SHANGHAI GOLD (USD) FUTURES – QUOTES

Last Updated 23 May 2024 02:45:55 PM CT.

Market data is delayed by at least 10 minutes.

MONTH	LAST	CHANGE	PRIOR SETTLE	OPEN	HIGH	LOW	VOLUME	UPDATED
MAY 2024 SGUK4	–	–	2402.6	–	–	–	0	12:30:19 CT 23 May 2024
JUN 2024 SGUM4	2364.8	-51.9 (-2.15%)	2416.7	2386.8	2391.2	2363.2	457	12:30:19 CT 23 May 2024
JUL 2024 SGUN4	–	–	2430.8	–	–	–	0	12:30:19 CT 23 May 2024
AUG 2024 SGUQ4	2407.5	-23.5 (-0.97%)	2431.0	2414.0	2414.0	2407.1	85	12:30:19 CT 23 May 2024
OCT 2024 SGUV4	–	–	2455.3	–	–	–	0	12:30:19 CT 23 May 2024
DEC 2024 SGUZ4	–	–	2455.9	–	–	–	0	12:30:19 CT 23 May 2024
FEB 2025 SGUG5	–	–	2456.5	–	–	–	0	12:30:19 CT 23 May 2024
APR 2025 SGUJ5	–	–	2457.1	–	–	–	0	12:30:19 CT 23 May 2024

About this Report

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

4: 15 PM ACCESS

*CANADIAN GOLD: $3203.14 DOWN 58.11 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)

*BRITISH GOLD: 1837.10 DOWN 35.67 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2157.18 DOWN 43.41 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)

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EXCH: COMEX

ACCESS MARKET

EXCHANGE: COMEX
CONTRACT: MAY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,389.200000000 USD
INTENT DATE: 05/22/2024 DELIVERY DATE: 05/24/2024
FIRM ORG FIRM NAME ISSUED STOPPED

363 H WELLS FARGO SEC 136
435 H SCOTIA CAPITAL 7
624 H BOFA SECURITIES 15
657 C MORGAN STANLEY 4
661 C JP MORGAN 20
880 H CITIGROUP 136
905 C ADM 6

TOTAL: 162 162

JPMorgan stopped 20/162

FOR MAY2024

GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 162 NOTICES FOR 16,200 OZ or 0.5039 TONNE

total notices so far: 2367 contracts for 236,700 Oz (7.362 tonnes)

FOR MAY:

SILVER NOTICES: 7 NOTICE(S) FILED FOR 35,000 OZ/

total number of notices filed so far this month : 6009 for 30.045 million oz

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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 $53.00

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 $1.00 AT THE SLV//

HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.736 MILLION OF OF SILVER FROM THE SLV

// INVENTORY LOWERS TO 420.491 MILLION OZ/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 420.491 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY HUGE SIZED 2033 CONTRACTS TO 184,912 AND STALLING FROM ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS OF $0,66 IN SILVER PRICING AT THE COMEX ON WEDNESDAY. WE HAD CONSIDERABLE LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE. WE HAD ANOTHER HUMONGOUS SIZED 659 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 OR RAID LIKE TODAY.

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 WEDNESDAY NIGHT: 659 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 TODAY;S RAID.

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 $0,66 AND WERE SUCCESSFUL IN KNOCKING CONSIDERABLE SILVER LONGS BUT WE DID HAVE A SMALL SIZED GAIN OF 128 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE OF $0,66.

WE MUST HAVE HAD:

A HUGE SIZED 1077 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 90,000 OZ

//NEW STANDING FOR SILVER//MAY IS THUS 30.340 MILLION OZ

WE HAD:

/ HUGE SIZED COMEX OI LOSS //HUMONGOUS SIZED EFP ISSUANCE/ VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 659 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED 1084 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 17 DAYS, total 22,117 contracts: OR 110.585 MILLION OZ (1301 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 110.585 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: 110.585 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 2033 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 659 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 90,000 OZ QUEUE JUMP

//NEW TOTAL STANDING AT 30.340 MILLION OZ

WE HAVE A HUGE SIZED LOSS OF 956 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 659 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND SOME LIQUIDATION OF SHORTS.

THE NEW TAS ISSUANCE WEDNESDAY NIGHT (659) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .

WE HAD 7 NOTICE(S) FILED TODAY FOR 35,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A VERY STRONG SIZED 15,992 OI CONTRACTS TO 514,717 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 118 CONTRACTS

WE HAD A HUGE SIZED DECREASE IN COMEX OI (15,992 CONTRACTS) OCCURRED WITH OUR LOSS OF $32.10 IN PRICE/WEDNESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER, INITIATING TODAY’S RAID. 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 19,200 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 7.440 TONNES PLUS THE DUBIOUS 3.3716 ECH FOR RISK!

NEW STANDING 10.812 TONNES// ALL OF THIS HAPPENED WITH OUR $32.10 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A VERY STRONG SIZED LOSS OF 11,988 OI CONTRACTS (37.28 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A VERY STRONG SIZED 4004 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 514,669

IN ESSENCE WE HAVE A VERY STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,988 CONTRACTS WITH 15,992 CONTRACTS DECREASED AT THE COMEX// AND A VERY STRONG SIZED 4004 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 11,988 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 2552 CONTRACTS,,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A VERY STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4004 CONTRACTS) ACCOMPANYING THE VERY STRONG SIZED LOSS IN COMEX OI 15,874/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 11,988 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 19,200 OZ QUEUE JUMP PLUS 3.3716 TONNES EX FOR RISK//PRIOR

//NEW STANDING /MAY 10.812 TONNES.

/ 3) CONSIDERABLE LIQUIDATION OF CONTRACTS MOSTLY DUE TO SPREADERS ALONG WITH SOME LONG SPECS BEING WIPED OUT WITH THE LARGE LOSS IN PRICE.

// 4) VERY STRONG SIZED COMEX OPEN INTEREST LOSS 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S. ISSUANCE: 2552 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: 68,536 CONTRACTS OR 6,853,600 OZ OR 213.71 TONNES IN 17 TRADING DAY(S) AND THUS AVERAGING: 4031 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 17 TRADING DAY(S) IN TONNES 213.71 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 213.71 DIVIDED BY 3550 x 100% TONNES = 6.02% 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; 213.71 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 2033 CONTRACTS OI TO 184,912 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 1077 CONTRACTS

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

JULY 1077 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1077 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 2033 CONTRACTS AND ADD TO THE 1077 E.FP. ISSUED

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 956 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 0.64 MILLION OZ

OCCURRED DESPITE OUR $0,66 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//

THURSDAY MORNING/WEDNESDAY NIGHT

SHANGHAI CLOSED DOWN 42.15 PTS OR 1.33% //Hang Seng CLOSED DOWN 326.80 PTS OR 1.70%// Nikkei CLOSED UP 486.12 OR 1.26%//Australia’s all ordinaries CLOSED DOWN 0.46%///Chinese yuan (ONSHORE) closed UP TO 7,2404 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2507/ Oil UP TO 78/11 dollars per barrel for WTI and BRENT UP AT 82.40 /Stocks in Europe OPENED MOSTLY GREEN

ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3 CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUGE SIZED 15,922 CONTRACTS TO 514,669 WITH OUR LOSS IN PRICE OF $32.10 WITH RESPECT TO WEDNESDAY TRADING. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION WEDNESDAY AS WELL AS LONGS BEING CLIPPED.

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 4004 EFP CONTRACTS WERE ISSUED: : JUNE 4004 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:4404 CONTRACTS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 11,988 CONTRACTS IN THAT 4004 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUGE SIZED LOSS OF 15,992 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $32.10// WEDNESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT WAS A STRONG SIZED 2552 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. THE USE OF T.A.S. TODAY IS OF EXTREMELY IMPORTANCE TO OUR CROOKS IN TODAY’S RAID

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAY (7.440 TONNES+ 3.3716 EX FOR RISK/PRIOR) = 10.812 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 7.440 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 10.812

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A $32.10 //// AND WERE QUITE SUCCESSFUL IN KNOCKING CONSIDERABLE SPECULATOR LONGS AS WE HAD A VERY STRONG LOSS OF 11,988 CONTRACTS ON WEDNESDAY WITH THE LOSS IN PRICE. THE T.A.S. ISSUED ON WEDNESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS AND IS SURELY USED IN TODAY’S TRADING.

WE HAVE LOST A TOTAL OI OF 37.28 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 MONSTROUS QUEUE JUMP OF 192 CONTRACTS OR 19200 OZ ( .5972 TONNES) PLUS 3.3716 TONNES OF EX FOR RISK/PRIOR

NEW STANDING: 7.440 TONNES PLUS 3.1716 TONNES EX FOR RISK/PRIOR = 10.812

ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE LOSS IN PRICE TO THE TUNE OF $32.10

WE HAVE REMOVED 118 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET LOSS ON THE TWO EXCHANGES 11,988 CONTRACTS OR 1,198800 (37.28 TONNES)

confirmed volume WEDNESDAY 309,804 contracts// fair

//speculators have left the gold arena

MAY 23 MAY GOLD

/ /// THE MAY 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	643.02 OZ BRINKS 70 KILOBARS .
Deposit to the Dealer* Inventory in oz*	00 oz
Deposits to the Customer* Inventory, in oz*	8680.770 OZ BRINKS 270 KILOBARS
No of oz served (contracts) today	162 notice(s) 16200 OZ 0.5039 TONNES
No of oz to be served (notices)	25 contracts 2500 OZ 0.0777 TONNES
Total monthly oz gold served (contracts) so far this month	2367 notices 236700 oz 7.362 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 brinks: 8980.770 oz 270 kilobars

total deposit 8980.77 oz

total customer withdrawals: 1

i)brinks 643.02 oz 70 kilobars

TOTAL WITHDRAWALS 643.02 0z

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY

For the front month of MAY we have an oi of 187 contracts having GAINED 161 contracts.

We had 5 contracts served on WEDNESDAY, so we gained A MONSTROUS 166 contracts or 16600 oz (0.51632 Tonnes). BANKERS USED THE RAID TO OBTAIN THIS BADLY NEEDED PHYSICAL

JUNE DECREASED ITS OI BY 22,713 CONTRACTS DOWN TO 176,385 CONTRACTS.

JULY LOST 17 CONTRACTS TO STAND AT 564

We had 162 contracts filed for today representing 16,200 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 162 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 20 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 (2367) x 100 oz ) to which we add the difference between the open interest for the front month of MAY ( 187 CONTRACTS) minus the number of notices served upon today (162 x 100 oz per contract( equals 239,200 OZ OR 7.440 TONNES. PLUS THE 3.3716 OF EX FOR RISK/PRIOR = 10.812

thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (2367x 100 oz + (187 OI for the front month} minus the number of notices served upon today (162 x 100 oz which equals 239,200 oz (7.440 TONNES) PLUS 3.3716 EX FOR RISK/PRIOR = 10.812 TONNES.

TOTAL COMEX GOLD STANDING FOR MAY: 10.812 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: 17,563,550.534 OZ

TOTAL REGISTERED GOLD 7,314,436.355 ( 227.50 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 10,249,114.179 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 23

INITIAL

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

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	160,390.820 oz manfra .
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	1,072,117.240 oz Ashai loomis
No of oz served today (contracts)	7 CONTRACT(S) (35,000 OZ)
No of oz to be served (notices)	52 contracts (0.260 million oz)
Total monthly oz silver served (contracts)	6016 Contracts (30.080 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 2 deposits customer account:

i) into Ashai 586,823.600 oz

ii)into loomis 485,293.640 oz

total customer deposit 1,072,117.240 oz

JPMorgan has a total silver weight: 128.997million oz/298/818 million or 42.95%

adjustment: 0

Comex withdrawals: 0

TOTAL REGISTERED SILVER: 62.352MILLION OZ//.TOTAL REG + ELIGIBLE. 298.818 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:

silver open interest data:

FRONT MONTH OF MAY/2024 OI: 59 CONTRACTS HAVING LOST 13 CONTRACT(S).

We had 31 notices served on WEDNESDAY so we GAINED 18 contracts or 90,000 oz underwent a STRONG QUEUE JUMP AS THEY WERE SET TO TAKE DELIVERY ON THIS SIDE OF THE POND.

JUNE SAW A GAIN OF 241 CONTRACTS RISING TO 1909

JULY SAW A LOSS OF 2700 CONTRACTS DOWN TO 147,226

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 7 for 35,000 oz

CONFIRMED volume; ON WEDNESDAY 102,530 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 6016 x 5,000 oz = 30.080- MILLION oz

to which we add the difference between the open interest for the front month of MAY (59 and the number of notices served upon today 7x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAY/2024 contract month: 6016 notices served so far) x 5000 oz + OI for the front month of MAY (69)x number of notices served upon today minus (7x 5000 oz of silver standing for the may contract month equates to 30.34 MILLION OZ.

New total standing: 30.340 million oz.

There are 62.352 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 23 WITH GOLD DOWN $53.00 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: //NEW TOTAL TONIGHT 838.54 TONNES

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 23 WITH SILVER DOWN $1.00 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.736 MILLION OZ FROM THE SLVINVENTORY INCREASES TO 420.491 MILLION OZ

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 420.491 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY

The Copper Bull: Speculation Vs. Fundamentals

THURSDAY, MAY 23, 2024 – 08:45 AM

Via SchiffGold.com,

Copper has gone mad: Liquidated shorts from a flood of speculators, an AI bubble, a supply crisis, and a renewable energy craze have all combined with high global inflation to recently send it to historic all-time highs. While I believe there will be major corrections as some of these factors come back down to earth, the most important one — out-of-control inflation — will ultimately send copper even higher in the longer-term.

Yes, the market has taken on more froth than a Starbucks drink. Copper went high enough to wreck a batch of short sellers who betted that the party was over. The resulting short squeeze forced them to pony up, buying more paper copper to cover their positions and pushing prices even higher. Expect more volatility in the near-term, as the crowd of speculators looking to snatch short-term profits from copper are still here and will keep riding the wave.

Copper Futures (USD/lb) 6-Month

Source: Bloomberg

That’s because the bullish action has been too juicy to resist, and it has enough fundamentals to support more upward action in the medium and longer-term.

High inflation and a supply shortage are conspiring with increased demand for electric vehicles, a boom in renewable energy tech, and an AI bubble to keep the price going up even without the flood of speculative money.

I suspect a cooldown in a few factors driving the copper frenzy: first, I expect the AI market coming come back down to earth. In the longer-term, I also expect practical revisions of renewable energy targets like the impossible “Net Zero,” which are more about making politicians look good in the short-term than being pragmatic and achievable long-term goals. But the demand will still be there, and the current supply squeeze and inflationary pressures are here to stay.

If you’re a buyer, waves of speculation along the way can provide buying opportunities for physical copper in the form of epic volatility and dramatic dips.

While the current narrative is that inflation is easing, any apparent relief from higher prices will be temporary. To avoid a banking and commercial real estate crisis, the Fed will have no choice but to cut interest rates at some point. This will invite a new torrent of inflationary expansion as the Fed ignores the pressure cooker that its policies helped create.

You can’t undo the effects of trillions’ worth of COVID money printing in just a few years or by briefly hiking interest rates to 4% or 5%. Taming that beast would require interest rates to be much higher than the Fed would ever raise them, as it knows that loan-dependent industries like real estate can’t survive with rates upwards of 8, 9, even 10%. The problem is worsened by sustained out-of-control budget deficits that are causing a confidence collapse in US Treasury bonds — in the “full faith and credit” of the US government.

When the Fed finally cuts rates, Americans spending devalued dollars will get slammed with higher prices for gas and food, along with surging commodities like copper and precious metals. Lower rates will also incentivize borrowing over saving for an already over-indebted population. It will encourage Americans to get in even more over their heads with loans they shouldn’t get to finance expenses they can’t afford, adding more upward price pressure for the goods they already don’t have enough money to buy.

It’s enough to make your head spin, and it can only possibly result in higher prices in the coming years — including for copper — even if the AI and renewables projections end up being only half what is currently predicted. That said, the broader renewable energy and AI trends are here to stay, and LLMs like ChatGPT require a lot more power than the internet’s current run-of-the-mill web searches:

A ChatGPT search requires 10x as much power as a traditional Google search

Copper supply woes will also continue throughout this year — and if you zoom out even more, interest rate cuts will all but guarantee higher prices even as shorter-term, speculation-fueled spikes and drawdowns cause the market to overheat.

2. ALASDAIR MACLEOD/

Gold and silver’s inflection point

For decades goldbugs have bemoaned that paper markets control and suppress gold and silver. Many of them have yet to realise it, but London forwards and Comex futures no longer set the price.

MACLEODFINANCEMAY 23∙PAID

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London forwards and Comex futures no longer set prices. It is increasingly set by Chinese savers and their demand for physical metal.

In this article, I estimate the depth of Chinese demand for gold, and assess global demand for silver in the year ahead. In gathering my evidence, I quantify China’s household savings, and point out that their alternatives to buying into rising gold values are few. This is evidenced by householders building their bank deposits, and for them there is now a more exciting alternative — gold and also silver of which more to follow.

The quantities of gold to satisfy likely investor demand, and this will almost certainly be reflected in silver as well, are truly staggering. Geopolitics reinforce the trend. Chinese investors are certainly aware that their central bank is selling dollars for gold, and that the Communist Party’s official position is to eliminate the use and possession of dollars as much as possible. They could hardly have a bigger hint from their authorities.

The background

It has taken nearly four years for gold to break out above its $2070 glass ceiling, first set in August 2020. Interestingly, the 55-day moving average is not far behind and also rising strongly (currently at $2285) which suggests that the current consolidation — and there will be more of them from time to time — is likely to be minor.

There are two reasons behind this development. The first is massive demand from China, and the second is a growing realisation that the dollar’s fiat days are numbered. It amounts to the end of paper pricing in London and Comex. Let’s look at Chinese demand first.

