GOLD PRICE CLOSED UP $31.70 TO $2412.70
SILVER PRICE UP $1.37 TO $31.02
Gold ACCESS CLOSED $2415,35
Silver ACCESS CLOSED: $31,50
Bitcoin morning price:$66439 UP 1115 DOLLARS.
Bitcoin: afternoon price: $66848 UP 1524 dollars
Platinum price closing UP $22.90 TO $1084.30
Palladium price; UP $13.40 AT $1004.65
END
SHANGHAI GOLD PREMIUM 24 DOLLARS/COMEX GOLD
SHANGHAI GOLD
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 17 May 2024 03:27:47 PM CT.
Market data is delayed by at least 10 minutes.
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3287.11 UP 49.80 CDN dollars per oz( * NEW ALL TIME HIGH 3,301.52 CDN DOLLARS PER OZ//APRIL 16 2024)
*BRITISH GOLD: 1900.42 UP 24.20 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2221.53 UP 33.58 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCH: COMEX
ACCESS MARKET
ACCESS MARKET
EXCHANGE: COMEX
CONTRACT: MAY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,380.000000000 USD
INTENT DATE: 05/16/2024 DELIVERY DATE: 05/20/2024
FIRM ORG FIRM NAME ISSUED STOPPED
435 H SCOTIA CAPITAL 2
624 H BOFA SECURITIES 1
726 C PLUS500US FINAN 1
732 C RBC CAP MARKETS 2
TOTAL: 3 3
MONTH TO DATE: 1,959
JPMorgan stopped 0/3
FOR MAY2024
GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 3 NOTICES FOR 300 OZ or 0.00933 TONNES
total notices so far: 1959 contracts for 195900 Oz (6.0933 tonnes)
FOR MAY:
SILVER NOTICES: 0 NOTICE(S) FILED FOR nil OZ/
total number of notices filed so far this month : 5759 for 28.795 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $31.70
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
NO CHANGES IN GOLD INVENTORY AT THE GLD:
/ /INVENTORY RESTS AT 833.36TONNES
INVENTORY RESTS AT 833.36 TONNES
SLV//
WITH NO SILVER AROUND AND
SILVER UP $1.37 AT THE SLV//
SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 868,000 OZ FROM THE SLV
// INVENTORY LOWERS TO 419.440 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 419,440 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY MEGA HUMONGOUS SIZED 2891 CONTRACTS TO 178,300 AND CONTINUING TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0.14 IN SILVER PRICING AT THE COMEX ON THURSDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN SHORT COVERING BY OUR SPECS WITH THE GAIN IN PRICE. WE HAD ANOTHER STRONG SIZED 556 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. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE
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 THURSDAY NIGHT: 556 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 BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD AN ULTRA HUMONGOUS SIZED GAIN OF 5241 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE OF $0,14.
WE MUST HAVE HAD:
A HUGE SIZED 2350 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 STRONG QUEUE JUMP OF 55,000 OZ
//NEW STANDING FOR SILVER//MAY IS THUS 29.805 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN //HUMONGOUS SIZED EFP ISSUANCE/ VI) STRONG SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 556 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED 1457 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 13 DAYS, total 15,332 contracts: OR 76.660 MILLION OZ (1179 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 76.660 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: 76.660 MILLION OZ
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2891 CONTRACTS DESPITE OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 2350 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 29.345 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S 55,000 OZ QUEUE JUMP
//NEW TOTAL STANDING AT 29.805 MILLION OZ
WE HAVE A HUMONGOUS SIZED GAIN OF 5241 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 556 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE THURSDAY NIGHT (556 WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 0 NOTICE(S) FILED TODAY FOR nil OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3428 OI CONTRACTS TO 529,847 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 437 CONTRACTS
WE HAD A FAIR SIZED DECREASE IN COMEX OI (3428 CONTRACTS) OCCURRED WITH OUR LOSS OF $7.90 IN PRICE/THURSDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER TRYING TO CONTAIN GOLD’S PRICE RISE. THE LOSS IN COMEX OI WAS DUE TO SPREADER (T.A.S) LIQUIDATION. 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 1000 OZ QUEUE JUMP PLUS THAT DUBIOUS ISSUANCE OF 1084 OI EX FOR RISK CONTRACTS WHEREBY THE BUYER ASSUMES RISK OF 3.3716 TONNES OF GOLD//NEW STANDING INCREASES TO 6.1741 TONNES PLUS THE DUBIOUS 3.3716 ECH FOR RISK!
NEW STANDING 9.9457 TONNES// ALL OF THIS HAPPENED WITH OUR $7.90 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 4726 OI CONTRACTS (14.70 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A VERY STRONG SIZED 5163 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 528,847
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4726 CONTRACTS WITH 3428 CONTRACTS DECREASED AT THE COMEX// AND A VERY STRONG SIZED 8154 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4726 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 2002 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A VERY STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (8154 CONTRACTS) ACCOMPANYING THE FAIR LOSS IN COMEX OI 3428/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 4726 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 4.684 TONNES FOLLOWED BY TODAY;S 1000 OZ QUEUE JUMP PLUS 3.3716 TONNES EX FOR RISK
//NEW STANDING /MAY 9.9457 TONNES.
/ 3) MASSIVE LONG-SHORT LIQUIDATION MOSTLY DUE TO SPREADERS WITH THE LOSS IN PRICE.
// 4) FAIR SIZED COMEX OPEN INTEREST LOSS 5) VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 2002 CONTRACTS// HUGE 3.3716 TONNES OF EXC FOR RISK// HUGE SHORT COVERING BY OUR WRONG FOOTED SPECS WITH THE FED’S CONTINUAL FRUITLESS 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: 54,946 CONTRACTS OR 5,494,600 OZ OR 170.905 TONNES IN 13 TRADING DAY(S) AND THUS AVERAGING: 4226 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 13 TRADING DAY(S) IN TONNES 170.905 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 170.905 DIVIDED BY 3550 x 100% TONNES = 4.81% 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; 170.905 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 ROSE BY A HUMONGOUS SIZED 2891 CONTRACTS OI TO 178,300 AND CLOSER TO 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 2350 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 2350 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2350 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 3428 CONTRACTS AND ADD TO THE 2350 E.FP. ISSUED
WE OBTAIN AN ULTRA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5241 CONTRACTS
THUS IN OUNCES, THE HUGE GAIN ON THE TWO EXCHANGES TOTALS 5241 MILLION OZ
OCCURRED DESPITED OUR HUGE $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//
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 31.63 PTS OR 1.01% //Hang Seng CLOSED UP 177.08 PTS OR 0.91%// Nikkei CLOSED DOWN 132.68 OR 0.34%//Australia’s all ordinaries CLOSED DOWN 0.83%///Chinese yuan (ONSHORE) closed DOWN TO 7,2271 CHINESE YUAN OFF SHORE CLOSED DOWN TO 7.2331/ Oil UP TO 79.04 dollars per barrel for WTI and BRENT UP AT 83.14 /Stocks in Europe OPENED MOSTLY RED
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 FAIR SIZED 3428 CONTRACTS TO 528,847 WITH OUR LOSS IN PRICE OF $7.90 WITH RESPECT TO THURSDAY TRADING. WE HAD A HUMONGOUS T.A.S. LIQUIDATION YESTERDAY 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 VERY STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A VERY STRONG SIZED 8154 EFP CONTRACTS WERE ISSUED: : JUNE 8154 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE:8154 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 4726 CONTRACTS IN THAT 8154 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 3428 COMEX CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $7.90 THURSDAY 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 THURSDAY NIGHT WAS A GOOD SIZED 2002 CONTRACTS. WE HAD FOR THE FIRST TIME IN SEVERAL MONTHS A HUGE ISSUANCE OF 1054 OI CONTRACTS EX FOR RISK. THIS NO DOUBT IS CRIMINAL WHERBY IN THESE CONTRACTS THE BUYER ASSUMES THE RISK OF DELIVERY. A REAL BUNCH OF CRAP! I WILL ADD 3.3716 TONNES OF GOLD DELIVERY TO OUR TOTALS. MOST OF THE TRADING AND SUPPLY OF CONTRACTS ON THURSDAY 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 (6.1417 TONNES+ 3.3716 EX FOR RISK) = 9.9457 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 6.1741 TONNES + 3.3716 TONNES EX FOR RISK= 9.9457
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A $7.90 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG GAIN OF 4726 CONTRACTS ON OUR TWO EXCHANGES.
WE HAD ANOTHER HUGE T.A.S. LIQUIDATION ON THE FRONT END OF THURSDAY’S TRADING. THE T.A.S. ISSUED ON THURSDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS AND MOST LIKELY ON TODAY’S TRADING.
WE HAVE GAINED A TOTAL OI OF 14.70 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 4 CONTRACTS OR 400 OZ ( .0012 TONNES) PLUS 3.3716 TONNES OF EX FOR RISK
NEW STANDING: 6.1741 TONNES PLUS 3.1716 TONNES EX FOR RISK = 9.9457
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $7.90
WE HAVE REMOVED 437 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 4726 CONTRACTS OR 472,600 (14.70 TONNES)
confirmed volume THURSDAY 223,670 contracts// fair
//speculators have left the gold arena
MAY 17 MAY GOLD
/ /// THE MAY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | NIL . |
| Deposit to the Dealer Inventory in oz | 00 oz |
| Deposits to the Customer Inventory, in oz | 1704.01 brinks 55 kilobars |
| No of oz served (contracts) today | 3 notice(s) 300 OZ 0.00933 TONNES |
| No of oz to be served (notices) | 26 contracts 2600 OZ 0.0808 TONNES |
| Total monthly oz gold served (contracts) so far this month | 1959 notices 195900 oz 6.0933 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposits:
total dealer deposits: 0 oz
we have 0 customer deposits:
total deposit nil oz
total customer withdrawals: 0
TOTAL WITHDRAWALS NIL 0z
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY
For the front month of MAY we have an oi of 29 contracts having LOST 16 contracts.
We had 20 contracts served on THURSDAY, so we gained 4 contracts or 400 oz (0.01244 Tonnes).
JUNE DECREASED ITS OI BY 14,466 CONTRACTS DOWN TO 239,604 CONTRACTS.
JULY GAINED 8 CONTRACTS TO STAND AT 276
We had 3 contracts filed for today representing 300 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 3 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 (1959) x 100 oz ) to which we add the difference between the open interest for the front month of MAY ( 29 CONTRACTS) minus the number of notices served upon today (3 x 100 oz per contract( equals 198,500 OZ OR 6.1741TONNES. PLUS THE 3.3716 OF EX FOR RISK = 9.9457
thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (1959x 100 oz + (3 OI for the front month} minus the number of notices served upon today (20 x 100 oz which equals 198,500 oz (6.1741 TONNES) PLUS 3.3716 EX FOR RISK = 9.9457 TONNES.
TOTAL COMEX GOLD STANDING FOR MAY: 9.9457 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: 1,566,324.496 48.71 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,459,628.558 OZ
TOTAL REGISTERED GOLD 7,328,073,702 ( 227.93 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,131,554.628.178 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,761,749 oz (REG GOLD- PLEDGED GOLD)= 177.28 tonnes
179.36 tonnes/dropping like a stone
END
SILVER/COMEX
MAY 17
INITIAL
//2024// THE MAY 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 304,175.500 oz brinks . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 487,387.860 OZ loomis |
| No of oz served today (contracts) | 0 CONTRACT(S) (nil OZ) |
| No of oz to be served (notices) | 202 contracts (1.010 million oz) |
| Total monthly oz silver served (contracts) | 5759 Contracts (28.795 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 loomis 487,387.800 ooz
total customer deposit 487,387.800 oz
JPMorgan has a total silver weight: 129,587million oz/298.000 million or 43.62%
adjustment: 0
Comex withdrawals: 1
i) out of brinks 487,387.800 oz
total withdrawal 487,387.800 oz
TOTAL REGISTERED SILVER: 65.149MILLION OZ//.TOTAL REG + ELIGIBLE. 298.000 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF MAY/2024 OI: 202 CONTRACTS HAVING LOST 7 CONTRACT(S).
.
We had 18 notices served on THURSDAY so we GAINED 11 contracts or 55,000 oz underwent a STRONG QUEUE JUMP AS THEY WERE SET TO TAKE DELIVERY ON THIS SIDE OF THE POND.
JUNE SAW A GAIN OF 43 CONTRACTS FALLING TO 1446
JULY SAW A GAIN OF 1657 CONTRACTS UP TO 144,196
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 0 for NIL oz
CONFIRMED volume; ON THURSDAY 96,910 mammoth
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 5759 x 5,000 oz = 28.795 MILLION oz
to which we add the difference between the open interest for the front month of MAY (202 and the number of notices served upon today 0x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MAY/2024 contract month: 5759 notices served so far) x 5000 oz + OI for the front month of MAY (202 number of notices served upon today minus (0x 5000 oz of silver standing for the may contract month equates to 29.805 MILLION OZ.
New total standing: 29.805 million oz.
There are 65.149 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.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
END
GLD AND SLV INVENTORY LEVELS//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
MAY 17 WITH GOLD UP $31.70 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//NEW TOTAL 833.36 TONNES
MAY 16 WITH GOLD DOWN $7.90 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 1.43 TONNES OF GOLD INTO THE GLD//NEW TOTAL 833.36 TONNES
MAY 15 WITH GOLD UP $34.90 ON THE DAY; SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF .600 TONNES OF GOLD INTO THE GLD
///INVENTORY RISES TO 831.93 TONNES
MAY 14 WITH GOLD DOWN $17.10 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//
///INVENTORY RISES TO 831.33 TONNES
MAY 13 WITH GOLD DOWN $31.10 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .600 TONNES OF GOLD INTO THE GLD////INVENTORY RISES TO 831.93 TONNES
MAY 10 WITH GOLD UP $34.65 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY REMAINS CONSTANT AT 830.47 TONNES
MAY 9 WITH GOLD UP $18.25 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY REMAINS CONSTANT AT 830.47 TONNES
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
GLD INVENTORY: 833.36 TONNES,
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MAY 17 WITH SILVER UP 1.37 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV/A WITHDRAWAL OF 868,000 OZ FROM THE SLV// INVENTORY LOWERS TO 419.440 MILLION OZ
MAY 16 WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/ INVENTORY REMAINS AT 420.308 MILLION OZ
MAY 15 WITH SILVER UP 101 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV;; A WITHDRAWAL OF 1.919 MILLION OZ FROM THE SLV
INVENTORY RESTS AT 420.308 MILLION OZ
MAY 14 WITH SILVER UP 25 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV;;
INVENTORY RESTS AT 422.227 MILLION OZ
MAY 13 WITH SILVER DOWN 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV;;
INVENTORY RESTS AT 422.227 MILLION OZ
MAY 10 WITH SILVER UP 15 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV;; A HUGE WITHDRAWAL OF 1.,828 MILLION OZ//INVENTORY RESTS AT 422.227 MILLION OZ
MAY 9 WITH SILVER UP 78 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 424.055 MILLION OZ
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
CLOSING INVENTORY 419.440 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
Platinum Enters Its Second Year Of “Substantial” Deficit
BY TYLER DURDEN
FRIDAY, MAY 17, 2024 – 01:00 PM
Platinum is entering its second year of substantial deficit, according to the Platinum Quarterly report from the World Platinum Investment Council (WPIC).
Report authors labeled the Q1 deficit of 369k oz “significant” and predicted that the deficit will continue to deepen throughout the rest of the year, hitting 476k oz in total.
“High inflation, interest rates remaining higher for longer, and political uncertainty will weigh on commodity markets and platinum prices,” WPIC researchers said.
“The lower price environment, along with other factors, will continue to weigh on platinum supply during this year.”
Reduction in supply growth is coupled with “resilient” though slightly reduced year-over-year total demand in Q1. Together, these factors have combined to carry platinum prices above $1,000 per ounce this week, passing the four-digit mark for the first time since December of 2023.
South Africa is the top producer of platinum worldwide, supplying 140,000 kg to the global market in 2022 alone. Paul Dunne, Northam CEO, recently told Reuters that South African miners are facing “the worst crisis I have seen in three decades, on a relative basis,” adding that “the squeeze on the industry is severe” as mining companies have slashed thousands of jobs in response to declining profits. The resulting production drops have contributed significantly to the overall 2024 platinum deficit.
Russia, a distant follower at 20,000 kg produced in 2022, has managed to hold production steady year-over-year, despite facing joint economic sanctions from the U.S. and the U.K. Both countries announced in April that the London Metal Exchange and the Chicago Mercantile Exchange would no longer trade new aluminum, copper, or nickel produced by Russia. Platinum group metals, including palladium, were specifically excluded from the sanctions due to supply chain sensitivities.
WPIC researchers warn that supply risks will remain a challenge throughout the coming year, resulting in a 58k oz increase in the 2024 predicted deficit since the previous report was released in March.
Meanwhile, amid supply growth reductions, WPIC’s predicted investment demand has been revised upward by nearly double. The change is largely attributed to a rise in Chinese bar and coin demand.
As of 2022, China was the world’s largest platinum consumer, holding 34% of global consumption at 75 metric tons during the year. Among other uses, the precious metal plays a key role in catalytic converters and clean hydrogen production. Increasingly strict green energy regulations in China may partly explain the country’s rising demand for component metals.
Surprisingly, all this change may be good news for farseeing investors.
“The main current challenge for platinum investment is … not the underlying fundamentals, which look the strongest they have for years, but rather one of sentiment,” WPIC researchers concluded, suggesting three reasons why fundamentals and sentiment remain at odds.
Firstly, consumers may worry that increasing vehicle electrification will reduce the use of platinum and associated metals in combustion engines (ICE). WPIC researchers have found, however, that this result is likely to be “negligible through 2030,” as growth in the EV market is not necessarily driven by “cannibalization” of ICE and hybrid vehicles.
Secondly, dipping platinum prices have caused producers to implement aggressive cost-saving measures to offset profit reduction. The scale of these adjustments may reduce the participating firms’ ability to respond to the possibility of increased demand or higher prices, slowing market recovery.
