the offensive expands in scope and leads to an extended hampering of aid shipments into Gaza.

“What we’ve been told by our Israeli counterparts is that this operation last night was limited, and designed to cut off from Hamas’s ability to smuggle weapons and funds into Gaza,” White House National Security Council spokesperson John Kirby told reporters in a briefing.

“This does appear to be a limited operation so far, but it does to a great extent depend on what comes next,” State Department spokesperson Matthew Miller said in a separate briefing.

US officials sought to distinguish between the actions Israel has so far taken from a more significant military operation, which they continue to oppose due to fears that the over one million Palestinians sheltering in Rafah would be put at risk.

“We have made clear that we don’t want to see a major military operation. This does look like a prelude to a major military operation. In terms of the policy response, we’ll see what happens next before we make those determinations,” he added.

A picture taken on May 6, 2024, shows smoke billowing following bombardment east of Rafah in the southern Gaza Strip. (AFP)

“One of the things that Israel said — which is very much accurate — is that Hamas [still] controlled the Gaza side of Rafah crossing, and Hamas was continuing to collect revenue from that crossing being open,” the State Department spokesperson explained. “So it is a legitimate goal to try and deprive Hamas of money that they could use to continue to finance their terrorist activities.”

For months, Netanyahu has declared that Israeli troops would carry out an operation to root out the final Hamas strongholds in Rafah, regardless of whether an agreement is reached in the ongoing hostage talks. According to Israeli defense officials, four of Hamas’s six remaining battalions are in the city, along with members of the terror group’s leadership and a significant number of the hostages it abducted from Israel during the October 7 onslaught that sparked the war in Gaza.

The IDF operation early Tuesday led to the closure of the Rafah crossing — one of the main gates used to funnel aid into Gaza. The closure came as Israel’s nearby Kerem Shalom crossing also remained shuttered after a Hamas rocket attack over the weekend killed four IDF soldiers and wounded others stationed nearby.

The White House said that Prime Minister Benjamin Netanyahu promised President Joe Biden during a call Monday that he would reopen Kerem Shalom, but that did not take place on Tuesday. Administration spokespeople said Israel committed to reopening Kerem Shalom on Wednesday and to re-opening Rafah for fuel convoys that day as well.

“The closing of Kerem Shalom and Rafah set back the delivery of humanitarian assistance. The full extent depends on what happens next and whether they’re quickly reopened,” Miller said.

According to Miller, reopening Rafah to fuel deliveries was essential for the operation of desalinization plants, aid trucks and bakeries. He called for the crossing, which is also used by aid workers in Gaza and Palestinian civilians, to be opened for all aid deliveries, not just fuel.

Miller acknowledged the temporary pier for Gaza being built by the US military would soon be operational, but said Israel should not view the maritime route as a replacement for Kerem Shalom and Rafah. “Even when that pier is open, the amount of aid it can deliver a day — somewhere around 100 trucks — in no way can replace what needs to come into Gaza through these other gates.”

IDF troops on the Gazan side of the Rafah border crossing on May 7, 2024 (Israel Defense Forces)

The State Department spokesperson was asked about footage apparently filmed by IDF soldiers showing tanks ramming into signs in Gaza, including one reading “I love Gaza” at the Palestinian side of the Rafah Crossing. Miller condemned the action, saying the US “clearly opposes the destruction of any civilian infrastructure if it does not constitute a legitimate military target.”

Miller differentiated between the operation at the Rafah crossing, which he appeared to approve, and the IDF’s announcement on Monday urging some 100,000 Palestinians to evacuate from eastern neighborhoods of Gaza’s southernmost city.

“We don’t think the kind of military operation that would follow such an evacuation is one that we can support because of the dramatic impact it would have on the civilian population there and the ability to get humanitarian assistance in and delivered to those people,” he said.

Miller clarified that evacuating civilians ahead of a military operation is welcome in theory, but charged that Israel was taking the step without the proper mechanisms to care for the evacuees once they’ve moved.

“Those people need to have somewhere to go and the places that they go to need to have sufficient food, sufficient water, sufficient housing, sufficient sanitation, and we have not yet seen a plan that would deliver that,” he said, arguing that Israel was failing to take into account that once some Palestinians flee to designated safe-zones in Gaza, far more will follow after them.

An IDF tank crushing an “I love Gaza” sign at the Gazan side of the Rafah-Egypt border crossing. (X screenshot; used in accordance with clause 27a of the copyright law)

‘Hamas claimed to accept offer, but that’s not what they did’

As for the ongoing hostage talks, Miller pushed back on the claim made by Hamas on Monday that it had accepted the truce proposal that was on the table.

Israel had agreed to what US Secretary of State Antony Blinken described as a “generous” hostage deal proposal late last month,” Miller began. “That’s the offer that was on the table.”

“Hamas seemed to make clear in their public statements that they accepted that offer yesterday. That is not what they did. They responded with… a counter-proposal, and we’re working through the details of that now,” he said, noting that CIA chief Bill Burns is in Cairo along with delegations from Israel, Hamas and Qatar.

This appeared to be the first time that one of the mediators publicly issued a clarification regarding Hamas’s Tuesday statement after roughly 24 hours of failing to address the apparent discrepancy. Qatar’s foreign ministry spokesperson even went as far as to call Hamas’s response “positive.”

Earlier Tuesday, Kirby added to the confusion by saying that Hamas’s response “suggests that [the sides] should be able to close the remaining gaps.”

Miller noted that most media outlets reported Hamas’s statement that it had accepted the Qatari and Egyptian mediators’ hostage deal proposal at face value.

Protesters hold a banner reading ‘It’s either Rafah or the hostages: Choose life’ as they block the Ayalon Highway in Tel Aviv during a demonstration calling for the release of the hostages held by Hamas in Gaza, May 2, 2024. (Dor Pazuelo/Flash90)

“I don’t blame the reporting. It’s what the [Hamas] statement said. But it’s not an accurate reflection of what happened… Hamas did not accept a ceasefire proposal. Hamas responded and in their response made several suggestions,” he added.

For his part, Kirby pushed back on the reported Israeli claims that Burns did not keep Israel in the loop over the weekend, as Qatari and Egyptian mediators appeared to discuss an alternative proposal with Hamas.

“We absolutely had sustained ongoing normal interactions, as we have throughout the beginning of this conflict, with our Israeli counterparts as the proposal was working through the process. Nobody was hiding any footballs from anybody, we were being open and transparent.”

Arab diplomat: PM allowing political considerations to mar talks

Also Tuesday, an Arab diplomat told The Times of Israel that Israel’s repeated refusal to send a negotiating team to parley with mediators was hampering efforts to secure a hostage deal.

The mediators had wanted Israel to dispatch a delegation to Cairo over the weekend when Burns was in town, as they geared up for Hamas’s official response to the latest proposal, the diplomat said. “They refused to send a delegation, and now they’re complaining about being out of the loop.”

Following Hamas’s Monday response, Israel did send a lower-level negotiating team to Cairo that arrived Tuesday, though officials in Jerusalem surmised that the terror group’s latest proposal brought the parties back to square one.

The Arab diplomat said this past weekend was not the first time that Israel refused to send a negotiating team to meet with mediators in Cairo or Doha, which he said slowed the talks.