China has a notoriously high savings rate, only second to Singapore and estimated in 2022 to have run at about 46%. What this means is that the estimated total of income and business profits not being spent on consumer and intermediate products which make up GDP measured by product output are being “saved” or invested. It is credit being reallocated into non-GDP items and investments of all sorts. In an $18.4 trillion equivalent economy output measured by GDP, that’s $8.5 trillion of savings.

Those savings go into property, capital for industrial production, government bonds, invested in stock markets or accumulated in bank deposits. China is a special case in that investment abroad is restricted through strict licencing, and last year only $33bn was permitted investment in foreign factories etc. That leaves $8.27 trillion bottled up in China. Just 10% of that, if allocated into gold is the equivalent of over 10,500 tonnes of gold at today’s prices.

Another perhaps more focused way to look at it is to take the subset of household savings. The estimate for the annual rate of household savings is 35% of GDP, according to OECD data. This means that households are putting aside $6.3 trillion annually, in addition to their existing holdings of assets. For households, the choice is broadly limited to property, the stock market, bank deposits, and gold.

Property is less popular because that bubble has recently been lanced. The stock market has risen 7% this year so far after recent losses, so presumably a small proportion of total savings might be invested there. That leaves bank deposits and gold. So far this year, the most popular investment medium is certificates of deposits offered by banks, which with a three-year term give a yield of 3%. These are regarded as the safest form of investment, some of which can be cashed in at short notice.

Investors’ preoccupation with bank CDs reflects deep pessimism. Burned by the Evergrande property disaster, they know that backed by the state their bank deposits are at least safe. Their memories of stock market performance are informed by the losses of the last three years, and they are yet to be convinced buyers. But as long-term buyers of gold, it appears that they have latched onto its rising trend. This is illustrated in my next chart:

I should add a little context. Individuals were unable to buy gold before 2002, when the CNY price had already risen to CNY2,500. However, if the chart had been on a logarithmic scale, it would have shown a relatively constant rise illustrated next

The pecked line is the logarithmic trend over time, which tells us that while the arithmetic scale looks scarily in need of correction, the logarithmic scale tells us that current prices are close to the long-term average trend in real terms. And there can be little doubt that trend-chasing Chinese households with some $6.3 trillion (CNY46 trillion) to invest this year are observing the rising gold price with growing interest. CNY46 trillion is over 80,000 tonnes of gold at current values. And being just one year’s additional savings, possible reallocation from existing investments from less fashionable alternatives are an additional factor.

Obviously, it would be wrong to assume that savers will put all their eggs in a golden basket. But the figures show that if Chinese investors continue to allocate just a small part of their savings into gold, the effect on gold’s value measured in yuan and therefore the dollar (nearly all this gold has to be sourced internationally) will be dramatic. And it explains why even with the West selling, the gold price continues to rise dramatically.

China’s banks offer gold accounts to their customers, so it is easy for an individual typically investing at least CNY500 ($70) to switch bank deposits into a gold deposit account, as well as buying physical gold in high street stores, or dealing in gold on smartphone aps. Additionally, futures are available on the Shanghai Futures Exchange to provide leverage for larger speculators. It is clear that bullion demand is being driven through all these channels.

Chinese investors will also be aware of the government’s policy to do away with dollars as much as possible. They will have observed how the Americans cut off Russia from SWIFT, effectively stealing her foreign currency reserves. They will be fully aware of America’s increasing belligerence over Taiwan and targeting trade with China with tariffs. While there will be internal critics of China’s anti-dollar policy, they dare not express their views. And the saving masses will believe in the official line.

They will have also observed the Peoples Bank selling dollars to buy gold. Above all else, this is the clearest of public signals. Therefore, the conditions are set for savers to increase their buying of gold. Other than bank deposits, for increasing numbers of ordinary people it is becoming the only investment worth considering.

The collapse of western government finances

It will be increasingly obvious to the Chinese people and those of allied nations that western government finances are in a mess. Until now, they have probably given little thought to the matter. But for any Asian who has a basic understanding that gold is money, and an unattached currency is not, he or she is bound to begin considering dollar basics.

The US Government has a debt to GDP ratio of about 130% and rising, while the Chinese government’s is at 23%, or 55% if you include local governments. The level of the US Government’s debt ratio is increasing, with budget deficits not being reined in. American delegations from the US Treasury to Beijing come and go, presumably hoping that China will buy dollars and more US Government debt. At the same time, US politicians behave like imperialists, lecturing the Chinese for being undemocratic and undermining American production with cheap exports. You don’t need to be the brain of Beijing to see how muddled the Americans are, and that China could even decide to get rid of dollars even faster than it is at the moment.

The US is imposing new trade tariffs of 100% on electric vehicle imports from China, and crippling tariffs on solar products, semiconductors, battery parts, and steel. This week, Janet Yellen told EU law makers in Frankfurt that they would have to follow the US by restricting imports of Chinese green technology. Doubtless they will, and the UK will come under protectionist pressure as well. The consequence is that China will have less use for dollars and euros than they would otherwise have, and price inflation in these currencies will increase due to these policies alone. It is hardly surprising that China, its allies, and their citizens are dumping dollars and US treasuries at an increasing pace.

In China and throughout Asia, a growing understanding of the consequences of trade protectionism as well as the deplorable condition of US Government and other G7 nations’ finances undoubtedly will be reflected in higher values for gold and silver.

Silver is demanded and in short supply

Traditionally, when gold is running, silver runs twice as fast. In some up days recently, silver has risen more than this against gold, due to a squeeze on physical supplies.

The Silver Institute released its latest estimates for the demand-supply balance only last month. It estimates that there has been a supply deficit for the last four years, totalling 828.1 million ounces, which is just short of annual global mining output. And it further estimates that in 2024 there will be an additional shortfall of 265 Moz. These shortfalls include a line item “Net investment in ETPs”, adding 50 Moz to the market supply shortfall of 215.3 Moz making up that 265 Moz deficiency.

These shortfalls are covered by existing bullion inventories being drawn down. According to Metal Focus, identifiable bullion inventories totalled 1,278 Moz at end-2022, mainly held in loco-London or in CME depositories. These have declined since due to supply deficits leading to a market which is now essentially illiquid.

Obviously, the estimate of 50 Moz net ETP investment demand is a best guess, as is investment of 212 Moz in physical coin and bar. But these estimates cannot have included the consequences of Chinese investor demand on the back of a soaring gold price, being such a recent and not yet understood development.

The point is that throughout Asia silver is regarded as money just as much as gold has been in the past. And if Chinese investors and speculators are drawn to buying gold, they will also buy silver, which for retail buyers appears to be more affordable. In short, recent developments mean that demand for silver is being seriously underestimated along with that of gold.

The amazing thing about all this is that we westerners have no clue about the magnitude of these pent-up forces which are driving fiat currencies into oblivion. It could lead to bans of gold ownership in the US and UK — bans on silver ownership seem less likely. It could almost certainly lead to a crisis in London and Comex paper markets with participants defaulting. If indeed that happens, it will only intensify the crisis driving gold and silver values even higher as the billions of people not in the West and not banned from dealing scramble to emulate the Chinese households and grab what metal they can.

END

PAM AND RUSS MARTENS

Trouble ahead

Another FDIC-Insured Bank Got in Bed with Fintech; It’s Now Got a Dumpster Fire and Desperate Pleas from Customers for their Money

By Pam Martens and Russ Martens: May 23, 2024 ~

Exactly how long is it going to take federal banking regulators to figure out that “move fast and break things” – the business model of Silicon Valley financial technology (fintech) startups and their voracious venture capital backers – is the last thing that Americans want to be integrated into the FDIC-insured bank where they hold their money to pay their mortgage and to buy food to feed their children.

After one form of fintech – crypto – hastened the demise of several FDIC-insured banks in the spring of last year, handing billions of dollars in losses to the FDIC’s Deposit Insurance Fund, a rational person might have thought that federal banking regulators would have moved rapidly to shut down this lunatic banking model. But no. The story becomes ever more surreal today.

Below is the desperate plea filed on Tuesday with the court that is hearing the bankruptcy proceedings of the fintech firm, Synapse Financial Technologies. A father says his daughter has been working after school at a florist shop to save money for college and now finds that her $1,730 in deposits, ostensibly placed at FDIC-insured Evolve Bank and Trust by Synapse, have disappeared into a black hole.

Appeal to Judge re Evolve Bank and Trust Frozen Account

Customers of another fintech, Yotta, are screaming on Reddit that they also can’t get access to what they were told by Yotta would be FDIC-insured deposits held at Evolve Bank and Trust. The Synapse bankruptcy appears to also be at the center of the Yotta/Evolve Bank and Trust mess.

Yotta explains itself like this on its website: “Instead of a simple flat interest rate that other bank accounts have, Yotta offers a prize-linked account that pays interest in prizes.” (What could possibly go wrong with this model?) The text on the rest of that Yotta website page is so bizarre that it feels like satire on Saturday Night Live.

Synapse is a fintech startup that had financial backing from Andreessen Horowitz, the giant Menlo Park, California venture capital firm. Synapse describes itself as “a finance platform” that “provides payment, card issuance, deposit, lending, compliance, credit and investment products as APIs [Application Programming Interface] to more than 18 million end users.”

Apparently, other FDIC-insured banks besides Evolve Bank and Trust are also involved in this mess. In 2023 Synapse announced “A New Partnership with AMG National Trust.” In 2022, it announced a “Partnership with Lineage Bank.” Synapse’s partnership with Evolve Bank and Trust dates back to 2017 and was renewed in 2022.

If all of this isn’t frightening enough, Synapse shares on its website that it also owns a registered broker-dealer (brokerage firm) that is regulated by Wall Street’s self-regulator, FINRA.

According to documents filed in the bankruptcy court proceedings, on May 11 of this year Synapse discontinued access to its dashboard that allowed bank visibility to critical financial data, such as beneficial owner account balances.

On May 17, Evolve Bank and Trust posted this statement on its website:

“Evolve Bank & Trust supports today’s (Friday, May 17, 2024) United States Bankruptcy court rulings regarding our motion and maintains unwavering dedication to safeguarding the security of all end user funds. Since the unfortunate necessity of freezing certain transactions, our teams have been tirelessly working to guarantee account accuracy, enhancing security measures, and ultimately restoring access to funds for our valued customers.

“Today’s rulings and Judge Martin R. Barash’s remarks serve to validate what we have steadfastly asserted all along: Synapse’s abrupt shutdown of essential systems without notice and failure to provide necessary records needlessly jeopardized end users by hindering our ability to verify transactions, confirm end user balances, and comply with applicable law. Evolve’s position is further corroborated by the U.S. Trustee’s emergency filing, which warns of Synapse’s ‘gross mismanagement’ in deciding to cut off access to its computer systems over a weekend.

“As a robustly well-capitalized FDIC institution exceeding the capital thresholds for the highest category of capitalization under PCA (‘well capitalized’), our primary focus is on ensuring the protection of end user funds. This becomes paramount when essential reporting and information necessary for transaction processing are not forthcoming from our critical service provider.

“Evolve operates in accordance with federal regulations governing financial institutions. Any insinuation suggesting that Evolve has intentionally mishandled or withheld funds is entirely false and defamatory.

“As we move forward, Evolve Bank & Trust reaffirms our commitment to collaborating with financial industry partners with the shared goal of providing customers access to their funds. We are dedicated to addressing any challenges that arise with agility and efficacy, ensuring the integrity and security of all customer funds remain paramount.”

Anyone who thinks this is going to end well might want to browse the following:

3. CHRIS POWELL//GATA DISPATCHES

CHRIS POWELL…

4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS /

5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//COFFEE BEANS//ROBUSTA

Bean Used In Instant Coffee Soars The Most Since 2011

WEDNESDAY, MAY 22, 2024 – 08:00 PM

Futures for robusta, the cheaper coffee bean grown at lower altitudes and requiring less care than more expensive arabica, jumped the most in London on Tuesday since 2011 as concerns increased over shrinking supplies from top grower Vietnam.

Robusta bean prices in London closed up 6.72% on Tuesday, the largest daily increase since April 5, 2011—or more than 13 years ago. The driver has been droughts crushing production in Vietnam. Even though rains have improved the outlook, supply woes linger throughout the year.

Robust demand for the bean and a recent International Coffee Organization report warning about global supply woes have sent bean prices soaring. Since 2020, the bean has jumped 265%.

On Tuesday, Andrea Illy, chairman of Italian coffee roaster Illycaffe SpA, warned on Bloomberg TV that demand for robusta beans is very strong, even as arabica is not being used in blends.

“It’s a quite unique dynamic in the market,” Illy said, adding that “for certain kinds of preparation, like instant coffee, robusta is more important.”

A recent note from Rabobank analyst Guilherme Morya showed strong exports for robusta and arabica from Brazil, the world’s top coffee producer. He cited the growing uncertainties about Vietnam’s production as attracting fast-money hedge funds into the futures market.

Last Friday, a report from the US Department of Agriculture said harvests in Indonesia will begin this month or next, marking a “substantial delay from the norm” due to El-Nino-related droughts.

Here are two of our latest notes on the global physical coffee market:

Meanwhile, robusta, arabica, cocoa, and orange juice futures have been spiraling higher.

This comes as spot commodities tracked by Bloomberg are moving higher.

Soaring commodity prices are not the best news for Fed doves, hoping Powell will squeeze off at least two interest rate cuts by the end of the year.

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

END

ASIA TRADING//THURSDAY MORNING/WEDNESDAY NIGHT

ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING.7:30 AM

ONSHORE YUAN: CLOSED UP TO 7.2404

OFFSHORE YUAN: UP TO 7.2507

SHANGHAI CLOSED DOWN 42.15 PTS OR 1.33 %

HANG SENG CLOSED DOWN 326.80 PTS OR 1.70%

2. Nikkei closed UP 486.12 PTS OR 1.26 %

3. Europe stocks SO FAR: ALL MOSTLY GREEN

USA dollar INDEX DOWN TO 104.65 EURO RISES TO 1.0847 UP 22 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.992 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 156.65 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 UP CHINESE ONSHORE YUAN: UP OFFSHORE: UP

3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

3g Oil UP for WTI and UP FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5380/Italian 10 Yr bond yield DOWN to 3.825 SPAIN 10 YR BOND YIELD DOWN TO 3.295%

3i Greek 10 year bond yield UP TO 3.538

3j Gold at $2368.30//Silver at: 30.67 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 10/ 100 roubles/dollar; ROUBLE AT 90.15

3m oil into the 78 dollar handle for WTI and 82 handle for Brent/

3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 156.65/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.992% 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 0.9133 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9906 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 4.418 DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.540 DOWN 1 BASIS PTS/

USA 2 YR BOND YIELD: 4.864 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.18…(TURKEY)

10 YR UK BOND YIELD: 4.2510 DOWN 2 PTS

2a New York OPENING REPORT

2B EUROPE OPENING/TRADING

APAC stocks traded mixed following soft performance of US cash markets after FOMC minutes but before receiving support post-Nvidia earnings – Newsquawk Europe Market Open

THURSDAY, MAY 23, 2024 – 01:34 AM

APAC stocks traded mixed following soft performance of US cash markets before receiving support post-Nvidia earnings.
Nvidia’s earnings topped forecasts and the Co. also announced a ten-for-one stock split; +6% after-hours.
FOMC Minutes suggested the disinflation process would take longer than previously thought.
European equity futures indicate a positive open with the Euro Stoxx 50 future up 0.3% after the cash market closed lower by 0.4% on Wednesday.
UK PM Sunak confirmed reports that he will call for a general election on July 4th.
DXY held onto recent spoils and remains just below the 105 mark, NZD leads the majors once again.
Looking ahead, highlights include EZ, UK, US PMIs, US IJC, EZ Consumer Confidence, Q1 Negotiated Wages, CBRT Announcement, Comments from Fed’s Bostic, Supply from US.

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US TRADE

EQUITIES

US stocks were lower with underperformance in the small-cap Russell 2000 as traders awaited the pivotal Nvidia earnings after-hours and with mild hawkish headwinds following hotter-than-expected CPI data from the UK and after the FOMC Minutes noted that recent data had not increased confidence in progress towards the 2% inflation goal and suggested the disinflation process would take longer than previously thought. Nonetheless, futures saw some support after-hours following Nvidia’s earnings which topped forecasts and the Co. also announced a ten-for-one stock split.
SPX -0.27% at 5,306, NDX -0.05% at 18,705, DJIA -0.51% at 39,671, RUT -0.79% at 2,081.
Click here for a detailed summary.

FOMC MINUTES

FOMC Minutes stated that participants assessed it would take longer than previously anticipated to gain greater confidence in inflation moving sustainably to 2%, while participants noted recent data had not increased confidence in progress towards the 2% inflation goal and suggested the disinflation process would take longer than previously thought. Various participants mentioned a willingness to tighten policy further should risks to the outlook materialise and make such action appropriate. Furthermore, many participants commented on uncertainty about the degree of policy restrictiveness and almost all participants supported the decision to begin to slow the pace of decline of the central bank’s securities holdings, while a few could have supported a continuation of the previous pace.

NOTABLE HEADLINES/EARNINGS

US House Committee advanced a bill that would make it easier for President Biden to enforce export curbs on AI systems.
NVIDIA Corp (NVDA) Q1 2024 (USD): Adj. EPS 6.12 (exp. 5.57), Revenue 26.04bln (exp. 24.57bln); announced ten-for-one forward stock split and cash dividend raised 150% to USD 0.01/shr on a post-split basis.