Finally, potential platinum investors have been distracted by the comparatively extraordinary performance of gold, which WPIC researchers say is doing unexpectedly well amid a high-interest rate environment. Gold prices are setting records this year, with spot prices remaining comfortably above $2,000 per ounce throughout most of the last six months.
“Overall for platinum, however, the market’s lack of conviction will in time be addressed by higher-for-longer automotive demand and ongoing supply challenges,” WPIC researchers said.
“…Platinum’s investment case continues to be compelling despite economic headwinds.”
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/Alasdair Macleod//JAMES RICKARDS
| Will silver be next? There has been an enormous squeeze on the Comex copper contract, driving it to unheard of premiums against London and Shanghai. Similar conditions could be ahead for silver. MACLEODFINANCE MAY 17∙ READ IN APP Gold and silver continued to rally this week, challenging the highs established in mid-April. In European trading this morning, gold was $2385, up $16 from last Friday’s close. Silver was $29.68, up $1.54 on the same timescale. Comex turnover in both contracts was not excessive, though Open Interest is creeping up, as shown below.Higher Open Interest is consistent with bull markets, but as a measure of how overbought a contract has become it does need watching. Both charts suggest there is further room on the upside before a material correction/consolidation is likely.On its own, technical analysis suggests that both gold and silver might have to do more work before successfully challenging the April highs, and that they would be better based for doing so. But this is without reckoning on other factors, such as geopolitics, and importantly the trend for future Comex futures expiries to end in demands for delivery.Standing for delivery has been an increasing feature on Comex. Perhaps this matters less with gold, being a large, physical market. But like copper, silver is in increasing demand as an industrial metal, central to the global move away from fossil fuels.Recently, I have written about how China appeared to be stockpiling silver and controlling the price to facilitate it. And that now India is ramping up production of photovoltaics, that control has slipped away from China. Reliance Industries, the large Indian conglomerate is ramping up production having opened the first 5-gigawatt production facility of a total 20-GW planned, and it is not the only Indian corporation expanding into this market with state encouragement.So far this year, on Comex 15,538 silver contracts of 5,000 ounces each have been stood for delivery, representing 77,690,000 ounces, which is 23% of world mine production over the same period. The raiding of Comex vaults has not been confined to this year either. And at 65 million ounces currently registered for delivery, that’s only 13,000 futures contracts.The Silver Institute estimates that there has been a supply deficiency of 431 million ounces over the last three years. Industrial demand for photovoltaics and other ESG-compliant applications accelerating further in 2024 is drawing down previously accumulated stocks at a furious rate. And now we must consider additional investment demand.With a gold-silver ratio of about 80 times, there is very little in the way of monetary factors priced into silver, but it is strongly influenced by gold rising approximately twice as fast. Economic and geopolitical factors are currently boosting gold valued in fiat currencies. And with massive quantities of bullion migrating from western capital markets into China and other Asian nations, bullion shortages have only been offset by ETF liquidation.ETF liquidation was also evident in silver in 2022 to the tune of 125 million ounces, slowing to an estimated 30 million ounces in 2023 according to the Silver Institute. But with gold prices now firmly established in a bull market, almost certainly both industrial and investor demand will combine in a dramatic price squeeze.Like the LME over nickel, will Comex, be forced at some point to declare force majeure? I wouldn’t rule it out! |
3. CHRIS POWELL//GATA DISPATCHES
CHRIS POWELL… a must read
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
Gold will rise despite its miners, but who will be allowed to profit?
Submitted by admin on Thu, 2024-05-16 05:12 Section: Daily Dispatches
Illustrations for these remarks can be viewed here:
* * *
Remarks by Chris Powell
Secretary/Treasurer, Gold Anti-Trust Action Committee Inc.
Mining Investment Asia Conference
Marriott Tang Plaza Hotel, Singapore
Thursday, May 16, 2024
[ILLUSTRATION 1: Title]
For 25 years my organization, the Gold Anti-Trust Action Committee Inc., has been trying to persuade the monetary metals mining industry, financial news organizations, and investors of a truism: that central banks and governments, especially in the West and the United States, intervene in the gold market not just openly once in a great while but also surreptitiously and frequently to support their currencies against gold.
Despite the overwhelming documentation of this truism, GATA has had only limited success. Ironically, we have been least successful with the monetary metals mining industry itself, which has had the most to gain from wider recognition of the frequent intervention against its products.
[ILLUSTRATION 2: BIS Papers — White speech]
Much of the documentation of this intervention is found in the archives and on the internet sites of central banks and governments themselves. Among my favorite confessions of intervention is the address given by William R. White, head of the monetary and economic department of the Bank for International Settlements, the central bank of the central banks, at a conference held at the bank in Basel, Switzerland, in July 2005.
White’s address was titled “The Past and Future of Central Bank Cooperation.” His audience included dozens of central bank officials and academics from around the world. White described what he said were four primary objectives of central bank cooperation. The fourth objective, White said, was “the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful” :
https://www.gata.org/node/4279
[ILLUSTRATION 3: BIS PowerPoint – Our Products]
Indeed, at a BIS conference for prospective BIS members three years later, in 2008, the bank distributed a PowerPoint presentation actually advertising that its services to members include surreptitious interventions in the gold and foreign exchange markets:
https://www.gata.org/node/11012
Many other official documents and many other events in recent years show that the influence brought to bear on gold prices by central banks has almost always been to suppress them in favor of government currencies. The best-known gold price suppression mechanism of Western central banks may have been the London Gold Pool of the 1960s:
https://en.wikipedia.org/wiki/London_Gold_Pool
This mechanism was forthright and candid — the open dishoarding of the gold reserves of the United States and seven of its western European allies to hold the market price of gold to the official price of $35 per ounce. Inflation of the dollar killed the gold pool in 1968 by sparking heavy demand for gold. The gold reserves of the United States and its gold pool allies were severely drained without reversing demand for gold.
To suppress the gold price since then the U.S. and its allies have undertaken spot sales of gold and the leasing of government gold reserves. More important recently, they also have encouraged or subsidized bullion banks to sell gold derivatives, with the selling of those derivatives directly or implicitly backed by a government guarantee to provide the banks with real metal if necessary.
This enabled what was called the gold carry trade of the 1990s, wherein Western central banks lent their gold to investment banks, charging only a nominal interest rate — say, 1% — and the investment banks sold the gold into the market and used the proceeds to buy government bonds paying 5% interest. The investment banks collected a risk-free spread of 4%. This mechanism helped government keep both the gold price and interest rates low, as long as government was ready to keep lending gold to hold its price down. Investment banks were well-paid to provide camouflage for government intervention against gold.
The U.S. and its allies also have suppressed the gold price lately by swapping gold among themselves and their associated bullion banks so the metal can be applied to markets where it is most needed for price control.
These gold swaps are arranged through the Bank for International Settlements and are obscurely documented in the bank’s monthly reports, which are scrutinized by GATA’s consultant Robert Lambourne. Here is a chart showing the volume of gold swaps arranged by the BIS since 2020:
[ILLUSTRATION 4: BIS swaps chart]
Since the BIS is entirely a central bank operation, its gold swaps are a measure of central bank intervention in the gold market. This chart of the BIS gold swaps volume shows a dramatic and steady decline over the last several years, a decline that broadly correlates with an increase in the gold price. The decline in the BIS gold swaps seems to signify the gradual withdrawal of many central banks from gold price suppression in conjunction with adoption of the bank’s so-called “Basel 3” bank regulations. These regulations aimed to protect the solvency of bullion banks by reducing their exposure to unbacked derivatives in gold.
But intervention against gold by the United States has continued even as the regulations of the BIS have been pushing bullion banks and some central banks out of the gold derivatives business.
To help conceal the continuing manipulation of the gold market by the U.S. government, the U.S. Commodity Futures Trading Commission has refused to answer, even for a member of Congress — West Virginia Rep. Alex X. Mooney — whether the commission has jurisdiction over gold and commodity market manipulation when such manipulation is undertaken by or at the behest of the U.S. government. Indeed, the Gold Reserve Act of 1934 appears to authorize the U.S. Treasury Department to use its Exchange Stabilization Fund to intervene in and manipulate not just markets in the United States but markets anywhere in the world:
https://home.treasury.gov/policy-issues/international/exchange-stabilization-fund
But now that war has broken out between Russia and Ukraine and economic war has followed between the United States and its allies, on one hand, and Russia, China, and their allies on the other hand, many governments have been wising up to the U.S. policy of gold price suppression.
The U.S. policy of gold price suppression still can’t be acknowledged and examined by mainstream Western news organizations, but those organizations are starting to report aspects of the intensifying currency war — especially the hastening acquisition of gold by governments and central banks seeking to protect themselves against the risk of U.S. economic sanctions and expropriation of their assets by the U.S. if they don’t comply with U.S. demands.
One aspect of the currency war that still hasn’t been reported by mainstream news organizations is the probable repatriation of foreign custodial gold from the Federal Reserve Bank of New York.
[ILLUSTRATION 5: Mooney-Powell correspondence]
In December U.S. Federal Reserve Chairman Jerome Powell refused to answer Representative Mooney’s question whether other nations recently have been repatriating their gold from the New York Fed.
Shown here are Mooney’s letter asking the Fed chairman about gold repatriations and Powell’s reply acknowledging Mooney’s letter but ignoring his question.
It is fairly suspected that the United States long has been using foreign custodial gold at the New York Fed for market interventions. Some nations repatriating their gold likely share those suspicions. But once again the Federal Reserve is hiding potentially sensitive information about gold and the influence gold’s price has on the value of the U.S. dollar.
In part because of GATA’s work, Russia and China have known about Western gold price suppression policy and mechanisms for almost 20 years and slowly but steadily have been acting on that knowledge — including the knowledge that the gold derivatives pushed by the U.S. and its allies are to a great extent just naked short positions against the metal and that there is very little real metal backing what is called “paper gold.”
*
Why has it taken so long for this critical knowledge to escape official circles?
One big reason is the monetary metals mining industry itself. As Stefan Gleason, the chief executive of U.S.-based coin and bullion dealer Money Metals Exchange, wrote a few weeks ago —
https://www.gata.org/node/23151
— gold and silver mining companies don’t seem to believe in their own product, or even understand it.
Gleason wrote: “These businesses quite literally mine real money. But like nearly every other business or individual, they still seem to be stuck in the fiat currency paradigm.”
Most gold and silver miners, Gleason noted, don’t even reserve part of their production in their cash balances, preferring instead to sell their production for government currency almost as fast as they get it out of the ground.
GATA long has seen this phenomenon with the miners in a slightly different light. We resent that few gold and silver mining companies acknowledge and agitate against government’s constant if largely surreptitious market intervention to suppress monetary metals prices, intervention that supports government currencies against competition, even as GATA has extensively documented the intervention and begged the mining industry to act on it.
But we understand the reason for the negligence of the monetary metals mining industry. It’s basically cowardice.
That is, the gold and silver miners are too scared of their governments and their banks to acknowledge that they all compete in the money business. The miners are too scared to stand up for themselves and their investors.
For government can shut down a mine quickly on several pretexts — environmental regulations, royalty rights, sovereignty claims, and such. And most mines are so expensive to build and operate that they require financing from the biggest banks, most of which are the partners of government in market rigging, many of which being primary dealers in U.S. government securities.
So the World Gold Council, an international trade association, should be running interference for the miners in the war that government wages against them. But the council itself seems to be an accomplice of government and big banks, operating as if its main purpose is to make sure there never is a world gold council. The council has never addressed intervention by central banks to suppress monetary metals prices. The council cites central banks only when they are believed to be buyers.
As a result little GATA has been stuck doing the work the World Gold Council should be doing, exposing the government policies and operations that aim to prevent the monetary metals from being fairly valued, policies and operations that prevent the miners from making money and prevent the world from enjoying free and transparent markets and limited and accountable government.
The World Gold Council has an annual budget of many millions of dollars, drawn from dues paid by its approximately 32 member mining companies:
https://www.gold.org/about-us/our-members
In contrast, GATA’s annual budget is small and irregular. We are a tiny, tax-exempt civil rights and educational organization that relies on donations.
But who has accomplished more for gold’s cause?
At least some major figures in the monetary metals mining industry, including Franco-Nevada founder Pierre Lassonde, a former chairman of the World Gold Council, lately have acknowledged that China particularly and Asia generally have taken control of the gold price by converting derivatives into real metal and taking delivery of it and that gold long has been steadily moving from West to East:
https://www.gata.org/node/23166
*
[ILLUSTRATION 6: World Bank Gold Investing Handbook]
Gold researcher Jan Nieuwenhuijs recently reported that European central banks seem to be preparing for an official upward revaluation of gold by using what they plainly call their gold revaluation accounts, mechanisms that can improve the solvency of central banks by revaluing their gold reserves.
Recently the World Bank published a report highlighting the usefulness to central banks of gold revaluation accounts —
— and even issued a handbook for asset managers on gold investing:
https://www.gata.org/node/23100
Indeed, in 2012 two U.S. economists and fund managers, Paul Brodsky and Lee Quaintaince, hypothesized that even back then central banks were planning a return to gold as part of an international financial reset. Brodsky and Quaintance argued that to devalue heavy government and private debts and to reliquefy themselves and their governments, central banks meant to suppress the gold price long enough so they could redistribute gold among themselves and then push its price way up:
https://www.gata.org/node/11373
Brodsky and Quaintance wrote: “The key to a successful transition is a credible monetary reset. Gold is the default collateral for money because it has a long and established precedent in this role. All that would be needed would be a fairly equitable distribution of gold among global monetary authorities — taking place now? — and an agreed-upon exchange rate vis-a-vis baseless paper.”
Brodsky and Quaintance continued: “It would have to be an exchange rate at which central banks could successfully monetize assets by tendering for physical gold with newly manufactured paper money, an exchange rate high enough to attract enough gold to cover unreserved credit held in the banking system. It’s a high figure.”
Brodsky and Quaintance added: “The relative cost of holding physical gold today is minimal (above-ground bullion or in-ground bullion through mining shares) against the negative real returns offered by the preponderance of financial assets in float. We suggest one keep identities straight: Invest with central banks, not against them, and consider the hollow rhetoric of the establishment that may temporarily suppress its paper price to be a gift. They are working for physical gold holders, not against them.”
*
The gold-supportive ideas of Nieuwenhuijs, Brodsky, and Quaintance seem increasingly plausible and maybe even probable. But would an official revaluation of gold necessarily be an unqualified boon for gold investors and mining companies?
Will governments let gold investors keep their sudden gains at ordinary capital gains tax rates, or will governments impose punitive windfall profits taxes?
Will governments even let their people continue to own gold? Will governments resort to gold confiscation as they sometimes have done? Will governments call on their people to “voluntarily” give or loan their gold to their government to help it re-establish solvency?
In 2005 I pressed the U.S. Treasury Department on this issue. I had to recruit my congressman to compel the department to answer me, but eventually I got one from the department’s Office of Foreign Assets Control, and it was surprisingly candid and thoughtful:
https://www.gata.org/node/5606
The Office of Foreign Assets Control said that under the U.S. Trading With the Enemy Act, which became law in 1917 during World War I and applies during declared wars, and the 1977 International Emergency Economic Powers Act, which can be applied without declared wars, the Treasury Department, upon proclamation of an emergency by the president of the United States, can seize or freeze any gold- or silver-related asset.
But, the Office of Foreign Assets Control added, I should not get too paranoid about this because, under the same laws and with the same sort of proclamation by the president, the Treasury Department can seize or freeze anything it wants to seize or freeze.
Australia also has a law providing for gold confiscation. I imagine that other countries do as well.
If gold is sharply revalued officially, will mining companies be allowed to continue mining it on current terms? Will governments nationalize gold mining companies or change mining royalty requirements and patent laws? Will governments let mining companies keep windfall profits from gold revaluation?
We can only guess. But if gold returns as more or less official government money, governments likely would have a powerful interest in continuing gold’s production, just as they now have a powerful interest in creating fiat money. And of course when governments become too totalitarian they may not necessarily enjoy much voluntary compliance.
These circumstances may argue for some international diversification in locations for vaulting one’s gold. This is the closest I can come to offering investment advice: Search for a safe planet to keep your monetary metals on and when you find one, please call me.
Big as the gold question is in the financial markets, a bigger one remains for everyone else, and it is seldom addressed. That is, why even in nominally democratic societies is the valuation of money and thus the valuation of all capital, labor, goods, and services — the ultimate power of government — delegated to unelected agencies as unaccountable and secretive as central banks?
If the gold and silver mining industry ever realizes that it’s in the money business, it should ask that question.
[ILLUSTRATION 7: Contact]
Please e-mail me at CPowell@GATA.org if you’d like more information, and please visit GATA’s internet site to subscribe to our daily dispatches.
Thanks for your kind attention.
end
the kiss of death for bitcoin once future trading begins
Futures exchange CME plans to launch bitcoin trading
Submitted by admin on Thu, 2024-05-16 06:10 Section: Daily Dispatches
By Philip Stafford
Financial Times, London
Thursday, May 16, 2024
CME Group, the world’s largest futures exchange, is planning to launch bitcoin trading, aiming to capitalise on surging demand this year among Wall Street money managers to gain exposure to the cryptocurrency sector.
The Chicago-based group has been holding discussions with traders who want to buy and sell the cryptocurrency on a regulated marketplace, according to three people with direct knowledge of the talks.
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS /LIVE FROM THE VAULT/ANDREW MAGUIRE
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//COCOA
Cocoa Bull Pierre Andurand Warns Of ‘Price Explosion’ If Stock-To-Grinding Ratio Collapses
THURSDAY, MAY 16, 2024 – 07:20 PM
Commodity trader Pierre Andurand appeared on Bloomberg’s Odd Lots to discuss his bullish bet on cocoa markets and the future direction of physical markets amid severe droughts plaguing vast farmlands in West Africa. He’s still bullish on cocoa prices, with an upside price target of $20,000 a ton later this year or next because continued droughts will spark a “massive supply shortage this year.”
