SHANGHAI GOLD (USD) FUTURES – QUOTES

Last Updated 29 May 2024 03:11:24 PM CT.

Market data is delayed by at least 10 minutes.

MONTH	LAST	CHANGE	PRIOR SETTLE	OPEN	HIGH	LOW	VOLUME	UPDATED
MAY 2024 SGUK4	–	–	2367.7	–	–	–	0	02:08:10 CT 29 May 2024
JUN 2024 SGUM4	2388.2	+6.4 (+0.27%)	2381.8	2388.2	2388.2	2388.2	1	12:30:20 CT 29 May 2024
JUL 2024 SGUN4	–	–	2395.9	–	–	–	0	12:30:20 CT 29 May 2024
AUG 2024 SGUQ4	2394.3	-1.8 (-0.08%)	2396.1	2400.4	2412.2	2394.3	51	12:30:20 CT 29 May 2024
OCT 2024 SGUV4	–	–	2420.4	–	–	–	0	12:30:20 CT 29 May 2024
DEC 2024 SGUZ4	–	–	2421.0	–	–	–	0	12:30:20 CT 29 May 2024
FEB 2025 SGUG5	–	–	2421.6	–	–	–	0	12:30:20 CT 29 May 2024
APR 2025 SGUJ5	–	–	2422.2	–	–	–	0	12:30:20 CT 29 May 2024

About this Report

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

4: 15 PM ACCESS

*CANADIAN GOLD: $3206.52 DOWN 13.98 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)

*BRITISH GOLD: 1840.55 UPDOWN 9.15 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024

*EURO GOLD: 2163.90 DOWN 10.65 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)

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EXCH: COMEX

EXCHANGE: COMEX
CONTRACT: MAY 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,355.200000000 USD
INTENT DATE: 05/28/2024 DELIVERY DATE: 05/30/2024
FIRM ORG FIRM NAME ISSUED STOPPED

190 H BMO CAPITAL 4
657 C MORGAN STANLEY 11
690 C ABN AMRO 4
880 H CITIGROUP 22
905 C ADM 3

TOTAL: 22 22
MONTH TO DATE: 2,393

JPMorgan stopped 0/22

FOR MAY2024

GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 22 NOTICES FOR 2200 OZ or 0.0684 TONNE

total notices so far: 2393 contracts for 239300 Oz (7.4432 tonnes)

FOR MAY:

SILVER NOTICES: 25 NOTICE(S) FILED FOR 125,000 OZ/

total number of notices filed so far this month : 6132 for 30.6600 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 $13.55

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

NO CHANGES IN GOLD INVENTORY AT THE GLD:

/ /INVENTORY RESTS AT 832.21TONNES

INVENTORY RESTS AT 832.21 TONNES

SLV//

WITH NO SILVER AROUND AND SILVER UP $.20 AT THE SLV//

HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.051 MILLION OF SILVER OUT OF THE SLV

// INVENTORY LOWERS TO 417.430 MILLION OZ/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.

CLOSING INVENTORY: 417.430 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A FAIR SIZED 398 CONTRACTS TO 184,846 AND CONTINUING ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS FAIR SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE GAIN OF $1.64 IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN SHORT COVERING BY OUR SPECS DESPITE THE GAIN IN PRICE. WE HAD ANOTHER HUGE SIZED 889 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 TUESDAY NIGHT: 889 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $1.64) AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE DID HAVE A HUMONGOUS SIZED GAIN OF 1053 CONTRACTS ON OUR TWO EXCHANGES WITH THE HUGE GAIN IN PRICE OF $1.64.

WE MUST HAVE HAD:

A STRONG SIZED 655 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 E.F.P. JUMP TO LONDON OF 20,000 OZ

//NEW STANDING FOR SILVER//MAY IS THUS 30.655 MILLION OZ

WE HAD:

/ FAIR SIZED COMEX OI GAIN //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 889 CONTRACTS)/

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED AN ENORMOUS 1535 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 20 DAYS, total 24,226 contracts: OR 121.130 MILLION OZ (1211 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 115.780 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: 121.130 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 398 CONTRACTS WITH OUR HUGE GAIN IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG EFP ISSUANCE CONTRACTS: 889 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 20,000 OZ E.F.P JUMP TO LONDON

//NEW TOTAL STANDING AT 30.655 MILLION OZ

WE HAVE A HUGE SIZED GAIN OF 1053 OI CONTRACTS ON THE TWO EXCHANGES WITH THE HUGE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 889 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF SHORTS.

THE NEW TAS ISSUANCE TUESDAY NIGHT (518) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .

WE HAD 25 NOTICE(S) FILED TODAY FOR 125,000 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 STRONG SIZED 12,483 OI CONTRACTS TO 485,430 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED A HUGE 8136 CONTRACTS

WE HAD A STRONG SIZED DECREASE IN COMEX OI (12,483 CONTRACTS) OCCURRED DESPITE OUR HUGE GAIN OF $22.00 IN PRICE/TUESDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER, INITIATING THURSDAY’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 200 OZ E.F.P JUMP TO LONDON PLUS WE MUST ADD THAT DUBIOUS ISSUANCE OF 1084 OI EX FOR RISK CONTRACTS ISSUES ON LAST FRIDAY WHEREBY THE BUYER ASSUMES RISK OF 3.3716 TONNES OF GOLD//NEW STANDING DECREASES TO 8.5536 TONNES PLUS THE DUBIOUS 3.3716 ECH FOR RISK!

NEW STANDING 11.925 TONNES// ALL OF THIS HAPPENED WITH OUR $22.00 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A STRONG SIZED LOSS OF 5977 OI CONTRACTS (18.59 PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 6506 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 485,430

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5977 CONTRACTS WITH 12,483 CONTRACTS DECREASED AT THE COMEX// AND A STRONG SIZED 6506 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 5977 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 2659 CONTRACTS,,

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6506 CONTRACTS) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI 12,483/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 5977 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 200 OZ EFP JUMP PLUS 3.3716 TONNES EX FOR RISK//PRIOR

//NEW STANDING /MAY 11.925 TONNES.

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

// 4) STRONG SIZED COMEX OPEN INTEREST LOSS 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S. ISSUANCE: 2659 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: 90,081 CONTRACTS OR 9,008,100 OZ OR 280.18 TONNES IN 20 TRADING DAY(S) AND THUS AVERAGING: 4504 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 20 TRADING DAY(S) IN TONNES 280/18 TONNES

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

THUS EFP TRANSFERS REPRESENTS 280.18 DIVIDED BY 3550 x 100% TONNES = 7.88% 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; 280.18 TONNES (WILL BE ANOTHER STRONG MONTH/ LARGER THAN LAST MONTH)// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JUNE. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

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

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

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

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

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

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A FAIR SIZED 398 CONTRACTS OI TO 184,846 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 655 CONTRACTS

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

JULY 655 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 655 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1973 CONTRACTS AND ADD TO THE 655 E.FP. ISSUED

WE OBTAIN A STRONG SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5977 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 18.59 MILLION OZ

OCCURRED WITH OUR HUGE $1.64 GAIN IN PRICE …..

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

WEDNESDAY MORNING/TUESDAY NIGHT

SHANGHAI CLOSED UP 1.43 PTS OR 0.05% //Hang Seng CLOSED DOWN 344.15 PTS OR 1.83%// Nikkei CLOSED DOWN 298/50 OR 0.77%//Australia’s all ordinaries CLOSED DOWN 1.23%///Chinese yuan (ONSHORE) closed DOWN TO 7,2494 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2729/ Oil UP TO 80.43 dollars per barrel for WTI and BRENT UP AT 84.75 /Stocks in Europe OPENED ALL MOSTLY RED

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

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3 CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 12,483 CONTRACTS TO 485,430 DESPITE OUR STRONG GAIN IN PRICE OF $22.00 WITH RESPECT TO TUESDAY TRADING. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION TUESDAY AS WELL AS FEW 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 HUGE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A STRONG SIZED 6506 EFP CONTRACTS WERE ISSUED: : JUNE 6506 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:6506 CONTRACTS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 5977 CONTRACTS IN THAT 6506 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED LOSS OF 12,483 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE GAIN IN PRICE OF $22.00// TUESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A STRONG SIZED 2259 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 YESTERDAY’S FALL IN PRICE

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MAY (8.5536 TONNES+ 3.3716 EX FOR RISK/PRIOR) = 11.925 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 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/PRIOR= 11.9325

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $22.00 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG LOSS OF 5977 CONTRACTS ON TIESDAY WITH OUR TWO EXCHANGES DESPITE THE HIGE GAIN IN PRICE. THE T.A.S. ISSUED ON TUESDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.

WE HAVE LOST A TOTAL OI OF 18.59 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 SMALL E.F.P. JUMP TO LONDON OF 2 CONTRACTS OR 200 OZ ( .0060 TONNES) PLUS 3.3716 TONNES OF EX FOR RISK/PRIOR

NEW STANDING: 8.5536 TONNES PLUS 3.3716 TONNES EX FOR RISK/PRIOR = 11.925

ALL OF THIS WAS ACCOMPLISHED WITH OUR HUGE GAIN IN PRICE TO THE TUNE OF $22.00

WE HAVE REMOVED 8,136 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL

NET LOSS ON THE TWO EXCHANGES 5977 CONTRACTS OR 597700 (18.59 TONNES)

confirmed volume TUESDAY 454,528 contracts// huge

//speculators have left the gold arena

MAY 29 MAY GOLD

/ /// THE MAY 2024 GOLD CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	NIL oz .
Deposit to the Dealer* Inventory in oz*	32,009.658 oz ASAHI
Deposits to the Customer* Inventory, in oz*	386.04 OZ DELAWARE
No of oz served (contracts) today	22 notice(s) 2200 OZ 0.0684 TONNES
No of oz to be served (notices)	357 contracts 35700 OZ 1.1104 TONNES
Total monthly oz gold served (contracts) so far this month	2393 notices 239,300 oz 7.4432 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

1 dealer deposits:

(1) into ASAHI: 32009.638 oz

total dealer deposits: 32009.638 oz

we have 1 customer deposit:

i) Delaware 386.04 oz

total deposit 386.04 oz

total customer withdrawals: 0

TOTAL WITHDRAWALS nil 0z

Adjustments: 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY

For the front month of MAY we have an oi of 379 contracts having LOST 2 contracts.

We had 0 contracts served on TUESDAY, so we LOST 2 contracts or 200 oz (0.00623 Tonnes).

JUNE DECREASED ITS OI BY 56,043 CONTRACTS DOWN TO 73,929 CONTRACTS. WE HAVE 2 MORE READING DAYS BEFORE FIRST DAY NOTICE

JULY GAINED 277 CONTRACTS TO STAND AT 1162

We had 22 contracts filed for today representing 2200 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 22 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account

To calculate the INITIAL total number of gold ounces standing for the MAY /2024. contract month, we take the total number of notices filed so far for the month (2393) x 100 oz ) to which we add the difference between the open interest for the front month of MAY ( 379 CONTRACTS) minus the number of notices served upon today (22 x 100 oz per contract( equals 275,000 OZ OR 8.5536 TONNES. PLUS THE 3.3716 OF EX FOR RISK/PRIOR = 11.925 TONNES

thus the INITIAL standings for gold for the MAY contract month: No of notices filed so far (2393x 100 oz + 379x OI for the front month} minus the number of notices served upon today (22) x 100 oz which equals 275,000 oz (8.5536 TONNES) PLUS 3.3716 EX FOR RISK/PRIOR = 11.925 TONNES.

TOTAL COMEX GOLD STANDING FOR MAY: 11.9250 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: 1,558,487.369 48.47 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,609,477.363 OZ

TOTAL REGISTERED GOLD 7,820,854.380 ( 243.24 tonnes).

TOTAL OF ALL ELIGIBLE GOLD: 9,788,618.983 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 6,262,367 oz (REG GOLD- PLEDGED GOLD)= 194.78 tonnes //

END

SILVER/COMEX

MAY 29

INITIAL

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

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	1,168,511.975 oz hsbc delaware .
Deposits to the Dealer* Inventory*	nil OZ
Deposits to the Customer Inventory	588,186.200 oz asahi
No of oz served today (contracts)	25 CONTRACT(S) (125,000 OZ)
No of oz to be served (notices)	1 contracts (0.050 million oz)
Total monthly oz silver served (contracts)	6132 Contracts (30.660 MILLION oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

i) 0 dealer deposit

total dealer deposit : nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: 0 oz

We had 1 deposits customer account:

i) int asahi 588,186.200 oz

total customer deposit 588,186.200 oz

JPMorgan has a total silver weight: 128.497million oz/298.467 million or 43.02%

adjustment: 1

i) out of asahi 609,387.400 oz customer to dealer

Comex withdrawals: 2

i) delaware; 598,193.480 oz

i) hsbc 570,318.495 oz

ii) delaware 598,193.480 oz

total withdrawal: 1,168511.595 0z

TOTAL REGISTERED SILVER: 61.566MILLION OZ//.TOTAL REG + ELIGIBLE. 299/048 million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:

silver open interest data:

FRONT MONTH OF MAY/2024 OI: 26 CONTRACTS HAVING LOST 8 CONTRACT(S).

We had 4 notices served on TUESDAY so we LOST 4 contracts or 20,000 oz underwent an EFP JUMP TO LONDON AS THEY WERE SET TO TAKE DELIVERY ON THAT SIDE OF THE POND.

JUNE SAW A GAIN OF 3 CONTRACTS RISING TO 1355

JULY SAW A LOSS OF 502 CONTRACTS DOWN TO 146,411

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 25 for 125,000 oz

CONFIRMED volume; ON TUESDAY 157,986

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 6132 x 5,000 oz = 30.660 MILLION oz

to which we add the difference between the open interest for the front month of MAY ((26) and the number of notices served upon today 25x (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAY/2024 contract month: 6132 notices served so far) x 5000 oz + OI for the front month of MAY (26)x number of notices served upon today minus (25x 5000 oz of silver standing for the may contract month equates to 30.655 MILLION OZ.

New total standing: 30.655 million oz.

There are 61.566 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 29 WITH GOLD DOWN $13.55 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES

MAY 28 WITH GOLD UP $22.00 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.15 TONNES OF GOLD FROM THE GLD// //NEW TOTAL TONIGHT 832.21 TONNES

MAY 24 WITH GOLD DOWN $2.25 ON THE DAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.18 TONNES OF GOLD FROM THE GLD// //NEW TOTAL TONIGHT 833.36 TONNES

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: 832.21 TONNES, TONIGHTS TOTAL

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

MAY 29 WITH SILVER UP $0.20 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A HUGE WITHDRAWAL OF 1.051 MILLION OZ INTO THE SLV//INVENTORY DECREASES TO 417.430 MILLION OZ

MAY 28 WITH SILVER UP $1.64 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A HUGE WITHDRAWAL OF 2.832 MILLION OZ INTO THE SLV//INVENTORY INCREASES TO 418.481 MILLION OZ

MAY 24 WITH SILVER UP $0.10 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF .822 MILLION OZ INTO THE SLV//INVENTORY INCREASES TO 421.313 MILLION OZ

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 417.430 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1.PETER SCHIFF SCHIFF GOLD/MIKE MAHARRAY

end

2. ALASDAIR MACLEOD/JIM RICKARDS/PAM AND RUSS MARTENS//GOLD AND SILVER COMMENTARY

END

3. CHRIS POWELL//GATA DISPATCHES

CHRIS POWELL…

4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS

When Will Gold & Silver Miners Start Believing In Their Product?

WEDNESDAY, MAY 29, 2024 – 01:20 PM

Authored by Stefan Gleason via Money Metals,

Miners spend billions of dollars every year pulling precious metals out of the ground. They toil mightily for years on end to produce these stores of value – but then they turn right around and sell all their gold and silver immediately in exchange for fiat currencies.

If you stop to really think about it, this may seem strange.

These businesses quite literally mine real money. But, like nearly every other business or individual, they still seem to be stuck in the fiat currency paradigm.

It takes tremendous risk, capital, and time to find a resource, develop a mining project, and dig up and process the metals. It is extremely difficult to produce gold and silver at a profit.

Inflation constantly pushes up costs and puts pressure on the economics of the miners. They may face tremendous stumbling blocks along the way – from governments, capital markets, indigenous activists, eco-fanatics, union bosses, and many others.

All this underpins the scarcity value of the gold and silver that comes out of the ground – and provides a stark contrast to the amount of work involved in creating fiat money (i.e. none).

Of course, mining companies do need cash to pay bills. But to the extent that it’s not needed immediately, wouldn’t it make sense to hold onto some bullion to preserve purchasing power for future expenses?

Very Few Miners Hold Gold & Silver Rather Than Sell It All

If mining companies believe that gold and silver are better stores of value than fiat currency, then it would seem incumbent on them to hold onto some of their product where they can.

As far as we can tell, though, only a couple mining companies – First Majestic Silver and SilverCrest Metals – have held back a meaningful amount of their production in the past 10 years.

SilverCrest actually does more than delay sales – it has deliberately socked away more than $20 million in gold and silver bullion on its balance sheet, currently representing about 20% of its treasury assets. In other words, these folks eat their own cooking – and plan to eat more.

The company’s president, Chris Ritchie, believes holding gold and silver should become “an additional capital allocation choice that should be considered” for the mining industry.

“SilverCrest has added this choice alongside our other capital allocation opportunities because of the functionality of our product — and we want to give our investors more of what they want while also hedging against some of the risks associated with mining. The option to hold bullion is available for every individual and business that’s trying to keep up with rising cost pressures.”

“The irony is that the gold and silver mining industry spends huge sums of money over long periods of time, and yet we choose to hold fiat currencies as our preferred store of value versus the product we work so hard to get.”

Miners May Struggle to Produce Future Ounces at Today’s Prices

Discussing this idea with Money Metals, Ritchie argued that the cost to replace the gold and silver ounces sold today is likely to be much higher in the future. If companies were to include these realities in their decision-making processes, financial stability and returns could be significantly improved.

“The industry has a horrible capital allocation track record. Poor business, capital markets, and resource allocation decisions have played an enormous role in creating the lack of interest we see in the sector today,” Ritchie pointed out.

The SilverCrest president points to the undercapitalization of the mining sector more broadly to support his point. Precious metals miners represent a fraction of 1% of the global marketable investment index even though they supply a product that is the best store of value in history.

A change in mentality may take time.

One example of the prevailing mindset is when Idaho-based Money Metals reached out to Hecla, a large silver-focused miner that is likewise based in Idaho, seeking support for a 2018 sound money bill pending in the state legislature. The response: Sorry, gold and silver aren’t money.

Idaho was once the epicenter of the gold and silver mining industry. But projects have faced major obstacles in recent decades, and the Gem State’s current liberal governor seems outright hostile to the monetary metals.