APAC TRADE

EQUITIES

APAC stocks traded mixed after the negative performance of cash markets stateside and with US futures boosted after hours owing to Nvidia’s earnings which also helped some semiconductor names in Asia.
ASX 200 was dragged lower by underperformance in the mining sector after recent declines in underlying metal prices and with industry giant BHP pressured after Anglo American rejected its latest proposal and gave it another 7 days to make an improved offer.
Nikkei 225 was underpinned and reclaimed the 39,000 status with the index helped by recent currency weakness and as tech stocks were inspired by Nvidia’s strong earnings report.
Hang Seng and Shanghai Comp were subdued amid ongoing frictions after the USTR posted details of the proposed tariffs on Chinese imports and China’s took countermeasures against a dozen US firms.
US equity futures (ES +0.6%, NQ +0.9%) were lifted after the stronger-than-expected Nvidia earnings report.
European equity futures indicate a positive open with the Euro Stoxx 50 future up 0.3% after the cash market closed lower by 0.4% on Wednesday.

FX

DXY held on to the prior day’s spoils after climbing to just shy of the 105.00 level with mild tailwinds seen following the FOMC Minutes which noted that participants assessed it would take longer than previously anticipated to gain greater confidence in inflation moving sustainably to 2%.
EUR/USD remained contained after it recently gave up ground to the firmer buck and as comments from ECB officials continued to point towards a June rate cut.
GBP/USD lacked conviction after fading CPI-induced advances and reverted to near the 1.2700 focal point.
USD/JPY kept afloat but with further upside capped after stalling on approach towards the 157.00 level.
Antipodeans picked themselves up from yesterday’s retreat with outperformance in NZD despite the less hawkish comments from RBNZ Governor Orr.

FIXED INCOME

10-year UST futures were flat after yesterday’s choppy mood, a softer 20-year auction, and as supply looms.
Bund futures lacked direction following recent indecisiveness and as the attention turns to PMI data.
10-year JGB futures eked mild gains with the BoJ in the market for over JPY 1.2tln of JGBs in 1yr-10yr maturities.

COMMODITIES

Crude futures continued to trickle lower following the recent bearish inventories data.
Russian Energy Ministry said Russian oil production was within OPEC+ guidelines in Q1 and Russia exceeded OPEC+ quota in April due to technical reasons in output cuts, while it added that Russia is to submit a plan soon on compensation to the OPEC secretariat, according to Reuters.
Spot gold remained lacklustre after slipping back beneath USD 2,400/oz amid recent dollar strength.
Copper futures languished around this week’s worst levels with prices not helped by the mixed sentiment in Asia.

CRYPTO

Bitcoin was firmer overnight but with gains capped by resistance around the USD 69,500 level.
US House voted to pass the FIT21 cryptocurrency regulations bill that creates a path for cryptocurrencies to be exempt from many securities regulations if they achieve a sufficient level of decentralisation.

NOTABLE ASIA-PAC HEADLINES

BoK kept its base rate unchanged at 3.50%, as expected, with the decision unanimous, while it stated that consumption recovery is modest and it will maintain a restrictive policy stance for a sufficient period of time. BoK said exports are to sustain growth and it is to monitor trends of slowing inflation and risks to financial stability. BoK Governor Rhee said chances of a policy interest rate increase are “limited” and that one board member said the path to a rate cut should be opened for the next three months, while Rhee added it is unclear when they will start discussing interest rate cuts given the uncertainty in inflation path and they have not discussed the size of cuts needed.
South Korea announced a KRW 26tln support package for the chip industry and President Yoon announced they are to establish a KRW 17tln semiconductor financial assistance program at state-run Korea Development Bank, while they will extend the tax credit for the semiconductor industry set to expire at the end of this year.
MAS said the current policy stance remains appropriate and the prevailing rate of the exchange policy band is needed to keep restraining imported inflation and domestic cost pressures.
RBNZ Governor Orr said it is disappointing how stubborn domestic component inflation remains and the biggest risk we run is that we don’t get inflation low and stable, according to Reuters. RBNZ Governor Orr also commented in a Bloomberg interview that another rate hike would only be meaningful if they believed inflation was getting away from them and noted that patience on inflation is not exhausted. Furthermore, he said inflation will not hinge on any single piece of data and that they can start to ease before inflation hits 2%.

DATA RECAP

Singapore GDP QQ (Q1 F) 0.1% vs Exp. 0.1% (prev. 1.2%)
Singapore GDP YY (Q1 F) 2.7% vs Exp. 2.5% (prev. 2.7%)
Japanese JibunBK Manufacturing PMI Flash SA (May) 50.5 (Prev. 49.6)
Japanese JibunBK Services PMI Flash SA (May) 53.6 (Prev. 54.3)
Australian Judo Bank Manufacturing PMI Flash (May) 49.6 (Prev. 49.6)
Australian Judo Bank Services PMI Flash (May) 53.1 (Prev. 53.6)
New Zealand Retail Sales Volumes QQ (Q1) 0.5% vs. Exp. -0.3% (Prev. -1.9%)
New Zealand Core Retail Sales QQ (Q1) 0.4% vs Exp. 0.0% (Prev. -1.7%)

GEOPOLITICS

MIDDLE EAST

US Defense Secretary Austin advocated during a call with Israeli Defence Minister Gallant for an effective mechanism to deconflict humanitarian and military operations in Gaza, according to the Pentagon.
EU countries reportedly agreed on 10 new subjects to be added to Iran sanctions, according to Reuters citing sources.

OTHER

Blasts were heard in Russia’s Belgorod after missile attack warning, according to RIA.
China’s military began joint military drills surrounding Taiwan, according to Chinese state media.
Chinese state broadcaster said Taiwan President Lai’s May 20th speech was a ‘complete confession’ of Taiwan independence and seriously ‘provoked’ the One-China principle, as well as undermined peace and stability across the Taiwan Strait. China’s state broadcaster stated that Lai’s speech was ‘extremely harmful’ and used ‘country’ to refer to Taiwan throughout his speech, while Lai has no sincerity in promoting cross-strait exchanges and China’s drills around Taiwan are ‘punishment’ for Lai’s provocation.
Taiwan Defence Ministry said it expresses strong condemnation of Chinese military drills and has dispatched forces, while it will take practical actions to protect freedom and democracy, as well as have the ‘ability, determination and confidence to ensure national security’. Taiwan’s Defence Ministry said ground forces have reinforced defence coordination and safety of military camps, while air defence and land-based missile forces are collecting intelligence on targets.
Taiwan’s Presidential Office said it is regrettable to see China threatening Taiwan’s democratic freedoms and regional peace and stability with unilateral military provocation and Taiwan’s consistent position is that maintaining regional peace and stability is the common responsibility and goal of both sides of the strait.

EU/UK

NOTABLE HEADLINES

UK PM Sunak confirmed reports that he will call for a general election on July 4th.
ECB’s Schnabel said if data confirms the outlook, a June cut is likely and she sees a slight revival in the Euro-area economy, while she added that inflation is likely to return to 2% without a recession. Furthermore, Schnabel said wage growth is slowing gradually.

NORTH KOREA/SOUTH KOREA

END

2e) JAPAN

JAPAN

Japanese 10Y Yield Rises Above 1% For The First Time Since 2013

Slowly but surely, Japan’s bond market is approaching its inevitable disintegration.

With the BOJ caught in an impossible dilemma, where on one hand it is facing soaring inflation and is forced to tighten monetary policy to prop up and push the imploding yen higher in order to avoid social rebellion, while on the other hand, said tightening is pushing bond yields ever higher as the BOJ steps away from being the buyer of first, last and any other resort, a bond market which is majority owned by the same BOJ, this morning Japan’s 10-year government bond yield climbed to 1% for the first time in 11 years, propelled by growing expectations that the BOJ will have to take further tightening steps in the coming months as rampant inflation persists .

The 10-year yield briefly touched the threshold Wednesday, its highest level since May 2013, before swinging both below and above the historic level later in the session.

Longer-term JGB yields climbed more sharply than the 10-year yield. The 30-year yield was recently 5.5 basis points higher at 2.140%.

Investors have been speculating about the timing of another Bank of Japan rate hike and a possible reduction in its government-bond purchases after the BOJ ended its negative interest-rate policy and halted much of its unorthodox easing measures in March, which however were viewed as so dovish and were so eagerly telegraphed, the decision to “tighten” actually sent the yen plummeting, and unleashed even more inflation.

Some analysts say the Japanese central bank might slow its bond-buying partly to support the yen, which has depreciated sharply over the past couple of years as the BOJ maintained its ultraloose monetary policy while other central banks raised interest rates.

Last week, the BOJ offered to buy a smaller amount of Japanese government bonds maturing in five to 10 years on the following day compared with its previous operation, and maintained the reduced amount on Friday. That raised speculation that it will start winding back its monthly JGB purchases.

Commenting on the yen’s muted reaction to the 10Y JGB yield hitting 1%, BofA strategist Shusuke Yamada said the key point is that market volatility has decreased, making it easier to sell the yen for low-interest-rate carry trades. Indeed, the USDJPY rose to a session high of 156.60 briefly in Tokyo as outward direct investment and outward securities investment through NISA continue to be in the background. As for yen interest rates, nominal rates are rising, but real rates are still negative.

Meanwhile, the strategist also noted that Japan-US interest rate differential is still above 5% for the short term, which is the target of the carry, and yen is not going to strengthen just because the interest rate differential has narrowed a little. In fact, according to Yamada, the valuation of the yen as undervalued will not come into play until the short-term Japan-US interest rate differential falls below at least the 3% level. For example, even if interest rate differentials in the 5% range stop falling at the 4% level, it is difficult to correct the yen’s depreciation

end

3 CHINA

END

CHINA/TAIWAN

China Initiates Large Drills ‘Surrounding’ Taiwan As Warning To New President Lai

WEDNESDAY, MAY 22, 2024 – 09:20 PM

A mere few days after Taiwan’s new president, Lai Ching-te, was sworn into office at the start of the week, China’s military on Thursday morning (local time) initiated two days of large-scale military drills.

PLA navy ships and aircraft are now reportedly “surrounding the island of Taiwan,” according to state media and PLA statements. The drills are said to be ensuing in the Taiwan Strait as well as to the north, south and east of the island – and additionally near the disputed tiny islands of Kinmen, Matsu, Wuqiu, and Dongyin in the East China Sea.

“The Eastern Theater Command of the Chinese People’s Liberation Army (PLA) started joint military drills surrounding the island of Taiwan from 7:45 a.m. Thursday (2345 GMT),” Xinhua news agency said.

Dubbed Joint Sword-2024A, the exercises will “focus on joint sea-air combat-readiness patrol, joint seizure of comprehensive battlefield control, and joint precision strikes on key targets” – according to military spokesman Li Xi.

The statement described that the drills “involve the patrol of vessels and planes closing in on areas around the island of Taiwan and integrated operations inside and outside the island chain to test the joint real combat capabilities of the forces of the command.”

And ominously, Xinhua further cited the spokesman as saying the drills will serve as a “strong punishment for the separatist acts of ‘Taiwan independence’ forces and a stern warning against the interference and provocation by external forces.”

Taiwan’s new president Lai only on Tuesday called on China “to cease their political and military intimidations against Taiwan, and share with Taiwan the global responsibility of maintaining peace and stability across the Taiwan Strait, as well as the greater region, and to ensure the world is free from the fear of war.” These were some of his first words spoken as president.

The drills focus on joint sea-air combat-readiness patrol, joint seizure of comprehensive battlefield control, and joint precision strikes on key targets, involving the patrol of vessels and planes closing in on areas around the island of #Taiwan and integrated operations inside and outside the island chain to test the joint real combat capabilities of the forces of the command. The drills serve as a strong punishment for the separatist acts of “Taiwan independence” forces and a stern warning against the interference and provocation by external forces: spokesperson for the theater command.

https://www.zerohedge.com/geopolitical/china-initiates-large-drills-surrounding-taiwan-warning-new-president-lai

Beijing had previously warned that Lai is a “dangerous separatist” who will ensure future “war and decline” for the island of Taiwan, which China has long claimed as its own.

Lai had underscored in his 30-minutes inaugural speech, “I have always believed that if the leader of a country puts people’s welfare above all, then peace in the Taiwan Strait, mutual benefits, and prosperous coexistence would be common goals,” he said. “I hope that China will face the reality of the Republic of China’s existence.”

While China regularly sends jets to buzz Taiwan’s air defense identification zone, the start of these drills marks an escalation akin to when then-House Speaker Nancy Pelosi landed in Taipei in 2022.

What the 2022 PLA ‘encircling’ drills in response to Nancy Pelosi looked like…

Washington and Taiwan’s Western backers will certainly keep a close eye to see how expansive and threatening these fresh encircling exercises are, at a tense moment the globe is already focused on two other flashpoints and grinding wars in Ukraine and in Gaza. And the United States is involved in funding/arming one side in each instance of all of these conflict zones.

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

GERMANY/

end

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL/HAMAS//

War Cabinet Approves Resumption Of Truce Talks As Israeli Forces Plunge Deeper Into Rafah

THURSDAY, MAY 23, 2024 – 02:45 PM

Facing immense pressure at home and internationally, the Netanyahu government said Thursday that Israel’s war cabinet has approved the resumption of indirect truce and prisoner talks with Hamas.

Israel media says that the country’s negotiating team has been issued directives to seek a breakthrough in talks to get the hostages back. The announcement comes the day after families of the hostages released a harrowing video of several female IDF troops being abducted and held on Oct.7. The families are hoping the footage puts their cause back in the spotlight, so that the government will prioritize their return.

The office of Israeli Prime Minister Benjamin Netanyahu has issued a new statement confirming a team has been ordered to “continue negotiations for the return of the hostages.”

Prior rounds of failed talks broke down especially over the Hamas side’s insistence that Israel’s military completely withdraws from the Gaza Strip as a result of a ceasefire. The war cabinet has reportedly reached compromise on what it intends to push for in Qatar and Egypt-mediated talks, but details have not been revealed:

At the meeting, IDF Maj. Gen. Nitzan Alon, who is one of the negotiators, presented an updated plan after a previous proposal was shot down on Saturday night by Prime Minister Benjamin Netanyahu, the Kan public broadcaster reported.

A source told Kan that the team did not get everything it asked for “but at least progress can be made.”

Some anti-Netanyahu activists have charged that this is really all just a show in to deflect from global criticism of the ongoing ground assault in Rafah, further coming days after the Hague-based International Criminal Court (ICC) issued an arrest warrant for Netanyahu and his defense chief.

Large demonstrations have continued in Tel Aviv, with protesters chanting “Let’s bring them home” – in reference to the remaining hostages – while alleging “the government gave up”. According to a description in Times of Israel:

In Tel Aviv, protesters lit bonfires in the street, blocking traffic in both directions. Some participants dressed as bound and bloodied female soldiers, a reference to concerns that the captives are being sexually assaulted while in captivity. During the Hamas assault on the country, terrorists committed widespread atrocities including gang rape.

Einav Zangauker, whose son Matan is a hostage, said “This evening is a hostage night” after the release of the video showing the soldiers whom, she charged, have been abandoned by the state.

Heavy fighting has meanwhile continued in the south, with reports of 30 IDF soldiers wounded in the last two days in the Gaza Strip, some seriously. Israel’s military spokesman has released a fresh English-language statement emphasizing that the troops are in Rafah in order to liberate the captives from ‘barbaric’ Hamas…

https://www.zerohedge.com/geopolitical/war-cabinet-approves-resumption-truce-talks-israeli-forces-plunge-deeper-raffah

Hamas has issued videos this week showing at least three IDF soldiers taken out by sniper fire. The army faces a significant insurgency which is utilizing a vast tunnel network to strike in small teams.

Al Jazeera summarizes of some recent developments:

The Israeli army intensify its assault on Rafah as the International Court of Justice says it will rule on Friday on a request by South Africa to order Israel to implement a ceasefire in Gaza, including in the southern city.
Israeli forces kill 12 Palestinians in two-day raid on Jenin, in the occupied West Bank.
UN says displaced “families living among the rubble” after more than 800,000 Palestinians flee Rafah as Israeli forces attack.

According to more of the latest eyewitness reports via Reuters, “Residents and militants said tanks had taken up new positions on Wednesday further west than before along the southern border fence with Egypt, and were now stationed on the edge of the Yibna neighbourhood at the centre of Rafah. They had not yet entered the district as fighting had been intense.”

end

the world now sees what animals (Hamas) that Israel is dealing with and a two state solution can never happen as long as HAMAS/PLO rule Gaza

(zero hedge)

Israeli Hostage Families Release Shocking Clip Of Female Troops’ Abduction

WEDNESDAY, MAY 22, 2024 – 02:45 PM

“The world must look at this cruel atrocity. Those who care about women’s rights must speak out. All those who believe in freedom must speak out, and do everything possible to bring all of the hostages home now,” Israeli President Isaac Herzog has said in a statement, reacting to the Wednesday release of footage showing the abduction of five female IDF soldiers by Hamas terrorists on October 7. The women are still being held captive somewhere in the Gaza Strip.

The families of the hostages agreed to release the raw, shocking clip with an aim to revive efforts to free them. It also comes as the European nations of Spain, Norway, and Ireland earlier the same day declared they are formally recognizing a Palestinian state. Watch the video published by Israeli sources below:

https://www.zerohedge.com/geopolitical/israeli-hostage-families-release-shocking-clip-female-troops-abduction

Prime Minister Benjamin Netanyahu called the move by the three nations a “prize for terrorism” and that any future Palestinian state “would try to carry out the October 7 massacre again and again – and that, we shall not agree to.”

“We will continue to do everything to bring them home. The brutality of the Hamas terrorists only strengthens my determination to fight with all my might until Hamas is eliminated and to ensure that what we saw tonight will never happen again.”

In the newly released footage, some of the girls are clearly battered and blood-soaked, and look terrified as they plead with their armed captors in English. They have been identified as Daniella Gilboa, Karina Ariev, Naama Levy, Agam Berger and Liri Albag.

“Take their pictures,” one of the militants is heard saying. “I want you quiet! Quiet! Sit down,” another shouts at one point. “We will shoot you all.” One girl tries to reason with one of the men by saying that she has friends in Gaza.

“These are the Zionists. You are so beautiful,” one terrorist is also heard saying.And in another moment, one says according to an Israeli media translation: “Our brothers died because of you, we will kill you.”