Andurand’s discussion with Tracy Alloway and Joe Weisenthal comes after cocoa prices had two of the largest single daily declines ever in recent weeks as liquidity evaporated from the market.
- Cocoa Crash Unfolds As “Liquidity Evaporates”
- Cocoa Market Hit With Second Crash In Weeks As Liquidity Evaporates
And Rabobank analyst Paul Joules told clients the bull rally has likely peaked.
However, Andurand, founder of Andurand Capital Management LLP, known for his oil and energy trades, told the Odd Lots hosts that his bullish cocoa bets from March paid off when prices skyrocketed north of $12,000. He believes there is potential for further upside as extreme global deficits of the bean loom.
“Basically, we have a massive supply shortage this year. I mean, we see production down 17% relative to last year. Most analysts out there have it down 11%, but that’s because they tend to be very conservative. You know, they have lots of clients and they don’t want to to worry the world, so they come with relatively conservative estimates,” he explained, adding, “We’re in a situation where we might actually run out of inventories completely.”
Andurand continued, “This year we think we will end up with a with an inventory-to-grinding ratio — so inventory at the end of the season — of 21%.”
“For the last 10 years, we’ve been between 35% and 40%. Roughly at the previous peak in 1977, we were at 19%,” he said.
The International Cocoa Organization tracks inventories of unprocessed cocoa, which can serve as a cushion when there’s a shortfall in supply. However, the lower the inventory-to-grinding ratio drops, the less of a buffer there is. When the stock-to-grinding ratio crashed in 1977, cocoa prices soared to $5,500, or on an inflation-adjusted basis today, $28,000.
Andurand warned the ratio could collapse to as low as 13%, adding, “That’s when you really have a real shortage of cocoa beans. You can’t get it. And that’s when the price can really explode.”
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING//FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 31.63 PTS OR 1.01% //Hang Seng CLOSED UP 177.08 PTS OR 0.91%// Nikkei CLOSED DOWN 132.68 OR 0.34%//Australia’s all ordinaries CLOSED DOWN 0.83%///Chinese yuan (ONSHORE) closed DOWN TO 7,2271 CHINESE YUAN OFF SHORE CLOSED DOWN TO 7.2331/ Oil UP TO 79.04 dollars per barrel for WTI and BRENT UP AT 83.14 /Stocks in Europe OPENED MOSTLY RED
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 FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2271
OFFSHORE YUAN: DOWN TO 7.2331
SHANGHAI CLOSED UP 31.63 PTS OR 1.01 %
HANG SENG CLOSED UP 177.08 PTS OR 0.91%
2. Nikkei closed DOWN 132.88 PTS OR 0.34 %
3. Europe stocks SO FAR: MOSTLY RED
USA dollar INDEX UP TO 104.64 EURO FALLS TO 1.0842 DOWN 25 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.949 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 155.88 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 UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5045/Italian 10 Yr bond yield UP to 3.748 SPAIN 10 YR BOND YIELD UP TO 3.256%
3i Greek 10 year bond yield UP TO 3.494
3j Gold at $2388.25//Silver at: 29.76 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 5 100 roubles/dollar; ROUBLE AT 91.01
3m oil into the 79 dollar handle for WTI and 83 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 155..88/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.949% 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 0.9025 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9852well 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: 4.396 UP 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.512 UP 2 BASIS PTS/
USA 2 YR BOND YIELD: 4.747 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.28…(TURKEY)
10 YR UK BOND YIELD: 4.1580 UP 8 PTS
2a New York OPENING REPORT
Futures Flat In Quiet End To Torrid Week
FRIDAY, MAY 17, 2024 – 06:50 AM
US equity futures are flat to end a torrid week which saw all indexes hit a fresh all-time high while the terminally anachronistic Dow Jones briefly topped 40,000. Pre-market, MegaCap Tech are mixed: AMZN +20bp, MSFT +20bp, META -22bp, GOOGL -18bp. WMT is down 27bps pre-mkt, after its +7.0% rally post-earnings yesterday. As of 7:00am S&P and Nasdaq futures are unchanged while bond yields are largely flat. Commodities are mixed: oil is lower; metals/ags are higher. Overnight, China reported mixed April macro data (IP beat, Retail Sales miss) and also announced a new rescue plan to support housing; as a result base metals rallied (Copper +2.0%; Iron Ore +1.4%). Today, key macro focus will be on comments from the Fed’s Christopher Waller, Neel Kashkari and Mary Daly for further clues about the path for interest rates as well as the data from the leading index due at 10:00am (est -0.3%).
In premarket trading, GameStop and AMC rebounded following two sessions of losses, as the meme-stock rally shows fresh signs of life. While GameStop shares rise as much as 9.2% in premarket trading on Friday, AMC jumps as much as 9.5% — both stocks pared some of those early gains. Reddit shares rise 14% after the firm partnered with OpenAI to bring its content to the popular ChatGPT chatbot. Analysts note that this deal will boost the social media company’s data licensing business. Here are the other notable premarket movers:
- Applied Materials share edge lower, falling 0.9% as the largest US maker of chipmaking machinery’s forecast failed to live up to high investor expectations following the stock’s 32% year-to-date rally.
- Baidu ADRs tick up 0.4% in premarket trading, after rising 1.7% on Thursday. The search engine operator is set for weak growth in advertising revenue for coming quarters, Morgan Stanley says in a note that downgrades the stock to equal-weight from overweight.
- Cracker Barrel shares trade 11% lower after the restaurant chain reduced its quarterly dividend as the company increases investment in its business. Additionally, the company also sees third- and fourth-quarter results coming below prior expectations, citing weaker-than-anticipated customer traffic as the main driver.
- Doximity shares rise 14% after the application software company gave a first-quarter forecast that is stronger than expected. It also reported fourth-quarter results that beat expectations.
- DXC Technology shares sink 23% after the IT services company gave a full-year forecast that was weaker than expected for both revenue and adjusted earnings. It also reported its fourth-quarter results.
- Snowflake shares slip 1.3% after Bloomberg reported that the software firm is in talks to acquire startup Reka AI for more than $1 billion, according to people familiar with the matter.
- Take-Two shares drop 2.8% after the video-game giant issued a weak full-year forecast, reflecting a later release date for the highly-anticipated Grand Theft Auto VI video game. The Rockstar Games title is now expected to release in fall 2025, which is in fiscal year 2026 rather than fiscal year 2025 as some analysts had expected.
Friday’s tentative mood reflected a repricing of US rate cut expectations to only one reduction in 2024. Several Fed policymakers said the the central should keep borrowing costs higher for longer as they await more evidence that inflation is easing.
“The markets are now at a bit of a crossroads,” said Stuart Cole, head macro economist at Equiti Capital. “With the central banks all very much in a data-dependence mode, the markets will be also adjusting expectations to each piece of relevant data that comes out.”
Investors will be tracking comments from the Fed’s Christopher Waller, Neel Kashkari and Mary Daly due later Friday for further clues about the path for interest rates.
European stocks slid for a second day weighed down by rates-sensitive sectors such as tech and real estate as traders pared back bets for policy easing after several Fed speakers suggested interest rates should stay high for longer. The Stoxx 600 dropped 0.4% but was off its worst levels, as construction, industrials and tech underperformed after ECB Executive Board member Isabel Schnabel warned against back-to-back interest rate cuts in June and July. Swap traders continue to price in three ECB rate cuts this year, with a first reduction likely next month. Luxury group Here are Europe’s top movers:
- Richemont shares rise as much as 6.9%, the most in four months, after the Swiss watch and jewelery maker’s full-year sales beat estimates.
- Bavarian Nordic shares jump as much as 5.6%, the most in 10 weeks, after US authorities warned that cases of a new clade of the Monkeypox virus are increasing in the Democratic Republic of the Congo.
- Siemens shares fall as much as 2.4%, declining for a second day after the German industrial giant’s earnings on Thursday disappointed investors.
- Lanxess shares decline by as much as 5.3% after both Jefferies and BNP Paribas Exane cut stock to underperform, with the former citing risks around demand recovery and also cutting Ebitda outlook.
- Azelis shares decline by as much as 13%, the most on record, after EQT and PSP Investments Holding Europe offered to sell shares worth approximately 11% of total outstanding in the chemicals distributor, according to terms seen by Bloomberg.
- Scor shares tumble as much as 13% after the French reinsurer’s first-quarter net income fell short of expectations, with analysts flagging a hit from one-offs including an impact on the firm’s L&H reinsurance division from volatility in US mortality claims.
- Auto Trader shares slide as much as 5.3% as Morgan Stanley analysts cut their rating on the stock to underweight, saying the market is expecting too much too soon from the online auto marketplace’s Deal Builder product.
- Engie shares fall as much as 2.2% after the French utility reported a miss in results that was somewhat expected after a warm winter pushed energy prices lower.
- Haleon shares slip as much as 1.7% after GSK agreed to sell its remaining stake in the consumer health company for £1.25 billion, completing the drugmaker’s separation from the company.
Earlier in the session, property stocks in mainland China rose to the highest since November after the government announced a rescue package — its most forceful attempt yet to shore up the troubled sector. Elsewhere, Asian markets saw mild losses, though still on pace for weekly gains, as a late rally in Chinese stocks was not enough to offset weakness in tech-heavy markets of South Korea and Taiwan. The MSCI Asia Pacific Index declined 0.1%, to cut its weekly gains to 2.2%. Chipmakers TSMC and Samsung Electronics were among the biggest drags Friday. Benchmarks in South Korea, Taiwan and Australia posted among the largest declines in the region.
China’s mainland shares rallied to close at their highest level since Oct. 12 after the world’s second-largest economy announced its most forceful attempt yet to shore up the beleaguered property market, easing mortgage rules and encouraging local governments to buy unsold homes from developers for conversion into affordable housing. The new measures sent a Bloomberg index of Chinese property developers to its highest level since November.
“The lowering of down-payment ratio is beyond market expectations, while scrapping the minimum mortgage rate is well expected by the market,” said Shujin Chen, head of China financial and property research at Jefferies Hong Kong Ltd. “Investors are more willing to chase property stocks on speculation of a series of upcoming supportive policies before the Third Plenary Session in July,” she said.
In FX, the Bloomberg Dollar Spot Index rose 0.2%, but was still on track to end the week 0.5% lower after US CPI data earlier in the week cemented the view that the Fed will cut rates later this year. ING strategists say markets may have oversold the greenback following this week’s CPI and PPI data. “We still think there is not enough thrust from US data to justify a significantly weaker greenback just yet,” they wrote in a note. USD/JPY climbed as much as 0.4% as the Bank of Japan left the amount of debt purchases unchanged. Leveraged-currency accounts bought dollars against the yen after the BOJ kept debt purchases unchanged in its regular operations Friday following a surprise reduction on Monday, according to an Asia-based FX trader.
In rates, the 10-year Treasury yield inched up 1bp to 4.39%, bouncing off 4.31% hit on Thursday, its lowest in nearly six weeks. Swaps imply a 76% chance of a quarter-point rate cut from the Fed in September, compared with 73% earlier in the week; around 44bps of cuts are priced in total through the end of the year, from around 40bps at the start of the week. Meanwhile in Europe, money markets trimmed ECB interest rate-cut wagers after policymaker Isabel Schnabel warned against back-to-back rate cuts.
In commodities, WTI trades within Thursday’s range at around $79.31. Most base metals trade in the green; LME nickel outperforms peers. Spot gold rises roughly $8 to trade near $2,385/oz.
Market Snapshot
- S&P 500 futures down 0.1% to 5,314.00
- STOXX Europe 600 down 0.4% to 521.29
- German 10Y yield little changed at 2.48%
- Euro down 0.2% to $1.0842
- Brent Futures up 0.4% to $83.57/bbl
- Gold spot up 0.3% to $2,383.06
- US Dollar Index up 0.29% to 104.76
- MXAP down 0.1% to 181.46
- MXAPJ down 0.1% to 569.53
- Nikkei down 0.3% to 38,787.38
- Topix up 0.3% to 2,745.62
- Hang Seng Index up 0.9% to 19,553.61
- Shanghai Composite up 1.0% to 3,154.03
- Sensex up 0.4% to 73,983.35
- Australia S&P/ASX 200 down 0.8% to 7,814.37
- Kospi down 1.0% to 2,724.62
Top Overnight News
- European stocks retreated for a second day as dialed-down bets for Federal Reserve policy easing weighed on risk sentiment.
- China announced its most forceful attempt yet to shore up the beleaguered property market, easing mortgage rules and encouraging local governments to buy unsold homes from developers for conversion into affordable housing.
- Investors are divided on the likelihood of the Bank of Japan repeating its surprise move earlier this week by reducing purchases of government bonds in a regular buying operation this morning.
- China’s economic recovery tilted even further toward manufacturing, leaving it more vulnerable to trade barriers and highlighting the stakes of a new bid to shore up domestic demand.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly subdued following the mild losses on Wall St where the major indices pulled back after printing fresh record levels, while participants also digested mixed activity data from China. ASX 200 was pressured as losses across most industries overshadowed the gains in the mining and materials. Nikkei 225 declined but was off worst levels amid a weaker currency and after the BoJ refrained from further cutting its bond purchases. Hang Seng and Shanghai Comp were indecisive with early outperformance in Hong Kong owing to tech strength before briefly wiping out all of its gains, while the mainland was constrained as the focus centred on a slew of data including a further deterioration in Home prices which saw the steepest monthly drop in 9 years, while activity data was mixed as Industrial Production topped forecasts but Retail Sales disappointed. Modest extension of/return of strength in the Hang Seng and Shanghai Composite on the announcement of various Chinese property support measures, incl. a cut to the housing fund loan level.
Top Asian News
- China’s Vice Premier He Lifeng says must effectively ensure the delivery of homes, adds local governments can purchase some homes for affordable housing at ‘reasonable’ prices, according to Xinhua.
- PBoC announces it will lower interest rates on provident housing fund loans by 25bps and China will abolish the lower limit of interest rates for housing provident fund for first and second homes at the national level.
- PBoC to create a CNY 300bln relending loan for affordable housing, expected to drive bank lending of CNY 500bln.
- China stats bureau spokesperson said complexities and uncertainties in the external environment grew outstandingly and continued economic recovery and improvement still face many challenges, while April economic operations were stable even though some indicators slowed due to a high base and holiday factors. China’s stats bureau said with macro policies taking effect and economic momentum recovering, China’s economic improvement will be further consolidated and strengthened but also noted that China’s property sector continues to be under adjustments.
- BoJ Governor Ueda said there is no immediate plan to sell BoJ’s ETF holdings and must spend time deciding the fate of BoJ’s holdings including whether to unload them in the future, according to Reuters.
- BoJ may raise rates as many as three more times this year with the next move potentially coming as early as June given how much room there is to adjust its “excessively” easy settings, according to former BoJ chief economist Sekine cited by Bloomberg.
European bourses, Stoxx600 (-0.2%) are mostly on the back foot, continuing the broad weakness seen in APAC trade overnight. European sectors are mostly lower; Telecoms are found at the top of the pile, building on the prior day’s outperformance; Tech lags.
US Equity Futures (ES -0.1%, NQ -0.1%, RTY -0.1%) are flat, with price action circulating on either side of the unchanged mark.
Top European News
- ECB’s de Guindos sees inflation moving toward the 2% goal in 2025. Favourable stance on cross-border consolidation in the banking sector.
- Riksbank’s Thedeen says recent data does not change the picture for rate cuts.
- UK Chancellor Hunt will claim that only the Conservative Party will cut the tax burden after the election, according to FT.
- ECB’s Schnabel said depending on incoming data, a rate cut in June may be appropriate, but the path beyond June is much more uncertain, while she added that a rate cut in July does not seem warranted based on current data. Schnabel also stated that with inflation risks still being tilted to the upside, front-loading of the easing process would come with a risk of easing prematurely and cannot pre-commit to any particular rate path due to very high uncertainty, according to Nikkei.
FX
- DXY is firmer, continuing to reclaim lost ground following the dovish US CPI report on Wednesday, which led the index as low as 104.07. The index currently sits towards the upper end of a 104.77-49 range.
- EUR is modestly softer vs USD, and overall unreactive to the final EZ inflation figures. EUR/USD dips beyond the lows of Thursday, printing a trough at 1.0842.
- GBP is slightly softer vs the Dollar, largely a factor of broader Greenback strength, rather than UK-related newsflow; trading towards the bottom end of today’s 1.267-264 range.
- JPY continues to trundle lower, with USD/JPY going as high as 155.98, just shy of the round 156.0 level. USD/JPY was supported after the BoJ refrained from making any further reductions in Rinban purchase amounts.
- Antipodeans are both softer vs the Dollar, with the Aussie the G10 underperformer. Chinese activity data overnight was mixed, and subsequent support measures which lifted the Yuan failed to prop up the Antipodes.
- PBoC set USD/CNY mid-point at 7.1045 vs exp. 7.2222 (prev. 7.1020)
Fixed Income
- USTs are modestly softer, and to a lesser degree than EGBs; bullish-impetus from the BoJ maintaining its Rinban purchase amount is weighed up against hawkish commentary from ECB’s Schnabel. Currently only a handful of ticks lower at around 109-14.
- Bunds are weighed on by remarks from ECB’s Schnabel overnight who said that the data does not currently point to a cut in July. Bunds down to a 131.01 base, but with someway to go before the WTD trough from Tuesday at 130.24.
- Gilts are taking impetus from EGBs and as such are at session lows of 98.08 but again well above Tuesday’s WTD base at 97.23; potential focus on extensive fiscal commentary from Chancellor Hunt, though nothing fundamentally new just yet.
Commodites
- Crude benchmarks were incrementally firmer but have been drifting from best levels as the USD picks up; WTI & Brent Jul’24 at the low-end of the day’s range at USD 78.80/bbl and USD 83.37/bbl respectively.
- Precious metals are a touch firmer, torn between the stronger USD/somewhat higher yields and a general downtick in risk appetite. XAU at USD 2380/oz, still yet to test USD 2400/oz.