A woman cooks outside her makeshift shelter at a camp for displaced Palestinians in Rafah, in the southern Gaza Strip, on April 14, 2024 (AFP)

While Israel has maintained that it only sends negotiators when Hamas is showing genuine interest in reaching a compromise, the Arab diplomat said Jerusalem’s policy has been “politically motivated.”

He declined to elaborate, but did not deny when asked if Netanyahu’s refusal to dispatch negotiating teams could be due to pressure from far-right coalition partners who want him to take a tougher stance in the talks.

Other war cabinet ministers, including National Unity chairman Benny Gantz and his deputy Gadi Eisenkot, have argued that Israel should always be open hold talks while sticking to its core principles once the negotiating team is in the room.

Reuters cited a source familiar with the matter who claimed that Burns would travel to Israel on Wednesday to discuss the hostage talks with Netanyahu and other top officials.

END

ISRAEL/RAFAH//RAFAH CROSSING

Hamas does not like this at all: they lose their taxes and also weapons cannot enter

Hamas will surely attack these border guards

(zerohedge)

Private US Firm With Special Forces Veterans To Take Control Of Rafah Border Crossing

WEDNESDAY, MAY 08, 2024 – 12:25 PM

Despite the Biden administration repeatedly warning Israeli leadership in public against a full-scale Rafah invasion, President Biden actually greenlighted the IDF’s takeover of the Rafah border crossing, Axios has revealed. The report comes amid questions over whether Netanyahu has crossed Biden’s “red line” on Rafah.

The report insists that Israel hasn’t crossed that line, so long as the scope of the operation remains limited and does not result in mass civilian displacement and humanitarian catastrophe. Speaking of the Biden-Netanyahu phone call on Monday, a senor Israeli official told Axios, “Biden didn’t pull the hand break on the capture of the Rafah crossing during the call.” So far the IDF has focused on airstrikes and limited ground incursions in the city’s east, after dropping thousands of leaflets telling civilians to exit the area.

However, the US administration has taken the unprecedented step of withholding ammo and bomb shipments to Israel in order to send a ‘message’. 

An Israeli Haaretz report issued Tuesday has further revealed that there was actually some level of cooperation and coordination with Washington on an IDF tank unit’s takeover of Rafah crossing. This was reportedly to ensure no weapons for Hamas can pass into the Strip via the large crossing.

The US, Israel, and Egypt have agreed that a private American security firm will take control of Rafah Crossing and oversee it. As of Wednesday, the IDF has announced it reopened the crossing, and it is retaining full control for now.

“The parties agreed that a private American security company will assume management of the crossing after the IDF concludes its operation. Israel has also pledged not to damage the crossing’s facilities to ensure its continuous operation,” wrote Haaretz. However, “State Department spokesperson Matthew Miller said on Wednesday that he is not aware of Israel agreeing to transfer control of the crossing.”

This is also to exert leverage in negotiations. “Israel believes that Hamas’ loss of control over the Rafah crossing would be a significant setback for the group,” Haaretz noted. “It will not be able to collect taxes imposed on trucks and goods and will no longer be able to bring in weapons and other items banned from entering Gaza.”

Haaretz revealed limited details on the US defense firm in question and has not named it. It employs elite former US military personnel such as ex-special forces operators: 

As part of Israel’s efforts to win agreement for a Rafah operation, negotiations have been underway with a private company in the U.S. that specializes in assisting armies and governments around the world engaged in military conflicts. The company has operated in several African and Middle Eastern countries, guarding strategic sites like oil fields, airports, army bases and sensitive border crossings. It employs veterans of elite U.S. Army units.

Under the understandings between the three countries, when Israel has completed its limited operation in the border crossing area, the U.S. company will take responsibility for operating the facility. That includes monitoring goods arriving in the Gaza Strip from Egypt and preventing Hamas from re-establishing control of the crossing. According to the agreement, Israel and the U.S. will assist the company as necessary.

It the report is accurate, it would mean American military contractors would be put in harm’s way, and that US elite veterans could eventually enter a firefight with Palestinian militants.

You know what this conflict was missing? Private U.S. military contractors with no legal oversight.

Israel commits to limit Rafah operation, grant control of crossing to private U.S. firm

From haaretz.com

US contractors on the ground would certainly also be seen as a key target for Hamas and other Palestinian militant groups (such as PIJ). Hamas has long warned that any foreign troops or military entity that enters the Gaza Strip will find itself under attack.

But there has yet to be any official government confirmation of the US contractor plan for Rafah crossing from either Washington or Tel Aviv, and time will tell if such a controversial plan comes to fruition. If it happens, this means American military contractors would be active in two major hot conflicts: Ukraine and Gaza (not to mention in eastern Syria and Iraq as well).

END

RUSSIA/UKRAINE

The Great Ukraine Robbery Is Not Over Yet: Ron Paul

WEDNESDAY, MAY 08, 2024 – 05:00 AM

Authored by Ron Paul via the Ron Paul Institute,

The ink was barely dry on President Biden’s signature transferring another $61 billion to the black hole called Ukraine, when the mainstream media broke the news that this was not the parting shot in a failed US policy. The elites have no intention of shutting down this gravy train, which transports wealth from the middle and working class to the wealthy and connected class.

Reuters wrote right after the aid bill was passed that, “Ukraine’s $61 billion lifeline is not enough.” Senate Minority Leader Mitch McConnell went on the Sunday shows after the bill was passed to say that $61 billion is “not a whole lot of money for us…” Well, that’s easy for him to say – after all it’s always easier to spend someone else’s money!

Ukraine’s foreign minister,  Dmytro  Kuleba, was far from grateful for the $170 billion we have shipped thus far to his country. In an interview with Foreign Policy magazine as the aid package was passed, Kuleba had the nerve to criticize the US for not producing weapons fast enough. “If you cannot produce enough interceptors to help Ukraine win the war against the country that wants to destroy the world order, then how are you going to win in the war against perhaps an enemy who is stronger than Russia?”

How’s that for a “thank you”?

It may be understandable why the Ukrainians are frustrated. Most of this money is not going to help them fight Russia. US military aid to Ukraine has left our own stockpiles of weapons depleted, so the money is going to create new production lines to replace weapons already sent to Ukraine. It’s all about the US weapons industry. President Biden admitted as much when he said, “we are helping Ukraine while at the same time investing in our own industrial base.”

This is why Washington Is desperate to make sure that if Donald Trump returns to the White House, the “Ukraine” gravy train cannot be shut down by his – or future – administrations. Last week news broke that the Ukrainian government was in negotiations with the Biden Administration to sign a ten-year security agreement that would lock in US funding for Ukraine for the next two and a half US Administrations. That would unconstitutionally tie future presidents’ hands when it comes to foreign policy and would leave Americans on the hook for untold billions more dollars taken from them and sent to the weapons industry and to a corrupt foreign government.

The US weapons industry and its cheerleaders in Washington DC are determined to keep Ukraine money flowing…until they can figure out a way to gin up a war with China after losing the current war with Russia. That, of course, depends on whether there is anything left of us when the smoke clears.

When President Biden signed the $95 billion bill to keep wars going in Ukraine and Gaza and to provoke a future war with China, he called it “a good day for world peace.” Yes, and “War is peace.” Debt is good. Freedom is slavery. We are living in a post-truth society where billions spent on pointless wars are “not a whole lot of money.” But the piper will be paid and the debt will be cleared.