Then the video shows the captors sitting next to girls with machine guns on their chests, while others are on the floor praying. One of the terrorists says, “Here are the girls,” using a term in Arabic that implies they can be impregnated…

Parts of the video which featured dead bodies and other of the more shocking scenes were edited for public release. A father of one of the kidnap victims said: “What else can we do to wake the nation up?”

Israel’s military has said the number of hostages held in Gaza is 128, but dozens are believed to possibly be deceased.

end

Netanyahu Issues Warning To US Leaders Over ICC Arrest Warrants: ‘You’re Next’

WEDNESDAY, MAY 22, 2024 – 10:20 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Israeli Prime Minister Benjamin Netanyahu said Tuesday that he disagrees with arrest warrants sought against him by the International Criminal Court (ICC), suggesting that U.S. leaders could be next.

The ICC this week said it would seek arrest warrants for Mr. Netanyahu, Defense Minister Yoav Gallant, and the Hamas leaders, prompting criticism from both Israeli and top U.S. officials, including President Joe Biden. The ICC claimed that the warrants for the Israeli leadership were over the country’s conduct in the ongoing Israel-Hamas conflict.

Mr. Netanyahu said the warrants against himself and Defense Minister Yoav Gallant over the country’s conduct in its fight against Hamas in the Gaza Strip set a “dangerous” precedent for other democratic countries, including Israel’s allies.

“Israel is given here a bum rap. I think it’s dangerous. Basically, it’s the first democracy being taken to the dock when it is doing exactly what democracies should be doing in an exemplary way,” he told CNN in a televised interview. “It endangers all other democracies. Israel is first, but you’re next. Britain is next. Others are next, too.”

Also in the interview, Mr. Netanyahu asserted that the ICC claims were “false, dangerous, and outrageous,” and that chief prosecutor Karim Khan is only exacerbating the problem. It’s also false to see Israel and Hamas as equals, he added.

“He’s equating the democratically elected leaders of Israel with the terrorist tyrants of Hamas. That’s like saying, well, I’m issuing arrest warrants for FDR and Churchill but also for Hitler. Or I’m going to issue arrest warrants for George W. Bush but also for [Osama] bin Laden. That’s absurd,” Mr. Netanyahu said.

A panel of three judges will decide whether to issue the arrest warrants and allow a case to proceed. The judges typically take two months to make such decisions.

Israel is not a member of the court, so even if the arrest warrants are issued, Mr. Netanyahu and Mr. Gallant do not face any immediate risk of prosecution. But the threat of arrest could make it difficult for the Israeli leaders to travel abroad.

Mr. Khan, the prosecutor, said in a statement Monday that the two may “bear criminal responsibility” for “war crimes and crimes against humanity” in Gaza, including the alleged starvation of civilians, willful killing, persecution, and more. As for Hamas, the ICC said its leaders Yahya Sinwar, Ismail Haniyeh, and Mohammed Diab Ibrahim Al-Masri may be responsible for crimes against humanity, taking hostages as a war crime, torture, various inhumane acts, and more.

International human rights lawyer Amal Clooney, the wife of actor George Clooney, served on a five-member expert panel that advised Mr. Khan. She said the panel had agreed unanimously that there are “reasonable grounds” to believe that both the Hamas and Israeli leaders had committed war crimes, according to a statement issued by her office.

In a statement issued on Monday, U.S. Secretary of State Antony Blinken said Washington rejects the ICC prosecutor’s announcement that he would seek arrest warrants, adding that “we reject the Prosecutor’s equivalence of Israel with Hamas. It is shameful.”

“Hamas is a brutal organization that carried out the worst massacre of Jews since the Holocaust and is still holding dozens of innocent people hostage, including Americans,” he added in the statement.

Hamas, a U.S. State Department-designated terrorist organization, also denounced the ICC prosecutor’s actions, saying the request to arrest its leaders “equates the victim with the executioner.”

Inside the United States, Sen. Bernie Sanders (I-Vt.) said he backed the ICC’s move, saying “these arrest warrants may or may not be carried out, but it is imperative that the global community uphold international law,” according to a statement he issued earlier this week. “Without these standards of decency and morality, this planet may rapidly descend into anarchy, never-ending wars, and barbarism.”

Israel is separately facing a South African-brought case in the International Court of Justice, the top court of the United Nations, in which it accused the country of genocide. Israeli officials have denied those claims.

The ICC was established in 2002 to prosecute people linked to war crimes, genocide, crimes against humanity, and aggression.

Last year, the ICC issued a warrant for Russian President Vladimir Putin on charges linked to the ongoing war in Ukraine. The Kremlin responded by issuing arrest warrants for Mr. Khan and other judges on the international panel.

Other prominent individuals who have been charged by the ICC include former Libyan strongman Moammar Gadhafi, who died in November 2011 amid the “Arab Spring” uprisings of the same year, as well as his son Saif Gadhafi, former Sudanese leader Omar al-Bashir, and African warlord Joseph Kony.

The Associated Press contributed to this report.

END

Hamas should not be rewarded for terrorism with a Palestinian state – editorial

Recognizing Palestine in the aftermath of the October 7 massacre is not a step toward peace; it is a step away from it. It signals to terrorists that their actions can yield political rewards.

By JPOST EDITORIALMAY 23, 2024 05:58

FOUR YOUNG women hostages before and after their capture. (photo credit: Arsen Ostrovsky/X) — FOUR YOUNG women hostages before and after their capture.(photo credit: Arsen Ostrovsky/X)

The fear in their eyes is palpable. In a video released by the Hostages and Missing Families Forum on Wednesday, footage from Hamas terrorists’ body cameras captures the violent kidnapping of female IDF soldiers on October 7. The three-minute video, censored for its graphic content, shows these young women being forcibly taken from their base, their faces etched with terror and despair. Their cries for help and the brutal treatment they endure are stark reminders of the inhumanity inflicted upon them.

The families of the kidnapped soldiers released the video to highlight the ongoing nightmare of their loved ones. The footage shows the violent, humiliating treatment to which they have been subjected. Seven female soldiers were abducted; only two have returned, one rescued by the IDF and the other found dead. Fifteen others were murdered.

This harrowing reality raises a fundamental question: Should such barbaric behavior earn Hamas and its followers a sovereign state?

The path to statehood

The horrific events of October 7 remain etched in our collective memory. Hamas, a recognized terrorist organization, launched an unprecedented attack on Israel. In this brutal onslaught, 1,200 innocent people lost their lives, including women and children. Victims were not only killed and abducted; they were also subjected to heinous acts of violence. The images and reports of these atrocities have shocked the world, painting a grim picture of the true nature of Hamas and its affiliates. To respond to this carnage by recognizing “Palestine” as a state is an affront to justice and human decency.

Recognition of statehood is not merely a diplomatic gesture; it carries profound symbolic and practical implications. By recognizing Palestine now, Ireland, Norway, and Spain are effectively sending a message that the international community is willing to overlook or even excuse acts of terror when perpetrated against Israelis. This undermines the moral fabric of international law, which should hold all actors accountable for such egregious human rights violations.

Palestinians rallying for statehood in Ramallah GAL (credit: REUTERS/Ammar Awad)

The leaders of these countries argue that this recognition is necessary to revive the two-state solution and promote peace. However, this perspective is dangerously naive. A two-state solution cannot be achieved by legitimizing entities that engage in and support terrorism. It can only be done through sincere and peaceful negotiations, which Hamas has repeatedly shown no interest in pursuing.

The timing of this recognition is particularly troubling. It comes just months after Hamas’s brutal invasion and during the ongoing war in Gaza, which has caused immense suffering to both Israelis and Palestinians. By recognizing Palestine now, these European nations are effectively rewarding the very tactics that led to such widespread devastation. This decision undermines the efforts of those genuinely committed to peace and strengthens the position of extremists who thrive on violence and discord.

Israel has long argued that a unilateral recognition of Palestinian statehood without a final status agreement is counterproductive. It encourages those who believe that terror and violence are effective means by which to achieve political ends. This recognition serves as a dangerous validation of such beliefs, potentially enabling further acts of terror not just in the Middle East but globally.

The International community

Ireland, Norway, and Spain assert that their recognition of Palestine aims to open up new diplomatic avenues for peace. However, symbolic gestures that overlook ground realities cannot achieve true peace. Peace requires a commitment to dialogue, security, and mutual recognition of rights. It requires a Palestinian leadership that is willing to renounce terror and genuinely work towards coexistence.

The international community must recognize that the path to a two-state solution is fraught with complexities that cannot be resolved through unilateral actions. Israel has repeatedly shown a willingness to negotiate and make concessions for peace, but these efforts are continually undermined by acts of terror and unilateral moves that sideline genuine negotiations.

The international community has a crucial role to play in fostering peace between Israelis and Palestinians. However, this role must be played with a clear understanding of the realities on the ground. Recognizing Palestine in the aftermath of the October 7 massacre is not a step toward peace; it is a step away from it. It signals to terrorists that their actions can yield political rewards, thereby incentivizing further violence.

The decisions by Ireland, Norway, and Spain to recognize Palestine as a state at this juncture are deeply misguided. They disregard the harsh realities of recent events and reward a strategy of terror. True peace can only be achieved through mutual recognition, security, and sincere negotiations – not through unilateral gestures that embolden extremists.

END

Ben Gvir visits Temple Mount, says recognizing Palestinian state is reward for Hamas
In 1st visit to flashpoint Jerusalem holy site since October 7, national security minister slams Norway, Spain, Ireland, insists on ‘root canal’ operation to remove Hamas in Rafah
By SAM SOKOL FOLLOW
and TOI STAFF
22 May 2024, 4:09 pm
23
National Security Minister Itamar Ben Gvir (left) delivers a video statement near Al Aqsa Mosque on the Temple Mount in Jerusalem, May 22, 2024. (Screenshot: X, used in accordance with Clause 27a of the Copyright Law)
National Security Minister Itamar Ben Gvir (left) delivers a video statement near Al Aqsa Mosque on the Temple Mount in Jerusalem, May 22, 2024. (Screenshot: X, used in accordance with Clause 27a of the Copyright Law)
Far-right National Security Minister Itamar Ben Gvir declared from the Temple Mount in Jerusalem on Wednesday that extending diplomatic recognition to a Palestinian state is tantamount to rewarding Hamas for its brutal October 7 massacre in southern Israel.

During his first visit to the Jerusalem holy site since October 7, surrounded by police officers, Ben Gvir charged in a video message that by moving to recognize a Palestinian state, Norway, Spain and Ireland were “giving a prize to Nukhba [Hamas’s elite commando unit] murderers and abusers.”

His comments came as Norwegian Prime Minister Jonas Gahr Store and Spanish Prime Minister Pedro Sanchez announced on Wednesday morning that their countries would make recognition official on May 28, in a joint move with Ireland, whose leader Simon Harris said he expected other countries to join an upswell of support for Palestinian statehood in the coming weeks.

“In order to destroy Hamas, we need to go into Rafah until the end, to do a root canal,” Ben Gvir also said, calling to cut off fuel deliveries to Gaza and limit supplies transferred to the enclave to humanitarian aid only.

Israel is currently carrying out limited operations in Gaza’s southernmost city, believed to be Hamas’s last main stronghold.

The flashpoint Temple Mount in Jerusalem’s Old City is the holiest place in Judaism, as the site of the two biblical temples. Known to Muslims as the Haram al-Sharif or the Noble Sanctuary, the hilltop compound is home to the Al-Aqsa Mosque, the third-holiest site in Islam.

National Security Minister Itamar Ben Gvir at the Temple Mount on May 22, 2024 (Temple Mount)
Ben Gvir, who heads the far-right Otzma Yehudit party, is an ardent proponent of Jewish visitation rights on the Temple Mount and has made previous visits to the site during his tenure as minister.

A video posted to X showed Jewish members of Ben Gvir’s entourage praying, which many see as inflammatory. Muslims are allowed to pray and enter the compound with few restrictions, while Jews can visit only during limited time slots via a single gate and are not officially allowed to pray, although police frequently tolerate limited prayer.

The Kan broadcaster reported that Prime Minister Benjamin Netanyahu was updated about Ben Gvir’s visit ahead of time.

Ynet news and Kan quoted Jordanian Foreign Minister Ayman Safadi as saying that the national security minister’s “provocative” visit to the Temple Mount was an “attack on the Al-Aqsa Mosque.”

Safadi also welcomed the Norwegian, Spanish and Irish decisions to recognize a Palestinian state.

Turning to video footage of the abduction of several female hostages from the Nahal Oz base on October 7, which is due to be made public on Wednesday evening, Ben Gvir said, “Tonight we will receive further evidence of why Hamas must be totally destroyed.”

A still from footage showing the capture and abduction of Liri Albag, Karina Ariev, Agam Berger, Daniella Gilboa and Naama Levy at the Nahal Oz base on October 7, 2023 (The Hostages Families Forum)
The young hostages, all Israel Defense Forces soldiers, were kidnapped on October 7 when some 3,000 Hamas-led terrorists burst across the border from Gaza by land, air and sea, killing some 1,200 people and seizing 252 hostages, mostly civilians, amid acts of brutality and sexual assault.

File – The torched command center of the Nahal Oz IDF base, overrun by Hamas terrorists on October 7, 2023, during a visit by relatives of slain lookout soldiers on December 19, 2023. (Courtesy/Eyal Eshel)
Vowing to destroy Hamas and free the hostages, Israel launched a wide-scale military offensive which has come under international criticism for its mounting death toll and the humanitarian crisis in the densely-populated coastal enclave.

Statements from far-right members of Netanyahu’s cabinet in the aftermath of October 7 and amid the ongoing war, including Ben Gvir and Finance Minister Bezalel Smotrich, have been cited in international media and world courts as indications that Israel endorses deliberately harming civilians and has genocidal intent against Palestinians in Gaza. Israel bitterly rejects these allegations, and has been defending itself against them at the International Court of Justice in The Hague.

It is believed that 124 hostages abducted by Hamas on October 7 remain in Gaza — not all of them alive — after 105 civilians were released from Hamas captivity during a weeklong truce in late November, and four hostages were released prior to that. Three hostages have been rescued by troops alive, and the bodies of 16 hostages have also been recovered, including three mistakenly killed by the military

END

Israel Has Killed Just 30-35% Of Hamas Fighters: US Intel Officials

THURSDAY, MAY 23, 2024 – 05:00 AM

Via Middle East Eye

Only around 30 to 35 percent of Hamas fighters have been killed after more than seven months of operations by Israel in the Gaza Strip, US intelligence sources told Politico.

According to Politico, the majority of fighters who were members of the Palestinian movement prior to the 7 October attack in southern Israel are still alive, even as the reported death toll in Gaza has reached over 35,000 dead, mostly women and children.

In addition, around 65 percent of Hamas’ tunnel infrastructure remains intact, Politico’s sources said, and thousands of new members are said to have been recruited to the group in recent months.

The report comes as Washington has become increasingly concerned about the viability of Israel’s stated aim of destroying the Palestinian group.

On Monday, General Charles Brown, chair of the joint chiefs of staff, criticized Israel’s strategy in Gaza, warning that the failure of Israeli forces to both secure captured territory and eliminate Hamas from northern Gaza was hampering its ability to achieve its military objectives.

The comments by Brown were a rare note of criticism from the US military, which has aided Israel in its war on Gaza by providing military equipment and assistance through intelligence sharing.

That cooperation has polarized President Joe Biden’s Democratic political base in an election year.

While the Biden administration has thrown its full-fledged support behind Israel’s war efforts, some officials in the administration are beginning to offer more criticism of the Israeli government, particularly on its war strategy and the overall aid situation for the Palestinians in Gaza.

Around 128 people taken captive by Hamas and other Palestinian groups remain in Gaza. Israel’s government insists that military pressure is the best way to free them, and says it will not end its war in Gaza until it “eliminates” Hamas. Dozens of the captives are believed to be dead.

This reporting affirms questions I’ve raised to the State Department numerous times about the possibility of Hamas recruitment going up amid Israel’s US-backed war on Gaza. Here’s just over a week ago:

Quote

Erin Banco

@ErinBanco

19h

NEW: Biden officials have become increasingly concerned that Hamas has been able to recruit during wartime — thousands over the last several months – allowing thee group to withstand months of Israeli offensives. w/@alexbward @laraseligman https://politico.com/news/2024/05/21/biden-admin-hammering-israel-military-strategy-gaza-00159262…

11:37 AM · May 22, 2024

54.6K Views

This reporting affirms questions I've raised to the State Department numerous times about the possibility of Hamas recruitment going up amid Israel's US-backed war on Gaza.
Here's just over a week ago: https://t.co/mKOlfZT0S2 pic.twitter.com/Rjj3gpI1qn
— Prem Thakker (@prem_thakker) May 22, 2024

There is growing discontent in Israel over the war’s progress, with Israeli Prime Minister Benjamin Netanyahu accused of giving up on the Israeli captives.

Ben Gvir visits Temple Mount, says recognizing Palestinian state is reward for Hamas

In 1st visit to flashpoint Jerusalem holy site since October 7, national security minister slams Norway, Spain, Ireland, insists on ‘root canal’ operation to remove Hamas in Rafah

By SAM SOKOL FOLLOW
and TOI STAFF22 May 2024, 4:09 pm

National Security Minister Itamar Ben Gvir (left) delivers a video statement near Al Aqsa Mosque on the Temple Mount in Jerusalem, May 22, 2024. (Screenshot: X, used in accordance with Clause 27a of the Copyright Law)

Far-right National Security Minister Itamar Ben Gvir declared from the Temple Mount in Jerusalem on Wednesday that extending diplomatic recognition to a Palestinian state is tantamount to rewarding Hamas for its brutal October 7 massacre in southern Israel.

Israel is currently carrying out limited operations in Gaza’s southernmost city, believed to be Hamas’s last main stronghold.