- Base metals are in the green, support derived from the extensive Chinese property support measures announced across the APAC/European sessions transition, despite the mixed read from the region’s data overnight.
Geopolitics
- US Official says the US will agree to the Rafah operation but on conditions, via Al Arabiya; adds, the US’ warnings to Israel about the operation in Rafah are serious. “The Biden administration will accept a full Israeli attack in Rafah aimed at liquidating Hamas”.
- Iraqi armed factions said they targeted a “vital target” in Eilat, southern Israel, according to Asharq News.
- Israel presented a proposal to Egypt to reopen the Rafah crossing with the participation of Palestinians from Gaza and UN personnel, according to Israeli media cited by Asharq News.
- US Defence Secretary Austin reinforced to Israeli counterpart in a phone call the necessity to protect civilians and ensure uninterrupted aid flow before any potential Israeli military operation in Rafah.
- Yemen’s Houthis say they downed US MQ9 plane on Thursday evening Maareb Governorate.
- North Korean leader Kim’s sister denied arms exchanges with Russia and said North Korea has no intention to export its arms, while she added that rocket launchers and missiles recently unveiled are for defence against South Korea, according to KCNA.
- South Korea said North Korea fired at least one ballistic missile towards the Sea of Japan.
US Event Calendar
- 10:00: April Leading Index, est. -0.3%, prior -0.3%
Central Bank Speakers
- 10:15: Fed’s Waller Speaks on Payments Innovation
- 10:15: Fed’s Kashkari Gives Brief Introduction of Waller
- 12:15: Fed’s Daly Gives Commencement Speech
2B EUROPE OPENING/TRADING
Chinese support measures lift metals, Dollar bid & Bunds lower amid hawkish remarks; Fed speak due – Newsquawk US Market Open
FRIDAY, MAY 17, 2024 – 05:58 AM
- European bourses are mostly lower, whilst US equity futures are flat
- Dollar is firmer, AUD underperforms after mixed Chinese data
- Bonds are pressured, more-so in EGBs following hawkish commentary from ECB’s Schnabel
- Crude is flat, XAU modestly firmer and base metals benefit from China’s support measures despite mixed data
- Looking ahead, Comments from Fed’s Waller & Daly
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EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx600 (-0.2%) are mostly on the back foot, continuing the broad weakness seen in APAC trade overnight.
- European sectors are mostly lower; Telecoms are found at the top of the pile, building on the prior day’s outperformance; Tech lags.
- US Equity Futures (ES -0.1%, NQ -0.1%, RTY -0.1%) are flat, with price action circulating on either side of the unchanged mark.
- Click here and here for the sessions European pre-market equity newsflow.
- Click here for more details.
FX
- DXY is firmer, continuing to reclaim lost ground following the dovish US CPI report on Wednesday, which led the index as low as 104.07. The index currently sits towards the upper end of a 104.77-49 range.
- EUR is modestly softer vs USD, and overall unreactive to the final EZ inflation figures. EUR/USD dips beyond the lows of Thursday, printing a trough at 1.0842.
- GBP is slightly softer vs the Dollar, largely a factor of broader Greenback strength, rather than UK-related newsflow; trading towards the bottom end of today’s 1.267-264 range.
- JPY continues to trundle lower, with USD/JPY going as high as 155.98, just shy of the round 156.0 level. USD/JPY was supported after the BoJ refrained from making any further reductions in Rinban purchase amounts.
- Antipodeans are both softer vs the Dollar, with the Aussie the G10 underperformer. Chinese activity data overnight was mixed, and subsequent support measures which lifted the Yuan failed to prop up the Antipodes.
- PBoC set USD/CNY mid-point at 7.1045 vs exp. 7.2222 (prev. 7.1020)
- Click here for more details.
FIXED INCOME
- USTs are modestly softer, and to a lesser degree than EGBs; bullish-impetus from the BoJ maintaining its Rinban purchase amount is weighed up against hawkish commentary from ECB’s Schnabel. Currently only a handful of ticks lower at around 109-14.
- Bunds are weighed on by remarks from ECB’s Schnabel overnight who said that the data does not currently point to a cut in July. Bunds down to a 131.01 base, but with someway to go before the WTD trough from Tuesday at 130.24.
- Gilts are taking impetus from EGBs and as such are at session lows of 98.08 but again well above Tuesday’s WTD base at 97.23; potential focus on extensive fiscal commentary from Chancellor Hunt, though nothing fundamentally new just yet.
- Click here for more details.
COMMODITIES
- Crude benchmarks were incrementally firmer but have been drifting from best levels as the USD picks up; WTI & Brent Jul’24 at the low-end of the day’s range at USD 78.80/bbl and USD 83.37/bbl respectively.
- Precious metals are a touch firmer, torn between the stronger USD/somewhat higher yields and a general downtick in risk appetite. XAU at USD 2380/oz, still yet to test USD 2400/oz.
- Base metals are in the green, support derived from the extensive Chinese property support measures announced across the APAC/European sessions transition, despite the mixed read from the region’s data overnight.
- Click here for more details.
DATA RECAP
- EU HICP Final YY (Apr) 2.4% vs. Exp. 2.4% (Prev. 2.4%); HICP-X F&E Final YY (Apr) 2.8% vs. Exp. 2.8% (Prev. 2.8%)
NOTABLE EUROPEAN HEADLINES
- ECB’s de Guindos sees inflation moving toward the 2% goal in 2025. Favourable stance on cross-border consolidation in the banking sector.
- Riksbank’s Thedeen says recent data does not change the picture for rate cuts.
- UK Chancellor Hunt will claim that only the Conservative Party will cut the tax burden after the election, according to FT.
- ECB’s Schnabel said depending on incoming data, a rate cut in June may be appropriate, but the path beyond June is much more uncertain, while she added that a rate cut in July does not seem warranted based on current data. Schnabel also stated that with inflation risks still being tilted to the upside, front-loading of the easing process would come with a risk of easing prematurely and cannot pre-commit to any particular rate path due to very high uncertainty, according to Nikkei.
NOTABLE US HEADLINES
- Fed’s Bostic (voter) said he is pleased with inflation progress in April but added the Fed is not there yet, while he remains resolute and vigilant about inflation, as well as noting that there is still a lot of pricing pressure in the economy.
- Tesla (TSLA) is reportedly developing plans to construct a data centre within China, as an option to train AI for self-driving systems, via Reuters citing sources
GEOPOLITICS
MIDDLE EAST
- US Official says the US will agree to the Rafah operation but on conditions, via Al Arabiya; adds, the US’ warnings to Israel about the operation in Rafah are serious. “The Biden administration will accept a full Israeli attack in Rafah aimed at liquidating Hamas”.
- Iraqi armed factions said they targeted a “vital target” in Eilat, southern Israel, according to Asharq News.
- Israel presented a proposal to Egypt to reopen the Rafah crossing with the participation of Palestinians from Gaza and UN personnel, according to Israeli media cited by Asharq News.
- US Defence Secretary Austin reinforced to Israeli counterpart in a phone call the necessity to protect civilians and ensure uninterrupted aid flow before any potential Israeli military operation in Rafah.
- Yemen’s Houthis say they downed US MQ9 plane on Thursday evening Maareb Governorate.
OTHER
- North Korean leader Kim’s sister denied arms exchanges with Russia and said North Korea has no intention to export its arms, while she added that rocket launchers and missiles recently unveiled are for defence against South Korea, according to KCNA.
- South Korea said North Korea fired at least one ballistic missile towards the Sea of Japan.
CRYPTO
- Bitcoin is slightly higher and sits firmly above USD 66k, whilst Ethereum posts gains to higher magnitude, and firmly sits above USD 3k.
APAC TRADE
- APAC stocks were mostly subdued following the mild losses on Wall St where the major indices pulled back after printing fresh record levels, while participants also digested mixed activity data from China.
- ASX 200 was pressured as losses across most industries overshadowed the gains in the mining and materials.
- Nikkei 225 declined but was off worst levels amid a weaker currency and after the BoJ refrained from further cutting its bond purchases.
- Hang Seng and Shanghai Comp were indecisive with early outperformance in Hong Kong owing to tech strength before briefly wiping out all of its gains, while the mainland was constrained as the focus centred on a slew of data including a further deterioration in Home prices which saw the steepest monthly drop in 9 years, while activity data was mixed as Industrial Production topped forecasts but Retail Sales disappointed.
- Modest extension of/return of strength in the Hang Seng and Shanghai Composite on the announcement of various Chinese property support measures, incl. a cut to the housing fund loan level.
NOTABLE ASIA-PAC HEADLINES
- China’s Vice Premier He Lifeng says must effectively ensure the delivery of homes, adds local governments can purchase some homes for affordable housing at ‘reasonable’ prices, according to Xinhua.
- PBoC announces it will lower interest rates on provident housing fund loans by 25bps and China will abolish the lower limit of interest rates for housing provident fund for first and second homes at the national level.
- PBoC to create a CNY 300bln relending loan for affordable housing, expected to drive bank lending of CNY 500bln.
- China stats bureau spokesperson said complexities and uncertainties in the external environment grew outstandingly and continued economic recovery and improvement still face many challenges, while April economic operations were stable even though some indicators slowed due to a high base and holiday factors. China’s stats bureau said with macro policies taking effect and economic momentum recovering, China’s economic improvement will be further consolidated and strengthened but also noted that China’s property sector continues to be under adjustments.
- BoJ Governor Ueda said there is no immediate plan to sell BoJ’s ETF holdings and must spend time deciding the fate of BoJ’s holdings including whether to unload them in the future, according to Reuters.
- BoJ may raise rates as many as three more times this year with the next move potentially coming as early as June given how much room there is to adjust its “excessively” easy settings, according to former BoJ chief economist Sekine cited by Bloomberg.
DATA RECAP
- Chinese Industrial Output YY (Apr) 6.7% vs. Exp. 5.5% (Prev. 4.5%)
- Chinese Retail Sales YY (Apr) 2.3% vs. Exp. 3.8% (Prev. 3.1%)
- Chinese Urban Investment (YTD) YY (Apr) 4.2% vs. Exp. 4.6% (Prev. 4.5%)
- Chinese Unemployment Rate Urban Area (Apr) 5.0% (Prev. 5.2%)
- Chinese China House Prices YY (Apr) -3.1% (Prev. -2.2%)
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
end
3 CHINA
PBOC Unveils $42 Billion Monetary Cannon To Boost Debt-Stricken Housing Market
FRIDAY, MAY 17, 2024 – 07:45 AM
China’s struggling housing market is set to receive a boost from a new nationwide program funded by the People’s Bank of China to address oversupplied conditions. As a critical driver of the domestic economy, the nation’s housing market has been in a multi-year slump. This latest initiative by policymakers aims to stabilize the housing market and stimulate the broader economy.
Bloomberg reports that PBoC Deputy Governor Tao Ling announced the new 300 billion yuan ($41.5 billion) nationwide program of cheap funding to allow state-owned companies to purchase unsold homes.
Ling said the funding will be directed at 21 providers, including policy banks, state-owned commercial lenders, and joint-stock banks. A rate of 1.75% will be offered. The low-cost loans have a one-year term and can be rolled over four times.
The new program powerfully signals that policymakers are pushing for property policy easing and measures to balance the supply-heavy housing market, which casts a dark cloud over the world’s second-largest economy. This announcement appears to be a step in the right direction in a national-level policy.
Bloomberg first leaked the new rescue policies days earlier. We titled the note “Fiscal Bazooka: China Considers Buying Millions Of Homes To Save Property Market.”
Also, on Friday, policymakers eased mortgage rules and removed the mortgage rate floors for first and second homes. PBoC also lowered the minimum downpayment ratio for first-time homebuyers to 15%. The downpayment ratio for second-home purchases was lowered to 25%.
Chinese Vice Premier He Lifeng said that authorities in cities with excess home inventories should purchase unsold properties and convert them into affordable housing. He also urged local governments to repurpose inactive land parcels held by property developers to alleviate their financial troubles.
This was a very policy-heavy week to save the debt-stricken real estate market. Data showed that property investment and new home sales in April experienced larger contractions, while housing prices slid even further.
China’s ailing property sector is a drag on GDP.
Housing sales are tumbling.
And apartment and commercial property sales are sliding.
In markets, the CSI 300 Real Estate Index closed up 9%, with gains from April 24 totaling about 36%. Yet the latest gains in the property index are still 68% below the early 2018 peak.
The index’s weekly gain was the most since early December 2015.
Will the intervention be enough?
END
THIS is good for bitcoin
Chinese FX Outflows Soar To Highest Since 2015 Devaluation, Priming Next Bitcoin Surge
FRIDAY, MAY 17, 2024 – 11:20 AM
Last October, when we pointed out that China’s FX outflows had just hit a whopping $75BN – the single biggest monthly outflow since the 2015 currency devaluation – we concluded that the “unfavorable interest rate spread between China and the US will “likely imply persistent depreciation and outflow pressures in coming months”, or in other words, September’s biggest FX outflow in years is just the beginning, and very soon – in addition to geopolitics and central banks – the world will also be freaking out about the capital flight out of China… not to mention where all those billions in Chinese savings are going and which digital currency the Chinese are using to launder said outflows.”
We wrote that on October 20 when Bitcoin was trading just under $30,000, a level it had been for much of 2023. And, just as we correctly predicted at the time…
… following this surge in Chinese FX outflows, bitcoin – traditionally China’s preferred means to circumvent Beijing’s great capital firewall since gold is, how should one put it, a bit more obvious when crossing borders – promptly exploded more than 100% higher in the next 4 months.
And while conventional wisdom is that this surge in the price of the digital currency was largely due to the January launch of Bitcoin ETFs, what many missed was a Reuters story in January which reiterated our original thesis from back in 2015, according to which much more than ETFs, and much more than rapidly shifting sentiment or frankly any day-to-day newsflow, it is China’s massive wall of inert capital that has been the biggest driver of bitcoin moves, and never more so than during periods of FX and capital outflows which usually precede some form of capital controls.
We bring all this up because seven months after our first correct prediction that China’s spike in FX outflows would send bitcoin surging, it’s time to do it again.
One wouldn’t know it, however, if one merely looked at the official Chinese FX reserve data published by the PBOC, here nothing sticks out. In fact, at $3.2 trillion, despite a rather notable drop for April, reported Chinese reserves are now near the highest level in past four years, and monthly flows are very much stable as shown in the chart below.
The problem, of course, is that as we have explained previously China’s officially reported reserves are woefully (and purposefully) inaccurate of the bigger picture.
Instead if one uses our preferred gauge of FX flows, one which looks at i) onshore outright spot transactions; ii) freshly entered and canceled forward transactions, and iii) the SAFE dataset on “cross-border RMB flows, we find that China’s net outflows were a massive $86BN in April, up from $11BN in February and $39BN in March and the fastest pace of outflows since the September spike in FX outflows which we duly noted half a year ago.
Drilling down, in April, we saw $50BN in net outflows via onshore outright spot transactions, and $1BN outflows via freshly entered and canceled forward transactions. Another SAFE dataset on “cross-border RMB flows” showed outflows of $35bn in the month, suggesting net receipt of RMB from onshore to offshore, likely on the back of Stock Connect outflows, but the “unusual flow” really could be anything including the unexplained capital flight into gold and bitcoin. Ours – and Goldman’s – preferred FX flow measure therefore suggests FX outflows were really $86BN in April, more than double the official net FX outflows of $39BN in the month.
How did we get this number? First, the portfolio investment channel showed net outflows in March after adjusting for cross-border RMB receipts. Stock Connect flows showed around US$9bn outflows, vs. US$8bn outflows in March. Foreigners kept buying RMB bonds – the bond market saw US$7bn inflows in April, vs. US$6bn in March.
Finally, the current account channel also showed faster net outflows. Despite a sizeable goods trade surplus in April, we saw a small outflow of $2bn related to goods trade in April vs. an inflow of $14bn in March. The services trade deficit widened to $22bn vs. $18bn in March. The income and transfers account showed outflows of $5bn in April, faster than the $2bn outflows in March.
At the time when FX outflows were re-acclererating, the broad USD strengthened further in April, and more importantly, the USDCNY spot drifted higher, as one would expect when there is capital flight... Oh, and Bitcoin traded at its record high above $70K.
And while Chinese policymakers are still keen on maintaining FX stability (or at least create that impression) as the countercyclical factors in the daily CNY fixing remained deeply negative and front-end CNH liquidity tightened notably in recent weeks, the reality is that with China desperate to boost its exports at a time when its great mercantilist competitor, Japan, has hammered the yen to the lowest level in 3 decades, it is only a matter of time before the currency devaluation advocates win, as they did in 2015.
We hope that we don’t have to remind readers that the first big trigger for bitcoin’s unprecedented eruption higher starting in 2015 was – you guessed it – China’s August 2015 FX devaluation, as we correctly noted at the time when we predicted that bitcoin would explode from $250 to the tens of thousands.
So don’t be surprised if in the next 6 months Bitcoin doubles again, and the move has nothing to do with ETF inflows, the halving, or frankly anything else taking place in the US… and instead is entirely driven by China’s massive wall of money which at last check was almost 3x bigger than the US.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL/HAMAS///
Soldier slain in north Gaza as IDF battles Hamas in war’s ‘most violent’ fighting yet
Terror operatives launch massive numbers of RPGs at Israeli tanks in Jabaliya camp, an area troops did not reach in initial ground offensive
By EMANUEL FABIAN FOLLOWToday, 6:32 pmUpdated at 7:37 p
Troops of the 7th Armored Brigade operate in northern Gaza’s Jabaliya, in a handout image published May 17, 2024. Inset: Sgt. Ben Avishay, killed in northern Gaza on May 17, 2024. (Israel Defense Forces)
An Israeli soldier was killed during fighting in the northern Gaza Strip on Friday, the military announced, as troops pushed deeper into Jabaliya and expanded “operational control” in the area over the past day.
Officers described the fighting in northern Gaza’s Jabaliya as some of the most intense amid the ongoing war, with Hamas operatives launching massive numbers of RPGs at tanks and armored vehicles.
