GOLD PRICE CLOSED DOWN $19.40 TO $2325.65
SILVER PRICE DOWN $1.09 TO $30.28
Gold ACCESS CLOSED $2328.10
Silver ACCESS CLOSED: $30.36
Bitcoin morning price:$68,348 DOWN 694 DOLLARS.
Bitcoin: afternoon price: $67,730 DOWN 1312 dollars
Platinum price closing UP $5.00 TO $1036.85
Palladium price; DOWN $44.35 AT $911.50
END
SHANGHAI GOLD PREMIUM 50 DOLLARS/COMEX GOLD
SHANGHAI GOLD
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3172.34 DOWN 25.20 CDN dollars per oz( * NEW ALL TIME HIGH 3,305.30 CDN DOLLARS PER OZ//MAY 20 2024)
*BRITISH GOLD: 1826.73 DOWN 14.63 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2145.45 DOWN 18.52 Euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCH: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,342.900000000 USD
INTENT DATE: 05/30/2024 DELIVERY DATE: 06/03/2024
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 127
099 H DB AG 4127
118 H MACQUARIE FUT 755
167 C MAREX 4
190 H BMO CAPITAL 2629
226 C DIRECT ACCESS 55
323 C HSBC 2560 151
323 H HSBC 500
357 C WEDBUSH 1
363 H WELLS FARGO SEC 475
365 C MAREX CAPITAL M 9
365 H MAREX CAPITAL M 2
435 H SCOTIA CAPITAL 1982
555 C BNP PARIBAS SEC 100
624 C BOFA SECURITIES 1
624 H BOFA SECURITIES 11000
657 C MORGAN STANLEY 12 355
657 H MORGAN STANLEY 774
661 C JP MORGAN 4485 5661
661 H JP MORGAN 2283
DLV615-T CME CLEARING
BUSINESS DATE: 05/30/2024 DAILY DELIVERY NOTICES RUN DATE: 05/30/2024
PRODUCT GROUP: METALS RUN TIME: 21:27:28
685 C RJ OBRIEN 2
686 C STONEX FINANCIA 79
690 C ABN AMRO 46
700 C UBS 76
732 C RBC CAP MARKETS 73
737 C ADVANTAGE 50
878 C PHILLIP CAPITAL 19
880 H CITIGROUP 4360
905 C ADM 1 74
TOTAL: 21,414 21,414
MONTH TO DATE: 21,414
JPMorgan stopped 5661/21414
FOR JUNE 2024
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2024. CONTRACT: 21,414 NOTICES FOR 21,414 OZ or 66.606 TONNES
total notices so far: 21,414 contracts for 2141400 Oz (66.606 tonnes)
FOR JUNE:
SILVER NOTICES: 710 NOTICE(S) FILED FOR 3,550,000 OZ/
total number of notices filed so far this month : 710 for 3.550 million oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $19.40
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 DOWN $1.09 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSIVE WITHDRAWAL OF 3.655 MILLION OZ FROM THE SLV
// INVENTORY LOWERS TO 413.775 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 413,775 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUMONGOUS SIZED 2412 CONTRACTS TO 184,465 AND STALLING FROM ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR HUGE LOSS OF $0.80 IN SILVER PRICING AT THE COMEX ON THURSDAY’S RAID ON SILVER. WE HAD LITTLE LONG LIQUIDATION AS WE HAD A NET GAIN OF 90 CONTRACTS ON OUR TWO EXCHANGES. WE, AGAIN HAD SHORT COVERING BY OUR SPECS WITH THE LOSS IN PRICE. WE HAD ANOTHER HUGE SIZED 1037 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 IN SILVER THURSDAY.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 1037 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND TODAY;S RAID.
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.80) BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE DID HAVE A HUGE SIZED LOSS OF 864 CONTRACTS ON OUR TWO EXCHANGES WITH THE LOSS IN PRICE OF $0.80
.
WE MUST HAVE HAD:
A HUMONGOUS SIZED 1548 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 3.830MILLION OZ (FIRST DAY NOTICE)
//NEW STANDING FOR SILVER//JUNE IS THUS 3.830 MILLION OZ
WE HAD:
/ HUMONGOUS SIZED COMEX OI LOSS //HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1037 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED AN ENORMOUS 954 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 22 DAYS, total 27,199 contracts: OR 135.995 MILLION OZ (1236 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 135.995 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: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE
RESULT: WE HAD A HUMONGOUS SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2412 CONTRACTS WITH OUR LOSS IN PRICE OF SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 1548 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 JUNE OF 3.830 MILLION OZ ON FIRST DAY NOTICE
//NEW TOTAL STANDING FOR JUNE 3.830 MILLION OZ
WE HAVE A HUGE SIZED LOSS OF 1548 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE HUGE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A STRONG SIZED 1037 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS AND ZERO LIQUIDATION OF LONGS.
THE NEW TAS ISSUANCE THURSDAY NIGHT (1037) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//AND MOST LIKELY TODAY., .
WE HAD 710 NOTICE(S) FILED TODAY FOR 3,550,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 4848 OI CONTRACTS TO 480,039 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 2766 CONTRACTS
WE HAD A STRONG SIZED INCREASE IN COMEX OI (4848 CONTRACTS) OCCURRED WITH OUR GAIN OF $3.60 IN PRICE/THURSDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER. WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNED AT 89.804 TONNES ON FIRST DAY NOTICE
NEW STANDING 89.804 TONNES// ALL OF THIS HAPPENED WITH OUR $3.60 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 9098 OI CONTRACTS (28.267 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1368 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 482.804
IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 9098 CONTRACTS WITH 4848 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 4240 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 9088 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1368 CONTRACTS,,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4240 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI 4848/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 9088 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 JUNE AT 89.804 TONNES
//NEW STANDING /JUNE 89.804 TONNES.
/ 3) CONSIDERABLE LIQUIDATION OF CONTRACTS MOSTLY DUE TO SPREADERS ALONG WITH ZER0 LONG SPECS
.
// 4) STRONG SIZED COMEX OPEN INTEREST GAIN 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///FAIR T.A.S. ISSUANCE: 1368 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: 101,789 CONTRACTS OR 10,178,900 OZ OR 316.606 TONNES IN 22 TRADING DAY(S) AND THUS AVERAGING: 4626 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 22 TRADING DAY(S) IN TONNES 316.606 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2023, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 316.606 DIVIDED BY 3550 x 100% TONNES = 8.90% 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; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// 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 FELL BY A HUMONGOUS SIZED 2412 CONTRACTS OI TO 184,465 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1548 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 1548 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1548 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 2412 CONTRACTS AND ADD TO THE 1548 E.FP. ISSUED
WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 864 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 4.54 MILLION OZ
OCCURRED WITH OUR $0.80 LOSS IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED DOWN 4.06 PTS OR 0.16% //Hang Seng CLOSED DOWN 150.58 PTS OR 0.83%// Nikkei CLOSED UP 433.77 OR 1.14%//Australia’s all ordinaries CLOSED UP 0.95%///Chinese yuan (ONSHORE) closed DOWN TO 7,2411 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2587/ Oil DOWN TO 77.87 dollars per barrel for WTI and BRENT DOWN AT 81.88 /Stocks in Europe OPENED 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 ROSE BY A STRONG SIZED 4848 CONTRACTS TO 480,039 WITH OUR GAIN IN PRICE OF $3.60 WITH RESPECT TO THURSDAY TRADING. WE HAD A CONSIDERABLE T.A.S. LIQUIDATION THURSDAY AS WELL AS ZERO LONGS BEING CLIPPED.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE.… 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 4240 EFP CONTRACTS WERE ISSUED: : AUGUST 4240 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE:4240 CONTRACTS.
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 9088 CONTRACTS IN THAT 4240 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 4848 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $3.60// THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS A FAIR SIZED 1368 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 EXTREME IMPORTANCE TO OUR CROOKS IN YESTERDAY’S TRADING
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: JUNE (89.804 TONNES
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 42 MONTHS OF 2021-2024:
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
2024
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
JUNE; 89.804 TONNES. THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $3.60 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A VERY STRONG GAIN OF 9088 CONTRACTS ON THURSDAY WITH OUR TWO EXCHANGES DESPITE THE SMALL GAIN IN PRICE. THE T.A.S. ISSUED ON THURSDAY NIGHT WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 28.267 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR JUNE (89.804 TONNES) ON FIRST DAY NOTICE
NEW STANDING FOR JUNE: 89.804 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR SMALL GAIN IN PRICE TO THE TUNE OF $3.60
WE HAVE REMOVED 8,136 CONTRACTS FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL
NET GAIN ON THE TWO EXCHANGES 11,853 CONTRACTS OR 1,185,300 (36.06 TONNES)
confirmed volume THURSDAY 232,966 contracts// fair
//speculators have left the gold arena
MAY 31 MAY GOLD
/ /// THE JUNE 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 289.359 oz brinks 9 kilobars . |
| Deposit to the Dealer Inventory in oz | 32,019.295 oz ASAHI |
| Deposits to the Customer Inventory, in oz | nil |
| No of oz served (contracts) today | 21,414 notice(s) 2,141,400 OZ 66.606 TONNES |
| No of oz to be served (notices) | 7450 contracts 745000 OZ 23.197 TONNES |
| Total monthly oz gold served (contracts) so far this month | 21,414 notices 2,141,400 oz 66.606 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: 32,019.295 oz
total dealer deposits: 32,019.295 oz
we have 0 customer deposit:
total deposit nil oz
total customer withdrawals: 1
i. out of brinks 289.359 oz
TOTAL WITHDRAWALS 289.359 0z
Adjustments: 1
customer to dealer/hsbc 49,452.141
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR JUNE
For the front month of JUNE we have an oi of 28,872 contracts having LOST ONLY 427 contracts.
THUS BY DEFINITION, THE INITIAL AMOUNT OF GOLD WILLING TO STAND IN THIS VERY ACTIVE DELIVERY MONTH OF JUNE IS AS FOLLOWS:
28,872 NOTICES FILED X 100 oz per notice == 2,887,200 oz or 89.804 tonnes of gold which is absolutely huge.
JULY GAINED 216 CONTRACTS TO STAND AT 2065
AUGUST GAINED 3573 CONTRACTS UP TO 378,617 CONTRACTS
We had 21,414 contracts filed for today representing 2,141,400 oz
This is a major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 4485 notices were issued from their client or customer account. The total of all issuance by all participants equate to 21,414 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 5661 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for June /2024. contract month, we take the total number of notices filed so far for the month (21,414) x 100 oz ) to which we add the difference between the open interest for the front month of JUNE ( 28,872 CONTRACTS) minus the number of notices served upon today (21,414 x 100 oz per contract( equals 2,887,200 OZ OR 89.804 TONNES. PLUS THE 3.3716 OF EX FOR RISK/PRIOR = 11.925 TONNES
thus the INITIAL standings for gold for the JUNE contract month: No of notices filed so far (21,414 x 100 oz + 28,872 OI for the front month} minus the number of notices served upon today (21,414) x 100 oz which equals 2,887,200 oz (89.804 TONNES)
TOTAL COMEX GOLD STANDING FOR JUNE: 89.804 TONNES WHICH IS ABSOLUTELY HUGE FOR THIS VERY ACTIVE DELIVERY MONTH IN THE CALENDAR. JUNE IS TRADITIONA;LLLY THE 2ND HIGHEST DELIVERY MONTH OF THE YEAR.
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: 17,673,552.189 OZ
TOTAL REGISTERED GOLD 7,967,010.636 ( 247.80 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,706,541.553 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,408,523 oz (REG GOLD- PLEDGED GOLD)= 199.33 tonnes //
END
SILVER/COMEX
MAY 31
INITIAL
//2024// THE JUNE 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 665,132.860 oz brinks cnt . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 343,225.100 oz brinks |
| No of oz served today (contracts) | 710 CONTRACT(S) (3,550,000 OZ) |
| No of oz to be served (notices) | 56 contracts (0.280 million oz) |
| Total monthly oz silver served (contracts) | 710 Contracts (3.550 MILLION oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer deposit : nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i) into brinks 343,225.100 oz
total customer deposit 343,225.100 oz
JPMorgan has a total silver weight: 128.997million oz/297.588 million or 43.34%
adjustment: 2//both customer to dealer
i) out of delaware// 4759.400 oz
ii) 313,499.730 oz
Comex withdrawals: 2
1)out of brinks 625,127.310 oz
ii) out of cnt 40,005.550 oz
total withdrawal: 665,132.860 0z
TOTAL REGISTERED SILVER: 62.494MILLION OZ//.TOTAL REG + ELIGIBLE. 297.588 million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE:
silver open interest data:
FRONT MONTH OF JUNE/2024 OI: 766 CONTRACTS HAVING LOST 372 CONTRACT(S).
THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER WILLING TO STAND FOR METAL IN THIS NON ACTIVE DELIVERY MONTH OF JUNE IS AS FOLLOWS
766 NOTICES X 5,000 OZ PER NOTICE = 3.830 MILLION OZ./
JULY SAW A LOSS OF 3920 CONTRACTS DOWN TO 142,217
SEPT SAW A GAIN OF 1642 CONTRACTS TO 27,427
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 710 for 3,550,000 oz
CONFIRMED volume; ON THURSDAY 107,360 huge
To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 710 x 5,000 oz = 3.550 MILLION oz
to which we add the difference between the open interest for the front month of JUNE ((766) and the number of notices served upon today 710x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the JUNE/2024 contract month: 710 notices served so far) x 5000 oz + OI for the front month of JUNE (766)x number of notices served upon today minus (710)x 5000 oz of silver standing for the may contract month equates to 3.830 MILLION OZ.
New total standing: 3.830 million oz.
There are 62.494 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 31 WITH GOLD DOWN $19.40 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES
MAY 30 WITH GOLD UP $3.60 ON THE DAY; NO CHANGES IN GOLD INVENTORY AT THE GLD: / //NEW TOTAL TONIGHT 832.21 TONNES
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
GLD INVENTORY: 832.21 TONNES, TONIGHTS TOTAL
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MAY 31 WITH SILVER DOWN $1.09 TODAY: HUGE CHANGES IN SILVER INVENTORY: A MASSIVE WITHDRAWAL OF 3.655 MILLION OZ FROM THE SLV//INVENTORY LOWERS TO 413.775 MILLION OZ
MAY 30 WITH SILVER DOWN $0.80 TODAY: NO CHANGES IN SILVER INVENTORY//INVENTORY REMAINS AT 417.430 MILLION OZ
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 NVENTORY 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
CLOSING INVENTORY 413.775 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…
Now this is fascinating!! The Central Bank of India is repatriating 100 tonnes from the Bank of England. If I am not mistaken, they also have some gold deposits at the BIS from which the FRBNY borrowed some of its gold, 78 tonnes none of which has been returned
India recalls 100 tonnes of gold from Bank of England, may bring back still more
Submitted by admin on Fri, 2024-05-31 09:38 Section: Daily Dispatches
From The Times of India, Mumbai
Friday, May 31, 2024
NEW DELHI — The Reserve Bank of India has moved a little more than 100 tonnes of gold from the United Kingdom to its vaults in the country, marking the first time at least since early 1991 when precious metal at this scale has been added to the stock held locally.
A similar quantity of gold may be headed in the country again in the coming months, with official sources telling the Times of India that the transfer to locations within the country was for logistical reasons as well as diversified storage.
According to the latest data, at the end of March the central bank had 822.1 tonnes of gold, of which 413.8 tonnes were overseas. The RBI is among central banks that bought gold in recent years, with 27.5 tonnes added during the last financial year.
For a large number of central banks, the Bank of England traditionally has been the storehouse and India is no different, with some the yellow metal stocks lying in London from pre-independence days.
“The RBI started purchasing gold a few years ago and decided to undertake a review of where it wants to store it, something that is done from time to time. Since stock was building up overseas, it was decided to get some of the gold to India,” an official said.
For most Indians, gold has been an emotional issue, especially after the Chandra Shekhar government pledged the precious metal to tackle the balance of payments crisis in 1991. While the RBI bought 200 tonnes of gold from the International Monetary Fund around 15 years ago, over the last few years a steady buildup in stocks has taken place through purchases by the central bank. …
… For the remainder of the report:
end
Robert Lambourne: BIS gold swaps rose 10 tonnes from February to April
Submitted by admin on Fri, 2024-05-31 07:57 Section: Daily Dispatches
By Robert Lambourne
Friday, May 31, 2024
Gold swaps undertaken by the Bank for International Settlements appear to have risen slightly in March and April, according to the bank’s monthly statements of account for those months, both published this week:
From the statements it is possible to estimate the volume of gold swaps undertaken by the BIS at the month-ends: around 71 tonnes for March and 78 for April, a total increase of 10 tonnes from the 68 tonnes of swaps estimated in February
The table below sets out the historical level of monthly gold swaps estimated since August 2018. As is evident from the table, there is still a considerable level of gold being traded via the BIS swaps.
To repeat the point long made in these reports, it seems that these swaps are undertaken by the BIS with one or more of its central bank customers, with the swapped gold being accounted for as held in a BIS-registered sight account at a central bank.
Given what is happening in the gold market generally, it seems likely that the Federal Reserve is the BIS’ customer for these gold transactions. The evidence strongly suggests that bullion banks are the source of the gold, and it probably comes from gold registered as held by gold exchange-traded funds.
A more detailed report on the use of gold swaps was published by GATA to cover transactions in December 2023:
https://www.gata.org/node/23016
—
Swaps estimated by GATA from
BIS monthly statements of account
Month …. Swaps
& year … in tonnes
Apr-24 …. 78
Mar-24 …. 71
Feb-24 …. 68
Jan-24 …. 117
Dec-23 …. 121
Nov-23 …. 100
Oct-23 …. 68
Sep-23 …. 96
Aug-23 …. 129
Jul-23 …. 103
Jun-23 …. 87
May-23 …. 188
Apr-23 …. 135
Mar-23 …. 77*
Feb-23 …. 136
Jan-23 …. 103
Dec-22 …. 0
Nov-22 …. 105
Oct-22 …. 7
Sep-22 …. 57
Aug-22 …. 75
Jul-22 …. 56
Jun-22 …. 202
May-22 …. 270
Apr-22 …. 315
Mar-22 …. 358
Feb-22 …. 472
Jan-22 …. 501
Dec-21 …. 414
Nov-21 …. 451
Oct-21 …. 414
Sep-21 …. 438
Aug-21 …. 464
Jul-21 …. 502
Jun-21 …. 471
May-21 …. 517
Apr-21 …. 472
Mar-21 …. 490±
Feb-21 …. 552
Jan-21 …. 523
Dec-20 …. 545
Nov-20 …. 520
Oct-20 …. 519
Sep-20 …. 520
Aug-20 …. 484
Jul-20 …. 474
Jun-20 …. 391
May-20 …. 412
Apr-20 …. 328
Mar-20 …. 326**
Feb-20 …. 326
Jan-20 …. 320
Dec-19 …. 313
Nov-19 …. 250
Oct-19 …. 186
Sep-19 …. 128
Aug-19 …. 162
Jul-19 …. 95
Jun-19 …. 126
May-19 …. 78
Apr-19 …. 88
Mar-19 …. 175
Feb-19 …. 303
Jan-19 …. 247
Dec-18 …. 275
Nov-18 …. 308
Oct-18 …. 372
Sep-18 …. 238
Aug-18 …. 370
* The estimate originally reported by GATA was 78 tonnes, but the BIS annual report states 77 tonnes. It is believed that slightly different gold prices account for the difference.
