GOLD PRICE CLOSED DOWN $32.10 TO $2389.60
SILVER PRICE DOWN $0.66 TO $31.23
Gold ACCESS CLOSED $2379.00
Silver ACCESS CLOSED: $30.88
Bitcoin morning price:$69,994 UP 784 DOLLARS.
Bitcoin: afternoon price: $69,545 UP 334 dollars
Platinum price closing DOWN $11.60 TO $1043.80
Palladium price; DOWN $25.30 AT $1004.65
END
FRBNY ORCHESTRATED RAID. YOU CAN BET THE FARM THAT CENTRAL BANKS WERE BUYERS OF NAKED GOLD SHORTS AND WLL BE TENDERING THESE CONTRACTS FOR PHYSICAL
SHANGHAI GOLD PREMIUM 31 DOLLARS/COMEX GOLD
SHANGHAI GOLD
SHANGHAI GOLD (USD) FUTURES – QUOTES
VENUE:
- GLOBEX
AUTO-REFRESH IS OFF
Last Updated 22 May 2024 01:52:50 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: $3256.15 DOWN 47.09 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 187.70 DOWN 34.56 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2197.86 DOWN 33.21 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCH: COMEX
EXCHANGE: COMEX
CONTRACT: MAY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,421.700000000 USD
INTENT DATE: 05/21/2024 DELIVERY DATE: 05/23/2024
FIRM ORG FIRM NAME ISSUED STOPPED
357 C WEDBUSH 4
435 H SCOTIA CAPITAL 1
624 H BOFA SECURITIES 4
657 H MORGAN STANLEY 1
TOTAL: 5 5
MONTH TO DATE: 2,2
JPMorgan stopped 0/5
FOR MAY2024
GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 5 NOTICES FOR 500 OZ or 0.0155 TONNE
total notices so far: 2205 contracts for 220,500 Oz (6.858 tonnes)
FOR MAY:
SILVER NOTICES: 31 NOTICE(S) FILED FOR 155,000 OZ/
total number of notices filed so far this month : 6009 for 30.045 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $32.10
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
NO CHANGES IN GOLD INVENTORY AT THE GLD:
/ /INVENTORY RESTS AT 838.54TONNES
INVENTORY RESTS AT 838.54 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN $0.66 AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT THE SLV:
// INVENTORY LOWERS TO 422.227 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 422.227 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY HUGE SIZED 1400 CONTRACTS TO 186,945 AND STALLING FROM ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS TINY SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0,41 IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE. WE HAD ANOTHER HUMONGOUS SIZED 1013 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 MONDAY NIGHT: 1013 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 $0,41 BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A SMALL SIZED GAIN OF 238 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE OF $0,41.
WE MUST HAVE HAD:
A HUGE SIZED 1638 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 QUEUE JUMP OF 30,000 OZ
//NEW STANDING FOR SILVER//MAY IS THUS 30.250 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS //HUMONGOUS SIZED EFP ISSUANCE/ VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1013 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED 1394 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 16 DAYS, total 21,040 contracts: OR 105.200 MILLION OZ (1315 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 1315 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: 161.770 MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS//3RDHIGHEST EVER RECORDED FOR A MONTH)
MAY: 105.200 MILLION OZ //WILL BE A STRONG MONTH FOR EX FOR PHYSICAL ISSUANCE
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1400 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1013 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 30,000 OZ QUEUE JUMP
//NEW TOTAL STANDING AT 30.250 MILLION OZ
WE HAVE A SMALL SIZED GAIN OF 238 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 1013 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE TUESDAY NIGHT (1013) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 31 NOTICE(S) FILED TODAY FOR 155,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2889 OI CONTRACTS TO 530,591 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 1933 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI (2889 CONTRACTS) OCCURRED DESPITE OUR LOSS OF $12.00 IN PRICE/TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER TRYING TO CONTAIN GOLD’S PRICE RISE. 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 400 OZ QUEUE JUMP PLUS WE MUST ADD THAT DUBIOUS ISSUANCE OF 1084 OI EX FOR RISK CONTRACTS ISSUES ON FRIDAY WHEREBY THE BUYER ASSUMES RISK OF 3.3716 TONNES OF GOLD//NEW STANDING INCREASES TO 6.923 TONNES PLUS THE DUBIOUS 3.3716 ECH FOR RISK!
NEW STANDING 10.2946 TONNES// ALL OF THIS HAPPENED WITH OUR $12.00 LOSS IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 5091 OI CONTRACTS (15.84 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 2202 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 530,591
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5091 CONTRACTS WITH 2889 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 2202 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5091 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1122 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2202 CONTRACTS) ACCOMPANYING THE FAIR GAIN IN COMEX OI 2889/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5091 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 400 OZ QUEUE JUMP PLUS 3.3716 TONNES EX FOR RISK//PRIOR
//NEW STANDING /MAY 10.2946 TONNES.
/ 3) CONSIDERABLE LIQUIDATION OF CONTRACTS MOSTLY DUE TO SPREADERS WITH THE LARGE LOSS IN PRICE.
// 4) GOOD SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1122 CONTRACTS//
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: 64,532 CONTRACTS OR 6,453,200 OZ OR 200.72 TONNES IN 16 TRADING DAY(S) AND THUS AVERAGING: 4033 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 16 TRADING DAY(S) IN TONNES 200.72 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 200.72 DIVIDED BY 3550 x 100% TONNES = 5.66% 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; 200.72 TONNES (WILL BE ANOTHER STRONG MONTH)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 1400 CONTRACTS OI TO 186,945 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1638 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 1638 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1638 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1400 CONTRACTS AND ADD TO THE 1638 E.FP. ISSUED
WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 238 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.190 MILLION OZ
OCCURRED DESPITED OUR $0,41 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 0,037 PTS OR 0.02% //Hang Seng CLOSED DOWN 25.02 PTS OR 0.13%// Nikkei CLOSED DOWN 329.83 OR 0.85%//Australia’s all ordinaries CLOSED DOWN 0.02%///Chinese yuan (ONSHORE) closed DOWN TO 7,2404 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2514/ Oil DOWN TO 77.88 dollars per barrel for WTI and BRENT UP AT 82.04 /Stocks in Europe OPENED MOSTLY GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
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 ROSE BY A FAIR SIZED 2889 CONTRACTS TO 530,591 DESPITE OUR LOSS IN PRICE OF $12.00 WITH RESPECT TO TUESDAY TRADING. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION TUESDAY AS WELL AS SHORTS, DESPERATELY TRYING TO GET OUT OF THEIR NAKED SHORTS WITH GOLD’S RECENT RAPID RISE!
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A STRONG SIZED 2202 EFP CONTRACTS WERE ISSUED: : JUNE 2202 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE:2202 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 5091 CONTRACTS IN THAT 2202 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 2889 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $12.00// TUESDAY 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 TUESDAY NIGHT WAS A FAIRT SIZED 1122 CONTRACTS. MOST OF THE TRADING AND SUPPLY OF CONTRACTS 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 (6.923 TONNES+ 3.3716 EX FOR RISK/PRIOR) = 10.2946 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 6.923 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 10.2946
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A $12.00 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG GAIN OF 7024 CONTRACTS ON TUESDAY DESPITE THE LOSDS IN PRICE. THE T.A.S. ISSUED ON MONDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS AND MOST LIKELY ON TODAY’S TRADING.
WE HAVE GAINED A TOTAL OI OF 21.85 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 ( .0124 TONNES) PLUS 3.3716 TONNES OF EX FOR RISK/PRIOR
NEW STANDING: 6.923 TONNES PLUS 3.1716 TONNES EX FOR RISK/PRIOR = 10.2946
ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $12.00
WE HAVE REMOVED 1235 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 7024 CONTRACTS OR 702,400 (21.85 TONNES)
confirmed volume TUESDAY 280,761 contracts// fair
//speculators have left the gold arena
MAY 22 MAY GOLD
/ /// THE MAY 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | nil OZ . |
| Deposit to the Dealer Inventory in oz | 00 oz |
| Deposits to the Customer Inventory, in oz | 64,018.917 oz Ashai |
| No of oz served (contracts) today | 5 notice(s) 500 OZ 0.0155 TONNES |
| No of oz to be served (notices) | 21 contracts 2100 OZ 0.0653 TONNES |
| Total monthly oz gold served (contracts) so far this month | 2205 notices 220,500 oz 6.858 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 1 customer deposit:
i) into ASHAI: 64,018.917 oz
total deposit 64,018.917 oz
total customer withdrawals: 0
TOTAL WITHDRAWALS nil 0z
Adjustments: 1
brinks///dealer to customer; 5921.76 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY
For the front month of MAY we have an oi of 26 contracts having LOST 27 contracts.
We had 31 contracts served on TUESDAY, so we gained 4 contracts or 400 oz (0.0124 Tonnes).
JUNE DECREASED ITS OI BY 8164 CONTRACTS DOWN TO 199,098 CONTRACTS.
JULY GAINED 44 CONTRACTS TO STAND AT 586
We had 5 contracts filed for today representing 500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 5 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the MAY /2024. contract month, we take the total number of notices filed so far for the month (2205) x 100 oz ) to which we add the difference between the open interest for the front month of MAY ( 26 CONTRACTS) minus the number of notices served upon today (5 x 100 oz per contract( equals 222200 OZ OR 6.911 TONNES. PLUS THE 3.3716 OF EX FOR RISK/PRIOR = 10.2826
thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (2205x 100 oz + (26 OI for the front month} minus the number of notices served upon today (5 x 100 oz which equals 222200 oz (6.923 TONNES) PLUS 3.3716 EX FOR RISK/PRIOR = 10.2946 TONNES.
TOTAL COMEX GOLD STANDING FOR MAY: 10.2946 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 OZ 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: 1,548,842.069 48.17 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,555,512.794 OZ
TOTAL REGISTERED GOLD 7,314,436.355 ( 227.50 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,241,076.429 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,765,594 oz (REG GOLD- PLEDGED GOLD)= 179.33 tonnes //dropping like a stone
END
SILVER/COMEX
MAY 22
INITIAL
//2024// THE MAY 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | nil . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 64,018.917 oz Ashai |
| No of oz served today (contracts) | 31 CONTRACT(S) (155,000 OZ) |
| No of oz to be served (notices) | 41 contracts (0.205 million oz) |
| Total monthly oz silver served (contracts) | 6009 Contracts (30.045 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 Ashai 64,018.917 oz
total customer deposit 64,018.917 oz
JPMorgan has a total silver weight: 128.997million oz/297.746 million or 43.24%
adjustment: 0
Comex withdrawals: 0
TOTAL REGISTERED SILVER: 62.613MILLION OZ//.TOTAL REG + ELIGIBLE. 297.746 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF MAY/2024 OI: 72 CONTRACTS HAVING LOST 54 CONTRACT(S).
.
We had 60 notices served on TUESDAY so we GAINED 6 contracts or 30,000 oz underwent a STRONG QUEUE JUMP AS THEY WERE SET TO TAKE DELIVERY ON THIS SIDE OF THE POND.
JUNE SAW A GAIN OF 177 CONTRACTS RISING TO 1668
JULY SAW A LOSS OF 1448 CONTRACTS DOWN TO 149,926
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 31 for 155,000 oz
CONFIRMED volume; ON TUESDAY 123,886 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 6009 x 5,000 oz = 30.045 MILLION oz
to which we add the difference between the open interest for the front month of MAY (72 and the number of notices served upon today 31x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MAY/2024 contract month: 6009 notices served so far) x 5000 oz + OI for the front month of MAY (72)x number of notices served upon today minus (31x 5000 oz of silver standing for the may contract month equates to 30.250 MILLION OZ.
New total standing: 30.250 million oz.
There are 62.613 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 22 WITH GOLD DOWN $32.10 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: //NEW TOTAL TONIGHT 838.54 TONNES
MAY 21 WITH GOLD DOWN $12,00 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: //NEW TOTAL TONIGHT 838.54 TONNES
MAY 20 WITH GOLD UP $21.30 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.10 TONNES OF GOLD INTO THE GLD//NEW TOTAL 838.54 TONNES
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: 838.54 TONNES, TONIGHTS TOTAL
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MAY 22 WITH SILVER DOWN $0.66 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV// INVENTORY INCREASES TO 422.227 MILLION OZ
MAY 21 WITH SILVER DOWN $0.41 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/A DEPOSIT OF 3.792 MILLION OZ FROM THE SLV// INVENTORY INCREASES TO 422.227 MILLION OZ
MAY 20 WITH SILVER UP $1.28 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV/A WITHDRAWAL OF 1.005 MILLION OZ FROM THE SLV// INVENTORY LOWERS TO 418.435 MILLION OZ
MAY 17 WITH SILVER UP $1.37 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;;NVENTORY 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 422.227 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY
“Inflation Creates An Illusion Of Wealth” – Peter Schiff Blasts Biden’s Brags About Raising Taxes
WEDNESDAY, MAY 22, 2024 – 11:25 AM
This week Peter’s back to discuss new economic data, Powell’s recent remarks in the Netherlands, and the Biden administration’s new tariffs. More and more signs point to economic stagflation, but Biden, Powell, and their cronies continue to deflect the blame and increase everyday Americans’ taxes.
The Dow may have traded above 40,000 this week, but that doesn’t necessarily mean Americans are wealthier:
“Inflation creates an illusion of prosperity, an illusion of wealth. That’s another reason that government loves inflation so much. They’re really partners. The government derives all sorts of hidden benefits from inflation, but it never wants to admit this. It never wants to say this out loud. But everything the government does is supported by inflation...
They kind of worship inflation, but they never speak its name— not in the context of what they’re using it for, right? And so when the public gets upset that prices are rising a lot and their living standards are falling, then the government will talk about inflation. But it’ll talk about it as if it’s this exogenous event that is completely beyond their control.”
Contrary to what progressives believe, inflation is not a result of capitalism:
“Everything is more expensive because of the government debasement of our money. That’s why we have inflation. It’s not an accident, and it’s not a natural byproduct of capitalism.
Capitalism does the reverse! I’ve pointed this out, but the CPI from 1800 to 1900 lost 50% of its value. Prices fell for a hundred years! That’s what capitalism does.
Now in the following hundred years, prices skyrocketed. That’s what socialism does. That’s what government does. That’s what central banking does.”
Wednesday’s inflation report was not as bad as expected, although rising prices in industrial metals beg to differ:
“As everybody is talking about, ‘Hey, we got this great inflation news,’ copper is telling you that inflation is not good. It’s bad. So I’d rather believe the market than the Fed telling us inflation is under control. … Look at copper— “Dr. Copper”— it’s telling you that inflation is anything but under control.”
New data on retail sales, manufacturing, and housing permits all point towards a slowdown in the economy:
“That’s the sign of a weaker economy. Why are they building fewer homes? Because Americans can’t afford to buy them. They don’t have the purchasing power, and mortgage rates have gone up. But of course, if we’re not going to be adding to the supply of houses, then the housing shortage is going to continue.”
Peter pivots to tariffs, the big political news of the week:
“[Biden’s] announcing them like he’s delivering good news, like, ‘Hey, I got great news, everybody! We’ve got these tariffs.’ The tariffs are taxes! Higher tariffs mean higher taxes…
Who wants to hear that? And these are not, ‘Oh, we’re going to tax the rich.’ No, no, these are not the taxes that fall on the rich. In fact, the rich couldn’t care less about these tariffs. It’s the middle class or the poor that are going to pay these tariffs. And that’s Biden’s base, right? That’s who he’s playing to. That’s the votes that he wants. And he’s telling his own people of raising your taxes, except he’s not putting it in those words. He’s lying.”
The new tariffs are a textbook case of government regulation contradicting other government regulations. None of it makes any sense:
“Biden likes to pretend, ‘Oh, we’re all about the environment. We want people to go solar.’ 50% tariffs on solar panels— 50% percent! People are supposed to be converting to solar. You know, there’s all kinds of tax credits. You invest in solar panels, you get a tax credit. So the government is subsidizing people for using solar power. Tesla gets subsidies for selling battery powered cars.
The government is paying Americans, and they’re trying to encourage them to use solar power. Yet we now want to impose taxes on them when they do it. You want to buy solar panels? Now the government is going to drive up the price of the very panels it’s subsidizing you to buy. … Government has two policies at cross purposes.”
Jerome Powell spoke in Amsterdam this week and gave an alarming look into his naivete:
“Powell basically said, ‘No, I have no regrets, nothing. I wouldn’t change anything. We did everything right.’ ..
If that’s truly what Powell believes, then there’s no hope of them solving any problems that they clearly don’t understand. Powell has no idea where inflation comes from. So how is he going to get rid of it?”
The simple fact is that the economy is too complicated for any man or institution to plan. Tariffs, central banking, and tax credits only serve to distort and manipulate economic incentives for the interests of those in power. Powell and Biden illustrate this perfectly.