In fact, Idaho Gov. Brad Little just last week vetoed a popular sound money bill in order to prevent his state treasurer from holding gold and silver bullion to help protect the state’s dollar-centric reserve funds.

In doing so, Little parted ways with his counterparts in states like Utah, Tennessee, Texas, and Ohio – and sent a terrible message to the precious metals industry in the state.

Excessive Hedging Undermines Profitability, Shareholder Interests

Barrick Gold also provides an interesting case study.

The company’s stock is the same price today as it was 20 years ago. Meanwhile, gold itself is up over 600% in the same period of time!

It doesn’t take a financial wizard to see that you would have been a lot better off investing in the end product rather than the mining process.

In fairness, mining is a tough business and Barrick is a survivor. But it’s also one of many large mining companies that has capped its upside potential by hedging exposure to metals prices via futures markets. Hedging means, in effect, selling production early – well before the metals are even brought out of the ground.

Excessive and poorly timed hedges have destroyed shareholder value over the years.

Even when hedges DO pay off in the near term, they work at cross purposes with long-term investors who buy mining stocks because they want to fully participate in a bull market for the underlying asset.

Short-Sighted Thinking Harms Long-Term Industry Health

Quarterly earnings reporting and other pressures on public companies has led to lots of short-term thinking. The benefits of holding gold and silver shine brighter the longer the time frame in which you evaluate them.

Given the years or decades necessary to discover, build, and produce from a mine, the loss of purchasing power over that journey becomes a significant financial drag that is rarely considered.

Mining companies that sell all their gold and silver ounces today usually hope to replace them at a lower cost in the future. But is that a realistic assumption?

Almost no companies hold gold on the balance sheet.

Retaining some bullion on the balance sheet adds leverage. The returns on ounces held above the ground are not burdened by rising costs. They are not exposed to operational risk. And they reliably earn a better “real” yield over the medium to longer term than cash, CDs, and bonds.

Selling every ounce of precious metals mined immediately, regardless of price, is bad business, and it’s no wonder the mining sector struggles.

A strong case can be made that no company (or person or government entity) should hold cash reserves entirely in dollars given their constant devaluation and inherent risk. But so far there are few other examples of public companies holding gold on their balance sheets. Overstock and Palantir are two of them.

If Miners Hold Back Supply, It Could Positively Impact Price

The gold market is small. The silver market is even smaller.

Whereas demand for metals can surge suddenly, the supply response will take a significant amount of time. The capital required to build new projects is large and capital availability has dwindled to a trickle.

Seizing upon supply and demand imbalances is the holy grail for investors in cyclical industries. Mining companies can add value by retaining production while they wait for up-cycles to mature.

A choice to hold back some of their production from the market – especially when spot prices are below the all-in cost of discovery, development, and production – could also positively impact the prices of gold and silver.

That’s particularly true with silver, which is dramatically undervalued versus gold on a historical basis – but now appears poised to catch up. Higher prices would ultimately improve cash flows, supporting the health of the industry.

Here’s the bottom line…

Mining companies that fail to appreciate that they are literally pulling money out of the ground may continue to disappoint metals investors. But miners that stop being kneejerk “price takers” can expect to be rewarded.

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

6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/

WHY BITCOIN AND NOT GOLD?

Healthcare Company Semler Soars After Adopting Bitcoin As Primary Treasury Asset

TUESDAY, MAY 28, 2024 – 10:00 PM

Healthcare company Semler Scientific (SMLR), known for pursuing remedies to chronic diseases, announced a major shift in its treasury strategy. The company’s board of directors adopted Bitcoin as its primary treasury reserve asset, alongside a substantial purchase of 581 Bitcoins for an aggregate amount of $40 million.

Bitcoin Magazine

@BitcoinMagazine

JUST IN: Healthcare product manufacturer Semler Scientific purchases 581 #Bitcoin for $40 million

9:49 AM · May 28, 2024

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JUST IN: Healthcare product manufacturer Semler Scientific purchases 581 #Bitcoin for $40 million 👀 pic.twitter.com/zYsVgN19gL
— Bitcoin Magazine (@BitcoinMagazine) May 28, 2024

“Our bitcoin treasury strategy and purchase of bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment,” stated Semler Scientific Chairman Eric Semler. “Bitcoin is now a major asset class with more than $1 trillion of market value. We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of bitcoin. Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate outsize returns as it gains increasing acceptance as digital gold.”

As Bitcoin Magazine notes, despite this strategic financial move, the tiny Semler Scientific, whose market cap is just $200 million, said it remains committed to its core mission in healthcare of delivering innovative technologies as solutions to transform the healthcare management of chronic diseases and offer providers the opportunity to reduce costs and improve long-term patient outcomes. The company will also continue to focus on its flagship product, QuantaFlo, a point-of-care test for peripheral arterial disease, while seeking expanded FDA clearance for other cardiovascular conditions.

“Furthermore, we are energized by the growing global acceptance and ‘institutionalization’ of bitcoin — reflected most recently by the Securities and Exchange Commission’s January 2024 approval of 11 bitcoin exchange-traded funds,” Mr. Semler continued. “These funds have reported more than $13 billion of net inflows, with investments from nearly 1,000 institutions, including global banks, pensions, endowments and registered investment advisors. It is estimated that more than 10% of all bitcoins are now held by institutions.”

Semler Scientific’s board and senior management shared that they have carefully considered various uses of excess cash and concluded that holding Bitcoin is the best strategy.

The market greeted the news of the company’s shift from dollars to bitcoin with excitement, and sent SMLR surging 24% higher, which the cynics would argue was the whole point of the exercise. Well, the gamble worked…

… and while not many have followed in the footsteps of bitcoin OG Microstrategy, which was one of the original companies to transition from a dollar to bitcoin reserve, the euphoric reception of Semler’s news virtually guarantees that in the coming months we will see dozens more small and micro caps ditch the dollar and embrace crypto, if only in hopes of a quick boost to the stock price. Still demand is demand, and this all bodes quite favorably for bitcoin demand for the foreseeable future.

END

ASIA TRADING//WEDNESDAY MORNING/TUESDAY NIGHT

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

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

ONSHORE YUAN: CLOSED DOWN TO 7.2494

OFFSHORE YUAN: DOWN TO 7.2729

SHANGHAI CLOSED UP 1.43 PTS OR 0.05 %

HANG SENG CLOSED DOWN 344.15 PTS OR 1.83%

2. Nikkei closed DOWN 298.50 PTS OR 0.77 %

3. Europe stocks SO FAR: ALL RED

USA dollar INDEX UP TO 104.66 EURO FALLS TO 1.0848 DOWN 4 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +1.063 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157/29 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN

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

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

3g Oil 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 +2.6460/Italian 10 Yr bond yield UP to 3.969 SPAIN 10 YR BOND YIELD UP TO 3.389%

3i Greek 10 year bond yield UP TO 3.635

3j Gold at $2341.70//Silver at: 31.95 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 85/ 100 roubles/dollar; ROUBLE AT 89.42

3m oil into the 80 dollar handle for WTI and 84 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 157.29/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.063% 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 0.9123 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9904 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: 4.573 UP 3 BASIS PTS…

USA 30 YR BOND YIELD: 4.690 UP 3 BASIS PTS/

USA 2 YR BOND YIELD: 4.968 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 32.22…

10 YR UK BOND YIELD: 4.401 UP 12 PTS

2a New York OPENING REPORT

Futures Slide As Bond Yields Spike To 3 Week High

WEDNESDAY, MAY 29, 2024 – 08:18 AM

US futures are weaker with tech and small caps underperforming after the NDX made a new ATH yesterday on the back of the relentless Nvidia meltup. The weakness has been driven by surge in yields, a result of the latest batch of hawkish Fed remarks, two very weak bond auctions and stronger macro data (Consumer Sentiment; Housing Prices). Will we see more of the same today with the 7Y auction on deck? At 7:45am S&P futures are 0.6% lower while Nasdaq futures dipped 0.7% as Mag7 and Semi stocks (incl. NVDA) are all lower pre-mkt; Asian stocks fell, led by losses in Hong Kong, while Europe’s Stoxx 600 index also slipped 0.6%. Yields continued their rise, and after jumping 9 basis points on Tuesday, 10Y yields rose further to 4.57%, the highest level since May 3 when the huge payrolls miss sent yields sliding. The USD caught a bid, but commodities were a bright spot with both energy and base metals moving higher as another attack in the Red Sea added to heightened geopolitical tensions in the Middle East . It’s a light calendar: the only US eco data is the May Richmond Fed index (10am) and Dallas Fed services activity (10:30am); we also get speeches from the Fed’s Williams (1:45pm) and Bostic (7pm). Fed releases Beige book at 2pm

In premarket trading, Marathon Oil shares climbed 5.9% after reports that ConocoPhillips was set to acquire the E&P company, valuing the company at around $15 billion. Airline stocks on both sides of the Atlantic are under pressure after American Airlines cut its profit guidance heading into the crucial summer travel season, just one month after it published a very optimistic outlook which sent its stock price surging in a classical case of stock price manipulation.

And indeed, American Airlines shares plunged 8.3% after the airline slashed its second-quarter adjusted earnings per share outlook, taking the forecast below consensus expectations. The company also announced the departure of its chief commercial officer, Vasu Raja. Here are some other notable premarket movers:

Bank OZK shares slip 4.4% after a downgrade to sell from buy at Citi.
Cava (CAVA US) shares decline 3.2% despite the Mediterranean restaurant chain reporting better-than-expected 1Q same-store sales growth and boosting its outlook.
Digital Turbine (APPS US) shares slide 8.5% after the company reported net revenue for the fourth quarter that missed estimates.
Faraday Future (FFIE US) shares plummet 43% after the electric vehicle maker reported fourth-quarter and full-year earnings and withdrew its production target guidance for 2024.
First Solar (FSLR US) shares fall – after a downgrade to hold from buy at DZ Bank.
Robinhood Markets shares rise 3.3% after the board of directors approved a share repurchase program of up to $1 billion. Analysts see mostly muted effects of the buyback, with those at Keefe Bruyette & Woods calling it a “conservative approach to capital return.”

Despite solid May performance – the S&P 500 is up 5.4% in the month as of Tuesday’s close, while Europe’s Stoxx 600 is on track for a 2.2% gain in May – markets are feeling the ripples from a rough US session, after tepid demand for US note sales, resilient consumer confidence data and central bank talk fueled expectations interest rates will stay elevated. There’s an auction of seven-year Treasuries later Wednesday and an important US price growth print is in focus at the end of the week.

“The higher-for-longer bond yields risk is biting into equity valuations and short-term pressure seems to be a given,” said Leonardo Pellandini, an equity strategist at Bank Julius Baer. “Nevertheless, with inflation expectations moderating and interest-rate cuts coming soon, we think markets can continue to climb higher.”

And speaking of higher rices, Friday sees the release of the Fed’s preferred inflation gauge — the personal consumption expenditures index. Economists expect the PCE deflator to have risen in April at an annual pace of 2.7%, the same as in March.

“One potential banana skin is that major downside surprises in inflation could now bring in the view that the US economy could not be in as strong shape as previously expected — i.e. ‘bad news is bad news’,” Geoffrey Yu, strategist at Bank of New York Mellon.

European stocks also declined; the Stoxx 600 fell 0.3% with travel, financial service and consumer product shares leading declines. Major markets are all lower with France/Italy the biggest laggards. Oil and gas stocks outperformed after the price of crude hit a five-week high as another attack on a ship in the Red Sea added to heightened geopolitical tensions. Anglo American shares fell as much as 2.7% as BHP asked for more time to discuss its takeover plan and outlined a series of commitments; BHP shares meanwhile rise in London trading. Here are the biggest movers Wednesday:

Renault rises as much as 4%, hitting highest since October 2019, as Goldman upgrades the automaker to buy from neutral in note citing its “strong product cadence”
IDS gains as much as 4.4% after the parent company of Royal Mail agreed to a takeover by Czech billionaire Daniel Kretinsky, setting the scene for a political battle over its future ownership
Merck KGaA shares rise as much as 2.1%, outperforming the Stoxx 600 Health Care Index, after Morgan Stanley increased its price target on the German company, citing re-rating potential
Schibsted shares climb as much as 6% to hit levels not seen since December 2021 after analysts at Carnegie re-initiate coverage of the digital media company with a buy rating
Xvivo Perfusion gains as much as 9.1% after SEB published a favorable note on the Swedish organ transplant technology firm, highlighting a very optimistic possible blue-sky scenario
Saab falls as much as 5.9% after Sweden’s announcement on Tuesday that it would halt shipments of the firm’s Gripen fighter jets to Ukraine in discussion with other allies
CD Projekt dropped as much as 7%, erasing early gains, after failing to provide new information on plans for its next Witcher game due for production phase in 2H
RS Group falls as much as 3.5% after the industrial group was downgraded by Liberum and had its price target cut by RBC after analysts lowered their profit forecasts after recent FY results
Mobico drops as much as 6.6% following a downgrade to hold by Berenberg, which says upside potential for the bus and rail company’s stock is still “opaque”

Earlier, Asian stocks fell, led by losses in Hong Kong, as rising bond yields and more Fedspeak saw US rate-cut bets further recede. The MSCI Asia Pacific Index fell as much as 1.4%, on track for its biggest single-day plunge since April 19. Tencent, TSMC and Samsung were among the biggest drags Wednesday. Korean stocks slid after Samsung’s labor union said it plans to carry out its first strike ever, while Australia’s key benchmark tumbled after inflation came in faster than expected in April. The regional gauge is still on course for more than 2% gain this month.

Hang Seng and Shanghai Comp were mixed with notable losses in tech and consumer stocks front-running the declines in Hong Kong, while the mainland bucked the trend after more Chinese cities announced property support measures and the PBoC also conducted a relatively substantial liquidity injection heading into month-end.
ASX 200 was dragged lower amid a jump in yields and after disappointing data including firmer-than-expected monthly CPI for April and a surprise contraction in Construction Work Done during Q1.
Nikkei 225 failed to sustain an early momentum and a brief foray above 39,000 with headwinds from rising yields.

In Fx, the Dollar Index rises 0.1% while the Swedish krona is the weakest of the G-10 currencies, falling 0.3% versus the greenback. The euro fell to a near two-year low versus the pound after data showed inflation in May slowed across Germany’s regions compared to a month ago

EUR/GBP down 0.3% to 0.84838 before halving losses, the lowest since August 2022.
EUR/USD drops as much as 0.3% to 1.0829, hitting a fresh intraday low after the data.
USD/JPY little changed at 157.25, versus 157.40 day high, close to the 157.52 level where Japanese officials were last suspected to have intervened to support the currency.
AUD/USD swings between gains and losses to stand little changed at 0.6651
Aussie gained earlier after data showed April CPI rose 3.6% year-on-year, beating estimates and bolstering the case for the Reserve Bank to keep interest rates at a 12-year high next month

In rates, the US treasury curve continues to steepen with long-end yields higher by less than 2bp on the day and front-end little changed. After jumping nine basis points on Tuesday, 10-year Treasury yields inched higher to 4.56%. Bunds pared losses during London morning after German state CPI figures suggested the national print, due at 8am New York time, might come in below forecasts. German 10-year yields rise 3bps to 2.62%. Australian bonds are among the worst performers after CPI topped estimates earlier in the session. UK 10-year yields added five basis points while those on similar-maturity German debt pulled back from a six-month high after regional inflation prints came in lower than the monthly estimate for the national figure. The US auction cycle concludes with 7-year note sale, following weak reception for 2- and 5-year notes Tuesday, and first operation of new buyback program targets shortest-maturity coupons.

In commodities, brent crude advanced 0.8% to $84.93 per barrel as another attack in the Red Sea added to heightened geopolitical tensions in the Middle East ahead of an OPEC+ meeting on the weekend. West Texas Intermediate climbed above $80 a barrel. Spot gold falls roughly $19 to around $2,343/oz.

Bitcoin is softer and dips below $68k, whilse Ethereum holds just above $3.8k.

Looking at today’s calendar, US economic data includes May Richmond Fed manufacturing index (10am) and Dallas Fed services activity (10:30am). Fed officials’ scheduled speeches include Williams (1:45pm) and Bostic (7pm). Fed releases Beige book at 2pm

Market Snapshot

S&P 500 futures down 0.6% to 5,294.50
STOXX Europe 600 down 0.4% to 517.21
MXAP down 1.4% to 178.50
MXAPJ down 1.5% to 557.71
Nikkei down 0.8% to 38,556.87
Topix down 1.0% to 2,741.62
Hang Seng Index down 1.8% to 18,477.01
Shanghai Composite little changed at 3,111.02
Sensex down 0.7% to 74,611.42
Australia S&P/ASX 200 down 1.3% to 7,665.63
Kospi down 1.7% to 2,677.30
German 10Y yield little changed at 2.61%
Euro down 0.2% to $1.0836
Brent Futures up 0.7% to $84.85/bbl
Gold spot down 0.6% to $2,347.68
US Dollar Index up 0.14% to 104.76

Top Overnight News

More of China’s biggest cities are easing home-buying policies, after top leaders recently signaled a shift to aggressive measures to resolve the country’s ongoing property crisis. Guangzhou and Shenzhen, two of China’s four Tier-1 cities, on Tuesday reduced the down payments required for first-home purchases by 10 and 15 percentage points, respectively. They also lowered mortgage rates for second homes and trimmed banks’ loan prime rates. WSJ
China’s growth outlook is increased by the IMF for ’24 (from +4.6% to +5%) and ’25 (from +4.1% to +4.5%) due to a strong Q1 performance and recent policy support measures. FT
Australia’s CPI for Apr runs hot, coming in +3.6% Y/Y (up from +3.5% in Mar and ahead of the Street’s +3.4% forecast). WSJ
EU will move to hike tariffs on Chinese EV imports on 6/5, although it is in the interests of both sides to strike a deal and soften the blow. RTRS
Emmanuel Macron has called for Ukraine to be allowed to use western weapons against military sites in Russia, becoming the most senior Nato leader to ask for targeting restrictions set by Kyiv’s backers to be lifted. FT
Anglo American refused to give BHP more time to commit to a takeover offer, signaling the likely end —for now — to its $49 billion pursuit. BBG
ConocoPhillips is reportedly in advanced talks to purchase Marathon Oil (MRO), via FT citing sources; could value the Co. at just over its current USD 15bln market cap.
White House says Israeli strike in Rafah didn’t cross one of Biden’s red lines and will not trigger a change in US policy. NYT
Lawyers to Plastics Makers: Prepare for ‘Astronomical’ PFAS Lawsuits. At an industry presentation about dangerous “forever chemicals,” lawyers predicted a wave of lawsuits that could dwarf asbestos litigation, audio from the event revealed. NYT
BlackRock’s Bitcoin ETF surpassed the Grayscale Bitcoin Trust to become the world’s largest fund for the token. It attracted $16.5 billion since Jan. 11, while investors pulled $17.7 billion from Grayscale. BBG
American Airlines (AAL) lowers guidance for adjusted operating margin by 1ppt to around 8.5%-10.5% and now expects Q2 Adj. EPS to be between USD 1.00-1.15 (prev. view USD 1.15-1.45)
Fed Discount Rate minutes noted that all Fed reserve banks voted to hold the discount rate in April.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly lower after the indecisive performance stateside amid the rising yield environment. ASX 200 was dragged lower amid a jump in yields and after disappointing data including firmer-than-expected monthly CPI for April and a surprise contraction in Construction Work Done during Q1. Nikkei 225 failed to sustain an early momentum and a brief foray above 39,000 with headwinds from rising yields. Hang Seng and Shanghai Comp were mixed with notable losses in tech and consumer stocks front-running the declines in Hong Kong, while the mainland bucked the trend after more Chinese cities announced property support measures and the PBoC also conducted a relatively substantial liquidity injection heading into month-end.