National Security Minister Itamar Ben Gvir at the Temple Mount on May 22, 2024 (Temple Mount)

Ben Gvir, who heads the far-right Otzma Yehudit party, is an ardent proponent of Jewish visitation rights on the Temple Mount and has made previous visits to the site during his tenure as minister.

The Kan broadcaster reported that Prime Minister Benjamin Netanyahu was updated about Ben Gvir’s visit ahead of time.

Safadi also welcomed the Norwegian, Spanish and Irish decisions to recognize a Palestinian state.

A still from footage showing the capture and abduction of Liri Albag, Karina Ariev, Agam Berger, Daniella Gilboa and Naama Levy at the Nahal Oz base on October 7, 2023 (The Hostages Families Forum)

The young hostages, all Israel Defense Forces soldiers, were kidnapped on October 7 when some 3,000 Hamas-led terrorists burst across the border from Gaza by land, air and sea, killing some 1,200 people and seizing 252 hostages, mostly civilians, amid acts of brutality and sexual assault.

Vowing to destroy Hamas and free the hostages, Israel launched a wide-scale military offensive which has come under international criticism for its mounting death toll and the humanitarian crisis in the densely-populated coastal enclave.

IRAN

RUSSIA/

Russia says it will strike British targets if UK weapons are used to hit its territory

By REUTERSMAY 23, 2024 13:49

Russian Foreign Ministry spokeswoman Maria Zakharova said on Thursday that Moscow will retaliate with strikes on British targets in and outside Ukraine, if British weapons are used to strike Russian territory.

RUSSIA UKRAINE/USA

Hal Turner Radio Show – BULLETIN: 10:46 PM EDT – Blinken Officially Authorizes Ukraine to Attack Inside Russia

If this is true then this will go hot fast. And markets will suffer

https://halturnerradioshow.com/index.php/news-selections/world-news/bulletin-10-46-pm-edt-blinken-officially-authorizes-ukraine-to-attack-inside-russia

end

COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES

WORLD EVENTS NOTEWORTHY

END

WORLD HEALTH ISSUES

CRISPIN MILLER

DR PAUL ALEXANDER

Vinu’s Newsletter (substack): ‘Obesity and diabetes are vaccine induced autoimmune diseases. Wegovy, Ozempic, insulin injections used to “treat” are contaminated with yeast proteins that cause more

de novo autoimmune diseases. The sickness industry makes you sick and keeps you sick for life. All for profit.’ Very interesting, I found well written stack, I refer, enjoy as I find educational

DR. PAUL ALEXANDERMAY 23

READ IN APP

Obesity and diabetes are vaccine induced autoimmune diseases. Wegovy, Ozempic, insulin injections used to “treat” are contaminated with yeast proteins that cause more de novo autoimmune diseases. (substack.com)

Start Vinu here:

Alexander COVID News_a PCR manufactured fake COVID pandemic is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Subscribed

‘Vaccines are contaminated with numerous animal, plant, human, viral, bacterial, fungal and aeroallergen proteins. One contaminant, bovine adiponectin can result in induction of autoimmunity that causes many diseases including obesity and diabetes.

Role of bovine adiponectin contaminated vaccine induced autoimmunity in the etiology of type 2 diabetes, atherosclerosis related coronary artery disease, cerebral infarction, obesity and polycystic ovarian syndrome; epicutaneous immunotherapy home remedy as a potential prevention or treatment approach

The FDA recently approved Wegovy for obesity. Ozempic is used for type 2 diabetes. Insulin injections are used in both type 1 and type 2 diabetes. Wegovy and Ozempic are two brand names for semaglutide injections. All of them are contaminated with yeast proteins as yeast (Saccharomyces cerevisiae) is used in manufacturing the products.

Predictably, when injected with these products, people start making anti-saccharomyces cerevisiae antibodies (ASCA).

Anti-Saccharomyces cerevisiae antibodies are frequent in type 1 diabetes

ASCA cause numerous diseases including de novo autoimmune disorders due to cross-reaction with human proteins.

Anti-Saccharomyces cerevisiae autoantibodies in autoimmune diseases: from bread baking to autoimmunity

Bioinformatics and epidemiological evidence link yeast protein containing HPV and Hepatitis B vaccines to numerous autoimmune disorders such as vitiligo, narcolepsy, hypothyroidism, systemic lupus erythematosus and rheumatoid arthritis

Former FDA commissioner and Pfizer board member Dr. Scott Gottlieb said:

We have more co-morbid illness among young people in this country — more asthma, more obesity, more diabetes — so there is going to be higher risk with our school-age population,

He should know. He worked hard at FDA and at Pharma to make this happen.

We spend the most money on healthcare and have the sickest population. We know why.’

SLAY NEWS

The latest reports from Slay News

Hospitals Euthanized Patients to Boost ‘Covid Deaths,’ Whistleblowers Testify Several whistleblowers have provided explosive testimony during an official inquiry, revealing that hospitals were euthanizing patients during the pandemic and blaming their deaths on Covid.READ MORE

Pope Francis Warns ‘Climate Change Is a Road to Death’: ‘Global Warming Is Alarming!’The ultra-liberal head of the Catholic Church, Pope Francis, has issued a fearmongering warning about so-called “climate change.”READ MORE

Democrats Planning to Attack Trump’s VP Shortlist with ‘MAGA Extremist’ Narrative Democrats are reportedly planning to launch a smear attack with the obedient corporate media against President Donald Trump’s running mate shortlist.READ MORE

Biden’s Latest Student Debt Handout for College-Educated Voters Costs Taxpayers $7.7 Billion Democrat President Joe Boiden’s administration has just announced that U.S. taxpayers will be paying out another $7.7 billion to wipe the debts of college-educated voters ahead of the critical general election.READ MORE

Alvin Bragg’s Witness Admits to ‘More Serious Crime’ than Trump’s Charges The “star witnesses” presented by Manhattan District Attorney Alvin Bragg have ended up derailing the so-called “hush money” trial against President Donald Trump.READ MORE

Oregon Athletics Officials Threaten to Ban Girls Who Speak Out against Male Athletes in Female Events Athletics officials in Oregon have threatened to ban girls who speak out against male athletes who are competing in female sports events.READ MORE

Supreme Court Refuses to Hear Challenge to Maryland’s ‘Assault Weapons’ Ban The United States Supreme Court has refused to hear arguments in a challenge against Maryland’s anti-Second Amendment ban on so-called “assault weapons.”READ MORE

Judge Cannon Scolds DOJ over Jack Smith’s Trump Documents Case Judge Aileen Cannon has the Department of Justice (DOJ) for pushing Special Counsel Jack Smith’s corrupted classified documents case against President Donald Trump.READ MORE

Dutch Government Begins Euthanizing Young, Healthy Citizens The Dutch government has relaxed its “assisted suicide” laws to begin euthanizing young and physically healthy citizens.READ MORE

Illegal Aliens Admit Flooding Border before Election: ‘We Don’t Want Trump’Illegal aliens are admitting that they are rushing to cross the border into the United States before the critical November presidential election.READ MORE

Democrat Strategist James Carville Blasts Biden: ‘The Age Issue Is Suffocating Him’Veteran Democrat political strategist James Carville has blasted President Joe Biden for complaining about his media coverage.READ MORE

Fani Willis Tells MSNBC Jim Jordan Is a ‘Clown’Georgia’s anti-Trump Fulton Country District Attorney Fani Willis has appeared on MSNBC and smeared House Judiciary Committee Chairman Jim Jordan (R-OH) as a “clown.”READ MORE

Poll Shows Which VP Pick Would Help Trump Win the Most Votes Speculation has been mounting over who President Donald Trump will choose to be his running mate.READ MORE

EVOL NEWS

Liberal Comedian SNAPS Back At Woke ‘View’ Hosts – EVOL READ MORE…

LATEST NEWS:

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

Pfizer Whistleblower: Covid Shots Were Spiked with Deadly Poisons A former Pfizer employee has come forward to blow the whistle with explosive allegations, issuing a red alert to the public that the company’s Covid mRNA shots were spiked with deadly poisons.READ THE FULL REPORT

Colorado University’s Covid Vaccine Mandate Ruled Unconstitutional by Federal Court A federal court has ruled that the University of Colorado Anschutz School of Medicine’s COVID-19 vaccine mandate is unconstitutional.READ THE FULL REPORT

Trump Motions to Dismiss Case after ‘Bombshell Revelations’ on FBI’s Mar-a-Lago Raid President Donald Trump’s attorneys alleged in filings docketed Tuesday that prosecutors in the classified documents case violated his constitutional rights on several occasions.READ THE FULL REPORT

Biden Admin to Release One Million Barrels of Gasoline from Northeast Reserve to Lower Pump Prices The Biden administration plans to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve to help lower prices at the pump ahead of the busy summer driving season, according to a statement from the White House.READ THE FULL REPORT

Jack Smith Threatens to Unseal New Evidence in Trump Case New documents are set to be released in the Florida case concerning classified files from President Donald Trump, following a deal struck between defense lawyers and special counsel Jack Smith’s team.READ THE FULL REPORT

Top Immunology Expert: All Covid Vaxxed ‘Will Die in 2-5 Years’

A world-leading immunology expert has warned that every single person who received at least one dose of a Covid mRNA vaccine “will die in the next two to five years.”
READ THE FULL REPORT

‘Long Covid’ Exposed as Cover Up of Vaccine-Induced HIV

A bombshell new report has revealed that cases of so-called “long-Covid” are actually a cover-up for those who are suffering from mRNA vaccine-induced HIV.
READ THE FULL REPORT

Federal Government Blocked Probe into Hunter Biden

The House Ways and Means Committee released an affidavit on Wednesday from IRS whistleblower Gary Shapley, who stated that the CIA seemed to have instructed Assistant United States Attorney (AUSA) Lesley Wolf to prevent an IRS team from investigating Hunter Biden’s connection to his benefactor, Kevin Morris.
READ THE FULL REPORT

Fox Anchor Reveals Shocking Personal News On Air

Charles Payne, the anchor for Fox Business, disclosed on the Wednesday edition of “Fox & Friends” that his niece had been a victim of a shooting incident in Harlem a few weeks ago.
READ THE FULL REPORT

Sanctuary State FREES Illegal Despite Heinous Crime

An undocumented immigrant, who was found guilty of causing the deaths of two children, was set free from prison after completing his sentence by the state of Connecticut, which is known as a sanctuary state, instead of being handed over to Immigration and Customs Enforcement (ICE) for deportation.
READ THE FULL REPORT

end

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 THURSDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR: 1.0847 UP .0022

USA/ YEN 156.65 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 1.2735 UP .0015

USA/CAN DOLLAR: 1.3665 DOWN .0025 (CDN DOLLAR UP 25 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 326.80 PTS OR 1.33%

Hang Seng CLOSED DOWN 415.60 PTS OR 1.80%

AUSTRALIA CLOSED DOWN 0.46 %

// EUROPEAN BOURSE: ALL MOSTLY GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL MOSTLY GREEN

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 415.60 OR 2.12%

/SHANGHAI CLOSED DOWN 42.15 PTS OR 1.33%

AUSTRALIA BOURSE CLOSED DOWN 0.46%

(Nikkei (Japan) CLOSED UP 486.12 PTS OR 1.33%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 2367.00

silver:$30.578

USA dollar index early THURSDAY morning: 104.65 DOWN 19 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.225% UP 8 in basis point(s) yield

JAPANESE BOND YIELD: +1.001% UP 0 AND 0/ 100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.363 UP 7 in basis points yield

ITALIAN 10 YR BOND YIELD 3.904 UP 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.612 UP 8 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.0827 UP 0.0003 OR 3 basis points

USA/Japan: 157.06 UP .322 OR YEN IS DOWN 32 BASIS PTS

Great Britain/USA 4.308 UP 3 BASIS POINTS //

Canadian dollar DOWN .0004 OR 4 BASIS pts to 1.3694

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2434 (ON SHORE)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2593)

TURKISH LIRA: 32.20 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 6 in basis points from WEDNESDAY at 4.495% //trading well ABOVE the resistance level of 2.27-2.32%)

USA 30 yr bond yield 4.592 UP 5 in basis points /12.00 PM

USA 2 YR BOND YIELD: 4.9444 UP 7 BASIS PTS.

GOLD AT 11;30 AM 2347.35

SILVER AT 11;30: 30.16

Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 12:00 PM//

London: CLOSED DOWN 31.10 PTS OR 0.37%

German Dax : CLOSED UP 11.12 PTS OR 0.02%

Paris CAC CLOSED UP 10.22 PTS OR .13 %

Spain IBEX CLOSED DOWN 17.90 OR 0.16%

Italian MIB: CLOSED UP 7.15 PTS OR 0.02 PTS

WTI Oil price 77.46 12EST/

Brent Oil: 81.92 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 90.02 ROUBLE UP 0 AND 4/100

GERMAN 10 YR BOND YIELD; +2.612 UP 8 BASIS PTS.

UK 10 YR YIELD: 4.304 UP 3 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0809 DOWN 0.0016 OR 16 BASIS POINTS

British Pound: 1.2693 DOWN 0.0027 OR 27 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.2940 UP 3 BASIS PTS//

JAPAN 10 YR YIELD: 0.992%

USA dollar vs Japanese Yen: 156.91 UP 0.174/ YEN DOWN 42 BASIS PTS//

USA dollar vs Canadian dollar: 1.3737 UP 00477 //CDN dollar DOWN 48 BASIS PTS

West Texas intermediate oil: 76.84

Brent OIL: 81.29

USA 10 yr bond yield UP 4 BASIS pts to 4.479

USA 30 yr bond yield UP 3 BASIS PTS to 4.581%

USA 2 YR BOND: UP 6 PTS AT 4.933

USA dollar index: 104.99 UP 16 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32. 19 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 90.01 UP 0 AND 4//100 roubles

GOLD 2,333.70 3:30 PM

SILVER: 30.08 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: DOWN 605.78 PTS OR 1.53 %

NASDAQ DOWN 81.82 PTS OR 0.214 %

VOLATILITY INDEX: 13.05 UP 0.77 PTS OR 6.27%

GLD: $215.72 DOWN 4.39 OR 2.03%

SLV/ $27.55 DOWN 0.67 OR 2.37%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

NVDA Tops $2.5 Trillion As Traders Sell Everything Else On ‘Good News’

THURSDAY, MAY 23, 2024 – 04:00 PM

NVDA smashed earnings and guidance out of the park and shares exploded over 10% higher…

… to make the AI-darling above $2.5 trillion market cap for the first time…

Source: Bloomberg

With around a 1% decline in US stocks, total US market cap fell by around $500 billion, while NVDA alone added $230 billion…

Source: Bloomberg

For everyone else there was more great news about the American economy… US PMIs surged to two year highs proving Bidenomics is awesome (though input prices surged), and jobless claims remain near record lows. New home sales were weak but the market chose to ignore that.

BUT… just as the dismal dump in soft data recently has prompted buying panics across stocks and commodities (on Fed cut hopes)… so the ‘good news’ today sparked a very bad no good response from markets with rate-cut expectations tumbling further. The market is now pricing in just chance of two rate cuts this year and has reduced 2025’s expectations to three more cuts only…

Source: Bloomberg

And so while NVDA was charging to ever more impressive highs, everything else shit the bed with stocks down hard, oil & gold tanking, crypto clubbed like a baby seal, bonds battered, and only the USDollar managed gains, recovering from overnight weakness.

Small Caps and The Dow were the biggest losers on the day with the latter hit by Boeing’s breakdown. Despite NVDA’s surge, Nasdaq and S&P were down significantly too…

Small Caps fell back to (and found support at) the 50-DMA today (all the other majors are extended well above their 50DMAs)…

Boeing shaved almost 100pts off The Dow today but all 30 components were red…

‘Most Shorted’ stocks continue to trend lower as short-squeezes have run out of ammo…

Source: Bloomberg

Magnificent 7 stocks ripped higher out of the gate (thanks to NVDA) but by the close had given it all back…

Source: Bloomberg

Treasury yields were up across the board with the short-end a slight laggard (2Y +6bps, 30Y +4bps)…

Source: Bloomberg

The dollar rebounded off overnight lows to end higher…

Source: Bloomberg

But gold was slammed lower once again…

Source: Bloomberg

Bitcoin hit $70,000 and was immediately dumped…

Source: Bloomberg

But, Ethereum held on to gains as hopes for approval of the ETH ETFs rises…

Source: Bloomberg

With ETH/BTC soaring…

Source: Bloomberg

Oil prices flip-flopped to end at three-month lows…

Source: Bloomberg

Finally, to clarify, the market is in ‘Upside-Down World’ still where good (macro) news is bad (market) news and vice versa…

Source: Bloomberg

But don’t forget that inflation indicators just keep surprising to the upside (and now growth is getting a pump)…

Source: Bloomberg

Hardly an obvious scenario for rate-cutting… but then again, it is an election year and Biden is down bigly…

Source: Bloomberg

…so anything goes for the apolitical Fed.

END

MORNING TRADING//

AFTERNOON TRADING/FOMC MINUTES

II USA DATA

US Initial Jobless Claims Refuse To Budge From Near Record Lows

THURSDAY, MAY 23, 2024 – 08:38 AM

According to the magical data providers at the US Department of Labor, just 215,000 Americans filed for jobless benefits for the first time last week (down from the prior week’s 223,000).