3. CHRIS POWELL//GATA DISPATCHES
CHRIS POWELL…
Jan Nieuwenhuijs: Strong PBoC and Chinese private-sector buying continues to boost gold
Submitted by admin on Wed, 2024-05-22 11:15 Section: Daily Dispatches
By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Wednesday, May 22, 2024
Chinese private-sector gold imports accounted for 543 tonnes in the first quarter, while the People’s Bank of China added 189 tonnes to its reserves over this time.
Most of the PBoC’s purchases are “unreported.”
China continues to be the marginal buyer in the gold market, driving up the price. I expect that China will remain a robust buyer of gold going forward
In my latest article on global gold flows from March 2024, “China Has Taken Over Gold Price Control from the West,” I showed that in 2022 China broke the peg between the U.S. dollar gold price and “real yields.”
Instead of being price-sensitive, China had become a driving force of the gold price.
The data at my disposal ran until December 2023 which made me hesitant to conclude the sharp increase in the gold price since late February was also caused by the Chinese. However, as new data has been released, I can confidently say that China initiated the current bull market. …
… For the remainder of the analysis:
https://www.gainesvillecoins.com/blog/strong-pboc-chinese-private-sector-buying-boosts-gold-price
END
Alabama abolishes income taxes on gold and silver
Submitted by admin on Mon, 2024-05-20 12:52 Section: Daily Dispatches
From Money Metals News Service
Saturday, May 18, 2024
Alabama Governor Kay Ivey today signed a bill that removes all income taxes on capital gains from the sale of gold and silver, enabling the state to take an important step forward in reinforcing sound-money principles.
With this move, Alabama joins a growing number of states prioritizing the protection of citizens against the deleterious effects of inflation, currency debasement, and mounting federal debt.
Enactment of Senate Bill 297 makes Alabama the 13th state in the nation that does not impose capital gains taxes on sales of gold and silver. …
… For the remainder of the report:
END
Jim Rickards: Trump aims not for currency war but currency peace
Submitted by admin on Tue, 2024-05-21 11:17 Section: Daily Dispatches
By James G. Rickards
The Daily Reckoning, Baltimore
Tuesday, May 14, 2024
There has been a lot reported in recent days about the return of currency wars. This story arises in the context of a likely Trump election victory in the November presidential elections.
Trump badly bungled his transition after being elected president in 2016. He wasn’t ready with a long list of loyal appointees
Many of his senior appointments, such as Rex Tillerson as secretary of state, James Mattis as secretary of defense, and John Kelly as chief of staff, secretly disliked Trump but accepted their roles as so-called “adult supervision” around the supposedly reckless Trump.
They thwarted his agenda. That backstabbing came on top of the large number of Obama holdovers in the deep state who saw themselves as a “resistance” movement.
Trump is doing a better job of preparing for a second term as president, but the resistance isn’t sitting still either. They’re moving to disable a new Trump administration even before the election.
The currency wars stories are part of that effort. …
… For the remainder of the commentary:
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS /
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//aluminum
Aluminum Jumps To 23-Month High Amid Ongoing Aussie Production Issues
TUESDAY, MAY 21, 2024 – 08:40 PM
From coffee to cocoa, orange juice to gold, and silver to copper, commodity prices are spiking across the board (we outlined this on Monday). The latest surge occurred Tuesday when aluminum tagged 23-month highs due to ongoing production issues emerging from Australia. The broad-based commodity rally signals the inflation storm central bankers are battling is not over.
Rio Tinto, one of the largest aluminum producers, declared force majeure on third-party contracts for exporting alumina from its refineries in Queensland, Australia. This is due to a broken natural gas pipeline operated by Queensland Gas Pipeline.
A spokesperson for the company told Dow Jones that NatGas supplies will return to capacity at a much later date than previously anticipated:
“The pipeline operator’s current estimate [is] for a return to normal levels in the second half of 2024.
“Until then, Yarwun and QAL [Queensland Alumina Limited] will continue to operate at lower capacities.”
On the London Metal Exchange, aluminum contracts settled up 3.6% at $2,725.50 a metric ton, the highest level since early summer 2022.
Colin Hamilton, managing director for commodities research at BMO Capital Markets, told Bloomberg that today’s price action in aluminum markets suggests mounting fears about “dwindling aluminum output” — a situation he views as “unlikely.”
Hamilton noted that industrial metal could be “part of the digital and electrical revolution we know is coming … is going to benefit.” We call this “The Next AI Trade.”
One base metal that has been on everyone’s radars is copper. Comex prices have squeezed to record highs and continue on Tuesday.
Since February, industrial metals tracked by Bloomberg have soared 30%.
Precious metals tracked by Bloomberg have also broken out.
Commodities as a whole, tracked by Bloomberg, have soared.
Bloomberg’s Cameron Crise pointed out that the number of commodities in the Bloomberg Commodity Index that are up by at least 25% over the three month period have risen to seven.
Crise continues:
Currently, there are seven: cocoa, copper, nickel, orange juice, silver, tin, and zinc. Clearly industrial metals are a theme in that list, which itself raises the question of how valid some of the global growth concerns might be. Anyhow, the current total of seven is the highest since the middle of 2022; coincidentally (or not), the industrial metals subindex total return is also the highest since the same point in time.
He added:
Obviously, over long periods of time the link between the series above and inflation isn’t necessarily that great; the highest-ever reading came in 2009 with the correction of the GFC downside overshoot in commodity prices. Still, the relatively broad-based rise in industrial metals is noteworthy and raises another question about just how benign the inflation outlook might be moving forwards.
The hot commodity market is posing new challenges for Fed chair Jerome Powell and his friends in the White House…
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING//WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 0,037 PTS OR 0.02% //Hang Seng CLOSED DOWN 25.02 PTS OR 0.13%// Nikkei CLOSED DOWN 329.83 OR 0.85%//Australia’s all ordinaries CLOSED DOWN 0.02%///Chinese yuan (ONSHORE) closed DOWN TO 7,2404 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2514/ Oil DOWN TO 77.88 dollars per barrel for WTI and BRENT UP AT 82.04 /Stocks in Europe OPENED MOSTLY GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2405
OFFSHORE YUAN: DOWN TO 7.2514
SHANGHAI CLOSED DOWN 0.37 PTS OR 0.02 %
HANG SENG CLOSED DOWN 25.01 PTS OR 0.13%
2. Nikkei closed DOWN 329.83 PTS OR 0.85 %
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 104.81 EURO FALLS TO 1.0822 DOWN 32 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.994 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.60 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.536/Italian 10 Yr bond yield UP to 3.851 SPAIN 10 YR BOND YIELD UP TO 3.300%
3i Greek 10 year bond yield UP TO 3.536
3j Gold at $2412.25//Silver at: 31.61 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 8 100 roubles/dollar; ROUBLE AT 90.17
3m oil into the 77 dollar handle for WTI and 82 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 156.60/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.994% 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 0.9153 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9903well 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: 4.455 UP 4 BASIS PTS…
USA 30 YR BOND YIELD: 4.582 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 4.871 UP 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.18…(TURKEY)
10 YR UK BOND YIELD: 4.2740 UP 14 PTS
2a New York OPENING REPORT
Futures Drop, Yields Jump On Red-Hot UK Inflation, Nvidia Earnings On Deck
WEDNESDAY, MAY 22, 2024 – 07:57 AM
US futures are lower on Nvidia day; with the stock down 56bps in premarket trading, while Mag7 and semis are also all lower pre-mkt. As of 7:20am, S&P futures are down 0.1%, just off session lows amid signs of sticky inflation that dampened bets on early interest-rate cuts; Nasdaq futures drop 0.2% while Europe’s Stoxx 600 gauge slipped 0.3%, with energy shares among the big losers amid an earlier drop in crude prices. Bond yields are higher by 2-3bps in sympathy with Gilts where yields jumped on much hotter than expected inflation, or rather less than expected disinflation. The USD is higher and commodities are mixed: energy is higher, reversing earlier losses, while precious metals are lower with Ags outperforming. Aside from NVDA, the latest Fed Minutes are also released today, which should align with recent Fedspeak (hikes unlikely in 2024 and need more data to support cuts), as well as some consumer-sector earnings (Target tumbled 8% after guidance disappointed) which, in total, show a still solid aggregate consumer but continued deterioration in the lower income consumers.
In premarket trading, Tesla slid after disclosing European sales fell to a 15-month low in April while Lululemon shares dropped 4.6% after the athleisure brand announced organizational changes, including the departure of chief product officer Sun Choe. Raymond James said Choe leaving the company added to the “wall of worry” in the near term, while Jefferies noted that the adjustments could indicate future issues with top-line growth. Here are some other notable premarket movers:
- Bentley Systems shares fall 3.8% after Schneider Electric says talks with the software firm regarding a potential strategic transaction have been mutually terminated, according to an emailed statement. No transaction was agreed upon.
- Edwards Life shares climb 1.7% after an upgrade to buy at Citi.
- Kraft Heinz shares tick 0.9% higher after an upgrade to overweight from neutral at Piper Sandler, which said there is better visibility on the packaged-food company’s upside in food service, aided by a new innovation in time-saving dispensers.
- Lululemon shares decline 4.6% after the athleisure brand announced organizational changes, including the departure of chief product officer Sun Choe. Raymond James said Choe leaving the company added to the “wall of worry” in the near term, while Jefferies noted that the adjustments could indicate future issues with top-line growth.
- Middleby shares slip 2.2% after a downgrade to underweight at JPMorgan.
- Modine shares decline 9.1% after the maker of heating and air conditioning products provided a fiscal 2025 earnings forecast range with a midpoint that’s short of estimates.
- Rezolute shares jump 31% after the clinical-stage biopharmaceutical company said the Phase 2 study of RZ402 for certain patients with diabetic macular edema met both primary endpoints.
- Urban Outfitters shares jump 5.5% after the clothing retailer reported 1Q net sales that beat the average analyst estimate. Barclays highlighted the performance of Anthropologie, Free People, Free People Movement and Nuuly, which more than made up for the underperformance of its Urban Outfitters banner.
All eyes now turn to AI bellwether Nvidia, which is down 0.6% in thin premarket New York trading. It’s projected to report a 243% gain in revenue, according to Wall Street estimates, but its 90% year-to-date share rally sets a high bar for further gains. Shares have hit a fresh record high this week ahead of the result, seen as the grand finale for a robust US earnings season.
“Nvidia remains the focal point,” Pepperstone Group Ltd. strategist Chris Weston said, noting that options markets are pricing a 7% to 9% swing in the stock after the result. And while Nvidia’s sales and gross margins will grab the initial spotlight, “it’s the guidance on the earnings landscape and product roll-out from CEO Jensen Huang that could dictate if the market really wants to push this one along for a more sustained period,” Weston said.
Markets are also growing jittery about the prospect of stubbornly high inflation that could prevent central banks from easing policy as early as currently anticipated. The latest UK CPI figures lifted the pound and knocked bond prices across Europe as traders pushed back their expected timing for the first Bank of England rate cut. Earlier on Wednesday, the Reserve Bank of New Zealand kept interest rates unchanged and signaled policy will stay tight for longer, while Federal Reserve Governor Waller said on Tuesday he needs to see several more good inflation numbers to begin interest-rate cuts.
“Both the RBNZ and the UK inflation data highlight the fraught nature of the current juncture, with investors struggling to gauge both the timing and extent of long-awaited central bank easing cycles,” Rabobank’s head of rates strategy, Richard McGuire, said.
Meanwhile, two more Fed officials again reinforced a higher-for-longer message on rates. On Tuesday, Loretta Mester and Susan Collins said they need more evidence of slowing inflation before cutting. In response, traders dialed down expectatons for Fed interest rate cuts this year, currently seeing around 40 basis points of rate cuts in 2024, versus the 50 basis-point reduction priced last week. Minutes of the last Fed policy meeting, due later Wednesday, could offer further clues on rate-setters’ thinking.
European stocks dropped, with the Stoxx 600 index slipped 0.3%; travel and leisure stocks lead gains while the autos sector have the largest declines. Among individual stock movers, shares in Anglo American Plc weakened as investors waited to see if rival BHP Group Ltd. would launch its takeover bid to create a global copper behemoth. BHP has a deadline of 5 p.m. London time to announce a firm intention to make an offer for what could be among the world’s biggest takeover deals this year. Here are some of the biggest European movers Wednesday:
- Evotec climbs as much as 2.6% after first-quarter sales beat market expectations. Still, analysts flag risks to the firm’s reiterated 2024 guidance amid a broader slowdown
- Marks & Spencer jumps as much as 8.3% after reporting adjusted pretax profit that came ahead of estimates, saying it’s in the strongest financial health since 1997
- Swiss Life falls as third-party asset management net inflows came in “much weaker than expected,” and overshadow fee income growth, according to Citi
- SSE falls as much as 2.5% as the lack of EPS guidance by the UK power company disappoints alongside weaker performance in its renewables unit
- RS Group falls as much as 13% after reporting lower sales and profits in the recently-ended financial year, warning that demand remains subdued
- Ypsomed jumps 7.1% after its guidance beat expectations, according to ZKB. The Swiss supplier of auto-injectors also plans to separate its Diabetes Care operations
- Mytilineos drops as much as 6.3% after a shareholder launched an offer to sell shares in the Greek energy company at a discount to yesterday’s closing price
- Close Brothers falls as much as 7.9% after a trading update that saw downgrades to net interest margins and loan book growth
- Eutelsat drops following a downgrade to neutral at Citi, which says the satellite company’s risk profile is currently “heightened”
Earlier, Asian stocks traded in a narrow range as investors awaited new catalysts. The MSCI Asia Pacific Index dropped as much as 0.3% before erasing some losses. Toyota Motor and Alibaba Group dragged on the gauge, while chipmaker TSMC, a top Nvidia supplier, was among the biggest boosts. Stocks rose in Taiwan and New Zealand while benchmarks fell in Japan. Markets were closed for holidays in Singapore, Malaysia and Thailand. The key MSCI Asia stock gauge is trading close to its highest level in more than two years after a recent rally in Chinese stocks and hopes of US rate cuts. Strong gains in Hong Kong have raised some concerns of overheating, however, while two Federal Reserve officials reinforced a higher-for-longer message on interest rates Tuesday.
In FX, the Bloomberg dollar index rose to sessoon highs, tracking the rise in yields. The pound rose to the strongest level in two months against the euro as traders pared UK rate-cut bets after inflation cooled at a slower-than-expected pace. “UK services inflation remains high and suggests the BOE can wait before cutting the policy rate,” said Elias Haddad, a senior strategist at Brown Brothers Harriman & Co. in London. “The upward adjustment to UK interest rate expectations supports a firmer GBP particularly versus EUR.”
- EUR/GBP fell as much as 0.3% to 0.8512, crossing the April low to hit the weakest since March 11
- GBP/USD rose as much as 0.4% to 1.2761, extending a four-day rally to 0.7%; pair continued to trade at the highest since March
- EUR/CHF rose 0.3% to 0.9916, on its longest winning streak since October 2022
Treasuries were pressured lower over early London session, following wider losses seen across gilts which aggressively bear flattened with yields at highest in weeks after inflation slowed far less than expected. Following the UK April CPI, the UK 2-year year yield remains cheaper by around 12bp on the day into early US session with UK 2s10s spread flatter by 3bp and 5s30s by 4bp on the day. Subsequently, UK markets no longer fully priced two Bank of England rate cuts for this year. US yields are also cheaper by 3bp to 5bp across the curve with belly-led losses on the day flattening 5s30s spread by around 1bp; 10-year yields around 4.45%, cheaper by 4bp vs. Tuesday close with UK 10-year underperforming by around 6.5bp in the sector
US session focus also includes supply pressure with $16 billion 20-year bond sale scheduled for 1pm New York, while Fed release latest policy minutes at 2pm. Treasury auctions resume with $16b 20-year bond sale at 1pm, before $16b 10-year TIPS reopening Thursday. The WI 20-year yield at ~4.66% is roughly 16bp richer than April’s stop-out, which traded 2.5bp through the WI in a strong auction result
In commodities, crude reversed earlier losses, when prices were pressured by the surprise build in private inventories (Crude +2.5mln vs exp. -2.5mln) ahead of today’s DoEs; Brent traded as low as $81.50 before rebounding over $82. Precious metals are softer with spot gold subdued amid a lack of notable geopolitical developments in recent days and ahead of FOMC minutes; XAU resides within a USD 2,410.69-2,426.62/oz range. A pullback is seen across most base metals following the recent rally, with profit-taking not to be discounted, with 3M LME copper towards the bottom end of a 10,636.50-10,857.50 intraday range.
In crypto, Bitcoin stabilized around $70K, with Ethereum holding just above $3.7k.
To the day ahead now, and the main highlight will be Nvidia’s earnings after the close. Otherwise, data releases include the aforementioned red hot UK CPI print for April and US existing home sales for April. We’ll get the FOMC minutes from the May meeting, and hear from ECB President Lagarde, BoE Deputy Governor Breeden, and the Fed’s Goolsbee.