± The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.
** The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.
GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.
—–
Robert Lambourne is a retired business executive in the United Kingdom who consults for GATA about the involvement of the Bank for International Settlements in the gold market and U.S. government debt.
* * *
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Stuart Englert’s “Rigged”
“Rigged” is a concise explanation of government’s currency market rigging policy and extensively credits GATA’s work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon —
end
Viet Nam a gold loving nation will sell gold through its state banks. The move is to quell the high inflation in the country.
Vietnam’s central bank to sell gold through state banks to quell prices
Submitted by admin on Thu, 2024-05-30 12:22 Section: Daily Dispatches
By Quynh Trang
VN Express, Hanoi
Wednesday, May 29, 2024
The State Bank of Vietnam, in a move to stabilize gold prices, will sell gold bars to four state-owned lenders so they can distribute them to retail buyers.
The sale will begin June 3 at prices determined by the central bank, bank Deputy Governor Pham Quang Dung said Wednesday.
The state-owned lenders involved are Agribank, Vietcombank, BIDV, and VietinBank, which already have extensive networks ready to sell directly to individual buyers, Dung added.
A representative of one of the banks said that they are not allowed to sell in bulk to organizations and businesses.
Some private banks have already been selling gold but only at small volume. Most retail consumers buy their gold at jewelry stores.
This is the latest effort of the central bank to bring down domestic gold prices after hosting auctions in the last several weeks to increase supply.
Although it has sold 48,500 taels (or 1.8 tons) in nine auctions, Vietnam’s Saigon Jewelry Co. gold bar price is still 20% higher than the global price.
The company has therefore decided to cease holding gold auctions. …
… For the remainder of the report:
end
a must read
gold production is now 3600 tonnes and central banks are buying 28 to 30% of that production
Ronan Manly
Ronan Manly: Trends and developments in central bank gold buying
Submitted by admin on Thu, 2024-05-30 11:59 Section: Daily Dispatches
By Ronan Manly
Bullion Star, Singapore
Thursday, May 30, 2024
As we approach mid-year 2024 in the environment of an all-time high U.S. dollar gold price, it’s notable that central bank gold buying continues to be one of the themes dominating gold market discussion.
This is because following a record year in 2022, when according to the World Gold Council central banks and official financial institutions purchased a massive 1082 tonnes of gold for their monetary gold reserves, 2023 was nearly as impressive, with central banks as a group buying a net 1,037 gonnes of gold, just shy of the 2022 total.
Given that total gold mining production was 3,625 tonnes in 2022 and 3,644 tonnes in 2023, it can be seen that central banks are now responsible for buying the equivalent of 28–30% of all newly mined gold. …
… For the remainder of the analysis:
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/LIVE FROM THEE VAULT 174 WITH ANDREW MAGUIRE
https://www.youtube.com/watch?v=lxGge8XjGsw&list=PLE1y8hGSqr8ar1gKUdfqFDK5ygLIlrdmz&index=1
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT//COPPER
As Copper Soars, Telecoms Sitting On $7 Billion Mother Lode Of Old Cable
FRIDAY, MAY 31, 2024 – 02:00 PM
Driven by soaring demand associated with artificial intelligence, electric vehicles, power infrastructure and automation, copper prices are up around 50% in four years. Now, telecom giants are poised to cash in — by pulling their old copper lines back out from from the ground and down from poles and recycling them, according to a new report from Bloomberg.
“We’ve got all of this material, sitting redundant,” David Evans asset recovery head at UK-based TXO tells Bloomberg. The firm, which provides engineering services to telecom companies, estimates that the industry has the potential to harvest 800,000 metric tons of copper in the next 10 years. At today’s values, that would represent about $7 billion.
Still-higher copper prices may lie ahead. “You know, it is the most compelling trade I have ever seen in my 30 plus years of doing this,” Jeff Curie, chief strategy officer of the energy pathways team at Carlyle Group, recently said in an appearance on Bloomberg’s Odd Lots. “You look at the demand story, it’s got green CapEx, it’s got AI, remember AI can’t happen without the energy demand and the constraint on the electricity grid is going to be copper.“
With four US reclamation centers, AT&T’s recovery efforts are already underway, but ramping up rapidly. “With copper prices where they are, we are scaling quite significantly,” Susan Johnson, an executive vice-president at AT&T leading its copper recovery and resale efforts, tells Bloomberg.
Aside from selling the copper, telecom utilities also benefit by making more room for fiber cables and reducing the cost of ongoing maintenance. Also, as the Wall Street Journal first reported in a July 2023 exposé, when left to deteriorate, some old copper cables present a health hazard, as they’re sheathed with lead insulation, and are leaching the dangerous element into soil and water. Removing these cables — some of which go back to the late 1800s — can help mitigate liabilities.
Zerohedge.com/commodities/copper-soars-telecoms-sitting-7-billion-mother-lode-old-cable
After the cables are pulled out of the ground, they have to be stripped and cleaned to obtain the copper, which can then be sold to domestic and international buyers. At prices between $6,000 to $9,000 per ton, profit can top 30% after extraction, recovery and processing costs, said TXO’s Evans. — Bloomberg
Meanwhile, in a dog-chasing-its-tail dynamic, some premature recycling efforts are targeting the same green-energy infrastructure that’s helping to push copper prices higher:
Tesla Supercharger station in Bay Area hit by thieves with every charging cable cut
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3.5M Views
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
ASIA TRADING//FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED DOWN 4.06 PTS OR 0.16% //Hang Seng CLOSED DOWN 150.58 PTS OR 0.83%// Nikkei CLOSED UP 433.77 OR 1.14%//Australia’s all ordinaries CLOSED UP 0.95%///Chinese yuan (ONSHORE) closed DOWN TO 7,2411 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.2587/ Oil DOWN TO 77.87 dollars per barrel for WTI and BRENT DOWN AT 81.88 /Stocks in Europe OPENED MOSTLY RED
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.2411
OFFSHORE YUAN: DOWN TO 7.2587
SHANGHAI CLOSED DOWN 4.86 PTS OR 0.16 %
HANG SENG CLOSED DOWN 150.58 PTS OR 0.83%
2. Nikkei closed UP 433.77 PTS OR 1.14 %
3. Europe stocks SO FAR: MOSTLY RED
USA dollar INDEX DOWN TO 104.59 EURO RISES TO 1.0852 UP 21 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +1.055 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 157.16 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6950/Italian 10 Yr bond yield UP to 3.997 SPAIN 10 YR BOND YIELD UP TO 3.427%
3i Greek 10 year bond yield UP TO 3.675
3j Gold at $2343.30//Silver at: 31.25 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 31/ 100 roubles/dollar; ROUBLE AT 90.16
3m oil into the 77 dollar handle for WTI and 81 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 157.15/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.055% 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 0.9052 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9822 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: 4.557 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.685 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.944 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.21…
10 YR UK BOND YIELD: 4.4185 DOWN 1 PTS
2a New York OPENING REPORT
Futures Dip On Disappointing Tech Results As Markets Brush Off Trump Verdict
BY TYLER DURDEN
FRIDAY, MAY 31, 2024 – 07:44 AM
Futs are slightly lower as bond yields rise after European inflation prints came in stronger than expected and PCE looms. As of 7:30am S&P futures are down -0.2%, off the worst levels of the session; Nasdaq futures slumped 0.5% as last night’s latest round of tech earnings disappointed: DELL plunged -14% as it failed to meet the high expectations on AI demand; MDB cratered 24% and is now down 55% below YTD highs. Indeed, most AI names (ex-NVDA) are mostly lower: AMD -1.0%, MU -78bp. Bond yields are 1-2bp higher in sympathy with the move wider in Bunds where the latest data showed European consumer prices rose more than expected; the Bloomberg dollar index dipped and commodities, energy and ags are mostly lower. Today’s macro data focus will be March PCE release; the street expects a headline and core PCE print of +0.3% MoM; on YoY basis, Core PCE is expected to rise 2.8%. Over the weekend, NVDA will host the CEO live keynote ahead of the Computex 2024 event on Sunday June 2 at 7am ET.
In premarket trading, megacap tech was mixed: NVDA +58bp, MSFT +25bp, AAPL -22bp, TSLA -53bp. Dell shares sink 15% as the personal computer maker’s strong AI server sales fail to impress investors. Analysts note that the first revenue increase since 2022 came at the cost of weaker profit margins. Here are some other notable premarket movers:
- Asana shares rise 13% as RBC says the application software company’s first-quarter results show signs of demand stabilization.
- Gap shares soar 23% after the apparel retailer reported first-quarter total comparable sales that topped Wall Street expectations, and upgraded its sales and margin projections for the full year.
- Marvell Technology shares fall 4.8% after reporting net revenue for the first quarter and July guidance in-line with average analyst estimates. Despite the match, the chipmaker’s “high share price leaves little room for error,” Morgan Stanley analysts write in a note.
- MongoDB shares plummet 25% after the database software company cut its full-year forecast, the latest in a series of disappointing software company results. DataDog -2.8%
- Nordstrom shares slide 7.4% after the apparel retailer’s first-quarter adjusted Ebitda missed estimates.
- PagerDuty shares rise 11% after the wireless applications company boosted its adjusted earnings per share forecast for the full year.
- SentinelOne shares slump 14% after the security software company cut its FY25 revenue guidance and annual recurring revenue missed the average analyst estimate. Barclays analysts trimmed their net new ARR FY25 estimates as a reflection of macro headwinds and leadership changes at the firm.
- Trump Media shares fall 6.5% after a jury found Donald Trump guilty of multiple felonies.
- Ulta shares jump 7.0% after the beauty retailer reported first-quarter earnings per share that came in ahead of estimates. The company also lowered its full-year outlook, though analysts said it was now more achievable than before.
- Zscaler shares surge 17% after the security software firm’s results beat estimates and it raised its full-year forecast as demand for its platform grows. Analysts noted that Zscaler is defying a broader slowdown in the industry, and increased their price targets on the stock.
Prior to the recent swoon in tech, and especially software names, stock gains this month were fueled by the rally in tech as well as Jerome Powell’s dovish posture on rates at the start of May. That optimism has faded over the course of the month, and Friday’s data could revive hopes for easing if there are signs inflation is returning to target.
Indeed, investor attention now turns to the Federal Reserve’s preferred price-growth measure, the core PCE deflator, due at 8:30am and which likely moderated in April to the slowest monthly pace yet this year. As previewed earlier, headline PCE prices are seen rising +0.3% M/M in April (prev. +0.3%), with the annual rate expected to be unchanged at 2.7%. The core measure is seen rising +0.2% M/M (prev. +0.3%), while the core rate of annual PCE is seen unchanged at 2.8% Y/Y, although even a modest dip in the annual print would lead to the lowest annual increase in three years, since April 2021.
Elsewhere, a jury found Donald Trump guilty on all 34 counts of falsifying business records at his hush-money trial, making him the first former US president to be convicted of crimes. With Trump to due to face sentencing on July 11, the conviction creates a challenging legal and political path as he faces Biden in November as the presumptive Republican nominee. Trump Media & Technology Group traded down 12% in extended trading Thursday.
“Expectations for a guilty verdict were somewhat priced into markets,” Paresh Upadhyaya, director of fixed income and currency strategy at Amundi Asset Management in Boston. “The bigger impact to markets could be if this guilty verdict begins to turn the momentum away from Trump to Biden.”
European stocks are little changed with losses in technology shares capping any upside in the Stoxx 600. Here are the biggest movers Friday:
- Neoen share rise as much as 21% to €37.98 following news that Brookfield is in exclusive talks to acquire a majority stake at a price of €39.85 per share
- Centrica rises as much as 4.6% as analysts at RBC Capital Markets raised the British energy company to outperform, expecting further scope amid market tailwinds
- Nel gains as much as 9.5% after its Cavendish Hydrogen fueling division applied for its shares to be admitted to trading on the Oslo Stock Exchange
- Lalique Group shares climb as much as 32% to CHF 39.60 as its majority shareholder Silvio Denz intend to delist the company’s shares from the Swiss stock exchange
- Capgemini shares slide as much as 6.9% to the lowest since November after JPMorgan and Jefferies both downgraded their buy ratings on Friday
- Flutter Entertainment shares fall as much as 18% in London after the CFO announced his departure; today is also the first day Flutter’s primary listing is in the US
- JD Sports drop as much as 13%, the most in almost five months, after full-year adjusted pretax profit and sales from the sports apparel retailer missed estimates
- Pharming shares tumble as much as 12% to the lowest since June 2022 after the Dutch biopharmaceutical company noted a delay to the European regulatory review
- AB Foods fall as much as 3.8%, the most in a month, after Wittington Investments announced a sale of up to 10.3m shares at a discount of 4.1% versus Thursday’s close
Earlier, Asian stocks failed to hold initial gains to head for their second straight weekly decline, dragged by a selloff in equities in Hong Kong while contraction in factory activity weighed on Chinese shares. The MSCI Asia Pacific Index rose as much as 0.7% before trading little changed as TSMC, Tencent and Alibaba were among the biggest drags. Japan and New Zealand were among the key gainers, while a rebound in Samsung helped Korean shares higher. Shares fell about 1.5% on the week. Despite the recent decline, the Asian benchmark is still on track for a monthly gain of about 1.5% on an easing dollar and renewed expectations for help from the Fed, in addition to China’s support measures for its beleaguered property market.
In FX, the Bloomberg Dollar Spot Index is up less than 0.1% and is set to end the month 1% lower in May, after rising in the previous four months. The Swiss franc and Japanese yen are the weakest of the G-10 currencies. Euro rises 0.1% against the dollar to 1.0845 after earlier falling to 1.0811. The yen slips 0.3% to 157.27 per dollar, having risen 0.2% earlier due to a pickup in Tokyo CPI in May. In emerging markets, South Africa’s rand led declines after falling more than 3% over three days. Investors are awaiting the final results of the nation’s elections amid concern over the different permutations a coalition may take, and whether a market-friendly government will emerge.
In rates, US Treasuries slip, sending 10-year yields 1-2bps higher to 4.56%. German bund yields advanced five basis points to 2.70%, the highest since November, after the latest data showed European consumer prices rose 2.6% from a year ago in May, up from +2.4% in Apr and ahead of the Street’s +2.5% forecast. Core CPI came in +2.9%, up from +2.7% in Apr and ahead of the Street’s +2.7% forecast. Still, traders maintained bet for a cut at the ECB meeting next week, but reduced bets on easing after that. US Treasuries were also slightly cheaper across the curve with losses led by front-end, following a more aggressive selloff across bunds. Focal points of US session include PCE deflator data at 8:30am New York time. Treasuries may subsequently garner support from month-end buying flows, with a larger-than-average extension estimated for June.
In commodities, oil prices declined, with WTI falling 0.3% to trade near $77.70. Spot gold is steady near $2,343/oz.
Bitcoin has reversed earlier losses and trades just above $68k, while Ethereum has staged a rally and is trading just above $3,800.
US economic data includes April personal income and spending, including PCE deflators (8:30am) and May Chicago PMI (9:45am, 3 minutes earlier to subscribers). Fed officials’ scheduled speeches include Bostic at 6:15pm.
Market Snapshot
- S&P 500 futures little changed at 5,247.75
- STOXX Europe 600 little changed at 516.97
- MXAP up 0.1% to 176.88
- MXAPJ down 0.4% to 547.97
- Nikkei up 1.1% to 38,487.90
- Topix up 1.7% to 2,772.49
- Hang Seng Index down 0.8% to 18,079.61
- Shanghai Composite down 0.2% to 3,086.81
- Sensex up 0.6% to 74,304.07
- Australia S&P/ASX 200 up 1.0% to 7,701.74
- Kospi little changed at 2,636.52
- German 10Y yield little changed at 2.67%
- Euro little changed at $1.0834
- Brent Futures down 0.2% to $81.72/bbl
- Gold spot down 0.1% to $2,341.85
- US Dollar Index little changed at 104.78
Top Overnight News
- Former US President Trump was found guilty by a jury verdict on all 34 counts he faced at the hush money trial and will be sentenced on July 11th. Following the verdict, Trump said this was a disgrace and the real verdict will be on November 5th (US election), while he added that he is innocent and this was a rigged decision. There were also comments from House Speaker Johnson who said this was a shameful day in American history and that “President Trump will rightfully appeal this absurd verdict—and he will win”: WSJ
- China’s NBS PMIs for May fall short of expectations, coming in at 49.5 for manufacturing (vs. the Street 50.5 and down from 50.4 in Apr) and 51.1 for services (vs. the Street 51.5 and down from 51.2 in Apr). RTRS
- Japan’s Tokyo CPI for May is inline on a headline basis at +2.2% (up from +1.8% in Apr and vs. the Street +2.2%) and a tiny but cooler on core (ex-energy/food) at +1.7% (down from +1.8% in Apr and vs. the Street +1.8%). RTRS
- Japan spent a record ¥9.8 trillion ($62.2 billion) in the past month to prop up the yen, surpassing the amount it used in 2022 to defend the currency. BBG
- Eurozone CPI for May runs hot, with core coming in +2.9% (up from +2.7% in Apr and ahead of the Street’s +2.7% forecast) and headline +2.6% (up from +2.4% in Apr and ahead of the Street’s +2.5% forecast). France’s CPI for May also runs a bit hot, coming in at +2.7% Y/Y on an EU harmonized basis, up from +2.4% in Apr and ahead of the Street’s +2.6% forecast. BBG
- France is seeking to assemble a coalition of European countries willing to send military trainers to Ukraine as western allies look for ways to speed up Kyiv’s recruitment efforts in the face of Russia’s renewed offensive. FT
- Trump was found guilty Thursday by a New York jury on all 34 counts in his hush-money case, concluding the first-ever criminal trial of a former president. Now voters will render their own judgment, as Trump, the presumptive GOP presidential nominee, barrels ahead to the Nov. 5 election, using the trial and other prosecutions he faces as a rallying cry for his supporters. WSJ
- Bill Ackman is planning to take his investment firm public as soon as next year, the boldest move yet by the hedge-fund manager to capitalize on his social-media fame. As a precursor to a public listing, Ackman is selling a stake in the firm, Pershing Square, to investors in a funding round expected to value the firm at about $10.5 billion, people familiar with the matter said. That deal is expected to close in the coming days. WSJ
- The Fed’s favored inflation gauge may bring some cheer to markets, with the core PCE deflator forecast to have moderated to 0.2% in April, the slowest monthly pace this year. Personal spending and income also probably cooled. But this alone won’t make the case for rate cuts, Bloomberg Economics said. BBG
- Deutsche Bank CFO James von Moltke said fixed-income trading revenue is set to drop in the second quarter. RTRS
- Fed’s Logan (non-voter) said there are good reasons to think we are still on the path to 2% inflation but it is bumpy, while she added it is too soon to think about rate cuts and policy may not be as restrictive as we might think. Furthermore, she said there are good reasons to believe the neutral rate is higher now than before the pandemic and if the neutral rate is higher than before, it suggests rates won’t go back down to pre-pandemic levels.