The slain soldier was Sgt. Ben Avishay, 20, of the Paratroopers Brigade’s signals company, from Nahariya.
Amid the operation in Jabaliya, being carried out by the 98th Division, the Israel Defense Forces said its fighter jets and drones struck a weapons depot and killed several gunmen who had launched mortars at troops in the area.
Late Saturday, tanks of the 7th Armored Brigade rolled into Jabaliya, an area that the military had previously operated in and claimed to have dismantled Hamas’s local battalions. The latest operation, however, was focused on areas deep in the Jabaliya refugee camp, which the IDF did not reach during the initial ground offensive.
The IDF has so far reported killing more than 200 gunmen in the area — at least 60 of whom were killed by the 7th Brigade — and it estimated there may be several hundred more.
The fighting was described as “intense” and the “most violent” amid the war, with many engagements, both above ground and by operatives using tunnels. The Jabaliya camp also has many narrow alleys, making it challenging for tanks to operate there.
The operatives were mostly launching RPGs at tanks, but also setting up explosive devices. The 7th Brigade’s Merkava tanks, with the TROPHY active defense system, were largely managing to withstand the RPG attacks, with only a few cases of troops being injured, according to the military.
Troops of the 7th Armored Brigade operate in northern Gaza’s Jabaliya, in a handout image published May 17, 2024. (Israel Defense Forces)
On Friday morning, a soldier of the 460th Armored Brigade’s 9227th Battalion was seriously wounded during a battle with terror operatives in Jabaliya, the military announced
He was taken to a hospital in Israel.
Hamas operatives have also been launching attacks from within or near humanitarian shelters in Jabaliya, according to the army. The shelters have since been evacuated of civilians.
The IDF said troops of the 101st Paratroopers Battalion, operating alongside the tank forces, located a rocket depot adjacent to one of the shelters. Dozens of long-range rockets and rocket parts were found at the site, it says.
At the adjacent shelter, some 20 suspected terror operatives were detained by troops, the IDF added. Some 40 suspects total were captured in Jabaliya in recent days.
A cache of rockets is found by IDF troops in northern Gaza’s Jabaliya, in a handout image released May 17, 2024. (Israel Defense Forces)
Meanwhile, on Friday, one rocket fired from the Gaza Strip at the southern city of Sderot was intercepted by the Iron Dome, according to the IDF.
Palestinian terrorists have been repeatedly attacking Sderot in recent days, as the IDF pushed into Jabaliya, where residents told Reuters that Israeli armor had thrust as far as the market at the heart of Jabaliya and that bulldozers were demolishing homes and shops in the path of the advance.
Meanwhile, in southern Gaza’s Rafah, the 162nd Division’s 401st Armored Brigade located and destroyed a rocket launching position, according to the military. The IDF said the site was used to fire long-range rockets at Israel.
Israel says four of Hamas’s six remaining battalions are now in Rafah along with hostages abducted during the terror group’s October 7 massacre, but it faces international pressure not to invade the city, where hundreds of thousands of displaced Palestinian civilians are sheltering amid the ongoing war. Two more Hamas battalions remain in central Gaza, in the Nuseirat and Deir al-Balah camps.
The United Nations says that over 600,000 Gazans have evacuated the city since the IDF began operations there last week by taking over the Palestinian side of the Rafah Border Crossing.
Also Friday, the military said it demolished a tunnel in central Gaza this week, amid an operation in Gaza City’s Zeitoun neighborhood.
The week-long operation, carried out by the Nahal and Carmeli brigades, was wrapped up on Thursday. The IDF said troops demolished Hamas sites, including attack tunnels, weapon manufacturing sites, rocket launchers, and command rooms amid the pinpoint raid.
IDF Spokesman Rear Adm. Daniel Hagari said Tuesday that some 150 terror operatives were killed in Zeitoun.
Additionally, over the past day, the Israeli Air Force hit some 60 targets across Gaza, including buildings used by terror groups, weapon depots, anti-tank launch posts, and other infrastructure, as well as gunmen, according to the IDF.
Palestinians who fled Rafah in the southern Gaza Strip arrive with their belongings to Khan Younis on May 15, 2024. (AFP)
The war in Gaza erupted after Hamas’s October 7 massacre, which saw thousands of terrorists burst across the border into Israel, killing some 1,200 people and seizing 252 hostages, mostly civilians, many amid acts of brutality and sexual assault. Israel has vowed to eliminate Hamas to ensure it no longer poses a threat, but is also involved in indirect talks with the group aimed at an extended truce and exchange of hostages for Palestinian security prisoners.
The Hamas-run Gaza health ministry says more than 35,000 people in the Strip have been killed or are presumed dead in the fighting so far, though only some 24,000 fatalities have been identified at hospitals. The tolls, which cannot be verified, include some 15,000 terror operatives Israel says it has killed in battle. Israel also says it killed some 1,000 terrorists inside Israel on October 7.
Two hundred and eighty Israeli soldiers have been killed during the ground offensive against Hamas and amid operations along the Gaza border. A civilian Defense Ministry contractor has also been killed in the Strip.
IDF Tanks Open Fire On Own Gaza HQ, Killing 5 Troops In Disastrous Friendly Fire Incident
THURSDAY, MAY 16, 2024 – 06:30 PM
The Israel Defense Forces (IDF) have just suffered their biggest ‘friendly fire’ disaster to date during military operations in northern Gaza. In a Wednesday incident, a pair of Israeli tanks targeted a building which was serving as a forward operating HQ for their own troops.
Five Israeli soldiers were confirmed killed in the incident which happened in Jabalia. An additional seven troops were wounded, with three listed in serious condition.
Soon after it happened social media images from Israel showed that there was a significant medical evacuation underway, with military helicopters seen transporting wounded to hospitals inside Israel.
The tanks had reportedly been taking heavy fire just before the friendly fire incident, with the Jerusalem Post providing the following details:
Tank Unit 82’s soldiers said that they saw a potential threat, the barrel of a weapon, emerge from the three floor battalion headquarters, which was only 10-20 meters away from them. The soldiers hit by the tank were from Unit 202 is a Haredi-integrated unit.
It was unclear why they did not recognize the battalion headquarters. However, the IDF said that the tanks had taken over the junction in Jabalya around 9:00 am and that the Battalion headquarters deputy commander had only arrived many hours later.
On Thursday the IDF listed the young troop deaths – which included an officer with the rest being among enlisted ranks – as follows: Capt. Roy Beit Ya’akov, 22, from Eli; Staff Sgt. Gilad Arye Boim, 22, from Karnei Shomron in Samaria; Sgt. Daniel Chemu, 20, from Tiberias; Sgt. Ilan Cohen, 20, from Carmiel; and Staff Sgt. Betzalel David Shashuah, 21, from Tel Aviv.
While it’s still under investigation, another local media outlet reported the following:
The tank forces had arrived at the area in the morning, and several hours later, the paratroopers reached the area and established a post in the building. Later in the evening, another group of paratroopers reached the area and notified two of the tanks there that they were entering the building.
Likely this will further energize angry anti-Netanyahu protesters who say he has not done enough to actually get the Israeli hostages back, but instead has prioritized the brutal fight to eliminate Hamas.
Earlier in the Gaza operation, the IDF admitted that many of its troops were being killed by friendly fire in the tight urban setting. It was a shocking admission at the time:
Of the 105 Israeli soldiers killed to date in the Gaza Strip during Israel’s ground offensive against Hamas, which began in late October, 20 were killed by so-called friendly fire and other accidents, according to new data released by the IDF on Tuesday.
Thirteen of the soldiers were killed by friendly fire due to mistaken identification in airstrikes, tank shelling, and gunfire.
One soldier was killed by gunfire that was unintended to hit them, and another two were killed by accidental misfires.
Two soldiers were killed in incidents involving armored vehicles running over troops. And two soldiers were killed by shrapnel, including from explosives set off by Israeli forces.
In another somewhat recent tragic incident three hostages were able to get free from their Hamas captors in Gaza and emerged from a building waiving white flags, but they were shot by Israeli troops who reportedly mistook them for enemy militants.
The latest IDF data indicates: “Of the 278 Israeli soldiers killed in the Gaza Strip during Israel’s ground offensive against Hamas, which began in late October, at least 49 were killed by friendly fire and in other accidents.”
Some regional observers believe that casualties among the IDF are much higher than being reported. As for Israel, it says it has killed over 14,000 Hamas militants since Oct.7.
END
ISRAEL/GAZA/
Netanyahu Could Fire Defense Chief As Public Spat Erupts Over Gaza ‘Day After’
THURSDAY, MAY 16, 2024 – 10:00 PM
Prime Minister Benjamin Netanyahu is at odds with his own defense minister Yoav Gallant after Gallant said in a Wednesday televised address that the Israeli leader must take “tough decisions” on Gaza’s ‘day after’ the war ends. Gallant came out very strongly against any scenario that leaves Israel in charge of overseeing the Gaza Strip. He called for advancing non-Hamas Palestinian governance, which would of course mean the Palestinian Authority (PA, which is made up primarily of Fatah), along with international backing.
Times of Israel highlighted that “The public comments, seen as the most direct political challenge to Netanyahu from within his government since the start of the war, sparked an angry backlash among members of the coalition, who urged Netanyahu to fire the defense minister.”
What made matters worse is that just a few hours prior to Gallant issuing his direct challenge, Netanyahu asserted publicly that any discussions of the “day after” Hamas in Gaza are meaningless until the terror group is defeated.
In response to Gallant, Netanyahu issued televised remarks wherein he laid out that he’s “not prepared to switch from Hamastan to Fatahstan” – in reference to the PA which currently governs the West Bank, and represents the older era of Palestinian resistance to Israel.
I am not prepared to replace “Hamastan” with “Fatahstan.”
·
735.4K Views
Gallant’s challenge is also ultra-sensitive due to going tensions between Netanyahu and the Biden White House. Gallant’s plan is widely seen as the one Washington would favor as an outcome. The US has meanwhile condemned any scenario which would see the Israeli government or military permanently administer the Gaza Strip.
Some hardliners within the Israeli coalition even want to eventually open up the Strip to direct settlement by Jewish families.
Below is a more detailed look at Gallant’s ‘day after plan which Netanyahu has rejected, via David Ignatius’ Washington Post column:
It’s time for Israel to begin building a Palestinian security force in Gaza that can provide stability there after the political power of Hamas is broken, Israeli Defense Minister Yoav Gallant said in a blunt briefing this week.
“The idea is simple,” Gallant told me. “We will not allow Hamas to control Gaza. We don’t want Israel to control it, either. What is the solution? Local Palestinian actors backed by international actors.” Gallant’s frank comments mark a turn in the Israeli government’s debate about governance and security issues in Gaza, known by the shorthand phrase “the day after.” His views are widely shared by the defense and security establishment but opposed by Prime Minister Benjamin Netanyahu and his right-wing coalition.
Concerning Washington’s view of this, Ignatius writes further:
Biden administration officials say Gallant has taken a larger role in U.S.-Israeli dialogue in recent months, as relations have soured between Netanyahu and President Biden. One U.S. official described Gallant as an “indispensable” problem-solver in the increasingly tense debate about how to end the war in Gaza.
…In January, Gallant released a public plan that stated his central point: “Gaza residents are Palestinian, therefore Palestinian bodies will be in charge, with the condition that there will be no hostile actions or threats against Israel.” He proposed a multinational task force to help stabilize Gaza including U.S., European and Arab partners, with Egypt playing a special role as a “major actor.”
Netanyahu in his response has tried to frame it as a matter of Gallant making “excuses” for not having eradicated Hamas yet, but without naming him directly.
But central to Gallant’s rationale is that direct Israeli rule over the Strip will perpetuate rebellion among Palestinians, driving them into the arms of Hamas. “As long as Hamas retains control over civilian life in Gaza, it may rebuild and strengthen, thus requiring the IDF to return and fight in areas where it has already operated,” he has said.
“We must dismantle Hamas’ governing capabilities in Gaza. The key to this goal is military action, and the establishment of a governing alternative in Gaza,” Gallant concluded.
END
ISRAEL/HEZBOLLAH
IDF says several drones launched from Lebanon at Western Galilee, at least one downed over sea
By EMANUEL FABIAN FOLLOW
Today, 6:32 am
Several drones were launched from Lebanon at the Western Galilee earlier this morning, setting off sirens in numerous communities.
According to the IDF, at least one of the drones was downed by air defenses over the sea and a second drone crashed near the northern community of Ga’aton.
A short while ago, renewed suspected drone sirens are sounding in the Upper Galilee.
The latest sirens were a false alarm, the IDF says
END
they are knocking off senior leaders one at a time
jerusalem post
Senior Hezbollah official killed after group claims missile-firing UAV attack
The Israel Air Force responded with strikes near Sidon, Lebanon.
By JOANIE MARGULIES, SAM HALPERNMAY 17, 2024 08:51Updated: MAY 17, 2024 11:36
A senior official in the terrorist organization Hezbollah was killed in a retaliatory strike by the IAF, Arab media sources reported on Friday. The strike came after the Lebanon-based terror group claimed to use a new missile-launching drone to attack Israel Thursday night.
According to Hezbollah, during the attack, the UAV (unmanned aerial vehicle) flew towards an IDF base near Metulla and targeted IDF soldiers.
Hezbollah published a video it said showed the attack, wherein a UAV launched two S5 missiles.
Hezbollah stated that the drone had been launched in a suicide attack and, after firing off the missiles, immediately exploded.
Israel responds by striking deep into Lebanon
The IAF launched airstrikes on the village of A-Najaria near Sidon, Lebanon. The target was reportedly only tens of kilometers away from the Israel-Lebanon border.
Hezbollah, citing a medical source, stated that one had been killed and two others were wounded. Arab media sources reported that the individual killed was a senior Hezbollah official.
The Egyptian news website Sada El-Balad, citing local reports, stated that the eliminated Hezbollah official was Hussein Khader Mahdi. Mahdi was reportedly in a vehicle at the time of the strike.
Earlier Hezbollah attacks on Israel
In one of Hezbollah’s attacks on the North on Friday, one soldier was seriously wounded, and two others were lightly wounded, the military confirmed.
The IDF later confirmed that a base near the Golani junction in the Lower Galilee was hit after 50 of 60 launched missiles crossed into Israeli territory. The majority of other missiles landed in open areas.
ISRAEL/TURKEY
Smotrich cancels free trade deal, imposes 100% import tariffs on Turkish goods as rift grows
“Raising the import tariff on Turkey is a suitable Zionist answer to Erdogan,” Smotrich said. “For too many years, the State of Israel struggled with Erdogan’s antisemitism. Not on my shift!”
By YUVAL BARNEAMAY 16, 2024 21:53Updated: MAY 17, 2024 00:53
Finance Minister Bezalel Smotrich announced on Thursday that Israel would abolish its free trade agreement with Turkey and impose a 100% tariff on imports from Turkey in retaliation for Turkish President Tayyip Erdogan’s decision to halt exports to Israel.
Smotrich submitted the plan for cabinet approval, including the abolition of the Israel-Turkey Free Trade Agreement, signed in 1996.
The FTA was expanded in 2000 to include all industrial goods, abolishing all duties and charges for importing them from Turkey.
By 2007, the FTA had been expanded further to cover a significant amount of agricultural products, including eggs, live plants, vegetables, dried tomatoes, coffee concentrates, various juices (orange, lemon, apple), beer, several types of nuts, and dried figs and apricots. The FTA reduced their tariffs to 0%.
The recent abolition of this agreement will mean that previous tariff rates will be reimposed, and a new 100% will be added on.
Smotrich clarified that these tariffs would remain in place as long as Turkish President Recep Tayyip Erdogan remains in power.
Increase import diversity
Additionally, the Economy, Foreign Affairs, and Finance Minister are expected to take the necessary steps to diversify Israeli imports away from Turkish products and create alternate import sources to reduce Israeli reliance on the Turkish economy.
The plan explains that the diversification may cause short-term disruptions but should, in the long term, reduce costs and help mitigate future supply issues due to geopolitical events.
The move is also expected to help improve Israeli industrial resilience and competitiveness in the global markets.
Manufacturers Association of Israel, which claims to represent 1800 members responsible for over 90% of Israeli industrial output, pushed manufacturers to pursue alternative imports from China, Eastern Europe, Greece, Germany, Cyprus, and Taiwan.
“Raising the import tariff on Turkey is a suitable Zionist answer to Erdogan,” Smotrich said. “His announcement of the stoppage of imports to Israel constitutes a declaration of an economic boycott and a serious violation of international trade agreements to which Turkey has committed.”
“For too many years, the State of Israel struggled with Erdogan’s antisemitism. Not on my shift!”
“If, at the end of Erdogan’s term, the citizens of Turkey elect a leader who is sane and not a hater of Israel, it would be possible to return to the trade agreement with Turkey.”
END
RUSSIA/UKRAINE
Desperate Ukraine Launches Massive Kamikaze Drone Attack Against Russian Black Sea Coast, Sparking Fire At Major Refinery
FRIDAY, MAY 17, 2024 – 12:00 PM
In defiance of repeated warnings from the Biden administration, the Ukrainian military continues ramping up kamikaze drone attacks on the Russian energy complex, a move to crush the nation’s crude oil and crude product export revenues and curtail Moscow’s ability to fund President Putin’s ‘special operation’ in Ukraine.
A fire broke out overnight at Rosneft PJSC’s large Tuapse refinery on the Black Sea. According to Bloomberg, this wave of overnight drone attacks is one of the largest by Ukraine in the multi-year war.
The Tuapse refinery is the only refinery in Russia located on the Black Sea. It produces naphtha, fuel oil, vacuum gas oil, and high-sulfur diesel, which it exports to Turkey, China, Malaysia, and Singapore.
The refinery has a capacity of about 240,000 barrels per day and was processing approximately 180,000 barrels per day shortly before the first drone attack in January took the plant offline.
With Ukraine losing ground with Russia, drone attacks by Kyiv’s military and or special operations personnel, likely with help from US intel operators, are stepping up attacks on Russia’s energy complex.