Market Snapshot
- S&P 500 futures little changed at 5,340.75
- MXAP down 0.2% to 180.88
- MXAPJ up 0.3% to 568.56
- Nikkei down 0.8% to 38,617.10
- Topix down 0.8% to 2,737.36
- Hang Seng Index down 0.1% to 19,195.60
- Shanghai Composite little changed at 3,158.54
- Sensex up 0.3% to 74,199.82
- Australia S&P/ASX 200 little changed at 7,848.14
- Kospi little changed at 2,723.46
- STOXX Europe 600 down 0.3% to 521.14
- German 10Y yield little changed at 2.53%
- Euro little changed at $1.0849
- Brent Futures down 1.5% to $81.66/bbl
- Gold spot down 0.3% to $2,413.00
- US Dollar Index little changed at 104.70
Top Overnight News
- China’s mega banks are urging branch managers to lend to state-owned companies that buy unsold homes, offering a quick show of support for the government’s housing rescue package unveiled last week. BBG
- China signaled it’s ready to unleash tariffs as high as 25% on imported cars with large engines, as trade tensions escalate with the US and European Union. BBG
- New Zealand’s central bank makes a hawkish tweak to its statement, warning that rates may need to stay at present levels for longer than previously envisioned. WSJ
- UK inflation falls by less than anticipated in April, causing markets to dial back expectations for a June BOE rate cut (headline CPI was +2.3% in Apr, a steep fall from +3.2% in Mar but ahead of the Street’s +2.1% forecast. Core came in at +3.9%, down from +4.2% in Mar but above the Street’s +3.6% forecast). RTRS
- White House says a deal to normalize relations between Saudi Arabia and Israel is within reach, but its not clear if Netanyahu will agree to Riyadh’s demands (which include committing to the creation of a Palestinian state and a halt to the war in Gaza). Politico
- The US should lift its “absolutely unfair” ban on the Ukrainian army using American-supplied weapons to strike targets inside Russia, in order to help thwart Moscow’s new offensive, Ukraine’s top national security official has said. FT
- Biden’s approval rating falls to the lowest level in nearly two years (the rating sank to 36%, down from 38% in Apr). RTRS
- US gasoline supplies gained by more than 2 million barrels last week, API data is said to show. That would take total holdings to the highest in eight weeks if confirmed by the EIA today. Crude inventories also rose. BBG
- Fed’s Mester (voter) said expect above-trend growth for the year and keeping rates restrictive is not that big of a risk right now given job market strength. Mester said she raised her estimate of the long-run neutral rate in the last projection and the current level of policy may not be “as restrictive” as it might otherwise have been, while she needs to see a few more months of inflation coming down and is also watching expectations.
- Fed’s Collins (non-voter) said elevated uncertainty continues to be a feature of the economy and cannot overreact to any data point, while she added this is a period when patience really matters and uncertainty is a key factor at this point. Furthermore, she said there are a lot of reasons to think Fed policy is “moderately” restrictive with some impacts still in the pipeline and the neutral rate may be higher at least in the medium term
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly rangebound as global markets brace for the FOMC Minutes and Nvidia earnings. ASX 200 just about kept afloat as strength in the heavy industries picked up the slack from the sluggish consumer and tech sectors. Nikkei 225 underperformed following a retreat beneath the 39,000 level and amid mixed data releases as trade data disappointed but machinery orders topped forecasts and showed a surprise M/M expansion. Hang Seng and Shanghai Comp were somewhat varied as the former mildly resumed its advances with XPeng among the notable gainers in Hong Kong due to its Q2 delivery guidance, while the mainland was contained amid a lack of drivers and lingering trade frictions.
Top Asian News
- RBNZ kept the OCR unchanged at 5.50% as expected, while it noted that monetary policy needs to be restricted and it raised its OCR projections with the OCR seen at 5.61% in September 2024 (prev. 5.60%), 5.54% in June 2025 (prev. 5.33%), 5.40% in September 2025 (prev. 5.15%) and at 2.99% in June 2027. RBNZ said restrictive monetary policy has reduced capacity pressures in the New Zealand economy and lowered consumer price inflation, as well as noted that annual consumer price inflation is expected to return to within the committee’s 1%-3% target range by the end of 2024. RBNZ Minutes noted the committee agreed that interest rates need to remain at a restrictive level for a sustained period to ensure annual headline CPI inflation returns to the 1%-3% target range, while the committee agreed that interest rates may have to remain at a restrictive level for longer than anticipated in the February Monetary Policy Statement to ensure the inflation target is met. Furthermore, the committee discussed the possibility of increasing the OCR at this meeting.
- RBNZ Governor Orr said during the press conference that it would take time for domestic inflation to decline, while he added the economy has a lower potential growth rate and he is unsure if that is temporary. Orr also commented that they have limited upside room for inflation surprises and the OCR track is a central projection not an absolute prediction, as well as noted that they had a real consideration on raising rates at this meeting.
European bourses, (Stoxx 600 -0.3%), are subdued across the board, but within recent ranges as the tone from APAC reverberated into Europe. European sectors are mostly lower, with the breadth of the market fairly narrow; Autos are found at the foot of the pile, after EU car registrations showed a fall in EV market share. Energy is also hampered by broader weakness in the crude complex. US equity futures (ES -0.1%, NQ U/C, RTY -0.2%) are trading tentatively in a catalyst-thin session, with focus on the FOMC Minutes and after-market earnings from Nvidia.
Top European News
- EU New car registrations: +13.7% in April 2024; battery electric 11.9% market share (vs 13% in March), according to acea. EU New Car Registrations by company in April Y/Y: Volkswagen (VOW3 GY) +15.5%. Stellantis (STLAP FP/ STLAM IM) +1.7%. Renault (RNO FP) +11.0%. BMW (BMW GY) +11.5%. Mercedes-Benz (MBG GY) +4.2%. Toyota (7203 JT) +47.3%. Nissan (7201 JT) +14.3%. Ford (F) -9.1%. Tesla (TSLA) +3.0%.
- UK ONS House Price Index (Mar) +1.8% (vs -0.2% in Feb).
- Barclays removed its expectations that the BoE will conduct the first rate cut in June.
FX
- DXY is slightly firmer but is showing mixed performance vs. peers (softer vs. NZD and GBP but firmer vs. CHF and JPY). DXY has caught a recent bid and currently trades near session highs at 104.77.
- EUR is marginally softer vs the Dollar but a session of losses vs. the GBP; In terms of price action for EUR/USD, the pair is currently respecting yesterday’s 1.0842-74 range.
- GBP is firmer in the wake of an unambiguously disappointing inflation report for the BoE. Y/Y measures fell from their priors but came in hotter-than-expected, as such the first full cut is now priced in November vs September pre-release. Accordingly, Cable vaulted to a high of 1.2761, though has since pared almost the entire move amid the recent Dollar strength, although EUR/GBP holds onto losses.
- Antipodeans are mixed vs. the USD with NZD the best performer across the majors post-RBNZ rate decision. The hawkish lean of the release saw NZD/USD spike higher to 0.6152. AUD/USD is a touch softer vs. the USD in quiet newsflow and as copper prices pull back.
- PBoC set USD/CNY mid-point at 7.1077 vs exp. 7.2376 (prev. 7.1069).
Fixed Income
- USTs are softer following the broader dynamics in fixed income markets but to a lesser extent than peers. Today’s FOMC minutes will be parsed for details on what lies ahead for the Fed. Trough thus far at 108.31+ low matched that of yesterday’s but failed to make any headway below that level.
- Gilts are notably lagging peers in the wake of the latest UK inflation release whereby Y/Y measures fell from their priors but came in hotter-than-expected. Gilts gapped lower by over a point, printing a low at 96.83, before stabilising on a 97 handle.
- Bunds were already on the backfoot before subsequently being dragged lower by UK inflation metrics. Jun’24 Bund contract went as low as 130.30, tripping below yesterday’s trough at 130.53.
- UK sells GBP 4bln 4.125% 2029 Gilt: b/c 3.2x (prev. 3.21x), average yield 4.199% (prev. 4.251%), tail 0.6bps (prev. 0.8bps).
- Germany sells EUR 3.283bln vs exp. EUR 4bln 2.20% 2034 Bund: b/c 2.8x (prev. 2.5x), average yield 2.53% (prev. 2.54%) & retention 17.9% (prev. 19.03%)
Commodities
- Crude is lower in a continuation of the recent trend, with prices also pressured by the surprise build in private inventories (Crude +2.5mln vs exp. -2.5mln) ahead of today’s DoEs; Brent July closer to the bottom end of a 81.57-82.63/bbl parameter.
- Precious metals are softer with spot gold subdued amid a lack of notable geopolitical developments in recent days and ahead of FOMC minutes; XAU resides within a USD 2,410.69-2,426.62/oz range.
- A pullback is seen across most base metals following the recent rally, with profit-taking not to be discounted, with 3M LME copper towards the bottom end of a 10,636.50-10,857.50 intraday parameter
- Global crude steel output -5.0% Y/Y; Chinse crude steel output -7.2% Y/Y
- Norway’s April Prelim oil production 1.854mln BPD (vs 1.84mln BPD in March), gas output 10.4bcm (vs 364.5mcm/day in March), according to the Oil Directorate
- China’s Coal Group said that China’s May coal imports are likely to be lower than April’s 42.5mln metric tons
- US Private Energy Inventory Data (bbls): Crude +2.5mln (exp. -2.5mln), Cushing +1.8mln, Gasoline +2.1mln (exp. -0.7mln), Distillate -0.3mln (exp. -0.4mln).
- Commerzbank said it expects Gold price to fall to USD 2300/toz in H2’24; raises forecast for Silver to USD 30/toz (prev. USD 29)
Geopolitics
- US senior official said negotiators are nearing a final set of arrangements for the US-Saudi defence deal and it is ‘pretty much there to do’, while the deal includes a security component and nuclear agreement but the deal is not done and requires more work. The official said elements such as a credible pathway to Palestinian statehood still have to be completed, while the US talked with Israeli officials and reinforced President Biden’s concerns about a Rafah ground invasion. Furthermore, the official said they had a very detailed discussion with Israelis about how to transition to a stabilisation phase in Gaza.
- China’s Foreign Minister Wang said in talks with Iran’s Deputy Foreign Minister that China will continue to strengthen strategic cooperation with Iran, safeguard common interests, and make endeavours for regional and world peace, according to Reuters.
- Russian Foreign Ministry said Russia’s response will not only be political if France sends troops to Ukraine, according to RIA.
- Russian Defence Ministry proposed to change external border of Russian territorial waters in Baltic Sea, via Interfax citing draft bill
US Event Calendar
- 07:00: May MBA Mortgage Applications, prior 0.5%
- 10:00: April Existing Home Sales MoM, est. 0.8%, prior -4.3%
- 10:00: April Home Resales with Condos, est. 4.22m, prior 4.19m
- 14:00: May FOMC Meeting Minutes
Fed speakers
- 09:40: Fed’s Goolsbee Gives Opening Remarks
DB’s Jim Reid concludes the overnight wrap
Markets continued to inch higher yesterday, with the S&P 500 (+0.25%) closing at another all-time high. But even with the new record, there were still clear signs of investor caution ahead of Nvidia’s earnings announcement later today, which is now the main focus for investors. It might seem strange that markets are hanging on the results of a single company, but over recent quarters, the release has become one of the most important events on the macro calendar. Moreover, that status has been justified by the massive moves afterwards, and Nvidia’s previous results in February saw the S&P 500 surge by +2.11% the next day, marking its strongest daily performance in over a year. So this is a pivotal event, and the recent releases have seen reactions that rival the sort of moves taking place after a surprise US jobs report or CPI release.
We won’t get Nvidia’s results until after the US close, but in the meantime, investors were focused on several Fed speakers yesterday, who sounded cautious on the prospect for near-term rate cuts. For instance, Fed Governor Waller said that “in the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy.” In addition, he said that “We’re not seeing anything right now that looks like staying here for three or four months is going to cause the economy to go off a cliff”. Later on, that message was back up by other speakers, and Vice Chair for Supervision Barr said that “We need to sit tight where we are for longer than we previously thought”. So the comments all added to the sense that any rate cuts (if they happen at all) would be later in the year.
But even as Fed speakers were in no hurry to cut rates, several other developments meant that sovereign bonds still rallied on both sides of the Atlantic. First, we had the Canadian CPI release for April, where inflation slowed to +2.7% year-on-year, in line with expectations. That helped to bolster expectations that the Bank of Canada would cut rates at their next meeting, and overnight index swaps moved up the chance of a June cut to 64%, up from 43% the previous day. Secondly, there was a fresh decline in oil prices, with Brent crude down by -0.99% on the day to $82.88/bbl, and overnight it’s fallen a further -0.68% to $82.32/bbl. And third, we also heard from ECB President Lagarde, who said that “there is a strong likelihood” of a move in June, and that “I’m really confident that we have inflation under control”.
Overall, that meant y ields on 10yr Treasuries fell -3.2bps to 4.41%, whilst Canadian government bonds outperformed, with their 10yr yield down -5.0bps on the day. That was echoed in Europe, where yields on 10yr bunds (-3.0bps), OATs (-2.4bps) and BTPs (-1.8bps) also moved lower. And here in the UK, 10yr gilts were down -3.9bps, which comes ahead of the UK CPI data for April, which is out shortly after we go to press this morning.
For equities however, there was a more divergent performance yesterday on either side of the Atlantic. In the US, the S&P 500 (+0.25%) managed to advance for a 3rd consecutive day to a new record, surpassing its previous closing peak last Wednesday. That was supported by a +1.04% advance to a new record for the Magnificent 7, which was led by a +6.66% gain for Tesla . On the other hand, small-cap stocks struggled, with the Russell 2000 down -0.20%. Meanwhile in Europe, the STOXX 600 (-0.18%) also fell back, alongside losses for the FTSE 100 (-0.09%), the CAC 40 (-0.67%) and the DAX (-0.22%).
That divergence has continued in Asian markets overnight, with losses for the Nikkei (-0.64%), alongside modest gains for the Hang Seng (+0.18%), the CSI 300 (+0.07%), the Shanghai Comp (+0.02%) and the KOSPI (+0.18%). And looking forward, US equity futures are flat this morning, with those on the S&P 500 up just +0.02%.
Elsewhere overnight, the Reserve Bank of New Zealand left interest rates unchanged at 5.5%. However, there were some hawkish elements to the decision, as Governor Orr said raising rates was a “real consideration” at the meeting, and their new forecasts suggest rate cuts will now happen later in 2025 than before. In turn, the New Zealand Dollar has strengthened by +0.43% against the US Dollar this morning, and yields on 10yr New Zealand government bonds are up +3.5bps, with the 2yr yield up +7.0bps.
Finally, there were several interesting commodity moves yesterday, alongside the decline in oil prices. In particular, month ahead TTF natural gas prices in Europe rose +4.13% to EUR 33.01/MWh, with futures for next winter approaching EUR 40/MWh, their highest level since the start of year. Asian LNG prices similarly reached their highest levels since December. So a potential sign of inflationary pressures ahead. The latest moves follow the news of a bankruptcy for an LNG contractor in the US, which added to fears of tighter global LNG supplies at a time of solid restocking demand for LNG in both Asia and Europe. Meanwhile on the food side, wheat prices reached their highest level since August (up by over 25% since mid-April). And finally in metals, copper (+0.62% yesterday) posted another record high, extending its YTD gain to +31.58%.
To the day ahead now, and the main highlight will be Nvidia’s earnings after the close. Otherwise, data releases include the UK CPI print for April and US existing home sales for April. Finally, we’ll get the FOMC minutes from the May meeting, and hear from ECB President Lagarde, BoE Deputy Governor Breeden, and the Fed’s Goolsbee.
2B EUROPE OPENING/TRADING
APAC stocks were mostly rangebound as global markets brace for the FOMC Minutes and Nvidia earnings – Newsquawk Europe Market Open
WEDNESDAY, MAY 22, 2024 – 01:32 AM
- APAC stocks were mostly rangebound as global markets brace for the FOMC Minutes and Nvidia earnings.
- European equity futures indicate a slightly positive open with Euro Stoxx 50 futures up 0.1% after the cash market closed lower by 0.5% on Tuesday.
- RBNZ kept the OCR unchanged as expected but raised its OCR forecasts across the projection horizon.
- DXY is flat, NZD is boosted post-RBNZ, JPY marginally lags, GBP eyes UK CPI.
- Looking ahead, highlights include UK CPI/PPI, Fed Minutes, Fed’s Bostic, Mester, Collins, Goolsbee, ECB’s Lagarde & BoE’s Breeden, Supply from UK, Germany & US, Earnings from SSE, Marks & Spencer, Nvidia, Analog Devices, TJX & Target.