Source: Bloomberg

Of course, back in the real world, this is what we have seen this year…

1. Everybuddy: 100% of workforce
2. Wisense: 100% of workforce
3. CodeSee: 100% of workforce
4. Twig: 100% of workforce
5. Twitch: 35% of workforce
6. Roomba: 31% of workforce
7. Bumble: 30% of workforce
8. Farfetch: 25% of workforce
9. Away: 25% of workforce
10. Hasbro: 20% of workforce
11. LA Times: 20% of workforce
12. Wint Wealth: 20% of workforce
13. Finder: 17% of workforce
14. Spotify: 17% of workforce
15. Buzzfeed: 16% of workforce
16. Levi’s: 15% of workforce
17. Xerox: 15% of workforce
18. Qualtrics: 14% of workforce
19. Wayfair: 13% of workforce
20. Duolingo: 10% of workforce
21. Rivian: 10% of workforce
22. Washington Post: 10% of workforce
23. Snap: 10% of workforce
24. eBay: 9% of workforce
25. Sony Interactive: 8% of workforce
26. Expedia: 8% of workforce
27. Business Insider: 8% of workforce
28. Instacart: 7% of workforce
29. Paypal: 7% of workforce
30. Okta: 7% of workforce
31. Charles Schwab: 6% of workforce
32. Docusign: 6% of workforce
33. Riskified: 6% of workforce
34. EA: 5% of workforce
35. Motional: 5% of workforce
36. Mozilla: 5% of workforce
37. Vacasa: 5% of workforce
38. CISCO: 5% of workforce
39. UPS: 2% of workforce
40. Nike: 2% of workforce
41. Blackrock: 3% of workforce
42. Paramount: 3% of workforce
43. Citigroup: 20,000 employees
44. ThyssenKrupp: 5,000 employees
45. Best Buy: 3,500 employees
46. Barry Callebaut: 2,500 employees
47. Outback Steakhouse: 1,000
48. Northrop Grumman: 1,000 employees
49. Pixar: 1,300 employees
50. Perrigo: 500 employees
51. Tesla: 10% of workforce

California and Indiana saw the largest drop in claims while Michigan and Texas saw the largest rise…

Continuing claims remain glued just below 1.8mm Americans…

Source: Bloomberg

While WARNs and job cut announcements (not provided by the government) are notably elevated…

Source: Bloomberg

Ah, Bidenomics!!

If Trump wins in November, will all this data suddenly be fully released to reflect reality?

END

Walmart, Target Unleash Price-Cut Tsunami As Working-Poor Hit Brick-Wall

THURSDAY, MAY 23, 2024 – 05:45 AM

Some of the nation’s largest retailers are rolling back prices in response to low-income consumers hitting a proverbial brick wall. These consumers have maxed out credit card debt and drained personal savings to dangerously low levels in the era of failed Bidenomics. This also comes after an underwhelming April retail sales report and several notes from Goldman warning about faltering low-income consumers:

On Monday, Target announced, “It will lower everyday regular prices on approximately 5,000 frequently shopped items across its assortment. The retailer has just reduced prices on about 1,500 items, with thousands more price cuts planned to take effect over the course of the summer.”

“Consumers will enjoy savings on everyday items such as milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more,” the retailer said.

One can’t help but ask what influence (if any) the Biden administration had in potentially pressuring Target to lower prices. Food inflation is crushing the working poor, as Democrats are begging the president to lower prices by executive fiat.

It wasn’t just Target rolling back prices. Walmart, America’s largest retailer, told analysts on an earnings call last week that it had begun reducing prices of grocery items.

John Furner, Walmart US’ chief executive, said stores have already issued 7,000 rollbacks. This move is intended to boost food sales in the second half of the year and prevent low-income consumers from trading down to Dollar Generals.

Walmart noted that high-income consumers were trading down to the retailer, which helped drive sales in its grocery business last quarter.

Walmart’s disclosure last week and Target’s announcement this week of price reductions on everyday items, with core cuts in food items, are direct responses to consumer fatigue after three years of high inflation.

A recent FT-Michigan Ross poll showed persistent inflation has soured the mood of 71% of those surveyed. And maybe if the Biden administration’s US Treasury, under Janet Yellen, wasn’t spending like it was in a depression, $1 trillion every 100 days, then perhaps inflation could come back down to Earth.

Joe Feldman, an analyst at Telsey Advisory Group, told the FT that Target unleashed price cuts on popular items to keep pace with Walmart.

Or, in our view, the administration likely nudged the retailers to drop prices or risk being attacked by ‘greedflation’ buzzwords by Biden’s social media team.

Feldman expects the price cuts by Walmart and Target will “likely expand to the rest of retail.”

Consumers are likely to vote with their empty wallets this election season. Research firm NIQ said the effects of inflation have led to consumers spending a third more on consumer packaged goods than they did in 2019.

“I don’t think we’re going to see much in the way of wholesale declines in prices,” Steve Zurek, vice president of pricing and promotion thought leadership at NIQ, said, adding that the outlook for prices was vastly different from two years ago: “It’s not going to be everything going up.”

Should consumers celebrate retailers lowering prices? Possibly, but don’t expect substantial relief anytime soon.

In addition to major retailers, McDonald’s recently considered returning $5 meal deals because low-income people are broke.

Great job, Bidenomics! The working poor has been crushed, set back a generation because of persistent inflation, produced by out-of-control spending by the federal government.

Goldman’s trading desk this morning noted, “The theme of challenging 1Q consumer results has continued.” This followed an underwhelming Target earnings report.

END

Economy faltering fast

(zerohedge)

US New Home Sales Tumbled In April Amid Further Downward Revisions…

THURSDAY, MAY 23, 2024 – 10:09 AM

After unexpectedly surging in March, new home sales plunged 4.7% MoM in April (considerably worse than the 2.2% MoM decline expected). This dragged new home sales down 7.7% YoY…

Source: Bloomberg

As usual, previous data was revised downwards…

Source: Bloomberg

With revisions, new home sales SAAR fell to 634k – basically unchanged for eight years…

Source: Bloomberg

New home sales median price remains near record highs…

Source: Bloomberg

Mortgage rates above 7% continue to plague existing-home sales, which are “stuck,” National Association of Realtors Chief Economist Lawrence Yun said last week.

Source: Bloomberg

Just how long can homebuilders fill this gap?

TUCKER CARLSON…

END

III USA ECONOMIC COMMENTARIES

Bankrupt Red Lobster Proves “All You Can Eat” In An Obese Country Isn’t A Good Idea

WEDNESDAY, MAY 22, 2024 – 06:00 PM

Red Lobster’s bankruptcy report is revealing details about how the chain, famous for trying to turn a profit selling “all you can eat” shrimp to a country that has gotten so fat it needs to occupy two seats on most airline flights, went under.

In a post-mortem, CNN detailed that the chain first struggled due to decisions by a private equity firm that acquired it from Darden Restaurants in 2014, which involved selling and leasing back its property at high rates.

The situation worsened – as it did for many restaurants – with the 2020 pandemic and subsequent inflation, plunging the chain into financial distress with $1 billion in debt and less than $30 million in cash.

Then, management errors compounded these issues, particularly under CEO Paul Kenny, appointed by major stakeholder Thai Union. Kenny’s policies, including securing an exclusive, costly shrimp supply deal for Red Lobster, led to further financial strain.

This culminated in the decision to make the “Ultimate Endless Shrimp” promotion a permanent, yet controversial, menu item. Which led to videos like this, from the channel “HUNGRY FATCHICK”:

https://youtube.com/watch?v=7rTWkpUQQTY%3Fsi%3DCl4PBgRtfZVRegqs

The all-you-can-eat shrimp deal, a longtime hit when offered temporarily for $20, exacerbated Red Lobster’s financial woes during a period of inflation as fat Americans descended back unto the chain like locusts when restaurants re-opened, costing the chain $11 million in one quarter, according to CNN.

The promotion, underestimated in its appeal, led to extended customer stays and longer wait times, straining staff and customer patience. This is part of a broader narrative where, like many iconic brands, Red Lobster fell into private equity’s grasp, leading to significant changes and challenges.

As we noted about a week ago, the chain was forced to promptly shut down multiple locations this month. More than 80 locations in at least 27 states have now been listed as “temporarily closed” on the restaurant chain’s website.

A report said that workers at the locations were offered “no notice whatsoever” as to the closings. CBS reported earlier this month that Thai Union, Red Lobster’s top supplier, has severed ties with the chain.

A liquidation company has started an online auction for kitchen equipment and other contents from the closed Red Lobster locations, the report also said.

end

a must read

(epoch times)

The Incoming Commercial Real Estate Crisis No One Seems Prepared For

THURSDAY, MAY 23, 2024 – 07:20 AM

Authored by Kevin Stocklin via The Epoch Times (emphasis ours),

It has been a year since a string of U.S. regional bank failures, together with the collapse of global heavyweight Credit Suisse, caused many to fear that a major financial crisis was imminent.

But, by the summer of 2023, the panicked withdrawals by frightened depositors largely subsided.

In February, however, New York Community Bank (NYCB) appeared to resurrect the crisis when it announced $2.4 billion in losses, fired its CEO, and faced credit downgrades from rating agencies Fitch and Moodys.

In what has become a familiar tale for U.S. regional banks, NYCB’s share price plummeted by 60 percent virtually overnight, erasing billions of dollars from its market value, and its depositors fled en masse.

“I think that there’s more to come,” Peter Earle, a securities analyst and senior research fellow at the American Institute for Economic Research, told The Epoch Times.

Underlying this year’s turbulence is the fact that many regional banks are sitting on large portfolios of distressed commercial real estate (CRE) loans. according to Mr. Earle. And many are attempting to cope through a process called “extend and pretend,” in which they grant insolvent borrowers more time to pay in hopes that things will get better.

“There is trouble out there, and most of it probably won’t be realized because of the ability to roll some of these loans forward and buy a few more years, and maybe things will recover by then,” he said.

“But all it does is it kicks the can down the road, and it basically means a more fragile financial system in the medium term.”

NYCB’s problem was an overwhelming exposure to New York landlords who were struggling to stay solvent. At the start of this year, the bank had on its books more than $18 billion in loans to multifamily, rent-controlled housing developments.

This situation was particularly concerning given that NYCB had been the safe-haven institution that rescued Signature Bank, another failing regional bank, in March 2023.

Much of what took down banks such as Signature Bank in last year’s banking crisis was an unmanageable level of deposits from high net worth and corporate clients that were too large to be insured by the Federal Deposit Insurance Corporation (FDIC).

In Signature Bank’s case, about 90 percent of its deposits were uninsured, and depositors rushed to withdraw their money when the bank came under stress from losses in the cryptocurrency market.

Another source of stress for regional banks was their inability to cope with an aggressive series of interest rate hikes by the Federal Reserve to combat inflation. Many banks that held large bond portfolios yielding low fixed rates found that the value of these portfolios declined sharply, creating unrealized losses.

While these portfolios, often made up of U.S. Treasury securities, were considered safe from a credit perspective, they were subject to market risk, and their loss of value sparked concerns about the banks’ solvency in the event they had to be sold. As stock traders rushed to sell the shares of banks with large exposures to interest rate risk, customers became spooked and raced to withdraw their money.

Consequently, unrealized losses quickly became actual losses as banks were forced to sell bonds and loans at a loss in an increasingly futile attempt to make panicking depositors whole.

Rate Hikes Cease, Problems Remain

Today, while interest rates remain high, they are relatively stable. And yet concerns about the health of U.S. regional banks remain because of their large exposure through CRE, including office buildings, multifamily housing units, and retail spaces.

While CRE loans make up about 13 percent of the balance sheets of the biggest U.S. banks, they make up 44 percent of regional banks’ lending portfolios. CRE loans designated as nonperforming doubled as a percentage of U.S. banks’ portfolios from 0.4 percent in 2022 to 0.81 percent by the end of 2023.

In total, there are about 130 regional banks in the United States, with a little more than $3 trillion in assets. These banks, which each have between $10 billion and $100 billion in assets, are typically more exposed to the boom and bust of local markets but also to specific sectors within those markets where they have been able to operate profitably.

While other credit sectors, such as home mortgages, car loans, and corporate loans, are generally the domain of larger financial institutions, regional banks have found a profitable niche in lending to real estate investors. But in the past several years, commercial landlords have been taking hits from two directions.

Since the introduction of lockdowns and the rise of work-at-home culture during the COVID-19 pandemic, many corporations have viewed office rents as a cost ripe for cutting.

According to an April CRE report by Commercial Edge, the office vacancy rate across the United States was 18.2 percent as of March, an increase of 1.5 percent over the prior year.

“U.S. office vacancy rates have increased in recent years as companies embrace remote and hybrid work and re-examine their office footprints,” the report reads. “The increases are not concentrated in just one market or sector.”

Charges Dropped Against New Jersey Gym Owner Who Defied Strict COVID Lockdown Rules

WEDNESDAY, MAY 22, 2024 – 07:00 PM

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

The owner of a gym in New Jersey who shot to national attention after defying COVID-19 restrictions by keeping his gym open has had all charges against him dropped.

Ian Smith, the co-owner of Atilis Gym in Bellmawr, said in a statement on the social media platform X on May 18 that the more than 80 charges against him and the gym’s co-owner Frank Trumbetti have been dropped with prejudice, meaning they cannot be revisited or refiled.

Among the charges levied against the two men by the state were violations of a governor’s order, public nuisance, disturbing the peace, and operating without a license.

“The support we received locally, nationally, and internationally for our stand is something I will be forever grateful for,” Mr. Smith said. “With that being said, I am thrilled to announce that we have achieved a major victory in the long, hard fight against the State.”

Mr. Smith added that the “victory opens the battlefield again and gives us options to continue to push back and bring justice to the treasonous actions of Phil Murphy and his lackies [sic],” referencing the New Jersey Governor.

He further thanked his “fearless attorneys,” adding that “some of the most high profile attorneys around the country ran from our case—knowing it would be a long, hard road and would make them a target of the stare.”

“Again, thank you to all who supported us. We could not have done it without you … Nobody is coming to save you, save yourself. Spit on your hands and hoist the black flag. No quarter,” he concluded.

Gym Owners Rack Up Millions in Fines

Mr. Smith and Mr. Trumbetti racked up hundreds of thousands of dollars in fines—including a $15,000 per day fine—for keeping their gym open in defiance of a state-wide order instructing non-essential businesses to close during the COVID-19 pandemic in May 2020.

The two men had argued that they had implemented a range of safety protocols at the gym and had only found a single case of the virus that could be traced back to the health facility, despite receiving upward of 84,000 visits.

However, state officials held steady with the fines, and in December 2021, Mr. Smith said they amounted to more than $1.2 million for violating the public health emergency rules, although he stressed he had no intention of paying them.

The two men were later arrested and charged on multiple counts, including one count of fourth-degree contempt, one count of obstruction, and one count of violation of a disaster control act, among others.

Despite the mounting charges against them, the businessman filed a federal lawsuit against the state accusing Mr. Murphy, along with then-Attorney General Gurbir Grewal and other New Jersey police officials accusing them of violating their constitutional rights by forcing them to shut down their business.

The Epoch Times has contacted the New Jersey Attorney General’s Office for comment.

Mr. Smith’s legal win comes after he tried to run for Congress in 2022, challenging two-term Rep. Andy Kim (D-N.J.).

At the time, the gym owner said he planned to run on a platform focused on “liberty, small government, and America First policies,” and vowed to fight COVID-19 mandates, soaring illegal immigration, and increased government spending.

“For too long, good people have not gotten involved in politics—whether that is because the establishment won’t open the door for them or they don’t want to participate in the foul world of politics. More than anything, this needs to change. And I will be a part of that change,” Mr. Smith said in announcing his Congressional run.

However, the businessman was ultimately defeated in the primary by businessman Bob Healey.

Lorenz Duchamps contributed to this report.

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

END

SWAMP NEWS

Biden Cancels Another $7.7 Billion In Student Debt For 160,000 Borrowers

WEDNESDAY, MAY 22, 2024 – 05:00 PM

Authored by Naveen Athrappully via The Epoch Times,

President Joe Biden announced his latest student loan forgiveness plan by canceling $7.7 billion in debts, taking the total amount of such loans canceled under his administration to $167 billion.

“Today, my Administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefitted from our debt relief actions to 4.75 million,” President Biden said in a May 22 statement.

“Each of those borrowers has received an average of over $35,000 in debt cancellation. These 160,000 additional borrowers are people enrolled in my Administration’s SAVE Plan; are public service workers like teachers, nurses, or law enforcement officials; or are borrowers who were approved for relief because of fixes we made to Income-Driven Repayment (IDR).”

Out of $7.7 billion, $5.2 billion is relief granted to 66,900 borrowers under Public Service Loan Forgiveness (PSLF), a program for government and NGO employees. Once a borrower has made 120 qualifying monthly payments on their debt, PSLF can forgive the remaining portion of the dues. In total, the Biden administration has approved $68 billion in forgiveness for over 942,000 borrowers under PSLF.

$1.9 billion will go to provide relief to 39,200 borrowers through administrative adjustments made to individuals with IDR plans. The administration has so far approved $51 billion in IDR relief for over one million borrowers.

The remaining $613 million in relief will be granted to 54,300 borrowers enrolled in the SAVE plan. Enrolled individuals can get relief if they’ve made payments for at least 10 years, provided they borrowed $12,000 or less. Around $5.5 billion in loan forgiveness has been granted to 414,000 borrowers under the SAVE plan by the Biden administration.

With the latest announcement, the Biden–Harris administration has approved $167 billion in loan forgiveness to 4.75 million Americans.

President Biden’s latest loan forgiveness comes less than six months before the presidential election. The issue of student loans remains high on the agenda of younger voters, many of whom have concerns about Biden’s foreign policy on the war in Gaza and fault him for not achieving greater debt forgiveness.

The campaign of former President Donald Trump, Biden’s Republican challenger in the White House race, in March criticized the student loan cancellation as a bailout that was done “without a single act of Congress.”

A poll published by the Institute of Politics (IOP) at Harvard Kennedy School last month showed that younger voters were not particularly impressed with President Biden’s student debt relief plans—only 39 percent of poll participants approved of the president on the issue.

U.S. Secretary of Education Miguel Cardona said the Biden administration “remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it.”

More than 1 out of every 10 federal student loan borrowers have been approved for some debt relief under the Biden administration, which means that “one out of every 10 borrowers now has financial breathing room and a burden lifted,” he said.