- Tesla is recalling 125,227 US vehicles as a seat belt warning system fails to alert occupants of an unbelted seat belt.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mostly in the green and shrugged off the weak lead from the US but with gains capped amid a deluge of data releases at month-end including disappointing official Chinese PMIs. ASX 200 traded higher with outperformance seen in gold mining stocks and the defensive sectors. Nikkei 225 advanced with the index ultimately unfazed by the mixed data mixed data from Japan including mostly in-line Tokyo CPI, a surprise contraction in Industrial Production and better-than-expected Retail Sales. Hang Seng and Shanghai Comp conformed to the positive tone albeit with gains capped in the mainland after disappointing Chinese PMI data in which Manufacturing PMI unexpectedly slipped into contraction territory
Top Asian News
- Japan’s MOF says it spent JPY 9.788tln on currency intervention between 26th April and 29th May
- Chinese state media said China has richer and more powerful countermeasures if the US continues to violate and endanger China’s sovereignty and security interests on core issues, or squeeze the development space of Chinese firms and individuals. Furthermore, it warned that in the future, whether the US will suffer greater backlash and losses depends on its sincerity and actual actions.
- Japan is to shift USD 640bln in public pension money into active investment, according to Nikkei.
- US Defence Secretary Austin says the meeting with his Chinese counterpart went well, via CNN/Pentagon Spokesperson.
- Tencent Holdings (0700 HK) has reportedly been asked by Chinese regulators to recude the mobile payment market shae of WeChat, via Nikkei citing sources; aimed at the market share of in-person payments rather than online shopping.
- Japan Business Lobby Keidanren Deputy Head Takashima says stable currency is important no matter what levels they may be at.
- Japan Business Lobby Keidanren Deputy Head Yoshida says economic strength and interest-rate differentials are among factors behind the weak Yen, so much boost investment to address this issue.
- Japan Business Lobby Keidanren Deputy Head Nagasawa says current DX levels at the mid-150 Yen range are excessively weak.
European bourses, Stoxx 600 (+0.1%) are mixed, and generally trading near the unchanged mark as focus turn to the upcoming US PCE report. Equities saw very modest pressure on the back of the hotter-than-expected EZ HICP figures. European sectors are mixed and with the breadth of the market fairly narrow; Telecoms takes the top spot, continuing to build on the prior day’s outperformance. Tech is among the worst performers, joined by Travel & Leisure. US Equity Futures (ES -0.2%, NQ -0.4%, RTY -0.3%) are entirely but modestly in the red, continuing the negative sentiment seen in the prior session; however, the price action is relatively contained given the focus around the upcoming US PCE at 13:30 BST / 08:30 EDT.
Top European News
- ECB’s Panetta says policy will remain restrictive even after several rate cuts; Monetary easing will be expected over the coming months if our forecasts are confirmed by data. Must avoid monetary policy becoming too restrictive, which could push inflation below the ECB’s symmetrical target. Euro zone inflation is expected to continue to ease in the next few quarters. Salary rises can also be expected to slow as workers recover purchasing power, firms can be expected to absorb recent salary hikes without raising prices. ECB will take account Federal Reserve’s moves, but not be bound by them. ECB’s balance sheet reduction mustn’t interfere with the monetary policy stance or create a lack of liquidity in the financial system. Larger Italian banks lag behind European peers in IT investments, must step up spending. Says the latest EZ inflation rate of 2.6% is in line with forecasts and as such is “neither good or bad”
FX
- USD is flat and trading within the middle of its weekly 104.33-105.18 range; PCE will likely determine the fate of the USD today with analysts at ING suggesting that a 0.2% M/M print could trigger a run of bond bullishness (USD weakness).
- EUR is a touch firmer vs. the USD in wake of firmer-than-expected headline and core inflation metrics from the Eurozone. Next upside target would come via the high from Wednesday at 1.0861.
- GBP is slightly softer vs. the USD in quiet trade with tier 2 data releases from the UK unable to have much sway on the pair. For now, Cable is caged within yesterday’s 1.2688-1.2747 range.
- JPY is giving back some of yesterday’s gains which saw USD/JPY dragged lower from 157.61 to 156.36. The pair has since moved back onto a 157 handle following mixed data overnight.
- Antipodeans are both a touch firmer vs. the USD. AUD/USD has made further progress on a 0.66 handle but is yet to test yesterday’s 0.6647 as the pair remains in close proximity to its 10DMA.
- South Africa’s ANC vote share drops below 42% based on results from 55.63% of polling stations; FT writes that South African President Ramaphosa’s future is in doubt after disappointing South African election, figure within the ANC notes that if the vote remains close to 40% “people will suggest he leaves”.
Fixed Income
- USTs are slightly softer as Thursday’s bounce runs out of steam and hot Tokyo headline CPI, but with price action fairly contained ahead of the key US PCE figure later today. USTs are at lows of 108-12 having dipped from Thursday’s 108-19+ peak but currently remain comfortably above the WTD base at 107-31.
- Bunds were pressured alongside USTs into Final EZ HICP, prior to this some modest two-way action was seen on German Retail Sales & Import Prices. Thereafter, hotter-than-expected prints on the three headline Y/Y metrics sent Bunds down from circa. 128.90 to a 128.74 base (matching Wednesday’s low); EGBs now back towards pre-release levels.
- Gilts are essentially unchanged with specifics light into EZ HICP, which resulted in some very modest pressure for Gilts to an incremental new session low; Gilts in a narrow 95.62-95.94 bound which itself is entirely within Thursday’s 95.54-95.99 range.
Commodities
- Crude is softer and towards session lows, continuing the overnight pressure seen following the disappointing Chinese PMI data, which saw the Manufacturing component dip into contractionary territory.
- Precious metals are flat/mixed in the run-up to US PCE and unreactive to the hotter-than-expected EZ Flash CPI figures; XAU trades in a USD 2,337-2,347.81/oz range.
- Base metals are mixed and consolidating after yesterday’s slump despite the lack of a clear driver, but amid cautiousness as yields remain elevated and US PCE nears.
- OPEC+ could extend production cuts at the June meeting, via CNBC citing sources; “demand concerns persisted until only recently”. Delegate cited notes that the US SPR release is unlikely to have an impact beyond price relief during the summer period. Three delegates cited said the 2.2mln BPD supply reduction will likely be extended, which is regarded as anticipated by the market; one noted there will probably be market tightness in H2 but added that demand concerns persisted until only recently. Gaza Strip situation is adding a little pressure to prices, but the market has absorbed the majority of this.
- Russia’s Lukoil reportedly plans to restart CDU-6 and catalytic cracker units at Norsi oil refinery (340k BPD) in June, according to Reuters sources
- Chevron (CVX) Australia has confirmed full LNG production has resumed at Gorgon gas facility, according to a spokesperson.
- Ukrainian Navy hit an oil depot in the Krasnodar region of Russia with Neptune missiles.
- Oman Crude OSP calculated at USD 83.89/bbl for July (prev. USD 89.3/bbl M/M, – USD 5.41)
Geopolitics: Middle East
- Senior Israeli Security Official says there will be no truce or any halt in fighting in Gaza which is not part-and-parcel of a hostage release deal
- US military said American and British forces conducted strikes against 13 Houthi targets in Yemen, while Houthi Al Masirah TV said one person was killed in the US-British strikes on Yemen’s Hodeidah.
- Deputy Chairman of Russia’s Security Council says the use of long-range weapons against Russia could become a reason to go to war with NATO.
- “Ukrainian media: The first attacks on the territory of the Russian Federation using US weapons may begin within hours or days”, according to Sky News Arabia
- China has told other governments it will not join the Swiss peace conference on Ukraine and said the peace conference does not meet its conditions since Russia is not attending, according to Reuters sources.
- North Korean leader Kim guided a demonstration of large-scale multiple rocket launchers, according to KCNA.
US Event Calendar
- 08:30: April PCE Deflator MoM, est. 0.3%, prior 0.3%
- April PCE Deflator YoY, est. 2.7%, prior 2.7%
- April PCE Core Deflator YoY, est. 2.8%, prior 2.8%
- April PCE Core Deflator MoM, est. 0.2%, prior 0.3%
- 08:30: April Personal Income, est. 0.3%, prior 0.5%
- April Personal Spending, est. 0.3%, prior 0.8%
- April Real Personal Spending, est. 0.1%, prior 0.5%
- 09:45: May MNI Chicago PMI, est. 41.5, prior 37.9
Central Bank Speakers
- 18:15: Fed’s Bostic Gives Commencement Speech
DB’s Jim Reid concludes the overnight wrap
I arrived back from NY yesterday to unexpectedly find a half-term sleepover with several noisy and excitable 8-year old girls. I ran back to the taxi to try to return to the airport but alas the driver had gone.
While I was away, the last few days have been the first for some time where good economic data (Tuesday) was a reason for markets to sell-off, and then weaker economic data (yesterday) was also seen as a reason for markets to sell-off. In recent times, both good and bad data have managed to build a bullish narrative, as bad data has been seen to raise the likelihood of rate cuts. Having said that, the sell-off this week remains pretty mild and the S&P 500 is only -1.6% beneath its record from last week, so it’s hard to get too excited about a new trend emerging.
On the plus side, sovereign bonds recovered yesterday as investors dialled up the likelihood of rate cuts this year. But on the more negative side, the S&P 500 (-0.60%) still fell back for a second day, as the data included negative revisions to consumer spending. So it encouraged the idea that the US economy had lost some momentum at the start of the year, and it means the S&P 500 has now posted its worst two-day performance (-1.33%) in four weeks.
In terms of the details of that US data, the main headline was that Q1 growth was revised down to an annualised pace of just +1.3%, having been at 1.6% in the first estimate. That included downward revisions on the consumer spending side, with personal consumption expenditures revised down to half a point to +2.0%, whilst final sales to private domestic purchasers was also revised down three-tenths to +2.8%. That final measure was something Chair Powell had cited in his May press conference, as it was argued that underlying demand was strong despite the slowdown in headline growth. So it’s noticeable that’s been revised lower.
The better news came on the inflation side, with headline PCE inflation for Q1 revised down a tenth to 3.3%, whilst core PCE inflation was also revised down a tenth to 3.6%. So that leant slightly against the Q1 inflation spike, although there’s no doubt that it was still well above target. Bear in mind as well that we’ll get some more info on inflation today, as the monthly PCE inflation print for April is out later. That still gets a lot of attention because it’s what the Fed officially targets, even though it comes out after the CPI print a couple of weeks earlier.
This data backdrop proved supportive for sovereign bonds, and US Treasuries saw a clear rally after the release came out, taking the 10yr yield (-6.6bps) to 4.55%. That also came as investors became marginally more confident about rate cuts, with the likelihood of a cut by November up to 83% by the close, having been at 75% the previous day. Yesterday also saw mixed Fedspeak with Federal Reserve Bank of New York President Williams saying, “ I expect inflation to resume moderating in the second half of this year.” Federal Reserve Bank of Atlanta President Bostic added that he did not expect a Fed cut in July but was open to it if the data moved accordingly, and that another hike was not necessary at this time. But on the other hand, Federal Reserve Bank of Dallas President Logan was more hawkish, saying that policy may not be “as restrictive as we think it is” and that all policy options are on the table.
Remember as well that today is the last day before the Fed’s blackout period begins at the weekend, so we now won’t hear from Fed speakers until Chair Powell’s press conference in June.
That dovish trend carried over to Europe, with expectations mounting further that the ECB is going to cut rates next Thursday. Indeed, the likelihood of a cut is now priced as a 97.8% probability by overnight index swaps. In turn, sovereign bond yields fell back across the continent, having closed at their highest level in months on Wednesday. For instance, yields on 10yr bunds (-3.8bps), OATs (-3.7bps) and BTPs (-6.2bps) all fell. And that came in spite of strong labour market data, with the Euro Area unemployment rate down to 6.4% in April (vs. 6.5% expected), which is its lowest rate since the formation of the singe currency.
For equities, there was a more divergent performance on either side of the Atlantic. In the US, the S&P 500 (-0.60%) lost ground, but that was mainly down to sharp losses from tech stocks, with the Magnificent 7 down -1.73% and the Nasdaq -1.08%. In fact, 72% of the S&P was actually higher on the day, and the equal-weighted S&P 500 was up +0.44%, so it wasn’t all bad. For example, the small-cap Russell 2000 saw an even larger gain of +1.00%. Meanwhile in Europe, there was also a decent performance, with the STOXX 600 (+0.59%), the DAX (+0.13%) and the CAC 40 (+0.55%) all recovering after two days of losses.
Overnight in Asia, we’ve seen a more optimistic tone in markets, with a recovery across the major equity indices. That’s come despite weaker-than-expected data from the China PMIs, with the manufacturing PMI falling back to 49.5 (vs. 50.5 expected), whilst the non-manufacturing PMI fell to 51.1 (vs. 51.5 expected). The data out of Japan has also been mixed overnight, with industrial production down -0.1% in April (vs. +1.5% expected), although retail sales did see growth of +1.2% (vs. +0.6% expected). Nevertheless, the weaker data has been seen as raising the likelihood there might be more stimulus, and there’ve been gains for the Nikkei (+0.94%), the Hang Seng (+0.94%), the KOSPI (+0.39%), the Shanghai Comp (+0.27%) and the CSI 300 (+0.20%). Looking forward, however, US equities are still struggling for momentum, and futures on the S&P 500 (-0.19%) currently point towards a third day of losses.
Looking at yesterday’s other data, the US weekly initial jobless claims were at 219k (vs. 217k expected) in the week ending May 25. Continuing claims were also broadly in line with expectations at 1.791m (vs. 1.796m expected). Otherwise, pending home sales were down -7.7% in April (vs. -1.0% expected), taking the index down to its lowest level since April 2020 at the height of the pandemic.
To the day ahead now, and data releases include the US PCE inflation reading for April, alongside personal income and personal spending. Elsewhere, there’s the Euro Area CPI reading for May, UK mortgage approvals for April, German retail sales for April, Canada’s Q1 GDP, and in the US there’s also the MNI Chicago PMI for May. From central banks, we’ll hear from the ECB’s Vujcic and Panetta, and the Fed’s Bostic.
2B EUROPE OPENING/TRADING
Disappointing Chinese PMIs capped gains, former President Trump found guilty – Newsquawk Europe Market Open
FRIDAY, MAY 31, 2024 – 01:27 AM
- APAC stocks traded mostly in the green and shrugged off the weak lead from the US but with gains capped by disappointing official Chinese PMIs.
- Former US President Trump was found guilty by a jury verdict on all 34 counts he faced at the hush money trial and will be sentenced on July 11th.
- European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed higher by 0.4% on Thursday.
- DXY remains below the 105 mark, EUR/USD holds above 1.08 ahead of CPI, major FX pairs are broadly contained.
- Looking ahead, highlights include German Import Prices, Retail Sales, French CPI, EZ CPI, US PCE (Apr), Canadian GDP, France Credit Rating Review & Comments from Fed’s Bostic.
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US TRADE
EQUITIES
- US stocks remained pressured and the major indices finished in the red despite the reprieve in treasuries after the second look at US GDP data in Q1 in which the headline was revised lower, as expected, and many of the inflation gauges cooled, while consumer spending also saw a downward revision. The data provided some slight relief for stocks although this was short-lived and the attention now turns to the Fed’s preferred inflation gauge due on Friday.
- SPX -0.60% at 5,235, NDX -1.06% at 18,539, DJI -0.86% at 38,111, RUT +1.00% at 2,056.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed’s Williams (voter) said there has been a dearth of progress on lowering inflation and inflation is still too high but should moderate in H2, while he added that policy is well positioned to get inflation back to the target. Williams said during the Q&A that he does not know when the Fed will change monetary policy and that at some point, interest rates will need to come down. Furthermore, he does not feel an urgency to act on monetary policy but noted the Fed does not need to be at exactly 2% inflation before it cuts rates.
- Fed’s Bostic (voter) said the outlook is that inflation will come down very slowly, according to Fox.
- Fed’s Goolsbee (non-voter) said the issue now is whether the US will face a traditional trade-off between inflation and unemployment, while he added it is “extremely important” that the Fed hits the 2% inflation target since it has centred expectations around that number.
- Cleveland Fed model suggested inflation may need years to return to 2%.
- Fed’s Logan (non-voter) said there are good reasons to think we are still on the path to 2% inflation but it is bumpy, while she added it is too soon to think about rate cuts and policy may not be as restrictive as we might think. Furthermore, she said there are good reasons to believe the neutral rate is higher now than before the pandemic and if the neutral rate is higher than before, it suggests rates won’t go back down to pre-pandemic levels.
- Former US President Trump was found guilty by a jury verdict on all 34 counts he faced at the hush money trial and will be sentenced on July 11th. Following the verdict, Trump said this was a disgrace and the real verdict will be on November 5th (US election), while he added that he is innocent and this was a rigged decision. There were also comments from House Speaker Johnson who said this was a shameful day in American history and that “President Trump will rightfully appeal this absurd verdict—and he will win”.
APAC TRADE
EQUITIES
- APAC stocks traded mostly in the green and shrugged off the weak lead from the US but with gains capped amid a deluge of data releases at month-end including disappointing official Chinese PMIs.
- ASX 200 traded higher with outperformance seen in gold mining stocks and the defensive sectors.
- Nikkei 225 advanced with the index ultimately unfazed by the mixed data mixed data from Japan including mostly in-line Tokyo CPI, a surprise contraction in Industrial Production and better-than-expected Retail Sales.
- Hang Seng and Shanghai Comp conformed to the positive tone albeit with gains capped in the mainland after disappointing Chinese PMI data in which Manufacturing PMI unexpectedly slipped into contraction territory.
- US equity futures were lacklustre after yesterday’s uninspired performance and heading into PCE price data.
- European equity futures indicate a contained open with the Euro Stoxx 50 future flat after the cash market closed higher by 0.4% on Thursday.
FX
- DXY languished beneath the 105.00 level after weakening yesterday on softer Q1 GDP and PCE figures, while there was a lack of conviction across the FX space overnight as participants await the key April PCE price data.
- EUR/USD marginally softened ahead of a slew of releases including Eurozone inflation data.
- GBP/USD traded rangebound amid the lack of pertinent catalysts from the UK to spur price action.
- USD/JPY was contained after failing to sustain the 157.00 level which has since acted as resistance.
- Antipodeans were somewhat mixed as participants reflected on the mostly positive risk appetite and weak Chinese PMIs.
FIXED INCOME
- 10-year UST futures continued to partially nurse some of this week’s declines with some reprieve seen after yesterday’s downward GDP revision and softer Q1 PCE data, although price action was calm overnight with the Fed’s preferred inflation gauge on the horizon.
- Bund futures marginally edged higher after reclaiming the 129.00 level ahead of a slew of data from the bloc.