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US TRADE
EQUITIES
- US stocks finished mostly in the green in which the S&P 500 and Nasdaq 100 posted fresh record closes although the major indices were relatively little changed and sectors were mixed as markets continued to lack any major catalysts heading into the FOMC Minutes and Nvidia’s earnings on Wednesday. Nonetheless, the attention was on central bank speakers with comments from Fed’s Waller the main highlight as he stuck to his line that “several more months of good inflation data” are still needed to support an easing in policy despite the recent CPI data and noted further increases in the policy rate are probably unnecessary.
- SPX +0.25% at 5,321, NDX +0.21% at 18,713, DJIA +0.17% at 39,873, RUT -0.20% at 2,098.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed’s Barr (voter) said the economy is quite strong overall but still need to finish the job on inflation and sit tighter for longer than we previously thought, while he added that interest-rate risk will continue and needs to be managed.
- Fed’s Mester (voter) said expect above-trend growth for the year and keeping rates restrictive is not that big of a risk right now given job market strength. Mester said she raised her estimate of the long-run neutral rate in the last projection and the current level of policy may not be “as restrictive” as it might otherwise have been, while she needs to see a few more months of inflation coming down and is also watching expectations.
- Fed’s Waller (voter) reiterated he does not think the Fed will need to raise rates, while rate cuts depend on the data and the Fed needs to be confident on inflation first. Waller also reiterated data dependency and noted if they get enough data going the right way, they can think about cutting rates later this year and beginning of next year, according to CNBC.
- Fed’s Collins (non-voter) said elevated uncertainty continues to be a feature of the economy and cannot overreact to any data point, while she added this is a period when patience really matters and uncertainty is a key factor at this point. Furthermore, she said there are a lot of reasons to think Fed policy is “moderately” restrictive with some impacts still in the pipeline and the neutral rate may be higher at least in the medium term.
APAC TRADE
EQUITIES
- APAC stocks were mostly rangebound as global markets brace for the FOMC Minutes and Nvidia earnings.
- ASX 200 just about kept afloat as strength in the heavy industries picked up the slack from the sluggish consumer and tech sectors.
- Nikkei 225 underperformed following a retreat beneath the 39,000 level and amid mixed data releases as trade data disappointed but machinery orders topped forecasts and showed a surprise M/M expansion.
- Hang Seng and Shanghai Comp were somewhat varied as the former mildly resumed its advances with XPeng among the notable gainers in Hong Kong due to its Q2 delivery guidance, while the mainland was contained amid a lack of drivers and lingering trade frictions.
- US equity futures took a breather near the prior day’s best levels after some of the major US indices notched record closes.
- European equity futures indicate a slightly positive open with Euro Stoxx 50 futures up 0.1% after the cash market closed lower by 0.5% on Tuesday.
FX
- DXY traded in a tight range ahead of the FOMC Minutes, while Fed comments did little to spur price action.
- EUR/USD struggled for direction following recent choppy performance on both sides of the 1.0850 level.
- GBP/USD continued its sideways momentum around the 1.2700 level with traders awaiting UK inflation.
- USD/JPY eked mild gains above the 156.00 level but with gains capped after mixed data releases from Japan.
- Antipodeans were mixed with NZD/USD underpinned following the RBNZ meeting where it kept the OCR unchanged at 5.50% as expected but raised its OCR forecasts across the projection horizon with the OCR suggesting a delay in the timing for the first rate cut to late 2025, while the language remained hawkish and the minutes revealed the committee discussed the possibility of a hike at the meeting.
- PBoC set USD/CNY mid-point at 7.1077 vs exp. 7.2376 (prev. 7.1069).
FIXED INCOME
- 10-year UST futures were rangebound ahead of the FOMC minutes and after the latest Fed speak did little to shift the dial.
- Bund futures lacked demand after yesterday’s failed attempt at the 131.00 level ahead of supply from both sides of the Atlantic.
- 10-year JGB futures conformed to the uninspired mood across global peers with prices not helped by weaker demand at the 40yr JGB auction.
COMMODITIES
- Crude futures were lower after surprise builds for crude and gasoline in private sector inventory data.
- US Private Energy Inventory Data (bbls): Crude +2.5mln (exp. -2.5mln), Cushing +1.8mln, Gasoline +2.1mln (exp. -0.7mln), Distillate -0.3mln (exp. -0.4mln).
- US DoE said it will sell nearly 1mln bbls of gasoline from its northeast gasoline supply reserve with bids due on May 28th with fuel to be sold in quantities of 100k bbls.
- Spot gold was pressured with demand sapped as markets await this week’s looming risk events.
- Copper futures eventually weakened after oscillating around the USD 5.10/lb level amid the mixed risk appetite.
CRYPTO
- Bitcoin mildly declined with prices reverting to beneath the USD 70,000 level.
NOTABLE ASIA-PAC HEADLINES
- RBNZ kept the OCR unchanged at 5.50% as expected, while it noted that monetary policy needs to be restricted and it raised its OCR projections with the OCR seen at 5.61% in September 2024 (prev. 5.60%), 5.54% in June 2025 (prev. 5.33%), 5.40% in September 2025 (prev. 5.15%) and at 2.99% in June 2027. RBNZ said restrictive monetary policy has reduced capacity pressures in the New Zealand economy and lowered consumer price inflation, as well as noted that annual consumer price inflation is expected to return to within the committee’s 1%-3% target range by the end of 2024. RBNZ Minutes noted the committee agreed that interest rates need to remain at a restrictive level for a sustained period to ensure annual headline CPI inflation returns to the 1%-3% target range, while the committee agreed that interest rates may have to remain at a restrictive level for longer than anticipated in the February Monetary Policy Statement to ensure the inflation target is met. Furthermore, the committee discussed the possibility of increasing the OCR at this meeting.
- RBNZ Governor Orr said during the press conference that it would take time for domestic inflation to decline, while he added the economy has a lower potential growth rate and he is unsure if that is temporary. Orr also commented that they have limited upside room for inflation surprises and the OCR track is a central projection not an absolute prediction, as well as noted that they had a real consideration on raising rates at this meeting.
DATA RECAP
- Japanese Trade Balance (JPY)(Apr) -462.5B vs. Exp. -339.5B (Prev. 387.0B)
- Japanese Exports YY (Apr) 8.3% vs. Exp. 11.1% (Prev. 7.3%)
- Japanese Imports YY (Apr) 8.3% vs. Exp. 9.0% (Prev. -5.1%)
- Japanese Machinery Orders MM (Mar) 2.9% vs. Exp. -2.2% (Prev. 7.7%)
- Japanese Machinery Orders YY (Mar) 2.7% vs. Exp. 2.3% (Prev. -1.8%)
GEOPOLITICS
MIDDLE EAST
- Irish government is to announce on Wednesday that it is recognising the Palestinian state, according to a source familiar with the matter cited by Reuters.
- US senior official said negotiators are nearing a final set of arrangements for the US-Saudi defence deal and it is ‘pretty much there to do’, while the deal includes a security component and nuclear agreement but the deal is not done and requires more work. The official said elements such as a credible pathway to Palestinian statehood still have to be completed, while the US talked with Israeli officials and reinforced President Biden’s concerns about a Rafah ground invasion. Furthermore, the official said they had a very detailed discussion with Israelis about how to transition to a stabilisation phase in Gaza.
OTHER
- China’s Foreign Minister Wang said in talks with Iran’s Deputy Foreign Minister that China will continue to strengthen strategic cooperation with Iran, safeguard common interests, and make endeavours for regional and world peace, according to Reuters.
- Russian Foreign Ministry said Russia’s response will not only be political if France sends troops to Ukraine, according to RIA.
EU/UK
NOTABLE HEADLINES
- BoE Governor Bailey said for financial stability reasons, he thinks the central bank balance sheet will remain larger than before the financial crisis though not as large as today and a range of GBP 345bln-490bln is not a bad starting point. Bailey also commented that he expects quite a drop in April inflation data and thinks the next move on rates will be a cut.
- ECB President Lagarde said she is confident that they have inflation under control.
- ECB’s Nagel said a June rate cut does not mean the ECB will cut in subsequent meetings, while he added that wage developments are heading in the right direction and there is no sign of a wage-price spiral.
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
end
3 CHINA
This is good for silver has EV batteries use lots of silver
(Mish Shedlock
Another Sanction Failure: The US Blacklisted Xiaomi Three Years Ago Now it Makes EVs
WEDNESDAY, MAY 22, 2024 – 05:00 AM
Authored by Mike Shedlock via MishTalk.com,
Just three years ago, the Chinese company Xiaomi decided to build cars. It succeeded where Apple failed.
The Wall Street Journal reports A Chinese Phone Maker Did Something Apple Couldn’t: Make an EV
Xiaomi is a Chinese company known for its rice cookers, robot vacuums, air purifiers and smartphones. Now, it has pulled off what Apple, its longtime rival, couldn’t: Make an electric car and bring it to market. And it did it in three years.
In its home market, Xiaomi —pronounced SHAU-mee—is cranking out its SU7 sedan to a waiting list of buyers after its launch in late March. Since early April, the Beijing-based company said it had delivered more than 10,000 of the electric vehicles and received nearly 90,000 binding orders.
Priced between $30,000 and $42,000, the company says the SU7 can go up to 500 miles on one charge, undercutting comparable versions of the Tesla Model 3 in China by around $4,000 and outrunning it by around 200 miles per charge.
Xiaomi’s feat illuminates a new reality in the century-old automotive business: The barriers to entry for making a car have shrunk in recent years with the emergence of electric vehicles. And in this new reality, China is speeding way ahead.
To simplify development and reduce costs, Xiaomi adopted Tesla’s process of “gigacasting,” which employs large-scale, high-pressure aluminum die-casting to create the car’s frame. The process combines hundreds of manufacturing steps into one, saving on components, weight, cost and time.
Xiaomi also had to innovate. The liquid aluminum that gets injected into the die-casting machine has to be a certain variety that can withstand an extraordinary amount of pressure. Xiaomi had to come up with its own material, building an artificial-intelligence program that used a method known as deep learning to simulate how different materials would behave when placed inside the die-cast machine.
The company only seriously started looking into entering the car sector after the U.S. government blacklisted it in January 2021 for what it said were ties to China’s military, prohibiting Americans from investing in Xiaomi.
Xiaomi Profitable When?
Xiaomi loses money on cars. To turn a profit, Xiaomi would have to produce 300,000 to 400,000 of the SU7 each year, Xiaomi CEO Lei Jun told CCTV.
It’s unclear if this company succeeds at building cars. But I suspect it will.
Regardless, Xiaomi has proven a company that makes phones can make cars three years later.
What exactly does Tesla have that some Chinese company can’t do better or cheaper? Perhaps self-driving technology, but there Tesla seriously lags Waymo.
Preparation for Growth
On April 15, I noted Elon Musk Fires 10 Percent of Tesla Workforce, Prepares for “Next Phase of Growth”
Preparing for Growth
Preparing for growth by firing working is like trying to lose weight by stocking the pantry with more potato chips.
On May 6, I noted Another Round of Mass Firings at Tesla, Sales Must Be Imploding
Tesla announced yet another round of layoffs today. News came in the typical way, an email starting “Dear Employee”. It seems “Dear Ex-Employee” would be more fitting.
Tiresome Lies
Musk statements are no longer best viewed as excessive hype, but rather tiresome lies.
For four years running, Musk promised to make 50,000 electric semis. Tesla delivered a grand total of 100.
Carbon Credits
Carbon Credits notes Tesla Hits Record High Sales from Carbon Credits at $1.79B
Elon Musk’s Tesla generated a substantial $1.79 billion from carbon credit sales last year, as revealed in their Q4 2023 and annual financial report, bringing its total earnings from such credits since 2009 to nearly $9 billion.
The revenue generated from the sale of carbon credits has become a substantial source of income for the company. In fact, the credits account for a staggering 11% of Tesla’s overall gross margin for the quarter, $4,065 million, down from 25.9% seen in Q4 2022.
Despite its continued dominance in the U.S. EV market, Tesla faces growing competition, particularly from China’s BYD. The Chinese automaker recently surpassed Tesla as the world’s largest seller of EVs.
Tesla’s Lead Has Vanished
Whatever technology lead Tesla once had is now gone.
Tesla’s Full Self Driving FSD technology is essentially vaporware.
On May 14, I noted BYD Unveils the “Shark” a Plug-in Hybrid Pickup Truck Built in Mexico
The Chinese automaker BYD (Build Your Dreams) announces a 700-mile range PHEV that will be built in Mexico, this year.
Also see Biden Wants EVs so Badly That He Will Quadruple Tariffs on Them
Astute readers will immediately notice the title of this post makes no sense. It’s not supposed to. But it is exactly what President Biden is doing.
The EU is too shellshocked and disorganized to do anything. The US is fighting with tariffs and sanctions.
The Blacklisting of Xiaomi led to this result, It’s another “victory” for sanctions
END
CHINA/TAIWAN
China slaps sanctions on USA companies
(zerohedge)
China Slaps Boeing, Lockheed, Raytheon With Sanctions Over Arms Sales To Taiwan
WEDNESDAY, MAY 22, 2024 – 07:45 AM
It has been a turbulent week for Sino-US relations. Beijing criticized US Secretary of State Antony Blinken over his support for Taiwan’s new president, and the Chinese Ministry of Foreign Affairs (MOFA) imposed sanctions on US defense firms over Taiwan support.
President Lai Ching-te was sworn in early Monday. Shortly after, Blinken released this statement, “We also congratulate the Taiwan people for once again demonstrating the strength of their robust and resilient democratic system.”
Blinken added, “The partnership between the American people and the Taiwan people, rooted in democratic values, continues to broaden and deepen across trade, economic, cultural, and people-to-people ties.”
These comments did not sit well with Beijing…
“It’s a serious violation of the political commitment made by the US to maintain only cultural, commercial and other unofficial relations with the Taiwan region,” Foreign Ministry spokesman Wang Wenbin said Tuesday in response to Blinken’s comments.
Fast-forward to Wednesday, when MOFA imposed sanctions on twelve US defense contractors and ten of their top executives for supplying Taiwan with arms, according to the Hong Kong media outlet Dimsum Daily.
Here’s more from Dimsum:
The sanctions target prominent American defence corporations such as Lockheed Martin Missiles and Fire Control, Lockheed Martin Aeronautics, Javelin Joint Venture, Raytheon Systems, General Dynamics Armament and Tactical Systems, among others. The Chinese government has declared it will freeze its assets within China, impacting both movable and immovable property.
Furthermore, ten executives, including six from Northrop Grumman like Chairman and CEO Kathy J. Warden, will face travel bans restricting their entry into China, Hong Kong, and Macao. This measure extends to four executives from General Dynamics, highlighting the depth of Beijing’s retaliatory steps.
The Ministry criticized the US for disregarding China’s neutral stance on the Ukraine crisis and leveraging it to justify economic bullying and coercion. According to Beijing, these actions severely infringe upon the legitimate rights of Chinese firms and individuals and breach the foundational norms governing Sino-American diplomatic relations. -Dimsum Daily
Flashpoints such as Taiwan and the South China Sea must be monitored closely through the decade’s end. With the world fracturing into a multipolar state, conflict risk is elevated.
Last month, US Adm. John Aquilino, commander of the US Indo-Pacific Command, warned the timeline for Chinese President Xi Jinping to invade Taiwan is by 2027.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY/USA
Yellen is an idiot. it will not work, sanctioning Germany for supplying Russia
Yellen Threatens German Banks With Sanctions; EU Approves Using Russian Asset Profits For Ukraine’s Defense
WEDNESDAY, MAY 22, 2024 – 04:15 AM
In a rare moment of tensions among allies, US Treasury Secretary Janet Yellen is demanding that German bank executives get serious about complying with anti-Russia sanctions, warning further that German banks could find themselves under sanctions.
She warned them of secondary sanctions meant to thwart deals with Russian entities in a meeting among bank leaders in Frankfurt. “Russia continues to procure sensitive goods and to expand its ability to domestically manufacture these goods. We must remain vigilant and be more ambitious,” Yellen said. “I urge all institutions here to take heightened compliance measures and to increase your focus on Russian evasion attempts.”
According to Reuters, “In an unusually direct warning, she told the executives to police sanctions compliance among their banks’ foreign branches and subsidiaries and reach out to foreign correspondent banking customers to do the same, especially in high-risk jurisdictions.”
“Russia is desperate to obtain critical goods from advanced economies like Germany and the United States,” Yellen continued. “We must remain vigilant to prevent the Kremlin’s ability to supply its defense industrial base, and to access our financial systems to do so.”
Washington’s pressure campaign to force out Russian interests from Europe appears to be bearing fruit:
Earlier this month, Raiffeisen Bank International (RBI) dropped a bid for a 1.5 billion euro ($1.6 billion) industrial stake linked to Russian tycoon Oleg Deripaska after intense U.S. pressure.
The deal’s collapse was a fresh setback for the lender, which faces criticism for its ties to Moscow more than two years since Russia’s invasion of Ukraine. The pressure also underscored Washington’s willingness to take European banks to task over their Russia ties.
A spokesman later said, “RBI will continue to work towards the de-consolidation of its Russian subsidiary.”