Top Asian News

IMF upgraded China’s 2024 economic growth target to 5% from 4.6% after “strong” Q1 and upgraded China’s 2025 economic growth target to 4.5% from 4.1%, while IMF’s Deputy Managing Director said they see scope for a more comprehensive policy package to address property sector issues and China’s central government resources should be deployed to assist buyers of pre-sold unfinished homes.
China could invest some CNY 6bln in R&D of all-solid-state batteries, according to Chinese state media.
S&P affirms India’s BBB-/A-3 rating; revises outlook to “positive” from “stable” amid robust growth and rising quality of government spending.

European bourses, Stoxx 600 (-0.4%) opened on a softer footing and continued to trundle lower as the session progressed, taking impetus from a subdued APAC session. European sectors are entirely the red, except Energy, which benefits from broader strength in the crude complex amid ongoing geopolitical uncertainty; strength which has dragged Travel & Leisure to the bottom of the pile. US Equity Futures (ES -0.6%, NQ -0.7%, RTY -0.7%) are entirely in the red, posting similar losses to that seen across European indices. As for stock specifics, American Airlines (-7.7% pre-market) sinks after it lowered its Q2 adj. EPS guidance.

Top European News

BHP (BHP AT) update on Anglo American (AAL LN) takeover: BHP believes a further extension to the UK regulatory deadline is required to allow for further engagement on its proposal to Anglo American. Since, Anglo American (AAL LN) rejects request from BHP (BHP AT) for “put up or shut up (PUSU)” extension; unanimously reject’s BHP’s third proposal.
Reuters Poll: ECB to cut deposit rate by 25bps to 3.75% on June 6, said all 82 economists; 55/82 economists said ECB to cut rates by 75bps in 2024 (vs. April poll 52/96)

Central Banks

BoJ Board Member Adachi said changing monetary policy frequently to stabilise FX moves would lead to big changes in rate moves and if interest rate moves are too big, that would cause disruptions in household and corporate investment. Adachi said responding to short-term FX moves with monetary policy would affect price stability but noted if excessive yen falls are prolonged and are expected to affect the achievement of the price target, responding with monetary policy becomes an option. Adachi also commented that the BoJ must maintain accommodative financial conditions until the price goal is achieved and they are not yet at a stage where they are convinced that there is a sustained achievement of the price target, so must maintain accommodative conditions and must absolutely avoid raising interest rates prematurely. Furthermore, he said they will likely reduce JGB purchases at some stage in the future but warned reducing the BoJ’s JGB bond buying at a sharp pace could cause damage to the economy, as well as noted that if yen declines accelerate or become prolonged, inflation could re-accelerate faster than expected and may require the BoJ to quicken the interest rate hike.

USD is mixed vs. peers but DXY ultimately a touch firmer on account of EUR weakness. DXY has marginally eclipsed yesterday’s best with a 104.79 high print.
EUR the laggard across the majors with EUR/USD nudged lower by regional German CPIs which saw M/M metrics come in broadly softer than implied by expectations for the mainland. EUR/USD has delved as low as 1.0830 vs. yesterday’s 1.0889 peak.
Steady trade for the GBP vs. the USD with focus instead on EUR/GBP which has slipped below 0.85 for the first time since Aug’23 following the German State CPI metrics.
USD/JPY is currently flat with limited follow-through from comments by BoJ’s Adachi. USD/JPY saw some volatility earlier in the session after tripping through stops at 157 but this was short-lived.
AUD in focus after following hot CPI data overnight. ING notes that the high CPI print puts paid to the chances of a RBA rate cut this year. AUD/USD spiked higher from around 0.6651 to 0.6666 before fading gains.
PBoC set USD/CNY mid-point at 7.1106 vs exp. 7.2528 (prev. 7.1101).

Fixed Income

USTs are modestly softer, following the prior day’s soft 2yr and 5yr outings (7yr later today); Treasuries are off worst levels, in tandem with upticks in Bunds following the German State CPI figures.
Bunds have been lifted in recent trade (though still lower by 41 ticks) after German State CPIs came in, broadly speaking, cooler than the mainland implied M/M and roughly in-line Y/Y. Bunds went as high as 129.82, before fading the initial upside and now residing around pre-release levels.
Gilts are underperforming as the odds of a June BoE cut continue to languish around the 5% mark; Gilts down to a 95.97 base, 50 ticks below Tuesday’s trough and bringing into view 95.36 & 95.42 lows from the last week of April and first week of May respectively.
BTPs briefly reclaimed 117.00 on the German inflation numbers though has since dipped below the level, but does fare better than European peers.
Germany sells EUR 1.22bln vs exp. EUR 1.5bln 2.60% 2041 Bund and EUR 0.4bln vs exp. EUR 0.5bln 1.0% 2038 Bund
UK sells GBP 1bln 0.125% 2039 I/L Gilt: b/c 3.16x (prev. 3.48x) & real yield 1.051% (prev. 1.076%)

Commodities

Crude is firmer intraday and extending on Tuesday’s gains amid ongoing geopolitical uncertainty, in wake of Israel’s recent strikes on Rafah; Brent in a USD 84.09-84.44/bbl parameter.
Subdued trade across precious metals after Tuesday’s rise, but with price action confined to Tuesday’s ranges with spot gold within a USD 2,346-2,361/oz parameter at the time of writing – vs USD 2,340-2,364/oz yesterday.
Base metals are largely consolidating following Tuesday’s rally driven in part by the slew of housing market support measures announced by various Chinese cities.
UBS forecasts end-2024 copper at USD 11.5k/MT and USD 12k/MT by mid-2025; sees higher commodity prices ahead, expects total returns of circa. 10% for broad commodity indexes over the next 6-12months.
Caspian Pipeline Consortium says export shipments seen falling by 7% in 2024; oil exports are seen declining from expected targets.
Norway Energy Minister says Government will not open the Nordland 6 area for Oil and Gas exploration
Norway’s Kollsnes and Troll A platform are expected to restart today, according to the Power Exchange.
Venezuela revoked the invitation for the EU to send electoral observers, according to the head of the electoral council.

Geopolitics: Middle East

Algeria’s UN envoy said they will propose a draft UN Security Council resolution on Gaza “to stop the killing in Rafah”, according to Reuters.
US military said Iranian-backed Houthis launched five anti-ship ballistic missiles from Houthi-controlled areas of Yemen into the Red Sea, while M/V LAAX which is a Marshall Islands-flagged, Greek-owned and operated bulk carrier, was struck by three of the missiles but continued its voyage.
“Israeli forces have now pushed deeper inside Rafah, mostly along the Philadelphi Corridor, and are operating in the Tal Zaroub area. This means Israel controls almost the entirety of the Philadelphi Corridor”, according to journalist Horowitz.

Geopolitics: Other

French President Macron said Ukraine should be allowed to hit military targets in Russia, according to FT.
North Korean leader Kim Jong Un said owning spy satellites will help the country’s self-defence capabilities against US military provocation and that the recent satellite launch failed due to abnormal operation of the first-stage engine. Kim said the satellite launch was conducted with transparency and compliance with international law, while he added they will never give up efforts to own space reconnaissance capabilities.
China’s Taiwan Affairs Office said a difference in systems is not an impediment to “reunification” with Taiwan, while it added that as long as Taiwan independence provocations continue, China military’s actions will too.
Polish PM Tusk says Poland will reintroduce a buffer zone at the border with Belarus at the beginning of next week; Polish Defence Minister says ready to increase army presence on border with Belarus.

US Event Calendar

07:00: May MBA Mortgage Applications -5.7%, prior 1.9%
10:00: May Richmond Fed Index, est. -6, prior -7
10:30: May Dallas Fed Services Activity, est. -9.4, prior -10.6
14:00: Federal Reserve Releases Beige Book

Central Bank Speakers

13:45: Fed’s Williams Joins Watertown Community Services Roundtable
14:00: Federal Reserve Releases Beige Book
19:00: Fed’s Bostic Speaks on Economy

DB’s Jim Reid concludes the overnight wrap

Markets struggled to gain much traction yesterday, with sovereign bonds selling off globally thanks to several hawkish headlines and weak demand at a Treasury auction. The initial catalyst for the selloff was the US Conference Board’s consumer confidence indicator, which unexpectedly rose to 102.0 in May (vs. 96.0 expected), marking the first increase in the measure since January. On the positive side, that helped to ease fears that the US economy might be starting to slow more meaningfully, particularly given the previous reading for April was at a 21-month low. But even though there was relief that consumer confidence had stopped falling, it also led investors to dial back their expectations for future rate cuts, with Treasury yields rising after the release.

That hawkish trend was cemented by comments from Minneapolis Fed President Kashkari, who’s one of the more hawkish members on the FOMC right now. He said that “I don’t think anybody has totally taken rate increases off the table”, suggesting he was at least open to the idea they could happen in the future. Moreover, he sounded relaxed about the Fed not needing to move too quickly to ease policy, saying that “We have time to assess how much downward pressure we are putting on demand”. So that adds to the theme from various speakers recently, suggesting the Fed will take their time as they seek to gain further confidence in the path of inflation. That was reflected in market pricing too, with the chance of a Fed rate cut by the September meeting falling from 58% on Monday to 50% by the close yesterday, and overnight it’s declined further to just 46%.

In light of that and the weak Treasury sales, sovereign bond yields moved noticeably higher across the board yesterday, with the 10yr Treasury yield (+8.5bps) back up to 4.55%, which is its highest closing level in over three weeks. The move was exacerbated after a $70bn auction of 5yr notes and a $69bn auction of 2yr notes came in softer, and it was also the biggest daily move higher for the 10yr yield since April 10 after the March CPI release. Moreover, that trend has continued overnight, with the 10yr yield up a further +1.2bps to 4.56%. Meanwhile in Europe the moves were slightly smaller in the same direction, with yields on 10yr bunds (+4.5bps), OATs (+5.4bps) and BTPs (+6.8bps) rising as well.

The bond moves got further support from the latest rise in oil prices, as Brent crude (+1.35%) moved higher for a third consecutive session to close at $84.22/bbl. Now admittedly that’s still some way beneath its levels in April, but it marks a bounceback since last Thursday when it closed at a 3-month low of $81.36/bbl, and it also added to fears about inflationary pressures. Indeed, yesterday saw the 5yr US inflation swap reach a 3-week high of 2.561%. Prices have continued to inch higher overnight as well, with Brent crude now up to $84.42/bbl, putting it on track for a 4th daily increase.

Inflation will remain in the spotlight today, as we’ve got the German CPI release for May coming out, ahead of the Euro Area-wide print on Friday. These will be in particular focus, as this is the last inflation print ahead of the ECB’s decision next week, at which they’re widely expected to cut rates. In terms of what to expect, our German economists at DB see HICP rising to +2.7% in May (link here), and for the Euro Area, our economists see HICP moving up to 2.55% (link here). So a bit of an uptick for both on the year-on-year measures. Yesterday also brought the ECB’s latest Consumer Expectations Survey for April, which showed 1yr and 3yr inflation expectations were both down a tenth compared to March, coming in at 2.9% and 2.4% respectively.

For equities, there was a steadier performance in the US, with the S&P 500 (+0.02%) recovering from a late decline to build on a run of 5 consecutive weekly gains. In fact, the index is moving into increasingly rare historical territory now, as the S&P 500 has currently experienced 23 positive weeks in the last 30, which is a joint record going back to 1989. If this week turns out positive again, that would make it 24/31 positive weeks, which would be a joint record back to 1963, so it’s not often we experience this. We explored this in Jim’s chart of the day yesterday (link here).

However, that steadiness in aggregate masked some considerable divergence at the sectoral level. For instance, tech stocks outperformed – specifically semiconductors (+4.1%) – and the Magnificent 7 surged by +1.30% to a new all-time high, whilst the NASDAQ (+0.59%) also hit a new record. However, several defensive sectors struggled in the S&P, including healthcare (-1.25%) and consumer staples (-0.85%). Meanwhile in Europe, equities put in a much weaker performance, although that was partly a reversal from their Monday gains when they’d been open (which the US was catching up to). Nevertheless, there were still sizeable losses across the continent that more than reversed Monday’s moves, with the STOXX 600 (-0.60%), the DAX (-0.52%) and the CAC 40 (-0.92%) all falling back.

Overnight in Asia, risk appetite has remained weak as yields continue to move higher across the world. Moreover, that theme has continued overnight following a stronger-than-expected Australian CPI print, which rose to +3.6% in April (vs. +3.4% expected). In turn, that’s seen the Australian 10yr yield up +15.0bps overnight, and a similar trend has been evident across the region. For instance in Japan, the 10yr yield is up another +4.9bps to 1.07%, which is its highest level since 2011.

Meanwhile for equities, there’s also been weakness across the region, with loses for the Hang Seng (-1.54%), the KOSPI (-1.32%) and the Nikkei (-0.48%). The main outperformance has come in mainland China, where the CSI 300 (+0.38%) and the Shanghai Comp (+0.33%) have both posted gains, whilst the onshore yuan has weakened to its lowest level since November against the US Dollar, at 7.25 per dollar.

To the day ahead now, and data releases include the German CPI release for May, the Euro Area M3 money supply for April, and in the US there’s the Richmond Fed’s manufacturing index for May. From central banks, we’ll hear from the ECB’s Villeroy and the Fed’s Williams and Bostic, whilst the Fed will also release their Beige Book. Finally, a general election is taking place in South Africa.

2B EUROPE OPENING/TRADING

Equities in the red, EUR softer post-German State CPI & Crude continues to rise; Fed speak due – Newsquawk US Market Open

WEDNESDAY, MAY 29, 2024 – 05:53 AM

Equities are entirely in the red in continuation of similar price action seen in APAC trade
Dollar is flat, EUR slips after German State CPIs show a cooler M/M and largely as-expected Y/Y
Bonds are softer in a continuation of the prior day’s losses, Bunds pare most of the post-German State CPI upside
Crude is firmer amid ongoing geopolitical uncertainty, XAU slips and base metals are mixed
Looking ahead, German CPI, US Richmond Fed Index, comments from Fed’s Williams & Bostic, Supply from the US, Earnings from HP & Salesforce

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EUROPEAN TRADE

EQUITIES

European bourses, Stoxx 600 (-0.4%) opened on a softer footing and continued to trundle lower as the session progressed, taking impetus from a subdued APAC session.
European sectors are entirely the red, except Energy, which benefits from broader strength in the crude complex amid ongoing geopolitical uncertainty; strength which has dragged Travel & Leisure to the bottom of the pile.
US Equity Futures (ES -0.6%, NQ -0.7%, RTY -0.7%) are entirely in the red, posting similar losses to that seen across European indices. As for stock specifics, American Airlines (-7.7% pre-market) sinks after it lowered its Q2 adj. EPS guidance.
Click here for the sessions European pre-market equity newsflow and here for additional news.
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FX

USD is mixed vs. peers but DXY ultimately a touch firmer on account of EUR weakness. DXY has marginally eclipsed yesterday’s best with a 104.79 high print.
EUR the laggard across the majors with EUR/USD nudged lower by regional German CPIs which saw M/M metrics come in broadly softer than implied by expectations for the mainland. EUR/USD has delved as low as 1.0830 vs. yesterday’s 1.0889 peak.
Steady trade for the GBP vs. the USD with focus instead on EUR/GBP which has slipped below 0.85 for the first time since Aug’23 following the German State CPI metrics.
USD/JPY is currently flat with limited follow-through from comments by BoJ’s Adachi. USD/JPY saw some volatility earlier in the session after tripping through stops at 157 but this was short-lived.
AUD in focus after following hot CPI data overnight. ING notes that the high CPI print puts paid to the chances of a RBA rate cut this year. AUD/USD spiked higher from around 0.6651 to 0.6666 before fading gains.
PBoC set USD/CNY mid-point at 7.1106 vs exp. 7.2528 (prev. 7.1101).
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FIXED INCOME

USTs are modestly softer, following the prior day’s soft 2yr and 5yr outings (7yr later today); Treasuries are off worst levels, in tandem with upticks in Bunds following the German State CPI figures.
Bunds have been lifted in recent trade (though still lower by 41 ticks) after German State CPIs came in, broadly speaking, cooler than the mainland implied M/M and roughly in-line Y/Y. Bunds went as high as 129.82, before fading the initial upside and now residing around pre-release levels.
Gilts are underperforming as the odds of a June BoE cut continue to languish around the 5% mark; Gilts down to a 95.97 base, 50 ticks below Tuesday’s trough and bringing into view 95.36 & 95.42 lows from the last week of April and first week of May respectively.
BTPs briefly reclaimed 117.00 on the German inflation numbers though has since dipped below the level, but does fare better than European peers.
Germany sells EUR 1.22bln vs exp. EUR 1.5bln 2.60% 2041 Bund and EUR 0.4bln vs exp. EUR 0.5bln 1.0% 2038 Bund
UK sells GBP 1bln 0.125% 2039 I/L Gilt: b/c 3.16x (prev. 3.48x) & real yield 1.051% (prev. 1.076%)
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COMMODITIES

Crude is firmer intraday and extending on Tuesday’s gains amid ongoing geopolitical uncertainty, in wake of Israel’s recent strikes on Rafah; Brent in a USD 84.09-84.44/bbl parameter.
Subdued trade across precious metals after Tuesday’s rise, but with price action confined to Tuesday’s ranges with spot gold within a USD 2,346-2,361/oz parameter at the time of writing – vs USD 2,340-2,364/oz yesterday.
Base metals are largely consolidating following Tuesday’s rally driven in part by the slew of housing market support measures announced by various Chinese cities.
UBS forecasts end-2024 copper at USD 11.5k/MT and USD 12k/MT by mid-2025; sees higher commodity prices ahead, expects total returns of circa. 10% for broad commodity indexes over the next 6-12months.
Caspian Pipeline Consortium says export shipments seen falling by 7% in 2024; oil exports are seen declining from expected targets.
Norway Energy Minister says Government will not open the Nordland 6 area for Oil and Gas exploration
Norway’s Kollsnes and Troll A platform are expected to restart today, according to the Power Exchange.
Venezuela revoked the invitation for the EU to send electoral observers, according to the head of the electoral council.
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CRYPTO

Bitcoin is very modestly softer and dips below USD 68k, whilst Ethereum holds just above USD 3.8k.