- 10-year JGB futures were initially rangebound amid mixed data from Japan and after BoJ maintained its Rinban purchase amounts, although prices then gradually alongside a mild uptick in yields.
COMMODITIES
- Crude futures marginally extended on recent losses with prices not helped by weak Chinese factory activity.
- OPEC+ is discussing extending some oil output cuts expiring in 2024 into 2025, according to sources cited by Reuters. OPEC+ extension of some cuts into 2025 will likely come on top of voluntary cuts extension into Q3 to Q4 2024, according to three sources. Furthermore, OPEC+ will make cuts into 2025 conditional on agreeing on individual member output capacity figures later in 2024, according to two sources.
- Spot gold lacked firm direction as participants looked ahead to the Core PCE data.
- Copper futures remained subdued following yesterday’s retreat and disappointing Chinese PMI data.
CRYPTO
- Bitcoin eked mild gains with price action choppy around the USD 68,500 level.
NOTABLE ASIA-PAC HEADLINES
- Chinese state media said China has richer and more powerful countermeasures if the US continues to violate and endanger China’s sovereignty and security interests on core issues, or squeeze the development space of Chinese firms and individuals. Furthermore, it warned that in the future, whether the US will suffer greater backlash and losses depends on its sincerity and actual actions.
- US Commerce Department is reportedly probing whether a South Korean maker of parts for machines that produce semiconductors has been selling to Chinese companies that are subject to US sanctions, according to The Information citing sources.
- US is reportedly reining in AI chip sales to the Middle East by Nvidia (NVDA) and AMD (AMD), while the US is reportedly worried about the technology getting diverted to China and it is also conducting a national security review of the region’s AI use, according to Bloomberg.
- TikTok is reportedly working on a US copy of the app’s core algorithm, according to Reuters citing sources who added that it may result in a version that operates independently of Bytedance and be more palatable to US lawmakers. However, TikTok later stated that the Reuters story published was misleading and inaccurate.
- Japan is to shift USD 640bln in public pension money into active investment, according to Nikkei.
DATA RECAP
- Chinese NBS Manufacturing PMI (May) 49.5 vs. Exp. 50.4 (Prev. 50.4)
- Chinese NBS Non-Manufacturing PMI (May) 51.1 vs. Exp. 51.5 (Prev. 51.2)
- Chinese Composite PMI (May) 51.0 (Prev. 51.7)
- Japanese Industrial Production MM (Apr P) -0.1% vs. Exp. 0.9% (Prev. 4.4%)
- Japanese Retail Sales YY (Apr) 2.4% vs. Exp. 1.9% (Prev. 1.2%, Rev. 1.1%)
- Tokyo CPI YY (May) 2.2% vs. Exp. 2.1% (Prev. 1.8%)
- Tokyo CPI Ex. Fresh Food YY (May) 1.9% vs. Exp. 1.9% (Prev. 1.6%)
- Tokyo CPI Ex. Fresh Food & Energy YY (May) 1.7% vs. Exp. 1.7% (Prev. 1.8%)
GEOPOLITICS
MIDDLE EAST
- Hamas said they are ready to reach a complete agreement, including a comprehensive hostage/prisoner exchange deal if Israel stops the war on Gaza, according to Reuters.
- US military said American and British forces conducted strikes against 13 Houthi targets in Yemen, while Houthi Al Masirah TV said one person was killed in the US-British strikes on Yemen’s Hodeidah.
OTHER
- US President Biden secretly gave permission to strike inside Russia with US weapons, while a person familiar with the discussions between Washington and Kyiv said a final decision to ease that ban was “very close now”, hinting that the Biden administration will give the green light soon, according to Politico. It was separately reported that President Biden partially lifted the ban on Ukraine using US arms in strikes on Russian territory to defend Kharkiv, according to AP citing US officials.
- China has told other governments it will not join the Swiss peace conference on Ukraine and said the peace conference does not meet its conditions since Russia is not attending, according to Reuters sources.
- North Korean leader Kim guided a demonstration of large-scale multiple rocket launchers, according to KCNA.
EU/UK
DATA RECAP
- UK Lloyds Business Barometer (Apr) 50 (Prev. 42)
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
foolish bankers
Japan Confirms It Spent A Record $62 Billion In Failed Attempt To Prop Up Yen
FRIDAY, MAY 31, 2024 – 11:20 AM
Confirming what everyone knew, this morning Japan’s finance ministry confirmed that it spent a record ¥9.8 trillion ($62.2 billion) over the past month, but really on two occasions, in a failed attempt to prop up the yen after it fell to a 34-year low against the dollar, surpassing the total amount it used during the last intervention in 2022 to defend the currency, which also failed to prop up the doomed currency.
According to Bloomberg, the amount – which covered the period from April 26 to May 29 but really involves the two interventions observed on April 29 and May 1 – exceeded earlier estimates of ¥9.4 trillion based on a comparison of the Bank of Japan’s accounts and money broker forecasts.
The record spending on intervention shows what according to Bloomberg is “the commitment of Japan’s government” to push back against speculators betting against the yen. The huge amount also underscores the scale of action required to have even a short-lived impact on the market and the gradually diminishing power of its salvos to defend the currency.
In keeping with the cartoon nature of the BOJ, Locals had similar cartoonish observations of their central bank blowing tens of billions for literally nothing: “The amount feels a touch on the large side, but it’s largely in the expected range,” said Hirofumi Suzuki, FX strategist at Sumitomo Mitsui. “It didn’t top ¥10 trillion so it doesn’t feel too big and the dollar-yen pair isn’t actually reacting much.”
The previous round of MOF intervention was conducted over three occasions in September-October 2022, with a total intervention amount of ¥9.2 tn (September 22: ¥2.8 tn, October 21: ¥5.6 tn, October 24: ¥730 bn). The intervention this time was yet another large-scale operation, surpassing the previous size in JPY terms. The 2022 and the latest interventions were equivalent measured in USD at around $62bn. Prior to this, Japan’s last monthly intervention record of ¥9.1 trillion was set in very different circumstances when authorities were trying to weaken the yen in autumn 2011 following the repatriation flood in the aftermath of the Fukushima explosion.
At the time of interventions, the USDJPY was around ¥160/US$ on April 29 and ¥157.6 on May 2, and while it dropped as low as 153 in the immediate aftermath, the yen is now back to where it was at the time of the second intervention, trading around 157. And while Japan has failed to arrest the collapse of the currency, it has at least managed to reduce the volatility (read explosive momentum collapse) for now. One thing is certain: speculators will push the yen even lower to test just how much more dry powder the BOJ has left after this latest failed intervention, and whether they will spend another $62 billion for nothing. Since the answer is almost certainly no, and since Japan now clearly wants a weaker yen, expect the yen collapse to accelerate in coming weeks.
Currency officials in Japan are aware that their efforts simply buy time rather than reverse dynamics. From that perspective the interventions have been relatively successful. While the yen has given up a large portion of the gains from a month ago, it still hasn’t returned to the 160 mark against the dollar.
“You can’t really say how much impact you’ll get from spending a certain amount of money, since markets are like living creatures,” said Hideo Kumano, executive economist at Dai-Ichi Life Research Institute and a former central bank official. “But without the intervention, the yen would have weakened even more, so I believe that the roughly 10 trillion yen operation was effective.”
We wonder what Hideo will say when the USDJPY is at 200 in a few months time.
JAPAN/
3 CHINA
CHINA/GERMANY
Chinese Battery Makers Back Out Of Germany Amidst Cooling EV Demand
FRIDAY, MAY 31, 2024 – 05:00 AM
With each day that goes by there is more and more news indicating the EV market is saturated. First it was manufacturers cutting back on EV investments, then a gradual shift back to hybrid vehicles – and now it’s China pulling out of investments in Germany due to lack of demand.
Chinese electric vehicle battery producers are scaling back their expansion in Germany due to a drop in EV sales, according to Nikkei Asia.
SVOLT Energy Technology, a spin-off from Great Wall Motor, announced the suspension of its planned battery cell plant in Lauchhammer, Brandenburg, attributing the decision to a “new European strategy” and a major order cancellation, reportedly from BMW.
Additionally, SVOLT expressed uncertainty about its factory project in Ueberherrn, Saarland, due to ongoing legal challenges. If impeded, SVOLT’s only operational facility in Germany will be a plant in Heusweiler, set to open on July 1, which will assemble battery cells into packs and modules.
Kai-Uwe Wollenhaupt, president of SVOLT Europe said this week: “At SVOLT, in addition to the already low level of planning security at various points — from the threat of international punitive tariffs to market distortions due to lengthy and unevenly distributed subsidies — a significant customer project has now also been lost.”
The Nikkei report notes that SVOLT’s decision follows that of battery behemoth CATL. CATL halted its expansion in Arnstadt after Volkswagen reduced EV production in Zwickau. Instead, CATL is now focusing on a new facility in Hungary.
The decline in Chinese investment in German battery production aligns with Germany’s late 2023 decision to end EV purchase subsidies, leading to a drop in electric car registrations to 12.2% in April.
And in Europe, this shift comes amid broader controversies, such as the EU’s 2035 ban on combustion engines, which is increasingly criticized by German politicians like Carsten Linnemann of the CDU, who argue it threatens Germany’s economic prosperity.
Despite this, major German automakers like Audi, Mercedes-Benz, Opel, and Volkswagen are moving away from combustion engines before the 2035 deadline, while BMW and Porsche have not set specific dates. This backdrop explains the cooling interest in EVs within Germany.
Kai-Christian Moeller, a deputy spokesperson for the Fraunhofer Battery Alliance added: “The cancellation of subsidies made several German automakers push back their plans for an end of production of combustion-powered cars, while the average consumer does not see any cost advantage in driving EVs over gas-powered cars”
Ferdinand Dudenhoeffer, director of the Center for Automotive Research in Bochum, concluded: “Those tariffs would artificially increase the price of electric cars for European consumers, and I have already heard that auto parts suppliers are stopping orders for EV production and that combustion engine plants are being spruced up for a few more years.”
END
CHINA/USA
END
CHINA/
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
ECB
.
end
DENMARK/UKRAINE/RUSSIA
Denmark Says Ukraine Can Strike Targets In Russia With Danish-Supplied F-16s
THURSDAY, MAY 30, 2024 – 04:40 PM
A month ago, the Danish ambassador to Ukraine vowed that Kiev would receive F-16 fighter jets from Denmark this summer. “Don’t worry; there will definitely be airplanes for Ukraine,” Ambassador Ole Egberg Mikkelsen told Ukrainian media at the time. As of 2023, Denmark had 44 total F-16AM and F-16BM fighters, and intended to decommission its entire fleet, in a plan that would see all of them in the end transferred to Ukraine.
But already, at the start of the summer when the aircraft are being prepped for delivery, Denmark is signaling further escalation against Russia. Danish Foreign Minister Lars Løkke Rasmussen on Thursday announced that Ukraine is authorized to use Danish-supplied F-16 fighter jets to strike targets inside of Russia territory.
Rasmussen was fielding questions by reporters in Brussels and was asked whether his government would greenlight this. “The short answer is yes,” Rasmussen responded.
“This is not a new position, it is part of the transfer. We made it clear from the very beginning when we discussed this with our Foreign Affairs Committee in the Danish Parliament that this is part of self-defense so that it would also be possible to attack military targets on the aggressor’s territory,” the Danish foreign minister explained.
Belgium, Norway, and the Netherlands are among other NATO allies who have pledged their US-made F-16s to Ukraine as well, pending an ongoing training program for Ukrainian pilots – part of which is taking place in the US. Belgium, for example, will deliver 30 total aircraft and recent reports have indicated deliveries could start “within weeks”.
While the policy could change, Belgian Prime Minister Alexander De Croo at the start of this week stipulated that the jets it gives Ukraine can only be used against Russia within Ukrainian territory.
“Everything which is covered by this agreement is very clear: it is for utilization by the Ukrainian defense forces on Ukraine territory,” De Croo said in response to a journalist’s question. President Zelensky was in Brussels to sign a defense pact with the Belgian government worth nearly €1 billion.
On the same day, the EU’s foreign policy chief Josep Borrell urged Western allies to allow Ukraine to use externally supplied weapons to attack inside Russia. “According with the law of war, it is perfectly possible and there is no contradiction,” Borrell said.
Volodymyr Zelenskyy / Володимир Зеленський
Today in Brussels, Prime Minister
and I signed a bilateral security and long-term support agreement between Ukraine and Belgium. The document includes at least €977 million in Belgian military aid to Ukraine this year, as well as Belgium’s commitment to providing our country with support over the course of the agreement’s ten-year term. For the first time, such an agreement specifies the exact number of F-16 fighter jets – 30 – that will be delivered to Ukraine until 2028, with the first arriving already this year. The agreement guarantees Belgium’s timely security assistance, modern armoured vehicles, equipment to meet Ukraine’s air force and air defense needs, naval security, mine clearance, participation in the artillery ammunition coalition, and military training. The document also envisages defense industrial cooperation, the support for Ukraine’s Peace Formula, strengthening of sanctions against Russia, compensating damages, justice for the aggressor, the use of frozen Russian assets, and economic recovery. Ukraine and Belgium will also deepen their cooperation in intelligence, cyber security, and countering disinformation. Belgium also expresses support for Ukraine’s future EU and NATO membership. I thank Prime Minister De Croo, his government, and all Belgians for their unwavering and long-lasting support for Ukraine.
·
329.2K Views
“I could retaliate, or I could fight against the one who fights against me from his territory,” Borrell told a meeting of EU defense ministers. “You have to balance the risk of escalation and the need for Ukrainians to defend.”
Of course, he didn’t mention the part about severely upping the ante of nuclear-armed confrontation with Russia or the possibility of sparking WW3.
* * *
Meanwhile some Russian military analysis channels are currently claiming that Western-supplied F-16s are already in combat over the skies of Ukraine…
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL/
Israel’s Gantz Moves To Dissolve Knesset, Hold New Elections, In Anti-Netanyahu Drive
THURSDAY, MAY 30, 2024 – 07:00 PM
Israeli war cabinet minister Benny Gantz is mounting a new challenge against Prime Minister Benjamin Netanyahu and the coalition government, on Thursday announcing his centrist party is proposing holding a parliamentary vote on dissolving the Knesset.
“The head of the National Union Party, Pnina Tamano-Shata, has put forward a bill to dissolve the 25th Knesset. This follows the request of party leader Minister Benny Gantz to move forward in broad agreement to an election before October, a year since the massacre,” the fresh statement from Gantz’s party said.
Gantz had already previously verbalized a plan to hold new elections by October, and two weeks ago he demanded in a provocative ultimatum that Netanyahu has until June 8 to present a clear strategic plan for the Gaza war.
Below is the outline that Gantz previously articulated while lambasting the lack of a clear plan from Netanyahu:
”Bring our hostages home, topple the Hamas regime, strip the Gaza Strip, and ensure Israeli security control. Alongside maintaining Israeli security control, establish an American-European-Arab-Palestinian administration to civilly manage the Strip and lay the foundation for a future alternative to Hamas and Abbas, return the residents of the north to their homes by September 1, and rehabilitate the Western Negev, promote normalization with Saudi Arabia as part of an overall move that will create an alliance with the free world and the Arab world against Iran and adopt a service plan that will lead to all Israelis serving the state and contributing to the supreme national effort.”
Gantz had continued in that prior statement: “The people of Israel are watching you. You must choose between Zionism and cynicism, between unity and division, between responsibility and neglect – and between victory and disaster.”
Huge anti-Netanyahu protests have continued in Tel Aviv and in front of government buildings and even Netanyahu’s residence, and have been led by hostage victims’ families. They are outraged there’s been lack of clarity or prioritization of getting the rest of the hostages home, also as truce negotiations with Hamas have all but collapsed.
It is anything but clear if Gantz has the votes to dissolve Knesset, but Netanyahu’s Likud party quickly shot back on Thursday with a terse statement: “The dissolution of the unity government is a reward for [Hamas leader Yahya] Sinwar, a capitulation to international pressure and a fatal blow to efforts to free our hostages.”
But Gantz Tamano-Shata party reasoned that “The 7th of October is a disaster that requires us to go back in order to receive the public’s trust, to establish a broad and stable unity government that can lead us safely in the face of the enormous challenges in security, the economy and, above all, in Israeli society. Submitting the bill now will allow us to bring it up in the current session.”
The Informant
@theinformant_x
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Media & News CompanyAlasca, USAtiktok.com/@theinformant_xJoined December 2020
To review, Gantz joined Netanyahu’s government soon on the heels of the Oct.7 terror attack last year. “Gantz’s centrist bloc split up in March and his party does not on its own control enough seats in parliament to bring down the ruling coalition,” Reuters notes.
Critics of Netanyahu say he will use his role as a wartime leader to hold onto power as long as possible. As it stands, and assuming no opposition-led intervention succeeds, there is no election scheduled before the final quarter of 2026.
end
ISRAEL/HAMAS/HEZBOLLAH/IRAQ
Israel Intercepts Cruise Missile Launched From Iraq
THURSDAY, MAY 30, 2024 – 08:00 PM
Israeli media is reporting on a dangerous escalation after the military announced it shot down an inbound projectile which came “from the east” – which is a phrase typically used by the Israel Defense Forces (IDF) to describe attacks from Iraq.
Time of Israel is describing “cruise missiles” fired from Iraq and shot down over northern Israel on Thursday. The inbound projectiles were initially thought to be drones. Other Israeli outlets pointed to a single cruise missile inbound over Israel and possibly accompanied by drones, however.
There were no injuries, nor were there any claims of responsibility, but Israeli officials are eyeing the Iran-backed Islamic Resistance in Iraq, which is a coalition in Iraq associated with the country’s Popular Mobilization Forces.
However, there was a statement about drones being sent. “Following the interceptions, the pro-Iranian militias in Iraq claimed to have launched drones towards Eilat,” Israel National News (Arutz Sheva) reported.
“Earlier today, following sirens regarding a hostile aircraft infiltration in the Golan Heights area, the IDF intercepted a cruise missile that approached Israel from the east,” the IDF said.
The IDF continued, “Following the sirens that sounded a short while ago in the Eilat area, an IAF fighter jet, together with the IDF Aerial Defense Array, successfully intercepted two hostile aircraft that approached Israeli territory from the east, the IDF Spokesperson’s Unit said.”
While Iran’s Shia paramilitary forces have been relatively quiet of late, especially compared to the opening months of the Gaza war when they sent drones and mortars regularly against US bases in the region, this could be a response to some of the recent Israeli attacks on Syria and southern Lebanon.
Wednesday saw an Israeli airstrike hit deep inside Syria, in Baniyas city, though it’s unclear what the precise target was. Syrian government sources said a girl was killed and ten civilians wounded in the attack.
iSRAEL EN GUERRE: AUTORISÉ À LA PUBLICATION: Le Dôme de Fer intercepte un missile balistique en provenance d’Irak dans le ciel de la partie Sud du Plateau du Golan. Pas de dégâts ni blessés à signaler.Translate post
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3,424 Views
https://www.zerohedge.com/geopolitical/israel-intercepts-cruise-missile-launched-iraq
Israeli sources have long claimed the IDF airstrikes in Syria are geared toward disrupting Iranian operations there, but Damascus says it is a brazen violation of Syria’s sovereignty.