Meanwhile the European Union has finally approved a US-backed plan to use seized Russian assets to generate profits which will in turn help arm Ukraine.
Associated Press reports that “The 27-nation EU is holding around 210 billion euros ($225 billion) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. It estimates that the interest on that money could provide around 3 billion euros ($3.3 billion) each year.” A first tranche of funds could be available as early as July.
Starting in February, US Treasury Secretary Janet Yellen began getting more vocal on the “moral case” for using Russian assets to aid Ukraine, telling allies they must find a way to “unlock the value” of the hundreds of billions in immobilized Russian assets, also with an eye towards Ukraine’s post-war reconstruction.
Previously some Ukrainian officials floated the idea of “reparation bonds” backed by future claims for war damages against Moscow, and utilizing frozen Russian assets. These initiatives have gained steam under US leadership. Most of the $300 billion in frozen Russian assets are held in Europe – particularly France, Germany, and Belgium.
end
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL/HAMAS//USA
Salman Rushdie says a free Palestinian state would be Taliban like and a proxy for Iran
He is right
(Middle East eye)
Salman Rushdie Says Free Palestinian State Would Be ‘Taliban-Like’
Salman Rushdie has said that a free Palestinian state would be “Taliban-like” and a “client” of Iran.
Speaking to German broadcaster RBB, the author said that “any human right now” had to be “distressed by what is happening in Gaza because of the quantity of human death.” But, he continued: “I would just like some of the protesters to mention Hamas because that’s where this started. And Hamas is a terrorist organisation. It’s very strange for young, progressive student politics to kind of support a fascist, terrorist group.”
“They’re talking about free Palestine. I am somebody who has argued for a Palestinian state for most of my life, since the 1980s probably,” Rushdie, who had a fatwa calling for his death placed on him by Ayatollah Ruhollah Khomeini in 1989 after perceived blasphemy contained in his book The Satanic Verses, said.
“Right now, if there was a Palestinian state, it would be run by Hamas and that would make it a Taliban-like state. It would be a client state of Iran,” said Rushdie.
“Is that what the progressive movements of the western left wish to create? To have another Taliban? Another Ayatollah-like state in the Middle East, right next to Israel?”
“There’s an emotional reaction to the death in Gaza and that’s absolutely right but when it slides over towards antisemitism and sometimes to actual support of Hamas, then it’s very problematic,” Rushdie said.
The British-Indian author has been in Germany promoting his new book Knife, which tackles his stabbing in 2022 at a lecture in New York. The attack left Rushdie in a critical condition and resulted in the loss of his right eye.
The Taliban praised the attack on Twitter, and Tehran, which had long since distanced itself from the 1989 fatwa, blamed the writer and his supporters for the multiple stabbing.
In Germany, which has cracked down heavily on pro-Palestinian protests and targeted pro-Palestinian activists, including a number of high-profile Jewish intellectuals, Rushdie met Chancellor Olaf Scholz and President Frank-Walter Steinmeier.
A clip of Rushdie’s interview and his comments about a free Palestine were shared by Israel’s official X account and by Israeli diplomat David Saranga.
Richard Hanania, a right-wing American commentator, and pro-Israel advocate, posted: “Salman Rushdie, who has been chased to the ends of the earth by Islamists, sees things clearly. A Palestinian state would reflect Palestinian culture, and therefore be a menace to the world. People who think all you need is the right peace deal are crazy.”
END
Nearly 70% Of Gaza Aid From US-Built Pier Stolen
WEDNESDAY, MAY 22, 2024 – 12:45 PM
Authored by Joshua Marks via The Gatestone Institute,
Close to three-fourths of the humanitarian aid transported from a new $320 million floating pier built by the U.S. military off the Gaza coast was stolen on Saturday en route to a U.N. warehouse, Reuters reported on Tuesday.
Eleven trucks “were cleaned out by Palestinians” on the journey to the World Food Programme warehouse in Deir El Balah in the central Strip, with only five truckloads making it to the destination.
“They’ve not seen trucks for a while,” a U.N. official told Reuters.
“They just basically mounted on the trucks and helped themselves to some of the food parcels.”
According to the United Nations, no aid was delivered to the warehouse from the U.S. military’s pier on Sunday and Monday.
The United Nations said that 10 truckloads of food aid from the pier arrived at the warehouse on Friday, its first day of operation. It was transported by U.N. contractors.
“We need to make sure that the necessary security and logistical arrangements are in place before we proceed,” said the U.N. official.
According to Israeli estimates, Hamas has been stealing up to 60% of the aid entering the Gaza Strip, and a Channel 12 report last week revealed that the terrorist organization has made at least $500 million in profit off humanitarian aid since the start of the war on Oct. 7.
The pier was pre-assembled at the Israeli port of Ashdod before being anchored to a beach in the coastal enclave on Thursday. No American troops went ashore during the installation of the pier, according to U.S. Central Command (CENTCOM). Some 1,000 U.S. soldiers and sailors helped build the floating pier.
The Israel Defense Ministry’s Coordinator of Government Activities in the Territories (COGAT) unit announced on Saturday that “hundreds of pallets of humanitarian aid” and more than 160,000 liters of fuel had entered via the pier.
Vice Admiral Brad Cooper, deputy commander of CENTCOM, said that the goal is for 500 tons of humanitarian aid, or 90 trucks, to pass into Gaza through the pier daily, eventually increasing to 150 trucks a day.
CENTCOM tweeted early Tuesday that over 569 metric tons of humanitarian assistance has been unloaded from the pier so far.
Reuters also reported that “food and medicine for Palestinians in Gaza are piling up in Egypt because the Rafah crossing remains closed.”
Israel took operational control of the crossing weeks ago, but Cairo so far has refused to cooperate with Israeli authorities to facilitate the entry of aid through Rafah. The Israeli government wants to allow aid into Gaza through the crossing but is unable to do so without Egyptian cooperation.
Israeli Foreign Minister Israel Katz last week placed the responsibility for averting a humanitarian crisis in the Gaza Strip squarely on the shoulders of Egypt.
Katz said he had spoken with his British and German counterparts “about the need to persuade Egypt to reopen the Rafah Crossing to allow the continued delivery of international humanitarian aid to Gaza.”
While the world places the responsibility for Gaza’s humanitarian situation on Israel, he added, “the key to preventing a humanitarian crisis in Gaza is now in the hands of our Egyptian friends.”
Meanwhile, COGAT on Thursday approved the resumption of commercial trade between Israel and the Gaza Strip, with truck deliveries starting the following morning, Israel’s Walla! News outlet reported on Sunday.
According to the report, 150 trucks loaded with produce from Israel—not aid—crossed into Gaza, intended for merchants who purchased the produce, which is “intended for Hamas members and the civilian population.”
IRAN
RUSSIA/
RUSSIA UKRAINE
end
UKRAINE
ROBERT H TO US
COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
.
CRISPIN MILLER
DR PAUL ALEXANDER
Ardis warned us that the severe symptoms of failed EBOLA drug Remdesivir e.g. multi-organ failure, septic shock, acute kidney injury and hypotension mirrored severe COVID; same Pfizer’s Paxlovid?
What about Tamiflu? Could the government’s mass stockpile of Tamiflu (oseltamivir) and possible release for the fraud fake bird flu (H5N1) NON-pandemic, actually MIRROR avian flu symptoms?
| DR. PAUL ALEXANDERMAY 22 |
We have to watch this. We watch this with any drug, any vaccine. There is so much wrong, harms, death that pharma companies have done to us in the quest for profits and the power drunk health officials and malfeasant governments. We, each of us, must make out own individual risk benefit analysis in any future health decisions we make, our own informed decision-making, what we take, what to put into our bodies, our own decisions of what is best for us. COVID taught this to us.
‘Dr. Bryan Ardis, speaking in front of an international group of lawyers investigating human rights violations related to the Covid-19 pandemic, said that
“Gilead’s “cohort study” conducted for “compassionate use” on patients with COVID-19 was only 28 days long. It reported that of 61 patients treated with the drug, eight were excluded for missing information, 32 (60%) of 53 remaining patients reported adverse events including increased liver enzymes, diarrhea, rash, and kidney function impairment. Twelve patients (23%) had “serious” adverse events including multiple-organ-dysfunction syndrome, septic shock, acute kidney injury, and hypotension (low blood pressure).
…
“Each of these symptoms – multi-organ failure, septic shock, acute kidney injury and hypotension – are described in medical literature as features of COVID-19 itself.”’
SLAY NEWS
| The latest reports from Slay NewsRenowned Oncologists Demand Covid Shot Ban over Soaring ‘Turbo Cancers’Several of the world’s leading oncologists are calling on global governments to immediately ban Covid mRNA shots over the soaring cases of “turbo cancers” that have been linked to the injections.READ MOREKlaus Schwab Quits as World Economic Forum ChairmanWorld Economic Forum (WEF) founder Klaus Schwab has just announced that he is resigning as executive chairman of the globalist organization.READ MOREJoe Manchin Boosts Speculation of a Run for West Virginia GovernorDemocrat Sen. Joe Manchin (D-WV) has refused to rule out a gubernatorial run, boosting speculation that he’s planning to enter the race for governor of West Virginia.READ MOREDemocrat Sen Fetterman Accuses Biden of Playing ‘Both Sides’ on Israel-Hamas WarDemocrat Senator John Fetterman (D-PA) has accused President Joe Biden of playing “both sides” regarding Israel’s war with Hamas.READ MOREAlan Dershowitz Slams ‘Bias’ of Judge Merchan for Scolding ‘Hush Money’ Witness: He ‘Went Berserk’Legal scholar Professor Alan Dershowitz has slammed the “bias” he saw on display from Democrat Judge Juan Merchan during President Donald Trump’s “hush money” trial in New York.READ MOREFederal Judge Blocks Biden’s New Anti-Second Amendment RulesA federal judge in Texas has just dropped the hammer on Democrat President Joe Biden and his anti-Second Amendment agenda.READ MOREPacked Boeing Passenger Jet Plunges, Leaving One Dead and Dozens InjuredA packed Boeing 777 passenger jet has plummeted for a number of minutes in extreme turbulence before making an emergency landing in Thailand.READ MOREArgentina President Javier Milei Triggers Meltdown from Left While Blasting ‘Satanic’ Socialism in EuropeArgentina President Javier Milei triggered a meltdown from Leftists in Spain after he blasted the nation’s “satanic” system of socialism.READ MOREYoung Newlywed Dies Suddenly in Husband’s Arms on Honeymoon, Doctors StunnedA young woman has tragically died on her honeymoon after suffering a massive brain aneurysm while on honeymoon in Europe.READ MORED.C Residents Blast Democrat Mayor for Taking ‘Lavish’ Vacations While Crime Runs RampantDemocrat Mayor Muriel Bowser is facing a backlash for taking “lavish” taxpayer-funded trips while crime continues to run rampant in Washington D.C.READ MOREMichael Cohen Admits during Testimony He’s Considering Running for CongressDisgraced former attorney and convicted perjurer Michael Cohen admitted during testimony at President Donald Trump’s “hush money” trail that he’s considering running for U.S. Congress.READ MOREBette Midler: Hillary Clinton Never ‘Claimed the Election Was Stolen’Liberal Hollywood star Better Midler was swiftly fact-checked on social media and she made a bizarre claim that twice-failed Democrat presidential candidate Hillary Clinton has never “claimed the election was stolen.”READ MORECNN: Michael Cohen’s Admission about Stealing from Trump Creates ‘Reasonable Doubt’During another train wreck day in court for the Democrats’ “hush money” trail, “star witness” Michael Cohen admitted during testimony that he stole from his former boss, President Donald Trump.READ MORE |
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‘Billions’ of Covid Vaxxed Will Soon Die, Expert Warns
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| Milan Sabioncello | Tue, May 21, 9:12 PM (5 hours ago) | | |
| to me | |||
———- Forwarded message ———
From: News Addicts <mail@newsaddicts.com>
Date: Tue, May 21, 2024 at 10:24 AM
Subject: ‘Billions’ of Covid Vaxxed Will Soon Die, Expert Warns
To: Milan Sabioncello <sabioncello@gmail.com>
| LATEST REPORTS FOR NEWS JUNKIES‘Billions’ of Covid Vaxxed Will Soon Die, Expert WarnsA leading expert has raised the alarm over a ticking time bomb of looming mass deaths among those vaccinated with Covid mRNA shots.READ THE FULL REPORTFamed Legal Scholar SHREDS Alvin Bragg’s Case Against TrumpHope Hicks, who previously served as a counselor to former President Donald Trump, experienced an emotional outburst during her testimony in District Attorney Alvin Bragg’s hush money case in Manhattan.READ THE FULL REPORTBiden CAVES to Brutal Iranian PresidentThe Biden administration offered its sympathies for the passing of Iranian President Ebrahim Raisi. Raisi, along with a number of Iranian regime figures, tragically lost their lives in a helicopter accident in northern Iran during the weekend.READ THE FULL REPORTKamala Harris Breaks Silence On Election DebateVice President Kamala Harris has agreed to participate in a solo debate against whoever President Donald Trump selects as his vice presidential candidate.READ THE FULL REPORTTop Fox News Host Reveals Big Career MoveHarris Faulkner, the co-host of the highly successful midday show “Outnumbered” on Fox News for the past decade, has recently announced her next career move. The Emmy-winning newscaster shared with People Magazine that she is embarking on her most personal project yet. This new venture involves creating a series that delves into the impact her father, a former Army combat …READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
END
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 WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0867 UP .0007
USA/ YEN 156.31 DOWN 0.082 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2719 UP .0009
USA/CAN DOLLAR: 1.3623 UP .0001 (CDN DOLLAR DOWN 1 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 13.18 PTS OR 0.42%
Hang Seng CLOSED DOWN 415.60 PTS OR 2.12%
AUSTRALIA CLOSED DOWN 0.15 %
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 415.60 OR 2.12%
/SHANGHAI CLOSED DOWN 13.18 PTS OR 0.42%
AUSTRALIA BOURSE CLOSED DOWN 0.15%
(Nikkei (Japan) CLOSED DOWN 122.75 PTS OR 0.31%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2420.80
silver:$31.71
USA dollar index early WEDNESDAY morning: 104.42 DOWN 5 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.149% UP 1 in basis point(s) yield
JAPANESE BOND YIELD: +1.001% UP 3 AND 7/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.293 UP 1 in basis points yield
ITALIAN 10 YR BOND YIELD 3.823 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.5300 UP 3 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0836 DOWN 0.0017 OR 17 basis points
USA/Japan: 156.53 UP .266 OR YEN IS DOWN 27 BASIS PTS
Great Britain/USA 4.2750 UP 10 BASIS POINTS //
Canadian dollar DOWN .0027 OR 27 BASIS pts to 1.3666
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2404 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2538)
TURKISH LIRA: 32.18 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.001…
Your closing 10 yr US bond yield UP 1 in basis points from TUESDAY at 4.422% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.545 DOWN 1 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.858 UP 3 BASIS PTS.
GOLD AT 11;30 AM 2390.50
SILVER AT 11;30: 31.35
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 7.75 PTS OR 0.09%
German Dax : CLOSED DOWN 42.20 PTS OR 0.22%
Paris CAC CLOSED DOWN 54.51 PTS OR .67 %
Spain IBEX CLOSED DOWN 4.60 OR 0.06%
Italian MIB: CLOSED DOWN 221.40 PTS OR 0.64 PTS
WTI Oil price 78.20 12EST/
Brent Oil: 82.47 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 89.99 ROUBLE UP 0 AND 10/100
GERMAN 10 YR BOND YIELD; +2.5300 UP 3 BASIS PTS.
UK 10 YR YIELD: 4.2750 UP 10 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0818 DOWN 0.0036 OR 36 BASIS POINTS
British Pound: 1.2712 UP 0.0002 OR 2 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.2660 UP 10 BASIS PTS//
JAPAN 10 YR YIELD: 1.001%
USA dollar vs Japanese Yen: 156.69 UP 0.415/ YEN DOWN 42 BASIS PTS//
USA dollar vs Canadian dollar: 1.3696 UP 0055 //CDN dollar DOWN 55 BASIS PTS
West Texas intermediate oil: 77.30
Brent OIL: 81.64
USA 10 yr bond yield UP 2 BASIS pts to 4.431
USA 30 yr bond yield DOWN 1 BASIS PTS to 4.546%
USA 2 YR BOND: UP 4 PTS AT 4.878
USA dollar index: 104.87 UP 31 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32. 19 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 90.05 UP 0 AND 3//100 roubles
GOLD 2,379.15 3:30 PM
SILVER: 30.88 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 201.49 PTS OR 0.51 %
NASDAQ UP 8.59 PTS OR 0.09 %
VOLATILITY INDEX: 12.42 UP 0.56 PTS OR 4.72%
GLD: $220.11 DOWN 4.12 OR 1.84%
SLV/ $28.22 DOWN 1.06 OR 3.59%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Hawkish Fed Minutes Hammer Stocks, Bonds, Gold, & Oil
WEDNESDAY, MAY 22, 2024 – 04:00 PM
An ugly home sales print (but record April home prices) combined with declining traffic and smaller spend data from Target threw some shade on the market early on but it was the FOMC Minutes that sparked the waterfall with their more hawkish comments.