Russia said it intercepted 51 drones over Crimea in the attack early Friday. Another four dozen above the southern Krasnodar region, six over the Belgorod region, and one in the Kursk region. The Defense Ministry in Moscow wrote on Telegram that Ukrainian naval drones were also destroyed.
The regional government in Krasnodar Krai wrote on Telegram that the refinery fire was extinguished three hours after the strike.
Here’s dramatic footage of the drone attack on the Russian Black Sea coast.
This morning, Ukrainian forces mounted a large scale drone attack along the Russian Black Sea coast, hitting multiple Russian targets in Novorossiysk and Tuapse.
Seen here, a Ukrainian attack drone flies into the burning Tuapse refinery.
Another rough night for the Russian oil industry after visits from Ukrainian drones. Here in city of Tuapse, near Sochi, continues to burn into morning.
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Last week, Foreign Affairs magazine writer Sam Winter-Levy penned a note titled “Why Ukraine Should Keep Striking Russian Oil Refineries,” explaining that “with less domestic refining capacity, Russia will be forced to export more of its crude oil, not less, pushing global prices down rather than up.”
In markets, Brent crude prices are marginally higher, above $83 a barrel. The Tuapse refinery attack, plus others in recent months, are reminders of the mounting geopolitical risks that could send oil prices much higher.
RUSSIA UKRAINE
COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
INSANE! from a left state
Doctor Fined For Prescribing Ivermectin Against COVID-19
BY TYLER DURDEN
FRIDAY, MAY 17, 2024 – 01:40 PM
Authored by Zachary Stieber via The Epoch Times,
A doctor in Washington state has been fined for prescribing ivermectin against COVID-19. He must also take continuing education classes, according to newly filed documents.
Dr. Wei-Hsung Lin must pay $5,000, according to an order signed by the Washington Medical Commission on May 2.
Ivermectin is approved by the U.S. Food and Drug Administration for treating several conditions, including parasitic worms. Prescribing medicine for unapproved usage is common in the United States, but administration officials have warned against prescribing and using ivermectin as a COVID-19 treatment. Regulators have pointed to a database of clinical trials, some of which found ivermectin did not confer a benefit against COVID-19 and some of which found ivermectin was beneficial against the illness.
Dr. Lin, who also signed the order, admitted to prescribing ivermectin to five people without detailing how the prescriptions were off-label, the risks involved, and alternative treatments.
One patient, a 71-year-old female, tested positive for COVID-19 at the emergency room on June 23, 2021. She saw Dr. Lin in a telemedicine visit the following day. He prescribed her 12 milligrams of ivermectin daily for five days after stating that a “substantial body of literature” showed ivermectin was “effective as a one-day therapy or five-day therapy.”
The woman went back to the hospital after taking ivermectin for four days but not seeing improvement. She was ultimately discharged and recovered.
In another case, Dr. Lin prescribed ivermectin to a 69-year-old male for COVID-19. Dr. Lin prescribed extra ivermectin because the man’s wife also had COVID-19. Neither the husband nor wife ended up taking the ivermectin because they went online and “observed the warnings about ivermectin for COVID-19 as well as the possible negative effects for those with heart conditions,” the order states.
Dr. Lin’s treatment was “below standard of care” in part because he did not discuss alternative treatments, according to the document. No alternatives are listed in the document. In 2021, remdesivir was the primary government-approved treatment for some COVID-19 patients.
Authorities also faulted Dr. Lin for not discussing COVID-19 vaccines with his patients.
According to the order, Dr. Lin’s actions constituted unprofessional conduct, defined in state law as “any act involving moral turpitude, dishonesty, or corruption relating to the practice of the person’s profession, whether the act constitutes a crime or not.”
The order prohibits Dr. Lin from prescribing ivermectin off-label to patients in Washington state and from prescribing any medication or providing care for patients without first establishing a doctor-patient relationship.
It also requires him to review the U.S. Centers for Disease Control and Prevention (CDC) and UpToDate websites for current COVID-19 guidelines, take continuing medical education classes on preventing, treating, and managing COVID-19 and establishing a doctor-patient relationship, and write two papers of at least 1,000 words describing what he learned from the websites and classes.
The commission or its designee is also going to make annual compliance visits, including reviewing a random selection of records, and says Dr. Lin must appear within 12 months, and subsequently on an annual basis, at a date and location determined by the commission as part of compliance oversight.
Dr. Jane Orient, executive director of the Association of American Physicians and Surgeons, said that the conditions are “extremely onerous” and require work that would “enormously increase the burden of practice and probably drive most physicians out of practice altogether.”
“Ivermectin is an extremely safe drug—much safer than most drugs physicians prescribe without all the ‘informed consent’ discussions demanded here,” Dr. Orient told The Epoch Times in an email.
“As to informing patients of alternatives, the reasons patients were calling this doctor was likely that no alternatives were available. It was ‘isolate and go to ER if you get worse.’”
She recommended doctors avoid Washington state if they’re able.
The Washington Medical Commission did not return an inquiry.
Dr. Lin is employed by the Kadlec Regional Medical Center clinic in Richland.
“After being made aware of an alleged violation by one of our providers, we fully cooperated with the Washington State Department of Health throughout their investigation. While Kadlec does not recommend or allow ivermectin for the prevention or treatment of COVID-19, we respect the rights of patients and physicians to discuss and explore all available treatment options, based on patients’ unique health and medical situations,” a spokesperson for Kadlec told The Epoch Times in an email.
“We remain dedicated to providing high-quality care for all patients we serve, and we are pleased this matter has been resolved.”
If Dr. Lin had contested the allegations, the commission would have heard arguments and then ruled, potentially suspending his license. The commission has already ruled against several doctors who prescribed ivermectin for COVID-19, most recently forbidding pathologist Dr. Ryan Cole from practicing medicine in the state for five years.
“Dr. Lin was willing to fight this all the way but when we looked the risk-reward matrix we felt—and he felt—it was in his best interest to go ahead and settle,” Pete Serrano, an attorney with the Silent Majority Foundation representing Dr. Lin, told The Epoch Times.
“He was ready to kind of close the chapter and move on with his life,” Mr. Serrano added later.
Dr. Lin was initially facing a $25,000 fine and harsher repercussions but negotiations on the settlement ended up reducing some of the penalties.
Dr. Lin can petition to terminate the order in three years.
END
CRISPIN MILLER
DR PAUL ALEXANDER
Black Americans no more? Why has Biden & Obama told black Americans they are no longer welcomed on the Democrat party slave plantation? What changed? The color of the voter’s skin? Is the fair skinned
Latino more prized now than the black American? Who built America & put blood & sweat into the nation? What insanity & I see it daily in New York, across State, blacks are now despised by democrats
| DR. PAUL ALEXANDERMAY 17 |
Yet why are blacks leaving the democrat plantation too? At such large numbers now. Is it they realize democrats seek to keep them in the hood and down and low?
So as blacks figured out the demonic nature of the democrat party on their survivability, that the democrat party is the party of slavery and Jim Crow and KKK etc., the democrats then immediately turn to the Latino from South America, the illegal Latino? Is this why the USA is being invaded by the Biden-Obama administration (Obama’s 3rd term)?
What opinion do you have? Should the black man and woman in America now sit in the back of the BUS again? Behind the LATINO? The illegal LATINO? To the LATINO who is getting big money FREE, free housing, phones, flatscreens, free free free and our blacks, veterans, poor live on the streets? Trump did more for blacks than Obama and Biden did in 8 years and now Biden Obama doing it again…even bringing jihadists into USA that could harm blacks with rape and murder. and fentanyl etc.
When will black Americans say enough is enough? When will they punish the fraud crooked HOUSE congressional black caucus and vote them all out?
What say you?
END
Seizure risk after Pfizer BioNTech mRNA vaccine (in kids ages 2-4 years) and MODERNA mRNA vaccine (in kids ages 2-5 years) (using Malone Bourla Bancel Weissman CANCER causing vaccine); Hu et al. JAMA
I wrote about this prior yet this study is to be reposted given it adds to the body of evidence that the Malone Bourla mRNA vaccine is DEADLY, dangerous to our infants, children; DO NOT touch it!
| DR. PAUL ALEXANDERMAY 17 |
Do not focus on the double talk, you know you see them even among the Freedom Fighters, they say hey the vaccine big bad but its ok too…bullshit, these bitches knew they were shilling for a mRNA vaccine that did not work and was harmful and they played both sides (incentivized) and must be accountable…I am going to start fleshing them out shortly.
Alexander COVID News_a PCR manufactured fake COVID pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Mind you, these troubling deadly findings also include the known risk of myocarditis and pericarditis etc. that is not simple, not rare, and very damaging for the young child. These mRNA vaccines have set our children up to a life of problems for myocarditis is often SILENT. BUT IT DOES COME KNOCKING WHEN YOU LEAST EXPECT AND OUTCOME CAN BE AND IS OFTEN CARDIAC ARREST, DEATH.
‘Findings
In this cohort study of 4 102 106 vaccinated enrollees, 2 outcomes met the statistical threshold for a signal compared with historical rates: myocarditis or pericarditis after BNT162b2 (ages 12-17 years) and seizure after BNT162b2 (ages 2-4 years) and mRNA-1273 (ages 2-5 years) vaccinations.
Meaning
Near-real-time monitoring detected a previously identified statistical signal for myocarditis or pericarditis and a new statistical signal for seizure; however, these results should be interpreted cautiously because the methods only screened for potential statistical signals and have several limitations.’
SLAY NEWS
| The latest reports from Slay News |
| Bill Gates Pushes Vaccinations in Food Supply to ‘Fight Climate Change’Billionaire Bill Gates has been exposed as the driving force behind a shadowy organization that is pushing for governments to begin vaccinating the food supply in order to supposedly “fight climate change.”READ MORE |
| Jeff Bezos Launches Major Scheme to Advance Fake ‘Meat’ IndustryBillionaire Amazon founder Jeff Bezos has just launched a major new scheme that will pump tens of millions of dollars into the fake “meat” industry.READ MORE |
| Chuck Todd: RFK Jr’s ‘Vocal Issue’ Will ‘Weirdly Help’ Offset Biden’s Weakness on Debate StageNBC News host Chuck Todd says Robert F. Kennedy Jr.’s “vocal issue” could be an asset for Democrat President Joe Biden on the debate stage.READ MORE |
| ABC’s George Stephanopoulos: ‘Deep State Is Packed with Patriots’ABC News anchor George Stephanopoulos has declared that “the deep state is packed with patriots” who “serve in silence.”READ MORE |
| Supreme Court Rejects Appeal of Convicted Child Killer Danny Lee HillThe Supreme Court has rejected the appeal of death row inmate Danny Lee Hill.READ MORE |
| Swing State Voters More Likely to Back Trump If Convicted in ‘Hush Money’ Case, Poll ShowsNew evidence has emerged to suggest that the Democrats’ lawfare attacks against President Donald Trump are backfiring.READ MORE |
| Supreme Court Rejects Senate-Watched Two-Step Bankruptcy CaseThe U.S. Supreme Court has refused to review the Texas two-step bankruptcy of a Georgia-Pacific company.READ MORE |
| 54 of Trump’s ‘Close Contacts’ Revealed during ‘Hush Money’ TrialA long list of President Donald Trump’s “close contacts” was released during his “hush money” trial in New York.READ MORE |
| Prominent Clinton & Obama Campaign Officials Killed in Car CrashTwo high-profile Democrat political figures have been killed in a car accident in Southern California.READ MORE |
| Non-Citizens Are Illegally Registering to Vote Ahead of November Elections, Study FindsA new study has found that a shocking number of non-citizens have registered to vote in America’s elections ahead of the critical November presidential race.READ MORE |
| Pro-Hamas Students and Faculty Occupy NYC Campus Building as New Wave of Protests LaunchNew anti-Israel protests have erupted at The New School in New York City, with students and faculty members reportedly occupying a building on the institution’s campus.READ MORE |
| Biden Agrees to Debate Trump in June & September with List of Guardrails: No Live AudienceDemocrat President Joe Biden has finally committed to partaking in two presidential debates in June and September.READ MORE |
| Massive Barge Crashes into Texas Bridge Causing Partial CollapseA major bridge in Texas has been struck by a cargo ship causing a partial collapse, according to breaking reports.READ MORE |
LATEST EVOL NEWS:
| Top Scientists Prove Covid Pandemic Was a HoaxA group of leading scientists has provided conclusive evidence proving that the alleged Covid “pandemic” was nothing more than a hoax designed to mass-vaccinate the general public and usher in a globalist agenda.READ THE FULL REPORT |
| Deadly Prion Diseases Soar Among the Covid-VaxxedDealy and highly progressive neurodegenerative diseases are soaring among those who have been “vaccinated” with Covid mRNA shots, doctors are warning.READ THE FULL REPORT |
| Biden’s Top Advisor Gets Called Out Over HUGE LieJared Bernstein, the chair of the Council of Economic Advisers, faced significant challenges in elucidating the reasons behind President Joe Biden’s persistent misrepresentation of the initial inflation rate upon assuming office.READ THE FULL REPORT |
| Biden Brutally Mocked After People Noticed THIS (Video)President Joe Biden faced widespread ridicule on social media after a brief video was shared by his team, showcasing his acceptance of President Donald Trump’s debate challenge.READ THE FULL REPORT |
| Kamala Harris ACCEPTS… Trump Can’t Stop SmilingThe Biden-Harris campaign has officially confirmed that Vice President Kamala Harris will be participating in a VP candidate debate organized by CBS News during the upcoming summer.READ THE FULL REPORT |
| LATEST NEWS: |
NEWS ADDICT
———- Forwarded message ———
From: News Addicts <mail@newsaddicts.com>
Date: Thu, May 16, 2024 at 10:24
Subject: 
Japan’s Top Cancer Doctor: ‘Covid Shots Are Murder’
To: Milan Sabioncello <sabioncello@gmail.com>
| LATEST REPORTS FOR NEWS JUNKIESJapan’s Top Cancer Doctor: ‘Covid Shots Are Murder’Japan’s leading oncologist has blown the whistle on “the work of evil” behind the mass vaccination campaign, warning that Covid mRNA shots are “murder.”READ THE FULL REPORTFDA Announces New Pandemic, Warns 25% Kill Rate from New VirusThe U.S. Food and Drug Administration (FDA) has announced that “Disease X” has arrived to trigger a new pandemic ahead of the November elections.READ THE FULL REPORTUtah Mother Sues AstraZeneca over Long-Term Impairment Caused by Covid Vaccine TrialA Utah mother is suing AstraZeneca, the drug manufacturer of the COVID-19 vaccine, claiming that she was left permanently disabled after participating in the clinical trial.READ THE FULL REPORTBREAKING: Cocaine Found Inside US Capitol Police HeadquartersThe United States Capitol Police (USCP) announced in a press release that a bag of cocaine was found inside its headquarters.READ THE FULL REPORTCDC Warns: Southern US Border Faces 143 Percent Jump in Imported MalariaCases of imported malaria in three southern border areas doubled in 2023 compared to the previous year, as reported by the U.S. Centers for Disease Control and Prevention (CDC). “During January–December 2023, a total of 68 imported malaria cases were identified from reportable disease surveillance systems in Pima, Arizona (18), San Diego, California (27), and El Paso, Texas (23),” the …READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
VENEZUELA
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0842 DOWN .0025
USA/ YEN 155.88 UP 0.479NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2656 DOWN .0016
USA/CAN DOLLAR: 1.3638 UP .0024 (CDN DOLLAR DOWN 24 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 31.63 PTS OR 1.01%
Hang Seng CLOSED UP 177.08 PTS OR 0.91%
AUSTRALIA CLOSED DOWN 0.83 %
// EUROPEAN BOURSE: ALL MOSTLY RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 177.08 OR 0.91%
/SHANGHAI CLOSED UP 31.63 PTS OR 1.01%
AUSTRALIA BOURSE CLOSED DOWN 0.83%
(Nikkei (Japan) CLOSED DOWN 132.88 PTS OR 0.34%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2387.45
silver:$29.72
USA dollar index early THURSDAY morning: 104.64 UP 30 BASIS POINTS FROM THURSDAY’s CLOSE.
FRIDAY MORNING NUMBERS ENDS
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And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.124% UP 9 in basis point(s) yield
JAPANESE BOND YIELD: +0.948% UP 2 AND 9/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.258 UP 6 in basis points yield
ITALIAN 10 YR BOND YIELD 3.801 UP 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.5080 UP 8 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0875 UP 0.0007 OR 7 basis points
USA/Japan: 155.28 DOWN 0.123 OR YEN IS UP 12 BASIS PTS
Great Britain/USA 4.163 UP 8 BASIS POINTS //
Canadian dollar UP .0012 OR 12 BASIS pts to 1.3602
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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2267 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2306)
TURKISH LIRA: 32.21 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.948…
Your closing 10 yr US bond yield UP 2 in basis points from THURSDAY at 4.398% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.5384 UP 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.801 UP 1 BASIS PTS.
GOLD AT 11;30 AM 2415.00
SILVER AT 11;30: 30.65
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 13.48 PTS OR 0.29%
German Dax : CLOSED UP 152.92 PTS OR 0.82%
Paris CAC CLOSED UP 14.19 PTS OR .17 %
Spain IBEX CLOSED UP 123.50 OR 1.10%
Italian MIB: CLOSED UP 214.78 PTS OR 0.61 PTS
WTI Oil price 79.30 12EST/
Brent Oil: 83.38 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 91.02 ROUBLE DOWN 0 AND 5/100
GERMAN 10 YR BOND YIELD; +2.5080 UP 8 BASIS PTS.