NOTABLE DATA RECAP

German State CPIs: Cooler M/M and largely as-implied/expected Y/Y resulted in a dovish reaction with pricing for a June cut lifting above 90% probability
German GfK Consumer Sentiment (Jun) -20.9 vs. Exp. -22.5 (Prev. -24.2, Rev. -24.0)
Spanish Retail Sales YY (Apr) 0.3% (Prev. 0.6%)
French Consumer Confidence (May) 90.0 vs. Exp. 91.0 (Prev. 90.0)
Swedish Retail Sales YY (Apr) 0.5% (Prev. 1.1%); Retail Sales MM (Apr) 0.3% (Prev. -0.4%)
EU Money-M3 Annual Growth (Apr) 1.3% vs. Exp. 1.3% (Prev. 0.9%); Loans to Non-Fin (Apr) 0.3% (Prev. 0.4%); Loans to Households (Apr) 0.2% (Prev. 0.2%)
Italian Consumer Confidence (May) 96.4 vs. Exp. 96.0 (Prev. 95.2); Mfg Business Confidence (May) 88.4 vs. Exp. 88.1 (Prev. 87.6)

NOTABLE EUROPEAN HEADLINES

BHP (BHP AT) update on Anglo American (AAL LN) takeover: BHP believes a further extension to the UK regulatory deadline is required to allow for further engagement on its proposal to Anglo American. Since, Anglo American (AAL LN) rejects request from BHP (BHP AT) for “put up or shut up (PUSU)” extension; unanimously reject’s BHP’s third proposal.
Reuters Poll: ECB to cut deposit rate by 25bps to 3.75% on June 6, said all 82 economists; 55/82 economists said ECB to cut rates by 75bps in 2024 (vs. April poll 52/96)

NOTABLE US HEADLINES

ConocoPhillips (COP) is reportedly in advanced talks to purchase Marathon Oil (MRO), via FT citing sources; could value the Co. at just over its current USD 15bln market cap.
American Airlines (AAL) lowers guidance for adjusted operating margin by 1ppt to around 8.5%-10.5% and now expects Q2 Adj. EPS to be between USD 1.00-1.15 (prev. view USD 1.15-1.45)
Fed Discount Rate minutes noted that all Fed reserve banks voted to hold the discount rate in April.

GEOPOLITICS

MIDDLE EAST

Algeria’s UN envoy said they will propose a draft UN Security Council resolution on Gaza “to stop the killing in Rafah”, according to Reuters.
US military said Iranian-backed Houthis launched five anti-ship ballistic missiles from Houthi-controlled areas of Yemen into the Red Sea, while M/V LAAX which is a Marshall Islands-flagged, Greek-owned and operated bulk carrier, was struck by three of the missiles but continued its voyage.
“Israeli forces have now pushed deeper inside Rafah, mostly along the Philadelphi Corridor, and are operating in the Tal Zaroub area. This means Israel controls almost the entirety of the Philadelphi Corridor”, according to journalist Horowitz.

OTHER

French President Macron said Ukraine should be allowed to hit military targets in Russia, according to FT.
North Korean leader Kim Jong Un said owning spy satellites will help the country’s self-defence capabilities against US military provocation and that the recent satellite launch failed due to abnormal operation of the first-stage engine. Kim said the satellite launch was conducted with transparency and compliance with international law, while he added they will never give up efforts to own space reconnaissance capabilities.
China’s Taiwan Affairs Office said a difference in systems is not an impediment to “reunification” with Taiwan, while it added that as long as Taiwan independence provocations continue, China military’s actions will too.
Polish PM Tusk says Poland will reintroduce a buffer zone at the border with Belarus at the beginning of next week; Polish Defence Minister says ready to increase army presence on border with Belarus.

CENTRAL BANKS

BoJ Board Member Adachi said changing monetary policy frequently to stabilise FX moves would lead to big changes in rate moves and if interest rate moves are too big, that would cause disruptions in household and corporate investment. Adachi said responding to short-term FX moves with monetary policy would affect price stability but noted if excessive yen falls are prolonged and are expected to affect the achievement of the price target, responding with monetary policy becomes an option. Adachi also commented that the BoJ must maintain accommodative financial conditions until the price goal is achieved and they are not yet at a stage where they are convinced that there is a sustained achievement of the price target, so must maintain accommodative conditions and must absolutely avoid raising interest rates prematurely. Furthermore, he said they will likely reduce JGB purchases at some stage in the future but warned reducing the BoJ’s JGB bond buying at a sharp pace could cause damage to the economy, as well as noted that if yen declines accelerate or become prolonged, inflation could re-accelerate faster than expected and may require the BoJ to quicken the interest rate hike.

APAC TRADE

APAC stocks traded mostly lower after the indecisive performance stateside amid the rising yield environment.
ASX 200 was dragged lower amid a jump in yields and after disappointing data including firmer-than-expected monthly CPI for April and a surprise contraction in Construction Work Done during Q1.
Nikkei 225 failed to sustain an early momentum and a brief foray above 39,000 with headwinds from rising yields.
Hang Seng and Shanghai Comp were mixed with notable losses in tech and consumer stocks front-running the declines in Hong Kong, while the mainland bucked the trend after more Chinese cities announced property support measures and the PBoC also conducted a relatively substantial liquidity injection heading into month-end.

NOTABLE ASIA-PAC HEADLINES

IMF upgraded China’s 2024 economic growth target to 5% from 4.6% after “strong” Q1 and upgraded China’s 2025 economic growth target to 4.5% from 4.1%, while IMF’s Deputy Managing Director said they see scope for a more comprehensive policy package to address property sector issues and China’s central government resources should be deployed to assist buyers of pre-sold unfinished homes.
China could invest some CNY 6bln in R&D of all-solid-state batteries, according to Chinese state media.
S&P affirms India’s BBB-/A-3 rating; revises outlook to “positive” from “stable” amid robust growth and rising quality of government spending.

DATA RECAP

Australian Weighted CPI YY (Apr) 3.60% vs. Exp. 3.40% (Prev. 3.50%)
Australian Construction Work Done (Q1) -2.9% vs. Exp. 0.5% (Prev. 0.7%)

NORTH KOREA/SOUTH KOREA

this is going to be known as the “shzzt” affair

Have fun with this

(zero hedge)

Kim Jong Un Sends Hundreds Of Sh*t-Filled Balloons Into South Korea

WEDNESDAY, MAY 29, 2024 – 10:10 AM

North Korea is literally sending sh*t ballons across the border into North Korea. Hundreds of balloons were spotted Wednesday drifting into South Korean territory, some of them with the word “excrement” written on them.

This is because the balloons were loaded with feces and other rubbish as they drifted over the heavily fortified border. Seoul released photos of the aftermath of some balloons having popped on city streets, releasing their foul contents all over heavily trafficked streets.

“We sternly warn the North to immediately stop its inhumane and low-class actions,” a statement by the south’s Joint Chiefs of Staff said. It added that the North’s actions “clearly violate international laws and seriously threaten the safety of our people.”

Both sides have long used balloons to physically transport propaganda messages to the other side. A Sunday statement by North Korea forewarned that “mounds of wastepaper and filth” would soon be sent to the South as “tit-for-tat action” after “dirty things” were previously flown into the north.

The South Korean government has gone so far as to deploy HAZMAT teams to deal with the clean-up as the crap-filled balloons descended with their payloads:

The military’s explosives ordnance unit and chemical and biological warfare response team were deployed to inspect and collect the objects, and an alert was issued warning residents to keep away and report any sightings to authorities.

South Korea’s military starting Tuesday night had detected “large amounts of balloons” arriving from the North, and over 150 were observed as of Wednesday morning. There could be up to hundreds more. The BBC subsequently said there were at least 260 balloons.

Residents of the northern Gyeonggi and Gangwon provinces have been warned to not go near the “unidentified objects” and have even been advised against outdoor activities. The Joint Chiefs of Staff statement cited the risk of “damaging residential areas, airports and highways.”

North Korea’s Vice Minister of National Defense said this is a natural response to nefarious cross-border activities the north had already long been engaged in. “Scattering leaflets by use of balloons is a dangerous provocation that can be utilized for a specific military purpose,” said Kim Kang Il as cited in KCNA.

Some of the balloons and what they were carrying are quite large, according to local footage…

He charged South Korea with “psychological warfare”. Apparently the Kim Jong Un government believes sh*t balloons are a natural response.

END

2e) JAPAN

JAPAN/USA

Yen May Ironically Get Help From The Fed Of All Places

WEDNESDAY, MAY 29, 2024 – 04:15 AM

By David Finnerty, Bloomberg Markets Live reporter and strategist

The dollar-yen’s very near-term risks remain skewed towards rising further, but the yen may get a welcome reprieve from the Federal Reserve in two weeks, not the Bank of Japan.

The Japanese currency remains under carry trade pressure. In the short term, that setup won’t change against the greenback until US yields push lower. Moreover, no catalyst for that to happen is likely to emerge from US PCE or employment data, with the numbers predicted to show inflation remains problematic and labor markets are not collapsing.

However, the Fed’s rate decision could easily be a game changer — even temporarily — in coming weeks. That’s because all eyes will be on the latest dot plot with markets not expecting any rate change from the June FOMC meeting. Given economic data since the last dot plot, and recent Fed rhetoric, no one will be surprised if the median dot moves from signaling three reductions in 2024 to one or two.

With traders pricing in ~33bps pf Fed cuts this year, a dot plot signaling just one cut would only give the dollar a limited boost given not much more than one is already factored into pricing. If the dot plot though signals two cuts, given traders’ seemingly never-ending desire to price in policy easing this year, they will rush through the rate-cut door, bashing US yields lower and taking the dollar with it.

When it comes it the BOJ, it appears another rate hike is unlikely next month, considering that Governor Ueda said Monday the central bank will move cautiously to anchor inflation expectations at 2%. While the BOJ may play with its bond-buying program in another attempt to raise the nation’s yields, or signal a rate hike in July, neither of these may have a big enough impact on yield differentials to deter carry traders. The same cannot be said for the Fed decision.

3 CHINA

CHINA

CHINA/USA

END

CHINA/

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

ECB

end

GERMANY

END

FRANCE/

5. RUSSIA AND MIDDLE EASTERN AFFAIRS.

ISRAEL/HAMAS//USA

Again! Go figure

Gaza Pier Operations Suspended Indefinitely After It Breaks Apart By Heavy Seas

WEDNESDAY, MAY 29, 2024 – 09:30 AM

The US-constructed pier off Gaza is officially done – for the time being at least. It is out of commission indefinitely after a series of problems and setbacks, the latest being inclement weather and heavy seas which have literally broken it apart.

The damage from heavy seas has been enough to suspend its operations indefinitely, bringing to an end the short-lived American-led effort to establish a maritime humanitarian aid corridor to reach Gazans.

The pier was “damaged and sections of the pier need rebuilding and repairing,” Pentagon deputy press secretary Sabrina Singh confirmed Tuesday. The vital causeway portion was completely broken off and will have to be transferred and repaired at the Israeli port of Ashdod.

“The pier will be removed from its location on the Gaza coast over the next 48 hours and taken to the Israeli port of Ashdod,” Singh explained, indicating further that the repairs will take at least a week. Aid trucks were only able to roll off of it with maritime-delivered aid over a period of a handful of days before it broke.

This comes a few days after the last disaster involving a section of the pier having broken off and drifting ashore an Israeli beach, which also saw at least two US naval support vessels get beached as well in a somewhat embarrassing moment for the costly project.

As of Tuesday, the Pentagon said the vessels were still stranded. “I believe most of our soldiers were able to remain on the vessels and still are currently on them,” Singh said during the press briefing. “And … within the next 24 or 48 hours, the Israeli Navy will be helping push those vessels back and hopefully they’ll be fully operational by then.”

CNN has described that the pier can only safely sustain operations in waves that don’t go over three feet and so long as winds are less than 15 miles per hour. In essence conditions have to be ideal for aid to move from the sea to land.

Because of this, even if the pier is repaired within a week, it might be weeks more before an attempt can be made to move it back to its docking position. CNN writes that “Heavier sea conditions delayed the deployment of the pier for several weeks, as the system sat docked in the Israeli port of Ashdod waiting for favorable conditions.”

This is a $350 million project which has already long been beset by controversy. Critics have pointed out the grim irony and contradictions which abound in that the Biden administration has very publicly criticized the way that Israel’s military is waging war in Gaza (and especially the high civilian death toll) while simultaneously Washington is funding the same war effort, ultimately to the tune of billions.

@glcarlstrom

The pier took two months and $320m to build, lasted 12 days, and delivered less than 60 trucks’ worth of food (most of which was stolen after it reached Gaza) before it broke and had to be towed away for repairs.

US Pier for Gaza Aid Being Removed for Repairs After Rough Seas

From bloomberg.com

12:32 AM · May 29, 2024

447K Views

So the US is providing the very the weapons used to execute the war and simultaneously pushing high-risky, unlikely to succeed projects like the US Army-built pier for the sake of delivering humanitarian aid. All the while, there have been aid corridors available via land routes, but the Israeli Army has blocked them. In other instances, Israeli settlers have raided aid trucks in order to deprive Palestinians.

In short the US taxpayer is on the hook for both the bombs and humanitarian aid, even as all parties have seemed to essentially give up on finding a political solution or reaching a truce deal.

end

Rafah Mass Casualty Strike Does Not Cross Biden’s ‘Red Line’

TUESDAY, MAY 28, 2024 – 06:13 PM

Update(1813ET): Who could have seen this coming?

The White House on Tuesday indicated an Israeli strike that killed dozens of Palestinians in Rafah did not cross a “red line” that would lead to a change in U.S. policy.

Multiple administration officials in press briefings Tuesday described the images out of Rafah as “heartbreaking,” “tragic” and “horrific.” But there was no sign of an impending policy change as a result, because it was an airstrike and not a major ground operation. —The Hill

Does anyone believe this administration after for months talking out of both sides of its mouth? On the one hand it seeks to present itself as ‘tough’ on Israel, withholding a single ammo/weapons shipment (in a largely symbolic move), but on the other can’t bring itself to condemn a strike which resulted in an outright civilian massacre which included women and children being incinerated as they slept in a refugee tent encampment.

And we are told that the Israelis will ‘investigate’ themselves…

“We still don’t believe that a major ground operation in Rafah is warranted. We still don’t want to see the Israelis, as we say, smash into Rafah with large units over large pieces of territory. We still believe that, and we haven’t seen that at this point,” White House spokesman John Kirby told reporters Tuesday afternoon.

zerohedge.com/geopolitical/idf-tanks-reach-center-rafah-hamas-claims-indiscriminate-bombing-population

“As a result of this strike on Sunday, I have no policy changes to speak to,” he added in reference to the attack which killed 45 Palestinians. “It just happened. The Israelis are going to investigate it. We’re going to be taking great interest in what they find in that investigation. And we’ll see where it goes from there.” Sure…

* * *

Israeli tanks have reached the heart of Rafah overnight amid continual heavy bombardment and shelling. Local eyewitnesses say they’ve reached a roundabout in the center of the city which forms a key landmark.

Images and footages to emerge Tuesday have confirmed the advance of tank columns and IDF infantry deep into Rafah, which has sent thousands more displaced Palestinians fleeing from the Western half of the city, where the most intense fighting is happening.

Additionally BBC has observed of IDF tanks that overnight “they also seized control of the highest hilltop along the Gaza-Egypt border after reported gun battles with Hamas-led fighters.”

Airstrikes have continued to increase in intensity on the Western outskirts, especially on the al-Faluja area which lies west of Jabalia camp.

Following the Sunday bombing of a refugee tent camp in a designated safe zone which reportedly killed 45 people, there are emerging reports of another catastrophic air raid:

The air raid targeted al-Mawasi in western Rafah, an area where tents have been set up to house displaced Palestinians. It is also a designated humanitarian area to which Israeli authorities told Palestinians to flee.

“Among them are 13 females were killed. Israeli forces targeted another makeshift tent [area] where most of the people were women and children,” Al Jazeera’s Hind Khoudary said, reporting from Deir el-Balah.

Pressure out of Europe in particular is growing, amid ongoing EU discussions over possible sanctions against Israel and after last week’s ICJ (World Court) call for immediate ceasefire, but so far the Netanyahu government is defiantly pushing forward its anti-Hamas operation.

Hamas has issued a statement meanwhile, as tanks plunge deeper into Rafah, calling on the UN Security Council to take “practical and immediate measures” to halt the invasion of Rafah city.

The statement said that the southernmost major city in Gaza “is being subjected to indiscriminate barbaric Zionist bombing, affecting homes and tents of displaced people in various parts of the city.”

“The UN Security Council is required to fulfill its legal and moral responsibilities in the face of the criminal Zionist entity’s disregard for the decision of the International Court of Justice, which ordered an immediate halt to the aggression against the city,” the Hamas statement added.

Quds News Network

@QudsNen

Exclusive footage from Al Jazeera shows Israeli occupation tanks advancing further into the west of Rafah city. The Israeli occupation intends to fully occupy the Philadelphi Axis with Egypt, effectively encircling the Strip and implementing disastrous restrictions.

3:12 AM · May 28, 2024

40.9K Views

Exclusive footage from Al Jazeera shows Israeli occupation tanks advancing further into the west of Rafah city.

The Israeli occupation intends to fully occupy the Philadelphi Axis with Egypt, effectively encircling the Strip and implementing disastrous restrictions. pic.twitter.com/6rgaIOJ8XK
— Quds News Network (@QudsNen) May 28, 2024

This comes a day after the White House appeared to justify Sunday’s Israeli attack on the refugee encampment. A Biden national security spokesperson told CNN on Monday, “The devastating images following the IDF strike in Rafah last night that killed dozens of innocent Palestinians are heartbreaking.”

“Israel has a right to go after Hamas, and we understand this strike killed two senior Hamas terrorists who are responsible for attacks against Israeli civilians,” the statement said. Axios has since reported:

The Biden administration is still assessing whether an Israeli strike that killed at least 45 displaced Palestinians at a tent camp in Rafah on Sunday is a violation of President Biden’s “red line,” two U.S. officials told Axios.