RUSSIA/UKRAINE

Ukraine Passes Bill To Recruit Prisoners For Depleted Army Ranks

WEDNESDAY, MAY 08, 2024 – 11:45 AM

The severe manpower crisis of Ukraine’s armed forces continues to be on display, particularly after the recent decision of the government to deny embassy and consular services for Ukrainian men of fighting age who live abroad but refuse to come back home.

Ukraine’s parliament on Wednesday just once again upped the controversy and advanced a dramatic change in law and national policy. It passed a bill enabling select prisoners to be released in order to fight in the armed forces.

“The parliament has voted ‘yes,'” MP Olena Shuliak, head of Zelensky’s party, announced in a social media post. “The draft law opens the possibility for certain categories of prisoners who expressed a desire to defend their country to join the Defense Forces,” she said.

Ironically Moscow has previously come under international condemnation and mockery for just such a policy.

AFP and other international outlets acknowledged this as follows: “Long-opposed to the measure and having criticized Moscow’s mobilization of prisoners to fill its ranks, Kyiv has recently U-turned amid fresh Russian advances on the battlefield,” a report said.

The legislation still has to be signed by parliament’s chairperson and President Zelensky in order to come into force as an active policy. The bill includes the following reported stipulations and parameters:

• Prisoners must volunteer
• Only those with three or more years left on their sentence can apply
• Those convicted of violent sexual crimes are not eligible
• Former high-ranking officials and those guilty of “serious corruption” are not eligible
• Prisoners who killed two or people are not eligible

One glaring aspect is that it appears literal murderers can possibly still go free if they join the army, so long as they killed no more than one person, based on the AFP’s reporting

The following unexpected and bizarre line is in the AFP report detailing the new Ukrainian bill:

Among those not eligible to serve include those found guilty of sexual violence, killing two or more people, serious corruption and former high-ranking officials, Shuliak said.

However, some conflicting information has emerged. The below is via a Ukrainian news source:

Shuliak told Ukrainska Pravda that the following will not be eligible to join the Armed Forces of Ukraine: those who have committed premeditated murder, rapists and paedophiles, corrupt officials, those who have committed crimes against the foundations of Ukraine’s national security, and those who have held a particularly responsible position, including MPs and ministers.

Meanwhile, Ukrainians living abroad are said to be outraged at the government’s efforts to lure them back to Ukraine by the denial of consular services. One 19-year old man living abroad told Al Jazeera the following:

“I support individual battalions in Ukraine with donations every month – this is my duty,” said Anton, who works as a waiter.

“But I don’t want to fight, as I don’t trust our government. They don’t care about people. And they don’t care if there’s a war going on, they’re corrupt and keep stealing the money that we pay for the army. Why go to war for a state who only wants to steal?” he said bitterly.

Another 35-year old man currently in Poland (where many Ukrainian families fled once the war began) told Al Jazeera as follows: “If the army could guarantee that my work would be aligned with my skills and knowledge, I would go back. I could help with drones and other technology. But getting a rifle and shooting would not be the most efficient way of utilizing my skills.”

Ukraine forces continue losing ground along front line positions in the east. Not only are they outgunned, but the more experienced fighters who have been in it from nearly the beginning are exhausted, with commanders having few options in terms of rotating in fresh battalions from the back.

6.Global Issues//COVID ISSUES

COVID ISSUES/VACCINE ISSUES//DRUG ISSUES

State Department Hiding Documents That “Credibly Suggest” COVID-19 Lab Leak: House Investigators

WEDNESDAY, MAY 08, 2024 – 02:25 PM

The House Select Subcommittee on the Coronavirus Pandemic has revealed that classified documents from the State Department “credibly suggest” that COVID-19 originated from a “lab-related accident in Wuhan, China,” and that the CCP “attempted to cover up the lab leak.”

In a Tuesday letter to Secretary of Stater Antony Blinken, Committee Chairman Brad Wenstrup (R-OH) asks that the State Department declassify the records to “share the truth” about the origins of COVID-19 with the American people.

Wenstrup noted that the documents were previously unclassified and released in a ‘highly redacted’ form to satisfy a Freedom of Information Act (FOIA) request, but the unredacted version which remains classified suggests:

1. COVID-19 originated from a lab-related accident in Wuhan, China;
2. The CCP acted to prevent, and in fact obstructed, a fulsome investigation into these matters; and
3. A seamless relationship between the WIV and the Chinese People’s Liberation Army.

Wenstrup has requested a ‘staff level briefing’ by May 14, and notes that the briefing was previously requested on April 24 of this year, “with the goal of it occurring prior to the Select Subcommittee’s hearing with the President of EcoHealth Alliance, Inc. – and known WIV collaborator–Dr. Peter Daszak,” but that “the Department responded that it could not support a briefing on that timeline.

https://www.scribd.com/embeds/730595673/content?start_page=1&view_mode=scroll&access_key=key-IOY08g1vsE7ojqsWCh3Y

The highly redacted version of the letter can be seen below:

https://www.scribd.com/embeds/730595953/content?start_page=1&view_mode=scroll&access_key=key-T0kXdlwT4HH942J2Y6N9

END

MARK CRISPIN MILLER

END

DR PAUL ALEXANDER

Oh now you want POLICE? In Washington? George Washington U? No more defunding? You bitches created this monster, these pro-HAMAS monsters, these freaks on US campuses protesting for rapists & killers

now want the beheading of the school president and members of the board of trustees? See you did not ‘get’ that these are the very islamist jihadists among us & they will behead the President

DR. PAUL ALEXANDERMAY 7

READ IN APP

You best put this monster down fast for you created it, you allowed it, you worked with Obama to do this, Obama the shia ex-manchurian US POTUS who did all he could to benefit Iran, that Obama, who gave Iran the Air Force drone and naval gunboats to in turn attack US (and Israel) with…that Obama.

Now its your baby, let us see how you manage this…

George Washington University Now Begging DC Police for Help as Student Protesters Start Calling for the BEHEADING of School President and Trustees (VIDEO)

Pro-Hamas student protesters at George Washington University are now openly calling for the beheading of the school president and members of the board of trustees.

Gateway Pundit

George Washington University Now Begging DC Police for Help as Student Protesters Start Calling for the BEHEADING of School President and Trustees (VIDEO) | The Gateway Pundit | by Mike LaChance

SLAY NEWS

The latest reports from Slay News

Pediatrician Blows Whistle: Doctors Get Kickbacks to ‘Vaccinate Your Children’A pediatrician has come forward to blow the whistle by warning the public about a kickback scheme where doctors are “paid to vaccinate your children.”READ MORE

Top Study: Covid Shots Cause PsychosisA new peer-reviewed study has found that Covid shots cause “new-onset psychosis” among the vaccinated.READ MORE

Democrat NY Gov Hochul Forced to Apologize after Claiming ‘Black Kids’ Don’t Know What ‘Computer’ MeansNew York’s Democrat Governor Kathy Hochul has been forced to issue a groveling apology after she claimed during a public appearance that “black kids” don’t “even know what the word ‘computer’ is.”READ MORE

Group of Trump-Appointed Federal Judges Vows to Not Hire Pro-Hamas Columbia Law StudentsA group of 13 U.S. federal judges has vowed to not hire law students from New York City’s Columbia University due to the school’s facilitation of pro-Hamas protests.READ MORE