END
HOUTHIS/HAMAS/RED SEA/USA
getting quite dangerous
(zerohedge)
Houthi Rebels Claim Missile Attack On US Nuclear-Powered Carrier; DoD Official Says This Is “False Info”
FRIDAY, MAY 31, 2024 – 09:20 AM
Update:
Politico’s Lara Seligman quotes an unnamed Department of Defense official who tells her the Houthi’s claim about a missile attack on the USS Harry S. Truman in the Red Sea is “false information — there was no hit on the Ike or any attacks in its vicinity.”
DOD official tells me this is false information — there was no hit on the Ike or any attacks in its vicinity.
Quote
The Cradle
@TheCradleMedia
·
2h
BREAKING | Yemeni Armed Forces announce the targeting of US aircraft carrier USS Dwight D. Eisenhower in the Red Sea with cruise and ballistic missiles — in response to the American-British bombardment of Sanaa and Hodeidah. The hit was “accurate and direct.”
·
41.8K Views
Reuters and Al Jazeera reported that Houthi military spokesperson Yahya Saree claimed on Friday that rebels launched a missile attack on the USS Harry S. Truman, a nuclear-powered aircraft carrier, in the Red Sea.
In a televised statement, Saree said the strike was in retaliation for a series of US-UK strikes in three Yemeni provinces that killed at least 16 people.
Saree’s X account published this statement (translated into English):
Statement by the Armed Forces regarding the operation to target the American aircraft carrier “Eisenhower” in response to the American-British aggression in support of the Zionist enemy, which caused 58 martyrs and wounded, to dissuade our dear people and the Armed Forces from their position of support for the oppressed Palestinian people in the Gaza Strip.
After American airstrikes across Yemen killed 16 people last night, the Yemeni military under the Houthi-led government is claiming today to have targeted and directly struck the aircraft carrier USS Eisenhower in the Red Sea.
1:15
·
11.7K Views
We recently pointed out how the US-led Operation Prosperity Guardian has widely been a failure as Iran-backed Houthis continue targeting Western ships (an incident earlier this week) in the Red Sea with missiles and kamikaze drones.
In response, earlier this month, the Pentagon sent the USS Harry S. Truman to the region to ensure stability in one of the world’s most critical shipping lanes.
Also, this week, the sixth US MQ–9 Reaper drone was shot down over Yemen.
This comes as containerized shipping costs are erupting again, following months of disruptions in the region. Yet another supply shock is unfolding…
This story is developing.
RUSSIA UKRAINE/USA
this is a game changer and very dangerous which could lead to World War iii
(zerohedge)
Biden Allows Ukraine To Use US Weapons To Attack Inside Russia In Highly Dangerous Escalation
THURSDAY, MAY 30, 2024 – 10:00 PM
Given the last days of momentum and growing pressure coming from some NATO countries, this was perhaps inevitable: the United States has now greenlighted Ukraine’s use of American-supplied weapons against Russian territory in a huge escalation which takes the world a big step closer to WW3 and nuclear-armed confrontation.
Politico is reporting Thursday afternoon, “The Biden administration has quietly given Ukraine permission to strike inside Russia — solely near the area of Kharkiv — using U.S.-provided weapons, two U.S. officials and two other people familiar with the move said Thursday, a major reversal that will help Ukraine to better defend its second-largest city.”
An anonymous US official was cited a saying, “The president recently directed his team to ensure that Ukraine is able to use U.S. weapons for counter-fire purposes in Kharkiv so Ukraine can hit back at Russian forces hitting them or preparing to hit them.”
The same official stipulated that the policy of not allowing long-range strikes inside Russia “has not changed.” However, this is surely going to be a distinction without substance or meaning from Russia’s point of view, as it makes attacking Russia’s sovereign territory with US weaponry ‘allowable’ for the first time. According to more details of what are expected to be the immediate implications:
In effect, Ukraine can now use American-provided weapons, such as rockets and rocket launchers, to shoot down launched Russian missiles heading toward Kharkiv, at troops massing just over the Russian border near the city, or Russian bombers launching bombs toward Ukrainian territory. But the official said Ukraine cannot use those weapons to hit civilian infrastructure or launch long-range missiles, such as the Army Tactical Missile System, to hit military targets deep inside Russia.
It’s a stunning shift the administration initially said would escalate the war by more directly involving the U.S. in the fight. But worsening conditions for Ukraine on the battlefield –– namely Russia’s advances and improved position in Kharkiv –– led the president to change his mind.
Ukraine has been complaining that all restrictions need to be taken off if it is to defend against Russia’s recent major offensive in Kharkiv, which was launched from across the border. For example, Russian artillery is able to fire from rear positions within the Belgorod region near the border. It meanwhile remains part of Moscow’s stated aim to push the border deeper into Ukraine to create a ‘buffer zone’ – making it harder for pro-Kiev forces to shell Russian towns and villages.
Politico’s fresh reporting is consistent with something Secretary of State Antony Blinken said on Wednesday. While visiting Moldova – itself feeling the pressure of the war right next door – Blinken laid out that the US does not “encourage or enable” Ukrainian attacks inside Russia – but he then moved the goalpost by stressing the US would “adapt and adjust” this position based on developing battlefield needs.
A reporter followed up by asking if he meant the White House will now support Ukrainian attacks inside Russia. Blinken responded with: “Adapt and adjust means exactly that.”
On a covert level this was likely already happening all along…
The Biden administration gave a non-Ukrainian foreign intelligence service permission to strike inside Russia using sleeper cells 48 hours prior to the invasion.
Quote
Lara Seligman
@laraseligman
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6h
SCOOP: The Biden administration has quietly given Ukraine permission to strike inside Russia — solely near the area of Kharkiv — using U.S.-provided weapons, two U.S. officials and two other people familiar with the move said Thursday, a major reversal that will help Ukraine to
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18K Views
Russian President Vladimir Putin warned earlier this week there will be “major consequences” if NATO countries support long-range strikes on Russian territory. While it’s long been clear that US, UK, French, and other West-supplied weaponry has been used against Crimea, this has yet to be the case when it comes to Russia proper. Or at least any such attack has not been made public yet.
This significant shift underscores the desperation of Western allies as Ukrainian forces have been getting rolled back in the Kharkiv region. It seems Washington, London, Paris, and Brussels simply cannot stomach a Ukrainian loss – but this desperation is leading to deepened and highly dangerous Western deepening involvement in the conflict.
Meanwhile…
Has anyone noticed that the means by which Trump may or may not have transmitted a payment to a pornstar has been receiving vastly more coverage, commentary, and debate, than the US clearly lurching toward open approval of direct strikes on the world’s largest nuclear superpower
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35.8K Views
END
Putin Expects NATO, And Possibly Poland In Particular, To Escalate The Proxy War In Ukraine
FRIDAY, MAY 31, 2024 – 02:00 AM
Authored by Andrew Korybko via Substack,
President Putin shared a lot of insight about the NATO-Russian proxy war in Ukraine during the press conference that he held during his latest trip to Uzbekistan. The first point of relevance that he made is that Zelensky is no longer regarded by Russia as Ukraine’s legitimate leader after his term expired. According to President Putin’s “tentative estimate” of this legal question, Rada Speaker Stefanchuk should now be seen as Zelensky’s legal successor.
The Russian leader also speculated that the only reason why the incumbent remains in power is for him to carry out scandalous moves like possibly lowing the draft age to 23 and even 18 years. In his words, “I believe that after this and other unpopular decisions are made, those who are acting today as representatives of executive government would be replaced with people who would not be responsible for the unpopular decisions made. These representatives will be simply replaced in a snap.”
Moving along, in response to a question about NATO chief Stoltenberg’s suggestion for members to let Ukraine use their arms to hit targets inside of Russia like the US just tacitly approved of Kiev doing, he reminded everyone that long-range precision strikes require space reconnaissance data. Since Ukraine lacks these capabilities, such strikes can only be carried out with NATO support, including through instructors inside Ukraine masquerading as mercenaries for plausible deniability purposes.
President Putin advised the West to think twice about this and then addressed Russia’s fresh push into Ukraine’s Kharkov Region, which he confirmed was in response to the shelling of Belgorod and aimed at carving out a “security area” exactly as he earlier warned he’d order if those attacks didn’t stop. On the topic of Belgorod, he lamented that the Western media doesn’t report on Ukraine’s strikes there, and hinted that his envisaged “security area” could expand to stop longer-range attacks if need be.
He was later asked about Ukraine inviting French “instructors”, to which he responded by saying that his forces regularly “hear English, French, or Polish on the radio” when listening in their opponents, thus confirming that their mercenaries have long been deployed there. Of those three, President Putin believes that the Polish ones are the least likely to leave, which is an allusion to Russian officials’ prior claims that it plans to annex Western Ukraine or at least incorporate it into a sphere of influence.
As for how he sees everything ending, he reaffirmed his commitment to peace talks and reminded everyone that it’s Ukraine that unilaterally froze this process, not Russia. Mid-June’s upcoming “peace talks” in Switzerland are only designed to “create a semblance of global support” for the West’s unilateral demands of Russia aimed at inflicting a strategic defeat upon it. Suffice to say, President Putin promised that this won’t succeed, and he concluded by saying that it’ll only be more painful for Ukraine.
Reflecting on his remarks, the Russian leader signaled that he’s sincerely interested in peace but is also preparing for an escalation in the conflict since NATO’s latest moves suggest that it’s still disinterested in compromising. The US is using Zelensky as its figurehead for implementing unpopular decisions aimed at indefinitely perpetuating this doomed conflict, after which it’ll likely replace him with someone else once public opinion demands it.
Even in that scenario, however, it’s unclear whether another Ukrainian regime change would precede the recommencement of genuine peace talks that ensure Russia’s national security interests. President Putin’s words about Poland came amidst it expressing support for using Western arms to strike targets inside of Russia, countenancing shooting down missiles over Western Ukraine, and repeating its position that a conventional intervention in that neighboring country can’t be ruled out.
From the looks of it, Poland is indeed preparing to conventionally intervene in Ukraine if Russia achieves a military breakthrough, which could spike the risks of World War III by miscalculation due to the US’ dangerous game of nuclear chicken that it’s playing as explained here. In sum, the NATO-Russian security dilemma is spiraling out of control, and Russia might use tactical nukes in self-defense to stop any large-scale NATO invasion force that threateningly crosses the Dnieper towards its newly unified regions.
Therein lies the importance of President Putin hinting that his country might expand its “security zone” to defend against Ukraine’s use of long-range precise strike systems against targets within its pre-2014 territory. He wants NATO to know the territorial extent to which Russian forces might go in the event that the front lines collapse, which is essentially dependent on them and their decision to allow it to use such Western arms with the bloc’s space reconnaissance support.
The message being sent is that Russia has no interest in going beyond those geographical limits that NATO itself is responsible for setting through its abovementioned decision, which is meant to prevent the bloc from overreacting if their opponents achieve a military breakthrough. A Polish- and/or French-led conventional intervention would already be dangerous enough, but that invasion force’s potential crossing of the Dnieper could trigger a tactical nuclear response from Russia in self-defense.
The latest military-strategic dynamics suggest that a conventional NATO intervention is seriously being considered, even if it’s only a partial one that remains west of the Dnieper. The signals coming from NATO as a whole and Poland in particular show that they want an escalation in order to continue fighting Russia to the last Ukrainian, but President Putin just countersignaled that his country is prepared for all eventualities.
It’s therefore up to the West whether or not everything spirals into World War III.
end
ROBERT H
Hal Turner Radio Show – Medvedev again Warns NATO – stop what you’re doing or nuclear consequences
“Sadly no one is listening”
COVID ISSUES/VACCINE ISSUES//DRUG AND HEALTH ISSUES
WORLD EVENTS NOTEWORTHY
END
WORLD HEALTH ISSUES
Elevated Risk Of Epilepsy, Appendicitis In Children After COVID-19 Vaccination: Study
BY TYLER DURDEN
FRIDAY, MAY 31, 2024 – 01:00 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
Children who received the AstraZeneca or Pfizer-BioNTech COVID-19 vaccines faced an elevated risk of epilepsy and appendicitis, according to a new study.
Pfizer recipients were also more likely to suffer from demyelinating disease or heart inflammation, researchers found.
Dr. Julia Hippisley-Cox, a professor of clinical epidemiology at the University of Oxford’s Nuffield Department of Primary Health Care Sciences, and colleagues obtained data from a national database on COVID-19 vaccination, mortality, hospital admissions, and COVID-19 infections. They wanted to look at the link between COVID-19 vaccines from AstraZeneca, Pfizer, and Moderna with 12 outcomes, including the heart inflammation condition called myocarditis.
The population of nearly 5.2 million included 1.8 million children aged 5 to 11 and 3.3 million children aged 12 to 17.
The data examined were through Aug. 7, 2022.
In the primary analysis, researchers found 12- to 17-year-olds who received Pfizer’s vaccine were at increased risk of myocarditis, with an additional three cases per million versus the expected rate after a first dose, and an additional five cases per million after a second dose, and hospitalization with epilepsy, with an additional 12 cases per million after a second dose. Females in the age group also faced an increased risk of demyelinating disease after receiving a second dose of the vaccine.
Researchers also identified a “substantially increased risk of hospitalization with epilepsy” among females after receipt of a first dose of AstraZeneca’s shot, with 813 more hospitalizations with epilepsy than expected per million doses, and an elevated risk of appendicitis after a second dose of the vaccine, with 512 excess events per million doses.
While no excess events were found among Moderna recipients, the study lacked the power to detect statistically significant issues, due to few children in the UK receiving Moderna’s vaccine. Further, no elevated risks of the 12 issues were found among 5- to 11-year-olds.
A secondary analysis, involving matching some of the vaccine recipients to unvaccinated children, confirmed an increased risk among 12- to 17-year-olds of hospitalization with epilepsy following Pfizer vaccination, and elevated risks of severe allergic shock and appendicitis in the age group following Pfizer vaccination. No increased risks of any outcome were identified among minor Moderna or AstraZeneca recipients. But among a group of 18- to 24-year-olds studied, elevated risks of a number of conditions were found, including myocarditis, immune or idiopathic thrombocytopenia, epilepsy, and acute pancreatitis.
The study was funded by the National Institute for Health and Care Research School for Primary Care Research. Multiple authors declared conflicts of interest, including funding from Moderna and AstraZeneca. Limitations included reliance on hospital admission codes and death certificates.
Pfizer, Moderna, and AstraZeneca did not respond to requests for comment.
The paper was published by Nature Communications.
The authors said that their findings “support a favorable safety profile of COVID-19 vaccination using mRNA vaccines in children and young people aged 5-17 years.” The Pfizer and Moderna shots utilize messenger ribonucleic acid (mRNA) technology.
Dr. Hippisley-Cox, the study’s corresponding author, did not return a request for comment seeking data on the position. The authors cited in part how they found unvaccinated children faced increased risks of some of the outcomes, including multisystem inflammatory syndrome in children.
Udi Qimron, a professor at Tel Aviv University’s Department of Clinical Microbiology and Immunology, said that the authors wrongly downplayed the risks associated with the vaccines.
“It’s not surprising to learn that some of the study’s authors have financial ties to Moderna and AstraZeneca and/or have served on various UK and Scottish Government COVID-19 advisory groups. One author was even a member of AstraZeneca’s Thrombotic Thrombocytopenic Taskforce and the Joint Committee on Vaccination and Immunisation. The conflict of interest in this case is significant,” Mr. Qimrom, who was not involved in the paper, told The Epoch Times via email.
“It is concerning that respected scientific platforms are being used to cover up mistakes and wrongdoing, particularly the coercion and immense societal pressure to vaccinate young children. This should never have been done,” he added. “It is disheartening to see scientific journals collaborating with such practices, which undermines public trust in scientific research, especially when it involves the health and safety of children.”
MARK CRISPIN MILLER
DR PAUL ALEXANDER
2009 and H1N1 ‘SWINE flu’: why did Obama (and Biden) shut down the ‘pandemic’ response? Why did Obama shut down CDC & order NO testing, NO reporting of infections, cases, hospitalizations? why?
Why did CDC conspire to daily write such corrupted MMWR non-science bogus reports and damage Trump yet went silent in Obama’s H1N1 2009 fraud swine flu affair?
| DR. PAUL ALEXANDERMAY 30 |
Simple questions and ask yourself ‘why’? For the CDC actions in 2009 and 2020 had very different outcomes for the POTUS’s involved…CDC has in the past and today been the junkyard dog of the Democrat party…doing its dirty work against the American people…CDC must be shut down…
Lavrentiy Beria was Stalin’s chief of secret police in former Soviet Union & he said in his reign of terror “show me the man and I’ll show you the crime”; he meant he can create a crime out of anyone,
even INNOCENT people like Trump, once the decision is made to take him out…so they are trying to bankrupt him, assassinate him, and bring crooked charges against him for Biden is LOSING
DR. PAUL ALEXANDER
MAY 31
READ IN APP
I think they know Trump will win and fear his vengeance for this action and will try to have him shot dead.
Under the 5th, 6th, and 14th amendments you are presumed INNOCENT, not so with Trump. With Trump, it’s turned on its head, he is presumed GUILTY first!
Lavrentiy Beria would go after the ‘man’ first, then he progressed to create the crime. Just as they did with Trump.