So far the administration has stalled some ammo shipments, even while approving more massive defense aid packages and funding for Israel, in a largely symbolic move meant more for deflecting criticisms from Progressive Democrats

end

HAMAS/WEST BANK

Hamas terrorists fire at Jewish community in Bat Hefer, near Tulkarm

This is the second shooting in Bat Hefer in two days, evoking a response from the head of regional council calling for preventative measures to be put in place.

By JERUSALEM POST STAFFMAY 29, 2024 09:26Updated: MAY 29, 2024 10:54

Israeli soldiers operate in Tulkarm, the West Bank, May 6, 2024 (photo credit: IDF SPOKESPERSON'S UNIT) — Israeli soldiers operate in Tulkarm, the West Bank, May 6, 2024(photo credit: IDF SPOKESPERSON’S UNIT)

Hamas terrorists fired at the Jewish community of Bat Hefer in the Sharon region, the IDF confirmed on Wednesday.

“A short time ago, terrorists fired from the Tulkarm area towards the Bat Hefer,” said the IDF.

“IDF forces rushed to the scene and began to scan the area.”

HOUTHIS/HAMAS/RED SEA

Again! and AGAIN

(ZERO HEDGE)

Missiles Pound Bulk Carrier Twice In A Day In Chaotic Red Sea; Brent Crude Moves Higher

WEDNESDAY, MAY 29, 2024 – 08:50 AM

A bulk carrier in the southern Red Sea was struck by missiles for the second time this week, according to an X post by the UK Maritime Trade Operations. These highly contested waters near the Bab al-Mandab Strait are controlled by Iran-backed Houthis, who have been targeting commercial and Western warships since late 2023.

UKMTO reports that the vessel’s “Master” indicated missiles struck the ship for the second time approximately 33 nautical miles northwest of Al Mukha in Yemen.

“The Master of an MV reports a further missile attack. The vessel has sustained further damage. The crew are safe, and the vessel is proceeding to their next port of call,” UKMTO wrote on X.

On Tuesday, Bloomberg cited maritime security firm Ambrey as saying the bulk carrier “Laax” was the targeted ship. The 750-foot-long Greek-owned vessel has since taken on water, causing it to list to one side. It’s flying a Marshall Islands flag with about 80,000 tons of cargo.

According to the Equasis international maritime database, Laax is operated by Grehel Shipmanagement Co., based in Piraeus near Athens.

Data from Bloomberg shows Laax’s last known location was just north of the Bab al-Mandab Strait late Tuesday night. Strategically, the captain could’ve switched off the transponder to avoid further attacks while navigating the strait. The captain has broadcasted “Armguard Onboard” to deter Houthi pirates.

“Houthi rebels have carried out a series of similar attacks in the waterway, which is vital for global shipping, over several months in retaliation for Israel’s war in Gaza,” Bloomberg noted.

Why Houthi rebels are laser-focused on this bulk carrier, striking it with two rounds of missiles, has yet to be revealed. Perhaps it’s the ownership and or cargo linked to Israel or the US.

Continuing attacks in the Red Sea are not entirely unexpected, as the Houthis retaliate against IDF offensives in Gaza. The latest fighting in Rafah will likely trigger more attacks in the Red Sea and other critical maritime chokepoints across the Middle East.

In markets, Brent crude prices topped $84/bbl, adding to gains from Tuesday’s +1.4% move. West Texas Intermediate traded over $80 this morning.

“Geopolitical tensions continue to overshadow the market, but until we see supply losses, I think upside is limited,” Warren Patterson, head of commodities strategy for ING Groep NV in Singapore.

END

RUSSIA UKRAINE/

Putin Threatens West’s ‘Dense Populations’ In ‘Small Land Masses’ In Response To NATO Escalation

TUESDAY, MAY 28, 2024 – 08:40 PM

More and more European officials and NATO countries are on board with allowing Ukraine to use Western-supplied weapons to strike deep inside Russian territory. Among the latest to speak openly about this are NATO Secretary General Jens Stoltenberg, EU foreign policy chief Josep Borrell, and the government of Sweden, which is the NATO alliance’s newest member state.

Russian President Vladimir Putin on Tuesday issued one of his more dire warnings yet, putting Europe on notice by commenting on their possessing small land areas and dense populations. The veiled threat is very ominous especially in light of the fact that Russia just wrapped up tactical nuclear drills near Ukraine…

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Francis Scarr

@francis_scarr

More threats from Putin just now amid recent calls by European politicians to allow Kyiv to use Western weaponry to strike targets inside Russia He says they should “remember that, as a rule, they are states with a small territory but dense population”

9:40 AM · May 28, 2024

249.1K Views

https://www.zerohedge.com/geopolitical/putin-threatens-wests-dense-populations-small-land-masses-response-nato-escalation

Putin told reporters gathered in Tashkent during an official visit to the central Asian country of Uzbekistan, which is a former Soviet Republic, “Constant escalation can lead to serious consequences.”

He also hinted at the prospect of nuclear war in posing: “If these serious consequences occur in Europe, how will the United States behave, bearing in mind our parity in the field of strategic weapons?”

“It’s hard to say – do they want a global conflict?” Putin questioned, warning that Ukraine hitting Russian territory with externally supplied long-range weapons would make the West directly involved in the conflict.

He also appeared to reference a new agreement between Kiev and Paris which will see French military trainers be deployed to Ukrainian soil. Putin remarked that this puts the situation a big step closer to major direct confrontation between Russia and France – and ultimately the NATO alliance. That’s when he warned the following…

They… “should be aware of what they are playing with” as they had small land areas and dense populations.

“This is a factor that they should keep in mind before talking about striking deep into Russian territory. This is a serious thing, and we are of course watching it very closely,” Putin said.

Week after week, officials in the West find new ways to escalate (also in light of Russian forces making rapid gains in Kharkiv), and given that Zelensky has said it’s ‘impossible’ to sit down at the negotiating table with Moscow so long as Putin is in power, there appears to be no off-ramp whatsoever.

Indeed we might add to Putin’s remarks that everyone is playing with fire… and this has been the case for a long time now. There are very few European leaders willing to openly resist this intensifying push to escalate at this point.

END

UKRAINE/RUSSIA/NATO

INSANITY!

(ZER0HEDGE)

Kremlin Claims ‘NATO Training For Nuclear Strike On Russian Territory’

WEDNESDAY, MAY 29, 2024 – 12:30 PM

The week following Russia holding tactical nearly drills in its southern military district, near Ukraine, the Kremlin is alleging that NATO is secretly engaged in drills which seek to prepare for a potential nuclear strike on Russian territory.

General Vladimir Kulishov, First Deputy Director and Head of Russia’s Federal Security Service’s (FSB) Border Service has said the military has observed increase NATO military activity near Russia, which includes fresh nuclear drills.

He stated in an interview with state Ria Novosti news that “Near the Russian border, NATO’s reconnaissance activities are increasing, the intensity of operational combat training of the alliance’s troops is growing, during which scenarios for conducting combat operations against the Russian Federation, including the launch of nuclear strikes on our territory, are being worked out.”

Kulishov added: “The situation requires taking appropriate steps to protect and secure our borders.”

NATO itself has not confirmed that it is engaged in ‘nuclear drills’ near Russia, and it is unclear the degree to which Gen. Kulishov was merely speculating or perhaps ‘reading into’ things based on the serious threats from the West that Moscow currently perceives.

Putin’s Press Secretary, Dmitry Peskov, has also said separately “that NATO is flirting with military rhetoric, increasing the degree of escalation and falling into military ecstasy.”

At the same time, and to be expected, France’s Emmanuel Macron has added his voice to the growing chorus of NATO leaders who want to see restrictions lifted on Ukraine’s use of long-range weapons supplied by the West.

Macron said that his government’s position is that “we think we must allow (Ukraine) to neutralize the (Russian) military sites from which the missiles are fired.”

“If we tell (the Ukrainians) you do not have the right to reach the point from which the missiles are fired, we are in fact telling them that we are delivering weapons to you, but you cannot defend yourself,” he had explained late Tuesday while on an official visit to Germany.

On Monday NATO chief Jens Stoltenberg said the same. The increasing momentum for this policy change could culminate in Washington making an official announcement. Already some Biden admin officials have strongly hinted they’d be OK with Kiev using American weapons to strike inside Russia. Likely this is already happening, at least on a covert level.

COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES

WORLD EVENTS NOTEWORTHY

END

WORLD HEALTH ISSUES

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide, May 20-May 27, 2024

Athletes in the US (5), France, Germany (2), Sweden, Bosnia, Italy, Turkey, India, NZ; musicians in US (2), Colombia, Germany, Poland, Japan, S. Korea; “vaxxidents” in US (2), Canada, Mexico (2); more

MARK CRISPIN MILLERMAY 29

READ IN APP

Note: Click on the countries links for this week’s compilations of those who “died suddenly” (the individual Substacks are too long to email).

United States

United States:

Canada

Mexico, Belize, Dominican Republic, Trinidad, Colombia, Brazil, Argentina and Chile

Mexico:

Brazil:

May be an image of 9 people, motorcycle and text

Argentina:

United Kingdom and Ireland

France, Belgium, Holland, Germany, Austria, Norway, Sweden, Denmark, Poland, Serbia, Croatia, Bosnia, Portugal and Spain

Italy

Italy:

CASERTACE - AVERSA. Donna travolta e uccisa, è caccia al pirata della strada

Nigeria, Kenya, U.A.E., Turkey, India, Japan, S. Korea, Malaysia, Timor, Australia and New Zealand

Kenya:

Rtd Elder Eng Kenneth Kungu Wainaina suffers a heart attack while addressing congregants on May 19, 2024.

Australia:

DR PAUL ALEXANDER

McCullough’s recent ecological study using cardiopulmonary arrests and survival rates taken from the King County Emergency Medical Services (EMS) annual reports for the years 2016 to 2022 (& 2023

modelled) is IMO robust enough to stand scientific scrutiny & raises AGAIN, serious questions about the harms & deaths from Malone, Bourla, Bancel, Sahin, Weissman et al. mRNA vaccine; Joel Smalley

DR. PAUL ALEXANDERMAY 29

READ IN APP

McCullough’s study title (happy to say I work with McCullough, Risch, Thorp, Pinsky, Victory etc. in support of The Wellness Company (TWC) and can be found at TWC.health:

‘Excess Cardiopulmonary Arrest and Mortality after COVID-19 Vaccination in King County, Washington’

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

Predominant finding:

Uncovered ‘a very strong ecological and temporal association between excess cardiopulmonary arrest mortality and the COVID-19 vaccination campaign, which resulted in high vaccination rates.

The biological plausibility of death from acute cardiac and pulmonary causes after COVID-19 vaccination has been previously demonstrated and is concerning given these real-world observations.’

I found this study that was shared and written by Joel Smalley and again he is on the money with his focus, a brilliant analyst and we benefitted from his work across 4 years. I am highlighting McCullough’s (and Hulscher’s) fine work here (see his scholarship in Courageous Discourse substack) yet embedding Smalley’s stack (support Joel).

Joel’s question on why the researchers would extrapolate 2023 data by linear regression from 2021 and 2022 is a potent one, but on balance, the ecological analysis (yes plagued with confounding) must be taken very seriously and adds to the accumulated body of evidence that the Malone Bourla Bancel et al. mRNA technology vaccine was deadly to populations, especially in highly vaccinated nations.

The key is to present the ecological study limitations up front for the reader (McCullough et al. showed superb scholarship and methodological purity doing this) should understand this is not a classic RCT or comparative effective research study yet the methods at statistical controls and modelling IMO are enough and nicely robust and adds to the troubling picture of harms post the mRNA vaccine:

The ‘limitations of ecological data where individual case level information is not available. There are multiple potential, unaccounted confounding variables, such as changes in healthcare access, variations in public health interventions, socioeconomic factors, drug use, and COVID-19 infection that could have influenced cardiopulmonary arrest outcomes. The sudden population drop in King County during the pandemic may have been influenced by migration or temporary relocations, which are not fully captured in the data. Our model relies on extrapolating pre-pandemic trends, assuming underlying conditions remained constant. The high R² values observed in our models, such as 0.9992 for the quadratic model relating vaccination rates to excess cardiopulmonary arrest mortality, suggest an excellent fit. However, our models may be unstable due to containing few data points. High R² values in small datasets can sometimes indicate overfitting, and these findings should be validated with larger, independent samples.’

The reader should bear this in mind as we review this robust excellent study, and I am thankful to the researchers McCullough and Huschler to have outlined the limitations.

Smalley:

(100) Excess Cardiopulmonary Arrest and Mortality after COVID-19 Vaccination in King County, Washington (substack.com)

SLAY NEWS

he latest reports from Slay News

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Former RNC Chair Calls for Trump to Be Jailed over Anti-Biden Rhetoric Former Republican National Committee Chair Michael Steele has called for President Donald Trump to be jailed for blasting his Democrat opponent in the November election.READ MORE

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‘Gold Bar Bob’ Menendez Moves to Run for Re-Election on Independent Ballot Disgraced Democrat Sen. Bob Menendez (D-NJ) is moving to leave his party and run for re-election as an independent, according to reports.READ MORE

Biden Repeats False Story about Naval Academy Appointment Democrat President Joe Biden has repeated a false story about being appointed to play football at the Naval Academy.READ MORE

Anti-Trump Movie ‘The Apprentice’ Bombs at Cannes Film Festival: ‘This Garbage Is Pure Fiction’The new movie “The Apprentice,” depicting controversial incidents involving President Donald Trump, has bombed at the Cannes Film Festival, leaving the major industry event empty-handed.READ MORE

Ilhan Omar Reveals She Has No Idea What Memorial Day Means Radical Democrat Rep. Ilhan Omar (D-MN) has provoked a backlash after she issued a confusing statement revealing she has no idea who Memorial Day is meant to honor.READ MORE

Biden Visits Daughter-in-Law’s Home ahead of Testimony in Ex-Lover Hunter’s Trial Hallie Biden received a brief visit at her home from her Democrat president father-in-law on Sunday night.READ MORE

8 People Hospitalized after Another Packed Boeing Passenger Jet Plunges Mid-Flight Twelve passengers and crew were injured on a Qatar Airways flight after a packed Boeing passenger jet plunged mid-flight.READ MORE

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EVOL NEWS

Anti-Trump Movie ‘The Apprentice’ Bombs at Cannes Film Festival: ‘This Garbage Is Pure Fiction’ – EVOL READ MORE…

LATEST NEWS:

The latest reports from Slay News

NEWS ADDICTS

LATEST REPORTS FOR NEWS JUNKIES

Anti-WEF Lawmaker’s Husband Found Murdered: ‘They Killed Him!’The husband of an outspoken anti-World Economic Forum (WEF) lawmaker has been found murdered in his car after being strangled to death with a zip tie.READ THE FULL REPORT

Lawyer Testifies: Doctors Were Paid to ‘Murder’ Patients to Inflate Covid Death Toll Renowned American attorney Tom Renz has testified before the Ohio Senate, making explosive allegations that hospitals and doctors were incentivized to “murder” patients in order to exaggerate the threat of COVID-19.READ THE FULL REPORT

UK’s Insufficient Compensation System Slammed by Victim of AstraZeneca Vaccine Injury Clare Bowie, a British woman who suffered paralysis after receiving the AstraZeneca COVID-19 vaccine, has spoken out against the United Kingdom’s Vaccine Damage Payment Scheme (VDPS) for its inadequate compensation.READ THE FULL REPORT

FEEL GOOD STORY OF THE DAY: Massachusetts Sailor Killed at Pearl Harbor Finally Gets Proper Burial at Arlington National Cemetery Frank Hryniewicz, a Seaman 1st Class from Three Rivers, Massachusetts, was among the 429 American service members who perished aboard the USS Oklahoma during the attack on Pearl Harbor by the Japanese on December 7, 1941.READ THE FULL REPORT

SHOCKING REVELATION: James Biden Associate Caught in $51M Medicare Fraud A former business associate of James Biden has agreed to plead guilty to conspiring to defraud Medicare of $51 million through a lab-testing company connected to the President’s brother.READ THE FULL REPORT

LATEST REPORTS FOR NEWS JUNKIES

Sudden Deaths Skyrocket Among Vaxxed, Top Study Warns A top study published by the National Institutes of Health (NIH) has warned that sudden deaths are soaring to staggering levels among the Covid mRNA vaccinated.READ THE FULL REPORT

WEF Orders Hundreds of Thousands of Healthy Cows Slaughtered for ‘Net Zero’The World Economic Forum (WEF) has ordered governments around the world to begin slaughtering hundreds of thousands of healthy beef cows in order to “fight climate change.”READ THE FULL REPORT

Secret Service Meets With NY Jail Officials Ahead of Potential Trump ‘Guilty’ Verdict Secret Service agents have reportedly met with jail authorities in New York City to prepare for a potential conviction in Manhattan District Attorney Alvin Bragg’s so-called “hush money” case.READ THE FULL REPORT

Jack Smith BTFO After Judge Cannon Denies Gag Order Request on Donald Trump Judge Aileen Cannon had denied special counsel Jack Smith’s request for a gag order on former President Donald Trump.READ THE FULL REPORT

Judge Merchan Screams at Trump Lawyer for Saying Trump Shouldn’t Be Sent to Prison Over a Non-Crime Former President Trump returned to court Tuesday morning for closing arguments in the highly publicized “hush money” trial led by Manhattan District Attorney Alvin Bragg in New York City.READ THE FULL REPORT

end

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

An Older, Anxious, Mildly Paranoid Analyst

WEDNESDAY, MAY 29, 2024 – 10:30 AM

By Michael Every of Rabobank

An older, anxious, mildly paranoid analyst

US Treasury yields spiked higher yesterday after strong consumer confidence data and weak bond auctions, pushing the dollar up. The Fed’s Kashkari said the FOMC hasn’t entirely ruled out further rate hikes, but the odds are “quite low”. But how does one assess the risks of a shock like that? Market pricing just shows you what all uniformed people think, so zooms around wildly, e.g., shifting expectations for 2024 rate cuts over the past six months. Data means you have to forecast them right. Fundamentals, perhaps – but which? And, ultimately, fundamental psychology.

On which, because I don’t get all my news from financial or mainstream media –a deliberate epistemology– I stumbled on a report for the Israeli army by psychologist Ofer Grosbard explaining why it disastrously failed to anticipate October 7. It applies equally to those who didn’t expect Russia to invade Ukraine, and to a host of other problems right in front of us now.

In summary, Israeli intelligence was too optimistic. They ignored repeated warning signs, including a copy of the Hamas invasion plan, believing Hamas didn’t mean it or had no desire or ability to attack. That should be clear unless you believe in conspiracy theories, so need a psychiatrist.