US Student Debt Burden

In June of last year, the Supreme Court voted to strike down the Biden administration’s massive student loan forgiveness program, which would have resulted in a government burden of about $800 billion or even over $1 trillion, according to some estimates.

President Biden criticized the SCOTUS decision.

“They said no, no, literally snatching from the hands of millions of Americans thousands of dollars in student debt relief that was about to change their lives,” he said while promising to find a “new way” to circumvent the Supreme Court ruling.

In an interview with The Epoch Times, Caleb Kruckenberg, an attorney at Pacific Legal Foundation, warned that student debt forgiveness measures are a bad idea.

“We have a student loan system that assumes that people are going to pay their debt back, and instead, it’s just this massive government spending policy that has negative effects for everybody,” he said.

Last month, President Biden detailed a new proposal that would cancel at least some debt for more than 30 million Americans. It’s been in the works for months after the Supreme Court rejected Biden’s first try at mass cancellation.

The latest proposal is more targeted than his original plan, focusing on those for whom student debt is a major obstacle. The new plan uses a different legal justification—the Higher Education Act, which allows the Secretary of Education to waive student loan debt in certain cases.

The Education Department has been going through a federal rulemaking process to clarify how the secretary can invoke that authority.

The new plan targets five categories of borrowers, focusing on those believed to be in the greatest need of help. It would provide relief to an estimated 30 million borrowers. The administration has not said how much the plan would cost.

The widest-reaching provision aims to reset student loan balances for borrowers who have seen their debt grow because of unpaid interest.

It would cancel up to $20,000 in interest for Americans who now owe more than they originally borrowed. That cap wouldn’t apply to individuals who make less than $120,000 a year or couples who earn less than $240,000 and also are enrolled in an income-driven repayment plan.

Republicans have called Biden’s student loan forgiveness approach an overreach of his authority and an unfair benefit to college-educated borrowers while other borrowers received no such relief.

As of the end of 2023, 43.2 million U.S. student loan recipients had over $1.6 trillion in outstanding loans, according to the website of the Federal Student Aid website, an office of the U.S. Department of Education. Higher education debt has tripled since the 2008 financial crisis.

END

CIA Blocked Probe Into Hunter’s Hollywood Tax ‘Sugar Brother’: Whistleblower

WEDNESDAY, MAY 22, 2024 – 03:55 PM

A trove of new whistleblower documents provided to House GOP investigators reveal, among other things, that the CIA prevented federal investigators from pursuing Hollywood lawyer Kevin Morris as a witness in their investigation of Hunter Biden.

Morris, a Hollywood entertainment lawyer who has ‘long supported’ Hunter (and why?) has loaned the First Son more than $6.5 million, according to a January letter to the House oversight committee.

We’ve known about the CIA connection since March, when the Chairmen of the House Judiciary and Oversight Committees, Jim Jordan (R-OH) and James Comer (R-KY) said that a whistleblower has brought them information that ‘seems to corroborate our concerns’ that the CIA directly interfered with DOJ and IRS investigations of Hunter Biden.

According to a whistleblower, the CIA “intervened in the investigation of Hunter biden to prevent the Internal Revenue Service (IRS) and the Department of Justice (DOJ) from interviewing a witness,” the letter, addressed to CIA Director William Burns, reads.

Specifically, the Committees were concerned at how “the DOJ deviated from its standard processes to afford preferential treatment to Hunter Biden,” which they learned “after two brave whistleblowers testified to Congress” that the Justice Department had done just that.

“DOJ officials restricted what investigative steps the investigators could pursue, tipped off Hunter Biden’s attorneys about investigative steps, and even prevented investigators from conducting witness interviews. The whistleblowers’ testimony about the preferential treatment provided to Hunter Biden has been corroborated by testimony from other witnesses and documents the Committees have received.”

And now we know who that witness is…

In a Wednesday statement, the House Ways and Means Committee wrote that whistleblower documents indicate “In 2021, Assistant U.S. District Attorney Leslie Wolf told investigators they could not pursue Hollywood lawyer Kevin Morris as a witness based on information she received from the CIA. Investigators were never provided the same information that AUSA Wolf received.”

“From whistleblower-provided evidence, we know Hunter Biden and his business associates made millions from selling access to Joe Biden and the quote ‘brand’ that is Joe Biden around the world. We know President Biden’s denials of any knowledge or involvement are not true,” reads the letter. “We know the Department of Justice tried to undermine, stonewall, and block the investigation into the Biden family, including President Biden.“

Well, isn’t this cozy … Interesting how CIA “summoned” prosecutors and that they followed the directive to be hands off on Hunter Biden’s lawyer – looks like the agency doesn’t want anyone snooping around … Informant?

Quote

Jason Foster

@JsnFostr

From IRS SSA Shapley’s newly released affidavit: The CIA “summoned” prosecutors to Langley, VA for a classified briefing on Hunter Biden’s sugar brother/balcony bong lawyer. After that, it was hands off w/o telling investigators why. https://gop-waysandmeans.house.gov/wp-content/uploads/2024/05/Shapley-Affidavit.pdf… @bhweingarten

1:17 PM · May 22, 2024

117K Views

The letter also details several lies Hunter told to Congress:

“Hunter Biden’s deposition is key to understanding the attempts to conceal how the family made millions from selling access. Yet, new documents provided by the whistleblowers show that Hunter Biden repeatedly lied to Congress in his February deposition to distance his involvement in what should be considered a clear scheme to enrich the Biden family.”

First, Hunter Biden lied about the recipient of a WhatsApp message sent with the apparent intention to threaten a business associate and demand payment.
Second, Hunter Biden lied when he claimed he was not the corporate secretary of Rosemont Seneca Bohai and that the shell company he established with Devon Archer and its associated bank accounts were not under his control nor affiliated with him.
Third, Hunter Biden lied during his deposition when he said he never helped individuals obtain U.S. visas.

Why would the CIA protect Morris?

Sean Davis

@seanmdav

Wait. Wait. So Hunter Biden’s sugar daddy—the weirdo who paid off Hunter’s tax bills and paid for his lawyers and apparently bankrolled Hunter’s documentary—is a CIA asset? Which means the CIA has been protecting Hunter the whole time?

Quote

Tristan Leavitt

@tristanleavitt

16h

“In 2021, AUSA Leslie Wolf told investigators they could not pursue Hollywood lawyer Kevin Morris as a witness based on information she received from the CIA. Investigators were never provided the same information that AUSA Wolf received.” https://gop-waysandmeans.house.gov/chairman-smith-opening-statement-markup-of-materials-protected-under-internal-revenue-code-section-6103/…

12:26 PM · May 22, 2024

END

Now impossible to mine coal in the USA

(REAL CLEAR ENERGY)

Biden Goes All-In With War On Coal

Authored by American Coal Council CEO Emily Arthun, via RealClearEnergy,

The Biden administration’s war on coal came out of the shadows recently, with the release of a new series of regulations that have the clear intent of locking up millions of acres of federal land from coal mining and drilling for oil and natural gas, as well as shutting down the nation’s remaining coal-fired power generation fleet.

The Bureau of Land Management released a new rule that will effectively make it impossible to continue to mine coal or drill for oil and gas anywhere on federally owned lands. This will cripple coal mining in the Powder River Basin and other western reserves, which provide most of the nation’s thermal coal used for energy production. This action alone would have been devastating, but it was just part of a much larger and far-reaching series of regulatory actions.

The new tranche of regulations was an 11th hour assault, issued literally days before the close of a window of time allowing a new President to reverse the decision by executive order. With this announcement, any reversal will have to come through action by both houses of Congress or by litigation in court.

These actions come despite the clear warnings by some of the Biden Administration’s own electric utility regulators that further closures of baseload energy capacity (such as coal) could result in the failure of the nation’s electric grid.

The new regulations effectively make it impossible for utilities to continue to operate coal-fired power plants without investing in new, largely unproven commercially and highly expensive, carbon capture technologies capable of cutting 95% of carbon dioxide emissions. It would also require the same of any new natural gas-powered facilities. However, existing natural gas facilities would be exempt from the requirement.

Make no mistake about it, this new series of regulations has one intent – to force the shutdown of the nation’s coal-fired generation fleet, starving it of much of its fuel source, and making it economically impossible to continue to operate these units. Far from some panacea, these actions will ripple through the entire economy. They will drive already staggering electric bills out of reach for millions of American families, leaving them struggling with the choice of putting food on the table or heating and cooling their homes. Many of those on fixed incomes, such as retirees on social security, will be the hardest hit.

And even if you can afford to pay for electricity, it may not be there when you need it most. Further closure of baseload generation could (and likely will) push the electric grid past the breaking point during the very times when they need electricity the most – the heat of summer and the cold of winter. It will result in the de facto rationing of energy and will also play out across the rest of the economy, driving inflation even higher and forcing many companies out of business.

Frankly, I do not understand this “damn the torpedoes, full steam ahead” approach to regulation. It seems allegiance to a radical green agenda is all that matters to the Biden Administration and the needs of average American families are not even on the radar.

America needs ready access to reliable and affordable energy. It is what built this great nation. There is no shortage of coal. There is no shortage of gas or oil. However, there does appear to be a shortage of common sense on the part of this administration.

Rather than using our vast resources of coal, oil, and gas, the Biden Administration seems intent on committing economic suicide. Over the next few decades, demand for electricity is projected to skyrocket. How will we meet that demand if we continue this administration’s reckless pursuit of a green fairy tale?

Emily Arthun is president and CEO of the Washington, D.C.-based American Coal Council.

384.2K Views

END

Watch: Cruz, Kennedy Destroy Biden Judge For Placing ‘6 Foot 2 Serial Child Rapist’ In Women’s Prison

THURSDAY, MAY 23, 2024 – 10:30 AM

Sens. Ted Cruz (R-TX) and John Kennedy (R-LA) eviscerated a Biden judicial nominee on Wednesday over her 2022 recommendation that a transgender serial rapist, William McClain (aka July Justine Shelby) be housed in a women’s prison despite previous convictions for raping children and possessing child pornography.

The Senators grilled U.S. Magistrate Judge Sarah Netburn, who was nominated to serve on the U.S. District Court for the Southern District of New York. Netburn transferred McClain despite an objection from the Board of Prisons.

In a handwritten note, McClain (Shelby) said he feared for his health, safety and life and suffered from gender dysphoria (of course a convicted child rapist wouldn’t expect to fare well in prison).

“Miss Shelby said I don’t want to go to a male prison. I want to go to a female prison,” Kennedy told Netburn. “And the Board of Prisons said ‘What planet did you parachute in from? You’re going to a male prison with this kind of record.’ And you sent him to a female prison, did you? You said that the Board of Prisons was trying to violate Ms Shelby, former Mr. McClain’s, constitutional right, didn’t you?”

Watch (via @Eddies_X)

https://www.zerohedge.com/political/watch-cruz-kennedy-destroy-biden-judge-placing-6-foot-2-serial-child-rapist-womens-prison

Kennedy pointed out that Shelby was convicted for molesting a 9-year-old boy and raping a 17-year-old girl, and had sent child porn to other sex offenders.

“I issued a report and recommendation to the district judge recommending that the district judge transfer the petitioner to a women’s facility,” Netburn replied. “My recommendation was that the petitioner’s serious medical needs were being denied by keeping her in a men’s facility.”

Cruz then began his line of questioning.

“And this individual. Six-foot-two, biologically a man. A minute ago you said that when this man decided that he was a she, that you said this individual was quote, I wrote it down, ‘sober and entirely a female,’” Cruz said.

“Sorry, what I meant to say was hormonally a female,” Netburn replied, admitting that McClain had male body parts.

“So you took a six-foot-two serial rapist. Serial child rapist with male genitalia,” Cruz continued. “And he said, you know, I’d like to be in a women’s prison. And your answer was, ‘That sounds great to me.’ Let me ask you something. The other women in that prison, do they have any rights?

“Do they have the right not to have a six-foot-two man who is a repeat serial rapist put in as their cellmate?” Cruz continued.

Netburn attempted to defend her decision, robotically repeating iterations of “Senator Cruz, I consider the facts presented to me, and I reached a decision.”

Cruz shot back – “This is not a judge’s order … This is a political activist, by the way. The beginning of your order, says. At birth. People are typically assigned a gender. I gotta say, that would astonish a lot of Americans. A lot of Americans think you go to the hospital, a baby is born, and you congratulations.”

“You have a little boy, a little girl the assigned a gender. I know you went to Brown (University), but it sounds like it’s in a college faculty lounge with no bearing on reality, the Bureau of Prison argued,” Cruz said. “What I’m saying right now, that if you put this person in a female prison, there will be a risk of sexual assault to the women. And you know what you did? You said you didn’t care about the women. I’m going to quote what you wrote. You wrote, quote, the Bureau of Prisons claimed penal logical interest in protecting female prisoners from sexual violence and trauma. This interest is legitimate.”

Watch:

https://youtube.com/watch?v=hveqyfAY9ug%3Fsi%3D0jLcuDrn5bf4mOoF

Meanwhile, the redpilling of Bill Ackman continues:

KING REPORT

The King Report May 23, 2024 Issue 7249

Independent View of the News

The widely held belief that the BoE was about to cut rates took a hit on Wednesday after the UK reported an April CPI of 0.3% m/m & 2.3% y/y. 0.1% m/m & 2.1% y/y were expected.  Core CPI is 3.9% y/y; 3.6% was expected.  CPI Services are 5.9% y/y; 5.6% y/y was expected.   Ouch!

Surging German wage growth casts doubt on timing of ECB rate cuts – FT
Collectively agreed pay rose 6.2% in the first 3 months of the year at the fastest pace in almost a decade, Bundesbank says…  https://t.co/FnC9cbVdVw

Wanton government spending is keeping the US economy afloat and is generating inflation. This is the stagflation that the dopey Jerome Powell cannot or will not acknowledge. Military spending for the US and its proxies plus the government freebies bestowed on 10+ million illegal immigrants are two of the major factors. PS – As we have averred, inflation is killing the economy; rate cuts are counterproductive.

Target earnings miss the mark as inflation-battered shoppers avoid buying things they don’t really need – Blame inflation-battered US households, its execs say.  The “biggest challenges” Target is hearing about from its shoppers are “inflation in food and household essentials,” chairman and CEO Brian Cornell said on a call with reporters detailing first quarter results…
    Net sales: -3.1% year over year to $24.5 billion, vs. estimates for $24.13 billion
    Gross profit margin: 27.7% vs. 26.3% a year ago, vs. estimates for 27.4%
    Diluted EPS: -1% year over year to $2.03, vs. estimates for $2.05 (guidance: $1.70 to $2.10)
    Comparable sales: -3.7% year over year (last year +0.7%; Walmart reported a 3.8% gain in the first quarter of 2024) vs -3.68% estimate; Digital comparable sales: 1.4%; Store comparable sales: -4.8%…  https://www.msn.com/en-us/money/companies/target-earnings-miss-the-mark-as-inflation-battered-shoppers-avoid-buying-things-they-dont-really-need/ar-BB1mQaFy

Target plunged as much as 10.1%, the biggest decline since November 2022.

Target Corporation Reports Fourth Quarter and Full-Year 2023 Earnings
https://corporate.target.com/press/release/2024/03/target-corporation-reports-fourth-quarter-and-full-year-2023-earnings

Peter St Onge, Ph.D. @profstonge: Stagflation is going worldwide, with 13 rich countries now in per capital recession. Including Canada, Germany, France, UK, and Australia. Japan’s about to join the list at minus 2% growth. And the US is limping barely above population growth. The great money-printer hangover is doing what it always does: Debt-fueled tissue fire followed by potentially years of stagflation.
     @mollyisalab: Canada is not in recession.
     @profstonge: Per capita recession. Canada just imported a million people.

@GordonJohnson19: The world is about to find out how evil what the @federalreserve and Central Banks have been doing is – stagflation is horrible as it CRUSHES the least fortunate among us. And the Fed allowing the RRP to fall ~$1.8tn since May 2023 was a MASSIVE infusion of, de facto, QE.

Existing-Home Sales Retreated 1.9% in April – NAR
Sales also dipped 1.9% from one year ago. The median existing-home sales price grew 5.7% from April 2023 to $407,600 – the tenth consecutive month of year-over-year price gains and the highest price ever for the month of April… (Still can’t see the stagflation, Jerome?)
https://www.nar.realtor/newsroom/existing-home-sales-retreated-1-9-in-april

ESMs hit a daily high of 5349.25 at 22:01 ET. They then commenced a decline that was exacerbated by the disappointing UK April CPI data. After hitting a low of 5334.50 at 6:36 ET, ESMs rebounded. The rally accelerated after the 7 ET US repo market opening. The rally ended at 7:07 ET; ESMs sank to a minor new daily low of 5334.25 at 8:00 ET. The usual buying for the NYSE opening then appeared. ESMs rallied to 5344.00 at 9:59 ET.

Nvidia was a drag on the market. It rallied to 960.20 at 9:32 ET but quickly sank to 940.72 at 9:40 ET. After a rebound to 951.809 at 10:05 ET, NVDA traded sideways with a slight upward bias until sellers cut loose at 14:36 ET. Nvidia sank to a new daily low of 932.49 at 14:28 ET. Here’s the reason for the drop:

Some Fed officials willing to raise rates if needed: meeting minutes
“Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate,” according to the minutes of the last meeting, which took place April 30 and May 1…
    Many acknowledged uncertainty about how restrictive rates actually are, noting that high rates may be having less of an impact than in past cycles or that longer-run rates that neither boost or slow economic growth may be higher than thought…
    Goldman Sachs CEO David Solomon said at an event Wednesday that he doesn’t expect the Fed to raise rates at all this year.
https://finance.yahoo.com/news/some-fed-officials-willing-to-raise-rates-if-needed-meeting-minutes-185156351.html

ESMs traded in concert with Nvidia and hit a daily low of 5306.75 at 14:42 ET. ESMs then had an irregular A-B-C rally that ended with a 12.25 spike from 15:30 to 15:32 ET. Nvidia hit 947.47 at 15:37 ET. ESMs then tumbled 19 handles by 15:51 ET. But the blatant and supposedly illegal late manipulation pushed ESMs 25 handles higher by 16:00 ET.