For any and all that say “yeah but they’re stale, we had CPI and Retail Sales since”, see the chart below which shows growth macro data disappointing since the last FOMC and inflation macro data rising still – no let up in the stagflation scenario…
Source: Bloomberg
Plenty of FedSpeak again today left stocks red by the close (despite a late day rebound attempt) with Small Caps lagging. Nasdaq was the prettiest horse in today’s glue factory managing to ramp into the close and end unchanged…
Goldman’s trading desk noted that volumes were elevated +15% vs the trailing 2 weeks with S&P top of book +50% (we have continued to see this strengthen).
Our floor is skewed 3% better to buy led by HF demand in Tech + Discretionary names. HF’s are small for sale in Industrials and Hcare, led by long sales.
L/O passive demand remains consistent (mostly concentrated in tech and HC), but overall activity feels extremely muted.
Corporates are large buyers and CTAs are small buyers.
Traders still tilted towards defensives over cyclicals but both were hit today…
Source: Bloomberg
The basket of Mag7 stocks were weak today ahead of tonight’s NVDA earnings…
Source: Bloomberg
Treasury yields were mixed today with the short-end lagging notably (2Y +5bps, 30Y unch)…
Source: Bloomberg
Which flattened the yield curve (2s30s) to its most inverted since April’s CPI plunge…
Source: Bloomberg
Rate-cut expectations dropped (hawkishly) after the Fed Minutes…
Source: Bloomberg
The dollar extended its latest rebound, erasing all the post-CPI losses…
Source: Bloomberg
Gold was clubbed like a baby seal today for its worst day since April…
Source: Bloomberg
Cryptos actually held up well today – after another solid net inflow yesterday into BTC ETFs, and further hope for the approval of ETH ETFs…
Source: Bloomberg
ETH tagged $3800 and hovered just below it…
Source: Bloomberg
Bitcoin oscillated around the $70,000 level all day ending practically unch…
Source: Bloomberg
Oil prices slipped back towards 3 month lows (despite a crude draw)…
Source: Bloomberg
Today’s drop sent WTI back below its 100- and 200DMA…
Source: Bloomberg
Finally, the FOMC Minutes showed some Fed members feared that despite a ‘restrictive’ monetary policy, financial conditions were too easy…
Source: Bloomberg
They are right!! And the reason financial conditions are so easy is because of the constant pivot jawboning about a possible rate-cut and premature victory celebrations by The Fed for vanquishing inflation… instead they conjured stagflation back to life, with stocks at record highs.
END
MORNING TRADING//
AFTERNOON TRADING/FOMC MINUTES
‘Hawkish’ FOMC Minutes Show ‘Various’ Members Willing To Tighten More, Fear Financial Conditions ‘Too Easy’
BY TYLER DURDEN
WEDNESDAY, MAY 22, 2024 – 02:05 PM
Since the last FOMC statement on May 1st, bonds, stocks, and gold have rallied strongly while crude prices have declined with a small drop in the dollar…
Source: Bloomberg
Rate-cut expectations have dovishly increased (but are well off the post-CPI spike highs)..
Source: Bloomberg
With US Macro data serially surprising to the downside (with both ‘hard’ and ‘soft’ data deteriorating rapidly with CPI and Retail Sales printing after the last meeting)…
Source: Bloomberg
Growth-based macro factors have weakened considerably since the last FOMC meeting while inflation-related factors have increased.
Source: Bloomberg
So, with stagflationary signals abounding, what will The Fed want us to read into the Minutes today…
Expectations were for confirmation that rate-hikes are off the table… The Fed still expects growth without inflation… the Fed remains focused on shelter inflation…
Headlines from the Minutes include:
On Rate-Hikes:
Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.
On Financial Conditions:
A number of participants noted uncertainty regarding the degree of restrictiveness of current financial conditions and the associated risk that such conditions were insufficiently restrictive on aggregate demand and inflation.
Although monetary policy was seen as restrictive, many participants commented on their uncertainty about the degree of restrictiveness.
Who can blame them for worrying…
On Growth upside and downside:
Several participants commented that increased efficiencies and technological innovations could raise productivity growth on a sustained basis, which might allow the economy to grow faster without raising inflation.
Participants also noted downside risks to economic activity, including slowing economic growth in China, a deterioration in conditions in domestic CRE markets, or a sharp tightening in financial conditions
On disinflation:
Participants suggested that the disinflation process would likely take longer than previously thought.
On tapering QT:
Almost all participants supported decision to begin to slow pace of decline of central bank’s securities holdings; a few could have supported continuation of current pace.
On financial stability:
Participants who commented noted vulnerabilities to the financial system that they assessed warranted monitoring.
On balance, the staff continued to characterize the system’s financial vulnerabilities as notable but raised the assessment of vulnerabilities in asset valuations to elevated, as valuations across a range of markets appeared high relative to risk-adjusted cash flows.
II USA DATA
Existing Home Sales Unexpectedly Tumble As Homebuyer Confidence Hits Record Low
WEDNESDAY, MAY 22, 2024 – 10:09 AM
After (unexpectedly) tumbling in March, existing home sales were expected to rise modestly (+0.8% MoM) in April. Analysts were wrong as March’s data was revised marginally up from -4.3% MoM to -3.7% MoM and April printed -1.9% MoM (a big miss). That left existing home sales down 1.9% YoY…
Source: Bloomberg
That pushed the existing home sales SAAR back near COVID lockdown lows…
Source: Bloomberg
This really should not come as a surprise because, while homeBUILDERS remain optimistic that things will pick up, homeBUYERS are the least enthusiastic they have ever been about buying a home… going back almost 50 years…
Source: Bloomberg
And with mortgage rates still above 7%, we don’t see things picking up meaningfully anytime soon…
Source: Bloomberg
…and then there’s this…
Source: Bloomberg
Sales declined in all four regions, including a 2.6% decrease in the West and a 1.6% drop in the South
The median selling price increased 5.7% from a year ago to $407,600 – the highest for any April in data back to 1999.
Unlike in the new-home market, where rising inventories and the prevalence of incentives by builders have pushed prices down on an annual basis, the home-resale market is experiencing rising year-over-year price growth.
“Home prices reaching a record high for the month of April is very good news for homeowners,” NAR Chief Economist Lawrence Yun said in a statement.
“However, the pace of price increases should taper off since more housing inventory is becoming available.”
About 68% of the homes sold were on the market for less than a month, up from 60% in March, while more than a quarter sold above the list price.
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
people of faith are leaving Biden for Trump
(RealClearPolitics)
Joe Biden’s Problem Is In the Pews
TUESDAY, MAY 21, 2024 – 10:20 PM
Authored by Salena Zito & Brad Todd via RealClearPolitics,
To locate Joe Biden’s electoral problem, you need only to look on Sunday morning. Polling shows the mass-attending Catholic president trails Donald Trump by 10 points among those who attend religious services a few times a year or more. The score is reversed with voters who report they seldom or never attend church, with Biden leading by 10.
It’s the starkest divide in the electorate – and one that political journalists rarely mention, perhaps because, as a profession, journalists are more removed from religion than the average American.
Trump’s advantage with white evangelical Protestants is widely understood, but he also leads Biden by healthy margins among less politically conservative Christians. These findings in the recent Marquette Law School’s national poll of registered voters showed Biden trailing Trump by 18 percentage points with other members of his own Catholic faith, and behind Trump by 16 among adherents of mainline protestant denominations, which would include groups like Methodists, Presbyterians, and Episcopalians.
Those numbers are in the same range as the 24-point lead Trump posts among self-described “born-again” evangelicals. The same poll shows the race is reversed with non-Christian voters, with whom Biden holds a commanding 33-point advantage.
The irony of this schism proves a dynamic that is larger than these two men. Biden would tell you his Catholicism is integral to his own self-identity. Trump, meanwhile, was a high-living playboy who said he’d never asked God for forgiveness for anything, situating himself well outside the theology and lifestyle of most Christians.
In 2018, we wrote a book examining the realignment that brought Trump to power and identified what we called “King Cyrus Christians” as an important archetype in Trump’s coalition. These voters, mostly Catholic or evangelical Protestants, adopted Trump’s candidacy pragmatically, seeing in him a warrior who would battle their common political enemies. And with control of the Supreme Court in the balance in that 2016 election, they forged an alliance of necessity.
Survey research conducted for our book found these King Cyrus Christians (so named in a nod to the pagan Persian king who had delivered ancient Jews back to Israel and rebuilt their temple in Jerusalem) were not initially Trump’s most enthusiastic backers. Instead, the shock troops of first-wave Trumpism were the most secular and least traditional Republicans – and many were not Republican at all.
But over time, religious Republicans have gotten more comfortable with Trump, owing to his kept promise to deliver a conservative Supreme Court that not only reversed decades of erosion in religious liberty but also overturned the Roe v. Wade abortion precedent. Politics is about coalitions, and the arrangement between Trump and conservative Christians indisputably has delivered benefits for both sides.
Trump’s 2016 nomination was powered by secular Republicans, but his 2024 re-nomination showed no such schism. If anything, it was the reverse. Polling in the two GOP contests most dominated by religious voters, the Iowa Caucus and the South Carolina primary, showed him doing modestly better among evangelical than non-evangelical Republicans.
The religious divide that matters going forward in American politics is not about Trump, and it’s not about white evangelical Protestants. The question is whether Democrats can keep a place in their party for other religiously devout voters.
Democrats’ best electoral group – the so-called “nones,” those with no religious affiliation – is growing, particularly among younger generations. But as the party becomes dominated by those who actively reject religion, its platform becomes less appealing to those who don’t, as many Jewish Democrats are discovering as left-wing radicals show an ugly antisemitic side and opposition to America’s alliance with the Jewish state of Israel.
While “nones” are rising overall, they aren’t distributed proportionately around the country, clustering disproportionately on the coasts. If Democrats drive out the religious voters in their ranks, they will struggle to compete in a geographic footprint large enough to enable them to control Congress or win in the electoral college.
Hispanic voters, another growing slice of the electorate, are moving quickly away from Democrats. Florida offers the perfect case study for that drift, as voters of Puerto Rican, Cuban, and Columbian descent have helped transform what was recently America’s quintessential swing state into a Republican fortress. Nervous Democratic strategists are on guard for the same dynamic playing out next in Nevada and Arizona.
Pew Research data shows Hispanics are about half as likely as whites to say they do not believe in God, while African Americans, long the bulwark of the Democratic Party, are five times less likely than whites to express disbelief. Blacks also attend church more than whites do, report reading the Bible more than whites, and say they pray more than whites, according to respected church researchers at Barna Group.
While Democrats can still count on topping 90% with blacks in most elections, the three trends driving realignment – religiosity, education density, and the blue-collar/white-collar divide – will put that loyalty to the test in coming years, and maybe sooner than pundits expect.
A Democratic Party platform that is growing ever more hostile to traditional religious mores on social policy, on Israel, and on issues surrounding religious liberty may find it difficult to keep enough blacks, Hispanics, and Jews on board to win enough states to govern.
Political realignment works like the tectonic plates in the earth’s crust. The masses of land, or of voters, tend to keep moving, even if that movement is only noticed when it results in an earthquake. Smart political geologists will be watching how believers vote in this election.
Salena Zito is a reporter for the Washington Examiner, Wall Street Journal contributor, and co-author of “The Great Revolt: Inside the Populist Coalition Reshaping American Politics.”
end
the failure of Bidenomics
(zero hedge)
The Great ‘McFlation’: Bidenomics’ Failure Revealed In One Chart
The primary appeal of fast-food burgers (even though the food is horrible for your health) is cheap and fast. In recent weeks, McDonald’s indirectly admitted that three years of ‘McFlation‘ was crushing burger demand among working-poor consumers, and there was an urgent need within the burger chain to reintroduce the $5 meal deal.
X users have been disgusted with $18 Big Mac meals at some of the burger chain’s restaurants nationwide.
Some were even reminded of the good old days when the same meal cost $5—right before the GFC and right before the Federal Reserve embarked on a decade of zero-bound interest rates and trillions of dollars in money printing that fueled financial asset bubbles.
Fast forward to today, the persistent inflation storm is being driven by the US Treasury spending like it’s in a depression (or spending an absurd $1 trillion every 100 days).
Bidenomics’ stealth stimulus has resulted in massive economic miscalculation by the federal government and the Federal Reserve. It’s not just ZeroHedge saying this, but Duquesne Family Office Chairman & CEO Stan Druckenmiller recently gave Bidenomics an “F.”
Real wages for most consumers have been terrible under Biden’s first term. But not under Trump’s…
As the election cycle heats up, X user End Wokeness has reminded everyone about elevated food inflation impacting menu prices at McDonald’s, Taco Bell, and Chick-fil-A. The data compared year-end 2019 menu prices at the three restaurants with current prices. The results are startling: Some menu items are up triple digits in several or so years.
Food inflation has been problematic for Biden’s campaign team to navigate. They’ve already given up on ‘Bidenomics.’
More recently, Biden’s team has used popular buzzwords ‘greedflation’ and ‘shrinkflation‘ to convince voters why Big Macs in certain states and towns now cost $18. This is a significant pivot from blaming ‘Putin Price Hikes’ for every economic mishap.
It’s difficult to believe Biden’s greedflation story because government data shows that retail prices for ground beef and chicken have surged and remained elevated. Also, major commodity indexes tracked by Bloomberg and the United Nations have yet to come back down to Earth. All of this indicates companies had to push up prices to protect margins.
The current issue is that inflation is being driven by reaccelerating commodity prices, while the US government is spending as if it’s in a depression.
Meanwhile, clueless Democrats who ignore out-of-control government spending as the root cause of inflation are demanding price controls on food, similar to what communists or socialists do in third-world countries. The only problem with that is that price controls can trigger shortages or surpluses, longer lines, lower quality products, and, of course, misallocation of products.
end
good indicator that something is wrong with the USA consumer as Target tumbles on weak demand
(zerohedge)
Target Shares Tumble After Retailer Reports ‘Caution’ About Weak Consumer
WEDNESDAY, MAY 22, 2024 – 08:15 AM
Target’s shares slumped in premarket trading in New York after the retailer’s comparable sales missed Wall Street’s consensus estimates for the quarter that ended May 4. This comes as Goldman analysts have warned about faltering low-income consumers in the era of failed Bidenomics.
Comparable sales—those from stores or digital channels operating for at least 12 months—declined 3.7% in the quarter and were mostly in line with what analysts tracked by Bloomberg estimated. This was the fourth consecutive quarter of declines. However, digital sales offset brick-and-mortar comparable-store declines and lower foot traffic.
Here’s a snapshot of the quarter (courtesy of Bloomberg):
- Comparable sales -3.7%, estimate -3.68%
- Comp digital sales +1.4% vs. -3.4% y/y, estimate -0.73%
- Sales $24.14 billion, -3.2% y/y, estimate $24.13 billion
- Gross margin 27.7% vs. 26.3% y/y, estimate 27.4%
- Ebit $1.33 billion, -1.9% y/y
- Ebitda $2.04 billion, +1.2% y/y, estimate $1.97 billion
- Customer transactions -1.9% vs. +0.9% y/y
- Average transaction amount -1.9% vs. -0.9% y/y, estimate -1.9%
- Total stores 1,963, +0.5% y/y, estimate 1,966
- Operating margin 5.3% vs. 5.2% y/y, estimate 5.34%
- SG&A expense $5.17 billion, +2.8% y/y, estimate $5.07 billion
- Store comparable sales -4.8% vs. +0.7% y/y, estimate -4.65%
- Stores originated sales 81.7% vs. 82.5% y/y, estimate 81%
- Adjusted EPS $2.03 vs. $2.05 y/y, estimate $2.05
- Operating income $1.30 billion, -2.4% y/y, estimate $1.3 billion
Here’s Goldman trading desk take on the earnings report:
Surprising operating margin miss: We think expectations were for comp sales to be -3.5% and they did a -3.7%. That is not the end of the world but everyone we heard from unanimously expected an operating margin beat, both bulls and bears. Instead, it was a miss. While small in magnitude to EPS, it will have shares down, as the bull case was built on operating margin upside with a sales inflection. It is not a total thesis changer, but certainly a step back in a tougher macro.
Details: 1Q EPS of $2.03 vs Consensus $2.06 on in-line sales and in-line comp sales. Gross margins did beat pretty handily, with SG&A a miss and driving the modest operating margin downside. Guides 2Q EPS largely in-line with a $2.15 (mid) vs Consensus $2.20 on comps of 0 to +2% vs Consensus +1.5%. Reaffirming the FY guide.