The follow-on conclusion is intelligence services –and those running market risk– need experts who can spot patterns or subtle clues of possible emerging threats in geopolitics, human behavior and psychology. That’s clear.

However, data show older, pessimistic, and anxious, mildly paranoid or mildly depressed people are better placed for this kind of thinking as their outlook is more analytical and “fosters a heightened sense of vigilance” and “a cautious approach, ensuring all possibilities, no matter how unlikely, are considered and prepared for.” By contrast, younger optimists say, “Buy all the things,” or “rate cuts!”, or “I see no ships.”

Crucially, however, most institutions promote the assertive, confident, and optimistic to senior roles: then hubris meets nemesis. One hopes new Dutch Prime Minister (Hendrikus Wilhelmus Maria) Dick Schoof, with an intelligence background, is a gloomy individual.

Would he have predicted risks to “rate cuts!” optimism now repeated in a Financial Times deep-dive into the Deep Ship EU ports are in due to the Houthi Suez Canal blockade? As we said months ago, if West Med ports run at 100% capacity as trans-shipment conduits to the East Med in peak pre-Xmas retail season, firms build higher inventories to compensate for longer delivery times, and consumer spending picks up as rates fall — that first ECB cut is in June — then supply-side inflation shocks can be expected. Things may also get worse as Israel enters the heart of Rafah, the Houthis try to hit the East Med, Iran is closer to a nuke, and the $320m Biden Gaza aid pier drifts off and breaks apart, a metaphor for the how the broader region sees the US.

In Australia, with reluctant RBA talk of another rate hike, April monthly CPI weighted to goods was 3.6% y-o-y vs. 3.4% consensus and 3.5% in March. Housing was 4.9% with rents 7.5%; food and beverages 3.8%; alcohol and tobacco 6.5%; transport 4.2% with fuel 7.4%; insurance and financial services 8.2%, education 5.2%, and only holidays -6.2%: if you don’t eat or drive on one. Our house forecast is two more hikes unless the RBA is hoodwinked by the budget artificially supressing CPI with subsidies. Which, optimists will say is the case: the market is only pricing around a 25% chance of a September rate hike despite inflation well over the 2-3% target, a stimulatory budget, and the global backdrop being inflationary again, not disinflationary.

But do you really need to be older, pessimistic, anxious, mildly paranoid or mildly depressed to see how large the structural problems that we face are?

In the UK, one headline just said, ‘Rishi Sunak winning back 2019 Tory voters after announcing snap election’. The polls say it’s 2,019 Tory voters. The Labour Party, with “secureonomics” at its pledge, is ruling out further tax increases after extending the windfall tax on energy companies’ profits, imposing VAT on private school fees, and ensuring private equity bonuses are “taxed appropriately”. Yet it faces a large fiscal deficit and wants to spend more to transform the UK economy: something doesn’t add up. One hopes for the best, but paranoid political risk types are not looking at the upcoming election, which seems a given, but at the one after that; they are wondering what the backlash to a failed Labour government might look like, as well as how far right the post-defeat Tories shift.

In the US, all eyes are on the New York court that is likely the only Donald Trump trial that will come to a conclusion before the November election – and as many legal and political commentators have pointed out, it’s been a clown show likely to be turned over on appeal even if a guilty verdict is returned, and which has boosted Trump’s electoral prospects. Those of a more paranoid mindset had thus correctly already been factoring in what hypothetical higher US tariffs might mean for inflation and the world economy.

In Canada, we got a headline which runs true everywhere in the West, and much of the world outside China: ‘Trudeau says real estate needs to be more affordable, but lowering home prices would put retirement plans at risk’. Yes, homes need to be more affordable. No, prices can’t come down, “because Boomers.” Can rates come down? No, “because inflation” and “further house-price inflation.” Can wages go up? NO! “Because inflation > rates > Boomers > markets.”

Let’s be frank: thinking high house prices were a good way to juice the economy was an idiot plan at its inception to those with functioning brains, not just ones with mild paranoia or depression. The socioeconomic-political (neo-feudal) and geopolitical trends emerging because young, idiot, optimist economists didn’t tell their bosses those risks when they started to blow this bubble are now enough to give everyone severe paranoia and depression. For example, Al Qaeda are expressing their appreciation to Western Ivy League student protestors, after Osama Bin Laden went viral on TikTok a few months ago. They might even pick up a percentage of the vote if they ran in some countries’ elections.

Then again, are we surprised no optimistic young economists told their bosses not to juice house prices (again) when the American Economic Review reviews the reproducibility of 17 of its own papers from 2013 onwards, and finds that “many of the results are not robust, with no improvement over time”, while “a sample of economists (n=359) overestimates robustness reproducibility, but predictions are correlated with observed reproducibility.” In other words, economists believe their own hype even when they can’t reproduce any of the ‘results’ they claim. Then those same individuals set policy for governments or central banks.

And where economics meets national security, some in China are pushing it to adopt a Green Marshall Plan to deal with its overcapacity by sending vast sums to the Global South to accelerate transition, which could be transformative for the global economy, if it happens. By contrast, parts of the West are excited about an ECB rate cut in eight days, and Germany is –again– backing off any serious martial plan even as it gets marginally cheaper to fund: it now won’t be adopting conscription after all. Because the other side has no desire or ability to fight, right?

It gives me no pleasure to say I tick all the Grosbard boxes for the characteristics needed for better risk analysis methodology; but then not getting a lot of pleasure from things is sadly part of the whole deal.

END

7.OIL PRICES/GAS PRICES/OIL ISSUES

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//

VENEZUELA

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO VS USA DOLLAR: 1.0848 DOWN .0004

USA/ YEN 157.29 UP 0.020 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2751 DOWN .0007

USA/CAN DOLLAR: 1.3669 UP .0022 (CDN DOLLAR DOWN 22 BASIS PTS)

Last night Shanghai COMPOSITE CLOSED UP 1.23 PTS OR 0.05%

Hang Seng CLOSED DOWN 344.15 PTS OR 1.83%

AUSTRALIA CLOSED DOWN 1.23 %

// EUROPEAN BOURSE: ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES: ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 344.15 OR 1.83%

/SHANGHAI CLOSED UP 1.23 PTS OR 0.05%

AUSTRALIA BOURSE CLOSED DOWN 1.23%

(Nikkei (Japan) CLOSED DOWN 298.50 PTS OR 0.77%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 2342.00

silver:$31.91

USA dollar index early WEDNESDAY morning: 104.66 UP 12 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.301% UP 10 in basis point(s) yield

JAPANESE BOND YIELD: +1.062% UP 4 AND 1/ 100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.449 UP 11 in basis points yield

ITALIAN 10 YR BOND YIELD 4.022 UP 12 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6945 UP 10 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.0814 DOWN 0.0037 OR 37 basis points

USA/Japan: 157.68 UP .0.399 OR YEN IS DOWN 40 BASIS PTS

Great Britain/USA 4.454 UP 13 BASIS POINTS //

Canadian dollar DOWN .0061 OR 61 BASIS pts to 1.3707

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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2495 (ON SHORE)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2738)

TURKISH LIRA: 32.27 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH

the 10 yr Japanese bond yield at +1.062…

Your closing 10 yr US bond yield UP 8 in basis points from TUESDAY at 4.4621% //trading well ABOVE the resistance level of 2.27-2.32%)

USA 30 yr bond yield 4.740 UP 8 in basis points /12.00 PM

USA 2 YR BOND YIELD: 4.990 UP 3 BASIS PTS.

GOLD AT 11;30 AM 2338.600

SILVER AT 11;30: 32.07

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

London: CLOSED DOWN 71.11 PTS OR 0.86%

German Dax : CLOSED DOWN 204.58 PTS OR 1.10%

Paris CAC CLOSED DOWN 89.43 PTS OR 1.49 %

Spain IBEX CLOSED DOWN 130.90 OR 1.16%

Italian MIB: CLOSED DOWN 551.47 PTS OR 1.50

PTS

WTI Oil price 79.25 12EST/

Brent Oil: 83.53 12:00 EST

USA /RUSSIAN ROUBLE /// AT: 89.51 ROUBLE DOWN 0 AND 94/100

GERMAN 10 YR BOND YIELD; +2.6945 UP 10 BASIS PTS.

UK 10 YR YIELD: 4.454 UP 11 BASIS POINTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0803 DOWN 0.0048 OR 48 BASIS POINTS

British Pound: 1.2702 DOWN 0.0056 OR 56 basis pts

BRITISH 10 YR GILT BOND YIELD: 4.4565 UP 6 BASIS PTS//

JAPAN 10 YR YIELD: 1.062%

USA dollar vs Japanese Yen: 157.68 UP .411/ YEN DOWN 41 BASIS PTS//

USA dollar vs Canadian dollar: 1.3712 UP 64 //CDN dollar DOWN 64 BASIS PTS

West Texas intermediate oil: 79.03

Brent OIL: 83.36

USA 10 yr bond yield UP 8 BASIS pts to 4.616

USA 30 yr bond yield UP 8 BASIS PTS to 4.734%

USA 2 YR BOND: UP 2 PTS AT 4.977

USA dollar index: 105.07 UP 53 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 32. 27 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE: 89.51 DOWN 0 AND 94//100 roubles

GOLD 2,336.00 3:30 PM

SILVER: 31.96 3;30 PM

DOW JONES INDUSTRIAL AVERAGE: DOWN 411.32 PTS OR 1.16 %

NASDAQ DOWN 132.69 PTS OR 0.70 %

VOLATILITY INDEX: 13.89 UP 0.97 PTS OR 6.98%

GLD: $216.16 DOWN 2.03 OR 0.93%

SLV/ $29.17 DOWN 07 OR 0.24%

end

USA AFFAIRS

TODAY’S TRADING IN GRAPH FORM

Bond Yields Soar As Rate-Cut Hopes Plunge; Stocks, Oil, & Gold All Sold

WEDNESDAY, MAY 29, 2024 – 04:00 PM

A quiet macro day in the US – mixed bag of regional Fed survey data (Richmond Manufacturing good, Richmond Biz Conditions bad, Dallas Services bad) and plunging mortgage apps) – followed a hotter than expected inflation print in Germany, which sparked a further hawkish shift lower in rate-cut expectations with 2024 falling back to a 50-50 coin toss for 2 cuts or 1; and 2025 tumbling to less than 3 more cuts…

Source: Bloomberg

Treasury yields surged higher, led by the long-end (2Y +2bps, 30Y +7bps)…

Source: Bloomberg

…steepening the curve even more…

Source: Bloomberg

2Y Yields ramped within 0.25bps of 5.00%, erasing all the gains from payrolls and CPI…

Source: Bloomberg

And higher yields are starting to hit stocks. Today was relatively unusual for recent times with no big BTFD bounce back after almost non-stop selling from the cash close last night. Small Caps lagged on the day with S&P and Nasdaq the best looking horses in the glue factory. The cash open offered a little blip higher but that was sold into…

The Dow broke below its 50- and 100-DMA and Small Caps broke below their 50DMA…

‘Most Shorted’ stocks were monkeyhammered lower… again…

Source: Bloomberg

But, of course, MAG7 stocks levitated…

Source: Bloomberg

…as NVDA hit another new record high…

The dollar followed rates higher, back near one-month highs…

Source: Bloomberg

…which hit gold…

Source: Bloomberg

…sent oil lower with WTI back below $80…

Source: Bloomberg

…and bitcoin also fell back below $68,000 (despite the Blackrock flows news)…

Source: Bloomberg

Ethereum slipped back below $3800….

Source: Bloomberg

Finally, while financial conditions remain drastically loose (especially relative to Fed rates), we note that they are starting to tighten…

Source: Bloomberg

We’ve seen this before a few times this year – so let’s not hold our breath, but The Fed surely wants the market ‘tighter’ than it is before it starts actually ‘easing’.

END

MORNING TRADING//

AFTERNOON TRADING/FOMC MINUTES

II USA DATA

‘Worst Since The Great Recession’ – Dallas Fed Services Survey Slumps In May As Respondents Fear “Inflation Is Getting Pretty Scary”

WEDNESDAY, MAY 29, 2024 – 01:40 PM

Despite Bernstein and Biden demanding the great unwashed realize just how great they have it in America, this morning’s Dallas Fed Services Sector survey offers some insights from actual real people in the actual real world trying to do actual real business… and it’s not pretty.

For two straight years (24 straight months), the Texas Services sector has been in contraction (below zero) with May’s -12.1 print worse than expected. For context, the Great Recession of 2008/2009 also saw 24 straight months of negative prints…

Source: Bloomberg

Respondents in May continued to perceive worsening broader business conditions, with the company outlook index dropping from -1.8 to -5.7, and wage pressures increased slightly.

Additionally, retail sales activity declined in May, according to business executives responding to the Texas Retail Outlook Survey. The sales index, a key measure of state retail activity, fell from -10.4 to -16.4, indicating retail sales fell at a faster rate than during the previous month. Retailers’ inventories increased over the month, with the May index at 2.4.

Retail labor market indicators suggested a contraction in employment and workweeks in May. The employment index fell from -0.5 to -5.2, while the part-time employment index fell 10 points to -7.0. The hours worked index continued in negative territory at -4.2.

Retailers continued to perceive a worsening of broader business conditions in May. The general business activity index remained in negative territory and fell 11 points to -28.8, the lowest index level since December 2022. The company outlook index also fell from -6.4 to -15.7. The outlook uncertainty index increased six points to 15.1.

Source: Bloomberg

So the ‘numbers’ are not pretty… but wait until you see what the respondents had to say…

Trucking is definitely in recession. Truck freight in both volume and price per mile is way down. Our business won’t recover until the industry recovers.

High interest rates and high inflation are ubiquitous among ‘real’ people’s concerns:

We are seeing a little slowdown, and inflation doesn’t seem to moderate as much as we expected, so we are still seeing increases in input costs and services.
We see the impact of the high-interest-rate environment starting to impact our customers and customer prospects. Growth is declining, and new business inquiries have waned for key products and services.
Interest rates and inflation continue to dominate company decisions—our company and our clients and prospects. Costs are high, and budgets are super tight. Therefore, confident decision-making is more challenging for all. Our hiring is on hold while most of our clients continue with layoffs.
Interest rates remain a concern for my clients.
This is the worst we’ve seen in the real estate market since the Great Recession.
Most investors are sitting on the sidelines until after the election or interest rates decrease.
We have been in a rolling 15-month recession that is starting to brighten up slightly. Our real estate orders have continued to decrease this year, and that is an indicator that the market is pulling back due to the unknown of where interest rates are headed. There is still a lot of money on the sidelines waiting to be deployed, but until the market can determine where the economy is headed, it will stay there.
Election-year unknowns are creating instability and disruption in our primary markets.
Interest rates and higher input costs seem to be the key drivers currently.
The business environment feels quite unstable currently. Service prices for support vendors and supplies continue to increase…
Higher prices are frustrating our guests. Customer counts are down for that reason…
Our cost of goods is stable; however, wages continue to have upward pressures because employees are struggling to keep up with rising rents, rising groceries and rising interest rates.
We continue to be concerned about interest rates.

A commercial real estate developer unloaded on the regional Fed:

…our ability to raise capital for new projects has been greatly impacted by the current interest rate environment, and the value of existing assets has been significantly impaired.

Currently, all levers are in the wrong direction for our underwriting of existing and operating assets and future developments.

Rents are softening.

Overall capital and financing costs have substantially increased.

Materials and labor costs have stabilized but remained high.

Operating expenses are up (including insurance, property taxes, property management, etc.), and cap rates have increased (due to interest rate increases).

Equity returns have not decreased, unfortunately.

Therefore, we are currently very far off from economically being able to make developments work.

We have tried very hard to hold on to employees throughout the last two years of challenging times, but we are on the brink of having to make major staffing cuts if we are unable to find some relief from some or all of the above metrics.

We have several (eight in total) development pipeline assets, which include fully entitled, fully designed (shovel-ready) multifamily and mixed-use projects that are permitted and ready to go. However, the carry cost is substantial, and the reality is that we will likely have to sell some to all of our pipeline assets at a discount, reduce staff and wait to start over once the economic environment improves and can support new development.

Our outlook is that the current economic environment will cause many developers to shut down, and only those who can manage to scale back their businesses will survive to this point.

Even though (in Texas) there is a still a large supply-demand deficit for housing, there were many new starts in 2021–22 that are now completing and beginning to lease. Due to the unusual amount of supply coming online all at the same time, lease-up is slower than normal, and even though all the units will get absorbed (i.e., because the demand is still strong), it will be at a slower rate until all of the competing units are leased up.

Once that happens, we believe there will be a two-to-three-year period of little to no new project starts, followed by a lack of supply in 2026–28 that will cause rents to spike and likely support the economics of new developments to resume. We hope that during the next two-to-three-year period, when the economics do not work for development, that materials and labor pricing will also fall, further helping the economics for development.

Finally, three respondents summed-up how bad things are:

It’s an election year, so we would assume no one is going to allow the economy to go down. However, signs are mounting…

and worse…

Inflation is getting pretty scary. We can’t make enough interest on our deposits to cover inflation. We are worried about how to keep increasing pay to our employees to offset inflation.

and worse still…

We are fairly certain that we will be closing our doors and releasing as many as 60 employees in the next few months.

Maybe the president should pop down to Dallas and put these guys straight on just how great they have it…

END

UGLY INDEED

(zerohedge)

Ugly Beige Book: “Negligible Job Gains”, “Lower Discretionary Spending”, “More Pessimistic Outlook”

WEDNESDAY, MAY 29, 2024 – 02:29 PM

Extending the dismal pace of US economy growth (if not outright contraction) observed in last month’s Beige Book, which was validated by the sharp drop in Q1 GDP growth which tumbled to just 1.6% from more than 3% in Q4 and is expected to slide further to 1.3% tomorrow, moments ago the Fed published its latest Beige Book, which found that while economic activity expanded from early April to mid-May “as conditions varied across industries and Districts”, just like last month, most Districts reported “slight or modest growth”, while “two noted no change in activity.”

That’s the good news. The bad news was far more extensive and worrisome and can be summarized as follows: “Negligible Job Gains”, “Lower Discretionary Spending”, “More Pessimistic Outlook.” Here are the highlights:

Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers.
Auto sales were roughly flat, with a few Districts noting that manufacturers were offering incentives to spur sales.
Travel and tourism strengthened across much of the country, boosted by increased leisure and business travel, but hospitality contacts were mixed in their outlooks for the summer season.
Demand for nonfinancial services rose, and activity in transportation services was mixed, as port and rail activity increased whereas reports of trucking and freight demand varied.

Elsewhere, nonprofits and community organizations cited continued solid demand for their services, and manufacturing activity was widely characterized as flat to up, though two Districts cited declines.