UK 10 YR YIELD: 4.1630 UP 7 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0875 UP 0.0007 OR 7 BASIS POINTS
British Pound: 1.2707 UP 0.0035 35 16 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.155 UP 5 BASIS PTS//
JAPAN 10 YR YIELD: .948%
USA dollar vs Japanese Yen: 155.65 UP 0.253/ YEN DOWN 25 BASIS PTS//
USA dollar vs Canadian dollar: 1.3610 DOWN 0002 //CDN dollar UP 2 BASIS PTS
West Texas intermediate oil: 80.08
Brent OIL: 83.97
USA 10 yr bond yield UP 5 BASIS pts to 4.420
USA 30 yr bond yield UP 4 BASIS PTS to 4.561%
USA 2 YR BOND: UP 3 PTS AT 4.823
USA dollar index: 104.33 DOWN 1 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32. 23 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 90.95 DOWN 0 AND 2//100 roubles
GOLD 2,414.90 3:30 PM
SILVER: 31.37 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 135.03 PTS OR 0.34 %
NASDAQ DOWN 11.98 PTS OR 0.063 %
VOLATILITY INDEX: 11.98 DOWN .44PTS OR 0.3.34%
GLD: $223.66 UP 3.53 OR 1.65%
SLV/ $28.79 UP 1.79 OR 6.39%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Dismal Data Sparks Dollar Dump – Everything Else Rips On Record Week
BY TYLER DURDEN
FRIDAY, MAY 17, 2024 – 04:00 PM
US Macro Surprise data declined for the sixth straight week… to its weakest since January 2023…
Source: Bloomberg
But that ‘bad news’ prompted a run to record highs for risky stocks…
Source: Bloomberg
As the market seems to be completely discounting the collapse in soft survey data…
Source: Bloomberg
The bad news prompted rate-cut expectations to rise on the week (more for 2025 than 2024). Three full cuts priced in for 2025 and two cuts priced in for 2024…
Source: Bloomberg
All of which sent stocks higher on the week led by Nasdaq. Friday saw the majors mixed to flat after a tumultuous week..
In the last few seconds, the algos took The Dow back above 40,000 for its first close above that historic level…
Industrials were the only sector to end the week red while Tech and Financials outperformed…
Source: Bloomberg
The short squeeze at the start of the week faded fast as the week progressed…
Source: Bloomberg
VIX was clubbed like a baby seal back to an 11 handle on the week – decoupling from stocks today…
Source: Bloomberg
Treasury yields ended the week lower, despite the last two days seeing rates rise. The short-end modestly underperformed…
Source: Bloomberg
The dollar tumbled this week, erasing the gains since April’s CPI print surge…
Source: Bloomberg
A big week for bitcoin with the largest cryptocurrency back above $67,000 to its highest in six weeks…
Source: Bloomberg
Bitcoin ETFs saw a solid week of inflows (for a change)…
Source: Bloomberg
Oil prices bounced on the week with WTI back above $80 to two week highs…
Source: Bloomberg
Gold surged to a new record closing high this week, its first close above $2400…
Source: Bloomberg
… but most notably, silver dramatically outperformed gold (topping $30) – its best relative weekly performance since August 2020…
Source: Bloomberg
While The Dow topped 40,000 for the first time, it remains a laggard compared to gold for the last few years…
Source: Bloomberg
Finally, how much longer can the market (and The Fed) ignore the surge in inflation surprise data and just watch the de-growth with blinkers on…
Source: Bloomberg
…hoping that the ‘bad news’ is all that matters to lift rate-cut hopes.
END
MORNING TRADING//
AFTERNOON TRADING/
II USA DATA
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
Trump Says He Believes A ‘Great Silent Majority’ Will Vote For Him In November
THURSDAY, MAY 16, 2024 – 09:30 PM
Authored by Jack Phillips via The Epoch Times (emphasis ours),
Former President Donald Trump on Wednesday said he believes he has a “great silent majority” who will vote for him during the 2024 election.
While speaking to radio host Hugh Hewitt, the former president claimed that he may have the “biggest ever” silent majority, using a term that was popularized by former President Richard Nixon in 1969. He then made reference to the relatively large crowd turnout during last weekend’s rally in Wildwood, New Jersey.
“I have a great silent majority … the term was very, very powerfully associated with Nixon, and I didn’t want to be copying the term actually, so it’s the great silent majority,” President Trump said, adding that he believes that 107,000 people attended the Wildwood rally. The Epoch Times could not immediately authenticate that figure.
The former president in 2020 made similar claims about a silent majority turning out in droves for him during that year’s election. But the term was famously used by President Nixon to refer to conservative voters who did not participate in the current political discourse at the time, later resurfacing in the campaigns of former President Ronald Reagan in the 1980s.
In his interview with Mr. Hewitt, the former president said that he believes inflation may cause some voters to cast ballots in favor of him, coming after the Labor Department released figures Wednesday showing that the consumer price index slightly eased in April.
“It’s a lot of inflation when added to the inflation that we’ve suffered that’s been so bad,” President Trump said, likely referring to years of rising prices since the middle of the COVID-19 pandemic. “It’s got to come down much more. That’s a lot of inflation, their number they announced.”
The former president’s remarks on Wednesday come as a recent poll from Siena College shows that President Joe Biden is trialing the former president in five of six battleground states.
President Trump, notably, is ahead by 6 percentage points in Arizona, 11 points in Georgia, and 13 points in Nevada, the survey revealed. He’s ahead about 3 points in Pennsylvania and 1 point in Wisconsin, while is down by 1 point to President Biden in Michigan. In the 2020 election, races were called for President Biden in all of those states mentioned in the Siena College survey.
In a Wall Street Journal poll conducted in April, President Trump garnered a lead of between 2 and 8 percentage points among voters in Pennsylvania, Michigan, Arizona, Georgia, Nevada, and North Carolina on a ballot that included third-party and independent candidates. The results were similar in a one-on-one matchup with President Biden, it said.
The former president also was viewed as having better physical and mental fitness for the job by 48 percent of respondents, compared to 28 percent for President Biden, the poll showed.
Meanwhile, a recent Reuters-Ipsos poll showed that more Americans believe President Trump would handle the economy better than President Biden. Some 41 percent of respondents in the three-day poll said the former president has the better approach, compared to 34 percent for the current president.
Debate Announcement
On Wednesday, President Biden said in an announcement that he would agree to two debates with President Trump ahead of the 2024 election, holding one in June and another in September.
“I’ve also received and accepted an invitation to a debate hosted by ABC on Tuesday, September 10th,“ the president said on X. ”Trump says he’ll arrange his own transportation. I’ll bring my plane, too. I plan on keeping it for another four years.”
The former president wrote that he accepted his invitation.
“It is my great honor to accept the CNN Debate against Crooked Joe Biden,” President Trump said on Truth Social. “Likewise, I accept the ABC News Debate against Crooked Joe on September 10th,” he added.
In a separate post, he also pushed for a debate to be held on Fox News, which he said could take place on Oct. 2, or about a month from the election.
Robert F. Kennedy Jr., a third-party candidate, suggested on social media after the announcement that he might be excluded from the debate “because they are afraid I would win.”
President Trump, who did not debate his rivals during the Republican nominating race before they all dropped out, has in recent weeks been challenging President Biden to a one-on-one matchup with him, arguing that debates should be held before early voting begins in some states. He also told Mr. Hewitt the debate should be two hours long and that both men should be required to stand.
Wednesdays are a day off for President Trump during his ongoing New York trial, where he is accused of falsifying business records to cover up payments to a woman to keep silent about an alleged affair. He has denied her claims and pleaded not guilty, saying it’s an attempt to harm his 2024 presidential campaign.
The trial is expected to last about two more weeks.
end
Boeing
Boeing 747 Engine Erupts In Fireball During Takeoff
THURSDAY, MAY 16, 2024 – 08:10 PM
Another week, another mid-air mishap for a Boeing plane. This time, a 747-400 carrying 468 passengers from Indonesia to Saudi Arabia had to make an emergency landing immediately after takeoff when one of the plane’s four engines erupted in a fireball.
“The decision was made by the pilot in command immediately after takeoff, considering engine problems that required further examination after sparks of fire were observed in one of the engines,” Garuda Indonesia president director Irfan Setiaputra wrote in a statement obtained by the local media outlet The Jakarta Post.
Garuda-1105 flight to Madinah, a city in western Saudi Arabia, was departing from the Indonesian city of Makassar on Wednesday when, as soon as the plane achieved rotation speed and lifted off the runway, a giant fireball erupted from one of the plane’s engines.
Garuda Indonesia 747-412 returns safely to Makassar Airport in Indonesia after an engine failure during takeoff.
0:11
·
362.6K Views
Here’s what happened last week with Boeing mishaps:
May 8:
May 9:
May 10:
- United Airlines Boeing 737 Makes Emergency Return To Japanese Airport After Wing Flap “Irregularity”
If you want to avoid flying in Boeing’s “death traps,” use this plane ticket booking search feature for Airbus “only” before your next trip.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM
END
iiiC USA COVID //VACCINE ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
VDH: The Biden Re-Election Strategy
FRIDAY, MAY 17, 2024 – 12:20 PM
Authored by Victor Davis Hanson,
President Joe Biden polls at or below 40 percent approval. Historically, such unpopularity has made it almost impossible for a president to be reelected.
Biden is not so much an octogenarian as an unhealthy and prematurely aging 80-year-old. It is America’s irony that he is fit for almost no other job in the country other than the presidency, which apparently allows for a three-day-a-week ceremonial role while others in the shadows run the country.
So how does Biden become renominated and reelected, as polls show he is behind in almost every critical swing state on nearly every issue?
Answer: not by campaigning, not by championing his record, and especially not by doubling down on his neo-socialist and now unpopular agendas.
Instead, his campaign is focused on four other strategies to beat former President Donald Trump.
First, left-wing local, state, and federal prosecutors are tying Trump up in court on crimes that have never been seen before and will never be again after the election. All the cases are politically motivated, with many coordinated with the White House.
Even if Trump is not convicted by blue-state prosecutors, in blue-state courtrooms, in front of blue-state juries, he will lose critical campaigning time.
Trump may end up paying out $1 billion in legal fees and fines. At 76, the monotonous days in court are designed to destroy him financially, physically, and mentally.
Biden and his operatives know that, in the long term, they may have fatally damaged the American legal system with such judicial sabotage. But short-term, they hope to destroy Trump before the ballots are cast.
Second, in his fourth year, Biden is suddenly selling government favors to special-interest voting blocs, or hoping to bring short-term relief to voters at the expense of long-term damage to the nation.
For elite college students and graduates, there are now billions of dollars in student-loan cancellations, despite a Supreme Court ruling declaring such targeted contractual amnesties illegal.
For consumers, before the election, Biden will likely drain the last drops from the critical Strategic Petroleum Reserve to lower gas prices — now sky-high due to his previous disastrous green policies.
If that is not enough, Biden has ordered Ukraine not to hit Russian oil facilities to avoid panic in the global petroleum markets before early and mail-in balloting begin.
Biden will quietly jawbone the Federal Reserve Bank to lower interest rates and reinflate the economy, despite his own creation of hyperinflation that caused interest rates to rise in the first place.
He will pander to Arab-American voters in swing-state Michigan by cutting arms deliveries to Israel, even as it seeks to destroy the killers of Oct. 7.
And if that mollification is not sufficient to win Michigan, he will suddenly slap higher tariffs on imported Chinese electrical vehicles to win back apostate union auto workers.
Three, the left learned after 2016 that the only way to beat Trump is to change the way Americans vote.
So under the cover of the COVID-19 lockdown, the left sued in critical states to reduce Election Day to a mere construct, while 70 percent of voters mailed in their ballots or voted by early, rolling balloting over many weeks.
The key was the inability to fully authenticate votes, given the old practice of showing up on Election Day and presenting an ID was declared “racist.”
Four, Biden, as he did in 2020, will outsource his campaign to the media, 95 percent of which is left-wing. Talking televised heads will claim Biden is “sharp as a knife” while focusing on Trump’s tweets, Stormy Daniels, Michael Cohen, and lurid but irrelevant testimonies that permeate Trump’s court appearances.
Trump will continue to hold weekend-long, massive 100,000-person rallies, even in blue states. Meanwhile, Biden’s fixers in the media, administrative state, and legal community will counter that even with no crowds and no campaigning, Biden can win through 24/7 nonstop “October Surprises” — all summer long.
So expect more false “Russian collusion,” “laptop disinformation,” and “Jan. 6 insurrection” hoaxes and their new replacements designed to smother the airwaves with salacious scandals nonstop.
Biden’s fading tenure is similar to the last sad months of Woodrow Wilson’s second term, when in 1919-20, the country was assured that a bedridden president was somehow hard at work, even as his wife, doctors, and handlers kept everyone else away.
Biden’s keepers do not seem to care about the president’s own failing health or his dismal polls. They discount his rare, anemic, and disastrous public appearances. They laugh off the huge Trump rallies.
And they certainly could care less about the bad optics of pandering to special interests at the expense of the country or the damage done to the American legal and balloting systems.
Instead, Bidenites believe they can reelect an unhealthy, unpopular, and unsuccessful president by any means necessary.
And they may be right.
END
SWAMP NEWS
Cohen Destroyed: Trump Lawyer “Dog Walks” Star Witness Through Lie After Lie, CNN Pundits Aghast
THURSDAY, MAY 16, 2024 – 04:50 PM
President Donald Trump’s former attorney Michael Cohen had his “knees chopped out” by Donald Trump’s defense attorneys in cross-examination during Trump’s ‘hush money’ trial.
Cohen was grilled by Trump attorney Todd Blanche about a pivotal phone call that connected Trump to allegations that he approved reimbursements to pay porn star Stormy Daniels during the 2016 election. In one exchange, Blanche accused Cohen of lying about speaking with Trump on the phone in October 2016 to reassure his boss that he was handling the payment to Daniels.
Blanche then confronted Cohen with text messages that contradicted the lie – revealing that Cohen in fact spoke with Trump’s bodyguard, Keith Schiller.
Trump attorney Todd Blanche grilled him about a pivotal phone call that had connected President Trump to the allegations at the center of the case. He accused Mr. Cohen of calling the former president’s bodyguard, Keith Schiller, to complain about harassing phone calls—not to disclose an update on a plan to purchase the silence of Ms. Clifford.
Mr. Cohen said that the prank calls were a part of the conversation with Mr. Schiller.
“Now your memory is that you were testifying truthfully on Tuesday, and you had enough time to update Mr. Schiller about all the problems you were having with these harassing calls?” Mr. Blanche asked him.
“I always run everything by the boss immediately,” Mr. Cohen said. “It could’ve just been me saying, ‘everything’s been taken care of, it’s been resolved.’”
“That was a lie. You did not talk to President Trump that night,” Mr. Blanche said. “You can admit it.” “No sir, I can’t,” Mr. Cohen said. “Because I’m not sure that’s accurate.”
“This jury doesn’t want to hear what you think happened,” Mr. Blanche said. –Epoch Times
Cohen appeared blindsided by the line of questioning, and wavered in his recollection of the phone call before blurting out “I believe I was telling the truth!”
Blanche then slapped Cohen around for telling Congress that he didn’t want to work in the Trump administration – only to be confronted with conversations in 2016 in which he expressed disappointment that he was overlooked for the role of Trump’s chief of staff.
Cohen also lied about seeking a pardon from Trump, for which his attorneys later had to issue a statement to correct the record.
After Cohen had his ass handed to him, CNN pundits were beside themselves.
“It was incredible…lawyers want to build a box around the witness & slam it shut–that’s what Todd Blanche did to Cohen…it was an extraordinary cross…Cohen was cornered in…a lie,” said host Anderson Cooper.
Anderson Cooper was left stunned by Trump’s attorney’s cross examination of Michael Cohen “It was incredible…lawyers want to build a box around the witness & slam it shut–that’s what Todd Blanche did to Cohen…it was an extraordinary cross…Cohen was cornered in…a lie”
·https://twitter.com/_johnnymaga/status/1791163774960816421
920.6K Views
The network’s top legal analyst said “I don’t think I’ve ever seen a star witness get his knees chopped out quite as clearly and dramatically as what just happened with Michael Cohen.”
CNN legal analyst: “I don’t think I’ve never seen a star cooperating witness get his knees chopped out quite as clearly and dramatically as what just happened with Michael Cohen.”
·
32.7K Views
https://twitter.com/MAGAIncWarRoom/status/179119628075844825
Rep. Matt Gaetz says Cohen was “dog walked through the series of lies he has told.”
The alleged “crime” by President Trump is made up! No other American in the country would be charged with this type of crime. I watched Michael Cohen get dog walked through the series of lies he has told. There is literally no branch of government that he has not lied to.
·
170.6K Views
https://twitter.com/RepMattGaetz/status/179116521450054462
Fin…
END
Turley: Will The Trump Jury Realize They Are Being Played By The Prosecution
FRIDAY, MAY 17, 2024 – 09:25 AM
Below is my column in Fox.com on the approaching end of the Trump trial in Manhattan. With the dramatic implosion of Michael Cohen on the stand on Thursday with the exposure of another alleged lie told under oath, even hosts and commentators on CNN are now criticizing the prosecution and doubting the basis for any conviction. CNN anchor Anderson Cooper admitted that he would “absolutely” have doubts after Cohen’s testimony.
CNN’s legal analyst Elie Honig declared “I don’t think I’ve ever seen a star cooperating witness get his knees chopped out quite as clearly and dramatically.”
He previously stated that this case would never have been brought outside of a deep blue, anti-Trump district. Other legal experts, including on CNN and MSNBC, admitted that they did not get the legal theory of the prosecution or understand the still mysterious crime that was being concealed by the alleged book-keeping errors. The question is whether the jury itself is realizing that they are being played by the prosecution.
Here is the column:
In the movie “Quiz Show,” about the rigging of a 1950s television game show, the character Mark Van Doren warns his corrupted son that “if you look around the table and you can’t tell who the sucker is, it’s you.”
As the trial of former President Donald Trump careens toward its conclusion, one has to wonder if the jurors are wondering the same question.
For any discerning juror, the trial has been conspicuously lacking any clear statement from the prosecutors of what crime Trump was attempting to commit by allegedly mischaracterizing payments as “legal expenses.” Even liberal legal experts have continued to express doubt over what crime is being alleged as the government rests its case.
There is also the failure of the prosecutors to establish that Trump even knew of how payments were denoted or that these denotations were actually fraudulent in denoting payments to a lawyer as legal expenses.