Company’s Value Plunges by $210 Million after CEO Offered Jobs to Pro-Hamas ProtestorsHims and Hers CEO Andrew Dudum is now at the center of a firestorm after he took to social media to praise the “moral courage” of pro-Hamas mobs and offer jobs to anti-Israel protesters.READ MORE

Former Democrat Presidential Candidate Calls for Dem Rep Henry Cuellar to Resign amid Bribery IndictmentRep. Dean Phillips (D-MN), a former Democrat presidential primary candidate,  is calling on Rep. Henry Cuellar (D-TX) to resign after being indicted on federal bribery charges last week. READ MORE

Jonathan Turley: Alvin Bragg’s Own Witnesses Are Undermining ‘Hush Money’ Case against TrumpLegal scholar Professor Jonathan Turley has weighed in on Manhattan District Attorney Alvin Bragg’s case against President Donald Trump, arguing that the Democrat prosecutor’s own witnesses have derailed the so-called “hush money” trial.READ MORE

NBA Star Darius Morris Dies Suddenly at 33Former Los Angeles Lakers point guard Darius Morris has died suddenly, his family has revealed.READ MORE

Putin Orders Nuclear Weapon Deployment Drills as Warning to the WestRussian President Vladimir Putin has ordered his military forces to conduct tactical nuclear weapon deployment drills as a warning to Western nations.READ MORE

Georgia Senate Investigators Suggest Fani Willis to Be SubpoenaedFulton County’s anti-Trump Democrat District Attorney Fani Willis may be facing a subpoena from a Georgia Senate inquiry, investigators have suggested.READ MORE

Biden Donor Judge Holds Trump in Contempt Again, Threatens JailJudge Juan Merchan has held President Donald Trump in contempt of court for violating his gag order during the trial again.READ MORE

Maxine Waters: Trump Supporters Are ‘Training Up in the Hills Somewhere’ to ‘Attack Communities’ If Biden WinsDemocrat Rep. Maxine Waters (D-CA) has appeared on national television to promote wild conspiracy theories about President Donald Trump’s supporters.READ MORE

Anti-Trump ‘Hush Money’ Prosecutor Was Paid by DNC for ‘Political Consulting’Bombshell new evidence has just emerged to reveal that one of the lead prosecutors on President Donald Trump’s “hush money” case in New York was paid by the Democratic National Committee (DNC) for “political consulting,” a financial paper trail has revealed.READ MORE

EVOL NEWS

‘Greedy’ Meghan Markle ‘Laughed Out of Hollywood’ – EVOLREAD MORE…

LATEST NEWS:

Top Governor DEFIES Biden’s Demand – EVOLRead more…Big Pharma Caught Spiking Transfusion Blood with HIV – EVOLRead more…Sen. Tom Cotton DESTROYS ABC Host On Live TV – EVOLRead more…Biden PARALYZED After Secret Donors Revealed – EVOLRead more…14-year-old girl killed, 5 other teens hurt in Buffalo shooting: Police – EVOLRead more…Jews dismayed by Christian Zionists over Gaza war – EVOLRead more…Nippon Steel Says DOJ Requested a Delay on Purchase of U.S. Steel, Insists It Has Nothing to Do with 2024 Election – EVOLRead more…Embattled ABC News President Kim Godwin steps down after tumultuous run – EVOLRead more…

LATEST NEWS:

Putin Orders Nuclear Weapon Deployment Drills as Warning to the West – EVOLREAD MORE…

LATEST NEWS:

“BIDENBUCKS” Government Collaborates with Left-Wing Groups To Gather Votes – EVOLRead more…Here We Go Again: Gretchen Whitmer admin issues emergency executive order over avian influenza – EVOLRead more…Former Biden DOJ Official Prosecuting Trump Received Thousands Of Dollars From DNC – EVOLRead more…Israeli Troops Enter Rafah as Fighter Jets Pound Terror Infrastructure – EVOLRead more…REPORT: Trump’s Commander-in-Chief Powers Were Revoked by Military Brass On January 6th – EVOLRead more…RFK Inching Closer to Debate Stage With This ‘Clever Move.’ – EVOLRead more…REPORT: Man Calls Off Wedding After His Fiancé Was Caught Making Out With 5th Grade Student – EVOLRead more…Kristi Noem angled for top NRA job – EVOLRead more.

NEWS ADDICT

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

7.OIL PRICES/GAS PRICES/OIL ISSUES

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 WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR:  1.0746 DOWN .0004

USA/ YEN 155.53 UP 0.180 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.2483 DOWN .0018

USA/CAN DOLLAR:  1.3758 UP .0025(CDN DOLLAR DOWN 25 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 19.26 PTS OR .61%

 Hang Seng CLOSED DOWN 165.51 PTS OR 0.90%

AUSTRALIA CLOSED UP 0.14 %

 // EUROPEAN BOURSE:     ALL MOSTLY GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  AL MOSTLYL GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 165.51 OR 0.90%

/SHANGHAI CLOSED DOWN 19.26 PTS OR 0.61%

AUSTRALIA BOURSE CLOSED UP 0.14%

(Nikkei (Japan) CLOSED DOWN 632.73 PTS OR 1.63%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 2316.40

silver:$27.28

USA dollar index early WEDNESDAY  morning: 105.46 UP 16 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing  WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.101% UP 3 in basis point(s) yield

JAPANESE BOND YIELD: +0.885% UP 3 AND  2/ 100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.246 UP 4 in basis points yield

ITALIAN 10 YR BOND YIELD 3.795 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.4655 UP 4 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR  WEDNESDAY  

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

Euro/USA 1.0748 DOWN  0.0002 OR 2 basis points

USA/Japan: 155.58 UP 0.813 OR YEN IS DOWN 81 BASIS PTS

Great Britain/USA 4.1770 DOWN .0001 OR 1 BASIS POINTS //

Canadian dollar UP 12 OR 12 BASIS pts  to 1.3722

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY ON SHORE CLOSED DOWN AT 7.2274 (ON SHORE)  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. (7.2290)

TURKISH LIRA:  32.25 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield  at +0.885…

Your closing 10 yr US bond yield UP 2 in basis points from TUESDAY at  4.483% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield  4.629 UP 2 in basis points  /12.00 PM

USA 2 YR BOND YIELD: 4.830 UP 1 BASIS PTS.

GOLD AT 11;30 AM 2315.30

SILVER AT 11;30: 27.43

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 40.38 PTS OR 0.37

German Dax :  CLOSED UP 68.33 PTS OR 1.40%

Paris CAC CLOSED UP 55.73PTS OR .69 %

Spain IBEX CLOSED UP 72.10 OR 0.65%

Italian MIB: CLOSED DOWN 91.08PTS OR 0.27 PTS

WTI Oil price  78.56 12EST/

Brent Oil:  83.36 12:00 EST

USA /RUSSIAN ROUBLE ///   AT:  91.99 ROUBLE DOWN 0 AND  89/100      

GERMAN 10 YR BOND YIELD; +2.4655 UP 4 BASIS PTS.