Meanwhile, tight credit standards and high interest rates continued to constrain lending growth. And while housing demand rose modestly, and single-family construction increased, there were reports of rising rates impacting sales activity.

Even uglier, the Beige book warns that conditions in the commercial real estate sector softened amid supply concerns, tight credit conditions, and elevated borrowing costs.

There was more cheer in the energy sector, where activity was largely stable, whereas agricultural reports were mixed, as drought conditions eased in some Districts, but farm finances/incomes remained a concern.

Taking a closer look at the two key Fed mandates, jobs and inflation, we first turn to labor markets where the Beige Book made the following downbeat observations:

Employment rose at a slight pace overall, as eight Districts reported negligible to modest job gains, and the remaining four Districts reported no changes in employment.
A majority of Districts noted better labor availability, though some shortages remained in select industries or areas. Multiple Districts said employee turnover has decreased, and one noted that employers’ bargaining power has increased.
Hiring plans were mixed—a couple of Districts expect a continuation of modest job gains, while others noted a pullback in hiring expectations amid weaker business demand and reluctance due to the uncertain economic environment.
Wage growth remained mostly moderate, though some Districts reported more modest increases. Several Districts reported that wage growth was at pre-pandemic historical averages or was normalizing toward those rates.

As for prices, it appears that we are on the edge of disinflation if not outright deflation:

Contacts in most Districts noted consumers pushed back against additional price increases, which led to smaller profit margins as input prices rose on average.
Retail contacts reported offering discounts to entice customers.
Many Districts observed a continued increase in input costs, particularly insurance, while some noted price declines in certain construction materials.
Some Districts observed declines in manufacturing raw material costs. Price growth is expected to continue at a modest pace in the near term.

Finally, and this is probably not a shock to anyone, the report concludes that “overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks.“

For those curious what individual regional Fed had to say, here is a snapshot:

Boston: Economic activity was about flat on balance. Prices increased modestly, and wage growth was slow-to-moderate amid stable employment levels. Real estate activity, for both commercial and residential properties, weakened slightly after showing signs of improvement earlier in the year. The outlook became more uncertain for some contacts but remained cautiously optimistic overall.
New York: On balance, regional economic activity grew slightly. Labor market conditions remained solid, and labor demand and labor supply continued to come into better balance. Consumer spending picked up slightly after slow sales in the spring. Housing markets remained solid, though low inventory continued to restrain sales. Selling price increases remained modest.
Philadelphia: Business activity grew slightly in the current Beige Book period, up from no change last period. Employment edged up slightly, owing to increased demand and supply of labor. Wage and firm price inflation were up modestly. Existing home sales grew slightly, and new-home sales held steady at high levels. Expectations for future growth edged down and were less widespread for nonmanufacturers but remained positive overall.
Cleveland: District business activity increased slightly but somewhat more slowly than it had in the prior reporting period. Some contacts attributed the slowdown to interest rates staying higher for longer than anticipated. Consumer spending declined modestly, which some manufacturers said dampened demand for their goods. The majority of contacts indicated that wages, input costs, and selling prices continued to stabilize in recent weeks.
Richmond: Economic activity in the region expanded modestly this period. Consumer spending rose moderately, overall, which was driven by individuals with discretionary income as lower income individuals pulled back or traded down to lower priced goods. Import activity increased and the port of Baltimore was able to reopen one channel into the port. Manufacturing and nonfinancial services firms reported no change in demand in recent weeks.
Atlanta: The Sixth District economy grew slightly. Labor markets continued to stabilize; wage pressures eased. Growth of some nonlabor costs slowed. Consumer demand was generally healthy. Tourism remained strong. Commercial real estate conditions were mixed. Transportation activity varied. Loan demand was flat. Energy activity was robust. Agricultural conditions softened.
Chicago: Economic activity increased slightly. Employment and construction and real estate activity increased modestly; business and consumer spending rose slightly; nonbusiness contacts saw little change in activity; and manufacturing activity edged down. Prices and wages rose moderately, while financial conditions tightened a bit. Prospects for 2024 farm income increased slightly.
St. Louis: Economic activity across the Eighth District continued to increase slightly since our previous report. The outlook among contacts was slightly pessimistic, which is weaker than our previous report but better than one year ago.
Minneapolis: District economic activity grew slightly. Employment grew but labor demand softened. Wage pressures were present but eased, while prices ticked up. Consumer spending rose but contacts were cautious, and manufacturing rose slightly. Commercial and residential construction improved slightly, and home sales grew strongly. Agricultural conditions remained weak but saw some positive developments.
Kansas City: The Tenth District economy expanded at a moderate pace. Household spending rose moderately, driven by increases in hotel stays, outings to restaurants, and auto maintenance. Job gains were modest, yet contacts indicated their employment outlooks were less vulnerable to a deterioration in conditions compared to six months ago. Prices grew slightly with broad reports that strategies regarding price changes were shifting.
Dallas: Economic activity was flat to up slightly over the reporting period. Some growth was seen in the manufacturing, banking, and energy sectors, while activity in nonfinancial services was flat, and declines were seen in retail sales. Employment levels held mostly steady overall, according to contacts. Outlooks were generally stable to slightly more pessimistic compared with the prior reporting period.
San Francisco: Economic activity and employment levels were largely unchanged. Prices, wages, and retail sales grew slightly. Activity in services sectors and residential real estate markets weakened a bit. Commercial real estate activity and financial sector conditions were largely unchanged. Demand for manufactured products picked up slightly, and conditions in agriculture were mixed.

More in the full beige book

III USA ECONOMIC COMMENTARIES

Business Exodus Continues: China’s Cofco Has Enough With Crime-Ridden Downtown Chicago

WEDNESDAY, MAY 29, 2024 – 06:55 AM

Out-of-control violent crime across downtown Chicago has forced Cofco International Ltd., the trading arm of China’s largest food company, to shift operations outside the metro area to safer suburbs.

Bloomberg spoke with those familiar with the plans to relocate Cofco outside the metro area. They said the move is primarily due to “persistent crime.”

The agricultural commodities trader is planning to move to Oak Brook from the Loop, Chicago’s central business district.

The Loop

Part of Oak Brook

Oak Brook has several other major corporate headquarters, including Ace Hardware, CenterPoint Properties, Sanford L.P., and TreeHouse Foods Inc.

Cofco confirmed the move but provided no details on where the new headquarters location would be.

Meanwhile, Chicago has been hit with many high-profile headquarters losses, including Caterpillar, Citadel, Boeing, and Tyson Foods. Guggenheim Partners has also joined the exodus.

It’s not just businesses leaving the crime-ridden metro area. The latest Census data for 2023 reveals residents fled the city for states with lower crime rates, such as Texas, Florida, and Arizona.

During a 2021 speech at the Economic Club of Chicago, Citadel CEO Ken Griffin, who has since moved his firm to Miami, said, “It’s becoming ever more difficult to have this as our global headquarters, a city which has so much violence … and I mean Chicago is like Afghanistan, on a good day, and that’s a problem.”

The major problem with Democratic strongholds like Chicago, Baltimore, Philadelphia, New York City, Washington, DC, Portland, LA, and San Francisco is the leadership of radical progressives who have failed spectacularly. Their disastrous social justice and criminal justice reform policies have only fueled crime and chaos. It seems “law and order” is not part of their woke vocabulary.

END

The US Fiscal Nightmare – Yellen Can’t Expect A Strong Ecoonomy With Higher Spending & Taxes

WEDNESDAY, MAY 29, 2024 – 12:10 PM

Authored by Daniel Lacalle,

The long-term forecast for higher interest rates, according to Treasury Secretary Janet Yellen, makes it more difficult to control US borrowing needs, which emphasizes the significance of raising revenue in the forthcoming budget talks with Republican lawmakers. There is only one problem. She is wrong.

According to the Congressional Budget Office (CBO) baseline, which does not assume a single year of recession and already counts with record tax revenues, the 2025 primary deficit will reach $851 billion, while net interest outlays will rise to $951 billion. Furthermore, the minimum expected primary deficit from 2025 to 2034 will be a staggering $676 billion with $1.2 trillion of net interest outlays, while the average annual deficit will likely be above $700 billion. The accumulated figures are even more concerning. The CBO estimates that the aggregate primary deficit in the 2025–2034 period will reach a brutal $7.4 trillion, with accumulated interest expenses of $12.4 trillion. We must remember that the CBO baseline estimates no recession and constantly rising tax receipts above the record 2024 level.

If the CBO’s optimistic estimates lead to the conclusion that deficits and interest expenses are going to soar in a booming economy, it is evident that no revenue measure is going to end this disastrous trend.

Those who say that revenue measures will cut the deficit have a problem with mathematics and reality. There is no revenue measure that will generate $700 billion in additional receipts every year. Furthermore, there is no revenue measure that will generate those additional annual revenues, regardless of the economic cycle. A single year of recession could destabilize the administration’s optimistic estimates.

The United States’ unsustainable budget deficit is a problem, and interest expenses are rising because the government rejects any form of budget discipline.

The administration believes that all expenses are necessary but too low, and that your hard-earned money is excessive and should be subject to higher taxes.

Deficits are always a spending problem. Only interventionist bureaucrats assume that revenues are the issue. Tax revenues are cyclical, and expenditures consolidate and rise faster than revenues because the administration never gets enough.

When the economy soars, governments spend more, and when the economy weakens, they spend even more, making deficit spending a burden on the economy that leads to discontent in recessions and expansion periods.

We are witnessing a deadly proposal for the U.S. economy. The government rejects any possibility of administering and balancing the budget. The unsustainable deficit is printing money, resulting in higher taxes and likely persistent inflation. You are poorer, and the government becomes larger every year.

Keynesianism is the destruction of the middle class. By printing money and bloating deficits and spending, the size of government in the economy rises faster than the private and productive sectors. The size of the government increases during recessions by increasing expenditure to combat them, and it also increases during economic downturns by hiking taxes and creating inflation, which is a hidden tax.

What we are witnessing is a slow nationalization of the economy. Small businesses and families are suffering from higher rates because the government has created inflation and driven deficits to unsustainable levels, and the government demands more tax revenues.

The trick, as always, will be to deceive us by claiming that taxes will only be imposed on the wealthy. An unfair taxation system is no less unfair if it affects only a small proportion of citizens. However, it does not even matter. There is no way in which the government can boost revenues without passing a massive burden to the middle class via inflation, a hidden tax, and higher direct and indirect taxes.

According to Yellen, the government will not compromise on spending, and you will pay with inflation and higher taxes. This is the danger of letting Keynesianism reign. They start by presenting the government as the solution, and they always impoverish the middle class.

There is no way in which the administration can fill a structural annual $700 billion budget hole with “taxes on the rich.” Therefore, when they talk of compromise, what they mean is that the middle class and small businesses will continue to suffer.

Government spending has already reached $3.82 trillion from January to May, a 6% increase over the same period in 2023, according to the Treasury’s Fiscal Data website. Only if we consider the year-on-year increase so far, $208 billion, there is no revenue measure that would have collected that amount from the rich, from corporations, or from anyone, for that matter.

Considering that Yellen and the Biden administration are unwilling to even moderate the insane government spending trend, the Federal Reserve finds itself in the position of trying to curb the cost of debt by slowing the path of balance sheet normalization. This means that the Fed abandons its fight against inflation because fiscal policy fails to reduce inflationary pressures. In doing so, the Fed is unwillingly passing the entire burden of policy normalization and higher rates to the productive sector, while the Treasury looks at the enormous deficit and thinks, “Well, we must collect more revenues.” You pay.

There is only one way to save the US dollar from losing more purchasing power and the US from becoming a stagnant and unproductive economy: reduce the size of government. If you believe the government is too small, be prepared to be poorer by losing your real wage and ability to make ends meet. If you want more government, you will have it. And you will overpay for it. Inflation, higher taxes, and lower wages are the price of more state control. Always.

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

END

iiiC USA COVID //VACCINE ISSUES

END

FREIGHT ISSUES/USA

END

VICTOR DAVIS HANSON

END

SWAMP NEWS

Jury Begins Deliberations In Trump ‘Hush Money’ Trial

WEDNESDAY, MAY 29, 2024 – 11:55 AM

With closing arguments in Donald Trump’s hush money trial having ended on Tuesday, jury deliberations have officially begun, putting the outcome of the case in the hands of a dozen New Yorkers.

A jury of seven men and five women were instructed to begin deliberating just before 11:30 a.m., where they will weigh in on the first criminal trial of a former US president. While the jurors’ discussions will be in private, they can send Trump-hating Judge Juan Merchan notes asking to rehear testimony or review evidence.

“It is not my responsibility to judge the evidence here. It is yours,” said Merchan.

Trump is charged with 34 counts of falsifying business records in connection with an alleged scheme to shelve potentially embarrassing claims during the 2016 US election – similar to how the Clintons paid Paula Jones $850,000 to drop a sexual harassment lawsuit after more than four years of legal action.

According to Merchan, “Your verdict on each count you consider, whether guilty or not, must be unanimous,” adding “That is, each and every juror must agree to it.”

“You should discuss the evidence and consult with each other, listen to each other, give each other’s views careful consideration. And when you deliberate, you should do so with a view to reaching agreement when that can be done without surrendering an individual juror,” Merchan continued.

As the Epoch Times notes further, all the evidence from trial has been loaded onto a laptop, and Juror 4 and Juror 6 volunteered to operate it for the group.

Merchan checked with defense attorney Todd Blanche about whether defense counsel explained to President Trump about evidence being on the laptop for jurors.

Mr. Blanche affirmed that defense counsel reviewed the contents of the laptop and have no objections to this protocol.

“I always watch the jurors. I watch to see who is paying attention and who is not,” said Merchan. “Justice Merchan said. “Each of you is very engaged in this case. But we’re not going to excuse [alternates].”

During closing arguments on Tuesday, Merchan criticized Blanche for telling the jury that the former president could go to prison if they convict – and reminded them that their decision would be based on the word of Michael Cohen, who Blanche described as a “liar” who “lied to” the jury.

“You cannot send somebody to prison, you cannot convict somebody based upon the words of Michael Cohen,” said Blanche – to which prosecutors jumped in and objected.

Merchan agreed, sustaining the objection.

“That was outrageous, Mr. Blanche,” he said. “Someone who’s been a prosecutor as long as you have, someone who’s been an attorney as long as you have knows that it’s highly inappropriate.”

Check back for updates…

UPDATES

“This Is Insanity”: Judge In Trump Case Issues Unbelievable Jury Instructions

BY TYLER DURDEN

WEDNESDAY, MAY 29, 2024 – 11:55 AM

Update (1345ET): Legal minds are beside themselves at how the judge in the Trump ‘hush money’ case has instructed jurors to rule – first in what constitutional law professor Jonathan Turley called “the coup de grace instruction,” Judge Juan Merchan said that there is no need to agree on what occurred – and can disagree on what the crime was among the charges.

“Merchan just delivered the coup de grace instruction,” Turley wrote on X. “He said that there is no need to agree on what occurred. They can disagree on what the crime was among the three choices. Thus, this means that they could split 4-4-4 and he will still treat them as unanimous…”

zerohedge.com/political/jury-begins-deliberations-trump-hush-money-trial

“This is absolute insanity,” posted Missouri Attorney General Andrew Baily, in response to another Turley observation – namely that the jury will not be given copies of their instructions, but can ask for them to be read again.

Attorney General Andrew Bailey

@AGAndrewBailey

This is insanity. I’ve tried many jury trials in my day. You give jurors paper instructions every time. How are 12 jurors supposed to remember the elements necessary for each of the 34 felony counts? This is an illicit, witch-hunt prosecution.

Quote

Jonathan Turley

@JonathanTurley

Replying to @JonathanTurley

…He has ruled that the jury will not be given copies of the instructions but can ask for them to be read to them again.

11:33 AM · May 29, 2024

383.2K Views

What could be behind this activist judge?

Washington Examiner

@dcexaminer

Biden Campaign’s Michael Tyler agrees that winning the White House won’t happen with current polls READ: http://tiny.cc/zq6ayz #MichaelTyler #Michael #tyler #Biden #JoeBiden #Campaign #Left #Democrat #Republicans #US #Politics #News #Viralvideo #ViralVideos #Explore

1:45 PM · May 29, 2024

1,136 Views

Biden Campaign's Michael Tyler agrees that winning the White House won't happen with current polls

READ: https://t.co/VWrqedqOEQ #MichaelTyler #Michael #tyler #Biden #JoeBiden #Campaign #Left #Democrat #Republicans #US #Politics #News #Viralvideo #ViralVideos #Explore pic.twitter.com/RKYyYs4rGU
— Washington Examiner (@dcexaminer) May 29, 2024

* * *

KING REPORT

The King Report May 29, 2024 Issue 7252

Independent View of the News

BBG: Jump in Japan Business Service Prices Supports BOJ Hike Case
    Service producer prices ex-tax rise at fastest clip (2.8% y/y, 2.3% exp.) since 1991
https://www.bnnbloomberg.ca/jump-in-japan-s-business-service-prices-supports-boj-hike-case-1.2077935

May Dallas Fed Manufacturing Activity -19.4, -12.1 expected, -14.5 prior

@zerohedge: Dallas Fed respondent: “We are still trying to find competent people who want to work. The biggest problem is turnover of new hires. Long-term employees are stable. Young people do not want to work.”

Conference Board Consumer Confidence Rebounds in May… As Inflation Expectations Hit 2024 Highs – After dropping near the lowest level in eleven years last month, the Conference Board Consumer Confidence expectations index soared in May from 68.8 (upwardly revised from 66.4) to 74.6. The Present Situation rose from 140.6 (revised down from 142.9) to 143.1. The best expectations print since Feb dragged the headline index up notably to 102.0 (well above the 96.0 exp)… Conference Board Inflation Expectations (for one year ahead) rose to 5.4% – the highest since Dec 2023…
https://www.zerohedge.com/personal-finance/conference-board-consumer-confidence-rebounds-may-inflation-expectations-hit-2024

(Minn Fed Pres) Kashkari: US Labor Market Has Softened, But Remains Tight – BBG 9:52 ET
Kashkari: Don’t Think Anyone Has Taken Rate Increases Off Table – BBG 9:52 ET
Kashkari: Policy Restrictive by Most Measures, But Not All – BBG 9:56 ET
Kashkari: Short-Run Neutral Rate May Have Gone Up Temporarily – BBG 9:57 ET
Kashkari: Think the Odds of Raising Rate Are Quite Low – BBG 10:22 ET
Kashkari: Could Stay on Hold for an Indefinite Period of Time – BBG 10:23 ET
Kashkari: Slowing Asset Runoff So We Can Monitor Market Signals – BBG 10:39 ET
Kashkari: Most Disinflation Last Year Came from Supply Side – BBG 11:06 ET
Kashkari: Commercial Real Estate a Risk, Expect Big Losses – BBG 10:58 ET
Kashkari: Certainly Won’t Pencil in More than Two Cuts for 2024 – BBG 11:30 ET

Nvidia madness kept US stocks from larger losses in early NYSE trading. NVDA hit 1143.95 (+7.35%) at 13:01 ET. The DJIA was -0.65% at the time; the DJTA was -0.59%.