Nvidia reported EPS of 5.898 (fake Wall Street consensus 5.65) and revenue of $26B ($24.69B exp.). The company forecasted Q2 revenue of $28B +or0 2%, $26.68B consensus. NVDA announced a 10 for 1 stock split. NVDA sank to 919.00 on its results but in seconds soared to 997.92 on the 10-1 stock split. Ten minutes later, NVDA tumbled to 949.50 and waffled until it hit 1023.44. Component results at link:
https://www.cnbc.com/2024/05/22/nvidia-nvda-earnings-report-q1-2025-.html

Positive aspects of previous session
Precious metals and industrial commodities tumbled on the reduced probability of a UK rate cut.
The DJTA rebounded with a modest 23.72-point gain.
Stocks and Nvidia got hammed in the afternoon.

Negative aspects of previous session
Bonds declined modestly.
Despite Powell and leftist dovish remarks, some Fed officials are mulling a rate HIKE!

Ambiguous aspects of previous session
How divided is the Fed on interest rate policy?

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]: 5305.40
Previous session S&P 500 Index High/Low: 5323.18; 5286.01

Fox’s @BillMelugin_: We encountered groups of men from the Middle East & Asia as they crossed illegally into Jacumba, CA at 2AM, including men from Iran, Pakistan, China, Turkey, India, & Bangladesh. There were no Mexicans in the groups. Several of the men are “special interest aliens”, meaning they come from countries with potential security concerns & *should* be subject to additional DHS vetting. This location is about an hour east of San Diego, as Border Patrol’s San Diego sector has moved to #1 for illegal crossings at the southern border in recent weeks for the first time since the 1990s.
https://x.com/BillMelugin_/status/1793273560884261126

Egypt changed terms of Gaza ceasefire deal presented to Hamas, surprising negotiators, sources say – The three sources familiar with the matter told CNN that a senior Egyptian intelligence official named Ahmed Abdel Khalek was responsible for making the changes… One source familiar with the negotiations said Abdel Khalek told the Israelis one thing and Hamas another. More of Hamas’ demands were inserted into the original framework that Israel had tacitly agreed to in order to secure Hamas’ approval, the source said. But the other mediators were not informed; nor, critically, were the Israelis…
https://www.cnn.com/2024/05/21/politics/sources-say-they-were-duped-by-egypt-changing-ceasefire-terms-for-hamas

Israeli reporter @guyelster: Egypt is furious about this report and threatens to halt its mediation role. The chances for a deal are slimmer than ever.

Sickening new video shows Hamas line up female Israeli soldiers on Oct. 7: ‘Here are the girls who can get pregnant’ https://t.co/ZgH5LVGZJE

Explosive emails show top NIH adviser deleted records, used ‘secret’ back channels to help Fauci evade COVID transparency   https://nypost.com/2024/05/22/us-news/explosive-emails-show-top-nih-adviser-deleted-records-used-secret-back-channels-to-help-fauci-ecohealth-evade-covid-transparency/

Biden’s lead in New York drops to single digits as Trump vows to win state https://t.co/tUTTWN8QXt

Sienna, which shows Biden +9 in NY, has historically greatly underreported Trump strength. Days before the November 2016 Election, Sienna had Hillary +17!

Clinton Carries 17-Point Lead Over Trump into Final Days – Sienna Nov. 6, 2016
https://scri.siena.edu/2016/11/06/clinton-carries-17-point-lead-over-trump-into-final-days/

Place your bets: what drugs is Biden on?
A betting site has created a wagering market for which drug the president will test positive for
    Unsurprisingly, cocaine also made BetOnline’s list, coming in third. This whole time Cockburn’s been telling everyone it was Hunter’s cocaine in the White House, but could it have been the “Big Guy” all along? Trump seems to think Joe and Hunter have been in on it together for a while. “Does anybody really believe that the COCAINE found in the West Wing of the White House, very close to the Oval Office, is for the use of anyone other than Hunter & Joe Biden,” he posted on Truth Social last year…
https://thespectator.com/politics/drugs-joe-biden-betting-odds/

Majority of Americans (56%) wrongly believe US is in recession – and most blame Biden (59%)
The vast majority of respondents, 72%, indicated they think inflation is increasing. In reality, the rate of inflation has fallen sharply from its post-Covid peak of 9.1% and has been fluctuating between 3% and 4% a year… (The arrogance, or stupidity, of the media is astounding. Consumers’ checkbooks are wrong; gov’t is right!)  https://www.theguardian.com/us-news/article/2024/may/22/poll-economy-recession-biden

@AdamLaxalt: Americans wrongly believe in their own life experience. Great headline!

@NickFondacaro: On MSNBC, @Austan_Goolsbee complains that the poors are harshing his mellow with their bad “vibes” about the economy. “There’s never been a bigger difference between the vibes and the actual numbers than we’re facing right now. And I don’t think we totally understand that.”
(Yo, Austan, Mr. Academic, have you considered that US official CPI, GDP, and NFP are crap?!)
https://x.com/NickFondacaro/status/1793349861988810916

Today – After the equity market adjusts to the most important financial news in history, Nvidia results, saner angels will adjust their holdings to the new reality about the Fed’s disposition on rate hikes.

The key for today could be the ability of Nvidia to keep its post-NYSE trading gain. Who is left to buy?

A short-term equity top is a high probability after the market reacts and adjusts to Nvidia’s results.

NQMs are +77.25; ESMs are +11.25; USMs are +2/32; and Gold is -10.40 at 20:48 ET.

Expected economic data: Apr Chicago Fed National Activity Index 0.15; Initial Jobless Claims 220k, Continuing Claims 1.791m; May S&P Global US Mfg. PMI 49.9, Servies 51.2, Composite 51.0; Apr New Home Sales 679k; May KC Fed Mfg. Activity -7; Atlanta Fed Pres Bostic 15:00 ET

S&P Index 50-day MA: 5168; 100-day MA: 5053; 150-day MA: 4866; 200-day MA: 4750
DJIA 50-day MA: 38,899; 100-day MA: 38,607; 150-day MA: 37,475; 200-day MA: 36,679
(Green is positive slope; Red is negative slope)

S&P 500 Index (5307.01 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 5232.86 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 5326.93 triggers a buy signal

@bennyjohnson: Former Senior Advisor to President Trump, Stephen Miller, CONFIRMS the Biden White House ordered the raid against President Trump’s home at Mar-A-Lago: “The Biden White House is the entity that authorized DOJ to seek the documents at Mar-A-Lago through what is known as a special access request… They used this request to justify and legitimize a criminal raid of Mar-A-Lago. So, we are dealing with a president right now who is a fascist.”
https://x.com/bennyjohnson/status/1793335379048669398

Reportedly, FBI agents have routinely been authorized to use deadly force in their raids since 2000.

@RudyGiuliani: Standard operation procedure to raid a former president’s home with deadly force over a NARA documents dispute?  How did they handle Biden’s documents near the corvette?

@MZHemingway: Even senior FBI agents thought the plan from Biden’s AG to use heavily armed agents to raid Mar-A-Lago was absolutely insane.
https://x.com/MZHemingway/status/1793265568402825437/photo/1

WaPo 3/1/23: Showdown before the raid: FBI agents and prosecutors argued over Trump
But two senior FBI officials who would be in charge of leading the search resisted the plan as too combative and proposed instead to seek Trump’s permission to search his property, according to the four people, who spoke on the condition of anonymity to describe a sensitive investigation.  Prosecutors ultimately prevailed in that dispute, one of several previously unreported clashes in a tense tug of war between two arms of the Justice Department over how aggressively to pursue a criminal investigation of a former president…
    FBI agents in the Washington field office urged more caution with such a high-profile matter, recommending they take a cooperative rather than confrontational approach…
    Garland said he “personally approved” the search of Trump’s property…
    Some FBI field agents then argued to prosecutors that they were inclined to believe Trump and his team had delivered everything the government sought to protect and said the bureau should close down its criminal investigation, according to some people familiar with the discussions.
    But they said national security prosecutors pushed back and instead urged FBI agents to gather more evidence by conducting follow-up interviews with witnesses and obtaining Mar-a-Lago surveillance video from the Trump Organization…
https://www.washingtonpost.com/national-security/2023/03/01/fbi-dispute-trump-mar-a-lago-raid/

Ex-CIA operative @BryanDeanWright: Spoke to friends still at the Bureau. Not one thought it was wise or prudent to have authorization of deadly force during the MAL raid. Said one: “We kill someone over documents at a US President’s house? Stupid. Unnecessary. Not normal.”

@CortesSteve: Wow. @AOC accidentally says the quiet part out loud. She mocks President Trump for holding a rally in the South Bronx and brags about how the Democrats’ lawfare is forcing him to stay in New York City: “By the way, Trump’s doing it in the South Bronx not to make a point but because he’s got court. And the man practically has the legal version of an ankle bracelet around him, and he can’t leave the 5 boroughs because he always has to be in court. So it is truly an embarrassment to him. And I am looking forward to the response of everyday Bronxites talking about how they feel about him coming to their backyard.”  https://x.com/CortesSteve/status/1793257372560847331

House GOP chairman accuses Hunter Biden of lying to Congress, citing new whistlblower evidence https://t.co/UIpF7pMvqa

House Ways & Means Committee statement that accuse Hunter Biden of lying to Congress
“First, Hunter Biden lied about the recipient of a WhatsApp message sent with the apparent intention to threaten a business associate and demand payment. In the message, Hunter Biden twice mentioned he was with his father. In the deposition, Hunter Biden sought to dismiss the message, claiming that he was either quote “high or drunk” when he sent it, and in that state, had sent it to the wrong Zhao, and not actually the one affiliated with the Chinese energy company, CEFC. Hunter claimed under oath that the recipient, quote “had no understanding or even remotely knew what,…I was even‚…talking about.”
    “However, phone records in front of the Committee today show Hunter Biden sent the message to the correct Chinese businessman by the name of Raymond Zhao who not only was affiliated with CEFC, but knew exactly what Hunter Biden was talking about.
    “For several months, the pair messaged back and forth on the same phone numbers, and ultimately an affiliate of CEFC, Raymond Zhao’s company, sent $5 million to Hunter Biden and his associates just days after Hunter’s threatening message. These documents make clear that Hunter Biden was using his father’s name to shake down a Chinese businessman – and it worked. And when confronted by Congressional investigators about it, he lied.
    “Second, Hunter Biden lied when he claimed he was not the corporate secretary of Rosemont Seneca Bohai and that the shell company he established with Devon Archer and its associated bank accounts were not under his control nor affiliated with him.
    “The truth is in his own handwriting, and it is in front of our Committee today. On an official Rosemont Seneca Bohai document accepting yet another foreign payment, Hunter Biden wrote, ‘I, Robert Hunter Biden, hereby certify that I am the duly elected, qualified and acting Secretary of Rosemont Seneca Bohai, LLC.’ The Committee has also obtained evidence that shows Hunter Biden was, in fact, the beneficial owner of a bank account in the name of Rosemont Seneca Bohai.
    “Third, Hunter Biden lied during his deposition when he said he never helped individuals obtain U.S. visas. The whistleblowers have provided an email to the Committee between Devon Archer, Hunter Biden, and Ukrainian associates in which Archer stated, ‘Hunter is checking with Miguel Aleman to see if he can provide cover to Kola on the visa.’ Kola, being the CEO of Burisma, Nikolay Zlochevsky and whose, the email also indicates, U.S. visa was revoked as there was concern about his foreign travel…
https://gop-waysandmeans.house.gov/chairman-smith-opening-statement-markup-of-materials-protected-under-internal-revenue-code-section-6103/

@mirandadevine: CIA involvement in the Biden protection racket: Shapley and Ziegler also provided the Committee with evidence that, in 2021, Assistant U.S. District Attorney Leslie Wolf told investigators they could not pursue Hollywood lawyer Kevin Morris as a witness based on information she received from the CIA.  https://x.com/JsnFostr/status/1793310757930614997/photo/1

@JsnFostr: From IRS SSA Shapley’s newly released affidavit: The CIA “summoned” prosecutors to Langley, VA for a classified briefing on Hunter Biden’s sugar brother/balcony bong lawyer. After that, it was hands off w/o telling investigators why…
https://gop-waysandmeans.house.gov/wp-content/uploads/2024/05/Shapley-Affidavit.pdf

@seanmdav: Wait. Wait. So, Hunter Biden’s sugar daddy—the weirdo who paid off Hunter’s tax bills and paid for his lawyers and apparently bankrolled Hunter’s documentary—is a CIA asset? Which means the CIA has been protecting Hunter the whole time?

@tristanleavitt: Very big question is still how the CIA even learned Morris was a potential witness in the Hunter Biden investigation.  https://x.com/tristanleavitt/status/1793382601018744859
    SSA Shapley followed up with AUSA Wolf to ask for the classified briefing, writing: “I’m sure you understand that I have to, at a minimum, understand the issue at hand.”  Wolf said DOJ would make it happen. And then proceeded to ignore the request.

@GLNoronha: Whistleblowers’ emails reveal John Kerry blocked the FBI and DOJ from arresting Iranian terrorists and agents on U.S. soil in order to protect his Iran deal. He even ran away from a White House meeting to avoid getting confronted by the Attorney General. (Is this treason?)
https://x.com/GLNoronha/status/1793392542433542452

GOP Sen. @ChuckGrassley: FBI WBs came to me & Sen Johnson w emails showing fmr Scty of State John Kerry blocked MULTIPLE FBI attempts 2 arrest dangerous Iranian individuals during Iran nuclear deal negotiations Obama/Biden State Dept put politics over natl security…

Illinois legislators have passed a bill that will change the word “offender” to “justice-impacted individual” in state laws. Some say the bill’s supporters are “apologizing for the criminal.”
https://t.co/XvJluhdwa7

UK Prime Minister Sunak calls for surprise July election
Sunak needed to hold a vote by January 2025…
https://justthenews.com/world/europe/uk-prime-minister-sunak-calls-surprise-july-election

GREG HUNTER I

END

SEE YOU TOMORROW

SHANGHAI GOLD (USD) FUTURES – QUOTES

GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 162 NOTICES FOR 16,200 OZ or 0.5039 TONNE

total notices so far: 2367 contracts for 236,700 Oz (7.362 tonnes)

FOR MAY:

SILVER NOTICES: 7 NOTICE(S) FILED FOR 35,000 OZ/

total number of notices filed so far this month : 6009 for 30.045 million oz

The Copper Bull: Speculation Vs. Fundamentals

Gold and silver’s inflection point

For decades goldbugs have bemoaned that paper markets control and suppress gold and silver. Many of them have yet to realise it, but London forwards and Comex futures no longer set the price.

The background

The collapse of western government finances

Silver is demanded and in short supply

Another FDIC-Insured Bank Got in Bed with Fintech; It’s Now Got a Dumpster Fire and Desperate Pleas from Customers for their Money

Bean Used In Instant Coffee Soars The Most Since 2011

APAC stocks traded mixed following soft performance of US cash markets after FOMC minutes but before receiving support post-Nvidia earnings – Newsquawk Europe Market Open

US TRADE

EQUITIES

APAC TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

CRYPTO

GEOPOLITICS

EU/UK

China Initiates Large Drills ‘Surrounding’ Taiwan As Warning To New President Lai

War Cabinet Approves Resumption Of Truce Talks As Israeli Forces Plunge Deeper Into Rafah

Israeli Hostage Families Release Shocking Clip Of Female Troops’ Abduction

Netanyahu Issues Warning To US Leaders Over ICC Arrest Warrants: ‘You’re Next’

Hamas should not be rewarded for terrorism with a Palestinian state – editorial

Recognizing Palestine in the aftermath of the October 7 massacre is not a step toward peace; it is a step away from it. It signals to terrorists that their actions can yield political rewards.

The path to statehood

The International community

Israel Has Killed Just 30-35% Of Hamas Fighters: US Intel Officials

Ben Gvir visits Temple Mount, says recognizing Palestinian state is reward for Hamas

In 1st visit to flashpoint Jerusalem holy site since October 7, national security minister slams Norway, Spain, Ireland, insists on ‘root canal’ operation to remove Hamas in Rafah

Russia says it will strike British targets if UK weapons are used to hit its territory

Hal Turner Radio Show – BULLETIN: 10:46 PM EDT – Blinken Officially Authorizes Ukraine to Attack Inside Russia

Vinu’s Newsletter (substack): ‘Obesity and diabetes are vaccine induced autoimmune diseases. Wegovy, Ozempic, insulin injections used to “treat” are contaminated with yeast proteins that cause more

de novo autoimmune diseases. The sickness industry makes you sick and keeps you sick for life. All for profit.’ Very interesting, I found well written stack, I refer, enjoy as I find educational

NVDA Tops $2.5 Trillion As Traders Sell Everything Else On ‘Good News’

US Initial Jobless Claims Refuse To Budge From Near Record Lows

Walmart, Target Unleash Price-Cut Tsunami As Working-Poor Hit Brick-Wall

US New Home Sales Tumbled In April Amid Further Downward Revisions…

Bankrupt Red Lobster Proves “All You Can Eat” In An Obese Country Isn’t A Good Idea

The Incoming Commercial Real Estate Crisis No One Seems Prepared For

Rate Hikes Cease, Problems Remain

Charges Dropped Against New Jersey Gym Owner Who Defied Strict COVID Lockdown Rules

Gym Owners Rack Up Millions in Fines

Biden Cancels Another $7.7 Billion In Student Debt For 160,000 Borrowers

US Student Debt Burden

CIA Blocked Probe Into Hunter’s Hollywood Tax ‘Sugar Brother’: Whistleblower

Watch: Cruz, Kennedy Destroy Biden Judge For Placing ‘6 Foot 2 Serial Child Rapist’ In Women’s Prison

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