(100) 100% the Trump verdict will be overturned on appeal! 45 showed us that we MUST, regardless of who we are, follow rules in GOOD GOVERNANCE societies, he showed us what the DEMS will cry about shortly (substack.com)
SLAY NEWS
| The latest reports from Slay News |
| Top Expert Warns Vaxxed Will Keep Dying Up to 15 Years after Covid ShotsOne of the world’s leading cardiologists has issued a bone-chilling warning to the public that the Covid-vaccinated will remain at risk of dying for up to 15 years after they received their last Covid mRNA shot.READ MORE |
| 17-Year-Old Girl Dies of Cardiac Arrest after 2nd Covid VaxA 17-year-old Michigan girl has tragically died shortly after she received a second dose of Pfizer’s Covid mRNA shot, her devasted family has revealed.READ MORE |
| NY AG Letitia James Sued over ‘Unconstitutional’ Censorship of Pro-Life Pregnancy CentersNew York’s Democrat Attorney General Letitia James has been hit with a lawsuit after she unlawfully sought to restrict speech regarding an abortion reversal drug.READ MORE |
| Buttigieg Accused of ‘Playing Politics’ after Blaming Airplane Turbulence on ‘Climate Change’Democrat President Joe Biden’s Transport Secretary Pete Buttigieg is facing a backlash over his recent comments seeking to blame airplane turbulence on “climate change.”READ MORE |
| Biden Tells Black Voters Trump Wanted to Use ‘Tear Gas’ on ‘Peaceful Protesters’ during BLM RiotsAs his re-election campaign becomes increasingly desperate, Democrat President Joe Biden has once again resorted to spreading falsehoods in an effort to smear his opponent in the presidential race.READ MORE |
| Paul Pelosi’s Attacker David DePape Sentenced to 30 Years in Prison, despite ApologyLeft-wing activist David DePape failed to get his 30-year federal sentence reduced after apologizing for attacking Paul Pelosi during a resentencing hearing.READ MORE |
| Trump Considering Elon Musk as Top Advisor in New AdministrationPresident Donald Trump is considering bringing in X boss Elon Musk as a senior advisor in his new administration if he wins re-election in November, according to reports.READ MORE |
| Trump Now Tied with Biden in Deep-Blue Virginia, Poll ShowsDemocrat President Joe Biden now appears to be in trouble in deep-blue Virginia as he continues to shed once-reliable liberal voters, a new poll has revealed.READ MORE |
| Trump Calls Missouri Lawmaker after Daughter and Son-in-Law Killed by Haitian GangPresident Donald Trump has called Missouri State Rep. Ben Baker (R) to offer condolences after his daughter and son-in-law were slaughtered by a gang in Haiti.READ MORE |
| Melinda Gates Pledges $1 Billion for Far-Left Groups, Pro-Abortion EffortsBill Gates’s ultra-wealthy ex-wife has reportedly pledged to donate $1 billion to several far-left causes.READ MORE |
| Trump Warns of ‘Rigged’ Verdict in ‘Hush Money’ Trial: ‘Mother Theresa Could Not Beat These Charges’President Donald Trump has declared that the verdict in his so-called “hush money” trial has already been “rigged” by his political enemies.READ MORE |
| Manhattan Democrat Raises Alarm over ‘Rising Red Wave in New York’A prominent Manhattan Democrat has appeared on CNN to raise the alarm over fears of a “rising red wave in New York.”READ MORE |
| MSNBC Host Calls Out Biden Campaign Official over Anti-Trump Robert De Niro Presser: ‘Doesn’t Feel Right at All’MSNBC’s Mika Brzezinski called out the Biden campaign official who led the bizarre anti-Trump press conference outside the New York City courthouse where the “hush money” trial has been taking place.READ MORE |
| The latest reports from Slay News |
EVOL NEWS
| LATEST NEWS: |
NEWS ADDICTS
LATEST REPORTS FOR NEWS JUNKIES
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
No Such Thing As Bad Publicity
FRIDAY, MAY 31, 2024 – 10:30 AM
By Bas van Geffen, Senior Macro Strategist at Rabobank
Trump has been found guilty of all charges in his hush money trial. While this may prevent Trump from voting for himself in November, it is questionable if this conviction will meaningfully lower his odds in the Presidential elections. In fact, as my colleague noted yesterday, perhaps the opposite is more likely. Trump may gain huge publicity and can claim to be the victim of political ‘lawfare’. Indeed, in the hours after the guilty verdict, the large inflow of new donors crashed the website for donations to Trump’s campaign.
Recall that our US strategist has assumed a Trump victory as the base scenario for our outlook beyond this year. And, taking Trump’s threats of universal tariffs seriously, that would further accelerate the trend towards protectionism and bifurcation of global trade that is currently ongoing:
- China has just restricted the exports of certain components and technologies used in the aviation and aerospace sectors;
- China has threatened “richer and more powerful countermeasures” if the US carries on endangering China’s sovereignty and security interest; and
- the European Commission’s probe into Chinese EVs is drawing to a close, although a decision on punitive import duties may be delayed until after the European Parliament elections.
- If and when Europe imposes such tariffs, expect China to respond in kind.
Such anti-dumping probes and countermeasures may only become more prevalent. Chinese data released overnight highlighted the risk that China’s domestic challenges may have global repercussions.
China’s manufacturing PMI raised a few eyebrows, particularly considering that Chinese authorities have been trying to invigorate growth by encouraging companies to renew equipment with tax-breaks and subsidized loans, and investment spending by state agencies. Despite these policies, the manufacturing index for May slipped back below the neutral mark. The index fell to 49.5; a full point below the consensus estimate. New (export) orders were especially weak. Notably, there was a clear distinction between large, medium and small enterprises. The latter group saw weaker activity whilst the large companies (which are more likely to be state-led) actually reported a slight improvement.
These observations point at weaker-than-expected growth of Chinese domestic demand despite measures to increase supply. On the one hand, this obviously raises the risk of renewed deflationary pressures – which may also have a global impact if China seeks to sell more of its oversupply abroad. But in our view the biggest risk is actually that a widening imbalance between demand and supply in China would spur more protectionist measures in the US and Europe to prevent this rising overcapacity from reaching Western shores in the first place.
We’re not the only ones concerned by this. According to a recent survey by the European Round Table for Industry, 54% of European companies and 77% of Chinese CEOs indicate that China’s industrial overcapacity will remain the biggest point of friction between China and the EU.
Such protectionist measures are strictly necessary to rebuild critical European manufacturing capacity, but they may also keep inflation elevated in the short- to medium-term. Recall that goods prices have been the main driver of European disinflation to date.
German HICP inflation accelerated sharply this week, from 2.4% to 2.8%. Part of this acceleration had been anticipated, since April data were artificially lower due to the timing of Easter. On top of this, higher energy prices drove up the inflationary impulse from energy-related costs, as did higher services inflation. The latter follows last week’s report that German negotiated wages increased sharply.
The ECB was quick to downplay the latest wage data with a blog post to “put these in perspective.” We agree with their assessment that part of this acceleration was due to catch-up effects and one-offs, but the ECB’s new wage tracker still indicates wage growth trending between 3.5% to 4.5% this year. That does leave the question to what extent businesses can and will pass these costs on to end users.
Yesterday’s release of the Eurozone business confidence surveys may encourage policymakers somewhat: although employers expect higher selling prices in the coming months, the expected rate of price hikes continues to trend lower. This suggests that companies are absorbing some of the higher costs in their margins.
That said, resilient consumer demand could still change this picture. French and German consumer spending data for April underscored that retail sales will not recover without some bumps. French consumer spending fell 0.8% m/m whilst German retail sales fell 1.2% m/m, although the March figure was revised up significantly to 2.6%. Despite weak consumer demand in April, the outlook continues to brighten due to the recovery in real wages and good job prospects. Yesterday, Eurostat reported the lowest unemployment rate ever recorded since the advent of the euro.
END
7.OIL PRICES/GAS PRICES/OIL ISSUES
Biden the Bad strikes again
(zerohedge)
Despite Warnings, Biden Admin Finalizes Rule That Could Cripple Many Offshore Oil Companies
FRIDAY, MAY 31, 2024 – 07:20 AM
Authored by Pete McGinnis via RealClearPolicy,
In June 2023, the Bureau of Ocean Energy Management proposed a rule that would require stricter financial assurance standards for oil companies operating in the Outer Continental Shelf. This costly rule became final on April 15, 2024, but in the 10 months since its initial proposal, BOEM did nothing to alleviate concerns for smaller companies that comprise of 76 percent of oil and gas operators in the Gulf. As a result, many of these companies could be forced out of business by extreme and unnecessary costs from this rule. The situation threatens an estimated 36,000 jobs, more than $570 million in federal government royalties, and $9.9 billion from our GDP.
Records obtained via the Freedom of Information Act show private meetings between Interior officials and representatives of the major oil companies as they cooperated on this rule. If you think that’s strange, you’re not alone. President Biden made clear in his campaign that he wanted to end oil and gas production on public lands. It’s baffling that Big Oil – among the administration’s most, if not the most, maligned businesses – would stand on the same side with environmental groups such as the Sierra Club who praised the rule. But needless government intervention makes strange bedfellows. Big Oil must think it won’t miss the small competitors the rule will drive from the market.
The conditions for obtaining an oil and gas lease include meeting obligations for decommissioning. Leaseholders must provide “financial assurance” that they can bear the costs to cap wells and restore the site. If the financial strength of the company is insufficient, costly surety bonds can be purchased to satisfy the requirements. However, a quiet omission is the larger threat for smaller operators.
Historically, joint and several liability protected these small businesses from the financial demands of surety bonds. Most small businesses operating in the OCS have assumed a lease started by a bigger oil company. Typically, a large company drills the well and harvests a large amount of oil (and profits), and then sells the lease. Under this system, all companies who have ever held the lease are liable for decommissioning. Accordingly, if any company who could be liable for decommissioning can prove capable of paying for decommissioning, no company is required to buy surety bonds.
The new rule is largely silent on joint and several liability, causing some uncertainty. It appeared that all present leaseholders will have to prove their financial strength on their own. BOEM’s director Liz Klein cleared up some confusion – and confirmed fears about the rule – at the Energy and Minerals Subcommittee hearing on May 23. She said that BOEM “would be going to those financial assurance requirements before we went to predecessors” when asked by Rep. Garret Graves (La.) about this issue. In short, the rule’s dysfunction appears quite intentional.
Mega oil companies will have little problem with the rule’s new credit rating requirement. Smaller companies, with fewer assets, may be unable to meet the new standards and need to purchase surety bonds. Small oil companies will now have to spend, conservatively, $379 million per year on surety bonds, but some estimates are closer to $800 million.
But all that assumes the market exists for those bonds. The Surety and Fidelity Association of America informed BOEM that the rule is either impossible or extremely cost-prohibitive for underwriting. The market supply of surety bonds in the OCS had already contracted before the rule. The problem is only going to get worse. Companies may not be able to acquire the needed financial assurances because the market likely will not even exist.
What makes matters worse is that all this cost covers a risk that is effectively a rounding error historically and in the context of the royalties flowing from the offshore oil and gas industry. According to BOEM, taxpayers have borne decommissioning liability totaling $58 million – from a single company that lacked predecessor owners of the platform to call on to cover unfunded cleanup costs. Against a conservative estimate of roughly $25 billion in decommissioning costs borne solely by private companies over the years, and the contribution of billions each year from all oil and gas royalties, the public is left to wonder whether this rule is a solution in search of a problem. The existing system of joint and several liability has protected the taxpayers and could continue to do so. The new costs to small oil businesses are for naught – unless the motivation is to make energy more expensive and drive out more companies.
That motivation makes sense for the radical environmental special interests, who have made clear they intend to shutter energy production at every opportunity. It doesn’t make sense for Big Oil companies, who stand to lose customers who buy their leases. Their support for the rule is short sighted.
Since BOEM knew this outlook and finalized the rule anyway, the motive must be something other than protecting taxpayers. Agency leadership at BOEM appears more concerned with penalizing responsible energy producers than protecting American families and businesses from out-of-control inflation stemming from their policies.
Peter McGinnis is the Communications Director for the Functional Government Initiative (FGI). He has worked for political campaigns and advocacy organizations at the state and national level. He holds a dual B.A. in Economics and Political Science from Temple University.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
VENEZUELA
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0852 UP .0021
USA/ YEN 157.16 UP 0.164 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2723 DOWN .0006
USA/CAN DOLLAR: 1.3634 DOWN .0049 (CDN DOLLAR UP 49 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 4.86 PTS OR 0.16%
Hang Seng CLOSED DOWN 150.98 PTS OR 0.83%
AUSTRALIA CLOSED UP .95 %
// EUROPEAN BOURSE: MOSTLY RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 150.58 OR 0.83%
/SHANGHAI CLOSED DOWN 4.86 PTS OR 0.16%
AUSTRALIA BOURSE CLOSED UP 0.95%
(Nikkei (Japan) CLOSED UP 433.77 PTS OR 1.14%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2342.95
silver:$31.29
USA dollar index early FRIDAY morning: 104.59 DOWN 7 BASIS POINTS FROM THURSDAY’s CLOSE.
FRIDAY MORNING NUMBERS ENDS
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And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.237% DOWN 3 in basis point(s) yield
JAPANESE BOND YIELD: +1.054% UP 1 AND 1/ 100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.379 DOWN 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.964 DOWN 0 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6490 DOWN 2 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0858 UP 0.0026 OR 26 basis points
USA/Japan: 156.30 DOWN .0.182 OR YEN IS UP 18 BASIS PTS
Great Britain/USA 4.359 DOWN 6 BASIS POINTS //
Canadian dollar UP .0033 OR 33 BASIS pts to 1.3640
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The USA/Yuan, CNY ON SHORE CLOSED DOWN AT 7.2418 (ON SHORE)
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2654)
TURKISH LIRA: 32.21 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +1.054…
Your closing 10 yr US bond yield DOWN 6 in basis points from WEDNESDAY at 4.492% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.634 DOWN 5 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.877 DOWN 5 BASIS PTS.
GOLD AT 11;30 AM 2336.40
SILVER AT 11;30: 31.05
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 44.33 PTS OR 0.54%
German Dax : CLOSED UP 1.15 PTS OR 0.01%
Paris CAC CLOSED UP 14.36 PTS OR 0.18 %
Spain IBEX CLOSED DOWN 16.20 OR 0.14%
Italian MIB: CLOSED UP 44.84 PTS OR 0.13%
PTS
WTI Oil price 77.63 12EST/
Brent Oil: 81.63 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 90.05 ROUBLE DOWN 0 AND 19/100
GERMAN 10 YR BOND YIELD; +2.6490 DOWN 5 BASIS PTS.
UK 10 YR YIELD: 4.412 DOWN 4 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0847 UP 0.0016 OR 16 BASIS POINTS
British Pound: 1.2737 UP 0.0009 OR 9 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.3715 DOWN 1 BASIS PTS//
JAPAN 10 YR YIELD: 1.054%
USA dollar vs Japanese Yen: 157.32 DOWN .325/ YEN UP 33 BASIS PTS//
USA dollar vs Canadian dollar: 1.3630 DOWN 00054 //CDN dollar UP 54 BASIS PTS
West Texas intermediate oil: 77.10
Brent OIL: 81.18
USA 10 yr bond yield DOWN 5 BASIS pts to 4.508
USA 30 yr bond yield DOWN 3 BASIS PTS to 4.652%
USA 2 YR BOND: DOWN 5 PTS AT 4.884
USA dollar index: 104.60 DOWN 6 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.20 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 90.10 DOWN 0 AND 25//100 roubles
GOLD 2,323.80 3:30 PM
SILVER: 30.30 3;30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 601.81 PTS OR 1.58 %
NASDAQ DOWN 2.01 PTS OR 0.011 %
VOLATILITY INDEX: 13.61 DOWN 0.86 PTS OR 5.81%
GLD: $215,30 DOWN 1.27 OR 0.59%
SLV/ $27.76 DOWN .66 OR 2.32%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Rate-Cut Hopes Resurrected As ‘Hard’ Data Slides: Stocks, Gold, Oil, & Crypto Dumped
BY TYLER DURDEN
FRIDAY, MAY 31, 2024 – 04:00 PM
A weird week of weak ‘hard data, strong ‘soft’ data (macro), weak micro (ugly hints for software and consumer from earnings), and dovish-and-hawkish FedSpeak…
Source: Bloomberg
Which prompted a resurgence in rate-cut hopes….
Source: Bloomberg
But today’s Chicago PMI puke dominates any in-line PCE print and dragged stocks lower on the week, led by weakness in Nasdaq as Small Caps were the leat ugly horse in the glue factory. The typical late Friday meltup painted some lipstick on the week’s pig…
For the CTA followers: The S&P tested below its short-term threshold at 5203 and found support (the Medium-term threshold for CTA sellers is consoderiably lower at 5002)…
Energy and Utes outperformed while Tech stocks saw a notable 3% on the week…
Source: Bloomberg
MAG7 stocks ended the week lower overall…
Source: Bloomberg
Treasury yields were mixed on the week with 2Y and 5Y ending lower and the longer-end lagging…
Source: Bloomberg
The dollar managed gains on the week, having bounced off the week’s unch line today…
Source: Bloomberg
Gold ended lower on the week thanks to a post-PCE puke today…
Source: Bloomberg
For the 13th straight day, Bitcoin ETFs saw net inflows…
Source: Bloomberg
But the bitcoin price fell on the week, thanks to a big puke today, finding some support at $6,000…
Source: Bloomberg
Crude prices slipped lower again today, back into the red on the week…
Source: Bloomberg
Finally, one can’t help but feel that Gold’s recent resurgence – while real yields languish continue to drive lower…
Source: Bloomberg
… is the precious metal market anticipating more of the lawfare we saw yesterday as the Biden admin will “do whatever it takes” to not allow Trump to compete…
…as the ass-clownery continue.
END
MORNING TRADING//
AFTERNOON TRADING/FOMC MINUTES
II USA DATA
the fed’s favourite inflation indicator, core PCE deflator grows at its slowest pace
(zerohedge)
Core PCE Grows At Slowest Pace In Three Years After Lowest Monthly Increase Of 2024, Spending Drops
FRIDAY, MAY 31, 2024 – 08:45 AM
After a somewhat weaker than expected CPI print two weeks ago, and with inflation data generally surprising modestly to the downside…
… the doves’ last chance for “sooner than later” rate-cuts is today’s Core PCE Deflator – often described as The Fed’s favorite inflation signal. And indeed, after last month saw a stronger than expected print in both the headline and core prints, moments ago the Biden Bureau of Economic Analysis confirmed that – just as we previewed – the core PCE dropped from 0.3% to 0.2%, the lowest monthly increase of 2024…
… with all prints coming in just as expected, to wit:
- PCE 0.3% MoM, Exp. 0.3%
- PCE Core 0.2%, Exp. 0.2%
- PCE 2.7% YoY, Exp. 2.7%
- PCE Core 2.8%, Exp. 2.8%
Extending the scientific notation a bit, we find that the core PCE print was actually 0.249%, so literally made the rounding to 0.2% by 1 thousandth of a point, down from 0.317% last month. Amusingly, this brings to mind something Governor Christopher Waller said last week: “I look forward to the day when I don’t have to go out two or three decimal places in the monthly inflation data to find the good news.”
Also as previewed, the drop in the annual change in core PCE from just over 2.81% to 2.7537% means that the annual increase in core inflation is now the lowest since April 2021, something which will surely allow the Fed to exhale and maintain its plans to cut rates some time before the election…
… which in turn will give fresh wind to the doves new wings, something which can be seen by the euphoric reaction in futures which have spiked to session lows as yields have dumped after the report.
To be sure, it’s not all roses, and the WSJ’s Fed whisperer Nick Timiraos, aka Nikileaks, writes that while the 12-month change was 2.75%, a three-year low, the 6-month annualized rate was 3.18%, the highest since July.
He also notes that the “3-month annualized rate was 3.46%, down from the previous two months but still higher than any point in 2H 2023” which leads him to concludes that “this report was largely anticipated two weeks ago and won’t change much of anything for the near-term Fed outlook of “wait and see.”
Taking a closer look at the data reveals that like last month, the Service sector led the MoM and YoY acceleration in headline PCE.
For the Core PCE print, it was also Services prices too that drove the acceleration.
More importantly, the so-called SuperCore – Services inflation ex-Shelter – dropped led by the first drop in transportation services in 2024.
Income and Spending both rose again on a MoM basis although after March’s 0.7% surge in spending (which was downward revised from 0.8% but still matched the highest since Jan 2023), in April spending rose just 0.2%, below the 0.3% expected as income rose 0.3% as expected, and also a drop from the 0.5% March increase.
This meant that after plunging to just 3.6% last month, the lowest level since Nov 2022, in April the personal savings rate remained unchanged at 3.6%.