UK 10 YR YIELD: 4.177 DOWN 0 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0744 DOWN 0.0006    OR 6 BASIS POINTS

British Pound: 1.2496 DOWN 0.0006 UP 6 basis pts

BRITISH 10 YR GILT BOND YIELD:  4.1843 UP 2 BASIS PTS//

JAPAN 10 YR YIELD: .885%

USA dollar vs Japanese Yen: 155.64 UP 0.870/ YEN DOWN 87 BASIS PTS//

USA dollar vs Canadian dollar: 1.3720 DOWN.0001 //CDN dollar UP 1 BASIS PTS

West Texas intermediate oil: 79.20

Brent OIL:  83.68

USA 10 yr bond yield UP 4 BASIS pts to 4.4766

USA 30 yr bond yield UP 3 BASIS PTS to 4.639%

USA 2 YR BOND: UP 2 PTS AT  4.843

USA dollar index: 105.44 UP 14 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32. 25 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  91.95 DOWN 0  AND  80//100 roubles

GOLD  2,310.40 3:30 PM

SILVER: 27.33 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: UP 171.27 PTS OR 0.44 %

NASDAQ DOWN 6.43PTS OR 0.036 %

VOLATILITY INDEX: 12/96 DOWN 0.27PTS OR 2.04%

GLD: $213.55 UP .63 OR 0.29%

SLV/ $24.95 UP .03OR 0.12%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Bond Yields & Black Gold Bounce As Hawkish FedSpeak Slows Stocks

WEDNESDAY, MAY 08, 2024 – 04:00 PM

Mixed bag today:

• Macro (ugly wholesale sales print, implied gasoline demand at decade-lows ex-COVID, GDPNOW up at 4.18%?),
• Micro (TRIP exposed as M&A premium evaporates exposing reality of tourism business, UBER hinting at consumer pain, SHOP signaled more consumer pain, AFRM cut revenues forecasts as BNPL schemes falter – more consumer pain, TSLA tumbled on DoJ probe of FSD),
• Geopolitical (Rafah invasion begins).

But perhaps the most important thing was Fedspeak, which continues to lean hawkish with Collins saying:

“The recent upward surprises to activity and inflation suggest the likely need to keep policy at its current level until we have greater confidence that inflation is moving sustainably toward 2%,” Collins said Wednesday at the Massachusetts Institute of Technology.

“The recent data lead me to believe this will take more time than previously thought,” she said.

In a moderated conversation following her remarks, Collins added:

“I do think that holding in this restrictive range for longer will — in an orderly way in my baseline — would slow the economy.”

Artist’s impression of FedSpeak today…

Which pushed rate-cut expectations lower…

Source: Bloomberg

Treasury yields were up across the curve with the long-end underperforming (30Y +4bps, 2Y +1bps). Only the 2Y yield is higher on the week though…

Source: Bloomberg

Interestingly, The Dow managed to shrug this off and rose for the sixth straight day while Small Caps lagged The S&P and Nasdaq ended the day around unch…

The dollar continued to rebound off Friday’s payrolls plunge lows…

Source: Bloomberg

Despite the dollar trend higher, gold chopped around in a very narrow range today…

Source: Bloomberg

Bitcoin ETFs returned to net outflows yesterday (though very small)…

Source: Bloomberg

…and spot bitcoin prices drifted lower (thanks to another slam down overnight from the perp futures market)….

Source: Bloomberg

But today’s big winner was crude oil, with WTI surging back from below $77 to above $79 after a surprise crude draw and MidEast tensions (theoretically) hotting up again as Israel enters Rafah…

Source: Bloomberg

Crucially, this was the fourth day in a row that crude found support at its 100DMA…

Source: Bloomberg

Finally, don’t ‘Sell in May, and Go Away” this year, according to BofA’s technical analysts… because Presidential election years can see big summer rallies…

June-August is the second strongest 3-month period of the year for all years going back to 1928 with the SPX up 65% of the time on an average return of 3.2%.

In Presidential election years, the SPX is up 75% of the time from June-August on an average return of 7.3%.

END

MORNING TRADING/

AFTERNOON TRADING/

II USA DATA

Someone Is Lying: Atlanta Fed Claims US GDP Is 4.2% While DOE Reports Lowest Gasoline, Diesel Demand Since Covid

WEDNESDAY, MAY 08, 2024 – 03:30 PM

On one hand, the Atlanta Fed triumphantly blasted earlier today that Bidenomics is the greatest thing since sliced bread, helping push its Q2 GDP Nowcast to a whopping 4.2%, up from its latest estimate of 3.3%.

On the other hand, Biden’s own DOE – in its latest attempt to slam oil, gas and diesel prices because nothing will crush Biden’s re-election chances faster than an oil price spike in the summer – reported that demand for gasoline and diesel in the United States has plunged to its lowest seasonally since the onset of the COVID pandemic, “sparking concern that economic activity is now becoming stagnant as refining margins hit news lows not seen in months“, Reuters reported.

As shown in the chart below, monthly averages for the week ended May 3 show gasoline demand at 8.63 million barrels per day–a figure not seen since May 2020, at the start of the pandemic, based on EIA data.

Data also showed demand for distillates – the most accurate proxy for overall economic activity – plunged to 3.6 million bpd, which was also a seasonal low not hit since the pandemic. Additionally, for the first time in approximately three months, the 3-2-1 crack spread which serves as a barometer for refining markets, was trading under $26.50 per barrel on Wednesday, Reuters reports, for the lowest crack spread in three years.

Needless to say, this means someone is lying: either the US economy is shrinking, which bad for Biden,  or gasoline demand is far higher than reported, which is also bad for Biden. But since under the current fascist regime truth is a casualty to getting re-elected, we are being served a fake Potemkin village, one where growth is exploding as energy prices are tumbling, day after day and somehow people still believe this bullshit.

“The gasoline situation was going to be looked at by everybody and it definitely disappointed,” Mizuho analyst Robert Yawger told Reuters, adding that “If that’s indicative of the performance of the economy, that’s bad all around.”

The EIA inventory report showed U.S. distillates adding 600,000 barrels to inventory for the week ended May 3, with average production at 4.8 million barrels per day. Gasoline inventory also increased by 900,000 barrels for the week ended May 3, with production averaging 9.5 million barrels per day.

Crude oil prices lost more ground on Wednesday following the EIA’s weekly inventory report, which showed a draw of 1.4 million barrels for the week to May 3, but following a significant 7-million-barrel build from the previous week that put downward pressure on prices.

TUCKER CARLSON…

END

III  USA ECONOMIC COMMENTARIES

Bad-Loans Hit Record-High As Used-Car Prices Suffer Worst Bear-Market Ever

TUESDAY, MAY 07, 2024 – 08:40 PM

A bear market in the used car market was confirmed in November and has since worsened through April. At the same time, negative equity values are hitting new record highs while auto insurance rates have soared the most since the mid-1970s. While gas prices at the pump are elevated, the environment to operate a vehicle is probably one of the worst ever. Just listen to Gen-Z and millennial users on X bitch and moan about $1,000 monthly car payments and other absurd costs associated with driving.

The Manheim Used Vehicle Value Index fell to 198.4 in April, a 14% drop from one year ago. This is the index’s lowest print since the first quarter of 2021. As for the bear market, the index is down 23% from the high and quickly falling – there could be air pockets given the rapid upward moves three years ago – and that demand has been suppressed given a high-interest rate environment. 

All vehicle segments of the Manheim Used Vehicle Value Index experienced seasonally adjusted prices that were down double digits year over year in April. Luxury was the only segment that was not hit the hardest, down just 12.9%. The worst-performing segment was compact cars, down 17.6% compared with last year, followed by midsize cars, down 16.8%, and pickups, down 15.2%. EVs were down 17.5%.