The US 5-year note auction ($70B) was ugly: 4.553% vs. 4.540% WI; Indirect Bid 65%, Direct 15.4%.
USMs sank and hit a daily low of 115 20/32, -1 6/32, at 16:52 ET.

Nvidia hit its daily high of 1149.39 at 13:40 ET. When NVDA declined, the general stock market weakness intensified.

ESMs hit their daily high of 5339.00 at 4:48 ET. A 5-wave decline took ESMs to a daily low of 5296.75 at 14:39 ET. The rally for the standard late manipulation then commenced. ESMs jumped to 5316.25 at 15:25 ET.  A late manipulation took ESMs from 5318.50 at 14:55 ET to 5330.75 at 16:00 ET!!

Positive aspects of previous session
Fangs rallied sharply and Nasdaq hit an all-time high on Nvidia euphoria.
The late manipulation appeared and it served to truncate equity market losses.

Negative aspects of previous session
Precious metals, industrial commodities, and energy commodities soared.
Bonds declined sharply due to a poor US 5-year auction of $70B.
The general stock market was weak all session and stocks sank in the afternoon.

Ambiguous aspects of previous session
Who did the late, blatant ESM manipulation?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5300.95
Previous session S&P 500 Index High/Low: 5315.91; 5280.89

@Osint613: INTERCEPTED CALL: IDF COMPLETELY DEBUNKS RAFAH “MAS*SACRE” LISTEN: The IDF have released an intercepted phone call between two Gaza residents. In the call, they discuss the explosion and fire at the Palestinian refugee camp in western Rafah on Sunday night. They suggest that shrapnel from an Israeli airstrike on a group of senior Hxmas members, who were over 180 meters from the camp, caused the detonation of Hxmas munitions hidden inside or near the refugee camp.
https://x.com/Osint613/status/1795463641824677970

@IsraelRadar_com: More details on Rafah Crossing shootout: Egyptian soldier opened fire at IDF engineering forces exploring terror tunnel on border; Israeli forces fired back, killing the shooter & wounding several other Egyptian troops. via @kann_news

@GOPIsrael: This confirms what we all suspected regarding Egyptian corruption and the massive smuggling of arms and contraband through the tunnels connecting Egypt with the Gaza Strip.

The Egyptian commentator Muhammad Saad Khirallah said in a conversation with “Israel Today” that during the war in the Gaza Strip unprecedented tensions arose between the countries… In addition, he claimed that the tension was amplified by the fact that the Israeli forces were nearing the smuggling tunnels, which embarrassed Egyptian officials who have made a lot of money from the illegal trade.

US forced to halt Gaza aid deliveries after Biden admin’s $320 million ‘floating pier’ starts to sink
https://www.foxnews.com/politics/us-forced-halt-gaza-aid-deliveries-biden-admins-320-million-floating-pier-starts-sink

Fed (Goolsbee) Warns Against Rising Delinquency Rates, Calls It a “Leading Indicator that Things Are about to Get Worse” – Recent figures from the Federal Reserve published last week confirm these fears, showing that aggregate delinquency rates have increased, “with 3.2% of outstanding debt in some stage of delinquency as of the end of March.”… About 8.9% of credit card balances and 7.9% of auto loans have become delinquent annually. Although the transition rate for mortgages increased by 0.3 percentage points, it remains low by historical standards…
https://finance.yahoo.com/news/fed-warns-against-rising-delinquency-203014867.html

Today – Nvidia euphoria might have peaked yesterday. If so, US stocks are in huge trouble, as evinced by the afternoon equity tumble on Tuesday. Despite Nvidia’s huge rally on Tuesday, the general equity market declined sharply until the late manipulation truncated losses. A blatant ESM manipulation during the final 5 minutes of NYSE trading truncated equity losses. Where is Gary Gensler and the SEC?

Despite Nvidia madness and blatant ESM manipulation, the DJIA and DJTA declined moderately. Barring good news, it looks like stocks are in for rough sledding today.

NQMs are -12.75; ESMs are -6.00; USMs are -1/32; Gold is +3.50; WTI Oil is +0.46% at 20:31 ET.

Expected economic data: May Richmond Fed Mfg. Index -6; May Dallas Fed Services Activity -9.4; Fed Beige Book 14:00 ET, NY Fed Pres Williams 13:45 ET at Community Services Roundtable

S&P Index 50-day MA: 5176; 100-day MA: 5070; 150-day MA: 4887; 200-day MA: 4762
DJIA 50-day MA: 38,905; 100-day MA: 38,649; 150-day MA: 37,587; 200-day MA: 36,736
(Green is positive slope; Red is negative slope)

S&P 500 Index (5306.04 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 5062.73 triggers a sell signal
Daily: Trender and MACD are positive – a close below 5232.86 triggers a sell signal
Hourly: Trender is negative; MACD is positive – a close above 5320.68 triggers a buy signal

After spending years denying that the prosecutions of Trump were not political, the Obama-Biden Campaign held an official campaign event across from the NYC courthouse where final arguments were being made in the Trump prosecution. You can’t make this up! Obviously, the Obama-Biden Campaign is in panic! They trotted out DeNiro and 2 Capitol Cops to say Trump will destroy democracy. But polls show that most Americans believe that Jan. 6 was a set up.

Reports indicate that the Obama-Biden Campaign intends to resurrect The Big Guy’s poll numbers by campaigning on January 6! This clearly demonstrates that Biden cannot run on ‘Bidenomics.’

@AP: The Biden campaign sent Robert De Niro and two law enforcement officers who defended the U.S. Capitol on Jan. 6, 2021, not far from the criminal court where Donald Trump’s hush money trial is happening. Speaking while the former president is stuck in court, De Niro said Trump wants to “destroy not only the city, but the country and eventually he could destroy the world.”
    He said if Trump gets reelected, “he will never leave” and that Americans can “kiss these freedoms goodbye that we all take for granted.” As he spoke, Trump protesters screamed anti-Biden chants.
https://t.co/U7a7NqgIVM

Robert De Niro headlines bizarre Biden campaign presser outside Trump trial: ‘You’re a f–king idiot’… the Goodfellas” star yelled at one protester who accused De Niro of being a “paid actor for the DNC” and suggested the actor had unsavory ties to convicted pedophile Jeffrey Epstein…
    Crooked Joe Biden and his campaign are in complete freakout mode, and that’s why they’ve gone back on the word and now they’ve gone in bed with a highly conflicted, conflicted judge, and now they’re making a political mockery of this entire thing,” campaign spokesperson Steven Cheung said.
https://nypost.com/2024/05/28/us-news/robert-de-niro-headlines-bizarre-biden-campaign-presser-outside-trump-trial-youre-a-f-ing-idiot/

@DC_Draino: The Biden campaign is holding a press conference outside Trump’s trial for 1 reason: To make this trial political.  They were hiding for months hoping the “legitimacy” of the judicial system would do their job for them and hurt Trump.  But Trump is winning & his polls keep climbing.  So, they’re trying to spin the narrative back. It’s a desperate move that shows their weakness.

@PhilipWegmann: A blaring car alarm, a heckler, and chanting MAGA protestors across the street: the De Niro press conference so far as the actor warns that electing Trump means ending democracy.
https://twitter.com/PhilipWegmann/status/1795466601841434703?s=02

Politico: Dems in full-blown ‘freakout’ over Biden
One adviser to major Democratic donors keeps a running list of reasons Biden could lose
    A pervasive sense of fear has settled in at the highest levels of the Democratic Party over President Joe Biden’s reelection prospects… nearly five months from the election, anxiety has morphed into palpable trepidation, according to more than a dozen party leaders and operatives…
    “If the frame of this race is, ‘What was better, the 3.5 years under Biden or four years under Trump,’ we lose that every day of the week and twice on Sunday.”… “The cost of living is a challenge that we have to figure out how to manage.”…
https://www.politico.com/news/2024/05/28/democrats-freakout-over-biden-00160047#

When an incumbent president is behind the challenger during the summer months ahead of the election, there have been two strategies utilized to resurrect the president. 1) Go negative, which is what Obama did to Romney in 2012; and 2) get the president in front of Americans more. Dems are in panic now because they cannot go any more negative on Trump than what has occurred for 8 years; and they cannot put out the feeble and cognitively impaired Biden in front of Americans for an extended campaign.

Biden received sensitive data, briefings from security advisers via his private pseudonym email
Under the law, such communications are supposed to occur on secure government email systems and to date Biden has not offered any explanation why his private email account was used. The Archives says it has tens of thousands of such emails from three Biden personal pseudonym accounts used during his vice presidency… https://justthenews.com/government/white-house/tuebiden-received-sensitive-data-private-email-including-briefings-security

@libsoftiktok: At the Memorial Day ceremony at Arlington National Cemetery, Biden tells Gold Star families whose relatives gave the ultimate sacrifice for our country about his son’s death from cancer.
Why does he always make it about himself?   https://t.co/U8GHU0FH25

@WallStreetSilv: BIDEN: “Particularly for African Americans and Hispanic workers and veterans – you know, the workers without high school diplomas.”  https://x.com/WallStreetSilv/status/1795145948701561101

Osama Siblani, Arab Community Leader in Dearborn, Michigan: 40 Years Ago, The Mayor of Dearborn Warned of The City’s ‘Arab Problem’ – Now ‘The Arabs Are Ruling Dearborn, Dearborn Heights, and Hamtramck’; ‘We Are on The Road to The White House, to Congress, to the Decision-Making Everywhere in The U.S.’
https://www.memri.org/tv/michigan-based-editor-arab-american-news-osama-siblani-on-way-white-house-congress

@TonyClimate: May 1934 was the hottest May on record in the US, with temperatures averaging twelve degrees above normal in South Dakota. https://x.com/TonyClimate/status/1794897899232567514
    Alaska reached 100F during the summer of 1934. If that happened now, #ClimateScam professionals would hysterically assert that it was impossible without “climate change.”
https://x.com/TonyClimate/status/1795229650387448074
    During the summer of 1934, two-thirds of the US was in drought.
https://x.com/TonyClimate/status/1795230793679171586

@TonyClimate: Arctic sea ice extent has increased by 8% over the last eight years.
https://x.com/TonyClimate/status/1795433193103106410
    The Arctic melting scam has collapsed, but the press, government agencies and academics will continue to lie about it for as long as it remains profitable for them to do so.
https://x.com/TonyClimate/status/1795435523521286167
    There is more sea ice in the southern hemisphere than there was in 2002.
https://x.com/TonyClimate/status/1795436299199094902

@Don_Penim: How about 100 Degrees in the Arctic Circle …”every day for a week” … WAPO: Front Page News … July 16, 1957  https://x.com/Don_Penim/status/1795235195760619719

@Austin__Berg: You can’t make this up. A public school in Chicago Mayor Brandon Johnson’s neighborhood will now employ 32 staff members to serve 35 students in a school building originally built for 888 students (96% empty). This is the result of Johnson’s former employer and top financial backer, the Chicago Teachers Union.

GREG HUNTER INTERVIEWING ONE OF MY FAVOURITES DR CHRIS MARTENSON

Entire Financial System Can Go Down Soon -Chris Martenson

By Greg Hunter On May 29, 2024 In Market Analysis7 Comments

By Greg Hunter’s USAWatchdog.com

Dr. Chris Martenson holds a PhD in pathology from Duke University, is a futurist and an economic researcher. Dr. Martenson was one of the very few scientists who called BS on the FDA’s approval of Pfizer’s CV19 vax back in August 2021. Dr. Martenson went on the record to say, “Comirnaty CV19 Vax Approval is Actually Fraudulent.” Now, Dr. Martenson is out warning about a new kind of fraud that could leave you broke in the next financial disaster. Dr. Martenson thinks financial trouble of Biblical proportions could be coming sooner than most people think. Dr. Martenson is not worried about a brokerage going under, such as Lehman Brothers in the 2008. Martenson is worried about the entire system melting down and says, “When the system freezes up, they get really scared. If you are not a complete moron, you would make that system smaller because it scared you that much, but instead, they made it even bigger. . . . We not only have to worry about a brokerage going down, but we now have to worry about these clearing parties. . . . These are the houses that are supposed to be clearing all the trades with the derivatives and the loans. . . . The law says the brokerages have to hold your shares and bonds you have in a proportional amount. They don’t hold them. A higher company does that . . . . and you can’t peer into them. It you want to see what Fidelity or Schwab has . . . . I found out you cannot see an audit trail.”

In a new market meltdown, Dr. Martenson sees chaos and gives a hypothetical example: “China attacks Taiwan, and there is a 10 sigma move in the bond market. Oh no, all these derivatives have blown up. These people are supposed to be winners, and these people are supposed to be all losers. No, no, they don’t have any money for that stuff. It’s too complicated. I don’t think anybody understands how this works anymore. I could not find anybody who could tell me the whole thing. I could find people who knew bits and pieces, but they knew their slice. . . . I am trying to stitch this thing all together. I get uncomfortable when I can’t answer the most basic questions, and that is how much risk is there in the system and where is it?”

In short, Dr. Martenson is worried about the whole financial system going down. Dr. Martenson says, “Yes, I am worried about the whole system going down, and that leads to all sorts of speculation. . . . Imagine this, we wake up one day, and the markets are not open on Monday. Oh no, glitch. Problem. Then, it’s two days and not open, three days not open. People are getting worried. Friday, and the markets are still not open. Monday comes, and they say it’s a super big problem, and we don’t know how to resolve it. . . . They offer you 100% value today in a Central Bank Digital Currency (CBDC) account or you can wait it out and hope it gets resolved, and it might take a decade.”

Dr. Martenson likes gold, silver, land and basically all (clear title) physical assets to protect you from “The Great Taking.” Martenson has an upcoming seminar with “The Great Taking” author David Webb (and others) to help you to counter the theft that will surely come in the next financial meltdown.

In closing, Dr. Martenson says, “This has been a series of large amplitude blunders that keep getting bigger and bigger. The Great Taking” is the framework built, that just in case all this colossal blundering blows up, Congress and Wall Street flips a coin and you get heads we win and tails you lose. This is the oldest story in the book.”

There is much more in the 38-minute interview.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with the founder of PeakProsperity.com, Dr. Chris Martenson for 5.28.24.

(To Donate to USAWatchdog.com Click Here)

(Tech Note: If you do not see the video, know it is there. Unplug your modem and plug it back in after 30 sec. This will clear codes that may be blocking you from seeing it. In addition, try different browsers. Also, turn off all ad blockers if you have them. Finally, clear your cache and that might help too. https://its.uiowa.edu/support/article/719 All the above is a way Big Tech tries to censor sites like USAWatchdog.com.)

Entire Financial System Can Go Down Soon -Chris Martenson

After the Interview:

There is lots of totally free information and analysis on PeakProsperity.com.

If you want to see the “How to Protect Your Wealth From The Great Taking” seminar on June 15th, click here.

END

SEE YOU TOMORROW

SHANGHAI GOLD (USD) FUTURES – QUOTES

GOLD: NUMBER OF NOTICES FILED FOR MAY/2024. CONTRACT: 22 NOTICES FOR 2200 OZ or 0.0684 TONNE

total notices so far: 2393 contracts for 239300 Oz (7.4432 tonnes)

FOR MAY:

SILVER NOTICES: 25 NOTICE(S) FILED FOR 125,000 OZ/

total number of notices filed so far this month : 6132 for 30.6600 million oz

Very Few Miners Hold Gold & Silver Rather Than Sell It All

Miners May Struggle to Produce Future Ounces at Today’s Prices

Excessive Hedging Undermines Profitability, Shareholder Interests

Short-Sighted Thinking Harms Long-Term Industry Health

If Miners Hold Back Supply, It Could Positively Impact Price

Healthcare Company Semler Soars After Adopting Bitcoin As Primary Treasury Asset

Futures Slide As Bond Yields Spike To 3 Week High

Equities in the red, EUR softer post-German State CPI & Crude continues to rise; Fed speak due – Newsquawk US Market Open

EUROPEAN TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

CRYPTO

GEOPOLITICS

CENTRAL BANKS

APAC TRADE

Kim Jong Un Sends Hundreds Of Sh*t-Filled Balloons Into South Korea

Yen May Ironically Get Help From The Fed Of All Places

Gaza Pier Operations Suspended Indefinitely After It Breaks Apart By Heavy Seas

Rafah Mass Casualty Strike Does Not Cross Biden’s ‘Red Line’

Hamas terrorists fire at Jewish community in Bat Hefer, near Tulkarm

This is the second shooting in Bat Hefer in two days, evoking a response from the head of regional council calling for preventative measures to be put in place.

Missiles Pound Bulk Carrier Twice In A Day In Chaotic Red Sea; Brent Crude Moves Higher

Putin Threatens West’s ‘Dense Populations’ In ‘Small Land Masses’ In Response To NATO Escalation

Post

Conversation

Athletes in the US (5), France, Germany (2), Sweden, Bosnia, Italy, Turkey, India, NZ; musicians in US (2), Colombia, Germany, Poland, Japan, S. Korea; “vaxxidents” in US (2), Canada, Mexico (2); more

Note: Click on the countries links for this week’s compilations of those who “died suddenly” (the individual Substacks are too long to email).

modelled) is IMO robust enough to stand scientific scrutiny & raises AGAIN, serious questions about the harms & deaths from Malone, Bourla, Bancel, Sahin, Weissman et al. mRNA vaccine; Joel Smalley

‘Excess Cardiopulmonary Arrest and Mortality after COVID-19 Vaccination in King County, Washington’

An Older, Anxious, Mildly Paranoid Analyst

An older, anxious, mildly paranoid analyst

‘Worst Since The Great Recession’ – Dallas Fed Services Survey Slumps In May As Respondents Fear “Inflation Is Getting Pretty Scary”

Ugly Beige Book: “Negligible Job Gains”, “Lower Discretionary Spending”, “More Pessimistic Outlook”

Business Exodus Continues: China’s Cofco Has Enough With Crime-Ridden Downtown Chicago

The US Fiscal Nightmare – Yellen Can’t Expect A Strong Ecoonomy With Higher Spending & Taxes

Jury Begins Deliberations In Trump ‘Hush Money’ Trial

“This Is Insanity”: Judge In Trump Case Issues Unbelievable Jury Instructions

Entire Financial System Can Go Down Soon -Chris Martenson

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