The judge has allowed this dangerously undefined case to proceed without demanding greater clarity from the prosecution.
Jurors may also suspect that there is more to meet the eye about the players themselves. While the jurors are likely unaware of these facts, everyone “around the table” has controversial connections. Indeed, for many, the judge, prosecutors, and witnesses seem as random or coincidental as the cast from “Ocean’s Eleven.” Let’s look at three key things.
1. The Prosecutors
First, there are the prosecutors. Manhattan District Attorney Alvin Bragg originally (as did his predecessor) rejected this ridiculous legal theory and further stated that he could not imagine ever bringing a case where he would call former Trump personal attorney Michael Cohen, let alone make him the entirety of a prosecution.
Bragg’s suspension of the case led prosecutor Mark F. Pomerantz to resign. Pomerantz then wrote a book on the prosecution despite his colleagues objecting that he was undermining their work. Many of us viewed the book as unethical and unprofessional, but it worked. The pressure campaign forced Bragg to green-light the prosecution.
Pomerantz also met with Cohen in pushing the case.
Bragg then selected Matthew Colangelo to lead the case. Colangelo was third in command of the Justice Department and gave up that plum position to lead the case against Trump. Colangelo was also paid by the Democratic National Committee for “political consulting.” So a former high-ranking official in the Biden Justice Department and a past consultant to the DNC is leading the prosecution.
2. The Judge
Judge Juan Merchan has been criticized not only because he is a political donor to President Biden but his daughter is a high-ranking Democratic political operative who has raised millions in campaigns against Trump and the GOP.
Merchan, however, was not randomly selected. He was specifically selected for the case due to his handling of an earlier Trump-related case.
3. The Star Witness
Michael Cohen’s checkered history as a convicted, disbarred serial perjurer is well known. Now, Rep. Dan Goldman, D-N.Y., is under fire after disclosing that “I have met with [Cohen] a number of times to prepare him.”
Goldman in turn paid Merchan’s daughter, Loren Merchan, more than $157,000 dollars for political consulting.
Outside the courtroom, there is little effort to avoid or hide such conflicts. While Democrats would be outraged if the situation were flipped in a prosecution of Biden, the cross-pollination between the DOJ, DNC, and Democratic operatives is dismissed as irrelevant by many in the media.
Moreover, there is little outrage in New York that, in a presidential campaign where the weaponization of the legal system is a major issue, Trump is not allowed to discuss Cohen, Colangelo, or these conflicts. A New York Supreme Court judge is literally controlling what Trump can say in a presidential campaign about the alleged lawfare being waged against him.
The most striking aspect of these controversial associations is how little was done to avoid even the appearance of conflicts of interests. There were many judges available who were not donors or have children with such prominent political interests in the case. Bragg could have selected someone who was not imported by the Biden administration or someone who had not been paid by the DNC.
There was no concern over the obvious appearance of a politically motivated and stacked criminal case. Whether or not these figures are conflicted or compromised, no effort was taken to assure citizens that any such controversies are avoided in the selection of the key players in this case.
What will be interesting is how the jury will react when, after casting its verdict, the members learn of these undisclosed associations. This entire production was constructed for their benefit to get them to convict Trump despite the absence of a clear crime or direct evidence.
They were the marks and, like any good grift, the prosecutors were counting that their desire for a Trump conviction would blind them to the con.
Bragg, Colangelo and others may be wrong. Putting aside the chance that Judge Merchan could summon up the courage to end this case before it goes to the jury, the grift may have been a bit too obvious.
New Yorkers are a curious breed. Yes, they overwhelmingly hate Trump, but they also universally hate being treated like chumps. When they get this case, they just might look around the courtroom and decide that they are the suckers in a crooked game.
KING REPORT
| The King Report May 17, 2024 Issue 7245 | Independent View of the News |
| When copper behaves in accordance with Wall Street shills’ wishes, ‘they’ stridently proclaim that ‘Copper is the metal with a Ph.D. in economics. For the past several months, most Street pundits have ignored copper – because it is signaling sharply higher inflation in on the way. Copper leads US CPI y/y and the correlation has been tight for decades. It has diverged sharply with CPI. Copper (continuous contract), ‘the metal with the Ph.D. in economics’ is forecasting sharply higher CPI. PS – The CRB Spot Foodstuff Index has a similar correlation and divergence with US CPI Y/Y. US economic data released on Thursday was largely negative, and with the usual downward revisions.Initial Jobless Claims 22k, 220k exp., prior to 232k from 231kContinuing Claims 1.794m, 1.78m exp., prior to 17.81m from 1.785mApr Housing Starts 1.36m, 1.421m exp., prior to 12.87m from 1.321mApr Building Permits 1.44m, 1.48m exp., prior to 1.485m from 1.458mMay Phil Fed Business Outlook 4.5, 7.8 exp., prior 15.5Apr Import Prices 0.9% m/m & 1.1% y/y, 0.3% & 0.4% exp.; prior to 0.6% m/m from 0.4%Apr Import Prices ex-Petro 0.7% m/mApr Export Prices 0.5% m/m & -1.0% exp., 0.2% & -1.1% exp., prior to 0.1% from 0.3%Apr Industrial Production 0.0% m/m 0.1% exp., Mar revised to 0.1% from 0.4%Apr Manufacturing Production -0.3% m/m, +0.1% exp., Mar revised to 0.2% from 0.5% ZH: 11 of the last 13 months have seen negative downward revisions to Industrial Production… Yo, Jerome! The US economic data on Thursday clearly showed STAGFLATION. @NorthmanTrader: Industrial Production 0.0%: Retail Sales 0.0%: Real GDP 3.8% Right. Most people will ignore the jump in import and export prices. However, after the April CPI Report on Wednesday, Street economists gleefully asserted that April Import Prices should show a decline, and this will pull PCE lower. This will then induce the Fed to cut rates. Alas, April Import Prices jumped 0.9% m/m with 0.3% expected. By the above Street logic, this means PCE could be higher than expected, which means no July rate cut. Of course, those that yapped about Import Prices on Wednesday were silent on Thursday. Swaps showed two 2024 rate cuts after CPI; yesterday swaps showed 1 cut. The Great ‘Vibecession’ Rages Through an $11 Trillion Stock Boom Time and again, Jerome Powell has made it clear. Financial conditions, the Federal Reserve’s key lever for cooling the US economy, are tight. After an $11 trillion rally in US equities since late October — and the sudden revival of meme-stock fever — many on Wall Street think he’s dead wrong. Not only are popular gauges of the investing climate famously loose — some are looser than before the Fed kicked off its historic monetary-tightening campaign more than two years ago… Put simply, the fruits of the market boom remain unevenly spread among Americans given epic disparities in wealth… So while the stock market may be cheering up rich Americans, it’s doing little to invigorate the less affluent, who are trapped by inflation and struggling to cover debts thanks to sky-high borrowing costs… On average, spending on essential items such as housing, food, gas, utilities and health care has reached nearly 65% of US household expenditure, up from 63.8% in 2019, according to JPMorgan Chase & Co. The hardship is more acute for the lowest income group, or quintile, with the proportion of such costs reaching 80.4%. Wealth inequality also looms large — something that’s been made worse by the equity rally… https://finance.yahoo.com/news/great-vibecession-rages-11-trillion-110000699.html?s=02 @RichAStern: Assault on the middle class and American Dream in one chart: A median home now costs 7.1 times a median wage! It has jumped 65% from 4.3 in 1982 to 7.1 now! https://t.co/hZ44tgoxo8 Rep. Massie Introduces Federal Reserve Board Abolition Act to “End the Fed” “Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” said Rep. Massie. “During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today.” “Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” Rep. Massie continued. “Through this process, retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and connected. If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.”… https://massie.house.gov/news/documentsingle.aspx?DocumentID=395644 Bridgewater founder Ray Dalio warns of danger of US debt to Treasury market Dalio believes is the growing likelihood of a US “civil war”… This civil war would be one in which “people move to different states that are more aligned with what they want and they don’t follow the decisions of federal authorities of the opposite political persuasion”… https://www.ft.com/content/d54e5886-7f9a-49c4-a915-61ca506e4514 NY Fed: Business Leaders Survey – A monthly survey of service firms in New York State, northern New Jersey and southwestern Connecticut, conducted by the New York Fed. Activity edged higher in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s May 2024 Business Leaders Survey. The survey’s headline business activity index climbed four points to 3.0, its highest reading in over a year. The business climate index, however, fell seven points to -25.6, suggesting the business climate remains worse than normal, and to a greater extent than last month. Employment inched just slightly higher, and wages increased at a similar pace to last month. Input price increases picked up slightly, while selling price increases held steady. Capital spending remained weak. Looking ahead, firms were less optimistic about future conditions, though the business climate is expected to be about normal in six months. https://www.newyorkfed.org/survey/business_leaders/bls_overview The equity rally sputtered on Thursday because the ‘good’ April CPI supercharged the Expiry Week squeeze on expiring May calls and generated a robust Weird Wednesday squeeze. With the DJIA breaching 40k for the first time and the S&P 500 Index plus Nasdaq at all-time highs, there was little left to squeeze. Traders on Thursday turned their attention to keeping the profits on May calls. ESMs traded lower when the Nikkei opened on Thursday but immediately rallied robustly. After hitting 5342.23 at 23:36 ET, ESMs declined to 5223.00 at 6:36 ET. After an A-B-C rally took ESM to 5342.50 at 8:38 ET, ESMs sank to 5330.00 at 9:17 ET on the poor US economic data. The rally for the NYSE opening then began; ESMs jumped to 5336.75 at 9:38 ET. The dump appeared early; ESMs fell to 5328.25 at 10:06 ET. Conditioned dip buyers aggressively bought; ESMs soared to a daily high of 5349.00 at 10:58 ET. A protracted A-B-C decline took ESMs to 5323.50 at 14:15 ET. After buying for the expected late rally took ESMs to 5335.75 at 15:06 ET, ESMs sank to a new daily low of 5322.50 at 15:39 ET. ESMs then traded in a tight range until the blatant late manipulation pushed ESMs to 5333.25 at 15:54 ET. Alas, the May expiry squeeze is over; ESMs fell to 5317.00 at 16:02 ET. JPMorgan Chase CEO Jamie Dimon warns interest rates could stay high: ‘A lot of inflationary forces in front of us’ – “Stocks are very high, and I think the chance of inflation staying high or rates going up are higher than people think,” the 68-year-old chief of the world’s largest lender said. “My view is whatever the world is pricing in for a soft landing, I think it’s probably half of that. I think the chances of something going wrong are higher than people think.”… “You look at China from a risk-reward basis, it used to be very good, it’s not so great anymore.” Dimon warned on Wednesday that the US needs to pay down its fiscal deficit sooner rather than later before the issue turns into a “far more uncomfortable” crisis down the road… but I think it is why we have higher inflation.” https://t.co/wL6cCFi6bb Microsoft offers relocation to hundreds of China-based AI staff amid U.S.-China tech tensions The Wall Street Journal broke the story on Thursday, reporting that the staff, mostly comprising Chinese engineers, had been offered the opportunity to transfer to countries including the U.S., Ireland, Australia, and New Zealand, according to unnamed sources… https://www.cnbc.com/2024/05/16/microsoft-offers-relocation-to-hundreds-of-china-based-ai-staff-.html Positive aspects of previous session An early NYSE rally appeared; the DJIA topped 40k; the S&P 500 and Nasdaq hit new all-time highs. Negative aspects of previous session The DJTA was negative early in the session; stocks sank after 11:00 ET. Stocks got hammered during the final hour of trading. April Import Prices are much higher than expected, which should boost PCE. Ambiguous aspects of previous session Will stocks now retreat and retrench? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5306.26 Previous session S&P 500 Index High/Low: 5325.49; 5296.19 @RealEJAntoni: Yesterday’s massive withdrawal from the TGA (Treasury General Acct) created the biggest weekly drop since Dec ’22 and wiped out the last of the extra liquidity from Tax Day, plus another $50 billion – going to watch this very closely to see if Yellen tries to pull a fast one before Nov election: https://twitter.com/RealEJAntoni/status/1791234168556290173 Biden Asks Federal Reserve to Just Print Him More Approval Points https://buff.ly/4bIdOY6 Fed Balance Sheet: -$49.136B, Notes & bonds -$31.279B, Accrued Interest -$14,796B; Reserves at the Fed: +$38.591B https://www.federalreserve.gov/releases/h41/20240516/ Today is May options expiration. The expiry squeeze appeared this week, replete with a Weird Wednesday explosion on the ‘good’ April CPI Report. Stocks sagged on Thursday because there was little to squeeze, and traders of various classes wanted to exit profitable April calls. On expiration, there is usually strength early and then a reversal. The afternoon is a total crapshoot. NQMs are +1.25; ESMs are -0.50; USMs are +3/32; and Gold is -2.50 at 20:12 ET. Expected economic data: Apr LEI -0.3%; Fed Gov. Waller and Minn Fed Pres Kashkari 10:15 ET S&P Index 50-day MA: 5154; 100-day MA: 5032; 150-day MA: 4841; 200-day MA: 4734 DJIA 50-day MA: 38,818; 100-day MA: 38,516; 150-day MA: 37,315, 200-day MA: 36,587 (Green is positive slope; Red is negative slope) S&P 500 Index (5297.10) – 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 5185.31 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 5289.22 triggers a sell signal Biden invokes executive privilege to prevent release of recording with Special Counsel Hur The Justice Department’s Legal Counsel Office said the recording should be considered protected by executive privilege. Chairman Comer says the claim “changes nothing” and vows to continue contempt proceedings… “It’s a five-alarm fire at the White House. Clearly President Biden and his advisors fear releasing the audio recordings of his interview because it will again reaffirm to the American people that President Biden’s mental state is in decline. The House Oversight Committee requires these recordings as part of our investigation of President Biden’s mishandling of classified documents,” Comer said in a statement posted to X… https://justthenews.com/government/white-house/biden-invokes-executive-privilege-prevent-release-recording-special-counsel @mrddmia: Biden disregarded 250 years of constitutional executive privilege and orchestrated an unprecedented raid on Trump to get presidential records Trump was allowed to have under the Presidential Records Act. Now Biden is hiding behind Executive Privilege to prevent the American public from hearing how he knowingly stole and shared highly classified records with his ghostwriter of his book for which Biden got an $8 million advance. Biden put our national security at grave risk for personal financial gain. Now he’s leading a cover up. House Republicans must obtain these recordings as part of its impeachment authority. The SCOTUS ruled against Nixon’s claim that his Oval Tapes were protected by executive privilege. https://constitutioncenter.org/blog/anniversary-of-united-states-v-nixon The Biden Reelection Strategy – Victor David Hanson Biden is not so much an octogenarian as an unhealthy and prematurely aging 80-year-old… he is fit for almost no other job in the country other than President, which apparently allows for a 3-day-a-week ceremonial role while others in the shadows run the country… First, left-wing local, state, and federal prosecutors are tying Trump up in court on crimes that have never been seen before and will never be again after the election. All the cases are politically motivated, with many coordinated with the White House… Second, in his fourth year, Biden is suddenly selling government favors to special-interest voting blocs, or hoping to bring short-term relief to voters at the expense of long-term damage to the nation… Three, the left learned after 2016 that the only way to beat Trump is to change the way Americans vote. Four, Biden, as he did in 2020, will outsource his campaign to the media, 95 percent of which is left-wing… Bidenites believe they can reelect an unhealthy, unpopular, and unsuccessful president by any means necessary. And they may be right. https://victorhanson.com/the-biden-reelection-strategy/ Michael Cohen is torn to shreds by Trump’s attorneys in blistering cross-examination over Stormy Daniels’ ‘hush money’ payments – Defense lawyer Todd Blanche delivered his blow just before the lunch break, offering evidence that the key conversation was actually about a prank caller and not, as Cohen claimed three days earlier, about a $130,000 payment for Daniels’ silence… And it undermined Cohen’s testimony that he personally talked to Trump about plans to hide the hush money, a claim that is central to the case… The prankster was unmasked when they forgot to hide their caller I.D. Cohen told them they would have to explain themselves to the Secret Service. The caller responded by saying they were only 14 years old… Call logs show that Cohen made a call at 8:02pm that lasted only 96 seconds—which meant it could not have been about Daniels, said Blanche. ‘That was a lie. Because you were actually talking to Mr. Schiller about … you were getting harassing phone calls from a 14-year-old,’ he said in the most dramatic moment of the case so far… https://www.dailymail.co.uk/news/article-13426269/michael-cohen-donald-trump-stormy-hush-money.html Two migrants taken into ICE custody for attempting to breach Virginia Marine base, officials say “Multiple sources report one of the individuals inside the truck is a Jordanian foreign national who recently crossed the southern border into the U.S., and that one of the occupants is on the U.S. terrorist watch list.”… https://justthenews.com/government/local/two-migrants-attempted-breach-virginia-marine-base-officials-say @greg_price11: Sara Haines (on “The View”) calls the traditional Latin mass “extremist,” “cult like” and comparable to “religions in the Middle East.” This is nothing but pure, unadulterated bigotry against Catholics. (Why does ABC/Disney allow this? Shame on the viewers that enable this!) https://twitter.com/greg_price11/status/1791174149706232145 @AFpost: NFL issues statement condemning Chiefs player Harrison Butker’s speech against homosexuality, abortion and women in the workplace at a Catholic college in Atchison, Kansas. @seanmdav: The NFL was quicker to condemn Butker for being a Christian than it was to condemn Ray Rice for caving in his fiancée’s head on camera and then dragging her lifeless body through the hall. @TomBevanRCP: Apparently giving a speech about your Catholic values to a Catholic University is now grounds for attempted cancellation. Shame on the NFL for tossing @buttkicker7 under the bus. The Chiefs had better stand up for him against the mob. Harrison Butker’s faith-driven commencement address at Benedictine College: Read the speech here https://www.foxnews.com/sports/harrison-butkers-faith-driven-commencement-address-benedictine-college-read-speech-here | |
GREG HUNTER
harveyorganblog.com 