This is a significant worry for millions of Americans who bought cars during the pandemic mania, which basically involved spending free money provided by the Federal Reserve, only now discovering that their loans are plunging into underwater territory. 

According to a recent Edmunds note, 20% of new vehicle sales involving a trade-in had negative equity during the October-through-December period—the highest level since 2021. 

Negative equity values soared to a new record high of $6,064 during the period, a massive 46% increase from late 2021. 

We warned readers in 2023 about the worsening negative equity situation for heavily indebted drivers: 

• Negative Equity Surges: More Consumers Find Themselves In Underwater Auto Loans
• Number Of Americans In Upside-Down Auto Loans Continues To Worsen

Adding to the financial stress for drivers, there’s also the concern that Joe Biden’s sticky inflation continues to send auto insurance rates to the highest levels since the inflation shitstorm in the mid-1970s. 

We’ve pointed out that ridiculous repair bills for newer vehicles (cough, cough, EVs) are likely the main reason rates are higher. 

• Rivian Owner Shocked By $41,000 Repair Bill For Minor Damage
• “Shocking Number”: Rivian Owner Sees $42,000 Repair Bill For Minor Accident

Right now, drivers are paralyzed as the average used car auto loans tracked by Bankrate surged again – now exceeding 8.5%.

The average new car loan has reached a record high of $40,000. 

In recent months, Joseph Yoon, consumer insights analyst for Edmunds, told Bloomberg: 

“We’re in this situation where combined with the cost of the vehicles being so high and the interest rates being so historically high, you have a lot of people who are in bad car loans.” 

To Yoon’s point, the percentage of subprime auto borrowers at least 60 days past due in September topped 6.11%, the highest ever. 

Out of all this gloom and doom for drivers. There’s good news on the inflation front: falling Manheim used car prices will only result in a lower future print for the US CPI Used Car index. 

So the big question is when will the bear market in used car prices bottom? 

Car owners should certaily not be looking for any bailouts from The Fed anytime soon (or Biden, who is too busy paying off student loans). Higher rates and longer is the theme, no matter the jawboning, with less than two cuts now priced in for the whole of 2024 (down from over seven at the start of the year).

IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and  PERVASIVE ANTISEMITISM/WOKISM

(Jerusalem Post)

Actually, Biden is fueling antisemitism around the campuses

Rafah op. influences Biden’s decision on conditioning Israel aid – report

House Democratic leadership commented on ongoing Rafah operation and also on antisemitism in the US.

By HANNAH SARISOHNMAY 7, 2024 22:22Updated: MAY 7, 2024 22:29

NEW YORK – In his weekly news conference, Rep. Pete Aguilar (D-CA), chair of the House Democratic Caucus, said, “We’ll see what happens on the ground,” when asked about the US response to Israel’s full-scale ground operation in Rafah which the White House has opposed to for months.

Aguilar said the caucus would “work with the Biden administration” to see how they responded.

“The most important thing here, especially at this moment for that region, is [returning] of the hostages, defeating Hamas, and surging the humanitarian assistance to Gaza,” Aguilar said.

“Those have been the same points that House Democrats, leader [Hakeem] Jeffries, and President [Joe] Biden have been talking about and focused on. That continues to be our focus and objective,” Aguilar explained.

Antisemitism is a pressing concern

Aguilar acknowledged Holocaust Remembrance Day and the importance of conversations and education in making sure that such an event would never happen again.

“We understand the challenges within the country. Antisemitism is real and the fact that Jewish students specifically don’t feel safe on college campuses is very difficult for all of us to hear and to feel,” Aguilar said.

Further, he said that there are many issues at play, including freedom of speech and expression and making sure young people feel safe in learning environments.

Prejudice and discrimination against anyone, including antisemitism, is wrong, Aguilar stressed.

“No one should be discriminated against simply because they happen to be Jewish. Everyone has a right to free speech; they do not have the right to engage in violence and vandalism,” Aguilar said. “That is not a difficult line. Violence is not protected by the First Amendment.”

END

iiiC USA COVID //VACCINE ISSUES

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

END

END

SWAMP STORIES

Trump Classified Document Trial Postponed Indefinitely Days After ‘Mishandled Evidence’ Bombshell

TUESDAY, MAY 07, 2024 – 05:20 PM

One day after postponing a filing deadline in Donald Trump’s classified documents case, Judge Aileen M. Cannon has postponed the whole thing indefinitely.

In a Tuesday decision, Cannon vacated (canceled) Trump’s May 20 trial date, and wrote that setting a new date given the enormous stack of pre-trial matters would be “imprudent.”

NEW: Judge Cannon officially vacates May 20 trial date, says setting a new date with so many outstanding matters would be “imprudent.”

4:56 PM · May 7, 2024

·

END

Another Trump Trial Derailed: Fani-Donating Judge’s Decision To Keep Her On RICO Trial Under Scrutiny By Appeals Court

WEDNESDAY, MAY 08, 2024 – 10:14 AM

One day after former President Donald Trump’s classified documents trial was postponed indefinitely after we learned that the DOJ mishandled evidence in the case (with Judge Aileen M. Cannon citing a mountain of ‘outstanding’ pre-trial matters that would make a May 20 trial ‘imprudent’), another Trump case appears to have no chance of going to trial before the 2024 election.

On Wednesday, a Georgia appeals court agreed to review a lower court ruling which allowed Fulton County District Attorney Fani Willis to remain on the Trump RICO prosecution despite being highly conflicted.

To review, Atlanta Judge Scott McAfee of Fulton Superior Court, who donated to Fani Willis when she was running for office, ruled in March that the Fani simply had to kick her lover, Nathan Wade, off the case after she paid him more than $600,000. The two notoriously took several lavish vacations together on Wade’s dime (which Fani swears she repaid in cash).

According to McAfee, while he found the “appearance of impropriety,” no “disqualification of a constitutional officer necessary when a less drastic and sufficiently remedial option is available,” adding “that the prosecution of this case cannot proceed until the State selects one of two options.”

And now, the Atlanta Court of Appeals has agreed to hear an appeal from the defendants over whether McAfee erred in his decision.

Willis indicted Trump and 18 other defendants last August, accusing them of a wide-ranging scheme to attempt to overturn the results of the 2020 presidential election in the state. All of the defendants were charged under Georgia’s Racketeer Influenced and Corrupt Organizations, or RICO, law. Trump and most of the other defendants have pleaded not guilty.

In their appeal application, Trump and other defendants argued that McAfee was wrong not to remove both WIllis and Wade, writing that “providing DA Willis with the option to simply remove Wade confounds logic and is contrary to Georgia law.“

Most recently, Willis has defiantly refused to appear before a Georgia Senate Investigative Committee, telling reporters earlier this week (via RedState):

REPORTER: Would you appear before a Georgia Senate committee without a subpoena?

WILLIS: Well first of all I don’t even think they have the authority to subpoena me, but they didn’t learn the law. 

REPORTER: Will you appear, yes or no?

WILLIS: I will not appear to anything that is unlawful. I have not broken the law in any way. I’ve said it, you know, I’ll say it amongst these leaders—I’m sorry folks get p***ed off that everybody gets treated even. 

FAITH LEADER STANDING NEXT TO HER: I think she answered that very well. 

Another one bites the dust?