The retailer reaffirmed guidance for the full year:
- Still sees adjusted EPS of $8.60 to $9.60, estimated at $9.44
- Still sees comparable sales flat to up 2%, estimate +0.9%
Target Chief Executive Brian Cornell told reporters that high prices are hurting the wallets of customers.
“We remain cautious in our near-term growth outlook,” Christina Hennington, the company’s chief growth officer, said.
Hennington said discretionary spending would be under pressure in the coming months, adding demand for appliances and home products languishes. However, she noted apparel demand is improving.
To mitigate further sales declines, Target is following Walmart’s lead by lowering prices for cash-strapped consumers. The company said earlier this week that it would reduce prices on thousands of products this summer.
It’s not just Target and Walmart slashing prices. McDonald’s recently entertained the idea of returning $5 meal deals again because low-income people are broke.
Covering the faltering consumer theme have been Goldman analysts:
- The Largest US Trading Desk Is “Getting Bearish On The US Consumer”
- Goldman Warns Consumers Are Cracking As Stagflation Threats Emerge
- Goldman’s Commentary On Consumer Health Is An Ominous One
Target is also facing a boycott over its LGBTQ-themed products. Execs have decided to remove some of these controversial products from some stores next month.
Target’s shares slid nearly 8% in premarket trading.
If premarket losses hold into the cash session and settle later today, then this would be the largest daily decline in two years.
Wall Street was “underwhelmed”…
Vital Knowledge
“This isn’t a ‘bad’ report, and it really shouldn’t be called anything other than ‘in-line,’ but vs. Walmart last week, Target clearly lagged behind expectations,” analyst Adam Crisafulli writes
Walmart’s results demonstrate how it is using its “enormous scale and huge grocery franchise to drive traffic and capture [market] share at a time when consumers are feeling increased stress,” he says
RBC (outperform, PT $191)
“1Q results were generally in-line with consensus, but as feared, fell short of heightened investor expectations,” analyst Steven Shemesh writes
Thinks buyside was looking for 1Q comp. decline of around 3.5% vs Target’s reported comp. decline of 3.7%, and EPS of $2.03 was “well below” buyside expectations of $2.15+ due to sales deleveraging, continued investments in pay/benefits and higher marketing spend
“We’ll look for additional detail on the call, but at first glance – consensus is likely to remain unchanged, though buyside expectations will likely drift lower, putting pressure on shares,” according to Shemesh
“Shorter-term investor positioning could start to fade given ongoing pressure on comp. sales and Target being “seemingly in the latter innings of the margin recapture story”
Bloomberg Intelligence
“Reiteration of full-year same-store sales and adjusted EPS guidance suggests it will need to see growth accelerate as the year progresses, which may be tough given low discretionary spending,” analyst Jennifer Bartashus writes
Bartashus is encouraged by improving margins, but recently announced price cuts could add pressure, while “persistently weak in-store visits are a concern”
Morgan Stanley (overweight)
“One could argue the EPS bull case for 2024 of 6%+ EBIT margins and significant EPS upside may be less likely,” which may explain the premarket stock decline, analyst Simeon Gutman writes
1Q comparable sales expectations were appropriately “subdued” but investors still expected “meaningful EPS upside” in the quarter driven by gross margin, but higher SG&A offset the gross margin upside and resulted in below-consensus EBIT dollars
The reason for the SG&A miss is unclear, and more details on that, as well as management’s tone around the 2Q sales trajectory will be helpful in “framing the overall story”
Gutman would have thought the flat to +2% 2Q comp. growth forecast would have been good enough to push shares higher today, given Target’s recent pullback in response to slowing consumer spending
And finally, Goldman’s Kate McShane commented on earnings and price action in premarket trading:
The stock is currently down ~7% in the pre-market. On the call, we are interested in the cadence of SSS throughout 1Q; QTD trends by category; the relative impact of the gross margin drivers, including markdowns, mix, and shrink; the view of inflation; details on its inventory position; and the company’s promotional outlook. target of $194, based on our risk-reward framework with downside/base/upside relative P/E multiples of 80%/85%/90%.
McShane’s team laid out their valuation for the retail following the report:
- We are Buy rated on TGT with a 12-month price target of $194, based on our risk-reward framework with downside/base/upside relative P/E multiples of 80%/85%/90%.
Also, they outlined four downside risks:
- Traffic and sales trends decelerate due to weakness in consumer spending;
- Inflationary pressures related to product costs, freight/transportation, and/or wages;
- The competitive environment forces TGT to compete more aggressively on price;
- Margins come under pressure from omni-channel, supply chain investments, and mix shift.
Consumers pulling back on discretionary spending is an ominous sign.
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
“The End Of Everything”: Victor Davis Hanson On The Gravest Threats To America
TUESDAY, MAY 21, 2024 – 06:20 PM
In a recent episode of American Thought Leaders, host Jan Jekielek sat down with classicist and military historian Victor Davis Hanson. In his new book “The End of Everything: How Wars Descend into Annihilation,” Mr. Hanson looks at four civilizations that were utterly destroyed by their enemies, then draws comparisons between the United States and its enemies, both domestic and foreign.
Jan Jekielek: Victor, I’m going to start with something you wrote, “We see a recurring universally human theme across time and space. The doomed at the brink of civilizational destruction have an attitude partly born of hubris and partly born of naivete, perhaps best summed up as, ‘It cannot happen to us.’”
Victor Davis Hanson: When one side loses a war, the typical follow-up is that they surrender. They’re not annihilated. But every once in a while, that doesn’t happen.
I was curious to see why it didn’t happen in these few instances. I selected four of the maybe 20 that are known: classical Thebes that had been around for 1100 years, Carthage for 800-plus years, Constantinople for almost 1200 years, and Tenochtitlan we don’t quite know about.
They felt they were invulnerable. When these occasions arose, they felt they could finesse it, negotiate it, or win it.
Mr. Jekielek: It comes back to, “This can’t happen to us, these walls have never been penetrated.” In our society today, we forget about the lessons of history. What is the biggest lesson from Carthage?
Mr. Hanson: One is understanding the invader. They had no idea that the Romans had global aspirations and wanted to control the entire Mediterranean. They didn’t realize that they were the only obstacle, and no matter what they did, they would be interpreted as an obstacle. They thought they could reason with the Romans.
But the Romans were tired of them. Their attitude was, “They ran wild in Italy for 19 years and we’re sick of them. We’re going to land this huge force and we’ll give them an ultimatum.” Once they disarmed, the Romans thought, “Now what? As soon as we leave, they’ll rearm again.”
The Romans had a renewed demand, “You have to destroy your city so you won’t be able to have a Navy. You won’t be able to go into the Mediterranean if you’re way inland.” They couldn’t do that. At that point there was a riot, and they killed some of the leaders who had acquiesced to the initial Roman demand. They felt they had a good chance to survive. They had 500,000 people. They were larger than Rome at the time. They were probably as wealthy as Rome. They felt they were better at sea than Rome. They could rebuild their fleet. But they had no idea of what Rome’s intentions were. All of the power of the Roman Republic would be directed at Carthage.
Mr. Jekielek: You’re facing difficult odds, but you still think, “Nothing bad can happen to us.”
Mr. Hanson: Yes. Look at the United States as a declining power and China as an ascending power. We think, “We won two world wars, we created the post-war order, we spend the most money on defense of any country. When we want to win, we can, and therefore we should downplay China.”
If you were Carthage, you would think that way. If you were analytical today, you would say, “Wait a minute. We’re $36 trillion in debt. We’re borrowing $1 trillion every 100 days. We’re 45,000 people short in the military. Our cities are full of crime. China has an agenda to emasculate the United States. They’re building nuclear weapons and ships faster than we are. They have nearly five times the population of the United States.”
That would be a realistic assessment, but we don’t hear that.
We just hear, “We’re the United States, the cultural capital of the world and the wealthiest of anybody.”
This decline is self-inflicted.
Mr. Jekielek: We have Xi Jinping saying, “We are waging a people’s war against America.” It can’t be any clearer than that. But somehow we’re not aware.
Mr. Hanson: That’s exactly the same with the Aztecs. When Cortes set foot in that city, Montezuma’s brother said, “He’s not a god. He’s a killer. He bleeds, he eats, he defecates. These people will destroy us.” But he was not listened to.
We’re like these ancient societies who were paralyzed by fear and inaction.
Mr. Jekielek: Our producers have collected questions from the audience during this live Q&A. The next question is, “Who is the greatest threat to the Republic, foreign enemies or domestic enemies?
Mr. Hanson: Domestic. The greatest threat is somebody with an advanced graduate degree in the media, high tech, or government who has utopian impulses and feels morally or intellectually superior to the rest of us. Therefore, they think any methods are permissible in order to reach their dream. All of our institutions are under assault by messianic people who believe they have better education, and are wealthier and more virtuous.
Mr. Jekielek: Here’s another question, “What does Victor Davis Hanson tell his family to do? What practical solutions does he have?”
Mr. Hanson: I tell them to be proactive first, because I believe you have to work within the system. I tell them, “You have to vote. You have to speak up among your friends. You’ve got to be an active citizen in order to stop the madness.” I tell my children, “Monitor what they’re teaching your children.”
We’re in new territory, and our agencies and institutions have become so warped they’re plotting for short-term political gain. The irony is that the people who are doing this say, “Democracy dies in darkness.”
Everybody’s got to get active. Vote, help people get to the polls, speak up, write to your local paper, volunteer to observe the election. Do whatever you can to be engaged.
This interview has been edited for clarity and brevity.
Watch the full interview below:
END
SWAMP NEWS
‘Deadly Force’ An Option: New Docs Show FBI Agents Were Prepared For Secret Service Resistance At Mar-a-Lago
Authored by Zachary Stieber via The Epoch Times,
FBI agents executing a search warrant at former President Donald Trump’s home in 2022 prepared for the possibility U.S. Secret Service agents resisted the agents, according to newly unsealed court documents.
An operations plan for the raid of Mar-a-Lago in southern Florida stated that should President Trump arrive at Mar-a-Lago during the period when agents were there, FBI agents would be prepared to “engage with” him and U.S. Secret Service (USSS) agents who protect him.
If the Secret Service agents “provide resistance or interfere with FBI timeline or accesses,” then FBI officials would contact certain individuals—their names and positions were redacted—the documents stated.
The documents also stated that if Mar-a-Lago employees refused to provide a list of occupied guest rooms, FBI agents would “knock on each guest room door to determine occupation status.” Agents would request a map, list of rooms, and a skeleton key for all rooms, and were preparing to bring lock-picking equipment with them.
The documents, produced to President Trump through discovery in the criminal case against him, were placed on the docket on May 21.
President Trump’s lawyers attached the documents as exhibits to a motion asking to suppress evidence seized by agents, arguing the raid was unconstitutional.
The warrant was cleared by a U.S. magistrate judge after agents said there was probable cause to believe sensitive materials were being kept at unauthorized places at the resort. Officials said the raid would likely uncover evidence of obstruction of justice.
Agents arrived at Mar-a-Lago at 8:59 a.m. on Aug. 8, 2022, and initiated the search at 10:33 a.m.. A summary of what transpired stated that FBI leaders coordinated with local Secret Service leaders and that Secret Service agents “facilitated entry onto the premises, provided escort and access to various locations within, and posted USSS personnel in locations where the FBI team conducted searches.”
In addition to 25 FBI employees from the bureau’s Miami office, the group of DOJ personnel included five officials from Washington and two DOJ lawyers.
The group took numerous photographs, including pictures in the bedroom of former First Lady Melania Trump and a “child’s bedroom suite,” according to picture logs that were released on Tuesday.
President Trump’s lawyers said in the motion that the search was “roving and highly inappropriate,” citing how it covered a gym, a kitchen, and the bedrooms where the pictures were taken. They said the warrant was too broad and authorized agents to seize virtually any document from Mar-a-Lago.
Government officials have acknowledged they improperly seized passports and some other materials.
Agents remained on the scene until 6:39 p.m. They flew the seized evidence to Washington the following day.
President Trump after the execution of the warrant was charged with mishandling of national defense information, concealing documents, and making false statements.
Deadly Force an Option
The documents included a statement on the use of deadly force, which quoted government policy in stating that “law enforcement officers of the Department of Justice (DOJ) may use deadly force only when necessary, that is, when the officer has a reasonable belief that the subject of such force poses an imminent danger of death or serious physical injury to the officer or to another person.”
The FBI also brought a medic and paramedic along on the raid, according to the documents, and listed the nearest trauma center in case anyone was injured during the execution of the warrant.
Agents were equipped with standard issue weapons, ammunition, handcuffs, and badges, and brought medium and large bolt cutters.
There was no basis for the FBI to bring guns into Mar-a-Lago, according to President Trump’s lawyers.
“There were no threats and no risk to agents’ safety arising from their allegations relating to possession of documents at a premises already guarded by the Secret Service,” the lawyers said.
The lawyers also argued that an FBI agent omitted relevant information from the affidavit submitted to the judge as part of the request to authorize the warrant.
The agent, for instance, “failed to disclose that presidents are not required to obtain clearances and that sensitive briefings including classified information had been provided to President Trump at Mar-a-Lago and other residences before and during his presidency,” the lawyers said.
In a DOJ filing in response to the motion, government attorneys countered the arguments.
“Regardless of Trump’s authority during his presidency, he lacked authority to possess classified documents at Mar-a-Lago after it ended and he became a private citizen. Trump’s authority to access or possess classified documents during his presidency was both obvious and immaterial to the probable cause determination regarding the retention of the documents after his presidency,” they wrote in part.
The attorneys also said that while some FBI officials did suggest seeking the consent of former President Trump to search Mar-a-Lago before seeking a warrant, his “prior obfuscation and deception up to that point” meant there was “ample reason to avoid seeking Trump’s consent, which would simply invite more deception.”
END
Rep. Stefanik Alleges Major Conflict Of Interest In Trump Trial, Calls For Judge’s Recusal
WEDNESDAY, MAY 22, 2024 – 03:25 PM
Authored by Chase Smith via The Epoch Times (emphasis ours),
Rep. Elise Stefanik (R-N.Y.) has submitted a formal complaint to the New York State Commission on Judicial Conduct, alleging a conflict of interest involving the judge overseeing former President Donald Trump’s ongoing New York City trial.
The complaint, sent on May 21, centers on Acting Supreme Court Justice Juan Merchan’s role in the criminal case against President Trump and the professional activities of Justice Merchan’s daughter on behalf of Democratic politicians.
Ms. Stefanik publicly chastised the judge before filing the official complaint. Last week in a statement she stated that Justice Merchan “who donated to Biden and whose adult daughter is raising millions” from the trial “knows he must recuse under New York statute.”
“[The] New York State Commission on Judicial Conduct just reprimanded Merchan for his inappropriate political donations in 2020,” she said in a May 17 statement. “America is starting to understand Merchan is a corrupt judge, presiding over blatant Biden Democrat lawfare and election interference against Trump—that is lining his family’s pockets. Merchan has disgraced our justice system in New York.”
Conflict of Interest Allegations
In her letter to the Commission, Ms. Stefanik highlighted that Justice Merchan presides over the case where President Trump faces a potential 136 years’ imprisonment if convicted. Ms. Stefanik argued that this case has far-reaching implications, not just for President Trump, but for the broader political landscape, as President Trump is the presumptive Republican nominee for the upcoming presidential election.
Ms. Stefanik raised concerns about Justice Merchan’s impartiality due to his daughter’s position as president of Authentic Campaigns, a firm representing prominent Democrat politicians and political action committees (PACs).
According to the complaint, these clients have capitalized on President Trump’s indictment for fundraising purposes.
For instance, Rep. Adam Schiff (D-Calif.), a client of Authentic Campaigns, used the indictment to solicit donations of $10, raising approximately $20 million. Similarly, the Senate Majority PAC raised around $73.6 million following the indictment.
Legal Basis for Recusal
Ms. Stefanik cited a section of the New York State Unified Court System’s Rules of Judicial Conduct, which mandates a judge’s disqualification from a case if a close relative stands to benefit substantially from the proceedings.
Ms. Stefanik asserted that the professional engagements of Justice Merchan’s daughter constitute such a conflict of interest, as her clients’ fundraising efforts are directly linked to the case over which her father presides.
In the complaint, Ms. Stefanik emphasizes, “It is common sense that, if these groups make no money, they cannot afford to pay for services provided by individuals such as Ms. Merchan. The more money raised, the more it can be spent on services.”
Ms. Stefanik’s complaint also referenced comments from U.S. District Judge Shira Scheindlin, a retired federal judge, who expressed concerns in a media interview last month about the potential for perceived bias.
The complaint also pointed to a history of alleged judicial misconduct by Justice Merchan. Recently, media reports asserted that the Commission had privately cautioned him for making political donations to President Joe Biden and other Democrats in 2020. This prior reprimand is cited by Ms. Stefanik as further evidence of partisanship influencing Justice Merchan’s judicial conduct.