And the soaring credit card balance explains how people are getting by.
All this takes place amid the fifth straight month of government handouts.
Finally, while the markets are exuberant at the survey-based disinflation, we do note that it’s not all sunshine and unicorns. The vast majority of the reduction in inflation has been ‘cyclical’…
end
Chicago PMI Unexpectedly Craters To Depression Levels
FRIDAY, MAY 31, 2024 – 10:15 AM
After unexpectedly slumping last month to 37.9, the Chicago PMI index cratered even more unexpectedly in May, when it defied hopes of a rebound to 41.5, and instead tumbled even more, sliding to a cycle low of 35.4 which was not only below the lowest estimate, but was staggeringly low. To get a sense of just how low, the last two times it printed here was during the peak of the covid and global financial crises…
… which seems to suggest that at least according to Chicago-based purchasing managers, the economy is in a depression.
This is how the final number looked relative to expectations.
Looking at the report we find the following:
- Business barometer fell at a faster pace; signaling contraction
- New orders fell at a faster pace; signaling contraction
- Employment fell at a faster pace; signaling contraction
- Inventories fell at a faster pace; signaling contraction
- Supplier deliveries fell at a slower pace; signaling contraction
- Production fell at a slower pace; signaling contraction
- Order backlogs fell at a faster pace; signaling contraction
Did nothing rise? One thing did:
- Prices paid rose at a slower pace; signaling expansion
So we have not just a depression, but a stagflationary depression in which everything else is going to hell, except prices: they keep on rising.
And while it is unclear what has prompted this unprecedented bearishness (the surely negative contribution from Boeing is likely to blame for a substantial portion of the apocalyptic outlook), one thing is certain: Goldman will have to come up with even more goalseeked surveys that explain away reality and tell us how purchasing managers really should feel…
… if only they knew just how great Bidenomics was for them.
cue mainstream media splaining to Chicago: “you don’t understand how strong Biden’s economy is”
Quote
zerohedge
@zerohedge
Apr 30
Chicago PMI 37.9, Exp. 45.0 LOL
III USA ECONOMIC COMMENTARIES
CALIFORNIA
Minimum Wage Folly
THURSDAY, MAY 30, 2024 – 10:30 PM
Authored by John Stossel via The Epoch Times,
California now leads the nation in imposing dumb wage laws…
The state just raised the hourly minimum wage for fast-food workers to $20.
Gov. Gavin Newsom said: “We saw the inequities. … We had a responsibility to do more.”
Unions pushed for the higher minimum, and in Democrat-run states, unions usually get what they want.
CNN announced, “Half a million California fast food workers will now earn $20 per hour!”
Gullible leftists at the Center for American Progress claim, “A higher minimum wage would boost millions of families out of poverty and further stimulate the economy.”
Yippee! It’s a happy cycle! Win-win.
But wait, if it’s a win-win, why just make the minimum $20? Why not $30? Or $100?
Because the government requiring higher wages is not a win-win.
Interfering with market prices always creates nasty unintended consequences.
Frédéric Bastiat, in his work “That Which Is Seen, and That Which Is Not Seen,” points out that there are always seen and unseen consequences when government force impacts economic decisions. “Almost always,” he wrote, “the immediate consequence is favorable, the ultimate consequences are fatal.”
In this case, the immediate consequence is that existing workers get a raise. Great. That’s the seen. That’s what the media, unions, and Center for American Progress see. But the unseen effect is bigger, and worse:
No. 1: Thousands of Californians have already lost jobs because some restaurants closed. Others lost income because their employer cut worker hours. The chain El Pollo Loco cut employees’ hours by 10 percent.
Pizza Hut announced that it will lay off more than 1,000 delivery drivers. One, Michael Ojeda, understandably asked, “What’s the point of a raise if you don’t have a job?”
No. 2: Workers who still have jobs will lose them because now their employers have more incentive to automate. Chipotle just created a robot that makes burrito bowls. Even CNN acknowledged, “Some restaurants are replacing [fast food workers] with kiosks.”
Story continues below advertisement
No. 3: Prices go up.
The day Mr. Newsom signed the bill, he was asked, “Can Californians expect the prices of their McDonald’s and Starbucks to go up?”
Mr. Newsom deceitfully replied: “I’ve heard that rhetoric before. And it didn’t happen!”
Nonsense. It did happen. It always happens when government forces wage increases. In this case, Starbucks prices have increased as much as 15 percent. Customers will pay about $200 per year more for their coffee. A chicken burrito at Chipotle will cost up to 8 percent more.
No. 4: Perhaps the worst unseen harm from minimum wage laws is that young and unskilled people won’t even be hired. They won’t gain valuable experience from a first job at a fast-food restaurant.
In 2014, when Seattle politicians raised the minimum wage to $15, I asked some teenagers what a higher minimum wage could do for them.
“Minimum wage actually hurts my chances of getting employed,” said one, Rigel Noble-Koza. “If I cost more, why would a company take a risk on hiring me? They’ll hire the worker with more experience instead.”
Another, Dillon Hodes, talked about his friend who had fast-food work but got her hours cut because “she was young and inexperienced.”
Of course, these students were unusual. They were finalists in a Stossel in the Classroom contest. They aren’t economically ignorant. They knew to look for the unseen.
If only politicians were that smart.
Government price fixing such as minimum wage laws hurt the young and the poor, the very people these laws are supposed to help.
END
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
Watch: Trump Responds After NY Guilty Verdict
THURSDAY, MAY 30, 2024 – 04:47 PM
Update (1710ET): Former President Donald Trump has been found guilty on all 34 counts in his New York ‘hush money’ trial. The outcome makes him the first former president to become a convicted felon.
Trump reportedly stared ahead motionless as the verdict was read.
Here are the 34 felony counts that came in as GUILTY against former President Donald J. Trump.
·
11.9K Views
The trial centered on allegations that Trump falsified business records in order to conceal a hush money payment to porn star Stormy Daniels ahead of the 2016 US election. Prosecutors under Manhattan DA Alvin Bragg argued that Trump oversaw a scheme to influence the 2016 election by using Trump Organization records to conceal the payments.
“Everything Mr. Trump and his cohorts did in this case is cloaked in lies,” said prosecutor Joshua Steinglass. “The evidence is literally overwhelming.”
Trump Responds
“This is a rigged, disgraceful trial,” Trump said in response, adding “The real verdict will be on November 5.”
https://www.zerohedge.com/political/trump-jury-says-it-has-verdict
Judge Juan Merchan will now decide Trump’s sentence on July 11 – days before Republicans are set to select him as the 2024 nominee. The crime has a maximum sentence of four years in prison. That said, Merchan could also opt for home confinement, probation, supervised release, fines or community service.
Biden Campaign Responds
“In New York today, we saw that no one is above the law,” reads a statement.
“Donald Trump has always mistakenly believed he would never face consequences for breaking the law for his own personal gain. But today’s verdict does not change the fact that American people face a simple reality. There is still only one way to keep Donald Trump out of the Oval Office: at the ballot box. Convicted felon or not, Trump will be the Republican nominee for president.”
Trump is certain to appeal the verdict, which could take months or even years – however Democrats now have their ‘Felon Trump’ talking point which they think will help Joe Biden come November.
As ‘Techno Fog’ of The Reactionary notes,
The target might have been Trump, but the real goal was to influence the 2024 election, no matter the shaky facts and dubious legal theories of the case. Democracy must be saved even through unlawful and unethical means. The enemies of society must be hunted, the obstacles to progress must be destroyed.
As the years-long Trump investigation and prosecution continued, and as New Yorkers continue to deal with rampant crime and theft and felony assaults – which they often don’t even report due to “the revolving-door criminal injustice system” – Trump was pursued with rare intensity. The bodega shopkeepers, facing a shoplifting and armed robbery epidemic which empties their shelves and puts their lives at risk, are besides themselves. As are normal citizens whose safety is at risk daily. If only their interests were political. If only the perpetrator were the Republican presidential frontrunner and not a career criminal then perhaps they would see justice.
In trial, venue matters. It’s strategic, it’s the selection of a favorable judge and jury. Monsanto is sued in San Fransisco and the jury pours them out for $289 million. Cook County (Illinois) is notorious for high jury verdicts. So too is Philadelphia and Lansing, Michigan. Corporate defendants tremble in fear at being sued in working class cities along the Gulf coast. Texas brings suit against the Biden Administration in the Southern District of Texas – Galveston Division because the one federal district judge there (a Trump appointee) will not hesitate to stop unlawful acts or policies. Hawaii brought suit in Honolulu against the Trump Administration and obtained a temporary restraining order against Trump’s travel ban from an Obama-appointed judge. He was reversed by the Supreme Court, but that process took over a year.
And as ‘End Wokeness’ notes, there’s no turning back from the new precedent which has just been set by Democrats.
You will remember where you were today for the rest of your life. America just passed a rubicon. There’s no turning back.
·
469.9K Views
Meanwhile, WinRed, the Republican donation platform, is currently overwhelmed.
A GOP source told me that WinRed, the Republican donation platform, is overwhelmed at the moment.
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334.9K Views
The 77-year-old Trump still faces criminal trials in Washington and Georgia over alleged attempts to overturn the results of the 2020 election, as well as one in Florida pertaining to his handling of classified national security documents taken from the White House.
I have been a sharp critic of Donald Trump, and unlike the corporate media, for good reasons. This is an utter disgrace to a professed free society. This conviction is the result of one thing: The shadow government attempting to stop him from becoming President again.
·
How long can our Republic survive once partisans have taken over the judicial process? This verdict will tragically undermine Americans’ confidence in impartial justice. A sad day for America…
·
604.7K Views
The jury empaneled in the NY v. Trump case said it has reached a verdict.
The 12-person jury – which has requested 30 minutes to fill out the paperwork – will soon enter the courtroom and announce what it has decided. Manhattan District Attorney Alvin Bragg charged former President Trump with 34 counts of falsifying business records in the first degree, and Trump pleaded not guilty to all counts.
Judge Juan Merchan will invite the jury in to read its verdict.
Prior to receiving the jury’s note around 4:20 p.m., Merchan had indicated he would excuse the jury for the day at 4:30 as a growing number expected a mistrial due to a hung jury however the presence of a verdict means that we will shortly know if the jury has found Trump “guilty” or “not guilty.”
Prosecutors needed to prove beyond a reasonable doubt that Trump falsified business records to conceal a $130,000 payment to Stormy Daniels, a pornographic performer, in the lead-up to the 2016 election to silence her about an alleged affair with Trump in 2006.
Michael Cohen, Trump’s former attorney, was the prosecution’s “star witness.”He testified that he personally made the $130,000 payment to Daniels using a home equity line of credit in an effort to conceal the payment from his wife.
Cohen said he did this because Trump told him to “handle it” and prevent a negative story from coming out ahead of the election.But Trump’s defense attorneys maintained that the president never directed Cohen to do so.
Subscribe
We all know the verdict already, because this thing was rigged from the beginning. A dirty prosecutor ran an illegal case using a corrupt judge and a jury pool of left-wing Biden voters to convict and sideline the ruling regime’s top political opponent. You don’t hate these people nearly as much as they deserve.
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70.8K Views
KING REPORT
| The King Report May 30, 2024 Issue 7253 | Independent View of the News |
| WSJ’s @NickTimiraos: Beth Hammack, the former Goldman Sachs treasurer who has also chaired the Treasury’s TBAC, will succeed Loretta Mester as president of the Cleveland Fed. The Fed’s concept of diversity is hiring a woman from Goldman Sachs. ‘Tis why the Fed is…! Is the Federal Reserve Just Winging It? The May meeting minutes reveal that the FOMC members were even more hawkish behind closed doors. They lamented the lack of progress on the price inflation front… In fact, according to the minutes, “Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate.”… After the March FOMC meeting, the committee released its “dot plot”… the FOMC indicated that it still planned to cut interest rates three times this year… Now, stop and think about this. Six weeks ago, the FOMC was convinced that three rate cuts were the appropriate trajectory of monetary policy. Six weeks later, we might need rate hikes… This doesn’t exactly inspire confidence that these people know what they’re doing, does it?… https://www.moneymetals.com/news/2024/05/23/is-the-federal-reserve-just-winging-it-003211 Dimon Says ‘There Could Be Hell to Pay’ If Private Credit Sours Jamie Dimon said he expects problems to emerge in private credit and warned that “there could be hell to pay,” particularly as retail clients gain access to the booming asset class… “Retail clients tend to circle the block and call their senators and congressmen.”… https://finance.yahoo.com/news/dimon-says-could-hell-pay-142058209.html @zerohedge: Yen craters back to where it was when the BOJ spent $60BN to unsuccessfully prop it up a month ago. (Yen/$ 157.55 near yesterday’s European close) American Airlines cuts outlook, says chief commercial officer is leaving American Airlines said it expects unit revenues to fall as much as 6% in the second quarter from a year earlier, down from a previous forecast of a decline of no more than 3%. The carrier also trimmed its adjusted earnings estimate for the period to a projected range of $1 to $1.15 a share, down from a prior range of $1.15 to $1.45 a share… (AAL sank as much as 16%.) https://www.cnbc.com/2024/05/28/american-airlines-outlook-chief-commercial-officer.html @BloombergAsia: Health insurance stocks dove after UnitedHealth said it sees a “disturbance” coming as states pare enrollees in their Medicaid health program. ConocoPhillips to acquire Marathon Oil in $22.5 billion all-stock deal https://t.co/ugv6V8ChRw US Dep. Treasure Secretary Wally Adeyemo Says China Must Stop Providing Component for Russia’s War – BBG ‘Worst Since the Great Recession’ – Dallas Fed Services Survey Slumps in May As Respondents Fear “Inflation Is Getting Pretty Scary” – Interest rates and inflation continue to dominate company decisions… This is the worst we’ve seen in the real estate market since the Great Recession… “A sharp decrease in labor supply from [illegal] immigrants would be a disaster for Texas businesses.” “It’s an election year, so we would assume no one is going to allow the economy to go down. However, signs are mounting. After four months, we are flat compared to last year.” “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.” https://www.zerohedge.com/personal-finance/worst-great-recession-dallas-fed-service-survey-slumps-may-respodents-say The Fed Beige Book: Most Districts reported slight or modest growth, while two noted no change in activity. 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… Employment rose at a slight pace overall… Prices increased at a modest pace over the reporting period…. consumers pushed back against additional price increases, which led to smaller profit margins… Chicago Fed: Multifamily rent growth was faster than expected in many areas of the District… https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20240529.pdf @WSJmarkets: All 11 of the S&P 500’s sectors are in the red Wednesday morning. They haven’t finished a session that way since April 30. USMs were -1 6/32 at 11:00 ET. The jump in yields pushed commodities sharply lower. Nvidia opened lower and quickly fell further. Then the usual suspects poured in. NVDA rallied as much as 1.4% and closed +0.81%. ESMs opened modestly lower at the Nikkei opening and proceeded to stairstep lower until they hit a daily low of 5278.25 at 9:45 ET. Dip and NYSE opening buyers then drove ESMs to 5298.25 at 10:41 ET. After a 13-handle decline, ESMs traded sideways, in a 13-handle range, until they broke down at 15:41 ET. ESMs sank 13 handles after the NYSE closed and hit a daily low of 5268.25 at 16:53 ET. Here’s the reason for the ESM and stock tumble: Blinken Signals U.S. May Allow Ukraine to Strike Target Inside Russia with U.S. Weapons – WSJ 15:29 ET U.S. Secretary of State Antony Blinken signaled on Wednesday that the U.S. is weighing the idea of allowing Kyiv to strike Russian territory with American-provided weapons in light of the evolving battlefield situation in Ukraine. It was the first time that a top Biden administration official has publicly indicated that the U.S. is considering the policy shift. Previously, the U.S. has said it wouldn’t allow Ukraine to attack targets on Russian territory with ATACMS missiles or other U.S. weapons… “We do not encourage nor do we enable attacks using U.S. weapons on Russian soil,” National Security Council spokesman John Kirby said following Blinken’s comments. “Our support to Ukraine has evolved appropriately as the battlefield conditions have evolved, and that’s not going to change, but right now, there’s also no change to our policy.”… Russia’s foreign ministry said in September 2022 that the U.S. would “cross a red line” and would be considered a “direct party to the conflict” in the Kremlin’s eyes if it supplied longer-range missiles to Kyiv… https://www.msn.com/en-us/news/world/blinken-signals-u-s-may-allow-ukraine-to-strike-inside-russia-with-american-weapons/ar-BB1nhrIO Positive aspects of previous session Nvidia rallied again. Negative aspects of previous session Bond got hammered again. The Nasdaq 100 declined sharply despite Nvidia’s rally. ESMs tumbled during the final 20 minutes of NYSE trading and fell after the NYSE closed. The DJIA and DJTA got hammered. Ambiguous aspects of previous session Is the Ukraine-Russia War about to escalate to a perilous degree? What could possibly go wrong? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5270.64 Previous session S&P 500 Index High/Low: 5282.27; 5262.70 China’s Cofco Leaves Downtown Chicago Office to Escape Crime Trading arm of China’s top food firm to relocate to Oak Brook… In the first district, which includes the Loop, incidents are still 92% higher than four years ago, data showed… https://www.bloomberg.com/news/articles/2024-05-28/chicago-crime-prompts-china-s-cofco-to-plan-move-to-suburbs Today – We opined that Wednesday could be a tough day for stocks, barring positive news. The ESM tumble during the final 20 minutes of trading and after the NYSE closed is troubling. ESMs are under pressure as we write on the probability of a very dangerous escalation in the Ukraine-Russia War. Be alert for May performance gaming during the late going. PS – Will Obamaites rig the Q1 GDP data? NQMs are -74.75; ESMs are -17.50; USMs are +2/32; and Gold is -5.80 at 20:23 ET. Expected economic data: Q1 GDP 1.3%, Consumption 2.2%, GDP Price Index 3.1%, Core PCE Price Index 3.7%; Initial Jobless Claims 217k, Continuing Claims 1.796m; April Advance Goods Trade Balance -$92.3B; April Wholesale Inventories 0.1% m/m, Retail Inventories 0.3% m/m; April Pending Home Sales -1.0% m/m & -2.0% y/y; NY Fed Pres Williams 12:05 ET; Dallas Fed Pres Logan 17:00 ET S&P Index 50-day MA: 5179; 100-day MA: 5075; 150-day MA: 4894; 200-day MA: 4766 DJIA 50-day MA: 38,890; 100-day MA: 38,659; 150-day MA: 37,624; 200-day MA: 36,751 (Green is positive slope; Red is negative slope) S&P 500 Index (5266.95 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 and MACD are negative – a close above 5307.97 triggers a buy signal Fox’s @johnrobertsFox: Judge Merchan just told the jury that they do not need unanimity to convict. 4 could agree on one crime, 4 on a different one, and the other 4 on another. He said he would treat 4-4-4 as a unanimous verdict. (This, of course, is illegal, unconstitutional, and abjectly unethical.) GOP Rep. @michaelgwaltz: What in the 3rd world is this?! @StephenM: The magnitude of this judicial scandal cannot be overstated. Merchan BARRED Trump defense from explaining to jury that no campaign finance violation occurred but ALLOWED prosecutors to assert as fact in their closing, without rebuttal, that a campaign violation was committed. Missouri @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. ‘They’ know that any guilty verdict in the Trump Show Trial will be overturned. But ‘they’ know the legal process in the USA is now the punishment. ‘They’ thought the show trial would harm Trump; but it is greatly boosting him. “They’ have egregiously debased the US legal system. @charliekirk11: Trump addresses the media as the jury begins to deliberate in the New York “hush money” trial: “Mother Theresa could not beat these charges…this whole thing is rigged. The Judge is so conflicted he can’t breathe.” “I took a big lead in the polls over the last few weeks. Something is going on. Because I think the people of this country see that this is a rigged deal.” “Then they have a protest with Robert De Niro yesterday who is a fool, a broken down fool. He got MAGA’d yesterday. He got a big dose of it.” “Remember, November 5, the most important day in the history of our country. In the meantime, this trial is rigged.” https://x.com/charliekirk11/status/1795846026450104694 @John_Kass: The left—and their journalists—loudly insisted our republic would be destroyed by conservatives. But that was hysterical projection by the Jacobin mob. Because as we can all see now, the road for America becoming a banana republic has always run through the Democrat Party. The Trump jury asked for the judge’s instructions and David Pecker’s testimony plus Cohen’s testimony on a Trump Tower meeting. PS – Reportedly there are two attorneys on the jury. @amuse: The jury is sending notes to acting Justice Merchan that are giving observers the impression they’re not going to be able to convict. Merchan is very pissed. So pissed, in fact, he sent the jury home for the day. There is a rumor that one member of the jury told the rest that they were NOT going to convict under any circumstances. The rest of the jury is now trying to convince them by going through the evidence and the instructions. The judge is aware of the holdout. (This should not be public info!) @JonathanTurley 17:03 ET: We are back with the judge on stand. There is disagreement among counsel… We are ending for the day. Judge is taking a couple points of disagreement on the transcript under advisement… The total pages for the transcript reading is roughly 35 pages. GOP Sen. @JDVance1: Seems like there’s a lot of confusion from the jury. Probably has something to do with the fact that there’s no crime, the prosecution’s case is a joke, and the judge seems unable to follow the law. @RNCResearch: BIDEN (pandering): “On Memorial Day, I proudly stood with a black man!” https://x.com/RNCResearch/status/1795897050527051783 Biden starts randomly SCREAMING (and lying) in the middle of his speech https://x.com/RNCResearch/status/1795889918830391559 BIDEN: “We’ll never forget— lying around— *confused gibberish* Him, lying around, actually…” https://x.com/RNCResearch/status/1795889210177515884 BIDEN: “Supreme Court blocked me … but they didn’t stop me!” https://x.com/RNCResearch/status/1795887645475713294 YIKES: Biden’s brain malfunctions in real time https://x.com/RNCResearch/status/1795886829675176070 Biden claims black voters are “what got me involved as a kid in the first place” BIDEN: “A lot of Philadelphians know this because I got so much help when I was running for the Senate in Delaware from Philly” (This is probably true; reportedly organized crime was a factor.) https://x.com/RNCResearch/status/1795886183307690376 Because Biden is hemorrhaging black support, he is in unabashed and despicable pandering mode. @nytimes: “What do you think would have happened if Black Americans had stormed the Capitol?” President Biden said at a rally in Philadelphia, nodding to Donald Trump’s remarks about pardoning the rioters. “I don’t think he’d be talking about pardons.” @stevennelson10: Photos from President Biden’s Philadelphia rally: the school’s gym is only about half full of supporters. A good amount of space is empty and spacious press workspace takes up the rest. https://x.com/stevennelson10/status/1795883496184947153 PS – Students were invited to the Biden rally at Girard College in Philly; reportedly about 39 showed up. @RNCResearch: Kamala Harris openly brags about defying the Supreme Court on their unconstitutional student loan debt bailout https://x.com/RNCResearch/status/1795884109643890690 (The VPOTUS!) KAMALA: “Can I get a witness? Ha ha ha ha!” https://x.com/RNCResearch/status/1795883759281021038 @WesternLensman: Biden handlers keep upping the number of “walkers” that try to shield Grandpa Joe’s awkward shuffling across the lawn from the pool cameras. It’s a full-blown gaggle at this point. https://t.co/cj6qrgZ04C Jerry Seinfeld says he misses the era of ‘dominant masculinity’ in American pop culture and society: ‘I like real men’ https://trib.al/9QaPbUo | |
Independent View of the News
Trump has been found guilty on all 34 counts in the New York hush money show trial. This could be the optimal result for Trump. The verdict will almost certainly be overturned on appeal. Trump can play the wrongly persecuted and relentlessly accuse Biden and Dems of prosecuting political opponents. The US is now in unprecedented and extremely dangerous waters. The Rubicon was crossed!