KING REPORT

The King Report May 8, 2024 Issue 7238

Independent View of the News

In an appearance on CNBC’s “Squawkbox,” Stan Druckenmiller toasted Powell and the Fed.  Stan admonished Jerome, “Don’t go on 60 Minutes, you’re not a rock star.” https://twitter.com/SquawkCNBC/status/1787839066370642089   @SquawkCNBC: Investor Stanley Druckenmiller on Bidenomics:  “If I were a professor, I’d give them an ‘F’.  They basically misdiagnosed Covid.  They thought we were going into depression.  The Fed did too.  The Treasury thinks we are in a depression…  They’ve spent and spent and spent.  The debt will crowd out some of the innovation that would have taken place… Why we are spending like we in still in the Great Depression is beyond me… They are trying to circumvent the Supreme Court (on student loans)… I assume this is because of the election…” https://t.co/WfsU4ecO6y     “They fumbled on the 5-yard line with the game on the line,” says investor Stanley Druckenmiller about the Fed’s pivot.  https://twitter.com/SquawkCNBC/status/1787839182599082418   @SquawkCNBC: Investor Stanley Druckenmiller comments on the fiscal situation facing our nation: “Everybody seems to get it but Janet Yellen, who just keeps spending and spending… I think it’s done politically… the average American is getting hurt by inflation…” https://twitter.com/SquawkCNBC/status/1787840378617409651   @SquawkCNBC: Investor Stanley Druckenmiller on the presidential election and how candidates will handle the economy:  “Under Trump, I’m worried about inflation.  Under Biden, I’m worried about stagflation.  With all the government spending, with all the tricks Yellen is doing to manipulate the yield curve…”  https://twitter.com/SquawkCNBC/status/1787847927508971595   @DonMiami3: The April BLS initial estimate was based on the lowest response rate in 24 years.  Are economic surveys going the way of political surveys?  https://twitter.com/DonMiami3/status/1787622690250973634   Disney Slides on Weak Subscriber Outlook Despite Path to Profit – BBG 9:56 ET The company reported a tepid outlook for growth in streaming subscribers in the current quarter and said that visits to parks are expected to moderate from peak post-Covid levels… (Too expensive, stupid!) https://finance.yahoo.com/news/disney-tumbles-streaming-subscriber-miss-120602131.html   Disney sank as much as 10.2% on a weaker subscriber outlook.  Go woke; go broke! We stated last week that it will be interesting to see if some Fed officials rebuke Powell’s dovishness.   Fed’s Kashkari questions if rates are high enough to tame prices “My colleagues and I are of course very happy that the labor market has proven resilient, but, with inflation in the most recent quarter moving sideways, it raises questions about how restrictive policy really is,” Kashkari wrote. “Given that housing is a key channel through which monetary policy affects the economy, its resilience raises questions about whether policymakers and the market are misperceiving neutral, at least in the near term,” he said… “The uncertainty about where neutral is today creates a challenge for policymakers,” he added… https://finance.yahoo.com/news/fed-kashkari-questions-policy-tightness-133220338.html   Kashkari: Most Likely to Hold Rates Steady for ‘Extended Period’ – BBG 11:33 ET Kashkari: If We See Labor Market Weakening, Could Spur Cut – BBG 11:34 ET Kashkari: If Inflation Become Embedded, May Hike If Needed – BBG 11:35 ET Kashkari: Need Multiple Positive Inflation Readings to Cut – BBG 11:36 ET Kashkari: Bar for Raising Rates is Quite High, Not Infinite – BBG 11:40 ET   ESMs traded mostly lower from the Nikkei opening until they broke higher during the last 90 minutes of trading.  ESMs then traded in a tight range until they sagged near 3:27 ET.  After hitting a daily low of 5202.25 at 4:05 ET, ESMs jumped to 5213.25 at 5:12 ET.  An A-B-C decline took ESMs to 5205.00 at 7:39 ET.  The rally for the NYSE opening pump & dump then commenced.  ESMs soared to 5220.25 at 9:31 ET.  The dump appeared early; ESMs sank to 5210.50 at 10:00 ET.   But Jerome and Fed leftists have reignited bubbling enthusiasm for stocks.  ESMs soared to a daily high of 5224.00 at 10:58 ET.  Kashkari halted the rally.  After a drop to 5216.50 at 12:51 ET, ESMs jumped to a new daily high of 5226.75 at 13:32 ET.   ESMs commenced a retreat at 13:34 ET that took ESMs to 5208.75 at 13:59 ET.  After a jump to 5215.25 at 14:05 ET, ESMs fell to 5205.50 at 14:36 ET.  ESMs plodded higher until the late manipulation began at 15:48 ET.  ESMs hit 5219.50 at 15:53 ET and then sank to 5210.75 at 16:00 ET.   US revokes licenses (Intel and Qualcomm) for supply of chips to China’s Huawei – FT 15:10 ET https://www.ft.com/content/cf965960-b083-49ee-bae1-6ce95fe872a3   Einhorn Says Markets Are ‘Broken.’  Here’s What Data Shows – BBG 11:18 ET The valuation-be-damned boom in passive investing has “fundamentally broken” markets… “Passive investors have no opinion about value.”…   Passive investing will lose its appeal in a protracted bear market.  Active managers that hold more cash or cash equivalents will greatly outperform passive investors in a prolonged bear market.   Positive aspects of previous session Stocks rallied modestly; USMs were +18/32 near the NYSE close Gasoline declined sharply   Negative aspects of previous session The S&P 500 Index ran into trouble at 4200   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]: 5188.96 Previous session S&P 500 Index High/Low: 5200.23; 5178.96   Israelis frustrated with U.S. handling of hostage talks Israeli officials claim the Biden administration knew about the latest hostage and ceasefire deal proposal Egypt and Qatar negotiated with Hamas, but didn’t brief Israel before Hamas announced it accepted it on Monday… The episode has created deep disappointment and suspicion among senior Israeli officials regarding the U.S. role in the hostage deal talks and could negatively influence the negotiations going forward…     The officials claimed CIA director Bill Burns and other Biden administration officials who are involved in the negotiations knew about the new proposal but didn’t tell Israel… Two Israeli officials said the feeling is that “Israel got played” by the U.S. and the mediators who drafted “a new deal” and weren’t transparent about it…     Two Israeli officials said Israel is deeply suspicious that the Biden administration gave guarantees to Hamas through the Egyptian and Qatari mediators about its key demand that a hostage deal will lead to the end of the war…  https://www.axios.com/2024/05/07/us-israel-hamas-hostage-ceasefire-talks   Biden may be holding up ammo to Israel — Congress must stop him The president’s pro-Hamas left-wing base is in all-out revolt… His solution? Pressure Israel to stop defending itself and pay whatever price Iran sets for six months of quiet through the November election… Leaks suggest that Hamas sympathizers inside State are pressing for an aid cut-off – perhaps via a Biden-mandated report to Congress due this Wednesday on Israel’s compliance with international law… By playing for an Israeli surrender to Hamas, however, Biden all but guarantees continued conflict in the Middle East, and continued unrest from his left flank at home. https://nypost.com/2024/05/06/opinion/biden-may-be-holding-up-ammo-to-israel-congress-must-stop-him/   US concerns over Israel’s Gaza policy led to weapons holdup The Biden administration is holding up shipments of two types of Boeing-made precision bombs to send a political message to Israel… (DJT got impeached for considering a delay in aid to Ukraine!) https://www.politico.com/news/2024/05/07/us-concerns-over-israels-gaza-policy-led-to-weapons-holdup-00156528   @joelpollak: The @WhiteHouse is making clear that even though Israel’s move into Rafah has Hamas running scared, the Biden administration is determined to undermine that leverage and pressure both sides to accept an agreement. @JoeBiden is determined to save Hamas. It’s mind-boggling. Or not. (Because the demise of Hamas greatly harms Iran, and Obama and his ilk want to boost Iran.)   