Ms. Stefanik asserted, “This private caution has not deterred Judge Merchan’s judicial misconduct, as evidenced by this current complaint. Judge Merchan appears driven by Democrat partisanship and financial gain for his daughter. This caution, as reported by the New York Times, ‘can be considered in any future cases reviewed by the state’s Commission on Judicial Conduct.’”
Call for Action
Ms. Stefanik concluded her letter by calling for an investigation into Justice Merchan’s conduct and appropriate disciplinary action. She stressed the importance of maintaining public confidence in the judiciary, particularly in politically sensitive cases.
“It is imperative that New Yorkers and all Americans have confidence that justice is being dispensed fairly in New York,” she wrote in the complaint. “This is especially true in politically sensitive cases where bias is most likely to rear its ugly head. Here, we are in the middle of a presidential election campaign. The circumstances are unprecedented: President Trump, a former president and the likely nominee of a major party for the presidency, is on trial. These proceedings are under a microscope. Judge Merchan’s clear conflict of interest, based upon his adult daughter’s financial state in this unprecedented criminal trial, has badly damaged the court’s appearance of impartiality.”
The defense rested on May 21, and closing arguments will be heard as court resumes in New York next week.
“Given Judge Merchan’s daughter’s clientele—and the vast sums of money that these individuals have raised and will continue to raise off of President Trump’s charges—Judge Merchan’s daughter stands to benefit the more legally imperiled President Trump is,” Ms. Stefanik added. “She is well within the sixth degree of relation to Judge Merchan; indeed, as his daughter, she falls within the first degree. A straightforward application of [a section of the rules on judicial conduct] requires recusal. As Judge Merchan has declined to do so, I request that you investigate his conduct and impose whatever discipline is required.”
The Epoch Times has reached out to the New York State Commission on Judicial Conduct but the agency has not yet publicly responded to Rep. Stefanik’s complaint.
KING REPORT
| The King Report May 22, 2024 Issue 7248 | Independent View of the News |
| Fed’s Bostic: “Fed has to be cautious about the first rate move, may need to be later in order to not stoke pent-up exuberance for investment, other spending.” “Would rather wait longer for a rate cut to be sure inflation does not start to bounce around.” “I am not in a hurry to cut rates; want to make sure that policy easing is unambiguous.” https://www.forexlive.com/centralbank/fed-atlanta-fed-pres-bostic-feds-high-priority-is-to-get-inflation-back-to-2-20240521/ Atlanta Fed President Bostic admits that he is concerned about the latest stock market bubble and its effect on inflation/spending. PS – He is one of the most liberal Fed officials. Bostic Says Fed ‘Rethinking’ Views on Neutral Policy Rate – BG 9:00 ET Bostic reiterates his view that “there may be reasons to think the baseline steady rate” is higher… @SteveMatthews12: “Inflation I’m expecting to decline, but relatively slowly. That will mean for me by the end of the year we’ll be in a place where we can start removing some of the restrictiveness in policy. I’m not expecting that’ll happen before the 4th quarter.’’–@RaphaelBostic, @AtlantaFed Gov. and hawk Fed’s Waller Needs Several More Months of Good Inflation to Cut – BBG 9:06 ET “If I were still a professor and had to assign a grade to this inflation report, it would be a C+ – far from failing but not stellar either,” he said. (And here is the problem: The Fed teems with academics; and there are few members with real business or banking experience.) So now, 0.3% m/m CPI, about 4% annualized, is ‘good inflation!?!?!’ @ClayTravis: Fast food price increases since Joe Biden came into office. It isn’t your imagination, fast food is insanely more expensive than it used to be. This is Bidenomics. https://x.com/ClayTravis/status/1792914192170700909 @HouseGOP: Since Joe Biden took office, #Bidenflation has caused the price for fast food favorites to skyrocket: McDonald’s Medium French Fries is UP 167.6% McDonald’s Big Mac Meal is UP 103.5% McDonald’s 10 Piece McNuggets Meal is UP 95.5% McDonald’s Hamburger Happy Meal is UP 140.6% McDonald’s 4 Piece McNuggets Happy Meal is UP 97.3% Taco Bell’s Cheesy Gordita Crunch is UP 111.5% Taco Bell’s Nachos Bellgrande Combo is UP 77.0% Taco Bell’s Beefy 5-Layer Burrito is UP 153.8% Chick-fil-A’s Chicken Sandwich Combo is UP 94.8% Chick-fil-A’s 8 Piece Nuggets is UP 98.2% Waller: Disconnect about How People Think about Speed of Rate Hikes Versus Expected Rate Cuts Amazon halts orders of Nvidia ‘superchip’ to await updated model Delay from the world’s biggest cloud computing provider gives investors jitters over potential ‘air pocket’ in demand for AI chips https://www.ft.com/content/75ac7f61-071a-437c-a35e-09f968c6a568 Tesla stock pops after company reveals new details, deliveries for its semi-truck program https://t.co/bm1mGep5xs ESMs waffled between moderate gains and losses from the Nikkei opening until the range expanded modestly after the European opening. Near 8:30 ET, ESMs broke lower and hit a daily low of 5323.00 at 9:00 ET. It was time for buying for the NYSE opening and the ‘pump & dump.’ ESMs jumped to 5329.75 at 9:10 ET. Alas, another early dump appeared; ESMs sank to a new daily low of 5322.50 at 9:31 ET. Despite Fed officials’ hawkish comments, the usual suspects incontinently bought ESMs. A near-vertical rally pushed ESMs to a new daily high of 5337.75 at 10:34 ET. As ESMs soared; the DJTA tumbled to a loss of 1.5% at 10:20 ET. Avis (-3.4% at time) and JB Hunt (-3.3% at the time) led the transport decline. Nvidia opened lower in the Amazon news but rallied to a modest gain by 11:00 ET. Traders and the known world expected Nvidia to report EPS far above the official EPS estimate. The Nvidia rally intensified in the afternoon; NVDA closed +0.69%. ESMs fell to 5328.00 at 13:08 ET. ESMs then rallied, with one modest retreat from 14:00 ET to 14:32 ET, to a daily high of 5347.50 at 15:35 ET. ESMs then traded in a tight range into the NYSE close. @TaviCosta: Shanghai and global freight costs are surging again. We just experienced one of the steepest 2-week changes in history. https://t.co/voTvUgJDoa President Biden is releasing 1 million barrels of gasoline from a Northeast reserve in a bid to lower prices at the pump. – AP https://t.co/pZgR38ZEgq Biden Drains Entire Northeast Gasoline Reserve in Bid to Lower Gas Prices As He Trails Trump by Double Digits https://www.zerohedge.com/energy/biden-drains-entire-northeast-gasoline-reserve-bid-lower-gas-prices-he-trails-trump-double Positive aspects of previous session The NY Fang+ Index closed +0.75% on Tesla and Nvidia buying ahead of its results. USMs were +10/32 at 1630 ET. Gasoline sank on Biden’s latest scheme to drain a strategic US reserve. Negative aspects of previous session The DJTA closed -1.67%. Stocks appear to be extremely exhausted and only Nvidia euphoria is keeping stocks buoyant. 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: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5314.53 Previous session S&P 500 Index High/Low: 5324.32; 5297.87 Unsealed court filings show the Biden FBI authorized its agents to use LETHAL FORCE in the raid on Trump at Mar-a-Lago! This is unconscionable! Who was there? Trump, his family, aides, Secret Service agents, and guests. Someone needs to explain this! @julie_kelly2: FBI authorized the use of deadly force at Mar-a-Lago https://x.com/julie_kelly2/status/1792971790953668879 Armed FBI agents were preparing to confront Trump and even engage Secret Service if necessary. They were going to go door to door to terrorize MAL guests and even pick the locks. Gestapo https://x.com/julie_kelly2/status/1792970849861116080 FBI had a medic on the scene and identified a local trauma center for anyone “injured” during the raid. https://x.com/julie_kelly2/status/1792971790953668879 Here is the use of deadly force instructions attached to the FBI’s operational instructions. Head of Washington FBI field office when this was executed: Steven D’Antuono. Recall who authorized the raid: Merrick Garland the FBI risked the lives of Donald Trump, his family, his https://x.com/julie_kelly2/status/1792971790953668879 @Osint613: Jake Sullivan to ABC: “I am feeling disappointed after the meeting with Netanyahu, it seems that we are not thinking about the same principle, which is a solution to end the war.” (Obamaites want Hamas & Iran to prevail; Bibi wants the opposite.) Blinken: Israel may not be willing to accept Saudi normalization if it requires Palestinian state (No Schiff Sherlock!) https://t.co/lZAHoRSSAi @Project_Veritas: Biden National Security Council Advisor: We Can’t Go Against Israel until Reelection; Israel ‘Lies, Bombs, and Kills All These Kids’ “We can help you [Israel] in the way that we can, but you’re not going to continue to lie, and bomb, and kill all these kids without facing serious consequences. But that’s a second term decision.” “If Biden won again he could be much more forthright about saying ‘No’ [to Israel].” https://x.com/Project_Veritas/status/1792920901660418139 @BillAckman: Unmasking the Biden administration Israel strategy. I respect his candor. @mychaelschnell: GOP Sen. JOHNSON said he presented SCHUMER with an ultimatum on inviting Netanyahu to address Congress: “My office told Sen Schumer’s office yesterday that he needed to sign the joint letter & if not we were gonna proceed & invite Netanyahu just to the house.” Deadline is TODAY he said. (Schumer scurries to the MSM like a moth to light; but he’s been AWOL on Israel.) Today – Nvidia is expected to post EPS far higher than the ‘official’ Wall Street consensus of 5.65. So, the 5.65 estimate is deceitful. Barring profound news, all that matters is Nvidia rumors and leaked inside info during NYSE trading, and the reaction to NCDA’s results after the close. A short-term equity top is a high probability after the market reacts and adjusts to Nvidia’s results. NQMs are +14.50; ESMs are +1.75; USMs are +1/32; and Gold is -0.60 at 20:45 ET. Expected economic data: Apr Existing Home Sales 4.22m; FOMC Minutes from May 14:00 ET; Chicago Fed Pres Goolsbee (Huge dove and Obama BFF) 9:40 ET S&P Index 50-day MA: 5165; 100-day MA: 5048; 150-day MA: 4860; 200-day MA: 4746 DJIA 50-day MA: 38,886; 100-day MA: 38,587; 150-day MA: 37,437, 200-day MA: 36,658 (Green is positive slope; Red is negative slope) S&P 500 Index (5321.41 close) – 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 is positive; MACD is negative – a close below 5018.14 triggers a sell signal Daily: Trender and MACD are positive – a close below 5221.13 triggers a sell signal Hourly: Trender is positive; MACD is negative – a close below 5300.87 triggers a buy signal White House Issues 9 Brutal Corrections to Biden’s NAACP Speech https://www.mediaite.com/politics/irrectionists-white-house-issues-9-brutal-corrections-to-bidens-naacp-speech/ Bill Maher swipes Biden’s speech to Black graduates: ‘We’re not living in that world that he’s talking about’ https://t.co/VtwRt6a7Zo Biden sparks outrage after students say his speech pandered to black voters. https://t.co/Ed5fQZyGOJ @TexasLindsay_: This clip of CBS’ Margaret Brennan being asked to guess whether a video of Biden speaking is A.I. or Real is hilarious. (Brennan thinks the robotic Biden is AI; but it’s really Joe!) https://t.co/VxWLhQ4b3E @RNCResearch: Biden exists in a state of perpetual confusion https://t.co/IQxLGtoxkc @CollinRugg: President Joe Biden ends his speech by remembering when he signed the ‘Pacanalalalac’ Act into law… “Let me close with this. After I signed the Pacanalalanalac Act into law…” Biden said. “I handed the pen that I signed it wiszzfschuna the most person… https://t.co/0pv4G0sjho @RNCResearch: Biden struggles to read from his giant teleprompter — must be a day ending in “y” https://x.com/RNCResearch/status/1792974445151240558 @WendellHusebo: Joe Biden, 81, gives creepy advice to young men: “I say to every young man thinking of getting married, marry into a family with five or more daughters.” https://t.co/zq76O3K9KP @DavidAsmanfox: It appears Judge Merchan will prevent former FEC Chair Brad Smith—a solid, credible witness—on to rebut some of the self-serving testimony of prosecution witnesses. And Merchan allowed Stormy Daniels’ salacious testimony, which was devoid of relevance to the case. Pure prejudice. @CortesSteve: Alan Dershowitz says the ongoing sham trial against President Trump is the “weakest case I’ve seen in 60 years” of criminal law. https://t.co/pVZIVGGLfX Dershowitz: I was inside the court when the judge closed the Trump trial, and what I saw shocked me – when the defense’s… witness, the experienced attorney Robert Costello, raised his eyebrows at one of New York Supreme Court Justice Juan Merchan’s rulings, the court went berserk. Losing his cool and showing his thin skin, the judge cleared the courtroom of everyone including the media… The judge actually threatened to strike all of Costello’s testimony if he raised his eyebrows again. That of course would have been unconstitutional because it would have denied the defendant his Sixth Amendment right to confront witnesses and to raise a defense… The judge’s threat was absolutely outrageous, unethical, unlawful and petty. Moreover, his affect while issuing that unconstitutional threat revealed his utter contempt for the defense and anyone who testified for the defendant… https://nypost.com/2024/05/21/opinion/i-was-inside-the-court-when-the-judge-closed-the-trump-trial-and-what-i-saw-shocked-me/ Turley: “Are You Staring Me Down?”: Judge Merchan Becomes an Oddity in his Own Courtroom Even CNN hosts and experts have admitted that this case would never have been brought against another defendant or in another district… The biggest problem facing the defense is not the evidence, but the judge… Merchan has not given any indication that he is seriously considering a directed verdict, which he should clearly grant before this goes to the jury… Judge Merchan continues to allow the jury to hear references to campaign-finance violations that do not exist… On Monday, Judge Merchan’s orders became even more inexplicable when Cohen’s former attorney Robert Costello took the stand. Merchan immediately started to sustain a flurry of prosecutors’ objections as Costello basically accused Cohen of multiple acts of perjury. At one point, Costello — one of the most experienced lawyers in New York and a former prosecutor — exclaimed that one of the judge’s rulings was “ridiculous.” The judge chastised Costello and even challenged him: “Are you staring me down?” In fact, it was hard not to stare. What is happening in the courtroom of Judge Juan Merchan is anything but ordinary. https://jonathanturley.org/2024/05/21/are-you-staring-me-down-judge-merchan-becomes-an-oddity-in-his-own-courtroom/ How Michael Cohen’s testimony imploded on prosecutors in New York trial against Trump Cohen’s testimony under blistering cross-examination from Trump’s defense team exposed the weaknesses in Manhattan District Attorney Bragg’s case… “Cohen admits that he stole from the Trump Organization. He also told federal prosecutors about stealing the money but was never charged with larceny…”… https://justthenews.com/government/courts-law/michael-cohens-testimony-endangered-prosecutions-case-trumps-trial MSNBC (Not a parody!): How Michael Cohen’s past lies make him a more credible witness By Hayes Brown, MSNBC Opinion Writer/Editor If anything, highlighting his willingness to lie ironically makes him more credible as a witness to the alleged scheme, as it makes clear the lengths he went to protect his then-client… https://www.msnbc.com/opinion/msnbc-opinion/michael-cohen-trump-testimony-lies-congress-rcna152187 @paulsperry_: Mueller’s FBI edited sections of a video seized by London cops from flat of a Saudi intel agent that made it clear the pre-9/11 party he hosted for the hijackers was intended to honor them as special martyrs, misleading 9/11 Commission who saw only the incomplete version. The fate of the Saudi-9/11 lawsuit is now in the hands of Clinton-appted Judge George Daniels, who’s rec’d fresh evidence a Saudi intel agent surveilled the US Capitol area ostensibly to help the hijackers (some of whom he groomed) sight landmarks & target the Capitol. @NickFondacaro: Maher calls out anti-Semitic liberals like Hostin who support Hamas’s attacks on Jews. He tells them to try living under the oppression of radical Islam and get back to him. Hostin tries/fails to box him in on supporting the deaths of civilians in Gaza, “it’s a war” he says. ABC host Joy Behar admits that she censors her criticism of Biden because she’s “afraid” she “might influence the people who are on the fence” to vote for Trump. Bill Maher says that’s how you “lose all credibility.” He adds that his “bond” with his audience is authenticity. https://t.co/ez3AtQvmOL https://t.co/KNuK8uGDWK Trump draws LEVEL with Biden in state (New Hampshire) Democrats won by 7% in 2020 as another dire poll spells trouble for the White House https://t.co/iqm8gmuPcq | |
GREG HUNTER I
END
SEE YOU TOMORROW
harveyorganblog.com 
Harvey: Billions to die from Covid Vax? More Harvey Organ posted horse shit.
I’ve got an article title for next week… Millions of Trump haters ready and likely to march and right off the Left hand side of the flat earth by this coming weekend.
Post it as fact and I’ll help make up an additional horse shit article for next Friday.
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