GOP Rep. @laurenboebert: WinRed just CRASHED because so many people are donating to Trump right now. The Democrats have NO IDEA what they’ve just started.
@townhallcom: DONALD TRUMP: “This is a rigged disgraceful trial. The real verdict is going to be November 5th by the people… I’m a very innocent man. It’s okay. I’m fighting for our country; I’m fighting for our constitution… “The whole country is being rigged right now. This is being done by the Biden Administration in order to hurt or wound a political opponent.”
And we’ll keep fighting. We’ll fight to the end, and we’ll win. Because our country has gone to hell. We don’t have the same country anymore.
@AnnCoulter: These idiot liberals may have just gotten Trump elected.
@TuckerCarlson: Import the Third World, become the Third World. That’s what we just saw. This won’t stop Trump. He’ll win the election if he’s not killed first. But it does mark the end of the fairest justice system in the world. Anyone who defends this verdict is a danger to you and your family.
“What happened in that room comes at a cost. It comes at the cost of the rule of law.” – Jon Turley
@paulsperry_: FEC vendor records reveal Judge Merchan’s daughter raked in $9.7 mil from Biden+Kamala during their 2020 campaigns for prez, raising fresh conflict issues. They paid Loren Merchan’s Dem consulting firm Authentic Campaigns to sway swing-state undecideds thru social media
@joelpollak: A government that allows this to happen has to be completely gutted. You have to fire almost everyone and start over. As disturbing as today’s verdict is, we may be about to live through the most exciting period of reform in history of our country. The second American Revolution.
@seanmdav: The battle within the Republican Party from here on out will be between those who understand the ruling regime has to be ruthlessly force-fed its own medicine until it cries uncle and surrenders and begs for mercy, and those who think GOP business as usual is the path to victory.
Politico: Biden secretly gave Ukraine permission to strike inside Russia with US weapons
It’s a stunning shift the administration initially said would escalate the war by more directly involving the U.S. in the fight. But worsening conditions for Ukraine on the battlefield –– namely Russia’s advances and improved position in Kharkiv –– led the president to change his mind…
https://www.politico.com/news/2024/05/30/biden-ukraine-weapons-strike-russia-00160731
US Q1 GDP is the expected 1.3%; 1.6% prior estimate. Personal Consumption fell to 2.0% from 2.5%; 2.2% was consensus. But state & local government spending is 2.6% and contributed 0.28 to GDP. (Bidenomics) Household consumption expenditures for services contributed 1.49 percentage points to GDP, with healthcare adding 0.70! Inventories -0.45 percentage points, Net Exports -0.89.
The GDP Price Index is 3.0%, 3.1% expected and prior; Core PCE is 3.6%, 3.7% expected and prior
Full GDP table at link: https://www.bea.gov/sites/default/files/2024-05/gdp1q24-2nd.pdf
@RealEJAntoni: Here’s a key reason why folks are so down on this economy: revised GDP data out this morning show inflation-adjusted disposable income down $1.4 trillion over the last 3 years:
https://x.com/RealEJAntoni/status/1796168746383315136
Despite wartime government spending and debt, US GDP grew only 1.3%. Guess what’s coming?
Initial Jobless Claims 219k, 217k expected, prior 216k from 215k
Continuing Claims 1.791m, 1.796m expected, prior 1.874m from 1.794m
April Pending Home Sales -7.7% m/m, -1.0% expected, prior 3.6% from 3.4%
NAR: The Northeast PHSI fell 3.5% from last month to 62.9, a decline of 3.1% from April 2023. The Midwest index dropped 9.5% to 70.7 in April, down 8.7% from one year ago. The South PHSI lowered 7.6% to 88.6 in April, dropping 8.2% from the prior year. The West index decreased 8.5% in April to 55.9, down 7.3% from April 2023…
https://www.nar.realtor/newsroom/pending-home-sales-slumped-7-7-in-april
Salesforce plummets as weak forecast sparks concerns of AI competition
Salesforce shares slumped about 18% on Thursday, after its lowest-ever quarterly revenue growth forecast raised fears that high interest rates and rival AI offerings were hampering demand at the cloud-based software firm… https://t.co/UXdzAcRz4b
US Is Reining in AI Chip Sales to Middle East by Nvidia, AMD – BBG
Kohl’s Plunges Most (27%) on Record After Huge Miss, Guidance – BBG
Comparable sales… fell 4.4% in the quarter ended May 4 – the ninth consecutive decline… (-1.7% exp.)
https://finance.yahoo.com/news/kohl-plunges-results-miss-estimates-111437585.html
@Sino_Market: More commodity futures open up in China on Thursday. Aluminum +2.86%, aluminum oxide jumps 2.5%. China announced stringent control measures on the expansion of new production capacity for copper and alumina smelting. Zinc +0.6%, tin +0.4%. Copper -0.6% and nickel -0.24%.… Shanghai Silver +0.4% while gold drops 0.6%. Iron Ore rises 1.24%. INE crude oil drops 0.24%
The DJTA rallied smartly due to Avis (+2.08% near 11:00 ET) and land transport companies.
ESMs traded lower at the Nikkei opening and continued to sink until they hit a daily low of 5250.50 at 1:38 ET. ESMs then steadily rallied to 5252.00 at 8:31 ET. After a retreat to 5265.00 at 9:10 ET on the US GDP data, ESMs jumped to a daily high of 5274.25 at 9:31 ET. The dump appeared one minute after the NYSE opening; ESMs jaggedly sank to 5253.00 at 11:02 ET.
The rally for the European close took ESMs to a new daily high of 5277.00 at 13:42 ET. But there are sellers in the market these days. ESMs sank to 5260.75 at 14:16 ET. After a spike to 5269.50 at 14:32 ET, ESMs tumbled to a new daily low of 5238.25 at 15:49 ET. The blatant and supposedly illegal late manipulation pushed ESMs to 5256.75 at 15:55 ET. ESMs then fell to 5248.00 at 15:57 ET.
USMs rallied as much as 1 1/32 on the US GDP Report, hitting the high at the 11:30 ET European close.
Positive aspects of previous session
The DJTA rebounded sharply due to land transportation stock buying and Avis.
Bonds rallied smartly on the soft US consumer spending.
Negative aspects of previous session
Fangs got hammered due to Salesforce and Nvidia.
Stocks indices, ex-the DJTA & DJUA, declined sharply; the DJIA hit its lowest level since May 2.
Ambiguous aspects of previous session
Is the Ukraine-Russia War about to escalate to a perilous degree? What could possibly go wrong?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5239.26
Previous session S&P 500 Index High/Low: 5260.21; 5222.10
US accuses China’s leadership over Ukraine, delivers new sanctions warning
U.S. Deputy Secretary of State Kurt Campbell… said Chinese support was helping Moscow reconstitute elements of its military, including long-range missile, artillery and drone capabilities, and its ability to track battlefield movements… https://t.co/8wIa5sqqNf
France’s Macron urges a green light for Ukraine to strike targets inside Russia with Western weapons https://apnews.com/article/russia-ukraine-war-macron-weapons-e308755a31716ee0123b441bb9b548b0
Dell shares fall 12% after company reports first-quarter earnings
When the company reported earnings in February, it reported earnings per share that were significantly higher than expectations. This quarter, Dell’s earnings were in line with Wall Street’s forecast. EPS: $1.27 adjusted versus $1.26 estimated
Revenue: $22.24 billion versus $21.64 billion estimated https://cnbc.com/2024/05/30/del
Fed Balance Sheet: – $15.247B, MBS: -$13.598B; Reserves at the Fed: +$18.548B
GOP Sen. @BasedMikeLee: New York: “Please invest and do business in our state. But if you lose favor with our political elites, we’ll drain your assets and throw you in prison.” Americans: “Hell no!”
Today – After two wicked down days, traders will play for The Friday Rally and May performance gaming. Because there was only minor May performance gaming on Thursday, it is greatly needed today.
The April PCE data should impact trading.
Expected economic data: Apr Personal Income 0.3%, Spending 0.3%, PCE Deflator 0.3% m/m & 2.7% y/y, PCE Core Deflator 0.3% m/m (Whisper # is 0.2%) & 2.8% y/y; May Chicago PMI 41.1
NQMs are -85.00 (Why?); ESMs are -14.50; USMs are +4/32; and Gold is -1.60 at 20:30 ET.
S&P Index 50-day MA: 5180; 100-day MA: 5081; 150-day MA: 4901; 200-day MA: 4770
DJIA 50-day MA: 38,878; 100-day MA: 38,665; 150-day MA: 37,657; 200-day MA: 36,765
(Green is positive slope; Red is negative slope)
S&P 500 Index (5235.48 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 is positive; MACD is negative – a close below 5232.86 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 5277.01 triggers a buy signal
@PaulIngrassia: Merchan is doubling down on his commitment to not provide the jury with written instructions, which is not customary for most courts.
In a case as convoluted as this one, in particular, where most lawyers and veteran legal analysts have difficulties wrapping their heads around the law, it is unfathomable why Merchan would only want to further complicate things by not providing written jury instructions.
His motive is clear: like any tyrant, he alone wants complete control over the law, and how it should be applied… He is intimidating the jurors… Merchan… can then guide the verdict in the way he thinks is best by telling them how the law must be interpreted.
@seanmdav: Merchan is going to get his bogus conviction, retire, get an absurd amount of left-wing money laundered to him in the form of a book advance, and become a CNN/MSNBC contributor a la Jeffrey Toobin. That is the point of this entire charade. That’s how the left operates.
@PollWatch2020: In 2020, Biden beat Trump by 23% in New York. Emerson Poll now has Biden leading in New York by +7%. (Done prior to verdict) https://x.com/PollWatch2020/status/1796332640976712020
@RealMattCouch: I can’t anymore y’all… this can’t be real life.. (Biden brain freeze during ceremony)
https://x.com/RealMattCouch/status/1793698715267715475
Biden tells Black voters Trump wanted to tear gas them during ‘peaceful’ George Floyd protests
During his speech, the president focused on items that his administration worked on to better the lives of Black voters, including the elimination of lead pipes for safer drinking water; the removal of pollution near fence line communities; affordable high-speed internet; and the protection of the Affordable Health Care Act… https://t.co/PM0CU5SM2a
Dozens Attend Divisive Biden “Black Outreach” Event in Philadelphia
As the Conservative Treehouse notes, the event was “one of the most divisive, toxic and bitter racist events in modern political history.”… The extremely toxic remarks made by Joe Biden were intended to rally the racist sentiment amid the black voters in the key precincts within key states. However, for 2024 the challenge is larger. Minorities are just like all Americans who are negatively impacted by Bidenomics, inflation, energy prices, the open border and illegal migration ¹intended to suppress wages…
https://www.zerohedge.com/political/dozens-attend-divisive-biden-black-outreach-event-philadelphia
Iran’s supreme leader thanks US college students for ‘standing on the right side of history’ https://t.co/oIRhm7OpoS
‘I’m gonna kill all the Jews’: Pakistani immigrant seen on video trying to run down students Brooklyn yeshiva – He… has been living in the US for more than twenty years and is considered an “emotionally disturbed” person, according to police. He also has four prior arrests, and though he claims to be a cab driver, he does not have a valid taxi license…
https://thepostmillennial.com/im-gonna-kill-all-the-jews-pakistani-immigrant-seen-on-video-trying-to-run-down-students-brooklyn-yeshiva
@illinoispolicy: The Chicago Teachers Union’s demands include keeping school curricula secret from parents https://t.co/Tprad0guz7
@CWBChicago: Not guilty! The woman who stole a Chicago police officer’s squad car and then reversed, nearly killing him, was found not guilty by reason of insanity yesterday. While the case was pending, the city hired her to be an accountant. https://x.com/CWBChicago/status/1796154591811186878
Yesterday, May 30, was the Feast Day of Joan of Arc and her death day (1431).
If Trump loses the election and Dems employ their customary chicanery, the USA will be lit! PS – Tight elections come down to ‘motivated voters.’ Is ‘furious & zealous’ beyond ‘motivated?’
@Oilfield_Rando: Don’t worry guys the people that did this would never cheat in an election.
GREG HUNTER INTERVIEWING JOHN RUBINO
Trump Guilty, Missiles Fired on Russia, Rubino’s Analysis
By Greg Hunter On May 31, 2024 In Weekly News Wrap-Ups17 Comments
By Greg Hunter’s USAWatchdog.com (WNW 636 5.31.24) (John Rubino is a guest and helps Greg with the Wrap-Up)
Donald Trump was convicted of 34 felony counts in a New York court on Thursday. The judge gave some cartoon-like jury instructions, and many are saying that this fact alone will be grounds for reversing these convictions. How long will this take? Will there be an emergency appeal to the US Supreme Court? Will they jail Trump? Will they get desperate enough to kill him? Is this the kind of thing the Democrats feel they must do if Joe Biden’s areal approval rating is just under 8%? (Yes, this is the real number, according to Martin Armstrong and another confidential source I know personally.)
While everybody was in shock that Donald Trump was convicted in an obvious attempt to rig the 2024 Election, President Biden greenlighted Ukraine to fire US made missiles into Russia. This is a huge escalation!!! “It pushes the US closer to WWIII than it has ever been before,” according to WNW guest/analyst John Rubino.
Rubino gives his take on the timing of Biden’s approval of US weapons to be shot into Russian territory at the very hour the Trump guilty verdict was put out. This was done on purpose, according to Rubino, and he will tell you why the Biden Administration did this. Rubino thinks this is the big story that was covered up by the Trump court news. This should terrify all Americans. Rubino also thinks this 34-count felony conviction is going to “backfire big time on the Democrats.”
There is much more in the 58-minute newscast.
Watch the 8-minute video to explain how easy it is to ride out any power killing storm. You can contact them at Sat123.com or BeReady123.com.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more with the help of financial analyst/writer John Rubino for 5.31.24.
After the Interview:
Renowned Analyst Karen Kingston will be the guest for the Saturday Night Post. She will talk about the Bird Flu vax, China and its new law that says you cannot criticize the CCP. The CCP has infiltrated the USA much more than anyone can imagine. Kingston will explain.
John Rubino is a prolific financial writer, and you can see some of his work for free at Rubino.Substack.com. There is even more cutting-edge original information and analysis if you subscribe.
You can also support John Rubino at the snail mail address below:
END
SEE YOU ON MONDAY
harveyorganblog.com 