Goldman Sachs names former Dallas Fed chief Kaplan as vice chairman (Well, of course!) Kaplan, who had earlier spent more than two decades at Goldman Sachs, “brings a wealth of knowledge, deep relationships and significant global leadership expertise to his role as vice chairman,” Goldman CEO David Solomon said in a statement.  Kaplan, 66, will be based in Dallas. He announced in September 2021 that he would step down as head of the Dallas Fed amid a controversy over his personal trading activity. Kaplan has said he adhered to all Fed ethical standards, compliance rules and policies… https://www.reuters.com/business/finance/goldman-sachs-names-former-fed-dallas-chief-kaplan-vice-chairman-2024-05-07/   Pfizer Stock Hit After Boy Dies In Gene Therapy Trial https://www.zerohedge.com/medical/pfizer-stock-hit-after-boy-dies-gene-therapy-trial   Today – The Tuesday reversal we mentioned appeared after the usual suspects got too long on exhausted stocks.  When there was no firepower to push the S&P 500 decisively through 5200, astute traders headed for the exit.  The S&P 500 Index high of 5200.23 from Tuesday is now solid resistance.   The late decline was another indication of exhaustion.  Barring news, stocks need more retrenching before another robust rally is likely to materialize.   NQMs are +4.25; ESMs are +0.50; USMs are 6/32; and Gold is -0.54 at 20:10 ET.     Fed Speakers: VCEO Jefferson 11:00 ET, Boston Pres Collins 11:45 ET, Gov. Cook 13:30 ET   Expected economic data: Mar Wholesale Trade 0.8% m/m, Inventories -0.4%   S&P Index 50-day MA: 5134; 100-day MA: 4996; 150-day MA: 4797; 200-day MA: 4710 DJIA 50-day MA: 38,728; 100-day MA: 38,359; 150-day MA: 37,029, 200-day MA: 36,445 (Green is positive slope; Red is negative slope)   S&P 500 Index (5187.70) – 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 5063.20 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5164.63 triggers a sell signal   Outrage as pro-Palestine activists stage ‘Stop Genocide’ protest as thousands of Israelis including Holocaust and October 7 survivors walked to Auschwitz in ‘March of the Living’ event to honour victims of Nazi WW2 atrocities https://www.dailymail.co.uk/news/article-13387247/Outrage-pro-Palestine-activists-stage-Gaza-protest-anti-Semitism-March-Living-walk-Auschwitz.html   Federal judge postpones Trump’s classified records trial indefinitely The trial was set to begin May 20 (Maybe the DoJ/FBI should not have tampered with the evidence!) https://www.foxnews.com/politics/federal-judge-postpones-trumps-classified-records-trial-indefinitely   Judge Cannon will now hold three key hearings: Motion to dismiss based on selective and vindicative prosecution; motion to dismiss based on unlawful appointment of Jack Smith as Special Counsel; and partial evidentiary hearing on the scope of the prosecution team – should the National Archives, the WH, the DoJ, and FBI counter intelligence be part considered part of the prosecution, which would make their records available to Trump’s defense team https://twitter.com/KarluskaP/status/1787955362081186020   Hearing dates at link: https://twitter.com/julie_kelly2/status/1787955088155136104/photo/2   Judge Cannon will soon issue a ruling on the DoJ’s tampered, mislabeled, and mishandled evidence.   GOP @RepMattGaetz: I was informed today by the Director of the Federal Bureau of Prisons that my request to interview @RealPNavarro would be denied. And her reason is that Peter Navarro is “too notorious” to be interviewed by a member of Congress!     John Gotti was interviewed in prison. The QAnon Shaman was interviewed in prison. Director Peters HERSELF brought NBC News THROUGH PRISONS to showcase the work of corrections that’s being done! This only vindicates the claim made by Peter Navarro that he is being held as a political prisoner.   House Judiciary opens investigation into FBI handling of Mar-a-Lago probe Smith’s team said the order of documents in some of the boxes of memos that were seized by the FBI from Trump’s Mar-a-Lago estate was altered or jumbled in a court filing Friday. But the admission had not been acknowledged prior to the filing… https://justthenews.com/government/congress/house-judiciary-opens-investigation-fbi-handling-mar-lago-probe   Judge denies Trump attorney’s motion for mistrial over Stormy Daniels testimony Blanche argued that the court set “guardrails” and Daniels’ testimony went over them.     “As a threshold matter, I agree Mr. Blanche, that there were some things that probably would’ve been better left unsaid.” Judge Merchan said, according to CNN.  “Having said that, I don’t believe we’re at a point where a mistrial is warranted,” he said… (Prosecutors asked for intimate details of the act!) https://justthenews.com/government/courts-law/trumps-defense-moves-mistrial-due-testimony-stormy-daniels   Intimate questions to Stormy and her responses at link: https://vigilantnews.com/post/clothes-off-missionary-position-stormy-goes-into-specifics-during-trump-trial-testimony/   @IngrahamAngle: If ever there was grounds for a mistrial, this irrelevant and salacious Stormy Daniels’ testimony is it. Bragg and Merchan think they’ve humiliated Trump, but they’ve really humiliated themselves and debased the entire New York judicial system.   @mirandadevine: Merchan refuses to strike out this gratuitous Stormy Daniels detail before she testifies, as Trump’s lawyers requested. Then he criticizes Trump’s lawyers for not objecting enough when she testifies. He has slyly allowed in material whose sole purpose is to embarrass Trump and then, after the fact, pretends for the jury that he doesn’t approve.   Trump demands government treat anti-Israel agitators the same as ‘J6 hostages’ https://www.foxnews.com/politics/trump-demands-government-treat-anti-israel-agitators-same-j6-hostages   WaPo: How Fat Leonard (defense contractor) compromised admirals in charge of Navy intelligence Book excerpt: The Malaysian con man tempted admirals Ted “Twig” Branch and Bruce Loveless with cigars, meals and women — creating a counterintelligence disaster… he had obtained reams of classified information from corrupt Navy officers about the itineraries of U.S. warships and submarines throughout the Western Pacific… https://www.washingtonpost.com/investigations/2024/05/07/how-fat-leonard-compromised-admirals-charge-navy-intelligence/   ‘Trump fans, normal? Imagine!’ Ex-CNN reporter is eviscerated for revealing she was ‘haunted’ by dinner with ‘closet MAGA’ fans who ‘seemed ordinary’ – Michelle Kosinski, 50, took to social media Sunday to describe the recent dinner… https://www.dailymail.co.uk/news/article-13391443/ex-cnn-reporter-trump-dinner-slammed-comments.html   Hochul slammed for saying black kids in the Bronx don’t know what the word ‘computer’ means https://t.co/CBjj6az1j    @SethDillon: Democrats are always trying to prove they aren’t racist by talking about how dumb and incapable minorities are.

GREG HUNTER 

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